/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041130.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 30, 2004, Vol. 5, No. 237 Headlines F R A N C E AIR BOURBON: Grounds Plane After Failing to Secure State Aid G E R M A N Y AUTOHAUS THIES: Under Bankruptcy Administration CALIFORNIA TEXTILHANDELS: Gifhorn Court Appoints Administrator CALIFORNIA VERWALTUNGS: Administrator's Report Out January HTG HANSEATISCHE: Sets First Creditors' Meeting January HTK GMBH: Forwarding Firm Succumbs to Bankruptcy KARSTADTQUELLE AG: Hurdles Final Obstacle to Capital Increase KARSTADTQUELLE AG: Board, Management Split Over CRO Appointment MG TECHNOLOGIES: Unsecured Rating Affirmed; Outlook Negative NETMARKET DIENSTLEISTUNGS: Creditors' Claims Due this Week PEUTE DRUCK: Hamburg Court Sets Claims Deadline REIMERS GMBH: Liquor Store Applies for Bankruptcy Proceedings ROLF MULLER: Creditors Have Until December to File Claims WIWO GMBH: Provisional Administrator Takes over Operations I T A L Y APRILIA SPA: Piaggio to Complete Purchase Before Year Ends PARMALAT FINANZIARIA: Crucial Ruling Due this Week VOLARE GROUP: State Puts Firm Under Extraordinary Administration VOLARE GROUP: Expects Commissioner to Resume Operations K Y R G Y Z S T A N EDRUS: Sets Claims Verification Date ENERGIA: Creditors' Meeting Set this Week MANAS-KUTU: Under Bankruptcy Supervision RAHAESH MANAFI: Creditors' Meeting Set Friday N E T H E R L A N D S KONINKLIJKE AHOLD: Bart Kuper to Step down Next Year P O L A N D ELEKTRIM SA: PAK Attracts Several International Investors R U S S I A DIVEYEVSKAYA: Creditors Have Until December to File Claims KALINOVSKOYE: Sverdlovsk Court Opens Bankruptcy Proceedings KATAYS-AGRO-KHIMIYA: Insolvency Manager Takes over Operations KEMEROVO-VZRYV-PROM: Court Hearing Resumes February Next Year KRASNOGORSKIY FACTORY: Deadline for Proofs of Claim Set NOVOVYATSK-PROM-SERVICE: Succumbs to Bankruptcy OMSKOYE EXPERIMENTAL: Hires V. Belkin Insolvency Manager PROM-TRACTOR - CHEBOKSARSKIY: Declared Insolvent TEKH-ENERGO-SERVICE: Bankruptcy Proceedings Begin VYKSUNSKAYA SEL-KHOZ-TEKHNIKA: Files for Bankruptcy YUKOS OIL: Begs Lithuania to Postpone Mazeikiu Stock Sale S W E D E N ESSELTE GROUP: Company Profile U K R A I N E AGROERA: Creditors Have Until This Week to File Claims KAGARLIK' ELEVATOR: Bankruptcy Proceedings Begin KASKAD: Insolvency Manager to Temporarily Oversee Business NIKOPOL BEER: Under Bankruptcy Supervision POLIMIR: Insolvency Manager Takes over Helm ROSMARKET: Court Brings in Liquidator UKRAINIAN INDUSTRIAL: Names V. Krikun Insolvency Manager UKRRIBTORG: Undergoing Bankruptcy Supervision Procedure U N I T E D K I N G D O M ALLIED SERVICES: Calls in Liquidator from Valentine & Co. AMPLIO TECHNOLOGY: Names BDO Stoy Hayward Administrator ANSWERCALL DIRECT: PricewaterhouseCoopers Takes over Helm CARDINE OPERATIONS: Appoints Liquidator CDRP (GP): Final Members Meeting Set January CHIPPERY POTATO: Members Pass Winding up Resolutions CLAIMS SUPERVISION: Hires Milner Boardman Administrator COMODO RESEARCH: Names KPMG Liquidator COSTAIN GROUP: Wins GBP81 Million PFI Contracts COTSWOLD PRINTING: Hires PKF as Liquidator DRAX: Appoints Adviser to Study Possible Sale of Entire Business DREAMSCOPE SERVICES: West Bromwich Appoints PwC Receiver EDINBURGH INCA: Final General Meeting Set Last Week of December ELDRIDGE POPE: Bidco Offer Receives 72% Acceptances ENDACOTT RJB: In Administrative Receivership EXPERTS FORUM: Hires Joint Administrators from Milner Boardman FOCUS ENVIRONMENTAL: Names Valentine & Co. Liquidator FRUCOR BEVERAGES: Members General Meeting Set End of December GRAHAM RANGER: Calls in Liquidator from Thompson Partnership GUILTEE CLOTHING: Hires G. Kakouris Liquidator HANON SOLUTIONS: Names Liquidator from Baker Tilly HOLT INSULATION: Meeting of Unsecured Creditors Set Next Week HOUSING RESOURCES: Calls in Liquidator from O'Hara & Co. INKA SYSTEMS: Liquidator to Present Winding-up Report December INTERNATIONAL EXPRESS: Calls in Liquidator INTERNATIONAL POWER: EGM Okays Proposed Buyout of EME Portfolio K MUMTAZ: Names G. D. Sharma Liquidator KONEMANN U.K.: Owners Opt to Dissolve Business KOOCHI BAR: Extraordinary Winding up Resolution Passed LEGALSHIELD LIMITED: Joint Administrators Move in LONGVILLE ESTATES: Special Winding up Resolution Passed MULTI-FINISH CONTRACTORS: Liquidator Enters Firm MYTRAVEL GROUP: Reiterates Breakeven Forecast NEPTUNE CONTRACTORS: Hires Liquidator from Arrans PRIVATE NURSING: Appoints Liquidator PROCESS COMPUTING: Sets Final Meeting of Members ROAD ACCIDENT: Hires Administrators from Milner Boardman WM LOW: Winding-up Report Due Third Week of December * Large Companies with Insolvent Balance Sheets ********* =========== F R A N C E =========== AIR BOURBON: Grounds Plane After Failing to Secure State Aid ------------------------------------------------------------ Regional carrier Air Bourbon ceased operations Saturday, leaving 250 passengers touring the Reunion Islands stranded, according to Reuters. The passengers were scheduled to return to mainland France aboard the carrier's Airbus A340 over the weekend, but were forced to extend their stay at the island's capital Saint-Denis. Air Bourbon President Erick Lazarus met with the passengers to explain the carrier's predicament. He told stranded passengers that the carrier suspended all its flights after failing to reach a deal with the regional government regarding a rescue plan. Competitors Air France, Corsair and Air Austral have agreed to give stranded passengers a lift home to Reunion Islands or mainland France for EUR300 each, excluding airport taxes. This, however, would depend on availability of seats as flights from the island to Paris are usually fully booked this time of the year when tourists flock the islands. Around a thousand passengers, 80% of which tourists, are set to travel with Air Bourbon next week; and 10,000 more in the next few weeks. Regional representative Paul Verges has asked Prime Minister Jean-Pierre Raffarin to provide funds for chartering extra flights and to assist the carrier's 165 employees in finding new jobs. CONTACT: AIR BOURBON Aerogare Orly Sud Porte C BP 123 94541 Orly Fax: +33 (0)1 49 75 10 45 Web site: http://www.air-bourbon.com ============= G E R M A N Y ============= AUTOHAUS THIES: Under Bankruptcy Administration ----------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Autohaus Thies GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 14, 2004 to register their claims with court-appointed provisional administrator Peter- Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting on Jan. 14, 2005, 10:05 a.m. at the district court of Hamburg of Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AUTOHAUS THIES GMBH Kleiner Schippsee 7-9, 21073 Hamburg Phone: 040/32528728 Contact: Edwin-Peter Thies, Manager Peter-Alexander Borchardt, Insolvency Manager Deichstrasse 1, 20459 Hamburg Phone: 040/3760100 CALIFORNIA TEXTILHANDELS: Gifhorn Court Appoints Administrator -------------------------------------------------------------- The district court of Gifhorn opened bankruptcy proceedings against California Textilhandels GmbH & Co. KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 30, 2004 to register their claims with court-appointed provisional administrator Michael H. J. Graaff. Creditors and other interested parties are encouraged to attend the meeting on Jan. 20, 2005, 9:30 a.m. at Saal 118, Amtsgericht Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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: CALIFORNIA VERWALTUNGS GMBH Steinweg 21-25, 38518 Gifhorn Contact: Wolfgang Strutz, Manager Steinweg 21-25, 38518 Gifhorn Michael H. J. Graaff, Insolvency Manager Georgstrasse 48, D-30159 Hannover Phone: 0511/2704120 Fax: 0511/27041210 CALIFORNIA VERWALTUNGS: Administrator's Report Out January ---------------------------------------------------------- The district court of Gifhorn opened bankruptcy proceedings against California Verwaltungs GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 30, 2004 to register their claims with court-appointed provisional administrator Michael H.J. Graaf. Creditors and other interested parties are encouraged to attend the meeting on Jan. 21, 2005, 9:00 a.m. at Saal 118, Amtsgericht Gifhorn, Am Schlossgarten 4, 38518 Gifhorn 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: CALIFORNIA VERWALTUNGS GMBH Steinweg 21-25, 38518 Gifhorn Contact: Wolfgang Strutz, Manager Michael H.J. Graaff, Insolvency Manager Georgstrasse 48, D-30159 Hannover Phone: 0511/2704120 Fax: 0511/27041210 HTG HANSEATISCHE: Sets First Creditors' Meeting January ------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against HTG Hanseatische Trockenbau Gesellschaft mbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 23, 2004 to register their claims with court-appointed provisional administrator Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 9:15 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HTG HANSEATISCHE TROCKENBAU GESELLSCHAFT MBH Eiffestrasse 432, 20537 Hamburg Phone: 2513221 Fax: 2513636 Contact: Sven-Uwe Gohritz, Manager Ekkehard Luders, Manager Hartmut Schmidt, Manager Hendrik Rogge, Insolvency Manager Albert-Einstein-Ring 15, 22761 Hamburg Phone: 897186-0 Fax: 897186-11 HTK GMBH: Forwarding Firm Succumbs to Bankruptcy ------------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against HTK GmbH Spedition & Logistik on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 23, 2004 to register their claims with court-appointed provisional administrator Karsten Totter. Creditors and other interested parties are encouraged to attend the meeting on Jan. 21, 2005, 10:30 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. HTK is into the forwarding business. CONTACT: HTK GMBH SPEDITION & LOGISTIK Peutestrasse 16, 20539 Hamburg Contact: Thorsten Schulz, Manager Jurgen Wrona, Manager Karsten Totter, Insolvency Manager Speersort 4/6, 20095 Hamburg Phone: 303010 Fax: 30301246 KARSTADTQUELLE AG: Hurdles Final Obstacle to Capital Increase ------------------------------------------------------------- Ailing retail giant KarstadtQuelle AG's EUR500 million capital increase is moving ahead, according to the Associated Press. After several days of talks, the department store and mail order group finally persuaded a small group of stockholders to approve the recapitalization plan, which would be done through the issuance of new shares. Rebel shareholders were reluctant to approve the plan initially, raising concerns that new shares would dilute the value of KarstadtQuelle stocks. In addition, they questioned the state of the group's finances. KarstadtQuelle plans to release new shares before the year ends. KarstadtQuelle spokesman Joerg Howe said, "We have an agreement with the dissident shareholders. We expect that there will be no legal disputes and we expect that the capital increase can be carried out in short order." The retail giant has been pushing for the capital increase, as it is one of the conditions set by creditor banks before extending a EUR1.75 billion credit line. Announced in October, the restructuring plan would leave around 5,500 of KarstadtQuelle's 100,000 employees jobless and a dozen department stores sold. The group blames the slump in consumer consumption, among others, for its woes. The group recently relinquished its 82% stake in a three-year-old venture with coffeehouse giant Starbucks. 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 KARSTADTQUELLE AG: Board, Management Split Over CRO Appointment --------------------------------------------------------------- A row has crop up over the appointment of a chief restructuring officer (CRO) at retail giant KarstadtQuelle, Financial Times Deutschland says. While the supervisory board and banks are amenable to the proposal, management board chairman Christoph Achenbach is reportedly against the idea, as he is concerned that a CRO might limit his room for decision-making. Talks are reportedly ongoing with possible nominees for the post, according to banking sources. Backers of the proposal believe a CRO could carry out restructuring without being loaded with operational duties. Aside from naming a CRO from external sources, other proposals include an internal promotion to the post or a creation of a steering committee. The supervisory board will meet on December 22, 2004 to decide the matter. CONTACT: KARSTADTQUELLE A.G. Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com MG TECHNOLOGIES: Unsecured Rating Affirmed; Outlook Negative ------------------------------------------------------------ Fitch Ratings affirmed German engineering group MG Technologies AG's Senior Unsecured rating at 'BBB-'. The Outlook remains Negative. The ratings reflect MG's leading position in its process engineering operations, which are grouped under GEA AG, along with its relatively balanced geographical diversification and its de-leveraged financial profile. Fitch expects that MG will benefit from the improving operating performance of its core business as well as its restructuring and cost-cutting programs currently underway. The investment- grade ratings are backed by the group's comfortable financial flexibility that cushions the restructuring of the underperforming plant engineering activities and the adaptation of the group structure, both leading to sizeable charges, as well as the intended growth strategy. Following a strategic realignment, the disposal of MG's chemicals activities has significantly altered the underlying operating risk profile, leading to the loss of one of the two important cash flow contributors. Fitch acknowledges the efficient realization of most of the intended divestments. At the same time, the Negative Outlook reflects Fitch's ongoing concerns that MG remains in a challenging transition phase, affected by below-average profitability. The continuing execution and implementation risks in rolling out a viable growth strategy are accompanied by corporate governance issues. Fitch will therefore closely monitor co-operation between management and the supervisory board. Effective 1 November, the supervisory board appointed Juerg Oleas as the new chairman of the executive board after a dispute between former CEO Udo Stark and the largest shareholder. Fitch does not envisage short-term changes in the group's strategy. MG completed the process of selling four of the Dynamit Nobel Group's five business units at the end of July. Total cash inflow of EUR1.4 billion enabled short-term liabilities of EUR631 million to be repaid by the end of September. In addition EUR161 million of the outstanding EUR300m Eurobond was repurchased via a tender offer. MG has suspended its disposal of Dynamit Nobel Kunststoff GmbH (DNK) as a result of the potential buyer's contractual failure. The group is currently examining various options for the future of DNK, but has set no specific timeframe. Fitch considers MG's liquidity to be comfortable. With the disposal of its chemicals businesses, MG has substantially strengthened its balance sheet. As at 30 September 2004 the group enjoyed a minor net cash position. The company also has access to considerable committed credit facilities, to be renegotiated in 2005. However, Fitch notes that MG is considering several bolt-on/medium-sized acquisitions in order to grow its core business around GEA. This will lead to a re- leveraging of the balance sheet. MG has committed itself to moderate gearing ratio below 25%-30%. CONTACT: FITCH RATINGS Markus Leitner, Frankfurt Phone: +49 (0) 69 7680 76 241 Wolfgang Wiehe, London Phone: +44 (0) 20 7417 4233 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 NETMARKET DIENSTLEISTUNGS: Creditors' Claims Due this Week ---------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Netmarket Dienstleistungs-und Servicegesellschaft mbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 3, 2004 to register their claims with court-appointed provisional administrator Jorn Weitzmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 3, 2005, 9:25 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: NETMARKET DIENSTLEISTUNGS- UND SERVICEGESELLSCHAFT MBH Hellkamp 58, 20255 Hamburg Jorn Weitzmann, Insolvency Manager Arnold-Heise-Strasse 9, 20249 Hamburg Phone: 460797-0 Fax: 460797-25 PEUTE DRUCK: Hamburg Court Sets Claims Deadline ----------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Peute Druck + Display GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 7, 2005 to register their claims with court-appointed provisional administrator Reinhard Titz. Creditors and other interested parties are encouraged to attend the meeting on Feb. 3, 2005, 9:35 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PEUTE DRUCK + DISPLAY GMBH & CO. KG Merkurring 20, 22143 Hamburg Contact: Olaf Martelock, Manager Schulstrasse 18, 21502 Geesthacht Bernd Seidler, Manager Alte Post 98, 22929 Schonberg Reinhard Titz, Insolvency Manager Speersort 4/6, 20095 Hamburg Phone: 303010 Fax: 30301226 REIMERS GMBH: Liquor Store Applies for Bankruptcy Proceedings ------------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Reimers GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 20, 2004 to register their claims with court-appointed provisional administrator Dr. Gideon Bohm. Creditors and other interested parties are encouraged to attend the meeting on Jan. 24, 2005, 9:40 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. Reimers produces and sells liquor and wines. CONTACT: REIMERS GMBH Clemens-Schultz-Str. 86-87, 20359 Hamburg Contact: Matthias Reimers, Manager Dr. Gideon Bohm, Insolvency Manager Bachstrasse 85a, 22083 Hamburg Phone: 040/3208360 Fax: 040/32083636 ROLF MULLER: Creditors Have Until December to File Claims --------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Rolf Muller Gerustbau GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 17, 2004 to register their claims with court-appointed provisional administrator Ralf Kruger. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005, 9:50 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. Rolf makes and rents out scaffoldings. CONTACT: ROLF MULLER GERUSTBAU GMBH Binsbarg 7, 22525 Hamburg Contact: Karen Hapke, Manager Rudiger Hapke, Manager Ralf Kruger Hermannstrasse 46, 20095 Hamburg Karsten Totter, Insolvency Manager Speersort 4/6, 20095 Hamburg Phone: 303010 Fax: 30301246 WIWO GMBH: Provisional Administrator Takes over Operations ---------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against WiWo GmbH & Co. KG on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 20, 2004 to register their claims with court-appointed provisional administrator Dr. Hans- U. Hildebrandt. Creditors and other interested parties are encouraged to attend the meeting on Jan. 20, 2005, 10:10 a.m. at the district court of Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: WIWO GMBH & CO. KG Contact: Wolfgang Schmahl, Manager Hamburger Strasse 49, 21465 Reinbek Dr. Hans-U. Hildebrandt, Insolvency Manager Raboisen 38, 20095 Hamburg Phone: 33446-0 Fax: 33446-111 ========= I T A L Y ========= APRILIA SPA: Piaggio to Complete Purchase Before Year Ends ---------------------------------------------------------- Scooter-maker Piaggio is expected to complete its takeover of erstwhile rival Aprilia shortly after December 10, Agencia Giornalistica Italia says. Speaking during the group's 120th anniversary celebration, Piaggio president Roberto Colaninno said his legal team is preparing the takeover papers and would need ample time to finish it. Mr. Colaninno said he expects to close the deal after his December 6-7 business trip to China, where Italian president Carlo Azeglio Ciampi would sign a memorandum of understanding between Scuola superiore Sant'Anna and Chong Quing University. Mr. Colaninno added he expects to resume operations at Aprilia this week with meetings set between Piaggio management and Aprilia unions. CONTACT: APRILIA S.p.A. Web site: http://www.aprilia.com PIAGGIO S.p.A. 23, Viale Rinaldo Piaggio 56025 Pontedera, Pisa, Italy Phone: +39 587 27 21 11 Fax: +39 587 27 22 74 Web site: http://www.piaggio.com PARMALAT FINANZIARIA: Crucial Ruling Due this Week -------------------------------------------------- Parma bankruptcy court judge, Giuseppe Coscioni, will decide this week whether to admit the claims of international banks against Parmalat Finanziaria, The Wall Street Journal says. Parmalat administrator Enrico Bondi has rejected most of the claims, including that of Citigroup and Bank of America Corp. He believes these institutions either helped Parmalat's former managers manipulate the company's finances or failed to advise them properly on lending risks. The banks claim Mr. Bondi is favoring Italian lenders, giving them more of the new firm to emerge under Parmalat's restructuring plan. Citigroup has accused Mr. Bondi of designing a restructuring plan that will give Italian banks "total control of the company." The bank filed a lawsuit in an administrative court in the Lazio region last month against two Italian government ministries overseeing the administrator, according to the report. Parmalat's creditors claim they are owed EUR11.6 billion (US$15.4 billion), but claims filed with the court total EUR22.6 billion. Many of the debts at Parmalat subsidiaries were guaranteed by the parent company; hence many creditors have filed two claims. Citigroup says it is owed EUR541 million, while Bank of America seeks US$410 million (EUR308 million). In its lawsuit, Citigroup said international banks would be left with only 2.3% of the restructured company if the judge sides with Mr. Bondi. If the judge sustains Citigroup's position, foreign banks would control about 28% of the new company. Italian banks could end up controlling between 20% and 40% of the new company, depending on the amount of claims allowed from different creditors, according to various estimates. Holders of Parmalat bonds, primarily international investors, could end up with a majority stake in the new company. Mr. Bondi insists on the fairness of his recommendations. CONTACT: PARMALAT FINANZIARIA Sede legale: 43044 Collecchio (Pr) - Via Oreste Grassi, 26 Codice fiscale e iscrizione nel Registro delle Imprese di Parma 00175250471 - Partita I.V.A. 01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730 Sede amministrativa: 20122 Milano Piazza Erculea, 9 Phone: (39) 02.8068801 Fax: (39) 02.8693863 E-mail: x_affari_societari_it@parmalat.net VOLARE GROUP: State Puts Firm Under Extraordinary Administration ---------------------------------------------------------------- Ailing low-cost airline group Volare went into extraordinary administration Friday, Reuters says. This came after the government passed a decree declaring the administration order. The decree also amended existing law governing extraordinary administration to suit Volare's situation. Under previous provisions of the Marzano Law, only companies with at least EUR1 billion of debt and at least a thousand employees can go into extraordinary administration. Italy changed the provisions Friday, allowing companies with at least EUR300 million of debt and at least 500 personnel to qualify for the protection of the law. Volare has incurred around EUR300 million in debts and employs around 1,400 people. Volare recently suspended its flights and ticket sales after failing to pay lease charges and renewing the insurance coverage on its planes. Volare Group is a holding company composed of Volare Airlines, which takes care of regular flights; and AirEurope, which operates the group's charter business. The group has 24 planes covering 20 routes across Europe. 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 VOLARE GROUP: Expects Commissioner to Resume Operations ------------------------------------------------------- Mauro Gambaro, chairman of troubled airline group Volare, expressed hope the carrier would resume flights after entering extraordinary administration, the Associated Press says. "I hope that the company can continue to operate," Mr. Gambaro said in an interview with state news agency ANSA. "I imagine that the extraordinary commissioner will decide in this sense, but it doesn't depend on us," He added. Mr. Gambaro's statement came after the government passed a decree amending the Marzano Law, which covers extraordinary administrations, paving the way for Volare's rescue. The decree likewise allowed assistance to 1,400 affected Volare employees. The government used the same move it made to rescue collapsed food group Parmalat, allowing an extraordinary commissioner to take charge of the dairy giant. The Volare Group is a holding company composed of Volare Airlines and Air Europe, a low-cost airline and a charter carrier respectively. Ente Nazionale per l'Aviazione Civile (ENAC), the civilian aviation authority, suspended the group's license for a month following Volare's suspension of flights. 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 =================== K Y R G Y Z S T A N =================== EDRUS: Sets Claims Verification Date ------------------------------------ Limited liability company Edrus, which recently became insolvent, will consider all proofs of claims on January 19, 2005 at Jalal Abad, Suzak, Intymak. ENERGIA: Creditors' Meeting Set this Week ----------------------------------------- The Arbitration Court of Talas has commenced bankruptcy supervision procedure on Small Enterprise Energia. The case is docketed as T06-154/9-03. Mr. Muradil Moldoliev (License No. 0332) was appointed temporary insolvency manager on September 9, 2004. Creditors will meet on December 3, 2004, 2:00 p.m. at Talas, Small Enterprise Energia. Proxies must have authorization to vote. For more information, call (0-502) 28-17-07 or (03422) 5- 28-54. MANAS-KUTU: Under Bankruptcy Supervision ---------------------------------------- The Inter-District Court in Bishkek commenced bankruptcy supervision procedure on International Fund Manas-Kutu on September 27, 2004. The case is docketed as 03-256/04-c9. Mr. Toktoaly Kazankapov (License No. 300) was appointed temporary insolvency manager on November 10, 2004. Creditors will meet on December 3, 2004, 11:00 a.m. at Bishkek, Moskovskaya Str. 151, Room 106. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0-312) 21-67-26. RAHAESH MANAFI: Creditors' Meeting Set Friday --------------------------------------------- The Department of the Bankruptcy Issues under the State Committee of the Kyrgyz Republic on State Property Committee appointed Mr. Toktoaly Kazankapov temporary insolvency manager of LLC Rahaesh Manafi on November 10, 2004. Creditors will meet on December 3, 2004, 10:00 a.m. at Bishkek, Moskovskaya Str. 151, Room 106. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. For more information, call (0-312) 21-67-26. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Bart Kuper to Step down Next Year ---------------------------------------------------- Bart Kuper, Senior Vice President Tax, has decided to leave Royal Ahold effective Feb. 21, 2005 to pursue his career outside the company. Over the last decade, Mr. Kuper has served Ahold in several executive positions in Finance & Accounting. Before his appointment as SVP Tax in September 2003, Mr. Kuper served for 18 months as SVP Finance & Tax at Ahold U.S.A. Kuper joins VNU, a global information and media company, as Senior Vice President Tax. He will first be based in Haarlem before likely relocating to New York in due course. The Executive Board of Ahold wishes to express its appreciation for Bart Kuper's contribution to the company. His successor will be announced in due course. CONTACT: ROYAL AHOLD Corporate Communications Phone: +31.75.659.5720 =========== P O L A N D =========== ELEKTRIM SA: PAK Attracts Several International Investors --------------------------------------------------------- Work in the Patnow II power plant, which has been suspended since last year, looks unlikely to restart soon, despite availability of potential additional source of funds to finish it. According to Warsaw Business Journal, several parties are rumored to have indicated interest in investing in the Patnoow- Adamow-Konin (PAK) power plant group to the Treasury Ministry. The problem is the Ministry -- its largest shareholder -- is at odds with the Elektrim S.A., which controls PAK's operations. Interested parties include energy group Vattenfall of Sweden, Iberdrola of Spain, and CEZ of Czech Republic. Elektrim and its subsidiary PAK have already completed 47% of the Patnow power plant II project, spending some EUR210 million as part of a promised investment. But for lack of funds and disagreement with Poland's Treasury regarding deadline, it was forced to suspend construction in May last year. 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 ensured revenues for the generator once the government voids long-term power purchase contracts to comply with European Commission demands, likely in 2005. The government has threatened to deprive Elektrim of control over PAK. But TV mogul Zbigniew Solorz-Zak, which controls Elektrim, deflects the blame to the government. He said they were not able to find financing due to the uncertainty surrounding the future of long-term energy delivery contracts. According to the report, Mr. Solorz-Zak said his investments in PAK first need to be secured before a new investor is allowed into the company. He added he is not afraid of government's threats. 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 =========== DIVEYEVSKAYA: Creditors Have Until December to File Claims ---------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy proceedings against Diveyevskaya after finding the poultry farm insolvent. The case is docketed as A43-5987/04-24- 136. Mr. I. Morozov has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 603137, Russia, Nizhniy Novgorod, 40 Let Pobedy Str. 10, Apartment 12. CONTACT: Mr. I. Morozov Insolvency Manager 603137, Russia, Nizhniy Novgorod, 40 Let Pobedy Str. 10, Apartment 12 KALINOVSKOYE: Sverdlovsk Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy proceedings against Kalinovskoye after finding the close joint stock company insolvent. The case is docketed as A60-11437/2003-S-S. Ms. A. Zhuykova has been appointed insolvency manager. Creditors may submit their proofs of claim to 620062, Russia, Ekaterinburg, Post User Box 185. CONTACT: KALINOVSKOYE Russia, Sverdlovsk region, Kamyshlovskiy region, Okryabrskiy, Kabakova Str. 3 Ms. A. Zhuykova Insolvency Manager 620062, Russia, Ekaterinburg, Post User Box 185 KATAYS-AGRO-KHIMIYA: Insolvency Manager Takes over Operations ------------------------------------------------------------- The Arbitration Court of Kurgan region has commenced bankruptcy proceedings against Katays-Agro-Khimiya after finding the agricultural chemical company insolvent. The case is docketed as A34-6972/03-S27. Mr. K. Safronov has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 620089, Russia, Ekaterinburg, Post Office 89, Post User Box 384. CONTACT: Mr. K. Safronov Insolvency Manager 620089, Russia, Ekaterinburg, Post office 89, Post User Box 384 KEMEROVO-VZRYV-PROM: Court Hearing Resumes February Next Year ------------------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy supervision procedure on limited liability company Kemerovo-Vzryv-Prom. The case is docketed as A27-19190/2004-4. Mr. S. Chernykh has been appointed temporary insolvency manager. A hearing will take place on February 9, 2005, 10:30 a.m. CONTACT: KEMEROVO-VZRYV-PROM 650903, Russia, Kemerovo region, Kedrovka, Sovetskaya Str. 5 Mr. S. Chernykh Temporary Insolvency Manager 650040, Russia, Kemerovo, N. Ostrovskogo Str. 12, Business Centre, Office 601 The Arbitration Court of Irkutsk Region 664025, Russia, Irkutsk, Gagarina Avenue, 70 KRASNOGORSKIY FACTORY: Deadline for Proofs of Claim Set ------------------------------------------------------- The Arbitration Court of Chelyabinsk region has commenced bankruptcy proceedings against Krasnogorskiy Factory of Abrasive Tool (TIN 7403000373) after finding the open joint stock company insolvent. The case is docketed as A76-4444/04-55-5. Ms. Y. Moskalenko has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 620131, Russia, Ekaterinburg, Post User Box 99. CONTACT: KRASNOGORSKIY FACTORY OF ABRASIVE TOOL Russia, Chelyabinsk region, Emanzhelinsk, Krasnogorskiy, Promyshlennyj Block, 1 Ms. Y. Moskalenko Insolvency Manager 620131, Russia, Ekaterinburg, Post User Box 99 NOVOVYATSK-PROM-SERVICE: Succumbs to Bankruptcy ----------------------------------------------- The Arbitration Court of Kirov region has commenced bankruptcy proceedings against Novovyatsk-Prom-Service after finding the open joint stock company insolvent. The case is docketed as A28-139/04-89/20. Ms. E. Esualova has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 610002, Russia, Kirov, Novovyatskiy region, Krasnoarmeyskaya Str. 5. CONTACT: NOVOVYATSK-PROM-SERVICE 610008, Russia, Kirov, Novovyatskiy region, Krasnoarmeyskaya Str. 5 Ms. E. Esualova Insolvency Manager 610002, Russia, Kirov, Novovyatskiy region, Krasnoarmeyskaya Str. 5 OMSKOYE EXPERIMENTAL: Hires V. Belkin Insolvency Manager -------------------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy proceedings against Omskoye Experimental Production (management of under construction factory of Zoloagloporitovyj Gravel) after finding the open joint stock company insolvent. The case is docketed as K/E-29/04. Mr. V. Belkin has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 644010, Russia, Omsk, Leningradskaya Square, 2A, Room 5. CONTACT: OMSKOYE EXPERIMENTAL PRODUCTION (MANAGEMENT OF UNDER CONSTRUCTION FACTORY OF ZOLOAGLOPORITOVYJ GRAVEL) 644009, Russia, Omsk-9, 10 Let Oktyabrya Str. 221, Room 1 Mr. V. Belkin Insolvency Manager 644010, Russia, Omsk, Leningradskaya Square, 2A, Room 5 PROM-TRACTOR - CHEBOKSARSKIY: Declared Insolvent ------------------------------------------------ The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy proceedings against Prom-Tractor - Cheboksarskiy Foundry (TIN 212731843, KPP 525701001) after finding the limited liability company insolvent. The case is docketed as A43- 6544/04-18-19. Mr. V. Nazimov has been appointed insolvency manager. Creditors have until December 29, 2004 to submit their proofs of claim to 603086, Russia, Nizhniy Novgorod, Dolzhanskaya Str. 2a. CONTACT: PROM-TRACTOR - CHEBOKSARSKIY FOUNDRY 603086, Russia, Nizhniy Novgorod, Dolzhanskaya Str. 2a Mr. V. Nazimov Insolvency Manager 603086, Russia, Nizhniy Novgorod, Dolzhanskaya Str. 2a TEKH-ENERGO-SERVICE: Bankruptcy Proceedings Begin ------------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy proceedings against Tekh-Energo-Service after finding the limited liability company insolvent. The case is docketed as A65-7519/2004-SG4-31. Mr. R. Arslanov has been appointed insolvency manager. Creditors may submit their proofs of claim to 420029, Russia, Tatarstan republic, Kazan, Sibirskiy Trakt Str. 34. CONTACT: TEKH-ENERGO-SERVICE 422983, Russia, Tatarstan republic, Chistopol, Pionerskaya Str. 1 Mr. R. Arslanov Insolvency Manager 420029, Russia, Tatarstan republic, Kazan, Sibirskiy Trakt Str. 34 VYKSUNSKAYA SEL-KHOZ-TEKHNIKA: Files for Bankruptcy --------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy proceedings against Vyksunskaya Sel-Khoz-Tekhnika (TIN 5247003860) after finding the open joint stock company insolvent. The case is docketed as A43-4428/04-33-117. Mr. S. Slepov has been appointed insolvency manager. Creditors may submit their proofs of claim to 603001, Russia, Nizhniy Novgorod, Pochainskaya Str. 20. CONTACT: VYKSUNSKAYA SEL-KHOZ-TEKHNIKA 607063, Russia, Nizhniy Novgorod region, Vyksa, Zaprudnaya Str. 1 Mr. S. Slepov Insolvency Manager 603001, Russia, Nizhniy Novgorod, Pochainskaya Str. 20 Phone: 8-290-5-37-48 YUKOS OIL: Begs Lithuania to Postpone Mazeikiu Stock Sale --------------------------------------------------------- Yukos Oil has asked the Lithuanian government to delay the sale of shares in their joint venture Mazeikiu Nafta oil-processing complex for at least four months. Yukos representative in Lithuania Tomas Gizas admitted to Itar- Tass on Friday that the company is interested in buying 9.72% of Mazeikiu Nafta shares. He also confirmed that the government had received the request. But acting Lithuanian economics minister, Petras Cesna, said: "Lithuania is now going through the process of government formation and nobody is seriously handling this problem." Besides, the official added, "We have serious doubts of Yukos' capability to conclude the deal worth US$75 million, as the company has found itself on the verge of bankruptcy." Yukos owns 53.7% of the shares and the rights to the operator of the Mazeikiu Nafta oil enterprise; the Lithuanian government owns the rest. 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 W E D E N =========== ESSELTE GROUP: Company Profile ------------------------------ NAME: ESSELTE GROUP HOLDINGS AB COMPANY LOCATION: ESSELTE SVERIGE AB Sundbybergsvagen 1 SE-171 27 Solna Sweden ESSELTE CORPORATION 44 Commerce Road, Stamford, CT 06902-4561, U.S.A. Web site: http://www.esselte.com PHONE: +46 (0)8 705 15 00 FAX: +46 (0)8 705 15 85 E-MAIL: saljkontoret@esselte.com WEB SITE: http://www.esselte.se TYPE OF BUSINESS: Esselte, whose registered office is in Solna, Sweden and its executive office in Stamford, Conn., U.S.A., is a leading global office supplies manufacturer. It has subsidiaries in 26 countries. The Company develops, manufactures and sells products that simplify the modern home and workplace. Esselte sells more than 30,000 different office product SKUs in over 120 countries; its principal brands include DYMO, Esselte, Leitz, Pendaflex and Xyron. Esselte was founded in 1913 as SLT (Sveriges Litografiska Tryckerier) after the union of 13 Swedish graphics related companies. Esselte has 7 5/8% Senior Subordinated Notes due 2011 listed on the Irish Stock Exchange (http://www.ise.ie). EXECUTIVES: Magnus Nicolin, President and CEO Rich Douville, SVP & CFO NUMBER OF EMPLOYEES: 6,000 (worldwide) ANNUAL SALES: US$1.1 billion (2003) DEBTS: US$410.2 million (as of Oct. 3, 2004) THE TROUBLE: As reported by TCR-Europe in Nov. 29, 2004, Standard & Poor's Ratings Services lowered its corporate credit rating on Esselte Group Holdings AB to 'B' from 'BB-', and its subordinated debt rating to 'CCC+' from 'B'. The ratings are on CreditWatch with negative implications because the firm will likely need to amend its bank debt covenants to accommodate expected weaker operating results. ============= U K R A I N E ============= AGROERA: Creditors Have Until This Week to File Claims ------------------------------------------------------ The Economic Court of Cherkassy region commenced bankruptcy supervision procedure on limited liability agricultural company Agroera (code EDRPOU 05423202) on August 26, 2004. The case is docketed as 14/2816. Mr. Sergij Nazarenko has been appointed temporary insolvency manager. The company holds account number 26007281866001 at CB Privatbank, Uman branch, MFO 354347. Creditors have until December 2, 2004 to submit their proofs of claim to: (a) AGROERA 20300, Ukraine, Cherkassy region, Uman district, Kocherzhintsi, Lenin Str. 1 (b) Mr. Sergij Nazarenko Temporary Insolvency Manager 18000, Ukraine, Cherkassy region, Dobrovolskij Str. 3/1-25 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 KAGARLIK' ELEVATOR: Bankruptcy Proceedings Begin ------------------------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Kagarlik' Elevator (code EDRPOU 00951801) on October 22, 2004 after finding the open joint stock company insolvent. The case is docketed as 191/3 b-2004/2/14. Arbitral manager Mr. Mikola Ribalchenko (License Number AA 719828) has been appointed liquidator/insolvency manager. The company holds account number 2600552401 at JSPPB Aval, Obuhiv branch, MFO 321585) CONTACT: KAGARLIK' ELEVATOR 09200, Ukraine, Kyiv region, Kagarlik, Frunze Str. 95 Mr. Mikola Ribalchenko Liquidator/Insolvency Manager 04000, Ukraine, Sumi region, Lushpi Avenue, 22/311 ECONOMIC COURT OF KYIV REGION 01033, Ukraine, Kyiv region, Zhelyanska Str. 58 b KASKAD: Insolvency Manager to Temporarily Oversee Business ---------------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on Kaskad (code EDRPOU 31028246). The case is docketed as 46/678. Arbitral manager Mr. I. Mihno (License Number AA 668303) has been appointed temporary insolvency manager. The company holds account number 26002285464001/980 at CB Privatbank, Kyiv regional branch, MFO 321842. CONTACT: KASKAD Ukraine, Kyiv region, Kropivnitskij Str. 1 Mr. I. Mihno Temporary Insolvency Manager Phone: 243-33-58 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B NIKOPOL BEER: Under Bankruptcy Supervision ------------------------------------------ The Economic Court of Dnipropetrovsk region has commenced bankruptcy supervision procedure on Nikopol Beer Plant. The case is docketed as B/29/155/04. Mr. Kirilo Gavrichkov (License Number AA 783172) has been appointed temporary insolvency manager. CONTACT: NIKOPOL BEER PLANT 53211, Ukraine, Dnipropetrovsk region, Nikopol, Dovgalevska Str. 2 Mr. Kirilo Gavrichkov Temporary Insolvency Manager 49055, Ukraine, Dnipropetrovsk region, Lenin Str. 41, office 504 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a POLIMIR: Insolvency Manager Takes over Helm ------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy proceedings against Polimir (code EDRPOU 31029344) after finding the limited liability company insolvent. The case is docketed as 23/137. Arbitral manager Mr. V. Krikun (License Number AA 669678) has been appointed liquidator/insolvency manager. The company holds account numbers 26001150232810/643, 26004150232840/840, 26004150231/980 at OJSC Inprombank, Kyiv region branch, MFO 322863; and 260060018929/978/643/980 at CJSC Ukrainian credit bank, Kyiv region branch, 321701. CONTACT: POLIMIR Ukraine, Kyiv region, Gospitalnij Lane, 16-a Mr. V. Krikun Liquidator/Insolvency Manager Phone: 234-47-55 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B ROSMARKET: Court Brings in Liquidator ------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against LLC ROSMARKET (code EDRPOU 30635515) after finding the limited liability company insolvent. The case is docketed as 23/123. Arbitral manager Mr. V. Krikun (License Number AA 669678) has been appointed liquidator/insolvency manager. The company holds account number 2600530011546/980 at JSC VaBank, first branch, MFO 320360) CONTACT: ROSMARKET Ukraine, Kyiv region, Kikvidze Str. 16 Mr. V. Krikun Liquidator/Insolvency Manager Phone: 234-47-55 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRAINIAN INDUSTRIAL: Names V. Krikun Insolvency Manager -------------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Ukrainian Industrial Complex (code EDRPOU 31407600) after finding the limited liability company insolvent. The case is docketed as 23/205-b. Arbitral manager Mr. V. Krikun (License Number AA 669678) has been appointed liquidator/insolvency manager. The company holds account number 260080171910/978/840/810, 260090171900 at JSB Brokbiznesbank, Kyiv region branch, MFO 300249; and 2600900560073/840/980 at JSCB Praveks Bank, Kyiv region branch, MFO321983. CONTACT: UKRAINIAN INDUSTRIAL COMPLEX 01103, Ukraine, Kyiv region, Druzhbi Narodiv Str. 8/9 Mr. V. Krikun Liquidator/Insolvency Manager Phone: 234-47-55 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRRIBTORG: Undergoing Bankruptcy Supervision Procedure ------------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on Ukrribtorg (code EDRPOU 30436934) The case is docketed as 24/532. Arbitral manager Mr. I. Mihno (License Number AA 668303) has been appointed temporary insolvency manager. The company holds account numbers 26008289147002/840 and 26009289147001/980 at CJSC CB Privatbank, MFO 320649. CONTACT: UKRRIBTORG Ukraine, Kyiv region, Melnikov Str. 8/22 Mr. I. Mihno Temporary Insolvency Manager Phone: 243-33-58 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B =========================== U N I T E D K I N G D O M =========================== ALLIED SERVICES: Calls in Liquidator from Valentine & Co. --------------------------------------------------------- At the extraordinary general meeting of the Allied Services (UK) Limited on Nov. 19, 2004 held at Roundhouse Hotel, 1 Meyrick Road, Lansdowne, Bournemouth BH1 3QR, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator for the purpose of such winding- up. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com AMPLIO TECHNOLOGY: Names BDO Stoy Hayward Administrator ------------------------------------------------------- Martha H. Thompson (IP No 8678/01) and David Harry Gilbert (IP No 2376/01) have been appointed joint administrators for Amplio Technology Group Limited. The appointment was made Nov. 18, 2004. The company resells memory products and associated components. CONTACT: BDO STOY HAYWARD LLP Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk 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 ANSWERCALL DIRECT: PricewaterhouseCoopers Takes over Helm --------------------------------------------------------- AnswerCall Direct in Armagh has called in joint administrative receivers from PricewaterhouseCoopers, The Scotsman reports. Garth Carlow of PwC said: "Our appointment follows a period of difficult trading and loss of business for the company." AnswerCall Direct was put up in 1996 and is one of North Ireland's long-established call centers. It provides inbound and outbound services to a variety of organizations in Northern Ireland, Britain and abroad. In April, it moved from its smaller office in Portadown's Garvaghy Road to Armagh's Edenaveys Industrial Estate, promising to expand its workforce from 200 to 600 by 2006. Some GBP3 million was provided by Invest Northern Ireland for the project. But the company was forced to shed 40 jobs in Armagh in September following the withdrawal of a direct line inquiry contract. Mr. Carlow now says their focus would be on "preserving the core business." They have already received a number of enquiries regarding the business. Kelsey Buck is the firm's managing director. CONTACT: ANSWERCALL DIRECT Phone: +44 (0)28 3836 2908 or Phone: (NI) 0800 018 8388 (ROI) 1800 855 000 Web site: http://www.answercalldirect.com CARDINE OPERATIONS: Appoints Liquidator --------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Cardine Operations Limited Notice is hereby given that I, Michael James Meston Reid of Meston Reid & Co, 12 Carden Place, Aberdeen AB10 1UR, was appointed liquidator of Cardine Operations Limited on November 11, 2004. Michael James Meston Reid, Liquidator November 11, 2004 CONTACT: MESTON REID & CO 12 Carden Place Aberdeen AB10 1UR E-mail: info@mestonreid.com Web site: http://www.meistonreid.com CDRP (GP): Final Members Meeting Set January -------------------------------------------- The final meeting of the members of CDRP (GP) Limited will be on Jan. 6, 2004 commencing at 10:15 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CHIPPERY POTATO: Members Pass Winding up Resolutions ---------------------------------------------------- At the extraordinary general meeting of the Chippery Potato Chip Factory (UK) Limited on Nov. 8, 2004 held at 16 Wroughton Road, London SW11 6BG, the resolutions to wind up the company were passed. Alan H. Tomlinson of Tomlinsons, 72 Gartside Street, Manchester M3 3EL has been appointed as liquidator of the company for the purpose of such winding-up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk CLAIMS SUPERVISION: Hires Milner Boardman Administrator ------------------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been appointed joint administrators for Claims Supervision Services Limited. The company is engaged in other business activities. Its registered office is located at 1C Bickerton Road, Southport, Merseyside PR8 2DY. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk COMODO RESEARCH: Names KPMG Liquidator -------------------------------------- At the extraordinary general meeting of the Comodo Research Lab Ltd. on Nov. 18, 2004 held at KPMG LLP, 1 The Embankment, Neville Street, Leeds LS1 4DW, the extraordinary and ordinary resolutions to wind up the company were passed. Richard Dixon Fleming and Howard Smith of KPMG LLP have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG Corporate Recovery, 1 The Embankment, Neville Street, Leeds LS1 4DW Phone: (0113) 231 3000 Fax: (0113) 231 3200 Web site: http://www.kpmg.co.uk COSTAIN GROUP: Wins GBP81 Million PFI Contracts ----------------------------------------------- Costain Group announced two significant Private Finance Initiatives (PFI) contracts in the health and education sectors with a combined value to the Group of approximately GBP81 million. In education, as part of the Seafort consortium, Costain has been selected by Ealing Council as preferred partner for its second round of school PFIs to design, build and operate three new schools by 2006. The projects involve GBP113.4 million of investment in Acton and Greenford High Schools and Featherstone and Glebe Nursery School during the 25-year contract, of which GBP47.7 million will be construction costs. The contract for the work is expected to be agreed early in 2005 with work starting on site by early spring. In health, as part of the Prime Health Consortium, Costain has reached agreement and financial close with Kingston Hospital NHS Trust for a GBP33 million PFI development at Kingston Hospital. The project involves construction of a new building that will provide modern and high specification clinical facilities including new surgical and gynaecology wards and assessment units, a modern physiotherapy services department as well as education and dining facilities. Enabling works will start next month with completion scheduled for the summer of 2006. Stuart Doughty, Group Chief Executive, said: "We are very pleased to have secured these contracts, which further strengthen our presence in the health and education sectors, while developing our skills in the PFI arena. "These are exactly the type of projects we are looking to be involved in, as part of long term agreements with our partners and clients and following detailed negotiations between all parties to ensure the best possible results." 25 November 2004 * * * In Sept., Fitch Ratings affirmed U.K.-based engineering and construction group Costain Group Plc's ratings at Senior Unsecured 'B' and Short-term 'B'. The Outlook is Stable. The ratings reflect Costain's established market position in the U.K. engineering and construction sector. They also reflect management's progress in adopting a more risk-averse approach in its business model and towards meeting previously stated financial targets of 15% annual sales growth and 3% pre-tax profit margins by 2006. Furthermore, the group's forward order book stands at over GBP1 billion, which provides a good platform for future growth. Nevertheless, Costain remains small in its peer group and is active in cyclical and competitive markets. CONTACT: COSTAIN GROUP PLC Phone: 01628 842 444 Stuart Doughty, Chief Executive Charles McCole, Finance Director COLLEGE HILL Phone: 020 7457 2020 Mark Garraway Matthew Gregorowski COTSWOLD PRINTING: Hires PKF as Liquidator ------------------------------------------ At the extraordinary general meeting of the members of the Cotswold Printing Company Limited on Nov. 15, 2004 held at 6-7 Litfield Place, Clifton, Bristol BS8 3LX, the extraordinary and ordinary resolutions to wind up the company were passed. Susan J. Stockley and Keith R. Morgan of PKF, 6-7 Litfield Place, Clifton, Bristol BS8 3LX have been appointed joint liquidators for the purpose of such winding-up. CONTACT: PKF Pannell House, 6-7 Litfield Place, The Promenade, Clifton, Bristol BS8 3LX Phone: 0117 906 4000 Fax: 0117 974 1238 E-mail: info.bristol@uk.pkf.com Web site: http://www.pkf.co.uk DRAX: Appoints Adviser to Study Possible Sale of Entire Business ---------------------------------------------------------------- Electricity generator Drax is looking at future strategic options, including a sale of the company, The Telegraph reports. Europe's largest coal-fired power station appointed financial advisers from investment bank Dresdner Kleinwort Wasserstein last month to review its business. The company, which is owned by a consortium of banks, might be sold or be used as acquisition vehicle to buy other electricity assets, the report said. A sale could come at between GBP750 million to GBP800 million, according to analysts. The future of Drax looked uncertain after energy giant TXU Europe collapsed in 2002, burying with it unpaid long-term supply contracts. According to the report, it is understood that if Drax receives the sum it is looking for -- believed to be in excess of GBP300 million -- it is more likely to remain independent rather than be sold off. By then it will have money to redeem bonds, making it free to pursue an acquisition strategy. Drax recently reported GBP107.3 million turnover for the three months to the end of September, up from GBP89 million in 2003. Ebitda (earnings before interest, tax, depreciation and amortization) level, losses fell from GBP87.9 million in 2003 to just GBP2.3 million. Earnings for the first nine months of 2004 were GBP46.6 million, compared with a loss of GBP70.2 million in 2003. DREAMSCOPE SERVICES: West Bromwich Appoints PwC Receiver -------------------------------------------------------- West Bromwich Building Society called in Mark Elijah Thomas Bowen and David J. Waterhouse joint administrative receivers for Dreamscope Services Limited (Reg No 03811991). The application was filed Nov. 9, 2004. 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 EDINBURGH INCA: Final General Meeting Set Last Week of December --------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Edinburgh Inca Trust Plc (In Liquidation) Notice is hereby given, pursuant to Section 94 of the Insolvency Act 1986, that a final general meeting of Edinburgh Inca Trust Plc will be held at Ten George Street, Edinburgh EH2 2DZ on December 23, 2004 at 10:00 a.m. for the purpose of having a final account laid before it showing how the winding up of the company has been conducted and the property of the company disposed of, and of hearing any explanations that may be given by the liquidator. Members are entitled to attend in person or alternatively by proxy. A member may vote according to the rights attaching to his shares as set out in the company's Articles of Association. A resolution will be passed only if a majority of those voting in person or by proxy vote in favor. Proxies must be lodged with me at or before the meeting. T M Burton, Liquidator November 19, 2004 CONTACT: ERNST & YOUNG LLP Ten George Street Edinburgh EH2 2DZ Phone: +44 [0] 131 777 2000 Fax: +44 [0] 131 777 2001 Web site: http://www.ey.com ELDRIDGE POPE: Bidco Offer Receives 72% Acceptances --------------------------------------------------- Offer Update On 16 September 2004, PricewaterhouseCoopers made a recommended cash offer on behalf of Bidco for the entire issued and to be issued share capital of Eldridge Pope (other than the 5,525,291 Eldridge Pope Shares which Bidco had conditionally agreed to acquire pursuant to the Share Exchange Agreement). On 15 October 2004, Bidco announced that the Offer had been declared unconditional in all respects. On 26 October 2004, Bidco announced that as valid acceptances had been received in respect of more than 90% of the Eldridge Pope Shares to which the offer relates, Bidco intended to apply the provisions of sections 428-430F of the Companies Act 1985 to acquire compulsorily all outstanding Eldridge Pope Shares on the terms of the Offer. Accordingly, on 26 October 2004 Bidco posted formal notices pursuant to section 429(4) of the Act to those Eldridge Pope Shareholders who had not yet validly accepted the Offer. As at 3:00 p.m. (London time) on 25 November 2004, valid acceptances of the Offer had been received in respect of a total of 17,823,847 Eldridge Pope Shares, representing 72.03% of Eldridge Pope's issued share capital. Since the Offer was made on 16 September 2004, Bidco has acquired through market purchases a further 469,072 Eldridge Pope shares, representing 1.90% of the existing issued share capital of Eldridge Pope. In addition, on 15 September 2004 Bidco conditionally agreed to acquire the 5,525,291 Eldridge Pope Shares held by SDA and Michael Cannon (representing 22.3% of the existing issued share capital of Eldridge Pope) pursuant to the Share Exchange Agreement and these shares were acquired by Bidco on 15 October 2004. Bidco has therefore received valid acceptances of the Offer in respect of (or acquired or otherwise conditionally agreed to acquire) 23,818,210 Eldridge Pope Shares in aggregate representing 96.25% of Eldridge Pope's existing issued share capital. As at 3:00 p.m. (London time) on 25 November 2004 valid elections for Bidco Units under the Share Alternative and the mix and match facility have not exceeded the maximum available under the Offer. Therefore valid elections for Bidco Units received by 3:00 p.m. (London time) on 25 November 2004 will not be subject to any scaling back and elections will be satisfied in full. The directors of Bidco announce that the Sixth Mix and Match Facility has been closed and a new mix and match facility (the 'Seventh Mix and Match Facility') has been opened from 3:00 p.m. (London time) on 25 November 2004. The Seventh Mix and Match Facility will remain open until 3.00 p.m. (London time) on 2 December 2004. The Seventh Mix and Match Facility will operate on the same terms as the Mix and Match Facility, save that valid elections for Bidco Units made under the Seventh Mix and Match Facility will only be satisfied to the extent that other Eldridge Pope Shareholders who accept the Offer during the period of the Seventh Mix and Match Facility either validly accept all of the consideration due to them in cash or validly elect to receive fewer Bidco Units than their Basic Entitlements under the Seventh Mix and Match Facility, thereby releasing Bidco Units to which they would otherwise be entitled under the Offer. After the Seventh Mix and Match Facility has been closed, Bidco reserves the right to reintroduce a mix and match facility, subject to the rules of the City Code. The Offer, including the Share Alternative, will remain open for acceptance until 7 December 2004. On 16 September 2004, the directors of Bidco announced that Bidco had received undertakings to accept the Offer in respect of, in aggregate, 4,599,685 Eldridge Pope Shares representing 18.6% of Eldridge Pope's issued share capital. Valid acceptances have now been received in respect of all of these Eldridge Pope Shares, with the exception of partially valid acceptances in respect of 5,086 shares, pending receipt of the share certificates. These partially valid acceptances are not included in the figure for valid acceptances. Consideration in respect of valid acceptances received following the date of this announcement will be dispatched to accepting Eldridge Pope Shareholders within 14 days of such receipt. Eldridge Pope Shareholders who have not yet accepted the Offer are urged to complete, sign and return the Form of Acceptance (whether or not their Eldridge Pope Shares are in CREST) as soon as possible to be received by post or by hand by Computershare Investor Services PLC, PO Box 859, The Pavilions, Bridgwater Road, Bristol BS99 1XZ or by hand only (during normal business hours) by Computershare Investor Services PLC, 2nd Floor, Vintners Place, 68 Upper Thames Street, London EC4V 3BJ. If you have lost your Form of Acceptance or have any other queries in connection with the Offer, you should contact Computeshare Investor Services PLC by telephone on 0870 702 0100 or +44 870 702 0100 from outside the United Kingdom. * * * Not for release, publication or distribution into the United States, Canada, Australia or Japan CONTACT: BIDCO Peter Large Phone: 01865 263 000 Gregor Grant Phone: 01865 263 000 PRICEWATERHOUSECOOPERS Sean Williams Phone: 020 7213 5579 Gerry Young Phone: 020 7212 4027 Tulchan Communications Phone: 020 7353 4200 Andrew Honnor ENDACOTT RJB: In Administrative Receivership -------------------------------------------- Charles Endacott called in Michael Colin Sanders (Office Holder No 8698) administrative receiver for Endacott RJB Marketing Limited (Reg No 02738753, Trade Classification: 7440). The company is engaged in sales and marketing. CONTACT: BN JACKSON NORTON 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA Phone: 02074302321 EXPERTS FORUM: Hires Joint Administrators from Milner Boardman -------------------------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been appointed joint administrators for Experts Forum Limited. The company is engaged in legal activities. Its registered office is located at 1C Bickerton Road, Southport, Merseyside PR8 2DY. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk FOCUS ENVIRONMENTAL: Names Valentine & Co. Liquidator ----------------------------------------------------- At the extraordinary general meeting of the Focus Environmental Management Limited on Nov. 18, 2004 held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator for the purpose of such winding-up. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com FRUCOR BEVERAGES: Members General Meeting Set End of December ------------------------------------------------------------- The final general meeting of the members of Frucor Beverages (UK) Limited will be on Dec. 23, 2004 commencing at 11:00 a.m. It will be held at the offices of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: BDO STOY HAYWARD LLP Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk GRAHAM RANGER: Calls in Liquidator from Thompson Partnership ------------------------------------------------------------ At the extraordinary general meeting of the members of the Graham Ranger Limited on Nov. 16, 2004 held at Square Root Business Centre, 102 Windmill Road, Croydon, Surrey CR0 2XQ, the extraordinary and ordinary resolutions to wind up the company were passed. Jeremy C. Frost and Daniel P. Hennessy of The Thompson Partnership, 102 Windmill Road, Croydon, Surrey CR0 2XQ have been appointed joint liquidators of the company for the purpose of the voluntary winding-up. CONTACT: THE THOMPSON PARTNERSHIP 102 Windmill Road, Croydon, Surrey CR0 2XQ GUILTEE CLOTHING: Hires G. Kakouris Liquidator ---------------------------------------------- At the extraordinary general meeting of the members of the Guiltee Clothing Company Ltd. on Nov. 22, 2004 held at 43 Blackstock Road, London N4 2JF, the extraordinary resolution to wind up the company was passed. Andreas Georgiou Kakouris of 43 Blackstock Road, London N4 2JF has been nominated liquidator for the purpose of the winding-up. HANON SOLUTIONS: Names Liquidator from Baker Tilly -------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Hanon Solutions Limited Notice is hereby given that I, Maureen Elizabeth Leslie of Baker Tilly, 23 Queen Street, Edinburgh EH2 1JX, was appointed liquidator of Hanon Solutions Limited on November 8, 2004. Maureen Elizabeth Leslie, Liquidator November 8, 2004 CONTACT: BAKER TILLY 23 Queen Street Edinburgh EH2 1JX Phone: 0131 225 6424 Fax: 0131 220 1282 E-mail: janet.hamblin@bakertilly.co.uk Web site: http://www.bakertilly.co.uk HOLT INSULATION: Meeting of Unsecured Creditors Set Next Week ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Holt Insulation Ltd. (In Receivership) Notice is hereby given, pursuant to section 67(2) of the Insolvency Act 1986, that a meeting of the unsecured creditors of Holt Insulation Ltd. will be held at 2 Blythswood Square, Glasgow G2 4AD on December 8, 2004 at 10:00 a.m. for the purposes of having laid before it a copy of the report prepared by the Joint Receiver in accordance with the said section and, if thought fit, appointing a creditors' committee. Creditors whose claims are wholly secured are not entitled to attend or vote at the meeting. Creditors who are partly secured may only vote in respect of the balance of the amount due to them after deducting the value of the security, as estimated by them. For the purposes of voting a Statement of Claim together with a form of proxy must be lodged with me at or before the meeting. Notice is hereby given, pursuant to the Section 67(2)(b) of the Insolvency Act 1986 that any unsecured creditor wishing to obtain a copy of the Report prepared by the Joint Receiver, free of charge, should write to the address below. K. R. Craig, Joint Receiver CONTACT: TENON RECOVERY 2-4 Blythswood Square Glasgow G2 4AD Phone: 0141 272 8000 Fax: 0141 272 8001 E-mail: glasgow@tenongroup.com Web site: http://www.tenongroup.com HOUSING RESOURCES: Calls in Liquidator from O'Hara & Co. -------------------------------------------------------- At the extraordinary general meeting of the members of the Housing Resources Limited on Nov. 19, 2004 held at O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, the extraordinary and ordinary resolutions to wind up the company were passed. Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ has been appointed liquidator for the purpose of such winding-up. CONTACT: O'HARA & CO. Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ INKA SYSTEMS: Liquidator to Present Winding-up Report December -------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Inka Systems (U.K.) Limited (In Liquidation) Notice is hereby given, pursuant to Section 94 of the Insolvency Act 1986, that the a final meeting of the members of Inka Systems (U.K.) Limited will be held at the offices of Grant Thornton U.K. LLP, Byron House, Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ on December 14, 2004 at 10:30 a.m. for the purpose of having an account laid before them by the liquidator showing the manner in which the winding-up of the Company has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidator. A member entitled to attend and vote at the above meeting may appoint a proxy to attend and vote in his place. It is not necessary for the proxy to be a member. Proxy forms must be returned to the offices of Grant Thornton U.K. LLP, Byron House, Cambridge Business Park, Cowley Road, Cambridge CB4 0WZ not later than 12:00 noon on December 13, 2004. Andrew D Conquest, Liquidator November 11, 2004 CONTACT: GRANT THORNTON U.K. LLP Byron House Cambridge Business Park Cowley Road Cambridge CB4 0WZ Phone: 01223 225600 Fax: 01223 225619 Web site: http://www.grant-thornton.co.uk INTERNATIONAL EXPRESS: Calls in Liquidator ------------------------------------------ At the extraordinary general meeting of the members of the International Express Money Transfer Limited on Nov. 10, 2004 held at 50 Newhall Street, Birmingham B3 3QE, the extraordinary and ordinary resolutions to wind up the company were passed. Gagen Dulari Sharma has been appointed liquidator for the purpose of such a winding-up. INTERNATIONAL POWER: EGM Okays Proposed Buyout of EME Portfolio --------------------------------------------------------------- International Power plc announces that at its Extraordinary General Meeting on Thursday all resolutions were passed including: (a) proposed acquisition of Edison Mission Energy's international asset portfolio; and (b) resolution to increase the Company's authorized share capital. Sir Neville Simms, Chairman said: "The Board is delighted by the overwhelming level of shareholder support in favor of the acquisition. Plans for the integration of the EME assets are making good progress, and the acquisition is on track for completion in December this year." International power plc is a leading independent electricity generating company with 11,210MW (net) in operation and 1,649MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, the UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan and Thailand. International Power was listed on the London Stock Exchange and the New York Stock Exchange (as ADRs), on 2 October 2000. The ticker symbol on both exchanges on 'IPR'. * * * Standard & Poor's Ratings Services recently said that its 'BB' long-term issuer credit and senior unsecured debt ratings on International Power PLC (IPower) remain on CreditWatch with negative implications. The rating agency said the company's ambitious acquisition schedule is not yet completed, despite some progress. The ratings were placed on CreditWatch on July 30, 2004, owing to IPower's involvement in a number of transactions at the same time. CONTACT: INTERNATIONAL POWER Investor Contact Aarti Singhal Phone: +44 (0)20 7320 8681 Company Secretary Stephen Ramsay Phone: +44 (0)20 7320 8627 FINSBURY LTD. Media Contact Morgan Bone Phone: +44 (0)20 7251 3801 K MUMTAZ: Names G. D. Sharma Liquidator --------------------------------------- At the extraordinary general meeting of the members of the K Mumtaz Limited on Nov. 10, 2004 held at 50 Newhall Street, Birmingham B3 3QE, the extraordinary and ordinary resolutions to wind up the company were passed. Gagen Dulari Sharma has been appointed liquidator for the purpose of such a winding-up. KONEMANN U.K.: Owners Opt to Dissolve Business ---------------------------------------------- At the extraordinary general meeting of the Konemann U.K. Limited on Nov. 16, 2004 held at 219 Croxted Road, London SE21 8NL, the special and ordinary resolutions to wind up the company were passed. Mark Jeremy Orton and Allan Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street, Birmingham B3 2DL has been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk KOOCHI BAR: Extraordinary Winding up Resolution Passed ------------------------------------------------------ At a meeting of the members of Koochi Bar Limited on Nov. 5, 2004, the extraordinary resolution to wind up the company was passed. J. M. Titley of DTE Leonard Curtis, 24 Wellington Street, St Johns, Blackburn BB1 8AF has been appointed liquidator of the company for the purpose of such a winding-up. CONTACT: DTE LEONARD CURTIS 24 Wellington Street St. Johns Blackburn BB1 8AF Phone: 01254 699799 Fax: 01254 699130 Web site: http://www.dtegroup.com LEGALSHIELD LIMITED: Joint Administrators Move in ------------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been appointed joint administrators for Legalshield Limited. The appointment was made Nov. 19, 2004. The company sells non-life insurance. Its registered office is located at St. Georges House, 215-219 Chester Road, Manchester M15 4JE. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk LONGVILLE ESTATES: Special Winding up Resolution Passed ------------------------------------------------------- At the extraordinary general meeting of the Longville Estates Limited on Nov. 18, 2004 held at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, the special resolution to wind up the company was passed. Mr. R. F. Simms of F A Simms & Partners Plc, Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP has been appointed liquidator for the purpose of such winding-up. CONTACT: F A SIMMS & PARTNERS PLC Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: info@fasimms.com Web site: http://www.fasimms.com MULTI-FINISH CONTRACTORS: Liquidator Enters Firm ------------------------------------------------ At the extraordinary general meeting of the members of the Multi-Finish Contractors Limited on Nov. 18, 2004 held at The Holiday Inn (Rochester), Maidstone Road, Chatham, Kent ME5 9SF, the extraordinary resolution to wind up the company was passed. Ruth Duncan of Maxwell Davies, 16 Caring Lane, Maidstone, Kent ME14 4NJ has been appointed liquidator for the purpose of such winding-up. CONTACT: MAXWELL DAVIES 16 Caring Lane, Maidstone, Kent ME14 4NJ MYTRAVEL GROUP: Reiterates Breakeven Forecast --------------------------------------------- Shareholder Circular MyTravel Group plc is in the process of finalizing a circular for posting to shareholders setting out the terms of its consensual restructuring proposal and giving notice of an extraordinary general meeting to be held on 20 December 2004. The terms of the proposal to shareholders are the same as those announced on 13 October 2004, namely that shareholders will retain 4% of the enlarged share capital of the company. The company is also in the process of finalizing a circular for posting to shareholders and general creditors containing the explanatory statement required in connection with the scheme of arrangement described in its announcement of 3 November, and giving notice of the meetings of the shareholders and general creditors required for the scheme. Under the scheme, shareholders would be entitled to 4% of the share capital of MyTravel Holdings, the new holding company that would acquire the assets of MyTravel Group plc. Under the scheme, 2% of the share capital of MyTravel Holdings would be available for bondholders. Current Trading and Future Prospects As previously announced, the company's operating result for the 12 month period to 30 September 2004 will be approximately break-even. Having changed its year-end to 31 October, the company expects to announce its results for the period to 31 October 2004 in December 2004. Trading for the winter season 2004/2005 continues to be encouraging for all divisions. Bookings for the summer season 2005 are at a very early stage but are so far encouraging. In North America, the Company is making steady progress. Northern Europe continues to perform strongly. The Company continues to see an improving performance in the U.K. Capacity has been reduced significantly for both the winter and summer seasons, to bring it into line with demand for brochure holidays. Bookings are ahead of last year as a percentage of available capacity for both the current winter season and the summer season 2005. In addition, the Company has taken further steps to reduce its risk and to increase its operational flexibility. The Company's exposure to guaranteed accommodation is reducing at a faster rate than its capacity. In the U.K., the number of aircraft in the fleet will fall from 33 to 24. With the departure from the fleet of the last cruise ship in May 2005, the Company will cease to be a cruise tour operator on a risk basis. However, the Company has also established The Cruise Store, a new cruise retail business selling the products of different cruise lines by telephone, Internet and through Going Places travel agents. Completion of the restructuring will result in the Group's interest costs falling significantly. While fuel and currency risk is largely unhedged at present, the restructuring is expected to lead to additional hedging becoming available. The restructuring is not expected to alter the Company's position as a taxpayer on the profits of its non-U.K. businesses in the current financial year. For the year ending 31 October 2006, the Company's business plan shows the three divisions making a profit at the operating level. The Board believes that following the completion of the restructuring there will be a good prospect of successfully implementing the business plan. MyTravel Chief Executive Peter McHugh said: "We have a clear strategy for MyTravel's return to sustained profitability. There is still much to be done, particularly in the U.K., but overall I am greatly encouraged by our progress." Board Changes The company is pleased to announce the appointment to the Board of Sam Weihagen, Chief Executive, MyTravel Northern Europe. He will join the Board at the conclusion of the extraordinary general meeting on 20 December 2004. Mr. Weihagen has a degree in business administration and accounting from Gothenburg University. He joined MTNE in 1975, becoming Commercial Director, with responsibility for purchasing and flight planning, and finally Chief Executive in 2001. He is Chairman of the Tour Operating Federation of Sweden. (There is no further information to disclose under paragraph 6.F.2 of the Listing Rules.) The company also announces that Paul Walker has decided that in view of his commitments at Sage Group plc, where he is Chief Executive, he is not in a position to devote sufficient time to his responsibilities at MyTravel, and accordingly he will retire as a non-executive director at the conclusion of the extraordinary general meeting on 20 December 2004. Commenting on these changes, MyTravel Chairman Michael Beckett said: "Sam Weihagen has a strong track record over nearly thirty years as a tour operator. He is doing an excellent job as head of our Scandinavian business, which is going from strength to strength. I am delighted that he is joining the Board. We are sorry to lose Paul Walker, who has played a valuable role on the board since his appointment in 2000, but we understand that his full-time commitment as chief executive of a FTSE100 company must come first." Restructuring Agreements The agreements required to implement the restructuring have now been signed by the company and by lending banks and facility providers representing 94.3% of all commitments. A further 4.7% have committed to sign [Fri]day. These agreements will become effective when signed by the remaining lending banks and facility providers, which represent only 1.0% of commitments. The company will continue to seek signatures from these parties. Financial Services Authority On 4 November 2004, the Financial Services Authority issued a decision notice, which indicated that the Regulatory Decisions Committee had decided to impose a financial penalty on the company for contraventions of the Listing Rules. The contraventions alleged in the decision notice relate to events that took place between July and October 2002. The Board rejects the allegations in the decision notice and intends to refer the decision to the Financial Services and Markets Tribunal. The Board does not believe that the decision notice will have a significant effect on the financial position of the company. CONTACT: BRUNSWICK GROUP LLP Phone: 020 7404 5959 Fiona Antcliffe William Cullum NEPTUNE CONTRACTORS: Hires Liquidator from Arrans ------------------------------------------------- At the extraordinary general meeting of the Neptune Contractors Limited on Nov. 18, 2004 held at Falcon House, Falcon Park, Claymore, Tame Valley Industrial Estate, Tamworth B77 5DQ, the subjoined extraordinary resolution to wind up the company was passed. Robert Gibbons of Arrans, PO Box 9377, Falcon House, Falcon Park, Tamworth, Staffordshire B77 5HL has been appointed liquidator for the purpose of such winding-up. CONTACT: ARRANS PO Box 9377, Falcon House, Falcon Park, Tamworth, Staffordshire B77 5HL PRIVATE NURSING: Appoints Liquidator ------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Private Nursing Homes of Edinburgh Limited Notice is hereby given that I, David Forbes Rutherford of Cowan & Partners CA, 60 Constitution Street, Leith, Edinburgh, EH6 6RR, was appointed liquidator of Private Nursing Homes of Edinburgh Limited on November 15, 2004. David Forbes Rutherford, Liquidator November 16, 2004 CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk PROCESS COMPUTING: Sets Final Meeting of Members ------------------------------------------------ The final meeting of the members of the Process Computing Limited will be on Dec. 31, 2004 commencing at 11:00 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com ROAD ACCIDENT: Hires Administrators from Milner Boardman -------------------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been appointed administrators for Road Accident Management Limited. The appointment was made Nov. 19, 2004. The company's registered office is located at St. Georges House, 215-219 Chester Road, Manchester M15 4JE. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk WM LOW: Winding-up Report Due Third Week of December ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Wm Low & Company Plc Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986, that the final meeting of members of Wm Low & Company Plc will be held at the offices of PricewaterhouseCoopers LLP, One Kingsway, Cardiff CF10 3PW on 21st December 2004 commencing at 10:00 a.m. far the purpose of having an account laid before the members showing how the winding-up has been conducted and the property of the Company disposed of, and hearing any explanation that may be given by the liquidator. A member entitled to attend and vote at the meeting may appoint a proxy, who need not be a member, to attend and vote instead of him/her. A. V. Lomas, Liquidator November 16, 2004 CONTACT: PRICEWATERHOUSECOOPERS LLP One Kingsway Cardiff CF10 3PW Phone: [44] (29) 2023 7000 Fax: [44] (29) 2080 2400 Web site: http://www.pwc.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) Mannheimer A.G. (15) 879 N.A. 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 System 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) Jessops Plc JSP.L (8) 297 7 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 * * *