/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041207.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, December 7, 2004, Vol. 5, No. 242 Headlines F R A N C E BULL SA: Gets 'B-' Long-term Credit Rating from S&P BULL SA: Drafts Former IBM Exec to Chair Board REMY COINTREAU: Ratings Outlook Changed to Negative G E R M A N Y BHO-TEKCAN: Creditors Have Until Next Week to File Claims LANTEC AG: Administrator Takes over Operations MAFO SERVICE: Court Sets Creditors' Claims Deadline December MAGENTA MARKETING: Munich Court Appoints Administrator NORDSTERN IMMOBILIEN: Provisional Administrator Takes over Helm PFK ONCOLOGY: Creditors Have Until Next Week to File Claims REISER METALLBAU: Under Bankruptcy Administration TEX UP: Neumunster Court Brings in Provisional Administrator TSU TAXI: Creditors Have Until this Week to File Claims TV MARKT: Administrator's Report Out December WESTLB AG: Blasts E.U. for New Landesbank Restrictions I T A L Y FINMATICA SPA: Court Postpones Bankruptcy Trial PARMALAT FINANZIARIA: BofA Seeks Dismissal of US$10 Billion Suit PARMALAT FINANZIARIA: Books Lower Revenues, Higher EBITDA PARMALAT U.S.A.: Releases Monthly Operating Report Ended Oct. 23 PARMALAT U.S.A.: Milk Products Books US$10 Million Net Profit PARMALAT U.S.A.: Farmland Dairies Absorbs US$3.3 Mln Net Loss VOLARE GROUP: ENAC Sets Deadline for Recovery Plan L A T V I A PAREX BANKA: Individual Rating Affirmed at 'C/D' L I T H U A N I A SIAULIU BANKAS: 'D' Individual Rating Affirmed R U S S I A AGRO-KHIMIK: Creditors Have Until January to File Claims AUTO-TRAN-SERVICE: Under Bankruptcy Supervision BAEVSKAYA SEL-KHOZ-TEKHNIKA: Names A. Pupkov Insolvency Manager BARYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure GORNYAK: Succumbs to Bankruptcy KVITKOVSKAYA FURNITURE: Bankruptcy Hearing Resumes Next Year MURINSKIY: Sets Deadline for Proofs of Claim SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Resumes February TUVA-OIL-PRODUCT: Declared Insolvent VITIM-WOOD: Insolvency Manager to Temporarily Oversee Business YUKOS OIL: Gazprom in Talks to Raise Fund for Yugansk Bid YUKOS OIL: Loses Right to Increase Stake in Lithunian Refinery S W I T Z E R L A N D ABB LTD: U.S. Court Orders Further Review of Unit's Rescue Plan U K R A I N E ARTEMIVKA: Harkiv's Chief Liquidator Takes over Firm DONTRANSINVEST: Succumbs to Insolvency HLIBOROB: Insolvency Manager Takes over Operations ISKOR: Under Bankruptcy Supervision KOKSOBUD: Names Temporary Insolvency Manager KOMSOMOLSKE: Declared Insolvent KUZKIVSKE: Bankruptcy Proceedings Begin NEDRIGAJLIVSKIJ FOOD: Declared Insolvent PUTIVLZERNOPROM: Bankruptcy Supervision Begins SELISHANSKIJ SUGAR: Names Sergij Kaplya Liquidator U N I T E D K I N G D O M ANGEL ENTERPRISES: Creditors Meeting this Week AQUAPROOF LIMITED: Hires Joint Liquidators from KPMG ARAKIN LIMITED: Appoints Liquidator from Deloitte & Touche BANK OF WALES: Members Final Meeting January BARCLAY ASSETS: Hires Joint Liquidators from Deloitte & Touche BCMB CORPORATION: Final General Meeting Next Week BRITISH INDUSTRIAL: Liquidator's Report Out January CAVANAGH ROOFING: Liquidator Calls Final Meeting CNA UNDERWRITING: Sets Members Final Meeting Next Year COMPASS GROUP: Reports Encouraging Results COURTS PLC: Administrators Sell Unit for Undisclosed Sum DURASTIC ROOFING: Joint Liquidators from KPMG Move in EBOOKERS PLC: Cendant Takes over Business for GBP209 Million FIRE CONTROL: Sets up Liquidation Committee GA PROPERTY: Names PricewaterhouseCoopers Liquidator GEORGE WILLIAMSON: Special Winding up Resolution Passed H.HUNTSMAN & SONS: Names David Rubin & Partners Administrator HIGH SMITHSTONE: Winding-up Report Due Last Week of December IMAGICTV (UK): Owners Opt to Liquidate Business KBI COMMERCIAL: Calls in Liquidator from Piper Thompson MODERNJOINT LIMITED: Holds First Creditors' Meeting NAVIGATION INVESTMENTS: Members Pass Winding-up Resolutions NSA (EUROPE): Sets Creditors Meeting Next Week PROJECT TWO: Hires Baker Tilly as Administrator PRO-LIFE PAISLEY: To Name Liquidator Third Week of December RUBEROID CONTRACTS: Hires KPMG as Liquidator RUSSELL MCINTYRE: Creditors Opt to Liquidate Company SAFARILIFE PLC: Special Winding up Resolution Passed SEASONS ENGINEERING: Calls in Joint Administrators from Begbies SLATER YENDALL: Names Administrators from Menzies TXU EUROPE: Administrators to Return Cash to Creditors * Large Companies with Insolvent Balance Sheets ********* =========== F R A N C E =========== BULL SA: Gets 'B-' Long-term Credit Rating from S&P --------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' long-term corporate credit rating to French IT group Bull S.A. The outlook is stable. At the same time, Standard & Poor's withdrew its 'T4' short-term ADEF French national scale rating on the company. With revenues and EBIT of EUR1,189 million (US$1,590 million) and EUR41 million, respectively, in the 12 months to June 30, 2004, Bull is a supplier of IT hardware (46% of 2003 revenues) -- in particular servers -- and related maintenance and services. After suffering heavy losses, Bull has carried out a complete operating and financial restructuring since 2002, aimed at restoring its profitability and drastically reducing its heavy debt burden. The group cut its staff by 39% between year-end 2001 and year- end 2003, with major redundancy plans being financed through asset disposals -- notably the sale of Bull's service activities in Europe, outside France and Italy. Still, the group's revenues were more than halved in the 12 months ended June 30, 2004, compared with the EUR2.5 billion generated in 2001. As a result of significant cost reduction and an improvement in the gross margin, however, Bull has posted a small but relatively stable EUR20 million half-yearly EBIT since the second half of 2002. "Financially, the restructuring has entailed several transactions, which, once completed, will leave Bull with a sound balance sheet bearing very limited debt," said Standard & Poor's credit analyst Patrice Cochelin. "This is an important step in the company's start-up as a purely publicly owned company." Management's main challenge in the coming months will be to stabilize revenues after years of decline: In first-half 2004, revenues declined by 9% sequentially and 12% year-on-year. The company expects revenue stabilization on a sequential basis in second-half 2004. "We expect Bull to continue to generate positive free operating cash flow in the coming months," said Mr. Cochelin. "Despite intense competitive pressures in its markets, the company should benefit from renewed credibility with its clients following its successful restructuring; this, in turn, should enable management to focus on stabilizing the revenue base and maintaining tight cost control." Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com BULL SA: Drafts Former IBM Exec to Chair Board ---------------------------------------------- The board of Bull S.A. has appointed the former vice president of IBM as its new chairman and managing director, according to IDG News Service. Didier Lamouche will take over the helm of the business from acting chairman and managing director Gervais Pellissier starting February. Mr. Lamouce was formerly in charge of IBM's semiconductor industrial operations. He previously created and headed up Altis, a semiconductor joint venture between IBM and Infineon Technologies. Bull is an international group that operates mainly in the areas of up-market professional servers and specialized computer engineering services. Its turnover in 2003 was EUR1,265 million. In 1999 it was forced to sell assets. Since 2001 its position has deteriorated owing to the stock market crisis affecting technology stocks, the crisis in the Internet sector and the collapse of telecommunications markets. Recently, the company reported earnings before tax, financial expenses, goodwill amortization and exceptional items (EBIT) of EUR20.1 million, i.e. 3.6% of the revenue, for the first half. Last year's figure was EUR20 million (3.1% of revenue). CONTACT: BULL S.A. 68 Route de Versailles 78430 Louveciennes, France Phone: +33-1-39-66-60-60 Fax: +33-1-39-66-60-62 Web site: http://www.bull.com REMY COINTREAU: Ratings Outlook Changed to Negative --------------------------------------------------- Moody's Investors Service has changed the outlook on Remy Cointreau's Ba2 senior implied and issue ratings from stable to negative. The agency said the rating action reflects Remy's weaker than expected credit metrics at March 2004. Looking forward, Moody's expects the winemaker's credit metrics at March 2005 to be broadly static in comparison. It said both credit metrics position the firm rather weakly in the Ba2 rating category. Moody's expects the debt reduction, already factored in its expected credit metrics at March 2005, to be likely delayed. At fiscal year ending March 2004, Remy elected to consolidate EUR115 million of debt related to its contractual arrangements with the two co-op's that are involved in the storage and ageing of Eau de Vie, the main component of Cognac. The rating agency says the repayment of the debt is wholly reliant upon cash flows from Remy. Remy's leverage and cash flow coverage measures remain weak for the Ba2 rating category. Its net Adjusted debt (excluding the co-op debt): EBITDAR was 4.5 x and including the co-op debt 5.1x. Its cash-flow coverage measures (RCF/net adjusted debt) was 6.2% (excluding the co-op debt) or 5.5% including the co-op debt. ============= G E R M A N Y ============= BHO-TEKCAN: Creditors Have Until Next Week to File Claims --------------------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against BHO-Tekcan GmbH on Oct. 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 13, 2004 to register their claims with court-appointed provisional administrator Dr. Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting on Jan. 10, 2005, 10:15 a.m. at Saal 1.044, Justizzentrum, Thuringer Str. 16, 06112 Halle of 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: BHO-TEKCAN GMBH GARTEN- UND LANDSCHAFTSBAU Merseburger Str. 214, 06130 Halle Contact: Jacqueline Koukema, Manager Konrad-Adenauer-Str. 23, 51149 Koln Dr. Volkhard Frenzel, Insolvency Manager Magdeburger Str. 23, D-06112 Halle Phone: 0345/231110 Fax: 0345/2311199 LANTEC AG: Administrator Takes over Operations ---------------------------------------------- The district court of Munich opened bankruptcy proceedings against LANTEC AG Kommunikationssysteme on Oct. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 14, 2005 to register their claims with court-appointed provisional administrator Dr. Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2005, 10:00 a.m. at Infanteriestr. 5, Sitzungssaal 102 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Feb. 22, 2005, 9:00 a.m. at the same venue. CONTACT: LANTEC AG KOMMUNIKATIONSSYSTEME Bajuwarenring 12 in 82041 Oberhaching Dr. Kurt Bruder, Insolvency Manager Herzog-Wilhelm-Str. 17, 80331 Munchen Phone: 089/236858-0 Fax: 089/2603440 MAFO SERVICE: Court Sets Creditors' Claims Deadline December ------------------------------------------------------------ The district court of Halle-Saalkreis opened bankruptcy proceedings against Mafo -- druck Formular -- Service GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 28, 2004 to register their claims with court-appointed provisional administrator Dr. Jurgen Wallner. Creditors and other interested parties are encouraged to attend the meeting on Jan. 25, 2005, 11:30 a.m. at Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112 Halle 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: MAFO -- DRUCK FORMULAR -- SERVICE GMBH Zscherbener Landstrasse 2, 06179 Zscherben Contact: Helmut Fleidl, Manager Birkenweg 7, 83139 Sochtenau Dr. Jurgen Wallner, Insolvency Manager Franckestrasse 3, 06110 Halle Phone: 0345/614080 Fax: 0345/6140810 MAGENTA MARKETING: Munich Court Appoints Administrator ------------------------------------------------------ The district court of Munich opened bankruptcy proceedings against Magenta Marketing GmbH on Nov. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 1, 2005 to register their claims with court-appointed provisional administrator Heinrich Muller-Feyen. Creditors and other interested parties are encouraged to attend the meeting on Feb. 17, 2005, 9:10 a.m. at Infanteriestr. 5, Sitzungssaal 102 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MAGENTA MARKETING GMBH Waakirchner Str. 48 in 81379 Munchen Heinrich Muller-Feyen, Insolvency Manager Thiereckstr. 2/I, 80331 Munchen Phone: 089/2919250 NORDSTERN IMMOBILIEN: Provisional Administrator Takes over Helm --------------------------------------------------------------- The district court of Schwerin opened bankruptcy proceedings against Nordstern Immobilien GmbH on Nov. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Stefan Niederste. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005, 9:15 a.m. 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: NORDSTERN IMMOBILIEN GMBH Contact: Winfried Wieczorek, Manager Zeppelinstrasse 10, 19306 Neustadt-Glewe Stefan Niederste Frielinghaus, Administrator Heinrich-Mann-Strasse 18, 19053 Schwerin PFK ONCOLOGY: Creditors Have Until Next Week to File Claims ----------------------------------------------------------- The district court of Munich opened bankruptcy proceedings against PFK Oncology Services GmbH on Oct. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 13, 2004 to register their claims with court-appointed provisional administrator Hanns Pollmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 10, 2005, 9:00 a.m. at Infanteriestr. 5, Sitzungssaal 101 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: PFK ONCOLOGY SERVICES GMBH Fraunhofer Str. 22 in 82152 Planegg Hanns Pollmann, Insolvency Manager Prannerstr. 11, 80333 Munchen REISER METALLBAU: Under Bankruptcy Administration ------------------------------------------------- The district court of Neumunster opened bankruptcy proceedings against Reiser Metallbau GmbH on Nov. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2005 to register their claims with court-appointed provisional administrator. Creditors and other interested parties are encouraged to attend the meeting on May 6, 2005, 9:00 a.m. at Raum B.126, im Gerichtsgebaude Boostedter Strasse 26 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: REISER METALLBAU GMBH Rendsburger Strasse 349, 24537 Neumunster Contact: Matthias Dombrowski, Manager Augustenburger Strasse 15 A, 24534 Neumunster Herrn Bodo Stower, Insolvency Manager Itzehoer Strasse 42, 24537 Neumunster Wolfgang Weidemann, Insolvency Manager Wendenstrasse 4, 20097 Hamburg TEX UP: Neumunster Court Brings in Provisional Administrator ------------------------------------------------------------ The district court of Neumunster opened bankruptcy proceedings against TEX UP GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2005 to register their claims with court-appointed provisional administrator Helmut Gattermann. Creditors and other interested parties are encouraged to attend the meeting on April 22, 2005, 8:15 a.m. at Raum B.126, im Gerichtsgebaude, Boostedter Strasse 26 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TEX UP GMBH Ploner Chaussee 130a 24620 Bonebuttel Contact: Herrn Siegmund Loos, Manager Ostredder 11, 24536 Tasdorf Helmut Gattermann, Insolvency Manager Heilwigstr. 75, 20249 Hamburg TSU TAXI: Creditors Have Until this Week to File Claims ------------------------------------------------------- The district court of Munich opened bankruptcy proceedings against TSU Taxi Service Union GmbH & Co. KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Dr. Bruno Kubler. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2005, 11:30 a.m. at Infanteriestr. 5, Sitzungssaal 102 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TSU TAXI SERVICE UNION GMBH & CO. KG Dachauer Str. 203-207 in 80637 Munchen Dr. Bruno Kubler, Insolvency Manager Konrad-Zuse-Platz 1, 81829 Munchen Phone: 99299-0 Fax: 99299-299 TV MARKT: Administrator's Report Out December --------------------------------------------- The district court of Munich opened bankruptcy proceedings against TV Markt 2000 Service Center 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 Axel W. Bierbach. Creditors and other interested parties are encouraged to attend the meeting on Dec. 21, 2004, 9:30 a.m. at Infanteriestr. 5, Sitzungssaal 102 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Jan. 20, 2005, 10:10 a.m. at Infanteriestr. 5, Sitzungssaal 102. CONTACT: TV MARKT 2000 SERVICE CENTER GMBH Landsberger Str. 23 in 82110 Germering Axel W. Bierbach, Insolvency Manager Schwanthalerstr. 32, 80336 Munchen Phone: 54511-0 Fax: 54511-444 WESTLB AG: Blasts E.U. for New Landesbank Restrictions ------------------------------------------------------ WestLB AG's shareholders have expressed irritation at new, additional conditions laid down by the European Commission for solving the dispute about state aid for German Landesbanks. In a joint statement issued in Dusseldorf on Friday, the owners said: "We urge the Commission to remove the additional obstacles to an appropriate capitalization of the Landesbanks set forth in its letter of November 30, 2004 without delay. They are, in our view, illegal. The new conditions laid down by the European Commission have no connection with the results of the negotiations conducted in the past months over the dispute about state aid. Far from creating a level playing field, the Commission now seeks to place the Landesbanks at a considerable competitive disadvantage. These new conditions are without legal foundation and have no bearing on the issue at hand. We are now forced to review all previous results of the negotiations." In July 2001, the European Commission, Federal Government and federal states reached agreement on the terms and conditions for the elimination of the state guarantees (so-called Understanding I) for Landesbanks and savings banks in Germany and their future legal position. Unless the European Commission is prepared to adopt a more conciliatory stance, WestLB's owners fear serious consequences for the entire state aid proceedings. "The question is whether the European Commission intends to terminate retroactively the entire understanding reached in 2001 concerning the guarantees for Landesbanks and savings banks." WestLB's owners reiterated their determination to secure an appropriate capitalization of WestLB and to prevent harm being done to the Bank in the course of the state aid proceedings. They also reaffirmed their intention to honor all legal obligations arising from a settlement of the state aid proceedings. CONATCT: WESTLB AG Herzogstrasse 15 40217 Dusseldorf, Germany Phone: +49-211-826-01 Fax: +49-211-826-6119 Web site: http://www.westlb.com ========= I T A L Y ========= FINMATICA SPA: Court Postpones Bankruptcy Trial ----------------------------------------------- An Italian court has reset the bankruptcy trial of insolvent software group Finmatica S.p.A., Il Sole 24 Ore says. The court wants to give Paolo Ribolla, the group's liquidator and commissioner, ample time to review offers for Finmatica. The trial's postponement could also allow the troubled group to meet creditors and retain the operations of certain units. Mr. Ribolla confirmed around nine bidders have submitted non- binding offers to acquire Finamatica's core business -- development of banking and financial software. They include U.S.-based IT group EDS, local software company Opera 21 and local banking services outsourcing firm CSE. CONTACT: FINMATICA S.p.A. Via Cannizzaro 83/A 00156 Roma Phone: +39 06/439911 Fax: +39 06/43991259 Web site: http://www.finmatica.com PARMALAT FINANZIARIA: BofA Seeks Dismissal of US$10 Billion Suit ---------------------------------------------------------------- Bank of America Corp. has filed a petition with a North Carolina court to dismiss a lawsuit filed by Parmalat, seeking billions of dollars in claims, the Associated Press reports. Court-appointed administrator Enrico Bondi filed the lawsuit in October, accusing the bank of knowingly hiding the true financial status of the group. He claims Bank of America had known Parmalat was insolvent, yet continued to structure deals that allowed the company to disguise its true financial state. Mr. Bondi is trying to recover US$10 billion (EUR7.52 billion) in damages to return to creditors. It has sued global lenders such as UBS AG, Credit Suisse First Boston, Deutsche Bank AG, Citigroup Inc. and Bank of America. Mr. Bondi claims these banks took advantage of the firm's financial problems by financing it in ways that allowed the company to disguise debt as equity. In turn, Parmalat paid banks an estimated EUR5.3 billion (US$7.05 billion) in fees and interest payments from 1990 and 2003. BofA said in an e-mailed statement that the claims are not supported by facts and legally insufficient: "It is widely recognized under U.S. law that a company which has participated in a fraud cannot sue other parties to recover damages from that fraud. "Because Bondi filed the suit on behalf of Parmalat and because he admits in his own legal papers the vast fraud carried out by Parmalat management, he is barred from bringing the suit. Only creditors and shareholders of the company would have the right to do so." The administrator has not sued any Italian banks, which are among Parmalat's largest creditors. Bank of America is Parmalat's second largest creditor with over US$462 million (EUR347.53 million) in unsecured credit. PARMALAT FINANZIARIA: Books Lower Revenues, Higher EBITDA --------------------------------------------------------- Parmalat Finanziaria S.p.A. in Extraordinary Administration presents the operating and financial results of the Parmalat Group as of Oct. 31, 2004. A number of the non-Italian operations of the Group classified as non-core that at December 31, 2003 were consolidated line-by- line (for example: USA Dairy, Brazil, Chile and EVH) and certain financial companies (i.e. Parmalat Capital Finance) are currently subject to certain restrictions on their management as a result of local bankruptcy proceedings, with the result that these operations are effectively outside the control of Parmalat Finanziaria S.p.A. in Extraordinary Administration. For this reason, the Group no longer consolidates these companies on a line-by-line basis. More specifically, the main companies are: Parmalat U.S.A. Corp., Farmland Dairies, and Milk Products of Alabama, which constitute the U.S.A. Dairy Division (these milk and dairy products operations have filed for Chapter 11 bankruptcy protection); two Brazilian companies (Parmalat Brasil and Parmalat Participacoes), which have successfully filed for composition with creditors under a local proceeding called Concordata, which applies to their subsidiaries as well; the Chilean operations, which have filed for composition with creditors locally; EVH, a company incorporated in Canada that has been granted creditor protection under the Companies' Creditors Arrangement Act; and Parmalat Capital Finance, which has been placed in liquidation by the local court. This group of companies also includes Eurofood IFSC, which is currently the subject of a dispute with the Irish judicial authorities, who allege that the Italian Extraordinary Administration proceedings cannot be applied to this company. Consequently, the pro forma data for the previous year have been restated to reflect the new scope of the line-by-line consolidation process. In the tables contained in this press release, the restated data are compared with those of the current fiscal year. Financial Highlights Revenues Values in millions of Euro Previous Previous Current year year year Pro-Forma Core Activities [*] 3,127.2 3,127.2 3,047.6 Non-Core Activities [**] 1,399.2 576.8 484.5 Total 4,526.4 3,704.0 3,523.1 EBITDA Previous Previous Current year year year Pro-Forma Core Activities [*] 179.0 179.0 214.4 Non-Core Activities [**] (61.0) (37.7) (14.5) Total 118.0 141.3 228.9 EBITDA % of Revenues Previous Previous Current year year year Pro-Forma Core Activities [*] 5.7 5.7 7.0 Non-Core Activities [**] (4.4) (6.5) (3.0) Total 2.6 3.8 6.5 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Core Activities: consist of drinks products (milk and fruit juice) and milk-based products, focused on approximately 30 brands (global brands or strong local brands), centered on high potential countries where there is strong demand for healthy lifestyle products, the willingness to recognize premium prices for the Parmalat brand and the availability of leading edge technology. [**] Non-core activities: these are countries and activities considered to be non-strategic that will be subject to divestment. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Group's consolidated data present a strong increase of the operative result (from EUR141.3 million situation pro forma on October 2003 to EUR228.9 million on October 2004) due to the re- organization and restructuring activities implemented during the current year, although there has been a volume reduction (from EUR3,704.0 million situation pro forma on October 2003 to EUR3,532.1 million on October 2004, - 4,6%). Core Businesses The Group's Core Businesses had revenues of EUR3,047.6 million in the first ten months of 2004, down slightly (-2.5%) from the EUR3,127.2 million booked in the same period last year, but EBITDA increased to EUR214.4 million, or 19.8% more than the EUR179.0 million earned in the ten months ended October 31, 2003. Successful marketing initiatives and efforts to curtail operating costs and overheads are the reasons for the improved operating performance. The operating data are before expenses related to the Extraordinary Administration proceedings. The accrued portion attributable to the first ten months of 2004 amounts to about EUR60.0 million. October 2004 revenues (the difference between the cumulative revenues at October 31 and September 30) totaled EUR325.4 million, or 7.8% less than in the same period last year (EUR350.8 million). However, EBITDA rose 21.4% to EUR21.5 million (EUR16.9 million in October 2003). An analysis of the Group's performance in the main geographic regions in which it operates is provided below. Italy In the first ten months of 2004, revenues decreased to EUR1,140.8 million, or 9.8% less than the EUR1,253.2 million reported at October 31, 2003. As was the case in September, the revenue shortfall was accompanied by an increase in ten-month EBITDA, which grew from EUR65.9 million in 2003 to EUR70.2 million this year. The ratio of EBITDA to net revenues improved by 6.5%, rising from 5.3% in 2003 to 6.1% this year. In October 2004, revenues amounted to EUR111.7 million and EBITDA decreased to EUR3.6 million (3.2% of revenues) due to a rise in advertising investments. The resumption of advertising programs (the Kyr campaign in particular) has already produced a rise in unit sales, as seen in the September and October sales figures. Other recent promotional and advertising campaigns (Zymil, Eurolat products) should generate additional sales momentum in the coming months. Spain Revenues for the first ten months of 2004 totaled EUR189.5 million, or 3.1% less than the EUR195.5 million reported a year earlier. EBITDA were also down, decreasing both in absolute terms (down 32.6%, from EUR19.0 million to EUR12.8 million) and as a percentage of revenues (from 9.7% to 6.7%). For the month of October, revenues and EBITDA totaled EUR16.6 million and EUR0.5 million (3.0% of revenues), respectively. The main reasons for the sharp decline in EBITDA compared with October 2003 are a rise in costs, which could not be fully offset by price increases for affected products, and the inclement weather that characterized the summer of 2004. In addition, specific problems arose in certain market segments: in the yogurt (bioliquids in particular) and dessert areas, sales were affected by aggressive promotions from competitors with a global reach, and increasingly intense television advertising by competitors had an impact on the flavored milk segment. Another factor that affected the year-over-year comparison of the October results was the smaller number of business days (five weekends and a holiday this year, compared with just four weekends in 2003). South Africa Revenues for the first ten months of 2004 grew to EUR201.8 million, up 28.2% compared with the EUR157.4 million reported in the same period a year ago. EBITDA improved in absolute terms, rising to EUR17.2 million, or 17.0% more than the EUR14.7 million earned in 2003, but declined as a percentage of revenues (down from 9.3% to 8.5%). In October 2004, the South African operations booked revenues of EUR23.5 million and earned EBITDA of EUR3.0 million (12.8% of revenues). The positive trend in revenues and EBITDA, compared with the first ten months of 2003, was made possible by the acquisition of new brands (Simonsberg and Melrose); higher unit sales of yogurt and milk and sharply higher shipments of UHT milk; and the positive impact of the appreciation of the South African brand versus the euro (+6.7%). Unfortunately, EBITDA did not benefit in the same manner due to a change in the sales mix to the advantage of less profitable products (such as bulk cheese) and the impact of higher oil prices on production costs. Venezuela In October 2004, the slide of the Bolivar versus the Euro that had reached an unprecedented level earlier in 2004 (-26.3% compared with 2003) came to a virtual halt compared with September 2004, when it was down 26.5% compared with September 2003. Revenues for the first ten months of 2004 decreased 26.9% to EUR122.6 million (EUR167.8 million in 2003) and EBITDA contracted in absolute terms (EUR4.2 million, compared with EUR20.0 million in 2003) and as a percentage of revenues (down from 11.9% to 3.5%). For the month of October 2004, revenues totaled EUR11.9 million and EBITDA amounted to EUR0.4 million (3.4% of revenues). The two main reasons for the sharp deterioration in the operating performance of the Venezuelan operations are the difficulties experienced by the Venezuelan economy, which resulted in a halt in the importation of numerous raw materials, and the decision by the Venezuelan Government to regulate the markets for certain essential staples, which include "basic" powdered milk. The Group responded to these developments by implementing a process designed to refocus the Venezuelan operations, beginning with the restructuring of the local operating unit. Canada Cumulative revenues at October 31, 2004 totaled EUR964.2 million, about the same as in the corresponding period a year ago (EUR960.2 million). The modest improvement in net revenues produced impressive gains in EBITDA, which rose 21.1% in absolute terms (EUR66.1 million, compared with EUR54.6 million for the ten months ended October 31, 2003) and 1.2 points as a percentage of revenues (from 5.7% to 6.9%). In October 2004, revenues totaled EUR114.9 million and EBITDA amounted to EUR10.2 million (8.9% of revenues). The excellent results achieved by the Canadian operations despite the negative performance of the local currency (in October, the Canadian dollar was down 2.4% versus the Euro) were made possible mainly by strong sales of basic ingredients and cheese. As expected, the implementation by local managers of some of the initiatives outlined in the Industrial Plan provided a further boost to the bottom line. These initiatives include: renegotiations of contracts with certain suppliers; expansion of the contract with Canada's largest retail chain; reduction of promotional and advertising expenses, distribution costs and overhead; reorganization of the manufacturing processes; and a streamlining of the product portfolio. Another positive development was the recent launch of the Omega 3 product line, which is expected to produce significant economic benefits in the future. Australia Owing in part to the appreciation of the Australian dollar versus the Euro (+4.1% compared with the average rate through October 2003), revenues grew to EUR317.1 million, up from EUR308.2 million in the first ten months of 2003 (+2.9%). Over the same period, EBITDA increased from EUR26.1 million to EUR27.0 million (+3.5%). In October 2004, net revenues totaled EUR39.5 million and EBITDA amounted to EUR4.4 million (11.1% of revenues). Factors that contributed to these improved results, in addition to the impact of foreign exchange translation rates, include: higher unit sales of milk (especially pasteurized milk) and yogurt, the containment of overhead and promotional expenses, a more effective raw materials procurement policy and the implementation of programs to reduce complexity. Non-core Businesses The Group's Non-core Businesses reported revenues of EUR484.5 million, or 16.0% less than the EUR576.8 million booked in the first ten months of 2003. As was the case in the first nine months of 2004, EBITDA for the first ten months were positive, reaching EUR14.5 million (negative EBITDA of EUR37.7 million for the ten months ended October 31, 2003), due mainly to a change in the treatment of certain items attributed to Parma F.C. that were related to the sale of some of the team's players. In October 2004, net revenues totaled EUR51.5 million (EUR19.2 million in 2003) and EBITDA amounted to EUR1.7 million. The main reasons for the year-over-year improvement in cumulative EBITDA are the restatement referred to above and programs implemented by certain Italian businesses and the U.S. baked goods operations (U.S.A. Bakery). Italy The Divisions of Parmalat S.p.A. that have been designated as Non-core Businesses had revenues of EUR67.7 million, down sharply (-34.8%) from the EUR103.8 million reported in October 2003. Despite this decrease in net revenues, EBITDA improved by 74.0%, with the loss shrinking both in absolute terms (from negative EUR12.7 million to negative EUR3.3 million) and in relative terms (from -12.2% to -4.9% of net revenues). The decision to discontinue the water business and drastic cuts in advertising and promotion for baked goods and fruit juices are the main reasons for the improved results. U.S.A. Bakery The sharp decline suffered by the U.S. dollar versus the Euro (-9.9% since October 2003) had a negative impact on the results for the period. Revenues for the first ten months of 2004 totaled EUR238.9 million, or 16.7% less than in the same period last year, when they totaled EUR286.7 million. Nevertheless, EBITDA, while still negative, improved by 42.7% both in absolute terms (from negative EUR12.4 million to negative EUR7.1 million) and in relative terms (from -4.3% to -3.0% of net revenues). Overall, the negative impact of lower unit sales and higher raw materials prices was offset by targeting promotional investments more effectively, reorganizing the manufacturing operations and cutting overheads. The full copy of Parmalat Finanziaria's third quarter financial results is available free of charge at: http://bankrupt.com/misc/parmalat_3q2004.pdf. CONTACT: PARMALAT FINANZIARIA Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT U.S.A.: Releases Monthly Operating Report Ended Oct. 23 ---------------------------------------------------------------- Parmalat USA Corporation Balance Sheet As of October 23, 2004 Assets Cash & Cash Equivalents $0 Accounts Receivable-Net 0 Notes Receivable -Current 0 Inventory 0 Prepaid Expenses 0 Other Current Assets 0 -------------- Total Current Assets 0 Fixed Assets 0 Accumulated Depreciation 0 -------------- Net Fixed Assets 0 Other Assets 326,253,113 Intercompany Receivables 24,965,537 -------------- Total Assets $351,218,650 ============== Liabilities Subject to Compromise Long Term Debt & Interest $19,836,909 Intercompany payables 212,783,632 -------------- Total Liabilities Subject to Compromise 232,620,541 Liabilities Accounts Payable 0 Notes & Loans Payable 0 Accrued Expenses 876,709 Intercompany Payables 0 -------------- Total Liabilities 233,497,250 Equity Common Stock 1,388,356 Paid In Capital 227,962,103 Retained Earnings (110,643,290) YTD Net Income/(Loss) (985,771) -------------- Total Equity 117,721,398 -------------- Total Liabilities & Owners' Equity $351,218,648 ============== Parmalat USA Corporation Income Statement From September 19, 2004 to October 23, 2004 Revenues Gross sales - Less: Returns & discounts - -------------- Net sales $0 Expenses Raw Materials & Ingredients - Packaging - Direct Labor - Power - Freight - Distribution - Industrial Depreciation - Production Overhead - Warehouse (Cooler) - Marketing Costs - Sales Admin Expenses - General Expenses - Financial Costs 126,933 Goodwill/trademarks 18,226 Extraordinary - Corporate Allocation - Depreciation - Amortization - Income Taxes - -------------- Total Expenses 145,159 Reorganization Expenses Professional Fees - U.S. Trustee Fees 250 Other - -------------- Total Reorganization Expenses 250 -------------- Net Profit (Loss) ($145,409) ============== Parmalat USA Corporation received no cash nor made disbursements from September 19, 2004, to October 23, 2004. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT U.S.A.: Milk Products Books US$10 Million Net Profit ------------------------------------------------------------- Milk Products of Alabama, LLC Balance Sheet As of October 23, 2004 Assets Cash & Cash Equivalents $7,633,384 Accounts Receivable-Net 2,100,489 Inventory 0 Prepaid Expenses 0 Other Current Assets 2,164,521 ------------ Total Current Assets 11,898,394 Fixed Assets 0 Accumulated Depreciation 0 ------------ Net Fixed Assets 0 Other Assets 0 Intercompany Receivables 0 ------------ Total Assets $11,898,394 ============ Liabilities Subject to Compromise Accrued Expenses $45,227 Intercompany payables 8,338,493 ------------ Total Liabilities Subject to Compromise 8,383,720 Liabilities Accounts Payable 48,612 Accrued Expenses 199,526 ------------ Total Current Liabilities 248,138 Long Term Notes Payable -- Intercompany - Other 2,847,993 ------------ Total Long Term Liabilities 2,847,993 Intercompany Payables (9,524,361) ------------ Total Liabilities 1,955,490 Equity Retained Earnings 18,414 YTD Net Income/(Loss) 9,924,490 ------------ Total Equity 9,942,904 ------------ Total Liabilities & Owners' Equity $11,898,394 ============ Milk Products of Alabama, LLC Income Statement From September 19, 2004 to October 23, 2004 Revenues Gross sales $3,014,095 Less: Returns & discounts 2,028 ------------ Net sales 3,012,067 Expenses Raw Materials & Ingredients 2,232,700 Packaging 259,798 Direct Labor 63,179 Power 19,434 Freight 93,221 Industrial Depreciation 13 Production Overhead 14,561 Warehouse (Cooler) 138,814 Marketing Costs 7,290 Sales Admin Expenses 20,961 General Expenses 159,991 Financial Costs 769 Other (Income) Expense (259) Extraordinary 2,579,466 Corporate Allocation 0 Income Taxes 0 ------------ Total Expenses 5,589,938 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other (12,895,738) ------------ Total Reorganization Expenses (12,895,738) ------------ Net Profit (Loss) $10,317,867 ============ Milk Products of Alabama, LLC Cash Receipts and Disbursements From September 19, 2004 to October 23, 2004 Cash - Beginning of Month $278,837 Receipts From Operations Cash Sales - Collection of Accounts Receivable Prepetition 0 Postpetition 3,697,934 ------------ Total Operating Receipts 3,697,934 Non - Operating Receipts Transfers (3,960,564) Other 9,440,339 ------------ Total Non-Operating Receipts 5,479,775 ------------ Total Receipts 9,177,709 ------------ Total Cash Available 9,456,546 Operating Disbursements Bank Charges - Consulting Fees 1,791,555 Ingredients - Licenses & Taxes - Packaging - Raw Milk - R & M, Parts, Supplies - Other 17,704 Warehouse (Cooler) - Marketing Costs - Sales Admin Expenses - General Expenses 4,771 Title Fees 10,785 Goodwill/trademarks - Extraordinary - Corporate Allocation - Income Taxes - ------------ Total expenses 1,824,815 Reorganization Expenses Professional Fees - U.S. Trustee Fees - Other - ------------ Total Reorganization Expenses - ------------ Total Disbursements 1,824,815 ------------ Net Cash Flow 7,352,894 ------------ Cash - End of Month $7,631,730 ============ Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq. and Marcia L. Goldstein, Esq. of Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT U.S.A.: Farmland Dairies Absorbs US$3.3 Mln Net Loss ------------------------------------------------------------- Farmland Dairies, LLC Balance Sheet As of October 23, 2004 Assets Cash & Cash Equivalents $6,234,862 Accounts Receivable-Trade 38,847,473 Accounts Rec.-Securitization (36,267,087) Notes Receivable 261,392 Inventory 15,708,697 Prepaid Expenses 12,239,241 Other Current Assets 6,261,735 ------------ Total Current Assets 43,286,313 Fixed Assets 210,390,545 Accumulated Depreciation 116,349,205 ------------ Net Fixed Assets 94,041,340 Other Assets 43,808,224 Intercompany Receivables 69,311,953 ------------ Total Assets $250,447,830 ============ Liabilities Subject to Compromise: Accounts Payable 14,594,549 Accrued Expenses 3,167,370 Intercompany Payables 25,318,781 Capital Lease 95,000,000 ------------ Total Liabilities Subject to Compromise 138,080,700 Liabilities: Notes & Loans Payable 0 Capital Leases - Short Term 0 Accounts Payable 12,003,350 Accrued Expenses 25,892,926 ------------ Total Current Liabilities 37,896,276 Notes & Loans Payable 25,265,341 Capital Leases - Long Term 41,491 Other 8,389,235 ------------ Total Long Term Liabilities 33,696,067 Intercompany Payables (82,068,989) ------------ Total Liabilities 127,604,054 Equity Paid In Capital 161,506,590 Accum Comprehensive Income (7,013,988) Retained Earnings 11,323,693 YTD Net Income/(Loss) (42,972,519) ------------ Total Equity 122,843,776 ------------ Total Liabilities & Owners' Equity $250,447,830 ============ Farmland Dairies, LLC Income Statement From September 19, 2004 to October 23, 2004 Revenues Gross sales $42,731,493 Less: Returns & discounts 1,015,421 ------------ Net sales 41,716,072 Expenses Raw Materials & Ingredients 27,482,798 Packaging 2,811,594 Direct Labor 976,650 Power 545,173 Freight 487,605 Distribution 3,135,816 Industrial Depreciation 480,567 Production Overhead 2,885,647 Warehouse (Cooler) 2,009,605 Marketing Costs 786,533 Sales Admin Expenses 493,142 General Expenses 1,286,993 Financial Costs 1,379,963 Goodwill/trademarks 8,445 Extraordinary 85,787 Corporate Allocation 0 Provision for Income Taxes 8,376 ------------ Total Expenses 44,864,694 Reorganization Expenses 154,120 ------------ Net Profit (Loss) ($3,302,742) ============ Farmland Dairies, LLC Cash Receipts and Disbursements From September 19, 2004 to October 23, 2004 Cash - Beginning of Month $7,216,818 Receipts From Operations Cash Sales 0 Collection of Accounts Receivable Prepetition 238,168 Postpetition 41,006,727 ------------ Total Operating Receipts 41,244,895 Non - Operating Receipts Payments from/(to) GE Capital 3,400,000 Voided Checks (Prepetition) - Adjustments (82,851) Deposits -- Other 335,370 Transfers 3,960,564 ------------ Total Non-Operating Receipts 7,613,083 ------------ Total Receipts 48,857,978 ------------ Total Cash Available 56,074,796 Operating Disbursements Chemicals 670,191 Commissions 176,536 Consulting/Legal 94,780 Co-packing 750,960 Employee & Employee-related expenses 1,205,969 Equipment Leases 477,785 Freight & Postage 287,292 Fuel 234,446 Transportation 641,587 Ingredients 1,629,158 Insurance 1,118,194 Lab Fees 87,406 Licenses & Taxes 62,029 Marketing 24,553 Other 617,107 Packaging 2,791,413 Pallets/Cases/Bossies 319,017 Milk Producers 24,738,276 Marketing Administrator 706,012 Purchased Products 705,995 R & M, Parts, Supplies 1,214,422 Raw Milk 1,314,997 Rebates 170,188 Rent 199,110 Security 146,561 Temporary Labor 90,736 Travel & Entertainment 43,495 Utilities 1,044,552 Securitization Payments 1,211,516 Payroll 4,137,542 Payroll Taxes 707,729 Voided Checks (Postpetition) 0 ------------ Total expenses 47,619,554 Reorganization Expenses Professional Fees 2,054,715 U.S. Trustee Fees 0 DIP Interest & Fees 195,572 ------------ Total Reorganization Expenses 2,250,287 ------------ Total Disbursements 49,869,841 ------------ Net Cash Flow (1,011,863) ------------ Cash - End of Month $6,204,955 ============ Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq. and Marcia L. Goldstein, Esq. of Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000) VOLARE GROUP: ENAC Sets Deadline for Recovery Plan -------------------------------------------------- Ente Nazionale per l'Aviazione Civile (ENAC), the civilian aviation authority, has given insolvent low-cost carrier Volare Group until this week to present a recovery plan, Reuters says. The aviation authority said Volare has until December 10 to present a plan restarting its flights under Air Europe. ENAC likewise set the same deadline for the troubled group to recover its license, which the aviation authority suspended after the group admitted financial and operational problems. Should Volare fail to meet the deadline, ENAC would start reviewing other carrier's offer to transport Volare's Christmas passengers, who bought Air Europe tickets for flights from December 15, 2004 to January 15, 2005. Irish no-frills carrier Ryanair, which competes with Volare's Volareweb.com brand, is already offering stranded Volare passengers free tickets. Ryanair recently started talks with airports on covering Volare's domestic routes. On November 26, the government placed the debt-ridden carrier under extraordinary administration, allowing the group to fend off creditors and continue operations, while the state-appointed commissioner Carlo Rinaldi tries to turn around the troubled airline. Volare grounded its fleet on November 19, leaving thousands of passengers stranded. A probe has been launched against Volare over alleged false accounting and embezzlement. 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 =========== L A T V I A =========== PAREX BANKA: Individual Rating Affirmed at 'C/D' ------------------------------------------------ Fitch Ratings completed a review of Latvia's Parex banka relating to allegations made by a third party in a letter to Fitch. The allegations relate to improper business practices by the bank. Fitch has sought explanation from the bank on all the allegations and detailed additional information to that provided in its review of the rating in July. The agency has also been in contact with the Latvian and Swiss regulators concerning these allegations and received no information from these regulators that these allegations are valid. At all times the bank has maintained that the allegations are completely without merit. Fitch has received both verbal and written responses from the bank, denying all the allegations, and met in person with the bank to discuss the issues raised. Fitch notes that in affirming Parex's rating in July the agency stated there were some weaknesses in its corporate governance, resulting in some undue shareholder influence in extending loans. This issue continues to be a constraint on the bank's rating. While the agency has carried out additional analysis of the audited accounts and sought additional information from the bank and regulators, Fitch does not audit or verify the truth or accuracy of the information provided to it by an issuer, it's experts, agents or other parties and, specifically, in this matter Fitch has not in any way attempted to verify or audit the truth or accuracy of the information provided to it by the bank or any of the regulators. Accordingly, as a result of the representations made to the agency by the issuer and the regulators and other information provided as part of the review, Fitch has determined that no rating actions are warranted at this point. Consequently, Fitch has affirmed Parex banka at Long-term 'BB+', Short-term 'B', Support '3' and Individual 'C/D'. The Outlook is Stable. The agency adds that a rating in the 'BB' range indicates there is a possibility of credit risk developing, particularly as a result of adverse economic change over time and that entities rated in this category are not investment grade. Further, a bank with a 'C/D' Individual rating is defined as an adequate bank possessing one or more troublesome aspects and there are concerns regarding its profitability and balance sheet integrity, franchise, management, operating environment or prospects. (Full rating definitions available at http://www.fitchratings.com) CONTACT: FITCH RATINGS Claudia Nelson, Banu Saracci, London Phone: +44 20 7417 4269 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ================= L I T H U A N I A ================= SIAULIU BANKAS: 'D' Individual Rating Affirmed ---------------------------------------------- Fitch Ratings revised the Long-term rating Outlook on Lithuania's Siauliu Bankas to Stable from Positive. All its ratings are affirmed at Long-term 'B+', Short-term 'B', Individual 'D' and Support '5'. The rating action comes after the improvements previously expected in the bank's performance as a result of the better business environment failed to materialize. The bank is suffering from pressure on its core operating profitability from a high cost base and decreasing margins. There are also some concerns over the strong lending growth seen outside the bank's historical region, the bank's high loan concentrations, low reserve coverage and a planned reduction in capital ratios. SB is Lithuania's sixth largest bank, with an established position in its region and an expanding SME franchise in Lithuania as a whole. Its ownership is widely fragmented, with a trading company as the largest shareholder taking a 9.3% stake. Fitch understands, however, that there is an informal shareholder pact amongst holders of 65% of the shares. SB has leasing, private equity, real estate management and factoring subsidiaries. CONTACT: FITCH RATINGS Claudia Nelson Tim Beck, London Phone: +44 20 7417 4222 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 =========== R U S S I A =========== AGRO-KHIMIK: Creditors Have Until January to File Claims -------------------------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy proceedings against Agro-Khimik after finding the limited liability company insolvent. The case is docketed as A19- 5099/04-29. Mr. Y. Bezverbnyj has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 664081, Russia, Irkutsk, Post User Box 141. CONTACT: AGRO-KHIMIK 666310, Russia, Ust-Ordynskiy Buryatskiy autonomous region, Bokhan, Solnechnaya Str. 1 Mr. Y. Bezverbnyj Insolvency Manager 664081, Russia, Irkutsk, Post User Box 141 AUTO-TRAN-SERVICE: Under Bankruptcy Supervision ----------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision procedure on state-owned enterprise Auto- Tran-Service. The case is docketed as A60-21596/04-S3. Ms. T. Ivanova has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 620014, Russia, Ekaterinburg, Post User Box 366. CONTACT: AUTO-TRAN-SERVICE Russia, Ekaterinburg, Alpinistov Str. 38 Ms. T. Ivanova Temporary Insolvency Manager 620014, Russia, Ekaterinburg, Post User Box 366 BAEVSKAYA SEL-KHOZ-TEKHNIKA: Names A. Pupkov Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy proceedings against Baevskaya Sel-Khoz-Tekhnika after finding the open joint stock company insolvent. The case is docketed as A03-10969/03-B. Mr. A. Pupkov has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 656002, Russia, Altay region, Barnaul, Vorovskogo Str. 140, Post User Box 130. CONTACT: BAEVSKAYA SEL-KHOZ-TEKHNIKA 658510, Russia, Altay region, Baevskiy region, Baevo, Zabaykalskaya Str. 74 Mr. A. Pupkov Insolvency Manager 656002, Russia, Altay region, Barnaul, Vorovskogo Str. 140, Post User Box 130 BARYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on state-owned housing and communal service firm, Baryshevskoye. The case is docketed as A45-16505/04-SB/161. Ms. O. Sysoeva has been appointed temporary insolvency manager. Creditors have until Dec. 8, 2004 to submit their proofs of claim to: (a) Insolvency Manager 655010, Russia, Novosibirsk, Potaninaskaya Str. 3a, Office 51 (b) Baryshevskoye 633154, Russia, Novosibirsk region, Baryshevo, Telmana Str. 16a GORNYAK: Succumbs to Bankruptcy ------------------------------- The Arbitration Court of Sakhalin region has commenced bankruptcy proceedings against Gornyak after finding the limited liability company insolvent. The case is docketed as A59- 396/03-S22. Mr. Y. Tryasorukov has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 693022, Russia, Sakhalin region, Yuzhno- Sakhalinsk-22, Post User Box 79. CONTACT: GORNYAK Russia, Sakhalin region, Nevelskiy region, Gornozavodsk, Vokzalnaya Str. 2 A Mr. Y. Tryasorukov Insolvency Manager 693022, Russia, Sakhalin region, Yuzhno-Sakhalinsk-22, Post User Box 79 KVITKOVSKAYA FURNITURE: Bankruptcy Hearing Resumes Next Year ------------------------------------------------------------ The Arbitration Court of Irkutsk region has commenced bankruptcy proceedings against Kvitkovskaya Furniture Factory (TIN 3838005154) after finding the state-owned enterprise insolvent. The case is docketed as A19-7024/03-38. Mr. Y. Kostyrin has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 664039, Russia, Irkutsk-39, Post User Box 4959. A hearing will take place at the Arbitration court of Irkutsk region on Sept. 20, 2005, 10:00 a.m. CONTACT: KVITKOVSKAYA FURNITURE FACTORY 665011, Russia, Irkutsk region, Tayshetskiy region, Kvirok, Oktyabrskaya Str. 1 Mr. Y. Kostyrin Insolvency Manager 664039, Russia, Irkutsk-39, Post User Box 4959 The Arbitration Court of Irkutsk region 664025, Russia, Irkutsk, Gagarina Avenue, 70, Room 319 Phone: 564-257 Fax: 34-44-66 MURINSKIY: Sets Deadline for Proofs of Claim -------------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy proceedings against Murinskiy after finding the close joint stock company insolvent. The case is docketed as A19-8044/04-8. Mr. Y. Bezverbnyj has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 664081, Russia, Irkutsk, Post User Box 141. CONTACT: MURINSKIY 666116, Russia, Irkutsk region, Ekhirit-Bulagatskiy region, Aluzhino Mr. Y. Bezverbnyj Insolvency Manager 664081, Russia, Irkutsk, Post User Box 141 SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Resumes February ------------------------------------------------------ The Arbitration Court of Ulyanovsk region has commenced bankruptcy supervision procedure on state-owned enterprise Sel- Khoz-Tekhnika. The case is docketed as A72-8964/04-17/30-B. Mr. A. Sakhovskiy has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 432011, Russia, Ulyanovsk, Post User Box 9944. A hearing will take place on Feb. 10, 2005, 11:00 a.m. CONTACT: SEL-KHOZ-TEKHNIKA 433460, Russia, Ulyanovsk region, Staraya Mayna, Rabochaya Str. 12A Mr. A. Sakhovskiy Temporary Insolvency Manager 432011, Russia, Ulyanovsk, Post User Box 9944 TUVA-OIL-PRODUCT: Declared Insolvent ------------------------------------ The Arbitration Court of Tyva republic has commenced bankruptcy proceedings against Tuva-Oil-Product after finding the open joint stock company insolvent. The case is docketed as A69- 482/04-7. Mr. G. Ten has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 660005, Russia, Krasnoyarsk, Krasnodarskaya Str. 15-66. CONTACT: TUVA-OIL-PRODUCT 667009, Russia, Tyva republic, Kyzyl, Kalinina Str. Oil base Mr. G. Ten Insolvency Manager 660005, Russia, Krasnoyarsk, Krasnodarskaya Str. 15-66 VITIM-WOOD: Insolvency Manager to Temporarily Oversee Business -------------------------------------------------------------- The Arbitration Court of Buryatiya republic has commenced bankruptcy proceedings against Vitim-Wood after finding the limited liability company insolvent. The case is docketed as A10-3978/04. Ms. T. Kovalyeva has been appointed insolvency manager. CONTACT: VITIM-WOOD Russia, Buryatiya republic, Taksimo, Sosnovaya Str. 14 YUKOS OIL: Gazprom in Talks to Raise Fund for Yugansk Bid --------------------------------------------------------- State-controlled gas monopoly Gazprom is trying to arrange financial support for its bid for Yukos Oil's main production unit, reports say. The most leveraged Russian company is in talks with Western banks to raise up to US$10 billion to fund the purchase of Yuganskneftegaz at an auction on Dec. 19. The starting price for the asset is almost US$9 billion. A source told Reuters: "It's obvious that Gazprom's borrowings would not be limited to just US$3.9 billion next year." Gazprom plans to cut other borrowings to fund core operations by a quarter next year to US$3.9 billion. According to the report, a London-based Russian loan specialist had said market talk suggests a US$6 billion syndicated bridge loan to a bond issue, most likely unsecured. ABN AMRO confirmed the talks, but declined to comment further. Gazprom's adviser Deutsche also declined to comment. The possible buyout will let the Kremlin partly regain control over the oil industry, after losing it through complex privatization deals in the mid-1990s. But the process promises to be controversial, as Yukos minority shareholders have threatened to sue Russia for expropriation because they say the sale of Yugansk would destroy any residual value left in Yukos. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Loses Right to Increase Stake in Lithunian Refinery -------------------------------------------------------------- The Lithunian government has turned down a request from Yukos to delay its buyout of shares in their joint venture, Mazeikiu Nafta oil processing complex. The decision effectively stripped Yukos of the right to increase its stake under a previous agreement. "The Cabinet decided not to agree with a delay of the term, as the investment treaty does not provide for it," said a statement from the government's information bureau and quoted by Interfax. Yukos Oil, which holds a 53.7% stake in the company, had asked for a 120-day delay to purchase an additional 9.72% of newly issued shares. An agreement with the government, which holds a 40.6% in Mazeikiu Nafta, allows Yukos to buy another 11.5% in the refinery from the government's own stake. The Mazeikiu Nafta complex includes an oil refinery, the Butinge offshore terminal and a pipeline. It gets about 63% of the oil it needs from Yukos itself. Analysts have said that it may be worth about US$850 million. The 9.72% shares that Yukos was entitled to buy was worth US$75 million. 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 I T Z E R L A N D ===================== ABB LTD: U.S. Court Orders Further Review of Unit's Rescue Plan --------------------------------------------------------------- The Third Circuit Court of Appeals in the United States has ruled that ABB Ltd.'s Chapter 11 Plan of Reorganization for its U.S. subsidiary, Combustion Engineering (CE) will be reviewed again by the District Court. Under the Plan of Reorganization announced in January 2003, ABB offered a US$1.2 billion trust fund for claims against CE. It consisted of the assets of CE valued at US$812 million, about 30 million ABB shares, and cash contributions totaling about US$350 million. The plan was accepted by an overwhelming majority of claimants, and approved by both the Bankruptcy and District courts. ABB said it was considering its options and fully expects to be able to resolve the issues raised by the Appeals Court, and will move quickly to do so. In the meantime, CE remains in Chapter 11, and it and the ABB group remain protected from asbestos litigation by the Bankruptcy Court's injunction. The Third Circuit Court of Appeals found that it was not appropriate to include Lummus Global and Basic Ltd in the Combustion Engineering Plan. ABB said it would look promptly at other mechanisms to deal with the insignificant asbestos exposure of these two companies. "Given the fact that both the Bankruptcy and District Courts have approved the Combustion Engineering Plan of Reorganization, we are naturally surprised and disappointed at [Fri]day's decision," said Jurgen Dormann ABB chairman and CEO. "But we remain confident that we can resolve Combustion Engineering's asbestos liability within a Plan of Reorganization compatible with the Third Circuit's decision within a relatively short time frame and without significant additional cost." ABB (http://www.abb.com)is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people. CONTACT: ABB LTD. Affolternstrasse 44 8050 Zurich, Switzerland Phone: +41 43 317 7111 Fax: +41 43 317 4420 Web site: http://www.abb.com ============= U K R A I N E ============= ARTEMIVKA: Harkiv's Chief Liquidator Takes over Firm ---------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Artemivka (code EDRPOU 00850891) on September 21, 2004 after finding the limited liability company insolvent. The case is docketed as 19/61-04. Chief of Liquidation Commission Mr. Sirovoj Oleksandr has been appointed liquidator/insolvency manager. The company holds account number 260030000316 at JSPPB Aval, Harkiv regional branch, MFO 350589. Creditors had until December 5, 2004 to submit their proofs of claim to: (a) ARTEMIVKA Ukraine, Harkiv region, Pechenizkij district, Artemivka, 40 Rokiv Peremogi Str. 2 (b) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance DONTRANSINVEST: Succumbs to Insolvency -------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Dontransinvest (code EDRPOU 30739930) on August 16, 2004 after finding the limited liability company insolvent on. The case is docketed as 42/131B. CONTACT: DONTRANSINVEST 83029, Ukraine, Donetsk region, Svitlogo Puti Str. 10 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 HLIBOROB: Insolvency Manager Takes over Operations -------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Hliborob (code EDRPOU 00707082) on October 21, 2004 after finding the limited liability company insolvent. The case is docketed as B-19/54-04. Arbitral manager Mr. D. Kaluzhnij (License Number AA 779114) has been appointed liquidator/insolvency manager. The company holds account number 26002301197 at Oshadbank, Novodolazke branch 2854, MFO 350200. CONTACT: HLIBOROB Ukraine, Harkiv region, Novodolazkij district, Odrinka Mr. D. Kaluzhnij Liquidator/Insolvency Manager Ukraine, Harkiv, Pushkinska Str. 79/12 Phone: 8 (057) 704-22-66 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance ISKOR: Under Bankruptcy Supervision ----------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on Joint Ukrainian-Spanish Enterprise Iskor (code EDRPOU 14350815) on September 21, 2004. The case is docketed as 4/148 B. Arbitral manager Mr. Sergij Statetskij (License Number AA 315401) has been appointed temporary insolvency manager. The company holds account number 26007586 at JSPPB Aval, Korostishiv branch, MFO 311528. CONTACT: ISKOR 12503, Ukraine, Zhitomir region, Korostishiv, Bilshovitska Str. 149 Mr. Sergij Statetskij Temporary Insolvency Manager 02217, Ukraine, Kyiv region, M. Zakrevskij Str. 27/2-173 ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski square, 3/65 KOKSOBUD: Names Temporary Insolvency Manager -------------------------------------------- The Economic Court of Dnipropetrovsk region has commenced bankruptcy supervision procedure on LLC Koksobud (code EDRPOU 25535357). The case is docketed as B 15/103/04. Mr. U. Tsibulskij (License Number AA 779176) has been appointed temporary insolvency manager. The company holds account number 26002010002840 at CB Privatbank, Krivij Rig branch, MFO 305750. CONTACT: KOKSOBUD 50006, Ukraine, Dnipropetrovsk region, Krivij Rig, Veteraniv Pratsi Str. 26 Mr. U. Tsibulskij Temporary Insolvency Manager 50027, Ukraine, Dnipropetrovsk region, Krivij Rig, a/b 1221 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a KOMSOMOLSKE: Declared Insolvent ------------------------------- The Economic Court of Herson region commenced bankruptcy proceedings against Komsomolske (code EDRPOU 00856698) on October 12, 2004 after finding the limited liability company insolvent. The case is docketed as 6/118-B. Mr. Dmitro Zaporozhets (License Number AA 487833) has been appointed liquidator/insolvency manager. CONTACT: KOMSOMOLSKE 75700, Ukraine, Herson region, Skadovskij district, Krasnek, Karl Marks Str. 5 Mr. Dmitro Zaporozhets Liquidator/Insolvency Manager 73000, Ukraine, Herson region, Chervonoflotska Str. 3/1 Phone: 8 (0552) 24-82-86 ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson region, Gorkij Str. 18 KUZKIVSKE: Bankruptcy Proceedings Begin --------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against KUZKIVSKE (code EDRPOU 30902701) on September 30, 2004 after finding the limited liability company insolvent. The case is docketed as 7/36-04. Arbitral manager Mr. Vadim Zakorko (License Number AA 719836) has been appointed liquidator/insolvency manager. CONTACT: KUZKIVSKE 41632, Ukraine, Sumi region, Konotop district, Kuzki, Shevchenko Str. 30 Mr. Vadim Zakorko Liquidator/Insolvency Manager 40030, Ukraine, Sumi region, Proletarska Str. 69, 2nd floor ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 NEDRIGAJLIVSKIJ FOOD: Declared Insolvent ---------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against Nedrigajlivskij Plant of Food Products (code EDRPOU 00379554) on September 27, 2004 after finding the open joint stock company insolvent. The case is docketed as 7/79-04. Mr. Dmitro Kozin (License Number AA 487785) has been appointed liquidator/insolvency manager. CONTACT: NEDRIGAJLIVSKIJ PLANT OF FOOD PRODUCTS 42127, Ukraine, Sumi region, Nedrigajlivskij district, Vilshanka, Romenska Str. 95 Mr. Dmitr Kozin Liquidator/Insolvency Manager 40034, Ukraine, Sumi region, Internatsionalistiv Str. 63A/36 ECONOMIC COURT OF SUMI REGION 40011, Ukraine, Sumi region, Ribalka Str. 2 PUTIVLZERNOPROM: Bankruptcy Supervision Begins ---------------------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on LLC Putivlzernoprom (code EDRPOU 30051599). The case is docketed as 6/105-04. Arbitral manager Mr. Mikola Usenko (License Number AA 249729) has been appointed temporary insolvency manager. Creditors had until December 5, 2004 to submit their proofs of claim to: (a) PUTIVLZERNOPROM: 41500, Ukraine, Sumi region, Putivl, Zavodska Str. 10 (b) ECONOMIC COURT OF SUMI REGION 40011, Ukraine, Sumi region, Ribalka Str. 2 SELISHANSKIJ SUGAR: Names Sergij Kaplya Liquidator -------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy proceedings against Selishanskij Sugar Plant (code EDRPOU 00373468) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 01/786. Arbitral manager Mr. Sergij Kaplya (License Number AA 240486) has been appointed liquidator/insolvency manager. The company holds account number 260061874 at JSPPB Aval, Korsun-Shevchenkivske branch, MFO 354411. CONTACT: SELISHANSKIJ SUGAR PLANT 19443, Ukraine, Cherkassy region, Korsun-Shevchenkivskij district, Selishe Mr. Sergij Kaplya Liquidator/Insolvency Manager 18000, Ukraine, Cherkassy region, Slavi Str. 4/1 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 =========================== U N I T E D K I N G D O M =========================== ANGEL ENTERPRISES: Creditors Meeting this Week ---------------------------------------------- The creditors of Angel Enterprises LLP will meet on Dec. 10, 2004 commencing at 11:30 a.m. It will be held at Arundel I, Hotel Swiss Howard, Temple Place, London WC2R 2PR. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Singla & Co., 12 Devereux Court, Strand, London WC2R 3JL not later than 12:00 noon, Dec. 9, 2004. CONTACT: SINGLA & CO. 12 Devereux Court, Strand, London WC2R 3JL AQUAPROOF LIMITED: Hires Joint Liquidators from KPMG ---------------------------------------------------- At the extraordinary general meeting of the Aquaproof Limited (formerly Hyflex Roofing Limited) on Nov. 24, 2004 held at Hawthorn House, Smethwick, 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 have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk ARAKIN LIMITED: Appoints Liquidator from Deloitte & Touche ---------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Arakin Limited (In Liquidation) We, John Charles Reid and James Bernard Stephen, Lomond House, 9 George Square, Glasgow G2 1QQ, hereby give notice that we were appointed Joint Interim Liquidators of Arakin Limited on October 14, 2004 by Interlocutor of the Court of Session. Notice is hereby given pursuant to Section 138 of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, and further to the Interlocutor of November 19, 2004 granted by the Court of Session, that the first Meeting of Creditors of the Company will be held within The Merchants House of Glasgow, 7 West George Street, Glasgow G2 1BA on December 7, 2004 at 10.00am for the purpose of choosing a Liquidator and determining whether to establish a Liquidation Committee. The meeting may also consider other resolutions referred to in Rule 4.12(3). A resolution at the meeting is passed if a majority in value of those voting vote in favor of it. A creditor will be entitled to vote at the meeting only if a claim has been lodged with me at the meeting or before the meeting at my office and it has been accepted for voting purposes in whole or in part. For the purpose of formulating claims, creditors should note that the date of commencement of the Liquidation is October 14, 2004. Proxies may also be lodged with me at the meeting or before the meeting at my office. James Bernard Stephen, Joint Interim Liquidator CONTACT: DELOITTE & TOUCHE LLP Lomond House 9 George Square Glasgow G2 1QQ Phone: +44 (0) 141 204 2800 Fax: +44 (0) 141 314 5893 Web site: http://www.deloitte.com BANK OF WALES: Members Final Meeting January -------------------------------------------- The final meeting of the members of Bank Of Wales (Nominees) Limited will be on Jan. 4, 2004 commencing at 10:00 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP. 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 Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com BARCLAY ASSETS: Hires Joint Liquidators from Deloitte & Touche -------------------------------------------------------------- BARCLAY ASSETS LIMITED BARCLAYS NOMINEES (BGSS) LIMITED BARCLAYS SAFE DEPOSIT CENTRES LIMITED BARSHELFCO (BM NO.1) LIMITED BARSHELFCO (BM NO.2) LIMITED B. INVEST LIMITED EXSHELFCO (BGS) LIMITED FLEETWAY HOUSE CONSTRUCTION MANAGEMENT LIMITED GRACECHURCH MORTGAGE FINANCE (NO.5) LIMITED UNIT TRUST NOMINEES LIMITED At the general meeting of these companies, the resolutions to wind up the companies were passed. J. R. D. Smith and N. J. Dargan of Deloitte & Touche LLP, Athene Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA have been appointed joint liquidators of the companies. CONTACT: DELOITTE Athene Place 66 Shoe Lane, London EC4A 3BQ Phone: +44 (0) 207 007 2507 Fax: 44 (0) 207 007 3442 BCMB CORPORATION: Final General Meeting Next Week ------------------------------------------------- The final general meeting of BCMB Corporation Limited will be on Dec. 22, 2004 commencing at 10:30 a.m. It will be held at 1 More London Place, London SE1 2AF. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Ernst & Young LLP, at 1 More London Place, London SE1 2AF not later than 12:00 noon, Dec. 21, 2004. CONTACT: ERNST & YOUNG LLP 1 More London Place, London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com BRITISH INDUSTRIAL: Liquidator's Report Out January --------------------------------------------------- The final meeting of the members of British Industrial Holdings Limited will be on Jan. 7, 2004 commencing at 10:00 a.m. It will be held at Spectrum House, 20-26 Cursitor Street, London EC4A 1HY. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A 1HY not later than 12:00 noon, Jan. 6, 2004. CONTACT: BAKER TILLY Spectrum House 20-26 Cursitor Street, London EC4A 1HY Phone: 020 7405 2088 Fax: 020 7831 2206 Web site: http://www.bakertilly.co.uk CAVANAGH ROOFING: Liquidator Calls Final Meeting ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Cavanagh Roofing Limited (In Liquidation) Notice is hereby given in terms of section 106 of the Insolvency Act 1986, that a final meeting of the members and creditors will be held within the offices of Wylie & Bisset CA, 168 Bath Street, Glasgow G2 4TP at 10:00 a.m. on December 23, 2004 for the purpose of receiving an account of the winding up from the Liquidator. M. D. Sheppard, Liquidator November 22, 2004 CONTACT: WYLIE & BISSET 168 Bath Street Glasgow G2 4TP Phone: +44 (0) 141 566 7000 Fax: +44 (0) 141 566 7001 E-mail: info@wyliebisset.com Web site: http://www.wyliebisset.com CNA UNDERWRITING: Sets Members Final Meeting Next Year ------------------------------------------------------ Name of companies: CNA Underwriting Agencies Limited London Market Reinsurance Services Limited The final meeting of the members of these companies will be on Jan. 13, 2005 commencing at 10:15 a.m. and 10:30 a.m. respectively. 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 companies 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 COMPASS GROUP: Reports Encouraging Results ------------------------------------------ The Group's reported financial highlights for the year ended 30 September 2004 are: 2004 2003 Turnover GBP11,772m GBP11,286m Total operating profit - reported GBP500m GBP521m - before goodwill amortization GBP775m GBP797m Profit before tax - reported GBP370m GBP358m - before goodwill amortization and exceptional items [1] GBP645m GBP661m Basic earnings per share - reported 8.3p 8.3p - before goodwill amortization and exceptional items [1] 21.1p 20.8p - underlying at constant currency [2] 21.1p 19.5p Free cash flow GBP246m GBP415m Business highlights [2] (a) Turnover of GBP11.8 billion, up 7% on a like for like basis; (b) Basic earnings per share on an underlying constant currency basis, up 8% at 21.1p; (c) Final dividend of 6.2 pence per share, 9.3 pence per share for the full year, up 11%; (d) New contract gains of GBP1.2 billion per annum signed in the year and contract retention continues to be strong at 95%. Developments announced on Nov. 30, 2004 include plans to open a total of nine Moto Marks & Spencer Simply Food units at its U.K. motorway service areas and a GBP22 million per annum contract with Bank of America in North America. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] There were no exceptional items in 2004. [2] The bases for calculating like for like growth, underlying and continuing activities performance are explained in more detail in the attached preliminary results for Compass Group for the year ended 30 September 2004. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Outlook After a difficult period, the Group enters the new financial year confident that actions have been taken to address the challenges of 2004 to give a solid platform from which to grow. 80% of the additional turnover needed in 2005 to deliver at least 6% like for like turnover growth has already been secured and the pipeline across all businesses is encouraging. With further benefits still to be achieved, especially in purchasing, the Group is confident of improved performance. The Group's expectations for free cash flow in 2005 remains unchanged at GBP350 million to GBP370 million. The Group is now increasing its focus on organic growth, with a renewed emphasis on how capital is used, in order to deliver sustainable improvements in return on capital employed. Sir Francis Mackay, Chairman, said: "We have a market leading position in all the major world economies, a strong management team and a strategy for delivering shareholder value in an expanding sector of the economy. "2004 was a challenging year for the Group with a number of trading issues which had an impact on performance. Actions have been put in place to address these issues and I remain confident about the future prospects for the Group." Michael J Bailey, Chief Executive, said: "Our main drive is to return to delivering profit growth and strong free cash flow. We are putting a renewed emphasis on improving return on capital employed going forward. "I am confident in the robustness of our business model and the commitment, motivation and capabilities of our employees will enable us to do what is required to deliver on our objectives for 2005 and beyond." A full copy of its financial results is available free of charge at http://bankrupt.com/misc/results.htm. CONTACT: COMPASS GROUP PLC Michael J. Bailey Chief Executive Andrew Martin Finance Director Sarah Ellis Director of Investor Relations Phone: 01932 573000 BRUNSWICK Simon Sporborg Pamela Small Phone: 020 7404 5959 Web site: http://www.compass-group.com COURTS PLC: Administrators Sell Unit for Undisclosed Sum -------------------------------------------------------- The joint administrators of Courts Plc and Courts (U.K.) Limited, Mick McLoughlin and Chris Laverty of KPMG Corporate Recovery, announces the sale of the business and assets of Courts Contracts, a non-retailing division of Courts Ltd., safeguarding 90 jobs. Courts Contracts operates from eight warehouses and fits out show homes for residential building companies. It has been sold to the existing management team for an undisclosed sum. Mick McLoughlin, joint administrator and Head of KPMG Corporate Recovery, commenting on the sale, said: "We are pleased to finalize this sale, which effectively secures the future of 90 employees. The business did not form part of the core retail business and a timely sale was vital to ensure that the customer support could be protected. An MBO provided the best solution and the sale to the management team not only saves jobs but also reflects good value for creditors. The appointment of administrators over Courts Plc and Courts (U.K.) Limited does not affect Courts Overseas Limited, Courts Group International Limited, Courts World Wide Purchases Limited or any of Courts overseas operations. The Courts overseas operations have separate boards, management, suppliers and funding, and will continue to trade as normal. CONTACT: KPMG Rachael Morgan Corporate Communications Phone: 0207 694 2692 Mobile: 07904 528106 E-mail: rachael.morgan@kpmg.co.uk DURASTIC ROOFING: Joint Liquidators from KPMG Move in ----------------------------------------------------- At the extraordinary general meeting of the Durastic Roofing & Cladding Limited on Nov. 24, 2004 held at Hawthorn House, Smethwick, 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 have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk EBOOKERS PLC: Cendant Takes over Business for GBP209 Million ------------------------------------------------------------ Highlights of the recommended cash acquisition by Cendant Bidco of ebookers plc. (a) Recommended cash acquisition of ebookers by Cendant Bidco at 320 pence per ebookers Share, valuing the entire issued share capital of ebookers at approximately GBP209 million; GBP170 million net of assumed debt and acquired cash as at 30 September 2004; and (b) Irrevocable undertakings received by Cendant Bidco from holders of approximately 41.4% of ebookers Shares, including from Flightbookers Investments Limited, which is controlled by a trust in which Dinesh Dhamija (Chairman and Chief Executive Officer of ebookers) has an interest. Summary (a) The Boards of Cendant and ebookers announce that they have reached agreement on the terms of a recommended cash acquisition by Cendant Bidco of ebookers which is expected to be effected by means of a scheme of arrangement under section 425 of the Companies Act. Under the terms of the Scheme, ebookers Shareholders will be entitled to receive 320 pence per ebookers Share in cash and holders of ebookers ADSs will be entitled to receive 640 pence per ebookers ADS in cash (equivalent to US$12.38). On this basis, the terms of the Acquisition value the entire existing issued share capital of ebookers at approximately GBP209 million. As at 30 September 2004, ebookers had gross debt of approximately GBP18.1 million and cash at bank and in hand of approximately GBP56.7 million; (b) The ebookers Directors, who have been so advised by Credit Suisse First Boston, consider the terms of the Acquisition to be fair and reasonable. An affiliate of Credit Suisse First Boston has an advisory relationship with Cendant and the ebookers Directors have therefore sought independent advice from Ernst & Young regarding the Acquisition (as required by the Panel). In this connection, Ernst & Young also considers the terms of the Acquisition to be fair and reasonable and has so advised the ebookers Directors. In providing advice to the Board of ebookers, Credit Suisse First Boston and Ernst & Young have taken into account the commercial assessments of the ebookers Directors; (c) The ebookers Directors intend unanimously to recommend that ebookers Shareholders vote in favor of the Scheme at the Court Meeting and in favor of the resolutions required to effect the Acquisition to be proposed at the Extraordinary General Meeting; (d) Dinesh Dhamija (Chairman and Chief Executive Officer of ebookers) and Flightbookers Investments Limited, which is controlled by a trust in which Dinesh Dhamija has an interest, have irrevocably undertaken to vote, or procure the vote, in favor of the Scheme at the Court Meeting and in favor of the resolutions required to effect the Acquisition to be proposed at the Extraordinary General Meeting, in respect of 26,985,700 ebookers Shares, representing approximately 41.3% of the ebookers Shares. In addition, each of the other ebookers Directors has irrevocably undertaken to vote, or procure the vote, in favor of the Scheme at the Court Meeting and in favor of the resolutions required to effect the Acquisition to be proposed at the Extraordinary General Meeting in respect of their own beneficial holdings of ebookers Shares of, in aggregate, 51,078 ebookers shares, representing approximately 0.08% of the ebookers shares; (e) The irrevocable undertakings referred to above will remain binding in the event of a competing offer being announced for ebookers and also oblige Flightbookers Investments Limited, Dinesh Dhamija and each of the other ebookers Directors to accept an Offer announced by Cendant Bidco within three months from the date on which the Scheme does not become effective or is withdrawn or any condition to which the Scheme is subject becomes incapable of satisfaction and is not waived in accordance with its terms, provided that the terms of any such Offer are, in the opinion of Citigroup, no less favorable to acceptors than the financial consequences for them of the Scheme becoming effective, or on such other terms as may be agreed between Cendant Bidco and ebookers; (f) In the event that a third party announces a higher competing offer for ebookers, ebookers has undertaken that it will not withdraw the Scheme for a period of 48 hours and if, within that time, Cendant communicates to ebookers a revision to the terms of the Acquisition, so that the revised terms of the Acquisition provide for a price in cash per ebookers Share no less than the price offered under the competing offer, and the revised terms of the Acquisition are otherwise no less favorable to ebookers Shareholders than the terms of the competing offer taking into account all the circumstances, including, without limitation, any obligation to pay the inducement fee provided for in the Merger Agreement, the ebookers Directors will continue to recommend the Acquisition and withdraw any recommendation of the competing offer. (g) The Acquisition is conditional on, amongst other things, certain approvals by ebookers Shareholders, and the sanction of the Scheme by the Court. Regulatory clearances from the relevant competition authorities in Germany and Norway will also need to be obtained. Approval of the Acquisition will be sought from ebookers Shareholders at the Court Meeting and the Extraordinary General Meeting. In order to become effective, the Scheme must be approved by a majority in number representing three-fourths in value of the ebookers Shares that are voted at the Court Meeting. In addition, a special resolution implementing the Scheme and sanctioning the related reduction of capital must be passed by ebookers Shareholders representing 75% of the votes cast at the Extraordinary General Meeting. (h) It is expected that the Scheme Document will be posted in December 2004 and that, subject to the satisfaction, or where relevant waiver, of all relevant conditions, the Scheme will become effective and the Acquisition completed in the first quarter of 2005; and (i) Cendant believes that the Acquisition provides for synergies in content, technology, fulfillment and operations, with Cendant's current operations across the U.K. and Europe. Cendant plans to build on ebookers' strength in the long and medium-haul segments, by augmenting it with Cendant's long- haul destination ground product, such as hotels and rental cars, through its other travel businesses including Travel 2, HotelClub.com, Lodging.com and Orbitz. Cendant also plans to introduce short haul/city break product through HotelClub.com and its vacation rental group and timeshare businesses. Commenting on the Acquisition, Samuel L. Katz, chairman and Chief Executive Officer, Cendant Travel Distribution Services Division, said: "ebookers will serve as the foundation for Cendant's online travel consumer vertical in Europe. The addition of ebookers to our portfolio of travel distribution businesses immediately strengthens Cendant's position as one of the world's leading on-line travel distributors and provides a foundation for significant growth opportunities in the fast- growing European online segment. "This transaction is an integral part of our continuing effort to expand our global 'order making' capabilities through both our existing businesses and through strategic 'tuck ins'. The combination of Cendant Travel Distribution Services Division and ebookers addresses the needs of the rapidly changing travel environment in Europe by enabling consumers, suppliers and travel agencies to benefit from richer content, wider distribution and increased value. "Recent industry research suggests that online penetration of the travel market in Europe is less than 10% of gross bookings, compared to more than 30% in the U.S., providing us with the potential for significant growth." Gordon Wilson, Managing Director for Cendant Travel Distribution Services Division's International Markets division, said: "This is a clear example of Cendant's Travel Distribution Services Division delivering on its stated strategy of integrating its travel assets throughout the distribution chain to become a multi-channel distributor of the richest travel inventory. We are looking forward to working closely with ebookers' outstanding team to build on their considerable achievements." Commenting on the Acquisition, Dinesh Dhamija, Chairman and Chief Executive Officer of ebookers, said: "'ebookers has become a leader in European online travel and [Thurs]day's transaction represents a logical next step in the Company's development. Within the Cendant group, ebookers will be well placed to take the business to the next level, building on our existing strengths in Europe, and excellence in value-add services such as long haul and hotels. This is good news for our customers, our shareholders and our employees." * * * NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO AUSTRALIA, CANADA OR JAPAN A full copy of the offer document is available free of charge at: http://bankrupt.com/misc/Ebookers_Offer.htm CONTACT: CENDANT Media Relations Contact: Neil Bennet, Maitland (U.K. & U.S.) Phone: +44 (0)20 7379 5151 David Sturken, Maitland (European enquiries) Phone: +44 (0)20 7379 5151 Investor Relations Contact: Sam Levenson Phone: +1 (212) 413 1832 Henry A. Diamond Phone: +1 (212) 413 1920 CITIGROUP GLOBAL MARKETS LIMITED Phone: +44 (0)20 7986 4000 (Financial Adviser to Cendant) Peter Tague Iain Robertson Grant Kernaghan EBOOKERS PLC Phone: +44 (0)20 7489 2451 Dinesh Dhamija Michael Healy CUBITT CONSULTING Phone: +44 (0)20 7367 5100 (Media Relations Adviser) Simon Brocklebank-Fowler Michael Henman CREDIT SUISSE FIRST BOSTON Phone: +44 (0)20 7888 8888 (Financial Adviser to ebookers) Andrew Christie Simon Taurins Ian Brown ERNST & YOUNG Phone: +44 (0)20 7951 2000 (Independent Financial Adviser to Ebookers) John Stephan Steve Taylor FIRE CONTROL: Sets up Liquidation Committee ------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Fire Control Limited (In Liquidation) I, Annette Menzies, French Duncan, 375 West George Street, Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on 18th November 2004 I was appointed Liquidator of Fire Control Limited by Resolution of the First Meeting of Creditors. A Liquidation committee was established at this meeting. Annette Menzies, Liquidator November 18, 2004 CONTACT: FRENCH DUNCAN 375 West George Street Glasgow G2 4LH Phone: 0141 221 2984 Fax: 0141 221 2980 E-mail: enquiries@frenchduncan.co.uk Web site: http://www.frenchduncan.co.uk GA PROPERTY: Names PricewaterhouseCoopers Liquidator ---------------------------------------------------- GA Property Agency Limited Goodman & Mann Limited James Hurst Associates Limited Morley Property (Estate Services) Limited Project Seattle Limited Security Insurance Limited Steerline Limited Wordbase Limited At the extraordinary general meeting of these companies on November 19, 2004, the special and ordinary resolutions to wind up the companies were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed joint liquidators of the companies for the purpose of such windings-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com GEORGE WILLIAMSON: Special Winding up Resolution Passed ------------------------------------------------------- At the extraordinary general meeting of the members of the George Williamson (Garages) Limited on Nov. 22, 2004 held at 33- 35 Exchange Street, Driffield YO25 6LL, the special resolution to wind up the company was passed. David Horner of David Horner & Co., 11 Clifton Moor Business Village, James Nicolson Link, Clifton Moor, York YO30 4XG has been appointed liquidator for the purpose of winding-up the company. CONTACT: DAVID HORNER & CO. 11 Clifton Moor Business Village James Nicolson Link, York YO30 4XG Phone: 01904 479801 Web site: http://www.davidhornerandco.co.uk H.HUNTSMAN & SONS: Names David Rubin & Partners Administrator ------------------------------------------------------------- Asher Miller and Henry Lan (IP Nos 9251, 8188) have been appointed administrators for tailors H.Huntsman & Sons Limited. The appointment was made Nov. 22, 2004. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com HIGH SMITHSTONE: Winding-up Report Due Last Week of December ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF High Smithstone Quarry Limited Company Number: SC189830 (In Liquidation) Notice is hereby given pursuant to Rule 4.31 of the Insolvency (Scotland) Rules 1986, that the Final Meeting of Creditors of High Smithstone Quarry Limited will be held within the offices of Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF on December 23, 2004, at 1:00 p.m. for the purposes of receiving the Liquidator's account of the winding-up together with any explanations that may be given. The Liquidator will be seeking his release at the meeting. A resolution at the meeting will be passed if a majority in value of those voting voted in favour of it. A creditor will be entitled to attend and vote at the meeting only if a claim has been lodged with me at or before the meeting and it has been accepted for voting purposes in whole or in part. Proxies may also be lodged with me at the meeting or before the meeting at my office. F J Gray, Liquidator Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF 23rd November 2004 IMAGICTV (UK): Owners Opt to Liquidate Business ----------------------------------------------- At the extraordinary general meeting of the Imagictv (UK) Limited on Nov. 15, 2004 held at Shoppenhangers Road, Maidenhead SL6 2PJ, the special and ordinary resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk KBI COMMERCIAL: Calls in Liquidator from Piper Thompson ------------------------------------------------------- At the extraordinary general meeting of the KBI Commercial Limited on Nov. 19, 2004 held at the offices of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ, the special and ordinary resolutions to wind up the company were passed. Tony James Thompson of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ has been appointed liquidator. CONTACT: PIPER THOMPSON Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ MODERNJOINT LIMITED: Holds First Creditors' Meeting --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Modernjoint Limited (In Liquidation) I, Ian W. Wright, hereby give notice that I was appointed Interim Liquidator of Modernjoint Limited on November 11, 2004 by Interlocutor of the Sheriff of North Strathclyde at Paisley. Notice is also given that the First Meeting of Creditors of the company will be held at the offices of Haines Watts, James Miller House, 98 West George Street, Glasgow G2 1PJ, on December 17, 2004 at 10:30 a.m. for the purposes of choosing a Liquidator and of determining whether to establish a Liquidation Committee. Creditors, whose claims are unsecured in whole or in part, are entitled to attend and vote in person or by proxy providing that their claims and proxies have been submitted and accepted at the meeting or lodged beforehand at the address below. A resolution will be passed when a majority of those voting have voted in favor of it. For the purpose of formulating claims, creditors should note that the date of commencement of the Liquidation is November 11, 2004. I. W. Wright, Interim Liquidator CONTACT: HAINES WATTS (GLASGOW INSOLVENCY) James Miller House 98 West George Street Glasgow G2 1PJ Phone: 0141 342 1600 Fax: 0141 342 1616 Web site: http://www.hwca.com NAVIGATION INVESTMENTS: Members Pass Winding-up Resolutions ----------------------------------------------------------- At the extraordinary general meeting of the Navigation Investments Limited on Nov. 19, 2004 held at 17 Devonshire Street, London W1G 7EY, the subjoined special and ordinary resolutions to wind up the company were passed. Stephen Franklin of Panos, Eliades, Franklin & Co, of Albany House, 18 Theydon Road, London E5 9NZ has been appointed liquidator for the purpose of such winding-up. CONTACT: FRANKLIN & CO. Albany House, 18 Theydon Road, London E5 9NZ NSA (EUROPE): Sets Creditors Meeting Next Week ---------------------------------------------- The creditors of NSA (Europe) Limited will meet on Dec. 16, 2004 commencing at 11:00 a.m. It will be held at The Novotel, Grayfriars Road, Ipswich IP1 1UP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to McTear Williams & Wood, 19 Silent Street, Ipswich IP1 1TF not later than 12:00 noon, Dec. 15, 2004. CONTACT: MCTEAR WILLIAMS & WOOD 19 Silent Street Ipswich IP1 1TF Phone: 01473 218191 Fax: 01473 218081 E-mail: mail@mw-w.com Web site: http://www.mw-w.com PROJECT TWO: Hires Baker Tilly as Administrator ----------------------------------------------- Richard Paul Rendle and Guy Edward Brooke Mander (IP Nos 005766, 008845) have been appointed joint administrators for Project Two Services Limited. The appointment was made Nov. 25, 2004. The company offers air conditioning service engineers. Nature of Business: Air Conditioning Service Engineers. Trade Classification: 26. Date of Appointment: 25 November 2004. Joint Administrators' Names and Address: Richard Paul Rendle and Guy Edward Brooke Mander (IP Nos 005766 and 008845), both of Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF. CONTACT: BAKER TILLY City Plaza, Temple Row Birmingham B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 Web site: http://www.bakertilly.co.uk PRO-LIFE PAISLEY: To Name Liquidator Third Week of December ----------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Pro-Life Paisley 98 Limited (In Liquidation) I, William Thomson Mercer Cleghorn of RSM Robson Rhodes LLP, Conference House, 152 Morrison Street, The Exchange, Edinburgh EH3 5EB, hereby give notice, pursuant to Rule 4.18 of The Insolvency (Scotland) Rules 1986, I was appointed Interim Liquidator of Pro-Life Paisley 98 Limited by Interlocutor of Sheriff of North Strathclyde at Paisley on October 15, 2004. Notice is hereby given, pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, that the First Meeting of Creditors of the said company will be held at RSM Robson Rhodes LLP, Conference House, 152 Morrison Street, The Exchange, Edinburgh EH3 5EB on December 17, 2004 at 11:00 a.m. for the purpose of choosing a Liquidator and considering the other resolutions specified in Rule 4.12(3) of the aforementioned Rules. Creditors, whose claims are unsecured in whole or in part, are entitled to attend and vote in person or by proxy providing that their claims and proxies have been submitted and accepted at the Meeting or lodged beforehand at the address below. A resolution will be passed when a majority of those voting have voted in favor of it. For the purpose of formulating claims, creditors should note that the date of commencement of the Liquidation is September 24, 2004. W. T. M. Cleghorn, Interim Liquidator CONTACT: RSM ROBSON RHODES LLP Conference House 152 Morrison Street The Exchange Edinburgh EH3 8EB Phone: +44 (0) 131 200 6166 Fax: +44 (0) 131 200 6200 Web site: http://www.rsmi.co.uk RUBEROID CONTRACTS: Hires KPMG as Liquidator -------------------------------------------- At the extraordinary general meeting of the Ruberoid Contracts Limited (formerly Maurice Hill Limited) on Nov. 24, 2004 held at Hawthorn House, Smethwick, 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 have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk RUSSELL MCINTYRE: Creditors Opt to Liquidate Company ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Russell McIntyre Limited (In Liquidation) I, Eileen Blackburn, French Duncan, 375 West George Street, Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on November 18, 2004 I was appointed Liquidator of Russell McIntyre Limited by Resolution of the First Meeting of Creditors. A Liquidation committee was not established at this meeting. Eileen Blackburn, Liquidator November 18, 2004 CONTACT: FRENCH DUNCAN 375 West George Street Glasgow G2 4LH Phone: 0141 221 2984 Fax: 0141 221 2980 E-mail: enquiries@frenchduncan.co.uk Web site: http://www.frenchduncan.co.uk SAFARILIFE PLC: Special Winding up Resolution Passed ---------------------------------------------------- At the extraordinary general meeting of the members of the Safarilife Plc on Nov. 19, 2004 held at Nerine House, St George's Place, St Peter Port, Guernsey, the special resolution to wind up the company was passed. A. C. Pickford of Chandlers Limited, Anson Court, La Route des Camps, St Martins, Guernsey has been appointed liquidator for the purpose of winding-up the company. CONTACT: CHANDLERS LIMITED Anson Court, La Route des Camps, St Martins, Guernsey SEASONS ENGINEERING: Calls in Joint Administrators from Begbies --------------------------------------------------------------- Vivian Murray Bairstow and Paul Michael Davis (IP Nos 5316, 7805) have been appointed administrators for Seasons Engineering Limited. The appointment was made Nov. 23, 2004. The company manufactures other fabricated metal products. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com SLATER YENDALL: Names Administrators from Menzies ------------------------------------------------- Paul John Clark and Jason James Godefroy (IP Nos 8570, 9097) have been appointed administrators for Slater Yendall Limited. The appointment was made Nov. 26, 2004. The company is engaged in general mechanical engineering and engine remanufacturing. Its registered office is located at Howard Road, Park Farm North, Redditch, Worcestershire B98 7SE. CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 E-mail: mcr@menzies.co.uk Web site: http://www.menzies.co.uk TXU EUROPE: Administrators to Return Cash to Creditors ------------------------------------------------------ KPMG and Ernst & Young, administrators of TXU Europe, announce the imminent distribution of funds to TXU creditors via a series of Company Voluntary Arrangements (CVAs). Creditors of 25 separate TXU operating companies will receive payments early in 2005, as long as meetings to be held in January approve the proposals. The estimated dividend for the three largest operating companies is in excess of 40 pence in the pound for TXU Europe Energy Trading creditors, over 70 pence in the pound for TXU Europe Group creditors, and over 90 pence in the pound for TXU U.K. creditors. The proposed arrangements cover all of the group's main trading companies. The majority of the group's financial creditors sit in holding companies further up the group, and a proposal to resolve disputed matters within those companies is currently being negotiated. The proposals will allow substantial funds to flow to the group's trade creditors, whilst being an important milestone in resolving the remaining holding company issues. Alan Bloom of Ernst & Young, the lead EY administrator of TXU said: "After two years of complex negotiations I am delighted that we have been able to work out many of the outstanding issues within the TXU Group. All disputes between the CVA companies will be resolved, most major termination claims will be settled as well as all inter-company disputes, once our proposals have been approved by creditors." Jim Tucker of KPMG, joint administrator of TXU Europe Group plc, added: "This administration is one of the most complex in the U.K. in recent years. Across the companies there is now in excess of GBP1.7 billion in cash. However, establishing which companies and which creditors within those businesses are entitled to those funds has been strongly disputed. If any one of a number of issues had been litigated, payments to creditors would have been delayed for at least two further years. "The compromise proposed by Ernst & Young and ourselves has been heavily negotiated with all parties, and both firms strongly recommend the formal approval of these proposals." Ian Whitlock, Energy partner at Ernst & Young continues: "The U.K. power sector can now face the future with much more confidence. Most of the major power suppliers will have agreed their claims with TXU under this CVA compromise and early next year we will be in a position to distribute approximately GBP1.3 billion to creditors. This is welcome news for all involved." Timetable: (a) Pathfinder document to be issued 3 December, (b) Dispatch CVA documents, proxies and notices of meetings to creditors and shareholders 7 January, (c) Creditors meetings 28 January, (d) Distribution of dividends begins end of March CONTACT: KPMG Media Enquiries Jim Tucker Corporate Recovery Partner Phone: 07802 306410 Judith Dow Corporate Communications Phone: 020 7694 8584 or 07786 197 718 ERNST & YOUNG Will White Media Relations Phone: 020 7951 3264 or 0777 155 5247 Vicky Conybeer Phone: 020 7951 0868 or 07870 635 196 * 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 ------ Acces Industrie (32) 124 (63) 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 Sysytem DNK.L (51) 585 82 Dawson Holdings DWN.L (29) 142 (29) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (122) 167 (2) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Intertek Testing Services ITRK (64) 508 77 Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) 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 * * *