/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041209.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 Thursday, December 9, 2004, Vol. 5, No. 244 Headlines B U L G A R I A BEXX AIR: Earns Regulator's Ire; Faces Lawsuit F R A N C E VIVENDI UNIVERSAL: Urged to Form Supervisory, Management Boards VIVENDI UNIVERSAL: Cegetel-Maroc Consolidation Ordered Undone G E R M A N Y AIF ARGE: Deadline for Creditors' Claims Nears KERN & KERN: Bonn Court Appoints Provisional Administrator KMG PERSONALLEASING: Administrator's Report Out December MAFI ZEITARBEIT: Applies for Bankruptcy Proceedings MATRONG GMBH: Gives Creditors Until this Month to File Claims MFS FORDERSYSTEME: Sets Creditors' Meeting January PHARMA-VERTRIEBSGESELLSCHAFT: Under Bankruptcy Administration PLETTAC ELECTRONIC: Files for Bankruptcy ROESBERG HEIZUNGS: Gives Creditors Until January to File Claims I T A L Y ALITALIA SPA: E.U. Commission Delays Approval of Rescue Plan ALITALIA SPA: Govt Offers Dismissed Staff Alternative Employment FINMATICA SPA: Liquidator Sues for More Time PARMALAT FINANZIARIA: Regional Minister Under Investigation K Y R G Y Z S T A N BISHKEK LIQUEUR: Sets Public Auction First Week of January KOCHKORBAEV: Calls Creditors' Meeting N E T H E R L A N D S ASM INTERNATIONAL: Calls EGM to Tackle Additional Share Issuance R U S S I A DAIRY ZNAMENSKIY: Deadline for Proofs of Claim January KRIVOSHEYEVSKOYE: Bankruptcy Hearing Resumes February METROMEDIA INTERNATIONAL: Absorbs Another Nine-month Loss METROMEDIA INTERNATIONAL: Discloses Pending Lawsuits MORSHANSK-AGRO-PROM-SNAB: Declared Insolvent NEW HARVEST: Hires M. Smagin as Insolvency Manager OBSHE-PIT: Insolvency Manager Enters Firm SPASSKOYE: Primorye Court Opens Bankruptcy Proceedings TAMBOV-GAS-STROY: Hires A. Morozov as Insolvency Manager USMAN-SELKHOZ-KHIMIYA: Creditors' Claims Due Next Month VOLOGDA-FURNITURE: Under Bankruptcy Supervision YUG-LES: Gives Creditors Until January to File Claims YUKOS OIL: Indian Firm Shows Interest in Assets S P A I N IZAR: Unions Hold Divergent Views on Progress of Negotiations U K R A I N E AGROBUDKOMPLEKT: Succumbs to Bankruptcy AVANGARD: Proofs of Claim Deadline Nears INTERFIRMA: Under Bankruptcy Supervision KALINIVSKIJ TIN: Period for Filing of Claims Ends Friday KERAMIK: Court Appoints Temporary Insolvency Manager PERVOMAJSKA AUTOBASE: Harkiv Court Opens Bankruptcy Proceedings TRANSPORTNIK: Court Appoints Liquidator UKRAINA: Last Day for Filing of Claims Friday UKRAINIAN TRADE: Bankruptcy Proceedings Begin ZORYA: Insolvency Manager Takes over Operations U N I T E D K I N G D O M AIR-LIMO LIMITED: Royal Bank of Scotland Appoints PwC Receiver ARTESIA NATURAL: Meeting of Unsecured Creditors Set Next Week BARROW VILLAGE: Hires Liquidator from Tomlinsons BEADHOPE LIMITED: Owners Opt to Dissolve Business BENSON MIDLANDS: In Administrative Receivership BRIGHTVIEW LIMITED: Members Decide to Wind up Company BULKBAG LIMITED: Receivers Call Creditors' Meeting CLOACA LIMITED: Members Final Meeting Set January C & N DEVELOPMENTS: Hires P&A Partnership as Liquidator COMPROPERTY.COM LIMITED: Names Robson Laidler Liquidator CRM PROPERTY: Liquidator from T H Associates Enters Firm DAYTIME WINDOWS: Hires Liquidator from Wilkins Kennedy DEAN PARK: Winding-up Report Due January DESICCANT DRY: Members Pass Extraordinary Winding up Resolution D J SPECIALIST: Names Grant Thornton Liquidator DREAMCOSTUMES LTD: Hires Liquidator from Jeffreys Henry Jacobs FINMATICA LIMITED: Names KPMG Administrator HIGHAIR LIMITED: Appoints Wilkins Kennedy Administrator IP SUPPORT: Sets Creditors' Meeting December 21 JARVIS PLC: Closes Sale of UPP Business JARVIS PLC: Receives GBP1.2 Million for PFI Bidding Operations MACALISTER & DUNDAS: Liquidator to Give Final Report December 30 MATRIX COMPONENTS: Hires Liquidator from Grant Thornton MATRIX ESSENTIALS: Sets Final Meeting Next Year MHM BLACKSMITHS: Calls in Liquidator from Begbies Traynor MULTI-SPORTS LIMITED: Hires Administrators from Tenon Recovery PIPELINE PROTECTION: Appoints Tenon Recovery Administrator QUADRILLE VIDEO: Liquidator Moves in RED BRICK: Liquidator's Report Out Later this Month SIMON VENTURES: Members Pass Special Winding up Resolutions SOIRAM LIMITED: Bank of Scotland Calls in Receivers TXU EUROPE: SSE Expects More than GBP220 Mln in Compensation VECO PRODUCTS: Calls in Liquidator from Parkin S. Booth & Co. W G REALISATIONS: To Appoint Liquidator Mid-December WILLIAM LAWRENCE: Members Final Meeting Set January ********* =============== B U L G A R I A =============== BEXX AIR: Earns Regulator's Ire; Faces Lawsuit ---------------------------------------------- The Commission for Trade and Customers' Protection is suing low- fare charter airline, Bexx Air, for violation of the Tourism Law, Novite.com reports. The agency said in a statement it is undertaking the action not for compensation but to uphold the law. It invites all clients to join in the claim by the end of December. In September, the government closed the headquarters of the company claiming it had been operating without a license. The carrier admits not having a license, but reasoned its operations require no permission under any Bulgarian laws. Bexx Air, which opened for business in March, sells tickets for charter flights performed by private carrier Hemus Air. CEO Dirk Wiesemann, in an earlier report, said authorities had approached the company several times about the matter, but could not point out what kind of license it should get. CONTACT: BEXX AIR Sofia, Bulgaria Web site: http://www.flybexx.com =========== F R A N C E =========== VIVENDI UNIVERSAL: Urged to Form Supervisory, Management Boards --------------------------------------------------------------- The Corporate Governance Committee and the Human Resources Committee of Vivendi Universal (Paris Bourse: EX FP; NYSE: V) recommended to the Board of Directors that Chairman Jean-Rene Fourtou modify the current governance structure of the Company and create a Supervisory Board and a Management Board, during a plenary session held Tuesday. This proposal was formally discussed by the Board of Directors on December 7, 2004 and will be submitted by a Combined General Meeting of shareholders on April 28, 2005. Subject to approval at the Combined General Meeting, the Supervisory Board would be chaired by Jean-Rene Fourtou and comprised of the Board of Directors' current members. The Management Board would be chaired by Jean-Bernard Levy and include, Abdeslam Ahizoune (Maroc Telecom), Jacques Espinasse (Senior Executive Vice-President and Chief Financial Officer of Vivendi Universal), Frank Esser (SFR-Cegetel Group), Bertrand Meheut (Canal+ Group), Doug Morris (Universal Music Group) and Rene Penisson (Vivendi Universal Games). Jean-Francois Dubos, General Counsel would serve as Secretary to both the Supervisory Board and the Management Board. Robert de Metz, Executive Vice-President in charge of divestments and acquisitions, would lead the new Strategy and Development Department. CONTACT: VIVENDI UNIVERSAL Media: Paris Antoine Lefort Phone: +33 (0) 1 71 71 11 80 Agnes Vetillart Phone: +33 (0) 1 71 71 30 82 Alain Delrieu Phone: +33 (0) 1 71 71 10 86 or New York Flavie Lemarchand-Wood Phone: +(212) 572 1118 or Investor Relations: Paris Daniel Scolan Phone: +33 (0) 1 71 71 32 91 Laurence Daniel Phone: +33 (0) 1 71 71 12 33 or New York Eileen McLaughlin Phone: +(1) 212.572.8961 VIVENDI UNIVERSAL: Cegetel-Maroc Consolidation Ordered Undone ------------------------------------------------------------- Vivendi Universal (Paris Bourse: EX FP; NYSE: V) on Tuesday received notification of the decision of the Disciplinary Commission of the Autorite des Marches Financiers (AMF) in connection with the disciplinary procedure initiated by the Commission des Operations de Bourse (COB) on September 12, 2003 and continued by the AMF. The Disciplinary Commission dismissed the complaints brought forth by the COB concerning the consolidation methods used for Cegetel and Maroc Telecom, and acknowledged that the method used in the consolidation of these two companies was appropriate. Vivendi Universal disputes the Disciplinary Commission's decision to uphold the complaint challenging the use of the equity method solely in 2001 rather than full consolidation for Elektrim Telekomunikacja Sp. z o.o., given that at the time Vivendi Universal did not, and still does not, exercise either exclusive or joint control over this company. Vivendi Universal would emphasize that it has attempted to divest this investment several times over the past three years. These attempts have always been blocked by Elektrim S.A., which of itself demonstrates that Vivendi Universal does not exercise control over this holding company whose ownership of PTC shares has been the subject of international arbitration procedures since 1999. Using the proportional consolidation method, as suggested by the Disciplinary Commission, would have increased the Vivendi Universal's net debt as of December 31, 2001 by approximately EUR400 million of a total of EUR37 billion, an increase of about 1%. The Company also regrets that its submissions concerning its general financial disclosures were not heard, though its annual reports were reviewed by the COB each year. Vivendi Universal is conducting a careful assessment of this decision and its options with legal counsel. CONTACT: VIVENDI UNIVERSAL Media: Paris Antoine Lefort Phone: +33 (0) 1 71 71 11 80 Agnes Vetillart Phone: +33 (0) 1 71 71 30 82 Alain Delrieu Phone: +33 (0) 1 71 71 10 86 or New York Flavie Lemarchand-Wood Phone: +(212) 572 1118 or Investor Relations: Paris Daniel Scolan Phone: +33 (0) 1 71 71 32 91 Laurence Daniel Phone: +33 (0) 1 71 71 12 33 or New York Eileen McLaughlin Phone: +(1) 212.572.8961 ============= G E R M A N Y ============= AIF ARGE: Deadline for Creditors' Claims Nears ---------------------------------------------- The district court of Celle opened bankruptcy proceedings against AIF ARGE Industriefussboden on Nov. 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 31, 2004 to register their claims with court-appointed provisional administrator Thomas Erdmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 27, 2005, 11:30 a.m. at Saal 014, Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4, 29221 Celle 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: AIF ARGE INDUSTRIEFUSSBODEN GMBH & CO. KG Holunderweg 20, 29640 Schneverdingen AIF ARGE INDUSTRIEFUSSBODEN VERWALTUNGSGESELLSCHAFT Holunderweg 20, 29640 Schneverdingen Contact: Robert Brockmann, Manager Schluchtweg 5, 21244 Buchholz-Steinbeck Thomas Erdmann, Insolvency Manager Blumenstr. 8-10, 29614 Soltau Phone: 05191/96730 Fax: 05191/967320 KERN & KERN: Bonn Court Appoints Provisional Administrator ---------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Kern & Kern GbR on Nov. 15, 2004. 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 Wolfgang Kalker. Creditors and other interested parties are encouraged to attend the meeting on Feb. 10, 2005 10:30 a.m. at the district court of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, 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: KERN & KERN GBR Burbacher Str. 222, 53129 Bonn Danielle Kern, Partner Michael Kern, Partner Wolfgang Kalker, Insolvency Manager Kolnstr. 135, 53757 Sankt Augustin Phone: 02241/ 90600 Fax: 02241906090 KMG PERSONALLEASING: Administrator's Report Out December -------------------------------------------------------- The district court of Saarbrucken opened bankruptcy proceedings against KMG Personalleasing GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 7, 2005 to register their claims with court-appointed provisional administrator Dr. Thomas Christmann. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 8:50 a.m. at the district court of Saarbrucken Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13 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. 2, 2005, 8:40 a.m. at the same venue. CONTACT: KMG PERSONALLEASING GMBH Am Brichelberg 3 a, 66271 Kleinblittersdorf Contact: Martine Hahn, Manager Dr. Thomas Christmann, Insolvency Manager Graf-Johann-Strasse 8, 66121 Saarbrucken Phone: 0681/30140469 Fax: 0681/635321 MAFI ZEITARBEIT: Applies for Bankruptcy Proceedings --------------------------------------------------- The district court of Saarbrucken opened bankruptcy proceedings against MAFI Zeitarbeit GmbH on Nov. 8, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 7, 2005 to register their claims with court-appointed provisional administrator Dr. Thomas Christmann. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004 8:35 a.m. at the district court of Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13 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. 2, 2005 at the same venue. CONTACT: MAFI ZEITARBEIT GMBH Am Brichelberg 3, 66271 Kleinblittersdorf Martine Hahn, Manager Dr. Thomas Christmann, Insolvency Manager Graf-Johann-Strasse 8, 66121 Saarbrucken Phone: 0681/30140469 Fax: 0681/635321 MATRONG GMBH: Gives Creditors Until this Month to File Claims ------------------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Matrong GmbH on Nov. 12, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 30, 2004 to register their claims with court-appointed provisional administrator Uwe Huggenberg. Creditors and other interested parties are encouraged to attend the meeting on Feb. 10, 2005 at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, 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: MATRONG GMBH FACHGESCHAFT FUR HAUSHALTS- UND ELEKTROGERATE UND KUCHEN Alte Bahnhofstrasse 185, 44892 Bochum Bernd Kornelius, Manager Uwe Huggenberg, Insolvency Manager Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax: 964 91-33 MFS FORDERSYSTEME: Sets Creditors' Meeting January -------------------------------------------------- The district court of Bremen opened bankruptcy proceedings against MFS Fordersysteme GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 8, 2005 to register their claims with court-appointed provisional administrator Dr. Jochen Orgelmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 6, 2005, 9:45 a.m. at Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on March 3, 2005, 9:15 a.m. at the same venue. CONTACT: MFS FORDERSYSTEME GMBH Kedinger Str. 15, 28259 Bremen Contact: Ralf Hartmut Bethke, Manager Kehdinger Str. 15, 28259 Bremen Dr. Jochen Orgelmann, Insolvency Manager Schillerstr. 10, 28195 Bremen Phone: 0421/337790 Fax: 0421/3377933 PHARMA-VERTRIEBSGESELLSCHAFT: Under Bankruptcy Administration ------------------------------------------------------------- The district court of Hagen opened bankruptcy proceedings against Pharma-Vertriebsgesellschaft mbH on Nov. 16, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 27, 2004 to register their claims with court-appointed provisional administrator Christof Kohling. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005 9:50 a.m. at the district court of Hagen, Haupthaus (Neubau) -, Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 251, 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: PHARMA-VERTRIEBSGESELLSCHAFT MBH Loerfeldstr. 20, 58313 Herdecke Martin Proppert, Manager Christof Kohling, Insolvency Manager Raiffeisenstr. 16, 58638 Iserlohn Phone: 02371/90990 Fax: +492371909922 PLETTAC ELECTRONIC: Files for Bankruptcy ---------------------------------------- The district court of Hagen opened bankruptcy proceedings against Plettac Electronic Installation GmbH on Nov. 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 15, 2004 to register their claims with court-appointed provisional administrator Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on Jan. 5, 2005 10:15 a.m. at the district court of Hagen, Haupthaus (Neubau) -, Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 251, 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: PLETTAC ELECTRONIC INSTALLATION GMBH Mommsenstr. 1, 04329 Leipzig Reinhardt Stabroth, Manager Dr. Winfrid Andres, Insolvency Manager Grabenstr. 28, 58095 Hagen Phone: 02331/39 76 56 Fax: +4921169076970 ROESBERG HEIZUNGS: Gives Creditors Until January to File Claims --------------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Roesberg Heizungs-Sanitartechnik GmbH on Nov. 12, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 6, 2005 to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on Feb. 10, 2005 12:00 p.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, 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: ROESBERG HEIZUNGS-SANITARTECHNIK GMBH Rathauslatz 5, 53859 Niederkassel Dieter Roesberg, Manager Dr. Sebastian Henneke, Insolvency Manager Meckenheimer Allee 87, 53115 Bonn Phone: 0228/9766643 Fax: 0228/9766645 ========= I T A L Y ========= ALITALIA SPA: E.U. Commission Delays Approval of Rescue Plan ------------------------------------------------------------ Troubled national carrier Alitalia will have to wait until next year before it can implement its restructuring plan, Reuters says. A source within the European Commission told the newswire the new commissioner may not rule on the plan before the year ends. The source said, "It's more likely it will be taken in the new year." The Commission is currently evaluating Alitalia's restructuring plan, making sure it contains no element of state aid. After the review, the Commission may either approve the plan or launch an extensive probe against the carrier, which could last 18 months. The government presented the restructuring plan to the Commission in October and provided more details in November. In July, the Commission approved Alitalia's EUR400 million government-backed bridging loan, which the carrier said it needed to replenish its coffers and continue operations. Once the carrier withdraws the loan, it has around 12 months to repay it at prevailing market rates. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it ALITALIA SPA: Govt Offers Dismissed Staff Alternative Employment ---------------------------------------------------------------- Employees affected by the restructuring of Alitalia will not receive separation pay if they refuse the state's employment program, Il Sole 24 Ore says. The government recently amended the decree on welfare payments for employees of the air transport sector. The revised decree stipulates that airline employees must either enter into alternative employment or undergo a training course for another job. Those who refuse will have to forego their lay-off payments, the decree states. The provision applies only to employees whose salaries are up to 20% lower than the their current remuneration. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it FINMATICA SPA: Liquidator Sues for More Time -------------------------------------------- Paolo Ribolla, liquidator of insolvent software group Finmatica S.p.A., has asked the court to postpone the bankruptcy trial for another ten days, La Stampa says. Mr. Ribolla, who also serves as the group's commissioner, reasoned that he needs more time to strike a deal with Finmatica's creditors. According to him, talks with creditors have shifted focus to saving the jobs of 240 workers. A group of employees has asked the court for a quick and efficient solution. The court earlier postponed the hearings for one week, moving the date to December 9 to give the liquidator ample time to review offers for Finmatica. Mr. Ribolla said around nine bidders have submitted non-binding offers to acquire Finmatica's core business, which is the development of banking and financial software. They include U.S. 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: Regional Minister Under Investigation ----------------------------------------------------------- The Court of Ministers will further investigate Regional Affairs Minister Enrico La Loggia in relation to accusations he received bribes from Parmalat Finanziaria's founder. Mr. La Loggia has been charged by the Prosecutors' Office of Rome with illegally financing his party with money received from Calisto Tanzi. Public prosecutor Pietro Giordano investigated the matter after receiving a document concerning a Parmalat inquiry carried out by the Prosecutors' Office of Parma on alleged bribery of politicians by Mr. Tanzi. Mr. Giordano in turn sent a related file to the Court of Ministers requesting thorough investigation of Mr. La Loggia. The dairy company filed for bankruptcy protection in 2003 after amassing EUR14 billion in debts. 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 =================== K Y R G Y Z S T A N =================== BISHKEK LIQUEUR: Sets Public Auction First Week of January ---------------------------------------------------------- The bidding organizer and insolvency manager of JSC Bishkek Liqueur-Vine Farm will sell the company's properties on January 4, 2005, 11:00 a.m. The public auction will take place at Bishkek, Soviet Str. 220. For sale are: (a) Lot 1: 49% of the authorized capital share. Starting price is KGS52,314,000; (b) Lot 2: Audi-100 car. Starting price is KGS312,184. Requirements: (a) Offered price; (b) A business plan focusing on the company's development and modernization; and (c) Retention of the company's manufacturing business. To participate, bidders must submit all necessary documents and deposit an amount equivalent to 10% of the starting price on or before January 3, 2005 at Bishkek, Soviet Str. 220. For more information, call (0-312) 62-39-69 or (0-312) 66-51-94. KOCHKORBAEV: Calls Creditors' Meeting ------------------------------------- Kochkorbaev will meet its creditors on December 24, 2004, 10:00 a.m. at Issyk-Ata, Budenovka, Pushkin Str. 23. Agenda: (a) Declaration of bankruptcy and commencement of temporary insolvency procedure; (b) Appointment of temporary insolvency manager; and (c) Others. For more information, call (0-502) 60-51-31. ===================== N E T H E R L A N D S ===================== ASM INTERNATIONAL: Calls EGM to Tackle Additional Share Issuance ---------------------------------------------------------------- ASM International (ASMI) (Euronext Amsterdam:ASM) announced Monday the closing and settlement of the private placement of US$150 million of 4.25% convertible subordinated notes due 2011. The amount of notes includes the full US$25 million of notes the initial purchasers had the option to acquire in addition to the US$125 million initially offered. The notes are convertible into ASMI common shares at a conversion price of US$20.82 per share, which is equivalent to a conversion rate of 48.0307 shares for each US$1,000 principal amount of notes and represents a 35% premium over the closing sale price of ASM International common shares on the Euronext Amsterdam stock exchange on December 1, 2004. Initially, cash will be delivered in lieu of a portion of the common shares to be delivered upon conversion in an amount equal to the principal amount of the notes converted (or, if less, the conversion value). Upon receipt by ASM International of shareholder approval to issue additional common shares, only common shares will be delivered upon conversion of the notes. ASM International has called an extraordinary shareholders meeting in Bilthoven, The Netherlands, for December 21, 2004, for the purpose of obtaining this shareholder approval. Prior to the time of such shareholder approval, the maximum number of common shares issuable upon conversion of each US$1,000 principal amount of notes in excess of the cash portion will be 28. ASM International intends to use the net proceeds from the sale of the notes to repay its US$115 million outstanding principal amount of 5% convertible subordinated notes due November 2005, either by purchase in the market or at maturity to the extent such notes have not previously been converted or purchased, and for other general corporate purposes. The notes were issued in a private placement for resale by the initial purchasers to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Securities Act and in reliance on Section 2(1) of the Exemption Regulation pursuant to the Netherlands Act for the Supervision of Securities Trading, as amended. The notes have not been registered under the Securities Act of 1933 or applicable state securities laws, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, and applicable state securities laws. The notes may only be offered or sold to individuals or legal entities who or which trade or invest in securities in the conduct of their profession or trade. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended, and pursuant to and in accordance with the Exemption Regulation pursuant to the Netherlands Act for the Supervision of Securities Trading, as amended. * * * In August, Standard & Poor's Ratings Services revised its outlook on ASM International N.V. to stable from negative, following steady improvements in the company's 100%-owned front- end operations and the strengthening of the company's financial profile. At the same time, Standard & Poor's affirmed its ratings on the company, including its 'B+' long-term corporate credit ratings and all related debt ratings. The company had sales of EUR719 million (US$875 million) and EBITDA of EUR73 million in the 12 months to June 30, 2004. At June 30, 2004, ASM had total debt of EUR210 million, and net debt of EUR38 million. CONTACT: ASM INTERNATIONAL N.V. Robert L. de Bakker Bilthoven, the Netherlands Phone: +31 30 2298540 E-mail: robert.de.bakker@asm.com Mary Jo Dieckhaus New York City Phone: (212) 986-2900 E-mail: maryjo.dieckhaus@asm.com =========== R U S S I A =========== DAIRY ZNAMENSKIY: Deadline for Proofs of Claim January ------------------------------------------------------ The Arbitration Court of Tambov region has commenced bankruptcy proceedings against Dairy Znamenskiy after finding the open joint stock company insolvent. The case is docketed as A64- 5127/02-2. Mr. M. Smagin has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to Russia, Tambov, K. Marksa Str. 55, Apartment 2. CONTACT: DAIRY ZNAMENSKIY Russia, Tambov region, Znamenskiy region, Vorontsovka Mr. M. Smagin Insolvency Manager Russia, Tambov, K. Marksa Str. 55, Apartment 2 KRIVOSHEYEVSKOYE: Bankruptcy Hearing Resumes February ----------------------------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on limited liability company Krivosheyevskoye. The case is docketed as A08-12140/04-11. Mr. S. Taranov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 309000, Russia, Belgorod region, Prokhorovskiy region, Krivosheyevka. A hearing will take place on Feb. 3, 2005. CONTACT: KRIVOSHEYEVSKOYE 309000, Russia, Belgorod region, Prokhorovskiy region, Krivosheyevka Mr. S. Taranov Temporary Insolvency Manager 309000, Russia, Belgorod region, Prokhorovskiy region, Krivosheyevka METROMEDIA INTERNATIONAL: Absorbs Another Nine-month Loss --------------------------------------------------------- METROMEDIA INTERNATIONAL GROUP, INC. Consolidated Condensed Statements of Operations (in thousands, except per share amounts) (unaudited) Three months ended Nine months ended September 30, September 30, 2004 2003 2004 2003 Revenues US$20,040 US$18,633 US$57,915 US$53,089 Cost and expenses: Cost of services 6,913 6,248 18,658 17,014 Selling, general and administrative 6,471 10,200 22,085 35,425 Depreciation and amortization 5,693 5,040 17,382 15,255 Operating income (loss) 963 (2,855) (210) (14,605) Other (expense) income: Equity in income of unconsolidated investees 6,811 3,558 16,785 10,417 Interest expense, net (4,076) (4,058) (11,952) (13,755) Minority interest (3,192) (2,342) (7,334) (6,330) Foreign currency (loss) income (292) (62) (365) (466) Gain on retirement of debt - 465 - 24,582 Gain on disposition of businesses - 12,031 - 12,031 Other (expense) income, net (80) 66 (114) 5 Income (loss) before income tax expense, discontinued components and the cumulative effect of a change in accounting principle 134 6,803 (3,190) 11,879 Income tax expense (1,164) (1,766) (4,986) (5,249) (Loss) income before discontinued components and the cumulative effect of a change in accounting principle (1,030) 5,037 (8,176) 6,630 Income (loss) from discontinued components 928 (1,588) 7,756 8,251 Cumulative effect of a change in accounting principle - - - 2,012 Net (loss) income (102) 3,449 (420) 16,893 Cumulative convertible preferred stock dividend requirement (4,739) (4,410) (13,965) (12,997) Net (loss) income attributable to common stockholders (US$) (4,841) (961) (14,385) 3,896 (Loss) income per common share attributable to common stockholders-Basic and Diluted: Continuing operations (US$) (0.06) 0.01 (0.23) (0.07) Discontinued components 0.01 (0.02) 0.08 0.09 Cumulative effect of a change in accounting principle - - - 0.02 Net (loss) income per common share attributable to common stockholders-Basic and Diluted (US$) (0.05) (0.01) (0.15) 0.04 Weighted average common shares - Basic and Diluted 94,035 94,035 94,035 94,035 See accompanying notes to unaudited consolidated condensed financial statements. Recent Developments and Going Concern Proposed Merger On November 4, 2004, the Company announced that it had entered into exclusive negotiations with an investor group composed of Emergent Telecom Ventures, First National Holding, Capital International Private Equity Fund IV, L.P. and Baring Vostok Capital Partners (Cyprus) Limited concerning the Investor Group's preliminary proposal to acquire the Company by merger. The Investor Group's proposal assigns an aggregate preliminary enterprise value to the Company of US$300.0 million, which amount would be payable in cash and allocated as: (a) Approximately US$152.0 million would be allocated to the retirement, following the closing of the acquisition of the Company by the Investor Group, of the Company's outstanding aggregate principal amount and fully accreted 10 1/2 Senior Discount Notes due 2007; (b) An additional amount, estimated to be in the range of approximately US$11.7 million to US$16.5 million, would be used to fulfill certain contractual obligations to the Company's senior executives. These contractual arrangements are currently being finalized between the Company's Board of Directors and the respective senior executives, and the Company intends to update its public filings with the modified senior executive contractual arrangements when complete; and (c) The remainder would be allocated between the Company's preferred and common stockholders in a manner determined by the Company's Board of Directors prior to the execution of the definitive merger agreement and paid out to the stockholders in connection with the consummation of the Proposed Merger. The proposal contains a number of conditions, including without limitation, the Investor Group's successful completion of due diligence during a limited exclusivity period, the Investor Group obtaining commitments for all financing contemplated in its acquisition proposal, the Company meeting currently projected corporate cash balance and liability levels, and negotiation and execution of definitive transaction agreements. The Company has granted the Investor Group exclusivity until January 17, 2005 to pursue a due diligence review of the Company and negotiate a definitive merger agreement, subject to earlier termination under certain circumstances. If undertaken, the Proposed Merger would result in the Company being merged with and into an entity wholly-owned by the Investor Group. The Company's current common and preferred stockholders would not become stockholders of the post-merger entity and would receive cash consideration for their stock holdings in an amount dependent on the aforementioned Board- determined allocation. The Proposed Merger will require approval by a majority of the Company's common stock. This approval will be solicited via a proxy statement that will include further details of the Proposed Merger, the Board of Directors recommendation, and other information customarily contained in merger proxy statements. Preparation of a proxy statement and solicitation of a common stockholder vote would follow signing of definitive agreements with the Investor Group. The Company anticipates that a common stockholder vote on the Proposed Merger will not occur before the end of the first quarter 2005. Although no vote of the Company's preferred stockholders is required to approve the Proposed Merger, as a practical matter discussions with significant holders of the Company's preferred stock concerning disposition of merger proceeds are likely to occur prior to concluding any definitive merger agreement. The Company has been actively assessing for some time practical financial restructuring alternatives and business development opportunities available to the Company. This work included assessment of current core business valuations and a pragmatic assessment of the opportunities and risks associated with continued pursuit and development of the Company's core businesses on an as currently organized basis. In connection with this work, the Company also received and carefully considered several third party merger and acquisition proposals and various opportunities to refinance the Company's Senior Notes. The Board of Directors has concluded that the Proposed Merger, if consummated, offers the best opportunity reasonably available to maximize value for the Company's stakeholders. There can be no assurances that any transaction with the Investor Group or any other party will take place nor can any assurance be given with respect to the timing or terms of any such transaction. Details of the terms of a final agreement, if any, will be disclosed upon signing of definitive agreements. The preliminary proposal made by the Investor Group is non- binding and the Company has agreed, under certain circumstances, to reimburse the Investor Group for a limited amount of its out- of-pocket expenses incurred in connection with its due diligence review and negotiation of definitive agreements. Restructuring In the first quarter of 2003, the Company embarked on an overall restructuring of its business. The Restructuring was prompted by and was intended to resolve the severe liquidity issues that had confronted the Company since the beginning of 2002. In this Restructuring, the Company undertook to sell its non-core businesses, which at the beginning of the Restructuring included nine cable television networks, twenty radio broadcasting stations and various non-core telephony businesses located in Western, Central and Eastern Europe. Cash proceeds from these sales have mitigated short-term corporate liquidity concerns and reduced the Company's dependence upon cash distributions from its core businesses and thus provided additional cash reserves to the core businesses to enable them to further pursue their respective business development initiatives. In connection with the Restructuring, the Company also substantially downsized its corporate headquarters staff and undertook actions with the intended objective of significantly decreasing its corporate overhead cash-burn rate. The Company had substantially completed all of the initiatives attributable to the Restructuring at the end of the third quarter of 2004, and as such, exited the Restructuring with the intent, prior to engaging in the Proposed Merger, to focus on the continued development of its core telephony businesses in Northwest Russia and the Republic of Georgia. The Company's core telephony businesses are now: (a) PeterStar, the leading competitive local exchange carrier in St. Petersburg, Russia, in which the Company has a 71% ownership interest; and (b) Magticom, the leading mobile telephony operator in the Republic of Georgia, in which the Company has an effective 34.5% ownership interest. Both PeterStar and Magticom are currently self-financed and hold leading positions in their respective markets. Furthermore, the Company also currently intends to retain its ownership in Ayety LLC, a cable television provider in Tbilisi, Georgia, in which the Company has an 85% ownership interest and Telecom Georgia, a long-distance transit operator in Tbilisi, Georgia, in which the Company has a 30% ownership interest. The Company expects that these businesses can be further developed to strengthen the market position of Magticom. In addition, as of September 30, 2004 the Company has one radio broadcast station and one cable television network which are subject to pending sales agreements with prospective acquirers, which are reflected at the lower of cost, less accumulated losses or estimated net proceeds. Prior to engaging in the Proposed Merger, the Company intended to use its corporate cash reserves to provide for the development of these core businesses, with the expectation that their future dividend distributions will be sufficient to meet, on a timely basis, the Company's corporate overhead requirements and indebtedness interest payment obligations, including those associated with its Senior Notes. Corporate Liquidity The Company is a holding company; accordingly, it does not generate cash flows from operations. As a result, the Company is dependent on the earnings of its subsidiaries and equity investees and the distribution or other payment of these earnings to it to meet its long term corporate cash outlay requirements, in addition to making any cash distributions to its stockholders. The Company's Long Term Corporate Cash Outlay Requirements consist of cash outlays for its corporate overhead expenditure requirements, extinguishment of its Historic Corporate Liabilities, and interest payment obligations associated with its Senior Notes. As such, the Company's Long Term Corporate Cash Outlay Requirements do not include funding necessary to retire or repay its outstanding Senior Notes. The Company's business ventures are separate legal entities that have no obligation to pay any amounts the Company owes to third parties. As a result, although cash balances exist in these business ventures, due to legal and contractual restrictions cash balances of the business ventures cannot be readily accessed to meet the Company's liquidity needs without the distribution of dividends, which require formal declarations to effect transfers to the Company. Furthermore, the dividend policy of Magticom must be approved by the Company's partners and thus, is not under the Company's exclusive control. The Company has legacy liabilities as a result of the Company's prior U.S. based business operating activities, principally attributable to the business activities when the Company operated under the names of "The Actava Group, Inc." and "Fuqua Industries, Inc.", which include, but are not limited to, employee benefit obligations to former employees (pension obligations and provisions for medical and life insurance), self-insurance reserves attributable to product liability and workers compensation claims and environmental claims (collectively, the Historic Corporate Liabilities). As of September 30, 2004 and November 30, 2004, the Company had US$40.5 million and US$34.7 million, respectively, of unrestricted cash on hand, which is principally held in banks in the U.S. In addition, as of September 30, 2004, the Company's consolidated business ventures held US$0.7 million of cash on hand, which is held in banks in Russia. Furthermore, as of September 30, 2004, the Company's unconsolidated business ventures had US$13.4 million of cash on hand, which is held in banks in the Republic of Georgia. The Company projects that its anticipated continuing dividends from its core business operations and its current corporate cash reserves will be sufficient for the Company to meet on a timely basis its Long Term Corporate Cash Outlay Requirements through September 30, 2007, the maturity date of the Senior Notes. However, the Company cannot provide assurance that its core businesses will perform to expectations and therefore generate the forecasted cash flows for dividend distribution purposes, or that the core businesses' free cash flows or their available cash reserves will be distributed as shareholder dividends in accordance with the Company's current expectations. Therefore, the Company cannot provide assurance that it will be able to meet its Long Term Corporate Cash Outlay Requirements through at least September 30, 2007. The Company also is subject to legal and contractual restrictions, including those under the indenture for the Senior Notes, on its use of any cash proceeds from the sale of its assets or those of its business ventures. Separately, the Company projects that, as of [Tues]day, it has sufficient corporate cash on hand to support the Company's planned Long Term Corporate Cash Outlay Requirements through at least March 31, 2005, including the Company's US$8.0 million semi-annual interest payment on its Senior Notes due on March 31, 2005 and its planned cash outlays between now and March 31, 2005 attributable to the extinguishment of certain of the Company's Historic Corporate Liabilities as related to employee benefit obligations. This projection does not include cash inflows that might reasonably arise from cash proceeds realized from dividend distributions from either PeterStar or Magticom, which would further strengthen the Company's liquidity position. However, the Company does not believe that, as of [Tues]day, it has sufficient corporate cash on hand to support the Company's planned Long Term Corporate Cash Outlay Requirements through September 30, 2005, including the Company's US$8.0 million semi- annual interest payment on its Senior Notes due on September 30, 2005, its planned cash outlays between now and September 30, 2005 attributable to the extinguishment of certain of the Company's Historic Corporate Liabilities as related to employee benefit obligations and the cash outlays attributable to the restructuring of Dr. Jokhtaberidze's ownership interest in Magticom, of US$18.2 million. As previously indicated, the outstanding principal on the Senior Notes becomes due in full on September 30, 2007 and the Company does not currently anticipate that it can retire the Senior Notes with internally generated cash flows, without the sale of either its interest in PeterStar or its interests in both PeterStar and Magticom. In addition, failure on the part of the Company to make any required payment of interest on the Senior Notes would represent a default under the Senior Notes. A default, if not waived, could result in acceleration of the Company's indebtedness, in which case the full amount of the Senior Notes would become immediately due and payable. If an uncured default were to occur, the Company does not currently anticipate that it can retire the Senior Notes with internally generated cash flows without the sale of either its interest in PeterStar or its interests in both PeterStar and Magticom. Furthermore, the Company has not been successful with past refinancing initiatives associated with the Senior Notes, and as such, the Company might not be able to borrow sufficient funds to remedy a situation where it's obligated to retire the Senior Notes, either due to a uncured default situation or as a result of the ultimate maturity of the Senior Notes. If the Company is not able to satisfactorily address the corporate liquidity issues described above, the Company may have to resort to certain other measures, including ultimately seeking the protection afforded under the U.S. Bankruptcy Code. The Company cannot provide assurances at this time that it will be successful in avoiding such measures. Additionally, the Company has a stockholders' deficit and has suffered recurring operating losses and operating cash deficiencies. The factors discussed above raise substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. In June 2004, the Company reached an agreement (the Board of Director Nominee Agreement) with certain holders of the Company's 7 1/4 cumulative convertible preferred stock who represented to the Company that they held discretionary authority (including the power to vote) with regard to 2.4 million shares or approximately 58% of the outstanding 4.1 million shares of Preferred Stock (the Participating Preferred Stockholders). Under the terms of the Board of Director Nominee Agreement, the Participating Preferred Stockholders irrevocably waived the right to request a special meeting of holders of Preferred Stock to elect directors or take any action to request such a meeting; such waiver to remain effective until immediately after the next annual meeting of the Company's stockholders is held. In consideration of this waiver, Messrs. Gale and Henderson, who were identified by the Participating Preferred Stock Holders as director candidates, were elected as Class III Directors by the Company's Board of Directors. Their terms will expire at the Company's next annual meeting of stockholders. At the next annual meeting, the holders of Preferred Stock will have the right to vote separately as a class for the election of two directors. It is expected that Messrs. Gale and Henderson will be nominated for election by the holders of Preferred Stock to fill these two directorships. The execution of the Board of Director Nominee Agreement was the culmination of several discussions that the Company had with several holders of the Company's Preferred Stock, which began in late 2003 and had originated due to the fact that the Company had not made six consecutive dividend payments on the Preferred Stock. According to the terms of the Preferred Stock, holders of 25% of the voting power of the outstanding Preferred Stock became entitled to compel the Company to call a special meeting of the holders of the Preferred Stock for the purpose of electing two new directors. The Company believes that the Board of Director Nominee Agreement was advantageous to the Company because it eliminated the need to hold a special meeting, which would have been both time consuming and expensive. A full copy of the company's 10Q filing is available free of charge at: http://bankrupt.com/misc/Metromedia10Q.pdf CONTACT: METROMEDIA INTERNATIONAL GROUP INC. Charlotte, North Carolina Web site: http://www.metromedia-group.com Contact: Mark Hauf, Chief Executive Officer Ernie Pyle Phone: 704-321-7383 E-mail: investorrelations@mmgroup.com METROMEDIA INTERNATIONAL: Discloses Pending Lawsuits ---------------------------------------------------- Commitments and Contingencies Risks Associated with the Company's Investments The ability of the Company and its business ventures to establish and maintain profitable operations is subject to, among other things, significant political, economic and social risks inherent in doing business in Russia and the Republic of Georgia. These include matters arising out of government policies, economic conditions, imposition of or changes in government regulations or policies, imposition of or changes to taxes or other similar charges by government bodies, exchange rate fluctuations and controls, civil disturbances, deprivation or unenforceability of contractual rights, and taking of property without fair compensation. Escrowed Severance As a condition to the sale, in November 2002, of the assets of Snapper Inc. (a wholly owned subsidiary of the Company), the Company was required to escrow monies owed to former employees under their respective severance arrangements. Such amounts outstanding totaled US$1.0 million as of December 31, 2003. During the first quarter of 2004, the Company settled the remaining severance obligations with the former employees at a discount, which resulted in the Company receiving US$0.3 million of excess escrowed cash from the escrow agent. Litigation On March 31, 2003, Mr. James Campbell filed a complaint in the Circuit Court of Walker County, Alabama against Turtle Shell, Inc., formerly known as Snapper, Inc. for damages related to injuries allegedly sustained by him while operating a Snapper lawnmower. In November 2002, the Company disposed of all assets and most liabilities of Snapper, Inc. but retained certain liabilities, including any obligations that may arise out of this litigation. Mr. Campbell died on July 14, 2003. In light of Mr. Campbell's death, his complaint was amended to include a wrongful death claim and a claim of damages for any pain and suffering incurred by Mr. Campbell from the time of injury until death. Mr. Campbell's estate was substituted as the plaintiff in this action. Also named as a defendant in this case is Briggs & Stratton, the company that manufactured the engine of the lawnmower. On August 3, 2004, a settlement agreement was reached among Mr. Campbell's estate, the Company and the other co-defendant. All claims against the Company have been released. In January 2004, a complaint was filed against the Company in the Court of Chancery of the State of Delaware. In the complaint Mr. McLaughlin, the plaintiff, is seeking to enforce his rights as a shareholder of the Company to inspect and copy certain books and records of the Company. The Company believes that the request made by the plaintiff is overly broad and lacks proper purpose and is preparing to defend its position in court. However, in order to minimize costs of a potential trial, the Company has entered into discussions with the plaintiff regarding the nature of information sought by him and has provided certain requested documents as appropriate. No trial has been scheduled in this case. The Company is not in a position to predict the outcome of any such proceedings, or the extent to which they could adversely affect the Company's financial condition and results of operations. The Company is involved in other various legal and regulatory proceedings. While the results of any litigation or regulatory issue contain an element of uncertainty, management believes that the outcome of any of these known, pending or threatened legal proceedings will not have a material effect on the Company's consolidated financial position and results of operations, except as noted above. Georgian Matters As previously disclosed, the Company has received letters from, and corresponded with, two Georgian individuals involved in the initial formation of certain of the Company's business ventures in the Republic of Georgia. These individuals allege that the Company has not fully complied with its obligations to them under certain contracts. In addition, the individuals have alleged that Company personnel may have violated the Foreign Corrupt Practices Act (FCPA) and possibly engaged in other improper or illegal conduct. Concerning the allegations of improper or illegal conduct, including FCPA allegations, an investigation conducted by the Company's outside counsel failed to uncover any specific factual support for these allegations. With respect to the contractual claims, the Company entered into a settlement agreement with one of the individuals. Upon investigation, the Company determined that the second individual's allegations of contractual breach had no merit. Mtatsminda Litigation The Company has been involved in several commercial disputes with Mtatsminda, the Company's 15% minority partner in its Ayety business venture. These commercial disagreements have resulted in Mtatsminda filing a claim, on July 25, 2004, against International Telcell SPS, Inc. (ITSPS), a subsidiary of the Company, Ayety and Zurab Chigogidze, the General Director of Ayety, for damages in the amount of GEL185,000 (US$90,000), GEL23,000 (US$13,000) and GEL258,000 (US$130,000), respectively. The claim was filed in the Mtatsminda District Court in Tbilisi, Republic of Georgia. In its complaint, Mtatsminda alleges that it suffered damages because Ayety TV had used its cash resources to make payments to ITSPS in repayment of a credit facility between Ayety and ITSPS. Mtatsminda also claims that Ayety has not authorized the credit facility. Mtatsminda further alleges that Ayety's funds should have been used to make dividend payments to Mtatsminda. On September 15, 2004, ITSPS filed a counterclaim stating that all of Mtatsminda's claims are groundless. ITSPS also challenged Mtatsminda's standing in the case due to expiration of the statute of limitations, non-payment of court duty and other procedural matters. ITSPS is prepared to defend its position in court. Based on the information available and due to the relatively low amounts of damages claimed, the Company believes that these matters will not result in any material adverse effect on the Company's business, financial condition or results of operations. Pension Benefit Guaranty Corporation In the second quarter of 2004, the Company engaged in discussions with the Pension Benefit Guaranty Corporation (PBGC) regarding the Company's June 23, 2003 notice to the PBGC that highlighted: (i) that the Company may have historically failed to timely satisfy certain minimum funding requirements with respect to one of its defined benefit pension plans; (ii) that the sale of corporate assets by a subsidiary of the Company may have triggered certain PBGC reporting, bonding and/or escrow requirements with respect to another one of its defined benefit pension plans; (iii) that the Company had recently added extra contributions to one of its defined benefit pension plans to remedy a previous period funding shortfall situation, and (iv) that the Company believes that there are no further corrective actions required with respect to either defined benefit pension plan. In a letter dated August 6, 2004, the Company was informed by the PBGC that the PBGC does not intend to take any action with respect to the matter addressed in the Company's June 23, 2003 notice. Related Party Transactions Metromedia Company, a significant common shareholder of the Company, provides certain consulting services to the Company on an hourly basis as requested by the Company in the areas of tax, legal and investor relations pursuant to a Consulting Services Agreement (the CSA). For the nine months ended September 30, 2004 and 2003, the Company incurred consulting fees of US$0.2 million and US$0.3 million, respectively, pursuant to the CSA. A significant portion of the consulting fees incurred under the CSA in the first half of 2004 and 2003 is principally related to tax consulting related services with the remainder for executive managerial, legal and other services. The Company anticipates that future services by Metromedia Company will be principally related to executive managerial services, since Metromedia Company ceased providing significant tax consulting services to the Company in May 2004. Services provided by Metromedia Company pursuant to the CSA have been provided as requested by the Company and have been invoiced to the Company at agreed-upon hourly rates. There is no minimum required level of services. The Company is also obligated to reimburse Metromedia Company for all of its out-of-pocket costs and expenses incurred and advances paid by Metromedia Company in connection with services performed by it under the CSA. Pursuant to the CSA, the Company agreed to indemnify and hold Metromedia Company harmless from and against any and all damages, liabilities, losses, claims, actions, suits, proceedings, fees, costs or expenses (including reasonable attorneys' fees and other costs and expenses incident to any suit, proceeding or investigation of any kind) imposed on, incurred by or asserted against Metromedia Company in connection with the agreement, other than those in any way relating to or resulting from the gross negligence or willful misconduct of Metromedia Company, its employees, consultants or other representatives. The CSA continues in effect unless and until Metromedia Company or the Company provides written notice of termination to the other party, whereupon the CSA will terminate immediately. A full copy of the company's 10Q filing is available free of charge at: http://bankrupt.com/misc/Metromedia10Q.pdf CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Headquarters: Charlotte, North Carolina Web site: http://www.metromedia-group.com Contact: Mark Hauf, Chief Executive Officer Ernie Pyle Phone: 704-321-7383 E-mail: investorrelations@mmgroup.com MORSHANSK-AGRO-PROM-SNAB: Declared Insolvent -------------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy proceedings against Morshansk-Agro-Prom-Snab after finding the open joint stock company insolvent. The case is docketed as A64-1409/04-18. Mr. M. Smagin has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to Russia, Tambov, K. Marksa Str. 55, Apartment 2. CONTACT: MORSHANSK-AGRO-PROM-SNAB Russia, Tambov region, Morshanskiy region, Ustyinskiy Mr. M. Smagin Insolvency Manager Russia, Tambov, K. Marksa Str. 55, Apartment 2 NEW HARVEST: Hires M. Smagin as Insolvency Manager -------------------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy proceedings against New Harvest after finding the close joint stock company insolvent. The case is docketed as A64-4522/03-2. Mr. M. Smagin has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to Russia, Tambov, K. Marksa Str. 55, Apartment 2. CONTACT: NEW HARVEST Russia, Tambov region, Znamenskiy region, Karian Mr. M. Smagin Insolvency Manager Russia, Tambov, K. Marksa Str. 55, Apartment 2 OBSHE-PIT: Insolvency Manager Enters Firm ----------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy proceedings against Obshe-Pit after finding the limited liability company insolvent. The case is docketed as A64- 592/04-18. Mr. M. Smagin has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to Russia, Tambov, K. Marksa Str. 55, Apartment 2. CONTACT: OBSHE-PIT Russia, Tambov region, Zherdeyevka Mr. M. Smagin Insolvency Manager Russia, Tambov, K. Marksa Str. 55, Apartment 2 SPASSKOYE: Primorye Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Arbitration Court of Primorye region has commenced bankruptcy proceedings against Spasskoye after finding the close joint stock company insolvent. The case is docketed as A51- 3866/2004-21-39b. Mr. I. Zagorulko has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 692224, Russia, Primorye region, Spasskiy region, Busevka, Sovetskaya Str. 19. CONTACT: SPASSKOYE 692224, Russia, Primorye region, Spasskiy region, Busevka, Sovetskaya Str. 19 Mr. I. Zagorulko Insolvency Manager 692224, Russia, Primorye region, Spasskiy region, Busevka, Sovetskaya Str. 19 TAMBOV-GAS-STROY: Hires A. Morozov as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy proceedings against Tambov-Gas-Stroy after finding the open joint stock company insolvent. The case is docketed as A64- 4443/99-2. Mr. A. Morozov has been appointed insolvency manager. CONTACT: TAMBOV-GAS-STROY Russia, Tambov, Kavaleriyskaya Str. 7a USMAN-SELKHOZ-KHIMIYA: Creditors' Claims Due Next Month ------------------------------------------------------- The Arbitration Court of Lipetsk region has commenced bankruptcy proceedings against Usman-Selkhoz-Khimiya (TIN 4816005018) after finding the open joint stock company insolvent. The case is docketed as A36-52-B/1-04. Mr. S. Polyakov has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 399370, Russia, Lipetsk region, Usman, Tereshkovoy Str. 25, 40a. CONTACT: USMAN-SELKHOZ-KHIMIYA 399372, Russia, Lipetsk region, Usmanskiy region, Prigorodka Mr. S. Polyakov Insolvency Manager 399370, Russia, Lipetsk region, Usman, Tereshkovoy Str. 25, 40a VOLOGDA-FURNITURE: Under Bankruptcy Supervision ----------------------------------------------- The Arbitration Court of Vologda region has commenced bankruptcy supervision procedure on open joint stock company Vologda- Furniture. The case is docketed as A13-4445/04-25. Mr. V. Ivanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 160011, Russia, Vologda, Kozlenskaya Str. 59, Office 3. CONTACT: VOLOGDA-FURNITURE 160002, Russia, Vologda, Leningradskaya Str. 71 Mr. V. Ivanov Temporary Insolvency Manager 160011, Russia, Vologda, Kozlenskaya Str. 59, Office 3 YUG-LES: Gives Creditors Until January to File Claims ----------------------------------------------------- The Arbitration Court of Vologda region has commenced bankruptcy proceedings against Yug-Les after finding the limited liability company insolvent. The case is docketed as A13-3319/04-25. Mr. A. Mokrov has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to Russia, Vologda, Pskovskaya 3, Apartment 149. CONTACT: YUG-LES Russia, Vologda region, Argunovo Mr. A. Mokrov Insolvency Manager Russia, Vologda, Pskovskaya 3, Apartment 149 YUKOS OIL: Indian Firm Shows Interest in Assets ----------------------------------------------- India's Oil and Natural Gas Corp. (ONGC) plans to bid for the assets of Yukos Oil, possibly in alliance with a Russian partner, according to Dow Jones. The report quoted India's Petroleum Minister Mani Shankar Aiyar saying Russian President Vladimir Putin is open to the idea of letting in Indian companies in the auction of some of Yukos' assets. The government is selling Yuganskneftegaz, the firm's major oil production unit, at an auction on Dec. 19 to pay for Yukos tax arrears. The starting price for the bids is set at US$8.65 billion (EUR6.5 billion). So far only Gazprom has confirmed its intention to bid. Press Trust of India said ONGC may form an alliance with Gazprom for an offer. Yukos has promised to launch a tough legal battle against companies that would attempt to snatch the unit, which accounts for more than 60% of its total oil production. The company considers the starting price too low and insists that bailiffs have no right to sell core assets to settle the tax bill. 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 P A I N ========= IZAR: Unions Hold Divergent Views on Progress of Negotiations ------------------------------------------------------------- Unions at the La Naval shipyard of troubled shipbuilder Izar have contrasting views over the ongoing talks on the plan to split the struggling group, El Pais says. At La Naval's workers' committee meeting Monday, both the Confederacion Sindical de Comisiones Obreras (CCOO) and Union General de Trabajadores (UGT), which represent the majority of employees at the shipyard, stressed that negotiations with Sociedad Estatal De Participaciones Industriales (SEPI), the state industrial holding company, have made remarkable progress. However, the CAT and ELA unions believe otherwise, saying the situation at Izar is worse than ever. SEPI plans to separate the shipbuilder's military and civilian divisions. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com ============= U K R A I N E ============= AGROBUDKOMPLEKT: Succumbs to Bankruptcy --------------------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against Agrobudkomplekt (code EDRPOU 30896964) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 10/24 b. Arbitral manager Mr. Oleksandr Roj (License Number AA 250489) has been appointed liquidator/insolvency manager. CONTACT: AGROBUDKOMPLEKT Ukraine, Lugansk region, Starobilsk, Yuzhna Str. 1 Mr. Oleksandr Roj Liquidator/Insolvency Manager 93500, Ukraine, Lugansk region, Novoajdarskij district, Rajgorodka, Radyanska Str. 7 ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a AVANGARD: Proofs of Claim Deadline Nears ---------------------------------------- The Economic Court of Poltava region has commenced bankruptcy supervision procedure on Agricultural LLC Avangard (code EDRPOU 30879713). The case is docketed as 10/227. Mr. Volodimir Nesvit (License Number AA 047993) has been appointed temporary insolvency manager. The company holds account number 260052397 at JSB Poltava-bank, MFO 331489. Creditors have until December 10, 2004 to submit their proofs of claim to: (a) AVANGARD 37251, Ukraine, Poltava region, Lohvitskij district, Iskivtsi (b) Mr. Volodimir Nesvit Temporary Insolvency Manager 36003, Ukraine, Poltava region, Nezalezhnosti Square, 1-b, Room 18 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 INTERFIRMA: Under Bankruptcy Supervision ---------------------------------------- The Economic Court of Mikolaiv region has commenced bankruptcy supervision procedure on Interfirma (code EDRPOU 13847293). The case is docketed as 4/382. Arbitral manager Mrs. Nataliya Suhorukova (License Number AA 485219) has been appointed temporary insolvency manager. The company holds account numbers 260015283 and 260034879 at JSPPB Aval, Mikolaiv regional branch, MFO 326182. Creditors have until December 10, 2004 to submit their proofs of claim to: (a) NTERFIRMA 54001, Ukraine, Mikolaiv region, Radyanska Str. 3 (b) Mrs. Nataliya Suhorukova Temporary Insolvency Manager Ukraine, Kirovograd region, Timiryazev Str. 62/2-7 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 KALINIVSKIJ TIN: Period for Filing of Claims Ends Friday -------------------------------------------------------- The Economic Court of Vinnitsya region has commenced bankruptcy supervision procedure on LLC Kalinivskij Tin Plant (code EDRPOU 05413652). The case is docketed as 10/147-04. Mr. Yurij Tushevskij (License Number AA 250425) has been appointed temporary insolvency manager. The company holds account number 2600110737 at JSPPB Aval, MFO 302247. Creditors have until December 10, 2004 to submit their proofs of claim to: (a) KALINIVSKIJ TIN PLANT 22400, Ukraine, Vinnitsya region, Kalinivka, Ostrovskij Str. 60 (b) Mr. Yurij Tushevskij Temporary Insolvency Manager Ukraine, Vinnitsya region, 40-Richya Peremogi Str. 27/57 Phone: (0432) 53-53-09 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 KERAMIK: Court Appoints Temporary Insolvency Manager ---------------------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on Keramik (code EDRPOU 23654796). The case is docketed as 2/257 B. Mr. Mariya Golovata (License Number AA 249502) has been appointed temporary insolvency manager. The company holds account number 26005301230369 at JSCB Prominvestbank, MFO 315416. CONTACT: KERAMIK 32307, Ukraine, Hmelnitskij region, Kamyanets-Podilskij district, Olenivka Mr. Mariya Golovata Temporary Insolvency Manager 32300, Ukraine, Hmelnitskij region, Kamyanets-Podilskij, Kusheleva Str. 2 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 PERVOMAJSKA AUTOBASE: Harkiv Court Opens Bankruptcy Proceedings --------------------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Pervomajska Autobase (code EDRPOU 01268408) on November 1, 2004 after finding the open joint stock company insolvent. The case is docketed as B-19/52-04. Mr. Yevgen Chipizhenko (License Number AA 419260) has been appointed liquidator/insolvency manager. The company holds account number 26005301812370 at Prominvestbank, Pervomajskij branch, MFO 351458. CONTACT: PERVOMAJSKA AUTOBASE 64100, Ukraine, Harkiv region, Pervomajskij, Polyova Str. 8 Mr. Yevgen Chipizhenko Liquidator/Insolvency Manager 61002, Ukraine, Harkiv region, Sumska Str. 82, Office 17 Phone: 714-22-16 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance TRANSPORTNIK: Court Appoints Liquidator --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Transportnik (code EDRPOU 21957920) on October 25, 2004 after finding the open joint stock company insolvent. The case is docketed as 42/45 B. Arbitral manager Mr. Dmitro Galunets (License Number AA 419467) has been appointed liquidator/insolvency manager. CONTACT: TRANSPORTNIK 83022, Ukraine, Donetsk region, Gladkovskij Str. 9 Mr. Dmitro Galunets Liquidator/Insolvency Manager 84638, Ukraine, Donetsk region, Gorlivka, Captain Ostapenko Str. 28/91 Phone: (0624) 12-31-83 8 (050) 164-31-38 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 UKRAINA: Last Day for Filing of Claims Friday --------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Ukraina (code EDRPOU 30916629) on September 15, 2004 after finding the limited liability company insolvent. The case is docketed as B-48/92-04. Arbitral manager Mr. Volodimir Matsokin (License Number AA 249724) has been appointed liquidator/insolvency manager. The company holds account number 26009000047 at JSPPB Aval, Izum branch, MFO 350589. Creditors have until December 10, 2004 to submit their proofs of claim to: (a) UKRAINA 64341, Ukraine, Harkiv region, Izum district, Kamyanka, Ukrainska Str. 7 (b) Mr. Volodimir Matsokin Liquidator/Insolvency Manager Ukraine, Harkiv region, Izum, Soborna Str. 22 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance UKRAINIAN TRADE: Bankruptcy Proceedings Begin --------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Ukrainian Trade System (code EDRPOU 31528774) on September 23, 2004 after finding the limited liability company insolvent. The case is docketed as 6/269- 4/151. Arbitral manager Mr. Rostislav Gredil has been appointed liquidator/insolvency manager. CONTACT: UKRAINIAN TRADE SYSTEM Ukraine, Lviv region, Zhovkivskij district, Malehiv, Konovaltsya Str. 31 b ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 ZORYA: Insolvency Manager Takes over Operations ----------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy proceedings against Zorya (code EDRPOU 03792295) on October 8, 2004 after finding the limited liability company insolvent. The case is docketed as 01/1211. Arbitral manager Mr. Sergij Gorbach (License Number 630134) has been appointed liquidator/insolvency manager. The company holds account number 26045370 at JSPPB Aval, Cherkassy regional branch, MFO 354411. CONTACT: ZORYA 19400, Ukraine, Cherkassy region, Korsun-Shevchenkivskij, Ukolova Str. 1 Mr. Sergij Gorbach Liquidator/Insolvency Manager 08720, Ukraine, Kyiv region, Ukrayinka, a/b 45 Phone: (04472) 2-42-22 (067) 220-42-93 E-mail: Gorbach@ukrainka.net 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 =========================== AIR-LIMO LIMITED: Royal Bank of Scotland Appoints PwC Receiver -------------------------------------------------------------- The Royal Bank of Scotland called in Robert Jonathan Hunt and Edward Mark Shires (Office Holder Nos 8597, 7925) administrative receivers for Air-Limo Limited (Reg No 02798446, Trade Classification: 28). The application was filed Nov. 25, 2004. The company leases luxury limousines and other vehicles. CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com ARTESIA NATURAL: Meeting of Unsecured Creditors Set Next Week ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Artesia Natural & Precious Ltd. (In Receivership) Notice is hereby given, pursuant to section 67(2) of the Insolvency Act 1986, that a meeting of the unsecured creditors of Artesia Natural & Precious Ltd. will be held at 10 Ardross Street, Inverness, IV3 5NS, on December 14, 2004 at 11:30 a.m. for the purposes of having laid before it a copy of the report prepared by the Joint Receiver in accordance with the said section and, if thought fit, appointing a creditors' committee. Creditors whose claims are wholly secured are not entitled to attend or vote at the meeting. Creditors who are partly secured may only vote in respect of the balance of the amount due to them after deducting the value of the security, as estimated by them. For the purposes of voting a Statement of Claim together with a form of proxy must be lodged with me at or before the meeting. Notice is hereby given, pursuant to the Section 67(2)(b) of the Insolvency Act 1986 that any unsecured creditor wishing to obtain a copy of the Report prepared by the Joint Receiver, free of charge, should write to the address below. A. I. Fraser, Joint Receiver CONTACT: TENON RECOVERY 10 Ardross Street Inverness IV3 5NS Phone: 01463 235321 Fax: 01463 231040 E-mail: inverness@tenongroup.com Web site: http://www.tenongroup.com BARROW VILLAGE: Hires Liquidator from Tomlinsons ------------------------------------------------ At the extraordinary general meeting of the Barrow Village Estates Limited on Nov. 23, 2004 held at Macdonald Tickled Trout Hotel, Preston New Road, Samlesbury, Preston PR5 0UJ, the resolutions to wind up the company were passed. Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL has been appointed liquidator for the purpose of such winding-up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk BEADHOPE LIMITED: Owners Opt to Dissolve Business ------------------------------------------------- At the extraordinary general meeting of the members of the Beadhope Limited on Nov. 15, 2004 held at PO Box 16, Town Hall Square, Grimsby DN31 1HE, the extraordinary and ordinary resolutions to wind up the company were passed. Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL have been appointed joint liquidators for the purpose of such winding-up. CONTACT: JACKSONS JOLLIFFE CORK Lowgate House, Lowgate, Hull HU1 1EL Web site: http://www.jjcork.co.uk BENSON MIDLANDS: In Administrative Receivership ----------------------------------------------- The Royal Bank of Scotland called in Mark David Charles Hopkins and Robert Jonathan Hunt (Office Holder Nos 8365, 8597) administrative receivers for construction company Benson Midlands Limited (Reg No 00654903, Trade Classification: 4521, General Construction and Civil Engineering). The application was filed Nov. 30, 2004. The company offers general contracting services. CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com BRIGHTVIEW LIMITED: Members Decide to Wind up Company ----------------------------------------------------- At the extraordinary meeting of the members of the Brightview Limited on Nov. 24, 2004 held at the offices of David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE, the extraordinary resolution to wind up the company was passed. Paul Appleton of David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE has been appointed liquidator for the purpose of such winding-up. CONTACT: DAVID RUBIN & PARTNERS 26-28 Bedford Row, London WC1R 4HE E-mail: info@davidhornerandco.co.uk Web site: http://www.davidhornerandco.co.uk BULKBAG LIMITED: Receivers Call Creditors' Meeting -------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bulkbag Limited (In Receivership) Notice is hereby given in accordance with Section 67(2) Insolvency Act 1986 that a meeting of the creditors of Bulkbag Limited will be held at the Swallow Hotel, Invergowrie, Dundee, DD2 5JT on December 20, 2004 at 11:00 a.m. In accordance with rule 7.9(2) of the Insolvency (Scotland) Rules 1986, a creditor is entitled to vote only if: (a) Details of the debt claimed are submitted to the receivers in writing at or before the meeting; and (b) Where the creditor cannot attend in person, a form of proxy which the creditor intends to be used on his behalf is lodged with the receivers before the meeting. Creditors whose claims are fully secured are not entitled to attend or be represented at the meeting. Unsecured creditors may request a free copy of the Receivers' report to be sent to them. Claims, proxies or requests should be sent to the Receivers at Deloitte & Touche LLP at the address below. James Stephen, Joint Receivers 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 CLOACA LIMITED: Members Final Meeting Set January ------------------------------------------------- The final meeting of the members of the Cloaca Limited will be on Jan. 12, 2005 commencing at 10:00 a.m. It will be held at Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BE. 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. Creditors who want to be represented at the meeting may appoint proxies. CONTACT: CRITCHLEYS Greyfriars Court, Paradise Square, Oxford OX1 1BE C & N DEVELOPMENTS: Hires P&A Partnership as Liquidator ------------------------------------------------------- At the extraordinary general meeting of the C & N Developments (1998) Limited on Nov. 30, 2004 held at Express by Holiday Inn Southampton West, Adanac Park, Redbridge Lane, Nursling, Southampton SO16, the extraordinary resolutions to wind up the company were passed. John Russell and Andrew Philip Wood of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, Insolvency Practitioners, duly qualified under the Insolvency Act 1986 have been appointed the liquidators of the company for the purpose of such winding-up. CONTACT: THE P&A PARTNERSHIP 93 Queen Street Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com COMPROPERTY.COM LIMITED: Names Robson Laidler Liquidator -------------------------------------------------------- At the extraordinary general meeting of the members of the Comproperty.Com Limited on Nov. 29, 2004 held at the offices of Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ, the extraordinary and ordinary resolutions to wind up the company were passed. Mr. W. Paxton of Robson Laidler LLP, of Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ has been appointed liquidator of the company. CONTACT: ROBSON LAIDLER LLP Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk CRM PROPERTY: Liquidator from T H Associates Enters Firm -------------------------------------------------------- At the extraordinary general meeting of the members of the CRM Property Development Limited on Nov. 25, 2004 held at the office of Wensley Shaw Siney, Bank Chambers, Liverpool Road, Birkdale, Southport PR8 4AR, the extraordinary resolution to wind up the company was passed. Timothy John Hargreaves of T H Associates, Towngate House, 116-118 Towngate, Leyland PR25 2LQ has been nominated liquidator for the purpose of such winding-up. CONTACT: T H ASSOCIATES Towngate House, 116-118 Towngate, Leyland PR25 2LQ E-mail: contactus@th-associates.com Web site: http://www.th-associates.com DAYTIME WINDOWS: Hires Liquidator from Wilkins Kennedy ------------------------------------------------------ At the extraordinary general meeting of the members of the Daytime Windows Ltd. (formerly Ultimate 1st Choice Ltd) on Nov. 25, 2004 held at 1 Nelson Street, Southend-on-Sea SS1 1EG, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen Paul Grant of Wilkins Kennedy, Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: WILKINS KENNEDY Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ Phone: +44 (0) 1494 725544 Fax: +44 (0) 1494 431571 E-mail: info@wilkinskennedy.com Web site: http://www.wilkinskennedy.com DEAN PARK: Winding-up Report Due January ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dean Park Hotels (Renfrew) Limited Dean Park Hotels (Watford) Limited DPH Management Limited Queens Moat Houses (Scotland) Limited The Kelvingrove Consulting Rooms Limited The Lorne Hotel (Glasgow) Limited Deanside Hotels (Holdings) Limited and Capital International Hotels Limited Notice is hereby given, pursuant to Section 94 of the Insolvency Act 1986, that a Final Meeting of the Members of Dean Park Hotels (Renfrew) Limited, Dean Park Hotels (Watford) Limited, DPH Management Limited, Queens Moat Houses (Scotland) Limited, Kelvingrove Consulting Rooms Limited, The Lorne Hotel (Glasgow) Limited, Deanside Hotels (Holdings) Limited and Capital International Hotels Limited will be held at the offices of Messes Begbies Traynor (Incorporating Taylor Gotham & Fry), The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG on January 12, 2005 at 11:00 a.m. for the purposes of having laid before it an account showing how the winding-up has been conducted and the Company's property disposed of and hearing any explanations that may be given by the Liquidator. A Member entitled to attend and vote at the above Meeting may appoint a proxy to attend and vote instead of him or her. A proxy need not be a Member of the company. Mark Robert Fry, Liquidator November 22, 2004 CONTACT: BEGBIES TRAYNOR The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com DESICCANT DRY: Members Pass Extraordinary Winding up Resolution --------------------------------------------------------------- At the extraordinary general meeting of the Desiccant Dry Air Systems Limited on Dec. 1, 2004 held at Storey House, White Cross, South Road, Lancaster LA1 4XF, the extraordinary resolution to wind up the company was passed. Jonathan M. Timmis of J M Marriott & Co, Storey House, White Cross, South Road, Lancaster LA1 4XF has been appointed liquidator for the purpose of such winding-up. CONTACT: J M MARRIOTT & CO Storey House, White Cross, South Road, Lancaster LA1 4XF D J SPECIALIST: Names Grant Thornton Liquidator ----------------------------------------------- At the extraordinary general meeting of the D J Specialist Clothing Limited on Nov. 22, 2004 held at Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR, the extraordinary and ordinary resolutions to wind up the company were passed. Nigel Morrison of Grant Thornton UK LLP, 43 Queen Square, Bristol BS1 4QR has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: GRANT THORNTON U.K. LLP 43 Queen Square Bristol BS1 4QR Phone: 0117 926 8901 Fax: 0117 926 5458 Web site: http://www.grant-thornton.co.uk DREAMCOSTUMES LTD: Hires Liquidator from Jeffreys Henry Jacobs -------------------------------------------------------------- At the extraordinary general meeting of the members of the Dreamcostumes Ltd. on Nov. 25, 2004 held at Fergusson House, 124-128 City Road, London EC1V 2NJ, the resolution to wind up the company was passed. C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City Road, London EC1V 2NJ has been nominated liquidator for the purpose of such winding-up. CONTACT: JEFFREYS HENRY JACOBS 124-128 City Road, London EC1V 2NJ Phone: 020 7670 9010 Fax: 020 7670 9011 Web site: http://www.jhj.co.uk FINMATICA LIMITED: Names KPMG Administrator ------------------------------------------- Allan Watson Graham and Mark Jeremy Orton (IP Nos 8719, 8846) have been appointed administrators for Finmatica Limited. The appointment was made Nov. 29, 2004. The company manages supply chain, software and consultancy. CONTACT: KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk HIGHAIR LIMITED: Appoints Wilkins Kennedy Administrator ------------------------------------------------------- Keith Aleric Stevens (IP No 8065) and Colin George Wiseman (IP No 6712) have been appointed administrators for marketing company Highair Limited. The appointment was made Nov. 25, 2004. Its registered office is located at 8-10 Lower James Street, London W1F 9EL. CONTACT: WILKINS KENNEDY Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY Phone: +44 (0) 1784 435561 Fax: +44 (0) 1784 430584 E-mail: egham@wilkinskennedy.com Web site: http://www.wilkinskennedy.com WILKINS KENNEDY Bridge House, London Bridge London SE1 9QR Phone: +44 (0) 20 7403 1877 Fax: +44 (0) 20 7403 1605 E-mail: london@wilkinskennedy.com Web site: http://www.wilkinskennedy.com IP SUPPORT: Sets Creditors' Meeting December 21 ----------------------------------------------- The creditors of IP Support Limited will meet on Dec. 22, 2004 commencing at 10:30 a.m. It will be held at Premier Lodge, Knutsford North, Bucklow Hill, Knutsford, Cheshire WA16 6RD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS not later than 12:00 noon, Dec. 21, 2004. CONTACT: CBA 435 Lichfield Road, Aston, Birmingham B6 7SS JARVIS PLC: Closes Sale of UPP Business --------------------------------------- Jarvis plc announces, further to its announcement of 1 September 2004, that it had signed Heads of Terms with the Alma Mater Fund for the sale of its University Partnership Programme (UPP) bidding and management operation, that the sale has now been concluded. The transaction will involve the transfer of 35 employees to a new company, UPP Projects Limited. The Alma Mater Fund has previously partnered the UPP business and the university clients in developing university student accommodation projects and had recently acquired the economic interests in a number of the investments held in the UPP joint venture special purpose vehicles from Jarvis. Alma Mater is a joint venture partnership company managed by 3i and Barclays Private Equity and aims to develop a portfolio of student accommodation projects in partnership with universities across the U.K. CONTACT: JARVIS Jonathan Haslam Phone: 020 7017 8147 Merlin PR Paul Lockstone Phone: 020 7653 6620 ALMA MATER FUND Robert McClatchey Phone: 020 7773 2523 JARVIS PLC: Receives GBP1.2 Million for PFI Bidding Operations -------------------------------------------------------------- Jarvis plc said that further to the announcement on 12 November 2004, it has reached agreement with HOCHTIEF Developments (U.K.) Limited, a wholly owned subsidiary of HOCHTIEF AG, to dispose of its Private Finance Initiative (PFI) bidding business for a consideration of GBP1.2 million payable on completion plus deferred consideration of up to GBP300,000 if financial close is achieved on two of the existing PFI bids within two months following completion of the disposal. The transaction will involve the transfer of approximately 12 employees and the assumption by Hochtief of two property leases. The sale proceeds will be applied towards general Jarvis group purposes. In addition Jarvis has granted to Hochtief an option to take over its rights and obligations under the facilities management contracts in respect of the Belfast courts and Irish schools for the sum of one pound. That option is exercisable at any time up to 16 December 2004. CONTACT: JARVIS PLC Phone: 020 7017 8147 Jonathan Haslam Merlin PR Phone: 020 7653 6620 Bridget Fury DRESDNER KLEINWORT WASSERSTEIN Phone: 020 7623 8000 Michael Covington David Whiteley MACALISTER & DUNDAS: Liquidator to Give Final Report December 30 ---------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF MacAlister & Dundas Limited Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986, that the final meeting of members of MacAlister & Dundas Limited will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP on December 30, 2004 commencing at 2:30 p.m. for the purpose of having an account laid before the members showing how the winding-up has been conducted and the property of the Company disposed of, and hearing any explanation that may be given by the Liquidator. A member entitled to attend and vote at the meeting may appoint a proxy, who need not be a member to attend and vote instead of him/her. Tim Walsh, Joint Liquidator November 24, 2004 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 MATRIX COMPONENTS: Hires Liquidator from Grant Thornton ------------------------------------------------------- At the extraordinary general meeting of the members of the Matrix Components Limited on Nov. 25, 2004 held at 11 Clifton Moor Business Village, James Nicolson Link, York YO30 4XG, 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: GRANT THORNTON Grant Thornton House, Melton Street, Euston Square, London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk MATRIX ESSENTIALS: Sets Final Meeting Next Year ----------------------------------------------- The final meeting of the members of the Matrix Essentials Limited will be on Jan. 7, 2005 commencing at 10:15 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 MHM BLACKSMITHS: Calls in Liquidator from Begbies Traynor --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF MHM Blacksmiths Limited (In Liquidation) I, Ian Scott McGregor C.A., 4th Floor, 78 St Vincent Street, Glasgow G2 5UB hereby give notice that I was appointed Liquidator of MHM Blacksmiths Limited by Resolution of a Meeting of Creditors held pursuant to Section 98 of the Insolvency Act 1986 on 23rd November 2004. All creditors who have not already done so are required on or before February 28, 2005 to lodge their claims with me. I. Scott McGregor C.A, Liquidator November 26, 2004 CONTACT: BEGBIES TRAYNOR 4th Floor 78 St. Vincent Street Glasgow G2 5UB Phone: 0141 222 2230 Fax: 0141 222 2330 E-mail: liverpool@begbies-traynor.com Web site: http://www.begbies.com MULTI-SPORTS LIMITED: Hires Administrators from Tenon Recovery -------------------------------------------------------------- Simon R. Thomas and Trevor J. Binyon (IP Nos 8920, 9285) have been appointed administrators for Multi-Sports Limited. The appointment was made Nov. 23, 2004. The company retails sports equipment. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street, London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com PIPELINE PROTECTION: Appoints Tenon Recovery Administrator ---------------------------------------------------------- Ian William Kings (IP No 7232) have been appointed administrator for Pipeline Protection Limited. The appointment was made Nov. 30, 2004. The company manufactures protective compositions to pipework. Its registered office is located at Tenon House, Ferryboat Lane, Sunderland SR5 3JN. CONTACT: TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com QUADRILLE VIDEO: Liquidator Moves in ------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Quadrille Video Duplication Limited Notice is hereby given that I, John Michael Hall of Haines Watts, 9 Coates Crescent, Edinburgh, was appointed liquidator of Quadrille Video Duplication Limited on November 19, 2004. John Michael Hall, Liquidator November 29, 2004 CONTACT: HAINES WATTS 9 Coates Crescent Edinburgh EH3 7AL Phone: 0131 225 4661 Fax: 0131 225 4663 Web site: http://www.hwca.com RED BRICK: Liquidator's Report Out Later this Month --------------------------------------------------- The final general meeting of the Red Brick Systems UK Limited will be on Dec. 31, 2004 commencing at 11:00 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. 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 SIMON VENTURES: Members Pass Special Winding up Resolutions ----------------------------------------------------------- At the extraordinary general meeting of the Simon Ventures International Limited on Nov. 24, 2004 held at Grant Thornton House, Melton Street, Euston Square, London NW1 2EP, the special resolution to wind up the company was passed. Roy Welsby of Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ has been appointed liquidator of the company for the purpose of the voluntary winding-up. CONTACT: GRANT THORNTON 1 Westminster Way, Oxford OX2 0PZ Phone: 01865 799899 Fax: 01865 724420 Web site: http://www.grant-thornton.co.uk SOIRAM LIMITED: Bank of Scotland Calls in Receivers --------------------------------------------------- Bank of Scotland called in Gareth Wyn Roberts and Paul William Ellison (Office Holder Nos 1162/01 and 7254/03) joint administrative receivers for Soiram Limited (Reg No 04473684, Trade Classification: 48). The application was filed Nov. 24, 2004. The company is manages restaurant and nightclub. CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP 5 Fairmile, Henley on Thames, Oxfordshire RG9 2JR Phone: +44 (0) 1491 579866 Fax: +44 (0) 1491 573397 E-mail: hmt@hmtgroup.co.uk TXU EUROPE: SSE Expects More than GBP220 Mln in Compensation ------------------------------------------------------------ Following the failure of TXU Europe, which went into administration in November 2002, a subsidiary of Scottish and Southern Energy plc lodged a claim for over GBP300 million with the administrators. The claim is in respect of the termination of a 14-year contract between SSE Energy Supply Ltd (SSEESL), a subsidiary of SSE, and TXU Europe Energy Trading Ltd., originally entered into in 1997, and was made under the terms of that contract. In early 2003, when the claim was submitted, SSE stated that it was well-placed relative to other creditors and that it believed that more than 50% of it would be settled. The administrators of TXU Europe Group plc (TXUEG) and certain of its subsidiaries have issued an Information Memorandum in relation to a company voluntary arrangement (CVA) which enables TXUEG and certain of its subsidiaries to agree with its creditors a Scheme of Arrangement which will determine how outstanding debts should be paid, and in what proportions. The majority of the creditors, including SSEESL, have entered into 'lock-up' agreements under which these creditors have agreed, or provisionally agreed, to vote in favor of the CVA. The creditors' meeting to approve this is due to take place on 28 January 2005. SSEESL's claim has been agreed at GBP294.2 million and, whilst the CVA remains subject to creditor approval, SSE now expects that more than 75% of its agreed claim will be settled. As previously stated, recovery from the administration will be firstly offset against a debtor of GBP48 million. The remaining balance will be recognized in the profit and loss account, along with the associated tax charge. It is currently anticipated that the first distribution to CVA creditors will be made on or around 31 March 2005, with other distributions being made in the autumn of 2005 and the spring of 2006. CONTACT: TXU EUROPE Alan Young, Director of Corporate Communications Phone: 0870 900 0410 Denis Kerby, Media and IR Manager Phone: 0870 900 0410 VECO PRODUCTS: Calls in Liquidator from Parkin S. Booth & Co. ------------------------------------------------------------- At the extraordinary general meeting of the Veco Products Limited on Nov. 30, 2004 held at Parkin S Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, the special resolution to wind up the company was passed. Robert M. Rutherford of Parkin S Booth & Co, 44 Old Hall Street, Liverpool L3 9EB has been appointed liquidator for the purpose of such winding-up. CONTACT: PARKIN S. BOOTH & CO. 44 Old Hall Street, Liverpool L3 9EB W G REALISATIONS: To Appoint Liquidator Mid-December ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF W G Realisations Limited (In Liquidation) I, Blair Carnegie Nimmo, Chartered Accountant, KPMG, 191 West George Street, Glasgow, G2 2LJ, United Kingdom, hereby give notice, that by Interlocutor of the Sheriff of South Strathclyde, Dumfries and Galloway at Airdrie dated November 18, 2004, I was appointed Interim Liquidator of W G Realisations Limited (formerly Wilson & Garden Limited), having its registered office at 95 Bothwell Street, Glasgow, G2 7JZ. Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, the first meeting of creditors will be held within 191 West George Street, Glasgow, G2 2LJ at 11:00 a.m. on December 15, 2004 for the purpose of choosing a Liquidator. The meeting may also consider other resolutions referred to in Rule 4.12(3). All creditors are entitled to attend in person or by proxy and to vote, provided their claims and proxies, if any, have been submitted at or before the meeting. B. C. Nimmo, Interim Liquidator November 25, 2004 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk WILLIAM LAWRENCE: Members Final Meeting Set January --------------------------------------------------- The final meeting of the members of William Lawrence Limited will be on Jan. 7, 2005 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 ********* 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. 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