/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041214.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, December 14, 2004, Vol. 5, No. 247 Headlines B U L G A R I A CHIMCO AD: Leases Facilities to Indagro-Geneva F R A N C E VIVENDI UNIVERSAL: Fined EUR1 Million for Accounting Fraud VIVENDI UNIVERSAL: Mulls Disposal of 15% Veolia Stake G E R M A N Y GESELLSCHAFT FUR AUS- WEITERBILDUNG: Succumbs to Bankruptcy HANS GESELLSCHAFT: Creditors' Meeting Set January HOLZMULLER SPEZIALTRANSPORT: Under Bankruptcy Administration JENOPTIK AG: Off Watch Negative After M&W-Caatoossee Merger KTO GMBH: Creditors' Claims Due this Week MEYER GMBH: Hannover Court Sets Claims Deadline December MODERN TAAHUT: Koln Court Appoints Provisional Administrator PORST UND GOLLER: Gives Creditors Until January to File Claims ROSENGARTEN GBR: Creditors' Claims Due End-December R&R AUSBAU: Dessau Court Sets Claims Deadline January TISCHLEREI HAFNER: Applies for Bankruptcy Proceedings I T A L Y CIRIO FINANZIARIA: Del Monte Attracts Three Potential Buyers GIACOMELLI SPORTS: Receiver Launches Another Sale N E T H E R L A N D S KENDRION N.V.: Rump Offering Ends Today P O L A N D AIR POLONIA: Bankruptcy Staged, Report Says R U S S I A DISTILLERY RYAZANSKIY: Court Hearing Resumes April ELECTRO-CABEL-SBYT: Hires Y. Antonets as Insolvency Manager KAMESKOYE: Undergoes Bankruptcy Supervision Procedure KOLPYANSKIY BUTTER: Declared Insolvent LIKHOSLAVLSKAYA MOVABLE: Court Sets Hearing This Month MONCHEGORSKIY FACTORY: Sets Deadline for Proofs of Claim PEAT ENTERPRISE: Novgorod Court Appoints Insolvency Manager SARATOVSKIY FACTORY: Declared Insolvent TRANS-DOR-HOLDING: Saratov Court Names Insolvency Manager VIMPEL-COMMUNICATIONS: Retains 'BB-' Ratings Despite Tax Bill VIMPEL-COMMUNICATIONS: Faces Class Action Lawsuit in U.S. YUKOS OIL: Yuganskneftegaz Attracts Three Possible Bidders YUKOS OIL: Tomskneft Faces US$114 Million Back Tax Claims YUKOS OIL: Lead Expert Quizzed Over Tomskneft's Funds YURYEVSKIY: Creditors Have Until January to File Claims S P A I N CAJA RURAL: Individual Rating Downgraded to 'B/C' S W I T Z E R L A N D GENERAL MOTORS: To Undertake Massive Job Cuts in Europe U K R A I N E CHORNUHINSKE REPAIR: Under Bankruptcy Supervision FINSERVICE: Ruslan Borovik Named Liquidator INDUSTRIYA: Under Bankruptcy Supervision INTERGAZ: Succumbs to Insolvency MASHIVSKIJ RAJAGROPOSTACH: Bankruptcy Proceedings Commenced MAYAK: Economic Court Launches Bankruptcy Proceedings POLIGRAFTEHNIKA: Insolvency Manager Takes over Helm SERVIS DOLINSHINI: Bankruptcy Supervision Begins SILGOSPHIMIYA: Court Appoints Liquidator TEPLOENERGO: Insolvent Status Declared TEPLOMEREZHA: Temporary Insolvency Manager Comes In TEPLOSTROJ: Donetsk Authorities Assign Insolvency Manager UKRAINA: Court Appoints Temporary Insolvency Manager U N I T E D K I N G D O M ADPRES LIMITED: Hires Liquidator from Hunt Johnston Stokes ANDY HAULAGE: Calls in Liquidator from Kroll Limited AVALON TRADE: In Administrative Receivership BASF CHEMICALS: Brings in Liquidator from Moore Stephens BATTERIES DIRECT: Members Agree to Wind up Company BRADFORD BLOOM: Applies for Liquidation BUSINESS LINK: Final General Meeting Set January CENTRAL PLASTICS: Hires Liquidator from UHY Hacker Young CLIFTON HARGREAVES: Owners Opt to Liquidate Firm COFFEE HOUSE: Final Meeting of Members, Creditors Set January COOPERS OF CHELTENHAM: Names Hazlewoods Liquidator CURZON BERKELEY: Sets Members General Meeting January DETCO LIMITED: Liquidator to Submit Final Report Next Month DOME SYSTEMS: Members Agree to Dissolve Company DUNMORE PUB: Brings in Liquidators from PricewaterhouseCoopers ELBOWROOM LIVING: Calls Creditors' Meeting ELDRIDGE POPE: Bidco Offer Receives 72.73% Acceptances EUROHOOF (UK): Bibby Factors Appoints PKF Receiver EVER 2056: Members Pass Winding up Resolutions FIT'N'KIT LIMITED: Hires Harris Lipman as Liquidator GLOBAL CROSSING: Proposed Senior Secured Notes Rated 'B-' MASTIF SUPPLIES: Creditors to Convene this Week MULTI-SPORTS LIMITED: Sets Creditors' Meeting Next Week MYTRAVEL GROUP: Resets Bondholders Meeting to End of December NORTHERN SCAFFOLD: Owners Opt for Liquidation ORKLA SECURITIES: Members Meeting Set January PTOREX ENGINEERING: Sets Final General Meeting January SHEFFIELD GP: Liquidator's Final Report Out January SPAZONE LIMITED: Liquidator Calls Final Creditors' Meeting STANDARD INVESTMENTS: Liquidator to Give Final Update January ST. CHRISTOPHER: Hires Kroll Limited as Administrator TANNAHILL PROPERTY: Liquidator Enters Firm TRUE BLUE: Appoints Liquidator from Francis Clark ZEPHYR PLASTIC: Names Begbies Traynor Administrator * Large Companies with Insolvent Balance Sheets ********* =============== B U L G A R I A =============== CHIMCO AD: Leases Facilities to Indagro-Geneva ---------------------------------------------- The Bulgarian subsidiary of Italian farming industry major Indagro-Geneva is to rent out facilities of bankrupt Chimco AD for one year. The Vratsa Regional Court and the bankruptcy receivers of the nitric fertilizer, Boris Borisov and Indrago Bulgaria, agreed on the transaction last week, Bulgarian News Network says. A court in northern Bulgaria declared Chimco bankrupt last week. It owes state gas distributor Bulgargas and the National Electric Company about BGN150 million. CONTACT: CHIMCO Chimco, 3037 Vratza, Bulgaria Phone: +359 92 2 22 71; +359 92 2 23 81 Fax: +359 92 3 31 18 E-mail: info@chimco.bg Web site: http://www.chimco.bg =========== F R A N C E =========== VIVENDI UNIVERSAL: Fined EUR1 Million for Accounting Fraud ---------------------------------------------------------- The Financial Market Authority fined Vivendi Universal S.A. and its former head Jean-Marie Messier a total of EUR2 million for hiding the firm's true financial status in the past years. The market regulator ordered the company and its former chairman and CEO to pay EUR1 million (US$1.35 million) each for the misconduct between 2001 and 2002. Mr. Messier brought Vivendi close to bankruptcy through his acquisition spree that earned the company up to EUR35 billion (US$47 billion) in debts. The regulator cleared him of insider trading, but charged him of incorrect reporting to hide Vivendi's debt level. According to the Financial Management Authority, Mr. Messier reduced Vivendi's debt by subtracting expected proceeds of a sell-off that did not take place until 14 months later. This enabled him to report Vivendi's EUR3.4 billion (US$4.6 billion) debt in October 2000 as EUR1.2 billion (US$1.6 billion). Mr. Messier was also found guilty of breaking market rules and wrongly consolidating figures from Telcom, its 49%-owned Polish subsidiary. He was freed from similar accusations relating to two other Vivendi units, Cegetel and Maroc Telecom. The watchdog cleared former Vivendi finance director Guillaume Hannezo of any wrongdoing. CONTACT: VIVENDI UNIVERSAL 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: Mulls Disposal of 15% Veolia Stake ----------------------------------------------------- Vivendi Universal plans to sell a 15% stake in the world's biggest water company, Veolia Environnement S.A., according to Bloomberg News. The stake is worth about EUR1.5 billion (US$2 billion) at current market prices, the report says. The planned disposal follows the sell-off of about a third of Veolia in an initial public offering in July 2000. It will leave Vivendi with only 5.3% of Veolia, and debt of EUR4 billion. It will also reduce further its water utility operations. Former head Jean-Marie Messier had disastrously tried to turn the water utility business into a global media company. Chief Executive Jean-Rene Fourtou has already sold more than US$25 billion of assets to pare down the debts racked up by his predecessor's shopping spree. Vivendi, which also owns France's second-largest mobile- phone operator, SFR, cut its borrowings to EUR5.5 billion at the end of September from EUR34.9 billion at the end of June 2002. Vivendi said the capital gain from the sale will be offset against the company's current capital losses and will therefore not result in a capital gains tax. CONTACT: VIVENDI UNIVERSAL 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 ============= GESELLSCHAFT FUR AUS- WEITERBILDUNG: Succumbs to Bankruptcy ----------------------------------------------------------- The district court of Saarbrucken opened bankruptcy proceedings against Gesellschaft fur Aus- und Weiterbildung mbH, Rathausstr. 36a, 66292 Riegelsberg, on Nov. 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 12, 2005 to register their claims with court-appointed provisional administrator Gunter Staab. Creditors and other interested parties are encouraged to attend the meeting on Dec. 20, 2004, 2:15 p.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. 17, 2005 at the same venue. CONTACT: GESELLSCHAFT FUR AUS- UND WEITERBILDUNG MBH Rathausstr. 36a, 66292 Riegelsberg Christof Huschens, Manager Gunter Staab, Bahnhofstrasse 77, 66111 Saarbrucken Phone: 0681/3090416 Fax: 0681/3090456 HANS GESELLSCHAFT: Creditors' Meeting Set January ------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Hans und Eckehard Ruter Gesellschaft, Gustav-Heinemann- Str. 19, 59065 Hamm, on Nov. 12, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 14, 2005 to register their claims with court-appointed provisional administrator Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting on Jan. 6, 2005, 10:50 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, 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. 17, 2005 at the same venue. CONTACT: HANS UND ECKEHARD RUTER GESELLSCHAFT Gustav-Heinemann-Str. 19, 59065 Hamm Hans Ruter, Manager Stephan Heinrichsmeyer, Insolvency Manager Spiekergasse 6-8, 33330 Gutersloh Phone: 05241/92 02-0 Fax: 05241 92 02 22 HOLZMULLER SPEZIALTRANSPORT: Under Bankruptcy Administration ------------------------------------------------------------ The district court of Augsburg opened bankruptcy proceedings against Holzmuller Spezialtransport GmbH, Holzstrasse 5, 86316 Friedberg, HRB 20651 AG Augsburg, on Nov. 12, 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 Rainer U. Muller. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005, 9:25 a.m. at the district court of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg, 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: HOLZMULLER SPEZIALTRANSPORT GMBH HolzstraSSe 5, 86316 Friedberg, HRB 20651 AG Augsburg Ulrich HolzmUller, Manager Rainer U. Muller, Insolvency Manager Schiessstattenstr. 15, 86159 Augsburg JENOPTIK AG: Off Watch Negative After M&W-Caatoossee Merger ----------------------------------------------------------- Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured 'B+' and Short-term 'B', and its EUR150 million senior notes at 'B+', and removed them from Rating Watch Negative. The Outlook is Stable. The affirmation comes after the merger of Jenoptik's subsidiary M&W Zander with German software and IT services provider Caatoossee AG has been put on hold. The group was put on Rating Watch Negative in October, following the announcement of a potential merger of M&W Zander with Caatoossee, which has a poor operating record. The merger was subject to a number of conditions, which Caatoosee in November this year stated it did not meet. Following conversations with Jenoptik's management, Fitch understands that the transaction is not progressing. While Jenoptik's management did not completely rule out such a transaction in the future, it outlined that it could only take place in a manner that is not detrimental to Jenoptik's credit profile. However, Fitch remains skeptical of the business logic for the Caatoosee merger and retains its view of the likely negative impact on Jenoptik's credit profile of such a potential transaction. Nevertheless, the agency regards the likelihood of re-negotiations with Caatoosee as low. In July 2004 Fitch downgraded Jenoptik's ratings to the present level, following the review of the full year 2003 results, which were materially below expectations (pls. also see announcement dated 2 July 2004 on http://www.fitchratings.com). CONTACT: FITCH RATINGS Karsten Frankfurth, Frankfurt Phone: +49 69 7680 76170 Monica Klingberg Insoll, London Phone: +44 207 417 4281 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 Jenoptik Aktiengesellschaft Carl-Zeiss-Strasse 1 07739 Jena, Germany Phone: +49-3641-65-0 Fax: +49-3641-42-4514 Web site: http://www.jenoptik.com KTO GMBH: Creditors' Claims Due this Week ----------------------------------------- The district court of Darmstadt opened bankruptcy proceedings against KTO GmbH Koch Trend Office, Werkstrasse 23, 68519 Viernheim (AG Lampertheim, HRB-Nr. 61744), on Nov. 16, 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 Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2005, 10:45 a.m. at the district court of Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt, 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: KTO GMBH KOCH TREND OFFICE Werkstrasse 23, 68519 Viernheim (AG Lampertheim, HRB-Nr. 61744) Hartlieb Koch, Manager Marc Schmidt-Thieme, Insolvency Manager Soldnerstr. 2, 68219 Mannheim Phone: 0621/87708-0 Fax: 0621/8770820 MEYER GMBH: Hannover Court Sets Claims Deadline December -------------------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Meyer GmbH, Kiel 19, 30900 Wedemark (AG Burgwedel, HRB 3686), on Nov. 12, 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 Dirk Stadler. Creditors and other interested parties are encouraged to attend the meeting on Jan. 25, 2005, 9:10 a.m. at the district court of Hanover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, 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: MEYER GMBH Kiel 19, 30900 Wedemark (AG Burgwedel, HRB 3686) Olaf Meyer, Manager Dirk Stadler, Insolvency Manager Luisenstr. 9, 30159 Hannover Phone: 0511/36703-110 Fax: 0511/36703-133 MODERN TAAHUT: Koln Court Appoints Provisional Administrator ------------------------------------------------------------ The district court of Koln opened bankruptcy proceedings against Modern Taahut Insaat Ve ticaret Limited Sirteki, Industriestrasse 30, 50389 Wesseling, on Nov. 19, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 5, 2005 to register their claims with court-appointed provisional administrator Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 11:20 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13. Etage, Saal 1311, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MODERN TAAHUT INSAAT VE TICARET LIMITED SIRTEKI Industriestrasse 30, 50389 Wesseling Serhan Caglar, Manager Jana Dettmer, Insolvency Manager Weyerstr. 54, 50676 Koln Phone: 0221/92 12 17 - 0 Fax: +4922192121720 PORST UND GOLLER: Gives Creditors Until January to File Claims -------------------------------------------------------------- The district court of Koln opened bankruptcy proceedings against Porst und Goller GbR, Gardeweg 2, 51688 Wipperfurth, on Nov. 16, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 5, 2005 to register their claims with court-appointed provisional administrator Michael Schmidt-Modrow. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 10:45 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13. Etage, Saal 1311, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PORST UND GOLLER GBR Gardeweg 2, 51688 Wipperfurth Michael Schmidt-Modrow, Insolvency Manager Albert-Schmidt-Allee 24, 42897 Remscheid Phone: 02191/5922407 Fax: +4921915922408 ROSENGARTEN GBR: Creditors' Claims Due End-December --------------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against Rosengarten GbR, Kurhaus 6 - 8, 57392 Schmallenberg, on Nov. 19, 2004. 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 Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting on Feb. 4, 2005, 9:15 a.m. at the district court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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: ROSENGARTEN GBR Kurhaus 6 - 8, 57392 Schmallenberg Wilfried Pohle, insolvency Manager Bahnstr. 1, 34431 Marsberg Phone: 02992/973716 Fax: 02992/973719 R&R AUSBAU: Dessau Court Sets Claims Deadline January ----------------------------------------------------- The district court of Dessau opened bankruptcy proceedings against R&R Ausbau GmbH, Ernst-Thalmann-Strasse 1, 06774 Schlaitz (AG Stendal, HRB 16353), on Nov. 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 12, 2005 to register their claims with court-appointed provisional administrator Jorg Riedemann. Creditors and other interested parties are encouraged to attend the meeting on Feb. 14, 2005, 11:00 a.m. at the district court of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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: R&R AUSBAU GMBH Ernst-Thalmann-Strasse 1, 06774 Schlaitz (AG Stendal, HRB 16353) Andreas Rau, Manager Jorg Riedemannn, Insolvency Manager Muhlweg 47, 06114 Halle Phone: 0345/293900 Fax: 0345/2939029 TISCHLEREI HAFNER: Applies for Bankruptcy Proceedings ----------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Tischlerei Hafner Gesellschaft, Gurtelstr. 25,10247 Berlin, on Nov. 18, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 9, 2005 to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2005, 9:35 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II, Stock Saal 218, 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 April 6, 2005 at the same venue. CONTACT: TISCHLEREI HAFNER GESELLSCHAFT Gurtelstr. 25,10247 Berlin Rolf Nacke, Insolvency Manager Gross-Berliner-Damm 73 c, 12487 Berlin ========= I T A L Y ========= CIRIO FINANZIARIA: Del Monte Attracts Three Potential Buyers ------------------------------------------------------------ Cirio Finanziaria S.p.A. said it is in advanced talks with three interested bidders for a stake in Del Monte Pacific Ltd., but warned there is no certainty an offer may be forthcoming. Administrators of the food company are selling a 40% stake in Del Monte Pacific Ltd. as part efforts to raise cash to pay debts. Cirio defaulted on more than EUR1 billion in debt in 2002 before going into liquidation. The current disposal may raise an estimated US$180 million. In a statement to the Singapore stock exchange, Del Monte Pacific said Cirio would choose a winning bidder and afterwards proceed with the sale. It did not identify the final bidders, but earlier reports suggested that Philippine beverage and food conglomerate San Miguel Corp., Japan's Sumitomo Corp., U.S.- based HJ Heinz Co., and Fresh Del Monte Produce Inc. are among those interested in the stake. MCI Inc., the holding company of the Lorenzo family, which holds a 22%-stake in Del Monte Pacific, has a right to match any final offer that Cirio may accept, it added. Del Monte Pacific owns brand rights over Del Monte products in the Philippines and in the Indian subcontinent. GIACOMELLI SPORTS: Receiver Launches Another Sale ------------------------------------------------- Elio Blasio, receiver of bankrupt sporting goods group Giacomelli Sports S.p.A., plans to launch another sale of the ailing retailer, Il Sole 24 Ore says. Mr. Blasio had three failed attempts to sell Giacomelli. Submission of bids will last until the first week of January. Giacomelli sold its Longoni Sport and Sport&Natura sports retail chains to rival sportswear retailer Cisalfa in September. The group has remaining 49 shops, ten of which might face closure. Mr. Blasio said the shops are currently stocking up EUR4 million to EUR5 million in merchandise in preparation for the Christmas season. CONTACT: GIACOMELLI SPORT S.p.A. Via Nuova Circonvallazione Ovest, 14/16 47900 Rimini Italia Phone: +39 541 748611 Fax: +39 541 742201 Web site: http://www.giacomellisport.com ===================== N E T H E R L A N D S ===================== KENDRION N.V.: Rump Offering Ends Today --------------------------------------- Kendrion N.V. announces that in connection with its 11 for 2 rights offering to existing shareholders of 62,500,000 new ordinary shares, eligible existing shareholders have subscribed for 49,034,172 Offer Shares at an issue price of EUR0.80 per Offer Share through the exercise of their preferential allocation rights (the PARs). This represents approximately 79.6% of the total number of Offer Shares. The numbers in this press release are subject to final confirmation by the Subscription Agent, ING Bank N.V. Rump Offering The exercise period for the PARs ended at 14.30 hours CET Monday, 13 December 2004. On 14 December 2004, ING Investment Banking, Deutsche Bank AG London, Fortis Bank (Nederland) N.V. and NIB Capital Bank N.V., together the "Joint Bookrunners", will endeavor to procure purchasers for the Offer Shares not subscribed for through the exercise of PARs during the exercise period (the Rump Shares) by way of private placements in the Netherlands and elsewhere, in transactions made outside the United States in reliance on Regulation S of the U.S. Securities Act, at a price per Rump Share which is at least equal to the total of the Issue Price and any expenses relating to procuring such purchasers (the Rump Offering). The Rump Offering is expected to end no later than 17.40 hours CET on 14 December 2004. Any Offer Shares not subscribed for through the exercise of PARs or sold by the Joint Bookrunners in the Rump Offering will be subscribed for by ING Bank N.V., Deutsche Bank AG London, Fortis Bank (Nederland) N.V., NIB Capital Bank N.V. and Lloyds TSB Bank Plc at the Issue Price of EUR0.80. Upon completion of the Rump Offering, if the aggregate proceeds for the Rump Shares offered and sold in the Rump Offering, after deduction of selling expenses (including any value added tax), if any, exceed the aggregate Issue Price for such Rump Shares (the Excess Amount), each holder of a PAR that was not exercised at the end of the exercise period will be entitled to receive, except as noted below, a part of the Excess Amount in cash proportional to the number of unexercised PARs reflected in such holder's securities account (the Unexercised PAR Payment). If the Excess Amount divided by the total number of unexercised PARs is EUR0.01 or less per unexercised PAR, no Unexercised PAR Payment will be made to holders of any unexercised PARs and instead any Excess Amount will be for the benefit of the Underwriters. Kendrion will not be entitled to receive any Excess Amount. The Unexercised PAR Payments, if any, will be distributed to holders of unexercised PARs as soon as practicable after the closing of the Offering and will be credited to those holders through the facilities of Euroclear Nederland, Euroclear and Clearstream, Luxembourg. Payments will be made in euro only, without interest and after withholding of any applicable taxes. If we have announced that an Excess Amount is available for distribution to holders of unexercised PARs and they have not received payment therefor within a reasonable time following the closing of the Offering, they should contact the financial intermediary through which they hold their unexercised PARs. Neither we, nor the Subscription Agent nor the Underwriters, nor any person procuring subscriptions for Rump Shares, will be responsible for any lack of Excess Amount arising from any sale of the Rump Shares in the Rump Offering. Allotment of the Offer Shares is expected to take place on 14 December 2004. Payment for and delivery of the offering is expected to take place on 17 December 2004. In connection with the Offering, ING Investment Banking or any person acting for it may effect transactions on Euronext Amsterdam or elsewhere in the open market or otherwise in connection with the distribution of Kendrion shares with a view to stabilizing or maintaining the market price of Kendrion shares at levels other than those which might otherwise prevail in the market, provided such transactions are in accordance with applicable regulations. Such stabilizing, if commenced, may be discontinued at any time and will in any event be discontinued 30 days after the date of payment for and delivery of the Offer Shares, which is currently expected to be 17 December 2004. Profile Kendrion N.V. Kendrion N.V. is an international company, which has approximately 3,200 employees in 16 European countries. Kendrion aims at niche market leadership in business-to-business markets. Kendrion develops high quality industrial components and provides services in the field of plastic semi-manufactures and fasteners. Motivated local entrepreneurship, quality management in the broadest sense and logistic expertise are characteristic of Kendrion. Kendrion stock is listed on the Euronext Amsterdam stock exchange and included in the Euronext index NextPrime. CONTACT: KENDRION N.V. Mr. P. Veenema Utrechtseweg 46 Utrechtseweg 33 3704 HD ZEIST 3704 HA ZEIST Phone: 030 - 699.72.50 Fax: 030 - 695.11.65 Web site: http://www.kendrion.com =========== P O L A N D =========== AIR POLONIA: Bankruptcy Staged, Report Says ------------------------------------------- The shareholders of Air Polonia had already laid down the framework of a rescue plan for the budget carrier months before it filed for bankruptcy, Gazeta Wyborcza has learned. Documents accessed by the newspaper show shareholders signed a deal paving the way for the transfer of the firm's assets to Air Polonia LLC, leaving the "old" Air Polonia with debts. The new entity would receive support from the Crescent Irish-Jordanian fund; but the plan fell through for lack of agreement between parties. According to the report, Air Polonia continued to sell tickets, leased planes and purchased fuel in August when the carrier's situation was already precarious. President Jan Litwinski then said the firm has net profit of PLN1.2 million in the first half, and is selling 90% of tickets for each flight, which is more than that of national carrier LOT. He is now saying the carrier went bankrupt because an investor unexpectedly withdrew a promised capital injection. Creditors of the firm secured three of its planes earlier this month when it failed to meet payments. CONTACT: AIR POLONIA Web site: http://www.airpolonia.com =========== R U S S I A =========== DISTILLERY RYAZANSKIY: Court Hearing Resumes April -------------------------------------------------- The Arbitration Court of Ryazan region has commenced bankruptcy supervision procedure on close joint stock company Distillery Ryazanskiy. The case is docketed as A54-4058-04-S20. Mr. E. Malykhin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 390044, Russia, Ryazan, Krupskoy Str. 19/1, GOS 44, Post User Box 311. A hearing will take place on April 4, 2005. CONTACT: DISTILLERY RYAZANSKIY 390000, Russia, Ryazan, Pavlova Str. 5 Mr. E. Malykhin Temporary Insolvency Manager 390044, Russia, Ryazan, Krupskoy Str. 19/1, GOS 44, Post User Box 311 ELECTRO-CABEL-SBYT: Hires Y. Antonets as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Tomsk region has commenced bankruptcy supervision procedure on close joint stock company Electro- Cabel-Sbyt - Nizhniy Novgorod (TIN 5260101338). The case is docketed as A67-10785/04. Mr. Y. Antonets has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 634057, Russia, Tomsk, Govorova Str. 1A, Office 6. CONTACT: ELECTRO-CABEL-SBYT - NIZHNIY NOVGOROD 634515, Russia, Tomsk region, Zorkaltsevo, Timiryazevskaya Str. 9, Apartment 1 Mr. Y. Antonets Temporary Insolvency Manager 634057, Russia, Tomsk, Govorova Str. 1A, Office 6 KAMESKOYE: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------- The Arbitration Court of Krasnoyarsk region has commenced bankruptcy supervision procedure on open joint stock company Kameskoye. The case is docketed as A33-19011/04-s4. Mr. V. Kustikov has been appointed temporary insolvency manager. CONTACT: KAMESKOYE Russia, Krasnoyarsk region, Taseyevo, Molodyezhnoye Str. 64 Mr. V. Kustikov Temporary Insolvency Manager 660069, Russia, Krasnoyarsk, Post User Box 13082 KOLPYANSKIY BUTTER: Declared Insolvent -------------------------------------- The Arbitration Court of Orel region has commenced bankruptcy proceedings against Kolpyanskiy Butter And Cheese Producing Factory after finding the open joint stock company insolvent. The case is docketed as A48-3361/04-20b. Mr. V. Sinegubkin has been appointed insolvency manager. Creditors have until Jan. 12, 2005 to submit their proofs of claim to 302028, Russia, Orel, Gorkogo Str. 45, Office 29. CONTACT: KOLPYANSKIY BUTTER AND CHEESE PRODUCING FACTORY Russia, Orel region, Kolpny, Internatsionalnaya Str. 31 Mr. V. Sinegubkin Insolvency Manager 302028, Russia, Orel, Gorkogo Str. 45, Office 29 Phone: (086-2) 47-49-08 or (086-2) 29-50-76 LIKHOSLAVLSKAYA MOVABLE: Court Sets Hearing This Month ------------------------------------------------------ The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on close joint stock company Likhoslavlskaya Movable Mechanized Column. The case is docketed as A66-9540/2004. Mr. Y. Smirnov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 170000, Russia, Tver, Vagzhanova Str. 12, Post User Box 177. A hearing will take place on Dec. 27, 2004. CONTACT: LIKHOSLAVLSKAYA MOVABLE MECHANIZED COLUMN 171210, Russia, Tver region, Likhoslavl, Vagzhanova Str. 15 Mr. Y. Smirnov Temporary Insolvency Manager 170000, Russia, Tver, Vagzhanova Str. 12, Post User Box 177 MONCHEGORSKIY FACTORY: Sets Deadline for Proofs of Claim -------------------------------------------------------- The Arbitration Court of Murmansk region has commenced bankruptcy proceedings against Monchegorskiy Factory Of Radio And TV Equipment Repair (5107110012, KPP 510701001) after finding the municipal unitary enterprise insolvent. The case is docketed as A42-2352/04-10. Mr. A. Arendachuk has been appointed insolvency manager. Creditors have until Jan. 12, 2005 to submit their proofs of claim to 184500, Russia, Murmansk region, Monchegorsk, Metallurgov Pr. 2A. CONTACT: MONCHEGORSKIY FACTORY OF RADIO AND TV EQUIPMENT REPAIR 184500, Russia, Murmansk region, Monchegorsk, Komsomolskaya Str. 21 Mr. A. Arendachuk Insolvency Manager 184500, Russia, Murmansk region, Monchegorsk, Metallurgov Pr. 2A Phone/Fax: (8 81536) 3-48-88 PEAT ENTERPRISE: Novgorod Court Appoints Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Peat Enterprise Kushaverskoye. The case is docketed as A44- 9760/04-S4-K. Mr. A. Tsybin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 174571, Russia, Novgorod region, Khvoyninskiy region, Yubileyniy, Sosnovskaya Str. 3. A hearing will take place Jan. 20, 2005, 11:00 a.m. CONTACT: PEAT ENTERPRISE KUSHAVERSKOYE 174571, Russia, Novgorod region, Khvoyninskiy region, Yubileyniy, Sosnovskaya Str. 3 Mr. A. Tsybin Temporary Insolvency Manager 174571, Russia, Novgorod region, Khvoyninskiy region, Yubileyniy, Sosnovskaya Str. 3 SARATOVSKIY FACTORY: Declared Insolvent --------------------------------------- The Arbitration Court of Saratov region has commenced bankruptcy proceedings against Saratovskiy Factory Of Enamel Goods after finding the company insolvent. The case is docketed as A57- 187B/04-23. Ms. A. Alyabyeva has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) Saratovskiy Factory Of Enamel Goods 410076, Russia, Saratov, Degtyarnaya Square, 1 (b) Insolvency Manager 410031, Russia, Saratov, Radisheva Str. 71 TRANS-DOR-HOLDING: Saratov Court Names Insolvency Manager --------------------------------------------------------- The Arbitration Court of Saratov region has commenced bankruptcy proceedings against Trans-Dor-Holding after finding the corporation insolvent. The case is docketed as A57-15B/03-31. Mr. V. Samonin has been appointed insolvency manager. Creditors have until Jan. 12, 2005 to submit their proofs of claim to 410003, Russia, Saratov, Radisheva Str. 71. CONTACT: TRANS-DOR-HOLDING Russia, Saratov, Kutyakova Str. 20 Mr. V. Samonin Insolvency Manager 410003, Russia, Saratov, Radisheva Str. 71 VIMPEL-COMMUNICATIONS: Retains 'BB-' Ratings Despite Tax Bill ------------------------------------------------------------- Standard & Poor's maintained the credit ratings and outlook on mobile phone operator Vimpel-Communications (VimpelCom) despite a multi-million-dollar demand for back taxes from authorities. The ratings agency said the notice of a US$157 million bill does not immediately affect the firm's 'BB-' rating and positive outlook. S&P said: "At present, VimpelCom's situation remains within the framework of normal tax investigation and assessment procedures. Furthermore, the amount of the preliminary tax claim is manageable for the company given its adequate levels of cash flow generation and liquid financial resources on the balance sheet. The ratings and the outlook on VimpelCom reflect the positive trend in its business growth and financial performance." It will closely watch further developments associated with VimpelCom's tax reassessment, warning that a possible legal battle could have a negative impact on the outlook or the ratings. CONTACT: Vimpel-Communications (NYSE: VIP [ADR]) 10, 8 Marta St., Building 14 127083 Moscow, Russia Phone: +7-095-725-0700 Fax: +7-095-721-0017 Web site: http://www.vimpelcom.com VIMPEL-COMMUNICATIONS: Faces Class Action Lawsuit in U.S. --------------------------------------------------------- Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Open Joint Stock Company "Vimpel-Communications" (a/k/a Vympel Communicatii) (VIP) (RTS: VIMP) from March 25, 2004 through December 8, 2004, inclusive (the Class Period). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299- 7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com. VimpelCom is a leading provider of telecommunications services in Russia and Kazakhstan. The Company operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia. It built the first dual-band GSM-900/1800 cellular network in Russia and leads the development and emergence of the mass consumer market for wireless telecommunications in Russia with prepaid products. The complaint charges VimpelCom, Alexander V. Izosimov and Elena A. Shmatova with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts, which were known to defendants or recklessly disregarded by them: (1) that VimpelCom was passing fifty percent (50%) of its revenues from its Moscow operations to its wholly owned subsidiary KB Impuls, thereby improperly deducting fifty percent (50%) of Moscow revenues as expenses to VimpelCom; (2) as such, VimpelCom was only paying taxes on fifty percent (50%) of the Moscow revenues rather than on all revenues from its Moscow operations, including revenues passed onto KB Impuls; (3) that this improper deduction caused VimpelCom to artificially inflate its financial results by at least US$534 million for fiscal years 2001-2003; (4) that as a result of this, the Company's financial results were in violation of generally accepted accounting principles ("GAAP"); (5) that the Company lacked adequate internal controls; and (6) that as a result of the above, the Company's financial results were materially inflated at all relevant times. On December 8, 2004, VimpelCom announced that it had received an act with preliminary conclusions of the review of VimpelCom's 2001 tax filing by its tax inspectorate, stating that the Company owed an additional RUB2.5 billion which is approximately US$90 million in tax (plus RUB1.9 billion or approximately US$67 million in fines and penalties). A large portion of this amount related to the deductibility of expenses incurred by VimpelCom in connection with the agency relationship between VimpelCom and its wholly owned subsidiary, KB Impuls, which held the GSM license for the city of Moscow and the Moscow region. News of this shocked the market. Shares of VimpelCom fell $8.38 per share, or 21.78 percent, to close at $30.10 per share on unusually high trading volume. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com. If you are a member of the class described above, you may, not later than February 8, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Vimpel-Communications (NYSE: VIP [ADR]) 10, 8 Marta St., Building 14 127083 Moscow, Russia Phone: +7-095-725-0700 Fax: +7-095-721-0017 Web site: http://www.vimpelcom.com SCHIFFRIN & BARROWAY, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. Three Bala Plaza East, Suite 400 Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706 E-mail: info@sbclasslaw.com Web site: http://www.sbclasslaw.com YUKOS OIL: Yuganskneftegaz Attracts Three Possible Bidders ---------------------------------------------------------- The Federal Anti-monopoly Service on Friday said three bids have already been lodged for Yukos Oil's main production unit, Yuganskneftegaz. The interests came from Gazpromneft, a subsidiary of the state-owned gas giant Gazprom, the First Venture Company (Pervaya Venchurnaya Kompaniya), and Interkom, a closed stock company. Gazprom's government-controlled board approved the bid Wednesday and gave the go-ahead for the company to raise cash for the bid. It is reportedly negotiating to secure a EUR10 billion (US$13 billion) loan via a one-year facility from a syndicate consisting of Deutsche Bank AG, Dresdner Bank AG, J.P. Morgan Chase & Co., ABN Amro N.V., BNP Paribas S.A., and Calyon. Bailiffs are selling the Siberian unit on Dec. 19 to recover more than US$26 billion (GBP13.6 billion) in back taxes from Yukos. Applications to take part in the auction remain open until 18. Yuganskneftegaz is being offered at a starting price of US$9 billion. The final selling price is unlikely to cover all of Yukos' back taxes and analysts predict further asset sales next year, according to MosNews. As such, analysts see Gazprom's plan to borrow up to US$13.3 billion as an indication it is looking to bid for other Yukos units in the future. Gazprom, which is 38% state owned, has long been the favorite to win. A deal will allow the government to regain control of the country's vast oil reserves. A Gazprom spokesman told Dow Jones the firm will plans to honor about US$700 million-US$800 million in Yukos debt -- secured by Yuganskneftegaz's crude oil exports -- to another banking syndicate if the company's board gives final approval to the Yuganskneftegaz purchase. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Tomskneft Faces US$114 Million Back Tax Claims --------------------------------------------------------- Tax authorities have served Tomskneft-VNK, a unit of Yukos Oil, a tax bill of US$114 million for 2001, according to MosNews. The demand was the first to be issued against several Yukos units currently under investigation. Shares in Tomskneft were arrested in July together with that of Yuganskneftegaz, and Samaraneftegaz as part of court bailiff's effort to extract payment for tax debts from Yukos. The oil firm's back tax debt already reached more than US$20 billion. According to Moody's, a large part of Yukos' financial debt relates to facilities totaling US$2.6 billion. The debt instrument is secured by export proceeds and guaranteed by some of Yukos' main production assets, including Yuganskneftegaz. A portion is also fully supported by Yukos' main shareholder Menatep Group. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Lead Expert Quizzed Over Tomskneft's Funds ----------------------------------------------------- Investigators detained Yukos Oil legal department deputy chief Svetlana Bakhmina for questioning last week in relation to the affairs of the firm's Tomskneft unit, according to reports. "[Ms. Bakhmina] is suspected of misappropriating, together with an organized group, the property of Tomskneft and Eastern Oil Company (VNK) companies worth RUB8 billion rubles," a spokesman for the prosecutor's office told Interfax. In an interview with Gazeta.Ru, a Yukos representative said the move against Ms. Bakhmina was clearly the authorities' attempt to weaken the company's legal defenses as well as to destroy the corporate management in general. The government, as one of its shareholders, is blaming majority stockholder Yukos for share dealings that resulted to its devaluation, and losses for investors. Yukos has denied the allegations, saying that the deals were made in the interests of VNK and the government. 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 YURYEVSKIY: Creditors Have Until January to File Claims ------------------------------------------------------- The Arbitration Court of Ivanovo region has commenced bankruptcy proceedings against Yuryevskiy after finding the tinned food factory insolvent. The case is docketed as A1178/10-B. Mr. S. Andrianov has been appointed insolvency manager. Creditors have until Jan. 12, 2005 to submit their proofs of claim to 153025, Russia, Ivanovo, Boevikov Str. 30, Apartment 12. CONTACT: Mr. S. Andrianov Insolvency Manager 153025, Russia, Ivanovo, Boevikov Str. 30, Apartment 12 ========= S P A I N ========= CAJA RURAL: Individual Rating Downgraded to 'B/C' ------------------------------------------------- Fitch Ratings downgraded Caja Rural de Navarra's Individual rating to 'B/C' from 'B'. At the same time, the agency has affirmed the Caja's other ratings at Long-term 'A-' (A minus), Short-term 'F2' and Support '3'. The rating Outlook remains Stable. The rating action is based on the downward trend in CRN's core profitability, particularly in the first nine months of 2004. The Caja's Long-, Short-term and Individual ratings also take into account its strong local franchise, backed by its status as a rural credit co-operative (Caja Rural) and membership of the Caja Rural Group, healthy asset quality and capital adequacy. They also consider its size, regional concentration and an appetite for equity investments. While CRN's profitability has historically been sound, it has been undermined by steadily narrowing net interest margin and higher operating costs due to branch expansion over the past three years. Its cost-to-income ratio was 64% at end-September 2004 compared to 52% at end-2001 and its pre-provision operating profit-to-average total assets ratio has also deteriorated to 1.15% at end-September 2004 from 1.98% at end-2001. CRN's asset quality ratios are healthy, with an impaired-to- total loans ratio of 1.1% and loan loss reserve coverage of 224% at end-September 2004. CRN's capital adequacy is sound, with an E.U. total capital-to-weighted risks ratio of 9.94% (Tier 1: 9.92%) at end-June 2004. CRN is a member of the Asociacion Espanola de Cajas Rurales, the representative body for the Caja Rural Group. This group comprises 75 (virtually all) Cajas Rurales in Spain and works according to the principles of mutual support, synergy and cost rationalization, although there is no formal cross-guarantee scheme in place. Despite being the third-largest Spanish credit co-operative, CRN is a small bank and was the 63rd largest banking group at end- 2003. It is based in the region of Navarra where it enjoys 14% share of both lending and deposits markets, and where 72% of its 173 branches were located at end-2003. Its core business is largely retail, mainly deposit-taking, as well as residential mortgages for individuals and lending to SMEs. The credit research on CRN is available on Fitch's subscription Web site http://www.fitchresearch.comor by contacting Fitch's Ratings Desk in London on Phone: +44 20 7417 6300. CONTACT: FITCH RATINGS Roger Turro, Barcelona Phone: +34 93 323 8406 Santiago Gallo, London Phone: +44 20 7417 4250 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ===================== S W I T Z E R L A N D ===================== GENERAL MOTORS: To Undertake Massive Job Cuts in Europe ------------------------------------------------------- General Motors plans to axe 12,000 jobs in Europe to save costs at the loss-making operation, The Telegraph reports. Around 10,000 of the job cuts will be at its Adam Opel AG arm in Germany, while the rest will be spread across plants in the U.K., Sweden, Spain and Belgium. The shakeup is estimated to cost US$1 billion, and save the firm more than US$650 million a year. General Motors failed to make a profit in Europe since 1999. It devised a restructuring deal that involved no mandatory job losses, but it still lost US$3 billion in the past four years. The firm hopes to avoid forced layoffs in Germany through an incentive scheme. But it will consider redundancies if not enough staff takes up the severance package. Opel chief executive Hans Demant said: "These cuts were not easy for anyone, but in the long term they will lead Opel to new successes." GM Europe president Carl-Peter Forster said: "Facing the realities of the market is absolutely imperative. Over the past three years, we worked very hard to find other solutions. Contrary to all forecasts, however, the market has not improved." The job cuts will reduce the company's workforce from 32,000 to 22,000 upon completion. CONTACT: GENERAL MOTORS SUISSE S.A. Kundeninformationscenter Stelzenstrasse 4 8152 Glattbr ugg Phone: 0848 810 820 Fax: 044 828 21 55 E-mail: kic@ch.gm.com Web site: http://www.opel.ch/ ============= U K R A I N E ============= CHORNUHINSKE REPAIR: Under Bankruptcy Supervision ------------------------------------------------- The Economic Court of Poltava region has commenced bankruptcy supervision procedure on OJSC Chornuhinske Repair-Transport Enterprise (code EDRPOU 03758482). The case is docketed as 14/259. Mr. Yurij Teleshun (License Number AA 484197) has been appointed temporary insolvency manager. Creditors had until December 13, 2004 to submit their proofs of claim to: (a) CHORNUHINSKE REPAIR-TRANSPORT ENTERPRISE 37132, Ukraine, Poltava region, Chornuhinskij district, Galyave (b) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 FINSERVICE: Ruslan Borovik Named Liquidator ------------------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Finservice (code EDRPOU 31073283) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 8/534. Arbitral manager Mr. Ruslan Borovik (License Number AA 783249) has been appointed liquidator/insolvency manager. The company holds account number 2600501641483 at OJSC Ukreksimbank, Poltava branch, MFO 331649. CONTACT: FINSERVICE 37500, Ukraine, Poltava region, Lubni, Dragomanov Str. 33 Mr. Ruslan Borovik Liquidator/Insolvency Manager 36039, Ukraine, Poltava region, Roza Luksemburg Str. 36 ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 INDUSTRIYA: Under Bankruptcy Supervision ---------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on JSCOT Industriya (code EDRPOU 21983402) on October 7, 2004 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 15/179B. Mr. Yurij Menzarenko (License Number AA 250217) has been appointed temporary insolvency manager. The company holds account number 260041776 at JSPPB Aval, Donetsk branch, MFO 335076. Creditors had until December 13, 2004 to submit their proofs of claim to: (a) INDUSTRIYA 86405, Ukraine, Donetsk region, Yenakiyeve, Bogomoltsya Str. 9 (b) Mr. Yurij Menzarenko Temporary Insolvency Manager Ukraine, Donetsk region, Yenakiyeve, Kosmonavtiv Str. 19 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 INTERGAZ: Succumbs to Insolvency -------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Intergaz (code EDRPOU 23388478) on October 25, 2004 after finding the limited liability company insolvent. The case is docketed as 23/149b. Mr. M. Ribalchenko (License Number AA 719828) has been appointed liquidator/insolvency manager. CONTACT: INTERGAZ Ukraine, Kyiv region, B. Hmelnitskij Str. 55 Mr. M. Ribalchenko Liquidator/Insolvency Manager Phone: 8 (0542) 21-57-95 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B MASHIVSKIJ RAJAGROPOSTACH: Bankruptcy Proceedings Commenced ------------------------------------------------------------ The Economic Court of Poltava region commenced bankruptcy proceedings against Mashivskij Rajagropostach (code EDRPOU 00906568) on November 11, 2004 after finding the open joint stock company insolvent. The case is docketed as 10/247. Arbitral manager Mr. A. Dulenko (License Number AA 668335) has been appointed liquidator/insolvency manager. The company holds account number 26001106231414 at JSPPB Aval, Poltava regional branch, MFO 331605. CONTACT: MASHIVSKIJ RAJAGROPOSTACH 39400, Ukraine, Poltava region, Mashivka, Lenin Str. 130 Mr. A. Dulenko Liquidator/Insolvency Manager 39500, Ukraine, Poltava region, Karlivka, Lenin Str. 70/2 Phone: (05346) 2-34-69 ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 MAYAK: Economic Court Launches Bankruptcy Proceedings ----------------------------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Mayak (code EDRPOU 03770460) on October 26, 2004 after finding the limited liability company insolvent. The case is docketed as 7/42. Mr. U. Teleshun (License Number AA 484197) has been appointed liquidator/insolvency manager. The company holds account number 26007300312 at JSB Poltava- bank, MFO 331489. CONTACT: MAYAK 37103, Ukraine, Poltava region, Chornuhinskij district, Harsiki Mr. U. Teleshun, Liquidator/Insolvency Manager 36003, Ukraine, Poltava region, Nezalezhnosti Square, 1 B/18 Phone: 50-80-67 ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 SERVIS DOLINSHINI: Bankruptcy Supervision Begins ------------------------------------------------ The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on Production-Commercial Firm Servis Dolinshini (code EDRPOU 3054485) on September 7, 2004. The case is docketed as B-7/130. Mr. Vitalij Gumenuk (License Number AA 047774) has been appointed temporary insolvency manager. The company holds account number 26006252298101 at Privatbank, Dolina branch, MFO 336677. CONTACT: SERVIS DOLINSHINI Ukraine, Ivano-Frankivsk region, Dolina, Grushevskij Str. 11 Mr. Vitalij Gumenuk Temporary Insolvency Manager Ukraine, Ivano-Frankivsk region, Privokzalna Str. 9/81 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Grunvaldska Str. 11 SILGOSPHIMIYA: Court Appoints Liquidator ---------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy proceedings against Silgosphimiya (code EDRPOU 05489141) on October 15, 2004 after finding the open joint stock company insolvent. The case is docketed as B-11/137. Mr. Mikola Sayevich (License Number AA 520164) has been appointed liquidator/insolvency manager. The company holds account number 260082601 at JSPPB Aval, Tlumatske branch, MFO 336462. CONTACT: SILGOSPHIMIYA Ukraine, Ivano-Frankivsk region, Tlumatskij district, Lokitka, Mr. Mikola Sayevich Liquidator/Insolvency Manager 78200, Ukraine, Ivano-Frankivsk region, Kolomiya, Kostomarov Str. 4/108 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Grunvaldska Str. 11 TEPLOENERGO: Insolvent Status Declared -------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against Teploenergo (code EDRPOU 30268056) on October 25, 2004 after finding the limited liability company insolvent. The case is docketed as 6/71-04. Mr. Yurij Hovrin (License Number AA 783224) has been appointed liquidator/insolvency manager. CONTACT: TEPLOENERGO 40030, Ukraine, Sumi region, Shishkarivska Str. 9 Mr. Yurij Hovrin Liquidator/Insolvency Manager 40030, Ukraine, Sumi region, a/b 282 ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 TEPLOMEREZHA: Temporary Insolvency Manager Comes In -------------------------------------------------- The Economic Court of Zhitomir region has commenced bankruptcy supervision procedure on Teplomerezha (code EDRPOU 20414241). The case is docketed as 3/145 B. Mr. Viktor Kapitanov (License Number AA 250099) has been appointed temporary insolvency manager. Creditors had until December 13, 2004 to submit their proofs of claim to: (a) TEPLOMEREZHA 12500, Ukraine, Zhitomir region, Korostishiv, Miru Str. 3 (b) ECONOMIC COURT OF ZHITOMIR REGION 10014, Ukraine, Zhitomir region, Mala Berdichivska Str. 25 UKRAINA: Court Appoints Temporary Insolvency Manager ---------------------------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on LLC Ukraina (code EDRPOU 30811325). The case is docketed as 7/127-04. Arbitral manager Mr. Andrij Petrov (License Number AA 779254) has been appointed temporary insolvency manager. The company holds account number 260091131 at JSCB Ukrsocbank, Sumi branch, MFO 337018. Creditors had until December 13, 2004 to submit their proofs of claim to: (a) UKRAINA Ukraine, Sumi region, Sumi district, Tokari (b) Mr. Andrij Petrov Temporary Insolvency Manager 40007, Ukraine, Sumi region, Bogun Str. 2/1-32 (c) ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 POLIGRAFTEHNIKA: Insolvency Manager Takes over Helm --------------------------------------------------- The Economic Court of Kirovograd region commenced bankruptcy proceedings against Poligraftehnika on October 19, 2004 after finding the open joint stock company insolvent. The case is docketed as 14/77. Arbitral manager Mrs. Liliya Timakin (License Number AA 487834) has been appointed liquidator/insolvency manager. The company holds account number 2600130011242 at Ukrsocbank, MFO 323657. CONTACT: POLIGRAFTEHNIKA Ukraine, Kirovograd region, Oleksandriya, Budivelnikiv Avenue, 30 Mrs. Liliya Timakin, Liquidator/Insolvency Manager 28000, Ukraine, Kirovograd region, Oleksandriya, Lenin Avenue, 7/12 THE ECONOMIC COURT OF KIROVOGRAD REGION Ukraine, Kirovograd region, Lunacharski Str. 29 TEPLOSTROJ: Donetsk Authorities Assign Insolvency Manager --------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Teplostroj (code EDRPOU 01414608) on October 7, 2004 after finding the limited liability company insolvent. The case is docketed as 5/38 B. Arbitral manager Mr. Valerij Sivyakov (License Number AA 249819) has been appointed liquidator/insolvency manager. The company holds account number 26008301745708 at Prominvestbank, Donetsk branch, MFO 334635. CONTACT: TEPLOSTROJ 83062, Ukraine, Donetsk region, I. Tkachenko Str. 126 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 =========================== U N I T E D K I N G D O M =========================== ADPRES LIMITED: Hires Liquidator from Hunt Johnston Stokes ---------------------------------------------------------- At the extraordinary general meeting of the Adpres Limited on Nov. 24, 2004 held at the Hilton Croydon, 101 Waddon Way, Purley Way, Croydon CR4 4HH, the extraordinary and ordinary resolutions to wind up the company were passed. Gordon Johnston of HJS Recovery, 12-14 Carlton Place, Southampton, Hampshire SO15 2EA has been appointed liquidator of the company. CONTACT: HUNT JOHNSTON STOKES 12-14 Carlton Place Southampton Hampshire SO15 2EA Phone: 023 8023 4222 Fax: 023 8023 4888 E-mail: info@hjsgroup.co.uk Web site: http://www.hjsaccountants.co.uk ANDY HAULAGE: Calls in Liquidator from Kroll Limited ---------------------------------------------------- At the extraordinary general meeting of the Andy Haulage & Crane Hire Limited on Dec. 3, 2004 held at 5th Floor, Airedale House, 77 Albion Street, Leeds LS1 5AP, the extraordinary and ordinary resolutions to wind up the company were passed. S. C. E. Mackellar and C. P. Holder of Kroll, 5th Floor, Airedale House, 77 Albion Street, Leeds LS1 5AP have been appointed joint liquidators of the company. CONTACT: KROLL LIMITED 5th Floor, Airedale House, 77 Albion Street, Leeds LS1 5AP AVALON TRADE: In Administrative Receivership -------------------------------------------- National Westminster Bank Plc called in Mark Peter George Roach and Graham David Randall (Office Holder Nos 9231, 9051) joint administrative receivers for Avalon Trade Finishers Limited (Reg No 00713983, Trade Classification: 2222 and 2223). The application was filed Dec. 6, 2004. The company is engaged in bookbinding, finishing and printing. CONTACT: NUMERICA LLP Crown House, 37-41 Prince Street, Bristol BS1 4PS Phone: 0117 934 2800 Fax: 0117 922 5191 Web site: http://www.numerica.biz BASF CHEMICALS: Brings in Liquidator from Moore Stephens -------------------------------------------------------- At the extraordinary general meeting of BASF Chemicals Limited on Dec. 2, 2004 held at BASF plc, PO Box 4, Earl Road, Cheadle, Cheshire SK8 6QG, the special resolution to wind up the company was passed. Simon Geoffrey Paterson of Moore Stephens, Victory House, Admiralty Place, Chatham Maritime, Kent ME4 4QU has been appointed liquidator of the company. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Victory House, Admiralty Place Chatham Maritime Kent ME4 4QU Phone: +44 (01634) 895100 Fax: +44 (01634) 895101 Web site: http://www.moorestephens.com BATTERIES DIRECT: Members Agree to Wind up Company -------------------------------------------------- At the extraordinary general meeting of the members of the Batteries Direct Limited on Dec. 2, 2004 held at 47-49 Green Lane, Northwood, Middlesex HA6 3AE, the extraordinary resolution to wind up the company was passed. Ashok K. Bhardwaj of 47-49 Green Lane, Northwood, Middlesex HA6 3AE has been nominated liquidator of the company. BRADFORD BLOOM: Applies for Liquidation --------------------------------------- At the extraordinary general meeting of the Bradford Bloom & Co. Limited on Nov. 26, 2004 held at The Bonnington Hotel, 92 Southampton Row, London WC1B 4BH, the subjoined extraordinary resolution to wind up the company was passed. David Paul Hudson of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been appointed liquidator for the purpose of such winding-up. 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 BUSINESS LINK: Final General Meeting Set January ------------------------------------------------ The final general meeting of the members of Business Link South West Limited will be on Jan. 10, 2005 commencing at 10:30 a.m. It will be held at KPMG, 8 Salisbury Square, London EC4Y 8BB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, Jan. 9, 2005. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk CENTRAL PLASTICS: Hires Liquidator from UHY Hacker Young -------------------------------------------------------- At the extraordinary general meeting of the Central Plastics 2000 Limited on Nov. 25, 2004 held at St James Building, 79 Oxford Street, Manchester M1 6HT, the extraordinary and ordinary resolutions to wind up the company were passed. R. E. C. Cook of the firm of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT has been appointed liquidator of the company. CONTACT: UHY HACKER YOUNG St James Building, 79 Oxford Street, Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: manchester@uhy-uk.com Web site: http://www.uhy-uk.com CLIFTON HARGREAVES: Owners Opt to Liquidate Firm ------------------------------------------------ At the extraordinary general meeting of the contributories of the Clifton Hargreaves Technologies Limited on Nov. 18, 2004 held at 69-75 Lincoln Road, Peterborough PE1 2SQ, the resolutions to wind up the company were passed. Alan Keith Thornton, of Bulley Davey, 69-75 Lincoln Road, Peterborough PE1 2SQ has been appointed liquidator of the company. CONTACT: BULLEY DAVEY 69-75 Lincoln Road, Peterborough PE1 2SQ Liquidator: M Perkins Phone: 01733 569494 Fax: 01733 565250 Web site: http://www.bulleydavey.co.uk COFFEE HOUSE: Final Meeting of Members, Creditors Set January ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Coffee House Franchising Limited (In Liquidation) Notice is hereby given that, in terms of Section 106 of the Insolvency Act 1986, the final Meetings of the Members and Creditors of Coffee House Franchising Limited will be held within the offices of Grant Thornton U.K. LLP, 95 Bothwell Street, Glasgow G2 7JZ at 10:00 a.m. and at 10:15 a.m. respectively on January 7, 2005 for the purpose of receiving a final account of the winding-up from the Liquidator, together with any explanations that may be given by him, and to determine whether he should be released as Liquidator in terms of Section 173 of the Insolvency Act 1986. All members, and creditors whose claims have been accepted, are entitled to attend in person or by proxy, and a resolution will be passed by a majority of those voting. Members and creditors may vote whose proxies have been submitted and accepted at the meetings or lodged beforehand at the office listed below. M. P. Henderson, Liquidator November 25, 2004 CONTACT: GRANT THORNTON U.K. LLP 95 Bothwell Street Glasgow G2 7JZ Phone: 0141 223 0000 Fax: 0141 223 0001 Web site: http://www.grant-thornton.co.uk COOPERS OF CHELTENHAM: Names Hazlewoods Liquidator -------------------------------------------------- At the extraordinary general meeting of the members of Coopers of Cheltenham Limited on Dec. 2, 2004 held at Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT, the extraordinary and ordinary resolutions to wind up the company were passed. Philip John Gorman of Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT has been appointed liquidator of the company. CONTACT: HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Phone: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk CURZON BERKELEY: Sets Members General Meeting January ----------------------------------------------------- The general meeting of the members of Curzon Berkeley Limited will be on Jan. 5, 2005 commencing at 12:00 noon. It will be held at the offices of Wilder Coe, Southgate House, St George's Way, Stevenage, Hertfordshire SG1 1HG. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Wilder Coe, Southgate House, St George's Way, Stevenage, Hertfordshire SG1 1HG not later than 12:00 noon, Jan. 4, 2005. CONTACT: WILDER COE 12th Floor, Southgate House, St George's Way, Stevenage SG1 1HG Phone: 01438 847200 Fax: 01438 847150 Web site: http://www.wildercoe.co.uk DETCO LIMITED: Liquidator to Submit Final Report Next Month ----------------------------------------------------------- The final general meeting of the members of the Detco Limited will be on Jan. 14, 2005 commencing at 10:30 a.m. It will be held at 62 Wilson Street, London EC2A 2BU. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU not later than 12:00 noon, Jan. 13, 2005. CONTACT: BENEDICT MACKENZIE LLP 62 Wilson Street, London EC2A 2BU Phone: 020 7247 1174 Fax: 020 7247 3494 Web site: http://www.benemack.com DOME SYSTEMS: Members Agree to Dissolve Company ----------------------------------------------- At the extraordinary general meeting of Dome Systems Limited on Dec. 3, 2004 held at The Bell Hotel, Church Street, Tewkesbury, Gloucestershire, the extraordinary resolution to wind up the company was passed. Elizabeth Mary Grove of E. Mary Grove & Co, White Lodge, 50 Ledbury Road, Hereford HR1 2SY has been appointed liquidator of the company. CONTACT: E. MARY GROVE & CO. White Lodge, 50 Ledbury Road, Hereford HR1 2SY DUNMORE PUB: Brings in Liquidators from PricewaterhouseCoopers -------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dunmore Pub Company Limited Notice is hereby given that we, Graham H. Martin and Laurie K. Manson, both of PricewaterhouseCoopers LLP, Kintyre House, 209 West George Street, Glasgow G2 2LW, were appointed liquidator of Dunmore Pub Company Limited on November 18, 2004. Graham H. Martin and Laurie K. Manson, Joint Liquidators November 26, 2004 CONTACT: PRICEWATERHOUSECOOPERS LLP Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com ELBOWROOM LIVING: Calls Creditors' Meeting ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Elbowroom Living Limited Notice is hereby given, pursuant to Section 98 of the Insolvency Act 1986, that a meeting of the creditors of Elbowroom Living Limited be held within Cowan & Partners CA, 60 Constitution Street, Leith on December 16, 2004 at 11:00 a.m. for the purposes mentioned in Sections 99, 100 and 101 of the said Act. A list of the names and addresses of the company's creditors may be inspected, free of charge, at the offices of Cowan & Partners, 60 Constitution Street, Leith, Edinburgh two business days prior to the meeting. By Order of the Board. John MacLeod, Director November 26, 2004 CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk ELDRIDGE POPE: Bidco Offer Receives 72.73% Acceptances ------------------------------------------------------ On 16 September 2004, PricewaterhouseCoopers made a recommended cash offer on behalf of Bidco for the entire issued and to be issued share capital of Eldridge Pope (other than the 5,525,291 Eldridge Pope Shares which Bidco had conditionally agreed to acquire pursuant to the Share Exchange Agreement). On 15 October 2004, Bidco announced that the Offer had been declared unconditional in all respects. On 26 October 2004, Bidco announced that, as valid acceptances had been received in respect of more than 90% of the Eldridge Pope Shares to which the offer relates, Bidco intended to apply the provisions of sections 428-430F of the Companies Act 1985 to acquire compulsorily all outstanding Eldridge Pope Shares on the terms of the Offer. Accordingly, on 26 October 2004 Bidco posted formal notices pursuant to section 429(4) of the Act to those Eldridge Pope Shareholders who had not yet validly accepted the Offer. As at 3:00 p.m. (London time) on 7 December 2004, valid acceptances of the Offer had been received in respect of a total of 17,997,931 Eldridge Pope Shares, representing 72.73% of Eldridge Pope's issued share capital. Since the Offer was made on 16 September 2004, Bidco has acquired through market purchases a further 469,072 Eldridge Pope shares, representing 1.90% of the existing issued share capital of Eldridge Pope. In addition, on 15 September 2004 Bidco conditionally agreed to acquire the 5,525,291 Eldridge Pope Shares held by SDA and Michael Cannon (representing 22.3%. of the existing issued share capital of Eldridge Pope) pursuant to the Share Exchange Agreement and these shares were acquired by Bidco on 15 October 2004. Bidco has therefore received valid acceptances of the Offer in respect of (or acquired or otherwise conditionally agreed to acquire) 23,992,294 Eldridge Pope Shares in aggregate representing 96.95% of Eldridge Pope's existing issued share capital. As at 3:00 p.m. (London time) on 7 December 2004 valid elections for Bidco Units under the Share Alternative and the Eighth Mix and Match Facility have not exceeded the maximum available under the Offer. Therefore valid elections for Bidco Units received by 3:00 p.m. (London time) on 7 December 2004 will not be subject to any scaling back and elections will be satisfied in full. The directors of Bidco announce that the Offer, including the Share Alternative and the Eighth Mix and Match Facility, have been closed with effect from 3:00 p.m. (London time) on 7 December 2004. On 16 September 2004, the directors of Bidco announced that Bidco had received undertakings to accept the Offer in respect of, in aggregate, 4,599,685 Eldridge Pope Shares representing 18.6% of Eldridge Pope's issued share capital. Valid acceptances have now been received in respect of all of these Eldridge Pope Shares, with the exception of partially valid acceptances in respect of 5,086 shares, pending receipt of the share certificates. These partially valid acceptances are not included in the figure for valid acceptances. Eldridge Pope Shareholders who have not accepted the Offer by 7 December 2004 will shortly have their Eldridge Pope shares compulsorily acquired by Bidco under section 429(4) of the Act and the consideration payable will then be paid to Eldridge Pope as trustee for such non-accepting Eldridge Pope Shareholders. * * * NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN CONTACT: BIDCO Peter Large Phone: 01865 263 000 Gregor Grant Phone: 01865 263 000 PRICEWATERHOUSECOOPERS Sean Williams Phone: 020 7213 5579 Gerry Young Phone: 020 7212 4027 TULCHAN COMMUNICATIONS Andrew Honnor Phone: 020 7353 4200 EUROHOOF (UK): Bibby Factors Appoints PKF Receiver -------------------------------------------------- Bibby Factors Northwest Limited called in Kerry Bailey (Office Holder No 8780) and Jonathan D Newell (Office Holder No 6419) joint administrative receivers for Eurohoof (UK) Limited (Reg No 02735781, Trade Classification: 9305). The application was filed Nov. 25, 2004. The company manufactures and sells horseshoes. CONTACT: PKF Sovereign House, Queen Street, Manchester M2 5HR Phone: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk PKF 52 Mount Pleasant, Phone: 0151 7088232 Fax: 0151 7088169 E-mail: info.liverpool@uk.pkf.com Web site: http://www.pkf.co.uk EVER 2056: Members Pass Winding up Resolutions ---------------------------------------------- At the extraordinary general meeting of the members of the Ever 2056 Limited on Nov. 30, 2004 held at Crusader House, 145-157 St John Street, London EC1V 4RU, the special and ordinary resolutions to wind up the company were passed. Simon Peter Bower and Michael John Hore of RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU have been appointed liquidators of the company. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk FIT'N'KIT LIMITED: Hires Harris Lipman as Liquidator ---------------------------------------------------- At the extraordinary general meeting of the members of Fit'n'Kit Limited on Nov. 29, 2004 held at The Grand Atlantic Hotel, Beach Road, Weston-super-Mare BS23 1BA, the extraordinary resolution to wind up the company was passed. John Dean Cullen of Harris Lipman, Coptic House, 4-5 Mount Stuart Square, Cardiff Bay CF10 5EE, an Insolvency Practitioner licensed by the Association of Chartered Certified Accountants, has been appointed liquidator of the company. CONTACT: HARRIS LIPMAN Coptic House, 4-5 Mount Stuart Square, Cardiff Bay CF10 5EE Phone: (029) 2049 5444 Fax: (029) 2049 5744 Web site: http://www.harrislipman.co.uk GLOBAL CROSSING: Proposed Senior Secured Notes Rated 'B-' --------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' debt rating to the proposed US$350 million-equivalent senior secured notes due 2014 to be issued by Global Crossing (U.K.) Finance PLC, the financial subsidiary of Global Crossing (U.K.) Telecommunications Ltd. (GCUK), a U.K.-based provider of managed network communications services. The issue is guaranteed by GCUK. A recovery rating of '5' was also assigned to the notes, indicating the expectation of negligible (0%-25%) recovery of principal in the event of a default. The ratings are subject to the successful completion of the restructuring agreement (for further information, please refer to the "The Restructuring Agreement" section of the article titled, "Research Update: Global Crossing U.K.'s Proposed Senior Secured Notes Rated 'B-'; Recovery Rating '5'", published on Dec. 10, 2004, on RatingsDirect, Standard & Poor's Web-based credit analysis system at http://www.ratingsdirect.com). The debt rating does not reflect GCUK's current credit quality. Standard & Poor's has yet to assign a long-term corporate credit rating, but expects to assign its 'B-' rating on the successful completion of the proposed notes issue. "The ratings on GCUK will reflect the company's very high leverage and very aggressive financial policy, under which virtually all of its free cash flow is to be upstreamed in the form of dividends and/or loans to its owner, U.S.-based Global Crossing Ltd. (GCL), subject to certain restrictions under the notes indenture," said Standard & Poor's credit analyst Leandro de Torres Zabala. GCL, a provider of communications services to carriers in the U.S. that emerged from Chapter 11 proceedings in December 2003, is a weaker entity than GCUK. GCL is expected to continue to generate heavy negative free cash flow over the medium term under the group's ambitious business plan, and possibly beyond if there is no meaningful improvement in the battered U.S. voice and data transport industry in the meantime. GCUK suffers from a very competitive business market in the U.K. -- particularly with regard to its carrier operation that is exposed to the market's large surplus capacity of fiber-optic networks -- and from price pressure across the company's products and services. The ratings on GCUK will be supported by the group's generation of positive free cash flow, recurrent core sales derived from managed voice and data services, a creditworthy customer base, and the U.K.'s pro-competition regulation. GCUK achieved a 24% EBITDA margin on sales of GBP203 million in the nine months to Sept. 30, 2004. The group's adjusted (for operating leases and unfunded pensions) total debt to EBITDA was approximately 5.5x at Nov. 1, 2004, pro forma for the implementation of the restructuring agreement. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POORS RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com MASTIF SUPPLIES: Creditors to Convene this Week ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Mastif Supplies Limited Notice is hereby given, pursuant to Section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Mastif Supplies Limited will be held on December 17, 2004 at 12:00 noon within the offices of PKF, Accountants and business advisors, 78 Carlton Place, Glasgow G5 9TH, for the purposes mentioned in Sections 99 to 101 of the said Act. A list of the Company's creditors will be available for inspection within the offices of PKF, Accountants and business advisors, 78 Carlton Place, Glasgow, G5 9TH two business days prior to the meeting. By Order of the Board. Ronald Pratt, Director November 29, 2004 CONTACT: PKF 78 Carlton Place Glasgow G5 9TH Phone: 0141 4295900 Fax: 0141 4295901 E-mail: info.glasgow@uk.pkf.com Web site: http://www.pkf.co.uk MULTI-SPORTS LIMITED: Sets Creditors' Meeting Next Week ------------------------------------------------------- Creditors of Multi-Sports Limited will meet on Dec. 21, 2004 commencing at 11:00 a.m. It will be held at Sherlock House, 73 Baker Street, London W1U 6RD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD not later than 12:00 noon, Dec. 20, 2004. 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 MYTRAVEL GROUP: Resets Bondholders Meeting to End of December ------------------------------------------------------------- MyTravel Group plc announces that the bondholders meeting held Friday, to consider a resolution approving the terms for conversion of the bonds into MyTravel equity as part of the company's consensual restructuring proposal, lacked the necessary quorum and has therefore been adjourned to 29 December. A notice of adjournment and reconvening of the meeting is being posted to bondholders Friday. MyTravel will implement the restructuring pursuant to the scheme of arrangement if the scheme is sanctioned by the court at the hearing scheduled for 20 December. The company will then withdraw the resolution to approve the consensual restructuring proposal. * * * Mytravel's restructuring includes: (a) The conversion into MyTravel equity of approximately GBP800 million of unsecured debt and facilities, including: (i) GBP250 million revolving credit facility, (ii) US$100 million U.S. private placement, (iii) GBP210 million minority interest preference shares, (iv) certain elements of aircraft lease financing arrangements, (v) GBP216 million of convertible bonds (b) On completion of the restructuring: (i) Converting creditors (other than bondholders) would be issued new shares representing 88% of the company's enlarged share capital; (ii) Converting bondholders would be issued new shares representing 8% of the company's enlarged share capital. This allocation has been made on a similar basis to the other converting creditors; (iii) Shareholders would retain 4% of the enlarged share capital. (c) The provision at no material cost to the company of new 5- year committed facilities by the parties to the company's GBP400 million bonding facility and providers of bilateral guarantee and letters of credit facilities (amounting in aggregate to approximately GBP167 million). (d) The company has proposed a timetable for the restructuring that would see it completed by the end of 2004. (e) On completion of the restructuring, the company's debt will be approximately GBP140 million of aircraft finance leases. CONTACT: BRUNSWICK GROUP LLP Phone: 020 7404 5959 Contact: Fiona Antcliffe William Cullum NORTHERN SCAFFOLD: Owners Opt for Liquidation --------------------------------------------- At the extraordinary general meeting of the members of Northern Scaffold Hire & Sales Ltd. 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: DAVID HORNER & CO. 11 Clifton Moor Business Village James Nicolson Link, York YO30 4XG Phone: 01904 479801 Web site: http://www.davidhornerandco.co.uk ORKLA SECURITIES: Members Meeting Set January --------------------------------------------- The final meeting of the members of the Orkla Securities Limited will be on Jan. 14, 2005 commencing at 10:15 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not later than 12:00 noon, Jan. 13, 2005. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com PTOREX ENGINEERING: Sets Final General Meeting January ------------------------------------------------------ The final general meeting of the members of Ptorex Engineering Limited will be on Jan. 14, 2005 commencing at 11:00 a.m. It will be held at 62 Wilson Street, London EC2A 2BU. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU not later than 12:00 noon, Jan. 13, 2005 CONTACT: BENEDICT MACKENZIE LLP 62 Wilson Street, London EC2A 2BU Phone: 020 7247 1174 Fax: 020 7247 3494 Web site: http://www.benemack.com SHEFFIELD GP: Liquidator's Final Report Out January --------------------------------------------------- The final meeting of the members of Sheffield Gp Co-Operative Limited will be on Jan. 18, 2005 commencing at 11:00 a.m. It will be held at 93 Queen Street, Sheffield S1 1WF. 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: 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 SPAZONE LIMITED: Liquidator Calls Final Creditors' Meeting ---------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Spazone Limited (In Liquidation) Notice is hereby given in pursuance of Section 106 of the Insolvency Act 1986 that a Final Meeting of the Members of Spazone Limited will be held at the offices of Baker Tilly, First Floor, International House, Queens Road, Brighton, East Sussex, BN1 3XE on January 7, 2005 at 10:30 a.m. to be followed at 11:00 a.m. by a Final Meeting of the Creditors for the purpose of having an account laid before them showing the manner in which 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. Any Member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him. A proxy need not be a Member of the Company. Susan Maund, Joint Liquidator November 30, 2004 CONTACT: BAKER TILLY International House Queens Road Brighton BN1 3XE Phone: 01273 223400 Fax: 01273 223401 E-mail: jonathan.ericson@bakertilly.co.uk Web site: http://www.bakertilly.co.uk STANDARD INVESTMENTS: Liquidator to Give Final Update January ------------------------------------------------------------- The final general meeting of the members of Standard Investments Limited will be on Jan. 14, 2005 commencing at 11:30 a.m. It will be held at 62 Wilson Street, London EC2A 2BU. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Benedict Mackenzie LLP, 62 Wilson Street, London EC2A 2BU not later than 12:00 noon, Jan. 13, 2005. CONTACT: BENEDICT MACKENZIE LLP 62 Wilson Street, London EC2A 2BU Phone: 020 7247 1174 Fax: 020 7247 3494 Web site: http://www.benemack.com ST. CHRISTOPHER: Hires Kroll Limited as Administrator ----------------------------------------------------- C. P. Holder and S. C. E. Mackellar (IP Nos 9093,6883) have been appointed administrators for St. Christopher Foods Limited. The appointment was made Dec. 3, 2004. CONTACT: KROLL LIMITED 5th Floor, Airedale House, 77 Albion Street, Leeds LS1 5AP TANNAHILL PROPERTY: Liquidator Enters Firm ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Tannahill Property Services Ltd. Notice is hereby given that I, David Forbes Rutherford of Cowan & Partners CA, 60 Constitution Street, Leith, Edinburgh, EH6 6RR, was appointed liquidator of Tannahill Property Services Ltd. on November 22, 2004. David Forbes Rutherford, Liquidator November 22, 2004 CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk TRUE BLUE: Appoints Liquidator from Francis Clark ------------------------------------------------- At the extraordinary general meeting of the members of True Blue (Holdings) Limited on Dec. 2, 2004 held at BKL House, 106 Harrow Road, London, the special resolution to wind up the company was passed. Stephen James Hobson of Francis Clark, Southernhay House, 36 Southernhay East, Exeter EX1 1NX has been appointed liquidator of the company. CONTACT: FRANCIS CLARK Southernhay House, 36 Southernhay East, Exeter EX1 1NX ZEPHYR PLASTIC: Names Begbies Traynor Administrator --------------------------------------------------- Rob Sadler and Michael Edward George Saville (IP Nos 9172, 7250) have been appointed administrators for Zephyr Plastic Products Limited. The appointment was made Dec. 1, 2004. The company manufactures plastic products. Its registered office is located at Clarence Drive, Filey, North Yorkshire YO14 0AA. CONTACT: BEGBIES TRAYNOR 30 Park Cross Street, Leeds LS1 2QH Web site: http://www.begbies.com * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro A.G. (111) 174 (182) Rhi A.G. (531) 1,471 129 BELGIUM ------- Carestel N.V. CSTL.BR (3) 178 (68) City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor A.G. DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Son A.G. GUSG (8) 111 N.A. Glunz A.G. GLUG (0) 428 (17) Kamps A.G. KMPSF.PK (93) 1,075 (61) Kaufring A.G. KAUG (19) 151 (51) Mannheimer A.G. (15) 879 N.A. Marbert A.G. MTBG (13) 144 (50) Nordsee A.G. (8) 195 (31) Primacom A.G. PRIG (106) 1,264 (50) Rinol A.G. RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment A.G. SENGk.BE (153) 126 (148) Sinn Leffers A.G. WHGG (4) 454 (145) Spar Handels- A.G. SPAG (442) 1,433 (234) VBH Holding A.G. VBHG (54) 337 (80) GREECE ------ Delta Ice Cream (3) 183 (14) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) Lazio S.p.A. LAZI (57) 495 (330) Olcese S.p.A. OLCI.MI (13) 180 (64) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) LUXEMBOURG ---------- Millicom International Cellular S.A. MICC (59) 1,523 4 Oriflame Cosmetics S.A. ORI.ST (44) 378 97 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (558) 2,030 83 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA (24) 514 327 Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Gruppo Media Capital SGPS S.A. GMPTF.PK (21) 399 (85) Mostostal Zabrze MECOF.PK (6) 227 (366) RUSSIA ------ Kamchatskenergo (107) 291 (7,319) Zil Auto (147) 349 (9,974) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Kaba Holding A.G. KABZN (19) 569 372 Swisslog Holding-R SLOG (98) 354 151 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus Sysytem DNK.L (51) 585 82 Dawson Holdings DWN.L (29) 142 (29) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (122) 167 (2) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Intertek Testing Services ITRK (64) 508 77 Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (8) 297 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,118) 2,551 (533) Orange Plc ORNGF (594) 2,902 7 PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (565) 1,105 34 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,092) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *