/raid1/www/Hosts/bankrupt/TCREUR_Public/041217.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
Friday, December 17, 2004, Vol. 5, No. 250
Headlines
B E L A R U S
BELAGROPROMBANK: Fitch Rates Bank 'CCC+/C'; Outlook Stable
BELARUSBANK: Long-term Rating Improves to 'CCC+'
G E R M A N Y
AGIV REAL: Decides to Seek Creditor Protection
DEREKA GMBH: Creditors' Claims Due Next Month
E-OUTLET 1: Administrator's Report Out January
INSIDE PLAN: Bielefeld Court Appoints Provisional Administrator
KAPPES GMBH: Gives Creditors Until January to File Claims
KARSTADTQUELLE AG: Completes Convertible Bond Placement
NIESING GMBH: Bankruptcy Court Stays All Pending Lawsuits
POLLMULLER & GAYSEK: Administrator Takes over Operations
RANK METALLBAU: Creditors Have Until December 28 to File Claims
S-DENTALTECHNIK GMBH: Creditors' Meeting Set February 15
THYSSENKRUPP AG: Sells EUR2.1 Billion Worth of Properties
THYSSENKRUPP AG: S&P Welcomes Disposal of Real Estate Assets
TROC INGENIEURBAU: Court Sets Creditors' Meeting January
VAN HUSEN: Gives Creditors Until Next Week to File Claims
I T A L Y
ALITALIA SPA: Delays Use of Bridging Loan
FIAT AUTO: Talks Regarding Put Option Continue
VOLARE GROUP: Keeps Flight Slots for Six Months
N E T H E R L A N D S
ROYAL SHELL: Chief Executive on Chopping Block
UNITEDGLOBALCOM INC.: Mark Schneider Leaving Later this Month
P O L A N D
ELEKTRIM SA: At Odds with Vivendi Over Strategies for PTC
R U S S I A
BEL-CERAMICS: Bankruptcy Hearing Set Last Week of December
GRANITE: Undergoes Bankruptcy Supervision Procedure
KEMEROVO-MINE-STROY: Proofs of Claim Deadline Expires January
ORENBURGSKAYA: Orenburg Court Opens Bankruptcy Proceedings
POLUS: Hires A. Saltykov as Insolvency Manager
PROKHLADNENSKIY LIQUOR: Under Bankruptcy Supervision
PROKOPYEVSKIYE CENTRAL: Insolvency Manager Takes over Operations
YUG-ELECTRO-1: Gives Creditors Until January to File Claims
YUKOS OIL: Company Profile
YUKOS OIL: Case Summary & 20 Largest Unsecured Creditors
S W I T Z E R L A N D
SWISS INTERNATIONAL: Rejects Employees' Wage Proposal
U K R A I N E
ANDRIYIVSKE: Mikolaiv Court Opens Bankruptcy Proceedings
FALVEST-FARM: Proofs of Claim Deadline Expires This Week
GALTEHNOSERVICE: Period for Filing of Claims Ends Weekend
NAFTOMASH: Under Bankruptcy Supervision
OLEKSANDRIVSKIJ RAJAGROHIM: Proofs of Claim Deadline Nears
SIRIUS: Insolvency Manager Takes over Operations
ZACHATIVSKE: Court Grants Debt Moratorium Request
ZNAMYANSKE AUTO: Under Bankruptcy Supervision
U N I T E D K I N G D O M
AIRPORT MANAGEMENT: Owners Decide to Wind up Business
ALBA ARC: Opts for Liquidation
ASSURED EUROPEAN: Hires Liquidators from Bridgers
AVECIA GROUP: Long-term Rating Cut to 'CCC'; Outlook Negative
BAR HOLDINGS: Issued Share Capital Put on Sale
BEARD BROS.: Sets Final Meeting January
BELL FRAMPTON: Calls Creditors' Meeting
BHX COMMUNICATIONS: Hires Mazars as Administrator
BRAUGHTON HOMES: Director Barred from Holding Executive Post
CHART SHIPPING: Hires J. Kelmanson as Liquidator
CHESBEE U.K.: Business for Sale
CLN LIMITED: Names Wilkins Kennedy Liquidator
COMPLETE DESIGN: Liquidators from Wilder Coe Takes over Firm
CYBERNET GROUP: Appoints Administrators from Kingston Smith
DIGITAL INTERACTIVE: Extraordinary Winding up Resolution Passed
DURACOTE LIMITED: Hires Joint Administrators from Leonard Curtis
ELECTROMECH CONTROL: Appoints BDO Stoy Hayward Administrator
ET2K LIMITED: Insolvency Service Bans Two Directors
FEDERAL-MOGUL: Asbestos Property Damage Committee Rejects Plan
GATEWAY ANALYSIS: Owners Agree to Liquidate Company
HOWIE ANIMAL: Receivers Call Meeting of Unsecured Creditors
ITALIAN LEISURE: Director Banned for Eight Years
JARVIS PLC: Sells Telford & Wrekin Interest to Partner
J. RAY: Sells Underperforming Scottish Plant for US$14.5 Mln
MANCHESTER INTERNATIONAL: Hires DTE Leonard Curtis as Liquidator
MARTINDALE FAREBROTHER: Names Begbies Traynor Administrator
MD CONSTRUCTION: Administrators from McTear Williams Enter Firm
MG ROVER: Sees Higher Demand for New Models Next Year
MONARCH COACHES: Appoints Joint Liquidators from PwC
MYTRAVEL GROUP: Losses at U.K. Unit Stymie Full Return to Profit
OFFICE COMMUNICATION: Names F A Simms & Partners Administrator
PRESS OFFICE: Calls in Liquidator from Lines Henry
ROAD AGENCY: In Administrative Receivership
SURESEAL WINDOWS: Exec Disqualified for Six Years
W. G. EDWARDS: Sets Creditors' Meeting Next Week
*********
=============
B E L A R U S
=============
BELAGROPROMBANK: Fitch Rates Bank 'CCC+/C'; Outlook Stable
----------------------------------------------------------
Fitch Ratings assigned Belarus' Belagroprombank ratings of Long-
term 'CCC+'; Short-term 'C'; Individual 'D/E'; and Support '5'.
The Outlook for the Long-term rating is Stable.
The Long-term, Short-term and Individual ratings reflect BAB's
high level of concentration on the volatile agro-industrial
sector in one of Europe's least economically developed
countries. Profitability is also weak, reflecting the bank's
sizeable cost base and a high level of state-directed lending,
where margins are capped by the government and are well below
the rate of inflation. The ratings also consider the risks
associated with BAB's recent rapid loan growth.
However, Fitch notes that BAB's capital is adequate, even
adjusting for fixed assets and long-term lending on the balance
sheet. Its retail deposit base is also well developed and
market risk is limited.
Fitch says the Long- and Short-term ratings are also underpinned
by potential support the bank is likely to receive from the
Belarusian government in case of need. However, the weak state
of the government finances may impose limitations on its ability
to provide timely assistance to the bank (particularly in
foreign currency).
BAB was established in 1991 on the basis of its predecessor, the
Republic of Belarus arm of Agroprombank of the USSR. It is
about 89%-owned by the Ministry of Economy of Belarus and some
10% by six Regional Executive Committees. The Belarusian
government has stated its intention to remain majority owner of
the bank until 2010 at the earliest. BAB is the second largest
bank by total assets in Belarus. All retail deposits held with
the bank benefit from a full State guarantee. Lending is
largely under state programs, reflecting the role the bank plays
in implementing government social and economic policy, in
particular its schemes for rural housing purchase and
construction and, to a lesser extent, for agricultural equipment
purchase.
CONTACT: FITCH RATINGS
Lindsey Liddell, London
Phone: +44 (0) 20 7417 3495
James Longsdon
Phone: +44 (0) 207 417 4309
James Watson, Moscow
Phone: +7 (095) 956 9901
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
Belagroprombank PJSC
24, Olshevskogo str.
220073, Minsk, Republic of Belarus
Phone: +375 17 228-5003
Fax: +375 17 228-5319
Telex: 252514 APBRB BY
Teletype: 252113
S. W. I. F. T.: BAPBBY2X
E-mail: info@belapb.by
Web site: http://www.belapb.by
BELARUSBANK: Long-term Rating Improves to 'CCC+'
------------------------------------------------
Fitch Ratings upgraded Belarus-based Belarusbank's Long-term
ratings to 'CCC+' from 'CCC'. Their other ratings have been
affirmed at Short-term 'C', Individual 'E' and Support '5'. The
Outlook rating remains stable.
The rating action follows a modest improvement in the, albeit
still very weak, operating environment in Belarus. BBK is one
of six Belarusian banks considered by the authorities to be
"systemically important." The bank has extremely close ties to
the Belarusian state and their Long-term, Short-term and Support
ratings reflect the potential for support from the authorities
in case of need.
BBK is about 60%-owned by the government of the Republic of
Belarus and 40% by various city and regional authorities. The
Belarusian government has stated its intention to remain
majority owner of the bank until 2010 at the earliest. BBK is
the largest bank by assets in Belarus. It was founded in 1922,
but has been in its current form only since 1995, when a merger
took place between State Belarus Savings Bank (the former
regional office of Sberbank of the USSR) and Joint-Stock
Commercial Bank Belarusbank. BBK dominates the retail market,
where it benefits from an extensive nationwide branch network.
BBK is also very active in the corporate sector.
CONTACT: FITCH RATINGS
James Longsdon, London
Phone: +44 (0) 20 7417 4309
Lindsey Liddell
Phone: +44 (0) 20 7417 3495
James Watson, Moscow
Phone: +7 095 956 9901
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
BELARUSBANK
220050 Minsk, 32 Myasnikova str.
Phone: +375 (17) 289 38 14
Fax: +375 (17) 226 47 50
E-mail: info@belarusbank.minsk.by.
Web site: http://www.belarusbank.minsk.by.
=============
G E R M A N Y
=============
AGIV REAL: Decides to Seek Creditor Protection
----------------------------------------------
Share trading in Agiv Real Estate AG at the Deutsche Boerse were
halted Wednesday after announcing it was filing for insolvency,
reports Reuters.
The property company believes creditor protection would allow it
to overcome a cash crunch and continue restructuring. It has
already reshuffled management and sold properties to contain the
effects of a weak German market for office and commercial
property.
Agiv booked EUR134 million in losses following write-downs and
amortization of shares in U.S.-based telecommunications company
WorldCom two years ago. Agiv's creditors, including local
property developer Wayss & Freytag, reportedly demanded the real
estate developer to repay EUR40 million in debt. Wayss &
Freytag is said to have asked Agiv to pay EUR10-11 million this
year, with the remaining amount to be reimbursed early next
year. But Agiv reportedly does not have enough cash to pay said
debts.
Agiv assured all creditors -- the biggest of which is HSH
Nordbank -- they would be treated equally under the German form
of the U.S.'s Chapter 11 bankruptcy. Deutsche Real Estate AG
and Adler Real Estate AG units were not affected by the filing,
said the company.
CONTACT: AGIV REAL ESTATE A.G.
Warburgstrasse 50
D-20354 Hamburg
Phone: +49-40 4 15 26-0
Fax: +49-40 4 15 26-199
Web site: http://www.agiv.de
DEREKA GMBH: Creditors' Claims Due Next Month
---------------------------------------------
The district court of Koln opened bankruptcy proceedings against
DEREKA GmbH Capital Management 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 Dr. Rudiger Werres.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 26, 2005, 9:15 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, 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: DEREKA GMBH CAPITAL MANAGEMENT
Grosse Budengasse 10, 50667 Koln
Contact:
Oliver Stotzem, Manager
Dr. Rudiger Werres, Insolvency Manager
Friesenplatz 17 a, 50672 Koln
Phone: 0221/95 14 46 - 20
Fax: +4922195144690
E-OUTLET 1: Administrator's Report Out January
----------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against E-Outlet 1 Elektro Gross- und Einzelhandel GmbH on Nov.
15, 2004. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Jan. 28, 2005 to register their claims with court-appointed
provisional administrator Dominica Heim.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 10:40 a.m. at the district court
of Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Raum Saal 24, 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. 15, 2005 at the same venue.
CONTACT: E-OUTLET 1 ELEKTRO GROSS- UND EINZELHANDEL GMBH
Dirminger Strasse 22a, 66571 Eppelborn
Contact:
Horst Klein, Manager
Dominica Heim, Insolvency Manager
Lilienthalstr. 9, 66740 Saarlouis
Phone: 06831/173241
Fax: 06831/173220
INSIDE PLAN: Bielefeld Court Appoints Provisional Administrator
---------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Inside Plan Akustik und Trockenbau Management GmbH on
Nov. 24, 2004. Consequently, all pending proceedings against
the company have been automatically stayed. Creditors have
until Jan. 11, 2005 to register their claims with court-
appointed provisional administrator Azel Geese.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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: INSIDE PLAN AKUSTIK UND TROCKENBAU MANAGEMENT GMBH
Falkstr. 1 a, 33602 Bielefeld
Contact:
Sabine Frierk, Manager
Axel Geese, Insolvency Manager
Adenauerplatz 4, 33602 Bielefeld
KAPPES GMBH: Gives Creditors Until January to File Claims
---------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Kappes GmbH & CO. Kommanditgesellschaft on Nov. 22, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 17, 2005
to register their claims with court-appointed provisional
administrator Dr. Heinz Dieter Klein.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 17, 2005, 9:20 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, 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: KAPPES GMBH & CO. KOMMANDITGESELLSCHAFT
Stollenwerckstr. 17-19, 51149 Koln
Contact:
Herbert Kappes, Manager
Dr. Heinz Dieter Klein, Insolvency Manager
Am Waldpark 11, 50996 Koln
Phone: 0 22 36/6 60 11
Fax: +492236322996
KARSTADTQUELLE AG: Completes Convertible Bond Placement
-------------------------------------------------------
KarstadtQuelle Aktiengesellschaft successfully closed December
15, 2004 the placement of its Convertible Bond in the amount of
EUR170 million, including a Greenshoe in the amount of EUR14
million.
Based on the high demand, the volume of the Convertible Bond was
increased to EUR170 million from EUR154 million. The
Convertible Bond was issued via the Dutch subsidiary of
KarstadtQuelle AG, Karstadt Finance B.V. and guaranteed by
KarstadtQuelle AG. The pre-emptive rights of shareholders of
KarstadtQuelle AG for the Convertible Bond are excluded.
The pricing was done by fixing the Coupon at 4.5% and a
Conversion Premium of 35%. Thus the conversion price will be
EUR8.76 per share. The bond will have a maturity of five years.
The convertible Bond can be converted into KarstadtQuelle shares
of up to 19.406 million shares.
The proceeds of the issue will be used to further strengthen the
financial position of KarstadtQuelle AG and to support the
restructuring as well as the strategic repositioning of the
group. The Convertible Bond was underwritten by the members of
a bank syndicate lead by Dresdner Bank Aktiengesellschaft as
bookrunner. Co-Lead Managers were ABN AMRO Rothschild, Societe
Generale and WestLB. The Convertible Bond was placed via a
bookbuilding process with institutional investors outside the
U.S.A.
The Management Board
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
NIESING GMBH: Bankruptcy Court Stays All Pending Lawsuits
---------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Niesing GmbH on Nov. 24, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Jan. 10, 2005 to register their
claims with court-appointed provisional administrator Carsten
Lange.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 12:15 p.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, 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: NIESING GMBH
Friedrich-Krupp-Str. 5, 52511 Geilenkirchen
Contact:
Roland Beckers, Manager
Carsten Lange, Insolvency Manager
Wilhelmstrasse 25, 52070 Aachen
Phone: 0241/946210
Fax: 02419462111
POLLMULLER & GAYSEK: Administrator Takes over Operations
--------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Pollmuller & Gaysek GbR on Nov. 24, 2004. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Jan. 10, 2005 to
register their claims with court-appointed provisional
administrator Wolfgang Lorisch.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 31, 2005, 9:15 a.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B, 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: POLLMULLER & GAYSEK GBR
Rowenkamp 12, 48137 Drensteinfurt
Thomas Pollmuller, Manager
Contact:
Frank Gaysek, Manager
Wolfgang Lorisch, Insolvency Manager
Kurt-Schumacher-Str. 48, 45699 Herten
Phone: 02366/10820
Fax: +492366108282
RANK METALLBAU: Creditors Have Until December 28 to File Claims
---------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Rank Metallbau GmbH on Nov. 18, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Dec. 28, 2004 to register their
claims with court-appointed provisional administrator Henning
Kempermann.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 1, 2005, 8:00 a.m. at the district court of
Hannover, 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: RANK METALLBAU GMBH
Vahrenwalder Str. 154, 30165 Hannover
Contact:
Rolf-Peter Schmidtmann, Manager
Henning Kempermann, Insolvency Manager
Hindenburgstrasse 5, 31224 Peine
Phone: 05171/7748-0
Fax: 05171/7748-77
S-DENTALTECHNIK GMBH: Creditors' Meeting Set February 15
--------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
S-Dentaltechnik GmbH on Nov. 23, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Jan. 20, 2005 to register their
claims with court-appointed provisional administrator Andreas
Muller-Stein.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 9:40 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: S-DENTALTECHNIK GMBH
Hauptstr. 19-21, 50226 Frechen
Contact:
Franz Josef Schilz, Manager
Andreas Muller-Stein, Insolvency Manager
Schutzenstr. 5, 50126 Bergheim
Phone: 02271-7691-0
Fax: +492271769110
THYSSENKRUPP AG: Sells EUR2.1 Billion Worth of Properties
---------------------------------------------------------
ThyssenKrupp AG has sold its Residential Real Estate group for
EUR2.1 billion to a consortium comprising real estate funds of
the U.S. bank Morgan Stanley and Corpus-Immobiliengruppe, based
in North-Rhine Westphalia. A corresponding agreement was signed
Wednesday. ThyssenKrupp Wohnimmobilien is one of Germany's
leading industry-based residential real estate companies. It
has 370 employees and manages around 48,000 housing units in
Germany's Rhine-Ruhr region.
ThyssenKrupp is an international industrial group focused on the
three main areas of Steel, Capital Goods and Services. The
company has 184,000 employees and sales of over EUR39 billion.
Most of its activities occupy top 3 market positions.
ThyssenKrupp will concentrate more strongly on its core
businesses. The disposal of the Residential Real Estate group
is ThyssenKrupp's biggest transaction since the merger in 1999.
Morgan Stanley's real estate funds manage some 13 billion US
dollars' worth of funds. Morgan Stanley regards Germany as a
core market and is planning further investments in the coming
years. The ThyssenKrupp Residential Real Estate group will
serve as a strategic platform for this. Corpus-
Immobiliengruppe, which is majority owned by the municipal
savings banks (Stadtsparkassen) of Cologne, Dusseldorf and
Frankfurt/Main, is one of the leaders in the Rhine-Ruhr real
estate market as well.
The acquisition is still subject to approval by the regulatory
authorities and the Supervisory Board of ThyssenKrupp AG.
Issuer's information/explanatory remarks concerning this ad-hoc-
announcement:
CONTACT: THYSSENKRUPP AG (German: TKA)
August-Thyssen-Strasse 1
40001 Dusseldorf, Germany
Phone: +49-211-824-0
Fax: +49-211-824-36000
Web site: http://www.thyssenkrupp.com
Dr. Juergen Claassen
Corporate Communications
Strategy, and Executive Affairs
Phone: +49 211 824-36001)
Gundolf Moritz, Investor Relations
Phone: +49 211 824-36464
THYSSENKRUPP AG: S&P Welcomes Disposal of Real Estate Assets
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
and 'B' short-term corporate credit ratings on German
conglomerate ThyssenKrupp AG (TK) on CreditWatch with positive
implications, following TK's announcement on Dec. 15 that it has
agreed to dispose of a large part of its real estate assets for
EUR2.1 billion and to reduce net debt with the proceeds. At the
same time, the 'BB' debt ratings on TK were also placed on
CreditWatch with positive implications.
"The CreditWatch placement reflects TK's improving financial
profile and its continuing commitment to further deleverage its
balance sheet," said Standard & Poor's credit analyst Olivier
Beroud. "TK's financial ratios in 2004 have benefited from a
strong operational performance, restraint in capital
expenditures, and a relatively moderate dividend payout level."
The CreditWatch status reflects the expectation that, on
completion of the real estate disposal, the long-term corporate
credit rating on TK could be raised by one notch to 'BBB-' from
'BB+' and the short-term rating could be raised to 'A-3' from
'B'. The outlook would likely be stable.
The disposal (expected to take place in the first calendar
quarter of 2005) would be viewed by Standard & Poor's as a
significant step and a confirmation of TK's determination to
reduce financial debt to a level that is compatible with an
investment-grade rating. In addition, fiscal 2005 should be
another year of strong performance for TK, with strong steel
markets at least for the first part of 2005, and an expected
continuation of TK's portfolio restructuring efforts (including
disposing of underperforming assets).
Adjusted for operating leases, receivables securitization, and
guarantees, TK had net debt (excluding pension obligations) of
about EUR5.0 billion. Net debt has been reduced to about EUR5.0
billion at September 2004, from about EUR7.3 billion at
September 2002.
Including unfunded pensions of EUR7.2 billion, at the end of
September 2004, in the calculation of the group's indebtedness,
credit protection measures are improving due to the strong
performance of the steel division in particular in 2004, with
funds from operations to net debt (including pensions) of about
22% in fiscal 2004.
"A disposal of TK's real estate assets would bring this ratio
closer to 25%, a level at which it would be expected to remain
in order to warrant a 'BBB-' rating," said Mr. Beroud.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
TROC INGENIEURBAU: Court Sets Creditors' Meeting January
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against TROC Ingenieurbau Gesellschaft on Nov. 24,
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 Udo Feser.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 9:50 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: TROC INGENIEURBAU GESELLSCHAFT
Krumme Str. 3,10585 Berlin
Contact:
Erhard Bohm, Manager
Udo Feser, Insolvency Manager
Uhlandstr. 165/166, 10719 Berlin
VAN HUSEN: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against van Husen Glasmontagen GmbH on Nov. 24, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 23, 2004
to register their claims with court-appointed provisional
administrator Heinrich Stellmach.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 1:00 p.m. at the district court of
Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Munster, EG, Saal 13 B, 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: VAN HUSEN GLASMONTAGEN GMBH
Am Busskolk 41, 46395 Bocholt
Contact:
Klaus van Husen, Manager
Heinrich Stellmach, Salierstrasse 4, 46395 Bocholt
Phone: 02871/2183-0
Fax: +4928712183410
=========
I T A L Y
=========
ALITALIA SPA: Delays Use of Bridging Loan
-------------------------------------------
Troubled state carrier Alitalia has deferred use of its EUR400
million government-guaranteed bridging loan, Airwise says.
Giancarlo Cimoli, the carrier's chief executive, told
shareholders in an extraordinary meeting Wednesday the decision
was partly due to savings. Mr. Cimoli said, "The bridge loan
has not yet been utilized."
Alitalia's shareholders approved Wednesday a EUR1.2 billion
capital increase, which the carrier plans to use to finance its
2005-2008 restructuring. During the meeting, Mr. Cimoli said
the carrier plans to ask for a surcharge if oil prices went
beyond the forecasts drafted in its restructuring plan. He
added Alitalia is expecting oil prices to be at US$35 per barrel
in 2005 and US$30 in the next three years.
The European Commission approved Alitalia's emergency loan in
July, after the carrier admitted possible deficiency in
operating funds. Alitalia said it needed the loan to prop up
its cash-strapped coffers and to remain on the air. Alitalia
must repay the loan in current market rates within twelve
months.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
FIAT AUTO: Talks Regarding Put Option Continue
----------------------------------------------
Fiat Auto workers held strike at its facility in Mirafiori,
Turin on Monday to protest turnaround plans by Chief Executive
Herbert Demel, Italian news agency ANSA reported.
Mr. Demel has not called for any general job cuts or factory
closures but urged earlier this fall for more efficient use of
Fiat's production facilities, according to the report.
The strike came a day before Fiat S.p.A. executives were
scheduled to meet their counterparts at General Motors Corp.
regarding a put option on Tuesday.
By Thursday the parties were still in talks whether Fiat could
insist to force General Motors Corp. to buy its struggling auto
unit. The one-year truce keeping them from suing each other
over the put option expired Wednesday.
CONTACT: Fiat S.p.A.
250 Via Nizza
10126 Turin, Italy
Phone: +39-011-686-1111
Fax: +39-011-686-3798
Web site: http://www.fiatgroup.com
VOLARE GROUP: Keeps Flight Slots for Six Months
-----------------------------------------------
Volare Group has struck a vital deal with civilian aviation
authority Ente Nazionale per l'Aviazione Civile (ENAC) that
would reserve the carrier's operating slots, Il Mondo says.
ENAC chairman Vito Riggio assured Volare's government-appointed
commissioner Carlo Rinaldini the agency would reserve the
carrier's slot for six months, until May 2005. Mr. Riggio's
decision came after hearing the carrier's plan to resume
operations. Mr. Riggio said, "On the basis of this plan, if
security conditions exist, we might reactivate the license."
Mr. Riggio likewise ruled out giving out Volare's slots to other
airlines while the carrier is in receivership. He said Volare's
slots could only be made available if the troubled carrier
declares bankruptcy. Rival airlines have expressed interest in
acquiring the group's slots, especially in Linate.
The ENAC chairman also revealed a magistrate has sequestered the
slots as guarantee for Volare's debts to airports.
Meanwhile, Volare chairman Mauro Gambaro compared the carrier to
Parmalat, which is also under the control of an extraordinary
commissioner. He said unlike the food group, Volare's survival
hinges only on its slots. Mr. Gambaro commented, "If it doesn't
return to operations, it has no way out."
ENAC earlier suspended Volare's flight license for one month
following the carrier's declaration of insolvency. Few days
after, the government passed a decree placing the carrier into
administration.
CONTACT: VOLARE GROUP S.p.A.
Via Pirelli, 20
20124 Milan
Phone: (+39) 02 673 631
Fax: (+39) 02 673 630 90
Web site: http://www.volare-group.it
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Chief Executive on Chopping Block
----------------------------------------------
Royal Dutch/Shell Chief Executive Jeroen van der Veer is aware
he is walking in a tightrope until he straightens out the firm's
reserves reporting.
Speaking to Shell's 100 most senior executive in the Hague
Wednesday, he said Malcolm Brinded, head of Anglo-Dutch oil
giant's exploration and production division, is at the same
plight. He admitted the middle management is losing confidence
in the leadership.
Royal Shell was forced to cut its reserves by 23% early in the
year, resulting to the kick out of its three senior executives,
including chairman Sir Philip Watts. The new management said it
was able to help the company to its feet, but Mr. Brinded
suggested in October the company needed more management shakeup.
Mr. van der Veer said he was "steaming inside" about the slow
progress in changing Shell's culture after its reserves scandal.
According to him, the merger of its Dutch and British holding
companies and the creation of a unified board under his
leadership could have been his "finest hour." But new exposures
in reserves have kept them from being too excited.
Shell found that 900 million barrels of its reserves could be
unbooked following a recheck of some 8 billion of its 14 barrels
of total reserves. A recheck of the remaining 6 billion barrels
is underway. The company expects to complete the review by the
end of the year.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague,
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
UNITEDGLOBALCOM INC.: Mark Schneider Leaving Later this Month
-------------------------------------------------------------
UnitedGlobalCom, Inc. (UGC) (NASDAQ: UCOMA) announced that Mark
Schneider has resigned from UGC and as an officer of its
European subsidiary, chellomedia, effective December 31,
2004, and will transition into a consulting position with UGC
focusing primarily on media and content services.
Mike Fries, President and Chief Executive Officer of UGC said:
"Mark was a co-founder of UGC and has made significant
contributions over the last 15 years to the company's strategic
direction and accomplishments, particularly in Europe. He has
motivated us all with his energy and passion for this business
and I am pleased that Mark will continue to provide his insight
and ideas to UGC in his new role. To facilitate the transition,
Shane O'Neill, President of chellomedia, will assume Mark's day-
to-day responsibilities in our European media and content
services division."
Mark Schneider added, "UGC has made significant progress over
the past few years.
The company is back on top of the European broadband business.
I am looking forward to new challenges for myself and assisting
UGC where I can in its next phase of growth."
About UnitedGlobalCom
UGC is a leading international provider of video, voice, and
broadband Internet services with operations in 14 countries,
including 11 countries in Europe. Based on the Company's
operating statistics at September 30, 2004, UGC's networks
reached approximately 15.5 million homes passed and served over
11.1 million RGUs, including approximately 9.1 million video
subscribers, 761,000 telephone subscribers and 1.3 million
broadband Internet subscribers. Please visit
http://www.unitedglobal.com.
CONTACT: UNITEDGLOBALCOM INC.
Richard S.L. Abbott
Investor Relations - UGC
Phone: (303) 220-6682
E-mail: ir@unitedglobal.com
Bert Holtkamp
Corporate Communications - UGC Europe
Phone: + 31 (0) 20 778 9447
E-mail: communications@ugceurope.com
Claire Appleby
Investor Relations - Europe
Phone: +44 20 7 838 2004
E-mail: ir@ugceurope.com
===========
P O L A N D
===========
ELEKTRIM SA: At Odds with Vivendi Over Strategies for PTC
---------------------------------------------------------
Elektrim S.A. is pushing for changes in PTC's supervisory board
weeks after obtaining a favorable court ruling regarding its
shareholding, Warsaw Business Journal reports.
A Court of Arbitration in Vienna ruled the transfer of a 48%
stake in PTC from Elektrim to Elektrim Komunikacja (ET) as
invalid. Thinking it is now a PTC shareholder in full right, it
is proposing to shake up the firm's supervisory board and sell
assets.
Vivendi Universal, which holds a 51% stake in Elektrim
Komunikacja, however, is opposed to the idea. It promised to
use legal means to protect its interest. According to the firm,
the ownership structure of PTC remains the same. PTC's
properties are now valued at EUR1.5 billion.
Deutsche Telekom, which is interested in buying PTC shares,
declined to attend the meetings of PTC supervisory board until
the conflict is resolved.
===========
R U S S I A
===========
BEL-CERAMICS: Bankruptcy Hearing Set Last Week of December
----------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on limited liability company
Bel-Ceramics. The case is docketed as A08-15638/04-2B. Mr. V.
Nemtsev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 308000, Russia,
Belgorod, Post Office, Post User Box 132. A hearing will take
place on Dec. 27, 2004, 11:00 a.m.
CONTACT: BEL-CERAMICS
Russia, Belgorod region,
B. Khmelnitskogo Pr. 131
Mr. V. Nemtsev
Temporary Insolvency Manager
308000, Russia, Belgorod,
Post Office, Post User Box 132
GRANITE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Granite. The case is docketed as A-32-23208/2004-27/167-B. Ms.
S. Bystrova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 353475, Russia,
Krasnodar region, Gelendzhik, Post User Box 62.
CONTACT: GRANITE
Russia, Krasnodar region, Gelendzhik,
3rd km of Sukhumskoye Shosse
Ms. S. Bystrova
Temporary Insolvency Manager
353475, Russia, Krasnodar region,
Gelendzhik, Post User Box 62
KEMEROVO-MINE-STROY: Proofs of Claim Deadline Expires January
-------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Kemerovo-Mine-Stroy after finding
the construction company insolvent. The case is docketed as
A27-4580/2004-4. Mr. V. Dostovalov has been appointed
insolvency manager. Creditors have until Jan. 12, 2005 to
submit their proofs of claim to Russia, Kemerovo, Anzhero-
Sudzhensk, Kemset Str. 7.
CONTACT: KEMEROVO-MINE-STROY
Russia, Kemerovo region, Anzhero-Sudzhensk
Mr. V. Dostovalov
Insolvency Manager
Russia, Kemerovo, Anzhero-Sudzhensk, Kemset Str. 7
ORENBURGSKAYA: Orenburg Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy proceedings against Orenburgskaya after finding the
stationery factory insolvent. The case is docketed as A47-
7854/04-14 GK. Mr. A. Taushev has been appointed insolvency
manager. Creditors may submit their proofs of claim to 460000,
Russia, Orenburg, Gaya Str. 23A.
CONTACT: ORENBURGSKAYA
460006, Russia, Orenburg, Ziminskaya Str. 35
Mr. A. Taushev
Insolvency Manager
460000, Russia, Orenburg, Gaya Str. 23A
Levonaberezhnaya Str. 13
POLUS: Hires A. Saltykov as Insolvency Manager
----------------------------------------------
The Arbitration Court of Primorskiy region has commenced
bankruptcy supervision procedure on limited liability company
Polus. The case is docketed as A51-5614/2004 15-111. Mr. A.
Saltykov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 692294, Russia,
Primorskiy region, Nakhodka, Post User Box 24-55. A hearing
will take place on Dec. 27, 2004, 11:00 a.m.
CONTACT: POLUS
Russia, Primorskiy region,
Nakhodka, Ozyernaya Str. 1
Mr. A. Saltykov
Temporary Insolvency Manager
692294, Russia, Primorskiy region,
Nakhodka, Post User Box 24-55
PROKHLADNENSKIY LIQUOR: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on limited liability
company Prokhladnenskiy Liquor Vodka Distillery. The case is
docketed as A20-3463/02. Mr. O. Mepisashvili has been appointed
temporary insolvency manager. Creditors may submit their proofs
of claim to 361016, Russia, Kabardino Balkariya republic,
Prokhladnyj region, Primalkinskiye, Sadovaya Str. 164.
CONTACT: PROKHLADNENSKIY LIQUOR VODKA DISTILLERY
361044, Russia, Kabardino Balkariya republic,
Prokhladnyj, Magistralnaya Str. 7
Mr. O. Mepisashvili
Temporary Insolvency Manager
361016, Russia, Kabardino Balkariya republic,
Prokhladnyj region, Primalkinskiye,
Sadovaya Str. 164
PROKOPYEVSKIYE CENTRAL: Insolvency Manager Takes over Operations
----------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Prokopyevskiye Central Electro-
Mechanic Workshop after finding the open joint stock company
insolvent. The case is docketed as A27-15455/2004-4. Mr. A.
Samokhin has been appointed insolvency manager. Creditors may
submit their proofs of claim to 653033, Russia, Kemerovo region,
Prokopyevsk, Kirova Str. 1a.
CONTACT: PROKOPYEVSKIYE CENTRAL ELECTRO-MECHANIC WORKSHOP
653033, Russia, Kemerovo region,
Prokopyevsk, Kirova Str. 1a
Mr. A. Samokhin
Insolvency Manager
653033, Russia, Kemerovo region,
Prokopyevsk, Kirova Str. 1a
YUG-ELECTRO-1: Gives Creditors Until January to File Claims
-----------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Yug-Electro-1 (TIN 6143021049/614301001)
after finding the close joint stock company insolvent. The case
is docketed as A53-6130/04-S2-30. Mr. A. Sologub has been
appointed insolvency manager. Creditors have until Jan. 12,
2005 to submit their proofs of claim to 344092, Russia, Rostov-
na-Donu, Volkova Str. 31/1, Apartment 20.
CONTACT: YUG-ELECTRO-1
347360, Russia, Rostov region, Volgodonsk,
Prom. Zone, the territory of TETs-2
Mr. A. Sologub
Insolvency Manager
344092, Russia, Rostov-na-Donu,
Volkova Str. 31/1, Apartment 20
YUKOS OIL: Company Profile
--------------------------
NAME: Yukos Oil Company
COMPANY LOCATION: 31a, Dubininskaya Str.
Moscow 115054, Russia
Phone: + 7 095 232 31 61
Fax: + 7 095 232 31 60
E-mail: info@yukos.ru
International Information Department
Phone: + 7 095 540 63 13
Fax: + 7 095 748 18 33 (New)
Contact:
Hugo Erikssen, Director
E-mail: inter@yukos.ru
WEB SITE: http://www.yukos.com/
TYPE OF BUSINESS: YUKOS Oil Company is one of Russia's publicly
traded fully integrated petroleum companies and a leader in
production, refining, light product yield, and market
capitalization growth in Russia. Its principal production
assets are located in the Khanty-Mansiysk Autonomous District
and Tomsk Region of Western Siberia and the Samara Region along
the Volga River in European Russia.
Recent acquisitions have expanded the Company's reach into
Eastern Siberia and the Yamal Nenetsk Autonomous District in
Russia's Far North. Yukos has five principal refineries in
Russia, ranging geographically from the Samara Region in the
west to Angarsk near Lake Baikal in Eastern Siberia, as well as
being the majority owner and operator of the largest refinery in
the Baltic States, in Mazeikiai, Lithuania. Yukos also runs
eighteen distribution companies and more than 1,100 filling
stations under the Yukos brand name.
Its shares are publicly traded on the Russian Trading System
(RTS) and Moscow Interbank Currency Exchange (MICEX). Its Level
1 ADRs are traded OTC in the U.S.A. and on these international
platforms: Frankfurt, Munich, Stuttgart and Berlin Stock
Exchanges, London Stock Exchange International Order Book.
EXECUTIVES:
Board of Directors Committees 2004-2005
Viktor Vladimirovich Gerashchenko
Chairman of the Board of Directors
(a) Audit Committee:
Jacques Kosciusko-Morizet, Chairman
Edgar Ortiz, Member
Alexei Emilevich Kontorovich, Member
(b) Corporate Governance and Nominating Committee:
Sarah Carey, Chairman
Bernard Loze, Member
Yuri Petrovich Pokholkov, Member
Yuri Alexandrovich Golubev, Member
(c) Strategy Committee:
Alexei Emilevich Kontorovich, Chairman
Viktor Vladimirovich Gerashchenko, Member
Edgar Ortiz, Member
Yuri Alexandrovich Golubev, Member
(d) Compensation Committee:
Raj Kumar Gupta, Chairman
Viktor Vladimirovich Gerashchenko, Member
Jacques Kosciusko-Morizet, Member
(e) Finance Committee
Michel Soublin, Chairman
Bernard Loze, Member
Francois Claude Buclez, Member
Management Board
Steven Theede, Chief Executive Officer
(a) Exploration and Production
Yuri Beilin
Deputy CEO Yukos Oil Company
President, Yukos EP
(b) Refining and Mining
Peter Zolotarev
Acting President
Yukos RM
(c) Government Relations
Alexander Temerko
Senior Vice President
Yukos-Moscow
(d) Finance
Bruce Misamore
Chief Financial Officer
Yukos Oil Company
(e) Business Support
Mikhail Trushin
First Vice President
Yukos-Moscow
INVESTOR RELATIONS: Alexandre Gladyshev, Head of Investor
Relations
Phone: + 7 095 788 00 33
E-mail: investors@yukos.ru
NUMBER OF EMPLOYEES: 100,000
TOTAL ASSETS: US$18,514 million (as of Sept. 30, 2003)
TOTAL LIABILITIES: US$8,030 million (as of Sept. 30, 2003)
TOTAL SHAREHOLDERS' EQUITY: US$10,134 million (as of Sept. 30,
2003)
Sales and Other Operating Revenues: US$4,476 million
(including excise tax) (Three months ended Sept.
30, 2003)
To see latest financial statement:
http://bankrupt.com/misc/q3_2003_YUKOS.pdf
CAPITAL STRUCTURE:
ADR Holders - 12.8%
Shares available to back UBS exchangeable bonds - 2.5%
Other individual and institutional shareholders - 10.6%
Veteran Petroleum Trust - 10.0%
Treasury shares - 3.6%
Group Menatep - 60.5%
RATINGS: Moody's (November)
Senior implied rating - Caa2
Senior unsecured issuer rating - Caa3
THE TROUBLE: Yukos has back tax liabilities totaling US$24
billion for 2000-2003. The government is selling its main
production unit, Yuganskneftegaz, by the end of the week at a
fire-sale price of US$8.8 billion to pay the debts. The company
warned that the sale will do it immediate and irreparable harm.
Yuganskneftegaz produces more than 60% of its oil output.
INDEPENDENT ACCOUNTANT: ZAO PRICEWATERHOUSECOOPERS AUDIT
Kosmodamianskaya Nab. 52 Bld. 5
115054 Moscow
Russia
Phone: +7(095) 967 6000
Fax: +7(095)9676001
YUKOS OIL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Yukos Oil Company
c/o Bruce K. Misamore, Chief Financial Officer
6791 Lempria Court
Houston, Texas 77069
Bankruptcy Case No.: 04-47742
Type of Business: The Debtor is an oil-and-gas company
headquartered in Moscow, Russia.
See http://www.yukos.com/
Chapter 11 Petition Date: December 14, 2004
Bankruptcy Court: United States Bankruptcy Court
Southern District of Texas
Houston Division
5401 Bob Casey United States Courthouse
515 Rusk Avenue
Houston, Texas 77002
Tel: 713-250-5500
Bankruptcy Judge: Letita Z. Clark
Debtor's Counsel: Zack A. Clement, Esq.
C. Mark Baker, Esq.
Evelyn H. Biery, Esq.
John A. Barrett, Esq.
Johnathan C. Bolton, Esq.
R. Andrew Black, Esq.
Fulbright & Jaworski LLP
1301 McKinney, Suite 5100
Houston, Texas 77010
Tel: 713-651-5434
Fax: 713-651-5246
U.S. Trustee: Diane G Livingstone, Esq.
Ellen Maresh Hickman, Esq.
Office of the United States Trustee
515 Rusk Ave., Suite 3516
Houston, TX 77002
Tel: 713-718-4650
Financial Condition as of October 31, 2004,
according to Russian accounting principles:
Total Assets: $12,276,000,000
Total Debts: $30,790,000,000
Debtor's 20 Largest Unsecured Creditors:
Approximate
Entity Nature of Claim Claim Amount
------ --------------- ------------
Russian Federation Alleged Tax
$17,000,000,000
The Ministry of Justice of the Debt -- Disputed
Russian Federation
ul. Vorontsovo Pole, 4a,
Moscow 109830, GSP, Gh-28
Russian Federation
Societe Generale Trade Debt
$1,426,000,000
SG Corporate & Investment Banking
17 Cours Valmy
92987 Paris
La Defence Cedex France
Attn: Alexandre Huet, Senior VP
Telephone: (33 1) 414 59704
State Customs Committee of the Trade Debt
$185,000,000
Russian Federation
Russia 107842 Moscow
1 A Komsomolskaya Place
Telephone: 7-095-975-4070
Transneft Trade Debt
$73,000,000
Russia, 119180,
Moscow, Bolshaya
Polyanka Str., 57
Attn: Simon M. Vainshtock
Telephone: (095) 951 48 89
Zapadno MalyBalyk Trade Debt
$28,000,000
Nefteyugansk,
11 districk, 26
628300 KhMAO
Makrotrade Trade Debt
$21,000,000
Lenina avenue 5
Saransk, Mordovia
Russian Federation 430000
Bank Menatep Trade Debt
$3,500,000
Moscow Branch
4 Kolpachny Lane
Moscow 101990
Russia
Attn: Yuri Kotler
JSC Mazeikiu Nafta Trade Debt
$2,200,000
5526 Mazheikiu,
Lodeikiu, 89467, Lithuania
BCEN Eurobank Trade Debt
$2,000,000
79-81 Bulevard Haussmann
75382 Paris cedex 08
France
Kargill Yug OOO Other Debt
$1,000,000
Krasnaya street, 180
Krasnodar
Investpribor ZAO Trade Debt
$1,000,000
Veresayeva, 6
Moscow, 121357
Prikaspburneft Povolzhie OOO Trade Debt
$1,000,000
Neftyanikov street, 14
Volgograd prospect
Russian Federation
NPO Intekh OOO Trade Debt
$1,000,000
Tetcrenskyi per., 4/8, cxp.2
Moscow, 109004
ZAO PricewaterhouseCoopers Trade Debt
$1,000,000
Kosmodamianskaya nab., 52
Building 5,
115054, Moscow, Russia
Tyumen exploration Trade Debt
$760,000
expedition ZAO
128 Druzhba
Tyumen, 625031
Russian Federation
SovGeoInfo Trade Debt
$615,000
Nezhinskaya street, 13/4
Moscow, 117571
Burson Marsteller/NIS Trade Debt
$600,000
1801 K Street, N.W. Suite 1000-L
Washington, DC 20006
See terminal Trade Debt
$600,000
Primorsk, Vyborg region
Leningrad oblast, 188910
Property Committee of Other Debt
$600,000
Khanty Mansyisk Region
Mira street, 5
Khanty-Mansyisk, Tyumen oblast
KhMAO, 626200
Obneftegasgcologia Trade Debt
$500,000
Federova street, 68A
Surgut, 628400
=====================
S W I T Z E R L A N D
=====================
SWISS INTERNATIONAL: Rejects Employees' Wage Proposal
-----------------------------------------------------
Swiss International and the four unions representing ground
staff (GATA-SEV, PUSH, SKV and VPOD) on Wednesday held
negotiations regarding workers' salary. The unions demanded
that employee purchasing power be retained. Swiss will not
consider this demand for economic reasons. The salary
negotiations agreed in the Collective Labor Agreement are thus
concluded.
However, Swiss is prepared to extend the validity of the current
social plan, which would expire on December 31, in line with the
existing Collective Labor Agreement, which is valid until March
31, 2005.
CONTACT: SWISS INTERNATIONAL
Corporate Communications
P.O. Box, CH-4002 Basel
Phone: +41 (0) 79 219 03 58
Fax: +41 61 582 35 54
E-mail: communications@swiss.com
Web site: http://www.swiss.com
=============
U K R A I N E
=============
ANDRIYIVSKE: Mikolaiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Andriyivske (code EDRPOU 19296569) after
finding the limited liability company insolvent. The case is
docketed as 2/78. Mrs. Victoriya Cherepenko (License Number AA
140411) has been appointed liquidator/insolvency manager. The
company holds account number 26005360025001 at JSPPB Ukraina,
Mikolaiv regional branch, MFO 326148.
CONTACT: ANDRIYIVSKE
57104, Ukraine, Mikolaiv region,
Mikolaiv district, Yasna Polyana
Mrs. Victoriya Cherepenko
Liquidator/Insolvency Manager
54017, Ukraine, Mikolaiv region,
Moskovska Str. 54a
ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
FALVEST-FARM: Proofs of Claim Deadline Expires This Week
--------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Falvest-Farm (code EDRPOU 21915933) after
finding the limited liability company insolvent. The case is
docketed as B/24/141/04. Mr. Slunkov Dmitro, who heads the
liquidation commission of the region, has been appointed
liquidator/insolvency manager. The company holds account number
260063001220 at VABank, Dnipropetrovsk branch, MFO 305868.
Creditors have until December 18, 2004 to submit their proofs of
claim to:
(a) FALVEST-FARM
49069, Ukraine, Dnipropetrovsk region,
K. Libkneht Str. 43/13
(b) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
GALTEHNOSERVICE: Period for Filing of Claims Ends Weekend
---------------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Galtehnoservice (code EDRPOU 31820194) on
October 27, 2004 after finding the limited liability company
insolvent. The case is docketed as 1/75-B. Mrs. Vojlenko
Lubov, who represents Kovel State Tax Inspection, has been
appointed liquidator/insolvency manager. The company holds
account number 260021904 at JSPPB Aval, MFO 303569.
Creditors have until December 18, 2004 to submit their proofs of
claim to:
(a) GALTEHNOSERVICE
4430, Ukraine, Volinska region,
Luboml
(b) Mrs. Vojlenko Lubov
Liquidator/Insolvency Manager
45000, Ukraine, Volinska region,
Kovel, S. Bandera Str. 5
(c) ECONOMIC COURT OF VOLINSKA REGION
43010, Ukraine, Volinska region,
Lutsk, Voli Avenue, 54-a
NAFTOMASH: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Ivano-Frankivsk region has commenced
bankruptcy supervision procedure on Naftomash (code EDRPOU
20557331). The case is docketed as B-11/155. Arbitral manager
Mr. I. Vatutin (License Number AA 250388) has been appointed
temporary insolvency manager. The company holds account number
2600425231 at CB Privatbank, Ivano-Frankivsk branch, MFO 336677.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) NAFTOMASH
77300, Ukraine, Ivano-Frankivsk region,
Kalush, Dolinska Str. 88
(b) Mr. I. Vatutin
Temporary Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Kolomiya, Novodvorskij Str. 24
(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
OLEKSANDRIVSKIJ RAJAGROHIM: Proofs of Claim Deadline Nears
----------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Aleksandrivskij Rajagrohim (code
EDRPOU 05489490). The case is docketed as 10/118. Mr. S.
Salatov (License Number AA 047823) has been appointed temporary
insolvency manager. The company holds account number
26003301234 at OJSC State Saving Bank of Ukraine, Aleksandrivka
branch 3327, MFO 323817.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) ALEKSANDRIVSKIJ RAJAGROHIM
27300, Ukraine, Kirovograd region,
Aleksandrivka, Ostrovskij Str. 4
(b) Mr. S. Salatov
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Sverdlov Str. 87
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski str. 29
SIRIUS: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Sirius (code EDRPOU 13430179) on October 14,
2004 after finding the limited liability company insolvent. The
case is docketed as B24/139/04. Mrs. Babich Svitlana has been
appointed liquidator/insolvency manager. The company holds
account number 26000106337001 at CB Privatbank, Dnipropetrovsk
central branch, MFO 305299.
Creditors have until December 18, 2004 to submit their proofs of
claim to:
(a) SIRIUS
Ukraine, Dnipropetrovsk region,
Chkalov Str. 48
(b) Mrs. Babich Svitlana
Liquidator/Insolvency Manager
Ukraine, Kyiv region, Melnikov Str. 2/10
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
ZACHATIVSKE: Court Grants Debt Moratorium Request
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on agricultural firm Zachativske (code
EDRPOU 30844743) on October 18, 2004 and ordered a moratorium on
satisfaction of creditors' claims. The case is docketed as
27/87 B. Arbitral manager Mr. A. Grinko (License Number AA
779155) has been appointed temporary insolvency manager. The
company holds account number 26002302550472 at Prominvestbank,
Volnovaha branch, MFO 334646.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) ZACHATIVSKE
85761, Ukraine, Donetsk region,
Volnovaha district, Zachativka,
Shkilna str.
(b) Mr. A. Grinko
Temporary Insolvency Manager
Ukraine, Donetsk region, Artem Str. 27/307
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
ZNAMYANSKE AUTO: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Znamyanske Auto Transport
Enterprise 13542 (code EDRPOU 03117412) on October 28, 2004.
The case is docketed as 10/119. Arbitral manager Mr. Knobloh
Irina (License Number AA 719895) has been appointed temporary
insolvency manager. The company holds account number
26001301340329 at Prominvestbank, Znamyanka branch, MFO 323088.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) ZNAMYANSKE AUTO TRANSPORT ENTERPRISE 13542
27400, Ukraine, Kirovograd region,
Znamyanka, Mayakovskij Str. 22
(b) Mr. Knobloh Irina
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Timiryazev Str. 49/19-7
Phone: 32-15-98
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
Ukraine, Kirovograd region,
Lunacharski Str. 29
===========================
U N I T E D K I N G D O M
===========================
AIRPORT MANAGEMENT: Owners Decide to Wind up Business
-----------------------------------------------------
Name of companies:
Airport Management Consultants Limited
Airport Trading Limited
Airport Ventures Limited
Astrobold Limited
Manchester Airport Building Limited
Manchester Airport Developments Limited
Manchester Airport Employment Services Limited
Manchester Airport Finance Limited
Manchester Business Park Limited
Manchester Business Park Management Limited
At the meeting of these companies, the special, ordinary and
extraordinary resolutions to wind up the companies were passed.
John Malcolm Titley of DTE Leonard Curtis has been appointed
liquidator of the companies.
CONTACT: DTE LEONARD CURTIS
Web site: http://www.dtegroup.com
ALBA ARC: Opts for Liquidation
------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Alba Arc Limited
Notice is hereby given that I, David Forbes Rutherford of Cowan
& Partners CA, 60 Constitution Street, Leith, Edinburgh EH6 6RR,
was appointed liquidator of Alba Arc Limited on November 30,
2004.
David Forbes Rutherford, Liquidator
November 30, 2004
CONTACT: COWAN & PARTNERS
60 Constitution Street
Edinburgh EH6 6RR
Phone: 0131 554 0724
Fax: 0131 553 2267
E-mail: mail@cowanandpartners.co.uk
ASSURED EUROPEAN: Hires Liquidators from Bridgers
-------------------------------------------------
At the extraordinary general meeting of the members of Assured
European Management Limited on Dec. 3, 2004 held at 47 London
Street, Reading, Berkshire RG1 4PS, the extraordinary and
ordinary resolutions to wind up the company were passed. Ian
Yerrill and Philip Michael Lyon have been appointed liquidators
of the company.
CONTACT: BRIDGERS
47 London Street,
Reading, Berkshire RG1 4PS
AVECIA GROUP: Long-term Rating Cut to 'CCC'; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based specialty chemicals
producer Avecia Group PLC to 'CCC' from 'B-', due to increased
liquidity concerns. The outlook remains negative.
In addition, Standard & Poor's lowered its preference stock
rating on Avecia to 'C' from 'CCC-' and its senior unsecured
debt rating on the group to 'CC' from 'CCC'.
"The rating actions reflect Standard & Poor's concern that the
cash proceeds from the recently announced disposal of the
group's NeoResins division might not be sufficient to redeem all
of Avecia's existing debt," said Standard & Poor's credit
analyst Khaled Zitouni. "Following the disposal, Avecia would
be left with a much weaker business profile and might not be
able to generate any free cash flow to redeem outstanding debt
from its remaining operations."
The negative outlook reflects Standard & Poor's concerns that
Avecia might not have sufficient liquidity to repay all its
debt, and/or fund its ongoing operations. If this were the
case, a further downgrade could occur.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
Avecia Group plc
Hexagon House, Blackley
Manchester M9 8ZS, United Kingdom
Phone: +44-161-740-1460
Fax: +44-161-795-6005
Web site: http://www.avecia.com
BAR HOLDINGS: Issued Share Capital Put on Sale
----------------------------------------------
The Joint Administrative Receivers of British American Racing
(Holdings) Limited, Simon Morris and Andrew Hosking, will sell
the entire issued share capital of this highly established
Formula One racing team. The group finished second to Ferrari
in the F1 Constructors Championship this year. BAR operates
from state-of-the-art leasehold premises at Brackley,
Northamptonshire.
CONTACT: GRANT THORNTON U.K. LLP
Grant Thornton House
Melton Street
Euston Squarea
London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
Sean Weaver
Phone: +44 (0) 870991 2424
Fax: +44 (0) 870991 2424
E-mail: sean.j.weaver@gtuk.com
BEARD BROS.: Sets Final Meeting January
---------------------------------------
The final meeting of the members of Beard Bros. (Engineers)
Limited will be on Jan. 18, 2005 commencing at 3:30 p.m. It
will be held at the offices of Buchanans plc, Latimer House, 5
Cumberland Place, Southampton SO15 2BH.
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 Buchanans plc, Latimer House, 5 Cumberland Place,
Southampton SO15 2BH not later than 12:00 noon, Jan. 17, 2005
CONTACT: BUCHANANS PLC
Latimer House, 5 Cumberland Place,
Southampton SO15 2BH
Phone: 023 8022 1222
Fax: 023 8033 1333
E-mail: advice@buchanans.com
Web site: http://www.buchanans.com
BELL FRAMPTON: Calls Creditors' Meeting
---------------------------------------
The creditors of Bell Frampton Limited will meet on Jan. 5, 2005
commencing at 11:00 a.m. It will be held at the offices of
Baker Tilly, Marlborough House, Victoria Road South, Chelmsford,
Essex CM1 1LN.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Baker Tilly, Marlborough House, Victoria Road
South, Chelmsford, Essex CM1 1LN not later than 12:00 noon, Jan.
4, 2005.
CONTACT: BAKER TILLY
Marlborough House, Victoria Road South,
Chelmsford, Essex CM1 1LN
Phone: 01245 354 402
Fax: 01245 490 243
Web site: http://www.bakertilly.co.uk
BHX COMMUNICATIONS: Hires Mazars as Administrator
-------------------------------------------------
Alistair Steven Wood (IP No 007929) has been appointed
administrator for BHX Communications Limited. The appointment
was made Dec. 8, 2004. The company manages hotels and motels
with or without restaurants. Its registered office is located
at 223 Central Promenade, Blackpool, Lancashire FY1 5DL.
CONTACT: MAZARS
Lancaster House, 67 Newhall Street,
Birmingham B3 1NG
Phone: 0121 236 7711
Fax: 0121 236 2778
Web site: http://www.mazars.co.uk
BRAUGHTON HOMES: Director Barred from Holding Executive Post
------------------------------------------------------------
Two directors of a retail estate development business that
failed with total debts estimated at around GBP224,000 have
given an Undertaking not to hold directorships or take any part
in company management for seven years and three years.
The Undertakings by Jeremy Donald Bridges, 38, of Castle Street,
Kinver, Stourbridge, and John Paul Bridges, 32, of Bloomfield
Street North, Halesowen, West Midlands, were given in respect of
their conduct as directors of Braughton Homes Plc, which carried
out business from premises at 22 Blaenwern Drive, Halesowen,
West Midlands, B63 2PX.
The acceptance of the Undertaking of Jeremy Donald Bridges on
November 17, 2004, effective from December 8, 2004, and John
Paul Bridges on November 27, 2004, effective from December 14,
2004 prevents the two directors from being a director of a
company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for the above period.
Braughton Homes Plc was placed into voluntary liquidation on
November 29, 2002 with estimated debts of GBP224,088 owed to
creditors.
Matters of unfit conduct, not disputed by Jeremy Donald Bridges
and John Paul Bridges, are that they:
(a) Failed to ensure Braughton Homes Plc submitted Statutory VAT
returns or omitted monies to the Crown on time; and
(b) Failed to ensure Braughton Homes Plc complied with the
statutory obligations in the filing of P35 Annual Tax
returns with the Inland Revenue and lodging the accounts at
Companies House.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
CHART SHIPPING: Hires J. Kelmanson as Liquidator
------------------------------------------------
At the extraordinary general meeting of the members of Chart
Shipping Limited on Dec. 9, 2004 held at Avco House, 6 Albert
Road, Barnet EN4 9SH, the special, ordinary and extraordinary
resolutions to wind up the company were passed. John Kelmanson
has been appointed liquidator of the company.
CHESBEE U.K.: Business for Sale
-------------------------------
Dermot Power and David Swaden, joint administrators of Chesbee
(U.K.) Limited will sell the business and assets, in parts or in
whole, of this plastic injection molding company. The group is
based in Redcliff, Greater Manchester.
CONTACT: BDO STOY HAYWARD LLP
Web site: http://www.bdo.co.uk
Sapna Amar
Phone: 0161 817 3849
E-mail: sapna.amar@bdo.co.uk
CLN LIMITED: Names Wilkins Kennedy Liquidator
---------------------------------------------
At the extraordinary general meeting of the members of CLN
Limited on Dec. 2, 2004 held at Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY, the extraordinary and ordinary
resolutions to wind up the company were passed. Keith Aleric
Stevens of Wilkins Kennedy, Gladstone House, 77-79 High Street,
Egham, Surrey TW20 9HY has been appointed liquidator of the
company.
CONTACT: WILKINS KENNEDY
Gladstone House, 77-79 High Street,
Egham, Surrey TW20 9HY
Phone: +44 (0) 1784 435561
Fax: +44 (0) 1784 430584
E-mail: egham@wilkinskennedy.com
Web site: http://www.wilkinskennedy.com
COMPLETE DESIGN: Liquidators from Wilder Coe Takes over Firm
------------------------------------------------------------
At the extraordinary general meeting of Complete Design Limited
on Dec. 8, 2004 held at Wilder Coe, 233-237 Marylebone Road,
London NW1 5QT, the extraordinary and ordinary resolutions to
wind up the company were passed. Mark Riley and Norman Cowan of
Wilder Coe, 12th Floor, Southgate House, St George's Way,
Stevenage, Hertfordshire SG1 1HG have been appointed joint
liquidators of the company.
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
CYBERNET GROUP: Appoints Administrators from Kingston Smith
-----------------------------------------------------------
Nicholas John Miller and Ian Robert (IP Nos 007899, 008706) have
been appointed administrators for Cybernet Group (UK) Limited.
The appointment was made Dec. 8, 2004. The company offers
computer services.
CONTACT: KINGSTON SMITH AND PARTNERS LLP
Devonshire House, 60 Goswell Road,
London EC1M 7AD
Phone: 020 7566 4000
Fax: 020 7566 4010
Web site: http://www.kingstonsmith.co.uk
DIGITAL INTERACTIVE: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At the extraordinary general meeting of Digital Interactive
Solutions Limited on Dec. 6, 2004 held at Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 4AP, the
subjoined extraordinary resolution to wind up the company was
passed. Richard Frank Simms of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP has been appointed
liquidator of the company.
CONTACT: F A SIMMS & PARTNERS PLC
Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP
Phone: 01455 557111
Fax: 01455 552572
E-mail: info@fasimms.com
Web site: http://www.fasimms.com
DURACOTE LIMITED: Hires Joint Administrators from Leonard Curtis
----------------------------------------------------------------
A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been
appointed joint administrators for Duracote Limited. The
appointment was made Dec. 2, 2004. The company manufactures and
sells industrial metal finishing.
CONTACT: DTE LEONARD CURTIS
24 Wellington Street
St. Johns, Blackburn BB1 8AF
Phone: 01254 699799
Fax: 01254 699130
Web site: http://www.dtegroup.com
ELECTROMECH CONTROL: Appoints BDO Stoy Hayward Administrator
------------------------------------------------------------
Geoffrey Stuart Kinlan and Anthony John Sanderson (IP Nos
8268/01, 4750) have been appointed administrators for
Electromech Control Systems Limited. The appointment was made
Dec. 2, 2004. The company offers electronic and mechanical
device services.
CONTACT: BDO STOY HAYWARD LLP
Prospect Place, 85 Great North Road,
Hatfield, Hertfordshire AL9 5BS
Phone: 01707 255888
Fax: 01707 255890
E-mail: hatfield@bdo.co.uk
Web site: http://www.bdo.co.uk
ET2K LIMITED: Insolvency Service Bans Two Directors
---------------------------------------------------
Two directors of a provider of contract management and personnel
business that failed with total debts estimated at around
GBP899,000 have given Undertakings not to hold directorships or
take any part in company management for six and nine years.
The Undertakings by Julie Owen, 44, and Kenneth Owen, 62, both
of Vickers Close, Marske by the Sea, Redcar, Cleveland, was
given in respect of their conduct as directors of ET2K Limited
which carried out business from premises at 7A Pontefract Road,
Castleford, West Yorkshire, WF10 4JE.
Acceptance of the Undertaking on November 26, 2004 prevents each
of them from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period. ET2K Limited was placed into voluntary
liquidation on March 27, 2002 with estimated debts of GBP899,395
owed to its creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
The matter of unfit conduct, not disputed by Kenneth Owen, was
that notwithstanding his disqualification under the terms of the
Company Directors Disqualification Act 1986 that prevented him
from acting as a director of a limited liability company from
August 22, 2001, he acted as a director of ET2K Limited.
The matter of unfit conduct, not disputed by Kenneth Owen, was
that following the disqualification of Kenneth Owen under the
terms of the Company Directors Disqualification Act 1986 that
prevented him from acting as a director of a limited liability
company after 22 August 2001, she allowed Mr. Owen to act as a
director of ET2K Limited.
Matters of unfit conduct, not disputed by Kenneth and Julie
Owen, were that:
(a) They knew or ought reasonably to have known that ET2K was
unable to pay its debts as and when they fell due, but
nonetheless allowed ET2K to continue to trade incurring
liabilities totaling GBP87,290 that she ought to have known
that ET2K would not be able to meet, whilst at the same time
causing or allowing payments to be made to an associated
company; and
(b) They caused ET2K to pay JP Contracting Services Limited (an
associated company) GBP139,846, at a time when trade
creditors were owed GBP419,052 in respect of debts that had
been increasing since August 2001 and that remained
outstanding when ET2K entered creditors' voluntary
liquidation on March 27, 2002.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
FEDERAL-MOGUL: Asbestos Property Damage Committee Rejects Plan
--------------------------------------------------------------
On behalf of the Official Committee of Asbestos Property Damage
Claimants appointed in the chapter 11 cases of Federal-Mogul
Corporation and its debtor-affiliates, Theodore J. Tacconelli,
Esq., at Ferry Joseph & Pearce, in Wilmington, Delaware, asserts
that the Plan cannot be confirmed for these reasons:
(a) If neither the Company Voluntary Arrangements/Schemes nor
Consensual Marketing Procedures are implemented, the Plan
forces creditors with Class 6H claims against T&N Limited
to participate in the claims adjudication process in the
United Kingdom and be subject to U.K. insolvency law,
Even though their claims were filed with the Bankruptcy
Court and are deemed allowed, unless objected to,
pursuant to Section 502 of the Bankruptcy Code. Because
the Plan transfers the claims allowance process from the
Bankruptcy Court, the Plan violates Section 502 as well
as Section 1129(a)(1);
(b) The Debtors and the Official Committee of Unsecured
Creditors breached their fiduciary duties to creditors of
the U.K. Debtors by proposing a plan that effectively
forecloses the possibility of a competitive auction
process for the assets and business of the U.K. Debtors.
As a consequence, the Debtors and the Creditors Committee
violated Sections 1103 and 1107. As Plan Proponents,
they violated the mandate of Section 1129(a)(2) by
failing to comply with the applicable provisions of
Chapter 11;
(c) The Plan is designed to allow Federal-Mogul to acquire
the assets of T&N at a bargain price to the detriment of
Property Damage Claimants and other T&N creditors.
Because the Plan does not seek to maximize the value of
the U.K. Debtors for the benefit of the U.K. Debtors'
creditors, it has not been proposed in good faith and
cannot be confirmed pursuant to Section 1129(a)(3);
(d) The Plan violates the "best interest of the creditors"
test as set forth in Section 1129(a)(7) because Class 6
creditors will receive less under the Plan than they
would receive in a Chapter 7 liquidation of T&N Limited;
(e) The Plan violates the Absolute Priority Rule of Section
1129(b) because it:
-- provides value to Federal-Mogul Corporation, the
U.K. Debtors' parent, as prior equityholders; and
-- grants warrants to out-of-the-money equityholders.
(f) The Plan violates the unfair discrimination proscriptions
of Section 1129(b) because other unsecured creditors
will, or in some cases, may, get a greater recovery than
will Class 6H creditors;
(g) In violation of Section 1129(b), the Plan unfairly
discriminates against Class 6H claimants of the U.K.
Debtors by providing a greater recovery to asbestos
personal injury claimants vis-a-vis the recovery to
other, similarly situated unsecured creditors; and
(h) The Plan excludes asbestos property damage claims from
the trust established pursuant to Section 524(g). The
Plan creates an Asbestos Personal Injury Trust, but fails
to include all claims rising from damage caused by
asbestos. A trust established pursuant to Section 524(g)
must include all asbestos related claims.
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion. The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and US$8.86 billion in liabilities. (Federal-Mogul
Bankruptcy News, Issue No. 68; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
CONTACT: FEDERAL-MOGUL CORPORATION (OTC: FDMLQ)
26555 Northwestern Hwy.
Southfield, MI 48034 (Map)
Phone: 248-354-7700
Fax: 248-354-8950
Web site: http://www.Federal-Mogul.com
GATEWAY ANALYSIS: Owners Agree to Liquidate Company
---------------------------------------------------
At the extraordinary general meeting of the members of Gateway
Analysis Limited on Dec. 3, 2004 held at St Johns Court, Wiltell
Road, Lichfield, Staffordshire, the special resolution to wind
up the company was passed. M. F. P. Smith has been appointed
liquidator of the company.
HOWIE ANIMAL: Receivers Call Meeting of Unsecured Creditors
-----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Howie Animal Feeds Ltd.
(In Receivership)
Notice is hereby given, pursuant to section 67(2) of the
Insolvency Act 1986, that a meeting of the unsecured creditors
of Howie Animal Feeds Ltd. will be held at the offices of Baker
Tilly, Breckenridge House, 274 Sauchiehall Street, Glasgow, G2
3EH on December 21, 2004 at 2:00 p.m. for the purposes of having
laid before it a copy of the report prepared by the Joint
Receiver in accordance with the said section and, if thought
fit, appointing a creditor's committee.
Creditors whose claims are wholly secured are not entitled to
attend or vote at the meeting. Creditors who are partly secured
may only vote in respect of the balance of the amount due to
them after deducting the value of the security, as estimated by
them.
For the purposes of voting a statement of claim together with a
form of proxy must be lodged with me at or before the meeting.
Notice is hereby given, pursuant to Section 67(2)(b) of the
Insolvency Act 1986 that any unsecured creditor wishing to
obtain a copy of the report prepared by the Joint Receiver, free
of charge, should write to the undernoted address.
Maureen Leslie, Joint Receiver
CONTACT: BAKER TILLY
Breckenridge House
274 Sauchiehall Street
Glasgow G2 3EH
Phone: 0141 307 5000
Fax: 0141 307 5005
E-mail: david.gwilliam@bakertilly.co.uk
Web site: http://www.bakertilly.co.uk
ITALIAN LEISURE: Director Banned for Eight Years
------------------------------------------------
The director of an Hotelier and Restaurateur business that
failed with debts of more than GBP1 million has been
disqualified in the Royal Courts of Justice, Strand from acting
as company director for a period of eight years.
Adriano Addis, 45, of Glastonbury Grove, Jesmond, Newcastle Upon
Tyne was a director of Italian Leisure Limited, which carried on
business as Da Vinci's Restaurant from premises at 73a Osborne
Road, Jesmond, Newcastle Upon Tyne. Italian Leisure Limited was
placed into voluntary liquidation on January 9, 2002 with
estimated debts of GBP1,009,068 owed to its creditors.
The Disqualification Order, made on November 22, 2004, prevents
Adriano Addis from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, found by the court against Mr. Addis,
were that:
(a) He caused Italian Leisure to trade from 31 March 2000 until
liquidation to the detriment of the Crown;
(b) He acted in breach of his fiduciary duty as a director owed
to Italian Leisure;
(c) He acted in contravention of s216 of the Insolvency Act 1986
in causing Quattro Mori Limited, a company of which he was a
director, to trade under the name of Da Vinci's, a
prohibited name; and
(d) He caused Italian Leisure to make payments amounting to
GBP63,191 after June 14, 2001, which was for his own benefit
but was to the detriment of creditors, particularly the
Crown.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
JARVIS PLC: Sells Telford & Wrekin Interest to Partner
------------------------------------------------------
Jarvis plc announces the sale of its 20% shareholding in Telford
& Wrekin Services Limited (TWS) to that company's other
shareholder, FOCSA Services (U.K.) Limited, a wholly owned
subsidiary of the Spanish FCC Group.
TWS was set up in April 2001 by FOCSA and Prismo Limited (a
wholly owned subsidiary of Jarvis) to provide environmental
services to the Telford & Wrekin Council under an 18-year
contract.
Total consideration for the shares is GBP75,000 in cash, paid on
completion. In addition FOCSA has repaid GBP1.15 million of
debt owed to Prismo by TWS. TWS had net assets at 31 December
2003 of -GBP0.1 million and incurred a profit before taxation of
GBP0.1 million for the year ended 31 December 2003. The sale
proceeds will be applied towards general Jarvis group purposes.
As a consequence of the sale Jarvis will cease to have any
responsibility for the operational costs of TWS.
Jarvis has also disposed of its 8% shareholding in The Laybond
Group Limited, which manufactures flooring products for the
building industry.
CONTACT: JARVIS GROUP
Paul Ravenscroft, Media Relations Manager
Phone: 020 7017 8127
J. RAY: Sells Underperforming Scottish Plant for US$14.5 Mln
------------------------------------------------------------
J. Ray McDermott, S.A., a subsidiary of McDermott International,
has completed the sale of its Ardersier, Scotland, fabrication
facility, which had been inactive since 2001. It is anticipated
the buyer will convert Ardersier for residential and commercial
purposes, including a marina. The proceeds received from the
transaction were approximately US$14.5 million, and will be used
in accordance with the indenture on J. Ray's senior secured
notes, issued in December 2003.
"The Ardersier sale is another example of our recent success in
monetizing assets that are either non-strategic to J. Ray's
ongoing operations or do not earn an acceptable return on
capital employed," said Bob Deason, President and Chief
Operating Officer of J. Ray. "During 2004, J. Ray has improved
its results from the underlying business, strengthened its
liquidity position and monetized over US$75 million in assets.
It has proven to be a powerful combination."
McDermott is a leading worldwide energy services company.
McDermott's subsidiaries provide engineering, fabrication,
installation, procurement, research, manufacturing,
environmental systems, project management and facilities
management services to a variety of customers in the energy and
power industry, including the U.S. Department of Energy. Its
subsidiary, J. Ray McDermott, S.A., is a leading provider of
solutions for offshore field development worldwide.
CONTACT: MCDERMOTT INTERNATIONAL, INC.
Houston
Jay Roueche
Phone: 281-870-5462
E-mail: jroueche@mcdermott.com
Web site: http://www.mcdermott.com
MANCHESTER INTERNATIONAL: Hires DTE Leonard Curtis as Liquidator
----------------------------------------------------------------
At the meeting of Manchester International Business Park Limited
on Nov. 30, 2004, the special, ordinary and extraordinary
resolutions to wind up the company were passed. John Malcolm
Titley of DTE Leonard Curtis has been appointed liquidator of
the company.
CONTACT: DTE LEONARD CURTIS
Web site: http://www.dtegroup.com
MARTINDALE FAREBROTHER: Names Begbies Traynor Administrator
-----------------------------------------------------------
Gary Bell and Richard W. Traynor (IP Nos 008710, 006730) have
been appointed administrators for Martindale Farebrother Ltd.
The appointment was made Dec. 3, 2004. The company is engaged
in general construction. Its registered office is located at
Elliot House, 151 Deansgate, Manchester M3 3BP.
CONTACT: BEGBIES TRAYNOR
Elliot House, 151 Deansgate
Manchester M3 3BP
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
MD CONSTRUCTION: Administrators from McTear Williams Enter Firm
---------------------------------------------------------------
Chris Williams and Andrew McTear (IP Nos 008772, 007242) have
been appointed administrators for MD Construction East Anglia
Limited. The appointment was made Dec. 7, 2004. The company is
engaged in general construction. Its registered office is
located at 90 St Faiths Lane, Norwich NR1 1NE.
CONTACT: MCTEAR WILLIAMS & WOOD
90 St Faiths Lane,
Norwich NR1 1NE
Phone: 01603 877540
Fax: 01603 877549
E-mail: mail@mw-w.com
Web site: http://www.mw-w.com
MG ROVER: Sees Higher Demand for New Models Next Year
-----------------------------------------------------
MG Rover is predicting increase in sales for both its Rover and
MG brands next year, partly as a result of its partnership with
China's largest carmaker.
The company plans to form a joint venture company with Shanghai
Automotive Industry Corporation. It is confident the Chinese
government will approve the alliance despite media speculation
to the contrary. It said it could announce an agreement within
a month.
Rod Ramsay, managing director of sales and marketing, declined
to give to the press a forecast for 2005, but said the deal
could result to a "steep change" in business and dealer
confidence in the firm. He was speaking at MG Rover's new
showroom in London's Park Lane.
Significant expansion of MG's dealer network, and further
upgrades to its model ranges are expected to help the firm
revive sales.
The company plans to hire another 200 workers on top of its
5,500 staff at Longbridge to work on new models expected to hit
the market in the coming years. Executives say Longbridge could
then be producing more than 200,000 cars a year.
Under the plan, Shanghai Automotive will hold majority holding
in the firm to develop replacement for MG Rover's mid-sized cars
by 2006. It is understood to have made an initial payment of
more than GBP30 million for the project. The firm plans to
become world's sixth-largest carmaker, producing about 3 million
units annually by 2020, but Mr. Ramsay admits it will take time
to reach this target. The firm expects car sales this year to
total 115,000 to 120,000, down from 144,000 in 2003 and more
than 170,000 in 2001. MG Rover is suspending production for
eight extra days before Christmas to bring stocks in line with
demand.
MONARCH COACHES: Appoints Joint Liquidators from PwC
----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Monarch Coaches Limited
Notice is hereby given that we, Richard Setchim and Jonathan
Sisson, both of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT, were appointed liquidators of Monarch Coaches
Limited on November 26, 2004.
Richard Setchim and Jonathan Sisson
Joint Liquidators
November 26, 2004
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
MYTRAVEL GROUP: Losses at U.K. Unit Stymie Full Return to Profit
----------------------------------------------------------------
Unaudited results for the 13 months ended 31 October 2004
(a) The results reflect the change in accounting reference date
to 31 October as previously announced.
(b) Operating profit before exceptional items and goodwill for
the 12 months to September 2004 was GBP8.3 million (12
months to September 2003: loss of GBP358.3 million).
Operating loss before exceptional items and goodwill for the
13 months to October 2004 was GBP17.5 million.
(c) Loss before tax for the 13 months to October 2004 was
GBP190.3 million (12 months to September 2003: GBP910.9
million).
(d) Turnover down from GBP4.2 billion to GBP3.3 billion in the
12 months to September 2004, reflecting capacity cuts in the
U.K. and Northern Europe and business disposals. Turnover
was GBP3.5 billion in the 13 months to October 2004.
(e) The Company is close to being able to implement its balance
sheet restructuring pursuant to the proposed scheme of
arrangement. The court hearing to sanction the scheme is
scheduled for 20 December 2004.
Current trading
(a) Winter season 04/05 encouraging for all divisions; bookings
for summer 05 in the U.K. at an early stage but so far
encouraging, other divisions not yet on sale.
(b) Capacity reduced significantly for both seasons in the U.K.
to bring it into line with demand for brochure holidays.
Outlook
(a) Steady progress in North America and continued strong
performance in Northern Europe; performance in the U.K.
improving but much work still to be done.
(b) Business plan shows 2006 operating profit before exceptional
items and goodwill for all divisions.
UNAUDITED OPERATING RESULTS* 13 12 months to 12
months to 30 September** months
31 October 2004 to
2004 30 Sept
2003
GBPm GBPm GBPm
UK (85.3) (59.0) (325.4)
Northern Europe 48.5 46.2 (4.0)
North America 12.1 14.0 (0.1)
Group Continuing
Operations (24.7) 1.2 (329.5)
Germany - - (36.1)
Group (24.7) 1.2 (365.6)
Joint Ventures
& Associates 7.2 7.1 7.3
Group & share of
JV's and Associates (17.5) 8.3 (358.3)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The operating result includes the income from Joint Ventures
and Associates and is stated before exceptional items and
goodwill.
[**] The figures stated for the 12-month period to 30 September
2004 are management's pro forma figures, which have not been
audited.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The 2004 loss before tax for the 13 months to 31 October 2004
after goodwill amortization of GBP13.5 million, exceptional
items of GBP94.4 million and net finance charges of GBP64.9
million was GBP190.3 million.
Peter McHugh, Chief Executive, MyTravel Group plc said: "In
moving from an operating loss of GBP358.3 million to a profit of
GBP8.3 million year on year, we have clearly made good progress.
The results reflect a successful turnaround in Northern Europe
and North America, and the beginnings of a turnaround in the
U.K. However, there is still some way to go in returning the
U.K. business to sustainable profitability. We expect to
achieve this through the implementation of the business plan,
which targets an operating profit from all three divisions in
2006 and industry-standard margins in the U.K. in 2007.
"On Monday we won approval from our shareholders and the
relevant general creditors for the restructuring. We have the
support of our lending banks and facility providers. It only
remains for the scheme which implements the restructuring to be
sanctioned by the court at the hearing scheduled for 20
December 2004. This will enable us to complete the
restructuring by the end of the year."
CONTACT: MYTRAVEL GROUP PLC
Phone: 0161 232 6523
Peter McHugh
Chief Executive Officer
John Allkins
Finance Director
BRUNSWICK
Fiona Antcliffe
William Cullum
Phone: 020 7404 5959
OFFICE COMMUNICATION: Names F A Simms & Partners Administrator
--------------------------------------------------------------
Richard Frank Simms (IP No 9252) has been appointed
administrator for Office Communication Installation Services
Plc. The appointment was made Dec. 2, 2004. The company
operates in the telecommunications sector. Its registered
office is located at Communications House, 95 Boston Road,
Leicester LE4 1AW.
CONTACT: F A SIMMS & PARTNERS PLC
Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP
Phone: 01455 557111
Fax: 01455 552572
E-mail: info@fasimms.com
Web site: http://www.fasimms.com
PRESS OFFICE: Calls in Liquidator from Lines Henry
--------------------------------------------------
At the extraordinary general meeting of the members of Press
Office International Ltd. on Dec. 2, 2004 held at 27 The Downs,
Altrincham, Cheshire WA14 2QD, the special resolution to wind up
the company was passed. Neil Henry of Lines Henry, 27 The
Downs, Altrincham, Cheshire WA14 2QD has been appointed
liquidator of the company.
CONTACT: LINES HENRY
27 The Downs, Altrincham,
Cheshire WA14 2QD
ROAD AGENCY: In Administrative Receivership
-------------------------------------------
Bibby Factors Leicester Limited called in Neil Charles Money and
Geoff Robbins (Office Holder Nos 8900, 6622) joint
administrative receivers for Road Agency Limited (Reg No
4207579). The application was filed Nov. 10, 2004. The company
manages an employment agency.
CONTACT: CBA
Lichfield Place, 435 Lichfield Road,
Aston, Birmingham B6 7SS
SURESEAL WINDOWS: Exec Disqualified for Six Years
-------------------------------------------------
The director of a double-glazing installation business that
failed with total debts estimated at over GBP154,000 has given
an Undertaking not to hold directorships or take any part in
company management for six years.
The Undertaking by Stephen John Hughes, 49, of West Drive,
Thornton Cleveleys, Lancashire was given in respect of his
conduct as a director of Sureseal Windows Limited, which carried
on business from premises at both Red Marsh Drive, and Church
Street in Thornton Cleveleys.
Acceptance of the Undertaking on November 30, 2004 prevents Mr.
Hughes from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for six
years.
Sureseal Windows was placed into voluntary liquidation on 25
February 2003. The company has an estimated total deficiency of
GBP154,118.
Matters of unfit conduct, not disputed by Stephen John Hughes,
were that:
(a) He caused the company to trade when it was insolvent and
trading thereafter was at the risk and to the ultimate
detriment of creditors;
(b) He caused the company to pay him remuneration that was
excessive in all the circumstances; and
(c) Caused the company to fail to maintain preserve and deliver
up adequate accounting records.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
W. G. EDWARDS: Sets Creditors' Meeting Next Week
------------------------------------------------
Creditors of W. G. Edwards And Partners Limited will meet on
Dec. 21, 2004 commencing at 11:00 a.m. It will be held at the
offices of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, Dec. 20, 2004.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street, London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
*********
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 * * *