/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041222.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 Wednesday, December 22, 2004, Vol. 5, No. 253 Headlines G E R M A N Y AIF ARGE: Management Firm Under Bankruptcy Administration ALARMTECHNIK BECKER: Applies for Bankruptcy Proceedings CAI COMPUTERDESIGN: Creditors Claims Due End of Month GEBRUDER SCHNEIDER: Bonn Court Appoints Administrator H & F GMBH: Administrator's Report Out January H. STEPHAN GMBH: Provisional Administrator Takes over Operations KEMPKE HOF: Creditors Meeting Set January KLUTZOW & CO: Creditors Have Until End of Month to File Claims ROCON ROSTOCK: Rostock Court Confirms Bankruptcy TRANSPORT LOGISTIK: Succumbs to Bankruptcy VITALA GMBH: Bielefeld Court Calls in Administrator I T A L Y PARMALAT FINANZIARIA: Parma Court Declares Emmegi Insolvent PARMALAT FINANZIARIA: Maltese Subsidiaries Declared Insolvent PARMALAT FINANZIARIA: Ordered to Pay Debt to Foreign Banks VOLARE GROUP: Obtains Conditional Flight License N E T H E R L A N D S ROYAL SHELL: Sells Portuguese Biz to Repsol for Undisclosed Sum R U S S I A ASSOCIATION OF BUILDERS: Sets Deadline for Proofs of Claim BICOM: Undergoes Bankruptcy Supervision Procedure BUILDING MATERIALS: Hires S. Ogorodnikov as Insolvency Manager HOUSING AND COMMUNAL: Declared Insolvent KHOZ-TORG: Bankruptcy Hearing Resumes Next Week KRYLOVSKOYE: Gives Creditors Until Sunday to File Claims ROZHDESTVENSKOYE: Appoints E. Slepushkina Insolvency Manager SPECIALIZED COOPERATION: Proofs of Claim Deadline Nears YUKOS OIL: To Seek Damages Against Auction Participants YUKOS OIL: Says It'll Pursue All Options Available After Auction YUKOS OIL: Wants to Maintain Existing Bank Accounts YUKOS OIL: Seeks Waiver of Investment & Deposit Guidelines YURGINSKIY FACTORY: Applies for Bankruptcy Proceedings ZNAMENSKOYE: Insolvency Manager to Temporarily Oversee Business S P A I N AVANZIT SA: Chairman Quits in Wake of Financial Scandal IZAR: New Competition Commissioner Undecided on New Deal S W E D E N LANDSHYPOTEK AB: 'B/C' Individual Rating Affirmed SCANDINAVIAN AIRLINES: No Jobs Lost in Restructuring S W I T Z E R L A N D SAIRGROUP: Liquidator Recovers CHF25 Million T U R K E Y MNG BANK: Individual Rating Affirmed at 'D/E' U K R A I N E AGROPROMBUD: Proofs of Claim Deadline Expires Tomorrow BRYANKIVSKIJ VEHICLES: Liquidator Takes over Operations DNIPROVETS: Dnipropetrovsk Court Opens Bankruptcy Proceedings LNOKOR: Gives Creditors Until Thursday to File Claims NADIYA: Claims Filing Period Ends Tomorrow NEKTAR: Declared Insolvent NEKTAR-TRADE: Appoints L. Chudajkina Insolvency Manager NIZHIN' MACHINE: Undergoes Sanction Procedure REGIONAL AGROINDUSTRIAL: Bankruptcy Supervision Begins SPEKTR LTD.: Succumbs to Insolvency U N I T E D K I N G D O M 3I EUROPEAN: Members Vote to Liquidate Firm ASHTEAD GROUP: 2nd-quarter, 1st-half Results Up Year-on-year BALL PACKAGING: Hires Joint Liquidators from KPMG BASSETT FOODS: Members Decide to Dissolve Business BELGRAVIA LEASING: Members Decide to Wind up Firm BENCHMARK KITCHEN: Opts for Liquidation BIG FOOD: Accepts Baugur's 95-pence-a-share Offer BOWERS & MARRIS: Appoints Baker Tilly Liquidator BROADLEY LIMITED: Members Pass Winding up Resolution BRYANSTON LIMITED: Joint Liquidators Take over Business BSR TECHNICAL: Hires Irwin & Company as Liquidator CABLE & WIRELESS: Appoints Liquidator from Grant Thornton CADBURY SCHWEPPES: Members Appoint Joint Liquidators CARO COATINGS: Extraordinary Winding up Resolution Passed C G R LEISURE: Liquidator Takes over Helm CLYDE KILTS: Liquidator Sets Deadline for Filing of Claims D & B BUSINESS: Members Approve Proposed Winding up Resolutions DUDLEY DEVELOPMENTS: Holds First Meeting of Creditors DUNDEE PUBLIC: Winding-up Report Due January EQUITABLE LIFE: Policyholders Look to E.U. for Redress E SQUARED: Hires BDO Stoy Hayward as Administrator FEDERAL-MOGUL: Confirmation Hearing Moved to January FILTRONIC PLC: Names Charles Hindson New Finance Director FILTRONIC PLC: Forecasts Lower Revenue, Operating Profit in 2004 GLOBAL CROSSING: Prices US$404 Million Secured Debt Financing INTERNATIONAL POWER: Closes Buyout of Edison Mission Portfolio INTERNATIONAL POWER: Rating Cut as Finances Deteriorate Further KELLOGG BROWN: Parent Cutting Jobs Ahead of Possible Sale LOW'S BAKERY: Joint Liquidators from KPMG Move in M. MERCADO: In Receivership MSG ENGINEERING: Hires Joint Liquidators from Harrisons MYTRAVEL GROUP: Bondholders Back Consensual Restructuring NETWORK RAIL: Infrastructure Delays Down 22% NTL INCORPORATED: Names Ex-BT Exec Managing Director of Biz Unit OPTICAL FLOW: Liquidator to Give Final Update January 7 PNEUMATIC CONVEYORS: Calls in Liquidator from Sargent & Co. POWERPLAN: Faces Claims Numbering 90,000 RIGHEAD FOODS: Hires Liquidator from Baker Tilly THAMES VALLEY: Subjoined Special Winding up Resolution Passed TREBOR SHARPS: Ordinary Winding up Resolution Passed WARDSON MACHINE: In Administrative Receivership WARWICK GARAGES: Hires Administrators from Grant Thornton WHITES UK: Creditors Meeting Set Today ********* ============= G E R M A N Y ============= AIF ARGE: Management Firm Under Bankruptcy Administration --------------------------------------------------------- The district court of Celle opened bankruptcy proceedings against management company AIF ARGE INUDUSTRIEFUSSBODEN mbH on Nov. 22, 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 Thomas Erdmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 27, 2005, 11:45 a.m. at the district court of Celle, Nebenstelle, Muhlenstrasse 4, 29221 Celle, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AIF ARGE INUDUSTRIEFUSSBODEN MBH Holunderweg 20, 29640 Schneverdingen Robert Brockmann, Manager Thomas Erdmann, Insolvency Manager Blumenstr. 8-10, 29614 Soltau Phone: 05191/96730 Fax: 05191/967320 ALARMTECHNIK BECKER: Applies for Bankruptcy Proceedings ------------------------------------------------------- The district court of Celle opened bankruptcy proceedings against Alarmtechnik Becker GmbH on Nov. 22, 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 Thomas Erdmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 27, 2005, 11:55 a.m. at the district court of Celle, Nebenstelle, Muhlenstrasse 4, 29221 Celle, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ALARMTECHNIK BECKER GMBH Walsroder Strasse 29, 29614 Solta Contact: Thomas Becker, Manager Thomas Erdmann, Insolvency Manager Blumenstr. 8-10, 29614 Soltau Phone: 05191/96730 Fax: 05191/967320 CAI COMPUTERDESIGN: Creditors Claims Due End of Month ----------------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against CAI Computerdesign fur Architekten + Ingenieure GmbH on Nov. 29, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 31, 2004 to register their claims with court- appointed provisional administrator Dr. Norbert Wischermann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 21, 2005, 9:20 a.m. at the district court of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage, Saal 388 - Altbau Amtsgericht, 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: CAI COMPUTERDESIGN FUR ARCHITEKTEN + INGENIEURE GMBH Hangstrasse 6, 42579 Heiligenhaus Ernst-Holger Gehne Dr. Norbert Wischermann, Insolvency Manager Friedrichstrasse - Rathausgalerie - 40, 42105 Wuppertal Phone: 0202/493 88-0 Fax: 0202/45 19 39 GEBRUDER SCHNEIDER: Bonn Court Appoints Administrator ----------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Gebruder Schneider Bedachungen GmbH on Nov. 23, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 18, 2005 to register their claims with court-appointed provisional administrator Jens Fahnster. Creditors and other interested parties are encouraged to attend the meeting on Feb. 18, 2005, 9:00 a.m. at the district court of Bonn, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, 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: GEBRUDER SCHNEIDER BEDACHUNGEN GMBH Stocksiefen 7, 53842 Troisdorf Contact: Dirk Schneider, Manager Jens Fahnster, Insolvency Manager Kolnstrasse 135, 53757 Sankt Augustin Phone: 02241 / 90600 Fax: 02241906062 H & F GMBH: Administrator's Report Out January ---------------------------------------------- The district court of Landau in der Pfalz opened bankruptcy proceedings against H & F Heubel und Flickinger GmbH on Nov. 24, 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 Martin Wiedemann. Creditors and other interested parties are encouraged to attend the meeting on Feb. 24, 2005, 10:10 a.m. at the district court of Landau in der Pfalz, Zimmer 223, Amtsgericht, Marienring 13, 76829 Landau in der Pfalz, 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: H & F HEUBEL UND FLICKINGER GMBH Obere Strasse 182, 67368 Westheim Contact: Mike Flickinger, Manager Christian Heubel, Manager Martin Wiedemann, Insolvency Manager O 3, 11+12, 68161 Mannheim Phone: 0621/16680 H. STEPHAN GMBH: Provisional Administrator Takes over Operations ---------------------------------------------------------------- The district court of Munster opened bankruptcy proceedings against H. Stephan GmbH on Nov. 26, 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 Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting on Feb. 18, 2005, 8:45 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: H. STEPHAN GMBH Feldstiege 16, 48161 Munster-Nienberge Contact: Hans-Ingo Stephan, Manager Manfred Vellmer, Insolvency Manager Rothenburg 20/21, 48143 Munster Phone: 0251/511801 Fax: +492519277785 KEMPKE HOF: Creditors Meeting Set January ----------------------------------------- The district court of Rostock opened bankruptcy proceedings against Kempke Hof Pferdeausbildungs- und -handels GmbH on Nov. 12, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 30, 2004 to register their claims with court-appointed provisional administrator Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 9:00 a.m. at the district court of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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: KEMPKE HOF PFERDEAUSBILDUNGS- UND -HANDELS GMBH Contact: Josef Gratz, Manager Gerhard Brinkmann, Insolvency Manager Freiligrathstrasse 1, 18055 Rostock KLUTZOW & CO: Creditors Have Until End of Month to File Claims -------------------------------------------------------------- The district court of Rostock opened bankruptcy proceedings against Klutzow & Co. GmbH on Nov. 17, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 30, 2004 to register their claims with court-appointed provisional administrator Herbert Hulsbergen. Creditors and other interested parties are encouraged to attend the meeting on Feb. 16, 2005, 10:30 a.m. at the district court of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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: KLUTZOW & CO. GMBH Contact: Dietmar Jahn, Manager Heike Kubitz, Manager Herbert Hulsbergen, Insolvency Manager Graf-Schack-Strasse 14, 18055 Rostock ROCON ROSTOCK: Rostock Court Confirms Bankruptcy ------------------------------------------------ The district court of Rostock opened bankruptcy proceedings against RoCon Rostock Consulting Immobilienmanagement GmbH on Nov. 12, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 29, 2004 to register their claims with court- appointed provisional administrator Ulirch Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting on Feb. 16, 2005, 10:00 a.m. at the district court of Rostock, Zochstrasse, 18057 Rostock, Saal 330, 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: ROCON ROSTOCK CONSULTING IMMOBILIENMANAGEMENT GMBH Contact: Alfredo Demiani, Manager Ulrich Rosenkranz, Insolvency Manager Markt 11, 18311 Ribnitz-Damgarten TRANSPORT LOGISTIK: Succumbs to Bankruptcy ------------------------------------------ The district court of Leipzig opened bankruptcy proceedings against Transport Logistik Ernst GmbH on Nov. 23, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 14, 2005 to register their claims with court-appointed provisional administrator Dr. Lucas F. Flother. Creditors and other interested parties are encouraged to attend the meeting on Feb. 11, 2005, 11:30 a.m. at the district court of Leipzig, Saal 056, 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: TRANSPORT LOGISTIK ERNST GMBH Contact: Gintaras Cerneckis, Manager Dr. Lucas F. Flother, Insolvency Manager Nikolaistr. 3-5, 04109 Leipzig VITALA GMBH: Bielefeld Court Calls in Administrator --------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Vitala GmbH & Co. KG on Nov. 29, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 26, 2005 to register their claims with court-appointed provisional administrator Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting on Feb. 16, 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: VITALA GMBH & CO. KG Exerzierplatz 8-10, 32423 Minden Hans-Peter Burghardt, Insolvency Manager Bunsenstr. 3, 32052 Herford ========= I T A L Y ========= PARMALAT FINANZIARIA: Parma Court Declares Emmegi Insolvent ----------------------------------------------------------- Parmalat Finanziaria S.p.A. in Extraordinary Administration announced that its subsidiary Emmegi Agro - Industriale S.r.l. has requested insolvency status with the Civil Court in Parma on Nov. 11. The Court accepted the request on Dec. 17. Emmegi Agro - Industriale S.r.l. was admitted by decree of the Minister of Production Activities on Dec. 2 to the Extraordinary Administration procedure and Enrico Bondi was appointed Extraordinary Commissioner of this company. Collecchio, December 20, 2004 Parmalat Finanziaria S.p.A. in Extraordinary Administration CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Maltese Subsidiaries Declared Insolvent ------------------------------------------------------------- Parmalat Finanziaria S.p.A. in Extraordinary Administration said that its companies headquartered in Malta, Parmalat Malta Holding Limited and Parmalat Trading Limited, indirectly controlled through Parmalat S.p.A. in Extraordinary Administration Straordinaria, requested insolvency status with the Civil Court in Parma on Nov. 19. The Court accepted the request on Dec. 17, declaring the companies insolvent. Parmalat Malta Holding Limited and Parmalat Trading Limited were admitted by decree of the Minister of Production Activities on Dec. 2 to the Extraordinary Administration and Dr. Enrico Bondi was appointed Extraordinary Commissioner of these companies. Collecchio, December 20, 2004 Parmalat Finanziaria S.p.A. in Extraordinary Administration CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Ordered to Pay Debt to Foreign Banks ---------------------------------------------------------- Judge Giuseppe Coscioni declared that Parmalat Finanziaria S.p.A. must pay EUR15.5 billion in claims to international banks, as well as retail investors. This significant court ruling assures foreign creditors that they will be paid, and allows the company to submit its restructure plan for creditor approval. It will also indicate which creditors will participate in the company's restructuring. Foreign banks UBS AG, Citigroup Inc., Credit Suisse First Boston Corp., and Bank of America Corp. will become shareholders of Parmalat in 2005, even if they are pending lawsuits of insider trading. According to Judge Coscioni, he has decided to recognize the foreign banks' claims, because there has been no decision on the actions thus far. He also recognized the claims of Italian banks linked to Parmalat, such as Capitalia S.p.A. and Banca Intesa S.p.A. Government-appointed administrator to Parmalat Mr. Enrico Bondi has sought to exclude its foreign and other creditors from receiving claims, saying that the banks should've known about the company's true financial state by simply checking out the company's accounts on a financial information database. The banks have maintained their innocence. CONTACT: PARMALAT FINANZIARIA S.p.A. Sede legale: 43044 Collecchio (Pr) - Via Oreste Grassi, 26 Codice fiscale e iscrizione nel Registro delle Imprese di Parma 00175250471 - Partita I.V.A. 01938950340 - R.E.A. Parma n. 188325 - U.I.C. n. 730 Web site: http://www.parmalat.com Sede amministrativa: 20122 Milano Piazza Erculea, 9 Phone: (39) 02.8068801 Fax: (39) 02.8693863 E-mail: x_affari_societari_it@parmalat.net VOLARE GROUP: Obtains Conditional Flight License ------------------------------------------------ Troubled carrier Volare Group would have to recover first its aircraft before it could return to the air, Agencia Giornalistica Italia says. Ente Nazionale per l'Aviazione Civile (ENAC) recently completed a committal proceedings designed to grant Volare's Air Europe a temporary flight license. The civilian aviation authority, however, found out Air Europe currently does not have the aircraft it wants to use for long-range and charter flights. Airport operator SEA Aeroporti di Milano has seized the carrier's Boeing 767 following non-payments of outstanding debts. ENAC assured it would grant Volare the license once it regains possession of the aircraft. 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: Sells Portuguese Biz to Repsol for Undisclosed Sum --------------------------------------------------------------- Royal Dutch/Shell Group of Companies and Repsol YPF has signed a Sale and Purchase Agreement relating to the divestment of Shell Gas (LPG) business in Portugal. Shell will continue to operate in Portugal through its Lubricants business and the Madeira distribution terminal (Madeira Praia Formosa S.A.). The divestment of the Shell Gas (LPG) Portugal, subsidiaries and shareholdings, includes the assets of two LPG filling plants, more than two million cylinders, supply, distribution and customer contracts covering mainland Portugal and the islands of Madeira and Azores. The sale is subject to regulatory approval and completion is expected in the 1st Quarter 2005. Rob Routs, Shell Executive Director Downstream said: "The sale of the LPG business in Portugal is in addition to our earlier Retail and Commercial marketing divestment in that country and we believe that the interests of the business, staff and shareholder are best served by divesting the business to Repsol." "Shell remains committed to reviewing the sale of its entire LPG global business as a single package. Meanwhile work that was already underway to structure LPG into a standalone global operation will continue," said Mr. Routs. 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 =========== R U S S I A =========== ASSOCIATION OF BUILDERS: Sets Deadline for Proofs of Claim ---------------------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy proceedings against Association of Builders after finding the close joint stock company insolvent. The case is docketed as A45-4603/04-SB/53. Mr. O. Klemeshov has been appointed insolvency manager. Creditors have until Jan. 26, 2005 to submit their proofs of claim to 630099, Russia, Novosibirsk, Potaninskaya Str. 3a. CONTACT: CJSC ASSOCIATION OF BUILDERS 633159, Russia, Novosibirsk region, Moshkovskiy region, Balta, Kommunalnaya Str. 1 Mr. O. Klemeshov Insolvency Manager 630099, Russia, Novosibirsk, Potaninskaya Str. 3a BICOM: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on open joint company Bicom. The case is docketed as A-32-29564/2004-2/209-B. Ms. V. Kokurina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 350075, Russia, Krasnodar, Stasova Str. 180. A hearing will take place on May 16, 2005. CONTACT: BICOM Russia, Krasnodar region, Sochi Ms. V. Kokurina Temporary Insolvency Manager 350075, Russia, Krasnodar, Stasova Str. 180 BUILDING MATERIALS: Hires S. Ogorodnikov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy proceedings against Building Materials after finding the close joint stock company insolvent. The case is docketed as Ms AO3- 6928/03-B. Mr. S. Ogorodnikov has been appointed insolvency manager. Creditors have until Jan. 26, 2005 to submit their proofs of claim to 656065, Russia, Altay region, Barnaul, Post User Box 2724. CONTACT: BUILDING MATERIALS 656022, Russia, Altay region, Barnaul, Yuzhnyj Pr. 51 Mr. S. Ogorodnikov Insolvency Manager 656065, Russia, Altay region, Barnaul, Post User Box 2724 HOUSING AND COMMUNAL: Declared Insolvent ---------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy proceedings against Housing and Communal Services after finding the state-owned enterprise insolvent. The case is docketed as A64-1206/04-2. Mr. V. Paskeev has been appointed insolvency manager. Creditors have until Jan. 26, 2005 to submit their proofs of claim to 392000, Russia, Tambov, Kommunalnaya Str. 51, Room 4. CONTACT: HOUSING AND COMMUNAL SERVICES 392543, Russia, Tambov region, Komsomolets, Tsentralnaya Str. 62 Mr. V. Paskeev Insolvency Manager 392000, Russia, Tambov, Kommunalnaya Str. 51, Room 4 Phone/Fax: 8(0752) 71-33-90 KHOZ-TORG: Bankruptcy Hearing Resumes Next Week ----------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy proceedings against Khoz-Torg (TIN 4205000016) after finding the open joint stock company insolvent. The case is docketed as A27-8380/1999-4. Mr. M. Chereshko has been appointed insolvency manager. A hearing will take place at 650099, Russia, Kemerovo, Krasnaya Str. 8 on Dec. 27, 2004, 10:30 a.m. CONTACT: KHOZ-TORG Russia, Kemerovo, Spasatelnaya Str. 59 KRYLOVSKOYE: Gives Creditors Until Sunday to File Claims -------------------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on open joint stock company Krylovskoye. The case is docketed as A32-19919/2004-37/146-B. Mr. V. Bondar has been appointed temporary insolvency manager. Creditors have until Dec. 26, 2004 to submit their proofs of claim to 353117, Russia, Krasnodar region, Vyselkovskiy region, Novomalorossiyskaya St. Ukrainskaya Str. 3A. A hearing will take place on Feb. 14, 2005, 9:30 a.m. CONTACT: KRYLOVSKOYE Russia, Krasnodar region, Leningradskiy region, Krylovskaya St. Yubileynaya Str. 14 Mr. V. Bondar Temporary Insolvency Manager 353117, Russia, Krasnodar region, Vyselkovskiy region, Novomalorossiyskaya St. Ukrainskaya Str. 3A ROZHDESTVENSKOYE: Appoints E. Slepushkina Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Kursk region has commenced bankruptcy proceedings against Rozhdestvenskoye after finding the open joint stock company insolvent. The case is docketed as A35- 3059/02 g. Ms. E. Slepushkina has been appointed insolvency manager. Creditors may submit their proofs of claim to 305029, Russia, Kursk, K. Marksa, 51, Room 315. CONTACT: ROZHDESTVENSKOYE 307800, Russia, Kursk region, Sudzhanskiy Region, Guevo Ms. E. Slepushkina Insolvency Manager 305029, Russia, Kursk, K. Marksa, 51, Room 315 SPECIALIZED COOPERATION: Proofs of Claim Deadline Nears ------------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy proceedings against Specialized Cooperation on Debugging of Electro-Technical Equipment after finding the open joint stock company insolvent. The case is docketed as A27- 6753/2004-4/#A27-16156/2003-4. Mr. V. Togulev has been appointed insolvency manager. Creditors have until Jan. 26, 2005 to submit their proofs of claim to 650070, Russia, Kemerovo, Tereshkovoy Str. 53. CONTACT: SPECIALIZED COOPERATION ON DEBUGGING OF ELECTRO-TECHNICAL EQUIPMENT 650070, Russia, Kemerovo, Tereshkovoy Str. 53 Mr. V. Togulev Insolvency Manager 650070, Russia, Kemerovo, Tereshkovoy Str. 53 YUKOS OIL: To Seek Damages Against Auction Participants ------------------------------------------------------- Yukos Oil Company issued a notice to all persons and entities: (1) who participated in the auction on Sunday, Dec. 19, 2004, of the Stock of Yuganskneftegas to Baikal Finance Group, or (2) who may participate: (a) in the consummation of the sale or purchase of that Stock, or (b) the financing of that transaction, or in other actions that interfere with property of Yukos' Chapter 11 bankruptcy estate, that the Stock is property of Yukos' Chapter 11 estate and the Auction was a violation of the automatic stay, which became immediately effective when Yukos filed bankruptcy. As reported, the Russian Federal Property Fund auctioned Yukos' 76.8% equity stake in Yuganskneftegas at 4:00 p.m. Sunday afternoon in Moscow. The bidding started at $8.6 billion and ended with OOO Baikalfinansgroup presenting the winning $9.35 billion bid (RUR260.75 billion). Nobody knows who OOO Baikalfinansgroup is or who financed its bid. Baikal is the name of a lake in Siberia; Baikalfins' home office is located in Tver in western Russia. Some people speculate, because of the large amount of money involved, that OAO Surgutneftegaz is Baikalfins' financier. Lukoil said Sunday that it didn't participate in the auction. Gazprom participated in the auction despite the temporary restraining order entered by the U.S. Bankruptcy Court in Houston prohibiting it from doing so. Hugh Ray, Esq., at Andrews Kurth LLP, representing Gazprom's lending consortium, says the banks subject to the TRO halted all financing talks with Gazprom last week. If the sale of the Stock is completed, it will damage Yukos in excess of $20 billion and the Company will pursue damages against all third parties who participate in the sale, the financing of the sale, and any transaction relating to the value of the Stock. A copy of the notice that Yukos filed with the Bankruptcy Court is available at http://www.yukosbankruptcy.com/ Headquartered in Houston, Texas, Yukos Oil Company -- http://www.yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). 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, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debts. YUKOS OIL: Says It'll Pursue All Options Available After Auction ---------------------------------------------------------------- "Yukos [Oil's] management will pursue every legal and commercial remedy available to it to recover the corporate value that will be unjustifiably destroyed if the auction of its largest production unit, Yuganskneftegas, that was held in Moscow [Sun]day, becomes a completed transaction. The so-called winners of this process along with any entity that supports them has subjected their businesses to considerable legal risks." As previously reported, the Russian Federal Property Fund auctioned Yukos' 76.8% equity stake in Yuganskneftegas at 4:00 p.m. Sunday afternoon in Moscow. The bidding started at $8.6 billion and ended with OOO Baikalfinansgroup presenting the winning RUB260.75 billion (US$9.35 billion) bid. Baikal Who? Nobody knows who OOO Baikalfinansgroup is or who's financed its bid. Baikal is the name of a lake in Siberia; Baikalfins' home office is located in Tver in western Russia. CBS MarketWatch reports that Russian news agency Itar-Tass said the address given on the organization's filing houses only a mobile phone store and a grocery in a town called Tver. Some people speculate believe that Baikal may just be an arm of Gazprom. Gazprom denies any link with Baikal. Others speculate, because of the large amount of money involved, that OAO Surgutneftegaz is Baikalfins' financier. Lukoil said Sunday that it didn't participate in the auction. Gazprom participated in the auction despite the temporary restraining order entered by the U.S. Bankruptcy Court in Houston prohibiting it from doing so. Hugh Ray, Esq., at Andrews Kurth LLP, representing Gazprom's lending consortium, says the banks subject to the TRO halted all financing talks with Gazprom last week. The Russian Federal Anti-Monopoly Service cleared Baikal to participate in the auction on Friday, Dec. 17. Baikal was not subject to the Bankruptcy Court's TRO. The Russian Federation proceeded with the auction regardless of the 10-day temporary restraining order issued by the U.S. Bankruptcy Court for the Southern District of Texas, enjoining Gazpromneft and two other earlier bidders, First Venture Co. and ZAO Interkom, and their lenders from participating in the auction. Auction Drama Arkady Ostrovsky reporting for the Financial Times from Moscow relates that the auction was high in drama. Media personnel were crowding outside the iron gate waiting to be admitted. "The lucky ones whose names were on a list were waved through. The less fortunate -- including two U.S. lawyers for Menatep, Yukos' largest shareholder -- were kept out in the cold in the drizzly rain," Mr. Ostrovsky says. The media, Mr. Ostrovsky continues, were ferried to the 16th floor of the Federal Property Fund building to witness the proceedings from a giant screen. The auction, however, was held on the fourth floor. Security personnel were stationed at every floor. The auction was a two-bidder event between Baikal and Gazpromneft. Press reports relate the bidders were given lollipop-style bidding paddles marked 1 and 2. Baikal, Mr. Ostrovsky relates, went first, placing a bid of RUB260.75 billion ($9.3 billion) "so quietly that the auctioneer misheard it and repeated in a loud voice that a starting bid of RUB246.75 billion ($8.6 billion) had been made." Nobody objected. "The auctioneer turned to [Gazpromneft], requesting that it place its bid. But Gazpromneft's representative asked to make a call and left the room in clear violation of the rules," Mr. Ostrovsky recounts. "After a couple of minutes he silently re-entered the room and sat down. This prompted Baikal to repeat its bid of RUB260.75 billion, but Gazpromneft remained silent. "The auctioneer called the price three times, then brought the hammer down." Can Baikal Perform? There's speculation that Baikal doesn't have adequate financial backing to close and will default on the transaction. Baikal has until Jan. 11 to complete the purchase. YUKOS OIL: Wants to Maintain Existing Bank Accounts --------------------------------------------------- The Office of the United States Trustee generally requires debtors-in-possession to close all prepetition bank accounts and open new "debtor-in-possession" bank accounts. In addition, the U.S. Trustee often requires debtors-in-possession to maintain separate accounts for cash collateral and for taxes. However, in complex Chapter 11 cases, courts often waive these requirements, recognizing that they are often impractical in those cases. Yukos Oil Company believes that a similar waiver is appropriate in its Chapter 11 case because the Russian Government currently exerts complete control over its accounts and it is not possible for Yukos to close the accounts. Zack A. Clement, Esq., at Fulbright & Jaworski, LLP, in Houston, Texas, explains that the Russian Government is sweeping the accounts daily to pay $27,500,000,000 in taxes which the Government asserts are owed by the Debtor. Any attempt by Yukos to alter its Russian bank accounts would run afoul of Russian law. Any Yukos employee in Russia who attempted such a change would likely be jailed. Yukos' subsidiaries' crude oil is sold internationally through Petroval, a Yukos subsidiary which acts only as a broker in the transactions. Under Russian law, the proceeds from sale of crude oil produced in Russia must be repatriated. To comply with the law, proceeds for the sales of crude oil are deposited daily into Russian bank accounts belonging to Yukos. There are between 20 and 30 Yukos Accounts held in between five to seven different Russian banks. In the past, the funds in the Yukos Accounts were subsequently downstreamed to the Yukos subsidiaries which produced the crude oil. The Russian Government has taken the position that it is a criminal offense for Yukos to use its funds for any purpose other than the payment of taxes. Therefore, although Yukos has no meaningful access to or control of the Yukos Account or the funds deposited therein, Mr. Clement relates that Yukos must maintain the existing accounts to comply with Russian law. "As a practical matter, [Yukos] has no effective control over the funds in its bank accounts located in Russia," Mr. Clement says. By this motion, Yukos asks the United States Bankruptcy Court for the Southern District of Texas for authority to: (a) designate, maintain and continue to use any or all of the existing Bank Accounts in the names and with the account numbers existing immediately prior to its Chapter 11 case; provided, however, that it reserves the right to close some or all of its prepetition Bank Accounts and open new debtor-in-possession accounts; (b) deposit funds in and withdraw funds from any accounts by all usual means including, but not limited to, checks, wire transfers, automated clearing house transfers, electronic funds transfers, and other debits; (c) treat its prepetition Bank Accounts and any accounts opened after the Petition Date for all purposes as debtor-in-possession accounts. Yukos also seeks permission to continue utilizing its existing cash management system including, without limitation, waiving any requirement that it establish separate accounts for cash collateral or tax payments. Yukos intends to pay costs or expenses associated with the maintenance of the cash management system. Yukos also asks Judge Clark to direct all banks with which it maintains its Bank Accounts to continue to maintain, service, and administer the accounts. Yukos has made no voluntary transfers out of the Bank Accounts in months and no checks have been issued or dated prior to the Petition Date, Mr. Clement reports. As of the Petition Date, Yukos has no bank accounts in its own name located in the United States. Headquartered in Houston, Texas, Yukos Oil Company -- http://www.yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). 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, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debts. (Yukos Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000) YUKOS OIL: Seeks Waiver of Investment & Deposit Guidelines ---------------------------------------------------------- Yukos Oil Company asks the United States Bankruptcy Court for the Southern District of Texas waive the investment and deposit requirements under Section 345 of the Bankruptcy Code in light of the unusual circumstances it finds itself regarding its bank accounts. Section 345(a) authorizes deposits or investments of money of a bankruptcy estate, like cash, in a manner that will "yield the maximum reasonable net return on such money, taking into account the safety of such deposit or investment." For deposits or investments that are not "insured or guaranteed by the United States or by a department, agency or instrumentality of the United States or backed by the full faith and credit of the United States," Section 345(b) provides that the estate must require from the entity with which the money is deposited or invested a bond in favor of the United States secured by the undertaking of an adequate corporate surety. Zack A. Clement, Esq., at Fulbright & Jaworski, LLP, in Houston, Texas, explains that Yukos' bank accounts are located outside of the United States, and the Debtor does not have meaningful control over them. Mr. Clement asserts that waiving the U.S. Trustee's investment and deposit requirements on an interim basis so that Yukos can fully inform the U.S. Trustee's Office of the nature of its bank accounts and cash management system is appropriate in Yukos' Chapter 11 case. Headquartered in Houston, Texas, Yukos Oil Company -- http://www.yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). 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, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debts. (Yukos Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service, Inc., 215/945-7000) YURGINSKIY FACTORY: Applies for Bankruptcy Proceedings ------------------------------------------------------ The Arbitration Court of Kemerovo region has commenced bankruptcy proceedings against Yurginskiy Factory of Reinforced Concrete Constructions after finding the limited liability company insolvent. The case is docketed as A27-6176/2004-4. Mr. A. Tkachenko has been appointed insolvency manager. Creditors have until Jan. 26, 2005 to submit their proofs of claim to 652050, Russia, Kemerovo, Yurga, Shosseynaya Str. 56. CONTACT: YURGINSKIY FACTORY OF REINFORCED CONCRETE CONSTRUCTIONS Russia, Kemerovo region, Yurgi Mr. A. Tkachenko Insolvency Manager 652050, Russia, Kemerovo, Yurga, Shosseynaya Str. 56 ZNAMENSKOYE: Insolvency Manager to Temporarily Oversee Business --------------------------------------------------------------- The Arbitration Court of Khakasiya republic has commenced bankruptcy proceedings against Znamenskoye after finding the close joint stock company insolvent. The case is docketed as A74-3858/03-K1. Mr. M. Panin has been appointed insolvency manager. Creditors have until Jan. 26, 2005 to submit their proofs of claim to 655017, Russia, Khakasiya republic, Abakan, Post User Box 199. CONTACT: ZNAMENSKOYE 655350, Russia, Khakasiya republic, Znamenka, Dzerzhinskogo Str. 78 Mr. M. Panin Insolvency Manager 655017, Russia, Khakasiya republic, Abakan, Post User Box 199 ========= S P A I N ========= AVANZIT SA: Chairman Quits in Wake of Financial Scandal ------------------------------------------------------- The chairman of Avanzit, Juan Bautista Perez Aparicio, on Thursday resigned amidst allegations of financial cover-ups at the technology group, El Pais reports. The departure came a day after the then board of directors secretary Luis M. Juega Garcia reported to the National Securities Commission (CNMV) a previously undisclosed transaction. The filing said EUR1.58 million was transferred from the bank accounts of group subsidiary Avanzit Technologia in 2002 to an investment company controlled by Mr. Aparicio, who at the time was also chairman of the unit. "These payments may not have been adequately reflected in the accounts," the filing said. According to the report, it is unclear whether the disclosure had the blessings of the board, and why Mr. Garcia chose to reveal the information. The board sacked him on the same day. It appointed a new director, but did not appoint a replacement for Mr. Aparicio. It promised to call an extraordinary meeting to inform shareholders on the issue soon. Shares in the company were suspended on Thursday as the CNMV called a temporary halt to Avanzit's share offering. Avanzit has just emerged from receivership through a debt-for- equity restructuring. About 50% of it is now owned by creditors, including a number of regional savings banks, which hold a combined 12.85% stake, Banco Santander Central Hispano with 4.6% and Banco Sabadell with 4%. Avanzit used to have debs of EUR440 million. It is launching a rights issue to raise EUR31.55 million in new capital. It is also offering to swap new shares worth EUR60.94 million for debt still owed to creditors. Construction group Acciona is Avanzit's main shareholder with a 22% stake. IZAR: New Competition Commissioner Undecided on New Deal -------------------------------------------------------- Newly appointed European competition commissioner Nellie Kroes expressed some doubts on the agreement between Sociedad Estatal De Participaciones Industriales (SEPI) and trade unions, El Pais says. After a preliminary analysis of the agreement, Mr. Kroes said Sunday the parties failed to observe agreements between the government and the European Commission. The government, however, expressed confidence the new agreement complies with European regulations. Trade unions CCOO and UGT are certain the regulator would sanction the agreement. Meanwhile, the regulator has extended the deadline for the repayment of EUR376 million in illegal state aid until 2005. The European Commission previously gave Izar until the end of the year to repay the amount. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com =========== S W E D E N =========== LANDSHYPOTEK AB: 'B/C' Individual Rating Affirmed ------------------------------------------------- Fitch Ratings affirmed Landshypotek AB's ratings at Long-term 'A', Short-term 'F1', Individual 'B/C' and Support '3'. The Outlook on the Long-term rating remains Stable. The ratings of LH reflect its strong niche franchise, good core asset quality and sound level of capital, whilst also reflecting its small size and below average profitability. LH is a specialized borrower-owned credit institution and the largest supplier of mortgage loans to the agricultural and forestry sector in Sweden, with a market share in excess of 50%. Revenue generation is dominated by net interest income. LH's ROE, although lower than its Swedish peers', remains acceptable given that LH also has a higher capital/assets ratio and as LH does not aim to maximize profits but instead provide favorable lending rates to its members. Total non-performing loans were low relative to total loans and were well collateralized. However, a very large increase in doubtful lending in 2003 was due to problems with LH's largest exposure, which is to a group of energy companies. After setting aside a SEK90 million provision in 2003, LH took another SEK75m provision on the SEK664 million (gross) exposure in H104. However, in July 2004 LH acquired all of the company's shares and solicited legal advice and sector expertise in order to consolidate the business and renegotiate current customer contracts. The net exposure was equivalent to c.18% of equity and further provisions are possible. The bank appears well capitalized, especially given that loans secured on agricultural property are 100% risk weighted in Sweden. CONTACT: FITCH RATINGS Holger Horn, Frankfurt Phone: +49 69 768076 190 Mark Young, London Phone: +44 20 7417 4268 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 SCANDINAVIAN AIRLINES: No Jobs Lost in Restructuring ---------------------------------------------------- The management of SAS Braathens agreed with the pilots' unions of Scandinavian Airlines and Braathens regarding a recommended proposal for a new pilots' agreement. As a result, the scene is set for all of the approximately 800 pilots at Scandinavian Airlines in Norway and at Braathens to be transferred to their new employer, SAS Braathens, by the end of December this year. At the same time, the recommended proposal prepares the way for the operational transfer of about 1,500 cabin crew. "With this agreement in place, we can now complete the integration of Scandinavian Airlines in Norway and Braathens into SAS Braathens. It is a victory for all the parties. We now have a modified proposal for the agreement that has been agreed in full between the parties. The formulation will generate considerable efficiency gains," says Petter Jansen, President of SAS Braathens, in a comment. He emphasizes that the proposed agreement shall now go through a formal process with the two pilots' trade unions and that SAS Braathens has full respect for this process. The recommended proposal for a new pilots' agreement includes the harmonization of salary and work terms and conditions between the two pilots' groups. "In brief, nobody will lose their job and no demotions from captain to first officer will be made as a result of the new agreement," says Petter Jansen, adding that SAS Braathens will operate the Vestland routes, which have been operated by SAS Commuter to date. The head of the Braathens' pilots' union, Jan Levy Skogvang, says the negotiations have been intense and difficult, but that both unions have made a positive contribution to finding a solution. "This is an agreement that I believe Braathens' pilots can live with," he says. The recommended proposal will now be the subject of a ballot among members. Jack Netskar, head of the Norwegian SAS Pilots' Association, says that the agreement proposal contains such major changes and is such an important document that his members could make their views known in a ballot. "It is positive that we have made so much progress that we can now have calm and stability and begin to focus on the future," says Mr. Netskar. CONTACT: SAS BRAATHENS Siv Meisingseth, Communications Manager Phone: 95 71 61 45 ===================== S W I T Z E R L A N D ===================== SAIRGROUP: Liquidator Recovers CHF25 Million -------------------------------------------- The liquidator of SAirGroup has sent his Circular No. 3 to creditors of the company. The circular is now available on the liquidator's Web site (http://www.liquidator-swissair.ch). Circulars will also be sent out over the next few days to the creditors of SAirLines, Swissair Swiss Air Transport Company Ltd. and Flightlease AG. The Circular reports on the liquidator's activities since the end of June 2004. It shows that, over the past few months, it has been possible to collect outstanding accounts receivable in the approximate amount of CHF25 million. The complicated real estate sale negotiations have been concluded in respect of the catering building in Geneva, the condominium units in Buenos Aires and three properties in Dar-es-Salaam. Meanwhile, the sale process for the remaining real estate continues. Responsibility Claims: Briefs Prepared These transactions, which might be of relevance to the responsibility claims against the governing and executive bodies of SAirGroup, have been investigated in detail: (a) Participations in the German charter company LTU, (b) Participation in the French airline Air Littoral, (c) Participation in the French airlines AOM and Air Liberte, (d) Recapitalization of the Belgian airline Sabena in 2001, (e) Restructurings between late 2000 and mid-2001, (f) SAirGroup financial statements at Dec. 31, 2000 (no notification of over-indebtedness), (g) Payments to foreign airline participations and third parties since spring 2001, (h) Responsibility of the Statutory Auditor and the Group Auditor in the matters listed. The claims in question may amount to up to CHF5 billion. Whether or not litigation can be initiated for the full amount of these claims is still open. Draft briefs have already been prepared in respect of the first five transactions. It is planned to send these briefs to the responsible bodies for comment. Enquiries have not yet been completed regarding the last three matters. The liquidator and the chairman of the Creditors' Committee, have requested talks with Dr. Markus Notter, member of the governing council of Canton Zurich, with regard to the delays to the criminal investigation. Pauliana Claims: Brief Prepared Against Deutsche Bank Information was provided in June 2004 about the filing of a Pauliana action against various KPMG companies. Enquiries to date have revealed that, in addition to the payments to the KPMG companies since early 2001, various other payments, which could satisfy the criteria for lodging a Pauliana claim under the Swiss Debt Collection and Bankruptcy Act, have been made to third parties. Specifically, the liquidation bodies believe that payments made to Deutsche Bank between March and September 2001, of around CHF87 million plus EUR20 million in the context of an equity swap, are contestable. The draft brief has already been sent to Deutsche Bank AG for comment. Investigations are still underway with regard to further contestable transactions. Estimated Dividend of 2.5% - 15.7% Work has also progressed on the schedule of claims, which will be submitted to the approximately 15,600 creditors for inspection during the second half of 2005. There are plans prior to this to make a further, voluntary call for creditors' claims for the CHF bonds and the guarantee claims relating to the USD and euro-denominated bonds. The estimated dividend for third-class claims is still put at 2.5% to 15.7%. The Liquidator's report to the debt-restructuring judge on activities for the year 2004 will be drawn up in the first quarter of 2005. CONTACT: SWISSAIR INTERNATIONAL Filippo Th. Beck, Wenger Plattner Phone: 043 222 38 00 Fax: 043 222 38 01 Web site: http://www.liquidator-swissair.ch =========== T U R K E Y =========== MNG BANK: Individual Rating Affirmed at 'D/E' --------------------------------------------- Fitch Ratings affirmed Turkey's MNG Bank's ratings at Long-term foreign and local currency 'B-', Short-term foreign and local currency 'B', National Long-term 'BBB(tur)', Individual 'D/E' and Support '5'. The Outlook is Stable. The Long-term, Short-term and Individual ratings reflect MNG Bank's relatively small size in the Turkish banking system, the volatile funding, concentrated loan portfolio and rapid growth plans. These are balanced by the bank's improved asset liquidity, sufficient capitalization and refocused strategy. After trying retail banking in the 1990s, the bank decided to focus on small to medium companies with significant foreign trade volume and increased its factoring and leasing activity through its subsidiaries. It managed to increase its export- import related business, handling US$407 million by end-November 2004, compared with US$123 million at end-2003. The letter of credit volume also increased to US$125 million (510 transactions) as of the same date, versus US$30 million (182 transactions) in 2003. Though these made a positive impact on the total interest income, its net interest margin (NIM) is declining due to falling interest rates in Turkey as well as high competition. The bank also needs to pay higher interest rates to its depositors because of its small size and potentially volatile deposit base, where one third of the depositors are interest sensitive. However, its NIM is still higher than its peers and the sector average due to the bank's high free capital. The bank has ambitious growth plans, which may prove difficult in the current competitive environment. Although the asset quality has improved with falling non-performing loans, rapid growth may bring new non-performing loans. MNG bank's capitalization is sufficient with a capital adequacy ratio of 21% as of end-Q304 and the liquidity is strong with liquid assets excluding securities portfolio covering 41% of total deposits. These ratios are maintained high by the bank because of its size and the volatile funding base. Since 1997 MNG Bank has been owned by Mr. Mehmet Nazif Gunal, owner of the MNG Group, which is mainly engaged in construction, tourism and aircargo/logistics. The bank provides corporate banking services to a select group of clients, including companies with high cash flows with the potential for significant volumes of trade finance. It also targets suppliers, dealers and agents of MNG Group subsidiaries. The bank owns subsidiaries operating in leasing, factoring and brokerage. A detailed report on MNG Bank is available on the agency's subscriber Web site, http://www.fitchresearch.com. CONTACT: FITCH RATINGS Banu Saracci, London Phone: +44 20 7417 4222 Ed Thompson, New York Phone: +1 212 908 0364 Gulcin Orgun, Istanbul Phone: +90 212 279 10 65 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 ============= U K R A I N E ============= AGROPROMBUD: Proofs of Claim Deadline Expires Tomorrow ------------------------------------------------------ The Economic Court of Lviv region commenced bankruptcy supervision procedure on Agroprombud (code EDRPOU 32342859) on September 27, 2004. The case is docketed as 6/326-8/162. Arbitral manager Mr. Volodimir Solskij (License Number AA 719827) has been appointed temporary insolvency manager. The company holds account number 26003605172151 at Ukrsocbank, Lviv regional branch, MFO 325019. Creditors have until tomorrow to submit their proofs of claim to: (a) AGROPROMBUD 81100, Ukraine, Lviv region, Pustomiti, Glinska Str. (b) Mr. Volodimir Solskij Temporary Insolvency Manager 79007, Ukraine, Lviv region, Svobodi Avenue, 19/21-7 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 BRYANKIVSKIJ VEHICLES: Liquidator Takes over Operations ------------------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against Bryankivskij Plant of Vehicles (code EDRPOU 01350268) on October 27, 2004 after finding the open joint stock company insolvent. The case is docketed as 11/13 b. Mr. Belikov Andrij (License Number AA 484195) has been appointed liquidator/insolvency manager. CONTACT: BRYANKIVSKIJ PLANT OF VEHICLES 94100, Ukraine, Lugansk region, Bryanka, Kazahstanska Str. 5 Mr. Belikov Andrij Liquidator/Insolvency Manager 91031, Ukraine, Lugansk region, Oboronna Str. 6 Phone: (0642) 58-83-51 ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a DNIPROVETS: Dnipropetrovsk Court Opens Bankruptcy Proceedings ------------------------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Dniprovets on October 12, 2004 after finding the limited liability company insolvent. The case is docketed as B 29/192/03. Mr. O. Solntsev (License Number AA 719850) has been appointed liquidator/insolvency manager. CONTACT: Mr. O. Solntsev Liquidator/Insolvency Manager 49055, Ukraine, Dnipropetrovsk region, Novokrimska Str. 3/118 Phone: 8 (0562) 92-87-78 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a LNOKOR: Gives Creditors Until Thursday to File Claims ----------------------------------------------------- The Economic Court of Chernigiv region has commenced bankruptcy supervision procedure on limited liability agricultural company Lnokor (code EDRPOU 30713619). The case is docketed as 5/176 B. Mr. Pavlo Lyashenko (License Number AA 630118) has been appointed temporary insolvency manager. The company holds account number 26005004316 at Polikombank, Chernigiv branch, MFO 353100. Creditors have until December 23, 2004 to submit their proofs of claim to: (a) LNOKOR 16234, Ukraine, Chernigiv region, Koropskij district, Vilne (b) Mr. Pavlo Lyashenko Temporary Insolvency Manager Ukraine, Chernigiv region, Boyova Str. 5/12 (c) ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue, 20 NADIYA: Claims Filing Period Ends Tomorrow ------------------------------------------ The Economic Court of Vinnitsya region has commenced bankruptcy supervision procedure on limited liability agricultural company Nadiya (code EDRPOU 03729983). The case is docketed as 5/471- 04. Mr. V. Kravtsov (License Number AA 779160) has been appointed temporary insolvency manager. The company holds account number 260087300 at JSPPB Aval, Vinnitsya branch, MFO 302247. Creditors have until December 23, 2004 to submit their proofs of claim to: (a) NADIYA 22245 Ukraine, Vinnitsya region, Pogrebishenskij district, Chapayevka (b) Mr. V. Kravtsov Temporary Insolvency Manager Ukraine, Zhitomir region, Polyova Plosha Str. 10/7 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 NEKTAR: Declared Insolvent -------------------------- The Economic Court of Volinska region commenced bankruptcy proceedings against Nektar (code EDRPOU 00377805) on November 11, 2004 after finding the close joint stock company insolvent. The case is docketed as 8/61-B. Mr. Oleksandr Kushniruk (License Number AA 783223) has been appointed liquidator/insolvency manager. The company holds account number 26006236345001 at CB Privatbank, Kovel branch, MFO 303332. Creditors have until December 23, 2004 to submit their proofs of claim to: (a) NEKTAR 45000, Ukraine, Volinska region, Kovel, Nezalezhnosti Str. 44 (b) Mr. Oleksandr Kushniruk Liquidator/Insolvency Manager Ukraine, Volinska region, Lutsk, Potebni Str. 52-A/56 (c) ECONOMIC COURT OF VOLINSKA REGION 43010, Ukraine, Volinska region, Lutsk, Voli Avenue, 54-a NEKTAR-TRADE: Appoints L. Chudajkina Insolvency Manager ------------------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy supervision procedure on Nektar-Trade (code EDRPOU 31639086). The case is docketed as 14/53. Mrs. L. Chudajkina (License Number AA 487778) has been appointed temporary insolvency manager. Creditors have until December 24, 2004 to submit their proofs of claim to: (a) NEKTAR-TRADE 56100, Ukraine, Mikolaiv region, Bashtanka, Yuvilejna Str. 76/3 (b) Mrs. L. Chudajkina Temporary Insolvency Manager 54058, Ukraine, Mikolaiv region, Lazurna Str. 2-b/25 a/b 1041 Phone: (0512) 41-60-48 (0512) 35-03-02 Fax: (0512) 35-03-02 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 NIZHIN' MACHINE: Undergoes Sanction Procedure --------------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy supervision procedure on OJSC Nizhin' Agricultural Machine- Building Plant (code EDRPOU 14311643) and initiated sanction procedure on November 19, 2004. The case is docketed as 9/166- b. Mr. Sergij Gorbach (License Number 630134) has been appointed temporary insolvency manager. The company holds account number 260076350 at JSPPB Aval, Chernigiv regional branch, MFO 353348. Creditors have until December 24, 2004 to submit their proofs of claim to: (a) NIZHIN' AGRICULTURAL MACHINE-BUILDING PLANT 16610, Ukraine, Chernigiv region, Nizhin, Shevchenko Str. 109 (b) Mr. Sergij Gorbach Temporary Insolvency Manager 14000, Ukraine, Chernigiv region, Miru Avenue, 139, Office 30 (c) ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue, 20 REGIONAL AGROINDUSTRIAL: Bankruptcy Supervision Begins ------------------------------------------------------ The Economic Court of Kirovograd region commenced bankruptcy supervision procedure on CJSC Regional Agroindustrial Centre (code EDRPOU 23690591) on August 16, 2004. The case is docketed as 10/140. Arbitral manager Mr. Sergij Salatov (License Number AA 048823) has been appointed temporary insolvency manager. The company holds account number 26006301330661 at Prominvestbank, Kirovograd branch, MFO 323301. Creditors have until December 23, 2004 to submit their proofs of claim to: (a) REGIONAL AGROINDUSTRIAL CENTRE 25006, Ukraine, Kirovograd region, Leninskij district, Timiryazev Str. 76/2 (b) Mr. Sergij Salatov Temporary Insolvency Manager 25006, Ukraine, Kirovograd region, Karl Marks Str. 4, Body 1 Phone: (0522) 32-05-01 (c) THE ECONOMIC COURT OF KIROVOGRAD REGION 25022, Ukraine, Kirovograd region, Lunacharski Str. 29 SPEKTR LTD.: Succumbs to Insolvency ----------------------------------- The Economic Court of Chernigiv region commenced bankruptcy proceedings against Spektr Ltd. (code EDRPOU 14218501) after finding the company insolvent. The case is docketed as 9/152 b. Creditors have until December 24, 2004 to submit their proofs of claim to the Economic Court of Chernigiv Region 14000, Ukraine, Chernigiv region, Miru Avenue, 20. =========================== U N I T E D K I N G D O M =========================== 3I EUROPEAN: Members Vote to Liquidate Firm ------------------------------------------- 3i European Technology Trust plc (in members voluntary liquidation) announces that at the Company's Extraordinary General Meeting held on 20 December 2004, the resolutions proposed to voluntarily wind-up the Company and appoint liquidators for this purpose were duly approved. In accordance with the terms set out in the circular to Shareholders of the Company dated 26 November 2004 the Company's asset portfolio will be realized and the cash proceeds used to settle all of the Company's liabilities with the surplus being distributed pro-rata to the shareholders on the share register at 5:30 p.m. on 17 December 2004. Two copies of the full text of the Special and Extraordinary resolutions, passed at the Extraordinary General Meeting, were submitted to the U.K. Listing Authority on 26 November 2004, for publication through the document viewing facility, as part of the Circular. The Manager has advised the Liquidators that it considers that most of the portfolio should be capable of realization in a manner that will permit an initial distribution, representing the bulk of the sums that will be received by Shareholders as a result of the Liquidation, to be paid before the end of January 2005. Shareholders are reminded that the value of shares and securities held in the portfolio may rise or fall before they are realized, and neither the Liquidators nor the Company give any warranty as to the eventual value of the portfolio. The Liquidators act as agents of the Company and without personal liability. Shareholders are also reminded that dealings in the Ordinary Shares of the Company have been suspended and accordingly shareholders will not be able to transfer their Ordinary Shares. All defined terms in this announcement have the same meanings as set out in the Circular. P J Brazzill and M E Mills Joint liquidators CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: 020 7951 9128 Fax: 020 7951 9232 Contact: Richard Barker ASHTEAD GROUP: 2nd-quarter, 1st-half Results Up Year-on-year ------------------------------------------------------------ Ashtead Group Plc, the equipment rental group serving the U.S. and U.K. construction, industrial and homeowner markets, announces its results for the half-year and second quarter ended October 31, 2004. Highlights (a) Group H1 pre-tax profit before goodwill and, in 2003, exceptional items up 81% to GBP20.1 million; (b) Group H1 pre-tax profit of GBP15.7 million (2003 - loss of GBP8.5 million); (c) Sunbelt's H1 profit[1] up 50% to US$61.9 million; (d) A-Plant's H1 profit[1] up 52% to GBP8.5 million; (e) Group Q2 pre-tax profit before goodwill and, in 2003, exceptional items up 52% to GBP14.4 million; (f) Group Q2 pre-tax profit of GBP12.2 million (2003 - loss of GBP0.5 million); and (g) New five year US$675 million asset based senior syndicated loan facility successfully completed. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Sunbelt's and A-Plant's profit comprises their operating profit before goodwill amortization and, in 2003, exceptional items. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Ashtead's chief executive, George Burnett, commented: "The Group again performed strongly in the second quarter reflecting improving markets, increased market share and the shift from ownership to rental in the U.S. A-Plant also showed strong growth building on the improvements seen since completing in January its refocusing program. Our new five-year senior debt facility, which was successfully completed just after the end of the period, provides U.S. with greater flexibility to invest and a lower interest cost. Current trading conditions in both our main markets remain strong. Whilst the continuing weakness of the U.S. dollar and any further interest rate rises may adversely impact second half performance, the Board remains encouraged by the underlying performance of both our main businesses and by the Group's long term growth potential." Overview In the first half Group profit before tax, goodwill amortization and exceptional items (which arose only in 2003) rose 81% to GBP20.1 million (2003 - GBP11.1 million) and by 114% at constant exchange rates. After goodwill amortization and exceptional items, pre-tax profits were GBP15.7 million compared with last year's loss of GBP8.5 million. Earnings per share based on the pre-tax profit before goodwill amortization and exceptional items and after an imputed 30% tax rate increased to 4.4p (2003: 2.4p). After goodwill amortization and exceptional items, and the accounting tax charge, earnings per share were 2.0p in 2004 compared to the loss of 3.4p in 2003. The Group again performed strongly in the second quarter. Group profit before tax, goodwill amortization and, in 2003, exceptional items rose 52% to GBP14.4 million (2003: GBP9.5 million) and by 71% at constant exchange rates. After goodwill amortization and exceptional items, the pre-tax profit was GBP12.2 million compared with the loss of GBP0.5 million in 2003. Review of First Half Trading Turnover(1) EBITDA(1) Divisional operating profit(2) 2004 2003 2004 2003 2004 2003 Sunbelt Rentals in US$ million 342.0 295.9 114.7 94.1 61.9 41.3 Sunbelt Rentals in GBP million 188.1 180.3 63.1 57.5 34.0 25.2 A-Plant 80.6 83.5 26.5 26.5 8.5 5.6 Ashtead Technology 6.0 6.8 2.9 3.6 1.4 2.1 Group central Costs - - (3.1) (2.7) (3.1) (2.7) ----- ----- ----- ----- ----- ----- 274.7 270.6 89.4 84.9 40.8 30.2 Interest - - - - (20.7) (19.1) Profit before tax (2) - - - - 20.1 11.1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (1) In 2003, before exceptional items (2) Before goodwill amortization and in 2003, exceptional items. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The impact of the 11% year on year decline in the U.S. dollar limited the increase in first half sterling Group turnover to 1.5%. At actual rates of exchange first half EBITDA grew 5.3% to GBP89.4 million and operating profit before goodwill amortization and exceptional items increased 35.1% to GBP40.8 million. The underlying growth was stronger. Measured at constant exchange rates, to eliminate the translation effect of the weak U.S. dollar, turnover grew 8.8%, EBITDA grew 13.1% and operating profit before goodwill amortization and exceptional items grew 47.9%. The Group's profit margins also improved. The first-half EBITDA margin rose from 31.4% to 32.5% and the operating profit margin (before goodwill amortization and exceptional items) from 11.2% to 14.9%. Sunbelt Rentals Sunbelt continued to perform strongly in the first half with both rental rates and utilization continuing to rise, particularly in the second quarter. As a result first-half turnover grew 15.6% to US$342.0 million reflecting growth of approximately 7% in rental rates and an increase in utilization rates from 67% to 72% whilst its fleet size remained broadly constant. Turnover growth was broadly based with all regions and all major product areas trading ahead of last year. Turnover also benefited from additional work in the second quarter from the aftermath of the Florida hurricanes. Construction volumes in Florida are expected to continue to be strong for at least the next year. New profit centers were opened in Houston, Chicago and Vancouver (Washington State) in the first half and further new profit centers are planned for Miami and Phoenix. Sunbelt's turnover improvement reflected market share gains and growth in non-residential construction activity as well as a continued shift from ownership to rental. Sunbelt's first half divisional operating profit grew 49.9% to US$61.9 million (2003: US$41.3 million) representing a margin of 18.1% (2003: 14.0%). A-Plant A-Plant continued to build on the improvements in performance seen in Q4 last year and Q1 this year. Although total turnover for the six months declined to GBP80.6 million from GBP83.5 million in 2003 as a result of last year's non-core disposal program, on a same store basis turnover increased 3.6%. This reflected a fleet size, which was approximately 5% smaller than in the equivalent period last year, an increase in utilization from 60% to 66% and broadly constant rental rates. All three of A-Plant's divisions improved with the Tool Hire division achieving the highest growth rate. New Tool Hire shops were opened in Harlow and Croydon and trading has just commenced at our new accommodation business in Cumbria. A-Plant's first half divisional operating profit grew 51.8% to GBP8.5 million (2003: GBP5.6 million) representing a margin of 10.5% (2003: 6.7%). Ashtead Technology Technology's turnover declined 11.8% to GBP6.0 million at actual exchange rates as growth in its onshore environmental rental businesses was offset by slow offshore market conditions. Our first U.K. environmental rental store was opened in Hitchin at the beginning of the period and the U.S. expansion continued with an opening in Atlanta in October. First half divisional operating profit was GBP1.4 million (2003: GBP2.1 million). Towards the end of the period, activity levels in the North Sea market improved. Commentators are now increasingly confident that the oil majors will be funding greater offshore exploration and construction activity in 2005 from which Ashtead Technology should benefit in due course. Capital Expenditure and Net Debt Capital expenditure in the six months was GBP63.3 million of which GBP60.5 million was on the fleet. These expenditure levels were significantly higher than last year reflecting the improving U.S. economic conditions. GBP18.2 million of the fleet expenditure was for growth with the remainder being spent to replace existing equipment. Disposal proceeds of GBP15.5 million (2003: GBP19.4 million) were realized in the period generating a profit on disposal of GBP2.5 million (2003: GBP1.8 million). The tax effect on cash flow was again minimal and is expected to remain so. Net debt at 31 October was GBP509.4 million, a reduction of GBP17.3 million since year-end and GBP66.1 million in the twelve months since October 31, 2003. At constant exchange rates these reductions were GBP10.2 million and GBP38.4 million respectively. New Asset-Based Bank Facility As previously announced, the Group completed syndication of a new US$675 million five-year asset based first priority senior debt facility on November 12, 2004. At closing US$490 million (GBP265 million) was drawn under the facility and was used, together with cash on hand, to repay the amount outstanding under the previous first priority senior debt facility and the debtors securitization. Demand for participation in the facility was very strong enabling improvement in interest margin to be achieved during syndication. As well as reducing costs, the new facility offers greater flexibility on capital expenditure levels. Indeed, in light of the positive trading trends in Sunbelt and the Group's strong cash performance, capital expenditure for the current financial year is now expected to be in the region of GBP120 million - GBP130 million as opposed to the previous guidance of GBP100 million -GBP105 million and last year's figure of GBP72.3 million. Current Trading and Outlook Current trading conditions in both our main markets remain strong. Whilst the continuing weakness of the U.S. dollar and any further interest rate rises may adversely impact second half performance, the Board remains encouraged by the underlying performance of both our main businesses and by the Group's long- term growth potential. CONTACT: ASHTEAD GROUP PLC 41-51 Kingston Road Leatherhead Surrey KT22 7AP Phone: + 44 1372 362300 Fax: + 44 1372 376610 Web site: http://www.ashtead-group.com Cob Stenham Non-executive chairman Phone: 020 7299 5562 George Burnett Chief executive Phone: 01372 362300 Ian Robson Finance director Phone: 01372 362300 Brian Hudspith The Maitland Consultancy Phone: 020 7379 5151 BALL PACKAGING: Hires Joint Liquidators from KPMG ------------------------------------------------- At the general meeting of Ball Packaging Europe Holding Limited, the special, ordinary and extraordinary resolutions to wind up the company were passed. John Paul Bateman and Brian Green of KPMG LLP, 8 Princes Parade, Liverpool L3 1QH have been appointed joint liquidators of the company. CONTACT: KPMG LLP 8 Princes Parade, Liverpool L3 1QH Phone: (0151) 473 5100 Fax: (0151) 473 5200 Web site: http://www.kpmg.co.uk BASSETT FOODS: Members Decide to Dissolve Business -------------------------------------------------- At the extraordinary general meeting of the members of Bassett Foods International Limited on Nov. 30, 2004 held at 25 Berkeley Square, London W1J 6HB, the ordinary resolution to wind up the company was passed. Keith Aleric Stevens and Stephen Paul Grant have been appointed joint liquidators of the company. BELGRAVIA LEASING: Members Decide to Wind up Firm ------------------------------------------------- At the extraordinary general meeting of the members of Belgravia Leasing Limited on Dec. 9, 2004 held at Meridian House, 62 Station Road, North Chingford, London E4 7BA, the extraordinary and ordinary resolutions to wind up the company were passed. A. J. Clark of Carter Clark, Meridian House 62 Station Road, North Chingford, London E4 7BA has been appointed liquidator of the company. CONTACT: CARTER CLARK Meridian House 62 Station Road, North Chingford, London E4 7BA BENCHMARK KITCHEN: Opts for Liquidation --------------------------------------- At the extraordinary general meeting of Benchmark Kitchen Furniture Limited on Dec. 13, 2004 held at Express By Holiday Inn, Guardian Road, Exeter EX1 3PE, the extraordinary resolution to wind up the company was passed. Mark Prideaux of Unique Business Finance Ltd., 6 Lockside Office Park, Lockside Road, Preston PR2 2YS has been appointed liquidator of the company. CONTACT: UNIQUE BUSINESS FINANCE LTD. 6 Lockside Office Park, Lockside Road, Preston PR2 2YS BIG FOOD: Accepts Baugur's 95-pence-a-share Offer ------------------------------------------------- Big Food Group plc is providing update on proposals for the acquisition of the firm by Baugur and its investment partners. On 30 November 2004, Big Food announced that it had received a proposal from Baugur in relation to a possible offer for Big Food at 95 pence per share in cash. Substantial progress has been made, and the terms of a recommended offer for Big Food, by way of a scheme of arrangement, at 95 pence per share in cash have been agreed between Baugur and Big Food, subject to the outcome of discussions in relation to financing which remain to be finalized before any offer can be formally announced. Papers have been lodged with the court in order to preserve the intended scheme of arrangement timetable. A further announcement will be made as soon as possible. * * * Baugur is offering GBP326 million cash. Earlier, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit ratings on Big Food and related entities on CreditWatch with negative implications, due to concerns about the potential increase in debt levels that might arise from the proposed takeover by Baugur. At Sept. 17, 2004, estimated lease - and pension-adjusted net debt was GBP875 million ($1.65 billion). CONTACT: THE BIG FOOD GROUP Bill Grimsey Chief Executive Phone: 020 7796 4133 Bill Hoskins Finance Director (on 20 December only) GCG HUDSON SANDLER Andrew Hayes Noemie de Andia Phone: 020 7796 4133 CITIGROUP GLOBAL MARKETS LIMITED Ian Hart Ted Kuh Ed Matthews (Corporate Broking) Phone: 020 7986 4000 UBS LIMITED Adrian Haxby Michael Lacey Phone: 020 7567 8000 BOWERS & MARRIS: Appoints Baker Tilly Liquidator ------------------------------------------------ At the extraordinary general meeting of the members of Bowers & Marris Limited on Dec. 13, 2004 held at Baker Tilly, 27 Osborne Street, Grimsby, North East Lincolnshire DN31 1NU, the special resolutions to wind up the company were passed. Alec David Pillmoor of Baker Tilly, 27 Osborne Street, Grimsby, North East Lincolnshire DN31 1NU has been appointed liquidator of the company. CONTACT: BAKER TILLY 27 Osborne Street, Grimsby, North East Lincolnshire DN31 1NU Phone: 01472 351171 Fax: 01472 240458 Web site: http://www.bakertilly.co.uk BROADLEY LIMITED: Members Pass Winding up Resolution ---------------------------------------------------- At the extraordinary general meeting of the members of Broadley Limited on Nov. 30, 2004 held at 25 Berkley Square, London W1J 6HB, the ordinary resolution to wind up the company was passed. Keith Aleric Stevens and Stephen Paul Grant have been appointed joint liquidators of the company. BRYANSTON LIMITED: Joint Liquidators Take over Business ------------------------------------------------------- At the extraordinary general meeting of the members of Bryanston Limited on Nov. 30, 2004 held at 25 Berkley Square, London W1J 6HB, the ordinary resolution to wind up the company was passed. Keith Aleric Stevens and Stephen Paul Grant have been appointed joint liquidators of the company. BSR TECHNICAL: Hires Irwin & Company as Liquidator -------------------------------------------------- At the extraordinary general meeting of the members of BSR Technical Moulding Services Limited on Dec. 6, 2004 held at Irwin & Company, Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1T7, the extraordinary and ordinary resolutions to wind up the company were passed. Gerald Irwin has been appointed liquidator of the company. CONTACT: IRWIN & COMPANY Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1T7 CABLE & WIRELESS: Appoints Liquidator from Grant Thornton --------------------------------------------------------- Name of companies: Cable & Wireless Communications (Enterprises) Limited Cable & Wireless (Far East) Holding Limited Cable & Wireless Communications Teleserve Limited Cable & Wireless Global Businesses Limited Cable & Wireless Global Networks Services Limited Grant & Taylor Limited Telecommunications Administration And Billing Services Limited The Eros Leasing Company Limited The Web Internet Services Limited The West Coast Of America Telegraph Company Limited At the meetings of these companies, the special resolutions to wind up their operations were passed. Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP has been appointed liquidator of said companies. CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House, Melton Street Euston Square, London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk CADBURY SCHWEPPES: Members Appoint Joint Liquidators ---------------------------------------------------- At the extraordinary general meeting of the members of Cadbury Schweppes Research Limited on Nov. 30, 2004 held at 25 Berkley Square, London W1J 6HB, the ordinary resolution to wind up the company was passed. Keith Aleric Stevens and Stephen Paul Grant have been appointed joint liquidators of the company. CARO COATINGS: Extraordinary Winding up Resolution Passed --------------------------------------------------------- At the extraordinary general meeting of the members of Caro Coatings Limited on Dec. 7, 2004 held at The Regus Offices, The Landsdowne Building, 2 Lansdowne Road, Croydon, Surrey, the extraordinary resolution to wind up the company was passed. Neville Richard Eckley of Neville Eckley, 33A Chipstead Valley Road, Coulsdon, Surrey CR5 2RB has been nominated liquidator of the company. CONTACT: NEVILLE ECKLEY 33A Chipstead Valley Road, Coulsdon, Surrey CR5 2RB C G R LEISURE: Liquidator Takes over Helm ----------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF C G R Leisure Limited (In Liquidation) I, Graham Cameron Tough, CA, Martin Aitken & Co., Caledonia House, 89 Seaward Street, Glasgow hereby give notice that on November 29, 2004, I was appointed Liquidator of C G R Leisure Limited by a Resolution of the First Meeting of Creditors held in terms of Section 138(3) of the Insolvency Act 1986. No liquidation Committee was established. Accordingly, I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one-tenth in value of the creditors require it in terms of Section 142 (3) of the Insolvency Act 1986. Graham Cameron Tough CA., Liquidator CONTACT: MARTIN AITKEN & CO. Caledonia House 89 Seaward Street Glasgow G41 1HJ Phone: 0141 332 0488 Fax: 0141 272 0011 E-mail: ca@maco.co.uk Web site: http://www.maco.co.uk CLYDE KILTS: Liquidator Sets Deadline for Filing of Claims ---------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Clyde Kilts Limited (In Liquidation) I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House, 209 West George Street, Glasgow, G2 2LW, hereby give notice that I was appointed Liquidator of Clyde Kilts Limited on December 7, 2004 by resolution of the first meeting of creditors convened in terms of Section 138 of the Insolvency Act 1986. The meeting declined to establish a Liquidation Committee. It is not my intention to summon a further meeting of the creditors to establish a Liquidation Committee unless requested to do so by one-tenth in value of the company's creditors. All creditors who have not already done so are required on or before March 7, 2004 to lodge their claims with me. Graham H. Martin, Liquidator December 7, 2004 CONTACT: PRICEWATERHOUSECOOPERS LLP Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com D & B BUSINESS: Members Approve Proposed Winding up Resolutions --------------------------------------------------------------- At the extraordinary general meeting of the members of D & B Business Solutions Ltd. on Dec. 10, 2004 held at Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ, the special, ordinary and extraordinary resolutions to wind up the company were passed. Peter O'Hara of O'Hara & Co has been appointed liquidator of the company. DUDLEY DEVELOPMENTS: Holds First Meeting of Creditors ----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dudley Developments Limited (In Liquidation) I, Ian William Wright, hereby give notice that I was appointed Interim Liquidator of Dudley Developments Limited on November 15, 2004, by Interlocutor of the Sheriff of Grampian Highland & Islands at Peterhead. Notice is also given that the First Meeting of Creditors of Dudley Developments Limited will be held at the offices of Haines Watts, 403 Holburn Street, Aberdeen AB10 7GS on December 24, 2004 at 10:00 a.m. for the purposes of choosing a liquidator and of determining whether to establish a Liquidation Committee. Creditors, whose claims are unsecured in whole or in part, are entitled to attend and vote in person or by proxy providing that their claims and proxies have been submitted and accepted at the meeting or lodged beforehand at the address. A resolution will be passed when a majority of those voting have voted in favor of it. For the purpose of formulating claims, creditors should note that the date of commencement of the liquidation is July 27, 2004. Ian W. Wright, Interim Liquidator CONTACT: HAINES WATTS (ABERDEEN INSOLVENCY) 403 Holburn Street Aberdeen AB10 7GS Phone: 01224 252850 Fax: 01224 595659 Web site: http://www.hwca.com DUNDEE PUBLIC: Winding-up Report Due January -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dundee Public Art Programme (In Creditors' Voluntary Liquidation) Notice is hereby given that, in terms of Section 106 of the Insolvency Act 1986, meetings of the company and of the creditors will be held on Thursday January 13, 2005 at 10:00 a.m. and 10:30 a.m. respectively within the offices of the Liquidator, Royal Exchange, Panmure Street, Dundee, for the purpose of receiving a report of the Liquidator's acts and dealings and of the conduct of the winding up, and to determine whether the Liquidator should have his release in terms of Section 173 of the said Act. Shareholders are entitled to vote at said meeting according to the rights attaching to their shares. Creditors are entitled to vote only if they have submitted their claims to the Liquidator and their claims have been accepted in whole or in part. A resolution at the meeting is passed if a majority of those voting, vote in favor of it. A member or creditor who is entitled to attend and vote at the above meetings is entitled to appoint a proxy to attend and vote on his/her behalf. Proxies may be lodged with the Liquidator at or before the meeting. Ian R. Johnston FCCA, Liquidator December 2, 2004 CONTACT: HENDERSON LOGGIE Royal Exchange Panmure Street Dundee DD1 1DZ Phone: 01382 200055 / 201234 Fax: 01382 200764 / 221240 E-mail: mailbox@hendersonloggie.co.uk Web site: http://www.hendersonloggie.co.uk EQUITABLE LIFE: Policyholders Look to E.U. for Redress ------------------------------------------------------ Equitable Members Action Group (EMAG) has asked the European Commission to initiate legal actions against the U.K. government for failing to protect European citizens enmeshed in the Equitable Life scandal. In Brussels, EMAG's general secretary, Paul Braithwaite, together with the Liberal Democrat shadow Treasury team MEP, Chris Huhne, handed in a groundbreaking petition to the European Parliament. It requests the Commission to institute legal proceedings against the U.K. government for failing to protect citizens throughout Europe in the Equitable Life scandal. Paul Braithwaite said: "Despite Gordon Brown's fine words about honoring promises and his patronizing, superior stance towards Europe, the Equitable saga shows that when stress-tested U.K. regulators failed to protect policyholders. European directives require redress when regulation fails. No remedy after four years proves there's no political will to honor the obligations imposed by directives." Embarrassingly, as Britain prepares to take on the E.U. presidency, EMAG is petitioning the Parliament to pursue the U.K. government for infringing Community law by failing to implement E.C. directives and is seeking prompt action to achieve redress and restore confidence in the single market. Chris Huhne MEP said: "The Equitable Life scandal is not going to go away. The Treasury had a duty of care to regulate financial services institutions properly and in accordance with its E.U. single market commitments. It now has a clear case to answer." Over three years have passed since the savage GBP4,000 million cuts in policy values affected more than one million investors at Equitable. EMAG believes the cuts were necessitated by more than a decade of lax regulation under both Tories and Labor. In consequence, 50,000 annuitants across Europe are today living with incomes reduced by a third and the unenviable prospect of being locked into declining annuities for the foreseeable future. Colin Slater, chairman of EMAG said: "The Treasury commissioned reports and review after review, but it was all just cynical, evasive action. Even the new study by the Parliamentary Ombudsman, which the Treasury vociferously resisted, cannot look into vital areas and won't address the losses suffered by an estimated 100,000 investors who are foreign residents, the majority of whom live in other European member states." EMAG maintains that for years the British government has encouraged financial institutions the play the European single market in life insurance on both sides. They took advantage of the single market for U.K. insurers to sell all around Europe (known as 'passporting'), on the basis of the legal rights of policyholders under U.K. law, but they violated E.C. directives with their 'light touch' regulation. There has been systemic regulatory failure, which has left Equitable's policyholders in the dark and in the lurch. Tom Lake, EMAG's deputy chair and author of the petition said: "At the European level, we question whether the much-amended U.K. insurance law, with its disastrous reliance on the discredited guidance of the Institute of Actuaries, came anywhere near to the requirement of the EC directives. That's why EMAG is appealing to the higher authority of the Parliament to restore confidence in this vital area, if Europe is not to slide backwards from the single market." CONTACT: EMAG Web site: http://www.emag.org.uk E SQUARED: Hires BDO Stoy Hayward as Administrator -------------------------------------------------- Antony David Nygate and Shay Bannon (IP Nos 9237, 8777/01) have been appointed joint administrators for E Squared Limited. The appointment was made Dec. 10, 2004. The company is engaged in building/contracting. 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 FEDERAL-MOGUL: Confirmation Hearing Moved to January ---------------------------------------------------- In a regulatory filing with the Securities and Exchange Commission, David M. Sherbin, Senior President of Federal-Mogul Corporation, discloses that the confirmation hearing, which had been scheduled to commence on December 9, 2004, has been postponed. The Company is preparing to move forward with estimation of asbestos personal injury claims against the U.K. Debtors. After the Company and the co-proponents of its Plan of Reorganization have the results from the estimation proceedings, amendments to the Plan of Reorganization will be filed that will reflect, among other things, the results of that estimation. Thereafter, the Company and its co-proponents expect to move forward toward confirmation of their amended Plan of Reorganization. The Independent Trustee for the Champion Pension Scheme received approval by a United Kingdom Court to vote in favor of the Plan of Reorganization and to take the Alternate Payout option in relation to the Champion scheme once the Plan of Reorganization is confirmed. The Champion Scheme covers approximately 300 Federal-Mogul Corporation employees in the United Kingdom. Representing the Legal Representative for Future Asbestos Claimants, Edwin J. Harron, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, filed a notice with the U.S. Bankruptcy Court, stating that the Confirmation Hearing has been adjourned to January 13-14, 2005. 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 US$10.15 billion in assets and US$8.86 billion in liabilities. (Federal- Mogul Bankruptcy News, Issue No. 69; 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 FILTRONIC PLC: Names Charles Hindson New Finance Director --------------------------------------------------------- Filtronic plc, a leading provider of customized microwave electronic subsystems for the wireless telecommunications and defense industries, named Charles Hindson Group Finance Director with immediate effect. Mr. Hindson, 45, was previously Finance Director of Eutelsat S.A., one of the world's leading satellite operators, from 2000, during which he became a member of the Management Board, following Eutelsat's change from an international organization to a company incorporated under French law in 2001, and latterly Adviser to the President. He is a fellow of the Association of Chartered Certified Accountants and a member of the Association of Corporate Treasurers. Prior to joining Eutelsat, Mr. Hindson was at BT plc for six years initially as Head of Finance, BT Group Property, and subsequently Controller, Global Finance. He has also worked at British Gas plc, as Financial planning manager, at Price Waterhouse, as a senior manager in Corporate Finance, and began his career at 3i plc as an investment controller in 1981. Commenting, Professor David Rhodes, Chairman said: "I look forward to Charles's arrival to the Board, strengthening the management team. He will meet shareholders and analysts with our Group CEO, John Roulston and myself at the end of January 2005 when Filtronic presents Interim Results." Mr. Hindson, a graduate of Balliol College, Oxford in Engineering Sciences and Economics, is married with three children. His hobbies include sailing and opera. There are no details to be disclosed of directorships held by Mr. Hindson in any other publicly quoted company at any time in the previous five years. Furthermore there are no disclosures to be made according to paragraph 6.F.2 (b) to (g) of the U.K. Listing Rules. CONTACT: FILTRONIC PLC (London: FTC) The Waterfront Salts Mill Rd., Saltaire Shipley West Yorkshire BD18 3TT, United Kingdom Phone: +44-1274-530-622 Fax: +44-1274-531-561 Web site: http://www.filtronic.com FILTRONIC PLC: Forecasts Lower Revenue, Operating Profit in 2004 ---------------------------------------------------------------- Filtronic plc provided these guidance on its future outlook: Year ended 31 December 2004[*] 2003 Number of antennas sold c. 102 million 117.5 million Revenue c. EUR75 million EUR87.4 million Operating profit c. EUR10 million EUR26.2 million EBITDA c. EUR15 million EUR34.8 million - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Management forecast - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The above numbers are unaudited and have been compiled by the management of the Handset Products business in accordance with Finnish GAAP. Operating margin in 2004 is expected to fall as the proportion of customers ordering integrated antenna modules has increased. Outlook The management of the Handset Products division is providing these guidance on the 2005 calendar year performance of the division: (a) Management aim to grow revenue from 2004 to 2005 by c 20% based on currently identified projects with specific customers, (b) Average selling price is expected to continue to fall although management expect that this is likely to be offset by improvements in efficiency Long term revenue growth is expected to be driven from the continuing expansion of the cellular antennas business together with sales of non-cellular antennas and mechanical components. CONTACT: FILTRONIC PLC (London: FTC) The Waterfront; Salts Mill Rd., Saltaire Shipley West Yorkshire BD18 3TT, United Kingdom Phone: +44-1274-530-622 Fax: +44-1274-531-561 Web site: http://www.filtronic.com GLOBAL CROSSING: Prices US$404 Million Secured Debt Financing ------------------------------------------------------------- Global Crossing Limited (NASDAQ: GLBC) announced on Dec. 20, 2004 that its indirectly wholly owned subsidiary, Global Crossing (U.K.) Finance Plc, has priced an offering of approximately US$404 million (currency equivalent) aggregate face amount of senior secured notes due in 2014. The offering will be comprised of US$200 million of 10.75% U.S. dollar-denominated notes and GBP105 million of 11.75% British pounds sterling-denominated notes. The dollar-denominated notes are being sold at 98.514% of the face amount, and the sterling- denominated notes are being sold at 98.575% of the face amount, resulting in aggregate gross proceeds of approximately US$398 million (currency equivalent). The notes will be guaranteed by GCUK Finance's immediate parent company, Global Crossing (U.K.) Telecommunications Limited, and will be secured by certain of GCUK's assets. The offering is scheduled to close on Thursday, Dec. 23, 2004, subject to customary closing conditions. The offering is part of the previously announced recapitalization plan being implemented by Global Crossing Limited. Pursuant to the recapitalization plan, the proceeds of the offering will be used to repay US$75 million of existing indebtedness of a U.S. subsidiary of GCL and to fund the long- term liquidity requirements of GCL and its subsidiaries worldwide. The senior notes to be issued by GCUK Finance have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. About Global Crossing Global Crossing (NASDAQ: GLBC) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 300 cities and 30 countries worldwide, and delivers services to more than 500 major cities, 50 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide. Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e- commerce to thrive. The company offers a full range of managed data and voice products including Global Crossing IP VPN Service, Global Crossing Managed Services and Global Crossing VoIP services, to more than 40 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs. Please visit http://www.globalcrossing.comfor more information about Global Crossing. CONTACT: GLOBAL CROSSING Web site: http://www.globalcrossing.com Press Becky Yeamans Phone: + 1 973-937-0155 E-mail: PR@globalcrossing.com Latin America Kendra Langlie Phone: + 1 305-808-5912 E-mail: LatAmPR@globalcrossing.com Europe Mish Desmidt Phone: + 44 (0) 7771-668438 E-mail: Europe@globalcrossing.com Analysts/Investors Laurinda Pang Phone: +1 800-836-0342 E-mail: glbc@globalcrossing.com INTERNATIONAL POWER: Closes Buyout of Edison Mission Portfolio -------------------------------------------------------------- International Power on Friday completed the acquisition of the international generation portfolio of Edison Mission Energy (the EME Portfolio), in a 70:30 partnership with Mitsui & Co., Ltd. of Japan, for a consideration of US$2.0 billion (GBP1.04 billion). This follows the Extraordinary General Meeting on 25 November 2004, when shareholders voted overwhelmingly in favor of the transaction. The completed acquisition includes all of the EME Portfolio, as detailed in the Shareholders' Circular dated 5 November 2004, except for CBK, a 396 MW (net) hydro scheme in the Philippines, Tri Energy, a 175 MW (net) gas fired plant in Thailand and Doga, a 144MW (net) gas fired plant in Turkey. As a result of this, and other completion adjustments principally related to working capital, the net cash consideration was reduced by US$217 million (GBP113 million) from the expected net cash consideration of US$2.2 billion (GBP1.15 billion) for the entire EME Portfolio. CBK, Tri Energy and Doga will be held under contract between International Power, Mitsui and EME with a view to completing the acquisition of these assets at a later date, subject to the satisfaction of certain conditions precedent. On 30 July 2004, International Power announced that the acquisition would be partially funded by a senior secured bridge loan. This loan will now not be drawn, as it has been replaced with a structured eight-year term loan of US$797 million (GBP415 million), provided by a group of relationship banks on more competitive terms. Philip Cox, Chief Executive Officer of International Power, said: "We are delighted to have successfully completed the acquisition of EME's international generation portfolio, and now look forward to implementing our well advanced integration plans. We remain wholly focused on delivering full value to International Power's shareholders from this significantly earnings enhancing acquisition." A conversion rate of GBP1:US$1.92 has been applied in this announcement. About International Power International Power plc is a leading independent electricity generating company with 15,219 MW (net) in operation and 1,649 MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, Italy, Portugal, Spain, Turkey, Oman, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand. International Power was listed on the London Stock Exchange and the New York Stock Exchange (as ADR's), on 2 October 2000. The ticker symbol on both stock exchanges is 'IPR'. CONTACT: INTERNATIONAL POWER Media Contact: Sara Richardson Phone: +44 (0)20 7320 8619 MORGAN STANLEY Phone: +44(0) 20 7425 5555 William Vereker Alisdair Gayne Alastair Cochran Philip Apostolides FINSBURY GROUP Anthony Silverman Phone: +44 (0)20 7251 3801 Sara Richardson Phone: +44 (0)20 7320 8619 Investor Anna Hirst Phone: +44 (0)20 7320 8788 CAZENOVE: Phone: +44(0) 20 7588 2828 Nick Wiles Piers Coombs Robert Constant INTERNATIONAL POWER: Rating Cut as Finances Deteriorate Further --------------------------------------------------------------- Standard & Poor's Rating Services lowered its issuer credit rating on International Power PLC (IPower), a U.K.-based global power developer, to 'BB-' from 'BB'. At the same time, the rating was removed from CreditWatch, where it was placed on July 30, 2004. The outlook is negative. "The downgrade follows a worsening of IPower's financial profile owing to various actions by the company, especially the acquisition of the Edison Mission Energy (EME) international asset portfolio by a limited liability partnership with Mitsui, of which IPower holds 70%," said Standard & Poor's credit analyst Magdalena Richardson. "Many of the new assets are contracted, but the overall expected dividends from the partnership to IPower are considered highly speculative." Consolidated debt at IPower will increase significantly and available liquidity has decreased despite the successful rights issue. At the same time, IPower has announced its intention to commence dividend payments. The rating is constrained by IPower's reliance on largely speculative payments from investments to pay dividends and its increasingly aggressive consolidated financial profile and policy. Standard & Poor's is also concerned about the potential impact of acquisitions going forward. The rating is also constrained by: worsening liquidity; merchant risk in the U.S. and Australia; emerging market country risk; and refinancing risk at project level. The company, however, has a diverse and geographically well- spread asset base without reliance on dividends from a single asset. The rating also benefits from: the receipt of cash flow predominantly from investment-grade countries; forecast relatively low amounts of parent-level recourse debt; and good operational performance at plant level. Group turnover in the first nine months of 2004 was GBP553 million (US$1.1 billion) and profits before taxation (excluding extraordinary items) were GBP116 million. The company is active in 12 countries and excluding the EME portfolio owns interests in 18,488 megawatts (MW) gross and 11,953 MW net generating capacity, with 1,649 MW (net) under construction. The company owns or invests in plants mainly in the U.S., Western Europe, Australia, Asia, and the Middle East. "We have concerns regarding IPower's potentially more aggressive acquisition and financial strategy and its impact on the company's financial profile, which we will review over the coming 12-18 months," added Ms. Richardson. "We also expect the impact of the EME acquisition to be negative pending a full assessment of the company's cash flow projections. Based on its current activities, IPower would require consolidated funds from operations interest cover of 2.5x." 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 InfrastructureEurope@standardandpoors.com INTERNATIONAL POWER Investor Contact: Anna Hirst Phone: +44 (0)20 7320 8788 Media Contact: Anthony Silverman - Finsbury Group Phone: +44 (0)20 7251 3801 KELLOGG BROWN: Parent Cutting Jobs Ahead of Possible Sale --------------------------------------------------------- U.S. energy services and logistics group Halliburton is cutting jobs and employee benefits at its Kellogg Brown & Root unit in the U.K., as part of a wider plan to cut operating costs. According to the Financial Times, the engineering and construction arm is offering staff new employment contracts that oblige employees to work longer hours for no extra pay. Under it, the final salary pension scheme for future service will be closed, and other benefits will be scaled back. Workers face termination without redundancy payments if they reject the new contracts. The staff was informed as KBR said it lost "several major bids" in the Europe/Africa region worth more than US$1 billion in the past two years. The streamlining is reportedly in preparation for the possible sale of the subsidiary as its parent struggles to contain its troubles. Halliburton is facing significant asbestos-related claims, which it inherited from the acquisition of Dresser Industries in 1998. It is also weighed down by unprofitable contracts and problems about its work for the U.S. government and Iraq and Kuwait. Halliburton is believed to want to lay off a further 147 workers at its U.K. headquarters in Surrey, and in operations in Asia and in particular U.S. It declined to put a total figure on the cutbacks. Halliburton plans to cut US$80-100 million from KBR's operating expenses alone. According to the report, the firm could face potential problems over the plan. "It is almost certainly unlawful for them to act in this manner," said Michael Burd, employment partner at Lewis Silkin, a London law firm. "They are dismissing people and dismissing them in an unfair way. I would expect [KBR] to lose at an employment tribunal," he said. Halliburton employs 3,000 people in the U.K. LOW'S BAKERY: Joint Liquidators from KPMG Move in ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Low's Bakery Limited (In Liquidation) We, Neil A. Armour, CA and Blair C. Nimmo, CA, KPMG, 37 Albyn Place, Aberdeen, AB10 1JB, give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that on December 7, 2004 we were appointed Joint Liquidators of Low's Bakery Limited by resolution of the first meeting of creditors. A Liquidation Committee was not established. Accordingly I give notice that I do not intend to summon a further meeting for the purposes of establishing a Liquidation Committee unless one-tenth, in value of the creditors require me to do so in terms of section 142(3) of the Insolvency Act 1986. Blair C. Nimmo, Joint Liquidator CONTACT: KPMG LLP 37 Albyn Place Aberdeen AB10 1JB Phone: (01224) 591000 Fax: (01224) 590909 Web site: http://www.kpmg.co.uk M. MERCADO: In Receivership --------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF M. Mercado (Glasgow) limited (In Receivership) We, Fraser J. Gray, and David J. Whitehouse, Chartered Accountants of Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF, hereby give notice that we were appointed Joint Receivers on December 6, 2004 of the whole property and assets of M. Mercado (Glasgow) Limited in terms of Section 51 of the Insolvency Act 1986 In terms of Section 59 of the said Act, preferential creditors are required to lodge their formal claims with us within six months of the date of this Notice. Fraser J. Gray, Joint Receiver December 6, 2004 CONTACT: KROLL GLASGOW Afton House 26 West Nile Street Glasgow G1 2PF Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.com MSG ENGINEERING: Hires Joint Liquidators from Harrisons ------------------------------------------------------- At the extraordinary general meeting of members of MSG Engineering Limited (formerly C N Hadley Limited) held at 7 Victoria Road, Darlington, County Durham DL1 5SN, the special resolution to wind up the company was passed. Kenneth Webster Marland and John Neil Harrison of Harrisons, 23 Yarm Road, Stockon-on-Tees, Cleveland TS18 3NJ have been appointed joint liquidators of the company. CONTACT: HARRISONS 23 Yarm Road, Stockton-on-Tees TS18 3NJ Phone: 01642 672624 Fax: 01642 611567 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com MYTRAVEL GROUP: Bondholders Back Consensual Restructuring --------------------------------------------------------- The Ad Hoc Committee of bondholders in MyTravel Group plc and MyTravel announce Monday that they have reached agreement in principle that the Committee will support MyTravel's balance sheet restructuring. MyTravel is now seeking voting agreements in respect of the restructuring from the wider bondholder group. MyTravel is also seeking confirmation from the banks and other financial institutions participating in the restructuring of their agreement to this revised proposal. The Committee's decision to support the restructuring follows agreement with MyTravel that the terms of the consensual restructuring proposal will be revised as: (a) Bondholders will receive 8% of the issued share capital of the Company following the restructuring, (b) Bondholders will be entitled to interest on their Bonds accruing up to and including 25 August 2004 which shall be paid on the Restructuring Completion Date but will have no right to interest accrued after that date The Committee has agreed to halt its legal challenge to the scheme of arrangement proposed by MyTravel, and MyTravel has agreed to pay the Committee's legal costs. MyTravel will continue to seek the Court's sanction of the scheme but will not make the scheme effective if the revised consensual proposal is approved by bondholders at the meeting of bondholders to be held on 29 December 2004. MyTravel notes that the Trustee for the bonds has issued a notice to the bondholders stating that an event of default has occurred under Condition 14(d) of the bonds (as a result of the transfer of assets proposed in connection with the scheme of arrangement, without the consent of the Trustee). MyTravel does not accept that there has been an event of default. The Trustee's action was taken without reference to the Committee, whose members have confirmed that it is not relevant to their decision to agree to the revised consensual restructuring proposal. The Committee will request the Trustee to take no action in respect of this alleged default and the voting agreements to be entered into by them will contain an undertaking to waive the alleged event of default. A spokesman for the bondholders said: "The Committee decided to support the consensual restructuring following MyTravel's decision that it would no longer seek a ruling on whether the bondholders have an economic interest in MyTravel. The bondholders have always been open to a consensual deal, and are pleased that their issues with the company have now been resolved." A spokesman for MyTravel said: "We are pleased that we have been able to reach this agreement with the last remaining creditor group of the company. The restructuring is nearing completion and will provide a sound foundation for the future of the Group." CONTACT: CITIGATE DEWE ROGERSON For the bondholders Phone: 020 7638 9571 Toby Mountford Chris Barrie Mobile: 07968 727 289 BRUNSWICK MyTravel Fiona Antcliffe William Cullum Phone: 020 7404 5959 NETWORK RAIL: Infrastructure Delays Down 22% -------------------------------------------- Quarter two of 2004 saw Network Rail deliver an almost 22% reduction in delays compared to the second quarter in 2003 as the company's performance improvements gained speed. Over the same period, overall train performance moved up to 83.3% from 80.8%. Summer 2004 saw train punctuality at its highest levels over this period for four years as Network Rail delays fell by 21.8% compared to last year. The 767,659 reduction in delay minutes continues a trend that has now seen 15 months of consecutive performance improvement. A Network Rail spokesman said: "Performance improvement is accelerating as the fundamental changes we have made to the business start to pay dividends. Performance is going up and costs are coming down. "These welcome figures must continue as we strive to deliver an ever improving service to customers and passengers alike." Delay minutes caused by Network Rail have reduced from 3,522,610 during Q2 in 2003 to 2,754,951 this year. Network Rail is the 'not for dividend' owner and operator of Britain's railway infrastructure, which includes the tracks, signals, tunnels, bridges, viaducts, level crossings and stations. CONTACT: NETWORK RAIL Media contact: 020 7557 8292 Inquiries: 08457 48 49 50 Web site: http://www.nationalrail.co.uk NTL INCORPORATED: Names Ex-BT Exec Managing Director of Biz Unit ---------------------------------------------------------------- Ntl Incorporated (NASDAQ: NTLI), has appointed Tony Harris as Managing Director of its Business Division with effect from 10 January 2005. The division provides communications services to over 70,000 businesses and public sector organizations across the U.K. Mr. Harris will report to Simon Duffy, Chief Executive Officer. Mr. Harris has over 25 years' experience in the business-to- business sector, the majority of which has been spent at BT Plc. Most recently he was President of BT's Business Services Division, responsible for BT's Broadband, Internet and Value Added Services to U.K. Businesses. In total Mr. Harris spent 14 years with BT, working in a number of roles including Director of both its Consumer Division and its London Region. He also held the role of U.K. Strategy and Business Planning Director with responsibility for the strategy and five-year business plans for BT's U.K. businesses. Prior to joining BT in 1989, Mr. Harris was with DHL and helped build and develop the company's European business. He joined DHL in 1978 as Commercial Director for Europe, after which he held the position of Managing Director, Europe for six years. Mr. Harris' early career was spent with Hill & Knowlton in London, Paris and Milan and with McKinsey & Co in London. Simon Duffy, Chief Executive Officer of ntl, said: "I'm delighted to welcome Tony to ntl. He has extensive experience of the business telecoms sector and his appointment will help us drive the business forward." More on ntl Ntl Incorporated (NASDAQ: NTLI) offers a wide range of communications and entertainment services to residential and business customers throughout the U.K. and Ireland. Ntl is the U.K.'s largest cable company and broadband supplier with 3 million residential customers, including over one million broadband customers. Ntl's fiber-optic broadband network can service 7.8 million homes in the U.K. * * * Ntl Inc. had a GBP249.8 million net loss in the second quarter. It includes the GBP162.3 million loss on extinguishments of debt of which GBP155.8 million represents the non-cash write-off of previously capitalized and unamortized financing costs and discounts relating to repaid debt. CONTACT: NTL INCORPORATED Investor relations: U.S.: Patti Leahy Phone: +1-610-667-5554 U.K.: Virginia Ramsden Phone: +44-0-20-7967-3338 or Media: Alison Kirkwood Phone: 01256-752-662, or 07788-186154 Nicola Mitchell Phone: 01256-752-669, or 07884-057-576 or BUCHANAN COMMUNICATIONS Richard Oldworth/Jeremy Garcia/Mark Edwards Phone: 0207-466-5000 OPTICAL FLOW: Liquidator to Give Final Update January 7 ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Optical Flow Systems Limited (In Liquidation) Notice is hereby given that, pursuant to Section 146 of the Insolvency Act 1986, that the final meeting of creditors of the above named company will be held on January 7, 2005 at 10:30 a.m. within the offices of Scott & Paterson, Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose of receiving the liquidator's report on the conduct of the winding up. T. Ritchie Campbell, Liquidator December 7, 2004 CONTACT: HAINES WATTS (ABERDEEN INSOLVENCY) 403 Holburn Street Aberdeen AB10 7GS Phone: 01224 252850 Fax: 01224 595659 Web site: http://www.hwca.com PNEUMATIC CONVEYORS: Calls in Liquidator from Sargent & Co. ----------------------------------------------------------- At the extraordinary general meeting of Pneumatic Conveyors (Huddersfield) Limited on Dec. 13, 2004 held at the offices of Sargent & Co Limited, 36 Clare Road, Halifax HX1 2HX, the special, extraordinary and ordinary resolutions were passed. Peter Sargent of Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX has been appointed liquidator of the company. CONTACT: SARGENT & COMPANY LIMITED 36 Clare Road, Halifax HX1 2HX POWERPLAN: Faces Claims Numbering 90,000 ---------------------------------------- Around 90,000 angry customers have already filed claims against PowerPlan since its failure, and this number is expected to rise even further. PowerPlan had offered a cashback scheme after five years to customers taking out extended warranties on electrical products. When the company went bankrupt in 2003, customers who went to claim their refunds were either refused or told that they had not registered. According to company administrator Doug McDonald, around 100,000 people are qualified for cashback, but they do not need to call on the phone to register, as they have recently been doing. Mr. McDonald further said there is no need for customers to worry. As administrator, he has conducted an extensive investigation to maximize returns to creditors. Customers who have claims with the company can either register at http://www.pplaninadmin.co.ukor send documents with a cover letter to: the McDonald Partnership, 81 St. Martin's Lane, London WC2N 4AA. A deadline to register is Jan. 11, 2005 or exactly 30 days after the creditors' meetings, where details of the payout deal were disclosed. RIGHEAD FOODS: Hires Liquidator from Baker Tilly ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Righead Foods Limited (In Liquidation) I, M. E. Leslie, Insolvency Practitioner of Baker Tilly, 274 Sauchiehall Street, Glasgow, hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Righead Foods Limited by resolution of the First Meeting of Creditors held on November 25, 2004. A liquidation committee was not established. Accordingly, I hereby give notice that I do not intend to summon a further meeting for the purpose of establishing a Liquidation Committee unless one-tenth in value of the creditors require me to do so in terms of Section 142(3) of the Insolvency Act 1986. M. E. Leslie, Liquidator 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 THAMES VALLEY: Subjoined Special Winding up Resolution Passed ------------------------------------------------------------- At the extraordinary general meeting of Thames Valley Vegetable Marketing Limited on Nov. 26, 2004 held at Albury Mill, Mill Lane, Chilworth, Guildford, Surrey GU4 8RT, the subjoined special resolution to wind up the company was passed. Richard Eaglesfield Floyd of 29 Roseacre Gardens, Chilworth, Surrey GU4 8RQ has been appointed liquidator of the company. CONTACT: 29 Roseacre Gardens, Chilworth, Surrey GU4 8RQ TREBOR SHARPS: Ordinary Winding up Resolution Passed ---------------------------------------------------- At the extraordinary general meeting of the members of Trebor Sharps Limited on Nov. 30, 2004 held at 25 Berkeley Square, London W1J 6HB, the ordinary resolution to wind up the company was passed. Keith Aleric Stevens and Stephen Paul Grant have been appointed joint liquidators of the company. WARDSON MACHINE: In Administrative Receivership ----------------------------------------------- Euro Sales Financing Plc called in Paul A. Whitwam and Gary E. Blackburn (Office Holder Nos 8346, 6234) joint administrative receivers for Wardson Machine Knives Limited (Reg No 04688233, Trade Classification: 2862). The application was filed Dec. 8, 2004. The company manufactures industrial machine knives. CONTACT: BWC BUSINESS SOLUTIONS 8 Park Place, Leeds LS1 2RU WARWICK GARAGES: Hires Administrators from Grant Thornton --------------------------------------------------------- Joseph P. McLean and Keith Hinds (IP Nos 8903, 6745) have been appointed administrators for Warwick Garages (Sunderland) Limited. The appointment was made Dec. 8, 2004. CONTACT: GRANT THORNTON Earl Grey House, 75-85 Grey Street, Newcastle upon Tyne NE1 6EF Phone: 0191 261 2631 Fax: 0191 261 4994 Web site: http://www.grant-thornton.co.uk WHITES UK: Creditors Meeting Set Today -------------------------------------- The creditors of Whites UK Limited will meet on Dec. 22, 2004 commencing at 10:00 a.m. It will be held at The Freemasons Hall, 36 Bridge Street, Manchester M3 3BT. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to the offices of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk ********* 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, Julybien Atadero and Erica Fernando, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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