/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050107.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 7, 2005, Vol. 6, No. 05 Headlines F R A N C E MARIONNAUD PERFUMERIES: Questionable Accounting Invites Probe G E R M A N Y ADIDAS SALOMON: Trades ADRs on Over-The-Counter Market AGIV REAL: Local Businessman Buys out EnBW ASR ULF: Gives Creditors Until February to File Claims AUTOVERLEIH THOMAS: Sets Creditors Meeting February BELATEC GMBH: Provisional Administrator Takes over Operations B + F BAU: Court Hires Kruger-Knief & Coll. as Administrator COGNIS HOLDING: Proposed New Notes Pull down Ratings to 'B+' EDC GMBH: Applies for Bankruptcy Proceedings EIGEN GRUNDSTUCKS: Creditors Meeting Set Mid-February FRIEDRICH FRETER: Last Day for Filing of Claims February 22 INNTEC EINRICHTUNGS: Furniture Firm Declares Bankruptcy ISOFLEX-ISOLIERTECHNIK: Under Bankruptcy Administration MICHAEL FISCHER: Gives Creditors Until March to File Claims MIS AG: Divests Unprofitable Operations MOBELHAUS SELTENREICH: Wolff, Rapp & Kollegen Takes over Helm MVI METALLVERARBEITUNG: Schultze & Braun Appointed Administrator NORDEX AG: Finds Investors Willing to Back Recapitalization Plan PANSFELDER HOLZ: Administrator's Report Out February PFLEIDERER AG: VTC Partners Acquires Poles & Towers Co. POLYFOL ORGANISATIONSMITTEL: First Creditors Meeting Set Jan. 27 PROWA ENGINEERING: Bankruptcy Court Stays All Pending Lawsuits QUICK TAXI: Insolvency Manager to Present Report Next Month WERIKO UMWELTTECHNIK: Claims Period Ends February * Karner & Co. Sets Collective Bankruptcy Auction Sale Jan. 13 H U N G A R Y ARANYPOK TRADING: Looks for Investor to Stave off Liquidation I T A L Y CIT SPA: FY2004 Turnover Slips 23% PARMALAT FINANZIARIA: Eurolat Overpriced, Says Report TISCALI SPA: Offers Pour in for French Arm N E T H E R L A N D S ASM INTERNATIONAL: To Present at Needham Growth Conference ROYAL AHOLD: Mounts Vigorous Defense of Disco Sale TELEPLAN INTERNATIONAL: Financial Restructuring Pact Sealed R U S S I A ALTAYSKIY GLASS-WORKS: Bankruptcy Hearing Resumes April BAKERY IZOBILNENSKIY: Declared Insolvent BUGURUSLAN-AGRO-PROM-TRANS: Deadline for Proofs of Claim Set CREAMERY VESHKAYMSKIY: Under Bankruptcy Supervision ERTILSKIY PISHEVIK: Undergoes Bankruptcy Supervision Procedure GAMMA-S: Hires E. Nevolina as Insolvency Manager KHORSKIY WOOD: Gives Creditors Until February to File Claims KOMSOMOLSK-GAS-STROY: Insolvency Manager Takes over Operations KORCHAKOL: Creditors Have Until Monday to File Claims METROMEDIA INTERNATIONAL: Still Reviewing Proposed Merger ROSTOV-COAL: Rostov Court Appoints Insolvency Manager YUKOS OIL: Ratings Downgraded to Ca; Outlook Stable S P A I N IZAR: Government Promises to Respect Employees' Rights U N I T E D K I N G D O M 1492 (AUTHENTIC CARIBBEAN CUISINE): Calls in Liquidator ADVANCED QUALITY: Members Pass Winding up Resolutions AIR WAVE: Owners Decide to Dissolve Company ALL4U LIMITED: Hires Begbies Traynor as Liquidator ATLANTIS TICKETS: Creditors Call in Liquidators from Menzies BALLOON TECHNOLOGY: Hires Liquidator from Begbies Traynor BARGEN LIMITED: Appoints Liquidator from Begbies Traynor BARSHAM MACHINERY: Files for Liquidation BENCHMARK CONSTRUCTION: Calls in Liquidator from Muras Baker BUGGED OUT: Liquidators from Rothman Pantall Enter Firm CARLTON BUSINESS: Names Peter Bridger Liquidator DONCASTER SLAUGHTERING: Members Okay Application for Liquidation FENCLOCKS (SUFFOLK): Names Tenon Recovery Administrator FIN.BA UK: Hires Liquidator from Vantis Business Recovery FORD SHOPFITTING: Sell-off Prospects Bright GRAY'S HOLDINGS: Calls in Liquidator from Benedict Mackenzie H.BROOKES & SONS: Hires Liquidator from Hazlewoods JOBS4U LIMITED: Opts for Liquidation KEDENDS LIMITED: Liquidator from Robson Laidler Moves in KEROPEGA LIMITED: Owners Choose to Dissolve Business L'ORANGER RESTAURANT: Creditors Meeting Set Next Week MARTLET NATURAL: Administrators Put up 'For Sale' Sign MERIDIAN COUNTY: Calls in Liquidator from Numerica P & F WOLVERHAMPTON: BDO Stoy Hayward to Host Creditors Meeting PILOT: Unnamed Hong Kong Buyer Takes over Stores; Saves Jobs PREMIER FOODS: FY2004 Grocery Sales Up 8% ROY CATERING: Former Exec Served Ten-year Directorship Ban SFM HOLDINGS: Names BDO Stoy Hayward Liquidator TENDERHURST LIMITED: Liquidator Takes over Operations WORLD CLASS: Creditors to Meet Next Week ********* =========== F R A N C E =========== MARIONNAUD PERFUMERIES: Questionable Accounting Invites Probe ------------------------------------------------------------- Local markets regulator Autorite Des Marches Financiers (AMF) will investigate troubled perfume group Marionnaud Parfumeries, Les Echos says. AMF confirmed Monday the probe will focus on the alleged accounting fraud at Marionnaud. The regulator will look into the group's retail discounts and supplier contributions to advertising, which comprises 90% of the miscalculations. AMF, however, ruled out a review of Marionnaud accounts from previous years. AMF is an independent public body with legal personality and financial autonomy. CONTACT: MARIONNAUD PARFUMERIES S.A. 5 Avenue de Paris 94300 Vincennes Phone: +33 (0) 1 48 08 69 69 Fax: +33 (0) 1 48 08 01 51 Web site: http://www.marionnaud.com AUTORITE DES MARCHES FINANCIERS 17 Place de la Bourse 75082 Paris Cedex 02 Phone: +33 1 5345-6000 Fax: +33 1 5345-6100 E-mail: contact@amf-france.org Web site: http://www.amf-france.org ============= G E R M A N Y ============= ADIDAS SALOMON: Trades ADRs on Over-The-Counter Market ------------------------------------------------------ The Bank of New York, a global leader in securities servicing, has been selected by adidas-Salomon AG as depositary for its American depositary receipt (ADR) program. Each adidas-Salomon ADR represents one-half of one bearer share of adidas-Salomon's common stock. The ADRs trade on the Over-The-Counter Market under the symbol "ADDYY." The common shares trade on the XETRA electronic trading system in Germany and the Frankfurt Stock Exchange, as well as on all regional German stock exchanges. As stated by the company, adidas-Salomon AG, headquartered in Herzogenaurach, Germany, is one of the global leaders within the sporting goods industry and offers a broad range of products with brands such as adidas, Salomon and TaylorMade in its portfolio. Robin Stalker, adidas-Salomon's Chief Financial Officer, said: "We've seen very strong interest in adidas-Salomon from investors in the U.S. market. A significant percentage of our shares is already held by U.S. investors, and we believe there is considerably more potential for our shares in this important market. We are setting up this program to provide the opportunity for more U.S. investors to participate in the group's future performance, and we are pleased to be working with The Bank of New York on this important milestone." The Bank of New York is the world's largest depositary for American and global depositary receipts, allowing non-U.S. companies to offer dollar-denominated securities to investors worldwide. The Bank currently issues depositary receipts for over 1,180 American and global depositary receipt programs from issuers in over 60 countries, representing 64 percent of all sponsored programs worldwide. The Bank of New York Company, Inc. (NYSE:BK) plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at http://www.bankofny.com. This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus. CONTACT: THE BANK OF NEW YORK Dori A. Flanagan Phone: 212-815-2291 E-mail: http://www.adrbny.com AGIV REAL: Local Businessman Buys out EnBW ------------------------------------------ Utility group Energie Baden-Wurttemberg (EnBW) has sold its 14.2% shareholding in insolvent property group Agiv Real Estate AG, Borsen Zeitung says. Local entrepreneur Alexander Knapp Voith reportedly bought the stake. Together with Agiv chairman Rainer Behne and an unidentified stakeholder, they now reportedly control more than 50% of the group. The 14.2% stake sold by EnBW currently has a market value of EUR1 million. Agiv filed for insolvency last month, believing creditor protection would allow it to overcome a cash crunch and continue restructuring, Troubled Company Reporter-Europe said on December 17. The real property group has already reshuffled management and sold properties to contain the effects of a weak German market for office and commercial property. Agiv incurred EUR134 million in losses following write-downs and amortization of shares in U.S.-based telecommunications company WorldCom in 2002. The group has yet to release its official 2003 accounts. Insolvency Trustee Reinhard Titz has been assigned to restructure the insolvent group, whose properties are reportedly worth EUR600 million. CONTACT: AGIV REAL ESTATE AG Warburgstrasse 50 D-20354 Hamburg Phone: +49-40 4 15 26-0 Fax: +49-40 4 15 26-199 Web site: http://www.agiv.de Energie Baden-Wurttemberg AG Durlacher Allee 93 76131 Karlsruhe, Germany Phone: +49-8-9-99-99-66 Fax: +49-8-9-99-99-77 Web site: http://www.enbw.com ASR ULF: Gives Creditors Until February to File Claims ------------------------------------------------------ The district court of Munster opened bankruptcy proceedings against ASR Ulf Goege GmbH on Dec. 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 8, 2005 to register their claims with court-appointed provisional administrator Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting on March 1, 2005, 11:45 a.m. at the district court of 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: ASR ULF GOEGE GMBH Contact: Ulf Goege, Manager Pappelallee 32, 48712 Gescher Betriebswirt Ulrich Zerrath, Administrator Lange Wanne 57, 45665 Recklinghausen Phone: 02361/4884-0 Fax: +492361488499 AUTOVERLEIH THOMAS: Sets Creditors Meeting February --------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Autoverleih Thomas Binder GmbH on December 20, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 4, 2005 to register their claims with court-appointed provisional administrator Buchprufer Dieter Pampfer. Creditors and other interested parties are encouraged to attend the meeting on February 21, 2005, 9:00 a.m. at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on March 3, 2005, 9:00 a.m. while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AUTOVERLEIH THOMAS BINDER GMBH Industriestrasse 9 52146 Wurselen Thomas Binder, Manager Buchprufer Dieter Pampfer, Insolvency Manager Salierallee 18 A 52066 Aachen Phone: 0241/608320 Fax: 0241/60832-16 BELATEC GMBH: Provisional Administrator Takes over Operations ------------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Belatec GmbH on December 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 26, 2005 to register their claims with court-appointed provisional administrator Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting on March 10, 2005, 8:45 p.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn 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: BELATEC GMBH Luisenstrasse 14-16 53721 Siegburg Thomas Steger, Insolvency Manager Kolnstrasse 135 53757 Sankt Augustin Phone: 02241/90600 Fax: 02241/21048 B + F BAU: Court Hires Kruger-Knief & Coll. as Administrator ------------------------------------------------------------ The district court of Dresden opened bankruptcy proceedings against B+B Bau und Fliesenlege GmbH on Dec. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 11, 2005 to register their claims with court-appointed provisional administrator Hannelore Kruger-Knief of Kruger-Knief & Coll. Creditors and other interested parties are encouraged to attend the meeting on Feb. 23, 2005, 1:45 a.m. at the district court of Dresden Saal D131, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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: B + F BAU UND FLIESENLEGE GMBH Bahnhofstrasse 8 in 01640 Coswig HANNELORE KRUGER-KNIEF Konigstrasse 1, 01097 Dresden Web site: http://www.krueger-knief.de COGNIS HOLDING: Proposed New Notes Pull down Ratings to 'B+' ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit and bank loan ratings on Germany-based specialty chemicals and intermediate manufacturer Cognis GmbH (Cognis) and related entity Cognis Deutschland GmbH & Co. KG (Cognis Deutschland) to 'B+' from 'BB-'. The rating actions follow Cognis' announcement earlier on Jan. 5, 2005 that its holding company, Cognis Holding GmbH & Co. KG (Cognis Holding), intends to issue EUR500 million (US$662 million) of floating rate pay-in-kind (PIK) notes due 2015. The outlook is stable. In addition, Standard & Poor's also assigned its 'B+' long-term corporate credit rating to Cognis Holding and its 'B-' long-term rating to Cognis Holding's proposed EUR500 million floating rate PIK notes due 2015. At the same time, Standard & Poor's lowered its senior secured debt rating on Cognis and Cognis Deutschland to 'B-' from 'B'. "Although there should be no cash flow impact of the proposed PIK notes, especially in the first few years, they still represent additional debt that might need to be refinanced in the future and, therefore, adds to Cognis' overall debt burden," said Standard & Poor's credit analyst Olivier Beroud. "The group's track record following its recapitalization (which ended in May 2004) is short and the company needs to improve its currently low ratio of funds from operations to overall liabilities." The stable outlook is supported by the group's position as a well-diversified manufacturer of specialty chemicals and intermediate products. Although the potential for debt reduction is limited in the near term, coverage ratios are expected to improve gradually owing to the group's cost-savings program. Standard & Poor's will monitor the effect of higher raw material prices on Cognis' cost-savings program to ensure that they do not hinder the group's progress toward better ratios. 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 on media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com Cognis Deutschland GmbH & Co.KG Henkelstrasse 67 40589 Dusseldorf, Germany Phone: +49 211 794 00 Fax: +49-211-798-4008 Web site: http://www.de.cognis.com EDC GMBH: Applies for Bankruptcy Proceedings -------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Elektronik- und Daten-Center EDC GmbH on December 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 10, 2005 to register their claims with court- appointed provisional administrator Joachim Voigt. Creditors and other interested parties are encouraged to attend the meeting on January 27, 2005, 10:40 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on April 28, 2004, 10:20 a.m. while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTRACT: ELEKTRONIK- UND DATEN-CENTER EDC GMBH & CO. KG Annastr. 6-8 12247 Berlin RA Joachim Voigt, Insolvency Manager Rankestrasse 33 10789 Berlin EIGEN GRUNDSTUCKS: Creditors Meeting Set Mid-February ----------------------------------------------------- The district court of Koln opened bankruptcy proceedings against Eigen Grundstucks- und Bautragergesellschaft mbH on Nov. 25. 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 Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting on Feb. 15, 2005, 9:30 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142 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: EIGEN GRUNDSTUCKS- UND BAUTRAGERGESELLSCHAFT MBH Schulstr. 65, 50767 Koln Contact: Ingrid Eigen, Manager Schulstr. 65, 50767 Koln Hans-Gerd Jauch, Insolvency Manager Sachsenring 81, 50677 Koln Phone: 33660130 Fax: +492213366085 FRIEDRICH FRETER: Last Day for Filing of Claims February 22 ----------------------------------------------------------- The district court of Bremen opened bankruptcy proceedings against Friedrich Freter Stahlbau GmbH on December 16, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 22, 2005 to register their claims with court-appointed provisional administrator Uwe Kuhmann. Creditors and other interested parties are encouraged to attend the meeting on February 10, 2005, 8:40 a.m. at the district court of Bremen (Neubau), Ostertorstr. 25-31, 28195 Bremen (Prufungstermin) at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on March 17, 2005, 9:00 a.m. while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FRIEDRICH FRETER STAHLBAU GMBH Cuxhavener Str. 41 28217 Bremen Axel Asendorf, Manager Kirchbachstrasse 80 28211 Bremen Uwe Kuhmann Schusselkorb 3 28195 Bremen Phone: 0421/33061-0 Fax: 0421/33061-10 INNTEC EINRICHTUNGS: Furniture Firm Declares Bankruptcy ------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against furniture firm Inntec Einrichtungs-GmbH Hamburg on Dec. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 21, 2005 to register their claims with court-appointed provisional administrator Michael W. Scholz. Creditors and other interested parties are encouraged to attend the meeting on Feb. 18, 2005, 11:55 a.m. at the district court of Amtsgerichts Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) 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: INNTEC EINRICHTUNGS-GMBH HAMBURG Friedrich-Ebert-Damm 323, 22159 Hamburg Michael W. Scholz, Insolvency Manager Welckerstrasse 8, 20354 Hamburg Phone: 228190 ISOFLEX-ISOLIERTECHNIK: Under Bankruptcy Administration ------------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Isoflex-Isoliertechnik GmbH on Dec. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 12, 2005 to register their claims with court-appointed provisional administrator Rudiger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 10:55 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on May 11, 2005, 10:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: ISOFLEX-ISOLIERTECHNIK GMBH Spandauer Str. 77,13591 Berlin RUdiger Wienberg, Insolvency Manager Markgrafenstrasse 25, 10117 Berlin MICHAEL FISCHER: Gives Creditors Until March to File Claims ----------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Michael Fischer Innenausstattung GmbH on December 14, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 12, 2004 to register their claims with court- appointed provisional administrator Dr. Bjorn Gehde. Creditors and other interested parties are encouraged to attend the meeting on January 24, 2005, 9:20 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on May 9, 2005, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MICHAEL FISCHER INNENAUSSTATTUNG GMBH Bundesallee 161 10715 Berlin Dr. Bjorn Gehde, Insolvency Manager Goethestr. 85 10623 Berlin MIS AG: Divests Unprofitable Operations --------------------------------------- MIS AG is disposing of its loss-making subsidiaries in Italy and England. These subsidiaries are 100%-owned by MIS AG. The shares of MIS AG Italia S.r.l. were sold to Systems Union Italy S.r.l, and the shares of MIS UK Ltd. and RSL Business Solutions Ltd. are to be sold to Systems Union Ltd, England. Effective Dec. 31, the business operations of Chorus Gesellschaft fur Informations- und Kommunikationstechnologie mbH with registered office in Eurasburg, currently producing high losses, will also be discontinued. Darmstadt, 29 December 2004 Management Board MIS AG CONTACT: MIS AG Jutta Scheubeck Landwehrstrasse 50 64293 Darmstadt Phone: 06151-866 769 Fax: 06151-866 745 E-mail: ir@misag.com Web site: http://www.misag.de MOBELHAUS SELTENREICH: Wolff, Rapp & Kollegen Takes over Helm ------------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against Mobelhaus Seltenreich GmbH on Dec. 1. 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 Olaf Seidel of Wolff, Rapp & Kollegen Dresden. Creditors and other interested parties are encouraged to attend the meeting on Feb. 25, 2005, 10:00 a.m. at Saal D132, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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: MOBELHAUS SELTENREICH GMBH Bautzner Str. 258 in 01917 Kamenz WOLFF, RAPP & KOLLEGEN DRESDEN Olaf Seidel, Weisseritzstrasse 3, 01067 Dresden Web site: http://www.WORAKO.de MVI METALLVERARBEITUNG: Schultze & Braun Appointed Administrator ---------------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against MVI Metallverarbeitung fur Dach und Wand & Isolierung GmbH on Dec. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 13, 2005 to register their claims with court- appointed provisional administrator Harald Busshard of Schultze & Braun. Creditors and other interested parties are encouraged to attend the meeting on Feb. 24, 2005, 9:10 a.m. at Saal D131, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden 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: MVI METALLVERARBEITUNG FUR DACH UND WAND & ISOLIERUNG GMBH Ackerstrasse 10 in 02977 Hoyerswerda SCHULTZE & BRAUN Harald Busshardt, Boltenhagener Platz 9, 01109 Dresden Web site: http://www.schubra.de NORDEX AG: Finds Investors Willing to Back Recapitalization Plan ---------------------------------------------------------------- Nordex AG has made progress in preparations for obtaining the urgently needed new financial resources. The company has signed an exclusive agreement with a group of financial investors. Furthermore, the key parties involved -- with the exception of single banks -- are basically in agreement as to the recapitalization concept. The cornerstones of this are a reduction of capital at a ratio of 10:1, followed by a capital increase in cash, without exclusion of subscription rights, by up to 41.64 million new shares at a subscription price of EUR1.00, a substantial reduction of bank liabilities against the issue of up to 12 million new shares and the extension of the remaining cash and bonding facilities. The capital write-down is geared to the expected development of equity up to the end of 2004. Negotiations with the investors on a placement guarantee for the new shares and with the banks are due to be completed in the coming two to three weeks. Following this, the refinancing concept will be published and presented for approval at the annual general meeting, scheduled for February 2005. This recapitalization is necessary to create an equity base and to finance growth in operations. The financing structure created in this way would fulfill the requirements for continuing the realignment of the Group and return it to profit territory. Based on preliminary consolidated financial statements, total revenues in the past financial year amounted to EUR218.8 million, approximately at the level of the previous year (EUR215.3 million) in spite of the 55% increase in order intake to EUR230 million. The current weak balance sheet structure and the limited liquidity for the interim financing of projects constituted an obstacle to a larger business volume. In spite of the unexpectedly low revenue, the consolidated loss at EBIT level contracted as planned by about 80% to -EUR27.7 million (previous year: -EUR172.1 million). This positive earnings performance is the result of the almost complete implementation of the cost-cutting program. For instance, the cost-of-materials ratio dropped from 89% to 79%. Moreover, Nordex reduced personnel expenditure by 17% to EUR34.5 million (previous year: EUR41.6 million). Other operating expenses and income declined by as much as 28% to EUR24.0 million (previous year: EUR33.3 million). At the end of fiscal 2003/04 the Group had implemented some 80% of the restructuring program launched in summer 2003. As a result of the large balance-sheet and operating losses over the past two financial years, the Group's equity to EUR10.1 million decreased as at September 30, 2004 (previous year: EUR44.9 million). Liabilities to banks stood at approximately EUR49 million. The guarantee facilities required for project business were largely utilized in full during the year to finance business. CONTACT: NORDEX AG Ralf Peters Phone: +49 (0)40 / 500 98 - 522 Fax: +49 (0)40 / 500 98 - 333 Mobile: +49 (0)173/523 97 19 PANSFELDER HOLZ: Administrator's Report Out February ---------------------------------------------------- The district court of Magdeburg opened bankruptcy proceedings against Pansfelder Holz- und Forstbetrieb GmbH on Dec. 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 24, 2005 to register their claims with court-appointed provisional administrator Ber. Betriebswirt Michael Schreiber. Creditors and other interested parties are encouraged to attend the meeting on Feb. 24, 2005, 10:20 a.m. at Saal E, Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg 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: PANSFELDER HOLZ- UND FORSTBETRIEB GMBH Hauptstr. 45, 06543 Pansfelde Contact: Marko Flohr, Manager Ber. Betriebswirt Michael Schreiber Insolvency Manager Halberstadter Strasse 40 a, 39112 Magdeburg Phone: 0391/6223886 Fax: 0391/6223887 PFLEIDERER AG: VTC Partners Acquires Poles & Towers Co. ------------------------------------------------------- SDAX-listed Pfleiderer AG (ISIN DE0006764749) has sold its affiliate Pfleiderer Poles & Towers Co. KG to a group of financial investors connected with VTC Partners GmbH. The sale has legal effect as of Dec. 20. The Supervisory Board of Pfleiderer AG approved the contract of sale. The takeover takes the form of a share deal, the precise details of which both sides have agreed to keep confidential. With this sale, Pfleiderer AG has disposed of its Business Center Poles & Towers as previously announced. In Spring 2004, the company's American concrete and steel pole operations in the U.S.A., Newmark Inc., was sold to Valmont Industries Inc., U.S.A. for US$115 million. In fiscal 2004 the Business Center Poles & Towers is expected to generate sales of around EUR80 million and employed 565 people. * * * In October, Fitch Ratings changed Pfleiderer's outlook to Stable from Negative. At the same time, the agency has affirmed the group's ratings at Senior Unsecured 'BB' and Short-term 'B'. The change in Outlook reflects Pfleiderer's successful disposals of non-core assets and new issuance of equity. Fitch said: "The proceeds have improved the group's financial profile and should ensure prudent financing of planned capital expenditure projects in the engineered wood division. Nevertheless, execution risks remain in these plans." CONTACT: PFLEIDERER AG Ingolstadter Strasse 51 93218 Neumarkt Deutschland Phone: + 49 / 91 81 / 28 - 80 44 Corporate Communication Fax: + 49 / 91 81 / 28 - 606 Alexandra Klemme E-mail: alexandra.klemme@pfleiderer.com POLYFOL ORGANISATIONSMITTEL: First Creditors Meeting Set Jan. 27 ---------------------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Polyfol Organisationsmittel GmbH on Dec. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 10, 2005 to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting on Jan. 27, 2005, 10:35 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on April 28, 2005, 10:15 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: POLYFOL ORGANISATIONSMITTEL GMBH Zossener Str. 55,10961 Berlin Rolf Nacke, Insolvency Manager Gross-Berliner-Damm 73 c, 12487 Berlin PROWA ENGINEERING: Bankruptcy Court Stays All Pending Lawsuits -------------------------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against Prowa Engineering GmbH on Dec. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 7, 2005 to register their claims with court-appointed provisional administrator Dr. jur. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2005, 9:15 a.m. at Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112 Halle at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PROWA ENGINEERING GMBH Magdeburger Str. 38, 06112 Halle Contact: Otto Banspach, Manager Dr. jur. Rainer Eckert, Insolvency Manager Universitatsring 6, D-06108 Halle Phone: 0345/530490 Fax: 0345/5304926 QUICK TAXI: Insolvency Manager to Present Report Next Month ----------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Quick Taxi GmbH on December 16, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 11, 2005 to register their claims with court-appointed provisional administrator Christoph Schulte-Kaubrugger. Creditors and other interested parties are encouraged to attend the meeting on February 17, 2005, 9:45 p.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on April 28, 2005, 9:30 p.m. while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: QUICK TAXI GMBH Alt-Friedrichsfelde 93 13156 Berlin Dr. Christoph Schulte-Kaubrugger, Insolvency Manager Genthiner Str. 48 10785 Berlin WERIKO UMWELTTECHNIK: Claims Period Ends February ------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Weriko Umwelttechnik GmbH on December 17, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 4, 2005 to register their claims with court-appointed provisional administrator Johannes Klefisch. Creditors and other interested parties are encouraged to attend the meeting on March 1, 2005 at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen 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: WERIKO UMWELTTECHNIK GMBH Krause 72, 52249 Eschweiler Johannes Klefisch, Insolvency Manager Rotter Bruch 6 52068 Aachen Phone: 0241/949740 Fax: 0241/870203 * Karner & Co. Sets Collective Bankruptcy Auction Sale Jan. 13 -------------------------------------------------------------- Karner & Co. GmbH will sell cars, gardening machinery, metalworking machinery and office equipment on January 13, 2005, 10:00 a.m. at Werdauer Weg 23, 10829 Berlin. For sale are: (a) 20 former police and confiscated cars and motorbikes: (i) DB 140 (95), (ii) DB 124 (87), (iii) Volvo S70 (97), (iv) 2 Peugeot (99/94), (v) 2 VW Golf (86/92), (vi) Audi S6 (95), (vii) Alfa Romeo (93), (viii) Opel Calibra (91), (ix) 2 Kawasaki motorbikes (00/98), (x) Yamaha motorbike (00), (xi) Audi A4 (97), (xii) Smart (01), (xiii) Jaguar (94), (xiv) Tandem trailer (04), and (xv) Sun MCS motor tester (94); (b) Office equipment: (i) Furniture, (ii) Computers, (iii) copier, and (iv) printer, (c) Gardening machinery:, (i) motor lawn mower, (ii) recycler, (iii) circular saw, (iv) motor scythe, (v) lawn mower, (vi) tractor, (vii) unused small tools, and (viii) shelves, presentation walls (d) Metalworking machinery: (i) Fritz Werner milling machine (71), (ii) Hanseat turning lathe (77), (iii) Hahn & Kolb grinding machine (58) (e) Miscellaneous equipment: (i) Kawasaki Ground drilling machine, (ii) Getris Images graphic computer, (iii) 13 chairs, (iv) conference table, (v) perambulators, (vi) ground and rear carriers, (vii) hiking shoes, (viii) soccer shoes, (ix) helmets, (x) furniture, (xi) HiFi equipment (xii) Baume & Mercier watch for men, and (xiii) Golden jewelries CONTACT: KARNER & CO. GMBH Phone: +49 (0)30 773 263 0 Fax: +49 (0)30 773 263 20 E-mail: contactberlin.karner@goindustry.com ============= H U N G A R Y ============= ARANYPOK TRADING: Looks for Investor to Stave off Liquidation ------------------------------------------------------------- Aranypok Trading Rt faces liquidation unless it finds an investor willing to save it from ultimate collapse, Budapest Business Journal reports. The clothing retailer has 36 well-located shops in Budapest and a well-known brand name. It has just been chosen as one of the 400 "Superbrands" in Hungary. It is thought these plus factors may just help it find an investor. According to the Web site of Goliath Competitive Intelligence, the company has 240 employees and an estimated revenue of US$77.10 million as of fiscal year ended Dec. 2002. CONTACT: ARANYPOK TRADING RT 1143 Budapest, Gizella u. 24-26 Phone: 36 1 273 2100 Fax: 36 1 251 3887 Web site: http://www.aranypok.hu ========= I T A L Y ========= CIT SPA: FY2004 Turnover Slips 23% ---------------------------------- The turnover of ailing travel group Compagnia Italiana Turismo (CIT) for the year ending October 31, 2004 dropped 23% to EUR290 million, Il Sole 24 Ore says. The group blamed the poor results to the lower-than-expected business volume for the summer holiday season. CIT also booked a negative operating result for the fiscal year. The tour operator announced Tuesday the formation of a three-member committee that would coordinate and monitor the group's planned relaunch. The newly formed committee will be comprised of representatives from the CIT, its creditor banks and the government. CONTACT: COMPAGNIA ITALIANA TURISMO S.p.A. Via A. Saffi, 12 - Milano C.C.I.A.A. di Milano Web site: http://www.citspa.it PARMALAT FINANZIARIA: Eurolat Overpriced, Says Report ----------------------------------------------------- Collapsed dairy giant Parmalat Finanziaria overpaid food group Cirio Finanziaria on a transaction five years ago, Il Sole 24 Ore says citing a study commissioned by the prosecutor's office. Prepared by a consultant to the prosecutor's office in Parma, the study states that Cirio overstated Eurolat's asset value and profit figures, leading Parmalat to pay almost double its real value. Parmalat, through its former chairman and majority owner Calisto Tanzani, paid Cirio, headed by Sergio Cragnotti, around ITL829 billion for Eurolat. Eurolat's real value at the time of the sale was pegged at ITL486 billion. The report seems to confirm prosecutor's allegations that the sale was meant to reduce Cirio's debt to Banca di Roma. The report also found out that Banca di Roma, currently a subsidiary of banking group Capitalia, played an improper role as mediator in the sale, as it favored its own and Cirio's interest above Parmalat. 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 TISCALI SPA: Offers Pour in for French Arm ------------------------------------------ Internet provider Tiscali S.p.A. confirmed it has received expressions of interest for its French subsidiary, Il Sole 24 Ore says. A group spokesman faced the press Tuesday in reaction to rumors of a pending asset sale. He, however, asserted Tiscali has no plans to let go of its French business. Tiscali's share price has been receiving a lift from reports that it was in talks to sell Tiscali France and has Rothschild as its advisor. A local daily on Tuesday said telecommunications group Neuf Telecom approached Tiscali on December 27 in an effort to take over the provider's 386,000 French broadband clients. CONTACT: TISCALI S.p.A. Sa Illetta 09122 Cagliari Phone: +39 02 309011 E-mail: ir@tiscali.com Web site: http://www.tiscali.com ===================== N E T H E R L A N D S ===================== ASM INTERNATIONAL: To Present at Needham Growth Conference ---------------------------------------------------------- ASM International N.V. (NASDAQ: ASMI and Euronext Amsterdam: ASM) announces the availability of the web cast of the company's presentation at the Seventh Annual Needham Growth Conference in New York City on Jan. 12, 2005. ASM International will present at 8:30 a.m. ET on Wednesday, Jan. 12, 2005. The presentation may be accessed at http://www.asm.com. About ASMI With headquarters in Bilthoven, the Netherlands, ASM International N.V., and its subsidiaries design and manufacture equipment and materials used to produce semiconductor devices. ASM International and its subsidiaries provide production solutions for wafer processing (Front-end segment) as well as assembly and packaging (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International's common stock trades on NASDAQ (symbol ASMI) and the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit http://www.asm.com. * * * In August, Standard & Poor's Ratings Services revised its outlook on ASM International N.V. to stable from negative, following steady improvements in the company's 100%-owned front- end operations and the strengthening of the company's financial profile. At the same time, Standard & Poor's affirmed its ratings on the company, including its 'B+' long-term corporate credit ratings and all related debt ratings. The company had sales of EUR719 million (US$875 million) and EBITDA of EUR73 million in the 12 months to June 30, 2004. At June 30, 2004, ASM had total debt of EUR210 million, and net debt of EUR38 million. CONTACT: ASM INTERNATIONAL Lies Rijnveld Phone: + 31 30 229 8506 Mary Jo Dieckhaus Phone: +1 212 986 2900 ROYAL AHOLD: Mounts Vigorous Defense of Disco Sale -------------------------------------------------- Koninklijke Ahold announced on Jan. 5, 2005 that it will appeal certain new court orders that could potentially affect the sale of Disco S.A. in Argentina to Cencosud S.A. On Dec. 23, the Court of Appeal in Mendoza rendered various decisions in the pending litigation regarding the obtaining of antitrust approval for the sale of Disco. The Court of Appeal, among other things, denied suspensive effect of the appeal filed earlier by Ahold's subsidiary Disco Ahold International Holdings N.V. (DAIH) in respect of an order of a local court in San Rafael, Mendoza, as announced by Ahold on Dec. 8. If ultimately enforced the adverse court orders could lead the parties to reverse the transfer of the Disco shares to Cencosud, at least temporarily. The merits of DAIH's appeal on that matter have not yet been addressed by the Court of Appeal. Ahold is still reviewing the consequences of the decisions rendered by the Court of Appeal and is preparing an appeal to the Argentine Supreme Court on the adverse court orders. Ahold announced the transfer of the controlling interest in Disco to Cencosud on Nov. 1, following an earlier announcement of the transaction on March 5, 2004. Ahold believes that the transfer of the Disco shares as effected is in the best interests of Disco's customers and associates, which Ahold believes were being adversely affected by the delay in the antitrust approval process and the closing of the transaction. CONTACT: ROYAL AHOLD Corporate Communications Phone: +31.75.659.5720 TELEPLAN INTERNATIONAL: Financial Restructuring Pact Sealed ----------------------------------------------------------- A group of lenders and investors have signed the restructuring agreement announced ad-hoc by Teleplan International N.V. on November 8, 2004 as being agreed on in principle. The lenders are coordinated by ABN AMRO Bank N.V., Teleplan International N.V. The investor group consists of Sterling Investment Group Limited, Cycladic Capital Management Limited and Fortune Management. The lenders and the investor group have subscribed to new issues of both equity capital and convertible bonds. The agreement consists of: (a) Issuance of 3,095,237 new common shares at a share price of EUR1.40; (b) Issuance of 4.285.714 new common shares at a share price of EUR1.40 in exchange for debt; (c) Issuance of 10,740,741 convertible zero bonds at a price of EUR0.90 each (terms: conversion starting November 1, 2005 with a conversion rate of 1 new common share for 1 zero bond); (d) Issuance of 11.111.111 convertible zero bond at a price of EUR0.90 each in exchange for debt (terms: conversion starting November 1, 2005 with a conversion rate of 1 new common share for 1 zero bond); (e) Reduction of outstanding loans to private lenders by the amount of EUR2,250,000; (f) Extension of the existing banking facilities for another three years. Teleplan International N.V. will through this agreement benefit from a cash injection amounting to EUR14 million and -- after full conversion of existing loans -- from a debt reduction of more than EUR18 million. Rolf Huber, Chief Executive Officer of Teleplan said: "We are very pleased and satisfied that our restructuring efforts are fully supported by our lenders and a strong investor group. This gives us the financial leeway to successfully execute our restructuring plan. This program will put Teleplan in the right position to participate in the strong growth opportunities in our industry." CONTACT: TELEPLAN INTERNATIONAL N.V. De Run 1120 NL - 5503 LA Veldhoven Netherlands Mr. Gotthard Haug, Chief Financial Officer Phone: + 31 40 255 86 70 Fax: + 31 40 255 73 11 Web site: http://www.teleplan-int.com CHARLOTTE FRENZEL, FRENZEL & CO. GMBH Unternehmensberatung fur Kapitalmarktfragen Phone: +49 6171 50 80 171 =========== R U S S I A =========== ALTAYSKIY GLASS-WORKS: Bankruptcy Hearing Resumes April ------------------------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy supervision procedure on open joint stock company Altayskiy Glass-Works. The case is docketed as A03-12584/04-B. Mr. S. Kononenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 658044, Russia, Altay region, Pervomayskiy region, Borobikha, Kirova Str. 62, 2. A hearing will take place on April 4, 2005. CONTACT: ALTAYSKIY GLASS-WORKS Russia, Altay region, Bystroistokskiy region, Akutikha Mr. S. Kononenko Temporary Insolvency Manager 658044, Russia, Altay region, Pervomayskiy region, Borobikha, Kirova Str. 62, 2 BAKERY IZOBILNENSKIY: Declared Insolvent ---------------------------------------- The Arbitration Court of Stavropol region commenced bankruptcy proceedings against Bakery Izobilnenskiy after finding the limited liability company insolvent. The case is docketed as A63-62/2004-S5. Mr. A. Khalizov has been appointed insolvency manager. Creditors have until Feb. 3, 2005 to submit their proofs of claim to 355012, Russia, Stavropol, Lenina Str. 120, Room 4. CONTACT: BAKERY IZOBILNENSKIY 365140, Russia, Stavropol region, Izobilniy, Zapadnaya Str. 80 Mr. A. Khalizov Insolvency Manager 355012, Russia, Stavropol, Lenina Str. 120, Room 4 BUGURUSLAN-AGRO-PROM-TRANS: Deadline for Proofs of Claim Set ------------------------------------------------------------ The Arbitration Court of Orenburg region has commenced bankruptcy supervision procedure on open joint stock company Buguruslan-Agro-Prom-Trans. The case is docketed as A47- 6792/2004-14 GK. Ms. E. Portnova has been appointed temporary insolvency manager. Creditors have until Jan. 10, 2005 to submit their proofs of claim to 460000, Russia, Orenburg, Gaya Str. 23A. CONTACT: BUGURUSLAN-AGRO-PROM-TRANS 461600, Russia, Orenburg region, Buguruslan, Pilyuginskoye Shosse, 51 Ms. E. Portnova Temporary Insolvency Manager 460000, Russia, Orenburg, Gaya Str. 23A Phone/Fax: (3532) 78-38-44 CREAMERY VESHKAYMSKIY: Under Bankruptcy Supervision --------------------------------------------------- The Arbitration Court of Ulyanovsk region has commenced bankruptcy supervision procedure on open joint stock company Creamery Veshkaymskiy. The case is docketed as A72-9146/04- 21/35B. Mr. L. Yakovlev has been appointed temporary insolvency manager. Creditors have until Feb. 10, 2005 to submit their proofs of claim to 433103, Russia, Ulyanovsk region, Veshkaymskiy region, Beketovka, Priozernaya Str. 4. CONTACT: CREAMERY VESHKAYMSKIY 432100, Russia, Ulyanovsk region, Veshkaymskiy region, Veshkayma Mr. L. Yakovlev Temporary Insolvency Manager 433103, Russia, Ulyanovsk region, Veshkaymskiy region, Beketovka, Priozernaya Str. 4 Phone/Fax: 8 (84243) 57-2-35 ERTILSKIY PISHEVIK: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on open joint stock company Ertilskiy Pishevik. The case is docketed as A14-12848- 2004/76/20B. Mr. V. Ryabtsev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394030, Russia, Voronezh, Zhelyabova Str. 10. A hearing will take place at the Arbitration Court of Voronezh region at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 501 on Feb. 24, 2005, 10:00 a.m. CONTACT: ERTILSKIY PISHEVIK Russia, Voronezh region, Ertil, K. Marksa Str. 3 Mr. V. Ryabtsev Temporary Insolvency Manager 394030, Russia, Voronezh, Zhelyabova Str. 10 GAMMA-S: Hires E. Nevolina as Insolvency Manager ------------------------------------------------ The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Gamma-S (TIN 4248002089/ 422201001) after finding the close joint stock company insolvent. The case is docketed as A27-812/2004-4. Mr. E. Nevolina has been appointed insolvency manager. Creditors may submit their proofs of claim to 654000, Russia, Novokuznetsk, Post User Box 99/408. A hearing will take place on Jan. 20, 2005. CONTACT: GAMMA-S 652812, Russia, Kemerovo region, Kaltan, Mira Pr. 33B Mr. E. Nevolina Insolvency Manager 654000, Russia, Novokuznetsk, Post User Box 99/408 KHORSKIY WOOD: Gives Creditors Until February to File Claims ------------------------------------------------------------ The Arbitration Court of Khabarovsk region commenced bankruptcy proceedings against Khorskiy Wood Working Combine after finding the open joint stock company insolvent. The case is docketed as A73-7369/2004-37. Mr. A. Koledenkov has been appointed insolvency manager. Creditors have until Feb. 6, 2005 to submit their proofs of claim to 682920, Russia, Khabarovsk region, Lazo region, Khor, Lenina Str. 1. CONTACT: KHORSKIY WOOD WORKING COMBINE 682920, Russia, Khabarovsk region, Lazo region, Khor, Lenina Str. 1 Mr. A. Koledenkov Insolvency Manager 682920, Russia, Khabarovsk region, Lazo region, Khor, Lenina Str. 1 KOMSOMOLSK-GAS-STROY: Insolvency Manager Takes over Operations -------------------------------------------------------------- The Arbitration Court of Khabarovsk region commenced bankruptcy proceedings against Komsomolsk-Gas-Stroy after finding the close joint stock company insolvent. The case is docketed as A73- 1383/2004-9. Mr. I. Korol has been appointed insolvency manager. Creditors have until Feb. 3, 2005 to submit their proofs of claim to 680006, Russia, Khabarovsk, Post User Box 95/35. CONTACT: KOMSOMOLSK-GAS-STROY 680100, Russia, Komsomolsk-na-Amure, Liteynaya Str. 8 Mr. I. Korol Insolvency Manager 680006, Russia, Khabarovsk, Post User Box 95/35 KORCHAKOL: Creditors Have Until Monday to File Claims ----------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy supervision procedure on coal company Korchakol. The case is docketed as A27-24304/2004-4. Mr. V. Naydanov has been appointed temporary insolvency manager. Creditors have until Jan. 10, 2005 to submit their proofs of claim to 650099, Russia, Kemerovo, Ostrovskogo Str. 34, Office 406. A hearing will take place on Feb. 28, 2005, 3:00 p.m. CONTACT: KORCHAKOL 654203, Russia, Kemerovo region, Novokuznetskiy region, Nikolaevka Mr. V. Naydanov Temporary Insolvency Manager 650099, Russia, Kemerovo, Ostrovskogo Str. 34, Office 406 METROMEDIA INTERNATIONAL: Still Reviewing Proposed Merger --------------------------------------------------------- Metromedia International Group, Inc. is announcing these developments with respect to the previously announced proposed merger of the Company: (a) The investor group comprised of Emergent Telecom Ventures S.A., First National Holdings S.A. and Baring Vostok Capital Partners (Cyprus) Limited has confirmed to the Company that it has completed in all material respects its due diligence investigation of the Company's core telephony businesses in Russia and Georgia. Remaining due diligence work will focus principally on MIG itself; (b) The Company has granted the Investor Group an extension of the exclusivity period to complete its due diligence review of MIG from January 17, 2005 to February 14, 2005; (c) The Investor Group has further confirmed that, following its due diligence with respect to the Company's core businesses, it continues to assign an aggregate enterprise value to the Company of US$300 million in respect of the proposed merger; (d) Capital International Private Equity Fund IV, L.P. has notified the Company that it is no longer part of the Investor Group. Baring Vostok has informed the Company that it expects to fund the entire portion of the purchase price that was previously expected to be funded by Capital International; and (e) Should a definitive merger agreement be executed with the Investor Group, the Company anticipates that a meeting of its common shareholders to vote on the approval of the transaction would occur during the second quarter of 2005. As previously announced, the Investor Group's preliminary proposal contains a number of conditions, including without limitation, the Investor Group's successful completion of due diligence, the Investor Group obtaining commitments for all financing contemplated in its acquisition proposal, MIG meeting currently projected corporate cash balance and liability levels. There can be no assurances that any transaction with the Investor Group or any other party will take place nor can any assurance be given with respect to the timing or terms of any such transaction. Details of the terms of a final agreement, if any, reached between the parties will be disclosed upon signing of definitive agreements. The preliminary proposal made by the Investor Group is non-binding and MIG has agreed, under certain circumstances, to reimburse the Investor Group for a limited amount of its out-of-pocket expenses incurred in connection with its due diligence review and negotiation of definitive agreements. About Metromedia International Group Through its wholly owned subsidiaries, the Company owns interests in communications businesses in Russia and the Republic of Georgia. Since the first quarter of 2003, the Company has focused its principal attentions on the continued development of its core telephony businesses, and has substantially completed a program of gradual divestiture of its non-core cable television and radio broadcast businesses. The Company's core telephony businesses include PeterStar, the leading competitive local exchange carrier in St. Petersburg, Russia, and Magticom, the leading mobile telephony operator in the Republic of Georgia. CONTACT: METROMEDIA INTERNATIONAL GROUP Headquarters: Charlotte, North Carolina Web site: http://www.metromedia-group.com Contact: Mark Hauf, Chief Executive Officer Ernie Pyle Phone: 704-321-7383 E-mail: investorrelations@mmgroup.com ROSTOV-COAL: Rostov Court Appoints Insolvency Manager ----------------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy proceedings against Rostov-Coal after finding the limited liability company insolvent. The case is docketed as A53- 13227/04-S2-8. Mr. M. Bendikov has been appointed insolvency manager. Creditors may submit their proofs of claim to the Arbitration Court of Rostov region. A hearing will take place on March 1, 2005, 4:00 p.m. CONTACT: ROSTOV-COAL Russia, Rostov region, Shakhty, Sovetskaya Str. 187/189 YUKOS OIL: Ratings Downgraded to Ca; Outlook Stable --------------------------------------------------- Moody's Investors Service has lowered Yukos Oil's senior implied rating and senior unsecured issuer rating following reports it missed interest payments on syndicated bank facility on Dec. 27. The ratings were down to Ca from Caa2 and to Ca from Caa3, respectively. Both have stable outlook. The rating reflects Moody's expectations of reduced weighted average recovery potential for all of Yukos' financial creditors following the sale of its main production unit Yuganskneftegaz. Yukos has secured facilities that once totaled US$2.6 billion. This debt is secured by export proceeds and is originally guaranteed by some of Yukos' main production assets. Moody's believes that some of the debt were already paid from secured export proceeds, but with the loss of Yuganskneftegaz and the magnitude of remaining tax claims it is less likely that the creditors will be paid immediately. Moody's sees the plight of Yukos' main creditor, the Menatep Group, as worse than that of the banks in this scenario. It said: "The ultimate repayment modus is now likely to be determined by the Russian government, given that state-owned Yuganskneftegaz remains the guarantor of the debt." CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ========= S P A I N ========= IZAR: Government Promises to Respect Employees' Rights ------------------------------------------------------ Labor and social affairs minister Jesus Caldera has guaranteed the rights of around 4,208 early retirees of troubled shipbuilder Izar, Expansion says. Izar's holding company, Sociedad Estatal De Participaciones Industriales (SEPI) has been persuading trade unions to approve the restructuring plan that will separate its military and civilian divisions. According to the plan, SEPI will lay off 4,208 of 11,077 Izar employees. The affected employees, all of which are aged 52 and up, are being offered early retirement schemes. Mr. Caldera also confirmed the state is optimistic the European Commission would approve the agreement between SEPI, Izar and trade unions. Newly appointed European competition commissioner Nellie Kroes doubts this, however, because the parties involved failed to observe agreements between the government and the European Commission. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com =========================== U N I T E D K I N G D O M =========================== 1492 (AUTHENTIC CARIBBEAN CUISINE): Calls in Liquidator ------------------------------------------------------- At the extraordinary general meeting of 1492 (Authentic Caribbean Cuisine) Limited on Dec. 21, 2004 held at The Chesterfield Hotel, Malkin Street, Chesterfield, Derbyshire S41 7UA, the subjoined extraordinary resolution to wind up the company was passed. Tracy Ann Taylor of Abbey Taylor Ltd, Blades Enterprise Centre, John Street, Sheffield S2 4SU has been appointed liquidator of the company. CONTACT: ABBEY TAYLOR LTD. Blades Enterprise Centre, John Street, Sheffield S2 4SU ADVANCED QUALITY: Members Pass Winding up Resolutions ----------------------------------------------------- At the extraordinary general meeting of the members of Advanced Quality Products Limited on Dec. 20, 2004 held at 129 Cathedral Road, Cardiff CF11 9UY, the extraordinary and ordinary resolutions to wind up the company were passed. M. S. E. Solomons has been appointed liquidator of the company. AIR WAVE: Owners Decide to Dissolve Company ------------------------------------------- At the extraordinary general meeting of Air Wave Airconditioning Limited on Dec. 21, 2004 held at Sherlock House, 73 Baker Street, London W1U 6RD, the subjoined extraordinary resolution to wind up the company was passed. S. R. Thomas and S. D. Burkett-Coltman of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD have been appointed joint liquidators of the company. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com ALL4U LIMITED: Hires Begbies Traynor as Liquidator -------------------------------------------------- At the extraordinary general meeting of the ALL4U Limited on Dec. 22, 2004 held at 151 Deansgate, Manchester M3 3BP, the special resolution to wind up the company was passed. Stephen L. Conn of Begbies Traynor has been appointed liquidator of the company. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com ATLANTIS TICKETS: Creditors Call in Liquidators from Menzies ------------------------------------------------------------ At the extraordinary general meeting of Atlantis Tickets Limited on Dec. 21, 2004 held at Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, the extraordinary and ordinary resolutions to wind up the company were passed. Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring, 17- 19 Foley Street, London W1W 6DW have been appointed joint liquidators of the company. CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 E-mail: mcr@menzies.co.uk Web site: http://www.menzies.co.uk BALLOON TECHNOLOGY: Hires Liquidator from Begbies Traynor --------------------------------------------------------- At the extraordinary general meeting of the members of Balloon Technology Limited on Dec. 23, 2004 held at Elliot House, 151 Deansgate, Manchester M3 3BP, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP have been appointed liquidator of the company. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com BARGEN LIMITED: Appoints Liquidator from Begbies Traynor -------------------------------------------------------- At the extraordinary general meeting of the members of Bargen Limited (t/a United Carpets & Beds) on Dec. 22, 2004 held at Elliot House, 151 Deansgate, Manchester M3 3BP, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP has been appointed liquidator of the company. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com BARSHAM MACHINERY: Files for Liquidation ---------------------------------------- At the extraordinary general meeting of the members of Barsham Machinery Limited on Dec. 10, 2004 held at Estate Office, West Barsham, Fakenham, Norfolk NR21 9NR, the special resolutions to wind up the company were passed. Edwin Francis Hunt of Baker Tilly, Elgar House, Holmer Road, Hereford HR4 9SF has been appointed liquidator of the company. CONTACT: BAKER TILLY Elgar House, Holmer Road, Hereford HR4 9SF Phone: 01432 352222 Fax: 01432 269367 Web site: http://www.bakertilly.co.uk BENCHMARK CONSTRUCTION: Calls in Liquidator from Muras Baker ------------------------------------------------------------ At the extraordinary general meeting of the members of Benchmark Construction Ltd. on Dec. 17, 2004 held at 3rd Floor, Regent House, Bath Avenue, Wolverhampton WV1 4EG, the extraordinary resolution to wind up the company was passed. Mark Jonathan Botwood of Muras Baker Jones & Co., Regent House, Bath Avenue, Wolverhampton WV1 4EG has been appointed liquidator of the company. CONTACT: MURAS BAKER JONES & CO. Regent House, Bath Avenue, Wolverhampton WV1 4EG BUGGED OUT: Liquidators from Rothman Pantall Enter Firm ------------------------------------------------------- At the extraordinary general meeting of Bugged Out Limited on Dec. 21, 2004 held at the offices of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP have been appointed joint liquidators of the company. CONTACT: ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk CARLTON BUSINESS: Names Peter Bridger Liquidator ------------------------------------------------ At the extraordinary general meeting of the members of Carlton Business Systems Ltd. on Dec. 21, 2004 held at 47 London Street, Reading RG1 4PS, the extraordinary and ordinary resolutions to wind up the company were passed. Peter Bridger has been appointed liquidator of the company. DONCASTER SLAUGHTERING: Members Okay Application for Liquidation ---------------------------------------------------------------- At the extraordinary general meeting of the members of Doncaster Slaughtering Company Limited held at Pillar House, 21 South Parade, Doncaster DN1 2DJ, 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. FENCLOCKS (SUFFOLK): Names Tenon Recovery Administrator ------------------------------------------------------- Simon Robert Thomas and Steven John Parker (IP Nos 8920, 8989) have been appointed administrator for Fenclocks (Suffolk) Limited. The appointment was made Dec. 23, 2004. The company manufactures longcase clock. Its registered office is located at 85 Gregory Road, Mildenhall, Suffolk IP28 7DF. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street, London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com FIN.BA UK: Hires Liquidator from Vantis Business Recovery --------------------------------------------------------- At the extraordinary general meeting of the members of FIN.BA UK on Dec. 23, 2004 held at 82 St John Street, London EC1M 4JN, the subjoined special and extraordinary resolutions to wind up the company were passed. Michael Young of Vantis Business Recovery, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD has been appointed liquidator of the company. CONTACT: VANTIS BUSINESS RECOVERY Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD Liquidator: Michael Young Web site: http://www.vantismt.com FORD SHOPFITTING: Sell-off Prospects Bright ------------------------------------------- Administrators of Ford Shopfitting and Joinery Ltd. have received several interests for parts of the business from potential buyers, according to the Evening Mail. John Kelly and James Martin, from Begbies Traynor, are selling a 17,000 sq. ft. factory and warehousing facility in Woodwards Road, Walsall and a range of woodworking machinery. The site includes 1,000 sq. ft. of rented office space. Ford Shopfitting went into administration on Dec. 14. Its workforce continued working until Christmas to complete existing orders. Mr. Kelly said jobs could be saved if the firm is bought by a woodworking firm. CONTACT: BEGBIES TRAYNOR Newater House 11 Newhall Street Birmingham B3 3NY E-mail: birmingham@begbies-traynor.com Web site: http://www.begbies.com Contact: Gary Prince Phone: 0121 200 8150 Fax: 0121 200 8160 GRAY'S HOLDINGS: Calls in Liquidator from Benedict Mackenzie ------------------------------------------------------------ At the extraordinary general meeting of Gray's Holdings Limited on Dec. 14, 2004 held at The Fountain, Twyning, the special, ordinary and extraordinary resolutions to wind up the company were passed. Valerie Neave of Benedict MacKenzie, The Grange, Aston on Carrant, Tewkesbury, Gloucestershire GL20 8HL has been appointed liquidator of the company. CONTACT: BENEDICT MACKENZIE The Grange, Aston on Carrant, Tewkesbury, Gloucestershire GL20 8HL Phone: 01684 773 799 Fax: 07092 302 720 Web site: http://www.benemack.com H.BROOKES & SONS: Hires Liquidator from Hazlewoods -------------------------------------------------- At the extraordinary general meeting of H.Brookes & Sons Limited on Dec. 13, 2004 held at Cherrington, White House Lane, Swindon, Dudley, West Midlands DY3 4PE, the special, ordinary and extraordinary resolutions to wind up the company were passed. Philip John Gorman of Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT has been appointed liquidator of the company. CONTACT: HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Phone: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk JOBS4U LIMITED: Opts for Liquidation ------------------------------------ At the extraordinary general meeting of JOBS4U Limited on Dec. 22, 2004 held at 151 Deansgate, Manchester M3 3BP, the special resolution to wind up the company was passed. Stephen L. Conn of Begbies Traynor has been appointed liquidator of the company. CONTACT: BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com KEDENDS LIMITED: Liquidator from Robson Laidler Moves in -------------------------------------------------------- At the extraordinary general meeting of Kedends Limited (formerly Gordon Keddie (Insurance) Limited) on Dec. 17, 2004 held at Fernwood House, Fernwood Road, Newcastle upon Tyne NE2 1TJ, the special and ordinary resolutions to wind up the company were passed. William Paxton of Robson Laidler, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ has been appointed liquidator of the company. CONTACT: ROBSON LAIDLER LLP Fernwood House, Fernwood Road, Jesmond, Newscastle upon Tyne Liquidator: W Paxton Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk KEROPEGA LIMITED: Owners Choose to Dissolve Business ---------------------------------------------------- At the extraordinary general meeting of Keropega Limited on Dec. 7, 2004 held at the offices of Richard J Smith & Co, 53 Fore Street, Ivybridge, Devon PL21 9AE, the extraordinary and ordinary resolutions to wind up the company were passed. Giles Richard Frampton of Richard J. Smith & Co, 53 Fore Street, Ivybridge, Devon PL21 9AE has been appointed liquidator of the company. CONTACT: RICHARD J. SMITH & CO. 53 Fore Street, Ivybridge, Devon PL21 9AE L'ORANGER RESTAURANT: Creditors Meeting Set Next Week ----------------------------------------------------- The creditors of L'Oranger Restaurant Limited will meet on Jan. 10, 2005 commencing at 4:00 p.m. It will be held at 8 Baker Street, London W1U 3LL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not later than 12:00 noon, Jan. 7, 2005. 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 MARTLET NATURAL: Administrators Put up 'For Sale' Sign ------------------------------------------------------ Ian Carr, Martin Ellis and Duncan Awift, joint administrators, offer for sale the business and assets of Martlet Natural Foods Limited (in administration). Key features: (a) Turnover of around GBP6 million; (b) Long-established PLJ, Martlet and Rayner brands; (c) Product range of honey, preserves, chutneys and essences; (d) Strong health food trade; and (e) 1.8 acre leasehold site CONTACT: GRANT THORNTON U.K. LLP Web site: http://www.grant-thornton.co.uk Andrew Wells Phone: 01223 225621 Fax: 01223 225618 E-mail: andrew.ja.wells@gtuk.com MERIDIAN COUNTY: Calls in Liquidator from Numerica -------------------------------------------------- At the extraordinary general meeting of Meridian County Limited on Dec. 10, 2004 held at 2 Russell Street, the special, ordinary and extraordinary resolutions to wind up the company were passed. Jonathan Mark Birch, and Nicholas Hugh O'Reilly of Numerica LLP have been appointed joint liquidators of the company. P & F WOLVERHAMPTON: BDO Stoy Hayward to Host Creditors Meeting --------------------------------------------------------------- The creditors of P & F Wolverhampton Limited will meet on Jan. 10, 2005 commencing at 11:00 a.m. It will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD not later than 12:00 noon, Jan. 7, 2004. CONTACT: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk PILOT: Unnamed Hong Kong Buyer Takes over Stores; Saves Jobs ------------------------------------------------------------ Administrators of Pilot, the clothing chain that collapsed this week, have already found a buyer for half the firm's 70 stores. The rumored buyer is Retrofit, a Hong Kong investor that holds a 74% stake in Pilot's owner, Pilot International. The deal saved 400 jobs. Pilot was founded by Jeremy Whaley in 1984 as single outlet in Winchester. After expanding into a chain of stores, the firm collapsed into receivership as a result of poor holiday trading. Pilot had a turnover of GBP55.5 million last year. "The drop in sales over Christmas period has thwarted Pilot's efforts to refinance the business," the company explained in a statement. The company owed suppliers at least GBP9 million when it went down. Pilot International also runs Designer Rooms and Pilot Outlet. Both are unaffected by Pilot's troubles. Mr. Whaley, who owns 16% of the firm, is understood to want to continue with Designer Rooms. PREMIER FOODS: FY2004 Grocery Sales Up 8% ----------------------------------------- Premier Foods, one of the leading suppliers of ambient grocery products in the U.K., is providing an update for the year ended 31 December 2004, ahead of its preliminary results announcement on 2 March 2005. We expect total reported grocery sales for the year, including a full year's contribution from Ambrosia, to be up by approximately 8%. Operating profits and margins are anticipated to be within the range of market expectations. Although Christmas sales were slower than expected, after taking into account the estimated effect of the Bury St Edmunds fire and the associated disruption, like-for-like grocery sales would have been up by over 1%. The fire effectively removed two of our most dynamic growth brands for the last 10 weeks of the year and as a consequence of these lost sales, we expect to show like-for-like grocery sales broadly flat. Robert Schofield, Premier Foods plc CEO, said: "2004 was a tremendously exciting year for Premier with the IPO, and a significant acquisition. On the downside we had a serious fire at our Bury St Edmunds factory. Nonetheless, we expect to produce a sound set of results and we enter 2005 with our business, brands and trading plans in good shape to deliver ongoing growth." Convenience Foods, Pickles and Sauces Sales for this division are anticipated to be slightly behind 2003's reported sales of GBP374.6 million, as a result of the fire and associated disruption at our Bury St Edmunds plant in October 2004, which is estimated to have reduced sales by approximately GBP10 million. Without this reduction, we anticipate sales for this division would have been ahead of last year. While discussions to finalize the detailed insurance claim continue, our estimate of the profit impact on the results for 2004 remains limited to the GBP1 million excess on the group's insurance policy. Some manufacture of Branston Pickle resumed in November 2004 with Loyd Grossman and other sauce and pickle products recommencing production in December 2004. The team at the Bury St Edmunds factory are making excellent progress and we expect the site to be back to full output by the end of February 2005. As indicated at the time of the interim announcement, we have seen a significant increase in the price of tin plate, our single largest raw material input. However, we have been able to agree price increases for our canned products with our customers to cover a significant proportion of the increased input costs. Tea and Beverages Sales for this division are expected to be slightly behind 2003's reported sales of GBP143.0 million, due to lower retailer brand sales. The transfer of production from Edinburgh to the Moreton factory has been successfully completed and full year savings from this rationalization are still forecast to be approximately GBP1.0 million per annum. Spreads and Desserts Sales for this division of GBP120.4 million in 2003 included one month's contribution from the Ambrosia business. The Ambrosia business acquired in December 2003, has traded in line with expectations during the year and ahead of 2003. Like-for-like sales, which exclude Ambrosia, are anticipated to be ahead of last year. Following our recent agreement for the acquisition of the Bird's and Angel Delight dessert brands, which we announced on 16 December 2004, we are working closely with Kraft to facilitate the transfer of sales and distribution for the newly acquired business. This is planned to take place on completion of the deal on 13 February 2005. Staged transfer of production facilities for these brands will take place over the balance of the year. Potatoes Sales for this division are anticipated to be ahead of 2003's reported sales of GBP135.8 million as a result of higher market prices. As we indicated at the time of our interim announcement, trading has improved during the second half of the year and we are seeing some benefit from the closure of two of its six packing facilities. However, we continue to see a competitive environment with continuing supplier rationalization among the major retailers expected in 2005 and accordingly we are continuing to review the future shape and strategy of the business. Preliminary results for the year ended 31 December 2004 will be announced on 2 March 2005. We will host a presentation to analysts at 9:00 a.m. at ABN Amro, 3rd floor Conference Suite, 250 Bishopsgate, London, EC2M 4AA. Premier Foods plc is a leading U.K. manufacturer and marketer of shelf-stable or 'ambient' grocery products and one of the largest suppliers of grocery products in the United Kingdom. Premier manufactures and markets grocery products for the retail grocery and out of home channels in three principal product segments: (a) convenience foods, pickles and sauces; (b) tea and beverages; and (c) spreads and desserts. Premier also operates a potato packing and marketing business in the United Kingdom, supplying the retail grocery, out of home and food manufacturing channels. Premier's branded products include Ambrosia custard and milk puddings, Branston pickles, Typhoo tea, Hartley's preserves, Gale's honey and lemon curd, Crosse & Blackwell convenience foods, Sun-Pat peanut butter, Sarsons vinegar, Haywards pickles, Smash instant mashed potato, Marvel powdered milk creamer and Waistline salad dressings, soups and cooking sauces. In addition, the Company produces Cadbury cocoa-based beverages, HP convenience foods, Rowntree's jelly and Loyd Grossman cooking sauces, soups and salad dressings under agreement or license. Premier also produces a range of retailer brand products, principally for the major multiple retailers. Premier Foods was floated on the London Stock Exchange in July 2004 when Hicks, Muse, Tate & Furst sold 80% of its investment in Premier. In October 2004 Hicks, Muse, Tate & Furst sold their remaining 20% holding. Premier's current market capitalization is GBP676 million (at market close on 4 January 2005). CONTACT: PREMIER FOODS PLC Paul Thomas Finance Director Gwyn Tyley Investor Relations Manager Phone: 01727 815 850 CITIGATE DEWE ROGERSON Michael Berkeley Sara Batchelor Anthony Kennaway Phone: 020 7638 9571 ROY CATERING: Former Exec Served Ten-year Directorship Ban ---------------------------------------------------------- The director of a restaurant business that failed with debt of more than GBP170,000 has been disqualified in the Liverpool County Court from acting as a company director for five years. Graham Victor Ault, 49, of Brookside Way, Haydock, St. Helens, Merseyside, was a director of Roy Catering (Restaurants) Limited, which carried on business from premises at 86 Claughton Street, St. Helens, Merseyside, WA10 1SN. The Disqualification Order, made on December 20, 2004, prevents Graham Victor Ault from being a director of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. Roy was placed into voluntary liquidation on September 30, 2002 with estimated debt of GBP169,577 owed to its creditors. Matters of unfit conduct, found by the court not disputed by Graham Victor Ault, were that: (a) He caused Roy to trade to the detriment of HM Customs & Excise when he knew by October 31, 2001 at the latest that Roy was insolvent and unable to pay monies owed to HM Customs & Excise as and when they fell due; and (b) He failed to ensure that Roy maintained, preserved and delivered up adequate accounting records to the Liquidators. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk SFM HOLDINGS: Names BDO Stoy Hayward Liquidator ----------------------------------------------- At the extraordinary general meeting of SFM Holdings Limited on Dec. 23, 2004 held at Pixham End, Dorking, Surrey RH4 1QA, the subjoined special resolution to wind up the company was passed. D. B. Coakley of BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA has been appointed liquidator of the company. CONTACT: BDO STOY HAYWARD LLP Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA Phone: 01483 565666 Fax: 01483 531306 E-mail: guilford@bdo.co.uk Web site: http://www.bdo.co.uk TENDERHURST LIMITED: Liquidator Takes over Operations ----------------------------------------------------- At the extraordinary general meeting of the members of Tenderhurst Limited on Dec. 22, 2004 held at 58 Acacia Road, London NW8 6AG, the special, ordinary and extraordinary resolutions to wind up the company were passed. Norman Cowan and Mark Pearce Riley of Wilder Coe, 12th Floor, Southgate House, St George's Way, Stevenage SG1 1HG have been appointed joint liquidators of the company. CONTACT: WILDER COE 12th Floor, Southgate House, St George's Way, Stevenage SG1 1HG Phone: 01438 847200 Fax: 01438 847150 Web site: http://www.wildercoe.co.uk WORLD CLASS: Creditors to Meet Next Week ---------------------------------------- The creditors of World Class Homes Limited will meet on Jan. 13, 2005 commencing at 10:00 a.m. It will be held at 85 Great North Road, Hatfield, Hertfordshire AL9 5BS. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS not later than 12:00 noon, Jan. 12, 2005. CONTACT: BDO STOY HAYWARD LLP Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS Phone: 01707 255888 Fax: 01707 255890 E-mail: hatfield@bdo.co.uk Web site: http://www.bdo.co.uk ********* 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 2005. 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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