/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050210.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, February 10, 2005, Vol. 6, No. 29 Headlines F R A N C E WAVECOM SA: Announces 2005 Financial Reporting Schedule G E R M A N Y BERLINER FENSTER: Cedes Control to Administrator BIELINSKY HAUSGERATE: Creditors Claims Due this Month B.M. BAUBETREUUNG: Court Accepts Bankruptcy Application ECG-EURO: Cedes Control to Court-appointed Administrator HERBERT ECKEL: Creditors Meeting Set March ISS INTERNATIONAL: Falls into Bankruptcy KESSNER & ARZBERGER: Administrator from Wolff, Rapp Moves in NEO PERSONAL: Under Bankruptcy Administration PFLEIDERER AG: Considering Acquisition of Kunz Group PFLEIDERER AG: On Watch Negative Over Planned Acquisition RBW-ELEKTRONIK: Court Sets Creditors Meeting March ROLYN STEEL: Augsburg Court Appoints Administrator SCHEFENACKER AG: To Reduce Local Workforce WALTER BAU: Lenz Family Has Different Plans for Ed. Zublin WESTLB AG: Unit Attracts Offer from Terra Firma I R E L A N D ELAN CORPORATION: Reduces Losses by 33% in Fourth Quarter ELAN CORPORATION: Close to Settling U.S. Regulatory Probe I T A L Y IMPREGILO SPA: Needs Over EUR800 Million to Survive, Says Report N E T H E R L A N D S AHOLD LEASE: Moody's Lifts Low-B Ratings on Certificate Classes NEW SKIES: Wants to Amend Credit Facilities Under Planned IPO R O M A N I A CFR MARFA: Corporate Credit Rating Affirmed; Outlook Positive CFR SA: Rating Affirmed at 'BB-'; Outlook Positive R U S S I A BEDNODEMYANOVSK-AGRO-PROM-KHIMIYA: Declared Insolvent CHISTOPOLSKIY DOCKYARD: Holds Public Auction FRUIT PROCESSING: Bankruptcy Hearing Resumes Next Month KRYLOVSKOYE: Hires N. Kozyrev as Insolvency Manager LAKOND: Undergoes Bankruptcy Supervision Procedure LOKHNOVSKOYE: Gives Creditors Until March 21 to File Claims METROMEDIA INTERNATIONAL: Unit Eyes Kaliningrad Phone Company PECHORSKIY PLANT: Sets Public Auction February 25 SKIP: Creditors Have Until Next Month to File Claims VOLGOTANKER: May Default on US$120 Million Loan YUGRANEFT: Moscow Court Appoints Insolvency Manager YUKOS OIL: Intends to File Reorganization Plan this Week YUKOS OIL: Deutsche Bank's Dismissal Motion Flawed YUKOS OIL: Main Shareholder Sues Moscow ZUBR: Bankruptcy Hearing Set Friday U K R A I N E ATLANTIDA: Proofs of Claim Deadline Expires Weekend AZOVSKA AGRO: Court Grants Debt Moratorium Request DOVIRA: Kyiv Court Opens Bankruptcy Proceedings FOODTRADE LTD.: Gives Creditors Until Saturday to File Claims GERMES: Court Steps in, Appoints Insolvency Manager INNOVATIONAL PRODUCTION: Declared Insolvent INSERVICE: Last Day for Filing of Claims Friday KELMENETSKIJ SUGAR: Insolvency Manager Takes over Operations NDM: Undergoes Bankruptcy Supervision Procedure TERMEKS: Succumbs to Insolvency U N I T E D K I N G D O M ABENGOA LIMITED: Liquidator Takes over Operations ALBA AGENCIES: Court Brings in Liquidator ALLDERS PLC: Administrators Vow to Close Sale this Week APEX ENGINEERING: Liquidator's Final Report Out February 24 APPLEY LIMITED: Hires Tenon Recovery as Administrator BLADESHARP LIMITED: Members Pass Winding-up Resolutions BOWLES ASSOCIATES: Hires PricewaterhouseCoopers as Liquidator BRONZE AGE: Final Creditors Meeting Set Last Week of Month CB INTERMEDIATE: Calls in Joint Liquidators from PwC CHILDREN'S SURVIVAL: Hires PwC to Liquidate Company CHOICE JEWELLERS: Calls in Liquidator from Berley CYBRIUM LIMITED: Members Decide to Wind up Firm DAVENPORT INC.: Joint Liquidators from Rothman Pantall Move in DEICHER & SON: Hires Begbies Traynor as Liquidator D. GEAR: Members Call in Liquidator from Piper Thompson DI-COLE: Claims Filing Period Expires Third Week of April FIRSTLINE SECURITY: Appoints P. Nottingham Liquidator FULLCOVER ASSISTANCE: Applies for Liquidation GARDNER SOLUTIONS: Hires Liquidator from Begbies Traynor GIIT GUARANTEE: Joint Liquidators from Ernst & Young Move in GLOW COMMUNICATIONS: Opts for Voluntary Liquidation GONEGARDENING LIMITED: Names Citroen Wells Administrator HAIDER LIMITED: Appoints Berley Liquidator HEART OF MIDLOTHIAN: Drops Planned Sale of Tynecastle Stadium HEART OF MIDLOTHIAN: Names New Non-executive Directors LIGHTESTATE LIMITED: Joint Liquidators Move in MAGIC CAR: Hires Liquidator from A. Segal & Co. MARCONI CORPORATION: Reports GBP10 Mln Operating Profit MICHAEL GREEN: Appoints Administrator from Valentine & Co. NATURAL OPTIONS: Calls in Administrators from Numerica PASHMINA RESTAURANT: Calls in Joint Administrators PILOT CLOTHING: Creditors Meeting Set Next Week RENT-IT-ALL LIMITED: Appoints Robson Rhodes Administrator SUSSEX PHARMACEUTICAL: Hires Numerica as Administrator T.E.A.M ENGINEERING: Names Milner Boardman Administrator * FSCS Declares Five Companies in Default ********* =========== F R A N C E =========== WAVECOM SA: Announces 2005 Financial Reporting Schedule ------------------------------------------------------- Wavecom S.A.'s financial reporting schedule for 2005: Year-end: December 31 Date 2004 4th quarter and year-end 2004 results February 10, 2005 2005 1st quarter 2005 revenues and results April 28, 2005 2nd quarter and first semester 2005 July 26, 2004 revenues and results 3rd quarter 2005 revenues and results October 27, 2004 Press releases are issued before the opening of the Nasdaq and Nouveau Marche. Annual Shareholders Meeting May 26, 2004 Wavecom S.A. (Nasdaq:WVCM) (Euronext Nouveau Marche: AVM) is a leading worldwide leader in pre-packaged wireless communication solutions for automotive, industrial and mobile professional applications. Wavecom's solutions include all the software and hardware elements that are necessary to develop truly innovative wireless devices, as well as the development tools and services needed to bring them to market quickly and easily. Founded in 1993 and headquartered near Paris in Issy-les- Moulineaux, Wavecom has subsidiaries in Hong Kong (PRC), San Diego (U.S.A.) and Darmstadt (Germany). Wavecom is publicly traded on Euronext Paris in France and on the NASDAQ exchange in the U.S. Web site: http://www.wavecom.com * * * The company posted an operating loss for the third quarter 2004 of EUR18.4 million as compared to EUR26.4 million the previous quarter. It plans to return to breakeven within the second half of 2005. CONTACT: WAVECOM SA Lisa Ann Sanders Phone: + 33 1 46 29 41 81 E-mail: lisaann.sanders@wavecom.com Web site: http://www.wavecom.com or OGILVY PUBLIC RELATIONS WORLDWIDE John D. Lovallo Phone: 212-880-5216 (U.S.A. (financial) E-mail: john.lovallo@ogilvypr.com ============= G E R M A N Y ============= BERLINER FENSTER: Cedes Control to Administrator ------------------------------------------------ The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Berliner Fenster- und Turenfabrik GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 4, 2005 to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting on Feb. 22, 2005, 9:50 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 June 21, 2005, 9:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: BERLINER FENSTER- UND TsRENFABRIK GMBH Funk, Wagner, Drathschmidt Kopenicker Strasse 154a-157,10997 Berlin Rolf Nacke, Insolvency Manager Gross-Berliner Damm 73 c, 12487 Berlin BIELINSKY HAUSGERATE: Creditors Claims Due this Month ----------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Bielinsky Hausgerate und Leuchten GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 24, 2005 to register their claims with court-appointed provisional administrator Markus Lehmkuhler. Creditors and other interested parties are encouraged to attend the meeting on April 14, 2005, 9:30 a.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BIELINSKY HAUSGERATE UND LEUCHTEN GMBH Am Dickobskreuz 12 - 14, 53121 Bonn Contact: Monika Bielinsky, Manager Kirchweingarten 6, 53177 Bonn Markus Lehmkuhler, Insolvency Manager Wilhelmstr. 40, 53111 Bonn Phone: 0228/92 66 60 Fax: 92 66 699 B.M. BAUBETREUUNG: Court Accepts Bankruptcy Application ------------------------------------------------------- The district court of Buckeburg opened bankruptcy proceedings against B.M. Baubetreuung GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 23, 2005 to register their claims with court-appointed provisional administrator Robert Pinter. Creditors and other interested parties are encouraged to attend the meeting on March 23, 2005, 10:00 a.m. at Saal 504, Amtsgericht, Schulstr. 2, 31675 Buckeburg 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.M. BAUBETREUUNG GMBH Rothe Breite 39, 31867 Lauenau Contact: Barbel Meyer, Manager Rothe Breite 39, 31867 Lauenau Robert Pinter, Insolvency Manager Suntelstr. 44c, 31848 Bad Munder Phone: 05042/93770 Fax: 05042/937719 ECG-EURO: Cedes Control to Court-appointed Administrator -------------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against ECG-Euro Cash GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 7, 2005 to register their claims with court-appointed provisional administrator Dr. Martin Dreschers. Creditors and other interested parties are encouraged to attend the meeting on March 29, 2005, 12:00 noon at the district court of Aachen, Nebenstelle Augustastrasse 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: ECG-EURO CASH GMBH Hauptstr. 15 a, 52538 Gangelt Dr. Martin Dreschers, Insolvency Manager Julicher Strasse 116, 52070 Aachen Phone: 0241/94618-0 Fax: 0241/533562 HERBERT ECKEL: Creditors Meeting Set March ------------------------------------------ The district court of Augsburg opened bankruptcy proceedings against Herbert Eckel GmbH on Jan. 14. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 3, 2005 to register their claims with court-appointed provisional administrator Thomas Schaefer. Creditors and other interested parties are encouraged to attend the meeting on April 6, 2005, 8:40 a.m. at Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HERBERT ECKEL GMBH Burgermeister-Widmeier-Str. 54-56, 86179 Augsburg Contact: Herbert Eckel, Manager Thomas Schaefer, Insolvency Manager Fuggerstr. 16, 86150 Augsburg ISS INTERNATIONAL: Falls into Bankruptcy ---------------------------------------- The district court of Essen opened bankruptcy proceedings against ISS International Sport Service GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 2, 2005 to register their claims with court-appointed provisional administrator Uwe Kuhmann. Creditors and other interested parties are encouraged to attend the meeting on March 16, 2005, 1:30 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293 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: ISS INTERNATIONAL SPORT SERVICE GMBH Weidkamp 178, 45356 Essen Contact: Manfred Burgsmuller, Manager Geilinghausweg 24, 45239 Essen Uwe Kuhmann, Insolvency Manager Friedrich-List-Str. 20, 45128 Essen Phone: 0201/4381050 Fax: 0201/4381000 KESSNER & ARZBERGER: Administrator from Wolff, Rapp Moves in ------------------------------------------------------------ The district court of Dresden opened bankruptcy proceedings against Kessner & Arzberger GmbH & Co. KG on Jan. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 14, 2005 to register their claims with court-appointed provisional administrator Albert Wolff of Wolff, Rapp, and Kollegen. Creditors and other interested parties are encouraged to attend the meeting on March 16, 2005, 8:35 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: KESSNER & ARZBERGER GMBH & CO. KG Jaspisstrasse 1 in 01662 Meissen WOLFF, RAPP & KOLLEGEN Albert Wolff, Insolvency Manager Weisseritzstrasse 3, 01067 Dresden Web site: http://www.WORAKO.de NEO PERSONAL: Under Bankruptcy Administration --------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against NEO Personal Light Clothing GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 14, 2005 to register their claims with court-appointed provisional administrator Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting on March 14, 2005, 10:00 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, IV. Etage, Saal 407 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: NEO PERSONAL LIGHT CLOTHING GMBH Worthstrasse 175, 47053 Duisburg Contact: Jurgen Schulze, Manager Jahnstrasse 109, 41464 Neuss Dirk Hammes, Insolvency Manager Wilhelmshofallee 75, 47800 Krefeld PFLEIDERER AG: Considering Acquisition of Kunz Group ---------------------------------------------------- SDAX-listed Pfleiderer AG is currently using an exclusivity period in which to perform a due diligence on the Kunz Group. This follows a Letter of Intent signed by Pfleiderer AG and Kunz Holding GmbH & Co. KG, Gschwend, Germany, on December 6, 2004 for the possible acquisition of the Kunz Group by Pfleiderer. The Kunz Group manufactures engineered wood products and employs around 1,900 people with production sites in Germany, Canada and the U.S.A. The Kunz Group reported corporate sales in 2004 of around EUR650 million from its particleboard, MDF, HDF and surface-finished operations. The Pfleiderer Group posted sales at around EUR950 million in 2004. * * * In October, Fitch Ratings changed Pfleiderer AG'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. 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 Alexandra Klemme, Corporate Communication Phone: +49(0)9181/28-8044 Fax: +49(0)9181/28-606 E-mail: alexandra.klemme@pfleiderer.com PFLEIDERER AG: On Watch Negative Over Planned Acquisition --------------------------------------------------------- Fitch Ratings placed Germany-based Pfleiderer AG's Senior Unsecured 'BB' rating on Rating Watch Negative. At the same time, the agency affirmed the company's Short-term rating at 'B'. The rating action follows Pfleiderer's announcement that the group is currently using an exclusivity period to carry out a due diligence on the Kunz Group. Pfleiderer AG and Kunz Holding GmbH & Co. KG, Germany, signed a letter of intent on 6 December 2004 for the possible acquisition of the Kunz Group by Pfleiderer. Kunz Group is an important supplier of particleboard and fibreboard in Europe and North America and a major supplier to the furniture industry and the only completely integrated manufacturer of laminate flooring in North America. The group reported sales of around EUR650 million in FY2004 and employs around 1,900 people, two-thirds of whom based in North America. Fitch plans to resolve the Rating Watch in the next three to six months, following discussion with management regarding the transaction. This will include discussion of the strategic fit, the level of operational synergies, and the financial parameters, including the intended means of funding the transaction, and the schedule for completion of the acquisition. Fitch assumes that the planned acquisition will have a major impact on the group's financial profile, which had gradually recovered over the past two years following a recovery in operational cash generation, as well as de-leveraging, which has been driven by disposal proceeds following the exit of non-core operations. In terms of transaction funding, Fitch believes that a debt- financed acquisition would have a significant negative impact on the leverage of Pfleiderer's balance sheet. In contrast to this, a prudently balanced debt-equity-mix would be considered less severe. Fitch will also take into account any significant changes in the business profile of the group. Pfleiderer Group, founded in 1894 in Germany, is an internationally active and leading supplier of engineered wood, surface finished panels and infrastructure technology such as rail sleeper technology. After refocusing its business activities, the group's growth strategy has focused on the expansion into Central and Eastern Europe. CONTACT: FITCH RATINGS Markus Leitner, Frankfurt Phone: +49 (0) 69 7680 76 241 Wolfgang Wiehe, London Phone: +44 (0) 20 7417 4233 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 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 RBW-ELEKTRONIK: Court Sets Creditors Meeting March -------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against RBW-Elektronik GmbH on Jan. 17. 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 Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on March 3, 2005, 10:55 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201 at which time the administrator will present his first report of the insolvency proceedings. The court will 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: RBW-ELEKTRONIK GMBH Schleefstr. 8, 44287 Dortmund Contact: Erich Richwin, Manager Bodieckstr. 49, 44289 Dortmund und Wolfgang Witteck Sonnenstrasse 29 a, 58239 Schwerte Dr. Winfrid Andres, Insolvency Manager Neuer Zollhof 3, 40221 Dusseldorf Phone: 0211/69076969 Fax: 69 07 69-70 ROLYN STEEL: Augsburg Court Appoints Administrator -------------------------------------------------- The district court of Augsburg opened bankruptcy proceedings against Rolyn Steel GmbH Bewehrungstechnik on Jan. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 21, 2005 to register their claims with court-appointed provisional administrator Rainer U. Muller. Creditors and other interested parties are encouraged to attend the meeting on March 14, 2005, 9:45 a.m. at Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ROLYN STEEL GMBH Bewehrungstechnik, Elmer-Fryar-Ring 49, 86391 Stadtbergen Contact: Valeria Jaromi-Blonski, Manager Rainer U. Muller, Insolvency Manager Schiessstattenstr. 15, 86159 Augsburg SCHEFENACKER AG: To Reduce Local Workforce ------------------------------------------ Car mirror manufacturer Schefenacker will reduce its 1,600 strong workforce by 580 employees, Suddeutsche Zeitung. Schefenacker revealed the cuts would affect employees in its Geislingen plant, which it plans to close down in 2006 to transfer production activities abroad. The group will also reduce the number of its employees in Oberrot and Schwaikheim, a trade union source said. The group expects trade unions to protest the move. * * * Moody's Investors Service has downgraded all the ratings of Schefenacker AG following the severe and sustained intensification of the competitive environment in the North American and European automotive markets and the company's weak operating performance and cash flow generation compared with original expectations. Ratings affected by the action are: (a) The Ba3 rating on the EUR150 million senior secured facilities at Schefenacker AG is downgraded to B2; (b) The B2 rating on the EUR200 million 9 ½ % Senior Subordinated Notes due 2014 issued by Schefenacker AG is downgraded to Caa1; (c) The Ba3 senior implied rating on Schefenacker AG is downgraded to B2; and (d) The B2 unsecured issuer rating on Schefenacker AG is downgraded to Caa2. CONTACT: SCHEFENACKER AG Eckenerstrasse 2 D- 73730 Esslingen Phone: +49 (0) 711 31 54 0 Fax: +49 (0) 711 31 54 102 E-mail: info@schefenacker.com Web site: http://www.schefenacker.com WALTER BAU: Lenz Family Has Different Plans for Ed. Zublin ---------------------------------------------------------- Walter Bau's insolvency administrator Werner Schneider may sell any of the group's profitable subsidiaries save for Ed. Zublin. According to Financial Times Deutschland, the Lenz family's 43% stake in the subsidiary is enough to block a sale. Add to this the long-running battle between the family and Walter Bau founder, Ignaz Walter, for control of the unit and it becomes clear that a sale is out of the question. Rumors also abound that the family has been holding talks with anonymous financial investors regarding Ed. Zublin, suggesting that a plan outside the context of Walter Bau's insolvency proceedings may be in the works. The dispute between Mr. Walter and the Lenz family came close to being settled last year when the family agreed to give up its stake. The acquisition, however, was abruptly abandoned when one member of Walter Bau's banking syndicate opposed the takeover. The banks eventually refused to extend the group EUR1.65 billion in new credits, precipitating its fall into bankruptcy. CONTACT: WALTER BAU AG Boheimstr. 8 86153 Augsburg Phone: +49 (0) 8 21/55 82-00 Fax: +49 (0) 8 21/55 82-3 20 Web site: http://www.walter-bau.de ED. ZUBLIN AG Albstadtweg 3 70567 Stuttgart Phone: (07 11) 78 83 -5 29 Fax: (07 11) 78 83 -5 26 E-mail: zkb@zueblin.de Web site: http://www2.zueblin.de WESTLB AG: Unit Attracts Offer from Terra Firma ----------------------------------------------- Boullioun Aviation Services, the aircraft-leasing business of German bank WestLB AG, has attracted another bidder in private equity firm Terra Firma, says Reuters, citing a Financial Times report. Debis AirFinance, RBS Aviation Capital, and Aviation Capital Group are among the companies believed to have submitted bids for Boullioun, which owns or manages 119 aircraft and serves 50 airline carriers. The Financial Times, citing sources, also reported that during the next two weeks, WestLB will choose a preferred bidder for the aircraft-leasing unit from a shortlist of four, and that a deal, which could value the company at up to EUR600 million, may be announced before the end of the month. The state-owned bank is divesting large industrial holdings to protect its credit rating when state guarantees for its debt end in July. CONTACT: WESTLB AG Dusseldorf Head Office Herzogstrabe 15 40217 Dusseldorf Phone: (0211) 826-01 Fax: (0211) 826-6119 E-mail: info@westlb.de Munster Head Office Friedrichstrabe 1 48145 Munster Phone: (02 51) 412-01 Fax: (02 51) 412 2921 E-mail: info@westlb.de Web site: http://www.westlb.de. ============= I R E L A N D ============= ELAN CORPORATION: Reduces Losses by 33% in Fourth Quarter --------------------------------------------------------- Elan Corporation Plc announced on Feb. 8 its fourth quarter and full-year 2004 financial results and provided an update on its outlook for 2005. Commenting on Elan's business, Kelly Martin, Elan's president and chief executive officer, said: "2004 was an extraordinary year for Elan, with two Elan innovations, Tysabri for multiple sclerosis and Prialt for severe chronic pain, approved in the U.S., with both therapies advancing in the regulatory process in Europe. For 2005, we look forward to continued growth across the Tysabri franchise, working with our collaborator Biogen Idec; continued clinical progress in the Alzheimer's immunotherapy program in collaboration with Wyeth; ongoing advancements in our strategic pipeline; and disciplined investment aligned to our core therapeutic areas of autoimmune diseases and neurodegenerative diseases. "Our company and our people remain steadfastly focused on our commitment to discover and deliver novel therapeutic approaches for patients with significant unmet medical needs -- and to bring sustainable growth and value creation to our shareholders." Commenting on Elan's fourth quarter and year-end 2004 financial results, Shane Cooke, executive vice president and chief financial officer, said: "2004 has proven to be a transitional year for Elan; we reduced losses by 33% to US$0.96 per share; experienced double digit growth in revenues from our remaining business; completed the repositioning of our business and balance sheet with continued disciplined and focused investment in our core therapeutic areas; expanded our organization in targeted areas by recruitment of key talent to execute the successful launch of Tysabri and Prialt; and we significantly strengthened our financial position completing a US$1 billion plus bond offering. While it is early days, the initial take-up since launch of Tysabri is exceeding all our expectations and we remain optimistic that we will return to profitability by the end of 2006." To supplement our consolidated financial statements presented on a U.S. GAAP basis, Elan provides readers with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), a non- GAAP measure of operating results. EBITDA is defined as net loss from continuing operations plus or minus depreciation and amortization of costs and revenues, provisions for income tax, net interest expense, investment gains and losses, and milestones received and deferred. EBITDA is not presented as an alternative measure of operating results or cash flow from operations, as determined in accordance with U.S. GAAP. Elan's management uses EBITDA to evaluate the operating performance of Elan and its business and is among the factors considered as a basis for Elan's planning and forecasting for future periods. Elan believes EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is used as an analytical indicator of income generated to service debt and to fund capital expenditures. EBITDA does not give effect to cash used for interest payments related to debt service requirements and does not reflect funds available for investment in the business of Elan or for other discretionary purposes. EBITDA, as defined by Elan and presented in this press release, may not be comparable to similarly titled measures reported by other companies. A reconciliation of EBITDA to net loss from continuing operations is set out in the tables above titled "Non-GAAP Financial Information Reconciliation Schedule." Revenue Total revenue decreased 10% to US$123.8 million in the fourth quarter of 2004 from US$138.2 million in the same quarter of 2003 and decreased by 30% from US$685.6 million for the full- year 2003 to US$481.7 million for the full-year 2004. Revenue is analyzed below between revenue generated from retained products and revenue arising from products that have been divested. Product Revenue Total product revenue for the fourth quarter of 2004 of US$102.3 million decreased 19% from US$126.2 million recorded in the same quarter of 2003 primarily due to the divestment of a number of products and businesses in 2004, principally the European business and Zonegran. Total product revenue for the full-year 2004 was US$404.4 million compared to US$586.7 million for the same period of 2003, a decrease of 31%. The decline in product revenue in 2004 was primarily due to the divestment of a number of products and businesses during 2003 and 2004, principally Skelaxin, Sonata, the European business and Zonegran. Revenue from retained products Revenue from retained products and contract manufacturing and royalties of US$91.8 million in the fourth quarter of 2004 increased by 29% over the US$70.9 million recorded in the same period of 2003. For the full-year 2004, revenue from retained products increased by 11% from US$274.2 million to US$305.4 million. The increase primarily reflected the growth in prescriptions and demand for Azactam and Maxipime, growth in the drug delivery business including contract manufacturing, and initial sales of Tysabri. The U.S. Food and Drug Administration (FDA) granted accelerated approval of Tysabri in late November 2004. Tysabri is indicated for the treatment of patients in the U.S. with all forms of relapsing remitting multiple sclerosis (MS). Revenue from sales of Tysabri amounted to US$6.4 million in the fourth quarter and full-year 2004. Maxipime prescription demand for the fourth quarter of 2004 increased by 16% compared to the same period in 2003 while revenues for the quarter decreased from US$31.5 million to US$29.9 million, or 5%. Maxipime prescription demand for the full-year 2004 increased by 14% over the same period in 2003, while revenues increased from US$109.1 million to US$117.5 million, or 8%. Azactam prescription demand for the fourth quarter of 2004 increased by 14% compared to the same period of 2003 while revenues for the quarter increased from US$10.8 million to US$15.3 million, or 42%. Azactam prescription demand for the full-year 2004 increased by 12% over the same period in 2003, while revenues also increased by 12% from US$45.1 million to US$50.6 million. Changing wholesaler inventory levels primarily explains the difference between prescription and revenue growth rates. Contract manufacturing and royalty revenue was US$40.2 million in the fourth quarter of 2004, an increase of 41% over the US$28.6 million recorded in the fourth quarter of 2003. For the full-year 2004, contract manufacturing and royalty revenue was US$130.9 million, an increase of 9% over US$120.0 million recorded in the full-year 2003. The increase in royalty revenue reflects an increase in the in-market sales by third parties of a number of products which incorporate Elan technologies, including Avinza(TM), Verelan(TM), Ritalin(TM), together with the initial launch sales of Tricor(TM), which was approved for Fournier Pharma Corp. (Fournier) in December 2004. Amortized Product Revenue The results for the fourth quarters of 2004 and 2003 include US$8.5 million of amortized revenue related to the licensing of rights to Elan's generic form of Adalat CC and the restructuring of Elan's Avinza license agreement with Ligand Pharmaceuticals, Inc., which occurred in 2002. The remaining unamortized revenue on these products of US$69.2 million, which is included in deferred income, will be recognized as revenue through June 2007, reflecting Elan's ongoing involvement in the manufacturing of these products. Revenue from Divested Products During 2003 and 2004 Elan sold a number of products and businesses as part of the recovery plan and the subsequent strategic repositioning of the Company as a biotechnology company. Revenue from divested products and businesses was US$2.0 million in the fourth quarter of 2004 compared to US$46.8 million in the same quarter of 2003, a decrease of 96%. Full- year revenue from divested products and businesses decreased by 77% in 2004 to US$65.0 million, compared to US$278.5 million in 2003. Contract Revenue Contract revenue in the fourth quarter of 2004 was US$21.5 million, an increase of 79% over the US$12.0 million recorded in the fourth quarter of 2003. This increase primarily reflects milestones received in connection with the application of Elan's proprietary NanoCrystal(TM) technology, principally in relation to the approval of Tricor for Fournier. Included in contract revenue for the full-year 2003 is amortized revenue of US$35.2 million related to the business ventures, which were restructured and/or terminated as part of the recovery plan. There are no revenues related to the business ventures in 2004 and consequently amortized revenue for the full-year 2004 decreased by 65% to US$17.6 million, compared to the US$49.6 million recorded in the full-year 2003. Gross Profit The gross profit margin on product revenue was 53% in the fourth quarter of 2004 compared to 57% in the same period of 2003. The decline is due to a change in product mix attributed to the divestment of a number of products and businesses with higher gross margin. The full-year gross profit margin on product revenue was 58% for both 2004 and 2003. The gross margin remained consistent with 2003 due to the change in the mix of product revenues because of the divestment of a number of products and businesses with higher gross margins, offset by the payment of royalties of US$43.3 million to Pharma Marketing Ltd. (Pharma Marketing) which were included in cost of sales during 2003 (2004: US$nil). Operating Expenses Selling, general and administrative (SG&A) expenses increased 41% to US$109.8 million in the fourth quarter of 2004 from US$77.9 million in the same quarter of 2003. The increase is due principally to additional spending to launch Tysabri and Prialt(TM), both of which were granted approval by the FDA in the fourth quarter of 2004. Included in SG&A expenses in the fourth quarter of 2004 is US$35.0 million in respect of Tysabri, bringing the SG&A spend for the full-year 2004 to over US$50.0 million. Excluding Tysabri related expenditures, full-year SG&A expenses were approximately US$295 million in 2004 compared to US$386.9 million in 2003, a decrease of 24% reflecting the successful implementation of the recovery plan, related cost reduction initiatives and ongoing financial discipline. Research and development (R&D) expenses were US$71.4 million in the fourth quarter of 2004 compared to US$59.3 million in the same period of 2003 and US$55.5 million in the third quarter of 2004. The increase was primarily due to the timing of expenditures related to the clinical development and other related costs of Tysabri and Prialt, and research and development efforts on the Alzheimer's programs. Full-year R&D expenses were US$257.3 million in 2004 compared to US$277.6 million in 2003, a decrease of 7%. The reduction in full-year expenses reflects the refocusing of research and development efforts on key programs: Tysabri, Prialt and Alzheimer's. Net Gains on Divestment of Businesses With respect to Zonegran (zonisamide), Elan expects to receive additional deferred consideration of up to US$110.0 million from Eisai Co., Ltd. in the period through January 1, 2006. The deferred consideration will be recorded as a gain if and when it is received. These payments are contingent on Zonegran receiving marketing approval in Europe (US$25.0 million) and no generic zonisamide being introduced in the U.S. market before January 1, 2006 (US$85.0 million). Recovery Plan and Other Significant Items As previously announced, Elan has included in its financial statements a reserve of US$55.0 million, net of insurance coverage, to cover the Company's estimated liability related to the shareholder class action and the Securities and Exchange Commission (SEC) investigation. A hearing is scheduled for February 18, 2005 on the final approval of the previously announced agreement to settle the class action pending in the U.S. District Court for the Southern District of New York. In addition, Elan expects the Commissioners of the SEC to meet in the near future to rule on the previously disclosed provisional agreement the Company reached with the Staff of the SEC to settle the investigation that the Division of Enforcement of the SEC commenced in 2002. During the fourth quarter of 2004, Elan re-organized its insurance arrangements resulting in Elan self insuring certain limited historical risks. As a result, Elan recorded a gain of US$21.0 million net of related provisions. Net Interest and Investment Gains and Losses Net interest and investment losses were US$5.7 million for the fourth quarter of 2004, compared to a loss of US$125.2 million for the same period of 2003. Full-year net interest and investment losses were US$112.1 million for 2004, compared to a loss of US$136.8 million for 2003. In the fourth quarter of 2004, net interest expense amounted to US$37.5 million compared to US$30.7 million in the same period of 2003. Net interest expense increased in the fourth quarter and full-year 2004 over the corresponding periods in 2003 primarily as a result of the issuance of US$1.15 billion in senior fixed and floating notes in November 2004 and the repurchase of US$351.1 million of EPIL III Series B and C Guaranteed Notes, partially offset by interest income on higher cash balances. Consistent with the strategy outlined at the beginning of 2004 to monetize the investment portfolio, during the fourth quarter 2004, US$162.1 million in net cash proceeds were raised from the disposal of investments resulting in net investment gains of US$55.6 million, including US$43.6 million in relation to the disposal of the Company's investment in Warner Chilcott Plc. For the full-year 2004, US$401.8 million in net cash proceeds were raised from the disposal of investments resulting in net investment gains for the full-year of US$114.6 million. During the fourth quarter of 2004 an impairment charge of US$23.8 million was taken to reflect other than temporary impairments to the value of a number of investments, mainly in privately held biotech companies. This brings the impairment charge for the full-year 2004 to US$71.8 million. In June 2004, EPIL II disposed of its investment portfolio generating net proceeds of US$79.7 million. The disposal of the EPIL II investment portfolio and the subsequent repayment of the US$450.0 million in debt together with accrued interest resulted in a charge of US$47.1 million in 2004. Of the remaining portfolio of investments, which have a total book value of US$104.5 million, down from US$542.3 million at January 1, 2004, approximately 62% is held in public companies and includes unrealized gains of US$20.9 million. Unrealized gains are included as a component of shareholders' equity and arise from the mark-to-market of certain publicly quoted investments. EBITDA Negative EBITDA, excluding net gains on divestment of businesses and other significant items for the fourth quarter of 2004, amounted to US$82.5 million compared to a negative EBITDA of US$31.7 million in the same period of 2003, excluding net gains on divestment of businesses, recovery plan and other significant items. The increase in negative EBITDA primarily resulted from the reduction in revenues and related costs associated with products and businesses divested during 2003 and 2004 and the increase in costs associated with the launch of Tysabri, partially offset by increased contract manufacturing and royalty revenue. Full-year 2004 negative EBITDA, excluding net gains on divestment of businesses, recovery plan and other significant items, amounted to US$205.4 million compared to a negative EBITDA of US$179.3 million for full-year 2003, excluding net gains on divestment of businesses, recovery plan and other significant items. The increase in full-year negative EBITDA primarily resulted from the reduction in revenues and related costs associated with products and businesses divested during 2003 and 2004, together with the increase in costs associated with the launch of Tysabri. Debt Refinancing During the fourth quarter of 2004, the Company refinanced, at a lower average interest rate, a significant proportion of its debt. At December 31, 2004, the Company had no debt maturities until 2008, other than US$39.0 million, which is due in March 2005. In November 2004, Elan, through its wholly-owned subsidiaries, Elan Finance Plc and Elan Finance Corp., completed the offering of US$1.15 billion aggregate principal amount of Senior Notes, consisting of US$850.0 million of 7.75% senior fixed rate notes and US$300.0 million of senior floating rate notes both due 2011. A portion of the proceeds from the offering was used to complete the repurchase of approximately US$351.1 million of EPIL III Series B and C Guaranteed Notes. Elan had guaranteed loan notes issued by EPIL II to the extent that the investments held by EPIL II were insufficient to repay the loan notes and related accrued interest. EPIL II was a Qualifying Special Purpose Entity and was not consolidated under U.S. GAAP. On June 28, 2004, the guaranteed notes of US$450.0 million, together with accrued interest for the period from December 31, 2003 to June 28, 2004 of US$21.5 million, were repaid. Of the aggregate payment of US$471.5 million, US$79.7 million was funded from the cash resources in EPIL II and through the sale of EPIL II's entire investment portfolio. The balance of US$391.8 million was funded by Elan under its guarantee arrangement. 2005 Outlook Financial Elan is providing guidance as to the potential financial outcome for 2005, excluding the impact of potential revenues from Tysabri and the impact of expensing stock options. Tysabri was approved in the U.S. as a treatment for all forms of relapsing remitting MS in late November 2004. While Elan expects Tysabri to become the market leader in this indication it is too early in the launch to give revenue guidance for this product. However, on the basis of the initial take-up, Elan is optimistic of a return to profitability by the end of 2006. In relation to the remaining business Elan expects revenues to grow at a rate of 15% to 20% to US$460.0 million to US$490.0 million and intends to hold SG&A (excluding SG&A related to Tysabri) and R&D costs, on a cash basis, at their 2004 levels. While Elan aims to hold these costs constant in 2005, the allocation of costs between projects will change to reflect primarily the launch of Prialt and the progress of the Alzheimer's research programs through the clinic. The gross profit on product revenue, excluding revenue and related cost of sales for Tysabri and stock option compensation, is expected to be in the range of 53% to 57%. Elan will record all of the U.S. sales of Tysabri in revenue and will share the gross profit with Biogen Idec. Elan's gross profit on Tysabri revenue is expected to be in the range of 30% to 35%. Elan's investment in SG&A expenses for Tysabri for 2005 in respect of all indications, and including pre-launch costs associated with Tysabri for Crohn's disease in both Europe and U.S. and for MS in Europe, are anticipated to be in the US$160.0 million to US$180.0 million range. Negative EBITDA for 2005, excluding revenues and SG&A costs related to Tysabri, is expected to be in the range of US$160.0 million to US$180.0 million, broadly in-line with that recorded in 2004. Research and Development Tysabri (Natalizumab) Tysabri is an Elan innovation. It is the first humanised monoclonal antibody approved for the treatment of MS. Tysabri is an alpha 4 antagonist designed to inhibit immune cells from leaving the bloodstream and to prevent these cells from migrating into chronically inflamed tissue where they may cause or maintain inflammation. Tysabri is being developed and marketed by Elan in collaboration with Biogen Idec. Alzheimer's and other Neurodegenerative Diseases Elan is focused on building upon its breakthrough research and extensive experience in Alzheimer's disease (AD) and is also studying other neurodegenerative diseases, such as Parkinson's disease. In collaboration with Wyeth, Elan is currently conducting clinical trials with an experimental monoclonal antibody, AAB- 001, designed and engineered to neutralise the neurotoxic beta- amyloid peptide that accumulates in the brains of patients with AD. Elan also has research programs focused on small molecule inhibitors of beta secretase and gamma secretase, enzymes whose actions are thought to affect the accumulation of amyloid plaques in the brains of patients with Alzheimer's disease. About Elan Elan is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing, selling and marketing advanced therapies in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's (NYSE:ELN) shares trade on the New York, London and Dublin Stock Exchanges. Full copy of Elan Corporation's 2004 financial results can viewed free of charge at http://bankrupt.com/misc/elan_2004.htm. CONTACT: ELAN CORPORATION PLC Lincoln House, Lincoln Place Dublin, 2, Ireland Phone: +353-1-709-4000 Fax: +353-1-662-4949 Web site: http://www.elan.com ELAN CORPORATION: Close to Settling U.S. Regulatory Probe --------------------------------------------------------- Elan Corporation announced that the Commissioners of the U.S. Securities and Exchange Commission have given final approval to the previously announced provisional agreement between Elan and the Staff of the S.E.C. to settle the investigation by the S.E.C.'s Division of Enforcement that commenced in February 2002. The approved settlement concludes all aspects of the investigation with respect to Elan and its current and former Directors and Officers. "I am pleased to announce the final settlement of the S.E.C. investigation," said Kelly Martin, Elan's president and chief executive officer. "This is an important step forward for Elan, its shareholders and patients. Closure on the S.E.C. investigation removes uncertainty and allows us to focus all of our energies on bringing innovative science to patients in our core areas of neurodegenerative and autoimmune diseases and, in particular, executing on the successful launches of Tysabri and Prialt." Terms of Settlement with S.E.C. Under the agreement reached with the S.E.C. the Company neither admits nor denies the allegations contained in the S.E.C.'s civil complaint, which includes allegations of violations of some provisions of the federal securities laws, including Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The settlement contains a final judgment restraining and enjoining the Company from future violations of these provisions. In addition, the Company will pay a civil penalty of US$15 million. In connection with the settlement, the Company will not be required to restate or adjust any of its historical financial results or information. On Oct. 4, 2004, the Company announced that it had included in its financial statements a reserve of US$55 million, net of insurance coverage, to cover the Company's estimated liability related to the S.E.C. investigation and the shareholder class action pending in the U.S. District Court for the Southern District of New York. The terms of the class action settlement are subject to final Court approval. A hearing is scheduled for February 18, 2005, at which the Court will consider final approval of the settlement. About Elan Elan is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing, selling and marketing advanced therapies in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. CONTACT: ELAN CORPORATION Investor Relations: Emer Reynolds Phone: 353-1-709-4000 Or 800-252-3526 Media Relations: Anita Kawatra Phone: 212-407-5740 Or 800-252-3526 ========= I T A L Y ========= IMPREGILO SPA: Needs Over EUR800 Million to Survive, Says Report ---------------------------------------------------------------- Troubled construction group Impregilo S.p.A. needs more than EUR800 million to continue operating, La Republicca says. The newspaper cited an estimate by consulting firm Bain & Co., which says Impregilo has to hold between EUR820 million to EUR950 million in cash to stay afloat. Impregilo's creditor has been demanding a revamp of its management. Banks has also been pressuring the Romiti family, Impregilo's majority shareholder, to inject EUR300 million into the group in exchange for supporting a EUR460 million capital increase and a convertible issue. Impregilo's advisor, corporate restructuring specialist Lazard Freres & Co. LLC, has been urging the group to sell its stakes in units Fisia Italimpianti and Sudamericana Costanera Disposal. CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it ===================== N E T H E R L A N D S ===================== AHOLD LEASE: Moody's Lifts Low-B Ratings on Certificate Classes --------------------------------------------------------------- Moody's Investors Service upgraded the ratings of two classes of Ahold Lease Series 2001-A Pass-Through Trust to Ba2 from Ba3. The Certificates were upgraded to Ba2 based on the support of the triple net leases guaranteed by Koninklijke Ahold N.V., which was upgraded to Ba2 by Moody's on February 4, 2005. Moody's stated that the Koninklijke Ahold upgrade follows Ahold's announcement that it will cancel its senior secured revolving credit facility and rely upon its significant cash balances to meet its liquidity needs pending the negotiation of a replacement credit facility. The rating outlook is positive. The ratings upgraded include: -- Class A-1, $292,274,834, Fixed, upgraded to Ba2 from Ba3 -- Class A-2, $250,720,000, Fixed, upgraded to Ba2 from Ba3 Based in Zaandam, the Netherlands, Ahold is a leading international food provider, with operations in Europe and the United States. In 2003, the Company reported revenues in excess of EUR56 billion. CONTACT: ROYAL AHOLD Albert Heijnweg 1 1507 EH Zaandam, The Netherlands Phone: +31 (0)75 659 9111 Web site: http://www.ahold.com Investor Relations: E-mail: investor.relations@ahold.com Phone: +31 (0)75 659 58 28 NEW SKIES: Wants to Amend Credit Facilities Under Planned IPO ------------------------------------------------------------- New Skies Satellites B.V. (NYSE:NSK) (AEX:NSK), the global satellite communications company, announced that it is seeking an amendment to its existing credit facilities via Deutsche Bank. The amendment is being sought in connection with the proposed initial public offering of New Skies Satellites Holdings Ltd., its indirect parent company, and will seek, among other changes, an increase in the size of the revolving credit facility, new financial covenant levels and a reduction in pricing on the facilities. A registration statement relating to the initial public offering of New Skies Satellites Holdings Ltd.'s securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About New Skies Satellites New Skies Satellites is one of only four fixed satellite communications companies with truly global satellite coverage, offering data, video, Internet and voice communications services to a range of telecommunications carriers, broadcasters, large corporations, Internet service providers and government entities around the world. New Skies has five satellites in orbit and ground facilities around the world. The company also has secured certain rights to make use of additional orbital positions for future growth. New Skies is headquartered in The Hague, The Netherlands, and has offices in Hong Kong, New Delhi, Sao Paulo, Singapore, Sydney and Washington, D.C. CONTACT: NEW SKIES SATELLITES B.V. Corporate Communications Jeff Bothwell Phone: +31 70 306 4239 +31 6 1131 0183 E-mail: Jbothwell@newskies.com ============= R O M A N I A ============= CFR MARFA: Corporate Credit Rating Affirmed; Outlook Positive ------------------------------------------------------------- Standard & Poor's Ratings affirmed its 'B+' corporate credit rating on Romania-based state-owned freight railway company CFR Marfa S.A. The outlook is positive. "The rating on Marfa reflects strong competition from road and river transport, the very low cost flexibility of its operations, high investment needs, and a weak financial profile. This weakness is demonstrated by high refinancing risk in 2007," said Standard & Poor's credit analyst Eugene Korovin. "These risks are somewhat mitigated by Marfa's strategic importance to and support from the government of Romania, its strong position in the national freight market, and improving regulation." The upgrade of the foreign-currency sovereign rating on the Republic of Romania to 'BB+' from 'BB' on Sept. 14, 2004 (see "Republic of Romania Long-Term FC Ratings Raised to 'BB+' on Structural Reforms; Outlook Stable" on RatingsDirect, Standard & Poor's Web-based credit analysis system), did not affect the rating on Marfa because Standard & Poor's does not expect increased support for the company. The positive outlook reflects that on the Republic of Romania. The outlook also incorporates Standard & Poor's expectation that governmental support will remain strong at least until Romania's E.U. accession and that Marfa and the government will develop an adequate strategy in the near future to reduce the high refinancing risk in 2007. A failure to do so is likely to lead to a revision of the outlook and will put downward pressure on the rating. 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 InfrastructureEurope@standardandpoors.com CFR MARFA Bd.Dinicu Golescu no. 38 77111 Bucuresti 1 Phone: +40-1-6385588 Fax: +40-1-3214700 Web site: http://www.cfrmarfa.cfr.co CFR SA: Rating Affirmed at 'BB-'; Outlook Positive -------------------------------------------------- Standard & Poor's Ratings Services said it affirmed its 'BB-' corporate credit rating on Romania-based CFR S.A., the government-owned company responsible for the management of the national rail infrastructure network. The outlook is positive. "The credit rating on CFR is predominantly based on governmental financial support for its obligations, such as high-level debt guarantees," said Standard & Poor's credit analyst Eugene Korovin. "CFR is 100% state owned, highly integrated with the government, and the risk of privatization is very low. The company's financial strength is extremely weak, and therefore it relies heavily on government subsidies for its operations and capital investments. These have been insufficient, however, to cover high operational expenditure and an ambitious investment program." The upgrade of the foreign-currency rating on the Republic of Romania to 'BB+' from 'BB' on Sept. 14, 2004 (see "Republic of Romania Long-Term FC Ratings Raised to 'BB+' on Structural Reforms; Outlook Stable" on RatingsDirect, Standard & Poor's Web-based credit analysis system) did not affect the rating on CFR because Standard & Poor's does not expect increased support for the company. The positive outlook reflects that on the sovereign. A change in the sovereign rating might have an impact on the government's ability to support CFR's operational and financial obligations. Standard & Poor's expects the Ministry of Public Finance, which constantly monitors CFR's ability to repay its debt, to continue assisting the company to pay interest and principal as far as government financial flexibility allows. 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 InfrastructureEurope@standardandpoors.com CFR S.A. 1, Gara de Nord Street, Bucuresti, 78123 E-mail: admin@cfr.ro Web site: http://www.cfr.ro =========== R U S S I A =========== BEDNODEMYANOVSK-AGRO-PROM-KHIMIYA: Declared Insolvent ----------------------------------------------------- The Arbitration Court of Penza region commenced bankruptcy proceedings against Bednodemyanovsk-Agro-Prom-Khimiya after finding the state-owned enterprise insolvent. The case is docketed as A49-110/04-16B/26. Mr. A. Presnyakov has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to: (a) Insolvency Manager Russia, Penza, Voroshilova Str. 5-42 (b) The Arbitration Court of Penza Region Russia, Penza, Belinskogo Str. 2 (c) Bednodemyanovsk-Agro-Prom-Khimiya Russia, Penza region, Bednodemyanovsk, Kommunalnaya Str. 76 CHISTOPOLSKIY DOCKYARD: Holds Public Auction -------------------------------------------- The bidding organizer and insolvency manager of open joint stock company Chistopolskiy Dockyard will sell its property on Feb. 21, 2005, 12:00 noon. The public auction will take place at Russia, Tatarstan republic, Chistopol, Pionerskaya Str. 1. Up for sale are immovable properties, construction, transmission devices and vehicles. Starting price: RUB37,102,000. Preliminary examination and reception of bids are done until Feb. 16, 2005, 12:00 noon. The list of documentary requirements is available at Russia, Tatarstan republic, Chistopol, Pionerskaya Str. 1. To participate, bidders must deposit an amount equivalent to 10% of the starting price to OJSC CHISTOPOLSKIY DOCKYARD settlement account 40702810923000002851 at OJSC AICB "Tatfondbank", Kazan or correspondent account 3101810100000000815 at KRKTs NB RT, BIC 049205815, TIN 1652004546, KPP 165201001. CONTACT: CHISTOPOLSKIY DOCKYARD Russia, Tatarstan republic, Chistopol, Pionerskaya Str. 1 Mr. S. Kondratyev Bidding Organizer Russia, Tatarstan republic, Chistopol, Pionerskaya Str. 1 Phone: 8-9173-91-20-16 FRUIT PROCESSING: Bankruptcy Hearing Resumes Next Month ------------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on close joint stock company Fruit Processing Combine. The case is docketed as A14- 14662/2004/77/16b. Mr. V. Dorokhov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394077, Russia, Voronezh, Post User Box 88. A hearing will take place at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 302 on March 10, 2005, 10:30 a.m. CONTACT: FRUIT PROCESSING COMBINE Russia, Voronezh region, Novousmanskiy region, Krylovka, Lenina Str Mr. V. Dorokhov Temporary Insolvency Manager 394077, Russia, Voronezh, Post User Box 88 KRYLOVSKOYE: Hires N. Kozyrev as Insolvency Manager --------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on open joint stock company Krylovskoye. The case is docketed as A14-14663/76/16b. Mr. N. Kozyrev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394052, Russia, Voronezh, Krasnokazarmennaya Str. 57. A hearing will take place at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 302 on March 10, 2005, 10:30 a.m. CONTACT: KRYLOVSKOYE Russia, Voronezh region, Novousmanskiy region, Krylovka Mr. N. Kozyrev Temporary Insolvency Manager 394052, Russia, Voronezh, Krasnokazarmennaya Str. 57 LAKOND: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region has commenced bankruptcy supervision procedure on open joint stock company Lakond. The case is docketed as A56- 46927/2004. Mr. S. Subbotin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 195253, Russia, Saint-Petersburg, Marshala Blyukhera Str. 61, Building 1, Apartment 53. A hearing will take place on April 26, 2005. CONTACT: LAKOND 187450, Russia, Leningrad region, Volkhovskiy region, Novaya Ladoga, Suvorova Str. 47 Mr. S. Subbotin Temporary Insolvency Manager 195253, Russia, Saint-Petersburg, Marshala Blyukhera Str. 61, Building 1, Apartment 53 LOKHNOVSKOYE: Gives Creditors Until March 21 to File Claims ----------------------------------------------------------- The Arbitration Court of Arkhangelsk region commenced bankruptcy proceedings against Lokhnovskoye after finding the close joint stock company insolvent. The case is docketed as A05-4706/04-8. Mr. F. Varzumov has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to 164600, Russia, Arkhangelsk region, Pinezhskiy region, Karpogory, Oktyabrskaya Str. 42a-1. CONTACT: LOKHNOVSKOYE Russia, Arkhangelsk region, Pinezhskiy region, Kobelevo, Lokhnovo Mr. F. Varzumov Insolvency Manager 164600, Russia, Arkhangelsk region, Pinezhskiy region, Karpogory, Oktyabrskaya Str. 42a-1 METROMEDIA INTERNATIONAL: Unit Eyes Kaliningrad Phone Company ------------------------------------------------------------- Metromedia International Group, Inc. announced that its Russian telephony subsidiary, PeterStar, has entered into a binding share purchase agreement to acquire 100% of the outstanding shares of Telecom Zapadnoye Parokhodstvo, an alternative telephone operator in the Kaliningrad region of Northwest Russia. PeterStar has already received Russian regulatory approvals in respect of the transaction. The consideration for the transaction is not significant and will be directly financed by PeterStar. Through its telephony network, utilizing fiber-optic links and copper cable network of approximately 60 km. and using a numbering capacity of over 4,000 numbers, TZP is the third largest alternative telephone operator in the city of Kaliningrad and possesses the licenses for local and inter-zone telephony, data and Internet, project and construction works. TZP services approximately 1,300 corporate and residential customers, concentrating mainly on voice telephony in the City of Kaliningrad (population of 400,000) in a region of approximately 1 million people, and employs about 30 people. In 2004, TZP had revenues of approximately $0.2 million. The Kaliningrad region is one of the most attractive regional markets in Northwest Russia in terms of its economic development and infrastructure, and is Russia's smallest region in an enclave that is located 200 miles away from the border of Russia proper. The land boarders of Poland and Lithuania and the Baltic Sea separate the Kaliningrad region from the rest or Russia. Due to its strategic geographical position and ice-free seaport, the Kaliningrad region attracts large volumes of tourists and businesses. In making this announcement, Victor Koresh, General Director of PeterStar and MIG's Vice President of Russian Operations, commented: "The acquisition of TZP is a demonstration of our continued commitment to develop PeterStar as a fixed-line provider of choice for corporate customers having presence in Northwest Russia. Several customers of our recently acquired Murmansk regional telephone operation, ADM - Murmansk, also have significant shipping operations in the Kaliningrad seaport. In addition, TZP's technical platform combined with our expertise will allow us to actively develop data and Internet services and gain a bigger market share in this attractive market." Mr. Koresh further commented: "Kaliningrad is the seventh region outside St Petersburg where PeterStar started its operations. In 2003 PeterStar launched its branch in Moscow, Russia and during 2004, with the help of certain acquisitions or 'green- field' project development, PeterStar established presence in the following regional markets within Russia: Pskov, Veliky Novgorod, Petrozavodsk, Murmansk and Vyborg. Furthermore, PeterStar's capital expenditure program for 2005 is anticipated to be approximately $15 million, which will be principally used for the further development of its enterprise-wide network infrastructure." About Metromedia International Group Through its wholly owned subsidiaries, the Company (the "Company" or "MIG") currently traded as: (OTCBB: MTRM) - Common Stock and (PINK SHEETS: MTRMP) - Preferred Stock 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, INC. Ernie Pyle Phone: 704-321-7383 E-mail: investorrelations@mmgroup.com Web site: http://www.metromedia-group.com PECHORSKIY PLANT: Sets Public Auction February 25 ------------------------------------------------- The bidding organizer and insolvency manager of open joint stock company Pechorskiy Plant KPD will sell its property on Feb. 25, 2005, 10:00 a.m. The public auction will take place at Russia, Komi republic, Pechora, Rusanova Str. 12. The assets for sale are: Lot 1: Administrative building. Starting price: RUB1,376,231; Lot 2: Household premises. Starting price: RUB82,447; Lot 3. Roads. Starting price: RUB1,011,310. Preliminary examination and reception of bids are done daily on or before Feb. 21, 2005. The list of documentary requirements is available at 167016, Russia, Komi republic, Syktyvkar, Parkovaya Str. 36. To participate, bidders must deposit an amount equivalent to 10% of the starting price to OJSC PECHORSKIY PLANT KPD (TIN 1105000842, KPP 110501001) settlement account 40702810909000000904 at Syktyvkarskiy FCB-RTs, Syktyvkar, or the correspondent account 3101810100000000746, at BIC 048702746 on or before Feb. 21, 2005. For information call: 8 (8212) 24-66- 75 (Syktyvkar), 8 (82142) 5-13-16 (Pechora). CONTACT: PECHORSKIY PLANT KPD Russia, Komi republic, Pechora, building area GRES Mr. S. Kondratyev Bidding Organizer Russia, Komi republic SKIP: Creditors Have Until Next Month to File Claims ---------------------------------------------------- The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Skip after finding the close joint stock company insolvent. The case is docketed as A14-3075-00/47/3b. Mr. A. Goloshapov has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to 394018, Russia, Voronezh, Kirova Str. 9, Office 30. CONTACT: SKIP Russia, Voronezh region, Liski Mr. A. Goloshapov Insolvency Manager 394018, Russia, Voronezh, Kirova Str. 9, Office 30 VOLGOTANKER: May Default on US$120 Million Loan ----------------------------------------------- Russia's largest oil-shipping firm warned Monday it may default on a US$120 million loan from foreign investors, the Moscow Times reports. A former Yukos unit, Volgotanker said it may not make good on the three-year credit-linked notes released in July because tax authorities froze its accounts. Samara tax authorities served the company with a US$25 million back tax bill in December and froze its assets. The firm successfully appealed the seizure in January, but the decision was overturned last week. Volgotanker, which transports 10 percent of Russia's oil products exports, aired the warning on the first day of its appeal in the Samara Arbitration Court. "Company management ha[s] begun talks with representatives of foreign creditors on how to resolve the crisis," a Volgotanker statement reads. Analysts believe Volgotanker's troubles may have something to do with its ties to Yukos. Although Yukos gave up its controlling stake in the shipper four years ago, it has not totally severed its ties with the company by remaining a major client. Volgotanker is 75%-owned by offshore companies, while the government controls a 20% stake. CONTACT: VOLGOTANKER Russia, 105062, 5/16, Str. 1B, Makarenko, Street, Moscow Phone: (095) 7775747, 7775748 Fax: (095) 7775749, 7775750 E-mail: sekr@vams.ru Web site: http://www.volgotanker.com VOLGOTANKER Russia, 443099, 105 M. Gorky Street, Samara Phone: (8462) 398310 Fax: (8462) 333291 E-mail: vtsovet@volgotanker.ru Web site: http://www.volgotanker.com YUGRANEFT: Moscow Court Appoints Insolvency Manager --------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy supervision procedure on joint-stock oil company Yugraneft (TIN 8601001927). The case is docketed as A40-66543/04-95-67B. Mr. M. Kotov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 123557, Russia, Moscow, 557, Post User Box 11. A hearing will take place at 107996, Russia, Moscow, N. Basmannaya Str. 10, hall 709, floor 7 on April 19, 2005, 2:00 p.m. CONTACT: YUGRANEFT 115409, Russia, Moscow, Mokvorechye Str. 43 Mr. M. Kotov Temporary Insolvency Manager 123557, Russia, Moscow, 557, Post User Box 11 Phone/Fax: (095) 254-02-00 YUKOS OIL: Intends to File Reorganization Plan this Week -------------------------------------------------------- Yukos Oil Company anticipates filing a Chapter 11 plan of reorganization before February 11, 2005, the company disclosed in papers filed with the United States Bankruptcy Court for the Southern District of Texas. According to Zack A. Clement, Esq., at Fulbright & Jaworski, L.L.P. in Houston, Texas, the Plan will establish a priority scheme to distribute value from the Debtor's Chapter 11 estate, including the equitable subordination of the Russian Government tax claim to the Debtor's legitimate lenders and trade creditors. If confirmed, the Plan will significantly benefit the Debtor's real creditors, including: -- trade creditors owed over $190 million; and -- lenders, including Societe Generale S.A., Citibank N.A., Commerzbank Aktiengesellschaft, Calyon S.A., Deutsche Bank AG, ING Bank N.V., BNP Paribas, KBC Bank N.V., UFJ Bank Netherland N.V., HSBC Bank PLC, and Moravel Investments Limited, who are owed approximately $1.3 billion. To implement the Plan, the Debtor will create a Litigation Trust, which will own all of its causes of action and pursue those rights in at least three ways: (a) By filing actions in the Bankruptcy Court for (i) violation of the automatic stay for any dismemberment of the Debtor that has already occurred during its bankruptcy case, or that may occur during the rest of the bankruptcy case; (ii) improper postpetition transfers and fraudulent conveyances; and (iii) any violations of the Section 524 discharge injunction that may occur in the future; (b) By continuing the Debtor's existing application in the European Court of Human Rights; and (c) By the instituting of various legal actions in other legal fora, seeking to recover damages caused to the Debtor. The Litigation Trust will continue for the benefit of the Debtor's creditors and shareholders, even if as a result of continued persecution by the Russian Government, the Debtor, as it currently exists, comes to an end. 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 debt. (Yukos Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) YUKOS OIL: Deutsche Bank's Dismissal Motion Flawed -------------------------------------------------- Yukos Oil Company refutes Deutsche Bank AG's assertion that its bankruptcy case is a "two-party dispute" with the Russian Government and thus, should be resolved in a forum other than the Bankruptcy Court. Zack A. Clement, Esq., at Fulbright & Jaworski, L.L.P. in Houston, Texas, asserts that the Debtor's Chapter 11 case is a mass bankruptcy proceeding concerning: -- the Debtor; -- all the parties affected by its bankruptcy, including the claims of over $1.5 billion by legitimate trade creditors and lenders and the interests of over 50,000 shareholders; and -- all of the Debtor's property wherever located. Yukos is Eligible as a "Debtor" Mr. Clement asserts that the Debtor has both property and a place of business in the United States. Bruce Misamore's role as the Debtor's chief financial officer has been conducted in his home in Houston, Texas. The Debtor has also accumulated $22 million in the account of Yukos U.S.A., Inc., since the Petition Date. Thus, Yukos is eligible to be a "debtor" under Section 109 of the Bankruptcy Code. Yukos' Actions Not in Bad Faith Mr. Clement also contends that the issue is not whether a debtor took action to ensure its eligibility. Rather, the question is whether the filing had an improper purpose, "such as to frustrate legitimate creditor rights or to favor one group of creditors or shareholders and management over other creditors." Mr. Clement explains that the Debtor is: (i) asking the Court to take the claims of all its creditors and shareholders; (ii) using the claims allowance process to properly distribute the assets to protect all of those interests; and (iii) allow the Debtor to emerge as a strong, on-going business. With regard to the Russian tax and investment claims, the Debtor seeks only to have its objections to and counterclaims against those claims be determined by an arbitral tribunal that the Russian Government has already agreed to under its own Foreign Investment Law. Deutsche Bank's allegation of bad faith is based on several arguments, including the existence of a two-party dispute, filing on the eve of foreclosure, lack of a proper reorganization purpose, improper litigation tactics and "new debtor syndrome." Mr. Clement argues that Deutsche Bank's "bad faith" allegations are false, and contends that: -- the Court may take judicial notice that "filing on the eve of foreclosure" typifies probably 98% of the cases in the Court dockets. This factor should carry no weight in any meaningful analysis of "totality of the circumstances;" -- the Debtor has a valid and proper reorganization plan; -- due to the existence of numerous creditors and shareholders of the Debtor, Chapter 11 provides an appropriate set of procedures and substantive laws to protect the rights of those creditors and shareholders and to deal equitably with claims against the Debtor's assets; -- the utter failure of the Russian courts to apply any type of acceptable due process to any phase of the tax litigation makes resort to that forum clearly inadequate to protect other creditors or equity holders; and -- the "new debtor" syndrome does not apply to the facts of the Debtor's case. Yukos did not transfer all of its substantial remaining assets to another entity on the eve of bankruptcy. Yukos USA was created to provide a non- Russian Yukos entity, which had the ability to open a United States checking account without fear of consequences in Russia for having done so. The Russian Government Tax Claims Bankrupted Yukos Recognizing the importance of the rule of law to investors, Russia adopted the Russian Foreign Investment Law which provides in its preamble that it is "aimed at . . . ensuring stable terms for operations of foreign investors and compliance of the legal order of foreign investments with the standards of the international law." Mr. Clement contends that the Russian Government tax claim is not in keeping with international norms because it was imposed without substantive due process and without procedural due process. At $27.5 billion, the Russian tax claim was so grotesquely large as to be confiscatory. The Debtor was served with collection orders requiring immediate payment of new and massive tax assessments and other orders freezing all the Debtor's assets that could have been used to pay those taxes. The inequitable and illegal actions surrounding the extraordinary tax claims substantially impaired the Debtor's ability to pay its more than $1.5 billion debt to over 150 legitimate lenders and trade creditors and caused the value of the Debtor's common stock to plummet from over $40 billion to less than $2 billion. Yukos' Bankruptcy Filing is Adequate Having been bankrupted, the Debtor sought the protection of the Court in order to reorganize as a going concern retaining and operating its remaining assets, including its subsidiaries Samaraneftegas, Tomskneft and its refineries. The automatic stay provides a tool to enjoin creditors, and people acting in concert with them, from taking the Debtor's assets. Alternative Fora are Inadequate The Bankruptcy Court is the only adequate forum where the rights and interests of all parties can be resolved, Mr. Clement emphasizes. The protections of the Bankruptcy Code will enable the Debtor to reorganize and the remedies available in the Chapter 11 case are not available in any other forum. The European Court of Human Rights, the various arbitrations that might be initiated under the auspices of the World Bank or UNCITRAL and the Russian tax courts can only resolve two-party disputes between the Debtor and the Russian Government. Mr. Clement points out that none of the alternative fora proposed by Deutsche: -- provide a comprehensive system for the Debtor's reorganization; -- provide an automatic stay to stop dismemberment of a debtor that is trying to reorganize; -- have a damage remedy to enforce violations of the automatic stay; -- have a claims allowance process in which all claimants must submit claims against the debtor for adjudication under equitable principles; -- have a plan of reorganization process that permits the classification and fair prioritization of creditor and shareholder classes; and -- can provide a Section 524 discharge injunction to prohibit or sanction efforts to collect claims that have been discharged during the Debtor's Chapter 11 case. Comity or the Act of State Doctrine does not Warrant Dismissal Mr. Clement tells Judge Clark that comity does not apply to the Debtor's case because U.S. Congress has decided, and the courts have recognized, that the Bankruptcy Code does, and should, have international effect. Furthermore, the Federal Arbitration Act specifically states that the Act of State Doctrine may not be used to deny arbitration. The Russian Government has agreed to resolve through arbitration disputes concerning the investment protections and guarantees in its investment laws and international treaties. The Debtor asks the Court to deny Deutsche Bank's request to dismiss the bankruptcy 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 debt. (Yukos Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Main Shareholder Sues Moscow --------------------------------------- Menatep, the original investment vehicle of former Yukos CEO Mikhail Khodorkovsky, has sued the government for illegal expropriation of its investment, The Financial Times says. The embattled oil's main shareholder anchored the US$28.3 billion suit on the 1994 Energy Charter Treaty, of which Russia is a signatory. "The time for warning is over and actions to recover the value of our losses begin in earnest today [February 8]," said Menatep director Tim Osborne. He also said the group is planning additional claims on top of its claims under the Treaty, which was designed to enforce international law in energy investments. Menatep notified the Russian government in November of its demand for a settlement, and is now exercising its right under Article 26 of the Treaty to refer the dispute to international arbitration. It says the treaty entitles it to compensation if Russia breaches its obligations. Menatep, which controls 51 percent of Yukos through two other vehicles, has promised a "lifetime of litigation" to any buyer of Yuganskneftegaz, its main production asset, which was forcibly sold off in December to Russian state-owned oil company Rosneft. 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 OAO ROSNEFT OIL COMPANY 26/1 Sofiyskaya Embankment 1, GSP-8 115998 Moscow Phone: +7-95-777-4422 Fax: +7-95-777-4444 Web site: http://www.rosneft.ru ZUBR: Bankruptcy Hearing Set Friday ----------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on close joint stock company Zubr. The case is docketed as A08-11400/04-2 "B". Mr. A. Kovalevskiy has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 308000, Russia, Belgorod, Krasina Str., 38, office 307. A hearing will take place on Feb. 11, 2005, 11:00 a.m. CONTACT: ZUBR Russia, Belgorod region, Krasnenskiy region Mr. A. Kovalevskiy Temporary Insolvency Manager 308000, Russia, Belgorod, Krasina Str. 38, Office 307 Phone/Fax: (0722) 27-05-90 ============= U K R A I N E ============= ATLANTIDA: Proofs of Claim Deadline Expires Weekend --------------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Atlantida (code EDRPOU 22153425) on December 22, 2004 after finding the limited liability company insolvent. The case is docketed as 19/217 (04). Mr. Vasil Ishenko (License Number AA 719771) has been appointed liquidator/insolvency manager. The company holds account number 26002067001 at CB AvtoZAZbank, Melitopol branch, MFO 313281. Creditors have until February 12, 2005 to submit their proofs of claim to: (a) ATLANTIDA 72313, Ukraine, Zaporizhya region, Melitopol, 50-Richya Peremogi Avenue, 31 (b) Mr. Vasil Ishenko Liquidator/Insolvency Manager 72311, Ukraine, Zaporizhya region, Melitopol, a/b 21 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 AZOVSKA AGRO: Court Grants Debt Moratorium Request -------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on LLC Azovska Agro-Industrial Company (code EDRPOU 24808089) and ordered a moratorium on satisfaction of creditors' claims on December 10, 2004. The case is docketed as 5/512 B. Arbitral manager Mr. I. Mironov (License Number AA 719804) has been appointed temporary insolvency manager. The company holds account number 260023015270075 at Prominvestbank, Makiyivka branch, MFO 334516. Creditors have until February 12, 2005 to submit their proofs of claim to: (a) AZOVSKA AGRO-INDUSTRIAL COMPANY 86152, Ukraine, Donetsk region, Makiyivka, Avtotrasportna Str. 1 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 DOVIRA: Kyiv Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Dovira (code EDRPOU 21651500) after finding the state-owned company insolvent. The case is docketed as 15/629. Arbitral manager Mr. D. Salatyuk (License Number AA 485234) has been appointed liquidator/insolvency manager. The company holds account number 26048122/980 at JSPPB Aval, Kyiv branch, MFO 300335. CONTACT: ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B FOODTRADE LTD.: Gives Creditors Until Saturday to File Claims ------------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on LLC Foodtrade Ltd. (code EDRPOU 25333010) on November 15, 2004 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 42/175 B. Arbitral manager Mr. Vyacheslav Solovyov (License Number AA 249689) has been appointed temporary insolvency manager. The company holds account number 26000301511152 at Prominvestbank, Kramatorsk branch, MFO 334141. Creditors have until February 12, 2005 to submit their proofs of claim to: (a) Vyacheslav Solovyov Temporary Insolvency Manager 84333, Ukraine, Donetsk region, Kramatorsk, Lenin Str. 19-A Phone: (06264) 3-55-56 3-23-15 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 GERMES: Court Steps in, Appoints Insolvency Manager --------------------------------------------------- The Economic Court of Sevastopol commenced bankruptcy proceeding against Germes (code EDRPOU 22239865) after finding the limited liability company insolvent. The case is docketed as 20-8/028. Mr. Sergij Simonenko (License Number AA 487827) has been appointed liquidator/insolvency manager. The company holds account number 260061749 at JSPPB Aval, Sevastopol branch, MFO 324504. CONTACT: GERMES Ukraine, AR Krym region, Sevastopol, P. Korchagin Str. Mr. Sergij Simonenko Liquidator/Insolvency Manager Ukraine, AR Krym region, Sevastopol, Vasil Kuchera Str. 13/6 ECONOMIC COURT OF SEVASTOPOL 99011, AR Krym region, Sevastopol, Pavlichenko Str. 5 INNOVATIONAL PRODUCTION: Declared Insolvent ------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Innovational Production-Commercial Profit (code EDRPOU 19152706) on December 21, 2004 after finding the limited liability company insolvent. The case is docketed as B24/180/04. Mrs. Nelli Korpacheva (License Number AA 630084) has been appointed liquidator/insolvency manager. The company holds account number 26004211930100 at JSPPB Aval, Dnipropetrovsk regional branch, MFO 305653. CONTACT: INNOVATIONAL PRODUCTION-COMMERCIAL ENTERPRISE PROFIT 49010, Ukraine, Dnipropetrovsk region, Pogrebnyak Str. 27 Mrs. Nelli Korpacheva Liquidator/Insolvency Manager 83112, Ukraine, Donetsk region, Samojlov Str. 9/8 Phone: (0622) 63-89-12 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a INSERVICE: Last Day for Filing of Claims Friday ----------------------------------------------- The Economic Court of Odesa region commended bankruptcy proceedings against Inservice on December 28, 2004 after finding the company insolvent. The case is docketed as 2/266-04-11491. Arbitral manager Mr. Ivanov Vladislav (License Number AA 250152) has been appointed liquidator/insolvency manager. The company holds account number 26002310624401 at JSB Pivdennij, Odesa branch, MFO 328209. Creditors have until February 11, 2005 to submit their proofs of claim to: (a) INSERVICE Ukraine, Odesa region, Illichivsk, Shevchenko Str. 2/1 (b) Mr. Ivanov Vladislav Liquidator/Insolvency Manager Phone: 8 (0482) 39-03-08 (c) ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 KELMENETSKIJ SUGAR: Insolvency Manager Takes over Operations ------------------------------------------------------------ The Economic Court of Chernivtsi region commenced bankruptcy proceedings against Kelmenetskij Sugar Plant (code EDRPOU 00373149) on December 14, 2004 after finding the open joint stock company insolvent. The case is docketed as 6/189-121/B. Mr. Volodimir Zavalnyuk (License Number AA 668291) has been appointed liquidator/insolvency manager. The company holds account number 260093463 at OJSC JSB Ukrgazbank, Kamyanets- Podilskij branch, MFO 315320. CONTACT: KELMENETSKIJ SUGAR PLANT 60152, Ukraine, Chernivtsi region, Kelmenetskij district, Nelipivtsi Mr. Volodimir Zavalnyuk, Liquidator/Insolvency Manager 21100, Ukraine, Vinnitsya region, Soborna Str. 52, room 13 Phone: (0432) 52-08-79 ECONOMIC COURT OF CHERNIVTSI REGION 58000, Ukraine, Chernivtsi region, O. Kobilyanska Str. 14 NDM: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on Joint Ukrainian-American Enterprise NDM (code EDRPOU 14306582). The case is docketed as B 40/128/04. Arbitral manager Mr. O. Shikilo (License Number AA 250336) has been appointed temporary insolvency manager. The company holds account number 26006302143279 at Prominvestbank, central city branch of Krivij Rig, MFO 305493. CONTACT: NDM 500099, Ukraine, Dnipropetrovsk region, Krivij Rig, Kalinichenko Str. 4 Mr. O. Shikilo Temporary Insolvency Manager 50029, Ukraine, Dnipropetrovsk region, Krivij Rig, a/b 1325 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a TERMEKS: Succumbs to Insolvency ------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Termeks (code EDRPOU 25494701) on December 23, 2004 after finding the limited liability company insolvent. The case is docketed as 5/420-04. Mr. Vitalij Bolhovitin (License Number AA 630030) has been appointed liquidator/insolvency manager. CONTACT: TERMEKS Ukraine, Vinnitsya region, Soborna Str. 50 Mr. Vitalij Bolhovitin Liquidator/Insolvency Manager Ukraine, Vinnitsya region, Ostrozkij Str. 25/77 Phone: (0432) 52-03-41 ECONOMIC COURT OF VINNITSYA REGION 21100, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 =========================== U N I T E D K I N G D O M =========================== ABENGOA LIMITED: Liquidator Takes over Operations ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Abengoa Limited (In Liquidation) I, F. J. Gray, hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Abengoa Limited, by an order of the court under S138 (5) of the Insolvency Act 1986 on January 5, 2005. A Liquidation Committee was not formed. I do not intend to summon another Meeting to establish a Liquidation Committee unless requested to do so by one-tenth, in value, of the Company's Creditors. F. J. Gray, Liquidator January 18, 2005 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 ALBA AGENCIES: Court Brings in Liquidator ----------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Alba Agencies Limited (In Liquidation) I, F. J. Gray, hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Alba Agencies Limited, by an order of the court under S138 (5) of the Insolvency Act 1986 on January 12, 2005. A Liquidation Committee was not formed. I do not intend to summon another Meeting to establish a Liquidation Committee unless requested to do so by one-tenth, in value, of the Company's Creditors. F. J. Gray, Liquidator January 18, 2005 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 ALLDERS PLC: Administrators Vow to Close Sale this Week ------------------------------------------------------- Kroll Inc., administrators of bankrupt department store group Allders Plc, expects to complete the sale of the troubled retailer this week, Reuters says. Kroll revealed it has received around 36 offers for Allder's 35 outlets. Alastair Beveridge, joint administrator and a Kroll partner, said 35 bids are for selected Allder stores while one offered to acquire the whole business. Kroll is looking for bids of EUR120 million to EUR130 million for the whole group. It recently rejected a EUR70 million offer from turnaround private equity group Alchemy. "It would be nice to complete this week -- if not, next week," Mr. Beveridge said Monday. He said the aim is to get the best deal for Allder' creditors, since Allder's survival is "no longer achievable." Allders has around GBP180 million in bank debt, GBP50 million in trade debt and another GBP50 million in pension liabilities, a source revealed. Allder's biggest creditor is Epsilon Investments Ltd., a consortium led by turnaround specialist Hilco. Hilco bought Lehman Brothers' GBP90 million debt stake in January, thus temporarily disrupting the sale process. Aside from Hilco, Allders also owes a number of creditors: GBP50 million to Barclays; GBP10 million to Minerva; and around GBP1.5 million to Alexon. Allder's 474 pensioners, however, are wary about the sale, since they stand last in line among claimants. Clive Gilchrist, the pensioners' independent trustee, said, "The pensioners involved are clearly not happy." He added future funding into the pensioners scheme depends on the company being sold whole as a going concern. Scarlett Retail, a holding group composed of property firm Minerva, investment bank Lehman Brothers, Mr. Cox and Mr. Green, bought Allders as a going concern in 2003 in a bid to turn around the ailing retailer. Allders operates in the U.K. through 45 strategically located department stores. The group, which was set up in 1862 by Joshua Allders, employs around 5,700 people. CONTACT: ALLDERS PLC 131 Park St. London W1K 7BB Phone: +44-20 7855 3800 Fax: +44-20 7855 3809 Web site: http://www.allders.com KROLL EUROPE 10 Fleet Place London EC4M 7RB Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com HILCO TRADING CO., INC. 5 Revere Dr. Ste. 206 Northbrook IL 60062 Phone: 847-509-1100 Fax: 847-509-1150 Web site: http://www.hilcotrading.com LEHMAN BROTHERS U.K. HOLDINGS LTD. 25 Bank St. London E14 5LE Phone: +44-20-7102-1000 MINERVA PLC 10 Gloucester Place London W1U 8EZ Phone: +44-20-7535-1000 Fax: +44-20-7535-1001 ALEXON GROUP PLC 40-48 Guildford St. Luton LU1 2PB Phone: +44-158-272-3131 Fax: +44-158-224-148 APEX ENGINEERING: Liquidator's Final Report Out February 24 ----------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Apex Engineering Services Limited (In Liquidation) Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Final Meeting of the Creditors of Apex Engineering Services Limited will be held at the offices of French Duncan, 375 West George Street, Glasgow G2 4LW, on February 24, 2005, 12:00 noon, for the purpose of receiving the Liquidator's report on the winding-up and to determine whether the Liquidator be given her release. Annette Menzies, Liquidator January 19, 2005 CONTACT: FRENCH DUNCAN 375 West George Street Glasgow G2 4LH Phone: 0141 221 2984 Fax: 0141 221 2980 E-mail: enquiries@frenchduncan.co.uk Web site: http://www.frenchduncan.co.uk APPLEY LIMITED: Hires Tenon Recovery as Administrator ----------------------------------------------------- Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) have been appointed administrators for Appley Limited. The appointment was made Jan. 26, 2005. CONTACT: TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com BLADESHARP LIMITED: Members Pass Winding-up Resolutions ------------------------------------------------------- At the extraordinary general meeting of the members of Bladesharp Limited (t/a Bowness Reproductions) on Jan. 28, 2005 held at the offices of David Horner & Co., 11 Clifton Moor Business Village, James Nicolson Link, York YO30 4XG, the extraordinary and ordinary resolutions to wind up the company were passed. David Anthony Horner of David Horner & Co, 11 Clifton Moor Business Village, James Nicolson Link, Clifton Moor, York YO30 4XG has been appointed liquidator of the company. CONTACT: DAVID HORNER & CO. 11 Clifton Moor Business Village James Nicolson Link, York YO30 4XG Phone: 01904 479801 Web site: http://www.davidhornerandco.co.uk BOWLES ASSOCIATES: Hires PricewaterhouseCoopers as Liquidator ------------------------------------------------------------- At the meeting of Bowles Associates Limited on Jan. 28, 2005, the special and ordinary resolutions to wind up the company were passed. Richard Setchim and Tim Walsh of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the company. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com BRONZE AGE: Final Creditors Meeting Set Last Week of Month ---------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bronze Age Ltd. (In Liquidation) Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Final Meeting of the Creditors of Bronze Age Ltd. will be held at 1 Royal Terrace, Edinburgh EH7 5AD, on February 25, 2005, 10:00 a.m. for the purposes of receiving the Liquidator's report on the winding-up and to determine whether the Liquidator should be released. T. C. MacLennan, Liquidator CONTACT: TENON RECOVERY One Royal Terrace Edinburgh EH7 5AD Phone: 0131 557 4455 Fax: 0131 556 0662 E-mail: edinburgh@tenongroup.com Web site: http://www.tenongroup.com CB INTERMEDIATE: Calls in Joint Liquidators from PwC ---------------------------------------------------- Name of companies: CB Intermediate Limited CBRE Stewardship Company CB Richard Ellis Commercial Limited At the extraordinary general meeting of these companies on Jan. 31, 2005, the special and ordinary resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CHILDREN'S SURVIVAL: Hires PwC to Liquidate Company --------------------------------------------------- At the extraordinary general meeting of Children's Survival Fund International on Jan. 27, 2005 held at Plumtree Court, London EC4A 4HT, the extraordinary and ordinary resolutions to wind up the company were passed. Ian Christopher Oakley Smith and Adrian Richard Stanway of PricewaterhouseCoopers LLP have been appointed joint liquidators of the company. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CHOICE JEWELLERS: Calls in Liquidator from Berley ------------------------------------------------- At the extraordinary general meeting of Choice Jewellers Limited on Jan. 31, 2005 held at 76 New Cavendish Street, London W1G 9TB, the subjoined extraordinary resolution to wind up the company was passed. Jeremy Berman of Berley, 76 New Cavendish Street, London W1G 9TB has been appointed liquidator of the company. CONTACT: BERLEY 76 New Cavendish Street, London W1G 9TB CYBRIUM LIMITED: Members Decide to Wind up Firm ----------------------------------------------- At the extraordinary general meeting of the members of Cybrium Limited on Jan. 27, 2005 held at 239 London Road, Twickenham, Middlesex TW1 1ES, the special resolution to wind up the company was passed. Andrew John Whelan of Marks Bloom, 60-62 Old London Road, Kingston upon Thames KT2 6QZ has been appointed liquidator of the company. CONTACT: MARKS BLOOM 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ Phone: +44 (0) 20 85499951 Fax: +44 (0) 20 85496218 Web site: http://www.marksbloom.co.uk DAVENPORT INC.: Joint Liquidators from Rothman Pantall Move in -------------------------------------------------------------- At the extraordinary general meeting of Davenport Inc. Limited pm Jan. 31, 2005 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 DEICHER & SON: Hires Begbies Traynor as Liquidator -------------------------------------------------- At the extraordinary general meeting of Deicher & Son Limited on Jan. 27, 2005 held at Prospect House, Footscray High Street, Footscray, Sidcup, Kent DA14 5HN, the subjoined extraordinary resolution to wind up the company was passed. Nedim Patrick Ailyan of Begbies Traynor, Prospect House, Footscray High Street, Footscray, Sidcup, Kent DA14 5HN and David Paul Hudson of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG have been appointed joint liquidators of the company. CONTACT: BEGBIES TRAYNOR Prospect House, Footscray High Street, Footscray, Sidcup, Kent DA14 5HN Phone: 020 8300 5764 Fax: 020 8300 5749 Web site: http://www.begbies.com BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com D. GEAR: Members Call in Liquidator from Piper Thompson ------------------------------------------------------- At the extraordinary general meeting of the members of D. Gear Brickwork Limited on Jan. 31, 2005 held at The offices of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ, the extraordinary resolution to wind up the company was passed. Tony James Thompson of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ has been nominated liquidator of the company. CONTACT: PIPER THOMPSON Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ Phone: 01932855515 DI-COLE: Claims Filing Period Expires Third Week of April --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Di-Cole Clothing 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 Di-Cole Clothing Limited on January 19, 2005 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 19 April 2005, to lodge their claims with me. Graham H. Martin, Interim Liquidator January 19, 2005 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 FIRSTLINE SECURITY: Appoints P. Nottingham Liquidator ----------------------------------------------------- At the extraordinary general meeting of Firstline Security Solutions Limited on Feb. 1, 2005 held at 12 St Paul's Square, Birmingham B3 1RB, the extraordinary and ordinary resolutions to wind up the company were passed. P. Nottingham of Nottingham Watson, of 12 St Paul's Square, Birmingham B3 1RB has been appointed liquidator of the company. FULLCOVER ASSISTANCE: Applies for Liquidation --------------------------------------------- At the extraordinary general meeting of Fullcover Assistance Limited on Jan. 26, 2005 held at Days Hotel, Station Approach, South Ruislip, Middlesex HA4 0HG, the extraordinary resolution to wind up the company was passed. Solomon Cohen has been appointed liquidator of the company. GARDNER SOLUTIONS: Hires Liquidator from Begbies Traynor -------------------------------------------------------- At the extraordinary general meeting of Gardner Solutions Limited (t/a Rainbow International) on Jan. 27, 2005 held at The Bonnington Hotel, 92 Southampt on Row, London WC1B 4BH, the subjoined extraordinary resolution to wind up the company was passed. Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been appointed liquidator of the company. CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com GIIT GUARANTEE: Joint Liquidators from Ernst & Young Move in ------------------------------------------------------------ At the extraordinary general meeting of GIIT Guarantee Limited on Jan. 31, 2005 held at 1 More London Place, London SE1 2AF, the special resolution to wind up the company was passed. Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed joint liquidators of the company. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com GLOW COMMUNICATIONS: Opts for Voluntary Liquidation --------------------------------------------------- At the meeting of creditors held on 3 February 2005, creditors rejected the proposal of the administrator Antony Batty that company voluntary arrangement proposals should be made to creditors and shareholders. Creditors resolved that the company proceed into creditor's voluntary liquidation on or after 24 February 2005, in accordance with Paragraph 83 of Schedule B1 of the Insolvency Act 1986 and that Mr. Stephen Mark Quinn of Baker Tilly be appointed Liquidator. Creditors also resolved that these proposals shall be subject to any modifications or conditions that the Court may approve or impose. The Company is expected to apply for the cancellation of its AIM admission with effect from 10 March 2005. A further announcement will be made in due course. CONTACT: ANTONY BATTY & COMPANY New House Suite 24 67-68 Hatton Garden London EC1N 8JY Contact: Antony Batty Phone: 020 7831 1234 GONEGARDENING LIMITED: Names Citroen Wells Administrator -------------------------------------------------------- Mark Richard Phillips and Murzban Khurshed Mehta (IP Nos 9320, 6224) have been appointed administrators for Gonegardening Limited. The appointment was made Jan. 31, 2005. The company operates specialized stores. Its registered office is located at Devonshire House, 1 Devonshire Street, London W1N 2DR. CONTACT: CITROEN WELLS Devonshire House, 1 Devonshire Street, London W1W 5DR Phone: +44 (0) 20 7304 2000 Fax: +44 (0) 20 7304 2020 Web site: http://www.citroenwells.co.uk HAIDER LIMITED: Appoints Berley Liquidator ------------------------------------------ At the extraordinary general meeting of Haider Limited on Jan. 31, 2005 held at 76 New Cavendish Street, London W1G 9TB, the subjoined extraordinary resolution to wind up the company was passed. Jeremy Berman of Berley, 76 New Cavendish Street, London W1G 9TB has been appointed liquidator of the company. CONTACT: BERLEY 76 New Cavendish Street, London W1G 9TB HEART OF MIDLOTHIAN: Drops Planned Sale of Tynecastle Stadium ------------------------------------------------------------- The Board of Hearts announces that it has on Tuesday exercised its right to withdraw from the agreement for the sale of Tynecastle Stadium to Cala Management Limited, in accordance with the terms of the missives constituting the agreement for sale. The withdrawal follows the Extraordinary General Meeting of the Company on 10 January 2005 that voted by a significant majority in favor of cancellation of the agreement for sale. Following the shareholder vote, the Board of Hearts has now received the comfort it has been seeking as to the financial position of the Company going forward allowing it to determine to withdraw from the agreement. More particularly, the withdrawal follows agreement between The Bank of Scotland and UKIO Bankas whereby UKIO Bankas has become the principal banker to Hearts. The exercise of the right of withdrawal triggers Cala's entitlement to reimbursement of its reasonably incurred costs in connection with the sale agreement, as described in the circular to shareholders dated 19 August, 2004. CONTACT: HEART OF MIDLOTHIAN Niall Scott Phone: 07711 223062 Charlie Mann Phone: 07813 096862 HEART OF MIDLOTHIAN: Names New Non-executive Directors ------------------------------------------------------ The Board of Heart of Midlothian plc announces the resignation of Brian Duffin as a non-executive director of the Company and the appointment of Sergejus Fedotovas, an executive director of Ukio Bankas; Roman Romanov, a member of the board of UKIO Banko Investicine Grupe; and Liutauras Varanavicus, the chairman of the Supervisory Committee of Ukio Bankas and the president of the Lithuanian Football Federation, all with effect from 1 February 2005. In addition, Chris Robinson has resigned as chief executive of Hearts, but remains on the Board as a non-executive director. Mr. Fedotovas has been appointed as acting chief executive pending the recruitment of a permanent replacement for Chris Robinson. Messrs Romanov and Varanavicus will be non-executive directors of the Company. The further information required under paragraph 16.4 of the Listing Rules in respect of the new directors will follow in a separate announcement. Brian Duffin has been a director of Hearts since the flotation of the Company in 1997. Commenting on his decision to resign, Brian Duffin said: "I have greatly enjoyed my time on the Board of Hearts which includes highlights such as the winning of the Scottish Cup in 1998 and the opening of the Youth Academy last year. Hearts is now entering a new age with the involvement of Mr. Romanov and I am very pleased to have played a part in bringing these negotiations to a successful conclusion. I wish Hearts every success in this new era and feel it is time for new members of the Board to take the business forward. Consequently this is an appropriate time for me to stand down." Hearts Chairman, George Foulkes added: "Brian Duffin has provided valuable input to the Board of Hearts as an independent non-executive director for nearly eight years. He has made an enormous contribution, not least in terms of his personal time commitment through many detailed negotiations on behalf of the club, and I am personally grateful for the advice and counsel he has brought to the Board proceedings during my time as Chairman. He assures me he will continue to support Hearts from the stands so he has earned his time on the back benches. "I am also grateful to Chris Robinson for the hard work he has undertaken in assisting the board and ensuring that negotiations with Mr. Romanov have reached their successful conclusion." CONTACT: HEART OF MIDLOTHIAN Sergejus Fedotovas Phone: 0131 200 7200 LIGHTESTATE LIMITED: Joint Liquidators Move in ---------------------------------------------- At the extraordinary general meeting of Lightestate Limited on Feb. 2, 2005 held at 133 Barkers Lane, Bedford MK41 9RX, the subjoined extraordinary resolution to wind up the company was passed. John Michael Munn and Richard John Elwell of Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN have been appointed joint liquidators of the company. CONTACT: ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk MAGIC CAR: Hires Liquidator from A. Segal & Co. ----------------------------------------------- At the extraordinary general meeting of Magic Car Valet Limited on Jan. 27, 2005 held at Albert Chambers, 221-223 Chingford Mount Road, London E4 8LP, the subjoined extraordinary resolution to wind up the company was passed. Richard Andrew Segal of A. Segal & Co, Albert Chambers, 221-223 Chingford Mount Road, London E4 8LP has been appointed liquidator of the company. CONTACT: A. SEGAL & CO. Albert Chambers, 221-223 Chingford Mount Road, London E4 8LP MARCONI CORPORATION: Reports GBP10 Mln Operating Profit ------------------------------------------------------- Marconi Corporation Plc (LSE: MONI, NASDAQ: MRCIY) announced on Feb. 8, 2005 results for the three and nine months ended December 31, 2004. Q3 FY05 Highlights (a) Sales Increase to GBP330 Million (i) Up 8% on Q2 FY05 (GBP305 million); (ii) Up 5% on Q3 FY04 at constant currency (GBP314 million) and 3% on reported basis (Q3 FY04 GBP319 million); (iii) Year-on-year sales increase of 14% in Optical and Access Networks, driven by growth in U.K. and Germany; and (iv) BBRS sales decline to GBP30 million due to lower U.S. Federal Government spending. (b) Continued improvement in Optical and Access Networks delivers group adjusted gross profit[1] of GBP109 million (Q2 FY05 GBP101 million; Q3 FY04 GBP100 million). (c) GBP20 million increase in adjusted gross profit[1] in Optical and Access Networks offset by a decline of GBP8 million in BBRS and GBP3 million in Network Services compared to Q3 FY04. (d) Adjusted Gross Margin[1] 33.0% (Q2 FY05 33.1%; Q3 FY04 31.3%) (i) Increase in adjusted gross margin[1] in Optical and Access Networks to 37.7%, compared to 30.6% in Q3 FY04 (Q2 FY05 35.5%)%; and (ii) Overall group margin impacted by decline in BBRS sales. (e) Continuing progress on profitability, with Group Adjusted Operating Profit after central costs of GBP10 million (i) Improvement in Optical and Access Networks adjusted operating profit[2] GBP11 million (Q2 FY05 GBP4 million loss, Q3 FY04 GBP9 million loss); and (ii) Tight cost control; adjusted operating expenses[2] maintained at GBP99 million. (f) Major Contract Wins and Partnerships (i) T-Com and Bulldog represent new strategic wins for Optical and Access Networks; (ii) Energis, Tube Lines and a large Government defense organization in the Middle East contribute to Network Services orders; (iii) Huawei partnership agreement provides new growth opportunities; (iv) Book-to-bill 1.04[3] (Q2 FY05 1.07; Q3 FY04 1.00) (v) Cash balance remains strong, with operating cash inflow of GBP8 million and net cash of GBP311 million at December 31, 2004. Revised Outlook for FY05 (a) Mid single-digit sales growth expected for the full year FY05 on a constant currency basis; and (b) Adjusted gross margin for the full year FY05 towards the lower end of a 33-34% range. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Stated after cost reclassification and before exceptional items; [2] Stated before share option costs, exceptional items and goodwill amortization; [3] Book-to-bill is the ratio of order intake divided by level of sales in any given period. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Mike Parton, CEO of Marconi, said: "We are very pleased with the progress that we have made in winning significant new business and driving top line growth, especially in Optical and Access Networks. Pipeline opportunities give U.S. confidence that we can continue to grow sales against a backdrop of fierce pricing pressure in a competitive market place." The full copy of Marconi's third quarter results can be viewed free of charge at http://bankrupt.com/misc/marconi_3q2004.htm. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com Press Enquiries David Beck Phone: 0207 306 1490 E-mail: david.beck@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com Karen Keyes Phone: 0207 306 1345 E-mail: karen.keyes@marconi.com MICHAEL GREEN: Appoints Administrator from Valentine & Co. ---------------------------------------------------------- R. Valentine has been appointed administrator for Michael Green Plant Ltd. The appointment was made Jan. 28, 2005. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com NATURAL OPTIONS: Calls in Administrators from Numerica ------------------------------------------------------ Maurice Moses and Simon Elliott Glyn (IP Nos 005542, 009159) have been appointed administrators for Natural Options Health Products Limited. The appointment was made Jan. 31, 2005. The company manufactures and distributes pharmaceutical products. CONTACT: NUMERICA PO Box 2653, 66 Wigmore Street, London W1A 3RT Phone: 020 7467 4000 Fax: 020 7284 4995 Web site: http://www.numerica.biz PASHMINA RESTAURANT: Calls in Joint Administrators -------------------------------------------------- Nimish Patel and Devdutt Patel (IP Nos 8679, 8668) have been appointed joint administrators for Pashmina Restaurant Riverside Limited. The appointment was made Jan. 21, 2005. The company prepares and supplies Indian food. Its registered office is located at RE10, Trinity House, Heather Park Drive, Wembley, Middlesex HA0 1SU. CONTACT: RE10 Trinity House, Heather Park Drive, Wembley, Middlesex HA0 1SU Helpline: 870 787 2346 Web site: http://www.re10.co.uk PILOT CLOTHING: Creditors Meeting Set Next Week ----------------------------------------------- The creditors of Pilot Clothing Limited will meet on Feb. 18, 2005 at 11:00 a.m. It will be held at The Bryanston Room, The Mostyn Hotel, Bryanston Street, London W1H 7BY. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Leonard Curtis & Co, One Great Cumberland Place, Marble Arch, London W1H 7LW not later than Feb. 17, 2005. CONTACT: LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Phone: 020 7535 7000 Fax: 020 7723 6059 E-mail: solutions@leonardcurtis.co.uk Web site: http://www.leonardcurtis.co.uk RENT-IT-ALL LIMITED: Appoints Robson Rhodes Administrator --------------------------------------------------------- Matthew Dunham and Geoffrey Paul Rowley (IP Nos 8376, 8919) have been appointed joint administrators for Rent-It-All Limited. The appointment was made Jan. 24, 2005. Its registered office is located at 55 Queen Street, Salford, Lancashire M3 7DQ. CONTACT: RSM ROBSON RHODES LLP Colwyn Chambers, 19 York Street, Manchester M2 3BA Phone: +44 (0) 161 236 3777 Fax: +44 (0) 161 455 3444 Web site: http://www.robsonrhodes.co.uk SUSSEX PHARMACEUTICAL: Hires Numerica as Administrator ------------------------------------------------------ Maurice Moses and Simon Elliott Glyn (IP Nos 005542, 009159) have been appointed joint administrators for Sussex Pharmaceutical Limited. The appointment was made Jan. 31, 2005. The company manufactures and distributes pharmaceutical products. CONTACT: NUMERICA PO Box 2653, 66 Wigmore Street, London W1A 3RT Phone: 020 7467 4000 Fax: 020 7284 4995 Web site: http://www.numerica.biz T.E.A.M ENGINEERING: Names Milner Boardman Administrator -------------------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been appointed joint administrators for T.E.A.M Engineering Limited. The appointment was made Feb. 1, 2005. The company is engaged in other business activities. Its registered office is located at 116 Duke Street, Liverpool L1 5JW. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk * FSCS Declares Five Companies in Default ----------------------------------------- Consumers may be entitled to compensation of up to GBP48,000 if they have lost money as a result of their dealings with any one of five firms recently declared in default by the Financial Services Compensation Scheme. FSCS is the U.K.'s statutory fund of last resort for customers of regulated financial services firms. "It is important that consumers know where to turn if they have lost money and the firm can't pay," says Loretta Minghella, Chief Executive. "If they have had dealings with one of these firms, we may be able to help." Declaring a firm in default opens the way for customers who have lost money, as a result of dealings with such a firm, to make a claim for compensation to FSCS. It is the final part of a process whereby a regulated firm (for example, a financial adviser) is deemed by FSCS to be unable to pay claims for compensation against it. U.K.'s independent financial watchdog, the Financial Services Authority regulates financial services firms. Consumers who believe they may have a claim should contact the Scheme on 020 7892 7300. The service is free. The limit for investment compensation is GBP48,000. FSCS covers: (a) Investments, (b) Deposits, (c) Insurance, (d) Mortgage advice and arranging (since October 31, 2004), and (e) Advice about general insurance and the arranging of policies (since January 14, 2004) Default Declarations by FSCS North West (a) Edwin Hodgson Limited (in Liquidation), Preston PR3 6AJ (b) Crumpsall Insurance Services Limited, Manchester M8 6SF South East (c) Anthony Howard Easton, formerly trading as Hatton Financial Services, Winchester SO22 4JL (d) York Pollard Limited, Epsom KT17 1HH South West Ashford Parker Limited, Cheltenham GL53 3TX CONTACT: FINANCIAL SERVICES COMPENSATION SCHEME 7th Floor Lloyds Chambers 1 Portsoken Street London E1 8BN E-mail enquiries@fscs.org.uk Web site: http://www.fscs.org.uk Phone: +44 (0) 20 7892 7300 Fax: + 44 (0) 20 7892 7301 Web site: http://www.fscs.org.uk Suzette Browne Phone: 020 7892 7372 E-mail: Suzette.Browne@fscs.org.uk Heather Tilston Phone: 020 7892 7370 E-mail: H.Tilston@fscs.org.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe and Julybien Atadero, Editors. Copyright 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. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *