/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050222.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, February 22, 2005, Vol. 6, No. 37 Headlines F R A N C E EURO DISNEY: Declares Latest Capital Increase a Huge Success G E R M A N Y BORUSSIA DORTMUND: Creditors Defer Debt Repayment BURGER PERSONALMANAGEMENT: Under Bankruptcy Administration CHAUFFEUR-SERVICE: Creditors Claims Due Next Month EMR AUGUST: Provisional Administrator Takes over Operations FLORTRANS GMBH: Gives Creditors Until Next Month to File Claims PRIMACOM AG: Senior Lenders Okay Multikabel Sale RELAX SPORTCENTER: Court-appointed Administrator Takes over Helm SO-PO MOBEL: Applies for Bankruptcy Proceedings W & S HAUSTECHNIK: Court Accepts Bankruptcy Application I T A L Y ALITALIA SPA: E.C. Drafts Ernst & Young to Help Probe Rehab Plan FINMATICA SPA: Fitch Withdraws Senior Unsecured Debt Rating TISCALI SPA: 4th-quarter EBITDA up 16% Year-on-year K Y R G Y Z S T A N BALGART-SUU: Under Bankruptcy Supervision BAZARKORGON MEENET: Claims Filing Period Expires April ELIS: Sets Creditors Meeting Friday KANTSKI ZAVOD: Calls General Meeting of Creditors KOCHKORBAYEVA: To Hold Public Auction Next Week N E T H E R L A N D S EXIDE GLOBAL: Moody's Rates Proposed Senior Unsecured Notes Caa1 KENDION N.V.: Net Loss Narrows to EUR12.9 Million P O L A N D ELEKTRIM SA: Alstom Lodges Bankruptcy Petition R U S S I A AGRO-PLATAVA CRYSTAL: Proofs of Claim Deadline Expires March ALAPAEVSKIY MACHINE-TOOL: External Management Procedure Begins AMUR-PORT: Gives Creditors Until March to File Claims ATLASOVO: Insolvency Manager to Temporarily Oversee Operations BELOGORSK-GAS: Bankruptcy Hearing Resumes May DALNEVOSTOCHNYJ COMMERCIAL: Under Bankruptcy Supervision DON-AIR-CENTRE: Voronezh Court Opens Bankruptcy Proceedings LERMONTOVSKAYA ORE-MINING: Claims Filing Deadline March 29 METROMEDIA INTERNATIONAL: Selling PeterStar for US$215 Million MOSCOW TRACT: Creditors Have Until Next Month to File Claims YUKOS OIL: Posts Claims Category, Treatment Under Chap. 11 Plan YUKOS OIL: Files Statement of Financial Affairs YUKOS OIL: Releases Schedules of Assets and Liabilities ZEYA: Hires A. Shilova as Insolvency Manager S W I T Z E R L A N D SWISS INTERNATIONAL: To Disconnect 3 of 4 Call Centers U K R A I N E BUDMATERIALI: Declared Insolvent GRIFON: Odesa Court Opens Bankruptcy Proceedings KRASNENSKIJ BREAD: Court-appointed Insolvency Manager Moves in MARIUPOL PHARMACEUTICAL: Court Grants Debt Moratorium Request METALURGBUD: Insolvency Manager Takes over Operations U N I T E D K I N G D O M ABBEY COLLECTIONS: Hires Parkin S. Booth to Liquidate Assets ABC PROMOTIONAL: Sets Members Final Meeting March ASLIB: Former CEO Revives Publisher BACKMILL LIMITED: Appoints Valentine & Co. Liquidator BARCONTEK LIMITED: Names Bishop Fleming Liquidator BARINT LIMITED: Calls in Liquidator from S. C. Banister B.K.M. SCAFFOLDING: Shareholders Opt to Liquidate Company B & O (UK): Members Pass Winding-up Resolutions BROADWAY COMMUNICATIONS: Falls into Administration BUDABING LIMITED: Hires Tenon Recovery as Liquidator CLIVEDEN CLUB: Calls in Liquidators from Ernst & Young CONFEDERATION U.K.: Calls Members General Meeting COUTTS PRECISION: Liquidator's Final Report Out Next Month DENEBROOK FINANCIAL: Calls Liquidator from Poppleton & Appleby D E TUCKER: Members Opt for Liquidation EAST YORKSHIRE: Hires P&A Partnership to Liquidate Business ECONOS CONSULTING: Liquidator Calls Final Members Meeting EDINGTON CREDIT: Appoints KPMG Liquidator EFFICIENT TRADING: Members Bring in Liquidator E & G SUPPLIES: Creditors Appoint Liquidator EUROTUNNEL PLC: Jacques Gounon Succeeds Chairman Jacques Maillot FOXSEAL (UK): Members Decide to Wind up Firm GEOMARINE LIMITED: Appoints BRI Business Recovery Administrator HOSTAPHAN UK: Calls in Liquidators from Begbies Traynor LAZARI LIMITED: Creditors Appoint Liquidator LEC MARINE: Names Smith & Williamson Administrator MARK COLEMAN: Hires Liquidator from Kroll Limited MEGA FORREST: Liquidator from Begbies Traynor Steps in PREMIER FOODS: U.K. Food Agency Orders Worcester Sauce Recall SCI.LANG LIMITED: Final Creditors Meeting Next Week SKIRFARE BUSINESS: Hires Lee & Company as Liquidator TIMBER FRAME: Calls in Joint Administrators from PwC W M ABBOTT: Falls into Administration * Large Companies with Insolvent Balance Sheets ********* =========== F R A N C E =========== EURO DISNEY: Declares Latest Capital Increase a Huge Success ------------------------------------------------------------ Euro Disney S.C.A., operator of Disneyland Resort Paris, announces the success of its EUR253.3 million (issue premium included) share capital increase launched on 20 January. The offering provided existing shareholders the preferential rights to purchase 2.8 billion new shares at EUR0.09 per share. At the closing of the centralization period, total subscriptions exceeded shares offered by approximately 9%, demonstrating investor confidence in the Company's future. About 3.1 billion total shares were subscribed, of which 2.6 billion shares were subscribed on a non-reducible basis and 496.3 million were subscribed on a reducible basis. The method by which applications for reducible shares will be scaled down will be published early next week. The new shares will be admitted to trading on Euronext Paris and Euronext Brussels as from 23 February 2005. The new shares and the new Depositary Receipts will also be admitted to trading on the London Stock Exchange's market for listed securities. Upon final settlement of the share capital increase on 23 February 2005, the Company's restructuring, which was designed to provide liquidity and capital to support operations and fuel future growth, will become fully effective. We are pleased with the strong market response to our equity offering, which we see as a vote of confidence in the Company's growth potential and strategy. Now, our undivided attention turns to the execution of our growth strategy, said Jeffrey R. Speed, Senior Vice President and Chief Financial Officer of Euro Disney S.A.S. Andre Lacroix, Chairman and Chief Executive Officer of Euro Disney S.A.S., added: "We look forward to an exciting future as we begin an unprecedented, multi-year expansion of our resort offering. In April, we will witness the launch of Space Mountain: Mission 2, followed by our Summer Magic Celebration honoring the 50th Anniversary of The Disneyland Resort in California. Each of the years 2006, 2007 and 2008 will bring even more rides and attractions to our Resort. These investments, combined with an innovative marketing and sales strategy should set the foundation for sustained and profitable growth." Euro Disney S.C.A. and its subsidiaries operate the Disneyland Resort Paris which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels with approximately 5,800 rooms (excluding 2,033 additional third-party rooms located on the site), two convention centers, Disney Village (a dining, shopping and entertainment center) and a 27-hole golf facility. The Group's operating activities also include the management and development of the 2,000-hectare site, which currently includes approximately 1,000 hectares of undeveloped land. Euro Disney S.C.A.'s shares trade in Paris (SRD), London and Brussels. * * * These materials are not an offer to sell or a solicitation to buy any securities in the rights offering in France, the United States or any other jurisdiction. The rights offering will be made only by means of an offering document complying with the applicable securities laws of the jurisdiction or jurisdictions in which such rights offering shall be made. The securities offered in the rights offering have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or in any other jurisdiction absent registration, an applicable exemption from registration requirements or qualification under the applicable securities laws of such jurisdiction. CORPORATE: EURO DISNEY Corporate Communication Pieter Boterman Phone: +331 64 74 59 50 Fax: +331 64 74 59 69 E-mail: pieter.boterman@disney.com Investor Relations Fiona Lord Duarte Phone: +331 64 74 58 55 Fax: +331 64 74 56 36 E-mail: fiona.lord.duarte@disney.com ============= G E R M A N Y ============= BORUSSIA DORTMUND: Creditors Defer Debt Repayment ------------------------------------------------- Troubled soccer club Borussia Dortmund has reached an agreement with creditors that could avert its fall into bankruptcy, Associated Press WorldStream says. Creditors on Friday deferred until 2006 to 2007 the payment of Borussia's debt and promised to provide the loss-making club short-term loans to pay players salaries. The agreement, however, would take effect only if fund investors approve the restructuring of Westfallen stadium, the club's headquarters. Borussia sold Westfallen to the fund in 2003 in a leaseback deal and has failed to cover some rent payments. The club is now trying to repurchase the stadium with aid from creditors. Borussia Dortmund recently booked EUR27 million in operating loss for the second half of 2004 and it now expects full-year operating loss to swell to EUR68.8 million. Including last year's loss of EUR73.3 million, Borussia's total deficit now amounts to EUR142.1 million or 79% of its paid-up capital. The only publicly listed football club in Germany, Borussia is suffering from thinning television income and bloated payroll. The 95-year-old club currently ranks 11th in the 18- team Bundesliga. CONTACT: BORUSSIA DORTMUND GMBH & CO. KGAA Rheinlanddamm 207-209 44137 Dortmund Phone: +49 (2 31) 9 02 00 Web site: http://www.borussia-dortmund.de BURGER PERSONALMANAGEMENT: Under Bankruptcy Administration ---------------------------------------------------------- The district court of Munich opened bankruptcy proceedings against Burger Personalmanagement GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2005 to register their claims with court-appointed provisional administrator Dr. Martin Prager. Creditors and other interested parties are encouraged to attend the meeting on April 6, 2005, 9:10 a.m. at Infanteriestr. 5, Sitzungssaal 102 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: BURGER PERSONALMANAGEMENT GMBH Rosenheimer Str. 52 in 81669 Munchen Dr. Martin Prager, Insolvency Manager Barthstr. 16, 80339 Munchen Phone: 089/8589633 Fax: 089/85896350 CHAUFFEUR-SERVICE: Creditors Claims Due Next Month -------------------------------------------------- The district court of Munchen opened bankruptcy proceedings against Chaufferu-Service Groh GmbH on Jan. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 18, 2005 to register their claims with court-appointed provisional administrator Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting on April 18, 2005, 9:10 a.m. at Infanteriestr. 5, Sitzungssaal 102 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: CHAUFFEUR-SERVICE GROH GMBH Dachauer Str. 203-207 in 80637 Munchen Christian Gerloff, Insolvency Manager Nymphenburger Str. 139, 80636 Munchen Phone: 089/120260 Fax: 089/12026137 EMR AUGUST: Provisional Administrator Takes over Operations ----------------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against EMR August Dornemann GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 14, 2005 to register their claims with court-appointed provisional administrator Wolfgang Lorisch. Creditors and other interested parties are encouraged to attend the meeting on April 12, 2005 at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29 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: EMR AUGUST DORNEMANN GMBH Hertener Str. 34, 45657 Recklinghausen Contact: Klaus-Friedrich Dornemann, Manager Hertener Str. 34, 45657 Recklinghausen Wolfgang Lorisch, Insolvency Manager Kurt-Schumacher-Strasse 48, 45699 Herten Phone: 02366/10820 Fax: 02366 108282 FLORTRANS GMBH: Gives Creditors Until Next Month to File Claims --------------------------------------------------------------- The district court of Friedberg (Hessen) opened bankruptcy proceedings against FlorTrans GmbH on Jan. 26. 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 FlorTrans GmbH. Creditors and other interested parties are encouraged to attend the meeting on March 21, 2005, 2:00 p.m. 2. OG, Zimmer 235, Amtsgerichtsgebaude, Homburger Strasse 18, 61169 Friedberg (Hessen) 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: FLORTRANS GMBH Contact: Sabine Meermann-Enders, Manager Wickstadter Strasse 84, 61197 Florstadt Udo Schwab, Insolvency Manager Poststrasse 1, 35410 Hungen Phone: 06402/5213-0 Fax: 06402/5213-33 PRIMACOM AG: Senior Lenders Okay Multikabel Sale ------------------------------------------------ The required majority of senior lenders have agreed to the sale of Multikabel, a 100% PrimaCom affiliate. The firm's restructuring process continues. With the sale of Multikabel, its first-class secured loan liabilities were reduced and the company was discharged of interest and amortization payments. * * * Primacom is a significant private cable network operator with over 5% market share in Germany and the Netherlands. It offers a wide range of analog, digital and interactive broadband services. Customers, connected to the upgraded 862 MHz networks, have access to more than 100 TV and radio programs, to interactive Video on Demand, and to high speed Internet. It passes two million homes and serves 1.3 million subscribers, 1.0 million in Germany and 300,000 in the Netherlands PrimaCom AG Management Board CONTACT: PRIMACOM AG Investor Relations Phone: +49 (0) 6131 - 944 522 Fax: +49 (0) 6131 - 944 508 E-mail: investor@primacom.de Web site: http://www.primacom.de RELAX SPORTCENTER: Court-appointed Administrator Takes over Helm ---------------------------------------------------------------- The district court of Magdeburg opened bankruptcy proceedings against Relax Sportcenter Schonebeck GmbH on Jan. 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 4, 2005 to register their claims with court-appointed provisional administrator Arne Brumm. Creditors and other interested parties are encouraged to attend the meeting on March 31, 2005, 10:20 a.m. at Saal E, Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: RELAX SPORTCENTER SCHONEBECK GMBH Stadionstr. 19, 39218 Schonebeck Contact: Cornelia Tiedemann, Manager Elbweg 23, 39218 Schonebeck Thomas Emmrich, Manager Neptunweg 16, 39118 Magdeburg Arne Brumm, Insolvency Manager Jahnring 29, 39104 Magdeburg Phone: 0391/5971240 Fax: 0391/5971241 SO-PO MOBEL: Applies for Bankruptcy Proceedings ----------------------------------------------- The district court of Bonn opened bankruptcy proceedings against SO-PO Mobel- und Sonderpostenmarkt GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 11, 2005 to register their claims with court-appointed provisional administrator Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting on April 21, 2005, 10:30 a.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, Zimmer W 1.24 C 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: SO-PO MOBEL- UND SONDERPOSTENMARKT GMBH Schladernerstr. 32, 51545 Waldbrol Contact: Udo Ruckerl, Manager Falkenweg 26, 51570 Windeck Karl-Dieter Sommerfeld, Insolvency Manager Hammerweg 3, 51766 Engelskirchen-Runderoth Phone: 02263/9039-0 Fax: 02263/9039-10 W & S HAUSTECHNIK: Court Accepts Bankruptcy Application ------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against W&S Haustechnik GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 11, 2005 to register their claims with court-appointed provisional administrator Peter Staroselski. Creditors and other interested parties are encouraged to attend the meeting on April 11, 2005, 9:45 a.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.17 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: W & S HAUSTECHNIK GMBH Heizung-Sanitar-Solar Pappelweg 144, 53177 Bonn Contact: Roland Hase, Manager Pappelweg 144, 53177 Bonn Peter Staroselski, Insolvency Manager Godesberger Allee 125-127, 53175 Bonn Phone: 8100045 Fax: 8100020 ========= I T A L Y ========= ALITALIA SPA: E.C. Drafts Ernst & Young to Help Probe Rehab Plan ---------------------------------------------------------------- The European Commission reportedly hired the services of auditing firm Ernst & Young in its in-depth probe on Alitalia rescue plan, Il Sole 24 Ore says. Ernst & Young will reportedly serve as the regulator's consultant in the ongoing probe, which is trying to sift traces of illegal state aid in Alitalia's 2005-2008 business plan. The E.C. expressed concerned that state holding group Fintecna would acquire 51% of AZ Servizi, Alitalia's new ground services subsidiary, instead of the proposed 49%. European Union transport commissioner Jacques Barrot, in a letter to Italy, alleged AZ Servizi would absorb Alitalia's debt, thereby suffering an instant loss of EUR122 million for 2005 to 2007. The transaction has raised fears that the government, through Fintecna, would be rescuing the troubled carrier. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it FINMATICA SPA: Fitch Withdraws Senior Unsecured Debt Rating ----------------------------------------------------------- Fitch Ratings withdrew the 'D' Senior Unsecured Debt and 'D' Short-term ratings of Finmatica S.p.A., in accordance with the agency's policy on withdrawal of ratings applied to defaulted securities. Fitch will no longer provide analytical coverage of this issuer. CONTACT: FITCH RATINGS Elisabetta Zorzi, Milan Phone: +39 02 8790 87213 Stuart Reid, London Phone: +44 (0) 20 7417 4323 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 FINMATICA S.p.A. Via Cadolini, 26 20137 Milan, Italy Phone: +39-02-54-04-31 Fax: +39-02-54-05-00-49 Web site: http://www.finmaticaspa.com TISCALI SPA: 4th-quarter EBITDA up 16% Year-on-year --------------------------------------------------- The Group achieved its key operating and financial targets for Q4 FY2004: (a) Revenues totaled EUR266.6 million, 16% higher than in the fourth quarter of 2003 on a comparable* basis and 4% ahead, on a comparable basis, QoQ. This advance took full-year revenues to EUR1,075.3 million, equivalent to a 23% increase on FY03; (b) EBITDA totaled EUR33.4 million, or 13% of revenues, 16% ahead, on a comparable basis, of the fourth-quarter 2003 figure and 35% ahead, on a comparable basis, QoQ. Full-year EBITDA totaled EUR107.3 million (10% of revenues) 36% ahead, on a comparable basis, of the prior-year figure (c) EUR7.9 million free cash flow. Strong improvement of net financial position (+72.8 million EUR in the quarter) resulting from implementation of the first steps of the strategic and financial plan; (d) The Group closed the year with 1.65 million ADSL users, of which 330,000 were using unbundled services; (e) Proceeds in excess of EUR170 million have been raised by the sale of non-core group assets and by the EUR50 million capital increase concluded in December. The business and financial plan will be approved by mid March. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * All % comparisons are presented on a comparable basis, i.e. assuming the same consolidation perimeter - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Tiscali's board of directors has approved the 4Q04 results. The results show that targets set for sales, profitability, ADSL user numbers and cash flow generation in the financial year just ended have all been met. The fourth quarter also saw an improvement of the EBITDA margin and the continuation of the non-core asset disposals program begun in the third quarter, inline with the strategic plan and the Group's refocusing on those markets offering greater potential for growth. The sale of the Belgian and Danish subsidiaries, for EUR19 million and EUR20.7 million respectively, together with funds raised with capital increase took the proceeds of disposals over EUR170 million. The next steps currently being finalized will allow completion of the financial plan in order to reimburse the debt and to support further growth. Revenues and Gross Profit The total revenues of the Tiscali group in 4Q04 came to EUR266.6 million, up 7% on 4Q03 in nominal terms (+16% like-for-like, that is, adjusted for the change in consolidation area after the disposal of the Austrian, Norwegian, Swedish and Swiss subsidiaries in the course of the quarter) and up 4%, on a like- for-like, same group structure basis, on 3Q04. At the end of December the Group had a total of 1.65 million ADSL users, compared with a total of 840,000 at the end of FY03 (+97%). The Group gained 110,000 new users in the quarter just ended, 7% more than in the previous quarter. Active users totaled 7.4 million, 5.7 million of which were dial-up customers. The shrinkage in the dial-up user base since the third quarter reflects the new, slimmed-down structure of the consolidated group as well as user migration to ADSL, in line with the Group's strategic focus on promoting broadband usage. Unbundled services were launched in Italy and France in the course of the fourth quarter and at the end of December around 330,000 ADSL customers were receiving unbundled services. An ever increasing number of customers is expected to switch over to ADSL, migrating from wholesale tariffs to unbundled services, thanks to the launch of the double play (data and voice) services already available in France and the Germany and other new services and content. Access revenues were 11% higher than in 4Q03, at EUR181.1 million (68% of total revenues), and broadly stable compared with the previous quarter, after adjustments for the exit of Austria, Norway, Sweden and Switzerland from the consolidated group, 19% ahead, in like-for-like terms, of the fourth-quarter 2003 figure. ADSL revenues in the quarter came out at EUR86.3 million (48% of access revenues), more than doubled compared to the EUR39.5 million (24% of access revenues) recorded in 4Q03 and 7% ahead of the EUR80.9 million (44% of access revenues) booked in 3Q04. Dial-up revenues were hurt by declines in both user numbers and online minutes. The group's most active dialup users have switched to broadband services. At EUR94.8 million, dial-up revenues were equivalent to 52% of total access revenues, reflecting the increasing weight of ADSL and the marked change in the access revenue mix. Revenues from business services totaled EUR48.2 million, or 18% of revenues. This marks a decline on both 4Q03 (-3.8%) and 3Q04 (-9%), which is mainly attributable to the sale of the group's subsidiary in Austria, where business clients generated a large proportion of sales. On a like-for-like basis, business services revenues were 8% ahead compared with 4Q03 and remained stable regarding the previous quarter. Voice revenues were up 5% on the fourth quarter of 2003, at EUR22.2 million (8% of total revenues), and slightly down on the previous quarter. On a like-for-like basis, voice revenues increased by 8% respect to 4Q03 and remained stable regarding the previous quarter. Portal revenues were EUR12.7 million, or 5% of total revenues, moving up 2% on the prior-year quarter and 21% on the previous quarter. On a like-for-like basis, portal revenues were 7% higher than 4Q03 figures and registered a significant increase of 25% regarding the previous quarter. This rise reflects both an upturn in the advertising sector and the positive calendar effects typical of the closing months of the year. The last quarter of 2004 saw Tiscali confirmed as one of Europe's leading Web properties, with over 23 million unique visitors in December 2004, a 34% increase on December 2003. The gross profit in the last quarter of the year amounted to EUR114.4 million (43% of revenues) on a like-for-like basis an increase of 6% on the previous quarter. The result, in spite of a decline compared to 4Q03 both in absolute terms and as a percentage of revenues (51%), mainly due to the margin of wholesale ADSL product, marks an important change in the trend of the gross profit. The result confirms the effectiveness of the strategy and the success of Tiscali's business model with the conversion of the group's ADSL user base from wholesale tariffs to unbundled services. Even if progression from wholesale towards unbundling is currently discrete, it has very optimistic economic perspectives. Operating Performance Operating costs down as a proportion of revenues 4Q04 operating costs, at EUR81.1 million, were lower than in 4Q03 both in absolute terms (-7%) and as a percentage of revenues, falling from 40% in 4Q03 to 30% in 4Q04. Operating costs were also down in absolute terms (-7%) and as a percentage of revenues (from 32% to 30%) relative to the previous quarter. This reduction in operating costs as a proportion of revenues is attributable to lower personnel costs and a revision of marketing strategy as well as to the change in consolidation area of the fourth quarter 2004. Operating Costs Break down as: (a) marketing costs totaled EUR22.8 million (9% of revenues), down 39% on 4Q03 (15% of revenues) and 17% on the previous quarter (10% of revenues). This lesser burden of marketing costs reflects a redistribution of investments over the year: investment will be higher in the first quarter of 2005 as the Group focuses its efforts on promoting unbundled ADSL and voice (VoIP) services; (b) personnel costs came to EUR38.6 million (14% of revenues), up 4% on 4Q03 (15% of revenues) in absolute terms, but 4% lower than in the previous quarter, with little change in their weighting in revenues; and (c) general and administrative costs totaled EUR19.6 million (7% of revenues), down 23% in absolute terms on 4Q03 (10% of revenues) stable compared to the previous quarter (7% of revenues). Fourth-quarter EBITDA was up 21% in absolute terms at EUR33.4 million (12.5% of revenues), from EUR27.6 million in 4Q03, a 16% increase in like-for-like terms; EBITDA was also up (+30%) on the same period in 2003, when a figure of EUR25.7 million was recorded, thanks to the reduction in operating costs, and especially sales and marketing costs. The quarter has registered a strong increase of the profitability (+35% like-for-like) in spite of the change in the consolidation area. Depreciation, amortization and provisions totaled EUR53.0 million, compared with EUR105.3 million in the same quarter of 2003. This decline, which was achieved despite greater investment, is mainly due to the major depreciations carried out during the fourth quarter 2003. The figure is also affected by the lower goodwill amortization, following a review of its residual useful life and the harmonization of depreciation rates for tangible assets undertaken on 31 December 2003. The figure represents flat growth on the EUR57.6 million registered in 3Q04, which incorporated higher provisions. Depreciation of tangible assets totaled EUR17.1 million in the last quarter of the year, while amortization of intangible assets came to EUR28.9 million, of which EUR 13 million related to goodwill. The loss at EBIT level was EUR19.6 million, compared with losses of EUR77.7 million in the prior-year quarter and EUR31.8 million in the previous quarter. The group's pre-tax (EBT) loss was EUR55.9 million in the quarter, down (-30%) on the pre-tax loss of EUR80.3 million booked in the fourth quarter of 2003. Financial Resources and Debt: Cash Flow Generation Target Achieved For the first time since its incorporation, the Tiscali Group recorded positive cash flows -- EUR 7.9 million excluding extraordinaries linked to the Belgian disposal (EUR19 million) and the 5% increase in company capital (EUR45.9 million net) concluded in December 2004, which together would take cash flows in the quarter to EUR72.8 million. This marked improvement in the Group's cash flows relative to both the same quarter of 2003 (when cash flows were a negative EUR45 million) and the previous quarter of 2004 (negative cash flows of EUR37.3 million) is a reflection of its improved operating performance and better working capital management. In the last quarter of 2004, the cash out related to the investment activities is EUR10 million. Financial charges generated a cash out at EUR4.5 million in the quarter, were broadly in line with the same quarter of 2003 (corresponding to quarterly interest on bonds maturing in July 2005) but lower than the financial charges booked in the third quarter, since these included annual interest paid on bonds that matured in July 2004 and those maturing in September 2006. At the full-year close, the Tiscali group had liquid financial assets of EUR204.0 million, while net debt, exclusive of leasing and other payables, stood at EUR317.3 million. The table, which sets out the Group's cash and debt position at 31 December 2004 and movements relative to preceding quarters, shows clearly the changes since 31 December 2003, specifically the reduction in receivables and the escrow account, the repayment of the remaining part of the bonds maturing in 2004, and the receipt of part of the proceeds raised on the disposal of non-core assets (around EUR45 million). CONTACT: TISCALI S.p.A. Sa Illetta 09122 Cagliari Italy Web site: http://www.tiscali.com Investor Relations Phone: +39 02 309011 E-mail: ir@tiscali.com =================== K Y R G Y Z S T A N =================== BALGART-SUU: Under Bankruptcy Supervision ----------------------------------------- The Issyk-Kul Inter-Regional Court commenced bankruptcy supervision procedure on LLC Balgart-Suu on January 12, 2005 and appointed Mr. Beishenaly Kaldybayev (License Number 010) temporary insolvency manager on Feb. 4, 2005. The case is docketed as 03-132/M-2004. Creditors will meet on February 28, 2005, 10:00 a.m. at Karakol, Oktyabrskaya Str. 27. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: Mr. Beishenaly Kaldybayev Temporary Insolvency Manager Karakol, Oktyabrskaya Str. 27 Phone: (0-39-22) 2-22-04 BAZARKORGON MEENET: Claims Filing Period Expires April ------------------------------------------------------ JSC Bazarkorgon Meenet, which recently became insolvent, will accept all proofs of claim until April 15, 2005. Claims must be mailed to Djalal-Abad region, Bazarkorgon, Osmonova Str. 15. For more information, call (0-502) 44-71-97. ELIS: Sets Creditors Meeting Friday ----------------------------------- The Issyk-Kul Inter-Regional Court commenced bankruptcy supervision procedure on LLC Elis and appointed Mr. Beishenaly Kaldybayev (License Number 010) temporary insolvency manager on Feb. 4, 2005. The case is docketed as 03-140/M-2004. Creditors will meet on February 25, 2005, 10:00 a.m. at Karakol, Oktyabrskaya Str. 27. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: Mr. Beishenaly Kaldybayev Temporary Insolvency Manager Karakol, Oktyabrskaya Str. 27 Phone: (0-39-22) 2-22-04 KANTSKI ZAVOD: Calls General Meeting of Creditors ------------------------------------------------- OJSC Kantski Zavod MVM will hold a general creditors meeting on March 7, 2005, 10:00 a.m. at Kant, East Industry Zone. Agenda: (a) Approval of the 2004 report of Board of Directors; (b) Approval of the 2004 annual report; (c) Election of the members of Board's Directors; (d) Election of auditors; (e) Opening of a credit line; (f) Revocation of the decision to rename the company; (g) Others CONTACT: KANTSKI ZAVOD Kant, East Industry Zone KOCHKORBAYEVA: To Hold Public Auction Next Week ----------------------------------------------- The bidding organizer and insolvency manager of Kochkorbayeva will sell its properties on February 28, 2005, 10:00 a.m. at Issyk-Atinsk district, Budenovka, Pushkina Str. 23. For sale is a mechanical workshop with equipment. Starting price is KGS641,542. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the cashier of Kochkorbayeva. Bids must be submitted on or before February 25, 2005, 10:00 a.m. For more information, call (0-502) 60-51-31. ===================== N E T H E R L A N D S ===================== EXIDE GLOBAL: Moody's Rates Proposed Senior Unsecured Notes Caa1 ---------------------------------------------------------------- Moody's Investors Service assigned a Caa1 rating for the proposed US$350 million issuance of senior unsecured notes by Exide Technologies, Inc. The proceeds of these notes will be used primarily for the purpose of repaying approximately US$250 million of term loan indebtedness under the company's existing guaranteed senior secured credit agreement. The approximately US$85 million of excess proceeds expected to be realized after accounting for fees, expenses, and accrued interest will be retained in the company for general corporate purposes. The proposed notes offering should thereby improve Exide's available liquidity to cover increased commodity costs, capital investment, additional restructuring programs, and other operating needs or actions. Moody's confirmed Exide's B1 guaranteed senior secured facility ratings. The confirmations specifically presume that a significant reduction in outstanding term loans will occur as a result of the proposed senior notes issuance. In the event that Exide does not successfully execute the proposed senior notes offering, the guaranteed senior secured debt facility ratings would have to be lowered to B2. Moody's downgraded Exide's senior implied rating by one notch to B2 and its senior unsecured issuer rating by two notches to Caa1. These specific rating actions were taken; the outlook is stable: (a) Assignment of a Caa1 rating for Exide Technologies' US$350 million of proposed unguaranteed senior unsecured notes due 2013, to be issued under Rule 144A with registration rights; (b) Confirmation of the B1 ratings for approximately US$600 million (to be reduced to approximately US$350 million following execution of the proposed senior unsecured notes offering) of guaranteed senior secured bank credit facilities for Exide Technologies and Exide Global Holdings Netherlands CV, consisting of: (c) US$100 million multi-currency shared U.S. and foreign bank revolving credit facility due May 2009; (d) Approximately US$500 million (U.S. dollar equivalent) in aggregate terms loans due May 2010 (consisting of three tranches of debt), to be reduced by an estimated US$250 million from the net proceeds of the proposed senior notes offering on a pro rata basis by tranche and maturity date; (e) Downgrade to B2, from B1, of Exide's senior implied rating; and (f) Downgrade to Caa1, from B2, of Exide's senior unsecured issuer rating. The downgrade of Exide's senior implied rating to B2, from B1, reflects that according to management's base plan the company is not expected realize EBIT coverage of cash interest exceeding a marginal 1.0x level until the fiscal year ending March 2007. The company's weakened operating cash flow performance was brought about by sharply increased lead commodity costs coinciding with the timing of Exide's reorganization, highly competitive industry conditions, and other factors. The unanticipated spike in the price of lead had a severe impact upon cash flows (net impact approximately US$50 million) and working capital (approximately US$100 million increase) during the twelve months ended December 2004. Lead represents about one-third of the company's cost of goods sold. Until recently Exide was also at a notable disadvantage versus competitors due to the company's inability to enter into hedges for its most critical raw material until it emerged from bankruptcy during mid-2004 and was able to locate necessary counter-parties. While Exide has more recently taken a series of effective steps, which are enabling the company to mitigate about 70% of the increased cost of lead, commodity prices today remain high and volatile and continue to impact operating cash flows. Exide also has exposure to certain other commodity prices such as steel. In the event that Exide is unable to achieve the anticipated level of restructuring savings, suffers the loss of a major contract or customer, or is negatively affected by exposure to exchange rates, rising interest rates, sub-optimal weather conditions relating to lead acid battery revenues, or decreased demand in the industries in which Exide operates, the company's future cash flow performance could fall behind base case expectations. Exide additionally faces ongoing pricing pressure from its customers given the highly competitive market environment and continued excess capacity within the battery industry. Exide's North American pension plans are significantly under-funded, with future minimum cash contribution requirements rising to more than US$20 million per year. Exide additionally expects to finalize a temporary waiver received from the IRS regarding the deferral of approximately US$50 million of minimum funding requirements associated with 2003 and 2004, which would require catch-up payments to be paid over the subsequent five-year period. In return, the Pension Benefit Guaranty Corporation (PBGC) is negotiating receipt of secondary liens on certain assets of Exide and its domestic and foreign subsidiaries to cover exposure for the deferred pension payments. The exact scope and terms of the second-liens are currently under negotiation. Exide has not yet identified who will take over as the company's new chief executive officer. The existing CEO previously announced that he plans to step down from his position in April 2005. The downgrade of the senior implied rating to B2, from B1, reflects the issues above which are constraining the company's operating cash flow generation, as well as several more favorable attributes of the company, which are beginning to more effectively offset the negative trends. The proposed transaction will partially refinance the existing credit agreement and thereby result in improved liquidity, a longer- term debt maturity profile, and significant amendments of financial covenants expected to provide 15% or greater cushion versus management's base case projections. Exide will thereby have more flexibility to pursue strategic capital investment, working capital improvement, and additional restructuring efforts. Restructuring programs already implemented or in process should generate annualized cash flow savings that ramp up to more than $30 million by fiscal 2009. Exide's management is confident that the company will be able to mitigate about 70% of future lead price increases through actions to hedge lead spot prices, increase selling prices, reduce working capital turnovers, improve spent battery collection, and generally realize greater benefits from in-house smelting equipment. While the impact of lead prices was a definitive 2004 event with very negative cash flow effects, Exide's performance did notably show improvement year-over-year once the impact of lead was excluded from the analysis. Exide retains #1 or #2 shares in each of its critical markets globally and benefits from meaningful brand recognition in the aftermarkets that it serves. The confirmation of the B1 senior secured bank ratings reflect the anticipated US$250 million reduction in commitments and outstandings following the proposed senior unsecured notes offering, combined with Moody's assessment that the remaining senior secured loan exposure will be well supported by a conservative valuation of the company's assets. The senior secured lenders hold a first priority perfected security interest in all stock, equity interests, tangible and intangible assets and promissory notes of Exide and its domestic subsidiaries, plus up to 65% of the stock of foreign subsidiaries of Exide. The foreign-domiciled facilities are covered by a first priority perfected security interest in all stock, equity interests, promissory notes and tangible and intangible assets of all U.S. and foreign subsidiaries, subject to certain exceptions including the subsidiaries in Asia and Australia/New Zealand. The U.S.-domiciled facilities are guaranteed by all direct and indirect subsidiaries of New Exide. The foreign-domiciled facilities are guaranteed by all direct and indirect subsidiaries of New Exide, including foreign subsidiaries, subject to certain exceptions including the subsidiaries in Asia and Australia/New Zealand. A sharing requirement is also in place which require lenders to purchase and sell their interests in the outstanding loans and unpaid drawings so that each lender shall share pro rata in all outstanding loans and unpaid drawings of each borrower under each tranche in the event of a bankruptcy event of default, the termination by the lenders of the commitments under the multi- currency revolving credit facility, any acceleration of the loans, or the failure by any Borrower to repay any amounts due under any tranche of loans at final stated maturity. The Caa1 rating of Exide's proposed unguaranteed senior unsecured notes reflects their effective subordination to the guaranteed senior secured obligations under the credit agreement, and potentially to second-liens on certain collateral that are likely to be pledged on behalf of the PBGC to support about US$50 million of deferred pension contributions. Moody's notes that in contrast the provisions for the senior secured credit agreement, none of Exide's domestic subsidiaries is expected to initially guarantee the notes since none of these subsidiaries currently has significant assets or operations. Should conditions change, provisions will exist for certain domestic subsidiaries to provide guarantees in the future. Upon closing the proposed senior unsecured notes will be pari passu with Exide's trade payables. Future events that have the potential to lower Exide's outlook or ratings include an inability fully cover cash interest from operations or realize leverage reduction within the time frame estimated; declining margins due to rising commodity prices, poor cost absorption, ineffective restructuring efforts, or other factors; lost customers or market share; poor working capital management; insufficient liquidity, a material acquisition; larger-than-expected environmental liabilities; and/or unfavorable negotiations regarding deferral of certain pension contributions. Future favorable rating events could include the introduction of new battery technologies that enhance net new business prospects, improved working capital management, achievement of actual debt reductions, realization of substantial net proceeds from non-core assets sales applied against outstanding debt; and/or realization of meaningful cash savings following implementation of the company's restructuring programs. Pro forma for the proposed US$350 million senior notes offering and the proposed application of net proceeds, Exide's EBIT coverage of interest fell considerably below 1.0x, and is not expected to reach that minimal target until the fiscal year ending March 2006. Pro forma total debt/EBITDAR leverage was approximately 5.0x including only on-balance sheet obligations, and about 5.9x after treating the present value of operating leases, accounts receivable securitization usage, letters of credit and certain other contingencies as debt. Management's base case covenant plan presents that this all-in ratio will improve to 5.0x or better for the fiscal year ending March 2006. Moody's calculation of EBIT and EBITDA did not include amounts in other income. Exide, headquartered in Lawrenceville, NJ, is one of the largest global manufacturers of lead acid batteries, with net sales approximating US$2.65 billion. The company manufactures and supplies lead acid batteries for transportation and industrial applications worldwide. CONTACT: EXIDE TECHONOLOGIES Crossroads Corporate Center 3150 Brunswick Pike, Suite 230 Lawrenceville, NJ 08648 Phone: +1-609-512-3000 Fax: +1-609-512-3071 Web site: http://www.exideworld.com KENDION N.V.: Net Loss Narrows to EUR12.9 Million ------------------------------------------------- Kendrion N.V. preliminary annual results for 2004 (In millions of euros) 2004 2003 Operating result from core activities (incl. holding costs) increases with 42% 25.6 18.0 Net result from core activities (excluding exceptional items) increases with 94% 9.7 5.0 Net result from non-core activities (1.1) (3.2) Exceptional items: - Net incidental expenses and non-recurring financing costs (5.8) (5.6) - Net book profits, impairment, selling costs for disposed companies (15.7) (101.1) Net result (12.9) (104.9) Piet Veenema, CEO of Kendrion: "2004 was a difficult year for Kendrion N.V. Just before the end of the year an extensive financial restructuring was finalized which made Kendrion a healthy company again. The divestment program of non-strategic activities, which started in 2003, is almost finalized, which resulted in further focus in the company. Now Kendrion can focus on enlarging its niche positions in the selected business- to-business markets. We also would like to thank our stakeholders for their trust given to the company in 2004." Course of Business An organic growth in turnover of 5.8% was achieved in 2004. This is in line with the target set by Kendrion of at least 5% organic growth in turnover year-on-year. The core activities showed a good improvement in results in 2004. The operating result of the Kendrion Industrial Components division rose by 15% to EUR15.8 million (2003: EUR13.7 million). The operating result of the Kendrion Distribution Services division rose by 59% to EUR13.3 million (2003: EUR8.4 million). The return on sales (ROS) of the core activities rose from 4.1% in 2003 to 4.8% in 2004. The return on invested capital (ROI) of the core activities rose from 13% in 2003 to 15.8% in 2004. The extensive financial restructuring has had a great impact on the annual result in 2004. In the end, due to impairments and high consultancy and refinancing expenses, a loss of EUR12.9 million was suffered in 2004 (2003: EUR104.9 million). Excluding exceptional items the net result of the core activities amounted up to EUR9.7 million (2003: EUR5.0 million). Financial Position The interest-bearing debt could be reduced substantially in 2004 by the financial restructuring. At end 2004 the interest-bearing debt amount to EUR115 million (2003: EUR200 million). The solvency rate at the end of 2004 (including subordinated loans) is approximately 20%. As a result, the basis has been created for Kendrion's successful future development. Nevertheless, a further strengthening of the financial position by further reduction of the interest- bearing debt continues to be one of Kendrion's most important aims for 2005. Acquisitions and Sales A new branch of Kendrion was opened in Hong Kong for the Kendrion Metal Components business area in 2004. That business area also acquired the company Ferrex Spol s.r.o. in Slovakia in 2004, and production will start there at the beginning of 2005. Already in 2003 Kendrion started with the divestment of non- strategic activities, which process is almost completed in the meantime. In 2004 activities were divested with a total turnover of approximately EUR310 million. This was the consequence of the decision taken by Kendrion to focus on a number of selected activities and to realize a further growth in these activities in the future. The business area Kendrion Automotive Plastics was almost fully disposed of in the year under review. For example, the Kendrion Van Niftrik company was sold to VoestAlpine and the German Automotive Plastics activities were sold to Ewing Management Group. The company Kupron Prototypes (the Netherlands) (turnover around EUR6 million) is now the only company in this business area that still forms part of Kendrion N.V. Finally, the non-core activities GBP Ergonomics (Sweden) and Kendrion Cetra Metaal (the Netherlands) were disposed of in 2004. Developments in the Fourth Quarter Kendrion was able to close the fourth quarter of 2004 well. The operating result for both divisions (including holding company expenses) in the fourth quarter was EUR5.5 million (2003: EUR2.0 million). Both divisions (Kendrion Industrial Components and Kendrion Distribution Services) were able to improve the results. In the Kendrion Industrial Components division, the improvement was realized by the Kendrion Electromagnetic Components business area. The Kendrion Metal Components business area had a difficult fourth quarter. In the Kendrion Distribution Services division, both the Vink group and the other distribution activities (Kendrion Fastening and Servico) had a good fourth quarter. The efforts to further reduce the holding company costs sorted effect as well. Dividend Proposal The General Meeting of Shareholders to be held on 1 April next will informed that no dividend will be paid for 2004 in view of the company's financial position. Corporate Governance Kendrion endorses the principles set out in the Corporate Governance Code. Developments in that area were monitored closely in 2004. The company has set itself the aim and will strive to create a Corporate Governance structure that corresponds as closely as possible to the principles and best practice provisions of the Corporate Governance code. The company will explain in its annual report where it will not comply. The Articles of Association of Kendrion N.V. are amended in accordance with present standards and consequently shareholders have more control. Supervisory Board Mr. W. van der Kooij retired early for personal reasons in 2004, creating a vacancy that has not been filled due to the situation in which Kendrion found itself in 2004. Mr. E.C. de la Houssaye will retire by rotation in 2005 and is not putting himself forward for reappointment. At the General Meeting of Shareholders on 2 April 2004 Mr. H.A. van Karnebeek (Chairman) stated that he would consider his position on the Board after the financial restructuring of the company. Now that the restructuring has been completed successfully, Mr. van Karnebeek has decided to make his position available with effect from 1 April 2005. In accordance with the revised profile of the Supervisory Board, at least three new Supervisory Board members will have to be appointed. We have found Mr. S.J. van Kesteren, until recently chairman of the Board of Management of Draka Holding N.V., ready to put himself forward as a candidate for appointment as Chairman of the Supervisory Board. In addition, Ms. M.E.P. Sanders, who is active as a Managing Director of the investment company Matchem B.V., is willing to take a place on the Board. Discussions are proceeding at present with several candidates for the third vacancy. We expect to make further announcements on this matter at the General Meeting of Shareholders to be held in April. Mr. van Kesteren and Ms Sanders will be proposed to the next General Meeting of Shareholders for appointment as members of the Supervisory Board. Outlook In 2004 Kendrion completed an extensive financial restructuring. Most core activities of Kendrion have good market positions and order portfolios. As a consequence Kendrion has established a solid basis for the future. In the coming years the focus will be on autonomous growth by means of expanding these market positions and on control of working capital. Uncertain is the development of raw material prices in the coming year and its effect on Kendrion's activities. Given this uncertainty it is not possible to give a reliable prognosis about the profit in 2005. Profile Kendrion N.V. Kendrion N.V. is an international company, which has, approximately 2,900 employees in 17 European countries and Hong Kong. Kendrion aims at niche market leadership in business-to-business markets. Kendrion develops high quality industrial components and provides services in the field of plastic semi-manufactures and fasteners. Motivated local entrepreneurship, quality management in the broadest sense and logistic expertise are characteristic of Kendrion. Kendrion stock is listed on the Euronext Amsterdam stock exchange and included in the Euronext index NextPrime. Zeist, 18 February 2005 The Executive Board of Kendrion N.V. A full copy of the results is available free of charge at http://bankrupt.com/misc/Kendrion_4Q2004.pdf CONTACT: KENDRION N.V. Mr. P. Veenema Utrechtseweg 33 3704 HA ZEIST Phone: +31 - (0)30 - 699.72.50 Fax: +31 - (0)30 - 695.11.65 Web site: http://www.kendrion.com =========== P O L A N D =========== ELEKTRIM SA: Alstom Lodges Bankruptcy Petition ---------------------------------------------- French engineering group Alstom on Friday asked a Warsaw court to declare Elektrim bankrupt, Polish daily Parkiet said Saturday. The petition alleges that Elektrim owes Alstom EUR10-20 million, stemming from delays in the modernization of the PAK power plant. Alstom spokesman Marek Szelewicki said, "We want to use all possible means to get payment from Elektrim, PAK's strategic investor and the guarantor of the investment." Elektrim is currently embroiled in an ownership struggle over mobile operator PTC. Deutsche Telekom recently said it would exercise a right to buy the stake held by Elektrim S.A. in PTC for EUR1.3 billion. Deutsche Telekom currently holds a 49% stake in PTC, while Elektrim Telekomunikacja (ET), a joint venture of Elektrim and Vivendi Universal, controls the remaining stake. In November 2004, a Vienna court ruled that the 1999 transfer of Elektrim of its stake in PTC was illegal. It gave Elektrim two months to withdraw from ET, failure of which will give Deutsche Telekom right to buy the shares. A Warsaw court upheld the decision in January, but Vivendi appealed the ruling saying the call option was invalid. CONTACT: ELEKTRIM S.A. Panska 77/79 00-834 Warszawa Public relations: Ewa Bojar Company Spokesman Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: ewa_bojar@elektrim.pl Investor relations: Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99 Web site: http://www.elektrim.pl =========== R U S S I A =========== AGRO-PLATAVA CRYSTAL: Proofs of Claim Deadline Expires March ------------------------------------------------------------ The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Agro-Platava Crystal after finding the close joint stock company insolvent. The case is docketed as A14- 6215/2004 51/7b. Mr. B. Borisevich has been appointed insolvency manager. Creditors have until March 29, 2005 to submit their proofs of claim to 308002, Russia, Belgorod, B. Khmelnitskogo Str. 133 "zh", Office 509. CONTACT: AGRO-PLATAVA CRYSTAL Russia, Voronezh region, Relyevskiy region, Platava Mr. B. Borisevich Insolvency Manager 308002, Russia, Belgorod, B. Khmelnitskogo Str. 133 "zh", Office 509 Phone/Fax: 26-17-98 ALAPAEVSKIY MACHINE-TOOL: External Management Procedure Begins -------------------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced external management bankruptcy procedure on open joint stock company Alapaevskiy Machine-Tool Plant. The case is docketed as A60-10355/2004-S2. Mr. G. Martemyanov has been appointed external insolvency manager. CONTACT: ALAPAEVSKIY MACHINE-TOOL PLANT 624603, Russia, Sverdlovsk region, Alapaevsk, Tokarey Str. 1 Mr. G. Martemyanov External Insolvency Manager 620027, Russia, Ekaterinburg, Post User Box 206 AMUR-PORT: Gives Creditors Until March to File Claims ----------------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on open joint stock company Amur-Port. The case is docketed as A73-92/2005-9. Creditors have until March 1, 2005 to submit their proofs of claim to 681006, Russia Khabarovsk region, Komsomolsk-na-Amure, Naberezhnaya Str. 7. CONTACT: AMUR-PORT 681006, Russia Khabarovsk region, Komsomolsk-na-Amure, Naberezhnaya Str. 7 ATLASOVO: Insolvency Manager to Temporarily Oversee Operations -------------------------------------------------------------- The Arbitration Court of Kamchatka region commenced bankruptcy proceedings against Atlasovo after finding the close joint stock company insolvent. The case is docketed as A24-1138/04-13. Mr. S. Denisenko has been appointed insolvency manager. Creditors have until March 29, 2005 to submit their proofs of claim to 683042, Russia, Petropavlovsk-Kamchatskiy, 42, Post User Box 11. CONTACT: ATLASOVO 684309, Russia, Kamchatka region, Milkovskiy region, Atlasovo, Leningradskaya Str. 1 Mr. S. Denisenko Insolvency Manager 683042, Russia, Petropavlovsk-Kamchatskiy, 42, Post User Box 11 BELOGORSK-GAS: Bankruptcy Hearing Resumes May --------------------------------------------- The Arbitration Court of Amur region has commenced bankruptcy supervision procedure on open joint stock company Belogorsk-Gas. The case is docketed as A04-9883/04-17/202 B. Mr. N. kolyadinskiy has been appointed temporary insolvency manager. A hearing will take place at the Arbitration Court of Amur region on May 5, 2005, 8:15 a.m. CONTACT: BELOGORSK-GAS 676850, Russia, Amur region, Belogorsk, Melkombinat Str. 20A DALNEVOSTOCHNYJ COMMERCIAL: Under Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Primorye region has commenced bankruptcy supervision procedure on open joint stock company Dalnevostochnyj Commercial Refrigerator. The case is docketed as A51-19615/2004 9-177/11. Mr. R. Kondratov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 690012, Russia, Vladivostok, Khersonskaya Str. 5. A hearing will take place on April 20, 2005, 10:00 a.m. CONTACT: DALNEVOSTOCHNYJ COMMERCIAL REFRIGERATOR Russia, Primorye region, Vladivostok, Berth #44 Mr. R. Kondratov Temporary Insolvency Manager 690012, Russia, Vladivostok, Khersonskaya Str. 5 The Arbitration Court of Primorye Region Russia, Vladivostok, Svetlanovskaya Str. 54, Room 313 DON-AIR-CENTRE: Voronezh Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on air-company Don-Air-Centre. The case is docketed as A14-16924-2004/84/20b. Mr. L. Yashkin has been appointed temporary insolvency manager. Creditors have until March 1, 2005 to submit their proofs of claim to 394025, Russia, Voronezh, Kholzunova Str. 10, Apartment 76. A hearing will take place on April 28, 2005, 10:00 a.m. CONTACT: DON-AIR-CENTRE 394025, Russia, Voronezh, Airport Mr. L. Yashkin Insolvency Manager 394025, Russia, Voronezh, Kholzunova Str. 10, Apartment 76 The Arbitration Court of Voronezh Region Russia, Voronezh, Srednemoskovskaya Str. 77, Room 501 LERMONTOVSKAYA ORE-MINING: Claims Filing Deadline March 29 ---------------------------------------------------------- The Arbitration Court of Primorye region commenced bankruptcy proceedings against Lermontovskaya Ore-Mining Company after finding the open joint stock company insolvent. The case is docketed as A51-15950/03/9-297. Mr. B. Medvedev has been appointed insolvency manager. Creditors have until March 29, 2005 to submit their proofs of claim to 690065, Russia, Vladivostok, Sipyagina Str. 22, Apartment 80. CONTACT: LERMONTOVSKAYA ORE-MINING COMPANY 692028, Russia, Primorye region, Pozharskiy region, Svetlogorye Mr. B. Medvedev Insolvency Manager 690065, Russia, Vladivostok, Sipyagina Str. 22, Apartment 80 METROMEDIA INTERNATIONAL: Selling PeterStar for US$215 Million -------------------------------------------------------------- Metromedia International Group, Inc. on Friday said it entered into a definitive agreement with First National Holding S.A. (FNH), Emergent Telecom Ventures S.A. and Pisces Investment Limited to sell its entire interest in ZAO PeterStar for US$215 million in cash. PeterStar is the leading competitive local exchange carrier in St. Petersburg, Russia. Pisces is a company organized under the Companies Law of Cyprus and a wholly owned subsidiary of FNH and Emergent. Consummation of the transaction set forth in the agreement is principally subject only to a vote of a majority of the holders of the Company's common stock and the continued accuracy of certain customary Company representations concerning its ownership of, and authority with respect to the sale of, the interests being sold. Assuming approval by a majority of the holders of the Company's common stock, the Company presently expects to consummate the sale of PeterStar during the third quarter of this year. The Company will utilize a portion of the proceeds of the sale to retire all of the Company's outstanding US$152.0 million 10.5% Senior Discount Notes due 2007. The Company also presently expects that it will be able to utilize its 2004 tax attributes (capital loss carry-forwards and net operating loss carry-forwards) and anticipated 2005 losses to offset any federal or state tax gain that would be recognized on the sale of PeterStar. Upon completion of this sale, the Company's principal business operations will include Magticom Ltd., the leading Georgian mobile telephony operator, and Telecom Georgia, a well- positioned Georgian long distance telephony operator. The Company intends to continue active development of these and other Georgian business interests. Mark Hauf, the Chairman and Chief Executive Officer of the Company, said: "I believe that this sale of our interests in PeterStar provides an extraordinary value for our stakeholders. Our development strategy for PeterStar over the past two years and the excellent performance of the PeterStar management team resulted in PeterStar becoming a highly strategically sought after Russian telephony business. The value we are offered for PeterStar, represents one of the higher earnings multiples paid for a business of this kind in the region over recent years and is the ultimate fruit of those efforts." Mr. Hauf commented further: "Assuming approval by our shareholders, we will emerge from this sale of PeterStar essentially debt free and having sufficient cash on hand to pursue further development of our business interests in Georgia. I believe we are presented with exciting opportunities for further development in Georgia, reinforced by the recent strengthening of ownership position in our core Georgian businesses and the continued strong performance of Magticom. "I have assured the government of Georgia and our business partners in Georgia that the Company's strategic commitment to enthusiastic development of telecommunications business in that country remains firm. In summary, I believe the events of recent weeks and the intense corporate restructuring efforts that preceded them have gone far towards producing a revival of the Company and genuine value for its stakeholders." Evercore Partners acted as financial advisor to MIG in this transaction and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to MIG. About Metromedia International Group Through its wholly owned subsidiaries, the Company (OTCBB: MTRM) (PINK SHEETS: MTRMP) owns interests in communications businesses in the countries of Russia and 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 and Magticom, Ltd., the leading mobile telephony operator in Georgia. Additional information and where to find it: The Company intends to file with the U.S. S.E.C. a proxy statement and other relevant documents in connection with the proposed sale of the Company's interest in PeterStar to the Buyers. Investors and security holders of the Company are urged to read the proxy statement and other relevant documents when they become available because they will contain important information about the Company, the Buyers and the proposed sale. Investors and security holders of the Company may obtain free copies of the proxy statement and other relevant documents filed with the U.S. S.E.C. (when they become available) at http://www.sec.govand at http://www.metromedia-group.com. In addition, investors and security holders of the Company may obtain free copies of the proxy statement (when it becomes available) by writing to 8000 Tower Point Drive, Charlotte, NC 28227, Attention: Investor Relations, or by e-mailing to investorrelations@mmgroup.com. The Company and its directors, executive officers, certain members of management and certain employees may be deemed to be participants in the solicitation of proxies in respect of the proposed sale. A description of the interests in the Company of its directors and executive officers is set forth in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2003 filed with the U.S. S.E.C. on May 26, 2004 and in the Company's proxy statement for its 2003 annual meeting of stockholders filed with the U.S. S.E.C. on October 20, 2003. Additional information regarding the persons who may, under the rules of the U.S. S.E.C., be deemed participants in the solicitation of proxies in connection with the proposed sale, and a description of their direct and indirect interests in the proposed sale, will be set forth in the proxy statement when it is filed with the U.S. S.E.C. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Ernie Pyle Phone: 704-321-7380 E-mail: investorrelations@mmgroup.com Web site: http://www.metromedia-group.com MOSCOW TRACT: Creditors Have Until Next Month to File Claims ------------------------------------------------------------ The Arbitration Court of Tyumen region commenced bankruptcy proceedings against Moscow Tract, 120 (TIN 7204002986) after finding the property complex insolvent. The case is docketed as A-70-11189/3-04. Mr. D. Enbaev has been appointed insolvency manager. Creditors have until March 1, 2005 to submit their proofs of claim to Russia, Tyumen region, Borovskiy, Sovetskaya Str. 23, Apartment 19. CONTACT: MOSCOW TRACT, 120 Russia, Tyumen, Moscow Tract Str. 120 Mr. D. Enbaev Insolvency Manager Russia, Tyumen region, Borovskiy, Sovetskaya Str. 23, Apartment 19 YUKOS OIL: Posts Claims Category, Treatment Under Chap. 11 Plan --------------------------------------------------------------- Under its Plan of Reorganization, YUKOS Oil Company groups claims and interests into nine classes. Class Description Treatment ----- ----------- --------- n/a Administrative Claims Paid in full, in cash. n/a Priority Tax Claims Paid in full, in cash. 1 Priority Non-Tax Claims Paid in full, in cash. 2 Secured Claims Each holder of an Allowed Claim in Class 2 will receive in full satisfaction, settlement, release, and discharge of, and in exchange for that Allowed Claim treatment in the manner set forth in Option A, B or C, at the election of the Debtor. The Debtor will be deemed to have elected Option B except with respect to any Allowed Claim as to which the Debtor elects Option A or Option C in one or more certifications filed prior to the conclusion of the Confirmation Hearing. Option A: Paid in Cash, in full. Option B: Claim will be Reinstated. Option C: Holder will receive collateral securing the Allowed Claim. 3 General Unsecured Claims Each holder will receive on account of its Allowed General Unsecured Claim, in full satisfaction, settlement, release and discharge of the Allowed General Unsecured Claim, distributions in an aggregate amount equal to that holder's Pro Rata Share of (i) Creditor Cash and (ii) Litigation Trust Interests. Holders of Allowed Claims of $50,000 or more; or Holders who elect to reduce their Allowed Claims to $50,000 will receive Cash in an amount equal to the applicable Convenience Claim Distribution Percentage of that Allowed Convenience ' Claim. 4 Yukos Guaranty Claims Each holder of an Allowed Yukos Guaranty Claim will be entitled to receive distributions in an aggregate amount equal to that holder's Pro Rata Share of (i) Creditor Cash and (ii) Litigation Trust Interests. Holders of Allowed Claims of $50,000 or more; or Holders who elect to reduce their Allowed Claims to $50,000 will receive Cash in an amount equal to the applicable Convenience Claim Distribution Percentage of that Allowed Convenience Claim; provided, however, that, under no circumstances, will a holder of an Allowed Yukos Guaranty Claim receive aggregate distributions in excess of 100% of that holder's corresponding Allowed General Unsecured Claim. 5 Convenience Claims Each holder of an Allowed Convenience Claim against a Debtor will receive Cash in an amount equal to the applicable Convenience Claim Distribution Percentage of that Allowed Convenience Claim. 6 Claims of Yukos Existing & Former Yukos Subsidiaries Subsidiary Claims will be listed by the Debtor in its Schedules of Assets and Liabilities as disputed. Any Allowed Existing & Former Yukos Subsidiary Claim will be entitled to treatment as an Allowed Class 7 Claim and will receive distributions, if any, pari passu with other holders of Allowed Class 7 Claims. 7 Subordinated Claims No distribution until all Allowed Claims in Class 3, 4 and 5 have been paid 100%. Thereafter, any distribution to Allowed Class 7 Claims will be pari passu. 8 Claims of Holders of On the Effective Date, the Existing Preferred Stock rights of Holders of Existing Preferred Stock as of the Distribution Record Date will be Reinstated, subject to certain limitations and restrictions. 9 Claims of Holders of On the Effective Date, the Existing Common Stock rights of Holders of Existing Common Stock as of the Distribution Record Date will be Reinstated, subject to certain limitations and restrictions. 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. 9; 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: Files Statement of Financial Affairs ----------------------------------------------- Bruce K. Misamore, Chief Financial Officer of Yukos Oil Company, discloses that for the past three years, Yukos' business operations generated income totaling: Period Amount ------ ------ 01/01/04 - 09/30/04 $178,258,977 01/01/03 - 12/31/03 237,607,160 01/01/02 - 12/31/02 774,131,531 From other sources, Yukos earned these amounts: Period Amount ------ ------ 01/01/04 - 09/30/04 $8,213,530 01/01/03 - 12/31/03 51,721,860 01/01/02 - 12/31/02 11,118,770 Fiscal Year 2003 is primarily comprised of a gain from securities transactions. Fiscal Year 2002 is primarily comprised of gains from securities transactions, account payable write-offs resulting in forgiveness of debt, and miscellaneous income. The amounts listed in Yukos' generated income were converted from Russian Rubles to U.S. Dollars utilizing the average exchange rates for the specific period: Period Rates ------ ----- 01/01/04 - 09/30/04 $28.90 01/01/03 - 12/31/03 30.66 01/01/02 - 12/31/02 31.37 Within the 90-day period immediately preceding the Petition Date, Yukos paid $1,396,556,920 to its creditors, including: Creditor Date Amount -------- ---- ------ KhMAO Region Treasury Dept. of Ministry of Finance 9/15/04 $23,733,495 KhMAO Region Treasury Dept. of Ministry of Finance 9/17/04 106,104,191 KhMAO Region Treasury Dept. of Ministry of Finance 10/01/04 31,942,117 Moscow Dept. of Ministry of Justice 10/12/04 21,420,989 Moscow Dept. of Ministry of Justice 10/18/04 42,725,073 Moscow Dept. of Ministry of Justice 10/18/04 105,726,700 Moscow Dept. of Ministry of Justice 10/19/04 53,240,988 Moscow Dept. of Ministry of Justice 10/20/04 131,551,303 Moscow Dept. of Ministry of Justice 10/26/04 92,467,712 Moscow Dept. of Ministry of Justice 10/26/04 118,196,780 Moscow Dept. of Ministry of Justice 10/27/04 48,614,518 Moscow Dept. of Ministry of Justice 11/03/04 32,725,887 Moscow Dept. of Ministry of Justice 11/10/04 23,142,719 Moscow Dept. of Ministry of Justice 11/24/04 52,006,649 Moscow Dept. of Ministry of Justice 12/03/04 35,200,280 KhMAO Region Treasury Dept. of Ministry of Finance 12/14/04 43,549,102 Others 434,208,417 The amounts paid to Yukos' creditors were converted from Russian Rubles to U.S. Dollars using the average exchange rate for the 90-day period from September 15, 2003, to December 14, 2004, which was of $28.76s. Due to time constraint and difficulty searching Yukos' database, Mr. Misamore relates that the list of payments to insiders has not yet been refined as of February 9, 2005. However, Yukos provided the Court with a 697-page list of payments, inclusive of all payments made to any insider. Mr. Misamore further discloses that Yukos is a party to 73 lawsuits that are now pending or stayed in the courts where they were filed. Mr. Misamore also notes that on April 16, 2004, the Russian Government arrested Yukos' stock holdings of all first tier subsidiaries, including oil and gas exploration and production and refining and marketing subsidiaries, for the Russian Federation Ministry for Taxes and Levies' benefit. Within one year preceding the Petition Date, Yukos gave gifts and made charitable contributions totaling $61,293,000. In the same period, Yukos paid Fulbright & Jaworski, LLP $5,519,561 in legal fees: Payor Description Net Payment ----- ----------- ----------- Yukos Oil from Proceeds of Legal Loans from Yukos Hydrocarbons Prepetition Fees $519,561 Yukos Oil from Proceeds of Loan from Brittany Assets Limited, a B.V.I. Company Retainer 5,000,000 Yukos made several set-offs to various entities totaling $1,396,549,398, within the 90-day period preceding the Petition Date. Mr. Misamore points out that during the 90 days prior to the Petition Date, various Russian taxing authorities seized $1,390,549,398 from Yukos' bank accounts. Yukos believes that these amounts have been applied as a setoff against the asserted tax claims and penalties. Pursuant to a comprehensive agreement, YUKOS-Finansovo Buhgaltersky Center keeps and maintains all of Yukos' financial books and records since January 2001. PricewaterhouseCoopers Moscow was retained by Yukos on December 31, 2003, to perform auditing services. Through September 30, 2003, Yukos submitted their consolidated financial statements to the Securities and Exchange Commission using the U.S. GAAP. As a result, the company's consolidated financial statements are publicly available. In addition, Yukos generally provided their consolidated and consolidating financial statements directly to their primary lenders, and in certain circumstances, to other parties in the ordinary course of business, including in support of requests for extensions of trade credit and in connection with investor relations correspondence. Quarterly, Yukos submitted its Russian GAAP financial statement in accordance with local requirements to the Russian Tax Authorities. According to Mr. Misamore, as of February 9, 2005, Yukos' insiders are: Current Directors Title ----------------- ----- Viktor Gerashchenko Chairman of the Board Alexei Kontorovich Director Bernard Loze Director Francois Buclez Director Yurii Golubev Director Yurii Pokholkov Director Current Officers Title ----------------- ----- Yukos Moscow (Members of Managing Board) Chief Executive Officer Bruce Misamore Chief Financial Officer Irina Golub Chief Accounting Officer Current Managing Board Members of Yukos Moscow Title ----------------- ----- Yukos Moscow (Members of Managing Board) Chief Executive Officer Steven Theede Managing Board Chairman Bruce Misamore Active Alexander Temerko Active Mikhail Elfimov Active Yurii Beilin Active Known stockholders who directly or indirectly own, control, or hold 5% or more of the voting or equity securities of Yukos are: Name of Shareholder Percentage of Stock Ownership ------------------- ----------------------------- Hully Enterprises 48.70% Millhouse Capital (SPV) 10.00% - 26.00% Veterans Petroleum Trust 10.09% Seven individuals have resigned from Yukos' Board of Directors: Name Title Reason ---- ----- ------ Simon Kukes Board Chairman Replaced by Vote Mikhail Khodorkovsky Director Replaced by Vote Edgar Ortiz Director Resigned Jacques Kosciusko-Morizet Director Resigned Michel Soublin Director Resigned Raj Gupta Director Resigned Sarah Carey Director Resigned Mr. Misamore notes that although these individuals have resigned as members of the Board of Directors, Russian law does not permit formal dismissal of duties until approved by a shareholders' meeting. Therefore, their formal resignations have not been completed. 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. 10; 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: Releases Schedules of Assets and Liabilities ------------------------------------------------------- A. Real Property None B. Personal Property B.2 Bank Accounts JSC Banque Societe General Vostok Moscow $10,272,838 Southwest Bank of Texas 1,980,439 Bank "Menatep St. Petersburg" (OJSC) Krasnoyarsk Branch 498 Trust Investment Bank 330 B.12 Stocks and interests in businesses $16,437,571,767 A free copy of the list of stocks & interests is available at http://bankrupt.com/misc/yukosstocks&interests.pdf B.14 Government and corporate bonds Short term loans $52,777,704 Various bills of exchange 216,788,513 Other short term investments 22,461,968 General Reserve (1,493,968) B.15 Accounts Receivable Third Party Irkutsk custom 7,893,194 OOO BaltTrans Service 5,485,662 China International United Petroleum 4,747,839 OAO YatutskGazprom 3,603,772 Legal bureau Reznik, Gagarin, Abushakhmin and partners 2,814,730 Energy Custom of Russian Federation 2,808,138 FONTANA GROUP S.A. 1,982,400 State Customs Committee of Russia 1,928,505 REID Minty Office Account 1,850,625 OOO PRO VISION Group 1,436,487 OOO Dinamo Moskva 1,285,376 AKB Investment Bank Trust 1,113,100 Fond analiticheskikh program Expertiza 997,344 Legal Bureau Padva and Partners 930,987 OOO NAFAPAL 803,808 GUP Vostochno-Sibirskaya Railroad 634,676 ZAO Gotodskoy Center bronirovaniya I Turizma 620,114 OAO Izvestiya editorial 562,764 Novokuybyshevsky Neftekhimichesky kombinat 537,091 Ministry of Defense of Russian Federation 516,443 Others 15,334,464 Intercompany OOO YUKOS Import 921,553,470 Routhenhold Holdings LTD 558,071,890 OOO YUKOS Vostok Trade 263,549,668 ZAO YUKOS Mamontovo 140,635,156 OOO Energotrade 104,992,962 OAO Tomskneft VNK 64,951,340 OOO Yukos Export Trade 57,961,044 OAO Samaraneftegaz 56,378,727 OAO Yuganskneftegas 52,141,363 OOO SIBINTEK-Leasing 11,742,780 OOO Torgovyi Dom YUKOS-M 4,780,870 A.B. Mazeikiu Nafta 3,906,541 OAO Novokuybyshevsky NPZ 3,058,838 OAO Kuybyshevsky NPZ 2,967,633 ZAO YUKOSTransService (Angarsk Branch) 2,836,745 ZAO YUKOS Refining and Marketing 1,517,776 OOO Strejevskoy NPZ 994,635 OOO Yukos Moskva 745,143 NGO Mejotraslevoy Tekhnologischeskyi Inst. 617,978 OOO Zapadno-Malobalykskoe 550,223 Others 2,225,861 B.17 Liquidated Claims Long Term Loans 19,501,010 B.22 Licenses, franchises and other intangibles Various oil and gas licenses 19,888,349 Various software licenses 9,018,373 Other intangibles 265,316 B.23 Transportation 361,332 B.27 Machinery, fixtures, equipment and supplies Various materials and equipment 4,837,966 Various pipelines and gathering systems 22,739,605 B.28 Inventory Raw materials 12,903,033 Finished Products 1,918,728 B.33 Other Assets Costs associated with drilling oil and gas wells 34,317,834 Various temporary buildings 3,921,526 Infrastructure and auxiliary facilities 55,756,905 Various other fixed assets 2,905,168 Various prepaid expenses 15,489,178 Infrastructure and auxiliary facilities in process 126,594,692 TOTAL SCHEDULED ASSETS $19,384,847,493 ================================================ C. Property Claims As Exempt Not Applicable D. Secured Claims 0 E. Unsecured Priority Claims Russian Federation Ministry for Taxes and Levies $23,007,556,307 Energy Custom of Russian Federation 15,653,120 Finance Dept. of Pyt-yakh City Admin. 1,218,128 State Property Committee (Xanty-mansyisk) 617,388 OAO Obneftegazgeologiya 524,790 OOO Service-Nafta 355,509 Achinsk City Administration 109,969 Krasnoyarsk Custom 87,947 Tomsk Taxes 12,610 Bailiff's Office (Novokuybyshevsk) 72 F. Unsecured Nonpriority Claims Bank Debt Societe Generale - Bank group Agent 525,806,280 Societe Generale - Shareholders' agent 804,875,408 Non-affiliate Debt OAO AK Transneft 106,816,721 OOO Macro-Trade 22,237,484 OAO Bank MENATEP SPb (Moscow Branch) 2,928,271 OOO Yupiter XXIV 2,896,773 BCEN Eurobank 2,167,975 OOO Kargill Yug 1,520,462 OOO Sovgeolnfo 1,037,886 OOO Prikasplyskburnegt-Povolgie 1,012,795 OOO NPO Intekh 910,493 ZAO Investpribor 863,655 ZAO Tyumenskaya complexnaya 812,371 geologorazvedochnaya expeditzia OOO Venera XXI 745,241 ZAO PricewaterhouseCoopers Audit 568,930 Others 4,163,931 Intercompany Debt Loans Brittnay Assets Limited 5,000,000 Yukos USA 21,500,000 Y-Mordoviya 3,454,191,716 YUKOS Capital S.A.R.L. 3,348,902,281 Yukos Hydrocarbons Investment 1,000,000 Accounts Payable 3,828,989,268 Energotrade OOO 2,576,779,092 OAO Tomsneft VNK 466,295,056 OOO YUKOS Vostok Trade 413,489,681 OAO Samaraneftegaz 87,553,795 OOO Fargoil 76,269,941 ZAO YUKOS-M 70,453,568 OOO YUKOS-Moskva 45,496,055 OOO YUKOS Expert Trade 28,978,915 OOO Zapadno-Malobalyskoe 28,869,186 Evoil OOO 5,640,903 ZAO YUKOS Exploration & production 3,698,335 OAO VSNK 3,697,825 OAO Voronezhnefteprodukt 3,369,527 JSC Mazeikiu Nafta 2,172,284 ZAO Orelnefteprodukt 2,082,980 ZAO Lipetzknefteproduckt 1,876,618 OAO Belgorodnefteprodukt 1,785,645 OAO Tomsknefteprodukt VNK 1,499,169 OOO Y-Mordovia 1,329,382 ZAO Ulyanovsknefteprodukt 1,143,475 ZAO Bryansknefteprodukt 1,111,584 ZAO Sibirskaya Servisnaya Kompaniya 1,105,468 ZAO YUKOS - Transservice (Angarsk) 781,435 ZAO YUKOS Refining and Marketing 691,924 ZAO Penzanefteprodukt 673,725 OOO Sibintek 599,263 Others 1,544,438 Previously Affiliated Companies OAO Yuganskneftegas 2,349,980,377 TOTAL SCHEDULED DEBT $37,515,064,157 ================================================ 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. 10; 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 ZEYA: Hires A. Shilova as Insolvency Manager -------------------------------------------- The Arbitration Court of Amur region commenced bankruptcy proceedings against Zeya (TIN 2805003689) after finding the agro firm insolvent. The case is docketed as A04-4229/04-6/210 B. Ms. A. Shilova has been appointed insolvency manager. Creditors may submit their proofs of claim to 675000, Russia, Amur region, Blagoveshensk, Pervomayskaya Str. 1, Office 204. CONTACT: ZEYA 676200, Russia, Amur region, Zeya, Lenina Str. 105 Ms. A. Shilova Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Pervomayskaya Str. 1, Office 204 ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: To Disconnect 3 of 4 Call Centers ------------------------------------------------------ Loss-making carrier Swiss International Air Lines will close three of its four call centers to save CHF6 million a year, Reuters reports. The closure of the Lugano, Geneva and Zurich call centers will affect 140 employees. The company, however, will expand the remaining call center in Basel by adding at least ten employees. Formed out of the merger of bankrupt national flag carrier Swissair and regional carrier Crossair, Swiss International continues to struggle amidst strong competition pose by premium carriers and low-cost airlines. It recently reported an improved EBIT of -CHF122 million from -CHF498 million in 2003. The will release its full-year financial results on March 11. It expects to be in black next year. CONTACT: SWISS INTERNATIONAL Corporate Communications P.O. Box, CH-4002 Basel Phone: +41 (0) 848 773 773 Fax: +41 (0) 61 582 3554 E-mail: communications@swiss.com Web site: http://www.swiss.com ============= U K R A I N E ============= BUDMATERIALI: Declared Insolvent -------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Budmateriali (code EDRPOU 25337893) on December 16, 2004 after finding the limited liability company insolvent. The case is docketed as 15/198 B. Arbitral manager Mrs. Ludmila Sirivlya (License Number AA 779117) has been appointed liquidator/insolvency manager. Creditors may submit their proofs of claim to: (a) BUDMATERIALI 83023, Ukraine, Donetsk region, Moskovska Str. 36-B (b) Mrs. Ludmila Sirivlya Liquidator/Insolvency Manager 83055, Ukraine, Donetsk region, Gorkij Str. 158 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 GRIFON: Odesa Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Odesa region commenced bankruptcy supervision procedure on LLC Grifon (code EDRPOU 31116578) on October 6, 2004. The case is docketed as 7/209-04-7512. Arbitral manager Mr. Valerij Brikulskij (License Number AA 249867) has been appointed temporary insolvency manager. The company holds account number 260033013593 at JSCB Finbank, MFO 328685. CONTACT: GRIFON 65010, Ukraine, Odesa region, Matova Str. 18-A Mr. Valerij Brikulskij Temporary Insolvency Manager Ukraine, Odesa region, Akademik Glushko Avenue, 5-V/56 ECONOMIC COURT OF ODESA REGION 65032, Ukraine, Odesa region, Shevchenko Avenue, 4 KRASNENSKIJ BREAD: Court-appointed Insolvency Manager Moves in -------------------------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Krasnenskij Bread Products Combine (code EDRPOU 00952060) on October 1, 2004 after finding the open joint stock company insolvent. The case is docketed as 6/259-4/200. Arbitral manager Mr. Volodimir Romanko (License Number AA 484208) has been appointed liquidator/insolvency manager. The company holds account number 26002244074006 at CB Privatbank, Buske branch, MFO 325837. CONTACT: KRASNENSKIJ BREAD PRODUCTS COMBINE 80560, Ukraine, Buskij district, Lviv region, Krasne, Zaliznichna Str. 18 Mr. Volodimir Romanko Liquidator/Insolvency Manager 80750, Ukraine, Lviv region, Zolochiv, Sadova Str. 4/51 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 MARIUPOL PHARMACEUTICAL: Court Grants Debt Moratorium Request ------------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on LLC Mariupol Pharmaceutical Factory (code EDRPOU 05484907) and ordered a moratorium on satisfaction of creditors' claims. Arbitral manager Mr. S. Pilipko (License Number AA 630060) has been appointed temporary insolvency manager. The company holds account number 260089802211 at JSCB Ukrsocbank, Mariupol branch, MFO 334285. CONTACT: MARIUPOL PHARMACEUTICAL FACTORY 87532, Ukraine, Donetsk region, Mariupol, Semenishin Str. 4 Mr. S. Pilipko Temporary Insolvency Manager Ukraine, Donetsk region, Mariupol, Metalurgiv Avenue, 25/81 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 METALURGBUD: Insolvency Manager Takes over Operations ----------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Metalurgbud (code EDRPOU 01236940) on December 27, 2004 after finding the limited liability company insolvent. The case is docketed as 5/213 B. Mr. M. Filonov (License Number AA 630033) has been appointed liquidator/insolvency manager. The company holds account number 26007301511382 at Prominvestbank, Kramatorsk branch, MFO 334141. CONTACT: METALURGBUD 84302, Ukraine, Donetsk region, Kramatorsk, Pochtova Str. 5 Mr. M. Filonov Liquidator/Insolvency Manager 84301, Ukraine, Donetsk region, Kramatorsk, Sotsialistichna Str. 51/62 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 =========================== U N I T E D K I N G D O M =========================== ABBEY COLLECTIONS: Hires Parkin S. Booth to Liquidate Assets ------------------------------------------------------------ At the extraordinary general meeting of Abbey Collections Limited on Feb. 9, 2005 held at the offices of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, the extraordinary and ordinary resolutions to wind up the company were passed. Ian C. Brown of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3 9EB has been appointed liquidator of the company. CONTACT: PARKIN S. BOOTH & CO. 44 Old Hall Street, Liverpool L3 9EB Phone: 0151 236 4331 Fax: 0151 255 0108 E-mail: lp@parkinsbooth.co.uk Web site: http://www.parkinsbooth.co.uk ABC PROMOTIONAL: Sets Members Final Meeting March ------------------------------------------------- Name of companies: ABC Promotional Marketing Limited ABMR Publications Limited BFG (Holdings) Limited Bridge Marketing Support Services Limited Dawson Advertising Limited F.A. Loader & Company (Blandford) Limited Omega Marketing Services Limited Storeforce UK Limited Transman Distributors Limited Virtual Information Services Limited The final meeting of the members of these companies will be on March 17, 2005 commencing at 10:35 a.m. and thereafter at 15- minute intervals. It will be held at 186 City Road, London EC1V 2NU. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Robson Rhodes, 186 City Road, London EC1V 2NU not later than 12:00 noon, March 16, 2005. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk ASLIB: Former CEO Revives Publisher ----------------------------------- Aslib, The Association for Information Management, has been resurrected by its former chief executive, Roger Bowes. Mr. Bowes has purchased the assets and intellectual property of Aslib, which are owned by a new company, Global Information Management Services. The organization will continue to be called Aslib and Mr. Bowes will hold the post of managing director. Mr. Bowes commented: "My intention was always to ensure that ASLIB and its unique contribution to information management is sustained and flourishes and that its staff including myself can continue in employment." Cathy Mostyn, Business Development Director at Emerald, stated: "Aslib has the full support of Emerald Group Publishing Limited and as owners and publishers of the Aslib journals, we expect our relationship with them to be a long and happy one. Aslib bulk purchases these journals to service their members. This means that once membership fees are paid, the supply of Aslib/Emerald journals is guaranteed." Members will continue to benefit from subscriptions to two of the six Emerald/Aslib journals of their choice and also benefit from a 20% discount on any additional Emerald/Aslib journal(s). Members also benefit from an extensive range of electronic services, which support Emerald titles. Emerald has a portfolio of 27 library and information science titles, more than any other publisher in the world. Emerald Aslib journals are: Program, Aslib Proceedings, Journal of Documentation, Performance Management and Metrics, Records Management Journals, and Library Hi Tech News. Aslib has also moved to new premises. Their new postal address is: Holywell Centre, 1 Phipp Street, London, EC2A 4PS. Phone: 0207 613 3031 About Aslib Aslib, The Association for Information Management, was established in 1924. Its members are private and public sector companies and organizations throughout the world, concerned with managing information resources efficiently. Aslib has 3 branches and 14 Special Interest Groups, covering some 60 SIC areas. Their expertise is in helping and advising organizations, from SME's to large corporations and governments, on any of their issues and problems, information management great and small. About Emerald Emerald Group Publishing Ltd is the leading English language publisher of academic and professional literature in the fields of management and library & information services and is a globally recognized source of online management information. Emerald is COUNTER compliant, meeting the international code of practice for reports that allow clients to measure the usage of online information products and services in a more consistent way. Emerald publishes over 150 titles such as Management Decision, European Journal of Marketing, Journal of Documentation, Library Hi Tech, Journal of Knowledge Management and The TQM Magazine. Emerald's flagship product, Emerald Management Xtra, is dedicated to the continued development of business schools and management departments worldwide. Aslib went into liquidation at Christmas with debt of GBP830,000. CONTACT: ASLIB Roger Bowes, Phone: 0207 613 3031 E-mail: rbowes@aslib.com Web site: http://www.aslib.co.uk EMERALD GROUP PUBLISHING LIMITED Gill Crawford Phone: 01274 777700 E-mail: gcrawford@emeraldinsight.com or THEANSWER LTD. Catherine Dhanjal E-mail: Catherine.dhanjal@theansweruk.com Web site: http://www.emeraldinsight.com/ BACKMILL LIMITED: Appoints Valentine & Co. Liquidator ----------------------------------------------------- At the extraordinary general meeting of Backmill Limited on Jan. 31, 2005 held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine and Mark Reynolds of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS have been appointed joint liquidators of the company. 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 BARCONTEK LIMITED: Names Bishop Fleming Liquidator -------------------------------------------------- At the extraordinary general meeting of Barcontek Limited on Feb. 8, 2005 held at 1 Barnfield Crescent, Exeter, Devon EX1 1QY, the extraordinary and ordinary resolutions to wind up the company were passed. Jeremiah Anthony O'Sullivan of Bishop Fleming, 1 Barnfield Crescent, Exeter, Devon EX1 1QY has been appointed liquidator of the company. CONTACT: BISHOP FLEMING 1 Barnfield Crescent, Exeter, Devon EX1 1QY Phone: 01392 278436 Fax: 01392 413617 E-mail: exeter@bishopfleming.co.uk Web site: http://www.bishopfleming.co.uk BARINT LIMITED: Calls in Liquidator from S. C. Banister ------------------------------------------------------- At the extraordinary general meeting of Barint Limited on Feb. 11, 2005 held at S G Banister & Co, 40 Great James Street, London WC1N 3HB, the subjoined extraordinary resolution to wind up the company was passed. Tim Alexander Clunie of S. G. Banister & Co, 40 Great James Street, London WC1N 3HB has been appointed liquidator of the company. B.K.M. SCAFFOLDING: Shareholders Opt to Liquidate Company --------------------------------------------------------- At the extraordinary general meeting of B.K.M. Scaffolding Limited on Feb. 10, 2005 held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator of the company. 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 B & O (UK): Members Pass Winding-up Resolutions ----------------------------------------------- At the extraordinary general meeting of the members of B & O (UK) Limited (t/a Martini's Restaurant and Bar) on Feb. 11, 2005 held at Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the extraordinary and ordinary resolutions to wind up the company were passed. Elizabeth Arakapiotis has been appointed liquidator of the company. BROADWAY COMMUNICATIONS: Falls into Administration -------------------------------------------------- Jeremy Berman (IP No 5303) has been appointed administrator for advertising agency Broadway Communications Limited. The appointment was made Feb. 7, 2005. Its registered office is located at 76 New Cavendish Street, London W1G 9TB. CONTACT: BERLEY 76 New Cavendish Street, London W1G 9TB BUDABING LIMITED: Hires Tenon Recovery as Liquidator ---------------------------------------------------- At the extraordinary general meeting of the members of Budabing Limited (t/a The House on Bird Hills) on Feb. 4, 2005 held at Salisbury House, 31 Finsbury Circus, London EC2M 5SQ, the extraordinary and ordinary resolutions to wind up the company were passed. Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ have been appointed joint liquidators of the company. 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 CLIVEDEN CLUB: Calls in Liquidators from Ernst & Young ------------------------------------------------------ At the general meeting of Cliveden Club (Operations) Limited, the special resolution to wind up the company was passed. Elizabeth Bingham and Alan Lovett 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 CONFEDERATION U.K.: Calls Members General Meeting ------------------------------------------------- The general meeting of the members of Confederation U.K. Holdings Limited will be on March 17, 2005 at 10:00 a.m. It will be held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY not later than 12:00 noon, March 16, 2005. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com COUTTS PRECISION: Liquidator's Final Report Out Next Month ---------------------------------------------------------- The final general meeting of Coutts Precision Plastics Ltd. will be on March 17, 2005 at 10:00 a.m. It will be held at Ernst & Young LLP, 1 More London Place, London SE1 2AF. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: 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 DENEBROOK FINANCIAL: Calls Liquidator from Poppleton & Appleby -------------------------------------------------------------- At the extraordinary general meeting of Denebrook Financial Planning Limited on Feb. 10, 2005 held at 35 Ludgate Hill, Birmingham B3 1EH, the resolution to wind up the company was passed. M. T. Coyne of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been appointed liquidator of the company. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk D E TUCKER: Members Opt for Liquidation --------------------------------------- At the extraordinary general meeting of the members of D E Tucker Limited on Feb. 2, 2005 held at Mary Street House, Mary Street, Taunton, Somerset TA1 3NW, the extraordinary resolution to wind up the company was passed. John P. Sugden of Auker Rhodes, 286 Manningham Lane, Bradford BD8 7BP has been appointed liquidator of the company. EAST YORKSHIRE: Hires P&A Partnership to Liquidate Business ----------------------------------------------------------- At the extraordinary general meeting of East Yorkshire Recycling Limited on Feb. 10, 2005 held at Hotel Elizabeth, Ferriby High Road, North Ferriby, East Yorkshire HU14 3LG, the extraordinary resolutions to wind up the company were passed. John Russell and Andrew Philip Wood of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF have been appointed liquidators of the company. CONTACT: THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com ECONOS CONSULTING: Liquidator Calls Final Members Meeting --------------------------------------------------------- The final meeting of Econos Consulting Limited will be on March 18, 2005 at 10:15 a.m. It will be held at Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London EC4A 3WA. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com EDINGTON CREDIT: Appoints KPMG Liquidator ----------------------------------------- At the general meeting of Edington Credit Limited, the special and ordinary resolutions to wind up the company were passed. John Paul Bateman and Julian Whale of KPMG LLP, 8 Princes Parade, Liverpool L3 1QH have been appointed joint liquidators of the company. CONTACT: KPMG LLP 8 Princes Parade, Liverpool L3 1QH Phone: (0151) 473 5100 Fax: (0151) 473 5200 Web site: http://www.kpmg.co.uk EFFICIENT TRADING: Members Bring in Liquidator ---------------------------------------------- At the extraordinary general meeting of the members of Efficient Trading Limited (t/a Search 4 Bargains) on Feb. 11, 2005 held at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, the extraordinary resolution to wind up the company was passed. Robert W. Keating of R. W. Keating & Co., 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY has been nominated liquidator of the company. CONTACT: R. W. KEATING & CO. 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY E & G SUPPLIES: Creditors Appoint Liquidator -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF E & G Supplies Limited (In Liquidation) I, Annette Menzies, French Duncan, 375 West George Street, Glasgow G2 4LW, hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on 1 February 2005 I was appointed Liquidator of E & G Supplies Limited by Resolution of the First Meeting of Creditors. A Liquidation Committee was not established at this Meeting. Annette Menzies, Liquidator February 2, 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 EUROTUNNEL PLC: Jacques Gounon Succeeds Chairman Jacques Maillot ---------------------------------------------------------------- Jacques Maillot has expressed his wish to step down as the non- executive Chairman of the Joint Board. The Joint Board of Eurotunnel met 18 February to appoint Jacques Gounon to replace him with immediate effect. Jacques Maillot remains a non- executive director of Eurotunnel. Jacques Gounon was appointed a non-executive director of Eurotunnel on 17 December 2004. As Eurotunnel enters a new, essential phase, Jacques Maillot wished to transfer the responsibility of Chairman to someone who could bring his expertise to the company. A graduate of the Ecole Polytechnique, Jacques Gounon (51) is a civil engineer by profession. He has held senior positions in French public administration with the Ministry of Equipment, the Ministry of Employment and the Ministry of Transport. He was recently country President of Alstom in France and Deputy Chief Executive of the Cegelec Group. Eurotunnel manages the infrastructure of the Channel Tunnel and operates accompanied truck shuttle and passenger shuttle (car and coach) services between Folkestone, U.K. and Calais, France. Eurotunnel also earns toll revenue from other train operators (Eurostar for rail passengers, and EWS and SNCF for rail freight), which use the Tunnel. Eurotunnel is quoted on the London, Paris and Brussels Stock Exchanges. CONTACT: EUROTUNNEL John Keefe Phone: + 44 (0) 1303 282181 Kevin Charles Phone: + 44 (0) 1303 288728 Investor enquiries: Xavier Clement Phone: + 33 1 55 27 36 27 FOXSEAL (UK): Members Decide to Wind up Firm -------------------------------------------- At the extraordinary general meeting of the members of Foxseal (UK) Limited on Feb. 4, 2005 held at Boddington Manor, Boddington, Gloucestershire, the special resolution to wind up the company was passed. Paul Michael Davis and Timothy John Edward Dolder of Begbies Traynor, 32 Cornhill, London EC3V 3BT has been appointed liquidators of the company. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com GEOMARINE LIMITED: Appoints BRI Business Recovery Administrator --------------------------------------------------------------- Peter John Windatt and Gary Steven Pettit (IP Nos 008611, 1413) have been appointed administrators for Geomarine Limited. The appointment was made Feb. 9, 2005. Its registered office is located at 100-102 St James Road, Northampton NN5 5LF. CONTACT: BRI BUSINESS RECOVERY AND INSOLVENCY 100-102 St James Road, Northampton NN5 5LF HOSTAPHAN UK: Calls in Liquidators from Begbies Traynor ------------------------------------------------------- At the extraordinary general meeting of Hostaphan UK Limited on Feb. 10, 2005 held at Chatton House, 165 Park Road, Teddington, Middlesex TW11 0BP, the subjoined special and ordinary resolutions to wind up the company were passed. Paul Michael Davis and Timothy John Edward Dolder of Begbies Traynor, 32 Cornhill, London EC3V 3LJ have been appointed liquidators of the company. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com LAZARI LIMITED: Creditors Appoint Liquidator -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Lazari 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 Lazari Limited, by a Resolution of a Meeting of the Creditors on January 26, 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 26, 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 LEC MARINE: Names Smith & Williamson Administrator -------------------------------------------------- Anthony Murphy, Robert Horton and Roger Tulloch (IP Nos 8716, 8922, 9174) have been appointed joint administrators for Lec Marine (Lowestoft) Limited. The appointment was made Feb. 10, 2005. CONTACT: SMITH & WILLIAMSON LIMITED No 1 Bishops Wharf Walnut Tree Close Guildford GU1 4RA Phone: 01483 407 100 Fax: 01483 301 232 Web site: http://www.smith.williamson.co.uk MARK COLEMAN: Hires Liquidator from Kroll Limited ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Mark Coleman Communications Limited (In Liquidation) I, Fraser James Gray, hereby give notice pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986 that I was appointed Liquidator of Mark Coleman Communications Limited, by Resolution of a Meeting of Creditors held under S138 of the Insolvency Act 1986, on January 26, 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. Fraser James Gray, Liquidator January 26, 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 MEGA FORREST: Liquidator from Begbies Traynor Steps in ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Mega Forrest Limited (In Liquidation) I, I. Scott McGregor, of Begbies Traynor, 4th Floor, 78 St Vincent Street, Glasgow G2 5UB hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on January 27, 2005 I was appointed Liquidator of the above named Company by a Resolution of the First Meeting of Creditors held in terms of section 138(3) of the Insolvency Act 1986. No Liquidation Committee was established. Accordingly, I do not intend to summon a further Meeting for the purpose of establishing a Liquidation Committee unless one- tenth, in value, of the Creditors require it in terms of section 142(3) of the Insolvency Act 1986. All Creditors who have not already done so are required to lodge their claims with me by June 30, 2005. I. Scott McGregor, Liquidator January 31, 2005 CONTACT: BEGBIES TRAYNOR 4th Floor 78 St. Vincent Street Glasgow G2 5UB Phone: 0141 222 2230 Fax: 0141 222 2330 E-mail: glasgow@begbies-traynor.com Web site: http://www.begbies.com PREMIER FOODS: U.K. Food Agency Orders Worcester Sauce Recall ------------------------------------------------------------- The Food Standards Agency has advised Retailers and Food Manufacturers to withdraw from sale any products, which may contain Worcester Sauce, supplied to them from a specific batch manufactured by Premier Foods. This statement does not relate to Worcester Sauce supplied by any other food manufacturer. The situation has arisen from a Quality Assurance check, which revealed the presence of Sudan 1 in Worcester Sauce, through the contamination of a batch of Chilli Powder, which is a minor ingredient used to manufacture the sauce. Sudan 1 is a colourant, which is not permitted for use in food products. The FSA has advised that the levels of Sudan 1 detected present no immediate risk to health. In addition the Worcester Sauce when used as an ingredient of other food products is diluted to such an extent that Sudan 1 becomes virtually undetectable. The ingredient was supplied to Premier from a reputable U.K. source, who themselves had been supplied by another U.K. company. Premier received written assurance that the Chilli Powder did not contain Sudan 1. We believe the responsibility for any financial costs associated with the recall will rest with our suppliers and their insurers. In any event, the company is insured against such eventualities. Sales by Premier Foods of the affected products amount to approximately GBP1 million per annum. We have verified that all our current stock of raw materials is free from contamination and there will be limited interruption to supply. CONTACT: PREMIER FOODS Paul Thomas, Finance Director Gwyn Tyley, Investor Relations Manager Phone: 01727 815 850 Michael Berkeley Sara Batchelor Anthony Kennaway Citigate Dewe Rogerson Phone: 020 7638 9571 SCI.LANG LIMITED: Final Creditors Meeting Next Week --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Sci.Lang Limited (In Liquidation) Notice is hereby given in accordance with section 146 of the Insolvency Act 1986, that the Final Meeting of Creditors of Sci.Lang Limited will be held at 11:00 a.m. on Thursday March 3, 2005, at 12 Carden Place, Aberdeen AB10 1UR, for the purposes of receiving an account of the winding-up from the Liquidator, together with any explanation that may be given by him. The Meeting will also consider these resolutions. (a) To approve the Liquidator's release; and (b) To authorize the Liquidator to dispose of the company's accounting records three months after the date of the Final Meeting. Michael J. M. Reid, CA, Liquidator January 27, 2005 CONTACT: MESTON REID & CO 12 Carden Place Aberdeen AB10 1UR E-mail: info@mestonreid.com Web site: http://www.meistonreid.com SKIRFARE BUSINESS: Hires Lee & Company as Liquidator ---------------------------------------------------- At the extraordinary general meeting of Skirfare Business Systems Limited on Jan. 26, 2005 held at Bank House, 1 The Square, Stamford Bridge, Yorkshire, the subjoined special resolution to wind up the company was passed. Philip Lee of Lee & Company has been appointed liquidator of the company. TIMBER FRAME: Calls in Joint Administrators from PwC ---------------------------------------------------- Ian D. Green and David M. Walker (IP Nos 9045, 3606) have been appointed joint administrators for Timber Frame Solutions Limited. The appointment was made Feb. 11, 2005. The company is into timber framing/construction. Its registered office is located at Birmayne House, Cowley Road, Blyth Industrial Estate, Blyth, Northumberland NE24 5TF. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com W M ABBOTT: Falls into Administration ------------------------------------- Andrew James Nichols (IP No 8367) has been appointed administrator for W M Abbott & Co. Limited. The appointment was made Feb. 10, 2005. The company sells furniture. CONTACT: Maclaren House, Skerne Road, Driffield YO25 6PN * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (531) 1,471 129 BELGIUM ------- Carestel N.V. CSTL.BR (3) 178 (68) City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor AG DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Son AG GUSG (8) 111 N.A. Glunz AG GLUG (0) 428 (17) Kamps AG KMPSF.PK (93) 1,075 (61) Kaufring AG KAUG (19) 151 (51) Mannheimer AG (15) 879 N.A. Marbert AG MTBG (13) 144 (50) Nordsee AG (8) 195 (31) Primacom AG PRIG (106) 1,264 (50) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) VBH Holding AG VBHG (54) 337 (80) Vivanco Gruppe (55) 131 (31) GREECE ------ Delta Ice Cream (3) 183 (14) DryShips Inc. DRYS (4) 184 (29) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (16,510) 5,285 (332) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) LUXEMBOURG ---------- Millicom International Cellular S.A. MICC (59) 1,523 4 Oriflame Cosmetics S.A. ORI.ST (44) 378 97 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (558) 2,030 83 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA (24) 514 327 Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Gruppo Media Capital SGPS S.A. GMPTF.PK (21) 399 (85) Mostostal Zabrze MECOF.PK (6) 227 (366) RUSSIA ------ Kamchatskenergo (107) 291 (7,319) Zil Auto (147) 349 (9,974) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Kaba Holding AG KABZN (19) 569 372 Swisslog Holding-R SLOG (98) 354 151 TURKEY ------ Dyo Boya Fabrikalari Sanayi Ve Ticare (11) 106 (66) Nergis Holding (24) 125 22 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus System DNK.L (51) 585 82 Dawson Holdings DWN.L (29) 142 (32) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (113) 236 (66) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Intertek Testing Services ITRK (64) 508 77 Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (8) 297 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,118) 2,551 (533) Orange Plc ORNGF (594) 2,902 7 PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (565) 1,105 34 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,092) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe and Julybien Atadero, Editors. Copyright 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 * * *