/raid1/www/Hosts/bankrupt/TCREUR_Public/050505.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, May 5, 2005, Vol. 6, No. 88
Headlines
C Z E C H R E P U B L I C
CESKE DRAHY: Chief Executive Resigns
G E R M A N Y
AUTOHAUS WUTTIG: Creditors Meeting Set July
BBV BAUMANAGEMENT: Gives Creditors Until May 17 to File Claims
DAIMLERCHRYSLER AG: Shares Up 7 Cents on 9% Rise in U.S. Sales
HAGE-FENSTER: Gives Creditors Until May 23 to File Claims
HEINZ HORCH: Kassel Court Appoints Interim Administrator
HOPPNER & SCHUMANN: Bonn Court to Verify Claims July
IGH INGENIEURGESELLSCHAFT: Falls into Bankruptcy
KARSTADTQUELLE AG: Asks Suppliers for Discount, One-off Payment
MG TECHNOLOGIES: Completes Takeover of GEA Minority Stake
MODULA BAU: Court Appoints Andreas Jakob Administrator
NORDEX AG: Falling Sales Offsets Gains from New Business
OSTERWALD(R) SYSTEC: Under Bankruptcy Administration
SAMAST BAU: Creditors Claim Due Next Month
SGL CARBON: Sells IT Operations to Thales to Cut Cost
SPIELSTUBE JOST: Court Confirms Bankruptcy
VERZINKEREI HOLDORF: Proofs of Claim Due Later this Month
I T A L Y
IMPREGILO SPA: First-quarter Revenue, Operating Profit Fall
PARMALAT FINANZIARIA: Reports EUR356 Million Full-year Net Loss
PARMALAT FINANZIARIA: Return to Stock Market Nears
N E T H E R L A N D S
BUHRMANN N.V.: Results Hit by EUR85 Million Share Buyback
NUMICO N.V.: Reaches Provisional Settlement on Ephedra Cases
NUMICO N.V.: Debt Reaches EUR929 Million
ROYAL SHELL: Seals Long-term Deal with Libyan Oil Firm
ROYAL SHELL: To Decide On Sale of Joint Venture Soon
UNITEDGLOBALCOM INC.: To Decide on Liberty Merger Mid-June
N O R W A Y
PAN FISH: Closes Sale of Non-core U.S. Fish Farming Business
P O L A N D
NETIA SA: Court Closes Book on Millennium's Bankruptcy Motion
NETIA SA: Merrill Lynch Withdraws US$8.7 Million Claim
NETIA SOUTH: Closes Arrangement Proceedings
R U S S I A
ASKOD: Declared Insolvent
BERINGOVO-TECH-TORG: Bankruptcy Hearing Set August
MECH-COLUMN-105: Undergoes Bankruptcy Supervision Procedure
MONTAZHNIK: Bankruptcy Proceedings Begin
NIZHNEKISLYAYSKIY: Creditors Have Until May to File Claims
OAO GAZPROM: Russia Eyes Gazprom Treasury Shares
SEVER-ALKO: Declared Insolvent
TVERSKAYA SPINNING-MILL: Under Bankruptcy Supervision
TYNDINSKIY: Bankruptcy Hearing Set Later this Month
TYUMEN-GAS-STROY: Tyumen Court Names Insolvency Manager
YUKOS OIL: Mulls Major Shakeup to Keep Firm Intact
YUKOS OIL: Shareholder Sues Unit for US$650 Mln Loan
YUKOS OIL: Creditor Calls RUB9.94 Bln Loan from Main Refinery
ZENIT: Deadline for Proofs of Claim Set Later This Month
U K R A I N E
ANABEL: Liquidator Takes over Operations
BAHCHISARAJSKI CONCRETE: Creditors' Claims Due Today
BELARUS: Court Appoints Temporary Insolvency Manager
CHECHELNITSKE AUTO 10550: Under Bankruptcy Supervision
LOPATINAGROBUD: Bankruptcy Supervision Begins
PROGRES: Under Bankruptcy Supervision
PROMISLI PODILLYA: Declared Insolvent
SHAHTARSKIJ RAJSILKOMUNGOSP: Succumbs to Insolvency
STROJSERVICE: Mikolaiv Region Opens Bankruptcy Proceedings
VEDA-TRANS: Oleksandr Snizhko Named Insolvency Manager
YUZHAGROPROM: Gives Creditors Until Today to File Claims
U N I T E D K I N G D O M
ABA DIAMOND: Liquidator's Final Report Out Next Month
BELFERN MUSIC: Calls Final Creditors Meeting
BLUEBIRD HOLIDAYS: Liquidator to Present Final Report June 23
BOILER WORKSHOP: Sets General Meeting of Members, Creditors June
CARNELL BROWN: Calls Final Creditors Meeting
CARTER HEATING: Members, Creditors Final Meeting Set June
CONTECH PROCESS: Hires Liquidator from F A Simms & Partners
CORDELL TROPHIES: Liquidator from Begbies Traynor Moves in
DEANHURST ASSOCIATES: Calls in Liquidator from Tomlinsons
DEE-GLAS LIMITED: Appoints Campbell Crossley & Davis Liquidator
DRAX GROUP: 2004 Results Exceed Expectations
ELDON CONSTRUCTION: Liquidator from Bartfields Moves in
ENABLING EDUCATIONAL: Hires Liquidators from Kroll
ESMI LIMITED: Names Springfields Liquidator
FAIRWAY DISTRIBUTION: Members Decide to Wind up Firm
FORTRESS MANAGEMENT: Appoints HJS Recovery Liquidator
GALLAHER GROUP: Appoints James Hogan to Board
GARIAN ROOFING: Winding-up Report Out June
G M D PLASTICS: Liquidator from B N Jackson Norton Moves in
GUIDE PUBLICATION: Hires Liquidator from Campbell Crossley
HIRAZ LIMITED: Names Vantis Business Recovery Liquidator
INTERNATIONAL FLOWER: Calls in Liquidator from Butcher Woods
IXES LIMITED: Members Pass Winding-up Resolutions
JAB GROUP: Opts for Liquidation
JFK'S TRAILERS: Members Name Begbies Traynor Liquidator
LCGOL REALISATIONS: Creditors Meeting Set Later this Month
LEBAGOLD LIMITED: Members Hire Liquidator from Kallis & Co.
LICENCED MERCHANDISE: Creditors Meeting May 27
MAJORPLAN LIMITED: Members Pass Winding-up Resolution
MARCONI CORPORATION: Still Sees GBP1 Bln Earnings Sans BT
MISYS PLC: Sells Laboratory Technology for US$1.2 Million
MOONSTONE MARKETING: Members Pass Winding-up Resolutions
PETERSONS LIMITED: Calls in Liquidator from Begbies Traynor
PLP REALISATIONS: Liquidator to Deliver Report this Month
TTG EUROPE: Concludes Sale of Anglia Telecom
WM MORRISON: Gets GBP51 Million for Safeway Units
*********
===========================
C Z E C H R E P U B L I C
===========================
CESKE DRAHY: Chief Executive Resigns
------------------------------------
Petr Kousal has stepped down as chief executive of Ceske Drahy
after more than two years at the helm of the national rail
operator. Transport Minister Milan Simonovsky told Czech
Happenings the resignation was voluntary, and it was part of the
planned change in Ceske's business policy.
Mr. Kousal is responsible for reducing Ceske's loss from CZK5
billion to hundreds of million of crown through his restructuring
efforts, which will continue long after his departure. A plan to
streamline operations, which railway unions strongly oppose,
could cost 6,000 jobs this year. The company's 72,000-strong
workforce are threatening to strike on May 10.
Labour and Social Affairs Minister Zdenek Skromach wants the
number reduced and plans to meet the Transport Ministry on the
matter. Transport Ministry spokeswoman Marcela Svejnohova said
she is open to the idea, on condition that Ceske deals with its
personnel on its own.
The report notes that while the railways have seen passenger
traffic rise lately, Ceske managers have not signed contracts on
coverage of losses from passenger transport with some regions.
Freight volume has failed to improve despite the increase in
exports brought by the country's accession to E.U.
CONTACT: Czech Railways
Nabrezi Ludvika Svobody 1222/12
110 15 Praha 1
Phone: +420 972 211 111 (switchboard operator)
Web site: http://www.cd.cz/
=============
G E R M A N Y
=============
AUTOHAUS WUTTIG: Creditors Meeting Set July
-------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Autohaus Wuttig GmbH on April 7. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until June 8, 2005 to register their
claims with court-appointed provisional administrator Dr. Ralf
Goethner.
Creditors and other interested parties are encouraged to attend
the meeting on July 6, 2005, 10:00 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden, at which time the
administrator will present his first report of the insolvency
proceedings. The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: AUTOHAUS WUTTIG GMBH
Schonburgstrasse 13 in 01108 Dresden
Dr. Ralf Goethner, Administrator
Lockwitzer Strasse 17, 01219 Dresden
Web site: http://www.pkl.com
BBV BAUMANAGEMENT: Gives Creditors Until May 17 to File Claims
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BBV Baumanagement on April 7. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 17, 2005 to register their claims with
court-appointed provisional administrator Peter Buhmann.
Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 9:45 a.m. at the district court of
Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at which time
the administrator will present his first report of the insolvency
proceedings. The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: BBV BAUMANAGEMENT
Bahnhofstr. 37-39 in 01587 Riesa
Contact:
Peter Czarnecki, Manager
Peter Buhmann, Administrator
Radeberger Str. 45, 01099 Dresden
DAIMLERCHRYSLER AG: Shares Up 7 Cents on 9% Rise in U.S. Sales
--------------------------------------------------------------
DaimlerChrysler's U.S. sales went up 9% to 225,351 vehicles in
April from 207,395 units sold in the same period last year.
Mercedes posted an increase of 2 percent with 18,805 units sold
from 18,384 a year earlier, while sales at Chrysler, which
include the Jeep and Dodge brands, rose 9% to 206,546 units from
189,011 in April 2004. The U.S. sales for the year-to-date
period were actually up 5% to 815,859 to 774,058 a year earlier,
following adjustment as April had 27 selling days in 2005 against
last year's 26. DaimlerChrysler shares were up 7 cents to
US$39.42 in mid-day trading on the New York Stock Exchange.
The company earlier reported its Smart business could miss its
annual sales goal of 80,000 units, with only 14,500 Smart
Fourfour models sold so far in the first quarter. The venture,
which loses EUR4,000 for each car sold, could cost
DaimlerChrysler a further EUR400 million this year as part of its
ongoing restructuring.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
HAGE-FENSTER: Gives Creditors Until May 23 to File Claims
---------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
HaGe-Fenster-Bau GmbH on April 8. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 23, 2005 to register their claims with
court-appointed provisional administrator Dr. Rudiger Werres.
Creditors and other interested parties are encouraged to attend
the meeting on June 23, 2005, 11:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240 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: HAGE-FENSTER-BAU GMBH
Durener Strasse 435, 50858 Koln
Dr. Rudiger Werres, Administrator
Friesenplatz 17 a, 50672 Koln
Phone: 0221/95 14 46 - 20
Fax: +4922195144690
HEINZ HORCH: Kassel Court Appoints Interim Administrator
--------------------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against Heinz Horch GmbH on April 11. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 14, 2005 to register their claims with
court-appointed provisional administrator Florian Haase.
Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:00 a.m. at Saal 234, Amtsgericht
Kassel, Friedrichsstrasse 32-34, 34117 Kassel at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on June 22, 2005, 9:00 a.m. at the same
venue.
CONTACT: HEINZ HORCH GMBH
Ellenbacher Strasse 15, 34123 Kassel
Florian Haase, Administrator
Bruder-Grimm-Platz 4, 34117 Kassel
Phone: 0561/71200-0
Fax: 0561/71200-831
HOPPNER & SCHUMANN: Bonn Court to Verify Claims July
----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Hoppner & Schumann Vertriebs GmbH on April 18. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until June 3, 2005 to register their
claims with court-appointed provisional administrator Michael
Wilbert.
Creditors and other interested parties are encouraged to attend
the meeting on July 4, 2005, 9:30 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock,
Saal S 2.18, at which time the administrator will present his
first report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: HOPPNER & SCHUMANN VERTRIEBS GMBH
Moltkestr. 29, 53842 Troisdorf
Contact:
Thomas Marzi, Manager
Michael Wilbert, Administrator
Simrockstrasse 7, 53113 Bonn
Phone: 0228-336255-5
Fax: 0228-336255-6
IGH INGENIEURGESELLSCHAFT: Falls into Bankruptcy
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against IGH Ingenieurgesellschaft fur
Hohenzugangstechnik mbH on April 5. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 8, 2005 to register their claims with
court-appointed provisional administrator Wolfgang Kuhnel.
Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 10:35 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings. The court will verify the
claims set out in the administrator's report on August 31, 2005,
10:35 a.m.
CONTACT: IGH INGENIEURGESELLSCHAFT FUR HOHENZUGANGSTECHNIK MBH
Zobtener Str. 75,10317 Berlin
Wolfgang Kuhnel, Administrator
Berliner Str. 117, 10713 Berlin
KARSTADTQUELLE AG: Asks Suppliers for Discount, One-off Payment
---------------------------------------------------------------
Troubled retail giant KarstadtQuelle has asked its suppliers to
lend a hand in its recovery program, Die Welt says.
The company accordingly has sent letters to suppliers that earn
around EUR100,000 through the group. The retailer refused to
divulge the content of the letter, but a local magazine said
KarstadtQuelle is asking its suppliers to either pay a one-off
sum or discount their invoices to the group. The same magazine
cited one businessman as saying that suppliers who did not
respond to KarstadtQuelle's call were asked to remove their
products from the group's shelves.
KarstadtQuelle is currently restructuring, with an aim to recover
billions of euros through cost cuts and asset disposals.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
MG TECHNOLOGIES: Completes Takeover of GEA Minority Stake
---------------------------------------------------------
The squeeze-out resolution adopted by GEA's Shareholders'
Meeting on Aug. 13, 2004 was officially entered in the commercial
register on April 28, 2005. This means that the stock held by
the minority shareholders of Bochum-based GEA AG is now
transferred to the company's main shareholder mg technologies AG.
In return for their stock, GEA's minority shareholders will
receive a cash payment of EUR48.15 per common share and EUR43.33
for each preferred share.
The next step will be for GEA AG to be merged with its parent
company mg technologies AG. This will complete the process of
streamlining the mg Group's holding company structures. On June
7, the Annual Shareholders' Meeting of mg technologies ag will
decide whether to approve the proposal to change the company's
name to "GEA Group Aktiengesellschaft" and to move its
headquarters to Bochum.
Mg technologies will inform the minority shareholders selling
their stock as well as their depositary banks of the procedural
arrangements for the disbursement of the cash payment by
publishing them in the Federal Gazette (Bundesanzeiger) and in an
authorized journal for mandatory stock exchange announcements.
The depositary banks will disburse the cash payment. Commerzbank
AG has undertaken to act as guarantor in respect of mg
technologies' obligation to disburse the specified cash payments
to the minority shareholders without delay as soon as the
resolution on the transfer of shares has been officially entered
in the commercial register.
Mg technologies is an international technology group that focuses
on specialty mechanical engineering -- especially process
engineering and equipment -- and plant engineering. The company
generated sales of roughly EUR4.1 billion -- excluding Dynamit
Nobel and other discontinued operations -- in 2004. At December
31, 2004, it employed around 17,000 people and is one of the
world's market and technology leaders in 90 percent of its
businesses.
CONTACT: MG TECHNOLOGIES AG
Communications
Phone: +49 (0)234 980 1081
Fax: +49 (0)234 980 1087
Web site: http://www.mg-technologies.com
MODULA BAU: Court Appoints Andreas Jakob Administrator
------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against modula bau GmbH on April 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 18, 2005 to register their claims with
court-appointed provisional administrator Andreas Jakob.
Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 12:30 p.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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: MODULA BAU GMBH
Holzmark 30, 38176 Wendeburg Sophiental
Contact:
Andreas Otte, Manager
Andreas Jakob, Administrator
Museumstrasse 5, D-38100 Braunschweig
Phone: (0531) 88626-0
Fax: (0531) 88626-26
NORDEX AG: Falling Sales Offsets Gains from New Business
--------------------------------------------------------
The report released by Nordex AG for the stub fiscal year 2004
(October 1 - December 31, 2004) largely corresponds to the
preliminary figures on the financial statements announced by the
Group at its annual general meeting in February 2005. The
positive news was a surge in new business by 11%, to EUR62
million (previous year: EUR 55.5 million), especially the share
generated abroad, which grew to reach 70% (previous year: 32%).
In contrast, sales revenues were down by 11%, to EUR59 million
(previous year: EUR66.7 million). The company cites the
difficult financial situation as the primary reason for this. In
the period under review -- prior to the meanwhile largely
concluded refinancing -- the company did not have sufficient
funding to cover all current projects. Due to the low capacity
utilization, Nordex did not manage to fully cover its costs, even
though substantial cost reductions were achieved thanks to the
restructuring of the company's operations. For instance, the
cost of materials ratio declined from 84% to 78%, personnel
expenditure fell by 4%, to EUR8.6 million, and the balance of
other operating expenses and income dropped from EUR5.5 to EUR
5.4 million.
Earnings before interest, taxes and extraordinary expenditure
rose by 50%, to reach -EUR3.3 million (previous year: -EUR7.0
million).
On account of the refinancing, the company anticipates a
substantial improvement in capacity utilization, particularly in
the second half of the current fiscal year. The first half of
the year will continue to see delayed negative impacts from the
previous, weak financial periods. Depending on the volume of
business, for 2005 as a whole an operating result before
extraordinary expenditure (transaction costs within the scope of
the refinancing) ranging from -EUR2.0 million to break-even point
is expected to be achieved.
CONTACT: NORDEX AG
Felix Losada
Phone: 040 / 500 98 - 100
Fax: 040 / 500 98 - 333
OSTERWALD(R) SYSTEC: Under Bankruptcy Administration
----------------------------------------------------
The district court of Hildesheim opened bankruptcy proceedings
against Osterwald(R) SysTec GmbH on April 12. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until May 25, 2005 to register their
claims with court-appointed provisional administrator Bernd
Wetjen.
Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 10:15 a.m. at Saal 13,
Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim 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: OSTERWALD(R) SYSTEC GMBH
Zwickauer Str. 201, 08468 Reichenbach
(HRB 12416, AG Chemnitz)
(Sitz: Industriestr. 4, 31089 Duingen)
Contact:
Peter Froese, Manager
Zwickauer Str. 201, 08468 Reichenbach
Bernd Wetjen, Administrator
Alter Markt 1 (Kaiserhaus), 31134 Hildesheim
Phone: 91710
Fax: 917171
SAMAST BAU: Creditors Claim Due Next Month
------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Samast Bau GmbH on April 11. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 6, 2005 to register their claims with
court-appointed provisional administrator Dr. Jur. Rainer Eckert.
Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 2:03 p.m. at the district court of
Hannover, Dienstgebaude Hamburger Allee 26, 30161 Hannover, at
which time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: SAMAST BAU GMBH
Badenstedter Str. 98A, 30453 Hannover
Contact:
Nihat Samast, Manager
Dr. Jur. Rainer Eckert, Administrator
Lister Strasse 18, 30163 Hannover
Phone: 0511/626287-0
Fax: 0511/626287-10
SGL CARBON: Sells IT Operations to Thales to Cut Cost
-----------------------------------------------------
Within the framework of its administrative cost-cutting program,
which SGL Carbon announced in November, 2004, the Company
recently divested its major IT operations to Thales Information
Systems GmbH in Siegburg. The two parties agreed not to disclose
the purchase price. SGL Carbon will save EUR10 million in IT
costs over the next five years due to this sale plus additional
outsourcing measures.
As a result of this sale, all the human resource capacities that
had been built up and allocated for the Company's IT
harmonization have been adjusted to meet customary IT business
requirements once again. The IT staff that is now required are
remaining with the Company; where they have already been
integrated within the reorganized IT unit. The new organization
resulted in a IT headcount reduction of nearly 15 employees. In
addition to all the SAP development activity that is being
outsourced as a result of the sale, Thales will also provide
specialized IT infrastructure services for SGL Carbon within the
framework of an outsourcing agreement.
At an expense of nearly EUR20 million, in 2002/2003 SGL Carbon
replaced its historically inherited, 15 different IT systems with
a uniform SAP platform. The uniform IT environment now in place
throughout the Company makes it possible to realize both
short-term and medium-term synergies in worldwide administrative
processes. This is causing a continual reduction in the number
of jobs required for administrative functions. A total of 50 job
positions were eliminated in 2004, with a further reduction by
nearly 90 in 2005 and the remainder to follow in 2006.
The focus of attention of the worldwide administrative
cost-cutting program, which was introduced in November 2004, is
on IT, on accounting, and on human resource administration.
Beginning in 2006, the Company intends to generate annually
savings of approximately EUR11 million through the streamlining
of processes and the elimination of nearly 150 job positions.
The restructuring outlays necessary for the overall
cost-reduction program total between EUR5 and EUR6 million. Of
this amount, EUR3.5 million was already dispersed in 2004.
* * *
In April, Moody's Investors Service upgraded the senior implied
rating of SGL Carbon AG to B1 from B2 and the senior notes rating
to B3 from Caa1. This concludes the review of SGL's ratings
initiated on January 6, 2005. The rating outlook is stable.
CONTACT: SGL CARBON AG (German: SGL)
Rheingaustrasse 182
D-65203 Wiesbaden, Germany
Phone: +49-611-6029-100
Fax: +49-611-6029-101
Web site: http://www.sglcarbon.com
SPIELSTUBE JOST: Court Confirms Bankruptcy
------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against Spielstube Jost GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Jean-Olivier Boghossian.
Creditors and other interested parties are encouraged to attend
the meeting on June 30, 2005, 9:50 a.m. at Saal 13,
Justizzentrum, Bahnhofstr. 24, 67655 Kaiserslautern 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: SPIELSTUBE JOST GMBH
Eisenbahnstr. 47, 67655 Kaiserslautern
Contact:
Ernst Jost, Manager
Hans-Frank-Str. 40, 55590 Meisenheim
Jean-Olivier Boghossian, Administrator
Kapellenstrasse 18, 66271 Saarbrucken-
Kleinblittersdorf
Phone: 06805/909-0
Fax: 06805/909-100
VERZINKEREI HOLDORF: Proofs of Claim Due Later this Month
---------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Holdorf-Hannover GmbH on April 7. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until May 25, 2005 to register their
claims with court-appointed provisional administrator Manuel
Sack.
Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 10:15 a.m. at Saal 226, 2.
Obergeschoss, Amtsgericht Hannover, Dienstgebaude Hamburger Allee
26, 30161 Hannover at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: VERZINKEREI HOLDORF-HANNOVER GMBH
Badenstedter Str. 54, 30453 Hannover
Contact:
Eckhard Porschke, Manager
Wellenhorst
Manuel Sack, Administrator
Theaterstr. 3, 30159 Hannover
Phone: 0511/36602-0
Fax: 0511/36602-55
=========
I T A L Y
=========
IMPREGILO SPA: First-quarter Revenue, Operating Profit Fall
-----------------------------------------------------------
Troubled construction group Impregilo booked lower financial
results for the first quarter of the year, Il Sole 24 Ore says.
Impregilo's first-quarter revenue dropped from EUR656 million in
2003 to EUR564 million this year. This resulted to an operating
profit of EUR21 million, down from EUR29 million last year.
Impregilo slashed its pre-tax profit before distribution by half,
down from EUR13 million in 2003 to just EUR6 million this year.
Meanwhile, the group's shareholders chose a new board of
directors, which reflects the change of ownership. The new board
includes representatives from Iglo, a consortium of companies set
up to participate in Impregilo's EUR650 million capital increase.
The consortium is comprised of motorway operators Gavio and
Autostrade, machine manufacturer Techint, and investment bank
Efibanca. Shareholders also selected Cesare Romiti, head of
Impregilo's main shareholder Gemina, chairman of the board.
Shareholders will meet again on May 20 to vote on the proposed
capital increase. The group is waiting for its banks to release
a EUR680 million bridging loan, which it will use to cover bond
repayment.
CONTACT: IMPREGILO S.p.A.
Viale Italia 1,
Sesto S. Giovanni
20099 Milan
Phone: +39-02-244-22111
Fax: +39-02-244-22293
Web site: http://www.impregilo.it
GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
Via Turati n. 16/18
Milan
Phone: +39-02-444-23121
Fax: +39-02-444-23120
E-mail: investor.relator@gemina.it
Web site: http://www.gemina.it
AUTOSTRADE S.p.A.
Via A. Bergamini, 50
00159 Rome
Phone: +39-06-4363-1
Fax: +39-06-4363-4090
Web site: http://www.autostrade.it
COMPAGNIA TECNICA INTERNAZIONALE S.p.A.
Via Monte Rosa, 93
20149 Milano
Phone: +39 02 4384.1
Fax: +39 02 4693026
E-mail: techint-milano@techint.it
Web site: http://www.techint.it
PARMALAT FINANZIARIA: Reports EUR356 Million Full-year Net Loss
---------------------------------------------------------------
Bankrupt food giant Parmalat booked EUR356 million in net loss
for 2004, Il Sole 24 Ore says.
More than a year under extraordinary administration, Parmalat was
able to hike its EBITDA by 87.3% to EUR308.7 million, although
its consolidated net revenue dropped from EUR4.58 billion in 2003
to EUR3.96 billion. The group also managed to cut its net debt
from EUR13.57 billion to EUR11.35 billion. Parmalat also beefed
up its cash reserves from EUR132.2 million to EUR375.2 million.
Auditors PricewaterhouseCoopers certified the group's 2004
account, a step closer to its planned re-listing this month.
Parmalat collapsed under EUR15 billion in losses in 2003.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
PARMALAT FINANZIARIA: Return to Stock Market Nears
--------------------------------------------------
Collapsed dairy giant Parmalat moved closer to its planned
re-listing in the stock market after auditor
PricewaterhouseCoopers certified its revised 2004 accounts, La
Stampa says.
Aside from the certification, Parmalat has also submitted its
modified draft prospectus for the listing, which included revised
debt-to-equity ratios, to stock market regulator Consob. Consob
requires a company to submit an auditor's certification and a
prospectus before allowing it to be listed. The regulator has 60
days to decide, but is expected to give its response earlier
since it is reviewing a modified draft.
After Parmalat obtains Consob's go signal, it will ask its
creditors to approve its debt-for-equity swap. Once approved,
the food group could then apply for listing at the Milan stock
exchange.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
=====================
N E T H E R L A N D S
=====================
BUHRMANN N.V.: Results Hit by EUR85 Million Share Buyback
---------------------------------------------------------
Highlights of first quarter 2005 results:
(a) total organic sales up 2%; Corporate Express North America
organic sales 3% versus 1% in previous quarter; Office
Products Europe stabilizes organic sales;
(b) operating result increased 9.3% at constant exchange rates
and 5.3% at actual rates;
(c) net profit up to EUR20.2 million; net profit per
ordinary share increased to EUR 0.15; and
(d) more efficient capital structure due to successful
repurchase of Preference Shares C; net result includes an
exceptional charge of EUR85 million as previously
indicated.
Commenting on the 2005 first quarter performance, Buhrmann N.V.
President and CEO Frans Koffrie said: "We are pleased with the
overall performance of the Group, in particular with the
improvement in organic sales growth for our office products
businesses.
"Generating organic sales growth remains our key priority.
Sales, gross profit and operating result all increased at
constant exchange rates, reflecting our strong competitive
position and the success of our single source supplier strategy
to be the preferred supplier of a comprehensive range of office
products.
"We continue to be positive about prospects for further success
in 2005, based on our expectations of a steady improvement of
market conditions in North America and the further positive
effects of measures to enhance our European performance. Growth
is forecast to continue in the Australian economy, albeit at a
somewhat slower pace."
Business Performance
The first quarter shows a continuation of the encouraging
performance achieved in the fourth quarter of 2004. Organic
sales growth for global office products was 3% (Q4 2004: 3%
organic growth), with all office products divisions contributing
positively. Group operating result improved to EUR57.0 million,
a 9.3% increase at constant rates. Net result was impacted by an
exceptional charge of EUR85 million related to the successful
repurchase of the outstanding Preference Shares C.
This repurchase allowed Buhrmann to realize a more efficient
capital structure and improve its corporate governance. The
continued growth of office products sales reflects the higher
success rate in winning large account business in almost all
markets. In addition gross profit developed in line with sales.
Both sales and gross profit benefited from strategic initiatives.
In North America, Buhrmann achieved double-digit sales growth for
facility products as well as promotional marketing business and
document and print business in the first quarter. In mid-market,
the company is encouraged by the results of our Integrated Sales
Teams with uplift in sales for those sales representatives
supported by those teams. ASAP Software experienced a slowdown
in growth rate compared to the previous quarter.
Buhrmann continues to see the beneficial impact of the preferred
supplier initiative, having succeeded in substantially
rationalizing supplier base. The further roll out of the private
label program has received a very favorable customer response
embracing the high levels of availability, quality and
competitive pricing. At the end of the first quarter, private
brand sales in North America were 22% of office supplies and
computer supplies sales and 23% in Europe; the latter was
impacted by high private label paper sales in the previous
quarter.
In Europe, despite economic conditions remaining relatively weak
and for the first time since 2001, organic sales were level for
the quarter. Growth in office supplies, furniture and copiers
was offset by the negative sales impact of discontinued
low-margin contracts with Benelux wholesale customers in the
second quarter of last year. The main improvement came from
Germany, where new customer wins are the key drivers of sales
growth and market share gains in the office supplies and
furniture segments.
Net result (EUR77.7 million negative) was impacted by an
exceptional charge of EUR85 million related to the successful
repurchase of the Preference Shares C (and a negative fair value
movement, primarily related to this US$-denominated instrument,
amounting to EUR12.9 million). Compared to last year, tax is
EUR6.7 million higher. Excluding the exceptional item and fair
value impact, the net profit amounted to EUR20.2 million. EPS
amounts to EUR0.15 versus EUR0.13 in the first quarter 2004.
Additional Financial Information
For the remainder of 2005, at current exchange rates, the company
expects cash interest (i.e. including dividends in Preference
Shares A) expenses of around EUR60 million. Full year tax
payments are estimated at between EUR20 and 25 million and
capital expenditure to be around EUR70 million. The outflow
reported under "other operational payments" (from current
provisions for restructuring) is expected to be EUR10 to 15
million. For the full year we expect "cash flow available for
financing activities" (this definition excludes cash interest and
dividend on preference shares) to be at least EUR65 million.
For the second quarter 2005 it is expected that the effective tax
rate excluding any fair value effects will be around 20-25%,
while last year a tax benefit of EUR5 million was recorded
following a favorable outcome of completed tax audits.
A copy of these results is available free of charge at
http://bankrupt.com/misc/Buhrmann2005.pdf
CONTACT: BUHRMANN N.V.
P.O. Box 23456
1100 DZ Amsterdam
The Netherlands
Phone: +31 20 651 11 11
Fax: +31 20 651 10 05
Web site: http://www.buhrmann.com
NUMICO N.V.: Reaches Provisional Settlement on Ephedra Cases
------------------------------------------------------------
Royal Numico N.V. has reached a tentative settlement, which, if
approved by the Court, will result in the dismissal of 36 ephedra
cases in which GNC is named as a defendant.
The agreement is part of a global settlement involving claims
against approximately 20 defendants, including GNC and other
retailers, relating to the sale of ephedra-containing products
manufactured by Twin Labs. Although the amount of each
individual defendant's contribution, including Numico's, remains
confidential, the group of defendants will (unequally) pay a
total amount of US$19.71 million. Numico's contribution is
covered by product liability insurance.
The settlement is subject to definitive documentation and
ultimate approval by the Bankruptcy Court as part of Twin Lab's
Plan of Reorganization. If approved by the Court, it will result
in the dismissal of 77 active cases, including 36 in which GNC --
a company sold by Numico in October 2003 -- is named as a
defendant for which a part of the liability risk remained with
Numico.
Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand names
Nutricia, Milupa and Cow & Gate, among others. The company
serves customers in over 100 countries and employs approximately
11,000 people (see also: http://www.numico.com).
CONTACT: ROYAL NUMICO N.V.
P.O. Box 75538, 1118 ZN Schiphol Airport
The Netherlands
Phone: +31 20 456 9000
Fax: +31 20 456 8000
Corporate Communications
Phone: +31 20 456 9077
Investor Relations
Phone: +31 20 456 9003
NUMICO N.V.: Debt Reaches EUR929 Million
----------------------------------------
First-quarter 2005 financial highlights (on a comparable basis):
(a) total net sales up 12.0%; EBITA margin at 18.3%;
(b) Nutricia Baby net sales up 11.9%; EBITA margin at 18.2%;
(c) Nutricia Clinical net sales up 12.3%; EBITA margin at 27.0%;
(d) Net result up 58.0% and earnings per share up 62.5%; and
(e) Shareholders' equity improved by EUR45 million to EUR(261)
million.
The Executive Board of Royal Numico N.V., headed by Jan Bennink,
President and Chief Executive Officer, said: "Numico is pleased
to announce the beginning of "the year of momentum" with record
sales growth.
"Both Divisions performed well. Baby Food results were
particularly encouraging as it reached its first quarter of
double-digit growth at 11.9%, with Western Europe contributing
strongly at 4.3%. Clinical Nutrition continued its strong
performance with a sales growth of 12.3%, driven by all regions.
EBITA growth for the total company was below sales growth,
which -- as anticipated -- will be strengthened in the second
half of the year.
"We made significant progress with respect to our objectives set
for 2005: In innovations we introduced the new packaging for
Infant Milk Formula, "EaZypack" in the U.K., Ireland and
Poland. In Clinical Nutrition we rolled out the plastic bottles
for sip feed in the U.K. and France. On the organizational front
we were able to appoint 9 new General Managers, 7 in Baby Food
and 2 in Clinical Nutrition. These new hires have significant
multi-national experience, with a strong marketing and sales
background, and will be a great addition to our existing
management team.
"With respect to the industrial optimization we will close the
last two factories of project Focus in Q2. The closure of two
Clinical factories announced last September, will be completed by
July, three months ahead of schedule. Overall, Numico's progress
in Q1 gives us confidence in achieving our 2005 targets with a
comparable sales growth of 8-10% and a comparable EBITA growth of
10%."
Financial Review
Total net sales for the continued business increased 12.0% to
EUR444 million on a comparable basis in the first quarter. This
is a record performance: Baby Food delivered its first-ever
double-digit comparable sales growth at 11.9% and Clinical
Nutrition maintained its high comparable growth level at 12.3%
sales growth.
Total EBITA before exceptionals increased 4.9% to EUR81 million,
as anticipated. This relatively modest growth was mainly due to
costs related to project Focus, but also costs related to product
introductions, continued losses in Baby Food in China, and higher
non-allocated costs.
Net result attributable to shareholders increased 58.0% to EUR43
million, helped by significantly lower financial income and
expenses. Earnings per share and fully diluted earnings per
share amounted to EUR0.26 and EUR0.25, respectively, up 62.5% and
56.3%.
The tax charge was 30%, which is in line with expectations for
the full year. EUR12 million (gross) of the deferred tax asset
was utilized in the quarter.
Other Financial Information (at actual rates)
Trade Working Capital
Trade working capital improved 170 bps to 13.9% of net sales,
compared to the first quarter of 2004. Numico's objective is to
reduce working capital as a percentage of sales to 10% in 2007.
Capital Expenditure
Capital expenditure during the quarter was EUR16 million or 3.6%
of net sales. The company expects capital expenditure to be 5%
of net sales for the full year. Important components of capital
expenditure are the plastic bottle project and project Focus.
Cash Flow
Net cash flow from operational activities and free cash flow
amounted to EUR33 million and EUR22 million, respectively, in the
first quarter of 2005. The anticipated temporary increase in
trade and non-trade working capital adversely impacted free cash
flow in the first quarter.
Net Debt
Net debt stood at EUR929 million at 31 March 2005. The company
will repay the subordinated convertible bonds 2000, amounting to
EUR627 million, in June. This will be done by using the cash
position and EUR1 billion bank loan facility of which only EUR175
million was drawn at 31 March 2005.
Shareholders' Equity
Shareholders' equity improved by EUR45 million to -EUR261 million
at 31 March 2005, primarily due to retained earnings of EUR43
million.
Numico is confident that through retained earnings as well as the
intended share capital increase related to the acquisition of
Mellin, the Italian Baby Food company, the company will return to
a positive shareholders' equity by the end of 2005.
Update On Ephedra
The number of ephedra claims filed per month continues to reflect
a downward trend. Numico has reached a tentative settlement,
which, if approved by the Bankruptcy Court, will result in the
dismissal of 36 ephedra cases in which GNC is named as a
defendant.
The agreement is part of a global settlement involving claims
against approximately 20 defendants, including GNC and other
retailers, relating to the sale of ephedra-containing products
manufactured by Twin Labs. Although the amount of each
individual defendant's contribution remains confidential, the
group of defendants will (unequally) pay a total amount of
US$19.7 million. Numico's contribution is covered by product
liability insurance.
Out of the total number of ephedra cases in which GNC is named as
(co-)defendant, 22 cases have been dismissed and 72 (including
above-mentioned 36) have been settled to date, bringing the total
number of active ephedra cases down to 163.
Out of the total number of ephedra cases in which Rexall Sundown
is named as (co-)defendant, 14 cases have been dismissed and 6
cases have been settled to date, bringing the total number of
active ephedra cases related to Rexall Sundown down to 72.
General Information
The first quarter results 2005 are based on the same accounting
principles as used in the Annual Report 2004 including the IFRS
principles currently endorsed by the E.U. We also refer to the
appendices of Numico's press release regarding the Full Year
Results 2004, issued on 3 March 2005, as well as Numico's
presentation related to the Quarterly Financial Information on
the Impact of IFRS in 2004, issued on 23 March 2005. It should
also be noted that all figures presented are unaudited.
A copy of these results is available free of charge at
http://bankrupt.com/misc/Numico2005.pdf
CONTACT: ROYAL NUMICO N.V.
P.O. Box 75538
1118 ZN Schiphol Airport
The Netherlands
Phone: +31 20 456 9000
Fax: +31 20 456 8000
Web site: http://www.numico.com
Corporate Communications
Phone: +31 20 456 9077
Investor Relations
Phone: +31 20 456 90
ROYAL SHELL: Seals Long-term Deal with Libyan Oil Firm
------------------------------------------------------
The National Oil Corporation of the Great Socialist People's
Libyan Arab Jamahiriya and Shell Exploration and Production Libya
GmbH have reached Tuesday a long-term agreement for a major gas
exploration and development deal.
The agreement covers the rejuvenation and upgrade of the existing
Liquefied Natural Gas (LNG) Plant at Marsa Al-Brega on the Libyan
coast, together with exploration and development of five areas
located in the heart of Libya's major oil and gas producing Sirte
Basin. The contract follows the Heads of Agreement signed in
March 2004 between NOC and Shell, in which both parties agreed to
establish a long-term strategic partnership in the Libyan gas
sector.
Under the agreement, Shell will rejuvenate and upgrade the Marsa
Al-Brega LNG plant at a minimum cost of US$105 million, rising
possibly to US$450 million, which will eventually increase the
plant output from 0.7 to some 3.2 million tons per annum.
Subject to gas availability, Shell will also undertake jointly
with NOC the development of a new LNG facility.
The agreement also grants Shell gas exploration rights in five
blocks, covering some 20,000 square kilometers at a minimum
commitment cost of US$187 million. The exploration program will
commence immediately in the allocated blocks with the acquisition
of 2D and 3D seismic data in 2005/6 followed by exploration and
appraisal drilling.
The Marsa Al-Brega LNG plant is operated by the Sirte Oil and Gas
Production and Manufacturing Company (SOC), an NOC affiliate,
with gas supplied from the Sirte basin. NOC, SOC and Shell will
cooperate to detail the scope of work required for the LNG
rejuvenation and upgrade project, which will be carried out in
phases to suit gas availability.
The General People's Committee of the Great Socialist People's
Libyan Arab Jamahiriya has approved this agreement.
Shell's Executive Director for Exploration and Production,
Malcolm Brinded, said: "We are delighted to be back in Libya and
honoured to work together with NOC to develop a modern LNG
industry, and explore for and develop gas in the prolific Sirte
Basin.
"This is another major opportunity to apply Shell's LNG skills
and leadership. I am excited about concluding this major
agreement. Libya's integrated gas industry has enormous
potential, based on its large gas resources and favorable
geographic location. I look forward to our cooperation and
believe that this is the beginning of a new lasting and fruitful
partnership with Libya."
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
ROYAL SHELL: To Decide On Sale of Joint Venture Soon
----------------------------------------------------
Royal Dutch/Shell Group and BASF AG of Germany are expected to
conclude their deal to sell Basell NV to India's Haldia
Petrochemicals within the next few days.
Quoting people privy to the deal, the Asian Wall Street Journal,
however, reported Wednesday that the EUR4 billion sale of the
joint venture could still fail with financing and other terms not
yet agreed upon.
Haldia, which is backed by Chatterjee Group and Access
Industries, prevailed among competing bids at first from
private-equity funds, and then an offer by Iran's National
Petrochemical Co.
The bid by the Iranian company reportedly fell through due the
U.S. rule banning Iranians from owning U.S. assets and the import
of Iranian products into the U.S. Basell has a plant in
Louisiana and is distributing products in the U.S. market.
Chatterjee is an investment partnership controlled by Purnendu
Chatterjee, a Haldia investor from West Bengal who also serves as
its deputy chairman.
Access Industries is run by Russian-born billionaire Leonard
Blavatnik.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
UNITEDGLOBALCOM INC.: To Decide on Liberty Merger Mid-June
----------------------------------------------------------
UnitedGlobalCom, Inc. set June 14, 2005 for its special
stockholders meeting to vote on the previously announced business
combination of UGC with Liberty Media International, Inc. under a
new parent company named Liberty Global, Inc. (Liberty Global).
Holders of record of UGC common stock as of 5:00 p.m. (New York
time) on May 3, 2005, the record date, will be entitled to vote
at the UGC special meeting.
The special meeting will be held at the Hyatt Regency Tech
Center, 7800 E. Tufts Avenue, Denver, Colorado 80237 on June 14,
2005 at 10:00 a.m. (local time). The Company anticipates that
the joint proxy statement/prospectus with respect to the special
meeting, together with a form of election, will be mailed on May
9, 2005 to UGC stockholders of record on the record date.
About UnitedGlobalCom
UGC is a leading international provider of video, voice, and
broadband Internet services with operations in 16 countries,
including 13 countries in Europe. Based on the Company's
operating statistics at December 31, 2004, UGC's networks reached
approximately 16.0 million homes passed and served over 11.6
million RGUs, including approximately 9.5 million video
subscribers, 1.4 million broadband Internet subscribers, and
803,500 telephone subscribers.
Additional Information
Liberty Global has filed a Registration Statement on Form S-4
containing a definitive joint proxy statement/prospectus related
to the proposed business combination between LMI and UGC. UGC
stockholders and other investors are urged to read the definitive
joint proxy statement/prospectus because it contains important
information about the business combination. Investors may obtain
a copy of the definitive joint proxy statement/prospectus and
other documents related to the business combination free of
charge at (http://www.sec.gov). In addition, copies of the
definitive joint proxy statement/prospectus and other related
documents filed by the parties to the merger may be obtained free
of charge by directing a request to UnitedGlobalCom, Inc., 4643
South Ulster Street, Suite 1300, Denver, Colorado 80237,
Attention: Investor Relations Department, phone: 303-770-4001.
Participants in Solicitation
The directors and executive officers of UGC and other persons may
be deemed to be participants in the solicitation of proxies in
respect of the proposed business combination. Information
regarding UGC's directors and executive officers and other
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
is available in the definitive joint proxy statement/prospectus
contained in the above-referenced Registration Statement.
CONTACT: UNITEDGLOBALCOM, INC.
4643 S. Ulster St.,
Ste. 1300
Denver, CO 80237
Phone: 303-770-4001
Fax: 303-770-4207
Web site: http://www.unitedglobal.com
Richard S.L. Abbott
Investor Relations (UGC)
Phone: (303) 220-6682
E-mail: ir@unitedglobal.com
Claire Appleby
Investor Relations (UGC Europe)
Phone: +44 20 7 838 2004
E-mail: ir@ugceurope.com
Bert Holtkamp
Corporate Communications (UGC Europe)
Phone: + 31 (0) 20 778 9447
E-mail: communications@ugceurope.com
===========
N O R W A Y
===========
PAN FISH: Closes Sale of Non-core U.S. Fish Farming Business
------------------------------------------------------------
Pan Fish on Tuesday concluded an agreement to sell the company's
U.S. fish farming operations to the Seattle-based company Smoki
Foods. The transaction includes all fish inventory and certain
equipment and property currently owned by Pan Fish U.S.A. It
will yield total sales proceeds of US$8,350,000, and a minor
profit, which will be booked in Q2/2005.
As part of the agreement, Pan Fish U.S.A. has entered into a
lease agreement with Smoki Foods for the majority of the
water-based production equipment currently used in the U.S.
operations. The purchaser will retain the right to, within a
three-year period, buy additional equipment at a value of
US$7,800,000. If this right is not exercised, Pan Fish will
transfer the equipment to other specific farming sites, with a
corresponding reduction in planned investments at those sites.
The cash value of the sale of Pan Fish U.S.A. over a three year
period, either through Smoki exercising the option or by less
future capital investments, is thus US$16,150,000.
As part of Pan Fish's focused strategy, in which lowest cost to
market is fundamental, Pan Fish's Board of Directors decided in
January 2005 that the company should concentrate its North
American resources in Canada. The announcement concludes a
divestment process, which was initiated in January.
There has a the same time being signed an agreement between Smoki
and Pan Fish North America where Pan Fish North America will
continue to sell and through that service its customer base for
part of the Smoki salmon production.
Pan Fish's management considers the conditions for profitable
operations in Canada superior both financially and biologically.
Also, Pan Fish's locations in Canada enable a more cost effective
rebuild of production. Pan Fish will direct financial and
managerial resources earmarked for North America towards
strengthening Pan Fish Canada.
"We are pleased to have put in place a strategic solution that
both serves Pan Fish's interests and secures employment for our
U.S. colleagues. Following the conclusion of this agreement, Pan
Fish can focus full attention on further improvements with
regards to production cost and other operational issues in our
Canadian facilities," said Atle Eide CEO of Pan Fish.
Nordea Corporate Finance served as Pan Fish's partner in the
transaction.
CONTACT: PAN FISH
Atle Eide, CEO
Phone: +47 911 52 977
===========
P O L A N D
===========
NETIA SA: Court Closes Book on Millennium's Bankruptcy Motion
-------------------------------------------------------------
Netia S.A. has received confirmation that the order dismissing a
motion for its bankruptcy has become valid and final. The order
was issued by District Court for the capital city of Warsaw, 17th
Commercial Division on Dec. 14, 2004 against the motions of
Millennium Communications S.A. and Newman Finance Corporation.
The District Court has determined that the petitioners' claims
were groundless. The Court has discontinued proceedings
conducted in the same subject-matter initiated by a motion filed
by Genesis sp. z o.o.
The Company provided information on the motions filed by these
entities in its press release dated 10 August, 2004.
Netia (WSE: NET) is Poland's largest alternative provider of
fixed-line telecommunications services.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
NETIA SA: Merrill Lynch Withdraws US$8.7 Million Claim
------------------------------------------------------
The High Court of Justice, London, United Kingdom, decided on
April 27, to close with no order as to costs, the court
proceedings initiated by Merrill Lynch Capital Services, Inc.
against, Netia Telekom S.A. (Telekom) and Netia Holdings S.A.
Merrill Lynch previously withdrew the claim for the payment of
US$8,675,549, together with accrued interest and legal fees, due
in connection with the termination of a swap transaction on Dec.
14, 2001. The deal was executed between Telekom and Merrill
Lynch on March 30, 2001.
The claim was withdrawn in connection with subscription of the
Company's series I shares by Merrill Lynch.
Netia (WSE: NET) is Poland's largest alternative provider of
fixed-line telecommunications services.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
NETIA SOUTH: Closes Arrangement Proceedings
-------------------------------------------
On April 26, 2005 the Regional Court in Warsaw declared the
arrangement proceedings of Netia South Sp. z o.o. complete after
the firm fully paid receivables as agreed with creditors.
The arrangement proceedings of Netia South constituted a part of
the court arrangement proceedings performed in connection with
the financial restructuring of Netia group.
Netia S.A. (WSE: NET), the legal successor of Netia South, is
Poland's largest alternative provider of fixed-line
telecommunications services.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
===========
R U S S I A
===========
ASKOD: Declared Insolvent
-------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Askod after
finding the close joint stock company insolvent. The case is
docketed as A56-16642/04. Mr. S. Kovalev has been appointed
insolvency manager. Creditors have until May 26, 2005 to submit
their proofs of claim to 199034, Russia, Saint-Petersburg, V.O.,
16th Liniya, 7, Building 1, Office 1309.
CONTACT: ASKOD
192241, Russia, Saint-Petersburg,
Turku Str. 30
Mr. S. Kovalev
Insolvency Manager
199034, Russia, Saint-Petersburg,
V.O., 16th Liniya, 7,
Building 1, Office 1309
BERINGOVO-TECH-TORG: Bankruptcy Hearing Set August
--------------------------------------------------
The Arbitration Court of Chukotskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Beringovo-Tech-Torg (TIN 8702000239). The case is
docketed as 80-01/2005-B. Ms. O. Komelkova has been appointed
temporary insolvency manager. A hearing will take place on Aug.
23, 2005, 10:00 a.m.
CONTACT: BERINGOVO-TECH-TORG
689101, Russia, Chukotskiy autonomous region,
Beringovskiy region, Beringovskiy-1,
Mandrikova Str. 2
Ms. O. Komelkova
Temporary Insolvency Manager
689000, Russia, Chukotskiy autonomous region,
Anadyr, Post User Box 214
MECH-COLUMN-105: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Mech-Column-105 (TIN 8904003673). The case is docketed
as A81-280/2005. Mr. V. Alekseev has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to:
(a) Mech-Column-105
629300, Russia, Yamalo-Nenetskiy autonomous region,
Novyj-Urengoy, location 'Energetik', Block 105
(b) Temporary Insolvency Manager
Russia, Tyumen, Respubliki Str. 204 A
(c) The Arbitration Court Of Yamalo-Nenetskiy Autonomous Region
629008, Russia, Salekhard,
Chubynina Str. 37a
MONTAZHNIK: Bankruptcy Proceedings Begin
----------------------------------------
The Arbitration Court of Sakha republic (Yakutiya) commenced
bankruptcy proceedings against Montazhnik after finding the open
joint stock company insolvent. The case is docketed as
A58-471/2005. Mr. A. Vyaznov has been appointed insolvency
manager. Creditors may submit their proofs of claim to 677007,
Russia, Sakha republic (Yakutiya), Yakutsk, Krupskoy Str. 35
CONTACT: Mr. A. Vyaznov
Insolvency Manager
677007, Russia, Sakha republic (Yakutiya),
Yakutsk, Krupskoy Str. 35
NIZHNEKISLYAYSKIY: Creditors Have Until May to File Claims
----------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Nizhnekislyayskiy after finding the sugar
refinery insolvent. The case is docketed as A14-12339-2004
73/20b. Mr. L. Shevarenkov has been appointed insolvency
manager. Creditors have until May 26, 2005 to submit their
proofs of claim to 606000, Russia, Nizhnij Novgorod region,
Dzerzhinsk, Lenina Pr. 57/2, Apartment 16.
CONTACT: NIZHNEKISLYAYSKIY
397535, Russia, Voronezh region, Buturlinskiy region,
Nizhne-Kislyaj, Dzerzhinskogo Str. 1
Mr. L. Shevarenkov
Insolvency Manager
606000, Russia, Nizhnij Novgorod region,
Dzerzhinsk, Lenina Pr. 57/2, Apartment 16
OAO GAZPROM: Russia Eyes Gazprom Treasury Shares
------------------------------------------------
The Russian government is reportedly considering acquiring shares
held by Gazprom subsidiaries without merging it with Rosneft.
Earlier, the dispute between rival factions involving Kremlin and
company officials had fuelled media reports that the country has
called off the merger.
Russia's dilemma was how to gain majority control over Gazprom
and at the same time give the latter a stake in Rosneft-Yugansk.
It is now understood to be pursuing its plan to increase its
Gazprom stake to 51% from 39%, following a number of meetings
held recently.
One of the sources from the government said: "We are discussing a
scheme according to which the state would receive control in
Gazprom in exchange for other funds instead of Rosneft and
Yuganskneftegaz assets."
In November, Fitch Ratings revised Gazprom's 'BB' Senior
Unsecured foreign currency and local currency ratings to Rating
Watch Positive from Evolving, following the upgrade of Russia's
sovereign rating to 'BBB-' from 'BB+'.
The revision reflected the increased likelihood of an upgrade for
Gazprom due to its strategic linkage to the state and synergies
to be gained from an increase of state ownership
following its merger with Rosneft, which was still pending
regulatory approval at the time.
With the full merger, Moscow would have gained control over
expected increases of natural gas exports to the Asia-Pacific
region through buying Rosneft's Far East interests, especially in
the Sakhalin venture blocks.
Gazprom is the country's gas monopoly, while Rosneft is a
state-owned oil giant.
CONTACT: OAO GAZPROM
16 Nametkina
117997 Moscow, V-420,
Russia
Phone: +7-95-719-3001
Fax: +7-95-719-8333
Web site: http://www.gazprom.ru
OAO ROSNEFT
26/1 Sofiyskaya Embankment
1, GSP-8 115998 Moscow
Phone: +7-95-777-4422
Fax: +7-95-777-4444
Web site: http://www.rosneft.ru
SEVER-ALKO: Declared Insolvent
------------------------------
The Arbitration Court of Murmansk region commenced bankruptcy
proceedings against Sever-Alko after finding the wine-vodka
distillery insolvent. The case is docketed as A42-2900/04-9.
Ms. T. Kazakova has been appointed insolvency manager.
Creditors may submit their proofs of claim to 183008, Russia,
Murmansk, Post User Box 4353.
CONTACT: SEVER-ALKO
183038, Russia, Murmansk region,
Pozdnyakova Str. 8
Ms. T. Kazakova
Insolvency Manager
183008, Russia, Murmansk region,
Post User Box 4353
TVERSKAYA SPINNING-MILL: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company Tverskaya
Spinning-Mill. The case is docketed as A66-687/2005. Ms. G.
Petrova has been appointed temporary insolvency manager.
Creditors have until May 2, 2005 to submit their proofs of claim
to:
(a) Tverskaya Spinning-Mill
170001, Russia, Tver region,
Dvor Proletarki
(b) Temporary Insolvency Manager
170011, Russia, Tver region,
1st za OZHD Str. 2
(c) The Arbitration Court Of Tver Region
Russia, Tver region, Sovetskaya Str. 23B
A hearing will take place on June 8, 2005, 10:30 a.m. at Russia,
Tver, Sovetskaya Str. 23B, Room 27.
TYNDINSKIY: Bankruptcy Hearing Set Later this Month
---------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on limited liability company Tyndinskiy
(TIN 2808015080). The case is docketed as A04-188/05-17/20 'B'.
Mr. I. Korenev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 680028, Russia,
Khabarovsk, Frunze Str. 126, office 106. A hearing will take
place on May 24, 2005, 8:30 a.m.
CONTACT: TYNDINSKIY
670013, Russia, Amur region,
Tyndinskiy region, Tynda, Kirova Str. 1A
Mr. I. Korenev
Temporary Insolvency Manager
680028, Russia, Khabarovsk,
Frunze Str. 126, Office 106
Phone: 8-914-772-71-02, (4212) 35-21-86
TYUMEN-GAS-STROY: Tyumen Court Names Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on open joint stock company
Tyumen-Gas-Stroy. The case is docketed as A-70-954/3-2005. Mr.
V. Alekseev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to:
(a) Mr. V. Alekseev
Temporary Insolvency Manager
625000, Russia, Tyumen region,
Moskovskiy Trakt, 165, Apartment 75
(b) The Arbitration Court Of Tyumen Region
625000, Russia, Tyumen region,
Khokhryakova Str. 77
A hearing will take place on May 26, 2005, 9:20 a.m.
YUKOS OIL: Mulls Major Shakeup to Keep Firm Intact
--------------------------------------------------
Yukos Oil plans to launch a restructuring that will see some of
its units being wound up, and hundreds of jobs sacked, a source
from Kommersant said.
The proposal will entail the gradual winding-up of three units,
the axing of 70% of the firm's 1,200 people, and the dissolution
of the board to give way for the post of vice presidents. CEO
Steven Theede will be appointed president.
The first unit to be wound up will be OOO Yukos Moscow, which
already has ceased providing management function to Yukos Oil.
It will be followed by Yukos EP, a management sub-unit that deals
with exploration and production, and Yukos RM, which is involved
in refinement and sale of oil.
Interfax news agency sources said a large-scale layoff already
took place Tuesday. Two-thirds of Yukos EP's staff and more than
half of Yukos Moscow's have been cut. Yukos RM employees have
also been laid off.
Under the plan, 30% of Yukos Moscow will be transferred to Yukos
Oil and AO Torgovy Dom Yukos, which will take care of the group's
public and state relations service. The remaining 70% will be
discharged through its liquidation. Some of Yukos EP and Yukos
RM employees will also be given similar offers. But a total of
850 have really to be laid off.
Yukos will still directly own stocks of all subsidiaries after
the reorganization, but the units will be managed separately to
protect the group from crippling tax and judicial assaults.
A source in Yukos told Kommersant: "Every subsidiary will be
preparing the balance on its own. Moreover, every subsidiary
will export oil and oil products, will purchase and refine on its
own. Yukos no longer uses intra-corporate schemes. The
subsidiary will become the owners of their products, each of
their deals will concern only them, and they will be the centers
of profits."
It is understood changes in Yukos' structure are impossible since
its assets are still frozen.
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: Shareholder Sues Unit for US$650 Mln Loan
----------------------------------------------------
Group Menatep is suing Yuganskneftegaz at a London Court of
Arbitration to collect the remaining US$650 million payment for
loans the latter guaranteed for former parent Yukos Oil.
Tim Osborne, Managing Director of Group Menatep, told Reuters in
a telephone interview both parties had agreed to be subject to
the court when the loan was arranged. Group Menatep is majority
shareholder of Yukos Oil.
Yugansk ceased to be a unit of Yukos when it was sold by the
government in December to a little-known firm, OOO
Baikalfinansgroup, to pay for its parent's giant tax bill. This
company was later purchased by state-owned oil firm Rosneft.
Yugansk is also suing Yukos in Russia. It is demanding up to
RUB366.3 billion in oil delivery payments, and tax and lost
revenue claims in three separate suits. It is alleging Yukos
owes it a balance of RUB62.3 billion for oil it delivered in July
to December 2004, RUB141 billion in taxes, and RUB163 in lost
profit. The Moscow Court of Arbitration will consider the claim
May 13. Preliminary hearing on the tax suit is set for May 10.
The third case is to be considered May 24.
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: Creditor Calls RUB9.94 Bln Loan from Main Refinery
-------------------------------------------------------------
The Moscow Arbitration Court has ordered the East Siberian
refinery of Yukos Oil to pay RUB9.94 billion in overdue loans to
Liechtenstein-based New Century Securities.
According to Itar-Tass, the amount includes penalties and fines
for non-payment for what was originally a US$58 million loan by
Angarsk Petrochemical Company in 1996.
A representative of Angarsk said the plaintiff did not provide
evidence of the claim. They planned to appeal the ruling saying
Angarsk is not legally bound to the loan.
Yukos spokesman Yevgeny Fokin confirmed the ruling but was unable
to comment, nor clarify ownership of New Century Securities.
Angarsk is Yukos' main refinery, with a capacity of 19.18 million
tons of crude per year.
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
ZENIT: Deadline for Proofs of Claim Set Later This Month
--------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Zenit after finding the close joint stock
company insolvent. The case is docketed as A72-5308/02-K242-B.
Mr. A. Pimenov has been appointed insolvency manager.
Creditors have until May 26, 2005 to submit their proofs of claim
to 433408, Russia, Ulyanovsk region, Cherdaklinskiy region,
Krestovo-Gorodishe, Kalinina Str. 139.
CONTACT: ZENIT
433400, Russia, Ulyanovsk region,
Cherdaklinskiy region, Arkhangelskoye
Mr. A. Pimenov
Insolvency Manager
433408, Russia, Ulyanovsk region,
Cherdaklinskiy region, Krestovo-Gorodishe,
Kalinina Str. 139
Phone/Fax: 8 (8422) 41-09-74, 42-91-59
=============
U K R A I N E
=============
ANABEL: Liquidator Takes over Operations
----------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Anabel (code EDRPOU 23691739) after finding
the limited liability company insolvent. The case is docketed as
14/29. Mr. O. Volovik (License Number AA 140417) has been
appointed Liquidator/Insolvency Manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) ANABEL
25006, Ukraine, Kirovograd region,
Lenin Str. 14
(b) Mr. O. Volovik
Liquidator/Insolvency Manager
25006, Ukraine, Kirovograd region, a/b 5/41
Phone: (0522) 55-27-91, 22-10-65
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski Str. 29
BAHCHISARAJSKI CONCRETE: Creditors' Claims Due Today
----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Bahchisarajski Concrete Products
(code EDRPOU 03379649) on March 15, 2005. The case is docketed
as 2-20/36771-2005. Mr. Garry Vududa (License Number AA 249853)
has been appointed temporary insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) BAHCHISARAJSKI CONCRETE PRODUCTS
98400, Ukraine, AR Krym region,
Bahchisaraj, Promislova Str. 2
(b) Mr. Garry Vududa
Temporary Insolvency Manager
95048, Ukraine, AR Krym region,
Simferopol, a/b 2769
(c) THE ECONOMIC COURT OF AR KRYM REGION
95000, Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
BELARUS: Court Appoints Temporary Insolvency Manager
----------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on JSCCT Belarus (code EDRPOU 20535269) on
March 14, 2005. The case is docketed as B-14/113. Mr. Mikola
Sayevich (License Number AA 520164) has been appointed temporary
insolvency manager. The company holds account number
2600230011370 at JSCB Ukrsocbank, MFO 336020.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) BELARUS
78241, Ukraine, Ivano-Frankivsk region,
Kolomiya district, Turka
(b) Mr. Mikola Sayevich
Temporary Insolvency Manager
78200, Ukraine, Ivano-Frankivsk region,
Kolomiya, Kostomarov Str. 4/108
(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Shevchenko Str. 16a
CHECHELNITSKE AUTO 10550: Under Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Chechelnitske Auto Transport
Enterprise 10550 (code EDRPOU 03372783) on February 18, 2005.
The case is docketed as 5/64-05. Chechelnitskij District State
Tax Inspection has been appointed temporary insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) CHECHELNITSKE AUTO TRANSPORT ENTERPRISE 10550
24800, Ukraine, Vinnitsya region,
Chechelnik, Gagarin Str. 2
(b) Temporary Insolvency Manager
Phone: (04351) 2-13-40
(c) ECONOMIC COURT OF VINNITSYA REGION
Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
LOPATINAGROBUD: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on CJSC Lopatinagrobud on March 15, 2005.
The case is docketed as 6/44-4/25. Mr. Pavlo Duplika (License
Number AA 250381) has been appointed temporary insolvency
manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) LOPATINAGROBUD
Ukraine, Lviv region,
Radehivskij district
(b) Mr. Pavlo Duplika
Temporary Insolvency Manager
82100, Ukraine, Lviv region,
Drogobich, Kotlyarevskij Str. 55
Phone: (03244) 3-83-94
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
PROGRES: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Progres (code EDRPOU
03787986). The case is docketed as 17/65-B. Mr. Oleksandr
Futoryak (License Number AA 783023) has been appointed temporary
insolvency manager. The company holds account number
26005889106371 at JSCB Ukrsocbank, MFO 315018.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) Mr. Oleksandr Futoryak
Temporary Insolvency Manager
Ukraine, Hmelnitskij region,
Kamyanets-Podilskij, Vokzalna Str. 43/18
(b) ECONOMIC COURT OF HMELNITSKIJ REGION
29000, Ukraine, Hmelnitskij region,
Nezalezhnosti Square, 1
PROMISLI PODILLYA: Declared Insolvent
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Promisli Podillya (code EDRPOU 23102401) on
after finding the limited liability company insolvent. The case
is docketed as 5/45-05. Mr. V. Cherepaha has been appointed
liquidator/insolvency manager. The company holds account number
260063560 at JSPPB Aval, Vinnitsya regional branch, MFO 302247.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) PROMISLI PODILLYA
23700, Ukraine, Vinnitsya region,
Gajsin, B. Hmelnitskij Str. 2
(b) Mr. V. Cherepaha
Liquidator/Insolvency Manager
23700, Ukraine, Vinnitsya region,
Gajsin, Pivdenna Str. 1
Phone: 8 (067) 380-26-10
(c) ECONOMIC COURT OF VINNITSYA REGION
21000, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
SHAHTARSKIJ RAJSILKOMUNGOSP: Succumbs to Insolvency
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Shahtarskij Rajsilkomungosp (code EDRPOU
01355254) on March 10, 2005 after finding the limited liability
company insolvent. The case is docketed as 15/188 b. Mr.
Davidenko Oleksij (License Number AA 000250) has been appointed
Liquidator/Insolvency Manager. The company holds account number
26004256015416 at Prominvestbank, Shahtarsk branch, MFO 334613.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) Mr. Davidenko Oleksij
Liquidator/Insolvency Manager
86200, Ukraine, Donetsk region,
Shahtarsk, Lenin Str. 41
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
STROJSERVICE: Mikolaiv Region Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Strojservice (code EDRPOU 25380104) on March
17, 2005 after finding the company insolvent. The case is
docketed as 14/436. Mr. Milena Kostina (License Number AA
783216) has been appointed liquidator/insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) Ms. Milena Kostina
Liquidator/Insolvency Manager
54015, Ukraine, Mikolaiv region,
Buzkij Boulevard, 1/32
Phone: (0512) 35-22-37
(b) ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
VEDA-TRANS: Oleksandr Snizhko Named Insolvency Manager
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Veda-Trans (code EDRPOU 24076686) on March
28, 2005 after finding the limited liability company insolvent.
The case is docketed as 23/339-b. Mr. Oleksandr Snizhko (License
Number AA 315460) has been appointed liquidator/insolvency
manager. The company holds account number 26000010028 at OJSC
FZAB, Kyiv branch, MFO 322432.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) VEDA-TRANS
03134, Ukraine, Kyiv region,
Yakutska Str. 14
(b) Mr. Oleksandr Snizhko
Liquidator/Insolvency Manager
03127, Ukraine, Kyiv region,
40-Richya Zhovtnya Avenue, 126/18, Body 3
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
YUZHAGROPROM: Gives Creditors Until Today to File Claims
--------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on OJSC Yuzhagroprom (code EDRPOU 30088063)
on March 21, 2005. The case is docketed as 5/50-05. Mr. Vitalij
Bolhovitin (License Number AA 630030 of November 18, 2003) has
been appointed temporary insolvency manager. The company holds
account number 260033012855 at Prominvestbank, Vinnitsya central
branch, MFO 302571.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) YUZHAGROPROM
24004, Ukraine, Vinnitsya region,
Mogiliv-Podilskij, Gorkij Str. 55
(b) Mr. Vitalij Bolhovitin
Temporary Insolvency Manager
Ukraine, Vinnitsya region,
Hmelnitske Shoes Str. 2a/602
Phone: 52-03-41
(c) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
===========================
U N I T E D K I N G D O M
===========================
ABA DIAMOND: Liquidator's Final Report Out Next Month
-----------------------------------------------------
The final meeting of the members and creditors of Aba Diamond
Cars Limited will be on June 3, 2005 at 10:00 a.m. and 10:15 a.m.
respectively. It will be held at 3-5 Rickmansworth Road,
Watford, Hertfordshire WD18 0GX.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms must
be lodged with Moore Stephens, 3-5 Rickmansworth Road, Watford,
Hertfordshire WD18 0GX not later than 12:00 noon, June 2, 2005.
CONTACT: MOORE STEPHENS
3/5 Rickmansworth Road
Watford
Hertfordshire WD18 0GX
Phone: 01923 236622
Fax: 01923 245660
E-mail: steve.draine@moorestephens.com
BELFERN MUSIC: Calls Final Creditors Meeting
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Belfern Music Limited
A Final Meeting of Creditors has been summoned in this matter for
the purposes of receiving the Joint Liquidators' report of the
winding-up and determining whether the Joint Liquidators should
have their release under section 146 of Insolvency Act 1986.
The Meeting will be held at the offices of Mazars LLP, Lancaster
House, 67 Newhall Street, Birmingham B3 1NG, on June 2, 2005, at
11:00 a.m. Proxy forms must be lodged at Mazars not later than
12:00 noon on June 1, 2005 to entitle Creditors to vote by proxy
at the Meeting.
A. S. Wood, Joint Liquidator
April 21, 2005
CONTACT: MAZARS LLP
24 Bevis Marks
London EC3A 7NR
Phone: (44) 20 73 77 10 00
Fax: (44) 20 73 77 89 31
Web site: http://www.mazars.com
BLUEBIRD HOLIDAYS: Liquidator to Present Final Report June 23
-------------------------------------------------------------
The final meeting of the members and creditors of Bluebird
Holidays Limited will be on June 23, 2005 at 11:00 a.m. and 11:15
a.m. respectively. It will be held at the offices of
PricewaterhouseCoopers LLP, Hill House, Richmond Hill,
Bournemouth BH2 6HR.
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 or creditors who want to be
represented at the meeting may appoint proxies.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Hill House
Richmond Hill
Bournemouth BH2 6HR
United Kingdom
Phone: [44] (1202) 294621
Fax: [44] (1202) 556978
Web site: http://www.pwc.com
BOILER WORKSHOP: Sets General Meeting of Members, Creditors June
----------------------------------------------------------------
The general meeting of the members and creditors of Boiler
Workshop Limited will be on June 6, 2005 at 2:00 p.m. and 2:15
p.m. respectively. It will be held at Albany House, 18 Theydon
Road, London E5 9NA.
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 or creditors who want to be
represented at the meeting may appoint proxies.
CONTACT: PANOS ELIADES FRANKLIN & CO.
18 Theydon Road
London E5 9NA
Phone: 020 8815 4000
Fax: 020 8815 4040
CARNELL BROWN: Calls Final Creditors Meeting
--------------------------------------------
The final meetings of the contributories and creditors of Carnell
Brown Limited will be on June 1, 2005 at 11:00 a.m. and 11:30
a.m. respectively. It will be held at the offices of Begbies
Traynor, 5th Floor, Riverside House, 31 Cathedral Road, Cardiff
CF11 9HB.
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. Creditors or contributories who want to
be represented at the meeting may appoint proxies. Proxy forms
must be lodged with Begbies Traynor, 5th Floor, Riverside House,
31 Cathedral Road, Cardiff CF11 9HB not later than 12:00 noon,
May 31, 2005.
CONTACT: BEGBIES TRAYNOR
4th Floor, Riverside House,
31 Cathedral Road, Cardiff CF11 9HB
Phone: 029 2022 5022
Fax: 029 2022 4523
E-mail: cardiff@begbies-traynor.com
Web site: http://www.begbies.com
CARTER HEATING: Members, Creditors Final Meeting Set June
---------------------------------------------------------
The final meeting of the members and creditors of Carter Heating
& Mechanical Services Ltd. will be on June 1, 2005 at 10:00 a.m.
and 10:15 a.m. respectively. It will be held at the offices of
Lines Henry, 27 The Downs, Altrincham, Cheshire WA14 2QD.
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 or creditors who want to be
represented at the meeting may appoint proxies.
CONTACT: LINES HENRY
27 The Downs
Altrincham
Cheshire WA14 2QD
Phone: 0161 929 1905
Fax: 0161 929 1977
E-mail: nola@lineshenry.co.uk
CONTECH PROCESS: Hires Liquidator from F A Simms & Partners
-----------------------------------------------------------
At the extraordinary general meeting of Contech Process Plant
Limited on April 18, 2005 held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, the subjoined extraordinary
resolution to wind up the company was passed. Richard Frank
Simms of Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP has been hereby appointed liquidator of
the company.
CONTACT: F A SIMMS & PARTNERS PLC
Insol House
39 Station Road
Lutterworth
Leicestershire LE17 4AP
Phone: 01455 557111
Fax: 01455 552572
E-mail: rsimms@fasimms.com
CORDELL TROPHIES: Liquidator from Begbies Traynor Moves in
----------------------------------------------------------
At the extraordinary general meeting of Cordell Trophies Limited
on April 25, 2005 held at 70 Conduit Street, London W1S 2GF, the
subjoined extraordinary resolution to wind up the company was
passed. Jamie Taylor of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been
appointed liquidator of the company.
CONTACT: BEGBIES TRAYNOR
The Old Exchange, 234 Southchurch Road
Southend-on-Sea SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
DEANHURST ASSOCIATES: Calls in Liquidator from Tomlinsons
---------------------------------------------------------
At the extraordinary general meeting of Deanhurst Associates
Limited (t/a Lighting Up) on April 20, 2005 held at Tomlinsons,
St John's Court, 72 Gartside Street, Manchester M3 3EL, the
resolutions to wind up the company were passed. Alan H.
Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL has been appointed liquidator of the company.
CONTACT: TOMLINSONS
St John's Court,
72 Gartside Street, Manchester M3 3EL
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
DEE-GLAS LIMITED: Appoints Campbell Crossley & Davis Liquidator
---------------------------------------------------------------
At the extraordinary general meeting of Dee-Glas Limited on April
22, 2005 held at The Rhinewood Inn and Hotel, Glazebrook Lane,
Glazebrook, near Warrington, Cheshire WA3 5BB, the subjoined
resolutions to wind up the company were passed. Richard Ian
Williamson of Campbell Crossley and Davis, 348-350 Lytham Road,
Blackpool FY4 1DW has been appointed liquidator of the company.
CONTACT: CAMPBELL CROSSLEY & DAVIS
348-350 Lytham Road
Blackpool
Lancashire FY4 1DW
Phone: 01253 349331
Fax: 01253 349435
E-mail: ian.williamson@crossleyd.co.uk
DRAX GROUP: 2004 Results Exceed Expectations
--------------------------------------------
Chairman's Statement
This is the first Annual Review of the business of the Drax group
of companies. It reports on the operations of Drax Power Limited
(Drax Power), the operating subsidiary of Drax Group Limited
(Drax Group or the Group); it includes a financial review at the
level of Drax Holdings Limited (Drax Holdings); and it includes
reports on corporate and social responsibility, the arrangements
for corporate governance and the remuneration of the directors.
Through the ownership of Drax Power Station, the Group is the
largest independent generating company in the U.K. The Station
is the largest, cleanest and most efficient coal fired power
station in the country with an output capacity of 4,000MW.
Operating on a fully merchant basis, Drax Power currently
provides enough power to meet 7% of the U.K.'s electricity needs.
Our customers are predominantly the vertically integrated
companies and in selling our output we rely on there being a
wholesale market that has high and regular liquidity. Only under
such conditions will the market see prices truly reflect the
fundamentals of supply and demand. We will continue to observe
market behavior and make appropriate representations in the
interests of delivering a fully competitive, efficient and liquid
market.
Transforming a Plant into a Business
The 12 months that have followed the successful financial
restructuring of the Group have been both challenging and
exciting as we have progressively transitioned from what had
always been a plant within a portfolio to a free-standing
independent generating business.
At last year's annual meeting with investors on 12 March 2004,
the Board shared its priorities set out in the Annual Plan (the
Plan). We started the year with a number of clear priorities
ranging from financial and operational performance, through
recruitment and organizational change, to safety. I am pleased
to report that, whilst some tasks are by their nature continuing,
substantial progress has been made in all areas.
The transition of Drax Power to an independent business
necessitated a thorough review of the existing resources,
identification of the gap between what we had and the
requirements for the future, and a complementary recruitment and
development program to secure the necessary skills.
At Board level we have made progress in satisfying the
requirements of the Shareholders' Agreement. In December 2003,
joining myself, as Chairman and Gerald Wingrove, as Chief
Executive, Mike Grasby was appointed as a non-executive director.
Mike has a wealth of electricity industry experience and
particular knowledge of the plant from his years as Station
Manager. In June 2004, Peter Emery joined us from Esso as our
Production Director. At the end of June, Tim Barker joined us
as a non-executive director, bringing with him extensive
investment banking and non-executive board experience. Gordon
Boyd joined the Board, from British Energy, as Finance Director
in January 2005.
Following a number of years' association with the Power Station,
Lord Taylor of Blackburn retired from the Board at the end of
June 2004, but he remains an advisor to the Board on
Parliamentary matters and continues to give us the benefit of his
sound common sense.
On 19 April 2005, recognizing the near completion of the
transition of the plant to a business, Gerald Wingrove stepped
down as Chief Executive of the Board. The Board wishes to thank
Gerald for his valuable contribution to the development of the
business. A search for a new Chief Executive is in hand. Other
appointees filling key roles in 2004 were Paul Taylor as Head of
Trading, Steve Halliday as Head of Risk Management, Peter
Rothwell as Company Secretary and Company Solicitor, and Gary Law
as Head of Procurement. All of these individuals bring a wide
range of new skills and experience to complement the strengths of
the existing team at Drax Power. Within the business, our
staffing structures and responsibilities have been revised to
suit better the needs of an independent business. We have
progressively introduced a performance culture, principally
through monthly team appraisals complemented by the introduction
of a plant-wide bonus plan linked to annual performance and the
Long Term Incentive Plan approved by shareholders in April
2004.
Whilst further development and a limited amount of recruitment
are still needed, we are confident that, when completed, we shall
have all the key skills and experience for the business to
prosper.
Results for 2004[1]
Our financial results overall for 2004 showed a sound performance
with both gross profit and EBITDA exceeding the Plan at GBP239.4
million and GBP90.2 million respectively (compared to GBP229.2
million and GBP78.1 million respectively in the Plan). Interest
payments were made in full on the A1, A2 and A3 debt and a
payment of GBP8.3 million was made on account of the B debt
interest. In addition, we have achieved the principal hedging
target set out in our loan agreements of covering A1 and A2 debt
service payments for 2005 and 2006.
Operational performance of the plant during 2004 was mixed. Our
flue gas desulphurisation (FGD) plant delivered an exceptional
performance, whilst we experienced a number of unusual and, we
believe, one-off generator problems. Against an underlying
background of improving plant reliability, these problems have
resulted in an overall forced outage rate worse than we had
planned. Through an increased focus on preventative maintenance
work, we believe costs and outage periods will be reduced, and
the effects of maintenance deficiencies accumulated over several
years will be made good. During 2005, our operational effort
will be focused on increasing the overall value of the business
through improved plant reliability and availability, and
alternative fuel programs. The year will present us with many
challenges but we have started 2005 confident in the ability of
the business to deliver enhanced earnings and cash flow.
Re-financing and Listing
The financial collapse of the U.K. operations of TXU in late 2002
meant the loss of a customer for some 60% of the plant's output
and precipitated our own financial problems, which were addressed
in the restructuring completed in 2003. Following two years of
negotiations, in early December 2004 we advised our stakeholders
that we had secured an offer to agree our claim against TXU at a
figure of some GBP348 million and sought the support of our B
lenders to accept the settlement proposals put forward by the
administrators of TXU. On the administrators'
realistic basis, Drax Power could eventually receive payment of
its principal claim broadly in full. We received a substantial
first distribution of some GBP214 million at the end of March
2005, and it is envisaged that further distributions will be
received during 2005 and 2006.
The Group is obliged to apply all receipts, after VAT and a
payment of GBP2.5 million, towards the discharge of its B debt.
As a result, significant future interest savings will arise and
the balance sheet will be significantly degeared. Your Board
believes this is an excellent result. Furthermore, it is a key
step towards preparing the Company for a re-financing of some or
all of its current debt.
The current capital structure was developed during 2003 in
agreement with its then senior creditors as a secure basis for
the business to emerge from its then financial difficulties. It
has served that purpose well. Your Board believes, however, that
significant progress has now been made to establish Drax Power as
a well-managed and sound business that delivers value to all
stakeholders. This will require us to consider introducing a
more appropriate capital structure. Achieving this improvement
will necessitate a refinancing coupled with a listing of the
equity, and the Board is presently engaged in a review of the
Group's capital structure with advice from Dresdner Kleinwort
Wasserstein. Proposals for this important next step in the story
of Drax Power will be put to stakeholders in 2005.
We have sought throughout 2004 a policy of openness and
accessibility in our relationships with our shareholders. We
intend to continue that policy during 2005, consistent at all
times with our responsibilities to the market, but, where
appropriate, maintaining commercial confidentiality.
Corporate Strategy
Key corporate targets for 2005 are in place for all aspects of
the business and with the objective of fulfilling these, or
exceeding them where possible, and pursuing various strategic
options, we aim to improve on our performance of last year. Our
other priorities for 2005 will remain broadly the same as in 2004
with the principal aim of improving our financial and operating
position to ensure that we maximize our cash generation
capability. This will secure current debt servicing and allow a
re-financing and with it the prospect of an associated unstapling
of A2 and A3 debt from the equity and its subsequent listing.
Consistent with this, we aim to increase the overall value of the
business and to form a basis for future equity returns. Business
enhancement opportunities exist in the areas of plant operations,
trading opportunities, and fully exploiting cross-functional
teamwork opportunities between production and trading. Business
extension opportunities are presented through our biomass
activities and through other site development prospects.
Furthermore, a refinancing coupled with an equity listing would
enable business initiatives beyond the Drax Power Station site to
be taken where these are capable of enhancing returns to
shareholders.
Our People
Finally, I should like to thank the staff of Drax Power. Most of
them experienced the disheartening effects of the past financial
problems, yet, over the past year, their cooperation in the
changes to work practices and culture has been commendable.
Those new to the business have similarly demonstrated encouraging
commitment and enthusiasm.
Gordon Horsfield
Chairman
A copy of this press release is available free of charge at
http://bankrupt.com/misc/DraxGroup(2004).pdf
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Consolidated financial results for Drax Holdings Limited for
the year ended 31 December 2004 (unaudited).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CONTACT: DRAX POWER LIMITED
Drax Power Station
PO BOX 3
Selby
North Yorkshire
YO8 8PQ
Phone: +44 (0) 1757 618381
Fax: +44 (0) 1757 618504
Web site: http://www.draxpower.com/
ELDON CONSTRUCTION: Liquidator from Bartfields Moves in
-------------------------------------------------------
At the meeting of the creditors of Eldon Construction Limited on
April 22, 2005 held at Bartfields (UK) Ltd., 1 St James' Gate,
Newcastle upon Tyne NE1 4AD, the resolutions to wind up the
company were passed. Gerald Maurice Krasner of Bartfiedls (UK)
Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF, an
Insolvency Practitioner duly qualified under the Insolvency Act
1986 has been appointed liquidator of the company.
CONTACT: BARTFIELDS (UK) LIMITED
Burley House
12 Clarendon Road
Leeds
West Yorkshire LS2 9NF
Phone: 0113 244 9051
Fax: 0113 234 3208
E-mail: gerald.krasner@bartfield.co.uk
ENABLING EDUCATIONAL: Hires Liquidators from Kroll
--------------------------------------------------
At the extraordinary general meeting of Enabling Educational
Excellence Limited on April 25, 2005 held at The Holiday Inn,
Park House Road, Kingstown, Carlisle CA3 0HR, the extraordinary
and ordinary resolutions to wind up the company were passed.
Simon Wilson and David John Whitehouse of Kroll, 1 Oxford Court,
Bishopsgate, Manchester M2 3WR have been appointed joint
liquidators of the company.
CONTACT: KROLL MANCHESTER
1 Oxford Court Bishopsgate Place
Manchester M2 3WR
United Kingdom
Phone: 44 (0) 161 228 6622
Fax: 44 (0) 161 228 1199
Web site: http://www.krollworldwide.com
ESMI LIMITED: Names Springfields Liquidator
-------------------------------------------
At the extraordinary general meeting of ESMI Limited on April 26,
2005 held at 80 Hinckley Road, Leicester LE3 0RD, the subjoined
extraordinary resolution to wind up the company was passed.
Situl Devji Raithatha and John Patrick Thomas Redmond of
Springfields, 80 Hinckley Road, Leicester LE3 0RD have been
appointed joint liquidators of the company.
CONTACT: SPRINGFIELDS
80 Hinckley Road,
Leicester LE3 0RD
FAIRWAY DISTRIBUTION: Members Decide to Wind up Firm
----------------------------------------------------
At the extraordinary general meeting of the members of Fairway
Distribution (London) Ltd. on April 20, 2005 held at Langley
House, Park Road, London N2 8EX, the extraordinary and ordinary
resolutions to wind up the company were passed. Alan Simon has
been appointed liquidator of the company.
CONTACT: LANGLEY & PARTNERS
Langley House
Park Road
East Finchley
London N2 8EX
Phone: 020 8444 2000
Fax: 020 8444 3400
FORTRESS MANAGEMENT: Appoints HJS Recovery Liquidator
-----------------------------------------------------
At the extraordinary general meeting of Fortress Management
Limited on April 26, 2005 held at the offices of hjs Recovery,
12-14 Carlton Place, Southampton, Hampshire SO15 2EA, the
extraordinary and ordinary resolutions to wind up the company
were passed. Gordon Johnston of hjs Recovery, 12-14 Carlton
Place, Southampton, Hampshire SO15 2EA has been appointed
liquidator of the company.
CONTACT: hjs Recovery
12-14 Carlton Place
Southampton
Hampshire SO15 2EA
Phone: 023 8023 4222
Fax: 023 8023 4888
E-mail: gordon.johnston@hjsaccountants.co.uk
GALLAHER GROUP: Appoints James Hogan to Board
---------------------------------------------
Further to the announcement on 25 February 2005, the board of
Gallaher Group Plc confirmed Tuesday the appointment of James
Hogan to the board of the Company.
* * *
In January, the Group revealed restructuring plans in its
European operations, after confirming that trading conditions in
Continental Europe have been difficult since 2004, and foreign
exchange movements have also been adverse.
Austria, France and Germany have experienced substantial market
declines caused by disruption from increased taxation and cross
border trade. Market volumes in the first five months of 2004
fell 8% in Austria, 26% in France and over 13% in Germany. In
these countries, May market volumes were worse than expected,
falling 13%, 31% and 20% respectively.
Gallaher also considered closing the Schwaz cigarette and
Furstenfeld cigar factories in Austria this year, along with
plans to restructure production at its cigarette and cigar
factories at Lisnafillan and Cardiff in the U.K.
In addition to this manufacturing restructuring, Gallaher plans
to reorganize some aspects of its distribution network.
Regrettably, as a consequence of these combined changes, around
250 operational jobs could be affected in Europe.
CONTACT: GALLAHER GROUP PLC
Claire Jenkins
Director, Investor Relations
Phone: 01932 832637
CARDEWCHANCERY
Anthony Cardew
Tim Robertson
Phone: 020 7930 0777
GARIAN ROOFING: Winding-up Report Out June
------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Garian Roofing and Cladding Supplies Limited
Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of Creditors of Garian Roofing
and Cladding Supplies Limited will be held at the offices of BDO
Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD, on June 6,
2005, 10:00 a.m. for the purpose of having an account laid before
the Meeting showing the manner in which the winding-up has been
conducted and the property of the Company disposed of, and of
hearing any explanation that may be given by the Liquidator.
M. W. Russell, Liquidator
April 26, 2005
CONTACT: BDO STOY HAYWARD
125 Colmore Row
Birmingham B3 3SD
Phone: 0121 200 4600
Fax: 0121 200 4650
E-mail: birmingham@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
Maurice William Russell
E-mail: maurice.russell@bdo.co.uk
G M D PLASTICS: Liquidator from B N Jackson Norton Moves in
-----------------------------------------------------------
At the extraordinary general meeting of G M D Plastics Limited on
April 22, 2005 held at the offices of BN Jackson Norton, 14
Orchard Street, Bristol, the extraordinary and ordinary
resolutions to wind up the company were passed. Graham Lindsay
Down of BN Jackson Norton, 14 Orchard Street, Bristol has been
appointed liquidator of the company.
CONTACT: B N JACKSON NORTON
14 Orchard Street
Bristol
Avon BS1 5EH
Phone: 0117 905 5110
Fax: 0117 905 5384
E-mail: gdown@bnjn.com
GUIDE PUBLICATION: Hires Liquidator from Campbell Crossley
----------------------------------------------------------
At the extraordinary general meeting of Guide Publication Limited
on April 22, 2005 held at The Rhinewood Inn and Hotel, Glazebrook
Lane, Glazebrook near Warrington, Cheshire WA3 5BB, the subjoined
resolutions to wind up the company were passed. Richard Ian
Williamson of Campbell Crossley and Davis, 348-350 Lytham Road,
Blackpool FY4 1DW has been appointed liquidator of the company.
CONTACT: CAMPBELL CROSSLEY & DAVIS
348-350 Lytham Road
Blackpool
Lancashire FY4 1DW
Phone: 01253 349331
Fax: 01253 349435
E-mail: ian.williamson@crossleyd.co.uk
HIRAZ LIMITED: Names Vantis Business Recovery Liquidator
--------------------------------------------------------
At the extraordinary general meeting of Hiraz Limited on April
26, 2005 held at Judd House, East Street, Tonbridge, Kent TN9
1HG, the extraordinary and ordinary resolutions to wind up the
company were passed. Mark Newman of Vantis Business Recovery,
Judd House, East Street, Tonbridge, Kent TN9 1HG has been
appointed liquidator of the company.
CONTACT: VANTIS BUSINESS RECOVERY
Judd House
East Street
Tonbridge
Kent TN9 1HG
Phone: 01732 378680
Fax: 07917260099
E-mail: mark.newman@vantisplc.com
INTERNATIONAL FLOWER: Calls in Liquidator from Butcher Woods
------------------------------------------------------------
At the extraordinary general meeting of International Flower
Imports Limited on April 25, 2005 held at Butcher Woods, 79
Caroline Street, Birmingham B3 1UP, the extraordinary and
ordinary resolutions to wind up the company were passed.
Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP has been appointed liquidator of the company.
CONTACT: BUTCHER WOODS
79 Caroline Street,
Birmingham B3 1UP
IXES LIMITED: Members Pass Winding-up Resolutions
-------------------------------------------------
At the extraordinary general meeting of the members of Ixes
Limited on April 21, 2005 held at Baylis House, Stoke Poges Lane,
Slough SL1 3PB, the extraordinary and ordinary resolutions to
wind up the company were passed. Gagen Dulari Sharma has been
appointed liquidator of the company.
CONTACT: SHARMA & CO.
50 Newhall Street
Birmingham
West Midlands B3 3QE
Phone: 0121 248 5007
Fax: 0121 248 5010
E-mail: gagen@sharmaandco.com
JAB GROUP: Opts for Liquidation
-------------------------------
At the extraordinary general meeting of the members of Jab Group
Limited on April 14, 2005 held at the offices of Harris Lipman, 2
Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ, the extraordinary resolution to wind up the company was
passed. Freddy Khalastchi of Harris Lipman, 2 Mountview Court,
310 Friern Barnet Lane, Whetstone, London N20 0YZ, an Insolvency
Practitioner, licensed by the Institute of Chartered Accountants
in England and Wales has been appointed liquidator of the
company.
CONTACT: HARRIS LIPMAN
2 Mountview Court,
310 Friern Barnet Lane,
Whetstone, London N20 0YZ
Phone: (020) 8446 9000
Fax: (020) 8446 9537
Web site: http://www.harris-lipman.co.uk
JFK'S TRAILERS: Members Name Begbies Traynor Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the members of JFK'S
Trailers Ltd. on April 19, 2005 held at 4th Floor General
Building, Brayford Wharf East, Lincoln, the extraordinary and
ordinary resolutions to wind up the company were passed. Peter
A. Blair and Richard Saville of Begbies Traynor, Regency House,
21 The Ropewalk, Nottingham NG1 5DU have been appointed joint
liquidators of the company.
CONTACT: BEGBIES TRAYNOR
Regency House,
21 The Ropewalk, Nottingham NG1 5DU
Phone: 0115 941 9899
Fax: 0115 945 4845
Web site: http://www.begbies.com
LCGOL REALISATIONS: Creditors Meeting Set Later this Month
----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF LCGOL Realisations Ltd.
Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of Creditors of LCGOL
Realisations Ltd. will be held at the offices of BDO Stoy Hayward
LLP, Prospect Place, 85 Great North Road, Hatfield, Hertfordshire
AL9 5BS, on May 27, 2005, 2:30 p.m. for the purpose of having an
account laid before the Meeting showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of and of hearing any explanation that may be given by
the Liquidator.
A. Sanderson, Liquidator
April 13, 2005
CONTACT: BDO STOY HAYWARD
Prospect Place,
85 Great North Road
Hatfield AL9 5BS
Phone: 01707 255888
Fax: 01707 255890
E-mail: hatfield@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
Anthony John Sanderson
E-mail: tony.sanderson@bdo.co.uk
LEBAGOLD LIMITED: Members Hire Liquidator from Kallis & Co.
-----------------------------------------------------------
At the extraordinary general meeting of the members of Lebagold
Limited on April 22, 2005 held at Mountview Court, 1148 High
Road, Whetstone, London N20 0RA, the extraordinary and ordinary
resolutions to wind up the company were passed. Kikis Kallis has
been appointed liquidator of the company.
CONTACT: KALLIS & CO.
Mountview Court
1148 High Road
Whetstone
London N20 0RA
Phone: 020 8446 6699
Fax: 020 8492 6099
LICENCED MERCHANDISE: Creditors Meeting May 27
----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Licenced Merchandise Group Plc
Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of Creditors of Licenced
Merchandise Group Plc will be held at the offices of BDO Stoy
Hayward LLP, Prospect Place, 85 Great North Road, Hatfield,
Hertfordshire AL9 5BS, on May 27, 2005, 2:30 p.m. for the purpose
of having an account laid before the Meeting showing the manner
in which the winding-up has been conducted and the property of
the Company disposed of and of hearing any explanation that may
be given by the Liquidator.
A Sanderson, Liquidator
April 13, 2005
CONTACT: BDO STOY HAYWARD
Prospect Place,
85 Great North Road
Hatfield AL9 5BS
Phone: 01707 255888
Fax: 01707 255890
E-mail: hatfield@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
Anthony John Sanderson
E-mail: tony.sanderson@bdo.co.uk
MAJORPLAN LIMITED: Members Pass Winding-up Resolution
-----------------------------------------------------
At the extraordinary general meeting of the members of Majorplan
Limited on April 22, 2005 held at Hodgsons, George House, 48
George Street, Manchester M1 4HF, the extraordinary resolution to
wind up the company was passed. Lawrence Ian Freedman of
Hodgsons, George House, 48 George Street, Manchester M1 4HF has
been nominated liquidator of the company.
CONTACT: HODGSONS
George House
48 George Street
Manchester
Greater Manchester M1 4HF
Phone: 0161 228 7444
Fax: 0161 228 735
E-mail: dmond@hodgsons.co.uk
MARCONI CORPORATION: Still Sees GBP1 Bln Earnings Sans BT
---------------------------------------------------------
Following the announcement last week that Marconi had not been
selected as a preferred supplier for BT's next generation 21st
Century Network project, the Company said Tuesday it continues to
provide world class equipment and services to many of the
leading telecoms operators throughout the world.
Revenue during the year ended 31 March 2005 excluding BT
equipment and related services is expected to amount to over GBP1
billion. Customer interest in our next generation equipment and
services remains strong, with a number of orders already
received.
Notwithstanding the above decision by BT, Marconi has a number of
existing multi-year frame and other contracts for equipment and
services with BT, which remain in place.
However, the company clearly recognizes the need to refocus its
business in the light of BT's decision and recent trends in the
global telecoms equipment market. The Board will continue
therefore to pursue all strategic options with the objective of
maximizing shareholder value.
In addition to this, management is reviewing the resource and
headcount in each of its activities, particularly in the U.K.,
and will announce shortly the result of this review together with
the associated cost savings and level of headcount reduction.
Marconi will announce its Q4 and FY05 year-end results on 17 May
2005. In those results, the company expects to announce:
(a) that revenue and adjusted operating profit for the final
quarter of FY05 are in line with market expectations;
(b) net cash at 31 March 2005 of approximately GBP300 million;
(c) that the FRS17 pension scheme liability has reduced (as at
31 December 2004 this amounted to an unfunded pension
obligation in Italy and Germany of GBP100 million and
pension scheme deficits in the U.S. and U.K. of GBP14
million and GBP129 million respectively); and
(d) a significant increase in the value of the unrecognized
deferred tax assets (which were GBP659 million as at 31
March 2004).
CONTACT: MARCONI CORPORATION PLC
4th Floor Regents Place
338 Euston Rd
London NW1 3BT
Phone: +44-20-7493-8484
Fax: +44-20-7493-1974
Web site: http://www.marconi.com
Press Inquiries
David Beck
Phone: +44 (0) 207 306 1490
E-mail: david.beck@marconi.com
Investor Inquiries
Salim Alam
Phone: +44 (0) 207 306 1324
E-mail: salim.alam@marconi.com
BT GROUP PLC
BT Centre, 81 Newgate St.
London
EC1A 7AJ, United Kingdom
Phone: +44-20-7356-5000
Fax: +44-20-7356-5520
Web site: http://www.btplc.com
MISYS PLC: Sells Laboratory Technology for US$1.2 Million
---------------------------------------------------------
The University of South Alabama (U.S.A.) Health System in Mobile,
Ala., has signed a US$1.2 million agreement to purchase the Misys
Laboratory(TM) comprehensive information management solution
suite.
Under the terms of the contract, U.S.A. Health System purchased
Misys Laboratory and Blood Bank and Microbiology Modules,
CoPathPlus(TM) from Misys anatomic pathology system, and expanded
outreach functions.
The high-performance laboratory solutions will streamline and
expedite the day-to-day operations of U.S.A. Health System's
laboratories while providing clinicians immediate access to
laboratory and other critical patient specimen data in both acute
care and outreach settings. U.S.A. Health System is implementing
the solutions this spring at its three hospitals: U.S.A.
Children's & Women's Hospital, U.S.A. Knollwood Hospital and
U.S.A. Medical Center.
According to Becky DeVillier, administrator of U.S.A. Children's
& Women's Hospital, Misys offered a complete product package that
met all of U.S.A. Health System's laboratory automation needs.
Ms. DeVillier said: "Finding a primary vendor like Misys with all
the right technology components was an important factor in our
extensive selection process."
Misys' application interface capabilities and multi-site reach
capabilities further affirmed U.S.A. Health System's selection of
Misys Laboratory.
Ms. DeVillier added: "Misys' proven interfacing expertise along
with Misys Laboratory's inherent ability to provide laboratory
data processing across multiple hospital and clinic sites
supports our strategic goal of streamlining enterprise operations
as we move to a wireless platform.
"With Misys Laboratory, we can capture information from the
hospital system and automatically exchange laboratory generated
data that includes inpatient, outpatient and outreach billing."
U.S.A. Health System plans to supplement its diagnostic testing
volume and revenue by launching an outpatient (commercial)
business, serving as the testing hub for associated physician
practices. For example, U.S.A. Medical Center's annual volume
of clinical lab tests is 200,000 and is expected to increase up
to 4 percent over the next year. And, U.S.A. Children's & Women'
s Hospital expects to increase its lab testing as well.
Ms. DeVillier said: "A primary goal is to expand our reference
lab program with particular focus on U.S.A. Children's & Women's
Hospital, where we serve a unique patient population and are
realizing tremendous growth and success in recruiting top
physicians."
Andrew Lawson, president of Misys Healthcare Systems' Hospital
Systems, said: "Misys' 25-year outstanding track record in the
laboratory business, superior technical functionality that scales
and adapts to various hospital and outpatient settings and our
award-winning client support affirmed by the No. 1 KLAS ranking
corroborate our position as the leading clinical laboratory
systems provider."
Misys Healthcare System is a division of Misys Plc. The head
office is in U.K.
CONTACT: MISYS PLC
Burleigh House, Chapel Oak, Salford Priors,
Evesham, WR11 8SP, United Kingdom
Phone: 44 (0)1386 871373
44 (0)1386 871045
Web site: http://www.misys.com
E-mail: group.secretariat@misys.co.uk
Angela D. Jenkins
Healthcare Systems
Phone: (303) 364-9957
E-mail: angela.jenkins@misyshealthcare.com
Susan Cottam
Group Communications Director
Phone: +44 (0) 20 7368 2305
Mobile: +44 (0) 7957 807 721
Andrew Farmer
Head of Investor Relations
Phone: +44 (0) 20 7368 2307
Mobile: +44 (0) 7909 895 094
MOONSTONE MARKETING: Members Pass Winding-up Resolutions
--------------------------------------------------------
At the extraordinary general meeting of the members of Moonstone
Marketing Limited on April 22, 2005 held at Regus, Windmill Hill
Business Park, Whitehill Way, Swindon SN5 6QR, the extraordinary
and ordinary resolutions to wind up the company were passed. Mr.
M. Arkin of Arkin & Co., Maple House, High Street, Potters Bar,
Hertfordshire EN6 5BS has been appointed liquidator of the
company.
CONTACT: ARKIN & CO.
Maple House
High Street
Potters Bar
Hertfordshire EN6 5BS
Phone: 01707 828 683
Fax: 01707 828 022
E-mail: mehmet.arkin@arkinco.co.uk
PETERSONS LIMITED: Calls in Liquidator from Begbies Traynor
-----------------------------------------------------------
At the extraordinary general meeting of the members of Petersons
Limited on April 14, 2005 held at Begbies Traynor, Elliot House,
151 Deansgate, Manchester M3 3BP, the extraordinary and ordinary
resolutions to wind up the company were passed. David R. Acland
of Begbies Traynor, 1 Winckley Court, Chapel Street, Preston,
Lancashire PR1 8BU has been appointed liquidator of the company.
CONTACT: BEGBIES TRAYNOR
1 Winckley Court
Chapel Street
Preston PR1 8BU
Phone: 01772 202000
Fax: 01772 200099
E-mail: preston@begbies-traynor.com
Web site: http://www.begbies.com
PLP REALISATIONS: Liquidator to Deliver Report this Month
---------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF PLP Realisations Ltd.
Notice is hereby given, pursuant to section 146 of the Insolvency
Act 1986, that a General Meeting of Creditors of PLP Realisations
Ltd. will be held at the offices of BDO Stoy Hayward LLP,
Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9
5BS, on May 27, 2005, 2:30 p.m. for the purpose of having an
account laid before the Meeting showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of and of hearing any explanation that may be given by
the Liquidator.
A. Sanderson, Liquidator
April 18, 2005
CONTACT: BDO STOY HAYWARD
Prospect Place,
85 Great North Road
Hatfield AL9 5BS
Phone: 01707 255888
Fax: 01707 255890
E-mail: hatfield@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
Anthony John Sanderson
E-mail: tony.sanderson@bdo.co.uk
TTG EUROPE: Concludes Sale of Anglia Telecom
--------------------------------------------
TTG has completed Tuesday the sale of its subsidiary, Anglia
Telecom Centres Limited to Symphony Telecom Holdings plc, a
subsidiary of Eckoh Technologies plc on April 29. The total
consideration of up to GBP10 million is payable in three
tranches.
GBP7.5 million was paid on completion and a further GBP200,000 is
payable on May 16. The balance of the consideration of GBP2.3
million is payable on May 31, although up to GBP500,000 of that
consideration may be retained in a joint account of the parties'
solicitors pending resolution of certain identified contingent
liabilities within Anglia.
Consequent on the sale of Anglia, Andrew Smith retires from the
board of TTG. His contribution has been much valued and the
board wishes him every success in the future.
* * *
Background to and Reasons for the Sale
Following the resignation of Michael Hanna, the Group's former
Chief Executive, and the termination of the bulk trading
activities, significant accounting irregularities were
identified. These irregularities are likely to result in
significant write offs and have had a major impact on cash flow.
The Board therefore had to take immediate action to realize cash
and reduce the Group's indebtedness as without additional support
from the Company's bankers, which they were unwilling to provide,
the Company would be unable to continue to trade.
The total consideration payable is GBP10 million in cash and
completion is conditional on no insolvency event having taken
place in respect of Anglia or its parent companies, and Symphony
having obtained bank finance to enable it to complete the
acquisition. TTG has received assurances that the purchaser
expects this condition to be satisfied.
Andrew Smith, a Director of TTG and Chief Executive of Anglia,
will resign from the board of TTG on completion and enter into a
new service agreement with Symphony.
CONTACT: TTG EUROPE PLC
Unit 1 Clifton Court
Corner Hall
Hemel
Hempstead
United Kingdom
HP3 9XY
Phone: +44 1442 244 444
Fax: +44 1442 244 445
Web site: http://www.ttg-europe.com
Julian Synett, Acting CEO and Group Finance Director
Phone: 020 7681 6387
Buchanan Communications
Tim Anderson
Ben Willey
Phone: +44 207 466 5000
WM MORRISON: Gets GBP51 Million for Safeway Units
-------------------------------------------------
Wm Morrison Supermarkets PLC agreed Saturday to sell its
subsidiaries Safeway Stores Limited and Safeway Stores Limited to
Yorkie Holdings Limited, a subsidiary of CI Traders, an AIM
listed Jersey based company.
The consideration payable is GBP51 million (subject to a net
asset adjustment as at completion) payable in cash on completion.
The effective date of the sale and acquisition was close of
business on 30 April 2005.
The sale of its trading subsidiaries in Jersey and Guernsey
confirms Morrison's strategy of focusing its business in the
United Kingdom. CIT intends to trade the stores under their
existing company names subject to agreement of a new corporate
logo and trading style.
CONTACT: WM MORRISON SUPERMARKETS PLC
Hilmore House
Thornton Road
Bradford
West Yorkshire
England
BD8 9AX
Phone: +44 1274 494166
Fax: +44 1274 494831
Web site: http://www.morereasons.co.uk
Gillian Hall
Phone: 01274 356804
Citigate Dewe Rogerson
Simon Rigby
Sarah Gestetner
Anthony Kennaway
Phone: 020 7638 9571
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
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