/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050517.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, May 17, 2005, Vol. 6, No. 96 Headlines C Z E C H R E P U B L I C PRIA: Ex-chairman Gets Six Years for Mismanagement G E R M A N Y AGB LACHNER: Court to Verify Claims Next Month AKTUELLE EINRICHTUNGSSYSTEME: Under Bankruptcy Administration BERATUNGSFORUM AG: Creditors Meeting Set July BORGHORSTER WARPS: Cedes Control to Interim Administrator CONCEPT - SPEDITION: Applies for Bankruptcy Proceedings INTERWAITTV GMBH: Koln Court Appoints Administrator KARSTADTQUELLE AG: Supervisory Board Chairman Replaces CEO PAUL GEBAUDETECHNIK: Creditors' Claims Due Mid-June SK LOGISTIC: Gives Creditors Until Next Month to File Claims SOLUTIONLINE HOLDING: Last Day for Filing Claims June 9 THOMAS + EBERT: Frankfurt Court Appoints Administrator UNGEFEHR BUROORGANISATION: Falls into Bankruptcy I T A L Y ALITALIA SPA: Cuts Net Loss to EUR134 Million in Q1 ALITALIA SPA: Inks Code-sharing Deal with Russia's Aeroflot PARMALAT U.S.A.: Farmland Dairies Claims Reduced PARMALAT U.S.A.: Milk Products Amends Schedules of Assets, Debt TISCALI SPA: Net Debt Swells to EUR381.7 Mln in First Quarter K Y R G Y Z S T A N AELAM: Proofs of Claim Deadline Set First Week of July ASHMARA: To Hold Public Auction Next Week KITARIS: Gives Creditors Until Next Month to File Claims KLAIV: Proofs of Claim Deadline Expires July KYRGYZ-DAN-AZYK: Creditors' Claims Due July 6 MAIS: Sets Creditors Meeting Friday SANIRABIGA: Last Day for Filing Claims July 6 SUUSAMYR: Gives Bidders Until Thursday to Submit Offers N E T H E R L A N D S KONINKLIJKE AHOLD: Closes Spanish Winery Stake Sale N O R W A Y PETROLEUM GEO-SERVICES: To Discuss Q1 Results Next Week R U S S I A AGRO-SERVICE: Under Bankruptcy Supervision AVANGARD: Belgorod Court Appoints Insolvency Manager GAS-BUILDER: Declared Insolvent IMPEXBANK: Gets Short-term Rating of 'B' from Fitch KRASNOKAMENSKOYE: Krasnoyarsk Court Names Insolvency Manager METROMEDIA INTERNATIONAL: 10-K Filing Delayed Further MODUS: Deadline for Proofs of Claim Set Next Month OILER: Bankruptcy Proceedings Begin PRISM: Under External Management Procedure REGION-SERVICE: Succumbs to Bankruptcy SHEKINSKAYA: Creditors Have Until June to File Claims SYKTYVKARSKIY: Komi Courts Names I. Bobkov Insolvency Manager YUKOS OIL: Fulbright Asks Court to Seal Distribution Motion YUKOS OIL: Moscow Court Sustains Rosneft's RUB62.4 Billion Claim S W E D E N SKANDIA INSURANCE: In Buyout Discussions with Old Mutual U N I T E D K I N G D O M ADVANTAGE VEHICLE: Hires Liquidator from Thorntonrones A. GARNER: Members Call in Liquidator from Poppleton & Appleby AIR CARE: Calls in Liquidator AIRFLOW CHARITY: Hires Liquidator from Haines Watts ANYKEY COMPUTER: Creditors to Convene Second Week of July ASHLEYCARTER WHITEHEAD: Liquidator from Tenon Recovery Moves in ATLANTIS VACATIONS: Creditors General Meeting Set Next Week BAE SYSTEMS: Shareholders Agree to Buy U.S. Defense Firm BANBURYS HOME: Appoints Buchanans Administrator BEECH HOUSE: Hires Liquidator from Mistry Associates Ltd. BENTLEY'S VEHICLE: Liquidator Takes over Operations BONDROSE LTD.: Appoints S G Banister & Co Liquidator BOOTS GROUP: Likely to Report 12% Drop in Profits CALIGVLETTE RESTAURANTS: Members Pass Winding-up Resolution CAR AND COMMERCIAL: Members Decide to Wind up Firm CITY FABRICS: Members Call in Liquidators from Begbies Traynor CONNEXIONS EUROPE: Members Call in Benedict Mackenzie Liquidator COSTAIN GROUP: Seals Water Works Agreement with United Utilities DIGNITY PLC: Exceeds Last Year's Revenues by GBP1.8 Million DOMINION POWER: Calls Final Creditors Meeting DSB SHOWTOURS: Creditors Meeting Set Next Week EMERGENCY AND CONTRACT: Members Pass Winding-up Resolution EQUITABLE LIFE: Sets Annual General Meeting Wednesday FIRST CHOICE: Creditors Meeting Set June FORTIFICATION HOLDINGS: Names Tait Walker Administrator MELODYGOLD LTD.: Winding-up Report Out First Week of June MISYS PLC: Signs IT Development Contract with Carole Nash PASS FEES: Hires Liquidators from PricewaterhouseCoopers PERHOW 6: Names Price and Co. Liquidator PONTEFRACT PANEL: Hires Administrators from Tait Walker RDS AUTOMOTIVE: Calls in Administrator from Till Morris R H BECKFORD: Names Gibson Hewitt & Co. Liquidator ROBERT WISEMAN: Profit Down on Major Contract Losses S T & M PROPERTIES: Liquidators from Begbies Traynor Move in TAMARA D: Restaurant Falls into Administration TCS (NE): Administrators from Tait Walker Move in TELEWEST GLOBAL: Mulls Reformatting TV Service TELEWEST GLOBAL: Offers GBP194 Million for sit-up ltd WASHINGTON COACHWORKS: Repair Shop Calls in Administrator * Large Companies with Insolvent Balance Sheets ********* =========================== C Z E C H R E P U B L I C =========================== PRIA: Ex-chairman Gets Six Years for Mismanagement -------------------------------------------------- The Brno regional court on Friday found Pria's former board chairman Frantisek Zoubek and daughter Kamila Brezinova, a board member, guilty of mismanagement. Mr. Zoubek was sentenced to six years imprisonment, while Ms. Brezinova was meted out three years of suspended penalty. They also have to pay a fine of CZK3 million. Mr. Zoubek has to shell out the amount or face another year in prison. The court said the two made unjustified payments without the knowledge of other managers between 1999 and 2000, including some CZK10.5 million for reviews of some estate. They also invested millions of crowns in a plot owned by Mr. Zoubek's wife, in Brno, where it had its center. Five years ago they also hired a public relations firm, which was promised annual royalties of CZK1.4 million. "The credit union paid the installments four years in advance without any reasonable deliberation," Judge Ivo Zummer said. According to the judge, the mismanagement cost Pria CZK23.3 million. Both defendants pleaded not guilty, and immediately appealed, saying the verdict was unfair. "It is a political trial on order," Mr. Zoubek told Czech Happenings. He said he would issue a statement on the trial at http://www.intercity.cz. During its heyday, Pria was among the country's biggest credit unions. It had 4,000 clients and CZK300 million in managed deposits. It fell into forced administration in Jan. 2000 and lost its license in mid-2002, during which an interim receiver was appointed. The court declared it bankrupt last year. ============= G E R M A N Y ============= AGB LACHNER: Court to Verify Claims Next Month ---------------------------------------------- The district court of Augsburg opened bankruptcy proceedings against AGB Lachner Anlagen und Geratebau KG on April 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 20, 2005 to register their claims with court-appointed provisional administrator Dr. Jobst Wiesner. Creditors and other interested parties are encouraged to attend the meeting on June 14, 2005, 8:35 a.m. at the district court of Augsburg, Justizgebaude, Sitzungssaal 162/I. Stock, Am Alten Einlass 1, 86150 Augsburg, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AGB LACHNER ANLAGEN UND GERATEBAU KG Kanalstr. 1, 86415 Mering, HRA 12759, AG Augsburg Contact: Lachner Maria, Manager Dr. Jobst Wiesner, Administrator Fuggerstr. 16, 86150 Augsburg AKTUELLE EINRICHTUNGSSYSTEME: Under Bankruptcy Administration ------------------------------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against Aktuelle Einrichtungssysteme Bastian und Partner GmbH on April 14. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 20, 2005 to register their claims with court-appointed provisional administrator Dr. Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting on July 18, 2005, 8:45 a.m. at the district court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, 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: AKTUELLE EINRICHTUNGSSYSTEME BASTIAN UND PARTNER GMBH Max Planck Strasse 29, 61184 Karben Contact: Wolfgang Rothenburger, Manager Holger Wust, Manager Dr. Holger Lessing, Administrator Hanauer Landstrasse 287-289, D-60314 Frankfurt am Main Phone: 069/15051300 Fax: 069/15051400 BERATUNGSFORUM AG: Creditors Meeting Set July --------------------------------------------- The district court of Augsburg opened bankruptcy proceedings against Beratungsforum AG on April 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 1, 2005 to register their claims with court-appointed provisional administrator Nikolaus Gaede. Creditors and other interested parties are encouraged to attend the meeting on July 22, 2005, 9:00 a.m. at the district court of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BERATUNGSFORUM AG Donaustr. 103, 12043 Berlin, HRB 19877, Augsburg Contact: Jurgen Neininger, Manager Nikolaus Gaede, Administrator c/o Kanzlei Haarmann, Hemmelrath & Partner, Maximilianstr. 35, 80539 Munchen BORGHORSTER WARPS: Cedes Control to Interim Administrator --------------------------------------------------------- The district court of Munster opened bankruptcy proceedings against Borghorster Warps-Spinnerei GmbH & Co.KG on May 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 27, 2005 to register their claims with court-appointed provisional administrator Dr. Norbert Kupper. Creditors and other interested parties are encouraged to attend the meeting on July 18, 2005, 9:00 a.m. at the district court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, EG, Saal 13 B at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BORGHORSTER WARPS-SPINNEREI-BETEILIGUNGS GMBH Gantenstrasse 4, 48565 Steinfurt Contact: Rainer Zenner, Manager Gantenstrasse 4, 48565 Steinfurt Manfred Kroger, Manager Gantenstrasse 4, 48565 Steinfurt Dr. Norbert Kuepper Paderborner Str. 11, 33415 Verl Phone: 05246/9275-0 Fax: +495246927511 CONCEPT - SPEDITION: Applies for Bankruptcy Proceedings ------------------------------------------------------- The district court of Muenster opened bankruptcy proceedings against Concept - Spedition und Logistik GmbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 22, 2005 to register their claims with court-appointed provisional administrator Norbert Kruse. Creditors and other interested parties are encouraged to attend the meeting on July 13, 2005, 9:00 a.m. at the district court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, EG, Saal 13 B at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CONCEPT - SPEDITION UND LOGISTIK GMBH St. Josef-Strasse 11, 49479 Ibbenbueren Contact: Klaus Scholz, Manager Kleiwiese 17, 48477 Horstel-Bevergern Norbert Kruse, Administrator Bonhoefferstr. 10, 48282 Emsdetten Phone: 02572/875-0 Fax: +49257287533 INTERWAITTV GMBH: Koln Court Appoints Administrator --------------------------------------------------- The district court of Koln opened bankruptcy proceedings against InterWaitTV GmbH on April 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 29, 2005 to register their claims with court-appointed provisional administrator Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting on July 20, 2005, 10:15 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14 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: INTERWAITTV GMBH Bonner Str. 528-530, 50968 Koln Contact: Peter Wahler, Manager Engelbertstrasse 57, 50674 Koln Joachim Deinert, Manager Nassestr. 34, 50939 Koln Dr. Sabine Feuerborn, Administrator Else-Lang-Str. 1, 50858 Koln Phone: 285 547-0 Fax: +4922128554729 KARSTADTQUELLE AG: Supervisory Board Chairman Replaces CEO ---------------------------------------------------------- At KarstadtQuelle AG's extraordinary meeting on Thursday, the Supervisory Board appointed Chairman Dr. Thomas Middelhoff Chief Executive Officer. His successor as Chairman of the Supervisory Board will be Hero Brahms, member of the Supervisory Board and former Chief Financial Officer and member of the Management Board of Linde AG. KarstadtQuelle's Chief Financial Officer Harald Pinger will take on additional responsibility for running the Mail Order business. Arwed Fischer, up to now board member in charge of the Mail Order business, will leave the company. These changes are effective May 12, 2005. The Supervisory Board also welcomed to the proposal of Dr. Thomas Middelhoff, to substantially reduce the complexity of the management structure of the entire KarstadtQuelle Group, streamline the structure and thus accelerate planning and implementation and create a more efficient organization. "The new management structure will allow significantly shorter and more direct decision taking, will require significant entrepreneurial decision taking in customer-facing areas, and will create a more powerful and service-oriented organization overall," said Mr. Middelhoff. "My first task will be to implement the new structure that will allow us to accelerate the re-alignment of our company. As far as costs and divestments are concerned, the overall turnaround is progressing according to plan. Now, our prime focus will be more than ever on sales generation. "The new organizational structure will give us additional momentum. A further focus will be on Mail Order -- particularly Quelle -- with which we continue to be particularly dissatisfied. Under the responsibility of Harald Pinger, this area will be brought back on track," he said. "In view of the scale of the problems in Mail Order we had to act quickly, and I am very pleased that Thomas Middelhoff has followed our request, as he was our preferred candidate right from the outset," said the new Chairman of the Supervisory Board, Hero Brahms. "Continuing to search for an external candidate would have meant losing more time -- something we cannot afford." At the beginning of April, Dr. Christoph Achenbach, Chief Executive since June 2004 and previously responsible for Mail Order, resigned. Core of the streamlining of the management structure will be the conversion of the joint stock companies below the KarstadtQuelle Group management company into limited companies. This will significantly simplify planning and coordination across the Group and will result in shorter reporting lines between Group management and the operational divisions. These operational units will in future report directly to the Group Holding company. The new structure is expected to be fully implemented as quickly as possible. Earlier on Thursday, KarstadtQuelle Group published its interim financial statement for the first quarter 2005. Over this period, earnings declined compared to last year but were above plan. Sales (on a comparable basis) were down by 8.4% to EUR2.97 billion, with the German Mail Order business under particular pressure. The company reported adjusted EBITDA of around EUR73 million, which is EUR14 million better than the Group's plans. Cost cutting measures are showing first results, and Group financing is secured. KarstadtQuelle confirmed its earlier 2005 earnings forecast of adjusted EBITDA in excess of EUR500 million. CONTACT: KARSTADTQUELLE AG Media Contact: Jorg Howe Head of Corporate Communications Phone: + 49 (0) 201/727-25 38 Fax: + 49 (0) 201/727-37 09 E-mail: joerg.howe@karstadtquelle.com PAUL GEBAUDETECHNIK: Creditors' Claims Due Mid-June --------------------------------------------------- The district court of Potsdam opened bankruptcy proceedings against Paul Gebaudetechnik GmbH on April 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 15, 2005 to register their claims with court-appointed provisional administrator Friedrich Seggebruch. Creditors and other interested parties are encouraged to attend the meeting on July 13, 2005, 11:30 a.m. at the district court of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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: PAUL GEBAUDETECHNIK GMBH Ernst-Thalmann-Strasse 11, 14651 Nauen OT Wachow Contact: Joachim Paul, Manager Friedrich Seggebruch, Administrator Damaschkestrasse 21, 10711 Berlin SK LOGISTIC: Gives Creditors Until Next Month to File Claims ------------------------------------------------------------ The district court of Potsdam opened bankruptcy proceedings against SK Logistic Speditionsgesellschaft mbH on April 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 15, 2005 to register their claims with court-appointed provisional administrator Dr. Friedrich Seggebruch. Creditors and other interested parties are encouraged to attend the meeting on July 13, 2005, 11:45 a.m. at the district court of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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: SK LOGISTIC SPEDITIONSGESELLSCHAFT MBH An den Schraan 10 B, 14641 Wustermark OT Priort Contact: Thomas Kuehl, Manager Dr. Friedrich Seggebruch, Administrator Damaschkestrasse 21, 10711 Berlin SOLUTIONLINE HOLDING: Last Day for Filing Claims June 9 ------------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Solutionline Holding GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 9, 2005 to register their claims with court-appointed provisional administrator Hans-Achim Ernst. Creditors and other interested parties are encouraged to attend the meeting on June 30, 2005, 9:45 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SOLUTIONLINE HOLDING GMBH Heidestr. 50, 32051 Herford Contact: Volker Aring, Manager Michael Schoneberg, Manager Hans-Achim Ernst, Administrator Bunsenstr. 3, 32052 Herford THOMAS + EBERT: Frankfurt Court Appoints Administrator ------------------------------------------------------ The district court of Frankfurt am Main opened bankruptcy proceedings against Thomas + Ebert GmbH on April 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 2, 2005 to register their claims with court-appointed provisional administrator Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting on July 12, 2005, 8:30 a.m. at the district court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, 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: THOMAS + EBERT GMBH Durkheimerstrasse 54-56, 65934 Frankfurt am Main Contact: Martin Georg Ebert, Manager Langer Weg 19-21, 60489 Frankfurt am Main Reinold Ernst Thomas, Manager Durkheimerstrasse 54-56, 65934 Frankfurt am Main Dr. Jan Markus Plathner, Administrator Lyoner Strasse 14, 60528 Frankfurt am Main Phone: 069/9623340 Fax: 069/96233422 UNGEFEHR BUROORGANISATION: Falls into Bankruptcy ------------------------------------------------ The district court of Frankfurt am Main opened bankruptcy proceedings against Ungefehr Buroorganisation GmbH & Co KG on April 15. 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 Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting on June 28, 2005, 9:00 a.m. at the district court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, 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: UNGEFEHR BUROORGANISATION GMBH & CO KG Schweinfurter Weg 61, 60599 Frankfurt am Main Contact: Yves Marc Ungefehr, Manager Ulrike Hoge-Peters, Administrator Cronstettenstrasse 30, D-60322 Frankfurt am Main Phone: 069/9591100 Fax: 069/959110-12 ========= I T A L Y ========= ALITALIA SPA: Cuts Net Loss to EUR134 Million in Q1 --------------------------------------------------- Alitalia S.p.A. reduced net loss by more than a third in the first quarter, proof that its restructuring efforts are paying off. Despite high fuel cost, Alitalia narrowed net loss to EUR134 million (US$170 million) down from EUR206 million in the same period a year earlier. "The first significant recoveries obtained in downsizing costs . . . even outweighed the heavy impact of climbing fuel prices," Alitalia said in a statement. Operating loss was lower at EUR120 million (US$152.2 million) versus EUR190 million (US$240.9 million) in the comparable period. Revenues rose 8.0% to EUR963 million (US$1.11 billion) from EUR890 million in the first quarter of 2004. Alitalia is planning a EUR1.2 billion capital increase. Proceeds of the transaction will be used to finance its restructuring, which aims to return the airline to breakeven by 2006. Last month, it said it had already used up all its EUR400 million bridging loan. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://corporate.alitalia.com ALITALIA SPA: Inks Code-sharing Deal with Russia's Aeroflot ----------------------------------------------------------- Troubled national carrier Alitalia has forged a code-sharing agreement with Russian flag carrier Aeroflot, Reuters says. The agreement, which would take effect on June 1, allows both carriers to sell 125 economy and 16 business seats in each other's flights a week. Eventually, the two hope to switch to unrestricted sales of each other's tickets. In a statement, Aero flot said the code-sharing deal covers four Moscow-to-Milan flights and three Milan-to-Moscow flights a week. The deal brings Aeroflot a step closer to becoming a member of the Sky Team alliance, which already has Air France, Delta, Korean Air and Alitalia. Aeroflot hopes to clinch full membership into the alliance early next year. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it AEROFLOT RUSSIAN AIRLINES JSC Leningradsky Prospect 37, Bldg. 9 125167 Moscow, Russia Phone: +7-095-155-6643 Fax: +7-095-155-6647 Web site: http://www.aeroflot.ru PARMALAT U.S.A.: Farmland Dairies Claims Reduced ------------------------------------------------ Farmland Dairies LLC amends Schedule F in its Schedules of Assets and Liabilities to report a reduction of 16 scheduled claims. Farmland also schedules 24 insurance claims, each for $0. Farmland estimates its total liabilities to be $25,995,223, consisting of: Type of Claim Amount ------------- ------ Long-Term Debt $142,129 Deposits Payable $1,168,572 Accounts Payable $13,525,300 Intercompany Liabilities $9,512,302 Litigation Claims Undetermined Other Liabilities $1,646,920 Insurance Claims Undetermined Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debt. (Parmalat Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT U.S.A. CORPORATION 520 Main Ave. Wallington, NJ 07057 Phone: 973 777 2500 Fax: 973 777 7648 Toll Free: 888 727 6252 Web site: http://www.parmalatusa.com PARMALAT U.S.A.: Milk Products Amends Schedules of Assets, Debt --------------------------------------------------------------- Milk Products of Alabama LLC estimates that it has a US$2,196 accounts payable to Anderson Chemical Company. Milk Products amends Schedule F in its Schedules of Assets and Liabilities to reflect the claim. Milk Products estimates its total scheduled liabilities to be US$7,024,014, consisting of: Type of Claim Amount ------------- ------ Accounts Payable $1,021,587 Intercompany Liabilities $6,002,427 Litigation Claims Undetermined Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debt. (Parmalat Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT U.S.A. CORPORATION 520 Main Ave. Wallington, NJ 07057 Phone: 973 777 2500 Fax: 973 777 7648 Toll Free: 888 727 6252 Web site: http://www.parmalatusa.com TISCALI SPA: Net Debt Swells to EUR381.7 Mln in First Quarter ------------------------------------------------------------- The Board of Directors of Tiscali S.p.A. confirmed Ruud Huisman as CEO of the Group and appointed Vittorio Serafino Chairman of the Board. First-quarter 2005 results were in line with the forecasts set out in the 2005-2007 business plan, which was announced a few weeks ago. The focus on growth in broadband and related value-added services in four countries (Italy, Germany, the Netherlands and the U.K.) has already produced clear improvements in profitability. The analysis of pro-forma results, on the same perimeter as the 2005-2007 business plan, shows that the gross margin improved from 48% in 1Q04 to 51% in 1Q05, while the EBITDA margin expanded from 9% to 15% over the same period (EBITDA was 13.3 million in 1Q04, and EUR25 million in 1Q05). At the end of the first quarter of 2005, the Tiscali had 150,000 ADSL additional subscribers in the countries included in the business plan compared with end-2004, taking the total number of ADSL customers to over 1.2 million (pro-forma). The growing profitability of investment activities, in line with the business plan, and other measures currently being implemented (such as the sale of the Spanish subsidiary and network infrastructure of TiNet), will enable Tiscali to complete its financial program aimed at the repayment of outstanding debt and at supporting further growth. Revenues and Gross Profit Tiscali Group revenues totaled EUR239.7 million in the first quarter of 2005. Pro forma revenues were up 11% vs. 1Q04, at EUR171.6 million. At March 31, 2005, the Group had 1.2 million ADSL customers (pro-forma), compared with around 1 million at December 31, 2004 -- an increase of over 150,000 (+20%). This increase was mainly achieved in the U.K. thanks to Tiscali's competitive offers. The U.K. market is expanding rapidly, and therefore offers excellent prospects over the next few months. The number of active users totaled 5.2 million (pro forma) at the end of the quarter, of which 4 million were dial-up users. The decrease in the dial-up user base compared with the previous quarter reflects the smaller structure of the Group, as well as user migration to ADSL, in line with the Group's strategy of promoting broadband services -- particularly in unbundled mode. By the end of March, around 235,000 ADSL customers were receiving unbundled services. With the launch of commercial offers aimed at increasing the take-up of double play (voice and data) services, already available in the Netherlands, the U.K. and Germany, highly competitive access packages in the U.K. and Italy, and the imminent launch of additional services and content, we expect an increasing number of customers to receive unbundled, rather than wholesale services. In May double play services have been launched also in Italy. Access revenues came in at EUR178.0 million in 1Q05: the dial-up business contributed EUR85.5 million, which was exceeded by ADSL revenues, at EUR92.5 million. The pro-forma figure rose by 17% versus 1Q04, from EUR109.4 million to EUR127.9 million (75% of total revenues), and by 2% versus the previous quarter (EUR125.4 million). In detail, ADSL revenues totaled EUR65.8 million (51% of access revenues) in the quarter, almost double the EUR36.9 million (34% of access revenues) recorded in 1Q04, and 7% ahead of the EUR61.7 million (49% of access revenues) reported the previous quarter. Dial-up revenues totaled EUR62.1 million (49% of access revenues), reflecting the increasing contribution of ADSL and the marked change in the access revenue mix. Revenues from voice services for 1Q05 were EUR30.3 million. The pro-forma figure, EUR21.5 million (13% of total revenues), was down 11% versus 1Q04, and down 6% compared with the previous quarter. This decline was due to a refocus of the offer of traditional voice services in favor of VoIP services, which are more profitable. Revenues from business services for 1Q05 were EUR19.8 million. The pro-forma figure was EUR13.9 million (8% of revenues), a 6% increase versus 1Q04 (EUR13.1 million), and a 3% advance on the previous quarter (EUR13.5 million). Note that for the first quarter of 2005, the business services division only reported revenues from business services, such as housing, hosting, domain names and leased lines. Therefore, it does not include revenues from providing access services to the corporate sector (these are now included under access revenues). Portal (Media & VAS) revenues for 1Q05 were EUR9.6 million. The pro-forma figure, EUR6.3 million (4% of total revenues), was down 1% versus 1Q04, and down 25% compared with the previous quarter. This performance was due to the seasonal factors that typically affect the first quarter of the year. An increasing focus on valued added services (VAS) has contributed to the increase at gross margin YoY (69% vs. 50%). In the first quarter of 2005, gross profit was EUR106.8 million. The pro-forma figure stood at EUR86.6 million (gross margin: 51%), up 16% versus 1Q04 (EUR74.4 million, 48% of revenues), and 4% ahead of the previous quarter (EUR83.6 million). The substantial improvement in both the gross profit and gross margin, related directly to the decision to focus on markets offering greater potential for value creation, and to the implementation of the network unbundling strategy, which will mean that a significant proportion of ADSL customers can gradually be migrated to unbundled services. Operating Performance Operating costs stood at EUR85.5 million for the first quarter of 2005. The pro forma figure was EUR61.6 million, broadly flat in absolute terms versus 1Q04 (EUR61.0 million). However, these costs accounted for a smaller proportion of revenues, falling from 40% in 1Q04, to 36% this time. Compared with the previous quarter (EUR55.9 million), operating costs were higher in 1Q05, and also increased as a proportion of revenues, from 33% to 36%. This increase relates to the substantial amount spent on marketing to support growth (see below), particularly in March 2005. We underline that in a positive trend that shows an increase in pro forma revenues, together with the Group's efficiency improvement, general and personnel costs reduced. Operating costs break down: (a) First-quarter marketing costs totaled EUR32.6 million. The pro-forma figure for 1Q05, EUR24 million (14% of revenues) was up 10% versus 1Q04 (EUR21.9 million; 14% of revenues), and 38% higher than in the previous quarter (EUR17.5 million; 10% of revenues). Most of the costs incurred over the quarter involved promoting ADSL services; (b) Personnel costs were EUR35.1 million in the first quarter of the year. The pro-forma figure of EUR27.3 million was broadly flat versus 1Q04 (EUR27.5 million), and 2% lower than in the previous quarter. As a percentage of revenues, these costs fell from 18% in 1Q04 to 16% in 1Q05 (and were broadly unchanged from the previous quarter); and (c) General and administrative costs were EUR17.8 million in the first quarter of the year. The pro-forma figure for 1Q05, EUR10.3 million (6% of revenues) was up 11% versus 1Q04 (EUR11.7 million; 8% of revenues), but down 3% versus the previous quarter (EUR10.7 million; 6% of revenues). In the first quarter of 2005, EBITDA was EUR21.3 million. The pro-forma figure stood at EUR25.0 million, an 87% increase on 1Q04 (EUR13.3 million). Over the same period, the EBITDA margin expanded from 9% to 15%. However, first-quarter EBITDA was 10% lower than in the previous quarter (EUR27.7 million), since high marketing costs pushed up overall operating costs. Depreciation, amortization, provisions and write-downs totaled EUR49.6 million, compared with EUR51.1 million in 1Q04. The decrease, which occurred despite higher investments, is attributable to the deconsolidation of the companies sold in 2004 and in the first quarter of 2005. Specifically, depreciation of tangible assets totaled EUR22.3 million in the quarter, while amortization of intangible assets was EUR22.4 million, of which EUR10.6 million related to goodwill (consolidation difference). Note that goodwill amortization was reported in 1Q05, because the first quarter results were drawn up according to Italian accounting principles. International principles (IAS/IFRS) will be adopted for the report on the first six months of 2005. The loss at EBIT level was EUR28.3 million, versus losses of EUR27.2 million in 1Q04 and EUR19.6 million in the previous quarter. The pro forma figure if goodwill amortization is excluded, as per international accounting principles falls to EUR5.4 million. The group made a pre-tax loss (EBT) of EUR17.9 million in the quarter, a 30% improvement on the loss of EUR52.1 million reported in 1Q04. This result benefited from extraordinary income from the sale of subsidiaries in South Africa and Denmark (some EUR25 million), or EUR8 million, stripping out goodwill amortization. Financial Position Balance Sheets March 31 March 31 March 31 December 12 2005 2005 2004 2004 Euro(000) Current assets 600,631 600,631 601,782 598,299 Non-current assets 854,282 854,282 1,010,377 909,700 Total assets 1,454,913 1,454,913 1,612,159 1,507,999 Current liabilities 783,567 783,567 666,273 831,350 Long-term liabilities 370,292 370,292 570,088 360,877 Shareholders' equity 301,054 301,054 375,798 315,772 Total liabilities 1,454,913 1,454,913 1,612,159 1,507,999 Net Financial Position At March 31, the Tiscali Group had financial resources of EUR180.2 million, while net debt stood at EUR381.7 million. The table shows the Group's cash and debt position at March 31, 2005, and at December 31, 2004. Notably "other financial assets" fell versus December 31, 2004. The proceeds from the sale of non-strategic assets (around EUR47 million) are also included. EUR million Dec 31, 2004 Mar 31, 2005 Cash 128.4 112.3 Other financial assets 75.8 67.9 Escrow account 25.8 27.7 Tax receivables and other assets 49.9 40.2 Total cash and other financial assets 204.2 180.2 FRNs 2005 250.0 250.0 Convertible bond 2006 209.5 209.5 Other 0.4 - Total bonds 459.9 459.5 Long-term loans 36.5 46.0 Bank overdrafts and S/T credit lines 25.7 19.1 Total bank debt 62.2 65.1 Leasing 41.7 37.2 Total financial debt 563.8 561.8 Net Debt 359.6 381.7 The Tiscali Group increased its net debt by EUR22 million in the first quarter of 2005. This figure takes into account proceeds from the sale of the Danish subsidiary (EUR17 million), and part of the proceeds from the sale of the South African subsidiary (EUR30 million). In addition, the cash position of the subsidiaries sold came to around EUR10 million. First-quarter investment totaled around EUR32 million. Financial charges of EUR8.9 million were broadly unchanged from both 1Q04 and 4Q04. Antitrust Authority Approves Sale of South African Subsidiary On January 17, 2005 the South African competition regulator approved the sale of the Group's South African subsidiary Tiscali Pty Limited to MBWEB Holdings (Pty), as announced on August 20, 2004, for a total of around EUR40 million. On January 12, the regulator also gave the green light for the sale of Tiscali's South African mobile telephone operations to Vodacom Service Provider Company Ltd., as announced on October 19, 2004, for EUR5.3 million. As of March 31, 2005, payments totaling EUR30 million had been received in respect of these disposals. All outstanding amounts will be received during the second quarter of 2005. Sale of the Danish subsidiary On February 1, 2005 Tiscali sold its Danish subsidiary, Tiscali Denmark A/S, to Tele2 A/S, a Danish company belonging to the Tele2 AB Group. Sale of Liberty Surf Group: Capital Gain of EUR150 Million On April 5, 2005, an agreement was reached on the sale of the French subsidiary (Liberty Surf Group). The value of the transaction totaled EUR280 million. Tiscali will receive EUR266 million for the stake it owns directly, with 90% to be paid at closing. Liberty Surf posted revenues of EUR224.6 million in 2004 and has over 1 million active users. At EBITDA level, the company more or less broke even. The completion of the transaction is dependent on obtaining the green light from France's competition regulator, who is expected to announce a decision in the second quarter 2005. The sale of the French subsidiary will deliver a capital gain for the Group of around EUR150 million due to the difference between the sale price and the book value of the shareholders' equity of Liberty Surf in Tiscali's consolidated accounts, including goodwill. As part of the plan to dispose of non-strategic assets and to focus on the main markets offering the greatest potential for creating value, the Tiscali Group is in the process of selling its Spanish operations, TiNet Link and Excite, and expects to complete these transactions in the second quarter of 2005. Transition to IAS/IFRS Tiscali set up a working group with a diverse range of skills (accounting, operation control, operating systems, information systems) to assess the effects of the introduction of IAS/IFRS at group level. This assessment and diagnosis phase, which was intended to identify the areas concerned with the change in accounting principles and any modification of the information systems and data flows, ended in 2004. In this respect, the analysis did not reveal any significant issue and/or critical aspect in terms of the transition to IAS/IFRS. Also in 2004, the necessary procedures were implemented to "restate" the consolidated financial statements as of and for the year ended December 31, 2003 (as the opening balance sheet of the first comparative period will be as of 1 January 2004) and 2004. In accordance with CONSOB's consultation document, plans for the transition to IAS/IFRS call for the preparation of the accounts for the first quarter of 2005 according to accounting policies consistent with previous GAAP and the preparation of the half-yearly accounts as of 30 June 2005 on the basis of accounting policies consistent with IAS/IFRS. For 2005, the business plan includes the achievement of the these objectives: (a) Revenues of over EUR800 million, an increase of more than 20% vs. 2004 over the same perimeter, to be recorded mainly in access (ADSL) and business services; (b) EBITDA of over EUR100 million; (c) More than 1.8 million ADSL users, with 30% receiving unbundled services; and (d) Capex at 12% of revenues. CONTACT: TISCALI S.p.A. Sa Illetta 09122 Cagliari Phone: +39 02 309011 E-mail: ir@tiscali.com Web site: http://www.tiscali.com =================== K Y R G Y Z S T A N =================== AELAM: Proofs of Claim Deadline Set First Week of July ------------------------------------------------------ AELAM, which recently became insolvent, will accept proofs of claim at Bishkek, Volgogradski Str. 71/36 until July 6, 2005. For more information, call (0-312) 69-44-27. ASHMARA: To Hold Public Auction Next Week ----------------------------------------- The bidding organizer and insolvency manager of Agricultural Cooperative Ashmara will sell its property on May 24, 2005, 11:00 a.m. at Chaldovar, Agricultural Cooperative Ashmara. For sale are 47 lots of vehicles, facilities, agricultural and technical equipment and buildings. To participate, bidders are required to deposit an amount equivalent to 10% of the starting price to the cashier of Ashmara. Bidding documents must be submitted on or before May 23, 2005. For more information, call (0-502) 50-37-13 or 57-70-55. KITARIS: Gives Creditors Until Next Month to File Claims -------------------------------------------------------- LLC KITARIS, which recently became insolvent, will accept proofs of claim until June 6, 2005. For more information, call (0-312) 65-89-08 or (0-502) 32-55-56. KLAIV: Proofs of Claim Deadline Expires July -------------------------------------------- LLC Klaiv, which recently became insolvent, will accept proofs of claim until July 6, 2005. For more information, call (0-502) 30-23-94. KYRGYZ-DAN-AZYK: Creditors' Claims Due July 6 --------------------------------------------- JSC Kyrgyz-Dan-Azyk, which recently became insolvent, will accept proofs of claim until July 6, 2005. CONTACT: KYRGYZ-DAN-AZYK Bishkek, Kievskaya Str. 120 MAIS: Sets Creditors Meeting Friday ----------------------------------- The court commenced bankruptcy supervision procedure on Mais on May 4, 2005 after finding the agricultural farm insolvent. Mr. Jumabek Ashyrakmatov has been appointed temporary insolvency manager. Creditors will meet at Bishkek, Chui Avenue 265, Science Academy Building, Room 352 on May 20, 2005, 2:00 p.m. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: Mr. Jumabek Ashyrakmatov Temporary Insolvency Manager Phone: (0-312) 64-10-93 SANIRABIGA: Last Day for Filing Claims July 6 --------------------------------------------- LLC Sanirabiga, which recently became insolvent, will accept proofs of claim until July 6, 2005. CONTACT: SANIRABIGA Bishkek, Gorki Str. 142 SUUSAMYR: Gives Bidders Until Thursday to Submit Offers ------------------------------------------------------- The bidding organizer and insolvency manager of Agricultural Farm Suusamyr will sell its property on May 20, 2005, 11:00 a.m. at Jaiyl district, Suusamyr, Local Government Building. For sale are 99 lots of assorted equipment and cars. To participate, bidders are required to deposit an amount equivalent to 10% of the starting price to the cashier of Agricultural Farm Suusamyr. Bidding documents are accepted daily except weekend from 9:00 a.m. to 5:00 p.m. until May 19, 2005. For more information, call, (0-312) 43-19-86. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Closes Spanish Winery Stake Sale --------------------------------------------------- Koninklijke Ahold said Friday it has successfully completed the sale of its 50% interest in Bodegas Williams & Humbert, S.A. (W&H and formerly known as Luis Paez, S.A.) to an entity controlled by the Medina family, that holds the remaining 50% stake in W&H. The transaction amount was not disclosed. W&H is a winery based in the Spanish city of Jerez de la Frontera. The main focus of the business of this company is the production and distribution of beverages under several brand names. In 1979, Ahold became a 50% partner in Luis Paez. In 1995, Luis Paez obtained full ownership of Williams & Humbert, a prominent sherry bodega. The divestment of the stake in W&H is part of Ahold's strategy to optimize its portfolio and to strengthen its financial position by reducing debt. CONTACT: KONINKLIJKE AHOLD Corporate Communications Phone: +31 (0)75 - 659 5720 =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: To Discuss Q1 Results Next Week ------------------------------------------------------- Petroleum Geo-Services A.S.A. will release its 2005 first quarter financial results on Tuesday, May 24, 2005. The results will be released at approximately 8:00 a.m. Central European Time (CET). A presentation has been scheduled the same day at 9:00 a.m. (CET) at PGS' Headquarters at Lysaker Norway. A Web cast and conference call have also been scheduled the same day at 2:00 p.m. CET (8:00 a.m. ET), to discuss PGS' first quarter results. The contact details for this service are detailed below. As previously announced, the release and the slide presentation will be based on U.S. GAAP. The news release concerning the 2005 first quarter financial results and a corresponding slide presentation will be posted at http://www.pgs.com. Interested parties can listen to the conference call and management's remarks to the slide presentation over the Internet or by telephone. To participate on the simulcast of the conference call over the Internet, visit http://www.pgs.com,at least 15 minutes early, to register and to download and install any necessary audio software. Alternatively, to access the live broadcast of the conference call by telephone, please dial-in at these numbers, corresponding to your location: Location Dial-In Number U.S. and Canada (Toll-Free): +1 866-238-0638 International (Toll-Free)[**]: +00 800 4363 7976 International (Toll): +1 703-639-1157 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ** Participants dialing in from Finland (990), Australia (0011), Hong Kong (001), Japan (001), Korea (002), Singapore (001), or Thailand (001) should use the designated International Access Code (+) specified here in place of (00). The telephone will be open for questions at the conclusion of management's remarks. For those that cannot listen to the live conference call, a replay of the Web cast will be made available at http://www.pgs.com. Alternatively, a digital reply will be available shortly after the conclusion of the conference call, through Friday, June 3, 2005 at +1 888-266-2081 (U.S. and Canada Toll Free) or +1 703-925-2533 (International Toll). Reference Access Code 700134. Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit http://www.pgs.com. * * * Earlier this month, Standard & Poor's Ratings Services assigned its 'B+' rating and its 'B+' senior unsecured rating to Petroleum Geo-Services. The outlook is stable. CONTACT: PETROLEUM GEO-SERVICES ASA Ola Bosterud Sam R. Morrow Christopher Mollerlokken Phone: +47 6752 6400 U.S. Investor Services, Renee Sixkiller Phone: +1 281 509 8548 =========== R U S S I A =========== AGRO-SERVICE: Under Bankruptcy Supervision ------------------------------------------ The Arbitration Court of Sakha republic (Yakutiya) has commenced bankruptcy supervision procedure on state unitary enterprise Agro-Service. The case is docketed as A58-872/2005. Mr. V. Popov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 677000, Russia, Sakha republic (Yakutiya), Yakutsk, Kurasheva Str. 28, Room 216. CONTACT: AGRO-SERVICE 677000, Russia, Sakha republic (Yakutiya), Yakutsk, Kurasheva Str. 28/1 Mr. V. Popov Temporary Insolvency Manager 677000, Russia, Sakha republic (Yakutiya), Yakutsk, Kurasheva Str. 28, Room 2 AVANGARD: Belgorod Court Appoints Insolvency Manager ---------------------------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on close joint stock company Avangard (TIN 3127007108). The case is docketed as A08-975/05-11. Mr. Y. Shevchenko has been appointed temporary insolvency manager. Creditors have until June 9, 2005 to submit their proofs of claim to Russia, Belgorod, Preobrazhenskaya Str. 132-28. A hearing will take place on July 18, 2005. CONTACT: AVANGARD 309000, Russia, Belgorod region, Gubkinskiy region, Gubkin, Belgorodskaya Str. 333 Mr. Y. Shevchenko Temporary Insolvency Manager Russia, Belgorod region, Preobrazhenskaya Str. 132-28 Phone: (0722) 32-16-96, 36-45-68 GAS-BUILDER: Declared Insolvent ------------------------------- The Arbitration Court of Orel region commenced bankruptcy proceedings against Gas-Builder after finding the limited liability company insolvent. The case is docketed as A48-131/98-144/kb-13. Mr. B. Latyshev has been appointed insolvency manager. Creditors have until June 9, 2005 to submit their proofs of claim to 302043, Russia, Orel, Kromskoy Proezd, 2, room 4-10. CONTACT: GAS-BUILDER Russia, Orel region, Dmitovsk Mr. B. Latyshev Insolvency Manager 302043, Russia, Orel region, Kromskoy Proezd, 2, Room 4-10 Phone: (0862) 72-41-22 IMPEXBANK: Gets Short-term Rating of 'B' from Fitch --------------------------------------------------- Fitch Ratings assigned Russia's Impexbank ratings of Long-term 'B-', Short-term 'B', Individual 'D/E' and Support '5'. The Outlook is Stable. The Long-term, Short-term and Individual ratings reflect Impex's modest capitalization and performance, the high borrower and sector risk concentrations in the loan book, the risks inherent in the bank's rapid loan growth, potentially vulnerable liquidity and certain weaknesses in the Russian operating environment. However, the ratings also consider Impex's good asset quality to date, the reduction in its related-party exposures and the bank's growing franchise, in particular in the retail sector. Impex's equity/assets ratio was a modest 8.8% at end-2004, with the total capital ratio a low 8.1% (although the latter would have been 9.6% if a zero risk weighting had been applied to a large holding of Gazprom equity, on which the bank did not bear any market risk). The issuance in 1Q05 of RUB650 million of subordinated debt (which is expected to be converted into equity in Q305) has supported the bank's capitalization, but target ratios of 10% for equity/assets and 12% for total capital are on the low side for the Russian market. Return on average assets improved to 1.5% in 2004 from 1.2% in 2003, but performance has been supported by securities trading gains, equal to 112% of pre-tax profit in 2004 (2003: 98%), and mainly coming from equity securities. Interest income generation has been constrained by the relatively low loans/assets ratio, but fee income is strong. The bank's high cost base (cost/assets ratio of 7.2% in 2004) weighs significantly on performance. The loan book grew by a rapid 65% in 2004, following a 79% increase in 2003, and Impex targets a doubling of the portfolio in 2005, driven by lending to retail customers and small and medium-sized enterprises (SMEs). Asset quality has been good to date, but the ratio of loan loss reserves-to-total loans of 3.7% is low. Concentrations are high, with the top 20 exposures equal to 219% of equity at end-2004. Related-party exposures have fallen, however, and by end-Q105 should have been below 20% of equity. Funding is drawn mainly from customer accounts (65% of total liabilities at end-2004). However, about 90% of these were effectively demand funding (i.e. current accounts or retail term deposits), meaning that liquidity is potentially vulnerable. Deposit outflows during the mini-crisis in the Russian banking sector in 2004 were not substantial, but Impex's shareholders provided additional liquidity in the form of a deposit of US$120 million of Gazprom equity, which the bank used to raise repo financing. Securities positions have been significant although Fitch is informed that in Q105 a substantial portion of trading operations have been transferred to Impex's sister bank, Rossiyskiy Kredit, with Impex holding securities primarily for liquidity purposes. Impex was founded in 1993 and purchased by its current shareholders, two individuals, in 1999. Since then, the bank has grown rapidly, and at end-2004 was one of the 30 largest in Russia by total assets, with a network including over 90 full service offices and almost 300 retail outlets. Impex's owners also own another Russian bank, Rossiyskiy Kredit (RK), which defaulted after the 1998 Russian financial crisis. Under a 2000 settlement, RK's creditors claims were restructured, although the fair (discounted) value of the assets they received was only a fraction of their nominal claims against RK. CONTACT: FITCH RATINGS James Watson, Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Media Relations: Alla Izmailova, Moscow Phone: +7 095 956 9901 Alex Clelland, London Phone: +44 20 7862 4084 KRASNOKAMENSKOYE: Krasnoyarsk Court Names Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Krasnokamenskoye after finding the mine corporation insolvent. The case is docketed as A33-11258/04-S4. Mr. L. Barzunov has been appointed insolvency manager. Creditors may submit their proofs of claim to 123100, Russia, Moscow, Post User Box 6. CONTACT: KRASNOKAMENSKOYE 662955, Russia, Krasnoyarsk region, Kuraginskiy region, Krasnokamensk Mr. L. Barzunov Insolvency Manager 123100, Russia, Moscow region, Post User Box 6 METROMEDIA INTERNATIONAL: 10-K Filing Delayed Further ----------------------------------------------------- Metromedia International Group, Inc. has still been unable to fully complete the preparation of its consolidated financial statements and footnote disclosures for the annual audit of the Company, as required for the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2004. The Company believes that it will file the Form 10-K with the United States Securities and Exchange Commission (SEC) no later than June 3, 2005, the required filing date in order for the Company to avoid an event of default under the indenture governing the Company's 10 1/2 % Senior Notes Due 2007. If such an event of default were to occur, the trustee or holders of at least 25% of the aggregate principal amount of the Senior Notes outstanding could declare all Senior Notes to be due and payable immediately, and should that happen, the Company would not have sufficient corporate cash to meet this obligation. The Company is also announcing that it does not expect that it will file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2005 with the U.S. SEC by May 16, 2005, the required date in order for the Form 10-Q to be timely filed. The delay in filing the Form 10-Q is attributable to the additional effort and time that has been required for the Company to prepare and finalize the Form 10-K and for the finance teams of the Company's PeterStar and Magticom business ventures to prepare, finalize and submit the final first quarter U.S. GAAP financial results for PeterStar and Magticom, respectively, to the Company's corporate finance team. As a result of the delay in the filing of the Form 10-K and the delay in the receipt of the PeterStar and Magticom first quarter U.S. GAAP financial results, the Company's corporate finance team has not been able to begin the review and analysis of the PeterStar and Magticom first quarter financial results, and as such, has not been able to finalize the Company's consolidated financial statements and management's discussion and analysis of the Company's financial condition and results of operations. At present, the Company is uncertain as to when it will complete the filing of the Form 10-Q with the U.S. SEC, but anticipates filing the Form 10-Q by June 30, 2005. Finally, the Company said that on April 20, 2005 the OTCBB trading system appended the Company's common stock trading symbol by adding an "E" modifier due to the Company's delinquency in filing the Form 10-K and that, as reported on the OTCBB Web site, the Company has a grace period until May 20, 2005 to file the Form 10-K and avoid having the Company's common stock become ineligible for trading on the OTCBB. If the Company's common stock becomes ineligible for trading on the OTCBB, it is expected that the Company's common stock will be traded only in the Pink Sheets. The Company cannot at this time provide any further guidance as to when either the Form 10-K or Form 10-Q will be filed with the U.S. SEC or when the annual audited financial statements and first quarter 2005 unaudited financial statements will be completed. The Company has also failed to timely file with the U.S. SEC the financial information of Magticom required under Item 9.01(a) and (b) of Form 8-K in respect of the Company's purchase of an additional interest in Magticom, as previously announced by the Company in a press release dated February 15, 2005. The Company will file such financial information by amending the Company's February 17, 2005 Form 8-K on or around the date the Company files its Form 10-K. About Metromedia International Group Through its wholly owned subsidiaries, the Company (MIG), currently traded as: (OTCBB: MTRME) Common Stock and (PINK SHEETS: MTRMP) - Preferred Stock, owns interests in communications businesses in the countries of Russia and Georgia. Since the first quarter of 2003, the Company has focused its principal attentions on the continued development of its core telephony businesses, and has substantially completed a program of gradual divestiture of its non-core cable television and radio broadcast businesses. The Company's core telephony businesses include PeterStar, the leading competitive local exchange carrier in St. Petersburg, Russia, and Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia. Visit http://www.metromedia-group.comfor more information. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Ernie Pyle Phone: 704-321-7380 E-mail: investorrelations@mmgroup.com MODUS: Deadline for Proofs of Claim Set Next Month -------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region commenced bankruptcy proceedings against Modus after finding the open joint stock company insolvent. The case is docketed as A75-1533/2005. Mr. A. Drozdetskiy has been appointed insolvency manager. Creditors have until June 9, 2005 to submit their proofs of claim to 628407, Russia, Tyumen region, Surgut-7, Chernyj Mys. CONTACT: MODUS 628407, Russia, Tyumen region, Surgut-7, Chernyj Mys Mr. A. Drozdetskiy Insolvency Manager 628407, Russia, Tyumen region, Surgut-7, Chernyj Mys Phone: (3462) 23-66-32 OILER: Bankruptcy Proceedings Begin ----------------------------------- The Arbitration Court of Ulyanovsk region commenced bankruptcy proceedings against Oiler (TIN 7323000498, KPP 732301001) after finding the open joint stock company insolvent. The case is docketed as A72-81/05-19/10-b. Ms. N. Bataeva has been appointed insolvency manager. Creditors may submit their proofs of claim to 432063, Russia, Ulyanovsk, Post User Box 7024. CONTACT: OILER 433400, Russia, Ulyanovsk region, Cherdakly, Krasnoarmeyskaya Str. 46 Ms. N. Bataeva Insolvency Manager 432063, Russia, Ulyanovsk region, Post User Box 7024 PRISM: Under External Management Procedure ------------------------------------------ The Arbitration Court of Yaroslavl region has commenced external management bankruptcy procedure on open joint stock company Prism. The case is docketed as A82-8030/04-3-B/33. Ms. N. Siryanova has been appointed external insolvency manager. CONTACT: PRISM 152375, Russia, Yaroslavl region, Rybinsk, 1st Vyborgskaya Str. 50 Phone/Fax: (0855) 26-32-20. Ms. N. Siryanova External Insolvency Manager 152915, Russia, Yaroslavl region, Rybinsk, 1st Vyborgskaya Str. 50 REGION-SERVICE: Succumbs to Bankruptcy -------------------------------------- The Arbitration Court of Kalmykiya republic commenced bankruptcy proceedings against Region-Service after finding the close joint stock company insolvent. The case is docketed as A22/170-05/5-27. Mr. A. Shukurlaev has been appointed insolvency manager. CONTACT: REGION-SERVICE 358000, Russia, Kalmykiya republic, Elista, Lenina Str. 249, Room 505 Mr. A. Shukurlaev Insolvency Manager 358000, Russia, Kalmykiya republic, Elista, Lenina Str. 241, Room 201 SHEKINSKAYA: Creditors Have Until June to File Claims ----------------------------------------------------- The Arbitration Court of Tula region commenced bankruptcy proceedings against Shekinskaya after finding the poultry farm insolvent. The case is docketed as A68-65/B-04. Mr. I. Sapegin has been appointed insolvency manager. Creditors have until June 16, 2005 to submit their proofs of claim to 300012, Russia, Tula, Post User Box 1977. CONTACT: SHEKINSKAYA 301226, Russia, Tula region, Shekinskiy region, Karamyshevo Mr. I. Sapegin Insolvency Manager 300012, Russia, Tula region, Post User Box 1977 Phone/Fax: (0872) 35-22-46 SYKTYVKARSKIY: Komi Courts Names I. Bobkov Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy supervision procedure on limited liability company Syktyvkarskiy. The case is docketed as A29-1700/05-3B. Mr. I. Bobkov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 167023, Russia, Komi republic, Syktyvkar-23, Post User Box 2012. A hearing will take place on Aug. 25, 2005, 9:15 a.m. CONTACT: SYKTYVKARSKIY Russia, Komi republic, Syktyvkar, Pushkina Str. 57 Mr. I. Bobkov Temporary Insolvency Manager 167023, Russia, Komi republic, Syktyvkar-23, Post User Box 2012 YUKOS OIL: Fulbright Asks Court to Seal Distribution Motion ----------------------------------------------------------- On March 18, 2005, Fulbright & Jaworski L.L.P. filed an Expedited Motion for Order Authorizing Distribution From Retainer Pending Approval of Final Fee Application. Pursuant to Local Bankruptcy Rule 2016(g), Fulbright filed detailed descriptions of its services rendered, time spent, hourly rates charged, and the name of the professional or paraprofessional performing the work from the Petition Date through February 28, 2005. According to Zack A. Clement, Esq., at Fulbright & Jaworski L.L.P., in Houston, Texas, the body of the Motion for Distribution and an exhibit refer to a Yukos arbitration file that is being handled by Fulbright other than the U.S. Bankruptcy Restructuring File. "The Arbitration Agreement in the arbitration matter contains confidentiality provisions, which arguably preclude the disclosure of even the existence of the arbitration." While there are clear exceptions to these provisions, like disclosures lawfully required in related judicial proceedings, Mr. Clement relates, the Fulbright arbitration attorneys have sought input from opposing counsel in the arbitration. Accordingly, to protect any confidential information and out of an abundance of caution, Fulbright asks the U.S. Bankruptcy Court for the Southern District of Texas to seal the Motion for Distribution. Headquartered in Moscow, Yukos Oil Company is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt (Yukos Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Moscow Court Sustains Rosneft's RUB62.4 Billion Claim ---------------------------------------------------------------- The Moscow Arbitration Court on Friday ordered Yukos Oil to pay the new owner of its then main production asset RUB62.4 billion (US$2.2 billion) for past oil bills. The amount relates to oil Yukos received from Yuganskneftegaz in the second half of last year. Yukos spokesman Alexander Shadrin told Bloomberg News: "We didn't pay because of force-majeure . . . Our accounts were frozen and the tax authorities were withdrawing the amounts that we would have paid." Yuganskneftegaz was sold to state-owned OAO Rosneft in a controversial action in December to pay Yukos' tax bill. Since then Rosneft has filed three suits seeking more than US$12 billion from Yukos for damages. It wants RUB163.1 billion for lost profit and RUB141.2 billion for tax charges. The case on the tax charges will be heard June 10, according to Interfax. The suits have prompted the court to freeze Yukos' remaining oil-producing assets last month. The ruling came just before Moscow's Meshchansky District court -- hearing the fraud and tax evasion cases against owner Mikhail Khodorkovsky -- found him guilty on all counts read out on Monday. Defense lawyer Yury Shmidt said Mr. Khodorkovsky and his partner Platon Lebedev were convicted on three counts of fraud, one count of income tax evasion and two counts of failing to comply with court orders. The verdict on all charges lodged against him may come out in a week. Earlier, prosecutors said they are planning to file new charges against Mr. Khodorkovsky. A spokesman for the Prosecutor General's Office told Bloomberg it plans to charge Mr. Khodorkovsky and Mr. Lebedev with laundering billions of rubles. Since his arrest in October 2003, shares in what was once the country's biggest crude exporter have lost 97% of their value. Analysts think Yukos ultimate falldown is just around the corner. Yuganks' claim could make Rosneft's the company's largest creditor. As such, it could declare the firm bankrupt and pillage on its remains. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru =========== S W E D E N =========== SKANDIA INSURANCE: In Buyout Discussions with Old Mutual -------------------------------------------------------- An GBP8 billion cross-border financial services group could emerge if Old Mutual succeeds in buying out Skandia Insurance Company Ltd. The South African company on Friday confirmed the takeover talks with Skandia, the biggest insurer in the Nordic region. Citing people privy to the deal, CityWire said any offer by the London-listed Old Mutual would be for the entire Skandia. Sought for comments, a Skandia spokesman told CityWire: "As a standalone business, Skandia is attractive, but we are also willing to discuss any opportunities with any other company which may arise. There has been a lot of interest. We're pleased with our geographical presence, but we're also interested in markets in Asia." CONTACT: SKANDIA INSURANCE COMPANY LTD. Sveavagen 44 S-103 50 Stockholm, Sweden Phone: +46-8-788-1000 Fax: +46-8-788-3080 Web site: http://www.skandia.com OLD MUTUAL PLC 5th Fl., Old Mutual Place, 2 Lambeth Hill London EC4V 4GG, United Kingdom Phone: +44-20-7002-7000 Fax: +44-20-7002-7221 Web site: http://www.oldmutual.co.uk =========================== U N I T E D K I N G D O M =========================== ADVANTAGE VEHICLE: Hires Liquidator from Thorntonrones ------------------------------------------------------ At the extraordinary general meeting of Advantage Vehicle Contracts Limited on April 26, 2005 held at ThorntonRones, First Floor, 167 High Road, Loughton, Essex IG10 4LF, the extraordinary and ordinary resolutions to wind up the company were passed. Richard Rones of ThorntonRones, 167 High Road, Loughton, Essex IG10 4LF has been appointed liquidator of the company. CONTACT: THORNTONRONES 1st Floor 167 High Road Loughton Essex IG10 4LF Phone: 020 841 9333 Fax: 020 8418 9444 E-mail: info@thorntonrones.co.uk A. GARNER: Members Call in Liquidator from Poppleton & Appleby -------------------------------------------------------------- At the extraordinary general meeting of the members of A. Garner Limited on May 5, 2005 held at Gable House, 239 Regents Park Road, Finchley, London N3 3LF, the extraordinary and ordinary resolutions to wind up the company were passed. H. J. Sorsky has been appointed liquidator of the company. CONTACT: SPW POPPLETON & APPLEBY Gable House 239 Regents Park Road London N3 3LF Phone: 020 8371 5000 Fax: 020 8346 8588 AIR CARE: Calls in Liquidator ----------------------------- At the extraordinary general meeting of Air Care (UK) Limited on May 6, 2005 held at The Gateway Hotel, Nuthall Road, Nottingham NG8 6AZ, the subjoined extraordinary resolution to wind up the company was passed. Mr. S. Franklin of Panos Eliades, Franklin & Co., of Albany House, 18 Theydon Road, London E5 9NZ has been appointed liquidator of the company. CONTACT: PANOS ELIADES FRANKLIN & CO. 18 Theydon Road London E5 9NA Phone: 020 8815 4000 Fax: 020 8815 4040 AIRFLOW CHARITY: Hires Liquidator from Haines Watts --------------------------------------------------- At the extraordinary general meeting of Airflow Charity Limited on May 6, 2005 held at Lancaster Road, Cressex Business Park, High Wycombe HP12 3QP, the special and ordinary resolutions to wind up the company were passed. David Thorniley and Peter John Forsey of Haines Watts, 25-31 Tavistock Place, London WC1H 9SF have been appointed joint liquidators of the company. CONTACT: HAINES WATTS 25-31 Tavistock Place, London WC1H 9SF Web site: http://www.hwca.com ANYKEY COMPUTER: Creditors to Convene Second Week of July --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Anykey Computer Solutions Limited Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Final Meeting of Creditors of Anykey Computer Solutions Limited will be held at the offices of Begbies Traynor, 30 Park Cross Street, Leeds LS1 2QH, on July 12, 2005, at 10:00 a.m. for the purpose of having an account laid before it 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 to the Liquidator, and determining whether the Liquidator should have his release under section 174 of the Insolvency Act 1986. A Creditor entitled to attend and vote at the above Meeting is entitled to appoint a proxy to attend and vote instead of him. Proxies should be lodged at the address shown above no later than 4:00 p.m. on the business day prior to the meeting. R. Sadler, Liquidator May 4, 2005 CONTACT: BEGBIES TRAYNOR 30 Park Cross Street Leeds LS1 2QH Phone: 0113 244 0044 Fax: 0113 244 5820 E-mail: leeds@begbies-traynor.com Web site: http://www.begbies.com ASHLEYCARTER WHITEHEAD: Liquidator from Tenon Recovery Moves in --------------------------------------------------------------- At the extraordinary general meeting of Ashleycarter Whitehead Limited on April 28, 2005 held at 6th Floor, Salisbury House, 31 Finsbury Circus, London EC2M 5SQ, the subjoined extraordinary resolution to wind up the company was passed. Duncan Beat of Tenon Recovery, 6th Floor, Salisbury House, 31 Finsbury Circus, London EC2M 5SQ has been appointed liquidator of the company. CONTACT: TENON RECOVERY Salisbury House 31 Finsbury Circus London EC2M 5SQ Phone: 020 7628 2040 Fax: 020 7638 0217 Web site: http://www.tenongroup.com ATLANTIS VACATIONS: Creditors General Meeting Set Next Week ----------------------------------------------------------- The general meeting of the creditors of Atlantis Vacations Limited will be on May 24, 2005 at 2:30 p.m. It will be held at 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF not later than 12:00 noon, May 23, 2005. CONTACT: MIDDLETON PARTNERS 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF Phone: 01722 435 192 Fax: 01722 421102 E-mail: julie@middletonpartnerssalisbury.co.uk Web site: http://www.middletonpartners.co.uk BAE SYSTEMS: Shareholders Agree to Buy U.S. Defense Firm -------------------------------------------------------- At an Extraordinary General Meeting (EGM) held Friday, the shareholders of BAE Systems passed a resolution approving the proposed acquisition of United Defense Industries Inc. Earlier last week, UDI stockholders also approved the proposed acquisition. The transaction has also been approved by the Committee on Foreign Investment in the United States and by regulatory authorities in Sweden, Turkey, Germany and Norway. The United States Department of Justice is continuing to review the transaction under the Hart-Scott-Rodino Act. Subject to regulatory approval, the parties continue to anticipate closing in mid-2005. Also at the EGM, shareholders passed a resolution approving the variation of the borrowing powers contained in the Company's Articles of Association. Both resolutions were passed Issued by: BAE Systems plc London * * * In February, Moody's Investors Service placed the debt ratings of BAE Systems plc (Baa2) on review for possible downgrade. In a related action, Moody's has placed the debt ratings of United Defense Industries, Inc. (Ba2) under review for possible upgrade. The reviews were prompted by the announcement that BAE had agreed to purchase United Defense in an all cash transaction valued at US$3.97 billion plus assumed debt. The acquisition is expected to be financed with approximately US$3 billion in new debt, with the remainder funded with cash and new equity issued by BAE. CONTACT: BAE SYSTEMS plc (London: BA) Warwick House, Farnborough Aerospace Center Farnborough Hampshire GU14 6YU, United Kingdom Phone: +44-1252-373-232 Fax: +44-1252-383-000 Web site: http://www.baesystems.com BANBURYS HOME: Appoints Buchanans Administrator ----------------------------------------------- Peter Hall and Alan Peter Whalley (IP Nos 3966, 6588) have been appointed administrators for Banburys Home & Garden Limited. The appointment was made April 29, 2005. The company supplies and installs conservatories. Its registered office is located at Latimer House, 5 Cumberland Place, Southampton SO15 2BH. CONTACT: BUCHANANS PLC Latimer House 5 Cumberland Place Southampton SO15 2BH Phone: 023 8022 1222 BEECH HOUSE: Hires Liquidator from Mistry Associates Ltd. --------------------------------------------------------- At the extraordinary general meeting of Beech House Publishing Limited on May 6, 2005 held at the offices of Mistry Associates, 6-8 Henry Square, Ashton-under-Lyne OL6 7TF, the extraordinary resolution to wind up the company was passed. Manubhai Govindbhai Mistry of Mistry Associates Ltd. has been appointed liquidator of the company. CONTACT: MISTRY ASSOCIATES LTD. 6-8 Henry Square Ashton-Under-Lyne OL6 7TF Phone: 0161 343 8228 Fax: 0161 343 8334 E-mail: manumistry@aol.com BENTLEY'S VEHICLE: Liquidator Takes over Operations --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bentley's Vehicle Contracts Limited Of 48 Suffolk Road, Sheffield, South Yorkshire S1 4RU. I, Derek Leslie Woolley, of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, hereby give notice that I was appointed Liquidator of Bentley's Vehicle Contracts Limited by a Meeting of Creditors on April 14, 2005. D. L. Woolley, Liquidator May 6, 2005 CONTACT: THE P&A PARTNERSHIP 93 Queen Street Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com BONDROSE LTD.: Appoints S G Banister & Co Liquidator ---------------------------------------------------- At the extraordinary general meeting of Bondrose Ltd. on April 27, 2005 held at the registered office of the Company situated at 334-336 Goswell Road, London EC1V 7RP, the subjoined extraordinary resolution to wind up the company was passed. D. M. Patel of 40 Great James Street, London WC1N 3HB has been appointed liquidator of the company. CONTACT: S. G. BANISTER & CO. 40 Great James Street, London WC1N 3HB Phone: 020-7430-9292 BOOTS GROUP: Likely to Report 12% Drop in Profits ------------------------------------------------- A number of private equity groups are reportedly eyeing several businesses of Boots Group plc. The Scotsman named Friday Kohlberg Kravis Roberts and Cinven as among those interested in Boots amid speculations of a 12% drop in its profits. The retailer is expected to report Thursday pre-tax profits lower than the GBP545 million it registered the year earlier. KKR is said to be looking at Boots' healthcare products venture, which owns the Clearasil skin products, Nurofen painkillers and Strepsils lozenges, and could be valued up to GBP1.2 billion. Meanwhile, the company's major arm Boots The Chemist showed no significant improvements amid efforts by big supermarket groups to penetrate the pharmaceutical trade. The unit, which currently operates through 1,400 drugstores, is carrying out price reductions and restructuring its supply chain. Same-store sales, which dropped 0.9% in April, is expected to grow by only about 2%, while operating costs are predicted to increase by 6%, with gross margin staying flat. Shares have considerably plunged from 700 pence at the start of the year, closing 4 pence down at 592. WestLB analyst Peter Brockwell said: "We would hope the worst of the underperformance is behind us, although current sector sentiment will not help and we still have some fundamental concerns." CONTACT: BOOTS GROUP PLC 1 Thane Road Notttingham NG2 3AA Phone: 0115 950 6111 Customer Service: 0845 070 80 90 Web site: http://www.boots-plc.com CALIGVLETTE RESTAURANTS: Members Pass Winding-up Resolution ----------------------------------------------------------- At the extraordinary general meeting of the members of Caligvlette Restaurants Limited on April 29, 2005 held at 237 Kennington Lane, London SE11, the extraordinary resolution to wind up the company was passed. David Lewis of D Lewis & Co, 7 Nunappleton Way, Hurst Green, Oxted, Surrey has been nominated liquidator of the company. CONTACT: D LEWIS & CO 7 Nunappleton Way, Hurst Green, Oxted, Surrey CAR AND COMMERCIAL: Members Decide to Wind up Firm -------------------------------------------------- At the extraordinary general meeting of the members of Car And Commercial Services (Birmingham) Limited on May 4, 2005 held at Emerald House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH, the extraordinary and ordinary resolutions to wind up the company were passed. C. H. I. Moore has bee appointed liquidator of the company. CONTACT: K. J. WATKIN & CO. Emerald House 20-22 Anchor Road Aldridge Walsall West Midlands WS9 8PH Phone: 01922 452881 Fax: 01922 450525 E-mail: chim@kjwatkin.co.uk CITY FABRICS: Members Call in Liquidators from Begbies Traynor -------------------------------------------------------------- At the extraordinary general meeting of the members of City Fabrics (Cardiff) Limited on May 5, 2005 held at 5th Floor, Riverside House, 31 Cathedral Road, Cardiff, the extraordinary and ordinary resolutions to wind up the company were passed. John W. Davies and David Hill of Begbies Traynor, 5th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB have been appointed joint liquidators of the company. 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 CONNEXIONS EUROPE: Members Call in Benedict Mackenzie Liquidator ---------------------------------------------------------------- At the extraordinary general meeting of the members of Connexions Europe Limited on May 5, 2005 held at 5-6 The Courtyard, East Park, Crawley, West Sussex RH10 6AH, the extraordinary and ordinary resolutions to wind up the company were passed. Julie P. Vahey and Graham P. Petersen of Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West Sussex RH10 6AH have been appointed joint liquidators of the company. CONTACT: BENEDICT MACKENZIE The Courtyard East Park Crawley West Sussex RH10 6AH Phone: 01293 410333 Fax: 01293 428530 COSTAIN GROUP: Seals Water Works Agreement with United Utilities ---------------------------------------------------------------- Costain Group plc has completed the framework agreement on its plan to buy a major part of United Utilities' Asset Management Program (AMP4) in joint venture with Galliford Try and WS Atkins. The contract, which covers some 20% of United Utilities' GBP2.9 billion AMP4 program over the next five years, will deliver both water and wastewater infrastructure works throughout the North West of England. Stuart Doughty, Costain Group Chief Executive, said: "This contract confirms Costain's leading position in the water sector. We now have five to ten year contracts in place with United Utilities, Thames Water, Yorkshire Water, Welsh Water and Southern Water. This level of workflow considerably strengthens our long-term order book and is an excellent platform for the future." Steven Beaumont, who has overall responsibility for the procurement and investment delivery process for United Utilities, said: "I am delighted to be working with partners that have such a breadth of expertise and I am confident that our new relationships and collaborative way of working will help us achieve the ambitious goals we have set ourselves. I am looking forward to working closely with our new partners in our aim to achieve industry-leading performance for our investment program over the next five years." CONTACT: COSTAIN GROUP PLC Costain House, Nicholsons Walk Maidenhead SL6 1LN, United Kingdom Phone: +44-1628-842-444 Fax: +44-1628-674-477 Web site: http://www.costain.com Stuart Doughty, Chief Executive Charles McCole, Finance Director Graham Read, Public Relations Phone: 01628 842 444 COLLEGE HILL Mark Garraway Matthew Gregorowski Phone: 020 7457 2020 DIGNITY PLC: Exceeds Last Year's Revenues by GBP1.8 Million ----------------------------------------------------------- Financial highlights: (a) unaudited EBITDA for the 53 week period ended 1 April 2005 was GBP45.9 million compared to GBP44.9 million for the audited 53 week period ended 31 December 2004; (b) this strong performance is due to a combination of a GBP1.8 million growth in revenues, compared to 2004, allied to continued strong cost control: EBITDA margin for 53 weeks ending 1 April 2005 was 33.4% compared to 33.1% for the 53 week period ending 31 December 2004; (c) on 27 April 2005, the trustees approved the payment of actuarial surpluses of GBP1,200,000 from certain of the pre- arranged funeral plan trusts; (d) the number of funeral locations at the period end was 515, which compares to 512 at December 2004; (e) the group operated from 22 crematoria during 2005; (f) since December 2004, the Group has acquired three funeral home locations. The Group is also pursuing a number of other opportunities to acquire small, "bolt-on," funeral homes as part of its stated strategy of developing its funeral home portfolio. The Group has continued to make further progress and the results announced in the Investor Report are in line with expectations. Peter Hindley, Chief Executive of Dignity plc, said: "I am pleased with our performance in the first quarter. Revenue, profits and margins have progressed and we remain firmly on track to achieve our expectations for the full year." A full copy of the financial results is available free of charge at http://bankrupt.com/misc/Dignityplc(Q12005).pdf. CONTACT: DIGNITY PLC Plantsbrook House 94 The Parade Sutton Coldfield West Midlands B72 1PH Phone: 0121 354 1557 Fax: 0121 321 5644 E-mail: enquiries@dignityuk.co.uk DOMINION POWER: Calls Final Creditors Meeting --------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dominion Power Limited Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Final Meeting of Creditors of Dominion Power Limited will be held at the offices of Begbies Traynor, 2-3 Pavilion Buildings, Brighton BN1 1EE, on June 10, 2005, at 11:00 a.m. for the purposes of receiving the report of the Liquidator as to the winding-up and determining whether the Liquidator should have his release under section 174 of the said Act. G. W. Rhodes, Liquidator May 6, 2005 CONTACT: BEGBIES TRAYNOR 2/3 Pavilion Buildings Brighton East Sussex BN1 1EE Phone: 01273 747847 Fax: 01273 747743 E-mail: brighton@begbies-traynor.com Web site: http://www.begbies.com DSB SHOWTOURS: Creditors Meeting Set Next Week ---------------------------------------------- The creditors of DSB Showtours Limited will meet on May 26, 2005 at 11:00 a.m. It will be held at One Great Cumberland Place, Marble Arch, London W1H 7LW. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to One Great Cumberland Place, Marble Arch, London W1H 7LW not later than 12:00 noon, May 25, 2005. CONTACT: LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Phone: 020 7535 7000 Fax: 020 7723 6059 E-mail: solutions@leonardcurtis.co.uk Web site: http://www.leonardcurtis.co.uk EMERGENCY AND CONTRACT: Members Pass Winding-up Resolution ---------------------------------------------------------- At the extraordinary general meeting of the members of Emergency And Contract Maintenance Limited on May 6, 2005 held at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, the extraordinary resolution to wind up the company was passed. Robert W. Keating of R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY has been nominated liquidator of the company. CONTACT: R. W. KEATING & CO. 2nd Floor 20 Winmarleigh Street Warrington Cheshire WA1 1JY Phone: 01925 245004 Fax: 01925 245357 E-mail: robert@rwkeating.fsnet.co.uk EQUITABLE LIFE: Sets Annual General Meeting Wednesday ----------------------------------------------------- A barrage of questions from policyholders is expected to greet the board of Equitable Life at the annual meeting on Wednesday. However, The Scotsman said Sunday that Chairman Vanni Treves intends to ignore inquiries on the insurer's GBP3.75 billion lawsuit against nine former non-executive directors, six former executives, and Ernst & Young for negligence and breach of fiduciary duty. A spokesman said: "It would be contempt for us to comment while it [litigation] is ongoing." Mr. Treves is reportedly set to present long-term scenarios and their impacts on policyholders and discuss the benefits of breaking up the with-profits fund and unitizing individuals' investments. The spokesman added: "It is now essentially a fixed-interest fund, but by unitizing it we reopen the door for individuals who want growth to go back into equities." Mr. Treves will also tackle the "distant prospect" of a buyer for the fund as well as look at the effects of keeping the company under a slow "run-off" fund scheme. Meanwhile, former managing director and actuary Roy Ranson last week stood firm on his decision to maintain bonuses even though liabilities had already exceeded the company's assets. He saw nothing wrong with it, adding this was common practice at that time. Mr. Ranson, whose testimony will continue this week, justified the company's decision not to set aside a substantial amount to cover income guarantees. Former appointed actuary and chief executive Christopher Headdon is expected to take the stand next week. CONTACT: THE EQUITABLE LIFE ASSURANCE SOCIETY Walton Street Aylesbury Buckinghamshire HP21 7QW United Kingdom Phone: +44-870-901-0052 Web site: http://www.equitable.co.uk FIRST CHOICE: Creditors Meeting Set June ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF First Choice Vehicle Hire Limited Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Meeting of the Creditors of First Choice Vehicle Hire Limited will be held at RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU, on June 8, 2005, at 10:00 a.m. for the purpose of receiving the Liquidator's report of the winding-up, and determining whether the Liquidator should be released under section 174 of the Insolvency Act 1986. A Creditor entitled to attend and vote at the above Meeting may appoint a proxy to attend and vote in his place. It is not necessary for the proxy to be a Creditor. Proxy forms must be returned to RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU, by no later than 12:00 noon on June 7, 2005. M. J. Hore, Liquidator May 4, 2005 CONTACT: RSM ROBSON RHODES LLP 186 City Road London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.rsmi.co.uk FORTIFICATION HOLDINGS: Names Tait Walker Administrator ------------------------------------------------------- Gordon S Goldie and Allan David Kelly (IP Nos 5799, 9156) have been appointed administrators for Fortification Holdings Limited. The appointment was made May 3, 2005. The company offers management activities. CONTACT: TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk MELODYGOLD LTD.: Winding-up Report Out First Week of June --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Melodygold Ltd. Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a General Meeting of the Members of Melodygold Ltd. will be held at Baker Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL, on June 3, 2005, at 10:00 a.m. to be followed at 10:30 a.m. by a Final Meeting of Creditors, for the purpose of receiving an account 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 Liquidators. A Member or Creditor entitled to vote at the above Meetings may appoint a proxy to attend and vote instead of him. A proxy need not be a Member of the Company. Proxies to be used at the Meetings must be lodged with the Liquidators at Baker Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL, no later than 12:00 noon on the day prior to the meeting. L. J. Cooper, Liquidator May 4, 2005 CONTACT: BAKER TILLY Brazennose House Lincoln Square Manchester M2 5BL Phone: 0161 834 5777 Fax: 0161 835 3242 Web site: http://www.bakertilly.co.uk MISYS PLC: Signs IT Development Contract with Carole Nash --------------------------------------------------------- The U.K.'s largest motorcycle insurance broker, Carole Nash, has entered into a two-year development contract with Misys plc worth over GBP1 million. Following a major IT review, Carole Nash has contracted for a dedicated development team within Misys General Insurance headquarters in Worcester. A minimum of five highly experienced Misys development staff will concentrate solely on Carole Nash's specific long-term development requirements for a minimum of two years. The partnership with Misys will allow Carole Nash to evolve their current technology in order to grow their 350-staff call center operations in Altrincham and Dublin. Damian Keeling, Managing Director, Carole Nash, said: "As a rapidly expanding call center operation, investment in IT is crucial to the success of our business. Having a dedicated resource within Misys gives us a close partnership over the direction, priorities and timescales in which we wish to progress our systems and develop new software. "After reviewing all of the options available to us -- software house and in-house -- it is clear that Misys is the only partner that has the level of development expertise, system functionality and ability to deliver what we require. It is also their financial stability and continued investment in research and development that gives us the confidence to make this long-term commitment. "The partnership will enable us to trade more efficiently, ensuring that we deliver the best service to our 250,000 policyholders." Phillip Bell, CEO, Misys General Insurance, said: "Our experience has shown that joint development contracts of this kind prove extremely successful. The broker gets direct access to a highly skilled and experienced development resource that can focus on their specific requirements and maximize the opportunities available to them. "We have a long-standing excellent relationship with Carole Nash and are delighted that they have made this level of commitment to Misys. They have an enviable track record specializing in motorcycle business and are using their expertise as a highly professional and ambitious player to move their business into new areas, realizing that technology is the long-term answer to competitive trading." 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 Caroline Hardiman Press Relations Manager Misys General Insurance Phone: + 44 (0)1905 754455 E-mail: caroline.hardiman@mfs.misys.co.uk PASS FEES: Hires Liquidators from PricewaterhouseCoopers -------------------------------------------------------- Name of companies Pass Fees Limited Pass Loans Limited Pass Review Limited Pension Advisers Support System Limited At the extraordinary general meeting of these companies on May 5, 2005, the special and ordinary resolutions to wind up the companies were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed joint liquidators of the companies. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com PERHOW 6: Names Price and Co. Liquidator ---------------------------------------- At the meeting of Perhow 6 Limited, the special resolution to wind up the company was passed. Alan Price of Price & Co, 65 Broad Green, Wellingborough NN8 4LQ has been appointed liquidator of the company. CONTACT: PRICE AND CO 65 Broad Green, Wellingborough NN8 4LQ E-mail: arprice@rescueco.co.uk PONTEFRACT PANEL: Hires Administrators from Tait Walker ------------------------------------------------------- Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have been appointed administrators for Pontefract Panel Beating Company Limited. The appointment was made May 3, 2005. The shop repairs motor vehicle. CONTACT: TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk RDS AUTOMOTIVE: Calls in Administrator from Till Morris ------------------------------------------------------- Duncan Roderick Morris (IP No 8693) has been appointed administrator for RDS Automotive Limited. The appointment was made May 4, 2005. The company offers engineering and design services. CONTACT: THE TILL MORRIS PARTNERSHIP 32 Brook Street Warwick Warwickshire CV34 4BL Phone: 01926 497 722 Fax: 01926 497 733 E-mail: duncan.morris@tillmorris.co.uk R H BECKFORD: Names Gibson Hewitt & Co. Liquidator -------------------------------------------------- At the extraordinary general meeting of R H Beckford Limited on May 6, 2005 held at 5 Park Court, Pyrford Road, West Byfleet, Surrey KT14 6SD, the special and ordinary resolutions to wind up the company were passed. Robert David Hewitt of 5 Park Court, Pyrford Road, West Byfleet, Surrey KT14 6SD has been appointed liquidator of the company. CONTACT: GIBSON HEWITT & CO 5 Park Court Pyrford Road West Byfleet Surrey KT14 6SD Phone: 01932 336149 Fax: 01932 336150 E-mail: robert@gibsonhewitt.co.uk ROBERT WISEMAN: Profit Down on Major Contract Losses ---------------------------------------------------- Robert Wiseman Dairies in East Kilbride is expected to reveal a 15% fall in 2004 profits when it delivers a report this week. The firm's bottom line will likely be at GBP25 million, according to The Scotsman. The drop is believed to be mainly caused by the loss of a contract with Asda, of which it took the group six months to find a replacement. Robert Wiseman had a year of costly bidding wars with rivals Dairy Crest, and Arla, who had consistently complained to the competition watchdog about the group's dominance. The firm also lost a deal with Morrison last year. It won new contracts from Tesco and Sainsbury, but the six-month dry spell is believed to have reduced its milk production to about 1.2 billion liters from 1.35 billion last year, according to the report. The worst result of the setback was the loss of all businesses of its Scottish market. Robert Wiseman is reportedly mulling job cuts at the operation. A spokesman for the group said: "No decisions have been made. We are certainly going to review our infrastructure needs across the U.K. to ensure that it is aligned to the needs of the business. But this is still a growing business." Robert Wiseman used to be the dominant player in Scottish market, but now its share of Scotsland's liquid milk has gone down to 54% from 70%. CONTACT: ROBERT WISEMAN DAIRIES LTD. Cairn Place Nerston Industrial Estate East Kilbride, G74 4NQ Strathclyde Phone: 01355 247777 Fax: 01355 228181 Web site: http://www.wiseman-dairies.co.uk S T & M PROPERTIES: Liquidators from Begbies Traynor Move in ------------------------------------------------------------ At the extraordinary general meeting of S T & M Properties Limited on April 25, 2005 held at 44 The Ropewalk, Nottingham NG1 5EL, the resolutions to wind up the company were passed. Peter A. Blair and Richard A. B. Saville of Begbies Traynor 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 TAMARA D: Restaurant Falls into Administration ---------------------------------------------- Steven Leslie Smith and James Richard Harries (IP Nos 6424, 9293) have been appointed administrators for Tamara D Limited. The appointment was made May 4, 2005. The company is a restaurant. Its registered office is located at Culpitt House, 74-78 Town Centre, Hatfield, Hertfordshire AL10 1NS, trading from 14-16 Station Road, Letchworth, Hertfordshire SG6 3AU. CONTACT: MERCER & HOLE Gloucester House 72 London Road St Albans Hertfordshire AL1 1NS Phone: 01727 869141 Fax: 01727 869149 E-mail: stevesmith@mercerhole.co.uk TCS (NE): Administrators from Tait Walker Move in ------------------------------------------------- Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have been appointed joint administrators for TCS (NE) Limited. The appointment was made May 3, 2005. The shop repairs motor vehicle. CONTACT: TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk TELEWEST GLOBAL: Mulls Reformatting TV Service ---------------------------------------------- Telewest Global, Inc. is planning to transform its TV service, giving consumers greater access to, and control over additional digital programs. Key elements of the transformation include: (a) completed rollout of TVOD by early 2006; (b) significant expansion of on-demand programming; and (c) phased analogue switchover. The cable company outlined the expansion of its television-on-demand (TVOD) service, following its initial launch in January, confirming that it intends to complete the national rollout of TVOD to over one million digital TV customers by early 2006. Telewest Broadband is also widening the range of on-demand programming available, boosting the existing movie service, which now shows over 200 current and library titles. The extended TVOD service will include the best of the previous week's programs, including 60 hours of BBC content, at no extra cost to customers. There will also be a mix of free and subscription services including popular TV series, music videos and niche content. Additional agreements are confirmed with Flextech, Nickelodeon and adult programming (including Playboy and TVX Fantasy channels), while negotiations with other programmers continue apace. Following the initial launch of TVOD in Bristol, Telewest Broadband will make the service available region by region throughout the second half of this year, starting with 26,000 customers in Cheltenham who are set to receive the service in early July. Telewest Broadband also announced a phased analogue switchover program, aiming to migrate its remaining 171,000 analogue TV customers to digital by the end of 2006, supporting government plans to switch off the national analogue TV signal by 2012. Telewest Broadband has the highest percentage of TV customers taking digital, currently 87%, of any cable company in Europe and North America. Eric Tveter, president and chief operating officer at Telewest, said: "We are transforming TV as we know it by giving consumers both a superb choice of programs and the flexibility to watch them whenever they want. We don't ever want to hear our customers say there's nothing on the box or that they have missed their favorite program. "And while digital TV goes from strength to strength, analogue has finally had its day. "Out of those customers who already have access to the TVOD service, over half have already watched a movie. Saturday evening is the most popular time to choose a movie and the top selling films to date are The Stepford Wives, 50 First Dates and King Arthur. The highest selling evening to date was Valentine's night, when our romantics in Bristol chose The Ladykillers as their number one movie choice." The TVOD service gives customers instant access to a vast library of films and TV programs, available via the remote control and existing set top box. It provides the same controls as watching a DVD or video; once a program is selected, customers can watch it when they want, pause, fast forward and rewind. Telewest Broadband is investing around GBP20 million in the development of TV-on-demand and personal video recorder (PVR) services in 2005. Telewest Broadband's 160Gb PVR service, which includes three tuners and is HDTV compatible, will be available in the second half of 2005. * * * In December, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Telewest Global (formerly known as Telewest Communications Networks Ltd.) to 'BB-' from 'CCC+', following the group's announcement of underwritten refinancing. The ratings were removed from CreditWatch, where they were placed on Aug. 20, 2004. The outlook was stable. It has also executed a commitment letter for new GBP1.8 billion credit facilities that will be used to replace outstanding borrowings under the Telewest group's existing GBP2.03 billion senior credit facilities. Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited, Credit Suisse First Boston, Deutsche Bank and Royal Bank of Scotland will underwrite the new facilities. As a result of the planned transaction, Telewest will have significantly extended the maturity profile of its senior credit facilities, the majority of which currently mature in December 2005, and reduced its overall long-term cost of borrowing. CONTACT: TELEWEST GLOBAL, INC. 160 Great Portland St. London W1W 5QA, United Kingdom Phone: +44-20-7299-5000 Fax: +44-20-7299-5495 Web site: http://www.telewest.co.uk Richard Williams Phone: 020 7299 5479 Vani Gupta Phone: 020 7299 5353 Telewest Broadband Rachel Turner Phone: 01483 582140 07985 805805 E-mail: rachel.turner@telewest.co.uk John Moorwood Phone: 01483 582802 07985 801742 E-mail: john.moorwood@telewest.co.uk TELEWEST GLOBAL: Offers GBP194 Million for sit-up ltd ----------------------------------------------------- Telewest Global Inc., through its wholly owned subsidiary, Screenshop Ltd., made an unconditional cash offer to purchase all shares of British TV retail group sit-up ltd that it does not currently own, in a deal which values sit-up at over GBP194 million. The three Founder Directors of sit-up, Ashley Faull, John Egan and Chris Manson, along with the other Board Directors (including Finance Director Ian Percival and non-executive Director Robin Klein), will stay on as Directors. The Founder Directors will also be continuing at sit-up in their current management roles and are all investing in the future of the ongoing business. In 2004, sit-up's revenue was GBP206 million, with profit before tax at GBP11 million. Its growth rate, since the company's first TV auction was broadcast in October 2000, was featured in the Sunday Times 'Fast Track 100' List in December 2004, where sit-up ranked as the fastest growing U.K. company with a turnover of over GBP100 million. Sit-up continues to innovate and excel in providing great entertainment on its 5 TV channels which are watched by over 5 million viewers per month, and has been recognized by the Financial Times' 'Top 50 Creative Businesses' List in both of the last two years. Sit-up's main TV channels, bid tv and price-drop tv are available in 16 million U.K. homes and have created a loyal and fast growing customer base of over 2 million people. Sit-up also owns the Screenshop infomercial channel. In April 2005, sit-up expanded its channel portfolio by launching two free-to- air movie channels, matinee movies and bad movies. Chris Manson, Managing Director of sit-up, said: "We're delighted to become part of the Telewest group. Sit-up is now a leading British TV retailer, with a unique mix of great entertainment and great value for our customers, and with the continued commitment of our staff we intend to build on that success in the years to come." John Egan, Founder Director of sit-up, said: "We are very pleased with the deal we have delivered for our initial shareholders and would like to thank them and Telewest for all their support in achieving the company's success to date." CONTACT: TELEWEST GLOBAL, INC. 160 Great Portland St. London W1W 5QA, United Kingdom Phone: +44-20-7299-5000 Fax: +44-20-7299-5495 Web site: http://www.telewest.co.uk Richard Williams Phone: 020 7299 5479 Vani Gupta Phone: 020 7299 5353 SIT-UP Ashley Faull Phone: 0208 6009717 07836 555518 WASHINGTON COACHWORKS: Repair Shop Calls in Administrator --------------------------------------------------------- Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have been appointed joint administrators for Washington Coachworks Limited. The appointment was made May 3, 2005. The shop repairs motor vehicles. CONTACT: TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (531) 1,471 129 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor AG DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Glunz AG GLUG (0) 428 (17) Kamps AG KMPSF.PK (93) 1,075 (61) Kaufring AG KAUG (19) 151 (51) Mannheimer AG (15) 879 N.A. Marbert AG MTBG (13) 144 (50) Nordsee AG (8) 195 (31) Primacom AG PRIG (106) 1,264 (50) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) VBH Holding AG VBHG (54) 337 (80) Vivanco Gruppe (55) 131 (31) GREECE ------ Delta Ice Cream (3) 183 (14) DryShips Inc. DRYS (4) 184 (29) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (16,510) 5,285 (332) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) LUXEMBOURG ---------- Oriflame Cosmetics S.A. ORI.ST (44) 378 97 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 327 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish ASA (24) 514 327 Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) RUSSIA ------ Kamchatskenergo (107) 291 (7,319) Zil Auto (147) 349 (9,974) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Kaba Holding AG KABZN (23) 582 260 Swisslog Holding-R SLOG (98) 354 151 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (34) 3,877 (606) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus System DNK.L (51) 585 82 Dawson Holdings DWN.L (19) 142 (33) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,318) 3,472 (293) Euromoney Institutional Investor Plc ERM.L (113) 236 (66) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Invensys PLC (559) 5,885 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (8) 297 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,118) 2,551 (533) Orange Plc ORNGF (594) 2,902 7 PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (565) 1,105 34 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,092) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *