/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050609.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, June 9, 2005, Vol. 6, No. 113 Headlines F R A N C E ALSTOM SA: Fitch Pleased with Recovery, But Remains Cautious EUROTUNNEL SA: Hundreds of Job cuts in the Offing REMY COINTREAU: Seeks Clearance for Sale of Bols Stake G E R M A N Y DAIMLERCHRYSLER AG: Sees Smart Controlling 50% of Market by 2010 DONKY MERCHANDISING: Creditors Meeting Set Later this Month DRESDNER KLEINWORT: Axing Jobs at Investment Banking Unit ENERGIS ERFURT: Sets Creditors Meeting July 19 FRACHTKONTOR HELLER: Applies for Bankruptcy Proceedings GROSSE INDUSTRIEMONTAGEN: Under Bankruptcy Administration KUNKEL HOLZBAU: Interim Administrator Takes over Operations K & W: Court Appoints Hans-Achim Ernst Administrator LEICA CAMERA: Capital Measures Remain on Track MB-METALLBAU: Proofs of Claim Deadline July 19 SGL CARBON: Signs Multi-million-euro Deal with Audi TES-DATAPOINT PRODUKTIONS: Under Bankruptcy Administration TIPTEX GMBH: Textile Firm Files for Bankruptcy H U N G A R Y PARMALAT HUNGARIA: A-Tej Kft Bids for Asset I R E L A N D AN POST: 5% Wage Hike to Cost EUR24 Million ELAN CORP.: Retires EUR197.2 Million Debt N E T H E R L A N D S LAURUS N.V.: Opens Second Store Under New Format R U S S I A AK BARS: Fitch Upgrades Long-term Rating to 'B' ASBESTOVSKIY GRAIN: Deadline for Proofs of Claim Set July AVZYANSKIY WOOD-PROM-KHOZ: Deadline for Proofs of Claim June 14 BOGATOVSKIY: Creditors Have Until July to File Claims KROP-BEER: Bankruptcy Hearing Set Today MONOTRANS: Succumbs to Bankruptcy MOVABLE MECHANIZED: Declared Insolvent OSTROGOZHSKIY ELEVATOR: Under Bankruptcy Supervision SLAVINVESTBANK: Moody's Assigns B1/NP/E+ Ratings STAROTITOROVSKAYA: Undergoes Bankruptcy Supervision Procedure TYUMEN-GAS-MECHANIZATION: Tyumen Court Names Insolvency Manager URAL-WOOD-PROM: Perm Court Names A. Ostanin Insolvency Manager S W E D E N CONCORDIA BUS: Extends Consent Solicitation to Friday CONCORDIA BUS: Posts Assumption to 'Cleanse' Insider Investors U K R A I N E KOM TEKS: Creditors' Claims Due Weekend LUGAGRODAR: Gives Creditors Until Weekend to File Claims MAZAR LTD.: Insolvency Manager Takes over Operations PODILSKE: Proofs of Claim Deadline Set Weekend PROM-ECO: Harkiv Court Opens Bankruptcy Proceedings PULSAR: Court Appoints Temporary Insolvency Manager SVITLOVODSK' BREAD: Under Bankruptcy Supervision SVYATILIVKA: Court Names Yurij Teleshun Liquidator TECHNOCONSULTUNG KVALITET: Declared Insolvent ZDOLBUNIVSKIJ KOOPZAGOTPROM: Bankruptcy Supervision Starts U N I T E D K I N G D O M AGAPE NURSING: Hires P&A Partnership to Liquidate Assets ALEXON GROUP: Shareholders OK Sale of Equity, Treasury Shares ATEL CONSTRUCTION: Names Moore Stephens Liquidator BAC MANUFACTURING: Hires Administrators from Vantis Business BPS INSURE: Insurance Company Falls into Administration BRITISH AMERICAN: Shift of Production to Asia Threatens Jobs C A REALISATIONS: Hires Liquidator from Smith & Williamson C.H. BRANNAM: Ceramics Maker Up for Sale CRYSTAL DRINKS: Hires PricewaterhouseCoopers as Administrator DIRECT ACCESS: KPMG Selling Platform Company GREEK TOURISM-TRAVEL: Members Decide to Wind up Firm INTEGRA INTERIORS: Meeting of Creditors Set Next Week INVENSYS PLC: To Pocket GBP81 Mln from Sale of ABS operations LABEL PRINT: Film Printer Offered for Sale MG ROVER: Qvale's Claim Undermines Asset Sale NETWORK RAIL: Regulator Pleased with Last Year's Performance NORFROST LIMITED: Freezer Manufacturer Up for Sale PATIENTLINE U.K.: Looking Forward to First-ever Profit PEARCE MOTOR: Administrator from Tenon Recovery Moves in QXL RICARDO: To Pursue Legal Claims Involving Polish Arm REGAL PETROLEUM: Executive Chairman Leaves RIGGS BANK: Hires PricewaterhouseCoopers as Liquidator TY EUROPE: Calls in PwC to Save Jobs, Business U.K. COAL: Ends Takeover Talks with Unidentified Suitor VEOS GROUP: Business for Sale WM MORRISON: Sees Pre-tax Profit of at least GBP50 Million ********* =========== F R A N C E =========== ALSTOM SA: Fitch Pleased with Recovery, But Remains Cautious ------------------------------------------------------------ Fitch Ratings says that France-based Alstom S.A.'s recently published March 2005 annual results demonstrated important progress in its multi-faceted financial and business rehabilitation strategy. Over the last two years management has focused on repairing the balance sheet through equity issuance and a disposal program to reduce debt. This has been coupled with a more balanced debt maturity profile and strengthened liquidity through a recent bond refinancing and increased committed undrawn credit facilities. Alstom has also undertaken major restructuring across the group by a reduction of its cost base and engineering capacity to improve future operational performance, and has increased the level of bonding available. Improved customer confidence and favorable market trends in key engineering markets were evident in a growing and sizeable order backlog, which will help support future growth and improve trading visibility. Fitch takes comfort that Alstom was able to deliver under its FY05 performance targets and that management remains focused on further improving profitability and cash flow generation, addressing remaining legacy issues and further reducing net debt. However, while many aspects of Alstom's recovery plan are well underway, challenges remain and the group needs to demonstrate further progress before its return to financial health can be considered complete. Net operating cash flow remains negative, albeit much less so than in FY04, and further cash outflows, although much lower than previously, can be expected under the ongoing restructuring program and from GT24/GT26 gas turbine costs. A number of key businesses -- notably power turbo-systems/power environment and marine -- remain loss-making even before restructuring costs. While quite sizeable pre-tax losses of EUR0.7 billion and net losses of EUR0.9 billion persisted in FY05, these levels were much reduced from EUR1.6 billion and EUR1.8 billion respectively in FY04, due mainly to lower restructuring and other costs. Furthermore, EBITDA and net cash generated by operations were positive at EUR0.4 billion and EUR0.2 billion respectively, having been a negative EUR0.2 billion and EUR0.7 billion in FY04. Net debt was reduced substantially to EUR1.4 billion as at FYE05 from EUR2.9 billion as at FYE04, due mainly to a EUR2 billion capital increase and EUR0.9 billion raised from disposals, although leverage was high at 3.9x. Bonding program providers continued to have the benefit of security over EUR0.7 billion of cash (although not included as cash on balance sheet). The group remains financially complex and continues to have sizeable off-balance sheet liabilities, being largely bonding guarantees. Fitch takes comfort that debt maturities over the next couple of years appear manageable with EUR0.5 billion of short-term debt due in FY06 and EUR0.3 billion -- mostly a July 2006 bond -- due in FY07. Nevertheless, refinancing steps over the next year will likely include negotiations to extend the group's EUR8 billion bonding program, which expires in July 2006, and an undrawn EUR0.7 billion revolving credit facility that matures in August 2006. Cash balances held at the holding company level were EUR0.8 billion, but cash balances held in subsidiaries of EUR0.7 billion were not readily available. The next material drawn debt maturities are not until FY09 (EUR1.1 billion) and FY10 (EUR1.0 billion). CONTACT: FITCH RATINGS Alex Herbert, London Phone: +44 (0) 20 7417 6334 Sophie Coutaux, Paris Phone: +33 1 44 29 91 74 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 EUROTUNNEL SA: Hundreds of Job cuts in the Offing ------------------------------------------------- Eurotunnel S.A. could soon announce up to 350 job cuts in the U.K. and France, reports say. The Channel Tunnel operator is said to be close to concluding talks with unions over a voluntary redundancy program, Ireland On-line reports. The plan involves 250 jobs in the U.K. and a further 100 in France, according to the Financial Times. Eurotunnel employs a total of 3,200 staff. A spokeswoman would not comment on the figures, saying Eurotunnel had not specified the extent of the redundancies. She said: "Staff reductions at this moment in time are just natural wastage and retirements. There are no specific figures." Eurotunnel is suffering from heavy debt load as well as a decline in revenue and passenger traffic. It is trying to negotiate the restructuring of its GBP6.2 billion (EUR9.2 billion) debt with lenders to avoid bankruptcy. In a recent response to strong competition from ferries and low- cost airlines, Eurotunnel cut prices on its cross-Channel routes. Travel by car could now cost as little as GBP49 (EUR73) for a single trip on advance booking and non-peak travel times. Eurotunnel is increasing flexibility and attracting more passengers to the Channel Tunnel to boost revenues. In April, it said price wars hit annual revenues from shuttles. The figure fell 7% at constant exchange rates to GBP285 million (EUR425 million). It reported losses of GBP570 million (EUR850 million), down from GBP1.3 billion (EUR1.94 billion) last time. CONTACT: EUROTUNNEL SA 19 Blvd. Malesherbes 75008 Paris, France Phone: +33-3-21-00-65-43 Web site: http://www.eurotunnel.com REMY COINTREAU: Seeks Clearance for Sale of Bols Stake ------------------------------------------------------ Spirits and wine group Remy Cointreau S.A. is asking one group of noteholders to accept a waiver that will allow it to sell a stake in Polish vodka maker Bols. The document is a waiver of a provision that limits its ability to pursue asset sales. It must be approved by a majority of holders of its 6.5% senior notes due 2010 at a meeting on June 23. An agreement will let Remy close the sale of its 50% stake in Bols to Central European Distribution Corp. (CEDC). Remy plans to dispose of the stake for US$135 million; about US$74.4 million or just over half the total price will be in cash and US$60.6 million will be in CEDC shares. In exchange for the waiver bondholders will be paid EUR5 for every EUR1,000 of 2010 notes held in nominal terms. The provision normally requires Remy to receive a minimum of 75% of any divestment in cash. CONTACT: REMY COINTREAU 152, av. des Champs-Elysees 75008 Paris, France Phone: 01 44 13 44 13 Web site: http://www.remycointreau.com Headquarters: Rue Joseph Patta 16100 Cognac, France Financial Information: Phone (direct): 01 44 13 45 15 E-mail: info@remy-cointreau ============= G E R M A N Y ============= DAIMLERCHRYSLER AG: Sees Smart Controlling 50% of Market by 2010 ---------------------------------------------------------------- DaimlerChrysler AG still has high hopes for its Smart venture as it expects sales of small cars to grow around 4% a year until 2010. According to Reuters Monday, Smart AG's chief executive Ulrich Walker speculated that the global market for minicars and microcars will post an annual growth rate of 4.5% in the next five years as against 2.5% for the broader car market. He is also looking forward to widening the company's global market share to 50% by 2010. "This is reason enough to be confident about this market," he said. Smart earlier recalled 58,000 of its forTwo models in Germany, asking buyers to have their minicars inspected for possible defect in the front axle joint so the part could be replaced, according to Associated Press. This came following reports from customers who had gotten into accidents due to the problem. The venture reportedly plans to launch its next-generation Smart ForTwo model in the U.S., taking into consideration the safety and environmental standards of the world's biggest car market. Mr. Walker said: "This market interests us only because we want to make money there." Last month, Smart disclosed it could miss its annual sales goal of 80,000 units, with only 14,500 Smart Fourfour models sold in the first quarter. The venture, which loses EUR4,000 for each car sold, is expected to lose another EUR400 million this year as part of its ongoing reorganization. It had already cost DaimlerChrysler EUR512 million. Smart's poor performance was also blamed for the 30% decrease in DaimlerChrysler's first-quarter earnings. The parent company posted earnings of only EUR288 million, while it registered operating losses of EUR945 million. Income has fallen 2% to US$31.7 billion. Mr. Walker has also recently put down an order placed by U.S. car customizer ZAP for 76,000 units worth a total of US$1 billion, citing the model has not been certified in the U.S. and that he was cautious about ZAP's financing of the deal. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com DONKY MERCHANDISING: Creditors Meeting Set Later this Month ----------------------------------------------------------- The district court of Braunschweig opened bankruptcy proceedings against Donky Merchandising+Publishing GmbH on May 13. 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 Wilhelm Perk. Creditors and other interested parties are encouraged to attend the meeting on July 20, 2005, 10:30 a.m. at the district court of Braunschweig, E 01, An der Martinikirche 8, 38100 Braunschweig, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DONKY MERCHANDISING+PUBLISHING GMBH Am Weinberg 6, 38162 Cremlingen Contact: Hans-Henning Jordan, Manager Am Weinberg 6, 38162 Cremlingen Wilhelm Perk, Administrator Neue Strasse 32, 38300 Wolfenbuettel Phone: 05331/988040 Fax: 05331/988020 DRESDNER KLEINWORT: Axing Jobs at Investment Banking Unit --------------------------------------------------------- A review of Dresdner Kleinwort Wasserstein's European investment banking operations is feared to result to hundreds of job cuts at the unit. MarketWatch, citing sources, says DrKW might lay off between 100 and 200 employees as early as this month. The number is roughly a quarter of its investment banking staff in Europe. Most of it will come from London and Frankfurt investment banking operations, also known as the corporate finance and origination (CF&O). The report said the move is part of the firm's effort to "streamline practices and boost efforts to increase the company's profile in growth areas such as private-equity deal- making." DrKW declined to comment. The business was set up in mid-2004. It combines corporate finance and advisory operations with debt and equity capital markets origination. The review of the operation follows the sudden departure of CF&O's head Steven Berger in March. He and DrKW indirect parent company Allianz AG reportedly had been at odds over strategies at the investment bank. He was replaced by his deputy, Joe Dryer, and Don Meltzer, head of CF&O in North America. The successors went on to streamline the business to modernize DrKW's approach to investment banking in the wake of declining revenues. They are undertaking to combine the deal-making and marketing functions of the business. They are also planning to build a leveraged finance platform. In a positive note, DrKW in recent times was able to corner significant contract in the competitive online gaming sector. It was adviser and broker to PartyGaming PLC, PartyGaming rival Sportingbet PLC. It was co-adviser with Lazard to Banca Populare di Lodi Scarl. It also earned the high-profile assignment of valuing Yuganskneftegaz, the former main production unit of Russia's Yukos Oil. CONTACT: DRESDNER KLEINWORT WASSERSTEIN 20 Fenchurch St. London EC3P 3DB, United Kingdom Phone: +44-20-7623-8000 Fax: +44-20-7623-4069 Web site: http://www.drkw.com ENERGIS ERFURT: Sets Creditors Meeting July 19 ---------------------------------------------- The district court of Erfurt opened bankruptcy proceedings against Energis Erfurt GmbH on May 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 28, 2005 to register their claims with court-appointed provisional administrator Sebastian Nolte. Creditors and other interested parties are encouraged to attend the meeting on July 19, 2005, 2:00 p.m. at the district court of Erfurt, Saal 12, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt, 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 at the same venue. CONTACT: ENERGIS ERFURT GMBH Contact: Thomas Ramsauer, Manager Bahnhofstr. 25, 99084 Erfurt Sebastian Nolte, Administrator Anger 47-49, 99084 Erfurt FRACHTKONTOR HELLER: Applies for Bankruptcy Proceedings ------------------------------------------------------- The district court of Cuxhaven opened bankruptcy proceedings against Frachtkontor Heller GmbH on May 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until June 3, 2005 to register their claims with court-appointed provisional administrator Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting on June 28, 2005, 8:50 a.m. at the district court of Cuxhaven, Saal 112, Deichstr. 12 a, 27472 Cuxhaven, 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: FRACHTKONTOR HELLER GMBH Falkenweg 8, 21781 Cadenberge Contact: Sven Heller, Manager Christoph Henningsmeier, Administrator Osdorfer Landstr. 230, 22549 Hamburg Phone: 040/8078810 Fax: 040/807881-20 GROSSE INDUSTRIEMONTAGEN: Under Bankruptcy Administration --------------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Grosse-Industriemontagen GmbH on May 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 24, 2005 to register their claims with court-appointed provisional administrator Wolfgang Lorisch. Creditors and other interested parties are encouraged to attend the meeting on August 2, 2005, 10:05 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GROSSE-INDUSTRIEMONTAGEN GMBH Siemensstr. 9, 45659 Recklinghausen Contact: Erhard Grosse, Manager Lothar Grosse, Manager Wolfgang Lorisch, Administrator Kurt-Schumacher-Strasse 48, 45699 Herten Phone: 02366 /10820 Fax: 02366 108282 KUNKEL HOLZBAU: Interim Administrator Takes over Operations ----------------------------------------------------------- The district court of Zweibruecken opened bankruptcy proceedings against firm Kunkel Holzbau, Dipl.-Ing. Heinz Kunkel GmbH on May 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 30, 2005 to register their claims with court-appointed provisional administrator Dipl.-Volkswirt Helmut Hopmeier. Creditors and other interested parties are encouraged to attend the meeting on Aug. 17, 2005, 2:30 p.m. at Gerichtsgebaude Herzogstr. 2, Sitzungssaal 3 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: KUNKEL HOLZBAU DIPL.-ING. HEINZ KUNKEL GMBH Etzelweg 243 66482 Zweibruecken Zweibruecken Germany Phone: +49 (6332) 733 39 Fax: +49 (6332) 738 30 Contact Dipl.-Ing. Heinz Kunkel Dipl.-Volkswirt Helmut Hopmeier, Administrator Berliner Ring 31, D-66955 Pirmasens Phone: 06331/24800 Fax: 06331/78513 K & W: Court Appoints Hans-Achim Ernst Administrator ---------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against K & W alta moda GmbH Modehandel on May 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 30, 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 July 21, 2005, 10:30 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: K & W ALTA MODA GMBH MODEHANDEL Berliner Strasse 14, 32052 Herford Contact: Anja Puettbach-Schnittke, Manager Hans-Achim Ernst, Administrator Bunsenstr. 3, 32052 Herford LEICA CAMERA: Capital Measures Remain on Track ---------------------------------------------- The resolutions of the General Meeting of Leica Camera AG on a capital reduction and a subsequent capital increase have been entered into the competent Register of Companies on June 7, 2005. This entry successfully completes a further step in the process of injecting fresh equity into the Company. The capital measures, including the accompanying Register entries, are to be implemented at a good pace. * * * In February, Leica's banks partially terminated their credit lines after the firm said it expects a loss of half of its registered share capital in March 2005. The Leica Camera Group closed the first half of its fiscal year 2004/2005 (FY end March 31) with sales of EUR45 million. This is 15.0% below the sales figure for the first half of the Group's previous fiscal year. Sales fell short of the Company's expectations. The reasons for the sales development were the trade's reluctance to order before the photokina trade fair, the delayed introduction of new products, especially in Leica sports optics, as well as selective reductions of inventory at sales partners to prepare future changes in the Company's distribution structure in Asia and Europe. At -EUR4.2 million, the operating result for the months April to September was EUR1.9 million below the comparable prior year figure. Including extraordinary expenses of EUR2.4 million for the restructuring measures currently implemented, the after-tax result for the half-year comes to a net loss of EUR7.5 million from EUR2.9 million at the first half of 2003/2004, according to Die Welt. CONTACT: LEICA CAMERA AG Oskar-Barnack-Strasse 11 35606 Solms Deutschland Web site: http://www.leica-camera.com MB-METALLBAU: Proofs of Claim Deadline July 19 ---------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against MB-Metallbau GmbH on May 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 19, 2005 to register their claims with court-appointed provisional administrator Cornelia Monert. Creditors and other interested parties are encouraged to attend the meeting on August 9, 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: MB-METALLBAU GMBH Charlottenburger Str. 118, 13086 Berlin Contact: Ernst-Dieter Habighorst c/o Fa. Atlas-Immobilien GmbH Artur-Ladebeck-Str. 166, 33647 Bielefeld Cornelia Monert, Administrator Lise-Meitner-Str. 13, 33605 Bielefeld SGL CARBON: Signs Multi-million-euro Deal with Audi --------------------------------------------------- SGL CARBON AG, Wiesbaden, and AUDI AG, Ingolstadt, have signed a cooperation agreement on carbon-ceramic brake discs (CCB). Within the scope of this agreement, SGL Carbon will receive a low double-digit million Euro amount for technological and manufacturing developments as well as for the planning of automated serial production. An additional feature of the cooperation between SGL Carbon and Audi is a possible mutual investment into a large-scale serial production resulting from the development agreement. This could take the form of a joint venture. Decisions on this will, however, be made at a later date. Meanwhile, Audi will introduce the CCB into the market within the scope of a long-term supply agreement. The discs will be supplied by the existing SGL Carbon production facilities in Meitingen. This cooperation agreement is subject to the approval of the necessary bodies, which is expected to follow over the next few weeks. With these measures, Audi is supporting the technological and commercial advancement of this technology developed by SGL Carbon in the 90ies and brought to serial development with Porsche. This cooperation agreement allows Audi to secure the necessary prerequisites to use these innovative materials in its future programs. In this context and as an initial step, Audi introduced its new Audi A8 W12 Quattro with the CCB on Tuesday in the new Allianzarena in Munich. Upon request by the customer, this flagship of the Audi brand will be equipped with the new brake disc from Autumn 2005 onwards. CONTACT: SGL CARBON AG (German: SGL) Rheingaustrasse 182 D-65203 Wiesbaden, Germany Phone: +49-611-6029-100 Fax: +49-611-6029-101 Web site: http://www.sglcarbon.com TES-DATAPOINT PRODUKTIONS: Under Bankruptcy Administration ---------------------------------------------------------- The district court of Rostock opened bankruptcy proceedings against TES-DATAPOINT Produktions- und Handelsgesellschaft fuer Datentechik und Freizeitelektronik mbH on May 9. 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 Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting on July 27, 2005, 11:30 a.m. at the district court of Rostock, Zochstrasse, 18057 Rostock, Saal 330 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: TES-DATAPOINT PRODUKTIONS- UND HANDELSGESELLSCHAFT FUER DATENTECHIK UND FREIZEITELEKTRONIK MBH 18057 Rostock Doberaner Strasse 116 Phone: 03 81- 4 90 99 93 Fax: 03 81- 4 92 24 22 Web site: http://www.tes-datapoint.com/produkt.htm Contact: Gerd Harnisch Doberaner Strasse 116, 18057 Rostock Gerhard Brinkmann, Administrator Freiligrathstrasse 1, 18055 Rostock TIPTEX GMBH: Textile Firm Files for Bankruptcy ---------------------------------------------- The district court of Koln opened bankruptcy proceedings against TIPTEX GmbH on May 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until June 3, 2005 to register their claims with court- appointed provisional administrator Ulrich Forster. Creditors and other interested parties are encouraged to attend the meeting on July 5, 2005, 11:10 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TIPTEX GMBH Ludwigstr. 1, 50667 Koln Contact: Michael Holzel Im Rheinfeld 11, 51149 Koln Ulrich Forster, Administrator Martinstr. 22 - 24, 50667 Koln Phone: 9257000 Fax: +4922192570050 ============= H U N G A R Y ============= PARMALAT HUNGARIA: A-Tej Kft Bids for Asset ------------------------------------------- The liquidator of Parmalat Hungaria Dairy Rt received only one bid for the assets of the company, Budapest Business Journal reports. The offer came from A-Tej Kft, a joint venture of dairy producers and the Italian Catone logistics company, according to Miklos Istvanfali, president of the creditors' assembly. For sale are two units of industrial property, machinery, equipment, a resort, a residential house, an empty building site and the right to use Parmalat's B category brand, "Pille." Parmalat Hungaria's liquidator is Ferenc Somogyi of TM-Line Kft. Parmalat Hungaria had debt of HUF279 million (US$1.377 million) at the time of its liquidation early last year. CONTACT: PARMALAT HUNGARIA RT 8000 Szekesfehervar, Seregelyesi ut 127. Phone: (36-22) 540-100 Fax: (36-22) 540-205 ============= I R E L A N D ============= AN POST: 5% Wage Hike to Cost EUR24 Million ------------------------------------------- An Post will be implementing a 5% increase on its workers' salary that will cost it EUR24 million in 2005, says the Businessworld. This came following an assessment of the company's overall status last week, which it reportedly described as fair and reasonable. An Post did not meet the 8.5% rise provided for by the Sustaining Progress wage agreement, as the company itself seeks a 60% increase in standard postage rate to augment its finances. The company closed last year with an after-tax profit of EUR6.5 million, ending three successive years of escalating losses that threatened its future. In April, An Post revealed an operating profit of EUR1.8 million, with exceptional income of EUR5.3 million from property disposals and other items reflecting the success of its crisis control measures. Turnover in the year at EUR750.2 million was up by EUR41 million -- an increase of 5.8% on 2003. Staff and postmasters' costs at EUR502.4 million were marginally up on the previous year while other costs decreased. The financial turnaround was reportedly achieved by carrying out a recovery strategy that involved cutting non-pay costs, curtailing pay costs through stringent control of overtime and recruitment, and the non-payment of Sustaining Progress. However, future prospects for the Company remain uncertain as mail volumes declined by 1.3% since 2003 -- the second successive year -- despite national economic growth of 5% a year and an additional 80,000 new delivery points. Meanwhile, Ms. Margaret McGinley, chairperson of the Board of An Post, described the result for the year as "having significantly exceeded expectations." She said: "The Company's finances have been stabilized and the immediate liquidity problems, which emerged in 2003, have been overcome. It is now clear that implementation of the Recovery Plan can provide An Post with a future in which modest growth and profitability can be secured." Chief executive Donal Curtin said: "Our aim now must be to build on the financial stabilization achieved in 2004 by concentrating on customer orientation and workplace flexibility which will allow us to survive in the new competitive order that is rapidly approaching." CONTACT: AN POST E-mail: pressoffice@anpost.ie Web site: http://www.anpost.ie ELAN CORP.: Retires EUR197.2 Million Debt ----------------------------------------- Elan Corporation plc has completed the retirement of US$242.8 million (EUR197.2 million) of its 2008 outstanding debt. As previously announced, Elan has purchased US$206.0 million (EUR167.3 million) in aggregate principal amount of 6.5% Convertible Guaranteed Notes due 2008 issued by Elan Capital Corp. and has purchased US$36.8 million (EUR29.9 million) in aggregate principal amount of 7.25% senior notes due 2008 issued by Athena Neurosciences Finance, LLC (Athena Notes). Elan Capital Corp. and Athena Neurosciences Finance, LLC are wholly owned subsidiaries of Elan. The terms of these repurchases were detailed in Elan's June 1, 2005 press release. In addition, the US$206.0 million (EUR167.3 million) in aggregate principal amount of the Guaranteed Convertible Notes, which are listed on the Official List of the Irish Stock Exchange and the Official List of the United Kingdom Listing Authority and admitted to trading on the respective main markets for listed securities of the Irish Stock Exchange and the London Stock Exchange, has been cancelled with effect from June 7, 2005. Following this cancellation, US$254.0 million (EUR206.3 million) in aggregate principal amount of the Guaranteed Convertible Notes remain outstanding. The US$36.8 million (EUR29.9 million) in aggregate principal amount of Athena Notes purchased by Elan are held by a subsidiary of Elan and are expected to remain outstanding. CONTACT: ELAN CORPORATION PLC Lincoln House Lincoln Place Dublin2 Ireland Phone: +353 1 709 4000 Fax: +353 1 709 4108 Web site: http://www.elan.com ===================== N E T H E R L A N D S ===================== LAURUS N.V.: Opens Second Store Under New Format ------------------------------------------------ A new Lekker & Laag Superstore, on the former EDAH and Leen Bakker site opposite the Schouwburg theatre, have opened in Doetinchem. It is the second store operating Laurus N.V.'s new retail format. The first Lekker & Laag Superstore opened on 20 April in Rotterdam-Hoogvliet. The Doetinchem store will now introduce the format in the east of the Netherlands. Lekker & Laag Superstore prices will be the lowest on the market on a permanent basis (true to the format's guarantee 'Every Day the Lowest Price'). If customers find the same item cheaper at a regular price elsewhere, they will be given the product free on presentation of the till receipt and the store will immediately reduce its price. Also excellent value for money are the together with Casino purchased Happy Euro product range, and the 2,000 EDAH own-label items, which are up to 25% cheaper than the comparable A brands. Offering eight 'Every Day' guarantees (Every Day the Lowest Price, Every Day the Widest Choice, Every Day the Freshest Food, Every Day the Best Quality, Every Day Bread Baked In-Store, Every Day the Shortest Queues, Every Day Free Parking, Every Day Friendly and Helpful), the format will compare favorably with all competitors. Like the store in Hoogvliet, the Lekker & Laag Superstore in Doetinchem is a pilot store. Two more pilot stores will be opened in the coming months, one in the west and one in the central regions. The results will be evaluated at the end of this year and the decision on the further rollout of the format, involving a minimum of forty, but possibly more, outlets, will be taken on the basis of that assessment. * * * Laurus suffered a net loss of EUR128 million in 2004, a sharp reversal compared with 2003, when the positive net result of EUR9 million marked an -- albeit modest -- return to profitability for the first time in several years. In fighting the price war, which broke out in October 2003 and continued unabated in 2004, Laurus implemented substantial price cuts within all three retail formats, which, combined with the reduced sales volume, had a major negative impact on the result. CONTACT: LAURUS N.V. Parallelweg 64 5201 AD's-Hertogenbosch, The Netherlands Phone: +31-73-622-3622 Fax: +31-73-622-3636 Web site: http://www.laurus.nl =========== R U S S I A =========== AK BARS: Fitch Upgrades Long-term Rating to 'B' ----------------------------------------------- Fitch Ratings upgraded Russia-based Ak Bars Bank's ratings to Long-term 'B' from 'B-' and National Long-term 'BBB(rus)' from 'BB+(rus)'. The Support rating is changed to '4' from '5'. At the same time, the agency has affirmed the bank's other ratings at Short-term 'B' and Individual 'D'. The Outlooks on the Long- term and the National Long-term ratings remain Stable. The upgrades of the ratings and the change of the Support rating reflect what Fitch views as improved likelihood of support for AK Bars, in case of need, from the Republic of Tatarstan. This view takes into account the Long-term 'BB' rating recently assigned to the Republic (see announcement dated May 30 on http://www.fitchratings.com). The Republic holds its accounts with AK Bars and is strongly represented on the bank's Supervisory Council. It has divested its stake in AK Bars in recent years, although it does hold substantial minority stakes in two local corporates, Tatneft and Nizhnekamskneftekhim, which are shareholders of the bank. AK Bars' Individual rating continues to reflect the bank's weak profitability, high concentration levels, increasing market risk and weaknesses in the operating environment, while also considering the bank's currently strong capitalization and solid niche in the Republic. Upward pressure on AK Bars' Long-term and National Long-term ratings could result from an upgrade of the Republic's Long-term rating or a substantial increase in its directly held stake in the bank. Downward pressure could result from a downgrade of the Republic's Long-term rating or a reduction in the ties between the Republic and AK Bars. Ak Bars was founded by the government of the Republic of Tatarstan in 1993. It is the largest bank in the region by assets, and one of the 20 largest banks in Russia. Its main shareholders are Tatarstan-based companies Tatneft (32%) and Nizhnekamskneftekhim (20%), and a group of Moscow-based investors (21%). Most of AK Bars' business is concentrated domestically, although it is also expanding outside the Republic. CONTACT: FITCH RATINGS Alexei Kechko, Moscow Phone: +7 095 956 9901 James Watson Phone: +7 095 956 9901 Media Relations: Jon Laycock, London Phone: +44 20 7417 4327 ASBESTOVSKIY GRAIN: Deadline for Proofs of Claim Set July --------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Asbestovskiy Grain Combine after finding the open joint stock company insolvent. The case is docketed as A60-25007/2003-S4. Mr. V. Shmelev has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 620027, Russia, Ekaterinburg, Post User Box 206. CONTACT: ASBESTOVSKIY GRAIN COMBINE 642260, Russia, Sverdlovsk region, Asbet, South part of the city, region of food enterprises Mr. V. Shmelev Insolvency Manager 620027, Russia, Ekaterinburg, Post User Box 206 AVZYANSKIY WOOD-PROM-KHOZ: Deadline for Proofs of Claim June 14 --------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on open joint stock company Avzyanskiy Wood-Prom-Khoz. The case is docketed as A- 07/8186/05-G-MOG. Mr. M. Snarskiy has been appointed temporary insolvency manager. Creditors have until June 14, 2005 to submit their proofs of claim to 450077, Russia, Bashkortostan republic, Ufa, Sotsialisticheskaya Str. 45, Office 19. A hearing will take place on June 27, 2005, 10:00 a.m. CONTACT: Mr. M. Snarskiy Temporary Insolvency Manager 450077, Russia, Bashkortostan republic, Ufa, Sotsialisticheskaya Str. 45, Office 19 BOGATOVSKIY: Creditors Have Until July to File Claims ----------------------------------------------------- The Arbitration Court of Samara region commenced bankruptcy proceedings against Bogatovskiy after finding the solvent- extraction plant insolvent. The case is docketed as A55- 10285/2004-13. Mr. N. Kisilev has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to: (a) BOGATOVSKIY 446630, Russia, Samara region, Bogatoye, Zavodskaya Str. 33 (b) Insolvency Manager 620014, Russia, Ekaterinburg, Post User Box 366 KROP-BEER: Bankruptcy Hearing Set Today --------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Krop-Beer after finding the open joint stock company insolvent. The case is docketed as A-32-35710/2004- 27/221-B. Mr. Y. Mishenko has been appointed insolvency manager. Creditors may submit their proofs of claim to 352192, Russia, Krasnodar region, Gulkevichi, Post User Box 38. A hearing will take place on June 9, 2005. CONTACT: KROP-BEER Russia, Krasnodar region, Kropotkin, Redkodubnyj Per. 10 Mr. Y. Mishenko Insolvency Manager 352192, Russia, Krasnodar region, Gulkevichi, Post User Box 38 MONOTRANS: Succumbs to Bankruptcy --------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Monotrans after finding the limited liability company insolvent. The case is docketed as A27- 14749/2004-4. Mr. A. Demidenko has been appointed insolvency manager. Creditors may submit their proofs of claim to 654080, Russia, Kemerovo, Novokuznetsk, Post User Box 3067. CONTACT: MONOTRANS 654005, Russia, Novokuznetsk, Ordzhonikidze Str. 18 Mr. A. Demidenko Insolvency Manager 654080, Russia, Kemerovo region, Novokuznetsk, Post User Box 3067 MOVABLE MECHANIZED: Declared Insolvent -------------------------------------- The Arbitration Court of Amur region commenced bankruptcy proceedings against Movable Mechanized Column 113 (TIN 2819000381) after finding the open joint stock company insolvent. The case is docketed as A04-3041/137 B. Ms. N. Peshkun has been appointed insolvency manager. Creditors may submit their proofs of claim to 675000, Russia, Amur region, Blagoveshensk, Zeyskaya Str. 140, Office 41. A hearing will take place on Oct. 24, 2005, 4:00 p.m. CONTACT: MOVABLE MECHANIZED COLUMN 113 Russia, Amur region, novokievskiy Uval of Mazanovskiy region, Sovetskaya Str. 109 Ms. N. Peshkun Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Zeyskaya Str. 140, Office 41 OSTROGOZHSKIY ELEVATOR: Under Bankruptcy Supervision ---------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on open joint stock company Ostrogozhskiy Elevator. The case is docketed as A14- 3028/05/17/16b. Mr. A. Alekseev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394036, Russia, Voronezh, Post User Box 606. A hearing will take place on July 13, 2005, 10:30 a.m. at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 302. CONTACT: OSTROGOZHSKIY ELEVATOR 397837, Russia, Voronezh region, Ostrogozhskiy region, Elevatornyj, Rabochaya Str. 55 Mr. A. Alekseev Temporary Insolvency Manager 394036, Russia, Voronezh region, Post User Box 606 SLAVINVESTBANK: Moody's Assigns B1/NP/E+ Ratings ------------------------------------------------ Moody's Investors Service has assigned B1 long-term and Not- Prime short-term foreign currency deposit ratings and an E+ Financial Strength Rating (FSR) to Slavinvestbank. The outlook for the ratings is stable. According to Moody's, the B1/NP foreign currency deposit ratings reflect a limited degree of support from the second-largest bank in Kazakhstan -- Bank TuranAlem (BTA -- rated Ba1/Not-Prime/D-), which directly holds a 15.63% equity interest in the bank, controls a majority of seats on its board of directors and intends to raise its stake to 49.9% in the near-term future. Support is factored based on the intrinsic strength of BTA (which excludes government support) as the Kazakhstani authorities are unlikely to be willing to bail out depositors in foreign jurisdictions. BTA has strong ambitions to develop its business in Russia and views Slavinvestbank as one of the bridges to the Russian market. In the past, BTA provided Slavinvestbank with backing in the trade finance area and also partially guaranteed the bank's debut RUB-denominated domestic bond issue. Slavinvestbank's E+ FSR rating reflects (i) its expertise in the trade finance area; (ii) potential benefits flowing from closer alignment of the bank's strategy, policies and risk management with that of BTA; and (iii) the presently solid liquidity and capitalization. At the same time, Slavinvestbank's ratings are constrained by (i) its small size and relatively undeveloped franchise; (ii) intensifying competition in the mid-market corporate and retail segments targeted by the bank; (iii) deteriorating financial performance; (iv) weaker than peer group asset quality; (v) significant reliance on wholesale funding sources, as well as (vi) potential difficulties associated with the bank's operating environment. Slavinvestbank is headquartered in Moscow, Russian Federation, and reported total assets of US$269 million in accordance with IFRS as of 31 December 2004. According to Interfax the bank ranked 113th in terms of total assets among Russian banks at year-end 2004. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED Limassol Adel Satel Managing Director Financial Institutions Group For Journalists Phone: 44 20 7772 5456 MOODY'S INVESTORS SERVICE New York Dmitry Polyakov Asst Vice President - Analyst Financial Institutions Group For Journalists Phone: 212-553-0376 STAROTITOROVSKAYA: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on open joint stock company Starotitorovskaya. The case is docketed as A-32-8554/2005- 27/104-B. Mr. O. Denisov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 353530, Russia, Krasnodar region, Temryukskiy region, Starotitorovskaya St. Ilyicha Per. 46. A hearing will take place on July 21, 2005, 2:00 p.m. CONTACT: STAROTITOROVSKAYA 353530, Russia, Krasnodar region, Temryukskiy region, Starotitorovskaya St., Ilyicha Per. 46 Mr. O. Denisov Temporary Insolvency Manager 353530, Russia, Krasnodar region, Temryukskiy region, Starotitorovskaya St. Ilyicha Per. 46 TYUMEN-GAS-MECHANIZATION: Tyumen Court Names Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tyumen region commenced bankruptcy proceedings against Tyumen-Gas-Mechanization after finding the open joint stock company insolvent. The case is docketed as A70-954/3-2005. Mr. E. Bas'kov has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) TYUMEN-GAS-MECHANIZATION 625026, Russia, Tyumen region, Respubliki Str. 155 a (b) Insolvency Manager 625026, Russia, Tyumen region, Respubliki Str. 155 a (c) The Arbitration Court Of Tyumen region 625000, Russia, Tyumen region, Khokhryakova Str. 77 URAL-WOOD-PROM: Perm Court Names A. Ostanin Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Perm region has commenced bankruptcy supervision procedure on close joint stock company Ural-Wood- Prom. The case is docketed as A50-6357/2005-B. Mr. A. Ostanin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 426011, Russia, Izhevsk-11, Post User Box 46520. CONTACT: URAL-WOOD-PROM 614000, Russia, Perm region, Perm, Uralskaya Str. 15 Mr. A. Ostanin Temporary Insolvency Manager 426011, Russia, Izhevsk-11, Post User Box 46520 =========== S W E D E N =========== CONCORDIA BUS: Extends Consent Solicitation to Friday ----------------------------------------------------- Concordia Bus Nordic AB (publ) (Nordic) is extending its pending solicitation of consents from holders of its 9.125% Senior Secured Notes due 2009 to: (a) certain amendments and waivers of the terms in the Indenture governing the Secured Notes (the Indenture); and (b) the foregoing (the Agreement) of their right to participate in any change of control offer set out in Section 1015 of the Indenture occasioned by a possible restructuring of Concordia Bus AB (Bus), as outlined in the indicative terms publicly announced on 16 March 2005. The operating businesses continue to function normally and continue to provide full bus services to passengers and customers. Under the extended deadline, all holders of Secured Notes who submit valid and unrevoked consents prior to 5:00 p.m. London time on Friday, 10 June 2005, will receive the consent fee of EUR5 per EUR1,000 of the principal amount of Secured Notes for which they deliver valid and effective consents, subject to the terms and conditions of the Solicitation. Holders who have previously delivered consents need not take any further action in order to receive the consent fee. Nordic is not amending the Proposed Amendments and Waivers or the Agreement. This announcement is not a solicitation of consents with respect to any securities. The Solicitation is being made solely by the Consent Solicitation dated 16 March 2005. The Tabulation Agent has advised Nordic that as of 3 June 2005 consents for 10.69% aggregate principal amount of the Secured Notes had been validly submitted and unrevoked. CONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED Financial advisers to Concordia Bus Nordic AB: 5th Floor, One Canada Square London E14 5AA Contact: Tony Alvarez III Phone: +44 (0) 207 715 5200 E-mail: TAlvarezIII@alvarezandmarsal.com Ragnar Norback Phone: +46(0)854630141 Per Skargard Phone: +46(0)854630021 Candace CarpenterGavin Anderson & Company Richard Constant Phone: +44(0)207 554 1400 CONCORDIA BUS: Posts Assumption to 'Cleanse' Insider Investors -------------------------------------------------------------- Concordia Bus Nordic AB said that the assumed number of deals that the Company was contracted to operate as at 28 February 2005 were: Sweden (146), Norway (13) and Finland (38). The information is in addition to certain assumptions relating to key business drivers that have been provided to stakeholders on May 25 as part of on-going restructuring discussions. This information was provided in the special context of the proposed restructuring. The Company does not intend to announce this type of information on an ongoing basis and the Company does not anticipate updating the information provided in this announcement. The Company will not be making any further comments on this and previously announced assumptions. This release is not an offer to sell securities in the United States. Securities may not be offered or sold in the United States other than pursuant to registration under the United States Securities Act of 1933, as amended, or an exemption from such registration. No public offering of securities has been or will be made in the United States and, accordingly, the Company will not be registering any securities under the Securities Act of 1933. CONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED Financial advisers to Concordia Bus Nordic AB: 5th Floor, One Canada Square London E14 5AA Contact: Tony Alvarez III Phone: +44 (0) 207 715 5200 E-mail: TAlvarezIII@alvarezandmarsal.com Ragnar Norback Phone: +46(0)854630141 Per Skargard Phone: +46(0)854630021 CANDACE GAVIN ANDERSON & COMPANY CARPENTER Richard Constant Phone: +44(0)207.554.1400 ============= U K R A I N E ============= KOM TEKS: Creditors' Claims Due Weekend --------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Kom Teks (code EDRPOU 23885024) after finding the limited liability company insolvent. The case is docketed as 6/421-8/193. Mr. V. Vinnikov (License Number AA 779141) has been appointed liquidator/insolvency manager. The company holds account numbers 26037000000133 and 26003000000145 at OJSC Electron Bank, MFO 325268; and account numbers 26037000000133 and 26003000000145 at JSCB Mriya, Lviv branch, MFO 385316. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) KOM TEKS 79000, Ukraine, Lviv region, Danilishin Str. 4 (b) Mr. V. Vinnikov Liquidator/Insolvency Manager Ukraine, Lviv region, Pustomiti, Sportivna Str. 2/9 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 LUGAGRODAR: Gives Creditors Until Weekend to File Claims -------------------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy supervision procedure on Agricultural LLC LUGAGRODAR (code EDRPOU 31315452) on April 8, 2005. The case is docketed as 20/43. Mr. Dmitro Litsoyev (License Number AA 520122) has been appointed temporary insolvency manager. The company holds account number 260059532 at JSPPB Aval, Lugansk regional branch, MFO 304007. Creditors have to submit their proofs of claim to: (a) LUGAGRODAR 92755, Ukraine, Lugansk region, Starobilskij district, Malohatka, Novobudivna Str. 15/2 (b) Mr. Dmitro Litsoyev Temporary Insolvency Manager 91000, Ukraine, Lugansk region, Serov Str. 111 (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a MAZAR LTD.: Insolvency Manager Takes over Operations ---------------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Mazar Ltd. (code EDRPOU 23885610) after finding the limited liability company insolvent. The case is docketed as 7/283-39/273. Mr. S. Lipskij (License Number AA 783160) has been appointed liquidator/insolvency manager. The company holds account number 26042744/980 at JSPPB Aval, Lviv branch, MFO 325570. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) MAZAR LTD. Ukraine, Lviv region, Matejko Str. 8 (b) Mr. S. Lipskij Liquidator/Insolvency Manager Ukraine, Lviv region, Kyiv regionska Str. 38/2 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 PODILSKE: Proofs of Claim Deadline Set Weekend ---------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure on Agricultural LLC Podilske (code EDRPOU 00851382). The case is docketed as 14/1447. Mr. Sergij Nazarenko (License Number AA 484198) has been appointed temporary insolvency manager. The company holds account number 260081498 at JSPPB Aval, Cherkassy branch, MFO 354411. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) PODILSKE Ukraine, Cherkassy region, Zolotoniskij district, Podilske (b) Mr. Sergij Nazarenko Temporary Insolvency Manager 18000, Ukraine, Cherkassy region, Dobrovolskij Str. 3/25 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 PROM-ECO: Harkiv Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Prom-Eco (code EDRPOU 32437290) on May 5, 2005 after finding the limited liability company insolvent. The case is docketed as B-50/78-05. Mr. A. Dralin (License Number AB 116136) has been appointed liquidator/insolvency manager. The company holds account number 26001052200597 at CB Privatbank, Harkiv regional branch, MFO 351533. CONTACT: PROM-ECO Ukraine, Harkiv region, Chervonoshkilna Naberezhna Str. 2 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th Entrance PULSAR: Court Appoints Temporary Insolvency Manager --------------------------------------------------- The Economic Court of Odessa region commenced bankruptcy supervision procedure on Ukrainian-American Joint Enterprise Pulsar (code EDRPOU 24533267) on April 26, 2005. The case is docketed as 2-32/104-04-5391. Mr. Viktor Dariyenko (License Number AA 485256) has been appointed temporary insolvency manager. The company holds account number 2600431270 at JSB Pivdennij, Odessa branch, MFO 328209. CONTACT: PULSAR Ukraine, Odessa region, Suvorov Lane, 1/12 Mr. Viktor Dariyenko Temporary Insolvency Manager 65045, Ukraine, Odessa region, Velika Arnautska Str. 60 Phone/Fax: (0482) 22-87-86 ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue, 4 SVITLOVODSK' BREAD: Under Bankruptcy Supervision ------------------------------------------------ The Economic Court of Kirovograd region commenced bankruptcy supervision procedure on OJSC Svitlovodsk' Bread Plant (code EDRPOU 00378744) on January 24, 2005. The case is docketed as 9/18. Mr. Genadij Zabolotnij (License Number AA 047950) has been appointed temporary insolvency manager. The company holds account number 26060330100272 at JSCB East-European Bank, MFO 331650. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) SVITLOVODSK' BREAD PLANT 27500, Ukraine, Kirovograd region, Svitlovodsk, P. Morozov Str. 3 (b) Mr. Genadij Zabolotnij Temporary Insolvency Manager Ukraine, Kirovograd region, Zhadov Str. 20/225 (c) THE ECONOMIC COURT OF KIROVOGRAD REGION 25022, Ukraine, Kirovograd region, Lunacharski Str. 29 SVYATILIVKA: Court Names Yurij Teleshun Liquidator -------------------------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Svyatilivka (code EDRPOU 30901759) on April 14, 2005 after finding the limited liability company insolvent. The case is docketed as 7/40. Mr. Yurij Teleshun (License Number AA 484197) has been appointed liquidator/insolvency manager. The company holds account number 26000001467001 at Indexbank, Globinske branch, MFO 331661. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) SVYATILIVKA Ukraine, Poltava region, Globinskij district, Svyatilivka (b) Mr. Yurij Teleshun Liquidator/Insolvency Manager 36003, Ukraine, Poltava region, Nezalezhnosti Square, 1 B, room 18 Phone: 56-48-36 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 TECHNOCONSULTUNG KVALITET: Declared Insolvent --------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Technoconsultung Kvalitet (code EDRPOU 24364907) after finding the limited liability company insolvent. The case is docketed as 24/206-b. Mr. V. Korolenko (License Number AA 250432) has been appointed liquidator/insolvency manager. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) TECHNOCONSULTUNG KVALITET Ukraine, Kyiv region, Mala Zhitomirska Str. 20-v (b) Mr. V. Korolenko Liquidator/Insolvency Manager 01030, Ukraine, Kyiv region, B. Hmelnitskij Str. 44-b (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B ZDOLBUNIVSKIJ KOOPZAGOTPROM: Bankruptcy Supervision Starts ---------------------------------------------------------- The Economic Court of Rivne region commenced bankruptcy supervision procedure on Joint Enterprise Zdolbunivskij Koopzagotprom. The case is docketed as 8/22. Mr. Vitalij Sokotun (License Number AA 783125) has been appointed temporary insolvency manager. Creditors have until June 11, 2005 to submit their proofs of claim to: (a) ZDOLBUNIVSKIJ KOOPZAGOTPROM Ukraine, Rivne region, Zdolbuniv, 8 Bereznya Str. 44 (b) Mr. Vitalij Sokotun Temporary Insolvency Manager Ukraine, Rivne region, Slovatskij Str. 4/6 (c) ECONOMIC COURT OF RIVNE REGION 33001, Ukraine, Rivne region, Yavornitski Str. 59 =========================== U N I T E D K I N G D O M =========================== AGAPE NURSING: Hires P&A Partnership to Liquidate Assets -------------------------------------------------------- At the extraordinary general meeting of Agape Nursing & Home Care Services Limited on May 19, 2005 held at Express by Holiday Inn, Stationers Place, Aspley Lock, Hemel Hempstead HP3 9RH, the resolution to wind up the company was passed. Ian Michael Rose and Robert Michael Young of Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent ST3 6HP have been appointed joint liquidators of the company. CONTACT: AGAPE NURSING & HOME CARE SERVICES 146 High Street Ruislip London HA4 8LJ Phone: 0208 582 0261 Fax: 01895 639902 THE P&A PARTNERSHIP The Old Barn, Caverswall Park, Caverswall Lane Stoke on Trent ST3 6HP Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com ALEXON GROUP: Shareholders OK Sale of Equity, Treasury Shares ------------------------------------------------------------- At the Annual General Meeting of Alexon Group plc Tuesday, all the resolutions contained within the Notice of Meeting were passed. Other than the ordinary business of the meeting, resolutions passed as special business are: (a) to approve the directors' remuneration report for the 52 weeks ended on 29 January 2005; and (b) that the directors be and are hereby empowered pursuant to section 95 of the Companies Act 1985 to: (i) subject to the passing of resolution 8, allot equity securities (as defined in section 94 of the Companies Act 1985) for cash pursuant to the authority conferred by resolution 8 as if section 89 of the said Act did not apply to any such allotment; and (ii) sell relevant shares (as defined in section 94 of the said Act) in the Company if, immediately before the sale such shares are held by the Company as treasury shares (as defined in section 162A of the said Act) for cash (as defined in section 162D of the said Act), as if section 89 of the said Act did not apply to any such sale, provided that such power shall be limited to the allotment of equity securities and the sale of treasury shares: (1) in connection with a rights issue, open offer or any other pro-rata offer in favor of ordinary shareholders where the equity securities are proportionate (as nearly as practicable) to the respective number of ordinary shares held by such holders but subject to such exclusions or other arrangements as the directors may deem necessary or desirable in relation to fractional entitlements, treasury shares or legal or practical problems arising in, or pursuant to, the laws of any territory or the requirements of any regulatory body or stock exchange in any territory; and (2) otherwise than pursuant to above, up to an aggregate nominal amount of GBP295,600 and this power shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2006 or 6 December 2006, whichever is the earlier, save that the Company may at any time before the expiry of such power make any offer or enter into any agreement which would or might require equity securities to be allotted, or treasury shares to be sold, after the expiry of such power and the directors may allot equity securities or sell treasury shares in pursuance of any such offer or agreement as if the power conferred hereby had not expired. * * * In April, Alexon warned that the collapse of department store chain Allders could hit its earnings by GBP3 million in 2005. The group, which owned 118 concessions in Allders outlets, has already lost GBP2.2 million from money owed and stock and fixtures write-downs. The blow came amid sluggish trading at the group's Bay Trading Fashion chains, which saw same-store sales slide 1.3% in the last financial year. Profits for the year ended 29 January 2005 dropped to GBP26.9 million against GBP29.4 million a year earlier. Like-for-like sales in the first nine weeks of the current financial year were three percent down. CONTACT: ALEXON GROUP PLC 40-48 Guildford Street Luton Bedfordshire England LU1 2PB Phone: +44 1582 723131 Fax: +44 1582 399864 BUCHANAN COMMUNICATIONS Richard Darby/Nicola Cronk Phone: 020 7466 5000 ATEL CONSTRUCTION: Names Moore Stephens Liquidator -------------------------------------------------- At the extraordinary general meeting of Atel Construction Limited on May 26, 2005 held at Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB, the extraordinary and ordinary resolutions to wind up the company were passed. Mark Bowen and Nigel Price of Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB have been appointed joint liquidators of the company. CONTACT: ATEL CONSTRUCTION LIMITED Charlotte Road Edgbaston Birmingham West Midlands B15 2NQ Phone: 0121 440 7581 MOORE STEPHENS CORPORATE RECOVERY Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB Phone: 0121 233 2557 E-mail: nigel.price@moorestephens.com Web site: http://www.moorestephens.co.uk BAC MANUFACTURING: Hires Administrators from Vantis Business ------------------------------------------------------------ Michael William Young and Nigel John Hamilton-Smith (IP Nos 8077, 2093) have been appointed administrators for BAC Manufacturing Limited. The appointment was made May 26, 2005. BAC manufactures and fit windows, doors and roofline products. It provides security claws, multi-point locking systems and glass that can only be removed from inside the home, means that BAC products deter intruders. The company provides 10-year partnership with its clients throughout the comprehensive guarantee that's offered. CONTACT: BAC MANUFACTURING LIMITED Web site: http://www.bacwindows.co.uk VANTIS BUSINESS RECOVERY Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD Phone: 01727 811111 Fax: 01727 810057 E-mail: nhamiltons@aol.com Web site: http://www.vantismt.com BPS INSURE: Insurance Company Falls into Administration ------------------------------------------------------- Neil John Mather and Lloyd Biscoe (IP Nos 1218, 9141) have been appointed administrators for BPS Insure Limited on May 27. BPS Insure's registered office is at 195 Loughborough Road, West Bridgford, Nottingham NG2 7PF. BPS Insure is one of the top 50 independent general insurance brokerages in the area with 11 offices in towns and cities across Great Britain. It has 86 employees. Originally founded in 1996, its target markets include smaller businesses and the leisure industry. It also provides insurance for owners of holiday let accommodation and guesthouses, and private individuals seeking motor, travel or personal accident cover. On May 5, 2005, the Financial Services Authority withdrew its permission for BPS Insure Limited to sell new policies. All its business transactions were transferred to Towergate Underwriting Group Limited, a specialist underwriter that provides insurance policies for selected scheme and niche markets. It has secured the right to renew the GBP20 million GWP portfolio from BSP Insure Limited. BSP Insure Limited has approximately 20,000 policyholders that may have been left without cover as a result of the company's failure. CONTACT: BPS INSURE LIMITED Level 7, Tower 42, 25 Old Broad Street, London EC2N 1HN Phone: 0870 4208051 Fax: 0870 4208052 BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com BRITISH AMERICAN: Shift of Production to Asia Threatens Jobs ------------------------------------------------------------ About 660 workers at the U.K. site of British American Tobacco plc could lose their jobs, as the firm mulls shifting a quarter of its production to South Korea and Singapore. According to The Scotsman last week, a spokesman for BAT, which produces the Dunhill, Rothmans and Lucky Strike cigarettes, disclosed the Southampton factory faces closure in order to cut cost. The site saw employees going on strike over wage and conditions in 2004. Meanwhile, Iain MacLean, national officer of Amicus, stressed the labor union is set to contest any forced redundancies, describing the report as "a huge kick in the teeth." BAT spokesman David Betteridge said: "It is a serious situation, we will look at all the options and report back to employees in the next four to eight weeks." Mr. Betteridge added the job cuts are expected without replacement volume, also noting that it is practical to manufacture the 24 billion cigarettes closer to its markets. CONTACT: BRITISH AMERICAN TOBACCO P.L.C. Globe House, 4 Temple Place London WC2R 2PG, United Kingdom Phone: +44-20-7845-1000 Fax: +44-20-7240-0555 Web site: http://www.bat.com C A REALISATIONS: Hires Liquidator from Smith & Williamson ---------------------------------------------------------- At the extraordinary general meeting of C A Realisations Limited (formerly Crowndale Associates Limited) on May 23, 2005 held at 3 St Mary's Street, Worcester WR1 1HA, the special and ordinary resolutions to wind up the company were passed. Neil Francis Hickling of Smith & Williamson Limited has been appointed liquidator of the company. * * * C A Realisations Limited formerly Crowndale Associates Limited has been buying and selling business. Crowndale Associates is an independent company, dedicated to providing a complete professional service to buyers and sellers alike. The company's wealth of experience in the industry and track record in corporate finance transactions will prove invaluable in helping you achieve a successful sale or acquisition. CONTACT: CROWNDALE ASSOCIATES LIMITED 3rd Floor Shades House 19 Mealcheapen Street Worcester WR1 2DQ Phone: 44 (0) 1905 23591 Fax: 44 (0) 1905 23605 E-mail: info@crowndaleassociates.com Web site: http://www.crowndaleassociates.com C.H. BRANNAM: Ceramics Maker Up for Sale ---------------------------------------- The joint administrators, Andrew Stoneman and Jason Godefroy of Menzies Recovery and Restructuring, offer for sale the business and assets of C.H. Brannam Limited as a going concern. Features: (a) Annual turnover of around GBP10 million; (b) Pottery and warehouse in Barnstaple, North Devon; (c) Freehold land measuring seven acres; and (d) GBP2.5 million of garden pots in stock; CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 E-mail: mcr@menzies.co.uk Web site: http://www.menzies.co.uk John Norris E-mail: jnorris@menzies.co.uk Sallyanne Pit E-mail: spitt@menzies.co.uk CRYSTAL DRINKS: Hires PricewaterhouseCoopers as Administrator ------------------------------------------------------------- Edward Klempka and Stephen Andrew Ellis (IP Nos 5791, 8843) have been appointed joint administrators for Crystal Drinks (UK) Limited. The appointment was made May 23, 2005. The firm's registered office is at 14 Wakefield Road, Featherstone, Wakefield, West Yorkshire WF7 5HG. * * * Crystal Drinks (UK) Limited is an independently owned Soft Drinks Company based at Featherstone, West Yorkshire, drawing water from its own spring for production of a wide range of quality still/sparkling soft drinks. The firm has been bottling drinks since the early 1900's, initially in returnable glass to the local market, but since the 1980's primarily in non-returnable P.E.T, supplying nationwide to the Independent Trade and Multiples. Among the company's branded products are Crystal Range, Crystal Spring, Fontana Range, Old Georgia Cola, Spice Islands, Cool Fuel Jets, Solripe, Robertsons, Carousel, Pennywise and Five Star. CONTACT: CRYSTAL DRINKS (UK) LIMITED 14 Wakefield Road Featherstone West Yorkshire WF7 5HJ Phone: 01977 797171 Fax: 01977 791735 Web site: http://www.crystaldrinks.co.uk PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 E-mails: edward.klempka@uk.pwcglobal.com steve.a.ellis@uk.pwcglobal.com Web site: http://www.pwcglobal.com DIRECT ACCESS: KPMG Selling Platform Company -------------------------------------------- The joint administrators, Paul Andrew Flint and Brian Green, offer for sale the business and assets of Direct Access Platforms Limited. Features: (a) GBP2 million in annual turnover; (b) Manufactures, installs, repairs and maintains hydraulic access platforms; (c) Established relationship with the emergency services, public sector and utilities companies; (d) Trades from leasehold premises in West Midlands and South Manchester; and (e) A well-recognized brand within the industry. CONTACT: KPMG LLP St James' Square Manchester M2 6DS Phone: (0161) 838 4000 Fax: (0161) 838 4040 Web site: http://www.kpmg.uk Paul Andrew Flint Phone: (0161) 838 4000 Fax: (0161) 838 4089 E-mail: paul.a.flint@kpmg.co.uk GREEK TOURISM-TRAVEL: Members Decide to Wind up Firm ---------------------------------------------------- At the extraordinary general meeting of the members of Greek Tourism-Travel Ltd. on May 19, 2005 held at Fergusson House, 124-128 City Road, London EC1V 2NJ, the resolution to wind up the company was passed. C. M. Iacovides of Jeffreys Henry Jacobs, Fergusson House, 124-128 City Road, London EC1V 2NJ has been appointed liquidator of the company. * * * Greek Tourism-Travel Ltd. was established in 1985. The agency has superior experience and knowledge of Greece. They can assure their clients of sure flights through British Airways, Olympic Airways, Virgin and other well-known airlines. It also covers all chartered flights. CONTACT: GREEK TOURISM-TRAVEL LTD. Web site: http://www.greektourismtravel.co.uk JEFFREYS HENRY JACOBS 124-128 City Road, London EC1V 2NJ Phone: 020 7670 9010 Fax: 020 7670 9011 Web site: http://www.jhj.co.uk INTEGRA INTERIORS: Meeting of Creditors Set Next Week ----------------------------------------------------- The creditors of Integra Interiors Limited will meet on June 14, 2005 at 11:00 a.m. It will be held at Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH not later than 12:00 noon, June 13, 2005. * * * Integra Interiors offers clients and contractors a direct, efficient, cost effective service, whether on a direct contract, partnering or sub contract basis. They provide a survey and design service at conception stage, value engineering, resource planning. They have directly employed skilled labors, full laborers, materials and management package. The company is able to undertake major ceiling and drylining contracts up to GBP3 million in value throughout London and the South East including related joinery packages if required, and other associated Fit Out works. In 2003, the company approximately anticipates a turnover of GBP10 million. The company has work with the following clients: Amec, HBG, Inter Continental Hotels, Interior Plc, Kier, Laing, P A Consulting, Prudential Portfolio, Woolf Construction Management on commercial, residential, and public sector contracts. The company has been managed by: (a) Robert Osborn: Managing Director (b) David Anderson: Contracts Director (c) Graham Dear: Director Design & Procurement (d) John Powell: Commercial Director CONTACT: INTEGRA INTERIORS LIMITED 40-44 Church Street, Reigate, Surrey, RH2 0AJ United Kingdom Phone: (+44) 01737 222271 Fax: (+44) 01737 223838 E-mail: enquiries@integra-interiors.com Web site: http://www.integra-interiors.com/ PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Phone: 01489 550 440 E-mails: carl.faulds@portland-solutions.co.uk james.tickell@portland-solutions.co.uk INVENSYS PLC: To Pocket GBP81 Mln from Sale of ABS operations ------------------------------------------------------------- Invensys plc signed an agreement to sell the majority of its Advanced Building Systems (ABS) operations in Europe and the Middle East (EMEA) to Schneider Electric S.A. of France for a gross cash consideration of GBP81 million. This disposal follows the Group's previously stated intention of exiting the contracting and services part of its building management systems (BMS) operations within its Controls business and focusing instead on becoming a key supplier of products and systems to the BMS industry. The ABS operations in the rest of the world, which are headquartered in Rockford, IL, will be working in partnership with the buyer to sell ABS products and services into EMEA territories. ABS EMEA is the leading provider of BMS in the U.K. under the Satchwell brand name and has a strong presence across the rest of Europe and the Middle East. The transaction includes Satchwell in the U.K., Atmostech in Finland, Controlli in Italy, Messner in Germany and a number of other businesses operating under the Satchwell name across Europe and Middle East. In the year ended 31 March 2005, the ABS EMEA businesses being disposed of reported sales of GBP94 million and operating profit of GBP5 million. The net operating assets of these businesses at 31 March 2005 were GBP25 million. Of the GBP94 million of divested revenue, GBP68 million was contracting & services and GBP26 million related to products. The ABS operations in the rest of the world had sales of GBP130 million. The transaction is subject to customary regulatory approvals and is expected to complete by the end of July. Proceeds from this disposal will be applied towards satisfying the Group's liabilities. Ulf Henriksson, Chief Executive Designate of Invensys plc, said: "This is a deal that makes sense strategically for both Invensys Controls and its subsidiary ABS business. It also makes sense financially." About Invensys plc Invensys is a global automation, controls and process solutions Group. Its products, service expertise and ongoing support enable intelligent systems to monitor and control processes in many different environments. Leading companies in a wide range of industries rely on Invensys to help them perform with greater efficiency, safety and cost-effectiveness. The Invensys Group is made up of five businesses: Process Systems, APV, Eurotherm, Rail Systems and Controls. The Group is headquartered in London and is listed on the London Stock Exchange, with 35,000 employees working in 60 countries. About Schneider Electric S.A. Through its brands, Merlin Gerin, Square D and Telemecanique, Schneider Electric manufactures and markets a comprehensive range of products and services for the residential, buildings, industry, energy and infrastructure markets. Schneider Electric has 85,000 employees worldwide, operations in 130 countries and recorded sales of EUR10.4 billion in 2004 through the 13,000 sales outlets of its distributors. CONTACT: INVENSYS PLC Invensys House, Carlisle Place London SW1P 1BX Phone: +44-20-7834-3848 Fax: +44-20-7834-3879 Web site: http://www.invensys.com Steve Devany Phone: +44 (0) 20 7821 3758 Nina Delangle Phone: +44 (0) 20 7821 2121 Emma Burdett Phone: +44 (0) 20 7379 5151 SCHNEIDER ELECTRIC S.A. 43-45 boulevard Franklin-Roosevelt F-92500 Rueil-Malmaison, France Phone: +33-1-41-29-70-00 Fax: +33-1-41-29-71-00 Web site: http://www.schneider-electric.com LABEL PRINT: Film Printer Offered for Sale ------------------------------------------ The joint administrators, T.J. Binyon and S.R. Thomas of Tenon Recovery, offer for sale the business and assets of label Print Services Limited. Features: (a) Full range of modern print technology machinery and equipment; (b) Significant product development potential; (c) Established 20 years ago; (d) GBP2.3 million in annual turnover; (e) Leasehold premises in east London measuring 15,500 sq. ft.; and (f) Blue-chip customer base. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com Jamie Wilson E-mail: jamie.wilson@tenongroup.com PHILIP DAVIES & SONS AUCTIONEERS 10 Glasshouse Yard London EC1A 4JN Phone: 020 7336 6959 Fax: 020 7336 6968 E-mail: pjd@pdsauctioneers.co.uk Web site: http://www.pdsauctioneers.co.uk MG ROVER: Qvale's Claim Undermines Asset Sale --------------------------------------------- Italian-American carmaker Qvale Automotive is claiming rights over MG Rover's SV supercar, a move that might spoil attempts to sell the group's remaining assets, The Financial Times says. The claim refers to the basic design of Qvale's Mangusta car, which it sold to MG Rover in 2001 for around GBP7 million. Qvale claimed MG Rover still has to pay an outstanding of GBP2 million when it collapsed in April. This, Qvale believes, gives them the right to recover its sold assets, which include its Italian manufacturing site. PricewaterhouseCoopers, MG Rover's administrator, has yet to recognize Qvale's claim, which could further impede the carmaker's recovery. Shanghai Automotive Industry Corporation, which withdrawal in bailout talks with MG Rover hit the last nail on the coffin for the latter, is also claiming several rights to a number of MG range of cars. Mangusta's predecessor, the SV super car, however, is considered vital to MG Rover's asset sell-off since the management buy-out team, which is reportedly leading the race to acquire the group and its TF sports vehicle, wants to make SV its flagship. PwC bared Qvale's claim at a creditors meeting of MG Rover's engine and racing arms, wherein the administrators revealed the units were around GBP164 million short of the needed amount to pay its debt. The entire MG Rover group now owes its creditors around GBP1.5 billion. PwC refused to comment further on Qvale's claim until next Tuesday, when the creditors of SV maker MG Sports and Racing meet to ascertain their amount of recoverable money. One MG Rover bidder revealed PwC, as part of its efforts to dispose the group's sport and racing unit, had been trying to sell the SV and its factory in Modena, Italy. The bidder said, "They've put it in their offer particulars so we assume it is for sale." MG Rover made the SV to lead its return to the U.S., which eventually conked out due to the group's deepening financial problems. Meanwhile, administrators will meet Friday the creditors of MG Rover and its engine unit Powertrain to present updates of talks over the group's sale. PwC have short listed an Iranian investor and TVR sportscar owner Nikolai Smolenski for the entire MG Rover group while three potential buyers will try to outbid each other for MG Rover alone. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com 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 QVALE AUTOMOTIVE GROUP 60, vl. Nazioni 41100 Modena Phone: +39059 328011 Web site: http://www.qvaleauto.com NETWORK RAIL: Regulator Pleased with Last Year's Performance ------------------------------------------------------------ Network Rail welcomes Tuesday's announcement by the Office of Rail Regulation where the ORR concludes that 'there has been good progress by Network Rail in the last year' and that 'Network Rail has made an encouraging start to its broader role following the Rail Review'. In response, John Armitt, Chief Executive said: "The Company is delivering a better service to customers. Train delays are down, asset condition has markedly improved and costs have been reduced." Some of the highlights of the past year include: (a) 17% reduction in Network Rail delay minutes, from 13.7 million in 03/04 to 11.4 million in 04/05; (b) Increase in 'on time' trains from 81.2% last year to 83.6% in 04/05; (c) 19 consecutive months of improving performance delivered; (d) Broken rails at lowest ever levels. 322 recorded in 04/05 compared with over 900 just five years ago; (e) Track faults 23% down on 03/04, temporary speed restrictions down 18%, points failures down 11%, signal failures down 9%, track circuit failures down 7%; (f) Work volumes have also vastly increased. Compared to just five years ago, 95% more rail laid (626 miles compared to 321in 99/00), 81% increase in ballast renewed (450 miles compared to 249) and a 293% increase in sets of points replaced (511 compared to just 130); (g) 15,000 new employees joined the Company as maintenance was taken in-house; and (h) Huge investment in people with GBP20 million+ purchase of new leadership center, advanced apprenticeship scheme launched for 1,000 young people and new sate-of-the-art signaling training centers opened. Commenting on the ORR's observations on Network Rail's spending, John Armitt said: "We are not prepared to spend money on projects that simply aren't ready. We make no apology for deferring spending to later years as we are determined to ensure tight budgeting and a clear understanding of what needs to be delivered. We will get value for money from our spending plans, ensuring we get the most from every pound spent." Mr. Armitt added (on the ORR's comments on business planning): "We recognize the need to develop more robust plans for future spending and our recently published 2005 Business Plan set out a whole series of action plans that we will take forward in consultation with the ORR." Mr. Armitt concluded: "Network Rail has had a good year and there is still a lot more to do, but credit should go to our 30,000 employees, industry partners and suppliers for delivering a better, more punctual, efficient and safe railway over the past 12 months. Our task is to stay focused and ensure this progress continues." CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44-20-7557-8000 Fax: +44-20-7557-9000 Web site: http://www.networkrail.com NORFROST LIMITED: Freezer Manufacturer Up for Sale -------------------------------------------------- Blair Nimmo and Neil Armour of KPMG LLP, joint administrators of Norfrost Limited since May 19, 2005, are seeking offers for the group's business and assets. Features: (a) GBP12 million in turnover for 2004; (b) Designs and manufactures a large and popular range of domestic and commercial freezer cabinets for the U.K., European and Middle Eastern markets; (c) Operates from a 55-acre site, with 21,000 sq. ft. freehold property; and (d) Fully automated production lines and experienced workforce of 84 people. CONTACT: KPMG LLP 8 Salisbury Square London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk Rachael Morgan Phone: 020 7694 2692 / 07904 528106 E-mail: rachael.morgan@kpmg.co.uk Blair Nimmo, Corporate Recovery Partner Phone: 07774 617582 Donald Scott Phone: 01847 822 200 E-mail: donald.scott@kpmg.co.uk PATIENTLINE U.K.: Looking Forward to First-ever Profit ------------------------------------------------------ Hospital communication and entertainment system provider Patientline U.K. Ltd. has narrowed yearly operating loss to almost half. The company reported operating loss of GBP4.6 million from GBP8.2 million in the year to March 25. The company has not made a profit since it was formed ten years ago, according to The Scotsman. Pre-tax loss increased slightly to GBP11.8 million principally because of the one-off costs including those associated with the new bank facility, implementation of a new operating structure, and a Terminal design upgrade. Excluding these costs the loss would have been GBP9.4 million, the company said. Revenue increased by 33% to GBP49.4 million year-on-year. EBITDA was up 82% to GBP16.4 million. Operating cash flow increased 115% to GBP16.7 million. Commenting on the preliminary results, Derek Lewis, Chairman of Patientline, said: "The tenth year of operation since our first live hospital has been a notable one. The drive to sign up U.K. hospitals is now largely complete and, following the announcement that our rate of installation would halve this year, we have shifted our focus to productivity improvement and the generation of both cash and profits. He added: "In the year ahead we are confident that by continuing to invest in product and market development, improving productivity in the U.K. and winning contracts abroad we can move towards net cash generation and bottom line profitability, with borrowings peaking before year end." To see financial results: http://bankrupt.com/misc/Patientline(Prelim2004-5).pdf CONTACT: PATIENTLINE U.K. LTD. Thames Valley Court 183/187 Bath Road Slough Berkshire SL1 4AA Phone: 0845 414 6000 Fax: 0845 414 6153 Web site: http://www.patientline.co.uk/ PEARCE MOTOR: Administrator from Tenon Recovery Moves in -------------------------------------------------------- Ian William Kings (IP No 7232) has been appointed administrator for Pearce Motor Engineering Limited. The appointment was made May 25, 2005. Its registered office is located at Tenon House, Ferryboat Lane, Sunderland SR5 3JN. * * * Pearce Motors was established in 1935 by Roy Pearce, and in 1952 became a Ford dealership. For over 60 years, they have served people of Newscastle and its surrounding areas. The company believed they are the number one leading dealership in Northern England. Bill Mackenzie is the sales manager of the company assisted by Alan Ruddick the parts manager. CONTACT: PEARCE MOTOR ENGINEERING LIMITED 36-44 West Road, Newcastle Upon Tyne, Tyne And Wear, NE4 9PY Web site: http://pearcemotors.com/ TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com QXL RICARDO: To Pursue Legal Claims Involving Polish Arm -------------------------------------------------------- QXL Ricardo plc received on June 3, 2005 various payments in U.S. dollars totaling US$2,313,939 and a further payment in sterling of GBP60,000. These payments appear to have been made by the court-appointed administrator of QXL Poland Sp. z o.o. However no formal explanation for the payments has been received and the Company is seeking further clarification on the matter from QXL Poland. The total amount received represents approximately two-thirds of the outstanding inter-company balances owed to the Company by QXL Poland. The Company is obviously pleased to recover any sums due to it. However the payments have no direct relevance to the issue of ownership of QXL Poland and are, in any case, relatively insignificant in the context of the value of QXL Poland. The Company therefore intends to continue to pursue its ongoing legal claims to be re-registered as the sole shareholder in QXL Poland and to recover operational control of QXL Poland and its assets. The Company remains confident that the Polish courts will ultimately find in its favor on this issue, although it still expects the litigation to be protracted. Progress at the hearing on 24 May was limited and the next date at which evidence will be heard has been set for 22 June. In the parallel criminal cases, the Company has now been informed that the Poznan public prosecutor's office has completed its investigations and is preparing formal indictments against Arjan Bakker, the former general manager of QXL Poland, and Przemyslaw Rogowski, the lawyer who implemented the disputed share issue. The Company expects the court hearings in the criminal cases to start in the early autumn. Further information regarding these issues will be announced at the appropriate time. CONTACT: QXL RICARDO PLC The Matrix Complex 91 Peterborough Road London SW6 3BU Contact: Mark Zaleski, Chief Executive Officer Robert Dighero, Chief Financial Officer Tom Parkinson, Company Secretary Phone: +44 (0)20 7384 6310 Financial Dynamics James Melville-Ross Juliet Clarke Phone: +44 (0)20 7831 3113 REGAL PETROLEUM: Executive Chairman Leaves ------------------------------------------ Regal Petroleum founder and executive chairman Frank Timis resigned Tuesday, a week after the oil explorer revealed annual losses had quadrupled. A short statement from Regal said Mr. Timis, who founded the firm in 1996, will devote more time to other business interests. Rumors, however, were circulating he was forced out by Regal's non-executive directors, and institutional shareholders. Mr. Timis already resigned as chief executive. As such, Regal would have to search for both a new chairman and chief executive. According to The Scotsman, it is possible one of the firm's non-executive directors may be promoted to chairman either as temporary or permanent basis. Mr. Timis still holds nearly 8% of Regal. The company earlier reported a loss after tax and minority interests of US$13.7 million (GBP7.55 million) for the year ending December 31, compared with a loss of US$2.9 million a year earlier. It has lost 83% of its value since March. The shares went down significantly at the end of April when Regal raised GBP45 million at 390p a share following its discovery of a gas prospect in Romania. It sank further earlier this month when a well at its prospect in Greece was found to be not commercially viable for exploration. CONTACT: REGAL PETROLEUM 4th Floor 11 Berkeley Street London, England W1J 8DS Phone: +44 20 7647 6622 Fax: +44 20 7629 4297 Web site: http://www.regalpetroleum.com RIGGS BANK: Hires PricewaterhouseCoopers as Liquidator ------------------------------------------------------ At the extraordinary general meeting of Riggs Bank Europe Limited on May 23, 2005, the special and ordinary resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the company. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 E-mail: richard.setchim@uk.pwc.com Web site: http://www.pwc.com TY EUROPE: Calls in PwC to Save Jobs, Business ---------------------------------------------- Colin Haig and Karen Dukes of PricewaterhouseCoopers were appointed Joint Administrators of Ty Europe Limited on 8 June 2005. Ty Europe, based in Gosport, Hampshire, imports and distributes Beenie Babies soft toys and employs approximately 50 people across Spain, Germany and the U.K., with approximately 35 based in Gosport. The directors requested the appointment of the Administrators following recent trading and financial difficulties. Colin Haig, Joint Administrator, said: "We are currently assessing the company's financial position and trading prospects with a view to continuing to trade the company while discussions are held with interested parties in an attempt to preserve as many jobs and as much of the business as possible. The company has a very loyal core customer base and a widely regarded product." CONTACT: TY EUROPE LIMITED Fareham Reach 166 Fareham Road Gosport Hampshire PO13 0FW PRICEWATERHOUSECOOPERS Caroline Feltham Advisory PR Senior Manager Phone: 020 7212 3097 Mobile: 07841 783907 Karen Dukes Phone: 01293 566996 U.K. COAL: Ends Takeover Talks with Unidentified Suitor ------------------------------------------------------- On 6 April 2005, following press speculation, the Board of U.K. Coal Plc received a highly preliminary and tentative approach regarding a possible offer for the Company; this approach was subject to a number of conditions and pre-conditions. The Company asked the relevant party for clarification in relation to a number of aspects of the approach; sufficient clarification has not been received and discussions have accordingly been terminated. * * * At the Annual General Meeting of U.K. Coal in April, Chairman David Jones said: "Losses for the first quarter on continuing operations have been in line with expectations. "Deep Mine Production in our seven ongoing mines in the first three months was 2.1 million tons (2004: 2.0 million tons). Surface mine output was 0.3 million tons (2004: 0.6 million tons). Mr. Jones also noted some performance improvement in the deep mine business, while surface mines production was in line with expectations on lower operating costs. He said the second quarter will include a face gap at Daw Mill which was not anticipated, which will be compensated by a combination of price increases and improved performance in the period. CONTACT: U.K. COAL PLC Harworth Park Blyth Road Harworth Doncaster South Yorkshire England DN11 8DB Phone: +44 1302 751751 Fax: +44 1302 752420 Web site: http://www.ukcoal.com Gavin Anderson Phone: 020 7554 1400 VEOS GROUP: Business for Sale ----------------------------- The joint administrators, Stephen Cork and Joanne Milner, offer for sale the business and assets of Veos Plc, Veos Limited and Veos U.K. Limited. The Veos group of companies develops and manufactures Oves, a female contraceptive cap. The company boasts of blue chip client base and owns several property rights in U.S., Canada and Europe. CONTACT: SMITH & WILLIAMSON NCL Smith & Williamson Bartlett House 9-12 Basinghall Street London EC2V 5NS Phone: 020 7600 2801 Fax: 020 7726 6201/2 Web site: http://www.smith.williamson.co.uk Colin Hardman E-mail: mch2@smith.williamson.co.uk WM MORRISON: Sees Pre-tax Profit of at least GBP50 Million ---------------------------------------------------------- In the trading statement released in conjunction with WM Morrison Supermarket plc's Annual General Meeting on 26 May 2005, the Board stated clearly that it was not currently in a position to provide reliable guidance on the level of profitability for the year as a whole. Since that time, the market has produced a wide range of profit estimates for the year 2005/6. While detailed forecasting work is underway, the Board believes the guidance for profit before tax, exceptionals and goodwill for the current year, following completion of the review process announced at the AGM, will fall within the range GBP50 million to GBP150 million. KPMG is currently working with the Board to provide greater clarity and the Company will comment further with its sales update at the end of July 2005. The Board reiterates that in 2006/7 there remains every indication that financial performance will improve significantly following completion of the conversion process and as the benefits of the actions taken to normalize the cost structure of the business are reflected in improving margins. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.co.uk ********* 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. 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