/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050617.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 Friday, June 17, 2005, Vol. 6, No. 119 Headlines C Z E C H R E P U B L I C AERO VODOCHODY: Selling License to L-159 Fighter Planes OSKAR MOBIL: S&P to Withdraw Rating After Debt Redemption F I N L A N D BENEFON OYJ: Court Grants Request to Close Reorganization Early F R A N C E INFOGRAMES ENTERTAINMENT: Cuts Net Loss to EUR25.3 Million G E R M A N Y APEX BAUGEWERBE: Building Contractor Falls into Insolvency ARS AKTIV: Proofs of Claim Deadline Expires Next Month AUTOHAUS GROHMANN: Peugeot Service Partner Declares Bankruptcy DIGICOM VERTRIEBS: Creditors to Meet Next Month FJH AG: 2004 Loss Nearly Cuts Equity by Half FPW FLIESEN: Tile Company Falls into Bankruptcy MARSEILLE-KLINIKEN AG: Objects to Public Prosecutor's Probe OBZ BILDUNGSGESELLSCHAFT: Under Bankruptcy Administration SPEDITION VRANCKEN: Sets First Creditors Meeting August 30 TCI TRAINING: Creditors Have Until August to File Claims WALIA IMPORT: Bonn Court to Verify Claims August I T A L Y IT HOLDING: Rating Cut to 'B' on Cash flow Constraints K Y R G Y Z S T A N AI-KUN: Creditors Meeting Next Week JANAR: Sets Public Auction June 30 KABAZSTROI: Proofs of Claim Deadline Expires August OSHSKOYE PATP-2: Public Auction Set Next Week RAVENNA: Gives Creditors Until August to File Claims N E T H E R L A N D S UNITEDGLOBALCOM INC.: LMI Shareholders Approve Merger VERSATEL TELECOM: Ends Talks with Belgacom N O R W A Y OCEAN RIG: Rating Raised to 'B-' on Better Cash flow Prospects R O M A N I A MOBIFON HOLDINGS: Ratings Raised to 'BB'; Off CreditWatch R U S S I A AUTOMATIKA-SERVICE: Declared Insolvent BELORECHENSKIY: Under Bankruptcy Proceedings DAVYDOVSKOYE: Succumbs to Bankruptcy IMPEXBANK: Fitch Assigns Eurobond Rating of 'B-' INTERNATIONAL MOSCOW: On Rating Watch Positive KOMSOMOLSKIY: Declared Insolvent PASSENGER AUTO-TRANSPORT: Succumbs to Bankruptcy PROM-STROY: Creditors Have Until July 7 to File Claims SHAMARA-WOOD: Sverdlovsk Court Names S. Domas Insolvency Manager SYKTYVKARSKAYA: Komi Court Appoints Insolvency Manager UDMURT-NEFTE-STROY: Deadline for Proofs of Claim Set July VIKHOREVSKIY: Assets for Public Auction Later This Month YUKOS OIL: Denies Misappropriation Charges Against Unit U K R A I N E FORMANO: Insolvency Manager Takes over Operations PERVOMAJSKE: Court Freezes Debt Payment POLTAVAAGROTARASERVICE: Creditors' Claims Due Next Week UROZHAJ: Under Bankruptcy Supervision VISHEVICHI: Zhitomir Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M A I C REALISATIONS: Hires Administrators from Middleton Partners ARC SYSTEMS: Hires Begbies Traynor to Liquidate Assets BLUE CIRCLE: Final Meeting Set Next Month CAIRS LIMITED: Members Pass Winding-up Resolution CONQUEST FOODS: Appoints Administrators from Ernst & Young FAST FORMWORK: Names DTE Leonard Curtis Administrator INMARSAT VENTURES: Strong Demand Seen for Share Offering INTERNATIONAL BOTTLE: Business for Sale INVERESK PLC: Appoints New Executive Director JESSOPS PLC: To Distribute Dividends Next Month JOHN LESTER: Creditors Meeting Set Next Week MARKS & SPENCER: Icelandic Banks Might be Behind Stake Building PARKER CEILINGS: Members Decide to Wind up Firm PETER SALMON: Hires Liquidator from BN Jackson Norton TEKX LIMITED: Liquidator from Vernon Wright & Co. Moves in ********* =========================== C Z E C H R E P U B L I C =========================== AERO VODOCHODY: Selling License to L-159 Fighter Planes ------------------------------------------------------- Aircraft maker Aero Vodochody is offering its license to the L-159 light combat aircraft, according to Hospodarske noviny. Aero president Antonin Jakubse told the daily it already has an initial list of countries to sell the license to, but did not name them. Milan Holl, director of the Czech Association of the Aviation, said China and other developing countries are reportedly interested. The sale has the backing of the Industry & Trade Ministry, according to the report. The government, which controls Aero, is also pursuing the sale of the company as a whole. Last year, the government issued eurobonds to cover the firm's CZK5.5 billion (US$235 million) debt, which matures in November. Aero has started talks with potential buyers, but has not received any firm commitment, according to Mr. Jakubse. He said the government hopes to sell the company by mid-2006 at the latest. The conditions include the sale of the company as a whole and the guarantee that the buyer will provide repair and maintenance services to the Czech Army, which will continue to use the L-159 aircraft after the privatization. The tender will be facilitated by state bailout agency Ceska konsolidacni. A final decision is expected by November, according to the Industry and Trade Minister Milan Urban. The government has already called in Deloitte & Touche to review a possible controlled liquidation of the firm. Aero recorded a profit of CZK295 million last year, but its huge unpaid debt is preventing it from drawing additional credit. The government had tried to restructure Aero by writing its debt off, but was stopped by the European Commission, which said the move is tantamount to providing state aid. CONTACT: AERO VODOCHODY a.s. U Letiste 374 250 70 Odolena Voda Phone: +420 255 763 152 Fax: +420 255 763 225 E-mail: vitezslav.kulich@aero.cz Web site: http://www.aero.cz OSKAR MOBIL: S&P to Withdraw Rating After Debt Redemption --------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B' long-term corporate credit ratings on Oskar Mobil a.s. and parent Oskar Holdings N.V. (collectively Oskar) will remain on CreditWatch, where they were placed with positive implications on March 15, 20 05. The CreditWatch update follows the announcement by the company that it has exercised its right to redeem Oskar Mobil's EUR325 million notes due 2011. Vodafone Group plc acquired Oskar Mobil from Telesystem International Wireless Inc. on May 31, 2005, and Oskar provided a redemption notice to noteholders on June 7, 2005. In addition to the notes, Oskar Mobil has a EUR350 million equivalent senior secured bank facility, which is expected to be repaid on June 30. "Once the credit facility is repaid and the notes redeemed, all ratings including the long-term corporate credit rating will be withdrawn, which is expected by mid-July," said Standard & Poor's credit analyst Joe Morin. Complete ratings information is available at http://www.ratingsdirect.com. All ratings referenced herein can be found at http://www.standardandpoors.com. CONTACT: Oskar Mobil A.S. In Czech Republic Vinice Vinohradska 167 100 00 Praha Czech Republic Phone: 420.2.7117.1111 Fax: 420.2.7117.1933 Web site: http://www.oskarmobil.cz ============= F I N L A N D ============= BENEFON OYJ: Court Grants Request to Close Reorganization Early --------------------------------------------------------------- The District Court of Turku has approved Benefon's application to amend its reorganization program so that it ends by June 30, 2005. It is possible to appeal the resolution, but the district court must be notified by June 20, 2005 at the latest. In accordance with the approved program amendment, the Company will pay off all non-collateralized debt in advance upon the decision of the District Court becoming legally enforceable. With the same, the non-collateralized creditors of the Company will be paid additional payment share, which will more than double the payments to the non-collateralized creditors determined in the reorganization program. The reorganization supervisor will manage the said payments to creditors, both those in the program and the additional payment shares. The needed funds have already been deposited into an escrow account at the supervisor. With the same, the supervisor will pull back the regression suits filed in the District Court of Helsinki and reported by the Company in a market bulletin released on Dec. 16, 2004. Further, the Company and FOS have agreed about certain financial covenants upon fulfillment of which, but not later than Sept. 30, 2008, FOS will waive all claims towards and receivables from the Company and release all collateral provided to them. Benefon Oyj Tomi Raita CEO CONTACT: BENEFON OYJ P.O. Box 84 Meriniitynkatu 11 FIN-24101 Salo, Finland Phone: +358-2-77 400 Fax: +358-2-733 2633 Web site: http://www.benefon.com =========== F R A N C E =========== INFOGRAMES ENTERTAINMENT: Cuts Net Loss to EUR25.3 Million ---------------------------------------------------------- During fiscal 2004/2005, Infogrames Entertainment achieved: (a) A marked reduction of its debt with an increase of its net worth; (b) A break-even significantly lowered: Infogrames is willing to remain flexible and able to quickly react to market transformations; and (c) A focused portfolio of key titles based on established franchises and new properties: the Company optimizes the management and profitability of its intellectual properties assets. During Fiscal 2004/2005, the Company has laid foundations for its future development. Infogrames main assets currently include: (a) An efficient publishing and distribution structure active in 57 countries and on all continents, enabling the Company to reach its final consumer and better manage the product's life-cycle; (b) A production structure made up of prestigious internal studios (Shiny, Eden, Reflections) and famous external studios (Spark, Bioware, Quantic Dreams, The Collective). This strategic option improves the relationship between the group and various talents; (c) A portfolio of successful franchises and trademarks including many million units sellers (Driver, Matrix, DBZ, Alone in the Dark, Test Drive) which builds recurring sales and allows for investment in new franchises (Getting Up, Timeshift); and (d) the outright ownership of the ATARI trademark, a worldwide recognized brand for interactivity and mature for development. With these solid assets and a stronger financial situation, the company is now ready to address the market challenges in the 5 years to come. In addition, Infogrames entered into a new agreement with Hasbro on June 9 of this year for the sale back of digital rights of all Hasbro properties for US$65 million; this agreement is part of a plan initiated during fiscal 2005 and aimed at focusing the games catalog. This agreement gives Infogrames additional investment potential. In fiscal 2005/2006, the portfolio will benefit from the release of numerous titles including: (a) Saint Seiya (PS2), (b) Fahrenheit (PS2, PC/DVD, Xbox), (c) Dragon Ball GT: Transformation (GBA), (d) Dragon Ball Z Budokai: Tenkaichi (PS2), (e) Dragonshard (PC), (f) Asterix XXL2 (PS2), (g) Duel Masters: Shadow Code (GBA), (h) Dungeons & Dragons Online (PC), (i) Marc Ecko's Getting Up: Contents Under Pressure (PS2, Xbox and PC), (j) Titeuf (DS), (k) RollerCoaster Tycoon 3: Soaked (PC), (l) The Matrix: Path of Neo (PS2, Xbox and PC), (m) Timeshift (PC, Xbox), Tycoon City: New York (PC) In acknowledgement of their quality, certain group titles received these industry awards at the E3: (a) The Matrix Path of Neo: Winner of IGN.com PS2 Best of E3 "Award for Technological Excellence;" (b) The Matrix Path of Neo: Runner up for "best graphics;" (c) Dungeon and Dragon online, Winner of IGN.com PC "Best persistent world game" and Finalist in gamesspot.com "Best MMO Games;" (d) Marc Ecko's Getting up: Runner up for IGN.com "Most Innovative Design;" (e) DBZ Budokai Tenkaishi: Runner up for IGN.com "Best fighting game;" and (f) Fahrenheit, Runner up for Game Critics Awards: "Best original Game." 2005 Financial Results (a) A significant increase in profit from operations, with operating income at EUR22.2 million, up from EUR2.6 million in 2004; and (b) An improved financial situation as a result of the restructuring of the OCEANE bonds and medium-term bank debt; Consolidated revenue for fiscal 2005 amounted to EUR602.1 million on a current exchange-rate basis, of which 52.3% was accounted for by American operations and 47.7% by those in Europe and Asia. On a constant exchange-rate basis, consolidated revenue would have been EUR623.9 million, currency fluctuations having had an adverse impact of EUR21.8 million over the period. The gross margin rose to 50.4% from 48.7% the previous year, with gross margin at EUR303.7 million. The improvement was attributable in part to higher sales recorded by the Company's own franchises (e.g. Driver) compared with the previous year. A total of EUR85.6 million was spent on internal research and development, down slightly in percentage of revenue to 14.2%, from 15.8% the previous year. Marketing and sales expenses improved to EUR126.5 million for the year (21% of revenue), from EUR158.2 million in the previous period (22.6% of revenue), reflecting efforts made to reduce marketing costs and to focus the catalog on major franchises. Overhead and administrative expenses were stable in absolute terms at EUR69.4 million for the period, compared with EUR69.8 million a year earlier. Infogrames Entertainment posted sharply higher operating income, which rose by 750% to EUR22.2 million for the year ended March 31, 2005, from EUR2.6 million in 2004. This very substantial improvement occurred in spite of strong pressure on sales and reflected the Group's efforts to optimize its organization, cut costs and trims its catalog so as to concentrate on major franchises (DBZ, DRIVER, RCT, etc.). Financial expenses for the period amounted to EUR22.2 million, versus EUR19.8 million last year, and consisted primarily of EUR11.2 million in charges related to the bond debt and EUR5.5 million in interest on short- and medium-term bank loans. Non-recurring losses of EUR8.5 million were recognized for the period, versus gains of EUR10 million a year ago. This included restructuring charges (-EUR15.8 million) and the impact of the sale of Atari Inc. shares (EUR-20.2 million), which were partly offset by one-time gains of EUR15.6 million from the exchange offer on the OCEANE 2005 bonds and EUR15.9 million from the sale of the Civilization franchise. (EUR millions) March 31, 2005 March 31, 2004 (12 months) (12 months) Revenue 602.1 700.8 Gross profit 303.7 50.4% 341.1 48.7% Research & development (85.6)(14.2%) (110.5)(15.8%) Marketing & sales (126.5)(21.0%) (158.2)(22.6%) Overhead & administration (69.4)(11.5%) (69.8)(10.0%) Operating income 22.2 3.7% 2.6 0.4% Interest expense (22.2) (3.6%) (19.8) (2.8%) Current income of consolidated entities (0.1) (0.0%) (17.2) (2.5%) Extraordinary items (8.5) (1.4%) 10.0 1.4% Corporate income tax 5.2 0.9% 0.8 0.1% Consolidated net income (24.6) (4.1%) (30.8) (4.4%) Net income after minority interests (25.3) (4.2%) (31.5) (4.5%) Improved Financial Position Infogrames Entertainment reduced its net debt over the year by more than EUR120 million, bringing its debt-to-equity ratio to less than 1. The net debt at the end of the year amounted to EUR188.6 million, compared with EUR313.3 million the previous year. Most of the debt matures in 2009. (EUR mln) March 31 March 31 March 31 March 31 2005 2004 2003 2002 OCEANE 2004 - 23.4 124.3 125.0 OCEANE 2005 - 117.1 221.0 309.1 6/2008 Notes 33.6 - - - OCEANE 2009 124.3 124.3 - - OCEANE 2011 5.3 - - - Other debt, net of cash balances 19.3 42.1 114.1 102.6 Lease commitments 6.1 6.5 7.4 - Total 188.6 313.3 466.8 536.7 Consolidated Balance Sheet (EURmillions) 3/31/2005 3/31/2004 Fixed assets 353.1 413.1 Inventories 38.0 42.5 Prepaid royalties 60.0 57.2 Trade receivables 61.1 57.1 Other assets 36.7 43.7 Cash 36.3 40.4 Total 585.1 654.0 Shareholders' equity 204.9 136.5 minority interests 92.2 56.2 Loss provisions 7.7 10.7 Net debt 224.9 353.7 Trade payables 110.8 119.4 Other liabilities 36.8 33.7 Total 585.1 654.0 CONTACT: INFOGRAMES ENTERTAINMENT S.A. 1 Place Verrazzano 69252 Lyon Cedex 09 Phone: +33 (0)4 37 64 30 00 Fax: +33 (0)4 37 64 30 01 Web site: http://www.atari.com Financial Communications Cecile Sornay Phone: +33 (0)4 37 64 30 00 ============= G E R M A N Y ============= APEX BAUGEWERBE: Building Contractor Falls into Insolvency ---------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against APEX Baugewerbe GmbH on May 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 20, 2005 to register their claims with court-appointed provisional administrator Dr. Bjorn Gehde. Creditors and other interested parties are encouraged to attend the meeting on July 20, 2005, 10:50 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on September 21, 2005, 11:05 a.m. at the same venue. APEX Baugewerbe GmbH is involved in building construction and public works. CONTACT: APEX BAUGEWERBE GMBH Bornholmer Str. 7 10439 Berlin Phone: (030) 4427997 Fax: (030) 4427833 Dr. Bjorn Gehde, Administrator Goethestr. 85, 10623 Berlin ARS AKTIV: Proofs of Claim Deadline Expires Next Month ------------------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against ARS Aktiv Reifen-Service AG on May 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 12, 2005 to register their claims with court-appointed provisional administrator Jorn Weitzmann. Creditors and other interested parties are encouraged to attend the meeting on August 12, 2005, 11:20 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. ARS AKTIV sells tires and provides maintenance and other related services. CONTACT: ARS AKTIV REIFEN-SERVICE AG Oehleckerring 6a, 22419 Hamburg Phone: 040-317030-0 Fax: 040-317030-79 Jorn Weitzmann, Administrator Arnold-Heise-Strasse 9, 20249 Hamburg Phone: 460797-0 Fax: 460797-25 AUTOHAUS GROHMANN: Peugeot Service Partner Declares Bankruptcy -------------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Autohaus Grohmann GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 20, 2005 to register their claims with court-appointed provisional administrator Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting on August 26, 2005, 9:00 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, 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. Autohaus Grohmann provides purchase consultation, repair and maintenance of automobiles. It started in 1960 as a dealer of Renault vehicles and other French automobiles. In 2002, the business expanded to offering E.U. new vehicles, sale of used cars, and the repair and maintenance of Peugeot and Citroen automobiles. It signed a contract with Peugeot as a service partner in 2004. CONTACT: AUTOHAUS GROHMANN GMBH Romerkanal 64, 53359 Rheinbach Phone: (02226)92250 Fax: (02226)13014 E-mail: renault.grohmann@t-online.de Web site: http://www.autohaus-grohmann.de/ Contact: Axel Waldo, Manager Karl Heinz Grohmann, Manager Dr. Andreas Schulte-Beckhausen, Administrator Oxfordstr. 2, 53111 Bonn Phone: 0228 / 98 52 10 Fax: 0228 / 98 52 122 DIGICOM VERTRIEBS: Creditors to Meet Next Month ----------------------------------------------- The district court of Bremen opened bankruptcy proceedings against DigiCom Vertriebs AG on May 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 16, 2005 to register their claims with court-appointed provisional administrator Dr. Karl Gobel. Creditors and other interested parties are encouraged to attend the meeting on July 7, 2005, 8:45 a.m. at the district court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, 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 on September 8, 2005, 10:05 a.m. at the same venue. Digicom Vertriebs provides supplies and machines for office requirements. CONTACT: DIGICOM VERTRIEBS AG Otto-Brenner-Allee 28, 28325 Bremen Phone: 01803-440000 Fax: 0421-40960-0 Contact: Michael Oberschachtsiek Hollerallee 13, 28209 Bremen Dr. Karl Gobel, Administrator Wachtstr. 17, 28195 Bremen Phone: 0421/366060 Fax: 0421/3660630 FJH AG: 2004 Loss Nearly Cuts Equity by Half -------------------------------------------- Loss-making software maker FJH will publish its 2004 official accounts within the week, Borsen Zeitung says. Market experts expect the group to post EUR123 million in net loss for 2004. The loss is said to have reduced the group's equity by over 50%. The group twice cancelled the presentation of its 2004 figures, stressing that certain restructuring measures have yet to be included in the report. FJH recently announced a plan to issue EUR7.9 million in convertible bonds to boost its depleted coffers. * * * In November, TCR-Europe reported that FJH suffers from the prevailing trend in the local insurance sector, which refuses to invest in the first nine months of the financial year. Its results were also affected by reorganization measures implemented in the third quarter and the application of the future IFRS regulations similar to U.S.-GAAP. IFRS revenues amounted to EUR50.9 million (2003: EUR95.2 million); its 9-month result after tax was -EUR73.5 million (2003: EUR12.8 million) and EBIT -EUR80.0 million (2003: EUR21.5 million). EBITDA in the third quarter adjusted by one off and ultimate effects amounted to -EUR4.5 million compared to -EUR5.6 million in the previous quarter. CONTACT: FJH AG Leonhard-Moll-Bogen 10 81373 Munich Germany Phone: +49 (0) 89 769 01 - 144 Fax: + 49 (0) 89 743 717 31 E-mail: thomas.meindl@fjh.com Web site: http://www.fjh.com FPW FLIESEN: Tile Company Falls into Bankruptcy ----------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against FPW Fliesen- und Plattenhandelsgesellschaft mbH & Co. Kommanditgesellschaft on June 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 14, 2005 to register their claims with court-appointed provisional administrator Dr. Norbert Kuepper. Creditors and other interested parties are encouraged to attend the meeting on August 4, 2005, 10:00 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. FPW FLIESEN handles wholesale and retail trading of tiles and disks as well as other related products. CONTACT: FPW FLIESEN- UND PLATTENHANDELSGESELLSCHAFT MBH & CO. KOMMANDITGESELLSCHAFT Unter den Ulmen 30, 33330 Guetersloh c/o FPW Fliesen- und Plattenhandelsgesellschaft m.b.H. Beckumerstr. 36, 48231 Warendorf Contact: Heino Brinkmann, Manager Kapellenstr. 11, 48231 Warendorf Dr. Norbert Kuepper, Administrator Paderborner Str. 11, 33415 Verl. MARSEILLE-KLINIKEN AG: Objects to Public Prosecutor's Probe ----------------------------------------------------------- With regards to the "Spiegel" report no. 23/05 on Page 22 under the title "Razzia bei Marseille", Marseille-Kliniken AG notes: The investigations of the Berlin public prosecutor's office against the private person Ulrich Marseille under the charge of "misrepresentation" of the balance sheet are as unsuitable as they are uncalled-for. The annual accounts as of 30 June 2001 have been audited and certified by auditors. The entire procedure is a mystification in this respect because investigations are being carried out against Ulrich Marseille ad personam and not against the Marseille-Kliniken AG, and the search warrant was also directed against him. However, in the insinuated time of the offence (1 July 2000 to 30 June 2001) Marseille was neither Chairman of the Board of Directors -- as maintained by the public prosecutor's office in its search warrant -- nor chairman of the MKAG Supervisory Board: he therefore did not carry out any executive-operative functions. The public prosecutor's office was only able to obtain the search order by giving objectively incorrect facts. The Chairman of the Board of Directors and therefore the person primarily responsible for the annual accounts 2000/01 was the current Managing Director of the Stadtische Kliniken Koln, Wilhelm Hecker, who, according to the 3 June statement of the investigating public prosecutor Fettweis, also reported the offence. Since his instant dismissal in September 2002, MKAG has brought several charges against Herr Hecker for its part and initiated civil proceedings against him for corruptive behavior. We expect the immediate return of all illegally obtained documents from the Berlin public prosecutor's office and a public apology. Axel Holzer, Chairman of the Board of Directors Ulrich Marseille, Supervisory Board Chairman * * * Marseille-Kliniken, based in Berlin, is one of Germany's largest private nursing care and rehabilitation service providers. In February, Standard & Poor's revised its outlook on Marseille-Kliniken to negative from stable following a weakening of the group's capital base. The 'BB-' long-term corporate credit rating was affirmed. "The outlook revision reflects our concern about the balance between equity and debt holders, as Marseille-Kliniken has continued paying out dividends despite the group's negative net result in fiscal 2004, which has further constrained the already weak capital base," said Standard & Poor's credit analyst Christian Esters. On a lease-adjusted basis, Marseille-Kliniken's net debt stood at a very aggressive 84% of capital at June 30, 2004. The very high leverage is also the result of large investment and acquisition expenses over the past few years. "We are also concerned that the currently negative contribution of the rehabilitation division to the group's performance could take longer to eradicate if the restructuring of the division proves to be more difficult than Marseille-Kliniken currently expects," said Mr. Esters. The rehabilitation division contributed 27% to the group's sales in 2004. The rating on Marseille-Kliniken reflects its weak financial profile, as the company is highly leveraged and posts low free operating cash flows compared with its lease-adjusted debt obligations. The rating also reflects Marseille-Kliniken's good competitive position, supported by its cost efficiency and the high quality of its facilities. The rating furthermore benefits from the highly predictable growth in future nursing-care needs. In the short term, the company's flexibility has increased following a sale-and-lease-back transaction that is generating EUR100 million cash flow for Marseille-Kliniken for 2005. The group's total sales were EUR200.1 million ($265 million) in 2004. CONTACT: MARSEILLE-KLINIKEN AG Registered office Alte Jakobstrasse 79/80 10179 Berlin Germany Phone: +49 (0)30 / 24 632 400 Fax: +49 (0)30 / 24 632 401 Headquarters Sportallee 1 22335 Hamburg Germany Phone: +49 (0)40 / 514 59 - 0 Fax: +49 (0)40 / 514 59 - 756 E-mail: info@marseille-kliniken.com Web site: http://www.marseille-kliniken.de. OBZ BILDUNGSGESELLSCHAFT: Under Bankruptcy Administration --------------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against OBZ Bildungsgesellschaft fuer Anhalt/Sachsen/Thueringen mbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Aug. 19, 2005 to register their claims with court-appointed provisional administrator Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting on Aug. 30, 2005, 12:00 noon at the district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Oct. 18, 2005, 11:00 a.m. at the same venue. CONTACT: OBZ BILDUNGSGESELLSCHAFT FUER ANHALT/SACHSEN/THUERINGEN MBH Halskestr. 3-5, 47877 Willich Contact: Guenther Kamp Am Alten Rathaus 2, 41751 Viersen Phone: 757 - 212/757 - 176 E-mail: obz.zittau@obz-online.de Wilhelm Klaas, Administrator Eichendorffstrasse 25, 47800 Krefeld Phone: (02151) 80 58 0 Fax: +4902151805858 SPEDITION VRANCKEN: Sets First Creditors Meeting August 30 ---------------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against Spedition Vrancken GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Aug. 22, 2005 to register their claims with court-appointed provisional administrator Peter Houben. Creditors and other interested parties are encouraged to attend the meeting on Aug. 30, 2005, 10:35 a.m. at the district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Oct. 4, 2005, 9:35 a.m. at the same venue. CONTACT: SPEDITION VRANCKEN GMBH Diessemer Bruch 73, 47805 Krefeld Contact: Ingo Gerald Vrancken Diessemer Bruch 73, 47805 Krefeld Web site: http://www.spedition-vrancken.de/ Peter Houben, Administrator Sternstrasse 58, 40479 Duesseldorf Phone: 0211/49 144-0 Fax: +4902114914434 TCI TRAINING: Creditors Have Until August to File Claims -------------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against TCI Training & Consulting International AG on June 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Aug. 19, 2005 to register their claims with court-appointed provisional administrator Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting on Aug. 30, 2005, 12:00 noon at the district court of Krefeld Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214 at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on Oct. 18, 2005, 11:00 a.m. at the same venue. CONTACT: TCI TRAINING & CONSULTING INTERNATIONAL AG Halskestr. 3-5, 47877 Willich Deutschland Phone: 02154-49000 Wilhelm Klaas, Administrator Eichendorffstrasse 25, 47800 Krefeld Phone: (02151) 80 58 0 Fax: +4902151805858 WALIA IMPORT: Bonn Court to Verify Claims August ------------------------------------------------ The district court of Bonn opened bankruptcy proceedings against Walia Import GmbH on June 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 26, 2005 to register their claims with court-appointed provisional administrator Wolfgang Kalker. Creditors and other interested parties are encouraged to attend the meeting on August 26, 2005, 8:55 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Zimmer W 1.30A, 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. Walia Import GmbH buys and sells imported products. It was founded in 1976. CONTACT: WALIA IMPORT GMBH Auf dem Niederberg 3, 53757 Sankt Augustin Phone: 02241 / 203670 Contact: Baljit Singh Walia, Manager Mendener Strasse 34, 53757 Sankt Augustin Wolfgang Kalker, Administrator Kolnstr. 135, 53757 Sankt Augustin Phone: 02241/ 90600 Fax: 02241906090 ========= I T A L Y ========= IT HOLDING: Rating Cut to 'B' on Cash flow Constraints ------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Italian fashion company IT Holding S.p.A. to 'B' from 'B+'. The outlook remains negative. The downgrade reflects Standard & Poor's expectation of lower cash flow generation than originally anticipated. "This calls into question the company's ability to service its debt in future years, at a time of uncertainty with respect to both the upcoming renewal of the D&G license and the refinancing of ITH's parent company PA Investments S.A.," said Standard & Poor's credit analyst Benedetta Rospigliosi. Adjusted funds from operations to net debt are forecast to remain below 10% in 2005. At March 31, 2005, on-balance-sheet net debt (in accordance with International Financial Reporting Standards) totaled EUR365 million ($439.6 million). A weak economic environment and the need to sustain market shares through price discounts and more unfavorable payments terms led to disappointing first-quarter 2005 results, with a 10% decrease in EBITDA to EUR36 million and a material negative swing in working capital. ITH needs to steadily reduce its substantial leverage. The rating could be lowered further if ITH's currently narrow positive free cash flow base does not sufficiently improve to more than cover increasing (especially from 2006) mandatory bank debt repayments. Near-term refinancing risk at the indebted parent company is also a negative. The loss of the D&G license or its renewal under significantly more onerous terms would put pressure on the rating as well. "We acknowledge that a possible equity injection would improve ITH's leveraged capital structure; any upgrade, however, would have to be accompanied by the company proving its ability to generate recurring positive free cash flow of about EUR20 million annually, a level above our expectations for the current year," said Ms. Rospigliosi. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com IT HOLDING S.p.A. Corso Monforte, 30 20122 Milan, Italy Phone: +39-02-76-30-391 Fax: +39-02-78-00-16 Web site: http://www.itholding.it =================== K Y R G Y Z S T A N =================== AI-KUN: Creditors Meeting Next Week ----------------------------------- The Inter-District Court of Bishkek on Economic Issues commenced bankruptcy supervision procedure on LLC Ai-Kun on March 29, 2005. Mr. Ulanbek Bekturov (License 0104) has been appointed temporary insolvency manager. Creditors will meet at Bishkek, Moskovskaya Str. 151 Room 108 on June 23, 2005 at 10:00 a.m. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: Mr. Ulanbek Bekturov Temporary Insolvency Manager Phone: (0-312) 21-67-25 JANAR: Sets Public Auction June 30 ---------------------------------- The temporary insolvency manager of CJSC Janar will auction its properties on June 30, 2005, 10:00 a.m. at Bishkek, VPZ-1, Vinogradnaya Str. Up for sale are five production buildings, relief station, refrigerating station, foundry, warehouse, cooler, and inventory holdings. The starting price has been reduced to KGS36,500,000 (inclusive of VAT). Tender Conditions: (a) All bids must be above the starting price; (b) Retention of the group's main profile and production activity; (c) Effective usage of production capacities; (d) Employment program; (e) Market penetration and development; (f) Effective management; and (g) Environmental protection policies To participate, bidders are required to submit the necessary documents and deposit an amount equivalent to 20% of the starting price to the cashier of Janar on or before June 25, 2005, 9:00 a.m. to 5:00 p.m. at Bishkek, VPZ-1, Vinogradnaya Str. For more information, call (+996 312) 63-00-23. KABAZSTROI: Proofs of Claim Deadline Expires August --------------------------------------------------- LLC Kabazstroi, which recently became insolvent, will accept proofs of claim at Bishkek, Kievskaya Str. 96, Room 702 until August 1, 2005. For more information, call (0-517) 22-18-04 or 79-02-01. OSHSKOYE PATP-2: Public Auction Set Next Week --------------------------------------------- The bidding organizer and insolvency manager of JSC Oshskoye PATP-2 will auction its 100% share in LLC Avtopredpriatie Zapadnoye on June 20, 2005 at 10:00 a.m. at Osh region, Osh, Zapadnaya Str. 4. Starting price is KGS9,048,400. To participate, bidders are required to deposit an amount equivalent to 10% of the starting price on or before June 19, 2005. CONTACT: OSHSKOYE PATP-2 Kyrgyzstan, Osh, Zapadnaya Str. 4, Phone: (0-502) 32-43-46 40-30-71 RAVENNA: Gives Creditors Until August to File Claims ---------------------------------------------------- LLC Ravenna, which recently became insolvent, will accept proofs of claim at Bishkek, Jibek-Jolu Ave. 509 until August 1, 2005. For more information, call (0-312) 55-93-34. ===================== N E T H E R L A N D S ===================== UNITEDGLOBALCOM INC.: LMI Shareholders Approve Merger ----------------------------------------------------- The business combination of Liberty Media International, Inc. (LMI) and UnitedGlobalCom, Inc. (UGC) closed June 15, 2005 at 5:01 p.m., New York City time. Holders of approximately 98% of the aggregate voting power of the shares of UGC common stock present in person or by proxy and holders of approximately 99% of the aggregate voting power of the shares of LMI common stock present in person or by proxy, voted in favor of the business combination. As a result of the closing, Liberty Global has become the new parent company of LMI and UGC, and Liberty Global's Series A and Series B common stock (LBTYA)(LBTYB) will begin trading on the Nasdaq National Market on June 16, 2005. LMI Series A and Series B common stock and UGC Class A common stock, which previously traded on the Nasdaq National Market under the symbols LBTYA, LBTYB and UCOMA, respectively, have ceased trading and will be deregistered under the securities laws. "We are pleased that the shareholders of both UGC and LMI supported the creation of Liberty Global," stated John Malone, Chairman of the Board. "As our operations in Europe, Japan and Chile have demonstrated over the last five years, the broadband video, voice and data business outside the U.S. is a fantastic growth story. And with our strong balance sheet, the company is well positioned to expand its footprint as additional acquisitions become available, particularly in Europe and Japan." Mike Fries, President and CEO of Liberty Global, commented: "With consolidated operations in 18 countries and networks that pass nearly 23 million homes, Liberty Global is one of the largest broadband services companies anywhere in the world. We control the leading MSO's in each of Europe, Japan and Latin America which currently provide services to over 11 million customers, representing over 14 million revenue generating units (RGUs). Success in our business has always been driven by scale, capital and strong management. Liberty Global has all three. I am particularly proud of the senior executives we've assembled from both UGC and LMI which represent, in my view, one of the strongest management teams in our industry." Senior Management of Liberty Global John C. Malone Chairman Michael T. Fries President and Chief Executive Officer Bernard G. Dvorak Senior Vice President, Co-Chief Financial Officer (and Principal Accounting Officer) Charles H.R. Bracken Senior Vice President, Co-Chief Financial Officer (and Principal Financial Officer) Elizabeth M. Markowski Senior Vice President, Secretary, General Counsel Anthony G. Werner Senior Vice President, Chief Technology Officer Frederick G. Westerman Senior Vice President, Investor Relations & Corporate Communications Amy M. Blair Senior Vice President, Global Human Resources Shane O'Neill Senior Vice President, Chief Strategy Officer; and President, chellomedia Gene Musselman President & Chief Operating Officer, UPC Broadband Miranda Curtis President, Liberty Global Japan Dave J. Leonard President, Liberty Global Latin America Additional Information About the Business Combination In the transaction, each outstanding share of LMI common stock was converted into one share of the corresponding series of common stock of Liberty Global, and each outstanding share of UGC common stock (other than shares owned by LMI or its subsidiaries) was converted into the right to receive, at the option of the holder, (1) 0.2155 of a share of Liberty Global Series A common stock, plus cash in lieu of fractional shares, or (2) $9.58 in cash, subject to proration. The merger agreement, pursuant to which the business combination was effected, provides for a limit on the aggregate number of shares of UGC common stock, which can be converted into cash in the transaction. This limit, which is referred to in the merger agreement as the UGC Share Threshold Number, was determined to be approximately 72.5 million shares of UGC common stock. As a result, the total amount of cash to be paid to former UGC stockholders in payment of their cash elections is approximately US$694.5 million. Based on preliminary information received from the exchange agent, the number of shares as to which cash elections have been made exceeds the UGC Share Threshold Number and, accordingly, the cash elections will be prorated in accordance with the merger agreement. The proration factor will not be available until the exchange agent determines the final number of shares of UGC common stock as to which valid cash elections were made. Any shares of UGC common stock which are not exchanged for cash as a result of the proration will be exchanged for shares of Liberty Global Series A common stock, plus cash in lieu of fractional shares. In addition, UGC stockholders who did not properly make a cash election by 5:00 p.m., New York City time, Wednesday (which was the cash election deadline) will be entitled to receive Liberty Global Series A common stock, plus cash in lieu of fractional shares, in exchange for their shares of UGC common stock in the transaction. Based on preliminary information received from the exchange agent, we estimate that approximately 229.6 million shares of Liberty Global Series A common stock and approximately 7.3 million shares of Liberty Global Series B common stock will be issued and outstanding, immediately following the closing. Liberty Global expects to begin distributing shares of its common stock and the cash consideration payable in the transaction on June 16, 2005. About Liberty Global, Inc. Liberty Global owns interests in broadband, distribution and content companies operating outside the continental U.S., principally in Europe, Asia, and Latin America. Through its subsidiaries and affiliates, Liberty Global is one of the largest cable television operators outside the United States. Based on Liberty Global's operating statistics at March 31, 2005, Liberty Global's networks reached approximately 23.0 million homes passed and served approximately 14.3 million revenue generating units, including approximately 10.4 million video subscribers, 2.3 million broadband Internet subscribers and 1.6 million telephone subscribers. CONTACT: LIBERTY GLOBAL, INC. Richard S.L. Abbott Phone: +1-303-220-6682 Robert Lenterman Phone: +31 20 778 9901 Bert Holtkamp Phone: +31 20 778 9447 or Christopher Noyes Phone: +1-303-220-6693 UNITEDGLOBALCOM INC. Richard S.L. Abbott Investor Relations - UGC Phone: (303) 220-6682 E-mail: ir@unitedglobal.com Bert Holtkamp Corporate Communications - UGC Europe Phone: + 31 (0) 20 778 9447 E-mail: communications@ugceurope.com Claire Appleby Investor Relations - Europe Phone: +44 20 7 838 2004 E-mail: ir@ugceurope.com VERSATEL TELECOM: Ends Talks with Belgacom ------------------------------------------ In its press release of 2 May 2005 Versatel Telecom International N.V. said that it was in discussions, amongst others, with Belgacom N.V. together with Talpa Capital B.V. regarding a possible strategic cooperation. On Tuesday, it said the discussions with Belgacom have terminated, while other discussions are continuing. At this stage, no further announcements can be made. Shares in Versatel dropped 10% to EUR3.52 early on Tuesday after the announcement. The shares rose 24% to EUR2.19 in May when Versatel announced it was in talks with Talpa, its biggest shareholder, and Belgacom. Belgacom has been trying to expand outside his home market. It previously attempted to buy Cesky Telecom, as well as Turk Telecom, but failed. Versatel Telecom International N.V. (Euronext: VRSA). Versatel, based in Amsterdam, is a competitive communications network operator and a leading alternative to the former monopoly telecommunications carriers in its target market of the Benelux and Germany. Founded in October 1995, the Company holds full telecommunication licenses in The Netherlands, Belgium and Germany and has over 1 million customers and approximately 1,900 employees. Versatel operates a facilities-based local access broadband network that uses the latest network technologies to provide business customers with high bandwidth voice, data and Internet services. Versatel is a publicly traded company on Euronext Amsterdam under the symbol "VRSA". Versatel's net loss for the year ended December 31, 2004, amounted to EUR24.4 million compared with EUR32.9 million in 2003. 4Q04 net loss was EUR8.6 million compared with a net loss of EUR4.4 million in 3Q04 and EUR10.4 million in 4Q03. The increase in net loss was primarily attributable to the increased depreciation expenses from our accelerated capital investments, the interest impact of convertible bond and the consolidation of BerliKomm. News and information are available at http://www.versatel.com. CONTACT: VERSATEL TELECOM INTERNATIONAL N.V. Wouter van de Putte, Head of Investor Relations Phone: +31-20-750-2362 E-mail: wouter.vandeputte@versatel.com Cilesta van Doorn Manager Corporate Communications Phone: +31-20-750-1318 E-mail: cilesta.vandoorn@versatel.com =========== N O R W A Y =========== OCEAN RIG: Rating Raised to 'B-' on Better Cash flow Prospects -------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Ocean Rig Norway A.S. (wholly owned subsidiary of Ocean Rig A.S.A.) to 'B-' from 'CCC' and removed the rating from CreditWatch with positive implications. Standard & Poor's also assigned its 'B-' rating to the company's US$150 million senior secured second-lien notes. The outlook is stable. Pro forma for the refinancing, Stavanger, Norway-based Ocean Rig has about US$596.6 million in long-term debt outstanding. "The upgrade reflects the company's improved cash flow prospects in light of extended contract backlog and substantially improved contract day rates for the company's two fifth-generation offshore drilling units," said Standard & Poor's credit analyst Jeffrey Morrison. Ocean Rig recently announced a signed LOI with Esso Exploration Inc., a subsidiary of Exxon Mobil Corp. (AAA/Stable/A-1+) for a long-term contract for the semisubmersible Eirik Raude at a favorable day rate. Currently both of Ocean Rig's mobile offshore drilling units are operating under favorable contracts. The stable outlook on Ocean Rig is predicated on improved and elongated contracts that should allow the company to meet the mandatory debt service requirements outlined under its new financing arrangements. Complete ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. All ratings affected by this rating action can be found at http://www.standardandpoors.com. CONTACT: OCEAN RIG ASA PO Box 409, Forus N-4067 Stavanger, Norway Phone: +47 51 96 90 00 Fax: +47 51 96 90 99 Web site: http://www.ocean-rig.com ============= R O M A N I A ============= MOBIFON HOLDINGS: Ratings Raised to 'BB'; Off CreditWatch --------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on MobiFon Holdings B.V. to 'BB' from 'BB-' on completion of Vodafone Group plc's (A/Stable/A-1) acquisition of the company. At the same time, Standard & Poor's raised the rating on MobiFon Holdings' US$223 million senior unsecured notes due 2010 to 'B+' from 'B'. We are also removing the ratings from CreditWatch, where they were placed with positive implications March 15, 2005. The outlook is currently stable. Vodafone acquired MobiFon from Telesystem International Wireless Inc. (TIW) on May 31, 2005, and MobiFon subsequently tendered an offer to repurchase the unsecured notes on June 7, 2005. The rating on the notes will be withdrawn if the company is successful in its tender to redeem all or some of the notes; the tender deadline is July 6. "The ratings on Mobifon primarily reflects its stand-alone credit quality, as the company is expected to be a non-recourse subsidiary of parent Vodafone," said Standard & Poor's credit analyst Joe Morin. We expect, however, that Mobifon will be able to derive material benefits from being part of a large mobile group, including technical, branding, product and procurement synergies. Certain cost benefits -- including cost of financing -- could also be achieved over time. The ratings continue to be constrained by the below-average demographics and risk associated with operating in Romania, a developing market, and also reflect the level of foreign-currency-denominated debt at MobiFon. These risks are partially mitigated by Vodafone's ownership; an improving macroeconomic environment in Romania; MobiFon's growing subscriber base; and increasing revenues, EBITDA, and cash flow. The business profile of MobiFon reflects the economic and political risks of operating in Romania. The ratings are constrained by the low purchasing power of mobile telephony subscribers on an aggregate basis in Romania and low demand for higher margin value-added data services. Partially mitigating the risk of operating in an emerging market has been the solid performance by MobiFon. Results continue to improve sequentially; revenues for first-quarter 2005 increased by 34% to US$209.4 million from first-quarter 2004, and lease-adjusted EBITDA increased by 31% to US$105 million for the same period. MobiFon effectively shares the wireless market in Romania with a subsidiary of Orange S.A. Although there are two other competitors in Romania, they have a combined market share of less than 5% and continue to be relatively ineffective in the market. MobiFon's high market share has resulted in high EBITDA margins of 50%, and substantial free cash flow after debt servicing at the operating company level. The stable outlook reflects Standard & Poor's expectations that MobiFon will maintain its competitive position within a growing wireless industry in Romania, and that the political and macroeconomic environments in Romania will remain stable or improve in the long term. Should the company be successful in its tender for the MobiFon notes, capacity would be created for the company to add incremental debt at the current ratings level. Complete ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. All ratings affected by this rating action can be at http://www.standardandpoors.com. CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC. For Investors Jacques Lacroix Phone: (514) 673-8466 E-mail: jlacroix@tiw.ca =========== R U S S I A =========== AUTOMATIKA-SERVICE: Declared Insolvent -------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Automatika-Service (TIN 7718013834) close joint stock company insolvent. The case is docketed as A40-40139/04-38-26B. Mr. D. Kashin has been appointed insolvency manager. Creditors have until July 21, 2005 to submit their proofs of claim to 129301, Russia, Moscow, Kasatkina Str. 3. CONTACT: AUTOMATIKA-SERVICE 107023, Russia, Moscow region, Suvorovskaya Str. 3, Room 1 Mr. D. Kashin Insolvency Manager 129301, Russia, Moscow region, Kasatkina Str. 3 Phone: 683-97-43 BELORECHENSKIY: Under Bankruptcy Proceedings -------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Belorechenskiy after finding the factory of reinforced concrete constructions #7 insolvent. The case is docketed as A-32-44857/2004-1/253-B. Mr. A. Vukhtin has been appointed insolvency manager. Creditors may submit their proofs of claim to 353630, Russia, Belorechensk, Maykopskoye Shosse Str. 4. CONTACT: Mr. A. Vukhtin Insolvency Manager 353630, Russia, Belorechensk, Maykopskoye Shosse Str. 4 DAVYDOVSKOYE: Succumbs to Bankruptcy ------------------------------------ The Arbitration Court of Volgograd region commenced bankruptcy proceedings against Davydovskoye after finding the open joint stock company insolvent. The case is docketed as A12-4193/04-s57. Ms. I. Gridneva has been appointed insolvency manager. Creditors have until July 21, 2005 to submit their proofs of claim to 400001, Russia, Volgograd, Balakhinskya Str. 4. CONTACT: DAVYDOVSKOYE 404022, Russia, Volgograd region, Dubovskiy region, Davydovka Ms. I. Gridneva Insolvency Manager 400001, Russia, Volgograd region, Balakhinskya Str. 4 IMPEXBANK: Fitch Assigns Eurobond Rating of 'B-' ------------------------------------------------ Fitch Ratings assigned Dresdner Bank Aktiengesellschaft's upcoming issue of limited recourse loan participation notes an expected Long-term 'B-' rating. The notes are to be used solely for financing a loan to Russia's Impexbank ('Impex', rated Long-term 'B-', Short-term 'B', Individual 'D/E', Support '5', Outlook Stable). Dresdner will only pay noteholders amounts (principal and interest) received from Impex under the loan agreement. The assignment of the final rating is contingent on receipt of final documentation conforming materially to information already received. The loan agreement between Dresdner and Impex specifies that Dresdner's claims under the loan agreement will rank at least pari passu with the claims of other unsecured creditors, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2004, retail deposits accounted for 36% of Impex's total liabilities, according to the bank's International Financial Reporting Standards accounts. Covenants limit mergers and disposals by Impex and its subsidiaries, and restrict dividend payments to 25% of net income in any year. They also specify that the terms of all transactions with affiliated entities must be no less favorable for the bank than those of transactions with non-related parties, with a written opinion to be provided by an independent appraiser in respect to transactions of more than US$10 million. The loan agreement also contains a cross default clause. The loan agreement contains a negative pledge clause, which allows for a degree of securitization by Impex. In the event of such a securitization, Fitch notes that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Noteholders will benefit from a put option in case of a change in control, defined as any entity without an investment grade rating, apart from the current shareholders, acquiring 50% + 1 share of the voting share capital of the bank. Impex was founded in 1993 and purchased by its current shareholders, two individuals, in 1999. Since then, the bank has grown rapidly, and at end-2004 was one of the 30 largest in Russia by total assets, with a network including over 90 full service offices and almost 300 retail outlets. Impex's owners also own another Russian bank, Rossiyskiy Kredit (RK), which defaulted after the 1998 Russian financial crisis. Under a 2000 settlement, RK's creditors claims were restructured, although the fair (discounted) value of the assets they received was only a fraction of their nominal claims against RK. CONTACT: FITCH RATINGS James Watson, Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Media Relations: Jon Laycock, London Phone: +44 20 7417 4327 JSC IMPEXBANK 20/10 Build.1A Novopeschanaya St., Moscow 125252 Russia E-mail: international@impexbank.ru Web site: http://www.impexbank.ru FOR CORPORATE CUSTOMERS: Phone/Fax: +7 095 752 5252 FOR RETAIL CUSTOMERS: Phone: +7 095 258 3232 FOR FINANCIAL INSTITUTIONS: Phone: +7 095 258 3219 Fax: +7 095 248 1370 INTERNATIONAL MOSCOW: On Rating Watch Positive ---------------------------------------------- Fitch Ratings placed International Moscow Bank's Long-term 'BB' and Short-term 'B' ratings on Rating Watch Positive and affirmed the Support rating at '3'. Separately, Fitch expects to complete a review of IMB's Individual 'C/D' rating in the coming weeks. The agency notes that IMB's Long-term rating is driven by potential support primarily from Bayerische Hypo- und Vereinbank ('HVB'), its 53.3%-shareholder. In light of that potential support, the Watch Positive for IMB's Long-term rating reflects the initiation of a Rating Watch Positive status for the Long-, Short-term and Individual ratings of HVB this week. The HVB action itself followed the announcement by Italy's UniCredito Italiano (UCI) of an agreed all share offer for 100% of the share capital of HVB. (See announcement dated 13 June 2005 at http://www.fitchratings.com) If UCI were successful, the new entity would be one of the ten largest banks in Europe. By consolidating the two banks' existing franchises in central and Eastern Europe (CEE), it would also become the dominant player across that region. Fitch comments that, while affirmed at the present time, IMB's Support rating could also potentially change, to '2', depending on the level of integration between IMB and the merged bank. HVB recently increased its holding in IMB to a controlling stake as a result of a US$100 million share issue carried out by IMB (see announcement dated 30 May 2005 at http://www.fitchratings.com). IMB's other shareholders are Nordea, BCEN-Eurobank (the Paris-based subsidiary of the Russian Central Bank) and the European Bank for Reconstruction and Development, which, after the recent share issue, hold stakes of some 26%, 15.9% and 4.8%, respectively in the bank's common stock. IMB was established in October 1989 as Russia's first joint venture bank with foreign participation. IMB's core business is servicing large and medium-sized domestic corporates. The bank has also begun actively lending to smaller companies and developing retail banking operations, and trades securities and foreign exchange. IMB ranks among the top 10 Russian banks by total assets. Fitch notes that UCI's bid for HVB is subject to approval by shareholders and regulatory authorities and is expected to close in autumn 2005. The resolution of the Watch Positive status for IMB is dependent on the progression of said merger. CONTACT: FITCH RATINGS Lindsey Liddell, London Phone: +44 207 417 3495 James Watson, Moscow Phone: +7 095 956 9901 Media Relations: Jon Laycock, London Phone: +44 20 7417 4327 INTERNATIONAL MOSCOW BANK Prechistenskaya nab. 9, Moscow, 119034, Russia Phones: (+7 095) 258-72-00, 956-85-75 Fax: (+7 095) 258-72-72 Toll-free phone number: in Russia 8 800 200-73-00 E-mail: imbank@imbank.ru Web site: http://www.imb.ru/en/ KOMSOMOLSKIY: Declared Insolvent -------------------------------- The Arbitration Court of Khabarovsk region commenced bankruptcy proceedings against Komsomolskiy after finding the auto-repair plant insolvent. The case is docketed as A73-2657/2005-39. Mr. A. Staroverov has been appointed insolvency manager. Creditors may submit their proofs of claim to 681005, Russia, Komsomolsk-na-Amure, Zavodskaya Str. 1. CONTACT: KOMSOMOLSKIY 681006, Russia, Komsomolsk-na-Amure, Remontnaya Str. 15 Mr. A. Staroverov Insolvency Manager 681005, Russia, Komsomolsk-na-Amure, Zavodskaya Str. 1 PASSENGER AUTO-TRANSPORT: Succumbs to Bankruptcy ------------------------------------------------ The Arbitration Court of Amur region commenced bankruptcy proceedings against Passenger Auto-Transport Enterprise after finding the municipal unitary enterprise insolvent. The case is docketed as A04-368/05-6/51 "B". Ms. G. Chmutina has been appointed insolvency manager. Creditors may submit their proofs of claim to 675000, Russia, Amur region, Blagoveshensk, Ostrovskogo Str. 39, Apartment 2. CONTACT: PASSENGER AUTO-TRANSPORT ENTERPRISE 676282, Russia, Amur region, Tynda, Sovetskaya Str. 57 Ms. G. Chmutina Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Ostrovskogo Str. 39, Apartment 2 PROM-STROY: Creditors Have Until July 7 to File Claims ------------------------------------------------------ The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Prom-Stroy after finding the open joint stock company insolvent. The case is docketed as A27-25823/2004-4. Mr. S. Bychkov has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 654007, Russia, Novokuznetsk, Post User Box 7/25. CONTACT: PROM-STROY Russia, Kemerovo region, Mezhdurechensk Mr. S. Bychkov Insolvency Manager 654007, Russia, Novokuznetsk, Post User Box 7/25 SHAMARA-WOOD: Sverdlovsk Court Names S. Domas Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Shamara-Wood after finding the open joint stock company insolvent. The case is docketed as A60-649/2004-S4. Mr. S. Domas has been appointed insolvency manager. Creditors may submit their proofs of claim to 620027, Russia, Ekaterinburg, Post User Box 206. CONTACT: SHAMARA-WOOD 623010, Russia, Sverdlovsk region, Shalinskiy region, Shamary, Lenina Str. 12 Mr. S. Domas Insolvency Manager 620027, Russia, Ekaterinburg, Post User Box 206 SYKTYVKARSKAYA: Komi Court Appoints Insolvency Manager ------------------------------------------------------ The Arbitration Court of Komi republic commenced bankruptcy proceedings against Syktyvkarskaya after finding the road-building company insolvent. The case is docketed as A29-9903/04-3B. Ms. O. Denisova has been appointed insolvency manager. Creditors may submit their proofs of claim to 167982, Russia, Syktyvkar, Ordzhonikidze Str. 49A, Room 205. A hearing will take place on April 13, 2006 at the Arbitration Court of Komi republic located at 167982, Russia, Syktyvkar, Ordzhonikidze Str. 49A, 4th floor. CONTACT: SYKTYVKARSKAYA Russia, Komi republic, Syktyvkar, Babushkina Str. 19 Ms. O. Denisova Insolvency Manager 167982, Russia, Syktyvkar, Ordzhonikidze Str. 49A, Room 205 UDMURT-NEFTE-STROY: Deadline for Proofs of Claim Set July --------------------------------------------------------- The Arbitration Court of Udmurtiya republic commenced bankruptcy proceedings against Udmurt-Nefte-Stroy after finding the close joint stock company insolvent. The case is docketed as A71-106/2004-G21. Mr. M. Davtyan has been appointed insolvency manager. Creditors have until July 21, 2005 to submit their proofs of claim to 426039, Russia, Udmurtiya republic, Izhevsk, Novosmirnovskaya Str. 28. CONTACT: UDMURT-NEFTE-STROY 426039, Russia, Udmurtiya republic, Izhevsk, Novosmirnovskaya Str. 28 Mr. M. Davtyan Insolvency Manager 426039, Russia, Udmurtiya republic, Izhevsk, Novosmirnovskaya Str. 28 VIKHOREVSKIY: Assets for Public Auction Later This Month -------------------------------------------------------- The bidding organizer of open joint stock company Vikhorevskiy will sell its property on June 28, 2005, 11:00 a.m. The public auction will take place on 665719, Russia, Irkutsk region, Bratsk, Komsomolskaya Str. 43A. The assets for sale are: (a) Lot 1: Buildings, Substations, Railways and Other Property. Starting price: RUB10,028,017; (b) Lots 2-5: Buildings and Equipment. Starting price: RUB1,104,000. The preliminary examination and reception of bids are done from 9:00 a.m. to 5:00 p.m. today. The list of documentary requirements is available at 665719, Russia, Irkutsk region, Bratsk, Komsomolskaya Str. 43A. To participate, bidders must deposit an amount equivalent to 20% of the starting price to the settlement account 40702810600000000743 in LLC PromServiceBank, Bratsk, correspondent account 30101810200000000790, BIC 042511790 today. CONTACT: VIKHOREVSKIY 665719, Russia, Irkutsk region, Bratsk, Komsomolskaya Str. 43A Bidding Organizer 665719, Russia, Irkutsk region, Bratsk, Komsomolskaya Str. 43A Phone: (3953) 41-42-67 YUKOS OIL: Denies Misappropriation Charges Against Unit ------------------------------------------------------- Antonio Valdes Garcia, former general manager of Fargoil, a wholly owned subsidiary of Yukos Oil Company, has been detained and is being interrogated in Moscow by the General Prosecutor's Office of the Russian Federation. This statement follows the most recent allegations from the Russian tax authorities and the General Prosecutor's Office against Yukos that Fargoil and Ratibor, two Yukos associated trading companies consolidated in Yukos' U.S. GAAP consolidated financial statements, are under investigation for inappropriate distribution of funds. Yukos strongly asserts that such allegations are completely unfounded. At the root of these allegations, and those previously disputed by Yukos is a lack of understanding or the unwillingness of the Russian tax authorities to comprehend consolidated accounting. Yukos has followed U.S. generally accepted accounting principles, U.S. GAAP, since 1999 and has openly operated this system consistently for over five years. Under these GAAP principles Yukos accounts have been audited by independent auditors PricewaterhouseCoopers, the results of which have been made available in Russia and to all of the company's approximately 60,000 domestic and international shareholders. Antonio Valdez Garcia, a native Russian, was general manager of the subsidiary company until 2004. The Company is anxious for his health and well-being and remains aware of the tremendous stress he must be experiencing during his forced incarceration. CONTACT: CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ============= U K R A I N E ============= FORMANO: Insolvency Manager Takes over Operations ------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Formano (code EDRPOU 24219690) on April 29, 2005 after finding the company insolvent. The case is docketed as 23/843-b. Mr. S. Krupenko (License Number AA 668345) has been appointed liquidator/insolvency manager. The company holds account number 26004330301 at Oshadbank, Fastiv branch 2877, MFO 320207. Creditors have until June 19, 2005 to submit their proofs of claim to: (a) FORMANO 08500, Ukraine, Kyiv region, Fastiv, K. Strokov Str. 6 (b) Mr. S. Krupenko Liquidator/Insolvency Manager Phone: 247-29-09 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B PERVOMAJSKE: Court Freezes Debt Payment --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on LLC Pervomajske (code EDRPOU 00848629) on April 4, 2005 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 5/62 B. Mr. S. Lavrinenko (License Number AA 250246) has been appointed temporary insolvency manager. The company holds account number 260083005685 at State Savings Bank, Snizhne branch 5372, MFO 394329. Creditors have until June 19, 2005 to submit their proofs of claim to: (a) PERVOMAJSKE 86500, Ukraine, Donetsk region, Snizhne, Pridniprovska Str. 59 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 POLTAVAAGROTARASERVICE: Creditors' Claims Due Next Week ------------------------------------------------------- The Economic Court of Poltava region commenced bankruptcy supervision procedure on Poltava Regional State Public Enterprise Poltavaagrotaraservice (code EDRPOU 01879968) on April 11, 2005. The case is docketed as 7/43. Mr. Volodimir Matlash (License Number AA 783130) has been appointed temporary insolvency manager. The company holds account number 26009174856067 at CB Privatbank, Poltava branch, MFO 331401. Creditors have until June 19, 2005 to submit their proofs of claim to: (a) POLTAVAAGROTARASERVICE 36009, Ukraine, Poltava region, Zinkivska Str. 56 (b) Mr. Volodimir Matlash Temporary Insolvency Manager 36034, Ukraine, Poltava region, a/b 487 Phone: (0532) 53-92-51 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 UROZHAJ: Under Bankruptcy Supervision ------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on Agricultural LLC Urozhaj (code EDRPOU 03731112). The case is docketed as 5/68-05. Mr. Anatolij Leshenko (License Number AA 484190) has been appointed temporary insolvency manager. The company holds account number 266005225 at JSPPB Aval, Vinnitsya branch, MFO 302247. Creditors have until June 19, 2005 to submit their proofs of claim to: (a) UROZHAJ 24730, Ukraine, Vinnitsya region, Pishanskij district, Rudnitske, Lenin Str. 35 (b) Mr. Anatolij Leshenko Temporary Insolvency Manager 21050, Ukraine, Vinnitsya region, Soborna Str. 15, room 501 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 VISHEVICHI: Zhitomir Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy proceedings against Vishevichi on April 26, 2005 after finding the joint stock company insolvent. The case is docketed as 7/171 B. Mr. Oleg Shklyar (License Number AA 630142) has been appointed liquidator/insolvency manager. Creditors have until June 19, 2005 to submit their proofs of claim to: (a) VISHEVICHI Ukraine, Zhitomir region, Radomishlskij district, Vishevichi (b) Mr. Oleg Shklyar Liquidator/Insolvency Manager 10002, Ukraine, Zhitomir region, Putyatinskij Square, 2, Room 304 Phone/Fax: (0412) 34-04-44 =========================== U N I T E D K I N G D O M =========================== A I C REALISATIONS: Hires Administrators from Middleton Partners ---------------------------------------------------------------- Michael Francis Stevenson and Julie Anne Palmer (IP Nos 8154, 8835) have been appointed joint administrators for A I C Realisations Ltd. (formerly Accident Injury Claims Ltd.). The appointment was made June 1, 2005. Its registered office is located at 65 St Edmunds Church Street, Salisbury SP1 1EF. The company offers legal advice on compensation claims for work, car, and personal injury accidents on a "no win, no fee" arrangement. CONTACT: A I C REALISATIONS LTD. Free Phone: 0800 0720398 Web site: http://www.injuryaccidentclaims.co.uk/ MIDDLETON PARTNERS 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF Phone: 01722 435 192 Fax: 01722 421102 E-mail: julie@middletonpartnerssalisbury.co.uk Web site: http://www.middletonpartners.co.uk ARC SYSTEMS: Hires Begbies Traynor to Liquidate Assets ------------------------------------------------------ At the extraordinary general meeting of Arc Systems Limited on June 8, 2005 held at The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined extraordinary resolution to wind up the company was passed. Mark Robert Fry of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG has been appointed liquidator of the company. The company manufactures and distributes building materials. CONTACT: ARC SYSTEMS LTD. 14 Bell Road, Kingston 11 Phone: 876-923-1426 Fax: 876-757-7962 E-mail: arcsystems@colis.com BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com BLUE CIRCLE: Final Meeting Set Next Month ----------------------------------------- Name of companies: Blue Circle (Intruder Protection) Co. Limited Bushwood Limited Hurrikane Limited Shield Alarm Systems Limited The final meetings of the members of these companies will be on July 18, 2005 at 9:30 a.m. and thereafter at 10-minute intervals. It will be held at the offices of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the properties of the companies disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: SHIELD ALARM SYSTEMS Western Business Centre Riverside Terr Swansea SA2 9BT West Glamorgan Phone: 029 2057 8878 Fax: 029 2057 6931 PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CAIRS LIMITED: Members Pass Winding-up Resolution ------------------------------------------------- At the extraordinary general meeting of the members of Cairs Limited on May 31, 2005 held at 4 St Giles Court, Southampton Street, Reading RG1 2QL, the special resolution to wind up the company was passed. Paul Boyle of Harrisons, 4 St Giles Court, Southampton Street, Reading RG1 2QL has been appointed liquidator of the company. CONTACT: CAIRS LTD. 18-19 Oaklands Park Fishponds Road Wokingham, Berkshire RG41 2FD Phone: 0118 978 6880 Fax: 0118 978 6664 E-mail: cairs@cairs.co.uk Web site: http://www.cairs.co.uk HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com CONQUEST FOODS: Appoints Administrators from Ernst & Young ---------------------------------------------------------- G. Wilson and S. Allport (IP Nos 9062, 8763) have been appointed administrators for Conquest Foods Limited. The appointment was made June 4, 2005. Its registered office is located at Coulman Road, Industrial Estate, Thorne, Doncaster DN8 5JS. * * * Conquest Foods Ltd. is situated on a three-and-a-half-acre site in Thorne, South Yorkshire. It has a 20,000 square feet factory, which operates under a high/low care regime, and a 1, 200 pallet coldstore on the site. The Company was set up with the specific aim of manufacturing a complete range of frozen baked potato products for the Food Service and the Retail Trades. Conquest Foods Ltd. have an excellent reputation within the Wholesale and Retail Trades, gained by ensuring that product quality standards are maintained throughout the year. The nature of the products, their consistency and long shelf life, means that within a catering establishment, excellent quality potato products can be produced with minimal wastage. CONTACT: CONQUEST FOODS LIMITED Coulman Road Industrial Estate, Thorne, Nr Doncaster, South Yorkshire DN8 5JS Phone: +44 01405 740474 Fax: +44 01405 741075 Web site: http://www.conquestfoods.com/ ERNST & YOUNG PO Box 61, Cloth Hall Court 14 King Street, Leeds LS1 2JN Phone: +44 [0] 113 298 2200 Fax: +44 [0] 113 298 2201 Web site: http://www.ey.com FAST FORMWORK: Names DTE Leonard Curtis Administrator ----------------------------------------------------- J. M. Titley and P. Reeves (IP Nos 8617, 9343) have been appointed joint administrators for Fast Formwork Limited. The appointment was made June 3, 2005. The company is engaged in renting plant and equipment for use in construction. CONTACT: FAST FORMWORK LIMITED Hollins Grove Street Darwen, Lancashire, BB3 1HG Phone: 01254 771352 Fax: 01254 707865 E-mail: info@fastforwork.com Web site: http://fastformwork.com/ DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com INMARSAT VENTURES: Strong Demand Seen for Share Offering -------------------------------------------------------- The share offering of Inmarsat Ventures looks set to be priced at the top of the 215-245p range basing on shareholder support it gathered, The Scotsman said Thursday. At this price, the offering could fetch as much as GBP403 million, the report said. Sources say investors may have been attracted to the shares owing to Inmarsat's strong cash flow and growth potential, and generous dividend policy. The mobile communications provider had operating profit of US$159.1 million (GBP88 million) in 2004 on US$480.7 million of revenues. They also said controlling shareholders Apax and Permira -- encouraged by the strong demand -- are contemplating selling part of their stake. Together they hold 52% of the company. They bought their stake for US$1.5 billion in 2003. The mobile communications provider said in June it plans to use proceeds of the offering to pay existing debt. * * * In November, Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Inmarsat Ventures Ltd. and its parent company Inmarsat Investments Ltd. to 'B+' from 'BB-'. Standard & Poor's also assigned its 'B+' long-term corporate credit rating to Inmarsat Holdings Ltd. The outlook is stable. At the same time, Standard & Poor's lowered its bank loan rating on Inmarsat Investments Ltd.'s US$975 million senior credit facilities to 'B+' from 'BB-' and lowered its senior unsecured debt rating on Inmarsat Finance PLC's US$477.5 million notes to 'B-' from 'B'. In addition, Standard & Poor's assigned its 'CCC+' debt rating to the proposed US$300 million senior discount notes to be issued by Inmarsat Finance II PLC. CONTACT: INMARSAT GROUP LIMITED 99 City Rd. London EC1Y 1AX Phone: +44-20-7728-1256 Fax: +44-20-7728-1179 Web site: http://www.inmarsat.com/ INTERNATIONAL BOTTLE: Business for Sale --------------------------------------- The joint administrators, Mark Wilson and Tracey Callaghan of Baker Tilly, offer for sale in parts or as a whole the business and assets of International Bottle Company Limited. The group supplies printed glass and plastic bottles to high profile customers in the perfume, cosmetic and toiletries industries. Established more than a hundred years ago, the company booked more than GBP6 million in turnover in 2004. The International Bottle currently operates at 36,500 sq. ft. and 14,000 sq. ft. freehold premises in Enfield Middlesex. CONTACT: BAKER TILLY 46 Clarendon Road Watford WD17 1JJ Phone: 01923 816400 Fax: 01923 253402 Web site: http://www.bakertilly.co.uk Liam Caffrey E-mail: liam.caffrey@bakertilly.co.uk INVERESK PLC: Appoints New Executive Director --------------------------------------------- The board of Inveresk Plc has appointed David Nigel Doorbar as Executive Director with effect from June 15, 2005. Mr. Doorbar has a wide experience of working within the paper industry and his wealth of knowledge will be a great benefit to the company in his role as General Manager with specific emphasis in the area of sales and marketing. He has been a director of Lancaster Paper Agency. He was earlier appointed a new General Manager for the business following a distinguished 26-year career with Arjo Wiggins. He has no interest in the ordinary shares of the Company. There are no other matters, which are required to be announced as required under paragraph (f) of Schedule 2 of the AIM Rules. * * * Earlier this month, Inveresk agreed to sell its Gemini paperboard brand to Scottish paper producer Tullis Russell Papermakers Ltd. for a maximum total consideration of GBP7 million with a further GBP8 million being payable to Inveresk in respect of services provided to Tullis Russell between now and November 2005. Inveresk will sell their Gemini brand name and order book to Tullis Russell, also based in Scotland at Markinch, Glenrothes in Fife. Gemini is a well-established brand within the U.K. and mainland Europe in the coated board market where Tullis Russell are also already represented with their Trucard product. The consideration for the sale of the Intellectual Property is GBP5 million in cash on completion. A further GBP2 million will become payable in cash dependent upon the level of sales tons made between November 2005 and November 2006. This consideration will become payable in early December 2006. A further GBP8 million will be payable in cash on a monthly basis between June and November 2005 in respect of Inveresk maintaining the continuity of Carrongrove's production, sales and marketing. The proceeds generated from these transactions of between GBP13 million and GBP15 million will be used to substantially eliminate bank borrowings, which at 31 December 2004 stood at GBP15.7 million. In the year ended 31 December 2004, the Carrongrove mill generated sales revenue of GBP26.2 million and operating profits of GBP1.62 million struck before central costs, exceptional costs and financial interest. The assets being sold have a nominal value within the books of Inveresk. CONTACT: INVERESK PLC Carrongrove Paperboard Mill Denny Falkirk FK6 5HJ, United Kingdom Phone: +44-1324-827-200 Fax: +44-1324-826-248 Web site: http://www.inveresk.co.uk JESSOPS PLC: To Distribute Dividends Next Month ----------------------------------------------- Further to the announcement of the interim results on 10 May 2005, Jessops plc revealed the dividend timetable for the payment of an interim dividend of 0.7 pence per ordinary share for the year ending 30 September 2005: Ex-dividend Date: 22 June 2005 Record Date: 24 June 2005 Payment Date: 22 July 2005. * * * Last month, Jessops plc reported earnings before interest, tax and amortization ('EBITA') were 18% down at GBP5.7 million. Profits on ordinary activities before tax for the period, which included a higher interest charge for October under the group's former financing structure, were GBP1.3 million. Net debt reduced to GBP42.8 million (2003: GBP126 million). The positive start to the company's life as a listed company was in contrast to the Group's trading in February and early March, which saw an unprecedented decline in digital camera sales and the toughest trading conditions seen at Jessops at least since digital cameras were launched onto the market in the mid 1990s. Digital cameras accounted for 45% of the Group's total sales in the first 6 months. Data from GfK Marketing Services showed that the U.K. digital camera market grew by 36%, 32% and 20% in November, December and January compared to the prior year, yet recorded growth of just 0.1% in February, giving some context to the sudden decline in the Group's sales in the second quarter. Some recovery was evident in the industry figures for March as a whole, which saw growth of 21%, but the bulk of this increase was seen towards the end of the month, which this year included Easter. The impact of the sales shortfall in February and early March not only had a material impact on profits for the period, but caused the company to reconsider projections for the second half of the year. In response to these difficult market conditions, the company has set in train a number of projects to drive sales and deliver efficiency savings. CONTACT: JESSOPS PLC Jessop House, Scudamore Rd. Leicester LE3 1TZ, United Kingdom Phone: +44-116-232-6000 Web site: http://www.jessops.com JOHN LESTER: Creditors Meeting Set Next Week -------------------------------------------- The creditors of John Lester Foods Limited will meet on June 23, 2005 at 12:30 p.m. It will be held at the offices of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not later than June 22, 2005. * * * John Lester Foods imports and wholesale products for the Catering and Foodservice sector, including canned and ambient foods, groceries and ingredients. Established in 1976, it has a long experience in the sector's needs, providing a wide range of products, regular deliveries, competitive prices and a focus on customer service. John Lester is also a food importer of bulk food lines including Baked Beans, Canned Tomatoes, Canned Fruit and Canned Tuna. It is based in South London and delivers to all regions of England and Wales. CONTACT: JOHN LESTER FOODS LIMITED Phone: 0208 692 1000 Fax: 0208 469 2727 E-mail: sales@jlf.co.uk Web site: http://www.jlf.co.uk/ BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk MARKS & SPENCER: Icelandic Banks Might be Behind Stake Building --------------------------------------------------------------- An unidentified investor has been building up a significant stake in troubled retailer Marks & Spencer, according to The Guardian. Reports say the mystery buyer might be Icelandic banks Kaupthing or Landsbanki. Kaupthing said in late April it was buying and banking and fund management group Singer & Friedlander. Landsbanki in February agreed to buy stock brocker Teather & Greenwood for GBP43 million (EUR64 million). An M&S spokeswoman declined to comment. The investor has bought at least 3% of M&S stake for GBP170 million (EUR255.3 million), according to the report. It is soon to report the acquisition to the stock market regulator as required of companies or individuals buying 3% of more of a stake in another company. M&S warned in April regarding fourth-quarter sales. Chief executive Stuart Rose at the time said trading remained difficult, but assured the firm is making progress in stemming the decline. CONTACT: MARKS & SPENCER Media enquiries: Corporate Press Office Phone: 020 8718 1919 Investor Relations: Amanda Mellor Phone: +44 (0) 20 8718 3604 Damian Evans Phone: +44 (0) 20 8718 1563 PARKER CEILINGS: Members Decide to Wind up Firm ----------------------------------------------- At the extraordinary general meeting of the members of Parker Ceilings And Partitions Ltd. on May 27, 2005 held at The Estate Office, Park Lane, Laughton, East Sussex BN8 6BP, the special and ordinary resolutions to wind up the company were passed. Barry P. Knights of Knights & Company, 15A Nelson Road, Greenwich, London SE10 9JB has been appointed liquidator of the company. * * * Parker Ceilings and Partitions Ltd. was formed in January 1991 by the four current directors and shareholders -- Tom Parker, Danny Kingston, Simon Wickham and Stewart Pierce. From fairly humble beginnings the Company has always looked to reinvest within. This commitment has been rewarded by recently moving into its new stylish freehold premises situated in 1 1/2 acres of woodland near Laughton in East Sussex. The Company handles contracts both directly with clients as well as major builders. In the past 2 years management have worked directly for the Dental Practice Board in Eastbourne on contracts totaling GBP150,000 for refurbishment ceilings, partitions and suspended floors. Parker Ceilings and Partitions Ltd. have also worked with Kyle Stewart on a contract valued at GBP250,000 for all suspended ceilings in the new prestigious Virgin Atlantic building in Crawley, which was undertaken initially under the Partnering Scheme. The flexibility of the Company is shown in its ability in adapting to a GBP100 'local school' tile replacement job at any given time. CONTACT: PARKER CEILINGS AND PARTITIONS LTD. Web site: http://www.parkerbs.com/ KNIGHTS & COMPANY 15A Nelson Road, Greenwich, London SE10 9JB PETER SALMON: Hires Liquidator from BN Jackson Norton ----------------------------------------------------- At the extraordinary general meeting of Peter Salmon Cars Limited on May 24, 2005 held at 22 Laud Street, Croydon, Surrey CR0 1SU, the special resolution to wind up the company was passed. Michael Colin John Sanders of BN Jackson Norton, 22 Laud Street, Croydon CR0 1SU has been appointed liquidator of the company. * * * Peter Salmon Cars have been involved in the motor industry for 30 years. For 15 years, Peter Salmon has been the managing director of two main BMW dealership. Peter Salmon Cars is a company committed to providing top quality used cars with service histories at competitive prices, new cars and also parallel imported new cars. CONTACT: PETER SALMON CARS LTD. 145 Limpsfield Road Sanderstead Surrey CR2 9LG Phone: 020 8651 9666 Fax: 020 8651 0770 E-mail: sales@petersalmoncars.co.uk BN JACKSON NORTON 22 Laud Street, Croydon CR0 1SU TEKX LIMITED: Liquidator from Vernon Wright & Co. Moves in ---------------------------------------------------------- At the extraordinary general meeting of Tekx Limited on June 8, 2005 held at 40-42 High Street, Maldon, Essex CM9 5PN, the extraordinary and ordinary resolutions to wind up the company were passed. Vernon Charles Wright of Vernon Wright & Co, 40-42 High Street, Maldon, Essex CM9 5PN has been appointed liquidator of the company. CONTACT: TEKX LIMITED Web site: http://www.tekx.co.uk/ VERNON WRIGHT & CO First Floor 40-42 High Street Maldon Phone: 01621 855330 Fax: 01621 855399 E-mail: vcw.insol@virgin.net ********* 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. 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