/raid1/www/Hosts/bankrupt/TCREUR_Public/050701.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, July 1, 2005, Vol. 6, No. 129
Headlines
G E R M A N Y
GEO CON: Court Appoints Kuebler Provisional Administrator
GRUENEFELD ALUMINIUM: Claims Deadline July 15
GUSTAV BRINKJOST: Printing Company Under Administration
JAKOB PERAU: Applies for Bankruptcy Proceedings
KONSTRUKTION KLEITNER: Creditors' Claims Due Later this Month
MUELLER-TE: Gives Creditors Until August 5 to File Claims
MULTI MEDIA: Declares Bankruptcy
PZRO SPORTWAGEN: Koln Court Affirms Bankruptcy
SOLIDEX PROJEKTENTWICKLUNGS: Construction Firm Declared Bankrupt
SPANIER + SCHMIDT: Files for Bankruptcy
T.E.C. TISCHER: Consulting Firm Falls into Bankruptcy
VEREINS FAMILIENFERIENWERK: Sets First Creditors Meeting July 12
I R E L A N D
ELAN CORPORTION: Posts Latest Update on TYSABRI
I T A L Y
PARMALAT FINANZIARIA: Milan Judge Convicts 11 Execs
PARMALAT FINANZIARIA: Auditor Faces Possible U.S. Class Action
PARMALAT U.S.A.: AP Services Wants US$1 Million Success Fee Paid
K Y R G Y Z S T A N
ASHMARA: Holds Another Public Auction
AVILES: Claims Filing Deadline Expires Next Month
DELTA GROUP: Sets Proofs of Claim Deadline
HAN-ORDO: Declared Insolvent
KOKDOBO: Sets Public Auction July 8
NOOKAT BOORUKER: Under Bankruptcy Supervision
PROGRESS-PLUS: Proofs of Claim Deadline Set Mid-August
SOODA BORBORU: To Hold Public Auction Next Week
VUKOS: Creditors' Claims Due August
R U S S I A
ACRYLIC RESIN: Succumbs to Bankruptcy
ALEKSEEVSK-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
ALFA MTN: Fitch Gives Eurobond 'B+' Rating
BELOGLINSKIY: Declared Insolvent
CHEL-PROM-DOR-MASH: Bankruptcy Hearing Set September
KUBAN: Undergoes Bankruptcy Supervision Procedure
METALLIST: Insolvency Manager Takes over Helm
OMSK-STOCKINET: Omsk Court Hires Insolvency Manager
RODINA: Insolvency Manager to Temporarily run Operations
SHERBINOVSK-STROY-SNAB: Bankruptcy Hearing Set July 19
VIKO: Appoints A. Drozdetskiy Insolvency Manager
YUKOS OIL: Sells Geoilbent Holdings
S W I T Z E R L A N D
ABB LTD.: Consolidation to Cost More than 1,000 Jobs
ABB LTD.: Combustion Eng'g. Files Modified Disclosure Statement
T U R K E Y
TEKFENBANK A.S.: Fitch Affirms 'B' Rating
U N I T E D K I N G D O M
ALL ACCESS: Hires Administrators from BDO Stoy Hayward
ALTER EGO: Appoints Begbies Traynor Liquidator
BERRYS DIRECT: Hires Leonard Curtis & Co. as Administrator
BOOTS GROUP: Opens Doors to Retailers, Services Firms
BUCKTON CONTRACTORS: Creditors' Claims Due this Month
DAWSON INTERNATIONAL: Dorma Restructuring Ahead of Schedule
DRIVE SECURITIES: Members Meeting Set this Month
F.B. ESTATES: Appoints Baker Tilly Liquidator
FEDERAL-MOGUL: Names Jose Maria Alapont Chairman
GALLAHER GROUP: Restructuring Costs Total GBP95 Million
GLOBE TECHNICAL: Grant Thornton Appointed Liquidator
GLOBE TECHNICAL: Proofs of Claim Due Later this Month
GREENWOOD BUILDING: Administrators from Wilson Pitts Move in
INDIANROSE LIMITED: Liquidator's Report Out July
INSTANT ZIP: Members Meeting Set July 28
INTERTEK GROUP: Venezuela Office Faces Closure
KINGSWINFORD WASTE: Hires Administrator from Bridgestones
LINKCENTRE LIMITED: Administrators from Leonard Curtis Move in
LONDON DIGITAL: Hires Begbies Traynor as Administrator
MINERVA PLC: Concludes Sale of Delta Point for GBP56.25 Million
NESSA LIMITED: Creditors Meeting Set Next Week
PAYLESS TRAVEL: In Administrative Receivership
PEARCE PLANT: Hires Administrators from Rothman Pantall & Co.
PRESTON & DUCKWORTH: Business for Sale
RICHARD CASE: Names Mazars Administrator
SENDO LTD.: Ships Key Assets to Motorola
SKYEPHARMA PLC: Pleased with Return of Paxil to U.S. Market
SKYEPHARMA PLC: Asthma Drug Approved in Germany
SOVEREIGN DESPATCH: Hires Administrators from KPMG
SPIRENT PLC: Job cuts at Service Assurance Unit Total 180
*********
=============
G E R M A N Y
=============
GEO CON: Court Appoints Kuebler Provisional Administrator
---------------------------------------------------------
The district court of Karlsruhe opened bankruptcy proceedings
against GEO CON DATA Gesellschaft fuer Ingenieurmessung und
Datenverarbeitung mbH on June 7. 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 Bettina E.
Breitenbuecher of Kuebler.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 31, 2005, 10:00 a.m. at the district court
of Karlsruhe, Schlossplatz 23, 76131 Karlsruhe, Saal IV/1. OG 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: GEO CON DATA GESELLSCHAFT FUER INGENIEURMESSUNG UND
DATENVERARBEITUNG MBH
Contact:
Uwe Kuenzel
Theodor-Korner-Str. 4 a, 76275 Ettlingen
Bettina E. Breitenbuecher, Administrator
Neckargartacher Str. 90, 74080 Heilbronn
Web site: http://www.kuebler-gbr.de
GRUENEFELD ALUMINIUM: Claims Deadline July 15
---------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Gruenefeld Aluminium-Druckguss GmbH on June 21.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until July 15, 2005
to register their claims with court-appointed provisional
administrator Dr. Norbert Wischermann.
Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 10:00 a.m. at the district court
of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283, 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.
Gruenefeld Aluminium-Druckguss GmbH manufactures aluminum
products.
CONTACT: GRUENEFELD ALUMINIUM-DRUCKGUSS GmbH
Gewerbering 17, 58579 Schalksmuehle
Contact:
Reinhard Gruenefeld, Manager
Dahlienstr. 28, 58579 Schalksmuehle
Phone: (02355) 511
Dr. Norbert Wischermann, Administrator
Untermauerstr. 22, 58332 Schwelm
Phone: 02336/4795-0
Fax: +49202451939
GUSTAV BRINKJOST: Printing Company Under Administration
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gustav Brinkjost KG on June 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, 10:15 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.
Gustav Brinkjost KG offers printing, photocopying, and other
duplication services.
CONTACT: GUSTAV BRINKJOST KG
Grabenstr. 4, 33647 Bielefeld
Contact:
Michael Brinkjost, Manager
Evenhausen 25 a, 33818 Leopoldsohe
Fax: +49 / 521 / 41 06 20
E-mail: online@brinkjost.de
Web site: http://www.brinkjost.de
Cornelia Monert, Administrator
Lise-Meitner-Str. 13, 33605 Bielefeld
JAKOB PERAU: Applies for Bankruptcy Proceedings
-----------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against Jakob Perau GmbH on June 10. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors had until June 28 to register their claims with court-
appointed provisional administrator Rainer Beck.
Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 11:10 a.m. at the district court
of Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss,
C 58 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: JAKOB PERAU GMBH
Weststrasse 4, 47661 Issum
Contact:
Maria Perau
Weststrasse 4, 47661 Issum
Rainer Beck, Administrator
Rheinstrasse 75, 47623 Kevelaer
Phone: 02832/97720
Fax: 02832/799875
KONSTRUKTION KLEITNER: Creditors' Claims Due Later this Month
-------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Konstruktion Kleitner GmbH on June 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 24, 2005 to register their claims with
court-appointed provisional administrator Dr. Christian
Frystatzki.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 24, 2005 at the district court of Koln,
Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12. Etage,
Raum 1240 at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: KONSTRUKTION KLEITNER GMBH
Bruehler Strasse 99, 50389 Wesseling
Contact:
Juergen Schmitz
Gertrudenstr. 43, 50321 Bruehl
Dr. Christian Frystatzki, Administrator
Sankt Augustiner Str. 94 a, 53225 Bonn
Phone: 02 28/40 09 4-90
Fax: +492284009499
MUELLER-TE: Gives Creditors Until August 5 to File Claims
---------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Mueller-te Poel Verwaltungs GmbH on June 20. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until August 5, 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 September 5, 2005, 9:15 a.m. at the district
court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn,
2 Stock, Saal S 2.20, 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.
Mueller-te Poel Verwaltungs GmbH sells motorcycles and provides
related services such as repair and maintenance.
CONTACT: MUELLER-TE POEL VERWALTUNGS GmbH
Ernst Robert-Curtiusstrasse 4, 53117 Bonn
Contact:
Vera Muelle-te Poel, Manager
Phone: 0228/676600
Dr. Andreas Schulte-Beckhausen, Administrator
Oxfordstr. 2, 53111 Bonn
Phone: 0228 / 98 52 10
Fax: 0228 / 98 52 122
MULTI MEDIA: Declares Bankruptcy
--------------------------------
The district court of Koln opened bankruptcy proceedings against
Multi Media Entertainment AG on June 9. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Aug. 7, 2005 to register their
claims with court-appointed provisional administrator Hans-Gerd
Jauch.
Creditors and other interested parties are encouraged to attend
the meeting on Sept. 7, 2005, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240 at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: MULTI MEDIA ENTERTAINMENT AG
Offenbachplatz 1, 50667 Koln
Contact:
Heinz-Peter Wenz, Administrator
Melanchtonstrasse 40, 42653 Solingen
Hans-Gerd Jauch
Sachsenring 81, 50677 Koln
Phone: 0221/33660130
Fax: +492213366085
PZRO SPORTWAGEN: Koln Court Affirms Bankruptcy
----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
PZRO Sportwagen GmbH on June 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 31, 2005 to register their claims with
court-appointed provisional administrator Dr. Jorg Nerlich.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 31, 2005, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12
Etage, Raum 1240 at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: PZRO SPORTWAGEN GMBH
Kolner Str. 268, 51515 Kuerten
Peter Gierse
Dr. Jorg Nerlich, Administrator
Aachener Str. 563-565, 50933 Koln
Phone: 0221/ 940 80 30
Fax: +492219408039
SOLIDEX PROJEKTENTWICKLUNGS: Construction Firm Declared Bankrupt
----------------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against SOLIDEX Projektentwicklungs- und Vertriebsgesellschaft
mbH on June 21. Consequently, all pending proceedings against
the company have been automatically stayed. Creditors have
until July 29, 2005 to register their claims with court-
appointed provisional administrator Dr. Jorg Nerlich.
Creditors and other interested parties are encouraged to attend
the meeting on August 19, 2005, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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.
SOLIDEX handles construction projects, providing related
services such as planning, roofing, plumbing, carpentry,
glassworks, electrical installations, heating system and
ventilation, sanitation and tileworks.
CONTACT: SOLIDEX PROJEKTENTWICKLUNGS-
und VERTRIEBSGESELLSCHAFT mbH
Meertal 43, 41464 Neuss
Contact:
Enrico Schneider, Manager
Phone: 0 21 31 / 27 32 94
Fax: 0 21 31 / 27 32 97
E-mail: info@solidex.de
Web site: http://www.solidex.de
Dr. Jorg Nerlich, Administrator
Louise-Dumont-Str. 25, 40211 Duesseldorf
SPANIER + SCHMIDT: Files for Bankruptcy
---------------------------------------
The district court of Koln opened bankruptcy proceedings against
Spanier + Schmidt GmbH, Fischenicher Str. 15, 50321 Bruehl on
June 1. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
July 18, 2005 to register their claims with court-appointed
provisional administrator Dr. Christian Frystatzki.
Creditors and other interested parties are encouraged to attend
the meeting on Sept. 1, 2005, 8:50 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: SPANIER + SCHMIDT GMBH
Fischenicher Str. 15, 50321 Bruehl
Contact:
Hartmut Schmidt, Administrator
Kapfenberger Str. 4, 50226 Frechen
Dr. Christian Frystatzki, Administrator
Sankt Augustiner Str. 94 a, 53225 Bonn
Phone: 02 28/40 09 4-90
Fax: +492284009499
T.E.C. TISCHER: Consulting Firm Falls into Bankruptcy
-----------------------------------------------------
The district court of Fuerth opened bankruptcy proceedings
against T.E.C. Tischer & Engelhardt Consulting GmbH on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until August 26, 2005
to register their claims with court-appointed provisional
administrator Hans Raab.
Creditors and other interested parties are encouraged to attend
the meeting on August 8, 2005, 2:30 p.m. at the district court
of Fuerth, Zi. 216/II, Dienstgebaude, Baumenstrasse 28, 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 26, 2005,
2:15 p.m. at the same venue.
Established in December 1997, Tischer & Engelhardt Consulting
GmbH provides advice to businesses regarding system and
components development, including production; search of supplier
of parts and components; and technical evaluation and costs
analysis. Visit http://t-e-c.defor more information.
CONTACT: T.E.C. TISCHER & ENGELHARDT CONSULTING GmbH
Wirtsgrund 2 in 91086 Muenchaurach
Phone: +49-(0)9132-7499-0
Fax: +49-(0)9132-7499-11
E-mail: info@t-e-c.de
Hans Raab, Administrator
Marktstr. 1, 91448 Emskirchen
VEREINS FAMILIENFERIENWERK: Sets First Creditors Meeting July 12
----------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Vereins Familienferienwerk der Deutschen Kolpingsfamilie e.V. on
May 1, 2005. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors had until
June 21, 2005 to register their claims with court-appointed
provisional administrator Joachim Klein II.
Creditors and other interested parties are encouraged to attend
the meeting on July 12, 2005, 10:30 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: VEREINS FAMILIENFERIENWERK DER DEUTSCHEN
KOLPINGSFAMILIE E.V.
Kolpingplatz 5-11, 50667 Koln
Contact:
Vorstand Anton Fuetterer
Dr. Michael Hanke
Stephan Johannes Kowoll
Joachim Klein II, Administrator
Hansaring 79 - 81, 50670 Koln
Phone: 91267777
Fax: +4922191267799
=============
I R E L A N D
=============
ELAN CORPORTION: Posts Latest Update on TYSABRI
-----------------------------------------------
Elan Corporation, plc and Biogen Idec said on Thursday that
ENCORE, the second Phase III induction trial of TYSABRI(R)
(natalizumab) for the treatment of moderately to severely active
Crohn's disease (CD) in patients with evidence of active
inflammation, met the primary endpoint of clinical response as
defined by a 70-point decrease in baseline Crohn's Disease
Activity Index (CDAI) score at both weeks 8 and 12.
In addition, ENCORE met all of its secondary endpoints including
clinical remission at both weeks 8 and 12. Clinical remission
was defined as achieving a CDAI score of equal to or less than
150 at both weeks 8 and 12.
There were no notable differences in the overall rates of
adverse events or serious adverse events between the TYSABRI and
placebo treatment groups. The most common adverse events seen
in the trial were headache, nausea, abdominal pain and
nasopharyngitis.
On February 28, 2005, Elan Corporation, plc and Biogen Idec
announced that they voluntarily suspended TYSABRI from the U.S.
market and all ongoing clinical trials. This decision was based
on reports of progressive multifocal leukoencephalopathy (PML),
a rare and potentially fatal, demyelinating disease of the
central nervous system. Elan and Biogen Idec's comprehensive
safety evaluation concerning TYSABRI and any possible link to
PML is ongoing. At the time of the dosing suspension, all
ENCORE study patients had completed dosing based on the study
protocol and collection and analysis of data followed.
The full data from ENCORE, including further sub-analysis of
response and remission rates as well as clinical effect at other
time points, effect on inflammatory markers and quality of life
data will be presented at an upcoming medical meeting.
"The results of the ENCORE study are encouraging because
patients treated with TYSABRI achieved a significant improvement
in symptoms of this devastating, chronic immune disease," said
Lars Ekman, MD, executive vice president and president, Research
and Development, Elan. "Patient safety remains our top
priority. We plan to share the data from ENCORE and our other
Phase III TYSABRI Crohn's studies with the FDA and other
regulatory agencies to determine the appropriate path forward
for TYSABRI as a potential new treatment option for this
underserved patient population."
"These data provide further evidence of the benefit of TYSABRI
in treating immune-mediated diseases. We are committed to a
thorough safety evaluation so we can better define the benefit-
risk profile of TYSABRI. We hope to have findings from the
evaluation by the end of the summer," said Burt Adelman, MD,
executive vice president, Development, Biogen Idec.
The ENCORE Study
ENCORE was a Phase III, international, double-blind, placebo-
controlled study of 510 patients at 114 sites to evaluate the
safety and efficacy of intravenous TYSABRI in patients with
moderately to severely active Crohn's disease (based on a
confirmed diagnosis of CD and a CDAI score of greater than or
equal to 220 and less than or equal to 450) and evidence of
active inflammation (as evidenced by elevated C-reactive protein
(CRP) levels of CRP greater than 2.87 mg/l, the upper limit of
normal). Patients were randomized 1:1 to treatment with TYSABRI
(300mg) or placebo infusions at weeks 0, 4, and 8. Efficacy and
safety assessments were performed at weeks 4, 8 and 12, and the
study remains ongoing for safety follow-up.
About TYSABRI
Elan and Biogen Idec are collaborating equally on the
development of TYSABRI in MS, Crohn's disease, and rheumatoid
arthritis. On February 28, 2005, Biogen Idec and Elan announced
that they voluntarily suspended TYSABRI from the U.S. market and
all ongoing clinical trials. Worldwide regulatory agencies are
being kept informed of developments related to TYSABRI.
About Crohn's Disease
Approximately one million people worldwide have Crohn's disease,
a chronic and progressive inflammatory disease of the
gastrointestinal tract, which commonly affects both men and
women. The disease usually causes diarrhea and crampy abdominal
pain, often fever, and at times rectal bleeding. Loss of
appetite and weight loss also may occur. Complications include
narrowing of the intestine, obstruction, abscesses, and fistulas
(abnormal channels connecting the intestine and other organs,
including the skin), malnutrition and decreased growth rate in
children.
About Elan
Elan Corporation (NYSE: ELN), plc is a neuroscience-based
biotechnology company. We are committed to making a difference
in the lives of patients and their families by dedicating
ourselves to bringing innovations in science to fill significant
unmet medical needs that continue to exist around the world.
Elan shares trade on the New York, London and Dublin Stock
Exchanges. For additional information about the company, please
visit http://www.elan.com.
About Biogen Idec
Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology, neurology and immunology. As a global leader in the
development, manufacturing, and commercialization of novel
therapies, Biogen Idec transforms scientific discoveries into
advances in human healthcare. For product labeling, press
releases and additional information about the company, please
visit http://www.biogenidec.com.
CONTACT: ELAN CORPORATION
Media Contacts:
Davia B. Temin or Brian McGlynn
Phone: 212-407-5740
Jim Milton
Phone: 353-1-498-0300
Investor Contacts:
Emer Reynolds
Phone: 353-1-709-4000, 800-252-3526
BIOGEN IDEC
Amy Brockelman
Phone: 617-914-6524
Investor Contacts:
Oscar Velastegui
Phone: 617-679-2812
=========
I T A L Y
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PARMALAT FINANZIARIA: Milan Judge Convicts 11 Execs
---------------------------------------------------
A Milan court convicted Monday 11 people accused of having a
hand in the collapse of dairy giant Parmalat Finanziaria, Gold
Coast Bulletin says.
Judge Cesare Tacconi handed down sentences ranging from 10
months to two-and-a-half years, all results of plea bargains.
The Parmalat 11 got lower jail terms in exchange for admitting
charges of market rigging, false auditing and hindering
regulators' probe.
The conviction is the first for any Parmalat executive since the
company filed for bankruptcy nearly two years ago. They include
Parmalat financial director Fausto Tonna, who received the
heaviest sentence -- a two-and-a-half year jail term -- for
misrepresenting the group's cash flow. Legal experts believe he
may not spend a single day in prison because his sentence can be
converted to community service. The same will apply to former
group lawyer Gian Paolo Zini, who got two years.
The court immediately but conditionally suspended the prison
terms of the other defendants, citing a legal provision that
waives jail time for first-time offenders sentenced to less than
two years. This ruling benefited Stefano and Giovanni Tanzi,
Calisto Tanzi's son and brother respectively; who got one year
and 11 months each. Former chief financial officers, Luciano
Del Soldato and Alberto Ferraris, as well as internal auditors
and former board members also avoided jail time.
The plea bargaining agreement allowed those convicted to avoid
five years in jail for market rigging and four years for false
auditing and obstructing the regulator's investigation.
The Parmalat 11, as they are now called, exclude Parmalat
founder and former chairman Calisto Tanzi, whose plea was
rejected by Judge Tacconi. Prosecutors indicted Mr. Tanzi on
the same charges along with 15 others. Those who will stand
trial on September 28 include eight Parmalat board members;
Andrea Petrucci, former general manager of the group; Luca Sala,
former head of Bank of America's Italian corporate finance
division; and Deloitte & Touche partners Adolfo Mamoli and
Giuseppe Rovelli.
Victory
Though the sentences are seemingly light, the conviction is
deemed a major victory for Milan prosecutors Francesco Greco,
Eugenio Fusco and Carlo Nocerino, who investigated Parmalat
immediately after declaring bankruptcy in December 2003. The
decision was rather quick, since ordinarily cases take more than
five years to resolve.
Umberto Mosetti, chief executive of Brussels-based investor
group Deminor, said: "For the thousands of people who lost money
because of the fraud at Parmalat, the question is not how many
months or years somebody spends in jail, but whether they manage
to get some of their money back."
Deminor is representing Parmalat shareholders and bondholders in
a class action suit in New York against U.S. banks that
allegedly abetted Parmalat's collapse.
Luca Arnaboldi, local managing partner for law firm McDermott
Will & Emery, said: "The real issue though about whether justice
has been served in the Parmalat case will revolve around the
trial in Parma. That is where the technical issues of the
bankruptcy will be examined, discussed and debated."
One of the prosecutors in the case expressed confidence the
verdict would allow him to pursue charges against local and
foreign banks, accused of selling bonds despite being privy to
the group's financial status. The conviction is also expected
to boost another case in Parma. Prosecutors in Parma recently
requested indictments for Mr. Tanzi and 70 others for fraudulent
bankruptcy, following an 18-month investigation.
The bankruptcy court in Parma recently set an August 26 deadline
for Parmalat creditors to vote on the proposed debt-for-equity
swap. A positive vote would pave the way for Parmalat's
relisting sometime in September or October. The group's shares
have been absent in the stock market since Parmalat collapsed
under the weight of a EUR14 billion debt.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
PARMALAT FINANZIARIA: Auditor Faces Possible U.S. Class Action
--------------------------------------------------------------
The Honorable Lewis A. Kaplan of the United States District
Court for the Southern District of New York on Tuesday issued an
opinion upholding various claims asserted by the plaintiffs
against certain auditor defendants in the class action relating
to the Parmalat Finanziaria securities fraud.
Judge Kaplan found that the plaintiffs had adequately stated
fraud claims against Deloitte Touche Tohmatsu (DTT) and Grant
Thornton International (GTI) by virtue of their respective
agency relationships with Parmalat's Italian auditors,
concluding that, "plaintiffs have alleged sufficiently that an
agency relationship existed between GTI and GT-Italy and DTT and
its members firms that conducted the Parmalat audit ..." and
that "(a)s principals they would be responsible for the actions
of their agents." The Court also found that plaintiffs had
adequately stated claims against GTI as a controlling person of
GT-Italy, and against DTT and James Copeland, Deloitte's Chief
Executive Officer, as controlling persons of Deloitte & Touche
LLP and DTT's member firms in Italy.
The law firms of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. and
Spector, Roseman & Kodroff, P.C. represent the court-appointed
bondholder lead plaintiffs in the action. According to Mark S.
Willis, a partner at Cohen Milstein, one of the co-lead counsel
in the litigation, "The Court's decision [Tues]day is a
significant step in moving the case forward for the benefit of
Parmalat securities purchasers."
Robert M. Roseman, a partner at Spector Roseman, echoed that,
"The Court's decision to hold the international accounting
organizations accountable has afforded investors the right to
proceed and to seek the recovery of funds lost due to the
Parmalat fraud."
A copy of Judge Kaplan's opinion is available at
http://www.cmht.com/and at http://www.srk-law.com/
CONTACT: COHEN MILSTEIN HAUSFELD & TOLL, P.L.L.C.
Mark S. Willis
Phone: 202 408-4600
E-mail: mwillis@cmht.com
or
Robert M. Roseman
Phone: 215 496-0300
E-mail: rroseman@srk-law.com
PARMALAT U.S.A.: AP Services Wants US$1 Million Success Fee Paid
----------------------------------------------------------------
Parmalat U.S.A. Corporation, and its U.S. debtor-affiliates
previously employed AP Services, LLC, as their crisis manager.
Pursuant to an Engagement Letter between the parties, the
Debtors agreed that AP Services will be compensated for its
efforts by payment of a Contingent Success Fee in addition to
the standard hourly fees.
AP Services attests that throughout their bankruptcy cases, the
U.S. Debtors have paid the firm's hourly fees and reimbursed the
necessary expenses for each monthly period.
AP Services asks the Court to authorize the U.S. Debtors'
payment of the $1,000,000 Contingent Success Fee, which is
applied for under the terms of the Engagement Letter and the
Court's Retention Order.
The Contingent Success Fee was based on the development and
implementation of a plan to maximize "Parmalat Dairy Value
Recovery" received by the Debtors' various stakeholders. As
provided for in the Engagement Letter, the Contingent Success
Fee was calculated in this manner:
(a) $1,000,000 upon implementation and the closing of the
Parmalat Dairy Value Recovery plan including the sale of
a majority of the Parmalat USA Corp.'s assets, wherein AP
Services had assisted in the negotiations with all
relevant stakeholders; and
(b) 1% of the excess of any distribution to stakeholders of
more than $135,000,000 from the Parmalat Dairy Value
Recovery.
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices. The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts. When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debt. The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005.
(Parmalat Bankruptcy News, Issue Nos. 56; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
===================
K Y R G Y Z S T A N
===================
ASHMARA: Holds Another Public Auction
-------------------------------------
The bidding organizer and insolvency manager of Agricultural
Cooperative Ashmara will sell its property on July 5, 2005,
11:00 a.m. at Chaldovar, Agricultural Cooperative Ashmara. Four
lots of vehicles and agricultural equipment are at stake.
To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the cashier of
Ashmara. Bidding documents must be submitted on or before July
4, 2005. Call (0-502) 50-37-13 or 57-70-55 for more
information.
AVILES: Claims Filing Deadline Expires Next Month
-------------------------------------------------
LLC Aviles, which recently became insolvent, will accept proofs
of claim at Bishkek, Minbulaks side Str. 62 until August 20,
2005.
CONTACT: AVILES
Bishkek,
Minbulaks Side Str. 62
DELTA GROUP: Sets Proofs of Claim Deadline
------------------------------------------
LLC Corporation Delta Group Plus, which recently became
insolvent, will accept proofs of claim at Bishkek, Manasa Ave.
157/1 until August 13, 2005. Call (0-312) 21-28-04 for more
information.
HAN-ORDO: Declared Insolvent
----------------------------
LLC HAN-ORDO, which recently became insolvent, will accept
proofs of claim until August 16, 2005. Call (0-502) 60-10-01
for more information.
KOKDOBO: Sets Public Auction July 8
-----------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Kokdobo will sell its properties on July 8, 2005, 11:00
a.m. at Talas, Frunze Str. 287, Regional State Administration
Building, 2nd Floor, Room 217. For sale are the group's
vegetable warehouse and administrative building.
To participate, bidders are required to submit an amount
equivalent to 20% of the starting price and the necessary
documents to the insolvency manager. Call (0-34-22) 5-28-54 or
5-36-26 for more information.
NOOKAT BOORUKER: Under Bankruptcy Supervision
---------------------------------------------
The Court of Nookat District commenced bankruptcy supervision
procedure on LLC Nookat Booruker. Mr. Yrysbai Sagynbayev has
been appointed temporary insolvency manager. Creditors will
meet at Nookat district, local government building on July 25,
2005, 1:00 p.m. Creditors are required to submit their proofs
of claim and register with the temporary insolvency manager
seven days before to the meeting. Proxies must have
authorization to vote.
CONTACT: Mr. Yrysbai Sagynbayev
Temporary Insolvency Manager
Osh region, Nookat district,
Local Government Building
PROGRESS-PLUS: Proofs of Claim Deadline Set Mid-August
------------------------------------------------------
LLC PROGRESS-PLUS, which recently became insolvent, will accept
proofs of claim until August 13, 2005. Call (0-312) 24-49-67
for more information.
SOODA BORBORU: To Hold Public Auction Next Week
-----------------------------------------------
The bidding organizer and insolvency manager of LLC Sooda
Borboru will sell its properties on July 8, 2005, 2:00 p.m. at
Balykchi, Issyk-Kulsk Str. 214. At stake are 16 of the group's
production line, vehicles and technical equipment.
To participate, bidders are required to submit the necessary
documents and deposit an amount equivalent to 10% of the
starting price to the cashier of Sooda Borboru on or before July
6, 2005, 4:00 p.m. Call (0-39-44) 2-51-80 for more information.
VUKOS: Creditors' Claims Due August
-----------------------------------
LLC Vukos, which recently became insolvent, will accept proofs
of claim at Osh region, micro district Tuleiken 26/85 until
August 20, 2005. Call (0-32-22) 6-46-63 for more information.
===========
R U S S I A
===========
ACRYLIC RESIN: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Acrylic Resin after finding the
repair-building company insolvent. The case is docketed as A-
43-14527/03-24-40. Mr. S. Galyanov has been appointed
insolvency manager. Creditors may submit their proofs of claim
to Russia, Nizhniy Novgorod region, Dzerzhinsk, Pobedy Str. 1.
CONTACT: ACRYLIC RESIN
Russia, Nizhniy Novgorod region,
Dzerzhinsk, Pobedy Str. 21
Legal address: Russia, Nizhniy Novgorod region,
Dzerzhinsk, Kommunisticheskaya Str. 1
Mr. S. Galyanov
Insolvency Manager
Russia, Nizhniy Novgorod region,
Dzerzhinsk, Pobedy Str. 1
ALEKSEEVSK-AGRO-KHIM-SERVICE: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Alekseevsk-Agro-Khim-Service. The case is docketed as A65-
3983/2005-SG4-31. Mr. Kh. Khalilov has been appointed temporary
insolvency manager.
CONTACT: ALEKSEEVSK-AGRO-KHIM-SERVICE
Russia, Tatarstan republic,
Alekseevskiy region, Alekseevskoye
Mr. Kh. Khalilov
Temporary Insolvency Manager
422550, Russia, Tatarstan republic,
Zelenodolsk-10, Post User Box 326
ALFA MTN: Fitch Gives Eurobond 'B+' Rating
------------------------------------------
Fitch Ratings assigned Wednesday Alfa MTN Invest Limited's
US$250 million (EUR206.66 million) 7.75% issue of medium term
notes due July 2008 a final Long-term 'B+' rating. The proceeds
from the issue will be on-lent to Alfa Bank (rated Long-term
'B+'/Outlook Stable, Short-term 'B', Support '4', Individual
'D', National Long-term 'A(rus)').
The issue is the third under the EUR1 billion medium-term note
program (rated Long-term 'B+' for notes with maturities in
excess of one year and Short-term 'B' for notes with maturities
of less than one year) under which funds are on-lent to Alfa
Bank. Alfa MTN Issuance Ltd., Alfa MTN Markets Ltd. and Alfa
MTN Invest Ltd. are the issuers under the program; further
details on the structure of the program can be found in Fitch's
announcement dated 20 October 2004 on
http://www.fitchratings.com.
Alfa Bank is the 100%-owned principal subsidiary of ABH
Financial Limited and the largest privately owned bank in
Russia, engaged in corporate, retail and investment banking,
trade finance, insurance and asset management. ABH Financial
Limited also owns Alfa Capital Holdings Limited, which is active
in corporate finance, securities (mainly equity) brokerage,
asset management and private equity, as well as proprietary
trading.
CONTACT: FITCH RATINGS
James Watson
Vladlen Kuznetsov
Moscow
Phone: +7 095 956 9901
Media Relations
Jon Laycock
London
Phone: +44 20 7417 4327
BELOGLINSKIY: Declared Insolvent
--------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Beloglinskiy (TIN 2326005978, OKPO 48448129)
after finding the open joint stock company insolvent. The case
is docketed as A-32-10494/2004-44/150 B. Mr. G. Antipov has
been appointed insolvency manager. Creditors have until July
28, 2005 to submit their proofs of claim to 35020, Russia,
Krasnodar, Ofitserskaya Str. 34, Room 11.
CONTACT: BELOGLINSKIY
353040, Russia, Krasnodar region, Beloglinskiy region,
Belaya Glina, Krasnaya Str. 160
Mr. G. Antipov
Insolvency Manager
35020, Russia, Krasnodar region,
Ofitserskaya Str. 34, Room 11
CHEL-PROM-DOR-MASH: Bankruptcy Hearing Set September
----------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on limited liability company
Chel-Prom-Dor-Mash. The case is docketed as A76-8699/05-34-38.
Mr. S. Kurbyko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 634034, Russia,
Tomsk, Kuleva Str. 33. A hearing will take place on Sept. 6,
2005.
CONTACT: CHEL-PROM-DOR-MASH
Russia, Chelyabinsk region,
Kirova Str. 130
Mr. S. Kurbyko
Temporary Insolvency Manager
454080, Russia, Chelyabinsk region,
Engelsa Str. 36a, uninhabitable building #2
KUBAN: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Kuban. The case is docketed as A-32-8183/2005-44/91-B. Mr. A.
Semenyak has been appointed temporary insolvency manager.
CONTACT: KUBAN
352066, Russia, Krasnodar region, Pavlovskiy region,
Novopetrovskaya St. Lenina Str. 37
Mr. A. Semenyak
Temporary Insolvency Manager
353720, Russia, Krasnodar region, Kanevskoy region,
Staroderevyankovskaya St., Kubanskaya Str. 114
METALLIST: Insolvency Manager Takes over Helm
---------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on close joint stock company
Metallist. The case is docketed as A11-839/2005-K1-20-B. Mr.
A. Savrasov has been appointed temporary insolvency manager. A
hearing will take place on Oct. 4, 2005, 1:30 p.m. located at
600025, Russia, Vladimir, Oktyabrskiy Pr. 14.
CONTACT: METALLIST
601900, Russia, Vladimir region, Kovrov,
Liberetskaya Str. 5, Building A
Mr. A. Savrasov
Temporary Insolvency Manager
601900, Russia, Vladimir region, Kovrov,
Liberetskaya Str. 5, Building A.
The Arbitration Court of Vladimir region
600025, Russia, Vladimir region,
Oktyabrskiy Pr. 14
OMSK-STOCKINET: Omsk Court Hires Insolvency Manager
---------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on close joint stock company Omsk-
Stockinet. The case is docketed as K/E-142/04. Mr. N.
Utochenko has been appointed temporary insolvency manager.
Creditors have until July 28, 2005 to submit their proofs of
claim to Russia, Omsk region, Mira Pr. 106A, Room 136.
CONTACT: OMSK-STOCKINET:
Russia, Omsk region,
Furmanova Str. 7
Mr. N. Utochenko
Temporary Insolvency Manager
Russia, Omsk region,
Mira Pr. 106A, Room 136
RODINA: Insolvency Manager to Temporarily run Operations
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Rodina. The case is docketed as A-32-11230/2005-37/151-B. Mr.
M. Serikov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350911, Russia,
Krasnodar, Post User Box 6473. A hearing will take place on
Sept. 26, 2005.
CONTACT: RODINA
352800, Russia, Krasnodar region,
Tuapse, Frunze Str. 1
Mr. M. Serikov
Temporary Insolvency Manager
350911, Russia, Krasnodar region,
Post User Box 6473
SHERBINOVSK-STROY-SNAB: Bankruptcy Hearing Set July 19
------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Sherbinovsk-Stroy-Snab. The case is docketed as A-32-732/2005-
46/62-B. Mr. I. Yas'ko has been appointed temporary insolvency
manager. A hearing will take place on July 19, 2005, 3:30 p.m.
CONTACT: SHERBINOVSK-STROY-SNAB
Russia, Krasnodar region, Sherbinovskiy region,
Starosherbinovskaya St. Promyshlennaya Str. 4
Mr. I. Yas'ko
Temporary Insolvency Manager
350051, Russia, Krasnosdar region,
Ofitserskiy Per. 28
The Arbitration Court of Krasnodar region
350063, Russia, Krasnosdar region,
Krasnaya Str. 6
VIKO: Appoints A. Drozdetskiy Insolvency Manager
------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company VIKo. The case is docketed as A75-4171/2005. Mr. A.
Drozdetskiy has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 628400, Russia,
Tyumen region, Surgut, Energetikov Str. 1, Apartment 55. A
hearing WILL take place on Sept. 19, 2005, 9:30 a.m. at the
Arbitration Court of Khanty-Mansiyskiy autonomous region located
at Russia, Khanty-Mansiysk, Lenina Str. 54/1.
CONTACT: VIKo
628400, Russia, Surgut,
Geologicheskaya Str. 22
Mr. A. Drozdetskiy
Temporary Insolvency Manager
628400, Russia, Tyumen region,
Surgut, Energetikov Str. 1, Apartment 55
Phone: (3462) 45-76-40, 45-73-21
YUKOS OIL: Sells Geoilbent Holdings
-----------------------------------
Yukos Oil's Cypriot subsidiary has sold the 34% stake it holds
in energy holding company Geoilbent to Russneft in April,
according to Russian daily Kommersant.
Financial details of the transaction were not revealed, but
RosBusinessConsulting previously said the stake is worth between
US$150 million and US$170 million.
Russneft is a non-listed company that just entered the Russian
oil industry. It is rumored to be behind the lawsuit last month
to halt the sale of the remaining 66% of Geoilbent. The case
was brought by Broadwood Trading & Investments Ltd., which has
claimed pre-emption rights over the majority stake. Russneft
has denied the allegations.
Yukos Oil, once Russia's top publicly traded, fully integrated
petroleum companies, has been dismantled to pay tax liabilities
totaling US$24 billion. Before the sale of its main production
unit Yuganskneftegaz in December, the company had total assets
of US$18,514 million (as of Sept. 30, 2004). Total liabilities
were US$8,030 million, and shareholders' equity was US$10,134
million.
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
=====================
S W I T Z E R L A N D
=====================
ABB LTD.: Consolidation to Cost More than 1,000 Jobs
----------------------------------------------------
ABB Ltd., the leading power and automation technology group, is
consolidating its global transformer business in response to
overcapacity, increasing raw material costs and a regional shift
in demand.
The consolidation program, aimed at significantly improving the
profitability of the transformer business, is expected to run
until the end of 2008 and cost approximately $240 million.
Approximately $120 million will be recorded as a charge to
earnings from continuing operations in 2005, most in the second
quarter of 2005.
ABB said the focus is on increasing productivity and operational
efficiencies. The consolidation will close a small number of
plants in high-cost countries and cut about 1,300 jobs in the
transformer business, or roughly ten percent of the total global
workforce of 13,500 people.
The company is in discussions, or will begin talks shortly, with
employee representatives to ensure the program is carried out in
a socially responsible manner. The business today operates 57
plants in 28 countries.
ABB is the world's leading producer of transformers used in
substations, power plants, electrical locomotives, as well as
systems to manage electricity grids and other applications. The
business had revenues of approximately $2.5 billion in 2004,
representing 26% of total Power Technologies division revenues.
ABB expects to increase the EBIT margin (earnings before
interest and taxes as a share of revenues) in the transformers
business from less than four percent in 2004 to more than eight
percent by 2009.
"Overcapacity has been the biggest problem in the transformer
industry in recent years, mainly the result of deregulation in
the power sector," said Fred Kindle, ABB President and CEO.
"The situation has been made worse, however, by the
unprecedented increase in raw material prices we've seen since
2004. As a result, we must take further steps now to improve
the profitability of this important business and to strengthen
our leading market position."
As a result of the significant additional charges for 2005 and
higher raw material costs, ABB is issuing a revised 2005 EBIT
margin target for the Power Technologies division in the range
of 6.8-7.3%. As a consequence, the company is also lowering its
2005 Group EBIT margin target to 6.6-7.1% from 7.7%.
In the announcement of its first-quarter earnings in April 2005,
ABB dropped the 2005 EBIT margin target of 10 percent for its
Power Technologies division, first set in late 2002, saying
rapidly increasing raw materials costs, mainly in the
transformers business, and other operational challenges made
achieving the target unrealistic.
The consolidation program announced Thursday has no impact on
the 2005 EBIT margin target for the Automation Technologies
division, which remains unchanged at 10.7%. Progress remains on
track towards the published targets in corporate cost reduction
and performance of non-core operations.
Group net income in Q2 2005 will be significantly lower than in
Q1. In addition to the impact of the above-described charges,
negative effects to net income are expected from the "mark-to-
market" accounting treatment of shares reserved for the asbestos
trust, some losses in discontinued businesses, and non-asbestos
related litigation charges.
ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact. The
ABB Group of companies operates in more than 100 countries and
employs about 102,000 people.
CONTACT: ABB LTD.
Affolternstrasse 44
8050 Zurich, Switzerland
Phone: +41 43 317 7111
Fax: +41 43 317 4420
Web site: http://www.abb.com
Investor Relations
Switzerland
Phone: +41 43 317 3808
Sweden
Phone: +46 21 325 719
USA
Phone: +1 203 750 7743
ABB LTD.: Combustion Eng'g. Files Modified Disclosure Statement
---------------------------------------------------------------
Combustion Engineering, Inc., and its debtor-affiliates
delivered their Modified Disclosure Statement explaining their
Plan of Reorganization to the U.S. Bankruptcy Court for the
District of Delaware.
The Debtors' prepackaged Plan filed in February 2003 was
rejected by the United States Court of Appeals for the Third
Circuit. The Third Circuit said that the factual findings by
the Bankruptcy Court were insufficient to support a Sec. 105
injunction against Combustion Engineering's non-debtor Basic and
ABB Lummus affiliates. The Third Circuit panel also said that a
Sec. 105 channeling injunction can't extend to non-derivative
third-party actions against a debtor's non-debtor friends.
Further, the Third Circuit questioned whether the two-trust
structure and use of "stub claims" in the voting process --
which allowed certain asbestos claimants who were paid as much
as 95% of their claims prepetition to vote to confirm a Plan
under which they appear to receive a larger recovery than other
asbestos claimants -- may violate the Bankruptcy Code and the
"equality among creditors" principle that underlies it. The
Appeals Court sent the parties back to the Bankruptcy Court and
District Court.
The Modified Plan is a product of extensive negotiations among
the Debtors, ABB, the Official Representative for Future
Asbestos Personal Injury Claimants, the Official Committee of
Unsecured Creditors, the representatives of Certain Cancer
Claimants, certain non-debtor affiliates and other parties-in-
interest.
The Debtors and their Official Committee of Unsecured Creditors
urge holders of Asbestos PI Trust claims to vote to accept the
Plan, arguing that recoveries under the modified chapter 11 plan
are far greater than what they'll get under a chapter 7
liquidation.
Under the Modified Plan, treatment of claims other than asbestos
personal injury claims remain unchanged.
Priority claims, secured claims, workers' compensation claims,
general unsecured claims will be unimpaired.
The Plan separates the tort claimants into two classes:
a) Non-participants to the CE Settlement Trust will be
subject to a channeling injunction. The injunction will
require the tort claimants to assert their claims against
the Asbestos PI Trust. The Trust will be funded with
substantial assets including ABB's $232 million
contribution.
b) Participants in the CE Settlement Trust will also be
subject to a channeling injunction. The participants
will receive a release of any preference claims and
fraudulent transfer claims from the Debtors. They will
also be permitted to keep any distributions that have been
or will be made from the CE Settlement Trust.
The Asbestos PI Trust will act as a Qualified Settlement Fund as
defined in the Treasury Regulations under Section 468B of the
Internal Revenue Code.
The Modified Plan also contemplates Lummus' filing of a chapter
11 case to liquidate its assets and create the Lummus Asbestos
PI Channelling Injunction Trust. The Trust will contribute $204
million to the Asbestos PI Trust upon the sale of Lummus.
Valuation & Plan Funding
Under the Plan, CE's US$812,000,000 value is delivered to the
Sec. 524(g) Trust for the benefit of present and future
claimants.
In addition:
(1) ABB contributes:
(a) 30,298,913 shares of its stock, initially valued
at $50,000,000, but with a current market value
exceeding $81,000,000;
(b) a financial commitment to pay $250,000,000 to the
Trust in pre-agreed installments from 2004 to 2009
(guaranteed by certain ABB affiliates);
(c) up to $100,000,000 more from 2006 through 2011 if
certain performance benchmarks are achieved; and
(2) Asea Brown Boveri contributes:
(a) an indemnification of all of CE's environmental
liabilities, which has a value of around
$100,000,000;
(b) a release of its indemnification rights against CE
for asbestos claims asserted against Asea Brown
Boveri after June 30, 1999;
(c) a note evidencing Asea Brown Boveri's agreement to
contribute almost $38,000,000 on account of the
asbestos claims attributable to:
-- Basic, Incorporated (CE acquired this
acoustical plaster manufacturer in 1979) and
-- ABB Lummus Global, Inc. (CE acquired
this manufacturer of feed water heaters that
used asbestos-containing gaskets in
transactions stretching from 1930 to 1970);
(3) Lummus and Basic release and assign all of their
interests in insurance covering asbestos personal
injury claims, including certain CE-shared policies.
About ABB
ABB -- http://www.abb.com-- is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact. The
ABB Group of companies operates in more than 100 countries and
employs about 146,000 people. As of Dec. 31, 2004, ABB listed
$24,677,000,000 in total assets and $5,534,000,000 in total
debt.
S&P rates ABB's 3-3/4% $500 million note due on Sept. 30, 2009,
at BB- while Moody's assigns its Ba2 rating on the same note.
Combustion Engineering's History
Combustion Engineering was formed in Delaware in 1912 as
The Locomotive Superheater Co. and manufactured and sold
superheaters for steam locomotives. From the 1930s forward,
CE's core business is designing, selling and erecting power-
generating facilities, including major steam generators. CE
also services large steam boilers and related electrical power
generating equipment. From the 1930s through the 1960s,
asbestos insulation was used on many CE boilers.
Bankruptcy Professionals
Jeffrey N. Rich, Esq., at Kirkpatrick & Lockhart LLP, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent Combustion Engineering.
The Blackstone Group, L.P., provides CE with financial advisory
services.
David M. Bernick, Esq., at Kirkland & Ellis, provides legal
advice to ABB.
The CE Settlement Trust, holding the largest unsecured claim
against CE's estate, is represented by Hasbrouck Haynes, Jr.
CPA, at Haynes Downard Andra & Jones LLP.
CONTACT: ABB LTD.
Affolternstrasse 44
8050 Zurich, Switzerland
Phone: +41 43 317 7111
Fax: +41 43 317 4420
Web site: http://www.abb.com
===========
T U R K E Y
===========
TEKFENBANK A.S.: Fitch Affirms 'B' Rating
-----------------------------------------
Fitch Ratings affirmed Tuesday Turkey-based Tekfenbank A.S.'s
Long-term foreign and local currency ratings at 'B'. At the
same time, the agency has affirmed the bank's other ratings at
Short-term foreign and local currency 'B', Individual 'D',
Support '5' and National Long-term 'BBB (tur)'. The Outlook on
all Long-term ratings is Stable.
The Long-term, Short-term and Individual ratings reflect
Tekfenbank's small size, vulnerable and weak asset quality.
They also consider its sound liquidity and capitalization. In
order to develop a consistent core earnings stream, Tekfenbank
is attempting to diversify its lending and funding through
attracting new customers.
Tekfenbank sustained a pre-tax loss in 2004 due to net interest
margin deterioration, a reduction in non-interest revenue and a
high cost structure. The bank's net income was positive due to
tax credits and was aided by a low provision for credit losses.
Although impaired loans (including one large restructured loan)
increased 11% to 6.65% of the portfolio at end-2004, there were
no significant new problem credits. Tekfenbank's reserve
coverage of impaired loans remains weak at 62%, although NPLs
are fully covered. Fitch notes that an inability to generate
core earnings in an increasingly competitive environment and any
deterioration in asset quality could negatively impact the
bank's ratings. Fitch expects that Tekfenbank will continue to
maintain adequate liquidity and capital as a buffer against thin
profitability and high non-performing loans.
Tekfenbank is 98% directly and indirectly owned by Tekfen
Holding. The group, which comprises many companies, engages in
contracting and engineering, agro-industry, finance and services
and real estate development.
Research for this entity will shortly be available on the
agency's subscription Web site at http://www.fitchresearch.com.
CONTACT: FITCH RATINGS
Ed Thompson, New York
Phone: +1 212 908 0364
Gulcin Orgun
Turda Ozmen
Istanbul
Phone: +90 212 279 1065
Banu Cartmell, London
Phone: +44 207 417 4373
Media Relations
Jon Laycock, London
Phone: +44 20 7417 4327
===========================
U N I T E D K I N G D O M
===========================
ALL ACCESS: Hires Administrators from BDO Stoy Hayward
------------------------------------------------------
David Harry Gilbert and Simon James Michaels (IP Nos 2376/01,
8824/01) have been appointed joint administrators for All Access
Platforms Limited. The appointment was made June 17, 2005. Its
registered office is located at CWM, 1A High Street, Epsom,
Surrey KT19 8DA.
All Access Platforms Limited has a full range of access
equipment for hire or sale. These equipment are scissor lifts,
articulated and telescopic booms, trailer mounted booms,
van/truck mounts and a variety of specialist machines. It also
provides solution for all applications. Mr. Paul Koral is the
company's managing director.
Visit http://www.aaplatforms.comfor more information.
CONTACT: ALL ACCESS PLATFORMS LTD.
104-106 Long Lane Stanwell
Heathrow Middlesex TW19 7AJ
Phone: 01784 249200
Fax: 01784 252009
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
ALTER EGO: Appoints Begbies Traynor Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Members of
Alter Ego Spas Limited, duly convened, and held at Elliot House,
151 Deansgate, Manchester M3 3BP, on 16 June 2005, these
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:
"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that D
Bailey and G N Lee, of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP, be and hereby are appointed Joint
Liquidators of the Company for the purpose of the voluntary
winding-up, and any act required or authorized under any
enactment to be done may be done by any one or more persons
holding the office of Liquidator from time to time."
S W E Fletcher, Chairman
BERRYS DIRECT: Hires Leonard Curtis & Co. as Administrator
----------------------------------------------------------
Name of company: BERRY'S DIRECT LIMITED
Nature of Business: Retail of Electrical Goods.
Address of Registered Office: 72 New Cavendish Street, London
W1M 8AU.
Date of Appointment: June 21, 2005
Administrators' Names and Address: S. D. Swaden and N. A.
Bennett (IP Nos 2719 and 9083), both of Leonard Curtis & Co, One
Great Cumberland Place, Marble Arch, London W1H 7LW.
CONTACT: BERRYS
77 Kingsway
London WC2B 6ST
Phone: (0208) 4528080
E-mail: sales@berrys-direct.co.uk
LEONARD CURTIS & CO
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Phone: 020 7535 7000
Fax: 020 7723 6059
E-mail: solutions@leonardcurtis.co.uk
Web site: http://www.leonardcurtis.co.uk
BOOTS GROUP: Opens Doors to Retailers, Services Firms
-----------------------------------------------------
Boots Group plc reportedly mulls sharing shop floor space with
other retailers in its 150 biggest stores.
Chief Executive Richard Baker told the Financial Times Thursday
that the health and beauty group plans to lease space with
outside companies, as it suffers from excess selling area in
some of its prime high street stores.
Mr. Baker said: "It is a practical thing in the end. We have
got some very big stores that, with health and beauty alone,
would be over-spaced.
"If we didn't have the space, would we go into this merchandise?
No is the honest answer. But we have got the space and we need
to trade it."
He also told the paper the company considers welcoming into its
stores several partner refrigerator and book firms on its Web
site. The group's entire product range reportedly occupies only
about four-fifths of the floorspace in several locations.
According to the Financial Times, the strategy comes after a
trial with Travelex plc, and a partnership with Vodafone Group
plc, which targets to lure more women into buying mobile phones.
Clothing retailers and services businesses, such as the Post
Office, are expected soon to knock on Boots' door.
* * *
As reported by TCR-Europe on May 1, GlaxoSmithKline plc is
eyeing Boots Healthcare International, the healthcare products
venture of Boots Group plc.
GSK Chief Executive Jean-Pierre Garnier said: "We are looking at
the Boots opportunity when that becomes available, which is not
now but is in July."
The company has kept mum amid rumors it is interested in
acquiring the business, with Mr. Garnier noting that GSK has not
considered venturing into generic medicines. Private equity
group Kohlberg Kravis Roberts was earlier said to be also
looking at Boots' healthcare business, which owns the Clearasil
skin products, Nurofen painkillers and Strepsils lozenges, and
could be valued up to GBP1.2 billion.
Meanwhile, the company's major arm, Boots The Chemist, showed no
significant improvements as big supermarket groups try to
penetrate the pharmaceutical trade. The unit, which currently
operates through 1,400 drugstores, is carrying out price
reductions and restructuring its supply chain. Same-store
sales, which dropped 0.9% in April, is expected to grow by only
about 2%, while operating costs are predicted to increase by 6%,
with gross margin staying flat.
CONTACT: BOOTS GROUP PLC
1 Thane Road
Notttingham NG2 3AA
Phone: 0115 950 6111
Customer Service: 0845 070 80 90
Web site: http://www.boots-plc.com
BUCKTON CONTRACTORS: Creditors' Claims Due this Month
-----------------------------------------------------
In accordance with Rule 4.106, I, Chris Ratten, of Tenon
Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF,
give notice that, on 6 June 2005, I was appointed Liquidator by
Resolutions of Members.
Notice is hereby given that the Creditors of Buckton Contractors
Limited, which is being voluntarily wound up, are required, on
or before 20 July 2005, to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned, Chris Ratten, of Tenon
Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF,
the Liquidator of the said Company, and, if so required by
notice in writing from the said Liquidator, are, personally or
by their Solicitors, to come in and prove their debt or claims
at such time and place as shall be specified in such notice, or
in default thereof they will be excluded from the benefit of any
distribution. C Ratten, Liquidator Note. This notice is purely
formal. All Creditors have been, or will be, paid in full.
CONTACT: TENON RECOVERY
Arkwright House,
Parsonage Gardens,
Manchester M3 2LF
Phone: 0161 834 3313
Fax: 0161 827 8402
E-mail: manchester@tenongroup.com
Web site: http://www.tenongroup.com
DAWSON INTERNATIONAL: Dorma Restructuring Ahead of Schedule
-----------------------------------------------------------
At the Annual General Meeting of Dawson International plc
Wednesday, Chairman Mike Hartley said: "I am pleased to report
that our turnaround strategy continues to progress to plan. At
the end of May, the unaudited management accounts showed Group
operating results pre-exceptionals were substantially improved
compared to the last year and the Group had a net cash position
excluding the GBP6 million outstanding Loan Stock.
"The restructuring of Dorma is ahead of schedule, albeit market
conditions are negatively affecting sales. Ongoing operating
costs have already been significantly reduced, all product
sourcing is now from low cost locations and there has been a
major release of cash from stock reduction. On the basis of
agreed Completion Accounts with the Vendor, no further deferred
consideration is due apart from GBP240,000 in September 2006."
* * *
Dawson is currently facing GBP29.3 million in pension deficit,
no thanks to new FRS 17 reporting standards. The gap increased
slightly during the year due to falling bond rates on the
measurement of liabilities.
Dawson moved to London's main market to AIM after the sale of
its flagship Ballantyne knitwear business and the Joseph Dawson
fibers operation. In a new twist to its strategy, it acquired
in January bed linen company Dorma to expand its business while
paying off a GBP10 million debt burden. Dorma lost GBP3.6
million last year, but Mr. Hartley is confident the firm will
return to profit next year. Its recent GBP70 million annual
revenue is hoped to help Dawson trim down liabilities.
CONTACT: DAWSON INTERNATIONAL PLC
Lochleven Mills
Kinross
KY13 8GL, United Kingdom
Phone: +44-1577-867000
Fax: +44-1577-867010
Web site: http://www.dawson-international.co.uk
DRIVE SECURITIES: Members Meeting Set this Month
------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meetings of Members of Drive Securities
Plc, Drive Trustee Limited, Drive Securities (Holdings) Limited
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, on 28 July 2005, commencing at
10.00 a.m. and thereafter at 15 minute intervals, for the
purpose of having accounts laid before the Members showing how
each winding-up has been conducted and the property of each
Company disposed of, and hearing any explanation that may be
given by the Liquidator. A Member entitled to attend and vote
at the Meetings may appoint a proxy, who need not be a Member,
to attend and vote instead of him or her.
A Stanway, Joint Liquidator
21 June 2005
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
F.B. ESTATES: Appoints Baker Tilly Liquidator
---------------------------------------------
F.B. ESTATES (NO. 18) LIMITED
F.B. ESTATES (NO. 102) LIMITED
F.B. ESTATES (NO. 110) LIMITED
At an Extraordinary General Meeting of the Members of the
Companies, duly convened, and held at Forrester Boyd, 26 South
St Mary's Gate, Grimsby, on 16 June 2005, these Resolutions were
duly passed as a Special Resolution: That the Companies be wound
up voluntarily, and that A D Pillmoor, of Baker Tilly,
Wilberforce Court, Alfred Gelder Street, Hull, be and is hereby
appointed Liquidator for the purposes of such winding-ups and
that the Liquidator be and is hereby authorized under the
provisions of section 165 of the Insolvency Act 1986, to
exercise the powers laid down in Schedule 4, part 1, of the said
Act.
That in accordance with the provisions of the Company's Articles
of Association or, if necessary, by amending in this respect the
Articles of Association, the Liquidator be and is hereby
authorized to divide and distribute, among the Members and
Creditors as appropriate, in specie or in kind, the whole or any
part of the assets of the Company and may determine how such
division and distribution shall be carried out as between the
Members and Creditors.
P S Fearn, Chairman
CONTACT: BAKER TILLY
Wilberforce Court
Alfred Gelder Street
Hull
East Yorkshire HU1 1YH
Phone: 01482 327406
Fax: 01482 326957
FEDERAL-MOGUL: Names Jose Maria Alapont Chairman
------------------------------------------------
Federal-Mogul Corporation (OTC Bulletin Board: FDMLQ), reported
that President and Chief Executive Officer Jose Maria Alapont
has been named Chairman of the Board of Directors, effective
immediately. He replaces Robert S. Miller, who has resigned to
become chairman and chief executive officer of Delphi
Corporation.
The board highly respects Jose Maria's strategic expertise, his
understanding of the industry and his ability to develop strong
teams and customer relationships. With Jose Maria's leadership,
Federal-Mogul will develop as a world-class performing company.
"I am very pleased to be chairman of the board of directors of
Federal-Mogul," said Mr. Alapont. "We are committed to driving
the future of Federal-Mogul, creating value and fully satisfying
customers, stakeholders and employees' expectations through our
global profitable growth strategy."
Alapont was named president and chief executive officer of
Federal-Mogul on March 1, 2005. With more than 30 years of
global leadership experience in the automotive manufacturer and
supplier industries, Alapont is known throughout the industry as
being customer and results oriented, relentless in his drive for
excellence and breakthrough performance to generate global
profitable growth.
Prior to joining Federal-Mogul, Mr. Alapont was chief executive
officer and a member of the board of directors at IVECO - the
commercial vehicle company of the Fiat Group with 2004 sales in
excess of 9 billion (Euro). Under his leadership, IVECO, one of
the world's largest manufacturers in the transport sector,
consistently achieved profitable growth and realized significant
efficiency gains.
Between 1997 and 2003, Mr. Alapont held several leadership roles
at Delphi Automotive Systems, one of the world's largest and
most diversified suppliers of automotive systems and components.
He began his career at Delphi as executive director, energy and
chassis systems. Soon after he was promoted to president,
Europe, Asia and Middle East, at which time he became a member
of the Delphi Strategy Board, the company's top policy-making
group. In 2003, Mr. Alapont was president of international
operations and vice president of sales and marketing.
From 1990 to 1997, Mr. Alapont served in a variety of key
positions at Valeo Group -- a leading global automotive
supplier. He started at Valeo as operations director of engine
cooling systems, Spain, and thereafter became operations
director for worldwide heavy-duty engine cooling systems. He
was subsequently promoted to group vice president of worldwide
clutch operations, and group vice president of worldwide
lighting systems.
A native of Spain, Mr. Alapont began his career at Ford Motor
Company in 1974 and over the course of 15 years held a number of
management positions, from quality and manufacturing at Ford of
Spain to powertrain and purchasing at Ford of Europe.
Mr. Alapont earned degrees in industrial engineering from the
Technical School of Valencia and in philology from the
University of Valencia, in Spain.
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion. The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit. At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004. Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford. (Federal-Mogul
Bankruptcy News, Issue No. 85; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
* * *
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.
GALLAHER GROUP: Restructuring Costs Total GBP95 Million
-------------------------------------------------------
Gallaher Group Plc confirms that current trading is in line with
expectations. The following statement is being issued ahead of
the close period leading up to the announcement of the Group's
results for the six months ended 30 June 2005.
In spite of the impact of December 2004 trade demand (ahead of
price increases in early 2005) in the U.K., Austria, Iberia and
Benelux, Gallaher's total volumes increased 3.9% to 66.1 billion
cigarettes in the first five months of 2005.
Gallaher announced earlier this year proposals for further
restructuring of its European operations. The employee
consultation process is now complete and these plans will result
in the loss of some 250 operational jobs in Europe. The Group's
previous operational and administrative restructuring programs
were expected to incur exceptional charges in the region of
GBP65 million (of which, a total of GBP56 million had been
charged in 2003 and 2004) and result in annualized savings of at
least GBP20 million by the end of 2005. Including this recent
initiative, the total restructuring costs are now expected to be
around GBP95 million, resulting in annualized savings of at
least GBP30 million by the end of 2007.
United Kingdom
Gallaher estimates that the duty paid cigarette market declined
by around 4% in the first five months of 2005. In line with
expectations, downtrading into value cigarettes continued.
Gallaher's U.K. market share in the first five months of 2004
was 38.5% and the Group's key brands performed well. Benson &
Hedges Silver, Mayfair and Sterling were the fastest growing
brands in the market; Mayfair's market share grew to 12.9% and
Benson & Hedges Silver attained a share of 1.9% over the period.
Total U.K. cigar market volumes declined by around 7% for the
five months to 31 May 2005 and Gallaher maintained its lead of
the market with over 46% of consumer sales.
Gallaher expects that U.K. EBITA will be more weighted to the
second half of the year reflecting the impact of the December
2004 trade demand ahead of January 2005 price increases on the
first half of this year.
Europe
Trading conditions in Western Europe have been difficult.
Austria, Italy and Germany have experienced substantial market
declines driven by increased taxation, the timing of price
increases, heightened cross-border trade, and workplace smoking
bans.
Market volumes in the first five months of 2005 fell 13.1% in
Austria (mainly reflecting the phasing of trade sales) and 15.6%
in Germany. Nonetheless, it is encouraging to note that French
market volumes were stable over the same period and that total
market volumes in Ireland, adjusted for the phasing of trade
sales relating to manufacturer price increases, declined by some
4% (versus 11.3% in 2004).
Gallaher defended its leading position in Austria with an
expected moderate reduction in market share (to 44.2%). In the
Republic of Ireland, the Group increased its share of the
cigarette market to over 50% driven by a strong performance from
Benson & Hedges.
International travel retail volumes have been affected by
reduced western European tourist numbers and continued
interruptions to ferry services following a passenger ferry
crash into the Calais terminal earlier this year.
Performance remains encouraging in Central and Eastern Europe.
Gallaher grew its total (including duty free) Romanian cigarette
volumes by over 10%. Ronson drove share gains in the Czech
Republic where the Group's share of the total cigarette market
is now around 7%.
In April this year, the Group announced that it had acquired the
Benson & Hedges and Silk Cut trademarks from British American
Tobacco in Malta, North and South Cyprus, and the Silk Cut
trademark in Lithuania. The transaction will not have a
material impact on Group earnings per share going forward.
Reflecting the difficult market conditions and the lower ITR
volumes, offset by the good volume performances in Central and
Eastern Europe and the contributions from the newly acquired
trademarks, full year EBITA from the tobacco division is
targeted to grow by 1-2%.
Gallaher expects the split of full year tobacco EBITA to be
weighted towards the second half of the year. The emphasis on
the second six months is largely because of the impact of the
pull forward of sales in Austria into December 2004 (ahead of
price rises in January 2005) on the first half, and the full six
months of EBITA from the newly acquired trademarks in the second
half.
ATG's performance continues to be restricted by further declines
in the German cigarette market and downtrading from premium to
lower-priced products. However, the current pricing parity
between vending and retail has alleviated some pressure. As a
result, Gallaher now expects total distribution EBITA to decline
by only 8-10% for the full year.
Commonwealth of Independent States
Gallaher continues its successful development of its sales mix
in the key CIS markets of Russia, Kazakhstan and Ukraine.
In the first four months of 2005, Gallaher's Russian market
share increased to 17.0%, underpinned by a good performance from
LD, which continues to lead the value sector. The Group's share
of the premium segment grew to 4.5%.
In Kazakhstan, the Group grew its share to around 37% in the
period January to April, with Sovereign maintaining its leading
position with a market share of 16.9%. Since launching Sobranie
on-shore in 2003, the brand's market share has grown to 3%.
Since investment in on-shore facilities in 2002, Gallaher has
successfully taken its share to over 16% in Ukraine. In April
2005, the Group's share of the base filter segment was over 44%,
reflecting good performances from Level and Ducat, and Gallaher
achieved a 9.5% share of the value segment with LD. Gallaher is
committed to further improving its sales mix as demonstrated by
the launch of Sovereign Slims in the mid-price sector earlier
this year. Initial indications are encouraging.
Gallaher expects the split of full year CIS EBITA to broadly
reflect the region's trading patterns, with less than 40% of
annual earnings being attributable to the first half.
Rest of the World
In Sweden, Gallaher defended its leading position in the
cigarette market, with its share of consumer sales (as measured
by retail audit) increasing slightly to 39.8% (2004 FY: 39.5%)
in the first five months of 2005. Level increased share while
Right remained stable over the period.
Gallaher's share of the Swedish snus market has remained stable
at 2.4% over the period. Initial indications after the recent
launch of StrongCut and the new Gustavus labeling are
encouraging.
During the first half, the Group launched LD in Denmark and St
George in Lithuania, achieving good growth in monthly volume
sales in each market.
In Poland, Gallaher increased its share of total industry
shipments in the first five months to 6.6% (2004 FY: 5.6%), with
LD continuing to grow in spite of a price increase earlier this
year. This operation has moved into profit in line with
expectations.
Initial imports of Sobranie into South Africa started in April.
Following the commencement of on-shore production in May, the
first locally produced in-market sales began in early June.
During the first half, the cost of the Group's initial
investments in new opportunities (in particular, in Denmark,
Lithuania and South Africa) will largely offset the benefit from
the strong progress in Poland. During the second half, however,
management expects improving trends across the division to more
than offset the increased level of investments.
Contact: GALLAHER GROUP PLC (NYSE: GLH [ADR])
Members Hill, Brooklands Road
Weybridge
Surrey KT13 0QU, United Kingdom
Phone: +44-1932-859777
Fax: +44-1932-832792
Web site: http://www.gallaher-group.com
Claire Jenkins
Director, Investor relations
Phone: 01932 859 777
CARDEW GROUP
Anthony Cardew
Phone: 020 7930 0777
GLOBE TECHNICAL: Grant Thornton Appointed Liquidator
----------------------------------------------------
By Written Resolutions of Globe Technical Solutions Limited
Shareholders pursuant to section 381A of the Companies Act 1985
the following Special Resolution was passed on 14 June 2005:
"That the Company be wound up voluntarily and that Leslie Ross,
of Grant Thornton UK LLP, Heron House, Albert Square, Manchester
M60 8GT, be appointed Liquidator of the Company for the purposes
of the voluntary winding-up."
M Ford, Director
CONTACT: GRANT THORNTON
Heron House, Albert Square
MANCHESTER M60 8GT
Phone: 0161 834 5414
Fax: 0161 832 6042
Web site: http://www.grant-thornton.co.uk
GLOBE TECHNICAL: Proofs of Claim Due Later this Month
-----------------------------------------------------
Pursuant to Rule 4.182A of the Insolvency Rules 1986, notice is
hereby given that the Liquidator of Globe Technical Solutions
Limited intends to make a First and Final distribution to
Creditors of the Company, and that the last date for proving
debt against the above-named Company, which is being voluntarily
wound up, is 31 July 2005, by which date claims must be sent to
the undersigned, Leslie Ross, of Grant Thornton UK LLP, 31
Carlton Crescent, Southampton, Hampshire SO15 2EW, the
Liquidator of the Company. After 31 July 2005, the Liquidator
may make that distribution without regard to the claim of any
person in respect of a debt not already proved.
L Ross, Liquidator
CONTACT: GRANT THORNTON U.K. LLP
31 Carlton Crescent
Southampton SO15 2EW
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
GREENWOOD BUILDING: Administrators from Wilson Pitts Move in
------------------------------------------------------------
Name of company:
GREENWOOD BUILDING CONTRACTORS (MANSFIELD) LIMITED
(Company No 2159290)
Nature of Business: General Construction
Address of Registered Office: Nursery Street, Mansfield,
Nottinghamshire NG18 2AG
Date of Appointment: June 21, 2005
Administrators' Names and Address: David Frederick Wilson and
Julian Nigel Richard Pitts (IP Nos 703 and 7851), both of
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ.
* * *
Greenwood is a building contractor. Its partner in painting and
decorating sector is Taylor Bros. The company seized trading on
June 17, 2005.
Visit http://www.construction.freeuk.comfor more information
CONTACT: GREENWOOD BUILDING CONTRACTORS (MANSFIELD) LTD.
Nursery Street, Mansfield
Nottinghamshire NG18 2AG
Phone: 01623 661238
Fax: 01623 628413
E-mail: info@construction.freeuk.com
WILSON PITTS
Glendevon House
Hawthorn Park
Coal Road
Leeds
West Yorkshire LS14 1PQ
Phone: 0113 237 5560
Fax: 0113 237 5561
INDIANROSE LIMITED: Liquidator's Report Out July
------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of the Members of Indianrose
Limited will be held at the offices of Grant Thornton UK LLP, 31
Carlton Crescent, Southampton SO15 2EW, on 29 July 2005, at
10.00 a.m., for the purpose of having an account laid before
them by the Liquidator showing the manner in which the winding-
up of the Company has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidator.
A Member entitled to attend and vote at the above Meeting may
appoint a proxy to attend and vote in his place. It is not
necessary for the proxy to be a Member. Proxy forms must be
returned to the offices of Grant Thornton UK LLP, 31 Carlton
Crescent, Southampton SO15 2EW, by not later than 12.00 noon on
28 July 2005.
S Keen, Liquidator
23 June 2005
CONTACT: GRANT THORNTON U.K. LLP
31 Carlton Crescent
Southampton SO15 2EW
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
INSTANT ZIP: Members Meeting Set July 28
----------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of the Members of Instant Zip Up
Holdings Limited will be held at the offices of Kroll, Aspect
Court, 4 Temple Row, Birmingham B2 5HG, on 28 July 2005, at
10:00 a.m., for the purposes of receiving a report and account
by the Joint Liquidators showing the manner in which the
winding-up of the Company has been conducted, and the property
of the Company disposed of, and to receive any explanation
regarding the conduct of the liquidation.
The following Resolutions will be put to the Meeting: "To accept
the Joint Liquidators' final report and account and to approve
the Joint Liquidators' release from office." A Member entitled
to attend and vote at the Meeting may appoint a proxy to attend
and vote in his place. It is not necessary for the proxy to be
a Member or Creditor. Proxy forms must be returned to the
offices of Kroll at the above address by no later than 12.00
noon on 27 July 2005.
G S Johal, Joint Liquidator
22 June 2005
CONTACT: KROLL BIRMINGHAM
Aspect Court
4 Temple Row
Birmingham B2 5HG
United Kingdom
Phone: 44 (0) 121 212 4999
Fax: 44 (0) 121 212 4944
Web site: http://www.krollworldwide.com
INTERTEK GROUP: Venezuela Office Faces Closure
----------------------------------------------
The testing and certification of products and commodities
continues to be a strong and growing market and Intertek Group
plc is performing well. The U.S. dollar has declined by
approximately 4% against the Sterling, which will reduce the
reported profits due to approximately 80% of the Group's
earnings being in U.S. dollar and U.S. dollar related
currencies.
Labtest's turnover in mainland China continues to expand
rapidly. Although the rest of Labtest has seen modest growth, a
number of countries have experienced a contraction in sales due
to a relocation of business to China. The Group continues to
invest in growing the business in China and other developing
countries while reducing costs in the West. The growth in China
is beneficial to the overall trading margin, but cost increases
in the first half of 2005 to expand China and the cost of
downsizing in other countries will outweigh this benefit.
Caleb Brett is performing very strongly, particularly in the
Americas, which also benefited from the Kelley Completion
Services acquisition in December 2004. Outsourcing of
analytical services is also expanding, assisted by the Avecia
and Rolls Royce contracts, which commenced in May 2004 and
January 2005 respectively.
ETL SEMKO has made an excellent start to the year. The growth
of business in mainland China has been substantial, while the
Americas have continued to see good growth in electrical and
building products. The acquisition of Entela (May 2004) has
been successful in growing automotive components testing, and
further expansion in this area is planned.
The first half of 2005 is expected to show excellent growth in
FTS, with all the major contracts advancing. As announced on 9
June 2005, FTS expects to lose its pre-shipment inspection
contract in Venezuela from 31 August 2005. This contract
accounted for about 2.5% of Intertek Group's revenues in 2004.
If the contract is lost, there will be some restructuring costs
to close the local office in Venezuela, and to reduce the
workforce elsewhere related to the contract.
The interim results will be announced on 5 September 2005.
* * *
At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003. The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners. This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.
Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers. Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.
CONTACT: INTERTEK GROUP PLC
25 Savile Row
London
W1S 2ES, United Kingdom
Phone: +44-20-7396-3400
Fax: +44-20-7396-3480
Web site: http://www.intertek.com
Aston Swift, Treasurer
Investor Relations
E-mail: aston.swift@intertek.com
TULCHAN COMMUNICATIONS
Tim Lynch
Phone: +44 (0) 20 7353 4200
E-mail: tlynch@tulchangroup.com
KINGSWINFORD WASTE: Hires Administrator from Bridgestones
---------------------------------------------------------
Name of company:
KINGSWINFORD WASTE SERVICES LIMITED (Company No 03184110)
Nature of Business: Recycling of Non-metal Waste and Scrap.
Trade Classification: 3720
Date of Appointment: June 17, 2005
Joint Administrators' Names and Address: Robert Cooksey and
Jonathan Lord (IP Nos 9040 and 9041), both of Bridgestones, 125-
127 Union Street, Oldham OL1 1TE.
CONTACT: KINGSWINFORD WASTE SERVICES
Unit 4/Chancel Ind Est/Ham La
Kingswinford DY6 7JR
Phone: 01384 296786
BRIDGESTONES
125-127 Union Street
Oldham
Lancashire OL1 1TE
Phone: 0161 785 3700
Fax: 0161 785 3701
E-mail: rlc@bridgestones.co.uk
LINKCENTRE LIMITED: Administrators from Leonard Curtis Move in
--------------------------------------------------------------
Name of company: LINKCENTRE LIMITED (Company No 02586976)
Nature of Business: Motor Vehicle Wholesalers
Address of Registered Office: 73-89 Dowson Road, Hyde, Cheshire
SK14 5HL
Date of Appointment: June 20, 2005
Administrators' Names and Address: J. M. Titley, A. Poxon and P.
Reeves (IP Nos 8617 and 8620 and 9343 respectively), all of DTE
Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT
CONTACT: DTE LEONARD CURTIS
DTE House, Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
LONDON DIGITAL: Hires Begbies Traynor as Administrator
------------------------------------------------------
Name of company:
LONDON DIGITAL LIMITED (Company No 03109134)
Nature of Business: Telecommunications
Registered Office of Company: 6-8 Underwood Street, London N1
7JQ
Date of Appointment: June 14, 2005
Administrators' Names and Address: Louise Donna Baxter and David
Paul Hudson (IP Nos 009123 and 008977) both of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG.
CONTACT: LONDON DIGITAL LIMITED
Sicilian Av
London WC1A 2QH
Phone: 020 77046600
Fax: 020 7404635
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
MINERVA PLC: Concludes Sale of Delta Point for GBP56.25 Million
---------------------------------------------------------------
Minerva plc has completed the sale of Delta Point in Croydon to
Mapeley Group companies, for GBP56.25 million paid in cash.
The property, which was developed in 1984, comprises 250,000
square feet of offices and is leased to British
Telecommunication plc at an annual rent of GBP4.65 million until
September 2011. Proceeds from the disposal will be used to pay
down debt and for general corporate purposes.
Andrew Rosenfeld, Chairman of Minerva said: "Following our
announcement on Monday in respect of 90-95 Wimpole Street and 25
Wigmore Street, we are pleased to have concluded the sale of
Delta Point. Over the last 4 months we have made announcements
in respect of over GBP400 million of property sales."
* * *
Minerva exchanged contracts Monday with a private investor for
the sale of 90-95 Wimpole Street and 25 Wigmore Street for
GBP41.75million to be paid in cash.
Mr. Rosenfeld said: "This continues our current strategy of
selective sales of non-core assets which will enable us to
concentrate our minds on those situations within the portfolio
that have the potential to generate further shareholder value."
On June 6, the company entered into arrangements to secure the
sale of The Criterion, subject to Landlord's consent, to a
private investor for GBP112 million to be paid in cash.
The company said proceeds from these disposals will also be used
to pay down debt and for general corporate purposes.
CONTACT: MINERVA PLC
10 Gloucester Place
London
W1U 8EZ, United Kingdom
Phone: +44-20-7535-1000
Fax: +44-20-7535-1001
BRUNSWICK
James Bradley
Michaela Hopkins
Phone: 020 7404 5959
NESSA LIMITED: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of Nessa Limited will meet on July 7, 2005 at
11:00 a.m. It will be held at the offices of Unity Corporate
Recovery & Insolvency, Clive House, Clive Street, Bolton BL1
1ET.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Unity Corporate Recovery & Insolvency, Clive
House, Clive Street, Bolton BL1 1ET not later than 12:00 noon,
July 6, 2005.
CONTACT: UNITY CORPORATE RECOVERY AND INSOLVENCY
Clive House
Clive Street
Bolton
Lancashire BL1 1ET
Phone: 01204 395000
Fax: 01204 383999
E-mail: matthewbowker@ubsg.co.uk
PAYLESS TRAVEL: In Administrative Receivership
----------------------------------------------
Name of company: PAYLESS TRAVEL LIMITED (Reg No 03170784)
Nature of Business: Travel Agents
Registered Office of Company: One Great Cumberland Place, Marble
Arch, London W1H 7LW
Date of Appointment of Joint Administrative Receivers: June 22,
2005
Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc
Joint Administrative Receivers: S D Swaden and N A Bennett
(Office Holder Nos 2719 and 9083), both of Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW.
CONTACT: PAYLESS TRAVEL LIMITED
60 Tottenham Court Road,
London W1T 2EW
Phone: 020-74369009
LEONARD CURTIS & CO
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Phone: 020 7535 7000
Fax: 020 7723 6059
E-mail: solutions@leonardcurtis.co.uk
Web site: http://www.leonardcurtis.co.uk
PEARCE PLANT: Hires Administrators from Rothman Pantall & Co.
-------------------------------------------------------------
Name of company: PEARCE PLANT HIRE LIMITED (Company No 04233789)
Nature of Business: General Construction and Demolition
Address of Registered Office: Clareville House, 26-27 Oxendon
Street, London SW1Y 4EP
Trade Classification: 23
Date of Appointment: June 20, 2005
Administrators' Names and Address: R. D. Smailes and S. B. Ryman
(Office Holder Nos 8975 and 4731), both of Rothman Pantall & Co,
Clareville House, 26-27 Oxendon Street, London SW1Y 4EP.
* * *
Established last year, Pearce Plant Hire Ltd. operates as an
independent business and previously a division of major civil
engineering and building company. It has a turnover of GBP5
million. It specializes in a wide range of contracts including
highway and ground works, operated and non-operated plant and
demolition. Visit http://www.pearceplanthire.com/for more
information.
CONTACT: PEARCE PLANT HIRE LTD.
Bramble House,
Bramble Road, Swindon
Wiltshire SN28DS
Phone: 08712225727
Fax: 08712225737
ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
PRESTON & DUCKWORTH: Business for Sale
--------------------------------------
The joint administrators, Kerry Bailey and Jonathan Newell of
PKF (U.K.) LLP offer for sale as a going concern, the business
and assets of Preston & Duckworth Limited.
Founded in 1869, Preston & Duckworth is a high street retailer
of quality jewelry. Headquartered in Bolton, the group operates
leasehold stores at York, Guildford, London, Windsor, Ipswich
and Bury St. Edmunds. The firm posted GBP7.7 million in
turnover on its latest financial year, which ended on February
2005. The group employs around 75 people and currently holds
GBP5 million of stock.
CONTACT: PRESTON & DUCKWORTH LIMITED
2 Deansgate
Bolton BL1 1BT
Phone: 01204 525476
Fax: 01204 365202
Web site: http://www.prestonandduckworth.co.uk
PKF U.K. LLP
Sovereign House
Queen St.
Manchester M2 5HR
Phone: 0161 8325481
Fax: 0161 8323849
E-mail: info.manchester@uk.pkf.com
Web site: http://www.pkf.co.uk
Kerry Franchina Bailey
E-mail: kerry.bailey@uk.pkf.com
Paul Ashworth
E-mail: paul.ashworth@uk.pkf.com
RICHARD CASE: Names Mazars Administrator
----------------------------------------
Name of company:
RICHARD CASE ASSOCIATES LIMITED (Company No 1452016)
Nature of Business: Electrical Contractors
Trade Classification: Division 5, 27
Date of Appointment: June 9, 2005
Joint Administrators' Names and Address: Timothy Colin Hamilton
Ball and Lucinda Ann Field (IP Nos 8018 and 9295), both of
Mazars LLP, 8 New Fields, 2 Stinsford Road, Poole BH17 0NF
CONTACT: RICHARD CASE ASSOCIATES LIMITED
Unit A 23 Haviland Road,
Sandown Instl Est,
Wimborne, Dorset BH21 7SA
Phone: 01202-891578
MAZARS LLP
8 New Fields
2 Stinsford Road
Nuffield, Poole
Dorset BH17 0NF
Phone: 01202 680777
Fax: 01202 682671
SENDO LTD.: Ships Key Assets to Motorola
----------------------------------------
U.S.-based Motorola, Inc. is buying key assets of Sendo Ltd.,
while the rest of the U.K.'s only homegrown mobile handset maker
has been put into administration.
Motorola revealed Wednesday it is acquiring Sendo's U.K.- and
Singapore-based research and development teams, including design
and test equipment. The sale also involves the company's entire
intellectual property portfolio, with 50 existing and 40 pending
patents.
Meanwhile, according to Sendo, joint administrators Simon Appell
and Alastair Beveridge from Kroll's Corporate Advisory &
Restructuring Group are currently running the affairs, business
and assets of Sendo International Ltd., Sendo Holdings Plc,
Sendo Telecommunications Limited and Sendo Limited.
Sendo's core research and development team comprises
approximately 200 engineers, with nearly 170 of those based in
Birmingham, U.K., and the rest in Singapore.
Following its administration, about 30 employees, mostly from
the company's sales team in the U.K. and Europe, were left
jobless, said The Guardian Wednesday. According to the paper,
the company earlier sought additional funding, and mulled
floating on the stock market. It added the company suffered
problems with its cash flow as negotiations with possible buyers
failed.
Sendo, which was founded in August 1999 by current Chief
Executive Hugh Brogan, controls 1.5% of the global handset
market. In 2004, it posted revenues of US$420 million
(EUR345.39 million), compared with US$120 million (EUR98.66
million) a year earlier.
It supplies mobile phones to a number of major U.K. operators,
including Vodafone Group PLC and Virgin Mobile as well as
network operators worldwide, with its offices in the Americas,
Europe, and Asia. However, financial pressures, including its
failure to penetrate the U.S. market, prompted the sale and
administration.
Mr. Brogan earlier said: "We are in stormy waters financially
and consequently, we are trying to find solutions."
Meanwhile, Ron Garriques, president of Motorola Mobile Devices,
said: "Motorola is thrilled to welcome the Sendo research and
development team and their proven expertise in designing
solutions for wireless operators. With Motorola, this team will
have a chance to flourish and help transform the way people
experience mobile communications."
Motorola intends to augment the engineering team into its Mobile
Devices division, which would still concentrate on designing
solutions for wireless operators, particularly providing value-
added services to consumers.
CONTACT: SENDO LTD.
Sendo Base Station
Hatchford Way
Birmingham
B26 3RZ
United Kingdom
Phone: +44 (0) 121 251 5000
Fax: +44 (0) 121 251 5001
Web site: http://www.sendo.com
KROLL INC.
900 3rd Ave.
New York, NY 10022
Phone: 212-593-1000
Fax: 212-593-2631
Toll Free: 888-209-9526
Web site: http://www.krollworldwide.com
Motorola, Inc.
1303 E. Algonquin Rd.
Schaumburg, IL 60196
Phone: 847-576-5000
Fax: 847-576-5372
Web site: http://www.motorola.com
SKYEPHARMA PLC: Pleased with Return of Paxil to U.S. Market
-----------------------------------------------------------
SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) welcomes the
announcement by its partner GlaxoSmithKline that Paxil CR(TM) is
now available at pharmacies throughout the United States.
Michael Ashton, SkyePharma's Chief Executive, said: "Paxil
CR(TM) was designed to address the side-effect of early nausea
that affects many patients being treated with SSRI
antidepressants so its return to the U.S. market fills an
obvious therapeutic gap. Paxil CR(TM) was our most important
source of royalty income in 2004. We are confident that a
rebuild in U.S. revenues, and the new higher royalty rate, will
mean that it will also be the major source of royalty income in
2005."
On 4 March 2005, the U.S. Food & Drug Administration halted
distribution of supplies of Paxil CR(TM), and another unrelated
product, from GSK's manufacturing plant at Cidra, in Puerto
Rico, and from distribution depots, thereby halting U.S.
distribution of Paxil CR(TM). Both GSK and the FDA agreed at
the time that manufacturing issues cited by the FDA posed no
significant safety issue for patients. On 28 April 2005,
SkyePharma announced that it had entered into an amendment
agreement with GSK whereby the royalty rate payable on GSK's
sales of Paxil CR(TM) was increased from 3% to 4%. GSK also
agreed to maintain royalty payments while the product was off
the market.
About SkyePharma
SkyePharma PLC develops pharmaceutical products benefiting from
world-leading drug delivery technologies that provide easier-to-
use and more effective drug formulations. There are now eleven
approved products incorporating SkyePharma's technologies in the
areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilisation capabilities. For more
information, visit http://www.skyepharma.com.
About Paxil CR(TM)
In March 1996, SkyePharma entered into a License Agreement with
SmithKline Beecham (now part of GlaxoSmithKline) for the
development, manufacture and marketing of a modified release
version of Paxil(R)/Seroxat(R) (paroxetine hydrochloride) using
a combination of SkyePharma's Geomatrix(TM) Positioned Release
and Zero Order systems. Paxil(R) is an FDA-approved
antidepressant drug that is currently marketed primarily in the
United States and Europe (where it is known as Seroxat(R)) and
is an immediate release formulation prescribed for central
nervous system disorders. Paxil CR(TM) was approved by the FDA
in February 1999 for the treatment of depression. Subsequently
Paxil CR(TM) has been approved by the FDA for four additional
indications: panic disorder, the continuous treatment of Pre-
Menstrual Dysphoric Disorder (PMDD), social anxiety disorder and
the intermittent treatment of PMDD.
* * *
SkyePharma PLC, headquartered in London, develops pharmaceutical
products benefiting from world- leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations. In May, it reported net loss of GBP24.3 million
for 2004, a decrease of 44% compared with GBP43.2 million in
2003.
CONTACT: SKYEPHARMA PLC
105 Piccadilly
London
United Kingdom
W1J 7NJ
Phone: +44 20 7491 1777
Fax: +44 20 7491 3338
Web site: http://www.skyepharma.com
Ian Gowrie-Smith, Non-executive Chairman
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications
Phone: +44 207 491 1777
Sandra Haughton, U.S. Investor Relations
Phone: +1 212 753 5780
BUCHANAN COMMUNICATIONS
Phone: +44 207 466 5000
Tim Anderson/Mark Court
SKYEPHARMA PLC: Asthma Drug Approved in Germany
-----------------------------------------------
The German pharmaceutical regulatory authority has approved
FORADILa CERTIHALERa (formoterol fumarate inhalation powder) for
the treatment of asthma and chronic obstructive pulmonary
disease ("COPD"). FORADILa CERTIHALERa was co-developed by
SkyePharma PLC and Novartis Pharma AG. FORADILa CERTIHALERa is
a trademark of Novartis.
FORADILa CERTIHALERa was submitted for regulatory review in
Europe on a country-by-country basis beginning in December 2002
and has now been approved in Switzerland, Austria, Finland,
Portugal and the Netherlands as well as in Germany. It has also
been approved in five countries in Latin America. FORADILa
CERTIHALERa was also submitted for regulatory review in the U.S.
in December 2002. The U.S. Food and Drug Administration (FDA)
has assessed the product as approvable and Novartis is preparing
to provide the agency with additional data that were requested.
The US Foradila franchise has been licensed by Novartis to
Schering-Plough Corporation.
Michael Ashton, SkyePharma's Chief Executive Officer, commented:
"The sixth European approval for FORADILa CERTIHALERa is a
further milestone in the validation of our pulmonary delivery
technologies -- already recognized by other unrelated
collaborations in the pulmonary area with major pharmaceutical
companies such as AstraZeneca and GlaxoSmithKline. We are now
manufacturing launch material for our partner and look forward
to the initiation of commercial sales."
FORADILa CERTIHALERa embodies two proprietary SkyePharma
technologies, the SKYEHALERa, a novel breath-actuated multi-dose
dry powder inhaler ("MDDPI") device, and SKYEPROTECTa, a powder
formulation that protects the drug from atmospheric moisture to
ensure product stability and dose-to-dose reproducibility.
Formoterol, the active ingredient in FORADILa CERTIHALERa, is a
long-acting beta2-agonist bronchodilator that combines a rapid
onset of action (within 5 minutes) with a long-lasting
bronchodilation effect for 12 hours. This feature offers
important benefits for patients who suffer from asthma and COPD.
A major independent study published in October 2003 in the
European Respiratory Journal[1] showed that formoterol
(delivered by an alternative device) was superior to the widely
used short-acting bronchodilator salbutamol in relief of asthma
symptoms under real-life conditions. The breath-actuated
FORADILa CERTIHALERa dry-powder inhaler contains 60 doses,
giving patients the convenience of 30 days of therapy in a
single inhaler. This evolution of the FORADILa line was
developed to provide a valuable and convenient option for asthma
and COPD patients who require maintenance therapy with a long-
acting bronchodilator.
SkyePharma will earn a royalty on future sales of FORADILa
CERTIHALERa in all markets. SkyePharma will also manufacture
and supply FORADILa CERTIHALERa.
----------
[1] "Formoterol as relief medication in asthma: a worldwide
safety and effectiveness trial," Pauwels et al., European
Respiratory Journal 2003; 22: 787-794
CONTACT: SKYEPHARMA PLC
Phone: +44 207 491 1777
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications
Phone: +44 205 491 5124
Sandra Haughton, U.S. Investor Relations
Phone: +1 212 753 5780
SOVEREIGN DESPATCH: Hires Administrators from KPMG
--------------------------------------------------
Name of company:
SOVEREIGN DESPATCH (NORTHERN) LIMITED (Company No 3826883)
Nature of Business: Road Transport
Address of Registered Office: Sovereign House, Units C, D, E and
F, Ainley Industrial Estate, Ainley Bottom, Elland, West
Yorkshire HX5 9JP
Date of Appointment: June 20, 2005
Administrators' Names and Address: Howard Smith and Richard
Dixon Fleming (IP Nos 9341 and 8370), both of KPMG LLP, 1 The
Embankment, Neville Street, Leeds LS1 4DW.
CONTACT: SOVEREIGN DESPATCH (NORTHERN) LIMITED
Ainley Industrial Estate, Elland,
West Yorkshire HX5 9JP
Phone: 01422-328200
KPMG LLP
1 The Embankment
Neville Street
Leeds
West Yorkshire LS1 4DW
Phone: 0113 231 3332
Fax: 0113 231 3183
E-mail: richard.fleming@kpmg.co.uk
SPIRENT PLC: Job cuts at Service Assurance Unit Total 180
---------------------------------------------------------
Some 180 workers at a division of Spirent plc could lose their
jobs as part of the firm's restructuring measures.
The redundancies came after Spirent warned in April that its
Service Assurance business could post an operating loss of about
GBP10 million in the first half of 2005. The slowdown on
customers delaying capital spending, and the latest mergers
among telecommunication firms in the U.S. were blamed for the
outcome.
Anders Gustafsson, Chief Executive, said: "We have taken further
actions in the Service Assurance division to realign the cost
base while we continue to transition the business towards
service assurance.
"We believe that the advanced voice, video and data services
that are being rolled out by service providers worldwide will
require sophisticated monitoring to ensure the high quality,
reliable services their customers have come to expect. Our
solutions address the challenges of delivering these advanced
services."
The company revealed the restructuring could result to
annualized cost savings of about GBP8 million, of which GBP3
million will affect the second half of 2005. It will also bring
in a one-time charge of around GBP2 million, which involves cash
of GBP1.3 million, in the first half of this year.
The figures come on top of the GBP3 million charge that the
company disclosed in April.
According to the Scotsman Thursday, Spirent has already declared
around 100 staff redundant as it targets returning to profit
following cost-cutting measures initiated in 2003. The group
has about 4,400 employees in 30 countries, including 6 sites in
the U.K.
Spirent is a communications technology company which provides
performance analysis and service assurance solutions that enable
the development and deployment of next-generation networking
technologies such as broadband services, Internet telephony, 3G
wireless and web applications and security testing.
Its Network Products business is a developer and manufacturer of
innovative solutions for fastening, identification, protection
and connectivity in electrical and communications networks
marketed under the global brand HellermannTyton. The Systems
group comprises PG Drives Technology which develops power
control systems for specialist electrical vehicles in the
mobility and industrial markets.
Spirent Ordinary shares are traded on the London Stock Exchange
(ticker: SPT) and on the New York Stock Exchange (ticker: SPM;
CUSIP number: 84856M209) in the form of American Depositary
Shares (ADS), represented by American Depositary Receipts, with
one ADS representing four Ordinary shares.
Visit http://www.spirent.comfor more information.
CONTACT: SPIRENT PLC
Spirent House
Crawley Business Quarter
Fleming Way
Crawley
West Sussex RH10 9QL
Phone: +44 (0)1293 767676
Fax: +44 (0) 1293 767677
E-mail: media@spirent.com
Rupert Young
Brunswick Group Limited
16 Lincoln 's Inn Fields
London WC2A 3ED
Phone: +44 (0)20 7404 5959
E-mail: ryoung@brunswickgroup.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *