/raid1/www/Hosts/bankrupt/TCREUR_Public/050704.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
Monday, July 4, 2005, Vol. 6, No. 130
Headlines
F R A N C E
CASINO GUICHARD: Subordinated Notes Downgraded to 'BB'
G E R M A N Y
EGON LANDWEHRJOHANN: Clothing Retailer Declared Insolvent
FRESENIUS MEDICAL: Downgrade Likely After Renal Care Acquisition
GUENCE & WOLF: Creditors' Claims Due Early Next Month
KAASE-POLSTERMOBEL: Court to Verify Claims September
LEICA CAMERA: Hermes Offers Conditional Rescue Package
NBW GRUNDSTUECKSGESELLSCHAFT: Creditors Meeting Set August
RUNGIS EXPRESS: New Owner Aims for Breakeven this Year
UNIMONT METALLBAU: Falls into Bankruptcy
I T A L Y
PARMALAT FINANZIARIA: Brazilian Unit Given 60 Days to File Plan
K A Z A K H S T A N
(JSC) KAZPOST: Assigned Low-B Issuer Credit Rating
K Y R G Y Z S T A N
DOMBAI LTD.: Last Day for Filing Claims August 20
ELAST: Creditors' Claims Due August
MARMAD: Declared Insolvent
SHANKOL TRANS: Gives Creditors Until Next Month to File Claims
N E T H E R L A N D S
ROYAL NUMICO: Concludes Shakeup at Chinese Baby Food Business
N O R W A Y
PAN FISH: July EGM to Tackle Merger of Shares
P O L A N D
FSO: Government Okays Stake Sale to AvtoZAZ
R O M A N I A
COSMOROM SA: Cosmote Shareholders Support Stake Purchase
R U S S I A
CERAMIC: Creditors Have Until July 28 to File Claims
DAL-SANTEKH-MONTAZH: Hires V. Turushev as Insolvency Manager
HEMP FACTORY: Under Bankruptcy Supervision
KIROVOGRADSKIY: Declared Insolvent
MASLYANINSKIY: Bankruptcy Hearing Set August 15
MAYAK: Hires A. Kostyunin Insolvency Manager
OREL-GAS-STROY: Bankruptcy Hearing Set August
REAL OIL-CLOTH: Declared Insolvent
SIB-HYDRO-MECHANIZATION: Under Bankruptcy Supervision
SLAVYANSKIY: Krasnodar Court Names Insolvency Manager
S P A I N
CIRSA GROUP: Long-term Corporate Credit Rated 'BB-'
TERRA MITICA: Accused of Issuing Fake VAT Invoices
U K R A I N E
GIRSKE SONTSE: Under Bankruptcy Supervision
KATERINOPILSKIJ BREAD: Declared Insolvent
KOLOS: Volodimir Domachuk to Liquidate Company
KOMINMET: Insolvency Manager Takes over Operations
VERHNYANSKA AUTOBAZA: Bankruptcy Supervision Begins
ZHURAVKA: Court Appoints Temporary Insolvency Manager
U N I T E D K I N G D O M
A1HOUSEREMOVALS.COM LIMITED: Files for Liquidation
AB EUROPEAN: Liquidator from Grant Thornton Moves in
AB EUROPEAN: Deadline for Proofs of Claim August
ACE: Appoints GCP Liquidator
ACE: Creditors Have Until August to File Proofs of Claim
AVIATION GROUP: Members Decide to Wind up Firm
BTS CAPITAL: Names Liquidator from Richard Floyd & Co.
CARGOJET MANAGEMENT: Members Opt for Voluntary Liquidation
CYBRIUM LIMITED: Final Meeting Set Next Month
DATANET INSTALLATION: Liquidator's Report Out August
ENTRANET LIMITED: Liquidator to Deliver Report Next Month
GLOBAL MARINE: Members Decide to Wind up Firm
HENRY GROSS: Hires Administrators from Menzies Corporate
IFFTNER RECRUITMENT: In Liquidation
IFFTNER RECRUITMENT: Proofs of Claim Due Later this Month
INMARSAT HOLDINGS: Shares Start Trading on London Bourse
INTERMAIN LEISURE: Final Meeting Set Early August
IT TECHCARE: Hires Begbies Traynor as Administrator
JIMMY & SONS: Wholesaler Calls in Administrator
NETWORK RAIL: Witness of Attempt to Quell Shareholders Surfaces
NETWORK RAIL: Shareholders Present Evidence on Misfeasance Case
PARTRIDGE & SONS: Liquidator's Winding-up Report out July 20
PIECE HALL: Retailer Hires Administrator from Sargent & Co.
PUMA MANUFACTURING: In Administrative Receivership
RAMCO ENERGY: Shows Signs of Revival
REWIRES (DEVON): Administrators from Moore Stephens Move in
R F TELECOMMUNICATIONS: Files for Voluntary Winding-up
ROSEN EYE: Hires Gibson Booth Administrator
SANYO ENERGY: Appoints PricewaterhouseCoopers Liquidator
VATHEK (MARINE): Final Meeting Set August
*********
===========
F R A N C E
===========
CASINO GUICHARD: Subordinated Notes Downgraded to 'BB'
------------------------------------------------------
Fitch Ratings downgraded Casino Guichard-Perrachon S.A. to Senior
Unsecured 'BBB-' (BBB minus) from 'BBB' and Short-term 'F3' from
'F2', and removed them from Rating Watch Negative (RWN). A
Stable Outlook has been assigned.
Fitch has also downgraded the deeply subordinated undated notes
issued in January 2006 to 'BB' from 'BB+', removing them from
RWN. The downgrade primarily reflects the deterioration in
Casino's business environment due to increased price competition
in France, while the group's financial profile remains stretched.
The Rating Outlook is Stable. The ratings are based on fully
adjusted ratios encompassing the various probabilities of
Casino's put arrangements becoming debt. It includes, in
particular, the Monoprix and Franprix-Leader Price put options.
Dividends paid (in cash or shares) are included in fixed-charge
calculations given the need to service debt at the holding
company, Rallye, level. Rallye is owned by M. J-C Naouri,
Casino's chairman and chief executive. Fitch also factors in a
potential deterioration in operating profit resulting from the
deflationary environment in the French food retail market.
Casino derived 91% of its FY04 operating profit from France where
food retail has become deflationary since the second half of
2004. Further prospective deflationary pressure is likely once
the ongoing review of the French pricing regulation, the Galland
law, is completed, which is likely in the second half of 2005.
Casino enjoys a strong position within the discount supermarket
and convenience store sectors. However, partly as a result of
its smaller market share, Casino will remain susceptible to price
deflation. Casino's Geant hypermarkets and supermarkets,
accounting for 41% of domestic operating profit, are likely to be
left with no option but to adjust prices to those of competitors.
The group has already started to improve its price positioning by
increasing the proportion of own-label goods, which are 30-60%
cheaper than branded products. Casino's Leader Price discount
supermarkets recorded negative like-for-like sales in Q105,
suggesting that hypermarket price cuts by competitors have lured
some customers back.
Casino's expansion overseas is unlikely to mitigate the
increasing challenges in the French retail market. The
additional stake acquired in the Brazilian retailer, CBD, secures
joint control but does not give full access to cash flows.
Casino intends to stabilize its financial profile, although no
material improvement is anticipated in the short to medium-term.
The expected listing of a property company operating shopping
malls, and the payment of a large portion of dividend in shares,
will help fund EUR730 million of additional investments made
since the beginning of 2005 (CBD and Vindemia). Fitch notes in
particular that although the maturity of the Cora equity swap has
been extended until 2011, margin calls could result from a
deterioration of the operating performance of Cora, a French
regional supermarket chain. Fitch factors in some EUR500 million
of additional liability as a result of the Cora equity swap.
The ratings were placed on RWN on 4 May 2005, reflecting concerns
over the acquisition of Vindemia and CBD as part of the group's
international strategy, performance of the domestic operations,
and future contingent liabilities. Following a management
meeting these issues surrounding the RWN have been resolved as
outlined above.
CONTACT: FITCH RATINGS
Olivier de Combarieu, Paris
Phone: +33 1 44 29 91 26
Frederic Gits
Phone: +33 1 44 29 91 34
Web site: http://www.fitchratings.com
=============
G E R M A N Y
=============
EGON LANDWEHRJOHANN: Clothing Retailer Declared Insolvent
---------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Egon Landwehrjohann GmbH on June 22, 2005. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Aug. 8, 2005 to
register their claims with court-appointed provisional
administrator Frank M. Welsch.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 28, 2005, 10:20 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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.
Egon specializes in retail of clothing and cord goods.
CONTACT: EGON LANDWEHRJOHANN GmbH
Industriestr. 44
33415 Verl
Contact:
Udo Landwehrjohann, Manager
Phone: 05246/3349
Frank M. Welsch, Insolvency Administrator
Barkeystrasse 30
33330 Guetersloh
FRESENIUS MEDICAL: Downgrade Likely After Renal Care Acquisition
----------------------------------------------------------------
Standard & Poor's Ratings Services maintained its 'BB+' long-term
corporate credit ratings on the world's leading dialysis services
provider, Germany-based Fresenius Medical Care AG (FME), and its
parent, Fresenius AG (Fresenius), on CreditWatch with negative
implications, where they were placed on May 4, 2005, following
FME's announcement that it had agreed to acquire North America's
third-largest dialysis services provider Renal Care Group Inc.
(RCG; BB-/Positive/--).
Standard & Poor's plans to lower the corporate credit ratings on
both entities to 'BB' on completion of the $4 billion (including
$500 million of assumed debt) debt-financed acquisition. The
outlook will be negative. At the same time, the subordinated
debt rating on the trust preferred securities issued by various
FME subsidiaries will be lowered to 'B+' from 'BB-'. The
acquisition is likely to be completed during the fourth quarter
of 2005 once approvals have been received from RCG's shareholders
and the antitrust authorities.
"The downgrade will primarily reflect the substantial
deterioration in the group's debt measures on completion of the
acquisition," said Standard & Poor's credit analyst Omar Saeed.
This is despite FME's intention to raise potentially about EUR300
million ($400 million) of proceeds from a voluntary scheme under
which its preference shareholders are able to convert their
holdings into ordinary shares during the current year. FME also
anticipates divestitures worth between $200 million and $250
million, reflecting disposals necessary to satisfy regulatory
authorities and the optimization of its dialysis clinics
portfolio.
Pro forma for the anticipated divestitures and potential share
conversion, Standard & Poor's estimates FME's net debt to EBITDA
adjusted for leases, pensions, and litigation-related-provisions
(after exceptional cash costs) and adjusted funds from operations
(FFO) to net debt at about 4.7x and 13%, respectively, for the 12
months to March 31, 2005. This reflects a substantial
deterioration from the current 2.9x and 25%. Fresenius' debt
measures are also likely to fall broadly in line with those of
FME.
The negative outlook will reflect both entities' below-par pro
forma debt protection measures for the 'BB' ratings.
"Standard & Poor's notes FME's and Fresenius' unexpected shift to
a significantly more aggressive financial posture, particularly
as the group had been in the process of deleveraging its balance
sheet for the past three to four years," said Mr. Saeed.
"We are therefore concerned that the group might not be able to
sustain the required rapid deleveraging over the next two years
if acquisition spending is significant," he added. "The 'BB'
ratings could be lowered in the next 12 months if the group fails
to demonstrate the ability to achieve and sustain ratios
consistent with the rating level by year-end 2007."
From a business risk perspective, Standard & Poor's considers the
acquisition as mildly positive in the long run, reflecting the
enlarged group's solidified market position, its ability to
further improve payment terms with private payors, and improved
operating margin.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
GUENCE & WOLF: Creditors' Claims Due Early Next Month
-----------------------------------------------------
The district court of Bad Kreuznach opened bankruptcy proceedings
against Guence & Wolf GmbH & Co. KG on June 13, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Aug. 1, 2005 to
register their claims with court-appointed provisional
administrator Eckhard Finke.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 11, 2005, 11:00 a.m. at the district court of
Amtsgericht, Ringstrasse 79, 55543 Bad Kreuznach 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.
The company produces, assembles and sells plastic parts.
CONTACT: GUENCE & WOLF GmbH & CO. KG
Wollsteiner Strasse 8
55543 Bad Kreuznach
Phone: 0671 8966252
Fax: 0671 8966254
E-mail: info@laser-beschriften.de
Contact: Tashin Guence, Manager
Eckhard Finke, Insolvency Administrator
Mannheimer Strasse 173
55543 Bad Kreuznach
Phone: 0671/84007-68
Fax: 0671/84007-43
KAASE-POLSTERMOBEL: Court to Verify Claims September
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against KAASE-Polstermobel GmbH on June 22, 2005. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Aug. 30, 2005 to
register their claims with court-appointed provisional
administrator Stefan Meyer.
Creditors and other interested parties are encouraged to attend
the meeting on Sept. 20, 2005. 9:30 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld 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.
The company manufactures furniture, chairs and tables.
CONTACT: KAASE-POLSTERMOBEL GmbH
Langekamp 3, POB 1343,
32293 Luebbecke
Phone: (05741) 9001-0,
Fax: (05741) 9001-39
E-mail: info.kaase@kaase.de
Web site: http://www.kaase.de
Contact:
Hartmut Kaase, Manager
Stefan Meyer, Insolvency Administrator
Ostertorstr. 7
32312 Lubbecke
LEICA CAMERA: Hermes Offers Conditional Rescue Package
------------------------------------------------------
Luxury goods retailer Hermes International, a major shareholder
of troubled Leica Camera, plans to bail out the loss-making
photography group, Le Figaro says.
But before any rescue deal, Hermes wants the group to either form
alliances within the digital photography sector or focus on the
quality of its optical lenses and binoculars, which account for
40% of its turnover. Hermes controls 31.5% of Leica.
Leica, however, has been unsuccessful in creating any alliances.
It has yet to produce a successful and affordable digital cam and
the division only contribute 10% to turnover. Leica's deficit
gave Hermes a shortfall of EUR12 million in 2004.
Shareholders approved management's proposed restructuring
measures last month, which include a simplified capital
reduction, an increase of the share capital against contributions
in cash and a creation of authorized capital. Leica will carry
out the rights issue in the coming weeks. Josef Spichtig, who is
known for rescuing troubled firms, currently heads the group.
* * *
In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005.
The Leica Camera Group closed the first half of its fiscal year
2004/2005 (FY end March 31) with sales of EUR45 million. This
is 15.0% below the sales figure in the first half last year.
Sales fell short of the Company's expectations.
At -EUR4.2 million, the operating result for the months April to
September was EUR1.9 million below the comparable prior year
figure. Including extraordinary expenses of EUR2.4 million for
the restructuring measures currently implemented, the after-tax
result for the half-year comes to a net loss of EUR7.5 million
from EUR2.9 million at the first half of 2003/2004, according to
Die Welt.
CONTACT: LEICA CAMERA AG
Oskar-Barnack-Strasse 11
35606 Solms
Deutschland
Web site: http://www.leica-camera.com
HERMES INTERNATIONAL
24, Faubourg Saint-Honore
75008 Paris
Phone: +33-1-40-17-49-20
Fax: +33-1-40-17-49-21
Web site: http://www.hermes.com
NBW GRUNDSTUECKSGESELLSCHAFT: Creditors Meeting Set August
----------------------------------------------------------
The district court of Berlin Charlottenburg opened bankruptcy
proceedings against NBW Grundstuecksgesellschaft mbH & Co. Erste
Beteiligungs KG. on June 20, 2005. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Sept. 15, 2005 to register their claims with
court-appointed provisional administrator Dr. Christoph
Schulte-Kaubruegger.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 2, 2005, 10:20 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 November 10, 2005, 10:00 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
The group buys, develops, manages, and sells properties,
buildings and dwellings.
CONTACT: NBW GRUNDSTUECKSGESELLSCHAFT mbH & Co. Erste
Beteiligungs KG.
Kleiststr. 3 - 6
10787 Berlin
Dr. Christoph Schulte-Kaubruegger, Insolvency Manager
Genthiner Str. 48
10785 Berlin
RUNGIS EXPRESS: New Owner Aims for Breakeven this Year
------------------------------------------------------
Insolvent exotic food supplier Rungis Express is optimistic it
will break even this year, Handelsblatt says.
New head Michael Spat, whose consortium took over Rungis last
week, revealed the group's operating business remained
profitable, but was plagued by high interest payments on its
EUR16 million debt. Rungis had reportedly met all its
liabilities during the insolvency proceedings.
Mr. Spat's consortium, which includes logistics firm Cool Chain
Group (CCG), investment group SpecTra Industriekapital and
Austrian company R&S Gourmet Express, outbid the wife of founder
George W. Kastner, who was backed by Dirk investor Westerheide.
The new owners are currently holding talks with Dresdner Bank
over future financing. The group is expected to shut down parts
of its Satteldorf distribution center, which employs around 70
staff.
* * *
Rungis filed for insolvency in January following a string of
financial problems. The group's collapse rendered most of its
workers jobless. Since entering insolvency proceedings, the
group is thought to have cut its debt significantly.
CONTACT: RUNGIS EXPRESS GESELLSCHAFT FUR FRISCHIMPORTE MBH &
CO. KG
Am Hambuch 2
53340 Meckenheim
Phone: 02225-883-0
Fax: 02225-883-300
E-mail: Info@Rungis-Express.de
Web site: http://www.rungis-express.de
COOL CHAIN GROUP HOLDING AG
Hohenkampsweg 1 a
28355 Bremen
Phone: +49 421 2581 942
Fax: +49 421 2581 944
Web site: http://www.coolchaingroup.com
UNIMONT METALLBAU: Falls into Bankruptcy
----------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Unimont Metallbau und Arbeitnehmerueberlassung GmbH on
June 15, 2005. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Aug. 13, 2005 to register their claims with court-appointed
provisional administrator Nikolaus Gaede.
Creditors and other interested parties are encouraged to attend
the meeting on Sept. 9, 2005, 9:30 a.m. at the district court of
Sitzungssaal 162, Am Alten Einlass 1, 86150 Augsburg at which
time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
Unimont Metallbau specializes in metal works.
CONTACT: UNIMONT METALLBAU UND ARBEITNEHMERUEBERLASSUNG GmbH
Wilhelm-Hauff-Str. 18
86161 Augsburg
Phone: 0821 / 559107
Fax: 0821 / 551388
E-mail: info@unimont-gmbh.de
Web site: http://www.unimont-gmbh.de
Contact:
Elst Ernst-Andreas, Manager
Nikolaus Gaede, Insolvency Administrator
Maximilianstr. 35
80539 Muenchen
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Brazilian Unit Given 60 Days to File Plan
---------------------------------------------------------------
A Brazilian judge gave Thursday the South American unit of
Parmalat Finanziaria 60 days to file a reorganization plan, Dow
Jones Newswires says.
The plan, which will include methods and timetables for paying
creditors, will be drafted under Brazil's new bankruptcy law that
took effect early this month. The bankruptcy judge and creditor
representatives must approve the plan. The unit filed for
bankruptcy shortly after the collapse of its Italian parent.
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
===================
K A Z A K H S T A N
===================
(JSC) KAZPOST: Assigned Low-B Issuer Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
foreign and local currency global issuer credit ratings to 100%
state-owned postal company Kazpost (JSC). The outlook is stable.
At the same time, Standard & Poor's assigned its 'kzAA-',
Kazakhstan national scale rating, to the issuer.
The ratings on Kazpost reflect its status as a 100% state-owned
entity, and the strong support it receives from the Republic of
Kazakhstan (foreign currency BBB-/Stable/A-3; local currency
BBB/Stable/A-3).
"This support comes in the form of guarantees and capital
injections, in recognition of the important public service role
that Kazpost provides in rural areas," said Standard & Poor's
credit analyst Felix Ejgel. "These elements are mitigated by the
company's weak financial profile due to the low profitability of
core services, and strong competition faced by the company in
Kazakh cities."
Standard & Poor's follows the top-down approach for assessing
Kazpost, which is therefore rated higher than its standalone
credit quality would warrant. The absence of an explicit state
guarantee of all the company's debt or a liquidity mechanism
justifies the difference between the ratings on Kazpost and those
on the Republic of Kazakhstan.
JSC Kazpost is the national postal operator in Kazakhstan, which
distributes letters, printed materials, express deliveries, and
parcels. It also provides certain financial services, such as
transferring salaries and pensions, collecting utility charges
and tax payments, and maintaining deposits. In 2004, company's
sales were about US$50 million.
The company's profitability is stable, but modest due to
Kazpost's mandate to provide services throughout a vast, sparsely
populated Republic, together with the need to increase personnel
spending and to implement a strategic investment program.
"We do not expect Kazpost's status to change in the foreseeable
future, and the company should remain underpinned by a strong
level of state support," said Mr. Ejgel. "The potential
deregulation of postal services and reduction in direct subsidies
after 2007 will be offset by the expected improvement of the
company's market position thanks to its implementation of a
massive strategic investment program."
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
PublicFinanceEurope@standardandpoors.com
===================
K Y R G Y Z S T A N
===================
DOMBAI LTD.: Last Day for Filing Claims August 20
-------------------------------------------------
LLC Dombai Ltd., which recently became insolvent, will accept
proofs of claim at Chui region, Panfilov district, Kainda,
Shestdesyat Let Oktyabra Str. until August 20, 2005
CONTACT: DOMBAI LTD.
Chui region, Panfilov district,
Kainda, Shestdesyat Let Oktyabra Str.
ELAST: Creditors' Claims Due August
-----------------------------------
Joint Venture LLC Elast, which recently became insolvent, will
accept proofs of claim at Bishkek, Auezova Str. 1/2 until August
23, 2005. Call (0-312) 23-98-46 for more information.
MARMAD: Declared Insolvent
--------------------------
LLC Marmad, which recently became insolvent, will accept proofs
of claim at Osh, Ujnaya Str. 115 until August 20, 2005.
CONTACT: MARMAD
Osh, Ujnaya Str. 115
SHANKOL TRANS: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------------
LLC Shankol Trans, which recently became insolvent, will accept
proofs of claim at Osh, Gagarina Str. 19/1 until August 20 2005.
Call (0-312) 46-24-29 for more information.
=====================
N E T H E R L A N D S
=====================
ROYAL NUMICO: Concludes Shakeup at Chinese Baby Food Business
-------------------------------------------------------------
Royal Numico N.V. has completed the restructuring of its baby
food activities in China, which will substantially improve the
financial performance of the continued baby food operations in
China.
Numico announced on March 3, 2005 that the company will fully
focus its Chinese baby food activities on its premium brand Cow &
Gate in Shanghai and the Guangdong province. In order to
specifically further develop the Guangdong province, Numico has
set up an exclusive marketing and distribution agreement with
Hutchison which will come into effect as of 1 July 2005.
Since the announcement, Numico completed the divestiture of its
dairy manufacturing plant in China, sold the underperforming
'HLRN' brand to Olamar Holding N.V. and withdrew 'QQBB' -- a
mainstream baby milk brand -- from the Chinese market.
The restructuring of the Chinese baby food activities will result
in additional one-off restructuring costs of approximately EUR2
million which will be taken in the second quarter of 2005.
Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand names
Nutricia, Milupa and Cow & Gate, among others. The company
serves customers in over 100 countries and employs approximately
11,000 people.
CONTACT: ROYAL NUMICO N.V.
Corporate Communications
Phone: +31 20 456 9077
Web site: http://www.numico.com
Investor Relations
Phone: +31 20 456 9003
===========
N O R W A Y
===========
PAN FISH: July EGM to Tackle Merger of Shares
---------------------------------------------
The board of directors of Pan Fish ASA has called an
extraordinary general meeting for July 13, 2005, 10:00 a.m. at
Maskinveien 32, Stavanger, in Norway.
The board will address these concerns:
(a) merger of shares;
(b) equity issue authorization;
(c) election of members of the Board of Directors; and
(d) election of new Election committee
The General meeting will be opened by the Chairman of the Board.
All shareholders who intend to attend the meeting can send a
notice of attendance to Pan Fish ASA on or before July 7, 2005.
Proxies awarded to the Chairman of the Board should also be
received by Pan Fish ASA within July 7, 2005.
* * *
As reported by TCR-Europe on June 10, two companies affiliated
with Greenwich Holdings Limited, a Cyprus-based investment
company indirectly controlled by John Fredriksen, have purchased
in total 587,695,078 shares in Pan Fish at NOK1.35.
The shares have been purchased from Nordea Bank Norge A.S.A.,
and constitute the bank's entire shareholding in Pan Fish A.S.A.
Included are 20,403,869 shares to be converted by Nordea in
accordance with the convertible loan issued to Nordea, as
described in chapter 4.1.6 in the Pan Fish Prospectus dated May
12, 2005.
After this conversion, the total number of shares issued in Pan
Fish is 1,222,704,087 shares. The two Companies combined
holding will then be 48.07%. The agreement between the Buyer
and the Seller includes a price compensation clause should the
Buyer within three months put forward a Mandatory or Voluntary
offer for all outstanding shares in Pan Fish at a higher price
than NOK1.35 per share.
The new major shareholders intend to keep Pan Fish a public
company.
CONTACT: PAN FISH A.S.A.
Maskinveien 32,
P.O. Box 342 Forus
N-4067 STAVANGER
Phone: +47 70 11 61 00
Fax: +47 70 11 61 34
E-mail: post@panfish.no
Web site: http://www.panfish.com/
CEO Atle Eide
Phone: +47 911 52 977
===========
P O L A N D
===========
FSO: Government Okays Stake Sale to AvtoZAZ
-------------------------------------------
Poland has approved Ukrainian AvtoZAZ's plan to buy a 20% stake
in Daewoo-FSO factories in Warsaw, according to AFX. The two
signed a preliminary deal for the transfer of the stake last
month.
Last year, AvtoZAZ reportedly started buying FSO's debt from
creditor banks. About US$8 million were sold, according to
Millennium Bank.
FSO's troubles started after Daewoo Motor went belly up in 2001
and worsened during the Polish car market slump in 2003.
General Motors Corp. took over Daewoo Motor in 2002, but Daewoo-
FSO was excluded from the transaction. Daewoo Motors of South
Korea originally owned 80% of the company.
FSO is a large Polish producer of passenger cars and other
mechanical vehicles, trailers, spare parts and accessories. It
is located in Warsaw and employs more than 3,000. Its bank
creditors are Millennium Bank, Bank Pekao, BPH PBK, Bank
Handlowy, ING Bank Slaski and Kredyt Bank. Debt to the banks
was PLN591 million as of 2003. The loans are secured by assets.
CONTACT: DAEWOO-FSO MOTOR
00-992 Warszawa
Jagiellonska 88
Web site: http://www.daewoo.com.pl
=============
R O M A N I A
=============
COSMOROM SA: Cosmote Shareholders Support Stake Purchase
--------------------------------------------------------
Shareholders of Greece's Cosmote have approved the planned
purchase of 70% of mobile arm Cosmorom S.A. from Romanian
fixed-line carrier Romtelecom, according to MPA News. The
transaction was estimated worth EUR120 million (US$150.8
million). It is expected to close in the first half of July.
Cosmoron's parent, Romtelecom, is keeping the remaining 30% of
the company.
OTE, which also owns 54% of Romtelecom, raised the prospect of
selling Cosmorom in 2003, according to a previous report from
TCR-Europe. Cosmorom was then operating at a loss, with debt
estimated at EUR172 million.
Analysts attribute the negative outlook at Cosmorom to
insufficient investments in the company, which entered the market
too late.
Moreover, the company was not benefiting from national coverage
of its services, making it unable to compete with Orange and
MobiFon.
Cosmorom posted net losses at EUR41.9 million and operational
income at EUR12.2 million in the first nine months of 2002, as
well as an EBITDA loss of EUR21.9 million. Subscribers of
Cosmorom were pegged at only around 45,000, and users of prepaid
services at 50,000 in September, compared to an estimated 2.5
million customers for each of the company's competitors.
CONTACT: COSMOROM S.A.
Cosmorom Headquarters
61 Nicolae Caramfil Str
Sector 1, Bucharest ROMANIA
Phone: (021) 404 1234
E-mail: info@cosmorom.com
Web site: http://www.cosmorom.com/
===========
R U S S I A
===========
CERAMIC: Creditors Have Until July 28 to File Claims
----------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Ceramic after finding the close joint stock
company insolvent. The case is docketed as
A-32-22282/2004-43/179-B. Mr. F. Abdullin has been appointed
insolvency manager. Creditors have until July 28, 2005 to submit
their proofs of claim to Russia, Krasnodar region, Rapshilevskaya
Str. 321.
CONTACT: CERAMIC
Russia, Krasnodar region, Leningradskiy region,
Leningradskaya St., Porm. Zone
Mr. F. Abdullin
Insolvency Manager
Russia, Krasnodar region,
Rapshilevskaya Str. 321
DAL-SANTEKH-MONTAZH: Hires V. Turushev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on Khabarovskoye assembly
enterprise #2 Dal-Santekh-Montazh. The case is docketed as
A73-2918/2005-36. Mr. V. Turushev has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 680000, Russia, Khabarovsk, Kustarnyj Per. 4, Office 4.
CONTACT: DAL-SANTEKH-MONTAZH
680000, Russia, Khabarovsk region,
Pushkina Str. 41
Mr. V. Turushev
Temporary Insolvency Manager:
680000, Russia, Khabarovsk region,
Kustarnyj Per. 4, Office 4
HEMP FACTORY: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on federal state unitary
enterprise Hemp Factory (TIN 0277000952). The case is docketed
as A07-7573/05-G-FLE. Mr. K. Katkov has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 450057, Russia,
Bashkortostan republic, Oktyabrskoy Revolyutsii Str. 65, Room 14.
A hearing will take place on Sept. 6, 2005.
CONTACT: HEMP FACTORY
452660, Russia, Bashkortostan republic,
Bakalinskiy region, Penkozavod
Mr. K. Katkov
Temporary Insolvency Manager
450057, Russia, Bashkortostan republic,
Oktyabrskoy Revolyutsii Str. 65, Room 14
KIROVOGRADSKIY: Declared Insolvent
----------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Kirovogradskiy after finding the bakery
insolvent. The case is docketed as A60-10455/2002-S3. Mr. V.
Shmelev has been appointed insolvency manager. Creditors have
until July 28, 2005 to submit their proofs of claim to 620027,
Russia, Ekaterinburg, Post User Box 206.
CONTACT: KIROVOGRADSKIY
624150, Russia, Sverdlovsk region,
Kirovograd, Lenina Str. 75
Mr. V. Shmelev
Insolvency Manager
620027, Russia, Ekaterinburg,
Post User Box 206
MASLYANINSKIY: Bankruptcy Hearing Set August 15
-----------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on flax factory Maslyaninskiy.
The case is docketed as A45-7029/05-4/71. Mr. G. Taran has been
appointed temporary insolvency manager. A hearing will take
place on Aug. 15, 2005.
CONTACT: MASLYANINSKIY
Russia, Novosibirsk,
Maslyaninskiy region
Mr. G. Taran
Temporary Insolvency Manager
630099, Russia, Novosibirsk region,
Oktyabrskaya Str. 84, Room 10
Phone/Fax: 187021
MAYAK: Hires A. Kostyunin Insolvency Manager
--------------------------------------------
The Arbitration Court of Yaroslavl region has commenced
bankruptcy supervision procedure on open joint stock company
Mayak. The case is docketed as A82-1793/05-56-B/14. Mr. A.
Kostyunin has been appointed temporary insolvency manager. A
hearing will take place on Sept. 14, 2005, 10:00 a.m.
CONTACT: MAYAK
152900, Russia, Yaroslavl region,
Rybinsk, Zakharova Str. 38
Mr. A. Kostyunin
Temporary Insolvency Manager
127550, Russia, Moscow, Dmitrovskoye Shosse, 33,
Building 4, Apartment 10
OREL-GAS-STROY: Bankruptcy Hearing Set August
---------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company Orel-Gas-Stroy.
The case is docketed as A48-1041/05-16b. Mr. A. Kostyunin has
been appointed temporary insolvency manager. A hearing will take
place on Aug. 23, 2005, 9:30 a.m.
CONTACT: OREL-GAS-STROY
302016, Russia, Orel region,
Skulpturnaya Str. 2
Mr. A. Kostyunin
Temporary Insolvency Manager
127550, Russia, Moscow, Dmitrovskoye Shosse, 33,
Building 4, Apartment 10
REAL OIL-CLOTH: Declared Insolvent
----------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Real Oil-Cloth (TIN 33006130) after finding
the open joint stock company insolvent. The case is docketed as
A11-2819/2005-K1-42B. Mr. A. Kislitsyn has been appointed
insolvency manager.
CONTACT: REAL OIL-CLOTH
601408, Russia, Vladimir region, Vyaznikovskiy region,
Mstera, Dzerzhinskogo Str. 15
Mr. A. Kislitsyn
Insolvency Manager
109029, Russia, Moscow,
Nizhegorodskaya Str. 32, Building 15
The Arbitration Court of Vladimir region
600025, Russia, Vladimir region,
Oktyabrskiy Pr. 14
SIB-HYDRO-MECHANIZATION: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Sib-Hydro-Mechanization. The case is docketed as
A45-9482/05-4/220. Mr. Y. Repotetskiy has been appointed
temporary insolvency manager. A hearing will take place on Sept.
26, 2005, 11:00 a.m. located at Russia, Novosibirsk region,
Kirova Str. 3, Room 911.
CONTACT: SIB-HYDRO-MECHANIZATION
630052, Russia, Novosibirsk region,
Trolleynaya Str. 83
Mr. Y. Repotetskiy
Temporary Insolvency Manager
630052, Russia, Novosibirsk region,
Trolleynaya Str. 83
Phone: 166709
SLAVYANSKIY: Krasnodar Court Names Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Slavyanskiy after finding the fish factory
insolvent. The case is docketed as A-32-2314/2005-27/9-B. Mr.
I. Yas'ko has been appointed insolvency manager. Creditors have
until July 28, 2005 to submit their proofs of claim to 350003,
Russia, Krasnodar, Post User Box 5357.
CONTACT: SLAVYANSKIY
Russia, Krasnodar region,
Salvyansk-na-Kubani, Rechnaya Str. 2
Mr. I. Yas'ko
Insolvency Manager
350003, Russia, Krasnodar region,
Post User Box 5357
=========
S P A I N
=========
CIRSA GROUP: Long-term Corporate Credit Rated 'BB-'
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Spanish gaming company Cirsa Business
Corp. S.A. after a review. The outlook is stable. It also
affirmed its 'B+' senior unsecured debt rating on Cirsa Finance
Luxembourg S.A.
At the same time, Standard & Poor's assigned its 'B' senior
unsecured debt rating to the proposed EUR130 million bond issue
by Cirsa Capital Luxembourg S.A. and guaranteed by Cirsa Business
Corp. and several subsidiaries.
The affirmation is based on the expectation that the company will
execute its investment plans gradually, with EBITDA growth
matching debt-funded investments so that credit protection
measures follow an improving trend. Debt and debt-like tax
obligations, pro forma for the proposed issue, totaled EUR506
million at March 31, 2005.
The 'B' rating on the new bond issue reflects the high level of
priority obligations arising from secured debt, capital lease
obligations, tax obligations, and operating liabilities at
non-guarantor subsidiaries. The one-notch difference between the
proposed EUR130 million bond due 2012 and the EUR270 million bond
due 2014 reflects the fact that a guarantee from Buenos Aires
Casino, which controls business assets generating about 40% of
EBITDA, was extended to the higher-rated EUR270 million bonds
issue but not to the EUR130 million issue. This is because under
Buenos Aires Casino's bylaws the company cannot extend guarantees
to an issue that has no funds earmarked for its development.
The ratings on Cirsa continue to reflect: the company's
aggressive financial profile; Standard & Poor's expectation of
limited free cash flow generation for the group in the next year;
and the high percentage of group profit generated from Argentine
operations, which Standard & Poor's regards as inherently more
unpredictable than Cirsa's Spanish operations. These factors are
partially mitigated, however, by the group's leading position in
the Spanish gaming market, regulatory barriers to entry, and
predictable cash flow generation.
"Cirsa's Spanish gaming operations produce predictable cash flow
and the group has an adequate liquidity position," said Standard
& Poor's credit analyst Olli Rouhiainen. "Together, these should
mitigate any short-term cash flow volatility from Latin American
operations or from the phasing of capital investments."
The outlook or ratings could be revised, however, if the company
incurs capital expenditure outside its current investment
program, if working capital absorption by the existing operations
increases, or if earnings fail to improve from current levels in
the course of 2005.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media
may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVCES
GROUP E-MAIL ADDRESS
CorporateFinanceEurope@standardandpoors.com
TERRA MITICA: Accused of Issuing Fake VAT Invoices
--------------------------------------------------
Theme park Terra Mitica is included in the list of companies
reported by the Spanish tax office to have issued false VAT
invoices, according to El Pais.
The report cites the treasury saying Terra Mitica issued
EUR143,000 in fake invoices in order to claim VAT in 2000 and
2001. The treasury has submitted a list of dozen companies under
suspicion for the fraud.
The public prosecutor of the high court of justice of the
autonomous region of Valencia is investigating the matter, which
is reportedly connected to works carried out on the premises of
Terra Mitica. The scheme is estimated to have involved EUR2.4
million.
Terra Mitica lost EUR35 million in 2004. This year it expects to
generate EBITDA of EUR2.2 million, and come out of receivership.
The firm went belly up in May 2004. As part of restructuring, it
made redundant 5% of its 1,000 workforce in December, and cut
directors' salaries. It also renewed existing agreements with
travel agencies and tour operators. Its contracts with suppliers
are now under review.
CONTACT: TERRA MITICA PARQUE TEMATICO DE BENIDORM S.A.
Ctra. Benidorm a Finestrat
Partida del Moralet s/n
03502 Benidorm (Alicante)
Phone: 902 02 02 20
Fax: 965 00 47 49
E-mail: callcenter@terramiticapark.com
Web site: http://www.terramiticapark.com
=============
U K R A I N E
=============
GIRSKE SONTSE: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Sanatorium Girske Sontse (code EDRPOU
01995752) on May 19, 2005. The case is docketed as
2-8/3141-2005. Ms. Tetyana Beletska (License Number AA 779255)
has been appointed temporary insolvency manager.
CONTACT: SANATORIUM GIRSKE SONTSE
98677, Ukraine, AR Krym region,
Alupka, Dvortsove Shose, a
Ms. Tetyana Beletska
Temporary Insolvency Manager
Ukraine, Kyiv region,
Shors Lane, 5a/57
THE ECONOMIC COURT OF AR KRYM REGION
95000, Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
KATERINOPILSKIJ BREAD: Declared Insolvent
-----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Katerinopilskij Bread Products Combine (code
EDRPOU 00952574) after finding the open joint stock company
insolvent. The case is docketed as 01/3011. Mr. I. Gusak
(License Number AA 630109) has been appointed
liquidator/insolvency manager.
CONTACT: KATERINOPILSKIJ BREAD PRODUCTS COMBINE
Ukraine, Cherkassy region,
Katerinopilskij district, Yerki, Lenin Str. 47
Mr. I. Gusak
Liquidator/Insolvency Manager
Ukraine, Vinnitsya region,
Hmilnik, 1-go Travnya Str. 24/27
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
KOLOS: Volodimir Domachuk to Liquidate Company
----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Kolos (code EDRPOU 30812465) on April 26,
2005 after finding the limited liability company insolvent. The
case is docketed as 14/2718. Mr. Volodimir Domachuk (License
Number AA 779179) has been appointed liquidator/insolvency
manager.
CONTACT: KOLOS
Ukraine, Cherkassy region,
Zhashkivskij district, Krivchunka, Lenin Str. 2
Mr. Volodimir Domachuk
Liquidator/Insolvency Manager
19152, Ukraine, Cherkassy region,
Monastirishenskij district,
Stepivka, Zhovtneva Str. 25
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
KOMINMET: Insolvency Manager Takes over Operations
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Commercial House Kominmet (code EDRPOU
31045779) on May 6, 2005 after finding the limited liability
company insolvent. The case is docketed as B 29/171/03. Mr.
Denis Lihopyok (License Number AA 719847) has been appointed
liquidator/insolvency manager. The company holds account number
26002010080020 at CB Privatbank, Dnipropetrovsk branch, MFO
305266.
CONTACT: KOMINMET
49023, Ukraine, Dnipropetrovsk region,
Vorontsov Str. 1/2
Mr. Denis Lihopyok
Liquidator/Insolvency Manager
49000, Ukraine,
Dnipropetrovsk region, a/b 37
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
VERHNYANSKA AUTOBAZA: Bankruptcy Supervision Begins
---------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on JSCCT Verhnyanska Autobaza (code EDRPOU
01236213) on April 8, 2005. The case is docketed as 20/60 b.
Ms. Chugunova Vira (License Number AA 467830) has been appointed
temporary insolvency manager.
CONTACT: VERHNYANSKA AUTOBAZA
93107, Ukraine, Lugansk region,
Lisichansk, Serov Str. 37
Ms. Chugunova Vira
Temporary Insolvency Manager
91011, Ukraine, Lugansk region,
Lutuginska Str. 123/6
ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV Square, 3a
ZHURAVKA: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Zhuravka (code EDRPOU
21367325). The case is docketed as 01/1262. Mr. Sergij Vinnik
has been appointed temporary insolvency manager. The company
holds account number 260051783 at JSPPB Aval, Smila branch, MFO
354499.
CONTACT: ZHURAVKA
20637, Ukraine, Cherkassy region,
Shpolyanskij district, Zhuravka
Mr. Sergij Vinnik
Temporary Insolvency Manager
18000, Ukraine, Cherkassy region,
Sumska Str. 17/1-916
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
===========================
U N I T E D K I N G D O M
===========================
A1HOUSEREMOVALS.COM LIMITED: Files for Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of A1houseremovals.Com
Limited, duly convened and held at Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, on 20 June 2005, the
subjoined Extraordinary Resolution was duly passed:
"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
Richard Frank Simms, of Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP, be hereby appointed
Liquidator for the purposes of such winding-up."
T Carroll, Chairman
CONTACT: F A SIMMS & PARTNERS PLC
Mr. Richard F Simms
(IP Number: 9252)
Insol House
39 Station Road
Lutterworth
Leicestershire
LE17 4AP
E-mail: rsimms@fasimms.com
Phone: 01455 557111
AB EUROPEAN: Liquidator from Grant Thornton Moves in
----------------------------------------------------
Name of companies:
AB European Marketing Limited
Anglosid Limited
Auto Diesels Limited
Band Electronics Limited
Coleman Fasteners Limited
The Yorkshire Rope & Twine Company Limited
Trackvision Limited
At the extraordinary general meeting of these companies on June
15, 2005 held at Clive House, 12-18 Queens Road, Weybridge,
Surrey KT13 9XB, the special resolutions to wind up the companies
were passed. Samantha Keen of Grant Thornton UK LLP, 31 Carlton
Crescent, Southampton, Hampshire SO15 2EW has been appointed
liquidator of the companies.
Auto Diesels Limited wholesales aircraft equipment & supplies.
CONTACT: AUTO DIESELS LIMITED
Hilton Road,
Ashford, Kent TN23 1DZ
Phone: 01233663869
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
AB EUROPEAN: Deadline for Proofs of Claim August
------------------------------------------------
AB EUROPEAN MARKETING LIMITED
ANGLOSID LIMITED
AUTO DIESELS LIMITED
BAND ELECTRONICS LIMITED
COLEMAN FASTENERS LIMITED
THE YORKSHIRE ROPE & TWINE COMPANY LIMITED
TRACKVISION LIMITED
Pursuant to Rule 4.182A of the Insolvency Rules 1986, notice is
hereby given that the Liquidator intends to make a first and
final distribution to Creditors of the above-named Companies and
that the last date for proving debt against the above-named
Companies, which are being voluntarily wound up, is 15 August
2005, by which date claims must be sent to the undersigned,
Samantha Keen, of Grant Thornton UK LLP, 31 Carlton Crescent,
Southampton, Hampshire SO15 2EW, the Liquidator of the Companies.
After 15 August 2005, the Liquidator may make that distribution
without regard to the claim of any person in respect of a debt
not already proved.
S Keen, 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
ACE: Appoints GCP Liquidator
----------------------------
Name of companies:
Ace JR Limited
Ace JS Limited
Ace NP Limited
At the extraordinary general meeting these companies on June 10,
2005 held at 33 Lawton Street, Congleton, Cheshire CW12 1RU, the
special, ordinary and extraordinary resolutions to wind up the
companies were passed. Jane Lindsay Gandon of 2 Preston Park
Avenue, Brighton BN1 6HJ has been appointed liquidator of the
companies.
CONTACT: GCP
Flat 7
2 Preston Park Avenue
Brighton
West Sussex BN1 6HJ
Phone: 01273 556925
ACE: Creditors Have Until August to File Proofs of Claim
--------------------------------------------------------
ACE NP LIMITED
ACE JS LIMITED
ACE JR LIMITED
Notice is hereby given that the Creditors of the above-named
Companies, which are being voluntarily wound up, are required, on
or before 4 August 2005 to prove their debt by sending to the
undersigned, Jane Gandon, at 2 Preston Park Avenue, Brighton BN1
6HJ, the Liquidator of the Companies, written statements of the
amount they claim to be due to them from the Companies and, if so
requested, to provide such further details or produce such
documentary evidence as may appear to the Liquidators to be
necessary.
A Creditor who has not proved their debt before the declaration
of any Dividend is not entitled to disturb, by reason that he has
not participated in it, the distribution of that Dividend or any
other Dividend declared before the debt was proved. This notice
is purely formal as all Creditors have been, or will be, paid in
full.
J Gandon, Liquidator
CONTACT: GCP
Flat 7
2 Preston Park Avenue
Brighton
West Sussex BN1 6HJ
Phone: 01273 556925
AVIATION GROUP: Members Decide to Wind up Firm
----------------------------------------------
At an Extraordinary General Meeting of the Members of Aviation
Group Limited, duly convened and held at Jones Lowndes Dwyer LLP,
John Swift Building, 19 Mason Street, Manchester M4 5FT, on 23
June 2005, the following 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
Claire L Dwyer, be and she is hereby appointed Liquidator for the
purposes of such winding-up."
L Boyd, Chairman and Director
BTS CAPITAL: Names Liquidator from Richard Floyd & Co.
------------------------------------------------------
At the extraordinary general meeting of BTS Capital Limited on
June 7, 2005 held at Albury Mill, Mill Lane, Chilworth,
Guildford, Surrey GU4 8RT, the subjoined special resolution to
wind up the company was passed. Richard Eaglesfield Floyd of 29
Roseacre Gardens, Chilworth, Guildford, Surrey GU4 8RQ has been
appointed liquidator of the company.
CONTACT: RICHARD FLOYD & CO.
29 Roseacre Gardens
Chilworth
Guildford
Surrey GU4 8RQ
Phone: 01483 302782
Fax: 01483 300909
CARGOJET MANAGEMENT: Members Opt for Voluntary Liquidation
----------------------------------------------------------
At an Extraordinary General Meeting of Cargojet Management
Limited, duly convened and held at 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP, on 21 June 2005, these Extraordinary
Resolution was duly passed:
"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
Anthony David Kent, of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, be and he is hereby appointed
Liquidator for the purposes of such winding-up."
R S Bedi, Chairman
CONTACT: MAIDMENT JUDD
Web site: http://www.maidmentjudd.com/
Mr. Anthony David Kent
60/62 High Street
Harpenden
Hertfordshire
AL5 2SP
E-mail: akent@maidmentjudd.co.uk
Phone: 01582 469700
Fax: 01582 460674
CYBRIUM LIMITED: Final Meeting Set Next Month
---------------------------------------------
Notice is hereby given, in pursuance of section 94 of the
Insolvency Act 1986, that a General Meeting of Cybrium Limited
Company will be held at 60-62 Old London Road, Kingston upon
Thames, Surrey KT2 6QZ, on 19 August 2005, at 10.00 a.m., for the
purpose of having an account laid before the Members showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by Extraordinary Resolution the manner in which the
books, accounts and documents of the Company and of the
Liquidator shall be disposed of.
A Member entitled to attend and vote at the above Meeting may
appoint a proxy or proxies to attend and vote instead of him. A
proxy need not be a Member of the Company.
A J Whelan, Liquidator
* * *
At the extraordinary general meeting of the members of Cybrium
Limited on Jan. 27, 2005 held at 239 London Road, Twickenham,
Middlesex TW1 1ES, the special resolution to wind up the company
was passed. Andrew John Whelan of Marks Bloom, 60-62 Old London
Road, Kingston upon Thames KT2 6QZ has been appointed liquidator
of the company.
CONTACT: MARKS BLOOM
60-62 Old London Road,
Kingston upon Thames, Surrey KT2 6QZ
Phone: +44 (0) 20 85499951
Fax: +44 (0) 20 85496218
Web site: http://www.marksbloom.co.uk
DATANET INSTALLATION: Liquidator's Report Out August
----------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Datanet Installation Services
Limited will be held at the offices of Vantis Redhead French, 67
Butts Green Road, Hornchurch, Essex RM11 2JS, on 1 August 2005,
at 10.15 a.m., for the purpose of showing how the winding-up has
been conducted, the property of the Company disposed of and to
hear any explanation that may be given by the Liquidator.
A proxy to be used at the Meeting must be lodged with the
Liquidator at 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX,
no later than 12.00 noon on the preceding business day.
J S French, Liquidator
CONTACT: VANTIS REDHEAD FRENCH LIMITED
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Phone: 01708 458211
Fax: 01708 442308
E-mail: jeremy.french@vantisredheadfrench.co.uk
ENTRANET LIMITED: Liquidator to Deliver Report Next Month
---------------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final General Meeting of the Members of Entranet
Limited will be held at KPMG LLP, Arlington Business Park,
Theale, Reading RG7 4SD, on 1 August 2005, at 10.30 a.m., for the
purposes of having an account showing the manner in which the
winding-up has been conducted and the property of the Company
disposed of, and of hearing any explanation which may be given by
the Liquidator.
Proxy forms, if applicable, must be lodged at KPMG LLP, Corporate
Recovery, Arlington Business Park, Theale, Reading RG7 4SD, fax
+44 (0) 118 373 1420, no later than 12.00 noon on 31 July 2005.
R J Hill, Liquidator
CONTACT: KPMG
Corporate Recovery, Arlington Business Park,
Theale, Reading RG7 4SD
Phone: (0118) 9642000
Fax: (0118) 9642222
Web site: http://www.kpmg.co.uk
GLOBAL MARINE: Members Decide to Wind up Firm
---------------------------------------------
At an Extraordinary General Meeting of the Members of Global
Marine Systems (Guernsey) Limited, duly convened, and held at
Sydney Vane House, Admiral Park, St. Peter Port, Guernsey on 19
May 2005, this Special Resolution was duly passed:
"That the Company be wound up voluntarily, and that Anthony
Christian Pickford and James Robert Toynton, of Chandlers
Limited, Anson Court, La Route des Camps, St Martins, Guernsey,
be and is hereby appointed Joint Liquidators for the purposes of
winding-up the Company."
All persons having claims against the Company are required to
submit details thereof to the Liquidator before 1 August 2005,
and all persons indebted to the said Company are required to
settle with the Liquidator by the above-mentioned date.
A C Pickford, Joint Liquidator
CONTACT: CHANDLERS LIMITED
PO Box 313, Anson Court
La Route des CampsSt Martin
Guernsey GY1 3TF Channel Islands
Phone: +44 (0)1481
HENRY GROSS: Hires Administrators from Menzies Corporate
--------------------------------------------------------
Name of company: HENRY GROSS LIMITED (Company No 1242036)
Nature of Business: Importer of Furniture and Storage Products
Address of Registered Office: 17-19 Foley Street, London W1W 6DW.
Date of Appointment: June 21, 2005
Joint Administrators' Names and Address: Andrew Gordon Stoneman
and Paul John Clark (IP Nos 8728 and 8570), both of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW.
* * *
Established in 1901, Henry Gross Ltd. is recognized as the
leading U.K. importer of quality basketware, casual furniture,
and garden accessories. It services retailers, promotion
companies, and associated trades.
Visit http://www.henrygross.co.uk/for more information.
CONTACT: HENRY GROSS LTD.
Willcox House
140-148 Borough High Street
London SE1 1LB
Phone: 020 7407 0942
Fax: 020 7407 5942
E-mails: Sales@henrygross.co.uk
Accounts@henrygross.co.uk
Info@henrygross.co.uk
MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street
London W1W 6DW
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
IFFTNER RECRUITMENT: In Liquidation
-----------------------------------
At an Extraordinary General Meeting of the Members of Ifftner
Recruitment Limited, duly convened, and held at 16 The Havens,
Ransomes Europark, Ipswich, Suffolk IP3 9SJ, on 20 June 2005, the
following Resolution was duly passed, as Special Resolutions
respectively:
"That the Company be wound up voluntarily and that David
Merrygold and Brian Hamblin of PKF (UK) LLP, Accountant and
Business Advisors, be and are hereby appointed as Joint
Liquidators of the Company for the purpose of the voluntary
winding-up."
P Webster, Director
CONTACT: PKF
10 Hanover Business Centre,
Hanover House, The Roe,
St Asaph LL17 0LT
Phone: 01745 585345
Fax: 01745 582119
Web site: http://www.pkf.co.uk
IFFTNER RECRUITMENT: Proofs of Claim Due Later this Month
---------------------------------------------------------
In accordance with Rule 4.182A of the Insolvency Rules 1986, I,
David S Merrygold, of PKF (UK) LLP, 16 The Havens, Ransomes
Europark, Ipswich, Suffolk IP3 9SJ, give notice that on 20 June
2005, Brian J Hamblin and myself were appointed Joint Liquidators
of Ifftner Recruitment Limited by Resolutions of Members and
Creditors.
Notice is hereby given that the Creditors of the above-named
Company, which is being voluntarily wound up, are required, on or
before 31 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, David S Merrygold, of
PKF (UK) LLP, 16 The Havens, Ransomes Europark, Ipswich, Suffolk
IP3 9SJ, the Joint Liquidator of the said Company, and, if so
required by notice in writing from the said Joint Liquidators,
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.
D Merrygold, Joint Liquidator
CONTACT: Mr. David Sydney Merrygold
PKF
16 The Havens
Ransomes Europark
Ipswich
Suffolk
E-mail david.merrygold@uk.pkf.com
Phone: 01473 320700
Fax: 01473 320800
INMARSAT HOLDINGS: Shares Start Trading on London Bourse
--------------------------------------------------------
Inmarsat officially listed on the London Stock Exchange on June
22 under the ticker symbol ISAT.
The listing comes six years after Inmarsat's transition from
Intergovernmental Organization to private company, and one month
short of the 26th anniversary of the company's creation.
* * *
In June, Moody's Investors Service placed the debt ratings of
Inmarsat Holdings Limited under review for possible upgrade. The
review is based on the potential for debt reduction and
improvements in the company's capital structure in connection
with its planned initial public offering and flotation on the
London Stock Exchange and follows the company's recent
announcement with respect to the expected IPO.
Ratings place under review for possible upgrade are:
(a) The B1 senior implied rating of Inmarsat Holdings Limited;
(b) The Caa2 unsecured issuer rating of Inmarsat Holdings
Limited;
(c) The Caa1 rating on the guaranteed senior discount notes due
2012 at Inmarsat Finance II plc;
(d) The Ba3 rating on the senior secured bank credit facilities
at Inmarsat Investments Limited;
(e) The B2 rating on the guaranteed senior notes due 2012 at
Inmarsat Finance plc.
Moody's review of Inmarsat's ratings will focus on anticipated
trends with respect to operating performance and on the impact
from the expected changes in the capital structure resulting from
the planned IPO on Inmarsat's credit profile and its financial
and shareholder remuneration policies going forward.
Inmarsat expects to raise approximately US$665 million in net
primary proceeds from the IPO and US$250 from a new credit
facility, which the company intends to use primarily to repay
outstanding debt. In particular, the company aims to prepay
approximately US$356 million principal and related accrued
interests of its subordinated preference certificates,
approximately US$728 million principal amount outstanding under
its senior bank facilities and redeem up to 35% (or approximately
US$180 million including early redemption penalty) of the senior
notes due 2012 at Inmarsat Finance plc.
Headquartered in London, Inmarsat is a leading provider of global
mobile satellite communication services. For year ending 31
December 2004, the company reported revenues of approximately
US$480.7 million (2003: US$504.5 million).
CONTACT: INMARSAT GLOBAL LTD.
99 City Road
London
EC1Y 1AX
United Kingdom
Phone: +44 (0)20 7728 1000
Fax: +44 (0)20 7728 1044
INTERMAIN LEISURE: Final Meeting Set Early August
-------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of Members of Intermain Leisure
Holdings Limited will be held at the offices of Redman Nichols,
Maclaren House, Skerne Road, Driffield, East Yorkshire YO25 6PN,
on Friday 5 August 2005, at 10.30 a.m., for the purposes of
laying before the Meetings an account of the winding-up showing
how it has been conducted and the Company's property disposed of,
and giving an explanation of that account and approving that
account.
A J Nichols, Liquidator
CONTACT: Redman Nichols
Maclaren House
Skerne Road
Driffield
East Yorkshire
Phone: 01377 257788
Fax: 01377 249119
IT TECHCARE: Hires Begbies Traynor as Administrator
---------------------------------------------------
Name of company: IT TECHCARE GROUP PLC (Company No 4367454)
Nature of Business: IT and Training
Address of Registered Office: Carolyn House, 22-26 Dingwall Road,
Croydon CR0 9XF
Date of Appointment: June 24, 2005
Administrators' Names and Address: Christopher Herron and Paul
Michael Davis (IP Nos 8755 and 7805), both of Begbies Traynor
(South) LLP, Carolyn House, 22-26 Dingwall Road, Croydon CR0 9XF
* * *
IT Techcare is a full service business IT provider. It offers
network design, implementation, and support services along with
hardware and software maintenance, provides outsourced IT
services to small to medium businesses and organizations. The
company offers IT solutions like: ICT Infrastructure, software,
data management, Internet & connectivity and security.
Visit http://www.it-techcare.comfor more information.
CONTACT: IT TECHCARE GROUP PLC
PO Box 26
Biggleswade
Bedfordshire SG18 9XZ
England
Phone: +44 (0) 870 240 6160
Fax: +44 (0) 870 240 6162
E-mail: centre@it-techcare.com
BEGBIES TRAYNOR
Carolyn House
22-26 Dingwall Road
Croyden CR0 9XF
Surrey
Phone: 020 8681 7037
Fax: 020 8686 5152
JIMMY & SONS: Wholesaler Calls in Administrator
-----------------------------------------------
Name of company: JIMMY & SONS LIMITED (Company No 04326206)
Nature of Business: Wholesale of Soft Drinks and Snacks.
Address of Registered Office: 17-19 Foley Street, London W1W 6DW
Date of Appointment: June 22, 2005
Joint Administrators' Names and Address: Paul John Clark and
Andrew Gordon Stoneman (IP Nos 8570 and 8728), both of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW
CONTACT: JIMMY & SONS LTD.
Unit 6/Greenlea Pk/Prince Georges Rd
Collier's Wood
Colliers Wood SW19 2JD
Phone: 020 8646 9703
MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street
London W1W 6DW
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
NETWORK RAIL: Witness of Attempt to Quell Shareholders Surfaces
---------------------------------------------------------------
The Government had prepared GBP1 billion to pay shareholders to
agree to an administration for Railtrack in 2001, the high court
was told on Tuesday. The money was not distributed, however,
since the shareholders cooperated with the plan, a written
witness statement by former Rail regulator Tom Winsor revealed,
according to Birmingham Post.
Railtrack, now Network Rail, went into administration in 2001
after the government withdrew funding for the company whose
reputation was wrecked by a fatal crash in 2000 at Hatfield.
Shareholders numbering 48,000 are now bringing a suit of
misfeasance in public office and breach of human rights against
the government to claim GBP157 million in compensation.
Mr. Winsor said he did not see documentary evidence on
Railtrack's insolvency until days after the firm was placed into
administration. According to him the judge who made the order
did not learn that Railtrack has an alternative source of funding
through the Office of the Rail Regulator, which could have
avoided insolvency. He learned of the plan to silence
shareholders from then Transport Secretary Stephen Byers four
months.
CONTACT: NETWORK RAIL LIMITED
40 Melton St.
London NW1 2EE,
United Kingdom
Phone: +44 20 7557 8000
Fax: +44 20 7557 9000
Web site: http://www.networkrail.com
NETWORK RAIL: Shareholders Present Evidence on Misfeasance Case
---------------------------------------------------------------
The High court on Wednesday heard evidence that the government
deliberately sought to bankrupt Railtrack plc for political
reasons.
The evidence is contained in e-mails by Treasury adviser, Shriti
Vadera to government officials working on a rescue plan for
Railtrack. Shareholders claim authorities were trying to plot
the firm's collapse alongside discussions over a rescue during
the summer of 2001. They said the officials intended to wipe out
company's equity value and allow state to take control of company
at no cost, according to The Independent. The case is seeking
GBP157 million in compensation.
Then transport secretary Stephen Byers placed Railtrack in
administration early in October 2001. He said he was forced to
do so after finding the firm insolvent.
The case is being held at the high court of Mr. Justice Lindsay.
Jonathan Sumption is spearheading the government's defense.
Geoffrey Weir is the shareholders' lead claimant. Keith Rowley
QC is the shareholders' barrister. The investors are acting
together as The Railtrack Private Shareholders Action Group
(RPSAG).
CONTACT: NETWORK RAIL LIMITED
40 Melton St.
London NW1 2EE,
United Kingdom
Phone: +44 20 7557 8000
Fax: +44 20 7557 9000
Web site: http://www.networkrail.com
PARTRIDGE & SONS: Liquidator's Winding-up Report out July 20
------------------------------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a Final Meeting of G Partridge & Sons (Millers)
Limited will be held at Bank House, Shaw Street, Worcester WR1
3DT, on 20 July 2005, at 11:00 a.m., for the purpose of having an
account laid before the Members and to receive the report of the
Liquidator showing how the winding-up of the Company has been
conducted and its property 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 or proxies to attend and vote instead of him. A
proxy need not be a Member of the Company.
B J Ward, Liquidator
PIECE HALL: Retailer Hires Administrator from Sargent & Co.
-----------------------------------------------------------
Name of company: PIECE HALL WALLCOVERINGS (RETAIL) LIMITED
(Company No 2827926)
Nature of Business: Retailer of Wallpaper and Soft Furnishings
Registered Office of Company: Eastfield Mill, Belmont Street,
Horley Green, Upper Greetland, Halifax HX2 6AT
Trade Classification: 20
Date of Appointment: June 22, 2005
Administrator's Name and Address: Peter Sargent (IP No 8636), of
Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX
* * *
Piece Hall Wallcoverings process approximately 40,000 rolls of
various quality wallcoverings material like: blown vinyl,
tile-on-a-roll, textured vinyl and washable papers. It also
manufactures various household textile products such as pillows,
cushions, bedding and pet beds.
Mr. R. S. and Ms. B. A. Pearson founded the company 40 years ago.
Visit http://piecehallwallcoverings.co.ukfor more information.
CONTACT: PIECE HALL WALLCOVERINGS
Eastfield Mills
Belmont Street
Horley Green
Halifax HX3 6AT
Phone: 01422 340264
Fax: 01422 342271
SARGENT & CO.
36 Clare Road
Halifax
West Yorkshire HX1 2HX
Phone: 01422 348448
Fax: 01422 360748
E-mail: peter@sargentcompany.com
PUMA MANUFACTURING: In Administrative Receivership
--------------------------------------------------
Name of company: PUMA MANUFACTURING LIMITED
(Registered No 01518167)
Registered Office of Company: Pike Road Industrial Estate, Pike
Road, Eythorne, Dover, Kent CT15 4ND
Nature of Business: Design and Assembly of Diesel Generators
Date of Appointment of Joint Administrative Receivers: May 13,
2005
Name of Person Appointing the Joint Administrative Receivers:
State Securities Plc
Joint Administrative Receivers: S. J. Parker (Office Holder No
8989), of Tenon Recovery, 73 Baker Street, London W1U 6RD, and C.
Jackson (Office Holder No 8860), of Tenon Recovery, Highfield
Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TY
* * *
For over four decades, Puma Power has provided power generation
equipment of the highest quality for businesses, banks,
hospitals, water companies, airports and other users in the UK
and worldwide.
The company's headquarters at Eythorne, near Dover, Kent, in the
United Kingdom. Among its employees are designers, mechanical
and electrical engineers.
Visit http://www.pumauk.com/for more information.
CONTACT: PUMA MANUFACTURING LTD.
Pike Road Industrial Estate
Eythorne, Nr Dover
Kent CT15 4ND
Phone: +44 (0) 1304 832002
Fax: +44 (0) 1304 832804
E-mail: sales@pumauk.com
TENON RECOVERY
Sherlock House
73 Baker Street
London W1U 6RD
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
TENON RECOVERY
Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
RAMCO ENERGY: Shows Signs of Revival
------------------------------------
Ramco Energy looked to have survived a trying period after banks
wrote off GBP53 million of its debt, and its pre-tax losses for
last year narrowed, according to The Herald.
Ramco incurred a total of GBP68.6 million to fund its Seven Heads
offshore oil production in Ireland, whose production fell
dramatically in the past months. GBP56.6 million of the debt is
non-recourse, secured only against the Group's interest in the
Seven Heads gas field. The balance of GBP12 million is also
secured against the Oil Services business. Full repayment of the
GBP68.6 million is due by 30 June 2009.
Ramco negotiated the rescheduling of its debt with lenders after
encountering problems with its Seven Heads' operations.
Its bankers and a major creditor previously agreed to extend
waiver agreements for GBP12.0 million and GBP1.55 million in debt
until it sells the 86.5% interest it holds in the troublesome
operation, and other assets.
In a reversal of fortune, Ramco reported that turnover of GBP36.9
million in 2004, up from GBP20.8 million helped by upbeat sales
in Seven Heads. Pre-tax losses were down to GBP3.2 million in
2004 from GBP104 million in 2003. Last year's result was
affected by impairment provision against the carrying value of
the Seven Head gas interest.
Ramco may only have to sell part of its profitable oil services
subsidiary to raise the £12m needed to clear the share of its
borrowings that was secured against the operation.
A sale of its interest in Seven Heads and other others is feared
to left Ramco relying largely on a cash-generative services
business to fund early stage exploration activity, in countries
including Bulgaria.
Ramco aims to be debt free by the end of 2005 and participate in
a drilling program in 2006.
Ramco has made an appeal to a Texas court against a breach of
contract suit in relation to investments in an oilfield
development project in Kazakhstan.
Ramco is being advised by Canaccord Capital. Its asset sale
manager is Ernst & Young. A company profile is available at
http://bankrupt.com/misc/Ramco_Profile.htm
CONTACT: RAMCO ENERGY PLC
Aberdeen
Steven Bertram, Group Financial Director
Phone: 01224 352200
Fleishman-Hillard Saunders - Dublin
Michael Parker
Phone: 00353 1 618 8450
E-mail: jacqueline.christie@ramco-plc.com
Web site: http://www.ramco-plc.com/
CANACCORD CAPITAL (EUROPE) LIMITED
Brook House, 27 Upper Brook Street
London W1K 7QF
ERNST & YOUNG
5 Times Sq., 14th Fl.
New York, NY 10036-6530
Phone: 212-773-3000
Fax: 212-773-6350
Web site: http://www.ey.com/
REWIRES (DEVON): Administrators from Moore Stephens Move in
-----------------------------------------------------------
Name of company: REWIRES (DEVON) LIMITED (Company No 01147950)
Nature of Business: Manufacture of Electric Domestic Appliances
Trade Classification: 2971
Date of Appointment: June 21, 2005
Joint Administrators' Names and Address: Mark Elijah Thomas Bowen
and Nigel Price (IP Nos 8711 and 8778), both of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB.
* * *
Established in 1973 by current chairman Mr. F. C. Cane. The
company started reconditioning electricity meters and building a
customer base of electrical wholesalers nationwide. In 1982, RDL
embarked on a program of designing and manufacturing electrical
accessories up until today.
Visit http://www.rdlproducts.com/for more information.
CONTACT: REWIRES (DEVON) LIMITED
Waddeton Close,
Paignton, Devon TQ4 7RE
United Kingdom
Phone: +44 (0) 1803 527524
Fax: +44(0) 1803 526789
E-mail: sales@rdluk.com
MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
R F TELECOMMUNICATIONS: Files for Voluntary Winding-up
------------------------------------------------------
At an Extraordinary General Meeting of R F Telecommunications
Limited, duly convened, and held at 803 Tilden Avenue, Apopka,
Florida 32703 USA, on 17 June 2005, the subjoined Special
Resolution was duly passed:
"That the Company be wound up voluntarily, and that David William
Tann, of The Norton Practice (Insolvency Services) Limited, 1
Wesley Gate, 70 Queens Road, Reading RG1 4AP, be and hereby is
appointed Liquidator for the purposes of such winding-up."
R J Capper, Chairman
CONTACT: THE NORTON PRACTICE (INSOLVENCY SERVICES) LTD.
Mr. David William Tann
1 Wesley Gate
70 Queens Road
Reading
Berkshire
E-mail d.tann@nortonp.co.uk
Phone: 0118 957 6464
Fax: 0118 959 5560
ROSEN EYE: Hires Gibson Booth Administrator
-------------------------------------------
Name of company: ROSEN EYE CLINICS LIMITED (Company No 04403869)
Nature of Business: Medical Practice Activities
Registered Office of Company: c/o Gibson Booth, 15 Victoria Road,
Barnsley S70 2BB
Trade Classification: 40
Date of Appointment: June 22, 2005
Administrator's Name and Address: Edward Christopher Wetton (IP
No 6229), of Gibson Booth, 1 Victoria Road, Barnsley, South
Yorkshire S70 2BB
* * *
The Rosen Eye Clinic is base at Salford Quays. It pioneers on new
techniques and technologies used to correct refractive errors.
The company handles laser eye surgery, lens implantation and
cataract surgery.
Visit http://www.roseneyecentre.com/for more information.
CONTACT: THE ROSEN EYE CLINIC
West Pavilion
Harbour City
Salford Quays M5O 3BH
Phone: 0161 848 1500
Fax: 0161 848 1519
GIBSON BOOTH
Victoria Road
Barnsley
South Yorkshire S70 2BB
Phone: 01226 213131
Fax: 01226 213151
E-mail: ecw@gibsonboothinsol.com
SANYO ENERGY: Appoints PricewaterhouseCoopers Liquidator
--------------------------------------------------------
At the Extraordinary General Meeting of Sanyo Energy (U.K.)
Company Limited, on 17 June 2005, these Resolutions were duly
passed, as a Special Resolution and as an Ordinary Resolution
respectively:
"That the Company be wound up voluntarily, and that Richard
Setchim and Jonathan Sisson, of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, be and are hereby appointed
Joint Liquidators of the Company for the purposes of such
winding-up, and any act required or authorized under any
enactment to be done by the Joint Liquidators is to be done by
all or any one or more of the persons for the time being holding
office."
Chairman
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
VATHEK (MARINE): Final Meeting Set August
-----------------------------------------
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that the Final Meeting of Vathek (Marine) Limited will
be held at the offices of Vantis Redhead French, 67 Butts Green
Road, Hornchurch, Essex RM11 2JS, on 1 August 2005, at 11.15
a.m., for the purpose of showing how the winding-up has been
conducted, the property of the Company disposed of and to hear
any explanation that may be given by the Liquidator.
A proxy to be used at the Meeting must be lodged with the
Liquidator at 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX,
no later than 12.00 noon on the preceding business day.
J S French, Liquidator
CONTACT: VANTIS REDHEAD FRENCH LIMITED
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Phone: 01708 458211
Fax: 01708 442308
E-mail: Jeremy.French@cantisredheadfrench.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. 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.
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