/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050714.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, July 14, 2005, Vol. 6, No. 138 Headlines A U S T R I A AUSTRIAN AIRLINES: Increases Fuel Surcharges F I N L A N D BENEFON OYJ: Obtains EUR1.25 Million Capital Loan F R A N C E ALSTOM SA: Shareholders Approve 40-to-1 Share Consolidation ALSTOM SA: First-quarter Sales Up 10% EUROTUNNEL SA: Debt Woes Overshadow Positive Earnings News G E R M A N Y B & S: Court to Verify Claims Next Month DAM DACHBAU: Creditors' Claims Due August DOMO-RENT: Krefeld Court to Verify Claims November DON CARLOS: Applies for Bankruptcy Proceedings ESC SAALE: Creditors Meeting Set September F.P. AUSBAUGESELLSCHAFT: Under Bankruptcy Administration GARANT BRANDSCHUTZ: Hanau Court Appoints Interim Administrator HEIDELBERGCEMENT AG: Spohn Cements Bid HGB BAUBETREUUNGS: Creditors to Meet September KARSTADTQUELLE AG: Publishers Rule out Discount LIEBIG-KOSTER: Falls into Bankruptcy VOLKSWAGEN AG: Denies Rumored Closure of Brussels Site WILHELM WEYRICH: Koln Court Appoints Administrator I T A L Y ALITALIA SPA: Targets Leading Position in Mediterranean Region PARMALAT FINANZIARIA: Local Regulator Okays Sale of Brands N E T H E R L A N D S ROYAL SHELL: Swapping Shares with Total to up Reichstett Stake P O L A N D WIRTUALNA POLSKA: Founder Questions Registration of Domains R U S S I A ALROSA-WOOD-PROM: Under Bankruptcy Supervision BERINGOVSKIY: Bankruptcy Hearing Set September CHAPLINSKOYE: Declared Insolvent EXPERIMENTAL TECHNOLOGICAL: Sets Deadline for Proofs of Claim FLOUR MILL #1: Assets for Public Auction July 20 IMPEXBANK: Loan Notes Receive B1 Rating from Moody's KARASEVSKOYE: Creditors Have Until August 18 to File Claims NEW FISH-FACTORY: Deadline for Proofs of Claim August 18 NIVA-KORSAKOVO: Undergoes Bankruptcy Supervision Procedure OJSC STIROL: Moody's Assigns (P)B3 to Proposed Notes REPAIR-TECHNICAL ENTERPRISE: Declared Insolvent SINEK CAPITAL: Moody's Rates Edel's Proposed Notes (P)Ba1 UST-LABINSKIY: Hires Insolvency Manager from Krasnodar YUKOS OIL: Chinese Unit Files for Liquidation S P A I N IZAR: Remaining Yards to be Sold as One, Minister Assures Unions S W E D E N CONCORDIA BUS: Extends Consent Solicitation Period U K R A I N E ALCHEVSK' AUTO 10915: Oleksandr Mamrukov Named Liquidator FOOD TTADE: Donetsk Court Opens Bankruptcy Proceedings KALUSKIJ HARCHOVIK: Insolvency Manager Takes over Helm KONTENT: Undergoes Bankruptcy Supervision Procedure NATIONAL ENERGETIC: Bankruptcy Supervision Starts PLASTPEREROBKA: Court Appoint Insolvency Manager POBUTSEREVICE: Succumbs to Bankruptcy SICHNEVIJ SUGAR: Declared Insolvent TORGSERVICE: Sergij Vasilets to Liquidate Group VINNIKI' AUTO: Under Bankruptcy Supervision U N I T E D K I N G D O M A1 DEMOLITION: Under Administration ALCESTER STREET: Members Decide to Wind-up Firm ART ACCESSORIES: Motorcycle Accessories Maker in Administration BHP BILLITON: Names Liquidator from Gallagher BHP BILLITON: In Voluntary Winding-up BHP BILLITON: Members Opt for Liquidation BHP PETROLEUM: In Liquidation BIACC LIMITED: Appoints KPMG Liquidator BILLITON (BSI): In Voluntary Liquidation CHRISTY HUNT: Names UHY Hacker Liquidator COME EAT: Restaurant Operator Falls into Administration CONTAINED SOLUTIONS: Textile Firm Calls in Administrator CRANFORD 1062: Members Decide to Liquidate Firm CRANFORD 1063: In Liquidation ELYPLAC LIMITED: Investment Firm Winds up FEDERAL-MOGUL: Claimants Committee Unveils Estimation Findings HALE ROAD: Liquidator Moves in HOPECAR LIMITED: Appoints Liquidator IMCOFORM LIMITED: Members Decide to Wind up Firm JARVIS PLC: Reveals Details of Restructuring Plan JOHN LETTERS: Competition Sends Club Maker into Receivership JOHN WILLIAMS: Liquidator Moves in MARKS & SPENCER: Like-for-like Sales Down 5.4% MAX FACTOR: Names PricewaterhouseCoopers Liquidator MICROEMISSIVE DISPLAYS: Has New Chief Operating Officer NETWORK RAIL: Spends GBP400 Mln to Upgrade South Wales Operation NETWORK RAIL: Improves Performance Further NETWORK RAIL: Selling AU$500 Mln Bonds in Australia PEDMAH LIMITED: In Voluntary Winding-up PROCTER & GAMBLE: Appoints PricewaterhouseCoopers Liquidator PROCTER & GAMBLE: Liquidators Move in RAILTRACK PLC: Former Transport Secretary Denies any Wrongdoing RICOSS ENGINEERING: Calls in Liquidator SNELLING HOUSE: Under Administration SUSSEX TRACTORS: In Voluntary Liquidation TAMBRANDS INVESTMENTS: Calls in Liquidator from PwC T AND F: Electrical Parts Maker Winds up TELEDU AL: Names Begbies Traynor Liquidator THE PLAISTOW: Liquidator from Vantis Moves in TRADITIONAL SEAFOODS: Creditors Meeting Reconvened to July 21 TRIPLEX LLOYD: Liquidator Moves in TRIPLEX PROPERTIES: Members Decide to Liquidate Firm UK REALISATIONS: In Voluntary Liquidation YES CAR: Losses Deepen; Tenfold Increase Seen * Coventry, Warwickshire Firms Survive Rover Crisis ********* ============= A U S T R I A ============= AUSTRIAN AIRLINES: Increases Fuel Surcharges -------------------------------------------- Due to the fact that the purchase price of crude oil and therefore kerosene has continued to rise in recent months and appears likely to remain high for the foreseeable future (the price of kerosene has risen to a maximum figure of up to US$607 per ton), the Austrian Airlines Group has been forced to adjust its fuel surcharges to levels justifying the current industry and competitive environment. From 8 July 2005 onwards, the fuel surcharge for all short-range and medium-range flights will be raised from its previous level of EUR7.00 to a new figure of EUR9.00. The surcharge will rise from EUR27.00 to EUR37.00 for all long-range flights. These surcharges apply to each flight taken. The increase applies to all scheduled tickets of the Austrian Airlines Group sold and issued as of this date. * * * Headquartered in Wien, Austria, Austrian Airlines operates through three divisions: Scheduled Traffic, Charter Traffic and Complimentary Services. The Trouble In May, it reported pre-tax loss of EUR81.0 million compared to EUR47.6 million during the January to March period of the previous year. It said it will not be able to meet annual forecast to improve on the adjusted EBIT for 2004 of EUR10 million. The existing framework conditions -- fuel prices and overcapacity in particular -- led it to expect a negative adjusted EBIT for the full year of 2005. CONTACT: AUSTRIAN AIRLINES AG AUA Fontanastrasse 1 Osterreich AT-1107 Wien Phone: +43 (0) 5 1766 Air Transport Web site: http://www.aua.com/ Johannes Davoras Johann Jurceka Phone: 051766-1231 Investor Relations Dr. Prisca Havranek-Kosicek Phone: 051766 - 3642 ============= F I N L A N D ============= BENEFON OYJ: Obtains EUR1.25 Million Capital Loan ------------------------------------------------- Benefon Oyj has raised a capital loan of EUR1.25 million in order to ensure the completion of the planned new product development program and to secure sufficient components required for such products as well as for ongoing strategic financing. The loan is granted by Benecap Limited, a Jersey, Channel Islands, company and certain third party investors assigned by it. The loan carries annual interest at the rate of 8% p.a. and it will be paid back at the end of 2007, at the latest, subject to legal limitations pertaining to capital loans. As a part of the negotiated terms and conditions of the loan, the Board commits to give 2,500,000 option rights to the lenders. The options will be given from the package of 39,597,988 options decided by the extraordinary general meeting of Feb. 26, 2004, which currently is parked at Octagon Capital Ltd. The share exercise price with these options is EUR0.14 per share, and the exercise period will expire on Jan. 31, 2008. * * * Headquartered in Salo, Finland, Benefon provides mobile telematics solutions for saving lives, securing assets and improving field management. The Trouble It applied for statutory corporate reorganization with the court of first instance in Turku on April 24, 2003 after failing to find funding on time. British Octagon Solutions set the restructuring program as a condition for its investment of EUR1.65 million in return for a two-thirds share in the company. New York investment bank Punk, Ziegel & Company, L.P. assisted Benefon in exploring a range of financing and strategic alternatives. In June, Benefon confirmed it is ending its reorganization program 3-and-a-half years early. CONTACT: BENEFON OYJ P.O. Box 84 Meriniitynkatu 11 FIN-24101 Salo, Finland Phone: +358-2-77 400 Fax: +358-2-733 2633 Web site: http://www.benefon.com =========== F R A N C E =========== ALSTOM SA: Shareholders Approve 40-to-1 Share Consolidation ----------------------------------------------------------- At the Ordinary and Extraordinary Shareholders' Meeting of Alstom S.A., all resolutions were approved. In particular, the board approved the consolidation of 40 shares into 1 new share as well as the usual financial authorizations available in a listed company. Following this vote, the consolidation of shares will take place on 3 August 2005, when the new ALSTOM shares are listed. Shareholders also ratified the nomination of Mr. Francis Mer as a director, replacing Mr. George Simpson, who has resigned. * * * Fitch Ratings is pleased with Alstom's 2004 results, which "showed important progress in its multi-faceted financial and business rehabilitation strategy." The rating agency noted that while sizeable pre-tax losses of EUR0.7 billion and net losses of EUR0.9 billion persisted this year, these levels were much reduced from EUR1.6 billion and EUR1.8 billion respectively in 2004, due mainly to lower restructuring and other costs. Alstom was also able to cut substantially its to EUR1.4 billion, thanks to a EUR2 billion capital increase and EUR0.9 billion gains from disposals. Fitch Ratings added Alstom remains financially complex and continues to have sizeable off-balance sheet liabilities, most of which are bond guarantees. CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com Anna Newnham Press Enquiries Phone: +33 1 41 49 34 42 Fax: +33 1 41 49 27 74 E-mail: nna.newnham@power.alstom.com Lan Mione Project Enquiries Phone: +33 1 41 49 20 14 Fax: +33 1 41 49 37 52 E-mail: lan.mione@power.alstom.com ALSTOM SA: First-quarter Sales Up 10% ------------------------------------- Commenting on ALSTOM's orders and sales, Patrick Kron, Chairman and Chief Executive Officer, said: "The level of orders for the first quarter of fiscal year 2005/06 continues to be sound and is in line with expected commercial activity for the year. "This performance reflects both an appropriate selectivity on orders and the registration of a large number of mid-sized contracts in Power and Transport. The sales are recovering from the low point reached in the first part of last year, supported by the rebound of orders." IFRS Impact Orders and sales comply for the first time with International Financial Reporting Standards (IFRS). Concerning the restatement of last year's figures, there was no impact on orders and a limited one on sales. Currency & Scope Impacts The evolution of orders and sales, as reported, between the first quarters of fiscal year 2004/05 and 2005/06 includes a slight currency translation effect as well as the disposals of IT activities in Australia (Corporate and others) and the Valencia locomotives plant in Spain (Transport). Orders received for the first quarter of fiscal year 2005/06 remained stable at a good level versus the same period last year, with an improvement in Power Turbo-Systems / Power Environment and a slight decrease in Power Service and Transport which had booked high levels of orders in the first quarter of last year. No order has been registered in Marine. The total backlog, at around EUR28 billion, was equivalent to 2 years of sales. Sales for the first quarter of fiscal year 2005/06 were up 10% compared with the same period of the previous year. This reflected an increase in Power Turbo-Systems / Power Environment and Transport sales as a result of the rebound of orders last year, partly offset by a slight decrease in Power Service and Marine. Power Turbo-Systems/Power Environment Order intake, at EUR1.3 billion for the first quarter of fiscal year 2005/06, was up 7% as compared to the first quarter of last year. The main orders received in the first quarter of fiscal year 2005/06 were for a hydro project in India, a turnkey power plant in Australia including 3xGT13E2 gas turbines, and an environmental control system in the U.S. Sales, at EUR1.2 billion, were up 30% as compared to the low sales level during the same period of last year. This increase reflected the recovery of orders registered last year. Power Service Order intake in the first quarter of fiscal year 2005/06, at EUR884 million, was in line with the average level per quarter registered last year. No operation and maintenance (O&M) contract was recorded during the first quarter of 2005/06, whereas the first quarter of last year included such long-term contracts. Sales, at EUR718 million, decreased by 4% compared to the same period last year. Transport Orders, at EUR1.5 billion in the first quarter of fiscal year 2005/06, remained strong, confirming the company's good position in the market. The main orders received included the booking of the locomotives contract in China, regional trains in France as well as several maintenance contracts. In the first quarter of fiscal year 2005/06, sales were at EUR1.3 billion, up 6% as compared to the same period of last fiscal year. Marine No order was received in the first quarter of fiscal year 2005/06. A letter of intent was signed for two cruise-ships. The corresponding contract is expected to be booked in the second quarter of the year, following completion of the related financing scheme by the customer. The sales figure at EUR143 million reflected the phasing of revenue recognition during the period, including the delivery of the oceanographic vessel "Pourquoi pas?". Full copy of ALSTOM's 2005 first-quarter results can be viewed free of charge at http://bankrupt.com/misc/AlstomSA(1q2005).pdf CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com Anna Newnham Press Enquiries Phone: +33 1 41 49 34 42 Fax: +33 1 41 49 27 74 E-mail: nna.newnham@power.alstom.com Lan Mione Project Enquiries Phone: +33 1 41 49 20 14 Fax: +33 1 41 49 37 52 E-mail: lan.mione@power.alstom.com EUROTUNNEL SA: Debt Woes Overshadow Positive Earnings News ---------------------------------------------------------- Despite posting a 2% earnings growth in the first half of 2005, Eurotunnel S.A.'s debt of GBP6.4 billion proved to be a far greater concern for shareholders and creditors. According to The Guardian, investors are more interested in the company's plan to refinance the debt, as interest payments reached GBP298 million in 2004. Starting January 2007, the company will also be repaying principal plus interest. Meanwhile, Chairman Jacques Gounon is expected to announce a draft restructuring proposal Friday. He plans to ask creditors to write off about two-thirds of the debt. A spokesman said: "We aim to have a draft plan in place this month to form the basis of discussions with creditor groups." Eurotunnel earlier warned that failure to conclude an agreement with creditors by October could spell bankruptcy. It is said to be facing financial adjustments in the next few years, which could only aggravate its troubles. At the annual meeting last month, the company said this year started well and that it was on track to meet or even beat expectations. Eurotunnel registered revenues of GBP286 million for the six months to June, up from GBP263 million in 2004. It attributed the good results to the collapse of a berth at the Calais ferry port, which forced passengers to use the Channel Tunnel, and the timing of the Easter break. CONTACT: EUROTUNNEL S.A. Cheriton Park Cheriton High Street Folkestone Kent CT19 4QS United Kingdom Phone: +44-1303-288-750 Fax: +44-1303-850-360 Web site: http://www.eurotunnel.co.uk Press Office Phone: + 44 (0) 1303 288728 or + 44 (0) 1303 288737 E-mail: press.uk@eurotunnel.com Investor Inquiries Xavier Clement Phone: + 331 55 27 36 27 E-mail: xavier.clement@eurotunnel.com ============= G E R M A N Y ============= B & S: Court to Verify Claims Next Month ---------------------------------------- The district court of Gifhorn opened bankruptcy proceedings against B & S Automobile GmbH Automobilhandel on June 22. 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 Rene Wolfram. Creditors and other interested parties are encouraged to attend the meeting on August 17, 2005, 10:00 a.m. at the district court of Gifhorn, Saal 118, Amtsgericht Gifhorn, Am Schlossgarten 4, 38518 Gifhorn, 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: B & S AUTOMOBILE GmbH AUTOMOBILHANDEL Gifhorner Str. 14, 31311 Uetze Contact: Gerd Bremer, Manager Rene Wolfram, Administrator Witzlebenstr. 123, 29223 Celle Phone: 05141/540890 Fax: 05141/540891 DAM DACHBAU: Creditors' Claims Due August ----------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against DAM Dachbau und Abdichtungstechnik GmbH on June 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 18, 2005 to register their claims with court-appointed provisional administrator Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting on September 15, 2005, 11:00 a.m. at the district court of Halle-Saalkreis, Justizzentrum, Thueringer Str. 16, 06112 Halle, 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: DAM DACHBAU UND ABDICHTUNGSTECHNIK GmbH An der Schenke 9 A, 06188 Oppin Contact: Barbara Hille, Manager Stephan Poppe, Administrator Universitatsring 6, 06108 Halle Phone: 0345/530490 Fax: 0345/5304926 DOMO-RENT: Krefeld Court to Verify Claims November -------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against Domo-Rent Immobilien-Management und Verwaltungsgesellschaft mbH on June 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 15, 2005 to register their claims with court-appointed provisional administrator Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting on September 20, 2005, 9:00 a.m. at the district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on November 16, 2005, 9:00 a.m. at the district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 1. Etage, Raum 131. CONTACT: DOMO-RENT IMMOBILIEN-MANAGEMENT UND VERWALTUNGSGESELLSCHAFT mbH Jakob-von-Danwitz-Platz 1, 47918 Tonisvorst Contact: Wolfgang Mertens, Manager Wilhelm Klaas, Administrator Eichendorffstrasse 25, 47800 Krefeld Phone: (02151) 80 58 0 Fax: +4902151805858 DON CARLOS: Applies for Bankruptcy Proceedings ---------------------------------------------- The district court of Hagen opened bankruptcy proceedings against DON CARLOS GmbH & Co. KG on June 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 3, 2005 to register their claims with court-appointed provisional administrator Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on August 24, 2005, 9:00 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. CONTACT: DON CARLOS GmbH & Co. KG Elberfelder Str. 50-52, 58095 Hagen Contact: Andrea Fuehrt, Manager Dr. Winfrid Andres, Administrator Grabenstr. 28, 58095 Hagen Phone: 02331/39 76 56 Fax: +4923313976570 ESC SAALE: Creditors Meeting Set September ------------------------------------------ The district court of Halle-Saalkreis opened bankruptcy proceedings against ESC Saale-Teufel Halle e.V. on June 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 8, 2005 to register their claims with court-appointed provisional administrator Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting on September 5, 2005, 10:15 a.m. at the district court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Strasse 16, 06112 Halle, 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: ESC SAALE-TEUFEL HALLE e.V. Silbertaler Strasse 7-8, 06132 Halle Contact: Uwe Linkersdorfer, Manager Herbert Feigl, Administrator Hansering 1, 06108 Halle Phone: 0345/212220 Fax: 0345/2122222 F.P. AUSBAUGESELLSCHAFT: Under Bankruptcy Administration -------------------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against F.P. Ausbaugesellschaft mbH on June 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 23, 2005 to register their claims with court-appointed provisional administrator Tilo Kolb. Creditors and other interested parties are encouraged to attend the meeting on September 20, 2005, 9:50 a.m. at the district court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str. 16, 06112 Halle, 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: F.P. AUSBAUGESELLSCHAFT mbH Glueck-Auf-Strasse 41, 06526 Sangerhausen Tilo Kolb, Administrator Sternstr. 13, 06108 Halle Phone: 0345/5200111 Fax: 0345/5200066 GARANT BRANDSCHUTZ: Hanau Court Appoints Interim Administrator -------------------------------------------------------------- The district court of Hanau opened bankruptcy proceedings against Garant Brandschutz GmbH on June 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 22, 2005 to register their claims with court-appointed provisional administrator Thorsten Banasiewicz. Creditors and other interested parties are encouraged to attend the meeting on August 25, 2005, 9:00 a.m. at the district court of Hanau, Raum E09, Aussenstelle, Insolvenzgericht, Engelhardstrasse 21, 63450 Hanau, 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: GARANT BRANDSCHUTZ GmbH Dieselstr. 11, 63456 Hanau Contact: Dirk Brunner, Manager Birkenwaldstr. 2, 74821 Mosbach Thorsten Banasiewicz, Administrator Wolf-Heidenheim-Str. 12, 60489 Frankfurt am Main Phone: 069/713798-30 Fax: 069/713798-33 Web site: http://www.kuebler-gbr.de HEIDELBERGCEMENT AG: Spohn Cements Bid -------------------------------------- The management and supervisory boards of troubled HeidelbergCement have accepted the takeover offer of rival Spohn Cement, Handelsblatt says. The group's decision came as no surprise since Bernd Scheifele, HeidelbergCement's head who holds a 30% stake directly and indirectly at the group, and Adolf Merckle, owner of Spohn Cement, are close friends. Spohn Cement will acquire HeidelbergCement for EUR60 per share or a total of EUR6 billion. The offer price is 23.7% higher than HeidelbergCement's average share price in three months prior to Spohn Cement's bid. Mr. Merckle intends to independently develop HeidelbergCement through the takeover. Based in Heidelberg, Germany, HeildelbergCement booked EUR333 million in net loss in 2004. The group attributed the loss to impairment of goodwill for the Western Europe and Northern Europe regions and Indocement. CONTACT: HEIDELBERGCEMENT AG Berliner Strasse 6 69120 Heidelberg Phone: +49-6221-481-227 Fax: +49-6221-481-217 Web site: http://www.heidelbergcement.com HGB BAUBETREUUNGS: Creditors to Meet September ---------------------------------------------- The district court of Hannover opened bankruptcy proceedings against HGB Baubetreuungs- und Verwaltungs GmbH on June 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 23, 2005 to register their claims with court-appointed provisional administrator Peter Baumgarte. Creditors and other interested parties are encouraged to attend the meeting on September 20, 2005, 10:15 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, 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: HGB BAUBETREUUNGS- UND VERWALTUNGS GmbH Rote Reihe 15, 30169 Hannover Contact: Florian Menzer, Manager Peter Baumgarte, Administrator Lange-Hop-Strasse 158, 30539 Hannover Phone: 0511/954750 Fax: 0511/9547599 KARSTADTQUELLE AG: Publishers Rule out Discount ----------------------------------------------- Publishers have rejected the request by KarstadtQuelle for a special discount, Handelsblatt says. In May, KarstadtQuelle asked its suppliers to either pay a one-off sum or discount their invoices to help its recovery program. Publishers Random House and Lubbe declined the request, citing hardship in the book industry due to the weak German economy. However, Jorg Pfuhl, chairman of Random House's management board, expressed preparedness to aid KarstadtQuelle in other ways to boost the sale of its books at the latter's department stores. Mr. Pfuhl suggested implementing better product placement and higher rotation of books to make Karstadt department stores more attractive to readers. The retail giant said books would still be one of its core activities, adding it would position the published products more prominently and launch more seasonal offers. KarstadtQuelle is currently restructuring, aiming to recover billions of euros through cost cuts and asset disposals. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com LIEBIG-KOSTER: Falls into Bankruptcy ------------------------------------ The district court of Hannover opened bankruptcy proceedings against Liebig-Koster GmbH on June 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 16, 2005 to register their claims with court-appointed provisional administrator Johannes Franke. Creditors and other interested parties are encouraged to attend the meeting on September 14, 2005, 9:20 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, 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: LIEBIG-KOSTER GmbH Am Wehrberg 29, 30926 Seelze Contact: Karl Koster, Manager Dirk Schulmeister, Manager Johannes Franke, Administrator Verdener Platz 1, 30419 Hannover Phone: 0511/794573 Fax: 0511/794576 VOLKSWAGEN AG: Denies Rumored Closure of Brussels Site ------------------------------------------------------ Volkswagen AG's chief executive Bernd Pischetsrieder was reportedly in Belgium to attend a European Union-sponsored conference on the automobile industry. This contradicts rumors that Mr. Pischetsrieder was due to close the carmaker's factory in Brussels as part of its restructuring program. Financial Times reported unions at the plant held emergency talks Monday night. According to the Associated Foreign Press, Volkswagen has said that "no decision has been taken yet on a closure of any plant." The group also refused to comment regarding the future of any of its factories. The Brussels plant employs about 5,700 people and produces the hatch-back version of the Gold and Audi A3 models. Shutting down the site could worsen the Belgian automobile industry's situation, following a number of setbacks recently. Earlier, Mr. Pischetsrieder disclosed that company employees may have misused at least EUR100,000, amid claims of bribery which saw the exit of personnel chief Peter Hartz. He said: "We cannot rule out that travel expenses were not accounted for correctly. But it looks like the damage could amount to a six-digit figure." He, however, described as "completely absurd" the allegations that the management had bribed the works council, while he stressed that the company has beefed up measures to prevent corruption. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de WILHELM WEYRICH: Koln Court Appoints Administrator -------------------------------------------------- The district court of Koln opened bankruptcy proceedings against Wilhelm Weyrich Tank GmbH on June 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 20, 2005 to register their claims with court-appointed provisional administrator Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting on September 20, 2005, 9:25 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: WILHELM WEYRICH TANK GmbH Bevingsweg 11, 51109 Koln Contact: Hans-Juergen Riebschlager, Manager Burgstr. 86, 51103 Koln Andreas Amelung, Administrator Im Mediapark 6 B, 50670 Koln Phone: 57437910 Fax: +4922157437938 ========= I T A L Y ========= ALITALIA SPA: Targets Leading Position in Mediterranean Region -------------------------------------------------------------- Giancarlo Cimoli, chief executive of Alitalia S.p.A., remains optimistic about the group's recovery, Il Sole 24 Ore says. Mr. Cimoli said the carrier will make it especially if fuel prices remain at its current level. Alitalia, he said, aims to become the leading carrier in the Mediterranean region where it has already begun expanding operations. Alitalia has formally informed stock market regulator CONSOB of its intention to reschedule its 2007 bond to 2010. If the plan goes ahead, the interest yield will increase from 2.9% to 7.5%. Meanwhile, Alitalia's flight attendants proceeded with their strike Monday, crippling several flights. The attendants protested Alitalia's continued breaches of contract and demanded better working conditions. Unions FILT CGIL, FIT CISL, Uiltrasporti, UGL and Anpav supported the strike. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it PARMALAT FINANZIARIA: Local Regulator Okays Sale of Brands ---------------------------------------------------------- The local anti-trust authority has ordered insolvent dairy giant Parmalat Finanziaria S.p.A. to sell its Matese and Torre in Pietra brands, Agenzia Giornalistica Italia says. The regulator gave Parmalat one year to find "single or affiliate buyers," which have experience in milk production and selling. The buyer should also have the necessary resources to "maintain and develop the brands." Parmalat collapsed in December 2003 after exposing a EUR14 billion hole in its accounts, around eight times more than reported by former management. The group's fall is considered one of the largest financial scam in Europe, prompting European Union lawmakers to tighten auditing regulations and hike scrutiny of corporate governance. Parma prosecutors recently revealed a 1997 judicial report, which uncovered Parmalat's risky financial situation as early as six years before its collapse. 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 ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Swapping Shares with Total to up Reichstett Stake -------------------------------------------------------------- The Royal Dutch/Shell Group of Companies has signed a Memorandum of Understanding with Total S.A. relating to a share swap between two European refineries in France and Italy. The Memorandum involves Shell exchanging a 20% interest in its Rome refinery (Raffineria Di Roma, Italy) for Total's 18% interest in Reichstett Refinery (Compagnie Rhenane de Raffinage, France). The share swap would be subject to approval of the relevant authorities and conditional upon the exercise of pre-emptive rights by other joint venture partners. Completion of this transaction would result in Shell's shareholding in Reichstett Refinery increasing to 83%. The commercial details of this Memorandum are confidential and completion of the transaction is expected in 2005. Rob Routs, Shell Executive Director Downstream, said: "The transaction is consistent with our strategy of active management, which aims to create maximum value for customers and shareholders. This deal would allow us to consolidate our investment in the Reichstett site while continuing to grow the oil products business in Italy having secured supply agreements with Total to continue to meet the demands of our retail and commercial fuels customers." Reichstett refinery has a capacity of 4 million metric tons a year and is located near the city of Strasbourg, close to the German border. Shell's downstream activities in France also include marketing automotive fuel through a network of around 500 service stations, as well as petroleum products, such as lubricants, bitumen, aviation fuel, liquefied petroleum gas (LPG), fuel oil and heating oil. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com TOTAL S.A. 2 place de la Coupole, La Defense 6 92400 Courbevoie, France Phone: +33-1-47-44-58-53 Fax: +33-1-47-44-58-24 Web site: http://www.total.com =========== P O L A N D =========== WIRTUALNA POLSKA: Founder Questions Registration of Domains ----------------------------------------------------------- Leszek Bogdanowicz has gone to the arbitration body of the National Telecommunication and IT Office to refer the latest dispute among founders of bankrupt Wirtualna Polska.pl. Mr. Bogdanowicz, one of the founders, wants the agency to rule whether the registration of domains in the Internet portal did not violate his client's rights, according to Warsaw Business Journal. "The lawsuit blocks the process of selling Wirtualna Polska's assets, and in case there is a voting over the possible agreement between the portal and its creditors it also enables us to question the validity of the resolutions," said Robert Kroplewski, Mr. Bogdanowicz's attorney. A creditors meeting to decide on paying the company's debt, which now stands at around PLN6.2 million, is set Aug. 2. The founders of the firm have been in dispute since 1999. CONTACT: WIRTUALNA POLSKA Web site: http://www.wp.pl TELEKOMUNIKACJA POLSKA ul. Twarda 18 00-105 Warszawa Phone: (+48 22) 527 00 00 527 00 01 527 00 03 =========== R U S S I A =========== ALROSA-WOOD-PROM: Under Bankruptcy Supervision ---------------------------------------------- The Arbitration Court of Sakha republic - Yakutiya has commenced bankruptcy supervision procedure on open joint stock company Alrosa-Wood-Prom. The case is docketed as A58-1045/2005. Mr. A. Vyaznov has been appointed temporary insolvency manager. Creditors may send their proofs of claim to: (a) ALROSA-WOOD-PROM 678140, Russia, Sakha republic - Yakutiya, Lensk, Obyezdnaya Str. 2 (b) Temporary Insolvency Manager 677007, Russia, Sakha republic - Yakutiya, Yakutsk, Krupskoy Str. 35 BERINGOVSKIY: Bankruptcy Hearing Set September ---------------------------------------------- The Arbitration Court of Chukotskiy autonomous region has commenced bankruptcy supervision procedure on municipal unitary enterprise Beringovskiy (TIN 8702000020). The case is docketed as A80-05/2005-B. Ms. O. Komelkova has been appointed temporary insolvency manager. Creditors have until July 25, 2005 to send their proofs of claim to 689000, Russia, Chukotskiy autonomous region, Anadyr, Post User Box 214. A hearing will take place at Sept. 19, 2005, 4:30 p.m. CONTACT: BERINGOVSKIY 689101, Russia, Chukotskiy autonomous region, Beringovskiy region, Beringovskiy, Naberezhnaya Str. 28 Ms. O. Komelkova Temporary Insolvency Manager 689000, Russia, Chukotskiy autonomous region, Anadyr, Post User Box 214 CHAPLINSKOYE: Declared Insolvent -------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region commenced bankruptcy proceedings against Chaplinskoye after finding the open joint stock company insolvent. The case is docketed as A56-8492/05. Mr. V. Alekseev has been appointed insolvency manager. Creditors have until July 18, 2005 to submit their proofs of claim to 190013, Russia, Saint-Petersburg, Post User Box 56. CONTACT: CHAPLINSKOYE 187413, Russia, Leningrad region, Volkhovskiy region, Administrative building of Kisilnenskoy Volosti Mr. V. Alekseev Insolvency Manager 190013, Russia, Saint-Petersburg, Post User Box 56 EXPERIMENTAL TECHNOLOGICAL: Sets Deadline for Proofs of Claim ------------------------------------------------------------- The Arbitration Court of Khabarovsk region commenced bankruptcy proceedings against Experimental Technological Centre after finding the open joint stock company insolvent. The case is docketed as A73-2736/2005-9. Mr. A. Kasaev has been appointed insolvency manager. Creditors have until July 18, 2005 to submit their proofs of claim to 680011, Russia, Khabarovsk, Zelenogorskiy Per. 14. CONTACT: Mr. A. Kasaev Insolvency Manager 680011, Russia, Khabarovsk region, Zelenogorskiy Per. 14 FLOUR MILL #1: Assets for Public Auction July 20 ------------------------------------------------ The insolvency manager and bidding organizer of close joint stock company Flour Mill #1 will sell its property on July 20, 2005, 10:00 a.m. (local time). The public auction will take place at Russia, Samara, Karbyuratornaya Str. 1. The case is docketed as A55-13073/2004-38. The assets for sale are: Lot 1: Building and constructions, substations, warehouses and other property. Starting price: RUB40,050,000; Lot 2: Buildings and constructions, garages, warehouses and other property. Starting price: RUB7,300,000. Preliminary examination and reception of bids are done daily from 10:00 a.m. to 12:00 noon (local time) on or before July 14, 2005. The list of documentary requirements is available at Russia, Samara, Krupskoy Str. 1, Room 33. To participate, bidders must deposit an amount equivalent to 19% of the starting price to the settlement account 40702810300000103965 at OJSC National trading bank, BIC 043678801, correspondent account 30101810600000000801 in Primorskiy RKTs, Tolyatti, TIN 6317000120. CONTACT: FLOUR MILL #1 Russia, Samara region, Karbyuratornaya Str. 1 Insolvency Manager/Bidding Organizer Russia, Samara, Krupskoy Str. 1, Room 33 Phone: (8462) 70-81-53 IMPEXBANK: Loan Notes Receive B1 Rating from Moody's ---------------------------------------------------- Moody's Investors Service has assigned a long-term rating of B1 to the 9.00% US$100 million Loan Participation Notes due on June 29, 2007 issued by Dresdner Bank on a limited recourse basis for the sole purpose of financing a loan to Impexbank. The loan represents a senior unsecured claim on Impexbank. The outlook for the rating is stable. According to Moody's, the B1 rating is based on the fundamental credit strength of Impexbank and does not incorporate any potential support from the authorities in case of need. According to Moody's, the notes may become payable in the event that the bank's rating were to be downgraded following a reorganization event, such as a merger, accession, division, separation or transformation). As one of the financial covenants, the bank is also obliged to maintain a minimum capital adequacy ratio of 10% calculated in accordance with BIS guidelines. The rating agency notes that, while the likelihood of any of the above covenants being triggered is relatively low, such an event could potentially have adverse liquidity implications for the bank and might exert additional downward pressure on its ratings. Impexbank is headquartered in Moscow, Russian Federation, and reported total assets of US$1.4 billion under IFRS as of December 31, 2004. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE (NEW YORK) Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 KARASEVSKOYE: Creditors Have Until August 18 to File Claims ----------------------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Karasevskoye after finding the close joint stock company insolvent. The case is docketed as A45-590/05-4/1. Mr. R. Bolshakov has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 630099, Russia, Novosibirsk, Oktyabrskaya Str. 84, Room 10. CONTACT: KARASEVSKOYE 633553, Russia, Novosibirsk region, Cherepanovskiy region, Karasevo Mr. R. Bolshakov Insolvency Manager 630099, Russia, Novosibirsk region, Oktyabrskaya Str. 84, Room 10 NEW FISH-FACTORY: Deadline for Proofs of Claim August 18 -------------------------------------------------------- The Arbitration Court of Sakhalin region commenced bankruptcy proceedings against New Fish-Factory (TIN 2508054289) after finding the limited liability company insolvent. The case is docketed as A59-1422/05-S9. Mr. Y. Dolin has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 693000, Russia, Yuzhno-Sakhalinsk, Khabarovkska Str. 47, Office 15. CONTACT: NEW FISH-FACTORY 694000, Russia, Sakhalin region, Korsakov, Portovaya Str. 2 Mr. Y. Dolin Insolvency Manager 693000, Russia, Yuzhno-Sakhalinsk, Khabarovkska Str. 47, Office 15 NIVA-KORSAKOVO: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Orel region has commenced bankruptcy supervision procedure on open joint stock company Niva-Korsakovo (TIN 5712002014). The case is docketed as A48-11 94/05-17B. Ms. O. Zinina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 302004, Russia, Orel, 5th Augusta Str. 54, Post User Box 56. A hearing will take place on Aug. 23, 2005. CONTACT: NIVA-KORSAKOVO Russia, Orel region, Korsakovo, Mira Str. Ms. O. Zinina Temporary Insolvency Manager 302004, Russia, Orel region, 5th Augusta Str. 54, Post User Box 56 OJSC STIROL: Moody's Assigns (P)B3 to Proposed Notes ---------------------------------------------------- Moody's Investors Service has assigned a (P)B3 corporate family rating (previously called senior implied rating) to OJSC Stirol (Stirol). Concurrently, Moody's has also assigned a (P)B3 rating to the proposed offering of US$100 million loan participation notes issued by UkrChem Capital B.V. for the sole purpose of financing its 100% participation by UkrChem Capital B.V. in a loan to Stirol. Due to limited recourse, the loan participation notes' rating is based solely on the creditworthiness of Stirol. This is the first time that Moody's has rated the debt of this company. The outlook for the ratings is stable. Summary Rating Rationale Moody's (P)B3 corporate family rating reflects: (a) Stirol's dependence on the exports markets and its potential exposure to protectionist trade barriers; (b) The cyclical nature of the fertilizers business; (c) The maturity of the fertilizers industry and the resulting low growth experienced in the sector; (d) The company's exposure to volatile energy and natural gas prices; (e) Stirol's reliance on very favourable natural gas prices, which provides it with a competitive edge via-a-vis its Western competitors; (f) The threat from low cost producers (from South America and India), which have access to cheap raw materials and are building new capacity with forecasts of a supply/demand imbalance by 2007; (g) The need for Stirol to modernize its asset base; (h) The ownership structure with one individual holding a majority interest in Stirol and the company's reliance for exports on trading entities (Interprofit and Friston) closely related to its shareholders; (i) The economic, political, fiscal and inflationary concerns associated with Ukraine (rated B1 stable outlook) with prices for fertilizers prescribed by the Ukrainian regulatory body; and (j) The qualification of the company's 2003 and 2004 financial statements as a result of limited disclosure about related party transactions and the auditors' inability to audit physical inventories in 2003. The ratings, however, recognize (a) Stirol's leading position in the Ukrainian fertilizers business; (b) Its ability to compete on international markets due to its low cost position and its flexibility to follow geographical changes in demand patterns; (c) Its track record of increasing EBITDA margins in spite of rising global natural gas prices; (d) The improved market conditions for Stirol resulting from the significant capacity cuts in the U.S.; (e) The positive long-term demand trend reflecting population growth and the improvement in dietary standards; (f) usage of most of the proceeds from the proposed notes issue to revamp its asset base; (g) Stirol's currently limited debt loads with leverage at 0.1x, reaching 1.0x following the proposed notes issue; and (h) Stirol's strategic location, close to the Togliatti- Gorlovka-Odessa pipeline, used to provide ammonia to its customers. The (P)B3 rating for the bonds, at the same level as the corporate family rating, reflects the limited amount of secured debt within Stirol's capital structure (c.21% of total debt) and takes into consideration Moody's expectations that the company will refinance the majority of its secured loans within the next six to twelve months. Failure to reduce the amount of secured debt below 10% of total debt would likely trigger a notching of the notes relative to the corporate family rating. Transaction Overview Stirol will use the proceeds from the proposed US$100 million notes to finance: (a) Its capital investment program (US$100 million over the period 2005-2007); (b) Potential acquisitions in Ukraine and in the CIS; and (c) Redemption of some secured debt. The (P)B3 rating on the notes at the same level as the corporate family rating reflects the fact that whilst the notes are effectively subordinated to US$28 million of secured debt, Moody's expects that the company will reduce this amount to less than 10% of total debt over the next six to twelve months. The loan, which underlies the participation notes is an unsecured obligation of the holding company. The loan participation notes are subject to various restrictions and financial covenants, including a minimum equity level of US$175 million and a limitation regarding additional indebtedness if the ratio of total debt/EBITDA goes above 2x. Moody's notes that as of December 30, 2004, the consolidated equity of the company was US$201 million. At year-end 2004, the company had access to cash balances of UAH 52 million (US$10 million) and UAH 344 million (US$65 million) of bank deposits. Total amount of secured debt was UAH 75.5 million (US$15 million) at year-end 2004 and has increased over the course of the first half of 2005 (when the company's working capital needs are at a peak) to reach US$28 million. Following the proposed notes issue, the company will have access to significant cash balances which should be sufficient to cover its operating and capital investment needs. The assigned ratings assume that there will be no material variations to the draft legal documentation reviewed by Moody's and assume that these agreements are legally valid, binding, and enforceable. Rating Outlook The stable outlook on all ratings reflects Moody's expectation that Stirol will gradually increase capacity to meet demand for its fertilizers. It also considers the favourable near term pricing outlook for Stirol's nitrogen-based production with cultivations expected to remain stable for the remainder of 2005. Low fertilizer inventory levels at the producer level have led to tight supply conditions, resulting in improved pricing conditions for most of the group's nitrogen-based products in late 2004 and early 2005. Moody's factors moderate acquisitions (c. US$20m) and sizeable planned capex in its rating in light of the company's expansion strategy. The rating could be raised if the company sustainably generates free cash flows driven by high margins generated from the efficiency gains derived from its forthcoming capital investments. Conversely, the rating could be downgraded if the company was to pursue an aggressive capex /acquisition policy, putting pressure on its free cash flow generation. Failure to maintain EBIT margins above 10% during a downturn would put downward pressure on its ratings. Failure to reduce the amount of secured debt below 10% of total debt would likely trigger a widening of the notching. OJSC Concern Stirol, domiciled in Gorlovka, Ukraine, is a leading manufacturer of ammonia and its derivatives generating consolidated revenues of UAH 1,881 million (equivalent to US$376 million) in 2004. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Arnaud Gravier, Asst Vice President - Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 David G. Staples, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 REPAIR-TECHNICAL ENTERPRISE: Declared Insolvent ----------------------------------------------- The Arbitration Court of Ivanovo region commenced bankruptcy proceedings against Repair-Technical Enterprise after finding the limited liability company insolvent. The case is docketed as A17-1224/04-14-B. Mr. I. Borzov has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 155813, Russia, Ivanovo region, Kineshma, Okruzhnaya Str. 4. CONTACT: REPAIR-TECHNICAL ENTERPRISE 155813, Russia, Ivanovo region, Kineshma, Okruzhnaya Str. 4 Mr. I. Borzov Insolvency Manager 155813, Russia, Ivanovo region, Kineshma, Okruzhnaya Str. 4 SINEK CAPITAL: Moody's Rates Edel's Proposed Notes (P)Ba1 --------------------------------------------------------- Moody's Investors Service has assigned a (P)Ba1 rating to the Loan Participation Notes issued by Edel Capital S.A. for the sole purpose of financing its loan to Sinek Capital S.A., a subsidiary of OAO Svyazinvestneftekhim (SINEK). This is the first time that Moody's has rated the debt of SINEK. The outlook for the rating is stable. Summary Rating Rationale The rating of the notes reflects the application of Moody's new rating methodology for government-related issuers (GRIs). Please refer to Moody's Rating Methodology entitled "The Application of Joint Default Analysis to Government-Related Issuers," published in April 2005, and its accompanying press release. Please also refer to Moody's Special Comment entitled "Rating Government-Related Issuers in European Corporate Finance" for a detailed discussion of the application of the GRI rating methodology to corporate issuers in Europe. The baseline credit assessment of SINEK is underpinned by (a) SINEK's influence over the dividend policy of Tatneft and NKNK, its main providers of dividend income; (b) The large share of interest income it will receive from loans made available to some of its portfolio companies; (c) The potential for SINEK to sell stakes of listed companies it has in its portfolio to monetize their value; and (d) The strong oil price environment and low cost position enjoyed by Tatneft. It also reflects: (a) The economic environment in which SINEK operates and the uncertainty regarding the Russian legal and fiscal framework; (b) The heavy reliance on the oil and petrochemical industries, which account for 54% of the Republic's industrial production and about 90% of SINEK's dividend income; (c) The lack of U.S. GAAP audited financial accounts of Tatneft, the main cash flow provider; and (d) The potential for SINEK to raise more debt as it intends to finance other projects and investments on behalf of its shareholder. The rating of SINEK reflects the application of Moody's new rating methodology for government-related issuers supported by the following inputs: (a) Baseline credit assessment of 6 (on a scale of 1 to 6, where 1 represents lowest credit risk); (b) Ba1 local currency rating of the Republic of Tatarstan; (c) High dependence; and (d) High support. The high dependence reflects the role of SINEK as a quasi government agency and the influence government has on the management of the holding and its participations, the significance of the portfolio companies to the economy of Tatarstan and the fact that both entities are highly correlated with oil prices with Tatneft being the largest single taxpayer for the Republic's budget (30% of the Republic's tax revenues in 2004). It also reflects the existence of a cross default clause between SINEK, SINEK Capital and the Republic of Tatarstan. High support reflects the guarantee provided by the Republic of Tatarstan, the strategic importance of the holding company to the state as a financing vehicle, its legal status and its ownership structure with a 100% state-ownership, and the high representation of the Republic's top officials at the Board of Directors (three out of seven, including the Prime Minister of the Republic). Furthermore, Moody's notes that the government's guarantee will be included as a financial obligation in its budget. Moody's rating also reflects an adequate level of liquidity available to SINEK. EDEL Capital S.A. will have pro forma the proposed bond issue some US$-denominated cash deposited with the conversion bank (Dresdner Bank ZAO) equal to six months of interest payment. SINEK does not have any bank credit lines. Its main sources of cash are the interest from the loans it will make available to certain companies and projects, and the dividend payment from its investment companies, i.e. mainly Tatneft. SINEK's stream of cash flows will benefit from the interest income generated from the loans entered into with its affiliates, which Moody's expects to be greater than the interest expense to be met by EDEL Capital S.A. SINEK's present debt service requirements only relate to these notes. Cash flows will be generated from its dividend income, which we expect to reach US$29 million in 2005 and also from interest income. SINEK's access to cash flows will also be enhanced by its ability to dispose of non-core stakes and use the proceeds towards further investments as anticipated from the potential sale of its stake in Kazanorgsintez which could raise about US$100 million to be re-invested in industrial projects. SINEK will also have the ability due to its control over the dividend policies of its two largest companies to require more cash from one or the other entity should the need arise. SINEK's rating outlook remains stable as long as its legal and ownership status remains unchanged, which is Moody's expectation. The rating or the outlook could rise if a positive change in the ratings or outlooks of the Republic of Tatarstan occurs or if Moody's believes that the level of dependence between the Republic and SINEK needs to be revised downwards. Any change in the dividend policies and/or improving performance of the underlying portfolio of SINEK could also trigger a positive review of the outlook or ratings. The rating or the outlook could be revised downwards if a negative change in the ratings or outlooks of the Republic of Tatarstan occurs or if Moody's believes that the level of support provided by the Republic needs to be revised downwards. Transaction Overview The rated loan participation notes will be issued on a limited recourse basis for the sole purpose of funding a loan in roubles to SINEK Capital S.A., a wholly owned subsidiary of OAO Svyazinvestneftekhim. This loan will be guaranteed (up to RUB13 billion which equates to approximately US$457 million) by the Republic of Tatarstan (issuer rating of Ba1) and SINEK, wholly owned by the Republic of Tatarstan. The (P)Ba1 rating on the notes reflects the fact that the notes issued by EDEL Capital S.A. will rank pari passu with any other obligations of the issuer. The loan between EDEL Capital S.A. and SINEK Capital is irrevocably and unconditionally guaranteed by the Republic of Tatarstan subject to a limit of Roubles 13 billion (equivalent to approximately US$457 million or 1.83x the proposed notes issue). The rating also reflects the benefit of the security available to bondholders including rights under the loan agreement between SINEK Capital S.A. and its parent SINEK, the guarantee provided by SINEK and from the Republic guarantee. SINEK was set up in 2003 as a 100% state-owned investment holding company of the Republic of Tatarstan to hold its industrial stakes (currently 19 companies), essentially in the sector of oil production, petrochemicals, power generation and telecommunications. The group's four largest investments, Tatneft, NKNK, Kazanorgsintez and Tatenergo, account for 93% of SINEK's 2004 expected dividends and 87% of the portfolio valuation (US$2.1 billion). CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Arnaud Gravier, Asst. Vice President - Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 David G. Staples, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 UST-LABINSKIY: Hires Insolvency Manager from Krasnodar ------------------------------------------------------ The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Combine Ust-Labinskiy after finding the open joint stock company insolvent. The case is docketed as A-32-10728/2004-1/80-B. Mr. A. Korovko has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to Russia, Krasnodar region, Ust-Labinsk, Zapolotnyannaya Str. 1. CONTACT: UST-LABINSKIY Russia, Krasnodar region, Ust-Labinsk, Zapolotnyannaya Str. 1 Mr. A. Korovko Insolvency Manager Russia, Krasnodar region, Ust-Labinsk, Zapolotnyannaya Str. 1 YUKOS OIL: Chinese Unit Files for Liquidation --------------------------------------------- Yukos Oil Company is liquidating its Chinese office due to financing problems, Interfax-PIA reports. "Regular contacts with Chinese partners will be carried out by ZAO Yukos RM (oil and gas trade and transportation board)," states a press release published on the Company's Web site. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). But the case was dismissed in February 24, 2005. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ========= S P A I N ========= IZAR: Remaining Yards to be Sold as One, Minister Assures Unions ---------------------------------------------------------------- Industry minister Jose Montilla quelled concerns that Izar's four remaining shipyards would be sold separately, Lloyds List says. Jose Luis Cerezo, director of Naval Sector Management of the Ministry of Industry, had earlier told an in-house magazine that the government might sell the yards individually, which would result in further job cuts at the troubled shipbuilder. This irritated Izar's unions, which had received assurances that the yards in Sestao, Gijon, Seville and Manises would be sold as a whole under the strength of a rescue deal with the government in December 2004. Speaking over state radio, Mr. Montilla reassured the unions that the government is sticking to the plan to sell Izar's yards as one. He also revealed that the state would hire a consultant later this month to prepare for the sale, which would start in September. Meanwhile, defense minister Jose Bono recently signed a contract to built warships at Navantia's Puerto Real yard, the first ever at the site. The Puerto Real yard was previously engaged in building gas carriers and ferries before being absorbed into Navantia, a new shipyard group formed out of Izar's six state-owned military yards. Izar collapsed in 2004 after the European Commission ordered it to return to state industrial holding SEPI EUR1.2 billion in illegal state aid. Izar had liabilities of more than EUR2.242 billion and assets of EUR537 million last year. CONTACT: IZAR CONSTRUCCIONES NAVALES a.s. Velazquez Street 132 28006 Madrid, Spain Phone: +34 91 335 84 00 Fax: +34 91 335 86 52 E-mail: izar@izar.es Web site: http://www.izar.es SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES Velasquez, 134 28006 Madrid, Spain Phone: +34-91-396-10-00 Fax: +34-91-562-87-89 Web site: http://www.sepionline.com =========== S W E D E N =========== CONCORDIA BUS: Extends Consent Solicitation Period -------------------------------------------------- Concordia Bus Nordic AB (publ) (Nordic) said on July 7 it extended its pending solicitation of consents from holders of its 9.125% Senior Secured Notes due 2009 to (a) certain amendments and waivers of the terms in the Indenture governing the Secured Notes and (b) the foregoing of their right to participate in any change of control offer set out in Section 1015 of the Indenture occasioned by a possible restructuring of Concordia Bus AB (Bus), as outlined in the indicative terms publicly announced on 16 March 2005. Under the extended deadline, all holders of Secured Notes who submit valid and unrevoked consents prior to 5:00 P.M. London time on Tuesday, 12 July 2005, will receive the consent fee of EUR5 per EUR1,000 of the principal amount of Secured Notes for which they deliver valid and effective consents, subject to the terms and conditions of the Solicitation. Holders who have previously delivered consents need not take any further action in order to receive the consent fee. Nordic is not amending the Proposed Amendments and Waivers or the Agreement. The operating businesses continue to function normally and continue to provide full bus services to passengers and customers. This announcement is not a solicitation of consents with respect to any securities. The Solicitation is being made solely by the Consent Solicitation dated 16 March 2005. The Tabulation Agent has advised Nordic that as of 6 July 2005 consents for 10.69% aggregate principal amount of the Secured Notes had been validly submitted and unrevoked. * * * Concordia Bus, headquartered in Goteborg Sweden, operates bus systems under contracts with public transportation authorities in Sweden (through Swebus), Norway (through SBC), and Finland (through Concordia Finland). It has 9,000 employees, annual revenue of SEK4,813 million (preliminary full year group profit and loss ending Feb. 28, 2005), and total net assets of SEK2,852 million. The Trouble Concordia Bus AB has failed to pay the interest coupon on its EUR160 million ($202 million) subordinated notes. It is currently in negotiations with stakeholders and is seeking approval for a debt-for-equity restructuring plan, which envisages the transfer of 96% of its share capital to the holders of its EUR160 million subordinated notes. View company profile at http://bankrupt.com/misc/Concordia_Profile.htm CONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED Financial advisers to Concordia Bus Nordic AB 5th Floor One Canada Square London E14 5AA Contacts: Tony Alvarez III Phone: +44 (0) 207 715 5200 E-mail: TAlvarezIII@alvarezandmarsal.com Ragnar Norback Phone: +46(0)854630141 Per Skargard Phone: +46(0)854630021 GAVIN ANDERSON & COMPANY Richard Constant/Candace Carpenter Phone: +44(0)207.554.1400 ============= U K R A I N E ============= ALCHEVSK' AUTO 10915: Oleksandr Mamrukov Named Liquidator --------------------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against Alchevsk' Auto Transport Enterprise 10915 (code EDRPOU 03113242) on May 13, 2005 after finding the open joint stock company insolvent. The case is docketed as 22/14 b. Mr. Oleksandr Mamrukov (License Number AA 783183) has been appointed liquidator/insolvency manager. The company holds account number 26003301180064 at Prominvestbank, Alchevsk branch, MFO 304342. CONTACT: ALCHEVSK' AUTO TRANSPORT ENTERPRISE 10915 94200, Ukraine, Lugansk region, Alchevsk, Tranzitna Str. 27 Mr. Oleksandr Mamrukov Liquidator/Insolvency Manager 91000, Ukraine, Lugansk region, Cheluskintsiv Str. 143 a/76 ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a FOOD TTADE: Donetsk Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy proceedings against LLC Food Ttade Ltd. (code EDRPOU 25333010) on April 5, 2005 after finding the limited liability company insolvent. The case is docketed as 42/175 B. Mr. Solovyov Vyacheslav (License Number AB 216800) has been appointed liquidator/insolvency manager. CONTACT: FOOD TTADE LTD. Ukraine, Donetsk region, Kramatorsk, Uralska Str. 4-2 Mr. Solovyov Vyacheslav, Liquidator/Insolvency Manager Ukraine, Donetsk region, Kramatorsk, Lenin Str. 19A/318, a/b 1618 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 KALUSKIJ HARCHOVIK: Insolvency Manager Takes over Helm ------------------------------------------------------ The Economic Court of Ivano-Frankivsk region commenced bankruptcy proceedings against OJSC Kaluskij Harchovik on March 18, 2005 after finding the limited liability company insolvent. Mr. Popov Vitalij has been appointed liquidator/insolvency manager. CONTACT: KALUSKIJ HARCHOVIK Ukraine, Ivano-Frankivsk region, Kalush, Pisarska Str. 37 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a KONTENT: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy supervision procedure on LLC Kontent (code EDRPOU 24503562). The case is docketed as 2-26/7957-2005. Ms. Viktoriya Sharmonova (License Number AA 630104) has been appointed temporary insolvency manager. CONTACT: KONTENT 98100, Ukraine, AR Krym region, Feodosiya, Chelnikov Str. 90-48 Ms. Viktoriya Sharmonova Temporary Insolvency Manager 95048, Ukraine, AR Krym region, Simferopol, 2769 THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 NATIONAL ENERGETIC: Bankruptcy Supervision Starts ------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on JSC National Energetic Company Energy and Fuel of Ukraine (code EDRPOU 30632949). The case is docketed as 15/311-b. Mr. Yaroslav Didenko (License Number AB 216798 of March 2, 2005) has been appointed temporary insolvency manager. The company holds account number 2600629 at JSB Ukrgazbank, MFO 320478. CONTACT: NATIONAL ENERGETIC COMPANY ENERGY AND FUEL OF UKRAINE 03150, Ukraine, Kyiv region, Velika Vasilkivska Str. 94 Mr. Yaroslav Didenko Temporary Insolvency Manager 01133, Ukraine, Kyiv region, Arsenalna Str. 15, Office 18 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B PLASTPEREROBKA: Court Appoint Insolvency Manager ------------------------------------------------ The Economic Court of Harkiv region commenced bankruptcy proceedings against Plastpererobka (code EDRPOU 24666749) on May 16, 2005 after finding the limited liability company insolvent. The case is docketed as B-39/37-05. Mr. S. Orobinskij (License Number AB 216809) has been appointed liquidator/insolvency manager. The company holds account number 26004278094001 at CB Privatbank, Harkiv branch, MFO 351533. CONTACT: PLASTPEREROBKA Ukraine, Harkiv region, Zalyutinska Str. 4 Mr. S. Orobinskij Liquidator/Insolvency Manager 61125, Ukraine, Harkiv region, Chervonoshkilna Naberezhna Str. 18/129 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th Entrance POBUTSEREVICE: Succumbs to Bankruptcy ------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on Production-Commercial LLC Pobutserevice (code EDRPOU 03060497). The case is docketed as 5/90-05. Ms. Nadya Voznyakevich (License Number AB 216832) has been appointed temporary insolvency manager. The company holds account number 26009300215076 at Oshadbank, Zhmerinka branch 2910, MFO 362083. CONTACT: POBUTSEREVICE 23100, Ukraine, Vinnitsya region, Zhmerinka Ms. Nadya Voznyakevich Temporary Insolvency Manager 21036, Ukraine, Vinnitsya region, Hmelnitske Shose Str. 7, Room 1303 ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 SICHNEVIJ SUGAR: Declared Insolvent ----------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Sichnevij Sugar Plant (code EDRPOU 00372440) on May 19, 2005 after finding the open joint stock company insolvent. The case is docketed as 197/12 b-01. Mr. O. Zavora (License Number AA 216786) has been appointed liquidator/insolvency manager. The company holds account number 26003385313721 at JSCB Ukrsocbank, Bila Tserkva branch, MFO 321046. CONTACT: SICHNEVIJ SUGAR PLANT 09183, Ukraine, Kyiv region, Bila Tserkva district, Ozerna, Lipki Str. 2 ECONOMIC COURT OF KYIV REGION 01033, Ukraine, Kyiv region, Zhilyanska Str. 58 b TORGSERVICE: Sergij Vasilets to Liquidate Group ----------------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against Torgservice (code EDRPOU 22592372) on February 23, 2005 after finding the limited liability company insolvent. The case is docketed as 6/23-05. Mr. Sergij Vasilets (License Number AB 216824) has been appointed liquidator/insolvency manager. The company holds account number 260078858 at JSPPB Aval, Sumi regional branch, MFO 337486. CONTACT: TORGSERVICE Ukraine, Sumi region, Lebedin district, Malij Vistorop, Ribalko Str. 22 Mr. Sergij Vasilets, Liquidator/Insolvency Manager 42200, Ukraine, Sumi region, Lebedin, Petrenko Str. 44 ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue, 18/1 VINNIKI' AUTO: Under Bankruptcy Supervision ------------------------------------------- The Economic Court of Lviv region commenced bankruptcy supervision procedure on OJSC Vinniki' Auto Transport Enterprise Agroservice (code EDRPOU 03359902). Mr. Yevgen Dzhala (License Number AA 783051) has been appointed temporary insolvency manager. CONTACT: VINNIKI' AUTO TRANSPORT ENTERPRISE AGROSERVICE 82100, Ukraine, Lviv region, Drogobitskij district, Vinniki, Beregova Str. 18 Mr. Yevgen Dzhala Temporary Insolvency Manager 79000, Ukraine, Lviv region, Gospodarska Str. 46/2 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 =========================== U N I T E D K I N G D O M =========================== A1 DEMOLITION: Under Administration ----------------------------------- In the High Court of Justice No. 3761 of 2005 Company Name: A1 Demolition Limited Company No.: 02624946 Nature of Business: Demolition Company Trade Classifications: 4521 and 4511 Date of Appointment: 29 June 2005 Administrators' Names and Address: J S French and G Mummery (IP Nos 003862 and 100898), both of Vantis Redhead French Limited, 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX 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 A1 DEMOLITION LTD. Eastways Witham Essex Phone: 01376 515615 Fax: 01376 515616 ALCESTER STREET: Members Decide to Wind-up Firm ----------------------------------------------- At an Extraordinary General Meeting of the Members of Alcester Street Properties Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed, as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up the Liquidator may divide among the Members in specie the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members, that the Liquidator may invest the whole or any part of the assets in Trustees upon such trust's for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, that the Company be wound up voluntarily, and that R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com ART ACCESSORIES: Motorcycle Accessories Maker in Administration --------------------------------------------------------------- In the Nottingham County Court No. 610 of 2005 Company Name: Art Accessories Limited Company No.: 05109226 Nature of Business: Manufacturer of Motorcycle Accessories Address of Registered Office: Wilmot House, St James Court, Friar Gate, Derby DE1 1BT Date of Appointment: 1 July 2005 Administrator's Name and Address: Simon Gwinnutt (IP No 8877), Smith Cooper, Wilmot House, St James Court, Friar Gate, Derby DE1 1BT CONTACT: SMITH COOPER Wilmot House St James Court Friar Gate, Derby Derbyshire DE1 1BT Phone: 01332 332021 Fax: 01332 290439 E-mail: smg@smithcooper.co.uk ART ACCESSORIES LTD. Unit 1, Fairway Court Wigwam Lane, Hucknall Nottingham NG15 7SZ Nottinghamshire Phone: 0870 077 7701 Fax: 08700 777702 Web site: http://www.artexhausts.com Contact: Chris White, Managing Director BHP BILLITON: Names Liquidator from Gallagher --------------------------------------------- At an Extraordinary General Meeting of the Members of BHP Billiton Finance GB, duly convened, and held at Neathouse Place, London SW1V 1LH on 30 June 2005, the following Resolutions were approved, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, that Robert Stephen Palmer, of Gallagher, PO Box 698, 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up and that the liquidation costs be borne by the Shareholder." E A Hobley, Secretary CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: robert@gallaghers.co.uk BHP BILLITON: In Voluntary Winding-up ------------------------------------- At an Extraordinary General Meeting of the Members of BHP Billiton (RA) Limited, duly convened, and held at Neathouse Place, London SW1V 1LH on 23 June 2005, these Resolutions were approved, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, that Robert Stephen Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up and that the liquidation costs be borne by the sole Shareholder." E A Hobley, Director CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: robert@gallaghers.co.uk BHP BILLITON: Members Opt for Liquidation ----------------------------------------- At an Extraordinary General Meeting of the Members of BHP Billiton South African Finance, duly convened, and held at Neathouse Place, London SW1V 1LH on 30 June 2005, these Resolutions were approved, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, that Robert Stephen Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up and that the liquidation costs be borne by the Shareholders." W B Smith, Director CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: robert@gallaghers.co.uk BHP PETROLEUM: In Liquidation ----------------------------- At an Extraordinary General Meeting of the Members of BHP Petroleum (U.K.) Limited, duly convened, and held at Neathouse Place, London SW1V 1LH on 27 June 2005, these Resolutions were approved, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, that Robert Stephen Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up and that the liquidation costs be borne by the sole Shareholder." Z Todorcevski, Director CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: robert@gallaghers.co.uk BHP PETROLEUM (U.K.) LIMITED 1 Neathouse Place, Victoria, LONDON SW1V 1LH Phone: 020-7802-7000 BIACC LIMITED: Appoints KPMG Liquidator --------------------------------------- At an Extraordinary General Meeting of BIACC Limited, duly convened, and held at Accord House, Bridge Road East, Welwyn Garden City, Hertfordshire AL7 1HX, on 23 June 2005, these Resolutions were passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Jeremy Spratt and Finbarr O'Connell, of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, be and are hereby appointed Joint Liquidators for the purpose of such winding-up and that any power conferred on them by the Company, or by law, be exercisable by them jointly, or by either of them alone." S Stefanou, Chairman * * * BIACC Limited, formerly Birmingham Accord Limited, offers support services for government. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk BILLITON (BSI): In Voluntary Liquidation ---------------------------------------- At an Extraordinary General Meeting of the Members of BILLITON (BSI) Limited, duly convened, and held at Neathouse Place, London SW1V 1LH, on 23 June 2005, at 5:00 p.m., these Resolutions were approved, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, that Robert Stephen Palmer, of the firm Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up, and that the liquidation costs be borne by the sole Shareholder." E A Hobley, Director CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: robert@gallaghers.co.uk CHRISTY HUNT: Names UHY Hacker Liquidator ----------------------------------------- At an Extraordinary General Meeting of the Members of Christy Hunt Engineering Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed, as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director * * * The history of Christy Hunt goes back to 1858 when it was established as Christy Bros in Chelmsford, Essex to manufacture size reduction machines for both human food and animal feed. In 1985 Christy & Norris acquired the business of R Hunt & Co Ltd. and changed its name to Christy Hunt. In 2002, the future of Christy Hunt was secured by its absorption into the Gosling Group of Ipswich, Suffolk. Today, the Christy-Turner Group is U.K.'s one-stop shop for size reduction equipment. Visit http://www.christy-norris.co.uk/for more information. CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com COME EAT: Restaurant Operator Falls into Administration ------------------------------------------------------- In the High Court of Justice (Chancery Division) Manchester District Registry No. 1547 of 2005 Company Name: Come Eat With Me Limited Company No.: 04975379 Nature of Business: Restaurant and Bars Trade Classifications: 5530 and 5540 Date of Appointment: 1 July 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: BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk CONTAINED SOLUTIONS: Textile Firm Calls in Administrator -------------------------------------------------------- In the Leeds District Registry No. 883 of 2005 Company Name: Contained Solutions Limited Company No.: 04947915 Nature of Business: Manufacture for Textile, Apparel and Leather Address of Registered Office: BWC Business Solutions, 8 Park Place, Leeds LS1 2RU Trade Classification: 15 Date of Appointment: 4 July 2005 Joint Administrators' Names and Address: Paul Andrew Whitwam and David Leighton Cockshott (IP Nos 8346 and 8974), both of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU CONTACT: BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com CONTAINED SOLUTIONS LTD. Wakefield Road Brighouse West Yorkshire United Kingdom HD6 1QG Web site: http://www.containedsolutions.co.uk/ Phone: +44 (0) 1484 401331 Fax: +44 (0) 7092 371919 CRANFORD 1062: Members Decide to Liquidate Firm ----------------------------------------------- At an Extraordinary General Meeting of the Members of Cranford 1062 Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed, as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com CRANFORD 1063: In Liquidation ----------------------------- At an Extraordinary General Meeting of the Members of Cranford 1063 Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed, as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com ELYPLAC LIMITED: Investment Firm Winds up ----------------------------------------- At an Extraordinary General Meeting of the Members of Elyplac Limited, duly convened, and held at Neathouse Place, London SW1V 1LH, on 23 June 2005, these Resolutions were approved, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, and that Robert Stephen Palmer, of Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69-85 Tabernacle Street, London EC2A 4RR, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up, and that the liquidation costs be borne by the sole Shareholder." E A Hobley, Director CONTACT: GALLAGHER & CO PO Box 698 Titchfield House 69/85 Tabernacle Street London EC2A 4RR Phone: 020 7490 7774 Fax: 020 7490 5354 E-mail: robert@gallaghers.co.uk ELYPLAC LIMITED 1-3 Strand, London WC2N 5HA Phone: 020-7747-3800 FEDERAL-MOGUL: Claimants Committee Unveils Estimation Findings -------------------------------------------------------------- The Official Committee of Asbestos Personal Injury Claimants and the Official Representative for Future Asbestos Personal Injury Claimants presented their proposed findings in connection with the estimation of the asbestos personal injury claims in the chapter 11 cases of Federal-Mogul Corporation and its debtor-affiliates. An estimate that takes as a major component Turner & Newall's "budget" is not an estimate of the company's asbestos liability; it is rather a measure of its financial ability to pay claims, which is not relevant to an estimate of its aggregate asbestos liability, Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, tells the Court. "If lowering the budget could lower the consequent liability as Dr. [Robin] Cantor apparently believes, no company's liability would ever exceed its assets and there would never be a need for the resort to bankruptcy." In their 60-page Proposed Findings of Fact and Conclusions of Law, the Official Committee of Asbestos Claimants and Eric D. Green, as the legal representative for future asbestos-related personal injury claimants, asserts that the Court should find Dr. Mark Peterson as a more credible witness than Dr. Cantor. "His extensive experience and methodology are more persuasive and his estimation is likely to be the most accurate. Moreover, Dr. Peterson's methodology has been applied and accepted in several legal proceedings involving debtors that, like T&N, faced many tens of thousands of asbestos personal injury claims." Given that mathematical precision is impossible, Mr. Inselbuch contends that the Court should agree with Dr. Peterson's estimate of T&N's asbestos liability and should conclude that T&N's asbestos liability is likely to be $11 billion in the United States and $400 million in the United Kingdom. A full-text copy of the Asbestos Claimants Committee and the Futures Representative's Proposed Findings of Facts and Conclusions of Law is available at no cost at: http://bankrupt.com/misc/ACC&FuturesRepFindings&Conclusions.pdf Governing Legal Standard Section 502(c)(1) of the Bankruptcy Code provides that "[t]here shall be estimated for purpose of allowance under this section. . . any contingent or unliquidated claim, the fixing or liquidation of which, as the case may be, would unduly delay the administration of the case." Mr. Inselbuch asserts that the estimation provision allows or requires the Court to conduct an estimation process for unliquidated claims for which the conduct of an adjudicatory allowance process under Section 502(b) would be impractical under the circumstances or would significantly and unnecessarily delay the case. Mr. Inselbuch maintains that the purpose of estimating Federal- Mogul's asbestos personal injury claims under Section 502(c) of the Bankruptcy Code, as it is in all asbestos Chapter 11 cases, is to enable the Court to arrive at a reasonable approximation of the value of asbestos personal injury claims, so as to allow the Court to proceed to plan confirmation. Estimation Should be Based on T&N's Claims Resolution History, Adjusted for Trends "Estimation is not an exact science," Mr. Inselbuch contends. "Rather, estimation, by definition, is an approximation and necessarily involves comparing a known or established quantum of data to the thing being estimated." "The only logical 'quantum of data' from which to estimate the 'probable value' of T&N's asbestos liability," Mr. Inselbuch continues, "is from its extensive history of dealing with similar asbestos personal injury cases in the tort system, taking into account past and future trends." Numerous courts in estimating mass tort and asbestos claims have relied on estimates that include trend adjustments to the debtor's pre-petition claims experience in the state court system, Mr. Inselbuch notes. In a mass tort case like Federal-Mogul's, with tens of thousands of pending claims and a need to account for future asbestos personal injury claims, the only practical course is for estimation to be based on T&N's extensive claims history adjusted for historical and future trends, Mr. Inselbuch says. State Law Governs the Validity and Amount of a Claim Citing Raleigh v. Ill. Dept. of Revenue, 530 U.S. 15, 20 (2000), Mr. Inselbuch explains that it is a basic principle of bankruptcy law that, for bankruptcy purposes, state law governs the validity and amount of a claim. "In Raleigh, the U.S. Supreme Court held that creditors' entitlements in bankruptcy arise from the underlying substantive law creating the debtor's obligation, subject to any qualifying or contrary provisions of the Bankruptcy Code." The Court of Appeals for the Third Circuit in In re Mevertech Corp., 831 F.2d 410, 417-18 (3d Cir. 1987) also has recognized that the existence and validity of claims in bankruptcy are dependent on state law, Mr. Inselbuch notes. The Third Circuit made clear that state law is to be followed in claims estimation proceedings. Court's Task In estimating personal injury claims under Section 502(c), courts have attempted to predict how the case would turn out if it was litigated to conclusion in the forum in which it was pending prior to bankruptcy, using the best evidence available to it. To apply state law in T&N's estimation proceeding, Mr. Inselbuch says, it follows that the Court must seek to measure the present and future asbestos personal injury liabilities that T&N would face under the tort laws of the various states as they actually exist and as if T&N were not in bankruptcy but still in the state court tort system. T&N's Future Asbestos Injury Liabilities Must Be Discounted Using a "Risk-Free" Rate of Return Discounting is the process by which courts take into account the time value of money, Mr. Inselbuch explains. "Both legal and financial principles demonstrate that the correct rate to employ in calculating the net present value of what T&N will have to pay to resolve its total present and future asbestos personal injury liabilities is the 'risk-free' discount rate. A non 'risk-free' rate is the rate at which a commercial enterprise like T&N could raise capital -- a rate that implies acceptance of a degree of risk to creditors that has no place in the estimation calculation." In tort cases, courts, including the United States Supreme Court, favor a discount rate that would be earned on the "best and safest investments." Mr. Inselbuch notes that the District Court has, in a bankruptcy context, explicitly adopted the same "risk-free" standard and use of the Treasury Bond rate. According to Mr. Inselbuch, this principle that a "risk-free" discount rate is the appropriate measure of the present value in a tort context has been applied to the specific question of estimation of future asbestos personal injury liabilities under Section 502(c) in In re Eagle-Picher Indus., 189 BR. 681, 692. "In adopting a 6 percent discount rate," Mr. Inselbuch says, "the Eagle-Picher court rejected a [9.5 to 11.5%] rate proffered by an expert called by other creditors, who based his rate on his view of where the asbestos liability stood in terms of priority within the debtor company's capital structure. The court found this expert's rate to be 'excessive' and his methodology 'unsound'." Mr. Inselbuch points out that Dr. Cantor and Dr. Peterson in Federal-Mogul's case used a risk-free discount rate -- Dr. Peterson used 5.02% while Dr. Cantor used 5.5%. "The difference between the two is not significant." U.K. Courts Will Apply U.S. Substantive Law to U.S. Claims Under Rule 9017 of the Federal Rules of Bankruptcy Procedure, Rule 44.1 of the Federal Rules of Civil Procedure applies to cases under the Bankruptcy Code that involves determination of foreign law. Rule 44.1 states that "the court, in determining foreign law, may consider any relevant material or source, including testimony, whether or not submitted by a party or admissible under the Federal Rules of Evidence." Mr. Inselbuch notes that Rule 44.1 gives courts broad authority to conduct their own research to interpret foreign law, which allows courts to rely on materials like submissions from the parties and expert witnesses, as well as material that could be inadmissible at trial. Additionally, the Court under Rule 44.1 may analyze the legal questions presented, just as it would analyze unsettled questions of U.S. law, with -- in the case of foreign law -- the assistance of expert testimony on the trends in that law. To determine which law will govern the valuation of claims in the Debtors' parallel insolvency proceedings in the United Kingdom, Mr. Inselbuch contends that the evidence and analyses concerning the English choice of law principles must be applied to the claims. For U.S. asbestos personal injury claims against T&N, Mr. Inselbuch believes it most likely that the English courts will ultimately apply U.S. law to determine both T&N's liability and quantification of damages. 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. 86; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: TURNER & NEWALL LIMITED Manchester International Office Centre Styal road Manchester M22 5TN HALE ROAD: Liquidator Moves in ------------------------------ At an Extraordinary General Meeting of the Members of Hale Road Safety Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com HOPECAR LIMITED: Appoints Liquidator ------------------------------------ At an Extraordinary General Meeting of the Members of Hopecar Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com IMCOFORM LIMITED: Members Decide to Wind up Firm ------------------------------------------------ At an Extraordinary General Meeting of the Members of Imcoform Limited, duly convened, and held at 7-11 Station Road, Reading, Berkshire RG1 1LG, on 24 June 2005, at 11:15 a.m., this Special Resolution was duly passed: "That the Company be wound up voluntarily, and that David Smithson, of Haines Watts, Unit 9, Ground Floor, Holbrook Court, Cumberland Business Centre, Northumberland Road, Portsmouth, Hampshire PO5 1DS, be and is hereby appointed Liquidator for the purposes of such winding-up." I D Simpson, Chairman * * * Imcoform Limited is a general commercial company. JARVIS PLC: Reveals Details of Restructuring Plan ------------------------------------------------- Jarvis plc has issued a circular outlining further details of the Debt for Equity Exchange and Placing and Open Offer that were announced on 27 May 2005. The key points of the Restructuring are: (a) Debt for Equity Exchange. Debt for Equity Exchange in respect of approximately GBP350 million of unsecured obligations which on their conversion will represent 95% of the Enlarged Ordinary Share Capital, with Existing Warrant Holders receiving a further 0.25% of the Enlarged Ordinary Share Capital. Existing Shareholders who hold 400 or more Existing Ordinary Shares as at the Record Date, will retain approximately 4.75% of the Enlarged Ordinary Share Capital. Debt for Equity Exchange will be implemented by 12 August 2005 through a Scheme of Arrangement under section 425 of the Companies Act unless agreement can be reached with the relevant creditors to implement it consensually; and (b) Placing and Open Offer immediately following Debt for Equity Exchange. Placing followed by Open Offer to Qualifying Shareholders post the Debt for Equity Exchange, in order for these shareholders to participate in the Placing pro rata to their post Debt for Equity Exchange shareholdings, to raise approximately GBP50 million. Open Offer, conditionally underwritten by Deutsche Bank, on the basis of 19 Open Offer Shares for every 1 New Ordinary Share held post the Debt for Equity Exchange. Qualifying Shareholders who do not wish to participate in the Open Offer will receive a cash payment under the cash out alternative entitlement based on 25% of the Open Offer Share subscription price. An Extraordinary General Meeting has been convened for 9.00 a.m. on 4 August 2005 at the offices of Slaughter and May, One Bunhill Row, London EC1Y 8YY, where Shareholders will be asked to consider and, if thought fit, approve the Resolutions under which the Debt for Equity Exchange and Placing and Open Offer will be effected. Although the Restructuring is subject to various conditions and approvals, and therefore there can be no certainty that it will take place, Shareholders are being asked to vote on the Resolutions in order to ensure that the Restructuring can be implemented in time to meet the Group's cash flow requirements. Alan Lovell, Chief Executive, said: "The Restructuring represents a key step in the Board's strategy of providing the Group with a capital and funding structure appropriate for its continued development." A fully copy of the circular is available free of charge at http://bankrupt.com/misc/Jarvisplc(Restructuring).htm CONTACT: JARVIS PLC 24 Britton St. London EC1M 5UA United Kingdom Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com Bridget Fury, Merlin Phone: 020 7653 6620 JOHN LETTERS: Competition Sends Club Maker into Receivership ------------------------------------------------------------ Scottish golf club manufacturer John Letters has gone into receivership, according to The Scotsman. The firm blamed trading difficulties in a very competitive market for the decision. Receivers from Kroll are trying to save the business and the jobs of 13 employees. John Letters started as Letters, Logan & Co in 1918 on the north bank of the River Clyde in Glasgow. It grew from a tiny workshop to become one of Scotland's most famous golf club makers in the 1940s and 50s. The emergence of cheaper products from the Far East in the 1990s, however, placed the firm in a difficult situation. Launching an Internet service to enable customers to directly order online did not help. John Letters is famous for its revolutionary Golden Goose putter. CONTACT: JOHN LETTERS Web site: http://www.johnletters.com/trilogys.html KROLL 10 Fleet Place London EC4M 7RB Phone: 020 7029 5000 Fax: 020 7029 5001 Web site: http://www.krollworldwide.com/ JOHN WILLIAMS: Liquidator Moves in ---------------------------------- At an Extraordinary General Meeting of the Members of John Williams Foundries Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com JOHN WILLIAMS FOUNDRIES LIMITED Curran Embankment P.O. Box 27 Town Cardiff CF1 1UH United Kingdom MARKS & SPENCER: Like-for-like Sales Down 5.4% ---------------------------------------------- Marks & Spencer Group plc said Wednesday: "U.K. Retail Sales for the 14 weeks to 9 July 2005 were down 3.1% in total with General Merchandise down 10.3% and Food up 5.0%. Within this, Clothing was down 9.2% and Home down 22.3%. Like for like sales were down 5.4% in total (Q4 04/05: -6.3%) with General Merchandise down 11.2% (Q4 04/05: -9.2%) and Food up 0.7% (Q4 04/05: -3.1%). "Within General Merchandise, full price sales were down 2.4%. We have seen an improving trend in full price sales over the last three quarters. This quarter reflects the focus on profitable sales, improvements in product and the timing of the Summer Sale. "We continue to focus on offering outstanding value. In clothing we have significantly reduced prices year on year to ensure that our opening price points are highly competitive. Customer reaction to the new opening price points has been good and volume growth substantial. "Food has performed well. We have improved product innovation, service and availability and there has been a positive reaction to our recent advertising campaign, which highlights our outstanding quality and value." Chief Executive Stuart Rose said: "The trading environment continues to be very tough. We are pleased with the progress in Food with its return to like for like sales growth. In General Merchandise, the figures reflect the significant change in our trading stance compared to this time last year when our priority was to clear overstocks. This was achieved through deeper markdowns and extended sale periods. This boosted sales figures but impacted profitability. "Our focus remains full price profitable sales, improving our financial performance through margin, cost and markdown management. We have made good progress. This has enabled us to delay the Summer Sale by 18 days. We go on Sale [today, July 14, 2005] with 40% less stock than last year. "While the trading environment remains very challenging, better buying, stock and cost control should enable us to make further progress." CONTACT: MARKS & SPENCER GROUP PLC Michael House 47-67 Baker Street London England W1U 8EP Phone: +44 20 7935 4422 Fax: +44 20 7487 2679 Web site: http://www.marksandspencer.com MAX FACTOR: Names PricewaterhouseCoopers Liquidator --------------------------------------------------- At the Extraordinary General Meeting of Max Factor held on 27 June 2005, these Resolutions were passed as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Tim G Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT, 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." P Roessler, Chairman CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com MAX FACTOR Web site: http://www.maxfactor.co.uk/ MICROEMISSIVE DISPLAYS: Has New Chief Operating Officer ------------------------------------------------------- MicroEmissive Displays plc has appointed William Miller to the Board as Chief Operating Officer of MicroEmissive Displays with immediate effect. As COO of MED, Mr. Miller will oversee research, product development and manufacturing. Mr. Miller, 49, brings over 21 years experience in semiconductor manufacturing and further strengthens the Company's executive team as it gears up to meet the challenges of high growth consumer markets such as Digital Still Cameras and Wearable viewers. He joins MED from Motorola's U.K. Semiconductor operations where as Vice President and General Manager he developed and implemented manufacturing business strategy during a period of significant change within the company resulting in improved profitability, reduced infrastructure and cost. Bill Campbell, Chief Executive of MED, said: "We are delighted that Mr. Miller is joining us to spearhead MED's product development and manufacturing. His experience of running major semiconductor plants will be enormously valuable to us and demonstrates our ambition to build MED's global, polymer based microdisplays business." As a board member of Motorola U.K. Ltd., reporting to the UK Chairman, Mr. Miller had broad exposure to and involvement with all areas of Motorola's businesses and extensive experience in managing a large P&L within the U.K. and Internationally. As a member of the European Leadership Team he was primarily active in defining and implementing regional strategies leading to impressive business results in a US$1.5-billion sales organization. Since the separation of this business and re-branding as Freescale Semiconductors, he served a dual role, continuing to lead the U.K. operations, but additionally serving as Country Head for U.K., Ireland, Netherlands and Spain. He is currently a director of the National Microelectronics Institute. * * * In June, Microemissive Displays' co-founder and chief technical officer Dr. Jeff Wright resigned. Chief Executive Bill Campbell said his departure, which he emphasized was reached "by mutual consent," will not affect the production of its flagship product: the micro-displays, a tiny screen for use in digital cameras and camcorders built around a light-emitting polymer. However, Mr. Wright's exit came following an announcement from the company that volume production will be delayed by six months. A senior official at the company revealed that Mr. Wright had become disillusioned with the company's failure to develop a sustainable and effective manufacturing process. In April, the company reported turnover for the year to 31 December 2004 was GBP12,443 (2003: GBP12,321). Operating costs in the year increased by GBP1.2 million (37%) to GBP4.4 million (2003: GBP3.2 million) due to the expansion in MED's operating activities following the completion during H1 2004 of its pilot production line. Costs incurred in the development of the production process were a significant factor in the increase in the loss for the year to GBP4.4 million (2003: GBP3.3 million). CONTACT: MICROEMISSIVE DISPLAYS PLC Scottish Microelectronics Centre West Mains Road Edinburgh EH9 3JF, United Kingdom Phone: +44-131-650-7764 Fax: +44-131-650-7761 E-mail: info@microemissive.com Web site: http://www.microemissive.com NETWORK RAIL: Spends GBP400 Mln to Upgrade South Wales Operation ---------------------------------------------------------------- Network Rail has awarded contracts as part of a GBP400 million investment program to renew signaling across South Wales over the next decade. This is the first major re-signaling project in the area for many years and is also the forerunner for similar large-scale projects in England and Scotland. The program will be managed directly by Network Rail and carried out in stages, commencing later in the month with the GBP60 million Port Talbot East Re-Signalling Project - a 22-mile stretch of line running from Llantrisant to Baglan. Works are due for completion by October 2007. Peter Henderson, Network Rail's Project and Engineering Director, said: "This investment program is part of Network Rail's drive to improve the condition of its assets, increasing the reliability and delivering better services for passengers and the local communities in South Wales. "This is a particularly exciting time for the railway in South Wales, particularly with the recent completion of the new Vale of Glamorgan line." Equipment commissioned in the 1960s will be replaced with modern signaling technology, including new signals, signal structures, control systems and track circuits. Level crossings will also be upgraded across South Wales, as well as improvements to the track layout. The Port-Talbot East project will be followed by schemes at Newport (this will be carried out in two stages), Cardiff and Port Talbot West over the next ten years. * * * Network Rail will be holding a press event to mark the start of works in July. Further details will be available nearer hand the time. Network Rail have awarded contracts to these following companies: (a) Signalling & Telecommunications Design & Construction Contract to Atkins Rail, (b) Civils Design & Construction Contract to Birse Rail, (c) Electrical & Plant Design & Construction Contract to Amey Rail, (d) Permanent Way Design & Construction Contract to Amey Rail * * * London-based Network Rail, through subsidiary Network Rail Infrastructure, owns, manages, and maintains 21,000 miles of track and 40,000 bridges and tunnels in the U.K. The not-for-profit company was formed with backing from the U.K. government in 2002 to acquire the former Railtrack PLC from insolvent parent company Railtrack Group. The Trouble Railtrack 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. Its shareholders are suing the government for "misfeasance of justice" and a breach of human rights to recover GBP157 million. 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: Improves Performance Further ------------------------------------------ "Network Rail had made a start in improving operational performance and cost control," commented the Public Accounts Committee on July 6 as it published its report about the company. The Committee was reporting on a National Audit Office (NAO) report, 'Network Rail - making a fresh start', which was published in May 2004 and followed a Public Accounts Committee hearing which also took place during that month. John Armitt, Network Rail's Chief Executive, said: "The report recognizes the progress the company had made in its first 18 months of ownership of the rail network in improving performance and getting costs under control. "Some 14 months later, Network Rail's progress has accelerated. Train performance has markedly improved, delays have come down and costs have been cut by hundreds of millions of pounds. Since the report, Network Rail has launched its long-term financing vehicle -- the Debt Issuance Program, which seeks to reduce its borrowing costs -- and has undertaken other huge initiatives, such as taking maintenance in-house, which has delivered performance improvement and reduced costs." The performance of the company has markedly improved since the time of the NAO report and the Public Accounts Committee's hearing: (a) Network Rail has reduced train delays by 17% from 13.7m minutes a year ago to 11.4m; (b) The moving annual average for train punctuality now stands at 84.3% (June '05). A year ago it was 81.2%; (c) In April, Network Rail reported an operating profit of GBP455 million compared to a loss of GBP710 million last Year; and (d) Over 30,000 people now work for the company having taken the decision to bring maintenance in-house. 12 months ago Network Rail consisted of just 15,000 employees. John Armitt concluded: "We are dealing with the inefficiencies we inherited in October 2002. We have delivered high levels of sustained investment in the railway, improved train performance, while reducing costs. We have set ourselves stringent performance targets and are in line to meet the challenging efficiency target set by the independent rail regulator for the next five years. "All our people are committed to building on the progress that has been made, as we continue our work to rebuild and renew Britain's railway." 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: Selling AU$500 Mln Bonds in Australia --------------------------------------------------- Network Rail Ltd. is tapping the Australian capital market to raise money to refinance existing debt and upgrade U.K.'s railways. According to Bloomberg News, the company is issuing AU$500 million (US$373.5 million) worth of five-year bonds in Australia in the coming days. The fixed-interest bonds, which will be priced today, promise a yield that is 8 to 10 basis points above the swap rate of similar maturity, the financial wire said. RBC Capital Markets and UBS AG are arranging the sale. According to Bloomberg, the five-year swap rate traded at 5.67 percent Tuesday in Sydney, up from 5.57 percent two weeks ago. The swap rate is a benchmark used to price corporate debt, Bloomberg explained. The bonds, which carry the top AAA ratings from Moody's Investors Service, Standard & Poor's and Fitch ratings, is part of the loan program Network Rail announced in September and is backed by the government. 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 PEDMAH LIMITED: In Voluntary Winding-up --------------------------------------- At an Extraordinary General Meeting of Pedmah Limited, duly convened, and held at Harbour Court, Compass Road, North Harbour, Portsmouth, Hampshire PO6 4ST, on 30 June 2005, at 10:45 a.m., these Resolutions were passed as Special Resolutions and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily, that David Smithson, of Haines Watts, be appointed as Liquidator for the purposes of such winding-up, that the Liquidator be authorized and instructed, pursuant to a Members voluntary winding-up of the Company entered into an agreement with Pedmah Limited in the form produced to this Meeting and marked "A" and initialed by the Chairman for the purposes of identification for the transfer of cash, the business of the Kiln garden centre and the property, being the Kiln Nursery, Common Road, Harrow HA7 3JF, that if and to the extent there is any conflict between the Special Resolutions and the Extraordinary Resolution passed at this Meeting and the articles of association of the Company, the terms of the Special Resolutions and the Extraordinary Resolution shall prevail and the articles of association of the Company shall be amended accordingly, and that the Liquidator shall have the powers set out in Schedule 4 of the Insolvency Act 1986." Chairman PROCTER & GAMBLE: Appoints PricewaterhouseCoopers Liquidator ------------------------------------------------------------ The following Written Resolutions of the Members of Procter & Gamble (Cosmetics & Fragrances) Limited held on 27 June 2005, were passed as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Tim Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT, 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." P Roessler, for and on behalf of the Members CONTACT: PRICEWATERHOUSECOOPERS LLP Donington Court Pegasus Business Park, Castle Donington, East Midlands DE74 2UZ Phone: [44] (1509) 604 000 Fax: [44] (1509) 604 010 Web site: http://www.pwc.com PROCTER & GAMBLE: Liquidators Move in ------------------------------------- The following Written Resolutions of the Member of Procter & Gamble Investments UK held on 27 June 2005, were passed as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Tim Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT, 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." P Roessler, for and on behalf of the Member CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com PROCTER & GAMBLE INVESTMENTS UK The Heights, Brooklands, Weybridge, Surrey Kt13 0XP Phone: 01932-896000 RAILTRACK PLC: Former Transport Secretary Denies any Wrongdoing --------------------------------------------------------------- Former Railtrack shareholders through counsel, Keith Rowley QC, finally had a chance to grill the principal respondent of their GBP160 million class action against the government. According to The Guardian, former Transport Secretary Stephen Byers was called to the stand Tuesday to answer allegations that he had engineered Railtrack's collapse in 2001 to expropriate company assets without compensating shareholders. In his testimony, Mr. Byers characterized the allegations as "without foundation and simply wrong." He maintained during his two-and-a-half hour cross examination that he had "put the public interest first throughout." Filed by former shareholders numbering about 50,000, the case accuses the government of deliberately bankrupting the rail operator. The case alleges "misfeasance of justice" and breach of human rights. It is considered the largest ever class action in Britain. "Mr. Byers devised a scheme by which he intended to injured the shareholders by impairing the value of their financial interest in the company without paying them compensation and without the approval of Parliament," declared Mr. Rowley in previous hearings. Mr. Byers, in his testimony, said he had decided to put Railtrack into administration not in pursuit of renationalization but because by October he had decided that "enough was enough; that Railtrack was part of the problem with the railway network and was incapable of providing a solution and that a new approach was needed." "We had no intention of expropriating assets of Railtrack Group or Railtrack or of injuring shareholders -- we were simply concerned to keep the rail network running and the infrastructure in place once it became clear Railtrack could not do so itself," he declared in court. Railtrack fell into administration in October 2001, but as early as June, Mr. Rowley claims, Mr. Byers had already received a number of briefing papers that negatively portrayed Railtrack. This allegedly led Mr. Byers to start plotting the demise of the company. But Mr. Byers said he would have preferred Railtrack to solve its own problems and to establish itself without further recourse to taxpayers' cash. "Unfortunately it was not able to do this and I had to decide whether to provide further public funding to permit Railtrack to limp on or to recognize that Railtrack was a lost cause and to decide against providing further funding and deal with the situation that flowed from that decision. I chose the latter course," The Guardian quoted him as saying. Mr. Rowley next pointed to Whitehall e-mails, which he said suggest that the government through Mr. Byers was already canvassing options for changing the ownership of Railtrack even before October. Some of these e-mails were sent by Treasury adviser, Shriti Vadera, to government officials working on the rescue plan for Railtrack, Troubled Company Reporter-Europe earlier reported. Shareholders believe these e-mails prove that authorities were trying to plot the firm's collapse during the summer of 2001. They claim the officials intended to wipe out the company's equity value and allow the state to take control of the company at no cost. Mr. Byers called these conclusions simply wrong. He said the aim of the e-mails had been to work with the Treasury to get it to "buy-in" to any solution, vital to restoring City confidence in Railtrack. Mr. Byers cited insolvency when he placed Railtrack into administration in October 2001. He said the company would have debts of GBP700 million by December and GBP1.7 billion by March 2002. The situation was further exacerbated by the pullout of government funding due to the company's poor safety record. 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 RICOSS ENGINEERING: Calls in Liquidator --------------------------------------- At an Extraordinary General Meeting of the Members of Ricoss Engineering Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up, the Liquidator may divide among the Members, in specie, the whole or any part of the assets of the Company and may for that purpose, value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com SNELLING HOUSE: Under Administration ------------------------------------ In the High Court of Justice (Chancery Division) Birmingham District Registry No. 2647 of 2005 Company Name: Snelling House Limited Company No.: 03245760 Nature of Business: Residents Property Management Address of Registered Office: 435 Lichfield Road, Aston, Birmingham B6 7SS Trade Classification: Division 7-35 Real Estate Date of Appointment: 1 July 2005 Administrators' Names and Address: Neil Charles Money and Geoff Robbins (IP Nos 8900 and 6622), both of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS CONTACT: CBA 435 Lichfield Road Aston Birmingham B6 7SS Phone: (0121) 326 0880 Fax: (0121) 328 6456 E-mail: bham@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk SUSSEX TRACTORS: In Voluntary Liquidation ----------------------------------------- At an Extraordinary General Meeting of the Shareholders of Sussex Tractors Limited, duly convened, and held at Unit 7, Swan Business Centre, Station Road, Hailsham, Sussex BN27 2BY, on 1 July 2005, at 2.00 pm, the following Resolutions were duly passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Robert Day, of Robert Day and Company, Garfield, Church Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL, be and he is hereby appointed Liquidator of the Company for the purpose of the voluntary winding-up." M J Campbell, Director CONTACT: SUSSEX TRACTORS LTD. Squires Farm Industrial Estate, Easons Grn Framfield Uckfield TN22 5RB East Sussex Phone: 01825 841100 Web site: http://ww.sussextractors.co.uk TAMBRANDS INVESTMENTS: Calls in Liquidator from PwC --------------------------------------------------- At an Extraordinary General Meeting of Tambrands Investments Limited held on 27 June 2005, these Resolutions were passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Tim G Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT, 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 Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com T AND F: Electrical Parts Maker Winds up ---------------------------------------- At an Extraordinary General Meeting of T and F Electronic Developments Limited, duly convened, and held at 35 Ludgate Hill, Birmingham B3 1EH, on 30 June 2005, these Resolutions were passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Matthew Douglas Hardy, of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH, be and is hereby appointed Liquidator for the purpose of such winding-up." N R French, Chairman T and F is an electrical component manufacturer. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk T AND F ELECTRONIC DEVELOPMENTS LTD. Speymill House, Willenhall Lane Binley Coventry CV3 2AS West Midlands Phone: 024 7644 4000 Fax: 024 7644 4777 Web site: http://www.tfed.co.uk TELEDU AL: Names Begbies Traynor Liquidator ------------------------------------------- We, the undersigned being the only Members of Teledu Al Fresco Television Limited for the time being entitled to receive notice of and attend and vote at General Meetings of the Company hereby pass these Resolutions as Special Resolutions in writing pursuant to section 381A of the Companies Act 1985, for all purposes as if the same had been passed at a General Meeting of the Company duly convened and held: "That it is desirable to reconstruct the Company and for that purpose the Company be wound up voluntarily under the provisions of the Insolvency Act 1986, and that John Davies, of Begbies Traynor, 4th Floor, Riverside House, Cathedral Road, Cardiff, be appointed Liquidator for the purpose of such winding-up, and that a draft agreement which was produced to the Meeting and signed for the purpose of identification by the Chairman and expressed to be made between (1) the Company acting by the Liquidator (2) the Liquidator (3) Cyberchip Limited and (4) Directneed Limited be approved and that the Liquidator be authorized pursuant to the Insolvency Act 1986 section 110 and the Articles of Association of the Company to enter into and carry into effect an agreement in the form of the above-mentioned draft." W R Protheroe and E H Protheroe CONTACT: BEGBIES TRAYNOR 4th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB Phone: 029 2022 5022 Fax: 029 2022 4523 E-mail: cardiff@begbies-traynor.com Web site: http://www.begbies.com THE PLAISTOW: Liquidator from Vantis Moves in --------------------------------------------- At an Extraordinary General Meeting of the Members of The Plaistow Press Ltd., duly convened, and held at 144 High Street, Epping CM16 4AS, on 1 July 2005, a subjoined Special Resolution was passed: "That the Company be wound up voluntarily, and that R L H Knight, of Vantis Business Recovery, The White Cottage, 19 West Street, Epsom KT18 7BS, be and is hereby appointed Liquidator of the Company for the purposes of such winding-up." W G Ramsey, Chairman The Plainstow sells books and magazines. CONTACT: VANTIS BUSINESS RECOVERY The White Cottage, 19 West Street, Epsom, Surrey, KT18 7BS Phone: 01372 743816 Fax: 01372 720940 E-mail: epsom@vantisplc.com Web site: http://www.vantisplc.com TRADITIONAL SEAFOODS: Creditors Meeting Reconvened to July 21 ------------------------------------------------------------- Notice is hereby given, pursuant to section 48(2) of the Insolvency Act 1986, that a Meeting of the unsecured Creditors of Traditional Seafoods Limited has been reconvened due to a technical irregularity at the offices of Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG, on 21 July 2005, at 10:00 a.m., for the purposes of having laid before it a copy of the report prepared by the Administrative Receivers under section 48 of the said Act. The Meeting may, if it thinks fit, establish a Committee to exercise the functions conferred on Creditors' Committees by or under the Act. Creditors whose claims are wholly secured are not entitled to attend or be represented at the Meeting. Other Creditors are entitled to vote if they have delivered to us at Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG, no later than 12:00 noon on the business day before the Meeting, written details of the debt they claim to be due to them from the Company, and the claim has been duly admitted under the provisions of the Rule 3.11 of the Insolvency Rules 1986, and there has been lodged with us any proxy which the Creditor intends to be used on his behalf. Any proxies or proof of debt already submitted in relation to the section 48 Meeting already held will be accepted unless otherwise informed. C Burke, Joint Administrative Receiver Traditional Seafoods processes and preserves fish products. CONTACT: TRADITIONAL SEAFOODS Web site: http://www.traditionalseafoods.co.uk ILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk TRIPLEX LLOYD: Liquidator Moves in ---------------------------------- At an Extraordinary General Meeting of the Members of Triplex Lloyd Automotive Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed, as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up the Liquidator may divide among the Members in specie the whole or any part of the assets of the Company and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and that R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com TRIPLEX PROPERTIES: Members Decide to Liquidate Firm ---------------------------------------------------- At an Extraordinary General Meeting of the Members of Triplex Properties Limited, duly convened, and held at St James Building, 79 Oxford Street, Manchester M1 6HT, on 1 July 2005, these Resolutions were duly passed, as an Extraordinary Resolution and as a Special Resolution respectively: "That if the Company is wound up the Liquidator may divide among the Members in specie the whole or any part of the assets of the Company and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The Liquidator may invest the whole or any part of the assets in Trustees upon such trusts for the benefit of the Members as he determines, but no Member shall be compelled to accept any assets upon which there is a liability, and that the Company be wound up voluntarily, and that R E C Cook, of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT, be and is hereby appointed Liquidator for the purposes of such winding-up." H W Jackson, Director CONTACT: UHY HACKER YOUNG St James Buildings 79 Oxford Street Manchester Greater Manchester M1 6HT Phone: 0161 236 6936 Fax: 0161 228 0117 E-mail: e.cook@uhy-uk.com UK REALISATIONS: In Voluntary Liquidation ----------------------------------------- At the Extraordinary General Meeting of UK Realisations Limited held on 1 July 2005, the following Resolutions were passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Tim Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP, One Kingsway, Cardiff CF10 3PW, 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." S Aly, Chairman CONTACT: PRICEWATERHOUSECOOPERS LLP Web site: http://www.pwc.com YES CAR: Losses Deepen; Tenfold Increase Seen --------------------------------------------- Yes Car Credit, the unit of Provident Financial plc that sells used cars and loans, expects its annual loss to balloon tenfold this year, The Telegraph reported yesterday. Provident Chief Executive Robin Ashton said the unit will end the year GBP20 million in the red compared to last year when losses amounted only to GBP2.2 million. He blames the slump in the sale of second hand cars and rising bad debt. He added the introduction of general insurance regulation had badly hit sales of insurance products tacked on to sales of used cars and loans. Although Yes Car is expected to post losses this year, nobody predicted it would be this severe. In the first six months, the company had already lost GBP4.6 million, while sales had fallen by around a quarter, the report said. "There has been a lack of consumer confidence in the market in which we operate in so sales have fallen," Mr. Ashton said. "At the same time we have put more costs into the business, by spending more on checking the vehicles we sell. This has hurt margins. We have been busy making changes to strengthen the management team and making our communication more effective." Yes Car aggressively advertises its products in the print media and cable television, according to The Telegraph. It targets people that mainstream lenders avoid. Word of the profit warning sent Provident's shares falling 63p, or 8-1/2 percent, to 672-1/2p, the paper said. Mr. Ashton remains confident the business, which cost the group GBP77 million to operate in 2002, to break even next year. CONTACT: PROVIDENT FINANCIAL PLC Colonnade, Sunbridge Road, Bradford West Yorkshire BD1 2LQ Phone: +44 (0)1274 731111 Web site: http://www.providentfinancial.com/ YES CAR CREDIT Springfield Road, Horsham West Sussex RH12 2RG Web site: http://www.yescarcredit.net/ * Coventry, Warwickshire Firms Survive Rover Crisis --------------------------------------------------- Coventry and Warwickshire firms have weathered the initial effects of MG Rover's collapse, proving their lessened dependency on the car giant. This is according to Rescue and insolvency specialist Cranfield Recovery Ltd. which believes that many local companies have already diversified. Managing Director Tony Mitchell earlier expected a barrage of inquiries from dealers, banks and advisors within days of MG Rover's decision to stop production at its Longbridge plant. But it didn't happen, according to Mr. Mitchell. He said: "There is no doubt that on a wider regional basis, the closure of Longbridge has been a massive blow both directly and indirectly." He added a domino effect was anticipated with the demise of MG Rover as a great number of local firms have strong links with the manufacturer. After the closure of Stadco in Coventry, those close to the industry were expected to follow suit. "Fortunately for the economy, that hasn't happened," he said. However, Mr. Mitchell stressed that this is not to say that companies were not affected, it just "appears so far that they have weathered the initial storm." Founded in 2001, Warwick-based Cranfield Recovery Ltd., employs 10 people and handles all aspects of corporate, business and personal financial problems. CONTACT: CRANFIELD RECOVERY LTD. 2 Hawkes Drive Warwick CV34 6LX Phone: 01926 450414 Fax: 01926 831126 E-mail: office@cranfieldrecovery.com Web site: http://www.cranfieldrecovery.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. 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