/raid1/www/Hosts/bankrupt/TCREUR_Public/050718.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, July 18, 2005, Vol. 6, No. 140
Headlines
C Z E C H R E P U B L I C
AERO VODOCHODY: To Supply EADS Airbus Plane Parts
D E N M A R K
LEGO COMPANY: Blackstone Acquires LEGOLAND for EUR375 Million
LEGO COMPANY: Wins Intellectual Rights Case in Netherlands
F R A N C E
EUROTUNNEL SA: S&P Keeps Ratings on CreditWatch Negative
TREFILERIES DE CONFLANDEY: Vesoul Court Takes over Operations
G E R M A N Y
KARSTADTQUELLE AG: Restructures Mail Order Unit
MG TECHNOLOGIES: Changes Name to GEA Group Aktiengesellschaft
VOLKSWAGEN AG: Reveals Plan to Return to Black
G R E E C E
OLYMPIC AIRLINES: Germany's DBA Fails to Get Past First Round
I R E L A N D
ELAN CORPORATION: Conference Call on Q2 Results Next Week
P.J. CARROLL: Dundalk Plant Closure to Leave 66 Jobless
I T A L Y
VIAGGI DEL VENTAGLIO: 1st-half EBITDA Slips to -EUR10 Million
L U X E M B O U R G
MILLICOM INTERNATIONAL: To Discuss Q2 Results Later this Month
N E T H E R L A N D S
ROYAL SHELL: Court Approves Cancellation, Repayment of Shares
ROYAL SHELL: Sakhalin II Costs Could Reach US$20 Billion
VERSATEL TELECOM: Denies Putting out Public Offer
R U S S I A
ALTAY-COKE-KHIM-STROY: Succumbs to Bankruptcy
BUILDING MATERIALS: Proofs of Claim Deadline Expires August
CHEMIST: Volgograd Court Appoints Insolvency Manager
DAIRY KADOSHKINSKIY: To Auction Assets Next Month
DOBRYNKA-FURNITURE: Declared Insolvent
GOSTAGAEVSKAYA: Bankruptcy Hearing Resumes September
INDUSTRY & CONSTRUCTION: Loan Participation Notes Rated Ba3
KARAT: Bankruptcy Supervision Procedure Begins
LADOZHSKOYE: Undergoes Bankruptcy Supervision Procedure
MIKHAYLOV-REM-TEKH-ENTERPRISE: Proofs of Claim Deadline July 25
URUKH: Appoints V. Gribov Insolvency Manager
YUKOS OIL: Hearing on Fulbright, Alvarez Fee Applications Aug. 3
YUKOS OIL: Local Diamond Monopoly Wants to Buy Stake in Unit
YUKOS OIL: Supreme Court Upholds Conviction of Former Executive
S W I T Z E R L A N D
STMICROELECTRONICS N.V.: Talks Strategy with South Korea's Hynix
U K R A I N E
BALTIMA: Appoints Roman Bajduk Insolvency Manager
GAZTRANZITSERVICE: Succumbs to Bankruptcy
GRANIT: Temporary Insolvency Manager Takes over Helm
INTERNATION AIRPORT: Airport Operator Files for Bankruptcy
LION-AUTO: Donetsk Court Grants Debt Moratorium
NOVOPOLTAVSKE: Declared Insolvent
OLEKSANDRIYA' RAJAGROBUD: Bankruptcy Supervision Starts
TEMP: Undergoes Bankruptcy Supervision Procedure
TOREZ' AUTO 11467: Insolvency Manager Takes over Operations
TRADE-FINANCIAL COMPANY: Court Appoints Liquidator
U N I T E D K I N G D O M
4 ACTION: High Court to Hear Winding-up Petition July 27
AIPS CLEANBRITE: Creditors Meeting Set Last Week of July
ALLIED TRUST: Barclays Group Decides to Liquidate Firm
ANGLO-AMERICAN: Shareholders Pass Winding-up Resolution
ARUN PHARMACEUTICALS: Names Deloitte & Touche Liquidator
ASSOCIATED ADHESIVES: Members Decide to Wind up Firm
AUCKLAND SUPPLY: Hearing on Winding-up Petition Set Aug. 10
AVDEL ADHESIVES: Files for Liquidation
BADEX LIMITED: Appoints Liquidator
BARCLAYS SPONSORSHIP: Appoints Deloitte & Touche Liquidator
BERKELEY HOUSE: Hires Kroll Limited as Administrator
BLUE BAG: Decides to Liquidate Assets
BOBINNS LIMITED: Hearing on Winding-up Petition Set August
BOOTS GROUP: Earnings GBP38 Mln Lower Under IFRS
BRIGHTSTAR LEARNING: Names Rothman Pantall Administrator
BRITAG INDUSTRIES: Files for Liquidation
BROTHERS GRIMM: High Court to Hear Winding-up Petition August
CAPEL MANOR: Creditor Asks High Court to Wind up Company
CEDARHOUSE BRICKWORK: Hearing on Winding-up Petition Set July 27
COLLANTI AVANZINI: Opts for Liquidation
COOL MOVERS: Winding-up Hearing Set August
COSTAIN GROUP: Corners GBP138 Million Road Widening Contract
DIRECT TRAINING: Creditor Files Winding-up Petition
ELWELL TURNED: Liquidation Hearing Set July
EMI GROUP: New Album Releases Boost Results
EURODIS ELECTRON: Merger Talks Collapse; Shares Suspended
EUROTEC LIMITED: Lloyds TSB Requests Liquidation
FEDERAL-MOGUL: PD Panel's Proposed Findings for Claim Estimation
FIRSTPRICE LIMITED: Court to Decide on Winding-up
FOX TRANSPORT: Linton Fuel Demands Liquidation
GENEVA PHARMACEUTICALS: Winding-up Resolutions Passed
GILMAC BUILDING: O'Neill & Brennan Lodges Winding-up Petition
GOLDBAY DEVELOPERS: Creditor Requests Liquidation
GOLDEN HINDE: Royal Court to Hear Winding-up Petition
GWS PRODUCTS: Appoints Smith & Williamson Administrator
HAIR ASSOCIATES: Supervisors Call in Liquidator
HANNAH RESEARCH: Loses Govt Funding; Decides to Padlock Labs
HARMANY LIMITED: Administrator from CBA Moves in
HEATH CO.: Shareholders Opt for Liquidation
J L S OVENS: Appoints Administrator from ThorntonRones
J. LURIE: Calls in Liquidator
JUSTILES LIMITED: Meeting of Creditors Set Last Week of July
LING LEE: Gatelands Files Winding-up Petition
MAINSTAR ELECTRICAL: Calls in Administrator from Tenon Recovery
MAYBANK SECURITY: Lloyds TSB Seeks Liquidation
MCA PERSONNEL: Personnel Company Calls in Administrator
MCA PERSONNEL: Names Vantis Numerica Administrator
MCA PERSONNEL: Calls in Vantis Numerica Administrator
MCA PERSONNEL: Hires Administrators from Numerica
MERCURY TELECRAFT: HSBC Appoints P&A Partnership Receiver
M. G. DIXON: Shareholders to Decide on Liquidation
MG ROVER: Administrators in Advanced Talks with Three Bidders
MG ROVER: SAIC Returns, Forms Joint Bid with Magma
MYTRAVEL GROUP: Settles Disclosure Violation with FSA
MYTRAVEL GROUP: Fined GBP240,000 for Listing Rule Breach
N J BELL: Revenue and Customs Petitions for Winding-up
NOVARTIS OPHTHALMICS: Members Opt for Liquidation
OAKDALE TRADING: Hearing on Winding-up Petition August 17
ONE & ONLY: Liquidation Petition to be Heard September
OUSEBAR LIMITED: Luton County Court to Hear Winding-up Petition
PBH DIFFRACTIVE: In Voluntary Liquidation
PERMABOND ADHESIVES: Appoints Liquidator
RO JENKINS: Calls in Liquidator
ROSECAL & CO: Baker Tilly Requests Liquidation
SANDOZ CLINICAL: Appoints Liquidators from Deloitte & Touche
SENSATIONS OF BIRMINGHAM: Winding-up Hearing Set this Month
SEPCO HOLDINGS: Creditor Seeks Liquidation
SPIRENT PLC: To Report First Results Under IFRS August
SUPERCREST ENGINEERING: Govt Agency Files Winding-up Petition
S W LEGAL: Winding-up Petition to be Heard August
THE GEIGY: Shareholders Opt for Liquidation
T M J LIMITED: Creditors Meeting Set Wednesday
TRANSTEC SYSTEMS: Files for Liquidation
WATERVIEW (BARNES): Winding-up Petition Hearing Set August
WILLIAMS ADHESIVES: Owners Decide to Liquidate Firm
WORLD MEDIA: Creditor Asks High Court to Liquidate Company
*********
===========================
C Z E C H R E P U B L I C
===========================
AERO VODOCHODY: To Supply EADS Airbus Plane Parts
-------------------------------------------------
Czech aircraft maker Aero Vodochody A.S. is set to produce Airbus
plane parts for EADS N.V., says Mlada fronta Dnes.
The two recently forged an agreement, which is just waiting for
the approval of Aero's board. The deal will see Aero assemble
fuselage parts for A320 and A340 aircrafts.
Aero Spokesman Vitezslav Kulich said: "The long-term plan of our
company is to take a more important role in the European supplier
chain."
"[We want to] use the door that opened for us after Boeing left,"
he added.
This is good news for state-owned Aero, which has been struggling
to find buyers for its products, after strategic partner Boeing
left the company last year. The contract, which involves
millions of Czech Korunas, will pave the way for Aero to win
bigger deals. The government is currently looking for a private
investor for Aero, with the aim of saving the plane maker from
bankruptcy. The state took over Boeing's share in October 2004
after expressing dissatisfaction over the latter's inability to
secure enough orders for Aero. It then attempted to restructure
the firm by writing off debt, but the European Commission
thwarted the plan, saying it was an illegal state aid.
CONTACT: AERO VODOCHODY A.S.
250 70 Odolena Voda
Phone: +420 25576 1111
Fax: +420 25576 2111 or +420 25576 5999
Web site: http://www.aero.cz
EADS N.V.
Le Carre
Beechavenue 130-132
1119 PR Schiphol Rijk
The Netherlands
Web site: http://www.eads.net
=============
D E N M A R K
=============
LEGO COMPANY: Blackstone Acquires LEGOLAND for EUR375 Million
-------------------------------------------------------------
The Blackstone Group on July 13 disclosed the acquisition of
LEGOLAND Parks by affiliate company Blackstone Capital Partners
IV, for EUR375 million. The deal includes LEGOLAND's four family
theme parks in England, Germany, California and Denmark -- where
the company also has a 176-room hotel.
This follows Blackstone's acquisition last month of Merlin. The
intention is to combine the two businesses. With 12 million
visitors the new Merlin Entertainments Group will be both the
second-largest visitor attraction business in Europe with
Europe's 2nd and 3rd largest attraction brands -- Sea Life and
LEGOLAND -- and the 9th largest operator in the world.
Blackstone and management will take a 70% share in the new Merlin
Entertainments Group, while the LEGO Group will hold 30%. The
new Group will be led by Nick Varney, CEO of Merlin
Entertainments, and CFO Andrew Carr.
LEGOLAND and Merlin -- with its Sea Life, Dungeons, and Earth
Explorer brands -- are a natural fit -- not least culturally.
Both have developed:
(a) high quality 'chainable' brands which provide imaginative,
inter-active, educational fun for family audiences,
primarily with children under 12; and
(b) sites across Europe in locations, which provide equal appeal
to both local and visiting audiences.
Together they offer significant product, marketing and
promotional synergies and create a balanced portfolio naturally
hedged against external factors such as weather, international
visitor trends, and localized market economics.
Unusually for theme parks, LEGOLAND, based around the popular
LEGO construction toys, has a strong appeal for families with
younger children offering potential to develop the sites into
destination resorts with hotels and other group attractions. The
LEGOLAND California site also provides a natural platform to
explore growth for the overall company in the USA and other
global markets.
Merlin is one of Europe's leading operators of branded visitor
attractions and one of the most consistently successful, with an
EBITDA, which has risen by over 100% in the last 5 years (GBP14.5
million in 2004). The company has a proven track record
developing quality brands across borders retaining strong core
elements and values, while being flexible enough to reflect local
cultures. Merlin is already market leader in leisure attractions
in the massive German market, and the addition of the LEGOLAND
Park near Munich to the company portfolio will further underline
this position.
Commenting, Joseph Baratta, a Senior Managing Director of The
Blackstone Group, said: "We are delighted that we have been able
very quickly to execute our strategy of building a leading theme
park and attractions business in Europe. We believe that Merlin,
led by Nick Varney and his excellent team, is an ideal platform
from which to build a terrific business of scale in this sector.
The combination of LEGOLAND and Merlin creates a unique asset in
the leisure industry. We are particularly pleased to have as a
significant partner in this business a world-class company such
as the LEGO Group. The LEGO Group's continued involvement with
the business will be helpful in realizing our growth objectives,
and displays the LEGO Group's strong conviction about the
prospects for the combined company."
"We plan to continue growing the Merlin business through
investing in its existing stable of brands: Sea Life Centres,
Dungeons, Earth Explorer and now, importantly, LEGOLAND. We will
also consider selective acquisitions that are consistent with our
strategy of building a world class family-oriented leisure
business."
LEGO Group owner, Mr. Kjeld Kirk Kristiansen, commenting on the
new partnership, said: "The toy market has been declining for
some time and is extremely competitive. To consolidate its
position, the LEGO Group chose to sell its majority holding in
the LEGOLAND Parks in order to focus on closer relations with our
customers and consumers, improved marketing, and a greater
emphasis on core products. It was however extremely important
for us that the new ownership was based on the true LEGO values
of playful learning and creative experiences of a high quality,
and in Merlin Entertainments we have found a very professional
partner with whom we can really release the potential of the
LEGOLAND Parks. We have no doubt that together we will create a
very strong player within the worldwide family attractions
sector."
Nick Varney, Chief Executive of the new combined Merlin
Entertainments company commented: "LEGOLAND has a very strong
brand and operating franchise, with excellent staff at all
levels. The new company will provide the investment and
expertise the parks need -- in both product and marketing -- to
take them to the next level. It also offers tremendous
opportunities to leverage market advantage with joint promotional
and development activities in the future. I have no doubt that
this will be a very exciting time for everyone involved -- we
have the opportunity to create something very special -- a
European leisure company which really understands brands and
customer service -- and which knows how to exploit them
profitably worldwide."
* * *
The agreement is subject to approval by E.U. competition
authorities
About The Blackstone Group
The Blackstone Group, a private investment and advisory firm with
offices in New York, Atlanta, Boston, Los Angeles, London,
Hamburg, Paris and Mumbai, was founded in 1985. The firm has
raised a total of approximately $34 billion for alternative asset
investing since its formation. Over $14 billion of that has been
for private equity investing, including Blackstone Capital
Partners IV, one of the largest institutional private equity
funds ever raised at $6.45 billion. Other investments in the
leisure sector have included Universal Studios in Orlando, and
Six Flags Theme Park. In addition to Private Equity Investing,
The Blackstone Group's core businesses are Private Real Estate
Investing, Corporate Debt Investing, Marketable Alternative Asset
Management, Corporate Advisory, and Restructuring and
Reorganization Advisory
About Merlin Entertainments
Merlin operates 28 attractions across 8 European countries under
the Sea Life, Dungeon and Earth Explorer brands. It is pursuing
a dynamic opening program across all its brands with 3 new Sea
Life Centres planned in the next 12 months; a new Dungeon in
Amsterdam for October 2005; and a new Earth Explorer site to open
in 2007. 2004 was one of Merlin's most successful years to
date -- contrary to many others in the sector -- with visitor
numbers up by over a million versus 2003 to 6.3 million; revenue
up by 26% to GBP44.9million; and EBITDA up to GBP14.5 million --
a 37% increase on 2003 (GBP10.6 million).
About LEGO Group
The LEGO Group is a privately held, family-owned company, based
in Billund, Denmark. It was founded in 1932 and today the group
is the world's fourth largest toy manufacturer with 2004 sales of
DKK6,704 million and employing approximately 7,400 people
globally. The LEGO Group is committed to the development of
children's creative and imaginative abilities. LEGO products can
be purchased in more than 130 countries. At the beginning of the
21st century the LEGO brick was acclaimed as "Toy of the
Century" -- first by Fortune Magazine and later by the British
Association of Toy Retailers.
LEGOLAND Parks are Europe's No 3 branded visitor attractions with
visitor numbers of over 5.6 million in 2004.
* * *
Lego is implementing an Action Plan launched in 2004 to mitigate
a serious earnings crisis in the company. The plan envisages a
leaner but financially stronger and more focused group. Lego had
total assets of DKK8,089 million in 2004.
LEGO Holding A/S is the parent of both the Danish and the Swiss
parts of the Group. LEGOLAND went into receivership in 1991.
CONTACT: THE BLACKSTONE GROUP
John Ford
Phone: 212-583-5559
Web site: http://www.blackstone.com
LEGO GROUP
Charlotte Simonsen
Phone: ++ 45 79 50 65 79
or
MERLIN ENTERTAINMENTS
Penny King
Phone: ++ 44 20 8948 4225/++ 44 7887 542 490
LEGO COMPANY: Wins Intellectual Rights Case in Netherlands
----------------------------------------------------------
The district Court in Breda, the Netherlands, has ruled that the
Canadian toy manufacturer, Mega Bloks, is not permitted to market
and sell bricks in the Netherlands, which can be mistaken for
LEGO bricks.
The civil lawsuit was brought by Mega Bloks as an "action for
declaration," meaning that Mega Bloks asked the court to confirm
that the company could lawfully sell its products in the
Netherlands.
The court found that Mega Bloks bricks were such close imitations
of LEGO bricks that there was a risk that consumers would be
confused. The court highlighted the fact that Mega Bloks could
have opted to sell bricks of different dimensions from those of
the LEGO brick or with a different interlocking system or
appearance (e.g. angular studs or oval bricks - Ed.) without
diminishing from the consumer's ability to use Mega Bloks. And
moreover the court considered that the fact that the end user was
unable to see the difference between Mega Bloks' and LEGO Group
bricks once they were out of the packaging meant that Mega Bloks
would create an unnecessary risk of confusing the consumer.
Henrik G. Jacobsen, Corporate Attorney at the LEGO Group, said:
"It is a very positive note that in issuing this judgment the
Dutch court prioritizes the interests of the consumer. The
ruling ensures that Dutch consumers will not be misled. We think
it is also valuable that the court confirms that it is not
technically necessary to use exactly the same shape as the LEGO
brick to produce a brick for use in a construction system."
He continues: "We have no objection to competition -- as long as
it is fair. The Breda Court has indicated very clearly that with
its identical brick products Mega Bloks is indulging in unfair
competition."
Henrik G. Jacobsen said: "On a general point, we are delighted
that very many of the recent court rulings in Europe have clearly
spoken up against the problem of imitation products increasingly
faced by European industries. Unfortunately, however, we have
also seen the courts in certain European countries take the
opposite view -- to the detriment of European competitiveness.
It means that a rights holder can win lawsuits in several
European states one day -- and lose an identical case in a
neighboring state the next. Obviously, if we are to survive as a
knowledge society in future, it is essential that European courts
protect the rights of rights holders. No one will be interested
in investing in the development of original products in future if
these can simply be freely copied by anyone."
Since the world famous LEGO brick was created, the LEGO Group has
brought -- and will in future continue to bring -- legal actions
in courts all over the world to protect its rights and corporate
goodwill, and to prevent the sale of copies, which can mislead
the consumer.
The Dutch case was handled by the law firm of NautaDutilh N.V.
CONTACT: LEGO GROUP
Charlotte Simonsen, Head of Corporate Communications
Phone: +45 79 50 65 79
===========
F R A N C E
===========
EUROTUNNEL SA: S&P Keeps Ratings on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said its 'BBB' senior secured
debt ratings on U.K. and France-based Eurotunnel S.A. remained on
CreditWatch with negative implications.
Standard & Poor's also said these ratings on the debt issued by
related non-guaranteed Fixed-Link Finance B.V.'s (FLF) Class A,
B, and C notes remained on CreditWatch with negative
implications:
(a) Senior secured debt: 'BB-';
(b) Subordinated debt: 'CCC+'; and
(c) Junior subordinated: 'CCC-'.
The 'B' rating on nonguaranteed Fixed-Link Finance 2 B.V.'s (FLF
2) notes also remained on CreditWatch with negative implications.
All the ratings were placed on CreditWatch on Feb. 9, 2004,
following the announcement of unspecified debt restructuring and
concerns about intensifying competition in the cross-Channel
market. In addition, various ratings were lowered on Jan. 27,
2005. The ratings are expected to remain on CreditWatch until
details of the expected debt restructuring are known and their
impact on the notes can be determined. The process of
negotiation is likely to be complex.
This week, Eurotunnel published its first-half results, which
showed a slight increase in operating revenue, but the operating
environment remains challenging. The company also announced that
it has presented its initial reflections on restructuring its
debt to the Ad Hoc Committee that represents the majority of
Eurotunnel's junior creditors following the submission of the
company's business plan in June.
Based on the debt restructuring process and on current
information, Standard & Poor's does not yet have any reason to
change its revenue expectations, revised in January 2005, of
expected free operating cash flow before debt service payments of
about GBP240 million-GBP250 million in 2009.
"We remain highly concerned about whether an agreement between
creditors and management on the debt restructuring will be
possible. In addition, any dilution of equity, i.e. a
debt-for-equity swap, will require shareholder approval, which is
highly uncertain," said Standard & Poor's credit analyst Jan
Willem Plantagie. "Management received a waiver approval in April
2005 valid until Jan. 31, 2006 that allowed it to start
discussing the restructuring with its creditors. In January 2005,
we stated our concern that there could be greater debt write-offs
across all Eurotunnel's debt tranches except the senior debt.
Since then, our concerns have been reinforced by management's
statements that creditors need to forego a large part of their
debt because shareholders have suffered significant losses in
previous restructurings."
At the moment, we do not see a direct reason to lower the ratings
further on the debt issued by the Fixed-Link Finance vehicles or
on Eurotunnel's super senior debt because we had already factored
this uncertainty into the ratings. What remains clear is the
difficult path ahead and as the discussions go on we may lower
ratings further if the risk of defaults or economic losses due to
restructuring becomes more evident.
"We expect little news to over the next month or two regarding
the restructuring, but an agreed outline plan with creditors is
likely to be required by the end of October this year, should
Eurotunnel ask its shareholders to convert slightly more than
GBP500 million of stabilization advances into equity. If this
move is rejected, Eurotunnel's interest expenses will increase
significantly over 2006. The company will also have to start
paying interest on resettable advances from June 2006 and the
railways' minimum use charge ends in November 2006," S&P said.
Standard & Poor's will continue its discussions with Eurotunnel's
management and creditors and update the CreditWatch regularly.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-Mail Address
InfrastructureEurope@standardandpoors.com
TREFILERIES DE CONFLANDEY: Vesoul Court Takes over Operations
-------------------------------------------------------------
Staple wire manufacturer Trefileries de Conflandey has fallen
under court-supervised administration, according to Europe
Intelligence Wire.
The commercial court in Vesoul also put the company under
observation for six months beginning June 28. The court did not
rule out the possibility that the administration will be extended
to the entire Conflandey group.
Trefileries de Conflandey is the parent company and accounts for
about 70% of group turnover. Its turnover reached EUR84 million,
up from EUR80 million in 2003, but the company said this was
mainly due to a rise in prices. Sale volumes have actually been
falling constantly, it said.
As a group, Conflandey booked consolidated turnover of EUR117.4
million last year with a consolidated net loss of EUR4.7 million,
according to the newswire. Its latest financial results show
debt of EUR29.1 million and equity capital of EUR13.2 million.
Operating profit last year improved to EUR960,000 compared
to -EUR7.17 million in 2003. The group's woes are compounded by
the dramatic rise in steel prices.
About Conflandey Group
The group is comprised of 10 companies (with 5 plants in the East
of France and 2 in the U.S. and Slovakia). It markets 73% of its
production outside France.
Conflandey is the leader in stapling wires for all materials and
equipment, as well as a major player in the multiple applications
of non-alloy steel thin wires, its Web site claims.
The company designs its own manufacturing equipment and
materials, by giving priority to the engineering and development
of its technical products. The metal products trade constitutes
one of the most dynamic orientations of the Conflandey Group, in
France (thanks to its FILMETAL subsidiary), in the European Union
(in particular in Spain and Switzerland) and also in the Eastern
European countries.
CONTACT: TREFILERIES DE CONFLANDEY S.A.
130, Rue Amelot - 75011, PARIS
Tel: +33 1 43 14 20 00
Fax: +33 1 43 38 10 58
Web site: http://www.conflandey.fr/
=============
G E R M A N Y
=============
KARSTADTQUELLE AG: Restructures Mail Order Unit
-----------------------------------------------
Latest Developments
(a) Four of five group divisions on or above target;
(b) Projected proceeds of EUR1.1 billion for disinvestment
program 2005 to be exceeded;
(c) Earnings forecast (adjusted EBITDA) reduced to over EUR350
million;
(d) New Managing Directors for Neckermann and Quelle;
(e) Mail Order Management Board members leave the company; and
(f) Stock corporations (AG's) to be converted into limited
liability companies (GmbH's).
KarstadtQuelle AG is reorganizing its mail order business: the
current nine person Management Board of the Mail Order division
is to be dissolved. Neckermann AG and Quelle AG are to be
converted into limited liability companies. Both companies will
have separate managements in future. Bernd Oppenrieder is to be
the Managing Director of Neckermann GmbH, Michael Badke and Group
CFO Harald Pinger have jointly been appointed Managing Directors
of Quelle GmbH. The Management Board members Nathalie Balla
(International), Gebhard Stammler (Sales/Marketing) and Peter
Wahle (Textiles) will leave the company. The former Management
Board members Arwed Fischer (Chairman of the Management Board)
and Georg Michael Zupancic (Finance) have already left the
company.
"We are implementing our stated intention: the creation of flat
and agile management structures," said KarstadtQuelle CEO Thomas
Middelhoff in an interim review of his 100-day program on
Thursday. This also included abolishing the director title in
the company, he said.
"We need to increase the speed of the our transformation
considerably in order to return to normal business sooner. Our
restructuring program is running according to plan. The sale of
marginal activities and designated parts of the company is making
good progress. We are conducting solid, professional
negotiations."
Following an in-depth Mail Order business review by a task force
he has headed, Chief Financial Officer Harald Pinger reported,
that the situation in the Mail Order division has proven
considerably more complicated than previously anticipated." After
our initial findings, we contacted the employee representatives
immediately and, over the last few weeks, have agreed in an
exemplary fashion a program to secure the long-term future of our
Mail Order business. There is agreement with the trade union
ver.di and the members of the Works Council that negotiations are
to be commenced with the objective of finding solutions for these
problems together. These negotiations are to be concluded by the
end of the third quarter of 2005."
Middelhoff drew a positive summary for the restructuring work
carried out to date: "In the Department Stores division, which
generates just under half our sales, we are on the right track.
The tourism group Thomas Cook - in which we hold a 50% stake - is
on its way back to its old strength following successful
restructuring. Overall, we are on or above target in four of
five of the Group's divisions. Universal Mail Order Germany is
the exception. When I took on this office in mid-May I was
already conscious that we would have to concentrate our efforts
on this division. For many years, the implementation of
necessary adjustments has been neglected. Now we need to
implement measures quickly and rigorously. We have identified
the problems and are presenting solutions today. We will bring
this division back on target as soon as possible."
Due to the acute problems in the domestic Mail Order business,
the earnings forecast on a group basis (adjusted EBITDA) will be
reduced from over EUR500m to over EUR350m this year. The
disinvestment program is to be continued on a wider scale than
previously planned, said Middelhoff. As a result of additional
disinvestments, the originally planned proceeds of EUR1.1 billion
are to be exceeded considerably.
Intensive negotiations with several potential buyers are
currently taking place on the sale of the 75 Karstadt Kompakt
stores, he continued. "We are negotiating from a strong position
and are confident of being able to set a further milestone in the
recovery of the company here." The negotiations are to be
concluded by the end of the third quarter of 2005.
Essen-based KarstadtQuelle AG is Europe's leading department
store and mail order group. In the 2004 financial year, the
Group generated sales of EUR13.45 billion. The divisions of the
group include Over-the-Counter Retail, Mail Order, Tourism,
Services and Real Estate. The KarstadtQuelle group has
approximately 92,500 employees.
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
Jorg Howe
Phone: + 49 (0)201/727-25 38
Fax: +49(0)201/ 727 -3709
E-mail: joerg.howe@karstadtquelle.com
MG TECHNOLOGIES: Changes Name to GEA Group Aktiengesellschaft
-------------------------------------------------------------
Mg technologies AG was renamed GEA Group Aktiengesellschaft
effective as of July 12, 2005. At the same time, the firm's head
office has been relocated from Frankfurt am Main to Bochum.
"The change of name is a logical consequence of the company's
strategic restructuring process that was launched in 2003 and
which we have virtually completed. GEA now stands for "Global
Engineering Alliance".
"We are a globally active, successful engineering organization
with core competencies in specialty mechanical engineering and
plant engineering," stressed Juerg Oleas, GEA Group's chief
executive.
GEA Group Aktiengesellschaft is listed in the German MDAX, as was
mg technologies AG. GEA Group currently employs around 17,000
people and, with more than 250 operating subsidiaries, is
represented in approximately 50 countries. It generated sales of
roughly EUR4.1 billion in 2004. Its most important markets --
accounting for around 45% of its sales --are the food, beverage,
dairy, and pharmaceutical industries.
GEA Group is already one of the world's market and technology
leaders in 90 percent of its businesses. The renaming of the
Group followed the merger of the former GEA AG with its parent
company mg technologies ag. Having sold most of its Chemicals
activities, GEA Group now focuses on specialty mechanical
engineering -- especially process engineering and equipment --
and plant engineering. The largest part of the Group's sales is
generated by companies of the former GEA AG.
GEA Group, which has been formed from mg technologies AG and GEA
AG, combines the histories and core competencies of two
successful German industrial corporations. Mg technologies
AG, which until 2000 operated under the name of
Metallgesellschaft, can look back on a history spanning almost
125 years. A milestone on mg's journey from its beginnings as a
trading company to its final destination as a technology group
was the integration in 1999 of GEA AG, which, as part of the mg
Group, continued the profitable growth it had sustained over the
years. Founded in 1920, GEA -- which originally stood for
"Gesellschaft fuer Entstaubungsanlagen" (a company producing
dedusting equipment) -- has been in business for the past 85
years.
CONTACT: GEA GROUP AKTIENGESELLSCHAFT
Phone: +49 (0)234 890 1081
Fax: +49 (0)234 890 1087
Web site: http://www.geagroup.com
VOLKSWAGEN AG: Reveals Plan to Return to Black
----------------------------------------------
Volkswagen AG has reportedly admitted its need to save EUR10
billion and lift earnings by EUR4 billion in three years. This
came as company officials accepted the resignation of personnel
chief Peter Hartz amid claims of bribery and fraud.
Wolfgang Bernhard, a former DaimlerChrysler AG executive who was
appointed to lead the carmaker's reorganization, said "no sacred
cows" would be spared in Volkswagen's effort to avoid dipping
further into the red. He added engineers have already prepared
measures to save US$1 million from the production cost of Golf
models, while Volkswagen eyes squeezing suppliers and sharing
more components.
Meanwhile, the company's board said they are working out an
internal solution, as they let go of Peter Hartz, although no
successor has been revealed yet. Mr. Hartz is facing allegations
that he allowed representatives of the works council to go on
"luxurious" trips using company money.
Board Member and prime minister of Lower Saxony Christian Wulff
is said to have pushed for Mr. Hartz' immediate exit, while union
head Juergen Peters wanted him to stay until September.
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
===========
G R E E C E
===========
OLYMPIC AIRLINES: Germany's DBA Fails to Get Past First Round
-------------------------------------------------------------
German low-cost airline DBA and U.K. investment fund Klesch &
Company Limited are no longer in the running for Greek national
carrier, Olympic Airlines, Financial Times Deutschland says.
DBA was cut in the first round of bidding, while Klesch no longer
appears to be one of the serious contenders. But what they
failed to accomplish separately in Olympic, they just might
achieve together.
DBA shareholder and supervisory board member Hans-Rudolf Woehrl
is reportedly inviting the U.K. fund to invest in DBA, instead.
FT Deutschland recently quoted a letter by Mr. Woehrl, in which
he said to DBA pilots: "It would be wonderful if we could
convince this investor because their only goal is to invest their
money in promising companies without exercising influence on the
company's affairs."
But Mr. Woehrl noted that Klesch would probably invest in the
company only if it is successful in implementing its
restructuring measures. Early this month, DBA's majority
shareholder Hinrich Bischoff sold back his stake to DBA. He was
reportedly not happy by the airline's high operating costs.
CONTACT: OLYMPIC AIRLINES S.A.
96 Sygrou Ave.
11741 Athens
Phone: +30 1 9267221
Fax: +30 1 9267858
E-mail: olyair10@otenet.gr
Web site: http://www.olympicairlines.com
DBA LUFTFAHRTGESELLSCHAFT mbH
Terminalstrasse West, Terminal 1 Modul A
85356 Munich, Munich Airport
Germany
Tel: 0049 (0) 89 - 975 91 500
Web site: http://www.flydba.com/
KLESCH & COMPANY LIMITED
105 Wigmore Street
London
W1U 1QY
United Kingdom
Tel: +44 (0) 20 7493 4300
Fax: +44 (0) 20 7493 2525
E-mail: info@klesch.com
Web site: http://www.klesch.co.uk/
=============
I R E L A N D
=============
ELAN CORPORATION: Conference Call on Q2 Results Next Week
---------------------------------------------------------
Elan Corporation, plc announced on Thursday that it will host a
conference call on Thursday, July 28, 2005 at 8:30 a.m. Eastern
Time (ET), 1:30 p.m. British Summer Time (BST) with the
investment community to discuss Elan's second quarter 2005
financial results, which will be released before the U.S. and
European financial markets open.
Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.
This event can be accessed by visiting Elan's Web site at
http://www.elan.comand clicking on the Investor Relations
section, then on the event icon. Following the live Web cast, an
archived version of the call will be available at the same URL.
About Elan
Elan Corporation (NYSE: ELN), plc is a neuroscience-based
biotechnology company. We are committed to making a difference
in the lives of patients and their families by dedicating
ourselves to bringing innovations in science to fill significant
unmet medical needs that continue to exist around the world. Elan
shares trade on the New York, London and Dublin Stock Exchanges.
CONTACT: ELAN CORPORATION
Investors:
Emer Reynolds
Phone: 353-1-709-4000/800-252-3526
Media:
Elizabeth Headon
Phone: 353-1-498-0300
Brian McGlynn
Phone: 212-407-5740
P.J. CARROLL: Dundalk Plant Closure to Leave 66 Jobless
-------------------------------------------------------
British American Tobacco (BAT) has decided to shut down its plant
at Dundalk, Business world reported last week.
The cigarette factory is operated by Irish subsidiary, P.J.
Carroll & Company Limited, which employs 66 workers at the site.
The closure is part of BAT's GBP160 million restructuring effort.
In a statement, P.J. Carroll General Manager Gemma Webb said:
"Production at Dundalk has been in decline for some time and the
factory is currently operating at only 45% of its capacity.
"The management of the Company are of the view that the operation
will not remain viable for the future. We have initiated this
consultation process so we can clearly communicate our views on
this issue to our employees and their representatives."
The closure does not impact the sales, marketing and distribution
operations, which are based in Sandyford Co. Dublin, the report
says.
CONTACT: P.J. CARROLL & COMPANY LIMITED
Burton Hall Park
Sandyford
Dublin 18
Ireland
Phone: +353-1-205-2300 (from outside Ireland)
(01) 205-2300 (from within Ireland)
Web site: http://www.pjcarroll.ie/
BRITISH AMERICAN TOBACCO PLC
Globe House
4 Temple Place
London
WC2R 2PG
Phone: +44 207 845 1000
Web site: http://www.bat.com/
=========
I T A L Y
=========
VIAGGI DEL VENTAGLIO: 1st-half EBITDA Slips to -EUR10 Million
-------------------------------------------------------------
Travel group Viaggi del Ventaglio has failed to improve on its
first-half results this year, racking up another pre-tax loss of
EUR38.2 million, Europe Intelligence Wire says.
The loss is slightly higher than last year's EUR36.3 million for
the same period. Turnover was worse this year at EUR224.6
million, down from EUR233.2 million, while EBITDA dropped further
to -EUR10.7 million from EUR2.8 million last year.
A copy of Ventaglio's first-quarter results is available free of
charge at http://bankrupt.com/misc/Ventaglio(Q12005).pdf
CONTACT: GRUPPO VENTAGLIO S.p.A.
Via dei Gracchi, 35 - 20146 Milano
E-mail: ventaglio@ventaglio.com
Web site: http://www.ventaglio.com/
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: To Discuss Q2 Results Later this Month
--------------------------------------------------------------
Millicom International Cellular S.A. will announce its financial
results for the second quarter, 2005 on Monday, July 25, 2005.
The company will host a conference call for the global financial
community at 10:00 a.m. (ET)/3:00 p.m. (U.K.)/4:00 p.m. (CET).
The conference call will be Web cast in listen-only mode on
Millicom's Web site at http://www.millicom.com
To participate in the conference call, please register at
http://www.sharedvalue.net/millicom/Q205
The dial-in number to join the conference call will be available
upon registration.
You may also register by filling out the information attached and
returning it by fax to Shared Value at +44 (0) 20 7321 5020 or
contact Shared Value at +44 (0)20 7321 5010 for further details.
Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16
cellular operations and licenses in 15 countries. The Group's
cellular operations have a combined population under license of
approximately 332 million people.
* * *
Millicom said earlier in May month that the year 2004 was one of
the most successful in Millicom's history. The Company started
seeing the full benefits of its successful balance sheet
restructuring in the previous two years. It allowed Millicom to
take better advantage of the low mobile penetration in its
markets and to drive growth by combining higher capital
expenditure with a move to GSM technology in a number of key
markets.
CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A.,
Luxembourg
Marc Beuls
President and Chief Executive Officer
Phone: +352 27 759 327
Web site: http://www.millicom.com
Investor Relations
Andrew Best
Phone: +44 20 7321 5022
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Court Approves Cancellation, Repayment of Shares
-------------------------------------------------------------
On 19 May 2005, the boards of Shell Transport, N.V. Koninklijke
Nederlandsche Petroleum Maatschappij and Royal Dutch Shell plc
jointly revealed the final proposals for the recommended
unification of Royal Dutch and Shell Transport.
In conjunction with these proposals, the board of Shell Transport
also disclosed its intention to cancel and repay the 5.5% First
Preference shares and 7% Second Preference shares in the capital
of Shell Transport. The board of Shell Transport is pleased to
announce that the High Court has approved the cancellation and
repayment of the First Preference Shares and Second Preference
Shares.
It is expected that the order of the High Court relating to the
cancellation and repayment will become effective shortly after
8.00 a.m. (U.K. time) on 15 July 2005 following the registration
of the order with the Registrar of Companies in England and
Wales. Dealings in First Preference Shares and Second Preference
Shares on the London Stock Exchange ceased at the close of
business Thursday and they will be cancelled following the
registration of the High Court order.
Cheques in respect of the payment of GBP1.0448 per First
Preference Share and GBP1.4735 per Second Preference Share were
posted to persons holding First Preference Shares or Second
Preference Shares respectively as at 6.00 p.m. (U.K. time)
Thursday, 14 July 2005, as soon as possible following the
registration of the order of the High Court by the Registrar of
Companies in England and Wales.
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
ROYAL SHELL: Sakhalin II Costs Could Reach US$20 Billion
--------------------------------------------------------
Shell has previously indicated that the Sakhalin II Phase 2
project faces significant further cost and schedule challenges.
Sakhalin Energy Investment Company (SEIC) provisionally
anticipates that Phase 2 project investment costs could be around
US$20 billion (GBP11.4 billion), covering all planned development
activity including drilling activity through to 2014, with LNG
deliveries starting in the summer of 2008.
The SEIC estimates are still work in progress and remain subject
to shareholder review and confirmation. SEIC currently has over
75% of its LNG capacity sold under long-term contracts and is in
negotiation with buyers for the balance of production capacity.
The recoverable resource base in Sakhalin II is 17.3 TCF of gas
and 1 billion barrels of oil which at SEIC's indicated revised
estimates means a project development cost of some US$5 to US$6
per barrel of oil equivalent and includes the LNG plant.
The project is midway through construction and will provide
critical oil and gas infrastructure to Sakhalin Island.
Significant milestones have been achieved at the LNG plant,
onshore processing facility and the installation of the first
gravity based structure offshore. Pipeline construction
continues to make good progress and the second gravity based
structure is expected to be installed next month.
The cost and schedule estimates are still under review by SEIC
and SEIC shareholders, who are focused on aggressively pursuing
mitigation actions. SEIC will be working closely with Russian
authorities and state experts to review revised plans and
budgets.
Looking beyond Sakhalin II, Shell's overall capital investment
program will reflect its recently announced new project
opportunities such as Qatar LNG, Nigeria LNG and Libya, as well
as market inflation specific to large construction projects and
foreign exchange rate movements. The overall Shell investment
program, including these projects and Sakhalin II, will be
subject to review, consideration and approval by its Board later
in 2005. The latest estimate for Shell's 2005 total capital
investment, across all its business activities, remains in the
order of some US$15 billion (excluding the 45% minority share of
Sakhalin II held by Mitsui Sakhalin Holdings BV [25%] and
Diamond Gas Sakhalin BV -- a subsidiary of Mitsubishi
Corporation -- [20%]).
Malcolm Brinded, Executive Director for Shell's Exploration and
Production business, said: "We are taking immediate action to
address these issues; and consulting and discussing with
appropriate stakeholders to enable this critical and challenging
frontier project to come to an acceptable completion.
"The Exploration and Production executive team, and the SEIC
management, always recognized the massive challenges of this
project. We are committed to deliver the project, and to deliver
value to shareholders and to Russia."
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
VERSATEL TELECOM: Denies Putting out Public Offer
-------------------------------------------------
Versatel Telecom International N.V. clarifies that it did not
distribute a press release Thursday night regarding a possible
public offer on Versatel.
The company also said that no further announcements can be made
in addition to the press release of June 14, 2005, in which
Versatel announced that discussions regarding a possible
strategic cooperation with Belgacom N.V. together with Talpa
Capital B.V. have terminated, while other discussions are
continuing.
* * *
Versatel, based in Amsterdam, is a competitive communications
network operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the Benelux
and Germany. Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.
Versatel's net loss for the year ended December 31, 2004,
amounted to EUR24.4 million compared with EUR32.9 million in
2003. 4Q04 net loss was EUR8.6 million compared with a net loss
of EUR4.4 million in 3Q04 and EUR10.4 million in 4Q03. The
increase in net loss was primarily attributable to the increased
depreciation expenses from our accelerated capital investments,
the interest impact of convertible bond and the consolidation of
BerliKomm.
CONTACT: VERSATEL TELECOM INTERNATIONAL N.V.
Wouter van de Putte, Head of Investor Relations
Phone: +31-20-750-2362
E-mail: wouter.vandeputte@versatel.com
Web site: http://www.versatel.com
Cilesta van Doorn
Manager Corporate Communications
Phone: +31-20-750-1318
E-mail: cilesta.vandoorn@versatel.com
===========
R U S S I A
===========
ALTAY-COKE-KHIM-STROY: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Altay-Coke-Khim-Stroy after finding the
limited liability company insolvent. The case is docketed as
A03-5477/05-B. Mr. M. Zverev has been appointed insolvency
manager.
Creditors have until July 25, 2005 to submit their proofs of
claim to:
(a) ALTAY-COKE-KHIM-STROY
Russia, Altay region, Barnaul
(b) Insolvency Manager
659100, Russia, Alay region,
Zarinsk, Post User Box 51
(c) The Arbitration Court of Altay region
656015, Russia, Altay region,
Barnaul, Lenina Str. 76
BUILDING MATERIALS: Proofs of Claim Deadline Expires August
-----------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Building Materials after finding the limited
liability company insolvent. The case is docketed as
A47-17619/04-14gk. Ms. S. Osipova has been appointed insolvency
manager.
Creditors have until August 25, 2005 to submit their proofs of
claim to:
(a) BUILDING MATERIALS
Russia, Orenburg region,
Tereshkovoy Str. 297
(b) Insolvency Manager
460036, Russia, Orenburg region,
Vostochnaya Str. 86, Post User Box 1569
(c) The Arbitration Court of Orenburg region
460000, Russia, Orenburg region,
9th January Str. 64
CHEMIST: Volgograd Court Appoints Insolvency Manager
----------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Chemist (TIN 3443009865) after finding the
open joint stock company insolvent. The case is docketed as A
12-34005/04-s57. Mr. A. Shirochenko has been appointed
insolvency manager. Creditors have until August 25, 2005 to
submit their proofs of claim to 400005, Russia, Volgograd, 7th
Gvardeyskaya Str. 2A, Office 400.
CONTACT: CHEMIST
400012, Russia, Volgograd region,
Pionerskaya Str. 1
Mr. A. Shirochenko
Insolvency Manager
400005, Russia, Volgograd region,
7th Gvardeyskaya Str. 2A, Office 400
DAIRY KADOSHKINSKIY: To Auction Assets Next Month
-------------------------------------------------
The municipal unitary enterprise Dairy Kadoshkinskiy will sell
its property on Aug. 2, 2005, 11:00 a.m. The public auction will
take place at Russia, Mordoviya republic, Kadoshkinskiy region,
Kadoshkino. Up for sale is a property complex. Starting price:
RUB1,300,000.
Preliminary examination and reception of bids are done daily
until July 30, 2005. The list of documentary requirements is
available at Russia, Mordoviya republic, Kadoshkinskiy region,
Kadoshkino.
To participate, bidders must deposit an amount equivalent to 25%
of the starting price to the settlement account
4060281003904012131026 at Mordovskiy branch #8589 AC SB RF (OJSC)
Saransk, universal branch 4300/031, Kadoshkino, TIN 1311000089;
correspondent account 30101810100000000615, BIC 048952615 on or
before July 30, 2005.
CONTACT: DAIRY KADOSHKINSKIY
Russia, Mordoviya republic,
Kadoshkinskiy region, Kadoshkino
Mr. O. Grishin
Insolvency Manager/Bidding Organizer
Russia, Mordoviya republic,
Kadoshkinskiy region, Kadoshkino
Phone: (8412) 69-74-44
DOBRYNKA-FURNITURE: Declared Insolvent
--------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Dobrynka-Furniture after finding the open
joint stock company insolvent. The case is docketed as
A50-7541/2005-B. Ms. Y. Chernikova has been appointed insolvency
manager. Creditors may submit their proofs of claim to 129110,
Russia, Moscow, M. Ekaterininskaya Str. 17/21.
CONTACT: DOBRYNKA-FURNITURE
Russia, Perm region,
Dobrynka, Leonova Str. 3
Ms. Y. Chernikova
Insolvency Manager
129110, Russia, Moscow region,
M. Ekaterininskaya Str. 17/21
GOSTAGAEVSKAYA: Bankruptcy Hearing Resumes September
----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on limited liability company
Gostagaevskaya (TIN 2301046323, OGRN 1022300518680). The case is
docketed as A-32-6766/2005-1/55-B. Mr. A. Artemenko has been
appointed temporary insolvency manager. Creditors may submit
their proofs of claim to 350042, Russia, Krasnodar, Kolkhoznaya
Str. 3, Room 212. A hearing will take place on Sept. 14, 2005.
CONTACT: GOSTAGAEVSKAYA
353400, Russia, Krasnodar region, Anapa,
Gostagaevskaya St., Novorossiyskaya Str. 100
Mr. A. Artemenko
Temporary Insolvency Manager
350042, Russia, Krasnodar region,
Kolkhoznaya Str. 3, Room 212
INDUSTRY & CONSTRUCTION: Loan Participation Notes Rated Ba3
-----------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 (stable) to
the Loan Participation Notes to be issued on a limited recourse
basis by Or-ICB S.A., a Luxembourg-based orphan special purpose
entity, for the sole purpose of financing a loan to Industry &
Construction Bank (ICB) of Russia. The notes will be denominated
in U.S. dollars and the loan will represent a senior unsecured
claim on the bank.
According to Moody's, the Ba3 debt rating is placed at the level
of ICB's foreign currency deposits rating. In March 2005, the
state-owned Vneshtorgbank (VTB - rated Ba1/NP/D- stable outlook)
acquired a blocking stake of 25% + 1 share in ICB. VTB has an
option to acquire an additional stake of 51% - 1 share in ICB.
However, ICB's present rating does not incorporate any potential
support from VTB.
Moody's also notes that, according to the terms of the programme,
ICB will have to comply with a number of covenants such as a
negative pledge, a limitation on mergers (other than in
connection with any VTB acquisition) as well as restrictions on
distributions from subsidiaries.
ICB is headquartered in Saint Petersburg, Russian Federation, and
reported total assets of US$3.59 billion under IFRS as of 31
December 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
Joel Bismuth, Vice President - Senior Analyst
Financial Institutions Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
KARAT: Bankruptcy Supervision Procedure Begins
----------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on limited liability company
Karat. The case is docketed as A-32-10703/2005-46/153-B. Mr. V.
Golovnya has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350063, Russia,
Krasnodar, Gimnazicheskaya Str. 14, Office 16. A hearing will
take place on Oct. 26, 2005.
CONTACT: KARAT
352030, Russia, Krasnodar region,
Kushevskiy region, Kubanskiy Per. 48
Mr. V. Golovnya
Temporary Insolvency Manager
350063, Russia, Krasnodar region,
Gimnazicheskaya Str. 14, Office 16
LADOZHSKOYE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Adygeya republic has commenced
bankruptcy supervision procedure on limited liability company
Ladozhskoye. The case is docketed as A01-B-420-200508. Mr. N.
Lyadnov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 352333, Russia,
Krasnodar region, Ust-Labinskiy region, Ust-Labinsk, Shaumyana
Str. 3.
CONTACT: LADOZHSKOYE
385000, Russia, Adygeya republic,
Maykop, Adygeyskaya Str. 178
Mr. V. Popov
Temporary Insolvency Manager
352333, Russia, Krasnodar region,
Ust-Labinskiy region, Ust-Labinsk, Shaumyana Str. 3
MIKHAYLOV-REM-TEKH-ENTERPRISE: Proofs of Claim Deadline July 25
---------------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company
Mikhaylov-Rem-Tekh-Enterprise. The case is docketed as
A54-1146/05-S6. Mr. S. Mordvinov has been appointed temporary
insolvency manager. Creditors have until July 25, 2005 to submit
their proofs of claim to 390035, Russia, Ryazan, Post User Box
75. A hearing will take place on Aug. 30, 2005, 11:00 a.m.
CONTACT: MIKHAYLOV-REM-TEKH-ENTERPRISE
391710, Russia, Ryazan region,
Mikhaylov, 23rd Partsyezda Str. 1
Mr. S. Mordvinov
Temporary Insolvency Manager
390035, Russia, Ryazan region,
Post User Box 75
URUKH: Appoints V. Gribov Insolvency Manager
--------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Urukh. The case is docketed as A-63-111/05-S5. Mr. V. Gribov
has been appointed temporary insolvency manager. Creditors have
to submit their proofs of claim to 350075, Russia, Krasnodar,
Stasova Str. 180.
CONTACT: URUKH
Russia, Stavropol region,
Georgievskiy region, Urukhskaya St
Mr. V. Gribov
Temporary Insolvency Manager
350075, Russia, Krasnodar region,
Stasova Str. 180
YUKOS OIL: Hearing on Fulbright, Alvarez Fee Applications Aug. 3
----------------------------------------------------------------
Zack A. Clement, Esq., at Fulbright & Jaworski, L.L.P., in
Houston, Texas, relates that Yukos USA, Inc., deposited $21
million into the Court Registry for the benefit of Yukos Oil
Company. Interest accrues on the balance of the Registry Funds,
and certain expenses of Yukos' expert witnesses have been paid
out of the Registry Funds pursuant to a Court Order. As of July
6, 2005, there is $20,790,230 in the Registry Funds.
Fulbright & Jaworski and Alvarez & Marsal have filed Fee
Applications, which are pending before the Court and are set to
be heard on August 3, 2005. The Applications seek fees and
expenses aggregating to $3,410,468.
Yukos asks the Court to transfer all the Registry Funds, except
for Fulbright's and Alvarez's fees and expenses, back to Yukos
USA.
Yukos further asks the Court, upon the entry of orders allowing
the Fee Applications, to:
(a) allow the disbursement of the Allowed Amounts from the
Court Registry to Fulbright and Alvarez; and
(b) return any remaining Registry Funds after the
disbursements to Yukos USA.
Headquartered in Moscow, Russia, Yukos Oil Company is an open
joint stock company involved in the energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets. The Company filed for
chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No.
04-47742). 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 debts. On Feb. 24, 2005,
Judge Letitia Z. Clark dismissed the Chapter 11 case. (Yukos
Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
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
YUKOS OIL: Local Diamond Monopoly Wants to Buy Stake in Unit
------------------------------------------------------------
A report from RIA Novosti says Alrosa is negotiating the purchase
of a controlling stake in the Sakhaneftegaz oil and gas company.
The president of Alrosa, a Russian diamond monopoly, said on
Wednesday that the company hoped to buy a controlling stake in
the Sakhaneftegaz oil and gas company, which belongs to the
disgraced oil company Yukos.
If Alrosa acquires Sakhaneftegaz, the company will have a new
non-core asset. The former management of Alrosa had planned to
sell all of the company's non-core assets. In particular, it had
looked at selling the company Alrosa-Gas and had thought the sale
would net about US$100 million. But Alrosa-Gas is still
controlled by the diamond monopoly. And when Alexander
Nichiporuk became the new company president, all plans to sell
non-core assets were dropped.
The market price of Sakhaneftegaz is US$77.5 million (the current
share price is quoted on the RTS at US$3-3.08 and there are 24.5
million issued shares). Yukos owns 50.6% of the company. Some
of the company's assets have already been withdrawn. In
particular, two gas main lines have been given to
Sakhatransneftegazstroi.
Vladimir Detinich, an analyst for the OLMA investment firm said
that by negotiating this deal Alrosa was promoting the interests
of the government of Yakutia. He said that the Yakutia
authorities had evidently decided that with Yukos' assets being
split up, they should get part of the company that was located in
the republic. Alrosa has the funds to buy Sakhaneftegaz and then
turn it into a separate company later. The government of Yakutia
has a 26.5% stake in Sakhaneftegaz and the Swedish Vostok Nafta
investment fund has an 8% stake.
The biggest shareholders in Alrosa (which accounts for 23% of
global diamond production) are the Russian government (37%), the
government of Yakutia (32%) and the company's workforce (23%).
The company's net profit in 2004 was 13.9 billion rubles ($486.52
million).
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Supreme Court Upholds Conviction of Former Executive
---------------------------------------------------------------
RIA Novosti reports that the Russian Supreme Court ruled Thursday
against an appeal filed by the lawyers of Alexei Pichugin, the
former security chief of the embattled oil company Yukos, and
upheld his conviction for murder and attempted murder.
A Moscow city court earlier found Mr. Pichugin guilty of murder
and attempted murder, and sentenced him to 20 years in prison.
His lawyers asked the Supreme Court to quash the judgment and
re-examine the case. Mr. Pichugin's defense team said the lower
court had broken some procedural rules when it heard the case.
In particular, the trial was conducted in secret for no reason,
and violations were committed when the jury was selected.
Mr. Pichugin was convicted of murdering Olga and Sergei Gorin in
2002 and attempting to murder in November 1998 Olga Kostina, a
one-time adviser to former Yukos CEO Mikhail Khodorkovsky and the
head of the Moscow mayor's communication service. Mr. Pichugin
denied his guilt on any of the charges during the trial.
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.ruc
=====================
S W I T Z E R L A N D
=====================
STMICROELECTRONICS N.V.: Talks Strategy with South Korea's Hynix
----------------------------------------------------------------
Europe's No.1 chipmaker STMicroelectronics N.V. has approached
Hynix Semiconductor of South Korea about a strategic deal for
their chip operations, Agence France-Presse reports.
Hynix Spokesman Park Min-Ho refused to reveal any detail or
confirm whether the Swiss company has offered to transfer its NOR
flash memory lines to Hynix and buy a 5-10 percent stake in the
South Korean chipmaker.
"At current market prices, a 10-percent stake would be worth
about one trillion won (US$970 million)," according to AFP,
noting that Hynix shares ended at KRW22,050 Thursday last week.
The approach came as no surprise to a U.S. investment bank trader
in Paris who said it is a long time coming. Accordingly, the
flash memory chip business of STMicro has been a loss-making
venture that represents about 35 percent of capital employed but
only 12 percent of revenues.
"This is in line with our view that STMicro will spin its flash
memory business and concentrate on historic strengths of mixed
signal/analogue," the unidentified trader told AFP.
If it pushes through, the deal won't be the first between the
two. The Hynix-STMicro relationship dates from way back. In
April, they agreed to build a US$2 billion plant in China to make
200 millimetre (8.0 inch) wafers this year and 300 millimetre (12
inch) wafers by the end of 2006.
The Trouble
After booking a first-quarter loss of US$31 million (EUR25.4
million), STMicroelectronics announced in May a restructuring
that will cost 3,000 jobs from non-Asian operations. About 2,300
workers from its European operations will be fired by mid-2006,
Troubled Company Reporter-Europe said in June. According to this
report, the reorganization could cost STMicroelectronics anywhere
between US$100 million and US$130 million, but will translate to
annual savings of US$90 million.
STMicroelectronics is a global independent semiconductor company
with revenues of US$8,760 million and net earnings of US$601
million (EUR492 million) in 2004. It currently offers over 3,000
main types of products to more than 1,500 customers, including
Alcatel, Bosch, DaimlerChrysler, Ford, Hewlett-Packard, IBM,
Motorola, Nokia, Nortel Networks, Philips, Seagate Technology,
Siemens, Sony, Thomson and Western Digital.
It was formed in June 1987 as a result of the merger between SGS
Microelettronica of Italy and Thomson Semiconducteurs of France.
In May 1998, the company changed its name from SGS-THOMSON
Microelectronics to STMicroelectronics. It employs 50,000
people, 16 advanced research and development units, 39 design and
application centers, 16 main manufacturing sites and 88 sales
offices in 31 countries.
Corporate Headquarters, as well as the headquarters for Europe
and for Emerging Markets, are in Geneva. The Company's U.S.
Headquarters are in Carrollton (Dallas, Texas); those for
Asia/Pacific are based in Singapore; and Japanese operations are
headquartered in Tokyo.
CONTACT: STMICROELECTRONICS
Worldwide Headquarters
39, Chemin du Champ des Filles
C. P. 21
CH 1228 Plan-Les-Ouates
GENEVA, Switzerland
Tel: +41 22 929 29 29
Fax: +41 22 929 29 00
Web site: http://www.st.com/stonline/
HYNIX SEMICONDUCTOR
San 136-1, Ami-Ri Bubal-eub
Icheon-si Kyoungki-do,
Korea 467-860
Tel: 82-31-630-4114
Fax: 82-31-630-4103
Web site: http://www.hynix.com/eng/
=============
U K R A I N E
=============
BALTIMA: Appoints Roman Bajduk Insolvency Manager
-------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Baltima (code EDRPOU 31573324) on April 7,
2005 after finding the limited liability company insolvent. The
case is docketed as B 29/196/04. Mr. Roman Bajduk (License
Number AA 669664) has been appointed liquidator/insolvency
manager. The company holds account number 260040010103250 at CB
Pivdenkombank, MFO 305266.
CONTACT: BALTIMA
49005, Ukraine, Dnipropetrovsk region,
Simferopolska Str. 17/708
Mr. Roman Bajduk
Liquidator/Insolvency Manager
49125, Ukraine, Dnipropetrovsk region,
Chervonoga Kazachestva Str. 27/46
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
GAZTRANZITSERVICE: Succumbs to Bankruptcy
-----------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on CJSC Gaztranzitservice (code EDRPOU
25047014). The case is docketed as 32/111-05-5154. Mr. V.
Ivanov (License Number AB 216729) has been appointed temporary
insolvency manager. The company holds account number 26004125681
at OJSC MT-Bank, Illichivsk branch, MFO 328168.
CONTACT: GAZTRANZITSERVICE:
Ukraine, Odessa region,
Illichivsk, Pershogo Travnya Str. 3
ECONOMIC COURT OF ODESSA REGION
65032, Ukraine, Odessa,
Shevchenko Avenue, 4
GRANIT: Temporary Insolvency Manager Takes over Helm
----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Building-Erection Firm Granit (code
EDRPOU 01270523) on April 18, 2005. The case is docketed as
10/44. Mr. Kupriyenko Mikola (License Number AA 783192) has been
appointed temporary insolvency manager. The company holds
account number 26004727231800 at JSCB Ukrsocbank, Poltava
regional branch, MFO 331014.
CONTACT: GRANIT
37600, Ukraine, Poltava region,
Mirgorod, Petrivska Str. 2
Mr. Kupriyenko Mikola
Temporary Insolvency Manager
36000, Ukraine, Poltava region,
Nezalezhnosti square, 1-b/18
ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina Str. 1
INTERNATION AIRPORT: Airport Operator Files for Bankruptcy
----------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on International Airport Cherkassy (code
EDRPOU 32503787) on April 5, 2005. The case is docketed as
01/1820. Mr. Viktor Osipchuk (License Number AA 630045) has been
appointed temporary insolvency manager. The company holds
account number 26008051500615 at CB Privatbank, Cherkassy branch,
MFO 354347.
CONTACT: INTERNATION AIRPORT CHERKASSY
18036, Ukraine, Cherkassy region,
Smilyanska Str. 168
Mr. Viktor Osipchuk,
Temporary Insolvency Manager
Ukraine, Cherkassy region,
Sumgayitska Str. 17/1
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
LION-AUTO: Donetsk Court Grants Debt Moratorium
-----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Lion-Auto (code EDRPOU 24805234) on
May 20, 2005 and ordered a moratorium on satisfaction of
creditors' claims. The case is docketed as 15/63 B. Mr. S.
Pilipenko (License Number AA 630060) has been appointed temporary
insolvency manager. The company holds account number 26004037001
at CJSC Dongorbank, Mariupol branch, MFO 335786.
CONTACT: LION-AUTO
87500, Ukraine, Donetsk region,
Mariupol, Chervonoflotska Str. 204
Mr. S. Pilipenko
Temporary Insolvency Manager
87500, Ukraine, Donetsk region,
Mariupol, Metalurgiv Str. 25/81
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
NOVOPOLTAVSKE: Declared Insolvent
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Novopoltavske (code EDRPOU 00697076) on May
18, 2005 after finding the limited liability company insolvent.
The case is docketed as 42/211 B. Mr. Nadiya Dryuk (License
Number AB 116054) has been appointed liquidator/insolvency
manager.
CONTACT: NOVOPOLTAVSKE
Ukraine, Donetsk region,
Kostyantinivskij district, Nova Poltavka
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
OLEKSANDRIYA' RAJAGROBUD: Bankruptcy Supervision Starts
-------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Oleksandriya' CJSC Rajagrobud. The case
is docketed as 10/49. Mr. Oleksandr Serduk (License Number AA
630105) has been appointed temporary insolvency manager. The
company holds account number 2600430011102 at CB Ukrsocbank,
Oleksandriya branch, MFO 323657.
CONTACT: OLEKSANDRIYA' RAJAGROBUD
28008, Ukraine, Kirovograd region
Oleksandriya district,
Vojnivka, Vojnivske Shose, 1
Mr. Oleksandr Serduk
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Oleksandriya, Chervonogo Kozatstva Str. 41/2
THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski Str. 29
TEMP: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on LLC Temp (code EDRPOU 03770336). The
case is docketed as 10/42. Mr. Kupriyenko Mikola (License Number
AA 783192) has been appointed temporary insolvency manager. The
company holds account number 26004054501761 at
CB Privatbank, MFO 331401.
CONTACT: TEMP
Ukraine, Poltava region,
Chornuhinskij district, Voronki
Mr. Kupriyenko Mikola
Temporary Insolvency Manager
Ukraine, Poltava region,
Nezalezhnosti Square, 1-b
ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina Str. 1
TOREZ' AUTO 11467: Insolvency Manager Takes over Operations
-----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Torez' Auto Transport Subdivision 11467
(code EDRPOU 03116536) on April 19, 2005. The case is docketed
as 42/49-B. Ms. Yuliya Marchenko (License Number AA 668266) has
been appointed temporary insolvency manager. The company holds
account number 26000305460062 at JSC Prominvestbank, Torez
branch, MFO 334282.
CONTACT: TOREZ' AUTO TRANSPORT SUBDIVISION 11467
86600, Ukraine, Donetsk region,
Torez, Popovich Str. 17
Ms. Yuliya Marchenko
Temporary Insolvency Manager
83077, Ukraine, Donetsk region,
Tumanyan Str. 21/3
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
TRADE-FINANCIAL COMPANY: Court Appoints Liquidator
--------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Trade-Financial Company (code EDRPOU
25554337) on May 25, 2005 after finding the limited liability
company insolvent. The case is docketed as 6/107-29/97. Mr.
Vinyarskij Oleg (License Number AA 487814 of May 13, 2003) has
been appointed liquidator/insolvency manager. The company holds
account number 260040082 at OJSC CB Dnister, MFO 325569.
CONTACT: TRADE-FINANCIAL COMPANY
79000, Ukraine, Lviv region,
Shevchenko Str. 26/3
Mr. Vinyarskij Oleg,
Liquidator/Insolvency Manager
79020, Ukraine, Lviv region,
Varshavska Str. 66/21
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
===========================
4 ACTION: High Court to Hear Winding-up Petition July 27
--------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court. No 3827 of 2005
In the Matter of 4 ACTION SPORTS LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of registered
office Hornbeam Accountancy Services, Bidwell Road, Rackheath
Industrial Estate, Norwich NR13 6PT, presented on 10 June 2005 by
Premium Credit Limited, Corporate & Commercial Department, P.O.
Box 350, Epsom, Surrey KT7 1WP, claiming to be a Creditor of the
Company, will be heard at High Courts of Justice, Chancery
Division, Companies Court, Strand, London WC2A 2LL, on 27 July
2005, at 1030 hours (or as soon thereafter as the Petition can be
heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 26 July 2005.
The Petitioner's Solicitor is Lester Aldridge, Russell House,
Oxford Road, Bournemouth BH8 8EX. (Ref HG.PR00007.207.)
AIPS CLEANBRITE: Creditors Meeting Set Last Week of July
--------------------------------------------------------
The creditors of AIPS Cleanbrite Limited will meet on July 26,
2005 at 10:30 a.m. It will be held at Courtyard by Marriot
Hotel, London Road, Moulsoe, Newport Pagnell MK16 0JA.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to G. P. Bushby of Baker Tilly, 5th Floor, Exchange
House, 446 Midsummer Boulevard, Central Milton Keynes not later
than 12:00 noon, July 15, 2005.
CONTACT: BAKER TILLY
5th Floor, Exchange House,
446 Midsummer Boulevard,
Central Milton Keynes MK9 2EA
Phone: 01908 687 800
Fax: 01908 687 801
Web site: http://www.bakertilly.co.uk
ALLIED TRUST: Barclays Group Decides to Liquidate Firm
------------------------------------------------------
D J M Blizzard, for and on behalf of Barclays Group Holdings
Limited, being the Sole Member of Allied Trust Limited for the
time being having a right to attend and vote at General Meetings,
hereby pass the following Resolutions in accordance with section
381A of the Companies Act 1985, as inserted by section 113 of the
Companies Act 1989, as a Special Resolution and as an Ordinary
Resolution respectively:
"That the Company be wound up voluntarily and that J R D Smith
and N J Dargan, of Deloitte & Touche LLP, Athene House, PO Box
810, 66 Shoe Lane, London EC4A 3WA, be and are hereby appointed
Joint Liquidators of the Company."
* * *
The Joint Liquidators of the Companies intend making a final
distribution to Creditors. Creditors of the Companies are
required to prove their debts, before 31 August 2005, by sending
to J R D Smith, Joint Liquidator, at PO Box 810, Athene Place, 66
Shoe Lane, London EC4A 3WA, written statements of the amount they
claim to be due to them from the Companies. They must also, if
so requested, provide such further details or produce such
documentary or other evidence as may appear to the Joint
Liquidators to be necessary.
A Creditor who has not proved his debt before 31 August 2005, or
who increases the claim in his proof after that date, will not be
entitled to disturb the intended final distribution. The Joint
Liquidators may make the intended distribution without regard to
the claim of any person in respect of a debt not proved or claim
increased by that date. The Joint Liquidators intend that, after
paying or providing for a Final Distribution in respect of the
claims of all Creditors who have proved their debts, the funds
remaining in the hands of the Joint Liquidators shall be
distributed to Shareholders absolutely.
* * *
Allied Trust, formerly, Urgentcalm Limited, provides installment
credit finances relating to motor vehicles.
ANGLO-AMERICAN: Shareholders Pass Winding-up Resolution
-------------------------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Anglo-American Plastics Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
ARUN PHARMACEUTICALS: Names Deloitte & Touche Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of Arun Pharmaceuticals
Limited, duly convened, and held at Frimley Business Park,
Frimley, Camberley, Surrey GU16 7SR, on 5 July 2005, the
following Resolutions were duly passed, as a Special Resolution
and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily and that Angus
Matthew Martin and Andrew Philip Peters, of Deloitte & Touche, 1
City Square, Leeds, West Yorkshire LS1 2AL, be and are hereby
appointed Joint Liquidators of the Companies."
G J Cummins, Chairman
CONTACT: DELOITTE & TOUCHE
1 City Square
Leeds
West Yorkshire LS1 2AL
Phone: 0113 292 1748
Fax: 0113 244 8942
ASSOCIATED ADHESIVES: Members Decide to Wind up Firm
----------------------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Associated Adhesives Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
AUCKLAND SUPPLY: Hearing on Winding-up Petition Set Aug. 10
-----------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2550 of 2005
In the Matter of AUCKLAND SUPPLY CO. LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at Hilton Moor Farm, Evenwood Gate, Bishop
Auckland, County Durham DL14 9NS, presented on 20 June 2005 by
the Commissioners for Her Majesty's Revenue and Customs (formerly
HM Customs and Excise), of Civil Recovery Unit, 3rd Floor NW,
Queens Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard by the Bristol District Registry, at The
Guildhall, Small Street, Bristol, on 10 August 2005, at 1000
hours (or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010598/CO1.)
AVDEL ADHESIVES: Files for Liquidation
--------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Avdel Adhesives Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
BADEX LIMITED: Appoints Liquidator
----------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Badex Limited] be wound up voluntarily and
that Stephen Katz, be appointed Liquidator for the purposes of
such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
BARCLAYS SPONSORSHIP: Appoints Deloitte & Touche Liquidator
-----------------------------------------------------------
D J M Blizzard, for and on behalf of Barclays Group Holdings
Limited, being the Sole Member of Barclays Sponsorship Company
Limited for the time being having a right to attend and vote at
General Meetings, hereby pass the following Resolutions in
accordance with section 381A of the Companies Act 1985, as
inserted by section 113 of the Companies Act 1989, as a Special
Resolution and as an Ordinary Resolution respectively:
"That the Company be wound up voluntarily and that J R D Smith
and N J Dargan, of Deloitte & Touche LLP, Athene House, PO Box
810, 66 Shoe Lane, London EC4A 3WA, be and are hereby appointed
Joint Liquidators of the Company."
* * *
The Joint Liquidators of the Companies intend making a final
distribution to Creditors. Creditors of the Companies are
required to prove their debts, before 31 August 2005, by sending
to J R D Smith, Joint Liquidator, at PO Box 810, Athene Place, 66
Shoe Lane, London EC4A 3WA, written statements of the amount they
claim to be due to them from the Companies. They must also, if
so requested, provide such further details or produce such
documentary or other evidence as may appear to the Joint
Liquidators to be necessary.
A Creditor who has not proved his debt before 31 August 2005, or
who increases the claim in his proof after that date, will not be
entitled to disturb the intended final distribution. The Joint
Liquidators may make the intended distribution without regard to
the claim of any person in respect of a debt not proved or claim
increased by that date. The Joint Liquidators intend that, after
paying or providing for a Final Distribution in respect of the
claims of all Creditors who have proved their debts, the funds
remaining in the hands of the Joint Liquidators shall be
distributed to Shareholders absolutely.
* * *
Barclays Sponsorshipm, formerly Broomco (3293) is a general
commercial company.
CONTACT: DELOITTE & TOUCHE LLP
Athene Place
66 Shoe Lane
London EC4A 3BQ
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
BERKELEY HOUSE: Hires Kroll Limited as Administrator
----------------------------------------------------
Name of company: BERKELEY HOUSE HANS PLACE LIMITED
(Company No 3846051)
Nature of Business: Property Developer
Address of Registered Office: 50 Broadway, London SW1H 0BL
Date of Appointment: July 7, 2005
Administrators' Names and Address: Alastair Beveridge and Peter
Saville (IP Nos 8291 and 9029), of Kroll Limited, 10 Fleet Place,
London EC4M 7RB.
CONTACT: KROLL LIMITED
10 Fleet Place
London EC4M 7RB
United Kingdom
Phone: 44 (0) 207 029 5000
Fax: 44 (0) 207 029 5001
Web site: http://www.krollworldwide.com
BLUE BAG: Decides to Liquidate Assets
-------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Blue Bag Fertilisers Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
BOBINNS LIMITED: Hearing on Winding-up Petition Set August
----------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2638 of 2005
In the Matter of BOBINNS LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at Mercury House, 19-21 Chapel Street, Marlow,
Buckinghamshire SL7 3HN, presented on 24 June 2005 by the
Commissioners for Her Majesty's Revenue and Customs (formerly HM
Customs and Excise), of Civil Recovery Unit, 3rd Floor NW, Queens
Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard at The Guildhall, Small Street, Bristol,
on 17 August 2005, at 1000 hours (or as soon thereafter as the
Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 16 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010611/CO1.)
BOOTS GROUP: Earnings GBP38 Mln Lower Under IFRS
------------------------------------------------
Following a European Union Regulation issued in 2002, Boots Group
PLC will report its consolidated figures under International
Financial Reporting Standards from 1 April 2005. The Group's
first annual report under IFRS will be for the year ended 31
March 2006 and these financial statements will include restated
figures under IFRS for the year ended 31 March 2005. The first
IFRS results to be announced will be for the half-year ended 30
September 2005.
Conversion to IFRS affects the Group's reporting particularly in
the areas of pensions, financial instruments, leases and
dividends. However, it does not affect the cash flows of the
group or the economics of the business and doesn't affect the
payment of dividends or debt covenants.
Meanwhile, the implementation of the new standards may result in
increased volatility in reported results due to changes in
accounting for defined benefit pension schemes and financial
instruments.
The main changes compared to the results for the year ended 31
March 2005 under UK GAAP are:
(a) reported PBT from continuing operations of GBP453.6 million,
GBP38.6 million lower than under U.K. GAAP;
(b) profit for the period of GBP267.9 million, GBP35.0 million
lower than under U.K. GAAP;
(c) basic EPS of 36.2p, 4.7p lower than under U.K. GAAP;
(d) effective tax rate of 31.1%, 1.9pp higher than under U.K.
GAAP; and
(e) net assets at 31 March 2004 of GBP1,851.2 million, GBP43.4
million higher than under U.K. GAAP.
The most significant changes in pensions:
(a) In 2004/05 the pension costs charged under SSAP 24 were
GBP61 million. Under IFRS this increases by GBP35 million
to an IAS 19 charge of GBP96 million. This increase
consists of GBP18 million increase in our current service
cost caused by the different treatment of previous actuarial
surpluses and additional financing costs of GBP17 million
reflecting the difference between expected returns on scheme
assets and interest on the scheme liabilities;
(b) The pension fund deficit will be included on the balance
sheet, and the SSAP 24 debtor previously reported will be
removed. The impact of this is very similar to that
disclosed in the notes to the accounts relating to FRS 17.
The deficit at 31 March 2005 was GBP83 million; and
(c) The guidance that Boots The Chemists has given for 2005/06
included an additional GBP15 million pension service cost as
a result of the change from SSAP 24 to FRS 17. The service
cost under IAS19 will equate to the charge under FRS 17.
The financing cost for 2005/06 will be GBP3 million. This
is lower than 2004/05 as a result of a change in the pension
fund asset allocation, which has increased the expected
return on scheme assets.
The introduction of IFRS removes the U.K. GAAP classification of
exceptional items, which will now be reported in operating
profit. In the interests of clarity the Group will highlight
individual items contained in operating profit where necessary to
ensure that readers of the accounts have a full understanding of
performance in any period.
The financial information in this announcement is unaudited. A
full copy of this announcement is available free of charge at
http://bankrupt.com/misc/BootsGroup(IFRS).htm
CONTACT: BOOTS GROUP PLC
1 Thane Road
Notttingham NG2 3AA
Phone: 0115 950 6111
Customer Service: 0845 070 80 90
Web site: http://www.boots-plc.com
BRIGHTSTAR LEARNING: Names Rothman Pantall Administrator
--------------------------------------------------------
Name of company: BRIGHTSTAR LEARNING LIMITED
(Company No 04108791)
Nature of Business: Business and Management Consultancy
Address of Registered Office: Charlton House, Dour Street, Dover,
Kent CT16 1BL
Trade Classification: 7414
Date of Appointment: June 29, 2005
Administrators' Names and Address: R. D. Smailes and S. B. Ryman
(IP Nos: 8975 and 4731), both of Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP.
* * *
BrightStar Learning Ltd. is a privately owned company, which owns
and markets the BrightStar Dyslexia technology to public and
private sectors. It was first established in the U.K. in 2002
with a flagship center in Waterloo, London. In November 2003 a
second center opened in Paddington, London. BrightStar has also
now reached the USA, with a third centre in Palo Alto, San
Francisco. Visit http://www.brightstarlearning.comfor more
information.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
BRITAG INDUSTRIES: Files for Liquidation
----------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Britag Industries Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
BROTHERS GRIMM: High Court to Hear Winding-up Petition August
-------------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2549 of 2005
In the Matter of BROTHERS GRIMM LTD.
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at 41A Lombard Street, Kings Cross, Halifax HX1
3PA, was presented on 20 June 2005 by The Commissioners for Her
Majesty.
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010607/CO1.)
CAPEL MANOR: Creditor Asks High Court to Wind up Company
--------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 3777 of 2005
In the Matter of CAPEL MANOR KENNELS LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Whitewebbs Lane,
Enfield, Middlesex EN2 9HH, incorporated on 15 October 1999 under
the Companies Act 1948-1985, under No 3859895, presented on 16
June 2005 by Michael John Feehan, of 156 Russell's Ride,
Cheshunt, Hertfordshire EN8 8UH, claiming to be a Creditor of the
Company, will be heard at Royal Courts of Justice, Strand, London
WC2A 2LL, on 27 July 2005, at 1030 hours (or as soon thereafter
as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or his Solicitor in accordance with
Rule 4.16 by 1600 hours on Tuesday 26 July 2005.
The Petitioner's Solicitor is Percy Short & Cuthbert, 402
Holloway Road, London N7 6PZ.
CEDARHOUSE BRICKWORK: Hearing on Winding-up Petition Set July 27
----------------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court. No 3099 of 2005
In the Matter of CEDARHOUSE BRICKWORK LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Bank Chambers,
High Street, Cranbrook, Kent TN17 3EG, presented on 11 May 2004
by Deborah Services Limited, whose registered office is situate
at Diamond House, Diamond Business Park, Thornes Moor Road,
Wakefield, West Yorkshire WF2 8PT, claiming to be a Creditor of
the Company, will be heard at the High Court of Justice, sitting
at the Royal Courts of Justice, Strand, London WC2A 2LL, on
Wednesday 27 July 2005, at 1030 hours (or as soon thereafter as
the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the undersigned, in accordance with Rule 4.16 by 1600
hours on Tuesday 26 July 2005.
A copy of the Petition will be supplied by the undersigned on
payment of the prescribed charge.
The Petitioner's Solicitor is Jeffrey Green Russell, Apollo
House, 56 New Bond Street, London W1Y 0SX. (Ref NMF/LCP
8796.525.)
COLLANTI AVANZINI: Opts for Liquidation
---------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Collanti Avanzini UK Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
COOL MOVERS: Winding-up Hearing Set August
------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2543 of 2005
In the Matter of COOL MOVERS (LOGISTICS) LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at 31 Dashwood Avenue, High Wycombe,
Buckinghamshire HP12 3DZ, presented on 20 June 2005 by the
Commissioners for Her Majesty's Revenue and Customs (formerly HM
Customs and Excise), of Civil Recovery Unit, 3rd Floor NW, Queens
Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard by the Bristol District Registry at The
Guildhall, Small Street, Bristol, on 10 August 2005, at 1000
hours (or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010484/CO1.)
COSTAIN GROUP: Corners GBP138 Million Road Widening Contract
------------------------------------------------------------
Costain Group plc has been awarded a contract by the Highways
Agency under its Early Contractor Involvement initiative for
widening works to the M25 and the A2 near Dartford, Kent. The
contract involves two projects with a total value of GBP138
million.
The first project, worth GBP66 million, involves widening a
four-mile stretch of the M25 between junctions 1b and 3, south of
the Dartford Crossing, from three to four lanes. It is the first
approved scheme to widen the remaining three lane sections of the
M25. Work is expected to start in the spring of 2006.
The second project, worth GBP72 million, involves widening the A2
from three to four lanes between Bean and its junction with the
M25/A282, a total distance of 1.5 miles, including link roads
from the M25/A282 in the north to the A2 in the east. Work is
expected to start in early 2006.
Alan Kay, Costain Operations Director for Major Civil
Engineering, said: "This will be one of the U.K.'s major road
projects and is tremendous news for Costain. We now look forward
to working with the Highways Agency and achieving complete
success."
Stuart Doughty, Chief Executive of Costain, said: "This is an
excellent achievement for our Civil Engineering business. It
further demonstrates the benefits of our approach of building
longer-term partnering relationships with our clients, as well as
the success of our previous road projects."
* * *
Costain collapsed under heavy debt in the mid 1990s after
venturing into U.S. mining. It is still trying to recover, with
its first dividend in years expected this year or next. Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a 5 million loss in 2000.
The company has moved into asset management of water utilities
from civil engineering. In April, the board of Costain passed a
special resolution to reduce the share capital of the company
and cancel premium account.
CONTACT: COSTAIN GROUP PLC
Costain House, Nicholsons Walk
Maidenhead
SL6 1LN, United Kingdom
Phone: +44-1628-842-444
Fax: +44-1628-674-477
Web site: http://www.costain.com
Stuart Doughty, Chief Executive
Charles McCole, Finance Director
Graham Read, Public Relations
Phone: 01628 842 444
COLLEGE HILL
Mark Garraway
Matthew Gregorowski
Phone: 020 7457 2020
DIRECT TRAINING: Creditor Files Winding-up Petition
---------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2547 of 2005
In the Matter of DIRECT TRAINING SERVICES LTD.
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at 122 Chanterlands Avenue, Hull, East
Yorkshire HU5 3TS, presented on 20 June 2005 by the Commissioners
for Her Majesty's Revenue and Customs (formerly HM Customs and
Excise), of Civil Recovery Unit, 3rd Floor NW, Queens Dock,
Liverpool L74 4BJ, claiming to be a Creditor of the Company, will
be heard by the Bristol District Registry at The Guildhall, Small
Street, Bristol, on 10 August 2005, at 1000 hours (or as soon
thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010325/CO1.)
ELWELL TURNED: Liquidation Hearing Set July
-------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2393 of 2005
In the Matter of ELWELL TURNED PARTS LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at 33 Brickhouse Lane, Great Bridge, Tipton,
West Midlands DY4 7HJ, presented on 8 June 2005 by the
Commissioners for Her Majesty's Revenue and Customs (formerly HM
Customs and Excise), of Civil Recovery Unit, 3rd Floor NW, Queens
Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard by the Bristol District Registry at The
Guildhall, Small Street, Bristol, on 27 July 2005, at 1000 hours
(or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 26 July 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445296, facsimile 01823 445805. (Ref
X0010122/CO1.)
EMI GROUP: New Album Releases Boost Results
-------------------------------------------
At the EMI Group plc's Annual General Meeting, Chairman Eric
Nicoli said: "The Group has delivered a solid performance during
the first few months of our financial year, with total revenues
and operating profits for the year to date running ahead of last
year's levels in both our recorded music division, EMI Music, and
EMI Music Publishing.
"At EMI Music, new album releases from Coldplay and Gorillaz have
both enjoyed considerable global success: Coldplay's album, X&Y,
achieved the number one chart position in 32 countries including
the U.K., U.S., Japan, France, Germany, Canada and Australia and
in every iTunes chart around the world.
"The album has now shipped close to 6 million units and should
continue to sell well in the months ahead. Gorillaz's album,
Demon Days, hit the number one spot in the U.K. and France and
number six in the U.S. charts following its release in late May.
The album continues to have good chart positions around the world
and has now shipped almost 2 million units.
"Core to EMI Music's strategy is our commitment to the
development of new artists and local repertoire. We continue to
make good progress in this area with a number of notable
successes in the first few months of the year including albums
from KT Tunstall, The Magic Numbers and Athlete in the U.K., Amos
Lee and Dierks Bentley in the U.S., Raphael in France, Subsonica
in Italy, and Wir Sind Helden in Germany.
"Releases expected during this financial year include albums from
Robbie Williams, Paul McCartney, The Rolling Stones, Jermaine
Dupri, Yellowcard, Bonnie Raitt, Goldfrapp, Jamelia, Iron Maiden,
Kate Bush, Souchon, Thalia, Hitomi Yaida, Marisa Monte, Vasco
Rossi, Tiziano Ferro and a greatest hits project marking the 65th
anniversary of the birth of John Lennon, supported by Yoko Ono.
"EMI Music Publishing has maintained its market leading position,
achieving strong chart positions from a range of songwriters
including Black Eyed Peas, James Blunt, Jamiroquai, Kelly
Clarkson, Gorillaz, Rob Thomas, White Stripes, Ying Yang Twins,
Audioslave and Eminem. Major synchronization deals signed in the
financial year to date include Nike, Fidelity Investments,
Coca-Cola, Ford and Cingular.
"We continue to see very rapid growth in digital revenues in both
our business divisions. In the first quarter, group digital
revenues were more than double those in the same period last year
and represented 4.8% of total revenues, up from 3.5% in the
fourth quarter of the prior financial year. We expect consumer
uptake of legitimate digital music to be the key industry growth
driver in the coming years.
"We remain positive on the long term prospects for the music
industry and confident that EMI Group will deliver an improved
performance in the current financial year."
CONTACT: EMI GROUP PLC
27 Wrights Ln.
London W8 5SW,
United Kingdom
Phone: +44-20-7795-7000
Fax: +44-20-7795-7296
Web site: http://www.emigroup.com
EURODIS ELECTRON: Merger Talks Collapse; Shares Suspended
---------------------------------------------------------
Eurodis Electron PLC said Thursday that the merger talks referred
to in the statement of 20 June 2005 have ceased because the
potential acquirer has decided not to proceed.
The company also disclosed that its lead finance provider has
decided to reduce facilities to a level that the Board believes
makes the ongoing business unsustainable.
The Board has requested the suspension of the Company's shares
with immediate effect, while it reviews options. A further
update will be made in due course.
* * *
In May, Eurodis reported a pre-tax loss of GBP12 million on
ordinary activities. The figure is down 37% from last year's
results and is in line with expectations. It said it continues
to progress in reducing operating cost. Sales in ten months to
31 March 2005 were EUR244.1 million, 10.7% down on the same
period ended 31 March 2004.
CONTACT: EURODIS ELECTRON PLC
Electron House, 43 London Rd.
Reigate
Surrey RH2 9PW, United Kingdom
Phone: +44-1737-242-464
Fax: +44-1737-229-600
Web site: http://www.eurodis.com
Financial Dynamics
Billy Clegg
Phone: 020 7269 7157
EUROTEC LIMITED: Lloyds TSB Requests Liquidation
------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4145 of 2005
In the Matter of EUROTEC LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Eurotec Limited,
Reg No 04216548, Sherwood House, 2 Albert Road, Tamworth B79 7JN,
presented on 23 June 2005 by Lloyds TSB Bank Plc, of 25 Gresham
Street, London EC2V 7HN, claiming to be a Creditor of the
Company, will be heard at the Royal Courts of Justice, Strand,
London WC2A 2LL, on 10 August 2005, at 1030 hours (or as soon
thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Petitioner's Solicitor is Martineau Johnson, 78 Cannon
Street, London EC4N 6NQ. (Ref CAW/VXW/LL14350.)
FEDERAL-MOGUL: PD Panel's Proposed Findings for Claim Estimation
----------------------------------------------------------------
Representing the Official Committee of Asbestos Property Damage
Claimants appointed in Federal-Mogul Corporation and its
debtor-affiliates' chapter 11 cases, Theodore J. Tacconelli,
Esq., at
Ferry, Joseph & Pearce, P.A., notes that the District Court is
not estimating the recovery of any particular personal injury
claim, but rather is estimating the aggregate allowable amount of
all the claims.
Pursuant to Section 502(c) of the Bankruptcy Code, Mr. Tacconelli
contends that estimation should be for the purpose of
"allowance," which, according to a noted bankruptcy treatise,
means "that the essence of section 502(c) is that all claims
against the debtor be converted into dollar amounts." According
to Mr. Tacconelli, Section 502(c) provides a mechanism for the
mandatory estimation of "any contingent or unliquidated claim,
the fixing or liquidation of which, as the case may be, would
unduly delay the administration of the case."
A full-text copy of the Asbestos PD Committee's 49-page Proposed
Findings of Facts and Conclusions of Law is available for free at
http://bankrupt.com/misc/PDCommFindings&Conclusions.pdf
Mr. Tacconelli notes that the Bankruptcy Code is silent as to the
method or manner in which contingent or unliquidated claims are
to be estimated. Thus, the District Court has discretion to
determine the appropriate method based upon the circumstances of
the particular case before it, Mr. Tacconelli points out. "There
is no binding precedent for how the Court must conduct an
estimate of pending and future asbestos claims. Indeed, the
United States Court of Appeals for the Third Circuit has held
that a district court has wide latitude in determining what
evidence to consider and what methods to apply."
In estimating the allowed amount of Turner & Newall's asbestos
liability, Mr. Tacconelli points the District Court to the basic
methodology used in In re Eagle-Picher Indus., Inc., 189 B.R. 681
(Bankr. S.D. Ohio 1995), aff'd, 1996 U.S. Dist. LEXIS 22742 (S.D.
Ohio 1996). Mr. Tacconelli contends that Eagle-Picher
established a basic principle for determining aggregate values
for asbestos claims, finding that values should be based on the
closed prepetition claims in the debtor's claims database. The
basic methodology is observed by:
(1) determining the value of claims for each type of
disease;
(2) determining the number of pending claims, and
anticipated future demands of each disease type that
will likely be entitled to compensation;
(3) multiplying the value for each disease by the number of
projected compensable claims; and
(4) adjusting upward for inflation to the date of
anticipated payment, and then discounting the inflated
amount back to present value.
As to future claims, Mr. Tacconelli points out that the Eagle-
Picher court provides for seven considerations that should inform
the estimate:
(1) The estimate should be primarily based on the history of
the company, particularly because there was no
definitive showing of another or other company's
production of a product line identical to that of the
debtors. This consideration does not, however, rule out
the desirability of considering trends general to the
industry, particularly regarding the rate of filing
claims.
(2) The total number of claims to be expected should be
estimated.
(3) The estimation of claims should categorize them by
disease and occupation, as well as other factors.
(4) Valuation of claims should be based on settlement values
for claims close to the filing date of the bankruptcy
case.
(5) A reasonable rate for indemnity increase with time must
be determined so that a future value of filing date
indemnity values can be comparable.
(6) A lag time gleaned from the tort system must be
determined in order that there be accuracy in projecting
future values.
(7) A discount rate must then be applied to bring the future
nominal value of claims back to the filing date.
Also, Mr. Tacconelli continues, adjustments to these values may
be appropriate where past results have been skewed by factors
which affected historic claim resolutions but which can and
should be avoided in the future, including:
(a) venue shopping;
(b) mass screening that triggered thousands of claims by
persons who had never experienced adverse symptoms;
(c) erroneous x-ray interpretations by biased plaintiff
doctors;
(d) overpayment to unimpaired claimants;
(e) grouping more serious injuries with unimpaired claimants
for trial, resulting in higher verdicts or settlements
for the latter;
(f) overvaluation of less meritorious cases through global
settlements; and
(g) increased verdicts and settlements caused by the
assessment, or threat, of punitive damages.
According to Mr. Tacconelli, the changes in state procedural and
substantive law limiting the right of unimpaired plaintiffs to
recover damages as well as the use of "mass screened evidence"
should also be reflected in estimating the value and number of
future claims.
Hanly's Testimony
There is conflicting testimony as to why T&N left the Center for
Claims Resolution, and why T&N filed for bankruptcy, Mr.
Tacconelli contends.
Paul Hanly testified that T&N left the CCR because that
organization has "effectively collapsed" by the beginning of 2001
and T&N was "forced . . . into the tort system on its own," Mr.
Tacconelli reminds the Court. "This is contradicted by the
Debtors' public statements in 2001 that T&N was leaving the CCR
because it believed it needed a change in asbestos litigation
strategy."
Mr. Hanly testified that consolidations of asbestos plaintiffs'
claims were "quite good" for T&N, Mr. Tacconelli recounts. "This
testimony is contradicted by statements made by T&N in a
submission to the United States Bankruptcy Court . . . signed by
Mr. Hanly."
In direct contrast to Mr. Hanly's testimony, Mr. Tacconelli
points out that Mr. Hanly's prior submission to the Bankruptcy
Court on T&N's behalf stated that aggregation of claims of
impaired and unimpaired claimants increased the value of
unimpaired claims, and increased the pressure to settle
unimpaired claims. "This submission also represented that there
was a 'parasitic fission' between weak and strong cases that
benefited the weak cases. This parasitic fusion increased claims
filings."
Mr. Tacconelli notes that Mr. Hanly stated in his testimony that
"B Reader reports [the type of evidence used in virtually all
non-malignant asbestos cases] were not material in a large number
of cases." But Mr. Hanly's earlier submission averred that "mass
screenings" generated a massive volume of unimpaired claims
against T&N, Mr. Tacconelli points out. "This is consistent with
the experience of the CCR, which expressed concerns that medical
evidence garnered through mass screenings led to diagnoses of
asbestosis that were unfounded, not based on reliable evidence
and 'bogus'."
Additionally, Mr. Hanly testified that participating in the CCR
gave T&N certain benefits, and that T&N lost these benefits when
it left the CCR. He claimed that leaving the CCR increased T&N's
liability, Mr. Tacconelli tells the Court. "However, [Mr.]
Hanly's earlier submission on behalf of the Debtors does not
identify T&N's leaving the CCR as a factor in T&N's increased
asbestos liability. Instead, "untrammeled screenings of
marginally exposed people and the dumping of tens of thousands of
cases into the system caused the tort system to be distorted."
During his testimony, Mr. Hanly said that the publication in 2000
of a book regarding T&N's "corporate conduct" by a British
journalist named Geoffrey Tweedale had a "very material impact"
on T&N's liability, Mr. Tacconelli notes. "Hanly's testimony
does not identify any personal injury plaintiffs' lawyer who ever
referred to the Tweedale book. Moreover, Hanly's prior
submission in October 2001 makes no reference to the publication
of the Tweedale book."
Incidence of Asbestos Related Disease
is Steadily Decreasing
Mr. Tacconelli asserts that the PD Committee's medical expert,
Dr. Hans Weill, established that:
-- the medical incidence of asbestosis is declining, but
there is a phenomenon of over-diagnosis of asbestosis by
plaintiff-selected B-readers;
-- the incidence of mesothelioma in the United States is
decreasing;
-- the incidence of asbestos-caused lung cancer in the
United States is decreasing; and
-- other cancers cannot be conclusively linked to asbestos
exposure.
Dr. Peterson's Estimate
Mr. Tacconelli points out that there are numerous other estimates
of T&N's pending and future asbestos liability, aside from that
of Drs. Mark Peterson and Robin Cantor. Mr. Tacconelli notes
that among these estimates, Dr. Peterson's $11.1 billion is far
higher than any other estimate.
The U.K. Pension Trustee has estimated T&N's liability to range
between $2.1 and $5.1 billion, Mr. Tacconelli contends. "Dr.
Peterson himself originally estimated T&N's liability as $6.7
billion, and then revised that estimate to $5.6 billion before
arriving at his $11.1 billion estimate."
Mr. Tacconelli adds that using T&N's historical claims values,
Dr. Peterson estimates T&N's pending and future liability as $3.6
billion. "Dr. Cantor's base case estimate is $2.5 billion, but
she also provided a sensitivity analysis, which showed T&N's
liability at $3.4 billion."
Thus, Mr. Tacconelli asserts, Dr. Peterson's estimate is flawed,
his claim values are overstated and he forecasts unsustainable
claiming rates.
In addition, Mr. Tacconelli points out, the Debtors have filed
multiple reports with the Securities and Exchange Commission
estimating T&N's pending and future asbestos liability far below
Dr. Peterson's estimate.
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
FIRSTPRICE LIMITED: Court to Decide on Winding-up
-------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2490 of 2005
In the Matter of FIRSTPRICE LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company having its
registered office at c/o Clifford Towers, 9 High Street, Stony
Stratford, Milton Keynes MK11 1AH, presented on 15 June 2005 by
the Commissioners for Her Majesty's Revenue and Customs (formerly
HM Customs and Excise), of Civil Recovery Unit, 3rd Floor NW,
Queens Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard by the Bristol District Registry, at The
Guildhall, Small Street, Bristol, on 10 August 2005, at 1000
hours (or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010179/CO1.)
FOX TRANSPORT: Linton Fuel Demands Liquidation
----------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 3956 of 2005
In the Matter of FOX TRANSPORT LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Fox Transport
Limited, Smiths Farm, Kensington Road, Northolt, Middlesex UB5
6AH, presented on 15 June 2005 by Linton Fuel Oils Limited, Of
11a Osiers Road, Wandsworth, London SW18 1NR, claiming to be a
creditor of the company, will be heard at The Royal Courts Of
Justice, Strand, London WC2A 2LL, on 27 July 2005, at 1030 hours
(or as soon thereafter as the petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 26 July 2005.
The Petitioner's Solicitor is Sharpes Solicitors, 4 The Avenue,
Highams Park, London E4 9LD.
GENEVA PHARMACEUTICALS: Winding-up Resolutions Passed
-----------------------------------------------------
At an Extraordinary General Meeting of Geneva Pharmaceuticals
Limited, duly convened, and held at Frimley Business Park,
Frimley, Camberley, Surrey GU16 7SR, on 5 July 2005, the
following Resolutions were duly passed, as a Special Resolution
and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily and that Angus
Matthew Martin and Andrew Philip Peters, of Deloitte & Touche, 1
City Square, Leeds, West Yorkshire LS1 2AL, be and are hereby
appointed Joint Liquidators of the Companies."
G J Cummins, Chairman
Geneva Pharmaceuticals is previously Ciba Laboratories Limited.
CONTACT: DELOITTE & TOUCHE
1 City Square
Leeds
West Yorkshire LS1 2AL
Phone: 0113 292 1748
Fax: 0113 244 8942
GILMAC BUILDING: O'Neill & Brennan Lodges Winding-up Petition
-------------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4223 of 2005
In the Matter of GILMAC BUILDING SERVICES LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of St Cross
Chambers, Upper Marsh Lane, Hoddesdon, Hertfordshire EN11 8LQ,
presented on 27 June 2005 by O'Neill & Brennan Construction
Limited, of Kings Building, Lydney, Gloucestershire GL15 5HE,
claiming to be a Creditor of the Company, will be heard at the
Royal Courts of Justice, Strand, London WC2A 2LL, on 10 August
2005, at 1030 hours (or as soon thereafter as the Petition can be
heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Petitioner's Solicitor is Abrahams Dresden, 111 Charterhouse
Street, London EC1M 6AW (for the attention of Tom Shawdon).
GOLDBAY DEVELOPERS: Creditor Requests Liquidation
-------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4116 of 2005
In the Matter of GOLDBAY DEVELOPERS LTD.
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company whose registered
office is situate at 24 New Cavendish Street, London W1G 8TX,
presented on 23 June 2005 by Roomservice Furnishing Group, whose
registered office is at 28 Barwell Business Park, Leatherhead
Road, Chessington, Surrey KT9 2NY, claiming to be a Creditor of
the Company, will be heard at the Royal Courts of Justice,
Strand, London WC2A 2LL, on 10 August 2005, at 1030 hours (or as
soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Petitioner's Solicitors are Lovetts PLC, Chertsey Court,
56-58 Chertsey Street, Guildford, Surrey GU1 4HL. (Ref
SH/R091001/168.)
GOLDEN HINDE: Royal Court to Hear Winding-up Petition
-----------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4045 of 2005
In the Matter of GOLDEN HINDE TRADING LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of 16B North End
Road, London NW11 7PH, with company no 0480047, presented on 20
June 2005 by Hanover Securities Limited, of 1 The Approach,
London NW4 2HT, claiming to be a creditor of the company, will be
heard at The Royal Courts of Justice, Strand, London WC2A 2LL, on
10 August 2005, at 1030 hours (or as soon thereafter as the
petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Petitioner's Solicitor is DLA Piper Rudnick Gray Cary UK LLP,
India Buildings, Water Street, Liverpool L2 0NH. (Ref
KAL/73583/120018.)
GWS PRODUCTS: Appoints Smith & Williamson Administrator
-------------------------------------------------------
Name of company: GWS PRODUCTS LIMITED
(Company No 02998559)
Nature of Business: Wholesale Distributors
Trade Classification: 15 Other Wholesale
Date of Appointment: July 5, 2005
Administrators' Names and Address: Henry Shinners and Anthony
Spicer (IP Nos 9820 and 9071), both of Smith & Williamson
Limited, No 1 Riding House Street, London W1A 3AS
CONTACT: GWS PRODUCTS LIMITED
Unit 7, G W S Trading Estate,
Wednesbury, West Midlands WS10 7NB
Phone: 01215561221
SMITH & WILLIAMSON
No 1 Riding House Street
London W1A 3AS
Phone: 020 7637 5377
Fax: 020 7631 0741
E-mail: gdp@smith.williamson.co.uk
Web site: http://www.smith.williamson.co.uk
HAIR ASSOCIATES: Supervisors Call in Liquidator
-----------------------------------------------
In the High Court of Justice No 3267 of 2005
In the Matter of HAIR ASSOCIATES (RICHMOND) LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of 6A High Street,
Esher, Surrey KT10 9RT, presented on 18 May 2005 by Peter
Hughes-Holland and Frank Wessely, as joint supervisors, will be
heard at The Royal Courts Of Justice, Strand, London WC2A 2LL, on
27 July 2005, at 1030 hours (or as soon thereafter as the
petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of their
intention to do so to the Petitioners or their Solicitor in
accordance with Rule 4.16 by 1600 hours on 22 July 2005.
The Petitioner's Solicitor is Pitmans, 47 Castle Street, Reading,
Berkshire RG1 7SR. (Ref SA/SKB/HAIR ASSOC.)
HANNAH RESEARCH: Loses Govt Funding; Decides to Padlock Labs
------------------------------------------------------------
A new government policy on research funding that will take effect
in April next year will lead to the closure of Hannah Research
Institute, The Scotsman said late last week.
Hannah is one of Scotland's Agricultural and Biological Research
Institutes (SABRIs) that receives core research funding from the
Scottish Executive. Earlier this year, PricewaterhouseCoopers
recommended the merger of four SABRIs, but the list did not
include Hannah and The Rowlett Institute, which together depend
on the government's GBP43 million yearly funding. Beginning
April next year, the Scottish Executive will commission specific
research instead of providing blanket funding.
The impending closure of Hannah makes the future of 66 employees
uncertain, although the Scottish Executive and Scottish
Enterprise Ayrshire support have promised to help identify
opportunities for them. According to The Scotsman, the staff
will receive their redundancy notices in September.
Acting Hannah Director Chris Knight and staff representative Dr.
Iain Gow blame the loss of core research funding as the principal
reason for the closure. In a joint statement, they said the
redundancies were "the regrettable but inevitable consequence of
the withdrawal of rural development department funding from April
next year."
A spokesman for the Scottish Executive said Hannah is to blame
for its own woes. The funding withdrawal, he explained to The
Scotsman, was due to Hannah's failure to make any progress in
sorting out its problems in spite of two damning reports.
"The decision to withdraw Executive core funding from the Hannah
was made after two highly critical visiting group reports in 1999
and 2003," the spokesman told The Scotsman.
"The second report was the most critical made of any research
institute funded by the Executive's environment and rural
development department and indicated a serious lack of progress
in rectifying issues identified in the first," he said.
He added: "Continued investment in the institute would represent
extremely poor value for money. Funding could be invested
elsewhere to maximize the benefit to and from Scotland's
world-class science base."
Established seven years ago by the Scotland Act 1998, the
Scottish Executive is the executive arm of the Scottish
Parliament. It channels billions of pounds in funding to SABRIs,
most of which have international reputations.
The rural development department has offered Hannah three years
of transitional funding of GBP2.4 million annually, from 2006 to
2009, to "allow Hannah scientists to explore options for
developing their research, ideas and expertise" elsewhere in
Scotland, The Scotsman said.
CONTACT: HANNAH RESEARCH INSTITUTE
Hannah Research Park, Ayr, Scotland KA6 5HL
Tel: +44 (0) 1292 674000
Fax: +44 (0) 1292 674003
Web site: http://www.hri.sari.ac.uk/
SCOTTISH EXECUTIVE
Department of Rural Development
Phone: 0131 556 8400
0845 774 1741
E-mail: ruralpolicy@scotland.gsi.gov.uk
Web site: http://www.scotland.gov.uk/Home
HARMANY LIMITED: Administrator from CBA Moves in
------------------------------------------------
Name of company: HARMANY LIMITED
(Company No 04595496)
Nature of Business: Jewellers
Address of Registered Office: Lichfield Place, 435 Lichfield
Road, Aston, Birmingham B6 7SS
Administrator's Name and Address: Neil Charles Money (IP No
8900), 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
HEATH CO.: Shareholders Opt for Liquidation
-------------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Heath Co. 1 Limited] be wound up voluntarily
and that Stephen Katz, be appointed Liquidator for the purposes
of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
J L S OVENS: Appoints Administrator from ThorntonRones
-------------------------------------------------------
Name of company: J L S OVENS LTD.
(Company No 02699365)
Nature of Business: Oven Manufacturing
Address of Registered Office: First Floor, 167 High Road,
Loughton, Essex IG10 4LF
Date of Appointment: June 30, 2005
Administrator's Name and Address: Richard Jeffrey Rones (IP No
008807), ThorntonRones, First Floor, 167 High Road, Loughton,
Essex IG10 4LF.
* * *
JLS Ovens is based in Worcestershire U.K. The company is the
market leaders in the design and manufacture of industrial ovens
and industrial furnaces. Richard Jones is its technical sales
engineer. Visit http://www.jlsovens.co.uk/for more information.
CONTACT: JLS OVENS LTD.
21 Trescott Road
The Trafford Park Industrial Estate
Redditch B98 7AH
Hereford and Worcester
Phone: 01527 585678
Fax: 01527 585909
THORNTONRONES
1st Floor
167 High Road
Loughton
Essex IG10 4LF
Phone: 020 841 9333
Fax: 020 8418 9444
E-mail: info@thorntonrones.co.uk
J. LURIE: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the Members of the
above-named Company, duly convened, and held at 3rd Floor, 15
Hanover Square, London W1S 1HS, on 5 July 2005, the following
Special Resolution was duly passed: "That [J. Lurie & Associates
Limited] be wound up voluntarily, and that Laurence Baehr be and
is hereby appointed Liquidator for the purposes of such
winding-up."
J N Lurie, Chairman
* * *
The Creditors of the company are required, on or before 30 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Laurence J Baehr, of Baehr Lubbock Fine,
Russell Bedford House, City Forum, 250 City Road, London EC1V
2QQ, the Liquidator of the said Company, and, if so required by
notice in writing from the said Liquidator, are, personally or by
their Solicitors, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution.
L J Baehr, Liquidator
CONTACT: BAEHR LUBBOCK FINE
Russell Bedford House
City Forum
250 City Road
London EC1V 2QQ
Phone: 020 7490 7766
Fax: 020 7490 5102
E-mail: laurencebaehr@lubbockfine.co.uk
JUSTILES LIMITED: Meeting of Creditors Set Last Week of July
------------------------------------------------------------
The creditors of Justiles Limited (Company No 04436797) will meet
on July 26, 2005 at 10:30 a.m. It will be held at Suite 6, The
Galpharm Stadium, Leeds Road, Huddersfield HD1 6PX.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Paul Andrew Whitwam and Gary Edgar Blackburn of
BWC Business Solutions Limited, 8 Park Place, Leeds LS1 2RU not
later than 12:00 noon, July 25, 2005.
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
LING LEE: Gatelands Files Winding-up Petition
---------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4058 of 2005
In the Matter of LING LEE LIMITED
(Registered No 4281333)
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of 2nd Floor,
Astoria House, 62 Shaftsbury Avenue, London W1D 6LT, presented on
21 June 2005 by Gatelands Supplies Limited, of c/o Freemans Solar
House, 282 Chase Road, London N14 6NZ, claiming to be a Creditor
of the Company, will be heard at the Royal Courts of Justice,
Strand, London WC2A 2LL, on 10 August 2005, at 10.30 am (or as
soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Petitioner's Solicitor is Pittalis & Co., Global House, 303
Ballards Lane, London N12 8NP.
MAINSTAR ELECTRICAL: Calls in Administrator from Tenon Recovery
---------------------------------------------------------------
Name of company: MAINSTAR ELECTRICAL WHOLESALE LTD.
(Company No 3137266)
Nature of Business: Electrical Wholesalers
Address of Registered Office: Charnwood House, Gregory Boulevard,
Nottingham NG7 6NX
Date of Appointment: June 30, 2005
Administrator's Name and Address: Duncan Beat (IP No 8161), Tenon
Recovery, Charnwood House, Gregory Boulevard, Nottingham NG7 6NX.
* * *
The company showcases our extensive range of indoor and outdoor
lighting. Mainstar Electrical Wholesale Ltd. has over 80,000
product lines including electrical accessories, wiring, cable
supplies and power tools. Visit
http://www.mainstar.co.uk/index.htmlfor more information.
CONTACT: MAINSTAR ELECTRICAL WHOLESALE LTD.
Unit M, Riverside The Maltings,
Sawbridgeworth,
Hertfordshire CM21 9JX
Phone: 01279 725808
Fax: 01279 600177
E-mail sales@mainstar.co.uk
TENON RECOVERY
Charnwood House,
Gregory Boulevard,
Nottingham NG7 6NX
Phone: 0115 955 2000
Fax: 0115 918 4500
Web site: http://www.tenongroup.com
MAYBANK SECURITY: Lloyds TSB Seeks Liquidation
----------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4144 of 2005
In the Matter of MAYBANK SECURITY SERVICES (CCTV) LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Maybank Security
Services (CCTV) Limited, Reg No 02745057, Sherwood House, 2
Albert Road, Tamworth B79 7JN, presented on 23 June 2005 by
Lloyds TSB Bank Plc, of 25 Gresham Street, London EC2V 7HN,
claiming to be a Creditor of the Company, will be heard at the
Royal Courts of Justice, Strand, London WC2A 2LL, on 11 August
2005, at 1030 hours (or as soon thereafter as the Petition can be
heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 10 August 2005.
The Petitioner's Solicitor is Martineau Johnson, 78 Cannon
Street, London EC4N 6NQ. (Ref CAW/VXW/LL14350.)
MCA PERSONNEL: Personnel Company Calls in Administrator
-------------------------------------------------------
Name of company: MCA PERSONNEL CENTRAL LIMITED
(Company No 05021402)
Nature of Business: Personnel
Trade Classification: 38
Date of Appointment: June 21, 2005
Administrators' Names and Address: Nicholas Hugh O'Reilly and
Simon Elliott Glyn (IP Nos 008309 and 009159), both of Vantis
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT.
* * *
MCA Personnel, part of the MCA Services Holdings group is a
specialist supplier of labor to many medium and large sized
companies throughout the U.K. Its main office is located at
London. It has approximately 1,000 employees. Visit
http://www.mcapersonnel.comfor more information.
CONTACT: MCA PERSONNEL CENTRAL
3rd Flood Penthouse Suite
Becor House, Green Lane
Lincoln LN6 7DL
Phone: 01522 531344
Fax: 01522 531655
NUMERICA
PO Box 2653, 66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
MCA PERSONNEL: Names Vantis Numerica Administrator
--------------------------------------------------
Name of company: MCA PERSONNEL MOTORWAYS LIMITED
(Company No 05021420)
Nature of Business: Personnel
Trade Classification: 38
Date of Appointment: June 21, 2005
Administrators' Names and Address: Nicholas Hugh O'Reilly and
Simon Elliott Glyn (IP Nos 008309 and 009159), both of Vantis
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT.
* * *
MCA Personnel, part of the MCA Services Holdings group is a
specialist supplier of labor to many medium and large sized
companies throughout the U.K. Its main office is located at
London. It has approximately 1,000 employees. Visit
http://www.mcapersonnel.comfor more information.
CONTACT: MCA PERSONNEL CENTRAL
3rd Flood Penthouse Suite
Becor House, Green Lane
Lincoln LN6 7DL
Phone: 01522 531344
Fax: 01522 531655
NUMERICA
PO Box 2653, 66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
MCA PERSONNEL: Calls in Vantis Numerica Administrator
-----------------------------------------------------
Name of company: MCA PERSONNEL SOUTH LIMITED
(Company No 05021410)
Nature of Business: Personnel
Trade Classification: 38
Date of Appointment: June 21, 2005
Administrators' Names and Address: Nicholas Hugh O'Reilly and
Simon Elliott Glyn (IP Nos 008309 and 009159), both of Vantis
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT.
* * *
MCA Personnel, part of the MCA Services Holdings group is a
specialist supplier of labor to many medium and large sized
companies throughout the U.K. Its main office is located at
London. It has approximately 1,000 employees. Visit
http://www.mcapersonnel.comfor more information.
CONTACT: MCA PERSONNEL CENTRAL
3rd Flood Penthouse Suite
Becor House, Green Lane
Lincoln LN6 7DL
Phone: 01522 531344
Fax: 01522 531655
NUMERICA
PO Box 2653, 66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
MCA PERSONNEL: Hires Administrators from Numerica
-------------------------------------------------
Name of company: MCA PERSONNEL SOUTHWEST LIMITED
(Company No 05021414)
Nature of Business: Personnel
Trade Classification: 38
Date of Appointment: June 21, 2005
Administrators' Names and Address: Nicholas Hugh O'Reilly and
Simon Elliott Glyn (IP Nos 008309 and 009159), both of Vantis
Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT.
* * *
MCA Personnel, part of the MCA Services Holdings group is a
specialist supplier of labor to many medium and large sized
companies throughout the U.K. Its main office is located at
London. It has approximately 1,000 employees. Visit
http://www.mcapersonnel.comfor more information.
CONTACT: MCA PERSONNEL CENTRAL
3rd Flood Penthouse Suite
Becor House, Green Lane
Lincoln LN6 7DL
Phone: 01522 531344
Fax: 01522 531655
NUMERICA
PO Box 2653, 66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
MERCURY TELECRAFT: HSBC Appoints P&A Partnership Receiver
---------------------------------------------------------
Name of company: MERCURY TELECRAFT LIMITED
(Reg No 01123003)
Date of Appointment of Joint Administrative Receivers: July 6,
2005
Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank plc by Debenture dated July 21, 2000
Joint Administrative Receivers: Philip Andrew Revill and
Christopher Michael White, both of 93 Queen Street, Sheffield S1
1WF.
* * *
Mercury Telecraft Limited is a British manufacturing and
distribution company. It distributes products and accessories
for consumer use via wholesale/distributor and DEMs since 1973.
Visit http://www.mercurytelecraft.co.uk/for more information.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street, Sheffield S1 1WF
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
M. G. DIXON: Shareholders to Decide on Liquidation
--------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
M. G. Dixon [Roofing Contractors] Limited, will be held at
Tunsgate Square, 98-110 High Street, Guildford GU1 3HE, on 7 July
2005, 10:15 a.m., for the purpose of considering, and if thought
fit, passing the following Resolutions, the first and fourth as
Special Resolutions, the second and third as Ordinary Resolutions
and as an Extraordinary Resolutions respectively:
"(1) That the Company be wound up voluntarily.
(2) that Michael Bowell, of Tunsgate Square, 98-110 High
Street, Guildford, Surrey GU1 3HE, be and is hereby
appointed Liquidator for the purposes of such winding-up.
(3) that the Liquidator be authorized to draw remuneration by
reference to the time costs properly incurred by the
Liquidator and his staff.
(4) that the Liquidator be and is hereby authorized to divide
among the members in specie all or any part of the assets
of the Company.
(5) that the Liquidator be authorized to exercise the powers
set out in Schedule 4, Part 1 of the Insolvency Act 1986."
A member entitled to attend and vote at the above Meeting may
appoint a proxy or proxies to attend and vote instead of him or
her. A proxy need not be a Member of the Company.
By Order of the Board.
M Dixon, Director
MG ROVER: Administrators in Advanced Talks with Three Bidders
-------------------------------------------------------------
Tony Lomas, joint administrator and partner at
PricewaterhouseCoopers, said: "We are locked in detailed
discussions with three separate parties, each of which is at a
different stage of completing its negotiations.
"One of these parties is from the U.K. and the other two are from
overseas. All three are intending to acquire all of the car and
engine production assets of both MG Rover and Powertrain.
"All the potential buyers have an ambition to continue at least
some car production in the U.K. although it will take some time
for any of them to get production up and running again.
"Earlier this week we updated the creditors' committees on the
progress that has been made in our efforts to sell the business
and assets. We have told them that we are hopeful of concluding
a deal in the near future. Due to the size and complexity of the
Group's operations our negotiations with potential buyers are
proving time consuming."
On 8 April 2005, Ian Powell, Tony Lomas and Rob Hunt were
appointed joint administrators of MG Rover Limited, while Tony
Lomas, Rob Hunt and Steven Pearson were appointed joint
administrators of Powertrain Limited.
Steven Pearson and Rob Hunt were appointed joint administrators
of MG Sport and Racing Limited on 12 April. Tony Lomas, Rob Hunt
and Steven Pearson have also been appointed joint administrators
to eight European subsidiaries of MG Rover Group Limited.
Full details of previous news releases and media updates on the
MG Rover Group administration can be found on the
PricewaterhouseCoopers Media Centre at
http://www.ukmediacentre.pwc.com.
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
PRICEWATERHOUSECOOPERS
Jenny Britton
Business Recovery Services PR Manager
Phone: 020 7212 2970
Mobile: 07855 522485
MG ROVER: SAIC Returns, Forms Joint Bid with Magma
--------------------------------------------------
Shanghai Automotive Industry Corporation is reportedly back in
the bid talks for MG Rover, after it turned down two rescue deals
for the collapsed carmaker earlier.
According to The Guardian, the Chinese firm had signed a letter
of intent forming a joint approach with Magma Holdings, the
consortium led by former Ford Europe head Martin Leach.
SAIC said: "Magma intends to acquire all of the assets of MG
Rover Group Ltd. and Powertrain (engines and transmissions) Ltd."
SAIC President Chen Hong reportedly discussed details of the
letter of intent with Mr. Leach on Wednesday.
Magma is proposing to create a new company to revive production
of the Rover 75 saloon at the Longbridge plant with SAIC
supplying engines made in China using Rover equipment.
In April, SAIC walked away from talks with the Government about
a rescue package for MG Rover, sending the latter into
administration. It also abandoned over the weekend a possible
joint proposal with an All-British consortium led by David James
that would have saved 500 jobs.
Meanwhile, trade unions have expressed support for the SAIC-Leach
bid. Under the proposal, a design and engineering center would
be built creating more than 1,000 jobs, according to the
Transport & General Workers Union.
Amicus' National Officer for motor vehicles, Roger Maddison,
said: "Any deal that means the return of car production and
research and development at Longbridge would be great news for
workers and for the whole of the West Midlands.
"It is likely a deal will need financial assistance to succeed
and the trade unions will do everything possible."
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
MYTRAVEL GROUP: Settles Disclosure Violation with FSA
-----------------------------------------------------
MyTravel Group PLC has reached a settlement with the Financial
Services Authority without admitting the FSA's conclusions.
Accordingly, MyTravel has withdrawn its appeal to the Financial
Services and Markets Tribunal against the original Decision
Notice issued in November 2004.
The Final Notice issued by the FSA sets out its decision that in
July 2002, MyTravel contravened Listing Rule 9.2(c) by failing to
announce a change in the "source, composition and timing of its
profits" for the financial year ending 30 September 2002.
The change related to accounting or reconciliation errors that
had occurred in a number of years prior to FY 2002. The then
Group Finance Director and Chief Executive Officer (both of whom
ceased to be directors in 2002) expected that these non recurring
losses would be offset by certain other non-recurring gains and
as a result MyTravel's overall profit forecast for that financial
year remained unaffected. As a result, they did not believe that
a Regulatory News Service announcement was required. They did
not refer the matter to the Board of MyTravel and they did not
seek professional advice from external advisers.
The FSA has not taken any action against any of the individual
directors. The FSA accepted that the then Group Finance
Director, Chief Executive Officer and the other directors of
MyTravel were not knowingly concerned in the contraventions.
The FSA took into account, among other things, the following in
determining the penalty imposed on MyTravel:
(a) the breach concerned a one-off non-recurring item not
related to MyTravel's fundamental business;
(b) there was no intention deliberately to mislead or withhold
information from the market; and
(c) MyTravel has co-operated fully with the FSA's investigation.
The FSA has imposed a financial penalty of GBP240,000. Although
the FSA's decision is based on their assessment of the price
sensitivity of the information that was not announced in July
2002, which is a complex matter of judgment on which there can be
more than one opinion, the Board considers it in the best
interests of the Company to accept the position reached with the
FSA.
This will avoid incurring the significant additional cost, both
direct financial expenses and management time that would be
required to pursue a reference to the Financial Services and
Markets Tribunal.
CONTACT: MYTRAVEL GROUP PLC
Parkway One, Parkway Business Centre
300 Princess Rd.
Manchester
M14 7QU, United Kingdom
Phone: +44-161-23-20-066
Fax: +44-161-23-26-524
Web site: http://www.mytravelgroup.com
Brunswick Group LLP
Fiona Antcliffe
William Cullum
Phone: 0207 404 5959
MYTRAVEL GROUP: Fined GBP240,000 for Listing Rule Breach
--------------------------------------------------------
The Financial Services Authority (FSA) has on Thursday fined
MyTravel Group plc GBP240,000 for a breach of the Listing Rules
in July 2002.
The FSA found that MyTravel breached the Listing Rules by failing
to update the market following a change in its own expectation as
to its performance for the financial year ended 30 September
2002. In July 2002, MyTravel U.K. (a division of MyTravel)
identified balance sheet exposures of GBP24.3 million, which had
been unaccounted for in the previous year's published accounts.
MyTravel decided that no announcement needed to be made to the
market, in the expectation that these exposures would be offset
by certain non-recurring gains to be made in financial year 2002
(FY02).
Hector Sants, FSA Managing Director for Wholesale Business, said:
"The failure by MyTravel to update the market promptly about the
exposures it had discovered was a breach of the Listing Rules.
"MyTravel's discovery of the exposures led to a change in its
expectation as to its performance. The failure to announce this
change denied the market the opportunity to assess the likely
impact of these exposures on MyTravel's share price. The FSA
regards the disclosure obligations as a fundamental protection
for shareholders and vital to the smooth operation of efficient,
orderly and competitive markets.
"The need to inform the market was especially relevant in
MyTravel's case where the prevailing business environment was
challenging and any announcement in relation to accounting issues
would have come as an unwelcome surprise to investors."
MyTravel's Breach
In November 2001 MyTravel announced record operating profits for
the year ended 30 September 2001 (FY01) of GBP147.4 million and
indicated that it expected profits for FY02 to be broadly
similar.
In late 2001 and early 2002 MyTravel faced challenging business
conditions in common with the rest of the travel industry
following 11 September 2001. On 7 February 2002 MyTravel
reported a poor first quarter and announced that losses for the
first half of FY02 would be significant. This was confirmed when
first half losses of GBP122.3 million for the six months ended 30
March 2002 were reported by MyTravel on 22 May 2002. The company
indicated at this stage that it was uncertain if business would
recover sufficiently to meet the forecast profit for the
financial year. On 23 July 2002 MyTravel had announced that
trading across all divisions was in line with the previously
announced expectations.
During the early part of FY02 MyTravel UK carried out a review of
its accounting records, which identified unaccounted for
exposures totaling GBP24.3 million. MyTravel's then Group
Finance Director and Chief Executive Officer became aware of the
exposures at the end of July 2002.
Although the exposures were unknown to the market, the view was
taken on or about 31 July 2002 by the Chief Executive Officer and
Group Finance Director, that the exposures would be off-set by
certain non-recurring gains to be made in the remainder of FY02
and therefore no announcement needed to be made to the market.
No professional advice on the matter was sought from the firm's
external advisers. In the event, on 28 November 2002, MyTravel
announced a loss in FY02 of GBP72.8 million.
The FSA has not taken any action against any of the individual
directors. The FSA accepted that the Group Finance Director,
Chief Executive Officer and the other directors of MyTravel were
not knowingly concerned in the contraventions.
* * *
-- The full text of the Final Notice, dated 14 July 2005, is avai
lable on the FSA Web site. This includes the background to the
case, the relevant statutory provisions and the regulatory
requirements contravened and the factors taken into account by
the RDC when setting the level of the fine.
-- Financial penalties are not treated as income by the FSA.
They are applied for the benefit of authorized persons (or the
issuers of securities admitted to the official list) as
appropriate, and so given back to the industry in subsequent
years.
-- MyTravel is a listed company whose shares are traded on the
LSE.
-- Paragraph 9.2 of the version of the Listing Rules, which
applied at the time, states that:
"A company must notify a Regulatory Information
Service without delay of all relevant information
which is not public knowledge concerning a change:
(a) in the company's financial condition;
(b) in the performance of its business; or
(c) in the company's expectation as to its
performance;
which, if made public, would be likely to lead to
substantial movement in the price of its listed
securities."
-- Under section 91(1) of the Financial Services and Markets Act
2000 if the FSA considers that an issuer of listed securities has
contravened the Listing Rules, it may impose a penalty of such
amount as it considers appropriate.
FSA took on new powers under the Financial Services and Markets
Act 2000 on 1 December 2001. The disciplinary sanctions
available to the FSA for breaches of the Listing Rules that take
place on or after 1 December 2001 include a fine or a public
statement.
-- The FSA has taken action for Listing Rules breaches in the
following cases since 1 December 2001 -- Marconi, SFI,
Sportsworld, Universal Salvage, Shell and Pace Microtechnology.
-- The FSA wrote to listed retail companies, on 15 December 2004,
reminding them of their duties under the Listing Rules to keep
the market informed without delay of any developments in their
businesses.
-- The FSA regulates the financial services industry and has four
objectives under the Financial Services and Markets Act 2000:
maintaining market confidence; promoting public understanding of
the financial system; the appropriate degree of protection for
consumers; and fighting financial crime.
-- The FSA aims to promote efficient, orderly and fair markets,
help retail consumers achieve a fair deal and improve our
business capability and effectiveness.
CONTACT: MYTRAVEL GROUP PLC
Phone: 020 7404 5959 (today)
Phone: 0161 232 6523 (thereafter)
Peter McHugh
Chief Executive Officer
John Allkins
Finance Director
BRUNSWICK
Fiona Antcliffe
William Cullum
Phone: 020 7404 5959
N J BELL: Revenue and Customs Petitions for Winding-up
------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2367 of 2005
In the Matter of N J BELL & CO LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, having its
registered office at Midland House, 36 Station Road, Sandiacre,
Nottingham NG10 5AS, presented on 6 June 2005 by the
Commissioners for Her Majesty's Revenue and Customs (formerly HM
Customs and Excise) of Civil Recovery Unit, 3rd Floor NW, Queens
Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard by the Bristol District Registry, at The
Guildhall, Small Street, Bristol, on 27 July 2005, at 1000 hours
(or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 26 July 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445296, facsimile 01823 445805. (Ref
X0009810/CO1.)
NOVARTIS OPHTHALMICS: Members Opt for Liquidation
-------------------------------------------------
At an Extraordinary General Meeting of Novartis Ophthalmics
Europe Limited, duly convened, and held at Frimley Business Park,
Frimley, Camberley, Surrey GU16 7SR, on 5 July 2005, the
following Resolutions were duly passed, as a Special Resolution
and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily and that Angus
Matthew Martin and Andrew Philip Peters, of Deloitte & Touche, 1
City Square, Leeds, West Yorkshire LS1 2AL, be and are hereby
appointed Joint Liquidators of the Companies."
G J Cummins, Chairman
* * *
Novartis Ophthalmics is formerly Ciba Vision Europe Limited, CV
Limited, Coopervision Limited and Duragel Limited.
CONTACT: DELOITTE & TOUCHE
1 City Square
Leeds
West Yorkshire LS1 2AL
Phone: 0113 292 1748
Fax: 0113 244 8942
OAKDALE TRADING: Hearing on Winding-up Petition August 17
---------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2519 of 2005
In the Matter of OAKDALE TRADING LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, having its
registered office at 5 Foxes Parade, Sewardstone Road, Waltham
Abbey EN9 1PH, presented on 16 June 2005 by the Commissioners for
Her Majesty's Revenue and Customs (formerly HM Customs and
Excise) of Civil Recovery Unit, 3rd Floor NW, Queens Dock,
Liverpool L74 4BJ, claiming to be a Creditor of the Company, will
be heard by the Bristol District Registry, at The Guildhall,
Small Street, Bristol, on 17 August 2005, at 1000 hours (or as
soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 16 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010386/CO1.)
ONE & ONLY: Liquidation Petition to be Heard September
------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 4334 of 2005
In the Matter of ONE & ONLY LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of registered
office 22-28 London Lane, London E8 3PR, presented on 1 July 2005
by H Rich (Textiles) Limited, Paladium House, 1-4 Argyll Street,
London W1F 7LG, a Creditor of the Company, will be heard at the
Royal Courts of Justice, Strand, London WC2A 2LL, on 7 September
2005, at 10.30 am (or as soon thereafter as the Petition can be
heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 6 September 2005.
The Petitioner's Solicitor is Beller & Co., 43 Portland Place,
London W1B 1QH. (Ref S.2689.)
OUSEBAR LIMITED: Luton County Court to Hear Winding-up Petition
---------------------------------------------------------------
In the Luton County Court No 15 of 2005
In the Matter of OUSEBAR LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company whose registered
office is at the offices of Tony Orphanou & Associates, Unit 31,
Caxton Point, Caxton Way, Stevenage, Hertfordshire SG1 2XW
(formerly at Riverside House, Midland Road, Olney,
Buckinghamshire MK46 4BP), presented to this Court on 17 March
2005 by Bablake Wines Limited, Bablake House, Kingfield Road,
Coventry CV1 4LD, will be heard at Luton County Court, Fifth
Floor, Cresta House, Alma Street, Luton, Bedfordshire LU1 2PU, on
Wednesday 27 July 2005, at 10.15 am or as soon thereafter as the
Petition can be heard.
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or to their Solicitor in accordance
with the Insolvency Rules 1986, Rule 4.16 by 1600 hours on
Tuesday 26 July 2005.
The Petitioner's Solicitor is Malcolm Vaughan Thomas, Varley
Hibbs LLP, Kirby House, Little Park Street, Coventry CV1 2JZ.
(Ref DLW/MVT/13981.190.)
PBH DIFFRACTIVE: In Voluntary Liquidation
-----------------------------------------
At an Extraordinary General Meeting of PBH Diffractive Lenses
Limited, duly convened, and held at Frimley Business Park,
Frimley, Camberley, Surrey GU16 7SR, on 5 July 2005, the
following Resolutions were duly passed, as a Special Resolution
and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily and that Angus
Matthew Martin and Andrew Philip Peters, of Deloitte & Touche, 1
City Square, Leeds, West Yorkshire LS1 2AL, be and are hereby
appointed Joint Liquidators of the Companies."
G J Cummins, Chairman
* * *
PBH Diffractive is formerly Pilkington Diffractive Lenses Limited
and Lycron Limited.
CONTACT: DELOITTE & TOUCHE
1 City Square
Leeds
West Yorkshire LS1 2AL
Phone: 0113 292 1748
Fax: 0113 244 8942
PERMABOND ADHESIVES: Appoints Liquidator
----------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Permabond Adhesives Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
RO JENKINS: Calls in Liquidator
-------------------------------
At an Extraordinary General Meeting of RO Jenkins Limited,
convened, and held at BN Jackson Norton, Dominions House North,
Queen Street, Cardiff CF10 2AR, on 6 July 2005, at 3:00 p.m., the
following Resolutions were duly passed, as a Special Resolution
and as an Extraordinary Resolution respectively:
"That the Company be wound up voluntarily, and that Wilfred
Vaughan Jones, of BN Jackson Norton, 4th Floor, Dominions House
North, Dominions Arcade CF10 2AR, be and he is hereby appointed
Liquidator of the Company for the purposes of such winding-up,
and that the Liquidator be at liberty to distribute any of the
Company's assets in specie."
R O Jenkins, Chairman
* * *
Creditors of the company are required on or before 19 August
2005, to send in their full names and addresses and particulars
of their debt or claims to W V Jones, of BN Jackson Norton, 4th
Floor, Dominions House North, Dominions Arcade, Queen Street,
Cardiff CF10 2AR, and, if so required by notice in writing, are,
personally or by their Solicitors, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.
W V Jones, Liquidator
ROSECAL & CO: Baker Tilly Requests Liquidation
----------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court No 3943 of 2005
In the Matter of ROSECAL & CO LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Rosecal & Co
Limited, PO Box 8639, 7 Cloyton Road, Suite 2, East Dulwich,
London SE22 0ZA, presented on 15 June 2005 by Baker Tilly (a
firm), 12 Gleneagles Court, Brighton Road, Crawley, West Sussex
RH10 6AD, claiming to be a Creditor of the Company, will be heard
at the High Court of Justice sitting at Royal Courts of Justice,
Strand, London WC2A 2LL, on 27 July 2005, at 1030 hours (or as
soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the undersigned in accordance with Rule 4.16 by 1600
hours on Tuesday 26 July 2005.
A copy of the Petition will be supplied by the undersigned on
payment of the prescribed charge.
The Petitioner's Solicitors are Cumberland Ellis LLP, Atrium
Court, 15 Jockey's Fields, London WC1R 4WR. (Ref TM/BAK/1/1281.)
SANDOZ CLINICAL: Appoints Liquidators from Deloitte & Touche
------------------------------------------------------------
At an Extraordinary General Meeting of Sandoz Clinical
Development Centre Limited, duly convened, and held at Frimley
Business Park, Frimley, Camberley, Surrey GU16 7SR, on 5 July
2005, the following Resolutions were duly passed, as a Special
Resolution and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily and that Angus
Matthew Martin and Andrew Philip Peters, of Deloitte & Touche, 1
City Square, Leeds, West Yorkshire LS1 2AL, be and are hereby
appointed Joint Liquidators of the Companies."
G J Cummins, Chairman
* * *
Sandoz Clinical is previously Sussex Clinical Research
Consultants Limited and Thrushtor Limited.
CONTACT: DELOITTE & TOUCHE
1 City Square
Leeds
West Yorkshire LS1 2AL
Phone: 0113 292 1748
Fax: 0113 244 8942
SENSATIONS OF BIRMINGHAM: Winding-up Hearing Set this Month
-----------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2357 of 2005
In the Matter of SENSATIONS OF BIRMINGHAM LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, having its
registered office at 450 Moseley Road, Highgate, Birmingham B12
9AN, presented on 6 June 2005 by the Commissioners for Her
Majesty's Revenue and Customs (formerly HM Customs and Excise) of
Civil Recovery Unit, 3rd Floor NW, Queens Dock, Liverpool L74
4BJ, claiming to be a Creditor of the Company, will be heard by
the Bristol District Registry, at The Guildhall, Small Street,
Bristol, on 27 July 2005, at 1000 hours (or as soon thereafter as
the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 26 July 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445296, facsimile 01823 445805. (Ref
X0004710/CO1.)
SEPCO HOLDINGS: Creditor Seeks Liquidation
------------------------------------------
In the High Court of Justice (Chancery Division)
Leeds District Registry No 616 of 2005
In the Matter of SEPCO HOLDINGS PLC
(Registered No 004299831)
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of 5A Canterbury
Court, Kennington Park, 1-3 Brixton Road, London SW9 6DE,
presented on 8 June 2005 by SIG Trading Limited, Hillsborough
Works, Langsett Road, Sheffield, South Yorkshire S6 2LW, claiming
to be a Creditor of the Company, will be heard at Leeds District
Registry, The Courthouse, 1 Oxford Row, Leeds LS1 3BG, on 11
August 2005, at 1030 hours (or as soon thereafter as the Petition
can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitor in accordance with
Rule 4.16 by 1600 hours on 10 August 2005.
The Petitioner's Solicitor is Pinsent Masons, 1 Park Row, Leeds
LS1 5AB. (Ref HP/505339.07096/WMP (Doc 20304834.1).)
SPIRENT PLC: To Report First Results Under IFRS August
------------------------------------------------------
Spirent plc will report its financial results in accordance with
International Financial Reporting Standards (IFRS) for financial
periods commencing from 1 January 2005. As part of this
transition, Spirent has provided historical financial information
for the full years 2003 and 2004 and the first half of 2004 under
IFRS.
The Company's 2005 interim results, due to be announced on 11
August 2005, will be reported in accordance with IFRS.
The most significant impacts of the transition to IFRS from U.K.
Generally Accepted Accounting Practice (U.K. GAAP) for Spirent
are in relation to:
(a) the elimination of the charge for goodwill amortization;
(b) the change in the profit or loss on disposal of operations;
and
(c) an increase in the charge for share-based payment.
As a result, under IFRS, the profit attributable to equity
shareholders for the full year 2004 increases from GBP16.0
million to GBP26.2 million and for the full year 2003 a loss of
GBP0.5 million improves to a profit of GBP13.6 million. The
above items have been eliminated in presenting an adjusted
earnings per share measure and therefore adjusted earnings per
share under IFRS does not materially differ with that reported
under U.K. GAAP.
Eric Hutchinson, Finance Director, said: "The financial
information shows the impact of IFRS on our historical results,
ahead of their adoption for our 2005 interim results.
"This has a net beneficial effect on our historic reported
numbers, however the adoption of IFRS has no impact on the cash
generation of the Group going forward."
* * *
Some 180 workers at a division of Spirent plc could lose their
jobs as part of the firm's restructuring measures. This came
after Spirent warned in April that its Service Assurance
business could post an operating loss of about GBP10 million in
the first half of 2005. The slowdown on customers delaying
capital spending, and the latest mergers among telecommunication
firms in the U.S. were blamed for the outcome.
The company revealed the restructuring could result to
annualized cost savings of about GBP8 million, of which GBP3
million will affect the second half of 2005. It will also bring
in a one-time charge of around GBP2 million, which involves cash
of GBP1.3 million, in the first half of this year. The figures
come on top of the GBP3 million charge that the company
disclosed in April.
CONTACT: SPIRENT PLC
Spirent House
Crawley Business Quarter
Fleming Way
Crawley
West Sussex RH10 9QL
Phone: +44 (0)1293 767676
Fax: +44 (0) 1293 767677
E-mail: media@spirent.com
Web site: http://www.spirent.com
Rupert Young
Brunswick Group Limited
16 Lincoln 's Inn Fields
London WC2A 3ED
Phone: +44 (0)20 7404 5959
E-mail: ryoung@brunswickgroup.com
SUPERCREST ENGINEERING: Govt Agency Files Winding-up Petition
-------------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2499 of 2005
In the Matter of SUPERCREST ENGINEERING PRODUCTS LTD.
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, having its
registered office at 106 Walhouse Road, Walsall, West Midlands
WS1 2BE, presented on 15 June 2005 by the Commissioners for Her
Majesty's Revenue and Customs (formerly HM Customs and Excise) of
Civil Recovery Unit, 3rd Floor NW, Queens Dock, Liverpool L74
4BJ, claiming to be a Creditor of the Company, will be heard by
the Bristol District Registry, at The Guildhall, Small Street,
Bristol, on 10 August 2005, at 1000 hours (or as soon thereafter
as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010337/CO1.)
S W LEGAL: Winding-up Petition to be Heard August
-------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2443 of 2005
In the Matter of S W LEGAL MANAGEMENT LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, having its
registered office at Gorwins House, 119A Hamlet Court Road,
Westcliffe on Sea, Essex SS0 7EW, presented on 13 June 2005 by
the Commissioners for Her Majesty's Revenue and Customs (formerly
HM Customs and Excise) of Civil Recovery Unit, 3rd Floor NW,
Queens Dock, Liverpool L74 4BJ, claiming to be a Creditor of the
Company, will be heard by the Bristol District Registry, at The
Guildhall, Small Street, Bristol, on 3 August 2005, at 1000 hours
(or as soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 2 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010279/CO1.)
THE GEIGY: Shareholders Opt for Liquidation
-------------------------------------------
At an Extraordinary General Meeting of The Geigy Company Limited,
duly convened, and held at Frimley Business Park, Frimley,
Camberley, Surrey GU16 7SR, on 5 July 2005, the following
Resolutions were duly passed, as a Special Resolution and as an
Ordinary Resolution respectively:
"That the Companies be wound up voluntarily and that Angus
Matthew Martin and Andrew Philip Peters, of Deloitte & Touche, 1
City Square, Leeds, West Yorkshire LS1 2AL, be and are hereby
appointed Joint Liquidators of the Companies."
G J Cummins, Chairman
CONTACT: DELOITTE & TOUCHE
1 City Square
Leeds
West Yorkshire LS1 2AL
Phone: 0113 292 1748
Fax: 0113 244 8942
T M J LIMITED: Creditors Meeting Set Wednesday
----------------------------------------------
The creditors of T M J Limited (Company No 01932695) will meet
on July 20, 2005 at 10:00 a.m. It will be held at Baker Tilly, 2
Whitehall Quay, Leeds LS1 4HG.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy form must be submitted together with written debt
claims to Adrian David Allen and Philip Edward Pierce of Baker
Tilly, 2 Whitehall Quay, Leeds LS1 4HG not later than 12:00 noon,
July 19, 2005.
CONTACT: T M J LIMITED
Suite 2, Paul House,
Altrincham, Cheshire WA15 7UQ
Phone: 01619038181
BAKER TILLY
2 Whitehall Quay, Leeds LS1 4HG
Phone: 0113 285 5000
Fax: 0113 285 5001
Web site: http://www.bakertilly.co.uk
TRANSTEC SYSTEMS: Files for Liquidation
---------------------------------------
At an Extraordinary General Meeting of the Members of Transtec
Systems Limited, duly convened, and held at Gladstone House,
77-79 High Street, Egham, Surrey TW20 9HY, on 4 July 2005, the
following Ordinary Resolutions were duly passed: "That Stephen
Paul Grant be and is hereby appointed Liquidator for the purposes
of the winding-up and the Liquidator's remuneration be based upon
his time costs. Remuneration can be drawn on account as and when
required but is to be capped at GBP3,500.00."
I Behrendt, Director
* * *
Transtec is dealer of Cargo handling equipment,
WATERVIEW (BARNES): Winding-up Petition Hearing Set August
----------------------------------------------------------
In the High Court of Justice (Chancery Division)
Bristol District Registry No 2594 of 2005
In the Matter of WATERVIEW (BARNES) LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, having its
registered office at 5th Floor, Walmar House, 288 Regent Street,
London W1B 3AL, presented on 22 June 2005 by the Commissioners
for Her Majesty's Revenue and Customs (formerly HM Customs and
Excise) of Civil Recovery Unit, 3rd Floor NW, Queens Dock,
Liverpool L74 4BJ, claiming to be a Creditor of the Company, will
be heard by the Bristol District Registry, at The Guildhall,
Small Street, Bristol, on 17 August 2005, at 1000 hours (or as
soon thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 16 August 2005.
The Solicitors to the Petitioning Creditor are clarke willmott,
Blackbrook Gate, Blackbrook Park Avenue, Taunton TA1 2PG,
telephone 01823 445332, facsimile 01823 445805. (Ref
X0010753/CO1.)
WILLIAMS ADHESIVES: Owners Decide to Liquidate Firm
---------------------------------------------------
By a Resolution in writing pursuant to the provisions of section
381A of the Companies Act 1985 the following Special Resolution
was passed: "That [Williams Adhesives Limited] be wound up
voluntarily and that Stephen Katz, be appointed Liquidator for
the purposes of such windings-up."
M Harrison, Director
* * *
The Creditors of the company are required, on or before 22 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to the undersigned Stephen M Katz, of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER, the Liquidator of the
said Companies, and, if so required by notice in writing from the
said Liquidator, are, personally or by their Solicitors, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution.
S M Katz, Liquidator
CONTACT: FISHER PARTNERS
Acre House
11/15 William Road
London NW1 3ER
Phone: 020 7388 7000
Fax: 020 7380 4900
E-mail: skatz@hwfisher.co.uk
WORLD MEDIA: Creditor Asks High Court to Liquidate Company
----------------------------------------------------------
In the High Court of Justice (Chancery Division)
Companies Court. No 4269 of 2005
In the Matter of WORLD MEDIA PUBLISHING LIMITED
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company of Unit 11, The
Linen House, 253 Kilburn Lane, London W10 4BQ, presented on 29
June 2005 by Pindar plc, Thornburgh Road, Eastfield, Scarborough,
North Yorkshire YO11 3UY, claiming to be a Creditor of the
Company, will be heard at the Royal Courts of Justice, Strand,
London WC2A 2LL, on 10 August 2005, at 1030 hours (or as soon
thereafter as the Petition can be heard).
Any person intending to appear on the hearing of the Petition
(whether to support or oppose it) must give notice of intention
to do so to the Petitioner or its Solicitors in accordance with
Rule 4.16 by 1600 hours on 9 August 2005.
The Petitioner's Solicitors are Stephenson Harwood, One St Paul's
Churchyard, London EC4M 8SHL. (Ref 1016.)
*********
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
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Copyright 2005. All rights reserved. ISSN 1529-2754.
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