/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050721.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, July 21, 2005, Vol. 6, No. 143 Headlines G E R M A N Y AUTOHAUS RAUBOLD: Court to Verify Claims October DAIMLERCHRYSLER AG: Outlook on Senior Unsecured Rating Stable FJH AG: Returns to Black in First Quarter HIRSCHBURG AGENTUR: Court Appoints Dr. Fink Administrator INFINEON TECHNOLOGIES: German Manager Figures in Bribery Scandal KLAR + SCHADE: Creditors' Claims Due Next Month KNIGHT WENDLING: Creditors Meeting Set September MEC MULTI: Proofs of Claim Due First Week of August PESCHKES METALL: Under Bankruptcy Administration PFLEIDERER AG: Takes over Engineered Wood Activities of Kunz PFLEIDERER AG: 'BB' Rating Affirmed; Outlook Stable ROLLTEC-WERKSTATTECHNIK: Falls into Bankruptcy SOUND COMPANY: Essen Court Appoints Dr. Nikolaus Administrator G R E E C E DRYSHIPS INC.: Issues Updated Fleet Charter Details I R E L A N D ELAN CORPORATION: Latest Update on Tysabri Tests Positive RIVERDEEP HOLDINGS: On CreditWatch Negative After PIK Loan Issue RIVERDEEP HOLDINGS: Moody's Hints Downgrade of B2 Family Rating SHAMROCK ROVERS: Fans Spearhead Soccer Club's Rescue SITEL IRELAND: Closes Dublin Call Center I T A L Y IMPREGILO SPA: Sells Anita Unit to Hines PARMALAT FINANZIARIA: Italy Clears Morgan Stanley Settlement PARMALAT FINANZIARIA: Court Dismisses Suit vs. Citigroup, et al. PARMALAT USA: Court Okays Crisis Manager's US$1 Million Fee L U X E M B O U R G STOLT-NIELSEN: Reports US$5.7 Mln Net income in Second Quarter N E T H E R L A N D S ROYAL SHELL: Starts Trading as Unified Company WINSTAR COMMUNICATIONS: Chapter 7 Trustee Hires Counsel N O R W A Y FINANCE CREDIT: Court Orders KPMG to Pay NOK656 Mln in Damages R U S S I A EKATERININSKOYE: Proofs of Claim Deadline Expires Next Week KASHIN-DOR-STROY: Undergoes Bankruptcy Supervision Procedure KIT OKA: Sets Pubic Auction July 26 KRYMSKIY: Bankruptcy Hearing Resumes August SIB-STROY-MECHANIZATION: Last Day for Filing Claims August 25 SPASSKOYE: Gives Creditors Until Next Week to File Claims TOKAMAK: Deadline for Proofs of Claim August 25 TYUMRYUK-REM-TEKH-ENTERPRISE: Succumbs to Bankruptcy UNIVERSAL-S: Selling Assets Worth RUB1.5 Mln Next Week VOZROZHDENIYE BANK: Moody's Ups Deposit Rating to B1 VYAZNIKOVSKIY FLAX: Public Auction Set Next Week YUKOS OIL: Court to Hear Appeal on Yugansk Sale Next Week YUKOS OIL: Moscow Court Admits Yugansk's Amended Claim YUKOS OIL: Strikes Deal with Lithuania on Mazeikiu Stake S W E D E N AB ELECTROLUX: Material Costs Hit Second-quarter Earnings CONCORDIA BUS: Noteholders Accept Restructuring Terms PREEM HOLDINGS: Ratings Unchanged After Notes Issuance News SCANDINAVIAN AIRLINES: To Service 52 Routes for Swedish Govt T U R K E Y TURKCELL ILETISIM: S&P Keeps Rating on CreditWatch Positive VAKIF BANK: S&P Assigns 'BB-' Counterparty Credit Rating U K R A I N E ALFA: Donetsk Court Opens Bankruptcy Proceedings BOGODUHIVSKA AGROTEHNIKA: Declared Insolvent DZERZHINSK' AUTO 11478: Court Appoints Insolvency Manager GNIDAVA AUTO: Declares Bankruptcy LISYANKA COMBI: Names Volodimir Rekun Liquidator NOVOMIRGOROD' RAJAGROHIM: Succumbs to Insolvency STAROKRIMSKIJ REINFORCED: Insolvency Breaks Concrete Group UKRSPETSPROM: Under Bankruptcy Supervision UST-CHORNYANSKIJ WOOD: Collapses into Bankruptcy YUVILEJNIJ: Liquidator Takes over Operations U N I T E D K I N G D O M ABSTRACT & HART: Bristol District Court Orders Liquidation ACROSSFORM PROJECTS: Files Winding-up Petition ADVANCED TRANSACTION: Goes into Liquidation AGENDA COUTURE: Owners Opt for Liquidation ALLIED TELECOMMUNICATIONS: Calls in Administrators ALL-TRAVEL MARKETING: Members Pass Winding-up Resolutions ANT SCAFFOLDING: Falls into Liquidation APOLLO DESPATCH: Members Decide to Wind up Firm APPEAREARLY LIMITED: Shareholders Vote in Favor of Liquidation A & R METAL: Calls in Liquidators ASHLEY COURT: Goes into Liquidation AULT FOODS: Administrator from Smith & Williamson Moves in BEXLEYWAY LIMITED: Hires Joint Administrators from PKF BURSCOUGH REWINDS: Appoints Liquidators from PKF CITY MOTORCYCLES: Court Accepts Winding-up Petition COLLINS & AIKMAN: Puts European Units Under Administration COLLINS & AIKMAN: WL Ross to Fund U.K. Units in Administration COMMON TIDE: Calls in Liquidator C.T. PLASTICS: Hires Administrators from Tenon Recovery DANKA BUSINESS: Outsourcing U.S. IT Business to Cut Cost DRINDELL LIMITED: Courier Succumbs to Liquidation EMI GROUP: Forming Joint Venture with Mexico's Televisa ENTERPRISE BUSINESS: Shareholders Decide to Wind up Business FINEDON MILL: Appoints Administrators from Baker Tilly GENERAL RE (LONDON): Appoints Ernst & Young Liquidator GLOMOCO LIMITED: Calls in Liquidators from PKF GOVANNON LIMITED: Food Retailer Goes into Liquidation HALLAMTECHNIC LIMITED: Hires PKF as Administrator H & B ELECTRICAL: Owners Decide to Liquidate Firm HIT ENTERTAINMENT: S&P Junks Proposed US$172 Mln Sr. Sub. Notes ICS CORPORATION: Members Decide to Wind up Firm ICS (MANAGEMENT SERVICES): Calls in PwC Liquidator INSURED IT: Bristol Court Orders Liquidation INTER-SELECTION GROUP: Hires Liquidators from PwC INTERSOFT ENTERTAINMENT: In Voluntary Liquidation ITALIANO COFFEE: Calls in Liquidator JDAY CONSTRUCTION: Appoints DTE Leonard Liquidator JFT MEDIA: Falls into Liquidation KOLOR-FAST: In Voluntary Liquidation KUCHEN STUDIO: Members Opt for Liquidation LUMINAR PLC: Sale of Enterprise Unit Cuts Debt by GBP28 Million LUPUS FASHIONS: High Court Accepts Winding-up Petition MACKENZIE'S BAR: Bar and Restaurant Calls in Administrator MARINE COMPUTING: Southampton Court Orders Winding-up MASQUERADE MUSIC: Goes into Liquidation MCGARRIGLE & COMPANY: High Court Orders Liquidation M & D TOYS: High Court Approves Liquidation MR & MRS RAMESH: Liquidation Approved NETSHIFT SOFTWARE: Hires Joint Administrators from Stoy Hayward NORTH DERBYSHIRE: Members Pass Winding-up Resolutions OFFICE INTERIOR: Aylesbury Court Okays Liquidation OLDER CARE: Appoints Liquidator ORIAN TECHNOLOGY: Members Decide to Wind up Firm ORRELL COMMUNITY: EGM Decides on Liquidation OVERSEAS TEA: Hires Liquidator from Wilkins Kennedy PROMARK DEVELOPMENT: Creditors to Meet Late Next Month PURE GROUP: Final Meeting of Creditors Set Next Month R.D.C. CONTACTORS: Falls into Liquidation ROBENDENE LIMITED: Calls in Administrators from Mazars RUBY DIRECT: Liquidator Takes over Helm SECURE DESPATCH: Calls in Liquidator from PricewaterhouseCoopers SPOONER MEDICAL: Winding-up Report Out August SSD ACCIDENT: High Court Okays Winding-up STARLAND LIMITED: Hires Administrator from Francis Clark STEP 2 RECRUITMENT: Names Begbies Traynor Liquidator STEVE ALLEN: Calls in Liquidator from DTE Leonard SUOMI LIMITED: Court Approves Winding-up Petition TDP (UK): EGM Decides on Liquidation TEAMMATES LIMITED: Manchester Court Okays Liquidation THE PRESIDENT: In Liquidation THERMALOGIC LIMITED: Goes into Liquidation THE SERVICEPOINT: High Court Orders Liquidation TOTAL MAILING: Names PricewaterhouseCoopers Liquidator TOWERHILL ENGINEERS: Falls into Liquidation TY EUROPE: Takeover Preserves Local Jobs U3S INTERNATIONAL: Calls in Liquidators from Citreon Wells VAN DER VLEIT: Liquidator to Present Report Mid-August WADE SMITH: PKF Administrators Take Charge W BAILEY: Hires Vantis Business Recovery Liquidator WINDMILL PINE: Lincoln Court Approves Winding-up Petition ZENITH DISTRIBUTIONS: Falls into Liquidation ********* ============= G E R M A N Y ============= AUTOHAUS RAUBOLD: Court to Verify Claims October ------------------------------------------------ The district court of Gera opened bankruptcy proceedings against Autohaus Raubold GmbH on June 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 8, 2005 to register their claims with court-appointed provisional administrator Bernd Krumbholz. Creditors and other interested parties are encouraged to attend the meeting on October 23, 2005, 10:50 a.m. at the district court of Gera, Rudolf-Diener-Str. 1, Zimmer 301, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AUTOHAUS RAUBOLD GmbH Fuenfminutenweg Nord 2 04603 Windischleuba Bernd Krumbholz, Administrator Fr.-Engels-Str. 1a, 07545 Gera DAIMLERCHRYSLER AG: Outlook on Senior Unsecured Rating Stable ------------------------------------------------------------- Fitch Ratings has revised the Outlook on DaimlerChrysler AG's 'BBB+' senior unsecured rating to Stable from Positive. The short-term rating is affirmed at 'F2'. The Outlook revision reflects Fitch's view that, given the recent performance of the Mercedes Car Group and competitive pressures at the Chrysler Group, an upgrade of the ratings for DaimlerChrysler is unlikely in the short term. While the Mercedes Car Group had been the stabilizer of the group's credit profile since its formation in fiscal 1998, this division has recently faced a number of quality issues, a restructuring and increasing operating losses at its Smart division, and higher expenses related to new product introductions. Despite significant improvement in profitability at the Chrysler Group resulting from attractive product introductions and improved market share, new product competition and pricing pressures are likely to impact profitability over the intermediate term. Despite a number of scheduled new product offerings, Chrysler will be challenged to retain the share gains and profitability garnered from recent product successes. Pricing pressures and transplant capacity expansion will continue to limit margin expansion and could neutralize at least parts of the operational improvements achieved at Chrysler Group so far. The Commercial Vehicles segment remains in the midst of a strong cyclical upswing in the U.S., which is likely to continue through 2006. New emission standards to be enacted in 2007 in the U.S. could result in a 2007 cyclical downturn, although the current strength of the market and emission-compliant products could extend the current build cycle. Over the long-term, the Commercial Vehicles segment remains well positioned to capitalize on its market position, scale, and technical capabilities and to leverage its cost position and recent strategic acquisitions. Consolidated margins also remain affected by the sharp increase in commodity prices. Fitch expects that relief in this area may not be felt until 2007. A restructuring program at the center of a new business model for the Smart business unit targets to increase earnings at Smart by some EUR600 million in fiscal 2007, which would result in achieving break-even in the same year, while streamlining the company's model range. Management expects to incur restructuring expenses of up to EUR1.2 billion in fiscal 2005, the majority of which will be cash-effective. Separately, losses at the tolling joint venture Toll Collect (incorporated in the Financial Services division) have hurt 2004 consolidated operating results. These losses were incurred following a revaluation of the system's total cost and additional operating expenses required to ensure the timely start of operations in January 2005. In their entirety, these developments have affected the positive momentum assessed during fiscal 2004 and are expected to affect short- to medium-term profitability and cash generation. As a result, Fitch does not see the potential for a ratings upgrade within the original time frame envisioned. A key focus over the near term will be the performance of the Mercedes Car Group in addressing quality issues and the performance of important new product introductions. A recall of several models under the Mercedes-Benz brand had been made to address actual and potential quality issues with respect to electronic components. Fitch also notes the sizable exchange rate risk MCG still faces as a result of the weakness of the U.S. dollar, which affects the margins achievable on the export of vehicles out of Europe. Fitch also remains concerned about the financial health of the U.S. supplier base, which has been adversely affected by pricing pressures, high structural and legacy costs, and high commodity prices. For the Chrysler Group, it could become increasingly difficult to extract the incremental price concessions that have been the norm historically. Instead, increasing levels of financial support are being provided by OEMs to suppliers to ensure supply chain integrity and investment required by new product launches. Fitch notes that the financial profile of the group remains strong. Cash surpluses were used to repay industrial debt while exchange rate movements have lowered the book value of the U.S. dollar-denominated debt. At the same time, the increase in total group debt reflected the strong expansion in Financial Services businesses. Industrial leverage improved further and reflects DCX's industrial net cash position, while EBITDA-based gross interest coverage rose to 10.2 times (x) (fiscal 2003: 7.9x). Nevertheless the agency expects that the quality offensive at Mercedes-Benz and the Smart restructuring as well as potential pricing pressures in North America are likely to affect the group's cash generation in the short to medium term. CONTACT: FITCH RATINGS Mark Oline, Chicago Phone: +1-312-368-2073 Trevor Pitman, London Phone: +44 (0)20 7417 4280 Media Relations Brian Bertsch, New York Phone: +1-212-908-0549 FJH AG: Returns to Black in First Quarter ----------------------------------------- The Prime Standard-listed consulting and software company FJH AG (ISIN DE0005130108) on Tuesday presented the final figures for the first quarter of 2005. At EUR13.5 million (2004: EUR17.1 million), revenues were higher than expected. Operating results (EBIT) were -EUR0.1 million (2004: -EUR4.7 million). Thanks to one-off factors, the quarterly result was positive at EUR3.1 million (2004: -EUR3.2 million). The figures no longer include HEUBECK AG and Insiders Technologies GmbH, which were deconsolidated during the first quarter of 2005. The initial effects of the restructuring program also began to show during the first quarter, with savings of approximately EUR7 million being made on operating and staffing costs. The result was also affected by several one-off factors. An amount of EUR3.9 million in accruals for services to be performed was written back, and the banks waived a loan of EUR1.6 million when HEUBECK AG was sold. Earnings of EUR2.1 million from deferred taxation were also accrued. The process of reorganizing the company, which is being financed by a bundle of capital measures, should be completed by the end of the year. Further accruals will be formed for this in the second quarter. Overall, the Executive Board expects revenues for the second quarter to run at around the same level as in the first quarter. CONTACT: FJH AG Leonhard-Moll-Bogen 10 81373 Munich Germany Martina Fassbender Phone: +49-(0) 89-769-01-517 Fax: +49-(0) 89-769-01-606 E-mail: martina.fassbender@fjh.com Web site: http://www.fjh.com HIRSCHBURG AGENTUR: Court Appoints Dr. Fink Administrator --------------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against HIRSCHBURG Agentur fuer Kommunikation GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 9, 2005 to register their claims with court-appointed provisional administrator Dr. Paul Fink. Creditors and other interested parties are encouraged to attend the meeting on August 30, 2005, 9:10 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HIRSCHBURG AGENTUR FUER KOMMUNIKATION GmbH Hirschburgweg 5, 40629 Duesseldorf Contact: Thomas Bienert, Manager Achenbachstr. 134, 40237 Duesseldorf Konrad May, Manager Von-Gahlen-Str. 45, 40625 Duesseldorf Dr. Paul Fink, Administrator Rheinort 1, 40213 Duesseldorf INFINEON TECHNOLOGIES: German Manager Figures in Bribery Scandal ---------------------------------------------------------------- A top executive at Infineon Technologies AG has reportedly stepped due to bribery allegations hurled against him. The German chipmaker confirmed Andreas von Zitzwewitz was under investigation "in context with payments made for contracts regarding motorsport sponsorship." Mr. Zitzwewitz led the firm's memory chip division, the key operations at Europe's second-biggest chipmaker. Munich prosecutors have said Mr. Zitzwewitz pocketed some US$370,000 (EUR306,779) in bribes for racing sponsorship deals, Deutsche Welle reported Tuesday. The paper added the company has been aware of the corruption since last year. Employees expressed disappointment, but said the reports did not come as a shock to them given the recent scandal hounding Volkswagen AG. Klaus Luschtinetz, head of the Infineon workers' committee, said it's incomprehensible how people who already earn big could resort to such scheme. CONTACT: INFINEON TECHNOLOGIES AG Worldwide Headquarters P.O. Box 80 09 49 D-81609 Muenchen Germany Web site: http://www.infineon.com Phone: +49-89-234-28481 Fax: +49-89-234-28482 E-mail: guenter.gaugler@infineon.com For Investors and Analysts based in Europe: Phone: +49-89-234 26655 E-mail: investor.relations@infineon.com For Investors and Analysts based in North America: Phone: +-1-408 501 6800 E-mail: investor.relations@infineon.com Christoph Liedtke U.S.A. Phone: +1-408 501-6790 Fax: +1-408 501-2424 E-mail: christoph.liedtke@infineon.com Kaye Lim Asia Phone: +65-6840-0689 Fax: +65-6840-0073 E-mail: kaye.lim@infineon.com Hirotaka Shiroguchi Japan Phone: +81-3-5449-6795 Fax: +81-3-5449-6401 E-mail: hirotaka.shiroguchi@infineon.com KLAR + SCHADE: Creditors' Claims Due Next Month ----------------------------------------------- The district court of Essen opened bankruptcy proceedings against Klar + Schade GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 16, 2005 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting on August 31, 2005, 9:40 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: KLAR + SCHADE GmbH Schlessischer Ring 5a, 45894 Gelsenkirchen Contact: Hans-Joachim Schade, Manager Langenfeldstr. 146, 45481 Muelheim Ruhr KNIGHT WENDLING: Creditors Meeting Set September ------------------------------------------------ The district court of Duesseldorf opened bankruptcy proceedings against Knight Wendling Cast Metals GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 18, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting on September 8, 2005, 9:00 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: KNIGHT WENDLING CAST METALS GmbH Kieshecker Weg 240, 40468 Duesseldorf Contact: Dr. Klaus Schmitz-Cohnen, Manager Magnolienweg 16, 41468 Neuss Kurt Mainka, Manager Klosterbusch 7, 46562 Voerde Dr. Frank Kebekus, Administrator Scheibenstrasse 45, 40479 Duesseldorf MEC MULTI: Proofs of Claim Due First Week of August --------------------------------------------------- The district court of Hannover opened bankruptcy proceedings against MEC Multi Entertainment Center Hannover GmbH on June 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 8, 2005 to register their claims with court-appointed provisional administrator Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting on September 6, 2005, 9:30 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MEC MULTI ENTERTAINMENT CENTER HANNOVER GmbH Raschplatz 6, 30161 Hannover Contact: Frank Grotheer, Manager Am Hochzeitswald 16, 27711 Osterholz-Scharmbeck Knut Thomas Hofheinz, Administrator Am Markte 13, 30159 Hannover Phone: 0511/357721-0 Fax: 0511/357721-40 PESCHKES METALL: Under Bankruptcy Administration ------------------------------------------------ The district court of Duesseldorf opened bankruptcy proceedings against Peschkes Metall- und Stahlbau GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 3, 2005 to register their claims with court-appointed provisional administrator Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting on August 10, 2005, 10:15 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 3. OG Altbau, Raum A 341, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on August 24, 2005, 10:25 a.m. at the same venue. CONTACT: PESCHKES METALL- UND STAHLBAU GmbH Im Dorffeld 5-7, 41352 Korschenbroich Contact: Holger Gerard, Manager Lilienstr. 101, 47906 Kempen Georg Kreplin, Administrator Berliner Allee 21, 40212 Duesseldorf PFLEIDERER AG: Takes over Engineered Wood Activities of Kunz ------------------------------------------------------------ MDAX-listed Pfleiderer AG, Neumarkt (ISIN DE0006764749) on Friday signed a deal for the acquisition of substantial parts of the Kunz Group, Unterensingen. Alongside other conditions, the transaction requires approval by the antitrust authorities for the markets concerned. In a share deal Pfleiderer AG now acquires the engineered wood operations of the Kunz Group in Germany, Canada and the U.S.A., which during financial year 2004 achieved global sales of EUR556 million with EBITDA of just under EUR85 million, and currently employ 1,800 people. In connection with this transaction, Pfleiderer AG will also gain the minority share in the MDF plant in Baruth previously held by the Classen Group. The purchase of all the acquired shares, backdated for commercial purposes to January 1, 2005, equates to a price of around EUR212 million. In addition, Pfleiderer AG is also to take over the amounts due to banks and for leasing totaling approximately EUR267 million net. The deal excludes the Kunz Group's foil and decor activities in Germany (W.K.P. W�rttembergische Kunststoffplattenwerke GmbH & Co. KG) and Canada (CDM Decor Papers, Incl.). As a result of the acquisition, Pfleiderer AG, whose business segment Engineered Wood achieved almost EUR760 million in sales during 2004, will become a global player as a system supplier of engineered wood for the furniture industry and interior design. Through the products and sales activities of the Kunz Group, Pfleiderer will gain access to the laminated flooring segment in particular, and is taking over a company in North America that has enjoyed a leading market position for over 20 years. CONTACT: PFLEIDERER AG Neumarkt Corporate Communication Alexandra Klemme Phone: +49(0)9181/28-8044 Fax: +49(0)9181/28-606 E-Mail: alexandra.klemme@pfleiderer.com PFLEIDERER AG: 'BB' Rating Affirmed; Outlook Stable --------------------------------------------------- Fitch Ratings has affirmed Germany-based Pfleiderer AG's Senior Unsecured 'BB' rating and removed it from Rating Watch Negative (RWN). A Stable Outlook has been assigned. The Short-term 'B' rating is also affirmed. The rating action follows Pfleiderer's announcement to acquire Kunz Group's engineered wood activities in Canada, the United States and Germany. In FY04, the acquired activities had total sales of EUR556 million and EBITDA of EUR85 million. The transaction is expected to close in August/September and subject to regulatory approval. The Senior Unsecured rating was placed on RWN on 8 February 2005, following Pfleiderer's announcement that the group was using an exclusivity period to carry out a due diligence on Kunz Group. Fitch was concerned that the acquisition, coming shortly after Pfleiderer's recovery, would have a major impact on the group's financial profile. Pfleiderer had spent the last two years in rebuilding its cash generation capacity and de- leveraging, the latter by disposing its non-core operations. Following a full analysis of the acquisition and its details, Fitch has taken the view that the transaction will have a solid financing structure that will only temporarily affect Pfleiderer's financial profile, which should recover to more conservative levels in the medium term. In the agency's view, the acquisition is a strategic fit to Pfleiderer, which will help improve its business profile. The transaction allows Pfleiderer to improve markedly its position in the global consolidating engineered wood market and increase its geographical diversification towards the North American market. However, Fitch also believes that the sizeable acquisition involves significant execution and implementation risks. The Stable Outlook reflects Fitch's opinion that Pfleiderer is in a position to integrate Kunz Group in reasonable time and that the group will manage the execution risks well. The ratings take also into account Pfleiderer's established position as a leading supplier in its core markets of engineered wood products and infrastructure technology. The group's focused growth in Eastern Europe and now North America, as well as its move into higher-margin products, are backed by an experienced management team. This is partly offset by the group's weak operating profitability in the cyclical and mature German engineered wood market, where the protracted sluggish furniture sector has led to intense pricing pressure. Fitch notes that the acquisition will further help reduce the group's exposure to the difficult German market and allow for higher margins. Disposal proceeds and an equity increase have helped reduce Pfleiderer's FYE04 net debt to EUR123 million from EUR256 million at FYE03. At FYE04, its net debt/EBITDA stood at healthy 1.4x (FY03: 3.6x) and net interest cover was at 2.6x (FY03: 2.0x). Fitch expects Pfleiderer's credit metrics to deteriorate moderately in FY05 although they should remain higher than the FY03 levels. Founded in 1894 in Germany, Pfleiderer is an internationally active and leading supplier of engineered wood products for the furniture industry and of railway sleepers. CONTACT: FITCH RATINGS Markus Leitner, Frankfurt Phone: +49 (0)69 7680 76 241 Karsten Frankfurth Phone: +49 (0)69 7680 76 170 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 ROLLTEC-WERKSTATTECHNIK: Falls into Bankruptcy ---------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Rolltec-Werkstattechnik GmbH on June 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 17, 2005 to register their claims with court-appointed provisional administrator Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting on September 14, 2005, 9:40 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ROLLTEC-WERKSTATTECHNIK GmbH Kreihnbrink 29, 30900 Wedemark Contact: Hans-Georg Dietrich, Manager Helge Wachsmuth, Administrator Alexanderstr. 2, 30159 Hannover Phone: 0511/325095 Fax: 0511/329934 SOUND COMPANY: Essen Court Appoints Dr. Nikolaus Administrator -------------------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Sound Company Veranstaltungstechnik GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 23, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Nikolaus. Creditors and other interested parties are encouraged to attend the meeting on September 7, 2005, 9:10 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SOUND COMPANY VERANSTALTUNGSTECHNIK GmbH Almastr. 73, 45886 Gelsenkirchen Contact: Frank Hano, Manager Dr. Frank Nikolaus, Administrator Alfredstr. 108-112, 45131 Essen Phone: 87 90 40 =========== G R E E C E =========== DRYSHIPS INC.: Issues Updated Fleet Charter Details --------------------------------------------------- DryShips Inc. has released updated charter details for its fleet of 26 vessels. The table describes in detail the company's fleet development and current employment profile: Year Current Redelivery Built Deadweight Type Employment (mid-range)* EXISTING FLEET 514,890 Shibumi 1984 166,058 Capesize US$53,500 Nov-05 Panormos *** 1995 71,747 Panamax Spot-US$27,530 Lacerta ** 1994 71,862 Panamax Pool Spot-US$25,631 Flecha 1982 65,081 Panamax US$23,685 Oct-05 Striggla ** 1982 64,747 Panamax Pool Spot-US$20,890 Mostoles ** 1981 75,395 Panamax Pool Spot-US$22,237 IDENTIFIED VESSELS 812,958 Netadola 1993 149,475 Capesize Spot-US$45,000 Ocean Crystal 1999 73,688 Panamax Spot-US$27,000 Iguana 1996 70,349 Panamax US$33,700 Nov-05 Waikiki 1995 75,473 Panamax Spot-US$33,750 Toro ** 1995 73,034 Panamax Pool Spot-US$26,445 Paragon 1995 71,259 Panamax US$30,000 Sep-06 Daytona *** 1989 69,703 Panamax Spot-US$40,000 Lanikai ** 1988 68,676 Panamax Pool Spot-US$23,590 Tonga ** 1984 66,798 Panamax Pool Spot-US$21,163 Alona ** 2002 48,640 Handymax Pool Spot-US$24,585 Matira 1994 45,863 Handymax US$28,500 Oct-05 ADDITIONAL VESSELS 936,367 Manasota 2004 171,061 Capesize US$60,000 Sep-05 Alameda 2001 170,662 Capesize US$65,000 Oct-05 Mendocino 2002 76,623 Panamax US$42,000 Dec-06 Sonoma ** 2001 74,786 Panamax Pool Spot-US$26,130 Coronado 2000 75,706 Panamax Spot-US$9,600 Xanadu 1999 72,270 Panamax US$35,000 Aug-06 La Jolla 1997 72,126 Panamax Spot-US$19,000 Linda Oldendorff 1995 75,100 Panamax US$43,250 Aug-06 Catalina 2005 74,432 Panamax Spot-US$22,000 Belmonte 2004 73,601 Panamax US$42,000 Jun-06 DRYSHIPS FLEET 2,264,215 27 vessels - - - - - - - - - - - [*] Where the Redelivery column is left blank it signifies that the vessel is trading in the spot market. For those vessels employed in the spot market and where rates are quoted, the Company has calculated the estimated rates under current specific contracted voyages. The Company gives no guarantee that these rates are correct, or that the rates are sustainable beyond the duration of the current voyage. The quoted rates are not indications of future earnings and the Company gives no assurance or guarantee of future rates after the current voyage. [**] Indicates vessels that are trading in the Baumarine Pool. Rates quoted refer to the vessels earnings as last reported, usually the previous month's earnings. [***] Indicates vessels that will be entering into the Baumarine Pool. * * * DryShips specializes in shipping drybulk commodities such as coal, iron ore, and grains as well as minor bulks like bauxite, fertilizers, and steel products. Its fleet is managed by Liberian affiliate Cardiff Marine Inc. Chairman and CEO George Economou and family own 57% of DryShips. For the year ended October 31, 2004, DryShips reported a US$(4.374) million [EUR (3.58) million] shareholders' equity, as total liabilities exceeded total assets of US$183.55 million (EUR150.05 million). The company faces US$98.17 million (EUR80.24 million) in maturing debt before the end of the current fiscal year. Its long-term liabilities amount to US$115.202 million (EUR94.16 million), according to U.S. SEC files. CONTACT: DRYSHIPS INC. 80 Kifissias Avenue Marousi Athens - 15125 Greece Web site: http://www.dryships.com Christopher J. Thomas Chief Financial Officer Phone: 011-30-210-809-0570 E-mail: finance@dryships.com Investor Relations / Media Nicolas Bornozis Capital Link, Inc. (New York) Phone: 212-661-7566 E-mail: nbornozis@capitallink.com ============= I R E L A N D ============= ELAN CORPORATION: Latest Update on Tysabri Tests Positive --------------------------------------------------------- Biogen Idec and Elan Corporation plc reveal that SENTINEL, the Phase III TYSABRI(R) (natalizumab) add-on trial with AVONEX(R) (Interferon beta-1a), achieved the two-year primary endpoint of slowing the progression of disability in patients with relapsing forms of multiple sclerosis (MS). The addition of TYSABRI to AVONEX resulted in a 24% reduction in the risk of disability progression compared to the effect provided by AVONEX alone. Data from SENTINEL also demonstrated that the addition of TYSABRI to AVONEX led to a 56% relative reduction in the rate of clinical relapses compared to that provided by AVONEX alone. The reduction in relapse rate was statistically significant and sustained over the entire two-year study period. Other efficacy data from SENTINEL at two years, including MRI measures and immunogenicity, were similar to previously reported one-year results. Common adverse events included headache, nasopharyngitis, limb pain, depression, flu-like symptoms, diarrhea, insomnia, sinusitis, influenza, nausea, muscle pain, anxiety and cough. The rate of infection was 1.6 per patient-year in both AVONEX plus TYSABRI-treated patients and AVONEX plus placebo-treated patients. Serious infections occurred in 2.9% of AVONEX plus placebo- treated patients and 2.7% of AVONEX plus TYSABRI-treated patients. TYSABRI has been associated with hypersensitivity reactions, including serious systemic reactions, which occurred at an incidence of less than 1% of patients. On February 28, 2005, Biogen Idec and Elan announced that they voluntarily suspended TYSABRI from the U.S. market and all ongoing clinical trials based on reports of progressive multifocal leukoencephalopathy (PML), a rare and potentially fatal, demyelinating disease of the central nervous system. The companies have previously reported three confirmed cases of PML, two of which were fatal. Two of the patients with confirmed PML had received AVONEX plus TYSABRI for over two years as part of the SENTINEL trial. Biogen Idec and Elan's comprehensive safety evaluation concerning TYSABRI and any possible link to PML is ongoing. The results of this safety evaluation will be discussed with regulatory agencies to determine the appropriate path forward for TYSABRI. Burt Adelman, MD, executive vice president, Development, Biogen Idec, said: "These data demonstrate the effect of TYSABRI on disability progression and clinical relapses. We continue to believe in the therapeutic benefit of TYSABRI in MS, a disease with significant unmet medical need. "Our extensive safety evaluation, in collaboration with leading experts and regulatory agencies, is on track and we hope to have findings by the end of the summer. As always, our primary commitment is to improving the lives of people with MS." Lars Ekman, MD, PhD, executive vice president and president, Research and Development, Elan, said: "TYSABRI continues to show benefit in the treatment of immune-mediated diseases. Patient safety is our top priority. We remain strongly committed to defining TYSABRI's benefit-risk profile and determining the appropriate path forward." SENTINEL is a two-year, randomized, multi-center, placebo- controlled, double-blind study of 1,171 AVONEX-treated patients in 123 clinical trial sites worldwide. In the trial, AVONEX- treated patients who continued to experience disease activity were randomized to add TYSABRI (n=589) or placebo (n=582) to their standard regimen. The companies anticipate that two-year data from SENTINEL will be presented at the 21st Congress of the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) in Thessaloniki, Greece, which begins September 28, 2005. About TYSABRI Biogen Idec and Elan are collaborating equally on the development of TYSABRI in MS, Crohn's disease, and rheumatoid arthritis. Information about TYSABRI, including the voluntary suspension of marketing and U.S. prescribing information, is available at 1-800-456-2255 and at http://www.TYSABRI.com. CONTACT: ELAN CORPORATION PLC Lincoln House Lincoln Place Dublin2 Ireland Phone: +353 1 709 4000 Fax: +353 1 709 4108 Web site: http://www.elan.com RIVERDEEP HOLDINGS: On CreditWatch Negative After PIK Loan Issue ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' corporate credit rating on Ireland-based educational software publisher Riverdeep Holdings PLC and all related entities on CreditWatch with negative implications, pending clarification on the status of the proposed pay-in-kind (PIK) term loan facility, announced by the company on Tuesday. The PIK issue proceeds are to be used to repurchase a portion of shares held by Riverdeep's ultimate shareholders. "The CreditWatch placement reflects the lack of information available to Standard & Poor's about the terms and conditions of the new facility, as well as concerns over the company's future financial policy," said Standard & Poor's credit analyst Anna Overton. Standard & Poor's does not yet have full information on the terms of the PIK loan and its place in Riverdeep's overall debt capital structure, and we consider that the new instrument is likely to increase the overall debt burden to be serviced with the operating cash flows of Riverdeep's subsidiaries. Although the absence of ongoing cash payments by the proposed PIK instrument means that there is no additional pressure on the issuer's liquidity, the rapid accrual of the principal could hinder Riverdeep's ability to refinance its other maturities in due course. Standard & Poor's will seek to clarify Riverdeep's business and financial strategy, in particular its near-term plans for the use of existing cash balances. "The ratings could be lowered if it becomes evident that Riverdeep's operating cash flow base cannot provide sufficient debt service coverage for the consolidated obligations," added Ms. Overton. We expect to resolve the CreditWatch placement within two months. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com RIVERDEEP HOLDINGS: Moody's Hints Downgrade of B2 Family Rating --------------------------------------------------------------- Moody's Investors Service placed the ratings of Riverdeep Holdings Plc and related entities on review for possible downgrade following the company's announced intention to raise US$150 million through a senior paid-in-kind (PIK) loan issued by a newly established holding company. Moody's understands that the proceeds of the loan will be used to fund shareholder distributions. Ratings affected are: (a) Riverdeep Holdings Plc (previously Hertal Acquisitions plc): B2 corporate family rating (previously called senior implied rating). Moody's has, at the same time, withdrawn the Caa1 senior unsecured issuer rating. (b) Riverdeep Group Limited: B3 senior notes (c) Riverdeep Interactive Learning Limited: B1 senior secured bank facility Moody's said that the review will focus on (a) The potential impact on the restricted group due to the establishment of a new entity, which will be issuing the PIK loan; (b) Riverdeep's financial policies going forward as reflected by, and as a result of, the issuance of the PIK loan; and (c) The company's operating and financial metric trends in light of the earlier indication of the company's weakening credit profile, which was reflected in the outlook change to negative on December 10, 2004. Headquartered in Dublin, Ireland, Riverdeep provides educational and personal publishing/productivity software principally in the U.S. market. For the three months ended 31 March 2005, the company reported net revenues of US$32.1 million and EBITDA of US$15.6 million. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) David G. Staples, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Jenya Brown, Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 SHAMROCK ROVERS: Fans Spearhead Soccer Club's Rescue ---------------------------------------------------- Supporters of Shamrock Rovers are poised to take control of the football club after creditors approved their rescue plan Friday. The 400 Club has reportedly gathered EUR167,000 and will have brought in EUR750,000 by the end of 2005 to get Shamrock Rovers Football Club out of examinership. The 400 Club is a fund where fans of the Rovers contribute an agreed annual amount to help progress the club on and off the pitch. Under the plan, the club members and Australian-based investor Ray Wilson will own equal shares of the Shamrock Rovers, says Business World. However, the supporters will have to wait almost two weeks to learn if their takeover pushes through, as the High Court postponed the hearing on the case to July 28. With the delay, the period of examinership was also extended. This gives fresh hope for The 400 Club, which earlier sought more backing to beat the July 19 closing period for the procedure. If the examinership fails, SRFC will go into liquidation and out of the football scene. In April, court-approved examiner Neil Hughes started working with The 400 Club, as the company struggled to pay its EUR2.3 million debt. According to the International Insolvency Institute, examinership is a procedure whereby the court appoints an independent third-party to assess the operations, activities and assets of the debtor's business. This procedure can be utilized by a debtor, with a reasonable prospect of recovery, that is or will become unable to pay its debt, but which is not yet under a resolution to wind up. An independent probe on SRFC's accounts has reportedly proved it is financially insolvent. However, Justice Peter Kelly allowed the examinership after SRFC said it was working out a long-term lease on Morton Stadium in Santry and will not run away from the payment scheme signed with Revenue Commissioners. Mr. Hughes said Monday that the club has been granted permission for the provisional use of the Stadium, while the South Dublin County Council had agreed to complete the semi-finished Tallaght County Stadium, with the club as preferential user over a 50- year period. CONTACT: SHAMROCK ROVERS FOOTBALL CLUB Unit 12A, Tallaght Enterprise Centre Main Street, Tallaght Dublin 24 Ireland Phone: (00353 1) 4622077 Fax: (00353 1) 4940833 E-mail: shamrockrovers@clubi.ie Web site: http://www.shamrockrovers.ie THE 400 CLUB 31 Greentrees Road Perrystown Dublin 12 Ireland E-mail: shamrockrovers400club@hotmail.com SITEL IRELAND: Closes Dublin Call Center ---------------------------------------- Call center operator Sitel Ireland will shut down its Park West, Dublin site, BizWorld says. According to the Sunday Tribune, Sitel has already informed the site's 215 employees of the closure slated at year's end. Sitel said the decision was part of the group's effort to "align costs and infrastructure with current business in its U.K. and Ireland operations." Sitel said it is experiencing overcapacity in a highly competitive marketplace. The site used to employ 340 personnel. Sitel used to handle customer and sales contract for Microsoft until the software group decided to create its own call center operations. Sitel also provides services for British Bakeries, Capital One and Bank of Scotland. Sitel Ireland posted EUR330,000 in pretax losses on EUR12.43 million in turnover in 2003. CONTACT: SITEL IRELAND 8 Park West Business Park Nangor Road Dublin 12 Web site: http://www.sitel.com ========= I T A L Y ========= IMPREGILO SPA: Sells Anita Unit to Hines ---------------------------------------- The Impregilo Group has closed the sale to Hines of a property forming part of the "Garibaldi Republic project." The sale generated proceeds of EUR42 million and a capital gain at consolidated level of approximately EUR5 million. Specifically, the transaction involved the sale by Impregilo's I.L.I.M. subsidiary (Iniziative Lombarde Immobiliari) of 100% of Anita S.r.l., a special purpose vehicle set up as the holding for a property in the "Garibaldi Republic" project. It took place as envisaged by a contract signed with the Hines fund more than two years ago. The sale is consistent with Impregilo's strategy to strengthen its focus on its core business and dispose of non-strategic assets. "The transaction marks the first real step in our plan to reduce capital employed in non-core businesses," said Impregilo S.p.A. Chief Executive Officer Alberto Lina. * * * Impregilo S.p.A.'s EUR649 million capital increase recently gained overwhelming support from shareholders, who exercised 99.36% of the total offer. The capital hike completed the group's financial restructuring. "The success of the rights issue reflects the market's interest in our company and the new business plan," commented Impregilo S.p.A. Chief Executive Officer Alberto Lina. The group will launch its strategic program to strengthen its focus on its Engineering & Construction core business and reduce invested capital. CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it HINES ITALIA Corso Matteotti, 7 20121 Milan, Italy Phone: 011-39-02-7639-8394 Fax: 011-39-02-739-8473 Web site: http://www.hines.com PARMALAT FINANZIARIA: Italy Clears Morgan Stanley Settlement ------------------------------------------------------------ Italian industry minister Claudio Scajola has cleared a settlement between insolvent food group Parmalat Finanziaria S.p.A. and investment bank Morgan Stanley, AFX News says. The EUR155 million settlement arose from Morgan Stanley's EUR300 million bond sale in June 2003, months before the dairy giant's collapse. Morgan Stanley acted as intermediary when Nextra, the fund management unit of local bank Banca Intesa, bought and resold that debt. Parmalat filed in February a claim against Morgan Stanley, citing a local bankruptcy law that allows Italian companies to claw back money paid within two years to financial institutions in the run-up to insolvency, if these same institutions are suspected of already knowing at the time that the company was in financial trouble. Parmalat received the settlement amount Monday. Parmalat's government-appointed administrator Enrico Bondi has pending legal actions against Swiss UBS, German Deutsche Bank and U.S. groups Citigroup Inc. and Bank of America Corp. Parmalat collapsed in December 2003 after revealing EUR14 billion in debt in its balance sheet. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net MORGAN STANLEY 1585 Broadway New York NY 10036 Phone: 212-761-4000 Fax: 212-762-0575 Web site: http://www.morganstanley.com PARMALAT FINANZIARIA: Court Dismisses Suit vs. Citigroup, et al. ---------------------------------------------------------------- The United States District Court for the Southern District of New York dismisses the complaint commenced by investors of securities of Parmalat Finanziaria S.p.A. as against Citigroup Inc., Citibank, N.A., Bank of America Corporation, Bank of America, N.A., Banc of America Securities Limited, Banca Nazionale del Lavoro S.p.A., and Credit Suisse First Boston. Citigroup As previously reported, the Investor-Plaintiffs asserted that Citigroup knowingly and actively participated in the fraudulent scheme, and has had "intimate knowledge" of Parmalat's finances through its "close relationship with its important client" and its direct participation in the fraudulent activities of the company. The Complaint alleged three specific arrangements involving Citigroup: (a) Securitization of Invoices, (b) The Geslat/Busonero Arrangement, and (c) Parmalat Canada Arrangement. Under certain agreements entered into in 1995, 1999, 2000, and 2001, invoices for goods sold by various Parmalat subsidiaries were purchased by defendant Eureka Securitisation plc -- a Citigroup affiliate -- as well as by Eureka's Italian subsidiary, Archimede Securitization S.r.l. Archimede then sold commercial paper secured by invoices. The deception supposedly stemmed from Parmalat's billing system, under which many of the invoices were in effect duplicates that did not represent anything actually due. However, Judge Kaplan finds that there is nothing remarkable or deceptive about the company's billing system, which the complaint implies had been used for 40 years, standing alone. According to Judge Kaplan, the problem was that Parmalat assigned to Archimedes and Eureka, and they then securitized, both supermarket invoices -- which represent receivables -- and the corresponding dealer invoices for the goods sold and delivered. The invoices did not represent a real revenue stream for Parmalat because it was obligated to reimburse the dealers the same amounts that they owed Parmalat. The Complaint further held that Citigroup structured the program and had detailed knowledge as early as 1995 of Parmalat's invoicing system, including the duplicate invoices. Citibank installed proprietary software on Parmalat's computer network that allowed Citibank to determine which receivables were eligible for the securitization program and to regularly audit Parmalat's sales. Thus, Citibank knew that the securitization program would create a false impression about Parmalat's cash flow from its operations, and therefore mislead the market about Parmalat's real financial condition. Citigroup allegedly received US$35 million in fees for its role in the securitization program. Judge Kaplan notes that the applicable regulations governing securitization permitted only independent financial institutions, not the entities generating the receivables, to collect on them. Eureka and Archimede, however, were alleged to have assigned back to Parmalat the right to collect payment on the invoices. Parmalat's characterization on its balance sheets of the arrangement with Eureka and Archimede as a securitization rather than as debt was therefore misleading. The Plaintiffs also asserted that Citibank structured transactions in which several of its subsidiaries made loans to Parmalat that were disguised as equity investments. The Plaintiffs noted that the reason for the scheme was that was performing poorly, but it did not want to damage its credit rating by issuing debt through the bond markets. Citibank allegedly knew that Parmalat would use the arrangement to mask the company's debt on its financial statements. The arrangement began in 1995, when Parmalat and Citibank entered into an agreement styled as a joint venture. In connection with the agreement, Parmalat set up a Swiss branch of its subsidiary, Gestione Centrale Latte S.r.l., to which Citibank contributed funds. The Swiss branch of Geslat was to make loans to other companies in the Parmalat group, with Citibank receiving a proportional share of the profits from those loans. At the same time, Parmalat gave Citibank a put option that allowed Citibank to sell its interest in Geslat back to Parmalat at a price that guaranteed that Citibank would receive a return on its investment. On December 9, 1999, Citibank altered the arrangement so that the funds would be provided by two Citibank subsidiaries, defendants Buconero LLC and Vialattea LLC, both Delaware limited liability companies. Geslat guaranteed that Citibank would receive at least a certain fixed rate of return. Buconero would be responsible for Geslat's losses if they exceeded a certain threshold, but Citibank could avoid that condition entirely because it had the right to dismantle the relationship with Geslat and require the repayment of its contribution if Geslat's performance or Parmalat's creditworthiness declined. From 1999 to 2001, Buconero and Vialattea contributed as much as US$120 million to Geslat. Parmalat recorded these funds as equity on its balance sheets. The funds, however, were in reality at favorable interest rates and therefore should have been recorded as debt. The result was to understate Parmalat's liabilities by US$137 million, permitting the conglomerate to conceal its troubles in South America and elsewhere. Following Parmalat's collapse, Citibank publicly characterized the investments as debt. Citibank, which regarded the Geslat transactions as a financing arrangement rather than as equity investments, received annual returns of approximately US$5 million to US$6 million as well as approximately US$7 million in fees for structuring the transactions. The final set of allegations against Citigroup also involved the alleged classification of debt as equity. In 1997 and 1998, Parmalat purchased three Canadian food and dairy companies. Citibank helped finance the purchase with capital contributions of CND171.9 million. The agreement between Parmalat and Citibank provided that Parmalat Canada either would be publicly listed or that Citibank could put its interest back to Parmalat for a specified amount. Parmalat recorded Citibank's investments as equity on its financial statements when they should have been recorded as high-interest loans because the put option meant that Citibank bore no risk. The Plaintiffs contended that Parmalat's financial statements failed to disclose the put option after 1999. A senior Citibank executive misrepresented the nature of Citibank's involvement in Parmalat Canada in statements to the press in 1997 and 1998. Moreover, the Complaint asserted that Citibank designed the financing transactions to enable Parmalat to characterize them as equity and thereby maintain the false appearance of a lower debt-to-equity ratio. The bank received CND1.3 million in subscription fees and CND5.6 million in financial advisory fees as well as a net tax-free gain of CND47.82 million upon the exercise of the put option. According to the Complaint, "this abnormally high return can only be explained by the illegal nature of the activity." Citigroup argued that it was not a primary violator, the allegations are deficient as to scienter, causation, and reliance, and the Complaint fails to state a claim for controlling person liability under Section 20(a) of the Securities Act. Bank of America The Complaint described two arrangements involving the BofA Defendants: (a) The Parmalat Administracao Private Placement, and (b) Loans Backed by Funds Raised Through Private Placements The Plaintiffs alleged that in 1999, BofA proposed and arranged what appeared to be the sale of an 18% interest in Parmalat Empreendimentos e Administracao, a Brazilian Parmalat subsidiary, to a group of investors for US$300 million. In reality, however, the investors purchased four-year notes issued by two special purpose Cayman Islands entities and guaranteed by Parmalat. Furthermore, the investors had the right to put their investments back to Parmalat if Parmalat Administracao did not become publicly listed. BofA and Parmalat allegedly knew that the listing was economically impractical and therefore would not occur. The Complaint further alleged that BofA entered into an agreement with Parmalat pursuant to which BofA fronted to the Cayman Islands companies the funds needed to make interest payments on the four-year notes. When it became clear that Parmalat could not raise the money to redeem the notes, BofA assumed some of the exposure and attempted to offer another private placement to cover it. The Plaintiffs contended that BofA and an Italian bank received as much as US$38.5 million in fees and commissions for their role in the Parmalat Administracao private placement. The Complaint said BofA extended loans to Parmalat subsidiaries and required that the loans be secured with funds raised from private placements of debt. In essence, BofA transferred the risk of default on these loans from itself to purchasers of Parmalat's debt. The Complaint included three types of loans: (a) US$80 million to Parmalat subsidiaries in Venezuela, (b) US$100 million to a Brazilian subsidiary, and (c) US$80 million to Parmalat Capital Finance Judge Kaplan says that, with full disclosure, there would have been nothing deceptive about these transactions. The Complaint, however, alleged that: (a) Neither BofA nor Parmalat disclosed that a US$80 million offering in 1998 was related to the Venezuelan loan, or that the US$80 million loan was done to pay off a 1997 BofA loan in the same amount to Parmalat Venezuela that lacked the same security for Bank of America; (b) In each instance, BofA publicly announced it had made a conventional loan in the stated amount to Parmalat; and (c) Side letter agreements that required Parmalat to pay additional interest on its loans were not disclosed. BofA was believed to have earned over US$30 million in fees and interest from the transactions. BofA argued that the claims asserted by the Plaintiffs under Rule 10b-5(b) of the U.S. Securities Exchange Act of 1934 fail because BofA made no misstatements or actionable omissions, any alleged misstatements or omissions and scienter are not pled with the required specificity, and the allegations regarding causation are deficient. Furthermore, BofA said the Rule 10b- 5(a) and (c) claims fail because the Plaintiffs have not alleged any manipulation or deception, and the allegations regarding reliance and scienter are deficient. The Plaintiffs also failed to state claims for controlling person liability under Section 20(a) of the Exchange Act. Banca Nazionale The core allegation against Banca Nazionale was that its factoring arm and 99.6%-owned subsidiary, Ifitalia S.p.A., along with other institutions, repeatedly paid Parmalat cash in exchange for assignment of invoices that both parties knew were bad. The Plaintiffs alleged that Parmalat booked the cash as an asset. Judge Kaplan finds the allegation misleading. In a normal factoring transaction, one party purchases, at a discount, receivables from the party that issued them and then attempts to collect the face amount of the invoices. The Complaint, however, indicated that Parmalat had guaranteed to Banca Nazionale or Ifitalia, and the other banks, payment of the full face value of the invoices. Moreover, Parmalat invariably made good on that guarantee, at least while the arrangement was in place. The receivables thus played no economic role in the transaction. In fact, they were simply a device or excuse that permitted Parmalat to record the revenue and to conceal the liability on the guarantees. The Court notes that the Complaint suggested that the scheme in substance involved loans by Banca Nazionale to Parmalat rather than factoring of receivables. The Complaint alleged that Parmalat used old invoices for the arrangement and that each time payment on the invoices came due, Parmalat would pay Banca Nazionale and the other banks the full amount for the previous set. The Complaint further suggested that, at the same time, Parmalat would assign to the banks, in exchange for another payment, a new set of invoices that were the same as the previous ones except that a single digit on each one had been changed to avoid detection and exclusion by Banca Nazionale's computers. If Parmalat's payment to the banks of the full amount on the previous set of invoices occurred at the same time as the banks' payment to Parmalat for assignment of the next set, then presumably the two payments would have been offset such that Parmalat in effect paid interest on a loan. However, this point is not made entirely clear in the complaint, Judge Kaplan says. The arrangement began in December 1999 and was renewed every six months. It allegedly resulted in Parmalat overstating its assets and receivables and understating its debt by EUR103 million each year during the Class Period. Banca Nazionale was believed to have supposedly benefited by receiving returns from that scheme that were far greater than returns earned in typical factoring transactions, and from bearing Parmalat's credit risk rather than that of third parties owing payment on invoices. Furthermore, Banca Nazionale was co- managing underwriter for two large bond offerings by Parmalat during the Class Period. The profits from the factoring scheme and the underwriting fees were the alleged payoffs for Banca Nazionale's participation in the fraud. The Plaintiffs argued that Banca Nazionale had intimate knowledge of the fraud because it shared two directors with Parmalat, one of whom was the president of Ifitalia. The Plaintiffs further stated that Banca Nazionale's knowledge of the fraud was also apparent in its acceptance of numerous invoices, which were identical except for a change in one digit -- a change made to elude Banca Nazionale's fraud-sensitive software. The Complaint said Ifitalia acted as Banca Nazionale's agent in the scheme. Banca Nazionale asked the Court to dismiss the Complaint on the grounds that the Court does not have subject matter jurisdiction, Banca Nazionale is not a primary violator, the allegations of scienter and causation are deficient, and the Plaintiffs failed to state a claim for controlling person responsibility under Section 20(a). CSFB The core allegation against CSFB was that it designed and participated in a set of transactions in late 2001 and January 2002 that CSFB knew Parmalat would use to conceal debt on its financial statements. In particular, CSFB executed a subscription agreement with Parmalat pursuant to which CSFB paid almost EUR500 million to Parmalat Participacoes do Brasile for the entirety of a EUR500 million issue of Parmalat Brasile bonds underwritten by CSFB. The bonds were convertible into equity and had an expiration date of 2008. At the same time, Parmalat and CSFB executed an agreement pursuant to which CSFB transferred back to Parmalat the right of conversion, which was priced at EUR248.3 million. Parmalat raised the funds to pay CSFB under the agreement through a separate EUR250 million bond issue underwritten by CSFB jointly with two other institutions. The Eurobond Issue produced EUR246.5 million, which was deposited in a CSFB checking account. Parmalat then recorded both the "right" it had purchased from CSFB to convert the Parmalat Brasile bonds, and the proceeds of the Parmalat Brasile bond issue as assets each worth about EUR250 million. The accounting treatment was improper. The net result of the transactions, according to the Complaint, was that Parmalat obtained EUR500 million in financing -- EUR250 million each from the Parmalat Brasile bonds and the Eurobond Issue -- and manufactured EUR248 million in assets and concealed EUR248 million of debt. The Complaint alleged that CSFB received millions of dollars in commissions and fees from the transactions. Furthermore, 50% of the risk from underwriting the Parmalat Brasile bond issue was transferred back to Parmalat under the Forward Sale Agreement. CSFB transferred the remaining risk to the market by selling the Parmalat Brasile bonds or by executing credit default swap agreements. The Complaint alleged as well that as a reward for designing and participating in the scheme, CSFB received lucrative underwriting roles for at least three debt offerings during the Class Period. CSFB lashed back. CSFB argued that the Plaintiffs have failed to allege that it is a primary violator, the Complaint does not adequately allege scienter, and the Court lacks subject matter jurisdiction over the allegations against it. Loan-Related Transactions Are Not Deceptive The Court accepts all well-pleaded factual allegations in the Complaint and draws all reasonable inferences in the Plaintiffs' favor. Judge Kaplan says that dismissal is inappropriate unless it appears beyond doubt that the plaintiff can prove no set of facts in support of his claim, which would entitle him to relief. According to Judge Kaplan, the term "substantially participated" does not appear in the text of Section 10(b) or Rule 10b-5, and it invites dispute over whether a particular defendant's role as or was not substantial. The text asks only whether a defendant directly or indirectly used or employed a manipulative or deceptive device or contrivance. The Court adheres to that language. Judge Kaplan concludes that the arrangements involving the regular factoring and securitization of worthless invoices were deceptive devices or contrivances for purposes of Section 10(b). Those were inventions, projects, or schemes with the tendency to deceive because they created the appearance of a conventional factoring or securitization operation when, in fact, the reality was quite different. Judge Kaplan notes that Banca Nazionale knew when it paid Parmalat for the invoices that they were worth nothing and were in fact a trick to disguise its loan to Parmalat. The same is true of Citigroup's purchase of certain invoices. If the allegations of the Complaint are accepted, the banks used the deceiving devices. In the language of Rule 10b-5(c), the banks engaged in acts, practices, or courses of business that would operate as a fraud or deceit upon others. In these circumstances, it cannot be said that the banks' conduct fell outside of Rule 10b-5 or Section 10(b). The Court also finds that the Bank Defendants' argument that they were at most aides and abettors of a program pursuant to which Parmalat made misrepresentations on its financial statements misses the mark. The transactions in which the Defendants engaged were by nature deceptive. They depended on a fiction, namely that the invoices had value. It is impossible to separate the deceptive nature of the transactions from the deception actually practiced upon Parmalat's investors. Neither the statute nor the rule requires such a distinction. Judge Kaplan, however, points out that a number of transactions in which the banks made loans allegedly disguised as equity investments or assets were not deceptions. There is no suggestion that Citigroup did not own the equity stakes in the relevant Parmalat entities that it purported to buy. The same is true of the investments made by the purchasers of the Parmalat Administracao debt privately placed by BofA. The put options established floors on Citigroup's and the private investors' potential losses, but there is no suggestion that the transactions were something other than what they appeared to be. Those arrangements, therefore, were not schemes with the tendency to deceive. Dismissal Terms Consequently, Judge Kaplan dismisses the Complaint to the extent that it seeks to hold the Bank Defendants liable for participating in the loan transactions. However, the Court disagrees with Citigroup's, Banca Nazionale's, and CSFB's argument that the Complaint fails to plead scienter adequately. The Plaintiffs have set forth with particularity facts that constitute strong circumstantial evidence of conscious misbehavior or recklessness. The Complaint asserts that Citigroup was intimately familiar with Parmalat's billing system and structured the invoice securitization program. Judge Kaplan also points out that Banca Nazionale and Ifitalia's very participation in the factoring arrangement, which depended on the recycling of stale invoices, if proven, would constitute strong circumstantial evidence that they understood exactly what they were receiving in exchange for their loans to Parmalat. Likewise, the practice of altering a single digit on the invoices to avoid detection by Banca Nazionale's computers would constitute strong circumstantial evidence of conscious misbehavior. CSFB likewise is said to have structured the transactions, participated in them as Parmalat's counterparty, and underwritten the relevant bond issues, all so that Parmalat could overstate its assets and understate its debt. The allegations against CSFB, if proven, are more than sufficient to give rise to an inference of conscious misbehavior, let alone recklessness. In light of the issue of causation, Judge Kaplan denies the Bank Defendants' Motion to Dismiss the Complaint insofar as the Complaint seeks to hold: (a) Citigroup and Banca Nazionale liable for participating in transactions involving allegedly worthless invoices; and (b) CSFB liable for participating in the scheme set forth in the Complaint. The Complaint will be dismissed to the extent that it asserts claims against Banca Nazionale and CSFB on behalf of purchasers not resident in the United States. The Court also finds that the Complaint fails to state a claim based on BofA's alleged misrepresentations and omissions connected with the private placements used to back BofA's loans to Parmalat. The allegation that BofA and Parmalat failed to disclose that an US$80 million offering in 1998 was related to the Venezuelan loan is time-barred. The allegation that "in each instance, BofA publicly announced it had made a conventional loan in the stated amount to Parmalat" when "the reality of these transactions was much different" fails to specify where and when BofA made these announcements. As for the allegation that BofA omitted to disclose in connection with its loans "side letter agreements that required Parmalat to pay additional interest on its loans," the Complaint fails to allege or show that BofA owed a duty to disclose that would have made an omission actionable. Judge Kaplan says the Court need consider only whether the Complaint states claims for controlling person liability against Banca Nazionale and Citigroup. The only remaining issue is the sufficiency of the allegations as to control of Ifitalia by Banca Nazionale and control of the relevant Citigroup entities. Judge Kaplan rules that: (a) Citigroup's Dismissal Motion is denied insofar as the Complaint seek to hold Citigroup liable for participating in transactions involving allegedly worthless invoices, and otherwise granted. (b) BofA's Dismissal Motion is granted. (c) Banca Nazionale's Dismissal Motion is granted to the extent that the complaint asserts claims on behalf of purchasers of Parmalat securities not resident in the United States and otherwise denied. (d) CSFB's Dismissal Motion is granted to the extent that the Complaint asserts claims on behalf of purchasers of Parmalat securities not resident in the United States and otherwise denied. Judge Kaplan grants the Plaintiffs leave to amend their Complaint on or before August 8, 2005. A full-text copy of Judge Kaplan's Opinion can be viewed at http://bankrupt.com/misc/Kaplan_memorandum_of_opinion.pdf Headquartered in Wallington, New Jersey, Parmalat USA Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion euros in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices and employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debt. The U.S. Debtors emerged from bankruptcy on April 13, 2005. (Parmalat Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., 215/945-7000) PARMALAT USA: Court Okays Crisis Manager's US$1 Million Fee ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved AP Services, LLC's application for a US$1,000,000 Contingent Success Fee in connection with Parmalat U.S.A. Corporation, and its U.S. debtor-affiliates' engagement of AP Services, LLC, as their crisis manager. Pursuant to an Engagement Letter between the parties, the Debtors agreed that AP Services would be compensated for its efforts by payment of a Contingent Success Fee in addition to the standard hourly fees. AP Services attested that throughout their bankruptcy cases, the U.S. Debtors have paid the firm's hourly fees and reimbursed the necessary expenses for each monthly period. As reported in the Troubled Company Reporter on June 29, 2005, the Contingent Success Fee was based on the development and implementation of a plan to maximize "Parmalat Dairy Value Recovery" received by the Debtors' various stakeholders. As provided for in the Engagement Letter, the Contingent Success Fee was calculated in this manner: (a) US$1,000,000 upon implementation and the closing of the Parmalat Dairy Value Recovery plan including the sale of a majority of the Parmalat USA Corp.'s assets, wherein AP Services had assisted in the negotiations with all relevant stakeholders; and (b) 1% of the excess of any distribution to stakeholders of more than $135,000,000 from the Parmalat Dairy Value Recovery. Headquartered in Wallington, New Jersey, Parmalat USA Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices and employs over 36,000 workers in 139 plants located in 31 countries on six continents. The Company filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debt. The U.S. Debtors emerged from bankruptcy on April 13, 2005. (Parmalat Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., 215/945-7000) =================== L U X E M B O U R G =================== STOLT-NIELSEN: Reports US$5.7 Mln Net income in Second Quarter -------------------------------------------------------------- Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) on Tuesday reported results for the second quarter and six months ended May 31, 2005. Highlights for the second quarter of 2005 (a) Operating revenue of $443.4 million for the quarter, compared with operating revenue of $448.4 million in the same quarter last year. (b) Net income of $5.7 million for the quarter ($5.9 million from continuing operations), compared with net income of $3.9 million ($9.5 million from continuing operations) in the same quarter last year. (c) Stolt-Nielsen Transportation Group's (SNTG) performance reflected a continued strong parcel tanker market, improved margins from Stolt Tank Containers, and improved results from Stolthaven Terminals. The Stolt Tankers Joint Service Sailed-in Time-Charter Index increased by 10% to 1.31 from 1.19 in the same quarter last year. (d) The completion of the merger of Stolt Sea Farm (SSF) and Marine Harvest on April 29, 2005. (e) Continued solid results from the turbot business. Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said: "Operationally, SNSA posted strong results in the second quarter of 2005 as we continued to see solid demand for SNTG's services. The second quarter of 2005 income from continuing operations of $5.9 million is net of deductions of $14.2 million for the early retirement of debt primarily relating to a pre-payment penalty on our senior notes and $9.8 million of SSF tax provisions arising from a legal restructuring in anticipation of the Marine Harvest transaction. The second quarter of 2004 income from continuing operations of $9.5 million included SNSA financial restructuring charges of $10.5 million. "For SNTG, we believe the underlying fundamentals of the parcel tanker market remain strong. During the second quarter of 2005, rates on contracts renewed by SNTG increased by an average of approximately 23%, compared with average rate increases of approximately 20% in the first quarter. Contract volume remains strong. In recent months we have seen some choppiness in the spot market that we believe is due to a temporary slowing of demand as a result of an inventory correction in Asia. The results of SNTG's regional fleets continued to show improvements. Our tank container division again reported improved gross profit margins and our terminal division reported greatly improved results. "The merger of SSF and Marine Harvest was completed on April 29, 2005 according to plan. SSF's results showed improvement over the first quarter of 2005. "Our strengthened financial position and continued strong operating results enabled us to reinstate our dividend policy. We continue to expect that 2005 will be a strong year for SNSA, given the ongoing strength in SNTG's markets, the solid performance of our turbot business and the recent improvement in salmon prices, which should bode well for our investment in Marine Harvest." A full copy of its financial results is available free of charge at http://bankrupt.com/misc/StoltNielsen(Q22005).pdf. CONTACT: STOLT-NIELSEN S.A. Richard M. Lemanski Phone: (U.S.) 1 203 625 3604 E-mail: rlemanski@stolt.com Valerie Lyon Phone: (U.K.) 44 20 7611 8904 E-mail: vlyon@stolt.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Starts Trading as Unified Company ---------------------------------------------- Shares in Royal Dutch Shell started trading in London Wednesday after 92% of the investors have agreed to tender their old shares. According to the Financial Times, this marks the first time in its 98-year history that the oil group traded as a single company, following the merger of its U.K. and Dutch divisions. Chief Executive Jeroen van der Veer said: "Shareholders have shown strong support throughout the process and voted overwhelmingly in support of the proposals at the recent shareholder meetings to move to one company." The company needed 95% of Dutch investors to agree to the unification, but it cited a clause allowing approval at lower levels, said the Financial Times. Meanwhile, The Guardian disclosed that some non-Dutch investors had disagreed with the structure of the deal as it leaves them with large tax bills. The unification comes after the High Court sanctioned Tuesday the Shell Transport scheme of arrangement, and the registration of the court order by the Registrar of Companies in England and Wales. Under the terms of the merger, the new company will be listed in London and will be based in the Netherlands. It also follows the company's admission that it had overstated its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. The crisis sank investor confidence and resulted to the ouster of three top executives, including former chairman Philip Watts. 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 WINSTAR COMMUNICATIONS: Chapter 7 Trustee Hires Counsel ------------------------------------------------------- Sheldon K. Rennie, Esq., at Fox Rothschild LLP, in Wilmington, Delaware, relates that Winstar Communications B.V. was declared bankrupt on May 21, 2001, in Amsterdam, The Netherlands. L.J. van Eeghen was appointed as Winstar B.V.'s liquidator. On June 25, 2001, Clifford Chance LLP filed various claims with the Liquidator on behalf of certain of the Debtors' estates, including Winstar Network Expansion, WCI Capital Corporation, Winstar International, Inc., and Winstar Communications, Inc. Christine Shubert, the Chapter 7 Trustee for Winstar Communications and its debtor-affiliates, seeks the Court's authority to employ Clifford Chance as her special counsel, effective as of May 23, 2005. As the Trustee's special counsel, Clifford Chance will: (a) represent and assist the Trustee in carrying out her duties with respect to the Claims filed against Winstar B.V.; (b) attend the creditors meeting; (c) explain and defend the Claims to other creditors and the Liquidator; and (d) monitor the liquidation process and ensure that any distributions are paid out to the Debtors' estates. Mr. Rennie relates that compensation will be payable to Clifford Chance on an hourly basis at its normal and customary hourly rates, plus reimbursement of actual, necessary expenses and other charges incurred by the firm. The principal attorneys and paralegals presently designated to represent the Trustee and their hourly rates are: Jan Hendrik Crucq EUR500 Diederik Bos EUR225 Jan Hendrik Crucq, Esq., a member of Clifford Chance's Amsterdam office, assures the Court that the firm does not hold nor represent any interest adverse to the Debtors and their estates. Thus, Clifford Chance is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Headquartered in New York, New York, Winstar Communications, Inc., provides broadband services to business customers. The Company and its debtor-affiliates filed for chapter 11 protection on April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through 01-01462). The Debtors obtained the Court's approval converting their case to a chapter 7 liquidation proceeding in January 2002. Christine C. Shubert serves as the Debtors' chapter 7 trustee. When the Debtors filed for bankruptcy, they listed $4,975,437,068 in total assets and $4,994,467,530 in total debt. (Winstar Bankruptcy News, Issue No. 68; Bankruptcy Creditors' Service, Inc., 215/945-7000) =========== N O R W A Y =========== FINANCE CREDIT: Court Orders KPMG to Pay NOK656 Mln in Damages -------------------------------------------------------------- KPMG Norway has reportedly been ordered to pay NOK656 million (GBP50 million) in damages following the bankruptcy of Finance Credit Norge A.S.A. According to the Associated Press, the Oslo district court declared the firm negligent in auditing the books of Finance Credit, which went bankrupt in 2003 with debt of NOK1.3 billion to eight banks. The court said that as the auditor, KPMG was obliged to make sure that Finance Credit's books accurately represented its financial position. It also ordered the firm to pay the amount to creditors through Finance Credit's administrator, with additional NOK6.5 million in legal costs. Meanwhile, KPMG, which revealed last week it will appeal, has found it strange to be held responsible when the accounts it was reviewing were falsified with criminal intent, said The Associated Press. Group partner Tom Myhre said: "KPMG is very surprised and very disappointed by the ruling. There was massive economic crime by a number of people in the leadership of Finance Credit." Finance credit served as a collection agency, buying unpaid debt from other firms, then collecting the funds plus fees. Its collapse, which was one of Norway's biggest financial scandal, led to a nine-year jail sentence for one of its founders, Trond Kristoffersen. Mr. Kristoffersen was also ordered to repay NOK1.2 billion in illegally acquired debt to banks. The court ruled that Finance Credit overstated its assets, which portrayed it as an acceptable loan risk for creditors. In truth, according to the ruling, the group was already insolvent by the end of 2000. KMPG should have been aware of this in its review of the company's accounts, it added. CONTACT: FINANCE CREDIT NORGE A.S.A. Sjolyst Pl 4 0270 Oslo, Norway Phone: +47 22 54 26 20 Fax: +47 22 54 26 21 KPMG NORWAY Sorkedalsveien 6 Box 7000 Majorstuen N-0306 Oslo, Norway Phone: +47 21 09 21 09 Fax: +47 22 60 96 01 E-mail: contact@kpmg.no Web site: http://www.kpmg.no =========== R U S S I A =========== EKATERININSKOYE: Proofs of Claim Deadline Expires Next Week ----------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Ekaterininskoye after finding the state- owned enterprise insolvent. The case is docketed as A60- 5543/2005-S3. Mr. Y. Suzdalev has been appointed insolvency manager. Creditors have until July 25, 2005 to submit their proofs of claim to 620048, Russia, Ekaterinburg, Post User Box 23. CONTACT: EKATERININSKOYE Russia, Ekaterinburg, Danilovskaya Str. 22 Mr. Y. Suzdalev Insolvency Manager 620048, Russia, Ekaterinburg, Post User Box 23 KASHIN-DOR-STROY: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on open joint stock company Kashin-Dor- Stroy (TIN 6909003553). The case is docketed as A66-3916/2005. Mr. O. Akinshin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 171640, Russia, Tver region, Kashin, Kalininskoye Shosse. CONTACT: KASHIN-DOR-STROY 171640, Russia, Tver region, Kashin, Kalininskoye Shosse Mr. O. Akinshin Temporary Insolvency Manager 171640, Russia, Tver region, Kashin, Kalininskoye Shosse KIT OKA: Sets Pubic Auction July 26 ----------------------------------- The bidding organizer of open joint stock company Kit Oka will sell its property on July 26, 2005, 11:00 a.m. (Moscow time). The public auction will take place at Russia, Tula, Krasnoarmeyskiy Pr. 7. The assets for sale are: Lot 1: Buildings for a starting price of RUB12,000,000; Lot 2 and 3: Equipment for a starting price of RUB288,000 each; Lot 4: Five units of building constructions and 21 units of machinery and equipment for a starting price of RUB2,046,050 (inclusive of VAT). Preliminary examination and reception of bids are done from 9:00 a.m. to 4:00 p.m. until July 22, 2005. The list of documentary requirements is available at Russia, Tula, Krasnoarmeyskiy Pr. 7. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the settlement account 40702810200000000499 at OJSC Bank RULSKIY PROMYSHLENNIK, Tula, BIC 047003729, correspondent account 30101810700000000729. CONTACT: KIT OKA 300040, Russia, Tula, Epifanskaya Str. 191 Phone: 8-0872-200-125 LLC ACTIVE GOUPE Bidding Organizer Russia, Tula region, Krasnoarmeyskiy Pr. 7 Phone: 8-0872-200-125 KRYMSKIY: Bankruptcy Hearing Resumes August ------------------------------------------- The Arbitration Court of the Republic of Krasnodar has commenced external management bankruptcy procedure on open joint stock company Krymskiy. The case is docketed as A32-29591/2004-1/205 B. Mr. R. Kovtunenko has been appointed external insolvency manager. A hearing will take place on Aug. 15, 2005. CONTACT: KRYMSKIY 353383, Russia, Krasnodar region, Krymsk, Sverdlova Str. 2 Mr. R. Kovtunenko External Insolvency Manager 353383, Russia, Krasnodar region, Krymsk, Sverdlova Str. 2 SIB-STROY-MECHANIZATION: Last Day for Filing Claims August 25 ------------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region commenced bankruptcy proceedings against Sib-Stroy-Mechanization after finding the limited liability company insolvent. The case is docketed as A-75-135-B/04 and A-75-1432/2005. Mr. D. Shapoval has been appointed insolvency manager. Creditors have until Aug. 25, 2005 to submit their proofs of claim to 628183, Russia, Khanty-Mansiyskiy autonomous region, Tyumen region, Nyagan, Novosibirskaya Str. 12. CONTACT: Mr. D. Shapoval Insolvency Manager 628183, Russia, Khanty-Mansiyskiy autonomous region, Tyumen region, Nyagan, Novosibirskaya Str. 12 SPASSKOYE: Gives Creditors Until Next Week to File Claims --------------------------------------------------------- The Arbitration Court of Penza region commenced bankruptcy proceedings against Spasskoye after finding the open joint stock company insolvent. The case is docketed as A49-2438/05-43b/10. Ms. O. Volkova has been appointed insolvency manager. Creditors have until July 25, 2005 to submit their proofs of claim to 442153, Russia, Penza region, N. Lomov, Sergeeva Str. 82, Apartment 61. CONTACT: SPASSKOYE Russia, Penza region, Bednodemyanosk, Lenina Str. 108 Ms. O. Volkova Insolvency Manager 442153, Russia, Penza region, N. Lomov, Sergeeva Str. 82, Apartment 61 TOKAMAK: Deadline for Proofs of Claim August 25 ----------------------------------------------- The Arbitration Court of Vladimir region commenced bankruptcy proceedings against Tokamak (TIN 3321003190, KPP 332101001) after finding the open joint stock company insolvent. The case is docketed as A1101196/2004-K1-18B. Mr. E. Tsutskikh has been appointed insolvency manager. Creditors have until August 25, 2005 to submit their proofs of claim to 601141, Russia, Vladimir region, Petushki, Klyamenskaya Str. 43. CONTACT: TOKAMAK 601141, Russia, Vladimir region, Petushki, Klyamenskaya Str. 43 Mr. E. Tsutskikh Insolvency Manager 601141, Russia, Vladimir region, Petushki, Klyamenskaya Str. 43 TYUMRYUK-REM-TEKH-ENTERPRISE: Succumbs to Bankruptcy ---------------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Tyumryuk-Rem-Tekh-Enterprise after finding the open joint stock company insolvent. The case is docketed as A-32-13812/2004-27/114-B. Mr. A. Nefedov has been appointed insolvency manager. Creditors have until August 25, 2005 to submit their proofs of claim to 350003, Russia, Krasnodar region, Post User Box 5335. A hearing will take place on June 1, 2006. CONTACT: TYUMRYUK-REM-TEKH-ENTERPRISE Russia, Krasnodar region, Temryuk, Promyshlennaya Str. 23 Mr. A. Nefedov Insolvency Manager 350003, Russia, Krasnodar region, Post User Box 5335 Phone: (8612) 62-97-27 UNIVERSAL-S: Selling Assets Worth RUB1.5 Mln Next Week ------------------------------------------------------ The insolvency manager and bidding organizer of open joint stock company Universal-S will sell its property on July 25, 2005, 11:00 a.m. (Moscow time). The public auction will take place at Russia, Penza, Leningradskaya Str. 10. Up for sale are seven lots of industrial properties with different machineries for a starting price of RUB1,478,000. Preliminary examination and reception of bids are done daily from 9:00 a.m. to 6:00 p.m. until July 22, 2005. The list of documentary requirements is available at Russia, Penza, Leningradskaya Str. 10. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the settlement account 40702810215010000096 in OJSC Rosselbank on or before July 22, 2005. CONTACT: UNIVERSAL-S Russia, Penza region, Penza region, Zasechnoye, Surskaya Plotina Ms. S. Silchenko Insolvency Manager/Bidding Organizer Russia, Penza region, Leningradskaya Str. 10 Phone: (8412) 63-59-89 VOZROZHDENIYE BANK: Moody's Ups Deposit Rating to B1 ---------------------------------------------------- Moody's Investors Service has upgraded to B1 from B2 Vozrozhdeniye Bank's long-term foreign currency deposit rating. The bank's Financial Strength Rating (FSR) remains unchanged at E+, and so does the short-term deposit rating at Not-Prime. The outlook for the ratings is stable. According to Moody's, the upgrade reflects the bank's growing franchise, together with material improvement in its financial fundamentals in the wake of the bank finally solving (in 2004 - 2005) its largest non-performing loan problem. The improvements include decreased single-party and industry concentration, increased returns and lower risks on the loan portfolio, as well as growing profitability and capitalization. Vozrozhdeniye Bank's participation in the recently introduced Deposit Insurance System is in Moody's opinion likely to alleviate its sensitivity to depositor runs, as well as increase the stability of its liabilities, which to a large extent comprise household deposits. Vozrozhdeniye Bank's E+ financial strength and B1/NP long- and short-term foreign currency deposit ratings take into account both the bank's relative size (it is one of the top-ranking 30 Russian banks in terms of assets, and among the top 10 in terms of household deposits), and its well-developed and growing business franchise. The bank has strong market positions in the Moscow region -- a region surrounding the city of Moscow, and one of the most promising banking markets in the country. The bank's positions are defended by its branch network that is the largest among private banks in the region, and by its first-mover advantage. The bank's tight capitalization remains the most important factor constraining its ratings. The shareholders have limited resources to regularly increase the capital, and the bank plans to generate most of the required capital internally, while continuing to grow at a fast rate. Moody's cautions that, although the bank's plans are feasible, any mismanagement of growth, inability to raise capital when needed, or failure to meet profitability targets may jeopardize its capital adequacy and have negative rating implications. The ratings reflect Vozrozhdeniye Bank's credit standing on a stand-alone basis without imputing support, either from the government or from the owners. In 1998, Vozrozhdeniye was one of few banks that managed to negotiate support from the Central Bank. State support for the bank in the future, in case of need, cannot be ruled out, even though the bank does not fully meet "too-important-to-fail" criteria. Vozrozhdeniye Bank is headquartered in Moscow, Russian Federation, and reported total assets under IFRS of US$1,091 million as of end-2004 (2003: US$909 million). 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 VYAZNIKOVSKIY FLAX: Public Auction Set Next Week ------------------------------------------------ The bidding organizer of open joint stock company Vyaznikovskiy Flax Combine will sell its property on July 26, 2005, 10:00 a.m. (Moscow time). The public auction will take place at Russia, Moscow, Nizhegorodskaya Str. 32, Rooms 15 and 16. The assets for sale are: Lot 1: 20% stake in OJSC VYAZNIKOVSKIY FLAX COMBINE for a starting price of RUB2,500,000; and Lot 2: Building for a starting price of RUB250,000. The list of documentary requirements is available at Russia, Moscow, Nizhegorodskaya Str. 32, Rooms 15 and 16. To participate, bidders must deposit an amount equivalent to 20% of the starting price to the settlement account 40702810000000080960 at CB Expobank (LLC), Moscow, BIC 044585460, correspondent account 30101810900000000460, TIN 7710426283/KPP 771001001. CONTACT: INVESTMENT COMPANY TSK Bidding Organizer Russia, Moscow region, Nizhegorodskaya Str. 32, Rooms 15 and 16 Phone: (095) 786-36-90 (additional 12-99) YUKOS OIL: Court to Hear Appeal on Yugansk Sale Next Week --------------------------------------------------------- Moscow's arbitration court postponed until July 25 the preliminary hearing on Yukos' appeal to negate Yuganskneftegaz's auction in December, according to RIA Novosti. The court session was postponed to allow the defendants time to review the documents concerning the claimed amount. During the session on July 18, the court refused Yukos' appeal to present additional documents relevant to the contested auction procedures. Yukos is demanding that the defendants collectively pay the amount of US$11.3 billion in damages caused by the sale of Yuganskneftegaz shares. The defendants are the Russian Federal Property Fund (RFPF), BaikalFinance Group, Rosneft, Gazpromneft, Gazprom, and the Russian Ministry of Finance. Yukos defense lawyers claim the auction was conducted with "numerous violations of Russian legislation and international law, including the Human Rights Convention." In addition, they claim the RFPF deliberately lowered the initial price of the bloc of Yuganskneftegaz shares and violated bidding rules. On November 18, 2004, bailiffs announced the auction to cover Yukos' tax debt, which at the time was over US$20 billion. On December 19, the RFPF sold a bloc of Yuganskneftegaz shares for US$9.3 billion to BaikalFinance Group, which was later acquired by Rosneft. According to the Russian Ministry of Justice, on June 29, 2005, Yukos' remaining debt amounted to US$2 billion. 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: Moscow Court Admits Yugansk's Amended Claim ------------------------------------------------------ The Moscow Arbitration Court has recognized an updated claim of Yuganskneftegaz against former parent Yukos Oil, Interfax says. Yuganskneftegaz amended its claim for damages against Yukos, increasing it by 150% to EUR6.6 billion. The court, however, has yet to rule on the claim. Yuganskneftegaz accused Yukos of mismanagement between 1999 and 2003, selling its oil to intermediary groups at below market prices. The acceptance of the claim is another blow to Yukos, which saw Yuganskneftegaz, formerly its largest production unit, land in the hands of state-owned Rosneft through a controversial auction. The hearing will resume August 23. CONTACT: OAO NK YUKOS 31A, Dubininskaya St. 115054 Moscow, Russia Phone: +7-95-232-3161 Fax: +7-95-232-3160 Web site: http://www.yukos.com YUKOS OIL: Strikes Deal with Lithuania on Mazeikiu Stake -------------------------------------------------------- Yukos Oil and the government of Lithuania have already reached a consensus on the disputed 10% stake in Mazeikiu Nafta, the only refinery in the Baltic region, Reuters says. Yukos and Lithuania hold 53.7% and 40.66% stakes respectively in Mazeikiu. Both insist they have a right to acquire an extra 10% from each other. In an interview with Reuters, Mazeikiu board Chairman Nerijus Eidukevicius confirmed negotiations have ended but declined to reveal the result until the government is informed about it. Mr. Eidukevicius, who also serves as Lithuania's deputy economy minister, said: "We will present the results to the government and wider comments will be available in two to three weeks." Prime Minister Algirdas Brazauskas is currently on vacation until the end of the month while the cabinet is not set to meet before August. Also interested in the stake are BP's Russian vehicle TNK-BP, Russian oil giant Gazprom and U.S. oil group ConocoPhillips. CONTACT: OAO NK YUKOS 31A, Dubininskaya St. 115054 Moscow, Russia Phone: +7-95-232-3161 Fax: +7-95-232-3160 Web site: http://www.yukos.com AB MAZEIKIU NAFTA Juodeikiai, LT- 89467 Mazeikiai District, Lithuania Phone: +370 443 9 21 21 Fax: +370 443 9 25 25 E-mail: post@nafta.lt Web site: http://www.nafta.lt TNK-BP 67, Lenin Street Tyumen, Russia 625000 Phone: +7 3452 46-50-12 Fax: +7 3452 25-18-19 Web site: http://www.tnk-bp.com OAO GAZPROM 16 Nametkina 117884 Moscow, B-420 Phone: +7-095-719-3001 Fax: +7-095-719-8333 Web site: http://www.gazprom.ru CONOCOPHILLIPS 600 North Dairy Ashford P.O. Box 2197 Houston, TX 77252-2197 Phone: 281.293.1000 Web site: http://www.conocophillips.com =========== S W E D E N =========== AB ELECTROLUX: Material Costs Hit Second-quarter Earnings --------------------------------------------------------- The high costs of raw materials reportedly hit AB Electrolux in the second quarter. Pre-tax earnings plunged to SEK1.7 billion (excluding one-off items) from SEK2.14 billion a year ago. The Swedish household appliance maker, according to The Financial Times, has also stressed that full-year profits would be slightly lower than last year's figures. Chief Executive Hans Straberg said: "We were able to raise prices in several markets, but this could not fully compensate for the substantial cost increases." The tough market has reportedly forced the company to spend at least SEK8 million in restructuring costs, which involves job cuts and shifting production to countries where labor is cheaper. It has revealed plans of shutting down a lawn mower plant in Parabiaggio, Italy in the fourth quarter of this year and the refrigerator factory in Fuenmayor, Spain in the fourth quarter of 2006. These closures, which would affect about 450 and 100 workers respectively, would bring in charges of SEK550 million in the third quarter, sending restructuring costs to at least SEK3 billion in 2005. In June, AB Electrolux started reviewing operations at its factory in Nuremberg, Germany. The site manufactures washing machines, dishwashers and dryers. Closing it down would leave 1,750 jobless, with costs reaching around SEK2 billion. CONTACT: AB ELECTROLUX St. Goransgatan 143 Stockholm, Sweden Phone: +46-8-738-6000 Fax: +46-8-656-4478 Web site: http://www.electrolux.com CONCORDIA BUS: Noteholders Accept Restructuring Terms ----------------------------------------------------- An agreement in principle on the terms of a restructuring has been reached between: (a) Concordia Bus AB (Bus) and Concordia Bus Nordic AB (Nordic, and together with Bus and Concordia Bus Nordic Holding AB, the 'Concordia Group'); (b) an ad hoc committee (the Subordinated Ad Hoc Committee) representing at least 75% of holders of Bus' 11% Senior Subordinated Notes; (c) an informal group (the Senior Group Members) of holders of a majority of Nordic's 9.125% Senior Secured Notes; and (d) the principal ultimate equity holders in the Concordia Group have reached agreement in principle on the terms of a restructuring. Documentation for the Restructuring, including a restructuring agreement, has been substantially finalized and is expected to be circulated for execution shortly. The Concordia Group believes that the Restructuring will improve the capital structure of the Concordia Group. Nordic also confirms that it intends to pay the interest due on the Senior Notes on August 1, 2005. The Restructuring Agreement will require Bus to make an application for reorganization proceedings in the District Court in Stockholm, Sweden. The proceedings are expected to result in the face amount of all the Subordinated Notes being reduced from 100% to 25% and the Restructuring Agreement requires holders of Subordinated Notes who consent to the Restructuring to exchange their reduced debt securities (including all principal, all accrued and unpaid interest and any other amounts due thereon) for ordinary shares of Bus, which will constitute, subject to the terms of a management incentive plan, 97.5% of the issued ordinary share capital of Bus (the "Debt-to-Equity Swap"). In addition to the Debt-to-Equity Swap, the Restructuring Agreement will provide for: (a) Third-party Tender Offer: a tender offer by or on behalf of certain members (the Offerors) of the Subordinated Ad Hoc Committee to purchase at a price equivalent to the principal face amount of the Senior Notes (plus all accrued and unpaid interest thereon) all the outstanding Senior Notes except the 40.9% held as of [Tuesday's] date by members of the Subordinated Ad Hoc Committee, to be completed before September 1, 2005 and conditional only upon the successful completion of the Consent Solicitation referred to below. Senior Group Members will tender their Senior Notes in the Third Party Tender Offer. As consideration for conducting the Third Party Tender Offer Nordic will pay the Offerors a fee of 3% of the aggregate principal amount of Senior Notes not held by members of the Subordinated Ad Hoc Committee and tendered into the Third Party Tender Offer; (b) Revised Consent Solicitation: a revised consent solicitation by Nordic, amending and restating its pending consent solicitation, to be commenced simultaneously with the Third Party Tender Offer, seeking, in exchange for a consent fee of EUR40 for each EUR1,000 principal amount of Senior Notes, (i) consents to certain amendments to the indenture governing the Senior Notes, and (ii) an undertaking by holders of Senior Notes who deliver their consents not to participate in the change of control offer that will be made after the successful consummation of the Restructuring. The proposed amendments will not take effect unless and until both the consent fee and the tender offer payments have been made. Senior Group Members and members of the Subordinated Ad Hoc Committee who hold Senior Notes will deliver their consents to Nordic pursuant to the terms of the Revised Consent Solicitation. Consents to be provided by the Senior Group Members will be sufficient to permit the amendments to the Indenture that will be requested in the Revised Consent Solicitation; and (c) Bridge Facility: the borrowing by Concordia Bus Nordic Holding AB, a direct subsidiary of Bus and the direct parent of Nordic, of not less than EUR25,000,000 which will (i) provide liquidity to the Concordia Group, (ii) cover some of the costs of the Restructuring and (iii) repay an outstanding loan to Nordic of approximately EUR4,800,000; and, upon the successful consummation of the Restructuring: (d) Mezzanine Facility: the borrowing by Bus of EUR45,000,000, of which an amount equal to the amount borrowed under the Bridge Facility will be used to refinance and pay the costs of the Bridge Facility, approximately EUR5,000,000 will be retained to pay Bus' expenses and the remainder will be indirectly contributed to Nordic as equity; and (e) Change of Control Offer: a change of control offer by certain members of the Subordinated Ad Hoc Committee, to be made to all holders of Senior Notes but that may only be accepted by holders of Senior Notes who do not deliver consents in the Consent Solicitation, have not tendered their Senior Notes in the Third Party Tender Offer and are not members of the Subordinated Ad Hoc Committee. The Change of Control Offer will be made at a purchase price of 101% of the aggregate principal amount of the Senior Notes accepting the offer (plus any accrued and unpaid interest), and will be completed within not less 30 calendar days and not more than 90 calendar days following the successful consummation of the Restructuring. The Change of Control Offer will be made in accordance with the provisions of the Indenture, which relieve Nordic of its obligation to conduct a Change of Control Offer if a third party does so in the manner, at the times and otherwise in compliance with the Indenture. The funds for the Bridge Facility and the Mezzanine Facility will be provided by certain members of the Subordinated Ad Hoc Committee. The fees payable in connection with these facilities will equal up to 2% of the amount of such facilities and 3% with respect to the Change of Control Offer. The terms of these facilities are provided in greater detail in the schedule attached to this announcement. "We are very satisfied that the negotiations have ended successfully," said Ragnar Norback, Chief Executive Officer of Nordic. "This will benefit the Concordia Group and enable us to fully concentrate on further strengthening our competitiveness and on growing our business on the Swedish, Finnish and Norwegian bus transport markets. I am proud of the excellent work done in the Concordia Group to develop our business during the arduous process of negotiating the restructuring." The Debt-to-Equity Swap will be subject to certain conditions including a material adverse change condition. The above is a summary only and investors are strongly advised to read the Restructuring Agreement. It will contain additional important information not included in this summary. This announcement is not a solicitation of consents with respect to any securities. The Solicitation is being made solely by the Consent Solicitation dated 16 March 2005, as amended from time to time. This announcement is not an offer to sell securities in the United States. Securities may not be offered or sold in the United States other than pursuant to registration under the United States Securities Act of 1933, as amended, (the "Act") or an exemption from such registration. No public offering of securities has been or will be made in the United States and, accordingly, neither the Company nor any of its subsidiaries are or will register any securities under the Act. * * * Concordia Bus operates bus systems under contracts with public transportation authorities in Sweden (through Swebus), Norway (through SBC), and Finland (through Concordia Finland). It has 9,000 employees, annual revenue of SEK4,813 million (preliminary full year group profit and loss ending Feb. 28, 2005), and total net assets of SEK2,852 million. Company profile is available at http://bankrupt.com/misc/Concordia_Profile.htm CONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED Financial advisers to Concordia Bus Nordic AB 5th Floor One Canada Square London E14 5AA Contact: Tony Alvarez III Phone: +44 (0) 207 715 5200 E-mail: TAlvarezIII@alvarezandmarsal.com CONCORDIA BUS NORDIC AB Contact: Ragnar Norback Phone: +46(0)854630141, +46(0)701871040 Per Skargard Phone: +46(0)854630021 GAVIN ANDERSON & COMPANY Richard Constant/Candace Carpenter Phone: +44(0)207.554.1400 PREEM HOLDINGS: Ratings Unchanged After Notes Issuance News ----------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings and outlook on Sweden-based oil refinery operator Preem Holdings AB (BB-/Stable/--) were unchanged following an announcement by its owner, Corral Petroleum Holding AB, that it plans to issue EUR500 million of payment-in-kind (PIK) notes. In issuing this additional debt-like liability Preem is using up most, if not all, of its current financial flexibility. This increases the likelihood that the company could be downgraded should the economic environment deteriorate. Preem is benefiting from an extremely cash flow generative refining market at the moment, however, and is expected to continue to do so until the end of 2005 at least. In addition, the company's cash flow is expected to improve from the third quarter of 2006 as a large capital expenditure project (the group's isocracker unit) is expected to come on stream. Standard & Poor's considers PIK notes to be debt-like liabilities and consolidates them in the group's overall debt figure. In particular, the PIK notes proposed by Corral contain a call option nine months after issue, which makes it quite likely that, should market conditions allow, this expensive type of debt could need to be refinanced. Crucially, the indebtedness of Preem could increase if the bond needs to be refinanced. The bond matures in 2010 and will not be rated by Standard & Poor's. We expect, therefore, the company's funds- from-operations-to-net-debt ratio to remain at more than 20% (including the PIK as debt), which is the threshold for the ratings. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com SCANDINAVIAN AIRLINES: To Service 52 Routes for Swedish Govt ------------------------------------------------------------ Following a procurement procedure, the Swedish government has chosen Scandinavian Airlines Sweden as the supplier for all 52 domestic routes for which SAS submitted a tender. "The Government's purchase confirms our success in the Swedish domestic market," says Anders Ehrling, president of Scandinavian Airlines Sweden. "We fly to the greatest number of destinations and have the most departures. In addition, we have made it easier and less expensive to fly domestically with us and more and more people are choosing SAS." The procurement procedure was conducted by FM-LOG, the government authority responsible for the contracts, and covers all domestic travel. The contracts extend from September 1, 2005 through August 31, 2006, with an extension option. The exceptions are the routes from Stockholm to Gothenburg, Malmo and Umea, for which the current contracts are being extended. "The Swedish government is an important customer for us, and the new contracts are very significant," states Mr. Ehrling. "The total value on an annual basis is several hundred million Swedish krona. We are therefore pleased that we were chosen for all the routes for which we submitted tenders." CONTACT: SCANDINAVIAN AIRLINES Ulrika Fager Phone: + 46 70 997 3451 Stefan Larsson, Director Passenger Sales STOAA Phone: + 46 70 626 5033 SCANDINAVIAN AIRLINES SWEDEN Press service Phone: + 46 8 797 3330 =========== T U R K E Y =========== TURKCELL ILETISIM: S&P Keeps Rating on CreditWatch Positive ----------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B' long-term foreign currency corporate credit rating on leading Turkish mobile operator, Turkcell Iletisim Hizmetleri A.S., remains on CreditWatch with positive implications, where it was placed on March 25, 2005. The 'B' senior unsecured debt rating on related entity Cellco Finance N.V. also remains on CreditWatch with positive implications. The CreditWatch placement followed the announcement that TeliaSonera AB (A/Negative/A-1) was to take control of the company through the purchase of a further 53% interest in Turkcell Holding A.S., Turkcell's parent company. "Although this transaction is not now expected to proceed, the ratings remain on CreditWatch with positive implications following the announcement by the Cukurova group, one of Turkcell's major owners, that it has reached an agreement with the Russian Alfa Group," said Standard & Poor's credit analyst Simon Redmond. The agreement could result in Alfa becoming a third significant shareholder in Turkcell, with a 13.2% indirect stake. The future control and balance of board membership of Turkcell is therefore unclear at present. "Standard & Poor's considers that ratings upside is still possible if the identity of, and balance of control between, the new owners is not seen as a major weight on the ratings," added Mr. Redmond. "In particular, the reduction of financially weak Cukurova's influence on Turkcell could be positive." The effective ownership interests of Cukurova and TeliaSonera are currently 40.3% and 37.1%, respectively. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com VAKIF BANK: S&P Assigns 'BB-' Counterparty Credit Rating -------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-/B' counterparty credit and certificate of deposit ratings to Turkey-based Turkiye Vakiflar Bankasi T.A.O. (VakifBank). At the same time, the 'Bpi' public information rating on the bank was withdrawn. The outlook is stable. The ratings on VakifBank balance the risky banking and economic environment in the Republic of Turkey (foreign currency, BB- /Stable/B; local currency, BB/Stable/B), the bank's vulnerable asset quality, and tight capitalization with VakifBank's indirect state ownership and association with charitable foundations, good customer franchise, and strong--albeit concentrated--deposit base. In addition, the bank's financial performance has been on a strong positive trend since 2002-- along with the rest of the Turkish banking sector. Turkish banks, which finance a large part of government debt, are still at the mercy of the state's monetary policies. Government securities represent a significant portion of the bank's balance sheet, but are lower than the sector's average and are reducing. VakifBank is the seventh-largest bank in Turkey and is majority-owned by the state through the General Directorate of Foundations. Traditionally more of a corporate bank, VakifBank has increased its retail-banking profile in the past decade, with retail loans now representing about 50% of its loan book. The bank's strategy focuses on increasing lending, particularly to small and midsize enterprises and retail customers, and increasing non-interest revenues. The stable outlook reflects that on the Republic of Turkey. VakifBank's strategy is proactive and is adapting to the changing economic and banking environment in Turkey. "If the positive economic developments continue, the bank will benefit from the lower cost of funds and increasing business opportunities," said Standard & Poor's credit analyst Magar Kouyoumdjian. "Conversely, if confidence deteriorates, VakifBank will have to operate in a difficult and volatile financial environment with limited lending opportunities, making progress on asset quality and profitability much more uncertain," he added. The impact of VakifBank's planned privatization on its creditworthiness will depend on the strength and commitment of any strategic shareholder. However, the bank already operates as a private commercial bank, hence the impact of privatization should be minimal with a smooth transformation process. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address FIG_Europe@standardandpoors.com ============= U K R A I N E ============= ALFA: Donetsk Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy proceedings against Alfa (code EDRPOU 14310626) on April 21, 2005 after finding the open joint stock company insolvent. The case is docketed as 32/44 B. Mr. A. Buryak (License Number AA 783120) has been appointed liquidator/insolvency manager. CONTACT: ALFA Ukraine, Donetsk region, Kramatorsk, Yuvilejna Str. 70 Mr. A. Buryak Liquidator/Insolvency Manager Ukraine, Donetsk region, Druzhkivska Str. Lvivska Str. 36 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 BOGODUHIVSKA AGROTEHNIKA: Declared Insolvent -------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Bogoduhivska Agrotehnika (code EDRPOU 03761260) on May 23, 2005 after finding the state agricultural enterprise insolvent. The case is docketed as B-39/13-04. Mr. Dmitro Zadruzhnij (License Number AB 216763) has been appointed liquidator/insolvency manager. The company holds account number 260063124 at JSPPB Aval, Bogoduhiv branch, MFO 350589. CONTACT: BOGODUHIVSKA AGROTEHNIKA 64050, Ukraine, Harkiv region, Bogoduhiv district, Maksimivka Mr. Dmitro Zadruzhnij Liquidator/Insolvency Manager 61057, Ukraine, Harkiv region, Pushkinska Str. 5, room 408 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8-th entrance DZERZHINSK' AUTO 11478: Court Appoints Insolvency Manager --------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Dzerzhinsk' Auto Transport Enterprise-11478 (code EDRPOU 03116281) after finding the limited liability company insolvent. The case is docketed as 42/157 B. Mr. V. Paterilov (License Number AA 783055) has been appointed liquidator/insolvency manager. The company holds account number 26007275032790 at Ukjrsocbank, Gorlivka branch, MFO 334088. CONTACT: DZERZHINSK' AUTO TRANSPORT ENTERPRISE-11478 85200, Ukraine, Donetsk region, Dzerzhinsk, Dzerzhinskij Str. 6 Mr. V. Paterilov Liquidator/Insolvency Manager 83050, Ukraine, Donetsk region, a/b 6915 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 GNIDAVA AUTO: Declares Bankruptcy --------------------------------- The Economic Court of Volinska region commenced bankruptcy proceedings against Gnidava Auto (code EDRPOU 32498919) on May 23, 2005 after finding the limited liability company insolvent. The case is docketed as 7/61-B. Mr. Zhilich Oleksandr (License Number AA 140403) has been appointed liquidator/insolvency manager. The company holds account number 26001055482030 at CB Privatbank, MFO 303440. CONTACT: GNIDAVA AUTO 43020, Ukraine, Lutsk region, Rankova Str. 1 Mr. Zhilich Oleksandr Liquidator/Insolvency Manager Ukraine, Lutsk region, Shota Rustaveli Str. 11/77 ECONOMIC COURT OF VOLINSKA REGION 43010, Ukraine, Lutsk region, Voli Avenue, 54-a LISYANKA COMBI: Names Volodimir Rekun Liquidator ------------------------------------------------ The Economic Court of Cherkassy region commenced bankruptcy proceedings against Lisyanka Combi Food Combine (code EDRPOU 00687876) after finding the limited liability company insolvent. The case is docketed as 01-08/227. Mr. Volodimir Rekun (License Number AA 140456) has been appointed liquidator/insolvency manager. The company holds account number 25606301353 at Oshadbank, Lisyanka branch 2971, MFO 354507. CONTACT: LISYANKA COMBI FOOD COMBINE Ukraine, Cherkassy region, Lisyanka, Zvenigorodska Str. 1 Mr. Volodimir Rekun, Liquidator/Insolvency Manager 18005, Ukraine, Cherkassy region, Ilyin Str. 330/16 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 NOVOMIRGOROD' RAJAGROHIM: Succumbs to Insolvency ------------------------------------------------ The Economic Court of Kirovograd region commenced bankruptcy proceedings against Novomirgorod' Rajagrohim (code EDRPOU 05489483) on May 12, 2005 after finding the open joint stock company insolvent. The case is docketed as 9/285. Ms. O. Muravska (License Number AB 116067) has been appointed liquidator/insolvency manager. CONTACT: NOVOMIRGOROD' RAJAGROHIM Ukraine, Kirovograd region, Novomirgorod, Sadova Str. 37 Ms. O. Muravska Liquidator/Insolvency Manager 25031, Ukraine, Kirovograd region, Geroiv Stalingradu Str. 32/115 THE ECONOMIC COURT OF KIROVOGRAD REGION Ukraine, Kirovograd region, Lunacharski str. 29 STAROKRIMSKIJ REINFORCED: Insolvency Breaks Concrete Group ---------------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Starokrimskij Reinforced Concrete Products Plant (code EDRPOU 20685262) after finding the company insolvent. The case is docketed as 2-20/7063-2004. Mr. Oleksij Sherbina (License Number AA 719799) has been appointed liquidator/insolvency manager. CONTACT: STAROKRIMSKIJ REINFORCED CONCRETE PRODUCTS PLANT Ukraine, AR Krym region, Starij Krym, Lenin Str. 1 Mr. Oleksij Sherbina, Liquidator/Insolvency Manager Ukraine, AR Krym region, Simferopol, Alushtinska Str. 21 THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 UKRSPETSPROM: Under Bankruptcy Supervision ------------------------------------------ The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC Ukrspetsprom (code EDRPOU 31285292). The case is docketed as B-19/44-05. Mr. Y. Artyuh (License Number AA 783114) has been appointed temporary insolvency manager. The company holds account number 26008030000402 at JSB Factorial-Bank, MFO 351715. CONTACT: UKRSPETSPROM Ukraine, Harkiv region, Peremogi Avenue, 68 B/56 Mr. Y. Artyuh Temporary Insolvency Manager 61002, Ukraine, Harkiv region, Melnikov Str. 8/6 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance UST-CHORNYANSKIJ WOOD: Collapses into Bankruptcy ------------------------------------------------ The Economic Court of Zakarpatska region commenced bankruptcy proceedings against UST-Chornyanskij Wood Combine after finding the open joint stock company insolvent. Mr. Igor Savchuk (License Number AA 719871) has been appointed liquidator/insolvency manager. CONTACT: UST-CHORNYANSKIJ WOOD COMBINE Ukraine, Zakarpatska region, Tyachiv Mr. Igor Savchuk Liquidator/Insolvency Manager Ukraine, Zakarpatska region, Rahiv, Miru Str. 5/62 ECONOMIC COURT OF ZAKARPATSKA REGION 88000, Ukraine, Uzhgorod region, Kotsubinski Str. 2a YUVILEJNIJ: Liquidator Takes over Operations -------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Yuvilejnij (code EDRPOU 13628289) on May 12, 2005 after finding the trading company insolvent. The case is docketed as 25/92. Mr. Y. Arhipov (License Number AA 419211) has been appointed liquidator/insolvency manager. CONTACT: YUVILEJNIJ Ukraine, Zaporizhya region, Orihiv, Leningradskih Kursantiv Str. 53 Mr. Y. Arhipov Liquidator/Insolvency Manager 69013, Ukraine, Zaporizhya region, Radishev Str. 85 ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 =========================== U N I T E D K I N G D O M =========================== ABSTRACT & HART: Bristol District Court Orders Liquidation ---------------------------------------------------------- Company Name: Abstract & Hart Limited Company Registration Number: 3275860 Address of Registered Office: 40-42 High Street, Maldon, Essex, CM9 7PN. Court: Bristol District Registry Date of Filing Petition: 21 April 2005 No. of Matter: 1923 of 2005 Date of Winding-up Order: 22 June 2005 Official Receiver's Address: 4th Floor, Central House, 8 Clifftown Road, Southend-on-Sea, Essex, SS1 1AB ACROSSFORM PROJECTS: Files Winding-up Petition ---------------------------------------------- Company Name: Acrossform Projects Limited Company Registration Number: 02795367 Address of Registered Office: Rainbow Centre, Phoenix Way Enterprise Park, Llansamlet, Swansea, SA7 9EH Court: Bristol District Registry Date of Filing Petition: 5 May 2005 No. of Matter: 2058 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver's Address: 2nd Floor, Sun Alliance House, 166- 167 St Helens Road, Swansea, SA1 5DL ADVANCED TRANSACTION: Goes into Liquidation ------------------------------------------- Company Name: Advanced Transaction Services Limited Company Registration Number: 04030825 Address of Registered Office: 21 Wilson Street, London, EC2M 2TD Court: Bristol District Registry Date of Filing Petition: 5 May 2005 No. of Matter: 2041 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver's Address: 21 Bloomsbury Street, London, WC1B 3SS AGENDA COUTURE: Owners Opt for Liquidation ------------------------------------------ At an Extraordinary General Meeting of Agenda Couture Limited, duly convened, and held at The Royal Hotel, High Street, Southend-on-Sea, Essex SS1 1JE, on Thursday 30 June 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as Ordinary Resolutions respectively: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that Robert Valentine and Mark Reynolds, of Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed Joint Liquidators of the Company for the purposes of the voluntary winding-up and that the Joint Liquidators be authorized to act jointly and severally in the liquidation." M S Swain, Chairman * * * Agenda Couture produces leather clothes. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com ALLIED TELECOMMUNICATIONS: Calls in Administrators -------------------------------------------------- Name of company: ALLIED TELECOMMUNICATIONS LIMITED (Company No 04521371) Nature of Business: Telecommunication and Other Services Trade Classification: 46 Date of Appointment: July 6, 2005 Joint Administrators' Names and Address: Andrew Andronikou and Ladislav Hornan (IP Nos 1253 and 2059), both of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com ALL-TRAVEL MARKETING: Members Pass Winding-up Resolutions --------------------------------------------------------- The following written Resolutions of the Sole Members of the All-Travel Marketing Support Services Limited (Company Number: 2591493) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed joint liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member. * * * Previously named All-Travel Marketing and Support Services Limited. The company offers courier services. Its registered office is located at 141 Moorgate, London EC2M 6TX. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com ANT SCAFFOLDING: Falls into Liquidation --------------------------------------- Company Name: Ant Scaffolding Limited Company Registration Number: 04696965 Address of Registered Office: 9 The Crecent, Taunton, Somerset, TA1 4EA Court: Bristol District Registry Date of Filing Petition: 2nd March 2005 No. of Matter-1139 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver's Address: 4th Floor, 100 Victoria Street, Bristol, BS1 6BD APOLLO DESPATCH: Members Decide to Wind up Firm ----------------------------------------------- The following written Resolutions of the Sole Members of the Apollo Despatch Limited (Company Number: 1376212) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed Joint Liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member * * * The company offers Courier Services. Its registered office is located at 141 Moorgate, London EC2M 6TX CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com APPEAREARLY LIMITED: Shareholders Vote in Favor of Liquidation -------------------------------------------------------------- At an Extraordinary General Meeting of Appearearly Limited held at Cottons Centre, Hay's Lane, London SE1 2QE, on 30 June 2005, the following Resolution was duly passed as an Extraordinary Resolution: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily and that George Ronald Kennedy, of Knollys House, 11 Byward Street, London EC3R 5EN, Solicitor, be and he is hereby appointed Liquidator for the purposes of such winding-up." A & R METAL: Calls in Liquidators --------------------------------- At an Extraordinary General Meeting of the Members of A & R Metal Finishers Ltd., duly convened, and held at Express By Holiday Inn NEC, Bickenhill Parkway, Birmingham, West Midlands B40 1QA, on 11 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Lisa Hogg and David Field, of Wilson Field, The Annexe, The Manor House, 260 Ecclesall Road South, Sheffield S11 9UZ, be and are hereby appointed Joint Liquidators for the purposes of such winding-up." R Atkins, Director CONTACT: WILSON FIELD The Annexe The Manor House 260 Ecclesall Road South Sheffield South Yorkshire S11 9UZ Phone: 0114 235 6780 Fax: 0114 262 0661 ASHLEY COURT: Goes into Liquidation ----------------------------------- Company Name: Ashley Court Hotel Limited Company Registration Number: 04929636 Address of Registered Office-63 Ashley Hill, Bristol, BS7 9BE Court: Bristol District Registry Date of Filing Petition: 1 June 2005 No. of Matter-82 of 2005 Date of Winding-up Order: 7 July 2005 Official Receiver's Address: 4th Floor, 100 Victoria Street, Bristol, BS1 6BD AULT FOODS: Administrator from Smith & Williamson Moves in ---------------------------------------------------------- Name of company: AULT FOODS (UK) LIMITED (Company No 02402889) Nature of Business: Wholesale of Dairy Produce Trade Classification: 5133-Wholesale of Dairy Produce Date of Appointment: May 19, 2005 Joint Administrator's Name and Address: Stephen Robert Cork (IP No 8627), Smith & Williamson Limited, Bartlett House, 9-12 Basinghall Street, London EC2V 5NS CONTACT: SMITH & WILLIAMSON LIMITED Bartlett House 9-12 Basinghall Street, London EC2V 5NS Web site: http://www.smith.williamson.co.uk BEXLEYWAY LIMITED: Hires Joint Administrators from PKF ------------------------------------------------------ Name of company: BEXLEYWAY LIMITED (Company No 04758895) Nature of Business: Hire and Repair of Audio Visual Equipment Address of Registered Office: Knowle House, 4 Norfolk Park Road, Sheffield S2 3QE Date of Appointment: July 1, 2005 Joint Administrators' Names and Address: William Duncan and Ian C. Schofield (IP Nos 006440 and 002641), both of PKF UK LLP, Knowle House, 4 Norfolk Park Road, Sheffield S2 3QE CONTACT: PKF Knowle House 4 Norfolk Park Road Sheffield South Yorkshire S2 3QE Phone: 0114 276 7991 Fax: 0114 275 3538 BURSCOUGH REWINDS: Appoints Liquidators from PKF ------------------------------------------------ At an Extraordinary General Meeting of the members of Burscough Rewinds Limited, duly convened, and held at PKF (UK) LLP, Sovereign House, Queen Street, Manchester M2 5HR, on 8 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind-up the same, and accordingly that the Company be wound up voluntarily, and that Kerry Bailey and Jonathan D Newell, of PKF (UK) LLP, Sovereign House, Queen Street, Manchester M2 5HR, be and they are hereby appointed Joint Liquidators for the purposes of such winding-up and that they are empowered to act jointly and severally in all matters." CONTACT: PKF Sovereign House, Queen Street, Manchester M2 5HR Phone: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk CITY MOTORCYCLES: Court Accepts Winding-up Petition --------------------------------------------------- Company Name: City Motorcycles Limited Trading Name: City Motorcycles Limited Company Registration Number: 03621483 Address of Registered Office: 30-31 St James Place, Mangotsfield, Bristol, S Glos, BS16 9JB Court: Bristol District Registry Date of Filing Petition: 18 April 2005 No. of Matter: 1869 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver's Address: 4th Floor, 100 Victoria Street, Bristol, BS1 6BD COLLINS & AIKMAN: Puts European Units Under Administration ---------------------------------------------------------- Collins & Aikman Corporation's (OTC: CKCRQ) European companies have obtained a "group wide" Administration order pursuant to the jurisdiction of the English High Court in London. Simon Appell and Alastair Beveridge, amongst others, of Kroll UK have been appointed joint administrators of each of the companies. The companies included in the filing are located in the U.K., Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg, Netherlands, Spain and Sweden and have approximately 4,000 employees in 24 facilities. Collins & Aikman's European operations are expected to continue in the normal course of business without interruption while the Administrators assess appropriate options. "Over the past two months, we have discussed a number of alternatives with all of our constituents, including our major customers, in an effort to fashion a permanent solution to our liquidity and balance sheet issues across Europe," Commenting on the Administration, John R. Boken, Chief Restructuring Officer, said. "In the absence of a permanent solution acceptable to all parties, it became evident that applying to the English Court for a group wide Administration order would be the best course of action to maximize value for both our European and U.S. creditors." Mr. Boken added, "These actions will not impact our ongoing reorganization efforts in the United States. Furthermore, the Company's operations in Canada, Mexico and Brazil are unaffected." The consolidated Administration in Europe follows Collins & Aikman's May 17, 2005, Chapter 11 reorganization filing which covered substantially all of its subsidiaries in the United States. Applying for Administration Orders was concluded to be in the best interests of creditors, employees, customers and suppliers. The Administration Orders are expected to protect the businesses while the Administrators review the available options for the companies' operations, which is likely to include going concern sales of some or all of the European businesses. Mr. Appell, Joint Administrator, commenting upon the appointment, said: "Administration is a rescue-oriented procedure and will provide the best framework to consider all the options for the businesses. In conjunction with the Administration, we have arranged financing allowing us to continue Collins & Aikman's European operations in the normal course. Among our key objectives are minimizing disruption and protecting the inherent value in the business for the benefit of creditors and stakeholders." Additional information regarding the European group wide Administration will be available at http://www.collinsaikmaneurope.com/and information regarding the Chapter 11 reorganization is available at http://www.collinsaikman.com,or by calling the Company's toll- free Reorganization Information Line at 1-866-795-7641 or for international callers +1 310-432-4170. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debt. CONTACT: COLLINS & AIKMAN EUROPE Automotive Holding GmbH Kruetzpoort 16 47804 Krefeld Germany Phone: +49 2151 36336-0 Fax: +49 2151 36336-99 E-mail: sekretariat.krefeld@colaik.com COLLINS & AIKMAN: WL Ross to Fund U.K. Units in Administration -------------------------------------------------------------- WL Ross & Co. LLC provided a loan to the U.K. affiliates of Collins & Aikman Corporation. WL Ross is also preparing to provide additional financing to the other European subsidiaries under Administration in the U.K. Collins & Aikman disclosed that its European subsidiaries, including the U.K. affiliates to which WL Ross has provided this loan, had obtained an Administration order pursuant to the jurisdiction of the English High Court in London. Proceeds from the loan are expected to be used to fund working capital requirements and general corporate purposes during Administration. WL Ross is a substantial holder of Collins and Aikman bank debt and looks forward to working with other holders to bring the company out of bankruptcy quickly and was pleased to accommodate the immediate cash needs of its U.K. affiliates. WL Ross expects to work closely with Kroll Zolfo Cooper's initial efforts to stabilize the company in order to restore Collins & Aikman to its well-deserved and important position as a leading auto parts manufacturer and to strengthen its long-term relationships with automobile manufacturers around the world. WL Ross has sponsored more than $4 billion of private investments since its founding in 2000, most notably International Steel Group, International Textile Group, and International Coal Group. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debt. CONTACT: COLLINS & AIKMAN EUROPE Automotive Holding GmbH Kruetzpoort 16 47804 Krefeld Germany Phone: +49 2151 36336-0 Fax: +49 2151 36336-99 E-mail: sekretariat.krefeld@colaik.com COMMON TIDE: Calls in Liquidator -------------------------------- We, the undersigned, being all the Members of the Common Tide Limited Company for the time being entitled to receive notice of, and to attend and vote at, General Meetings of the Company, hereby pass the following Resolutions pursuant to section 381A and Schedule 15A of the Companies Act 1985 (as amended by the Companies Act 1989) and the Deregulation (Resolutions of Private Companies) Order 1996, and agree that the said Resolutions shall, for all purposes, be as valid and effective as if passed as Special Resolutions at a General Meeting of the Company duly convened and held: "That Company be wound up voluntarily under the provisions of the Companies Act and that Kerry Bailey of PKF, Sovereign House, Queen Street, Manchester M2 5HR, be appointed Liquidator for the purpose of such winding-up, that a draft agreement appended to these written Resolutions to be made between (1) the Company acting by the Liquidator and (2) Trenslo Holdings Limited be approved, and that the Liquidator be authorized pursuant to the Insolvency Act 1986, section 110, on behalf of the Company, to enter into and carry into effect an agreement in the form appended, and that a draft agreement appended to these written Resolutions to be made between (1) the Company acting by the Liquidator and (2) Quality Management Holdings Limited be approved, and that the Liquidator be authorized pursuant to the Insolvency Act 1986, section 110, on behalf of the Company, to enter into and carry into effect an agreement in the form appended." Trustees of Berrydata, Executive Pension Scheme A. R. H. Meier Trustees of No. 5 Discretionary Settlement Trustees of No. 1 Discretionary Settlement Trustees of No. 7 Discretionary Settlement Trustees of No. 6 Discretionary Settlement CONTACT: PKF Sovereign House, Queen Street, Manchester M2 5HR Phone: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk C.T. PLASTICS: Hires Administrators from Tenon Recovery ------------------------------------------------------- Name of company: C.T. PLASTICS LIMITED (Company No 01886878) Nature of Business: Manufacture of Plastic Products Address of Registered Office: Salamandar Quay West, Park Lane, Harefield, Uxbridge, Middlesex Date of Appointment: July 11, 2005 Administrators' Names and Address: Simon Robert Thomas and Trevor John Binyon (IP Nos 8920 and 9285), both of Tenon Recovery, 73 Baker Street, London W1U 6RD * * * C. T. Plastics Ltd. manufactures injection moldings (plastic) & injection mouldings (metal). CONTACT: C.T. PLASTICS LIMITED Unit 4 Stirling Business Pk Britannia Rd Waltham Cross Herts EN8 7NX United Kingdom Phone: (01992) 761093 Fax: (01992) 761047 TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com DANKA BUSINESS: Outsourcing U.S. IT Business to Cut Cost -------------------------------------------------------- Danka Business Systems plc has disclosed a five-year agreement in which Danka Business Systems will outsource the balance of its U.S. information technology (IT) operations to MCI. As Danka's primary technology provider, MCI will manage all of Danka's core network services, including its IT operations and applications support, Wide Area Network, Local Area Network, IP services, servers, desktops and phone systems, as well as oversee Danka's network of ancillary technology vendors and partners. As part of this US$70 million (EUR57.91 million) agreement, Danka will transition more than 60 employees to MCI and its application support provider, Titan Technology Partners. Danka expects to generate substantial yearly savings once the agreement is fully implemented, enabling Danka to drive productivity and enable further growth of its business. Todd Mavis, Danka's chief executive officer, said: "This agreement with MCI is another step forward in our Vision 21 program to reduce our costs and improve our business practices. MCI is providing a fully managed, integrated IP-based IT infrastructure, scalable to our current and future needs which will enable us to elevate our IT environment. "At the same time, we are able to substantially reduce our IT costs. We view MCI as a world-class technology company and this new agreement builds on an existing relationship under which we provide services to them." Wayne Huyard, president of MCI U.S. Sales and Service, said: "Providing MCI's Managed Services expertise to meet Danka's advanced IP requirements, we were able to showcase our complete portfolio of services, from the desktop to the network. "As Danka's network and systems integrator, we will deliver best-in-class IT processes and resources to create an operating model where MCI manages a continuum of technology service across multiple technology vendors." * * * Danka Business Systems plc recently entered into an agreement to sell the shares of its Canadian business unit, Danka Canada Inc., to Pitney Bowes of Canada, Ltd., a subsidiary of Pitney Bowes Inc., for a purchase price of US$14 million (EUR11.76 million) in cash. For the full year, Danka reported turnover of GBP668.2 million and operating losses of GBP22.8 million excluding exceptional items. Danka's fourth quarter turnover was GBP158.6 million and operating losses were GBP27.1 million excluding exceptional items. The results include a GBP9.4 million provision for U.S. trade debtors in the fourth quarter. Including the exceptional restructuring charges of GBP5.1 million and GBP4.0 million, the Group reported operating losses of GBP27.9 million for the full year and GBP31.0 million for the fourth quarter respectively. CONTACT: DANKA BUSINESS SYSTEMS PLC 1230 Arlington Business Park Theale West Berkshire RG7 4TX, United Kingdom Phone: +44-118-903-2163 Web site: http://www.danka.com MCI, INC. Janet Brumfield, Public Relations Phone: 001 614 723 1060 WEBER SHANDWICK SQUARE MILE Mike Kirk / Helen Thomas Phone: 020 7067 0700 DRINDELL LIMITED: Courier Succumbs to Liquidation ------------------------------------------------- At an Extraordinary General Meeting of the Members of Drindell Limited ((formerly Alleysafe Limited), duly convened, and held at 2A Rumney Road West, Kirkdale, Liverpool L4 1RR, on 12 July 2005, at 3:00 p.m., the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Ashok K Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6 3AE, be and is hereby nominated Liquidator for the purpose of the winding-up." D L Keen, Director * * * Creditors of the Company are required, on or before 2 September 2005, to send their names and addresses, with particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to the undersigned, Ashok K Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6 3AE, the Liquidator of the said Company, and, if so required by notice in writing by the said Liquidator, are, by their Solicitors or personally, to come and prove their said debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debt are proved. A K Bhardwaj, Liquidator CONTACT: BHARDWAJ 47-49 Green Lane Northwood Middlesex HA6 3AE Phone: 01923 820966 Fax: 01923 835311 E-mail: info@bhardwaj.co.uk EMI GROUP: Forming Joint Venture with Mexico's Televisa ------------------------------------------------------- EMI Group plc and Grupo Televisa are combining their respective strengths in music, distribution and media to enter into a major new partnership, which will include the formation of a new joint venture record company in Mexico (Televisa EMI Music), and Televisa's participation in EMI's U.S. Latin operations, effective September 1 (EMI Televisa Music). New Joint Venture in Mexico: Televisa EMI Music Televisa and EMI will establish a new 50/50 joint venture record company, Televisa EMI Music, which will develop and market music from stars of Televisa's popular telenovela programs, such as "Rebelde," "Complices al Rescate" and other properties, as well as produce TV advertised compilation albums which will be manufactured and distributed by EMI's current infrastructure. EMI is contributing to Televisa EMI Music a working capital facility, as well as licensing various television-advertised compilations and other artist releases while Televisa will provide a specific portion of Televisa EMI Music's media support. In addition, Televisa EMI Music will also pursue deals with and develop recording artists in Mexico, a music market that the IFPI valued at US$360 million in 2004, up 9% from the prior year. EMI Music will maintain EMI Music Mexico's existing operations separate from Televisa EMI Music, whose roster includes top- selling acts such as Aleks Syntek, RBD, Fey, El Gran Silencio, Plastilina Mosh, and Lucero, but will participate with Televisa EMI Music in certain specific projects. Televisa Teams with EMI Music in U.S. Latin Market In a move aimed at capitalizing on the growing U.S. Latin market, Televisa will partner in the existing Miami-based EMI Music U.S. Latin operations, which will be renamed EMI Televisa Music and includes artists such as Thalia, Intocable, AB Quintanilla & Kumbia Kings, and Vico C, among others. Televisa will contribute significant media support to artists and products. Both ventures -- Televisa EMI Music in Mexico, and EMI Televisa Music in the U.S. -- will be headed by Rodolfo Lopez-Negrete, who is currently Director of Televisa Music. He will report jointly to Marco Bissi, President and CEO, EMI Music Latin America, and Javier Prado, General Director of Televisa Entertainment. EMI Music Chairman & CEO Alain Levy said: "Developing local artists and music from all regions is central to EMI Music's strategy. By partnering with the largest media company in the Latin market, we will further develop our already strong artist base, drive growth and generate significant new revenue streams in our Latin American and US Latin businesses. "We are looking forward to combining our knowledge of the music market with Televisa's experience and direct connection to consumers and powerful reach to grow our share significantly in the Latin market over the coming years." Grupo Televisa's Chairman and CEO Emilio Azcarraga Jean said: "Televisa is delighted to reenter the music business through this partnership with EMI, one of the biggest record companies in the world. This partnership fits with Televisa's strategy to look for new opportunities in the US Latin Market and will enrich Televisa's sources for content while leveraging its different media platforms. "We are looking forward to partnering our resources with EMI's strength, experience, vast distribution network and infrastructure in the music business, which will undoubtedly contribute to Televisa's expansion and consolidation in Latin America." About Televisa Grupo Televisa, S.A. is the largest media company in the Spanish-speaking world, and a major participant in the international entertainment business. It has interests in television production and broadcasting, production of pay television networks, international distribution of television programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production and broadcasting, professional sports and live entertainment, feature film production and distribution, and the operation of a horizontal Internet portal. Grupo Televisa also owns an unconsolidated equity stake in Univision, the leading Spanish-language media company in the United States. About EMI Music EMI Music is a division of London Stock Exchange-listed EMI Group plc. EMI Music operates directly in 50 countries with licensing agreements in a further 20, representing more than 1,000 artists spanning all musical tastes and genres. 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 GRUPO TELEVISA Manuel Compean, Corporate Communications Phone: +52.55.5728.3815 Michel Boyance, Investor Relations Phone: +52.55.5261.2445 Alejandro Eguiluz, Investor Relations Phone: +52.55.5261.2445 ENTERPRISE BUSINESS: Shareholders Decide to Wind up Business ------------------------------------------------------------ At an Extraordinary General Meeting of Enterprise Business Limited (trading as Chanz Restaurant), duly convened, and held at No 1 St Swithin Street, Worcester WR1 2PY, on 8 July 2005, the subjoined Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Neil Francis Hickling, of Smith & Williamson Limited, No 1 St Swithin Street, Worcester WR1 2PY, be and is hereby appointed Liquidator for the purposes of such winding-up." At a subsequent Meeting of Creditors held on 8 July 2005, at No 1 St Swithin Street, Worcester WR1 2PY, the appointment of Neil Francis Hickling was confirmed by the Creditors. H G Chan, Chairman * * * Creditors of the Company are required, on or before 22 August 2005, to send in their forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Neil Francis Hickling, of Smith & Williamson Limited, No 1 St Swithin Street, Worcester WR1 2PY, the Liquidator of the said Company, and, if so required by notice in writing from the said Liquidator, are, personally or by their Solicitors, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debt are proved. CONTACT: SMITH & WILLIAMSON 1 St Swithin Street Worcester Worcestershire WR1 2PY Phone: 01905 730100 Fax: 01905 723502 E-mail: nfh@smith.williamson.co.uk FINEDON MILL: Appoints Administrators from Baker Tilly ------------------------------------------------------ Name of company: FINEDON MILL LIMITED (Company No 02835083) Nature of Business: Milling and Supply of Flour Trade Classification: 04 Date of Appointment: July 12, 2005 Joint Administrators' Names and Address: Andrew Martin Sheridan and Cedric Marsden Clapp (IP Nos 008839 and 005614), both of Baker Tilly, 1 Georges Square, Bristol BS1 6BP CONTACT: FINEDON MILL LTD. 5 Bevan Close, Finedon Industrial Estate Wellingborough Northants NN8 4BL Phone: 01933 225711 Fax: 01933 443513 BAKER TILLY 1 Georges Square Bristol BS1 6BP Phone: 0117 945 2000 Fax: 0117 945 2001 Web site: http://www.bakertilley.co.uk GENERAL RE (LONDON): Appoints Ernst & Young Liquidator ------------------------------------------------------ At an extraordinary general meeting of General Re (London) held at The Corn Exchange, 55 Mark Lane, London EC3R 7NE, on 13 July 2005, the following Special Resolutions were duly passed: "That the Company be wound up voluntarily, and that Elizabeth Anne Bingham and Patrick Joseph Brazzill, of Ernst & Young LLP, 1 More London Place, London SE1 2AF, be and they are hereby appointed Joint Liquidators for the purposes of such winding-up and any power conferred on them by law or by this Resolution may be exercised and any act required or authorized under any enactment to be done by them may be done by them jointly or by each alone." P. Nance, Chairman CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com GLOMOCO LIMITED: Calls in Liquidators from PKF ---------------------------------------------- At an Extraordinary General Meeting of the Members of Glomoco Limited, duly convened, and held at PKF (UK) LLP, 52 Mount Pleasant, Liverpool L3 5UN, on 11 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Kerry Bailey and Jonathan D Newell, of PKF (UK) LLP, 52 Mount Pleasant, Liverpool L3 5UN, be and they are hereby appointed Joint Liquidators for the purposes of such winding-up, and that they are empowered to act jointly and severally in all matters." M R Lunch, Director CONTACT: PKF 52 Mount Pleasant, Phone: 0151 7088232 Fax: 0151 7088169 E-mail: info.liverpool@uk.pkf.com Web site: http://www.pkf.co.uk GOVANNON LIMITED: Food Retailer Goes into Liquidation ----------------------------------------------------- At an Extraordinary General Meeting of the Members of Govannon Limited (trading as Penta UK), duly convened, and held at the offices of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, on 11 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Andrew Andronikou and Ladislav Hornan be and they are hereby appointed Joint Liquidators for the purposes of such winding- up." At the subsequent Meeting of Creditors held on 11 July 2005 at 11:00 a.m., at the same place, the Creditors confirmed the appointment of Andrew Andronikou and Ladislav Hornan as Joint Liquidators. D F Carter, Chairman * * * Creditors of the Company are required, on or before 11 September 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to the undersigned, Andrew Andronikou, of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, the Joint Liquidator of the said Company, and, if so required by notice in writing from the said Joint Liquidator, are, personally or by their Solicitors, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com HALLAMTECHNIC LIMITED: Hires PKF as Administrator ------------------------------------------------- Name of company: HALLAMTECHNIC LIMITED (Company No 01550642) Nature of Business: Hire and Repair of Audio Visual Equipment Address of Registered Office: Knowle House, 4 Norfolk Park Road, Sheffield S2 3QE Date of Appointment: July 1, 2005 Joint Administrators' Names and Address: Wiliam Duncan and Ian C. Schofield (IP Nos 006440 and 002641), both of PKF UK LLP, Knowle House, 4 Norfolk Park Road, Sheffield S2 3QE * * * Hallamtechnic is a specialist in the audiovisual and I.T. presentation business, providing reliable and economic solutions for all kinds of organization. Visit http://www.hallamtechnic.co.ukfor more information. CONTACT: HALLAMTECHNIC LTD. Waverley House Effingham Road Sheffield S4 7YR South Yorkshire Phone: 0114 275 4546 Fax: 0114 275 1918 PKF Knowle House 4 Norfolk Park Road Sheffield South Yorkshire S2 3QE Phone: 0114 276 7991 Fax: 0114 275 3538 H & B ELECTRICAL: Owners Decide to Liquidate Firm ------------------------------------------------- At an Extraordinary General Meeting of the Members of H & B Electrical Services Limited, duly convened, and held at the Express Holiday Inn, Upper Harbledown, Canterbury CT2 9HX, on 12 July 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Zafar Iqbal, of Cooper Young, Kirkdale House, Kirkdale Road, London E11 1HP, be and he is hereby nominated Liquidator for the purposes of the winding-up." R Holbrook, Chairman * * * H & B is into electrical and structural steelworks. HIT ENTERTAINMENT: S&P Junks Proposed US$172 Mln Sr. Sub. Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to HIT Entertainment Ltd. (the holding company) and its U.S.-based operating subsidiary HIT Entertainment Inc. At the same time, Standard & Poor's assigned its 'B' bank loan rating and a recovery rating of '3' to HIT's $453 million credit facilities. The recovery rating of '3' indicates an expectation of meaningful (50%-80%) recovery of principal in the event of a payment default. The proposed credit facility consists of a $77 million revolving credit facility due 2011 and a $376 million term loan B due 2012. A 'CCC+' rating was also assigned to HIT's proposed $172 million senior subordinated notes due 2013. The outlook is negative. Pro forma for the transaction, total debt outstanding at April 30, 2005, was $305 million. "The ratings reflect HIT's significant content distribution risk relating to its broadcast partners, and its narrow base of operation, mature and competitive industry with limited internal growth prospects, and aggressive financial policy," said Standard & Poor's credit analyst Andy Liu. These factors are only partially offset by the company's strong brand properties. HIT is a preschool children's programming and entertainment company. Its portfolio of properties includes Bob the Builder, Thomas the Tank Engine, Barney the Dinosaur, Angelina Ballerina, Pingu, Guiness World Records, and others. The company's programming is broadcast by the Public Broadcasting Service and will start in the fall on Sprout, a digital-tier preschool children's channel being launched by Comcast Corp. (BBB+/Stable/A-2) (40% equity stake), HIT (30%), PBS (15%), and Sesame Workshop (15%). For the most part, HIT is not compensated by its broadcast partners, but the broadcast of its programs generates demand for home entertainment videos and license fees for toys sold by outside entities responsible for the manufacturing process. These two revenue sources account for more than 85% of the company's revenues. Content distribution represents a significant risk for the company. Any adverse programming decision by a channel operator, such as shifting program showtimes or reducing showings per week, can have a material negative effect. HIT's long-term contract with PBS (covering Bob the Builder, Barney the Dinosaur, and Thomas the Tank Engine) and the launch of Sprout should ensure the continued distribution of the company's programs in the U.S., but any changes in programming philosophy by broadcast partners could still have a material impact on HIT. The outlook is negative. The company's revenues had been under pressure because of the absence of Bob the Builder toys and programs in the U.S. Although Bob the Builder is now carried on PBS and new toy lines soon will commence shipping, it is uncertain that these actions will be sufficient to achieve a recovery. If the negative revenue trend continues and eventually pressures liquidity, ratings could be lowered. On the other hand, if these operational changes are successful in reversing negative trends, the outlook could be revised to stable, but we currently view this as a longer term scenario. CONTACT: STANDARD & POOR'S Web site: http://www2.standardandpoors.com/ ICS CORPORATION: Members Decide to Wind up Firm ----------------------------------------------- The following written Resolutions of the Sole Members of The ICS Corporation Limited (Company Number: 2049286) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed Joint Liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member * * * The company offers courier services. Its registered office is located at 141 Moorgate, London EC2M 6TX. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com ICS (MANAGEMENT SERVICES): Calls in PwC Liquidator -------------------------------------------------- The following written Resolutions of the Sole Members of the ICS (Management Services) Limited (Company Number: 1712715) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed Joint Liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member * * * The company offers provision of distributive and administration services. Its registered office is located at 141 Moorgate, London EC2M 6TX. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com INSURED IT: Bristol Court Orders Liquidation -------------------------------------------- Company Name: Insured IT Limited Company Registration Number: 04502994 Address of Registered Office: Sundown House, 3 Meadow Rise, Coulsdon, Surrey, CR5 2EH Court: Birmingham District Registry Date of Filing Petition: 19 March 2005 No. of Matter: 2275 of 2005 Date of Winding-up Order: 4 July 2005 Official Receiver's Address: 6th Floor, Sunley House, Bedford Park, Croydon, CR9 1TX INTER-SELECTION GROUP: Hires Liquidators from PwC ------------------------------------------------- The following written Resolutions of the Sole Members of the Inter-Selection Group (Holdings) Limited (Company Number: 2523687) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed Joint Liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member * * * The company was previously named Bonuslogic Limited. It offers provision of temporary and permanent staff. Its registered office is located at 141 Moorgate, London EC2M 6TX. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com INTERSOFT ENTERTAINMENT: In Voluntary Liquidation ------------------------------------------------- By written Resolution of all the Members of software distributor Intersoft Entertainment, the following Resolutions were duly passed on 11 July 2005, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of the Members that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that John Kelmanson and Elias Paourou be and are hereby appointed Joint Liquidators for the purposes of such winding-up." R Mirza CONTACT: THE KELMANSON PARTNERSHIP Avco House 6 Albert Road Barnet Hertfordshire EN4 9SH Phone: 020 8441 2000 Fax: 020 8441 3000 E-mail: ep@kelpart.co.uk tkp@kelpart.co.uk ITALIANO COFFEE: Calls in Liquidator ------------------------------------ At an Extraordinary General Meeting of Italiano Coffee Company (UK) Limited, duly convened, and held at 60-62 High Street, Harpenden, Hertfordshire AL5 2SP, on 12 July 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Anthony David Kent, of Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP, be and he is hereby appointed Liquidator for the purposes of such winding-up." A Kamel, Chairman CONTACT: MAIDMENT JUDD 60/62 High Street Harpenden Hertfordshire AL5 2SP Phone: 01582 469700 Fax: 01582 460674 E-mail: akent@maidmentjudd.co.uk JDAY CONSTRUCTION: Appoints DTE Leonard Liquidator -------------------------------------------------- At an Extraordinary General Meeting of Jday Construction Limited, duly convened, and held at DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT, on 24 June 2005, the following Extraordinary Resolution was passed: "That it has been proved to the satisfaction of the Meeting that this Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that J M Titley, of DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT, be and is hereby appointed the Liquidator of the Company for the purposes of such winding-up." J Yiasoumis, Director CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com JFT MEDIA: Falls into Liquidation --------------------------------- At an Extraordinary General Meeting of JFT Media Limited, duly convened, and held at Geoffrey Martin & Co, 7-8 Conduit Street, London W1S 2XF, on 28 June 2005, the following Resolutions were passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that Stephen Goderski, of the firm of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S 2XF, be and is appointed as Liquidator of the Company." J Maskell, Director CONTACT: GEOFFREY MARTIN & CO. 7-8 Conduit Street London W1S 2XF Phone: 020 7495 1100 Fax: 020 7495 1144 E-mail: stephen.goderski@geoffreymartin.co.uk KOLOR-FAST: In Voluntary Liquidation ------------------------------------ At an Extraordinary General Meeting of the Members of Kolor- Fast-UK Limited, duly convened, and held at The Scotch Corner Hotel, Junction A1/A66, Richmond, North Yorkshire DL10 6NR, on 5 July 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Jonathan Sinclair, of Sinclair Harris, 46 Vivian Avenue, Hendon Central, London NW4 3XP, be and he is hereby Liquidator for the purposes of the winding-up." T J Draper, Chairman KUCHEN STUDIO: Members Opt for Liquidation ------------------------------------------ At an Extraordinary General Meeting of Kuchen Studio Limited, duly convened, and held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Thursday 7 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as Ordinary Resolutions respectively: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, that Robert Valentine and Mark Reynolds, of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed Joint Liquidators of the Company for the purposes of the voluntary winding-up, and that the Joint Liquidators be authorized to act jointly and severally in the liquidation." A J Dean, Chairman * * * Kuchen Studio retails and installs quality fitted kitchens. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com LUMINAR PLC: Sale of Enterprise Unit Cuts Debt by GBP28 Million --------------------------------------------------------------- At the Annual General Meeting of Luminar plc, Chairman Keith Hamill said: "For the first four months of the year to the end of June 2005, the Company performed broadly in line with its plans. Like-for-like sales for the same period were neutral. In view of the continuing difficult market environment, the Board is adopting a cautious outlook on future trading. "The Company has been conducting a strategic review of the Entertainment Division and, as has previously been announced, has received a number of approaches over its possible sale. None of these approaches has so far led to proposals that, it is considered, are likely to realize an acceptable value for the Division. In view of the time that has passed since the start of this process, it has been decided to take action to protect the value of this business. "The Division will be ring fenced with its own management structure and David Crabtree, former Operations Director of Yates, has been appointed as Managing Director of the Entertainment Division. This arrangement will enable the Company's management to focus on the execution of the Company's branded dancing strategy. "The acceleration of the Company's branded strategy continues to make progress: one new Oceana and six new Lava and Ignite venues will have opened before the half year. The target for the full year is a further two Oceanas, five Liquids and five Lava and Ignite venues. "The Company's net debt position was further reduced by the sale of the Enterprise Division to a management team, which was announced on 13 June 2005. As at the date of this announcement, net debt is GBP130 million (year end 2005 GBP158 million). The Company is continuing to maximize returns from the sale of properties that do not form part of its branded strategy. A further seven properties will be sold at auction with permissions for alternative uses in the autumn. The sale and leaseback for GBP17 million announced in the preliminary results is also close to completion. "The ongoing improvement in the debt position, combined with strong cash generation and stable trading in its core brands, provides a strong platform for progressing the Company's strategy and delivering shareholder value." CONTACT: LUMINAR PLC Registered Office 41 King Street Luton Bedfordshire United Kingdom LU1 2DW Phone: +44 1582 589 400 Fax: +44 1582 589 667 Web site: http://www.luminar.co.uk COLLEGE HILL Matthew Smallwood Alex Sandberg Phone: 020 7457 2020 LUPUS FASHIONS: High Court Accepts Winding-up Petition ------------------------------------------------------ Company Name: Lupus Fashions Ltd. Company Registration Number: 01686591 Address of Registered Office: 7A Grosvenor Street, Chester, CH1 2DD Court: High Court Of Justice Date of Filing Petition: 16 May 2005 No. of Matter: 003174 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver's Address: Suite 5, 3rd Floor, Windsor House, Pepper Street, Chester, CH1 1DF MACKENZIE'S BAR: Bar and Restaurant Calls in Administrator ---------------------------------------------------------- Name of company: MACKENZIE'S BAR AND DINING ROOM LIMITED (Company No 05006638) Nature of Business: Bar and Restaurant Address of Registered Office: Griffin Court, 201 Chapel Street, Manchester M3 5EQ Trade Classification: 48 Date of Appointment: July 13, 2005 Administrator's Name and Address: Jonathan Elman Avery-Gee (IP No 001549), Kay Johnson Gee, Griffin Court, 201 Chapel Street, Manchester M3 5EQ * * * The company offers superior casual gourmet menu with attentive table service in a relaxed atmosphere. The company started its business on July 8, 2004. Visit http://www.mackenziesbaranddiningroom.com/for more information. CONTACT: MACKENZIE'S BAR AND DINING ROOM LIMITED 5 The Citadel, Corporation Street Birmingham B4 6QD Phone: 0121 236 4009 E-mail: enquiries@mackenziesbaranddiningroom.com KAY JOHNSON GEE Griffin Court 201 Chapel Street Salford, Manchester Greater Manchester M3 5EQ Phone: 0161 832 6221 Fax: 0161 834 8479 MARINE COMPUTING: Southampton Court Orders Winding-up ----------------------------------------------------- Company Name: Marine Computing International Limited Company Registration Number: 3811688 Address of Registered Office: Hamble Court, Hamble Lane, Hamble, Southampton, Hampshire, SO31 4QJ Court: Southampton Date of Filing Petition: 4 April 2005 No. of Matter: 741 of 2005 Date of Winding-up Order: 25 May 2005 Official Receiver's Address: The Quay, 30 Channel Way, Southampton, SO14 3QQ MASQUERADE MUSIC: Goes into Liquidation --------------------------------------- Company Name: Masquerade Music Limited Company Registration Number: 02889377 Address of Registered Office: 43-51 Wembley Hill Road, Wembley, Middlesex, HA9 8RT Court: Bristol District Registry Date of Filing Petition: 23 March 2005 No. of Matter: 1424 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver's Address: 21 Bloomsbury Street, London, WC1B 3SS MCGARRIGLE & COMPANY: High Court Orders Liquidation --------------------------------------------------- Company Name: Mcgarrigle & Company Ltd. Company Registration Number: 03052551 Address of Registered Office: Imperial Chambers, Prince Albert Street, Crewe, CW1 2DY Court: High Court of Justice Date of Filing Petition: 10 May 2005 No. of Matter: 003040 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver's Address: Suite 5, 3rd Floor, Windsor House, Pepper Street, Chester, CH1 1DF M & D TOYS: High Court Approves Liquidation ------------------------------------------- Company Name: M & D Toys Limited Company Registration Number: 04135443 Address of Registered Office: Elliot House, 109 George Lane, South Woodford, London, E18 1AN Court: High Court of Justice Date of Filing Petition: 26 April 2005 No. of Matter: 002730 of 2005 Date of Winding-up Order: 15 June 2005 Official Receiver's Address: 4th Floor, Central House, 8 Clifftown Road, Southend-on-Sea, Essex, SS1 1AB MR & MRS RAMESH: Liquidation Approved ------------------------------------- Name of Partnership: Mr. & Mrs. Ramesh Patel Address: Thornton Heath, Surrey, CR7 7HQ Court: High Court of Justice No. of Matter: 003106 of 2005 Date of Filing Petition: 11 May 2005 Date of Winding-up Order: 29 June 2005 These proceedings are related to these cases: (a) High Court of Justice No. 003106 of 2005 Re Ramesh Punambhai Patel., (b) In The High Court of Justice No. 4665 of 2005 Re Ramesh Punambhai Patel, (c) In The High Court of Justice No. 4666 of 2005 NETSHIFT SOFTWARE: Hires Joint Administrators from Stoy Hayward --------------------------------------------------------------- Name of company: NETSHIFT SOFTWARE LIMITED (Company No 03404142) Nature of Business: Software Consultancy and Supply Trade Classification: 36 Date of Appointment: July 12, 2005 Joint Administrators' Names and Addresses: Martha H. Thompson (IP No 8678/01), of BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX and Simon James Michaels (IP No 8824/01), BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL. * * * NetShift was founded in 1996 and was backed by Shell Internet Ventures. Companies and organizations from a variety of industries use its programs at some 50,000 sites in more than 70 countries. NetShift also works with hardware providers such as IBM, Fujitsu, and Wincor Nixdorf to offer complete kiosk units. The company's Chairman and CEO is Nigel Seed. Its COO is Tim Daw while its CFO is Jeremy Brett. CONTACT: NETSHIFT SOFTWARE LIMITED Kennet Side Newbury, West Berkshire RG14 5PX, United Kingdom Phone: +44-1635-568-800 Fax: +44-1635-568-850 BDO STOY HAYWARD Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk NORTH DERBYSHIRE: Members Pass Winding-up Resolutions ----------------------------------------------------- At the extraordinary general meeting of the members of North Derbyshire Doctors Limited held at Chesterfield Primary Care Trust Headquarters, Scarsdale, Newbold Road, Chesterfield, Derbyshire S41 7PF, on 8 July 2005, the following Resolutions were passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Christopher J. Brown and Andrew J. Maybery, of the firm of Hart Shaw, be and are hereby appointed Joint Liquidators of the company for the purposes of the voluntary winding-up." D I Anderson, Chairman CONTACT: HART SHAW Europa Link Sheffield Business Park Sheffield S9 1XU Phone: 0114 251 8850 or 01709 362001 Fax: 0114 251 8851 or 01709 368590 E-mails: chris.brown@hartshaw.co.uk andrew.maybery@hartshaw.co.uk OFFICE INTERIOR: Aylesbury Court Okays Liquidation -------------------------------------------------- Company Name: Office Interior Projects Ltd. Company Registration Number: 03919780 Address of Registered Office: Astley House, Wallingford Road, Uxbridge trading Estate, Uxbridge, Middlesex, HP14 3NH Court: Aylesbury Date of Filing Petition: 29 March 2005 No. of Matter: 12 of 2005 Date of Winding-up Order: 7 July 2005 Official Receiver's Address: 1st Floor, Trident House, 42-48 Victoria Street, St Albans, AL1 3HR OLDER CARE: Appoints Liquidator ------------------------------- At an Extraordinary General Meeting of Older Care Products Limited, convened, and held at the offices of BN Jackson Norton, 14 Orchard Street, Bristol, on 13 June 2005, the following Resolutions were passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that Graham Lindsay Down, of BN Jackson Norton, 14 Orchard Street, Bristol, be appointed as Liquidator of the Company for the purpose of such winding-up." H H Rees, Chairman * * * Older Care is formerly American Spas Limited. It retails, and repairs hot tubs. CONTACT: B N JACKSON NORTON 14 Orchard Street Bristol Avon BS1 5EH Phone: 0117 905 5110 Fax: 0117 905 5384 E-mail: gdown@bnjn.com ORIAN TECHNOLOGY: Members Decide to Wind up Firm ------------------------------------------------ At an Extraordinary General Meeting of the Members of Orian Technology Limited, duly convened, and held at Ramside Hall Hotel, Carrville, Durham DH1 1TD, on 6 July 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that David L Cockshott and Paul A Whitwam, of the firm of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, be and are hereby appointed as Joint Liquidators for the purposes of such winding-up." F Orbeck, Chairman 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 ORRELL COMMUNITY: EGM Decides on Liquidation -------------------------------------------- At an Extraordinary General Meeting of Orrell Community Initiatives, duly convened, and held at the offices of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, on 12 July 2005, at 11:00 a.m., the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Paul J Fleming, of Parkin S. Booth & Co, 44 Old Hall Street, Liverpool L3 9EB, be and he is hereby appointed Liquidator for the purpose of such winding-up." R Cannon, Director CONTACT: PARKIN S. BOOTH & CO. 44 Old Hall Street, Liverpool L3 9EB Phone: 0151 236 4331 Fax: 0151 255 0108 E-mail: lp@parkinsbooth.co.uk Web site: http://www.parkinsbooth.co.uk OVERSEAS TEA: Hires Liquidator from Wilkins Kennedy --------------------------------------------------- At the extraordinary general meeting of the members of Overseas Tea Marketing Ltd. on July 5, 2005 held at Gladstone House, 77- 79 High Street, Egham, Surrey TW20 9HY, the following Special Resolution was duly passed: "That the Company be wound up and the company be placed in Members Voluntary Liquidation." D. G. Emkes, Director CONTACT: WILKINS KENNEDY Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY Phone: +44 (0) 1784 435561 Fax: +44 (0) 1784 430584 E-mail: egham@wilkinskennedy.com Web site: http://www.wilkinskennedy.com PROMARK DEVELOPMENT: Creditors to Meet Late Next Month ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Promark Development Limited Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Meeting of the Creditors of Promark Development Limited will be held at KPMG, Dukes Keep, Marsh Lane, Southampton SO14 3EX, on August 26, 2005, at 11:30 a.m. for the purposes of receiving the report of the Liquidators of the winding-up and determining whether the Liquidators should have their release under section 174 of the Insolvency Act 1986. Proxy forms, if applicable, must be lodged at KPMG Corporate Recovery, Dukes Keep, Marsh Lane, Southampton SO14 3EX, fax +44 (0) 23 8020 2003, not later than 12:00 noon on August 25, 2005. S. Treharne, Joint Liquidator July 12, 2005 CONTACT: KPMG LLP Dukes Keep Marsh Lane Southampton SO14 3EX Phone: (023) 8020 2000 Fax: (023) 8020 2001 Web site: http://www.kmpg.co.uk PURE GROUP: Final Meeting of Creditors Set Next Month ----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF The Pure Group Limited A Final Meeting of the Creditors of The Pure Group Limited has been summoned by the Liquidator under section 146 of the Insolvency Act 1986, for the purposes of considering these resolutions: (a) To accept the Liquidator's final report on the administration of the liquidation to date; and (b) That the Liquidator should be granted his release from office under section 174 of the Insolvency Act 1986. The Meeting will be held at HKM LLP, 73-75 Aston Road North, Waterlinks, Birmingham B6 4DA, on 12 August 2005, at 11.00 am. A proxy form must be lodged with me not later than 12:00 noon on the day prior to the Meeting to entitle you to vote at the Meeting, together with a proof of debt form if you have not already lodged one. J. P. W. Harlow, Liquidator CONTACT: HKM LLP 73-75 Aston Road North Birmingham B6 4DA Phone: +44(0) 121 333 7300 Fax: +44(0) 121 333 7301 Web site: http://www.hkm.co.uk R.D.C. CONTACTORS: Falls into Liquidation ----------------------------------------- Company Name: R.D.C. Contactors Limited Trading Name: R.D.C. Contractors Limited Company Registration Number: 04535978 Address of Registered Office: Raglan Farm, Redhill, Near Wrington, North Somerset, BS40 5TG Court: Bristol District Registry Date of Filing Petition: 9 May 2005 No. of Matter-2089 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver's Address: 4th Floor, 100 Victoria Street, Bristol, BS1 6BD ROBENDENE LIMITED: Calls in Administrators from Mazars ------------------------------------------------------ Name of company: ROBENDENE LIMITED (Company No 01023988) Nature of Business: Printing Address of Registered Office: Grimsdells Lane, Amersham, Buckinghamshire HP6 6HF Trade Classification: 10 Date of Appointment: July 11, 2005 Administrator's Name and Address: Alistair Steven Wood (IP No 007929), Mazars LLP, Lancaster House, 67 Newhall Street, Birmingham B3 1NG * * * Its managing director is Derek Blunden. CONTACT: ROBENDENE LTD. Grimsdells Lane Amersham HP6 6HF Buckinghamshire Phone: 01494 722255 Fax: 01494 431320 MAZARS Lancaster House 67 Newhall Street Birmingham West Midlands B3 1NG Phone: 0121 236 7711 Fax: 0121 236 2778 RUBY DIRECT: Liquidator Takes over Helm --------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Ruby Direct Sales Limited Notice is hereby given that Michael Francis Stevenson, of Middleton Partners, 65 St. Edmunds Church Street, Salisbury, Wiltshire SP1 1EF, was appointed Liquidator of Ruby Direct Sales Limited with effect from June 28, 2005 following the Meeting of Creditors and Contributories held on June 9, 2005. All Creditors are hereby invited to prove their debt by sending details to me. M. F. Stevenson, Liquidator CONTACT: MIDDLETON PARTNERS SALISBURY 65 St. Edmunds Church Street, Salisbury SP1 1EF Phone: 01722 435190 Fax: 01722 421102 Web site: http://www.middletonpartnerssalisbury.co.uk SECURE DESPATCH: Calls in Liquidator from PricewaterhouseCoopers ---------------------------------------------------------------- The following written Resolutions of the Sole Members of the Secure Despatch Services Limited (Company Number: 3116029) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed Joint Liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member * * * The company offers provision of courier services. Its registered office is located at 141 Moorgate, London EC2M 6TX. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com SPOONER MEDICAL: Winding-up Report Out August --------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Spooner Medical Limited Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986 that a Final General Meeting of Creditors of Spooner Medical Limited will be held at the offices of BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA, on August 10, 2005, at 11:00 a.m. for the purpose of having an account laid before the Meeting showing the manner in which the winding-up has been conducted and the property of the Company disposed of and of hearing any explanation that may be given by the Liquidator. D. B. Coakley, Liquidator July 8, 2005 CONTACT: BDO STOY HAYWARD LLP Connaught House, Alexandra Terrace, Guildford, GU1 3DA Phone: 01483 565666 Fax: 01483 531306 E-mail: dermot.coakley@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk SSD ACCIDENT: High Court Okays Winding-up ----------------------------------------- Company Name: SSD Accident Line Limited Company Registration Number: 03768528 Address of Registered Office: Fareham Reach, 166 Fareham Road, Gosport, Hampshire, PO13 0FW Court: High Court of Justice Date of Filing Petition: 6 April 2005 No. of Matter: 002279 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver's Address: The Quay, 30 Channel Way, Southampton, SO14 3QQ STARLAND LIMITED: Hires Administrator from Francis Clark -------------------------------------------------------- Name of company: STARLAND LIMITED (Company No 2942435) Nature of Business: Sale of Musical Instruments Address of Registered Office: Southernhay House, 36 Southernhay East, Exeter EX1 1NX Date of Appointment: July 7, 2005 Administrator's Name and Address: Stephen Hobson (IP No 006473), Francis Clark, Southernhay House, 36 Southernhay East, Exeter, Devon EX1 1NX * * * Visit http://www.starland.co.ukfor more information. CONTACT: STARLAND LTD. Music Technology Cantre Darklake View Estover Plymouth PL6 7TL Phone: +44 (0) 1752 313300 Fax: +44 (0) 1752 313336 FRANCIS CLARK Southernhay House 36 Southernhay East Exeter Devon EX1 1NX Phone: 01392 667000 Fax: 01392 662751 E-mail: SJH@francisclark.co.uk STEP 2 RECRUITMENT: Names Begbies Traynor Liquidator ---------------------------------------------------- At an Extraordinary General Meeting of the Members of recruitment agency Step 2 Recruitment Limited, duly convened, and held at 30 Park Cross Street, Leeds LS1 2QH, on 5 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Michael E G Saville and Rob Sadler, of Begbies Traynor, 30 Park Cross Street, Leeds LS1 2QH, be and hereby are appointed Joint Liquidators of the Company for the purpose of the voluntary winding-up, and any act required or authorized under any enactment to be done may be done by any one or more persons holding the office of Liquidator from time to time." A Member entitled to attend and vote at the above Meeting may appoint a proxy, who need not be a Member of the Company, to attend and vote instead of the Member. Proxies must be lodged with the Company at Begbies Traynor, 30 Park Cross Street, Leeds LS1 2QH, no later than 12:00 noon on the business day prior to the Meeting. S Pearson, Chairman CONTACT: BEGBIES TRAYNOR 30 Park Cross Street, Leeds LS1 2QH Web site: http://www.begbies.com STEVE ALLEN: Calls in Liquidator from DTE Leonard ------------------------------------------------- At an Extraordinary General Meeting of furniture manufacturer Steve Allen Originals Limited, duly convened, and held at DTE Leonard Curtis, 24 Wellington Street, St Johns, Blackburn, Lancashire BB1 8AF, on 6 July 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of the Meeting that this Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that J M Titley, of DTE Leonard Curtis, 24 Wellington Street, St Johns, Blackburn BB1 8AF, be and is hereby appointed the Liquidator of the Company for the purposes of such winding-up." S Allen, Director CONTACT: DTE LEONARD CURTIS 24 Wellington Street, St John's, Blackburn, Lancashire BB1 8AF Web site: http://www.dtegroup.com SUOMI LIMITED: Court Approves Winding-up Petition ------------------------------------------------- Company Name: Suomi Limited Company Registration Number: 04787383 Address of Registered Office: 56A Haverstock Hill, London, NW3 2BH Court: Bristol District Registry Date of Filing Petition: 5 May 2005 No. of Matter: 2046 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS TDP (UK): EGM Decides on Liquidation ------------------------------------ At an Extraordinary General Meeting of the Members of graphic designer TDP (UK) Limited (trading as The Design Practice), duly convened, and held at 1st Floor, Clockhouse Barn, Canterbury Road, Challock, Ashford, Kent TN25 4BJ, on 27 June 2005, at 10:00 a.m., the following Resolutions were passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that Barry P Knights, of Knights & Company, Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP, is hereby appointed Liquidator for the purposes of the voluntary winding- up." E Goodman, Chairman * * * Creditors of the Company are required, on or before 11 September 2005, to send in their full names, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to the undersigned, Barry Peter Knights, of Knights & Company, Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP, the Liquidator of the said Company, and, if so required by notice in writing from the said Liquidator, are, personally or by their Solicitors, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution. CONTACT: KNIGHTS & CO 1st Floor Milford House 43-45 Milford Street Salisbury Wiltshire SP1 2BP Phone: 01722 330688 Fax: 01722 414546 TEAMMATES LIMITED: Manchester Court Okays Liquidation ----------------------------------------------------- Company Name: Teammates Limited Company Registration Number: 04125373 Address of Registered Office: Unit 3 Asher Court, Lyncastle Way, Appleton, Warrington, WA4 4ST Court: Manchester District Registry Date of Filing Petition: 13 April 2005 No. of Matter: 1341 of 2005 Date of Winding-up Order: 4 July 2005 Official Receiver: Suite 5, 3rd Floor, Windsor House, Pepper Street, Chester, CH1 1DF THE PRESIDENT: In Liquidation ----------------------------- Company Name: The President Group of Companies Limited Company Registration Number: 04553453 Address of Registered Office: Unit A, Castle Park Industrial Estate, Bower Street, Oldham, OL1 3LN Court: Manchester District Registry Date of Filing Petition: 28 April 2005 No. of Matter: 1397 of 2005 Date of Winding-up Order: 13 May 2005 Official Receiver's Address: 1st Floor, Boulton House, 17-21 Chorlton Street, Manchester, M1 3HY THERMALOGIC LIMITED: Goes into Liquidation ------------------------------------------ Company Name: Thermalogic Limited Company Registration Number: 01945605 Address of Registered Office: Wilson's Corner 1st Floor, 1-5 Ingrave Road, Brentwood, Essex, CM15 8AP Court: Manchester District Registry Date of Filing Petition: 4 April 2005 No. of Matter: 1307 of 2005 Date of Winding-up Order: 4 July 2005 Official Receiver: Suite 5, 3rd Floor, Windsor House, Pepper Street, Chester, CH1 1DF THE SERVICEPOINT: High Court Orders Liquidation ----------------------------------------------- Company Name: The Servicepoint Group Ltd. Company Registration Number: 04873023 Address of Registered Office: Flat 41, 7A High Street, Sutton Coldfield, West Midlands, B72 1AB Court: High Court of Justice Date of Filing Petition: 11 May 2005 No. of Matter: 003068 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver: 3rd Floor West, Ladywood House, 45/6 Stephenson Street, Birmingham, B2 4UP TOTAL MAILING: Names PricewaterhouseCoopers Liquidator ------------------------------------------------------ The following written Resolutions of the Sole Members of the Total Mailing Services Limited (Company Number: 2831426) were passed, on 29 June 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Companies be wound up voluntarily, and that Richard Victor Yerburgh Setchim and Jonathan Michael Sisson, of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be and are hereby appointed Joint Liquidators of the company for the purposes of such winding-up, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S. Bort, for and on behalf of the Sole Member * * * The company offers provision of courier services. Its registered office is located at 141 Moorgate, London EC2M 6TX. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com TOWERHILL ENGINEERS: Falls into Liquidation ------------------------------------------- Company Name: Towerhill Engineers Limited Company Registration Number: 04710745 Address of Registered Office: 214 Northumberland Road, Southampton, Hampshire, SO14 0EN Court: Bristol District Registry Date of Filing Petition: 5 May 2005 No. of Matter: 2048 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver's Address: The Quay, 30 Channel Way, Southampton, SO14 3QQ TY EUROPE: Takeover Preserves Local Jobs ---------------------------------------- The joint administrators of Ty Europe Limited, Colin Haig and Karen Dukes, from PricewaterhouseCoopers, have sold the business and its assets to Ty UK Limited. The business, which distributes the highly popular children's collectible soft toy range, "Beanie Babies," across Europe, operated from premises in Fareham, Hampshire. Colin Haig, joint administrator and partner at PricewaterhouseCoopers, said: "We are extremely pleased to have been able to ensure the continuation of this business for the 1300 trade customers in the U.K., Germany, Ireland, Spain and Poland. We understand that in addition to the significant existing stock acquired, supplies of new stock have already landed and are being distributed by Ty UK Limited. "We are delighted to have been able to negotiate a solution whereby this business may continue to develop under new ownership going forward, preserving a significant number of jobs and creating new positions in the local area. I would like to thank all the parties who have contributed to this successful outcome." CONTACT: TY EUROPE LIMITED Fareham Reach 166 Fareham Road Gosport Hampshire PO13 0FW PRICEWATERHOUSECOOPERS Julie Harwood Corporate Public Relations Manager Phone: 020 7213 4727 Mobile: 07711 109934 Colin Haig Phone: 020 7212 4386 U3S INTERNATIONAL: Calls in Liquidators from Citreon Wells ---------------------------------------------------------- At the extraordinary general meeting of the members of U3S International Limited held at 45-49 rue de Villiers, 92526 Neuilly-sur-Seine Cedex, France, on 7 July 2005, the following Resolutions were passed, as an Ordinary Resolution, as a Special Resolution and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily, that Murzban Khurshed Mehta and Mark Richard Phillips, of Citroen Wells, Devonshire House, 1 Devonshire Street, London W1W 5DR, be and are hereby appointed Joint Liquidators for the purpose of such winding-up, and that, in accordance with the provisions of the Company's articles of association, the Joint Liquidators be and are hereby authorized to divide among the Members in specie all or any part of the company's assets." J-C Gathier, Director CONTACT: CITROEN WELLS Devonshire House, 1 Devonshire Street, London W1W 5DR Phone: +44 (0) 20 7304 2000 Fax: +44 (0) 20 7304 2020 Web site: http://www.citroenwells.co.uk VAN DER VLEIT: Liquidator to Present Report Mid-August ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Van Der Vleit International Ltd. Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Meeting of the Creditors of Van Der Vleit International Ltd. will be held at KPMG, 100 Temple Street, Bristol BS1 6AG, on August 17, 2005, at 10:00 a.m. for the purposes of receiving the report of the Liquidator of the winding-up. R. J. Hill, Liquidator July 8, 2005 CONTACT: KPMG LLP 100 Temple Street Bristol BS1 6AG Phone: (0117) 905 4000 Fax: (0117) 905 4001 Web site: http://www.kpmg.co.uk WADE SMITH: PKF Administrators Take Charge ------------------------------------------ Jon Newell, Kerry Bailey and Ian Gould of PKF (UK) LLP were appointed to Liverpool-based men's fashion and sports retailer Wade Smith Limited on July 15, 2005. Wade Smith has been established for over 20 years and is based in Matthew Street in the center of Liverpool. It is recognized as one of the leading independent retailers in the city. The company, which has 35 employees, is continuing to trade as normal while the administrators seek a purchaser for the business. Jon Newell, corporate recovery partner at PKF in Liverpool, said: "The problems of the retail sector have received much comment in the press. Even established businesses such as Wade Smith are not immune from these competitive pressures. "The management of Wade Smith has responded to these pressures and begun a radical re-structuring of the company, concentrating on the core business of men's wear. The most visible element of this restructuring was the withdrawal from the store in the Trafford Centre. "The brand of Wade Smith is recognized throughout the Merseyside region and beyond and we are optimistic that we will be able to identify a buyer for the business." CONTACT: PKF 52 Mount Pleasant Liverpool L3 5UN Phone: 0151 7088232 Fax: 0151 7088169 E-mail: info.liverpool@uk.pkf.com Web site: http://www.pkf.co.uk Imelda Michalczyk, PR Manager Phone: 020 7065 0141 Frances Dukeson, PR Executive Phone: 020 7065 0376 W BAILEY: Hires Vantis Business Recovery Liquidator --------------------------------------------------- At the extraordinary general meeting of the W Bailey (Holdings) Limited held at One Colmore Square, Birmingham, on 29 June 2005, the subjoined Special Resolutions were duly passed: "That the Company be wound up voluntarily, and that Mark Newman, of Vantis Business Recovery, Judd House, 16 East Street, Tonbridge, Kent TN9 1HG, be and is hereby appointed Liquidator (the Liquidator) for the purposes of such winding-up, and that, without prejudice to any other Resolutions, the Liquidator be authorized pursuant to section 110 of the Insolvency Act 1986, to receive, in compensation or part compensation for the transfer or sale of all or any part of the company's business to any other Company (Transferee Company), shares or other like interests in the Transferee Company for distribution among the Members of the company." P. Bailey, Chairman CONTACT: VANTIS BUSINESS RECOVERY Judd House East Street Tonbridge Kent TN9 1HG Phone: 01732 378680 Fax: 07917260099 E-mail: mark.newman@vantisplc.com WINDMILL PINE: Lincoln Court Approves Winding-up Petition --------------------------------------------------------- Company Name: Windmill Pine Limited Company Registration Number: 01803883 Address of Registered Office: 93 Queens Street, Sheffield, S1 1WF Court: Lincoln Date of Filing Petition: 20 June 2005 No. of Matter: 12 of 2005 Date of Winding-up Order: 5 July 2005 Official Receiver's Address: The Frontage, 4th Floor, Queen Street, Nottingham, NG1 2BL ZENITH DISTRIBUTIONS: Falls into Liquidation -------------------------------------------- Company Name: Zenith Distributions Ltd. Company Registration Number: 04814947 Address of Registered Office: Cromwell House, Mill Street, Cannock, Staffordshire, WS11 3DP Court: High Court of Justice Date of Filing Petition: 16 May 2005 No. of Matter: 003178 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver: Ground Floor, Copthall House, King Street, Newcastle-Under-Lyme, ST5 1UE ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *