/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050804.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, August 4, 2005, Vol. 6, No. 153 Headlines C Z E C H R E P U B L I C CZECH AIRLINES: Names Financiers of Airbus Purchase CZECH AIRLINES: Regulator Clears Travel Service Takeover F I N L A N D BENEFON OYJ: Reaffirms Sales, Profit Forecasts F R A N C E ALSTOM SA: Shares Consolidation Takes Effect CAPGEMINI: Business Soars in Second Quarter G E R M A N Y AGIV REAL: Dreag Sale Awaits Creditors' Nod ANTARES AIRTRANSPORT: Appoints Administrator from Kuebler ARCHETON VERLAG: Court to Verify Claims December DAIMLERCHRYSLER AG: Chrysler, Mercedes July Sales Up EUGEN GOLLER: Creditors Meeting Set October HEIDELBERGCEMENT AG: Spohn Cement Raises Stake to 52% HILGERS GMBH: Last Day for Filing Claims August 12 HPSR BAUGESELLSCHAFT: Calls in Administrator from PKL INFINEON TECHNOLOGIES: 400 Dresden Jobs on the Block KARSTADTQUELLE AG: Nears Deal with Prinovis on Maul-Belser Stake KARSTADTQUELLE AG: Denies Handelsblatt Report on Maul-Belser KILIC SYSTEMBAU: Proofs of Claim Due September MWG BIOTECH: First-half Loss Eats up Half of Equity NEW IESY: S&P Puts Rating on CreditWatch Positive PCC BY FEVICO: Creditors to Meet Later this Month PFLEIDERER AG: Sells Track Systems to Vossloh PHOENIX KAPITALDIENST: Under Bankruptcy Administration PRIMACOM AG: Case vs. Lenders Poised to Test Cross-border Laws SG WALLAU: Court to Verify Claims November ZAPF CREATION: To End 2005 in Red G R E E C E DRYSHIPS INC.: Half-year Net Income Swells to US$62.44 Million H U N G A R Y MALEV HUNGARIAN: Two Bidders Remain; Winner Known in 30 Days I R E L A N D CNG TRAVEL: Keeps Mum on Source of Takeover Approach K A Z A K H S T A N KAZTRANSOIL: Ratings Upped to 'BB+'; Outlook Stable PETROKAZAKHSTAN: Outlook Changed to Stable; 'B+' Rating Affirmed L U X E M B O U R G ORIFLAME COSMETICS: Six-month Profit Drops 12% to EUR42.5 Mln N E T H E R L A N D S ROYAL SHELL: Obtains Beaufort Sea Leases ROYAL SHELL: Closes Sale of Basell to Nell Acquisition ROYAL SHELL: Acquires 95.04% of Royal Dutch Shares R U S S I A BAKALINSKIY SEL-STROY-SERVICE: Under Bankruptcy Supervision KASHIRA-MILK: Bankruptcy Hearing Resumes September NEW WINDOWS: Declared Insolvent NIVA: Insolvency Manager Takes over Operations NOVO-KURILOVSKOYE: Deadline for Proofs of Claim September 2 POCHINKI-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set November PODDUBENSKOYE: Appoints Temporary Insolvency Manager SEL-KHOZ-KHIMIYA: Court Names D. Myzalin Insolvency Manager VOS-SIB-TRANS-STROY: Undergoes Bankruptcy Supervision Procedure YUKOS OIL: Banks Demand Payment for US$482 Million Loan YUKOS OIL: New Probe Opened, this Time on Employee Remuneration ZDVINSKOYE: Bankruptcy Hearing Set October S P A I N CABLEUROPA: On Rating Watch Evolving After Auna TLC Deal S W E D E N CONCORDIA BUS: Third Party Tender Offer for Senior Notes Begins ESSELTE GROUP: Moody's to Review Rating After Unit's Sale U K R A I N E ARTSIZ' MEAT: Court Names Ivanov Vladislav Insolvency Manager INTER-STYLE: Under Bankruptcy Supervision MAKIVKA: Deadline for Proofs of Claim Expires Tomorrow MEZHIRICH: Temporary Insolvency Manager Takes over Helm NAFTA-CENTRE: Bankruptcy Supervision Begins SINTEK: Lviv Court Opens Bankruptcy Proceedings UKRAINA: Gives Creditors Until Tomorrow to File Claims UROZHAJ: Succumbs to Bankruptcy ZHIKLER: Applies for Bankruptcy Supervision ZMIYIVSKE REPAIR-TRANSPORT: Creditors' Claims Due Tomorrow U N I T E D K I N G D O M 1102 PARTNERS: Liquidators from Valentine & Co. Move in ABLE PRECISION: In Voluntary Liquidation ALFA SECURITIES: Names Liquidator from Citroen Wells ALI BROTHERS: Court Orders Liquidation ALMSHOUSE LTD: Calls in Liquidator from B & C Associates ARNOS CAFE: Liquidation Gets Court's Go Signal ATLAS REFRIGERATED: Liquidator from Mazars Takes over Company AUTOMATIC VENDING: Manchester Court Okays Liquidation BEAMREGARD: Members Opt for Liquidation CLARENDON HOMES: Gets Court Approval to Wind up CLARKE & BARTLETT: Owners Decide to Wind up Firm CLYDESDALE BANK: Faces GBP80 Mln Notes Bill with Five Banks COMPLETE SAFETY: Calls in Liquidators DAVINA CHOCOLATES: Appoints Vantis Liquidator DELICIOUS CATERING: In Liquidation DELTACOMM ELECTRONIC: Members Opt to Wind up Firm D & G ONTRAC: Names Administrators from Begbies Traynor DRAX GROUP: Has New Chief Executive Officer E-400 LIMITED: EGM Passes Winding-up Resolution ELLY'S WINE: Calls in Liquidator from B & C Associates EURODIS ELECTRON: Seven Subsidiaries in Administration EZ CEILINGS: Appoints Baker Tilly Liquidator FOREMAN INTERIORS: Court Okays Winding-up F STENTON: Meeting of Creditors Set Next Week GOLFVIEW TRADING: In Liquidation GRAFTON'S BAKERY: Appoints KPMG Liquidator HERBIE FROGG: Joint Administrators Enter Firm HIGHSOFT LIMITED: Falls Hard into Receivership HILALL LIMITED: Hires Administrators from Bishop Fleming HOARE HOLDINGS: District Registry Orders Winding-up HOME LOANS: Members Pass Special Resolution H P OAK: Goes into Liquidation IDI-UK EVENTS: Liquidators from Baker Tilly Move in ISA COMPONENTS: Passes Winding-up Resolutions IT TRADERS: Members Opt for Liquidation J KIRKALDY: Members Resolve to Wind up Firm KIESER UK: Names Menzies Corporate Liquidator LAN COMMUNICATIONS: In Liquidation MG ROVER: Nanjing to Work with GB Sports in Longbridge Revival NETWORK RAIL: Advertising Deal Brings GBP200 Mln to the Railway NETWORK RAIL: Directors Reject Proposal to Cut Bonuses NETWORK VACATIONS: Winds up as DTI Unveils Corrupt Practices O J REWINDS: Liquidator from Begbies Moves in OXFORD ELECTRICAL: Names DTE Leonard Liquidator PREMIER RACK: Creditors Meeting Set Next Week PUBLIC SECTOR: Calls in Administrators from Baker Tilly RED LETTER: 'Dragon' Rescues Firm out of Administration RITZ DEVELOPMENTS: Property Developer Calls in Administrator RIVER TEES: Meeting of Creditors Set Friday Next Week S.D.C. LOGISTICS: Calls Liquidator from CBA SECURITY TRAINING: Names Poppleton & Appleby Liquidator SMART & BRIDGMAN: Calls in Administrators from Tenon Recovery SOUTH CLEVELAND: In Voluntary Liquidation ST ELPHINS: High Court Appoints Official Receiver STILLVIEW LIMITED: Brighton Court Winds up Group T R A CREATIVE: In Voluntary Liquidation V.T.I LIMITED: In Liquidation YOUR HOME: Calls in Liquidator * U.K. Insolvency Cases Up 10.7% in Second Quarter ********* =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: Names Financiers of Airbus Purchase --------------------------------------------------- At its meeting on July 27, the Supervisory Board unanimously approved the decision of Czech Airlines Board of Directors regarding the winner of the tender for financing the purchase of 12 Airbus A320 and A319 aircraft. The banks of the winning consortium, CSOB a.s., BNP Paribas and Natexis Banques Populaires, whose offer was assessed as economically best by Czech Airlines in cooperation with legal and economic advisers (Weil, Gotshal & Manges, Deloitte), belong to leading finance institutions specializing in aircraft financing. Czech Airlines will finance its new airplanes valued at CZK10 billion to CZK12 billion through a 12-year financial leasing guaranteed by European Export agencies. The airplanes will be delivered within 2006 to 2008, first 3 new airplanes will arrive in March 2006, 5 airplanes in 2007 and 4 airplanes in 2008. Czech Airlines announced the tender for financing 12 new medium-haul Airbus A320 and A319 airplanes at the beginning of April 2005. Renowned local and foreign banks and finance institutions showed interest in the tender, among others Citibank, CSOB, BNP Paribas and Natexis consortium, ING Bank & Calyon consortium and Komercni banka & Societe Generale. The suppliers of individual components, so called optional components of Airbus 6 A320's and 6 Airbus A319's were also selected in a tender. Out of more than 70 suppliers, Czech Airlines selected the following companies: B/E (passenger seats supplier), Panasonic and Rockwell (in-flight entertainment systems supplier), Bucher (supplier of closets on board) and Rockwell-Collins and Honeywell (key avionic systems suppliers). Czech Airlines experienced a remarkable interest in tender participation from financial institutions and consortiums, indicated also by high quality proposals and a large number of applicants. The winning proposal from CSOB a.s., BNP Paribas and Natexis Banques Populaires consortium will secure Czech Airlines a saving of more than 1 billion CZK if compared with the financial plan for 2005 to 2015. Also the negotiations with the suppliers of optional components brought Czech Airlines remarkable discounts and benefits. The airline saved several hundred million CZK if compared with the financial plan for 2005 to 2008 and acquired for example free deliveries of spare parts and tools and provision of training for employees. Czech Airlines has successfully completed another phase of its project of the introduction of new medium-haul airplanes in its fleet. Following step will be the conclusion of a mandate contract with the CSOB, a.s., BNP Paribas and Natexis Banques Populaires consortium and beginning of talks with export agencies. Jitka Novotna CSA Spokesperson * * * Czech Airlines is expected to end the year with a loss amounting to hundreds of millions of crowns. The loss is being blamed on competition from low-cost airlines, high oil prices and hefty investment. CONTACT: CESKE AEROLINIE A.S. Prague Ruzyni Airport 160 08 Prague, 6, Czech Republic Phone: +42 220 104 310 Fax: +42 224 81 04 26 Web site: http://www.csa.cz CZECH AIRLINES: Regulator Clears Travel Service Takeover -------------------------------------------------------- State-owned Czech Airlines is to renew takeover negotiations with privately held charter airline Travel Service after receiving clearance from the country's anti-trust regulator. Talks between the companies were halted last year while the anti-trust office reviews the effect of the acquisition to competition. CSA did not say how much it is willing to pay for the acquisition. It said due diligence must precede negotiations on the financial side of the merger. The acquisition will help Czech Airlines win over clients who now travel with charter or low-cost airlines. CSA is battling tough competition against them particularly on its London routes. This, as well as high oil prices and hefty investment are expected to drive the company into a significant loss this year, a report from daily Hospodarske noviny said. Travel Service has a fleet of 10 Boeing 737 planes. It carried 1.7 million passengers last year. In May 2004, the company also started operating the country's first low-cost airline, Smart Wings. CONTACT: CESKE AEROLINIE A.S. Prague Ruzyni Airport 160 08 Prague, 6, Czech Republic Phone: +42 220 104 310 Fax: +42 224 81 04 26 Web site: http://www.csa.cz ============= F I N L A N D ============= BENEFON OYJ: Reaffirms Sales, Profit Forecasts ---------------------------------------------- Benefon Oyj's evaluation of various strategic funding alternatives as referred to in the bulletin dated 26 of May 2005 is still ongoing and further information will be available towards the end of August 2005. The projected sales and profit figures as reported in the bulletin referred to above for 2005 and beyond are still valid and the company still expects to reasonably achieve such forecasts. * * * Headquartered in Salo, Finland, Benefon provides mobile telematics solutions for saving lives, securing assets and improving field management. It applied for statutory corporate reorganization with the court of first instance in Turku on April 24, 2003 after failing to find funding on time. British Octagon Solutions set the restructuring program as a condition for its investment of EUR1.65 million in return for a two-thirds share in the company. It confirmed in June it is ending its reorganization program 3-and-a-half years early. CONTACT: BENEFON OYJ P.O. Box 84 Meriniitynkatu 11 FIN-24101 Salo, Finland Phone: +358-2-77 400 Fax: +358-2-733 2633 Web site: http://www.benefon.com =========== F R A N C E =========== ALSTOM SA: Shares Consolidation Takes Effect -------------------------------------------- Alstom's consolidation of shares became effective Wednesday, August 3, at the opening of Euronext Paris. The consolidation of shares took place through the exchange of 40 shares for one new share. As an example, the closing price of August 2, 2005, at EUR0.84, would correspond to a new price of EUR33.6. The number of ALSTOM shares was consequently reduced from 5,498 million shares to 137 million shares. CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com Press relations S. Gagneraud Phone: +33 1 41 49 27 40 E-mail: internet.press@chq.alstom.com Investor relations E. Chatelain Phone: +33 1 41 49 37 38) E-mail: Investor.relations@chq.alstom.com CAPGEMINI: Business Soars in Second Quarter ------------------------------------------- Consultancy group Capgemini is well on its way to recovery as sales grew for the fourth consecutive quarter, Le Figaro reported last week. For three months to June 30, 2005, Capgemini posted an 18.2% hike on year-on-year turnover to EUR1.76 billion. The group attributed its encouraging results to good performances in Europe and North America (sales up 25.7% and 9% respectively). The group's facilities management service now accounts for 36% of its European turnover, compared to just 28% a year ago; and half of turnover in North America. Capgemini now expects to return to profitability in the first half. The group posted EUR359 million in net losses last year, after taking on an exceptional tax charge of EUR125 million, restructuring costs of EUR220 million and a goodwill depreciation charge of EUR51 million. * * * Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services, employing 60,000 people in more than 30 countries. Global revenues in 2003 reached EUR5.7 billion. It specializes in developing and implementing enterprise systems for customer relationship management (CRM), enterprise resource planning (ERP), and wireless networking systems. CONTACT: CAPGEMINI 6-8, rue Duret 75017 Paris, France Phone: +33-1-53-644444 Fax: +33-1-53-644445 Web site: http://www.capgemini.com ============= G E R M A N Y ============= AGIV REAL: Dreag Sale Awaits Creditors' Nod ------------------------------------------- Whitehall, a U.S. investment bank owned by Goldman Sachs, is expected to takeover the only remaining attractive asset of Agiv Real, reports Financial Times Deutschland. Whitehall will buy the 66% stake of Agiv in Deutsche Real Estate (Dreag) and the 5% held by German banks BayernLB and HSH Nordbank for EUR306 million. Dreag's shares are currently valued EUR0.50 apiece, which brings the actual purchase price of the shareholding to only EUR7 million. The rest of the money will be used to pay down Dreag's debt. Dreag, according to FT Deutschland, is in need of restructuring but has not been affected by the insolvency of its parent. The sale needs the approval of creditors, who are scheduled to meet mid-August. This early some creditors have already expressed apprehension about a quick sale because a big portion of Dreag's debt is unsecured. CONTACT: AGIV REAL ESTATE AG Warburgstrasse 50 D-20354 Hamburg Phone: +49-40 4 15 26-0 Fax: +49-40 4 15 26-199 Web site: http://www.agiv.de ANTARES AIRTRANSPORT: Appoints Administrator from Kuebler --------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against Antares Airtransport Maintenance und Service Aktiengesellschaft on July 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 22, 2005 to register their claims with court-appointed provisional administrator Dr. Bruno Kuebler. Creditors and other interested parties are encouraged to attend the meeting on September 12, 2005, 12:45 p.m. at the district court of Dresden, Olbrichtplatz 1, 01099 Dresden, 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: ANTARES AIRTRANSPORT MAINTENANCE UND SERVICE AKTIENGESELLSCHAFT Friedensstrasse 113 in 02929 Rothenburg/OL Dr. Bruno Kuebler, Administrator Loschwitzer Strasse 3, 01309 Dresden Web site: http://www.kuebler-gbr.de ARCHETON VERLAG: Court to Verify Claims December ------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against ARCHETON Verlag GmbH on July 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 12, 2005 to register their claims with court-appointed provisional administrator Wolfgang Kuehnel. Creditors and other interested parties are encouraged to attend the meeting on August 31, 2005, 11:05 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, 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 December 7, 2005, 10:30 a.m. at the same venue. CONTACT: ARCHETON VERLAG GmbH Hubertusallee 14,14193 Berlin Wolfgang Kuehnel, Administrator Berliner Str. 117, 10713 Berlin DAIMLERCHRYSLER AG: Chrysler, Mercedes July Sales Up ---------------------------------------------------- DaimlerChrysler AG has reported total group sales of 260,937 passenger vehicles in the U.S. for July 2005, a 25% increase compared to July 2004. All sales figures in this release are on an unadjusted basis unless otherwise noted. Chrysler Group, which consists of the Chrysler, Jeep(R) and Dodge brands, posted sales of 240,146 vehicles in the U.S., an increase of 27%. Adjusted for one fewer selling day in July 2005 compared to July 2004, sales actually rose 32%. After launching a record nine new models in 2004, the Chrysler Group is launching several new models in 2005, including the all-new 2006 Jeep Commander. In June, the company started shipping to dealers the all-new 2006 Dodge Charger, which has received enthusiastic feedback from the media and great anticipation among consumers. Mercedes-Benz USA (MBUSA) posted sales of 20,791, a 10% increase compared to the same month last year and the best July sales in its history. In July, the all-new 2006 M-Class, built in Vance, Alabama, continued its strong momentum in the market. Later this year, the R-Class, which represents Mercedes' new Sports Tourer segment, will be available at dealerships. These models will further expand MBUSA's position as offering the widest product portfolio in the luxury vehicle market, and the company expects to set yet another record year. * * * DaimlerChrysler AG recorded an operating profit of US$2.0 billion (EUR1.65 billion) in the second quarter of 2005, compared with US$2.5 billion in the same period last year. This result is significantly above analysts' estimates. As previously announced, the realignment of the smart business model caused additional expenses during the second quarter. Excluding these charges, the Group's second-quarter operating profit amounted to US$2.4 billion, which was close to the level recorded in Q2 2004. In June, Focus-Money reported that by 2008 DaimlerChrysler AG would be looking at profits of EUR11.2 billion. According to the German magazine, the company projects last year's operating profit of EUR5.75 billion to double in four years. DaimlerChrysler has predicted operating profit to increase slightly this year despite a EUR1.2 billion charge to account for the restructuring of its Smart venture. This venture has already cost the group EUR512 million and Daimler said it could miss annual sales goal of 80,000 units, as sales in the first quarter only came to 14,500. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com EUGEN GOLLER: Creditors Meeting Set October ------------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against Eugen Goller & Co. GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 7, 2005 to register their claims with court-appointed provisional administrator Andre K. Gabel. Creditors and other interested parties are encouraged to attend the meeting on October 19, 2005, 10:00 a.m. at the district court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, 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: EUGEN GOLLER & Co. GmbH Nassaustrasse 31, 65719 Hofheim am Taunus Andre K. Gabel, Administrator Bockenheimer Anlage 7, D-60322 Frankfurt am Main Phone: 069/1505963 Fax: 069/15059647 HEIDELBERGCEMENT AG: Spohn Cement Raises Stake to 52% ----------------------------------------------------- The Adolf Merckle-owned Spohn Cement has gained the majority stake in HeidelbergCement, Suddeutsche Zeitung says. Spohn revealed recently it now holds a 52% stake and voting rights in HeidelbergCement, the country's largest cement group. The shareholder has said it only wants a majority stake, not total control of the group. TCR Europe reported on July 14, 2005 that the management and supervisory boards of troubled HeidelbergCement have approved Spohn Cement's bid to acquire it for EUR6 billion at EUR60 per share. Shareholders were given until July 26 to accept Spohn Cement's offer, during which 40.79 million shares were transferred to Spohn Cement. Based in Heidelberg, Germany, HeildelbergCement booked EUR333 million in net loss in 2004. The group attributed the loss to impairment of goodwill for the Western Europe and Northern Europe regions and Indocement. CONTACT: HEIDELBERGCEMENT AG Berliner Strasse 6 69120 Heidelberg Phone: +49-6221-481-227 Fax: +49-6221-481-217 Web site: http://www.heidelbergcement.com HILGERS GMBH: Last Day for Filing Claims August 12 -------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against Hilgers GmbH on July 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 12, 2005 to register their claims with court-appointed provisional administrator Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting on August 19, 2005, 8:30 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 on September 2, 2005, 8:25 a.m. at the same venue. CONTACT: HILGERS GmbH Am Zollhafen 1, 41460 Neuss Contact: Otto Hilgers, Manager Bongertweg 9, 41468 Neuss Horst Piepenburg, Administrator Heinrich-Heine-Allee 20, 40213 Duesseldorf HPSR BAUGESELLSCHAFT: Calls in Administrator from PKL ----------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against HPSR Baugesellschaft mbH on July 1. 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 Dr. Ralf Goethner. Creditors and other interested parties are encouraged to attend the meeting on September 28, 2005, 10:00 a.m. at the district court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, 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: HPSR BAUGESELLSCHAFT mbH Frauenmarkt 26/28 in 01558 Grossenhain Dr. Ralf Goethner, Administrator Lockwitzer Strasse 17, 01219 Dresden Web site: http://www.pkl.com INFINEON TECHNOLOGIES: 400 Dresden Jobs on the Block ---------------------------------------------------- Semiconductor maker Infineon Technologies is reportedly planning to cut 470 of 5,500 jobs at a site in Dresden, Suddeutsche Zeitung says. An Infineon spokesman revealed management and staff representatives will hold talks late September, with the decision likely to come by November or December. He added any plan arising from the talks will be implemented at the start of 2006. The group is currently converting its production technology from 110 nanometers to 90 nanometers, which means a 300mm silicon wafer would yield 30% more chips. Infineon has also implemented a four-shift workday, instead of the usual five. CONTACT: INFINEON TECHNOLOGIES AG P.O. Box 80 09 49 D-81609 Muenchen Phone: +49-89-234-0 Fax: +49-89-234-2-84-82 Web site: http://www.infineon.com Gunter Gaugler Media Relations Contact Phone: +49-89-234-28481 Fax: +49-89-234-28482 E-mail: guenter.gaugler@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: +65-6876 -3070 Fax: +65-6876-3074 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 Investors Relations, Europe Phone: +49-89-234 26655 Phone: investor.relations@infineon.com Investors Relations, North America Phone: +-1-408 501 6800 E-mail: investor.relations@infineon.com KARSTADTQUELLE AG: Nears Deal with Prinovis on Maul-Belser Stake ---------------------------------------------------------------- Troubled retail giant KarstadtQuelle is reportedly close to selling its 25% stake in local printing group Maul-Belser to co-owner Prinovis, local daily Handelsblatt reported recently. A source privy to the matter told the paper KarstadtQuelle has already transferred its voting rights in Maul-Belser to Prinovis. The deal, reportedly worth between EUR90 million and EUR110 million, will give Prinovis 100% control of Maul-Belser. Both Prinovis and KarstadtQuelle have confirmed the talks, but declined to give additional information. Prinovis had said talks might last more than 12 months, since it is currently focusing on its U.K. operations. Maul-Belser prints the catalogue for Quelle, KarstadtQuelle's mail-order division. Maul-Belser, which employs around 1,450 people, posted EUR500 million in turnover in 2004. KarstadtQuelle is currently selling its stake in non-core businesses to focus on retail and mail order activities. Prinovis was formed out of the printing arms of media companies Gruner + Jahr, Axel Springer and Bertelsmann. Prinovis currently has five existing plants located in Ahrensburg, Darmstadt, Dresden, Itzehoe and Nuremberg. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com PRINOVIS NURNBERG Breslauer Strasse 300 90471 Nurnberg Phone: +49 (0911) 8003-0 Fax: +49 (0911) 8003-277 Web site: http://www.prinovis.com MAUL-BELSER TIEFDRUCK Breslauer Strasse 300 90471 Nuremberg Phone: +49 (0)911 - 8003-694 Fax: +49 (0)911 - 8003-241 Web site: http://www.maul-belser.de KARSTADTQUELLE AG: Denies Handelsblatt Report on Maul-Belser ------------------------------------------------------------ The KarstadtQuelle Group has rejected key parts of a Handelsblatt article dated August 1, 2005. Among other things, the article claims that KarstadtQuelle is making slow progress in selling off its participations, that this sluggish disposal process could negatively impact the Group's liquidity situation and that the credit covenants with the banks could be breached. "The Handelsblatt article presents what has unfortunately become its normal mixture of invention and truth," stated Jorg Howe, Head of Corporate Communications. "Let us stick to the facts: (a) The participation in Maul-Belser was never part of our EUR1.1 billion divestment program; (b) The participations that have been announced are completely on schedule, as has been repeatedly stated. As planned, we will conclude our participation disposals of the specialty store chains by the end of the third quarter; and (c) The credit covenants with the banks are not being breached." Mr. Howe said Handelsblatt has quite obviously left the path of fair, critical reporting. Rather, it obviously is quite happy to accept that it could impede the restructuring process at KarstadtQuelle with improper reporting. "There are two recent examples of this," stated Mr. Howe. "On July 29, under the headline 'Post tricks KarstadtQuelle', Handelsblatt reported on the alleged ebbing interest of Deutsche Post AG in parts of KarstadtQuelle logistics. It is true that no negotiations are being conducted with Deutsche Post AG. This is exactly what Zumwinkel, the Chairman of the Post Management Board, who is also a member of the KarstadtQuelle Supervisory Board, stated when the quarterly figures were presented." "On July 27, 2005, under the title 'Prinovis negotiating with KarstadtQuelle,' Handelsblatt stated that KarstadtQuelle had confirmed negotiations between Prinovis and Maul-Belser. This is simply untrue," Mr. Howe said. "We made no comment on this matter. On our enquiry, since this has been confirmed by the responsible editor." "Only on July 12, 2005 did KarstadtQuelle deny parts of the Handelsblatt report, at the same time criticizing the newspaper's actions," he added. "It is regrettable that there is still no response to our offer of a meeting with the chief editor on this mater." CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com Corporate Communications Jorg Howe Phone: + 49 (0)201/727-25 38 Fax: + 49 (0)201/727-37 09 E-mail: joerg.howe@karstadtquelle.com KILIC SYSTEMBAU: Proofs of Claim Due September ---------------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against Kilic Systembau GmbH on July 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 20, 2005 to register their claims with court-appointed provisional administrator Hildegard A. Hovel. Creditors and other interested parties are encouraged to attend the meeting on October 20, 2005, 9:00 a.m. at the district court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, 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: KILIC SYSTEMBAU GmbH Beethovenstrasse 8-10, 60325 Frankfurt am Main Contact: Ferencak Goran, Manager Hildegard A. Hovel, Administrator Raimundstr. 98, D-60320 Frankfurt/Main Phone: 069/569731 Fax: 069/565351 MWG BIOTECH: First-half Loss Eats up Half of Equity --------------------------------------------------- In the first six months of the year 2005, MWG Biotech AG, Ebersberg (ISIN: DE0007300105) achieved a turnover for the Group as a whole of EUR11.4 million as compared with EUR17.6 million in the same period of the previous year. The two business units DNA/RNA Synthesis and DNA Sequencing accounted for sales of EUR11.4 million as compared with EUR11.8 million in the same period of the previous year. The EBITDA (result before interest, taxes and depreciation) was -EUR0.7 million as compared with -EUR3.3 million in the first half of 2004 and the net loss for the Group as a whole was -EUR6.7 million as compared with -EUR6.6 million in the same period of the previous year. The deficit of MWG Biotech AG (the parent company) amounted in the first half of 2005 to EUR17.4 million. This was due in particular to extraordinary depreciation on buildings, to adjustments of value on accounts receivable especially from the U.S. subsidiary, and to the setting up of reserves for further restructuring measures. Owing to this deficit - as reported on 30th June 2005 - half of the Company's equity capital has been used up. At June 30, 2005, MWG Biotech's equity capital amounted to EUR2.1 million. At the end of the year 2004, the MWG Group had at its disposal financial resources in the amount of EUR 9.2 million. At 30th June 2005 its liquid funds amounted to EUR6.6 million. The decrease is attributable largely to the need to finance further restructuring. MWG Biotech is still undergoing a process of reorganization. This process must be carried through to the end in order to ensure a profitable and lasting future for the Group as a whole. An extraordinary general meeting of MWG Biotech's shareholders is scheduled to take place on 7th September 2005 in Hamburg. * * * MWG Biotech AG finished the 2004 business year with a total group turnover of EUR33.0 million (2003 EUR43.0 million). This reduction by 23.2% resulted in large part from the two business lines Genomic Diagnosis (microarrays) and Genomic Technology (lab automation). The EBITDA (earnings before interest, tax and depreciation) before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8 million). On December 31, 2004, the Company had EUR9.2 million cash after EUR11.5 million at year-end 2003. CONTACT: MWG-BIOTECH AG Anzinger Strasse 7a 85560 Edersberg, Germany Phone: +49 8092 82890 Fax: +49 8092 21084 Web site: http://www.mwgbiotech.com Investor Relations Phone: +49-(0)8092-8289-985 Fax: +49-(0)8092-8289-514 E-mail: ir@mwgdna.com NEW IESY: S&P Puts Rating on CreditWatch Positive ------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on New iesy GmbH, a subsidiary of German cable TV operator iesy Repository GmbH, on CreditWatch with positive implications. In a related action, Standard & Poor's placed its 'B+' long-term corporate credit rating on German cable-TV operator Tele Columbus AG & Co. KG on CreditWatch with negative implications. The rating actions follow the announcement of a business combination between the two groups. The CreditWatch with positive implications indicates that we expect either to affirm the ratings on iesy or raise them to 'B+'. The CreditWatch with negative implications indicates that the ratings on Tele Columbus could either be lowered to 'B' or affirmed at 'B+', depending on the credit quality of the combined entity. "The lack of substantial additional external debt or calls on liquidity results in limited downside risk," said Standard & Poor's credit analyst Simon Redmond. "On the contrary, the long-term benefits of an integrated TV content reception, transport, and delivery business model, especially in the wealthy and populous North Rhine-Westphalia region, could be sufficient to justify a 'B+' rating, although leverage would be very high." "To resolve the CreditWatch placements, Standard & Poor's will review the possible benefits and likely extent of the combination, particularly the degree to which the significant consolidated financial leverage might be offset by a potentially more integrated business model and stronger market position," he added. Consolidation of iesy's and Tele Columbus' operations and funding structures is not expected in the near term. Nevertheless, we will consider the longer-term benefits of strategic alignment and reduced competition. The proposed transaction is subject to conditions and approvals including regulatory clearance, and is expected to complete in the fourth quarter. As the funding structures are currently expected to remain in place, Standard & Poor's does not expect the respective notching of issue ratings to change. 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 PCC BY FEVICO: Creditors to Meet Later this Month ------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against PCC by FeViCo Damelang OHG on July 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 6, 2005 to register their claims with court-appointed provisional administrator Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting on August 25, 2005, 10:15 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, 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 December 1, 2005, 10:00 a.m. at the same venue. CONTACT: PCC BY FEVICO DAMELANG OHG Brandenburgische Str. 32,10707 Berlin Sebastian Laboga, Administrator Einemstr. 24, 10785 Berlin PFLEIDERER AG: Sells Track Systems to Vossloh --------------------------------------------- Pfleiderer AG had signed an agreement on Tuesday for the sale of Pfleiderer track systems to Vossloh AG. The transaction is subject to the authorization of the supervisory boards of both companies and must also be approved by the anti-trust authorities for the relevant markets. The parties have agreed to keep details of the purchase price confidential. The sale of Pfleiderer track systems marks the end of Pfleiderer AG's strategic realignment of the Pfleiderer Group. Pfleiderer can now concentrate solely on the international expansion of its Business Segment Engineered Wood. Pfleiderer AG Ingolstadter Strasse 51 93218 Neumarkt Deutschland * * * On July 21, Fitch Ratings 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. CONTACT: PFLEIDERER AG Corporate Communication Ulrich Korner Phone: + 49 (0) 91 81 / 28 - 84 91 Fax: + 49 (0) 91 81 / 28 - 606 E-mail: ulrich.koerner@pfleiderer.com PHOENIX KAPITALDIENST: Under Bankruptcy Administration ------------------------------------------------------ The district court of Frankfurt am Main opened bankruptcy proceedings against Phoenix Kapitaldienst GmbH Gesellschaft fuer die Durchfuehrung und Vermittlung von Vermogensanlagen on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 15, 2005 to register their claims with court-appointed provisional administrator Frank Schmitt. Creditors and other interested parties are encouraged to attend the meeting on October 5, 2005, 10:30 a.m. at the district court of Frankfurt am Main, Saal Harmonie des Congress Centrums der Messe Frankfurt, Ludwig-Erhard-Anlage 1, 60327 Frankfurt/M., at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on November 24, 2005, 10:00 a.m. at Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main. CONTACT: PHOENIX KAPITALDIENST GmbH GESELLSCHAFT FUER DIE DURCHFUEHRUNG UND VERMITTLUNG VON VERMOGENSANLAGEN, Vilbeler Str. 29, 60313 Frankfurt am Main Contact: Elvira Ruhrauf, Manager Detlef Juergen Amonath, Manager Hunsrueckstr. 2, 65719 Hofheim am Taunus Norbert Przibilla, Manager Ludwigstrasse 139, 63456 Hanau Frank Schmitt, Administrator Olof-Palme-Strasse 13, 60439 Frankfurt/Main Phone: 069/50986-0 Fax: 069/50986110 PRIMACOM AG: Case vs. Lenders Poised to Test Cross-border Laws -------------------------------------------------------------- A German court will hear in September the controversial case filed by Straub & Kollegen against the second secured lenders of Primacom AG in behalf of the telecoms company. Straub & Kollegen filed a suit in December 2004 claiming that the interest rate on the EUR375 million (GBP258.7 million) loan to the creditors led by Apollo Management, is too high. The court will hear the case on September 13. PrimaCom is servicing the debt as well as a EUR500 million (GBP345 million) loan financed by Barclays Capital and Fortis Bank. It is now failing to meet payments on the EUR375 million loan. The banks last summer refused to support a plan for a debt-for-equity swap, which has been agreed by the company with m ajority of its shareholders. They withdrew their offer after Primacom chief executive Wolfgang Preuss replaced the firm's existing board with his chosen set of people. The case is "playing havoc with exclusive jurisdiction clauses and is threatening to derail cross-border restructurings in Europe," according to The Lawyer.com. Straub & Kollegen filed the suit in Germany, instead of the U.K. as provided by the exclusivity clause. Freshfields Bruckhaus Deringer, Apollo's adviser, has launched countersuits in England but is being thwarted by article 21 of the Brussels Convention that forces them to wait for the decision of the German court. In theory, the German judge will have to refer the case to the English courts, according to the report. The actions are being defended by Primacom's U.K. lawyers Baker & McKenzie (B&M). Ian Jack, a partner in B&M, is leading the defense. In January, Freshfields secured an injunction stopping Primacom's board from selling the company's Dutch subsidiary Multikabel. Freshfields Bruckhaus is represented by finance partner David Ereira. Apollo is also being advised by JPMorgan. The latter is being advised by Linklaters partner Richard Bussell. Primacom's senior lenders BarCap and Fortis Bank are advised by Clifford Chance. CONTACT: PRIMACOM AG An der Ochsenwiese 3 D-55124 Mainz Phone: +49(0)6131 944 522 Fax: +49(0)6131 944 508 E-mail: investor@primacom.de Web site: http://www.primacom.de Investor Relations Phone:: +49(0)6131 944 522 E-mail: investor@primacom.de FRESHFIELDS BRUCKHAUS DERINGER Frankfurt am Main Taunusanlage 11 60329 Frankfurt am Main Phone: +49 69 27 30 80 Fax: +49 69 23 26 64 BAKER & MCKENZIE European Coordination Centre 100 New Bridge Street London EC4V 6JA United Kingdom Phone: +44 (0)20 7919 1000 Fax: +44 (0)20 7919 1999 SG WALLAU: Court to Verify Claims November ------------------------------------------ The district court of Frankfurt am Main opened bankruptcy proceedings against SG Wallau-Massenheim Spielbetriebs- und Vermarktungs-GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 7, 2005 to register their claims with court-appointed provisional administrator Claudia Jansen. Creditors and other interested parties are encouraged to attend the meeting on October 19, 2005, 9:30 a.m. at the district court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on November 23, 2005, 9:30 a.m. at the same venue. CONTACT: SG WALLAU-MASSENHEIM SPIELBETRIEBS- UND VERMARKTUNGS-GmbH Ruedesheimer Strasse 2 a, 65708 Hofheim am Taunus Claudia Jansen, Administrator Bockenheimer Landstrasse 20, D-60323 Frankfurt/Main Phone: 069/4272686-5270 Fax: 069/42726865555 ZAPF CREATION: To End 2005 in Red --------------------------------- Troubled doll-maker Zapf Creation expects to end 2005 in the red, after posting bleak figures for the first half of the year. Zapf would post EUR4.7 million in net losses from EUR160 million in turnover, its first loss since floating six years ago. For the first half alone, Zapf booked EUR15.7 million in operating losses. The bulk of this were posted in the second quarter, when the group booked EUR10.5 million in operating loss, which is a far cry from EUR2.5 million in operating profits for the same period last year. The group attributed it losses to restructuring costs and a 39% dip in turnover to EUR18.5 million. Zapf Creation is currently implementing an extensive restructuring program to protect its fast-fading profit. Zapf plans to make cheaper dolls targeting the U.S. market as well as restructure its sales structure in the area. The group also plans to cut 135 of its 435 jobs and convert its Italian and Czech units into pure sales companies. The group's problem in sales has been traced to internal management problem. * * * Headquartered in Roedental, Germany, Zapf Creation AG markets branded play concepts including dolls and a wide range of accessories that are developed with great attention to quality, design and play value. The company's most popular brands are Baby Born, Baby Annabell and Chou Chou. The company has 493 employees at 9 locations worldwide and reported sales of EUR173.8 million in 2004. For the first quarter of 2005, Zapf booked a net loss of around EUR5.9 million, more than three times its deficit for the same period in 2004. The group was expected to post its first-half results on July 27, 2005. CONTACT: ZAPF CREATION AG Monchrodener Strasse 13 96472 Rodental Phone: +49-95-63-725-0 Fax: +49-95-63-725-116 Web site: http://www.zapf-creation.com =========== G R E E C E =========== DRYSHIPS INC.: Half-year Net Income Swells to US$62.44 Million -------------------------------------------------------------- DryShips Inc. has reported results (unaudited) for the three-month and six-month periods ended June 30, 2005. Net revenues for the second quarter of 2005 were US$71.47 million (EUR58.76 million) compared to US$17.46 million for the second quarter of 2004. Operating Income for the second quarter of 2005 was US$49.52 million (EUR40.71 million) compared to US$12.97 million for the second quarter of 2005. Net income for the second quarter 2005 was US$43.33 million (EUR35.62 million) compared to US$12.78 million for the second quarter of 2004. Basic earnings per share, based on average number shares outstanding, was US$1.43 for the second quarter 2005. Net revenues for the six-month period ended June 30, 2005 were US$99.61 million (EUR81.89 million) compared to US$33.43 million for the six-month period ended June 30, 2004. Operating income was US$69.19 million (EUR56.89 million) compared to US$23.87 million for the six-month period ended June 30, 2004. Net income for the six-month period ended June 30, 2005 was US$62.44 million (EUR51.33 million) compared to US$23.23 million for the six-month period ended June 30, 2004. Basic earnings per share, based on average number shares outstanding, was US$2.30 for the six-month period ended June 30,2005. A copy of the financial results is available free of charge at http://bankrupt.com/misc/DryShipsInc(Q22005).pdf * * * DryShips specializes in shipping drybulk commodities such as coal, iron ore, and grains as well as minor bulks like bauxite, fertilizers, and steel products. Its fleet is managed by Liberian affiliate Cardiff Marine Inc. Chairman and CEO George Economou and family own 57% of DryShips. For the year ended October 31, 2004, DryShips reported a US$(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 ============= H U N G A R Y ============= MALEV HUNGARIAN: Two Bidders Remain; Winner Known in 30 Days ------------------------------------------------------------ Two bidders are left in the battle for troubled national carrier Malev Hungarian Airlines, Reuters says. According to state privatization agency APV, Russian carriers Airbridge Cargo and KrasAir will go head-to-head after surviving the latest round of tender, where another bidder, Transatlantic Aviation, dropped out of contention for failure to meet expectations. APV said, "Out of the two bidders still in competition, negotiations will first start with Airbridge, which made the more favorable bid." APV will announce Malev's new owner within 30 days. The latest bidding opened in April. Around 14 investors expressed interest in the carrier, but only six were considered serious bidders. * * * Malev Hungarian Airlines expects another operating loss this year; it sees a HUF1.8 billion deficit at the operating level. In 2004, the carrier booked an operating loss of HUF4.4 billion (US$21.9 million) on HUF123.8 billion in revenues. It expects to break even next year, partly as a result of its membership to the oneworld alliance. Malev also signed a memorandum of understanding with oneworld, which sets its full membership by the summer of 2006. This alliance, Malev claims, will increase its revenues by as much as HUF8 billion a year and net profit by HUF4 billion. The carrier also struck a vital deal with Budapest Airport in anticipation of a successful sale. Since the fall of Communism in the country, the government has tried to sell Malev several times but failed. Malev has struggled to increase revenues due to the proliferation of budget airlines at its Budapest hub that has pushed prices down and cut into its market share. CONTACT: MALEV HUNGARIAN AIRLINES Konyves Kalman korut 12-14, H-1097 Budapest Phone: +36 1 235 3100 Fax: +36 1 235-3255 E-mail: malev@malev.hu Web site: http://www.malev.hu ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.) Pozsonyi ut 56 H-1133 Budapest Phone:(36 1) 237 4400 Fax:(36 1) 237 4100 E-mail: apvrt@apvrt.hu Web site: http://www.apvrt.hu/english/m3.html OAO KRASNOYARSK AIRLINES 663021, Krasnoyarsk region, Emeljanivo-1, Krasnoyarsk Airport Phone: +7 (3912)635-110 Fax: +7 (3912)635-181 E-mail: krasair@krasair.ru AIRBDRIDGE CARGO 119048, Usacheva Str. 35A Moscow, Russia Phone: + 7 095 7862613 Fax: + 7 095 7556851 E-mail: info@airbridgecargo.com Web site: http://www.airbridgecargo.com ============= I R E L A N D ============= CNG TRAVEL: Keeps Mum on Source of Takeover Approach ---------------------------------------------------- CNG Travel Group plc has reportedly admitted having received a takeover offer for the company. However, according to Siliconrepublic.com, the online travel company said it is treating the approach tentatively because of its preliminary nature. In a statement to the Irish Stock Exchange, CNG said that the approach may or may not lead to an acquisition. It did not name the interested party, which was believed to be a competing or larger technology firm. The offer is not thought to have come from founder Finbarr Power, said the Irish Examiner. Mr. Power stepped down as chief executive and a director of CNG in June, following a boardroom row regarding the firm's direction. He was earlier said to have considered taking over the losing leisure division of CNG, after the firm decided to focus on its online booking venture and corporate end of the market. Mr. Power led CNG into a flotation on the Alternative Investments Market in London last year. CNG has since faced poor results, resulting to a profits warning in June. In 2004, losses widened to around EUR6 million from over EUR2 million a year earlier. With headquarters in Kenmare, Ireland, CNG was founded in 1999. It currently employs over 350 people in Europe and U.S. CNG Travel Group plc was formed in May 2004, following a capital reorganization whereby it acquired the entire issued share capital of CNG Hotels Limited. Its Initial Public Offering raised GBP22.12 million through the issue of 21,475,026 new ordinary shares at 103 pence each. The company said the funds would be used to strengthen its financial base, finance product development, eliminate debt and make acquisitions. CONTACT: CNG TRAVEL GROUP PLC 2nd Floor, Heritage House Dundrum Office Park Dublin 14 Ireland Phone: +353-1-296-3399 Fax: +353-1-296-3526 E-mail: info@cngtravel.com Web site: http://www.cngtravel.com =================== K A Z A K H S T A N =================== KAZTRANSOIL: Ratings Upped to 'BB+'; Outlook Stable --------------------------------------------------- Standard & Poor's Ratings Services raised its long-term issuer credit and senior unsecured debt ratings on Kazakhstan-based oil transport company KazTransOil to 'BB+' from 'BB'. The outlook is stable. "The upgrade reflects the growing strategic importance of KTO to the Kazakh government and the stronger implicit and explicit governmental support to KTO and its parent, the 100% government-owned KazMunaiGas oil-and-gas group," said Standard & Poor's credit analyst Eugene Korovin. "The upgrade also recognizes the gradual improvement of KTO's market position and positive regulatory changes." The ratings on KTO continue to remain constrained, however, by the company's lack of transparent regulation, the relatively poor state of the company's assets by international standards, and the operational demands of expanding the pipeline network to allow exports to China. These weaknesses are offset by KTO's monopoly operations, with limited competition from rail and other pipelines; the company's strategic importance to Kazakhstan's growing oil industry; and the increasing support of the Kazakh government. The stable outlook reflects Standard & Poor's expectations that KTO will continue to expand its operations on the back of continued oil production growth in Kazakhstan, and successfully manage its exposure to volume risk on new export pipelines. Recent favorable changes in tariff regulation will improve KTO's prospects of full cost recovery for new pipeline projects, offsetting the increased financial risk in the medium term and mitigating new pipeline-project-related risks. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail on: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-Mail Address InfrastructureEurope@standardandpoors.com PETROKAZAKHSTAN: Outlook Changed to Stable; 'B+' Rating Affirmed ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on PetroKazakhstan Inc., an integrated oil company operating solely in the Republic of Kazakhstan, to stable from positive. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit rating on PKZ. "The rating action follows a decline in production in the second quarter of 2005 and reflects reduced expectations for the full year," said Standard & Poor's credit analyst Elena Anankina. "Standard & Poor's believes that production cuts caused by Kazakh gas-flaring regulation and ongoing litigation regarding PKZ's 50:50 joint venture with LUKoil OAO, together with tax and antitrust litigation, limit the upside potential on the rating," she added. In the second of quarter 2005, PKZ had to reduce production to 105,900 barrels per day (30% below 2004), and production for the remainder of the year is likely to fall short of expectations. Further, PKZ's access to the production and cash flows of its joint venture Turgai Petroleum might be limited by corporate governance uncertainties and numerous litigations. "Nevertheless, Standard & Poor's expects that Petrokazakhstan's comfortable liquidity position and limited net debt, as well as the favorable oil price environment, will help to absorb the negative effects of production cuts and ongoing litigation at the current rating level," said Ms. Anankina. Although PKZ has been approached by a number of parties concerning a possible merger or acquisition, the company has not taken a decision and no change of control is factored into the current rating or outlook. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail on: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-Mail Address CorporateFinanceEurope@standardandpoors.com =================== L U X E M B O U R G =================== ORIFLAME COSMETICS: Six-month Profit Drops 12% to EUR42.5 Mln ------------------------------------------------------------- Three-month Highlights: (a) local currency sales increased by 7% and Euro sales grew by 8% to EUR168.5 million (EUR155.9 million); (b) average size of the Sales Force increased by 6% to 1,604,800 Consultants and productivity in local currency increased by 2%. Closing Sales Force was up by 7%; (c) operating profit decreased to EUR19.7 million (EUR26.5 million). Margins were lower as a result of measures taken to increase sales growth; and (d) profit after tax decreased to EUR18.2 million (EUR20.3 million). Six-month Highlights: (a) sales increased by 6% both in local currency and in Euro to EUR350.1 million (EUR331.0 million); (b) adjusted profit after tax decreased by 12% to EUR42.5 million (EUR48.3 million); (c) adjusted EPS after dilution decreased by 13% to EUR0.72 (EUR0.82); and (d) cash flow from operating activities amounted to EUR30.7 million (EUR38.9 million). Financial Position Net interest-bearing debt amounted to EUR81.1 million compared to EUR95.5 million at the end of the second quarter 2004 and EUR57.5 million at year-end 2004. Interest-bearing debt increased mainly as a result of EUR44.1 million in dividend paid in May. The Company's shareholders' equity increased by EUR1.2 million during the six-month period and the debt to equity ratio amounted to 0.7 (1.4). Interest cover excluding exceptional items amounted to 9.9 (5.1) in the six-month period. Outlook The outlook for the full year communicated in the interim report for the first quarter 2005 remains. In order to increase sales growth, measures within the areas of marketing, product development, catalogue development and Sales Force effectiveness will continue during the remainder of the year. These measures, together with the operational investments in Russia and China, are expected to have a negative effect of 2-3 percentage points on operating margins for the full year 2005, significantly weighted towards the first half of the year. A number of factors impact sales and margins in-between quarters: (a) the effectiveness of individual catalogues and product introductions; (b) effectiveness of recruitment programs; (c) timing of sales and marketing activities; (d) the number of effective sales days per quarter; and (e) currency effect on sales and results. CONTACT: ORIFLAME COSMETICS S.A. 20 rue Philippe II L-2340 Luxembourg Web site: http://www.oriflame.com Magnus Brannstrom, Chief Executive Officer Phone: +32 2 357 5529 Kevin Kenny, Chief Financial Officer Phone: +32 2 357 5544 Patrik Linzenbold, Investor Relations Phone: +32 2 357 5675 ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Obtains Beaufort Sea Leases ---------------------------------------- Shell Exploration & Production Company said Monday that the Minerals Management Service has awarded Shell Offshore Inc. 84 leases in the Beaufort Sea, offshore Alaska. Shell bid on the leases in the March 2005 Outer Continental Shelf Lease Sale 195. Annell Bay, Regional Vice President for Exploration in the Americas, said: "Shell is committed to growing globally through exploration for new material oil and more integrated gas and we believe North America continues to hold promising opportunities. Alaska, because of its large resource potential, is one such area. We see the Beaufort Sea as a significant basin. It offers a wide diversity of geology and is largely untested." Chandler Wilhelm, Alaska Exploration Manager, said: "Based on our geological analysis and our experience with offshore developments in Arctic conditions, plus our history of safe and successful exploration in Alaska, we believe that we can build a significant position in Alaska, starting in the Beaufort. We also plan to make additional investments in Alaska. For Shell to be successful, and to achieve our vision for Alaska, we need to work in partnership with key stakeholders for our mutual benefit. We are committed to doing our part." Shell's renewed activity in Alaska has been applauded by many stakeholders, including Gov. Frank Murkowski. Murkowski said: "I welcome Shell back to Alaska. Shell's interest again demonstrates Alaska's competitiveness in a global business environment. My administration is working hard to ensure that Alaska is an attractive place to do business. With numerous oil prospects and a gasline on the horizon, Alaska will continue to contribute to the nation's energy supply and energy security for decades to come." In addition to Gov. Murkowski, Shell has begun meeting with other stakeholders regarding the Beaufort Sea leases. Shell looks forward to continuing stakeholder engagements as it considers other business opportunities in Alaska where Shell can best use its technological expertise to responsibly develop vital oil and natural gas resources. To help support its new Alaska business, Shell has opened an office in Anchorage, located in The Frontier Building, at 3601 C Street. Tom Homza, a long-time Alaska geologist, will serve as Shell's Office Manager. In addition, Edna Beuhler, a long-time Alaska resident, will serve as the Anchorage Office Coordinator. Shell's primary U.S. Exploration team will remain based in Houston. * * * Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. Some investors blamed the complicated system for the overestimation of proved energy reserves by the company between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. Royal Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels. It was finned EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: Closes Sale of Basell to Nell Acquisition ------------------------------------------------------ BASF and Shell Chemicals have completed the sale of their 50-50 joint venture Basell, one of the world's leading manufacturers of polyolefins, to Nell Acquisition S.a.r.l., an affiliate of New York-based Access Industries. The sale price totals EUR4.4 billion, including debt. The relevant merger control approvals had already been granted. For Royal Dutch Shell, proceeds are expected to be reported as part of the Royal Dutch Shell 3rd quarter results. The divestment contributes to Royal Dutch Shell's US$12-US$15-billon dollar divestment program for the period 2004-2006. Shell Chemicals collectively refers to the companies of the Shell Group engaged in the chemicals business. With a multibillion dollar turnover and major manufacturing facilities around the world, Shell Chemicals focuses on the production of bulk petrochemicals and their delivery to large industrial customers. These products are widely used in plastics, coatings and detergents. * * * Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. Some investors blamed the complicated system for the overestimation of proved energy reserves by the company between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels. It was finned EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: Acquires 95.04% of Royal Dutch Shares -------------------------------------------------- Royal Dutch Shell has acquired 1,966,867,638 ordinary shares in the share capital of Royal Dutch, representing 95.04% of all issued and outstanding Royal Dutch Shares. This includes those shares accepted for exchange in the initial offer period and those shares accepted for exchange to date in the subsequent offer acceptance period. This level exceeds the 95% level at which Royal Dutch Shell may elect to initiate squeeze out procedures. An acceptance level of at least 95% is also required by applicable Euronext rules in order to de-list from Euronext Amsterdam. Accordingly, Royal Dutch Shell has requested that Royal Dutch seek delisting from Euronext Amsterdam. Royal Dutch Shell has also requested that Royal Dutch seek delisting from the New York Stock Exchange. The subsequent offer acceptance period remains open and will expire at 3:00 p.m. Amsterdam time on 9 August 2005. During this period, holders of Royal Dutch Shares continue to be able -- subject to the terms of the Royal Dutch Offer documents -- to tender any remaining Royal Dutch Shares. The subsequent offer acceptance period is not an extension of the offer by Royal Dutch Shell to acquire all ordinary shares of Royal Dutch that expired on 18 July 2005. During the subsequent offer acceptance period there will be no withdrawal rights for Royal Dutch Shares tendered for exchange. Royal Dutch Shell will promptly accept for exchange any Royal Dutch Shares tendered during the subsequent offer acceptance period at the same exchange ratio as in the Royal Dutch Offer period [that is, two Royal Dutch Shell Class A ordinary shares for every Royal Dutch Share held in bearer or Hague registry form tendered and one Royal Dutch Shell Class A ADR (representing two Royal Dutch Shell Class A Shares) for every Royal Dutch Share held in New York registry form tendered]. Remaining Royal Dutch Shares As previously announced, if by the end of the subsequent offer acceptance period, Royal Dutch Shell does not hold 100% of Royal Dutch Shares, Royal Dutch Shell reserves the right to use any legally permitted method to obtain 100% of the Royal Dutch Shares. This could include a squeeze out procedure, engaging in one or more corporate restructuring transactions, such as a merger, liquidation, transfer of assets or conversion of Royal Dutch into another form or corporate entity, or changing the Royal Dutch articles of association to alter the corporate or capital structure in a manner beneficial to Royal Dutch Shell. Further, Royal Dutch Shell could engage in one or more transactions with minority holders of Royal Dutch Shares which may include public or private exchanges, tender offers or purchases for consideration consisting of Royal Dutch Shell Shares, other securities or cash. * * * Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. Some investors blamed the complicated system for the overestimation of proved energy reserves by the company between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels. It was finned EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. 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 =========== R U S S I A =========== BAKALINSKIY SEL-STROY-SERVICE: Under Bankruptcy Supervision ----------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on limited liability company Bakalinskiy Sel-Stroy-Service. The case is docketed as A07-11894. Mr. V. Salikaev has been appointed temporary insolvency manager. Creditors have until Sept. 2, 2005 to submit their proofs of claim to 452681, Russia, Bashkortostan republic, Neftekamsk, Vostochnaya Location-1, Zodchikh Str. 35. CONTACT: BAKALINSKIY SEL-STROY-SERVICE 452650, Russia, Bashkortostan republic, Bakalinskiy region, Bakaly Mr. V. Salikaev Temporary Insolvency Manager 452681, Russia, Bashkortostan republic, Neftekamsk, Vostochnaya Location-1, Zodchikh Str. 35 KASHIRA-MILK: Bankruptcy Hearing Resumes September -------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on limited liability company Kashira-Milk. The case is docketed as A14-3636-2005/28/16b. Ms. N. Mironova has been appointed temporary insolvency manager. A hearing will take place on Sept. 7, 2005. CONTACT: KASHIRA-MILK Russia, Voronezh region, Kashirskoye, Mira Str. 15 Ms. N. Mironova Temporary Insolvency Manager 394036, Russia, Voronezh region, Post User Box 542 NEW WINDOWS: Declared Insolvent ------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against New Windows (TIN 02750026123, OGRN 2050204119370) after finding the close joint stock company insolvent. The case is docketed as A07-13640/05-G-FLE. Mr. K. Katkov has been appointed insolvency manager. CONTACT: NEW WINDOWS 450019, Russia, Bashkortostan republic, Ufa, Blagovarskaya Str. 4 Mr. K. Katkov Insolvency Manager 450019, Russia, Bashkortostan republic, Ufa, Blagovarskaya Str. 4 NIVA: Insolvency Manager Takes over Operations ---------------------------------------------- The Arbitration Court of Vladimir region has commenced bankruptcy supervision procedure on close joint stock company Niva. The case is docketed as A11-1551/2005-K1-33B. Ms. L. Studneva has been appointed temporary insolvency manager. Creditors have until Sept. 2, 2005 to submit their proofs of claim to 602209, Russia, Murom, Mekhanizatorov, 50-24. A hearing will take place on Sept. 27, 2005, 2:30 p.m. located at Russia, Vladimir region, Oktyabrskiy Pr. 14. CONTACT: NIVA Russia, Vladimir region, Suzdalskiy region, Lyuhkovitsy Ms. L. Studneva Temporary Insolvency Manager 602209, Russia, Murom, Mekhanizatorov, 50-24 NOVO-KURILOVSKOYE: Deadline for Proofs of Claim September 2 ----------------------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on open joint stock company Novo-Kurilovskoye. The case is docketed as A45-20485/04-SB/171. Mr. P. Akinshin has been appointed temporary insolvency manager. Creditors have until Sept. 2, 2005 to submit their proofs of claim to 633556, Russia, Novosibirsk region, Cherepanovskiy region, Kurilovka. CONTACT: NOVO-KURILOVSKOYE 633556, Russia, Novosibirsk region, Cherepanovskiy region, Kurilovka Mr. P. Akinshin Temporary Insolvency Manager 633556, Russia, Novosibirsk region, Cherepanovskiy region, Kurilovka POCHINKI-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set November ----------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Pochinki-Sel-Khoz-Tekhnika. The case is docketed as A43-10708/2005, 33-233. Mr. L. Tanklevskiy has been appointed temporary insolvency manager. A hearing will take place on Nov. 11, 2005, 2:30 p.m. CONTACT: POCHINKI-SEL-KHOZ-TEKHNIKA Russia, Nizhniy Novgorod region, Pochinki, Kommucisticheskaya Str. 16a PODDUBENSKOYE: Appoints Temporary Insolvency Manager ---------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on close joint stock company Poddubenskoye (TIN 3627015555). The case is docketed as #A14-6860-2005/56/20b. Mr. V. Linnik has been appointed temporary insolvency manager. A hearing will take place on Oct. 13, 2005, 10:00 a.m. at the Arbitration Court of Voronezh region located at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 302. CONTACT: PODDUBENSKOYE Russia, Voronezh region, Rossoshanskiy region, Poddubnoye Mr. V. Linnik Temporary Insolvency Manager Russia, Voronezh region, Olkhovatka, Novatorov Str. 14 The Arbitration Court of Voronezh Russia, Voronezh region, Srednemoskovskaya Str. 77, Room 302 SEL-KHOZ-KHIMIYA: Court Names D. Myzalin Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Sel-Khoz-Khimiya. The case is docketed as A43-6286/2005-24-169. Mr. D. Myzalin has been appointed temporary insolvency manager. A hearing will take place on Sept. 20, 2005, 10:00 a.m. CONTACT: SEL-KHOZ-KHIMIYA Russia, Nizhniy Novgorod region, Lukoyanov, Zagorodnaya Str. 64 Mr. D. Myzalin Temporary Insolvency Manager 603000, Russia, Nizhniy Novgorod region, Post User Box 588 The Arbitration Court of Nizhniy Novgorod 603082, Russia, N. Novgorod region, Kremlin, Room 9 VOS-SIB-TRANS-STROY: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy supervision procedure on open joint stock company Vos-Sib-Trans-Stroy. The case is docketed as A19-10512/05-37. Mr. N. Kuzakov has been appointed temporary insolvency manager. A hearing will take place on Oct. 26, 2005, 10:30 a.m. CONTACT: VOS-SIB-TRANS-STROY 664011, Russia, Irkutsk region, K. Marksa Str. 30 Mr. N. Kuzakov Temporary Insolvency Manager 664025, Russia, Irkutsk region, Post User Box 3262 YUKOS OIL: Banks Demand Payment for US$482 Million Loan ------------------------------------------------------- A syndicate of western banks led by France's Societe Generale has asked a U.S. court to order Yukos Oil to repay an outstanding US$482 million loan, Associated Press reports. In June, Britain's High Court found that Yukos had defaulted on a US$1 billion loan at the time of its initial issue in 2003. Yukos was able to pay only half of the original amount. Societe Generale is joined by 13 other creditors of Yukos Oil in seeking access to funds held in the company's name by Yukos' U.S. unit, Yukos USA Inc., and a Houston-based bank. Societe Generale is also seeking an injunction blocking Yukos from getting back around US$18 million paid into a U.S. bankruptcy court. The creditors include Citigroup's Citibank unit, Deutsche Bank AG and BNP Paribas S.A. A spokesperson for the company said Yukos is prepared to liquidate assets to raise funds. Yukos' main unit was sold by the government in December to a little-known firm OOO Baikalfinansgroup for US$9.35 billion (RUR260.75 billion). The disposal was aimed at extracting payment for the firm's US$27.5 billion tax bill for 2000-2003. Its assets remain frozen until now in relation to tax probes against the company. * * * Yukos, once Russia's largest oil producer, is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). But the case was dismissed in February 24, 2005. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: New Probe Opened, this Time on Employee Remuneration --------------------------------------------------------------- Yukos Oil Company says the General Prosecutor has begun an investigation into the remuneration of 1,600 individual members of staff during the years 2001, 2002 and 2003. The Company understands that the General Prosecutor's Office is of the opinion that the methods used by the Company to pay its staff were unlawful. The Company's position is that the General Prosecutor's request for information on the remuneration for staff at Yukos' Moscow offices is inappropriate and the Company refutes such allegations. The investigations suggest that Yukos and its employees are once again subject to potentially selective and retrospective legal claims as part of an on-going campaign to discredit the Company and damage employee morale. Yukos Oil Company confirms that during that period staff benefited from widely marketed life insurance products offered by Russian insurance companies as part of a standard remuneration package. This is a widespread practice in Russia and is made available to hundreds of thousands of the country's employees. Yukos strongly believes that other beneficiaries of such insurance products included the General Prosecutor's Office, government officials, the Russian Tax Service, local and regional tax inspectors and a range of Russian corporations. Independent investigation will confirm this and will show that once again Yukos has been singled-out for special treatment by the Russian authorities. Commenting on the latest investigations, a Yukos Oil Company spokesperson said: "There is no doubt that Yukos takes its employee remuneration very seriously, this was also the case in 2001, 2002, and 2003. The Company is sure that the life insurance products offered by insurance companies to its employees met with the widespread business customs and the exacting standards of the Russian Tax Service, which along with the General Prosecutor's Office, used identical remuneration mechanisms for its own staff. Once again the Company is suffering from the General Prosecutor's double standards as it elects to ignore the actions of many other companies and government ministries and pin-point its investigations on Yukos. "We can only speculate on their motives as they apparently seek to undermine the Company's reputation and create confusion and concern amongst staff. The Company will provide support to present and former employees who may become victims of selective claims by the General Prosecutor's Office." 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 ZDVINSKOYE: Bankruptcy Hearing Set October ------------------------------------------ The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on close joint stock company Zdvinskoye. The case is docketed as A45-9711/05-27/147. Mr. O. Khvorostin has been appointed temporary insolvency manager. Creditors may send their proofs of claim to 630128, Russia, Novosibirsk region, Kutateladze Str. 4a, Office 409. A hearing will take place on Oct. 10, 2005. CONTACT: ZDVINSKOYE 632959, Russia, Novosibirsk region, Zdvinskiy region, Tsvetniki Mr. O. Khvorostin Temporary Insolvency Manager 630128, Russia, Novosibirsk region, Kutateladze Str. 4a, Office 409 ========= S P A I N ========= CABLEUROPA: On Rating Watch Evolving After Auna TLC Deal -------------------------------------------------------- Fitch Ratings has placed Spain-based Cableuropa on Rating Watch Evolving, following the company's announcement that it has reached an agreement to acquire 100% of AUNA TLC, the fixed-line and cable business of the AUNA Group, for approximately EUR2.250 billion. Ratings and issues that are affected include Cableuropa's Senior Unsecured and Short-term 'B' ratings, the 'BB-'-rated EUR1.250 billion senior secured bank facility and the 'B-' (B minus)-rated ONO Finance Plc's senior unsecured notes. Fitch will resolve the RWE status upon completion of a thorough review (as and when information becomes available), of the proposed transaction, its implications for the business and financial risk profile of the ONO group and the proposed structure of any related financing. Cableuropa is a Spanish broadband service provider and the intermediate holding company for the ONO group. Its core business consists of the offering of integrated telecommunications, cable television and broadband internet services to residential and business customers. In the year to December 2004, revenues amounted to EUR502 million with 783,765 residential and 21,169 business customers. CONTACT: FITCH RATINGS Stuart Reid, London Phone: +44 207 417 4323 Mike Dunning Phone: +44 207 417 6343 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 =========== S W E D E N =========== CONCORDIA BUS: Third Party Tender Offer for Senior Notes Begins --------------------------------------------- ----------------- As announced on 22 July 2005, an agreement in principle on the terms of a restructuring has been reached between: (a) Concordia Bus AB (Bus); (b) Concordia Bus Nordic AB (Nordic, and together with Bus and Concordia Bus Nordic Holding AB, the 'Concordia Group'); (c) an ad hoc committee (the Subordinated Ad Hoc Committee) representing at least 75% of holders of Bus' 11% Senior Subordinated Notes; (d) an informal group (the Senior Group Members) of holders of a majority of Nordic's 9.125% Senior Secured Notes; and (e) the principal ultimate equity holders in the Concordia Group. Documentation for the Restructuring, including a restructuring agreement has now been executed. Pursuant to this Restructuring, commencing July 28, certain members (the Offerors) of the Subordinated Ad Hoc Committee are causing Nimbus Limited (BidCo), a company financed by them, to make a cash tender offer (the 'Third Party Tender Offer') to purchase at a price equivalent to the principal face amount of the Senior Notes validly tendered and not withdrawn, plus all accrued but unpaid interest thereon, all the outstanding Senior Notes (except the 40.9% of the Senior Notes held by members of the Subordinated Ad Hoc Committee). The Third Party Tender Offer is scheduled to expire on 24 August 2005 and is conditional upon the successful completion of the Consent Solicitation referred to below. Senior Group Members have agreed, on the terms and subject to the conditions of the Restructuring Agreement, to tender all their Senior Notes in the Third Party Tender Offer. Nordic recommends acceptance of 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 cash amount spent to acquire Senior Notes tendered into the Third Party Tender Offer. Nordic will make the regularly scheduled interest payment on 1 August 2005. Simultaneously with the Third Party Tender Offer, Nordic is commencing a revised consent solicitation, amending and restating its pending consent solicitation, seeking, in exchange for a consent fee of EUR40 for each EUR1,000 principal amount of Senior Notes: (a) consents to certain amendments to the indenture governing the Senior Notes, and (b) 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 have agreed, on the terms and subject to the conditions of the Restructuring Agreement, to deliver their consents to Nordic pursuant to the terms of the Consent Solicitation. The proposed amendments to the Indenture will not be made unless a majority of the aggregate principal amount of Senior Notes outstanding give their consent. The consents to be provided by the Senior Group Members will be sufficient to permit the amendments to the Indenture that are being requested in the Consent Solicitation. The Consent Solicitation is to be completed on the same day as the Third Party Tender Offer (24 August 2005). This announcement is not a solicitation of tenders or consents with respect to any securities. The solicitation is being made solely by the Amended and Restated Consent Solicitation Statement dated 28 July 2005, as amended from time to time, and the offer to purchase by which the Third Party Tender Offer is being made. 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 Bus, Nordic nor any of their 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 ESSELTE GROUP: Moody's to Review Rating After Unit's Sale --------------------------------------------------------- Moody's placed the ratings of Esselte Group Holdings AB on review for possible upgrade following the announcement that the company has agreed to sell its DYMO division to Newell Rubbermaid for around US$730 million in cash, and will use the sale proceeds to substantially repay its outstanding indebtedness. These ratings were placed on review for possible upgrade: (a) Corporate family rating (formerly senior implied rating), B2; and (b) EUR150 million 7 5/8% senior notes due 2011, Caa1. Moody's review will focus on the success of the pending DYMO divestiture and debt reduction (expected to close by year-end), and on Esselte's long-term financial profile. Although the terms of Esselte's Senior Credit Agreement and Bond Indenture permit reinvestment of the sale proceeds, the company has indicated its intention to repay substantially all of its debt, including calling its senior notes as per the indenture at 100% plus accrued interest including on the closing date calling for redemption the senior notes (in accordance with article 3 of the note indenture). Contemplated proceeds of approximately US$730 million in cash are more than sufficient to cover Esselte's outstanding debt of US$414 million at quarter end April 2005. Moody's views the debt repayment as a materially positive credit event, given Esselte's overall operating challenges due to pressures in the office products industry stemming from raw material price increases, weak brand and innovation relevance in certain categories, customer consolidation, heavy private label and branded competition, and soft European economic conditions. These factors have contributed to recent profit and cash flow declines and heightened the risks associated with Esselte's higher leverage, under-funded pension plans, and required acquisition payments. Moody's notes that the prospective sale will remove Esselte's primary earnings generator, as DYMO represented approximately US$33 million of the company's US$43 million in gross operating income (before corporate expense allocations of US$27 million) in fiscal 2004. Requisite ratings will be withdrawn upon full repayment of the notes. Esselte, incorporated in Sweden (with executive offices in Stamford, Connecticut), is a leading manufacturer of office and other products in four primary categories, filing, labeling, workspace and creative. The company's brands include DYMO, Esselte, Leitz, Pendaflex and Xyron. Net sales for the twelve-month period ended April 2005 were approximately US$1.2 billion. CONTACT: MOODY'S INVESTORS SERVICE (NEW YORK) William L. Hess, Senior Vice President Corporate Finance Group Phone: (Journalists) 212-553-0376 (Subscribers) 212-553-1653 Kevin L. Ziets, CFA, Vice President - Senior Analyst Corporate Finance Group Phone: (Journalists) 212-553-0376 (Subscribers) 212-553-1653 ============= U K R A I N E ============= ARTSIZ' MEAT: Court Names Ivanov Vladislav Insolvency Manager ------------------------------------------------------------- The Economic Court of Odessa region commenced bankruptcy proceedings against Artsiz' Meat Combine (code EDRPOU 00443915) on May 26, 2005 after finding the limited liability company insolvent. The case is docketed as 2/138-04-5099. Mr. Ivanov Vladislav (License Number AB 216729) has been appointed liquidator/insolvency manager. The company holds account number 2600502200 at Ukrgazbank, Odessa branch, MFO 328759. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) ARTSIZ' MEAT COMBINE Ukraine, Odessa region, Artsiz, Bondarev Str. 33 (b) Mr. Ivanov Vladislav Liquidator/Insolvency Manager 65011, Ukraine, Odessa region, a/b 46 (c) ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue, 4 INTER-STYLE: Under Bankruptcy Supervision ----------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on LLC Inter-Style (code EDRPOU 20412800) on April 28, 2005. The case is docketed as 3/60 B. Mr. Sergij Yegorenkov has been appointed temporary insolvency manager. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) INTER-STYLE 12420, Ukraine, Zhitomir region, Teterivka, Shkilna Str. 74 (b) Mr. Sergij Yegorenkov Temporary Insolvency Manager 01133, Ukraine, Kyiv region, Lesya Ukrainka Boulevard, 19/138 (c) ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski Square, 3/65 MAKIVKA: Deadline for Proofs of Claim Expires Tomorrow ------------------------------------------------------ The Economic Court of Zaporizhya region commenced bankruptcy supervision procedure on LLC Makivka (code EDRPOU 01529411) on June 13, 2005. The case is docketed as 19/100 (04). Mr. O. Osipenko (License Number AA 783079) has been appointed temporary insolvency manager. The company holds account number 2606180048 at JSPPB Aval, Zaporizhya regional branch, MFO 013827. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) MAKIVKA 72431, Ukraine, Zaporizhya region, Priazovskij district, Makivka, Kalinin Str. 19 (b) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 MEZHIRICH: Temporary Insolvency Manager Takes over Helm ------------------------------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on Agricultural LLC Mezhirich (code EDRPOU 03776971). The case is docketed as 12/54-05. Mr. Sergij Vasilets (License Number AB 216824) has been appointed temporary insolvency manager. The company holds account number 260044319625002 at CB Privatbank, Sumi branch, MFO 337546. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) MEZHIRICH 42230, Ukraine, Sumi region, Lebedin district, Mezhurich (b) Mr. Sergij Vasilets Temporary Insolvency Manager 42200, Ukraine, Sumi region, Lebedin, Petrenko Str. 44 (c) ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Shevchenko Avenue, 18/1 NAFTA-CENTRE: Bankruptcy Supervision Begins ------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Nafta-Centre (code EDRPOU 30729257). The case is docketed as 15/444-b. Mr. Ivan Gusar (License Number AA 719858) has been appointed temporary insolvency manager. The company holds account number 26004000186 at CB Dnister, Kyiv region branch. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) NAFTA-CENTRE Ukraine, Kyiv region, Malinovskij Str. 27-B/70 (b) Mr. Ivan Gusar Temporary Insolvency Manager 01030, Ukraine, Kyiv region, a/b 29 Phone/Fax: (044) 236-11-17 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B SINTEK: Lviv Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Sintek (code EDRPOU 30343337) after finding the limited liability company insolvent. The case is docketed as 6/145-29/139. Mr. Andrij Sibal (License Number AA 485266) has been appointed liquidator/insolvency manager. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) SINTEK 79035, Lviv region, Krimska Str. 28 (b) Mr. Andrij Sibal Liquidator/Insolvency Manager 79000, Ukraine, Lviv region, P. Doroshenko Str. 61/5 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 UKRAINA: Gives Creditors Until Tomorrow to File Claims ------------------------------------------------------ The Economic Court of Herson region has commenced bankruptcy supervision procedure on Agricultural LLC Ukraina (code EDRPOU 05396638). The case is docketed as 12/84-B-05. Mr. Negrov Maxim (License Number AA 719843) has been appointed temporary insolvency manager. Creditors have until August 5, 2005 to submit their proofs of claim to (a) UKRAINA 75210, Ukraine, Herson region, Chaplinskij district, Magdalinivka (b) ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson region, Gorkij Str. 18 UROZHAJ: Succumbs to Bankruptcy ------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on LLC Urozhaj (code EDRPOU 30880630). The case is docketed as 12/42-05. Mr. Sergij Vasilets (License Number AB 216824) has been appointed temporary insolvency manager. The company holds account number 260089627 at JSPPB Aval, Sumi branch, MFO 337483. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) UROZHAJ 42220, Ukraine, Sumi region, Lebedin district, Shtepivka (b) Mr. Sergij Vasilets Temporary Insolvency Manager 42200, Ukraine, Sumi region, Lebedin, Petrenko Str. 44 (c) ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Shevchenko Avenue, 18/1 ZHIKLER: Applies for Bankruptcy Supervision ------------------------------------------- The Economic Court of Herson region commenced bankruptcy supervision procedure on LLC Zhikler (code EDRPOU 22735506) on June 15, 2005. The case is docketed as 12/88-B-05. Ms. Ulyana Siromyatnikova (License Number AA 719768) has been appointed temporary insolvency manager. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) ZHIKLER 75700, Ukraine, Herson region, Skadovsk, Komsomolska Str. 163-A (b) Ms. Ulyana Siromyatnikova Temporary Insolvency Manager 75700, Ukraine, Herson region, Skadovsk, Radyanska Str. 32/9 Phone: 8 (0237) 5-51-55 (c) ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson region, Gorkij Str. 18 ZMIYIVSKE REPAIR-TRANSPORT: Creditors' Claims Due Tomorrow ---------------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on OJSC Zmiyivske Repair-Transport Enterprise (code EDRPOU 0376163) on June 23, 2005. The case is docketed as 24/52-05. Mr. Ivan Radik (License Number AB 176041) has been appointed temporary insolvency manager. The company holds account number 2609405163001 at CB Privatbank, Harkiv regional branch, MFO 351533. Creditors have until August 5, 2005 to submit their proofs of claim to: (a) ZMIYIVSKE REPAIR-TRANSPORT ENTERPRISE Ukraine, Harkiv region, Zmiyivskij district, Liman, Zmiyivska Str. 36 (b) Mr. Ivan Radik Temporary Insolvency Manager 61170, Ukraine, Harkiv region, Gv. Shironintsiv Str. 43-A/157 Phone: (050) 301-29-21 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th Entrance =========================== U N I T E D K I N G D O M =========================== 1102 PARTNERS: Liquidators from Valentine & Co. Move in ------------------------------------------------------- At the extraordinary general meeting of 1102 Partners One Limited, duly convened, and held at 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Thursday 14 July 2005, the subjoined Resolutions were duly passed, as a Special Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company be wound up, and that Mark S Reynolds, of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be and is hereby appointed as Liquidator of the Company for the purpose of such winding-up." M Shah 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 ABLE PRECISION: In Voluntary Liquidation ---------------------------------------- At an Extraordinary General Meeting of Able Precision Ltd., duly convened, and held at 3rd Floor, Regent House, Bath Avenue, Wolverhampton WV1 4EG, on 20 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 Mark Jonathan Botwood, of Muras Baker Jones, Regent House, Bath Avenue, Wolverhampton WV1 4EG, be and is hereby appointed Liquidator for the purposes of such winding-up." P L Owen, Chairman CONTACT: MURAS BAKER JONES & COMPANY Regent House 3rd Floor Bath Avenue Wolverhampton West Midlands WV1 4EG Phone: 01902 393007 Fax: 01902 393010 E-mail: mjb@muras.co.uk ALFA SECURITIES: Names Liquidator from Citroen Wells ---------------------------------------------------- The following Written Resolutions of the sole Member of the Alfa Securities Limited, were duly passed on Wednesday 20 July 2005, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Mr. M. K. Mehta and Mr. M. R. Philips, of Citroen Wells, 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 Liquidator is to be done by all or any one or more of the persons for the time being holding office." For and on behalf of Open Joint Stock Company "Alfa Bank" * * * Alfa Securities Ltd. is a London-based subsidiary of leading commercial bank Alfa Bank. The bank has license on Britain's Securities and Futures Authority Ltd. to deal in the securities and corporate finance transactions throughout the European Union. 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 ALI BROTHERS: Court Orders Liquidation -------------------------------------- Company Name: ALI BROTHERS LTD. 18 Walsworth Road, Hitchin, Hertfordshire, SG4 9SP Registration Number: 05069964 Court: Luton Date of Filing Petition: May 25, 2005 No. of Matter: 22 of 2005 Date of Winding-up Order: July 19, 2005 CONTACT: Official Receiver 1st Floor, Trident House, 42-48 Victoria Street, St Albans AL1 3HR Phone: 01727 832233 Fax: 01727 732400 ALMSHOUSE LTD: Calls in Liquidator from B & C Associates -------------------------------------------------------- At an Extraordinary General Meeting of the Members of Almshouse Ltd, duly convened, and held at 5 Hendon Street, Sheffield, South Yorkshire S13 9AX, on 14 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 Filippa Connor, of B & C Associates, Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA, is hereby appointed Liquidator for the purposes of such winding-up." J C Hindle, Director CONTACT: B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com ARNOS CAFE: Liquidation Gets Court's Go Signal ---------------------------------------------- Company Name: ARNOS CAFE LTD. c/o Freemans Solar House, 282 Chase Road, London, N14 6NZ Registration Number: 04370180 Court: Bristol District Registry Date of Filing Petition: May 25, 2005 No. of Matter: 2217 of 2005 Date of Winding-up Order: July 20, 2005 CONTACT: Official Receiver 21 Bloomsbury Street, London, WC1B 3SS Phone: 020 7637 1110 Fax: 020 7637 6390 ATLAS REFRIGERATED: Liquidator from Mazars Takes over Company ------------------------------------------------------------- At the extraordinary general meeting of Atlas Refrigerated Vehicles Limited, duly convened, and held at the offices of Mazars LLP, Cartwright House, Tottle Road, Nottingham NG2 1RT, on 22 July 2005, the following Resolutions were duly passed, as a Special Resolution and as Ordinary Resolutions respectively: "That the Company be wound up voluntarily, and that Philip Michael Lyon, of Mazars LLP, Cartwright House, Tottle Road, Nottingham NG2 1RT, be appointed Liquidator for the purpose of such winding-up, and that the Liquidator's remuneration be fixed at GBP5,000 plus disbursements plus VAT." D Walker, Chairman CONTACT: MAZARS LLP Cartwright House, Tottle Road, Nottingham NG2 1RT Web site: http://www.mazars.co.uk AUTOMATIC VENDING: Manchester Court Okays Liquidation ----------------------------------------------------- Company Name: AUTOMATIC VENDING SOLUTIONS LIMITED 2 College Street, Higham Ferrers, Northamptonshire, NN10 8DZ Registration Number: 04831632 Court: Manchester District Registry Date of Filing Petition: May 26, 2005 No. of Matter: 1469 of 2005 Date of Winding-up Order: July 18, 2005. CONTACT: Official Receiver Sol House, 29 St. Katherines Street, Northampton, NN1 2QZ Phone: 01604 542400 Fax: 0104 542450 BEAMREGARD: Members Opt for Liquidation --------------------------------------- At the extraordinary general meeting of Beamregard, duly convened, and held at Valiant House, 12 Knoll Rise, Orpington, Kent BR6 0PG, on 22 July 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 for the purposes of such winding-up, and that without prejudice to any other Resolutions, the Liquidator be authorised 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 for distribution among the Members of the Company." P Thompson, Chairman CONTACT: VANTIS BUSINESS RECOVERY Judd House East Street Tonbridge Kent TN9 1HG Phone: 01732 378680 Fax: 07917260099 E-mail: mark.newman@vantisplc.com CLARENDON HOMES: Gets Court Approval to Wind up ----------------------------------------------- Company Name: CLARENDON HOMES LTD. 21 King Street, Frome, Somerset, BA11 1BJ Registration Number: 03606074 Court: Birmingham District Registry Date of Filing Petition: April 21, 2005 No. of Matter: 2390 of 2005 Date of Winding-up Order: July 18, 2005 CONTACT: Official Receiver 4th Floor, 100 Victoria Street, Bristol, BS1 6BD Phone: 01179 279515 Fax: 01179 275299 CLARKE & BARTLETT: Owners Decide to Wind up Firm ------------------------------------------------ At the extraordinary general meeting of Clarke & Bartlett Asset Management Limited, duly convened, and held at 7-8 Conduit Street, London W1S 2XF, on 22 July 2005, at 10:30 a.m., the following Special Resolutions were passed: "That the Company be wound up voluntarily, and that Stephen Goderski of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S 2XF, be appointed Liquidator of the Company for the purposes of the voluntary winding-up." A A J Bartlett, 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 CLYDESDALE BANK: Faces GBP80 Mln Notes Bill with Five Banks ----------------------------------------------------------- Troubled Clydesdale Bank and five other financial firms are facing a GBP80 million bill to cover their notes in circulation, The Scotsman says. The Treasury recently published a consultation document on proposals, which it claims would "strengthen and modernize" the current scheme under which banks are permitted to issue their own notes. After the consultation, the Government would initiate a bill to require greater note-covering assets to be held at all times, thereby "creating a level playing field." The notes shake-up affects those issued by Clydesdale Bank, the Royal Bank of Scotland, Bank of Scotland and three Northern Ireland-based banks. Currently, around GBP1.5 billion in banknotes are circulating "on any given day north of the Border." A BoS spokesman said, "We will be working closely with the Treasury going forward." Clydesdale Bank plans to close 60 of its 217 branches in Scotland as part of a U.K.-wide shakeup. Clydesdale has seen profits tumble, and business banking managers fleeing to Royal Bank of Scotland for the past 18 months. In December, the bank announced a 44% drop in profits to GBP90 million. It slashed interim dividend to NAB and scrapped final dividend. Clydesdale's profit has been in decline for the past three years. It was performing poorly at a time when rival HBOS and Royal Bank of Scotland are flourishing. CONTACT: CLYDESDALE BANK Banking Hall 30 St. Vincent Place Glasgow G1 2HL Phone: 0141 951 7000 Web site: http://www.cbonline.co.uk THE ROYAL BANK OF SCOTLAND GROUP PLC 42 St Andrew Square Edinburgh EH2 2YE Phone: +44-131-556-8555 Fax: +44-131-557-6140 Web site: http://www.rbs.com BANK OF SCOTLAND 3rd Floor Citymark 150 Fountainbridge Edinburgh EH3 9PE Web site: http://www.bankofscotland.co.uk COMPLETE SAFETY: Calls in Liquidators ------------------------------------- At an Extraordinary General Meeting of the Members of Complete Safety Services Limited, duly convened, and held at Meridian House, 62 Station Road, North Chingford, London E4 7BA, on 20 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 A J Clark, of Carter Clark, Meridian House, 62 Station Road, North Chingford, London E4 7BA, and P Byatt, of Lake Bushells, 129 New London Road, Chelmsford CM2 0QT, be and they are hereby appointed Liquidators for the purposes of the voluntary winding-up." A Barnett, Director CONTACT: LAKE BUSHELLS 129 New London Road Chelmsford Essex CM2 0QT Phone: 01245 254 780 Fax: 01245 254 799 E-mail: info@lakebushells.co.uk DAVINA CHOCOLATES: Appoints Vantis Liquidator --------------------------------------------- At an Extraordinary General Meeting of Davina Chocolates Limited, duly convened, and held at The White Cottage, 19 West Street, Epsom KT18 7BS, on 20 July 2005, the following subjoined Extraordinary Resolution was 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 R L H Knight, of Vantis Business Recovery, The White Cottage, 19 West Street, Epsom KT18 7BS, be and is hereby appointed Liquidator for the purposes of such winding-up." G Martin, Chairman CONTACT: VANTIS BUSINESS RECOVERY The White Cottage, 19 West Street, Epsom, Surrey, KT18 7BS Phone: 01372 743816 Fax: 01372 720940 E-mail: epsom@vantisplc.com Web site: http://www.vantisplc.com DELICIOUS CATERING: In Liquidation ---------------------------------- At an Extraordinary General Meeting of Delicious Catering (UK) Limited, duly convened, and held at The Ibis Hotel, Moorhead Way, Bramley, Rotherham S66 1YY, on 20 July 2005, at 10.45 am, 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 the Company be wound up voluntarily, and that Philip Malachy Daly, of Daly & Co, The Portergate, Ecclesall Road, Sheffield S11 8NX, be and hereby is appointed Liquidator." J W Tinkler, Chairman CONTACT: DALY & CO. The Portergate Ecclesall Road Sheffield South Yorkshire S11 8NX Phone: 0114 209 6262 Fax: 0114 200 6001 E-mail: dalyco@btconnect.com DELTACOMM ELECTRONIC: Members Opt to Wind up Firm ------------------------------------------------- At an Extraordinary General Meeting of the Members Deltacomm Electronic Solutions Limited, duly convened, and held at the offices of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ, on 13 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 Tony James Thompson, of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ, be and he is hereby nominated Liquidator for the purpose of the winding-up." G D Anderson, Director CONTACT: PIPER THOMPSON Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ Phone: 01932855515 D & G ONTRAC: Names Administrators from Begbies Traynor ------------------------------------------------------- Name: D & G ONTRAC VEHICLE SERVICES PLC (Company No 04986993) Nature of Business: Maintenance and Repair of Motors Address of Registered Office: Beaconsfield Road, Hayes, Middlesex UB4 0SL Date of Appointment: July 19, 2005 Joint Administrators' Names and Address: Jamie Taylor and David Paul Hudson (IP Nos 002748 and 008977), both of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com DRAX GROUP: Has New Chief Executive Officer ------------------------------------------- Drax Group Limited has appointed Dorothy Thompson as Chief Executive Officer and Executive Director of Drax Group. Ms. Thompson will take up the appointment in September. She has spent substantially the whole of the last 12 years in the power industry. Joining InterGen in 1998, Ms. Thompson rose to become head of the company's European business, where she had responsibility for the management and operation of four gas-fired power plants, totaling some 3,160MW of capacity across the U.K. and the Netherlands. Ms. Thompson graduated from the London School of Economics in 1983 and started her career in banking before joining Powergen in 1993. Gordon Horsfield, Chairman of Drax Group, said: "I am delighted to announce Dorothy's appointment. I believe she has the ambition and drive to take the business forward, as well as the leadership qualities and skills, which align with the open culture at Drax. Additionally, she brings detailed sector knowledge to complement the strengths of the existing Drax team. This is a critical appointment at a key stage in the development of the business and the Board has been very mindful of this in its choice of Dorothy for the CEO role." Dorothy Thompson said: "I am extremely pleased to be joining Drax Group at such an important time in its development and I am looking forward to leading the Company through the challenging months ahead and beyond. I believe the Company has a great future and I am delighted to become a part of it." * * * Headquartered in Selby, North Yorkshire, United Kingdom, Drax Group operates the largest coal-fired power plant in Europe. Its primary subsidiary, Drax Power, operates the Drax Power Station in North Yorkshire England. Drax Group underwent a financial restructuring in 2003 after its largest customer, TXU Europe, filed for administrative protection (its former project creditors took control of the firm from owner U.S. energy generator AES). In December, it secured an agreement for a GBP348 million claim from TXU. It received a first distribution of some GBP214 million at the end of March. Succeeding payments are expected in 2005 and 2006. The company is using its cash to discharge B debt. Drax Group Limited has appointed Deutsche Bank AG London as lead adviser and sponsor for the proposed refinancing and listing of Drax. It has retained Dresdner Kleinwort Wasserstein Limited as financial adviser. CONTACT: DRAX GROUP LIMITED Melanie Wedgbury Phone: 01757 618381 Kelly-Ann French/ Eric Burns BUCHANAN COMMUNICATIONS Phone: 01943 883990 Charles Ryland/Ben Willey Phone: 020 7466 5000 E-400 LIMITED: EGM Passes Winding-up Resolution ----------------------------------------------- At an Extraordinary General Meeting of the Members of E-400 Limited, duly convened, and held at The Old Bridge Hotel, Holmfirth, Huddersfield HD9 1DA, on 22 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 William Clive Swindell, of Yorkshire House, 7 South Lane, Holmfirth, Huddersfield HD9 1HN, be and he is hereby nominated Liquidator for the purpose of the winding-up." J Tyler CONTACT: William Clive Swindell, Liquidator Yorkshire House, 7 South Lane, Holmfirth, Huddersfield HD9 1HN Phone: 01484 688344 ELLY'S WINE: Calls in Liquidator from B & C Associates ------------------------------------------------------ At an Extraordinary General Meeting of the Members of Elly's Wine Stores Sourcing Limited, duly convened, and held at Trafalgar House, Grenville Place, London NW7 3SA, on Thursday 21 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 Filippa Connor, of B & C Associates, Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA, is hereby appointed Liquidator for the purposes of such winding-up." P R Elly, Director CONTACT: B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com EURODIS ELECTRON: Seven Subsidiaries in Administration ------------------------------------------------------ On 15 July 2005, Neville Barry Kahn and Nicholas Guy Edwards (of Deloitte & Touche LLP) were appointed as joint administrators of Eurodis Electron PLC. Subsidiaries in the Eurodis Electron group have also been placed into administration: Subsidiary Administrators Appointment Eurodis Electronics plc Neville Barry Kahn July 15 Nicholas Guy Edwards Eurodis Information Systems Limited Neville Barry Kahn July 26 Nicholas Guy Edwards Nicholas James Dargan Eurodis Electronics UK Limited Neville Barry Kahn July 26 Nicholas Guy Edwards Nicholas James Dargan Eurodis Electron Holding BV Neville Barry Kahn July 26 Nicholas Guy Edwards Nicholas James Dargan Eurodis Distribution Services BV Neville Barry Kahn July 26 Nicholas Guy Edwards Nicholas James Dargan Eurodis Texim Electronics BV Neville Barry Kahn July 26 Nicholas Guy Edwards Nicholas James Dargan Eurodis Texim Electronics SA Neville Barry Kahn July 26 Nicholas Guy Edwards Nicholas James Dargan Since the date of their appointment the Administrators have been seeking to achieve either sales of the companies in the Eurodis Electron group or sales of the businesses and assets under their control. The Administrators are hopeful that the disposals of either the companies or the businesses and assets will be concluded satisfactorily in due course. However, given the level of debt across the Eurodis Electron group, the Administrators do not anticipate, at present, that there will be a return to Eurodis Electron shareholders. In light of this situation, there is no current intention to request that the suspension of shares of Eurodis Electron plc from listing on the Official List and trading on The London Stock Exchange be lifted. A company profile is available free of charge at http://bankrupt.com/misc/EurodisElectron.htm CONTACT: EURODIS ELECTRON PLC 43 London Road Reigate, Surrey RH2 9PW Phone: +44 (0) 1737 242464 Fax: +44 (0) 1737 229600 DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com EZ CEILINGS: Appoints Baker Tilly Liquidator -------------------------------------------- At an Extraordinary General Meeting of the Members of EZ Ceilings Limited, duly convened, and held at Baker Tilly, International House, Queens Road, Brighton, East Sussex BN1 3XE, on 19 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 Susan Agnes Maund and Andrew White, both of Baker Tilly, International House, Queens Road, Brighton, East Sussex BN1 3XE, be and they are hereby appointed Joint Liquidators for the purposes of such winding-up." D R Holmes, Director and Chairman CONTACT: BAKER TILLY International House Queens Road, Brighton BN1 3XE Phone: 01273 223400 Fax: 01273 223401 E-mail: jonathan.ericson@bakertilly.co.uk Web site: http://www.bakertilly.co.uk FOREMAN INTERIORS: Court Okays Winding-up ----------------------------------------- Company Name: FOREMAN INTERIORS LIMITED 116 Totteridge Lane, London, N20 8JH Registration Number: 04505849 Court: Bristol District Registry Date of Filing Petition: June 1, 2005 No. of Matter: 2278 of 2005 Date of Winding-up Order: July 20, 2005 CONTACT: Official Receiver 21 Bloomsbury Street, London, WC1B 3SS Phone: 020 7637 1110 Fax: 020 7637 6390 F STENTON: Meeting of Creditors Set Next Week --------------------------------------------- The creditors of F Stenton Limited will meet on Aug. 9, 2005 at 10:30 a.m. It will be held at Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP not later than 12:00 noon, Aug. 8, 2005. * * * The company sells cars. CONTACT: F STENTON LTD 4-8 White Lion Road, Amersham, Buckinghamshire HP7 9JD Phone: 01494-546000 MAIDMENT JUDD 60/62 High Street Harpenden Hertfordshire AL5 2SP Phone: 01582 469700 Fax: 01582 460674 E-mail: akent@maidmentjudd.co.uk GOLFVIEW TRADING: In Liquidation -------------------------------- At an Extraordinary General Meeting of Golfview Trading Limited (trading as Sprintfinish), duly convened, and held at Burley House, 12 Clarendon Road, Leeds LS2 9NF, on 22 July 2005, the following Extraordinary Resolutions were duly passed: "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 it is advisable that the same should be wound up, and that the Company be wound up accordingly, and that Gerald Maurice Krasner, of Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF, an Insolvency Practitioner duly qualified under the Insolvency Act 1986, be and is hereby appointed the Liquidator of the Company for the purpose of such winding-up." P Round, Chairman CONTACT: BARTFIELDS (UK) LIMITED Burley House 12 Clarendon Road Leeds West Yorkshire LS2 9NF Phone: 0113 244 9051 Fax: 0113 234 3208 E-mail: gerald.krasner@bartfield.co.uk GRAFTON'S BAKERY: Appoints KPMG Liquidator ------------------------------------------ At an Extraordinary General Meeting of Grafton's Bakery Ltd., duly convened, and held at KPMG, 1 The Embankment, Neville Street, Leeds LS1 4DW, on 19 July 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 it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Howard Smith and Richard Dixon Fleming, of KPMG, be and are hereby appointed Joint Liquidators for the purpose of such winding-up. Any act required or authorized under any enactment to be done by the Liquidator may be done by one of them." S J French, Director HERBIE FROGG: Joint Administrators Enter Firm --------------------------------------------- Name: HERBIE FROGG (KNIGHTSBRIDGE) LIMITED (Company No 03011352) THE HERBIE FROGG GROUP LIMITED (Company No 03012774) Nature of Business: 'Group' Holding Company and Retail Sale of Quality Menswear. Trade Classification: 9305 (Other Business Activities), 5242 Date of Appointment: July 21, 2005 Joint Administrators' Names and Address: John Alfred George Alexander and Melvyn Julian Carter (IP Nos 5053 and 5773), both of Carter Backer Winter, Enterprise House, 21 Buckle Street, London E1 8NN CONTACT: HERBIE FROGG (KNIGHTSBRIDGE) LIMITED 28 Lowndes Street SW1X 9HX Phone: 020 78232882 CARTER BACKER WINTER Enterprise House, 21 Buckle Street, London E1 8NN Phone: + 44 (0) 20 7309 3800 Fax: + 44 (0) 20 7309 3801 E-mail: info@cbw.co.uk Web site: http://www.cbw.co.uk HIGHSOFT LIMITED: Falls Hard into Receivership ---------------------------------------------- Company Name: HIGHSOFT LIMITED 48 High Town Road, Luton, Bedfordshire, LU2 0DE Registration Number: 03001815 Court: Bristol District Registry Date of Filing Petition: May 25, 2005 No. of Matter: 2224 of 2005 Date of Winding-up Order: July 20, 2005 CONTACT: Official Receiver 1st Floor, Trident House, 42-48 Victoria Street, St Albans AL1 3HR Phone: 01727 832233 Fax: 01727 732400 HILALL LIMITED: Hires Administrators from Bishop Fleming -------------------------------------------------------- Name: HILALL LIMITED (Company No 05005144) Nature of Business: Scaffolding Contractors Trade Classification: Division 5 Date of Appointment: July 30, 2005 Administrator's Name and Address: Stephen Anthony John Ramsbottom (IP No 8890), of Bishop Fleming, 19 Portland Square, Bristol BS2 8SJ CONTACT: BISHOP FLEMING 19 Portland Square Bristol BS2 8SJ Avon Phone: 0117 924 8077 Fax: 0117 924 8081 E-mail: sramsbottom@bishopfleming.co.uk HOARE HOLDINGS: District Registry Orders Winding-up --------------------------------------------------- Company Name: HOARE HOLDINGS GROUP LIMITED Unit C4 Premier Business Centre Speedfields Industrial Estate Newgate Lane, Fareham, Hampshire PO14 1TY Registration Number: 01110730 Court: Manchester District Registry Date of Filing Petition: May 25, 2005 No. of Matter: 1465 of 2005 Date of Winding-up Order: July 18, 2005 CONTACT: Official Receiver The Quay, 30 Channel Way, Southampton, SO14 3QQ Phone: 023 8030 3100 Fax: 023 8030 3177 HOME LOANS: Members Pass Special Resolution ------------------------------------------- At the extraordinary general meeting of the members of Home Loans & Finance Limited, duly convened, and held at 4333 Edgewood Road NE, Cedar Rapids, IA 52499, U.S.A., on 11 July 2005, the following Special Resolution was duly passed: "That the Company be wound up voluntarily, and that Vivian Murray Bairstow and Paul Michael Davis, of Begbies Traynor, 32 Cornhill, London EC3V 3BT, be and they are hereby appointed Liquidators for the purposes of such winding-up." CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com H P OAK: Goes into Liquidation ------------------------------ Company Name: H P OAK MASONS LIMITED 31 Cricketers Field, Staplecross, Robertsbridge, TN32 5QQ Registration Number: 04691334 Court: Bristol District Registry Date of Filing Petition: June 1, 2005 No. of Matter: 2283 of 2005 Date of Winding-up Order: July 20, 2005 CONTACT: Official Receiver 69 Middle Street, Brighton, BN1 1BE Phone: 01273 861300 Fax: 01273 861301 IDI-UK EVENTS: Liquidators from Baker Tilly Move in --------------------------------------------------- At an Extraordinary General Meeting of the Members of IDI-UK Events Limited, duly convened, and held at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, on 20 July 2005, the following Extraordinary Resolution was duly passed: "That the Company cannot by reason of its liabilities continue its business, and that it is advisable to wind up the Company and accordingly that the Company be wound up voluntarily, and that Richard Paul Rendle and Phillip Hartland Allen, of Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, be appointed as Joint Liquidators for the purposes of such winding-up." C J Humphrey Walker, Chairman CONTACT: BAKER TILLY 3rd & 4th Floors Temple Plaza Temple Row Birmingham West Midlands B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 E-mail: hedleybrunt@hotmail.com ISA COMPONENTS: Passes Winding-up Resolutions --------------------------------------------- At an Extraordinary General Meeting of the Members of ISA Components Limited, duly convened, and held at Quality Hotel Royal, Ferensway, Hull HU1 3UF, on 18 July 2005, at 10:15 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 Matthew Colin Bowker and David Antony Willis, of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL, are hereby appointed Joint Liquidators of the Company for the purposes of such winding-up, and that the Joint Liquidators in carrying out their functions and exercising their powers may act on their own or jointly and as such their functions and powers may be exercised by either one of them acting joint or on their own account." A Newton, Chairman CONTACT: JACKSON JOLLIFFE CORK Lowgate House, Lowgate, Hull HU1 1EL Web site: http://www.jjcork.co.uk IT TRADERS: Members Opt for Liquidation --------------------------------------- At an Extraordinary General Meeting of the Members of IT Traders International Limited, duly convened, and held at New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY, on 19 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 the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that William Antony Batty, of Antony Batty & Company, New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY, be appointed Liquidator of the Company for the purposes of the voluntary winding-up." G P Biggs, Chairman CONTACT: ANTONY BATTY & COMPANY New House Suite 24 67-68 Hatton Garden London EC1N 8JY Phone: 020 7831 1234 Fax: 020 7430 2727 E-mail: antonybatty@hotmail.com J KIRKALDY: Members Resolve to Wind up Firm ------------------------------------------- At an Extraordinary General Meeting of J Kirkaldy (Southampton) Limited, duly convened, and held at The Dolphin Hotel, 35 High Street, Southampton, on 21 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 Gregory Andrew Palfrey and Kevin James Wilson Weir, of Smith & Williamson Limited, Notebeme House, 84 High Street, Southampton SO14 2NT, be and are hereby appointed Joint Liquidators of the Company with the power to act jointly or by each alone." At a subsequent Meeting of Creditors, duly convened pursuant to section 98 of the Insolvency Act 1986, and held on 21 July 2005, the appointment of Gregory Andrew Palfrey and Kevin James Wilson Weir as Joint Liquidators was confirmed. D Figgins, Chairman CONTACT: SMITH & WILLIAMSON LIMITED Notebeme House 84 High Street Southampton Hampshire SO14 2NT Phone: 02380 831 050 Fax: 02380 831 051 E-mail: KW2@smith.williamson.co.uk KIESER UK: Names Menzies Corporate Liquidator --------------------------------------------- At an Extraordinary General Meeting of Kieser UK Limited, duly convened, and held at 17-19 Foley Street, London W1W 6DW, on 20 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 Simon James Underwood and Jason James Godefroy, of Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, be and are hereby appointed Joint Liquidators of the Company for the purposes of such winding-up." At the subsequent Meeting of Creditors held at the same place on the same date, the Resolutions were ratified confirming the appointment of Simon James Underwood and Jason James Godefroy as Joint Liquidators. D Rose, Chairman CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 E-mail: mcr@menzies.co.uk Web site: http://www.menzies.co.uk LAN COMMUNICATIONS: In Liquidation ---------------------------------- At an Extraordinary General Meeting of Lan Communications Limited, duly convened, and held at Best Western Grove Hotel, Knutsford Old Road, Grappenhall, Warrington WA4 2LD, on 19 July 2005, the following Resolutions were 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 that the same be wound up voluntarily, and that the Company be wound up accordingly, and that Alan H Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL, is hereby appointed as Liquidator for the purposes of such winding-up." At the subsequent Meeting of Creditors held on the same date, the Resolution was ratified together with the appointment of Alan H Tomlinson, of Tomlinsons, St John's Court, 72 Gartside, Street, Manchester M3 3EL, as Liquidator of the Company. J Finegan, Chairman CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk MG ROVER: Nanjing to Work with GB Sports in Longbridge Revival -------------------------------------------------------------- MG Rover's new owner Nanjing Automobile (Group) Corporation has teamed up with GB Sports Car Company in plans to revive the Longbridge operations, said The Guardian. GB Sports is led by Fraser Welford-Winton, the former managing director of Rover's sister company Powertrain, which also fell into administration in April. It has revealed plans of working with Nanjing's advisers Arup and China Ventures to design and develop a range of MG cars for production at Longbridge. Mr. Welford-Winton said: "I am delighted I will be at the heart of the development and the implementation of a business plan that will produce long-term skilled jobs at Longbridge and create a center of excellence for sports car activities, for which the U.K. is world renowned." Nanjing, which has been open about creating a range of MG cars in the U.K., also disclosed that its combined research and manufacturing facilities would generate about 2,000 jobs. It earlier considered moving some production equipment to China. Meanwhile, a spokesman for GB Sports said it was too early to discuss details of employment or production. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com NANJING AUTOMOBILE (GROUP) CORPORATION General Management Division Phone: 86-25-3432671 Fax: 86-25-3111295 3417873 E-mail: bnj3111037@jlonline.com Web site: http://www.nanqi.com.cn NETWORK RAIL: Advertising Deal Brings GBP200 Mln to the Railway --------------------------------------------------------------- Network Rail has announced the signing of a major contract with Maiden Outdoor Advertising Ltd., which will generate more than GBP200 million that will be invested in the rail network over the next decade. The contract covers advertising rights on Network Rail's 'roadside estate'. This consists of more than of 3,000 structures, mainly located alongside roads, railway tracks and on bridges and viaducts. The winning contractor will also have the opportunity, subject to approvals, to install additional structures for advertising hoardings across the estate. The 10-year exclusive concession -- representing almost 10% of the roadside market -- was won by Maiden after a competitive tendering process under OJEU rules. Advertising rights at Network Rail's 2,500 stations are covered by separate agreements and do not form part of this concession. John Pike, Head of Commercial Property at Network Rail said: "This deal secures an important revenue stream for Network Rail. Working closely with Maiden we can ensure that we make the most of our property portfolio and direct the funds into rebuilding Britain's railways." CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44 20 7557 8000 Fax: +44 20 7557 9000 Web site: http://www.networkrail.com Media contact: 020 7557 8292 NETWORK RAIL: Directors Reject Proposal to Cut Bonuses ------------------------------------------------------ Network Rail's Members met recently at the company's third annual general meeting, which was held in Birmingham (20 July). The meeting heard about the performance improvements the company had made in the past 12 months, which included a reduction in delay minutes of 2.3 million minutes and an increase in the number of 'on time' trains to 84.3%. Members also heard about the significant structural changes the company had made in the past 12 months, which contributed to the company's successful year. These included bringing maintenance in-house and shifting to a functional structure. The Members took full advantage of the opportunity to hold the Network Rail Board to account and to debate the performance of the company in the past year. Among the other issues discussed were the ability of passengers to make advance ticket bookings and Directors' remuneration. The resolutions passed by members included: (a) To appoint/re-appoint as Directors Ron Henderson and Charles Hoppe, David Bailey, Yvonne Constance, Mike Firth and Chris Green; (b) To approve the Directors' remuneration report; and (c) To note the company's progress. Two proposed resolutions submitted by individual Members to establish a Members' Council and to ask the Directors to make a voluntary reduction in their bonus payment were firmly rejected. After the meeting, Ian McAllister said: "It was a robust and productive meeting. The Members quite rightly debated the decisions we have made in the past 12 months. The Board and I are immensely grateful to the Members for the contribution they make, not just at our annual general meeting, but throughout the year. They perform a hugely important function in holding us to account as we work towards delivering a safe, reliable and efficient railway." * * * The results of the voting for the resolutions above were: Resolution For Re-election of Ron Henderson 99% Re-election of Charles Hoppe 92% Election of David Bailey 96% Election of Yvonne Constance 95% Election of Michael Firth 95% Election of Chris Green 99% Approve Director's remuneration report 86% To note progress of the Board and the Company 100% Establishment of a Member's Council 17% Voluntary reduction of bonus payments 21% Network Rail is the 'not for dividend' owner and operator of Britain's railway infrastructure, which includes the tracks, signals, tunnels, bridges, viaducts, level crossings and stations -- the largest of which it also manages. It is working to rebuild Britain's railway and provide a safe, reliable and efficient rail infrastructure for freight and passenger trains to use. As a company limited by guarantee, Network Rail is a private organization operating as a commercial business. * * * London-based Network Rail, through subsidiary Network Rail Infrastructure, owns, manages, and maintains 21,000 miles of track and 40,000 bridges and tunnels in the U.K. The not-for-profit company, was formed with backing from the U.K. government in 2002 to acquire the former Railtrack PLC from insolvent parent company Railtrack Group. Railtrack went into administration in 2001 after the government withdrew funding for the company whose reputation was wrecked by a fatal crash in 2000 at Hatfield. Ongoing Case Its shareholders are suing the government for "misfeasance of justice" and a breach of human rights to recover GBP157 million. The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of State for Transport HC03CO4185") is being held at the high court of Mr. Justice Lindsay. Jonathan Sumption is spearheading the government's defense. Geoffrey Weir is the shareholders' lead claimant. Keith Rowley QC is the shareholders' barrister. The investors are acting together as The Railtrack Private Shareholders Action Group (RPSAG). In April, Network Rail reported an operating profit of GBP455 million compared to a loss of GBP710 million last year. CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44 20 7557 8000 Fax: +44 20 7557 9000 Web site: http://www.networkrail.com NETWORK VACATIONS: Winds up as DTI Unveils Corrupt Practices ------------------------------------------------------------ Network Vacations Ltd has been put into liquidation following the winding-up order issued by the Department of Trade and Industry. The Kilmarnock-based online holiday firm offered members exclusive access to luxurious accommodation in various destinations at cheaper prices for a one-off payment. It has been inactive since DTI revealed a probe into the firm's unscrupulous selling practices in 2003, said The Scotsman. Network Vacations had also reportedly faced possible legal action from big travel companies, including Disney. According to BBC News, Network Vacations had attracted clients by calling to inform them that they have won a free holiday. They were then instructed to attend a presentation to claim their prize. However, the firm was found to have had used misleading sales tactics to squeeze up to GBP3,000 out of customers. A salesman was quoted as saying that Network Vacations had connections with several respected companies. Network Vacations head Tony MacDonald had said: "I see no reason why these clients would not be fulfilled. We have 7,500 clients and if 36 of our clients are not happy that is an unfortunate situation." He added that more than 99% of their clients were happy with their services. On July 8, 2005, David K Hunter was appointed interim liquidator of the company. The first meeting of creditors will be on August 17, 2005. CONTACT: NETWORK VACATIONS LTD Carleton Suites-Upper Floor Grange House, 11 Grange Place Kilmarnock, Ayrshire KA1 2AB David K. Hunter, Liquidator Campbell Dallas, Sherwood House 7 Glasgow Road, Paisley PA1 3QS O J REWINDS: Liquidator from Begbies Moves in --------------------------------------------- At an Extraordinary General Meeting of O J Rewinds Limited, duly convened, and held at The Bridgewood Manor, Bridgewood Roundabout, Chatham, Kent ME5 9AX, on 20 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 G W Rhodes, of Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE, be and is hereby appointed Liquidator of the Company for the purposes of such winding-up." S Pellett, Director CONTACT: BEGBIES TRAYNOR 2-3 Pavilion Buildings Brighton Sussex BN1 1EE Phone: 01273 747847 Fax: 01273 747743 E-mail: geoff.rhodes@begbies-traynor.com OXFORD ELECTRICAL: Names DTE Leonard Liquidator ----------------------------------------------- At an Extraordinary General Meeting of Oxford Electrical Limited, duly convened, and held at Workspace, Moto Service Area, Northampon Road, Ardley, Cherwell Valley OX6 9RD, on 22 July 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 A Clifton, of DTE Leonard Curtis, 85-89 Colmore Row, Birmingham B3 2BB, be and is hereby appointed the Liquidator of the Company for the purposes of such winding-up." D A Davies, Director PREMIER RACK: Creditors Meeting Set Next Week --------------------------------------------- The creditors of Premier Rack Solutions Limited will meet on Aug. 8, 2005 at 2:00 p.m. It will be held at Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP not later than 12:00 noon, Aug. 5, 2005. * * * The company manufactures furniture. CONTACT: PREMIER RACK SOLUTIONS LTD Unit 25 Mitchell Point, Hamble Lane Hamble, Southampton, Hampshire SO31 4RF Phone: 02380457301 MAIDMENT JUDD 60/62 High Street Harpenden Hertfordshire AL5 2SP Phone: 01582 469700 Fax: 01582 460674 E-mail: akent@maidmentjudd.co.uk PUBLIC SECTOR: Calls in Administrators from Baker Tilly ------------------------------------------------------- Name: PUBLIC SECTOR COLLABORATIONS RECRUITMENT LIMITED (Company No 5157401) Nature of Business: Recruitment Trade Classification: 7/37 Date of Appointment: July 18, 2005 Joint Administrators' Names and Address: Guy Edward Brooke Mander and Graham Paul Bushby (IP Nos 8845 and 8736), both of Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF CONTACT: BAKER TILLY City Plaza Temple Row Birmingham West Midlands B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 RED LETTER: 'Dragon' Rescues Firm out of Administration ------------------------------------------------------- Red Letter Days has reportedly been bought out of administration by founder Rachel Elnaugh's fellow "dragon" on the BBC show Dragons' Den. According to The Guardian, telecommunications entrepreneur Peter Jones has teamed up with lingerie retailer Theo Paphitis to save the gift company. Mr. Jones was earlier quoted as saying Red Letter Days was "in a bad way" but not bust. The company, which sells vouchers for "experiences" as gifts, ranging from adventure trips to sports activities, fell into administration on Monday with undisclosed debt. The new owners have expressed uncertainty regarding customers who would have their vouchers honored following the takeover. It is said that millions of pounds' worth of vouchers are in circulation. A spokesman for the company said those bought directly from the company on Mastercard or Visa credit cards would be fully honored as well as those purchased on Tuesday and after as trading returns to normal. However, vouchers bought through retailers remained dependent on ongoing negotiations with suppliers. Meanwhile, administrators from Kroll are reportedly in separate discussions with suppliers about recovering some of the cash owed by Ms. Elnaugh and her management team. Ms. Elnaugh earlier presented the company's prospects were strong enough to merit flotation on the stock market, which had convinced Sir Rodney Walker to sign up as chairman of Red Letter Days. However, upon checking the company's accounts, Sir Rodney noted that "there certainly were some fundamental mistakes in the way aspects of the business were overseen." He said that the firm needed to cut at least GBP2 million from its overhead cost, as it was growing at almost the same rate with turnover. The new owners of Red Letter Days have stressed Ms. Elnaugh would no longer be involved in running the company. She earlier disclosed that she did not know the company was in administration, even after Kroll confirmed the appointment of Andrew Pepper and Alastair Beveridge as joint administrators. She has also reportedly denied claims that suppliers had not been paid, while insisting that they "have GBP3.3 million in the bank, which we are waiting to be released." CONTACT: RED LETTER DAYS 77 Muswell Hill Muswell Hill London N10 3RE Phone: 0870 444 4004 Fax: 0870 444 9004 Web site: http://www.redletterdays.co.uk KROLL 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 RITZ DEVELOPMENTS: Property Developer Calls in Administrator ------------------------------------------------------------ Name: RITZ DEVELOPMENTS LIMITED (Company No 43378823) Nature of Business: Property Development Address of Registered Office: Suite 31, Marylebone High Street, London W1U 5AP Date of Appointment: July 25, 2005 Administrators' Names and Addresses: S. J. Parker (IP No 8989), of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD, and N. Money (IP No 8900), of CBA, 435 Lichfield Road, Aston, Birmingham B6 7SS. CONTACT: 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 CBA 435 Lichfield Road Aston Birmingham B6 7SS Phone: (0121) 326 0880 Fax: (0121) 328 6456 E-mail: bham@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk RIVER TEES: Meeting of Creditors Set Friday Next Week ----------------------------------------------------- The creditors of River Tees Engineering & Welding Limited (Company No 01872026) will meet on Aug. 12, 2005 at 11:00 a.m. It will be held at Tenon House, Ferryboat Lane, Sunderland SR5 3JN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Ian William Kings, administrator of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN not later than 12:00 noon, Aug. 11, 2005. * * * River Tees Engineering is a United Kingdom based company that offers quality ship repairs and fabrication of all types of steelwork. Visit http://www.river-tees-engineering.com/for more information. CONTACT: RIVER TEES ENGINEERING AND WELDING LTD The Slipways Normanby Wharf, Dockside Road Middlesbrough TS3 8AT Cleveland Phone: 01642 226226 Fax: 01642 245544 E-mail: river-tees@the-slipways.fsnet.co.uk TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com S.D.C. LOGISTICS: Calls Liquidator from CBA ------------------------------------------- At an Extraordinary General Meeting of S.D.C. Logistics Limited, held at St Giles Hotel, Hounslow Road, Feltham, Middlesex TW14 9AD, on 21 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 it is advisable that the same be wound up voluntarily, and that the Company be wound up accordingly, and that Mark Grahame Tailby and Neil Richard Gibson, of CBA, 39 Castle Street, Leicester LE1 5WN, be and are hereby appointed Joint Liquidators for the purpose of such winding-up, and that the Joint Liquidators be and are hereby empowered to act jointly and severally." P D'Cruz, Chairman CONTACT: CBA 39 Castle Street Leicester LE1 5WN Phone: (0116) 262 6804 Fax: (0116) 217 1404 E-mail: leics@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk SECURITY TRAINING: Names Poppleton & Appleby Liquidator ------------------------------------------------------- At an Extraordinary General Meeting of Security Training & Recruitment Limited, duly convened, and held at 35 Ludgate Hill, Birmingham B3 1EH, on 19 July 2005, at 2:30 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 A Turpin, of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH, be and is hereby appointed Liquidator for the purposes of such winding-up." D Kane CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk SMART & BRIDGMAN: Calls in Administrators from Tenon Recovery ------------------------------------------------------------- Name: SMART & BRIDGMAN LIMITED (Company No 742711) Nature of Business: Printing Address of Registered Office: Sherlock House, 73 Baker Street, London W1U 6RD Date of Appointment: July 13, 2005 Joint Administrators' Names and Address: Steven John Parker and Duncan Robert Beat (IP Nos 8989 and 8161), both of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD CONTACT: SMART & BRIDGMAN LIMITED 16-17 Copperfields Shopping Centre Spital Street Dartford Kent 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 SOUTH CLEVELAND: In Voluntary Liquidation ----------------------------------------- At an Extraordinary General Meeting of the Members of South Cleveland Garages Limited, duly convened, and held at The Highfield Hotel, Marton Road, Middlesbrough TS4 2PR, on 18 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 Malcolm Edward Fergusson, of Fergusson & Co Ltd, Shackleton House, Falcon Court, Preston Farm Industrial Estate, Stockton-on-Tees TS18 3TS, be and is hereby appointed Liquidator for the purposes of such winding-up." W Robson, Director CONTACT: FERGUSSON & CO LIMITED Shackleton House Falcon Court Preston Farm Stockton On Tees North Yorkshire TS18 3TS Phone: 01642 669 155 Fax: 01642 613 535 ST ELPHINS: High Court Appoints Official Receiver ------------------------------------------------- Company Name: ST ELPHINS 2000 LTD Gable House, 239 Regents Park Road, Finchley, London, N3 3LF Registration Number: 05186296 Court: High Court Of Justice Date of Filing Petition: May 23, 2005 No. of Matter: 003375 of 2005 Date of Winding-up Order: July 13, 2005 CONTACT: Official Receiver 5th Floor, South Block, City Plaza, Pinfold Street, Sheffield, S1 2GU Phone: 0114 221 2700 Fax: 0114 221 2750 STILLVIEW LIMITED: Brighton Court Winds up Group ------------------------------------------------ Company Name: STILLVIEW LIMITED Unit 2, English Close, Hove, BN3 7EE Registration Number: 02817872 Court: Brighton Date of Filing Petition: April 8, 2005 No. of Matter: 34 of 2005 Date of Winding-up Order: July 18, 2005 CONTACT: Official Receiver 69 Middle Street, Brighton, BN1 1BE Phone: 01273 861300 Fax: 01273 861301 T R A CREATIVE: In Voluntary Liquidation ---------------------------------------- At an Extraordinary General Meeting of the Members of T R A Creative Limited, duly convened, and held at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, on 22 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 Robert W Keating, of R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, be and he is hereby nominated Liquidator for the purpose of the winding-up." T Reddy, Director CONTACT: R. W. KEATING & CO. 2nd Floor 20 Winmarleigh Street Warrington Cheshire WA1 1JY Phone: 01925 245004 Fax: 01925 245357 E-mail: robert@rwkeating.fsnet.co.uk V.T.I LIMITED: In Liquidation ----------------------------- At an Extraordinary General Meeting of V.T.I Limited, duly convened, and held at The Croydon Park Hotel, 7 Altyre Road, Croydon, Surrey, on 21 July 2005, at 10:15 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, accordingly, that the Company be wound up voluntarily, and that Stephen John Tancock, of Smith & Williamson Ltd, First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN, be and he is hereby appointed Liquidator for the purposes of such winding-up." H Mavadia, Chairman CONTACT: SMITH & WILLIAMSON LTD. First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN Web site: http://www.smith.williamson.co.uk YOUR HOME: Calls in Liquidator ------------------------------ At an Extraordinary General Meeting of the Members of Your Home Stores Limited, duly convened, and held at Lewis Alexander & Collins, 103 Portland Street, Manchester M1 6DF, on 22 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 Stephen Hoffman, of Lewis Alexander & Collins, 103 Portland Street, Manchester M1 6DF, be and he is hereby nominated Liquidator for the purpose of the winding-up." A D Kaye, Chairman CONTACT: LEWIS ALEXANDER & COLLINS 103 Portland Street Manchester Greater Manchester M1 6DF Phone: 0161 236 5175 Fax: 0161 228 6297 * U.K. Insolvency Cases Up 10.7% in Second Quarter -------------------------------------------------- During the second quarter of 2005, a total of 4,574 firms in the U.K. went bust, said The Creditman. This is based on the latest insolvency report from global information solutions company Experian. Results showed a 10.7% increase in the number of insolvency cases, following two years of falling insolvency levels. A total of 4,132 companies went out of business in the same period last year. Voluntary liquidations rose 10.5% to 2,346, while compulsory liquidations hiked 6.3% to 1,348. Administration orders were up 44.9% to 568, while voluntary arrangements increased 26.1% to 179. Receiverships, however, dropped 35.7% to 133. Richard Lloyd, Managing Director of Experian's Business Information division, said: "We haven't seen this level of increase in business insolvencies since the third quarter of 2002 when we recorded an increase of 16% over the third quarter of 2001. "In both 2003 and 2004, business failures were on the decline and only picked up again in the last three months of 2004, when there was an increase of 0.2%. Business failures increased by 1.9% during the first three months of this year, so the rate of increase has leapt by more than five times to the 10.7% recorded in the last three months." Mr. Lloyd added by checking on customers, prospects and suppliers, businesses can be advised about whether any of them are having troubles with their cash flow, and are facing possible failure. Experian revealed that 23 out of the 34 industries it surveyed reported a rise in business failures in the second quarter of 2005. These included Hiring & Leasing (up 35%), Transport (up 35%) and Food Manufacturing (up 46.7%). The highest number of failures in the three months from April to June was recorded in Business Services (793, up from 745) and Construction (407, up from 400). Experian explained that Business Services are always among the first to suffer due to clients' cost-cutting measures. Mr. Lloyd said: "There is no doubt that economic conditions have become much tougher in the last nine months or so, with the dangers from customers failing as high as they were in the recession of the early 1990s. By carrying out regular business information checks on both new and existing customers, as well as suppliers, businesses can help ensure that the risks of exposure to business failures and bad debt are significantly reduced." ********* 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 * * *