/raid1/www/Hosts/bankrupt/TCREUR_Public/050822.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, August 22, 2005, Vol. 6, No. 165
Headlines
C Z E C H R E P U B L I C
VITKOVICE STEEL: Govt Appeals Injunction
D E N M A R K
NYCOMED GROUP: Sales, Earnings Continue to Grow
F I N L A N D
BENEFON OYJ: Plans to Increase Share Capital by up to EUR1 Mln
FINNAIR OYJ: Sales Growth Beats Industry Average
G E R M A N Y
AAP IMPLANTATE: EBIT Returns to Black in Second Quarter
A. GRIESEL: Proofs of Claim Deadline Nears
AUGUSTA TECHNOLOGIE: First-half Results Meet Forecast
CF OBJEKTGESELLSCHAFT: Proofs of Claim Due Next Month
DAIMLERCHRYSLER AG: Dr. Zetsche to Head Mercedes, too
EUROTEC AUTOMATION: Court to Verify Claims November
FB DRUCK: Bielefeld Court Appoints Interim Administrator
FJH AG: Q2 Results Still Negative, but Lower Year-on-year
FLIEGEL DACHBAU: Sets Creditors Meeting September
GEG GRUNDSTUECKSENTWICKLUNGSGESELLSCHAFT: Declares Bankruptcy
GLUECKSBERATER AG: Creditors' Claims Due October
GOLF MUSICAL: Claims Deadline Nears
H.M.C. FROHLING: Court Appoints Matthias Ernst Administrator
IDF GESELLSCHAFT: Media Venture Signs off
INDUSTRIEBODENBESCHICHTUNGEN GMBH: Under Administration
JAN KOLBE: First Creditors Meeting Set Next Week
I R E L A N D
CNG TRAVEL: Trading of New Shares Starts Wednesday
N E T H E R L A N D S
ROYAL SHELL: Wins 5th Exploration License in Ireland
ROYAL SHELL: Buys back 1,197,250 'A' Shares
N O R W A Y
OCEAN RIG: Investors Convert NOK4.8 Mln Bonds into Common Shares
R U S S I A
AGRO-PROM-DOR-STORY: Bankruptcy Hearing Resumes Next Month
AKTANYSH-AGRO-SNAB: Declared Insolvent
ALKEEVO-AGRO-PROM-SNAB: Under Bankruptcy Supervision
KRASNODAR-GLASS: Krasnodar Court Appoints Insolvency Manager
KRASNOGVARDEYETS: Gives Creditors Until Sept. 23 to File Claims
KUSHEVSKIY AGRO-SNAB: Claims Filing Period Ends September
KYZYM-TRUBOPROVOD-STROY: Bankruptcy Hearing Resumes December
RUDOREMONTNYJ FACTORY: Insolvency Manager Takes over Firm
SHAIMSKAYA: Undergoes Bankruptcy Supervision Procedure
SPECIALIZED BUILDING-ASSEMBLY: Under Bankruptcy Supervision
YUKOS OIL: Dumps Stakes in Two Units
S W I T Z E R L A N D
LEICA GEOSYSTEMS: Hexagon Increases Offer to CHF573 Per Share
T U R K E Y
TEKSTIL BANKASI: 'B' Ratings Affirmed on Weak Profitability
U K R A I N E
ART-MARKET: Proofs of Claim Deadline Expires Today
COMPANY INNOVATION: Declared Insolvent
HLIBOROB: Creditors' Claims Due Today
KRASNODON-VUGLE-BUD: Under Sanction Procedure
PROMIN: Liquidator Takes over Operation
REGUL: Harkiv region Opens Bankruptcy Proceedings
SIGMA RECORDS: Insolvency Manager Steps in
SPETSTAMPONAZHGEOLOGIYA: Court Grants Debt Moratorium
UKRAINIAN PRODUCTION: Under Bankruptcy Supervision
UKRZHILSTROJ: Succumbs to Insolvency
U N I T E D K I N G D O M
ABISCOM LIMITED: Names Moore Stephens Liquidator
ACTIVE MANAGEMENT: Bristol Court Issues Winding-up Order
AMAC MANNED: Files for Liquidation
AMERICAN CAR: Court Sanctions Liquidation
AUBERGINE ADVERTISING: Official Receiver to Oversee Winding-up
BLUE TRAINING: Hires Antony Batty to Liquidate Business
BOHLER THYSSEN: Names BDO Stoy Hayward Liquidator
BOOTS GROUP: Four Bidders Advance to 2nd Round
CAVA BAR: Administrators from PKF Step in
CHARTINPUT LIMITED: Crumbles into Liquidation
C J ENGINEERING: Court Approves Liquidation
COSTAIN GROUP: Wins GBP57 Million Road Improvement Contract
EAGLE MOTOR: Collapses into Liquidation
EASY DEBT: Directors Fined GBP1,500 Each; Banned for 3 Years
EMPIRE CLEANING: Opts for Liquidation
ESAT FINANCE: Liquidators from Stoy Hayward Move in
FOOD EXPERIENCE: Calls in Liquidator from Poppleton & Appleby
FOTODIRECT LIMITED: Hires Administrators from Tenon Recovery
FRANCE LANE: Winding-up Receives Green Light
FROM HOUSE: Interior Designer Liquidates
GIO CAROLI: Member Opts for Liquidation
GOSHAWK INSURANCE: Hurricane Ivan Messes up First-half Results
JETFIELD TRADING: Falls into Liquidation
JUMP GROUP: Real Estate Agents Calls in Administrator
MANOR MANAGEMENT: Court Okays Liquidation
MARKS & SPENCER: Promises to Pay Dividends Next Month
MARKUS LIMITED: Winding-up Gets Court Approval
MG ROVER: Chinese Chefs Stir up Job Fears
QDF CASTINGS: Hires Administrators from Moore Stephens
RAYMOND CONTRACTORS: Creditors Meeting Set Next Week
RTP ENGINEERING: Appoints Poppleton & Appleby Liquidator
SHEPHERDS (FINANCIAL): EGM Passes Winding-up Resolution
SHOW PRESENTATION: Administrators from BDO Stoy Hayward Move in
TAXCLAIM LIMITED: In Liquidation
TRAVELEX PLC: Redemption of Notes Set September 5
ULTIMATE ATTIRE: Files for Liquidation
UPSU TRADING: Grant Thornton Administrators Enter Firm
WILFOX TRANSPORT: Applies for Winding-up Order
WM MORRISON: Disposes of Nine Safeway Stores to Sainsbury
*********
===========================
C Z E C H R E P U B L I C
===========================
VITKOVICE STEEL: Govt Appeals Injunction
----------------------------------------
State-owned Osinek has filed an appeal against an injunction
freezing the shares of troubled Vitkovice Steel, reports Czech
News Agency (CTK) says.
According to Osinek spokeswoman Eva Kijonkova, the appeal
questions a number of errors in the injunction and the conduct of
issuing judge Kamila Srubarova, who admitted she was biased. Ms.
Kijonkova added Osinek wants a quick resolution of the issue
since the injunction jeopardizes the sale of the government's 99%
stake in Vitkovice to Russia's EvrazHolding, which is offering
CZK7.05 billion.
In an interview with CTK, Ostrava Court deputy chairman Rostislav
Krhut revealed the court has already received the appeal and will
forward it to the High Court in Olomouc for decision. According
to CTK, it remains unclear when the Ostrava court will forward
the appeal to the high court since Mr. Khrut has yet to decide
whether Ms. Srubarova was biased in issuing the injunction. If
he rules so, CTK added, he will pass the appeal to another judge
who will forward the case to the high court, which has to decide
on the case in a short time.
Olomouc High Court spokesman Petr Angyalossy told CTK, "There is
no deadline for us to decide, but in general we take decisions on
injunctions in the shortest possible time to prevent possible
damage."
The government opened the bidding for Vitkovice in November,
attracting as much as 20 companies with offers ranging from CZK4
billion to CZK5 billion. Only five eventually submitted firm
bids, but two were eliminated even if they had offered more
money. Evraz outbid local steelmaker Trinecke Zelezarny, which
offered CZK7.07 billion, and System Capital Management, which
presented a CZK7.02 billion bid.
Considered the third-largest steelmaker in the country,
Vitkovice's heavy plates accounted for 85 percent of its 2003
sales. It exports about two-thirds of its products mostly to
E.U. countries. Employing 1,600 staff, it booked a profit of
CZK1.6 billion in 2004.
CONTACT: VITKOVICE STEEL a.s.
706 02 Ostrava
Vitkovice
Phone: +420 59 595 6306
+420 59 595 1111
Fax: +420 59 595 6830
Web site: http://www.vitkovicesteel.com
EVRAZ HOLDING LIMITED LIABILITY COMPANY
Ulitsa Dolgorukovskaya 15
Moscow 127006.
Phone: +7 (095) 234-4631
Web site: http://www.evrazholding.ru
=============
D E N M A R K
=============
NYCOMED GROUP: Sales, Earnings Continue to Grow
-----------------------------------------------
The financial results being reported are related to Nycomed A/S,
which, through its subsidiaries and affiliates, comprises all of
the Nycomed Group's operations.
On 10 March 2005, Nycomed A/S entered into a subscription, share
purchase and contribution agreement, pursuant to which Nycomed
A/S agreed to acquire all of the capital stock of Nyco Holdings
ApS (the former parent company of the Group). The acquisition
was consummated on 9 May 2005, following regulatory approvals.
Continued Strong Growth in Sales and Earnings
(a) Nycomed achieved a net turnover of EUR362.5 million in the
first half of 2005, representing an increase of EUR39.9
million, or 12.4%, over the same period last year.
Excluding currency impact, net turnover increased by EUR43.5
million or 13.5%;
(b) These positive results are highly satisfactory and have been
driven by double-digit growth in most Nycomed home markets,
covering Europe including Russia/CIS;
(c) Adjusted EBITDA (see below) for Nycomed reached EUR74.1
million in the first half of 2005, an increase of EUR8.9
million or 13.7% compared to the first half of 2004.
Excluding currency impact, the adjusted EBITDA increased by
EUR12.9 million or 19.8% over the same period last year; and
(d) Russia/CIS continued to be the fastest growing market with a
net turnover of EUR66.1 million, representing an increase of
EUR20.8 million, or 45.9%, compared to the first half of
2004. The Asian/Caucasus markets performed particularly
well and in Russia, volume grew by 46.0% compared to the
same period last year. In order to capitalize on this
continued strong growth, Nycomed will hire an additional 100
employees in Russia/CIS. As a result, the total headcount
in Nycomed Russia/CIS will increase to more than 650
employees by the end of 2005.
Product Launches According to Plan
(a) The launch schedule for Nycomed's two latest hospital
products, Angiox(TM) (bivalirudin) for percutaneous coronary
interventions (PCI), and TachoSil(R), a surgical patch for
bleeding control, is proceeding according to plan and the
products are expected to have been launched in most Nycomed
markets by the end of 2005; and
(b) The ACUITY clinical trial, to extend the indication for
bivalirudin, has now enrolled more than 10,000 patients.
With less than 3,800 patients to go, the study is fast
reaching its completion of the recruitment phase. If the
results are in line with our expectations, Nycomed will
apply for the indication of ACS (Acute Coronary Syndrome) to
complement the existing PCI (Percutaneous Coronary
Intervention) indication.
Hakan Bjorklund, Nycomed's CEO said: "This strong growth in
sales, which is ahead of expectations, more than outweighs the
planned increase in investments in sales and marketing. Further,
we have been able to improve our earnings, which is highly
satisfactory and in line with our growth strategy. We will
proceed with our investments in Nycomed's long-term growth, and
we expect to see low double digit growth on both top- and bottom
line for the full year 2005."
Financial Background
Adjusted EBITDA and EBITDA are key figures used in order to have
a more comprehensive analysis of our operating performance and of
our ability to service our debt.
Adjusted EBITDA means net income before net financial items,
income taxes, depreciation of tangible assets and amortization of
intangible assets, adjusted for certain unusual or non-recurring
items.
The acquisition of Nyco Holdings ApS on 9 May 2005, the
application of purchase accounting adjustments related thereto,
and the related financing transactions have affected and will
continue to affect our results of operations following the
acquisition. In particular:
(a) the substantial indebtedness incurred to finance the
acquisition has increased interest expense significantly;
(b) the significant adjustment to intangible assets we recorded
in connection with the acquisition in respect of patents and
other intellectual property rights, has led to a significant
increase in amortization expense. Net cash flow is not
affected; and
(c) the purchase accounting adjustment relating to inventory
resulted in a non-recurring charge of EUR58.7 million that
is going to be reflected in our consolidated profit and loss
statement, net of the related income tax benefit, as the
inventory on hand at the acquisition date is sold to
customers. We expect that this impact and the related
effect on gross and operating margins will be reflected in
our consolidated profit and loss statement within the first
five months following closing of the acquisition. Net cash
flow is not affected.
To finance the acquisition, Nordic Capital and certain
co-investors contributed EUR412.0 million, in cash to Nycomed A/S
in exchange for newly issued Nycomed A/S shares and, in addition,
Nycomed A/S on 21 March 2005 raised an additional EUR396.0
million through the sale of Senior PIK Notes. Nycomed A/S has
used those proceeds to purchase 100% of the outstanding capital
stock of Nyco Holdings ApS from its existing shareholders and to
pay related transaction fees and expenses. After the
acquisition, Nordic Capital and its co-investors have now become
the largest single investor in Nycomed A/S.
New Reporting Standards
As of 1 January 2005, Nycomed reports and accounts for
transactions in accordance with IFRS (International Financial
Reporting Standards) whereas previously we had used Danish GAAP.
A complete reconciliation of the difference between IFRS and
Danish GAAP will be available when we prepare the full Nycomed
group annual accounts after 31 December 2005. Until then, we
will follow the requirements of IAS 34 Interim Financial
Reporting.
We have identified only one material difference between IFRS and
Danish GAAP when reporting first half of 2005 and the prior year
comparatives in 2004. This material difference was that under
IFRS 3 Business Combinations, we no longer amortize goodwill in
the profit and loss account but instead maintain the value on the
balance sheet subject to annual impairment review. Using Danish
GAAP, we had amortized EUR16.4 million through the profit and
loss account in the first six months of 2004 and EUR32.8 million
for the full year 2004 respectively. These amounts have been
re-classed to goodwill on the balance sheet in the figures
presented. Net cash flow is not affected.
This discussion should be read in conjunction with the unaudited
consolidated financial statements of Nycomed A/S as of and for
the two months ended 30 June 2005 and the pro forma unaudited
financial statements for Nycomed A/S for the six months ended 30
June 2005. The comparative figures for the first half-year of
2004 (effectively presented for Nyco Holdings ApS) have been
adjusted to reflect the transition to IFRS.
The financial results for third quarter of 2005 are expected to
be announced on 9 November 2005.
About Nycomed
Nycomed is a pharmaceutical company dedicated to meeting needs in
Europe. The company provides hospital products throughout the
region and general practitioner and pharmacy medicines in
selected markets.
New products are sourced through licensing agreements with
research companies. Here Nycomed provides late-stage clinical
development, registration and marketing.
Headquartered in Roskilde, Denmark, the company employs about
3,000 people throughout Europe and Russia/CIS. Nycomed is
privately owned and had a 2004 revenue of EUR644.6 million.
The report is available free of charge at
http://bankrupt.com/misc/NycoHoldings(H12005).pdf
CONTACT: NYCOMED GROUP
Web site: http://www.nycomed.com
Hakan Bjorklund, CEO
Phone: +45 46 77 11 11
Runar Bjorklund, CFO
Phone: +45 46 77 11 11
Christoffer Jensen, VP Communications
Phone: +45 46 77 11 12
Mobile: +45 22 43 69 44
=============
F I N L A N D
=============
BENEFON OYJ: Plans to Increase Share Capital by up to EUR1 Mln
--------------------------------------------------------------
The Board of Directors of Benefon Oyj has decided to convene an
Extraordinary General Meeting of the Shareholders on Monday 5
September 2005, starting at 11:00 a.m. at the Company premises
located at Meriniitynkatu 11, 24100 Salo, Finland.
The following matters will be on the agenda at the meeting:
(a) The proposal of the Board for authorization to the Board of
Directors to decide on a new issue of shares. The proposal
is, in essence:
The Board of Directors proposes to the Extraordinary General
Meeting that the Board of Directors be authorized to decide on an
increase in the Company's share capital by a maximum of
EUR1,000,000 through a new issue of shares based on pre-emptive
subscription rights of the shareholders, by issuing a maximum of
100,000.000 new investment class (BNFSV) shares each with a
counter book value of EUR 0.01. Any shares that are not
subscribed by the shareholders pursuant to the pre-emptive
subscription rights of the shareholders may be allocated by the
Board of Directors to new investors for subscription.
The Board of Directors proposes that the Board of Directors shall
decide on the subscription price so that the subscription price
may incorporate a discount to the market price prevailing at the
time the decision is taken, but shall not be lower than the
counter book value of the shares.
Principal amount of capital loans issued by the Company,
excluding any accrued interest thereon, may be used to set-off
the subscription price.
The Board of Directors shall be authorized to determine the
subscription price and to decide on all other terms and
conditions of the share issue. It is proposed that the
authorization shall be valid for a period of one year from this
decision.
(b) The proposal of the Board for adoption of a new option
program. The proposal is, in essence:
The Board of Directors proposes to the Extraordinary General
Meeting that the Extraordinary Meeting decide to adopt a new
option program in accordance with the terms set forth in the
Board of Director's proposal and to issue a maximum of 20,000,000
new option rights. Each option right shall entitle its holder to
subscribe for one (1) new investment class share (BNFSV) in the
Company.
As a result of the subscriptions, the number of shares in the
Company may increase by a maximum of 20,000,000 new investment
class shares (BNFSV)with a counter book value of EUR0.01 each and
the share capital of the Company may increase by a maximum of
EUR200,000. The issue of option rights will deviate from the
pre-emptive subscription rights of the shareholders and the
option rights will be offered free of charge. There is a weighty
financial justification for the deviation as the Company needs to
provide effective incentives for its key employees, constituents
and strategic partners.
As determined by the Board of Directors, the option rights under
the said option program may be subscribed by the Company's senior
management, members of the Board and key employees, as well as
the Company's strategic suppliers, vendors, consultants and other
partners, whether any of them are shareholders or
non-shareholders. The option rights may also be subscribed by a
subsidiary company of the Company or by some other third party
determined by the Board of Directors solely for purposes of
holding the option rights prior to their further transfer to the
Company's key employees, constituents and strategic partners.
Such subsidiary company or other third party shall not be
entitled to subscribe new shares under the option rights. The
subscribers of the option rights may include individuals or
entities that are part of the Company's inner circle.
As determined by the board of directors, the option rights under
the said option program may be subscribed by the Company's senior
management, board of directors and key employees, as well as the
Company's strategic suppliers, vendors, consultants and other
partners, whether any of them are shareholders or
non-shareholders. The option rights may also be subscribed by a
third party determined by the board of directors solely for
purposes of holding the option rights prior to their further
transfer to the Company's key employees, constituents and
strategic partners. Such third party shall not be entitled to
subscribe new shares under the option rights. The subscribers of
the option rights may include individuals or entities that are
part of the Company's inner circle.
The option rights shall be divided into A, B, C and D class
options, each with a different subscription period and
subscription price. The maximum number of option rights in class
A shall be 3,000,000, in class B 5,000,000, in class C 7,000,000
and in class D 5,000,000. The subscription period for the option
rights in all classes shall begin on the date that this decision
to issue option rights is registered with the trade register and
ends six (6) months thereafter. The option rights may be entered
into the book-entry system.
The share subscription period for A options commences on 1
January 2006, for B options on 1 January 2007, for C options on 1
January 2008 and for D options on 1 July 2008. The share
subscription period for all option rights ends on 31 December
2008.
The share subscription price for the options shall be the trade
volume weighted average price of the Company's shares on the
Helsinki Stock Exchange between 1 October 2005 and 30 November
2005, increased as:
for option right A an increase by 25 %
for option right B an increase by 50 %
for option right C an increase by 100 %
for option right D an increase by 200 %
The minimum share subscription price shall nevertheless always be
the counter book value of the share at the minimum.
(c) The proposal of the Board for amendment to the terms of the
option program adopted on 26 February 2004. The proposal
is, in essence:
The Board of Directors proposes to the Extraordinary General
Meeting that the Extraordinary Meeting decide to amend the terms
of the option program adopted on 26 February 2004, amended on 28
May 2004, 30 September 2004 and May 26, 2005, so that, as
determined by the Board of Directors, the option rights under the
said option program may be subscribed by the Company's senior
management, Board members and key employees, as well as the
Company's strategic suppliers, vendors, consultants and other
partners, whether any of them are shareholders or
non-shareholders. The subscribers of the option rights may
include individuals or entities that are part of the Company's
inner circle.
(d) Board proposal for adoption of an option program for the
Managing Director.
The Board of Directors proposes to the Extraordinary General
Meeting that the Extraordinary Meeting decide to adopt a new
option program in accordance with the terms set forth in the
Board of Director's proposal and to issue a maximum of 1,500,000
new option rights to the Company's current Managing Director.
Each option right entitles its holder to subscribe for one (1)
new investment class share (BNFSV) in the Company at a fixed
subscription price of EUR0.10. As a result of the subscriptions,
the number of shares in the Company may increase by a maximum of
1,500,000 new investment class shares (BNFSV) with a counter book
value of EUR0.01 each and the share capital of the Company may
increase by a maximum of EUR15.000. The issue of option rights
will deviate from the pre-emptive subscription rights of the
shareholders and the option rights will be offered free of
charge. There is a weighty financial justification for this
deviation as the Company needs to provide sufficient incentives
for the current Managing Director to continue to develop the
operations of the Company as the Chief Operating Officer.
The option rights shall be divided into A, B and C class options.
The maximum number of option rights in class A shall be 500,000,
in class B 500,000 and in class C 500,000. The subscription
period for the option rights in all classes shall begin on the
date that this decision to issue option rights is registered with
the trade register and ends six (6) months thereafter. The
option rights may be entered into the book-entry system.
The option rights entitle the holder to subscribe for the new
shares upon the specific preconditions for each option class as
specified in the board of director's proposal, and shall be based
on the development of the Company's operations. In case the
specific preconditions for any of the option classes A, B, C are
not met, the options in such class will not entitle its holder to
subscribe any shares.
The share subscription period for each option class shall be 30
days and shall begin 45 days after the date the precondition for
that class were met, and it shall end 75 days from said date.
The deadline for meeting the preconditions of all option classes
shall be July 1, 2007, meaning that the latest possible
subscription period for options of all classes shall begin on
Aug. 15, 2007 and end on Sept. 15, 2007.
Documents on View
Copies of the proposals by the Board of Directors together with
the appendices and other documents required by the Finnish
Companies Act will be available for shareholders to review at the
Company's head office in Salo, Meriniitynkatu 11, FIN-24100 Salo,
Finland, from Aug. 29 onwards. As from this date, copies of
these documents will be sent to shareholders upon request.
Right to Attend
A shareholder, who has been registered in the company's
shareholder register, maintained by the Finnish Central
Securities Depository Ltd. on Aug. 26, 2005 has the right to
attend the General Meeting.
Shareholders, who own their shares through a nominee registration
and wish to participate the Extraordinary General Meeting, may be
temporarily registered in the shareholders' register. The
registration shall be made at the latest on Aug. 26, 2005. Such
shareholders should contact their nominee registration custodians
in order to arrange the temporary registration.
Notice of Intention to Attend
Shareholders, who wish to attend the Extraordinary General
Meeting, must notify the Company of their participation in
writing to Benefon Oyj, PO Box 84, FIN-24101 Salo, Finland, by
telephone +358-2-77400 (Minna Suokas), by telefax to
+358-2-7332633, or by e-mail at minna.suokas@benefon.fi so as to
be received no later than 1 September 2005 at 16:00 hours Finnish
time. Any proxy by which proxy holder wishes to exercise his/her
voting right at the meeting, should be submitted in connection
with the notice of attendance.
About the Company
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. Benefon
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
FINNAIR OYJ: Sales Growth Beats Industry Average
------------------------------------------------
Finnair Oyj's sales grew clearly more strongly than the industry
average. Turnover rose by almost 16% to EUR471.9 million in
April-June. Operating profit improved from EUR4.7 million in
last year to EUR35.5 million. Traffic growth has been at over
ten per cent in the first half of the year.
"Finnair's growth is among the best in the industry, which shows
that our strategy is working well. The engine of sustainable,
profitable growth is Asian traffic, but our subsidiary flynordic
is also contributing to an increasing extent. At this rate we
will increase our turnover by around EUR200 million this year,"
says Finnair President and CEO Keijo Suila.
The turnover for the first half of the year rose 12%. The total
result after taxes was EUR37.9 million and earnings per share
were EUR0.45.
"The work we have done to improve productivity and efficiency
over many difficult years is now bearing fruit. The positive
trend is even exceeding our expectations and I am delighted with
the good result we have achieved. Our strong price and cost
competitiveness means that our result for the current year will
be clearly in profit."
Operating costs in the second quarter rose by over nine per cent.
Due to the high price of fuel unit costs for flight operations
rose 1.3% while excluding fuel costs fell by just over three per
cent. Unit revenues for passenger traffic rose by a little under
five per cent.
The first four of 12 Embraer 170 aircraft ordered by Finnair will
join the fleet in September-November. The seventh Boeing MD-11
long-haul aircraft will join the Finnair fleet in autumn 2005.
Preparations for the opening of new routes in Europe and Asia are
underway. Guangzhou in China and Nagoya in Japan as well as
Edinburgh, Geneva, Krakow and Florence in Europe will boost
Finnair's gateway traffic capacity.
"Competition in the northern skies continues to be tight and
costs are burdened by rising fuel prices. Without continual
operational rationalization we cannot achieve the financial level
we need when we will modernize and expand our fleet in the coming
years. As far as the future is concerned, I am confident. The
new destinations we have announced, our aircraft acquisitions and
the recruitment and training of new personnel are clear
indications of this," Mr. Suila said.
CONTACT: FINNAIR OYJ
Lasse Heinonen, SVP and CFO
Phone: +358 9 818 4950
Christer Haglund, SVP Communications
Phone: +358 9 818 4007
Taneli Hassinen, Director, Investor Relations
Phone: +358 9 818 4976
Web site: http://www.finnairgroup.com
=============
G E R M A N Y
=============
AAP IMPLANTATE: EBIT Returns to Black in Second Quarter
-------------------------------------------------------
Aap Implantate AG, a German medical technology company
specializing in endoprosthetics, fracture healing and
orthobiology, announced results for the second quarter of 2005
ending June 30.
For the second quarter the company reported sales of EUR3.2
million (up 16%, previous year: EUR2.7 million) and earnings
before interest and taxes (EBIT) of EUR76,000 (previous year:
-EUR554,000). The shortfall for the quarter improved strongly
to -EUR81,000 (previous year: -EUR3.2 million).
Aap.mebio anticipates for the full year double-digit sales growth
and a profitable result.
CONTACT: AAP IMPLANTATE AG
Oliver Bielenstein, Director/CFO
Lorenzweg 5
Phone: +49 (0)30 - 750 19 - 140
12099 Berlin
Fax: +49 (0)30 - 750 19 - 290
Nanette Huedepohl
Investor & Public Relations
Phone: +49 (0)30 - 750 19 - 133
Fax: +49 (0)30 - 750 19 - 290
A. GRIESEL: Proofs of Claim Deadline Nears
------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against A. Griesel GmbH on August 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 9, 2005 to register their claims
with court-appointed provisional administrator Henner Klein.
Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 9:20 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234, 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: A. GRIESEL GmbH
Dorfwiese 21a, 42389 Wuppertal
Contact:
Andreas Griesel, Manager
Henner Klein, Administrator
Werlestrasse 38, 42289 Wuppertal
Phone: 0202/26 26 40
Mobile: 01722061011
Fax: 0202/6 34 08
AUGUSTA TECHNOLOGIE: First-half Results Meet Forecast
-----------------------------------------------------
According to preliminary results, business development at Prime
Standard member AUGUSTA Technologie AG (ISIN DE000A0D6612) was in
line with expectations in the first half of 2005. The
preliminary segment result increased substantially to around EUR7
million, after EUR0.7 million in H1 2004. The negative
development of Pandatel AG has been included in net investment
income since its deconsolidation.
Preliminary consolidated sales revenues amounted to around EUR97
million (H1 2004: EUR123 million). On June 30, 2005, booked
business amounted to EUR71.1 million (June 30, 2004: EUR107.1
million). Incoming orders amounted to EUR86.4 million as of June
30, 2005 (June 30, 2004: EUR120.5 million).
After completion of the restructuring of the convertible bond,
the AUGUSTA Group reported a preliminary equity ratio of more
than 30%. The Company expects the equity ratio at the AG to be
around 49% as of June 30, 2005. The full interim report will be
published on August 24, 2005. AUGUSTA expects a clearly positive
segment result and consolidated sales revenues of around EUR200
million for full-year 2005.
The Managing Board
CONTACT: AUGUSTA TECHNOLOGIE AG
Wilhelm-Leuschner-Str. 9-11
60329 Frankfurt/Main, Germany
Phone: 0049-(0)69-242669-0
Web site: http://www.augusta-ag.de
Lena Trautmann, Investor Relations
Phone: +49-(0)69-242669-19
Fax: +49-(0)69-242669-40
E-mail: trautmann@augusta-ag.de
CF OBJEKTGESELLSCHAFT: Proofs of Claim Due Next Month
-----------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against CF Objektgesellschaft Dornach mbH on July 20.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until September 3,
2005 to register their claims with court-appointed provisional
administrator Martin Manstein.
Creditors and other interested parties are encouraged to attend
the meeting on October 4, 2005, 9:15 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 101, 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: CF OBJEKTGESELLSCHAFT DORNACH mbH
Lucile-Grahn-Str. 38 in 81675 Muenchen
Martin Manstein, Administrator
Maximiliansplatz 12, 80333 Muenchen
Phone: 089/211115-00
Fax: 089/211115-55
DAIMLERCHRYSLER AG: Dr. Zetsche to Head Mercedes, too
-----------------------------------------------------
As previously announced, Dr. Dieter Zetsche, at present Head of
Chrysler Group, will be appointed Chairman of the Board of
Management at DaimlerChrysler AG as of January 1, 2006. In
addition, he will become Head of Mercedes Car Group as of
September 1, 2005.
Dr. Eckhard Cordes, Head of Mercedes Car Group, will leave the
company at his own request on August 31, 2005, after 29 years of
service.
Thomas W. LaSorda will become Head of Chrysler Group as of
September 1, 2005. On the same date, Eric Ridenour will succeed
Thomas W. LaSorda as Chief Operating Officer (COO) of Chrysler
Group. Mr. Ridenour has been appointed Member of the
DaimlerChrysler Board of Management for a period of three years
starting September 1, 2005.
* * *
In a previous report, Troubled Company Reporter-Europe, citing
Handelsblatt, said many executives from other car companies are
reluctant to join DaimlerChrysler or its flagship Mercedes unit.
General Motors European chief, Carl-Peter Forster; Volkswagen
AG's Wolfgang Bernhard and Linde's CEO Wolfgang Reitzle told
Handelsblatt they will decline if invited to replace outgoing
Mercedes chief Eckhard Cordes.
Mr. Cordes offered to resign following the appointment of Dieter
Zetsche to replace Juergen Schremmp as head of DaimlerChrysler.
Mr. Cordes had been viewed as Mr. Schremmp's successor, but
apparently that is not the case now.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
EUROTEC AUTOMATION: Court to Verify Claims November
---------------------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against Eurotec Automation GmbH on August 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until October 14, 2005 to register their
claims with court-appointed provisional administrator Guenter
Staab.
Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 2:00 p.m. at the district court
of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24, 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 11, 2005, 11:20 a.m. at the same venue.
CONTACT: EUROTEC AUTOMATION GmbH
Viezstrasse 3, 66663 Merzig
Contact:
Rudolf Berger-Rossa, Manager
Arthur Korner, Manager
Bernd Korner, Manager
Guenter Staab, Administrator
Bahnhofstrasse 77, 66111 Saarbruecken
Phone: (0681) 3090 416
Fax: (0681) 3090 456
FB DRUCK: Bielefeld Court Appoints Interim Administrator
--------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against FB Druck & Medien GmbH on August 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 Dr.
Hartmut Stange.
Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 10:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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: FB DRUCK & MEDIEN GmbH
Sattelmeyerweg 11, 33609 Bielefeld
Contact:
Jens-Uwe Bollhorst, Manager
Wasserfuhr 106 D, 32108 Bad Salzuflen
Dr. Hartmut Stange, Administrator
Adenauerplatz 4, 33602 Bielefeld
FJH AG: Q2 Results Still Negative, but Lower Year-on-year
---------------------------------------------------------
Prime Standard-listed consulting and software company FJH AG
(ISIN DE0005130108) presented on August 18, 2005 the figures for
the second quarter of 2005.
At EUR14.5 million (Q2 2004: EUR17.4 million), revenues were
slightly above expectations. Operating results after
restructuring (EBIT) were -EUR1.7 million (Q2 2004: -EUR7.3
million). As expected, the quarterly result was negative
at -EUR1.4 million (Q2 2004: -EUR4.5 million).
For the first six months revenues were EUR28.0 million (2004:
EUR34.5 million), EBIT after restructuring -EUR0.3 million
(2004: -EUR12.0 million) and the result was EUR1.7 million
(2004: -EUR7.7 million).
In the second quarter further effects of the restructuring
program showed. The number of employees was reduced further. As
per June 30, 2005, 595 people were employed by FJH, on the same
date in the previous year the head count was at 990. By these
means staffing costs as well as other operating expense were cut
down by EUR5 million compared to 2004.
The result was also affected by some one-off factors. From the
sale of a client project additional revenues amounting to EUR1.5
million were generated. The restructuring result of EUR0.1
million includes accruals of -EUR3.0 million and a loan of EUR3.1
million was waived.
The process of reorganizing the company, which is being financed
by a bundle of capital measures, is on track and should be
completed by the end of the year. Overall, the Executive Board
expects revenues for the third quarter of about EUR13 million and
a negative EBIT.
Munich, 18 August 2005
CONTACT: FJH AG
Leonhard-Moll-Bogen 10
81373 Munich
Phone: +49-(0)89-769-01-517
Fax: +49-(0)89-769-01-606
Web site: http://www.fjh.com
Martina Fassbender
E-mail: martina.fassbender@fjh.com
FLIEGEL DACHBAU: Sets Creditors Meeting September
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Fliegel Dachbau GmbH on July 28.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 28, 2005
to register their claims with court-appointed provisional
administrator Ruediger Wienberg.
Creditors and other interested parties are encouraged to attend
the meeting on September 13, 2005, 9:15 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 12, 2005, 9:25 a.m. at the same venue.
CONTACT: FLIEGEL DACHBAU GmbH
Wackenbergstrasse 42,13156 Berlin
Ruediger Wienberg, Administrator
Giesebrechtstr. 1, 10629 Berlin
GEG GRUNDSTUECKSENTWICKLUNGSGESELLSCHAFT: Declares Bankruptcy
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GEG Grundstuecksentwicklungsgesellschaft
Wasserstadt Berlin-Oberhavel mbH on July 28. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until October 13, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubruegger.
Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 9:20 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 22, 2005, 9:00 a.m. at the same venue.
CONTACT: GEG GRUNDSTUECKSENTWICKLUNGSGESELLSCHAFT
WASSERSTADT BERLIN-OBERHAVEL mbH
Glinkastr. 28, 10117 Berlin
Dr. Christoph Schulte-Kaubruegger, Administrator
Genthiner Str. 48, 10785 Berlin
GLUECKSBERATER AG: Creditors' Claims Due October
------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Gluecksberater AG on July 20. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 23, 2005 to register their claims
with court-appointed provisional administrator Axel W. Bierbach.
Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 10:30 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: GLUECKSBERATER AG
Oberanger 28 in 80331 Muenchen
Axel W. Bierbach, Manager
Schwanthalerstr. 32, 80336 Muenchen
Phone: 54511-0
Fax: 54511-444
GOLF MUSICAL: Claims Deadline Nears
-----------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Golf Musical GmbH on July 14. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 9, 2005 to register their claims
with court-appointed provisional administrator Hanns Pollmann.
Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 9:20 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: GOLF MUSICAL GmbH
Alte Landstr. 25 in 85521 Ottobrunn
Hanns Pollmann, Administrator
Prannerstr. 11, 80333 Muenchen
Phone: 089/33008090
Fax: 089/330080999
H.M.C. FROHLING: Court Appoints Matthias Ernst Administrator
------------------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against H.M.C. Frohling GdbR on July 27. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors had until August 16, 2005 to register their
claims with court-appointed provisional administrator Matthias
Ernst.
Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 8:00 a.m. at the district court
of Bamberg, Sitzungssaal 317, Synagogenplatz 1, 96047 Bamberg, 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: H.M.C. FROHLING GDBR
Contact:
Matthias Frohling and Clemens Frohling
Hauptstr. 26-28 in 96170 Lisberg
Matthias Ernst, Administrator
Geisfelder Str. 14, 96050 Bamberg
Phone: 0951/91787-0
Fax: 0951/9178729
IDF GESELLSCHAFT: Media Venture Signs off
-----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against IDF Gesellschaft fuer Multimedia Anwendungen mbH on July
27. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until September
30, 2005 to register their claims with court-appointed
provisional administrator Dr. Sven-Holger Undritz.
Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2005, 9:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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: IDF GESELLSCHAFT FUER MULTIMEDIA ANWENDUNGEN mbH
Obenhauptstrasse 11, 22335 Hamburg
Contact:
Heinz-Juergen Moller, Manager
Dr. Sven-Holger Undritz, Administrator
Jungfernstieg 51, 20354 Hamburg
Phone: 808136-212
Fax: 808136-119
INDUSTRIEBODENBESCHICHTUNGEN GMBH: Under Administration
-------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Industriebodenbeschichtungen GmbH & Co. KG on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until September 12,
2005 to register their claims with court-appointed provisional
administrator Dr. Helmuth Liesegang.
Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 9:50 a.m. at the district
court of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2.
Etage, Saal 234, 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
October 13, 2005, 9:00 a.m. at the same venue.
CONTACT: INDUSTRIEBODENBESCHICHTUNGEN GmbH & Co. KG
Mittelgonrather Strasse 13, 42655 Solingen
Dr. Helmuth Liesegang, Administrator
Briller Strasse 2, 42103 Wuppertal
Phone: 0202/389060
Fax: 0202/3890622
JAN KOLBE: First Creditors Meeting Set Next Week
------------------------------------------------
The district court of Bamberg opened bankruptcy proceedings
against Jan Kolbe Einbaugerate GmbH on July 28. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until September 1, 2005 to
register their claims with court-appointed provisional
administrator Klaus-Christof Ehrlicher.
Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 9:45 a.m. at the district court
of Bamberg, Sitzungssaal 317, Synagogenplatz 1, 96047 Bamberg, 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 October 26, 2005, 10:00
a.m. at the same venue.
CONTACT: JAN KOLBE EINBAUGERATE GmbH
Contact:
Jan Kolbe, Manager
Ohmstrasse 21 in 96175 Pettstadt
Klaus-Christof Ehrlicher, Administrator
Rosenauer Str. 22, 96450 Coburg
Phone: 09561/8034-0
Fax: 09561/8034-34
=============
I R E L A N D
=============
CNG TRAVEL: Trading of New Shares Starts Wednesday
--------------------------------------------------
CNG Travel Group plc has applied for 1,424,000 ordinary shares of
EUR0.0125 each to be admitted to trading on the AIM market of the
London Stock Exchange.
The new Ordinary Shares are being issued pursuant to agreements
entered into by the Company on 29 January 2004 relating to the
conversion of certain deferred shares. These shares rank pari
passu with the Company's existing Ordinary Shares and dealings
are expected to commence on 24 August 2005 on AIM.
* * *
CNG Travel 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.
CNG went into flotation on the Alternative Investments
Market in London last year. It 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
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Wins 5th Exploration License in Ireland
----------------------------------------------------
Royal Dutch Shell has obtained a license to explore for oil and
gas off the northwest coast of Ireland, said the Financial Times.
This brings the company's total licenses for offshore exploration
in the waters off Ireland to five.
The deal, which covers four blocks in a deepwater area called the
Irish Rockall Trough, 150 miles off the Donegal coast, is in
partnership with Italian firm Eni and Austria-based OMV.
Shell controls 50% of the joint venture, while Eni and OMV hold
40% and 10%, respectively.
OMV said: "The new license is adjacent to license 2/94 which is
held by the same joint venture, and contains the 2002 Dooish
discovery, which is currently under evaluation."
Island Oil and Gas, an Irish company listed in London, was also
granted a license.
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: Buys back 1,197,250 'A' Shares
-------------------------------------------
On 17 August 2005, Royal Dutch Shell has purchased for
cancellation 1,197,250 'A' Shares at a price of 26.62 euros per
share.
Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,068,400,000.
As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.
* * *
Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence. The buyback program
follows a damaging reserves overestimation scandal last year.
About the Company
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.
The Trouble
Shell had admitted it overstated its proved reserves by almost
6.0 billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts. It was fined 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
===========
N O R W A Y
===========
OCEAN RIG: Investors Convert NOK4.8 Mln Bonds into Common Shares
----------------------------------------------------------------
Ocean Rig said investors have converted a further 4,781 Mandatory
Convertible Bonds with a nominal value of NOK4,781,000 in the
Mandatory Convertible Bond Issue 2002/2005 (ISIN NO 001015769.6)
into 136,586 ordinary shares at NOK35 per share. Investors have
also converted 15,600 7% Convertible Bonds with a nominal value
of NOK15,600,000 in the 7% Convertible Bond Issue 2004/2007 (ISIN
NO 0010229537) into 821,052 ordinary shares at NOK19 per share.
These conversions have reduced the outstanding amount under the
Mandatory Convertible Bond Issue from NOK8,039,000 to
NOK3,258,000 and the 7% Convertible Bond Issue from NOK32,300,000
to NOK16,700,000, and increased the number of ordinary shares
outstanding in Ocean Rig ASA from 87,478,655 to 88,436,293.
Certificate of registration is sent to Oslo Stock Exchange. New
share capital is NOK884,362,930 and the capital is registered
fully paid in the Register of Business Enterprises.
Ocean Rig owns and operates two of the world's largest and most
modern drilling rigs, built for ultra deep waters and extreme
weather conditions. The units are currently operating offshore
Angola and Norway.
CONTACT: OCEAN RIG
Per-Hermod Rasmussen, Finance Manager
Phone: +47 5196 9000
===========
R U S S I A
===========
AGRO-PROM-DOR-STORY: Bankruptcy Hearing Resumes Next Month
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Agro-Prom-Dor-Stroy Bavlinskiy. The case is docketed as
A65-10212/2005-SG4-26. Ms. L. Khaydarova has been appointed
temporary insolvency manager. A hearing will take place on Sept.
12, 2005, 10:15 a.m. at the Arbitration Court of Tatarstan
republic.
CONTACT: AGRO-PROM-DOR-STORY BAVLINSKIY
Russia, Tatarstan republic,
Bavly, Post User Box 13
Ms. L. Khaydarova
Temporary Insolvency Manager
420132, Russia, Tatarstan republic,
Kazan, Post User Box 4
AKTANYSH-AGRO-SNAB: Declared Insolvent
--------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Aktanysh-Agro-Snab after finding the open
joint stock company insolvent. The case is docketed as
A65-24111/2004-SG4-21. Mr. D. Bondarev has been appointed
insolvency manager. Creditors have until Sept. 16, 2005 to
submit their proofs of claim to 420073, Russia, Tatarstan
republic, Kazan, Post User Box 16.
CONTACT: AKTANYSH-AGRO-SNAB
Russia, Tatarstan republic,
Aktanyshskiy region, Aktanysh
Mr. D. Bondarev
Insolvency Manager
420073, Russia, Tatarstan republic,
Kazan, Post User Box 16
ALKEEVO-AGRO-PROM-SNAB: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Alkeevo-Agro-Prom-Snab. The case is docketed as
A65-10996/2005-SG4-16. Mr. I. Khabibullin has been appointed
temporary insolvency manager.
Creditors may submit their proofs of claim to 420021, Russia,
Tatarstan republic, Kazan, Post User Box 24. A hearing will take
place on Nov. 15, 2005.
CONTACT: ALKEEVO-AGRO-PROM-SNAB
422881, Russia, Tatarstan republic,
Alkeevskiy region, Nizhnee Alkeevo
Mr. I. Khabibullin
Temporary Insolvency Manager
420021, Russia, Tatarstan republic,
Kazan, Post User Box 24
KRASNODAR-GLASS: Krasnodar Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Krasnodar-Glass (TIN 2308006746, OGRN 1022301209006). The case
is docketed as #A-32-19480/2005-46/268-B. Mr. O. Marchenko has
been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350089, Russia,
Krasnodar region, Krasnodar, Post User Box 3642. A hearing will
take place on Dec. 27, 2005.
CONTACT: KRASNODAR-GLASS
350000, Russia, Krasnodar region,
Krasnodar, Kozhevennaya Str. 28
Mr. O. Marchenko
Insolvency Manager
350089, Russia, Krasnodar region,
Krasnodar, Post User Box 3642
KRASNOGVARDEYETS: Gives Creditors Until Sept. 23 to File Claims
---------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Krasnogvardeyets after finding the close
joint stock company insolvent. The case is docketed as
A-32-22846/2004-46/172-B. Mr. N. Bogachev has been appointed
insolvency manager.
Creditors have until September 23, 2005 to submit their proofs of
claim to 353720, Russia, Krasnodar region, Kanevskiy region,
Staroderevyankovskaya St., Zaporozhskaya Str. 37. A hearing will
take place on June 20, 2005, 3:30 p.m.
CONTACT: KRASNOGVARDEYETS
353725, Russia, Krasnodar region, Kanevskiy region,
Krasnogvardeyets, Klubnyj Per. 3
Mr. N. Bogachev
Insolvency Manager
353720, Russia, Krasnodar region, Kanevskiy region,
Staroderevyankovskaya St., Zaporozhskaya Str. 37
KUSHEVSKIY AGRO-SNAB: Claims Filing Period Ends September
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Kushevskiy Agro-Snab. The case is docketed as
A-32-12524/2005-44/170 B. Mr. E. Mustafin has been appointed
temporary insolvency manager.
Creditors have until Sept. 23, 2005 to submit their proofs of
claim to 350063, Russia, Krasnodar-63, Post User Box 4829. A
hearing will take place on Dec. 19, 2005, 12:00 p.m.
CONTACT: KUSHEVSKIY AGRO-SNAB
Russia, Krasnodar region,
Kushevskaya St., Gagarina Str. 65
Mr. E. Mustafin
Insolvency Manager
350063, Russia, Krasnodar-63,
Post User Box 4829
KYZYM-TRUBOPROVOD-STROY: Bankruptcy Hearing Resumes December
------------------------------------------------------------
The Arbitration Court of Khanty-Masiyskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Kyzym-Truboprovod-Stroy. The case is docketed as
A75-5523/2005. Mr. D. Akulinin has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to:
(a) KYZYM-TRUBOPROVOD-STORY
628163, Russia, Tyumen region, Khanty-Masiyskiy autonomous
region, Beloyarskiy, Tsentralnaya Str. 30
(b) Temporary Insolvency Manager
625003, Russia, Tyumen region,
Krasina Str. 7a, 5th floor
(c) The Arbitration Court of Khanty-Masiyskiy autonomous region
628012, Russia, Tyumen region,
Khanty-Mansiysk, Lenina Str. 54/1
A hearing will take place on December 26, 2005.
RUDOREMONTNYJ FACTORY: Insolvency Manager Takes over Firm
---------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Rudoremontnyj
Factory. The case is docketed as A27-15880/2005-4. Mr. N.
Sheremetyev has been appointed temporary insolvency manager.
Creditors may send their proofs of claim to 653050, Russia,
Kemerovo region, Prokopyevsk, Stroiteley Pr. 19-60. A hearing
will take place on Nov. 14, 2005, 11:30 a.m.
CONTACT: RUDOREMONTNYJ FACTORY
Russia, Kemerovo region,
Prokopyevsk, Yasnaya Str. 1
Mr. N. Sheremetyev
Temporary Insolvency Manager
653050, Russia, Kemerovo region,
Prokopyevsk, Stroiteley Pr. 19-60
SHAIMSKAYA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Khanty-Masiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Shaimskaya Oil-Service. The case is docketed as
A75-5422/2005. Mr. A. Shuravin has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to:
(a) SHAIMSKAYA OIL-SERVICE
628280, Russia, Khanty-Masiyskiy autonomous region
Yugra, Uray, Prom. Zone
(b) Temporary Insolvency Manager
625023, Russia, Tyumen, Odesskaya Str. 7, Office 301
(c) The Arbitration Court of Khanty-Masiyskiy autonomous region
628012, Russia, Tyumen region,
Khanty-Mansiysk, Lenina Str. 54/1
A hearing will take place on Nov. 21, 2005.
SPECIALIZED BUILDING-ASSEMBLY: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Khakasiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Specialized Building-Assembly Train #159. The case is docketed
as A74-759/2005. Mr. A. Maltsev has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to Russia, Khakasiya republic, Abakan, Kolkhoznaya Str. 46-36.
CONTACT: SPECIALIZED BUILDING-ASSEMBLY TRAIN #159
Russia, Khakasiya republic, Abakan
Mr. A. Maltsev
Temporary Insolvency Manager
Russia, Khakasiya republic,
Abakan, Kolkhoznaya Str. 46-36
YUKOS OIL: Dumps Stakes in Two Units
------------------------------------
Interfax reports that Yukos Oil Company reduced investments in
OAO Tomskneft and OAO Samaraneftegaz, two of the company's
biggest oil units, by 88% in the first half of 2005.
Tomskneft's capital expenditures decreased to RUB481 million in
2005 from RUB3.7 billion in 2004, while Samaraneftegaz's fell
from RUB315 million in 2004 to RUB16 million.
Headquartered in Moscow, Russia, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation. Yukos is involved in the energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets. The
Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr.
S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq., C. Mark
Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq.,
Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright &
Jaworski, LLP represent the Debtor in its restructuring efforts.
When the Debtor filed for protection from its creditors, it
listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt. On Feb. 24, 2005, Judge Letitia Z. Clark dismissed
the Chapter 11 case. (Yukos Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
=====================
S W I T Z E R L A N D
=====================
LEICA GEOSYSTEMS: Hexagon Increases Offer to CHF573 Per Share
-------------------------------------------------------------
The Board of Leica Geosystems acknowledges the announcement by
Hexagon AB that it will substantially increase its offer for all
of the share capital of Leica Geosystems. In accordance with its
fiduciary duties the Board will assess the increased Hexagon
Offer and will present its views in a formal report in due
course.
Following the offer by Danaher, the Board of Leica Geosystems was
approached by Hexagon and a request was made for due diligence
access. The Board granted Hexagon the same access to due
diligence that it made available to Danaher. The Board takes
note that Hexagon has concluded that, as a result of its due
diligence, its initial offer did not fully reflect the value of
Leica Geosystems. Consequently, Hexagon will increase its
current offer of CHF436 and will pay CHF440 in cash plus five
class B shares in Hexagon for each Leica Geosystems share
acquired. Based on Hexagon's closing price on Friday the 12 of
August this leads to a total value of Hexagon's offer of CHF573
per Leica Geosystems share.
The Board of Leica Geosystems will publish its mandatory report
under Swiss takeover rules in due course. In accordance with the
Transaction Agreement entered into with Danaher, the Board will
not make any further comment at this stage.
No further comments will be made on the Hexagon Offer until
further notice.
* * *
In July, Standard & Poor's Ratings Services said that its 'BB+'
long-term corporate credit rating on Leica Geosystems Holdings AG
remains on CreditWatch, but the implications have been revised to
developing from negative. The rating was originally placed on
CreditWatch on June 13, 2005, after an unsolicited takeover bid
announced by Swedish technology company Hexagon AB.
The rating action follows an announcement of a friendly takeover
bid by U.S.-based Danaher Corp. (A+/Stable/--).
The revised CreditWatch status reflects the emergence of the
friendly offer of 500 Swiss francs (SFr) ($380) per share from
Danaher, in counter-offer to the SFr436 per share proposed by
Hexagon (adjusted for a recent dividend payment of SFr4 per
share).
"Given Danaher's strong credit profile, the takeover, if
successful, could be beneficial to Leica's credit profile," said
Standard & Poor's credit analyst Jarrad Oberhardt.
"Nevertheless, the developing implications reflect the
possibility of further outcomes, including a revised offer from
Hexagon, or the emergence of other acquirers," he added.
Standard & Poor's expects to resolve the CreditWatch placement
once an acquisition has been completed.
Leica Geosystems is best known for its broad array of products
that capture accurately, model quickly, analyze easily, and
visualize and present spatial information even in 3D.
CONTACT: LEICA GEOSYSTEMS AG
Heinrich-Wild-Strasse
CH-9435 Heerbrugg
Switzerland
Press Contact Headquarters:
George Aase
Director Investor Relations
Phone: +41 71 727 3064 (direct)
Phone: +41 71 727 3131 (operator)
Fax: +41 71 727 4678
E-mail: George.Aase@leica-geosystems.com
Nicholas Bloch
Head of Corporate Communication & Public Relations
Phone: +41 71 727 4252 (direct)
+41 71 727 3131 (operator)
Fax: +41 71 726 6252
E-mail: Nicholas.Bloch@leica-geosystems.com
===========
T U R K E Y
===========
TEKSTIL BANKASI: 'B' Ratings Affirmed on Weak Profitability
-----------------------------------------------------------
Fitch Ratings has affirmed Tekstil Bankasi A.S.'s Long-term and
Short-term foreign and local currency ratings at 'B', the
Individual rating at 'D', the Support rating at '5' and the
National rating at 'BBB (tur)'. The Outlook on all Long-term
ratings is Stable.
The ratings of Tekstilbank reflect its good asset quality and
sound internal risk management policies. These are balanced by
its weak profitability, low capitalization and limited franchise.
Tekstilbank's profitability was weak in 2004 because of reduced
net interest income mainly due to its significant holdings of
low-yield liquid assets. Earnings improved modestly in H105
mainly reflecting growth in interest income from the bank's loan
book. At end-H105, asset quality remained good with an NPL ratio
of 0.73% and reserve coverage of 142%.
However, the bank continues to carry large fixed assets held for
sale, amounting to 2.44% of gross loans including related assets
at end-H105. While its regulatory capital adequacy ratio
improved to 13.12% at end-H105 on an unconsolidated basis (2004:
12.68%, 2003: 12.23%) due to a capital injection from
shareholders and retained earnings, Fitch Ratings believes that
capitalization should be enhanced in light of planned growth in
higher-risk assets and the bank's small size.
Tekstilbank is one of the smaller mid-sized banks in Turkey with
total assets of US$1,052 million at end-2004. It focuses on
corporate and commercial banking as well as trade finance, and
had 38 branches at end-2004. The bank is 75%-owned by GSD
Holding A.S., which has interests in financial institutions and
foreign trade business.
CONTACT: FITCH RATINGS
Gulcin Orgun
Turda Ozmen, Istanbul
Phone: +90 212 279 1065
Ed Thompson, New York
Phone: +1 212 908 0364
Banu Cartmell, London
Phone: +44 207 417 4373
Web site: http://www.fitchratings.com
Media Relations
Jon Laycock, London
Phone: +44 20 7417 4327
=============
U K R A I N E
=============
ART-MARKET: Proofs of Claim Deadline Expires Today
--------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Art-Market (code EDRPOU 32534794) on July 5,
2005 after finding the private enterprise insolvent. The case is
docketed as 7/64. Mr. Stepan Bonchak (License Number AB 116256)
has been appointed liquidator/insolvency manager.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) ART-MARKET
39600, Ukraine, Poltava region,
Kremenchuk, Moskovska Str. 7/68
(b) Mr. Stepan Bonchak
Liquidator/Insolvency Manager
39600, Ukraine, Poltav region,
Kremenchuk, 50 Rokiv SRSR Str. 29/6
(c) ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina Str. 1
COMPANY INNOVATION: Declared Insolvent
--------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Company Innovation Technologies Centre (code
EDRPOU 25004890) on May 31, 2005 after finding the close joint
stock company insolvent. The case is docketed as B 29/208/04.
Ms. Irina Dugova (License Number AB 116130) has been appointed
liquidator/insolvency manager. The company holds account number
26001161098001 at CB Privatbank, MFO 305965.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) COMPANY INNOVATION TECHNOLOGIES CENTRE
Ukraine, Dnipropetrovsk region,
Anoshkin Str. 179
(b) Ms. Irina Dugova
Liquidator/Insolvency Manager
51931, Ukraine, Dnipropetrovsk region,
Dniprodzerzhinsk, a/b 820
Phone: 8 (0569) 53-13-06
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
HLIBOROB: Creditors' Claims Due Today
-------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Hliborob (code EDRPOU 30686858) on July 5,
2005 after finding the limited liability company insolvent. The
case is docketed as 4/246 b. Mr. Sergij Gorbach (License Number
AA 116083) has been appointed liquidator/insolvency manager.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) HLIBOROB
17100, Ukraine, Chernigiv region,
Nosivskij district,
Shlyah Illicha, Sadova Str. 10-a
(b) Mr. Sergij Gorbach
Liquidator/Insolvency Manager
14000, Ukraine, Chernigiv region,
Miru Avenue, 139, Office 30
Phone: 8 (067) 220-42-39
(c) ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
KRASNODON-VUGLE-BUD: Under Sanction Procedure
---------------------------------------------
The Economic Court of Lugansk region commenced sanction procedure
on State OJSC Krasnodon-Vugle-Bud (code EDRPOU 03077552) and
ordered a moratorium on satisfaction of creditors' claims on June
10, 2005. Messrs. Oleksandr Kravchuk and Sergij Myakota have
been appointed sanction managers. The company holds account
number 260073026 at JSPPB Aval, Lugansk regional branch, MFO
304007; 2600630220015, 2600430420015, 2600730120015,
2604330920015 and 2306330120015 at Prominvestbank, Krasnodon
regional branch, MFO 304234.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) KRASNODON-VUGLE-BUD
94404, Ukraine, Lugansk region,
Krasnodon, Pershokinna Str. 1
(b) Mr. Sergij Myakota
Sanction Manager
91031, Ukraine, Lugansk region,
Dmitrov Quarter, 33/50
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV Square, 3a
PROMIN: Liquidator Takes over Operation
---------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Promin (code EDRPOU 2001938) on June 16, 2005
after finding the open joint stock company insolvent. The case
is docketed as 5/106-05. Vinnitsya Regional Department of
Bankruptcy Questions has been appointed liquidator.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) PROMIN
24321, Ukraine, Vinnitsya region,
Ladizhin, Protsishin Str. 91
(b) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
REGUL: Harkiv region Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Regul after finding the limited liability
company insolvent. The case is docketed as B-31/61-05. Mr.
Sergij Puzenko (License Number AB 216711) has been appointed
liquidator/insolvency manager.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) REGUL
Ukraine, Harkiv region,
Polyova Str. 83
(b) Mr. Sergij Puzenko
Liquidator/Insolvency Manager
61045, Ukraine, Harkiv region,
Klochkivska Str. 261 A/3
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th Entrance
SIGMA RECORDS: Insolvency Manager Steps in
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC SIGMA RECORDS (code EDRPOU 31403571) on
June 23, 2005 after finding the limited liability company
insolvent. The case is docketed as 43/433. Mr. Oleksij Rozenkov
has been appointed liquidator/insolvency manager. The company
holds account number 26001208131 at OJSC Inprombank, Kyiv region
branch, MFO 322863.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) SIGMA RECORDS
03148, Ukraine, Kyiv region,
Gnat Yura Str. 9/414
(b) Oleksij Rozenkov
Liquidator/Insolvency Manager
03035, Ukraine, Kyiv region,
Kavkazka Str. 7/5
Phone: 230-60-61
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
SPETSTAMPONAZHGEOLOGIYA: Court Grants Debt Moratorium
-----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Engineering-Building Company
Spetstamponazhgeologiya (code EDRPOU 32011359) on May 16, 2005
and ordered a moratorium on satisfaction of creditors' claims.
Ms. Olga Miruta (License Number AA 116250) has been appointed
temporary insolvency manager. The company holds account number
2600530820 at CJSC CB Doncreditinvest, Donetsk branch, MFO
335162.
Creditors have until August 23, 2005 to submit their proofs of
claim to:
(a) SPETSTAMPONAZHGEOLOGIYA
83003, Ukraine, Donetsk region,
Kapitan Ratnikov Str. 4-A/32
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
UKRAINIAN PRODUCTION: Under Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on CJSC Ukrainian Production Company (code
EDRPOU 25423718) on May 13, 2005. The case is docketed as
2/117-05-4708. Mr. O. Dvornichenko (License Number AB 216781)
has been appointed temporary insolvency manager.
Creditors have until August 23, 2005 to submit their proofs of
claim to:
(a) UKRAINIAN PRODUCTION COMPANY
68600, Ukraine, Odessa region,
Suvorovo, Limanska Str. 20
(b) ECONOMIC COURT OF ODESA REGION
65032, Ukraine, Odesa region,
Shevchenko Avenue, 4
UKRZHILSTROJ: Succumbs to Insolvency
------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Ukrzhilstroj (code EDRPOU 20921080) on July
7, 2005 after finding the close joint stock company insolvent.
The case is docketed as 7/66-05-3346. Mr. S. Chornomorets
(License Number AA 484172) has been appointed
liquidator/insolvency manager.
Creditors have until August 22, 2005 to submit their proofs of
claim to:
(a) UKRZHILSTROJ
65014, Ukraine, Odessa region,
Lidersovskij Boulevard, 9
(b) Mr. S. Chornomorets
Liquidator/Insolvency Manager
Phone: 8 (0482) 32-90-21
(c) ECONOMIC COURT OF ODESSA REGION
65032, Ukraine, Odessa region,
Shevchenko Avenue, 4
===========================
U N I T E D K I N G D O M
===========================
ABISCOM LIMITED: Names Moore Stephens Liquidator
------------------------------------------------
At an Extraordinary General Meeting of Abiscom Limited, convened,
and held at 1-2 Little King Street, Bristol BS1 4HW, on 5 August
2005, at 10:30 a.m., the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:
"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Colin Andrew Prescott, of Moore Stephens, 1-2 Little King Street,
Bristol BS1 4HW, be appointed Liquidator for the purpose of the
voluntary winding-up."
P Moloney, Chairman
* * *
Abiscom has been in the electronic marketing services for the
past 16 years.
CONTACT: ABISCOM LTD.
13a Church Farm Business Park
Corston
Bath
BA2 9AP
Phone: +44 (0) 1225 873377
Fax: +44 (0) 1225 872299
E-mail: info@abiscom.co.uk
Web site: http://www.abiscom.com/index.htm
MOORE STEPHENS
1-2 Little King Street,
Bristol BS1 4HW
Web site: http://www.moorestephens.co.uk
ACTIVE MANAGEMENT: Bristol Court Issues Winding-up Order
--------------------------------------------------------
Company Name: ACTIVE MANAGEMENT (S & P) LIMITED
1 Victoria Square,
Felling, Gateshead,
Tyne & Wear, NE10 0BT
Registration Number: 04857974
Court: Bristol District Registry
Date of Filing Petition: June 14, 2005
No. of Matter: 2484 of 2005
Date of Winding-up Order: August 3, 2005
CONTACT: Official Receiver
1st Floor, Melbourne House,
Pandon Bank, Newcastle Upon Tyne,
Tyne & Wear, NE1 2JQ
AMAC MANNED: Files for Liquidation
----------------------------------
At an Extraordinary General Meeting of Amac Manned Services
Limited, duly convened, and held at the offices of Nicholson Hall
Associates Limited, 138 Westoe Road, South Shields NE33 3PF, on
Thursday 4 August 2005, the following Resolutions were duly
passed as an Extraordinary Resolution and as an Ordinary
Resolution respectively:
"That it has been proven 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 that
accordingly the Company be wound up voluntarily, and that Daniel
Plant, of S F Plant & Co, Lutomer House, 100 Prestons Road,
London E14 9SB, be and is hereby appointed Liquidator of the
Company for the purposes of the winding-up."
At the subsequent Meeting of Creditors held at the same place on
the same date, the Resolutions were ratified.
K Jenner, Chairperson
* * *
Amac Manned Services Limited is a security establishment
providing security officers, cleaning operatives, and curtain
wall consultancy.
CONTACT: AMAC MANNED SERVICES LTD.
36 Ryhope Street South
Ryhope
Sunderland
SR2 0RW
Phone: 0191 523 9417
Fax: 0191 523 9418
E-mail: enquiries@amacmannedservices.co.uk
Web site: http://www.amacmannedservices.co.uk/
AMERICAN CAR: Court Sanctions Liquidation
-----------------------------------------
Company Name: AMERICAN CAR SERVICES LIMITED
55 Heathcote Drive, East Grinstead,
West Sussex, RH19 1NB
Registration Number: 04561020
Court: Bristol District Registry
Date of Filing Petition: May 9, 2005
No. of Matter: 2078 of 2005
Date of Winding-up Order: August 3, 2005
CONTACT: Official Receiver
Ground Floor, Victory House,
Quayside, Chatham Maritime,
Kent, ME4 4QU
Phone: 01634 895700
Fax: 01634 895711
AUBERGINE ADVERTISING: Official Receiver to Oversee Winding-up
--------------------------------------------------------------
Company Name: AUBERGINE ADVERTISING LIMITED
No. 10, 63 Gray's Inn Road,
London, WC1X 8TL
Registration Number: 04686194
Court: Bristol District Registry
Date of Filing Petition: June 14, 2005
No. of Matter: 2482 of 2005
Date of Winding-up Order: August 3, 2005
CONTACT: Official Receiver
21 Bloomsbury Street,
London, WC1B 3SS
Phone: 020 7637 1110
Fax: 020 7637 6390
BLUE TRAINING: Hires Antony Batty to Liquidate Business
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of Blue
Training Support Limited, convened, and held at New House, Suite
24, 67-68 Hatton Garden, London EC1N 8JY, on 5 August 2005, at
11.00 am, the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:
"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
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."
B Broadley, Chairman
* * *
Blue Training provides driving courses for persons engaged in
delivery services.
CONTACT: BLUE TRAINING SUPPORT LIMITED
Unit 15, Roman Way Small Business Park,
London Road, Godmanchester,
Huntingdon, Cambridgeshire. PE29 2LN
Phone: 01480 457787
Fax: 01480 457791
E-mail: info@bluetraining.co.uk
Web site: http://www.bluetraining.co.uk
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
BOHLER THYSSEN: Names BDO Stoy Hayward Liquidator
-------------------------------------------------
At the extraordinary general meeting of Bohler Thyssen Welding
(1997) Limited, duly convened, and held at European Business
Park, Taylors Lane, Oldbury B69 2BN, on 8 August 2005, the
subjoined Special Resolution was duly passed:
"That the Company be wound up voluntarily, and that Christopher
Kim Rayment, of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham
B3 3SD, be and is hereby appointed Liquidator for the purposes of
such winding-up."
R J Hewer, Chairman
CONTACT: BDO STOY HAYWARD LLP
125 Colmore Row,
Birmingham, B3 3SD
Phone: 0121 200 4600
Fax: 0121 200 4650
E-mail: birmingham@bdo.co.uk
Web site: http://www.bdo.co.uk
BOOTS GROUP: Four Bidders Advance to 2nd Round
----------------------------------------------
Four major drug companies have made it to the second round of
bidding for Boots Group plc's healthcare venture, Reuters says.
Europe's biggest drug maker GlaxoSmithKline and Reckitt Benckiser
are reportedly at the top of the shortlist. They are joined by
German chemicals and drugs firm Bayer AG and U.S. drug company
Pfizer. The sale is expected to raise more than GBP1.2 billion.
The bids deadline will be set next month.
A source familiar to the deal said: "Glaxo is keen to expand its
OTC (over-the-counter) franchise, and Boots is a good fit. There
are plenty of synergies since Boots is a U.K.-based business."
The bidders will be given access to the unit's accounts as well
as hold consultations with management, the source added.
Spokesperson for Boots and for the bidders have refused to
comment. U.S. investment bank Goldman Sachs, which is handling
the sale, also declined to comment.
Boots' healthcare business owns the Clearasil skin products,
Nurofen painkillers and Strepsils lozenges, among others. The
parent company aims to concentrate on its core retail business
after the disposal. It earlier said its major arm, Boots The
Chemist, showed no significant improvements as big supermarket
groups try to penetrate the pharmaceutical trade.
CONTACT: BOOTS GROUP PLC
1 Thane Road
Notttingham NG2 3AA
Phone: 0115 950 6111
Customer Service: 0845 070 80 90
Web site: http://www.boots-plc.com
CAVA BAR: Administrators from PKF Step in
-----------------------------------------
At an Extraordinary General Meeting of the Members of Cava Bar
Newington Green Limited, duly convened, and held at Farringdon
Place, 20 Farringdon Road, London EC1M 3AP, on 8 August 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
Brian James Hamblin and Stephen Paul Holgate, of PKF (UK) LLP,
Farringdon Place, 20 Farringdon Road, London EC1M 3AP, be and are
hereby appointed for the purposes of such winding-up."
I Frost, Director
CONTACT: CAVA BAR LTD.
11 Albion Road, Newington Green
London N16 9PS
Phone/Fax: 020 7923 9227
Web site: http://www.cavabar.com/index.htm
PKF
Farringdon Place,
20 Farringdon Road, London EC1M 3AP
Phone: 020 7065 0000
Fax: 020 7065 0650
E-mail: info.london@uk.pkf.com
Web site: http://www.pkf.co.uk
CHARTINPUT LIMITED: Crumbles into Liquidation
---------------------------------------------
Company Name: CHARTINPUT LIMITED
55 Station Road, Beaconsfield,
Buckinghamshire, HP9 1QL
Registration Number: 04534927
Court: Bristol District Registry
Date of Filing Petition: June 14, 2005
No. of Matter: 2483 of 2005
Date of Winding-up Order: August 3, 2005
CONTACT: Official Receiver
1st Floor, Trident House,
42-48 Victoria Street,
St Albans AL1 3HR
Phone: 01727 832233
Fax: 01727 732400
C J ENGINEERING: Court Approves Liquidation
-------------------------------------------
Company Name: C J ENGINEERING SERVICES LTD.
3-4 Railway Street, Stafford,
Staffordshire, ST16 2EA
Registration Number: 03381250
Court: Birmingham District Registry
Date of Filing Petition: April 26, 2005
No. of Matter: 2411 of 2005
Date of Winding-up Order: August 1, 2005
CONTACT: Official Receiver
Ground Floor, Copthall House,
King Street,
Newcastle-Under-Lyme, ST5 1UE
Phone: 1782 664100
Fax: 01782 664120
COSTAIN GROUP: Wins GBP57 Million Road Improvement Contract
-----------------------------------------------------------
Costain Group plc has been awarded the GBP57 million contract for
improvements to Junction 25 of the M25, including refurbishment
of the Holmesdale Tunnel.
Transport Minister Dr. Stephen Ladyman welcomed the announcement
of the project by the Highways Agency that will boost safety and
cut delays. The scheme is due to begin in late Autumn and will
take about 18 months to complete.
Dr. Ladyman said: "This GBP57 million refurbishment and
improvement project will provide improvements to safety and
reductions in congestion and journey times by cutting accidents
and delays on the eastbound M25 at junction 25 and improve the
flow of traffic through the tunnel. Refurbishment of the tunnel
will be to U.K. standards and the best international tunnel
practice.
"The junction improvement, which straddles the Essex,
Hertfordshire and Greater London borders, is one of the 92
Priority Action Sites announced by the Government to address
congestion. We are committed to improving the road network and
providing safer and smoother journeys to motorists."
Alan Kay, Costain Operations Director for Major Civils, said:
"Improving U.K. roads is major part of the Costain growth
strategy and this project will play a significant role in
reducing congestion on the M25 and making that particular section
safer. We have assembled a first-class team for the project and
we are well prepared for the challenge ahead in this Highways
Agency Early contractor involvement contract."
About the Company
Costain collapsed under heavy debt in the mid 1990s after
venturing into U.S. mining. It is still trying to recover, with
its first dividend in years expected this year or next. Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a EUR5 million loss in 2000.
The company has moved into asset management of water utilities
from civil engineering. In May, the special resolution
approving the reduction of share capital and cancellation of
share premium account in the Company was approved by the
Companies Court and was registered at Companies House.
CONTACT: COSTAIN GROUP PLC
Costain House, Nicholsons Walk
Maidenhead
SL6 1LN, United Kingdom
Phone: +44-1628-842-444
Fax: +44-1628-674-477
Web site: http://www.costain.com
Stuart Doughty, Chief Executive
Charles McCole, Finance Director
Graham Read, Public Relations
Phone: 01628 842 444
EAGLE MOTOR: Collapses into Liquidation
---------------------------------------
Company Name: EAGLE MOTOR COMPANY LIMITED
Unit 7 Cygnet Units,
Heron Road, Sowton Industrial Estate,
Exeter, Devon, Ex2 711
Registration Number: 04776554
Court: Exeter
Date of Filing Petition: June 9, 2005
No. of Matter: 14 of 2005
Date of Winding-up Order: August 1, 2005
CONTACT: Official Receiver
3rd Floor, Senate Court,
Southernhay Gardens,
Exeter, EX1 1UG
Phone: 01392 889 650
Fax: 01392 422618
EASY DEBT: Directors Fined GBP1,500 Each; Banned for 3 Years
------------------------------------------------------------
Directors of Easy Debt (Management) Ltd. have been ordered to pay
GBP1,500 each and banned from acting as company directors for
three years, said Creditman.
Jeffrey Savage and Julie Musgrove, who were also given a one-year
conditional discharge, acted as directors of the firm which
offered debt restructuring services to over 800 clients. The two
promised to help these clients solve their liabilities for a fee
of GBP580 plus a monthly payment of GBP25. However, Easy Debt
was itself insolvent. The firm and its successor Certificated
Collectors Limited were liquidated in April 2004 last year,
following petition by the Department of Trade and Industry.
A probe by the department's Companies Investigation Branch also
found that the two failed to keep accounting records to support
their company's transactions. No document could serve as proof
of any debt management, while no single client could attest that
their accounts had been settled. Worse, some people had
discovered that their debt actually increased after they asked
help from the company.
Companies Investigation Branch is part of DTI's Corporate Law &
Governance Directorate. It carries out confidential enquiries
under section 447 of the Companies ACT 1985 and where necessary,
takes further action in the name of the Secretary of State. This
can include winding up proceedings in the public interest,
disqualification proceedings against directors and reporting
matters to the DTI's prosecution branch with a view to an
investigation and prosecution of any offences, where appropriate.
CONTACT: EASY DEBT (MANAGEMENT) LTD.
Jeffrey Savage and Julie Musgrove
Hellwath Grove, Ripon
North Yorkshire HG4 2JT
DEPARTMENT OF TRADE AND INDUSTRY
7th Floor
1 Victoria Street
London SW1H 0ET
EMPIRE CLEANING: Opts for Liquidation
-------------------------------------
Company Name: EMPIRE CLEANING IN ACTION LTD.
Arch 5, Bedford Road, Camp Hill,
Bordesley, B11 1AX
Registration Number: 04686960
Court: Bristol District Registry
Date of Filing Petition: June 13, 2005
No. of Matter: 2450 of 2005
Date of Winding-up Order: August 3, 2005
CONTACT: Official Receiver
3rd Floor East, Ladywood House,
45/6 Stephenson Street
Birmingham, B2 4UP
Tel: 0121 698 4147
Fax: 0121 698 4408
ESAT FINANCE: Liquidators from Stoy Hayward Move in
---------------------------------------------------
At the extraordinary general meeting of Esat Finance, duly
convened, and held at BT Centre, 81 Newgate Street, London EC1A
7AJ, on 28 July 2005, the subjoined Special Resolution was duly
passed:
"That the Company be wound up voluntarily, and that Malcolm
Cohen, of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL,
be and is hereby appointed Liquidator for the purposes of such
winding-up."
C Ryan, Chairman
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
FOOD EXPERIENCE: Calls in Liquidator from Poppleton & Appleby
-------------------------------------------------------------
At an Extraordinary General Meeting of The Food Experience
Limited, duly convened, and held at 35 Ludgate Hill, Birmingham
B3 1EH, on 4 August 2005, at 10:30 a.m., the following 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 M
T Coyne, of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH, be and is hereby appointed Liquidator for the purposes of
such winding-up."
CONTACT: THE FOOD EXPERIENCE LIMITED
Unit C26 Holly Farm Business P
Honiley, Kenilworth, Warwickshire CV8 1NP
Phone: 01926484771
POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
FOTODIRECT LIMITED: Hires Administrators from Tenon Recovery
------------------------------------------------------------
Name: FOTODIRECT LIMITED
(Company No 01513466)
Nature of Business: Printing
Address of Registered Office: Highfield Court, Tollgate,
Chandlers Ford, Eastleigh, Hampshire SO53 3TZ
Date of Appointment: 9 August 2005
Joint Administrators' Names and Address: Tina Yearsley and Nigel
Ian Fox (IP Nos 9298 and 8891), both of Tenon Recovery, Highfield
Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ
CONTACT: TENON RECOVERY
Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
FRANCE LANE: Winding-up Receives Green Light
--------------------------------------------
Company Name: FRANCE LANE FENCING LIMITED
41 Beach Road, Littlehampton,
West Sussex, BN17 5JA
Court: Bristol District Registry
Date of Filing Petition: April 4, 2005
No. of Matter: 1593 of 2005
Date of Winding-up Order: July 27, 2005
CONTACT: Official Receiver
69 Middle Street,
Brighton, BN1 1BE
Phone: 01273 861300
Fax: 01273 861301
FROM HOUSE: Interior Designer Liquidates
----------------------------------------
At an Extraordinary General Meeting of From House To Home
Limited, duly convened, and held at Tomlinsons, St John's Court,
72 Gartside Street, Manchester M3 3EL, on 4 August 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.
N Gilmour, Chairman
* * *
From House to Home Ltd. was established in 2003. It is a
family-run business that specializes in interior design.
CONTACT: FROM HOUSE TO HOME LTD.
10 Old Rectory Gardens
Wilmalow Road
Cheadle
Stockport
SK8 1BX
Phone: +44(0)161 428 9090
Fax: +44(0)161 4916416
E-mail: enquiries@fromhouse2home.co.uk
Web site: http://www.fromhouse2home.co.uk/
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
GIO CAROLI: Member Opts for Liquidation
---------------------------------------
I, the undersigned, being the sole Member of Gio Caroli (UK)
Limited for the time being having a right to attend and vote at
general meetings, hereby pass the following Resolutions in
accordance with section 381A of the Companies Act 1985, as
inserted by section 113 of the Companies Act 1988, as a Special
Resolution and as an Ordinary Resolution respectively:
"That the Company be wound up voluntarily, and that Paul John
Clark 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."
Logman Holdings Limited, Shareholder
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
GOSHAWK INSURANCE: Hurricane Ivan Messes up First-half Results
--------------------------------------------------------------
Goshawk Insurance Holdings plc has predicted a small first-half
pretax loss, following recent claims due to last September's
Hurricane Ivan, said Reuters.
The insurer said: "The total of the loss advices received exceeds
the amount reserved." It also noted limited losses incurred on
winter cyclone Erwin and the Suncor plant loss in Canada in
January.
Goshawk also expects to post an acceptable, if not reduced,
outcome for the full year, with the assumption that catastrophe
activity in the second half is within normal provisions.
Shares in the insurer closed at 44 pence Thursday, valuing the
business at GBP77 million. Over the past 12 months, they have
underperformed their sector by 22%.
In March, results for the year ended 31 December 2004 showed a
group loss after tax of US$3 million, compared to a 2003 loss
after tax of US$108 million. The company blamed the US$40
million net claims caused by natural catastrophes occurring in
the third quarter of 2004.
Chairman Paul Spencer said: "Although the impact of the
catastrophe losses severely affects our result for 2004, it
masks the significant advances we have made during the year.
The change in strategy, the re-branding of the Bermuda operation
and the retention and strengthening of the executive and
underwriting teams in Bermuda have all provided a solid basis
for our excellent progress at the January 2005 renewals."
Mr. Spencer added that he was optimistic about the company's
positive momentum this year, as it concentrates on its core
business.
CONTACT: GOSHAWK INSURANCE HOLDINGS PLC
Phone: 020 7661 9374 (London)
+1 441 295 5485 (Bermuda)
Paul Spencer, Chairman
Russell Brooke, Chief Executive
Jonathan Beck, Finance Director
COLLEGE HILL
Phone: 020 7457 2020
Tony Friend
Roddy Watt
JETFIELD TRADING: Falls into Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of Jetfield
Trading Limited, duly convened, and held at Maple House, High
Street, Potters Bar, Hertfordshire EN6 5BS, on 10 August 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 M
Arkin, of Arkin & Co., Maple House, High Street, Potters Bar,
Hertfordshire EN6 5BS, be and is hereby appointed Liquidator for
the purposes of such winding-up."
At a Meeting of Creditors held on 10 August 2005 the Creditors
confirmed the appointment of M Arkin.
M Bhola, Chairman
CONTACT: JETFIELD TRADING LTD.
32 Eastbury Rd
Beckton
East Ham
E6 6LP
Phone: 020 7474 2555
ARKIN & CO.
Maple House
High Street
Potters Bar
Hertfordshire EN6 5BS
Phone: 01707 828 683
Fax: 01707 828 022
E-mail: mehmet.arkin@arkinco.co.uk
JUMP GROUP: Real Estate Agents Calls in Administrator
-----------------------------------------------------
Name: JUMP GROUP LIMITED
(Company No 03015584)
Nature of Business: Real Estate Agents
Address of Registered Office: BWC Business Solutions, 8 Park
Place, Leeds LS1 2RU
Trade Classification: 35
Date of Appointment: 4 August 2005
Joint Administrators' Names and Address: Paul Andrew Whitwam and
Gary Edgar Blackburn (IP Nos 8346 and 6234), both of BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.
CONTACT: JUMP GROUP LTD.
5-6 Hepton Court
York Road
Leeds LS9 6PW
Phone: 0113 391 8420
Fax: 0113 391 8401
E-mail: cath.darlow@jumpnow.co.uk
Web site: http://www.jumpnow.co.uk/
BWC BUSINESS SOLUTIONS
8 Park Place
Leeds
West Yorkshire LS1 2RU
Phone: 0113 243 3434
Fax: 0113 243 5049
E-mail: bwc@bwc-solutions.com
MANOR MANAGEMENT: Court Okays Liquidation
-----------------------------------------
Company Name: MANOR MANAGEMENT & DEVELOPMENT LTD.
The Manor House, 55 Station Lane,
Birkenshaw, Bradford,
West Yorkshire, BD11 2JE
Registration Number: 03366376
Court: Bristol District
Registry Date of Filing Petition: May 10, 2005
No. of Matter: 2105 of 2005
Date of Winding-up Order: August 3, 2005
CONTACT: Official Receiver
3rd Floor, 1 City Walk,
Leeds, LS11 9DA
Phone: 01132 338222
Fax: 01132 338332
MARKS & SPENCER: Promises to Pay Dividends Next Month
-----------------------------------------------------
A non-cumulative preferential dividend of 1.3398 pence per B
Share for the six months ending 25 September 2005 will be paid on
26 September 2005 to holders of B Shares whose names are on the
Register of Members of Marks & Spencer Group plc at the close of
business on 26 August 2005.
Shareholders will be given the opportunity to elect to redeem
their B Shares at 70 pence per share on 26 September 2005.
* * *
Marks & Spencer Group plc has reportedly carried out aggressive
price cutbacks in an effort to recover from declining sales. The
prices of its ladieswear clothing brands have been reduced by
25%, Chief Executive Stuart Rose said M&S had become
uncompetitive in the past, despite its good-better-best pricing
scheme.
Earlier, The Guardian reported that M&S could benefit from the
collapse of the Littlewoods chain. A survey by research group
TNS showed that about 17.5% of Littlewoods' customers will
transfer to M&S if the company closes; 5.2% will go to Bhs, and
another 3.3% to Next.
Last month, the company reported that U.K. Retail Sales for the
14 weeks to 9 July 2005 were down 3.1% in total, with General
Merchandise down 10.3% and Food up 5.0%. Clothing was down 9.2%
and Home down 22.3%. Like-for-like sales were down 5.4% in
total, with General Merchandise down 11.2% and Food up 0.7%.
Mr. Rose said: "While the trading environment remains very
challenging, better buying, stock and cost control should enable
us to make further progress."
CONTACT: MARKS & SPENCER GROUP PLC
Michael House
47-67 Baker Street
London
England
W1U 8EP
Phone: +44 20 7935 4422
Fax: +44 20 7487 2679
Web site: http://www.marksandspencer.com
MARKUS LIMITED: Winding-up Gets Court Approval
----------------------------------------------
Company Name: MARKUS LIMITED
Five Miles From Anywhere,
No Hurry Inn, Upware,
Cambridgeshire, CB7 5ZR
Registration Number: 03348784
Court: Bristol District Registry
Date of Filing Petition: June 3, 2005
No. of Matter: 2340 of 2005
Date of Winding-up Order: July 27, 2005
CONTACT: Official Receiver
1st Floor, Cobourg House,
Mayflower Street,
Plymouth, PL1 1DJ
Phone: 01752 635200
Fax: 01752 635222
MG ROVER: Chinese Chefs Stir up Job Fears
-----------------------------------------
The Chinese cooks brought in at Longbridge by MG Rover's new
owners have further raised fears that fewer British jobs may be
rescued, said The Financial Times.
Last week, Nanjing Automobile (Group) Corporation flew in a team
of chefs from China to reopen the canteen at the Birmingham
factory. The Chinese firm's advance team were said to have been
dissatisfied with British Food.
Nanjing has also reportedly imported engineering and
manufacturing experts from its main site in Eastern China.
Earlier, the company unveiled plans to ship most of Rover
facilities to China.
While it has already agreed to build sports cars at Longbridge
with GB Sports Car Company, Nanjing has yet to present its plans
about reviving production at the site. A clear deal is expected
to be established within two weeks, but it remains uncertain
whether employment will reach the 500 people GB Sports eyed or
the 1,000 to 2,000 jobs Nanjing had planned.
Tony Woodley, general secretary of the Transport and General
Workers' Union, has said: "Clearly we are looking for as many
jobs to return to Longbridge along with car making but there is
much to discuss."
In July, Nanjing fought off a competing bid by fellow Chinese
company, Shanghai Automotive Industry Corporation, paying over
GBP50 million for the assets of MG Rover and Powertrain.
Mr. Woodley said that they are looking forward to a partnership
between Nanjing and SAIC to revive production at MG Rover. The
British carmaker succumbed to bankruptcy in April after it
failed to clinch an agreement with SAIC, leaving about 6,000
people jobless.
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
QDF CASTINGS: Hires Administrators from Moore Stephens
------------------------------------------------------
Name: QDF CASTINGS LIMITED
(Company No 05158599)
Nature of Business: Castings of Iron
Trade Classification: 2751
Date of Appointment: 1 August 2005
Administrators' Names and Address: Nigel Price and Mark Elijah
Thomas Bowen (IP Nos 8778 and 8711), both of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
CONTACT: QDF CASTINGS LTD.
Victory Road
Derby DE24 8EP
Derbyshire
Phone: 01332 760260
Fax: 01332 776233
MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
RAYMOND CONTRACTORS: Creditors Meeting Set Next Week
----------------------------------------------------
Notice is hereby given pursuant to paragraph 51 of Schedule B1 of
the Insolvency Act 1986, that a Meeting of the Creditors of
Raymond Contractors Limited will be held at 8 Baker Street,
London W1U 3LL, on 22 August 2005, at 10:00 a.m., for the
purposes of considering and, if thought fit, approving the
proposals of the Administrators for achieving the aim of the
Administration Order, and also to consider establishing and, if
thought fit, to appoint a Creditors' Committee. A person
authorized under section 375 of the Companies Act 1985, to
represent a corporation must produce to the Chairman of the
Meeting a copy of the Resolution from which their authority is
derived. The copy Resolution must be under seal of the
corporation, or certified by the Secretary or Director of the
corporation as a true copy. Please note that a Creditor is
entitled to vote only if he has delivered to the Administrators
not later than 12:00 noon, on 19 August 2005, details in writing
of the debt claimed to be due from the Company, and the claim has
been duly admitted under the provisions of the Insolvency Rules
1986, and there has been lodged with the Administrators any proxy
which the Creditor intends to be used on his behalf.
D H Gilbert, Joint Administrator
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
RTP ENGINEERING: Appoints Poppleton & Appleby Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of RTP Engineering Limited,
duly convened, and held at 35 Ludgate Hill, Birmingham B3 1EH, on
2 August 2005, at 10:30 a.m., the following 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 M
T Coyne, of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH, be and is hereby appointed Liquidator for the purposes of
such winding-up."
D J Farrow
CONTACT: RTP ENGINEERING
188 Murray Road
Rugby
CV21 3JU
Warwickshire
Phone: 01788 568100
Fax: 01788 568100
POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
SHEPHERDS (FINANCIAL): EGM Passes Winding-up Resolution
-------------------------------------------------------
At an Extraordinary General Meeting of Shepherds (Financial)
Limited, duly convened, and held at 76 New Cavendish Street,
London W1G 9TB, on 9 August 2005, the subjoined Extraordinary
Resolution was duly passed:
"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Jeremy Berman, of Berley, 76 New Cavendish Street, London W1G
9TB, be and is hereby appointed Liquidator for the purpose of
such winding-up."
At a subsequent Meeting of Creditors held on the same day, the
Members' nominee was confirmed as Liquidator.
M Abraham, Director
* * *
Shepherds (Financial) Limited (SFL) administers plans, arranges
loans and builds the plan portfolios with the relevant TEPs. It
is regulated by the Financial Services Authority.
CONTACT: SHEPHERDS (FINANCIAL) LIMITED
Brentwood Jubilee House
The Drive
Great Warley
Brentwood CM13 3FR
BERLEY
76 New Cavendish Street
London W1M 7LB
Phone: 020 7636 9094
Fax: 020 7636 4115
E-mail: mark.levy@berley.co.uk
SHOW PRESENTATION: Administrators from BDO Stoy Hayward Move in
---------------------------------------------------------------
Name: SHOW PRESENTATION SERVICES LIMITED
(Company No 02451675)
Nature of Business: Event Staging.
Trade Classification: 46.
Date of Appointment: 5 August 2005.
Joint Administrators' Names and Addresses: Simon James Michaels
(IP No 8824/01), BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL and Martha Hanora Thompson (IP No 8678), BDO Stoy Hayward
LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3E
* * *
SPS is one of the largest event staging companies in the United
Kingdom. It also works with conference production companies and
corporate clients in a wide range of sectors from financial
services and telecoms through to manufacturing and entertainment.
Visit http://www.showpres.co.uk/for more information.
CONTACT: SHOW PRESENTATION SERVICES LTD.
Unit 6 Northolt Trading Estate
Northolt UB5 5QS
Middlesex
Phone: 0870 240 0904
Fax: 0870 240 0905
BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
BDO STOY HAYWARD
Kings Wharf,
20-30 Kings Road,
Reading, Berkshire RG1 3EX
Phone: 0118 925 4400
Fax: 0118 925 4470
E-mail: reading@bdo.co.uk
TAXCLAIM LIMITED: In Liquidation
--------------------------------
At an Extraordinary General Meeting of TaxClaim Limited, duly
convened, and held at 76 New Cavendish Street, London W1G 9TB, on
5 August 2005, the subjoined Extraordinary Resolution was duly
passed:
"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Jeremy Berman, of Berley, 76 New Cavendish Street, London W1G
9TB, be and is hereby appointed Liquidator for the purpose of
such winding-up."
At a subsequent Meeting of Creditors held on the same day, the
Members' nominee was confirmed as Liquidator.
F Rashid, Director
* * *
TaxClaim is made up of a dedicated team of accounting
professionals and administrators that offers bookkeeping, payroll
administration, P11D employee benefit forms, VAT, fixed asset
register, management accounts, financial reports, and statutory
accounts.
CONTACT: TAXCLAIM LTD.
2 Wimpole Street, London
W1G OED, UK
Phone: 0800 169 6238
Office: 020 7493 9010
E-mail: info@taxClaim.com
Web site: http://www.taxclaim.com/
BERLEY
76 New Cavendish Street
London W1M 7LB
Phone: 020 7636 9094
Fax: 020 7636 4115
E-mail: mark.levy@berley.co.uk
TRAVELEX PLC: Redemption of Notes Set September 5
-------------------------------------------------
NOTICE OF REDEMPTION
TO THE HOLDERS OF
TRAVELEX PLC
10-1/2% Senior Notes Due 2010
ISIN XS0115040510, XS0115040783 and XS0120227946**
Notice is hereby given that, pursuant to the provisions of
Article Eleven of the Indenture (the "Indenture"), dated as of
August 7, 2000, between Travelex plc (now known as Travelex Ltd.)
(the "Issuer"), the Guarantors named therein and The Bank of New
York (the "Trustee"), the Issuer is redeeming on September 5,
2005 (the "Redemption Date") GBP75,000,000 principal amount of
its outstanding 10-1/2% Senior Notes Due 2010 issued under the
Indenture, at a redemption price equal to 105.25% of the
outstanding principal amount thereof ( the "Redemption Price")
plus accrued and unpaid interest to September 5, 2005. The ISIN
Numbers for the foregoing securities are XS0115040510,
XS0115040783 and XS0120227946. The Redemption Price, together
with any accrued and unpaid interest, will be due and payable on
each Redeemed Noted on the Redemption Date.
Payment of the Redemption Price (together with accrued and unpaid
interest) of the Redeemed Notes will be made on the Redemption
Date upon presentation and surrender of the Redeemed Notes to the
Trustee, as Paying agent, by hand or by mail as follows:
By Regular Mail, Overnight Delivery, or by Hane:
One Canada Square
London E14 5AL
Attn: Corporate Trust Administration - Travelex Ltd.
The Redeemed Notes will no longer be deemed outstanding on and
after the Redemption Date, and all rights with respect thereto
will cease, except only the right of the holders thereof to
receive the Redemption Price (together with accrued and unpaid
interest).
Unless the Issuer shall default in the deposit of the Redemption
Price (together with accrued and unpaid interest) with the Paying
Agent, interest on the Redeemed Notes called for redemption will
cease to accrue on and after the Redemption Date and the only
remaining right of the holder thereof is to receive payment of
the Redemption Price (together with accrued and unpaid interest)
upon surrender to the Paying Agent of the Redeemed Notes.
Under Federal Income Tax law (as defined in the Indenture),
payments may be subject to withholding by the paying agent of
holders fail to furnish a taxpayer identification number to the
paying agent.
** ISIN numbers appearing herein have been included solely for
the convenience of the holders of the outstanding Notes. Neither
the Company nor the Trustee shall be responsible for the
selection or use of any such ISIN number, nor is nay
representation made as to its correctness on the Notes or as
indicated herein.
The Bank of New York
ULTIMATE ATTIRE: Files for Liquidation
--------------------------------------
At an Extraordinary General Meeting of Ultimate Attire Limited
(t/a Talkin Rugby), duly convened, and held at 32 High Street,
Manchester M4 1QD, on 3 August 2005, the subjoined Extraordinary
Resolution was duly passed:
"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen Lord and Stephen James Wainwright, of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD, be and are hereby
appointed Liquidators for the purposes of such winding-up."
P Deakin, Director
CONTACT: ULTIMATE ATTIRE
14 Milnrow Road, Shaw, OLDHAM
Lancashire OL2 8EQ
Phone: 01706880442
POPPLETON & APPLEBY
32 High Street
Manchester
Greater Manchester M4 1QD
Phone: 0161 834 7025
Fax: 0161 833 1548
E-mail: insol@pandamanchester.co.uk
UPSU TRADING: Grant Thornton Administrators Enter Firm
------------------------------------------------------
Name: UPSU TRADING LIMITED
(Company No 3815352)
Nature of Business: Trading Company of the Portsmouth University
Students Union
Address of Registered Office: The Student Centre, Cambridge Road,
Portsmouth, Hampshire PO1 2EF
Date of Appointment: 4 August 2005
Administrators' Names and Address: Samantha Keen and Nigel
Morrison (IP Nos 9250 and 8938), both of Grant Thornton UK LLP,
31 Carlton Crescent, Southampton, Hampshire SO15 2EW
CONTACT: GRANT THORNTON U.K. LLP
31 Carlton Crescent
Southampton SO15 2EW
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
WILFOX TRANSPORT: Applies for Winding-up Order
----------------------------------------------
At an Extraordinary General Meeting of Wilfox Transport Limited,
duly convened, and held at 601 High Road, Leytonstone, London E11
4PA, on 10 August 2005, the subjoined Extraordinary Resolution
was duly passed:
"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Harjinder Johal and George Michael, both of Ashcrofts, 601 High
Road, Leytonstone, London E11 4PA, be and are hereby appointed
Joint Liquidators for the purposes of such winding-up. Any act
required or authorised to be done by the Liquidator can be
undertaken by either one of them acting independently."
C Williams
* * *
Wilfox Transport is involved in road transport, haulage, delivery
and distribution services.
WM MORRISON: Disposes of Nine Safeway Stores to Sainsbury
---------------------------------------------------------
Wm Morrison Supermarkets plc has agreed to sell nine Safeway
stores to J Sainsbury plc.
The stores are located in Acocks Green, Andover, Bitterne, East
Kilbride, Eastleigh, Hammersmith, Midsomer Norton, Morden and
Slough.
The value of the gross assets as at 30 January 2005 attributable
to the nine stores to be sold was approximately GBP16.8 million.
The sale of the stores is conditional on the approval of the
Office of Fair Trading (OFT).
The stores will transfer to Sainsbury on completion, with all
staff also transferring to the new owner.
* * *
Wm Morrison has recently reported total like-for-like sales for
the half-year have increased by 5% or 2.6% excluding fuel. Group
sales were GBP6.363 billion, an increase of 3% influenced by an
extra 5-week contribution from Safeway stores.
In May, Wm Morrison stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole. Since that time, the market has produced a
wide range of profit estimates for the year 2005/6. While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to GBP150
million.
The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.
CONTACT: WM MORRISON SUPERMARKETS PLC
Hilmore House
Thornton Road
Bradford
West Yorkshire
England
BD8 9AX
Phone: +44 1274 494166
Fax: +44 1274 494831
Web site: http://www.morereasons.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
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