/raid1/www/Hosts/bankrupt/TCREUR_Public/050825.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, August 25, 2005, Vol. 6, No. 168
Headlines
C Z E C H R E P U B L I C
TELESYSTEM INTERNATIONAL: Seeks Approval for First Distribution
F I N L A N D
BENEFON OYJ: Denies Knowing Reason for Stock Dive
DONE SOLUTIONS: First-half Results Improve Slightly
G E R M A N Y
ARNO RICHTER: Declares Bankruptcy
BIG BERLIN: Proofs of Claim Due November
CARRIER24 GMBH: Blames Competition for Demise
DAIMLERCHRYSLER AG: New Mercedes Chief to Keep Eye on Quality
DUERR AG: Sells DTS Division for Undisclosed Sum
FLENDER HOLDING: Ratings Withdrawn at Company's Request
GOREN ERDARBEITEN: Creditors to Meet Friday
HERLITZ PBS: Majority Owners Sell Stake to U.S. Equity Firm
HOSTECH GMBH: Court Calls in Administrator
JANCK & SEIDEL: Creditors' Claims Due October
JAZZ INGENIEURBAU: Court to Verify Claims December
KARSTADTQUELLE AG: Online Business Reports Growth
MAUSER BETEILIGUNGS: On CreditWatch Negative over Buyout Plan
MERZ TISCHLEREI: Under Bankruptcy Administration
MPS PRIMUS: Court Appoints Rolf Rattunde Administrator
SORAT HOTEL: Creditors Meeting Set Next Month
XIANG GASTRONOMIE: Hamburg Business Goes Bust
I R E L A N D
BOART LONGYEAR: Shuts down Shannon Factory
K A Z A K H S T A N
PETROKAZAKHSTAN INC.: 'B+' Rating on CreditWatch Positive
L U X E M B O U R G
SBS BROADCASTING: Reorganizes TV2 in Hungary
SBS BROADCASTING: Faces Rating Downgrade Due to Takeover Deal
THIEL LOGISTIK: Moody's Downgrades Corporate Family Rating to B2
N E T H E R L A N D S
ROYAL SHELL: Buys back Additional 960,000 'A' Shares
N O R W A Y
FINDEXA LIMITED: Returns to Black in Second Quarter
KVAERNER ASA: Sale of U.K. Firm May Raise Questions
P O L A N D
NETIA SA: Draws out Agreement on Wireless Telephony Services
R U S S I A
176 SHIPYARD: Hires E. Sunko Insolvency Manager
AEROFLOT: Suspends 40% of Long Distance Flights
AUTO-TRANSPORT ENTERPRISE-2: Under Bankruptcy Supervision
KENORETSKOYE: Undergoes External Management Procedure
KRASNOBORSKAYA: Declared Insolvent
KRASNOSELSKAYA MOVABLE: Bankruptcy Hearing Set Next Month
MOBIL: Insolvency Manager from Kurgan Takes over Company
PRIURAL-OIL-GAS-STROY: Bankruptcy Hearing Set October
PRYAMUKHINO: Insolvency Manager Steps in
STROY-CERAMICS: Bankruptcy Supervision Begins
TITRAN-MEDECON: Succumbs to Bankruptcy
S W I T Z E R L A N D
ABB LTD.: Court Approves CE's Modified Disclosure Statement
CONVERIUM HOLDING: Zurich Cantonal Bank Ups Shares
GATE GOURMET: Recovery Rating for Secured Lenders Cut to '2'
SWISS INTERNATIONAL: Raising Fuel Surcharges Starting Friday
U K R A I N E
DNIPROENERGORESURS: Last Day for Filing Claims Tomorrow
KATOD: Zakarpatska Court Opens Bankruptcy Proceedings
LOKA: Insolvency Manager to Temporarily Oversee Business
MELITOPOL' FOOD: Succumbs to Insolvency
PTAHPLEMZAVOD KOROBIVSKIJ: Claims Filing Period Ends Tomorrow
SELTEKS: Gives Creditors Until Friday to File Claims
STRILETS: Declared Insolvent
TALNIVSKE RVO: Insolvency Manager Assumes Post
U N I T E D K I N G D O M
ALTONPEARL LIMITED: Decides to Liquidate
BADSWORTH MOTOR: Car Retailer Files for Liquidation
B & C COMPOSITES: Hires Administrators from Deloitte & Touche
BRAKE BROS: Low-B Ratings Affirmed; Outlook Changed to Stable
CALECTO LIMITED: Textile Firm Winds up
CLAYMEAD LIMITED: Signmaker Goes into Liquidation
COREX NETWORKS: Hires Administrators from Portland Business
CORUS GROUP: Invests GBP12 Million in Steelmaking Facility
DK PRECISION: Applies for Winding-up Order
ETHICAL MORTGAGE: Names Tenon Recovery Liquidator
GATE GOURMET: British Airways Agrees to Renew Catering Contract
HY-SPEED TYRE: Administrators from Leonard Curtis Move in
INMARSAT PLC: Half-year Revenue Up 4% to US$253.6 Million
MAILING & PRINTING: Administrators Take over Biz
MARPLACE (NUMBER 458): Calls in Administrators from Stoy Hayward
MODA ITALIA: Clothing Retailer Calls in Administrator
MOMNI LIMITED: Appoints Stephen Evans Administrator
MONO UK: Creditors Meeting Set Tomorrow
M. T. ELECTRICAL: EGM Passes Winding-up Resolutions
PILAT BROADCAST: Members Opt for Liquidation
PJB LIMITED: In Liquidation
QUEST ENTERPRISES: Names Administrators from Geoffrey Martin
QUESTOPEN LIMITED: Files for Liquidation
SPRINGFIELD APPOINTMENTS: Names Liquidator
STONERIDGE HOLDINGS: Appoints Tenon Recovery Liquidator
TELEWEST GLOBAL: Flextech Sale Attracts Media Giants
TEXTILE HOUSE: Clothing Merchant Hires Administrators
TRINITY TAXIS: Members Decide to Wind up Firm
WATERFORD WEDGWOOD: Retired CEO to Serve as Special Consultant
WH SMITH: Expects Full-year Result to Meet Forecast
*********
===========================
C Z E C H R E P U B L I C
===========================
TELESYSTEM INTERNATIONAL: Seeks Approval for First Distribution
---------------------------------------------------------------
Telesystem International Wireless Inc. filed a motion to seek
from the Superior Court, District of Montreal, Province of
Quebec an order authorizing a First Distribution to its
shareholders of approximately US$4.19 billion, equal to US$18.80
per fully diluted common share of TIW. Presentation of the
motion is scheduled to take place on August 26, 2005.
Pursuant to the Plan of Arrangement of the Company, the Court
must authorize the amount of the First Distribution.
Accordingly, TIW will only be able to confirm the amount and
timing of the First Distribution when the Court has issued its
order. If the Court authorizes the First Distribution for the
amount proposed by the Company, the First Distribution will be
made through a reduction of the stated capital of the common
shares of $17.01 per fully diluted common share and a dividend
of $1.79 per fully diluted common share. There are currently
223,096,714 common shares outstanding, on a fully diluted basis.
In fixing the amount of the First Distribution, the Company and
the Court-appointed Monitor have determined that cash reserves
of approximately US$318 million be currently set aside to
satisfy:
(i) potential obligations owing to taxation authorities
(specific reserves totaling US$255 million);
(ii) all remaining costs to dissolution; and
(iii) potential creditor claims and other items including
contingencies and unforeseen obligations.
Although the Company, the taxation authorities and the Monitor
have together established the specific reserves for potential
tax liability, the taxation authorities have not yet determined
the specific amount of their claims and tax assessments may not
be completed for several months. The Company believes that
there are no material past, present or future amounts owed to
taxation authorities. However, there can be no certainty that
the authorities will not propose adjustments, which, if not
successfully opposed by the Company, may result in tax
liabilities.
Aside from a general reserve to be established, the various
components of the cash reserves are planned to be held
separately for the specific parties whose claims they are
designed to satisfy. In addition, the amount of reserves for
potential tax obligations will be secured in favor of the
taxation authorities, although the Company will retain the
benefit of investment income realized on the reserved funds.
When claims and other items relating to specific reserves are
fully settled, any excess specific reserve will be transferred
to the general reserve. Any unused portion of the general
reserve will be distributed to the shareholders of TIW up to the
Target Return of US$19.9614 per fully diluted common share plus
Investment Income as defined in the Plan of Arrangement.
Pursuant to the agreements entered with Vodafone International
Holdings B.V., any residual cash will be paid to Vodafone as a
reduction of the purchase price of the Company's indirect
interests in ClearWave N.V. sold on May 31, 2005.
There can be no certainty that the Company will be able to make
further distributions or that distributions will equal to the
Target Return plus Investment Income.
The timing and amount of future distributions by the Company is
dependant on its ability to free up reserves as it settles or
otherwise makes final determination of its liabilities.
Separate record dates will be set for the reduction of capital
and dividend comprised in the First Distribution and these will
be announced after the Court order has been made. TIW confirms,
however, that it is targeting full payment of the First
Distribution before the end of September. There can be no
assurance that TIW will be Nasdaq listed at the time of payment,
as Nasdaq has confirmed that it will delist TIW's common shares
on September 19, 2005 in all events. Upon payment of the First
Distribution, TIW will also voluntarily delist from the TSX.
The TSX Venture Exchange has conditionally approved the
concurrent listing of the common shares, subject to TIW
fulfilling applicable customary requirements. There can be no
certainty that the Company will maintain the listing of its
shares on an exchange until future distributions are made.
About TIW
Headquartered in Montreal (Quebec), TIW (TSX: "TIW", Nasdaq:
"TIWI") operates under a court supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
2005, proceed with its liquidation, including the implementation
of a claims process and the distribution of net cash to
shareholders, cancel its common shares and proceed with its
final distribution and be dissolved. TIW's shares are listed on
NASDAQ ("TIWI") and on the Toronto Stock Exchange ("TIW").
TIW operates in Romania through MobiFon S.A. under the brand
name Connex and in the Czech Republic through Oskar Mobil a.s.
under the brand name Oskar.
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
For Investors:
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
=============
F I N L A N D
=============
BENEFON OYJ: Denies Knowing Reason for Stock Dive
-------------------------------------------------
Benefon Oyj knows no reason for the recent sharp decline in the
company's stock price and reiterates its positive outlook for
the future.
Chairman Brian Katzen says: "Our business plan is solid and
encompasses delivering a product in the fourth quarter of this
year into the U.K. and China that is the first of its kind in
today's marketplace."
"We will be delivering an integrated GPS/GSM mobile phone that
will combine Benefon's 16 years of experience of GPS and
telematics location-based services combined with a navigation
application that we believe will revolutionize the smartphone
industry," continues Mr. Katzen.
"The ability of our technology to deliver immediate solutions to
today's marketplace will confirm Benefon's leading edge
technology capability in the global navigation and location
space," adds Mike Vucekovich of Octagon Capital.
Mr. Katzen says: "We have extremely aggressive growth plans and
based on the demand for our product we are seeing in the market
place today this is quite realistic."
Benefon Oyj
Benefon is the leader in GSM/GPS mobile telematics terminals and
solutions. Headquartered in Salo, Finland, Benefon has designed
and manufactured wireless terminals since 1988. Please visit
Benefon's Web site at http://www.benefon.com
Status to date
The company applied for statutory corporate reorganization with
the court of first instance in Turku on April 24, 2003 after
failing to find funding on time. British Octagon Solutions set
the restructuring program as a condition for its investment of
EUR1.65 million in return for a two-thirds share in the company.
It confirmed in June it is ending its reorganization program 3-
and-a-half years early.
CONTACT: BENEFON OYJ
Tomi Raita
Phone: +358 2 77 400
DONE SOLUTIONS: First-half Results Improve Slightly
---------------------------------------------------
Done Solutions Corporation Interim Report for the First-half of
2005:
(a) Consolidated net sales in H1/2005 came to EUR11.2 million
(EUR9.5 million in H1/2004), 17.2% growth from previous
year;
(b) Consolidated operating profit amounted to EUR0.55 million
(EUR0.12 million), or 4.9% of net sales (1.2%). All
business units were profitable;
(c) Net profit for the period totaled EUR0.50 million (EUR0.06
million), or 4.4% of net sales (0.6%);
(d) Earnings per share were EUR0.010 (EUR0.001), while equity
ratio stood at 15.3% (17.8%) and return on investment 68.4%
(12.2%);
(e) Period-end liquid assets were EUR1.5 million (EUR1.6
million);
(f) In H2/2005 the Group expects that the current businesses
record net sales and operating profit equal to, or slightly
lower than, those posted in H1/2005. The future order
intake in Done Logistics will affect substantially the
materialization of this forecast;
(g) Reported figures are in accordance with IFRS standards.
The Stock Exchange Release on April 26, 2005 provided
information on 2004 IFRS comparatives.
Net Sales and Profitability
MEUR Q1/2005 Q2/2005 H1/2005 Q1/2004 Q2/2004 H1/2004
Net sales 5.1 6.1 11.2 4.9 4.6 9.5
Oper. profit/loss 0.2 0.4 0.5 -0.3 0.4 0.1
Pre-tax p/l 0.1 0.4 0.5 -0.3 0.4 0.1
Net p/l for the period
0.1 0.4 0.5 -0.3 0.4 0.1
Q2/2004 includes EUR0.45 million profit in results of sold
operations.
Net Sales Net Sales Operating Profit/Loss
H1/2005 H1/2004 H1/2005 H1/2004
MEUR Share MEUR Share MEUR % MEUR %
Done Logistics 3.4 30% 1.6 16% 0.1 2 -0.7 -44
Providor Logistics
5.4 48% 5.2 55% 0.2 4 0.1 2
Done Information 2.4 22% 2.7 29% 0.3 12 0.7 25
Done Solutions group
11.2 100% 9.5 100% 0.5 5 0.1 1
H1/2004 includes EUR0.45 million profit in results of sold
operations.
Financial Position
Period-end consolidated balance sheet total amounted to EUR5.6
million (EUR6.2 million on June 30, 2004). Shareholders' equity
came to EUR0.9 million (EUR1.1 million) while parent company
shareholder's equity according to FAS standards amounted to
EUR3.7 million (EUR3.8 million). At period-end, equity ratio
was 15.3% (17.8%) and equity ratio including subordinated loans
was 30.3% (18.4%). Gearing stood at -73.0% (-47.5%).
Interest-bearing liabilities totaled EUR0.8 million (EUR1.1
million). Earnings per share came to EUR0.010 (EUR0.001).
Equity per share was EUR0.017 (EUR0.021). Liquid assets totaled
EUR1.5 million (EUR1.6 million) at the end of the period. The
decrease in provisions had no effect on net profit for the
period.
The Group expects that it will show a positive cash flow from
business operations over the next twelve months. The company
estimates that its liquid assets will suffice during the next
12-month period.
Capital Expenditure and R&D
The company did not make any major investments or divestments
during the report period.
Product development costs for the period came to EUR0.0 million.
All product development costs are expensed as incurred.
Human Resources
At the end of the period, the Group had a total staff of 145.
Done Logistics had a staff of 62, Providor Logistics 15 and Done
Information 68. A year ago, the Group's staff numbered 162.
Share Capital, Shares and Shareholders
On June 30, 2005, Done Solutions had a share capital of
EUR3,957,398.72 and the number of shares totaled 49,467,484.
The company's largest shareholders are listed on Done's Web site
at http://www.donesolutions.com(Investors / Largest
shareholders).
The highest share quotation for the period was EUR0.19 and the
lowest EUR0.08. With an average price of EUR0.12, the company's
share closed at EUR0.17 on June 30, 2005. The reported share
turnover was EUR1.2 million, or 9,722,031 shares, and the
company's market capitalization on June 30, 2005 came to EUR8.4
million.
The unexercised share-issue authorization given by the Annual
General Meeting of March 31, 2005 to the Board of Directors
applied to 9,893,496 shares on June 30, 2005. As of the same
date, the company held no treasury shares.
Future Prospects
In H2/2005 the Group expects that the current businesses record
net sales and operating profit equal to, or slightly lower than,
those posted in H1/2005. The future order intake in Done
Logistics will affect substantially the materialization of this
forecast.
Done Solutions Corporation
Board of Directors
With its shares having been quoted on the Helsinki Stock
Exchange's NM List since 2001, Done Solutions is organized into
the three following business units: Done Logistics provides
comprehensive logistics systems, based on automated materials-
handling and supporting information systems; Providor Logistics
specializes in distribution and warehousing services; and Done
Information provides multilingual documentation services. The
Group's largest customers are based in the Nordic countries,
Central Europe and the United States.
A copy of this report is available free of charge at
http://bankrupt.com/misc/DoneSolutions(H12005).mht
CONTACT: DONE SOLUTIONS CORPORATION
Pekka Pystynen, President and CEO
Phone: +358 (0)205 253427
Mobile: +358 (0) 50 0508 962
E-mail: pekka.pystynen@donesolutions.com
Mika Soyring, CFO
Phone: + 358 (0)205 253425
Mobile: +358 40 777 0033
E-mail: mika.soyring@donesolutions.com
Web site: http://www.donesolutions.com
=============
G E R M A N Y
=============
ARNO RICHTER: Declares Bankruptcy
---------------------------------
The district court of Nuernberg opened bankruptcy proceedings
against Arno Richter GmbH on August 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until September 20, 2005 to register
their claims with court-appointed provisional administrator
Mechthild Bruche.
Creditors and other interested parties are encouraged to attend
the meeting on October 17, 2005, 9:30 a.m. at the district court
of Nuernberg, Flaschenhofstr. 35, Sitzungssaal 152/I, 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: ARNO RICHTER GmbH
Contact:
Ludwig Richter, Manager
Brunnengasse 63-65, 90402 Nuernberg
Mechthild Bruche, Administrator
Stahlstr. 17, 90411 Nuernberg
Phone: 0911/951285-0
Fax: 0911/951285-10
BIG BERLIN: Proofs of Claim Due November
----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BIG Berlin - Innovation Gesellschaft fuer
Forschungs- und Technologietransfer mbH & Co. Genter Strasse KG
on August 1. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
November 1, 2005 to register their claims with court-appointed
provisional administrator Christoph Rosenmueller.
Creditors and other interested parties are encouraged to attend
the meeting on September 6, 2005, 9:30 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 December
20, 2005, 9:35 a.m. at the same venue.
CONTACT: BIG BERLIN - INNOVATION GESELLSCHAFT FUER FORSCHUNGS-
UND TECHNOLOGIETRANSFER mbH & Co. GENTER STRASSE KG
Kleiststrasse 3 - 6,10787 Berlin
Christoph Rosenmueller, Administrator
Berliner Str. 117, 10713 Berlin
CARRIER24 GMBH: Blames Competition for Demise
---------------------------------------------
Carrier24 GmbH has reportedly filed for insolvency at the local
court in Munich due to illiquidity. The company, according to
Vereinigte Wirtschaftsdienste, is in dire straits due to strong
competition from carrier service providers.
Carrier24 GmbH will be replaced by LambdaNet Communications
Deutschland AG as supplier of network infrastructure for the
fixed-line segment of the 3U group, a 15% shareholder.
Meanwhile, 3U TELECOM is confident that the unit's demise would
not affect its operations and its balance sheet. It, therefore,
confirms its guidance for the current financial year, as set out
last month.
CONTACT: CARRIER24 GmbH
Edisonstrasse 16
85716 Unterschleissheim
Contact:
Michael Schmidt, Manager
Phone: +49 89 54245-0
Fax: +49 89 54245-200
E-mail: info@carrier24.net
Web site: http://www.carrier24.net
3U TELECOM AG
Neue Kasseler Str.
62 F 35039 Marburg
Contact:
Ulrich Wiehle
Phone: +49 (0)6421 999-1200
Fax: +49 (0)6421 999-1111
E-mail: wiehle@3u.net
DAIMLERCHRYSLER AG: New Mercedes Chief to Keep Eye on Quality
-------------------------------------------------------------
Incoming CEO Dieter Zetsche will focus on improving quality and
profitability at Mercedes. According to the Associated Press,
his priorities as interim head of Mercedes will be no different
as when he led Chrysler five years ago. He is not so much
concerned about increasing sales; instead, he wants the unit to
produce better quality vehicles.
It is not certain how long Mr. Zetsche would lead Mercedes.
Eckhard Cordes, the former head, is leaving his post on August
31, after 29 years of service. His decision follows the
appointment of Mr. Zetsche to replace Juergen Schremmp as head
of DaimlerChrysler.
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 Mr. Cordes.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DUERR AG: Sells DTS Division for Undisclosed Sum
------------------------------------------------
Duerr AG is selling its Development Test Systems business unit
(DTS) to HORIBA, a technology group based in Kyoto, Japan. Both
parties have signed the contract regulating the sale on late
Wednesday evening.
DTS is a leading supplier of test systems for vehicle
development such as engine and transmission test stands. The
DTS lead company, Schenck Pegasus GmbH, Darmstadt, Germany and
six other DTS companies and affiliates of the Schenck Group,
which belongs to Duerr, are being sold. DTS achieved sales
revenues of EUR75 million in 2004 with some 500 employees.
With the sale of DTS, Duerr is separating from one of its
portfolio's peripheral businesses. In the context of the
recently announced FOCUS program Duerr is concentrating on its
core business activities and puts peripheral activities to the
test. Aside from cost savings, FOCUS also entails a realignment
of the business model to concentrate on the higher margin
modernization and services business.
The parties to the contract have agreed not to reveal the sale
price. Consummation of the contract is subject to the usual
restrictions, particularly regarding the approval of the
antitrust authorities. Duerr assumes that the sale will be
wrapped up in the third quarter, with a mostly neutral effect on
earnings.
"With the sale of DTS, we are fully concentrating on our core
activities and the improvement of our earnings power in the
context of FOCUS. The product ranges of DTS and Horiba
complement each other and offer a comprehensive portfolio of
test and exhaust measuring technology in the field of research
and development for engines, powertrains und complete vehicles.
DTS will have good growth and earnings prospects in the long
term under HORIBA's direction," says Ralf Dieter, designated CEO
of Duerr AG and within the Board of Management in charge of the
Measuring und Process Systems division, to which Carl Schenck AG
belongs.
HORIBA, Ltd. is the world market leader in exhaust measuring
technology with sales of about EUR700 million and some 4,000
employees. Duerr's DTS business unit and Horiba have already
been cooperating for several years in the joint ventures Schenck
Ricardo HORIBA Systems Ltd., Banbury, Great Britain, and
Schenck-TKS Test Systems Ltd., Kanagawa, Japan.
The Duerr Group is one of the world's leading suppliers of
production systems and of modules and components in the area of
measuring and process systems. The company is concentrating on
its core business in the areas of painting technology with a
focus on robot and application technology, final assembly and
automation technology, environmental and energy technology as
well as mechanical engineering. The main customer groups are
the automotive and supplier industries as well as the general
industry sector. Duerr achieved sales revenues of EUR1.9
billion in 2004 with some 7,300 employees.
CONTACT: DUERR AG
Stephan Haas
Corporate Communications & Investor Relations
Phone: +49 (0) 711 136-1785
Fax: +49 (0) 711 136-1034
E-mail: corpcom@durr.com
FLENDER HOLDING: Ratings Withdrawn at Company's Request
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' long-term
corporate credit rating and 'B-' senior secured debt rating on
Germany-based power transmission component manufacturer Flender
Holding GmbH at the company's request. The ratings had been
placed on CreditWatch with positive implications on March 30,
2005, after the announcement that Flender was to be acquired by
Germany-based industrial conglomerate Siemens AG (AA-/Stable/A-
1+).
The rating action follows the completion of the acquisition of
Flender by Siemens for EUR1.2 billion (US$1.0 billion), during
which Siemens successfully tendered for about 70% of Flender's
EUR250 million high-yield bond. All companies and business
units of Flender will be incorporated into the Siemens
Automation and Drives Unit. Following the successful waiver of
covenants, Flender itself no longer has any public reporting
requirements.
Siemens does not guarantee Flender's remaining bonds, although
the risk profile of the remaining bonds is clearly significantly
enhanced by the new ownership.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
GOREN ERDARBEITEN: Creditors to Meet Friday
-------------------------------------------
The district court of Syke opened bankruptcy proceedings against
Goren Erdarbeiten GmbH on August 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 27, 2005 to register their claims
with court-appointed provisional administrator Frank-M. Rhode.
Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 10:10 a.m. at the district court
of Saal 112, Nebenstelle, Hauptstr. 5A, Syke, 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 18, 2005, 9:00 a.m. at
the same venue.
CONTACT: GOREN ERDARBEITEN GmbH
Hertzstrasse 5, 27318 Hoya
Contact:
Ibrahim Goren, Manager
An der Emte 8, 27318 Hoya
Frank-M. Rhode, Administrator
Graf-Moltke-Str. 62, 28211 Bremen
HERLITZ PBS: Majority Owners Sell Stake to U.S. Equity Firm
-----------------------------------------------------------
A Luxembourg subsidiary of U.S. private equity company, Advent,
has taken over Herlitz PBS AG, Borsen-Zeitung says.
Stationery Products took over the 64.7% stake held by a group of
German banks in exchange for assuming Herlitz's debts. It will
then make EUR4.26/share offer to the remaining shareholders, the
paper said.
The German paper goods and office supplies manufacturer has been
looking for a partner since emerging from bankruptcy in 2002.
It ended last year with a post-tax profit of EUR3.7 million, a
twofold increase despite a shrinking market. Still, the company
needs a partner to help finance its expansion.
CONTACT: HERLITZ PBS AG
Am Borsigturm 100
13507 Berlin
Phone: +49 (0) 30 43 93-0
Web site: http://www.herlitz.de/
HOSTECH GMBH: Court Calls in Administrator
------------------------------------------
The district court of Nuernberg opened bankruptcy proceedings
against Hostech GmbH on July 25. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors had until August 15, 2005 to register their claims
with court-appointed provisional administrator Dr. jur. Helmut
Lederer.
Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 8:50 a.m. at the district
court of Nuernberg, Flaschenhofstr. 35, Sitzungssaal 152/I, 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: HOSTECH GmbH
Contact:
Andreas Strobel, Manager
Petzoltstr. 16, 90443 Nuernberg
Dr. jur. Helmut Lederer, Administrator
Ostendstr. 100, 90482 Nuernberg
Phone: 0911/544488-0
JANCK & SEIDEL: Creditors' Claims Due October
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Janck & Seidel Metallprofile GmbH on August
2. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until October
26, 2005 to register their claims with court-appointed
provisional administrator Dr. Petra Hilgers.
Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 9:25 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 during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: JANCK & SEIDEL METALLPROFILE GmbH
Wittestr. 9 - 10, 13509 Berlin
Dr. Petra Hilgers, Administrator
Goethestr. 85, 10623 Berlin
JAZZ INGENIEURBAU: Court to Verify Claims December
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against JAZZ Ingenieurbau GmbH & Co. KG on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 26,
2005 to register their claims with court-appointed provisional
administrator Hartwig Albers.
Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 9:50 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 21, 2005, 9:50 a.m. at the same venue.
CONTACT: JAZZ INGENIEURBAU GmbH & Co. KG
Hochbergweg 2, 12207 Berlin
Hartwig Albers, Administrator
Luetzowstr. 100, 10785 Berlin
KARSTADTQUELLE AG: Online Business Reports Growth
-------------------------------------------------
KarstadtQuelle Internet portals in the first seven months of the
year once again increased their volume of orders, returning an
increase of 9.1 percent. Despite difficult market conditions in
Germany the Group's three largest online portals (quelle.de,
neckermann.de, karstadt.de) achieved an order volume of EUR1.03
billion (previous year: EUR948.44 million) by the end of July.
Abroad online demand already stood at EUR189 million. The Group
thus secured a volume of online orders amounting to EUR1.22
billion.
The share contributed by E-commerce to total sales in the
KarstadtQuelle Group continued to increase accordingly.
Including foreign demand, it stands at 18.4 percent.
The quelle.de online shop again placed reliance on a large
number of new services, high quality and high convenience in the
first seven months of the year too. Customers responded by
sharply increasing their footfall: the number of visits rose by
more than 23 percent on the previous year. Altogether the share
contributed by E-commerce to Quelle's total sales stood at over
30 percent at the end of July.
Thus, already one third of all Quelle's new customers come over
the Internet. The online auction business with eBay was
successfully expanded by an increase of more than 100 percent on
the previous year. Technical innovations like XXL shopping for
DSL customers established themselves very soon after the launch
and are now being used by well over 50 percent of the visitors.
With its Mobile Services quelle.de has also broken new ground in
digital customer communication: the ordering of products,
participation in promotions, games with prizes and the receipt
of quelle.de news while on the move ensure closer customer ties
to the online shop. The Quelle Key continued its success in
2005 too: quelle.de was given the industry's most coveted award,
the 2005 German Dialogue Marketing Prize, gold and silver.
Growth at neckermann.de in the first seven months of 2005 was 31
percent up on the previous year despite the high growth of 25
percent for that year. The share contributed by demand at
neckermann.de to total demand at Neckermann Versand stood at 30
percent in the first six months and by July 2005 actually at
over 40 percent.
neckermann.de's attractiveness was also shown by the large
number of awards it received. After two months of online voting
at the beginning of 2005 and more than 122,000 given votes
neckermann.de was voted the "Best Web site of 2004" in the
"Online shops" category by Internet users in the tenth year of
its existence. During the 2005 Nuremberg Mailing Days
neckermann.de also won the Gold Award for a multi-stage E-mail
campaign.
In mid-2005, on the basis of the success concept, neckermann.de
carried out a redesign and focused consistently on a young-
oriented target group. As part of the realignment,
neckermann.de is currently organizing the German casting for the
international 2005 Elite Model Competition.
By expanding the mobile telephone shopping offering to Vodafone
live and all WAP-compatible mobile phones neckermann.de
additionally increased its range in Germany to six million
mobile phone owners. Mobile shoppers can now choose between over
100,000 media-compatible items.
Karstadt.de operates the Official 2006 FIFA World Cup Online
Store exclusively in Germany. The shop currently offers about
150 fan articles. Internet users will find T-shirts with the
Official Emblem, the Karstadt 2006 FIFA World Cup collection,
caps, footballs, the Official Mascot Goleo VI, football shirts
for children and a whole lot more. The collections are being
continually updated.
Furthermore, the Webshop made shopping considerably more
convenient for customers. At the new Quick Cashpoint, at one
click, every signed-on customer obtains an order list. After
signing on, customers are also made personalized cross-selling
offers. Customers who have not personally signed on are
informed during the order process about what products other
customers have purchased in addition to the items ordered and
what the current bargain offers are.
The shop was expanded in the Living and Household product
ranges. Theme specials like that focusing on star chef Jamie
Oliver and the expansion of the Yorn Casa furniture shops
constantly generate a large number of new shopping experiences.
The WMF shop offers a wide choice of proven and trendy lifestyle
products. New product highlights also include the modern
Brilliantenshop - a brilliant addition to the successful jewelry
shop.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
Corporate Communications
Martin Schleinhege
Phone: +49.(0)201.727-9667
E-mail: martin.schleinhege@karstadtquelle.com
MAUSER BETEILIGUNGS: On CreditWatch Negative over Buyout Plan
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Germany-based packaging manufacturer
Mauser Beteiligungs GmbH and Mauser Werke GmbH & Co. KG, the
immediate parent company of Mauser's main operating subsidiaries
on CreditWatch with negative implications. This follows the
announcement that Mauser Werke has entered into an asset
purchase agreement with U.S.-based packaging manufacturer
Russell Stanley Holdings Inc. At the same time, Standard &
Poor's placed its 'B-' long-term senior unsecured debt rating on
Mauser's EUR185 million notes, due 2013, on CreditWatch with
negative implications.
"The CreditWatch placement reflects our concerns that Mauser's
financial profile might not be adequate for the 'B+' rating
following the announcement on Aug. 19, 2005, that it has entered
into an asset purchase agreement with Russell Stanley Holdings
to acquire substantially all assets of Russell Stanley and its
subsidiaries," said Standard & Poor's credit analyst Eve Greb.
"The deal, which is expected to be closed within the next few
months, will be mostly debt funded and could delay the expected
improvement of the group's credit protection measures."
At March 31, 2005, credit protection measures were already weak
for the rating category, with annualized FFO to lease- and
pension-adjusted total debt of about 12% and total debt to
EBITDA of about 6x.
"We had been expecting the group to improve credit protection
measures to total debt to EBITDA of about 4x in the short term
through improvements in profitability via cost savings and
synergies gained from other recent acquisitions," said Ms. Greb.
"In addition, integration risk is increased, as the group has
been very acquisitive in the past year. This is the third
acquisition since December 2004."
Standard & Poor's will meet with management in the near future
to discuss the effect of this acquisition on Mauser's business
and financial profile, with a view to resolving the CreditWatch
status. In the event that the ratings are lowered, the downgrade
is likely to be limited to one notch.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
MERZ TISCHLEREI: Under Bankruptcy Administration
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Merz Tischlerei GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 31,
2005 to register their claims with court-appointed provisional
administrator Christoph Rosenmueller.
Creditors and other interested parties are encouraged to attend
the meeting on September 19, 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 19, 2005, 9:05 a.m. at the same venue.
CONTACT: MERZ TISCHLEREI GmbH
Colditzstr.28,12099 Berlin
Christoph Rosenmueller, Administrator
Berliner Str. 117, 10713 Berlin
MPS PRIMUS: Court Appoints Rolf Rattunde Administrator
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against MPS Primus Mietmanagement GmbH on August 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 31,
2005 to register their claims with court-appointed provisional
administrator Rolf Rattunde.
Creditors and other interested parties are encouraged to attend
the meeting on September 19, 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 December
19, 2005, 9:00 a.m. at the same venue.
CONTACT: MPS PRIMUS MIETMANAGEMENT GmbH
Karl-Marx-Allee 120,10243 Berlin
Rolf Rattunde, Administrator
Kurfuerstendamm 212, 10719 Berlin
SORAT HOTEL: Creditors Meeting Set Next Month
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Sorat Hotel-Verwaltungs-GmbH & Co.
Pilgrimstein KG on August 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 26, 2005 to register their claims
with court-appointed provisional administrator Joachim Voigt-
Salus.
Creditors and other interested parties are encouraged to attend
the meeting on September 21, 2005, 10:00 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 21, 2005, 10:00 a.m. at the same venue.
CONTACT: SORAT HOTEL-VERWALTUNGS-GmbH & Co. PILGRIMSTEIN KG
Bayreuther Str.42,10787 Berlin
Joachim Voigt-Salus, Administrator
Rankestrasse 33, 10789 Berlin
XIANG GASTRONOMIE: Hamburg Business Goes Bust
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Xiang Gastronomie GmbH i. Gr. on July 27. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until September 20, 2005
to register their claims with court-appointed provisional
administrator Sylvia Fiebig.
Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 9:55 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: XIANG GASTRONOMIE GmbH i. Gr.
Steindamm 35, 20099 Hamburg
Contact:
Keng Veng Lo, Manager
Sylvia Fiebig, Administrator
Jungfernstieg 51, 20354 Hamburg
Phone: 040/808136-400
Fax: 040/808136-250
=============
I R E L A N D
=============
BOART LONGYEAR: Shuts down Shannon Factory
------------------------------------------
Around 42 workers will lose their jobs as Boart Longyear shuts
down its operation in Shannon, Businessworld reported recently.
The manufacturing company plans to move production to China and
Canada to stay competitive.
"The move is driven by global market forces that have seen the
Hardrock Tools industry face extreme pressure over the past
decade," President and CEO Paul Brummer explained. "It is
caught between no meaningful price increases and steadily
increasing labor and raw material inputs. Sadly, the numbers
speak for themselves."
Boart Longyear has operated at Shannon since 1960 and supplies
products, systems and services to the natural resource,
construction and quarrying industries worldwide.
CONTACT: BOART LONGYEAR LTD., CMG-Hardrock Division (Shannon)
Shannon Industrial Estate,
Shannon, Ireland
Phone: +353 61 715715
Fax: +353 61 715777
E-mail: info@boartlongyear.ie
Web site: http://www.boartlongyear.com/
===================
K A Z A K H S T A N
===================
PETROKAZAKHSTAN INC.: 'B+' Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on PetroKazakhstan Inc., a vertically
integrated oil company operating in Kazakhstan, on CreditWatch
with positive implications, following China National Petroleum
Corporation's (CNPC; not rated) offer to acquire PKZ.
"The CreditWatch placement reflects the potential benefits of
the acquisition by an entity with a likely stronger credit
profile, pro forma for the additional debt; the potential for a
degree of implicit parental support; and the possibility that
the new parent's bargaining power will help to resolve various
tax, regulatory, and corporate governance issues currently
affecting PKZ," said Standard & Poor's credit analyst Elena
Anankina.
The CreditWatch also reflects lack of clarity about several key
issues that will drive the future rating level:
(a) The status of PKZ's debt in the group structure. The risks
related to change of control provisions in PKZ's debt are,
however, mitigated by the company's strong liquidity
position.
(b) CNPC's strategy regarding PKZ and the extent to which its
operations and financials will be integrated in the broader
group structure. Standard & Poor's will also closely
monitor any changes in PKZ's financial policy that may
affect its stand-alone creditworthiness, particularly
concerning investments, sales diversification, pricing, and
dividends.
(c) Any future developments regarding tax claims, regulatory
charges, and the ongoing conflict with Turgai, PKZ's 50:50
joint venture with LUKoil OAO (BB/Positive/--).
"Standard & Poor's expects to resolve the CreditWatch once the
transaction has closed and the key issues have been clarified,"
added Ms. Anankina.
We note that the takeover is subject to approval by shareholders
and various regulatory authorities, and that PKZ's board of
directors has the right to accept a proposal superior to the
current termination fee of $125 million. The CreditWatch
placement does not reflect the potential for other offers.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
===================
L U X E M B O U R G
===================
SBS BROADCASTING: Reorganizes TV2 in Hungary
--------------------------------------------
SBS Broadcasting S.A. said that a Hungarian company (to be named
VT2 Kft.), owned by the chief executive officer of TV2 in
Hungary, Gabor Kereszty and TV2 board member Dr. Gabor Benke,
has acquired shares representing a 16% economic and 27.1% voting
interest in TV2 (the TV2 Shares) from MTM Kommunikcis Rt., the
Company's original partner in TV2, in a private transaction.
The Company also announced that it has entered into an agreement
with VT2 Kft. under which it has paid US$5.0 million for the
right to acquire or assign the TV2 Shares in the future.
Under a May 2002 agreement with its original partner in TV2, the
Company was obliged to purchase or assign the TV2 Shares
following TV2s renewal of its broadcast license, which occurred
in late July 2005. The May 2002 agreement was terminated in
connection with these transactions.
The Company (NASDAQ: SBTV; Euronext Amsterdam N.V.: SBS)
currently owns a 49% voting interest and 81.5% economic interest
in TV2. Hungarian Media laws prohibit anyone from holding more
than 49% of the voting rights in TV2 and require that a
Hungarian person or legal entity own at least 26% of the voting
rights in TV2. As such, the Company is prohibited from
acquiring the TV2 Shares, but may assign the TV2 Shares to
another Hungarian partner in the future under the agreement with
VT2 Kft.
SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.
Countries where SBS currently has broadcasting assets include:
Belgium (Flanders), Denmark, Finland, Greece, Hungary, The
Netherlands, Norway, Romania and Sweden. Visit
http://www.sbsbroadcasting.comfor further information.
CONTACT: SBS BROADCASTING S.A.
Investors:
Michael Smargiassi/Jon Lesko
BRAINERD COMMUNICATORS
Phone: +1 212 986 6667
Press:
Jeff Pryor
PRYOR ASSOCIATES
Phone: +1 818 338 3555
Catriona Cockburn
CITIGATE DEWE ROGERSON
Phone: +44 207 282 2924
SBS BROADCASTING: Faces Rating Downgrade Due to Takeover Deal
-------------------------------------------------------------
Moody's Investors Service placed the Ba2 Corporate Family Rating
of SBS Broadcasting S.A. on review for possible downgrade
following the recent announcement that the company has entered
into a definitive agreement to be acquired by funds advised by
Permira and Kohlberg Kravis Roberts (KKR).
Whilst the acquisition is subject to competition clearance and
must be approved prior to closing by two-thirds of the votes
cast by SBS shareholders, Moody's notes that the transaction has
received unanimous board approval and that SBS shareholders
representing a minimum of 21.9% of the total outstanding common
shares of SBS have entered into agreements to vote in favour of
the transaction. Furthermore, SBS has agreed to pay Permira and
KKR liquidated damages of EUR50 million if another purchaser
prior to May 21, 2006 acquires SBS.
Moody's expects that a successful completion of the acquisition
by Permira and KKR would increase SBS' leverage above the
current level of c. 3x such that SBS's financial profile would
no longer be consistent with the Ba2 rating level. Moody's
rating review will focus primarily on SBS' financial position,
capital structure and future operational strategy.
SBS Broadcasting S.A. is a Luxembourg based holding company with
TV and radio broadcasting operations in Western and Central
Europe. For the financial year ending December 31, 2004, the
company reported revenue of EUR678.3 million and EBITDA of
EUR101.3 million.
CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON)
David G. Staples, Managing Director
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
Nicole Guest, Asst Vice President - Analyst
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
THIEL LOGISTIK: Moody's Downgrades Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service has downgraded all the ratings of
Thiel Logistik A.G. prompted by further weakness in the
operating profile of the company, expected lower profitability
for the full year 2005 and the departure of key management
figures. Outlook for all ratings remains negative.
Thiel's operating performance continued to be challenged in the
second quarter, prompting a second downward revision of
profitability for the full year 2005. The recently announced
reduction, of approximately EUR5-10 million, primarily relates
to one-off costs in the Furniture business and margin pressure
in the Automotive division, however, Moody's expects the
negative trends affecting Thiel's key operating businesses to
continue, not least given the company's exposure to the German
economy and the automotive industry.
During 1H 2005, operating margins reduced to approximately 1.1%
compared to 1.5% at the equivalent time in 2004, operating cash
flow reduced to EUR5.3 million and free cash flow was negative
EUR7.9 million, though Moody's recognize that cash flow was
affected by an exceptional pension settlement of EUR8.5 million.
Leverage on a LTM Adjusted Debt to EBITDAR increased to 5.8x
significantly higher than our expectation.
Should interim management not be able to stem the weakening
trend, Thiel's cash flow losses could widen. By retaining the
negative outlook, Moody's has taken into consideration the
challenges facing management to implement timely and sufficient
turn-around measures. Any stabilization of the outlook would be
predicated upon a reversal in current trends and an overall
improvement in credit metrics. Moody's would also expect Thiel
to have identified replacement senior operating management.
At this juncture, Moody's gains some comfort from Thiel's
liquidity cushion, which remains sufficient to cover interest
expense, capital expenditures and potential cash flow losses.
As at June 30, 2005 Thiel had EUR66 million in available cash
balances. That being noted, Thiel must evidence a recovery in
operating cash flow if it is to strengthen its overall profile
and not weaken the current liquidity cushion.
Thiel is a leading operator in specialist and general logistics
services with strong market positions in Germany within the
specialized logistics markets of hanging garments, print media
and new furniture distribution, standing it in good stead for
increased organic growth through cross selling and rising demand
for full supply chain management logistics services, market
conditions permitting.
The group also continues to enjoy well-developed and established
technology, special equipment networks, contract logistics
expertise and long-term client relationships. All of these
factors should assist the group to sustain a prominent position
in its chosen specialized and regional logistics services.
Ratings affected by the action are:
(a) Corporate family rating is downgraded to B2 from B1; and
(b) The EUR130 million 8% Senior Subordinated Notes due 2012
downgraded to Caa1 from B3.
Thiel Logistik AG, based in Grevenmacher, Luxembourg, is a
medium-sized provider of specialist and traditional logistics
services, operating primarily in the Central and Eastern
European markets (Germany, Austria and Switzerland) and Asia
(mainly China). The group specializes in providing entire
supply chain logistics services and solutions including:
overland road, rail, air transportation services and sea freight
services; warehousing and supply chain management (SCM); design
and execution of customized logistics solutions.
CONTACT: MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
Michael West, Managing Director
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
MOODY'S INVESTORS SERVICE LTD. (LONDON)
Paolo Leschiutta, Analyst
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Buys back Additional 960,000 'A' Shares
----------------------------------------------------
On August 22, 2005, Royal Dutch Shell plc purchased for
cancellation 960,000 'A' Shares at a price of EUR26.45 per
share.
Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,064,440,000.
As of that date, 2005 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
===========
FINDEXA LIMITED: Returns to Black in Second Quarter
---------------------------------------------------
Financial Highlights
(a) Quarter operating revenue of NOK402 million (2004: NOK421
million). YTD revenues of NOK799 million;
(b) EBITDA of NOK204 million, 51% of operating revenue (2004:
NOK156 million). YTD EBITDA of NOK372 million;
(c) Net income of NOK100 million, per share (diluted) at NOK0.48
(2004: net loss of NOK212 million);
(d) Cash of NOK401 million as at 30 June 2005;
(e) Dividend for second quarter of NOK0.72 per share (1 April -
30 June 2005); and
(f) Run-rate revenue and EBITDA for the quarter at NOK413
million (2004: NOK416 million) and NOK213 million (2004:
NOK211 million) respectively
Offline NOK337 million -3%
Online NOK 56 million +24%
Voice & other NOK 20 million -17%
Corporate Highlights
(a) Gulesider.no remains Norway's largest commercial search site
-- Usage up 44% compared to Q2 2004;
(b) RosaIndex acquisition completed on 1 July 2005
-- On target to increase online revenues to near 20% of
total revenue; and
(c) Ongoing product development. Launches of new Web-search,
classified and personal services timetabled for
second half of the year.
Commenting on the results, Cornel Riklin, CEO, said: "Following
a solid start to the year, offline sales remain challenging and,
under new IFRS revenue recognition rules, a visible recovery
will not become apparent until well into next year. Meanwhile,
we continue to make good progress in implementing our strategy
of repositioning Findexa and are encouraged by the strong
performance of our online activities. Despite operating in a
very competitive market, we are increasing online revenue at a
rate close to the level of the shortfall in offline revenue.
"Innovation is key and we are focused on developing new online
products, a number of which we expect to roll out during the
remainder of the year."
The report is available free of charge at
http://bankrupt.com/misc/Findexa(Q22005).pdf
Findexa is Norway's leading provider of directory services --
both online and offline -- and one of the largest media
companies in the country.
Findexa's heritage of strong brands in the offline directory
arena -- including Gule Sider(R), Telefonkatalogen(TM) BizKit(R)
and Ditt Distrikt(R) -- is being translated into market leading
online services. Findexa also owns the country's second largest
directory assistance operator, Telefonkatalogen 1880.
The company has some 50% of the Norwegian online directories
market and a 97% share of the offline directories market.
CONTACT: FINDEXA COLLEGE HILL
Erik Dahl, Chief Financial Officer
E-mail: erik.dahl@findexa.no
Mobile: +47 970 06 560
Mark Garraway
E-mail: mark.garraway@collegehill.com
Mobile: +44 7771 860 938
KVAERNER ASA: Sale of U.K. Firm May Raise Questions
---------------------------------------------------
Construction company Kvaerner ASA has sold its U.K. operations,
including its underfunded U.K. pension scheme, for GBP1 to
management, according to The Independent. The transaction
potentially raises questions on whether the position of pension
holders has been put at risk. The sale transferred the fund to
a smaller company.
Kvaerner plc's pension fund has up to 30,000 former and current
members. The firm lost GBP95 million for the year at its latest
accounts lodged at the Companies House. Revenue was down to
less than GBP400 million from GBP1.2 billion.
The sale was completed before the U.K. Pensions Regulator
started office. But the watchdog's power is retrospective. It
can investigate companies' transactions going back to April
2004.
The Norwegian parent may be forced to contribute to the pension
fund once it is proven that the sale has been detrimental to it.
But the question is on whether the regulator can enforce its
power on companies outside the U.K., and outside the E.U. like
Kvaerner, the report said.
CONTACT: AKER KVAERNER A.S.A.
Donna Rougeaux, Communications Manager
Phone: +1 713-270-2407
Mobile: +1 832-277-6955
Web site: http://www.akerkvaerner.com
Charles White, Chief Legal Counsel
Phone: +1-713-270-3604
===========
P O L A N D
===========
NETIA SA: Draws out Agreement on Wireless Telephony Services
------------------------------------------------------------
The Shareholders' Agreement in connection with Netia Mobile Sp.
z o.o.'s winning of the mobile telephony UMTS frequency tender
on May 9, 2005 was concluded on August 23, 2005.
The scope of activity of the Company shall be the provision of
wireless telephony services.
The following entities are Parties to the Agreement: Issuer,
Novator One L.P., Novator Telecom Poland S.a.r.l. (Novator),
Netia Ventures Sp. z o.o. (Netia Ventures), Novator Poland
Pledge Sp. z o.o. in organization (Novator and Netia Ventures
hereby referred to as Shareholders) and the Company. Novator is
a 100% subsidiary of Novator One L.P, and Netia Ventures is a
100% subsidiary of the Issuer.
According to the provisions of the Agreement, Novator has
purchased 70 Company's shares at the price of PLN70,000 and
subscribed for 23,940 Shares issued as part of the Company's
capital increase at the price of PLN11,970,000. As a result,
Novator is the holder of 24,010 Shares constituting 70% of the
Shares in the Company's share capital. Netia Ventures has
subscribed for 10,260 Shares in the increased Company's share
capital at the price of PLN5,130,000 and, consequently, Netia
Ventures is the holder of 10,290 Shares constituting 30% of the
Shares in the Company's share capital.
In total, the Shareholders are obligated to make contributions
of up to the amount of EUR300,000,000 in proportion to their
share in the Company's share capital. At this stage, in
addition to the above share capital payments, Novator and Netia
Ventures will contribute jointly PLN341,900,000 in order to
cover UMTS frequency reservation fee and preliminary operational
expenses. The Company's business plan assumes further financing
of the Company's operational and investment activities through
vendor financing and bank loans.
The supervisory board of the Company shall consist of five
members with a 5-year term of office. As long as Netia Ventures
holds:
(i) at least 20% of the Shares, it will be entitled to
appoint, suspend and dismiss two members of the
Supervisory Board; and
(ii) 10% -- 20% of the Shares -- one member of the
Supervisory Board, and to appoint the chairman of the
Supervisory Board. Other members of the Supervisory
Board shall be appointed by Novator or by the
Shareholders' Meeting of the Company.
The management board of the Company shall consist of up to five
members appointed by the Supervisory Board according to specific
procedures ensuring transparent and equitable decision-making
process for both Shareholders. Netia Ventures shall be entitled
to suspend the activities of and to dismiss members of the
Management Board in case their appointment is inconsistent with
such procedures.
For a 3-year period of time following execution of the
Agreement, the Shareholders may not dispose of their Shares
without the consent of the other Shareholder, except for
permitted transfers within their respective capital groups. In
the event of a change of control of any Shareholder, the other
Shareholder has the right to repurchase Shares held by such
Shareholder, which underwent the change of control.
Additionally, the Agreement includes standard procedures, which
regulate the sale of Shares by the Shareholders following the 3-
year lock up period. If a Shareholder wishes to dispose of its
Shares, the other Shareholder is entitled to require the
potential third party buyer to purchase its Shares on the same
terms in the amounts commensurate with the percentages of Shares
held by each Shareholder. Moreover, in case Novator decides to
sell all of its Shares, it is entitled to require the other
Shareholder to sell all of its Shares on the same terms. These
provisions are secured by contractual penalties in the maximum
amount of EUR25 million. The payment of the contractual
penalties does not exclude the right of the parties to the
Agreement to claim damages in the amount exceeding the amount of
such penalties. Any transfer of shares in violation of these
transfer restrictions will be ineffective against the Company.
The Agreement includes a list of specific matters requiring
unanimous approvals from both Shareholders regarding potential
alterations to the share capital or constitution, issuing
securities, disposals and acquisitions of assets, certain
business, trading and accounting matters, indebtedness and
dividend levels. In the event at any time any shareholder who
is a member of the Novator group transfers any shares in the
Company to a person who is not a party to the Agreement, all
resolutions of the shareholders' meeting will require the
consent of Netia Ventures and all resolutions of the supervisory
board will require the consent of all members of the supervisory
board appointed by Netia Ventures.
Following the expiration of the 3-year lock up period, in case
of key issues regarding running the Company's business cannot be
agreed, the Agreement includes an option for Novator to purchase
Netia Ventures' Shares at market price plus 10% and an option
for Netia Ventures to sell such Shares to Novator at market
price with a 10% discount.
The Agreement includes material terms and conditions for
commercial cooperation based on which the Issuer and the Company
shall conclude these commercial agreements:
(i) framework commercial agreement,
(ii) distribution agreement,
(iii) co-development agreement,
(iv) IT sharing agreement,
(v) fixed telephony supply agreement,
(vi) WiMax supply agreement,
(vii) interconnection agreement, and
(viii) intellectual property sharing agreement.
Parties' obligations under the framework commercial agreement
and the distribution agreement are secured by the contractual
penalties in the maximum amount of EUR50 million.
The Agreement shall expire following a valid sale of all Shares
by the Shareholders in accordance with its provisions. The
Agreement includes limitations of competing activities, non-
disclosure clause and a ban on employee recruitment during the
agreed period following the expiration of the Agreement. The
Shareholders accept an option of the Company's conversion into a
joint stock company no earlier than after the 2-year period
following the date of the Agreement, and an option to introduce
the Company's Shares to public trading following three years
from the date of the Agreement.
The Company will be communicating its plans separately but in
general, it expects to invest over EUR650 million in
infrastructure and to reach a 20% market share within 10 years.
The Agreement is perceived by the Issuer to be significant as
its value exceeds 10% of the Issuer's own capital.
Key implications for the Issuer
(a) The Issuer will be the Company's exclusive direct sales
channel focusing on business customers;
(b) The Issuer will have guaranteed access to mobile products
and infrastructure for the long term regardless of any
ownership changes in the Company;
(c) The Issuer's total investment will not exceed EUR90 million;
(d) Taking into account the negative impact of potential
cannibalization of Issuer's existing products and not
counting the positive cross-selling effects, nor additional
revenues from the Company to the Issuer, the incremental
mobile revenues to be booked by the Issuer could reach as
much as PLN100 million in the first full year of the
Company's operation and as much as PLN400 million by year 5;
(e) The fixed line services to be offered by the Issuer as the
Company's primary partner and potential outsourcing services
to be provided by the Issuer to the Company will represent
additional important sources of revenue streams to the
Issuer as well as synergy benefits for the Company;
(f) On top of that, the Issuer expects additional benefits, not
quantified at this time, from enhanced product offering
including convergent services, which should increase
customer loyalty and reduce churn, and from an extended
geographic reach, which will help expand the Issuer's
customer base.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
===========
R U S S I A
===========
176 SHIPYARD: Hires E. Sunko Insolvency Manager
-----------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on federal state unitary
enterprise 176 Shipyard. The case is docketed as A05-4252/05-
28. Mr. E. Sunko has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to 194064, Russia,
Saint-Petersburg, Tikhoretskiy Pr. 1, Building 2, Apartment 45.
A hearing will take place on Nov. 14, 2005, 4:30 p.m.
CONTACT: 176 SHIPYARD
163020, Russia, Arkhangelsk region,
Krasnoflotskaya Str. 1
Mr. E. Sunko
Temporary Insolvency Manager
194064, Russia, Saint-Petersburg, Tikhoretskiy Pr. 1,
Building 2, Apartment 45
AEROFLOT: Suspends 40% of Long Distance Flights
-----------------------------------------------
The Chief Transport Inspector of Federal Service for Transport
Supervision suspended on Monday the operation of Ilushin 96-300
aircraft of Russian aviation companies. The decision is made in
connection with some diagnosed construction and production
defects allowed by the manufacturer of aviation technique in
absence of effective measures to fix it.
This decision makes Aeroflot to suspend flight operation of six
Ilyushin 96-300 aircraft, which constitute 40% of the company's
long distance vehicles.
Aeroflot is urgently taking all the measures to fulfill the
obligations to the passengers. The crisis management group is
established to provide emergency control of flight schedule and
aircraft barn.
To accomplish the already scheduled transits the company has to
use other types of aircraft and to change the regularity of
flights on some of the long distance directions. To this end
cooperation with partner-companies is intensified.
Detailed information on schedule changes could be obtained at
http://www.aeroflot.ruand by phones: (095) 753 - 55 - 55, (095)
752 - 90 - 73, (095) 753 - 81 -15.
* * *
Aeroflot is based in Moscow's Sheremetyevo Airport. It controls
11% of domestic and 39% of international market of air carriages
in Russia. For the first quarter of the year, Aeroflot saw its
net loss double from RUB422 million to RUB875 million, despite
posting a hike in revenues from RUB9.986 billion to RUB11.085
billion. The carrier recently named Ivanov Victor Petrovich
chairman.
CONTACT: AEROFLOT - RUSSIAN AIRLINES JSC
Leningradsky Prospect 37, Bldg. 9
125167 Moscow, Russia
Phone: +7-095-155-6643
Fax: +7-095-155-6647
Web site: http://www.aeroflot.ru
AUTO-TRANSPORT ENTERPRISE-2: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on limited liability company
Auto-Transport Enterprise-2. The case is docketed as A65-
8951/2005-SG4-26. Mr. L. Peshkov has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to:
(a) AUTO-TRANSPORT ENTERPRISE-2
423803, Russia, Tatarstan republic,
Nab. Chelny, Stroibaza, Post User Box 7
(b) Insolvency Manager
423834, Russia, Tatarstan republic,
Nab. Chelny, Moskovskiy Pr. 118, Post User Box 30
KENORETSKOYE: Undergoes External Management Procedure
-----------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
external management bankruptcy procedure on close joint stock
company Kenoretskoye. The case is docketed as A05-2508/04-21.
Mr. O. Novikov has been appointed external insolvency manager.
CONTACT: KENORETSKOYE:
164291, Russia, Arkhangelsk region,
Plesetskiy region, Koryakino
Mr. O. Novikov
External Insolvency Manager
163000, Russia, Arkhangelsk region,
Post Office, Post User Box 195
KRASNOBORSKAYA: Declared Insolvent
----------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Krasnoborskaya after finding the timber
company insolvent. The case is docketed as A05-4550/05-28. Mr.
A. Maksimenko has been appointed insolvency manager.
Creditors have until Sept. 23, 2005 to submit their proofs of
claim to 165300, Russia, Arkhangelsk region, Kotlas, Main Post
Office, Post User Box 42.
CONTACT: KRASNOBORSKAYA
165465, Russia, Arkhangelsk region,
Krasnoborskiy region, Bolshaya
Mr. A. Maksimenko
Insolvency Manager
165300, Russia, Arkhangelsk region, Kotlas,
Main Post Office, Post User Box 42
KRASNOSELSKAYA MOVABLE: Bankruptcy Hearing Set Next Month
---------------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Krasnoselskaya Movable Mechanized Column (TIN 4415001224). The
case is docketed as A31-2673/2005-18. Mr. M. Enushkavili has
been appointed temporary insolvency manager. A hearing will
take place on Sept. 15, 2005, 10:20 a.m. at the Arbitration
Court of Kostroma region.
CONTACT: KRASNOSELSKAYA MOVABLE MECHANIZED COLUMN
157940, Russia, Kostroma region,
Krasnoye-na-Volge, Sovetskaya Str. 59
Mr. M. Enushkavili
Temporary Insolvency Manager
157201, Russia, Kostroma region,
Galich, Svobody Str. 9
Phone/Fax: (09437) 21567
The Arbitration Court of Kostroma region
156961, Russia, Kostroma region,
Shagova Str. 20
MOBIL: Insolvency Manager from Kurgan Takes over Company
--------------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
supervision procedure on open joint stock company Mobil. The
case is docketed as A34-1605/05. Mr. I. Baygozin has been
appointed temporary insolvency manager. A hearing will take
place on Sept. 7, 2005.
CONTACT: Mr. I. Baygozin
Temporary Insolvency Manager
Russia, Kurgan region, Klimova Str. 43-67
PRIURAL-OIL-GAS-STROY: Bankruptcy Hearing Set October
-----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Priural-Oil-Gas-Stroy. The case is docketed as A03-
8228/05-B. Mr. A. Glukhov has been appointed temporary
insolvency manager. A hearing will take place on Oct. 10, 2005
at the Arbitration Court of Khanty-Mansiyskiy autonomous region
located at Russia, Khanty-Mansiysk, Lenina Str. 54/1.
CONTACT: PRIURAL-OIL-GAS-STROY
Russia, Khanty-Mansiyskiy autonomous region,
Nyagan, Pr. 7, Building 2
Mr. A. Glukhov
Insolvency Manager
628007, Russia, Khanty-Mansiyskiy autonomous region,
Khanty-Mansiysk, Mendeleeva Str. 7, Apartment 8
PRYAMUKHINO: Insolvency Manager Steps in
----------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on close joint stock company Pryamukhino.
The case is docketed as A66-2750/2005. Mr. M. Zolotarev has
been appointed temporary insolvency manager. A hearing will
take place on Oct. 3, 2005, 11:00 a.m.
CONTACT: PRYAMUKHINO
Russia, Tver region,
Kuvshinovskiy region, Pryamukhino
Mr. M. Zolotarev
Temporary Insolvency Manager
170100, Russia, Tver-100,
Post Office, Post User Box 207
STROY-CERAMICS: Bankruptcy Supervision Begins
---------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Stroy-Ceramics. The case is docketed as A60-15283-2005-S11.
Mr. V. Perepelkin has been appointed temporary insolvency
manager. A hearing will take place on Oct. 28, 2005, 10:40 a.m.
CONTACT: STROY-CERAMICS
Russia, Bashkortostan republic,
Tuymazy, S. Yulaeva Str. 14
Mr. V. Perepelkin
Temporary Insolvency Manager
450097, Russia, Bashkortostan republic,
Ufa, Zavodskaya Str. 11
Phone: (3472) 53-91-90, 53-82-27
TITRAN-MEDECON: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Titran-Medecon
(TIN 4715012379) after finding the metal constructions factory
insolvent. The case is docketed as A56-48032/04.
Mr. A. Tarantov has been appointed insolvency manager.
Creditors have until Sept. 23, 2005 to submit their proofs of
claim to 199034, Russia, Saint-Petersburg, 17th Liniya, 4-6. A
hearing will take place on Dec. 14, 2005, 10:30 a.m.
CONTACT: TITRAN-MEDECON
187504, Russia, Leningrad region,
Tikhvin, Prom area
Mr. A. Tarantov
Insolvency Manager
199034, Russia, Saint-Petersburg,
17th Liniya, 4-6
=====================
S W I T Z E R L A N D
=====================
ABB LTD.: Court Approves CE's Modified Disclosure Statement
-----------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware approved the adequacy of the
Modified Disclosure Statement explaining the Modified Plan of
Reorganization filed by Combustion Engineering, Inc. Judge
Fitzgerald put her stamp of approval on the Disclosure Statement
on Aug. 19, 2005.
Judge Fitzgerald determined that the Disclosure Statement
contains adequate information -- the right amount of the right
kind for creditors to make informed decisions when the Debtor
asks them to vote to accept the Plan.
With an approved Disclosure Statement in hand, the Debtors are
now authorized to solicit acceptances of its Plan.
* * *
Under the Modified Plan, treatment of claims other than asbestos
personal injury claims remain unchanged.
Priority claims, secured claims, workers' compensation claims,
general unsecured claims will be unimpaired.
The Plan separates the tort claimants into two classes:
(a) Non-participants to the CE Settlement Trust will be
subject to a channeling injunction. The injunction will
require the tort claimants to assert their claims against
the Asbestos PI Trust. The Trust will be funded with
substantial assets including ABB's $232 million
contribution.
(b) Participants in the CE Settlement Trust will also be
subject to a channeling injunction. The participants
will receive a release of any preference claims and
fraudulent transfer claims from the Debtors. They will
also be permitted to keep any distributions that have been
or will be made from the CE Settlement Trust.
The Asbestos PI Trust will act as a Qualified Settlement Fund as
defined in the Treasury Regulations under Section 468B of the
Internal Revenue Code.
The Modified Plan also contemplates Lummus' filing of a chapter
11 case to liquidate its assets and create the Lummus Asbestos
PI Channelling Injunction Trust. The Trust will contribute $204
million to the Asbestos PI Trust upon the sale of Lummus.
Valuation & Plan Funding
Under the Plan, CE's US$812,000,000 value is delivered to the
Sec. 524(g) Trust for the benefit of present and future
claimants.
In addition:
(1) ABB contributes:
(a) 30,298,913 shares of its stock, initially valued
at $50,000,000, but with a current market value
exceeding $81,000,000;
(b) a financial commitment to pay $250,000,000 to the
Trust in pre-agreed installments from 2004 to 2009
(guaranteed by certain ABB affiliates);
(c) up to $100,000,000 more from 2006 through 2011 if
certain performance benchmarks are achieved; and
(2) Asea Brown Boveri contributes:
(a) an indemnification of all of CE's environmental
liabilities, which has a value of around
$100,000,000;
(b) a release of its indemnification rights against CE
for asbestos claims asserted against Asea Brown
Boveri after June 30, 1999;
(c) a note evidencing Asea Brown Boveri's agreement to
contribute almost $38,000,000 on account of the
asbestos claims attributable to:
-- Basic, Incorporated (CE acquired this
acoustical plaster manufacturer in 1979) and
-- ABB Lummus Global, Inc. (CE acquired
this manufacturer of feed water heaters that
used asbestos-containing gaskets in
transactions stretching from 1930 to 1970);
(3) Lummus and Basic release and assign all of their
interests in insurance covering asbestos personal
injury claims, including certain CE-shared policies.
A full-text copy of the Modified Disclosure Statement is
available for a fee at:
http://www.researcharchives.com/bin/download?id=050822021626
All ballots must be returned by Sept. 19, 2005, to the Debtor's
solicitation agent:
Combustion Engineering Ballot Processing
P.O. Box 5014
FDR Station
New York, New York 10150-5014 (for ballots sent by U.S.
Mail)
-- Or --
Combustion Engineering Ballot Processing
C/o Bankruptcy Services L.L.C.
757 Third Avenue, 3rd Floor
New York, New York 10017
(for ballots sent by overnight mail or hand delivery)
Objections to the Modified Plan, if any, must be filed and
served by Sept. 22, 2005.
About ABB
ABB -- http://www.abb.com-- is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact. The
ABB Group of companies operates in more than 100 countries and
employs about 146,000 people. As of Dec. 31, 2004, ABB listed
$24,677,000,000 in total assets and $5,534,000,000 in total
debt.
S&P rates ABB's 3-3/4% $500 million note due on Sept. 30, 2009,
at BB-, while Moody's assigns its Ba2 rating on the same note.
Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group. ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in
more than 100 countries and employs about 103,000 people.
Combustion Engineering filed for chapter 11 protection on Feb.
17, 2003 (Bankr. D. Del. Case No. 03-10495). Curtis A. Hehn,
Esq., at Pachulski Stang Ziehl Young & Jones and Jennifer Mo,
Esq., at Kirkpatrick & Lockhart Nicholson Graham represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it estimated more than $100
million in assets and debt.
CONVERIUM HOLDING: Zurich Cantonal Bank Ups Shares
--------------------------------------------------
Zurich Cantonal Bank increases its holding of Converium's
registered shares to 5.87% Disclosure of shareholdings pursuant
to Art. 20 SESTA
Converium Holding Ltd. has been notified that Zurich Cantonal
Bank, Tessinerplatz 7, 8002 Zurich, Switzerland, increased its
holding of registered shares of Converium Holding Ltd., Zug on
August 18, 2005 to 5.87% or 8,613,148 registered shares with
voting rights.
Zurich Cantonal Bank states that the above-mentioned stock of
shares is a pure trading position, which is generated during the
normal course of its derivative business.
CONTACT: CONVERIUM HOLDING AG
Zuzana Drozd
Head of Investor Relations
Phone: +41 (0) 44 639 91 20
Fax: +41 (0) 44 639 71 20
E-mail: zuzana.drozd@converium.com
Esther Gerster
Head of Public Relations
Phone: +41 (0) 44 639 90 22
Fax: +41 (0) 44 639 70 22
E-mail: esther.gerster@converium.com
Web site: http://www.converium.com
GATE GOURMET: Recovery Rating for Secured Lenders Cut to '2'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its recovery rating
on Switzerland-based Gate Gourmet LLC's Swiss franc (SFr) 498
million ($391 million) senior secured facilities to '2' from
'1'. The recovery rating remains on CreditWatch with negative
implications, where it was placed on Jan. 7, 2005.
The '2' rating indicates that Standard & Poor's now expects
recovery for senior secured lenders to be in the range of 80%-
100% of principal.
"Although we believe that senior secured lenders may still
achieve full recovery, we are of the opinion that there has been
significant destruction in the value of the business," said
Standard & Poor's credit analyst Anne-Charlotte Pedersen.
Protracted attempts to achieve operational restructuring have
culminated in labor unrest at Gate Gourmet Luxembourg II
S.C.A.'s U.K. business over the past weeks. As a result, we have
adjusted our post default valuation of the company to give
greater weight to liquidation, rather than a going concern,
approach. Gate Gourmet, the second-largest airline caterer
worldwide, remains exposed to price deflation as its client base
of airlines seeks to reduce their own costs.
Standard & Poor's will continue to review any financial numbers
and restructuring plans that might become available to gauge the
impact on recovery prospects. The recovery rating might be
lowered further, depending on the impact of the group's
restructuring on collateral values and repayment prospects.
The corporate credit ratings on Gate Gourmet were lowered to 'D'
from 'BB-' on Jan. 7, 2005, following the group's failure to
honor all of its financial payments due under its senior
facility and an interest payment due under its mezzanine
facility at year-end 2004. Furthermore, the long-term corporate
credit rating on the group's 100%-owned subsidiary Gate Gourmet
LLC and the long-term debt ratings on the subsidiary's senior-
secured credit facilities and junior-secured mezzanine loan
facility remain in default and are rated 'D'. Gate Gourmet's
ability to successfully resolve negotiations with its labor
force is an important factor in its ongoing debt restructuring.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
SWISS INTERNATIONAL: Raising Fuel Surcharges Starting Friday
------------------------------------------------------------
The prices of crude oil and jet fuel have risen steeply again to
new record levels in the past few weeks. In view of these
developments, SWISS is constrained to increase its fuel
surcharges, to CHF68 per leg (formerly CHF 53) for long-haul
flights and to CHF24 per leg (formerly CHF 20) for European
flights.
The new fuel surcharges will be levied on any tickets booked or
issued in Switzerland on or after August 26. All tickets issued
up to August 25 will be subject to fuel surcharges at the
current rates.
CONTACT: SWISS INTERNATIONAL
Corporate Communications
P.O. Box, CH-4002 Basel
Phone: +41 (0) 848 773 773
Fax: +41 61 582 35 54
E-mail: communications@swiss.com
=============
U K R A I N E
=============
DNIPROENERGORESURS: Last Day for Filing Claims Tomorrow
-------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Dniproenergoresurs (code EDRPOU 32261107) on
July 4, 2005 after finding the limited liability company
insolvent. The case is docketed as 25/145. Ms. Ludmila
Alekseyeva has been appointed liquidator/insolvency manager.
Creditors have until August 26, 2005 to submit their proofs of
claim to:
(a) DNIPROENERGORESURS
69032, Ukraine, Zaporizhya region,
proyizd Druzhnij, 11
(b) Ms. Ludmila Alekseyeva
Liquidator/Insolvency Manager
70410, Ukraine, Zaporizhya region,
Zaporizhya district, Lukashevo,
Shasliva Str. 5
(c) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
KATOD: Zakarpatska Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
proceedings against Katod (code EDRPOU 14311927) on June 21,
2005 after finding the open joint stock company insolvent. The
case is docketed as 6/192. Mr. Igor Savchuk (License Number AA
719871) has been appointed liquidator/insolvency manager.
CONTACT: KATOD
Ukraine, Zakarpatska region,
Rahiv district, Kvasi
Mr. Igor Savchuk
Liquidator/Insolvency Manager
Ukraine, Zakarpatska region,
Rahiv, Miru Str. 5/62
ECONOMIC COURT OF ZAKARPATSKA REGION
88000, Ukraine, Zakarpatska region,
Uzhgorod region, Kotsubinski Str. 2a
LOKA: Insolvency Manager to Temporarily Oversee Business
--------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Loka (code EDRPOU 30240952) on June 25, 2005
after finding the limited liability company insolvent. The case
is docketed as 19/126 (05). Mr. O. Serebryakov (License Number
AB 216759) has been appointed liquidator/insolvency manager.
CONTACT: LOKA
69014, Ukraine, Zaporizhya region,
Tsegelna Str. 31/32
Mr. O. Serebryakov
Liquidator/Insolvency Manager
69035, Ukraine, Zaporizhya region,
Mayakovskij Avenue, 11
Phone: 8 (0612) 26-06-21, 12-74-35
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
MELITOPOL' FOOD: Succumbs to Insolvency
---------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Melitopol' Food Products Tin Plant (code
EDRPOU 31370288) on July 13, 2005 after finding the private
enterprise insolvent. The case is docketed as 21/79. Mr.
Natalya Prudka (License Number AA 116184) has been appointed
liquidator/insolvency manager.
CONTACT: ELITOPOL' FOOD PRODUCTS TIN PLANT
Ukraine, Zaporizhya region,
Melitopol, Smidt Str. 65
Mr. Natalya Prudka
Liquidator/Insolvency Manager
69035, Ukraine, Zaporizhya region,
40 Rokiv Radyanskoyi Ukraini Str. 82a
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
PTAHPLEMZAVOD KOROBIVSKIJ: Claims Filing Period Ends Tomorrow
-------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Ptahplemzavod Korobivskij (code
EDRPOU 00851413). The case is docketed as 14/2825. Mr. Zanko
Mikola (License Number AB 216861) has been appointed temporary
insolvency manager.
Creditors have until August 26, 2005 to submit their proofs of
claim to:
(a) PTAHPLEMZAVOD KOROBIVSKIJ
19772, Ukraine, Cherkassy region,
Zolotoniskij district, Korobivka
(b) Mr. Zanko Mikola
Temporary Insolvency Manager
Ukraine, Cherkassy region,
Geroiv Dnipra Str. 81/409
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
SELTEKS: Gives Creditors Until Friday to File Claims
----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Selteks (code EDRPOU 32965311) on June 25,
2005 after finding the limited liability company insolvent. The
case is docketed as B 40/98/05. Ms. Irina Drugova (License
Number AB 116130) has been appointed liquidator/insolvency
manager. The company holds account number 26000004462001 at CB
Prichornomorya, MFO 306759.
Creditors have until August 26, 2005 to submit their proofs of
claim to:
(a) SELTEKS
49000, Ukraine, Dnipropetrovsk region,
Karl Marks Str. 88/8
(b) Ms. Irina Drugova
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
STRILETS: Declared Insolvent
----------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Strilets (code EDRPOU 05497910) on June 25,
2005 after finding the limited liability company insolvent. The
case is docketed as 19/129(05). Mr. O. Serebryakov (License
Number AB 216759) has been appointed liquidator/insolvency
manager.
CONTACT: STRILETS
69014, Ukraine, Zaporizhya region,
Tsegelna Str. 31/32
Mr. O. Serebryakov
Liquidator/Insolvency Manager
69035, Ukraine, Zaporizhya region,
Mayakovskij Avenue, 11
Phone: 8 (0612) 26-06-21, 12-74-35
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
TALNIVSKE RVO: Insolvency Manager Assumes Post
----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Talnivske Rvo Rajagroprommehanizatsiya (code
EDRPOU 03766837) on June 29, 2005 after finding the open joint
stock company insolvent. The case is docketed as 10/357. Mr.
Sergij Nazarenko has been appointed liquidator/insolvency
manager.
CONTACT: TALNIVSKE RVO RAJAGROPROMMEHANIZATSIYA
20400, Ukraine, Cherkassy region,
Talne, Vokzalna Str. 109
Mr. Sergij Nazarenko
Liquidator/Insolvency Manager
18000, Ukraine, Cherkassy region,
Dobrovolskij Str. 3/1-25
Phone: 8 (0472) 46-22-93
Mobile: 8 (050) 464-03-04
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
===========================
U N I T E D K I N G D O M
===========================
ALTONPEARL LIMITED: Decides to Liquidate
----------------------------------------
At an Extraordinary General Meeting of Altonpearl Limited, duly
convened, and held at 7-8 Conduit Street, London W1S 2XF, on 9
August 2005, the following Resolutions were passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:
"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that the Company be wound up voluntarily, and
that Stephen Goderski of the firm of Geoffrey Martin & Co, 7-8
Conduit Street, London W1S 2XF, be and is appointed as
Liquidator of the Company."
S Jones, Director
CONTACT: ALTONPEARL LTD.
6 Park Place
Dover
CT16 1DF
Web site: http://www.altonpearl.co.uk/
Phone: 01304-213613
GEOFFREY MARTIN & CO.
7-8 Conduit Street
London W1S 2XF
Phone: 020 7495 1100
Fax: 020 7495 1144
E-mail: stephen.goderski@geoffreymartin.co.uk
BADSWORTH MOTOR: Car Retailer Files for Liquidation
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Badsworth
Motor Company Limited, duly convened, and held at the offices of
Gibson Booth, 15 Victoria Road, Barnsley S70 2BB, on 9 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
Edward Christopher Wetton, be and he is hereby appointed
Liquidator for the purposes of such winding-up."
A McIntosh, Director
CONTACT: BADSWORTH MOTOR COMPANY LIMITED
586 Bradford Road Batley W Yorks WF17 8LP
Phone: 01924 479376
GIBSON BOOTH
15 Victoria Road
Barnsley
South Yorkshire S70 2BB
Phone: 01226 213131
Fax: 01226 213151
E-mail: ecw@gibsonboothinsol.com
B & C COMPOSITES: Hires Administrators from Deloitte & Touche
-------------------------------------------------------------
Name: B & C COMPOSITES LIMITED
(Company No 05001202)
Nature of Business: Manufacturer of Glass Fibre Products
Registered Office of Company: 201 Deansgate, Manchester M60 2AT
Date of Appointment: 10 August 2005
Joint Administrators' Names and Address: Debbie Marie Young and
William Kenneth Dawson (IP Nos 001470 and 008266), both of
Deloitte & Touche LLP, 201 Deansgate, Manchester M60 2AT
* * *
B&C Composites is a GRP composite molder specializing in
polyester and phenolic glass reinforced products that satisfy
all current U.K. and European specifications for fire and
toxicity. Visit http://www.bccomposites.co.ukfor more
information.
CONTACT: B & C COMPOSITES LTD.
Compstall Mill
Compstall
Stockport
Cheshire SK6 5HN
United Kingdom
Phone: 0161-427 1552
Fax: 0161-426 0016
DELOITTE & TOUCHE
PO Box 500
201 Deansgate
Manchester
Greater Manchester M60 2AT
Phone: 0161 832 3555
Fax: 0161 829 3806
E-mail: bill.dawson@deloitte.co.uk
BRAKE BROS: Low-B Ratings Affirmed; Outlook Changed to Stable
-------------------------------------------------------------
Fitch Ratings has changed U.K.-based Brake Bros Acquisition
plc's Senior Unsecured rating Outlook to Stable from Positive,
following the release of its Q205 results. The agency has also
affirmed the Senior Unsecured rating at 'B' and the rating for
its senior secured debt at 'BB-'. The Short-term rating is
affirmed at 'B'.
At the same time, Fitch has affirmed Brake Bros Finance plc's
GBP105 million 12.0% senior notes and the EUR105 million 11.5%
senior notes, both due 2011, at 'B-'. Brake Bros Acquisition
plc is a subsidiary of Brake Bros Finance plc.
Stefano Podesta, Director in Fitch's Leveraged Finance Group,
said: "The change in outlook to Stable reflects Fitch's view
that an upgrade of the rating in the near term is less likely
following a decline in profitability and significant negative
cash flow generation in H105."
The Stable Outlook is supported by Brake Bros' liquidity, with a
cash balance of GBP68 million at the end of H105 in addition to
an undrawn GBP75 million revolving credit facility. The outlook
also reflects Fitch's expectation that profitability will
improve in H205 as the current cost-cutting program effectively
reverses the additions Brake Bros made to its distribution
capacity and expenses in late 2004. The agency also expects
positive cash flow generation in H205 and 2006 with capital
expenditure and restructuring charges below 2004 and H105
levels.
Brake Bros' H105 revenues of GBP793 million were 4.8% ahead of
prior year and its trading margin improved to 28.5% from 27.2%
in H104. However, revenue growth was behind management's
expectations and the company's H105 EBITDA margin fell to 3.9%
from 5.3% in H104 as a result of increases made to its selling,
distribution and administration cost base in late 2004. Brake
Bros launched a rationalization program in H105 to address its
cost base and incurred restructuring charges of GBP7 million.
A combination of the 22.5% year-on-year decline in EBITDA, the
unexpected restructuring charges and high capital expenditure on
motor vehicles and IT infrastructure resulted in a H105 cash
outflow of around GBP36 million after net debt repayments of
GBP9 million. Total debt at the end of H105 stood at GBP400.5
million and Total Debt/LTM EBITDA before restructuring charges
was 4.9x.
CONTACT: FITCH RATINGS
Stefano Podesta, London
Phone: +44 (0)20 7417 4316
Pablo Mazzini
Phone: +44 (0) 207417 3540
Web site: http://www.fitchratings.com
Media Relations
Julian Dennison, London
Phone: +44 20 7862 4080
CALECTO LIMITED: Textile Firm Winds up
--------------------------------------
At an Extraordinary General Meeting of the Members of Calecto
Limited, duly convened, and held at Suite 508, Daisyfield
Business Centre, Appleby Street, Blackburn BB1 3BL, 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
Stephen P J White, be and he is hereby appointed Liquidator for
the purposes of such winding-up."
J M Davis, Director
CONTACT: CALECTO LIMITED
Unit AS1B Junction 7 Business Park
Blackburn Road
Clayton Le Moors
Accrington
Lancashire
BB5 5JW
Phone: 01254 239966
Fax: 01254 239977
E-mail: calecto@aol.com
CLAYMEAD LIMITED: Signmaker Goes into Liquidation
-------------------------------------------------
At an Extraordinary General Meeting of the Members of Claymead
Limited, duly convened, and held at Devlin House, 36 George
Street, Mayfair, London W1R 9FA, 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
Robert P J Allen, of Vantage Corporate Restructuring, be and is
hereby appointed Liquidator for the purposes of such a winding-
up."
B J Potter, Director
CONTACT: CLAYMEAD LIMITED
Unit 16 Addington Business Cen, Vulcan Way, Croydon,
Surrey CR0 9UG
Phone: 02084058070
VANTAGE
20-24 Kirby Street
London EC1N 8TS
Phone: 0845 225 5801
Fax: 0845 225 5802
E-mail: Rallen_vantage@hotmail.com
COREX NETWORKS: Hires Administrators from Portland Business
-----------------------------------------------------------
Name: COREX NETWORKS LTD.
(Company No 3683077)
Nature of Business: Telecommunications Company.
Date of Appointment: 11 August 2005.
Joint Administrators' Names and Address: James Richard Tickell
and Carl Derek Faulds (IP Nos 008125 and 008767), both of
Portland Business & Financial Solutions Ltd., 1640 Parkway,
Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH.
CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
1640 Parkway
Solent Business Park
Whiteley
Fareham
Hampshire PO15 7AH
Phone: 01489 550 440
E-mails: carl.faulds@portland-solutions.co.uk
james.tickell@portland-solutions.co.uk
CORUS GROUP: Invests GBP12 Million in Steelmaking Facility
----------------------------------------------------------
Corus Group plc has invested GBP12 million in Teesside Cast
Products (TCP), the first phase of the US$100 million investment
program, aimed at securing international competitiveness. This
investment is part of the ten-year off-take agreement announced
in December 2004.
This investment is targeted at enhancing product quality to meet
the specific requirements of the TCP's consortium members and
will also focus on improving efficiency to support the
production of a competitive product.
There are a number of projects in both the Steelmaking and
Ironmaking operations with the most significant projects at the
Redcar Blast Furnace and the Continuous Casting plant. These
projects will be carried out during 2005 and 2006.
Jon Bolton, Managing Director of Teesside Cast Products, said:
"This is excellent news for TCP and demonstrates the commitment
of our consortium partners and Corus to the business and to
production at Teesside."
Teesside Cast Products is an integrated steelmaking facility,
which currently manufactures around 3.3 million tonnes a year of
slab and bloom across a wide range of specifications and
applications. Corus has a 10-year off-take agreement in place
to supply slab from TCP to a consortium of re-rolling companies,
namely Duferco, Marcegaglia, Dongkuk and Imsa.
Under the agreement effective 2 January 2005, the consortium
will take at cost, slab produced at TCP that is surplus to
Corus' internal requirements in 2005 and 2006 and approximately
78% of output thereafter. As consideration, Corus will receive
US$157 million (approximately GBP82 million), comprising a US$73
million upfront payment in 2005/06 with a further US$84 million
in deferred payments over the life of the contract. In
addition, the consortium members will contribute approximately
76% of the expected capital expenditure requirements of TCP to
enable identifiable improvements to be implemented.
About the Company
Corus Group Plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France,
Norway, Belgium and Canada.
Corus' four divisions comprising Strip Products, Long Products,
Aluminium and Distribution & Building Systems provide innovative
solutions to the construction, automotive, rail, general
engineering and packaging markets worldwide. Corus has over
48,000 employees in over 40 countries and sales offices and
service centers worldwide.
Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V. It suffered five years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt. Its debt was thought to stand at GBP1.6 billion
in 2002.
After posting net loss of GBP458 million in 2003, it embarked on
a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares. It
returned to operating profit in the first quarter in 2004.
The recent recovery of steel prices and the strength of the euro
are expected to help it achieve relatively strong earnings.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY
United Kingdom
Phone: +44-20-7717-4444
Fax: +44-20-7717-4455
Web site: http://www.corusgroup.com
Annanya Sarin
Corporate Communications
Phone: 020 7717 4532
Simon Collins
Local Media
Phone: 01536 403 4801
DK PRECISION: Applies for Winding-up Order
------------------------------------------
At an Extraordinary General Meeting of the Members of DK
Precision Limited, duly convened, and held at Century House,
Ashley Road, Hale, Cheshire WA15 9TG, on 11 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
Colin Burke, of Milner Boardman & Partners, Century House,
Ashley Road, Hale, Cheshire WA15 9TG, be and is hereby appointed
Liquidator for the purposes of such winding-up."
M Bratley, Director
CONTACT: DK PRECISION LIMITED
Unit 1 15A (rear of) North Road
Bideford
EX39 2NW
Devon
Phone: 01237 476003
Fax: 01237 476003
Web site: http://www.dkprecision.co.uk
MILNER BOARDMAN & PARTNERS
Century House, Ashley Road,
Hale, Cheshire WA15 9TG
Phone: 0161 927 7788
Fax: 0161 927 7733
E-mail: info@milnerb.co.uk
Web site: http://www.milnerboardman.co.uk
ETHICAL MORTGAGE: Names Tenon Recovery Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of the Members of Ethical
Mortgage Solutions Limited, duly convened, and held at Highfield
Court, Tollgate, Chandlers Ford, Eastleigh SO53 3TZ, on 4 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
Carl Stuart Jackson and Nigel Ian Fox, of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ, be and they are hereby appointed Joint Liquidators for
the purposes of such winding-up."
S J Royal, Chairman
CONTACT: ETHICAL MORTGAGE SOLUTIONS LIMITED
100 Bunbury Street, Nottingham
Nottinghamshire NG2 2LE
Phone: 01159850500
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
GATE GOURMET: British Airways Agrees to Renew Catering Contract
---------------------------------------------------------------
Gate Gourmet's British operations and British Airways (BA) have
reportedly agreed to a new deal, but negotiations with workers
stalled, the Associated Press says.
On Tuesday, Gate Gourmet, which supplies 80,000 in-flight meals
daily to British Airways, confirmed it had agreed to an improved
commercial deal with the airline. Earlier, the U.S. catering
company admitted that its U.K. arm faces the prospect of going
out of business if talks with the airline, its biggest client,
collapse.
The company, owned by Texas Pacific Group of Fort Worth, has
already sent home more than 600 employees, following their
protest over working conditions. This led to an unofficial
strike by 1,000 BA ground staff at Heathrow last week, leaving
over 110,000 passengers stranded.
According to Mike Street, BA director of customer service and
operations, the new terms involve more money for Gate Gourmet
and the extension of its contract up to 2010. But he noted that
the agreement would only be official after Gate Gourmet shall
have resolved its dispute with the Transport and General Workers
Union.
He said: "The key to unlocking this dispute now lies firmly in
the hands of Gate Gourmet and the Transport and General Workers
Union. They must sort out their differences for the good of our
customers and the employees of Gate Gourmet."
Talks between the caterer and union reportedly turned "frosty"
on Tuesday, after representatives from Gate Gourmet allegedly
walked out. But the company explained it only had taken a
break. Negotiations were expected to resume Wednesday.
CONTACT: GATE GOURMET U.K. & IRELAND
Phone: 0208 5135013
Mobile: 07810 561816
Web site: http://www.gategourmet.com
HY-SPEED TYRE: Administrators from Leonard Curtis Move in
---------------------------------------------------------
Name: HY-SPEED TYRE SERVICE LIMITED
(Company No 1770767)
Nature of Business: Tyre Services and Repairs.
Registered Office of Company: Walker Street, Rochdale,
Lancashire OL16 2AB.
Date of Appointment: 12 August 2005.
Joint Administrators' Names and Address: J. M. Titley and A.
Poxon (IP Nos 8617 and 8620), both of DTE Leonard Curtis, DTE
House, Hollins Mount, Hollins Lane, Bury BL9 8AT
CONTACT: DTE LEONARD CURTIS
DTE House, Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
INMARSAT PLC: Half-year Revenue Up 4% to US$253.6 Million
---------------------------------------------------------
Inmarsat plc, provider of global mobile satellite communications
services, has reported consolidated financial results for the 6
months ended 30 June 2005.
Half-year 2005 Highlights:
(a) total revenue up 4% to US$253.6 million (H1 2004: US$243.5
million);
(b) EBITDA up 11% to US$171.8 million (H1 2004: US$155.4
million);
(c) Inmarsat-4 program on track and on budget;
(d) successful IPO completed in June;
(e) lower leverage through significant debt reductions; and
(f) first interim dividend expected at 5.47 cents (US$) per
share.
Andrew Sukawaty, Inmarsat's Chairman and Chief Executive
Officer, said: "We are pleased at our successful IPO and listing
and welcome aboard our new shareholders. We remain extremely
excited about our business and growth prospects.
Mobile Satellite Services
"The maritime sector was the main driver of our revenue
performance in the first half. While our range of maritime
Fleet services continued to provide strong growth in revenue,
traffic and terminals, our growth in maritime was also supported
by solid results from increased use of our mini-M and Inmarsat-B
maritime services. Although growth in maritime data revenues
was partially offset by lower maritime voice revenues, the rate
of decline in our maritime voice business continues to slow as
the impact of analogue to digital migration reduces and the
success of off-peak promotions generates new traffic.
"Our land sector has made a solid start to 2005 and is overall
in line with expectations. While we experienced increased usage
in the early weeks of the year following the Tsunami in Asia, we
have more recently seen some reduced activity from government
and military users in the Middle East. In addition, we
introduced some reduced zonal pricing for our Regional BGAN
service to encourage usage in areas where penetration has not
met our expectations. These factors combined with continued
competition for voice revenues from handheld operators
contributed to a lower year over year revenue performance.
"Our aeronautical sector revenue continued to expand as a result
of increased use of our Swift64 service, which targets
government aircraft and business jets. Installations of Swift64
were strong during the first half and revenue from these
installations will only be fully realized in the second half of
2005. Our leasing business performed well and benefited from a
new 5-year agreement with the Japanese Civil Aviation Authority,
including a license fee payment, which contributed further to
leasing revenue in the first half.
Successful IPO
"In June, we successfully completed an initial public offering
of ordinary shares on the London Stock Exchange. We raised over
US$645 million of net primary proceeds and used these funds,
together with cash on hand, to make substantial debt repayments.
At the end of the first half we had either repaid or initiated
debt repayments of US$654 million. These debt reductions and
the terms of a new senior credit facility will significantly
reduce our interest expense in future periods. At the end of
the first half our total net external debt stood at US$813.2
million, including US$250.0 million of bank debt and overdraft,
US$320.1 million of Senior Discount Notes and US$477.5 million
of Senior Notes, offset by US$234.4 million of cash and short
term investments. At the end of the first half we still expect
to pay approximately US$16.4 million of cash costs related to
our IPO.
Inmarsat-4 Program
"In March, we successfully launched the first of our next
generation Inmarsat-4 satellites. Following a deployment period
this satellite commenced commercial operations in May. During
July we successfully completed the migration of Regional BGAN
end users onto our new Inmarsat-4 satellite and ceased lease
payments to Thuraya at the end of July. We remain on track to
launch Broadband Global Area Network (BGAN) services before the
end of the year. The second of our Inmarsat-4 satellites is
expected to be available to support a launch in either the
fourth quarter of 2005 or early 2006. The Inmarsat-4 program
remains on budget at a total expected cost of US$1.5 billion."
Rick Medlock, Chief Financial Officer, said: "Our business
continues to perform well and we are pleased with our financial
results for the first half."
Outlook
"The volume discounts we offer to our distributors have an
increasing impact on our margins as the year progresses. As our
distributors reach certain volume targets we reduce our
wholesale rates and this process reduces margins until the end
of the calendar year when our rates are then reset to their pre-
discount level. Furthermore, certain incremental costs,
including marketing expenses, are expected to be incurred in the
second half of 2005 in connection with the launch of BGAN
services. Taking into account these factors, our core business
continues to perform well and in line with our expectations."
A copy of the financial results is available free of charge at
http://bankrupt.com/misc/Inmarsatplc(H12005).pdf
CONTACT: INMARSAT PLC
99 City Rd.
London EC1Y 1AX
Phone: +44-20-7728-1256
Fax: +44-20-7728-1179
Web site: http://www.inmarsat.com/
Media Inquiries
Chris McLaughlin
Phone: +44 20 7728 1015
or +44 779 627 6033
Investor Inquiries
Simon Ailes
Phone: +44 20 7728 1518
MAILING & PRINTING: Administrators Take over Biz
------------------------------------------------
Name: MAILING & PRINTING COMPANY (HASTINGS) LIMITED
(Company No 00870510)
Nature of Business: Mailing and Printing
Registered Office of Company: 10 Mulberry Green, Old Harlow,
Essex CM17 0ET
Date of Appointment: 4 August 2005
Joint Administrators' Names and Address: Andrew Andronikou and
Peter Alan Kubik (IP Nos 1253 and 9220), both of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street, London EC2Y 5DH
Phone: 020 7216 4600
Fax: 020 7638 2159
Web site: http://www.uhy-uk.com
MARPLACE (NUMBER 458): Calls in Administrators from Stoy Hayward
----------------------------------------------------------------
Name: MARPLACE (NUMBER 458) LIMITED
(Company No 03763933)
Nature of Business: Management Activities, Holding Company
Trade Classification: 38
Date of Appointment: 11 August 2005
Joint Administrators' Names and Address: Matthew Dunham and
Dermot Justin Power (IP Nos 8376/01 and 6006/01), both of BDO
Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street,
Manchester M2 1BD
CONTACT: MARPLACE (NUMBER 434) LTD.
Unit 2 Naval Street,
Manchester M4 6AX
Phone: 0161-766-8111
BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street, Manchester M2 1BD
Phone: 0161 817 3700
Fax: 0161 817 3711
E-mail: manchester@bdo.co.uk
Web site: http://www.bdo.co.uk
MODA ITALIA: Clothing Retailer Calls in Administrator
-----------------------------------------------------
Name: MODA ITALIA LIMITED
(Company No 03831490)
Nature of Business: Clothing Retailer
Registered Office of Company: Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY
Date of Appointment: 9 August 2005
Administrators' Names and Addresses: Stephen Paul Grant (IP No
8929) of Wilkins Kennedy, Gladstone House, 77-79 High Street,
Egham, Surrey TW20 9HY, and Colin George Wiseman (IP No 6712) of
Wilkins Kennedy, Bridge House, London Bridge, London SE1 9QR
CONTACT: MODA ITALIA LTD.
166 Northwood Way,
Northwood, Middlesex HA6 1RB
Phone: 020-8688-7085
Web site: http://www.modaitalialtd.com/
WILKINS KENNEDY
Gladstone House, 77-79 High Street,
Egham, Surrey TW20 9HY
Phone: +44 (0) 1784 435561
Fax: +44 (0) 1784 430584
E-mail: egham@wilkinskennedy.com
Web site: http://www.wilkinskennedy.com
WILKINS KENNEDY
Bridge House
London Bridge
London SE1 9QR
Phone: 020 7403 1877
Fax: 020 7403 1605
E-mail: colin.wiseman@wilkinskennedy.com
MOMNI LIMITED: Appoints Stephen Evans Administrator
---------------------------------------------------
Name: MOMNI LIMITED
(Company No 04377378)
Trading Name of Company: Cafe Mera
Nature of Business: Running a Bar
Registered Office of Company: 25 Whitehall, London SW1A 2BS.
Trade Classification: 48
Date of Appointment: 28 July 2005
Administrator's Name and Address: Stephen John Evans (IP No
8759) of 39 Hatton Garden, London EC1N 8EH
MONO UK: Creditors Meeting Set Tomorrow
---------------------------------------
Notice is hereby given by Stephen Paul Grant and Colin George
Wiseman, both of Wilkins Kennedy, Risborough House, 38-40
Sycamore Road, Amersham, Buckinghamshire HP6 5DZ, that a Meeting
of Creditors of Mono UK Limited (Company No 3142122), Risborough
House, 38-40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ,
is to be held at Wilkins Kennedy, Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY, on 26 August 2005, at 10:00 a.m.
The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986. I invite you to
attend the above Meeting. A proxy form should be completed and
returned to me by the date of the Meeting if you cannot attend
and wish to be represented. In order to be entitled to vote
under Rule 2.38 at the Meeting you must give to me, not later
than 12:00 noon on the business day before the day fixed for the
Meeting, details in writing of your claim.
S P Grant, Joint Administrator
CONTACT: MONO UK LTD.
The Spirella Building,
Letchworth, Herts SG6 4ET
Phone: + 44 (0) 1462 476 180
(Please mention leisure-kit.net)
Fax: + 44 (0) 1462 476 181
E-mail: caroline.prior@spirella.com
Web site: http://www.mono-uk.com
WILKINS KENNEDY
Risborough House,
38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ
Phone: 01494 725544
Fax: 01494 431571
E-mail: stephen.grant@wilkinskennedy.com
Web site: http://www.wilkinskennedy.com
M. T. ELECTRICAL: EGM Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of the Members of M. T.
Electrical Services Limited, duly convened and held at Emerald
House, 20 Anchor Road, Aldridge, Walsall WS9 8PH, 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 C
H I Moore, be and he is hereby appointed Liquidator for the
purposes of such winding-up."
J Tucker, Director
CONTACT: M. T. ELECTRICAL SERVICES LIMITED
1st Floor, Martin House, 3 Freeburn Causeway,
Canley, Coventry, CV4 8FP, UK
Phone: 0800-195 0861
E-mail: sales@mtelectrical.com
Phone: 024-76 715618
Fax: 024-76 716321
Web site: http://www.mt-electrical.com/
K. J. WATKIN & CO.
Emerald House
20-22 Anchor Road
Aldridge
Walsall
West Midlands WS9 8PH
Phone: 01922 452881
Fax: 01922 450525
E-mail: chim@kjwatkin.co.uk
PILAT BROADCAST: Members Opt for Liquidation
--------------------------------------------
The sole Member of Pilat Broadcast Systems Limited who at the
date of these Resolutions is entitled to attend and vote at a
General Meeting of the Company, hereby pass the following
Resolutions in writing which shall take effect as if they were
passed at a General Meeting of the Company, held on 12 August
2005, as a Special Resolution and as Ordinary Resolutions
respectively:
"That the Company be wound up voluntarily, that Peter John
Robertson Souster and Ross David Connock, of Baker Tilly, 1st
Floor, 5 Old Bailey, London EC4M 7AF, be and are hereby
appointed Joint Liquidators for the purposes of such winding up,
and that the Joint Liquidators be and are hereby authorised
under the provisions of section 165 of the Insolvency Act 1986
to exercise the following powers laid down in Schedule 4, Part 1
of the said Act:
(a) Power to make any compromise or arrangement with Creditors
or persons claiming to be Creditors, or having or alleging
themselves to have any claim (present or future, certain or
contingent, ascertained or sounding only damages) against the
Company, or whereby the Company may be rendered liable;
(b) Power to compromise, on such terms as may be agreed:
(i) All calls and liabilities to calls, all debt and
liabilities capable of resulting in debt, and all
claims (present or future, certain or contingent,
ascertained or sounding only in damages) subsisting or
supposed to subsist between the Company and a
contributory or alleged contributory or other Debtor or
person apprehending liability to the Company; and
(ii) All questions in any way relating to or affecting the
assets of the winding-up of the Company, and take any
security for the discharge of any such call, debt,
liability or claim and give a complete discharge in
respect of it.
That in accordance with the provisions of the Company's articles
of association the Joint Liquidators be and hereby authorized to
divide and distribute to the Member, as appropriate, in specie
or in kind, the whole or any part of the assets of the Company
and to determine how such division and distribution shall be
carried out, and that the Joint Liquidators be authorized to act
independently unless they decide otherwise."
M Blair, for and on behalf of Pilat Media Limited
CONTACT: PILAT BROADCAST SYSTEMS LTD.
Stanley House,
57-59 Broadway, Peterborough,
Cambridgeshire PE1 1SY
Phone: 01733892525
PJB LIMITED: In Liquidation
---------------------------
At an Extraordinary General Meeting of PJB Limited (t/a Peters
Pantry), duly convened and held at Butcher Woods, 79 Caroline
Street, Birmingham B3 1UP, on 9 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
that accordingly the Company be wound up voluntarily, and that
Roderick Graham Butcher, of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP, be and is hereby appointed Liquidator of the
Company for the purpose of the voluntary winding-up."
At a Meeting of Creditors held on 9 August 2005, the Creditors
confirmed the appointment of Roderick Graham Butcher as
Liquidator and that anything required or authorised to be done
by the Liquidator be done by him.
P Billington, Chairman
CONTACT: PJB LIMITED
160 Stratford Road, Solihull, West Midlands B90 3BD
Phone: 0121-744-0555
BUTCHER WOODS
79 Caroline Street
Birmingham
West Midlands
E-mail: rod.butcher@butcher-woods.co.uk
Phone: 0121 236 6001
Fax: 0121 236 5702
QUEST ENTERPRISES: Names Administrators from Geoffrey Martin
------------------------------------------------------------
Name: QUEST ENTERPRISES LTD.
(Company No 03723264)
Nature of Business: Tyre Recycling/Public House
Registered Office of Company: Level 4, 7-8 Conduit Street,
London W1S 2XF
Date of Appointment: 12 August 2005
Administrators' Names and Addresses: Stephen Goderski (IP No
8731), Geoffrey Martin & Co, 7-8 Conduit Street, London W1S 2XF;
and John Twizell (IP No 0/007822/01) Geoffrey Martin & Co, St
James's House, 28 Park Place, Leeds LS1 2SP
CONTACT: GEOFFREY MARTIN & CO.
7-8 Conduit Street
London W1S 2XF
Phone: 020 7495 1100
Fax: 020 7495 1144
E-mail: stephen.goderski@geoffreymartin.co.uk
GEOFFREY MARTIN & CO.
St. James's House
28 Park Place
Leeds
West Yorkshire LS1 2SP
Phone: 0113 244 5141
Fax: 0113 242 3851
E-mail: geoffrey.martin@geoffreymartin.co.uk
QUESTOPEN LIMITED: Files for Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of Questopen
Limited, duly convened and held at the offices of RMT, Gosforth
Park Avenue, Newcastle upon Tyne NE12 8EG, on 2 August 2005, the
following Extraordinary Resolution was duly passed:
"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that A
A Josephs and L A Farish, of RMT, Gosforth Park Avenue,
Newcastle upon Tyne NE12 8EG, be and they are hereby appointed
Liquidators for the purpose of the winding-up."
D G Leslie, Chairman
CONTACT: QUESTOPEN LIMITED
Coates Institute, Main Street, Newcastle-upon-Tyne
NE20 9NH
Phone: 01661-821200
SPRINGFIELD APPOINTMENTS: Names Liquidator
------------------------------------------
At an Extraordinary General Meeting of the Members of
Springfield Appointments Limited, duly convened and held at
Devlin House, 36 St George Street, Mayfair, London W1R 9FA, 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
Robert P J Allen, of Vantage Corporate Restructuring be and is
hereby appointed Liquidator for the purposes of such winding-
up."
D Bradley, Director
* * *
Springfield Appointments & Consulting Ltd. was created in
November 1993.
CONTACT: SPRINGFIELD APPOINTMENTS LIMITED
11 Station Road
Ashford
Middlesex
TW15 2UW
Phone: (01784) 256144
Fax: (01784) 240936
Web site: http://www.springfield-appointments.co.uk
VANTAGE
20-24 Kirby Street
London EC1N 8TS
Phone: 0845 225 5801
Fax: 0845 225 5802
E-mail: Rallen_vantage@hotmail.com
STONERIDGE HOLDINGS: Appoints Tenon Recovery Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of Stoneridge Holdings
Limited, duly convened, and held at 6th Floor, Salisbury House,
31 Finsbury Circus, London EC2M 5SQ, 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
Duncan Beat, of Tenon Recovery, 6th Floor, Salisbury House, 31
Finsbury Circus, London EC2M 5SQ, be and is hereby appointed
Liquidator for the purposes of such winding-up."
At a subsequent Meeting of Creditors, duly convened, pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Duncan Beat was confirmed.
G Hesp, Chairman
CONTACT: STONERIDGE HOLDINGS LIMITED
Castle House, Eardisley, Hereford
Herefordshire HR3 6NT
Phone: 01773528550
TENON RECOVERY
Salisbury House
31 Finsbury Circus
London EC2M 5SQ
Phone: 020 7628 2040
Fax: 020 7638 0217
Web site: http://www.tenongroup.com
TELEWEST GLOBAL: Flextech Sale Attracts Media Giants
----------------------------------------------------
International media giants are reportedly eyeing Telewest Global
Inc.'s Flextech unit in their aim to expand their digital
operations.
According to Reuters, U.S.-based media groups like Viacom Inc.,
Walt Disney Co., General Electric's NBC Universal venture and
Time Warner are planning to bid for Telewest's U.K. content
division.
Other possible bidders for Flextech reportedly include
commercial broadcaster ITV, pay-TV BSkyB, and pan-European
television broadcaster RTL.
These media groups are said to be focusing on digital channels
as viewers tend to desert mainstream channels.
Deutsche Bank, which handles the sale, has already communicated
with interested groups. The deadline for indicative offers has
been set early next month, according to sources privy to the
process.
Telewest is said to be aiming to dispose of the unit before its
expected merger with rival NTL Inc. However, if NTL bids higher
for Flextech, the unit may also end up being taken over by the
former, added the sources.
Meanwhile, Telewest has kept mum about Flextech or its merger
transaction with NTL, which is speculated to be concluded by the
end of the summer.
CONTACT: TELEWEST GLOBAL, INC.
160 Great Portland St.
London
W1W 5QA, United Kingdom
Phone: +44-20-7299-5000
Fax: +44-20-7299-5495
Web site: http://www.telewest.co.uk
Richard Williams
Phone: 020 7299 5479
Vani Gupta
Phone: 020 7299 5353
TEXTILE HOUSE: Clothing Merchant Hires Administrators
-----------------------------------------------------
Name: TEXTILE HOUSE LIMITED
(Company No 03196341)
Nature of Business: Merchant of Fabrics and Cloths
Date of Appointment: 12 August 2005
Administrator's Name and Address: Robert Edward Caunce Cook, (IP
No 5647), UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT
CONTACT: TEXTILE HOUSE LTD.
4 Addison Road,
Sudbury, Suffolk CO10 2YW
Phone: 01787882224
UHY HACKER YOUNG
St James Buildings
79 Oxford Street
Manchester
Greater Manchester M1 6HT
Phone: 0161 236 6936
Fax: 0161 228 0117
E-mail: e.cook@uhy-uk.com
TRINITY TAXIS: Members Decide to Wind up Firm
---------------------------------------------
At an Extraordinary General Meeting of the Members of Trinity
Taxis Limited, duly convened, and held at Emerald House, 20-22
Anchor Road, Aldridge, Walsall WS9 8PH, on 11 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 C
H I Moore, be and he is hereby appointed Liquidator for the
purposes of such winding-up."
E A Wasim, Director
CONTACT: TRINITY TAXIS LIMITED
Parker House, Holyhead Chambers, Coventry
West Midlands CV1 3AW
Phone: 02476631631
K. J. WATKIN & CO.
Emerald House
20-22 Anchor Road
Aldridge
Walsall
West Midlands WS9 8PH
Phone: 01922 452881
Fax: 01922 450525
E-mail: chim@kjwatkin.co.uk
WATERFORD WEDGWOOD: Retired CEO to Serve as Special Consultant
--------------------------------------------------------------
Waterford Wedgwood plc has disclosed the retirement of Redmond
O'Donoghue as Group Chief Executive Officer. He will remain on
the board of the company as a non-executive director and will
become a special consultant to Sir Anthony O'Reilly, the
Chairman, Peter John Goulandris, the Deputy Chairman and the new
Chief Executive Officer.
Peter Cameron, currently Group Chief Operating Officer, has been
appointed Chief Executive Officer with effect from September 1,
2005. Mr. Cameron has been Group Chief Operating Officer since
June 2004. He has been with the Group since June 1999 when the
Group acquired All-Clad, the premium cookware business where he
was a senior executive. In 2001, he was appointed to the Group
Board and in 2004 he negotiated the successful sale of All-Clad
and assumed his new responsibilities as Group Chief Operating
Officer.
Sir Anthony O'Reilly, Chairman, said: "Redmond O'Donoghue has
been an outstanding servant to Waterford Wedgwood. During his
five years as CEO of Waterford Crystal the business experienced
unprecedented growth. Then, as Group Chief Executive, he led
the company to its best-ever years in 2000 and 2001.
"In the challenging years since then, he has devoted much of his
energy to restructuring our worldwide business. In the face of
great adversity, especially the unprecedented fall in the U.S.
dollar, he has led our business with style, dignity and an
unshakeable belief in the potential of our market-leading
brands.
"The Board and I are pleased that he is to remain on the Board
and that we will continue to have the benefit of his enormous
experience as a consultant to the Group.
"I'm very pleased to announce Peter Cameron's appointment as it
represents the latest stage in Waterford Wedgwood's
restructuring, following the acquisition of Royal Doulton and
the reorganization plan announced in May. The Board is
confident that he is the best manager to tackle head-on the
needs of the company, in particular the importance of
contemporizing the product range and ensuring that Waterford
Wedgwood's brands are more relevant to consumers than ever."
Peter Cameron, Chief Executive-designate, said: "I am delighted
to have been offered this opportunity to run such a prestigious
company. I am determined to make Waterford Wedgwood the low
cost operator in each of the markets in which we operate.
"I am particularly excited at the prospect of continuing the
process of making the Waterford Wedgwood ranges even more
contemporary and relevant to today's consumer, therefore
ensuring that the Group retains its pre-eminent position in each
sector in each of its key markets."
* * *
Waterford Wedgwood's 7 for 11 Rights Issue of 1,691,857,115
Rights Issue Units at EUR0.06 per unit to raise approximately
EUR101 million gross of expenses closed at 11.00 a.m. on 18
July, 2005.
The Company received valid acceptances in respect of 528,540,678
Rights Issue Units from Qualifying Stockholders, representing an
aggregate take-up of approximately 31.24% of the total number of
Rights Issue Units offered. Birchfield Holdings Limited (a
company owned and controlled by Sir Anthony O'Reilly and Mr.
Peter John Goulandris, the Chairman and Deputy Chairman
respectively) which underwrote 100% of the Rights Issue is
subscribing for the balance of 1,163,316,437 Rights Issue Units
in accordance with the terms of the Underwriting Agreement.
The proceeds will be used to finance a major restructuring
program which is expected to cost around EUR90 million,
including EUR6.5 million which has already been spent. Targeted
annualized cost savings from the restructuring program are EUR90
million. The proceeds of the Rights Issue will also improve the
Group's liquidity.
CONTACT: WATERFORD WEDGWOOD PLC
Barlaston, Stoke-on-Trent
Staffordshire
United Kingdom
Phone: +44 (0)1782 282686
Fax: +44 (0)1782 204666
E-mail: marni.shapiro@waterfordwedgwood.com
Web site: http://www.waterfordwedgwood.com
WH SMITH: Expects Full-year Result to Meet Forecast
---------------------------------------------------
WH Smith PLC will announce preliminary results for the year
ending 31 August 2005 on Thursday 13 October 2005. Prior to its
close period, the Company issues the following pre close trading
update.
As anticipated, trading conditions in the high street remained
challenging during the second half of the year. Despite this,
the profitability of our High Street Retail business continued
to improve through both gross margin gains and tight cost
control. The Travel Retail division continues to perform well
and our News Distribution business has also made steady
progress. The three to five year plan to deliver value to
shareholders that was set out last summer remains on track.
Accordingly WH Smith PLC expects the outcome for the year to 31
August 2005 to be in line with its expectations.
The WH Smith PLC preliminary results investor and analyst
presentation for the year ending 31 August 2005 will be held at
9.00 a.m. on Thursday 13 October 2005 at JP Morgan Cazenove
Limited, 20 Moorgate, London EC2R 6DA.
* * *
In May, Fitch Ratings affirmed WH Smith Plc's ratings at Senior
Unsecured 'BB-' and Short-term 'B'. The Outlook remained
Stable.
The ratings reflect WH Smith's relatively high leverage,
increasingly competitive markets in the core U.K. retail
business, the seasonality of this business, and the execution
risk involved in the turnaround strategy for its U.K. retail
business.
On the other hand, WH Smith's strong brand recognition in the
U.K. market, its location at prime retail sites, its
considerable market positions in book, newspaper, magazine and
stationery retail as well as its U.K. number one market position
in news distribution continue to support the rating.
Rhys Williams, an analyst at stockbrokers Seymour Pierce,
estimates that the company will make GBP72 million pre-tax
profits for the year ending August 31, according to The
Telegraph. The company had pre-tax loss of GBP135 million,
including an exceptional charge of GBP200 million, after it sold
its American stores, wrote off much of its stock and
restructured its head office, last year.
CONTACT: WH SMITH PLC
Mark Boyle
Investor Relations
Phone: 020 7851 8820
Louise Evans
Media Relations
Phone: 020 7851 8850
BRUNSWICK
Tom Buchanan
Phone: 020 7404 5959
Pam Small
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv
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Copyright 2005. All rights reserved. ISSN 1529-2754.
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