/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050906.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 Tuesday, September 6, 2005, Vol. 6, No. 176 Headlines C Z E C H R E P U B L I C VITKOVICE STEEL: Mittal Plans to File Arbitration Suit vs. Govt F R A N C E ALSTOM SA: Selling EUR400 Million Eurobonds ORGACHIM: Court-supervised Administration Begins STEPHANE KELIAN: Loses Ground as Chinese Rivals Invade Market G E R M A N Y AGIV REAL: Goldman Sachs Acquires Profitable Unit B&L FASHION: Falls into Bankruptcy DAIMLERCHRYSLER AG: U.S. Group Sales Up 5% in August GARNKAUFER GMBH: Proofs of Claim Due September 30 G. WIESE: Bielefeld Court Names Stefan Meyer Administrator IHR PLATZ: Management-sponsored Rehab Plan Gets Court Nod META ELEKTRONIK: Court to Verify Claims December MITTELSTADT & FISCHER: Under Bankruptcy Administration OPTIK MARX: Creditors to Meet November RAIFFEISEN BHG: Chemnitz Company Goes Bust ROLAND GESELLSCHAFT: Sets First Creditors Meeting Thursday SCHMIDT LUENEN: Succumbs to Bankruptcy SUEDFLEISCH HOLDING: Takeover by Vion Underway WUENSCHMANN GMBH: Court Appoints Interim Administrator I R E L A N D DIGISERVE LIMITED: Appoints Liquidator from Tait Walker YBN INTERNATIONAL: Mobile Content Providers Fold up I T A L Y ALGOL GROUP: Risks Going into Liquidation ALITALIA SPA: More Layoffs Expected as Fuel Prices Soar IMPREGILO SPA: To Present First-half Report in IFRS K A Z A K H S T A N BANK CASPIAN: Upgraded to 'B+' on Continued Strong Performance K Y R G Y Z S T A N AK-JOL: Gives Creditors Until October to File Claims DJAL-YNTYMAK: Under Bankruptcy Supervision MERVE: Sets Deadline for Proofs of Claim SAMAN: Last Day for Filing Claims October 18 TURISTICHESKAYA FIRMA: Creditors' Claims Due Next Month L U X E M B O U R G SBS BROADCASTING: Releases Shareholders Circular on Acquisition N E T H E R L A N D S LAURUS N.V.: Half-year Net Result Improves to EUR2 Million ROYAL SHELL: Buyback Scheme Cuts 'A' Shares to 4,056,310,000 R U S S I A ABRASIVES: Claims Filing Period Ends Today BAYAMAK-GAS-SPETS-STROY: Bankruptcy Supervision Procedure Begins BUILDING ASSEMBLY: Bankruptcy Hearing Set November CHITA-AIR: Deadline for Proofs of Claim Set September 30 DUBNENSKIY: Assets for Public Auction Friday EGORYEVSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Set Today GRANITE - 2: Succumbs to Bankruptcy ORLOVSKOYE: Creditors Opt for Liquidation OSINTSEVO: Declared Insolvent PODKOVA: Court Brings in Insolvency Manager RUSSIAN STANDARD: Moody's Upgrades Ratings to Ba3 S W E D E N SKANDIA INSURANCE: Fitch Affirms Old Mutual on Takeover Bid SKANDIA INSURANCE: Merger Could Raise Capital to GBP7.9 Billion S W I T Z E R L A N D SWISS INTERNATIONAL: AirTrust Squeezes out Remaining Shares T U R K E Y MNG BANK: 'B-' Rating Affirmed on Weak Core Profitability U K R A I N E BIONIKA: Bankruptcy Supervision Starts IMAN: Temporary Insolvency Manager Steps in MIKOLAIVSKE: Under Bankruptcy Supervision SATELIT: Gives Creditors Until Today to File Claims SPETSREMBUDPROEKT: Creditors' Claims Due Today U N I T E D K I N G D O M ABD TRANSPORT: Names Poppleton & Appleby Liquidator A MARSHALL: Meeting of Creditors Set Thursday APMS MEDICAL: Members Decide on Winding-up ARROW FABRICATION: Files for Liquidation AVON COMMERCIAL: Hires Administrators from Ward & Co. BAY CLOTHING: Calls in Liquidator BOLT LONDON: Winding-up Gets Go Signal BUKO INTERNATIONAL: Closure to Affect 90 Jobs CABLE INSTALLATION: Administrator from DS Insolvency Moves in CAPITAL SOUND: Administrators Take over Company C & L MOTORS: EGM Passes Winding-up Resolution CWMNI CIG: Goes into Liquidation ECOTRADE OVERSEAS: Members Pass Winding-up Resolution ELAM-T LIMITED: In Administrative Receivership ELECTRA PRODUCTIONS: Calls in Begbies Traynor Administrator ENIGMA VENTURES: Members Opt for Liquidation E WALTERS: Clothing Firm Folds After Almost 50 Years in Business FILTRONIC PLC: Forecasts Substantial Market Recovery G H PATTINSON: Liquidators from Chantrey Vellacott Move in HASTINGS TAVERN: Court Orders Winding-up JARVIS PLC: Completes Key Restructuring Measure KEN JOHNSON: P&A Partnership Liquidators Move in L B L (COOKED MEATS): Calls in Liquidators from Blades LE-SCOTT PRESS: Goes into Liquidation LUNE INDUSTRIES: Hires Administrators from Tenon Recovery MEADS SCHOOL: Appoints Tenon Recovery Liquidator MG ROVER: Nanjing Told 'No More Chinese Whispers' MONEYPLAN FINANCIAL: Members Call in Crawfords Liquidator PORTER HEAD: PFK Administrators Enter Firm PORTWAY PROPERTY: EGM Passes Winding-up Resolutions PRIMELINE TELECOM: Members Opt for Liquidation READING LITHO: Printing Firm Liquidates REGAL PETROLEUM: To Shut down Greece Site Amid Labor Dispute ROPAC (YORKSHIRE): Pattern Maker Files for Liquidation SCULPTASTIC LIMITED: EGM Passes Winding-up Resolutions SKYEPHARMA PLC: To Unveil Half-year Figures Later this Month SPECTRUM MOBILE: Creditors Meeting Set Next Week TELEWEST GLOBAL: Flextech Receives Offer from U.S. Cable Firm T P BEESTON: Files for Liquidation T.T.S. PERFORMANCE: Appoints Liquidators WATERVIEW BARNES: Court Approves Liquidation WEBB CONSTRUCTION: Crumbles into Liquidation WEMBLEY PLC: Liquidates After Losing Rhode Island Case WEMBLEY PLC: Company Profile WESTCROFT HOMES: Members Opt to Wind up Business * Large Companies with Insolvent Balance Sheets ********* =========================== C Z E C H R E P U B L I C =========================== VITKOVICE STEEL: Mittal Plans to File Arbitration Suit vs. Govt --------------------------------------------------------------- Dutch steelmaker Mittal Steel is threatening to bring the government before an international arbitration tribunal for snubbing its CZK9 billion offer for Vitkovice Steel. In an interview with Czech Business Weekly, Mittal's director for mergers and acquisitions, Ondra Otradovec, said the exclusion of the company in the bidding violates a bilateral agreement between the Netherlands and Czech Republic. That agreement, according to him, ensures fair treatment of investors in each other's jurisdiction. Although Mittal had offered a higher bid, the government awarded its 99% stake to Russia's Evraz for only CZK7 billion. Mr. Otradovec suspects Mittal's exclusion had something to do with a dispute over prices of pig-iron supplies from Mittal's Czech unit VPO and Vitkovice. "In a nutshell, our exclusion was unjust," he told the weekly. Karel Muzikar, who heads a team of lawyers advising the government, believes there is no ground for the arbitration. Eva Kijonkova, a spokeswoman for state-owned Osinek, which actually holds the Vitkovice stake, says the sale was conducted in accord with E.U. laws and met all government criteria. Mr. Otradovec, however, dismissed suggestions the dispute will affect Mittal's plan to invest EUR500 million in a new plant that will produce cold-rolled steel sheets for local carmakers. There's no connection between the two matters, he said. A court recently enjoined the sale of Vitkovice, a ruling that Osinek has appealed. Vitkovice is considered the third-largest steelmaker in the country. Heavy plates account for 85 percent of its 2003 sales and about two-thirds of its products are exported to E.U. countries. Employing 1,600 staff, it booked a profit of CZK1.6 billion in 2004. CONTACT: VITKOVICE STEEL a.s. 706 02 Ostrava Vitkovice Phone: +420 59 595 6306 +420 59 595 1111 Fax: +420 59 595 6830 Web site: http://www.vitkovicesteel.com EVRAZ HOLDING LIMITED LIABILITY COMPANY Ulitsa Dolgorukovskaya 15 Moscow 127006. Phone: +7 (095) 234-4631 Web site: http://www.evrazholding.ru MITTAL STEEL COMPANY N.V. Hofplein 20, 15th Fl. 3032 Rotterdam, The Netherlands Phone: +31-10-217-8800 Fax: +31-10-217-8850 Web site: http://www.mittalsteel.com =========== F R A N C E =========== ALSTOM SA: Selling EUR400 Million Eurobonds ------------------------------------------- Engineering giant Alstom S.A. is issuing EUR400 million in eurobonds to refinance debt, Reuters reported on August 30. Dresdner Kleinwort Wasserstein, HSBC, IXIS CIB and Natexis Banques Populaires will manage the sale. An Alstom spokeswoman said, "This is part of the progressive refinancing of our debt and allows us to benefit from lower interest rates." The notes mature in 3.5 years. Alstom issued a EUR1 billion ten-year bond in February. CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com DRESDNER KLEINWORT WASSERSTEIN 20 Fenchurch St. London EC3P 3DB Phone: +44-20-7623-8000 Fax: +44-20-7623-4069 Web site: http://www.drkw.com HSBC HOLDINGS PLC 8 Canada Sq. London E14 5HQ Kingdom Phone: +44-20-7991-8888 Fax: +44-20-7992-4880 Web site: http://www.hsbc.com IXIS CORPORATE & INVESTMENT BANK 47 quai d'Austerlitz 75648 Paris Cedex 13 Phone: +33 (0) 1 58 55 15 15 Web site: http://www.ixis-cib.com NATEXIS BANQUES POPULAIRES 45, rue Saint Dominique 75007 Paris, France Phone: +33-1-58-32-30-00 Fax: +33-1-40-39-63-40 Web site: http://www.nxbp.fr ORGACHIM: Court-supervised Administration Begins ------------------------------------------------ Orgachim, a company specializing in agro-chemistry, has been placed under court-supervised administration by the commercial court in Rouen, Les Echos says. A subsidiary of chemical group Orgasynth, Orgachim employs 20 and represents 4% of its parent's overall turnover. Loss-making since 2001, the company recently filed for insolvency. CONTACT: ORGASYNTH GROUP - SIEGE SOCIAL 211, bd Vincent Auriol - 75013 PARIS Phone: +33 1 56 61 72 80 Fax: +33 1 56 61 72 99 E-mail: contact@orgasynth.com Web site: http://www.orgasynth.com/ STEPHANE KELIAN: Loses Ground as Chinese Rivals Invade Market ------------------------------------------------------------- The commercial court of Romans-sur-Isere has ordered the winding up of Stephane Kelian, according to The Times. The footwear maker filed for insolvency in August, declaring debt of EUR3 million and blaming the entry of cheap Chinese footwear in the local market. Accordingly, competition has already eaten a third of its sales since 2003. Factory workers are angry with Chief Executive Daniel Bag-ault, whom they accuse of paying them only the minimum wage. Union official Didier Guillaume said: "When you are selling pumps at EUR1,000 a pair, don't tell me you have problems with labor costs." A union representative earlier insinuated that the company's bankruptcy is bogus. He noted that management first told staff not to report for work, but a few days later sent all raw materials to subcontractors in Portugal. A spokesman for major shareholder Alain Dusmenil has denied this, noting the company had recently received a EUR15 million cash injection. In November, Stephane Kelian predicted a EUR4 million net loss for 2004 and announced job cuts to soften its impact. Managing director Patrick Engler said the group must drop some workers to align the size of its workforce with sales volume. CONTACT: STEPHANE KELIAN Service Marketing - BP88 - av, Robert Schuman - 26302 Bourg de Peage cedex France Phone: 0142778200 Fax: 0142760597 Web site: http://www.stephane-kelian.fr ============= G E R M A N Y ============= AGIV REAL: Goldman Sachs Acquires Profitable Unit ------------------------------------------------- U.S. investment bank Goldman Sachs will soon acquire the only remaining attractive asset of collapsed Agiv Real Estate, Financial Times Deutschland says. Goldman Sachs will pay EUR300 million to acquire 76% of Deutsche Real Estate (Dreag) and take over all of its debt. Of the purchase price, only EUR5 million will go Dreag, the rest to creditors. The bank is taking over a company that currently owns 44 office buildings and holds between 10% and 70% shares in eight other properties, all worth around EUR500 million. Before this acquisition, Goldman acquired a license to engage in credit activities and has been active as a private equity investor. Dreag will expand its areas of activity, although the company requires further work to fully recover. Goldman plans to buy more properties and refinance these through the stock market, FT Deutschland says. Local investment group WCM holds 14% of Dreag while the rest are in free-float. The district court of Hamburg launched bankruptcy proceedings against Agiv Real Estate in February and appointed Reinhard Titz provisional administrator. Its insolvency does not affect Dreag. CONTACT: AGIV REAL ESTATE AG Warburgstrasse 50 D-20354 Hamburg Phone: +49-40 4 15 26-0 Fax: +49-40 4 15 26-199 Web site: http://www.agiv.de Reinhard Titz, Provisional Administrator Speersort 4-6 20095 Hamburg THE GOLDMAN SACHS GROUP, INC. 85 Broad St. New York, NY 10004 Phone: 212-902-1000 Fax: 212-902-3000 Web site: http://www.goldmansachs.com B&L FASHION: Falls into Bankruptcy ---------------------------------- The district court of Tuebingen opened bankruptcy proceedings against B&L Fashion GmbH on August 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 3, 2005 to register their claims with court-appointed provisional administrator Herr Hansjorg Wanner. Creditors and other interested parties are encouraged to attend the meeting on October 12, 2005, 7:45 a.m. at the district court of Tuebingen, Aussenstelle, 72074 Tuebingen, Schulberg 14, 2. OG, Saal 208, 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: B&L FASHION GmbH Contact: Karsten Lingott, Manager Lederstrasse 122, 72764 Reutlingen Herr Hansjorg Wanner, Administrator Reutlinger Strasse 105, 72800 Eningen u.A. DAIMLERCHRYSLER AG: U.S. Group Sales Up 5% in August ---------------------------------------------------- DaimlerChrysler AG has reported total group sales of 206,352 passenger vehicles in the U.S. for August 2005, a 5% increase year on year. All figures in this release are on an unadjusted basis unless otherwise noted. Chrysler Group, which consists of the Chrysler, Jeep(R) and Dodge brands, posted sales of 187,085 vehicles in the U.S., an increase of 5%. Adjusted for one more selling day in August 2005 compared to August 2004, sales rose 1%. After launching a record nine new models in 2004, the Chrysler Group is launching several new models in 2005, including the all-new 2006 Jeep Commander. Starting September 1, the company began selling the all-new 2006 Dodge Ram Mega Cab, which has the most interior room of any pickup in the market. Mercedes-Benz USA (MBUSA) posted sales of 19,267, a 7% increase compared to the same month last year and the best August sales in its history. In August, the all-new 2006 M-Class, built in Vance, Alabama, continued its strong momentum in the market. Arriving at dealerships this fall, the R-Class, which represents a new segment Mercedes calls the Grand Sports Tourer segment, will join the M-Class and double the company's penetration in the fast-growing luxury light truck market. These models will further expand MBUSA's position as offering the widest product portfolio in the luxury vehicle market and the company expects yet another record year. August 2005 had 26 selling days while August 2004 had 25 selling days. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com GARNKAUFER GMBH: Proofs of Claim Due September 30 ------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against Garnkaufer GmbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 30, 2005 to register their claims with court-appointed provisional administrator Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting on October 31, 2005, 8:40 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GARNKAUFER GmbH Fleher Str. 26, 40223 Duesseldorf Contact: Erika Garnkaufer Dr. Biner Bahr, Administrator Jagerhofstrasse 29, 40479 Duesseldorf G. WIESE: Bielefeld Court Names Stefan Meyer Administrator ---------------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against G. Wiese GmbH on August 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 5, 2005 to register their claims with court-appointed provisional administrator Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting on October 26, 2005, 9:00 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: G. WIESE GmbH Industrieweg 20, 32479 Hille Contact: Gerhard and Heiko Wiese, Managers Stefan Meyer, Administrator Ostertorstr. 7, 32312 Luebbecke IHR PLATZ: Management-sponsored Rehab Plan Gets Court Nod --------------------------------------------------------- The district court in Osnabruck has ruled that the management of Ihr Platz may implement a restructuring plan without the supervision of a provisional administrator, Die Welt says. Management, however, will be advised by insolvency expert, Horst Piepenburg, the paper said. Presented in May shortly after it declared bankruptcy, the restructuring plan entails 700 job cuts and 80 closures. The chain of chemist shops has over 8,000 employees and 820 shops. "Ihr Platz says a large number of the job cuts and store closures have already been carried out and that it is ahead of schedule in its restructuring plans," says Die Welt. Turnover and profits have also stabilized and both creditors and management want to emerge from insolvency by Christmas. CONTACT: IHR PLATZ GMBH + CO. KG CardService Postfach 3740 49027 Osnabr�ck Phone: (0800) 50 35 131 Web site: http://www.ihrplatz.de/ META ELEKTRONIK: Court to Verify Claims December ------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against meta Elektronik GmbH on August 11. 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 Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on September 26, 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 December 19, 2005, 9:15 a.m. at the same venue. CONTACT: META ELEKTRONIK GmbH Klarenbachstr. 1-4,10553 Berlin Dr. Dirk Wittkowski, Administrator Kirchblick 11, 14129 Berlin MITTELSTADT & FISCHER: Under Bankruptcy Administration ------------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against Mittelstadt & Fischer Malerfachbetrieb GmbH on August 11. 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 Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on September 26, 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 on December 19, 2005, 9:20 a.m. at the same venue. CONTACT: MITTELSTADT & FISCHER MALERFACHBETRIEB GmbH Stuebbenstr. 5,10779 Berlin Ruediger Wienberg, Administrator Giesebrechtstr. 1, 10629 Berlin OPTIK MARX: Creditors to Meet November -------------------------------------- The district court of Saarbruecken opened bankruptcy proceedings against Optik Marx GmbH on August 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 17, 2005 to register their claims with court-appointed provisional administrator Torsten Lang. Creditors and other interested parties are encouraged to attend the meeting on November 7, 2005, 9:40 a.m. at the district court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach, 2. Etage, Saal 24, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: OPTIK MARX GmbH Franzosische Strasse 2, 66740 Saarlouis Contact: Werner Haag, Manager Torsten Lang, Administrator Faktoreistr. 4, 66111 Saarbruecken Phone: 0681- 4101-222 RAIFFEISEN BHG: Chemnitz Company Goes Bust ------------------------------------------ The district court of Chemnitz opened bankruptcy proceedings against Raiffeisen BHG Glauchau eG on August 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 12, 2005 to register their claims with court-appointed provisional administrator Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting on October 25, 2005, 9:30 a.m. at the district court of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse 21, in Chemnitz, 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: RAIFFEISEN BHG GLAUCHAU eG Gueterbahnhofstrasse 22, 08371 Glauchau Contact: Dieter Karch and Ingrid Harke Wolfgang Hauser, Administrator Poetenweg 36, 08056 Zwickau ROLAND GESELLSCHAFT: Sets First Creditors Meeting Thursday ---------------------------------------------------------- The district court of Bremen opened bankruptcy proceedings against ROLAND Gesellschaft fuer Innovatives Planen und Bauen mbH on August 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 13, 2005 to register their claims with court-appointed provisional administrator Frank-Michael Rhode. Creditors and other interested parties are encouraged to attend the meeting on September 8, 2005, 10:30 a.m. at the district court of Bremen Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on October 6, 2005, 9:30 a.m. at the same venue. CONTACT: ROLAND GESELLSCHAFT FUER INNOVATIVES PLANEN UND BAUEN mbH Parkstr. 50, 28209 Bremen Contact: Renate Roland, Manager Richard-Wagner-Str. 12, 28209 Bremen Horst-Otto Kneifel, Manager Burgdammer Str. 7A, 28717 Bremen Frank-Michael Rhode, Administrator Graf-Moltke-Str. 62, 28211 Bremen Phone: 0421/3485212/213 Fax: 0421/341078 SCHMIDT LUENEN: Succumbs to Bankruptcy -------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Schmidt Luenen Geschaftsfuehrungs GmbH on August 12, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 6, 2005 to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on October 11, 2005, 2:30 p.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, 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 6, 2005, 1:30 p.m. at the same venue. CONTACT: SCHMIDT LUENEN GESCHAFTSFUEHRUNGS GmbH Frydagstr. 4, 44536 Luenen Contact: Ralf Nachtsheim, Manager Dr. Sebastian Henneke, Administrator Muelheimer Str. 100, 47057 Duisburg Phone: 0203/34840 Fax: 0203/3484510 SUEDFLEISCH HOLDING: Takeover by Vion Underway ---------------------------------------------- Dutch meat group Vion is to take over debt-laden slaughterhouse operator Suedfleisch Holding, according to Suddeutsche Zeitung. Rumors of the takeover have been circulating since May and Sudfleisch has just confirmed it. Talks are expected to be concluded within the next few weeks, the report said. Under the deal, Vion will initially acquire 60% of Sudfleisch's shares. Suedfleisch has 3,300 staff. It reported turnover of EUR1.1 billion last year. Its three main shareholders are livestock marketing cooperatives of northern Bavaria, Lower Bavaria and Upper Bavaria/Swabia. Vion is the largest operator of slaughterhouses in Germany. It has already taken over Sudfleisch's rivals Moksel and Nordfleisch. Experts fear the acquisition of Suedfleisch will lead to the closure of slaughterhouses in Bavaria. CONTACT: SUEDFLEISCH HOLDING Phone: 49 89 72 03 0 Fax: 49 89 72 03 410 Web site: http://www.suedfleisch.de E-mail: info@suedfleisch.de WUENSCHMANN GMBH: Court Appoints Interim Administrator ------------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against Wuenschmann GmbH on August 9, 2005. 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 Nacke. Creditors and other interested parties are encouraged to attend the meeting on September 22, 2005, 9:00 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 22, 2005, 9:30 a.m. at the same venue. CONTACT: WUENSCHMANN GmbH Lobeckstrasse 36,10969 Berlin Rolf Nacke, Administrator Gross-Berliner Damm 73 c, 12487 Berlin ============= I R E L A N D ============= DIGISERVE LIMITED: Appoints Liquidator from Tait Walker ------------------------------------------------------- At the extraordinary general meeting of DigiServe Limited, duly convened, and held at 63 Derby Square, Douglas, Isle of Man IM1 3LR, on 9 August 2005, the following Resolutions were passed as a Special Resolution, as Ordinary Resolutions and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily, that Gordon Smythe Goldie and Allan David Kelly, of Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS, be and are hereby appointed as Liquidators of the Company for the purpose of such voluntary winding-up, that the Liquidators' remuneration shall be fixed by reference to the time properly given by them and their staff in attending to matters arising in the winding-up, including those falling outside his statutory duties undertaken at the request of Members, and that in accordance with the Company's articles of association, the Liquidators be and are hereby authorised to divide among the Members in specie all or any part of the Company's assets." M Blanche, Chairman * * * DigiServe operates the world's largest membership-based online service for Irish people. DigiServe's Web properties http://www.online.ie,http://www.IrishAbroad.comand http://www.IrishSites.comserve Irish people worldwide, and have established a commanding position in their market since March 2000. Visit http://www.digiserve.ie/for more information. CONTACT: DIGISERVE LTD. Unit 56, Guinness Enterprise Centre, Taylor's Lane, Dublin 8, Ireland Phone: +353 1 410-0744 E-mail: info@digiserve.ie TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk YBN INTERNATIONAL: Mobile Content Providers Fold up --------------------------------------------------- YBN International (Ireland) Limited and Paracletes Technologies Limited have gone into liquidation, reports Business world. The two companies, which were deeply involved in the development of 3G technologies for mobile phones, particularly religious streaming, leave debt of EUR3.5 million. The larger of the debt, about EUR2.2 million, belong to YBN International, the report said. Edward Walsh has been appointed liquidator for both companies, according to creditors. YBN International is connected to Global Mobile Vision/GM Interactive. CONTACT: GLOBAL MOBILE VISION 41 Lower Baggot Street Dublin 2, Ireland E-mail: info@gmvinteractive.com Press Office Mr. Alex Fitzgerald Phone: +353 87 0543353 E-mail: alex.fitzgerald@gmvinteractive.com ========= I T A L Y ========= ALGOL GROUP: Risks Going into Liquidation ----------------------------------------- Trading of Algol Group shares was suspended indefinitely on Thursday after the company warned of potential liquidation, Il Sole 24 Ore reports. The IT products distributor is currently beset by disputes over potential liabilities that threaten to reduce its equity to distressed level. Algol's equity has already been reduced by a third due to losses and it could fall below the legal limit if this trend continues. The company also faces questions over its financial reporting. Auditor PricewaterhouseCoopers refused to certify its 2004 accounts. The group's board of internal auditors has filed a complaint with a Milan court. Algol Group operates in the Information & Communication Technology and is positioned as an "Infrastructure Solution Company." The company provides Network Computing Solutions with a wide range of products and services in Italy, Germany and France. The Algol Group consists of four companies: parent company Algol S.p.A., Algol Deutschland GmbH, a subsidiary operating in the German market, and AlgolNet S.p.A. Algol (ALGL, is listed on the Nuovo Mercato (Milan) and on Euronext (Brussels). The group said in June it earned consolidated revenues of EUR137.6 million, down from EUR186.1 million in 2003 (-26%). The year closed with a consolidated loss of EUR14.5 million, versus a 2003 loss of EUR1.8 million. Almost fully responsible for that result was the subsidiary AlgolProducts S.p.A. (now sold), which suffered losses of EUR12.3 million for the year and cost the group EUR817,000 in goodwill amortization. Consolidated shareholders' equity at December 31, 2004 stood at a negative EUR2.1 million, but the sale of AlgolProducts for EUR4.8 million has brought the figure at March 31, 2005 to a positive EUR2.1 million. Net debt at year-end came to EUR18.7 million, an improvement on the previous year's balance of EUR34.6 million. Operating cash flow was a positive EUR12.6 million. CONTACT: ALGOL S.p.A. Via Feltre 28/6 20132 Milano Phone: +39 02 21 569.1 Fax: +39 02 21 569.444 Web site: http://www.algol.it/ ALITALIA SPA: More Layoffs Expected as Fuel Prices Soar ------------------------------------------------------- Alitalia S.p.A. is reportedly mulling changes to its restructuring plan in light of soaring fuel prices, Il Sole 24 Ore says. According to the financial daily, Alitalia will likely take up at the next board meeting on September 12 plans to offset an additional EUR300 million to EUR400 million in fuel cost. Although the current plan has enabled the carrier to save EUR150 million from operating and procurement costs, the surge in fuel prices has made it necessary to look for other avenues for savings. Insiders say the cuts being studied by management inevitably include labor cost. The company has already denied rumors it will shed 2,000 employees, in addition to the 3,700 pilots, ground workers and flight attendants previously negotiated with the unions. Alitalia called the rumors "groundless." Alitalia's restructuring plan includes splitting the carrier into AZ Fly and AZ Servizi. The carrier intends to retain full control of AZ Fly, which will handle all flight operations after the restructuring; and sell to state-owned Fintecna a stake in AZ Servizi, which will handle the group's ground and maintenance activities. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it IMPREGILO SPA: To Present First-half Report in IFRS --------------------------------------------------- Impregilo said its 2005 half-year report would be compliant with the IAS/IFRS international accounting standards. The half-year report will therefore be presented for the approval of the Board of Directors at a meeting to be called for September 26, 2005, in accordance with current laws and regulations. The corporate calendar published on January 13, 2005, in which the half-year report was to be approved by September 7, 2005, has been amended accordingly. CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it =================== K A Z A K H S T A N =================== BANK CASPIAN: Upgraded to 'B+' on Continued Strong Performance -------------------------------------------------------------- Fitch Ratings has upgraded Kazakhstan-based Bank Caspian's Long term rating to 'B+' from 'B'. At the same time, the agency has affirmed the bank's other ratings at Short-term 'B', Individual 'D' and Support '5'. The Outlook on the Long-term rating is Stable. The upgrade reflects the continued strong performance of Caspian, its sound capital ratios, good asset quality to date, diversified funding and prudent liquidity management, as well as the bank's successful business development. However, the ratings remain constrained by the bank's relatively small, although growing, size and market share and the quite high, albeit declining, concentration of its loan book. The bank's ratings also reflect the risks associated with rapid loan book growth, as well as certain weaknesses in the operating environment. Caspian's performance was good in 2004 and outstanding in H105, although the latter was partially helped by low provisioning. Profits are rising on the back of the growing volume of high-yielding retail express lending as well as tight cost controls. Asset quality has been good to date but needs to be carefully controlled, given the very rapid growth of the loan portfolio. The tenor of funding has been lengthening, and Caspian plans to further increase its long-term funding through both domestic and foreign debt placements. The policy to keep all cumulative liquidity gaps positive is prudent, and is supported by the large portfolio of government securities, which can be used as collateral to obtain additional funding. Capitalization is currently sound (total Basel capital adequacy ratio of 23% at end-H105), and capital ratios are likely to stay reasonably high in the future, despite the planned rapid growth of 50% per annum, due to strong internal capital generation. Upside on the ratings could result from the further profitable growth and diversification of the bank's franchise without deterioration in asset quality, and reduction of the concentration in the loan book. Downward pressure could result from capital ratios falling below target levels, asset quality problems or a marked increase in the bank's risk appetite. At end of July this year, Caspian was the 8th largest commercial bank in Kazakhstan, with an approximate 3% share of the banking system's assets. Initially a corporate bank, it is now rapidly developing its retail and small and medium-sized enterprises business, pioneering mass consumer express lending in Kazakhstan. CONTACT: FITCH RATINGS Alexei Kechko, Moscow Phone: +7 095 956 9901 Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com =================== K Y R G Y Z S T A N =================== AK-JOL: Gives Creditors Until October to File Claims ---------------------------------------------------- OJSC Ak-Jol, which recently became insolvent, will accept proofs of claims at Chui district, Chui, Ibraimova Str. until October 18, 2005. Call (0-3138) 5-54-62 for more information. DJAL-YNTYMAK: Under Bankruptcy Supervision ------------------------------------------ The Inter-district Court of Chui Region for Economic Issues commenced bankruptcy supervision procedure on Construction Complex Djal-Yntymak on August 3, 2005. The case is docketed as ED-345/05-MCH-C3. Mr. Marksbek Abdyjalilov (License 0233) has been appointed temporary insolvency manager. Creditors will meet at Bishkek, Moskovskaya Str. 151, Room 106 on September 6, 2005 at 10:00 a.m. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days before the meeting. Proxies must have authorization to vote. CONTACT: Mr. Marksbek Abdyjalilov Temporary Insolvency Manager Phone: (0-312) 21-67-26 MERVE: Sets Deadline for Proofs of Claim ---------------------------------------- LLC Merve, which recently became insolvent, will accept proofs of claim at Bishkek, Kulatova Str. 5 on or before October 18, 2005. Call (0-312) 44-24-14 for more information. SAMAN: Last Day for Filing Claims October 18 -------------------------------------------- LLC Scientific Production Firm Saman, which recently became insolvent, will accept proofs of claim at Bishkek, Toktogul Str. 106 on or before October 18, 2005. Call (0-312) 65-75-07 for more information. TURISTICHESKAYA FIRMA: Creditors' Claims Due Next Month ------------------------------------------------------- State Enterprise Turisticheskaya Firma Bishkek Travel of Chui region, which recently became insolvent, will accept proofs of claim at Bishkek, The Government House on or before October 18, 2005. Call (0-312) 66-05-94 for more information. =================== L U X E M B O U R G =================== SBS BROADCASTING: Releases Shareholders Circular on Acquisition --------------------------------------------------------------- SBS Broadcasting S.A. (NASDAQ: SBTV; Euronext Amsterdam N.V.: SBS) said on Friday it has commenced distribution of the shareholders circular for the Extraordinary General Meeting of its shareholders that is scheduled to be held on October 3, 2005 in Luxembourg. The purpose of the Extraordinary General Meeting is to consider the previously announced proposed acquisition of the business of SBS by an entity owned by funds advised by two leading international private equity firms, Permira and Kohlberg Kravis Roberts & Co. L.P. SBS is mailing the shareholders circular to shareholders of record on August 24, 2005, the record date for the Extraordinary General Meeting. The shareholders circular is also being made available at http://www.sbsbroadcasting.comand at SBS' s registered offices in Luxembourg and the offices of Deutsche Bank AG, Amsterdam Branch, its paying agent in The Netherlands at the addresses set out below, and will be furnished to the U.S. Securities and Exchange Commission on a Report on Form 6-K. Subject to approval of the transaction by the shareholders of SBS at the Extraordinary General Meeting and satisfaction of the other conditions precedent to the closing of the transaction set out in the Sale and Purchase Agreement entered into by SBS in relation to the transaction, SBS expects that the closing of the transaction will occur in late October. As soon as practicable after the closing date for the transaction has been set, SBS will announce the closing date, the record date for the distribution to shareholders of the proceeds of the transaction and certain other amounts, and the date on which trading of SBS shares on the Nasdaq National Market and Euronext Amsterdam will be suspended in order to allow trades on the Nasdaq National Market and Euronext Amsterdam to settle prior to the record date for the distribution. About SBS Broadcasting S.A. 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. SBSs registered offices are at 8-10 rue Mathias Hardt, L-1717 Luxembourg. SBSs paying agent in The Netherlands for the purposes hereof is Deutsche Bank AG, Amsterdam Branch, Herengracht 450-454, 1017 CA, The Netherlands. * * * As reported by TCR-Europe on Aug. 25, Moody's Investors Service placed the Ba2 Corporate Family Rating of SBS Broadcasting on review for possible downgrade following an 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 favor 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. CONTACT: SBS BROADCASTING S.A. Web site: http://www.sbsbroadcasting.com Investors: Michael Smargiassi/Jon Lesko BRAINERD COMMUNICATORS Phone: +1 212 986 6667 PRYOR ASSOCIATES Jeff Pryor Phone: +1 818 338 3555 CITIGATE DEWE ROGERSON Catriona Cockburn Phone: +44 207 282 2924 ===================== N E T H E R L A N D S ===================== LAURUS N.V.: Half-year Net Result Improves to EUR2 Million ---------------------------------------------------------- Laurus N.V. has reported results for the first half of 2005 (weeks 1-24). Highlights (a) consolidated net result: EUR2 million (first half 2004: EUR15 million negative); (b) consolidated net result excluding non-recurring items: EUR46 million negative (first half 2004: EUR51 million negative); (c) consolidated operating result (EBIT): EUR26 million (first half 2004: EUR16 million negative); (d) consolidated operating result and net result positively affected in 2005 by release of EUR47 million (after tax) from pension provision; (e) consolidated net sales down to EUR1.463 billion (first half 2004: EUR1.653 billion); and (f) further expansion of Lekker & Laag Superstore pilot with four stores. Harry Bruijniks, chairman of Laurus N.V.'s Group Management Board, said: "The Laurus organization has undergone a structural improvement in the past three years. Significant progress has been made in many areas: the back-office problems are a thing of the past. The distribution function is performing well, as witnesses the high service level in excess of 99%. The optimization of the logistics network has also reduced costs sharply (EUR12 million compared to the cost level of 2003). "The Purchasing Department is also functioning very efficiently, thanks in part to working closely with Casino. Operation Bridge, which cut around 1,300 jobs at the stores, has achieved a substantial reduction in staff costs, with savings of around EUR21 million expected in 2005. Store operation is also greatly improved: the Superfit and Komback McKinsey projects are expected to yield savings of around EUR4 million this year. Unfortunately, the lower sales and narrower margins mean that the effect of the actions we have taken has not been enough to achieve an improvement in the operating result. "Laurus has become lean and mean and the back office organization is good. The key issue for Laurus now is the low sales per square meter, which is below the average level of other supermarkets in the Netherlands. This has negative implications for outlet rentability. The sales per square meter figure is lowest among the Edah stores, more particularly the 'regular' Edah outlets that have not yet been converted to the Edah Lekker & Laag format. "There is, however, still much work to do on the new format which, though generating higher sales than the regular Edah format, is still not reaching sales levels commensurate with its low-price strategy. The format is therefore being fine-tuned on the basis of customer research. Five hundred items, mainly A-brands, are being added to the Edah Lekker & Laag range. "Around twenty more Edah Lekker & Laag outlets will open this year. The model for the rollout will be the successful Edah Lekker & Laag store in the De Bus shopping center in Helmond: a fully stocked and well designed store offering a good selection of fresh produce and very low prices. This is being reflected in higher sales per square meter, which at De Bus is an average of 60% higher than the regular Edah stores. "The 388 Super de Boer stores are undergoing a thorough makeover, as part of Operation Refresh Express. So far, 179 stores have been upgraded and updated in a new and modern style, with 40 more to follow by the end of the year. Further development of Super de Boer's own brand is also part of the Refresh project. Thousands of own-brand products have been updated with fresh, modern packaging and 350 or more new items are planned this year, including many in the fresh-produce category. "Super de Boer now carries a complete and innovative selection of own-brand chilled ready meals and meal components, totaling around 180 items. These products scored well in the recent survey by the Consumentenbond, the Dutch consumer association, with one of Super de Boer's own-brand ready meals being judged 'Best Buy'. No less important are the substantial price cuts Super de Boer has implemented in the past two years, the latest being the reductions on over 600 A brand items last week, which have made the Super de Boer full-service format considerably cheaper. "We have already made good progress at Super de Boer, but there is still work to be done. We have to raise the pace of development of the format. In terms of operational parameters such as sales and leakage rates, the affiliated retailers are performing much better than our own outlets, which are lagging behind. "The three Lekker & Laag Superstore pilot stores in Hoogvliet, Doetinchem and Rijswijk -- the fourth is scheduled to open in Almere in the fourth quarter -- are reporting significant sales growth. Average sales per square meter have doubled. It should be borne in mind, however, that each pilot store has its own individual history, which has been influenced by different factors. In Hoogvliet, for example, the retail area has been reduced, whereas in Doetinchem the area has been increased but a Super de Boer store serving the same market has been closed. In Rijswijk, we swapped stores, resulting in a significant reduction in the Lekker & Laag Superstore retail area. "Encouraged by the success of the pilots with Lekker & Laag Superstores, we have decided to add two more pilot outlets, which will open early next year. Two of the larger Edah stores have also been selected for conversion to Lekker & Laag Superstore pilots and are scheduled to open early 2006. "Laurus has good store locations and, since the back-office reorganization, a cost-efficient and reliable infrastructure. Our task now is to win over the customer, by placing the customer at the center of all our activities. That's why Laurus is working hard on its store formats in 2005. We're expecting to invest a total of EUR50 million in upgrading our formats this year, of which EUR20 million is earmarked for Edah Lekker & Laag, EUR15 million for Lekker & Laag Superstores and EUR15 million for the Refresh project at Super de Boer. As well as investing in upgrading the stores, Laurus will be focusing more closely on improving customer-friendliness and achieving operational excellence. Once the sales volume issue is resolved, Laurus will effectively be a new business, with great market potential. Operating result "The consolidated operating result for the first half of 2005 amounted to EUR26 million (first half 2004: EUR16 million negative). The difference between 2005 and 2004 is due mainly to the release of the pension provision of EUR68 million (before tax) in connection with the changes to the Laurus pension scheme, to be reduced with EUR25 million included in the 2004 operating result as non-recurring items. Net result "The consolidated net result for the first half of 2005, at EUR 2 million, was an improvement on the first half of 2004 (EUR15 million negative). This improvement relates to the release of pension liabilities for an amount of EUR47 million (after tax). Gains on disposals, amounting to EUR1 million (first half 2004: EUR11 million), related to Spain and Belgium. Sales and Gross Margin "Consumer sales generated by the Dutch core activities (Edah, Konmar and Super de Boer) were down 8.8% on a like-for-like basis. The gross margin for the three formats declined by 0.7 percent point to 18.0%, reflecting the sustained pressure on prices. Net sales reported by Edah, Konmar and Super de Boer were down at EUR1.434 billion (first half 2004: EUR1.596 billion). Total consumer sales in the Netherlands by the Laurus formats for the first half of 2005 amounted to EUR1.713 billion (first half 2004: EUR1.898 billion). Laurus' consolidated net sales for the first half of 2005 amounted to EUR1.463 billion (first half 2004: EUR1.653 billion). As a consequence of these developments, Laurus' market share was under pressure. Formats "Edah had 281 stores on 19 June 2005 (13 June 2004: 288), of which 54 were operated by affiliated retailers (13 June 2004: 57). So far, 62 of the 281 stores have been converted to the Edah Lekker & Laag format, of which two are operated by affiliated retailers. Konmar "Including two Lekker & Laag Superstores, Konmar had 43 stores on 19 June 2005 (13 June 2004: 43), of which four were operated by affiliated retailers (13 June 2004: 4). Super de Boer "Super de Boer had 388 stores on 19 June 2005 (13 June 2004: 392), of which 201 were operated by affiliated retailers (13 June 2004: 207). So far, 179 stores have been 'refreshed', of which 96 are operated by affiliated retailers. Financial Income and Charges "Net financial charges decreased from EUR10 million negative in the first six months of last year to EUR6 million negative in the same period this year, reflecting the lower level of debt and a lower effective interest rate compared with the first half of last year. Taxation "A tax charge of EUR19 million has been recognized in the first half of 2005 (first half 2004: nil) due to movements in the deferred tax item. The principal movement relates to the release of the pension provision. A deferred tax asset relating to the tax loss carry-forward which arose in the first half of 2005 has not been recognized. Pensions "The Laurus pension plan qualifies under IFRS as a defined-benefit obligation, which means that the difference between the pension liabilities and the related investments has to be carried on Laurus' balance sheet. There are differences between Dutch GAAP and IFRS. Under IFRS, for example, pension rights accruing in the future are included in the pension liabilities and the plan assets and pension liabilities are calculated at fair value. Owing to these differences, the deficit in the pension liabilities with respect to the plan assets increased from EUR62 million at year-end 2004 to EUR68 million on 30 June 2005. "It was announced on 17 June that the members of the Laurus pension fund had agreed to changes in the pension plan, the most important of which concerned the right of future indexation. As a result of this change, which reduced the pension liability, a sum of EUR68 million (before tax) was released from the pension provision. This is accounted for in the income statement on the line general and administrative expenses. Financial Position "The balance sheet total declined in the first half of 2005 from EUR932 million (balance sheet date 2 January 2005) to EUR854 million. This decrease is the result of a lower non-current assets level. Cash flow before movements in working capital and provisions for the first half of 2005 amounted to EUR67 million, compared with EUR43 million for the same period last year. Cash flow from operating activities was EUR42 million negative (first half 2004: EUR67 million negative). Total cash outflow from investing activities amounted to EUR46 million, compared with EUR15 million in the first half of 2004. The net debt increased to EUR323 million in the first half of 2005 (year-end 2004: EUR234 million). "Laurus has bank borrowing facilities of EUR530 million available for its Dutch operations, of which EUR182 million had been drawn down as at 19 June 2005, leaving EUR348 million still available. This facility will be reduced by EUR50 million in 2006 and EUR50 million in 2007. Future drawings under these facilities depend, among others, on the development of applicable covenants. With respect to one of the applicable covenants (Interest Coverage Ratio), it is expected that Laurus will not meet the requirement at year-end 2005. Laurus has received from the banks a waiver for this covenant until mid 2006. In the second half of 2005 further discussions will be held with respect to the applicable covenants for the remaining term of the facilities (until year-end 2007). "The balance of the back-up facility for Spain remains unchanged compared with year-end 2004 at EUR185 million. Of the cash and banks item, EUR22 million is not at the company's free disposal. This sum is held on a third-party account in connection with the construction of a new distribution center at Waddinxveen. Shareholders' equity as at 19 June 2005 amounted to EUR151 million, showing little change on the position as at 2 January 2005 (EUR150 million). Outlook "The poor market conditions again took a heavy toll on sales and result in the first half of the year. The price war seems to continue unabated and consumer confidence, after a brief revival, has sunk again. It is imperative that we build sales by structurally improving the competitiveness of our formats, but in the present market conditions there is still work to be done. In the light of these factors, the Group Management Board is not expecting to end the year with a positive net result. New Quarter Divisions "Laurus is dividing the quarters differently as from 2005. The first quarter now covers the first 12 weeks instead of the first 16. The second and third quarters also cover 12 weeks and the fourth consists of 16 weeks. The new divisions reflect the change in the reporting period covered by the half-year figures (24 weeks instead of 26), as well as making the number of weeks in each quarter more equal. To facilitate comparison with 2005, the figures for the first half of 2004 have been restated and are based on IFRS." A copy of the financial results is available free of charge at http://bankrupt.com/misc/LaurusNV(H12005).pdf CONTACT: LAURUS N.V. Parallelweg 64 5201 AD's-Hertogenbosch, The Netherlands Phone: +31-73-622-3622 Fax: +31-73-622-3636 Web site: http://www.laurus.nl ROYAL SHELL: Buyback Scheme Cuts 'A' Shares to 4,056,310,000 ------------------------------------------------------------ On September 1, 2005, Royal Dutch Shell plc purchased for cancellation 1,425,000 'A' Shares at a price of EUR26.69 per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,056,310,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is understood to be aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. It was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== R U S S I A =========== ABRASIVES: Claims Filing Period Ends Today ------------------------------------------ The Arbitration Court of Krasnoyarsk region has commenced bankruptcy supervision procedure on close joint stock company Abrasives. The case is docketed as A33-7108/2005. Mr. A. Gafarov has been appointed temporary insolvency manager. Creditors have until September 6, 2005 to send their proofs of claim to 660017, Russia, Krasnoyarsk, Post User Box 20647. A hearing will take place on November 8, 2005, 10:00 a.m. at 660021, Russia, Krasnoyarsk region, Lenina Str. 143, Room 15. CONTACT: ABRASIVES 660003, Russia, Krasnoyarsk region, Pavlova Str. 1 Mr. A. Gafarov Temporary Insolvency Manager 660017, Russia, Krasnoyarsk region, Post User Box 20647 BAYAMAK-GAS-SPETS-STROY: Bankruptcy Supervision Procedure Begins ---------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on close joint stock company Bayamak-Gas-Spets-Stroy. The case is docketed as A07/20748/05-G-MOG. Ms. R. Galeeva has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 453630, Russia, Bashkortostan republic, Baymak, S. Yulaeva Str. 30, Room 12. A hearing will take place on November 3, 2005. CONTACT: BAYAMAK-GAS-SPETS-STROY 453630, Russia, Bashkortostan republic, Baymak, Azanova Str. 26 Ms. R. Galeeva Temporary Insolvency Manager 453630, Russia, Bashkortostan republic, Baymak, S. Yulaeva Str. 30, Room 12 BUILDING ASSEMBLY: Bankruptcy Hearing Set November -------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on limited liability company Building Assembly Enterprise-3. The case is docketed as A43-14348/2005 33-260. Mr. A. Kokorin has been appointed temporary insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to 603001, Russia, Nizhniy Novgorod region, Torgovaya Str. 14. A hearing will take place on November 29, 2005. CONTACT: BUILDING ASSEMBLY ENTERPRISE-3 607220, Russia, Nizhniy Novgorod region, Arzamas, Sevastopolskaya Str. 29 Mr. A. Kokorin Temporary Insolvency Manager 603001, Russia, Nizhniy Novgorod region, Torgovaya Str. 14 CHITA-AIR: Deadline for Proofs of Claim Set September 30 -------------------------------------------------------- The Arbitration Court of Chita region commenced bankruptcy proceedings against Chita-Air after finding the open joint stock company insolvent. The case is docketed as A78-1881/02-B-471. Mr. P. Shaposhnikov has been appointed insolvency manager. Creditors have until September 30, 2005 to submit their proofs of claim to 672018, Russia, Chita region, Chita-18, Airport. CONTACT: CHITA-AIR 672018, Russia, Chita region, Chita-18, Airport Mr. P. Shaposhnikov Insolvency Manager 672018, Russia, Chita region, Chita-18, Airport Phone: (3022) 338-098 DUBNENSKIY: Assets for Public Auction Friday -------------------------------------------- The insolvency manager of engineering plant Dubnenskiy will sell its property on September 9, 2005, 12:00 p.m. The case is docketed as A41-K2-11588/02 "G". The public auction will take place at 141983, Russia, Moscow region, Dubna, Zhukovskogo Str. 2. Up for sale are 13 different properties. The list of documentary requirements is available at Russia, Moscow region, Dubna, Zhukovskogo Str. 2. CONTACT: DUBNENSKIY 141983, Russia, Moscow region, Dubna, Zhukovskogo Str. 2 Mr. V. Korobov Insolvency Manager/Bidding Organizer Russia, Moscow region, Dubna, Zhukovskogo Str. 2 Phone: (09621, from Moscow - 221) 5-17-27/5-14-10 EGORYEVSK-AGRO-PROM-SNAB: Proofs of Claim Deadline Set Today ------------------------------------------------------------ The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on open joint stock company Egoryevsk-Agro-Prom-Snab. The case is docketed as A41-K2-12220/05. Mr. A. Bersenev has been appointed temporary insolvency manager. Creditors have until September 6, 2005 to submit their proofs of claim to 125315, Russia, Moscow, Usievicha Str. 24/2, Post User Box 13, Office 57. A hearing will take place on October 20, 2005, 2:00 p.m. at the Arbitration Court of Moscow region located at Russia, Moscow region, Akademika Sakharova Pr. 18, Hall 440. CONTACT: EGORYEVSK-AGRO-PROM-SNAB 140300, Russia, Moscow region, Egoryevsk, 50 Let VLKSM, 1B Mr. A. Bersenev Temporary Insolvency Manager 125315, Russia, Moscow region, Usievicha Str. 24/2, Post User Box 13, Office 57 GRANITE - 2: Succumbs to Bankruptcy ----------------------------------- The Arbitration Court of Kabardino-Balkariya republic commenced bankruptcy proceedings against Granite - 2 after finding the limited liability company insolvent. The case is docketed as A20-2209/2005. Mr. B. Dumanov has been appointed insolvency manager. CONTACT: GRANITE - 2 360000, Russia, Kabardino-Balkariya republic, Nalchik, Golovko Str. 107 Mr. B. Dumanov Insolvency Manager 360000, Russia, Kabardino-Balkariya republic, Nalchik, Golovko Str. 107 ORLOVSKOYE: Creditors Opt for Liquidation ----------------------------------------- The Arbitration Court of Omsk region commenced bankruptcy proceedings against Orlovskoye after finding the close joint stock company insolvent. The case is docketed as K/E-154/04. Mr. A.Markelov has been appointed insolvency manager. Creditors may submit their proofs of claim to 644047, Russia, Omsk-47, Post User Box 5398. CONTACT: ORLOVSKOYE 646920, Russia, Omsk region, Kalachinskiy region, Orlovka Mr. A. Markelov Insolvency Manager 644047, Russia, Omsk-47, Post User Box 5398 OSINTSEVO: Declared Insolvent ----------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Osintsevo after finding the open joint stock company insolvent. The case is docketed as A45-11656/05-10/197. Mr. V. Makarov has been appointed insolvency manager. CONTACT: OSINTSEVO 623033, Russia, Novosibirsk region, Chanovskiy region, Osintsevo Mr. V. Makarov Insolvency Manager 630501, Russia, Novosibirsk region, Krasnoobsk, Post User Box 325 Phone: 348-53-06 PODKOVA: Court Brings in Insolvency Manager ------------------------------------------- The Arbitration Court of Omsk region commenced bankruptcy proceedings against Podkova after finding the commercial company insolvent. The case is docketed as K/E-151/04. Mr. A. Markelov has been appointed insolvency manager. Creditors may submit their proofs of claim to 644047, Russia, Omsk-47, Post User Box 5398. CONTACT: PODKOVA 644010, Russia, Omsk region, Leningradskaya Str. 3 Mr. A. Markelov Insolvency Manager 644047, Russia, Omsk-47, Post User Box 5398 RUSSIAN STANDARD: Moody's Upgrades Ratings to Ba3 ------------------------------------------------- Moody's Investors Service has raised the long-term foreign currency debt and deposit ratings of Russian Standard Bank (RSB) to Ba2 from Ba3 and the financial strength rating to D from D-. Following the upgrade, the outlook on the ratings was changed to stable from positive. The 'Not Prime' short-term deposit rating has not been affected. According to Moody's, the upgrade reflects the bank's rapidly growing countrywide franchise and its strong core profitability with bright medium-term prospects. Since 2003 the bank has consistently outperformed its peers, and is expected to continue generating above-average returns for the foreseeable future, capitalizing on its pioneer position in the still immature Russian consumer finance sector. Nonetheless, Moody's cautions that competition in the sector has been on the rise, putting margins under pressure and possibly resulting in more lax credit practices. Having started its operations in Moscow, the bank has successfully diversified its retail loan book by region, and has established a presence in 158 towns throughout Russia, potentially covering 93% of the Russian population. RSB is distinguished in Russia by its clear-cut business strategy, capable management team and good risk management function, which is backed by advanced information technology and one of the country's largest consumer databases. Following three and a half years of rapid asset growth, RSB ranked 19th in terms of assets and capital in Russia as at end-June 2005. The upgrade was also supported by RSB's currently adequate asset quality and capitalization, although these indicators need to be closely monitored, given the bank's rapid growth. The rising share of non-performing loans is a concern, although the rating agency notes that they are currently by far outweighed by very high margins in consumer lending. RSB relies heavily on market borrowings for funding, which makes it susceptible to possible swings in investor sentiment; however, its strong earning capacity and potential access to the securitization market somewhat mitigate this susceptibility. Moody's also notes that the bank's large currency mismatch between assets and liabilities, which cannot be appropriately hedged in the absence of long-tenor ruble derivatives, is a constraint on future rating moves and a potential volatility factor for the bank's earnings. Russian Standard Bank is headquartered in Moscow, Russia, and reported total assets of US$1.9 billion under IFRS at June 30, 2005. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =========== S W E D E N =========== SKANDIA INSURANCE: Fitch Affirms Old Mutual on Takeover Bid ----------------------------------------------------------- Fitch Ratings has affirmed U.K.-based Old Mutual plc's ratings, following its announcement of a bid to acquire Skandia, the Swedish insurance group. The rating Outlook remains Stable. Harish Gohil, a Director in Fitch's Insurance team, said: "On balance, we view the proposed Skandia acquisition positively. The acquisition, if successful, will result in a much more internationally diversified profile for the group, meeting one of Fitch's key expectations." Fitch also notes that Skandia provides a good strategic fit for Old Mutual in geographical mix and product focus. However, as with any acquisition, the agency notes that there is execution risk, but, given Skandia's limited overlap with Old Mutual's current operations, the potential for integration risk is much reduced. There is some limited overlap in the U.K., where Old Mutual has successfully built up the Selestia multi-manager fund platform as a start-up and Skandia has a strong multi-manager proposition. Old Mutual plans to use the Selestia platform, although the strong Skandia brand will be retained. Skandia's key strengths are its dominant market positions in Sweden, Austria and Colombia (plus top 10 unit-linked market positions in Spain, U.K. and Germany), very strong capitalization, business with low investment risk and geographical diversification. As it focuses mainly on unit-linked business, it has limited exposure to investment and insurance risk compared to European peers. Offsetting factors include weak but improving recent operating performance, negative operating cash flows and exposure to litigation risk. In Sweden, the reputation and franchise of the business has suffered, primarily due to failures of corporate governance, and market share has dropped significantly as a result. There is now a new senior management team in place, which Old Mutual does not expect to change significantly. One of Old Mutual's key challenges will be to stabilize and rebuild the position of the Swedish business. Old Mutual's senior management team has significant experience in making successful acquisitions, in roles at previous companies as well as in their current roles (for example, the U.S. life and U.S. asset management acquisitions). This helps allay Fitch's concerns about execution risk and the challenges faced by Skandia in its home market in Sweden. The acquisition price of SEK43.6 per share (which will comprise SEK 16.5 in cash and 1.372 new Old Mutual Shares per Skandia Share) values Skandia at GBP3.3 billion. The acquisition will give rise to goodwill of GBP1.24 billion and acquired value of in-force of GBP1.57bn on Old Mutual plc's balance sheet. Old Mutual's hurdle rate of 12% return is projected to be exceeded on an embedded value basis. The acquisition will be financed through a mix of debt (35%), equity (62%) and cash. While equity-adjusted leverage is expected to rise over the next two years, Fitch expects it to remain within levels commensurate with the current ratings. Hard currency interest coverage is expected to fall to around 3 times, but is then expected to rise as earnings from Skandia emerge. Following the acquisition, the enlarged group would become one of the leading U.K. life insurance groups, ranking fourth by market capitalization. The transaction is expected to complete by January 2006. Old Mutual plc ratings: (a) Long-term rating 'A-' (A minus) / Stable Outlook; (b) Senior debt (global medium term note program 'A-' (A minus); (c) GBP350 million 6.376% perpetual preferred callable securities 'BBB+'; (d) Short-term rating 'F2'; and (e) Old Mutual Capital Funding L.P.: US$750 million 8% preferred securities (guaranteed by Old Mutual plc): 'BBB+'. CONTACT: FITCH RATINGS Web site: http://www.fitchratings.com Harish Gohil, London Phone: +44 20 7417 4367 E-mail: harish.gohil@fitchratings.com Sanjeev Shah Phone: +44 20 7862 4130 E-mail: sanjeev.shah@fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 SKANDIA INSURANCE: Merger Could Raise Capital to GBP7.9 Billion --------------------------------------------------------------- Overview of Old Mutual plc's Offer (a) Full Offer details made public to allow the Skandia board to make a recommendation; (b) for every 100 Skandia Shares tendered, each Skandia Shareholder receives SEK1,650 in cash and 137 New Old Mutual Shares (equivalent to SEK16.5 in cash and 1.372 New Old Mutual Shares per Skandia Share); (c) aggregate total consideration approximately SEK44.9 billion (GBP3.3 billion), equivalent to SEK43.60 per Skandia Share; (d) premium to market price on 12 May 2005(2) of 25%; (e) conditional upon the Skandia Board making public a favorable recommendation of the Offer no later than on 23 September 2005; (f) combined market capitalization of Enlarged Group: GBP7.9 billion (SEK108.7 billion); (g) Pro forma Embedded Value per share of the Enlarged Group: 137 pence; (h) letters of intent to accept the Offer have been received in respect of in aggregate 159,810,253 Skandia Shares, representing 15.6% of Skandia's issued share capital, from investors including Cevian Capital and Burdaras; (i) mix and match facility with cash consideration guarantee for Skandia Shareholders with 1,000 or less Skandia Shares; (j) Skandia Shareholders to represent 26% of the Enlarged Group; and (k) secondary listing on the Stockholm Stock Exchange. Background to and Reasons for the Offer (a) consistent with internationalization strategy; compelling industrial logic; increased growth potential of Enlarged Group; (b) excellent fit, little overlap, compatible products and similar philosophies; (c) attractive demographics support volume growth; (d) flexible model with multi brand strategy; (e) leader in open architecture platforms and products; (f) substantial distribution capability to deliver growth; and (g) considerable organic growth inherent in the business. A Powerful Combination (a) clients' access to a wider range of skills and resources, benefits from increased stability and security; (b) diversity: strong in four major markets: S.A., Sweden, U.S.A., U.K.; (c) significant critical mass: assets under management GBP192 billion (SEK 2,688 billion), Embedded Value GBP7.5 billion (SEK 105 billion); (d) powerful platform: financially robust, proven management processes; and (e) balanced currency and market risks. Creates Shareholder Value (a) expected to be Embedded Value earnings accretive in 2007; (b) return on investment (Embedded Value basis) expected to exceed 12% from 2007; (c) annual cost and tax synergies of GBP70 million (SEK960 million); (d) revenue synergies not included; and (e) Dividend policy maintained Enlarged Group (a) detailed integration plan in place; (b) considerable planning already undertaken, now awaiting Skandia management input; (c) introduce Old Mutual's standard operating framework, disciplines and incentives; (d) De-centralized management of business units with strong central financial control; (e) integration risk low as little overlap between businesses; (f) retain Skandia brand as senior product brand in Europe; (g) Nordic and Continental Europe HQ in Stockholm and group HQ in London; (h) Sweden: stability will provide environment to rebuild franchise and restore sales; commitment to retain Skandia Liv as mutual; (i) U.K.: integrate Selestia and Skandia's leading open architecture business; maintain growth in growing market at higher margins; (j) Rest of Europe: manage growth on path to cash earnings; and (k) combined Embedded Value Less debt plus net present value of synergies. The statements made in this section should not be interpreted to mean that the earnings per share of Old Mutual in the financial year following the completion of the Offer, or in any subsequent period, will necessarily be greater than those for the relevant preceding financial period. The expected operational cost savings have been calculated on the bases of the existing cost and operating structures of Old Mutual and Skandia and by reference to current prices and exchange rates and the current regulatory environment. The statements of estimated costs savings and tax benefits and one-off costs of achieving them relate to future actions and circumstances which, by their nature, involve risks, uncertainties and other factors. Because of this, the cost savings and tax benefits referred to may not be achieved, or those achieved could be materially different from those estimated. Jim Sutcliffe, Chief Executive of Old Mutual, said: "Combining these two great companies creates a stronger, better balanced group with increased growth potential and a reduced risk profile. The industrial logic of this combination is truly compelling." About the Company Skandia is one of the world's leading independent providers of quality solutions for long-term savings. With operations in 20 countries, Skandia offers products and services catering to customers' needs for savings solutions and financial security in various phases of life. In 2004, the company reported sales of SEK98 billion, and a net result of -SEK139 million. It has approximately 5,800 employees. In August, Skandia reported result for first half of 2005 was -SEK1,047 million. Revenues rose 15% to SEK7,829 million, while expenses increased to -SEK8,401 million. CONTACT: SKANDIA INSURANCE COMPANY LTD. Sveavagen 44 S-103 50 Stockholm, Sweden Phone: +46-8-788-1000 Fax: +46-8-788-3080 Bjorn Bjornsson Vice Chairman Phone: +46-8-788 25 00 Jan-Mikael Bexhed General Counsel Phone: +46-8-788 25 00 OLD MUTUAL PLC Investor Relations Andrew Parkins Phone: +44 (0) 20 7002 7264 Media Relations Miranda Bellord Phone: +44 (0) 20 7002 7133 Web site: http://www.oldmutual.com COLLEGE HILL Alex Sandberg Phone: +44 (0) 20 7457 2020 Mobile: +44 (0) 7831 851 844 Tony Friend Phone: +44 (0) 20 7457 2020 Mobile: +44 (0) 7798 864 995 ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: AirTrust Squeezes out Remaining Shares ----------------------------------------------------------- The Swiss company AirTrust AG has initiated a squeeze-out procedure with respect to the remaining publicly held SWISS shares. Following completion of the squeeze-out procedure, the SWISS shareholders affected by the squeeze-out will receive the same compensation for their shares as those shareholders who tendered their shares to AirTrust AG during the offer period. SWISS expects the squeeze-out process to be completed by the end of this year. The Civil Court of Basel-Stadt announced Friday in the Swiss Official Gazette of Commerce that AirTrust AG has initiated a squeeze-out procedure with respect to the remaining publicly held SWISS shares and on all other outstanding rights to acquire SWISS shares. SWISS has requested the court to approve the squeeze-out action of AirTrust AG. Following completion of the squeeze-out procedure, the SWISS shareholders affected by the squeeze-out will receive the same compensation for their shares as those shareholders who tendered their shares to AirTrust AG during the offer period. SWISS shareholders who have deposited their shares with a bank will automatically receive a credit of CHF 8.96 per share automatically following completion of the squeeze-out procedure. SWISS shareholders who keep their shares at home will be required to contact the SWISS Share Register to receive such compensation. CONTACT: DEUTSCHE LUFTHANSA AG Corporate Communications Phone: +49 69 696 - 51014 Fax: +49 69 696 - 95428F Web site: http://media.lufthansa.com SWISS INTERNATIONAL AIR LINES LTD. Corporate Communications Phone: +41 848 773 773 Fax: +41 44 564 2127 E-mail: communications@swiss.com =========== T U R K E Y =========== MNG BANK: 'B-' Rating Affirmed on Weak Core Profitability --------------------------------------------------------- Fitch Ratings has affirmed Turkey's MNG Bank's ratings at Long term foreign and local currency 'B-' (B minus), Short-term foreign and local currency 'B', National Long-term 'BBB(tur)', Individual 'D/E' and Support '5'. The Outlook is Stable. The Long-term, Short-term and Individual ratings reflect MNG Bank's relatively small size in the Turkish banking system, weak core profitability (own-account trading gains represent 27% of operating revenue and 83% of income before tax and monetary losses), as well as rapid loan growth. These are balanced by the bank's adequate capitalization, acceptable liquidity and refocused strategy designed to enhance earnings through revenue diversification. According to its new business plan, the bank has focused on small to medium companies with substantial foreign trade volume and increased it factoring and leasing activity. This strategy is relatively new and has yet to bring materially improved results. Similar to its competitors, MNG Bank's net interest margin deteriorated sharply to 4.86% in 2004 (2003: 8.90%) due to falling interest rates in Turkey as well as strong competition. However, asset quality improved, with total non-performing loans declining by 40% in 2004, equating to a NPL ratio of 2.64% (2003: 6.43%). This ratio improved to 2.13% at end-H105 and has enabled MNG to minimize credit loss provisions. Due to better economic trends and new customer retention, loans increased by nearly 50% in 2004; Fitch notes its concern that this rate of expansion may lead to deterioration in asset quality. MNG Bank's capitalization is adequate with free capital standing at 12% of assets as of end-H105. MNG Bank is owned by Mr. Mehmet Nazif Gunal, owner of the MNG Group, which is mainly engaged in construction, tourism and air cargo/logistics. The bank provides corporate banking services to a select group of clients, including companies with the potential for trade finance business. It also targets suppliers, dealers and agents of MNG Group subsidiaries. The bank owns subsidiaries operating in leasing, factoring and brokerage. CONTACT: FITCH RATINGS Gulcin Orgun Turda Ozmen, Istanbul Phone: +90 212 279 1065 Ed Thompson, New York Phone: +1 212 908 0364 Banu Cartmell, London Phone: +44 (0)20 7417 4373 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com ============= U K R A I N E ============= BIONIKA: Bankruptcy Supervision Starts -------------------------------------- The Economic Court of Ternopil region commenced bankruptcy supervision procedure on LLC Bionika (code EDRPOU 21160713) on July 29, 2005. The case is docketed as 1/B-624. Mr. V. Didich (License Number AA 116174) has been appointed temporary insolvency manager. The company holds account number 26002250002002 at CB Privatbank, Ternopil branch, MFO 338783. CONTACT: BIONIKA Ukraine, Ternopil region, Poliska Str. 37a ECONOMIC COURT OF TERNOPIL REGION 46000, Ukraine, Ternopil region, Ostrozski Str. 14a IMAN: Temporary Insolvency Manager Steps in ------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Iman (code EDRPOU 31108719) on July 22, 2005. The case is docketed as 43/599. Mr. Letskan Vyacheslav (License Number AA 419239) has been appointed temporary insolvency manager. The company holds account number 260622603 at JSCB Legbank, Kyiv region branch, MFO 300056. CONTACT: IMAN 03142, Ukraine, Kyiv region, Akademik Krimskij Str. 27 Mr. Letskan Vyacheslav Temporary Insolvency Manager 03057, Ukraine, Kyiv region, Dovzhenko Str. 16 v/42 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B MIKOLAIVSKE: Under Bankruptcy Supervision ----------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on LLC Mikolaivske (code EDRPOU 30902380) on July 11, 2005. The case is docketed as 12/77-05. Mr. Yurij Hovrin (License Number AA 216919) has been appointed temporary insolvency manager. CONTACT: MIKOLAIVSKE Ukraine, Sumi region, Romenskij district, Mikolaivka Mr. Yurij Hovrin, Temporary Insolvency Manager 40030, Ukraine, Sumi region, a/b 282 ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Shevchenko Avenue, 18/1 SATELIT: Gives Creditors Until Today to File Claims --------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Satelit (code EDRPOU 20602310). The case is docketed as 114/14 b-05. Mr. O. Levkovich (License Number AA 04750) has been appointed temporary insolvency manager. The company holds account number 260021352 at JSPPB Aval, Vasilkivska branch, MFO 321994. Creditors have until September 6, 2005 to submit their proofs of claim to: (a) SATELIT 08500, Ukraine, Kyiv region, Fastiv, Marshal Yakubovskij Str. 66 (b) Mr. O. Levkovich Temporary Insolvency Manager Ukraine, Kyiv region, Brovari, Gagarin Str. 11/32 (c) ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 SPETSREMBUDPROEKT: Creditors' Claims Due Today ---------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against LLC SPETSREMBUDPROEKT (code EDRPOU 31348320) on July 20, 2005 after finding the limited liability company insolvent. The case is docketed as 19/30. Ms. Olga Kretova (License Number AA 487803) has been appointed liquidator/insolvency manager. Creditors have until September 6, 2005 to submit their proofs of claim to: (a) SPETSREMBUDPROEKT 69063, Ukraine, Zaporizhya region, Zachinyayev Str. 158-a (b) Ms. Olga Kretova Liquidator/Insolvency Manager 69006, Ukraine, Zaporizhya region, a/b 123 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 =========================== U N I T E D K I N G D O M =========================== ABD TRANSPORT: Names Poppleton & Appleby Liquidator --------------------------------------------------- At an Extraordinary General Meeting of ABD Transport Services Limited, duly convened, and held at 32 High Street, Manchester M4 1QD, on 17 August 2005, the subjoined Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Stephen James Wainwright and Stephen Lord, of Poppleton & Appleby, 32 High Street, Manchester M4 1QD, be and are hereby appointed Liquidators for the purposes of such winding-up." D Hewitt, Chairman CONTACT: A B D TRANSPORT SERVICES LTD. Unit 5, Albion Trading Estate, Salford, Lancashire M6 6LL Phone: 01612736364 POPPLETON & APPLEBY 32 High Street Manchester Greater Manchester M4 1QD Phone: 0161 834 7025 Fax: 0161 833 1548 E-mail: insol@pandamanchester.co.uk A MARSHALL: Meeting of Creditors Set Thursday --------------------------------------------- Notice is hereby given by Stephen Robert Cork and Joanne Milner of Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY, that a Meeting of Creditors of A Marshall & Sons Limited (also trading as Blueline Office Furniture - Company No 2059646), of Prospect House, 2 Athenaeum Road, London N20 9YU, is to be held at the offices of Smith & Williamson Limited, at 25 Moorgate, London EC2R 6AY, on 8 September 2005, at 11:00 a.m. The Meeting is an initial Creditors' Meeting under leg paragraph 51 of Schedule B1legx to the Insolvency Act 1986. 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 2.22 at the Meeting you must give to me, not later than 12:00 noon on the business day before the Meeting, details in writing of your claim. S Cork, Joint Administrator CONTACT: A MARSHALL & SONS LIMITED Slighhouses Duns Berwickshire TD11 3QA Phone: (01361) 882513 Fax: (01361) 884412 SMITH & WILLIAMSON LIMITED 25 Moorgate, London EC2R 6AY APMS MEDICAL: Members Decide on Winding-up ------------------------------------------ At an Extraordinary General Meeting of the Members of APMS Medical Solutions Limited, duly convened, and held at Mackenzie House, Coach & Horses Passage, Tunbridge Wells, Kent TN2 5NP, on 15 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 Amanda Ireland and Peter Frowde, of McCabe Ford Williams, Bank Chambers, 1 Central Avenue, Sittingbourne, Kent ME10 4AE, be and are hereby appointed Joint Liquidators for the purposes of such winding-up." I Sait, Chairman CONTACT: APMS MEDICAL SOLUTIONS LIMITED Cobham House Sunderland Quay Culpeper Close Medway City Estate Rochester Phone: 01634 726644 MCCABE FORD WILLIAMS Bank Chambers, 1 Central Avenue, Sittingbourne, Kent ME10 4AE Phone: (01795) 479111 Fax: (01795) 428810 E-mail: sittingbourne@mfw.co.uk Web site: http://www.mfw.co.uk ARROW FABRICATION: Files for Liquidation ---------------------------------------- At an Extraordinary General Meeting of the Members of Arrow Fabrication Services Limited, duly convened, and held at Kent House, Station Road, Ashford, Kent TN23 1PP, on Wednesday 17 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 Bernard Hoffman and Ian Douglas Yerrill, of Suite 1, Kent House, Station Road, Ashford, Kent TN23 1PP, be and are hereby appointed Joint Liquidators for the purposes of its voluntary winding-up." J M Fitzpatrick, Chairman CONTACT: ARROW FABRICATION SERVICES LIMITED Unit 1 12 Ross Way Folkestone Kent CT20 3UJ United Kingdom Phone: (01303) 258580 GERALD EDELMAN BUSINESS RECOVERY 25 Harley Street London W1N 2BR Phone: 020 7299 1400 Fax: 020 7637 1440 E-mails: bhoffman@GeraldEdelman.com insolvency@edelman.co.uk AVON COMMERCIAL: Hires Administrators from Ward & Co. ----------------------------------------------------- Name: AVON COMMERCIAL SERVICES LIMITED (Company No 04353445) Nature of Business: Maintenance and Repair of Motors, Freight Transport by Road Address of Registered Office: Bank House, Shaw Street, Worcester WR1 3DT Trade Classification: 5020/6024 Date of Appointment: 22 August 2005 Administrator's Name and Address: Barry J. Ward (IP No 002700), Ward & Co, Bank House, Shaw Street, Worcester WR1 3DT CONTACT: AVON COMMERCIAL SERVICES 6b Waterloo Industrial Estate, Waterloo Road, Alcester, Warwickshire B50 4JH Phone: 01789490514 WARD & CO. Bank House Shaw Street Worcester Worcestershire WR1 3DT Phone: 01905 25000 Fax: 01905 26555 E-mail: aws@ward-co.co.uk BAY CLOTHING: Calls in Liquidator --------------------------------- At an Extraordinary General Meeting of the Members of Bay Clothing Limited, duly convened and held at 50 Newhall Street, Birmingham B3 3QE, on 17 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 Gagen Dulari Sharma, be and is hereby appointed Liquidator for the purposes of such a winding-up." F Patel, Director CONTACT: BAY CLOTHING LIMITED 31 Bay Street Blackburn BB1 5NJ Lancashire Phone: 01254 54723 Fax: 01254 54728 Web site: http://www.bayclothingltd.co.uk SHARMA & CO. 50 Newhall Street Birmingham West Midlands B3 3QE Phone: 0121 248 5007 Fax: 0121 248 5010 E-mail: gagen@sharmaandco.com BOLT LONDON: Winding-up Gets Go Signal -------------------------------------- Company Name: BOLT (LONDON) LTD. c/o Baverstocks, Lawley House, Butt Road, Colchester, Essex, CO3 3DG Phone: 020 7608 2608 Registration Number: 04479440 Court: Bristol District Registry Date of Filing Petition: June 22, 2005 No. of Matter: 2593 of 2005 Date of Winding-up Order: August 17, 2005 CONTACT: Official Receiver 6th Floor, Sunley House, Bedford Park, Croydon, CR9 1TX Phone: 020 8681 5166 Fax: 020 8667 8000 BUKO INTERNATIONAL: Closure to Affect 90 Jobs --------------------------------------------- Glenrothes, Fife-based supermarket trolleys manufacturer Buko International is closing due to poor trading, according The Grocer. The shutdown will affect 90 jobs. The company came out of a brief receivership only in 2001. Buko supplies trolleys to Asda and Safeway. It also manufactures distribution roll containers and racking systems. Last year it became famous for its glow-in-the-dark shopping trolley aimed at improving car park safety. Buko employed more than 400 staff during its heydays, with markets in Asia and Europe. CONTACT: BUKO INTERNATIONAL Phone: +44 (0) 1592 773977 +44 (0) 1592 772420 Web site: http://www.buko.co.uk/ CABLE INSTALLATION: Administrator from DS Insolvency Moves in ------------------------------------------------------------- Name: CABLE INSTALLATION COMPONENTS LIMITED (Company No 044447018) Nature of Business: Manufacture of Electricity Distribution Trade Classification: 3120 Date of Appointment: 16 August 2005 Administrator's Name and Address: Martin Williamson (IP No 9222), DS Insolvency Services, 29 King Street, Newcastle-under-Lyme, Staffordshire ST5 1ER * * * The company has been formed to provide a full supply of power cable accessories and service to cable installation contractors from the Utilities right through to the final installer. Visit http://www.cic-ltd.biz/for more information. CONTACT: CABLE INSTALLATION COMPONENTS LIMITED Unit 'E & F' Tollgate Business Centre, Tollgate Drive, Stafford ST16 3HS Phone: 01785 255011 Fax: 01785 255110 E-mail: sales@cic-ltd.biz DS INSOLVENCY SERVICES LTD. 29 King Street Newcastle-Under-Lyme Staffordshire ST5 1ER Phone: 01782 614618 Fax: 01782 717287 E-mail: mwilliamson@dsinsolvency.co.uk CAPITAL SOUND: Administrators Take over Company ----------------------------------------------- Name: CAPITAL SOUND AND VISION LIMITED (Company No 03029509) Nature of Business: Electrical Retailer Trade Classification: 21 Date of Appointment: 19 August 2005 Joint Administrators' Names and Address: Antony Nygate and Shay Bannon (IP Nos 9237 and 8777/01), BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL CONTACT: BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk C & L MOTORS: EGM Passes Winding-up Resolution ---------------------------------------------- At an Extraordinary General Meeting of C & L Motors Limited (t/a Profile Motors), duly convened and held at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, on 17 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 Richard Frank Simms, of Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, be hereby appointed Liquidator for the purposes of such winding-up." C C Lord, Chairman CONTACT: C & L MOTORS LIMITED Clintons, Bury Green, Ware, Hertfordshire SG11 2HF Phone: 01279755601 F A SIMMS & PARTNERS PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com CWMNI CIG: Goes into Liquidation -------------------------------- Company Name: CWMNI CIG ARFON CYFYNGEDIG c/o KPMG, St. James Square, Manchester, M2 6DS Phone: +44 (1286) 67 32 01 Fax: +44 (1286) 67 70 50 Registration Number: 02758256 Court: Manchester District Registry Date of Filing Petition: August 4, 2005 No. of Matter: 1681 of 2005 Date of Winding-up Order: August 12, 2005 CONTACT: Official Receiver Suite 5, 3rd Floor, Windsor House, Pepper Street, Chester, CH1 1DF Phone: 01244 402750 Fax: 01244 402799 ECOTRADE OVERSEAS: Members Pass Winding-up Resolution ----------------------------------------------------- At the extraordinary general meeting of the members of Ecotrade Overseas Limited held at Enterprise House, 21 Buckle Street, London E1 8NN, on 14 August 2005, the following Special Resolution was duly passed: "That the Company be wound up voluntarily and that Melvyn Julian Carter and John Alexander, be and they are hereby appointed as Joint Liquidators for the purposes of such winding-up, the Liquidators are to act jointly and severally." P De Martini, Director * * * The company specializes in merchandising of granulated blast furnace slag and other additives for use in cement manufacturing worldwide (limestone, pyrite ashes, fly ashes, oxyde scales of iron). CONTACT: ECOTRADE INTERNATIONAL S.A. LUXEMBOURG Paradiso Branch Via San Salvatore 13 6902 - Lugano - Paradiso Switzerland Phone: +41 (0) 91 985 26 60 Fax: +41 (0) 91 980 94 76 E-mail: info@ecotradeinternational.com CARTER BACKER WINTER Enterprise House, 21 Buckle Street, London E1 8NN Phone: + 44 (0) 20 7309 3800 Fax: + 44 (0) 20 7309 3801 E-mail: info@cbw.co.uk Web site: http://www.cbw.co.uk ELAM-T LIMITED: In Administrative Receivership ---------------------------------------------- Name: ELAM-T LIMITED (Registered No 3748505) Previous Name of Company: Conception Limited Nature of Business: Research and Development on Natural Sciences and Engineering Trade Classification: 08 Date of Appointment of Administrative Receivers: 23 August 2005 Name of Person Appointing the Administrative Receivers: Aberdeen Growth VCT1 PLC Administrative Receivers: Fraser J. Gray (Office Holder No 8905), Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF, and Peter M. Saville (Office Holder No 9029), Kroll Limited, 10 Fleet Place, London EC4M 7RB * * * ELAM-T is a world leader in organic electronic materials. It is the first spin-out company of London South Bank University, set up to commercialize the pioneering work of Professor P. Kathirgamanathan and his team. The company carries out and research and development into materials for OLEDs. It owns 65 patents. Visit http://www.elam-t.com/for more information. CONTACT: ELAM-T LTD. LBIC 11-20, Innova Park Mollison Avenue Enfield EN3 7XU Middlesex Phone: 020 8350 1300 Fax: 020 8350 1434 KROLL GLASGOW Afton House 26 West Nile Street Glasgow, Scotland G1 2PF United Kingdom Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.com KROLL LIMITED 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com ELECTRA PRODUCTIONS: Calls in Begbies Traynor Administrator ----------------------------------------------------------- Name: ELECTRA PRODUCTIONS LIMITED (Company No 4333458) Nature of Business: Telecommunications Address of Registered Office: 1 Old Hall Street, Liverpool L3 9HF Date of Appointment: 12 August 2005 Administrator's Name and Address: David Moore (IP No 007510), Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com ENIGMA VENTURES: Members Opt for Liquidation -------------------------------------------- At the extraordinary general meeting of Enigma Ventures Limited, held at Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT, on 23 August 2005, at 11:00 a.m., the following Resolutions were passed as a Special Resolution, as Ordinary Resolutions and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily, that Philip John Gorman of Hazlewoods LLP, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT, be and is hereby appointed Liquidator of the Company, that the Liquidator's remuneration shall be fixed with reference to the time costs of the Liquidator and his staff attending to matters arising in the winding-up of the Company plus disbursements properly incurred, and that, pursuant with the provisions of the Company's articles of association, the Liquidator is authorised to distribute the whole or part of the Company's assets to the Members in specie and to determine the basis of any division thereof, having due regard to their class rights." J R A Ward, Chairman CONTACT: ENIGMA VENTURES LTD. 23 Assarts Road, Malvern Wells, Malvern, Worcestershire WR14 4HW Phone: 01684569715 HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Phone: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk E WALTERS: Clothing Firm Folds After Almost 50 Years in Business ---------------------------------------------------------------- E Walters (Ludlow) Ltd. has fallen into administration due to a number of business difficulties, said the Leominster Journal. After decades of success, the clothing firm appointed Myles Halley and Richard Flemming of KPMG Corporate Recovery as Administrators on August 25. In a statement, the board of E Walters expressed sadness and regret as they informed 150 workers of the company's situation, stressing that trading conditions in 2005 had been difficult in the clothing and textiles industry. They said: "Over the years, the Company has been supported in all its activities by an excellent, loyal local workforce, for whom the current uncertainties mean a difficult period to come." Chief Executive Jean Walters added: "We were in the process of restructuring our production facilities in Eastern Europe. However, trading conditions were difficult over the quiet summer months and we have had to seek the protection of an administration order." In 1957, Ed Walters established E Walters (Ludlow) Ltd. in Old Street, Ludlow. It started with the designing and production of men's, ladies' and children's trousers, jeans wear, jackets and corporate wear and uniforms. The company then developed into a multi-million venture, producing more than 120,000 garments a week from its central England headquarters in Leominster, Herefordshire and with manufacturing bases in Eastern Europe, North Africa, the Middle East and South Asia. It supplied clothing to major stores such as Next, British Home Stores, Marks & Spencer and CandA, with its European wide logistics infrastructure, which can handle over 60,000 garment movements daily. The company's management along with the administrators is positive that the business would be sold quickly as a going concern as it holds a blue chip customer base. Myles Halley said: "We are confident that, with the ongoing support of our customers, and suppliers, we can continue to trade the business and achieve a sale as a going concern." CONTACT: E WALTERS (LUDLOW) LTD. Southern Avenue Leominster Herefordshire HR6 0LY United Kingdom Phone: +44 (0) 1568 613344 Fax: +44 (0) 1568 610860 E-mail: enquiries@ewalters.co.uk Web site: http://www.ewalters.co.uk KPMG LLP 8 Salisbury Square London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk FILTRONIC PLC: Forecasts Substantial Market Recovery ---------------------------------------------------- Filtronic plc announces preliminary results for the year ended 31 May 2005. Financial Highlights (a) Group sales GBP262.9 million (2004: GBP245.1 million), (b) Operating profit GBP6.8 million (2004: GBP4.8 million) (c) Pre-tax profit GBP5.5 million (2004: GBP0.9 million), (d) Basic EPS 7.10p per share (2004: loss per share 2.38p), (e) Diluted EPS 7.09p (2004: loss per share 2.38p), (f) Final dividend maintained at 1.80p (2004: 1.80p), payable 1 November 2005, making total dividend 2.70p (2004: 2.70p), (g) Net gearing reduced from 51% to 41%, (h) Bank facilities amended with Barclays and ABN AMRO and repayment rescheduled over five years Operational Highlights (a) Wireless Infrastructure: (i) Dominating market for base station filters with 28% market share, (ii) Supplying production quantities to all major OEMs, (iii) Started supply of integrated power amplifiers for base stations; (b) Integrated Products: (i) High volume semiconductor contract supported by round the clock working at the foundry at Newton Aycliffe, (ii) New contract started with ITT for electronic warfare subsystem in U.S., (iii) New point to point microwave links being sold to 3 OEMs; (c) Handset Products: In period of exclusive negotiations for its disposal; (d) Board Appointments: John Roulston as Group CEO on 6 September 2004, Charles Hindson as Group Finance Director on 14 December 2004 and Iain Gibson joined on 21 February 2005 and became CEO of the Integrated Products division on 6 April 2005; (e) Disposal of sites in Merrimack U.S.A. and Brisbane Australia for GBP6.3 million; and (f) Capital expenditure of GBP13.0 million (2004 GBP11.7 million). Trading Outlook Professor J. David Rhodes said: "We see continued growth prospects for the group. Wireless Infrastructure is experiencing a substantial market recovery and the strategic efforts undertaken over the past few years in power amplifiers is increasing our presence in this important market sector. In Integrated Products, we have acquired volume contracts in compound semiconductors for our foundry at Newton Aycliffe, which now requires to meet the ramp up in its production, and strengthened our defense position in the United States. For the coming year, the group is well positioned for growth, due to strengthening markets in the communications sector." Filtronic is a leading global designer and manufacturer of customised microwave electronic subsystems for the wireless telecommunications and defense industries. Worldwide sites are in the U.K. (North of England, Yorkshire, Midlands, Scotland), U.S.A., Finland, China and Australia. Filtronic is one of the world's leading independent suppliers of transmit/receive modules for base stations and the world's leading manufacturer of mobile handset antennas. The contribution to sales is: Wireless Infrastructure (64%), Handset Products (19%), Integrated Products (17%). CONTACT: FILTRONIC PLC Professor David Rhodes, Chairman Phone: 01274 530622 Mobile: 07850 827 280 Professor John Roulston, Chief Executive Officer Phone: 01274 530622 Mobile: 07800 706 318 Charles Hindson, Group Finance Director Phone: 01274 530622 Mobile: 07800 706 319 BINNS & CO PR LTD. Peter Binns/Paul McManus Phone: 020 7786 9600 Mobile: 07980 541 893 G H PATTINSON: Liquidators from Chantrey Vellacott Move in ---------------------------------------------------------- At the extraordinary general meeting of G H Pattinson Limited, held at Brookside, Fox Corner, Worplesdon, Guildford, Surrey GU3 3PP, on 18 August 2005, at 3.00 pm, the following Resolutions were passed: "That the Company should be wound up voluntarily and that it be wound up pursuant to the provisions of section 84(b) as a Members ' Voluntary Liquidation, and that K. A. Murphy and D. J.a Oprey of Chantrey Vellacott DFK, 16-17 Boundary Road, Hove, East Sussex BN3 4AN, be and are hereby appointed Joint Liquidators for the purposes of such winding up." S M Jackson, Chairman CONTACT: G. H. PATTINSON LTD. Beresford Road, Windermere, Cumbria, LA23 2JG CHANTREY VELLACOTT DFK 16-17 Boundary Road, Hove, East Sussex BN3 4AN Phone: 01273 421200 E-mail: info_hove@chantrey-vellacott.com Web site: http://www.cvdfk.com HASTINGS TAVERN: Court Orders Winding-up ---------------------------------------- Company Name: HASTINGS TAVERN LTD. Clay Lane, Coventry, CV2 4LS Phone: 024 7645 140 Registration Number: 04579686 Court: Bristol District Registry Date of Filing Petition: June 24, 2005 No. of Matter: 2628 of 2005 Date of Winding-up Order: August 17, 2005 CONTACT: Official Receiver 3rd Floor East, Ladywood House, 45/6 Stephenson Street Birmingham, B2 4UP Tel: 0121 698 4147 Fax: 0121 698 4408 JARVIS PLC: Completes Key Restructuring Measure ----------------------------------------------- The Board of Jarvis plc has disclosed that the Debt for Equity Exchange of approximately GBP378 million has been implemented and, of the GBP50 million equity raising approved by the Company's shareholders on 4 August 2005, approximately GBP30 million of Firm Placed Shares have been subscribed and paid for by the Placees. These are the key elements of the Restructuring approved by Shareholders on 4 August 2005 that will significantly improve the financial structure of the Group: (a) Share Reorganization completed; the sub-division, partial reclassification and consolidation of the Company's share capital was completed immediately prior to the implementation of the Debt for Equity Exchange; (b) Debt for Equity Exchange completed: (i) approximately GBP378 million of the Company's liabilities have been released in consideration for the issue of new equity representing 95% of the Enlarged Ordinary Share Capital; (ii) former warrant holders have been allotted 0.25% of the Enlarged Ordinary Share Capital in consideration for canceling their warrants and any further rights attaching to those warrants; and (iii) Shareholders who held 400 or more Ordinary Shares prior to the Debt for Equity Exchange have retained 4.75% of the Enlarged Ordinary Share Capital; (c) Placing completed and Open Offer to be launched: (i) Following the Debt for Equity Exchange approximately GBP30 million of New Ordinary Shares have been placed with and cash received from the Placees by reference to their post Debt for Equity Exchange shareholdings; (ii) Qualifying Shareholders on the register at 5.30 p.m. on 31 August will be invited to participate in the Open Offer on the basis of 19 Open Offer Shares for 1 New Ordinary Share held post the Debt for Equity Exchange at a price of 35 pence per Open Offer Share; (iii) Qualifying Shareholders who do not participate at all in the Open Offer will receive a cash payment of GBP1.66 for every 19 Open Offer Shares for which they are entitled to subscribe under the Open Offer; (iv) The Open Offer was expected to be launched on 2 September 2005 and a prospectus and application form posted on that day to Qualifying Shareholders. The Open Offer has been conditionally underwritten by Deutsche Bank; (v) The Placing and Open Offer is expected to increase the Company's issued ordinary share capital from 7,553,284 Ordinary Shares (the Enlarged Ordinary Share Capital) to 151,065,680 Ordinary Shares; and (vi) The Open Offer is not being made to shareholders in the United States, Australia, Canada or Japan. (d) Additional Funding Facilities secured: (i) Up to GBP38.5 million of additional funding by way of an eighteen month facility has been secured from Deutsche Bank; (ii) This facility, in combination with the net proceeds from the Firm Placing, has been used to repay fully and cancel the Group's outstanding bank loans from JPMorgan Chase and Deutsche Bank post the Debt for Equity Exchange; (iii) As outlined in the Company's preliminary statement on 15 July 2005, the Directors believe that, under U.K. GAAP, the net debt immediately following the Restructuring will be less than GBP20 million. The underwriting of the Open Offer and the payment of the cash-out alternative remain subject to the fulfillment of various conditions, including the Admission of the Placing Shares which requires sufficient of the Ordinary Shares to be in public hands following the Open Offer. Alan Lovell, Chief Executive, said: "These key events combined with the raising of the new working capital facilities allow the placing and open offer to be launched. The successful completion of the open offer will be the final stage of the financial restructuring we announced in May and will provide the Group with an appropriate capital structure for the business going forward." Initial Share Capital Share capital prior to implementation of Share Reorganization, Debt for Equity Exchange, cancellation of warrants and Firm Placing: (a) Authorized: GBP9,750,000 divided into 195,000,000 ordinary shares of five pence each; and (b) Issued: GBP7,192,671 divided into 143,853,409 ordinary shares of five pence each. Share Reorganization Share capital following sub-division, partial reclassification, share capital increase and consolidation: (a) Authorized: GBP16,750,000 divided into 191,505,372 ordinary shares of five pence each and 717,473,140 deferred shares of one penny each; and (b) Issued: GBP7,192,671 divided into 358,781 ordinary shares of five pence each and 717,473,138 deferred shares of one penny each. Debt for Equity Exchange and Warrant Cancellation: (a) 7,175,620 new ordinary shares of five pence each allotted to the nominated allottees of Converting Creditors (or to a trustee on their behalf); and (b) 18,883 new ordinary shares of five pence each allotted to the nominated allottees of former warrant holders. Firm Placing: 84,676,065 new ordinary shares of five pence each allotted to Placees (or to a trustee on their behalf). Current Share Capital Current share capital after Share Reorganization, Debt for Equity Exchange, cancellation of warrants and Firm Placing: (a) Authorized: GBP16,750,000 divided into 191,505,372 ordinary shares of five pence each and 717,473,140 deferred shares of one penny each; and (b) Issued: GBP11,786,199 divided into 92,229,349 ordinary shares of five pence each and 717,473,138 deferred shares of one penny each. 7,553,284 ordinary shares issued in relation to the Share Reorganization, Debt for Equity Exchange and the cancellation of warrants have been admitted to the Official List and to trading on the market for listed securities of the London Stock Exchange. Admission of the ordinary shares issued in relation to the Firm Placing and also the Open Offer is expected to take place on 29 September 2005. CONTACT: JARVIS PLC Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com Bridget Fury, Merlin Phone: 020 7653 6620 KEN JOHNSON: P&A Partnership Liquidators Move in ------------------------------------------------ At an Extraordinary General Meeting of Ken Johnson Commercials Limited, duly convened, and held at Scotch Corner Hotel, Junction A1/A66, Richmond, North Yorkshire DL10 6NR, on 12 August 2005, at 10:30 a.m., the following Extraordinary Resolutions were duly passed: "It has been proved to the satisfaction of the Meeting that this Company cannot, by reason of its liabilities, continue its business, and that it is advisable that the same should be wound up, and that the Company be wound up accordingly, that Allan Cooper and John Russell, of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, duly qualified under the Insolvency Act 1986, be and are hereby appointed the Liquidators of the Company for the purposes of such winding-up, that any act required or authorized to be done by the Liquidators is to be done by any one or more of the Liquidators for the time being in office, and that at a subsequent Meeting of Creditors, duly convened, and held pursuant to sections 98, 99, 100 and 101 of the Insolvency Act 1986, the Resolutions for voluntary liquidation and the appointment of Allan Cooper and John Russell were confirmed." K Johnson, Chairman CONTACT: KEN JOHNSON COMMERCIALS LIMITED Gatherley Road Industrial Esta, Brompton On Swale, Richmond, North Yorkshire DL10 7JQ Phone: 01748811199 THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com L B L (COOKED MEATS): Calls in Liquidators from Blades ------------------------------------------------------ At the extraordinary general meeting of L B L (Cooked Meats) Limited, convened and held at Second Avenue, Greasley Street, Bulwell, Nottingham NG6 8NE, on 16 August 2005, at 11:30 a.m., the following Resolution was passed: "That the Company be wound up voluntarily, that Philip Anthony Brooks and Julie Elizabeth Willetts, of Blades Insolvency Services, Charlotte House, 19B Market Place, Bingham, Nottingham, be appointed as Joint Liquidators for the purposes of such winding-up." J Smith, Chairman CONTACT: LBL (COOKED MEATS) LTD. Second Avenue, Greasley Street, Nottingham, Nottinghamshire NG6 8NE Phone: 01159271166 BLADES Charlotte House 19B Market Place Bingham Nottingham Nottinghamshire NG13 8AP Phone: 01949 831260 Fax: 01949 831960 E-mail: advice@bladesinsol.co.uk LE-SCOTT PRESS: Goes into Liquidation ------------------------------------- At an Extraordinary General Meeting of Le-Scott Press Limited, duly convened, and held at the Waltham Abbey Marriott Hotel, Old Shire Lane, Waltham Abbey, Essex EN9 3LX, on 18 August 2005, at 10:45 a.m., the following Resolutions were duly passed as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business and, accordingly, that the Company be wound up voluntarily, and that Stephen John Tancock, of Smith & Williamson Ltd., First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN, be and he is hereby appointed Liquidator for the purposes of such winding-up." S Klimcke, Chairman CONTACT: LE-SCOTT PRESS LIMITED Le Scott House Gordon Road Waltham Abbey Essex EN9 1AF United Kingdom Phone: (01992) 707400 SMITH & WILLIAMSON LTD. First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN Web site: http://www.smith.williamson.co.uk LUNE INDUSTRIES: Hires Administrators from Tenon Recovery --------------------------------------------------------- Name: LUNE INDUSTRIES (FOOTWEAR) LIMITED (Company No 00476575) Nature of Business: Wholesale of Clothing and Footwear Address of Registered Office: 50C Market Street, Carnforth, Lancashire LA5 9LB Date of Appointment: 24 August 2005 Administrators' Names and Addresses: Christopher Ratten (IP No 009338), of Tenon Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF, and Simon Thomas (IP No 008920), of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD CONTACT: LUNE INDUSTRIES (FOOTWEAR) LTD. Siding Road Fleetwood FY7 6AF Lancashire Phone: 01253 872521 Fax: 01253 773231 Web site: http://www.lune-footwear.co.uk TENON RECOVERY Arkwright House, Parsonage Gardens, Manchester M3 2LF Phone: 0161 834 3313 Fax: 0161 827 8402 E-mail: manchester@tenongroup.com Web site: http://www.tenongroup.com TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com MEADS SCHOOL: Appoints Tenon Recovery Liquidator ------------------------------------------------ At an Extraordinary General Meeting of the Members of Meads School of English Limited, duly convened, and held at Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB, on 17 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 Ian Cadlock and Andrew James Pear, of Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton BN1 3XB, be and are hereby appointed Joint Liquidators for the purposes of such winding-up." At the Meeting of Creditors of the Company subsequently held at 12:00 noon on 17 August 2005, the above Resolutions were duly passed. J Higgins, Director CONTACT: MEADS SCHOOL OF ENGLISH LIMITED 2 Old Orchard Road, Eastbourne, East Sussex BN21 1DB Phone: 01323734335 Web site: http://www.meadsenglish.co.uk/ TENON RECOVERY Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB Phone: 01273 725566 Fax: 01273 724502 Web site: http://www.tenongroup.com MG ROVER: Nanjing Told 'No More Chinese Whispers' ------------------------------------------------- A local newspaper in Birmingham has challenged MG Rover's new owner to come clean over its plans for the collapsed carmaker, said The Times. On Friday, the Evening Mail ran a front-page headline in Mandarin that read: "No more Chinese whispers." The paper has sought Nanjing, which bought the assets of MG Rover for GBP53 million in July, to answer 12 questions on its plans for the Longbridge site. The questions were published daily last week. However, the paper received no reply from the Chinese firm. The paper said if Nanjing's director of public affairs fails to respond, it would refer the questions to the Chinese Embassy. Nanjing has already agreed to build sports cars at Longbridge with GB Sports Car Company, but it has yet to present its plans about reviving production at the site. It remains uncertain whether employment will reach the 500 people GB Sports eyed or the 1,000 to 2,000 jobs Nanjing had planned. Steve Dyson, the newspaper's Editor, said: "The people of Birmingham realize that there's either a chance of a few thousand jobs, or not, but they want to know which one. They won't want to be messed around." "One day we hear good rumors from partners that there might be 2,000 jobs, the next day there's a planning application for housing up to 400 workers who, according to unions, [will be] lifting and shifting plant machinery," he added. Meanwhile, a source close to Nanjing said: "I think what we are seeing here is a cultural difference, nothing more than that. Nanjing's intention from the start has been to commit to production of sports and saloon cars in the U.K." The source added Nanjing made it clear that most assembly lines would be transferred to China, which explained the presence of Chinese staff in the site. Last month, fears that fewer British jobs may be saved grew as Nanjing brought in cooks from China at Longbridge. They were to reopen the canteen at the site because the Chinese firm's advance team were said to have been dissatisfied with British Food. Nanjing has also reportedly imported engineering and manufacturing experts from its main site in Eastern China. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com NANJING AUTOMOBILE (GROUP) CORPORATION General Management Division Phone: 86-25-3432671 Fax: 86-25-3111295 3417873 E-mail: bnj3111037@jlonline.com Web site: http://www.nanqi.com.cn MONEYPLAN FINANCIAL: Members Call in Crawfords Liquidator --------------------------------------------------------- At the extraordinary general meeting of Moneyplan Financial Services Limited, duly convened, and held at St George's House, 215-219 Chester Road, Manchester M15 4JE, on 16 August 2005, the following Resolutions were passed as a Special Resolution, as an Ordinary Resolution and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily, that David Norman Kaye, of Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB, be and he is hereby appointed Liquidator for the purpose of such winding-up and that, in accordance with the provisions of the Company's articles of association, the Liquidator be and is hereby authorized to divide amongst the Members in specie all or any part of the Company's assets." CONTACT: MONEYPLAN FINANCIAL SERVICES LTD. 24-26 Drake St OL16 1NT Phone: 01706 649201 CRAWFORDS Stanton House 41 Blackfriars Road Salford Manchester Greater Manchester M3 7DB Phone: 0161 828 1000 Fax: 0161 832 1829 E-mail: akachani@aol.com PORTER HEAD: PFK Administrators Enter Firm ------------------------------------------ Name: PORTER HEAD LIMITED (formerly Head Porter Limited) (Company No 03982660) Nature of Business: Telecom and Advertising Address of Registered Office: Saint Johns Innovation Center, Cowley Road, Cambridge CB4 0WS Date of Appointment: 17 August 2005 Joint Administrators' Names and Addresses: Philip J. Long (IP No 2086), 20 Farringdon Road, London EC1M 3AP, and Edward T Kerr (IP No 9020), Pannell House, 159 Charles Street, Leicester LE1 1LD CONTACT: PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk PKF Pannell House, 159 Charles Street, Leicester LE1 1LD Phone: 0117 906 4000 Fax: 0117 974 1238 E-mail: info.bristol@uk.pkf.com Web site: http://www.pkf.co.uk PORTWAY PROPERTY: EGM Passes Winding-up Resolutions --------------------------------------------------- At an Extraordinary General Meeting of Portway Property Maintenance Limited, duly convened, and held at Butcher Woods, 79 Caroline Street, Birmingham B3 1UP, on 15 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 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 15 August 2005, the Creditors confirmed the appointment of Roderick Graham Butcher as Liquidator and that anything required or authorized to be done by the Liquidator be done by him. E N Byrne, Chairman CONTACT: PORTWAY PROPERTY MAINTENANCE LIMITED Earlswood Trading Est/Poolhead La Earlswood Solihull B94 5EW Phone: 01564 703477 BUTCHER WOODS 79 Caroline Street Birmingham West Midlands E-mail: rod.butcher@butcher-woods.co.uk Phone: 0121 236 6001 Fax: 0121 236 5702 PRIMELINE TELECOM: Members Opt for Liquidation ---------------------------------------------- At an Extraordinary General Meeting of the Members of Primeline Telecom Limited, duly convened, and held at 50 Newhall Street, Birmingham B3 3QE, on 28 July 2005, the following Resolutions were duly passed as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Gagen Dulari Sharma, be and is hereby appointed Liquidator for the purposes of such a winding-up." D Singh, Director CONTACT: PRIMELINE TELECOM LIMITED 52 Blucher St Birmingham B1 1QU Phone: 0121-616 5058 SHARMA & CO. 50 Newhall Street Birmingham West Midlands B3 3QE Phone: 0121 248 5007 Fax: 0121 248 5010 E-mail: gagen@sharmaandco.com READING LITHO: Printing Firm Liquidates --------------------------------------- At an Extraordinary General Meeting of the Members of Reading Litho Systems Limited, duly convened, and held at 6C Church Street, Reading RG1 2SB, on 16 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 Peter Bridger be and he is hereby appointed Liquidator for the purposes of such winding-up." G Childs, Chairman * * * Reading Litho specializes in prepress, lithographic print and print management. It was formed ten years ago. CONTACT: READING LITHO SYSTEMS LTD. Unit 6 Gresham Way, Gresham Way Industrial Estate Tilehurst Reading RG30 6AW Berkshire Phone: 0118 945 3848 Web site: http://www.rlitho.co.uk BRIDGERS 6c Church Street, Reading RG1 2SB REGAL PETROLEUM: To Shut down Greece Site Amid Labor Dispute ------------------------------------------------------------ During August 2005, Regal Petroleum plc's subsidiary in Greece, Kavala Oil, experienced a degree of industrial unrest, which has recently escalated. In an attempt to resolve this situation the Company has met with representatives of the Union at Kavala Oil and the relevant Ministry of the Greek Government. The Company's actions in the face of the local difficulties are inevitably dictated by concerns for the safety of its operations and local staff. Accordingly, the Company has issued instructions for the operations to be shut down while this dispute continues. In addition, having experienced technical difficulties in recent weeks resulting in disappointing production from its two recent well workovers, PA6 and PB27, the Company has taken the decision to suspend its well workover program. The Company is now studying the potential for production from the Prinos field and options for the exploration, appraisal of existing undeveloped oil, development opportunities and future production in Greece. The Company discussed a number of alternative proposals in this regard with the relevant Ministry of the Greek Government in a meeting held on 31 August 2005 and the Greek Government is actively considering these proposals. In the announcement dated 29 July 2005, the Company stated that, following the implementation of its well workover program it expected daily production in Greece to reach 3,500 barrels of oil per day by the end of 2005. Following the disappointing results of the two workovers, it is likely that the anticipated increase in daily production rates will not be met. This shortfall in production is exacerbated by the current industrial dispute in Greece. Accordingly, given the issues described above, the Board believes it is likely that the Company will not meet current market expectations for the year ended 31 December 2005. The reserves reports on the Company's proven and probable reserves in Greece and Ukraine are still being finalized by the respective independent auditors. The Board expects to announce the results of the reserve audits for Greece and Ukraine no later than the date of its interim results on 28 September 2005. The Company will be announcing its interim results for the six months ended 30 June 2005 on Wednesday, 28 September 2005. A presentation to analysts and private client brokers will be held at the offices of Buchanan Communications, 107 Cheapside, London at 9:30 a.m. * * * In June, Regal Petroleum founder and executive chairman Frank Timis resigned after the oil explorer revealed annual losses had quadrupled. A short statement from Regal said Mr. Timis, who founded the firm in 1996, will devote more time to other business interests. Rumors, however, were circulating he was forced out by Regal's non-executive directors, and institutional shareholders. The company earlier reported a loss after tax and minority interests of US$13.7 million (GBP7.55 million) for the year ending December 31, compared with a loss of US$2.9 million a year earlier. It has lost 83% of its value since March. The shares went down significantly at the end of April when Regal raised GBP45 million at 390p a share following its discovery of a gas prospect in Romania. It sank further when a well at its prospect in Greece was found to be not commercially viable for exploration. CONTACT: REGAL PETROLEUM PLC 4th Floor 11 Berkeley Street London, England W1J 8DS Phone: +44 20 7647 6622 Fax: +44 20 7629 4297 Web site: http://www.regalpetroleum.com Buchanan Communications Phone: 020 7466 5000 Bobby Morse Ben Willey ROPAC (YORKSHIRE): Pattern Maker Files for Liquidation ------------------------------------------------------ At an Extraordinary General Meeting of the Members of Ropac (Yorkshire) Limited, duly convened, and held at O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, on 18 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 Peter O'Hara, of O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ, be and he is hereby appointed Liquidator for the purposes of such winding-up." R Kettlewell, Director SCULPTASTIC LIMITED: EGM Passes Winding-up Resolutions ------------------------------------------------------ At an Extraordinary General Meeting of Sculptastic Limited, duly convened, and held at 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA, on Monday 22 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 the Company that this Company cannot, by reason of its liabilities, continue its business, and that it is desirable that the same should be wound up and that the Company be wound up accordingly and that Shirley Angela Jackson, of BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA, is hereby appointed Liquidator of the Company for the purposes of such winding-up." K Saldahna, Director and Chairman CONTACT: SCULPTASTIC LIMITED 9 New Quebec Street Marylebone London W1H 7RL Phone: 07939 178883 Web site: http://www.sculptastic.co.uk/ Contact: Kevin Saldanha, Director SKYEPHARMA PLC: To Unveil Half-year Figures Later this Month ------------------------------------------------------------ SkyePharma plc will announce its Interim results for the six months ending 30 June 2005 on Wednesday 28 September 2005. These results will be the first presented under International Financial Reporting Standards. SkyePharma announced at the end of April that it had negotiated Heads of Terms with a major global pharmaceutical company for the U.S. rights to Flutiform(TM). SkyePharma has now discontinued contract negotiations with that party. However, as indicated in July, the April announcement created considerable competitive interest in acquiring rights to Flutiform(TM). As a result, SkyePharma remains in active negotiations with several companies, including advanced discussions with another major global pharmaceutical company for worldwide rights to Flutiform(TM). Michael Ashton, SkyePharma's Chief Executive, said: "Flutiform(TM)'s prospects continue to improve as we believe its profile will make it superior to competing products in this fast-growing market, already worth more than US$5 billion. A number of companies remain actively interested in licensing the product, within a variety of commercial structures including the retention of co-promotion rights by SkyePharma. Progress towards filing of Flutiform(TM) remains on track and Phase III trials are planned to commence early next year. With estimated peak sales of Flutiform(TM) well in excess of US$1 billion, we remain convinced of our ability to deliver significant value to our shareholders." * * * SkyePharma plc, headquartered in London, develops pharmaceutical products benefiting from world- leading drug delivery technologies that provide easier-to-use and more effective drug formulations. In May, it reported net loss of GBP24.3 million for 2004, a decrease of 44% compared with GBP43.2 million in 2003. CONTACT: SKYEPHARMA PLC 105 Piccadilly London United Kingdom W1J 7NJ Phone: +44 20 7491 1777 Fax: +44 20 7491 3338 Web site: http://www.skyepharma.com Ian Gowrie-Smith, Non-executive Chairman Michael Ashton, Chief Executive Officer Peter Laing, Director of Corporate Communications Phone: +44 207 491 1777 Sandra Haughton, U.S. Investor Relations Phone: +1 212 753 5780 BUCHANAN COMMUNICATIONS Phone: +44 207 466 5000 Tim Anderson/Mark Court SPECTRUM MOBILE: Creditors Meeting Set Next Week ------------------------------------------------ Notice is hereby given by John Neville Whitfield and Gerald Clifford Smith, of RSM Robson Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU, that a Meeting of Creditors of Spectrum Mobile Services Limited (Company No 03613581) c/o RSM Robson Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU, is to be held at RSM Robson Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU, on 14 September 2005 at 11:00 a.m. The Meeting is an initial Creditors' Meeting under leg paragraph 51 of Schedule B1legx to the Insolvency Act 1986. 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 Meeting, details in writing of your claim. J Whitfield, Joint Administrator CONTACT: SPECTRUM MOBILE SERVICES Anglian Road, Walsall, West Midlands WS9 8ET Phone: 01922749230 RSM ROBSON RHODES LLP Centre City Tower, 7 Hill Street, Birmingham B5 4UU Web site: http://www.robsonrhodes.co.uk TELEWEST GLOBAL: Flextech Receives Offer from U.S. Cable Firm ------------------------------------------------------------- Liberty Global Inc. has lodged an offer for Telewest Global, Inc.'s Flextech business, said The Times. The paper, however, did not provide sources nor financial details, while Telewest was unavailable for comment. Earlier, Reuters, in another report, revealed U.S.-based media groups like Viacom Inc., Walt Disney Co., General Electric's NBC Universal venture and Time Warner were planning to bid for Flextech in their aim to expand their digital operations. Other possible bidders for Flextech were said to be broadcaster ITV, pay-TV BSkyB, and pan-European television broadcaster RTL. It remains unclear though which of these companies already submitted offers. Meanwhile, according to Mail on Sunday, the sale of Flextech is unlikely to raise as much as GBP1 billion, stressing the price for the content provider, which was earlier valued between GBP500 million to GBP1 billion, could be lower than expectations. Flextech is said to have been put up for sale as part of Telewest's much-delayed GBP6.5 billion merger with NTL Incorporated. Deutsche Bank, which handles the sale, has already communicated with interested groups. The deadline for indicative offers has been set early this month, according to sources privy to the process. About Liberty Global Headquartered in Denver, Colorado, Liberty Global owns interests in broadband distribution and content companies operating outside the continental United States, principally in Europe, Asia, and the Americas. Through its subsidiaries and affiliates, Liberty Global is the largest broadband cable operator outside the U.S. in terms of subscribers. Based on the company's consolidated operating statistics at June 30, 2005, Liberty Global's networks passed approximately 23.5 million homes and served approximately 14.9 million revenue generating units, including approximately 10.7 million video subscribers, 2.5 million broadband Internet subscribers and 1.7 million telephone subscribers. 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 LIBERTY GLOBAL, INC. 4643 South Ulster Street Suite 1300 Denver, Colorado 80237 Phone: (303) 220-6600 Fax: (303) 220-6601 E-mail: info@lgi.com Web site: http://www.lgi.com T P BEESTON: Files for Liquidation ---------------------------------- At an Extraordinary General Meeting of T P Beeston & Sons Limited, duly convened, and held at Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE, on Wednesday 17 August 2005, the following 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 John Harvey Madden, of Taylor Rowlands be appointed Liquidator for the purpose of such winding-up." Chairman CONTACT: T P BEESTON & SONS LIMITED East Newbiggin Farm, Heighington, Darlington, County Durham DL2 2UH Phone: 01388772283 TAYLOR ROWLANDS 8 High Street, Yarm TS15 9AE T.T.S. PERFORMANCE: Appoints Liquidators ---------------------------------------- At an Extraordinary General Meeting of T.T.S. Performance Engineering Limited, duly convened, and held at the offices of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, on 10 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 it is advisable to wind-up the same, and that accordingly the Company be wound up voluntarily and that Robert Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, be and are hereby appointed Joint Liquidators of the Company for the purposes of such winding-up. Any act required to be taken by the Joint Liquidators can be undertaken by either one of them acting independently. R R Albans, Chairman * * * TTS Performance Engineering is now trading as TTS Performance Parts Ltd. TTS is based in Silverstone. Richard Albans opened Towcester Tuning Shop in 1982, and quickly acquired an international reputation for race engine building and for his understanding of carburation. TTS merged with precision engineering company QTS in 1991 and became TTS Performance Engineering. The company now has a turnover of over GBP1 million, and specializes in tuning high performance 4-stroke engines. A move into much larger (6,000 sq ft.) premises has enabled the expansion of TTS's latest performance enhancer, the Rotrex Supercharger. It has a professional workforce of eleven and keep stock levels in excess of GBO200,000. It imports and distributes to Dynatek, JE Pistons, and Nitrous Express. CONTACT: T.T.S. PERFORMANCE ENGINEERING LIMITED Unit 3, West End Farm, Silverstone, Northampton, NN12 8UY, U.K. Phone: +44 (0) 1327 858212 Fax: +44 (0) 1327 858099 Web site: http://www.tts-performance.co.uk/tts.shtml WATERVIEW BARNES: Court Approves Liquidation -------------------------------------------- Company Name: WATERVIEW (BARNES) LTD. 5th Floor Walmar House, 288 Regent Street, London, W1B 3AL Phone: 020 8748 8668 E-mail: barnes@waterview.co.uk Web site: http://www.waterview.co.uk Registration Number: 03935872 Court: Bristol District Registry Date of Filing Petition: June 22, 2005 No. of Matter: 2594 of 2005 Date of Winding-up Order: August 17, 2005 CONTACT: Official Receiver 21 Bloomsbury Street, London, WC1B 3SS Phone: 020 7637 1110 Fax: 020 7637 6390 WEBB CONSTRUCTION: Crumbles into Liquidation -------------------------------------------- Company Name: WEBB CONSTRUCTION MANAGEMENT LTD. 45 Highfield Road, Dartford, Kent, DA1 2JS Phone: 01303 812255 Registration Number: 04639031 Court: Bristol District Registry Date of Filing Petition: June 22, 2005 No. of Matter: 2588 of 2005 Date of Winding-up Order: August 17, 2005 CONTACT: Official Receiver Ground Floor, Victory House, Quayside, Chatham Maritime, Kent, ME4 4QU Phone: 01634 895700 Fax: 01634 895711 WEMBLEY PLC: Liquidates After Losing Rhode Island Case ------------------------------------------------------ Gaming group Wembley plc appointed KPMG liquidator on Aug. 31, weeks after the conviction of its former chief executive Nigel Potter for conspiracy and fraud. The company's shares were suspended at 557p. It will be delisted Sept. 29. Mr. Potter will receive his sentence Oct. 28. He is believed likely to appeal and seek a third trial. Earlier in August, the U.S. federal court in Worcester, Massachusetts found its subsidiary LPRI LLC guilty in the Rhode Island case and on two counts of wire fraud. The court says LPRI conspired to deprive the citizens of Rhode Island of the honest services of the former Speaker of the Rhode Island House of Representatives. The subsidiary was acquitted on two other charges of wire fraud. The company said then that LPRI LLC has US$3 million in an escrow account to cover any fines. The maximum fine the company now faces is US$1.5 million The company sold its Lincoln Park casino in Rhode Island, U.S.A., and its U.K.-based dog track business before the trial ended last month. Through a combination of special dividend and distribution by a liquidator in a members' voluntary liquidation, shareholders will receive 878 to 915 pence per share. CONTACT: WEMBLEY PLC Elvin House Stadium Way Wembley HA9 0DW United Kingdom Phone: +44 (0) 20 8795 8003 Fax: +44 (0) 20 8900 1046 E-mail: corporate@wembleyplc.com Web site: http://www.wembleyplc.com/wembley/home.jsp COLLEGE HILL Matthew Smallwood Phone: 020 7457 2020 WEMBLEY PLC: Company Profile ---------------------------- NAME: Wembley plc Elvin House Stadium Way Wembley HA900W PHONE: +44-20-8902-8833 FAX: +44-20-8900-1046 E-MAIL: corporate@wembleyplc.com WEB SITE: http://www.wembleyplc.com TYPE OF BUSINESS: Wembley plc operates a track-based gaming business primarily in the United States. The Company's United States gaming division consists of operations in Rhode Island and Colorado. Wembley also previously operated a United Kingdom gaming division, which consisted of six greyhound tracks located in Manchester (Belle Vue), Birmingham (Hall Green and Perry Barr), Oxford, London (Wimbledon) and Portsmouth. The Company sold this business in March 2005. EXECUTIVES: Claes Hultman, Chairman Mark Elliott, Chief Executive Eric Tracey, Finance Director Peter Harris, Non-executive Director Robert Liguori, Non-executive Director Neil Chisman, Non-executive Director NUMBER OF EMPLOYEES: 2,554 (as of 2004) TURNOVER: GBP69.37 million (as of Dec. 31, 2004) ASSETS: GBP184.8 million (as of Dec. 31, 2004) CURRENT LIABILITIES: GBP10.588 million (as of Dec. 31, 2004) Trade creditors: GBP3.398 million Other creditors, including taxation and social security: GBP2.665 million Accruals and deferred income: GBP4.525 million THE TROUBLE: Wembley filed for members' voluntary (solvent) liquidation after the conviction of its former chief executive Nigel Potter for conspiracy and fraud in a case involving its subsidiary LPRI LLC in Rhode Island. The company faces a maximum fine of US$1.5 million. MAJOR SHAREHOLDERS: BLB Investors LLC 22.11 Fidelity Investments 10.07 Schroder Investment Management 8.42 JP Morgan Fleming Securities 7.78 Deutsche 4.8 Bank of New York 4.49 Citigroup Asset Management 4.26 Legal & General Investment Management 3.61 Morley Fund Management 3.26 BANKER: BARCLAYS BANK PLC London Corporate Banking 50 Pall Mall PO Box No. 15162 London SW1 1QB Web site: http://www.barclays.co.uk/ Phone: (+44) (0) 20 7116 1000 FINANCIAL ADVISOR: HAWKPOINT PARTNERS 4 Great St. Helen's London EC3A 6HA Web site: http://www.hawkpoint.com/ Phone: +44 (0) 20 7665 4500 Fax: +44 (0) 20 7665 4600 AUDITOR: KPMG Audit plc 1 Puddle Dock London EC4V 3PO Phone: +44 (0) 20 7694 3485 Fax: +44 (0) 20 7694 3126 Web site: http://www.kpmg.co.uk/ WESTCROFT HOMES: Members Opt to Wind up Business ------------------------------------------------ At an Extraordinary General Meeting of the Members of Westcroft Homes Limited, duly convened, and held at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, on 22 August 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily and that David L Cockshott and Paul A Whitwam of the firm of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU be and are hereby appointed as Joint Liquidators for the purposes of such winding-up." I Holliday, Chairman CONTACT: WESTCROFT HOMES LIMITED 15 Stonegate, Lady Lane Park Bingley, West Yorkshire BD16 4SA Phone: 01274567389 BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor AG DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Glunz AG GLUG (0) 428 (17) Kamps AG KMPSF.PK (93) 1,075 (61) Kaufring AG KAUG (19) 151 (51) Mannheimer AG (15) 879 N.A. Marbert AG MTBG (13) 144 (50) Nordsee AG (8) 195 (31) Primacom AG PRIG (106) 1,264 (50) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) VBH Holding AG VBHG (54) 337 (80) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (111) 974 (97) I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT N.A. 232 (321) RUSSIA ------ Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Kaba Holding AG KABZN (23) 582 260 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus System DNK.L (51) 585 82 Dawson Holdings DWN.L (19) 142 (33) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (252) Euromoney Institutional Investor Plc ERM.L (113) 236 (66) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Invensys PLC (963) 4,861 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (14) 321 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Partygaming Plc PRTY (405) 263 (161) PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *