/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050908.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, September 8, 2005, Vol. 6, No. 178 Headlines B U L G A R I A MENDERES BULGARIA: Turkish Parent Shuts down Site F R A N C E ALSTOM SA: Ups Eurobond Issue to EUR600 Million G E R M A N Y AGIV REAL: Goldman Sachs Taps Whitehall as Acquisition Vehicle DAIMLERCHRYSLER AG: BaFin Probe May Include Deutsche Bank DER SERVICE: Under Bankruptcy Administration ELEKTRO WORG: Creditors to Meet Next Month GOTZ GENSLER: Court to Verify Claims December GRUNDIG AG: Poised to Put Behind Insolvency IMPRO GMBH: Proofs of Claim Due Later this Month JES FORST: Falls into Bankruptcy KIRBERG-ROHBAU: Creditors' Claims Due Later this Month KLENNER HEIZUNG: First Meeting of Creditors Set November LTU: EUR200 Million Recapitalization in the Works MEUSSDOERFFER GMBH: Bayreuth Company Goes Bust PEV PROJEKTIERUNGS: Court Names Schultze & Braun Administrator RINOL AG: DB Zwirn to Inject More Cash ROSSLARE SHIP: 14 to Lose Jobs as 27-year-old Firm Folds SCHON UND GUT: Proofs of Claim Due End of the Month SPAR HANDELS: Takeover by Edeka Cleared SPORT- UND FREIZEITANLAGEN: Calls in Administrator from Heilmann VOLKSWAGEN AG: Bernd Wehlauer Joins Supervisory Board WENZEL MEDIA: Creditors' Claims Due October I T A L Y PARMALAT FINANZIARIA: Capitalia Says Yes to Debt Swap VINCENZO ZUCCHI: Loses EUR12.7 Million in First Half K Y R G Y Z S T A N AMPIR LTD.: Proofs of Claim Deadline Set October MASTER LENT: Creditors' Claims Due Next Month SARY-KOO: Gives Creditors Until October 25 to File Claims STUDENCHESKOYE-2000: Public Auction Set Today L U X E M B O U R G STOLT-NIELSEN: Unit Settles Long-running Problem with OFAC N E T H E R L A N D S KONINKLIJKE AHOLD: Court Dismisses Claims Against Disco ROYAL SHELL: Buys back 360,000 'A' Shares at 1,807.72 Pence Each P O L A N D H. CEGIELSKI: Returns to Black TVN SA: Ratings Raised to 'B+' on Improved Performance R U S S I A AGRO-KHIMIYA: Hires E. Feoktistov Insolvency Manager AGRO-SNAB MIKHAYLOVSKOYE: Under Bankruptcy Supervision BRONNITSKOYE: Court Brings in Insolvency Manager ECODOM: Deadline for Proofs of Claim Set Next Month KMB-BANK: Moody's Raises Bank Deposit Rating to Ba1 ORS: Bankruptcy Supervision Procedure Begins RUSSIAN AGRICULTURAL: Moody's Assigns Ba1/NP/E+ Ratings SHURYGINSKOYE: Claims Filing Period Ends Next Month SIBERIAN COAL: Insolvency Manager Takes over Business STAROTITAROVSKYA: Creditors Opt for Liquidation STROY-PROGRESS: Bankruptcy Hearing Set November ZAURAL-WOOD: Declared Insolvent S W I T Z E R L A N D ABB LTD.: Shakeup Plan in Line with Mid-term Targets REWE-ZENTRALFINANZ EG: Selling Chain of Stores to Denner T U R K E Y DOGUS HOLDING: On CreditWatch Positive over Disposal Plans U K R A I N E DUBOVYAZIVKA' SUGAR: Declared Insolvent MELITOPOLGAZ: Court Replaces Temporary Insolvency Manager U N I T E D K I N G D O M ARC RISK: Inks Deal with Japan's Biggest Travel Agency BAE SYSTEMS: Denies Rumored Airbus Sellout BEN VAN DYKE: Winding-up Gets Go Signal BUSINESS DEVELOPMENT: Assets Not Enough to Pay Creditors CAPITAL AUTO: Goes into Liquidation CHASE VENTURES: Hires Administrators from Bridgestones CITY & BOROUGH: Liquidator from David Rubin Moves in EASTHAMS FURNISHINGS: Names Administrators from Leonard Curtis EMAX INTERNATIONAL: Members Pass Winding-up Resolutions ENCO LIMITED: Appoints Elwell Watchorn & Saxton Administrator EXACT KITCHENS: Hires Liquidator from Tenon Recovery F-EIGHT FOOTWEAR: Liquidator from Tomlinsons Enters Firm GARDEN COMFORTS: Members Decide to Wind up Company GATE GOURMET: Unions Urge BA to Find Another Caterer GOSTIN SHOP: Court Issues Winding-up Order HIRE IT: Members Pass Winding-up Resolution HMC BRAUER: Meeting of Creditors Set Next Week INMARSAT PLC: Receives GBP4.2 Million for Invsat Unit J.D. FASHIONS: Appoints Liquidator from Springfields JONELLA FASHIONS: Sportswear Maker Quits KDO INTERNATIONAL: Files for Liquidation LEARNING MANAGEMENT: Members Opt for Winding-up METHODE FIBRE: Liquidator from Grant Thornton Moves in MIRAGE KITCHENS: Files for Liquidation MOSS LANE: IT Support, Training Provider Liquidates NETWORK RAIL: Guilty of Violating Health and Safety Act NORHAM MULTI: Administrators from Grant Thornton Move in PREMIER FOODS: Books Profit Despite 3.9% Drop in Turnover PREMIER FOODS: To Release Dividend November PRIVATE SANCTUARY: Bed Retailer Put to Rest QIBLA COLA: Files for Liquidation QLM LIMITED: Calls in Administrator from Armstrong Watson RANGE MOTORS: Court Sanctions Liquidation RESTALL INTERNATIONAL: Names Kroll Liquidator ROBERT WISEMAN: Court Denies Request to Re-open OFT Probe ROYAL & SUNALLIANCE: Expects GBP25 Million in 'Katrina' Claims SCOTTISH POWER: Jobs to go as Firm Eyes GBP60 Mln Annual Savings TECHTRONICS EUROPE: Files for Liquidation WEBOPTIMISER LIMITED: Calls in Administrator WHITE SHARK: Names Portland Business Liquidator WITHERINGTON HOMES: Members Decide to Wind up Firm W.PAIRPOINT & SONS: Metal Product Manufacturer Winds up ********* =============== B U L G A R I A =============== MENDERES BULGARIA: Turkish Parent Shuts down Site ------------------------------------------------- Textile maker Menderes Tekstil is pulling the plug on its cotton fabric plant in Svilengrad, a production site it opened only three years ago. According Dnevnik a.m. sources, the company is blaming the entry of cheap Chinese products into the U.S. market, the main destination of cotton fabrics manufactured out of Svilengrad. The closure affects more than 170 employees. The Turkish parent set up Menderes Bulgaria in 2002 with an initial investment of US$2 million. It subsequently poured in US$4 million, making it one of the country's largest textile makers. The plant in Svilengrad manufactures 70,000 to 80,000 meters of cotton fabrics daily and, in 2003, produced fabric for 1.8 million bedding sets worth US$25 million. Menderes Tekstil had planned to outsource some dying and printing operation to the site; apparently that will now be abandoned. CONTACT: MENDERES BULGARIA LTD. Skobelev 61 6500 Svilengrad MENDERES TEKSTIL SANAYI VE TICARET A.S. 35100 Bornova - I.zmir Phone: (0232) 435 05 65 Web site: http://www.menderes-textile.com.tr =========== F R A N C E =========== ALSTOM SA: Ups Eurobond Issue to EUR600 Million ----------------------------------------------- Alstom S.A. announced on September 6, 2005 the result of its new bond issue. Based on very strong demand, the Group has decided to raise EUR600 million of bonds, the maximum of the targeted indicated range of amount. The bonds will be due March 2009 and bear a coupon of Euribor+2.20%. This transaction enables Alstom to reduce the cost of its debt by reimbursing more expensive instruments using proceeds of this issue. CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com Press relations S. Gagneraud/G. Tourvieille Phone: +33 1 41 49 27 40 +33 1 41 49 27 13) E-mail: internet.press@chq.alstom.com Investor relations E. Chatelain Phone: +33 1 41 49 37 38 Web site: investor.relations@chq.alstom.com ============= G E R M A N Y ============= AGIV REAL: Goldman Sachs Taps Whitehall as Acquisition Vehicle -------------------------------------------------------------- Goldman Sachs will take control of Deutsche Real Estate (Dreag) via Whitehall, its real estate fund, according to Frankfurter Allgemeine Zeitung. Whitehall will hold the 76% stake that Goldman Sachs will acquire from bankrupt Agiv Real Estate and other shareholders. The U.S. investment bank is offering to absorb all of Dreag's debt plus EUR300 million cash for the stake. The deal still awaits the approval of creditors. Goldman 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, according to TCR-Europe. 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. Goldman plans to buy more properties and refinance these through the stock market, the paper 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 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 DAIMLERCHRYSLER AG: BaFin Probe May Include Deutsche Bank --------------------------------------------------------- Deutsche Bank could be dragged into BaFin's probe on DaimlerChrysler AG for alleged insider trading, Reuters says. This came after the bank sold its shares in the carmaker in July following the announcement of Juergen Schrempp's exit as chief executive. The sale reduced the bank's stake from 10.4% to 6.9%. "There is a conspicuous development," BaFin President Jochen Sanio told Welt am Sonntag in another report. The German financial services regulator has started a formal probe after finding "grounds" to suspect illegal trades involving Daimler stocks, which went up prior to the Schrempp announcement. Deutsche Bank refused to comment, while the paper did not provide details as to why would BaFin investigate dealings made after the announcement. A report from BaFin has also prompted Stuttgart prosecutors to open their own investigation. Prosecutors have reportedly searched homes and offices of four suspects. Last month, the U.S. Securities and Exchange Commission asked DaimlerChrysler to clarify its involvement in the United Nations' oil-for-food program. The Commission wants to check if the carmaker broke any provisions. DaimlerChrysler is also being investigated by the U.S. Justice Department over bribery claims at the Mercedes Car Group. This investigation relates to the U.S. SEC's inquiry last year sparked by a former Chrysler accountant's claim that the company bribed foreign officials using secret bank accounts. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com DER SERVICE: Under Bankruptcy Administration -------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Der Service Dachdecker GmbH on August 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 21, 2005 to register their claims with court-appointed provisional administrator Manuel Sack. Creditors and other interested parties are encouraged to attend the meeting on November 9, 2005, 10:00 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DER SERVICE DACHDECKER GmbH Rostocker Str. 12, 30880 Laatzen Contact: Carsten Sandrock, Manager Manuel Sack, Administrator Theaterstr. 3, 30159 Hannover Phone: 0511/36602-0 Fax: 0511/36602-55 ELEKTRO WORG: Creditors to Meet Next Month ------------------------------------------ The district court of Erfurt opened bankruptcy proceedings against Elektro Worg GmbH on August 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 25, 2005 to register their claims with court-appointed provisional administrator Jorg Hoberueck. Creditors and other interested parties are encouraged to attend the meeting on October 11, 2005, 1:00 p.m. at the district court of Erfurt, Saal 12, Rudolfstr. 46, 99092 Erfurt, 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: ELEKTRO WORG GmbH Contact: Heiko Worg, Manager Friedenstrasse 01, 06571 Rossleben Jorg Hoberueck, Administrator Hochheimer Str. 51, 99094 Erfurt GOTZ GENSLER: Court to Verify Claims December --------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Gotz Gensler Blumengrosshandlung und Import GmbH on August 16. 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 Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting on September 29, 2005, 9:40 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, 9:40 a.m. at the same venue. CONTACT: GOTZ GENSLER BLUMENGROSSHANDLUNG UND IMPORT GmbH Friedrichstr. 18,10969 Berlin Stephan Mitlehner, Administrator Walter-Benjamin-Platz 6, 10629 Berlin GRUNDIG AG: Poised to Put Behind Insolvency ------------------------------------------- Consumer electronics group Grundig Intermedia is heading for a strong recovery following an impressive performance for the 2004-2005 financial year, Frankfurter Allgemeine Zeitung says. Grundig posted EUR350 million in turnover for the 12-month period to March 2005, an 87% growth in Germany. The group said its first financial year had been profitable and it is aiming to post a 30% growth for the current financial year. The group's figures were boosted by strong performance in the flat-screen television market, where it saw its share rise from 1% to 4%. The group also tripled its market share for LCD television in Central Europe. Grundig went into insolvency in 2003 and got a fresh start in May 2004. CONTACT: GRUNDIG INTERMEDIA GMBH Beuthener Strasse 41 D-90471 Nurnberg Phone: ++49-911-703-0 E-mail: info@grundig.com Web site: http://www.grundig.com IMPRO GMBH: Proofs of Claim Due Later this Month ------------------------------------------------ The district court of Bochum opened bankruptcy proceedings against ImPro GmbH on August 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 26, 2005 to register their claims with court-appointed provisional administrator Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting on October 18, 2005, 9:30 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, 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: IMPRO GmbH Salinger Feld 36, 58454 Witten Contact: Diana Grimm, Manager Hellerstrasse 75, 44229 Dortmund Ulrich Zerrath, Administrator Lange Wanne 57, 45665 Recklinghausen Phone: 02361 / 48840 Fax: 48 8499 JES FORST: Falls into Bankruptcy -------------------------------- The district court of Potsdam opened bankruptcy proceedings against JES Forst & Verwaltung GmbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 12, 2005 to register their claims with court-appointed provisional administrator Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting on November 2, 2005, 9:00 a.m. at the district court of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004, 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: JES FORST & VERWALTUNG GmbH Neuendorfer Strasse 24, 15838 Am Mellensee Contact: Per Soderberg, Manager Rolf Rattunde, Administrator Kurfuerstendamm 212, 10719 Berlin KIRBERG-ROHBAU: Creditors' Claims Due Later this Month ------------------------------------------------------ The district court of Monchengladbach opened bankruptcy proceedings against Kirberg-Rohbau und Bedachungen Verwaltungsgesellschaft mbH on August 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 20, 2005 to register their claims with court-appointed provisional administrator Emil Rinckens. Creditors and other interested parties are encouraged to attend the meeting on October 17, 2005, 8:10 a.m. at the district court of Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach, Erdgeschoss, Sitzungssaal A 58, 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: KIRBERG-ROHBAU UND BEDACHUNGEN VERWALTUNGS GmbH Im Oldriesch 12, 41836 Hueckelhoven Contact: Manfred Kirberg, Manager Emil Rinckens, Administrator Rheinort 1, 40213 Duesseldorf KLENNER HEIZUNG: First Meeting of Creditors Set November -------------------------------------------------------- The district court of Potsdam opened bankruptcy proceedings against Klenner Heizung-Sanitar-Service GmbH on August 18. 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 Alfred Korbitz. Creditors and other interested parties are encouraged to attend the meeting on November 16, 2005, 11:30 a.m. at the district court of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004, 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: KLENNER HEIZUNG-SANITAR-SERVICE GmbH Am Wall 14, 14979 Grossbeeren Alfred Korbitz, Administrator Schonauser Allee 80, 10439 Berlin LTU: EUR200 Million Recapitalization in the Works ------------------------------------------------- LTU managers are reportedly discussing a EUR200 million recapitalization with shareholders, local dailies say. An unnamed spokesman of the troubled German charter airline confirmed the plan in one report, but described the figures as speculation. Handelsblatt on September 5 said REWE-Zentral, a retailing group that owns 40% of LTU, is planning to pump an extra EUR40 million into the company. One of the largest German holiday airlines, LTU carries more than 5 million passengers a year to over 70 destinations. It narrowly averted insolvency in 2001 when it received state guarantees from the federal state of North-Rhine Westphalia. That rescue package, however, prohibits LTU from expanding, which as a result has made it unable to compete with low-cost carriers. The recapitalization will give LTU enough room to maneuver and satisfy demand by shareholders to get back in the black by 2006. They last enjoyed a profitable year in the late 1990s, according to Handelsblatt. CONTACT: LTU Lufttransport-Unternehmen GmbH Servicezentrale Flughafen Halle 8 D-40474 Dusseldorf Phone: 0211 9418-8 88 Fax: 0211 9418-8 81 E-mail: service@ltu.de Web site: http://www.ltu.com/ MEUSSDOERFFER GMBH: Bayreuth Company Goes Bust ---------------------------------------------- The district court of Bayreuth opened bankruptcy proceedings against Meussdoerffer GmbH on August 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 19, 2005 to register their claims with court-appointed provisional administrator Dr. Ulrich Graf. Creditors and other interested parties are encouraged to attend the meeting on October 24, 2005, 9:25 a.m. at the district court of Bayreuth, Friedrichstr. 18, Zimmer 522/EG, 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: MEUSSDOERFFER GmbH W.-Meussdoerffer-Str. 19 in 95326 Kulmbach Contact: Barbara von Schau, Manager Dr. Ulrich Graf, Administrator Rathenaustrasse 7, 95444 Bayreuth Phone: 0921/75933-0 Telefax: 0921/75933-50 PEV PROJEKTIERUNGS: Court Names Schultze & Braun Administrator -------------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against PEV Projektierungs-, Errichtungs- und Verwaltungsgesellschaft mbH on. 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 Dr. Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting on October 25, 2005, 10:45 a.m. at the district court of Chemnitz, Saal 24, 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: PEV PROJEKTIERUNGS-, ERRICHTUNGS- UND VERWALTUNGSGESELLSCHAFT MBH Deubners Weg 10, 09112 Chemnitz Contact: Lutz Uhlig, Manager Dr. Dirk Herzig, Administrator Schultze & Braun Promenadenstr. 3, 09111 Chemnitz Web site: http://www.schubra.de RINOL AG: DB Zwirn to Inject More Cash -------------------------------------- One of Rinol AG's main creditors and soon-to-be owners will inject millions of euros in fresh capital into the floor manufacturer, Borsen Zeitung says. DB Zwirn pledged to pour in between EUR1.2 million and EUR4.2 million in capital, with the final figure depending on Rinol's performance. DB Zwirn has also tripled it loan to Rinol from EUR3.5 million to EUR10.5 million, and likewise moved its maturity date to December 31, 2007. Until then, Rinol will not pay any interest. DB Zwirn, however, imposed certain conditions on the financial aid, demanding that Rinol implement the restructuring advice given by consultancy group Roland Berger. DB Zwirn also expects Rinol to follow the agreed finance plan and avoid urging its main creditors to launch a takeover offer. According to Roland Berger, Rinol might achieve turnaround if it carries out a capital writedown and rids itself of interest payments. It proposed a debt-to-equity swap and a buyback of bonds at one-fifth of their original value. Rinol slashed its first-half EBIT loss from EUR3.7 million in 2004 to EUR3.5 million this year, despite a 5% slide in turnover to EUR43.2 million. CONTACT: RINOL AG Benzstrasse 2 71272 Renningen Phone: + 49 7159 164-0 Fax: + 49 7159 5152 E-mail: info@rinol.com Web site: http://www.rinol.com MORGAN STANLEY 1585 Broadway New York, NY 10036 Phone: 212-761-4000 Fax: 212-762-0575 Web site: http://www.morganstanley.com DB ZWIRN & CO., LP 745 Fifth Avenue, 18th Floor New York, NY 10151 Web site: http://www.dbzco.com ROLAND BERGER STRATEGY CONSULTANTS Arabellastr. 33 81925 Munich Phone: +49 89 9230-0 Fax: +49 89 9230-8202 Web site: http://www.rolandberger.com ROSSLARE SHIP: 14 to Lose Jobs as 27-year-old Firm Folds -------------------------------------------------------- Rosslare Ship Repairs Limited will shut down after 27 years in the marine engineering and ship repair business, said RTE. The closure, which will leave 14 people jobless, was announced Monday by the company's managing director. Rosslare blames the reduction in its volume of business for the collapse. Based in Rosslare Harbour, the wholly owned subsidiary of Irish Continental Group plc served the marine industry along the East coast to Dublin and along the South coast to Cork. Irish Continental Group plc is the parent company of Irish Ferries, which operate the Ireland/France and Ireland/U.K. passenger and ro-ro freight ferry services. CONTACT: ROSSLARE SHIP REPAIRS LIMITED Rosslare Harbour, Co. Wexford Ireland Phone: 053 33194 Fax: 053 33567 E-mail: info@rosslareshiprepairs.com Web site: http://www.rosslareshiprepairs.com SCHON UND GUT: Proofs of Claim Due End of the Month --------------------------------------------------- The district court of Essen opened bankruptcy proceedings against schon und gut GmbH on August 19. 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 Georg F. Kreplin. Creditors and other interested parties are encouraged to attend the meeting on October 13, 2005, 1:40 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, 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: SCHON UND GUT GmbH Ruettenscheider Str. 80, 45130 Essen Contact: Jorg Fietze, Manager Kamblickweg 12, 45307 Essen Georg F. Kreplin, Administrator Limbecker Platz 1, 45127 Essen Phone: 0201 220 05 02 Fax: 0201 220 05 40 SPAR HANDELS: Takeover by Edeka Cleared --------------------------------------- Germany's Federal Cartel Office has cleared the takeover of Spar Handels AG grocery chain and discount grocer Netto Sud by Edeka, according to Sunday Business. A spokesman from Edeka said the takeover will likely result to job cuts, though some Spar workers will be offered employment. Unnamed sources of daily Frankfurter Allgemeine Zeitung say around 1,500 jobs were on the line. Spar's supervisory board would meet on Sept 15 to discuss concrete measures. The resulting company from the takeover is foreseen to have annual sales of nearly EUR40 billion (US$49 billion, GBP27 billion). It will give Edeka 20% of the grocery market, and will help Spar compete with discount stores Aldi and Lidl. Spar has sustained losses due to reduced prices across Germany. Spar is owned by French parent ITM Entreprises S.A. CONTACT: SPAR HANDELS- UND AKTIENGESELLSCHAFT Osterbrooksweg 35-45 D-22867 Schenefeld Phone: 040 / 83 94 - 1593 Fax: 040 / 83 94 - 19 22 E-mail: spar-ag@spar.de Web Site: http://www.spar.de SPORT- UND FREIZEITANLAGEN: Calls in Administrator from Heilmann ---------------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Sport- und Freizeitanlagen Sosa GmbH on August 4. 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 Thomas Heilmann. Creditors and other interested parties are encouraged to attend the meeting on November 2, 2005, 10:00 a.m. at the district court of Chemnitz, Saal 24, 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: SPORT- UND FREIZEITANLAGEN SOSA GmbH Hauptstrasse 44, 08326 Sosa Contact: Michael Preiss, Manager Thomas Heilmann, Administrator Heilmann Barbarossastrasse 2, 09112 Chemnitz Web site: http://www.Heilmann.LI VOLKSWAGEN AG: Bernd Wehlauer Joins Supervisory Board ----------------------------------------------------- Following a proposal by the Board of Management on 31 August 2005, Braunschweig district court has confirmed Bernd Wehlauer of Wolfsburg, Germany to succeed Klaus Volkert as member of the Supervisory Board of Volkswagen AG. * * * In June, Klaus Volkert stepped down as head of Volkswagen's works council amid bribery claims at the company. However, he brushed aside rumors associating him to the scandal, as other executives noted age as the reason for his exit. He headed the council for 15 years. In August, Volkswagen reported half-year operating profit increased 61.6% year-on-year to EUR1.4 billion (previous year: EUR851 million). At 4.5%, ratio of investments in property, plant and equipment (capex) to sales revenue in the Automotive Division was significantly lower than in 2004 (6.0%), lifting net cash flow to EUR658 million (previous year: EUR270 million). It also revealed a further improvement in net liquidity of the Automotive Division to -EUR1.1 billion. The company admitted that there was no significant improvement in the economic environment in the first six months of 2005. Although the German passenger car market developed better in the second quarter of 2005 than in the first three months, the overall situation in the most important automotive markets remained difficult. Despite the slight improvement in exchange rates for eurozone exporters in recent months, the global situation remains unfavorable for Volkswagen AG. In addition, the company expects that competitive pressures will tend to increase and that the cost of raw materials -- especially steel and plastics -- will remain at high levels. Moreover, it believes that the high oil price and the consequent jump in fuel prices to new record highs will further dampen automotive consumer confidence. It is systematically continuing the Group-wide ForMotion program and will achieve its goal of a EUR3.1 billion earnings contribution in 2005. In this context, Volkswagen has initiated measures to restore its competitive position and return to profitability in the U.S.A. In addition, it will restructure its business in China. For this reason, it continues to expect a year-on-year improvement in both 2005 operating profit after special items and profit before tax. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de WENZEL MEDIA: Creditors' Claims Due October ------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Wenzel Media B.V. on August 10. 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 22, 2005, 9:10 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: WENZEL MEDIA B.V. Kaiserdamm 105,14057 Berlin Dr. Dirk Wittkowski, Administrator Kirchblick 11, 14129 Berlin ========= I T A L Y ========= PARMALAT FINANZIARIA: Capitalia Says Yes to Debt Swap ----------------------------------------------------- Local banking group Capitalia S.p.A. has voted in favor of the debt-for-equity swap proposed by Parmalat Finanziaria S.p.A., Il Sole 24 Ore says. According to Capitalia Chief Executive Matteo Arpe, the bank has agreed to become a Parmalat shareholder when the food group makes its comeback on the stock market. The Parma bankruptcy court closed the balloting on the proposal on August 26, 2005. TCR Europe said on September 2, 2005 that around 339 creditors participated in the voting, 254 of which were dairy suppliers. An affirmative vote would pave the way for Parmalat's relisting sometime in September or October. The group's shares have not been trading on the stock market since December 2003, when Parmalat collapsed under EUR14 billion in debt. Parmalat's relisting plan received a major boost in May, when market regulator Consob cleared it. The group will use a new name -- Parmalat S.p.A. -- instead of the holding company Parmalat Finanziaria S.p.A. upon relisting. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net VINCENZO ZUCCHI: Loses EUR12.7 Million in First Half ---------------------------------------------------- Vincenzo Zucchi S.p.A.'s first-half result improved this year, but remained in the red. The textile company's loss is down to EUR12.7 million from EUR15 million the year earlier, according to Il Sole 24 Ore. Net debt stood at EUR139.7 million, down from EUR143.8 million. Consolidated turnover is down 9.6% to EUR149.3 million. EBIT is -EUR13.2 million from EUR10.2 million last year. As reported by TCR-Europe in May, Zucchi was EUR6 million in the red during the first quarter. According to http://www.business.com,the firm manufactures, markets and distributes household textiles under the brand names of Zucchi, Bassetti, Descamps, Jalla, Bear and Eliolona. Its raw textiles, materials and yarn are manufactured mainly through Standardtela and Standardtre. Household linen accounted for 76% of 2001 revenues; dyeing & printing, 16% and materials, 8%. CONTACT: VINCENZO ZUCCHI S.P.A. Via Tiziano 9/a 20145 Milan Italy Phone: +39 02 48 01 16 56 Fax: +39 02 43 92 21 Web site: http://www.gruppozucchi.com Contact: Giordano Zucchi, Chairman & Managing Director Manlio Zucchi, Vice Chairman & Managing Director Manlio A. Zucchi, Managing Director =================== K Y R G Y Z S T A N =================== AMPIR LTD.: Proofs of Claim Deadline Set October ------------------------------------------------ LLC Consulting Company Ampir Ltd., which recently became insolvent, will accept proofs of claim at Bishkek, Hvoinaya Str. 64 until October 25, 2005. Call (0-312) 62-54-81 for more information. MASTER LENT: Creditors' Claims Due Next Month --------------------------------------------- LLC Master Lent, which recently became insolvent, will accept proofs of claim at Bishkek, Panfilova Str. 178 until October 25, 2005. Call (0-502) 49-06-35 for more information. SARY-KOO: Gives Creditors Until October 25 to File Claims --------------------------------------------------------- Agricultural Farm Sary-Koo, which recently became insolvent, will accept proofs of claim until October 25, 2005. Call (0-502) 54-66-21, 41-67-02 or 44-36-57 for more information. STUDENCHESKOYE-2000: Public Auction Set Today --------------------------------------------- The bidding organizer and insolvency manager of agricultural farm Studencheskoye-2000 will sell its properties on September 8, 2005 at 10:00 a.m. at Chui region, Sokuluk district, Studencheskoye Komsomolskaya Str. For sale are warehouses, hydraulic works, carwash premises and reservoir. To participate, bidders are required to deposit an amount equivalent to 10% of the starting price to the cashier of Studencheskoye-2000. Call (0-502) 31-63-94 for more information. =================== L U X E M B O U R G =================== STOLT-NIELSEN: Unit Settles Long-running Problem with OFAC ---------------------------------------------------------- Stolt-Nielsen Transportation Group, a subsidiary of Stolt-Nielsen S.A. (Nasdaq NM: SNSA; Oslo Stock Exchange: SNI), reached a civil settlement with the U.S. Department of the Treasury's Office of Foreign Assets Control relating to SNTG's payment of incidental port expenses to entities in Iran. The civil settlement with OFAC is in the amount of US$16,500 and does not involve any finding by OFAC of a violation. The matter has been pending since April 3, 2002. The Company is not aware of any further pending matters at OFAC. SNTG maintains strict policies and procedures designed to ensure compliance with OFAC regulations. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary Stolt-Nielsen Transportation Group, provides integrated transportation for its customers. Stolt Sea Farm, wholly owned by the Company, produces and markets high quality turbot and Southern bluefin tuna. The Company also owns 25% of Marine Harvest, the world's largest aquaculture company. CONTACT: STOLT-NIELSEN Richard M. Lemanski Phone: (U.S.A.) 1 203 299 3604 E-mail: rlemanski@stolt.com Valerie Lyon Phone: (U.K.) 44 20 7611 8904 E-mail: vlyon@stolt.com ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Court Dismisses Claims Against Disco ------------------------------------------------------- On September 6, 2005 Royal Ahold said that the Court of First Instance in the Netherlands Antilles (Gerecht in eerste aanleg van de Nederlandse Antillen) in its judgment of September 5, 2005 dismissed all claims filed by the public companies Distribucion y Servicio D&S S.A. and Servicios Profesionales y de Comercialization S.A. against Disco Ahold International Holdings N.V. D&S initiated civil proceedings against DAIH in connection with Disco's acquisition in 2000 of Supermercados Ekono S.A., which owned supermarkets in Buenos Aires, Argentina. D&S alleged, amongst other things, that Disco underpaid a deferred portion of the purchase price by Argentina's "pesofication" law, which requires that all foreign currency debts be paid in Argentine pesos. D&S sought approximately US$47.5 million as well as interest at a rate of 18% per annum over an amount of nearly US$80 million over the period from May 2, 2003 to August 21, 2003, and over an amount of around US$47.5 million over the period from August 21, 2003 to the date of payment from DAIH in its capacity as surety of the deferred portion of the purchase price for the shares of Ekono. The Court's judgment, in which all claims of D&S have been dismissed with order to D&S to pay all procedural costs, allows for appeal. Peter Wakkie, Ahold's Executive Vice President and Chief Corporate Governance Counsel commented: "I am delighted with this judgment and confident about a positive outcome for Ahold of the remaining legal proceedings initiated by D&S." Uruguayan and Argentine Litigation Ahold, together with Disco and DAIH, is a party to certain legal proceedings in Uruguay and Argentina relating to Ahold's acquisition of VRH's shares in the capital of DAIH in 2002. VRH, a company controlled by the Peirano family, was Ahold's joint venture partner in DAIH, which was formed in 1998 to hold interests in two supermarket chains: Disco in Argentina and Santa Isabel in Chile, with operations in Peru, Paraguay and, at that time, in Ecuador. Ahold acquired full ownership of DAIH after VRH defaulted on various loans collateralized by the shares it held in DAIH. The proceedings have been brought on behalf of creditors of financial entities lastly owned by the Peirano Basso family, which are in the process of insolvent liquidations at present (among others, Banco de Montevideo of Uruguay, Trade & Commerce Bank of the Cayman Islands, Banco Velox of Argentina, Banco Aleman of Paraguay, Velox Investment Company of the Cayman Islands, and Velox Real Estate of the Cayman Islands). The aggregate amount of damages claimed by plaintiffs in these proceedings is approximately US$92 plus interest and costs. Although generally not in amounts that are material to Ahold as a whole, these proceedings are described below in some detail since the plaintiffs have obtained provisional remedies in Argentina, which have affected the sale and transfer of the remaining 15% of the outstanding shares of Disco to Cencosud. The nature of all claims is similar; the complaints have in common that Ahold, Disco and/or DAIH should be held liable for the damages suffered by plaintiffs as a result of the default of the Velox Entities. To achieve this, plaintiffs allege, among other things: (i) that Ahold's acquisition of VRH's shareholding in DAIH in July and August 2002 constituted a fraudulent conveyance and/or a simulation (simulacion) and/or a tortious act and should be reversed; or (ii) that Disco and/or DAIH and the Velox Entities were part of the same economic group and therefore the corporate veil should be pierced to hold Disco and DAIH liable for the liabilities of (some of) the insolvent financial entities formerly owned by the Peirano family. In certain of these legal proceedings the plaintiffs have sought and obtained provisional remedies in relation to Ahold's shares in the capital of DAIH and DAIH's Shares in Disco. These provisional remedies, which have been executed in Argentina, consist of both: (i) attachments on certain of Disco's shares owned by DAIH; and (ii) court orders prohibiting the transfer of certain Disco shares. As a result, Ahold has not been able to finalize the sale of Disco to Cencosud as announced on March 5, 2004 and November 1, 2004. Ahold believes the claims in these legal proceedings are without merit and is vigorously opposing the complaints and the requests for provisional measures both on jurisdictional and substantive defenses in Uruguay and Argentina. Under the terms of the share purchase agreement with Cencosud on the sale of the Disco shares, Ahold will hold Cencosud and Disco harmless for the outcome of the legal proceedings in Uruguay and Argentina in relation to Ahold's acquisition of the shares in the capital of DAIH formerly owned by VRH. Argentine government investigations, regulatory proceedings and civil matters Tax Assessment Claims On July 17, 2003, the Administracion Federal de Ingresos Publicos served Disco with a Vista de la Determinacion de Oficio - a formal assessment notice - for the period from 1998 through May 2002 for taxes allegedly owed in connection with a US$100 Disco bond issue due May 2003, which was repaid at maturity, and a US$250 Disco bond issue due May 2008, which was redeemed in July 2003. The AFIP alleges that Disco improperly failed to pay VAT on both bond issues and failed to withhold tax on the interest paid to foreign holders of its allegedly non-public bonds. On September 1, 2003, Disco responded that the bonds were placed through a public offer and that taxes have been withheld and paid in compliance with applicable Argentine laws and regulations. CONTACT: KONINKLIJKE AHOLD Communications Phone: +31 (0) 75 659 5720 ROYAL SHELL: Buys back 360,000 'A' Shares at 1,807.72 Pence Each ---------------------------------------------------------------- On September 5, 2005, Royal Dutch Shell plc purchased for cancellation 1,155,000 'A' Shares at a price of EUR26.62 per share. It further announces that on the same date it purchased for cancellation 360,000 'A' Shares at a price of 1,807.72 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,052,795,000. 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 =========== P O L A N D =========== H. CEGIELSKI: Returns to Black ------------------------------ The finances of diesel engine maker H. Cegielski Poznan S.A. is still under pressure despite good orders recently, according to Lloyds List. At the end of June Cegielski delivered 11 large engines: six to its largest client Gdynia Shipyard, two for New Szczecin Shipyard, and three for a foreign yard Aker Ostsee, the German subsidiary of Aker yards. It has a target of building 22 engines this year. It also has a contract to build 18 engines until 2007. It was able to make 14 in 2004: eight to Gdynia Shipyard, five to the New Szczecin Shipyard and one to Remontowa. In 2003, the company was able to make 15. The decrease reduced turnover by 14.48% from PLN408 million in 2003 to PLN353 million in 2004. As a result, Cegielski posted a loss of PLN4.8 million in contrast with last year's net profit of PLN2.8 million (US$878,000). The drop in turnover is compounded by a low U.S. dollar exchange rate that costs the company PLN57 million, according to Cegielski spokesman Boleslaw Januszkiewicz. The company is also burdened by high steel prices. The report says one solution for the company to return to black is to benefit from the worldwide shipbuilding boom by building engines up to 30,000 kw. The company, however, has no facility to do this. It is only able to build engines up to 25,000 kw at present. As for attracting new investor, this might be difficult because of the firm's position in the HCP Cegielski group. It is only one of nine subsidiaries, but it accounts for 80% of sales volume. Its sale would surely include the eight other companies. Cegielski may get financial aid by participating in the Polish Shipyard Corp (Korporacja Stocznie Polskie, KSP) that aims to bring the country's two largest shipyards, Stocznia Gdynia and Stocznia Szczecinska Nowa. It may also get some help from a sale to German Volkswagen motor group, which is currently leasing its ground. The two are already in talks. On a positive note, the company now has a stable workforce and is paying wages on time. Cegielski employs 1,400 people. CONTACT: H. CEGIELSKI Phone: +48 61 831 24 40 E-mail: nr@hcp.com.pl Web site: http://www.hcp.com.pl/ TVN SA: Ratings Raised to 'B+' on Improved Performance ------------------------------------------------------ Standard & Poor's Ratings Services raised its long-term corporate credit rating on Polish TV broadcasting company TVN S.A. to 'B+' from 'B', reflecting the group's improved financial profile on good operational momentum. The outlook is stable. At the same time, Standard & Poor's raised its senior unsecured debt rating on the group to 'B' from 'B-'. "The upgrade reflects TVN's good financial and operating performance over the past two years," said Standard & Poor's credit analyst Olli Rouhiainen. "The group managed to improve its total debt-to-EBITDA ratio to 4.0x in the 12 months to June 2005, from about 6.5x in 2003." This improvement in financial performance has been driven by strong operational performance, with EBITDA growth of 18% in the past 12 months. Although TVN is expected to continue to buy back shares at the maximum allowed within its bond documentation, this is unlikely to significantly weaken the group's credit protection measures going forward. "We expect that TVN's good position in the Polish TV market and its established track record of high audience share among urban viewers will allow the group to maintain its cash flow generation," added Mr. Rouhiainen. TVN is expected to maintain lease-adjusted total debt to EBITDA of less than 5x and funds from operations to total debt of more than 10% to remain at the current rating level. The ratings assume that there will be no significant change in TVN's financial policy. The group is expected to limit shareholder returns to the maximum allowed within its bond documentation. The ratings could be raised if the company diversifies profitability sources from its main "TVN" channel while continuing to improve its financial profile. Ratings information is available to subscribers at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com =========== R U S S I A =========== AGRO-KHIMIYA: Hires E. Feoktistov Insolvency Manager ---------------------------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on limited liability company Agro-Khimiya. The case is docketed as A08-3536-05-11. Mr. E. Feoktistov has been appointed temporary insolvency manager. A hearing will take place on November 16, 2005. CONTACT: AGRO-KHIMIYA Russia, Belgorod region, Volokonovka, Turgeneva Str. 15 Mr. E. Feoktistov Temporary Insolvency Manager 308002, Russia, Belgorod-2, Post User Box 36 The Arbitration Court of Belgorod region 308600, Russia, Belgorod region, Narodnyj Avenue, 135 AGRO-SNAB MIKHAYLOVSKOYE: Under Bankruptcy Supervision ------------------------------------------------------ The Arbitration Court of Stavropol region has commenced bankruptcy supervision procedure on close joint stock company Agro-Snab Mikhaylovskoye. The case is docketed as A63-187/2005-S5. Mr. S. Amkhadov has been appointed temporary insolvency manager. A hearing will take place on October 27, 2005. CONTACT: AGRO-SNAB MIKHAYLOVSKOYE Russia, Stavropol region, Mikhaylovsk, Kollektivnaya Str. 1 Mr. S. Amkhadov Temporary Insolvency Manager 125183, Russia, Moscow region, Post User Box 50 BRONNITSKOYE: Court Brings in Insolvency Manager ------------------------------------------------ The Arbitration Court of Moscow region commenced bankruptcy proceedings against Bronnitskoye after finding the repair-technical enterprise insolvent. The case is docketed as A41-K2-12584/99. Mr. S. Egorov has been appointed insolvency manager. Creditors may submit their proofs of claim to 109386, Russia, Moscow region, Staropolskaya Str. 36-225. CONTACT: BRONNITSKOYE 140170, Russia, Moscow region, Bronnitsy, Sovetskaya Str. 155 Mr. S. Egorov Insolvency Manager 109386, Russia, Moscow region, Staropolskaya Str. 36-225 ECODOM: Deadline for Proofs of Claim Set Next Month --------------------------------------------------- The Arbitration Court of Chelyabinsk region commenced bankruptcy proceedings against Ecodom (TIN 7438005414) after finding the open joint stock company insolvent. The case is docketed as A76-4709/05-48-6. Mr. S. Rogov has been appointed insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to 353410, Russia, Krasnodar region, Anapskiy region, Gostogaevskaya St. Novorosiiyskaya Str. 100. CONTACT: ECODOM Chelyabinsk, 456501, Russia, Chelyabinsk region, Sosnovskiy region, Novyj Kremnekul, 1 Mr. S. Rogov Insolvency Manager Chelyabinsk, 456501, Russia, Chelyabinsk region, Sosnovskiy region, Novyj Kremnekul, 1 KMB-BANK: Moody's Raises Bank Deposit Rating to Ba1 --------------------------------------------------- Moody's Investors Service has upgraded the long-term foreign currency bank deposit rating of KMB-Bank to Ba1 from Ba3 and the bank's financial strength rating (FSR) to D- from E+. The short-term deposit rating remains unchanged at Not-Prime. The outlook for the bank deposit rating is positive, while it is stable for the FSR. The rating actions conclude the review process that was initiated on April 26, 2005, when KMB-Bank's Ba3 foreign currency deposit rating was placed on review for possible upgrade and the outlook on the E+ FSR was changed to positive from stable following the announcement that Banca Intesa (rated A1, positive outlook) would acquire a stake of 75% less one share in the bank. This transaction is now at a very advanced stage and will be finalized in the near future. The upgrade of the bank deposit rating is based on Moody's assumptions regarding Banca Intesa's strong commitment and implicit support to KMB-Bank. The outlook for the rating is positive in line with that for the country ceiling. The rating is expected to follow future movements in the ceiling; on an upside it could move up to a level commensurate with the bank's fundamental credit strength, which will primarily depend on Banca Intesa's ratings, the bank's standalone rating and the level of implicit support from the bank's strategic shareholder. The upgrade of the FSR reflects the bank's strong market position and proven expertise in SME lending in Russia, its capable management, rigorous loan underwriting standards, high portfolio granularity and sound asset quality, advanced risk management and treasury functions and good financial performance despite constraints in the form of a relatively small capital base, which has been used to leverage up the business. However, Moody's expects this impediment to be removed with the entry of a new committed strategic shareholder. KMB-Bank is headquartered in Moscow, Russian Federation, and reported total assets of US$340 million under IFRS as of March 31, 2005 (reviewed by the auditors). 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 Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 ORS: Bankruptcy Supervision Procedure Begins -------------------------------------------- The Arbitration Court of Pskov region has commenced bankruptcy supervision procedure on bread baking plant ORS. The case is docketed as A52-1994/2005/4. Mr. O. Akinshin has been appointed temporary insolvency manager. A hearing will take place on November 10, 2005. CONTACT: ORS 182100, Russia, Pskov region, Velikiye Luki, Gagarina Pr. 57 Mr. O. Akinshin Temporary Insolvency Manager 182100, Russia, Pskov region, Velikiye Luki, Gagarina Pr. 57 RUSSIAN AGRICULTURAL: Moody's Assigns Ba1/NP/E+ Ratings ------------------------------------------------------- Moody's Investors Service has assigned Ba1 long-term and 'Not-Prime' (NP) short-term foreign currency deposit ratings and an E+ (E plus) financial strength rating (FSR) to Russian Agricultural Bank (RAB). The outlook is positive for the long-term foreign currency deposit rating and stable for the other ratings. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, has assigned an Aaa.ru long-term national scale credit rating (NSR) and a RUS-1 short-term rating to RAB. According to Moody's and Moody's Interfax, the Ba1 foreign currency deposit rating assigned to RAB, which is at the country ceiling, relies on the bank's key role in the execution of government policy for agriculture development and its 100% ownership by the Russian state. Based on these factors Moody's assumes there is a very high likelihood of state support in case of need. Such support is confirmed by successive capital injections from the government since the bank's inception in 2000, the new shares issue to be completed by December 2005 that will more than double current level of equity, and by the presence of government and highly ranked administration officials on the bank's supervisory board. RAB's E+ (stable) FSR is underpinned by: (a) Its unrivalled knowledge of the Russian agriculture and agro-industrial sector; (b) Its large branch network and wide territorial coverage; (c) A strong capital base and the absence of large exposures; and (d) By the bank's good image in the national banking sector. The FSR is at the same time constrained by: (a) Exposure to a single sector that is risky and sensitive to climate and pricing changes; (b) A growing level of non-performing loans combined with exponential growth, which may give rise to credit risk concerns; (c) Exposures to and business ties with credit cooperatives, which are weakly regulated and supervised; (d) A very high cost-to-income ratio combined with very ambitious expansion plans, which may undermine profitability over the medium term; and (e) A short track record of profit. The Aaa.ru long-term and RUS-1 short-term ratings on Moody's national scale signify an exceptionally high level of (supported) creditworthiness compared to other Russian borrowers/debt. Background & Profile Headquartered in Moscow, Russian Federation, RAB was founded in 2000 on the basis of a directive signed by the President of the Russian Federation. It is fully owned by the Russian government through the Federal Property Fund. The bank is not included in any privatization plan. It has a key role in the execution of the government's agricultural policy and contributes through its loans to raising the living standards of the rural population. RAB reported a shareholders' equity of US$174 million and total assets of US$911 million in accordance with IFRS as at 31 December 2004. According to Interfax, the bank ranked 39th in terms of total assets and 32nd in terms of capital among Russian banks as at 1 July 2005. About Moody's and Moody's Interfax Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs in Russia are designated by the ".ru" suffix. NSRs differ from global scale ratings, as assigned by Moody's Investors Service, in that they are not globally comparable to the full universe of Moody's rated entities, but only with other rated entities within the same country. Moody's Interfax Rating Agency specializes in credit risk analysis in Russia and is 51% owned and controlled by Moody's Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenues of US$1.2 billion in 2004, employs approximately 2,300 people worldwide and maintains offices in 18 countries. 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 SHURYGINSKOYE: Claims Filing Period Ends Next Month --------------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Shuryginskoye after finding the close joint stock company insolvent. The case is docketed as A45-4194/05-27/13. Mr. G. Taran has been appointed insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to 630099, Russia, Novosibirsk region, Oktyabrskaya Str. 84, Room 10. CONTACT: SHURYGINSKOYE 633554, Russia, Novosibirsk region, Cherepanovskiy region, Shurygino Mr. G. Taran Insolvency Manager 630099, Russia, Novosibirsk region, Oktyabrskaya Str. 84, Room 10 SIBERIAN COAL: Insolvency Manager Takes over Business ----------------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy supervision procedure on limited liability company Siberian Coal. The case is docketed as A27-14511/2005-4. Mr. S. Makarov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 652050, Russia, Kemerovo region, Yugra, Lenigradskaya Str. 42, Main Post Office, Post User Box 45. A hearing will take place on November 4, 2005, 1:30 p.m. CONTACT: SIBERIAN COAL 654007, Russia, Kemerovo region, Novokuznetsk, Novokuznetsovskiy Pr. 7, 200 Mr. S. Makarov Insolvency Manager 652050, Russia, Kemerovo region, Yugra, Lenigradskaya Str. 42, Main Post Office, Post User Box 45 STAROTITAROVSKYA: Creditors Opt for Liquidation ----------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Starotitarovskya after finding the agro-company insolvent. The case is docketed as A-32-85-54/2005-27/104 B. Mr. O. Denisov has been appointed insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to 353410, Russia, Krasnodar region, Anapskiy region, Gostogaevskaya St., Novorosiiyskaya Str. 100. CONTACT: STAROTITAROVSKYA 353530, Russia, Krasnodar region, Temryukskiy region, Starotitarovskaya St. Ilyicha Per. 46 Mr. O. Denisov Insolvency Manager 353410, Russia, Krasnodar region, Anapskiy region, Gostogaevskaya St. Novorosiiyskaya Str. 100 STROY-PROGRESS: Bankruptcy Hearing Set November ----------------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy supervision procedure on limited liability company Stroy-Progress. The case is docketed as A03-7785/05-B. Mr. S. Pupkov has been appointed temporary insolvency manager. A hearing will take place on November 28, 2005. CONTACT: STROY-PROGRESS 656052, Russia, Barnaul, A. Petrova Str. 118a Mr. S. Pupkov Insolvency Manager 656002, Russia, Barnaul, Vorovskogo Str. 140, Post User Box 130 ZAURAL-WOOD: Declared Insolvent ------------------------------- The Arbitration Court of Kurgan region commenced bankruptcy proceedings against Zaural-Wood after finding the open joint stock company insolvent. The case is docketed as A34-3023/05. Mr. N. Leontyev has been appointed insolvency manager. Creditors may submit their proofs of claim to 641920, Russia, Kurgan region, Kargapolskiy region, Kargapolye-2, Krupskoy Str. 195. CONTACT: ZAURAL-WOOD Russia, Kurgan region, Kargapolskiy region, Kargapolye-2, Krupskoy Str. 195 Mr. N. Leontyev Insolvency Manager 641920, Russia, Kurgan region, Kargapolskiy region, Kargapolye-2, Krupskoy Str. 195 Phone: 8-35256-2-13-78 ===================== S W I T Z E R L A N D ===================== ABB LTD.: Shakeup Plan in Line with Mid-term Targets ---------------------------------------------------- ABB Ltd., the leading power and automation technology group, outlined its new mid-term targets for the five-year period from 2005 to 2009. The company also outlined a strategy that emphasizes improved business execution and a broader approach to value creation, including focus on growth, operating margin, use of capital and cash generation. Statement of Fred Kindle, ABB President and CEO ABB today is in a strong position and we can look forward to sustainable and profitable growth. The targets and actions we are announcing are designed to build on our strength and secure our competitive success over the next five years and beyond. The new group targets reflect the company's continuing focus on revenue growth and operational profitability as measured by earnings before interest and taxes (EBIT). In addition, the targets include net margin, return on capital employed and cash flow generation. To support the execution of the strategy, the organization will be adjusted as of January 1, 2006. One layer of management is being removed, with the two core divisions replaced by their respective five business areas. A new function is being introduced at the executive committee level to integrate the regional organization more strongly. This is an evolution of our strategy, not a revolution. We remain focused on our core power and automation businesses. The strategy involves a balanced approach to value creation by widening our focus beyond growth to higher margins, greater return on capital, and cash generation. Above all, the emphasis will be on better execution to deliver results more consistently and reliably. Summary of 2009 Group Targets[1] Revenue growth 2005-2009 > 5% (CAGR[2]) EBIT margin >10% Net margin > 5% Return on capital employed (after tax) (ROCE) Mid-teens Free cash flow as share of net income 100% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] Targets are defined in Appendix I of this release. [2] Compound annual growth rate over five years from 2005 to 2009, excluding major acquisitions and divestitures and assuming constant exchange rates. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - "Our new targets for net income and cash flow are intended to put more emphasis on our bottom line and our ability to convert profit into cash," said Michel Demare, Chief Financial Officer. "The group target for return on capital employed will provide a more complete picture of how we use capital resources in the company and become a dynamic management tool to enhance value creation." ROCE will also be used at the divisional level to establish target rates of return for new investments, taking into account each business' EBIT expectation, risk profile, volatility and capital intensity. New Organizational Structure The current two core divisions, Power Technologies and Automation Technologies, will be eliminated, and their respective business areas will become the new divisions as of January 1, 2006: Power Products (formerly the Power Technology Products business area), Power Systems (formerly the Power Technology Systems business area), Automation Products (as at present), Process Automation (as at present), and Robotics (formerly the Manufacturing Automation business area). A new function at the group level, Global Markets and Technology, will help to drive execution of the strategy across national and regional borders. Division Targets Division Revenue growth 2005-09* EBIT margin 2009 Power Products > 6% > 11% Power Systems > 5% > 6% Automation Products > 5% > 14% Process Automation > 5% > 9% Robotics > 4% > 9% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * Compound annual growth rate for the five years from 2005 to 2009, excluding major acquisitions and divestitures and assuming constant exchange rates - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - As of January 1, 2006, the Power Products, Power Systems and Automation Products divisions will be headquartered in Zurich, Switzerland. The Process Automation division will be based in Norwalk, Connecticut in the U.S., while the Robotics division will be based in Shanghai, China. Management Appointments As a result of the change in divisional structure, the membership of ABB's Executive Committee will change. As of January 1, 2006, the Executive Committee will comprise Fred Kindle (President and CEO), Dinesh Paliwal (President, Global Markets and Technology), Michel Demare (CFO), Gary Steel (head of Human Resources), as well as new members Bernhard Jucker (head of Power Products), Samir Brikho (head of Power Systems), Tom Sjoekvist (head of Automation Products), Veli-Matti Reinikkala (head of Process Automation), and Anders Jonsson (head of Robotics). Jucker is currently ABB's country manager and head of the Automation Technologies division in Germany. Brikho is the head of the ABB Lummus Global downstream oil, gas and petrochemicals business and will retain this role in addition to his new responsibilities. Sjoekvist is the head of the Automation Products business area and Reinikkala is head of the Process Automation business area. Jonsson is currently head of the Automation Technologies division in China and is the operational excellence manager for the division worldwide. Brikho and Jonsson will take on the leadership of their respective businesses starting October 1, 2005. In his new role as President of Global Markets and Technology, Paliwal -- currently head of the Automation Technologies division -- will focus on tapping the growth and profitability opportunities in key regions and trading areas. His responsibilities will include ensuring ABB expertise and resources are applied across national borders and that existing local support resources are used as efficiently as possible. Paliwal will continue to be country manager in the U.S. and regional manager in North America. Peter Smits, currently head of the Power Technologies division, will assume the role as country manager in Germany and regional manager of Central Europe. Impact on Financial Reporting The company will report its financial results according to the new divisional structure starting in the first quarter of 2006 (historical divisional data for full years 2003 and 2004 are provided in Appendix I of this press release). Also starting with its 2005 annual financial statements, additional disclosures will be made on the group's balance sheet to allow the calculation of return on capital employed. ABB (http://www.abb.com)is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people. More information ABB's mid-term targets press release and presentation slides are available from September 6, 2005 on the ABB News Center at http://www.abb.com/newsand on the Investor Relations Web site at http://ww.abb.com/investorrelations Appendix I Targets Defined Revenue growth CAGR: Compound annual growth rate for the five years from 2005 to 2009, excluding major acquisitions and divestitures and assuming constant exchange rates EBIT margin Earnings before interest and taxes as a percentage of revenues Net margin: Net income as a percentage of revenues Free cash flow: Free cash flow (cash flow from operating activities adjusted for changes in financing receivables as well as net investments in property, plant and equipment) as a percentage of net income Return on capital employed: EBIT (less tax), divided by the sum of fixed assets plus net working capital* EBIT (less tax) = EBIT x (1 - tax rate) Tax rate = Provision for taxes / Income from continuing operations before taxes and minority interest - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * The published financial statements for the full years 2004 and 2003 do not present information in a manner that would allow the calculation of return on capital employed as calculated by ABB above. Starting with the 2005 annual financial statements, additional disclosures will be made on the group's balance sheet to allow the above calculation - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Key divisional data 2003-2004[1] Pro-forma and unaudited (US$, millions) Division Revenues EBIT EBIT margin 2004 2003 2004 2003 2004 2003 Power Products 5,958 4,927 493 448 8.3% 9.1% Power Systems 3,691 3,516 119 147 3.2% 4.2% Automation Products 5,378 4,582 667 490 12.4% 10.7% Process Automation 4,675 4,046 279 181 6.0% 4.5% Robotics 1,382 1,417 81 66 5.9% 4.7% Non-core activities and other [2] 2,091 4,712 (30) (462) n/a n/a Corporate[2]/consolidation (2,454)(2,773)(525) (513) n/a n/a Total Group 20,721 20,427 1,084 357 5,2% 1,7% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1]Data for the five divisions shown in this table are not directly comparable with previously published data because certain internal sales were previously eliminated at the divisional level. In the table above, those sales have been eliminated at the group level. [2]Real estate activities, previously reported under Corporate, are now being accounted for in Non-core activities and Other. CONTACT: ABB LTD. Affolternstrasse 44 8050 Zurich, Switzerland Phone: +41 43 317 7111 Fax: +41 43 317 4420 Web site: http://www.abb.com REWE-ZENTRALFINANZ EG: Selling Chain of Stores to Denner -------------------------------------------------------- German retail group REWE-Zentralfinanz EG is withdrawing from the Swiss market, local reports say. It is selling its Pick Pay chain of 130 stores to rival Denner. The parties did not disclose the purchase price, but the media puts the transaction at EUR39 million. Suddeutsche Zeitung says the deal also includes a further 100 franchised stores. The stores had turnover of around CHF600 million in 2004. The sale comes as a surprise at a time when German discount supermarket chains Aldi and Lidl are looking to expand into the Swiss market. But the report says the Swiss media has spoken of an insolvency announcement for REWE in Switzerland. According to Handelsblatt, REWE said it is planning to invest in countries where it could gain market leading position. REWE is Germany's second-largest food retailer (behind METRO AG) and one of the largest in Europe overall. It operates about 11,500 stores in 13 European countries (about 9,000 in Germany). Other REWE businesses include foodservice units, specialty stores, and travel agencies. CONTACT: REWE-ZENTRALFINANZ EG REWE-Central Organisations Domstrasse 20 D - 50668 Cologne Phone: +49 (0)221 / 149 0 Fax: +49 (0)221 / 149 9000 Web site: http://www.rewe.de/indexEN.htm =========== T U R K E Y =========== DOGUS HOLDING: On CreditWatch Positive over Disposal Plans ---------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term counterparty credit ratings on Turkey-based Dogus Holding A.S. on CreditWatch with positive implications following the group's announcements of various asset disposals. At the same time, the 'B' short-term counterparty credit ratings on Dogus were affirmed. The CreditWatch listing reflects the strong positive impact on the group's liquidity that will derive from two deals: (i) the sale of Dogus' 71% stake in the Tansas food retail chain to Koc group; and (ii) the sale of 25.5% and 49.2% of Turkiye Garanti Bankasi A.S.'s (Garanti; BB-/Stable/--) ordinary and founders' shares, respectively, to GE Consumer Finance (GECF; a subsidiary of General Electric Co., AAA/Stable/A-1+). Given expected aggregate net proceeds of about $1.3 billion (including the acquisition of certain Garanti financial assets relating to stakes in various Dogus group subsidiaries), these transactions offer a significant opportunity to reduce the group's substantial leverage. At June 30, 2005, unadjusted corporate gross debt was $780 million (of which $523 million at the holding level), compared with $982 million at end-2004. "Although Dogus had already started to deleverage actively in 2004 through the reduction of its stakes in the banking and automotive sectors, the exit from the retail business and the loss of majority control in its banking arm constitute a major strategic development," said Standard & Poor's credit analyst Benedetta Rospigliosi. "Therefore, the management's business strategy for the remaining operating subsidiaries of the group, its future dividend policy, and the use of disposal proceeds will be key considerations for the CreditWatch resolution." At 30.5% ownership, Garanti will continue to constitute Dogus' largest holding, with the remaining portfolio of nonfinancial investments primarily comprising automotive distribution and construction. "The improvement in the group's liquidity will, however, have to be weighted against Dogus' reduced control over its highest credit quality asset as well as a lower portfolio size, and its decreased ability to circulate cash within the group," said Ms. Rospigliosi. Ratings information is available to subscribers at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail on: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-Mail Addresses FIG_Europe@standardandpoors.com ============= U K R A I N E ============= DUBOVYAZIVKA' SUGAR: Declared Insolvent --------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against OJSC Dubovyazivka' Sugar Combine (code EDRPOU 00372977) on July 7, 2005 after finding the limited liability company insolvent. The case is docketed as 8831-7/147. Mr. Dmitro Maltsev (License Number AA 419212) has been appointed liquidator/insolvency manager. The company holds account number 2600916110151 at JSCB Pravex-Bank, Sumi branch, MFO 337858. Creditors have until September 9, 2005 to submit their proofs of claim to: (a) DUBOVYAZIVKA' SUGAR COMBINE 42000, Ukraine, Sumi region, Konotop district, Dubovyazivka, (b) Mr. Dmitro Maltsev Liquidator/Insolvency Manager 02002, Ukraine, Kyiv region, Mikilsko Slobidska Str. 6-a Phone: 8 (050) 380-35-15 (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue, 18/1 MELITOPOLGAZ: Court Replaces Temporary Insolvency Manager --------------------------------------------------------- The Economic Court of Zaporizhya region appointed on July 29, 2005 Mr. Ishenko Vasil (License Number AA 719771) new temporary insolvency manager of OJSC Melitopolgaz. The case is docketed as 25/55(03). CONTACT: Mr. Ishenko Vasil Temporary Insolvency Manager 72311, Ukraine, Zaporizhya region, Melitopol, a/b 21 Phone/Fax: (0619) 42-09-74 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 =========================== ARC RISK: Inks Deal with Japan's Biggest Travel Agency ------------------------------------------------------ ARC Risk Management Group Plc has disclosed that its distribution partner for Japan, AIG International Services (a division of American International Group Inc.), has secured agreement with JTB and JI Accident & Fire Insurance Co. for the immediate sale of the red24alert crisis response service to their customer base. JTB is the largest travel agency in Japan and has 400 offices in 22 countries. Initially, however, red24 will be sold into the domestic market through JTB's network of 321 branches, 414 sub agencies and 6,819 affiliated agencies which, combined, accounts for some four million foreign holiday makers a year. JI Accident & Fire Insurance Co., a joint venture between AIU and JTB, is one of the largest insurance companies in Japan, and has incorporated red24alert into its product offering specifically to customers seeking protection when traveling abroad. JI is expected to provide red24alert as a mandatory service to some of its customers and as a voluntary add-on to others. ARC is hopeful that the Japanese market will prove a rich one for red24alert and that the traditionally risk averse Japanese traveler will lead to the rapid adoption of the product. Simon Wakeling, Director, ARC Risk Management Group Plc, said: "This is an exciting development for red24 taking us into a major geographical region populated by prolific travelers who seek security and safety. Both JTB and JI are confident that red24alert suits a necessary market need and will commence product marketing immediately." * * * In June, ARC Risk Management Group plc noted an increase in full-year loss despite a rise in sales. In the full year to March, the company registered pretax loss of GBP1.153 million from GBP925,246 a year earlier, while sales jumped to GBP1.122 million from GBP971,427 in 2004. CONTACT: ARC RISK MANAGEMENT GROUP PLC 73 Watling St., 4th Fl. London EC4M 9BL, United Kingdom Phone: +44-207-332-5600 Fax: +44-207-236-3918 Web site: http://www.arcrisk.com BAE SYSTEMS: Denies Rumored Airbus Sellout ------------------------------------------ BAE Systems plc does not plan to sell its 20% stake in aircraft manufacturer Airbus. In a joint interview with the Financial Times, both BA chief executive and chairman brushed aside rumors about the sale to raise cash. Chief Executive Mike Turner and Chairman Dick Olver also stressed the company could not currently put to better use any proceeds in a sale. Mr. Olver added: "Right now, I am sure Mike and I would both say: We look at everything, including Airbus, and right now it is not for sale." Mr. Turner expects shares in EADS, Airbus' parent, to drop from it current high. "It is cyclical and there will be downturns. And, yes, EADS' share price will come down for a year or two some time in the future," he said. EADS shares climbed by 22.48% last year, the paper said. CONTACT: BAE SYSTEMS PLC Warwick House, Farnborough Aerospace Center Farnborough Hampshire GU14 6YU, United Kingdom Phone: +44-1252-373-232 Fax: +44-1252-383-000 Web site: http://www.baesystems.com BEN VAN DYKE: Winding-up Gets Go Signal --------------------------------------- Company Name: BEN VAN DYKE TOWING LIMITED Lovewell Blake, 66 North Quay, Great Yarmouth, Norfolk, NR30 1HE Phone: 01953-880496 Registration Number: 02689524 Court: Norwich Date of Filing Petition: June 23, 2005 No. of Matter: 5027 of 2005 Date of Winding-up Order: August 24, 2005 CONTACT: Official Receiver Emmanuel House, 2 Convent Road, Norwich, NR2 1PA Phone: 01603 628983 Fax: 01603 760842 BUSINESS DEVELOPMENT: Assets Not Enough to Pay Creditors -------------------------------------------------------- Unsecured creditors of Midlands marketing services agency Business Development Workshop (BDW) have little hope of recovering their money. BDW owes creditors more than GBP1 million, according to Birmingham Post. Its liquidator, Butcher Woods Corporate Recovery, says money realizable from the firm's assets is only about GBP50,000, with Yorkshire Bank owed GBP111,000. According to BDW's sole director Alec Thompson, the amount owed to small business may be less than GBP1.1 million after liabilities of bigger entities such as the Inland Revenue are considered. BDW's other creditors include Capital Radio Group; Creative Graphics International; Dudley Council; Goodman Baylis Ltd. and James Beattie, Corporation Street, Birmingham. Christopher Wood, director with Brierley Hill design and printing house CCG, said his company is owed more than GBP28,000. BDW's collapse, after 14 years in business, is due to client bad debt, which required major cost base restructuring. Mr. Thompson has set up a new shop of the same business -- called Tango Marketing -- near BDW's former office at E2 Hagley Court North, The Waterfront, Brierley Hill. CONTACT: BUTCHER WOODS 79 Caroline Street Birmingham West Midlands E-mail: rod.butcher@butcher-woods.co.uk Phone: 0121 236 6001 Fax: 0121 236 5702 CAPITAL AUTO: Goes into Liquidation ----------------------------------- Company Name: CAPITAL AUTO REPLACEMENTS LIMITED C/O Chartwells Knightlands, North Benfleet Hall Road, North Benfleet, Wickford, Essex, SS12 9JR Phone: 01708 746709 Registration Number: 01821533 Court: Bristol District Registry Date of Filing Petition: June 23, 2005 No. of Matter: 2605 of 2005 Date of Winding-up Order: August 17, 2005 CONTACT: Official Receiver 4th Floor, Central House, 8 Clifftown Road, Southend-on-Sea, Essex, SS1 1AB Phone: 01702 602570 Fax: 01702 602567 CHASE VENTURES: Hires Administrators from Bridgestones ------------------------------------------------------ Name: CHASE VENTURES LIMITED (Company No 03209698) Nature of Business: Business and Management Consultancy, Social Work without Accommodation, Other Human Health Activities. Address of Registered Office: Bridgestones, 125-127 Union Street, Oldham OL1 1TE Trade Classifications: 7414, 8532 and 8514 Date of Appointment: 15 August 2005 Joint Administrators' Names and Address: Jonathan Lord and Robert Cooksey (IP Nos 9041 and 9040), both of Bridgestones, 125-127 Union Street, Oldham OL1 1TE CONTACT: CHASE VENTURES LTD 1st Floor 6 Princess Parade, New Road, Dagenham, Essex, RM10 9LS Phone: 020 8593 9373 BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk CITY & BOROUGH: Liquidator from David Rubin Moves in ---------------------------------------------------- At an Extraordinary General Meeting of the Members of City & Borough Waste Services Limited, duly convened, and held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, on 15 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 Rubin, of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, be and he is hereby nominated Liquidator for the purposes of such winding-up." S Monk, Chairman * * * City & Borough removes waste in all areas of Central London including Westminster, Kensington, Chelsea, Camden and the City. CONTACT: CITY & BOROUGH WASTE SERVICES LIMITED Scratchwood, Mill Hill, London NW7 3HU Web site: http://www.cityboroughwaste.co.uk/ Phone: 020 8201 0001 Fax: 020 8201 0102 E-mail: info-cbwaste@btconnect.com DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com EASTHAMS FURNISHINGS: Names Administrators from Leonard Curtis -------------------------------------------------------------- Name: EASTHAMS FURNISHINGS LIMITED (Company No 05007343) Nature of Business: Retail of Furniture Address of Registered Office: Whalley Road, Altham, Accrington, Lancashire BB5 5DL Date of Appointment: 19 August 2005 Administrators' Names and Address: J. M. Titley and A. Poxon (IP Nos 8617 and 8620), both of DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com EMAX INTERNATIONAL: Members Pass Winding-up Resolutions ------------------------------------------------------- At the extraordinary general meeting of the members of Emax International Limited, duly convened, and held at Gable House, 239 Regents Park Road, Finchley, London N3 3LF, on 12 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 H. J. Sorsky be and he is hereby appointed Liquidator for the purposes of such winding-up." V Lewis, Director CONTACT: EMAX INTERNATIONAL LIMITED Web site: http://www.emaxintl.com SPW POPPLETON & APPLEBY Gable House 239 Regents Park Road London N3 3LF Phone: 020 8371 5000 Fax: 020 8346 8588 E-mail: mike@spwca.com ENCO LIMITED: Appoints Elwell Watchorn & Saxton Administrator ------------------------------------------------------------- Name: ENCO LIMITED (Company No 02839285) Nature of Business: Injection Molders Address of Registered Office: Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire Trade Classification: 11 Date of Appointment: 25 August 2005 Joint Administrators' Names and Address: John Michael Munn and Joseph Gordon Maurice Sadler (IP Nos 7859 and 9048), both of Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire CONTACT: ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk EXACT KITCHENS: Hires Liquidator from Tenon Recovery ---------------------------------------------------- At the extraordinary general meeting of Exact Kitchens (Northern) Limited (t/a Intoto), duly convened, and held at Tenon House, Ferryboat Lane, Sunderland SR5 3JN, on 18 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 Ian William Kings, of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN, be and is hereby appointed Liquidator for the purposes of such winding-up." At a subsequent Meeting of Creditors, duly convened pursuant to section 98 of the Insolvency Act 1986, and held on the same day, the appointment of W Kings was confirmed. T J Jacobson, Chairman CONTACT: EXACT KITCHENS (NORTHERN) LIMITED Barkham Grange, Barkham Street, Barkham, Wokingham, Berkshire, RG40 4PJ Phone: 0118 976 2564 TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com F-EIGHT FOOTWEAR: Liquidator from Tomlinsons Enters Firm -------------------------------------------------------- At the extraordinary general meeting of F-Eight Footwear Limited, duly convened, and held at Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL, on 15 August 2005, the following Resolutions were duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable that the same be wound up voluntarily, and that the Company be wound up accordingly, and that Alan H. Tomlinson, of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL, is hereby appointed as Liquidator for the purposes of such winding-up." At the subsequent Meeting of Creditors held on the same date, the Resolution was ratified together with the appointment of Alan H. Tomlinson, of Tomlinsons, St Johns' Court, 72 Gartside Street, Manchester M3 3EL, as Liquidator of the Company. E Siarkiewicz, Chairman CONTACT: F-EIGHT FOOTWEAR LIMITED Unit E1 Newton Business P, Cartwright Street, Newton Hyde, Cheshire SK14 4FA TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk GARDEN COMFORTS: Members Decide to Wind up Company -------------------------------------------------- At the extraordinary general meeting of Garden Comforts Ltd., duly convened, and held at 43 Pall Mall, London SW1, on 23 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 Robin Bacon and Carl Derek Faulds, of Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, be and they are hereby appointed Joint Liquidators of the Company, and that any act required or authorised to be done by the Liquidators, is to be done by both or either of them for the time being holding office." J J Newton, Director CONTACT: GARDEN COMFORTS LTD 18-20 Headfort Place London SW1X 7DH Phone: (0800) 1692395 Fax: (01270) 753077 PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Phone: 01489 550 440 E-mails: carl.faulds@portland-solutions.co.uk james.tickell@portland-solutions.co.uk GATE GOURMET: Unions Urge BA to Find Another Caterer ---------------------------------------------------- Union officials are reportedly asking British Airways to dump Gate Gourmet, even though it could endanger jobs of 1,400 members. According to Mail on Sunday, the unions have become so frustrated with the airline caterer that they would not mind seeing BA partnering with another. A Transport and General Workers Union leader said: "We know there are other catering firms around and we would prefer BA to deal with them. All Gate Gourmet does is appear to scupper any prospects of peace talks." While the airline is believed to be sensitive about the sentiments of unions, it may not be able to find another caterer able to supply 87,000 in-flight meals daily. Nevertheless, Gate Gourmet's manner of dealing with the dispute has reportedly irked senior executives at the airline. Earlier, union leaders accused Gate Gourmet of "reneging" on a proposed settlement deal to end the row, which was sparked by the axing of over 600 workers. They noted the recent statement of Chief Executive David Siegel, who said employees sacked for being "militant or disruptive" will not be reinstated under any circumstances. Mr. Siegel has said the chance of the U.K. operations surviving the next 12 months is "50/50", the same odds he gave to the labor talks. He earlier warned the caterer could still fall into administration even if it has already reached a conditional deal with BA. The deal is crucial in that without it the company would be forced to file for bankruptcy. BA has made it clear the deal is conditioned upon the settlement of the labor row. CONTACT: GATE GOURMET U.K. & IRELAND Phone: 0208 5135013 Mobile: 07810 561816 Web site: http://www.gategourmet.com GOSTIN SHOP: Court Issues Winding-up Order ------------------------------------------ Company Name: GOSTIN SHOP LTD. 32-36 Hanover Street, Liverpool, L1 4LN Phone: 0151 709 4142 Fax: 0151 709 3916 Registration Number: 04013705 Court: Bristol District Registry Date of Filing Petition: June 28, 2005 No. of Matter: 2677 of 2005 Date of Winding-up Order: August 24, 2005 CONTACT: Official Receiver 2nd Floor, Cunard Building, Pier Head, Liverpool, L3 1DS Phone: 0151 236 9131 Fax: 0151 2437800 HIRE IT: Members Pass Winding-up Resolution ------------------------------------------- At the extraordinary general meeting of the members of Hire IT (Peterborough) Limited, duly convened, and held at The Old Bridge Hotel, Holmfirth, Huddersfield HD9 1DA, on 23 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 William Clive Swindell, of Yorkshire House, 7 South Lane, Holmfirth, Huddersfield HD9 1HN, be and he is hereby nominated Liquidator for the purpose of the winding-up." R Bakewell * * * Hire IT is U.K.'s leading provider of computer rental solutions, able to supply computer equipment from all the famous name suppliers including Sun Microsystems, Compaq, HP, Toshiba and many more. Visit http://www.hireit.co.uk/for more information. CONTACT: HIRE IT (PETERBOROUGH) LIMITED Phone: 0207 421 3333 E-mail: sales@hireit.co.uk William Clive Swindell, Liquidator Yorkshire House, 7 South Lane, Holmfirth, Huddersfield HD9 1HN Phone: 01484 688344 HMC BRAUER: Meeting of Creditors Set Next Week ---------------------------------------------- Notice is hereby given by Mark Jeremy Orton and James Douglas Ernle Money of KPMG LLP, Aquis Court, 31 Fishpool Street, St Albans AL3 4RF, that a Meeting of the Creditors of HMC Brauer Limited, whose registered office is Aquis Court, 31 Fishpool Street, St Albans AL3 4RF, is to be held at the offices of KPMG LLP, Altius House, One North Fourth Street, Central Milton Keynes MK9 1NE, on 12 September 2005, at 3:00 p.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986. In order to be entitled to vote under Rule 2.38 at the Meeting, Creditors must give details in writing of their claim, not later than 12:00 noon on the business day before the day fixed for the Meeting. If any Member wishes to receive a copy of the Administrators' proposals, they should provide a request in writing to the following address, Dom Pannozzo, KPMG LLP, Aquis Court, 31 Fishpool Street, St. Albans AL3 4RF. M J Orton, Joint Administrator * * * Brauer has been supplying superior engineered tooling products since 1926. Its brands are recognized worldwide as products of the highest quality, and the breadth of its product portfolio provides demanding customers with tooling, automation and measurement solutions for a wide variety of problems. Visit http://www.brauer.co.uk/for more information. CONTACT: HMC-BRAUER LIMITED Dawson Road Mount Farm Milton Keynes England MK1 1JP Phone: +44 (0) 1908 374022 Fax: +44 (0) 1908 641628 KPMG Aquis Court, 31 Fishpool Street, St Albans, AL3 4RF Phone: 0500 644665 Web site: http://www.kpmg.co.uk INMARSAT PLC: Receives GBP4.2 Million for Invsat Unit ----------------------------------------------------- Inmarsat plc has confirmed the sale of Invsat Limited, a wholly owned subsidiary to Nessco Limited, a communications services supplier for the oil and gas industry for a total consideration of approximately GBP4.2 million. Earlier, Chief Finance Officer Rick Medlock said the sale of the Invsat and Rydex units is expected to be concluded by end of the year. Aberdeenshire-based Invsat provides high bandwidth Very Small Aperture Terminal (Vsat) voice and data communications to the energy and offshore business, while Vancouver-based Rydex creates shipboard e-mail and data software for the shipping industry. The decision reportedly came following Inmarsat's inconsistent track record with its non-core ventures. Inmarsat plc has more than 25 years of experience in designing, launching and operating its satellite-based network. With a fleet of ten owned and operated geostationary satellites, which are controlled from its headquarters in London, Inmarsat provides a wide range of voice and high-speed data services to users worldwide, including telephony, fax, video, e-mail and broadband intranet and Internet access. In August, the company revealed half-year revenue increased by 4% to US$253.6 million (H1 2004: US$243.5 million) as EBITDA rose 11% to US$171.8 million (H1 2004: US$155.4 million). Inmarsat's revenues, operating profit and EBITDA for the full year 2004 were US$480.7 million (EUR399.36 million), US$159.1 million (EUR132.18 million) and US$303.6 million (EUR252.22 million), respectively. CONTACT: INMARSAT PLC 99 City Rd. London EC1Y 1AX Phone: +44-20-7728-1256 Fax: +44-20-7728-1179 Web site: http://www.inmarsat.com/ Media Inquiries Chris McLaughlin Phone: +44 20 7728 1015 or +44 779 627 6033 Investor Inquiries Simon Ailes Phone: +44 20 7728 1518 J.D. FASHIONS: Appoints Liquidator from Springfields ---------------------------------------------------- At the extraordinary general meeting of J.D. Fashions Limited, duly convened, and held at 80 Hinckley Road, Leicester LE3 0RD, on 23 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 Situl Devji Raithatha, of Springfields, 80 Hinckley Road, Leicester LE3 0RD, is hereby appointed Liquidator for the purposes of such winding-up." At a subsequent Meeting of Creditors, duly convened pursuant to section 98 of the Insolvency Act 1986, and held on the same day, the appointment of Situl Devji Raithatha was confirmed. B Kaur, Chairman CONTACT: J.D. FASHIONS LTD. P.O. Box 1614, Dar es Salaam Morogoro Rd/ Mali Street Plot 1322/78 Phone: 255-51-118168, 118254 SPRINGFIELDS 80 Hinckley Road Leicester Leicestershire LE3 0RD Phone: 0116 299 4745 Fax: 0116 299 4742 E-mail: situl.r@springfields-uk.com JONELLA FASHIONS: Sportswear Maker Quits ---------------------------------------- At the extraordinary general meeting of Jonella Fashions Limited held at 39 Castle Street, Leicester LE1 5WN, on 23 August 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as Ordinary Resolutions respectively: "That it has proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable that the same be wound up voluntarily, and that the Company be wound up accordingly, and that Neil Richard Gibson and Neil Charles Money, of CBA, 39 Castle Street, Leicester LE1 5WN, be and are hereby appointed Joint Liquidators for the purpose of such winding-up, and that the Joint Liquidators be and are hereby empowered to act jointly and severally." R Wooding, Chairman CONTACT: JONELLA FASHIONS LTD. Whittington Drive Ratby LE6 0ND Phone: 0116 2394884 Fax: 0116 2393890 CBA 39 Castle Street Leicester LE1 5WN Phone: (0116) 262 6804 Fax: (0116) 217 1404 E-mail: leics@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk KDO INTERNATIONAL: Files for Liquidation ---------------------------------------- At an Extraordinary General Meeting of KDO International West Limited, duly convened, and held at No 1 St Swithin Street, Worcester WR1 2PY, on 24 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 Neil Hickling, of Smith & Williamson Limited, No 1 St Swithin Street, Worcester WR1 2PY, be and is hereby appointed Liquidator for the purposes of such winding-up." At a subsequent Meeting of Creditors held on 24 August 2005 at No 1 St Swithin Street, Worcester WR1 2PY, the appointment of Neil Hickling was confirmed by the Creditors. R Oddy, Chairman * * * KDO is an established British engineering company situated in the Worcestershire countryside at Little Witley. It specializes in the design, manufacture, sales and after-sales service of label production and converting equipment. Visit http://www.kdo.co.uk for more information. CONTACT: KDO INTERNATIONAL WEST LIMITED The KDO Business Park Little Witley Worcester WR6 6LR Hereford and Worcester Phone: 01299 896959 Fax: 01299 896965 SMITH & WILLIAMSON 1 St Swithin Street Worcester Worcestershire WR1 2PY Phone: 01905 730100 Fax: 01905 723502 E-mail: nfh@smith.williamson.co.uk LEARNING MANAGEMENT: Members Opt for Winding-up ----------------------------------------------- At an Extraordinary General Meeting of the Members of Learning Management Solutions Ltd., duly convened, and held at Jones Lowndes Dwyer LLP, John Swift Building, 19 Mason Street, Manchester M4 5FT, on 25 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 Claire L Dwyer be and she is hereby appointed Liquidator for the purposes of such winding-up." T Lock, Chairman and Company Director CONTACT: LEARNING MANAGEMENT SOLUTIONS LTD. The Orchard House, Rhiews Bank, Market Drayton, Shropshire, TF9 3RQ Web site: http://lms.ilmc.co.uk/ Phone: 01948 890664 JONES LOWNDES DWYER LLP John Swift Building 19 Mason Street Manchester Greater Manchester M4 5FT Phone: 0161 832 9454 Fax: 0161 832 9455 E-mail: clairedwyer@joneslowndesdwyer.co.uk METHODE FIBRE: Liquidator from Grant Thornton Moves in ------------------------------------------------------ At the extraordinary general meeting of Methode Fibre Optics-Europe Ltd., convened, and held at Unit H, Crossagalla Business Park, Ballysimon Road, Limerick City, Ireland, on 12 August 2005, at 10:00 a.m., the following Special Resolution was passed: "That the Company be wound up voluntarily, and that Samantha Keen, of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW, be appointed Liquidator of the Company for the purposes of the voluntary winding-up." J Sheehan, Chairman * * * Methode Electronics, Inc. is a global manufacturer of component and subsystem devices with manufacturing, design, and testing facilities in the United States, Mexico, Malta, United Kingdom, Germany, Czech Republic, Singapore, and China. The company designs, manufactures and markets devices employing electrical, electronic, wireless, sensing and optical technologies. Its business is managed on a technology product basis, with those technology segments being Electronic, Optical and Other. Visit http://www.methode.com/for more information. CONTACT: METHODE FIBRE OPTICS EUROPE Boundary Road Haverhill CB9 7UU Suffolk Phone: 01440 712525 Fax: 01440 712542 GRANT THORNTON U.K. LLP 31 Carlton Crescent Southampton SO15 2EW Phone: 023 8022 1231 Fax: 023 8022 4017 Web site: http://www.grant-thornton.co.uk MIRAGE KITCHENS: Files for Liquidation -------------------------------------- At an Extraordinary General Meeting of the Members of Mirage Kitchens And Bedrooms Limited, duly convened, and held at the Judges Hotel, Kirklevington, Yarm TS15 9LW, on 19 August 2005, the following Resolutions were duly passed as an Extraordinary Resolution and as Ordinary Resolution: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that David Anthony Horner, of David Horner & Co, 3 Guisborough Road, Great Ayton, Middlesbrough TS9 6AA, be and he is hereby appointed Liquidator for the purposes of such winding-up." D Whitby, Director CONTACT: MIRAGE KITCHENS AND BEDROOMS LIMITED Cargo Fleet Lane Cargo Fleet Middlesbrough TS3 8AL Cleveland Phone: 01642 248884 Fax: 01642 248838 Web site: http://www.miragekitchens.co.uk DAVID HORNER & CO. Web site: http://www.davidhornerandco.co.uk MOSS LANE: IT Support, Training Provider Liquidates --------------------------------------------------- At an Extraordinary General Meeting of the Members of Moss Lane Community Outreach Project, duly convened, and held at Premier Travel Inn, Carrington Lane, Ashton upon Mersey, near Sale M33 5BL, on 9 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 T J Hargreaves, of T H Associates, Newfield House, High Street, Tunstall, Stoke on Trent ST6 5PD, be and he is hereby nominated for the purpose of winding-up." L Johnson, Director and Shareholder * * * MOSSCOP provides direct support services to some of the most disadvantaged and socially excluded families and communities for over nine years, although some of these services have existed for 18 years prior to the formally constructed process. Visit http://www.mosscop.com/for more information. CONTACT: MOSS LANE COMMUNITY OUTREACH PROJECT 300 Moss Lane East Moss Side Manchester M14 4SS E-mail: Admin@mosscop.com Phone: 0161-226-7868 Fax: 0161-226-0836 NETWORK RAIL: Guilty of Violating Health and Safety Act ------------------------------------------------------- The Hatfield trial, in which Network Rail and several of its employees faced charges under the Health & Safety at Work Act, concluded on Tuesday. The court found: -- Network Rail guilty of offences under Health and Safety at Work Act; -- Four Network Rail employees, who were individually charged with offences under Health and Safety at Work Act, not guilty. Comment by Network Rail Chairman Ian McAllister The Hatfield tragedy was a terrible event for everyone involved, and our thoughts today are with those who died and were injured on that day and their families. Once again, we wish to say we are sorry that it ever happened. This has been a long trial, it has now reached its conclusion and we respect the findings of the court. It must be remembered that the maintenance of the railway has fundamentally changed since the Hatfield tragedy in October 2000. Since Network Rail took over the nation's railway infrastructure some three years ago, maintenance has been taken in-house rather than being outsourced, and we have changed our approach from a 'find and fix' maintenance regime to one of 'predict and prevent'. We have also invested heavily in new maintenance technology and doubled the size of our company to some 30,000 employees. All these changes have been made as we work to minimize the chances of this ever happening again. Network Rail is a very different company to Railtrack. In the three years that it has been in-charge of the nation's railway infrastructure, it has made sweeping changes to its priorities, to the company structure, and to its people and processes: (a) Network Rail, is a not-for-dividend company, with engineering at its core, (b) The running of a safe, reliable and efficient rail network are the company's clear priorities, (c) Maintenance has been brought in-house under direct control, (d) As a result, maintenance has moved from a 'find and fix' approach to one of 'predict and prevent', (e) We have embarked on a massive railway investment program, spending over GBP5bn each year to operate, maintain and renew the rail infrastructure, (f) We have invested heavily in new technology that measures the condition of the rail infrastructure in more detail and more accurately than ever before Background On 17 October 2000 a GNER train traveling from London to Leeds was derailed at Hatfield. Four people died. The cause of the derailment was a broken rail caused by rolling contact fatigue (formerly known as 'gauge corner cracking'). The trial began in January 2005 at Court 84 of the Royal Courts of Justice. The Network Rail defendants were the company (which assumed the legal liabilities of Railtrack when it bought it in October 2002), Alistair Cook, then asset manager, London North Eastern Zone (LNEZ); Sean Fugill, area asset manager, LNEZ; Keith Lea, track engineer, LNEZ. The fourth defendant was Nicholas Jeffries, then an employee of Balfour Beatty, now of Network Rail. The employees were originally charged with involuntary manslaughter. The court dismissed them of this charge on 14 July 2005. The company and the individuals still faced charges under section 37 of the Heath & Safety at Work Act 1974. Co-defendant Balfour Beatty subsequently pleaded guilty to Health & Safety Charges. The rail industry accepted responsibility and liability for the tragedy just a few days after the accident. Network Rail is the 'not for dividend' owner and operator of Britain's railway infrastructure, which includes the tracks, signals, tunnels, bridges, viaducts, level crossings and stations -- the largest of which it also manages. It is working to rebuild Britain's railway and provide a safe, reliable and efficient rail infrastructure for freight and passenger trains to use. * * * Railtrack went into administration in 2001 after the government withdrew funding for the company whose reputation was wrecked by a fatal crash in 2000 at Hatfield. Its shareholders are suing the government for "misfeasance of justice" and a breach of human rights to recover GBP157 million. The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of State for Transport HC03CO4185") is being held at the high court of Mr. Justice Lindsay. Jonathan Sumption is spearheading the government's defense. Geoffrey Weir is the shareholders' lead claimant. Keith Rowley QC is the shareholders' barrister. The investors are acting together as The Railtrack Private Shareholders Action Group (RPSAG). CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44 20 7557 8000 Fax: +44 20 7557 9000 Web site: http://www.networkrail.com NORHAM MULTI: Administrators from Grant Thornton Move in -------------------------------------------------------- Name: NORHAM MULTI LEISURE LIMITED (Company No 01457032) Nature of Business: Operating Leisure Facilities Address of Registered Office: The Old Control Tower, Kent International Airport, Manston Road, Manston, Kent CT12 5TW Date of Appointment: 23 August 2005 Joint Administrators' Names and Address: Andrew Conquest and Joseph McLean (IP Nos 5329 and 8903), both of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk PREMIER FOODS: Books Profit Despite 3.9% Drop in Turnover --------------------------------------------------------- Premier Foods plc has reported interim results for the six months to 2 July 2005. Unaudited Unaudited six months to six months to Change 2 July 2005 3 July 2004 GBPmillion GBPmillion Turnover* 409.2 425.8 -3.9% Trading profit*,** 45.6 38.4 18.8% Operating profit* 42.8 39.0 9.7% Profit/(loss) before tax 18.3 0.2 na Operating cash flow 61.1 58.9 3.7% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Continuing operations [**] Trading profit is defined as operating profit before exceptional items, amortization of intangibles and the effective income statement impact of changes in pension assumptions. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Highlights (a) continued focus on growth of brands: Branded sales now 56% of grocery sales; (b) Bird's and Quorn acquisitions performing to expectation; (c) Cost savings program delivering; and (d) interim dividend of 4.75 pence per ordinary share Premier is also announcing the acquisition of 100% of the ordinary share capital of Monument (GB) Limited and certain assets (trading as FW Gedney) for GBP5.5 million cash on a cash-free, debt free basis. Gedney's is a potato and fresh produce supply business and will be integrated into Premier's existing potato supply business. Report of Chief Executive Robert Schofield This is a solid set of results with like-for-like operating profit up 5.4%. It demonstrates the strength of our branded grocery business, which saw good performances from our principal brands, and continued progress on reducing costs. The outlook for the remainder of the year is for our core business to remain on track with our grocery business compensating for our disappointing potatoes business. With regard to our recently acquired Quorn business we intend to invest GBP2 million more in the second half on marketing and innovation to support our growth plans. Our brands, scale and efficiency mean we are well positioned to deliver profitable growth and strong cash flow generation to support progressive dividends and further acquisitions in the future. A copy of the financial results is available free of charge at http://bankrupt.com/misc/PremierFoods(H12005).pdf CONTACT: PREMIER FOODS PLC 28 The Green, Kings Norton Birmingham B38 8SD, United Kingdom Phone: +44-1727-815-850 Fax: +44-1727-815-982 Web site: http://www.premierfoods.co.uk Robert Schofield, Chief Executive Paul Thomas, Finance Director Gwyn Tyley, Investor Relations Manager Phone: +44 (0) 20 7638 9571 CITIGATE DEWE ROGERSON Michael Berkeley Sara Batchelor Anthony Kennaway Phone: 020 7638 9571 PREMIER FOODS: To Release Dividend November ------------------------------------------- Further to the interim results statement, Premier Foods plc has announced dates for the dividend, which included: Ex dividend date - 26 October 2005 Record date - 28 October 2005 Payment of Dividend - 25 November 2005. * * * In July, Premier Foods admitted trading conditions continue to be difficult at its unit MBM Produce Ltd. and it does not anticipate seeing any improvement until 2006. Meanwhile, its trading outlook for the year remains in line with expectations. The grocery business continues to make progress after a slow January and it is looking forward to an improved second half when a number of its new products will be launched in the market place. CONTACT: PREMIER FOODS PLC 28 The Green, Kings Norton Birmingham B38 8SD, United Kingdom Phone: +44-1727-815-850 Fax: +44-1727-815-982 Web site: http://www.premierfoods.co.uk Robert Schofield, Chief Executive Paul Thomas, Finance Director Gwyn Tyley, Investor Relations Manager Phone: +44 (0) 20 7638 9571 CITIGATE DEWE ROGERSON Michael Berkeley Sara Batchelor Anthony Kennaway Phone: 020 7638 9571 PRIVATE SANCTUARY: Bed Retailer Put to Rest ------------------------------------------- At an Extraordinary General Meeting of the Members of Private Sanctuary Limited, duly convened, and held at 27 The Downs, Altrincham, Cheshire WA14 2QD, on 24 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 Neil Henry and Michael Simister, of Lines Henry, 27 The Downs, Altrincham, Cheshire WA14 2QD, be and they are hereby appointed Joint Liquidators for the purposes of such winding-up and that the Joint Liquidators are empowered to act jointly and severally." N J Littlehales, Director CONTACT: PRIVATE SANCTUARY LIMITED Web site: http://www.privatesanctuary.co.uk/ Private Sanctuary Phone: 0161 236 7014 LINES HENRY 27 The Downs Altrincham Cheshire WA14 2QD Phone: 0161 929 1905 Fax: 0161 929 1977 E-mail: nola@lineshenry.co.uk QIBLA COLA: Files for Liquidation --------------------------------- At an Extraordinary General Meeting of the Members of Qibla Cola Company Limited, duly convened, and held at The Fradley Arms, A38, Fradley, Lichfield, Staffordshire WS13 8RD, on Wednesday 24 August 2005, at 10:30 a.m., the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Eileen T F Sale, of Sale Smith & Co. Limited, Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE, be and is hereby appointed Liquidator for the purposes of such winding-up." M Haider, Chairman * * * Based in the heart of England, Qibla organizes distribution and production of cola in the U.K. and worldwide. It has national distribution rights. CONTACT: QIBLA COLA COMPANY LIMITED Po Box 6440, Derby, DE1 9NE, England, UK Web site: http://www.qibla-cola.com/ SALE SMITH & CO. Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE Phone: 01922 624777 Fax: 01922 720528 E-mail: etfs@salesmith.demon.co.uk QLM LIMITED: Calls in Administrator from Armstrong Watson --------------------------------------------------------- Name: QLM LIMITED (Company No 3400839) Nature of Business: Retailer of Household and Electrical Goods Address of Registered Office: Idle Road, Bradford BD2 2AL Date of Appointment: 25 August 2005 Administrator's Name and Address: M. C. Kienlen (IP No 9367), Armstrong Watson, Central House, 47 St Paul's Street, Leeds LS1 2TE CONTACT: ARMSTRONG WATSON Central House 47 St Paul's Street Leeds LS1 2TE West Yorkshire Phone: 0113 384 3840 Fax: 0113 384 3841 E-mail: mike.lienlen@armstrongwatson.co.uk RANGE MOTORS: Court Sanctions Liquidation ----------------------------------------- Company Name: RANGE MOTORS LIMITED 58 Whitchurch Avenue, Broadstone, Dorset, BH18 8LP Phone: 01202 675510 01202 670722 Fax: 01202 675510 Web site: http://www.rangemotors.com Court: Bristol District Registry Date of Filing Petition: June 2, 2005 No. of Matter: 2332 of 2005 Date of Winding-up Order: August 24, 2005 CONTACT: Official Receiver 1st Floor, Heliting House, 35 Richmond Hill, Bournemouth, BH2 6HT Phone: 01202 203900 Fax: 01202 203920 * * * Range Motors Limited is a vehicle service and repair center specializing in all models of Land Rover and Range Rover plus other makes of 4x4 in Dorset and the south of England. RESTALL INTERNATIONAL: Names Kroll Liquidator --------------------------------------------- At an Extraordinary General Meeting of Restall International Limited, convened, and held at The Holiday Inn, Birmingham North, Birmingham Road, Birmingham B43 7AG, on 24 August 2005, at 10:00 a.m., the following Resolutions were passed, as an Extraordinary Resolution and as Ordinary Resolutions respectively: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that S Wilson and J Wright, of Kroll Limited, The Observatory, Chapel Walks, Manchester M2 1HL, be appointed Joint Liquidators of the Company for the purposes of the voluntary winding-up, and that the Joint Liquidators be authorized to act jointly and severally in the liquidation." M Spicer, Chairman * * * Founded in 1864, Restall's rapidly established fame for fine quality hand-made furniture resulted in many prestigious commissions such as the thrones used by King George V and Queen Mary at the Delhi Durbah in 1912. Today it has an international reputation as designer and manufacturer of a range of furniture covering. Another area of success for the company is stadia seating. Restall seats are installed at most English Football League and County Cricket Grounds and many leading sports venues throughout the world. CONTACT: FREDERICK RESTALL LIMITED Unit 10/11 Tyseley Industrial Estate Seeleys Road Tyseley Birmingham B11 2LQ Phone: +44 (0)121 766 4888 Fax: +44 (0)121 766 4884 E-mail: sales@restall.com KROLL LIMITED The Observatory, Chapel Walks, Manchester M2 1HL Web site: http://www.krollworldwide.com ROBERT WISEMAN: Court Denies Request to Re-open OFT Probe --------------------------------------------------------- The Board of Robert Wiseman Dairies plc has noted the conclusion of Arla Foods plc's appeal against the decision of the Office of Fair Trading in respect of Robert Wiseman under Chapter II of the Competition Act. While the Competition Appeals Tribunal has decided to set aside the OFT's decision in August 2002, the CAT declined to grant Arla's request for an order that the OFT re-open the investigation. The OFT's investigation, which was the subject of the CAT decision, was in relation to an alleged abuse of a dominant market position. * * * In October 2002, Robert Wiseman Dairies received confirmation from the OFT that it has closed its investigation under Chapter 1 of the Competition Act 1998 and that no action is being taken against the Company. Chairman Alan Wiseman said: "We have maintained from day one that there was no case to answer and we are obviously delighted to put this matter behind us. "It is disappointing that the investigation ever took place and lasted for such a long period, but we never allowed it to distract us from running the business." The investigation was done to verify whether Wiseman abused a dominant position in the supply of milk to middle ground retailers in Scotland. As a result of the investigation being completed, the company was released from the Voluntary Assurances to the Director General of the OFT regarding pricing to the middle ground sector in the Highlands. The OFT investigation lasted more than a year and the total cost to the business in professional fees alone was in excess of GBP700,000. CONTACT: ROBERT WISEMAN DAIRIES PLC Cairn Place Nerston Industrial Estate East Kilbride, G74 4NQ Strathclyde Phone: 01355 247777 Fax: 01355 228181 Web site: http://www.wiseman-dairies.co.uk ROYAL & SUNALLIANCE: Expects GBP25 Million in 'Katrina' Claims -------------------------------------------------------------- Royal & SunAlliance Insurance Group plc has revealed a provisional estimate of up to GBP25 million, net of reinsurance recoveries, for claims arising from the recent hurricane in the U.S. The losses are expected to arise in the Group's Marine and Global and Risk Managed portfolios. The provisional loss estimate includes a very limited exposure from the Group's U.S. business following its restructure in 2003. * * * In August, Royal & SunAlliance reported operating result of GBP329 million for the six months ended June 30, 2005, an increase of 145 million on H1 2004. Profit after tax amounted to GBP195 million, up from GBP82 million in H1 2004. Andy Haste, Group Chief Executive, said: "It has been a good first half of the year, with strong performances from our Core businesses and further progress in the U.S. We continue to deliver on our strategic objectives and the results demonstrate the underlying strength of the Group and its ability to achieve sustainable returns." Royal & SunAlliance has also reportedly decided to transfer its employees from pensions based on final salaries to packages based on average career earnings. This is said to be aimed at cutting about GBP180 million from the company's GBP500 million pension fund deficit. The measure is part of the company's ongoing restructuring, which comes amid mounting claims and weak investments. The company is said to have improved its risk profile, but it has not yet totally eliminated the threat of potentially large claims in the U.S. The latter could dampen interest of prospective buyers, according to analysts. In June, Royal & SunAlliance sold a 20% stake in investment bank Rothschild and fought off a potential takeover by Andrew Regan. CONTACT: ROYAL & SUNALLIANCE INSURANCE GROUP PLC 30 Berkeley Sq. London W1J 6EW, United Kingdom Phone: +44-20-7636-3450 Fax: +44-20-7636-3451 Web site: http://www.royalsunalliance.com SCOTTISH POWER: Jobs to go as Firm Eyes GBP60 Mln Annual Savings ---------------------------------------------------------------- Scottish Power plc has warned of job losses, as it aims to save GBP60 million a year. According to The Scotsman, the energy company has yet to finalize the extent of the job cuts, but it is inclined to eliminate layers of management. Chief Executive Ian Russell hinted the reductions would likely affect the firm's corporate side. "Four of my senior colleagues will be leaving, but as far as further job losses are concerned, I think it is inevitable that there will be some," he told Reuters in another report. The paper also quoted Mr. Russell as saying he hoped to discuss further details of the restructuring over the next few weeks. Meanwhile, Dow Jones reported that shares in Scottish Power rose Tuesday following the announcement of its restructuring plan. The scheme will bring in a GBP35 million charge in the firm's 2005 accounts, Dow Jones added. It also noted the cost savings could come from the removal of support functions for the company's PacifiCorp unit, and changes in the structure of its U.K. business. In May, U.S.-based Pacificorp was sold to MidAmerican Energy. "Once we had made the strategic decision to sell PacifiCorp, which changes significantly the shape and scale of the group, it was necessary to review our management, operating and cost structures," Mr. Russel told Dow Jones. CONTACT: SCOTTISH POWER PLC 1 Atlantic Quay Glasgow G2 8SP, United Kingdom Phone: +44-141-248-8200 Fax: +44-141-248-8300 Web site: http://www.scottishpower.plc.uk Jennifer Lawton, Head of Investor Relations Phone: 0141 636 4527 David Ross, Investor Relations Manager Phone: 0141 566 4853 Colin McSeveny, Group Media Relations Manager Phone: 0141 636 4515 TECHTRONICS EUROPE: Files for Liquidation ----------------------------------------- Company Name: TECHTRONICS EUROPE LTD. Meadowgate Filling Station, Kates Bridge Thurlby, Bourne, Lincoln, PE10 0EN. Phone: 0870 0100590 Registration Number: 03332870 Court: Bristol District Registry Date of Filing Petition: June 29, 2005 No. of Matter: 2679 of 2005 Date of Winding-up Order: August 24, 2005 CONTACT: Official Receiver The Frontage, 4th Floor, Queen Street, Nottingham, NG1 2BL Phone: 0115 852 5000 Fax: 0115 852 5199 WEBOPTIMISER LIMITED: Calls in Administrator -------------------------------------------- Name: WEBOPTIMISER LIMITED (Company No 03669109) Nature of Business: Internet Marketing and Business Services Trade Classification: 7260 Date of Appointment: 22 August 2005 Joint Administrators' Names and Address: Anthony Murphy, Roger Tulloch and Stephen Tancock (IP Nos 8716, 9174 and 9206), of Smith & Williamson Limited, No 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA * * * Founded in 1996 as an Internet marketing company, Weboptimiser specializes in search engine optimization (SEO) and pay per click search engine marketing. Visit http://www.weboptimiser.com/for more information. CONTACT: WEBOPTIMISER MEDIA LIMITED Studio 104, The Blackfriars Foundry 156 Blackfriars Road, London SE1 8EN Phone: +44 (0) 800 614421 SMITH & WILLIAMSON LIMITED No 1 Bishops Wharf Walnut Tree Close Guildford GU1 4RA Phone: 01483 407 100 Fax: 01483 301 232 Web site: http://www.smith.williamson.co.uk WHITE SHARK: Names Portland Business Liquidator ----------------------------------------------- At an Extraordinary General Meeting of the Members of White Shark (UK) Limited, duly convened, and held at Abacus House, Acorn Business Park, Tower Park, Poole, Dorset BH12 4NZ, on 23 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 Michael Robert Fortune and Carl Derek Faulds of Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, be and is hereby appointed Joint Liquidators of the Company and that any act required or authorised to be done by the Liquidators, is to be done by both or either of them for the time being holding office." C Core, Director CONTACT: WHITE SHARK (UK) LIMITED Cobbs Quay Marina, Hamworthy, Poole, Dorset BH15 4EL Phone: 01202 661630 (07771 882980) Web site: http://www.whitesharkboats.com PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Phone: 01489 550 440 E-mails: carl.faulds@portland-solutions.co.uk james.tickell@portland-solutions.co.uk WITHERINGTON HOMES: Members Decide to Wind up Firm -------------------------------------------------- At an Extraordinary General Meeting of the Members of Witherington Homes Limited, duly convened, and held at Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG, on 24 August 2005, the following Resolutions were duly passed as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Colin Burke, of Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG, be and he is hereby appointed Liquidator for the purposes of such winding-up." P Witherington, Director CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk W.PAIRPOINT & SONS: Metal Product Manufacturer Winds up ------------------------------------------------------- At an Extraordinary General Meeting of W.Pairpoint & Sons Limited, duly convened, and held at St Andrew's House, 18-20 St Andrew Street, London EC4A 3AJ, on 22 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 Hasan Imam Mirza of Pridie Brewster, St Andrew's House, 18-20 St Andrew Street, London EC4A 3AJ, be and is hereby appointed Liquidator for the purposes of such winding-up." CONTACT: W.PAIRPOINT & SONS LIMITED 10 Shacklewell Road London N16 7TA Phone: 020 7254 6362 Fax: 020 7254 7175 PRIDIE BREWSTER Carolyn House 29-31 Greville Street London EC1N 8RB Phone: 020 7831 8821 Fax: 020 7404 3069 E-mail: hmirza@london.pridie-brewster.com ********* 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 * * *