/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050912.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, September 12, 2005, Vol. 6, No. 180 Headlines C Z E C H R E P U B L I C FDM: Liquidator Faces Additional Complaints F R A N C E DURALEX INTERNATIONAL: Owner Asks Court to Reopen Factories G E R M A N Y CLEAN 2000: Under Bankruptcy Administration GEA GROUP: Cerberus Interested in Plastics Unit GROHE HOLDING: Outlook Negative on Weakened Credit Metrics KARSTADTQUELLE AG: Plans to Invade Paris, London, China KASEREI SEELOW: Creditors' Claims Due Later this Month LBL GMBH: Court to Verify Claims November NATUR & KOSMETIK: Hamburg Court Appoints Administrator NBW DRITTE: Creditors Meeting Set 4th Week of September ROWO HEINZ: Proofs of Claim Due Next Month SARKO DEUTSCHLAND: Succumbs to Bankruptcy TERRA LINK: Court Names Dr. Tjark Thies Administrator TIMECONSULT AG: Bochum Company Goes Bust TREMA BAUPROJEKTENTWICKLUNG: Falls into Bankruptcy TRENDLINE VERWALTUNGS: Proofs of Claim Due October WPS METALLBAU: Muenster Court Calls in Administrator I R E L A N D GLANBIA PLC: To Close Cheese Factory End of September I T A L Y PARMALAT FINAZIARIA: Parmatour Buyer Known by Month's End K Y R G Y Z S T A N BISHKEK DISON: Creditors Meeting Set Next Week INFO TECH: Declared Insolvent ITOGI: Proofs of Claim Deadline Set November L U X E M B O U R G TNK-BP FINANCE: Luxembourg Bourse Okays US$5 Bln Notes Issuance TNK-BP FINANCE: Fitch Affirms 'BB+/B' Rating on US$5 Bln Notes TNK-BP FINANCE: S&P Rates Debt Issuance Program 'BB/B' N E T H E R L A N D S KONINKLIJKE AHOLD: Second-quarter Results Back in Black ROYAL SHELL: Cancels 2,140,000 'A' Shares VERSATEL TELECOM: E.U. Clears Disposal of Assets to Tele2, Apax R O M A N I A CFR SA: Rating Raised to 'BB' After Romania's Upgrade R U S S I A AGRO-CREDIT: Succumbs to Bankruptcy ARZAMASSKAYA CONFECTIONERY: Bankruptcy Hearing Set December BEL-MOL: Declared Insolvent ENERGO-BUILDER: Undergoes Bankruptcy Supervision Procedure MAKARYEV-WOOD: Insolvency Manager Takes over Business METROMEDIA INTERNATIONAL: To File Overdue Reports in 4th Qtr. MOSCOW REINSURANCE: Rating Upgraded to 'B+'; Outlook Stable NELIDOVSKIY FACTORY: Public Auction Set Tomorrow OREL-STANKO-SERVICE: Public Auction Set Wednesday REM-BYT-TEKHNIKA: Hires Y. Bolshakov Insolvency Manager SARATOVSKIY: Claims Filing Period Ends Next Month SPETS-STROY-314: Bankruptcy Supervision Procedure Begins YUKOS OIL: Yugansk Sale Appeal Rejected Anew * Ratings of Major Steel Makers Likely to Improve, Says Fitch T U R K E Y TURKCELL ILETISIM: Results Positive in Seasonally Strong Quarter TURKCELL ILETISIM: Court Rejects Telsim's Request for Injunction U K R A I N E GIRNIK: Court Appoints Liquidator KREATIV: Declared Insolvent OTIDO: Gives Creditors Until Today to File Claims PROGRES: Zaporizhya Court Opens Bankruptcy Proceedings TEHOSNAB: Succumbs to Bankruptcy TRANSKOMPLEKT: Declared Insolvent WINDOE CURTAIN: Bankruptcy Supervision Begins U N I T E D K I N G D O M ABLE THE: Recruitment Agency Runs out of Money ALLIED TELECOMMUNICATIONS: Creditors Meeting Set Tuesday AQUA HEATING: Court Sanctions Winding-up ARTLINE SOLUTIONS: Members Opt for Liquidation A V MEDIA: Files for Liquidation BALUSTRADING CONTRACTS: Calls in Administrator BARRINGTON HOUSE: Hires Administrators from Milner Boardman BLUE 62: Arrows Commercial Calls in Kroll Receiver BLYTH & BLYTH: Former Trustees Hire New Lawyers BOND ACCOUNTANCY: EGM Passes Winding-up Resolutions BURNS AND BRASSETT: HSBC Bank Appoints PKF Receiver BUTTON IT: Names Begbies Traynor Liquidator CARTERS BUILDING: Files for Liquidation CHAROLAIS INVESTMENT: Names Moore Stephens Administrator CHEROKEE SYSTEMS: Electronics Firm Liquidates CIRCAROMA LIMITED: Skincare Products Maker Winds up CPS (CIVIL ENGINEERING): Sets Creditors Meeting September 21 DAISYS2ROSES LIMITED: Goes into Liquidation EVOLUTION BUSINESS: Appoints Begbies Traynor Liquidator HAINES & HURLEY: Calls in Liquidator from Benedict Mackenzie H M LINKS: EGM Passes Winding-up Resolutions IVAN BODEN: Liquidator from Sanderlings Enters Firm JARVIS PLC: Former Amey Director Joins Board LOWER MILEHOUSE: Court Issues Winding-up Order MARCONI CORPORATION: Remains in Talks with Buyers MISYS PLC: Pension Funds Still Opposed to Bonus Proposal MITRE PERSONNEL: HSBC Appoints Receiver NY-Q UK: Court Approves Liquidation PARAGON GARAGE: Hires Administrators from DS Insolvency Services PENRYN COUNTRY: Administrators from Purnells Move in PICTURE PRINT: Files for Liquidation RENTOKIL INITIAL: Board Hits Raphoe's Plan to Install New Chair SKYEPHARMA PLC: Set Presentation of Interim Results September 28 TEMPFORCE LIMITED: In Administrative Receivership TM GROUP: On CreditWatch Negative After Management Buyout TRILOGY TELECOM: Administrators Take over Business WILLIAM HUSTLER: Engineering Firm Liquidates ZABAR HOSIERY: Names Crawfords Administrator ********* =========================== C Z E C H R E P U B L I C =========================== FDM: Liquidator Faces Additional Complaints ------------------------------------------- The Finance Ministry will ask a court to nullify the sale of several assets belonging to the defunct Children and Youth Fund (FDM), Czech News Agency says. FDM, established in 1993, took over the properties of the former communist-controlled Socialist Youth Union (SSM) and liquidated them for distribution to various children and youth associations. The assets are believed to have been sold at prices way below their value by fund liquidator Pavel Zak. The ministry told Czech Television the sales are invalid. Experts put the damage caused to the state at CZK37 million. Mr. Zak is now facing criminal charges related to FDM. The ministry is preparing five additional complaints for breach of trust in property administration and misuse of confidential information. He faces between two to eight years in prison if proven guilty. CONTACT: MINISTRY OF FINANCE OF THE CZECH REPUBLIC Information Office Letenska 15 118 10 Prague 1 Phone: +420 25704 2719 +420 25704 272 Web site: http://www.mfcr.cz/cps/rde/xchg/ TOCIK MARTIN & PARTNER Moskevska 66, 360 01 Karlovy Vary Phone: (+420) 353 226 531 Contact: Martin Tocik =========== F R A N C E =========== DURALEX INTERNATIONAL: Owner Asks Court to Reopen Factories ----------------------------------------------------------- Sinan Solmaz, the Turkish owner of glassmaker Duralex International France, has submitted a draft of the group's continuation plan to the Orleans commercial court. According to Les Echos, the plan proposes resumption of operations at Duralex's production sites in Loire and Loiret, which employ around 470 people. The court has set a hearing for October 5 to evaluate the plan. The Orleans commercial court placed the glassmaker under administration in June and under observation for six months. Duralex attributed its current situation to falling sales and cash flow problems. CONTACT: DURALEX INTERNATIONAL FRANCE 7, rue du Petit Bois 45380 La Chapelle Saint-Mesmin Phone:(33) 02 38 71 88 00 Fax:(33) 02 38 71 88 01 BORMIOLI ROCCO E FIGLIO Via San Leonardo, 41 43100 Parma - Italy Phone: 0039/521/7901 Fax: 0039/521/272859 E-mail: info_mail@bormiolirocco.com Web site: http://www.bormiolirocco.net ============= G E R M A N Y ============= CLEAN 2000: Under Bankruptcy Administration ------------------------------------------- The district court of Darmstadt opened bankruptcy proceedings against Clean 2000, Glas- und Gebaudereinigung GmbH on August 15. Consequently, all pending proceedings against the company have be en automatically stayed. Creditors have until September 20, 2005 to register their claims with court-appointed provisional administrator Georg Caps. Creditors and other interested parties are encouraged to attend the meeting on November 1, 2005, 9:00 a.m. at the district court of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt, 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: CLEAN 2000, GLAS- UND GEBAUDEREINIGUNG GmbH Otto-Rohm-Str. 81, 64293 Darmstadt Contact: Rosmarie Schwarz, Manager Georg Caps, Administrator Holzstrasse 2, 64283 Darmstadt Phone: 06151/1522290 Fax: 06151/1522299 GEA GROUP: Cerberus Interested in Plastics Unit ----------------------------------------------- U.S. investment company Cerberus and engineering group GEA Group AG are in exclusive talks over the latter's plastics division Dynamit Nobel Kunststoffe, reports say. Cerberus declined to comment on the reports, while GEA only confirmed plans to dispose of the unit in the second half of the company, according to Financial Times Deutschland. The transaction will complete the restructuring drive of the group. DNK has turnover of EUR900 million. It is part of GEA's chemicals division, but it also produces parts for cars. Once combined with Peguform, the German supplier to the automobile industry that Cerberus owns, the resulting firm could churn out turnover of several billion euros, according to the report. GEA Group Aktiengesellschaft was formerly Mg Technologies AG. It was renamed on July 12 as part of a strategic restructuring launched in 2003. GEA now stands for "Global Engineering Alliance" with a head office at am Main to Bochum. In August, Fitch affirmed the group's Senior Unsecured rating at 'BBB-' (BBB minus) and Short-term rating at 'F3'. The outlook is changed to stable from negative to reflect Fitch's expectation that management will further focus on cash flow generation while maintaining a healthy financial profile. The ongoing restructuring of plant engineering will help to boost GEA's profitability to acceptable levels in a reasonable time frame, it said. CONTACT: GEA GROUP AKTIENGESELLSCHAFT Phone: +49 (0) 234 890 1081 Fax: +49 (0) 234 890 1087 Web site: http://www.geagroup.com GROHE HOLDING: Outlook Negative on Weakened Credit Metrics ---------------------------------------------------------- Moody's Investors Service has changed the outlook on the ratings of Grohe Holding GmbH and its subsidiary (Grohe Beteiligungs GmbH) to negative from stable. The change in outlook follows the release of the company's first half 2005 results which showed a weakening in the company's credit metrics for the current rating category as a result of the continued difficult trading environment. Moody's explains that the negative rating outlook reflects Grohe's recorded decline in sales volume, which was only partially offset by improved pricing. Moody's expects that the company's normalized EBITDA in 2005 will fall below previous forecasts. Moreover, while the weakening in the first half was in part attributable to one-offs such as de-stocking in France and the Netherlands, the company's domestic German market remains weak overall. Consequently, Moody's believes that improvements in profitability are likely to depend on the successful implementation of the company's "Fit for the Future" program combined with its efforts to internationalize the business into higher-growth markets overseas. Moody's recognizes the progress that Grohe has so far achieved under this program. In addition, the rating agency believes that the announced agreement with the works council on workforce reductions in Germany reduces execution risk going forward. Furthermore, in light of the successful amendment of the senior credit agreement to include commitments for restructuring, coupled with EUR50 million in cash on the balance sheet as of 30 June, Moody's believes that Grohe's liquidity is currently adequate. However, the company retains limited financial flexibility within the covenants of the creditor agreement. The negative outlook for all of Grohe's ratings reflects the continued difficult market conditions that have impacted the company's margins and resulted in credit metrics that Moody's considers to be weak for the current rating category. The rating progression will depend on developments in the operating environment for sanitary products, and the company's ability to offset the recent weakness in its main markets with ongoing restructuring. If the company's restructuring efforts do not enable it to offset weak top-line growth and allow for some de-leveraging to below 7x total debt/EBITDA on an adjusted basis this could put downward pressure on the ratings. On the other hand, some de-leveraging could potentially stabilize the outlook. Change in rating outlook has affected these ratings: (a) B1 Corporate Family Rating of Grohe Holding GmbH; (b) B1 rating on the EUR900 million senior secured credit facilities of Grohe Beteiligungs GmbH; (c) B3 rating on the EUR335.0 million 8.625% senior notes due 2014 of Grohe Holding GmbH; and (d) Caa1 rating on the remaining 11.5% subordinated notes due 2010 of Grohe Beteiligungs GmbH (originally issued by Grohe Aktiengesellschaft). Grohe Holding GmbH is headquartered in Hemer, Germany, and is a leading European supplier of sanitary technology systems. For the year ended December 2004, Grohe generated revenues of EUR911 million. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) David G. Staples, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Richard Morawetz, Vice President - Senior Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 KARSTADTQUELLE AG: Plans to Invade Paris, London, China ------------------------------------------------------- Troubled retail giant KarstadtQuelle plans to expand operation abroad after it completes its restructuring, Retail Week says. According to Chief Executive Thomas Middleholf, KarstadtQuelle's department store concept can be successful in 15 international locations, with London, Paris and Shanghai topping the list. KarstadtQuelle plans to implement changes starting 2007, including a revaluation of its group structure once operations and sales have improved at its three core units: mail order, department stores and tourism. Mr. Middleholf added, in the end of 2006, the group would take stock and decide the future of each of its three divisions. Mr. Middleholf said if sales fail to pick up, he would implement a joint venture, merger or partnership within each of the three units, rather than split the retailer. KarstadtQuelle has been disposing of non-core assets to focus on core activities, boost sales and cut cost. The latest to go are 75 of its smaller department stores, which were sold to a U.K. consortium led by Dawnay, Day and Hilco. The group also recently went into a joint venture with local grocer Rewe to operate 73 of its food halls. Mr. Middleholf took over the helm in April, replacing former chairman Dr. Christoph Achenbach, whose restructuring program failed to turn around the group. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com KASEREI SEELOW: Creditors' Claims Due Later this Month ------------------------------------------------------ The district court of Frankfurt (Oder) opened bankruptcy proceedings against Kaserei Seelow GmbH on August 22. 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 Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting on October 26, 2005, 11:45 a.m. at the district court of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder), Saal 401, 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: KASEREI SEELOW GmbH Am Bahnhof 8, 15306 Seelow Susanne Mueller, Administrator Vietmannsdorfer Strasse 23, 17268 Templin LBL GMBH: Court to Verify Claims November ----------------------------------------- The district court of Darmstadt opened bankruptcy proceedings against LBL GmbH on August 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 28, 2005 to register their claims with court-appointed provisional administrator Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting on November 9, 2005, 10:00 a.m. at the district court of Darmstadt, Zimmer 1, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt, 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: LBL GmbH Lilienthalstr. 3, 68519 Viernheim Contact: Peter Classen, Manager Zeisigweg 7, 68799 Reilingen Helmut Hochrein, Manager An der Halde 6, 89081 Ulm Marc Schmidt-Thieme, Administrator Soldnerstr. 2, 68219 Mannheim Phone: 0621/87708-0 Fax: 0621/8770820 NATUR & KOSMETIK: Hamburg Court Appoints Administrator ------------------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against NATUR & KOSMETIK Astrid Brockmann GmbH on August 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 7, 2005 to register their claims with court-appointed provisional administrator Sonke Hansen. Creditors and other interested parties are encouraged to attend the meeting on November 7, 2005, 9;00 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: NATUR & KOSMETIK ASTRID BROCKMANN GmbH Blankeneser Bahnhofstr. 7, 22587 Hamburg Contact: Astrid Brockmann, Manager Entenweg 23, 22549 Hamburg Sonke Hansen, Administrator Monckebergstrasse 17, 20095 Hamburg Phone: 309694-0 NBW DRITTE: Creditors Meeting Set 4th Week of September ------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against NBW Dritte Beteiligungs GmbH on August 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 3, 2005 to register their claims with court-appointed provisional administrator Christoph Rosenmueller. Creditors and other interested parties are encouraged to attend the meeting on September 22, 2005, 10:15 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on December 15, 2005, 10:20 a.m. at the same venue. CONTACT: NBW DRITTE BETEILIGUNGS GmbH Kleiststr. 3-6,10787 Berlin Christoph Rosenmueller, Administrator Berliner Str. 117, 10713 Berlin ROWO HEINZ: Proofs of Claim Due Next Month ------------------------------------------ The district court of Muenster opened bankruptcy proceedings against ROWO Heinz Rohlmann GmbH on August 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 13, 2005 to register their claims with court-appointed provisional administrator Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting on November 3, 2005, 11:00 a.m. at the district court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, I., Saal 101 B, 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: ROWO HEINZ ROHLMANN GmbH Kreuzbach 30, 48167 Muenster Contact: Heinz Rohlmann, Manager Kreuzbach 30, 48167 Muenster Manfred Vellmer, Administrator Rothenburg 20/21, 48143 Muenster Phone: 0251/511801 Fax: +492519277785 SARKO DEUTSCHLAND: Succumbs to Bankruptcy ----------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Sarko Deutschland GmbH on August 11. 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 Jens-Soren Schroder. Creditors and other interested parties are encouraged to attend the meeting on October 31, 2005, 10:45 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SARKO DEUTSCHLAND GmbH Marschnerstieg 5-7, 22081 Hamburg Contact: Armin Harder and Uwe Rudi Newill, Managers Jens-Soren Schroder, Administrator Raboisen 38, 20095 Hamburg Phone: 334460 Fax: 33446111 TERRA LINK: Court Names Dr. Tjark Thies Administrator ----------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Terra Link Internet Marketing GmbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 4, 2005 to register their claims with court-appointed provisional administrator Dr. Tjark Thies. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2005, 9:00 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TERRA LINK INTERNET MARKETING GmbH Merkurring 116, 22143 Hamburg Contact: Vicente Hernando, Manager Dr. Tjark Thies, Administrator Domstrasse 15, 20095 Hamburg Phone: 41522416 TIMECONSULT AG: Bochum Company Goes Bust ---------------------------------------- The district court of Bochum opened bankruptcy proceedings against Timeconsult AG on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 22, 2005 to register their claims with court-appointed provisional administrator Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting on October 27, 2005, 10:40 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: TIMECONSULT AG Hiltroper Landwehr 4, 44805 Bochum Contact: Karl-Heinrich Schiffhorst Moritz Hansberg, Administrator Huestrasse 34, 44787 Bochum Phone: 0234 - 964 91-0 Fax: 0234 - 964 91-33 TREMA BAUPROJEKTENTWICKLUNG: Falls into Bankruptcy -------------------------------------------------- The district court of Muenchen opened bankruptcy proceedings against TREMA Bauprojektentwicklung GmbH on August 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 30, 2005 to register their claims with court-appointed provisional administrator Dr. Bruno Kuebler. Creditors and other interested parties are encouraged to attend the meeting on October 20, 2005, 11:25 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TREMA BAUPROJEKTENTWICKLUNG GmbH Espenstr. 7 a in 80935 Muenchen Dr. Bruno Kuebler, Administrator Konrad-Zuse-Platz 1, 81829 Muenchen Phone: 99299-0 Fax: 99299-299 TRENDLINE VERWALTUNGS: Proofs of Claim Due October -------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against TRENDLINE Verwaltungs-, Handels- und Beteiligungsgesellschaft mbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 11, 2005 to register their claims with court-appointed provisional administrator Dr. Lucas F. Flother. Creditors and other interested parties are encouraged to attend the meeting on November 8, 2005, 1:30 p.m. at the district court of Leipzig, Saal 056, 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: TRENDLINE VERWALTUNGS-, HANDELS- UND BETEILIGUNGSGESELLSCHAFT mbH Bernhard-Goring-Str. 159, 04277 Leipzig Contact: Kerstin Frister, Manager Dr. Lucas F. Flother, Administrator Nikolaistrasse 3-5, 04109 Leipzig WPS METALLBAU: Muenster Court Calls in Administrator ---------------------------------------------------- The district court of Muenster opened bankruptcy proceedings against WPS Metallbau GmbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 25, 2005 to register their claims with court-appointed provisional administrator Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting on November 15, 2005, 9:00 a.m. at the district court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, EG, Saal 13 B, 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: WPS METALLBAU GmbH Schuckertstrasse 14, 48153 Muenster Contact: Klaus Berghof, Manager Stephan Michels, Administrator von-Vincke-Strasse 2, 48143 Muenster Phone: 0251/41430-0 Fax: +492514143010 ============= I R E L A N D ============= GLANBIA PLC: To Close Cheese Factory End of September ----------------------------------------------------- Glanbia plc's cheese factory in Kilmeaden, Co. Waterford will shut down by the end of its seasonal operations this month, said Business World. A total of 45 full-time and part-time workers will be affected by the closure. Brian O'Shea, Labour Party Deputy for Waterford, has reportedly expressed concern about the effects of the crisis this time of the year when many children are going back to school and college. He said: "While the majority of the employees were seasonal staff who worked at the plant from march-September, I would hope that Glanbia could find a new purpose for the factory and that new permanent jobs can be found to those that have been lost." Earlier this month, Glanbia plc reported that half-year operating profit pre-exceptional was down EUR3.1 million to EUR38.3 million (H1 2004: EUR41.4 million), as a result of the challenges experienced by the Irish Agribusiness and chilled foods segment of the Consumer Foods division, which impacted overall performance. The company said: "The trading environment in Ireland is expected to remain challenging for the remainder of this year. We have taken strong proactive measures on costs, productivity and market positioning and the benefits of these initiatives will flow through during the next year. Given the current difficult trading environment we expect earnings for 2005 to be broadly in line with 2004." It also incurred an exceptional charge of EUR2.4 million, which was made up primarily of EUR6.3 million rationalization costs to enhance efficiency in Ireland. Of the total rationalization costs, EUR4.9 million relates to an agreement in May with employees at the fresh dairy products facility in Inch, which involves voluntary redundancies and new work practices, and the remaining EUR1.4 million relates to the closure of two liquid milk distribution depots in Dublin. CONTACT: GLANBIA PLC Glanbia House Kilkenny, Ireland Phone: +353 56 777 2200 Fax: +353 56 777 2222 E-mail: info@glanbia.ie Web site: http://www.glanbia.com ========= I T A L Y ========= PARMALAT FINAZIARIA: Parmatour Buyer Known by Month's End --------------------------------------------------------- The sale of Parmatour, sister company of collapsed Parmalat Finanziaria, has entered the final phase, Il Sole 24 Ore says. The group's supervisory committee met on September 9 to evaluate the final three bids. It will then submit its recommendation to Trade Minister Claudio Scajola, who will announce the winner by month's end. The three bidders are Sviluppo Italia Turismo (SIT), the tourism unit of state development fund Sviluppo Italia; Salerno-based Soglia Hotel Group; and a local consortium led by I Grandi Viaggi and Aurum Hotels. Owned by the Tanzi family, Parmatour was deeply affected by Parmalat's collapse in December 2003. The group operates seven local and six foreign units and is valued between EUR30 million and EUR40 million. CONTACT: PARMALAT FINANZIARIA S.p.A. Piazza Erculea 9 20122 Milan, Italy Phone: +39-02-806-8801 Fax: +39-02-869-3863 Web site: http://www.parmalat.net SVILUPPO ITALIA TURISMO Via Calabria, 46 00187 Rome - Italy Phone: + 39 06 42 16 01 Fax: + 39 06 42 16 08 04 E-mail: info@sviluppoitalia.it Web site: http://www.sviluppoitalia.it SOGLIA HOTELS AND RESORT Corso Claudio, 1 84083 - Castel San Giorgio - Salerno Phone: +39 081 5161600 Fax: +39 081 5161996 Web site: http://www.sogliahotels.com VIAGGI DEL VENTAGLIO S.p.A. Via dei Gracchi, 35 20146 Milan Web site: http://www.ventaglio.com =================== K Y R G Y Z S T A N =================== BISHKEK DISON: Creditors Meeting Set Next Week ---------------------------------------------- The temporary insolvency manager of JSC Bishkek Dison Beforeery Plant has called a creditors meeting on September 15, 2005, 2:00 p.m. at Bishkek, Sovetskaya Str. 220. Agenda: (a) Bankruptcy procedure process, (b) Auction process, and (c) Others Proxies must have authorization to vote. Call (0-312) 62-39-69 or 66-51-94 for more information. INFO TECH: Declared Insolvent ----------------------------- LLC Info Tech, which recently became insolvent, will accept proofs of claim at Bishkek, Kievskaya Str. 135 until November 1, 2005. CONTACT: INFO TECH Bishkek, Kievskaya Str. 135 ITOGI: Proofs of Claim Deadline Set November -------------------------------------------- LLC Editorial Office Itogi, which recently became insolvent, will accept proofs of claim until November 1, 2005. Call (0-312) 43-85-13 for more information. =================== L U X E M B O U R G =================== TNK-BP FINANCE: Luxembourg Bourse Okays US$5 Bln Notes Issuance --------------------------------------------------------------- TNK-BP has disclosed that on 7 September 2005, acting through its subsidiary TNK-BP Finance S.A., it established a US$5 billion Guaranteed Debt Issuance Program which has been approved for listing and regulated market trading purposes by the Luxembourg Stock Exchange. The Program provides for the issuance of Notes and will be used by the company for short-, medium- and long-term international debt issuance. The dealers and arrangers under the Program are BNP-Paribas, Citigroup, CSFB and UBS. The timing of the first drawdown under the Program will be announced once it is determined by the company. Robert Dudley, Chief Executive Officer of TNK-BP, said: "We view the establishment of this program as a significant milestone that we have been working towards this year. The US$5 billion program will become a cornerstone of TNK-BP's borrowing strategy in the coming years. The timing and size of any debt issues within the program will depend on several factors, including TNK-BP's borrowing needs and market conditions, and no decisions have been made yet to drawdown." CONTACT: TNK-BP FINANCE S.A. c/o TNK-BP 1, Arbat Street Moscow, Russia 119019 Phone: +7 095 777-77-07 E-mail: company@tnk-bp.ru Web site: http://www.tnk-bp.com TNK-BP FINANCE: Fitch Affirms 'BB+/B' Rating on US$5 Bln Notes -------------------------------------------------------------- Fitch Ratings has affirmed the Long-term rating of 'BB+' and Short-term rating of 'B' on TNK-BP Finance S.A.'s US$5 billion guaranteed debt issuance program, which has now been approved for listing and regulated market trading purposes by the Luxembourg Stock Exchange. The notes to be issued under the program will be unsubordinated and unsecured by the guarantor (TNK-BP International Ltd.); they may be issued in any currency agreed on by the issuer, the guarantor, and the dealers; and may have any maturity between one month and 30 years. CONTACT: FITCH RATINGS Jeffrey Woodruff, Moscow Phone: +7 095 956 9986 Josef Pospisil, London Phone: +44 (0) 20 7417 4266 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com TNK-BP FINANCE: S&P Rates Debt Issuance Program 'BB/B' ------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'BB' senior unsecured long-term and 'B' short-term debt ratings to the $5 billion debt issuance program issued by TNK-BP Finance S.A. and its parent TNK-BP International Ltd. The program is irrevocably and unconditionally guaranteed by TNK-BP International, a vertically integrated oil company operating in Russia and Ukraine. At the same time, Standard & Poor's assigned its 'B' short-term corporate credit rating to TNK-BP International Ltd. and its parent, TNK-BP, reflecting the group's healthy liquidity position. The notes to be issued under the program will be unsubordinated and unsecured by the guarantor; they may be issued in any currency agreed on by the issuer, the guarantor, and the dealers; and may have any maturity between one month and 30 years. The issue proceeds will be used for general corporate purposes. "The ratings on the debt issuance program reflect the ratings on TNK-BP International," said Standard & Poor's credit analyst Karl Nietvelt. TNK-BP International's total financial debt at year-end 2004 amounted to US$3.4 billion, of which close to 60% was secured debt. Management intends to reduce the level of secured debt, however. The ongoing corporate restructuring program is viewed as moderately positive for debt holders at the TNK-BP International holding. "The ratings on TNK-BP International reflect the company's vast reserves, substantial production, vertically integrated structure, and high cash-generating capacity," added Mr. Nietvelt. In 2004, TNK-BP International produced 1.4 million barrels per day, representing 13% organic growth on 2004, and US$3.4 billion in free operating cash flow after capital expenditures. This reflected exceptionally strong and rising international oil prices, together with much better margins achieved on the domestic market since 2004. The ratings remain constrained, however, by the general risks of the Russian oil industry, including a large and volatile tax burden and various institutional risks. Although the ratings do not factor in any direct financial support from TNK-BP International's 50% shareholder BP PLC (AA+/Stable/A-1+), Standard & Poor's acknowledges the benefits of BP's very strong industry expertise, control procedures, and experienced management. TNK-BP International's strict compliance with its financial policy targets, particularly regarding dividends and leverage, is factored into the ratings. While the recently announced 2001 claim of about US$245 million was viewed as manageable in light of current exceptionally strong free cash flows, we will continue to monitor audit developments in back tax claims for 2002 and 2003. 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 ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Second-quarter Results Back in Black ------------------------------------------------------- Ahold showed stable performance and improved profitability in the second quarter of 2005, despite a more competitive external environment. Net income swung to EUR130 million compared to a net loss of EUR28 million in the second quarter of 2004. The retail execution and value repositioning strategy contributed to top-line growth, excluding currency impact, while operating income reflected competitive pressure and the effects of the ongoing changes we are making to the business. Net sales, excluding currency impact, increased by 0.5%. Execution of our value repositioning and restructuring programs is continuing, our divestment program is almost complete, debt has been further reduced, and we have stepped up our investments in new and remodeled stores. Value repositioning strategy drives top line Top-line growth at our European retail operations strengthened in the second quarter of 2005 as a result of the implementation of value repositioning strategies in line with Ahold's retail model. In a declining Dutch food retail market, Albert Heijn's lower prices and strict cost controls succeeded in delivering net sales growth for Albert Heijn of over 5% and operating income developed favorably. The Central Europe Arena, Schuitema and ICA continued to implement their own commercial strategies, while gross margins developed in line with our expectations during this phase as cost levels are brought into line with more attractive prices for customers. Central Europe's centralized purchasing is delivering clear benefits and we recently announced plans to acquire up to 67 Julius Meinl stores to enhance the arena's market opportunities. Restructuring and reinvestment at Stop & Shop/Giant-Landover In the U.S., Stop & Shop and Giant-Landover continued to operate in a challenging competitive environment. Stop & Shop increased identical store sales slightly, while Giant-Landover's identical sales declined 4.7%, primarily due to competitive pressures. Operating income was impacted by increased costs of perishables and ongoing promotional activities. The arena's operating expenses as a percentage of net sales have improved compared to Q2 2004, notwithstanding a US$20 million restructuring provision related to new supply chain streamlining and store closures at Giant-Landover. A plan is in place to accelerate a significant remodeling program of Giant-Landover stores over the next two years in order to reinvest in our market leadership position. Marketplace effectiveness and portfolio streamlining at Giant-Carlisle/Tops Giant-Carlisle continued to execute its successful go-to-market strategy, resulting in 3.6% identical sales growth and increased market share. Though identical sales at Tops declined 4.1%, store productivity has been improved due to various initiatives. As part of the continuing streamlining of our store portfolio, Tops' core market is being redefined. This has already resulted in eight store closures this year on top of the decision to sell 31 stores this year and next. In Q2 2005, we also completed the divestment of our 198 convenience store division. The arena's gross margin benefited from improvements in mix, merchandising and operational efficiencies. Operating income increased as a result of gains on the disposal of tangible fixed assets. Solid progress at U.S. Foodservice U.S. Foodservice continued to make solid progress in enhancing its customer mix, improving its street selling strategy and applying a more effective procurement process. Two-thirds of the planned improvement in gross margin during the Road to Recovery program has now been realized and with that half-year 2005 gross margin has improved by approximately 100 basis points compared to full year 2003. Despite an increase in fuel costs and consulting expenses, half year 2005 operating expenses have decreased by approximately 10 basis points compared to full year 2003, reflecting the positive impact from various operational improvements initiated to contribute to future profit growth. Growing recognition of Ahold's improved financial position Ahold's financial position continued to improve with a reduction of EUR1.2 billion in gross debt and EUR0.4 billion in net debt during the quarter. S&P's recent upgrade of Ahold's corporate credit rating and the successful negotiation of a new EUR2 billion unsecured credit facility on more favorable terms underscore the progress we have made towards our goal of returning to an investment grade profile. They also demonstrate the financial community's increased confidence in Ahold. Road to Recovery: Year of Execution We will continue to focus on strengthening our capital structure including, but not limited to, further reducing gross debt. At the end of Q2 2005 we had realized EUR2.7 billion in divestment gross proceeds, exceeding our target for the Road to Recovery. We are halfway towards achieving our retail net cost-savings target of EUR600 million by the end of 2006, and we are now reinvesting in our market leadership positions. We are pursuing our operating targets for our food retail business for full-year 2006 of 5% net sales growth, 5% operating margin, and 14% return on net assets, notwithstanding the fact that reaching these targets is becoming increasingly challenging in the current macro-economic climate. We also expect that U.S. Foodservice's operating margin before impairment of goodwill will exceed 1.7% no later than 2006. In line with Ahold's core commitment to U.S. Foodservice, we will provide details on its future strategic plan in November 2005. Anders C. Moberg On behalf of the Corporate Executive Board Zaandam, September 7, 2005 A full copy of this press release is available at http://bankrupt.com/misc/AholdResults.pdf About the Company Headquartered in Amsterdam, Ahold is one of the world's leading food providers. It encompasses an international group of local food retail and foodservice operators that do business under their own brand names. It has over 200,000 associates and 2004 consolidated net sales of approximately EUR52 billion. The Trouble Ahold went into trouble early in 2003 after it said it will restate financial accounts for 2002 and previous years due to a US$500 million overstatement of EBITA at its U.S. foodservice distribution arm. In November of the same year, it announced a 3-year 'Road to Recovery' program that included a EUR2.5 billion rights issue, contemplated EUR300 million and US$1.45 billion back-up credit facilities, and at least EUR2.5 billion asset sales. The program is aimed at returning the company to investment grade profile by end of 2005. Status to date In August, Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Ahold to 'BB+' from 'BB' with a stable outlook to reflect substantial improvement of the group's financial profile in the past 18 months. This follows the completion of a significant disposal program, to date exceeding the stated EUR2.5 billion ($3.1 billion) target. Standard & Poor's said it would consider an upgrade to investment grade level only if: (a) The challenging environment currently prevailing in the group's core U.S. and Dutch retail markets improves; and (b) The ratio of FFO to fully adjusted net debt and the EBITDAR coverage of net fixed charges improve beyond 25% and 2.5x, respectively. Despite the group's deleveraging target and the completion of remaining disposals in 2005, these conditions might not be achieved in the near term, given the very challenging trading conditions that are prevailing in the group's core markets. CONTACT: ROYAL AHOLD Albert Heijnweg 1 1507 EH Zaandam, The Netherlands Phone: +31 (0) 75 659 9111 Web site: http://www.ahold.com Investor Relations: E-mail: investor.relations@ahold.com Phone: +31 (0) 75 659 58 28 ROYAL SHELL: Cancels 2,140,000 'A' Shares ----------------------------------------- On 7 September 2005, Royal Dutch Shell plc purchased for cancellation 2,140,000 'A' Shares at a price of EUR26.35 per share. On the same date, it purchased for cancellation 360,000 'A' Shares at a price of 1,782.56 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,048,645,000. 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 VERSATEL TELECOM: E.U. Clears Disposal of Assets to Tele2, Apax --------------------------------------------------------------- The European Commission has granted clearance under the E.U. Merger Regulation to the acquisition of sole control of Versatel's Benelux business by Tele2 and to the acquisition of sole control of Versatel's German business by Apax. Tele2 and Versatel confirm that the preparations are well under way for Tele2's intended recommended simultaneous public cash offers for all outstanding Versatel shares and convertible notes. Tele2 and Versatel currently expect that the Offers will be made in mid September 2005. This announcement and related materials do not constitute an offer to purchase or a solicitation of an offer to sell Versatel shares and convertible notes. This announcement is a public announcement as meant within article 9b paragraph 1 of the Bte 1995. About the Company Versatel, based in Amsterdam, is a competitive communications network operator and a leading alternative to the former monopoly telecommunications carriers in its target market of the Benelux and Germany. Founded in October 1995, the Company holds full telecommunication licenses in The Netherlands, Belgium and Germany and has over 1 million customers and approximately 1,900 employees. Versatel's net result for 2Q05 amounted to a profit of EUR1.8 million compared with net losses of EUR4.0 million in 2Q04 and EUR2.5 million in 1Q05. CONTACT: TELE2 Lars-Johan Jarnheimer, President and CEO Phone: + 46 8562 640 00 Hakan Zadler, CFO Phone: + 46 8562 640 00 Per Borgklint Phone: + 31 20 702 02 02 BENELUX Investor Relations London Lena Krauss Phone: + 46 8 562 000 45 Investor Relations Stockholm Sarah Hamilton Phone: + 44 78 36 295 291 Nick Fox Phone: + 44 77 11 727 618 Communications, London Anne Louise Van Lynden Phone: + 31 65 4315 549 Carina Hamaker Phone: + 31 65 3749 959 Investor Voice, Amsterdam APAX Ira Wuelfing Phone: +49 89 200030 33 VERSATEL Wouter van de Putte, Investor Relations Phone: +31 20 750 2362 Cilesta van Doorn, Communications Phone: +31 20 750 1318 ============= R O M A N I A ============= CFR SA: Rating Raised to 'BB' After Romania's Upgrade ----------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Romania-based CFR S.A., the government-owned company responsible for the management of the country's rail infrastructure network, to 'BB' from 'BB-'. The outlook is stable. The rating action reflects the upgrade of Standard & Poor's long-term foreign-currency sovereign credit rating on the Republic of Romania to 'BBB-' from 'BB+' on improving government indebtedness indicators. For further details of the Romania upgrade please see the article titled "Research Update: Republic of Romania LT FC Rating Raised To 'BBB-' On Declining Debt Burden; Outlook Stable", published on Sept. 6, 2005, on RatingsDirect, Standard & Poor's web-based credit analysis system at http://www.ratingsdirect.com "The rating on CFR is predominantly based on the financial support provided by the government of Romania for CFR's obligations, including high-level debt guarantees," said Standard & Poor's credit analyst Eugene Korovin. "The rating incorporates the explicit and implicit support of the government of Romania, including budget allocations, improving track access charge regulation, credit guarantees or enhancement for most of CFR's debt, and the potential to defer tax payments." Standard & Poor's also expects the Romanian government to adequately compensate CFR for damages caused to rail infrastructure by a series of floods between April 2005 and September 2005. The government is legally obliged to cover these costs. The rating is based on a top-down methodology, assuming notching down from the sovereign rating. The stable outlook reflects that on the sovereign. Any change in the sovereign rating might have an impact on the government's ability to support CFR's operational and financial obligations. Standard & Poor's expects the Romanian Ministry of Public Finance--which constantly monitors CFR's ability to repay its debt--to continue to assist the company in paying interest and principal as far as the government's financial flexibility allows. 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 InfrastructureEurope@standardandpoors.com =========== R U S S I A =========== AGRO-CREDIT: Succumbs to Bankruptcy ----------------------------------- The Arbitration Court of Volgograd region commenced bankruptcy proceedings against Agro-Credit (TIN 3406006104) after finding the limited liability company insolvent. The case is docketed as A12-1040/05-s55. Mr. Y. Demenkov has been appointed insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to 400005, Russia, Volgograd, 7th Gvardeyskaya Str. 2A, Office 400. CONTACT: AGRO-CREDIT 403732, Russia, Volgograd region, Elan, Leninskaya Str. 91 Mr. Y. Demenkov Insolvency Manager 400005, Russia, Volgograd region, 7th Gvardeyskaya Str. 2A, Office 400 ARZAMASSKAYA CONFECTIONERY: Bankruptcy Hearing Set December ----------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on close joint stock company Arzamasskaya Confectionery. The case is docketed as A43-15769/2005; 33-270. Mr. S. Avdeev has been appointed temporary insolvency manager. A hearing will take place on December 13, 2005. CONTACT: ARZAMASSKAYA CONFECTIONERY 607223, Russia, Nizhniy Novgorod region, Arzamas, Berezina Str. 3 Mr. S. Avdeev Temporary Insolvency Manager 603005, Russia, Nizhniy Novgorod region, Nesterova Str. 9, Office 805 The Arbitration Court of Nizhniy Novgorod region 603082, Russia, N. Novgorod region, Kremlin, Building 9 BEL-MOL: Declared Insolvent --------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Bel-Mol after finding the open joint stock company insolvent. The case is docketed as A-32-6372/2005-27/48-B. Mr. A. Nefedov has been appointed insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to 350003, Russia, Krasnodar region, Post User Box 5335. CONTACT: BEL-MOL 353040, Russia, Krasnodar region, Beloglinskiy region, Belaya Glina, Dimitrova Str. 34 Mr. A. Nefedov Insolvency Manager 350003, Russia, Krasnodar region, Post User Box 5335 ENERGO-BUILDER: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy supervision procedure on open joint stock company Energo-Builder. The case is docketed as A40-27985/05-124-48B. Mr. T. Khaliullin has been appointed temporary insolvency manager. A hearing will take place on November 29, 2005, 10:00 a.m. at Hall#773. CONTACT: ENERGO-BUILDER 109028, Russia, Moscow, Podkolokolnyj Per. 13/5 Mr. T. Khaliullin Temporary Insolvency Manager 127018, Russia, Moscow, Post User Box 31 Phone: (095) 730-28-20, add. 220 MAKARYEV-WOOD: Insolvency Manager Takes over Business ----------------------------------------------------- The Arbitration Court of Kostroma region has commenced bankruptcy supervision procedure on municipal enterprise Makaryev-Wood. The case is docketed as A31-4471/2005-18. Mr. V. Markov has been appointed temporary insolvency manager. Creditors may send their proofs of claim to 157460, Russia, Kostroma region, Makaryev, Dorozhnaya Str. 9. A hearing will take place on October 6, 2005. CONTACT: MAKARYEV-WOOD 157460, Russia, Kostroma region, Makaryev, Dorozhnaya Str. 9 Mr. V. Markov Temporary Insolvency Manager 157460, Russia, Kostroma region, Makaryev, Dorozhnaya Str. 9 METROMEDIA INTERNATIONAL: To File Overdue Reports in 4th Qtr. ------------------------------------------------------------- Metromedia International Group, Inc. said Wednesday it has not yet completed the restatement activities that the Company previously disclosed on June 3, 2005 and August 8, 2005 in connection with issuance of its 2004 financial statements. As such, at present the Company contemplates that it will file its 2004 Form 10-K, and its first-, second- and third-quarter reports on Form 10-Q with the U.S. SEC during the fourth quarter of 2005, with the objective of conducting a meeting of shareholders before the end of 2005. About Metromedia International Group Through its wholly owned subsidiaries, the Company currently traded as: (PINK SHEETS: MTRM) - Common Stock and (PINK SHEETS: MTRMP) - Preferred Stock, owns interests in communications and media businesses in the country of Georgia. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned Georgian long distance telephony operator. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Ernie Pyle Phone: 704-321-7380 E-mail: investorrelations@mmgroup.com MOSCOW REINSURANCE: Rating Upgraded to 'B+'; Outlook Stable ----------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on Russia-based reinsurer Moscow Reinsurance Co. to 'B+' from 'B'. The outlook is stable. At the same time, Standard & Poor's raised its Russia national scale rating on Moscow Re to 'ruA+' from 'ruA-'. "The upgrade reflects Moscow Re's improved capitalization and quality of investments," said Standard & Poor's credit analyst Miroslav Petkov. The ratings also factor in the high industry risk in the Russian (re)insurance market, and the risks associated with implementing the company's growth strategy and meeting its medium-term capital requirements. These negative factors are partially mitigated by Moscow Re's marginal operating performance. The stable outlook reflects Standard & Poor's expectation that Moscow Re will grow at a faster rate than the Russian reinsurance market while maintaining solid profitability, with ROE of at least 15%. Also, it is expected that Moscow Re's capital adequacy ratio will exceed 150%, that the company will maintain the marginal quality of investment portfolio, and that, in agreement with its shareholders, no dividends will be paid for financial years 2005-2007. 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 InsuranceInteractive_Europe@standardandpoors.com NELIDOVSKIY FACTORY: Public Auction Set Tomorrow ------------------------------------------------ The bidding organizer of open joint stock company Nelidovskiy Factory will sell its property on September 13, 2005, 10:00 a.m. and 12:00 noon respectively. The public auction will take place at Russia, Tver, Ordzhonikidze Str. 21, Office 321. Up for sale are 31 lots of buildings and equipment. The list of documentary requirements is available at Russia, Tver, Ordzhonikidze Str. 21, Office 321. CONTACT: NELIDOVSKIY FACTORY Russia, Tver region, Nelidovo, Mashinostroiteley Str. 13 CJSC ROS-BUSINESS-STANDARD Bidding Organizer Russia, Tver region, GP, Post User Box 441 OREL-STANKO-SERVICE: Public Auction Set Wednesday ------------------------------------------------- The bidding organizer of open joint stock company Orel-Stanko-Service (TIN 5751009415) will sell its property on September 14, 2005, 3:00 p.m. (local time). The public auction will take place at 302010, Russia, Orel, Aviatsionnaya Str. 5. Up for sale are three immovable and movable properties for a starting price of RUB1,676,414. The list of documentary requirements is available at 302011, Russia, Orel, Novosilskoye Shosse, 18. To participate, bidders must deposit an amount equivalent to 20% of the starting price to the bidding organizer's settlement account. For more information, call (0862) 77-99-61. CONTACT: OREL-STANKO-SERVICE 302011, Russia, Orel region, Novosilskoye Shosse, 18 Insolvency Manager/Bidding Organizer 302010, Russia, Orel region, Aviatsionnaya Str. 5 REM-BYT-TEKHNIKA: Hires Y. Bolshakov Insolvency Manager ------------------------------------------------------- The Arbitration Court of Kostroma region has commenced bankruptcy supervision procedure on open joint stock company Rem-Byt-Tekhnika. The case is docketed as A31-5100/2005-18. Mr. Y. Bolshakov has been appointed temporary insolvency manager. A hearing will take place on November 23, 2005, 9:00 a.m. CONTACT: REM-BYT-TEKHNIKA 156000, Russia, Kostroma region, Profsoyuznaya Str. 3 Mr. Y. Bolshakov Temporary Insolvency Manager 156000, Russia, Kostroma region, Moskovskaya Str. 55 Phone: (0942) 53-46-62 SARATOVSKIY: Claims Filing Period Ends Next Month ------------------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy proceedings against Saratovskiy after finding the crane factory insolvent. The case is docketed as A57-91B/05-12. Ms. T. Perfilova has been appointed insolvency manager. Creditors have until October 6, 2005 to submit their proofs of claim to: (a) SARATOVSKIY 410071, Russia, Saratov region, Shelkovichnaya Str. 177 (b) Insolvency Manager 410029, Russia, Saratov region, Sakka i Vatsetti Str. 54-60, Office 201 (c) The Arbitration Court of Saratov region 410002, Russia, Saratov region, Babushkin Vvoz, 1, Floor 14 SPETS-STROY-314: Bankruptcy Supervision Procedure Begins -------------------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region has commenced bankruptcy supervision procedure on open joint stock company Spets-Stroy-314. The case is docketed as A56-14521/2005. Mr. S. Zhovkovskiy has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 190103, Russia, Saint-Petersburg, Obvodnogo Kanala Quay, 181. A hearing will take place on October 12, 2005, 2:00 p.m. at Russia, Saint-Petersburg, Suvorovskiy Pr. 50-52, hall 206. CONTACT: SPETS-STROY-314 188485, Russia, Leningrad region, Kingisepp, Zavodskaya Str. 6 Mr. S. Zhovkovskiy Temporary Insolvency Manager 190103, Russia, Saint-Petersburg, Obvodnogo Kanala Quay, 181 Phone/Fax: 274-46-74 YUKOS OIL: Yugansk Sale Appeal Rejected Anew -------------------------------------------- RIA Novosti reports that the Arbitration Appeals Court of Moscow has rejected an appeal filed by embattled oil major Yukos Oil, which wanted the court to freeze 76.79% of the shares of its former core production unit Yuganskneftegaz. Yukos submitted the appeal as part of its claim to dispute the sale of Yuganskneftegaz. An arbitration court had earlier rejected this appeal, after which Yukos lawyers challenged the court's ruling before an appeals tribunal. The Russian Federal Property Fund, some Russian companies and the Russian Finance Ministry, as administrator of budget funds, were the defendants in the proceedings. Yukos said in its claim that the Yugansk auction had been held "with numerous violations of Russian legislation and international law, including the Convention for the Protection of Human Rights and Fundamental Freedoms." Yukos lawyers said the Property Fund had unjustifiably understated the price of the initial share package. The Yukos lawyers also said the Property Fund had acted in breach of the procedure for announcing and holding the tenders. The Bailiff Service passed a decision on auctioning off the share package of Yuganskneftegaz to recover back taxes on November 18, 2004. The embattled oil giant owed the budget over US$20 billion. On December 19, 2004, the Russian Federal Property Fund sold Yuganskneftegaz for US$9.35 billion. The Yukos asset went to Baikal Finance Group, a little known company later acquired by state-run oil giant Rosneft. As of June 29, 2005, Yukos owes over US$2 billion in back taxes, the Russian Justice Ministry says. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru * Ratings of Major Steel Makers Likely to Improve, Says Fitch ------------------------------------------------------------- Fitch Ratings has said that while Russian steel majors currently have Stable Outlooks, the agency expects their credit profiles to improve due to increased international relevance through economies of scale and public listings, and rising domestic demand, while maintaining strong financial metrics underpinned by vertical integration and low-cost production. However, the pace of such developments may be tempered by lower market prices. Russian steel majors are among the 11th to 20th largest steel manufacturers in the world. A business strategy focused on vertical integration being pursued by the two largest Russian steel players, Mastercroft ('BB-' (BB minus)/'B'/Stable) and Severstal ('B+'/'B'/'A(rus)'/Stable) is expected to prove beneficial in an environment of rising raw material prices, which has affected the global steel industry since the beginning of FY05. Others like MMK ('BB-' (BB minus)/Stable) are expected to maintain a good credit profile based on improving efficiency via modernization and conservative financial policies, despite a lack of control of raw material supply. Although FY05 may see some output reduction among Russian players, this is due to their planned restructuring programs (e.g. Mastercroft) or a disruption in raw material supply in spring due to contractual disputes (e.g. MMK) rather than managing profitability as is the case for their EU-based peers. In Fitch's view, the Russian steel majors' credit profiles provide them with a stable platform to withstand the international steel price weakening seen in H105. The global steel industry continues to be fragmented with the top 10 steel companies accounting for only a quarter of world steel output in 2004. The Russian steel majors have demonstrated an ability to pursue selective international acquisitions, and are considering potentially large credit-transforming acquisitions (e.g. Turkey's Erdemir and Ukraine's Krivorozhstal). The credit implications of potential acquisitions will be reviewed on a case-by-case basis. Factors which continue to constrain ratings include risks associated with legal structure complexity and potential debt-subordination issues, although all three companies are trying to further improve their corporate governance and transparency. Russian steel companies are also expected to benefit from favorable domestic demand fundamentals, with Fitch forecasting GDP growth of 5% in Russia in 2006. Historically, Russian steel majors have had balanced export and domestic revenues. Finished products are mainly aimed at the domestic market due to higher-than-international spot prices, Russian producers' stronghold on customized products and protectionism in some large export markets (e.g. EU). Russian steel companies have demonstrated flexibility in re-directing exports of mainly semi-finished products to various markets (Middle East and East Asia) based on demand and increasing trading restrictions (China). However, Fitch expects regional exports in the long-run to face increased competition from other low-cost producers such as those from Ukraine. CONTACT: FITCH RATINGS Sonya Dilova, London Phone: +44 20 7417 3485 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com =========== T U R K E Y =========== TURKCELL ILETISIM: Results Positive in Seasonally Strong Quarter ---------------------------------------------------------------- Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC, ISE:TCELL), the leading provider of mobile communications services in Turkey, announced results for the quarter ended June 30, 2005. All financial results in this press release are unaudited and reported in accordance with accounting principles generally accepted in the United States (US GAAP). Figures in parentheses following the operational and financial results for the second quarter of 2005 refer to the same item in the first quarter of 2005. For convenience purposes, all TRY figures in the press release have been converted into US$ using the Turkish Central Bank's TRY/US$ exchange rate of TRY1.3413/US$1.00 in effect on June 30, 2005. Highlights of the Quarter (a) Turkcell added 1.3 million (0.9 million) net new subscribers during the second quarter of 2005 and increased its subscriber base by 5.3% to 25.6 million (24.3 million) as of June 30, 2005; (b) Revenues increased to US$1,046 million in the second quarter of 2005 (US$898 million); (c) Turkcell's minutes of usage increased to 67.8 minutes (59.6 minutes) as a result of the positive impact of seasonality supported by our incentives to increase usage; (d) EBITDA increased by 19% to US$468 million in the second quarter of 2005 (US$394 million); (e) Turkcell's net income increased 67% to US$214 million (US$128 million) in the second quarter of 2005; and (f) Turkcell redeemed the aggregate principal amount of the US$400 million Cellco Bonds due August 1, 2005. Report from the CEO, Muzaffer Akpynar In the second quarter of 2005, we improved our operating performance mainly as a result of the positive impact of seasonality, the stable macro-economic environment in Turkey and our day to day management efforts. We recorded high subscriber growth in the second quarter in line with the historical seasonal trends and maintained our leading position in the market in terms of new subscriber additions. We also believe that the growth of the total subscribers in the Turkish GSM market overall was higher than expected mainly due to increased sales and marketing efforts in the market. There were no major developments in the Turkish macro environment during the second quarter along with positive macro-economic indicators such as inflation, capacity utilization rates and the number of tourists visiting the country. Developments in the global macro economic environment, the commencement of negotiations with the EU regarding accession on October 3, 2005 and the revision of the IMF stand-by agreement are major upcoming milestones to monitor as unexpected outcomes may create volatility in our economy. We also believe that the current slow down trend of domestic demand relative to last year may reflect further into the macro-economy as well as our business environment during the rest of the year. As management, we will remain mindful of such possible developments and make an effort to proactively take necessary measures from our business perspective. With regards to the telecommunications industry in Turkey, one of the most important developments during the second quarter was finalization of the bidding process for the privatization of Turk Telekom. The bidding process has been finalized and 55% of Turk Telekom was sold for US$6.6 billion, which makes the sale the largest privatization in the history of Turkey upon the completion of the process. In addition to the foregoing, the Savings Insurance Depositary Fund ("SDIF") recently announced the tender timetable for the sale of Telsim. The final dates for pre-qualification bids and the bidding deadline have been set as September 19, 2005, and December 5, 2005, respectively. The bids will be opened on December 13, 2005. As the leading player in the market, we are also following these developments in our market closely and taking necessary measures to prepare ourselves for the changing environment. Moving forward, our intention is to maintain our leadership position in the market while sustaining a balance with our bottom line objectives. On the competition front, our competitors' aggressive price offers, such as flat rate tariffs including off-net discounts to GSM calls, continued. Our response to these aggressive price-based offers was in line with our ongoing philosophy of introducing campaigns and offers to better meet the needs and expectations of our customers through a segmented approach. Our offerings include new services as well as products that run on our capable 2.5G network with widening EDGE technology. We believe that our continued investments in new technology and infrastructure will continue to create value for our customers and be an asset for us in an increasingly competitive environment. Our efforts so far have proved successful since we have retained our subscribers while increasing their usage and the current penetration level of our existing services. We are pleased to announce that for the 8th time we are the main sponsor of CeBIT Bilisim Eurasia, the international IT and telecommunication technologies convention which is taking place between September 6-11, 2005 in Istanbul, Turkey. During this convention, we are displaying many features during this week, which we believe establish us as the front-runner both in technology and customer services. We believe the convention is a particularly important platform for us as it allows us to demonstrate both our newly introduced products and services and to provide our customers and our business partners a preview of the future of the GSM technology. We are determined more than ever to make a difference in the lives of our customers by continuing to provide both voice based and value added services in a continuous manner. We believe, we are making every attempt organizationally and commercially to balance all of our efforts and to optimize positioning for our valued customers. On the international front, Astelit, our indirectly owned subsidiary operating in the Ukrainian market under the brand '"life :)" is continuing with its effort to create a fundamentally sound business for its shareholders. The Ukrainian market is highly competitive with current penetration levels already exceeding 45%. We are currently satisfied with Astelit's efforts in this competitive market environment, and our longer-term objectives for our business in Ukraine remain unchanged. As far as Iran is concerned, as we have indicated before, we still believe the Iranian market remains quite attractive. Currently, we are working on finalizing a consortium structure and necessary terms of agreements among all the shareholders. The Iranian Telecommunication Ministry has set November 21, 2005 as a deadline for finalization of the structure of the Irancell project and our intention is to reach necessary agreements in this timeframe. As a final note, as it has become apparent, two of our major shareholders, TeliaSonera and Cukurova Group, are engaged in a dispute regarding a potential transaction that involved sale of Turkcell shares after Cukurova Group announced a possible financing package with Alfa Group. Since we are not a party to the dispute, and as the process is still continuing, we cannot comment on the issue. However, we would like to highlight the fact that we remain focused on running our business effectively and notwithstanding the dispute between our shareholders, we are able to make necessary operational and strategic decisions to ensure day to day management of our company. Overview Operational and Financial Highlights During the second quarter of 2005, our results were largely in line with our expectations. We continued our subscriber growth and maintained our leading position in the market in terms of new subscriber additions. Our subscriber base reached 25.6 million by the end of the second quarter of 2005, which constitutes a 5.3% increase compared to the first quarter of 2005 and a 22% rise compared to the second quarter of 2004. Our financial results improved in the second quarter of 2005. Revenues increased 16% to US$1,046.0 million (US$898.0 million) as a result of increased usage due to seasonality, the impact of tariff increases and the growth of the subscriber base. EBITDA increased 19% to US$467.5 million (US$394.0 million) in the second quarter of 2005 due to increased revenues. However, EBITDA margin (as a percentage of revenues) remained nearly stable at 45% (44%) mainly because of the increased revenue accompanied by increased revenue-based operational expenses and an increase in sales and marketing expenses. Turkcell's improved operational performance is reflected in its bottom line. Turkcell's net income improved to US$213.7 million (US$128.4 million) in the second quarter of 2005. Turkcell's blended monthly minutes of usage (MoU) increased 14% to 67.8 minutes (59.6 minutes) in the second quarter of 2005. A stable macro-economic environment and the positive impact of seasonality are the main reasons for higher MOU. Blended average revenue per user ("ARPU") increased 12% to US$13.4 (US$12.0) for the second quarter of 2005, despite the 3% depreciation of the Turkish Lira against the U.S. Dollar on a monthly average basis during the period. Turkcell generated higher revenue per user in the second quarter of 2005, compared with the first quarter of 2005 due to seasonally higher usage, and the tariff increase introduced during the quarter. The Competitive Landscape In order to gain market share and create more of an active subscriber base and increase their usage overall, our competitors promoted campaigns that emphasized price benefits. These campaigns included promotions that increased the attractiveness of their community tariffs bundling flat rate tariffs that include off-net discounts to GSM calls. Our response to these aggressive price based offers was consistent with our ongoing philosophy of introducing campaigns and offers to better meet the needs and expectations of our customers via incentive programs through a segment based approach. The offers and campaigns that we highlighted during this quarter were focused on incentives to increase usage through campaigns providing certain usage benefits in a staggered manner. We believe our 'Better Value for Money' approach has proved successful thus far and we effectively retained our subscriber base while increasing their usage and penetration of our services. In May, we made an average upward price adjustment of 4.6% to our prepaid scratch cards implying a 2.4% price increase on a weighted average basis, despite the increased competition and price pressure in the market. The result is available free of charge at http://bankrupt.com/misc/Turkcell(Q22005).pdf * * * In August, Fitch Ratings upgraded Turkcell's Senior Unsecured local currency rating to 'BB' from 'BB-' (BB minus) and removed it from Rating Watch Positive (RWP). A Stable Outlook is assigned. At the same time, Turkcell's Senior Unsecured foreign currency rating is affirmed at 'BB-' (BB minus), which is capped by the Republic of Turkey's Long-term foreign currency 'BB-' (BB minus) rating. The Senior Unsecured local currency rating was put on RWP on 30 March, following TeliaSonera's agreement to acquire from Cukurova Group a 27% stake in Turkcell for US$3.1 billion in cash. This would allow TS to control Turkcell with a 64.1% share and bring stability to Turkcell's ownership. There is now uncertainty that this agreement will close and as a result Fitch has removed the RWP. Separately Fitch has upgraded the Local Currency rating due to a strong underlying operational performance to reflect Turkcell's improved metrics. The upgrade reflects the strengthening performance of Turkcell's Turkish mobile operations, on the back of its sustained 67% leading market position in a growing market and stabilizing macro economic trends, which are key drivers of its credit profile. (Turkcell's subscribers reached 25.6 million at end- June 2005, up from 23.4 million in YE2004). The upgrade also reflects the resolution of Turkcell's key legal issues with Turk Telekom and Turkish Treasury and thereby clarity on the cash flow impact of Turkcell's litigations. Fitch incorporates the cash outflow impact of its litigation payments for 2005 and 2006 but would still leave its leverage consistent with a 'BB' rating. Despite litigation payments in 2004 (US$486 million cash outflow), cash dividend payments (US$78 million) and increased capital expenditures (US$487 million), Turkcell's cash generation was sufficient to maintain cash-liquid balance of US$764 million as at end-FY04. Consequently, leverage was modest at 0.7x as measured by gross debt-to-operating EBITDA (1.4x when adjusted for litigation obligations) and is strong for the rating level. The ratings also consider the potential regulatory and competitive challenges Turkcell may face, such as TA's potential standard reference interconnect tariffs, Turk Telekom's privatization, the sale of troubled Telsim, and the potential introduction of mobile virtual network operators and new technologies. CONTACT: TURKCELL ILETISIM HIZMETLERI A.S. Turkcell Plaza, Mesrutiyet Caddesi No. 153, Tepebasi, Istanbul, Turkey Zip: 34430 Phone: +90-212-313-1000 Fax: +90-212-313-0099 Web site: http://www.turkcell.com.tr TURKCELL ILETISIM: Court Rejects Telsim's Request for Injunction ---------------------------------------------------------------- Subject: Statement made pursuant to Circular VIII, No: 39 of the Capital Markets Board Istanbul Stock Exchange ISTANBUL Special Subjects: As we have announced on August 29, 2005, Telsim initiated a lawsuit claiming that, Turkcell Iletisim Hizmetleri A.S. has not applied the reference interconnection rates determined by Telecommunications Authority, and has charged interconnection fees exceeding the ceiling prices approved by Telecommunications Authority and requested an injunction to be applicable starting from August 1, 2005, to cease this practice and requested collection of its damages totaling to TRY26.1 (equivalent to US$19.7 million as of September 8, 2005) including principal, interest and penalty on late payment. In the same announcement we also stated that, interconnection fees we charge to Telsim, are defined in the Interconnection Agreement signed between Telsim and Turkcell, which is still effective. The resolution process regarding the disagreement on revision of existing interconnection agreement's pricing terms, initiated by the application of Telsim to Telecommunications Authority has not been finalized and therefore the interconnection fees to be charged between the parties have not been determined yet. And that, Turkcell plans to take necessary legal actions regarding the matter, as the process to come to terms regarding revised pricing terms is still ongoing and that Telsim has initiated such lawsuit for the process still continuing. Regarding this issue, at this stage Istanbul 10th Commercial Court decided to reject Telsim's request of injunction. We hereby confirm that the above-mentioned explanations are furnished as per the provisions of the Communique Serial no VIII/39, that they reflect all information we have gathered so far, that they are in accordance with our corporate documents, that we have used all endeavors to collect the complete and true related information and that we assume the responsibility for this disclosure. CONTACT: TURKCELL ILETISIM HIZMETLERI A.S. Nihat Narin, Investor Relations Koray Ozturkler, Investor Relations E-mail: investor.relations@turkcell.com.tr Phone: + 90 212 313 1888 ============= U K R A I N E ============= GIRNIK: Court Appoints Liquidator --------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Girnik (code EDRPOU 30099447) on August 3, 2005 after finding the company insolvent. The case is docketed as 5/208 B. Mr. Miroslav Fomin (License Number AA 783177) has been appointed liquidator/insolvency manager. The company holds account number 26006301490472 at Prominvestbank, Selidove branch, MFO 334312. Creditors have until today to submit their proofs of claim to: (a) GIRNIK 85483, Ukraine, Donetsk region, Novogrodivka, Shahtna Str. 1 (b) Mr. Miroslav Fomin Liquidator/Insolvency Manager 85400, Ukraine, Donetsk region, Selidove, Zhovtnevoyi Revolutsiyi boulevard 4/14 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 KREATIV: Declared Insolvent --------------------------- The Economic Court of Zhitomir region commenced bankruptcy proceedings against Kreativ (code EDRPOU 32285267) on July 27, 2005 after finding the limited liability company insolvent. The case is docketed as 3/76 B. Mr. Oleg Mirgorodskij has been appointed liquidator/insolvency manager. The company holds account number 26001301002840 at JSCB Transbank, Kyiv region branch, MFO 300089. Creditors have until September 13, 2005 to submit their proofs of claim to: (a) KREATIV 11500, Ukraine, Zhitomir region, Korosten, Zhovtneva Str. 1 (b) ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski Square, 3/65 KRIS-BEG: Under Bankruptcy Supervision -------------------------------------- The Economic Court of Ternopil region has commenced bankruptcy supervision procedure on LLC Kris-Beg (code EDRPOU 25348879). The case is docketed as 10/B-625. Mr. Volodimir Didich (License Number AA 047819) has been appointed temporary insolvency manager. The company holds account number 2600816976001 at CB Privatbank, Kyiv region branch, MFO 320649. Creditors have until September 13, 2005 to submit their proofs of claim to: (a) KRIS-BEG Ukraine, Ternopil region, Gusyatinskij district, Horostkiv, Nezalezhnosti Str. 3 a (b) Mr. Volodimir Didich Temporary Insolvency Manager Ukraine, Ternopil region, Kopernik Str. 3 Phone: (0352) 22-62-75, 22-10-67 (c) ECONOMIC COURT OF TERNOPIL REGION 46000, Ukraine, Ternopil region, Ostrozski Str. 14a OTIDO: Gives Creditors Until Today to File Claims ------------------------------------------------- The Economic Court of Zaporizhya region has commenced bankruptcy supervision procedure on LLC Otido (code EDRPOU 30505824). The case is docketed as 19/118(05). Mr. O. Bichkivskij (License Number AA 216905) has been appointed temporary insolvency manager. The company holds account number 3467330 at JSB Metalurg, MFO 313582. Creditors have until today to submit their proofs of claim to: (a) OTIDO 69037, Ukraine, Zaporizhya region, Pravdi Str. 16/8 (b) Mr. O. Bichkivskij Temporary Insolvency Manager 69124, Ukraine, Zaporizhya region, Ruban Str. 24/127 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 PROGRES: Zaporizhya Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Progres (code EDRPOU) on June 22, 2005 after finding the open joint stock company insolvent. The case is docketed as 19/18(05). Mr. Sergij Vasiltsov (License Number AB 176124) has been appointed liquidator/insolvency manager. Creditors have until today to submit their proofs of claim to: (a) PROGRES Ukraine, Zaporizhya region, Pologi, Chervonogvardijska Str. 31 (b) Mr. Sergij Vasiltsov Liquidator/Insolvency Manager 71100, Ukraine, Zaporizhya region, Berdyansk, Pratsi Avenue 33/55, Office 407 Phone: (06153) 7-18-00 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 TEHOSNAB: Succumbs to Bankruptcy -------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on Multiprofile Private Enterprise Tehosnab (code EDRPOU 31572844) on July 13, 2005. The case is docketed as B 40/80/05. Mr. Denis Styupan (License Number AA 783010) has been appointed temporary insolvency manager. The company holds account number 20689015300101 at JSPPB Aval, Pavlograd branch, MFO 306726. Creditors have until September 16, 2005 to submit their proofs of claim to: (a) TEHOSNAB 51400, Ukraine, Dnipropetrovsk region, Pavlograd, Dniprovska Str. 555 (b) Mr. Denis Styupan Temporary Insolvency Manager 49055, Ukraine, Dnipropetrovsk region, Kirov Avenue 98-D (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a TRANSKOMPLEKT: Declared Insolvent --------------------------------- The Economic Court of Volinska region commenced bankruptcy proceedings against Transkomplekt (code EDRPOU 21751762) on March 14, 2005 after finding the company insolvent. The case is docketed as 4/43-B. Mr. V. Temchishin (License Number AA 630072 of November 25, 2003) has been appointed liquidator/insolvency manager. Creditors have until today to submit their proofs of claim to: (a) TRANSKOMPLEKT Ukraine, Lutsk region, Ovocheva Str. 1 (b) Mr. V. Temchishin Liquidator/Insolvency Manager Ukraine, Lutsk region, Svitla Str. 5/3 (c) ECONOMIC COURT OF VOLINSKA REGION 43010, Ukraine, Lutsk region, Voli Avenue 54-a WINDOE CURTAIN: Bankruptcy Supervision Begins --------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on JSCCT Windoe Curtain Factory (code EDRPOU 00307626) on July 20, 2005. The case is docketed as B-8/100. Mr. Ivan Vatutin (License Number AB 216932) has been appointed temporary insolvency manager. Creditors have until today to submit their proofs of claim to: (a) WINDOE CURTAIN FACTORY 78200, Ukraine, Ivano-Frankivsk region, Kolomiya, L. Ukrainka Str. 32 A (b) Mr. Ivan Vatutin Temporary Insolvency Manager 78200, Ukraine, Ivano-Frankivsk region, Kolomiya, Novodvorskij Str. 24 (c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a =========================== U N I T E D K I N G D O M =========================== ABLE THE: Recruitment Agency Runs out of Money ---------------------------------------------- At an Extraordinary General Meeting of Able The Agency Limited, duly convened, and held at the Holiday Inn Sheffield, Victoria Station Road, Sheffield S4 7YE on 25 August 2005, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of the Company that this Company cannot by reason of its liabilities, continue its business, and that it is desirable that the same should be wound up and that the Company be wound up accordingly and that Michael Francis McCarthy, of Walletts Insolvency Services, 2-6 Adventure Place, Hanley, Stoke on Trent, Staffordshire ST1 3AF, be and is hereby appointed the Liquidator of the Company for the purposes of such winding-up." N Dalling, Chairman CONTACT: WALLETTS INSOLVENCY SERVICES Adventure Place, Hanley, Stoke on Trent, Staffordshire ST1 3AF Phone: (01782) 212326 Fax: (01782) 212326 ALLIED TELECOMMUNICATIONS: Creditors Meeting Set Tuesday -------------------------------------------------------- Notice is hereby given by Andrew Andronikou and Ladislav Hornan, of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, that a Meeting of the Creditors of Allied Telecommunications Limited (Company No 04521371), c/o UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, is to be held at the office of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH, on 13 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. A proxy form should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. A Andronikou, Joint Administrator CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 AQUA HEATING: Court Sanctions Winding-up ---------------------------------------- Company Name: AQUA HEATING LIMITED 84 Ramshaw Drive, Chelmsford, Essex, CM2 6UB Phone:07919 200 386 Registration Number: 04642845 Court: Chelmsford Date of Filing Petition: January 11, 2005 No. of Matter: 14 of 2005 Date of Winding-up Order: May 11, 2005 CONTACT: Official Receiver 4th Floor, Central House, 8 Clifftown Road, Southend-on-Sea, Essex, SS1 1AB Phone: 01702 602570 Fax: 01702 602567 ARTLINE SOLUTIONS: Members Opt for Liquidation ---------------------------------------------- At an Extraordinary General Meeting of the Members of Artline Solutions Limited, duly convened, and held at The Holiday Inn Hotel, Breakspear Way, Hemel Hempstead, Hertfordshire HP2 4UA on 25 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 Timothy Hargreaves, of T H Associates Insolvency Practitioners, Towngate House, 116-118 Towngate, Leyland PR25 2LQ, be and he is hereby nominated for the purposes of winding-up." K S Booth, Director CONTACT: ARTLINE SOLUTIONS LTD 365 London Road Hemel Hempstead HP3 9AL Hertfordshire Phone: 01442 260070 Fax: 01442 239600 Contact: Keith Booth, Managing Director A V MEDIA: Files for Liquidation -------------------------------- At an Extraordinary General Meeting of the Members of A V Media Communications Limited, duly convened, and held at the offices of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ on 26 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 Tony James Thompson, of Piper Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ, be and he is hereby nominated Liquidator for the purpose of the winding-up." K O'Shea, Director * * * A V Media Communications Limited delivers integrated marketing campaigns and offers such services as telemarketing, demand creation, eMarketing, database building, event management, public relations, print & design, marketing consultancy, product launching & seeding. Visit http://www.avmediacomm.com/for more information. CONTACT: PIPER THOMPSON Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ Phone: 01932855515 BALUSTRADING CONTRACTS: Calls in Administrator ---------------------------------------------- Name: BALUSTRADING CONTRACTS LIMITED (Company No 03077920) Nature of Business: Manufacture and Installation of Stair Cases/Balconies Address of Registered Office: 33-35 Tower Street, Harrogate HG1 1HS Date of Appointment: 26 August 2005 Administrator's Name and Address: David Antony Willis (IP No 9180), Jacksons Jolliffe Cork, 35 East Parade, Harrogate HG1 5LQ * * * Based in Rodley, Leeds, Balustrading Contract Ltd. currently employs around twenty people within the offices and on-site manufacturing facility. Visit http://www.balustradingcontractsltd.co.ukfor more information. CONTACT: BALUSTRADING CONTRACTS LTD 1 Aire View Court Rodley Lane Leeds LS13 1AA United Kingdom Phone: 0113-255 4443 Fax: 0113-255 4476 JACKSONS JOLLIFFE CORK 35 East Parade, Harrogate HG1 5LQ BARRINGTON HOUSE: Hires Administrators from Milner Boardman ----------------------------------------------------------- Name: BARRINGTON HOUSE PUBLISHING CORPORATION LIMITED (Company No 02865561) Nature of Business: Advertising Address of Registered Office: Moorgate Point, Moorgate Road, Knowsley Industrial Park, Knowsley L33 7AZ Trade Classification: 7440 Date of Appointment: 26 August 2005 Joint Administrators' Names and Address: Colin Burke and Gary J. Corbett (IP Nos 8803 and 9018), both of Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG * * * Barrington House produces a variety of publications, including year planners, diaries, fun books and newsletters/reports. With a distribution of several thousands, Barrington supports specific charities such as the Children's Research Fund using revenue generated from advertising. Visit http://www.barringtonhousepublishing.co.ukfor more information. CONTACT: BARRINGTON HOUSE PUBLISHING CORPORATION LTD. Moorgate Point, Moorgate Road, Liverpool, Merseyside L33 7XW Phone: +44 (0) 151 477 0600 Fax: +44 (0) 151 477 0625 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 BLUE 62: Arrows Commercial Calls in Kroll Receiver -------------------------------------------------- Name: BLUE 62 LIMITED (Reg No 04570762) Nature of Business: General Construction and Civil Engineering Trade Classification: 4521 Date of Appointment of Administrative Receivers: 30 August 2005 Name of Person Appointing the Administrative Receivers: Five Arrows Commercial Finance Limited Names and Address of Administrative Receivers: Andrew John Pepper and Alastair Paul Beveridge (Office Holder Nos 9050 and 8991), both of Kroll, 10 Fleet Place, London EC4M 7RB * * * Blue 62 is a modern name for a forward thinking privately owned TS16949-approved manufacturing company that has been supplying precision machined components into a wide range of industries since 1963. Visit http://www.blue62.co.uk/for more information. CONTACT: blue62 Precision Engineers Golden Hill Works Freshwater Isle Of Wight PO40 9TD Phone: +44 (0) 1983 758800 E-mail: sales@blue62.co.uk KROLL LIMITED 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com BLYTH & BLYTH: Former Trustees Hire New Lawyers ----------------------------------------------- Law firm MacRoberts confirmed it is no longer connected to the three former trustees of Blyth & Blyth pension scheme who are facing charges in relation to the collapse of the company. The Sunday Herald reports that two of the defendants have appointed their own independent legal counsels, while the other opted to defend himself. The former trustees, who were also former directors of the engineering company, are accused of manipulating the scheme and their retirement ages for personal advantages. Also facing charges are the scheme actuary, David Kershaw, and his employers, Buck Consultants. The civil case will be heard next month. Buck Consultants was sold by Mellon Financial to Dallas-based Affiliated Computer Services in May. It said its legal arrangements are not affected by the changes. The Blyth pension scheme trustees signaled their intention to open the case against the defendants in August 2004, two years after a GBP7 million black hole was discovered in the scheme. The scheme was wound up in November 2002. Some 180 employees lost all their benefits, while a further 80 existing retirees lost 40% of their pensions. The deficit also helped pushed Blyth into receivership in 2003. CONTACT: MACROBERTS 152 Bath Street Glasgow G2 4TB Scotland, United Kingdom Phone: +44 (0)141 332 9988 Fax: +44 (0)141 332 8886 Excel House, 30 Semple Street Edinburgh EH3 8BL Scotland, United Kingdom Phone: +44 (0)131 229 5046 Fax: +44 (0)131 229 0849 E-mail: maildesk@macroberts.com Web site: http://www.macroberts.com/ BUCK CONSULTANTS Phone: 1.866.355.6647 Web site: http://www.mellon.com/hris/ BOND ACCOUNTANCY: EGM Passes Winding-up Resolutions --------------------------------------------------- At an Extraordinary General Meeting of the Members of Bond Accountancy Limited, Hodge Recruitment Limited, and The Works Recruitment Limited, duly convened, and held at 22 Great James Street, London WC1N 3ES on 16 February 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 in business, and it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Edwin David Stanley Kirker, of Kirker & Co, Centre 645, 2 Old Brompton Road, South Kensington, London SW7 3DQ, be and is hereby appointed Liquidator of the Company for the purpose of the voluntary winding-up." R Clark, Chairman * * * Visit http://www.hodge.co.uk/for more information about Hodge Recruitment Consultants and http://www.theworksrec.co.uk/for The Works Recruitment Limited. CONTACT: BOND ACCOUNTANCY LIMITED Global House 22 Henriette Street London WC2E 8ND London Phone: 020 7420 3960 BURNS AND BRASSETT: HSBC Bank Appoints PKF Receiver --------------------------------------------------- Name: BURNS AND BRASSETT LIMITED (Reg No 00760693) Registered Office of Company: c/o Marks Bloom, 60-62 London Road, Kingston upon Thames, Surrey KT2 6QZ Nature of Business: Plumbing and Heating Engineers Name of Person Appointing the Administrative Receiver: HSBC Bank Plc Date of Appointment of Administrative Receiver: 23 August 2005 Name and Address of Administrative Receiver: B. J. Hamblin, PKF (UK) LLP (IP No 002085), Farringdon Place, 20 Farringdon Road, London EC1M 3AP CONTACT: BURNS AND BRASSETT LTD. 25 Tolworth Park Road, Surbiton, Surrey KT6 7RN Phone: 02083994100 PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk BUTTON IT: Names Begbies Traynor Liquidator ------------------------------------------- At an Extraordinary General Meeting of the Members of Button It Wright Limited, duly convened, and held at 1 Winckley Court, Chapel Street, Preston PR1 8BU on 19 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 David R Acland, of Begbies Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU, be and hereby is appointed Liquidator of the Company for the purpose of the voluntary winding-up." H Wright, Chairman * * * Button It Wright Ltd. is a family-run business located in Preston, Lancashire with a background of more than 20 years in providing upholstery buttons. The business is run by Helen Wright. Visit http://www.buttonitwright.co.ukfor more information. CONTACT: BUTTON IT WRIGHT LIMITED Unit 44, The Old Mill Industrial Estate School Lane, Bamber Bridge Preston PR5 6SY Lancashire Phone: 01772 628855 Fax: 01772 627703 BEGBIES TRAYNOR 1 Winckley Court Chapel Street Preston PR1 8BU Phone: 01772 202000 Fax: 01772 200099 E-mail: preston@begbies-traynor.com Web site: http://www.begbies.com CARTERS BUILDING: Files for Liquidation --------------------------------------- At an Extraordinary General Meeting of the Members of Carters Building Services Limited, duly convened, and held at Regus, Fairbourne Drive, Atterbury, Milton Keynes MK10 9RG on 26 August 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Robert Day, of Robert Day and Company Limited, Garfield, Church Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL, be and he is hereby appointed Liquidator of the Company for the purpose of the voluntary winding-up." P L Carter, Chairman * * * Carters Building Services Limited is a property maintenance specialist. Its clients include DaimlerChrysler, Abbey National, BP Oil (UK) Ltd., Marks & Spencer. Visit http://www.cartersbuildingservices.comfor more information. CONTACT: CARTERS BUILDING SERVICES LTD. 10 Centurion Court, Brick Close Kiln Farm Milton Keynes MK11 3JB Buckinghamshire Phone: 01908 262799 Fax: 01908 263799 CHAROLAIS INVESTMENT: Names Moore Stephens Administrator -------------------------------------------------------- Name: CHAROLAIS INVESTMENT COMPANY LTD. (Company No 04484905) Trading Name: Bunker Bar Nature of Business: Bar Address of Registered Office: 1 Snow Hill, London EC1A 2DH Date of Appointment: 25 August 2005 Joint Administrators' Names and Address: Phillip Sykes and David Rolph (IP Nos 6119 and 5930), Moore Stephens Corporate Recovery, 1 Snow Hill, London EC1A 2DH CONTACT: MOORE STEPHENS 1 Snow Hill, London EC1A 2EN Phone: 020 7334 9191 Fax: 020 7248 3408 Web site: http://www.moorestephens.co.uk CHEROKEE SYSTEMS: Electronics Firm Liquidates --------------------------------------------- At an Extraordinary General Meeting of the Members of Cherokee Systems Limited, duly convened, and held at 29 Roseacre Gardens, Chilworth, Guildford, Surrey GU4 8RQ 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 Richard Eaglesfield Floyd be and he is hereby appointed Liquidator for the purposes of such winding-up. "At a subsequent Meeting of Creditors of the above-named Company, duly convened, and held at 29 Roseacre Gardens, Chilworth, Surrey GU4 8RQ, on 25 August 2005, it was resolved that Richard Eaglesfield Floyd and William Jeremy Jonathan Knight, of Richard Floyd & Co, 29 Roseacre Gardens, Chilworth, Guildford, Surrey GU4 8RQ, be and are hereby appointed the Joint Liquidators of the Company for the purposes of such winding-up." L M Young, Chairman CONTACT: CHEROKEE SYSTEMS LTD. Beaufield Mews Middle Street Shere Guildford Surrey GU5 9HF Phone: 01483-205020 Fax: 01483-205070 Web site: http://www.cherokeesys.com/default.htm RICHARD FLOYD & CO. 29 Roseacre Gardens Chilworth Guildford Surrey GU4 8RQ Phone: 01483 302782 Fax: 01483 300909 CIRCAROMA LIMITED: Skincare Products Maker Winds up --------------------------------------------------- At an Extraordinary General Meeting of the Members of Circaroma Limited, duly convened, and held at Meridian House, 62 Station Road, North Chingford, London E4 7BA, 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 A J Clark, of Carter Clark, Meridian House, 62 Station Road, North Chingford, London E4 7BA, be and he is hereby appointed Liquidator for the purposes of the voluntary winding-up." S Atkinson, Director CONTACT: CIRCAROMA LIMITED Web site: http://www.circaroma.com/index.htm Trade Enquiries: Phone: 020 7249 9392 CARTER CLARK Meridian House 62 Station Road North Chingford London E4 7BA Phone: 020 8524 1447 Fax: 020 8524 1457 E-mail: recovery@carterclark.co.uk CPS (CIVIL ENGINEERING): Sets Creditors Meeting September 21 ------------------------------------------------------------ Notice is hereby given by the Joint Administrators D. J. Elliot and L. J. Hogg, of Wilson Field, The Annexe, The Manor House, 260 Ecclesall Road, Sheffield S11 9PS, that a Meeting of the Creditors of CPS (Civil Engineering) Limited (Company No 02544046), is to be held at Ramside Hall Hotel, Carrville, Durham DH1 1TD, on 21 September 2005, at 11:00 a.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986. Any Creditors entitled to attend and vote at this Meeting is entitled to do so either in person or by proxy. Completed proxy forms must be lodged with the Joint Administrators by the date of the Meeting. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to us at The Annexe, The Manor House, 260 Ecclesall Road, Sheffield S11 9PS, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. Secured Creditors (unless they surrender their security) should also include a statement giving details of their security, the date(s) on which it was given and the estimated value at which it is assessed. The Resolutions to be taken at the Meeting may include a Resolution specifying the terms on which the Joint Administrators are to be remunerated. D J Elliot, Joint Administrator CONTACT: C P S (CIVIL ENGINEERING) LTD. Rufflers Close Cottage, Bardon Mill, Hexham Northumberland NE47 7HF Phone: 01434-344560 WILSON FIELD The Annexe The Manor House 260 Ecclesall Road South Sheffield South Yorkshire S11 9UZ Phone: 0114 235 6780 Fax: 0114 262 0661 DAISYS2ROSES LIMITED: Goes into Liquidation ------------------------------------------- Company Name: DAISYS2ROSES LIMITED 4th Floor, Cheethams Mill, Park Street, Stalybridge, Cheshire, SK15 2BT Web site: http://www.daisys2roses.com Court: Tameside Date of Filing Petition: April 29, 2005 No. of Matter: 3 of 2005 Date of Winding-up Order: August 11, 2005 CONTACT: Official Receiver 1st Floor, Boulton House, 17-21 Chorlton Street, Manchester, M1 3HY Phone: 0161 934 5400 Fax: 0161 934 5450 EVOLUTION BUSINESS: Appoints Begbies Traynor Liquidator ------------------------------------------------------- At an Extraordinary General Meeting of Evolution Business Development Services Limited, duly convened, and held at the offices of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG, on 26 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 Louise Donna Baxter, of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG, be and is hereby appointed Liquidator for the purposes of such winding-up." P Webb CONTACT: EVOLUTION BUSINESS DEVELOPMENT SERVICES LIMITED Phone: 01992 700275 Fax: 01992 787756 E-mail: peter@ebds.co.uk Web site: http://www.ebds.co.uk BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com HAINES & HURLEY: Calls in Liquidator from Benedict Mackenzie ------------------------------------------------------------ At the extraordinary general meeting of Haines & Hurley (Bristol) Limited, convened, and held at City Point, Temple Gate, Bristol BS1 6PL, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that the Company be wound up voluntarily, and that Valerie Laura Neave, of Benedict Mackenzie, The Grange, Aston on Carrant, Tewkesbury GL20 8HL, be and is hereby appointed Liquidator for the purposes of the voluntary winding-up." R Haines, Chairman CONTACT: HAINES & HURLEY (BRISTOL) LTD. 64a Alma Road, Clifton, Bristol, Avon BS8 2DJ Phone: 01179684309 BENEDICT MACKENZIE The Grange Aston On Carrant Tewkesbury Gloucestershire GL20 8HL Phone: 01684 773799 Fax: 07092 302720 H M LINKS: EGM Passes Winding-up Resolutions -------------------------------------------- At an Extraordinary General Meeting of H M Links Limited, duly convened, and held at The Professional Centre, Sundridge Close, Cosham, Portsmouth PO6 3JL, 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 David John Stringer, of Stringer & Co, 5 Bassett Wood Drive, Southampton SO16 3PT, be and he is hereby appointed Liquidator for the purposes of such winding-up." C W J Avens, Chairman * * * HM Links offers fitness equipment servicing to private clubs, leisure centers, and manufacturers. It has offices in Hampshire, Yorkshire and Bristol. Visit http://www.hmlinks.co.uk/company.htmfor more information. STRINGER & CO. 5 Bassett Wood Drive Southampton Hampshire SO16 3PT Phone: 023 8076 7241 Fax: 023 8076 7241 IVAN BODEN: Liquidator from Sanderlings Enters Firm --------------------------------------------------- At the extraordinary general meeting of Ivan Boden Photographic Limited held at Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT, on Tuesday 23 August 2005, the following Extraordinary Resolutions were duly passed: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable that the same be wound up voluntarily, and that the Company be wound up accordingly, and that Paul John Webb, of Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT, be and is hereby nominated Liquidator for the purpose of said winding-up." I P Boden, Chairman * * * Boden Studios provide a high quality photography service at its in-house 2,000 sq. ft. studio near Junction 29 on the M1. Visit http://www.iboden.co.uk/for more information. CONTACT: IVAN BODEN (PHOTOGRAPHIC) LTD. Mill 1, Unit e3b The Business Park Pleasley Vale Mansfield, Nottinghamshire NG19 8RL Phone: 0800 035 0980 Fax: 01623 812 886 E-mail: info@iboden.co.uk SANDERLINGS LLP Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT JARVIS PLC: Former Amey Director Joins Board -------------------------------------------- As previously announced, the Board of Jarvis plc confirmed Thursday that Richard Entwistle has joined the Board as Chief Operating Officer. Richard Entwistle, 52, joins the Company having previously been a Director of Amey plc and of its subsidiary companies with responsibility for their Rail and Highways operations. The Company has also announced that Steven Norris, who has served as a non-executive director and Chairman of the Company, is to continue in this role in an executive capacity to more accurately reflect his ongoing time commitment to the Company. In accordance with the requirements of the listing rules, the Company can confirm that Mr. Entwistle currently does not hold any shares in the capital of the Company and does not hold any options over shares at the date hereof. He holds no other current directorships. * * * Jarvis plc implemented its debt for equity exchange, involving GBP378 million of debts, on September 6. Of the GBP50 million equity to be raises, GBP30 million of the Firm Placed Shares have been subscribed and paid for by the Placees. Jarvis plc operates in a number of markets delivering solutions for the public sector, specifically rail services, road maintenance and products, and plant hire operations. Based in York, Jarvis has over 3,000 employees across a nationwide network of facilities. CONTACT: JARVIS PLC Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com Bridget Fury, Merlin Phone: 020 7653 6620 LOWER MILEHOUSE: Court Issues Winding-up Order ---------------------------------------------- Company Name: LOWER MILEHOUSE ESTATE LTD. 54 Wilmot Drive, Lower Milehouse, Newcastle Under Lyme, Staffordshire, ST5 9AZ Phone: 01782 625096 Court: High Court of Justice Date of Filing Petition: June 16, 2005 No. of Matter: 003972 of 2005 Date of Winding-up Order: August 10, 2005 CONTACT: Official Receiver Ground Floor, Copthall House, King Street, Newcastle-Under-Lyme, ST5 1UE Phone: 1782 664100 Fax: 01782 664120 MARCONI CORPORATION: Remains in Talks with Buyers ------------------------------------------------- Marconi Corporation plc remains in talks with possible buyers. According to Reuters, Chairman John Devaney confirmed negotiations are ongoing regarding strategic alternatives for the company. "We are in discussions with a number of people. We're just talking to people and will see if anything interesting materializes," he said. He refused to name names or disclose further details. In August, the Sunday Times said discussions between Marconi and Chinese partner Huawei Technologies Co., Ltd. could lead to a takeover, valuing Marconi at more GBP600 million (EUR864 million). Being one of the remaining major British companies in the telecommunications industry, Marconi's possible takeover could spark arguments over the position of U.K.'s manufacturing sector, the Sunday Times said. It could also have political complications, as thousands of jobs in China could be dropped. This is a very crucial issue since Marconi just axed 800 jobs in May, when it lost its status as BT's preferred supplier, which included Huawei. Marconi Corporation plc has reported that group revenue for the three months ended 30 June 2005 amounted to GBP285 million, while loss from operations reached GBP36 million after share option costs and restructuring costs. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com Press Enquiries David Beck Phone: 0207 306 1490 E-mail: david.beck@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com Karen Keyes Phone: 0207 306 1345 E-mail: karen.keyes@marconi.com MISYS PLC: Pension Funds Still Opposed to Bonus Proposal -------------------------------------------------------- Misys plc faces investor rebellion this week over a controversial GBP1.2 million retention bonus for two executives. This even after the company has changed the resolution by offering concessions to major shareholders, The Guardian says. The software firm plans to pay a GBP1.2 million bonus to healthcare head Tom Skelton and banking head Ivan Martin if either of them would not be appointed chief executive. Misys is said to be concerned that they will leave the company if not chosen to replace current Chief Executive Kevin Lomax. The Association of British Insurers (ABI) and the National Association of Pension Funds (NAPF) have expressed concern over the plan, with ABI keeping Misys on a "red top alert." On the other hand, RREV, which advises the NAPF, has been urging members to vote against the resolution at the company's annual meeting tomorrow. Peter Montagnon, head of investment affairs at ABI, said: "The company has made some changes which make the proposal less objectionable but this is a still a very large payment and one which our members feel cannot be properly justified. The clear feedback our members have given us is that this should remain on a red top and that is where it remains." Meanwhile, Misys said it was continuing to discuss the matter with shareholders. A spokesman for the company has said: "We have been proactive with investors and remain in discussions with them." CONTACT: MISYS PLC Burleigh House, Chapel Oak, Salford Priors, Evesham, WR11 8SP, United Kingdom Phone: 44 (0)1386 871373 44 (0)1386 871045 E-mail: group.secretariat@misys.co.uk Web site: http://www.misys.com MITRE PERSONNEL: HSBC Appoints Receiver --------------------------------------- Company Names: MITRE PERSONNEL LIMITED (Reg No 3228459) MITRE PERSONNEL SERVICES LIMITED (Reg No 2043973) Nature of Businesses: Recruitment and Temping Agency Holding Company Registered Office of Company: New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX Name of Person Appointing the Joint Administrative Receivers: HSBC Bank Plc Date of Appointment of Joint Administrative Receivers: 25 August 2005 Names and Address of Joint Administrative Receivers: Ian J. Gould and Brian J. Hamblin (IP Nos 7866 and 2085), both of PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX * * * Established in 1986, Mitre is part of a family of service companies that are involved in all aspects of recruitment, creative design and corporate marketing. Visit http://www.mitrejobs.com/for more information. CONTACT: MITRE PERSONNEL LIMITED 2 Trinity Place Midland Drive Sutton Coldfield West Midlands B72 1TX United Kingdom Phone: (121) 355-0505 Fax: (121) 355-7905 E-mail: enquiries@mitrejobs.com PKF New Guild House 45 Great Charles Street Queensway Birmingham West Midlands B3 2LX Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: ian.gould@uk.pkf.com NY-Q UK: Court Approves Liquidation ----------------------------------- Company Name: JONNY-Q (UK) LIMITED C/O Hillier Hopkins, Charter Court, Midlands Road, Hemel Hempstead, Herts, HP2 5GE Phone: 0161 651 119 Court: Cardiff District Registry Date of Filing Petition: June 17, 2005 No. of Matter: 1016 of 2005 Date of Winding-up Order: August 30, 2005 CONTACT: Official Receiver 1st Floor, Trident House, 42-48 Victoria Street, St Albans AL1 3HR Phone: 01727 832233 Fax: 01727 732400 PARAGON GARAGE: Hires Administrators from DS Insolvency Services ---------------------------------------------------------------- Name: PARAGON GARAGE LIMITED (Company No 04482092) Nature of Business: Maintenance and Repair of Motor Vehicles. Rent and Sale of Motor Vehicles Address of Registered Office: 29 King Street, Newcastle under Lyme, Staffordshire ST5 1ER Date of Appointment: 26 August 2005 Administrator's Name and Address: Martin Williamson (IP No 9222), DS Insolvency Services Ltd., 29 King Street, Newcastle under Lyme, Staffordshire ST5 1ER CONTACT: DS INSOLVENCY SERVICES LTD. 29 King Street Newcastle-Under-Lyme Staffordshire ST5 1ER Phone: 01782 614618 Fax: 01782 717287 E-mail: mwilliamson@dsinsolvency.co.uk PENRYN COUNTRY: Administrators from Purnells Move in ---------------------------------------------------- Name: PENRYN COUNTRY SUPPLIES LIMITED (Company No 02682084) Nature of Business: Retail of Country Goods Registered Office of Company: Purnells, Trewoon, Polhdu Cove, Mullion, near Helston, Cornwall TR12 7JB Date of Appointment: 24 August 2005 Administrator's Name and Address: Ray Purnell (IP No 2745), Purnells, Trewoon, Poldhu Cove, Mullion, near Helston, Cornwall TR12 7JB CONTACT: PENRYN COUNTRY SUPPLIES Eastwood Road, Penryn, Cornwall TR10 8LA Phone: 01326378061 PURNELLS Trewoon, Poldhu Cove, Mullion, near Helston, Cornwall TR12 7JB E-mail: ray@purnells.co.uk PICTURE PRINT: Files for Liquidation ------------------------------------ Company Name: PICTURE PRINT & FRAMING WORKSHOPS LTD. 11 Lime Hill Road, Tunbridge Wells, Kent, TN1 1LJ Phone: 01444 236410 Court: Bristol District Registry Date of Filing Petition: July 5, 2005 No. of Matter: 2762 of 2005 Date of Winding-up Order: August 24, 2005 CONTACT: Official Receiver Ground Floor, Victory House, Quayside, Chatham Maritime, Kent, ME4 4QU Phone: 01634 895700 Fax: 01634 895711 RENTOKIL INITIAL: Board Hits Raphoe's Plan to Install New Chair --------------------------------------------------------------- The Board of Rentokil Initial plc has noted the announcement made earlier by Raphoe Management Limited. The Board noted that: (a) the substance of Raphoe's proposal seems simply to install a new Executive Chairman at significant cost, in excess of GBP75 million at Thursday night's closing share price, plus executive remuneration, plus a share of any capital return; (b) of this, Sir Gerry Robinson will receive some GBP55 million, while Raphoe proposes that the Company should pay Europa Partners approximately GBP20 million; (c) executive rewards of that scale and without any performance hurdles -- as Raphoe proposes -- do not meet the corporate governance and remuneration standards supported by the Board of Rentokil and best practice; (d) it is hard to see why Sir Gerry Robinson should receive a significant stake in Rentokil without putting any money into the Company himself and with only a three-year time horizon; (e) Raphoe suggests a review of financing structure, but the Company's new Finance Director already has one underway; (f) Raphoe's proposal contains no suggestion as to what operational plans Sir Gerry Robinson thinks he can implement that the current management cannot; (g) In proposing his appointment as Executive Chairman, Sir Gerry Robinson disregards that Rentokil already has a new Chief Executive and a new Finance Director who joined a group with a board structure that follows best governance practice; and (h) much of what Raphoe presents as new initiatives from Sir Gerry Robinson -- such as management appointments and capital structure review -- is already being actively pursued by the current management team. Brian McGowan, Chairman of Rentokil, said: "We run this Company with an open mind as to what will deliver the best value for all shareholders. We are aware that Franklin Templeton has been in discussions with Sir Gerry Robinson for some months. However, based on the announcement, Raphoe's proposals look unlikely to be in the best interests of shareholders: Sir Gerry Robinson wants the shareholders to give up more than GBP75 million of the Company's equity and in return he may agree to give them up to 35 pence per share of their own cash." In another statement, Raphoe Management Limited has said that, as previously announced by the Company on 22 and 30 August 2005, soundings have been taken from certain Rentokil shareholders. Sir Gerry has now completed his initial assessment of Rentokil and formulated the plans he would like to implement for the business. These are the proposals, which Raphoe now intends to put to the Board of Rentokil and its advisers for their consideration: (a) Sir Gerry to be appointed executive chairman of Rentokil on terms to be agreed with the Remuneration Committee of Rentokil and reflecting current conditions for holders of similar offices in other similar sized U.K. companies; (b) subject, inter alia, to a detailed review of Rentokil's financial condition, to the agreement of the trustees of the Rentokil Pension Schemes, to discussions with its credit rating agency in order to determine the level of leverage at which Rentokil maintains its investment grade rating and negotiation of bank funding on terms and conditions acceptable to the then Board of Rentokil, it would be the intention of Sir Gerry, once appointed chairman, to recommend to the then Board of Rentokil a proposal that up to 35 pence per share should be returned to shareholders, by means which are yet to be determined and discussed, such as a Scheme of Arrangement; (c) Sir Gerry to devote himself full-time to Rentokil for a period of three to five years, as required and Sir Gerry to accept no other appointment as a director of any public or private company whilst full-time chairman of Rentokil; (d) Sir Gerry would assess the strengths of the existing management team and implement any changes which were required, in some cases through appointing external candidates who have already been identified but would only be approached if needed to fill any identified deficiencies; (e) Raphoe to release Sir Gerry from his five year contract and to undertake to make no other acquisitions or investments while Sir Gerry is chairman of Rentokil; and (f) the consideration for Raphoe releasing Sir Gerry from his five year contract and entering into these arrangements, would be the issue to Raphoe in four approximately equal tranches each of 11.6 million new shares in Rentokil (approximately 0.64% of the issued share capital), the first being due on Sir Gerry's appointment as executive chairman, and the remainder on its anniversary in each year from 2006 to 2008 provided that Sir Gerry has not resigned as full- time chairman at each such date. Raphoe would meet all its own professional and other costs and the first tranche of Rentokil shares to be issued to Raphoe would be used for this purpose. The proposals would result in a maximum number of approximately 46.3 million Rentokil shares being issued to Raphoe over the three year period, representing approximately 2.55% of the current issued share capital. Sir Gerry owns 72% of Raphoe, and would receive such proportion of the total Rentokil shares to be issued under the proposals representing a maximum (on the 2008 anniversary) of 1.84% of Rentokil's share-capital. Raphoe hopes that the Board of Rentokil will consult as widely as possible with its shareholders before formulating a response to these proposals. Should the Board not respond positively to these proposals and it become apparent that this is contrary to the wishes of a significant body of its shareholders, Raphoe reserves the right to pursue its proposals by other means, which could include either approaching shareholders with a view to convening an Extraordinary General Meeting to approve these proposals, or making an offer for the entire issued share capital of Rentokil. Such an offer, if made, could either be in Raphoe shares with a cash element or in Raphoe shares alone. In the latter event Sir Gerry would subsequently seek to pursue the proposal earlier set out. As making an offer would be more costly to Raphoe than approaching shareholders with a view to convening an Extraordinary General Meeting, there can be no certainty that an offer would incorporate the terms set out earlier. This announcement does not constitute a firm intention to make an offer and, accordingly, there can be no certainty that any offer will be made or as to the terms of any offer. CONTACT: RENTOKIL INITIAL PLC Felcourt East Grinstead West Sussex RH19 2JY Phone: +44-1342-833-022 Fax: +44-1342-326-229 E-mail: pr@rentokil-initial.co.uk Web site: http://www.rentokil-initial.com SKYEPHARMA PLC: Set Presentation of Interim Results September 28 ---------------------------------------------------------------- As previously announced, SkyePharma plc will release its Interim Results for the six months ended 30 June 2005 to the London Stock Exchange at 07:00 a.m. (BST) on Wednesday 28 September 2005. Later that day Michael Ashton, SkyePharma's Chief Executive Officer, will host an analyst presentation, which will be Web cast live, and a U.S. conference call to review these results. Investors and other interested parties may view the live Web cast of the analyst presentation at 09:00 a.m. (BST) on the Company's Web site at http://www.skyepharma.comunder the Investor Relations tab. U.S. Investors and other interested parties may access the conference call at 10:00 EDT (15:00 BST) by dialing (800)-230 1074 for U.S. participants and +1-612-234-9960 for international participants. The slides of the presentation will also be available on the Company's Web site. For those unable to listen to the live broadcast, a replay will be available shortly after the conference call by dialing (800)-475-6701 for U.S. participants or +1-320-365-3844 for international participants and entering Access Code 795375. * * * SkyePharma plc, headquartered in London, develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use and more effective drug formulations. In May, it reported net loss of GBP24.3 million for 2004, a decrease of 44% compared with GBP43.2 million in 2003. CONTACT: SKYEPHARMA PLC 105 Piccadilly London United Kingdom W1J 7NJ Phone: +44 20 7491 1777 Fax: +44 20 7491 3338 Ian Gowrie-Smith, Non-executive Chairman Michael Ashton, Chief Executive Officer Peter Laing, Director of Corporate Communications Phone: +44 207 491 1777 Sandra Haughton, U.S. Investor Relations Phone: +1 212 753 5780 BUCHANAN COMMUNICATIONS Phone: +44 207 466 5000 Tim Anderson/Mark Court TEMPFORCE LIMITED: In Administrative Receivership ------------------------------------------------- Name: TEMPFORCE LIMITED (Reg No 3226774) Nature of Business: Recruitment and Temping Agency Registered Office of Company: New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX Date of Appointment of Joint Administrative Receivers: 25 August 2005 Trading Name: Genises Healthcare Date of Appointment of Joint Administrative Receivers: 25 August 2005 Name of Person Appointing the Joint Administrative Receivers: HSBC Bank Plc Names and address of Joint Administrative Receivers: Ian J Gould and Brian J Hamblin (IP Nos 7866 and 2085), both of PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX * * * Established in 1990, Tempforce is part of a family of service companies that are involved in all aspects of recruitment, creative design and corporate marketing. Visit http://www.tempforce.co.uk/for more information. CONTACT: TEMPFORCE LIMITED 111 Station Street Burton Upon Trent Staffordshire DE14 1BX Phone: 01283 741990 Fax: 01283 741991 PKF New Guild House 45 Great Charles Street Queensway Birmingham West Midlands B3 2LX Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: ian.gould@uk.pkf.com TM GROUP: On CreditWatch Negative After Management Buyout --------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on U.K.-based convenience retailer TM Group Holdings PLC and related entity TM Group Ltd. on CreditWatch with negative implications, following a management buyout. "The CreditWatch placement follows TM Group's announcement that its management, backed by Bank of Scotland Corporate Banking, has acquired TM Group's parent company, and that the group now intends to redeem all its senior and subordinated senior notes due 2008," said Standard & Poor's credit analyst Sunita Kara. "The negative implications reflect that, although the future financing of TM Group is unknown at this stage, Standard & Poor's believes that the new capital structure could become significantly more aggressive and may not be at a level consistent with the current ratings." For the 12 months to May 28, 2005, TM Group's net debt adjusted for operating leases to earnings before interest, tax, depreciation, amortization, and rents (EBITDAR) was about 4.9x and EBITDAR coverage of net interest plus rents was about 1.3x. Standard & Poor's aims to resolve the CreditWatch after meeting with TM Group's management to discuss the group's new financial profile and policy. TM Group continues to benefit from its leading position in the U.K.'s relatively stable but highly competitive convenience retail market. 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 TRILOGY TELECOM: Administrators Take over Business -------------------------------------------------- Name: TRILOGY TELECOM LIMITED (Company No 04334300) Nature of Business: Telecommunication Providers Registered Office of Company: Equity & Law House, 14-15 Brunswick Place, Southampton SO15 2AQ Trade Classification: 38 Date of Appointment: 23 August 2005 Administrator's Name and Address: E. J. Stonham (IP No 6486), Stonham.Co, Equity & Law House, 14-15 Brunswick Place, Southampton SO15 2AQ * * * Trilogy is currently enabling exchanges in cities and rural communities across the U.K. with next generation broadband services. Using the latest ADSL2 and SDSL technology, Trilogy offers local communities the fastest speeds, the lowest contention rates, and the lowest prices available anywhere in the U.K. Visit http://www.trilogytelecom.co.uk/for more information. CONTACT: TRILOGY TELECOM LTD. 3 Brindley Place Birmingham B1 2JB Phone: 0870 840 7961-7962 E-mail: info@oneservice.co.uk STONHAM.CO Equity & Law House, 14-15 Brunswick Place, Southampton SO15 2AQ Phone: 01243 862800 Fax: 01243 839901 WILLIAM HUSTLER: Engineering Firm Liquidates -------------------------------------------- At an Extraordinary General Meeting of the Members of William Hustler & Sons Limited, duly convened, and held at Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ, on 19 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 D F Wilson and J N R Pitts, be and are hereby appointed Joint Liquidators for the purposes of such winding-up." D Hibberd * * * Established in 1850, William Hustler & Sons offers metal fabricated produces for Chemical and Laboratory Plant, Materials Handling & Storage, Architectural and Construction, Plant Hire Equipment, Product Handling Equipment, General Component Fabrications, Staircases & Structural Fabrications, General Services. Visit http://www.metal-fabrications.co.ukfor more information. CONTACT: WILLIAM HUSTLER & SONS LIMITED Henshaw Works Henshaw Lane Yeadon Leeds LS19 7RW United Kingdom Phone: 0113-250 3166 Fax: 0113-250 1272 WILSON PITTS Glendevon House Hawthorn Park Coal Road Leeds West Yorkshire LS14 1PQ Phone: 0113 237 5560 Fax: 0113 237 5561 ZABAR HOSIERY: Names Crawfords Administrator -------------------------------------------- Name: ZABAR HOSIERY LIMITED (Company No 03201381) Trading Name: Manchester Toiletries & Food Nature of Business: Wholesaler Household Goods Trade Classification: 5115/5190 Date of Appointment: 30 August 2005 Administrator's Name and Address: A. Kachani (IP No 5780), of Crawfords, Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB CONTACT: ZABAR HOSIERY LTD. Falcon House, 173/175 Cheetham, Manchester M8 8LG Phone: 0161-839-7086 Fax: 0161 839 784 CRAWFORDS Stanton House 41 Blackfriars Road Salford Manchester Greater Manchester M3 7DB Phone: 0161 828 1000 Fax: 0161 832 1829 E-mail: akachani@aol.com ********* 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. 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