/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050916.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 Friday, September 16, 2005, Vol. 6, No. 184 Headlines C Z E C H R E P U B L I C CARAVELLA TOURS: Books Appointment with Bankruptcy Court VSEOBECNA ZDRAVOTNI: Faces Forced Administration F I N L A N D M-REAL CORPORATION: Names Johan Lindborg to Board F R A N C E RHODIA SA: Sells Phosphates Manufacturing Business to Misa Inc. RHODIA SA: Disasters Hit Swiss, Louisiana Sites SNCM: Connex Leads Potential Buyers G E R M A N Y AUGUSTA TECHNOLOGIE: Names Chief Operating Officer AUTOHAUS J & F: Under Bankruptcy Administration BASIMO GMBH: Court to Verify Claims January BFI VIERTE: Sets First Creditors Meeting September 27 DAIMLERCHRYSLER AG: Beijing Okays Auto Financing Venture FJH AG: Reaches Cooperation Deal with IBM G.A.T. GESELLSCHAFT: Hannover Business Goes Bust HD BAUSTAHLVERARBEITUNG: Proofs of Claim Due Next Month HELMER U. ZIMMERMANN: Court Names Ott & Kollegen Administrator INFINEON TECHNOLOGIES: Talks to Sell Munich Site Fail MUELLER-BAU: Creditors' Claims Due Later this Month PRODUCTS WITH INNOVATIONS: Succumbs to Bankruptcy SALA BETEILIGUNGS: Creditors Meeting Set October TRESSETTE GMBH: Court Calls in Administrator VOLKSWAGEN AG: Plans to Close, Sale or Merge 'Problem' Plants G R E E C E OLYMPIC AIRLINES: European Commission Declares State Aid Illegal H U N G A R Y NABI RT: FHF Modifies Shareholding I R E L A N D JSG HOLDINGS: Mulls Merger with Kappa Packaging JSG HOLDINGS: Merger Kappa Won't Impact Rating, Says Moody's RIVERDEEP GROUP: 'B+' Rating Affirmed; Off CreditWatch Negative I T A L Y GIANNI VERSACE: Reduces Debt Significantly L U X E M B O U R G ORIFLAME COSMETICS: Eyes Up to 10% Annual Sales Growth N E T H E R L A N D S ALMATIS B.V.: Investcorp Takes over Business ALMATIS B.V.: Moody's May Downgrade Ratings KAPPA BEHEER: Faces Moody's Downgrade ROYAL SHELL: Cancels Additional 1,440,000 'A' Shares ROYAL SHELL: Sells 'Oil Products' Businesses to Rubis Group P O L A N D POLISH OIL: Eyes Gradual Dividend Increase as Profits Rise R U S S I A BANK OF MOSCOW: Moody's to Review Currency Deposit Ratings CHISTOVSKOYE: Undergoes Bankruptcy Supervision Procedure ESSOILA: Hires V. Tyurlik Insolvency Manager EVRAZ GROUP: To Unveil Half-year Results Next Month GAS: Bankruptcy Supervision Procedure Begins GAZPROMBANK: Moody's May Upgrade Ba1 Ratings IVCHE-MASH: Succumbs to Bankruptcy KMB-BANK: Moody's Reviews Ba1 Ratings KONZA: Claims Filing Period Ends Next Month OIL-BRIDZH: Insolvency Manager Takes over Business OREKHOVO-ZUEVSKIY REM-TEKH-MASH: Under Bankruptcy Supervision OUTDOOR EQUIPMENT: Bankruptcy Hearing Set November PALEVITSKOYE: Komi Court Brings in Insolvency Manager RUSSIAN AGRICULTURAL: Moody's Hints of Potential Upgrade RUSSIAN BANK: Currency Deposit Ratings Under Review SBERBANK: Moody's to Review Currency Deposit Ratings VITA: Declared Insolvent VNESHECONOMBANK: Moody's Mulls Deposit Ratings Upgrade VNESHTORGBANK: Moody's May Upgrade Currency Deposit Ratings YUKOS OIL: Receives Bankruptcy Notification ZAO RAIFFEISENBANK: Ba1 Deposit Ratings Under Review S P A I N DOGI INTERNATIONAL: Maintains Result Despite Market Difficulties S W E D E N ESSELTE GROUP: Shakes up Management Following Dymo Sale U K R A I N E AGROMOTOR: Creditors' Claims Due September 19 AMAS: Gives Creditors Until Next Week to File Claims ARS: Undergoes Bankruptcy Supervision Procedure BUSINESS-PETROLEUM: Declared Insolvent KALINIVSKE: Liquidator Steps in PROMSERVICE PLUS: Bankruptcy Supervision Begins STRIHA: Kyiv Court Opens Bankruptcy Proceedings TINKIVSKE-2: Under Bankruptcy Supervision TIS: Insolvency Manager Takes over Operations ZHOVTEN: Under Bankruptcy Supervision U N I T E D K I N G D O M 360 ONBOARD: Names Mazars Liquidator 3D CONTAINERS: Meeting of Creditors Set Next Week ACORN SPORTS: Up for Sale AMBIT RESEARCH: Calls in Administrators AMESFLEET LIMITED: Electrical Products Retailer Winds up BARNABY EVANS: Administrator from Hazlewoods Moves in BOOKS-A-BOUND: Files for Liquidation CHP FURNITURE: Meeting of Unsecured Creditors Set Next Week CONCEPT CYCLING: Business for Sale D W WEAVER: Directors Blame Government for Collapse EATON ELECTRIC: Opts for Liquidation ECS CLIMATE: EGM Passes Winding-up Resolution ELIZA TINSLEY: Receives Takeover Feelers ENODO TECHNOLOGIES: Appoints Menzies Administrator EURO ELECTRICAL: Calls in Administrator FORD GREEN: Creditors Meeting Set Today GALLOWAY GLASS: Owners Abandon Shattered Business GMS SECURITY: Names Poppleton & Appleby Administrator GRANVILLE BUILDING: Administrators Take over Firm INDUSTRIAL MECHANICAL: Files for Liquidation INTERNATIONAL EXECUTIVE: Members Decide to Wind up Business JESSOPS PLC: Pre-close Trading Update Out Next Week LINK CATERING: Calls in Joint Administrator LLOYD DAVIES: Furniture Retailer Calls in Administrators MERLIN PUBLICITY: In Administrative Receivership MG ROVER: Fate up in the Air, Concedes PricewaterhouseCoopers MOWLEM PLC: Wins GBP429 Million Contract from Highways Agency PIONEER CLINICAL: Names Begbies Traynor Liquidator PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator ROYAL MAIL: Sets Date for Implementation of New Pricing System STANLEY J HOLMES: Meeting of Creditors Set Next Week TRANSPLAN DEVELOPMENTS: Creditors to Meet September 21 TUBE DEVELOPMENTS: Files for Liquidation TURNERS CONSTRUCTION: Appoints Begbies Traynor Administrator UNIQ PLC: U.K. Division Has New Managing Director UNITED BISCUITS: Profit Grows 4.3% with Jacob's, Triunfo Results U.K. FRONTLINE: Firm Ripped off Advertisers, DTI Says WGR TRADING: Bar Operator Calls in Receiver from KPMG WHEELBASE UK: Bicycle Retailer for Sale ********* =========================== C Z E C H R E P U B L I C =========================== CARAVELLA TOURS: Books Appointment with Bankruptcy Court -------------------------------------------------------- Travel agency Caravella Tours has collapsed, making it the third and largest bankruptcy in the sector this year, Mlada fronta Dnes (MfD) says. Renata Werlikova, of insurance company Generali, said Caravella has already secured the return of 92 clients still abroad. The insurer will reimburse some 400 other clients, who are scheduled to leave in the coming months, she said. Caravella, which arranges tours primarily for Egypt and Tunisia, is 100%-owned by a Tunisian citizen, who was not identified by the paper. Prior to Caravella's collapse, two other tour operators also filed for bankruptcy -- Connexion Voyages in July and Travel Studio International in August. CONTACT: CARAVELLA TOURS S.R.O. Vinohradska 47 Praha 2 12000 Phone: 222 252 501 222 251 560 Fax: 222 253 584 E-mail: info@caravellatours.cz Web site: http://caravellatours.cz VSEOBECNA ZDRAVOTNI: Faces Forced Administration ------------------------------------------------ Local insurer Vseobecna zdravotni pojistovna (VZP) may be forced into administration if it fails to pay doctors on time, Czech Happenings says. Czech Doctors' Association (CLK) President David Rath gave the company a few weeks to get its act together or he will ask the health ministry to launch forced administrative proceedings and seek the replacement of VZP director Jirina Musilkova. Mr. Rath said his group has received a number of complaints from doctors, who claim VZP payments are two months delayed. This has forced them to avail of loans to sustain their practice. "We're resolutely calling on the VZP to prepare and start implementing a program to improve its financial management, as its hitherto management has been very careless, very poor and it has preferred many contractual partners at the cost of others, thus allowing its debts to further increase," Mr. Rath said. He added VZP should consider taking out a loan, instead of passing its financial problems to health facilities. CLK is also contemplating a complaint against VZP before the anti-monopoly office (UOHS). In an interview with Czech News Agency, Health Ministry spokeswoman Jana Kocova said she could not anticipate what the ministry will do if and when CLK does file its complaint. She admitted the situation is becoming "rather tense and has to be solved." CONTACT: VSEOBECNA ZDRAVOTNI POJISTOVNA Orlicka 4/2020 130 00 Praha 3 Phone: 221 751 111 E-mail: info@vzp.cz Web site: http://www.vzp.cz ============= F I N L A N D ============= M-REAL CORPORATION: Names Johan Lindborg to Board ------------------------------------------------- The Board of M-real Corporation has appointed Karl-Johan Lindborg, Map Merchant Group's President & CEO, a member of M-real's Corporate Executive Board as of 14 September 2005. M-real's subsidiary Map Merchant Group is the third largest paper merchant in Europe, and Lindborg has been its President & CEO since the year 2000. Previously he has worked as President & CEO of Finnforest between the years 1996 and 1999 and prior to that in management positions in Enso Gutzeit, Tampella Forest and Rauma Repola. About the Company Headquartered in Espoo, Finland, M-Real is one of Europe's leading suppliers of paperboard and related services, coated and uncoated fine paper and coated magazine paper. Credit Rating In February, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on M-real Corp. to 'BB' from 'BB+'. The 'B' short-term corporate credit rating on M-real was affirmed. The outlook is stable. "The downgrade reflects M-real's continued weaker than expected operating performance and credit protection measures, which are not expected to improve materially over the near to medium term," said Standard & Poor's credit analyst Alf Stenqvist. The weak operating cash flows reflect weak paper prices for the group's main products (primarily fine papers), negative currency effects, and operating inefficiencies, he said. The company reported a loss of EUR121 million for the second quarter vs. profit of EUR76 million a year ago. CONTACT: M-REAL CORPORATION Hannu Anttila, President and CEO Phone: +358 10 469 43 43 Peter Sandberg Executive Vice President, Office Papers Phone: +31 610 90 55 32 =========== F R A N C E =========== RHODIA SA: Sells Phosphates Manufacturing Business to Misa Inc. --------------------------------------------------------------- Rhodia S.A. has signed an agreement for the sale of its phosphates and sulfuric acid manufacturing businesses at its site in Rieme (Belgium) to Misa Inc. The transaction is likely to be finalized in the coming weeks, pending approvals from the Belgium authorities. This disposal, which marks a further step in Rhodia's withdrawal from the phosphates area, forms part of the divestiture of non-strategic activities being undertaken by the Group with a view to consolidating its business portfolio. Misa Inc., an affiliate of Uganda-based Madhvani International, is engaged in the development of projects in the industry, energy, agriculture and infrastructure sectors. * * * In June, French police and a judicial investigator reportedly swooped down on the offices of the finance ministry and Rhodia. Agence France-Presse associated the raid to the probe into the accounting irregularities at the company where Finance Minister Thierry Breton had served as board member. Rhodia is a global specialty chemicals company partnering with major players in the automotive, electronics, fibers, pharmaceuticals, agrochemicals, consumer care, tires and paints & coatings markets to offer tailor-made solutions combining original molecules and technologies to respond to customers' needs. It generated net sales of EUR5.3 billion in 2004 and employs 20,000 people worldwide. It is listed on the Paris and New York stock exchanges. In August, the group reported that headcount in France has been reduced by more than 1,000 people (-12%). The operating loss amounted to EUR69 million, versus a loss of EUR33 million in the second quarter 2004, reflecting the EUR101 million full impairment of Rhodia Pharma Solutions assets. Excluding this exceptional charge, the Group would have reported operating income of EUR32 million, representing a EUR65 million improvement compared to the second quarter 2004. Financial result, which was unchanged at a negative EUR95 million, included principally EUR58 million in interest expense, EUR27 million in unrealized foreign exchange losses on the conversion of U.S. dollar-denominated debt and EUR3 million in non-recurring refinancing costs. The Group's overall net loss for the period came to EUR197 million, compared with a net loss of EUR132 million in the second quarter 2004 (before the taking into account EUR187 million of results from discontinued operations). CONTACT: RHODIA S.A. 26, quai Alphonse Le Gallo 92512 Boulogne-Billancourt Cedex, France Phone: +33-1-55-38-40-00 Fax: +33-1-55-38-44-71 Web site: http://www.rhodia.com Press Relations Lucia Dumas Phone: +33 1 55 38 45 48 Anne-Laurence de Villepin Phone: +33 1 55 38 40 25 RHODIA SA: Disasters Hit Swiss, Louisiana Sites ----------------------------------------------- Recent natural disasters in Central Europe and the United States have adversely affected operations at two Rhodia S.A. facilities. The Emmenbruecke polyamide technical fibers production plant suffered severe damage following heavy flooding in Switzerland in late August. The facility has been shut down, and some production has been transferred to the Humenne plant in Slovakia. After repairs, production will gradually resume in fourth-quarter 2005. The Baton Rouge plant in Louisiana, which regenerates sulfuric acid for refineries in the region and manufactures diphenols, suffered little damage from Hurricane Katrina and is back on stream. However, Rhodia is still waiting for some of its customers to resume operations and is adversely impacted by the disruption of the supply chain in this region. These exceptional events will slow down the forecasted growth in EBITDA in the second half. The full-year 2005 impact of these natural disasters is not expected to exceed a 5% shortfall in projected EBITDA. The Group's businesses are performing satisfactorily and these exceptional events, whose impact is limited to second-half 2005, do not jeopardize Rhodia's 2006 targets. CONTACT: RHODIA S.A. 26, quai Alphonse Le Gallo 92512 Boulogne-Billancourt Cedex, France Phone: +33-1-55-38-40-00 Fax: +33-1-55-38-44-71 Web site: http://www.rhodia.com Press Relations Lucia Dumas Phone: +33 1 55 38 45 48 Anne-Laurence de Villepin Phone: +33 1 55 38 40 25 SNCM: Connex Leads Potential Buyers ----------------------------------- Passenger transport specialist Connex is the frontrunner to acquire loss-making state-owned ferry operator The Societe Nationale Maritime Corse Mediterranee, Lloyds List reports citing an industry source. According to union representatives, Connex, as well as a Spanish and two French banks are in talks with the government regarding the acquisition of the Marseilles-based company. The Ministry of Transport invited investments for SNCM in January after the company reported a full-year loss. Results at SNCM were hit by a drop in passengers at its Corsican services, and by industrial action. It said a new investment is needed to avert bankruptcy. The ministry did not disclose the number of bids it received recently, but said it will present the best one at the end of the month. Union representatives have said they will not welcome future attempts to privatize the company in light of possible job losses it would cost. SNCM employs 2,500 people. CONTACT: THE SOCIETE NATIONALE MARITIME CORSE MEDITERRANEE Web site: http://www.sncm.fr/action/home ============= G E R M A N Y ============= AUGUSTA TECHNOLOGIE: Names Chief Operating Officer -------------------------------------------------- The Supervisory Board of Prime Standard member AUGUSTA Technologie AG (ISIN DE000A0D6612) has appointed Mr. Ralph Zettler (46), an industrial engineering graduate, as a new member of the Managing Board with effect from September 1, 2005. As Chief Operating Officer (COO), Mr. Zettler will strengthen the existing Managing Board of AUGUSTA in the final implementation of the restructuring process. Prior to his appointment to the Managing Board of AUGUSTA Technologie AG, Mr. Zettler was most recently COO of Alldata Systems GmbH, a 100% subsidiary of the ARAG group. Under his management, the Dusseldorf-based IT company was restructured and sold to T-Systems. * * * AUGUSTA recorded a consolidated loss for the first half of EUR0.7 million in H1 2005 (consolidated loss for H1 2004: EUR17.4 million) and a consolidated loss per share of EUR0.12 (loss per share in H1 2004: EUR14.65). After minority interest, AUGUSTA broke even in the period under review. CONTACT: AUGUSTA TECHNOLOGIE AG Wilhelm-Leuschner-Str. 9-11 60329 Frankfurt/Main, Germany Phone: 0049-(0)69-242669-0 Web site: http://www.augusta-ag.de Lena Trautmann, Investor Relations Phone: +49-(0)69-242669-19 Fax: +49-(0)69-242669-40 E-mail: trautmann@augusta-ag.de AUTOHAUS J & F: Under Bankruptcy Administration ----------------------------------------------- The district court of Neuruppin opened bankruptcy proceedings against Autohaus J & F - Rheinsberg - GmbH on August 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 18, 2005 to register their claims with court-appointed provisional administrator Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2005, 10:00 a.m. at the district court of Neuruppin, Karl-Marx-Strasse 18a, 16816 Neuruppin, Saal 325, 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: AUTOHAUS J & F - RHEINSBERG - GmbH Dr.-Martin-Henning-Str. 9, 16831 Rheinsberg, Contact: Herrn Stefan Freyer, Manager Muehlenweg 186 B, 16818 Walsleben Susanne Mueller, Administrator Vietmannsdorfer Strasse 23, 17268 Templin BASIMO GMBH: Court to Verify Claims January ------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Basimo GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 25, 2005 to register their claims with court-appointed provisional administrator Joachim Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting on September 20, 2005, 9:50 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report January 25, 2006, 9:30 a.m. at the same venue. CONTACT: BASIMO GmbH Mauserstr. 74 a,12277 Berlin Joachim Voigt-Salus, Administrator Rankestrasse 33, 10789 Berlin BFI VIERTE: Sets First Creditors Meeting September 27 ----------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against BFI Vierte Geschaftsfuehrungs GmbH on August 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 20, 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 27, 2005, 9:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report January 17, 2006, 9:30 a.m. at the same venue. CONTACT: BFI VIERTE GESCHAFTSFUEHRUNGS GmbH Kleiststrasse 3 - 6,10787 Berlin Christoph Rosenmueller, Administrator Berliner Str. 117, 10713 Berlin DAIMLERCHRYSLER AG: Beijing Okays Auto Financing Venture -------------------------------------------------------- The Chinese Government has reportedly approved DaimlerChrysler AG's planned auto financing operation that will be headquartered in Beijing. According to the Associated Press, the new venture, DaimlerChrysler Auto Finance (China) Ltd., aims to sign 3,000 financing contracts with dealers and customers by next year. It will also offer insurance for passenger cars and financial services for commercial vehicles. Juergen Walker, chairman of DaimlerChrysler Financial Services' board of management, said: "We are now working on the remaining tasks that are necessary to start our business in the fourth quarter of this year." Along with China's rapid economic growth, car ownership in the country has been rising, with sales of domestic cars rising 15% to 2.4 million in 2004. While many Chinese are still buying cars using cash, auto financing is said to be flourishing. Last month, DaimlerChrysler AG raised its shareholding in a joint venture with Beijing Automotive Industry Corp. from 42% to 50%. The transaction, which reportedly involved several millions of euros, will see the production of 25,000 vehicles annually. DaimlerChrysler also intends to launch in China its first Mercedes Benz E-class sedans by November. This will be followed by the C-class, while other Chrysler and Mitsubishi models will be made there. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com FJH AG: Reaches Cooperation Deal with IBM ----------------------------------------- FJH, the consultancy and software company specializing in the insurance sector, has signed a cooperation agreement with IBM for the life insurance sector under IBM's "ISV Advantage for Industries" scheme. The two companies aim to offer life insurers and pension providers single-source integrated solutions for IT projects. The cooperation will include strategic consultancy and the development of suitable IT architectures through to the necessary software and hardware as well as system implementation, customization and maintenance. By pooling their expertise both partners will gain a decisive competitive edge for exploiting new opportunities presented by the market. As well as longstanding expertise in implementing software projects and extensive knowledge of the insurance sector, FJH will also contribute FJA Life Factory, its tried and tested standard software that supports all key life insurance business processes - from the development of new insurance projects, the preparation of offers and the issuing of insurance policies through to invoicing and payments on maturing policies. IBM systems offer optimum support for the software. In future, FJH will also schedule its releases to tie in with IBM's technological developments. Describing the benefits of the collaboration, Ulrich Korff, Chairman of the Executive Board of FJH, says: "This cooperation with IBM means we can offer the insurance sector an even more comprehensive service -- from one single source. IBM complements our know-how and service offering in crucial areas such as strategy consultancy and the development of software architectures. The 'ISV Advantage for Industries' program also gives us direct access to IBM's technological know-how, providing an important boost for our own in-house software development." "Our clients are increasingly demanding integrated, one-stop solutions combining technical competence with an efficient infrastructure", explains Norbert Dick, Vice President of IBM with global responsibility for the insurance sector. "In selected sectors and fields of business IBM is seeking best-of-breed partners for the respective specialist components. In FJH we have gained a partner that will link up with IBM Business Consulting Services to offer our life insurance clients an optimum, integrated solution." About FJH FJH AG is a leading consultancy and software company for the insurance and pensions market. Under its brand name FJA, the FJH Group offers a broad range of software solutions to support insurance companies and pension providers in all key areas and issues. Products include portfolio administration systems, process and document management software and point-of-service solutions through to systems for asset liability management and corporate control. FJH has long-standing business relations with around half of all life insurers in Germany for whom it has successfully implemented numerous major projects over the last 25 years; its clients also include renowned health and non-life insurers. Globally, FJH's software is used in 20 countries on three continents, including the U.S.A. and Australia and a number of Eastern European countries. In addition to its headquarters in Munich the FJH Group also has German offices in Hamburg, Cologne and Stuttgart. It also has subsidiaries in Switzerland, Austria, the USA and Slovenia. The Company was founded in 1980 and has been listed on the Frankfurt Stock Exchange since February 2000. FJH AG was included in the Prime Standard index in January 2003. CONTACT: FJH AG Elsenheimerstr. 65 80687 Muenchen, Phone: +49 89/769 01 517 Fax: +49 89/769 01 606 Web site: http://www.fjh.com Contact: Martina Fassbender E-Mail: martina.fassbender@fjh.com G.A.T. GESELLSCHAFT: Hannover Business Goes Bust ------------------------------------------------ The district court of Hannover opened bankruptcy proceedings against g.a.t. Gesellschaft fuer Ausbildung + Training mbH on August 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 10, 2005 to register their claims with court-appointed provisional administrator Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting on November 9, 2005, 8:00 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: G.A.T. GESELLSCHAFT FUER AUSBILDUNG + TRAINING mbH Pelikanstr. 13, 30177 Hannover Contact: Michael Schoneberg, Manager Helge Wachsmuth, Administrator Alexanderstr. 2, 30159 Hannover Phone: 0511/325095 Fax: 0511/329934 HD BAUSTAHLVERARBEITUNG: Proofs of Claim Due Next Month ------------------------------------------------------- The district court of Braunschweig opened bankruptcy proceedings against HD Baustahlverarbeitung GmbH on August 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 10, 2005 to register their claims with court-appointed provisional administrator Stefan Neugebauer. Creditors and other interested parties are encouraged to attend the meeting on November 2, 2005, 11:15 a.m. at the district court of Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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: HD BAUSTAHLVERARBEITUNG GmbH Reppnersche Str. 24, 38226 Salzgitter Contact: Atif Delalic, Manager Reppnersche Str. 24, 38226 Salzgitter Stefan Neugebauer, Administrator Imatraweg 12, 38226 Salzgitter Phone: 05341/178083 Fax: 05341/178087 HELMER U. ZIMMERMANN: Court Names Ott & Kollegen Administrator -------------------------------------------------------------- The district court of Kempten opened bankruptcy proceedings against Helmer u. Zimmermann GmbH+Co. KG on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 20, 2005 to register their claims with court-appointed provisional administrator Dr. jur. Marco Liebler. Creditors and other interested parties are encouraged to attend the meeting on October 18, 2005, 10:00 a.m. at the district court of Kempten, SS 240/II, in 87435 Kempten, Residenzplatz 4-6, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on November 11, 2005, 10:10 a.m. at the same venue. CONTACT: HELMER U. ZIMMERMANN GmbH+Co. KG Rothelebuch 7 in 87637 Seeg Dr. jur. Marco Liebler, Administrator Nymphenburger Str. 139 c/o Kanzlei Ott & Kollegen 80636 Muenchen Phone: 089/120260 Fax: 089/12026127 INFINEON TECHNOLOGIES: Talks to Sell Munich Site Fail ----------------------------------------------------- During discussions in the past weeks, Infineon Technologies AG (FSE/NYSE: IFX) and X-FAB Semiconductor Foundries AG concluded that X-FAB would not take over the Infineon plant in Perlach. Both X-FAB and Infineon were prepared to make concessions to continue operations at the site and safeguard jobs. After investigating the matter in depth it proved, however, that there is no long-term guarantee of running the Perlach site with economic success and preserving the jobs. Reinhard Ploss, Group Vice President and General Manager of the Automotive, Industrial and Multimarket Group at Infineon, said, "We regret the development and would have welcomed selling the site and preserving the jobs. The discussions were very constructive and included long and intensive negotiations. Nevertheless a takeover by X-FAB was not possible due to the specific conditions in Perlach." Hans-Juergen Straub, CEO of X-FAB, stated, "We would have liked to continue operating the Perlach plant as a semiconductor site and we explored the full limit of possibilities as we assessed the takeover risks in light of the objectives of X-FAB as a whole. However, the economic and structural deficits in Perlach were insurmountable." About X-FAB X-FAB Semiconductor Foundries AG, headquartered in Erfurt, Germany, is an independent analog/mixed-signal foundry manufacturing silicon wafers for analog-digital integrated circuits (mixed-signal ICs) on customer order. The company maintains wafer production facilities in Erfurt (Germany), Plymouth (U.K.) and Lubbock, Texas (U.S.), and employs approximately 1,100 people worldwide. Wafers are manufactured based on ultra-modern modular CMOS and BiCMOS processes with technologies ranging from 1.0 down to 0.35 micron. Main application areas are the automotive, communications, consumer and industrial sectors. About Infineon Infineon Technologies AG, Munich, Germany, offers semiconductor and system solutions for automotive, industrial and multimarket sectors, for applications in communication, as well as memory products. With a global presence, Infineon operates through its subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific region from Singapore and in Japan from Tokyo. In fiscal year 2004 (ending September), the company achieved sales of Euro 7.19 billion with about 35,600 employees worldwide. Infineon is listed on the DAX index of the Frankfurt Stock Exchange and on the New York Stock Exchange (ticker symbol: IFX). CONTACT: INFINEON TECHNOLOGIES AG P.O. Box 80 09 49 D-81609 Muenchen Phone: +49-89-234-0 Fax: +49-89-234-2-84-82 Web site: http://www.infineon.com Guenter Gaugler Phone: +49 89 234 28481 E-mail: guenter.gaugler@infineon.com X-FAB SEMICONDUCTOR FOUNDRIES AG Haarbergstrasse 67 D-99097 Erfurt Phone: +49 361 427 6000 Fax: +49 361 427 6111 E-mail: info@xfab.com Web site: http://www.xfab.com Dagmar Berendes ThinkBold Corporate Communication Phone: +1 408 379 2344 E-mail: dagmar@thinkbold.com Edicto GmbH Sonke Knop/ Axel Muhlhaus Phone: +49 6084 94 85-90 E-mail: kontakt@edicto.de MUELLER-BAU: Creditors' Claims Due Later this Month --------------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Mueller-Bau GmbH on August 19. 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 Dirk Stadler. Creditors and other interested parties are encouraged to attend the meeting on October 26, 2005, 8:00 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MUELLER-BAU GmbH Lueneburger Str. 18, 30880 Laatzen Contact: Patrick Schroder, Manager Tucholskyring 9, 22175 Hamburg Hermann-Andreas Thiele, Manager Unterdorf 5, 31085 Everode Dirk Stadler, Administrator Callinstr. 43, 30167 Hannover Phone: 0511/4739080 Fax: 0511/47390811 PRODUCTS WITH INNOVATIONS: Succumbs to Bankruptcy ------------------------------------------------- The district court of Hof opened bankruptcy proceedings against Products with Innovations GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 29, 2005 to register their claims with court-appointed provisional administrator Hubertus Benecke. Creditors and other interested parties are encouraged to attend the meeting on November 22, 2005, 1:15 a.m. at the district court of Hof, Sitzungssaal 012, Erdgeschoss, Berliner Platz 1, 95030 Hof, 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: PRODUCTS WITH INNOVATIONS GmbH Bismarckstr. 36 in 95028 Hof Hubertus Benecke, Administrator Buergerstr. 2, 95028 Hof Phone: 09281/819490 Fax: 09281/8194910 SALA BETEILIGUNGS: Creditors Meeting Set October ------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against Sala Beteiligungs GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 25, 2005 to register their claims with court-appointed provisional administrator Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting on October 12, 2005, 9:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on January 18, 2006, 9:00 a.m. at the same venue. CONTACT: SALA BETEILIGUNGS GmbH Kurfuerstendamm 226,10719 Berlin Rolf Rattunde, Administrator Kurfuerstendamm 212, 10719 Berlin TRESSETTE GMBH: Court Calls in Administrator -------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Tressette GmbH on August 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 16, 2005 to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting on October 5, 2005, 9:45 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 January 11, 2006, 9:35 a.m. at the same venue. CONTACT: TRESSETTE GmbH Fehrbelliner Str. 24,10119 Berlin Rolf Nacke, Administrator Gross-Berliner Damm 73 c, 12487 Berlin VOLKSWAGEN AG: Plans to Close, Sale or Merge 'Problem' Plants ------------------------------------------------------------- Non-performing parts factories of Volkswagen AG could be shut down, disposed of or fused to other ventures, said the Financial Times. This after the carmaker revealed it is reviewing the viability of its network of component-making facilities, with French firm Renault as benchmark. It expects to identify problem sites within two weeks. Meanwhile, senior executives warned that units would not be created as a separate entity, citing Delphi's case as a lesson. The latter, which was formed after General Motors spun off its parts division, is now urging its parent company to bail it out of imminent bankruptcy. A senior executive said: "We have to decide for each plant [whether] we have the management resources and skills to return them to profit. Theoretical options include selling them or finding partners." He added they would check each site, even though some of them are highly profitable. Volkswagen's factories that are solely dedicated to making components are in Brunswick, Kassel, Salzgitter and Chemnitz, alongside sections of plants in Wolfsburg and Mosel. The review is understood to be part of Volkswagen's effort to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by Chief Executive Bernd Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard. While Mr. Bernhard insists the figures were "plucked out of the air," he does not deny the cost-cutting effort. In fact, he previously told workers to be "ready to tread new paths" and stressed that "no sacred cows" would be spared as the struggling carmaker plans to save EUR10 billion and lift profits by EUR4 billion to avoid dipping further into the red by 2008. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de =========== G R E E C E =========== OLYMPIC AIRLINES: European Commission Declares State Aid Illegal ---------------------------------------------------------------- The European Commission declared illegal a number of measures taken by the Greek State, which gave an unfair advantage to Olympic Airways and Olympic Airlines, the new company, which has taken over its flight operations. This decision closes the investigation, started on March 16, 2004, into the State aid granted since December 2002, when the airline was ordered to repay EUR160 million in illegal aid. Between 1994 and 2000 the Commission took a number of decisions authorizing public aid for the restructuring of Olympic Airways. In December 2002, however, the Commission found that further aid had been granted to the airline, which was incompatible with the common market, and demanded that EUR160 million be repaid. That aid has still not been repaid. Following a detailed analysis of the finances of both Olympic Airways and Olympic Airlines, the Commission found that Greece has continued to grant further aid to these companies, which is incompatible with the common market and therefore illegal, including: (a) EUR40 million from the Greek State and Olympic Airways to cover part of the costs to Olympic Airlines of leasing aircraft; (b) An unjustified payment of some EUR90 million from the Greek State to Olympic Airways when Olympic Airlines was set up and transferred to the State, achieved by overvaluing the assets transferred to the State; (c) The Greek State's toleration of Olympic Airways' failure to pay more than EUR350 million in tax and social security liabilities due between December 2002 and December 2004; and (d) The assumption by the Greek State of a number of Olympic Airways' financial obligations, e.g. in connection with aircraft leasing contracts and the repayment of a bank loan, amounting to up to EUR60 million. The exact amount to be recovered by the Greek state will be defined during the execution of the decision. By granting this aid, Greece has given Olympic Airways and Olympic Airlines an advantage not available to their competitors. The Commission therefore asked Greece to recover the illegal aid payments. Greece has two months in which to inform the Commission of the measures it intends to take to comply with the decision. Background On December 11, 2002 the Commission took a final decision ruling that aid granted to Olympic Airways was illegal, and asked Greece to recover EUR160 million. At the end of 2003 Greece adopted a specific law setting up a new company, Olympic Airlines, which took over the flight operations and most of the assets of Olympic Airways, leaving behind almost all of its debts. The creation of this new company, contrary to standard economic and accounting practice, would have had the effect of circumventing the obligation to recover the aid, as the Court found in its judgment of May 12, 2005. When it opened its investigation in March 2004, the Commission expressed doubts about the compatibility with the Treaty of the continuing non-payment by Olympic Airways of tax and social security liabilities and about the way in which Olympic Airlines was established in late 2003. (a) In effect, what appears to have happened in December 2003 is that all flight operations that were previously carried out within the Olympic Airways Group by Olympic Airways, Olympic Aviation and Olympic Macedonian were concentrated in a new entity renamed Olympic Airlines. Olympic Airlines also took over the slots, traffic rights and public service obligations of Olympic Airways. All other activities - principally ground-handling, maintenance and engineering - remained within Olympic Airways (which has been renamed Olympic Air Services). The latter retained ownership of a number of majority shareholdings in other aviation-related companies in Greece such as catering, information technology and fuel services; (b) The Commission has therefore found that Olympic Airlines is a successor company to Olympic Airways and that since its creation it has received substantial State aid. Olympic Airlines leases aircraft either from Olympic Airways or directly from the Greek State and pays significantly less than the head-lease payments, the resultant losses being borne by the State or by Olympic Airways at the State's behest. The Commission has also found that by overvaluing the assets transferred to Olympic Airlines and by using this valuation as the basis of a 'cash pre-payment' to Olympic Airways, Greece has granted illegal and incompatible aid; and (c) The Commission has found that the Greek State has also granted State aid to Olympic Airways. The most important part of this aid has been its continued forbearance in relation to the company's tax and social security liabilities. These new aid payments constitute a violation of the "one time, last time" principle, as the company had already benefited from restructuring aid in the past. CONTACT: OLYMPIC AIRLINES S.A. 96 Sygrou Ave. 11741 Athens Phone: +30 1 9267221 Fax: +30 1 9267858 E-mail: olyair10@otenet.gr Web site: http://www.olympicairlines.com ============= H U N G A R Y ============= NABI RT: FHF Modifies Shareholding ---------------------------------- The First Hungary Fund Ltd. has started to distribute its NABI Bus Industries (BSE: NABI) shares in specie to FHF shareholders. FHF and its shareholders are expected to announce the changes in NABI shareholding exceeding 5% pursuant to Section 67 of Act CXX of 2001 On Capital Market. FHF held 2,500,000 NABI shares (54.06% of the total NABI shareholding) as of August 31, 2005. Restructuring Plan In May, Nabi Rt agreed in principle with its financiers on the restructuring of approximately US$103 million short-term debt and other banking facilities. Under the agreement in principle, the financiers have agreed to reduce their debt to US$60 million, with a portion of such reduction converted to equity in the form of the financiers acquiring a 90% equity interest in NABI Inc. (NABI Rt.'s main operating subsidiary) and up to a 33% equity interest in NABI Rt. The reduced debt will be classified as long term and have maturities ranging from 5 to 8 years. All warrants formerly issued by NABI Rt. to the financiers will be cancelled as part of the restructuring. On completion of the restructuring, NABI Inc. will be the sole borrower of US$60.0 million reduced debt. NABI Rt will be free of debt, but will guarantee repayment of up to US$6.5 million of the debt of NABI Inc. secured by a first lien on all of NABI Rt.'s real estate assets. Nabi will ensure the continued supply of steel shells, chassis, parts and service from Hungary to the U.S. It will sell assets and businesses, the proceeds of which will be used to continue to reduce debt. CONTACT: NABI BUS INDUSTRIES RT Ujszasz u. 45. 1165 Budapest, Hungary Phone: + (36-1) 401-7399 Fax: + (36-1) 407-2931 E-mail: nabihq@nabi.hu Web site: http://www.nabi.hu Andras Bodor, Corporate Affairs Director Phone: +36-1-401-7100 E-mail: bodor@nabi.hu ============= I R E L A N D ============= JSG HOLDINGS: Mulls Merger with Kappa Packaging ----------------------------------------------- Jefferson Smurfit Group (JSG) and Kappa Packaging (Kappa) announced a proposal to merge their respective operations. The merger is subject to a number of conditions including EU competition approval and consultation with the relevant employee representative organizations. A merged entity would result in enhanced geographic reach across Europe and Latin America with a workforce of approximately 43,000 people. In 2004, revenue generated from the combined operations was EUR7.6 billion. These operations span 23 European and 9 Latin American countries, with capacity, which includes 6.1 million tons of containerboard and 5.1 million tons of corrugated. The combined companies would comprise JSG's leading market position in Latin America and existing market positions in Western and Southern Europe with Kappa's positions in Northern and Eastern Europe. The combined company would become a world leader in corrugated, a European leader in containerboard and retain leading market positions, in both paper grades, in Latin America. JSG and Kappa Packaging propose to merge through the issue of shares by JSG and the payment of consideration comprising cash of approximately EUR300 million and a EUR75 million subordinated promissory note, subject to closing adjustments, to Kappa's shareholders. The ownership structure, under this proposal, would be such that JSG's existing shareholders own 58.3% of the combined company while Kappa's existing shareholders own 41.7%. The combined company would propose to finance the cash consideration and to re-finance the entire existing Kappa Packaging debt and the existing JSG senior credit facility by way of a new senior credit facility. A number of banks have agreed to underwrite the proposed financing. It is proposed that the merged entity would be named Smurfit Kappa Group. The proposed Board, for the merged entity, is: (a) Chairman: Dr. M.W.J. Smurfit (b) Deputy Chairman Frits Beurskens (c) Chief Executive Officer Gary McGann (d) President & Chief Operating Officer Tony Smurfit (e) Chief Financial Officer Ian Curley Madison Dearborn Partners: Five (5) directors Cinven Limited: Two (2) Directors CVC Capital Partners: Two (2) Directors Gary McGann, Jefferson Smurfit Group CEO, commented, "We identified the need for structural change within the European paper-based packaging industry. This proposal is an exciting first step in that process and would, we believe, benefit all stakeholder groups of the combined company in a challenging operating environment. "A combination of JSG and Kappa would produce a focused leader in paper-based packaging, with compelling strategic, operational and geographic fit. A well invested asset base, together with an extensive geographic presence across Europe, should significantly enhance our ability to serve current and prospective customers." Frits Beurskens, Kappa Packaging CEO, commented, "The merger of Kappa Packaging and Jefferson Smurfit Group would create a platform to build further on our successes and bring together two highly complementary businesses. In the rapidly changing industry environment in which we operate, combining our respective skills and strengths will be beneficial to all stakeholder groups." Regulatory Approval Process and Timetable A merger is subject to a number of conditions including EU competition approval and consultation with the relevant employee representative organizations. Invitations have issued to the Works Councils and employee representative groups to meetings this week to commence the consultation process. A notification of the transaction has also been issued to the Social Economical Council of the Netherlands and to the relevant trade unions involved. Further announcements will be made as appropriate. CONTACT: JEFFERSON SMURFIT GROUP Beech Hill, Clonskeagh, Dublin 4, Ireland Phone: +353 (0) 1-202 7000 Fax: +353 (0) 1-269 4481 Web site: http://www.smurfit-group.com KAPPA PACKAGING Dr. Holtroplaan 5 5652 XR Eindhoven The Netherlands Phone: +31 (0)40 214 07 77 Fax: +31 (0)40 214 07 99 E-mail: info@kappapackaging.com Web site: http://www.kappapackaging.com K CAPITAL SOURCE Mark Kenny Phone: +353 1 631 5500 FINANCIAL DYNAMICS Ben Foster Phone: +44 20 7269 7247 WHPR Brian Bell Phone: +353 1 669 0030 JSG HOLDINGS: Merger Kappa Won't Impact Rating, Says Moody's ------------------------------------------------------------ Moody's Investors Service affirmed all the ratings of JSG Holdings Plc following the recent announcement of the proposed merger with Kappa Beheer B.V (Corporate Family rating Ba3 under review for possible downgrade), subject to regulatory approval and any required employee consultation process. The affected ratings are: JSG Holdings Plc: (a) Corporate Family rating affirmed at B1; and (b) EUR325 million of senior PIK notes due 2015 affirmed at Caa2. JSG Funding Plc: (a) EUR350 million in 10.125% senior notes due 2012 affirmed at B3; (b) US$545 million in 9.625% senior notes due 2012 affirmed at B3; (c) US$205 million of 9.625% senior notes due 2012 affirmed at B3; (d) EUR217.5 million in subordinated notes due 2015 affirmed at Caa1; and (e) US$200 million in subordinated notes due 2015 affirmed at Caa1. JSG Acquisitions: EUR1.1 billion (previously EUR2.525 billion) in senior secured credit facilities affirmed at B1. Smurfit Capital Funding Plc: (a) US$234 million in 6.75% guaranteed debt securities due 2005 affirmed at B1; and (b) US$292 million in 7.50% guaranteed debt securities due 2025 affirmed at B1. Moody's understands that the share merger, which will also contain the payment of a consideration to the shareholders of Kappa, comprises a cash component of up to a maximum of EUR300 million and a EUR75 million subordinated promissory note. The transaction will lead to the creation of a new entity called "Smurfit Kappa Group," which will be 58.3% owned by JSG shareholders and 41.7% by Kappa shareholders. The proposed financing structure will result in the refinancing of all of Kappa's existing debt and JSG's senior credit facilities with new senior bank facilities of EUR3.8 billion. JSG's existing bonds are expected to remain in place. While Moody's acknowledges that the acquisition will pose significant challenges in terms of integration, the affirmation of JSG's ratings reflects the rating agency's view that the new entity will be well positioned as the market leader in the corrugated and containerboard segments in Europe. Moody's further believes that this will not only improve JSG's ability to withstand margin pressure resulting from the current difficult market conditions, but will also enable it to achieve substantial synergies. Whilst Moody's deems JSG's leverage to be high, with pro forma adjusted net debt/EBITDAR expected to be over 6x, the rating agency views liquidity as adequate with approximately EUR1 billion available on a pro forma basis via a combination of bank financing and internally generated cash flows. In Moody's view, the proposed merger positions JSG well in the B1 rating category in light of its enlarged size, stronger market position and potential for significant cost reductions and synergies. However, integration and execution risks are substantial and the market remains challenging. Moody's cautions that JSG's ratings could come under downward pressure in the event that market conditions deteriorate further and the proposed synergies are not achieved, resulting in a negative impact on operating performance and subsequently also on leverage and sustainable cash flow. At the same time, the ratings could come under upward pressure should the combined entity be able to effectuate an improvement in operating margins with a resulting positive impact on cash flow and adjusted leverage approaching 5x. Headquartered in Dublin, Ireland, JSG is a leading paper-based packaging group with key operations in Europe and Latin America. For the six months ending 30 June 2005, JSG generated total sales of EUR 2,148 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 Sophia Dedemadis, Asst Vice President - Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 RIVERDEEP GROUP: 'B+' Rating Affirmed; Off CreditWatch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch and affirmed its 'B+' corporate credit ratings on the Ireland-based educational software publisher Riverdeep Holdings PLC and related entity Riverdeep Group Ltd. The ratings were removed from CreditWatch with negative implications, where they were placed on July 19, 2005, pending clarity on the status of the group's proposed pay-in-kind (PIK) term loan facility. The outlook is negative. "Although Riverdeep's PIK facility will greatly increase the group's leverage, this increase is tempered by the group's recent operating improvements and financial policy focused on a gradual reduction in financial leverage," said Standard & Poor's credit analyst Anna Overton. We have factored in the $175 million PIK loan facility, maturing in 2011, as part of Riverdeep's consolidated debt obligations, which are ultimately served by cash flows from the group's operating subsidiaries. The PIK facility will leave the group very aggressively leveraged at more than 7x its $74 million EBITDA in the 12 months to June 2005 on a gross debt basis. The group's high financial leverage and the potential revenue volatility of its U.S.-focused specialist-software businesses are the primary rating constraints. The negative outlook reflects the potential volatility of demand in the fragmented and evolving market for electronic instructional materials in U.S. schools, where Riverdeep occupies a rather narrow business niche. "The ratings could be lowered if the company's earnings remain flat in the short-to-medium term, or if there are any material cash distributions in the form of either acquisitions or shareholder returns over the next two years," said Ms. Overton. "Furthermore, at the current rating level Riverdeep should maintain mid-to-high single-digit growth in cash earnings and high returns on any discretionary cash flows reinvested in the existing business." Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATINGS SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com ========= I T A L Y ========= GIANNI VERSACE: Reduces Debt Significantly ------------------------------------------ Gianni Versace S.p.A. has trimmed down debt by more than two-thirds in the first half, according to The Guardian. The debt reduction was helped by a series of disposals and increase in half-year sales under the leadership of chief executive Giancarlo Di Risio, who joined the company only last year. The company's debt was down to EUR35 million (GBP24 million) in the first half from EUR115 million a year ago. Net loss was EUR7 million on turnover of GBP149 million. A loss of EUR15 million is expected for the full year. A return to black is not foreseen until 2007. The company has been struggling since the death of founder Gianni Versace seven years ago. CONTACT: GIANNI VERSACE S.p.A. Via Manzoni 38 20121 Milan Phone: +39-02-760-93-1 Fax: +39-02-760-04122 Web site: http://www.versace.it =================== L U X E M B O U R G =================== ORIFLAME COSMETICS: Eyes Up to 10% Annual Sales Growth ------------------------------------------------------ Following a review of the business model, plans and operations, the management team of Oriflame Cosmetics S.A. outlined its view on the market and the Group's strategy going forward. Chief Executive Magnus Brannstrom stated that the first priority of the Group going forward will be to secure revenue growth through defending market share in more competitive markets and to grow market share in less developed direct sales markets. As a second priority, Oriflame Cosmetics will selectively open new markets following the next opening, China, planned for first half of 2006. In line with the new financial targets, the Group will strive for margin improvements through strengthened brand and product positioning, maintained service levels, brand loyalty, the sharing of best practice throughout the Group and a continuous focus on effective sourcing of products. Oriflame Cosmetics will sharpen the marketing strategy with increased focus on the dual customer offering of products and the direct selling opportunity. The increased catalogue frequency that has been introduced in some markets will continue, coupled with efforts to strengthen each catalogues selling power and layout. With market research showing higher projected growth within the area of skincare, Oriflame will leverage on the company's heritage, successful formulations and strong market positions within this product category in Western Europe. New Financial Targets Following a full business review of the group, the Board of Directors has adopted new financial targets. Oriflame Cosmetics aims to achieve local currency sales growth of 5%-10% per annum and within a five-year period an operating margin of 15%. Outlook 2005 As a consequence of successful initiatives during the first half-year of 2005, Oriflame expects to report local currency sales growth in excess of 15% in the third quarter compared to the third quarter 2004. As previously stated, a number of factors impact sales and margins in-between quarters: (a) effectiveness of individual catalogues and product introductions; (b) effectiveness of recruitment programs; (c) timing of sales and marketing activities; (d) number of sales days per quarter; (e) currency effects; and (f) political and economic developments in local markets. Management reiterates the outlook for full year 2005 communicated in the interim report for the first and second quarters of 2005, that measures to increase sales growth within the areas of marketing, product and catalogue development and Sales Force effectiveness, together with substantial operational investments in Russia and China, are expected to have a negative effect of 2-3 percentage points on operating margins for the full year 2005, significantly weighted towards the first half of the year. About The Company Oriflame Cosmetics is a direct-selling international cosmetics company, with presence in 56 countries. Oriflame offers a complete range of high quality skincare, fragrances and color cosmetics, marketed through a sales force of independent Sales Consultants. Oriflame is a co-founder of World Childhood Foundation. Oriflame Cosmetics is listed on the Stockholm Exchange. For the year ended December 31, 2004, the company posted an operating profit of EUR109.5 million as operating cash flow almost doubled to EUR90.5 million. Net interest bearing debt also improved to EUR57.5 million, down from EUR189.8 million. Shareholders' equity remained negative, however, at -EUR34.99 million, as liabilities exceeded total assets of EUR300.8 million. CONTACT: ORIFLAME COSMETICS S.A. 20 rue Philippe II L-2340 Luxembourg Web site: http://www.oriflame.com Magnus Brannstrom, Chief Executive Officer Phone: +32 2 357 5529 Kevin Kenny, Chief Financial Officer Phone: +32 2 357 5544 Patrik Linzenbold, Investor Relations Phone: +32 2 357 5675 ===================== N E T H E R L A N D S ===================== ALMATIS B.V.: Investcorp Takes over Business -------------------------------------------- Investcorp, the global investment group, said that it had signed an agreement to acquire the Almatis Group, a global leader in the development and production of specialty alumina materials, from Rhone Capital and Ontario Teachers' Private Capital. Terms of the transaction were not disclosed. Almatis' products are used in various industrial manufacturing processes and are critical ingredients in the production of materials and solutions, such as refractory, that protect industrial process equipment from the damaging effect of heat, wear, chemical attack, impact and erosion, and provide thermal insulation. The company's products are sold globally to customers in the high-grade steel production, glass manufacturing, high-end ceramics, and electronics industries, amongst others. Almatis has its principal manufacturing facilities in The Netherlands, Germany, the United States and China, and distributes on a global scale operating across the US and Europe and throughout Asia. Almatis' chief executive officer, Oscar Groomes said: "We are very excited about our new partnership with Investcorp. They have demonstrated a strong understanding of our business model and the opportunities for growth and expansion from our current strong base. With their financial support and global experience, we expect to capitalize on some very exciting prospects to grow and strengthen Almatis through its next phase of development." Investcorp managing director Mamoun Askari said that Investcorp saw Almatis as a highly attractive investment opportunity given its leading position in specialty alumina and the prospects for continued growth and margin expansion: "Almatis has had an exceptional track record in the last couple of years. We believe that the company will continue to excel due to its strong and increasing focus on value creation for its customers, its compelling position in most of the categories of specialty alumina that it participates in and the continuing robust fundamentals in the global industries that it serves. We are confident that under the strong leadership of Oscar Groomes and the team that he has built, Almatis' future is very promising," he said. Almatis was established in 1910 as a division of Alcoa, and was sold to Rhone Capital and Ontario Teachers' Private Capital in February 2004. Closing of this transaction is expected in October 2005. CONTACT: ALMATIS B.V. Theemsweg 30 3197 KM Botlek Web site: http://www.almatis.com INVESTCORP Investcorp House 48 Grosvenor Street London W1K 3HW Phone: +44 (0) 20 7629 6600 Fax: +44 (0) 20 7499 0371 Web site: http://www.investcorp.com ALMATIS B.V.: Moody's May Downgrade Ratings ------------------------------------------- Moody's Investors Service has placed the ratings of Almatis Holding B.V. and Almatis B.V. under review for possible downgrade following the announcements made by the company on the acquisition of Almatis by Investcorp, an investment group. Whilst the company's recent operating performance has been good, the review for possible downgrade is prompted by Moody's expectation that the acquisition is likely to lead to a change in the capital structure and possibly to an increase in the overall levels of indebtedness at Almatis. Due to the early stage of the transaction, it is not possible at this stage to assess the consequences of the change in ownership on the financial metrics of the company. Ratings affected by the action are: (a) The B1 corporate family rating on Almatis Holdings B.V.; (b) The B3 rating on the EUR 150 million 9% senior notes due 2012 issued by Almatis Holdings B.V.; (c) The B1 rating on the US$180 million senior secured facilities at Almatis B.V. Moody's notes that both the company's 2012 note holders and the senior secured creditors benefit from put options in the event of a change of control. If the bondholders exercised the put option or the bonds were tendered for above par as part of a refinancing, Moody's would expect to confirm and withdraw the rating for the bonds. Similarly, a refinancing of the rated bank loans would also result in a confirmation and rating withdrawal for the credit facilities. Additional factors being considered as part of the review include the recent disposal of the Adsorbent and Catalyst business, which in 2004 generated 10% of Almatis' revenue and 6.2% of Almatis' EBITDA. The proceeds of the sale will be used to repay some of the outstanding bank debt. Moody's review will focus on: (a) The likely business and financial strategies of Investcorp for Almatis; (b) The new capital structure of Almatis; and (c) Operating and financial plans for 2006. Almatis Holdings B.V., based in Rotterdam, The Netherlands, is a leading global producer of alumina-based specialty aggregates and chemicals, generating sales of US$382.9 million for the ten months period ended 31/12/2004. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Elena Nadtotchi, Vice President - Senior Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S DEUTSCHLAND GmbH (FRANKFURT) Michael West, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 KAPPA BEHEER: Faces Moody's Downgrade ------------------------------------- Moody's Investors Service has placed all ratings of Kappa Beheer B.V. on review for possible downgrade following the company's recent announcement of the proposed merger with JSG Holdings plc (Corporate Family rating of B1), subject to regulatory approval and any required employee consultation process. Moody's understands that the share merger, which will also contain the payment of a consideration to the shareholders of Kappa (comprising a cash component of up to a maximum of EUR300 million and a EUR75 million subordinated promissory note), will result in a new entity called "Smurfit Kappa Group," which will be 58.3% owned by JSG shareholders and 41.7% by Kappa shareholders. The proposed financing structure will result in the refinancing of all of Kappa's existing debt and JSG's senior credit facilities with new senior bank facilities of EUR3.8 billion. JSG's existing bonds are expected to remain in place. In Moody's opinion, the proposed merger will position Smurfit Kappa Group as the market leader in the corrugated and containerboard segments in Europe, thus enabling the company to benefit from a reduction in costs as well as in capacity through the rationalization of mills. However, the rating agency also notes that the merger is expected to pose significant challenges in terms of integration. In a separate rating action, Moody's has affirmed the ratings of JSG. In its review of Kappa's ratings, Moody's will focus on the proposed merger with JSG and the likelihood of it proceeding as currently planned. The review will also consider recent trading at Kappa, particularly in light of ongoing challenging market conditions, which are characterized by raw material price volatility and overcapacity resulting in intensifying margin pressures. Should the merger be successfully completed and all outstanding debt of Kappa be repaid and cancelled, Moody's will withdraw the ratings. The ratings placed on review for downgrade are: (a) Corporate Family Rating of Ba3; (b) EUR145 million 12.5% guaranteed senior subordinated notes due 2009 rated B2; (c) US$100 million 10.625% guaranteed senior subordinated notes due 2009 rated B2; (d) EUR370 million 10.625% guaranteed senior subordinated notes due 2009 rated B2; and (e) EUR95 million 10.625% guaranteed senior subordinated notes due 2009 rated B2. Kappa Beheer B.V., based in Eindhoven, The Netherlands, is the intermediate holding company for Kappa Packaging, an integrated board and corrugated packaging company. For the six months ended June 30, 2005, Kappa Packaging generated sales of EUR1.4 billion. 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 Sophia Dedemadis, Asst Vice President - Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 ROYAL SHELL: Cancels Additional 1,440,000 'A' Shares ---------------------------------------------------- On 13 September 2005, Royal Dutch Shell plc purchased for cancellation 1,440,000 'A' Shares at a price of EUR25.90 per share. It further purchased for cancellation 600,000 'A' Shares at a price of 1,745.20 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,040,710,000. 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 ROYAL SHELL: Sells 'Oil Products' Businesses to Rubis Group ----------------------------------------------------------- Royal Dutch Shell plc has signed a Sale and Purchase Agreement and Trade Mark License Agreement with Rubis Group relating to the divestment of Shell's Oil Products businesses in the French Antilles (Guadeloupe, Martinique) and French Guyana. In June, Shell announced it was reviewing an offer from Rubis. The agreements relate to Shell's 24% interest in the SARA refinery in Martinique, a wholly-owned network of 54 retail service stations, distribution assets and facilities, commercial fuels, bitumen, aviation, lubricants, liquefied petroleum gas and marine businesses geographically spread across the region. The sale is subject to regulatory approvals and completion is expected to take place by the end of 2005. Shell SAGF Chairman Jean Pierre Fiorentino said: "We are delighted with the outcome of this agreement. Rubis will continue to use the Shell brand under a Trade Mark License Agreement and Shell will keep supplying high quality fuels and lubricants to the region, thereby continuing to serve customers, dealers, and distributors and maintaining awareness of the Shell brand across the region." "The business has been sold as a going concern and our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and jointly grow the business," Mr. Fiorentino added. The divestment is consistent with Shell's strategy of managing its portfolio to deliver maximum value to customers and shareholders. * * * Shell's buyback scheme is understood to be aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. It was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== P O L A N D =========== POLISH OIL: Eyes Gradual Dividend Increase as Profits Rise ---------------------------------------------------------- Polish Oil and Gas Company (PGNiG) is planning to gradually increase its dividend rate from around 5% out of 2005 profits to about 30% in a few years, said Interfax. This came as Poland's natural gas monopolist, which is amid an Initial public offering that will bring the State's shareholding in the firm down to 85%, saw a significant rise in its profits recently. Chief Executive Marek Kossowski said: "We will start with a small dividend and later its level will be lower than 30%. The decision will largely depend on the owner." The company earlier disclosed in its issue prospectus that it would raise its dividend rate to 20% out of 2007 profits. Last year, PGNiG more than doubled its 2003 net profit to PLN746.7 million. In the first half of 2005, the company booked a 25% rise in net profit to PLN516.6 million, compared to last year's figure. PGNiG is a stock company owned by the State Treasury. With an initial capital of PLN5 billion, it operates in the whole country and outside Poland through a network of specialized divisions and companies. Earlier this month, a consortium of banks awarded PGNiG a EUR900 million loan deal to restructure its debt and fund investments. The loan involves a 5-year EUR600 million tranche and a 3-year EUR300 million tranche, which will be used to pay an old loan due December and refinance other debt. CONTACT: POLISH OIL AND GAS COMPANY Krucza 6/14 00-537 Warszawa Phone: +48 22 583 50 00 Fax: +48 22 691 82 73 E-mail: pr@pgnig.pl Web site: http://www.pgnig.pl =========== R U S S I A =========== BANK OF MOSCOW: Moody's to Review Currency Deposit Ratings ---------------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 CHISTOVSKOYE: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on open joint stock company Chistovskoye (TIN 5527002720). The case is docketed as K/E-167/05. Mr. K. Kiselevskiy has been appointed temporary insolvency manager. A hearing will take place on January 24, 2006, 2:00 p.m. CONTACT: CHISTOVSKOYE 646955, Russia, Omsk region, Okoneshnikovskiy region, Chistovo Mr. K. Kiselevskiy Temporary Insolvency Manager 644043, Russia, Omsk region, K. Libknekhta Str. 35, 13th floor ESSOILA: Hires V. Tyurlik Insolvency Manager -------------------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy supervision procedure on close joint stock company Essoila (TIN 001021050075, KPP 102101001). The case is docketed as A26-4567/2005-12. Mr. V. Tyurlik has been appointed temporary insolvency manager. A hearing will take place on December 21, 2005, 12:00 p.m. CONTACT: ESSOILA 186137, Russia, Kareliya republic, Essoila, Sovkhoznaya Str. 2 Mr. V. Tyurlik Insolvency Manager 185035, Russia, Kareliya republic, Petrozavodsk, Dzerhinskogo Str. 4-2 EVRAZ GROUP: To Unveil Half-year Results Next Month --------------------------------------------------- Evraz Group S.A. will be announcing its interim results for the half-year ended 30 June 2005 on Thursday, 13 October 2005. A conference call to discuss the interim results will be hosted by Alexander Frolov, Managing Director Corporate, Evraz Group S.A. and Pavel Tatyanin, Chief Financial Officer, Evraz Group S.A. on Thursday, 13 October 2005 at 5:00 p.m. (Moscow Time); 2:00 p.m. (London Time); and 9:00 a.m. (New York Time). The Dial-in number in the U.K. will be: 0845 245 3471 and outside the U.K. it will be +44 (0) 1452 542 300. * * * Evraz Group is one of the largest vertically integrated steel and mining businesses with operations mainly in the Russia. In 2004, Evraz produced 13.7 million tonnes of crude steel. Evraz Group is a listed company on the London Stock Exchange. The company listed its global depositary receipts (GDRs) on the LSE on June 2, this year, after raising US$422 million from new investors. Evraz's principal assets include three of the leading steel plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia. In July, Standard & Poor's Rating Services assigned its 'B+' long-term corporate credit rating to Evraz Group S.A. and its core subsidiary Mastercroft Ltd. Standard & Poor's credit analyst Elena Anankina said: "The ratings on Evraz and Mastercroft reflect the companies' complex organizational and ownership structure with, historically, significant related party transactions, and a short track record as a single group." CONTACT: EVRAZ GROUP S.A. Corporate Affairs and Communications Irina Kibina Alexander Karlashov Phone: +7 095 234 4629 E-mail: IR@eam.ru GAS: Bankruptcy Supervision Procedure Begins -------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on limited liability company Gas (TIN0235000295). The case is docketed as A07-15823/05-G-PAV. Mr. N. Gladilov has been appointed temporary insolvency manager. A hearing will take place on November 14, 2005, 10:00 a.m. at the Arbitration Court of Bashkortostan republic. CONTACT: GAS Russia, Bashkortostan republic, Meleuz, Elevatora Square Mr. N. Gladilov Temporary Insolvency Manager 453852, Russia, Bashkortostan republic, Meleuz, Elevatora Square GAZPROMBANK: Moody's May Upgrade Ba1 Ratings -------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 IVCHE-MASH: Succumbs to Bankruptcy ---------------------------------- The Arbitration Court of Ivanovo region commenced bankruptcy proceedings Ivche-Mash after finding the open joint stock company insolvent. The case is docketed as A17-1231/05-14-B. Mr. S. Savrasov has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to 152930, Russia, Yaroslavl region, Rybinsk, Post User Box 13. CONTACT: IVCHE-MASH 153027, Russia, Ivanovo region, P. Bolshevikova Str. 27 Mr. S. Savrasov Insolvency Manager 153027, Russia, Ivanovo region, P. Bolshevikova Str. 27 Phone/Fax: (0932) 35-20-22 KMB-BANK: Moody's Reviews Ba1 Ratings ------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 KONZA: Claims Filing Period Ends Next Month ------------------------------------------- The Arbitration Court of Kursk region commenced bankruptcy proceedings against Konza after finding the open joint stock company insolvent. The case is docketed as A35-566/05g. Mr. V. Skorikov has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to 305000, Russia, Kursk region, Radisheva Str. 8, Apartment 27. CONTACT: KONZA Russia, Kursk region, Pryamitsyno, Zavodskaya Str. 2 Mr. V. Skorikov Insolvency Manager 305000, Russia, Kursk region, Radisheva Str. 8, Apartment 27 OIL-BRIDZH: Insolvency Manager Takes over Business -------------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on limited liability company Oil-Bridzh. The case is docketed as A53-13557/05-S2-30. Mr. N. Isaev has been appointed temporary insolvency manager. A hearing will take place on October 12, 2005, 2:40 p.m. CONTACT: OIL-BRIDZH 344034, Russia, Rostov-na-Donu, Privokzalnaya Str. 4 Mr. N. Isaev Temporary Insolvency Manager 344034, Russia, Rostov-na-Donu, Privokzalnaya Str. 4 OREKHOVO-ZUEVSKIY REM-TEKH-MASH: Under Bankruptcy Supervision ------------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on open join stock company Orekhovo-Zuevskiy Rem-Tekh-Mash. The case is docketed as A41-K2-12560/05. Mr. D. Tkach has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 142605, Russia, Moscow region, Orekhovo-Zuevo, Malodubinskoye Shosse. CONTACT: OREKHOVO-ZUEVSKIY REM-TEKH-MASH 142605, Russia, Moscow region, Orekhovo-Zuevo, Malodubinskoye Shosse Mr. D. Tkach Insolvency Manager 142605, Russia, Moscow region, Orekhovo-Zuevo, Malodubinskoye Shosse OUTDOOR EQUIPMENT: Bankruptcy Hearing Set November -------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision procedure on limited liability company Outdoor Equipment. The case is docketed as A12-11234/05-s49. Mr. A. Shirochenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 400005, Russia, Volgograd, 7th Gvardeyskaya Str. 2A, Office 400. A hearing will take place on November 17, 2005, 9:30 a.m. CONTACT: OUTDOOR EQUIPMENT 403530, Russia, Volgograd region, Frolovo, Stroilteley Str. 128B Mr. A. Shirochenko Temporary Insolvency Manager 400005, Russia, Volgograd region, 7th Gvardeyskaya Str. 2A, Office 400 PALEVITSKOYE: Komi Court Brings in Insolvency Manager ----------------------------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy supervision procedure on close joint stock company Palevitskoye (TIN 1109004397). The case is docketed as A29-5183/05-3B. Mr. I. Rayushkin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 167023, Russia, Komi republic, Syktyvkar, Post User Box 2034. A hearing will take place on November 15, 2005, 10:00 a.m. CONTACT: PALEVITSKOYE 168216, Russia, Komi republic, Syktyvdinskiy region, Palevitsy, Sovetskaya Str. Mr. I. Rayushkin Temporary Insolvency Manager 167023, Russia, Komi republic, Syktyvkar, Post User Box 2034 RUSSIAN AGRICULTURAL: Moody's Hints of Potential Upgrade -------------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 RUSSIAN BANK: Currency Deposit Ratings Under Review --------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 SBERBANK: Moody's to Review Currency Deposit Ratings ---------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 VITA: Declared Insolvent ------------------------ The Arbitration Court of Ulyanovsk region commenced bankruptcy proceedings against Vita (TIN 7308000359) after finding the open joint stock company insolvent. The case is docketed as A72-4121/04-17/14-B. Ms. R. Khusnomardanova has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 985. CONTACT: VITA Russia, Ulyanovsk region, Kuzovatovskiy region, Kuzovatov, Sovetskaya Str. 1 Ms. R. Khusnomardanova Insolvency Manager 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 985 VNESHECONOMBANK: Moody's Mulls Deposit Ratings Upgrade ------------------------------------------------------ Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 VNESHTORGBANK: Moody's May Upgrade Currency Deposit Ratings ----------------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 YUKOS OIL: Receives Bankruptcy Notification ------------------------------------------- Yukos Oil lawyers scurried on Thursday to verify whether a bankruptcy action has been filed against it after receiving a letter from a Gazprom unit saying it has been declared bankrupt. Orenburggeofizika said in a letter dated Sept. 14, a copy of which was obtained by The Moscow Times: "OOO Orenburggeofizika is sending you notification that your organization has been declared bankrupt in line with the federal law on bankruptcy." A source in Yukos confirmed the letter, but Yukos itself declined to comment. The Yukos source said the company has unpaid debts to hundreds of contractors, but it's not clear whether Orenburggeofizika initiated a bankruptcy filing. Gazprom denied on Thursday any bankruptcy filing against Yukos. Yukos has outstanding RUB1.71 million (US$60,000) debt for work carried out in 2004, Gazprom spokesman Sergei Kupriyanov said. It failed to pay the debt despite two orders from the Moscow Arbitration Court. No one at Orenburggeofizika could be reached for comment on Thursday, The Moscow Times said. Chris Weafer, Alfa Bank's chief strategist, believes it was an independent action by the unit. He thinks the case is unlikely to succeed given the insignificance of the debt compared to what Yukos owes the state. Besides, President Vladimir Putin promised publicly last year, the government would not want it to go bankrupt. As of June 29, 2005, Yukos owes the state over US$2 billion in back taxes, the Russian Justice Ministry says. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ZAO RAIFFEISENBANK: Ba1 Deposit Ratings Under Review ---------------------------------------------------- Moody's Investors Service has placed on review for possible upgrade the long- and short-term foreign currency deposit ratings of nine banks in Russia. The banks' outstanding senior and subordinated foreign currency debt ratings were also placed on review for possible upgrade. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, upgraded the long-term national scale credit ratings (NSRs) of Russian Bank for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank Austria and Russian Agricultural Bank at the level of Aaa.ru. This rating action follows the recent announcement by Moody's placing on review for possible upgrade the Russian Federation's Ba1 foreign currency bank deposit ceiling. These ratings have been affected: (a) Sberbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of senior unsecured euronotes; Baa2 foreign currency debt rating of subordinated loan participation notes. (b) Vneshtorgbank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of notes of all series of US$ debt issuance program of VTB Capital S.A.; Baa2 foreign currency debt rating of subordinated loan participation notes issued by VTB Capital S.A. (c) Gazprombank -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of loan participation notes to be issued by GPB Eurobond Finance Plc; EMTN Program of Gazinvest Finance B.V. and medium-term notes issued by Gazinvest Luxemburg S.A. (d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa2 foreign currency debt rating of all issues by Kuznetski Capital S.A. (e) Russian Bank for Development -- Ba1/NP long- and short-term foreign currency deposit ratings; Baa3 foreign currency debt rating of loan participation notes issued by RBD Capital S.A. (f) Vnesheconombank -- Ba1/NP long- and short-term foreign currency deposit ratings. (g) Russian Agricultural Bank - Ba1/NP long- and short-term foreign currency deposit ratings. (h) KMB-Bank -- Ba1/NP long- and short-term foreign currency deposit ratings. (i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term foreign currency deposit ratings. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Andrey Naumenko, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 ========= S P A I N ========= DOGI INTERNATIONAL: Maintains Result Despite Market Difficulties ---------------------------------------------------------------- Highlights of first-quarter results: -- The Dogi Group maintains its forecast to improve the 2004 results thanks to the perspective of a more favorable first semester at the Spanish mill, -- The Asian mills are growing, the German mill has consolidated its recovery and the Spanish mill suffers the consequences of the pressure caused by the textile importation from China Dogi International Fabrics (Stock market: DGI) made public its financial results corresponding to the first semester for 2005. It has managed during the year to control losses of EUR1.8 million in line with the results registered for the same period in 2004 and to report sales turnover of EUR70.2 million. The evolution of the results for this first semester has been characterized by the positive track of the mills in the Asian region and the increase of the profitability of the German mill against the fragile situation the Spanish mill is suffering with respect to its sales due to the existing pressure from the importation from China. In this sense, the mills in the Asian region have increased sales by 14% achieving turnover of EUR18.2 million. The performance of the Dogi Group in this area is currently marked by the start up of the newly installed capacity in the China mill which will become operative in September, and will allow the Group to continue growing in Asia. This growth in volume in the Asian region is based on the local demand, as demographic and economic growth is on the rise, and also the increase in the number of European garment makers who have moved to the region to take advantage of the lower labor costs. In addition, German mill has reported a 6% sales increase, reaching EUR19 million, thanks to the success "Dreamshape" product range belonging to the PENN ELASTIC trademark, which groups together the more technological products of Dogi International Fabrics, specially designed to carry out support and control functions. The growing consolidation of the PENN ELASTIC trademark, as a reference in this segment is a good example of how the distinctive and focalizing strategy in high range products decided upon by the Dogi Group, is the way to be competitive against the Asian competition. Finally, in Spain the sales have decreased with respect to the same period in 2004 and are situated EUR33 million. The reduction in sales volume has been partially compensated with expense control policies and measures orientated towards an increase in efficiency in the mill. The positive evolution of the Asian and German mills, along with the perspectives of a more favorable second semester for the Spanish mill permits the Company to maintain its year-end forecast with a clear improvement versus 2004. At this point it is worth mentioning that the sales of the Dogi Group in July have been higher than the ones registered for the same period in 2004. The Dogi Group on a strategic level sustains its product offer with the two trademarks: DOGI and PENN ELASTIC. DOGI is the trademark that covers the more creative and novel range of products of the Group and the PENN ELASTIC trademark focuses on more technological products for control functions. CONTACT: DOGI INTERNATIONAL Pintor Domenech Farre 13-15 08320 El Masnou Barcelona, Spain Phone: +34-93-462-80-00 Fax: +34-93-462-80-34 Contact: Jose Domenech Gimenez, Chairman and President Francisco Schroder Quijano, CFO Marisa Engel Lopez, CIO =========== S W E D E N =========== ESSELTE GROUP: Shakes up Management Following Dymo Sale ------------------------------------------------------- Esselte Group is reshuffling management in line with the recent disposal of its Dymo Division to Newell Rubbermaid. It appointed Nigel Gunn, managing director of Esselte U.K., as senior vice president sales. Mr. Gunn, who was responsible for improving the company's U.K. Ireland operations, will manage Esselte's Western Region, adding France to his scope. Esselte also appointed Cezary Monko president and Steve Boaler chief financial officer for Esselte Europe. Kjell Clefjord will continue as chief operating officer. President and CEO Magnus Nicolin said the reorganization is aimed at realizing a plan to focus on its core product categories. In July, Esselte sold its Dymo Division for around US$730 million in cash to raise money to repay its outstanding debt. Following its announcement of the transaction, Moody's placed the firm's corporate family rating (formerly senior implied rating) of B2, and EUR150 million 7 5/8% senior notes (due 2011) of Caa1 under review for possible upgrade. CONTACT: ESSELTE GROUP 44 Commerce Road, Stamford, CT 06902-4561, U.S.A. Media Contact: Phone: +1 203.355.9022 Fax: +1 203.355.9010 Web site: http://www.esselte.com ============= U K R A I N E ============= AGROMOTOR: Creditors' Claims Due September 19 --------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Agromotor (code EDRPOU 32548739) on August 1, 2005 after finding the limited liability company insolvent. The case is docketed as B-24/80-05. Mr. V. Zharov has been appointed liquidator/insolvency manager. Creditors have until September 19, 2005 to submit their proofs of claim to: (a) AGROMOTOR 62300, Ukraine, Harkiv region, Harkiv district, Lukyantsi, Peremogi str. (b) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom, 8th Entrance AMAS: Gives Creditors Until Next Week to File Claims ---------------------------------------------------- The Economic Court of Odessa region commenced bankruptcy proceedings against Amas (code EDRPOU 13902454) on August 8, 2005 after finding the limited liability company insolvent. The case is docketed as 32/156-05-6528. Mr. S. Vanenkov has been appointed liquidator/insolvency manager. The company holds account number 26004121801 at OJSC MT-Bank, Illichivsk branch, MFO 328168. Creditors have until September 18, 2005 to submit their proofs of claim to: (a) AMAS 65031, Ukraine, Odessa region, Chornomorskogo kozatstva Str. 123 (b) ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue 4 ARS: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------- The Economic Court of Donetsk region has commenced bankruptcy supervision procedure on Production-Commercial Enterprise LLC Ars (code EDRPOU 05433873). The case is docketed as 5/120 B. Mr. Valerij Sidelnikov (License Number AB 216706) has been appointed temporary insolvency manager. The company holds account number 26006980132 at Ukrsocbank, Makiyivka branch, MFO 334174. Creditors have until September 18, 2005 to submit their proofs of claim to: (a) ARS 86133, Ukraine, Donetsk region, Makiyivka, Trubitsin str. (b) Mr. Valerij Sidelnikov Temporary Insolvency Manager Phone: (06257) 7-89-35 (050) 625-14-60 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 BUSINESS-PETROLEUM: Declared Insolvent -------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Business-Petroleum (code EDRPOU 23167464) on June 29, 2005 after finding the limited liability company insolvent. The case is docketed as 15/492-b. JS Energy Supply Company Kyivenergo has been appointed liquidator/insolvency manager. The company holds account number 26004200032625 at Ukrsocbank, Kyiv region branch, MFO 322056. Creditors have until September 18, 2005 to submit their proofs of claim to: (a) BUSINESS-PETROLEUM 03022, Ukraine, Kyiv region, Academic Glushkov Avenue 10 (b) KYIVENERGO Liquidator/Insolvency Manager 01001, Ukraine, Kyiv region, Ivan Franko Square 5 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B KALINIVSKE: Liquidator Steps in ------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Kalinivske (code EDRPOU 31580347) after finding the limited liability company insolvent. The case is docketed as 8/359. Mr. Lazarev Fedor (License Number AB 116272) has been appointed liquidator/insolvency manager. The company holds account number 2600330100123 at Oshadbank, Mashivske branch 5473, MFO 391140. Creditors have until September 18, 2005 to submit their proofs of claim to: (a) KALINIVSKE Ukraine, Poltav region, Mashivskij district, Kalinivka (b) Mr. Lazarev Fedor Liquidator/Insolvency Manager 36039, Ukraine, Poltav region, Roza Luksenburg Str. 36 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 PROMSERVICE PLUS: Bankruptcy Supervision Begins ----------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on Private Enterprise Promservice Plus (code EDRPOU 30647468) on August 1, 2005. The case is docketed as 7/56-05. Mr. Yevgen Chuprun (License Number AA 779228) has been appointed temporary insolvency manager. The company holds account number 260048215 at JSPPB Aval, Sumi regional branch, MFO 337483. Creditors have until September 19, 2005 to submit their proofs of claim to: (a) PROMSERVICE PLUS Ukraine, Sumi region, Krolevets, Miru Avenue 12/32 (b) Mr. Yevgen Chuprun Temporary Insolvency Manager Ukraine, Sumi region, Petropavlovska Str. 74, Room 49 A (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue 18/1 STRIHA: Kyiv Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against JSCCT Striha (code EDRPOU 19480095) on June 29, 2005 after finding the close joint stock company insolvent. The case is docketed as 15/490-b. JS Energy Supply Company Kyivenergo has been appointed liquidator/insolvency manager. The company holds account number 26000194 at JSPPB Aval, First Kyiv region branch, MFO 322506. Creditors have until September 18, 2005 to submit their proofs of claim to: (a) STRIHA 03162, Ukraine, Kyiv region, Romen Rolan Str. 4 B (b) KYIVENERGO Liquidator/Insolvency Manager 01001, Ukraine, Kyiv region, Ivan Franko Square 5 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B TINKIVSKE-2: Under Bankruptcy Supervision ----------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure on Agricultural LLC Tinkivske-2 on August 2, 2005. The case is docketed as 01/2615. Mr. Oleg Krivoshij (License Number AA 23-44/81) has been appointed temporary insolvency manager. Creditors have until September 19, 2005 to submit their proofs of claim to: (a) TINKIVSKE-2 Ukraine, Cherkassy region, Chigirin district, Tinki (b) Mr. Oleg Krivoshij Temporary Insolvency Manager Ukraine, Cherkassy region, Engels Str. 243-1, room 510 Phone: (0472) 64-84-88 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue 307 TIS: Insolvency Manager Takes over Operations --------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Tis (code EDRPOU 21631689) on June 29, 2005 after finding the close joint stock company insolvent. The case is docketed as 15/489-b. JS Energy Supply Company Kyivenergo has been appointed liquidator/insolvency manager. The company holds account number 26001200004353 at Ukrsocbank, Kyiv region branch, MFO 322034. Creditors have until September 18, 2005 to submit their proofs of claim to: (a) TIS 01033, Ukraine, Kyiv region, Gajdar Str. 5 (b) KYIVENERGO Liquidator/Insolvency Manager 01001, Ukraine, Kyiv region, Ivan Franko Square 5 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B ZHOVTEN: Under Bankruptcy Supervision ------------------------------------- The Economic Court of Vinnitsya region has commenced bankruptcy supervision procedure on OJSC Zhovten (code EDRPOU 00845938). The case is docketed as 5/154-05. Mr. Glebov Vasil (License Number AA 630087) has been appointed temporary insolvency manager. The company holds account number 26007000689001 at JSC Ukrinbank, Vinnitsya branch, MFO 302333. Creditors have until September 19, 2005 to submit their proofs of claim to: (a) ZHOVTEN 22334, Ukraine, Vinnitsya region, Litinskij district, Verbivka (b) Mr. Glebov Vasil Temporary Insolvency Manager Ukraine, Vinnitsya region, Vinnitsya district, Luka-Meleshkivska, Vinitska Str. 26 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 =========================== U N I T E D K I N G D O M =========================== 360 ONBOARD: Names Mazars Liquidator ------------------------------------ I. L. Gross who is acting for and on behalf of TNX Television Holdings Inc. informs that a resolution to wind up the company had been passed. Philip Michael Lyon of Mazars LLP, Cartwright House, Tottle Road, Nottingham NG2 1RT was appointed liquidator. CONTACT: 360 ONBOARD LTD. Pacific House, Wyvern Business Park, Stanier Way, Chaddesden, Derby, Derbyshire DE21 6BF Phone: 01332 678883 MAZARS LLP Cartwright House, Tottle Road, Nottingham NG2 1RT Web site: http://www.mazars.co.uk 3D CONTAINERS: Meeting of Creditors Set Next Week ------------------------------------------------- Notice is hereby given by Robert Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, that a Meeting of Creditors of 3D Containers (UK) Limited (Company No 05252839), c/o Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, is to be held by correspondence on Wednesday 21 September 2005. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986. In order to vote at the Meeting, you must complete and give to me form 2.25B, Notice of Business by Correspondence, which must be returned, together with details in writing of your claim not later than 12:00 noon on the business day before the day fixed for the Meeting. 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. R D Smailes, Joint Administrator CONTACT: 3D CONTAINERS LTD. Beatings Way, Bredgar Road, Gillingham, Kent ME8 6SP Phone: 01634268688 ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk ACORN SPORTS: Up for Sale ------------------------- Joint Administrators, Brian Green and Paul Andrew Flint, offer for sale the business and assets of Acorn Sports & Leisure (U.K.) Limited. The Group assembles, wholesales and retails bicycles and accessories to major corporate customers and independent bike dealers. Features: (a) Annual turnover of GBP6 million; (b) Wholesale of bicycles and accessories; (c) Brands include Acorn, Axcs and Concept 2; (d) Trades from leasehold premises in West Yorkshire; and (e) Approximately 25 employees. CONTACT: KPMG LLP St James' Square Manchester M2 6DS Phone: (0161) 838 4000 Fax: (0161) 838 4089 Web site: http://www.kpmg.uk Paul Andrew Flint, Joint Administrator E-mail: paul.a.flint@kpmg.co.uk Alex Birch, Joint Administrator E-mail: alex.birch@kpmg.co.uk AMBIT RESEARCH: Calls in Administrators --------------------------------------- P. R. Boyle and John Sallabank (IP Nos 008897, 008099) of Harrisons were appointed administrators for Ambit Research Limited (Company No 02161845) on Aug. 25. The company's registered office is located at 4 St Giles Court, Southampton Street, Reading, Berkshire RG1 2QL. Ambit Research primarily sells trampolines. CONTACT: HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com AMESFLEET LIMITED: Electrical Products Retailer Winds up -------------------------------------------------------- D. A. Goodman informs that a resolution to wind up Amesfleet Limited was passed at an EGM on Aug. 31 held at Great Central House, Great Central Avenue, South Ruislip, Middlesex HA4 6TS. Solomon Cohen was appointed Liquidator. CONTACT: AMESFLEET LTD. Care of Harrison & Gibson, 193-207 High Road, ILFORD, ESSEX IG1 1LZ Phone: 020-8478 0994 PITMAN COHEN Great Central House, Great Central Avenue, South Ruislip, Middlesex HA4 6TS BARNABY EVANS: Administrator from Hazlewoods Moves in ----------------------------------------------------- Philip John Gorman (IP No 008069) of Hazlewoods was appointed administrator for estate agents Barnaby Evans Limited (t/a Your Move Barnaby Evans) (Company No 04890455) on Sept. 2. The company has registered office at Clarence House, 57 Eastgate Street, Gloucester GL1 1PN. CONTACT: HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Phone: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk BOOKS-A-BOUND: Files for Liquidation ------------------------------------ C. Shivas, Director of Books-a-Bound (1982) Limited, informs that a resolution to wind up the company was passed at an EGM on Aug. 25 held at 76 New Cavendish Street, London W1G 9TB. Jeremy Berman of Berley, 76 New Cavendish Street, London W1G 9TB has been appointed liquidator. CONTACT: BOOKS-A-BOUND LTD. Unit 50-56 Wharf Road London N1 7SF London Phone: 020 7251 3308 Fax: 020 7251 1990 BERLEY 76 New Cavendish Street London W1M 7LB Phone: 020 7636 9094 Fax: 020 7636 4115 E-mail: mark.levy@berley.co.uk CHP FURNITURE: Meeting of Unsecured Creditors Set Next Week ----------------------------------------------------------- Notice is hereby given, in accordance with section 48(2) Insolvency Act 1986, that a Meeting of the Creditors of CHP Furniture Limited (t/a Coach House Pine) will be held at 1 Woodborough Road, Nottingham NG1 3FG, on 20 September 2005, at 10:30 a.m., for the purposes mentioned in sections 48 and 49 of the Insolvency Act 1986. In accordance with Rule 3.11(1) of the Insolvency Rules 1986, a Creditor is entitled to vote only if: (a) details of the debt claimed are submitted to the receivers in writing no later than 12:00 noon on the business day prior to the Meeting; and (b) where the Creditor cannot attend in person, a form of proxy which the Creditor intends to be used on his behalf is lodged with the receivers before the Meeting. Creditors whose claims are fully secured are not entitled to attend or be represented at the Meeting. Unsecured Creditors may request a free copy of the Administrative Receivers' report to be sent to them. Claims, proxies or requests should be sent to the Administrative Receivers at Deloitte & Touche LLP, 1 Woodborough Road, Nottingham NG1 3FG. C J Farrington and A P Peters, Joint Administrative Receivers CONTACT: CHP FURNITURE LTD. Jessop Way Newark NG24 2ER Nottinghamshire Phone: 01636 610143 Fax: 01636 610146 DELOITTE & TOUCHE LLP 1 Woodborough Road, Nottingham NG1 3FG Phone: +44 (0) 115 950 0511 Fax: +44 (0) 115 959 0060 Web site: http://www.deloitte.com CONCEPT CYCLING: Business for Sale ---------------------------------- Joint Administrators, Brian Green and Paul Andrew Flint, offer for sale the business and assets of Concept Cycling Limited. The group assembles, wholesales and retails bicycles and accessories to major corporate customers and independent bike dealers. Features: (a) Annual turnover of GBP22 million; (b) Assembly and wholesale of bicycles; (c) Brands include Viking and Sentinel; (d) Trades from leasehold sites in Worsley (head office function and warehouse), Oldham (assembly plant) and Stockport (warehouse); and (e) Approximately 150 employees, of which 110 are assembly and warehouse staff. CONTACT: KPMG LLP St James' Square Manchester M2 6DS Phone: (0161) 838 4000 Fax: (0161) 838 4089 Web site: http://www.kpmg.uk Paul Andrew Flint, Joint Administrator E-mail: paul.a.flint@kpmg.co.uk Alex Birch, Joint Administrator E-mail: alex.birch@kpmg.co.uk D W WEAVER: Directors Blame Government for Collapse --------------------------------------------------- D W Weaver Limited, one of U.K.'s largest agricultural hauliers, has been placed in administration. The directors of D W WEAVER LIMITED have appointed corporate recovery and turnaround specialists Don Bailey and James Martin of Begbies Traynor joint administrators. The company employs 130 people and has a turnover circa GBP10 million. Started over 40 years ago, the family-owned business specializes in the movement of milk between local farms and dairies around the U.K. using large tankers with capacities from 16,000 to 29,000 liters. The company has a large fleet of vehicles ranging from 16 tonnes to 44 tonnes and operates from Endon, Ashbourne, Nantwich and Chester. The directors attribute the failure of the company to government debt that dates back to the foot and mouth crisis in 2001. The administrators intend to continue the services to existing customers and, going forward, restructure the company's funding facilities with continued input from existing management. No redundancies are anticipated during the restructuring subject to the support of the existing customer base and suppliers. Don Bailey said: "It's a great shame that financial pressures have led to this situation, but we are hopeful that we can turnaround the company's fortunes. This is an excellent, well-established company; they have a skilled workforce and our main objective is to assist the rescue of the company as a going concern." CONTACT: D W WEAVER LIMITED c/o David Weaver Phone: 01782 503186 Fax: 01782 504998 E-mail: endon@weavergroup.co.uk Web site: http://www.weavergroup.co.uk BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 832 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies-traynor.com EATON ELECTRIC: Opts for Liquidation ------------------------------------ I. B. Yule, Chairman of Eaton Electric Overseas Holding Ltd., informs that a resolution to wind up the company was passed at an EGM held on Aug. 30 at Gerber, Landa & Gee, 12 Newton Terrace, Glasgow G3 7PJ. Thomas Hughes of Gerber, Landa & Gee, 11-12 Newton Terrace, Glasgow was appointed liquidator of the company. CONTACT: EATON ELECTRIC OVERSEAS HOLDING LTD. Mint House, 6 Stanley Park Road, Wallington, Surrey, SM6 0HA United Kingdom GERBER LANDA & GEE 11-12 Newton Terrace, Glasgow, Lanarkshire G3 7PJ Phone: 01412217446 ECS CLIMATE: EGM Passes Winding-up Resolution --------------------------------------------- K. Nicholls, Chairman of ECS Climate Control Limited, informs that a resolution to wind up the company was passed at an EGM on Aug. 19 held at Russell House, Russell Street, Swansea SA1 4HR. Bruce Rees of Bruce G T Rees & Co, 14 Tawe Business Village, Swansea Enterprise Park, Swansea SA7 9EH was appointed liquidator. ECS was set up in 1994 and employs 35. Visit http://www.ecsclimatecontrol.co.uk/Leasing.htmfor more information. CONTACT: ECS CLIMATE CONTROL LTD. Unit 22, St David's Road Swansea Enterprise Park Swansea SA68QL Phone: 01792 701501 Fax: 01792 701507 E-mail: ecs@ecsclimatecontrol.co.uk ELIZA TINSLEY: Receives Takeover Feelers ---------------------------------------- Engineering group Eliza Tinsley confirmed on Tuesday it has received an approach regarding a potential takeover. The company said in July it expects to report, before the impact of FRS17, an operating profit for the year (pre-exceptionals and goodwill amortization) in the order of GBP2.23 million (prior year GBP1.3 million). It will release its preliminary result on Sept. 27, 2005 where it will say it has reduced debt by GBP3.6 million to GBP16.7 million following a three-year restructuring. Eliza Tinsley is a growing group of engineering companies organized into Off-Highway and Consumer Products Divisions. CONTACT: ELIZA TINSLEY GROUP PLC Andrew Hall, Chief Executive Paul Hill, Group Finance Director Phone: +44(0) 1384 263123 Mobile: 07831 255511 ENODO TECHNOLOGIES: Appoints Menzies Administrator -------------------------------------------------- Jason James Godefroy and Andrew Gordon Stoneman (IP Nos 9097, 8728) were appointed administrators for Enodo Technologies Limited (Company No 04332631) on Sept. 1. The firm's registered office is located at 43-45 Portman Square, London W1H 6LY. Over the last decade, Enodo has specialized in developing software solutions and tools especially for marketers, allowing them to unlock the full potential of their databases. Visit http://www.enodotechnologies.com/for more information. CONTACT: ENODO TECHNOLOGIES LTD. 12A River St, Pewsey Phone: 01672 564453 MENZIES CORPORATE RESTRUCTURING 43/45 Portman Square London W1H 6LY Phone: 020 7487 7240 EURO ELECTRICAL: Calls in Administrator --------------------------------------- Carl Derek Faulds and Peter Robin Bacon (IP Nos 008767, 009279) of Portland Business & Financial Solutions Ltd. have been appointed administrators for Euro Electrical Testing Limited (Company No 4599546) on Sept. 1. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Phone: 01489 550 440 E-mails: carl.faulds@portland-solutions.co.uk FORD GREEN: Creditors Meeting Set Today --------------------------------------- Notice is hereby given by Michael F McCarthy, of Walletts Insolvency Services, Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF, that a Meeting of Creditors of Ford Green Engineering Limited (Company No 01535620), 2 Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF, is to be held at the offices of Walletts Insolvency Services, Adventure Place, Hanley, Stoke on Trent, Staffordshire ST1 3AF, on Friday 16 September 2005 at 10:00 a.m. The Meeting is an initial Creditors ' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986. I invite you to attend the above Meeting. A proxy form should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. M F McCarthy, Administrator CONTACT: FORD GREEN ENGINEERING LTD. Clarence Road Longton, Stoke on Trent ST3 1AZ Staffordshire Phone: 01782 342530 Fax: 01782 599692 WALLETTS INSOLVENCY SERVICES Adventure Place, Hanley, Stoke on Trent, Staffordshire ST1 3AF Phone: (01782) 212326 Fax: (01782) 212326 GALLOWAY GLASS: Owners Abandon Shattered Business ------------------------------------------------- Hazel Galloway, owner of Galloway Glass Limited, informs that a resolution to wind up the company was passed at an EGM on Sept. 2 held at Saint & Co., Sterling House, Wavell Drive, Rosehill, Carlisle CA1 2SA. Jeanette Brown of Dodd & Co., Clint Mill, Cornmarket, Penrith, Cumbria CA11 7HW was appointed liquidator. Galloway Glass Ltd. is a company based in Annan in Dumfries and Galloway. The company owns well-known brands Decorative Stained Glass and Fiesta Gifts. It offers tailored originals, provide large or small quantity orders, with in-house skills to provide hand painted and hand decorated glass. Visit http://www.decorativestainedglass.com/for more information. CONTACT: GALLOWAY GLASS LTD. Provost Mills North Queensberry Street Annan Dumfries and Galloway DG12 5BL Phone: +4 (0) 1461 204051 Fax: +4 (0) 1461 203718 E-mail: info@decorativestainedglass.com DODD & CO Clint Mill Cornmarket Penrith Cumbria CA11 7HW Phone: 01768 864466 Fax: 01768 865653 E-mail: jeanette@doddaccountants.co.uk GMS SECURITY: Names Poppleton & Appleby Administrator ----------------------------------------------------- A. Turpin and M. D. Hardy (IP Nos 1452, 1453) of Poppleton & Appleby were appointed administrators for security providers GMS Security Limited (Company No 03175083) on Sept. 4. The company's registered office is located at 13 Portland Road, Birmingham B16 9HN. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk GRANVILLE BUILDING: Administrators Take over Firm ------------------------------------------------- W. J. Kelly and J. P. N. Martin (IP Nos 004857, 008316) of Begbies Traynor were appointed joint administrators for general construction Granville Building Company Limited (Company No 01197704) on Sept. 5. The company has a registered office at Gaynes Hall, West Perry, Huntingdon, Cambridgeshire PE28 0ST. Established in the early thirties and re-incorporated under present management in 1975, Granville Building Company Limited has become one of the leading, independent construction companies serving Cambridgeshire and the surrounding counties. Visit http://www.granvillebuilding.co.uk/for more information. CONTACT: GRANVILLE BUILDING COMPANY LTD. Phone: 01733-567061 Fax: 01733-312382 BEGBIES TRAYNOR Newater House 11 Newhall Street Birmingham B3 3NY E-mail: birmingham@begbies-traynor.com Web site: http://www.begbies.com INDUSTRIAL MECHANICAL: Files for Liquidation -------------------------------------------- F. De Arcangelis, Director of Industrial Mechanical Technology Limited, informs that resolutions to wind up the company were passed at an EGM on Sept. 5 held at 4 St Giles Court, Southampton Street, Reading RG1 2QL. P. R. Boyle and J. C. Sallabank of Harrisons, 4 St Giles Court, Southampton Street, Reading RG1 2QL, were appointed Joint Liquidators. IMT is focused on the Power Generation and Oil & Gas markets, supplying mechanical equipment to OEMs, EPCs and End Users, such as Power Stations. It is working predominantly in Power Generation and Oil & Gas, Power Stations, General Industry, and Turbomachinery R&D. Visit http://www.imecht.comfor more information. CONTACT: INDUSTRIAL MECHANICAL TECHNOLOGY LTD. 3b Marston House Cromwell Business Park Chipping Norton OX7 5SR Oxfordshire Phone: 0845 458 8124 Fax: 0870 458 1900 Contact: Gianluca Arcangelis, General Manager Franco Arcangelis, Managing Director HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com INTERNATIONAL EXECUTIVE: Members Decide to Wind up Business ----------------------------------------------------------- J. Blenford, Chairman of International Executive Chauffeur Driven Cars Limited, informs that a resolution to wind up the company was passed at an EGM on Sept. 2 held at the offices of Sinclair Harris, 46 Vivian Avenue, Hendon Central, London NW4 3XP, on 2 September 2005. Jonathan Sinclair of Sinclair Harris, 46 Vivian Avenue, Hendon Central, London NW4 3XP was appointed liquidator. International Executive Chauffeur Driven Cars Limited specializes in airport transfers, corporate functions and road shows. Visit http://www.internationalexecutive.co.uk/for more information. CONTACT: INTERNATIONAL EXECUTIVE CHAUFFEUR DRIVEN CARS LIMITED 3a Princes Parade Golders Green Road London NW11 9PS Phone: +44 (0)20 8455 1117 Fax: +44 (0)20 8455 5374 JESSOPS PLC: Pre-close Trading Update Out Next Week --------------------------------------------------- Jessops plc will be announcing its pre-close trading update for the year ending 30 September 2005 at 7:00 a.m. on Wednesday 21 September. * * * With a complete database of over 16,000 product lines, Jessops plc is one of the most comprehensive retail Web sites in the U.K. The site generates circa 7 million page impressions per month. Jessops also operates a wholesale and commercial sales business from its head office in Leicester. The wholesale distribution business, trading as Photoline, was formed in 1986. Jessops' business-to-business sales are primarily to the Government, quasi-governmental organizations, schools, colleges and local councils and Insurance companies. It also sells photographic equipment to professional photographers under the trading name Jessops Professional. In May, Jessops plc reported that earnings before interest, tax and amortization ('EBITA') for the 26 Weeks to 27 March 2005 were 18% down at GBP5.7 million. Profits on ordinary activities before tax for the period, which included a higher interest charge for October under the group's former financing structure, were GBP1.3 million. Net debt was reduced to GBP42.8 million (2003: GBP126 million). The positive start to the company's life as a listed company was in contrast to the Group's trading in February and early March, which saw an unprecedented decline in digital camera sales and the toughest trading conditions seen at Jessops at least since digital cameras were launched onto the market in the mid 1990s. The impact of the sales shortfall in February and early March not only had a material impact on profits for the period, but caused the company to reconsider projections for the second half of the year. In response to these difficult market conditions, the company has set in motion a number of projects to drive sales and deliver efficiency savings. CONTACT: JESSOPS PLC Jessop House, Scudamore Rd. Leicester LE3 1TZ, United Kingdom Phone: +44-116-232-6000 Web site: http://www.jessops.com LINK CATERING: Calls in Joint Administrator ------------------------------------------- Colin Burke and Gary J. Corbett (IP Nos 8803, 9018), of Milner Boardman & Partners were appointed joint administrators for Link Catering Equipment Limited (Company No 04357498) on Sept. 4. The company's registered office is located at 10 Greenhey Place, East Gillibrands, Skelmersdale WN8 9SA. Link Catering manufactures metal structures and parts. CONTACT: LINK CATERING EQUIPMENT LTD. 10 Greenhey Place Gillibrand Industrial Estate Skelmersdale WN8 9SA Lancashire Phone: 01695 722168 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 LLOYD DAVIES: Furniture Retailer Calls in Administrators -------------------------------------------------------- Lloyd Davies, the Manchester-based upmarket furniture retailer, has been placed in administration. Corporate recovery specialists Don Bailey and Steven Conn of Begbies Traynor have been appointed its joint administrators. The company encountered a series of misfortunes starting 2004 when its John Dalton Street home was flooded. It then relocated to King Street and took up premises in the quieter area of St. Mary's Parsonage Gardens, a move that caused business to plunge. Don Bailey said: "It's a great shame that financial pressures have led to this situation." Queries regarding the remaining stock should be directed to agents Robson Kaye on 0161 998 8111. CONTACT: LLOYD DAVIES 14 St Mary's Parsonage Manchester M3 2DF Phone: 0161 832 3700 Fax: 0161 832 5141 E-mail: shop@lloyddavies.co.uk Web site: http://www.lloyddavies.co.uk BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 832 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies-traynor.com MERLIN PUBLICITY: In Administrative Receivership ------------------------------------------------ Dynamic Commercial Finance Plc appointed Timothy John Edward Dolder and Paul Michael Davis (Office Holder Nos 9008 and 7805) of Begbies Traynor joint administrative receivers for advertising firm Merlin Publicity International Ltd. (Reg No 02627440) on Aug. 25. CONTACT: MERLIN PUBLICITY INTERNATIONAL Merlin House Eynsford, Dartford DA4 0OEQA Phone: (01322) 420100 Fax: (01322) 863202 BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com MG ROVER: Fate up in the Air, Concedes PricewaterhouseCoopers ------------------------------------------------------------- PricewaterhouseCoopers has admitted that the revival of MG Rover's Longbridge site remains uncertain, said icBirmingham. The fate of the collapsed carmaker's factory will not be known until next year, it said. This despite regular contact with Nanjing Automobile (Group) Corp., which bought the assets of MG Rover for GBP53 million in July. Rob Hunt, a PwC partner and joint administrator, said: "The big question is around the redevelopment of Longbridge - that is a five to ten-year program. Whether or not that involves some or no car production we are not going to know until early 2006." Along with PwC, which is handling the sale of 2,000 MG Rover vehicles, a total of 200 people are still working at the plant, while the Powertrain engine-making unit employs another 100. Nanjing Automobile reportedly pays the workers, which would remain at the site until next year. Earlier this month, a local newspaper in Birmingham challenged the Chinese firm to come clean over its plans for MG Rover. It sought Nanjing to answer 12 questions related to the fate of the Longbridge site. While Nanjing has already agreed to build sports cars at the plant with GB Sports Car Company, it has yet to present details about restarting the site's operations. It also remains uncertain whether employment will reach the 500 people GB Sports eyed or the 1,000 to 2,000 jobs Nanjing had planned. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com NANJING AUTOMOBILE (GROUP) CORPORATION General Management Division Phone: 86-25-3432671 Fax: 86-25-3111295 3417873 E-mail: bnj3111037@jlonline.com Web site: http://www.nanqi.com.cn MOWLEM PLC: Wins GBP429 Million Contract from Highways Agency ------------------------------------------------------------- Mowlem plc, in joint venture, has won the largest Early Contractor Involvement (ECI) contract to date from the Highways Agency. The project involves widening the M1 from three to four lanes over a 16-mile stretch between Junction 10 (Luton South and Airport) and Junction 13 where the motorway joins the A421 south of Milton Keynes. Simon Vivian, Mowlem Chief Executive, said: "Mowlem is delighted to be extending its long-standing and successful partnership with the Highways Agency on this very important and high profile project. Our selection is another vote of confidence in Mowlem's ability to deliver large public sector projects." The joint venture, with Costain, has also secured a contract under the same deal to create a new link between the A5 and the M1. * * * Mowlem plc, based in Middlesex, provides construction and support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. The Trouble Mowlem's business review in February led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split up of its Construction Services operation into three units. Recently, the company warned its full year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement follows three previous profit warnings since June 2004. It prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com PIONEER CLINICAL: Names Begbies Traynor Liquidator -------------------------------------------------- A. W. Coles, Chairman of Pioneer Clinical Research Limited, informs that resolutions to wind up the companies were passed at an EGM on Sept. 1 held at 5th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB. John W Davies and David Hill of Begbies Traynor, 5th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB were appointed Joint Liquidators. CONTACT: PIONEER CLINICAL RESEARCH LTD. 138 Cathays Terrace, Cathays, Cardiff, Mid Glamorgan CF24 4HZ Phone: 02920404442 BEGBIES TRAYNOR 4th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB Phone: 029 2022 5022 Fax: 029 2022 4523 E-mail: cardiff@begbies-traynor.com Web site: http://www.begbies.com PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator ------------------------------------------------- Printmovers Limited informs that resolution to wind up the company was passed at an EGM on Aug. 23 held at Bennetts Farm, 735 Staines Road, Bedfont, Middlesex. Andrew Howard Beckingham of BDO Stoy Hayward LLP, Park House, 102-108 Above Bar, Southampton, Hampshire SO14 7NH, and Dermot Brendan Coakley of BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA were appointed liquidators. CONTACT: PRINTMOVERS LT. Bourne House, 33 Dairy Meadow Lane The Clarendon Centre, Salisbury SP1 2TJ BDO STOY HAYWARD LLP Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA Phone: 01483 565666 Fax: 01483 531306 E-mail: guilford@bdo.co.uk Web site: http://www.bdo.co.uk BDO STOY HAYWARD LLP Park House, 102-108 Above Bar, Southampton, Hampshire SO14 7NH Phone: 023 8035 6000 Fax: 023 8035 6111 E-mail: southampton@bdo.co.uk Web site: http://www.bdo.co.uk ROYAL MAIL: Sets Date for Implementation of New Pricing System -------------------------------------------------------------- Royal Mail on Monday confirmed that its new pricing system, Pricing in Proportion (PiP), which means mail will be charged by size as well as weight, will come into force on 21 August 2006. The date was selected following feedback from a number of customers. An extensive communications campaign, explaining the new pricing system, will take place prior to the change. The new system will enable Royal Mail prices to more closely reflect its costs when the postal market is opened up to full competition on 1 January 2006 and will help to safeguard the one-price-goes-anywhere service. Postal operators in Australia, Canada, Japan and the U.S.A. already use size-based pricing systems. CONTACT: ROYAL MAIL 148 Old Street London EC1V 9HQ Web site: http://www.royalmail.com STANLEY J HOLMES: Meeting of Creditors Set Next Week ---------------------------------------------------- Notice is hereby given by David E M Mond and Lawrence I Freedman, both of Hodgsons, George House, 48 George Street, Manchester M1 4HF, that a Meeting of Creditors of Stanley J Holmes & Sons Limited (Company No 02046606), George House, 48 George Street, Manchester M1 4HF, is to be held at George House, 48 George Street, Manchester M1 4HF, 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. 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. D E Mond and L I Freedman, Joint Administrators CONTACT: STANLEY J. HOLMES & SONS LTD. Vale Mill Chamber Road Hollinwood Oldham OL8 4PG United Kingdom Phone: 0161-621 3000 Fax: 0161-627 2046 Web site: http://www.sjholmes.co.uk TRANSPLAN DEVELOPMENTS: Creditors to Meet September 21 ------------------------------------------------------ Notice is hereby given, pursuant to paragraph 50 of Schedule B1 of the Insolvency Act 1986, that a Meeting of Creditors of Transplan Developments Limited will be held at 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA, on 21 September 2005, at 10:00 a.m., for the purpose of considering a statement of the Joint Administrators' proposals, a copy of which will be supplied to Creditors of the Company, free of charge, on application in writing, to the Joint Administrators at the address shown below. Secured Creditors (unless they surrender their security) must give particulars of their security and its value if they wish to vote at the Meeting. Creditors who are secured either wholly or partly by, retention of title, negotiable Instrument, hire purchase, conditional sale of chattel leasing agreements, should have regard to Rules 2.24 to 2.27 of the Insolvency Rules 1986 (as amended) in the valuation of their claim for voting purposes. A proxy to be used at the Meeting must be duly completed and lodged, together with a proof of debt, with the Joint Administrators at Baker Tilly, 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA, no later than 12:00 noon on the business day prior to the Meeting. G P Bushby, Joint Administrator CONTACT: BAKER TILLY 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA Phone: 01908 687 800 Fax: 01908 687 801 Web site: http://www.bakertilly.co.uk TUBE DEVELOPMENTS: Files for Liquidation ---------------------------------------- G. Brewin, Director of Tube Developments (UK) Limited, informs that resolutions to wind up the company were passed at an EGM on Sept. 6 held at The Old Mill, 9 Soar Lane, Leicester LE3 5DE. Robert P J Allen of Vantage Corporate Restructuring was appointed liquidator. CONTACT: TUBE DEVELOPMENTS LTD. Kilsth G65 9BN, Glasgow Scotland Phone: (+4412) 36 82 35 51 Fax: (+4412) 36 82 56 60 Web site: http://www.tubedev.com/ VANTAGE 20-24 Kirby Street London EC1N 8TS Phone: 0845 225 5801 Fax: 0845 225 5802 TURNERS CONSTRUCTION: Appoints Begbies Traynor Administrator ------------------------------------------------------------ W. J. Kelly and J. P. N. Martin (IP Nos 004857, 008316) of Begbies Traynor were appointed joint administrators for Turners Construction Limited (Company No 01197704) on Sept. 5. The company has a registered office at 6 Churchfield Road, Acton, London W3 6EG. Turners Construction has been operating in the London area since 1992. Its main focus of operations is in the domestic construction market. Visit http://www.turnersconstruction.co.uk/ for more information. CONTACT: TURNERS CONSTRUCTION 6,Churchfield Road, Acton, London, W3 6EG Phone: 0700 4 284534 Fax: 0208 248 6665 E-mail: enquiries@turnersconstruction.co.uk BEGBIES TRAYNOR Newater House 11 Newhall Street Birmingham B3 3NY E-mail: birmingham@begbies-traynor.com Web site: http://www.begbies.com UNIQ PLC: U.K. Division Has New Managing Director ------------------------------------------------- Uniq plc has appointed Rick Turnbull as Managing Director of Uniq Prepared Foods, the U.K. division of Uniq. Jed Kenrick is leaving with immediate effect. The Board thanked him for his contribution to the business. Rick Turnbull was formerly Managing Director of RHM's Partnership division, a GBP350 million sales chilled foods business serving M&S, McDonald's, Pizza Hut and Morrisons. He led R F Brooks while it grew annual sales from GBP10 million to GBP160 million through organic growth. Geoff Eaton, Chief Executive Uniq plc, said: "We are very fortunate to have Rick to spearhead the recovery of our U.K. businesses. Rick brings a proven track record of generating profitable growth in the U.K. chilled foods sector through partnership with retailers and food service customers, innovation and management development. I am very pleased to be working with Rick again." Uniq will make its pre-close trading update on 30 September 2005. * * * Uniq plc, the European convenience foods group, has sold its Nordic Salads business to Rieber & Son A.S.A. for EUR14 million. This is in line with the Company's strategy of focusing on building stronger product category positions in each of the Group's principal geographical regions, namely the U.K., France, Spain and Germany/Benelux. About EUR13 million of the purchase price will be paid immediately, with the balance due on 30 August. The proceeds will be used to reduce Group borrowings. In July, the company admitted that U.K. sales are starting to show an improving trend versus last year's second half. The sandwich and salad businesses have performed ahead of expectations, while the fish division has successfully passed on much of the impact of higher salmon prices. However, profit contribution from the Desserts category was, however, well behind expectations. Continuing business turnover for the first three months was 0.6% down against the prior year and, as expected, operating profit was significantly lower. CONTACT: UNIQ PLC 1 Chalfont Park Gerrards Cross Buckinghamshire SL9 0UN Phone: +44-1753-276-000 Fax: +44-1753-276-071 Web site: http://www.uniq.com GAINSBOROUGH Julian Walker Phone: 020 7190 1705 UNITED BISCUITS: Profit Grows 4.3% with Jacob's, Triunfo Results ---------------------------------------------------------------- United Biscuits plc, a leading manufacturer and marketer of biscuits and snacks, reports half-year results for 2005. Highlights -- Despite the continuing highly competitive retail environment, the Group delivered a strong performance driven by a focus on branded products and a much-improved performance from the U.K. business; -- The Group recorded a positive trading performance for the first half of 2005 with revenue up 6.3% to GBP613.2 million (2004: GBP576.6 million). This resulted in a 15.7% increase in business profit to GBP75.1 million (2004: GBP64.9 million); -- The results include the first half of 2005 results for the Jacob's and Triunfo businesses, acquired in the second half of 2004. On an underlying basis, including the results of those businesses for the first half of 2004, the Group delivered 4.3% growth in business profit in the first half of 2005; -- Business profit also includes GBP14.4 million in respect of insurance claims to cover loss of profit in connection with the flood at the Carlisle biscuit factory; -- Focused marketing campaigns, such as McCoy's Specials "The Gentleman's Crisp" and McVitie's "we make the biscuits, you make the crumbs", and investment in new product development for UB's priority brands drove first half results. -- The integration of Triunfo into the Southern European business was completed in the first half of 2005. Jacob's integration into the U.K. business is progressing in accordance with plans; -- UB generated cost savings during the first half of 2005 through supply chain efficiencies, acquisition synergies and the ongoing cost reduction program. U.K. integration and corporate head office rationalization plans are expected to deliver cost savings of between GBP25-30 million with full effect in 2007; and -- Healthy continues to be the fastest growing segment of the biscuit and snack market. UB is actively responding by taking actions to reduce sodium and levels of saturated fats from many of its products. Commenting on the results, Malcolm Ritchie, Chief Executive, said: "In spite of the challenging market environment, UB has delivered a solid performance for the first six months of 2005. UB has strengthened its portfolio with strategic acquisitions and our U.K. business has benefited from a more focused approach to the key brands, which resulted in strong performances, in particular from the go ahead! range. We have continued to make good progress through reducing the cost base and re-investing behind the long-term strength of our principal brands." * * * As reported by TCR-Europe in June, Fitch Ratings downgraded United Biscuits Finance's senior subordinated notes to 'CCC+' from 'B-'. At the same time, the agency downgraded Regentrealm Limited -- a subsidiary of UB -- Senior Unsecured rating to 'B-' from 'B' and its senior secured debt to 'BB-' from 'BB'. The Outlook was changed to Negative from Stable. The rating actions followed the publication of very disappointing results for FY04, with a 13.9% decrease in underlying EBITDA if the contribution of Jacob's and Triunfo is deducted. This trend was not reversed in Q105. Of particular concern is the limited cash flow generation, primarily driven by decreasing like-for-like profit generation from the core U.K. operations. CONTACT: CARDEW GROUP Tim Robertson Phone: 020 7930 0777 Mobile: 07900 927650 Sofia Rehman Phone: 020 7930 0777 Mobile: 07771 683 185 U.K. FRONTLINE: Firm Ripped off Advertisers, DTI Says ----------------------------------------------------- U.K. Frontline Services Limited has been wound up after the Department of Trade and Industry proved the firm cheated on its advertisers. According to Creditman, the Manchester-based publishing company led advertisers to believe that it produced two publications, Children's Wall Planner and Crime Prevention Journal, which were connected to charity. However, the DTI has found that the Children's Wall Planner has never been produced, and that more than 700 advertising contracts costing over GBP130,000 had been paid for last year to appear in that publication. While the firm did put out regional publications, advertisement which had been paid for were not published. This involved 63 advertisements for a total cost of more than GBP15,000. On July 18, the DTI filed a petition to wind up the company under section 124a of the Insolvency Act 1986. The Department's Companies Investigation Branch then carried out investigations under Section 447 of the Companies Act 1985. The Official Receiver was appointed Provisional Liquidator of the company on July 21, while the Winding Up Order was made on September 5. CONTACT: U.K. FRONTLINE SERVICES LIMITED 1 - 7 Bent Street, Cheetham Hill Manchester M8 8NF THE INSOLVENCY SERVICE Public Interest Unit North PO Box 326 Boulton House 17 - 21 Chorlton Street Manchester M60 3ZZ Phone: 0161 934 4182 DEPARTMENT OF TRADE AND INDUSTRY 7th Floor 1 Victoria Street London SW1H 0ET Phone: +44 (0)20 7215 5000 WGR TRADING: Bar Operator Calls in Receiver from KPMG ----------------------------------------------------- Blair Nimmo of KPMG Corporate Recovery was appointed receiver of WGR Trading Limited at the request of the Company's directors on 31 August 2005. The company, which operates 2 bars in Inverness city center (Barbazza & Osbournes), encountered difficulties after they overextended themselves during the recent refurbishment of one of the licensed premises. Established in 1998, WGR Trading has about 45 employees across the 2 premises and has cumulative annual turnover of around GBP1.5 million. Appointed Receiver and Head of KPMG Corporate Recovery in Scotland, Blair Nimmo said: "Both Barbazza and Osbournes are well established and award winning licensed properties located in prime locations in Inverness city center. We are pleased to report that to date, customers, suppliers and employees have continued to be supportive which will hopefully enable us to successfully continue to trade the business as normal and quickly find a buyer, therefore safeguarding as many jobs as possible." Anyone with any interest in acquiring either or both of the licensed premises should contact KPMG on 0141 300 5675. CONTACT: KMPG Scotland Allan Barr, PR Manager Phone: 0141 300 5896 Mobile: 07796 181 043 E-mail: allan.barr@kpmg.co.uk Blair Nimmo Corporate Recovery Partner Phone: 0131 527 6672 Mobile: 07774 617582 WHEELBASE UK: Bicycle Retailer for Sale --------------------------------------- Joint Administrators, Brian Green and Paul Andrew Flint, offer for sale the business and assets of Wheelbase (U.K.) Limited. The group assembles, wholesales and retails bicycles and accessories to major corporate customers and independent bike dealers. Features: (a) Annual turnover of GBP2.5 million; (b) Retail of bicycles (c) Trades from three leasehold sites in Kendal, Lytham St Annes and Stockport; and (d) Approximately 30 employees. CONTACT: KPMG LLP St James' Square Manchester M2 6DS Phone: (0161) 838 4000 Fax: (0161) 838 4089 Web site: http://www.kpmg.uk Paul Andrew Flint, Joint Administrator E-mail: paul.a.flint@kpmg.co.uk Alex Birch, Joint Administrator E-mail: alex.birch@kpmg.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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