/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050921.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 Wednesday, September 21, 2005, Vol. 6, No. 187 Headlines A U S T R I A JULIUS MEINL: 67 Stores to be Sold for CZK1 Billion F I N L A N D KALEVI AHOLAITA: Retailing Chain Declares Bankruptcy G E R M A N Y APOTHEKEN-ABRECHNUNGEN: Bochum Court Appoints Administrator BORUSSIA DORTMUND: Selling Rights to Stadium COMEDIS GMBH: Succumbs to Bankruptcy DAIMLERCHRYSLER AG: Recalling 100,000 Grand Cherokees ENEL RECYCLING: Proofs of Claim Due Next Month FLOTHMANN GMBH: Creditors Meeting Set October GEBR. ALBERT: Under Bankruptcy Administration INFINEON TECHNOLOGY: Perlach Site Still Competitive, Says Union M K TRANSPORT: Court to Verify Claims November RATIO GMBH: Essen Court Appoints Dr. Nikolaus Administrator SCHMIDT & CO.: Creditors to Meet November VOGT ELECTRONIC: Court to Verify Claims December VOLKSWAGEN AG: Sees Zero Profit in China this Year XANTINA GMBH: Frankfurt Venture Goes Bust G R E E C E OLYMPIC AIRLINES: Blames Government for Legal, Financial Woes TIM HELLAS: Gets Senior Unsecured 'B' Rating from Fitch TIM HELLAS: Corporate Credit Rated 'B+'; Outlook Stable I T A L Y ALITALIA SPA: Banks Committed to Underwrite Rights Issue FIAT SPA: Agnellis Buy 87.75 Mln Shares to Stay in Control PIAGGIO & C. SPA: Books EUR39 Mln Net Income in First Half K A Z A K H S T A N BANK CASPIAN: Proposed Eurobond Gets Expected 'B+' Rating K Y R G Y Z S T A N ASKOR: Shareholders Meeting Set Next Week DARUK-MULSAN: Proofs of Claim Deadline November 5 ELEI SERVICE: Claims Filing Period Expires November SPACE MOTORS: Declared Insolvent UVETA PLUS: Creditors' Claims Due November N E T H E R L A N D S KONINKLIJKE AHOLD: Sells Stake in Central American Joint Venture R U S S I A AERO-GRAD: Creditors Have Until October 13 to File Claims BUTURLINOVSKIY: Claims Filing Period Ends October CONFECTIONARY: Chelyabinsk Court Opens Bankruptcy Proceedings DMITRIEVSKAYA: Bankruptcy Supervision Procedure Begins INDUSTRY & CONSTRUCTION: Loan Participation Notes Rated 'B' KENTAVR-AGRO: Court Brings in Insolvency Manager MILK-VEGETABLES FARMING: Hires L. Abalakova Insolvency Manager MORSHANSK-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set Next Month OSTROGOZHSKOYE MILK: Undergoes Bankruptcy Supervision Procedure PROMSVYAZBANK: Fitch Assigns Proposed Eurobond 'B' Rating PROMSVYAZBANK: Fitch Affirms Long-term 'B' Rating REPAIR-MECHANICAL FACTORY: Under Bankruptcy Supervision WOOD-PROCESSING COMBINE: Succumbs to Bankruptcy YUKOS OIL: Court Suspends Hearing on Yuganskneftegaz Tax Appeal YUKOS OIL: Lukoil, ConocoPhillips Eye Lithuanian Asset YUKOS OIL: Lithuanian Govt to Buy, Resell Stake in Refinery S W E D E N SKANDIA INSURANCE: Welcomes Probe on Alleged Insider Trading U K R A I N E DANILO GALITSKIJ: Declared Insolvent GALLAK-PAK: Lviv Court Opens Bankruptcy Proceedings MIKGAZBUD: Under Bankruptcy Supervision POGREBISHERAJAGROTECHSERVICE: Bankruptcy Supervision Begins U N I T E D K I N G D O M ALBION STORAGE: Calls in Liquidator AMBERBARN LIMITED: Files for Liquidation BISON FREIGHT: Hires PricewaterhouseCoopers to Wind up Business BRANTON ENGINEERING: To Hold Creditors Meeting Today CEETAK FABRICATIONS: Hires F A Simms & Partners as Administrator DIRECT DECORATING: EGM Passes Winding-up Resolution DUDLEY CONTROLS: Appoints SPW Poppleton Liquidator ERC FRANKONA: Liquidators from Ernst & Young Move in F. C. DAVISON & SON: Hires Menzies Corporate to Liquidate Assets FIFTH ELEMENT: Names BDO Stoy Hayward Liquidator FRENCH RESTAURANT: Hires Administrators from Milner Boardman H AND M AIR: Goes into Liquidation ICON BUSINESS: In Liquidation INNOVATIONS FOR TRADE: Members Opt for Liquidation INTERCEPT LIMITED: Publisher Applies for Liquidation INVENSYS PLC: Names New President for Controls Business KIRKLAND CONTRACTS: Furniture Maker Calls in Administrator KLAUSSNER FURNITURE: Creditors Meeting Set Next Week MAYFLOWER CORPORATION: PwC Charged with Malpractice NATIONWIDE MEDIATION: Sets Creditors Meeting Friday NORTHERN FOODS: Trading Update Out Next Month QIBLA-COLA: Falls into Receivership SAMSON DAY: Administrators Take over Business SPIRENT PLC: To Dispose of Network Products Division SPORTS MONDIAL: Appoints Administrator from B & C Associates TABLE WORKS: Hires Administrators from PKF TOWN & COUNTRY: Files for Liquidation TRIANGLE ASSET: Goes into Liquidation WM MORRISON: Agrees to Wage Bargaining to Pacify Unions XEROX CORPORATION: Moody's Revises Outlook to Positive * 50,000 Firms to go Bust in Three Years -- Paper ********* ============= A U S T R I A ============= JULIUS MEINL: 67 Stores to be Sold for CZK1 Billion --------------------------------------------------- Royal Ahold is paying CZK1 billion for the 67 local outlets of Julius Meinl, daily Mlada fronta Dnes (MfD) says, citing a draft contract of the asset transfer. The purchase price is equal to 23% of the stores' turnover. Ahold, in addition, will pay the price of inventories and bring in additional investment. Spokesperson Katerina Cerna said Ahold will not disclose the actual purchase price. The anti-monopoly office UOHS has already cleared the transaction. The spokesperson said Julius Meinl's staff should not worry about layoffs. They will be transferred and paid the same wages under the new management. Julius Meinl is notorious for paying low wages, says MfD. Julius Meinl, which entered the local market 11 years ago, cites fierce competition for its departure from Czech Republic. It has accumulated losses in recent years, the magnitude of which exceeds its share capital. Losses for 2003 amounted to CZK500 million (EUR16.7 million). The company is a subsidiary of Austrian Julius Meinl International, a recognized retailer in Central and Eastern Europe. It employed 1,700 people in 67 outlets last year. Ahold operates 184 Albert supermarkets and 50 Hypernova hypermarkets in the Czech Republic. It is the second largest retail chain in the country, next to Makro Cash&Carry CR, according to Incoma Research. It's sales is CZK34.6 billion vs. Meinl's CZK4.2 billion. CONTACT: JULIUS MEINL a.s. U Libenskeho Pivovaru 63 180 00 Prague 8 Phone: (+420) 2 83 088 200 Fax: (+420) 2 83 088 206 E-mail: sekretariat@julius-meinl.cz Web site: http://www.julius-meinl.cz ============= F I N L A N D ============= KALEVI AHOLAITA: Retailing Chain Declares Bankruptcy ---------------------------------------------------- Kalevi Aholaita Oy has reportedly filed for bankruptcy with debt of about EUR6.4 million. According to news agency STT, the low-cost retail chain has been undergoing restructuring. Its largest debt is owed to Nordea Bank. Aholaita, which owns 27 shops in Helsinki, Hame and Pirkanmaa, has already informed its 134 employees about the filing. The retail outlets will be shut down until further measures by the official receiver. CONTACT: KALEVI AHOLAITA OY Patamaenkatu 2 33900 TAMPERE Phone: 030 4004 000 Fax: (03) 3136 3632 or (03) 3136 3633 E-mail: etunimi.sukunimi@aholaita.fi Web site: http://www.aholaita.fi ============= G E R M A N Y ============= APOTHEKEN-ABRECHNUNGEN: Bochum Court Appoints Administrator ----------------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Apotheken-Abrechnungen-Organisation L. Neumann GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 17, 2005 to register their claims with court-appointed provisional administrator Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting on November 29, 2005, 9:15 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: APOTHEKEN-ABRECHNUNGEN-ORGANISATION L. NEUMANN GmbH August-Becker-Strasse 10, 45711 Datteln Contact: Ingo Neumann, Manager Hubertusstrasse 53, 44577 Castro-Rauxel Ulrich Zerrath, Administrator Lange Wanne 57, 45665 Recklinghausen Phone: 02361 / 48840 Fax: 48 8499 BORUSSIA DORTMUND: Selling Rights to Stadium -------------------------------------------- Football club Borussia Dortmund (BVB) is selling its rights to the Westfalen Stadium for the 2006/2007 season, according to Agence France-Presse. Finance director Hans-Joachim Watzke says the club is in talks with four big companies. BVB has already sold the stadium to Molsiris, and is only leasing it until 2017. Mr. Watzke said it will not use the money raised from selling the rights to strengthen its team. Income from the stadium is estimated at EUR5 million a year. BVB averted bankruptcy in March by buying back a stake held by Molsiris, a division of Commerzbank that bought the club's 95% stake in the stadium. In exchange, Molsiris returned EUR52 million to Borussia and reduced its annual rent and deferred the EUR15 million rent for 2005 and 2006. BVB became the first German club to float on the stock exchange in October 2000. It used the proceeds on huge transfers and wages hoping for steady income from Champions League football. But the plan did not work out as expected. BVB recently adjusted its 2004 loss forecast by 9.4% to EUR78.2 million from previous estimate of EUR68.8 million due to higher cost in organizing matches. CONTACT: BORUSSIA DORTMUND GMBH & CO. KGAA Rheinlanddamm 207-209 44137 Dortmund Phone: +49 (2 31) 9 02 00 Web site: http://www.borussia-dortmund.de COMEDIS GMBH: Succumbs to Bankruptcy ------------------------------------ The district court of Bonn opened bankruptcy proceedings against CoMEDIS GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 31, 2005 to register their claims with court-appointed provisional administrator Ruediger Stoll. Creditors and other interested parties are encouraged to attend the meeting on November 29, 2005, 12:15 p.m. at the district court of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, 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: COMEDIS GmbH Heuserweg 13-15, 53842 Troisdorf Contact: Andreas Wirtz, Manager Im Rabengrund 8 a, 50997 Koln Ruediger Stoll, Administrator Sankt Augustiner Strasse 94 a, 53225 Bonn Phone: 0228/ 40 09 40 Fax: 40 09 479 DAIMLERCHRYSLER AG: Recalling 100,000 Grand Cherokees ----------------------------------------------------- DaimlerChrysler AG's Chrysler unit will reportedly recall over 100,000 Jeep Grand Cherokee sport utility vehicles due to transmission fluid-related troubles. According to the Associated Press, the recall covers 2005 model year vehicles with 3.7 liter engines and automatic transmissions, which represent almost half of all Jeep Grand Cherokees sold so far this year. Spokesman Max Gates says, in a number of vehicles, water contamination of the transmission fluid could cause fires under the hood. The leakage of condensed water from the air conditioning system into the area that contains the transmission fluid could lead to a shaking in the transmission. The shaking could cause the transmission to operate under higher temperatures, from which hot fluid could be ejected into the hot part of the exhaust system and cause an engine fire, he said. DaimlerChrysler has already coursed through four reports of fires -- two in Hawaii and two in California and Washington --from Dollar Rent a Car to the National Highway Traffic Safety Administration. Mr. Gates notes, however, that less than 1% of the vehicle's owners have cited the problem in their warranty claims. The company, which plans to notify owners of the recall next month, expects the trouble to affect less than 5% of the vehicles sold. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com ENEL RECYCLING: Proofs of Claim Due Next Month ---------------------------------------------- The district court of Potsdam opened bankruptcy proceedings against Enel Recycling GmbH on August 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 26, 2005 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting on November 23, 2005, 2:00 p.m. at the district court of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ENEL RECYCLING GmbH Gartenstrasse 41, 15749 Mittenwalde Dr. Christoph Schulte-Kaubruegger, Administrator Genthiner Strasse 48, 10785 Berlin FLOTHMANN GMBH: Creditors Meeting Set October --------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against Flothmann GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 30, 2005 to register their claims with court-appointed provisional administrator Stefan Hahn. Creditors and other interested parties are encouraged to attend the meeting on October 12, 2005, 9:20 a.m. at the district court of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage, Saal 234, 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: FLOTHMANN GmbH Friedrichstr. 114, 42551 Velbert Contact: Hans-Joachim Flothmann, Manager Stefan Hahn, Administrator Morianstrasse 45, 42103 Wuppertal Phone: 0202/283310 Fax: 0202/2833175 GEBR. ALBERT: Under Bankruptcy Administration --------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Gebr. Albert und Wolfgang Nitz GbR on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 7, 2005 to register their claims with court-appointed provisional administrator Dr. Andreas Ropke. Creditors and other interested parties are encouraged to attend the meeting on November 7, 2005, 11:30 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, IV. Etage, Saal 407, 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: GEBR. ALBERT UND WOLFGANG NITZ GbR Dorfplatz 5, 47279 Duisburg Contact: Albert and Wolfgang Nitz, Managers Gellertstrasse 43, 46049 Oberhausen Dr. Andreas Ropke, Administrator Dammstr. 26, 47119 Duisburg INFINEON TECHNOLOGY: Perlach Site Still Competitive, Says Union --------------------------------------------------------------- Trade union IG Metall continues to oppose the closure of Infineon Technology's Munich Perlach site, Frankfurter Allgemeine Zeitung says. In its latest attempt to save hundreds of jobs at the site, IG Metall presented an expert's report it commissioned showing the plant's productivity and competitiveness can be improved with an appropriate level of investment. This contradicts the claim of Chief Executive Wolfgang Ziebart in February that the plant's production is lagging industry trends and standards. Under the current plan, the plant will be phased out by 2007. IG Metall's Werner Neugebauer concedes job security at the site is uncertain and that steps might be taken like partial retirement. He will represent workers during the pay negotiations with management and Bavaria's regional employers' association on September 27. At the meeting, he will also demand that Infineon explain its basis for claiming the Munich site is no longer competitive. Local rival X-Fab recently abandoned talks to acquire the site, claiming "there is no long-term guarantee of running the Perlach site with economic success and preserving the jobs." About Infineon Infineon Technologies AG, Munich, Germany, offers semiconductor and system solutions for automotive, industrial and multi-market 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 EUR7.19 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 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 M K TRANSPORT: Court to Verify Claims November ---------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against M K Transport GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 24, 2005 to register their claims with court-appointed provisional administrator Helmut Buerenkemper. Creditors and other interested parties are encouraged to attend the meeting on November 14, 11:00 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: M K TRANSPORT GmbH Siegenstrasse 186a, 44359 Dortmund Contact: Marlis Krueger, Manager Siegenstrasse 186 a, 44359 Dortmund Helmut Buerenkemper, Administrator Lipperoder Strasse 9, 59555 Lippstadt Phone: 02941/ 97 62-0 Fax: 97 62 20 RATIO GMBH: Essen Court Appoints Dr. Nikolaus Administrator ----------------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Ratio GmbH on August 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 17, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Nikolaus. Creditors and other interested parties are encouraged to attend the meeting on November 7, 2005, 10:00 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: RATIO GmbH Wilhelm-Beckmann-Str. 14, 45307 Essen Contact: Michael Kraft, Manager Kevelohbusch 21, 45277 Essen Dr. Frank Nikolaus, Administrator Alfredstr. 108-112, 45131 Essen Phone: 87 90 40 SCHMIDT & CO.: Creditors to Meet November ----------------------------------------- The district court of Stuttgart opened bankruptcy proceedings against Schmidt & Co. GmbH Haus- und Grundbesitz on August 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until September 20, 2005 to register their claims with court-appointed provisional administrator Dr. Helmut Hemmerling. Creditors and other interested parties are encouraged to attend the meeting on November 3, 2005, 8:30 a.m. at the district court of Stuttgart, Saal 4, Hauffstr. 5, 70190 Stuttgart, 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: SCHMIDT & Co. GmbH HAUS- UND GRUNDBESITZ Hauptmannsreute 6, 70192 Stuttgart Contact: Vlassios Sardanis, Manager Hans-Juergen Schmidt-Stevenoot, Manager Dr. Helmut Hemmerling, Administrator Talstr. 108, 70188 Stuttgart Phone: 0711/168670 Fax: 0711/4595572 VOGT ELECTRONIC: Court to Verify Claims December ------------------------------------------------ The district court of Bochum opened bankruptcy proceedings against VOGT electronic Witten GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 10, 2005 to register their claims with court-appointed provisional administrator Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting on December 1, 2005, 11:00 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on December 15, 2005, 9:00 a.m. at the same venue. CONTACT: VOGT ELECTRONIC WITTEN GmbH Siemensstr. 2 - 10, 58454 Witten Contact: Werner Becker, Manager Franz-Josef Meinzenbach, Manager Frank Imberger, Administrator Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax: 964 91-33 VOLKSWAGEN AG: Sees Zero Profit in China this Year -------------------------------------------------- Volkswagen AG is expecting zero profit in its China operations this year, says Sueddeutsche Zeitung. Chief Executive Bernd Pischetsrieder himself declared this when asked how much profit the operation will post in 2005. "Around zero. It's not crucial whether there will be a small profit or loss at the end." He said he is more concerned about Volkswagen's market share in China, which fell from 29% to 11% at the start of the year due to decreasing volumes and pricing with fixed losses. In June, First Auto Works-Volkswagen, one of Volkswagen AG's two major joint ventures in China, revealed a cost reduction target of CNY3 billion in 2005. The unit aims to increase productivity, the level of local content and outsourcing as part of its emergency "survival plan." The joint venture, which posted a CNY400 million loss in the first quarter of 2005, plans to cut expenses on parts and components by CNY2.8 billion. Along with Shanghai Auto Industry Corp., the Changchun plant sold a total of 16,000 units in the first quarter, 20% lower than last year's figure. 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 XANTINA GMBH: Frankfurt Venture Goes Bust ----------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against Xantina GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 20, 2006 to register their claims with court-appointed provisional administrator Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting on February 14, 2006, 9:25 a.m. at the district court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, 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: XANTINA GmbH Frankfurter Strasse 198 A, 61118 Bad Vilbel Contact: Ursula Brandt, Manager Maingaustr. 28, 63179 Obertshausen Dr. Jan Markus Plathner, Administrator Lyoner Strasse 14, 60528 Frankfurt am Main Phone: 069/9623340 Fax: 069/96233422 =========== G R E E C E =========== OLYMPIC AIRLINES: Blames Government for Legal, Financial Woes ------------------------------------------------------------- Olympic Airlines employees are urging the government to keep the ailing carrier flying, The Times says. A recent ruling by the European Commission threatens to send the carrier into liquidation, a possibility that even Prime Minister Costas Karamanlis recently conceded. Mr. Karamanlis has said the loss-making airline should either be sold or liquidated. Employees took over the main departure lounge of Athens airport Thursday last week, a day after the Commission ordered the airline to return around EUR150 million in illegal state aid. The Commission said the carrier received several under-the-table aid over the past 12 years, in violation of the "one time, last time" rule on state subsidy. "Had Olympic played by the rules like other European airlines, this unfortunate state of affairs would not have happened," The Times quoted E.U. Transport Commissioner Jacques Barrot. Greece acquired the airline, then known as Olympic Airways, from Aristotle Onassis in 1975, 18 years after its establishment. On December 11, 2002, the Commission ruled that an aid granted to Olympic Airways was illegal, and ordered Greece to recover EUR160 million. But in 2003, Greece set up Olympic Airlines, which took over the flight operations and most of the assets of Olympic Airways, leaving behind almost all of its debts and circumventing the obligation to recover the aid. Employees now blame the government for the carrier's legal and financial fix. Over 7,000 workers will lose their jobs and several tour packages will be cancelled should Olympic liquidate. 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 TIM HELLAS: Gets Senior Unsecured 'B' Rating from Fitch ------------------------------------------------------- Fitch Ratings has assigned Greece-based TIM Hellas Telecommunications S.A. ratings of Senior Unsecured 'B' with a Stable Outlook and Short-term 'B'. At the same time, Fitch has assigned a 'BB-' (BB minus) rating to both the first priority senior revolving credit facility and to the senior secured notes issued by Hellas Telecommunications (Luxembourg) Investment V (Hellas V). The senior unsecured notes issued by Hellas Telecommunications (Luxembourg) Investment III (Hellas III) have been assigned a 'B-' (B minus) rating. The Senior Unsecured rating reflects TIM Hellas' position as the third operator in the mature Greek mobile market and its high financial leverage. Michelle De Angelis, Associate Director in Fitch's Leveraged Finance Group, said: "The Greek mobile market is now reasonably mature and TIM Hellas faces increased competition from an aggressive fourth operator as well as regulatory pressure on termination rates, which have contributed to a decline in EBITDA in 2004 and the first half of 2005. "However, the agency notes the fresh strategic focus brought by the new owners and a new management team, which has resulted in the recent improvement in operational indicators, although this has yet to translate into improved financial performance." Nonetheless, Fitch expects performance to stabilize over the next year and the company to return to growth by 2007. Furthermore, the financing structure, which includes no amortizing debt and a (currently undrawn) revolving credit facility, provides significant financial flexibility, which supports the rating. The 'BB-' (BB minus) rating for the revolving credit facility and the senior secured notes reflects Fitch's expectations that each of these classes of creditors could achieve a high recovery rate in a distress situation assuming sale as a going concern. The senior secured notes rank pari passu in terms of right and order of payment with the revolving credit facility but second to the revolving credit facility in right and order of payment from enforcement proceeds. The 'B-' (B minus) rating assigned to the senior unsecured notes reflects Fitch's expectation that these notes would achieve below-average recoveries due to the higher priority of the senior secured notes and revolving credit facility. Increasing regulatory pressure on fixed-to-mobile termination rates contributed to a decline in top-line revenues for the first half of 2005 to EUR395 million (down 3.3% year-on-year) and in EBITDA to EUR103.5 million (down 12.6% year-on-year). However, following the re-launch of its brand image and customer offerings, TIM Hellas seems to have succeeded in arresting the fall in its subscriber numbers, with both three-month active prepaid customers and contract customer numbers recovering from second-quarter 2005. The challenge for TIM Hellas will be to bring churn under control, to stabilize its loss in market share, and to increase customer ARPUs through a higher take-up of value-added services. Although TIM Hellas has been free cash flow positive for the last three years, the significant increase in leverage following the acquisition of Q-Telecom will bring with it substantial increases in financing costs, and Fitch views TIM Hellas' ability to improve on cash flow generation in 2005 and 2006 as essential to the maintenance of the current rating. The entirely back-ended financing structure allows TIM Hellas a large degree of financial flexibility, but a failure to improve on cash flow generation could limit its ability to repay/refinance its debt at maturity. TIM Hellas has announced that it is in negotiations regarding the possible acquisition of Q-Telecom, the fourth mobile operator in Greece with a 7.3% market share at end-2004. The ratings assigned to TIM Hellas reflect the business without the addition of Q-Telecom. The Stable Outlook reflects Fitch's view that while an acquisition of Q-Telecom could improve operational metrics, improvements in financial performance and cash flow generation may only materialize in the medium term. On 15 June 2005 Texas Pacific Group and Apax Partners, through their acquisition vehicle Troy GAC, acquired 81% of TIM Hellas from a subsidiary of TIM S.p.A. for a consideration of EUR1,114 million plus debt of EUR173 million. TPG and Apax expect to acquire the remaining minority stake in TIM Hellas through a cash-out merger in October 2005. CONTACT: FITCH RATINGS Michelle De Angelis, London Phone: +44 (0)20 7417 3499 Roger Coyle Phone: +44 (0)20 7862 4105 Michael Dunning Phone: +44 (0)20 7417 6343 Web site: http://www.fitchratings.com Media Relations Alex Clelland, London Phone: +44 20 7862 4084 TIM HELLAS: Corporate Credit Rated 'B+'; Outlook Stable ------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to Greek mobile telecommunications operator Tim Hellas Telecommunications S.A. Standard & Poor's also assigned its 'B+' corporate credit rating to related entity Hellas Telecommunications (Luxembourg) II (Hellas II). The outlook for both entities is stable. At the same time, Standard & Poor's assigned its 'B' long-term rating to the proposed EUR925 million ($1.1 billion) issuance of senior secured notes due 2012 by related entity Hellas Telecommunications (Luxembourg) V (Hellas V). The notes will be guaranteed by Tim Hellas and Hellas II. The notes are rated one notch lower than the corporate credit rating due to the super seniority ranking of the group's EUR250 million revolving facility in the event of a payment default. The notes have also been assigned a recovery rating of '3', indicating Standard & Poor's expectation of meaningful recovery for lenders (in the range of 50%-80% of principal) in the event of a payment default. In addition, a 'B-' long-term rating has been assigned to the proposed issuance of EUR355 million of senior subordinated notes due 2013 by Hellas Telecommunications (Luxembourg) III (Hellas III). The notes will also be guaranteed by Hellas II and subsequently by Tim Hellas. The issuance is to refinance senior debt of EUR1.1 billion. This corresponds to the amount that intermediate holding company Troy GAC Telecommunications S.A. (Troy GAC) paid in June 2005 to acquire 80.87% of the shares in Tim Hellas. The issuance will also be used to buy the remaining Tim Hellas' shares for about EUR270 million and to refinance existing debt. Tim Hellas is owned by private-equity houses Apax and Texas Pacific Group, through Hellas II and Troy GAC. "The ratings are constrained by Tim Hellas' high leverage and aggressive capitalization, the ongoing market share pressures in the competitive and mature Greek market, and the potential for significant regulatory cuts in fixed-to-mobile tariffs in the short-to-medium term," said Standard & Poor's credit analyst Melvyn Cooke. "The ratings are supported, however, by Tim Hellas' established position as the third-largest Greek mobile operator, adequate operating margins and free cash flow generation, and strong liquidity with an extended maturity profile." Standard & Poor's expects Tim Hellas to generate revenue growth and EBITDA margin improvement in order to strengthen its capital structure over the next few years. Given the group's long-term bullet debt maturities, this implies that Tim Hellas will protect its accumulated cash balances to steadily improve its credits ratios on a net debt basis. The outlook also anticipates that the group will defend its position as the number-three mobile operator in Greece and stop the decline in its market share. This is especially important if negotiations to buy rival Greek operator Q-Telecom fail. "A negative rating action could arise if the company fails to deliver material revenue growth and/or EBITDA margin improvement compared with 2004," said Mr. Cooke. "Upside potential is unlikely in the near term given the expected improvement already factored into the ratings." Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com ========= I T A L Y ========= ALITALIA SPA: Banks Committed to Underwrite Rights Issue -------------------------------------------------------- Deutsch Bank and Banca Intesa remain willing to underwrite Alitalia's EUR1.2 billion recapitalization, Agenzia Giornalistica Italia says. The two recently met with the finance ministry after speculation swirled that the recapitalization may no longer be viable. Prior to the meeting, Banca Intesa had called for a review of Alitalia's turnaround plan, which did not anticipate a spike in oil prices. Many fear this will seriously undermine Alitalia's ability to earn a profit, a not-so-good sight for potential participants in the rights issue. About the Company Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, the group net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from its hubs in Rome and Milan and operates a fleet of about 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, the carrier remains in deep financial crisis. Alitalia has posted an annual profit only four times in the past 16 years. A turnaround plan approved late 2004 allows for a split-up of the airline's flight and ground operations, paving the way for its privatization. Banca Intesa S.p.A. and Deutsche Bank will underwrite the carrier's EUR1.2 billion fundraising to finance the restructuring. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it FIAT SPA: Agnellis Buy 87.75 Mln Shares to Stay in Control ---------------------------------------------------------- The founding family of Fiat S.p.A., the Agnellis, has paid EUR576 million to keep its controlling 30.06% stake in the group, Automotive News Europe reports. The Agnellis bought 87.75 million shares of Fiat stock through IFIL, the family's holding company. This prevented the dilution of the family's stake to 21.9% on Tuesday when creditor banks converted into shares a EUR3 billion loan to Fiat group. The move kept Fiat's top management intact, but creditor banks reportedly want new chairman Luca Cordero di Montezemolo replaced. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat S.p.A., headquartered in Turin, is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer. CONTACT: FIAT S.p.A. via Nizza, 250 - 10126 Torino Phone: +39 011 00 63088 Fax: +39 011 00 63798 E-mail: mediarelations@fiatgroup.com Web site: http://www.fiatgroup.com PIAGGIO & C. SPA: Books EUR39 Mln Net Income in First Half ---------------------------------------------------------- FINANCIAL HIGHLIGHTS (Italian GAAP) Income Statement (reclassified) June [1] 2004 2005 2004 2004 statutory [2] pro forma Net Sales 814.3 596.6 761,9 1,084.2 Gross Industrial Margin 251.6 179.1 n.a. 322.9 Operating Expenses (181.4) (133.3) n.a. (254.9) Operating Result 70.2 45.8 27.1 68.0 Profit Before Tax 52.5 24.5 (37.3) 20.8 Net Result 39.3 16.5 (46.5) 4.1 .Minority Interest 0.2 0.3 0.3 0.3 .Group 39.1 16.2 -46.8 4.1 Gross Margin on Net Sales % 30.9 30.0 n.a. 29.8 Operating Result on Net Sales % 8.6 7.7 3.6 6.3 Net Profit on Net Result % 4.8 2.8 (6.1) 0.4 EBITDA 112.8 77.0 73.0 130.3 EBITDA on Net Sales % 13.8 12.9 9.6 12.0 Balance Sheet Net Working Capital 70.8 (56.7) 18.0 54.3 Net Tangible Assets 239.5 171.4 233.8 237.9 Net Intangible Assets 511.7 412.6 530.6 532.8 Investments 8.9 14.5 27.4 25.7 Funds (156.8) (111.4) (155.4) (161.8) Net Invested Capital 674.1 430.4 654.4 688.9 Net Financial Position 401.1 234.8 477.8 456.8 Shareholders' Equity 273.0 195.6 176.6 232.1 Sources of Funds 674.1 430.4 654.4 688.9 Minority Equity Interest 0.7 0.3 0.3 Change in Net Financial Position Opening Net Financial Position (456.8) (281.9) n.a. (281.9) Operating Cash Flow (Result + Depreciation and Amortization) 97.5 60.0 93.4 (Increase)/Decrease Working Capital (16.4) 14.1 (50.7) (Increase)/Decrease Fixed Assets (28.4) -18.9 (142.5) Net change Severance Indemnities Funds and other Funds 1.5 -7.0 (2.1) Change in Shareholders' Equity 1.5 -1.1 47.8 Of which Share Capital Increase 50.0 Total Change 55.7 47.1 (54.0) Aprilia Acquisition (120.9) Closing Net Financial Position (401.1) (234.8) (456.8) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] June 2004 Pro forma: this schedule restates performance in the first half of 2004 with reference to the Group's current post-Aprilia acquisition configuration, and is provided to permit a comparison of business and financial results in the two periods; [2] Statutory: this schedule is an operating reclassification of the financial statements at 31 December 2004. Since Aprilia was acquired on 30 December 2004, in accordance with current accounting policies the consolidated financial statements at 31 December 2004 were drawn up by consolidating only the assets and liabilities of the Group in its current configuration; the 2004 consolidated income statement reflects the results of the Piaggio Group ante acquisition. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Highlights of the First Half of 2005 Growth of consolidated net sales of EUR814.3 million, up 6.9% on the first half 2004 pro-forma result including the Aprilia Group. The Piaggio Group (excluding the Aprilia Group) increased net sales from EUR596.6 million to EUR628.4 million (+5.3%), including revenues of EUR26.3 million on engine sales to Aprilia; Aprilia Group increased net sales from EUR177.1 million in the first half of 2004 to EUR212.2 million in the first half of 2005 (+19.8%). Consolidated EBITDA improved to EUR112.8 million, or 13.8% of Net Sales, from EUR73.0 million (9.6% of Net Sales) in the year-earlier first half (an increase of EUR39.8 million). The Piaggio Group (excluding Aprilia) strengthened EBITDA on Net Sales from 12.9% to 15.4% at June 30, 2005. The Aprilia Group improved from -1.7% in the first half of 2004 to 7.9% at June 30, 2005. EBIT was EUR70.2 million, compared with EUR27.1 million in 2004. The first-half net result showed a turnaround from -EUR46.5 million in 2004 to EUR39.3 million, with an increase of EUR85.8 million, also thanks to EUR18.6 million eco-incentive granted by the Italian Government to cover discounts recognized to final customers in previous years. The consolidated Net Financial Position changed from -EUR456.8 million at Dec. 31, 2004 to -EUR401.1 million at June 30, 2005, primarily reflecting the seasonal nature of the Group's business while also including EUR18.6 million of cash received for the mentioned eco-incentives and approximately EUR4.6 million of fees paid in connection with the bond issued on 27 April 2005. Events After 30 June 2005 On 16 June 2005 the Boards of Piaggio & C. S.p.A. and Aprilia S.p.A. initiated the process of the full merger between the two companies with Piaggio & C S.p.A. as the surviving company. On 29 July 2005 the Florentine Regional Head Office of the Tax Authorities recognized the economic and industrial basis for the full merger between the two companies and consequently agreed that the relevant tax avoidance regulation would not be applicable. Full-Year Business Outlook In 2005 the Piaggio Group intends to consolidate its leadership on the two-wheeler market, where demand in Europe during the first half rose modestly by 1%. The recent joint venture set up in China in 2004 is expected to bring out its first products by the end of October. One of Piaggio's priorities is the re-launch of the Aprilia and Guzzi brands and Aprilia's integration with the rest of the Group, in part to achieve the related synergies. The focus in the Light Transportation Vehicles Division is mainly on enhancing the production capacity of the Indian subsidiary. Piaggio Group Business & Financial Review The Piaggio Group closed the first half of 2005 with a net income of EUR39.3 million (Italian GAAP), against a net loss of EUR46.5 million in the year-earlier period including the Aprilia Group. Copy of the result is available free of charge at http://bankrupt.com/misc/Piaggio(H12005).pdf CONTACT: PIAGGIO & C. S.P.A.: 23, Viale Rinaldo Piaggio, 56025 Pontedera, Pisa, Italy Phone: +39-587-27-21-11 Fax: +39-587-27-22-74 Web site: http://www.piaggio.com/ =================== K A Z A K H S T A N =================== BANK CASPIAN: Proposed Eurobond Gets Expected 'B+' Rating --------------------------------------------------------- Fitch Ratings has assigned Kazakhstan-based Bank Caspian's upcoming debut eurobond an expected Long-term 'B+' rating. Caspian is rated Long-term 'B+' with a Stable Outlook, Short-term 'B', Individual 'D', and Support '5'. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The notes are to rank at least pari passu with the claims of other unsecured creditors of Caspian, save those preferred by relevant legislation. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H105, retail deposits accounted for 41% of Caspian's total liabilities, according to the bank's IFRS accounts. Covenants prevent Caspian from entering into transactions of US$1.5 million or more on other than market terms, restrict dividend payments to 50% of annual net income, and oblige the bank to maintain a total capital ratio of at least 13%, as calculated in accordance with the Basel recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitization by Caspian. Should any securitization be undertaken, Fitch comments that the nature and extent of any overcollateralization would be assessed by the agency for any potential impact on unsecured creditors. As at end-July 2005, Caspian was the 8th largest commercial bank in Kazakhstan, with approximately a 3% share of the banking system's assets. Initially a corporate bank, it is now rapidly developing its retail and small and medium-sized enterprises business, pioneering mass consumer express lending in Kazakhstan. CONTACT: FITCH RATINGS Alexei Kechko Vladlen Kuznetsov James Watson, Moscow Phone: +7 095 956 9901 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 =================== K Y R G Y Z S T A N =================== ASKOR: Shareholders Meeting Set Next Week ----------------------------------------- A general meeting of the shareholders of OJSC Askor will be held on September 29, 2005, 2:00 p.m. at Bishkek, Chaikovski Str. House 5. Agenda: (a) Confirmation of board members; (b) Liquidation of the group; and (c) Setting up a liquidation commission. Call (312) 64-80-48 for more information. DARUK-MULSAN: Proofs of Claim Deadline November 5 ------------------------------------------------- LLC Daruk-Mulsan, which recently became insolvent, will accept proofs of claims on or before November 5, 2005. Call (312) 61-06-94 or 43-25-42 for more information. ELEI SERVICE: Claims Filing Period Expires November --------------------------------------------------- LLC Elei Service, which recently became insolvent, will accept proofs of claims on or before November 5, 2005. Call (312) 22-00-87 for more information. SPACE MOTORS: Declared Insolvent -------------------------------- LLC Space Motors Ltd., which recently became insolvent, will accept proofs of claims at Bishkek, Gorki Str. 1 on or before November 5, 2005. Call (312) 55-90-76 for more information. UVETA PLUS: Creditors' Claims Due November ------------------------------------------ LLC Uveta Plus, which recently became insolvent, will accept proofs of claims at Bishkek, Ahunbayeva Str. 96a-12 on or before November 5, 2005. CONTACT: UVETA PLUS Bishkek, Ahunbayeva Str. 96a-12 ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Sells Stake in Central American Joint Venture ---------------------------------------------------------------- Royal Ahold on Sept. 20 said it has agreed to sell its indirectly owned stake of 33 1/3% in CARHCO N.V., its Central American joint venture, to Wal-Mart Stores Inc. The transaction amount was not disclosed. CARHCO owns an 85.6% stake in La Fragua S.A., a discount store, supermarket and hypermarket company in Guatemala, with a presence in El Salvador and Honduras. CARHCO also fully owns Corporacion de Supermercados Unidos S.A., a discount store, supermarket and hypermarket operator in Costa Rica, Nicaragua and Honduras. In addition, CSU fully owns Corporacion de Companias Agroindustriales, S.A., a company that sources all of the fresh products for CSU and La Fragua and which also develops private label articles. As of August 2005, CARHCO operated in total 363 stores in Guatemala (120), El Salvador (57), Honduras (32), Costa Rica (124) and Nicaragua (30). The divestment of Ahold's stake in CARHCO is part of the company' s strategy to optimize its portfolio and to strengthen its financial position by reducing net debt. About the Company Headquartered in Amsterdam, Ahold is one of the world's leading food providers. It encompasses an international group of local food retail and foodservice operators that do business under their own brand names. It has over 200,000 associates and 2004 consolidated net sales of approximately EUR52 billion. The Trouble Ahold encountered trouble in 2003 when it admitted a US$500 million overstatement of EBITA at its U.S. foodservice distribution arm, requiring restatement of financial accounts for 2002 and previous years. In November that year, it announced a 3-year 'Road to Recovery' program that includes a EUR2.5 billion rights issue, EUR300 million and US$1.45 billion back-up credit facilities, and at least EUR2.5 billion in asset sales. The program is aimed at returning the company to investment grade by end of 2005. Status to date In August, Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Ahold to 'BB+' from 'BB' with a stable outlook to reflect substantial improvement of the group's financial profile in the past 18 months. This follows the completion of a significant disposal program, to date exceeding the stated EUR2.5 billion ($3.1 billion) target. Standard & Poor's said it would consider an upgrade to investment grade level only if: (a) The challenging environment currently prevailing in the group's core U.S. and Dutch retail markets improves; and (b) The ratio of FFO to fully adjusted net debt and the EBITDAR coverage of net fixed charges improve beyond 25% and 2.5x, respectively. Despite the group's deleveraging target and the completion of remaining disposals in 2005, these conditions might not be achieved in the near term, given the very challenging trading conditions that are prevailing in the group's core markets. CONTACT: KONINKLJKE AHOLD Phone: +31 (0) 75 659 5720 =========== R U S S I A =========== AERO-GRAD: Creditors Have Until October 13 to File Claims --------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region commenced bankruptcy proceedings against Aero-Grad after finding the open joint stock company insolvent. The case is docketed as A75-3296/2005. Mr. A. Katkov has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to 628460, Russia, Khanty-Mansiyskiy autonomous region - Yugra, Raduzhnyj, Airport. CONTACT: AERO-GRAD 628460, Russia, Khanty-Mansiyskiy autonomous region- Yugra, Raduzhnyj, Airport Mr. A. Katkov Insolvency Manager 628460, Russia, Khanty-Mansiyskiy autonomous region- Yugra, Raduzhnyj, Airport BUTURLINOVSKIY: Claims Filing Period Ends October ------------------------------------------------- The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Buturlinovskiy (TIN 3605004366) after finding the agro-combine company insolvent. The case is docketed as A14-7909-20058/20b. Mr. A. Gryanko has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to Russia, Voronezh region, Buturlinovka, Chekhova Str. 18. CONTACT: BUTURLINOVSKIY Russia, Voronezh region, Buturlinovka, Chekhova Str. 18 Mr. A. Gryanko Insolvency Manager 397531, Russia, Voronezh region, Buturlinovka, Dorozhnaya Str. 15, Apartment 19 CONFECTIONARY: Chelyabinsk Court Opens Bankruptcy Proceedings ------------------------------------------------------------- The Arbitration Court of Chelyabinsk region commenced bankruptcy proceedings against Confectionary after finding the municipal unitary enterprise insolvent. The case is docketed as A76-18456/05-48-98. Mr. M. Lepin has been appointed insolvency manager. CONTACT: CONFECTIONARY Russia, Chelyabinsk region, Trekhgornyj, K. Marksa Str. 19b Mr. M. Lepin Insolvency Manager 454091, Russia, Chelyabinsk region, Svobody Str. 76, Apartment 2 DMITRIEVSKAYA: Bankruptcy Supervision Procedure Begins ------------------------------------------------------ The Arbitration Court of Tambov region has commenced bankruptcy supervision procedure on agro company Dmitrievskaya. The case is docketed as A64-2798/05-18. Mr. L. Vasilyev has been appointed temporary insolvency manager. CONTACT: DMITRIEVSKAYA Russia, Tambov region, Nikiforovskiy region, Dmitrievka Mr. L. Vasilyev Temporary Insolvency Manager 392000, Russia, Tambov region, K. Marksa Str. 258g, Apartment 47 INDUSTRY & CONSTRUCTION: Loan Participation Notes Rated 'B' ----------------------------------------------------------- Fitch Ratings has assigned Or-ICB S.A.'s upcoming issue of US$200 million loan participation notes with an expected maturity of 10 years an expected Long-term 'B' rating. The notes are to be used solely for financing a subordinated loan to Russia's OJSC Industry & Construction Bank (ICB, rated Long-term foreign currency 'B+'/Rating Watch Positive, Short-term 'B', Support '4', Individual 'D'). Or-ICB S.A., a Luxembourg-domiciled special purpose vehicle (SPV), will only pay noteholders principal and interest received from ICB. The difference between the rating of the notes and ICB's Long-term rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for more junior debt instruments. The assignment of the final rating is contingent on receipt of final documents conforming materially to information already received. The notes are to rank at least pari passu with the claims of subordinated creditors of ICB. The interest rate will be fixed, with a step-up after the fifth year. ICB has the right to prepay the subordinated loan at the end of the fifth year or earlier, if the subordinated loan does not qualify as tier II capital. ICB is the leading privately owned bank in the Northwest of Russia, with an extensive branch network, and also one of the top 10 banks in the country with total assets of US$3.6 billion, net loans of US$1.9bn and shareholders equity of US$0.3bn at end-2004. The bank is ultimately controlled by the founders of a financial industrial group known as the Bankers' House St. Petersburg (BHSP). In March 2005, Vneshtorgbank (VTB, rated Long-term foreign currency 'BBB') acquired a 25% plus 1 share in the bank and an option to purchase a further 51% minus 1 share. CONTACT: FITCH RATINGS Dmitriy Piskulov James Watson, Moscow Phone: +7 095 956 9901 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 KENTAVR-AGRO: Court Brings in Insolvency Manager ------------------------------------------------ The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on limited liability company Kentavr-Agro (TIN 5505031970). The case is docketed as K/E-59/05. Mr. V. Smirnitskiy has been appointed temporary insolvency manager. CONTACT: KENTAVR-AGRO Russia, Omsk region Mr. V. Smirnitskiy Insolvency Manager 644024, Russia, Omsk-24, Marksa Pr. 4-209A Phone/Fax: (3812) 31-05-27/31-00-13 MILK-VEGETABLES FARMING: Hires L. Abalakova Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Chelyabinsk region commended bankruptcy proceedings against Milk-Vegetables Farming after finding the close joint stock company insolvent. The case is docketed as A76-21044/05-34-130. Ms. L. Abalakova has been appointed insolvency manager. CONTACT: MILK-VEGETABLES FARMING Russia, Chelyabinsk region, Agapovskiy region, Primorskiy Ms. L. Abalakova Insolvency Manager 455051, Russia, Chelyabinsk region, Magnitogorsk, Sovetskaya Str. 205/1, Apartment 24 MORSHANSK-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set Next Month -------------------------------------------------------------- The Arbitration Court of Tambov region has commenced bankruptcy supervision procedure on open joint stock company Morshansk-Sel-Khoz-Tekhnika. The case is docketed as A64-3161/05-18. Mr. A. Baklykov has been appointed temporary insolvency manager. A hearing will take place on October 25, 2005. CONTACT: MORSHANSK-SEL-KHOZ-TEKHNIKA Russia, Tambov region, Morshansk Mr. A. Baklykov Insolvency Manager 392000, Russia, Tambov region, Internatsionalnaya Str. 118 OSTROGOZHSKOYE MILK: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on open joint stock company Ostrogozhskoye Milk. The case is docketed as A14-8887-2005/93/20b. Mr. V. Dyachkov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394077, Russia, Voronezh, Post User Box 28. A hearing will take place on November 17, 2005, 10:00 a.m. at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 301. CONTACT: OSTROGOZHSKOYE MILK Russia, Voronezh region, Ostrogozhsk Mr. V. Dyachkov Temporary Insolvency Manager 394077, Russia, Voronezh region, Post User Box 28 PROMSVYAZBANK: Fitch Assigns Proposed Eurobond 'B' Rating --------------------------------------------------------- Fitch Ratings has assigned Promsvyaz Finance plc's upcoming issue of US$150 million limited recourse loan participation notes an expected Long-term 'B' rating. The notes are to be used solely for financing a loan to Russia's Promsvyazbank (PSB), whose ratings of Long-term foreign currency 'B'/Stable Outlook, Short-term 'B', Support '5', Individual 'D', were affirmed by Fitch. Promsvyaz Finance plc, an Ireland-domiciled special purpose vehicle (SPV), will only pay noteholders principal and interest received from PSB. The assignment of the final rating is contingent on receipt of final documents conforming materially to information already received. The SPV's claims under the loan agreement will rank at least pari passu with the claims of other senior unsecured borrowers, except for those preferred by bankruptcy, insolvency, liquidation or similar laws. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At 1 July 2005, retail deposits accounted for approximately 13% of PSB's total liabilities, according to the bank's IFRS accounts. The loan agreement between the SPV and PSB contains a number of covenants including a cross default clause, with a maximum aggregate amount of overdue indebtedness of US$10 million. The notes will be subject to a negative pledge clause, which allows for a degree of securitization by PSB. Were such transactions to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Other covenants limit mergers and disposals by PSB and its subsidiaries, and transactions between the bank and its affiliates. PSB has also covenanted to maintain a Tier 1 capital adequacy ratio calculated in accordance with the Basel Accord of no less than 12%. PSB was founded in 1995 and ranks among the top 15 banks in Russia with total assets of US$2.6 billion, net loans of US$1.4 billion and shareholders equity of US$0.3 billion as at 1 July 2005. It is ultimately owned, on an equal basis, by two brothers, who control a number of other financial and industrial companies involved in food production, publishing, real estate and insurance. PSB is headquartered in Moscow and currently has 29 branches as well as representative offices in China, Kyrgyzstan and Ukraine. CONTACT: FITCH RATINGS Dmitriy Piskulov Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 PROMSVYAZBANK: Fitch Affirms Long-term 'B' Rating ------------------------------------------------- Fitch Ratings has affirmed Promsvyazbank's ratings at Long-term foreign currency 'B', Short-term 'B', Individual 'D' and Support '5'. The Outlook is Stable. Fitch has also assigned Promsvyaz Finance plc's upcoming issue of US$150 million limited recourse loan participation notes, to be used solely for financing a loan to PSB, an expected Long-term 'B' rating. PSB's ratings reflect the risks associated with its rapid growth, the still significant concentration of the loan book and the bank's moderately high appetite for market risk. However, Fitch also notes PSB's adequate capital and liquidity positions, sound profitability, growing franchise and competitive, although increasing, cost base. The branch network nearly doubled in size between 2004 and 1H05. This has helped PSB to secure interest margin and gradually increase fee and commission income and should underpin its future growth plans. However, margins in the sector are likely to fall, and in the medium term the bank will have to demonstrate its ability to effectively manage its branch network and maintain cost efficiency. PSB's capital position is adequate, although this should be viewed in light of the concentration of the loan book and the still considerable exposure to the real estate and construction sectors. Despite PSB's expected business growth, capital adequacy is expected to remain at reasonable levels as a result of additional capital injections from the shareholders and a policy of full earnings retention. Upside rating potential would arise from a diversification of the loan book, a reduction of market risk appetite, and evidence that the bank can continue to increase its franchise and effectively manage its branch network. Downside rating risk could result from a significant deterioration in the bank's capital adequacy, or asset quality, or poor performance. PSB was founded in 1995 and ranks among the top 15 banks in Russia with total assets of US$2.6 billion, net loans of US$1.4 billion and shareholders equity of US$0.3 billion as at 1 July 2005. It is ultimately owned, on an equal basis, by two brothers, who control a number of other financial and industrial companies involved in food production, publishing, real estate and insurance. PSB is headquartered in Moscow and has 29 branches as well as representative offices in China, Kyrgyzstan and Ukraine. CONTACT: FITCH RATINGS Dmitriy Piskulov Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 REPAIR-MECHANICAL FACTORY: Under Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Chelyabinsk region has commenced bankruptcy supervision procedure on open joint stock company Repair-Mechanical Factory (TIN 7415001413). The case is docketed as A76-21458/05-55-118. Mr. A. Lavrov has been appointed temporary insolvency manager. A hearing will take place on November 30, 2005, 9:00 a.m. at the Arbitration Court of Chelyabinsk region at Russia, Chelyabinsk region, Vorovskogo Str. 2, Room 703. CONTACT: REPAIR-MECHANICAL FACTORY 456313, Russia, Chelyabinsk region, Miass, Sevastopolskaya Str. 1a Mr. A. Lavrov Temporary Insolvency Manager 456208, Russia, Chelyabinsk region, Zlatoust, Post User Box 2234 WOOD-PROCESSING COMBINE: Succumbs to Bankruptcy ----------------------------------------------- The Arbitration Court of Chelyabinsk region commenced bankruptcy proceedings against Wood-Processing Combine #2 after finding the open joint stock company insolvent. The case is docketed as A76-1157/05-48-5. Mr. O. Khvoshnyanskiy has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to: (a) WOOD-PROCESSING COMBINE #2 Russia, Chelyabinsk region, Nakhimova Str. 20p (b) Insolvency Manager 454091, Russia, Chelyabinsk region, Kirova Str. 118, Room 5 YUKOS OIL: Court Suspends Hearing on Yuganskneftegaz Tax Appeal --------------------------------------------------------------- RIA Novosti reports that Moscow's arbitration court suspended trial Monday on the appeal filed by Yuganskneftegaz, once Yukos Oil major's main production unit, against a back tax claim of US$1.2 billion. The hearing was suspended in order to calculate 2003 oil market prices. The Federal Tax Service's Interregional Inspectorate accused Yugansk of evading taxes via its affiliates registered in preferential tax zones and through various leasing schemes. The court is also looking into the legitimacy of the tax authorities' demand that the company pay US$318 million in tax bills for 1999 and US$1.1 billion for 2002. Yuganskneftegaz accounted for 70% of Yukos' oil output. In December 2004, the company was bought at an auction by the Rosneft state-owned oil producer. * * * The disposal of Yugansk was aimed at extracting payment for the firm's US$27.5 billion tax bill for 2000-2003. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). But the case was dismissed in February 24, 2005. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. 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 YUKOS OIL: Lukoil, ConocoPhillips Eye Lithuanian Asset ------------------------------------------------------ Russian oil company Lukoil and U.S. concern ConocoPhillips announced Monday that they are planning to bid for beleaguered oil giant Yukos' stake in Lithuania's Mazeikiu nafta, according to RIA Novosti. Speaking to reporters after a meeting with Lithuania's Economics Minister, Kestutis Dauksys, Lukoil and ConocoPhillips executives said they are interested in acquiring the stake, which has a current market value of US$1.5 to 2 billion, as well as part of the Lithuanian government's shares in the company. Both are seeking equal interest in Mazeikiu nafta. Under an investment agreement, the Yukos management will decide which of the bidding companies their Mazeikiu stake should go to, but the bidder they pick will have to be confirmed by Lithuania's government. * * * Yukos' main unit was sold by the government in December to a little-known firm OOO Baikalfinansgroup for US$9.35 billion (RUR260.75 billion). The disposal was aimed at extracting payment for the firm's US$27.5 billion tax bill for 2000-2003. Baikal was purchased by state-owned Rosneft within weeks. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). But the case was dismissed in February 24, 2005. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. 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 YUKOS OIL: Lithuanian Govt to Buy, Resell Stake in Refinery ----------------------------------------------------------- The Lithuanian government intends to buy and resell part of the stake in the Mazeikiu Nafta oil company currently owned by beleaguered Russian giant Yukos, RIA Novosti reports. Prime minister Algirdas Brazauskas said in an interview Sunday on Lithuanian television that the government could buy 20% of shares in the company, out of the 53.7% stake owned by Yukos Finance, a Yukos subsidiary, and then sell it on to a new owner. The premier said a draft bill had already been prepared, through which the government will be given the authority to borrow sufficient funds for the purchase, and would be presented to the Cabinet next week. The Lithuanian government currently holds a 40.66% stake in Mazeikiu nafta. The market value of the Yukos-owned stake in the company is between US$1.5-2 billion. * * * Yukos' main unit Yuganskneftegaz was sold by the government in December to a little-known firm OOO Baikalfinansgroup for US$9.35 billion (RUR260.75 billion). The disposal was aimed at extracting payment for the firm's US$27.5 billion tax bill for 2000-2003. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). But the case was dismissed in February 24, 2005. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. 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 =========== S W E D E N =========== SKANDIA INSURANCE: Welcomes Probe on Alleged Insider Trading ------------------------------------------------------------ The Stockholm Stock Exchange has filed a report of the circumstances surrounding Old Mutual's bid for Skandia Insurance Company Limited to the Swedish Financial Supervisory Authority and the National Economic Crimes Bureau. According to the Stockholm Stock Exchange, there are suspicions of insider trading in Skandia shares related to leaks surrounding the offer and the offer process. In its report on the stock exchange's notification on Friday's evening editions, Swedish Television (SVT) gave the impression that the notification concerned actions by Skandia as a company and that Skandia's board and management had handled the offer process incorrectly and thereby were guilty of market manipulation. This is not correct. The Stockholm Stock Exchange's Head of Oversight, Anders Ackebo, has clarified in interviews that the material in the notification does not point out any specific person or any specific company. According to what is stated in the interviews, the notification is not directed at Skandia as a company. Skandia welcomes the Stockholm Stock Exchange's notification and an investigation of the matters in question by the authorities. * * * In connection with Old Mutual plc's public announcement of its offer to Skandia's shareholders, Skandia has provided Old Mutual as well as certain other parties a summary of previously non-public information. Most of the information provided in the course of the due diligence process was either immaterial concerning the valuation of Skandia's shares or confirmatory of existing public information. However, the Board has determined that there were three areas of disclosure that could have an impact on the valuation of Skandia's shares. These are: (a) business plans for the years 2005-2007; (b) a project regarding identification of cost reduction opportunities and synergies within the group, over and above plan; and (c) a special assessment of embedded value as per 31 March 2005 performed by Tillinghast, a business unit of Towers Perrin. Old Mutual Chief Executive Jim Sutcliffe has said the merger would build a "stronger, better-balanced group with increased growth potential and a reduced risk profile." It is also expected to establish Old Mutual's position in South Africa, U.K., Sweden and the U.S. Mr. Sutcliffe is positive about Old Mutual gaining the necessary backing as talks with its major shareholders are ongoing, stressing that "people have warmed to it since May." The company is also confident that Skandia's key investors would welcome its proposal, following several discussions with them. CONTACT: SKANDIA INSURANCE COMPANY LTD. Sveavagen 44 S-103 50 Stockholm, Sweden Phone: +46-8-788-1000 Fax: +46-8-788-3080 Bjorn Bjornsson Vice Chairman Phone: +46-8-788 25 00 Jan-Mikael Bexhed General Counsel Phone: +46-8-788 25 00 OLD MUTUAL PLC Investor Relations Andrew Parkins Phone: +44 (0) 20 7002 7264 Media Relations Miranda Bellord Phone: +44 (0) 20 7002 7133 Web site: http://www.oldmutual.com COLLEGE HILL Alex Sandberg Phone: +44 (0) 20 7457 2020 Mobile: +44 (0) 7831 851 844 Tony Friend Phone: +44 (0) 20 7457 2020 Mobile: +44 (0) 7798 864 995 Web site: http://www.collegehills.com ============= U K R A I N E ============= DANILO GALITSKIJ: Declared Insolvent ------------------------------------ The Economic Court of Ternopil region commenced bankruptcy proceedings against Danilo Galitskij (code EDRPOU 31321658) on March 15, 2005 after finding the limited liability company insolvent. The case is docketed as 10/B-507. Mr. Roman Senik (License Number AA 719876) has been appointed liquidator/insolvency manager. The company holds account number 26007012441 at JSC Credit Bank, Ternopil branch, MFO 338244. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) DANILO GALITSKIJ Ukraine, Ternopil region, Gusyatinskij district, Horostkiv, Nezalezhnosti Str. 21 (b) Mr. Roman Senik Liquidator/Insolvency Manager 77012, Ukraine, IvanoFrankivsk region, Rogatinskij district, Dichki Phone: 8 (067) 947-02-93 (c) ECONOMIC COURT OF TERNOPIL REGION 46000, Ukraine, Ternopil region, Ostrozski Str. 14a GALLAK-PAK: Lviv Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Gallak-Pak (code EDRPOU 25550693) on August 8, 2005 after finding the open joint stock company insolvent. The case is docketed as 6/177-5/97. Mr. Y. Onushkanich (License Number AA 484203) has been appointed liquidator/insolvency manager. The company holds account number 26066100340001 at JSC Ukrinbank, Drogobich branch, MFO 325785. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) GALLAK-PAK Ukraine, Lviv region, Borislav (b) Mr. Y. Onushkanich Liquidator/Insolvency Manager 79031, Ukraine, Lviv region, Strijska Str. 71b/3 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 MIKGAZBUD: Under Bankruptcy Supervision --------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy supervision procedure against JSCCT Mikgazbud (code EDRPOU 03336083) on August 1, 2005. The case is docketed as 2/69/05. Mr. Volodimir Barantsov (License Number AA 779308) has been appointed temporary insolvency manager. The company holds account number 2600730011104 at JSCB Ukrsocbank, Mikolaiv regional branch, MFO 326018. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) MIKGAZBUD Ukraine, Mikolaiv region, Gmiryov Str. 4 (b) Mr. Volodimir Barantsov Temporary Insolvency Manager 54038, Ukraine, Mikolaiv region, Karpenko Str. 30/17 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 POGREBISHERAJAGROTECHSERVICE: Bankruptcy Supervision Begins ----------------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure against OJSC Pogrebisherajagrotechservice (code EDRPOU 00902493) on July 28, 2005. The case is docketed as 5/158-05. Mr. Volodimir Kravtsov (License Number AA 779160) has been appointed temporary insolvency manager. The company holds account number 260065869 at JSPPB Aval, Vinnitsya branch, MFO 302247. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) POGREBISHERAJAGROTECHSERVICE 22200, Ukraine, Vinnitsya region, Pogrebishe, Privokzalna Str. 1 (b) Mr. Volodimir Kravtsov Temporary Insolvency Manager Ukraine, Zhitomir region, Polyova Square 10, Room 7 Phone: 8 (097) 264-54-50 (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 =========================== ALBION STORAGE: Calls in Liquidator ----------------------------------- S. L. Freili, Chairman of Albion Storage Systems Ltd., informs that resolutions to wind up the companies were passed at an EGM held on Sept. 2 at The Cedar Tree, Corbetts Lane, Caerphilly CF83 3HX. Barry Gibson Mitchell of Barry Mitchell & Company was appointed liquidator. CONTACT: ALBION STORAGE SYSTEMS LTD. Albion House, Oxford Street Nantgarw Cardiff CF15 7CR South Glamorgan Phone: 01443 841111 Fax: 01443 841188 Web site: http://www.albion-systems.co.uk BARRY MITCHELL & COMPANY Pentre Farm House, Mamhilad, Gwent NP4 0JH AMBERBARN LIMITED: Files for Liquidation ---------------------------------------- B Fisher, Director and shareholder of Amberbarn Limited (t/a A & B Entertainment), informs that a resolution to wind up the company was passed at an EGM held on Sept. 1 at The Mill Hotel, Moor Road, Croston, near Preston PR26 9HP. Timothy Hargreaves of T.H. Associates Insolvency Practitioners, Towngate House, 116-118 Towngate, Leyland PR25 2LQ was appointed liquidator. CONTACT: AMBERBARN LTD. P.O. Box 87, Southport, Merseyside PR8 2AP Phone: 01704550033 BISON FREIGHT: Hires PricewaterhouseCoopers to Wind up Business --------------------------------------------------------------- Company Names: Bison Freight Limited (Company No 04501770) Marshall Maritime Services Limited (Company No 04476159) Mark David Arthur Loftus (IP No 8324) and Stephen Andrew Ellis (IP No 8843) of PricewaterhouseCoopers LLP were appointed joint administrators for these companies on Sept. 5. The companies' registered office is at Charter House, Albert Dock, Hull HU1 2DS. Bison Freight Limited is engaged in freight transport by road while Marshall Maritime Services Limited handles stevedoring, warehousing and haulage. CONTACT: MARSHALL MARITIME SERVICES Cargo Road Docks Cardiff CF10 4LY Phone: (029) 2047 0639 Fax: (029) 2048 7560 PRICEWATERHOUSECOOPERS Queen Victoria House P.O. Box 88 Guildhall Road Hull HU1 1HH United Kingdom Phone: [44] (1482) 224 111 Fax: [44] (1482) 584 120 Web site: http://www.pwc.com BRANTON ENGINEERING: To Hold Creditors Meeting Today ---------------------------------------------------- Notice is hereby given, pursuant to Rule 2.34 of the Insolvency Rules 1986, that a Meeting of Creditors of Branton Engineering Limited will be held at the offices of Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ, on 21 September 2005, at 10:30 a.m. The purpose of the Meeting is to consider the Joint Administrator's proposals under paragraph 51 of Schedule B1 of the Insolvency Act 1986, as amended, and to consider establishing a Creditor's Committee. A proxy form should be completed and sent to us at Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ, if you cannot attend and vote at the Meeting and wish to be represented. Creditors wishing to attend and vote at the Meeting must ensure that proxy forms and details in writing of claim are submitted to the offices of Harris Lipman no later than 12:00 noon on the business day before the date fixed for the Meeting. M Hall, Joint Administrator CONTACT: BRANTON ENGINEERING LTD. Caxton Way Stevenage SG1 2DF Hertfordshire Phone: 01438 747999 Fax: 01438 747070 HARRIS LIPMAN 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ Phone: (020) 8446 9000 Fax: (020) 8446 9537 Web site: http://www.harris-lipman.co.uk CEETAK FABRICATIONS: Hires F A Simms & Partners as Administrator ---------------------------------------------------------------- R. F. Simms (IP No 9252) of F A Simms & Partners Plc was appointed administrator of Ceetak Fabrications Limited (Company No 1178634) on Sept. 2. The company's registered office is located at 1 Napier Road, Bedford, Bedfordshire MK41 0QR. Ceetak Fabrications designs, manufactures and installs functional and aesthetic products across industries, with a strong reputation for product quality and customer service. Founded in 1973, Elmside became part of the Ceetak group in 1987 and changed its name to Ceetak Fabrications in January 2004. Visit http://www.ceetakfabrications.com/for more information. CONTACT: CEETAK FABRICATIONS LTD. 27-29 Bury Mead Road Hitchin Hertfordshire SG5 1RT United Kingdom Phone: (01462) 630730 Fax: (01462) 433692 F A SIMMS & PARTNERS PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com DIRECT DECORATING: EGM Passes Winding-up Resolution --------------------------------------------------- G. Goodyear, Director of Direct Decorating 2000 Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 6 at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP. Richard Frank Simms and Martin Richard Buttriss of Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP were appointed joint liquidators. CONTACT: DIRECT DECORATING 2000 459 Longbridge Road Barking IG11 9DG Essex Phone: 020 8594 3024 Web site: http://www.directdecorating2000ltd.co.uk F A SIMMS & PARTNERS PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com DUDLEY CONTROLS: Appoints SPW Poppleton Liquidator -------------------------------------------------- G. Dudley, Director of Dudley Controls Limited, informs that resolutions to wind up the companies were passed at an EGM held on Sept. 8 at Gable House, 239 Regents Park Road, Finchley, London N3 3LF. H. J. Sorsky of SPW Poppleton & Appleby was appointed liquidator. Dudley Controls makes wheelchair controllers, joysticks and switches. Visit http://www.angelfire.com/biz/DudleyControls/index2.htmlfor more information. CONTACT: DUDLEY CONTROLS LTD. 10 Peverel Drive, Milton Keynes, Bucks MK1 1NL Phone: 01908 640777 SPW POPPLETON & APPLEBY Gable House 239 Regents Park Road London N3 3LF Phone: 020 8371 5000 Fax: 020 8346 8588 E-mail: mike@spwca.com ERC FRANKONA: Liquidators from Ernst & Young Move in ---------------------------------------------------- T J Carroll, Chairman of ERC Frankona Reinsurance (II) Limited, confirms that special resolution to wind up the company was passed at an EGM held on Aug. 31 at Regis House, 45 King William Street, London EC4R 9AN. Patrick Joseph Brazzill and Elizabeth Anne Bingham of Ernst & Young LLP, 1 More London Place, London SE1 2AF were appointed liquidators. CONTACT: E R C FRANKONA REINSURANCE LTD. Knollys House, 11 Byward Street, London EC3R 5EF Phone: 02076176800 ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com F. C. DAVISON & SON: Hires Menzies Corporate to Liquidate Assets ---------------------------------------------------------------- The sole member of F. C. Davison & Son (Chemists) Limited confirms that special, ordinary and extraordinary resolutions to wind up the company were passed at a general meeting held on Aug. 25. Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW were appointed liquidators. CONTACT: F C DAVISON & SON (CHEMISTS) LTD. Idlewells Shopping Centre, Sutton-In-Ashfield Nottinghamshire NG17 1BJ Phone: 01623-557144 MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 E-mail: mcr@menzies.co.uk Web site: http://www.menzies.co.uk FIFTH ELEMENT: Names BDO Stoy Hayward Liquidator ------------------------------------------------ C. Smith, Chairman of Fifth Element Event Design Limited, informs that a resolution to wind up the company was passed at an EGM held on Feb. 15 at 12 The Talina Centre, Bagleys Lane, London. Simon James Michaels and Antony David Nygate of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL were appointed liquidators. The appointment was confirmed at a subsequent Meeting of Creditors held on 24 February 2005. CONTACT: FIFTH ELEMENT EVENT DESIGN LTD. 12 The Talina Centre Bagleys Lane London SW6 2BW Phone: 020 7610 8630 Fax: 020 7610 8631 Web site: http://www.fifth-element.co.uk BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk FRENCH RESTAURANT: Hires Administrators from Milner Boardman ------------------------------------------------------------ Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner Boardman & Partners were appointed joint administrators of The French Restaurant Limited (Company No 04585277) on Sept. 8. The company's registered office is located at 22 Saint John Street, Manchester M3 4EB. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk H AND M AIR: Goes into Liquidation ---------------------------------- The Leeds District Registry issued a winding-up order against H and M Air Conditioning and Refrigeration Company Limited on Aug. 1. The winding-up petition was filed June 23. H & M Air Conditioning and Refrigeration Company Ltd. specializes in the design, installation, service, commissioning and maintenance of the entire range of air conditioning services in all types of retail, commercial, industrial and leisure developments. The group also supplies split systems, VRV Heat Pump Systems, Computer Room Systems and Cellar Coolers. CONTACT: H AND M AIR CONDITIONING AND REFRIGERATION COMPANY LIMITED 38 Swan Road, Swan Industrial Estate, Washington, Tyne & Wear, NE38 8JJ Phone: 0191 4175988 Fax: 0191 4972627 Web site: http://www.handmairconditioning.co.uk Official Receiver 1st Floor, Melbourne House, Pandon Bank, Newcastle Upon Tyne Tyne & Wear, NE1 2JQ ICON BUSINESS: In Liquidation ----------------------------- H. Gilmore, Director of Icon Business Solutions UK Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 2 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. CONTACT: ICON BUSINESS SOLUTIONS LTD. 69 Anchorway Road, Greenlane, Coventry, West Midlands CV3 6JH Phone: 02476 415 731 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 INNOVATIONS FOR TRADE: Members Opt for Liquidation -------------------------------------------------- R. Gray, Director of Innovations for Trade Technology Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 2 at Meridian House, 62 Station Road, North Chingford, London E4 7BA. A J Clark of Carter Clark, Meridian House, 62 Station Road, North Chingford, London E4 7BA was appointed liquidator. CONTACT: INNOVATIONS FOR TRADE & TECHNOLOGY Penlaw House, Robert Way, Wickford Essex SS11 8DD Phone: 01268 572211 Fax: 01268 764043 CARTER CLARK Meridian House 62 Station Road North Chingford London E4 7BA Phone: 020 8524 1447 Fax: 020 8524 1457 E-mail: recovery@carterclark.co.uk INTERCEPT LIMITED: Publisher Applies for Liquidation ---------------------------------------------------- P. Fenouil, Chairman of Intercept Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 7 at 60-62 High Street, Harpenden, Hertfordshire AL5 2SP. Anthony David Kent of Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP was appointed liquidator. Intercept Limited publishes and translates many titles in the fields of agricultural science, biotechnology, botany, brewing science, ecology and the environment, entomology, food science, genetics, geology, the life sciences, natural history, palaeontology, pest management, pharmacology, water science, and zoology. The company also owns many of the scientific titles of The Natural History Museum (London). Since 1991, Intercept Limited has been part of the Lavoisier SAS based in Paris, France. Visit http://www.intercept.co.uk/for more information. CONTACT: INTERCEPT LIMITED P.O. Box 716, Andover, Hants SP10 1YG, UK Phone: +44 (0) 1264 334748 Fax: +44 (0) 1264 334058 E-mail: intercept@andover.co.uk MAIDMENT JUDD 60/62 High Street Harpenden Hertfordshire AL5 2SP Phone: 01582 469700 Fax: 01582 460674 E-mail: akent@maidmentjudd.co.uk INVENSYS PLC: Names New President for Controls Business ------------------------------------------------------- Invensys plc discloses that Chan Galbato will join the company on 3 October 2005 as President of its Controls business group. Mr. Galbato joins Invensys from Home Depot, the U.S. home improvement retailer, where he was president of services. He was previously President and Chief Executive Officer of Armstrong Floor Products, Chief Executive Officer of Choice Parts, and prior to that he held various senior management roles at General Electric, the latter as Chief Executive Officer of the Coregis Division of GE Capital. He takes over from John Duerden who will remain with the Group to assist in the smooth handover and carry out certain projects until the scheduled expiry of his contract on 31 March 2006. Mr. Galbato holds a BA in economics from State University of New York and an MBA from the University of Chicago Graduate School of Business. Controls is a leading global provider of components, systems and services used in appliances, heating, air conditioning/cooling, refrigeration and safety products as well as building systems across a wide range of industries in residential and commercial markets. Controls, which had revenue of GBP921 million in the year ended 31 March 2005, has more than 16,000 employees and over 40 manufacturing locations worldwide. Ulf Henriksson, Chief Executive Officer of Invensys plc, said: "I am delighted that Chan has agreed to join Invensys in this important role of running our largest business group. Controls is undertaking a significant change program and his considerable experience in change management will be essential to ensuring that we achieve the necessary turnaround in performance." * * * Invensys is a global automation, controls and process solutions Group. It is made up of five businesses: Process Systems, APV, Eurotherm, Rail Systems and Controls. The Group is headquartered in London and is listed on the London Stock Exchange, with 35,000 employees working in 60 countries. In August, the company reported that revenue from continuing businesses for the three months to 30 June 2005 was down 2% to GBP577 million (Q1 04/05: GBP586 million). Group loss for the period was reduced from GBP42 million to GBP26 million. The group has also "substantially" completed its disposal program with the sales of Lambda and ABS EMEA. These results have come a long way from Invensys' troubled past, which saw about GBP3.28 billion in half-year debt, and job losses of over 6,000 jobs as its U.S. and manufacturing markets declined. Last year, Invensys launched a GBP2.7 billion refinancing plan to repay or cash collateralize approximately GBP1.5 billion of existing indebtedness, to establish an escrow account of approximately GBP576 million to fund certain identifiable legacy liabilities of the company, to pay fees associated with the transaction and for general corporate purposes. The program includes raising approximately GBP470 million of equity, GBP650 million of high yield bonds and GBP1.6 billion of senior credit facilities. CONTACT: INVENSYS PLC Invensys House, Carlisle Place London SW1P 1BX Phone: +44-20-7834-3848 Fax: +44-20-7834-3879 Web site: http://www.invensys.com Steve Devany Phone: +44 (0) 20 7821 3758 Nina Delangle Phone: +44 (0) 20 7821 2121 Emma Burdett Phone: +44 (0) 20 7379 5151 KIRKLAND CONTRACTS: Furniture Maker Calls in Administrator ---------------------------------------------------------- Keith Hinds (IP No 6745) and Leslie Ross (IP No 7244) of Grant Thornton were appointed joint administrators for Kirkland Contracts Limited (Company No 01753561) on Sept. 9. The company's registered office is at Kirkland House, Kirkland Gardens, Baildon, West Yorkshire BD17 6HP. The company has been manufacturing contract furniture for over twenty years. Visit http://www.kirkland-contracts.co.uk/for more information. CONTACT: KIRKLAND CONTRACTS LIMITED Tong Park, Baildon West Yorkshire BD17 7QD Phone: 01274 531617 Fax: 01274 531718 E-mail: info@kirkland-contracts.co.uk GRANT THORNTON UK LLP St Johns Centre 110 Albion Street Leeds West Yorkshire LS2 8LA Phone: 0113 245 5514 Fax: 0113 246 0828 E-mail: keith.hinds@gtuk.com GRANT THORNTON Heron House, Albert Square MANCHESTER M60 8GT Phone: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk KLAUSSNER FURNITURE: Creditors Meeting Set Next Week ---------------------------------------------------- Notice is hereby given, pursuant to paragraph 51 of Schedule B1 of the Insolvency Act 1986, that a Meeting of the Creditors of Klaussner Furniture Industries (UK) Limited will be held at Renaissance Hotel, Blackfriars Street, Manchester M3 2EQ, on 26 September 2005, at 11:00 a.m., for the purposes of considering and, if thought fit, approving the proposals of the Administrators for achieving the aim of the Administration Order; and also to consider establishing and, if thought fit, to appoint a Creditors' Committee. A person authorised under section 375 of the Companies Act 1985 to represent a Corporation must produce to the Chairman of the Meeting a copy of the Resolution from which their authority is derived. The copy Resolution must be under seal of the corporation, or certified by the Secretary or Director of the Corporation as a true copy. Please note that a Creditor is entitled to vote only if he has delivered to the Administrators at BDO Stoy Hayward, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD, not later than 12:00 noon on 23 September 2005, details in writing of the debt claimed to be due from the Company, and the claim has been duly admitted under the provisions of the Insolvency Rules 1986 and there has been lodged with the Administrators any proxy which the Creditor intends to be used on his behalf. D J Power, Joint Administrator CONTACT: KLAUSSNER FURNITURE Lea Green Industrial Estate St Helens Lancashire, WA9 4QA Phone: 01744 810110 Fax: 01744 819969 BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk MAYFLOWER CORPORATION: PwC Charged with Malpractice --------------------------------------------------- PricewaterhouseCoopers has been accused of malpractice for its role as auditor of collapsed Mayflower Corporation, Birmingham Post says. The charge was brought by the Accountancy Investigation and Disciplinary Board (AIDB). PwC faces an undetermined amount of fine if found guilty. PwC says the complaint is "misconceived." A tribunal is to decide on the case. Adjudicators may expel companies from professional bodies or withdraw their license. No date for a formal hearing has yet been set. PwC was auditor of Mayflower for 2002. Its London staff was doing work on the company's 2003 accounts when Mayflower filed for administration. Mayflower's former finance director David Thomas Donnelly and a former employee at a subsidiary are still under investigation by the auditing watchdog. U.K.'s biggest bus maker called in administrator from Deloitte Touche LLP early last year. Thereafter it discovered an error at the Transbus Division that increased its net debt by up to GBP20 million. It had debt of GBP180 million when it filed for administration. Mayflower blames its demise to the decline in demand for vehicle components, competition at TransBus and high debt levels from acquisitions. CONTACT: MAYFLOWER CORPORATION PLC Mayflower House London Road Loudwater High Wycombe Bucks HP1D 9RF Phone: 01494 450145 Fax: 01494 450607 Web site: http://www.mayflowercorp.com NATIONWIDE MEDIATION: Sets Creditors Meeting Friday --------------------------------------------------- Notice is hereby given by T Papanicola, of Bond Partners LLP, The Grange, 100 High Street, London N14 6TG, that a Meeting of Creditors of Nationwide Mediation Limited (Company No 03897968), Wellesley House, 7 Clarence Parade, Cheltenham, Gloucestershire GL50 3NY, is to be held at the Holiday Inn, Crest Way, Barnwood, Gloucester GL4 3RX, on 23 September 2005, at 2:00 p.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986 an initial Creditors' Meeting requested under Paragraph 52(2) of the Schedule. 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. T Papanicola, Joint Administrator CONTACT: NATIONWIDE MEDIATION LTD. 7 Clarence Parade, Cheltenham, Gloucestershire GL50 3NY Phone: 01242251190 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 NORTHERN FOODS: Trading Update Out Next Month --------------------------------------------- On 10 October, Northern Foods plc will publish an update on trading for the 26 weeks ending 1 October 2005, together with further details of the impact of adopting International Financial Reporting Standards (IFRS) on the reported accounts for the 52 weeks ended 2 April 2005. On 15 November, Northern Foods plc will publish its interim accounts for the 26 weeks ending 1 October 2005. * * * Leeds-based Northern Foods plc is one of U.K.'s leading food producers with a turnover of GBP1.5 billion and over 22,000 employees based in sites across the U.K. and Ireland. Northern Foods began restructuring and refocusing its business in Autumn 2003. It appointed Chief Executive, Pat O'Driscoll, at the end of March 2004. It has also launched a comprehensive strategic review of the business, established a new management team, and simplified its business structure and factory reorganization. CONTACT: NORTHERN FOODS PLC 2180 Century Way, Thorpe Park Leeds LS15 8ZB, United Kingdom Phone: +44-113-390-0110 Fax: +44-113-390-0211 Web site: http://www.northern-foods.co.uk QIBLA-COLA: Falls into Receivership ----------------------------------- Qibla-Cola has ceased trading and is now under receivership, The Grocer says. The Derby-based company, which had set out to dominate the Muslim market for cola, has failed miserably even after gaining ground in the Canadian, Norwegian and Dutch markets. Businessmen Zafir Iqbal and Zahida Parveen launched Qibla-Cola in 2003. CONTACT: QIBLA-COLA PO BOX 6440, Derby, DE1 9NE, England, United Kingdom E-mail: info@qibla-cola.com Web site: http://www.qibla-cola.com/ SAMSON DAY: Administrators Take over Business --------------------------------------------- Mark Newman (IP No 8723) of Vantis Business Recovery and Simon Glyn (IP No 9159) of Vantis Numerica were appointed joint administrators of general builders Samson Day Builders Limited (Company No 02839765) on Sept. 2. The company's registered is at Judd House, 16 East Street, Tonbridge, Kent TN9 1HG. CONTACT: SAMSON DAY BUILDERS LTD. 45 Sweyn Rd Margate, Kent CT9 2DD Phone: 01843 221793 VANTIS BUSINESS RECOVERY Judd House, 16 East Street, Tonbridge, Kent TN9 1HG Web site: http://www.vantisnumerica.com VANTIS NUMERICA PO Box 2653, 66 Wigmore Street, London W1A 3RT Phone: 020 7467 4000 Fax: 020 7284 4995 Web site: http://www.vantisnumerica.com SPIRENT PLC: To Dispose of Network Products Division ---------------------------------------------------- Spirent plc has started a formal process that is expected to result in the sale of its Network Products division, HellermannTyton. This decision is consistent with the Group's stated strategy of focusing on growing its Communications group whilst maximizing the value of its other businesses. HellermannTyton provides innovative solutions for fastening, identifying, insulating, organizing, routing and connectivity that add value to electrical and communication networks in a wide range of applications. It continues to demonstrate strong revenue growth, robust margins and attractive cash flows. Further announcements will be made as appropriate. Gleacher Shacklock LLP and JPMorgan Cazenove Limited are acting as Financial Advisers to the Company in relation to the disposal. Anders Gustafsson, Chief Executive, said: "HellermannTyton is an excellent business that is performing well. Given our strategy to concentrate our resources on the development of the Communications group, we believe that this is a good time to realize value from our successful investment in HellermannTyton and strengthen our overall financial position." * * * Spirent is a communications technology company, which provides performance analysis and service assurance solutions that enable the development and deployment of next-generation networking technologies such as broadband services, Internet telephony, 3G wireless and web applications and security testing. The group has about 4,400 employees in 30 countries, including 6 sites in the U.K. Some 180 workers at Spirent plc's Service Assurance business could lose their jobs as part of the firm's restructuring measures. For the first of half of 2005, the division reported an operating loss of about GBP9 million blamed on customers delaying capital spending, and the latest mergers among telecommunication firms in the U.S. The company revealed the restructuring could result to annualized cost savings of about GBP8 million, of which GBP3 million will affect the second half of 2005. Spirent also revealed losses of GBP34.1 million from last year's profit of GBP16.7 million. Net debt increased to GBP42.4 million (31 December 2004 GBP26.4 million) due to a reduction in operating cash flow, including the cash cost of restructuring, increased capital expenditure and a GBP5.1 million currency translation impact. CONTACT: SPIRENT PLC Spirent House Crawley Business Quarter Fleming Way Crawley West Sussex RH10 9QL Phone: +44 (0)1293 767676 Fax: +44 (0) 1293 767677 E-mail: media@spirent.com Web site: http://www.spirent.com SPORTS MONDIAL: Appoints Administrator from B & C Associates ------------------------------------------------------------ Filippa Connor (IP No 9188) of B & C Associates was appointed administrator of Sports Mondial Limited (Company No 03522574) on Sept. 5. The company's registered office is at Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA. The company provides travel arrangements and corporate hospitality. CONTACT: B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com TABLE WORKS: Hires Administrators from PKF ------------------------------------------ Edward T. Kerr (IP No 9020) and Ian J. Gould (IP No 7866) of PKF were appointed joint administrators of Table Works Limited (Company No 03277857) on Sept. 2. The company's registered office is at Regent House, Clinton Avenue, Nottingham NG1 5AZ. The company sells furniture/household goods. CONTACT: TABLE WORKS LTD. 3/4 Flying Horse Walk Nottingham NG1 2HN Phone: 0115-952-0522 PKF Regent House Clinton Avenue Nottingham Nottinghamshire NG5 1AZ Phone: 0115 960 8171 Fax: 0115 960 3665 PKF New Guild House 45 Great Charles Street Queensway Birmingham West Midlands B3 2LX Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: ian.gould@uk.pkf.com TOWN & COUNTRY: Files for Liquidation ------------------------------------- D. Clark, Chairman of Town & Country Taverns (Kent) Ltd., informs that resolutions to wind up the company were passed at an EGM held on Aug. 30 at 1st Floor, Council Offices, South Dale, Caistor, Lincolnshire LN7 6LN. Gordon Johnston, of hjs Recovery, 12-14 Carlton Place, Southampton, Hampshire SO15 2EA was appointed liquidator. CONTACT: TOWN & COUNTRY TAVERNS (KENT) LTD. 6 Elwick Road, ASHFORD, KENT TN23 1PD Phone: 01233-503402 HJS 12-14 Carlton Place Southampton Hampshire SO15 2EA Phone: 023 8023 4222 Fax: 023 8023 4888 E-mail: gordon.johnston@hjsaccountants.co.uk TRIANGLE ASSET: Goes into Liquidation ------------------------------------- H. Poole, Chairman of Triangle Asset Finance Ltd., informs that resolutions to wind up the company were passed at an EGM held on Aug. 30 at Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL. Alan H Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL was appointed liquidator. The appointment was confirmed at a subsequent Meeting of Creditors held on the same date. CONTACT: TRIANGLE ASSET FINANCE LTD. Chester Enterprise Centre, Hoole Bridge, CHESTER, Cheshire CH2 3NE Phone: 01244312450 TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk WM MORRISON: Agrees to Wage Bargaining to Pacify Unions ------------------------------------------------------- Wm Morrison Supermarkets plc has reportedly agreed to initiate national wage bargaining, which prompted unions to consider calling off a three-day strike. The GMB and Transport and General Workers unions have scheduled a walkout on September 23 to September 25. "We have offered to meet with the unions on Wednesday Sept. 21. Having now conceded the issue which formed the basis of the ballot (bargaining), we have asked them to confirm that the planned industrial action is canceled, which would be in the best interest of all concerned," Dow Jones quoted a company statement. The labor groups welcomed the move, but stressed it was just one of the issues that needed to be settled, the Financial Times said in another report. The unions, which plan to stretch the strike for six days starting September 29, fear that about 2,500 distribution workers will be affected by the firm's plan to shut down three of its depots. The company has yet to confirm the closures, although it has admitted that it has more depot space and capacity than it needed. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.co.uk XEROX CORPORATION: Moody's Revises Outlook to Positive ------------------------------------------------------ Moody's Investors Service revised the rating outlook of Xerox Corporation and supported subsidiaries to positive from stable. The action is prompted by Xerox's significant debt and leverage reduction over the last year, stable operating profit and free cash flow generation, and the prospects for further strengthening of its credit metrics and overall financial flexibility. Moody's previously raised the senior implied rating of Xerox and its financially supported subsidiaries to Ba1 from Ba3. Ratings raised include: Xerox Corporation: * Senior implied to Ba1 from Ba3; * Senior unsecured to Ba2 from B1; * Senior unsecured shelf registration (P) Ba2 and (P) B1; * Subordinated to Ba3 from B3; * Subordinated shelf registration to (P) Ba3 from (P) B3; * Preferred to B1 from Caa1 * Preferred shelf registration to (P) B1 from (P) Caa1 Xerox Credit Corporation: * Senior unsecured to Ba2 from B1 (support agreement from Xerox Corporation); * Xerox Capital (Europe) PLC; * Senior unsecured to Ba2 from B1 (guaranteed by Xerox Corporation); The positive rating outlook reflects Moody's expectation for: (a) modest low single digit revenue growth over the intermediate term driven by continued improvement in equipment revenue which should help to position follow on post sale revenues, specifically; (i) continued improvement in equipment revenue (29% of total revenues). Equipment revenue has been modestly positive recently (4% growth in Q2) and we believe that the late June launch of an array of new products is likely to stimulate continued single digit equipment sales growth in the near to mid term although competitive pressures will remain intense; (ii) sustained momentum for post sale and finance revenue (71% of total revenues), which increased for the first time in several quarters during Q2, aided by the reduced impact of legacy light lens activity ($149 million or 4% of Q2 total revenue); continued growth in color page volumes; and improvement in the overall low single digit decline of monochrome pages. Excluding the declining legacy light lens business, post sale and financing revenue has increased between 1% and 5% for each of the last ten quarters, which we expect should continue over the intermediate term; (b) gross margins of approximately 40%, which have recently been slightly pressured by strong growth in lower end product (Segment 1 and 2) and tempered demand from higher margin higher end product (Segment 3 to 5) including a modest early take up of its Nuvera production line; (c) operating profit margins in the 9% range, which will in part depend on continued operating expense controls or reduction derived from its recently announced $200 million after tax restructuring plan; (d) stability in cash flow from operations, which, with modest and predictable capital expenditures of approximately US$250 million annually, drives free cash flow generation that has averaged $1.6 billion annually since 2002; (e) continued, albeit more modest, reduction in overall debt. Since June 2004, consolidated debt has declined by US$3.1 billion through the repayment of scheduled maturities and the conversion to equity of US$1 billion of trust preferred securities. With zero public debt maturities in 2006 and only US$272 million and $50 million due in 2007 and 2008, respectively, further debt reduction will be driven by continued reduction of debt that is currently secured by finance receivables; (f) continued reduction of secured debt related to its finance receivable portfolio, which has declined by US$780 million year to date, with further declines expected in the second half of 2005; and (g) further improvement in interest coverage and non finance leverage as a result of debt reduction, equity buildup, and stable free cash flow. Rating could be upgraded if the company: (a) achieves sustainable improvement in revenue, although this is expected to be low single digits; (b) sustains consolidated operating margins in the 9% range; (c) achieves adjusted EBIT interest coverage of 5 times on an LTM basis (currently 2.9 times) excluding finance operations; (d) continues to generate consistent free cash flow; (e) maintains its strong liquidity profile; (f) continues to reduce the level of secured debt and obtains an unsecured bank facility with terms and conditions consistent with an investment grade profile, which will further improve financial flexibility. Conversely, downward ratings pressure could develop if: (a) financial performance deteriorates due to any combination of poor execution, sustained weak product acceptance or demand, unexpectedly intense and sustained competitive pressures; or deterioration in its finance operations due to a weakening of asset quality; (b) the company incurs leverage to effect any combination of share buybacks or dividends; and (c) undertakes significant debt financed acquisitions. Liquidity remains solid, with cash balances of $2.1 billion at June 2005 and full access to its $700 million secured revolving credit facility, for which covenant room is expected to remain ample. Combined with our expectations of stable to improving annual free cash flow ($1.7 billion for the latest twelve months ended June 2005), Xerox is well positioned to meet: (a) aggregate public debt maturities of approximately US$665 million through 2008, including a US$300 million secured bank term loan due September 2008, as well as (b) potential calls on liquidity related to outstanding shareholder litigation. Xerox Corporation, headquartered in Stamford, Connecticut, develops, manufactures and markets document processing systems and related supplies and provides consulting and outsourcing document management services. * 50,000 Firms to go Bust in Three Years -- Paper ------------------------------------------------- About 50,000 companies in the U.K. are set to collapse in three years, says the Daily Post. A research conducted by chartered accountants BDO Stoy Hayward reveals that the first rise in the number of business going bankrupt since 2002 looms amidst the economic slowdown. This year, some 15,968 firms are expected to go bust. The figure will increase 5% to 16,773 by 2006, and by 1.9% to 17,086 in 2007. Statistics published by The Department for Constitutional Affairs confirm this trend. The number of winding up petitions filed in the High Court and county courts of England and Wales rose 45% (3,229) during the first quarter of 2005. Creditors' bankruptcy petitions increased 23% to 5,419, while the number of debtors filing for bankruptcy totaled 9,285, up 27%. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *