/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050922.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, September 22, 2005, Vol. 6, No. 188 Headlines B O S N I A & H E R Z E G O V I N A PRIVREDNA BANKA: Govt Officials Face Embezzlement Charges F I N L A N D INTERAVANTI OYJ: Trustee Appeals Verdict on Amanda Case F R A N C E STEPHANE KELIAN: Owner Accused of Fraudulent Bankruptcy G E R M A N Y ASTRIS GRUNDSTUECKSGESELLSCHAFT: Falls into Bankruptcy DETTMANN METALL: Proofs of Claim Due September 30 HEIDELBERGCEMENT AG: Integrates European Structure IHR HAUS: Under Bankruptcy Administration MAX GASTSTATTENBETRIEBS: Court to Verify Claims October METALLBEARBEITUNG PETZOLD: Appoints Kuebler Administrator MINERVA BUCHHANDLUNG: Creditors to Meet October MITTELPUNKT GMBH: Duisburg Company Goes Bust REGENA GMBH: Creditors' Claims Due Next Month SCHULZE PLANUNGSGRUPPE: Court to Verify Claims December STRUMPF & WASCHE: Succumbs to Bankruptcy THOMAS COOK: Appoints New Board Member G R E E C E DRYSHIPS INC.: Declares Quarterly Dividend of US$0.20 Per Share HELLAS TELECOMMUNICATIONS: Moody's Assigns (P)B1 Rating K A Z A K H S T A N CASPIAN BANK: Planned Notes Issuance Rated Ba2 L U X E M B O U R G TNK-BP INTERNATIONAL: S&P Affirms Foreign Currency Rating N E T H E R L A N D S ROYAL SHELL: Buys back Additional 1,815,000 'A' Shares ROYAL SHELL: To Restructure, Merge Subsidiaries VERSATEL TELECOM: Shareholders Seek Probe Amid Tele2 Offer R U S S I A ALFA: Undergoes Bankruptcy Supervision Procedure DAIRY ESIPOVSKIY: Declared Insolvent DAL-GEO: Bankruptcy Supervision Procedure Begins KRONA: Hires N. Peshkun Insolvency Manager NIZHNEAMURSKIY TIMBER: Court Brings in Insolvency Manager STROY-LINE: Insolvency Manager Takes over Biz SVOBODNENSKAYA: Furniture Company Calls in Insolvency Manager URAL-PRODUCT: Succumbs to Bankruptcy VERKHNEMAMONSKIY: Undergoes Bankruptcy Supervision Procedure WOOD-PROM-SERVICE: Bankruptcy Hearing Set December S E R B I A & M O N T E N E G R O ZASTAVA AUTOMOBILI: Signs Key Contract to Make Fiat Punto Cars S W E D E N TIVOX AB: Binar Buys Parts of Business S W I T Z E R L A N D CABLECOM HOLDINGS: Plans Flotation this Year KABA HOLDING: Annual Net Profit Up 40% SWISS INTERNATIONAL: To Raise Fuel Surcharges T U R K E Y PETROL OFISI: Rating Off CreditWatch; Outlook Stable U K R A I N E AGROPROMTEHKOM: Creditors' Claims Due this Week GALKOMTORG: Succumbs to Insolvency HODORIV' MEAT: Declared Insolvent SELECT: Krym Court Appoints Insolvency Manager U N I T E D K I N G D O M ASHTEAD GROUP: Sunbelt Bolsters First-quarter Profit BELGRAVE EX-SERVICEMEN'S: Hires Administrator from Springfields BLACKS BIKES: Administrator Takes over Firm BRITISH DENKAVIT: Hires Administrators from Mazars CHAVEL LIMITED: Administrators from Stoy Hayward Move in CHILL BARS: Calls in Administrators from P&A Partnership CONCEPT CYCLING: Appoints Administrators from KPMG COSTAIN GROUP: Awards New CEO Shares, Options DRAX GROUP: Board Says GBP1.9 Billion Offer Undervalues Company GATE GOURMET: Retains Restructuring Professionals HIGHVIEW INVESTMENTS: Names Langley & Partners Administrator INCLINE GLOBAL: Calls in Administrators from Ernst & Young INFOGRAMES ENTERTAINMENT: Atari Sells Sark Shares Worth US$7 Mln J B FINCH: Files for Liquidation KEEPING INFORMATION: EGM Passes Winding-up Resolution LEARNING DYNAMIX: Administrators from Tait Walker Enter Firm M A REES & SON: Administrators from S F Plant Move in MOLD SERVICES: Names Mazars Liquidator MONDBURY LIMITED: Names Leonard Curtis Administrator MOWLEM PLC: Not Likely to Declare Interim Dividend MR. ELECTRIC: Calls in Liquidator NETTPROFILE LIMITED: In Liquidation NOVALPAL HOLDINGS: Appoints Administrators from Moore Stephens PENROSE ANGLING: Names P&A Partnership Liquidator PHOENIX GAMES: Files for Liquidation PLATE ROLLERS: Opts for Liquidation RICHMOND TOOLS: Administrators from Stoy Hayward Enter Firm SKILL DEVELOPMENT: Falls into Liquidation SUBMARINE LIMITED: Hires Carter Clark Administrator TLA PARTNERSHIP: Appoints Administrator from Begbies Traynor TWENTYFIVETEN LIMITED: Calls in Liquidator VEDANTA RESOURCES: Ratings Under Review for Possible Upgrade W HAMILTON: Administrators Take over Operation ********* ======================================= B O S N I A & H E R Z E G O V I N A ======================================= PRIVREDNA BANKA: Govt Officials Face Embezzlement Charges --------------------------------------------------------- The provisional administrator of Privredna Banka Srpsko Sarajevo has submitted evidence of embezzlement against top officials of the ruling Bosnian Serb party to state prosecutors, AP WorldStream says. Tom Robinson told Dnevni Avaz daily the evidence show that several party leaders used the bank to fund activities of war crime suspects. The officials include former Bosnian President Mirko Sarovic and Dragan Kalinic, former speaker of the Bosnian Serb Parliament. Mr. Robinson said the prosecutor will decide whether the evidence is enough to raise charges. Mr. Robinson was appointed provisional administrator in November after the bank's license was revoked. The bank was found insolvent and possibly involved with war crimes suspect Radovan Karadzic. The bank is thought to have financed companies supporting his activities. Mr. Karadzic has been indicted on charges of genocide and other war crimes, and is in hiding for nine years. Privredna Banka was also suspected of providing "loans" for the 1998 pre-election campaign of the Bosnian Serb Democratic Party. The "loans", which were provided to companies owned by the party, was not repaid. Bank owner Momcilo Mandic is facing charges relating to this transaction. SDS's bank accounts were frozen in June. CONTACT: PRIVREDNA BANKA SRPSKO SARAJEVO, REPUBLIKA SRPSKA Beograd, Zagrebac (ka br. 9/II Phone: (+381 11) 181519, 182280 Fax: (+381 11) 182232 ============= F I N L A N D ============= INTERAVANTI OYJ: Trustee Appeals Verdict on Amanda Case ------------------------------------------------------- Interavanti Oyj and Interglobia Ltd.'s bankruptcy estate trustee has lodged an appeal against the verdict of the Helsinki district court. Helsinki district court issued a decision on the cases filed by the trustee against Amanda Capital on June 30, 2005. The decision favored Amanda Capital. Amanda Capital's management, Board of Directors and legal counselors regard the lawsuits as unfounded. The legal procedures as such do not have an impact on Amanda Capital Plc's regular business operations. The company continues to follow its strategy concentrating on private equity funds. Background Interglobia Ltd.'s bankruptcy estate filed two lawsuits against Amanda Capital Plc in 2003. These lawsuits concerned transactions carried out in 1997 by Amanda Capital Plc's predecessor, the undivided Finvest Oyj, to purchase the shares of three subsidiaries of the Interglobia Group and sell its shares in Interglobia Ltd., one of its subsidiaries. These two lawsuits were partly overlapping, and their capital value amounted to approximately EUR10.2 million. In connection with this matter, Interavanti Oyj brought action against Amanda Capital Plc at the Helsinki District Court, demanding compensation to the sum of EUR2.9 million. CONTACT: AMANDA CAPITAL PLC Petteri Ankila, Managing Director Phone: +358 50 549 5578 Web site: http://www.amandacapital.fi INTERAVANTI OYJ Mannerheimintie 118 9. krs. 00270 Helsinki Phone: (09) 477 7220 Fax: (09) 477 72240 Web site: http://www.interavanti.fi/ =========== F R A N C E =========== STEPHANE KELIAN: Owner Accused of Fraudulent Bankruptcy ------------------------------------------------------- The French judiciary has granted the request of two mayors to investigate the liquidation of Stephane Kelian Production, reports Les Echos. The mayors of Bourg-de-Peage and Romans believe fraudulent financial transactions preceded the footwear maker's collapse. They trace these transactions to early 2003 when the Smalto group acquired the company. They believe the new owner misused company properties and engaged in fraudulent bankruptcy. Earlier, a union representative told another paper that during the summer holidays, Stephane's commercial division moved its stocks to Dusseldorf, Germany. Then on August 4 the company told staff not to report for work and, a few days later, it sent all raw materials to subcontractors in Portugal. Shortly thereafter the company filed for insolvency. Stephane Kelian Production is the manufacturing arm of the eponymous French luxury footwear company based in southeastern France. CONTACT: STEPHANE KELIAN Service Marketing - BP88 - av, Robert Schuman - 26302 Bourg de Peage cedex France Phone: 0142778200 Fax: 0142760597 Web site: http://www.stephane-kelian.fr/ ============= G E R M A N Y ============= ASTRIS GRUNDSTUECKSGESELLSCHAFT: Falls into Bankruptcy ------------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against ASTRIS Grundstuecksgesellschaft mbH & Co. Beteiligungs KG on August 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 25, 2005 to register their claims with court-appointed provisional administrator Udo Feser. Creditors and other interested parties are encouraged to attend the meeting on October 12, 2005, 10:55 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on January 25, 2006, 10:15 a.m. at the same venue. CONTACT: ASTRIS GRUNDSTUECKSGESELLSCHAFT mbH & Co. Beteiligungs KG Kleiststr. 3-6,10787 Berlin Udo Feser, Uhlandstr. 165/166, 10719 Berlin DETTMANN METALL: Proofs of Claim Due September 30 ------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Dettmann Metall- und Stahlbau GbR on August 25. 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 Bernward Widera. Creditors and other interested parties are encouraged to attend the meeting on November 22, 2005, 9:00 a.m. at the district court of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DETTMANN METALL- UND STAHLBAU GbR Lauterbacher Strasse 22, 08459 Neukirchen Bernward Widera, Administrator Buettenstrasse 4, 08058 Zwickau HEIDELBERGCEMENT AG: Integrates European Structure -------------------------------------------------- In an effort to lower costs and increase efficiency, HeidelbergCement will significantly streamline its organization in Europe. The company has about 42,000 employees worldwide, 25,000 of them in Europe. An integrated organization model will replace the up-to-now extremely decentralized Group organization. This will lead to lean structures, transparency, faster decisions and a significantly higher implementation speed. The aim of the reorganization is to strengthen the international competitiveness of HeidelbergCement and to significantly reduce costs. The annual savings will amount to about EUR50 million. The measures, which will be implemented over the next two to three years, will lead to a reduction of about 1,100 jobs in 13 European countries. The works councils will be involved in the process according to the regulations of the respective countries. The project affects administrative functions on Group, regional and country level. Starting from a systematic and detailed analysis performed by HeidelbergCement managers, the following proposals for the optimization of the organizational processes have been developed in the "win" project with the support of Boston Consulting: Increase in efficiency by further developing the organization (a) Transfer Group functions to Heidelberg: The staff functions Strategy and Development, Treasury/Corporate Finance and Group Internal Audit, which are very important for the Group management, will be transferred to Heidelberg. At the same time the headquarters at Malmo will be closed and at Brussels significantly reduced; (b) Introduce a Shared Service Center concept: It is planned to establish one Shared Service Centre in each country for the business fields cement, ready-mixed concrete and aggregates, which will assume functions from Human Resources and Accounting. Pooling and standardizing services that so far have been provided at numerous locations will allow for significantly increased efficiency of these processes. At the same time the competence in this central facility will increase; (c) Centralize the IT infrastructure: The clearly reduced complexity of the IT structure and the use of a standardized business information system will increase the efficiency of corporate reporting. The possibility of outsourcing was abandoned in favor of an internal efficiency increase. (d) Centralize technical services: The Heidelberg Technology Center (HTC), our technical competence center, will be integrated more heavily into line management in the future. At the same time the managing director of the HTC will have the overall technical responsibility for the European cement plants. This will enable more efficient support of the plants, for example through the transfer of best practice solutions across the Group. Key performance indicators (KPI) that are standardized throughout the Group will effectively contribute to this process. (e) Establish a Group purchasing organization: Worldwide purchasing will be optimized through strict specialization in product groups. In light of a purchase volume totaling EUR4.9 billion, additional savings can be achieved by utilizing economies of scale to a greater extent. Strengthen our basis for growth The challenges of international competition require a consistent and continuous optimization in all areas. The planned enhancement of our organization in the framework of the "win" project is an important step in achieving integral efficiency and long-term, result-oriented growth. CONTACT: HEIDELBERGCEMENT AG Berliner Strasse 6 69120 Heidelberg Phone: +49-6221-481-227 Fax: +49-6221-481-217 Web site: http://www.heidelbergcement.com IHR HAUS: Under Bankruptcy Administration ----------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against Ihr Haus Massivbau Vertriebs GmbH on August 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 26, 2005 to register their claims with court-appointed provisional administrator Dr. jur. Norbert Hill. Creditors and other interested parties are encouraged to attend the meeting on October 26, 2005, 10:45 a.m. at the district court of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr. 10a, 74072 Heilbronn, 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: IHR HAUS MASSIVBAU VERTRIEBS GmbH Burgstrasse 30, 71720 Oberstenfeld Contact: Arlette Hofling, Manager Dr. jur. Norbert Hill, Administrator Gebelsbergstrasse 35, 70199 Stuttgart Phone: 0711/601770-0 Fax: 0711/601770-60 MAX GASTSTATTENBETRIEBS: Court to Verify Claims October ------------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Max Gaststattenbetriebs GmbH on August 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 19, 2005 to register their claims with court-appointed provisional administrator Martin Kienitz. Creditors and other interested parties are encouraged to attend the meeting on November 9, 2005, 9:00 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MAX GASTSTATTENBETRIEBS GmbH Auf dem Sande 11, 32469 Petershagen Contact: Heinz Eichler, Manager Martin Kienitz, Administrator Ruegenweg 14, 32427 Minden METALLBEARBEITUNG PETZOLD: Appoints Kuebler Administrator --------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Metallbearbeitung Petzold GmbH on August 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 6, 2005 to register their claims with court-appointed provisional administrator Dr. Bruno M. Kuebler. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2005, 11:00 a.m. at the district court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: METALLBEARBEITUNG PETZOLD GmbH Fabrikgelande 5, 08427 Fraureuth Contact: Harald Petzold and Lars Petzold, Managers Dr. Bruno M. Kuebler, Administrator Loschwitzer Str. 3, 01309 Dresden Web site: http://www.kuebler-gbr.de MINERVA BUCHHANDLUNG: Creditors to Meet October ----------------------------------------------- The district court of Essen opened bankruptcy proceedings against Minerva Buchhandlung Lothar Meyer KG on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 4, 2005 to register their claims with court-appointed provisional administrator Dr. Guenter Trutnau. Creditors and other interested parties are encouraged to attend the meeting on October 20, 2005, 1:55 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MINERVA BUCHHANDLUNG LOTHAR MEYER KG Bahnhofstr. 13, 45879 Gelsenkirchen Contact: Thomas Winkelmann, Manager Bahnhofstr. 13, 45879 Gelsenkirchen Dr. Guenter Trutnau, Administrator Kettwiger Strasse 2-10, 45127 Essen Phone: (0201) 1095-3 MITTELPUNKT GMBH: Duisburg Company Goes Bust -------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Mittelpunkt GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 5, 2005 to register their claims with court-appointed provisional administrator Dr. Helmut Schmitz. Creditors and other interested parties are encouraged to attend the meeting on October 26, 2005, 11:00 p.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, III. Etage, Raum 315, 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: MITTELPUNKT GmbH Hans-Bockler-Platz 17, 45468 Muelheim an der Ruhr Contact: Joachim Schramm, Manager Maybachstrasse 17, 45133 Essen Dr. Helmut Schmitz, Administrator Am Flohbusch 1, 47802 Krefeld REGENA GMBH: Creditors' Claims Due Next Month --------------------------------------------- The district court of Baden-Baden opened bankruptcy proceedings against Regena GmbH Umwelttechnik on August 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 14, 2005 to register their claims with court-appointed provisional administrator Dr. Ferdinand Kiessner. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2005, 10:45 a.m. at the district court of Baden-Baden, Baden-Baden, 76532 Baden-Baden, Gutenbergstr. 17, EG, 009a, 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: REGENA GmbH UMWELTTECHNIK Contact: Berthold Warth and Manfred Regenold, Managers Hurststr. 24, 77815 Buehl Dr. Ferdinand Kiessner, Administrator 77655 Achern, Eisenbahnstr. 19-23 SCHULZE PLANUNGSGRUPPE: Court to Verify Claims December ------------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Schulze Planungsgruppe GmbH on August 31. 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. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on October 12, 2005, 9:55 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 on December 14, 2005, 1:00 p.m. at the same venue. CONTACT: SCHULZE PLANUNGSGRUPPE GmbH Olpketalstr. 121, 44229 Dortmund Contact: Hanspeter Schulze, Manager Paul-Geisler-Weg 11, 44229 Dortmund Dr. Winfrid Andres, Administrator Neuer Zollhof 3, 40221 Duesseldorf Phone: 0211/69076969 Fax: 69 07 69-70 STRUMPF & WASCHE: Succumbs to Bankruptcy ---------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Strumpf & Wasche Voigt GmbH 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, 10:30 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: STRUMPF & WASCHE VOIGT GmbH Konigstrasse 7-11, 47051 Duisburg Contact: Matthias Voigt, Manager Boningerstr. 36, 47051 Duisburg Dr. Andreas Ropke, Administrator Dammstr. 26, 47119 Duisburg THOMAS COOK: Appoints New Board Member -------------------------------------- The management board of Thomas Cook AG is to be expanded from November 2005 to include a fifth member. Manny Fontenla-Novoa (51), Chief Executive Officer of the group's British division Thomas Cook UK Limited, has been appointed by Thomas Cook AG's supervisory board as a new board member. Within the framework of this executive body, Spanish-born Fontenla-Novoa will be responsible for the group's business activities in the U.K. and Ireland. He will also continue to carry out his duties as CEO of Thomas Cook UK & Ireland. With the appointment of Manny Fontenla-Novoa the management board's expertise in tourism is strengthened as the two most-important sales markets in the Thomas Cook Group Germany and the U.K. will be represented. The two sales markets together generate 80 percent of the group's total sales. Manny Fontenla-Novoa can look back on over 30 years experience in the leisure travel industry. Joining Thomas Cook in 1972 he undertook a number of roles. He became head of the marketing and sales department of the newly founded tour operator Sunworld Ltd. in 1991. 1998 saw Manny Fontenla-Novoa move to Thomas Cook U.K.'s sales organization as sales director and deputy managing director. In April 2000, he became managing director and was responsible for in excess of 750 travel agencies, 115 foreign exchange bureau and TV sales with the associated call centres. Additionally, Manny Fontenla-Novoa was put in charge of the management of Thomas Cook UK's tour operator brands in September 2001. In his current position as CEO of Thomas Cook UK & Ireland, which he has occupied since January 2003, Manny Fontenla-Novoa has implemented a comprehensive restructuring program at the group's British subsidiary with its workforce of 11,000 and has significantly improved the company's financial situation. He is also responsible for the re-branding of the company's major tour operator brands (Thomas Cook, JMC, Sunset). The management board at Thomas Cook AG: Members Members until October 31, 2005 as of November 1, 2005 Wolfgang Beeser Thomas Holtrop Chairman and CEO Chairman and CEO Dr. Peter Fankhauser Dr. Peter Fankhauser Germany sales market Germany sales market Ludger Heuberg Manny Fontenla-Novoa Finance, human resources UK & Ireland sales market Thomas Holtrop[*] Ludger Heuberg Finance, human resources Ralf Teckentrup Ralf Teckentrup Airlines, IT Airlines, IT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Member of management board since September 1, 2005. Takes over as chairman and CEO on November 1, 2005. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - CONTACT: THOMAS COOK AG Zimmersmuehlenweg 55 61440 Oberursel Phone: +49-6171-6500 Fax: +49-6171-652-125 Web site: http://www.thomascook.de Corporate Communications Phone: +49(0) 61 71) 65-1700 Fax: +49(0) 61 71) 65-1060 E-mail: konzernkommunikation@thomascookag.com =========== G R E E C E =========== DRYSHIPS INC.: Declares Quarterly Dividend of US$0.20 Per Share --------------------------------------------------------------- DryShips Inc. has declared a quarterly cash dividend of US$0.20 per common share, payable October 31, 2005 to stockholders of record on September 30, 2005. George Economou, Chairman and Chief Executive Officer of the Board, said: "We are pleased to announce the payment of our second quarterly dividend payment and the continuance of our quarterly dividend policy as announced in our IPO Prospectus." * * * DryShips specializes in shipping drybulk commodities such as coal, iron ore, and grains as well as minor bulks like bauxite, fertilizers, and steel products. Its fleet is managed by Liberian affiliate Cardiff Marine Inc. Chairman and CEO George Economou and family own 57% of DryShips. The company reported net revenues of US$71.47 million (EUR58.76 million) for the second quarter of 2005, compared with US$17.46 million for the second quarter of 2004. Operating Income for the second quarter of 2005 was US$49.52 million (EUR40.71 million) compared to US$12.97 million for the second quarter of 2005. Net income for the second quarter 2005 was US$43.33 million (EUR35.62 million) compared to US$12.78 million for the second quarter of 2004. Net revenues for the six-month period ended June 30, 2005 were US$99.61 million (EUR81.89 million) compared to US$33.43 million for the six-month period ended June 30, 2004. Operating income was US$69.19 million (EUR56.89 million) compared to US$23.87 million for the six-month period ended June 30, 2004. Net income for the six-month period ended June 30, 2005 was US$62.44 million (EUR51.33 million) compared to US$23.23 million for the six-month period ended June 30, 2004. For the year ended October 31, 2004, DryShips reported a US$(4.374) million [EUR(3.58) million] shareholders' equity, as total liabilities exceeded total assets of US$183.55 million (EUR150.05 million). The company faces US$98.17 million (EUR80.24 million) in maturing debt before the end of the current fiscal year. Its long-term liabilities amount to US$115.202 million (EUR94.16 million), according to U.S. SEC files. CONTACT: DRYSHIPS INC. 80 Kifissias Avenue Marousi Athens - 15125 Greece Web site: http://www.dryships.com Christopher J. Thomas Chief Financial Officer Phone: 011-30-210-809-0570 E-mail: finance@dryships.com Investor Relations / Media Nicolas Bornozis Capital Link, Inc. (New York) Phone: 212-661-7566 E-mail: nbornozis@capitallink.com HELLAS TELECOMMUNICATIONS: Moody's Assigns (P)B1 Rating ------------------------------------------------------- Moody's Investors Service assigned a provisional (P)B1 corporate family rating to Hellas Telecommunications II S.a.r.l. (Hellas II), an indirect holding company of TIM Hellas Telecommunications S.A. (TIM Hellas or the company). Moody's also assigned a (P)B1 rating to the proposed issuance of senior secured notes in the amount of EUR925 million due 2012 to be issued by Hellas Telecommunications (Luxembourg) V and a (P)B3 rating to the proposed issuance of senior unsecured notes in the amount of EUR355 million due 2013 to be issued by Hellas Telecommunications (Luxembourg) III. The outlook on the ratings is negative. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the securities. A definitive rating may differ from a provisional rating. Transaction Summary TIM Hellas plans to raise EUR925 million in senior secured bonds and EUR355 million in senior unsecured bonds to refinance senior secured and unsecured bridge facilities put in place at the time of the acquisition of 80.87% of the share capital of TIM International N.V. by two private equity firms -- Apax Partners and Texas Pacific Group (collectively the Sponsors) -- in June 2005. Part of the net proceeds (c. EUR277.5 million) will be held in an escrow account to finance a further buy-out of the remaining minority shareholders. Additionally, Hellas Telecommunications Finance will issue Paid-in-Kind (PIK) notes in the amount of EUR110 million to partially refinance the existing PIK bridge facility. The obligor for the PIK notes will be outside the restricted group. TIM Hellas also has access to a EUR250 million revolving credit facility, which is granted to Hellas Telecommunications (Luxembourg) V. The facility will be reduced to EUR200 million at the close of the merger of TIM Hellas and its acquisition vehicle. The Sponsors will make an equity contribution into the restricted group through a subordinated shareholder funding in the amount of EUR360 million, which will represent a combination of EUR50 million of convertible preferred equity certificates, EUR200 million of preferred equity certificates and EUR110 million through the issuance of the PIK note. In its analysis of the capital structure, Moody's takes into account the deeply subordinated nature of the shareholder funding as enshrined in the draft intercreditor agreement. Hellas II and some of its subsidiaries will guarantee the senior secured notes on a senior secured basis. Following the merger of TIM Hellas (the operating company) and its acquisition vehicle, Troy GAC Telecommunications S.A., the notes will additionally be guaranteed by TIM Hellas; prior to the merger, TIM Hellas' guarantee will extend to EUR166 million (of the EUR925 million senior secured notes) on-lent to repay the existing third-party debt by TIM Hellas. The senior secured notes and the senior secured guarantees will benefit, inter-alia, from the security over substantially all the assets of the intermediate holding companies and TIM Hellas, with the liens being junior to the liens securing the revolving credit facility. Hellas II and some of its subsidiaries will guarantee the senior unsecured notes on a senior subordinated basis. At the close of the transaction, the senior unsecured notes will not be guaranteed by TIM Hellas, which will guarantee the notes only after the aforementioned merger. The senior unsecured notes and the guarantees will be secured by the liens ranking junior to the liens securing the revolving credit facility and the senior secured notes. At present, the Sponsors own 80.87% of share capital of TIM Hellas and intend to buy out the minority shareholders through a cash-out merger, with an expectation to finalize the buy-out by November 2005. In the event that the Sponsors do not receive necessary regulatory approvals to proceed with the cash-out merger, they will implement a fallback plan, in which case the Sponsors may not own 100% of the share capital of TIM Hellas. The rating relies on Moody's expectation that the cash-out merger is reasonably likely to occur, in which case TIM Hellas, the operating company, will ultimately guarantee the notes immediately after the cash-out merger. Moody's will assess any change in the buy-out process of the minority shareholders that could have an adverse impact on the bondholder protection. Rating Rationale The (P)B1 corporate family rating reflects: (a) The company's highly leveraged capital structure at c. 5.5x Adjusted Total debt to EBITDAR excluding PIK and c. 5.9x including PIK on a pro-forma basis; (b) TIM Hellas' market position as a third mobile operator in the Greek market, with two strong competitors -- Vodafone Greece and Cellular Operating System of Mobile Communications S.A. (Cosmote) -- and its high mobile penetration; (c) The company's downward trend in its recent operating performance and the challenges it faces in retaining its market share and containing high churn rates; (d) Regulatory pressure resulting in a further reduction in interconnect rates, which will negatively affect the company's revenue in the near term; (e) the relatively new management team, albeit with a strong expertise in the Greek telecommunications market; and (f) uncertainties associated with the potential acquisition of Q-Telecom. More positively, the corporate family rating reflects: (a) The incremental growth opportunities available to the company thanks to real penetration of less than 100% and anticipated usage growth; (b) Its historically stable ARPU; (c) The moderate capital expenditure requirements going forwards due to the full network build-out already achieved; (d) Solid cash flow generation; and (v) the potential operational benefits from the ongoing association with TIM Italia S.p.A. The company is weakly positioned in its rating category. The negative outlook on the ratings reflects the company's track record of weak operational performance reflected in part by the trend of continued market share losses as well as execution risk associated with the minority buy-out. If it were to achieve a successful and sustainable operational turnaround, the rating outlook could be changed to stable over the medium term. Additionally, in the event that the acquisition of Q-Telecom proceeds, Moody's would assess the impact of the transaction on TIM Hellas' operational and financial profile relative to current expectations. Credit Weaknesses The company is highly leveraged, with total adjusted debt to EBITDA of c. 5.5x excluding PIK and c. 5.9x including PIK on a pro-forma basis. The ratio does not factor in any potential drawdowns under the revolving credit facility. Taking into consideration the mature nature of the mobile market in Greece and, as a result, the moderate growth opportunities as well as the company's recent challenges in increasing its revenue, the corporate family rating reflects expectations of a gradual de-leveraging trajectory over the medium term. TIM Hellas is the third largest mobile operator in the market with two strong competitors, Vodafone Greece and Cosmote. Vodafone Greece benefits from the high level of brand awareness and global advertising of Vodafone Group plc, whilst Cosmote benefits from its ownership by Hellenic Telecommunications Organisation S.A. (OTE), the incumbent fixed-line operator in Greece. Additionally, in the pre-paid market the company competes with Q-Telecom, which targets the low-value market segment through its low-cost proposition in both voice and SMS. As of 30 June 2005, the respective market shares of the Greek mobile operators were: Cosmote -- 37.6%, Vodafone Greece -- 35.8%, TIM Hellas 19.4% and Q-Telecom -- 7.3%. Moody's also notes that the Greek mobile market is highly penetrated, with official penetration of over 100%. However, the company concedes that real mobile penetration is lower -- at below 80% due to a number of inactive subscribers thus providing for further growth opportunities in subscriber numbers. Although Moody's recognizes the incremental opportunities for further growth in the market, the rating agency cautions that the company's revenue and EBITDA growth trajectory will be constrained by the competitive and saturated nature of the Greek mobile market. The negative outlook on the ratings reflects the company's recent weak operating performance and a continued loss of its market share. Revenues decreased by 3.3% to EUR395 million in the six months ended June 30, 2005, from EUR408 million in the six months ended June 30, 2004. This was primarily a result of a decrease in airtime revenues due to a change in interconnect rates and a decrease in prepaid customers as TIM Hellas continued to lose market share to its competitors. TIM Hellas' market share has been falling over a number of years, with a recent decline from 21% as of December 31, 2004 to approx. 19% as of June 30, 2005. The revenue reduction fed through to EBITDA numbers, which declined by EUR15 million to EUR104 million in H1 2005. To retain its market share, TIM Hellas has to address its high churn rates. In H1 2005, the blended churn rate was 45.8% with a pre-paid churn rate of 51.7% and a post-paid churn rate of 34.9%. The high churn rate is somewhat mitigated by a relatively short payback on acquired subscribers. TIM Hellas' revenue and EBITDA were also affected by new interconnect rates introduced in October 2004 with a reduction from EUR0.18/min to EUR0.15/min. With Greece aiming to align its telecommunications industry regulation with the EU standards, new legislation is expected to be introduced later this year which will stipulate a further reduction in the interconnect rates to bring them in line with the EU average. This reduction in the interconnect rates, particularly fixed-to-mobile, will negatively affect the company's revenue and EBITDA. Additionally, TIM Hellas has to comply with recently introduced regulation requiring it to obtain environmental assessments and local permits for its antennas. At present, the company is not in compliance with this requirement for the majority of its antennas, which could result in their removal from the sites. Although Moody's believes that the company will ensure receipt of the relevant permits, any material disruption to the company's network operations due to the antennas' removal would exert downward pressure on the rating. TIM Hellas has recently recruited senior managers from its bigger rivals -- Vodafone Greece and OTE. Whilst they have significant experience in the Greek telecommunications market, they are new to TIM Hellas. This, in combination with the operational challenges the company faces, adds to the execution risk related to the company's business strategies. TIM Hellas has publicly indicated that its Sponsors are in negotiations with Info-Quest S.A. to acquire Q-Telecom, a fourth mobile operator in Greece, for a consideration of approx. EUR230-270 million. Whilst Moody's recognizes potential benefits associated with a reduction in competitive pressure, the rating agency will further evaluate any impact of this acquisition on TIM Hellas' business and financial risk profile in the event that the acquisition materializes. However, the (P)B1 corporate family rating takes into account the event risk as well as execution and integration risks associated with the contemplated acquisition. The rating relies on Moody's expectation that the funding of the acquisition, with a mix of debt and equity as indicated in the draft Offering Memorandum, would not have a material impact on TIM Hellas' leverage profile. Furthermore, it is also assumed that any form of potential legal integration of Q-Telecom into the corporate structure of TIM Hellas would not reduce the bondholder protection in terms of the security package and the relevant guarantees. Credit Strengths The (P)B1 corporate family rating takes into account the incremental growth opportunities available to the company thanks to real mobile penetration of less than 100% and an anticipated increase in usage. TIM Hellas has recorded an increase in Minutes of Use for both pre-paid and post paid-subscribers, which has supported an increase in ARPU for both segments. However, it should be noted that the increase in usage can largely be attributed to new promotional campaigns, particularly in the pre-paid segment. Despite TIM Hellas' operational challenges, the company has managed to maintain ARPU at a relatively stable level. Due to the recent increase in usage, ARPU rose modestly for both segments. Another positive factor that supports the corporate family rating is the company's moderate capital expenditure going forwards. TIM Hellas' GSM network is largely complete (97.75% population coverage as of December 2004), and future capital expenditures will be limited to investments in reducing the gap with its competitors and improving its comparative network quality. In addition, TIM Hellas needs to achieve 50% UMTS network coverage by the end of 2006 (27.4% as of December 2004). The capex-to-sales ratio is expected to be below 15% over the medium term. Due to its relatively mature business model, the company generates positive free cash flow. The rating relies on the expectation that the company will continue to generate sufficient amount of cash flow to service its substantially increased debt service payments and capital expenditure whilst remaining free cash flow positive going forwards. Additionally, the rating factors in the company's ongoing association with TIM Italia through a series of agreements relating to branding, technology and purchasing. TIM Hellas will continue to benefit from using TIM brand, although the agreement to use the name expires in 2009. The company will continue to use TIM Italia's software for its pre-paid platform and will be able to benefit from synergies in handset procurement policies amongst other factors. Structural Considerations Moody's notes the complex nature of the envisaged capital structure, which features some instruments that are not necessarily common to European high-yield issuance. The (P)B1 corporate family rating takes into account the issuance of the PIK notes in the amount of EUR110 million, resulting in a ratio of Adjusted Total Debt to EBITDAR of 5.9x on a pro-forma basis. At the same time, the rating agency acknowledges that the PIK notes are issued outside the restricted group and that their proceeds are downstreamed into the restricted group in the form of preferred equity certificates. As a result, PIK notes do not have a debt-like claim into the restricted group and are entitled to receive cash interest payments only within the restricted payments test of 50% of the net income of the group under the draft terms and conditions of the notes. The (P)B1 rating on the senior secured bonds reflects their senior position in the capital structure relative to the senior unsecured notes. The rating also takes into account the fact that the secured notes rank junior in terms of their security package and payment priority in insolvency to the revolving credit facility and hedging debt. This is, however, mitigated by the relatively moderate amount, which the company could raise under the revolving facility -- up to EUR250 million. The (P)B1 rating on the notes is further supported by the company's intention to reduce the available amount under the facility to EUR200 million after the merger of TIM Hellas and Troy GAC. Additionally Moody's notes that the company may raise up to one third of its overall bond funding in US Dollars (up to EUR400 million equivalent) in which case it intends to hedge the obligation against foreign exchange risk. As per the draft intercreditor agreement, any hedging debt will rank pari-passu with the revolving credit facility and ahead of the senior secured notes. Therefore, in the event hedging debt is in the money, that amount will rank ahead of the notes. The (P)B3 rating on the senior unsecured notes reflects their contractual subordination to the material amount of the senior secured debt. The Sponsors will fund their equity contribution into the restricted group through preferred equity certificates (PECs) and convertible preferred equity certificates (CPECs) in the total amount of EUR250 million. Moody's understands that these instruments are deeply subordinated to any third-party debt including the senior secured and senior unsecured notes as provided in the draft intercreditor agreement. In the event that the PEC/CPEC instruments fail to comply with the equity-like characteristics as currently factored into the rating, Moody's would need to revise the company's debt profile with its leverage increasing to 6.9x Adjusted Total Debt to EBITDA, which would exert downward pressure on the corporate family rating. The assigned ratings assume that there will be no material variations to the draft legal documentation reviewed by Moody's and that these agreements are legally valid, binding and enforceable. Company Overview Headquartered in Athens, Greece, TIM Hellas is the third largest mobile operator in Greece, with a market share of approximately 19% (2.26 million subscribers) as of June 30, 2005. In H1 2005, the company generated EUR394.7 million of revenue and EUR112.3 million of EBITDA. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Jenya Brown, Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 David G. Staples, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =================== K A Z A K H S T A N =================== CASPIAN BANK: Planned Notes Issuance Rated Ba2 ---------------------------------------------- Moody's Investors Service has upgraded to D- from E+ the Financial Strength Rating (FSR) of Kazakhstan's Caspian Bank, and has raised the bank's long-term foreign currency deposit rating to Ba2 from Ba3. The bank's short-term deposit rating remains unchanged at Not-Prime. At the same time Moody's has assigned a Ba2 rating to the bank's upcoming issue of senior unsecured notes. The outlook for all ratings is stable. The upgrade reflects: (a) The bank's track record of solid financial performance, which is on an upward trend, in part due to the rising share of high-margin consumer lending; (b) Its entrenched positions in consumer financing - mostly express loans -- bolstered by its good relationship with retail chains such as resellers of home appliances; and (c) Continuing sound asset quality, sturdy capital ratios and healthy internal capital generation. However, the bank's D- FSR has limited upside potential in the foreseeable future as it remains constrained by: (a) The still volatile operating environment; (b) The bank's relatively small size and rapid expansion, which may, in an adverse scenario, put a strain on its asset quality, capital adequacy and liquidity; (c) The untested resilience of the consumer portfolio quality in an economic downturn; (d) Remaining high concentrations in the loan book despite the bank's focus on a smaller-ticket trade and consumer financing; and (e) changing funding profile with growing reliance on the international money and capital markets. According to Moody's, the Ba2 deposit rating continues to incorporate an expectation of limited support from the Kazakhstani authorities, should the need arise, reflecting Bank Caspian's growing importance to the national banking system. However, Moody's cautions that any external support from the country's financial authorities in case of distress might be of a limited nature. The extent and timeliness of such support are somewhat uncertain, but are well captured in the Ba2 rating. Moody's has also assigned a Ba2 foreign currency debt rating to the bank's upcoming senior unsecured notes issue with a tentative size of US$ 150 million and maturity of 3 years. This rating is based on the bank's fundamental credit quality and seniority of the notes. Moody's also notes that, according to the terms of the issue, Caspian Bank is obliged to comply with a number of covenants such as a negative pledge, limitations on certain transactions, payment of dividends and will also have to maintain a total capital adequacy ratio of at least 13%. Caspian Bank is headquartered in Almaty, Kazakhstan and reported under IFRS total consolidated assets of US$773 million (reviewed by the auditors) as of June 30, 2004. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =================== L U X E M B O U R G =================== TNK-BP INTERNATIONAL: S&P Affirms Foreign Currency Rating --------------------------------------------------------- ISSUER CREDIT RATINGS TNK-BP International Ltd. Corporate Credit Rating: BB/Stable/B TNK-BP Ltd. Corporate Credit Rating: BB/Stable/B AFFIRMED RATINGS TNK-BP International Ltd. Senior unsecured debt Foreign currency: BB Short-Term Debt Foreign currency: B Major Rating Factors Strengths: (a) Second-largest vertically integrated Russian oil company; (b) Large reserve base and high share of dollar-denominated crude oil and product export revenues; (c) Management and operational support from 50% owner BP; and (d) Higher profitability and free cash flow generation than peers. Weaknesses Country-risk associated with operating in Russia and oil-industry-specific risks, such as a heavy and often changing tax burden, back-tax claims, license extensions, and access to new reserves for foreign controlled entities. Rationale The rating on TNK-BP International Ltd. (TNK-BP Int.) is based on the group's large crude oil reserves and production base, and downstream integration. The resulting high share of dollar-denominated crude and product export revenues and strong free cash flow generation ability further underpin the group's credit quality. These strengths are tempered by general country- and oil-industry-specific risks from operating in the Russian Federation (BBB-/Stable/A-3). Exposure to large back-tax claims has declined following the recent downward revision of additional taxes payable for fiscal year 2001, which are now set at Russian ruble (RUR)7 billion (about $250 million), from the previous $1 billion tax claim. The rating does not factor in any direct financial support from BP PLC (AA+/Stable/A-1+), but acknowledges its management control and operational support. The ratings also apply to TNK-BP Ltd., the 100% holding company of TNK-BP Int., which shares a practically identical asset base. With 2004 EBITDA (excluding earnings from equity investments) of $5.7 billion, TNK-BP Int. is Russia's second-largest vertically integrated oil company. It is 50% owned by BP, and 50% by Russian Alfa/Access/Renova group (not rated). TNK-BP Int. produced 1.45 million barrels per day (mmbpd) in 2004, excluding its 50% equity-share of Slavneft's production of 0.22 mmbpd. Proven reserves remained at a comfortable 8 billion barrels (15 year reserve life) on an SEC-LOF (life of field) basis. Under SEC standards, which do not take into account license extensions, reserves would only be 4 billion barrels. In 2004, TNK-BP Int.'s operating and financial performance was very strong. Funds from operations (FFO) jumped by 45% to reach $5 billion. This strong performance was in part caused by the rise in oil prices, a hefty increase in oil production (up 13%), continued price realizations above peers' levels, and stable production costs despite the ruble's 18.5% real inflation and strongly rising tax levels. Net income rose an impressive 54% to reach $4 billion (including $0.6 billion in equity income from Slavneft). Free cash flow was, however, fully absorbed by high dividends of $3.86 billion. Net debt levels thus rose to $2.9 billion at year-end 2004 (from $2.1 billion), but FFO continued to cover net debt by a robust 173%. For 2005, capital expenditure is expected to trend upward to $2 billion from $1.3 billion in 2004, but free cash flow generation should remain very strong. TNK-BP Int. is expected to incur additional debt, however, in line with management's financial policy to increase leverage (defined as net debt to net debt plus equity) to a target range of 25%-35% (23% at year-end 2004). Liquidity TNK-BP Int.'s 'B' short-term rating is underpinned by current good liquidity and strong free cash flow generation, and supported by favorable oil prices. Cash balances stood at $0.5 billion at year-end 2004, versus short-term and maturing long-term debt of $0.9 billion. Committed undrawn bank lines currently stand at $0.4 billion. Recovery analysis Most of the group's debt (e.g. trade finance facilities and Russian bank loans) is issued by OAO TNK-BP Holding and guaranteed by TNK-BP Int. OAO TNK-BP Holding is a 100%-owned Russia-registered subholding company, which controls the key operating subsidiaries OAO TNK (96%), Sidanco (98%), and ONAKO (99%). Eurobonds, European commercial paper and unsecured Western bank loans will, however, be issued by a finance vehicle, called TNK-BP Finance, under a guarantee from TNK-BP Int. Ratings on the $700 million outstanding loan participation notes issued in November 2002, and on the recent $5 billion debt issuance program reflect the rating on TNK-BP International. Standard & Poor's Ratings Services does not currently notch TNK-BP's debt down from its issuer credit rating, as recovery prospects of debt holders at the holding are not viewed to be materially disadvantaged, compared with subsidiaries' creditors. In this respect, management has expressed the objective to lower the share of secured debt to below 40% of total debt (from 58% currently) and 20% of total assets in the next year. Furthermore, the level of pledged export volumes of maximum 0.12 mmbpd is viewed as acceptable in comparison with the group's current total crude and product exports of about 1 mmbpd. The current ongoing corporate restructuring should also be positive. When achieved (targeted before year-end 2005), the minority shareholdings in OAO TNK, Sidanco, and ONAKO will be fully integrated within OAO TNK-BP Holding and these three subsidiaries will cease to exist as separate legal entities. Outlook The stable outlook is based on management's commitment to maintain debt levels within the targeted 25%-35% leverage, together with the expectation of continued robust free cash flow generation ability and high and profitable export volumes. A significant improvement of the Russian operating and fiscal environment could gradually lead to an upgrade by one notch. Events that may pressure the 'BB' long-term rating would include large back tax claims for 2002 and 2003 (which is currently not expected on the basis of the recent ruling on 2001 taxes), a failure to have important licenses extended or granted. Dividends--while possibly large in a high-price environment--and disposals of non-core assets are likely to be neutral as long as financial policy targets are adhered to. Primary Credit Analyst: Karl Nietvelt, Paris Phone: (33) 1-4420-6751 E-mail: karl_nietvelt@standardandpoors.com Secondary Credit Analyst: Elena Anankina, Moscow Phone: (7) 095-783-4130 E-mail: elena_anankina@standardandpoors.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Buys back Additional 1,815,000 'A' Shares ------------------------------------------------------ On 19 September 2005, Royal Dutch Shell plc purchased for cancellation 1,815,000 'A' Shares at a price of EUR27.15 per share. It further purchased for cancellation 500,000 'A' Shares at a price of 1,830.51 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,030,685,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is understood to be aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. It was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: To Restructure, Merge Subsidiaries ----------------------------------------------- Royal Dutch Shell, the single parent company of the Shell Group, has proposed to implement an internal restructuring and merger of certain of its subsidiaries to achieve governance, management and fiscal efficiencies. As part of the restructuring, Royal Dutch would be merged into a subsidiary, Shell Petroleum N.V., and the remaining shareholders in Royal Dutch would receive cash or, at the option of U.K. resident shareholders who so elect, loan notes exchangeable into Royal Dutch Shell A shares. The final terms, including the price to be paid in exchange for each Royal Dutch share held by the Minority, will be determined and announced in the fourth quarter of 2005. Following approval at an extraordinary general meeting, the restructuring is expected to be completed by year-end. Background Following completion of the unification transaction, including the subsequent offer acceptance period that ended on 9 August 2005, Royal Dutch Shell holds approximately 98.5% of the outstanding shares of Royal Dutch and is the sole parent of the Shell Group. Royal Dutch Shell has announced previously that it reserved the right to use any legally permitted method to obtain 100% of the Royal Dutch shares. Restructuring of Royal Dutch Shell Subsidiaries As a result of a review to determine the most appropriate governance, management and fiscal structure for the companies beneath Royal Dutch Shell following the Unification, the Board of Royal Dutch Shell now proposes to unwind Royal Dutch and Shell Transport's respective 60:40 cross holdings in subsidiaries which own directly or indirectly all Shell Group companies. As part of the restructuring Royal Dutch would be merged into a subsidiary, SPNV. Implementation of the restructuring will require a Royal Dutch EGM. Royal Dutch Shell intends to vote in favor of the restructuring at the EGM. Notice for the EGM will be given in due course and it is intended that the EGM and restructuring will be completed before the year-end. The restructuring will be subject to receipt of any necessary consent and approvals and elements of these proposals are the subject of consultation with relevant staff representative bodies as required. Acquisition of the Interests of the Royal Dutch Minority The proposed merger of Royal Dutch into SPNV will allow for the acquisition on a compulsory basis of the remaining interest in Royal Dutch held by the Minority. In the merger, as a consequence of the intended exchange ratio, the Minority will be entitled solely to a cash payment for the Royal Dutch shares previously held, or, for U.K. resident shareholders who so elect, to loan notes exchangeable for Royal Dutch Shell A shares based on a value that does not exceed the face amount of the loan notes. The Royal Dutch Shell Board believes that the acquisition of the shares held by the Minority in this way will be simpler and quicker and therefore result in a more cost efficient process than the alternative Dutch statutory squeeze out procedure. The Board of Royal Dutch has engaged ABN AMRO Bank N.V. as its financial advisor. ABN AMRO will assist the Board in its evaluation of the fairness to the Minority, from a financial point of view, of the exchange ratio and cash consideration to be received in the restructuring by the Minority. If the merger is not completed as proposed, the Board of Royal Dutch Shell intends to commence Dutch statutory squeeze out proceedings in order to acquire the shares held by the Minority. A squeeze out would result in the Minority receiving a cash payment in exchange for their Royal Dutch shares. Loan Note Alternative for U.K.-resident Royal Dutch Shareholders As an alternative to the cash payment to which they would otherwise be entitled under the merger, U.K.-resident Royal Dutch shareholders will be offered the opportunity to elect to receive loan notes that are exchangeable, at the option of the holder or Royal Dutch Shell, into Royal Dutch Shell A shares. These loan notes will provide the ability to achieve a rollover for U.K. capital gains tax purposes. The loan notes would have a total face amount equal to the cash payment that a shareholder would otherwise be due. Loan notes would be exchangeable for Royal Dutch Shell A shares on one or more fixed dates based on a value that does not exceed the face amount of the loan notes. The loan notes would be exchangeable for Royal Dutch Shell A shares based on the market price of such shares at the time of exchange, subject to a cap equal to the number of shares the shareholder would have been entitled to in the original offer. In the event that the cap applies, there would be no entitlement to incremental cash compensation. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. It was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com VERSATEL TELECOM: Shareholders Seek Probe Amid Tele2 Offer ---------------------------------------------------------- Versatel Telecom International N.V. has received notice that a group of Versatel shareholders headed by Centaurus Capital Limited has filed a request with the Enterprise Chamber of the court of appeals in Amsterdam for a judicial investigation into the affairs of Versatel. This is in relation to the recommended cash offers made by Tele2 Finance B.V. for all issued and outstanding ordinary shares in the capital of Versatel and for all the issued and outstanding 3.875% convertible senior notes due 2011 convertible into ordinary shares in the capital of Versatel. The other petitioners are SG Amber Fund, Arnhold & S. Bleichroeder Advisers LLC, Mellon HBV Alternative Strategies Limited and Barclays Capital Securities Limited. In addition, the petitioners will ask the Enterprise Chamber to take provisional measures prohibiting Versatel to take or implement any resolution resulting in, or cooperating with any legal act implementing the Offers and the further actions described in the offer memorandum dated 14 September 2005, including the sale of Versatel Deutschland Holding GmbH, the dividend distribution as described in the explanatory notes to agenda item 4 of the extraordinary general shareholders meeting of Versatel to be held on 29 September 2005, the acceptance of the resignation of the present supervisory board members and their discharge from liability, the appointment of a new managing director and new supervisory board members and any statutory merger or other legal acts described in paragraphs 4.8.4 and 8.8.4 of the Offer Memorandum. Alternatively the petitioners request the Enterprise Chamber to take any other provisional measures that the court may deem fit. According to the petitioners, their request is based on these alleged reasons to doubt the policies of Versatel: (a) Versatel recommends Offers that may not have been equally made to all shareholders. The petitioners assume that Talpa Capital B.V. has been given special benefits over and above the EUR2.20 per share as offered by Tele2 in the Offer Memorandum; (b) the petitioners maintain that the Offers are too low, measured by objective standards and that therefore Versatel's supervisory board and management board should not have recommended these Offers to Versatel shareholders and bondholders; and (c) the petitioners allege that certain consequences of the Offers being declared unconditional as described in the Offer Memorandum are contrary to Dutch law, in particular the distribution of the proceeds of the sale of Versatel Deutschland Holding GmbH to Versatel shareholders and the triangular legal merger contemplated by the Offer Memorandum as one of the means through which Tele2 may acquire full legal control over Versatel. Versatel disagrees with the allegations of the petitioners and will explain this to the Enterprise Chamber. A hearing is scheduled before the Enterprise Chamber today, September 22, 2005 at 3:30 p.m., during which the petitioners' request for provisional measures will be discussed. CONTACT: VERSATEL TELECOM INTERNATIONAL N.V. Wouter van de Putte, Head of Investor Relations Phone: +31-20-750-2362 E-mail: wouter.vandeputte@versatel.com Web site: http://www.versatel.com Cilesta van Doorn Manager Corporate Communications Phone: +31-20-750-1318 E-mail: cilesta.vandoorn@versatel.com =========== R U S S I A =========== ALFA: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------ The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on limited liability company Alfa. The case is docketed as A73-6895/05-39. Mr. O. Syskov has been appointed temporary insolvency manager. CONTACT: ALFA Russia, Khabarovsk region, Komsomolskiy region, Kenay, Shkolnaya Str. 5A Mr. O. Syskov Insolvency Manager Russia, Khabarovsk region, Dzerzhinskogo Str. 28 DAIRY ESIPOVSKIY: Declared Insolvent ------------------------------------ The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Dairy Esipovskiy after finding the open joint stock company insolvent. The case is docketed as A14-8230-2005 85/20b. Ms. E. Mineeva has been appointed insolvency manager. CONTACT: DAIRY ESIPOVSKIY Russia, Voronezh region, Ternovskiy region, Esipovo, Rabochij Per Ms. E. Mineeva Insolvency Manager 394018, Russia, Voronezh region, F. Engelsa Str. 56, Office 38 DAL-GEO: Bankruptcy Supervision Procedure Begins ------------------------------------------------ The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on open joint stock company Dal-Geo. The case is docketed as A73-5953/2005-39. Ms. E. Shtinova has been appointed temporary insolvency manager. CONTACT: DAL-GEO 681021, Russia, Komsomolsk-na-Amure, Oktyabrskiy Pr. 46, Office 3 Ms. E. Shtinova Temporary Insolvency Manager 680023, Russia, Khabarovsk region, Respublikanskaya Str. 17 KRONA: Hires N. Peshkun Insolvency Manager ------------------------------------------ The Arbitration Court of Amur region has commenced bankruptcy supervision procedure on timber industry company Krona (TIN 2801087014). The case is docketed as A04-4656/05-10/7 "B". Ms. N. Peshkun has been appointed temporary insolvency manager. A hearing will take place on November 1, 2005. CONTACT: KRONA 675000, Russia, Amur region, Blagoveshensk, Studencheskaya Str. 13 Ms. N. Peshkun Temporary Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Zeyskaya Str. 140, Office 41 NIZHNEAMURSKIY TIMBER: Court Brings in Insolvency Manager --------------------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on limited liability company Nizhneamurskiy Timber Complex. The case is docketed as A73-5951/2005-9. Mr. V. Muratov has been appointed temporary insolvency manager. CONTACT: Mr. V. Muratov Temporary Insolvency Manager 680020, Russia, Khabarovsk region, Post User Box 106-29 STROY-LINE: Insolvency Manager Takes over Biz --------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on limited liability company Stroy-Line (TIN 2721094425). The case is docketed as A735694/2005-39. Ms. L. Kravtsova has been appointed temporary insolvency manager. A hearing will take place on December 21, 2005, 12:00 noon. CONTACT: STROY-LINE Legal Address: Russia, Khabarovsk region, Dzerzhinskogo Str. 32, Office 12 Russia, Khabarovsk region, Gogolya Str. 12 Ms. L. Kravtsova Insolvency Manager 680028, Russia, Khabarovsk region, Amurskiy Avenue, 11, Office 7 SVOBODNENSKAYA: Furniture Company Calls in Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Amur region has commenced bankruptcy supervision procedure on furniture factory Svobodnenskaya. The case is docketed as A04-4075/05-17/156 "b". Mr. V. Dmitrov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 676450, Russia, Amur region, Svobodnyj, 50 Let Oktyabrya Str. 33, section 308, Room 2. A hearing will take place on December 15, 2005, 8:30 a.m. CONTACT: SVOBODNENSKAYA Russia, Amur region, Svobodnyj, Shatkovskaya Str. 84 Mr. V. Dmitrov Temporary Insolvency Manager 676450, Russia, Amur region, Svobodnyj, 50 Let Oktyabrya Str. 33, Section 308, Room 2 Phone/Fax: (41643) 2-60-48 URAL-PRODUCT: Succumbs to Bankruptcy ------------------------------------ The Arbitration Court of Chelyabinsk region commenced bankruptcy proceedings against Ural-Product (TIN 7452022482) after finding the limited liability company insolvent. The case is docketed as A76-15725/05-60-101. Mr. O. Khvoshnyanskiy has been appointed insolvency manager. CONTACT: URAL-PRODUCT 454081, Russia, Chelyabinsk region, Atrilleriyskaya Str. 102 Mr. O. Khvoshnyanskiy Insolvency Manager 454091, Russia, Chelyabinsk region, Kirova Str. 118, Room 5 VERKHNEMAMONSKIY: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on vegetable oil factory Verkhnemamonskiy. The case is docketed as A14-8141-2005 60/7b. Mr. V. Chukhlebov has been appointed temporary insolvency manager. A hearing will take place on December 2, 2005, 10:00 a.m. at the Arbitration Court of Voronezh region at Russia, Voronezh, Srednemoskovskaya Str. 77, Room 314. CONTACT: VERKHNEMAMONSKIY 396460, Russia, Voronezh region, Verkhnemamonskiy region, Verkhniy Mamon, Stroitelnaya Str. 21 Mr. V. Chukhlebov Temporary Insolvency Manager 394000, Russia, Voronezh region, Main Post Office, Post User Box 298 WOOD-PROM-SERVICE: Bankruptcy Hearing Set December -------------------------------------------------- The Arbitration Court of Kursk region has commenced bankruptcy supervision procedure on limited liability company Wood-Prom-Service (TIN 4633010162). The case is docketed as A-35-3975/05 "g". Mr. L. Prokopenko has been appointed temporary insolvency manager. A hearing will take place on December 7, 2005 at 11:10 a.m. at the Arbitration Court of Kursk region at 305004, Russia, Kursk, K. Marksa Str. 25, Hall 1. CONTACT: WOOD-PROM-SERVICE 307130, Russia, Kursk region, Zheleznogorsk, Lenina Str. 86, Room 3 Mr. L. Prokopenko Temporary Insolvency Manager 394065, Russia, Voronezh, Yuzhno-Moravskaya Str. 11, Apartment 80 ===================================== S E R B I A & M O N T E N E G R O ===================================== ZASTAVA AUTOMOBILI: Signs Key Contract to Make Fiat Punto Cars -------------------------------------------------------------- Serbia's largest vehicle maker, Zastava Automobili, obtained on Tuesday a license to produce Fiat S.p.A.'s Punto model, reports say. The company will invest US$18 million to upgrade its car assembly line, which could potentially employ up to 1,000 workers. The plant, which is expected to produce 16,000 Puntos a year, will start operating within a year. According to AP WorldStream, the deal covers Zastava's US$12.1 million debt to the Italian carmaker. The Kragujevac-based company has been unable to find a strategic partner since 2001. It went bankrupt in 1999 and Zastava Holding was dissolved two years after. The models will be sold for US$9,700 in Serbia, or about 25% cheaper than cars produce in Europe. Punto's name in Serbia will be Zastava 10. The cars will be exported to Macedonia, Croatia, Romania, Bosnia and Albania. CONTACT: ZASTAVA AUTOMOBILI Trg Topolivca Br. 4, 34000 Kragujevac, Serbia Phone: +381-34-323-492 Fax: +381-34-323-429 Web site: http://www.zastava.net =========== S W E D E N =========== TIVOX AB: Binar Buys Parts of Business -------------------------------------- Binar AB signed a contract on Monday to acquire assets of bankrupt firm Tivox AB, according to Nordic Business Report. The sale includes subsidiary Tivox Automation AB, and Rostfritt & Smide i Tranas AB. The companies employ 90 and 20 people, respectively. Tivox Automation AB filed into bankruptcy on Aug. 24. Shareholders of the company have appealed the bankruptcy decision, according to the report. Tivox AB manufactures and markets equipment for industrial painting (flag poles made from fiber, glass-armed plastics, flags and related products, materials handling), industrial automation equipment and fish-processing machinery. It is also involved in subcontracting work including specially commissioned machine parts. Automation equipment accounted for 50% of 2001 revenues and industry equipment, 50%. CONTACT: TIVOX AB Vastra Ringvagen 4 522 22 Tidaholm, S-522 22 Sweden Phone: +46 502 195 00 +46 502 712 54 ===================== S W I T Z E R L A N D ===================== CABLECOM HOLDINGS: Plans Flotation this Year -------------------------------------------- Cable operator Cablecom Holdings AG said Friday it is planning to launch an initial public offering in October. It already made a request for the listing with the Swiss stock exchange. It didn't yet give an expected price for the offering. Credit Suisse First Boston Corp. and Morgan Stanley will act as joint global coordinators and joint bookrunners for the IPO. Cablecom had first-half 2005 sales of CHF406.2 million. This year, it expects to post sales of CHF800 million to CHF850 million, and EBITDA of around CHF345 million, according to chief executive Bruno Claude. The company is 53% owned by Apollo Management LP, Goldman Sachs Group Inc.'s unit Capital Partners, and TowerBrook Capital Partners, formerly part of Soros Private Equity Partners. Its remaining stake is held by various banks. In March, Standard & Poor's Ratings Services revised its outlook on Cablecom Holdings and its financing subsidiary Cablecom Luxembourg SCA to stable from positive, following the group's announcement that it is to refinance its existing CHF1,350 million (US$1,147 million) credit facility. At the same time, Standard & Poor's assigned its 'B' long-term rating, with a recovery rating of '3', to Cablecom Luxembourg's proposed new SFR1,275 million issue of senior secured notes. It affirmed the 'B' long-term corporate credit rating on Cablecom and Cablecom Luxembourg, and affirmed its 'CCC+' senior unsecured debt rating on Cablecom Luxembourg's existing EUR290 million (US$382 million) senior notes. CONTACT: CABLECOM HOLDINGS AG Web site: http://www.cablecom.ch/en/ KABA HOLDING: Annual Net Profit Up 40% -------------------------------------- In financial 2004/05, the Kaba Group posted a 40% gain in consolidated net profit from CHF47.2 million to CHF66.1 million. The Group reported currency-adjusted sales growth at 2.1% and a currency-adjusted EBIT advance of 5%. In comparison with the prior year, the EBIT margin picked up from 12.1% to 12.4%. Higher Profit and Improved Balance Sheet For the Kaba Group, 2004/05 was a successful financial year. Net consolidated income (restated to IFRS) rose by CHF18.9 million to CHF66.1 million, a gain of 40% despite the fact that in October 2004, Kaba incurred a one-time refinancing charge of CHF7.9 million. The increase is due mainly to a higher operating profit, lower financial expenses, and a CHF7.3 million reduction of the tax burden. Moreover, an IFRS-related adjustment had a positive effect: it relates to a reduction in conversion rates among Swiss pension plans to reflect higher actuarial life expectancies. During the same period, Kaba was able to cut gross debt by another CHF103.4 million from CHF454.9 million to HF 351.5 million. Disparate Developments in the Segments The Door Systems segment boosted local-currency sales by 8.9%. Expressed in Swiss francs, sales rose by 8.5% to CHF252.7 million and contributed 26% (PY: 24%) to consolidated sales. During the period, EBIT doubled to CHF19.3 million, increasing the EBIT margin from 3.8% to 7.6%. Local-currency sales growth at Access Systems was 0.5% and its EBIT picked up from 20% to 21%. At constant exchange rates, EBIT growth by 6.6% to CHF88.4 million was brisker than sales growth. Access Systems was able to clearly gain market share in Europe. Sales in America closed at the same strong level as in the prior year and currency-adjusted EBIT advanced as well. The segment's development in Asia-Pacific was weaker. The Key + Ident Systems segment, which now also includes Ilco's key cutting business in the Americas, held currency-adjusted sales at the previous-year level. At 11.7%, the EBIT margin closed slightly lower than the consolidated average of 12.4%. Measures to boost earnings have been intensified and expanded. Data Collection reported currency-adjusted sales growth of 2% in spite of stagnating markets in Germany and the U.S.A. Board Proposes 20% Dividend Increase In view of the considerably higher consolidated net income generated in the year under review and as a token of its investor-friendly payout policy, the Board of Directors will propose to the Annual Meeting on 25 October 2005 a dividend of CHF4.80 per share, up CHF0.80 from the previous year. The payout is to be implemented in the form of a reduction of the par value per share from CHF10 by CHF4.80 to CHF5.20. This approach allows many Kaba Holding AG shareholders to avoid the double taxation of dividends that is levied in Switzerland. Additionally, the General Meeting will be asked to approve an extension of the authorized capital of 350,000 shares until 2007 and to re-approve a conditional capital issue of 60,000 shares for employee participation plans. The Board of Directors proposes the election of Klaus Schmidt as a further member. Mr. Schmidt (47) is a German citizen and has been Chairman of Dekra AG, a motor vehicle inspection group, since 2003. Previously, he was managing director of Alcatel Air Navigation Systems GmbH. Current members Ulrich Graf and Gerhard Zeidler will be available for reelection. Optimistic Long-term Outlook Kaba assumes that the economic scenario will change only immaterially in the short term and therefore believes that the segments will continue to develop disparately in the near future. The repeatedly demonstrated ability of the Kaba Group to generate sustainably solid earnings even under mixed market conditions justifies a positive assessment of its perspectives. Kaba is a globally active, publicly traded security corporation. With its "Total Access" strategy, the Kaba Group is specialized in integrated solutions for security, organization, and convenience at building and information access points. Kaba is also the world market's No. 1 provider of key blanks, key cutting and coding machines, transponder keys, and high security locks. It is a leading provider of electronic access systems, locks, master key systems, hotel locking systems, security doors, and automatic doors. CONTACT: KABA HOLDING AG CH-8153 Ruemlang Contact: Ulrich Graf, CEO Phone: +41 44 818 90 21 Dr. Werner Stadelmann, CFO Phone: +41 44 818 90 61 Jean-Luc Ferrazzini, CCO Phone: +41 44 818 92 01 SWISS INTERNATIONAL: To Raise Fuel Surcharges --------------------------------------------- Swiss International will increase its fuel surcharges effective September 23, in line with other airlines. This measure is in response to the increases in crude oil and fuel prices following Hurricane Katrina and Tropical Storm Rita in the U.S.A. In view of these developments, SWISS is constrained to increase its fuel surcharges, to CHF93 per leg (formerly CHF68) for long-haul flights and to CHF29 per leg (formerly CHF24) for European flights. The new fuel surcharges will be levied on any tickets booked or issued in Switzerland on or after September 23. All tickets issued up to September 22 will be subject to fuel surcharges at the current rates. CONTACT: SWISS INTERNATIONAL Corporate Communications Phone: +41 (0) 848 773 773 Fax: +41 (0) 61 582 35 54 E-mail: communications@swiss.com Web site: http://www.swiss.com =========== T U R K E Y =========== PETROL OFISI: Rating Off CreditWatch; Outlook Stable ---------------------------------------------------- Standard & Poor's Ratings Services removed its ratings on Turkey-based petroleum products distributor Petrol Ofisi A.S. from CreditWatch, where they had been placed with developing implications on Sept. 5, 2005. At the same time, the 'B+' long-term ratings on POAS were affirmed. The outlook is stable. The CreditWatch resolution comes after POAS was outbid in its attempt to acquire the Turkish State's 51% stake in the Tupras refining corporation. The rating on POAS continues to reflect the company's significant exposure to the volatile macroeconomic environment in Turkey and the lack of meaningful geographical diversification. It also reflects the company's very aggressive financial policy, as evidenced by its attempt to acquire Tupras. Total debt at June 30, 2005 was $867 million. Standard & Poor's expects that POAS will continue to benefit from its favorable position as the leading petroleum distributor in Turkey, even though the continuing increase in the price of oil is likely to exert growing pressure on POAS' ability to pass on higher prices to its retail customers. "The rating could come under pressure, or the outlook revised to negative, if POAS' distributing margins were to weaken as a result of increased competition following the Tupras privatization or as a result of an inability to pass on further oil price increases," said Standard & Poor's credit analyst Per Karlsson. "The rating would also be pressured if POAS' financial policy were to result in an increase in its debt position or in a deterioration in its liquidity position." Upside potential in the rating is limited at present. 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 ============= U K R A I N E ============= AGROPROMTEHKOM: Creditors' Claims Due this Week ----------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Agropromtehkom (code EDRPOU 31107818) on July 27, 2005 after finding the limited liability insolvent. The case is docketed as 43/539. Mr. V. Dranchenko (License Number AA 630098) has been appointed liquidator/insolvency manager. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) AGROPROMTEHKOM Ukraine, Kyiv region, Kaunaska Str. 10-a (b) Mr. V. Dranchenko Liquidator/Insolvency Manager 04074, Ukraine, Kyiv region, a/b 73 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B GALKOMTORG: Succumbs to Insolvency ---------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Galkomtorg (code EDRPOU 13818009) on August 2, 2005 after finding the limited liability insolvent. The case is docketed as 6/164-8/128. Mr. Andrij Kolisnik (License Number AB 116300) has been appointed liquidator/insolvency manager. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) GALKOMTORG 79019, Ukraine, Lviv region, Zhovkivska Str. 15 (b) Mr. Andrij Kolisnik Liquidator/Insolvency Manager 79017, Ukraine, Lviv region, Tarnavskij Str. 104 b/54 Phone: 8 (097) 241-59-55 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 HODORIV' MEAT: Declared Insolvent --------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Hodoriv' Meat Combine (code EDRPOU 00443826) on June 29, 2005 after finding the limited liability company insolvent. Mr. Cherevatij Lubomir (License Number AA 630123) has been appointed liquidator/insolvency manager. The company holds account number 2600510013578, 2600800013578, 2604200013578 at JSPPB Ukrsocbank, Lviv regional branch, MFO 325019. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) HODORIV' MEAT COMBINE 81750, Ukraine, Lviv region, Hodoriv, Shevchenko Str. 22 (b) Mr. Cherevatij Lubomir, Liquidator/Insolvency Manager 79022, Ukraine, Lviv region, Gorodotska Str. 277, a/b 10296 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 SELECT: Krym Court Appoints Insolvency Manager ---------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Select (code EDRPOU 31020095) on August 8, 2005 after finding the limited liability insolvent. The case is docketed as 2-20/5677-2005. Mr. G. Vudud (License Number AB 216916) has been appointed liquidator/insolvency manager. Creditors have until September 23, 2005 to submit their proofs of claim to: (a) SELECT 98100, Ukraine, AR Krym region, Feodosiya, Roza Luksemburg Str. 6 (b) Mr. G. Vudud Liquidator/Insolvency Manager 95048, Ukraine, AR Krym region, Simferopol, a/b 2769 (c) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 =========================== U N I T E D K I N G D O M =========================== ASHTEAD GROUP: Sunbelt Bolsters First-quarter Profit ---------------------------------------------------- Ashtead Group plc released recently its first-quarter results for the three months ended 31 July 2005. Highlights (a) Sunbelt's operating profit up 51% to US$38.6 million (2004 - US$25.6 million); (b) A-Plant's operating profit up 23% to GBP3.7 million (2004 - GBP3.0 million); (c) group pre-tax profit of GBP12.3 million (2004 - GBP4.9 million); (d) capital reorganization announced in July successfully concluded; (e) strong market conditions in U.S. continue; and (f) admitted to the FTSE 250 effective 19 September 2005. Report of Chief Executive George Burnett Sunbelt again delivered a strong performance with first-quarter dollar revenue up 16.6% reflecting strong growth in its key non-residential construction market, increasing market share and the shift from ownership to rental in the U.S. As a result of this growth, Sunbelt's operating profit grew 51% in the quarter. A-Plant and Ashtead Technology both also exceeded last year's first quarter performance by more than 20%. We anticipate that Sunbelt, which now accounts for around three-quarters of the Group's profits, and Ashtead Technology, will continue to perform strongly. A-Plant's rate of growth is expected to slow from the 23% achieved in the first quarter reflecting the continued competitiveness of the U.K. market. The recently completed capital reorganization has strengthened our balance sheet and provides us with substantial flexibility to take advantage of the strong U.S. market. The Board therefore looks forward to a successful outcome to the year. A copy of this financial report is available free of charge at http://bankrupt.com/misc/AshteadGroup(Q12005)(1).pdf * * * Registered in the U.K., Ashtead is a leading provider of rental equipment in the U.K. and the U.S., through its a-Plant and Sunbelt subsidiaries. As at financial year ending April 30, 2005, the group generated annual revenues of GBP523.7 million and EBITDA of GBP169.7 million. Net debt stood at GBP493.2 million. In July, Ashtead completed its refinancing, which included: (a) the raising of approximately GBP70 million before expenses through the Placing and Open Offer of approximately 73.4 million New Ordinary Shares at 95.5 pence per share; and (b) the raising of US$250 million (approximately GBP142 million), before expenses, by the issue of New Senior Loan Notes, which carry an interest rate of 8 5/8% and will be repayable in full in August 2015. From the proceeds of the refinancing, Ashtead has now repaid the Convertible Loan Note at a discount of approximately 11% and will redeem GBP42 million of the existing Senior Loan Notes, which carry interest at a rate of 12%. Together these transactions have further deleveraged the balance sheet and reduce borrowing costs; further extended the average debt maturity to approximately 7 years; avoided the potential dilution to existing shareholders which would occur if the Convertible Loan Note were to convert into equity; broadened the investor base; and facilitated the payment of dividends in the future. CONTACT: ASHTEAD GROUP PLC King's Court, 41-51 Kingston Rd. Leatherhead Surrey KT22 7AP, United Kingdom Phone: +44-1372-362-300 Fax: +44-1372-376-610 Web site: http://www.ashtead-group.com George Burnett, Chief Executive Officer Ian Robson, Chief Finance Officer Phone: +44 (0)1372 362300 BELGRAVE EX-SERVICEMEN'S: Hires Administrator from Springfields --------------------------------------------------------------- Situl Devji Raithatha (IP No 8927) of Springfields was appointed administrator of Belgrave Ex-Servicemen's And Social Club Limited (Company No IP13189R) on Sept. 7. The company's registered office is at 229 Melton Road, Belgrave, Leicester LE4 7AN. CONTACT: SPRINGFIELDS 80 Hinckley Road Leicester Leicestershire LE3 0RD Phone: 0116 299 4745 Fax: 0116 299 4742 E-mail: situl.r@springfields-uk.com BLACKS BIKES: Administrator Takes over Firm ------------------------------------------- Gordon Craig (IP No 0978) of Cresswall Associates Limited was appointed administrator of Blacks Bikes Limited (Company No 03208423) on Sept. 5. The company sells motorcycles. CONTACT: CRESSWALL ASSOCIATES LIMITED Bridge House, Marsh Lane, Huddersfield HD8 8AE BRITISH DENKAVIT: Hires Administrators from Mazars -------------------------------------------------- Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018, 9295) of Mazars were appointed joint administrators of British Denkavit Limited (Company No 03732843) on Sept. 2. The company sells grain and animal feeds. CONTACT: BRITISH DENKAVIT LTD. Unit 6 The Alpha Centre Upton Road Poole BH17 7AG Dorset Phone: 01202 670561 MAZARS LLP 8 New Fields 2 Stinsford Road Nuffield, Poole Dorset BH17 0NF Phone: 01202 680777 Fax: 01202 682671 CHAVEL LIMITED: Administrators from Stoy Hayward Move in -------------------------------------------------------- Martha H. Thompson and Dermot Coakley (IP Nos 8678/01, 6824) of BDO Stoy Hayward were appointed joint administrators for Chavel Limited (Company No 03822839) on Sept. 5. CONTACT: CHAVEL LTD. Unit 7/10 Gastins Wood Indstl Est, Reading Road, Basingstoke, Hampshire RG24 8DU Phone: 01256-317300 BDO STOY HAYWARD Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk CHILL BARS: Calls in Administrators from P&A Partnership -------------------------------------------------------- Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144) of Poppleton & Appleby were appointed joint administrators of Chill Bars Limited (Company No 05111630) on Sept. 1. The company's registered office is at Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent, Staffordshire ST3 6HP. The company manages a bar and restaurant. CONTACT: THE P&A PARTNERSHIP The Old Barn, Caverswall Park, Caverswall Lane Stoke on Trent ST3 6HP Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com CONCEPT CYCLING: Appoints Administrators from KPMG -------------------------------------------------- Company Names: Concept Cycling Group Ltd. (Company No 4735070) Concept Cycling Ltd. (Company No 03203091) Brian Green and Paul Andrew Flint (IP Nos 8709, 9075) of KPMG LLP were appointed administrators of these companies on Sept. 7. For more information, contact KPMG LLP at St James' Square, Manchester M2 6DS. Concept Cycling Group Ltd. is the holding company while Concept Cycling Limited is in charge of selling bicycles. These companies have subsidiaries, namely Wheelbase (UK) Limited and Acorn Sports & Leisure (UK) Limited. CONTACT: CONCEPT CYCLING LTD. 7-8 Shield Drive, Wardley Industrial Estate, Manchester, Lancashire M28 2QB Phone: 01617285533 KPMG LLP St James' Square Manchester Greater Manchester M2 6DS Phone: 0161 838 4000 Fax: 0161 838 4040 COSTAIN GROUP: Awards New CEO Shares, Options --------------------------------------------- On 12 September 2005, Costain Group plc appointed Andrew Wyllie as Chief Executive of the Company. Pursuant to the terms of his service agreement, the Company granted Mr. Wyllie on 19 September 2005: (a) a contingent award over 400,000 ordinary shares of 5 pence each in the capital of the Company. The award will vest dependent on the extent to which certain performance targets are satisfied for the financial year ending 31 December 2007; and (b) an award in the form of an option with an exercise price of GBP1 per exercise (whether on exercise of the entire award or any part of it) over 677,966 ordinary shares of 5 pence each in the capital of the Company under the Costain Group plc Long-term Incentive Plan. The award can only be generally exercised on the achievement of specified Performance Conditions after the end of the Company's financial year ending 31 December 2008. About the Company Costain collapsed under heavy debt in the mid-1990s after venturing into U.S. mining. It is still trying to recover, with its first dividend in years expected this year or next. Its core U.K. business reported a GBP10.5 million profit last year after plunging into a EUR5 million loss in 2000. The company has moved into asset management of water utilities from civil engineering. In May, the special resolution approving the reduction of share capital and cancellation of share premium account in the Company was approved by the Companies Court and registered at Companies House. CONTACT: COSTAIN GROUP PLC Costain House, Nicholsons Walk Maidenhead SL6 1LN, United Kingdom Phone: +44-1628-842-444 Fax: +44-1628-674-477 Web site: http://www.costain.com Stuart Doughty, Chief Executive Charles McCole, Finance Director Graham Read, Public Relations Phone: 01628 842 444 DRAX GROUP: Board Says GBP1.9 Billion Offer Undervalues Company --------------------------------------------------------------- Drax Group Limited revealed on 13 September 2005 that it had received an indicative approach from a consortium comprising Constellation Energy Group, Inc. and Perry Capital LLC regarding a possible cash offer representing an enterprise value of GBP1.9 billion for Drax. Since then the Board has had the opportunity to clarify certain aspects of the proposal with the advisers to Constellation/Perry, to take soundings from Drax's major shareholders and Greenhill & Co. International LLP (financial advisers to the Shareholder Committee), and to consider the proposal with its own financial advisers. In assessing the proposal, the Board has focused on its value, deliverability and timeliness as compared to the proposed Refinancing and Listing. The Board has also taken into account the anticipated opportunities for the Company and its shareholders following the Refinancing and Listing. The indicative approach is to acquire 100% of the equity of Drax and contemplates the full repayment of A1, A2, A3 and, if required, B debt. The proposal is subject to a number of conditions, including arranging a leveraged capital structure and due diligence. It also expressly recognizes that the Company will wish to continue to pursue a public listing in parallel with any discussions. The Board believes that the GBP1.9 billion enterprise value referred to in the indicative proposal converts into an implied price for the Linked Securities (A2/A3 debt and equity) of approximately 328% of the outstanding principal of the A2 debt, having taken into account the non-voting ordinary shares. This compares with the traded price of approximately 338% as at close of trading on 9 September 2005 (being the last trading day before the date of Constellation/Perry's proposal) and of approximately 368% as at close of trading on 19 September 2005. The Board also believes that the indicative proposal significantly undervalues the Company and has no certainty of delivery. Consistent with its previously stated position, the Board remains committed to delivering shareholder value and to the possibility of this arising through the pursuit of other strategic alternatives to the proposed Refinancing and Listing. Accordingly, if the Board receives any other indicative proposals, it will also assess them on similar bases of value, deliverability and timeliness. The Board, which has been advised by Deutsche Bank (in its capacity as its financial advisers), is therefore of the view that it should continue with the process which has been mapped out to deliver the proposed Refinancing and Listing whilst maintaining a dialogue with Constellation/Perry. Deutsche Bank AG London Branch, which is regulated by the Financial Services Authority for the conduct of designated investment business in the United Kingdom, is acting for Drax in connection with the matters described herein and no one else and will not be responsible to anyone other than Drax for providing the protections afforded to customers of Deutsche Bank, nor for providing advice in relation to the matters described herein. This announcement is not for release, publication, or distribution in or into the United States. About the Company Headquartered in Selby, North Yorkshire, United Kingdom, Drax Group operates the largest coal-fire power plant in Europe. Its primary subsidiary, Drax Power, operates the Drax Power Station in North Yorkshire England. Drax Group underwent a financial restructuring in 2003 after its largest customer, TXU Europe, filed for administrative protection. Its former project creditors took control of the firm from owner U.S. energy generator AES. In December, it secured an agreement for a GBP348 million claim from TXU. It received a first distribution of some GBP214 million at the end of March. Succeeding payments are expected in 2005 and 2006. The company is using its money to discharge B debt. Drax Group Limited has appointed Deutsche Bank AG London as lead adviser and sponsor for the proposed refinancing and listing. It has retained Dresdner Kleinwort Wasserstein Limited as financial adviser. CONTACT: DRAX GROUP LIMITED Melanie Wedgbury Phone: 01757 618381 Kelly-Ann French/ Eric Burns BUCHANAN COMMUNICATIONS Phone: 01943 883990 Charles Ryland/Ben Willey Phone: 020 7466 5000 GATE GOURMET: Retains Restructuring Professionals ------------------------------------------------- Weil Gotshal & Manges partners Chris Mallon in London and Steve Karotkin in the U.S. have been appointed restructuring adviser of airline catering company Gate Gourmet, The Lawyer.com says. Clarks Legal Services, of which Michael Sippitt is managing partner, is advising the company on employment issues. Latham & Watkins London is advising mezzanine debtors. The Latham team is composed of John Houghton, together with corporate partners Ian Clark and Charles Fuller, employment partner Stephen Brown and New York restructuring partner Mitchell Seider. The senior creditors are advised by Bingham McCutchen partner Barry Russell. The company has defaulted on monthly interest payments on a CHF300 million (GBP132 million) "mezzanine" loan since January. It is currently in talks with creditors regarding a rescue plan. Failure to strike an agreement could send the company into bankruptcy. Gate Gourmet owes creditors almost CHF700 million. Gate Gourmet is owned by U.S. private equity firm Texas Pacific Group. Its U.K. operations lost GBP22 million in 2004; a further GBP25 million in losses is expected this year. The company has not made a profit since 2000. CONTACT: GATE GOURMET U.K. & IRELAND Phone: 0208 5135013 Mobile: 07810 561816 Web site: http://www.gategourmet.com BINGHAM MCCUTCHEN 99 Gresham Street London, England EC2V 7HG Web site: http://www.bingham.com/bingham/default.asp LATHAM & WATKINS 99 Bishopsgate London EC2M 3XF England Phone: +44-20-7710-1000 Fax: +44-20-7374-4460 Web site: http://www.lw.com/ WEIL GOTSHAL & MANGES One South Place London EC2M 2WG, England Phone: +44 20 7903 1000 Fax: +44 20 7903 0990 Web site: http://www.weil.com/ CLARKS LEGAL SERVICES 12 Henrietta Street Covent Garden London WC2E 8LH England Phone: 020 7 539 8000 Fax: 020 7 539 8001 Web site: http://www.clarkslegal.com/ HIGHVIEW INVESTMENTS: Names Langley & Partners Administrator ------------------------------------------------------------ Philip Simons (IP No 9289) of Langley & Partners was appointed administrators of Highview Investments Limited (Company No 03249869) on Sept. 6. The company's registered office is at Baron House, 28-30 Rivington Street, EC2A 3DZ. Highview Investments buys and sells real estate. CONTACT: LANGLEY & PARTNERS Langley House Park Road East Finchley London N2 8EX Phone: 020 8444 2000 Fax: 020 8444 3400 E-mail: philip.simons@langleypartners.co.uk INCLINE GLOBAL: Calls in Administrators from Ernst & Young ---------------------------------------------------------- Incline Global Technology Services has collapsed into administration for lack of repair contracts, The Herald reports. Directors of the company have called in Ernst & Young partners Colin Dempster and Garry Wilson as administrators. Owner venture capitalist 3i, its major creditor, expects to lose up to GBP25 million, including new loans of GBP5 million advanced in March and November last year. 3i invested GBP8 million three years ago and got control of the firm from founding directors David Wares, George McBride and Campbell Cromar. Headquartered in Strathclyde Business Park, Incline Global repairs flat LCD television screens and computer monitors. It employs a total of 500 people worldwide, 300 of which is with its operational sites in China, Taiwan and the U.S.; all of which are for sale. Ernst & Young has already shut down a repair facility in Shannon, Ireland, which once employed 60, and a satellite operation in Prague, which has operated for only four months. The company's Bellshill HQ is being wound down. The company has been losing cash and just subsisting on a recent capital injection by a major shareholder. It failed to attract a steady stream of repair orders despite soaring demand for flat screens. Its annual report for 2003 shows pre-tax losses of GBP10.8 million, more than double the year before. Turnover fell from GBP19.3 million in 2002 to GBP10.8 million. CONTACT: INCLINE GLOBAL TECHNOLOGY SERVICES Web site: http://www.incline-gts.com/contact.asp ERNST & YOUNG LLP George House 50 George Square Glasgow G2 1RR Phone: +44 [0] 141 626 5000 Fax: +44 [0] 141 626 5001 Web site: http://www.ey.com INFOGRAMES ENTERTAINMENT: Atari Sells Sark Shares Worth US$7 Mln ---------------------------------------------------------------- Infogrames Entertainment said its American subsidiary Atari, Inc. issued 5,702,590 unregistered shares of its common stock to Sark Master Fund Ltd. (SARK Fund) and CCM Master Qualified Fund, Ltd., a current stockholder (CCM Fund). The shares were sold for cash at an aggregate offering price of US$7,413,367, or US$1.30 per share. The issuance of shares to SARK Fund and CCM Fund did not involve a public offering. However, Atari, Inc. agreed to register the shares for resale by those investors. At the same time, Atari Inc. also issued 6,145,051 shares of its common stock to Infogrames Entertainment as payment for outstanding intra-group indebtedness. As a result of these transactions, Atari Inc. now has 134,748,670 shares outstanding, 51.4% of which are held by Infogrames Entertainment. Atari Inc. also informed Infogrames Entertainment that it has sold all of the 5,840,161 IESA shares issued to pay for the acquisition of Humongous. About Infogrames Entertainment and Atari Infogrames Entertainment (IESA), the parent company of the Atari Group, is listed on the Paris Euronext stock exchange (ISIN code: FR-0000052573) and has two principal subsidiaries: Atari Europe, a privately-held company, and Atari, Inc., a United States corporation listed on NASDAQ (ATAR). The Atari Group is a major international producer, publisher and distributor of interactive entertainment software for all market segments and in all existing game formats (Microsoft, Nintendo and Sony) and on CD-ROM for PCs. Its games are sold in more than 60 countries. The Atari Group's extensive catalog of popular games is based on original franchises (Driver, Alone in the Dark, V- Rally, Test Drive, Roller Coaster Tycoon, etc.) and international licenses (Matrix, Dragon Ball Z, Donjons & Dragons). * * * Infogrames had non-recurring losses of EUR8.5 million for fiscal year 2004/2005, versus gains of EUR10 million a year ago. This included restructuring charges (-EUR15.8 million) and the impact of the sale of Atari Inc. shares (EUR-20.2 million), which were partly offset by one-time gains of EUR15.6 million from the exchange offer on the OCEANE 2005 bonds and EUR15.9 million from the sale of the Civilization franchise. Infogrames Entertainment reduced its net debt over the year by more than EUR120 million, bringing its debt-to-equity ratio to less than 1. The net debt at the end of the year amounted to EUR188.6 million, compared with EUR313.3 million the previous year. Most of the debt matures in 2009. CONTACT: ATARI GROUP Cecile Sornay Phone: + 33 (4) 37 64 30 00 Fax: + 33 (4) 37 64 30 35 E-mail: cecile.sornay@atari.com Philippe Dujardin Phone: 33 (4) 37 64 30 00 Fax: + 33 (4) 37 64 30 35 E-mail: philippe.dujardin@atari.com Web site: http://www.atari.com J B FINCH: Files for Liquidation -------------------------------- J. Finch, Director of J B Finch Ltd. (formerly J.B. Finch Machinery & Moulds Ltd.), informs that resolutions to wind up the company were passed at an EGM held on Sept. 7 at 27 The Downs, Altrincham, Cheshire WA14 2QD. Neil Henry and Michael Simister of Lines Henry, 27 The Downs, Altrincham, Cheshire WA14 2QD were appointed Joint Liquidators. CONTACT: JB FINCH MACHINERY AND MOULDS LTD. Unit 3 Bridge Street Church Accrington BB5 4HU Lancashire Phone: 01254 383999 Fax: 01254 383999 LINES HENRY 27 The Downs Altrincham Cheshire WA14 2QD Phone: 0161 929 1905 Fax: 0161 929 1977 E-mail: nola@lineshenry.co.uk KEEPING INFORMATION: EGM Passes Winding-up Resolution ----------------------------------------------------- M. Nethercott, Director of Keeping Information Technology Easy Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 7 at the offices of Harris Chartered Accountants, 75 Mosley Street, Manchester M2 3HR. Martin C Hepworth of Hepworth Joyce Associates Ltd., Unit 2, Clarke Hall Farm, Aberford Road, Wakefield WF1 4AL was appointed liquidator. The company is a software training and consultancy company based in Manchester. Visit http://www.kitetraining.com for more information. CONTACT: KEEPING INFORMATION TECHNOLOGY EASY LIMITED Portland Tower Portland Street Manchester M1 3LF Phone: 0161-234 0922 Fax: (0870) 1364780 LEARNING DYNAMIX: Administrators from Tait Walker Enter Firm ------------------------------------------------------------ Gordon S. Goldie and Allan D. Kelly (IP Nos 5799, 9156) of Tait Walker were appointed administrators of Learning Dynamix Limited (Company No 03469280) on Sept. 7. CONTACT: LEARNING DYNAMIX The Talent House, 10 Kingsway North, Gateshead, Tyne And Wear NE11 0JH Phone: 01914926900 TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk M A REES & SON: Administrators from S F Plant Move in ----------------------------------------------------- Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S F Plant + Co were appointed administrators of M A Rees & Son Limited (Company No 04323072) on Sept. 8. The company's registered office is at Lutomer House, 100 Prestons Road, London E14 9SB. M A Rees offers road haulage services. CONTACT: M.A REES & SON Tyneside Road, Butetown Cardiff CF10 4LR Phone: 029 20480666 S. F. PLANT + CO Lutomer House Business Centre 100 Prestons Road London E14 9SB Phone: 0207 538 2222 Fax: 0207 538 3322 MOLD SERVICES: Names Mazars Liquidator -------------------------------------- G. Mold, Chairman of Mold Services Limited, informs that resolutions to wind up the companies were passed at an EGM held on Sept. 2 at 37 Frederick Place, Brighton, East Sussex BN1 4EA. Lucinda Ann Field and Timothy Colin Hamilton Ball both of Mazars LLP, 37 Frederick Place, Brighton, East Sussex BN1 4EA were appointed Joint Liquidators. CONTACT: MOLD SERVICES LTD. Building Services Grays Farm West End Lane Henfield West Sussex BN5 5RF England Phone: 01273 491011 Fax: 01273 493246 E-mail: enquiries@moldservices.com Web site: http://www.moldservices.com/BuildingServices.php MAZARS Web site: http://www.mazars.co.uk MONDBURY LIMITED: Names Leonard Curtis Administrator ---------------------------------------------------- N. A. Bennett and S. D. Swaden (IP Nos 9083, 2719) of Leonard Curtis & Co. were appointed administrators of Mondbury Limited (Company No 1536974) on Sept. 9. The company's registered office is at One Great Cumberland Place, Marble Arch, London W1H 7LW. Mondbury Limited manufactures ladies clothing. CONTACT: MONDBURY LTD. 2 Queensland Road Holloway, London N7 7AL Phone: 020 7700 3456 LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Phone: 020 7535 7000 Fax: 020 7723 6059 E-mail: solutions@leonardcurtis.co.uk Web site: http://www.leonardcurtis.co.uk MOWLEM PLC: Not Likely to Declare Interim Dividend -------------------------------------------------- As previously announced, earlier this year Mowlem plc initiated a detailed review of its approach to profit recognition and contract valuation. This review is now substantially complete. Mowlem will be adopting more prudent and consistent accounting rules for recognizing income on contracts and expects to make a further adjustment to the carrying value of the contracts in the balance sheet as at 31 December 2004 of around GBP70 million. This will be reported as a separate item in the results for the period ended 30 June 2005. It is unlikely that an interim dividend will be paid. Mowlem's expectations on trading for the full year remain unchanged from its announcement on 5 July 2005. The Board continues to reassess its current strategy to ensure that the scope of Mowlem's activities is best aligned to take advantage of the opportunities in the construction and related services industry. Mowlem's order book remains steady at GBP2.3 billion and the progressive implementation of new risk management processes continues to improve the quality of work being secured. Mowlem has had a number of recent contract successes such as the GBP450 million M1 widening project and the GBP60 million Twickenham contract. The company has also recently been advised of preferred bidder status on the GBP1 billion Northwood PFI project for the Ministry of Defense. About the Company Mowlem plc, based in Middlesex, provides construction and support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. The Trouble Mowlem's business review in February led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split up of its Construction Services operation into three units. Recently, the company warned its full year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement follows three previous profit warnings since June 2004. It prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com MR. ELECTRIC: Calls in Liquidator --------------------------------- P. Nelson, Chairman of Mr. Electric (Brighton West & Portsmouth East) Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at the offices of Atherton Bailey LLP, 1 Liverpool Terrace, Worthing, West Sussex BN11 1TA. Ranjit Bajjon and Malcolm P. Fillmore of Atherton Bailey LLP, 1 Liverpool Terrace, Worthing, West Sussex BN11 1TA were appointed Joint Liquidators. The appointment was confirmed at a subsequent Meeting of Creditors held on the same day. Mr. Electric is the world's largest residential and light commercial electrical installation and repair company with multiple locations in the U.K., providing cost effective solutions for all electrical needs. The Mr. Electric concept was originated in the U.S.A. by the Dwyer Group of Texas and was introduced to the U.K. in 1997. Originally owned by a large group, it was acquired in 2003 by C.C. Houlston (Franchising) Ltd. after a successful management buyout and continues to operate from its Midlands based U.K. headquarters. Visit http://www.mr-electric.co.uk/for more information. CONTACT: MR. ELECTRIC Five Mile House, 128 Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4JZ Phone: +44 (0) 1527 574343 Fax: +44 (0) 1527 874031 E-mail: enquiries@mr-electric.co.uk NETTPROFILE LIMITED: In Liquidation ----------------------------------- E. A. Sabiketi, Director of Nettprofile Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 7 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 liquidator. Nettprofile Ltd. provides translation and interpretation services for businesses and individuals. It has more than 150 contracted translators who specialize in English, French, Spanish, Japanese, Greek, Italian, Polish, German, Russian, Mandarin Chinese, Arabic and Dutch. Visit http://www.nettranslation.co.uk/for more information. CONTACT: NETTPROFILE LTD. 288 Bishopsgate London EC2 M4QP United Kingdom Phone: +44(0)207 959 3018 Fax: +44(0)207 959 3030 E-mail: info@nettranslation.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 NOVALPAL HOLDINGS: Appoints Administrators from Moore Stephens -------------------------------------------------------------- Simon Paterson (IP No 6856) of Moore Stephens was appointed administrator of Novalpal Holdings Limited (Company No FC024232) on Sept. 5. The company is registered in England as Novapal Limited. It supplies free to air set top boxes. CONTACT: MOORE STEPHENS CORPORATE RECOVERY Victory House Admiralty Place Chatham Maritime Kent ME4 4QU Phone: +44 (01634) 895100 Fax: +44 (01634) 895101 Web site: http://www.moorestephens.com PENROSE ANGLING: Names P&A Partnership Liquidator ------------------------------------------------- M. Penrose, Chairman of Penrose Angling Systems Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 7 at 93 Queen Street, Sheffield S1 1WF, on 7 September 2005. Allan Cooper and John Russell of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF were appointed liquidators. The appointment was confirmed at a subsequent Meeting of Creditors. Penrose Angling Systems began manufacturing high quality metalwares for the angling industry on September 1, 1994 with a few basic items that included platforms and trolleys from a small 350 sq. ft. enterprise workshop in Attercliffe Sheffield. Still based in Sheffield -- the steel city of the world -- it now occupies an 8,000 sq. ft. complex in the heart of the Waleswood Industrial area. It has also become one of the leading metalwares manufacturers in the U.K. with a range of quality products that have dominated the market over the last five years. Visit http://www.penrose-uk.com/for more information. CONTACT: PENROSE ANGLING SYSTEMS LIMITED Phone: +44 (0) 1909 774555 THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com PHOENIX GAMES: Files for Liquidation ------------------------------------ Phoenix Games Ltd. informs that a resolution to wind up the company was passed at an EGM held on Sept. 1 at The Camden Head, 2 Camden Walk, Camden Passage, London N1 8DY. Phoenix Games includes the U.K. home office of Phoenix Games Ltd. and the Holland production office at Phoenix Games B.V. Visit http://www.phoenixgames.nl/for more information. CONTACT: MARRIOTT PALMER BROWN LIMITED 30 Harts Grove, Woodford Green, Essex IG8 0BN Contact: Kevin Thomas Brown, Liquidator PLATE ROLLERS: Opts for Liquidation ----------------------------------- Bill Povey, Chairman of Plate Rollers (UK) Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 5 at Church Steps House, Queensway, Halesowen, West Midlands B63 4AB. Andrew Fender, of Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT, was appointed liquidator. Late Rollers produces rolled and welded cylinders, concentric reducers, eccentric reducers, lobster back bends, square to round transitions, equal tees, reducing tees and cylinder related fabrications. It serves many industries that are diverse and numerous, these include: Petrol-Chemical, Renewable Energy, Medical, Fabrication, Oil & Offshore, Civil & Environmental, Water, And Marine & Telecommunications. Situated in Dudley in the West Midlands conurbation, Plate Rollers (U.K.) Ltd. has excellent access to both motorways and airports. The manufacturing area consists of 19,000 sq. ft., 24 ft. to the eaves, and is served by four pendant operated overhead traveling cranes with a maximum lift of 15 tons. Visit http://www.plate-rollers.co.ukfor more information. CONTACT: PLATE ROLLERS (UK) LTD. Vauxhall Street Queens Cross Dudley DY1 1TA West Midlands Phone: 01384 237816 Fax: 01384 457463 RICHMOND TOOLS: Administrators from Stoy Hayward Enter Firm ----------------------------------------------------------- Martha H. Thompson and Dermot Coakley (IP Nos 8678/01, 6824) of BDO Stoy Hayward LLP were appointed administrators of Richmond Tools Limited (Company No 02228061) on Sept. 5. CONTACT: RICHMOND TOOLS LTD. Unit 7-10, Gastons Wood Industrial Estate, Chineham, Basingstoke, Hampshire RG24 8TW Phone: 01256 317300 BDO STOY HAYWARD Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Phone: 0118 925 4400 Fax: 0118 925 4470 E-mail: reading@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk SKILL DEVELOPMENT: Falls into Liquidation ----------------------------------------- Skill Development Limited informs that a resolution to wind up the company was passed at an EGM held on Sept. 7 at the offices of Harris Chartered Accountants, 75 Mosley Street, Manchester M2 3HR. Martin C Hepworth of Hepworth Joyce Associates Ltd, Unit 2, Clarke Hall Farm, Aberford Road, Wakefield WF1 4AL was appointed liquidator. CONTACT: SKILL DEVELOPMENT LIMITED Portland Tower Portland Street Manchester M1 3LF United Kingdom Phone: (0870) 3000296 Fax: (0870) 3000654 Web site: http://www.skilldevelopment.co.uk SUBMARINE LIMITED: Hires Carter Clark Administrator --------------------------------------------------- A. J. Clark (IP No 008760) of Carter Clark was appointed administrator of clothing retailer Submarine Limited (Company No 04316625) on Sept. 8. The company's registered office is at Meridian House, 62 Station Road, North Chingford, London E4 7BA. CONTACT: 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 TLA PARTNERSHIP: Appoints Administrator from Begbies Traynor ------------------------------------------------------------ Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) of Begbies Traynor (South) LLP were appointed administrators of TLA Partnership Limited (Company No 3454686) on Sept.9. The company's registered office is at Carolyn House, 22-26 Dingwall Road, Croydon CR0 9XF. TLA began trading in 1995. It provides direct mail expenditure in the United Kingdom. Visit http://tlauk.comfor more information. CONTACT: T L A PARTNERSHIP LTD. Unit 5 Vulcan Business Centre, Vulcan Way, Croydon, Surrey CR0 9UG Phone: 01689 800800 BEGBIES TRAYNOR (SOUTH) LLP Carolyn House, 22-26 Dingwall Road, Croydon CR0 9XF TWENTYFIVETEN LIMITED: Calls in Liquidator ------------------------------------------ Twentyfiveten Limited informs that resolutions to wind up the company were passed at an EGM held on Sept. 8 at Charlotte House, 19B Market Place, Bingham, Nottingham. Philip Anthony Brooks and Julie Willetts of Blades Insolvency Services, Charlotte House, 19B Market Place, Bingham, Nottingham were appointed Joint Liquidators. CONTACT: TWENTYFIVETEN LIMITED 30 Woolpack Lane Lace Market Nottingham NG1 1GA Phone: 0115 959 8600 Contact: Andrew Godfrey, Director E-mail: andrew@twentyfiveten.co.uk Web site: http://home.btconnect.com/twentyfiveten/2510/rw.html VEDANTA RESOURCES: Ratings Under Review for Possible Upgrade ------------------------------------------------------------ Moody's Investors Service has placed the Ba2 long-term senior unsecured rating of Vedanta Resources Plc (Vedanta) on review for possible upgrade. The corporate family rating of Baa3 is not affected by this rating action and is affirmed. Moody's says the rating action follows the company's announcement that it intends to raise US$ bonds in the near future to refinance existing subsidiary debt and for general corporate purposes. Such an initiative - if executed- will reduce the currently material structural and legal subordination for Vedanta's bondholders. The subsidiary secured and unsecured debt to total debt was around 62% at March 31, 2005. To the extent that Vedanta raises meaningful debt (of US$300 million or higher), the senior unsecured rating will be uplifted to Ba1 from Ba2, and the bonds will be rated Ba1. The planned debt issuance is incorporated in the Baa3 corporate family rating. Vedanta Resources Plc, headquartered in London, is a metals and mining company focused on integrated zinc and alumina/aluminum as well as copper smelting and refining operations predominantly in India. Listed on the London Stock Exchange, the company is 54% owned by Volcan Investments Ltd. CONTACT: MOODY'S INVESTORS SERVICE PTY LTD. (SYDNEY) Brian Cahill, Managing Director Corporate Finance Group Phone: 612 9270 8100 Terry Fanous, VP - Senior Credit Officer Corporate Finance Group Phone: 612 9270 8100 W HAMILTON: Administrators Take over Operation ---------------------------------------------- David Michael Riley and Charles William Anthony Escott (IP Nos 8950, 8913) of RSM Robson Rhodes LLP were appointed W Hamilton Reid Limited (Company No 00462685) on Sept. 7. The company's registered office is at Colwyn Chambers, 19 York Street, Manchester M2 3BA. CONTACT: W. HAMILTON REID LTD. St. Ann's Works Marsh Street North Hanley, Stoke-on-Trent Staffs ST1 5ES Phone: 01782 202520 Fax: 01782 274823 RSM ROBSON RHODES LLP Colwyn Chambers, 19 York Street, Manchester M2 3BA Phone: +44 (0) 161 236 3777 Fax: +44 (0) 161 455 3444 Web site: http://www.robsonrhodes.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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