/raid1/www/Hosts/bankrupt/TCREUR_Public/051104.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, November 4, 2005, Vol. 6, No. 219
Headlines
C Y P R U S
CYPRUS AIRWAYS: Unions Predict Rehab Plan to Fail
F I N L A N D
M-REAL CORPORATION: Q3 Pre-tax Result Swings to Black
F R A N C E
AIR HORIZONS: Risks Losing License
ALSTOM SA: Corners US$200 Million Argentine Contract
CHEVALLIER: 66 Jobs to go as Ham Maker Closes Factories
FRANCE SOIR: Court Appoints Receivers
IMPRIMERIE NATIONALE: Faces Insolvency
G E R M A N Y
AERO FLIGHT: Regulator Grounds Planes; Cites Expired License
AGFAPHOTO GMBH: No Takers for Remaining Assets
AUGUSTA AG: Resolves Investors' Resistance to Capital Reduction
BASS DORNSEIFER: Wuppertal Court Appoints Administrator
DAIMLERCHRYSLER AG: U.S. Regulator Reviews Dodge Trucks
GEBR. GORLO: Proofs of Claim Due Later this Month
INFINEON TECHNOLOGIES: Reaches Deal with IG Metall
KARSTADTQUELLE AG: Keeps Forecast Despite Weak Retail Market
LAGENA-TAPETEN: Detmold Company Goes Bust
MANEN GMBH: Creditors to Meet December
NEON ART: Under Bankruptcy Administration
NIPPESER FRAUENFORUM: Koln Court Calls in Administrator
SOMMER + VETTER: Muenster Court to Verify Claims January
WEIDNER GAS: Bremen Business Succumbs to Bankruptcy
ZAHNARZTGEMEINSCHAFTSPRAXIS: Names Wolff/Rapp Administrator
H U N G A R Y
POLISEC VAGYONVEDELMI: Files for Liquidation
I T A L Y
ALITALIA SPA: Auditors Defer Approval of First-half Accounts
VIAGGI VENTAGLIO: Losing Streak Continues
N E T H E R L A N D S
KONINKLIJKE AHOLD: More Names Included in U.S. Fraud Case
ROYAL SHELL: Cancels Further 2,000,000 'A' Shares
R U S S I A
BALASHEYSKIY INDUSTRIAL: Bankruptcy Supervision Procedure Begins
BASHKIR-AGRO-PROM-DOR-STROY: Calls in Insolvency Manager
BIKINSKIY TIMBER: Asset Worth RUB4 Mln Offered for Auction
CARBON DIOXIDE: Under Bankruptcy Supervision
EVRAZ GROUP: 2004 Profits Up Almost Five-fold to US$2,447 Mln
FIND-SOFT: Succumbs to Bankruptcy
MEDVEDEV: Auction of Properties Set Next Week
ONEST BANK: Declared Insolvent
SAMARSKIY: Period for Filing of Claims Ends Next Week
SOCHI-AGRO-STROY-SERVICE: Public Auction Set this Month
TRANSIT EXPRESS: Samara Court Opens Bankruptcy Procedure
S W I T Z E R L A N D
ABB LTD.: U.S. Unit Inks Settlement Pact with Two Insurers
U K R A I N E
BANK NADRA: Fitch Assigns Eurobond Final 'B-' Rating
BUDIVELNIK: Chernigiv Court Opens Bankruptcy Proceedings
FERUM TRADING: Under Bankruptcy Supervision
ROSTOK: Insolvency Manager Steps in
SATELITE: Court Appoints Liquidator
SUNLIGHT: Bankruptcy Supervision Begins
YABLUNIVSKE: Goes into Liquidation
ZLAGODA: Declared Insolvent
U N I T E D K I N G D O M
1ST ALERT: In Administrative Receivership
ASHWORTHS PRODUCTS: Oil Processor Up for Sale
ATLAS TIMBER: Hires Administrator from BDO Stoy Hayward
BCCI: Liquidator Drops Misfeasance Case Against Bank of England
CASH AND CARRY: Administrator from Bennett Verby Enters Firm
CG AUTOMATION: Hires Administrators from CBA
COMPLETE GOLFING: Retailer Calls in Administrator
CORPORATE GROUP: HSBC Appoints PKF Receiver
COSTAIN GROUP: Spanish Joint Venture Buys 91-hectare Land
FEELING OK.NET: Creditors Meeting Set Next Week
FKI PLC: Unit Wins US$40 Million Supply Contract
FRESCO OILS: Business for Sale
GATE GOURMET: Workers Mull Labor Case
GLG PARTNERS: Convertible Bond Deals Probed
GRANT INFORMATION: Hires Administrator from Vantis Numerica
GRANVILLE TECHNOLOGY: GBP8 Million Missing in Accounts
HANTS P C: Court Orders Liquidation
HARLEM SOUL: Names B & C Associates Administrator
HARLOW PRESSINGS: Administrators Selling Assets
HYDE INDUSTRIAL: Hires Administrators from Cresswell Associates
IMPETUS 4: Files for Liquidation
JETZONE (MARINE): Names Begbies Traynor Liquidator
JONES & PARK: Clothing Manufacturer Calls in Administrator
KC REALISATION: Names Tenon Recovery Administrator
LOCAL RECRUITMENT: Hires Liquidator
MARTINISATION LIMITED: Hires Portland Business as Administrator
MECHANICAL SERVICES: Appoints Liquidators from Begbies
MEPC LIMITED: Fitch Affirms 'B' Ratings; Outlook Negative
MG ROVER: Gets Negative Review in New Zealand
MILFORD HAVEN: Boat Builder Liquidates
NOEL T JAMES: Appoints Begbies Traynor Liquidator
NORTHERN QUARTER: Record Retailer Appoints Receiver
NU LIFE: EGM Passes Winding-up Resolution
PAR GOLF: Calls in Joint Liquidators
POOLE PHOENIX: Engineering Firm Up for Sale
RGM LOGISTICS: Calls in Liquidator
ROYAL & SUNALLIANCE: Appoints U.K. Chief to Main Board
ROYAL & SUNALLIANCE: U.S. Unit Pays US$11 Mln Settlement
SFS (INSTALLATIONS): Appoints Liquidator from Moore Stephens
WASHINGTON PRECISION: Hyde Industrial Appoints Receiver
WM MORRISON: Safeway Sells Northern Ireland Store
* Studies Show more Companies Liquidating this Year
*********
===========
C Y P R U S
===========
CYPRUS AIRWAYS: Unions Predict Rehab Plan to Fail
-------------------------------------------------
Unions continue to oppose the rescue plan drafted by the board
even as the deadline for its submission to the European
Commission lapsed on Thursday.
Pilots union PASIPY and workers union CYNIKA predict the plan
will fail like all others because it does not address the core
issues confronting the airline. They lamented the fact that
management did not get their inputs.
The plan, drafted primarily by CAIR Deputy Chairman Frixos
Savvides, aims to save at least CYP20 million annually via 383
forced redundancies; 8% pay-cut for pilots and managers, and 5%
for other employees; diminution of other benefits, including the
provident fund; and outsourcing of services.
The board had until Thursday to submit the plan to the Commission
to receive a needed CYP58 million loan to repay CYP30 million in
maturing debt, cover CYP10 million in redundancy costs and
finance the restructuring. The board believes unions will agree
to the restructuring measures once the loan is had.
CONTACT: CYPRUS AIRWAYS LIMITED
21 Alkeou Str.
2404 Engomi
P.O. Box 21903
1514 Nicosia, Nicosia
Phone: 22663054
Fax: 22663167
E-mail: webcentre@cyprusair.com.cy
Web site: http://www.cyprusairways.com
=============
F I N L A N D
=============
M-REAL CORPORATION: Q3 Pre-tax Result Swings to Black
-----------------------------------------------------
M-real Corporation's consolidated result before taxes, excluding
non-recurring items, improved in the third quarter to EUR1
million from a loss of EUR124 million in the previous quarter.
The operating result net of non-recurring items improved to EUR20
million, from a loss of EUR57 million. Profitability was
improved mainly by the rise in the price of coated magazine
paper, the increase in the volume of coated fine paper delivered
and the ending of the labor dispute that had disrupted the
Finnish paper industry.
All in all, the labour dispute in Finland is estimated to have
cut EUR15-20 million off of the third-quarter operating result.
The figure takes into account the lost delivery volumes, the
positive effect on earnings of the return of product stocks to a
normal level, the effects on fixed costs as well as
Metsä-Botnia's lower operating result. In the second quarter,
the total effect was a decrease of about EUR70 million in the
operating result.
Key figures for the third quarter of 2005, excluding
non-recurring items:
-- Operating result: EUR20 million (- EUR57 million in
the previous quarter),
-- Result before taxes: EUR1 million (-EUR124 million),
-- Earnings per share: EUR0.01 (-EUR0.32),
-- Return on capital employed: 2.3% (0.3%)
Key figures for the third quarter of 2005:
-- Turnover: EUR1,269 million (EUR1,259 million),
-- Operating result: EUR20 million (-EUR72 million),
-- Result before taxes: EUR1 million (-EUR143 million),
-- Result for the report period: EUR2 million (-EUR121 million),
-- Earnings per share: EUR0.01 (-EUR0.37),
-- Return on capital employed: 2.3% (-5.7%),
-- Equity ratio: 37.4% (38.4%),
-- Gearing ratio: 87% (85%)
-- Volume of paperboard delivered: 226,000 (231,000); volume of
paper delivered: 991,000 (999,000)
The third-quarter result before taxes was improved by a valuation
gain on interest rate derivatives of EUR11 million owing to the
rise in the level of interest rates. In the previous quarter, a
valuation loss of EUR17 million was booked on the corresponding
instruments. Operating profit in the second quarter was also
burdened by a one-off expense provision of EUR15 million to cover
the efficiency-boosting program in Sweden.
The cumulative result before taxes for January-September was a
loss of EUR65 million. During the corresponding period last year
a loss of EUR69 million was posted. Excluding non-recurring
items the result weakened by EUR62 million to a loss of EUR131
million, particularly due to the losses caused by the labor
disputes, the weakening in the United States dollar and the
British pound, the fall in the price of uncoated fine paper, the
rise in oil-based raw material prices as well as the higher
energy costs.
Commenting on the progress of M-real's cost-savings programme and
the market situation for its main products,
Report of Hannu Anttila, President and CEO
M-real's EUR230 million savings and efficiency-boosting program
is progressing in line with targets, and we are actively looking
for new areas where savings can be realized.
After the labor dispute in the Finnish paper industry came to an
end, demand for most grades of paper and paperboard has been good
and the market balance more favorable. The revival in our
volumes of packaging board delivered has nevertheless been slower
than forecast, but we believe the situation will improve during
the latter part of the year. Within coated magazine paper, we
have a strong order book at present and price increases have been
put through. Sales volumes of coated fine paper have developed
favorably and prices have been rather steady. Within office
papers, the company has succeeded in raising the prices of the
lowest quality grades.
The efficiency improvement of the Map paper merchanting business
has proceeded according to plans. Integrating the functions of
the Modo Merchants chain into James McNaughton -- a process that
was started towards the end of last year -- was seen to
completion.
In the last quarter of the year, demand for the company's main
products is forecast to remain good. Deliveries are estimated to
increase in the Consumer Packaging and Publishing business areas,
where the labor dispute lowered the volume of deliveries in the
third quarter. Average prices of coated magazine paper and
uncoated fine paper are estimated to rise slightly. No
significant change is expected in the price of coated fine paper,
and the price of folding boxboard is expected to remain stable.
The fourth quarter result before taxes, excluding non-recurring
items, is not estimated to differ significantly from the previous
quarter. The full-year result before taxes will be in the red.
CONTACT: M-REAL CORPORATION
Hannu Anttila, President and CEO
Phone: +358 10 469 4343
Juhani Poho, Executive Vice President and CFO
Phone: +358 10 469 5283
===========
F R A N C E
===========
AIR HORIZONS: Risks Losing License
----------------------------------
Commercial aviation authority Conseil Superieur de l'Aviation
Marchand (CSAM) may cancel the license of charter airline Air
Horizons, Le Monde says.
CSAM will grill Raymond Lakah, Air Horizon's Egyptian owner, on
Wednesday to determine the financial state of the company. Le
Monde says CSAM can issue a temporary license, pending
improvement to its finances. The Commercial Court in Bobigny
recently appointed a trustee for Air Horizons to help renegotiate
its debt.
Based in Paris, the carrier operates charter flights for tour
operators to the Mediterranean and Africa. Its main bases are
Orly Airport, Charles de Gaulle International Airport, and Le
Bourget Airport. Air Horizon emerged from the ashes of Euralair
in 2004 after a last-minute takeover by U.K.-based Angel Gate
Aviation saved the firm from liquidation.
CONTACT: AIR HORIZONS S.A.
1 Place de Londres
93290 Tremblay En France
ALSTOM SA: Corners US$200 Million Argentine Contract
----------------------------------------------------
Engineering giant Alstom has won a multi-million-dollar contract
to build a 465MW gas-fired power plant in Argentina, World Wide
Projects says.
The contract, awarded by Argentine aluminum group Aluar Alumino
Argentino, is worth US$200 million, including acquisition and
construction. Alstom bested rivals Siemens AG and General
Electric Co. by offering Aluar better financing terms.
About Aluar
Aluar Alumino Argentino S.A.I.C. -- http://www.aluar.com.ar-- is
an aluminum producer in Argentina that trades on the Buenos Aires
Stock Exchange. It sells its products to first class companies
worldwide. Its activities include production of primary
aluminium, and semi-fabricated and fabricated products used in
the transport industry, building, packaging, electrical
conductors, and kitchenware.
About Alstom
Alstom S.A. -- http://www.alstom.com-- is a leading maker of
power-generation systems and constructs power plants, rail
equipment, luxury passenger ships, naval vessels, and natural gas
tankers. It also produces electrical drives, motors, and
generators. The group generates EUR13 billion in annual revenue
and employs more than 70,000 people worldwide. As of March 2005,
it had EUR865 million in net loss and EUR1.4 billion in net debt.
CONTACT: ALSTOM S.A.
25 Avenue Kleber
75795 Paris Cedex 16
Phone: +33-1-47-55-20-00
Fax: +33-1-47-55-25-99
Web site: http://www.alstom.com
ALUAR ALUMINO ARGENTINO S.A.I.C.
Pasteur 4600,
Victoria-Partido de San Fernando,
Buenos Aires B1644AMV
Argentina
Phone: 54 11 4725 8060
Fax: 54 11 4725 8091
Web site: http://www.aluar.com.ar
CHEVALLIER: 66 Jobs to go as Ham Maker Closes Factories
-------------------------------------------------------
Delicatessen supplier Chevallier will shut down two of its sites
after losing a contract with a major supermarket chain, Les Echos
says.
Beginning next year, Chevallier will close the plants in Limoges,
Haute-Vienne, which makes raw ham, and Panissiere, Loire, which
slices, packs and delivers them. The closures will affect 66
jobs.
Based in Pyrenees-Atlantiques, Chevallier, which booked EUR56
million in turnover last year, has been posting heavy losses
since 2000. It operates six plants and manufactures the famous
"Jambon de Bayonne Grand Adour."
CONTACT: CHEVALLIER S.A.
Route de Salies
64390 Sauveterre De Bearn
FRANCE SOIR: Court Appoints Receivers
-------------------------------------
The Commercial Court in Bobigny has placed daily newspaper France
Soir in compulsory administration and imposed a six-month
observation period. It likewise appointed two official receivers
to run the company in the meantime.
Chief Executive Jacques Lefranc hopes to present a rehab plan
before the end of the observation period. He said management is
working on ways to secure the future of Presse Alliance, its
publisher.
France Soir declared bankruptcy on Oct. 27 after failing to pay a
EUR6 million debt. Prior to this, it asked the court to freeze
debt payments, citing insufficient resources, and to continue
publishing. At the time, the company's assets had dwindled to
EUR350,000. Receivers are expected to seek a debt rescheduling.
Workers believe owners, Poligrafici Editoriale, which holds a 30%
stake; and Ramy Lakah and his brother, who control 70% of the
company, will unlikely pour additional investment, and instead
sell the newspaper to avoid liquidation.
France Soir posted EUR4 million in losses in the first half and
expects it to double by year's end. It forecasts EUR20 million
in turnover this year.
CONTACT: PRESSE ALLIANCE
45 Avenue Victor Hugo
93300 Aubervilliers
FRANCE-SOIR
45 Avenue Victor Hugo
93300 Aubervilliers
Web site: http://www.francesoir.fr
IMPRIMERIE NATIONALE: Faces Insolvency
--------------------------------------
The financial woes of publishing group Imprimerie Nationale (IN)
is expected to worsen after losing a critical contract, Les Echos
says.
IN is part of two consortia that participated in a tender to
produce biometric passports, but the Ministry of the Interior
awarded the contract to rival Oberthur. According to trade union
CFDT, the loss will force IN to file for insolvency.
The company is already restructuring to offset its EUR127 million
losses in 2004, which was 20% higher than the year before. In
July it received a EUR197 million state aid, approved by the
European Commission, to finance the restructuring, which involves
shifting focus to high value-added activities like securitized
documents. IN hopes to break even by 2008.
Operating from four industrial sites -- Paris, Douai, Evry and
Strasbourg -- which employ 1,900, Imprimerie Nationale is one of
the leading local printers. It posted EUR162 million in turnover
in 2004, 8% below 2003.
CONTACT: IMPRIMERIE NATIONALE
7 rue de la Convention
75015 Paris
Phone: 01 40 58 34 19
Fax: 01 40 58 16 25
Web site: http://www.imprimerienationale.fr
=============
G E R M A N Y
=============
AERO FLIGHT: Regulator Grounds Planes; Cites Expired License
------------------------------------------------------------
The federal office of civil aeronautics, Luftfahrt-Bundesamt
(LBA), has ordered holiday carrier Aero Flight to stop operating,
Handelsblatt says.
The order came after the company failed to fulfill the
requirements to extend its license, which expired on Oct. 31.
The carrier had hoped to operate flights from Friedrichshafen for
the upcoming winter season, but partner tour operator Neckermann
rejected the plan, as holiday bookings to Egypt had not improved
as projected.
Aero Flight's suspension is expected to affect around 7,500
tourists who have already booked flights through travel
operators. Local travel association Deutscher Reiseburo und
Reiseveranstalter Verband eV (DRV) has assured clients of
alternative transport.
Formed two years ago, Aero Flight is the successor of insolvent
Aero-Lloyd charter airline.
CONTACT: AERO FLIGHT GmbH & CO LUFTVERKEHRS KG
Lessingstr. 7-9
D-61440 Oberursel
Phone: +49 (0) 6171-899 200
Fax: +49 (0) 6171-899 219
Web site: http://www.flyaeroflight.de
AGFAPHOTO GMBH: No Takers for Remaining Assets
----------------------------------------------
AgfaPhoto has not received additional offers after the sale of
its Wholesale Lab Division last week, Die Welt says.
An unnamed spokesman said that chances are nil that the remaining
units, particularly the photographic paper division in
Leverkusen, will be sold. The company sold the Wholesale Lab to
Photo-Me International and its photographic chemicals unit,
including services and spare parts activities to a&o, a local IT
group.
* * *
Headquartered in Leverkusen, AgfaPhoto manufactures photographic
film, papers, chemicals and disposable cameras. It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing. It has 32 subsidiaries outside Germany not
affected by its insolvency. The company owes suppliers and
pension security body Pensionssicherungsverein.
CONTACT: AGFAPHOTO GERMANY GmbH
Im Media park 5
D-50670 Cologne
Phone: +49 221 98544-3723
Fax: +49 221 98544-3805
Web site: http://www.agfaphoto.com
AUGUSTA AG: Resolves Investors' Resistance to Capital Reduction
---------------------------------------------------------------
Prime Standard member AUGUSTA Technologie AG (ISIN DE000AOD6612)
has reached a settlement with the shareholders of the Company
taking legal action for rescission of the resolutions of the
Extraordinary General Meeting on January 7, 2005.
The January EGM
The extraordinary shareholders' meeting of AUGUSTA Technologie
resolved on January 7, 2005 to initially reduce the share capital
of the company in simplified form by way of consolidation of
shares to cover losses and to transfer funds to the capital
reserves and to subsequently increase the share capital through
contributions in kind excluding the statutory subscription right
of shareholders.
The Settlement
The settlement provides for the retraction of the legal actions
and the waiver of all future legal proceedings against the
resolutions of the Extraordinary General Meeting by the
plaintiffs. In return, AUGUSTA will assume the legal costs
incurred. The costs of third-party intervenors to the
proceedings will not be reimbursed.
The Company concluded the restructuring of a convertible bond on
June 3, 2005, which had originally been due for repayment on
February 15, 2005. In addition to a capital reduction, the
Extraordinary General Meeting resolved a debt-to-equity swap in
which the convertible bond was exchanged for new shares.
CONTACT: AUGUSTA TECHNOLOGIE AG
Lena Trautmann, Investor Relations
Phone: 0049-(0)69-242669-19
Fax: 0049-(0)69-242669-40
E-mail: trautmann@augusta-ag.de
FRANK ELSNER KOMMUNIKATION GMBH
Frank Elsner
Phone: 0049-(0)5404-91920
E-mail: office@elsner-kommunikation.de
BASS DORNSEIFER: Wuppertal Court Appoints Administrator
-------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against BASS Dornseifer GmbH on October 13. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until November 16, 2005 to register their
claims with court-appointed provisional administrator Hans Peter
Runkel.
Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 9:00 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234 - Altbau Amtsgericht, 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: BASS DORNSEIFER GmbH
Lueneschlosstrasse 11, 42657 Solingen
Contact:
Falk Dornseifer, Manager
Pfaffenberger Weg 110, 42659 Solingen
Hans Peter Runkel, Administrator
Friedrich-Ebert-Strasse 146, 42117 Wuppertal
Phone: 0202/30 20 71
Fax: 0202/31 47 08
DAIMLERCHRYSLER AG: U.S. Regulator Reviews Dodge Trucks
-------------------------------------------------------
About 500,000 Dodge Durango sport utility vehicles and Dodge
Dakota pickup trucks are under investigation due to possible
steering control problems, said the Associated Press.
The U.S. National Highway Traffic Safety Administration has
received reports of looseness in the steering shaft or separation
as a result of loose or missing coupling bolts in the units.
There have been no crashes or injuries related to the issue,
according to NHTSA.
The preliminary investigation, which could lead to vehicle
recall, will involve the 2004-2005 models of the Durango and the
2005 model of the Dakota.
DaimlerChrysler AG has yet to comment on the NHTSA investigation.
Last month, the Associated Press said Chrysler Group was
recalling around 300,000 vehicles due to potential transmission
defects. It will affect some 2005 model year Jeep Liberty, Jeep
Wrangler, Chrysler 300 and Dodge Magnum, Dodge Dakota/Mitsubishi
Raider pickups and Dodge Durango vehicles equipped with some
six-cylinder engines and automatic transmissions.
Chrysler was also recalling another 283,000 units to correct
possible inadvertent movement of the vehicles, although no defect
has been discovered. It involves Dodge Ram pickups from the
2003-2005 model years equipped with diesel engines and automatic
transmissions.
In September, it announced that it will recall 100,000 Jeep Grand
Cherokee sport utility vehicles due to transmission fluid-
related troubles.
Meanwhile, DaimlerChrysler's Mercedes division was also recalling
some 50,000 vehicles due to defective windshield wipers.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
GEBR. GORLO: Proofs of Claim Due Later this Month
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gebr. Gorlo GmbH & Co. KG on October 13. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until November 24, 2005 to
register their claims with court-appointed provisional
administrator Cornelia Monert.
Creditors and other interested parties are encouraged to attend
the meeting on December 15, 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: GEBR. GORLO GmbH & Co. KG
Buddestr. 12, 33602 Bielefeld
Contact:
Udo Gorlo, Manager
Rubensweg 26, 33613 Bielefeld
Cornelia Monert, Administrator
Lise-Meitner-Str. 13, 33605 Bielefeld
INFINEON TECHNOLOGIES: Reaches Deal with IG Metall
--------------------------------------------------
Troubled semiconductor group Infineon Technologies and trade
union IG Metall have finally struck a deal regarding the closure
of the Munich-Perlach site, Die Welt says.
The deal will allow Infineon to shut down the site three months
earlier in March 2007 in exchange for higher severance pay for
workers. Employees will also work for an employment agency for a
year. The deal followed a week of industrial action by staff.
The plan to close the Perlach factory was first announced in
February by Infineon chief, Wolfgang Ziebart, who cited falling
demand and lagging production technology. IG Metall was pushing
for a severance pay equal to three months' salary for every year
of service, higher than Infineon was offering.
About Infineon
Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multi-market
sectors, for applications in communication, as well as memory
products. With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA; in the Asia-Pacific
region from Singapore; and in Japan from Tokyo. In fiscal year
2004 (ending September), the company achieved sales of EUR7.19
billion with about 35,600 employees worldwide. Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).
CONTACT: INFINEON TECHNOLOGIES AG
P.O. Box 80 09 49
D-81609 Muenchen
Phone: +49-89-234-0
Fax: +49-89-234-2-84-82
Web site: http://www.infineon.com
KARSTADTQUELLE AG: Keeps Forecast Despite Weak Retail Market
------------------------------------------------------------
(a) Department stores outperforming market in 3rd quarter;
(b) Mail order business is being extensively restructured and
remaining at previous year's level;
(c) Four out of five sectors performing to or exceeding plan;
(d) Restructuring program is accelerated;
(e) Further divestment measures to strengthen equity capital;
and
(f) Strengthening of the financing structure through second-
lien.
KarstadtQuelle AG (Essen) was able to meet projected targets in
the 3rd quarter despite the weak retail market. The remaining
large Karstadt stores recorded results in the reporting period
that were significantly better than the market average. The mail
order sector showed mixed results; while Universal Mail Order
Germany is currently undergoing extensive restructuring and
realignment, and has failed to achieve the ambitious targets set
by the old management, e-commerce, specialty mail order and the
non-domestic business are in range of projected targets.
"Overall, we are performing to or exceeding plan in four of the
five core businesses -- department stores, mail order, tourism,
real estate and the services. Even mail order business that is
currently undergoing restructuring will meet the results of last
year," said CEO Thomas Middelhoff.
The group's restructuring program has been considerably
accelerated in the 3rd quarter. The sale of peripheral
businesses and the separation of the smaller department stores
made a major contribution of a total of EUR1.1 billion. The
speciality stores Wehmeyer, Runners Point and SinnLeffers were
all disposed of, as were the 74 Karstadt Kompakt stores. Since
the restructuring process was started, the number of employees
has fallen by 25,000; approximately 20,000 employees were
redeployed.
In the mail order sector, the members of the management board
were reduced from nine to four. Marc Oliver Sommer (43), an
internationally successful manager, was elected to the group's
new management board and will head mail order. Working together
with the works council in constructive negotiations, additional
solutions were agreed for the necessary restructuring of the mail
order sector.
Financial restructuring of the group was given a particular focus
in the reporting period. Debt was reduced by 17 percent from
EUR5.2 to 4.4 billion. Middelhoff announced that further
peripheral activities such as the installment loan business or
Karstadt Hypothekenbank would be sold for approximately EUR1.3
billion. Middelhoff said, "We are sticking to our goal to reduce
debt to EUR3.3 billion by the end of the year by means of
additional divestments."
To further stabilize the financial structure, a second-lien
financing is currently being negotiated. "The market reaction is
very positive. We will soon be able to report on the final
volume," said CFO Harald Pinger.
Overview of the key figures:
1.1.-30.9 1.1.-30.9 Difference
2004 2005 in %
Revenues (adjusted) 8,782 8,096 -7.8
of which:
department stores** 2,544 2,432 -4.4
of which:
mail order 5,432 4,986 -8.2
Retail margin (in %) 47.5 48.4
EBITDA*** 126 158 +25.5
EBITDA-margin (%)**** 1.4 2.0
Net Debt 5,172 4,302 -16.8
Working Capital 2,992 2,642 -11.7
Earnings per share
(in euro) -7.65 -1.24
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Figures in million euro
** remaining 90 department stores
*** adjusted, excluding special items
**** adjusted
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
A copy of KarstadtQuelle's nine-month results can be viewed at
http://bankrupt.com/misc/Karstadtquelle_9m2005.pdf
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
Corporate Communications
Jorg Howe
Phone: + 49 (0) 201/727-25 38
E-mail: joerg.howe@karstadtquelle.com
LAGENA-TAPETEN: Detmold Company Goes Bust
-----------------------------------------
The district court of Detmold opened bankruptcy proceedings
against Lagena-Tapeten, Teppichboden, Farben, Gardinen Fachmarkt
GmbH on October 13. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until December 9, 2005 to register their claims with
court-appointed provisional administrator Hartmut Wiesinger.
Creditors and other interested parties are encouraged to attend
the meeting on January 9, 2006, 10:00 a.m. at the district court
of Detmold, Nebengebaude, Gerichtsstr. 6, 32756 Detmold, EG, Saal
12, 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: LAGENA-TAPETEN, TEPPICHBODEN, FARBEN, GARDINEN
FACHMARKT GmbH
Gewerbegebiet Bruchweg, 38822 Emersleben
Contact:
Heinrich Karl Gustav Gronemeier, Manager
Wehrstr. 23 a, 32758 Detmold
Hartmut Wiesinger, Administrator
Gerichtsstr. 12, 32791 Lage
Phone: 05232/9540-0
Fax: 05232/9540-40
MANEN GMBH: Creditors to Meet December
--------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Manen GmbH & Co. KG Feinstrumpffabrik on October 14.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until November 17,
2005 to register their claims with court-appointed provisional
administrator Michael Monig.
Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 9:20 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: MANEN GmbH & Co. KG FEINSTRUMPFFABRIK
Schoppinger Strasse 11, 48612 Horstmar
Contact:
Jeroen de Jong, Manager
Michael Monig, Administrator
Von-Steuben-Strasse 20, 48143 Muenster
Phone: 0251/53599-0
Fax: +492515359910
NEON ART: Under Bankruptcy Administration
-----------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Neon Art Werbetechnik und Lichtsysteme GmbH on October
12. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until November
21, 2005 to register their claims with court-appointed
provisional administrator Andreas Stratenwerth.
Creditors and other interested parties are encouraged to attend
the meeting on December 12, 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: NEON ART WERBETECHNIK UND LICHTSYSTEME GmbH
Suedstr. 53, 33602 Bielefeld
Contact:
Frank Falk, Manager
Romerstr. 141, 33729 Bielefeld
Bernd Mitecki, Manager
Furthwanglerstr. 22, 33604 Bielefeld
Andreas Stratenwerth, Administrator
Lemgoer Str. 4, 33604 Bielefeld
NIPPESER FRAUENFORUM: Koln Court Calls in Administrator
-------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Nippeser FrauenForum e.V. on September 22. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors had until November 2, 2005 to register their
claims with court-appointed provisional administrator Karl-Dieter
Sommerfeld.
Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 10:20 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
1. Etage, Saal 142, 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: NIPPESER FRAUENFORUM e.V.
Neusser Str. 225, 50733 Koln
Contact:
Maria Horvath-Heidrich, Manager
Gudrunhof 17, 50739 Koln,
Alexandra Leisse, Manager
Neusser Str. 222, 50733 Koln
Ulrika Vogt, Manager
Trierer Str. 7, 50739 Koln
Karl-Dieter Sommerfeld, Administrator
Hammerweg 3, 51766 Engelskirchen
Phone: 02263/9039-0
Fax: +492263903910
SOMMER + VETTER: Muenster Court to Verify Claims January
--------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Sommer + Vetter GmbH on October 13. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until December 19, 2005 to register their
claims with court-appointed provisional administrator Erich
Holzemann.
Creditors and other interested parties are encouraged to attend
the meeting on January 9, 2006, 8:45 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, I., Saal 101 B, at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: SOMMER + VETTER GmbH
Warendorfer Strasse 16, 59227 Ahlen
Contact:
Michael Vetter, Manager
Kathe-Kollwitz-Strasse 1, 59348 Luedinghausen
Erich Holzemann, Administrator
Goethestr. 2, 59065 Hamm
Phone: 02381/924200
Fax: +4923819242020
WEIDNER GAS: Bremen Business Succumbs to Bankruptcy
---------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Weidner Gas-Wasser-Installations GmbH on October 7.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until December 20,
2005 to register their claims with court-appointed provisional
administrator Stefanie Luethje.
Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 10:20 a.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, 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 12, 2006, 10:45 a.m. at the same venue.
CONTACT: WEIDNER GAS-WASSER-INSTALLATIONS GmbH
Erlenstr. 50, 28199 Bremen
Contact:
Arno Krause, Manager
Langemarckstr. 285, 28199 Bremen
Stefanie Luethje, Administrator
Ostertorsteinweg 74/75, 28203 Bremen
Phone: 792570
Fax: 7925757
ZAHNARZTGEMEINSCHAFTSPRAXIS: Names Wolff/Rapp Administrator
-----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Zahnarztgemeinschaftspraxis D. & M. Lachmann GbR on
October 10. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
November 18, 2005 to register their claims with court-appointed
provisional administrator Jan Gartner.
Creditors and other interested parties are encouraged to attend
the meeting on January 4, 2006, 10:00 a.m. at the district court
of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, 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: ZAHNARZTGEMEINSCHAFTSPRAXIS D. & M. LACHMANN GbR
Kohlenstr. 13a in 01705 Freital
Contact:
Marianne and Detlev Lachmann, Managers
Kohlenstr. 13a, 01705 Freital
Jan Gartner, Administrator
Wolff/Rapp Rechtsanwalte
Weisseritzstrasse 3, 01067 Dresden
Web site: http://www.WORAKO.de
=============
H U N G A R Y
=============
POLISEC VAGYONVEDELMI: Files for Liquidation
--------------------------------------------
Tiszai Vegyi Kombinat Company Limited by Shares (TVK Rt.) in
accordance with the requirements of the 2001 CXX Law on Capital
Markets (Tpt.) 11., and 21. articles of enclosure 6 hereby
informs its shareholders and capital market participants, that:
"in accordance with the resolution on Oct. 28 of the
founder, the liquidation process of TVK Rt's not fully
consolidated subsidiary, PoliSec Vagyonvedelmi Szolgaltato
es Tanacsado Kft. commenced on November 1, 2005."
CONTACT: TVK RT
H-3581 Tiszaujvaros
TVK Industrial Site
Gyari Street, Hungary
Contact:
Arpad Olvaso, CEO
=========
I T A L Y
=========
ALITALIA SPA: Auditors Defer Approval of First-half Accounts
------------------------------------------------------------
Auditor Deloitte & Touche has refused to sign off Alitalia's
first-half accounts, citing uncertainty of the EUR1.2 billion
capital increase.
In a five-page memo, the auditor noted that "even though
preparations for an underwriting consortium are underway, the
deadline for the capital increase is drawing near and at this
point we have no evidence" that an underwriting deal has been
struck.
The capital hike was originally scheduled for October, but failed
to push through after the Italian Treasury, which owns 62% of
Alitalia, failed to reach an underwriting agreement with Banca
Intesa S.p.A. and Deutsche Bank AG. Alitalia is now finalizing
the agreement with the banks to beat a yearend deadline by the
European Commission to complete the transaction. The carrier
plans to carry out the capital increase mid-November.
In June 2004, Deloitte also refused to approve Alitalia's 2003
accounts unless the carrier comes up with a viable restructuring
plan. The auditor was wary that Alitalia's continued losses will
force it to wind up operations.
Pending the approval of the first-half results, which show an
unaudited net loss of EUR122.1 million, Alitalia's board will
review third-quarter accounts on Monday.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
BANCA INTESA S.p.A.
Piazza Paolo Ferrari, 10
20121 Milan
Phone: +39-02-879-11
Fax: +39-02-879-42587
Web site: http://www.bancaintesa.it
DEUTSCHE BANK AG
Taunusanlage 12
60262 Frankfurt am Main
Phone: +49-69-910-00
Fax: +49-69-910-38591
Web site: http://www.deutsche-bank.de
VIAGGI VENTAGLIO: Losing Streak Continues
-----------------------------------------
Local tour operator I Viaggi del Ventaglio forecasts another
losing year, as results for September remain in the red, Il Sole
24 Ore says.
Consolidated net financial position in September stood
at -EUR65.7 million, up from -EUR58.8 million in August. For the
first nine months of financial year 2005, which ended July 31, it
posted a pre-tax loss of EUR46.8 million, worse than last year's
EUR43.5 million. The group ended 2004 with a net loss of
EUR36.256 million on revenues of EUR374.11 million.
CONTACT: GRUPPO VENTAGLIO S.p.A.
Via dei Gracchi,
35 - 20146 Milano
E-mail: ventaglio@ventaglio.com
Web site: http://www.ventaglio.com
=====================
N E T H E R L A N D S
=====================
KONINKLIJKE AHOLD: More Names Included in U.S. Fraud Case
---------------------------------------------------------
Seven more people are facing charges of helping the U.S. unit of
Dutch supermarket operator Royal Ahold N.V. overstate earnings
and assets several years ago, according to Bloomberg News.
The employees who worked for U.S. Foodservice's vendors are
alleged to have signed audit confirmation letters that helped the
company boost its finances. The accused are Brian Crowley,
Robert Henuset, Ritchie Langfield, Frank Lysiak, Ernie Rosenberg,
Dale Schulz, and Larry Stone. All have surrendered voluntarily.
They face a maximum prison term of 5 years if found guilty of
conspiracy. The S.E.C. has also filed a civil fraud suit against
them.
Nine other people who worked for U.S. Foodservice's suppliers
were charged of the same wrongdoing by the federal prosecutors in
New York in January. U.S. Foodservice executives, including
ex-Chief Financial Officer Michael Resnick and ex-marketing
manager Mark Kaiser are also facing charges in relation to the
case. Their trial is scheduled for next year in Manhattan
federal court.
Headquartered in Amsterdam, Ahold is one of the world's leading
food providers. It encompasses an international group of local
food retail and foodservice operators that do business under
their own brand names. It has over 200,000 associates and 2004
consolidated net sales of approximately EUR52 billion.
About the Company
Ahold encountered trouble in 2003 when it admitted a US$500
million overstatement of EBITA at its U.S. foodservice
distribution arm, requiring restatement of financial accounts for
2002 and previous years. In November that year, it announced a
3-year 'Road to Recovery' program that includes a EUR2.5 billion
rights issue, EUR300 million and US$1.45 billion back-up credit
facilities, and at least EUR2.5 billion in asset sales. The
program is aimed at returning the company to investment grade by
end of 2005.
Status to date
In August, Standard & Poor's Ratings Services raised its
long-term corporate credit ratings on Ahold to 'BB+' from 'BB'
with a stable outlook to reflect substantial improvement of the
group's financial profile in the past 18 months. This follows
the completion of a significant disposal program, to date
exceeding the stated EUR2.5 billion ($3.1 billion) target.
Standard & Poor's said it would consider an upgrade to investment
grade level only if:
(a) The challenging environment currently prevailing in the
group's core U.S. and Dutch retail markets improves; and
(b) The ratio of FFO to fully adjusted net debt and the EBITDAR
coverage of net fixed charges improve beyond 25% and 2.5x,
respectively.
Despite the group's deleveraging target and the completion of
remaining disposals in 2005, these conditions might not be
achieved in the near term, given the very challenging trading
conditions that are prevailing in the group's core markets.
CONTACT: ROYAL AHOLD
Albert Heijnweg 1
1507 EH Zaandam, The Netherlands
Phone: +31 (0)75 659 9111
Web site: http://www.ahold.com
Investor Relations:
E-mail: investor.relations@ahold.com
Phone: +31 (0)75 659 58 28
ROYAL SHELL: Cancels Further 2,000,000 'A' Shares
-------------------------------------------------
On 2 November 2005, Royal Dutch Shell plc purchased for
cancellation 1,695,000 'A' Shares at a price of EUR25.38 per
share. It further purchased for cancellation 305,000 'A' Shares
at a price of 1,723.70 pence per share.
Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,991,040,000.
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 admitted overstating its proved reserves by almost 6.0
billion barrels between January 2004 and February this year.
This led to the ouster of three top executives, including former
Chairman Philip Watts. The company was fined EUR150 million in
total after investigations launched by U.S. and British
regulators. Shell has since 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
===========
R U S S I A
===========
BALASHEYSKIY INDUSTRIAL: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on close joint stock company Balasheyskiy
Industrial Combine. The case is docketed as A55-16453/2005-38.
Mr. V. Kolesnikov has been appointed temporary insolvency
manager. Creditors may submit their proofs of claim to 443031,
Russia, Samara, Demokraticheskaya Str. 6, 91.
CONTACT: BALASHEYSKIY INDUSTRIAL COMBINE
446760, Russia, Samara region, Syzranskiy region,
Balasheyka, Elekrodnaya Str. 2
Mr. V. Kolesnikov
Temporary Insolvency Manager
443031, Russia, Samara region,
Demokraticheskaya Str. 6, 91
BASHKIR-AGRO-PROM-DOR-STROY: Calls in Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on close joint stock company
Bashkir-Agro-Prom-Dor-Stroy. The case is docketed as
A07-2315/05-FLE. Mr. R. Latypov has been appointed temporary
insolvency manager.
Creditors have until December 8, 2005 to submit their proofs of
claim to Russia, Bashkortostan republic, Kushnarenkovo,
Osrtovskogo Str. 12. A hearing will take place on November 29,
2005.
CONTACT: BASHKIR-AGRO-PROM-DOR-STROY
452960, Russia, Bashkortostan republic,
Buraevo, Stroiteley Str. 1
Mr. R. Latypov
Temporary Insolvency Manager
Russia, Bashkortostan republic,
Kushnarenkovo, Osrtovskogo Str. 12
BIKINSKIY TIMBER: Asset Worth RUB4 Mln Offered for Auction
----------------------------------------------------------
State enterprise Bikinskiy Timber Mill will sell its property
complex for a starting price of RUB4,060,000 on November 8, 2005,
2:00 p.m. The public auction will take place at Russia, Bikin,
Zavodskaya Str. 1.
The list of documentary requirements is available at Russia,
Khabarovsk, Lenina Str. 75, Office 331. To participate, bidders
must deposit an amount equivalent to 10% of the starting price to
the settlement account 40602810300000000032, at BIC 04083700, KPP
270701001, correspondent account 30101810100000000700 not later
than November 5, 2005. For more information, call (4212)
35-21-86/(4212) 41-15-04.
CONTACT: BIKINSKIY TIMBER MILL
Russia, Bikin, Zavodskaya Str. 1
CARBON DIOXIDE: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on LLC Carbon Dioxide Factory. The case is
docketed as A53-12567/05-S2-51. Ms. M. Kovaleva has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 344002, Russia,
Rostov-na-Donu, Serafimovicha Str. 58, Office 401. A hearing
will take place on January 23, 2006, 2:30 p.m.
CONTACT: CARBON DIOXIDE FACTORY
Russia, Rostov-na-Donu region,
Mashinostroiteley Str. 15
Ms. M. Kovaleva
Temporary Insolvency Manager
344002, Russia, Rostov-na-Donu region,
Serafimovicha Str. 58, Office 401
EVRAZ GROUP: 2004 Profits Up Almost Five-fold to US$2,447 Mln
-------------------------------------------------------------
Evraz Group S.A. has released its Annual Report for the financial
year ending 31 December 2004.
Report of Chairman and CEO Alexander Abramov
I believe that 2004 was a year marked by success for Evraz. We
have been able to deliver extraordinary growth which has enabled
us to confirm our ambitious objectives and focused strategies.
However, this has not been achieved without a great deal of hard
work on behalf of our employees and meticulous planning by our
management.
This success has translated into strong financial results across
the Group. Consolidated revenue grew to US$5,933 million,
compared to US$2,168 million in 2003. Gross profits for 2004
increased almost five-fold to US$2,447 million from US$559
million in 2003, while net profits grew by a similar margin to
US$1,345 million, compared to US$253 million in 2003.
Evraz continues to be the largest steel producer in Russia,
accounting for 13.7 million tonnes of crude steel in 2004. Evraz
sold 13.1 million tonnes of rolled steel products and 13.6
million tonnes of iron ore products in 2004.
Evraz now also owns significant mining operations. In 2004, the
Group's mining operations had total revenues of US$611 million,
of which US$494 million consisted of sales to other divisions of
Evraz. It is our intention to further strengthen our mining
platform via acquisition and development as a stand-alone
division within the Group.
These financial results have been helped by further growth in
Russia's construction sector, which continues to outstrip growth
rates for Russian GDP. In addition, our results have been
strengthened by the Russian rail industry's decision to invest in
both the country's infrastructure and rolling stock.
Meanwhile, the Group has engineered, both by reorganization and
acquisition, a number of mutually beneficial synergies, which
have involved several of our own business units. An example of
this was the acquisition of 47.7% ownership of Raspadskaya, one
of the largest coalmines in Russia, and the recent purchase of
80.7% of Kachkanarsky Ore Mining-and-Processing Integrated Works
(KGOK) which has iron ore reserves of over 1.2 billion tonnes
according to international standards.
In addition, the Group's ownership of the Nakhodka Sea Port
continued to significantly boost our competitiveness in our
export markets in the Far East. In 2004, freight throughput of
Nakhodka was 7.9 million tonnes.
In line with our publicized intention to become further
vertically integrated, we have acquired several iron ore and coal
mines. Our aim is to ensure that we are not only self-sufficient
in terms of our major raw material requirements from a quantity
and quality perspective, but that we are also able to supply
external customers. In this way, we are continuing to further
add to the Group's diversity, balance and profitability.
Similarly, our decision to enhance our product mix to strengthen
Evraz's position as a competitive exporter of semi-finished
products, as well as continuing to cut costs without compromising
quality, have been well received by our customers and partners,
including our newly expanded shareholder base.
At the beginning of June 2005, we raised US$422 million in an
initial public offering (IPO) on the London Stock Exchange. This
flotation valued Evraz Group S.A. at US$5.1 billion. It is
anticipated that the proceeds will be used to: optimize the
performance of existing assets; finance greenfield projects;
finance additional acquisitions; finance equipment and technology
upgrades; consolidate the Group's structure, and leverage
established skills. The IPO was a very exciting development for
the Group, and I would like to welcome all our new shareholders
to the Evraz Group.
From this point on, the Group has the means to achieve its true
potential amongst the league of world-class steel producers.
Historically, our growth has been achieved through acquisition
and consolidation. It is anticipated that the IPO will enable us
to acquire other strategically placed operations.
Our strategy remains resolute: to maintain a dominant position in
the Russian long products market; and to continue to expand our
export slab volumes with increased capacity from 1.2 million
tonnes in 2003 to 2.7 million tonnes in 2004.
We remain strongly committed to Russia as a production base.
Moreover, our favorably located mining operations have enabled
the Group to obtain a stable supply of raw materials without
incurring the burden of high transport costs. In order to
maintain our cost competitiveness, we have made, and will
continue to make, significant investments in upgrading our
various facilities to increase productivity and yield, thereby
maintaining our competitive advantage over other steel producers.
In other areas, Evraz has continued to aspire to a responsible
relationship between business, society and the state. The Group
is committed to maintaining high standards of environmental and
social responsibility. Evraz's key environmental objectives are
the consistent reduction of emissions, the installation of
state-of-the-art technologies and equipment for energy
reticulation, gaseous and liquid waste treatment and the
effective processing of by-products.
Furthermore, we acknowledge the responsibility that we hold for
ensuring that those who live in the vicinity of our operations
not only benefit from safer and healthier employment but also
share in some of the social benefits, which we are able to offer.
Despite the fact that we have already achieved significant
operational improvements at our core steel producing facilities
we continue to embrace technologies where they can provide
financial, engineering and environmental advantages. In line
with this philosophy, we have embarked upon a number of
initiatives to modernize and upgrade our operations.
Key initiatives include a major overhaul of blast furnace No 6
and the construction of continuous slab casters at NTMK as well
as the construction of a continuous caster at ZapSib. Looking to
the future we believe our product mix, with its focus on the
export of semi-finished steel and domestic high growth long
products, provides shareholders with the most beneficial product
exposure.
However, we remain strongly return-oriented and as such will
constantly evaluate our product mix to optimize returns. The
domestic Russian market remains crucial, but we will also look to
expand the Group with targeted acquisitions internationally that
complement our value chain. This approach has already yielded
significant results since our IPO. Finally, we will also expand
our mining platform to create a stand-alone mining business
bringing further vertical integration to the steel business, as
well as enabling us to service a growing external market.
We have demanding return criteria for investments and, if we do
not believe our target return can be achieved, than the
investment will not be made. Our hurdle rate when considering an
investment or an acquisition is 20%. Our objective is to make
every dollar invested exceed our target return rate.
The Evraz Group S.A. is Russia's premier steel producer. However
we are committed to further expansion into both domestic and
global markets. The foundations upon which we have built the
Group are substantial despite its short history. We are better
equipped than ever before to deliver value and growth to
shareholders.
Review Of Achievements
March 2004
Evraz enters a JV agreement and acquires a 50% interest in Corber
Enterprises Limited for the purpose of exercising control over
Raspadskaya coal mine. Raspadskaya, one of the largest coalmines
in Russia, mined over 9.7 million tonnes of coking coal2 in 2004.
April 2004
US$30 million credit secured to finance modernization at ZapSib.
The facility arranged by Kazkommertsbank will be used to finance
ZapSib's modernization to a continuous casting operation. The
project includes the installation of a slab caster and three
billet casters.
May 2004
Evraz finalizes the acquisition of a controlling stake in KGOK.
This acquisition is a major step towards ensuring a steady raw
material supply which will result in the long-term control of
steel production costs.
July 2004
Evraz announces the successful placement of a US$150 million
Eurobond. The term of the bond is five years and the yearly
coupon is set at 10.875%. In September 2004, Evraz successfully
places a US$150 million tap issue under identical terms.
NTMK completes the construction of an additional continuous slab
caster and ladle furnace. This investment ends ingot casting in
the oxygen converter shop and in doing so decreases production
costs while increasing production yields, improving steel quality
and safety environment. The new caster has a capacity of 1.5
million tonnes of commercial quality slab. Total expenditure on
the project was US$100 million.
August 2004
NTMK completes reconstruction of its blast furnace (BF6). This
reconstruction reduces coke consumption, modifies operations to
enable more efficient processing of high-vanadium iron ore (such
as that produced at KGOK), decreases environmental emissions and
results in lower labor, electricity and maintenance costs. Total
expenditure on the project was US$82 million.
November 2004
Evraz announces a further strengthening of the Group's management
team, in line with its overall development strategy.
December 2004
Evraz announces that it has secured a US$150 million syndicated
loan structured for three separate facilities: NTMK
(US$60 million), ZapSib (US$60 million), and NKMK (US$30
million). The loan will be used to finance an ongoing
modernization of the mills.
CONTACT: EVRAZ GROUP S.A.
Corporate Affairs and Communications
Irina Kibina
Alexander Karlashov
Phone: +7 095 234 4629
E-mail: IR@eam.ru
FIND-SOFT: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Find-Soft (TIN 3817020313) after finding the
close joint stock company insolvent. The case is docketed as
A19-20036/05-49. Mr. A. Melnik has been appointed insolvency
manager.
Creditors have until November 8, 2005 to submit their proofs of
claim to 664007, Russia, Irkutsk, Polenova Str. 37, Apartment 49.
A hearing will take place on December 19, 2005.
CONTACT: FIND-SOFT
666679, Russia, Irkutsk region,
Ust-Ilimsk, Mira Pr. 17, Apartment 121
Mr. A. Melnik
Insolvency Manager
664007, Russia, Irkutsk region,
Polenova Str. 37, Apartment 49
MEDVEDEV: Auction of Properties Set Next Week
---------------------------------------------
The bidding organizer of Medvedev Factory will sell its property
on November 9, 2005, 10:00 a.m. (Moscow time). The public
auction will take place at Russia, Orel, Moskovskaya Str. 69, 2nd
floor, Conference hall. Up for sale is a building and foundry
equipment for a starting price of RUB8,329,480.
The case is docketed as A48-1197/04-17b. List of documentary
requirements is available at Russia, Orel, Moskovskaya Str. 69.
To participate, bidders must deposit an amount equivalent to 20%
of the starting orice to the settlement account
4070281045050000003 at Orel branch ACB ROSBANK (OSC) Orel, BIC
045402782, correspondent account 30101810300000000782.
CONTACT: MEDVEDEV FACTORY
Russia, Orel region,
Moskovskaya Str. 69
Mr. A. Evseev
Bidding Organizer
302004, Russia, Orel region,
3rd Kurskaya Str. 15
Phone: (0862) 55-96-10
ONEST BANK: Declared Insolvent
------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceeding against Onest Bank after finding the joint-stock
commercial bank insolvent. The case is docketed as
A40-45561/05-38-80B. Creditors have until December 8, 2005 to
submit their proofs of claim to 123022, Russia, Moscow, Post User
Box 66.
CONTACT: ONEST BANK
123154, Russia, Moscow region,
Marshala Zhukova Pr. 51
STATE CORPORATION AGENCY ON ENDOWMENT INSURANCE
109240, Russia, Moscow region,
Verkhniy Taganskiy Tupik, 4
Insolvency Manager
123022, Russia, Moscow region,
Post User Box 66
Phone: (095) 959-47-97/589-40-88/514-74-78
SAMARSKIY: Period for Filing of Claims Ends Next Week
-----------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on yeast plant Samarskiy. The case is
docketed as A55-14181/2005-13. Mr. V. Suldin has been appointed
temporary insolvency manager. Creditors have until November 8,
2005 to submit their proofs of claim to 443022, Russia, Samara,
Maltseva Pr. 2.
CONTACT: SAMARSKIY
443022, Russia, Samara region,
Maltseva Pr. 2
Mr. V. Suldin
Insolvency Manager
443022, Russia, Samara region,
Maltseva Pr. 2
SOCHI-AGRO-STROY-SERVICE: Public Auction Set this Month
-------------------------------------------------------
Bidding organizer of open joint stock company
Sochi-Agro-Stroy-Service will sell its property on November 10,
2005, 10:00 a.m. The public auction will take place at Russia,
Sochi, Baranovskoye Shosse Str. 2.
Assets for sale are:
Lot 1: an equipment for a starting price of RUB1,180,000;
Lot 2: a group of uninhabitable buildings for a starting price of
RUB1,392,679;
Lot 3: another group of uninhabitable buildings for a starting
price of RUB674,787.
The list of documentary requirements is available at Russia,
Sochi, Baranovskoye Shosse Str. 2. To participate, bidders must
deposit an amount equivalent to 20% of the starting price to the
settlement account 40702810209000000523 at Syktyvkarskiy FCB-RTs
SeverGasBank, Syktyvkar, BIC 048702746, correspondent account
30101810100000000746.
CONTACT: SOCHI-AGRO-STROY-SERVICE:
354207, Russia, Sochi,
Baranovskoye Shosse Str. 2
Phone: 8-918-1045345
LLC AUCTION CENTRE F CONTACT
Bidding Organizer
Russia, Syktyvkar,
Lenina Str. 48
Phone: (8212) 242-560
TRANSIT EXPRESS: Samara Court Opens Bankruptcy Procedure
--------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company Transit
Express Service. The case is docketed as A55-13585/05-38. Mr.
V. Suldin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 443068, Russia,
Samara, Michurina Str. 114, Apartment 37.
CONTACT: TRANSIT EXPRESS SERVICE
Russia, Samara region,
Pestravskiy region, Maryevka
Mr. V. Suldin
Temporary Insolvency Manager
443068, Russia, Samara region,
Michurina Str. 114, Apartment 37
=====================
S W I T Z E R L A N D
=====================
ABB LTD.: U.S. Unit Inks Settlement Pact with Two Insurers
----------------------------------------------------------
Combustion Engineering, Inc., asks the U.S. Bankruptcy Court for
the District of Delaware for authority to enter into a settlement
agreement with First State Insurance Company and Hartford
Accident and Indemnity Company and the sale of insurance policies
free and clear of liens, claims, interests and other
encumbrances.
The Debtor is a defendant in numerous asbestos-related personal
injury lawsuits pending in various parts of the United States.
Approximately 450,000 asbestos-related claims have been filed
against Combustion. Prior to mid-1990s, approximately two-thirds
of asbestos payments made by the Debtor were reimbursed by
insurance. Since then, insurance available to cover the payment
of asbestos claims has deteriorated dramatically, with Combustion
exhausting its primary insurance coverage or settling with its
primary carriers, and its excess insurers disputing liability.
First State Insurance Company and Hartford Accident and Indemnity
Company are two of the insurance companies that extended
insurance coverage to Combustion between 1940 and 1985.
On July 10, 2003, the Debtor's Plan of Reorganization was
confirmed. The insurers appealed the confirmation order to the
United States Court of Appeals for the Third Circuit. On Dec. 2,
2004, the Third Circuit vacated the Confirmation Order and
remanded the Debtor's case.
On Oct. 24, 2003, Combustion sued its insurers in the Delaware
Bankruptcy Court [Adv. Proc. No. 03-57275] seeking, among other
relief, coverage from First State for asbestos-related bodily
injury claims.
Terms of the Settlement Pact
To resolve the long-standing case, the Debtor and Hartford and
First State agreed to an amicable settlement.
Pursuant to the Debtor's modified disclosure statement filed last
month, Hartford and First State have been designated as Settling
Asbestos Insurance Companies.
Other terms of the agreement include:
(a) Hartford and First State's repurchase of the policies
issued to Combustion;
(b) First State's payment of a settlement amount of $8,475,000
which shall be allocated for the payment of asbestos
claims;
(c) release of Hartford and First State from all issues
involving coverage claims.
Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group. ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in
more than 100 countries and employs about 103,000 people.
Combustion Engineering filed for chapter 11 protection on Feb.
17, 2003 (Bankr. D. Del. Case No. 03-10495). Curtis A. Hehn,
Esq., at Pachulski Stang Ziehl Young & Jones and Jennifer Mo,
Esq., at Kirkpatrick & Lockhart Nicholson Graham represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it estimated more than $100
million in assets and debt.
CONTACT: ABB LTD.
Affolternstrasse 44
CH-8050 Zurich, Switzerland
Investor Relations
Switzerland
Phone: +41 43 317 7111
Sweden
Phone: +46 21 325 719
USA
Phone: +1 203 750 7743
=============
U K R A I N E
=============
BANK NADRA: Fitch Assigns Eurobond Final 'B-' Rating
----------------------------------------------------
Fitch Ratings has assigned Dresdner Bank Aktiengesellschaft's
US$100 million 9.5% limited recourse loan participation notes due
November 2008 a Final Long-term 'B-' rating. The notes are to be
used solely for financing a loan to Ukrainian OJSC Bank Nadra
(rated Long-term 'B-'/Stable Outlook, Short-term 'B', Support '5'
Individual 'D/E') under a loan agreement.
Nadra was founded in 1993, and, following rapid growth after the
adoption of an aggressive expansion strategy in 2002, at end-H105
was the ninth largest bank in Ukraine, with a 2.7% share of
assets. The bank has a broad corporate and retail franchise,
supported by a nationwide branch network. Nadra has six
individual ultimate shareholders, who do not jointly own
significant assets aside of the bank.
CONTACT: BANK NADRA
15 Artema Street
04053 Kiev, Ukraine
Phone: +380 44 238 8472
Fax: +380 44 246 4842
Web site: http://www.nadrabank.kiev.ua
FITCH RATINGS
Vladlen Kuznetsov, Moscow
Phone: +7 095 956 9901
James Watson
Phone: +7 095 956 9901
Media Relations
Jon Laycock, London
Phone: +44 20 7417 4327
Web site: http://www.fitchratings.com
BUDIVELNIK: Chernigiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Budivelnik (code EDRPOU 14235971) on
September 6, 2005 after finding the open joint stock company
insolvent. The case is docketed as 5/99 B. Ms. Irina
Pchelintseva (License Number AB 216733) has been appointed
liquidator/insolvency manager.
CONTACT: BUDIVELNIK
17500, Ukraine, Chernigiv region,
Priluki, Soborna Str. 46
IRINA PCHELINTSEVA
Liquidator/Insolvency Manager
Ukraine, Chernigiv region,
Shors Str. 10/48
ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue 20
FERUM TRADING: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on CJSC Ferum Trading (code EDRPOU
23736887). The case is docketed as 15/598-b. Mr. Volodimir
Denisov (License Number AB 116291) has been appointed temporary
insolvency manager. The company holds account number 26005300364
at JSCB Forum, MFO 3300454.
Creditors have until November 4, 2005 to submit their proofs of
claim to:
(a) FERUM TRADING
03057, Ukraine, Kyiv region,
Peremogi Avenue 40-a
(b) VOLODIMIR DENISOV
Temporary Insolvency Manager
02091, Ukraine, Kyiv region,
Harkivske Shose, 56/723
(c) ECONOMIC COURT OF KYIV REGION:
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard 44-B
ROSTOK: Insolvency Manager Steps in
-----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Rostok (code EDRPOU 00387507) after finding
the limited liability company insolvent. The case is docketed as
14/547. Mr. Logvinenko Valerij (License Number AA 484196) has
been appointed liquidator/insolvency manager.
CONTACT: ROSTOK
Ukraine, Cherkassy region,
Zhashkiv, Radgospna Str. 7
LOGVINENKO VALERIJ
Liquidator/Insolvency Manager
Ukraine, Cherkassy region,
Zhashkiv, Molodizhna Str. 32
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue 307
SATELITE: Court Appoints Liquidator
-----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Satelite (code EDRPOU 30936980) on September
1, 2005 after finding the limited liability company insolvent.
The case is docketed as 27/94 B. JSCB Ukrsocbank (Makiyivka
branch) has been appointed liquidator/insolvency manager.
CONTACT: SATELITE
86151, Ukraine, Donetsk region,
Makiyivka, Sverdlov Str. 64
UKRSOCBANK (MAKIYIVKA BRANCH)
Liquidator/Insolvency Manager
86157, Ukraine, Donetsk region,
Makiyivka, Lenin Str. 61
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
SUNLIGHT: Bankruptcy Supervision Begins
---------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Israell-Ukrainian LLC Sunlight (code
EDRPOU 22968083). The case is docketed as 15/597-b. Mr. Sergij
Yegorenkov (License Number AA 668256) has been appointed
temporary insolvency manager. The company holds account number
2467599 at Prominvestbank, Kyiv region branch, MFO 322250.
Creditors have until November 4, 2005 to submit their proofs of
claim to:
(a) SUNLIGHT
03115, Ukraine, Kyiv region,
Deputatska Str. 25
(b) SERGIJ YEGORENKOV
Temporary Insolvency Manager
01133, Ukraine, Kyiv region,
Lesya Ukrainka Boulevard 19/138
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard 44-B
YABLUNIVSKE: Goes into Liquidation
----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Yablunivske (code EDRPOU 03791924) after
finding the limited liability company insolvent. The case is
docketed as 01-08/4142. Mr. Volodimir Yadchuk has been appointed
liquidator/insolvency manager.
CONTACT: YABLUNIVSKE
Ukraine, Cherkassy region,
Kanivskij district,
VOLODIMIR YADCHUK
Liquidator/Insolvency Manager
Ukraine, Cherkassy region,
Sedova Str. 15/3
ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue 307
ZLAGODA: Declared Insolvent
---------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Zlagoda (code EDRPOU 23961185) on August 31,
2005 after finding the company insolvent. The case is docketed
as 6/154-4/118. Mr. Kotormus Igor has been appointed
liquidator/insolvency manager.
CONTACT: ZLAGODA
Ukraine, Lviv region,
Drogobich district, Dobrogostiv,
1 Travnya Str. 8
Mr. Kotormus Igor
Liquidator/Insolvency Manager
Ukraine, Lviv region,
Drogobich district, Dobrogostiv,
1 Travnya Str. 8
Phone: (0244) 7-97-35
ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
===========================
U N I T E D K I N G D O M
===========================
1ST ALERT: In Administrative Receivership
-----------------------------------------
Bibby Factors Bristol Limited appointed Gordon John Johnston of
hjs Recovery administrative receiver of 1ST Alert Security
Services Limited on Oct. 5.
1ST Alert Security -- http://www.1stalertsecurity.co.uk/--
provides burglar alarm system to residences and businesses in the
U.K. and United States.
CONTACT: 1ST ALERT SECURITY SERVICES LIMITED
18 St. Werburghs Rd
Chorlton-cum-Hardy
Manchester M21 0TN
United Kingdom
Phone: +44 (0) 161 881 3034
Fax: +44 (0) 161 862 9585
E-mail: sales@1stalertsecurity.co.uk
HJS
12-14 Carlton Place
Southampton
Hampshire SO15 2EA
Phone: 023 8023 4222
Fax: 023 8023 4888
E-mail: gordon.johnston@hjsaccountants.co.uk
ASHWORTHS PRODUCTS: Oil Processor Up for Sale
---------------------------------------------
The joint administrators, Charles Escott & David Riley, offer for
sale the business and assets of Ashworths Products Limited
Features:
(a) U.K.'s largest collector and processor of recovered oils and
animal fats
(b) Specialized plant capable of converting 1000 tons per week
for bio-diesel and renewable energy use;
(c) 4.25 acre site in Accrington;
(d) Nationwide collection service; and
(e) Turnover of around GBP8.3 million.
CONTACT: RSM ROBSON RHODES LLP
St. George House
40 Great George Street
Leeds LS1 3DQ
Phone: +44 (0) 113 225 4000
Fax: +44 (0) 113 225 4001
Web site: http://www.rsmi.co.uk
Ian Richardson or Jane Clark
Phone: 0113 225 4000
Fax: 0113 225 4002
ATLAS TIMBER: Hires Administrator from BDO Stoy Hayward
-------------------------------------------------------
Mark Peter George Roach and Graham David Randall (IP Nos 009231,
009051) of BDO Stoy Hayward LLP were appointed joint
administrators of Atlas Timber Imports Ltd. (Company No 04683026)
on Oct. 21.
Atlas Timber Imports Limited -- http://www.atlastimber.com/--
operates as an importer/agent with a stock holding at Sharpness
Dock, Gloucester. It has a subsidiary company, Sharpness Timber
& Treatment Limited that operates as a pressure treatment
facility on sharpness dock. This enables Atlas Timber to offer a
complete range of treated timbers "off the shelf".
CONTACT: ATLAS TIMBER IMPORTS LTD.
Suite 23
Claremont House
Fore Street
Cullompton
Devon EX15 1JY
United Kingdom
Phone: 01884 35333
Fax: 01884 34550
E-mail: atlastimber@btconnect.com
BDO STOY HAYWARD
Fourth Floor
One Victoria Street
Bristol BS1 6AA
Phone: 0117 934 2800
Fax: 0117 922 5191
E-mail: graham.randall@numerica.biz
BCCI: Liquidator Drops Misfeasance Case Against Bank of England
---------------------------------------------------------------
Deloitte Touche Tohmatsu, liquidator of Bank of Credit and
Commerce International, on Wednesday withdrew an GBP850 million
lawsuit against the Bank of England, reports say.
The withdrawal follows the High Court Chancellor's ruling that it
was "no longer in the best interests of the creditors for the
litigation to continue." Deloitte brought the lawsuit in behalf
of 6,000 creditors of BCCI's U.K. branches, who had combined
deposits of GBP550 million when the lender was closed. BCCI,
incorporated in Luxembourg and ran from London, collapsed in 1991
with as much as US$16 billion in debt. The failure affected
80,000 depositors.
The case, where Bank of England is accused of misfeasance, had
placed at stake the bank's reputation for the first time in its
309-year history. It earlier refused a settlement to prove its
integrity and vindicate 22 of its senior officials involved.
The case is the most expensive litigation in British corporate
history.
According to the Financial Times, the bank's legal bill might
have already exceeded GBP70 million, while that of Deloitte is
estimated at GBP38 million. BCCI's creditors are likely to
shoulder the expenses as the English legal system provides that
the loser pays for the winner's costs. A hearing to take up this
issue is set Nov. 11, 2005.
Christopher Grierson of Lovells is Deloitte's counsel. Nicholas
Stadlen QC is the Bank of England's lawyer. BCCI's creditors
include Channel 4, American Express, Bury Council and The Western
Isles Council, which is owed GBP24 million.
CONTACT: DELOITTE & TOUCHE LLP
1 Woodborough Road,
Nottingham NG1 3FG
Phone: +44 (0) 115 950 0511
Fax: +44 (0) 115 959 0060
Web site: http://www.deloitte.com
LOVELLS
Web site: http://www.lovells.com/
CASH AND CARRY: Administrator from Bennett Verby Enters Firm
------------------------------------------------------------
Vincent A Simmons (IP No 8898) of Bennett Verby was appointed
administrator of Cash And Carry Carpets (UK) Limited (Company No
5114056) on Oct. 24. Its registered office is at 231 Talbot
Road, Stretford, Manchester M32 0HQ. The company wholesales
carpets.
CONTACT: BENNETT VERBY
7 St Petersgate
Stockport
Cheshire SK1 1EB
Phone: 0161 477 9345
Fax: 0161 429 7224
E-mail: v.simmons@bennettverby.co.uk
CG AUTOMATION: Hires Administrators from CBA
--------------------------------------------
Neil Charles Money and Neil Richard Gibson (IP Nos 8900 and 9213)
of CBA were appointed joint administrators of CG Automation
Limited (Company No 01318317) on Oct. 13.
Formed in 1978, CG Automation -- http://www.cgautomation.co.uk--
manufactures and supplies stretch film converting equipment,
general converting equipment to the flexible packaging industry
and special purpose machinery to a multitude of industries.
CONTACT: C G AUTOMATION LTD.
8 Highmeres Rd
Leicester, England
Phone: +44 (0) 116 2760206
Fax: +44 (0) 116 2742995
E-mail: CGAutomation@compuserve.com
CBA
39 Castle Street
Leicester LE1 5WN
Phone: (0116) 262 6804
Fax: (0116) 217 1404
E-mail: leics@cba-insolvency.co.uk
Web site: http://www.cba-insolvency.co.uk
COMPLETE GOLFING: Retailer Calls in Administrator
-------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson (IP Nos 8891, 8860) of
Tenon Recovery were appointed joint administrators of Complete
Golfing Limited (Company No 3362717) on Oct. 19. The company
retails golf equipment.
CONTACT: COMPLETE GOLFING LTD.
Unit 3, Chestnut Retail Park
Eastleigh, Hants S053 3TF
Phone: 02380 629595
Fax: 02380 618686
E-mail: completegolfing@aol.com
TENON RECOVERY
Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
CORPORATE GROUP: HSBC Appoints PKF Receiver
-------------------------------------------
HSBC Bank Plc appointed Kerry Bailey (IP No 8780) and Jonathan
Newell (IP No 6419) of PKF (UK) LLP joint administrative
receivers of Corporate Group International Limited (Reg No
03650754) on Oct. 19. The company is a software reseller.
CONTACT: CORPORATE GROUP INTERNATIONAL LTD
Thorpe House
3 Thorpe Street
Macclesfield
Cheshire SK10 1LJ
Phone: 01625 507 721
PKF
Sovereign House,
Queen Street, Manchester M2 5HR
Phone: 0161 8325481
Fax: 0161 8323849
E-mail: info.manchester@uk.pkf.com
Web site: http://www.pkf.co.uk
COSTAIN GROUP: Spanish Joint Venture Buys 91-hectare Land
---------------------------------------------------------
Costain Group plc reveals a significant land purchase by
Alcaidesa, its Spanish joint venture development business.
Alcaidesa Holding, in which Costain has a 50% share, has acquired
91 hectares of development land with the intention of adding
approximately 600 residential units, a hotel and commercial
facilities. The consideration of approximately GBP17 million has
been agreed on deferred payment terms over the next three years.
It is hoped all relevant consents will be secured by 2008.
The newly acquired land adjoins the existing 209-hectare interest
known as San Roque 3. The land forms part of an enclosed valley
and will enable Alcaidesa to further enhance the development
potential of the enlarged holding.
Costain Chief Executive Andrew Wyllie said: "This gives us a much
enhanced platform from which to continue the growth of the
Alcaidesa development. With our success to date in Spain and the
forecast growth in demand for properties in the region, we will
look to grow our land bank there during the course of 2006."
Alcaidesa is located on the Costa del Sol within a few miles of
Gibraltar. Costain's joint venture partner in Alcaidesa is
Banesto, one of Spain's leading banks and a subsidiary of Banco
Santander. The Alcaidesa development currently comprises a golf
course, a 600-bed hotel and approximately 1,000 houses/
apartments completed and sold. Construction of a second golf
course and clubhouse is already underway with completion set for
2006.
Land has been sold to other developers for a further 2,000 units
(some already under construction) with further land sales
contracted but not completed (finalization expected end of 2005
and early 2006).
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
FEELING OK.NET: Creditors Meeting Set Next Week
-----------------------------------------------
Creditors of Feeling Ok.Net Limited will meet on November 8,
2005, 10:30 a.m. at Robson Laidler LLP, Fernwood House, Fernwood
Road, Jesmond, Newcastle upon Tyne NE2 1TJ.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to W. Paxton of Robson Laidler LLP, Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ not later
than 12:00 noon, November 7, 2005.
CONTACT: ROBSON LAIDLER LLP
Fernwood House,
Fernwood Road, Jesmond,
Newcastle upon Tyne
Liquidator:
W Paxton
Phone: 0191 281 8191
Fax: 0191 281 6279
Web site: http://www.robson-laidler.co.uk
FKI PLC: Unit Wins US$40 Million Supply Contract
------------------------------------------------
FKI plc disclosed Tuesday that FKI Logistex has won a contract of
approximately US$40 million to supply a complete Baggage Handling
System for the new Shanghai Pudong Airport Terminal 2.
The system will be in operation beginning the end of 2007 and
will set a new standard for reliability and efficiency for
airports in China. It will be designed and constructed to meet
the operational requirements of the Terminal 2 passenger
throughput of 22 million for year 2010 and 40 million for year
2015.
Erik Hoffmann-Petersen, director for Airport Systems, said: "This
contract in Shanghai confirms the unique position of our company
as a preferred supplier for the leading international airports."
About the Company
FKI is an international diversified engineering group
specializing in automated logistic solutions, lifting products
and services, hardware and energy technology products.
The company designs and manufactures sortation and conveying
equipment for airport, parcel and warehousing activities, window
hardware (such as fittings, locking mechanisms, handles, hinges),
anchor lines for oil rigs, ropes for suspension bridges and
generators for power stations.
FKI Logistex provides automated material handling solutions,
supplying its customers with an integrated set of leading-edge
technologies in high-speed sortation, conveyor systems,
palletizing, paperless pick products, AS/RS, controls, order
fulfillment systems, RFID implementation, EDS integration,
Baggage Handling Systems, warehouse control systems, and total
material handling automation.
FKI Logistex provides material handling solutions for airports,
postal facilities, parcel distribution facilities, manufacturing
operations, library automation, and for warehouse and
distribution facilities. With projects that include many of the
world's largest and most advanced material handling operations,
FKI Logistex has manufacturing, engineering and support
facilities around the world.
In June, FKI reported that full-year loss after tax amounted to
GBP79.9 million (2004 restated: loss of GBP20.9 million) and
basic loss per share was 13.7 pence (2004 restated: basic loss
per share 3.6 pence). Net debt at 31 March 2005 of GBP350.7
million represented a decrease of GBP26.4 million from 30
September 2004 but a marginal increase of GBP1.6 million from 31
March 2004.
Cash flow was negatively impacted by approximately GBP15.0
million due to the effect of higher steel prices resulting in an
increase in working capital, the cash outflow of the wind turbine
business of GBP25.0 million and GBP12.2 million spent on closure
costs previously identified in the 2004 Strategic
Review.
CONTACT: FKI PLC
Falcon Works
P.O. Box 7713
Meadow Lane
Loughborough
Leicestershire LE11 1ZF
Phone: +44 (0) 20 7832 0000
Fax: +44 (0) 20 7832 0001
Web site: http://www.fki.co.uk
Simon Webber
Business Development Director
Phone: 020 7832 0000
James Olley
Brunswick
Phone: 020 7404 5959
FRESCO OILS: Business for Sale
------------------------------
Join administrators, Charles Escott & David Riley, offer for sale
the business and assets of Fresco Oils and Fats Limited.
Features:
(a) Producer and packer of edible oils;
(b) Turnover of around GBP7.7 million;
(c) Leasehold premises in Darwen (1.45 acres); and
(d) Refinery capacity of 260 tons per week.
CONTACT: RSM ROBSON RHODES LLP
St. George House
40 Great George Street
Leeds LS1 3DQ
Phone: +44 (0) 113 225 4000
Fax: +44 (0) 113 225 4001
Web site: http://www.rsmi.co.uk
Ian Richardson or Jane Clark
Phone: 0113 225 4000
Fax: 0113 225 4002
GATE GOURMET: Workers Mull Labor Case
-------------------------------------
Lawyers of 144 trade union members are preparing to refer their
dispute with the company to an industrial tribunal, according to
the Socialist Worker online.
Workers were offered compulsory redundancy under a deal between
unions, employers, and British Airways earlier this year. But a
letter to the workers earlier this month said Gate Gourmet
reserves the right to refuse to pay severance. The payment was
tied to the workers' agreement not to sue the company over
alleged abuses during the dispute.
Piqued by Gate Gourmet's decision to cut jobs and hire temporary
seasonal workers, several employees staged a walkout in August,
which resulted in their dismissal and triggered a sympathy strike
by British Airways workers at Heathrow. This grounded flights
and stranded more than 100,000 passengers. The dispute also
disrupted normal meal services on BA's short-haul flights.
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. It has dual headquarters in Reston, Va., and Zurich,
Switzerland and employs 22,000 people in 29 countries. 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.
The firm's restructuring adviser is Weil Gotshal & Manges
partners Chris Mallon in London and Steve Karotkin in the U.S.
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.
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/
GLG PARTNERS: Convertible Bond Deals Probed
-------------------------------------------
London-based hedge fund GLG Partners LP and trader Philippe Jabre
are under investigation by the Financial Services Authority.
This is the third investigation after that of Spain and France's
regulators.
The inquiry will determine if Mr. Jabre improperly used
non-public information on forthcoming convertible issues for the
benefit of his fund, according to The Telegraph. The convertible
bonds involved were those of French media group Vivendi
Universal, telecoms company Alcatel and Japanese conglomerate
Sumitomo Mitsui Financial Group.
Convertible arbitrage fund companies like GLP Partners work by
short-selling shares while buying into convertible issues.
Traders contacted by investment banks, however, are barred from
using the information they receive to trade for their own
accounts. GLP Partners has US$11.5 billion (GBP6.5 billion) of
funds under management.
CONTACT: GLG PARTNERS LP
One Curzon Street
London
W1J 5HB
Phone: +44 (0) 20 7016 7000
Web site: http://www.glgpartners.com/
GRANT INFORMATION: Hires Administrator from Vantis Numerica
-----------------------------------------------------------
Nicholas Hugh O'Reilly and Simon Elliott Glyn (IP Nos 008309,
009159) of Vantis Numerica were appointed joint administrators of
call center, The Grant Information Service Limited (Company No
04888097), on Oct. 21.
CONTACT: VANTIS NUMERICA
P.O. Box 2653, 66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.vantisnumerica.com
GRANVILLE TECHNOLOGY: GBP8 Million Missing in Accounts
------------------------------------------------------
Administrators of Granville Technology Group have discovered an
GBP8 million gap in the U.K. system builder's accounts, according
to the Microscope.
The shortfall identified by Grant Thornton is thought to relate
to some transfer of assets, including more than GBP3 million
worth of stock to an independent, French offshore company. Grant
Thornton is also investigating other transfers of the company, as
well as the more than GBP4.3 million worth of kit from its shop
The Computer Store.
Granville Technology went into administration on July 27 together
with:
Corporate Systems Limited,
General Computers Limited,
Granville Computers Limited,
Granville Computer Systems Limited,
Granville Distribution Limited,
Granville Technology Group Limited,
VMT Limited
Andrew Lawrence Hoskings, Martin Gilbert Ellis and Leslie Ross of
Grant Thornton were appointed joint administrators of the
companies. Granville Technology had been incurring debt of GBP2
million per month since January until its collapse. It owes main
lender HSBC GBP20 million. An industry source said, HSBC may
take legal action to recover the money.
The company was founded by the Mohsan brothers. It formerly owns
Tiny and Tiny.com, but the administrators have already sold the
asset and its trading name to Watford Electronics. It continues
to own a Burnley-based production facility, which Granville
director Tahir Mohsan intends to use for the manufacture of PCs
and plasma TVs for the U.K. channel. The channel has already
opened for business registered to Jersey-based Sapphire Brands.
CONTACT: CORPORATE SYSTEMS LIMITED
GENERAL COMPUTERS LIMITED
GRANVILLE COMPUTERS LIMITED
GRANVILLE COMPUTER SYSTEMS LIMITED
GRANVILLE DISTRIBUTION LIMITED
GRANVILLE TECHNOLOGY GROUP LIMITED
General enquiries: 0870 830 3288
Technical Support: 0906 558 0234
E-mail: enquiries-time@gtuk.com
GRANT THORNTON U.K. LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
HSBC HOLDINGS PLC
8 Canada Square
London E14 5HQ
Phone: +44 (0) 20 7991 8888
HANTS P C: Court Orders Liquidation
-----------------------------------
The Bristol District Registry issued a winding-up order against
Hants P C Wizard Limited on Oct. 19. The winding-up petition was
filed Aug. 26.
Set up in October 1999 to service the needs of the post-warranty
domestic user, Hants PC Wizard -- http://www.wizardit.biz--
expanded to cater to small- and medium-sized businesses.
CONTACT: HANTS P C WIZARD LIMITED
Church Court
Clewers Hill
Bishops Waltham
Southampton
Hants SO32 2LN
Phone: 01489 891399
Fax: 01489 890626
E-mail: enquiries@wizardit.biz
Web site: http://www.wizardit.biz
HARLEM SOUL: Names B & C Associates Administrator
-------------------------------------------------
Filippa Connor (IP No 9188) of B & C Associates was appointed
administrator of Harlem Soul Food Limited (Company No 04554065)
on Oct. 18. The restaurant serves a good selection of cocktails
and American cuisine.
CONTACT: HARLEM SOUL FOOD LTD.
467 Brixton Road
London SW9 8HH
B & C ASSOCIATES
Trafalgar House
Grenville Place
Mill Hill
London NW7 3SA
Phone: 0208 906 7730
Fax: 0208 906 7731
E-mail: filippa@bcassociates.uk.com
HARLOW PRESSINGS: Administrators Selling Assets
-----------------------------------------------
The Joint Administrators, Jeremy French & Glynn Mummery of Vantis
Redhead French, offer for sale the business and assets of Harlow
Pressings Limited, a manufacturer and supplier of precision metal
pressings and electro mechanical assemblies.
Features:
(a) Operates from leasehold premises in Cwmbran, Wales;
(b) Extensive range of plant & machinery;
(c) Skilled workforce (approx. 70 employees); and
(d) Key supplier to major OEM's in the electronics, and other
sectors.
CONTACT: VANTIS REDHEAD FRENCH
43-45 Butts Green Road
Hornchurch RM11 2JX
Web site: http://www.vantisplc.com
Glynn Mummery or Nigel Strike,
Phone: 01708 458211
Fax: 01708 442308
E-mail: info@vantisredheadfrench.co.uk
HYDE INDUSTRIAL: Hires Administrators from Cresswell Associates
---------------------------------------------------------------
Daniel Paul Hennessy and Gordon Craig (IP Nos 1388, 0978) of
Cresswell Associates Limited were appointed joint administrators
of wholesaler Hyde Industrial Supplies Limited (Company No
01473332) on Oct. 6.
CONTACT: HYDE INDUSTRIAL SUPPLIES LTD.
Clarkway
Hyde SK14 2AN
Cheshire
Phone: 0161 368 4863
Fax: 0161 367 9434
CRESSWELL ASSOCIATES LIMITED
Maple View, White Moss Business Park,
Skelmersdale WN8 9TG
IMPETUS 4: Files for Liquidation
--------------------------------
J. Farrer, chairman of Impetus 4 Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Oct. 13 at
The Chasley Hotel, Queen Street, Wakefield WF1 1JU.
Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe
Cork, 33 George Street, Wakefield WF1 1LX were appointed Joint
Liquidators.
CONTACT: IMPETUS 4 LTD.
Suite G4
Evans Business Centre
Monckton Road
Wakefield
WF2 7AS
Phone: 01924 888101
E-mail: alison@impetus4.co.uk
JETZONE (MARINE): Names Begbies Traynor Liquidator
--------------------------------------------------
Jetzone (Marine) Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Oct. 6 at Begbies Traynor,
5th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB.
David Hill and John W Davies of Begbies Traynor, 5th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB were
appointed joint liquidators.
CONTACT: JETZONE MARINE LTD.
Unit 6, LLewellyns Quay,
The Dock,
Port Talbot,
South Wales,
SA13 1RG
Phone: 01639 899022
Fax: 01639 899022
E-mail: info@jetzone.co.uk
Web site: http://www.jetzone.co.uk/profile.html
BEGBIES TRAYNOR
4th Floor, Riverside House,
31 Cathedral Road, Cardiff CF11 9HB
Phone: 029 2022 5022
Fax: 029 2022 4523
E-mail: cardiff@begbies-traynor.com
Web site: http://www.begbies.com
JONES & PARK: Clothing Manufacturer Calls in Administrator
----------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner
Boardman & Partners were appointed joint administrators of Jones
& Park Limited (Company No 00406465) on Oct. 25. Its registered
office is at Wilcock Street, Wigan WN3 4AP. The company
manufactures outerwear.
CONTACT: JONES & PARK LTD.
Wilcock Street,
Wigan WN3 4AU
Phone: 01942 243000
MILNER BOARDMAN & PARTNERS
Century House, Ashley Road,
Hale, Cheshire WA15 9TG
Phone: 0161 927 7788
Fax: 0161 927 7733
E-mail: info@milnerb.co.uk
Web site: http://www.milnerboardman.co.uk
KC REALISATION: Names Tenon Recovery Administrator
--------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson (IP Nos 8891, 8860) of
Tenon Recovery were appointed joint administrators of KC
Realisation (2005) Limited (Company No 4598911) on Oct. 19.
KC Realisation was formerly called Collier Wheeler Limited. It
is engaged in painting and decorating.
CONTACT: COLLIER WHEELER LTD.
140 Lyndhurst Road
Ashurst
Southampton
Hampshire SO40 7AS
Phone: 023 8029 3773
TENON RECOVERY
Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
LOCAL RECRUITMENT: Hires Liquidator
-----------------------------------
J. L. Longmore, director of Local Recruitment & Training
(Normanton) Limited, informs that a resolution to wind up the
company was passed at an EGM held on Oct. 14 at Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 4AP.
Richard Frank Simms and Martin Richard Buttriss of Insol House,
39 Station Road, Lutterworth, Leicestershire LE17 4AP were
appointed Joint Liquidators.
CONTACT: 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
MARTINISATION LIMITED: Hires Portland Business as Administrator
---------------------------------------------------------------
James Richard Tickell and Carl Derek Faulds (IP Nos 8125, 008767)
of Portland Business & Financial Solutions Ltd. were appointed
joint administrators of Martinisation Limited (Company No
3835197) on Oct. 21.
CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
1640 Parkway
Solent Business Park
Whiteley
Fareham
Hampshire PO15 7AH
Phone: 01489 550 440
E-mails: carl.faulds@portland-solutions.co.uk
james.tickell@portland-solutions.co.uk
MECHANICAL SERVICES: Appoints Liquidators from Begbies
------------------------------------------------------
D. Nelson, chairman of Mechanical Services (Luton) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 11 at Moat House Hotel, London Road, Markyate,
North St Albans, Hertfordshire AL3 8HH.
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP, 4th Floor Exchange House, 494 Midsummer
Boulevard, Milton Keynes MK9 2EA were appointed joint
liquidators.
CONTACT: MECHANICAL SERVICES (LUTON) LTD.
158A Beechwood Road
Luton
LU4 9RY
Bedfordshire
Phone: 01582 494747
Fax: 01582 494749
BEGBIES TRAYNOR SOUTH LLP
4th Floor, Exchange House,
494 Midsummer Boulevard,
Milton Keynes MK9 2EA
Phone: 01908 687 800
Fax: 01908 687 801
Web site: http://www.bakertilly.co.uk
MEPC LIMITED: Fitch Affirms 'B' Ratings; Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed U.K. property company MEPC Limited's
Senior Unsecured and Short-term ratings at 'B' and 'B'
respectively. The Outlook remains Negative.
This affirmation follows the recent announcement that MEPC "has
undertaken to reserve" GBP122.7 million of its GBP350 million BT
Pension Scheme's (BTPS) unsecured facility to repay 2006
bondholders when those bonds mature.
Following the recent repurchase of the QUIPS preference shares
(GBP122 million outstanding at August 2005) and the outstanding
2017 and 2024 debentures (GBP93 million total cost), and the
signing of a new GBP470 million secured loan facility (CMBS
securitization) in September 2005, Fitch estimates that the BTPS
facility will have around GBP44 million drawn, leaving GBP306
million available to repay the outstanding unsecured 2006 bonds
(GBP122.7 million).
Although the new secured financing linked to the CMBS transaction
has subordinated the 2006 bondholders and has reduced
unencumbered asset cover for unsecured debtholders to around
1.1x, Fitch takes comfort that the forecast headroom for
drawdowns under the facility and the above public statement by
MEPC in reserving availability, are expected to cover the short
term refinancing risk from the 2006 bonds.
Fitch has not changed the Senior Unsecured rating of MEPC, or the
rating Outlook, since this already encompasses the post secured
debt funding's resultant tight unencumbered asset cover and
interest cover ratios. Furthermore, the BTPS facility's
availability remains linked to the default probability of MEPC -
i.e. the credit quality of MEPC as reflected in the 'B' rating -
so the above announcement reserving a portion of the facility
does not denote a change in the rating of MEPC.
The Negative Outlook continues to encompass the possibility that
further funds could be repatriated from MEPC to the holding
company Leconport Estates as additional inter-company loans with
this shell entity. If drawn and channeled upstream, this could
further reduce MEPC's financial flexibility in the future.
MEPC's financial parameters are tight, although now marginally
improving. Fitch acknowledges the track record of BTPS arranging
to repay unsecured obligations.
MEPC had GBP906.1 million of property assets at March 2005 and an
annualized rent roll of GBP61 million. The business park
portfolio at FY04 was geographically split on a gross rental
basis: South East England 82%, Rest of U.K. 18%.
CONTACT: MEPC LTD.
4th Floor
Lloyds Chambers
1 Portsoken Street
London E1 8LW
Phone: 020 7702 6100
Fax: 020 7702 6123
Web site: http://www.mepc.co.uk
FITCH RATINGS
Jean-Pierre Husband, London
Phone: +44 (0) 20 7417 6304
John Hatton, London
Phone: +44 (0) 20 7417 4283
Media Relations
Julian Dennison, London
Phone: +44 20 7862 4080
Web site: http://www.fitchratings.com
MG ROVER: Gets Negative Review in New Zealand
---------------------------------------------
New Zealand's Consumers' Institute and The Dog & Lemon Guide have
warned against buying MG Rover cars following the carmaker's
collapse.
Car buyers have been advised that a new range of MG and Rover
vehicles is being sold by dealers without declaring that the
British company had gone bankrupt. Consumers' Institute is an
independent, non-profit organization established in 1959 with the
sole aim of getting New Zealand consumers "a fairer deal." The
Dog & Lemon Guide publishes useful information for car buyers,
including tips on how to select the "right car at the right
price."
In a joint statement, they stressed that while Nanjing Automobile
(Group) Corporation has bought what's left of MG Rover, there is
no long-term guarantee that it would continue to support existing
models.
Consumers' Institute Chief Executive David Russell said: "Buyers
of MG Rover cars may find themselves unable to get parts and
service in years to come. Worst of all, they may be unable to
resell these vehicles at anything like the purchase price."
Dog & Lemon Guide Editor Clive Matthew-Wilson added: "Even before
MG Rover went broke these were shocking unreliable cars. We gave
the entire range a 'not recommended' rating. These vehicles,
almost without exception, are lemons."
Last month, Warranty Direct, an independent automotive warranty
provider, revealed an estimated one in five MG Rovers built
during the last three years has mechanical problems. About 29%
of these defects are electrics-related, with complaints ranging
from illuminating warning lights to fan and window motors
malfunction. It noted that newer Rovers have been plagued by six
times as many troubles in their fuel systems than units four to
six years old.
MG Rover produces automobiles under the Rover and MG brands,
together with engine maker Powertrain Ltd. The company faced
huge losses in recent years, reaching GBP64.1 million in 2004,
which it blamed on reduced sales.
Previously owned by Phoenix Venture Holdings, the company
collapsed on April 8 after a tie-up with China's largest
carmaker, Shanghai Automotive Industry Corporation (SAIC), failed
to materialize. The crisis has left around 150,000 owners
without manufacturer or dealer-backed warranty protection. In
July, Nanjing bought the assets of both MG Rover and Powertrain
Ltd. for GBP53 million.
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
NANJING AUTOMOBILE (GROUP) CORPORATION
General Management Division
Phone: 86-25-3432671
Fax: 86-25-3111295 3417873
E-mail: bnj3111037@jlonline.com
Web site: http://www.nanqi.com.cn
CONSUMERS' INSTITUTE OF NEW ZEALAND
39 Webb St.
Te Aro
Wellington 6030
New Zealand
Phone: (04) 384 7963
Fax:(04) 385 8752
Web site: http://www.consumer.org.nz
THE DOG & LEMON GUIDE
E-mail: info@dogandlemon.com
Web site: http://dogandlemon.com
MILFORD HAVEN: Boat Builder Liquidates
--------------------------------------
M. R. Paine, chairman of Milford Haven Multihulls Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 13 at Unit 5, London Road Industrial Estate,
Pembroke Dock SA72 4RZ. Gary Stones of Stones & Co., 63 Walter
Road, Swansea SA1 4PT was appointed liquidator.
Trading as 'Boiling Frog', Milford Haven Multihulls Ltd., --
http://www.boilingfrog.co.uk-- was incorporated in March 2003 to
develop and manufacture performance cruising multihulls. It
offers sailing cruisers from 9.5 to 14 meters long.
CONTACT: MILFORD HAVEN MULTIHULLS LTD.
Unit 5, London Road Industrial Estate
Pembroke Dock
Pembrokeshire SA72 4RZ, Wales, UK
Phone: 0 (+44) 1646 621 199
Fax: 0 (+44) 1646 689 002
E-mail: info@boilingfrog.co.uk
STONES & CO.
63 Walter Road
Swansea
Glamorgan SA1 4PT
Phone: 01792 654607
Fax: 01792 644491
E-mail: stones.co@btconnect.com
NOEL T JAMES: Appoints Begbies Traynor Liquidator
-------------------------------------------------
P. James, chairman of Noel T James Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Newport YMCA, Mendalgief Road, Newport NP20 2HF. Simon
Robert Haskew and David Hill of Begbies Traynor, 58 Queen Square,
Bristol BS1 4LF were appointed Joint Liquidators.
CONTACT: NOEL T JAMES LTD.
Kelvedon Street Newport Gwent NP19
0WL Gwent UK
Phone: +44 (1633) 22 52 00
Fax: +44 (1633) 22 52 33
BEGBIES TRAYNOR
58 Queen Square,
Bristol BS1 4LF
Phone: 0117 929 4800
Fax: 0117 922 0114
Web site: http://www.begbies.com
NORTHERN QUARTER: Record Retailer Appoints Receiver
---------------------------------------------------
David Graham Platt (IP No 7471) of David Platt Associates was
appointed administrator of record retailer Northern Quarter
Industries Limited (Company No 04499663) on Oct. 24.
CONTACT: DAVID PLATT ASSOCIATES
Northwood
76 Currier Lane
Ashton-Under-Lyne
Lancashire OL6 6TB
Phone: 0161 308 4378
Fax: 0161 308 4310
E-mail: dvdplatt@aol.com
NU LIFE: EGM Passes Winding-up Resolution
-----------------------------------------
Y. J. Ridings, chairman of NU Life Cosmetic Surgery Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 11 at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL.
Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL was appointed liquidator. The
resolution and appointment were confirmed at a creditors meeting
held the same day.
CONTACT: NU LIFE COSMETIC SURGERY LIMITED
86 Firs Road, SALE, Cheshire M33 5EJ
Phone: 0161-924-0090
TOMLINSONS
St John's Court,
72 Gartside Street, Manchester M3 3EL
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
PAR GOLF: Calls in Joint Liquidators
------------------------------------
G. Legouix, director of Par Golf Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Oct. 17 at
Vista Office Centre, Salisbury Road, Hounslow, Middlesex TW4 6JQ.
P. R. Boyle and J. C. Sallabank of Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL were appointed Joint
Liquidators.
CONTACT: PAR GOLF LTD.
Limetrees Golf Course
Northolt
UB5 6QZ
Phone: 0208 841 6162
HARRISONS
4 St Giles Court, Southampton Street,
Reading RG1 2QL
Phone: 0118 951 0798
Fax: 0118 939 4409
E-mail: info@harrisons.uk.com
Web site: http://www.harrisons.uk.com
POOLE PHOENIX: Engineering Firm Up for Sale
-------------------------------------------
The joint administrators, Antony Fanshawe and Stephen Adshead of
Fanshawe Lofts, offer for sale the business and assets of Poole
Phoenix Precision Engineering Limited.
Features:
(a) Based in Poole, Dorset;
(b) Has traded for 25 years; and
(c) Annual turnover of circa GBP380,000
CONTACT: FANSHAWE LOFTS
41 Castle Way
Southampton SO14 2BW
Phone: 023 8023 3522
Fax: 023 8023 3504
E-mail: mail@fanshawelofts.co.uk
Web site: http://www.fanshawelofts.co.uk
James Stares
Phone: 023 8023 3522
E-mail: jws@fanshawelofts.co.uk
RGM LOGISTICS: Calls in Liquidator
----------------------------------
R. G. Meli, director of RGM Logistics Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 7 at Stanton House, 41 Blackfriars Road, Salford, Manchester
M3 7DB. Alex Kachani of Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB was appointed liquidator.
CONTACT: RGM LOGISTICS LTD.
Staly Ind Est/Knowl St.
Stalybridge, SK15 3AL
Phone: 0161-338 8058
CRAWFORDS
Stanton House
41 Blackfriars Road
Salford
Manchester
Greater Manchester M3 7DB
Phone: 0161 828 1000
Fax: 0161 832 1829
E-mail: akachani@aol.com
ROYAL & SUNALLIANCE: Appoints U.K. Chief to Main Board
------------------------------------------------------
Further to the regulatory announcement made on 4 May 2005
announcing the appointment of Bridget McIntyre as U.K. Chief
Executive, Ms. McIntyre has been appointed as a main board
director of Royal & SunAlliance Insurance Group plc.
Ms. McIntyre has not held directorships in any publicly quoted
companies during the past five years. She does not have any
interests in the shares of Royal & SunAlliance.
Royal & SunAlliance confirms that there are no items requiring
disclosure under paragraphs (b) to (g) of Rule 6.F.2 of the
Listing Rules in relation to Ms. McIntyre.
Ms. McIntyre was director of Sales, Marketing and Underwriting at
Norwich Union. She was previously Finance Director, U.K. Long
Term Savings and Finance Director, General Insurance and Direct
Operations. Ms. McIntyre has worked at Norwich Union since 1993
and prior to that spent five years in finance roles in Volvo.
About the Company
Royal & SunAlliance is a FTSE 100 company, listed on the London
Stock Exchange and in New York. The group consists of three
regions -- U.K., Scandinavia and International -- with operations
in 30 countries, providing general insurance products to over 20
million customers worldwide.
In September, Royal & SunAlliance revealed a provisional estimate
of up to GBP25 million, net of reinsurance recoveries, for claims
arising from the recent hurricane (Katrina) in the
U.S. The losses are expected to arise in the Group's Marine and
Global and Risk Managed portfolios. The provisional loss
estimate includes a very limited exposure from the Group's U.S.
business following its restructure in 2003.
The company has decided to transfer its employees from pensions
based on final salaries to packages based on average career
earnings. It aims to cut about GBP180 million from the company's
GBP500 million pension fund deficit. The measure is part of the
company's ongoing restructuring, which comes amid mounting claims
and weak investments. The company is said to have improved its
risk profile, but it has not yet totally eliminated the threat of
potentially large claims in the U.S. The latter could dampen
interest of prospective buyers, according to analysts.
CONTACT: ROYAL & SUNALLIANCE INSURANCE GROUP PLC
30 Berkeley Sq.
London
W1J 6EW, United Kingdom
Phone: +44-20-7636-3450
Fax: +44-20-7636-3451
Web site: http://www.royalsunalliance.com
ROYAL & SUNALLIANCE: U.S. Unit Pays US$11 Mln Settlement
--------------------------------------------------------
Royal & SunAlliance Insurance Group plc has confirmed that the
change of control of its U.S. Nonstandard auto business to Sentry
Insurance, a Mutual Company, has been approved by U.S. regulators
and the sale has been completed on the originally agreed terms.
The completion of this disposal provides a post-tax gain under
IFRS of around US$130 million and increases the pro forma NAIC
ratio to 2.3 times with immediate effect.
Royal & SunAlliance also confirmed that its U.S. subsidiary Royal
Indemnity Company has reached a settlement with Wilmington Trust,
one of the three remaining plaintiffs in the ongoing Student
Finance Corporation litigation. As a result, Wilmington Trust
has agreed to discontinue its part of the legal action.
As part of the settlement, RIC has agreed to pay US$11 million to
Wilmington Trust. Wilmington Trust has agreed to assign to RIC
all of its SFC related student loans for collection together with
certain other rights. In 2004, Wilmington Trust had obtained
summary judgment against RIC for US$15 million, recently vacated
on appeal. The settlement will have no impact on the Group's
financial results.
About the Company
Royal & SunAlliance is a FTSE 100 company, listed on the London
Stock Exchange and in New York. The group consists of three
regions -- U.K., Scandinavia and International -- with operations
in 30 countries, providing general insurance products to over 20
million customers worldwide.
In September, Royal & SunAlliance revealed a provisional estimate
of up to GBP25 million, net of reinsurance recoveries, for claims
arising from the recent hurricane (Katrina) in the
U.S. The losses are expected to arise in the Group's Marine and
Global and Risk Managed portfolios. The provisional loss
estimate includes a very limited exposure from the Group's U.S.
business following its restructure in 2003.
The company has decided to transfer its employees from pensions
based on final salaries to packages based on average career
earnings. It aims to cut about GBP180 million from the company's
GBP500 million pension fund deficit. The measure is part of the
company's ongoing restructuring, which comes amid mounting claims
and weak investments. The company is said to have improved its
risk profile, but it has not yet totally eliminated the threat of
potentially large claims in the U.S.
The latter could dampen interest of prospective buyers, according
to analysts.
CONTACT: ROYAL & SUNALLIANCE INSURANCE GROUP PLC
30 Berkeley Sq.
London
W1J 6EW, United Kingdom
Phone: +44-20-7636-3450
Fax: +44-20-7636-3451
Web site: http://www.royalsunalliance.com
SFS (INSTALLATIONS): Appoints Liquidator from Moore Stephens
------------------------------------------------------------
B. Applegarth, chairman of SFS Installations Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at 1-2 Little King Street, Bristol BS1 4HW. Mark Elijah
Thomas Bowen of Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB was appointed
liquidator. The appointment was confirmed at a creditors meeting
held the same day.
CONTACT: SFS INSTALLATIONS LTD.
Unit 3 Old Sawmills
Forde Abbey
Chard
TA20 4LU
Somerset
Phone: 01460 221772
Fax: 01460 221766
MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
WASHINGTON PRECISION: Hyde Industrial Appoints Receiver
-------------------------------------------------------
Hyde Industrial Holdings Limited appointed Kerry Bailey (IP No
8780) and Jonathan D. Newell (IP No 6419) of PKF (UK) LLP joint
administrative receivers of Washington Precision Engineering
Limited (Reg No 00995279) on Oct. 18. Its registered office is
at Stamford House, Stamford Street, Stalybridge, Cheshire SK15
1QZ. The company manufactures aeroplanes and other metal
components.
CONTACT: PKF
Sovereign House,
Queen Street, Manchester M2 5HR
Phone: 0161 8325481
Fax: 0161 8323849
E-mail: info.manchester@uk.pkf.com
Web site: http://www.pkf.co.uk
WM MORRISON: Safeway Sells Northern Ireland Store
-------------------------------------------------
Wm Morrison Supermarkets plc revealed Tuesday that Safeway Stores
(Ireland) Limited has sold its store at Downpatrick, Northern
Ireland to John Miskelly and Helen Miskelly.
The value of the gross assets attributable to the store is
GBP14,745,388. Completion will take place on 19 November 2005
and until that date the store will continue to trade as usual.
All staff will transfer to the new owners on completion. Mr. and
Ms. Miskelly have confirmed that the store will continue to trade
as a supermarket and that there will be no need for redundancies.
About the Company
Founded in 1899 by William Morrison, the company has grown from a
single egg and butter stall in Bradford market to become the
U.K.'s fourth largest, and rapidly growing supermarket chain.
With over 150,000 people working in stores, factories,
distribution centers and its head office, the company serves more
than 10 million customers weekly.
Morrison is experiencing difficulty integrating Safeway, the
US$3 billion business it acquired last year. Since the
acquisition, it has issued five profits warning in over a year.
In September, it unveiled plans to shut down three distribution
depots, confirming fears of job cuts. The decision, which would
affect sites in Aylesford, Bristol and Warrington, could leave
2,500 workers jobless.
In May, the company stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole. Since that time, the market has produced a
wide range of profit estimates for the year 2005/6. While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to
GBP150 million.
The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.
CONTACT: WM MORRISON SUPERMARKETS PLC
Hilmore House
Thornton Road
Bradford
West Yorkshire
England
BD8 9AX
Phone: +44 1274 494166
Fax: +44 1274 494831
Web site: http://www.morereasons.co.uk
* Studies Show more Companies Liquidating this Year
---------------------------------------------------
Figures from restructuring specialists Begbies Traynor and
PricewaterhouseCoopers show an increasing number of companies
going bust in the U.K., according to Evening Standard.
Begbies Traynor recorded 20% increase on companies applying for
liquidation, or facing liquidation petitions in the third quarter
to 6,946. It also marked 84,659 companies going through
difficulties such as sustained trading losses, weak balance
sheets, mounting debt or declining turnover.
In London, the number of companies on the "critical list"
increased by 23% to 874.
PwC recorded a 19% rise in company insolvencies in the first nine
months of the year. Nick Hood, senior London partner at Begbies,
said consumer slowdown is the main reason for their woes. It has
hit London's retail firm badly. Begbies says 9% of them are
close to collapse.
Mr. Hood said the July bombings that scared tourists is also to
blame. PwC recovery partner Mike Jervis said the downturn was
due to a combination of corporate debt, red tape, falling
consumer confidence and pension deficits.
The construction industry is also affected because of the housing
market slowdown. Mr. Hood warns of further insolvencies should
Christmas trading flop.
*********
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
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
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