/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051121.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, November 21, 2005, Vol. 6, No. 230 Headlines C Y P R U S INVEST CYPRUS: Gets B1 Issuer Rating, Stable Outlook from Moodys C Z E C H R E P U B L I C VSEOBECNA ZDRAVOTNI: Board Shakeup Seen F R A N C E AIR HORIZONS: Insolvency Grounds Charter Airline ALSTOM SA: H1 Net Income Swings to Black; 2006 Recovery on Track G E R M A N Y ALLGEMEINE HYPOTHEKENBANK: S&P Cuts Ratings to B BERLINER BUEROBEDARFS: Court to Verify Claims April BHW HOLDING: AHBR-related Charges Pull down 9-month Results BLUM U.: Under Bankruptcy Administration BWH CONSTRUCTION: Creditors' Claims Due March COLORS UN LIMITED: Essen Court Names Administrator FOCUS BAUGESELLSCHAFT: Calls in Administrator from HWW IHR PLATZ: Creditors Okay Restructuring Plan INFINEON TECHNOLOGIES: Board Backs Strategic Realignment KAMPS AG: 3rd-quarter Operating Profit Slips to EUR68 Million KOCHANSKI PRINTING: Duisburg Firm Goes Bust LLOYD WERFT: Offers Stake to State-owned Shipbuilder SIC BRANDSCHUTZANLAGEN: Proofs of Claim Due December VOLKSWAGEN AG: BMW, Mercedes Benz Outclass Luxury Model Phaeton VZI - INDUSTRIESERVICE: Succumbs to Bankruptcy G R E E C E ABG FINANCE: Capitalization Remains Weak Despite Rights Issue DRYSHIPS INC.: Q3, Nine-month Net Income up I R E L A N D ELAN CORPORATION: Seeks Consent to Reopen Sale of TYSABRI I T A L Y ALITALIA SPA: Workers Go on Strike IMPREGILO SPA: Shareholders Cut Offer for Chilean Unit IT HOLDING: Nine-month Net Loss Swells to EUR10.5 Million K Y R G Y Z S T A N KYRGYZKURULUSH: Under Bankruptcy Supervision UNEKO: Government Appoints New Insolvency Manager UNIKS: Creditors' Claims Due Early Next Year N E T H E R L A N D S ROYAL SHELL: Cluster Scheme in U.K. Disturbs Managers ROYAL SHELL: Cancels Another 1,500,000 'A' Shares N O R W A Y PETROLEUM GEO-SERVICES: S&P Rates New Credit Facilities B+ PETROLEUM GEO-SERVICES: US$1 Bln Facility Gets Ba3 from Moodys P O L A N D MOSTOSTAL ZABRE: Creditor Offers to Write off Debt, Buy Assets NETIA SA: Reports PLN71.3 Million Nine-month Net Profit R U S S I A ALNASHSKOYE: Bankruptcy Supervision Procedure Begins BUILDER-75: Court Appoints Insolvency Manager ECO-LES: Applies for Bankruptcy Proceedings ILYINSKOYE: Proofs of Claim Deadline December 8 KINO-VIDEO CENTRE: Bankruptcy Supervision Begins METROMEDIA INTERNATIONAL: Delays Results Anew MILK: Undergoes Bankruptcy Supervision Procedure REIFFEISEN INVESTMENT: Succumbs to Bankruptcy REINFORCED CONCRETE: Insolvency Manager Takes over Firm STARCH: Declared Insolvent YUBILEYNYJ: Claims Filing Period Ends Next Month U K R A I N E CELOGIN: Bankruptcy Supervision Begins FERMER TEH: Proofs of Claim Deadline Expires Tomorrow SHORS ELECTRIC-MECHANICAL: Sets Public Auction Wednesday TALISMAN: Liquidator Takes over Helm TEPLOENERGOMONTAZH: Goes into Liquidation UKRAINIAN PRODUCTION: Insolvency Manager Steps in UKRINVESTSTROJ: Declared Insolvent U N I T E D K I N G D O M ACACIA RECRUITMENT: Hires Liquidator ALPHA LEATHERGOODS: Calls in Joint Liquidators ARCHIE LTD.: Files for Liquidation ASINARI LIMITED: Claims Deadline December 6 A & N COMMUNICATIONS: Goes into Liquidation ATLAS DEMOLITION: BWC to Liquidate Business BANKSIDE INSURANCE: Names PwC Liquidator CARNE HOLDINGS: Call in Liquidators from Carter Backer Winter CENTRAL DESIGNS: Liquidators from Begbies Traynor Enter Firm CHILWOOD HOLDINGS: Calls in Liquidator from Milner Boardman CLEVERSOURCE LIMITED: Falls Under Administration COLLINS & AIKMAN: Creditors OK Cross-border Insolvency Protocol COLT TELECOM: Delists Securities from U.K.L.A. COPAL CASTING: Alumasc Shuts down Loss-making Casting Unit COSTAIN GROUP: Wins GBP34 Million Design, Construction Deal DE FACTO: Owners Pass Winding-up Resolutions DTF TRAVEL: Appoints Liquidator GOULDS DESIGN: Business up for Sale GOULDS LTD.: Tissue Maker Calls in Administrator GYMBOREE U.K.: Grant Thornton Liquidators Enter Firm HARRY THORNES: Appoints BDO Stoy Hayward Administrator HOMEFLARE LTD.: Files for Liquidation LIFESTYLE CONSTRUCTION: Names Elwell Watchorn Liquidator LINK FASHION: Goes into Liquidation MG ROVER: DTI Inquiry Costs GBP23,000 a day MIDLAND REFUGEE: Hires BDO Stoy Liquidator MULLWIN LTD.: Owners Decide to Wind up Firm OASI LIMITED: Hires Administrators from Cresswell Associates ONSLOW DITCHLING: Creditors Meeting Set Friday PAYSAGISTE LTD.: Landscaper Liquidates PHOENIX CALL: Liquidator from DTE Leonard Enters Firm PLANESTATION S.R.O.: Holding Company Opts for Administration PMGH LTD.: Calls in Liquidator from Armstrong Watson ROYAL MAIL: To Appoint New Managing Directors SANCTUARY GROUP: Hunts for New Non-executive Chairman SHIERS DIVING: Appoints Tenon Recovery Administrator SKIPLINE WASTE: Calls in Administrator from Haines Watts SMFB LIMITED: Administrators from Poppleton & Appleby Move in SMI (OVERSEAS): DTI Winds up Real Estate Broker TBH (IPSWICH): Begbies Traynor to Liquidate Business TGB TRANSMISSIONS: Calls in Administrator TRAFFIC CONTROL: EGM Passes Winding-up Resolutions WHITE SHADOW: Creditors Meeting Set Wednesday WM MORRISON: Loss Widens by GBP8.4 Million Under IFRS WORLD INSURANCE: Names PricewaterhouseCoopers Liquidator ZENITH KITCHENS: Appoints Sale Smith Liquidator ********* =========== C Y P R U S =========== INVEST CYPRUS: Gets B1 Issuer Rating, Stable Outlook from Moodys ---------------------------------------------------------------- Moody's Investors Service has assigned a B1 issuer rating to Reserve Invest (Cyprus) Ltd. (RIC). The outlook for the rating is stable. Moody's says the B1 (stable outlook) issuer rating reflects: (a) A relatively high likelihood of support from the beneficial shareholders in case of need, although its timeliness and extent may be uncertain; (b) The fact that, in economic terms, RIC is the foreign arm of a sound and promising group (IG Kapital); (c) The facility lines obtained from some top investment banks worldwide, serving as testimony that RIC is a reliable counterparty; and (d) RIC's location in an EU-member state, giving some degree of assurance that it is adequately regulated and supervised. In addition, RIC compared to peer financial companies is characterized by strong levels of capitalization and liquidity, relatively high transparency of ownership and a fairly efficient internal control system. However, Moody's notes that RIC has an underdeveloped franchise with non-related parties and a little-known brand name, as well as a very high portfolio concentration, creating de facto a high correlation between movements in Lukoil [senior implied rating Ba1] shares and volatility of asset value and earnings. Headquartered in Limassol, Republic of Cyprus, Reserve Invest (Cyprus) Ltd. was founded in 1998 and since then has been wholly owned by Reserve Invest Holding (RIH), another Cyprus-based company, while RIH is indirectly owned by some of Lukoil's top managers. RIC's activities, which effectively started in 2002, are closely monitored by, and related to, IG Kapital, a Moscow-based company with leading positions in asset management in Russia. IG Kapital's beneficial shareholders are also Lukoil's top managers. RIC's business lines are proprietary trading, brokerage, underwriting, asset management and advisory. However, proprietary trading (mainly Lukoil shares) still represents a very significant part of RIC's business. The Cyprus Securities and Exchange Commission licensed RIC to operate as a Cypriot Investment Firm and to provide investment and non-core services in relation to transferable securities and shares in collective investment undertakings. Its license was recently extended to trade in money market instruments, futures, forward rate agreements, interest rate, currency and equity swaps and options. RIC reported shareholders' equity of US$458.0 million and total assets of US$851 million in accordance with IFRS as of December 31, 2004. The net profit for year 2004 reached US$119 million. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Joel Bismuth, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =========================== C Z E C H R E P U B L I C =========================== VSEOBECNA ZDRAVOTNI: Board Shakeup Seen --------------------------------------- The government is pushing ahead with the board revamp at General Health Insurance Company (VZP), Czech News Agency says. Health Minister David Rath last week submitted to the cabinet a list of 10 nominees to replace the government's representatives on the board and garner enough votes to oust VZP chief Jirina Musilkova. Mr. Rath has blamed the poor performance of Ms. Musilkova for the company's CZK12 billion debt. He has received positive response from independent directors for his plan against the VZP chief, who refuses to step down despite strong clamor to do so. She challenged the government to prove she was responsible for the debt. The health minister refused to identify the nominees, but according to the news agency the list includes Jan Kostelecky, an adviser to Labour and Social Affairs Minister Zdenek Skromach. He and the other nominees will replace Deputy Labour Minister Jiri Hofman and Senator Ludmila Muellerova, among others. The health ministry placed VZP under forced administration two weeks ago and appointed Antonin Pecenka administrator. Prime Minister Jiri Paroubek has called on Ms. Musilkova to resign post-haste, citing her refusal to cooperate with the administrator, especially in producing copies of contracts and invoices. CONTACT: VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY (The General Health Insurance Company) Orlicka 4/2020 Phone: 221 751 111 E-mail: info@vzp.cz Web site: http://www.vzp.cz =========== F R A N C E =========== AIR HORIZONS: Insolvency Grounds Charter Airline ------------------------------------------------ Charter flight operator Air Horizons filed for insolvency at the commercial court in Bobigny on Nov. 14, Le Monde says. Nearly three weeks ago, TCR-Europe had said the carrier risked losing its license due to insolvency. The court in Bobigny had also appointed a trustee to help the company renegotiate its debt. The airline posted losses of over EUR100 million last year on turnover of EUR100 million. It owns five Boeing 737 planes and employs 267 staff. It flies to the Mediterranean and Africa from hubs in Orly Airport, Charles de Gaulle International Airport, and Le Bourget Airport. Air Horizon rose from the ashes of Euralair in 2004 after a last-minute takeover by U.K.-based Angel Gate Aviation, which saved the firm from liquidation. CONTACT: AIR HORIZONS S.A. 1 Place de Londres 93290 Tremblay En France ALSTOM SA: H1 Net Income Swings to Black; 2006 Recovery on Track ---------------------------------------------------------------- Alstom S.A.'s half-year results (April 1 - September 30) reached the level targeted for year-end 2005/06. (a) Operating margin expressed in IFRS reaches 5% (higher than the 6% target for year-end in French GAAP); (b) Net income is positive (at EUR136 million); (c) Free cash flow is positive (at EUR115 million); and (d) Visibility is further reinforced, with: (i) A new bonding program secured to July 2008; and (ii) The disposals program close to completion. Statement of Chairman & CEO Patrick Kron "These results, as well as the successful extension of our bonding lines indicate that ALSTOM is now reaching its final stage of recovery: our results are fully in line with our March 2006 targets, six months ahead of schedule. Beyond March 2006, ALSTOM should be in a position to enter a new phase of profitable growth." A copy of Alstom's first-half results can be viewed at http://bankrupt.com/misc/AlstomSA(1h2005).pdf 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 Press Relations G. Tourvieille/S. Gagneraud Phone: 01 41 49 27 13 / 27 40 E-mail: press@chq.alstom.com Investor Relations E. Chatelain Phone: 01 41 49 37 38 E-mail: investor.relations@chq.alstom.com ============= G E R M A N Y ============= ALLGEMEINE HYPOTHEKENBANK: S&P Cuts Ratings to B ------------------------------------------------ Standard & Poor's Ratings lowered its ratings on subordinated debt issued by Germany-based Allgemeine Hypothekenbank Rheinboden AG to 'B' from 'BB'. The ratings on AHBR, including the 'BB+' counterparty credit and senior unsecured ratings, remain on CreditWatch with negative implications, where they were placed on Oct. 25, 2005. At the same time, the 'AAA' ratings on senior secured Offentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed. "The rating actions follow up-to-date discussions with the bank and its stakeholders, and are based on Standard & Poor's expectation that initiatives to resolve AHBR's future are moving toward an orderly solution," said Standard & Poor's credit analyst Bernd Ackermann. "Nevertheless, Standard & Poor's believes that the holders of Pfandbriefe and senior unsecured debt are in a substantially better position than holders of subordinated debt," added Mr. Ackermann. At this stage, it remains unclear whether AHBR will be taken over or liquidated. Therefore, the downgrade of the ratings on subordinated debt obligations reflects that, on a stand-alone basis, AHBR is unlikely to sustain its operations without support, and that in a liquidation scenario subordinated debt holders would be more likely to incur losses, given that its subordinated debt is treated as regulatory capital. The counterparty credit and senior unsecured debt ratings are also based on Standard & Poor's expectation that a new owner would have to present a sustainable business plan and to ensure that support be made available for AHBR to receive regulatory approval and the approval from the domestic deposit protection scheme. Currently, however, AHBR's sale process remains a developing situation. Therefore, the CreditWatch also reflects uncertainties related to the outcome of this process. Any agreed new final stipulations would need to be reviewed by Standard & Poor's to determine any rating implications. This is of paramount importance considering AHBR's poor earnings outlook and capitalization, and ongoing structural weaknesses in its eastern German loan portfolio. Standard & Poor's expects to resolve the CreditWatch placement in the short term once a decision regarding the future of the bank has been reached, and should details of a potential acquisition by a new owner be announced. The ratings affirmation on AHBR's Offentliche and Hypotheken Pfandbriefe reflect that at present the Pfandbriefe's overcollateralization continues to be sufficient to absorb potential credit losses and mitigate pool specific risks in order to pay interest on, and repay principal of the corresponding Pfandbriefe when they become due. Following discussions with all relevant parties, Standard & Poor's is comfortable that the current adequate overcollateralization and liquidity levels will be maintained. Standard & Poor's will continue to tightly monitor inherent pool risks as well as liquidity, and will continue to comment regularly. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG Betreff Bockenheimer Landstrasse 25 D-60325 Frankfurt/Main Phone: (0 69) 71 79-0 Fax: (0 69) 71 79-100 Web site: http://www.ahbr.de/de/html/Homepage.htm BERLINER BUEROBEDARFS: Court to Verify Claims April --------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Berliner Buerobedarfs- und Papiergrosshandels-KG Goldner & Thesenvitz GmbH & Co. on October 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006 to register their claims with court-appointed provisional administrator Christian Kohler-Ma. Creditors and other interested parties are encouraged to attend the meeting on December 6, 2005, 9:40 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on April 25, 2006, 9:30 a.m. at the same venue. CONTACT: BERLINER BUEROBEDARFS- UND PAPIERGROSSHANDELS-KG GOLDNER & THESENVITZ GMBH & CO. Ritterstr. 11,10969 Berlin Christian Kohler-Ma, Administrator Kurfuerstendamm 212, 10719 Berlin BHW HOLDING: AHBR-related Charges Pull down 9-month Results ----------------------------------------------------------- BHW Holding AG posted EUR61.1 million in pre-tax losses for the first nine months of 2005, a complete turnaround from last year's EUR58.5 million profit, Frankfurter Allgemeine Zeitung says. Nine-month operating profit also slipped from EUR131 million to EUR115 million, as a result of the sale of troubled mortgage banking unit Allgemeine Hypothekenbank Rheinboden (AHBR). BHW set aside EUR189 million in provisions to complete the sale and wrote down AHBR's value on its books. BHW Holding AG's principal activity is that of a holding company for a group offering banking services like mortgages, savings, private and commercial banking, property management, mortgage banking and investment services. The group also offers life and other insurance services. Private construction accounted for 72% of 2002 revenues; commercial construction, 12%; private assets, 6%; and government loans and others, 10%. CONTACT: BHW HOLDING AG Lubahnstrasse 2 31789 Hameln Phone: +49 5151 18-0 Fax: +49 5151 18-3001 Web site: http://www.bhw.de BLUM U.: Under Bankruptcy Administration ---------------------------------------- The district court of Bonn opened bankruptcy proceedings against Blum u. Co. KG on November 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 15, 2005 to register their claims with court-appointed provisional administrator Dr. Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting on December 19, 2005, 11:15 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BLUM U. Co. KG Hellmaarstr. 3, 53340 Meckenheim Contact: Verena Velten, Manager Herrmann Josef Blum, Manager Dr. Jorg Nerlich, Administrator Sternstr. 79, 53111 Bonn Phone: 0228/94 59 820 Fax: 0228/9459829 BWH CONSTRUCTION: Creditors' Claims Due March --------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against BWH Construction GmbH on November 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting on December 6, 2005, 9:40 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on April 25, 2006, 9:35 a.m. at the same venue. CONTACT: BWH CONSTRUCTION GmbH Lohengrinstr. 20 A,14109 Berlin Dr. Christoph Schulte-Kaubruegger, Administrator Genthiner Str. 48, 10785 Berlin COLORS UN LIMITED: Essen Court Names Administrator -------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Colors un limited GmbH on November 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 7, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Nikolaus. Creditors and other interested parties are encouraged to attend the meeting on December 21, 2005, 1:50 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: COLORS UN LIMITED GmbH Dahlhauser Strasse 103, 45279 Essen Contact: Norbert Hovel, Manager Heintzmannsheide 69, 44797 Bochum Dr. Frank Nikolaus, Administrator Alfredstr. 108-112, 45131 Essen Phone: 87 90 40 FOCUS BAUGESELLSCHAFT: Calls in Administrator from HWW ------------------------------------------------------ The district court of Dresden opened bankruptcy proceedings against focus Baugesellschaft mbH on October 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 28, 2005 to register their claims with court-appointed provisional administrator Ulrich Kraft. Creditors and other interested parties are encouraged to attend the meeting on December 19, 2005, 9:45 a.m. at the district court of Dresden, 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: FOCUS BAUGESELLSCHAFT mbH Meissner Str. 13 in 01623 Lommatzsch Ulrich Kraft, Administrator HWW Wienberg Wilhelm Wasastrasse 15, 01219 Dresden Web site: http://www.hww-kanzlei.de IHR PLATZ: Creditors Okay Restructuring Plan -------------------------------------------- Creditors of German drugstore chain Ihr Platz unanimously approved its restructuring plan. At a creditors' meeting in Osnabrueck on Thursday, 98.98% of creditors accepted a comprehensive turnaround plan kicked off in June 2005. After streamlining its operations across the company, reducing its chain by 80 loss-making shops to 733 healthy drugstores (including franchises) and strengthening the operational margin, Ihr Platz expects to be profitable again in 2006 after five loss-making years. The company employs 8,100 people and achieved a cash-positive status in the 4th quarter 2005. In each of the five groups of creditors, the company registered support of 97.7% to 100% of the votes. "This is a tremendous vote of confidence and demonstrates that Ihr Platz is on the right track," said Horst Piepenburg, a lawyer and one of Germany's most experienced insolvency experts who joined Ihr Platz' management team for an interim period. Only 5 1/2 months ago, Ihr Platz filed for protection and was granted to pursue an insolvency process in self-administration, an option the German insolvency code allows and is similar to the U.S.-model of Chapter 11. With the key measures in place, the company expects to achieve its turnaround targets already by the end of this year. Since the beginning of 2005, the company has been managed by restructuring experts from Alvarez & Marsal and Modalis. According to the insolvency plan, the creditors will be compensated within two months once legal clearance has been granted and outstanding issues solved amicably. Ihr Platz, founded in 1895, recorded sales of around EUR700 million in 2004. CONTACT: IHR PLATZ GMBH + CO. KG CardService Postfach 3740 49027 Osnabruck Phone: (0800) 50 35 131 Web site: http://www.ihrplatz.de INFINEON TECHNOLOGIES: Board Backs Strategic Realignment -------------------------------------------------------- On November 17, 2005, Infineon's Supervisory Board agreed to a proposal from the Management Board concerning the company's strategic realignment. The objective is to create two focused and independent companies, one for Logic and one for Memory Products. The realignment reflects fundamental shifts in Infineon's target markets, characterized by changing market conditions and business processes. The Memory Products business will be carved out as a legally independent entity by July 1, 2006. As a next step, Infineon will consider an IPO of the Memory Products Company as the preferred option. Infineon, as the parent company, will focus on the Logic business, comprised of the business groups Automotive, Industrial Electronics and Multimarket (AIM) and Communications (COM). Rationale "There are two essential reasons for taking this step: First, the processes and business models for Memory and Logic are developing in diverging directions. Second, we improve the growth dynamic and profitability potential for both companies," said Dr. Wolfgang Ziebart, Chairman of the Board of Directors for Infineon Technologies AG. "For Memory Products, 'time-to-market,' manufacturing efficiency and direct access to capital markets are essential. For Logic products, a profound understanding of applications, as well as a strict alignment of all innovation activities with customers' individual requirements in their competitive markets is crucial." Memory Products as Technology and Cost Leader The Memory Products business has significantly improved its market position since Infineon's IPO and today is one of the leading suppliers of memory products worldwide. Additionally, on an accumulated basis, the Memory Products business has positively contributed to Infineon's EBIT since the year of the IPO. The market for memory products still offers significant potential for growth and new business opportunities due to the broadening of target applications. Memory products manufacturers with critical size and respective capabilities for product development can realize these market potentials. The strategic realignment will create a legally independent Memory Products company with a leading position in world markets and significant potential for growth. Legal independence, as well as direct access to capital markets, will increase flexibility for strategic cooperation and will broaden financing options. The Memory Products business will primarily leverage its development expertise to broaden its product portfolio to gradually increase its sales volume with higher margin products, such as in the application areas of servers, graphics, consumer electronics and communications. Infineon is the technology leader in 300mm silicon wafer manufacturing. The Memory Products business plans to further improve its cost position by expanding its 300mm share in manufacturing and accelerating migration to smaller chip structures. The continuation of established partnerships for development and manufacturing will ensure optimization of capital expenditure, as well as investment in research and development. Based on its legal independence and the accordingly increased opportunities to seize the above-mentioned potentials, Infineon sees the Memory Products business as best positioned for the future. The new company will retain its operational headquarters in Germany. Dresden will remain the technology development center for the planned company. Kin Wah Loh, member of the Management Board for Infineon AG and responsible for Memory Products, is designated to lead the new company. Logic With Clearly Defined Core Competencies Logic includes the business group Automotive, Industrial Electronics and Multimarket (AIM) and the business group Communications (COM). Infineon will further strengthen its core technological competencies in Analog/Mixed Signal, Power, RadioFrequency and Embedded Control. Infineon will leverage these strengths to further develop customer-oriented solutions in combination with its proven application expertise in the following six areas: (a) Automotive Electronics, (b) Industrial Electronics and Power Management, (c) Chip Cards and Security ICs, (d) RadioFrequency solutions, (e) Platforms for Mobile Telecommunications, (f) Broadband Communications. In addition, Infineon will use its manufacturing competence and product know-how in more application areas. Today, Infineon has a leading market position in all application segments mentioned above with good prospects to achieve competitive earnings. Infineon intends to use proceeds from a possible IPO of the Memory Products business for targeted investments in the expansion of its Logic business. Selective manufacturing strategy strengthens competitive advantages In the future, Infineon will pursue a selective manufacturing strategy in the Logic business: The Company will continue to invest in development and manufacturing capacities for advanced technologies where it has a clear competitive edge, both today and in the future. Examples of Infineon's manufacturing strategy are the production sites in Regensburg and Villach, as well as the new fab for power semiconductors in Kulim, Malaysia. In the area of standard CMOS technologies, Infineon will continue to use its existing manufacturing sites in Dresden and Essonnes, France, while intensifying its established development and manufacturing partnerships. Examples are the cooperation for 90nm technology with UMC as well as the partnerships for 65nm- and 45nm-technology with Chartered Semiconductors, IBM and Samsung. As of today, Infineon does not intend to build in-house 65nm capacity. Growth potential for both businesses "Both the Memory and the Logic businesses gain more room for action to consolidate and expand their market leadership in selected segments, to enhance customer orientation and to seize opportunities for more forceful growth," said Dr. Wolfgang Ziebart. About Infineon Infineon Technologies AG, Munich, Germany, offers semiconductor and system solutions for automotive, industrial and multimarket sectors, for applications in communication, as well as memory products. With a global presence, Infineon operates through its subsidiaries in the US from San Jose, CA, in the Asia-Pacific region from Singapore and in Japan from Tokyo. In fiscal year 2004 (ending September), the company achieved sales of Euro 7.19 billion with about 35,600 employees worldwide. Infineon is listed on the DAX index of the Frankfurt Stock Exchange and on the New York Stock Exchange (ticker symbol: IFX). CONTACT: INFINEON TECHNOLOGIES AG P.O. Box 80 09 49 D-81609 Muenchen Phone: +49-89-234-0 Fax: +49-89-234-2-84-82 Web site: http://www.infineon.com KAMPS AG: 3rd-quarter Operating Profit Slips to EUR68 Million ------------------------------------------------------------- Kamps AG's level of debt was significantly reduced in the third quarter by the refund of a EUR240 million bond. The proceeding integration of supply chain ensures achieving the cost target. At the same time the company invests to the same extent as in 2004. One focus of the investment is the new plant in Luedersdorf (Mecklenburg-Vorpommern). The topping-out ceremony will take place on 17 November, the production is supposed to start mid-2006. Due to a low consumption and the severe competition, the improvement of cost structures within production is one main issue of the planning. After the already executed change of one board member, the cooperation with the retailers should be intensified within the area of self-service bakery products. By the end of 30 September 2005, Kamps achieved a net group sales volume of EUR948 million compared to EUR1.043 million within the previous year (incl. the shares of sales volume of sold companies). The operating profit EBITDA was about EUR68 million (previous year: EUR73 million). About the Company Kamps AG, through its 11,400 employees in around 1,000 bakeries, supplies more than 23,000 food retail outlets in Germany with fresh bread and fresh bakery goods of the brands, Golden Toast and Lieken Urkorn, as well as private labels and bake-off products. In 2004, the Kamps Group generated sales of around EUR1.4 billion, and EBITDA of EUR102 million (2003: EUR127 million). In September 2004, Kamps initiated a comprehensive cost-cutting program, implementing a new, centralized corporate structure as the first step. In June, the company confirmed it achieved expected savings in the first quarter of 2005. Besides three closures more favorable terms for the purchase of raw materials that have been agreed and the restructuring of the retail business in the Netherlands contributed to lower costs. For the whole year, Kamps expects a turnover of EUR1.4 billion and a operating profit EBITDA of EUR127 million. CONTACT: KAMPS AG Prinzenallee 11 40549 Dusseldorf, Germany Phone: +49-211-53-06-34-0 Fax: +49-211-53-06-34-34 Web site: http://www.kamps.de Press Office Christina Stylianou Phone: +49-211-530634-435 Fax: +49-211-520276-435 E-mail: pressestelle@kamps.de KOCHANSKI PRINTING: Duisburg Firm Goes Bust ------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Kochanski Printing for Business GmbH & Co. KG on November 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 30, 2005 to register their claims with court-appointed provisional administrator Tanja Bueckmann. Creditors and other interested parties are encouraged to attend the meeting on January 12, 2006, 11:00 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, III. Etage, Raum 315, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: KOCHANSKI PRINTING FOR BUSINESS GmbH & Co. KG Im Lipperfeld 38, 46047 Oberhausen Contact: Horst Kochanski, Manager Weseler Str. 322, 46147 Oberhausen Tanja Bueckmann, Administrator Lindnerstr. 165, 46149 Oberhausen LLOYD WERFT: Offers Stake to State-owned Shipbuilder ---------------------------------------------------- Shipyard Lloyd Werft Bremerhaven GmbH is selling a stake to Italian state shipbuilder Fincantieri to raise needed capital, Lloyds List says. Lloyd Werft, which filed for insolvency in February last year, has said it needs a strategic partner to secure and expand its business. Managing Director Werner L'ken has said the new investor could take over majority control of the company. Members of the management currently own the company. Fincantieri could acquire a stake before the end of the year, the report said. Lloyd Werft filed for insolvency after its cruiseship Pride of America capsized in January 2004. The insolvency proceeding was suspended in June this year after the yard settled part of its debt. CONTACT: LLOYD WERFT BREMERHAVEN GMBH Brueckenstrasse 25 27568 Bremerhaven Germany P.O.B. 120542 27519 Bremerhaven Germany Phone: +49 (0) 700 LLOYDWERFT Fax: +49 471 / 478-280 E-mail: info@lloydwerft.com Web site: http://www.lloydwerft.com/ FINCANTIERI Via Genova, 1 34121 Trieste Phone: +39 040 319 3111 Fax: +39 040 319 2305 Web site: http://www.fincantieri.com/ SIC BRANDSCHUTZANLAGEN: Proofs of Claim Due December ---------------------------------------------------- The district court of Essen opened bankruptcy proceedings against SIC Brandschutzanlagen GmbH on November 1. 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 Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting on January 4, 2006, 9:00 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, 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: SIC BRANDSCHUTZANLAGEN GmbH Teilungsweg 30, 45329 Essen Contact: Stephan Lohmann, Manager Rolf Otto Neukirchen, Administrator Zweigertstr. 28-30, 45130 Essen Phone: (0201) 438740 Fax: +492014387479 VOLKSWAGEN AG: BMW, Mercedes Benz Outclass Luxury Model Phaeton --------------------------------------------------------------- Volkswagen AG will pull its Phaeton sedan model out of the U.S. market next year after failing to meet sales targets, Bloomberg News says. The carmaker said it is exiting the large-sedan class in the U.S. to "focus on increasing sales of its key models." Hans-Gerd Bode, a spokesman for the company, said: "The sales are not as successful as they theoretically could have been. We need to concentrate all our efforts on the turnaround." Phaeton was no match to BMW and Mercedes Benz, managing to sell only 686 units in the U.S. in the last 10 months. Created by former Chief Executive Ferdinand Piech to penetrate the luxury market, Phaeton was targeted to achieve yearly sales of 20,000, in the U.S. Sales of Phaeton in Germany rose 24% in the nine months through September to 2,426 units. Patrick Juchemich, an analyst with Sal Oppenheim in Frankfurt, said: "They are simply not willing to spend additional money on this car in the U.S. It would have required a huge marketing offensive." Volkswagen's U.S. sales plunged 11% in the first 10 months of 2005 even after launching new Jetta and Passat models. The US$66,770 Phaeton model was up against Mercedes Benz's S-Class, which starts at US$65,675 in the U.S., and Bayerische Motoren Werke AG's 7-Series at US$71,800. Analyst Stephen Pope said: "At that price, the Volkswagen Phaeton, well built as it is, can only be described as an inferior product. The U.S. is the most dynamic consumer market in the world, and if it won't work there, it won't work anywhere. They should just stop it completely." Volkswagen's U.S. division lost EUR907 million last year. In the first nine months of 2005, the loss widened to EUR818 million from EUR614 million in 2004. Chief Financial Officer Hans Dieter Poetsch has said Volkswagen may continue losing in the U.S. this year. Volkswagen hopes to return to profit in North America by 2007. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de VZI - INDUSTRIESERVICE: Succumbs to Bankruptcy ---------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against VZI - Industrieservice GmbH on November 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 30, 2005 to register their claims with court-appointed provisional administrator Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting on January 20, 2006, 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: VZI - INDUSTRIESERVICE GmbH Franz-Werfel-Str. 44-50, 32257 Buende Contact: Heike Boudount, Manager Enger Str. 137, 32257 Buende Stefan Meyer, Administrator Ostertorstr. 7, 32312 Luebbecke =========== G R E E C E =========== ABG FINANCE: Capitalization Remains Weak Despite Rights Issue ------------------------------------------------------------- Moody's Investors Service has confirmed the D- financial strength rating (FSR) assigned to Agricultural Bank of Greece SA (ABG). At the same time, Moody's has affirmed the Baa1/Prime-2 foreign currency deposit ratings assigned to ABG and the Baa3 subordinated debt rating of ABG Finance International. The outlook for the deposit and debt ratings is stable, while the outlook for the FSR is negative. This rating action concluded a review process initiated to assess the possible negative impact of the legislation regarding the systemic restructuring of borrowers' bank debt (the Panotokia Law) on ABG's financial fundamentals. According to the Panotokia Law (introduced in August 2004), borrowers' long-outstanding debt that had multiplied due to past high interest rates had to be restructured and rescheduled over seven years with a two-year grace period. The law provided that the total amount of loans outstanding extended by Greek banks, including ABG, should not exceed specified limits, with amounts beyond these limits having to be written off. Panotokia Law Cost EUR400 in Added Provisions According to ABG's management, 85,000 customers with EUR1.3 billion of on-balance sheet loans were affected, necessitating an approximate EUR800 million write-off or a EUR400 million hike in already existing loan loss reserves. Additional IFRS Adoption Charges Incurred In addition to the EUR400 million provision charge related to the Panotokia Law, ABG was required, as part of the IFRS adoption, to boost its loan-loss reserves by another EUR500 million and to take a EUR293 million charge relating to the shortfall in its auxiliary pension fund scheme. To absorb these charges and to restore its equity, ABG made a rights issue of about EUR1.25 billion during the first half of 2005. As a result, the bank's equity (on a consolidated basis) was topped up to EUR1.4 billion in June 2005, accounting for about 7% of total assets. Moody's explains that the restoration of the bank's equity position was the main factor preventing an FSR downgrade in the rating review process. Positive Changes However, Moody's views positively the current management's efforts to transform ABG from a state-supported agricultural bank into a profitable, commercially driven, universal bank by expanding its business with the non-farming sector. Accordingly, the bank has reorganized its branch network and is in the process of rebranding branches, has upgraded its IT systems and is launching new products to existing and new clients. Moody's notes that the outlook for ABG's D- FSR is negative and reflects challenges that need monitoring. In Moody's view, ABG faces challenges going forward, some of which are beyond management's control. One of the key issues ahead is how successful ABG will be in winning a desirable quality of business with non-agriculture-related customers, as its new strategy stipulates. Furthermore, ABG's recent incursion into the household sector has been taking place in tandem with benign economic conditions in Greece, suggesting that the resilience of its credit portfolio, as well as the adequacy and the appropriateness of its credit risk management systems, remain to be tested. Finally, the transition in ABG's role will require a major change in the perception and expectations of its existing customers. The process of implementing the Panotokia Law involved the signing of restructuring agreements with customers throughout 2005. Although Moody's views positively the fact that through this restructuring a number of borrowers will have the opportunity to normalize their relationship with ABG, the poor past payment record of the farmers -- the bank's main though declining customer segment -- suggests that the future post-restructuring performance of these loans may remain uncertain for some time. Moody's believes that the restructured loan portfolio may have a loss content that cannot be quantified at present, and will monitor its progress. Sustainable Improvements Although ABG reported improved profitability during the first half of 2005, the bank's earning power remains relatively low, while a heavy provisioning burden continues to pressure bottom-line profitability. Non-provisioned NPLs Weaken Economic Capital Furthermore, though improving, ABG's credit quality remains relatively poor with a high level of problem loans. According to management, non-performing loans (NPLs) (loans overdue by more than six months) accounted for 19% of gross loans, with loan-loss reserves covering 66% of NPLs and non-provisioned NPLs accounting for 56% of June 2005 equity. Hence, despite the rights issue, Moody's estimates that the bank's economic capitalization remains weak, pressuring its FSR. Furthermore, Moody's believes that the bank's provisioning coverage remains low compared to internationally accepted levels, especially when taking into account ABG's lax classification criterion and the uncertainty as regards the future performance of recently restructured loans. Going forward, the FSR could slip if: (a) The level of NPLs were to increase, leading to higher provisioning requirements and hence, poor profitability; and (b) The bank's economic capital were to weaken further or the level of non-provisioned NPLs increase significantly. On the other hand, the FSR could benefit from higher equity levels, better NPLs provisioning coverage and/or reduced NPLs, and higher and more sustainable profitability. The Baa1/Prime-2 deposit ratings and Baa3 subordinated debt ratings were affirmed, based on strong implied support reflecting the bank's majority ownership by the Hellenic Republic and its importance within the Greek banking system and economy. Agricultural Bank of Greece is headquartered in Athens, Greece, and had June 2005 total assets of EUR19.9 billion (based on IFRS). CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Mardig Haladjian, General Manager Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Constantinos Pittalis, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 DRYSHIPS INC.: Q3, Nine-month Net Income up ------------------------------------------- DryShips Inc. has reported its unaudited results for the three months and nine months to September 30, 2005. Net revenues for the third quarter of 2005 were US$57.29 million compared to US$13.99 million for the third quarter of 2004. Operating Income for the third quarter of 2005 was US$28.78 million compared to US$10.31 million for the third quarter of 2004. Net income for the third quarter 2005 was US$22.85 million compared to US$9.82 million for the third quarter of 2004. Basic earnings per share, based on average number shares outstanding, was US$0.75 for the third quarter 2005. The results of the third quarter 2005 include one-time delivery expenses of US$1.6 million or US$0.05 per share. Without this charge EPS for the third quarter would have been US$0.80. Net revenues for the nine-month period ended September 30, 2005 were US$156.11 million compared to US$46.77 million last year. Operating income was US$97.69 million compared to US$34.18 million for the nine-month period ended September 30, 2004. Net income for the nine-month period ended September 30, 2005 was US$85.29 million compared to US$33.05 million for the nine-month period ended September 30, 2004. Basic earnings per share, based on average number shares outstanding, was US$3.03 for the nine-month period ended September 30, 2005. CONTACT: DRYSHIPS INC. 80 Kifissias Avenue Marousi Athens - 15125 Greece Web site: http://www.dryships.com Christopher J. Thomas Chief Financial Officer Phone: 011-30-210-809-0570 E-mail: finance@dryships.com Investor Relations / Media Nicolas Bornozis Capital Link, Inc. (New York) Phone: 212-661-7566 E-mail: nbornozis@capitallink.com ============= I R E L A N D ============= ELAN CORPORATION: Seeks Consent to Reopen Sale of TYSABRI --------------------------------------------------------- Biogen Idec and Elan Corporation, plc said on Thursday that the supplemental Biologics License Application (sBLA) for TYSABRI(R) (natalizumab) for the treatment of multiple sclerosis (MS) has been accepted and designated for Priority Review by the U.S. Food and Drug Administration (FDA). The FDA grants Priority Review status to products that are considered to be potentially significant therapeutic advancements over existing therapies that address an unmet medical need. Based on the FDA's designation of Priority Review for TYSABRI in MS, the companies anticipate action by the Agency approximately six months from the submission date, rather than 10 months for a standard review. On September 26, 2005, the companies announced they had submitted the sBLA for the market re-entry of TYSABRI for MS and requested Priority Review. The sBLA for TYSABRI in MS includes: (a) final two-year data from the Phase III AFFIRM monotherapy trial and SENTINEL add-on trial with AVONEX(R) (Interferon beta-1a) in MS; (b) integrated safety assessment of patients treated with TYSABRI in clinical trials; and revised label and risk management plan. "We are pleased that TYSABRI has received Priority Review designation, which we believe, reflects the unmet need in MS," said Burt Adelman, MD, executive vice president, Development, Biogen Idec. "We look forward to working with the FDA throughout the review process and are hopeful that we will be able to bring TYSABRI back to people living with MS." "We believe that the acceptance of the sBLA for Priority Review is another step in our ongoing commitment to provide TYSABRI as a treatment option for MS patients in need," said Lars Ekman, MD, executive vice president and president, Research & Development, Elan. "We will continue to work closely with the FDA as they review the filing so that TYSABRI can be made available with an appropriate benefit-risk profile." On February 28, 2005, Biogen Idec and Elan announced that they voluntarily suspended TYSABRI from the U.S. market and all ongoing clinical trials based on reports of progressive multifocal leukoencephalopathy (PML), a rare and potentially fatal, demyelinating disease of the central nervous system. Biogen Idec and Elan recently completed a comprehensive safety evaluation of more than 3,000 TYSABRI patients in collaboration with leading experts in PML and neurology. The results of the safety evaluation yielded no new confirmed cases of PML beyond the three previously reported. About Elan Elan Corporation plc (NYSE: ELN) is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. Visit http://www.elan.com for additional information. About Biogen Idec Biogen Idec (NASDAQ: BIIB) creates new standards of care in oncology, neurology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. Visit http://www.biogenidec.comfor product labeling, press releases and additional information about the company. CONTACT: ELAN CORPORATION PLC Lincoln House Lincoln Place Dublin2 Ireland Phone: +353 1 709 4000 Fax: +353 1 709 4108 Web site: http://www.elan.com ========= I T A L Y ========= ALITALIA SPA: Workers Go on Strike ---------------------------------- Six of Alitalia's nine unions will stage a series of strikes, the first on Nov. 29, to protest the airline's restructuring plan. Unions FILT CGIL, FIT CISL, UIL Trasporti, UGL, ANPAV, and Unione Piloti say the plan is deficient because it fails to address fundamental weakness. They also blasted a deal with Air France-KLM, which accordingly "gives away part of the market." The unions also criticized Alitalia's EUR1 billion capital hike, which they acknowledge as "necessary but not enough to offer a future to the 20,000 workers." Strikes interrupted 2,800 flights in 2004 and hundreds of flights this year. From Nov. 14 to Dec. 2, Alitalia will issue 1.257 billion new shares at 80 cents each. It will offer current shareholders 13 new shares for every two held and bondholders 13 shares for every 60 bonds held. A consortium of banks -- composed of Deutsche Bank AG (40.4%), Banca Intesa's Caboto (19.3%), Unicredito Italiano's UBM (4.8%), Societe Generale (4.8%), Morgan Stanley (4.8%), Lehman Brothers (4.8%), Sanpaolo IMI's Banca IMI (4.8%), Credit Suisse (3.9%), Nomura (3.9%), Credit Agricole's Calyon (2.9%), Capitalia's MCC (3.9%), and Banca Popolare di Milano's Banca Akros (1.5%) -- will underwrite EUR516.9 million of the offering. Alitalia has 129 million outstanding shares. The capital hike is at the core of Alitalia's 2005-2008 turnaround plan, which also entails job cuts and a split of operations. The Italian treasury will acquire EUR450 million of new stocks, allowing Italy to slash its holding from 62% to below 50%. Banks would take on any unsold stock. About the Company Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, group net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, it remains in deep financial crisis. Alitalia has posted annual profit only four times in the past 16 years. 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 IMPREGILO SPA: Shareholders Cut Offer for Chilean Unit ------------------------------------------------------ Two Impregilo shareholders slashed their offer by US$50 million for Sociedad Concessionaria Costanera Norte (SCCN), the group's Chilean unit, AFX News says. Autostrade S.p.A. and Societa Italiana Apparecchi Scientifici S.p.A. (SIAS) originally offered US$308.9 million for SCCN, which holds a concession to a 43-kilometer motorway in the Chilean capital Santiago. According to daily MF, the parties will resume talks in the coming weeks. About 33 km of the six-lane motorway is already opened to traffic; the rest is due for completion in 2007. SIAS is a unit of Gavio, which together with Autostrade, controls a minority stake in Impregilo. CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it AUTOSTRADE S.p.A. Via A. Bergamini, 50 00159 Rome Phone: +39-06-4363-1 Fax: +39-06-4363-4090 Web site: http://www.autostrade.it SIAS S.p.A. Via Minghetti, 9 40057 Cadriano di Granarolo - Bologna Phone: +39 051 60 20 211 Fax: +39 051 60 20 218 E-mail: comm@sias-spa.it Web site: http://www.sias-spa.it IT HOLDING: Nine-month Net Loss Swells to EUR10.5 Million --------------------------------------------------------- The Board of Directors of IT Holding S.p.A. has approved the interim consolidated financial statements for the nine months ended September 30, 2005, prepared in accordance with International Financial Reporting Standards (IAS/IFRS). Net consolidated revenues amounted to EUR518.3 million, and showed a growth of 3.1% on a like-for-like basis (the Group disposed of its eyewear business, Allison S.p.A. in October 2004) and year on year. Revenues were driven by an excellent performance of the accessories division: the EUR67.6 million achieved (up 44.8% with respect to the EUR46.7 million recorded for the nine months ended September 30, 2004), confirm the positive development of the specialized sales channel for which five points of sale have already been opened (in Milan, Paris, Moscow, Warsaw and Casablanca). In terms of sales channels, revenues are once again driven by the wholesale channel and in particular by licensed brands. Operating Performance As had already become apparent from the results for the first six months of the year, the results for the nine months ended September 30, 2005 once again confirm the progressive focus that the Group is placing on its owned brands, particularly in terms of profitability. There is a significant improvement in EBITDA as a percentage of revenues for both the Ferre brand (from 2.0% to 6.6%) and the Malo brand (from 3.1% to 7.9%). With regard to the accessories division, growth was significant both in terms of revenues (+44.8% with respect to the corresponding nine months of the previous year) and in terms of EBITDA (amounting to EUR17.3 million, +49.1%). Operating income, amounting to EUR32.1 million, improved significantly both in absolute terms (+52.1%) and as a percentage of net revenues (from 3.8% to 6.2%), following changes in accounting principles regarding amortization of intangible assets. The nine months ended September 30, 2005 recorded a net loss of EUR10.5 million, after tax of EUR13.4 million, compared to a net profit of EUR7.3 million in the corresponding period of the previous year, which was, however, positively influenced by a gain on disposal of the fragrance business of EUR25.8 million. Net debt as at September 30, 2005 amounted to EUR374.5 million (of which EUR138.3 million due to securitization and factoring), and is significantly lower than net debt at September 30, 2004, which amounted to EUR427.5 million. Outlook Tonino Perna, chairman and chief executive officer of IT Holding S.p.A., said: "The results for the nine months ended September 30 give us confirmation that the decision to focus on three owned brands, each of which is strong, has a specific target and is characterized distinctively, was the correct decision to take. "Each of Ferre, Malo and Exte have their own precise identity and are growing autonomously both in terms of volumes and profitability. In addition, the choice to pursue a specialized sales channel for accessories is proving to be a winning strategy." Mr. Perna also said that with two months remaining to the yearend he is confident in confirming estimated revenues of approximately EUR680 million and an EBITDA margin in the order of 16%. The Board of Directors called an extraordinary shareholders' meeting to be held on December 19, 2005 (second call on December 20, 2005) to propose that the term granted for the increase in share capital be extended to December 31, 2007 at the same conditions authorized on April 20, 2005. A copy of the financial results is available free of charge at http://bankrupt.com/misc/ITHolding(9M2005).pdf * * * CONTACT: IT HOLDING S.p.A. Corso Monforte, 30 20122 Milan Phone: +39 02763039.1 Fax: +39 02780016 Web site: http://www.itholding.it =================== K Y R G Y Z S T A N =================== KYRGYZKURULUSH: Under Bankruptcy Supervision -------------------------------------------- The Inter-District Court of Bishkek on Economic Issues commenced bankruptcy supervision procedure on OJSC Kyrgyzkurulush on October 20, 2005. The case is docketed as ED-621/05 mbs1. Mr. Taalaibek Ashyraliev has been appointed temporary insolvency manager. Creditors will meet at Bishkek, L. Tolstogo Str. 20, on November 25, 2005 at 10:00 a.m. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: TAALAIBEK ASHYRALIEV Temporary Insolvency Manager Phone: (0-312) 54-84-08 (0-502) 25-17-78 UNEKO: Government Appoints New Insolvency Manager ------------------------------------------------- The Department for Bankruptcy Issues under the State Property Committee of the Kyrgyz Republic appointed Mr. Bolotbek Aralbayev temporary insolvency manager of LLC Uneko, replacing Mr. K. Tochtayev. Creditors will meet at Bishkek, Moskovskaya Str. 151, Room 108 on November 22, 2005 at 10:00 a.m. They must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: BOLOTBEK ARALBAYEV Temporary Insolvency Manager Phone: (0-312) 21-67-25 (0-502) 23-31-99 UNIKS: Creditors' Claims Due Early Next Year -------------------------------------------- LLC Uniks, which recently became insolvent, will accept proofs of claim until January 2, 2006. Call (0-312) 62-43-66 for more information. ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Cluster Scheme in U.K. Disturbs Managers ----------------------------------------------------- A new system to be implemented at the retail division of Royal Shell will result in job losses, The Press and Journal says. The clustering program seeks to put six stations under a single manager. The move is necessary to protect its network of around 600 stations across the U.K., Shell said. "These changes are critical if the Shell U.K. Retail business is to safeguard its U.K. service station network. Through focusing on operating costs in a sustainable manner, the business can continue to offer its customers competitively priced fuel and additional choice in an already highly competitive market," an unnamed spokesperson said. The company clarified that the new system will not necessarily lead to redundancies, but some managers are not convinced. Those who will not take on clusters will be redeployed. "As soon as they have someone to take this cluster on, that will be me finished. It will be a case of 'you are redundant'," an unnamed manager told The Press and Journal. "[H]ow they expect you to run six sites is beyond me." Shell has yet to confirm whether reassigned managers will absorb wage cuts. The company has already chosen 117 cluster managers from 250 applicants. Some 74 sites in Scotland are already operating on a similar system, although not under the terms of the new agreement. The spokesperson said Shell is committed to "treating all affected parties in an open and honest manner, supported by a comprehensive stakeholder and engagement plan." CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: Cancels Another 1,500,000 'A' Shares ------------------------------------------------- On 17 November 2005, Royal Dutch Shell plc purchased for cancellation 1,150,000 'A' Shares at a price of EUR26.32 per share. It further purchased for cancellation 350,000 'A' Shares at a price of 1,791.38 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,968,859,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is 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 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 =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: S&P Rates New Credit Facilities B+ ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' senior secured rating to Petroleum Geo-Services' new US$150 million revolving credit facility and US$850 million term loan B. In addition, Standard & Poor's affirmed the 'B+' corporate credit rating on PGS and revised the outlook to positive from stable. Pro forma for the announced refinancing, Lysaker, Norway-based PGS will have US$939 million in long-term debt. "The proceeds from the issuance will be used to refinance the company's outstanding US$746 million, 10% senior unsecured notes due in 2010, and pay related fees," said Standard & Poor's credit analyst Jeffrey B. Morrison. The ratings are dependent on Standard & Poor's receipt and review of final documentation. "The refinancing of higher coupon debt is expected to lower borrowing costs, and the bank facility is expected to yield PGS some additional flexibility over its former capital structure," he continued. The positive outlook incorporates PGS' improved operating performance over the past 12 months to 18 months, strengthened cash flow from operations, credit measure improvement, and the potential for further debt reduction that could lead to higher ratings in the intermediate to long term. Although not viewed as likely in the near term, if operating performance deviates materially from expected parameters or if management adopts more aggressive policies, the outlook could be revised or the ratings could be lowered. Complete ratings information is available to S&P subscribers at http://www.ratingsdirect.com All ratings affected by this rating action can be found at http://www.standardandpoors.com CONTACT: PETROLEUM GEO-SERVICES A.S.A. Strandveien 4 P.O. BOX 89 N-1326 Lysaker, Norway Phone: +47 67 52 64 00 Fax: +47 67 52 64 64 Web site: http://www.pgs.com PETROLEUM GEO-SERVICES: US$1 Bln Facility Gets Ba3 from Moodys -------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Petroleum Geo-Services ASA's (PGS) proposed US$1 billion of senior secured bank credit facilities consisting of a US$150 million revolving credit facility and a US$850 million term loan facility. Proceeds from the term loan will be used to tender for PGS' 10% senior unsecured notes due 2010. Moody's also affirmed PGS' Corporate Family Rating (previously known as the senior implied rating) of Ba3 and lowered the ratings on the company's 10% senior unsecured notes due 2010 to B1 in anticipation of the new secured bank financing. Moody's may revisit the notching on the senior unsecured notes depending on the outcome of the tender process. If all but a de minimus amount is tendered, the ratings on the senior unsecured notes will be withdrawn. Moody's changed PGS' rating outlook to developing from stable in response to the company's announcement that it is exploring possibilities for separating into two independently listed companies, Geophysical and Production. The company plans to evaluate several alternatives for completing the separation and will provide additional information on the process in early December 2005. Such alternatives could include a disposition or spin-off of either the Geophysical or Production businesses; however, the ultimate capital structure of each of the separate companies has not yet been determined. The separation is expected to occur sometime in 2006. Moody's observes that the maximum total leverage ratio (as defined, but generally debt-to-EBITDA less multi-client investments) in the proposed bank credit facilities will tighten in the event of a separation from 3.5x to 3.0x. The ratio would be calculated on a pro forma basis for both the 12 months commencing on the date of the separation and for the 12 months ending as of the most recent fiscal period prior to the separation. In our estimation, PGS would not currently meet this covenant if all of the company's indebtedness was carried solely by the Geophysical business and therefore any potential transaction would need to involve cash proceeds either from a disposition or equity issuance combined with debt reduction. Moody's will resolve the developing outlook upon evaluating the company's plans regarding the separation, particularly the proposed capital structure of each of the respective businesses. Moody's also will evaluate the benefits of greater strategic focus offset by, from the perspective of Geophysical business, a loss of some level of diversification and tangible asset coverage provided by the Production business. PGS' ratings are restrained by the inherent cyclicality of the seismic business which is dependent on the less predictable exploration phase of the oilfield life cycle; the competitive nature of the seismic business which historically has suffered from over-capacity and low returns on investment; and material weaknesses in the company's internal control over financial reporting. PGS' ratings are supported by its scale as one of the largest providers of seismic services in the industry and its conservative financial posture over the last couple of years including greater discipline regarding multi-client investments. In the time since Moody's assigned ratings to PGS earlier this year, the company has shown continued strong financial performance, reflecting the current upturn in the industry. For the nine months ended September 30, 2005, PGS' pro forma EBITDA (excluding Pertra) was approximately US$283 million compared to US$252 million for the comparable period last year. Pro forma EBITDA less multi-client investments was approximately US$233 million and US$215 million for the nine months ended September 30, 2005 and 2004, respectively. Moody's estimates that PGS will report pro forma EBITDA of US$400-US$420 million for the full year 2005, of which US$85-US$90 million pertains to the Production business, and EBITDA of US$430-US$480 million in 2006, of which US$85-US$90 million pertains to the Production business. Investments in multi-client data are expected to be in the range of US$60-US$65 million in 2005 and US$90-US$100 in 2006. Accordingly, relative to US$984 million of debt on a pro forma basis, Moody's expects that PGS will report debt-to-EBITDA less multi-client investments in the range of 2.5x to 3.5x in both 2005 and 2006 on a consolidated basis. The ratings on the bank credit facilities are subject to Moody's review of final documentation. PGS is headquartered in Lysaker, Norway. CONTACT: MOODY'S INVESTORS SERVICE (NEW YORK) John Diaz, Managing Director Corporate Finance Group Phone: (Journalists) 212-553-0376 (Subscribers) 212-553-1653 Michael Doss, Vice President - Senior Analyst Corporate Finance Group Phone: (Journalists) 212-553-0376 (Subscribers) 212-553-1653 =========== P O L A N D =========== MOSTOSTAL ZABRE: Creditor Offers to Write off Debt, Buy Assets -------------------------------------------------------------- One of Mostostal Zabre's major creditors is willing to write off PLN30 million of the company's debt and acquire some of its assets, according to Polish News Bulletin. Belgium's Ateliers Vlassenroot has given the construction group until Nov. 10 to accept the offer, but the investor has not received any response from Mostostal yet. Its offer includes PLN7.5 million in cash payment for the company's steel-element subsidiary, ZPK; real estate in Gliwice and Zabre; and manufacturing equipment. Ateliers also plans to bring in PLN5 million in additional capital and wants a deal sealed by Dec. 5. Ateliers previously bought PLN30 million in Mostostal debt from Bank Millennium. The company's other major creditors are Kredyt Bank and BGZ. CONTACT: MOSTOSTAL ZABRZE HOLDING S.A. 41-800 Zabrze, ul. Wolnos'ci 191 Phone: +48 (0 32) 271 32 21 +48 (0 32) 373 44 44 Fax: +48 (0 32) 271 50 47 +48 (0 32) 271 19 21 +48 (0 32) 271 26 49 +48 (0 32) 271 80 01 E-mail: post@mz.pl Web site: http://www.mostostal.zabrze.pl NETIA SA: Reports PLN71.3 Million Nine-month Net Profit ------------------------------------------------------- Netia S.A. recently disclosed unaudited consolidated financial results in accordance with IFRS EU(*) for the third quarter and nine months ended September 30, 2005: Financial Highlights -- Year-to-date revenues were PLN670.5 million (EUR171.2 million), a year-on-year increase of 4%; -- Revenues for Q3 2005 were PLN230.3 million (EUR58.8 million), representing a year-on-year increase of 5%; -- Year-to-date EBITDA was PLN262.4 million (EUR67.0 million), a year-on-year increase of 8%, representing an EBITDA margin of 39.1%. EBITDA for Q3 2005 was PLN89.7 million (EUR22.9 million), a year-on-year increase of 7%, representing an EBITDA margin of 39.0%; -- Year-to-date net profit was PLN71.3 million (EUR18.2 million) while net profit for Q3 2005 was PLN22.8 million (EUR5.8 million). Excluding the impact of one-off items recorded in 2004, i.e., negative goodwill amortization (no longer recorded in 2005 due to the adoption of new accounting standards from January 1, 2005) and a gain on deferred license fee payments, and excluding a deferred income tax charge recorded in 2005, year-to-date net profit increased by 6% and net profit for Q3 2005 increased by 14% on a year-on- year basis; -- Cash at September 30, 2005 was PLN237.6 million (EUR60.7 million) as compared to PLN257.1 million at September 30, 2004 and PLN371.2 million at June 30, 2005; -- P4 Sp. z o.o., a company operating previously under the name "Netia Mobile Sp. z o.o.," was announced as a winner of Poland's UMTS tender on May 9, 2005. On August 24, 2005, P4 received the reservation of the UMTS frequencies from the Polish regulator ("URTiP") and paid a single reservation fee in the amount of PLN345.0 million (EUR88.1 million) on Sept. 5, 2005. The P4's shareholders are Netia Ventures Sp. z o.o. (30%), Netia's subsidiary, and Novator Telecom Poland S.a.r.l. (70%) (see section "Other Highlights"); and -- Netia completed its share and subscription warrants buyback program, amounting to PLN120.0 million (EUR30.6 million), on Sept. 30, 2005 (see section "Other Highlights"). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (*) In accordance with the accounting standards adopted for use in the European Union. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Operational Highlights -- Sales of telecommunications products other than traditional direct voice (including indirect voice, data transmission, interconnection revenues, wholesale, intelligent network and other telecom services) increased their share of total revenues from telecom services to 48% or PLN110.3 million (EUR28.2 million) in Q3 2005 from 38% in Q3 2004. For the nine-month period ended September 30, 2005 sales of these products grew 30% year-on-year to PLN291.1 million (EUR74.3 million), increasing from 35% to 44% of total telecom revenues. -- Revenues from business customers accounted for 77% of total telecom revenues in Q3 2005 and 74% for the nine-month period ended September 30, 2005; -- Subscriber lines (net of voluntary churn and disconnections) were 419,225 at September 30, 2005 as compared to 426,523 at Sept. 30, 2004 and 423,678 at June 30, 2005. Business customer lines increased by 4% year-on-year to 150,853 and these now account for 36.0% of total subscriber lines; -- ADSL active ports increased to 34,662 at Sept. 30, 2005, reaching a penetration rate of 8% Netia's total subscriber lines; -- Average monthly revenue per line (with regard to direct voice services only) decreased by 11% to PLN93 (EUR24) in Q3 2005 from PLN105 in Q3 2004 and by 5% from PLN98 in Q2 2005, reflecting the continued overall tariff reduction trends in the sector; and -- Headcount of the Netia group was 1,210 at September 30, 2005, compared to 1,253 at September 30, 2004 and 1,201 at June 30, 2005. Report of President and CEO Wojciech Madalski Netia has delivered continued robust profitability and free cash generation combined with solid top-line growth for the first nine months of 2005, led by a 30% increase in sales from products other that traditional direct voice. Revenues from this strategically targeted segment now represent 44% of total telecom revenues, and we are particularly pleased with the momentum from data transmission. Netia also continued to gain ground with business customers, who now account for over 75% of total telecom sales. This performance reaffirms our confidence in our ability to deliver on Netia's stated financial objectives while pursuing established strategic directions and exciting new initiatives to support the Company's success. Our preparations to offer mobile services are underway with the formation of the P4 mobile venture, as well as management appointments and active planning on key operational issues needed for launch. Netia will be the exclusive direct sales channel for P4 focusing on business customers, with guaranteed long-term access to mobile products and infrastructure. The ability to further strengthen Netia's product offering by including mobile and convergent products represents a significant opportunity to grow our customer base and expand geographically. P4 is targeting a 20% market share over the long term and we expect mobile services to contribute significantly to Netia's future revenue growth. Report of Kent Holding, CFO Netia's third quarter 2005 revenue growth of 5% and EBITDA growth of 7% are in line with our expectations, while EBITDA margin at 39.0% once again exceeded our 35% strategic target. Pro forma net profit, adjusted for one-off items in 2004 and a deferred income tax charge in 2005, also grew roughly in-line with sales and EBITDA. Netia continues to demonstrate its financial strength and ability to return capital to shareholders in the form of share buy-backs and dividends while investing in future growth. In September we completed our PLN120 million share and subscription warrant buy-back program, equivalent to some 7% of Netia's total share capital as of the program's completion day, executing repurchases of PLN90 million this quarter. We also made an initial equity contribution of PLN108 million (EUR28 million) to the P4 mobile venture as part of our overall EUR90 million financial commitment to this project. Despite these outlays amounting to PLN198 million, our cash position at the end of Q3 stood at a healthy PLN238 million -- a reduction of only PLN133 million compared to Q2 2005 -- underscoring Netia's strong ongoing cash generation. Other Highlights Netia's Share and Subscription Warrant Buy-back Program Netia acquired under the program 27,693,462 of its own shares and 3,569 of subscription warrants for the total amount of PLN120.0 million (EUR30.6 million) to be redeemed by the Company. The shares purchased under the buy-back program, which constituted 6.96% of Netia's share capital as of Sept. 30, 2005, will decrease the Company's share capital following the approval of the relevant resolution at the shareholders' meeting. The buyback program was executed from May 9, 2005 to September 30, 2005 as a further initiative to return capital to shareholders, in addition to the dividend payment of PLN38.7 million (EUR9.9 million) or PLN0.10 per share made in April 2005, as adopted by Netia's Ordinary shareholders' meeting on March 17, 2005. Netia's issued and outstanding share capital totaled PLN397,833,440 as of Sept. 30, 2005 and was comprised of 397,833,440 shares, PLN1 par value per share, each representing one right to vote at Netia's general meeting of shareholders. Netia's share capital continues to increase upon the exercise of subscription warrants and options, which were issued in connection with Netia's financial restructuring. As of Nov. 8, 2005, 50,328,583 subscription warrants had been exercised and 1,361,947 two-year subscription warrants had expired out of a total of 64,848,442 two- and three-year subscription warrants issued. As at November 8, 2005, Netia's share capital equaled PLN401,183,504. This included 27,693,462 shares repurchased by the Company under the buy-back program mentioned above, which are subject to redemption. P4 (previously Netia Mobile) Update (a) UMTS/GSM 1800 P4 won a UMTS tender and received the reservation of the UMTS Frequencies covering the period from July 1, 2006 to Dec. 31, 2022. In addition, on May 9, 2005 P4 re-applied for the reservation of GSM 1800 MHz channels (the earlier tender for acquiring GSM 1800 MHz spectrum, in which P4 participated in parallel, remained unresolved); (b) P4 Shareholders' Agreement A shareholders agreement was signed on August 23, 2005, giving Netia a 30% minority interest in P4 with the majority 70% stake held by Novator Telecom Poland S.a.r.l. Until Oct. 13, 2005, P4 was operating under the company name Netia Mobile Sp. z o.o. Netia's total financial commitment in the P4 mobile venture will not exceed EUR90.0 million out of a total equity contribution of EUR300.0 million. It is assumed that P4's further financing requirements will be met by vendor financing and bank loans. Netia group started accounting for investment in P4 using the equity method from Aug. 23, 2005, when it became an associate. In addition, Netia expects to book the incremental mobile revenues of as much as PLN100.0 million after the first full year of P4's operation and as much as PLN400.0 million by the fifth year; (c) P4 Management P4's supervisory board consists of three members representing Novator and two members representing Netia. Mr. Wojciech Madalski was appointed as the Chairman of P4's supervisory board and Mr. Constantine Gonticas of Novator became the Vice Chairman. The first appointments of the five-member management board of P4 are underway; and (d) P4 Business Developments Currently, P4 is finalizing negotiations with telecommunications equipment suppliers and is also in discussions with the existing Polish mobile operators on potential network interconnection and national roaming agreements. WiMax Netia Globe S.A. and Netia Swiat S.A., Netia's subsidiaries, were announced as winners of Poland's tender for frequency reservations in 3.6-3.8 GHz range, on July 25, 2005. Both companies received their respective frequency reservations on October 27, 2005. Netia plans to use the above frequencies to provide high quality data and voice transmission in WiMax technology allowing cost efficient geographic expansion beyond Netia's existing fixed-line network. Netia also expects to benefit from the WiMax and UMTS network build-out by taking advantage of such operational synergies as site sharing and common utilization of transmission equipment. Netia acquired 100% of share capital of HFC Internet Sp. z o.o. on September 30, 2005 for the total amount of PLN3.2 million (EUR0.8 million), including transaction costs. Consolidated Financial Information Please note that due to the changes in presentation introduced as of January 1, 2005 in connection with the implementation of the IFRS 2 "Share-based payments," a related adjustment to employee benefit costs was made. In addition, changes in the presentation format were introduced as of January 1, 2005 with regard to the reclassification of the cost of traffic termination, including intelligent network revenue sharing, (previously shown separately under the "Other operating expenses" category). Following the IFRS good practice in the telecom sector, these expenses are now transferred to telecommunications revenue and netted against the related revenue categories (i.e., "Interconnection revenues" and "Intelligent network services" lines). Due to the above, the revenues and operating costs comparative figures for periods ended through December 31, 2004 were adjusted accordingly and therefore vary from the figures reported previously. Moreover, pursuant to the adoption of the IFRS 3 "Business Combinations" by the Netia group, as of January 1, 2005 the amount of PLN77.7 million (EUR19.8 million), representing the unamortized part of the negative goodwill, was transferred to retained earnings. Consequently, as of January 1, 2005 Netia ceased the amortization of negative goodwill, which decreased EBIT and net profit results compared to earlier periods. Please also see our interim condensed consolidated financial statements for the nine-month period ended September 30, 2005. 2005 Year-to-Date vs. 2004 Year-to-Date Revenues increased by 4% to PLN670.5 million (EUR171.2 million) for the nine-month period ended September 30, 2005 compared to PLN643.4 million for the same period in 2004. Revenues from telecommunications services increased by 4% to PLN663.0 million (EUR169.3 million) from PLN635.5 million in the corresponding period of 2004. The increase was attributable to the expansion of products other than traditional direct voice such as data transmission, interconnection revenues and wholesale services. Total revenues from products other than direct voice increased by 30% to PLN291.1 million (EUR74.3 million) during the first nine months of 2005 from PLN224.1 million for the same period in 2004, and constituted 44% of total revenues from telecommunications services as compared to 35% for the nine-month period ended September 30, 2004. The revenues from direct voice services decreased by 10% to PLN372.0 million (EUR95.0 million) during the first nine months of 2005 from PLN411.4 million in the corresponding period of 2004, reflecting mainly the overall tariff reduction trend in this product segment. In April 2005 Netia introduced new tariff plans for mass market direct voice customers and continued the rollout of ADSL products of a broadband Internet access. In March and April 2005 Netia also introduced new tariff plans for indirect voice services. In October 2005 Netia launched new product offering for business customers within its voice and fixed Internet access products (see section "Operational Review"). Interconnection charges increased by 13% to PLN134.7 million (EUR34.4 million) for the nine-month period ended Sept. 30, 2005 as compared to PLN119.4 million for the corresponding period of last year, driven by an increase in traffic volumes associated with wholesale services. Operating expenses (excluding interconnection charges) represented 41% of total revenues for the nine-month period ended September 30, 2005 as compared to 44% for the same period last year. This improvement was attributable to the continuous increase in key operating cost efficiencies, led by lower manpower costs (14.4% of total revenues for the first nine months of 2005 vs. 16.0% for the same period in 2004) and professional services costs (1.2% of total revenues for the first nine months of 2005 vs. 1.6% for the same period in 2004). EBITDA increased by 8% to PLN262.4 million (EUR67.0 million) for the first nine months of 2005 from PLN243.0 million for the same period in 2004. EBITDA margin increased to 39.1% from 37.8%. This was due to increases in revenues combined with our continuous effort to optimize the level of operating costs. Depreciation of fixed assets increased by 9% to PLN150.2 million (EUR38.3 million) compared to PLN137.4 million for the nine-month period ended September 30, 2004, mainly in connection with the completion of the investment projects and the revision of useful lives of certain fixed assets, resulting in the introduction of higher depreciation rates as of Jan. 1, 2005. Amortization of intangible assets decreased by 5% to PLN36.0 million (EUR9.2 million) from PLN37.8 million for the first nine months of 2004. Profit from operations (EBIT) was PLN76.3 million (EUR19.5 million) as compared to PLN85.5 million for the nine-month period ended September 30, 2004. EBIT recorded for the first nine months of 2004 included the positive impact of the amortization of negative goodwill of PLN17.7 million. Following the implementation of the IFRS 3 as of Jan. 1, 2005, Netia ceased the amortization of negative goodwill as of that date. Net financial income was PLN11.8 million (EUR3.0 million) as compared to PLN28.4 million for the nine-month period ended Sept. 30, 2004, of which PLN13.4 million represented a gain recorded on deferral of El-Net's license fee payments. Income tax charge of PLN16.2 million (EUR4.1 million) was recorded during first nine months of 2005. This was mainly due to a change in value of the deferred income tax asset as recognized in Q3 2005 and Q4 2004 (i.e., in the amount of PLN31.1 million and PLN46.8 million, respectively), which resulted from the partial utilization of temporary differences, higher depreciation rates applied as of January 1, 2005 and an update of Netia's assessment with regard to the Company's income tax position for the years 2006-2008. Net profit was PLN71.3 million (EUR18.2 million) as compared to PLN113.5 million for the nine-month period ended Sept. 30, 2004. The change in net profit is due to the fact that Netia has ceased to amortize negative goodwill and also reflects the impact of higher amortization of fixed assets, lower net financial income and the income tax charge, as mentioned above. Excluding the impact of one-off items recorded in 2004, such as amortization of negative goodwill of PLN17.7 million (EUR4.5 million) (no longer recorded in 2005 due to adoption of new accounting standards from January 1, 2005) and a gain on deferral of license fee payments of PLN13.4 million (EUR3.4 million), and excluding a deferred income tax charge of PLN15.7 million (EUR4.0 million) recorded in 2005 as a result of recognizing a deferred tax asset as of Dec. 31, 2004, year-to-date net profit increased by 6%. Net cash used for the purchase of fixed assets and computer software decreased by 27% to PLN102.6 million (EUR26.2 million) for the nine-month period ended Sept. 30, 2005 from PLN140.9 million for the same period in 2004. In addition, PLN107.7 million (EUR27.6 million) was transferred in August 2005 to P4 as part of Netia's equity contribution to the mobile venture. Further investment activities included outflow of PLN3.2 million (EUR0.8 million) on the purchase of HFC Internet group, offset by PLN8.4 million (EUR2.1 million) of cash acquired in this transaction, and granted loans of PLN25.0 million (EUR6.4 million). As a result, cash used for investing activities amounted to PLN234.0 million (EUR59.7 million) for the first nine months of 2005 as compared to PLN241.8 million for the corresponding period of 2004. Cash and cash equivalents at Sept. 30, 2005 in the amount of PLN237.6 million (EUR60.7 million) were available to fund Netia's operations. Q3 2005 vs. Q2 2005 Revenues increased by 3% to PLN230.4 million (EUR58.8 million) for Q3 2005 from PLN223.8 million for Q2 2005. The revenues from telecommunications products other than traditional direct voice increased by 15% to PLN110.3 million (EUR28.2 million) in Q3 2005 from PLN96.3 million in Q2 2005. Direct voice revenues were PLN117.6 million (EUR30.0 million) for Q3 2005 as compared to PLN124.9 million in Q2 2005. Netia introduced new tariff plans with regard to all its voice services (including both direct and indirect voice products) in March and April 2005. In October 2005 Netia introduced new offering with its voice and fixed Internet access products, targeted to small and medium enterprises (see section "Operational Review"). EBITDA increased by 3% to PLN89.7 million (EUR22.9 million) in Q3 2005 as compared to PLN87.1 million in Q2 2005. EBITDA margin remained stable between the quarters at 39.0% in Q3 2005 as compared to 38.9% in Q2 2005. Net profit of PLN22.8 million (EUR5.8 million) was recorded in Q3 2005 as compared to PLN25.1 million in Q2 2005. Operational Review Subscriber lines in service were 419,225 at Sept. 30, 2005 as compared to 426,523 at September 30, 2004 and 423,678 at June 30, 2005. This included ISDN equivalent lines, which increased to 95,637 at September 30, 2005 from 89,132 at September 30, 2004 and 93,807 at June 30, 2005. Business customer lines in service increased to 150,853 at Sept. 30, 2005, i.e., by 4% from 145,499 at September 30, 2004 and by 1% from 149,093 at June 30, 2005. Business lines as a percentage of total subscriber lines at Sept. 30, 2005 reached 36.0%, up from 34.1% at Sept. 30, 2004 and from 35.2% at June 30, 2005. New tariff plans within Netia's direct voice services were introduced effective April 4, 2005. The new tariff plans are targeted to mass market customers using Netia's analogue lines. Depending on a customer profile, clients now have a choice between seven tariff plan options with competitive pricing terms, including, among others, the packages of free local and domestic long distance calls within a monthly subscription fee and unified rates for local, domestic long-distance and fixed-to-mobile calls. New tariff plans for Telekomunikacja Polska customers using Netia 's indirect voice services (Netia 1055) were introduced effective March 15, 2005. The new tariff plans "Optymalna 1055" and "Zyskowna 1055", with competitive pricing terms, are targeted to medium and large corporate clients, respectively, and are based on a per-second billing. In addition, the price reductions were introduced within the "Specjalna 1055" tariff plan, offered to TP customers of Netia 1055 service since November 2004, with regard to fixed-to-mobile and international long distance calls, effective March 1, 2005 and April 15, 2005, respectively. Local calls in two stage access for Telekomunikacja Polska customers using "Netia 1055" service were introduced as of May 1, 2005. The calls will be set-up after dialing a free access number (having obtained a connection with the dial-in number, a client dials "0", then an area code and a local number). New product options within Netia's ADSL broadband Internet access service "Net24" were offered as of April 4, 2005. The new options "Net24 Optimum" and "Net24 VIP" are addressed to Netia's residential subscribers using both analog or ISDN lines and complement the existing "Net24" service offering with regard to data transmission speeds (i.e., download speeds of 256 kb/s and 1024 kb/s, respectively, and outbound speeds of 64 kb/s and 160 kb/s, respectively). Currently, the "Net24" service is offered in four options: "Net24 Premium", "Net24 Komfort", "Net24 Optimum" and "Net24 VIP." A new ADSL service "SuperNet24" (in SADSL technology) was launched on April 15, 2005. The service is targeted to Netia's subscribers using analog lines, mostly to medium and large enterprises. It is offered in two options -- "SuperNet24 Komfort" and "SuperNet24 Premium" -- providing a choice of data transmission speeds, with unlimited data transfer in each case, (i.e., two-way speeds of 1 Mb/s and 2 Mb/s, respectively) and fixed IP addresses. As of November 7, 2005 there were in total 36,116 ports used by Netia's clients for all type of its ADSL services (i.e., "Net24", "BiznesNet24" and "SuperNet24" services). New rates for international long-distance calls were introduced effective September 5, 2005. The changes apply to all ILD connections (traditional and VoIP technology) in tariff plans for direct and indirect voice products. New product offering for business customers, in particular the small and medium enterprises, was launched on Oct. 10, 2005. This included the introduction of three new "Business" tariff plans within Netia's voice services, the introduction of "TopNet" service for fixed Internet access in SDSL technology and modifications within "BusinessNet24" fixed Internet access in ADSL technology. Within this new offering Netia introduced the value packages, defining the amount of money to be used for voice connections per month, with the possibility to transfer the unutilized part of the package's limit onto next months (up to the amount of two packages). Netia (WSE: NET) is Poland's largest alternative provider of fixed-line telecommunications services. A copy of this report is available free of charge at http://bankrupt.com/misc/Netia(3Q2005).pdf CONTACT: NETIA S.A. 02-822 Warszawa ul. Poleczki 13 Phone: [48] (22) 330 2000 Fax: [48] (22) 330 2323 Investor Relations Manager Anna Kuchnio Phone: [48] (22) 330 2061 E-mail: anna_kuchnio@netia.pl =========== R U S S I A =========== ALNASHSKOYE: Bankruptcy Supervision Procedure Begins ---------------------------------------------------- The Arbitration Court of Udmurtiya republic has commenced bankruptcy supervision procedure on repair-technical enterprise Alnashskoye. The case is docketed as A71-82/2005-G21. Ms. S. Gorodilova has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 427795, Russia, Udmurtiya republic, Mozhga, Sverdlovskiy Avenue, 91. CONTACT: ALNASHSKOYE 427780, Russia, Udmurtiya republic, Alnashi, Mezhevaya Str. 2B S. GORODILOVA Temporary Insolvency Manager 427795, Russia, Udmurtiya republic, Mozhga, Sverdlovskiy Avenue, 91 BUILDER-75: Court Appoints Insolvency Manager --------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region commenced bankruptcy proceedings against Builder-75 after finding the limited liability company insolvent. The case is docketed as A75-7484/2005. Mr. A. Shuravin has been appointed insolvency manager. CONTACT: BUILDER-75 Russia, Khanty-Mansiyskiy autonomous region, Uray, Location 48 A. SHURAVIN Insolvency Manager 625003, Russia, Tyumen region, Krasina Str. 7a, 5th floor THE ARBITRATION COURT OF KHANTY-MANSIYSKIY AUTONOMOUS REGION 628012, Russia, Tyumen region, Khanty-Mansiysk, Lenina Str. 54/1 ECO-LES: Applies for Bankruptcy Proceedings ------------------------------------------- The Arbitration Court of Tyumen region commenced bankruptcy proceedings against Eco-Les after finding the limited liability company insolvent. The case is docketed as A-70-6701/3-05. Mr. A. Ivanov has been appointed insolvency manager. Creditors may submit their proofs of claim to Russia, Tyumen region, Osipenko Str. 84-27. CONTACT: ECO-LES Russia, Tyumen region, Respubliki Str. 16 A. IVANOV Insolvency Manager Russia, Tyumen region, Osipenko Str. 84-27 ILYINSKOYE: Proofs of Claim Deadline December 8 ----------------------------------------------- The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on limited liability company Ilyinskoye. The case is docketed as A-70-1669/3-05. Mr. A. Pshenichnikov has been appointed temporary insolvency manager. Creditors have until December 8, 2005 to submit their proofs of claim to 625000, Russia, Tyumen region, Khokhryakova Str. 71-11. CONTACT: ILYINSKOYE 627432, Russia, Tyumen region, Kazanskiy region, Ilyinka, Lenina Str. 28 A. PSHENICHNIKOV Temporary Insolvency Manager 625000, Russia, Tyumen region, Khokhryakova Str. 71-11 KINO-VIDEO CENTRE: Bankruptcy Supervision Begins ------------------------------------------------ The Arbitration Court of Ulyanovsk region has commenced bankruptcy supervision procedure on municipal enterprise Kino-Video Centre Aurora. The case is docketed as A72-5845/2002-Sk416-b. Mr. A. Kurochkin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 432011, Russia, Ulyanovsk-11, Post User Box 9876. CONTACT: KINO-VIDEO CENTRE AURORA 432046, Russia, Ulyanovsk region, Zhukovskogo Str. 45 Mr. A. Kurochkin Insolvency Manager 432011, Russia, Ulyanovsk-11, Post User Box 9876 METROMEDIA INTERNATIONAL: Delays Results Anew --------------------------------------------- Metromedia International Group, Inc., owner of interests in communications and media businesses in the country of Georgia, announced Wednesday it has not yet completed the restatement activities that the Company previously disclosed on June 3, 2005, August 8, 2005 and September 7, 2005 in connection with the issuance of its 2004 financial statements and restated 2003 and 2002 financial statements. At present the Company contemplates: (a) That it will file its 2004 Form 10-K, which include its restated 2003 and 2002 financial statements, and its amended 2004 first, second and third quarter reports on Form 10-Q with the Securities and Exchange Commission (SEC) during the fourth quarter of 2005; and (b) That it might not be able to file its 2005 first, second and third quarter reports on Form 10-Q with the SEC until sometime during the first quarter of 2006. About the Company Metromedia International Group (Pink Sheets:MTRM) - Common Stock and (Pink Sheets:MTRMP) - Preferred Stock, through its wholly owned subsidiaries, the Company owns interests in communications and media businesses in the country of Georgia. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia; and Telecom Georgia, a well-positioned Georgian long distance telephony operator. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Ernie Pyle Phone: 704-321-7380 E-mail: investorrelations@mmgroup.com MILK: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------ The Arbitration Court of Lipetsk region has commenced bankruptcy supervision procedure on open joint stock company Milk. The case is docketed as A36-308/2005. Mr. A. Golubev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 606100, Russia, Nizhniy Novgorod region, Pavlovo, Romantikov Str. 22. A hearing will take place on January 26, 2006. CONTACT: MILK 399900, Russia, Lipetsk region, Chaplygin, Lunacharskogo Str. 4a A. GOLUBEV Temporary Insolvency Manager 606100, Russia, Nizhniy Novgorod region, Pavlovo, Romantikov Str. 22 REIFFEISEN INVESTMENT: Succumbs to Bankruptcy --------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy proceedings against Reiffeisen Investment (TIN 7702218709) after finding the limited liability company insolvent. The case is docketed as A40-42556/05-103-83B. Mr. I. Kopytov has been appointed insolvency manager. Creditors may submit their proofs of claim to 117465, Russia, Moscow region, Teplyj Stan Str. 11, Building 1. CONTACT: REIFFEISEN INVESTMENT 129090, Russia, Moscow region, Troitskaya Str. 17/1 I. KOPYTOV Insolvency Manager 117465, Russia, Moscow region, Teplyj Stan Str. 11, Building 1 Phone: 338-20-33 REINFORCED CONCRETE: Insolvency Manager Takes over Firm ------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Reinforced Concrete Goods after finding the factory insolvent. The case is docketed as A60-11361/2002-S3. Mr. V. Novoselov has been appointed insolvency manager. Creditors may submit their proofs of claim to 624222, Russia, Sverdlovsk region, Nizhnyaya Tura, Ilyicha Str. 11. CONTACT: REINFORCED CONCRETE GOODS 624300, Russia, Sverdlovsk region, Kushva, Stroiteley V. NOVOSELOV Insolvency Manager 624222, Russia, Sverdlovsk region, Nizhnyaya Tura, Ilyicha Str. 11 STARCH: Declared Insolvent -------------------------- The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Starch after finding the open joint stock company insolvent. The case is docketed as A65-8110/2005-SG4-21. Mr. A. Gabdullin has been appointed insolvency manager. Creditors have until December 8, 2005 to submit their proofs of claim to 420054, Russia, Tatarstan republic, Kazan, Post User Box 153. CONTACT: STARCH Russia, Tatarstan republic, Tukaevskiy region, Knyazevo A. GABDULLIN Insolvency Manager 420054, Russia, Tatarstan republic, Kazan, Post User Box 153 ARBITRATION COURT OF UDMURTIYA REPUBLIC 426004, Russia, Udmurtiya republic, Izhevsk, Lomonosova Str. 5 YUBILEYNYJ: Claims Filing Period Ends Next Month ------------------------------------------------ The Arbitration Court of Mordoviya republic commenced bankruptcy proceedings against Yubileynyj after finding the open joint stock company insolvent. The case is docketed as A39-1491/05-103/7. Mr. A. Tsuran has been appointed insolvency manager. Creditors have until December 8, 2005 to submit their proofs of claim to 431710, Russia, Mordoviya republic, Chamzinskiy region, Komsomolskiy, Lenina Str. 22-2. CONTACT: YUBILEYNYJ 431770, Russia, Mordoviya republic, Dubenskiy region, Dubenki, Brovtseva Str. 12 A. TSURAN Insolvency Manager 431710, Russia, Mordoviya republic, Chamzinskiy region, Komsomolskiy, Lenina Str. 22-2 ============= U K R A I N E ============= CELOGIN: Bankruptcy Supervision Begins -------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy supervision procedure on OJSC Logistics Innovations Centre Celogin (code EDRPOU 31319039) on September 27, 2005. The case is docketed as 10/298/05. Mr. Boris Ivanishin has been appointed temporary insolvency manager. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) CELOGIN 54015, Ukraine, Mikolaiv region, Varvarivskij Uzviz 5 (b) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 FERMER TEH: Proofs of Claim Deadline Expires Tomorrow ----------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy supervision procedure on agricultural firm Fermer Teh (code EDRPOU 30065135) on June 22, 2005. The case is docketed as 08/587. Mr. S. Pshenichnij has been appointed temporary insolvency manager. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) FERMER TEH 19200, Ukraine, Cherkassy region, Zhashkivskij district, Nagirna (b) S. PSHENICHNIJ Temporary Insolvency Manager 18000, Ukraine, Cherkassy region, Vernigora Str. 16/6 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue 307 SHORS ELECTRIC-MECHANICAL: Sets Public Auction Wednesday -------------------------------------------------------- The Agency of Bankruptcy Questions in Chernigiv region will sell the properties of OJSC Shors Electric-Mechanical Plant on November 23, 2005, 10:00 a.m. at Ukraine, Chernigiv region, Miru Avenue 139/22. Up for sale is a complex located at Ukraine, Chernigiv region, Shors, 30 Rokiv Peremogi Str. 39. Starting price is UAH2,373,000 (inclusive of VAT). To participate, bidders must deposit an amount equivalent to 5% of the starting price and pay a registration fee of UAH17. The amount must be deposited to account number 260044492 at JSPPB Aval, Chernigiv regional branch, MFO 353348, EDRPOU 26334916. Participants must submit competitive bids on or before November 17, 2005 at 14033, Ukraine, Chernigiv region, Miru Avenue 139/22. CONTACT: AUCTION COMMITTEE 14033, Ukraine, Chernigiv region, Miru Avenue 139/22 Phone: 8 (04622) 5-63-78 TALISMAN: Liquidator Takes over Helm ------------------------------------ The Economic Court of Kirovograd region commenced bankruptcy proceedings against Talisman (code EDRPOU 20641066) on September 22, 2005 after finding the limited liability company insolvent. The case is docketed as 9/282. Ms. Bilodid Galina (License Number AB 216869) has been appointed liquidator/insolvency manager. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) TALISMAN Ukraine, Kirovograd region, Svitlovodsk district, Vlasivka, Shidna Str. 5/92 (b) BILODID GALINA Liquidator/Insolvency Manager 03143, Ukraine, Kyiv region, a/b 6 TEPLOENERGOMONTAZH: Goes into Liquidation ----------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Zaporizhya Erection Department Teploenergomontazh (code EDRPOU 33268745) on October 12, 2005 after finding the limited liability company insolvent. The case is docketed as 19/124-21/159. Mr. Radion Kravchenko (License Number AA 783025) has been appointed liquidator/insolvency manager. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) ZAPORIZHYA ERECTION DEPARTMENT TEPLOENERGOMONTAZH 71503, Ukraine, Zaporizhya region, Energodar, Lisova Str. 3/51, a/b 79 (b) KRAVCHENKO RADION Liquidator/Insolvency Manager 71500, Ukraine, Zaporizhya region, Energodar, Skifska Str. 18/17, a/b 42 Phone: (06139) 3-10-25 (066) 143-97-78 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 UKRAINIAN PRODUCTION: Insolvency Manager Steps in ------------------------------------------------- The Economic Court of Odessa region commenced bankruptcy proceedings against Ukrainian Production Company (code EDRPOU 25423718) on October 14, 2005 after finding the limited liability company insolvent. The case is docketed as 2/117-05-4708. Mr. Oleksandr Dvornichenko (License Number AA 216781) has been appointed liquidator/insolvency manager. The company holds account number 26005964866539 at First Ukrainian International Bank, Odessa branch, MFO 328019. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) UKRAINIAN PRODUCTION COMPANY 68640, Ukraine, Odessa region, Izmail district, Suvorove, Limanska Str. 20 (b) OLEKSANDR DVORNICHENKO Liquidator/Insolvency Manager Ukraine, Odessa region, Shevchenko Avenue 27/41 (c) ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue 4 UKRINVESTSTROJ: Declared Insolvent ---------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Ukrinveststroj (code EDRPOU 25183504) after finding the limited liability company insolvent. The case is docketed as B-24/115-04. Mr. O. Tkachov (License Number AA 719868) has been appointed liquidator/insolvency manager. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) UKRINVESTSTROJ Ukraine, Harkiv region, Polyova Str. 67 (b) O. TKACHOV Liquidator/Insolvency Manager Ukraine, Harkiv region, Derzhavinska Str. 2-B/44 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance =========================== U N I T E D K I N G D O M =========================== ACACIA RECRUITMENT: Hires Liquidator ------------------------------------ J. Routledge, chairman of Acacia Recruitment Solutions Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 28 at Saville Exchange, Howard Street, North Shields NE30 1SE. Greg Whitehead was appointed liquidator. CONTACT: ACACIA RECRUITMENT SOLUTIONS LTD. TEDCO Business Centre Jarrow NE32 3DT Phone: 0191 428 3405 ALPHA LEATHERGOODS: Calls in Joint Liquidators ---------------------------------------------- D. S. Osborne, chairman of Alpha Leathergoods Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 28 at Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS. Neil Charles Money and Geoff Robbins of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS were appointed Joint Liquidators. Alpha Leathergoods -- http://alphaleather.com/-- has served the British royal family, Rolls Royce, Bentley, BMW, Harrods, Shell, Hilton Hotels, and Wedgwood. CONTACT: ALPHA LEATHERGOODS LIMITED Osborne House, Charles Street Walsall, West Midlands, WS2 9LZ Phone: 01922 721804 Fax: 01922 722733 E-mail: info@alphaleather.com CBA 435 Lichfield Road Aston Birmingham B6 7SS Phone: (0121) 326 0880 Fax: (0121) 328 6456 E-mail: bham@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk ARCHIE LTD.: Files for Liquidation ---------------------------------- C. Barnett, chairman of Archie Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 27 at Regent House, 24-25 Nutford Place, London W1H 5YN. Mark S. Willis of Icarus Financial Solutions Ltd. was appointed liquidator. CONTACT: ARCHIE LIMITED Cadogan House, High Street Epsom, Surrey KT19 8AD Phone: 01372725333 ASINARI LIMITED: Claims Deadline December 6 ------------------------------------------- A. K. D. S. Marzano, the director of Asinari Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 7 at Dodd & Co, Clint Mill, Cornmarket, Penrith, Cumbria CA11 7HW. Jeanette Brown of Dodd & Co, Clint Mill, Cornmarket, Penrith, Cumbria CA11 7HW has bee appointed liquidator. Creditors are required on or before December 6, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Jeanette Brown of Dodd & Co, Clint Mill, Cornmarket, Penrith, Cumbria CA11 7HW, and, if so required by notice in writing their debt or claims. CONTACT: DODD & CO Clint Mill Cornmarket Penrith Cumbria CA11 7HW Phone: 01768 864466 Fax: 01768 865653 E-mail: jeanette@doddaccountants.co.uk A & N COMMUNICATIONS: Goes into Liquidation ------------------------------------------- R. Neufeld, chairman of A & N Communications in Print Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 28 at the Holiday Inn, Bath Road, Corner Sipson Way, West Drayton UB7 0DP. Martin Charles Armstrong of Turpin Barker Armstrong, Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA was appointed liquidator. CONTACT: A & N COMMUNICATIONS IN PRINT LTD. 61-71 Littleton Rd Ashford Middlesex Postcode TW15 1UU Phone: +4401 784248383 Fax: +4401 784251248 TURPIN BARKER ARMSTRONG Allen House 1 Westmead Road, Sutton, Surrey SM1 4LA Phone: +44 (0) 20 8661 7878 Fax: +44 (0) 20 8661 0598 E-mail: tba@turpinba.co.uk Web site: http://www.turpinba.co.uk ATLAS DEMOLITION: BWC to Liquidate Business ------------------------------------------- R. A. Beck, chairman of Atlas Demolition and Dismantling Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 26 at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU. David L. Cockshott and Paul A Whitwam of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU were appointed Joint Liquidators. CONTACT: ATLAS DEMOLITION AND DISMANTLING LTD. Mill Lane, Halifax, West Yorkshire HX3 6TR Phone: 01422364427 BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com BANKSIDE INSURANCE: Names PwC Liquidator ---------------------------------------- Company Names: BANKSIDE INSURANCE HOLDINGS LIMITED BANKSIDE UNDERWRITING AGENCIES LIMITED ENSIGN PLUS INSURANCE SERVICES LIMITED EUROPEAN CLAIMS ORGANISATION LIMITED LIMIT (INSURANCE & REINSURANCE) SERVICES LIMITED TORCH INSURANCE SERVICES LIMITED The chairman of these companies informs that the special and ordinary resolutions were passed on Oct. 28. Mr. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were appointed joint liquidators. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com CARNE HOLDINGS: Call in Liquidators from Carter Backer Winter ------------------------------------------------------------- J. Carne, the director of Carne Holdings Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 7 at the Enterprise House, 21 Buckle Street, London E1 8NN. Melvyn Julian Carter and John Alexander of Carter Backer Winter, Enterprise House, 21 Buckle Street, London E1 8NN were appointed joint liquidators. Creditors are required on or before January 3, 2006, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Melvyn Julian Carter of Carter Backer Winter, Enterprise House, 21 Buckle Street, London E1 8NN, the joint liquidator of the company, and, if so required by notice in writing their debt or claims. CONTACT: CARTER BACKER WINTER Enterprise House, 21 Buckle Street, London E1 8NN Phone: + 44 (0) 20 7309 3800 Fax: + 44 (0) 20 7309 3801 E-mail: info@cbw.co.uk Web site: http://www.cbw.co.uk CENTRAL DESIGNS: Liquidators from Begbies Traynor Enter Firm ------------------------------------------------------------ E. M. Davidson, the chairman of Central Designs Limited, informs that the special resolution to wind up the company was passed at an EGM held on Oct. 27 at Trinity House, 47 Wright Street, Southport PR9 0TL. David Moore and Donald Bailey of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF was appointed joint liquidators. Creditors are required on or before December 8, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to David Moore of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, the joint liquidator of the company, and, if so required by notice in writing its debt or claims. CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com CHILWOOD HOLDINGS: Calls in Liquidator from Milner Boardman ----------------------------------------------------------- B. Sutcliffe, the chairman of Chilwood Holdings Limited, informs that the special resolution to wind up the company was passed on Nov. 4. Mark Terence Getliffe was appointed liquidator. Creditors are required on or before December 2, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Mark Terence Getliffe of CLB, Century House, 11 St Peter's Square, Manchester M2 3DN, the liquidator of the company, and, if so required by notice in writing its debt or claims. CONTACT: MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk CLEVERSOURCE LIMITED: Falls Under Administration ------------------------------------------------ Paul William Ellison and Gareth Wyn Roberts (IP Nos 7254, 1162) of Hurst Morrison Thomson Corporate Recovery LLP were appointed joint administrators of Cleversource Limited (Company No 04316444) on Nov. 3. CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP 5 Fairmile, Henley on Thames, Oxfordshire RG9 2JR Phone: +44 (0) 1491 579866 Fax: +44 (0) 1491 573397 E-mail: hmt@hmtgroup.co.uk COLLINS & AIKMAN: Creditors OK Cross-border Insolvency Protocol --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Collins & Aikman Corporation and its debtor-affiliates posed no objection to the proposed cross-border insolvency protocol, but expressly reserves of all of its rights to raise in the future any issues relating to the European Debtors and their Administration as those issues may impact the U.S. Debtors, their estates and their unsecured creditors. The Debtors previously proposed a cross-border insolvency protocol to facilitate the efficient administration of their Chapter 11 cases and the administrative proceedings of their European units. Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York, explains that the Protocol will ensure that the counsel, retained professionals and management for each of the U.S. Debtors and the European Debtors work cooperatively and effectively with minimal friction or duplication of efforts. While the Protocol has not yet been formally approved, the Debtors have been acting in accordance with the terms of the Protocol since it was developed on July 15, 2005. The terms of the Protocol are designed to: (a) promote the orderly and efficient administration of the Insolvency Proceedings; (b) harmonize and coordinate activities undertaken and information exchanged in connection with the Insolvency Proceedings; (c) honor the independence and integrity of the US and English Courts; and (d) promote international cooperation and respect for comity among the U.S. and English Courts. A full-text copy of the 15-page Protocol is available for free at http://bankrupt.com/misc/collins_protocol.pdf Committee's Statement The Official Committee of Unsecured Creditors notes that the cross-border insolvency protocol provides, in essence, that the parties will agree to communicate and negotiate with each other regarding the sharing of Confidential Information. While the Protocol does not provide the Committee or the U.S. Debtors with direct access to information or a guarantee of information regarding the European Debtors and their Administration, to date, the Committee has been receiving periodic updates from the U.S. Debtors and the Administrators regarding the Administration and recently participated in a productive meeting with the Administrators. The Committee is hopeful that, despite the non-binding nature of the Protocol, during the course of the Chapter 11 cases and the Administration, the Administrators will be forthcoming in providing information to the Committee and the U.S. Debtors regarding the European Debtors and the Administration that is pertinent to the U.S. Debtors and their unsecured creditors. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debt. (Collins & Aikman Bankruptcy News, Issue No. 18; Bankruptcy Creditors' Service, Inc., 215/945-7000) * * * ollin's U.K. operation, which accounts for 25% of total global business, obtained a group-wide Administration order pursuant to the jurisdiction of the English High Court in London in July 2005. Kroll U.K.'s Simon Appell and Alastair Beveridge, among others, have been appointed joint administrators of each of the companies. The companies included in the filing are located in the U.K., Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg, Netherlands, Spain and Sweden and have approximately 4,000 employees in 24 facilities. Collins & Aikman has 4,000 employees in 26 plants in nine countries in Europe. Collins & Aikman's European operations are expected to continue in the normal course of business without interruption while the Administrators assess appropriate options. Additional information regarding the European group-wide Administration is available at http://www.collinsaikmaneurope.com/and information regarding the Chapter 11 reorganization at http://www.collinsaikman.com For more information, call the Company's toll-free Reorganization Information Line at 1-866-795-7641; for international callers +1 310-432-4170. CONTACT: FINANCIAL DYNAMICS Phone: +44 (0) 20 7269 7167 Lucy Thom Phone: +44 (0) 7712 174690 Nigel O'Connor Phone: +44 (0) 7968 095770 E-mail: collinsandaikman@fd.com KROLL EUROPE, MIDDLE EAST & AFRICA 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com COLT TELECOM: Delists Securities from U.K.L.A. ---------------------------------------------- COLT Telecom Group plc has confirmed, as announced on 21 September 2005, that redemption of EUR295,000,000 2% Senior Convertible Notes due 2006 took place on 21 October 2005. A request has been made to the U.K. Listing Authority for the cancellation of the listing of these securities with effect from 17 November 2005. About the Company COLT is a leading European provider of business communications. COLT specializes in providing data, voice and managed services to midsize and major businesses and wholesale customers. It has more than 50,000 customers across all industry sectors. COLT owns and operates a 13-country, 20,000km network that includes metropolitan area networks in 32 major European cities with direct fiber connections into 10,000 buildings and 13 COLT data centers. COLT Telecom Group plc is listed on the London Stock Exchange (CTM.L) and NASDAQ (COLT). In July, the company said it continued to make progress in the implementation of its strategic plan, even though market conditions remained challenging. Its financial position continues to be strong with cash and cash equivalents of GBP335.9 million at the end of the quarter. CONTACT: COLT TELECOM GROUP PLC Web site: http://www.colt.net John Doherty Director Corporate Communications Phone: +44 (0) 20 7390 3681 E-mail: jdoherty@colt.net Gill Maclean Head of Corporate Communications Phone: +44 (0) 20 7863 5314 E-mail: gill.maclean@colt.net COPAL CASTING: Alumasc Shuts down Loss-making Casting Unit ---------------------------------------------------------- Alumasc Group plc has disclosed the closure of Copal Casting Ltd., its loss-making gravity casting business, based in Handsworth, West Midlands. Following expressions of interest, negotiations to sell Copal have been taking place for several months, but have failed to secure a buyer. The business incurred mounting losses since the demise of MG Rover in April. Alumasc's accounts for the year to 30 June 2005 included Copal's losses in the year and a write-down of assets in anticipation of a sale of the business. Trading losses prior to closure in the current year and redundancy costs, estimated at approximately GBP1.5 million in aggregate, will be accounted for as discontinued activities in the half year accounts to 31 December 2005. Withdrawal from Copal is consistent with the Group's strategy to focus its development in those core business areas of premium building and engineering products where know-how and service are at a premium. Alumasc's ongoing engineering activities are in the process of replacing business at Rover and Powertrain, the loss of which was reported to have cost the Group GBP1 million in the prior year. While the introduction of new projects and customers outside the automotive industry is, in general, proceeding satisfactorily, it appears unlikely to compensate fully in the short term for the work lost, with the result that the Board now anticipates lower profits from its ongoing engineering business in the first half of the current year (to 31 December 2005) than in the equivalent period of the prior year, with a further increase in the Group's second half bias, highlighted in last month's AGM Statement. Meanwhile, the Group's building products activities, which contributed two-thirds to last year's profits, have continued to advance in the early months of the current year. CONTACT: COPAL CASTING LTD. Kentish Road, Handsworth Birmingham B21 0AZ United Kingdom Phone: 0121-558 4211 Fax: 0121-558 1729 Web site: http://www.alumascprecision.co.uk ALUMASC GROUP PLC Phone: 01536-383 844 COSTAIN GROUP: Wins GBP34 Million Design, Construction Deal ----------------------------------------------------------- Nations Healthcare Ltd. has awarded Costain Midlands the GBP34 million contract for the design and construction of a Day Treatment Centre at the Queens Medical Centre (QMC) Campus in Nottingham, the largest Treatment Centre contract to be tendered to date. The purpose-built Treatment Centre will be located next to the Postgraduate Centre and will be offering its services to NHS patients by the end of 2007. The Centre will be fully integrated with the clinical services and educational responsibilities of QMC and will provide opportunities to develop new models of patient-centered care. The Treatment Centre will also free up space for future development of inpatient and emergency clinical services. There are approximately 10,000 square meters of clinical area set over two levels, with covered parking for 80 cars in an undercroft. Alternative access from the existing QMC building will be via a link bridge. Simon Burton, Costain Midlands Director, said: "Costain is pleased to be working with Nations Healthcare Limited, Queens Medical Centre and the Nottingham NHS community on the provision of the new facility. Queen's Medical Centre, Nottingham, is the second largest teaching hospital in Europe." 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 DE FACTO: Owners Pass Winding-up Resolutions -------------------------------------------- The members of De Facto 1301 Limited, informs that the special and extraordinary resolutions to wind up the company was passed on Nov. 7 and Richard Setchim and Jonathan Michael Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were appointed joint liquidators. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com DTF TRAVEL: Appoints Liquidator ------------------------------- B. Joergensen, the chairman of DTF Travel Limited, informs that the special and ordinary resolutions to wind up the company were passed at an EGM held on Nov. 7 at Markedsgade 13, 9800 Hjrring, Denmark. Simon James Bonney of BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA was appointed liquidator. Creditors are required on or before December 3, 2005, to send in their full names, addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Simon James Bonney, of BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA, the liquidator of the company, and, if so required by notice in writing their debt or claims. CONTACT: BN JACKSON NORTON 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA GOULDS DESIGN: Business up for Sale ----------------------------------- The Joint Administrators, Michael Horrocks and Russell Cash, offer for sale the business and assets of Goulds (Design and Manufacturing) Ltd., a Lancashire based manufacturer and distributor of printed kitchen, toilet and facial tissues. Principal features: (a) Strong U.K. and European blue chip customer base including all major U.K. supermarkets; (b) Worldwide reputation for niche quality products (c) Well-equipped and fully flexible freehold manufacturing facility in Heywood (11,000 sq. m.); (d) 180-strong workforce; and (e) Turnover (year ended December 31 2004) of GBP22 million. CONTACT: Goulds (Design and Manufacturing) Ltd. Sefton Street Heywood OL10 2JF Phone: 01706 898000 Fax: 01706 898067 Web site: http://www.goulds-ltd.com PRICEWATERHOUSECOOPERS LLP 1 East Parade Sheffield S1 2ET Phone: [44] (114) 272 9141 Fax: [44] (114) 275 2573 Web site: http://www.pwcglobal.com Contact: Dean Ardon Phone: 0114 259 210 Fax: 0114 259 8202 E-mail: dean.ardron@uk.pwc.com GOULDS LTD.: Tissue Maker Calls in Administrator ------------------------------------------------ Russell Cash and Michael Horrocks (IP Nos 1238, 8026) of PricewaterhouseCoopers LLP were appointed joint administrators of Goulds (Design & Manufacturing) Limited (Company No 02761615) on Nov. 3. Its registered office is at Sefton Street, Heywood, Lancashire OL10 2JF. The company manufactures tissue paper. CONTACT: GOULDS DESIGN & MANUFACTURING LTD. Sefton Street Heywood OL10 2JF Phone: 01706 364613 PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920 Web site: http://www.pwcglobal.com GYMBOREE U.K.: Grant Thornton Liquidators Enter Firm ---------------------------------------------------- The Gymboree U.K. Leasing Limited, informs that the special resolution to wind up the company was passed and Mr. Andrew Conquest and Mr. Andrew Hosking of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP were appointed liquidators. Creditors are required on or before December 9, 2005, to send in their full names, addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP, the liquidator of the company, and, if so required by notice in writing their debt or claims. CONTACT: 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 HARRY THORNES: Appoints BDO Stoy Hayward Administrator ------------------------------------------------------ T. Underwood and C. C. S. MacMillan (IP Nos 9271, 6000/01) of BDO Stoy Hayward LLP were appointed joint administrators of Harry Thornes Limited (Company No 00453173) on Nov. 3. The company sells vehicles. CONTACT: HARRY THORNES LIMITED Jaguar House Calder Island, Denby Dale Road, Wakefield, West Yorkshire WF2 8DJ Phone: 01924381111 BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk HOMEFLARE LTD.: Files for Liquidation ------------------------------------- Homeflare Limited informs that resolutions to wind up the company were passed at an EGM held on Oct. 25 at 50 Newhall Street, Birmingham B3 3QE. Gagen Dulari Sharma was appointed liquidator. CONTACT: HOMEFLARE LTD. 19 High Street, Solihull West Midlands B91 3SJ Phone: 0121-705-2649 LIFESTYLE CONSTRUCTION: Names Elwell Watchorn Liquidator -------------------------------------------------------- Lifestyle Construction Limited informs that a resolution to wind up the company was passed at an EGM held on Oct. 26 at Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN. John Michael Munn and Joseph Gordon Maurice Sadler of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN were appointed Joint Liquidators. Lifestyle Construction is a brick and block house builders, providing either a complete package from design and planning to building the finished property, or a build only service. All work is covered by Zurich buildings guarantee. CONTACT: LIFESTYLE CONSTRUCTION LTD. 40 Valebrook Road Stathern Melton Mowbray Leicestershire LE14 4EB U.K. Phone: 01949 869183 Fax: 01949 869183 E-mail: enquiries@cpdltd.freeserve.co.uk ELWELL WATCHORN & SAXTON 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR Phone: (+44) 01733 235253 Fax: (+44) 01733 236391 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk LINK FASHION: Goes into Liquidation ----------------------------------- P. Kangatharan, chairman of Link Fashion Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 12 at 410 Horns Road, Barkingside IG6 1BT. Peter Bridger was appointed liquidator. CONTACT: LINK FASHION LIMITED 307 Sprowston Mews, London E7 9AE Phone: 02085550315 MG ROVER: DTI Inquiry Costs GBP23,000 a day ------------------------------------------- The inquiry backed by the Department of Trade and Industry into the collapse of MG Rover already costs GBP23,000 daily, The Times reported. Gerry Sutcliffe, minister at the DTI, admitted that the costs of investigation into the carmaker's failure reached GBP1.6 million at the end of September. This compares with GBP1.09 million spent for the three months ended August. DTI expects the inquiry to take at least two years. Norman Lamb, Liberal Democrat spokesman on trade and industry, said: "These sort of inquiries have an enormous capacity to ratchet up costs. The danger is that they go on for so long that the issue being investigated is lost sight of. It is important that a conclusion is drawn but not that the costs are disproportionately high for the subject." Led by Guy Newey, QC, and Gervase MacGregor, head of forensic accounting at BDO Stoy Hayward, the inquiry could cost around GBP10 million if it were to last two years. Mr. Sutcliffe added: "The accountant inspector has a team of junior staff working for him, retrieving, copying, logging and analyzing documents. The costs of the inspection are inherently front-loaded because of the need to obtain the records and financial information at the outset." He also said that both the Secretary of State and the inspectors are working to finish the inquiry as soon as possible "with due regard to the fairness procedures and to the thoroughness of the task." 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 MIDLAND REFUGEE: Hires BDO Stoy Liquidator ------------------------------------------ H. N. Boyd, chairman of Midland Refugee Council, informs that a resolution to wind up the company was passed at an EGM held on Oct. 26 at the Institute of Directors Hub, 1 Victoria Square, Birmingham B1 1BD. A. P. Supperstone and C. K. Rayment of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD were appointed Joint Liquidators. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: BDO STOY HAYWARD LLP Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS Phone: 01707 255888 Fax: 01707 255890 E-mail: hatfield@bdo.co.uk Web site: http://www.bdo.co.uk MULLWIN LTD.: Owners Decide to Wind up Firm ------------------------------------------- A. Peek, chairman of Mullwin Limited (t/a Moors Glass), informs that resolutions to wind up the company were passed at an EGM held on Oct. 27 at Rogers Evans, 20 Brunswick Place, Southampton SO15 2AQ. T. C. Evans was appointed liquidator. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: T/A MOORS GLASS Poole, Dorset BH17 0UJ Phone: 01202746560 OASI LIMITED: Hires Administrators from Cresswell Associates ------------------------------------------------------------ Gordon Craig and Daniel Paul Hennessy (IP Nos 0978, 1388) of Cresswell Associates Limited were appointed joint administrators of Oasi Limited (Company No 04003868) on Sept. 30. CONTACT: OASI LTD St Werburgh Street, Chester, Cheshire CH1 2DY Phone: 01244-31466 CRESSWELL ASSOCIATES LIMITED Maple View, White Moss Business Park, Skelmersdale, Lancashire WN8 9TG ONSLOW DITCHLING: Creditors Meeting Set Friday ---------------------------------------------- Creditors of Onslow Ditchling Limited (Company No 4673094) will meet on November 25, 2005, 11 a.m. at The Howard Hotel, Temple Place, London WC2R 2PR. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Antony Manning and Nicholas Guy Edwards of Deloitte & Touche LLP, PO Box 810, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, November 24, 2005. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com PAYSAGISTE LTD.: Landscaper Liquidates -------------------------------------- G. Edwards, chairman of Paysagiste Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 27 at Regency House, 21 The Ropewalk, Nottingham NG1 5DU. Peter A. Blair and Paul Finnity of Regency House, 21 The Ropewalk, Nottingham NG1 5DU was appointed Joint Liquidators. CONTACT: PAYSAGISTE LTD. 6 City Road Nottingham NG7 2JJ Phone: 01159783145 PHOENIX CALL: Liquidator from DTE Leonard Enters Firm ----------------------------------------------------- J. P. Salmon, director of Phoenix Call Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 27. A. Clifton of DTE Leonard Curtis, 85-89 Colmore Row, Birmingham B3 2BB was appointed liquidator. CONTACT: PHOENIX CALL LTD. 96 London Fruit & Wool Exchange, Brushfield St. London, E1 6EP Phone: 0845 2003344 PLANESTATION S.R.O.: Holding Company Opts for Administration ------------------------------------------------------------ Andrew Conquest and Joseph McLean (IP Nos 5329, 8903) of Grant Thornton were appointed joint administrators of holding company Planestation S.R.O. (Company No Czech Registered) on Oct. 19. Its registered office is at Mala Strana, Nerudova cp. 234, org 45, PSC 11000, PRAHA 1, Czech Republic. CONTACT: 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 PMGH LTD.: Calls in Liquidator from Armstrong Watson ---------------------------------------------------- PMGH Limited informs that a resolution to wind up the company was passed at an EGM held on Oct. 24 at Burley House, 12 Clarendon Road, Leeds LS2 9NF. Michael C. Kienlen of Armstrong Watson, Central House, 47 St Paul's Street, Leeds LS1 2TE was appointed liquidator. CONTACT: ARMSTRONG WATSON Central House 47 St Paul's Street Leeds LS1 2TE West Yorkshire Phone: 0113 384 3840 Fax: 0113 384 3841 E-mail: mike.lienlen@armstrongwatson.co.uk ROYAL MAIL: To Appoint New Managing Directors --------------------------------------------- Royal Mail Group is to streamline its Group structure to give its four businesses -- Royal Mail Letters, Post Office Ltd., Parcelforce Worldwide and General Logistics Systems (GLS) -- the best platform to meet the growing competitive challenges in their markets over the next three to five years. The Group will shortly announce the appointments of new Managing Directors for both Royal Mail Letters and Post Office Ltd., both of whom will report to Group Chief Executive, Adam Crozier. Mr. Crozier has run Royal Mail Letters on a day-to-day basis since April 2004, in addition to his role as Group Chief Executive. The Letters business is now delivering record Quality of Service levels, with almost 94% of First Class letters delivered the working day after posting, and is preparing for its next phase of development as the market is fully opened to competition on 1 January 2006. The new Managing Director for Post Office Ltd. will succeed David Mills, who plans to leave the business at the end of this year. Mr. Mills has been Chief Executive of Post Office Ltd. for past three and a half years in which time he has overseen a transformation of Post Office Ltd., reshaping the Post Office network and turning it into a major high street provider of financial services. David and the Company have agreed that the time has come to find a successor to lead Post Office Ltd. through its next challenging stages of development. Allan Leighton, Royal Mail Group Chairman, said: "[Mr. Mills] has made a great contribution to the Business, and we wish him well." The structural changes -- and new appointments -- will not only allow each company to drive opportunities in their markets over the next three to five years, but will also help the Group to benefit from the synergies between their respective operations and markets and create further revenue opportunities. "We now have the structure in place to take the Group though the next stage of its development. Royal Mail has achieved a huge amount over the last three years but we know there are more challenges to come in all our businesses over the next three to five years. I am confident that our people, and the management team we are putting in place, will continue to meet those challenges." CONTACT: ROYAL MAIL 148 Old Street London EC1V 9HQ Web site: http://www.royalmail.com SANCTUARY GROUP: Hunts for New Non-executive Chairman ----------------------------------------------------- In relation to Sanctuary Group plc's implementation of its new business plan and overall review, the company intends to revise the Board's structure and to make a number of new appointments. The process of identifying new directors (non-executive and executive) and the process of restructuring current executive responsibilities is progressing well. As part of these revised arrangements it is expected that Andy Taylor will retain the senior executive position but will step down as Executive Chairman, and a new non-executive Chairman will be appointed. This change is intended to enable Mr. Taylor to concentrate his full energies on overseeing the implementation of the Group's new business plan. The Board has appointed an executive search agency to recruit a non-executive Chairman. The Board will announce further management changes as appropriate. Meanwhile, Non-executive Director Douglas McArthur has stepped down from the Board with effect from 16 November 2005. The Board would like to thank Douglas for his contribution to the Group since he joined in 2000 and understand that the extra time commitment presently required by Sanctuary is not compatible with his role as full time chief executive of the Radio Advertising Bureau. About the Company The Sanctuary Group plc is one of the world's leading developers of music intellectual property rights (IPR), with offices in London, New York, Berlin, Houston and Los Angeles. In 2004, Sanctuary recorded a turnover of GBP221 million and a group profit of GBP16.1 million. The Artist Management arm of Sanctuary comprises: Music World Entertainment (part of Sanctuary Urban) based in Houston; Trinifold Management based in London; Sanctuary Artist Management (London, Los Angeles, New York and Berlin) and Sanctuary Entertainment (London). Sanctuary's visual rights licensing and merchandising operations, Bravado and World Online, are part of the Artist Services division and have clients ranging from Elton John, Robbie Williams and Simon and Garfunkel to Eminem, Christina Aguilera, 50 Cent and Hilary Duff. On September 21, due to a number of operational and trading problems, the company said it is likely to generate a loss at EBITDA level before exceptional items such as restructuring costs and provisions. The Group has also suffered from recent negative commentary as a result of poor trading in 2005 and this has had an adverse impact in particular in the Records division. It would be looking at disposals of a number of non-core businesses, following the completion of the sale of its Book Publishing division to Music Sales. CONTACT: THE SANCTUARY GROUP PLC Sanctuary House 45 - 53 Sinclair Road London W14 0NS Phone: +44 (0)20 7602 6351 Fax: +44 (0)20 7603 5941 E-mail: info@sanctuarygroup.com Web site: http://www.sanctuarygroup.com SHIERS DIVING: Appoints Tenon Recovery Administrator ---------------------------------------------------- Carl Jackson (IP No 8860) and Christopher Ratten (IP No 9338) of Tenon Recovery were appointed administrators of holding company Shiers Diving Group Limited (Company No 05042701) on Nov. 7. Its registered office is at Vauguard House, Vanguard Road, Gapton Hall Industrial Estate, Great Yarmouth, Norfolk NR31 0NT. CONTACT: 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 TENON RECOVERY Arkwright House, Parsonage Gardens, Manchester M3 2LF Phone: 0161 834 3313 Fax: 0161 827 8402 E-mail: manchester@tenongroup.com Web site: http://www.tenongroup.com SKIPLINE WASTE: Calls in Administrator from Haines Watts -------------------------------------------------------- Timothy Calverley (IP No 009335) of Haines Watts was appointed administrator of Skipline Waste Management Limited (Company No 04874846) on Oct. 28. Its registered office is at 44 Bradford Road, Idle, Bradford BD10 9PE. The company is engaged in machinery and equipment rental. CONTACT: SKIPLINE WASTE MANAGEMENT LTD. Milners Road Industrial Estate, Leeds, West Yorkshire LS19 7JE Phone: 0113 250 3400 HAINES WATTS First Floor, Park House, Park Square West, Leeds LS1 2PS Phone: 0113 398 1100 Fax: 0113 398 1101 Web site: http://www.hwca.com SMFB LIMITED: Administrators from Poppleton & Appleby Move in ------------------------------------------------------------- M. D. Hardy and A. Turpin (IP Nos 1453, 1452) of Poppleton & Appleby were appointed joint administrators of SMFB Limited (Company No 03908334) on Nov. 1. The company was previously named Sitemech Fabrications Ltd. It manufactures fabricated metal products. CONTACT: SMFB LIMITED Porritt Street, Bury, Lancashire BL9 6HJ Phone: 01617643901 POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk SMI (OVERSEAS): DTI Winds up Real Estate Broker ----------------------------------------------- SMI (Overseas) Limited has been wound up following an investigation by the Department of Trade and Industry, said Creditman. The Lincolnshire-based firm lured investors to buy into the Spanish and Turkish property market. SMI promised to help them set up a multi-million pound international property portfolio by investing on properties that were yet to be built. Investigators from the DTI's Companies Investigations Branch found no evidence that SMI had acquired any properties. DTI, however, failed to establish how much money had been taken from investors after SMI directors refused to present accounting or company records. The court has appointed the Official Receiver as liquidator of the company. The Official Receiver will look into the SMI's failure and the conduct of the directors. SMI (Overseas) Limited is located at The Grey House, 3 Broad Street, Stamford, Lincolnshire, PE9 1PG. CONTACT: THE INSOLVENCY SERVICE Public Interest Unit PO Box 203 21 Bloomsbury Street London DEPARTMENT OF TRADE AND INDUSTRY 7th Floor 1 Victoria Street London SW1H 0ET Phone: +44 (0)20 7215 5000 Textphone: +44 (0)20 7215 6740 Web site: http://www.dti.gov.uk TBH (IPSWICH): Begbies Traynor to Liquidate Business ---------------------------------------------------- TBH (Ipswich) Limited informs that a resolution to wind up the company was passed at an EGM held on Oct. 28 at the Holiday Inn, London Road, Ipswich, Suffolk IP2 0UA. Jamie Taylor of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed liquidator. CONTACT: T B H (IPSWICH) LTD. Tovells Wharf/New Cut East Ipswich IP3 0EA Phone: 01473 287188 BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com TGB TRANSMISSIONS: Calls in Administrator ----------------------------------------- R. F. Simms and M. R. Buttriss (IP Nos 9252, 9291) of F A Simms & Partners PLC were appointed administrators of TGB Transmissions Limited (Company No 3076202) on Oct. 26. The company offers power transmission drives and belting services. CONTACT: T G B TRANSMISSIONS LTD. 81 Somers Road Rugby Warwickshire CV22 7DG United Kingdom Phone: (01788) 552400 Fax: (01788) 552409 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 TRAFFIC CONTROL: EGM Passes Winding-up Resolutions -------------------------------------------------- C. Harlin, director of Traffic Control Services Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 27 at John Swift Building, 19 Mason Street, Manchester M4 5FT. Claire L. Dwyer was appointed liquidator. Traffic Control Services supplies and hires traffic management and provides construction work on highways. CONTACT: TRAFFIC CONTROL SERVICES LTD. Old Station Yard Mullineux Street Walkden M28 3DZ United Kingdom Phone: 01617033344 WHITE SHADOW: Creditors Meeting Set Wednesday --------------------------------------------- Creditors of White Shadow Services Limited (Company No 2565420) will meet on November 23, 2005, 11 a.m. at Pridie Brewster, St Andrew's House, 18-20 St Andrew Street, London EC4A 3AJ. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Hasan Imam Mirza of Pridie Brewster, St Andrew's House, 18-20 St Andrew Street, London EC4A 3AJ not later than 12:00 noon, November 22, 2005. CONTACT: PRIDIE BREWSTER St Andrew's House 18-20 St. Andrew Street London EC4A 3AJ Phone: 020 7282 5900 Fax: 020 282 5901 E-mail: chammond@bridie.brewster.com WM MORRISON: Loss Widens by GBP8.4 Million Under IFRS ----------------------------------------------------- Following the publication on 20 October 2005 of Wm Morrison Supermarkets plc's unaudited U.K. GAAP results for the 25 weeks ended 24 July 2005, the group unveils the conversion of those U.K. GAAP interim results to International Financial Reporting Standards (IFRS) using the standards and interpretations that are anticipated to be enforced on 29 January 2006, the yearend date of the Group's first full financial results under IFRS. IFRS Impact on Results (a) operating profit before 'exceptionals' unchanged; (b) exceptionals unchanged; (c) loss before tax increased by GBP8.4 million, primarily due to reversal of negative goodwill amortization; (d) no asset impairment; (e) net debt decreased by GBP19.1 million; and (f) operating cash flow unchanged for all periods. 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 WORLD INSURANCE: Names PricewaterhouseCoopers Liquidator -------------------------------------------------------- P. Gregory, the chairman of World Insurance Network Limited, informs that the special and ordinary resolutions to wind up the company were passed at the EGM held on Nov. 1. Jonathan Sisson and Tim Walsh of PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT were appointed joint liquidators. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com ZENITH KITCHENS: Appoints Sale Smith Liquidator ----------------------------------------------- R. McCann, chairman of Zenith Kitchens & Bedrooms Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 31 at The Express By Holiday Inn, Acton Court, Acton Gate, Stafford ST18 9AR. Eileen T. F. Sale of Sale Smith & Co. Limited, Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE was appointed liquidator. CONTACT: ZENITH KITCHENS & BEDROOMS LTD. Eaton Studio Watling Street Gailey Stafford ST195PN Phone: 01902790508 E-mail: enquiries@zenithkitchens.co.uk Web site: http://www.zenithkitchens.co.uk/ SALE SMITH & CO. Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE Phone: 01922 624777 Fax: 01922 720528 E-mail: etfs@salesmith.demon.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *