/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051212.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, December 12, 2005, Vol. 6, No. 245 Headlines C Z E C H R E P U B L I C AERO VODOCHODY: Wins 25-year Defense Contract G E R M A N Y BUK ENTSORGUNGS: Creditors' Claims Due Next Month DIALOG TV: Duesseldorf Court Appoints Provisional Administrator EROWA- BAU: Frankfurt Business Goes Bust HEBIS LIEGENSCHAFTEN: Court to Verify Claims April HEIZUNG UND SANITAR: Proofs of Claim Due Later this Month H.W.SPEDITIONS: Under Bankruptcy Administration INDACO GMBH: Succumbs to Bankruptcy INTERSHOP COMMUNICATIONS: Converts EUR5 Mln of Bonds into Shares KARSTADTQUELLE AG: Offers EUR300 Million Bonds MME WOHNUNGSBAU: Creditors Meeting Set February MONTAGEBAU S. TRIPPE: Court Appoints Administrator MT ROHRLEITUNGS: Files for Bankruptcy OR PARTNER: Proofs of Claim Due January RFI MOBILE: Claims Filing Period Ends January 2 TORNADO INDUSTRIEWAAGEN: Court Appoints Interim Administrator H U N G A R Y CESKY TELECOM: Fined CZK205 Mln for Anti-competitive Practice I T A L Y ITALTRACTOR: Merges with Titan Europe to Prevent Collapse N E T H E R L A N D S ROYAL SHELL: Cancels 775,000 'A' Shares at EUR26.83 Each R O M A N I A ROMPETROL GROUP: Buys French Petroleum Products Distributor R U S S I A ABALAKOVSKIY: Appoints Insolvency Manager AMOKOM: Moscow Court Opens Bankruptcy Proceedings ARTEMOVSKOYE: Declared Insolvent BELOVSKOYE: Names Z. Orlova Insolvency Manager BUILDING OIL: Insolvency Manager Takes over Firm CHEREMKHOVSKIY MEAT: Claims Filing Period Ends December 22 KORSAKOVSKIY: Succumbs to Bankruptcy NIZHNEIRTYSHSKIY: Proofs of Claim Due December 22 NKNK FINANCE: Loan Participation Notes Rated B+ NOVOSHAKHTINSKIY: Rostov Court Opens Bankruptcy Proceedings YAKOVLEVSKIY: Primorye Court Brings in Insolvency Manager T U R K E Y * Fitch Changes Turkish Banks' Outlook to Positive U K R A I N E ALEF: Gives Creditors Until Weekend to File Claims LAGODA-MED: Kyiv Court Opens Bankruptcy Proceedings LE-SKOR: Insolvency Manager Steps in MAGNOLIYA: Declared Insolvent SERVICE-BUSINESS: Succumbs to Insolvency U N I T E D K I N G D O M ABBEYDENE GROUP: Claims Deadline January 4 A FINISHING: Names Baker Tilly Liquidator ALLERTON & HALL: Files for Liquidation AMIC DISTRIBUTION: Applies for Liquidation AZTECH TRAINING: Tenon Recovery Takes over Firm BEAUTY IN WOOD: Goes into Liquidation BP HDPE: Calls in Liquidators from PricewaterhouseCoopers CANINE SOLUTIONS: EGM Passes Winding-up Resolution CLYDESDALE BANK: New Deer Man Fights to Prevent Branch Closure DAGENHAM ASSOCIATION: Claims Deadline Expires Next Month DARTJEWEL LTD.: Calls in Liquidator DAWSON INTERNATIONAL: To Redeem Final Tranche of Loan Stock DIY WINDOWS: Fergusson & Co. to Liquidate Business EXPRESS LINK: Creditors Meeting Set Tomorrow FIELDENE PROPERTY: Names Begbies Traynor Liquidator GRENADIER INTERNATIONAL: In Liquidation HAMPTON TRUST: Board Proposes Solvent Restructuring IWP INTERNATIONAL: Lenders Waive Covenant Breaches JBG BUILDING: Creditors Meeting Set Friday J G GLASS: Calls in Wilson Pitts Administrator KEEN PROCESSING: Files for Liquidation KINGSMARK DESIGN: Calls in Liquidator from Griffin & King LAEL RECRUITMENT: Hires Ian Franses to Liquidate Business LONGWOOD ENTERPRISES: Meeting of Creditors Set Tomorrow LULLABYE BED: EGM Passes Winding-up Resolution MARK ONE MOTORS: Goes into Liquidation MBP (AGENTS): Administrators from BDO Stoy Hayward Move in MB REALISATIONS: Names Liquidators from KPMG MERIDIAN SAFETY: Appoints SPW Poppleton Liquidator RODA DESIGN: Geoffrey Martin Liquidator Moves in ROYAL MAIL: Regulator Approves Lower Stamp Price Hike SECURITY RESPONSE: Calls in Bridgestones Administrator SKYEPHARMA PLC: Gives Potential Buyers Access to Accounts SOLUTIONS RECRUITMENT: Names Ideal Corporate Liquidator SWAN FIELDS: Meeting of Creditors Set Next Week TOWNHOUSE LONDON: Bar Operator Contacts Administrator ULTIMATE VISUAL: Administrators Take over Firm WEBLEY & SCOTT: Leonard Curtis Administrators Move in WESTBURY FLEXOGRAPHIC: In Liquidation XERA LOGIC: Hires Tenon Recovery Administrator ********* =========================== C Z E C H R E P U B L I C =========================== AERO VODOCHODY: Wins 25-year Defense Contract --------------------------------------------- Troubled plane maker Aero Vodochody (AV) secured a 25-year deal to service the Czech Defense Ministry's L-159 and L-39 aircraft, Czech Happenings says. Ministry spokesman Andrej Cirtek said, "The [signing] of the contract brings certainty for Aero's military program." The government also expects the contract to speed up AV's privatization. The cabinet approved AV's sale late November. Potential buyers have until Wednesday to submit their bids. Privatization agency Ceska konsolidacni agentura (CKA) expects to complete the sale mid-May next year. TCR-Europe said in Nov. 7, 2005 that the government expects to gain up to CZK10 billion from AV's sale, but analysts say bidders are not willing to go beyond CZK5 billion. A report by consultancy group Deloitte pegged AV's value at CZK814 million. According to the Bulletin, AV's sale will happen at the turn of 2005/2006. The government took over Boeing's share in the company in October 2004 citing dissatisfaction over the latter's inability to secure enough orders for Aero. It then attempted to restructure the firm by writing off debt, but the European Commission thwarted the plan for being an illegal state aid. The company expects to post CZK500 million in losses this year, in contrast to last year's CZK295 million profit. CONTACT: AERO VODOCHODY A.S. 250 70 Odolena Voda Phone: +420 25576 1111 Fax: +420 25576 2111 +420 25576 5999 Web site: http://www.aero.cz ============= G E R M A N Y ============= BUK ENTSORGUNGS: Creditors' Claims Due Next Month ------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against BUK Entsorgungs- und Transport GmbH on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 9, 2006 to register their claims with court-appointed provisional administrator Dr. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting on February 21, 2006, 4:00 p.m. at the district court of Leipzig, Kathe-Kollwitz-Strasse 9, 04109 Leipzig, 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: BUK ENTSORGUNGS- UND TRANSPORT GmbH Carsdorfer Str. 28, 04523 Pegau Contact: Daniel Beyer, Manager Dr. Rainer Eckert, Administrator Kathe-Kollwitz-Strasse 9, 04109 Leipzig DIALOG TV: Duesseldorf Court Appoints Provisional Administrator --------------------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against Dialog TV GmbH on November 25. 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 Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting on January 18, 2006, 9:30 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, 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: DIALOG TV GmbH Am Falder 4, 40589 Duesseldorf Contact: Dr. Martin Pape, Manager Talbogen 13, 45133 Essen Georg Kreplin, Administrator Berliner Allee 21, 40212 Duesseldorf EROWA- BAU: Frankfurt Business Goes Bust ---------------------------------------- The district court of Frankfurt (Oder) opened bankruptcy proceedings against EROWA- Bau GmbH on November 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 12, 2006 to register their claims with court-appointed provisional administrator Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting on February 16, 2006, 9:40 a.m. at the district court of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder), Saal 401, 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: EROWA- BAU GmbH Industriestrasse 2, 15848 Beeskow Susanne Mueller, Administrator Vietmannsdorfer Strasse 23, 17268 Templin HEBIS LIEGENSCHAFTEN: Court to Verify Claims April -------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against HEBIS Liegenschaften GmbH & Co. Beteiligungs-KG on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 17, 2006 to register their claims with court-appointed provisional administrator Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on January 11, 2006, 10:20 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 12, 2006, 10:20 a.m. at the same venue. CONTACT: HEBIS LIEGENSCHAFTEN GmbH & Co. BETEILIGUNGS-KG Krausnickstr. 3 a,10115 Berlin Ruediger Wienberg, Administrator Giesebrechtstr. 1, 10629 Berlin HEIZUNG UND SANITAR: Proofs of Claim Due Later this Month --------------------------------------------------------- The district court of Stralsund opened bankruptcy proceedings against Heizung und Sanitar Fandrich GmbH & Co. KG on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Uwe Degen-Gellenbeck. Creditors and other interested parties are encouraged to attend the meeting on January 18, 2006, 11:10 a.m. at the district court of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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: HEIZUNG UND SANITAR FANDRICH GmbH & Co. KG Fandrich Verwaltungsgesellschaft mbH Contact: Uta Sell, Manager Neuendorfer Str. 6, 17509 Ludwigsburg Uwe Degen-Gellenbeck, Administrator Joh.-Seb.-Bach-Str. 21, 17489 Greifswald H.W.SPEDITIONS: Under Bankruptcy Administration ----------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against H.W.Speditions-GmbH on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Dr Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting on January 20, 2006, 11:00 a.m. at the district court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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: H.W.SPEDITIONS-GmbH Holzener Weg 18, 59759 Arnsberg Contact: Horst-Willy Wiemer, Manager Dr. Axel Kampmann, Administrator Bronnerstrasse 7, 44141 Dortmund Phone: 0231/5411-0 Fax: 0231/5411-220 INDACO GMBH: Succumbs to Bankruptcy ----------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against INDACO GmbH on November 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 17, 2006 to register their claims with court-appointed provisional administrator Knut Rebholz. Creditors and other interested parties are encouraged to attend the meeting on January 11, 2006, 10:15 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 12, 2006, 10:15 a.m. at the same venue. CONTACT: INDACO GmbH Westhafenstr. 1,13353 Berlin Knut Rebholz, Administrator Cicerostr. 22, 10709 Berlin INTERSHOP COMMUNICATIONS: Converts EUR5 Mln of Bonds into Shares ---------------------------------------------------------------- Intershop Communications AG on Dec. 2 converted 5,208,306 bonds from the 2004/2008 zero-coupon convertible bond in the principal amount of EUR5,208,306 into 5,208,306 shares of the Company. As a result of the conversion option being exercised, the Company's capital stock rose by EUR5,208,306 from a current EUR12,775,650 to EUR17,983,956, while the total number of issued Intershop common bearer shares outstanding rose from 12,775,650 to 17,983,956, through the issue of 5,208,306 new shares from the Company's Conditional Capital IV. The new shares are expected to be credited to the subscribers' securities accounts and the shares are expected to be quoted for the first time on December 5, 2005. About Intershop Intershop Communications AG -- http://www.intershop.com-- (Prime Standard: ISH2) is a leading provider of software solutions that help organizations evolve their trading relationships with consumers and business partners online. Founded in 1992, Intershop has a long tradition of driving innovation in e-commerce by automating and simplifying sales and buying processes. Intershop Solutions enable organizations to consolidate and manage unlimited online commerce channels on a single platform. As a result, Intershop customers benefit from reduced operating expenses and competitive advantages in their online sales activities. More than 300 enterprise customers worldwide, including HP, and BMW, run Intershop Solutions. Four of the five largest ecommerce sites in Germany rely on Intershop Solutions: Otto, Tchibo, Deutsche Telekom, and Quelle. Intershop is headquartered in Jena, Germany, and has branch offices in the United States, and Europe. * * * Intershop did not fare well in the second quarter of the year, posting EUR1.1 million in losses, a million-euro higher from a year ago. It recorded a net loss of EUR1.5 million or EUR0.17 per share in the third quarter of 2005. Compared to the third quarter of 2004, Intershop's net loss was EUR1.8 million or EUR0.08 per share. CONTACT: INTERSHOP COMMUNICATIONS Intershop Tower D-07740 Jena Phone: +49-3641-50-0 Fax: +49-3641-50-1111 Web site: http://www.intershop.com KARSTADTQUELLE AG: Offers EUR300 Million Bonds ---------------------------------------------- Troubled department store and mail order group KarstadtQuelle AG will issue EUR300 million subordinated bonds to improve its liquidity, AFX News says. The bonds carry a coupon of 6% above the London Inter-Bank Offered Rate. The securities will also bear 6% annual interest payable on maturity, resulting in total yearly interest of around 15%. Barclays Capital and Goldman Sachs are arranging the bond issue. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com Corporate Communications Jorg Howe Phone: + 49 (0) 201/727-25 38 E-mail: joerg.howe@karstadtquelle.com MME WOHNUNGSBAU: Creditors Meeting Set February ----------------------------------------------- The district court of Landau in der Pfalz opened bankruptcy proceedings against MME Wohnungsbau GmbH & Co KG on November 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 23, 2006 to register their claims with court-appointed provisional administrator Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting on February 23, 2006, 9:20 a.m. at the district court of Landau in der Pfalz, Zimmer 225, Marienring 13, 76829 Landau in der Pfalz, 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: MME WOHNUNGSBAU GmbH & Co. KG Sportplatzstr. 2, 76865 Insheim Contact: Markus Metz, Manager Stephan Haspel, Administrator Friedrich-Ebert-Str. 7, 76829 Landau in der Pfalz Phone: 06341/51020 Fax: 06341/510229 MONTAGEBAU S. TRIPPE: Court Appoints Administrator -------------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against Montagebau S. Trippe GmbH on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting on January 20, 2006, 11:15 a.m. at the district court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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: MONTAGEBAU S. TRIPPE GmbH Kurfuerstenring 47, 59457 Werl Contact: Sabine Rauthgundis Trippe, Manager Bruktererstrasse 15, 59457 Werl Dr. Axel Kampmann, Administrator Bronnerstrasse 7, 44141 Dortmund Phone: 0231/5411-0 Fax: 0231/5411-220 MT ROHRLEITUNGS: Files for Bankruptcy ------------------------------------- The district court of Dessau opened bankruptcy proceedings against MT Rohrleitungs- und Tiefbau GmbH on November 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 27, 2005 to register their claims with court-appointed provisional administrator Jorg Riedemann. Creditors and other interested parties are encouraged to attend the meeting on January 23, 2006, 1:20 p.m. at the district court of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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: MT ROHRLEITUNGS- UND TIEFBAU GmbH Gottnitzer Strasse 2, 06780 Zorbig/OT Lobersdorf Contact: Martin Schwarzkopf, Manager Hauptstrasse 12, 06780 Zorbig/OT Lobersdorf Jorg Riedemann, Administrator Muehlweg 47, 06114 Halle Phone: 0345/293900 Fax: 0345/2939029 OR PARTNER: Proofs of Claim Due January --------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against OR Partner Gesellschaft fuer Organisations- und Unternehmensberatung mbH on November 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 10, 2006 to register their claims with court-appointed provisional administrator Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting on February 1, 2006, 9:30 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: OR PARTNER GESELLSCHAFT FUER ORGANISATIONS- UND UNTERNEHMENSBERATUNG mbH Stiftsallee 30, 32425 Minden Contact: Robert Jagusch, Manager Helene-Wessels-Weg 6, 24568 Kaltenkirchen Stefan Meyer, Administrator Ostertorstr. 7, 32312 Luebbecke RFI MOBILE: Claims Filing Period Ends January 2 ----------------------------------------------- The district court of Monchengladbach opened bankruptcy proceedings against rfi mobile technologies Aktiengesellschaft on November 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 2, 2006 to register their claims with court-appointed provisional administrator Wolfgang van Betteray. Creditors and other interested parties are encouraged to attend the meeting on February 1, 2006, 8:45 a.m. at the district court of Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach, Erdgeschoss, Sitzungssaal A 14, 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: RFI MOBILE TECHNOLOGIES AKTIENGESELLSCHAFT Ohlerkirchweg 35, 41069 Monchengladbach Contact: Steffen Schweitzer, Manager Am Grassdorfer Waldchen 35, 04425 Taucha Wolfgang van Betteray, Administrator Rheinort 1, 40213 Duesseldorf TORNADO INDUSTRIEWAAGEN: Court Appoints Interim Administrator ------------------------------------------------------------- The district court of Arnsberg opened bankruptcy proceedings against Tornado Industriewaagen Service GmbH on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting on January 20, 2006, 10:45 a.m. at the district court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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: TORNADO INDUSTRIEWAAGEN SERVICE GmbH Haddoweg 10, 59757 Arnsberg Contact: Arno Fritz, Manager Dr. Axel Kampmann, Administrator Bronnerstrasse 7, 44141 Dortmund Phone: 0231/5411-0 Fax: 0231/5411-220 ============= H U N G A R Y ============= CESKY TELECOM: Fined CZK205 Mln for Anti-competitive Practice ------------------------------------------------------------- The Anti-Monopoly Office (UOHS) has fined fixed-line operator Cesky Telecom CZK205 million (US$8.4 million) for abusing its dominant position in the market, The Prague Post says. The penalty is seven times more than previous fines on any company and the largest ever against a single firm. Cesky Telecom was also fined CZK328 million in July. The UOHS says Cesky prevented clients from choosing other operators by closely bundling free phone minutes with its ordinary service packages. As a result customers could not easily accurately compare prices and differentiate free and paid minutes, discouraging them from using alternative services. The company plans to appeal the ruling. The report said the sanction does not pose a threat to the firm's finances. Cesky, which reported CZK62 billion in revenue last year, has prepared for the fine by creating a reserve fund shortly after the UOHS began investigating its pricing programs in the spring. But it is also facing a CZK2.14 billion lawsuit from alternative provider Tele2 for its anti-competitive pricing policies. Naveed Gill, general manager of Tiscali Czech Republic, and other top managers from the Association of Fair Competition, which consists of Tiscali, e-Tel, Tele 2 and Telenor Networks, have called for further sanctions against Cesky Telecom. They allege Cesky Telecom offers customers retail prices below the wholesale prices it charges alternative providers for using its network. Cesky owns the country's fixed-line network. Cesky Telecom was bought out from the government by Spanish telecom giant Telefonica in April. CONTACT: CESKY TELECOM Olsanska 5, Praha 3, 130 34 Phone: +420 271 411 111 +420 271 461 111 840 114 114 Web site: http://www.telecom.cz ========= I T A L Y ========= ITALTRACTOR: Merges with Titan Europe to Prevent Collapse --------------------------------------------------------- Italtractor averted bankruptcy after wheel manufacturer Titan Europe took over the farm and machinery equipment maker, Il Sole 24 Ore says. Titan Europe paid EUR270 million, of which EUR70 million came from a syndicated loan provided by Banca Intesa, to acquire and merge with Italtractor. The resulting company will have a EUR0.5 billion in turnover and will be listed on the London Stock Exchange. Italtractor has been struggling since early 2004 when it ran out of cash to redeem a EUR100 million bond. The group had to extend the bond and hike its redemption yield to avoid collapse. CONTACT: ITALTRACTOR S.p.A. Via per Modena 152 Castelvetro di Modena Phone: 39 059 704111 Fax: 39 059 702426 Web site: http://www.passinigroup.com TITAN EUROPE PLC Bridge Road, Cookley Kidderminster Worcestershire DY10 3SD Phone: +44 (0) 1562 850561 Fax: +44 (0) 1562 851554 Web site: http://www.titaneurope.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Cancels 775,000 'A' Shares at EUR26.83 Each -------------------------------------------------------- On 8 December 2005, Dutch Shell plc purchased for cancellation 775,000 'A' Shares at a price of EUR26.83 euros per share. It further purchased for cancellation 250,000 'A' Shares at a price of 1,816.05 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,944,625,000. 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, incorporated in England and Wales, is headquartered in The Hague and 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 billion barrels between January 2004 and February this year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ============= R O M A N I A ============= ROMPETROL GROUP: Buys French Petroleum Products Distributor ----------------------------------------------------------- Rompetrol Group, N.V. (TRG) signed a binding Share Purchase Agreement to purchase a 100% equity stake in France-based Dyneff, S.A. and affiliated companies. Price and terms were not disclosed pending closing of the sale in the first quarter of 2006. Established in 1958 by Antoine Lecea, Dyneff specializes in the import, storage and distribution of petroleum products. Dyneff is the largest independent refined products distributor in France by both turnover and volume. Dyneff supplies approximately 3.5% of the total French market, or almost 3 million tons/annum of a market of approximately 85 million tons. Products sold by the company include petrol, diesel, domestic fuel oil, and bio-fuels. In 2005 the Dyneff Group's consolidated turnover is expected to be approximately US$2.4 billion and its primary assets are its strategically located storage depots, particularly those along the coasts of the Mediterranean Sea and Atlantic Ocean. In terms of logistics infrastructure, Dyneff owns 266,000 cubic meters of depot storage and rents an additional 180,500 cubic meters for a total storage capacity of 446,500 cubic meters; in addition, it has a right of passage at eleven other depots strategically located around France and in the North of Spain to ensure the efficiency of its distribution network. As part of its distribution process, Dyneff owns, operates or franchises approximately 226 retail stations that carry its brand and colors. Post acquisition of Dyneff by TRG, Mr. Lecea will remain on Dyneff's board and take up a position on TRG's advisory board. The Rompetrol Group N.V. was created in 1999 following the privatization of the petroleum sector of Romania. Rompetrol owns and operates two Romanian refineries, including the largest, most modern crude oil refinery on the Black Sea (Petromidia). The Company also owns and operates 8 regional storage facilities. Additionally, TRG group companies own, operate, or franchise approximately 320 gas stations throughout Romania, Bulgaria and Albania (some locally branded). TRG's consolidated turnover in 2005 is expected to be approximately US$2.5 billion. Domiciled in the Netherlands and with controlled subsidiaries in Romania, Bulgaria, Albania, Georgia, Moldova, Cyprus, Switzerland, Russia, Libya and Kazakhstan. "The acquisition of Dyneff by Rompetrol will create a pan-European, fully integrated refining and marketing company with a significant asset base in both Eastern and Western Europe," stated TRG Chairman and CEO Dinu Patriciu. "It will double the Dutch parent company's current turnover while substantially raising net profit. Finally, it will provide operational and financial advantages derived from the teaming of large-scale storage, transport and distribution facilities with a major producer of refined petroleum products," he concluded. TRG Vice Chairman Philip Stephenson added: "Rompetrol intends to integrate the depot and distribution aspects of Dyneff with its major refinery business, providing the Company access to the West European market while utilizing our gas station expertise to modernize and improve the performance of Dyneff in its home market. With a presence on the Atlantic, Mediterranean and Black Seas, the post-acquisition Rompetrol will be able to source crude oil from the least expensive areas of current production and sell directly into the most lucrative markets." French bank Societe Generale, which has existing banking relationships with both TRG and Dyneff, provided the bulk of acquisition financing for this transaction Rompetrol was advised in the transaction by the international law firm Salans and by Deloitte & Touche. Dyneff was advised by the Paris-based law firm Bureau Francis Lefebvre. * * * Standard & Poor's rates Rompetrol's long-term credit 'B-'. The outlook is negative. CONTACT: ROMPETROL GROUP Rompetrol Building 222 Calea Victoriei 010099 Bucharest Romania Phone: +40 21 30 30 800 Phone: +40 21 30 30 801 Fax: +40 21 31 22 490 E-mail: office@rompetrol.com =========== R U S S I A =========== ABALAKOVSKIY: Appoints Insolvency Manager ----------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Abalakovskiy after finding the agro-industrial complex insolvent. The case is docketed as A33-16579/2005. Mr. V. Fisher has been appointed insolvency manager. CONTACT: ABALAKOVSKIY 663157, Russia, Eniseyskiy region, Abakalovo, Sovetskaya Str. 13 V. FISHER Insolvency Manager 660022, Russia, Krasnoyarsk region, Aerovokzalnaya Str. 19 AMOKOM: Moscow Court Opens Bankruptcy Proceedings ------------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy proceedings against Amokom after finding the industrial-investment company insolvent. The case is docketed as A400-15538/05-95-41B. Mr. A. Glagazin has been appointed insolvency manager. CONTACT: AMOKOM 105062, Russia, Moscow region, Zhukovskogo Str. 8 A. GLAGAZIN Insolvency Manager 109028, Russia, Moscow region, Post User Box 25 ARTEMOVSKOYE: Declared Insolvent -------------------------------- The Arbitration Court of Primorye region commenced bankruptcy proceedings against Artemovskoye after finding the building repair company insolvent. The case is docketed as A51-11717/05 21-163B. Mr. D. Burtylev has been appointed insolvency manager. CONTACT: ARTEMOVSKOYE Russia, Primorye region, Artem, Chelyuskina Str. 15 D. BURTYLEV Insolvency Manager 690105, Russia, Vladivostok, Post User Box 45 BELOVSKOYE: Names Z. Orlova Insolvency Manager ---------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Belovskoye after finding the open joint stock company insolvent. The case is docketed as A45-19078/05-4/347. Ms. Z. Orlova has been appointed insolvency manager. CONTACT: BELOVSKOYE 632235, Russia, Novosibirsk region, Iskitimskiy region, Belovo, Tsentralnaya Str. 32 Z. ORLOVA Insolvency Manager 630501, Russia, Novosibirsk region, Krasnoobsk, Post User Box 854 BUILDING OIL: Insolvency Manager Takes over Firm ------------------------------------------------ The Arbitration Court of Primorye region commenced bankruptcy proceedings against Building Oil Company after finding the limited liability firm insolvent. The case is docketed as A51-11744/2005 21-162 b. Mr. N. Bruslo has been appointed insolvency manager. CONTACT: BUILDING OIL COMPANY Russia, Primorye region, Nakhodka, Makarova Str. 19 N. BRUSLO Insolvency Manager Russia, Primorye region, Nakhodka-10, Post User Box 42 CHEREMKHOVSKIY MEAT: Claims Filing Period Ends December 22 ---------------------------------------------------------- The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against Cheremkhovskiy Meat Combine after finding the municipal unitary enterprise insolvent. The case is docketed as A19-25699/05-34. Mr. V. Leskov has been appointed insolvency manager. Creditors have until December 22, 2005 to submit their proofs of claim to 665415, Russia, Irkutsk region, Cheremkhovo, Post User Box 9. CONTACT: CHEREMKHOVSKIY MEAT COMBINE 665413, Russia, Irkutsk region, Cheremkhovo, Turgeneva Str. 33 V. LESKOV Insolvency Manager 665415, Russia, Irkutsk region, Cheremkhovo, Post User Box 9 KORSAKOVSKIY: Succumbs to Bankruptcy ------------------------------------ The Arbitration Court of Sakhalin region commenced bankruptcy proceedings against Korsakovskiy after finding the tinned food factory insolvent. The case is docketed as A59-2997/00-S12. Ms. L. Sorokina has been appointed insolvency manager. Creditors may submit their proofs of claim to Russia, Sakhalin region, Korsakov, Sverdlova Str. 46. CONTACT: KORSAKOVSKIY Russia, Sakhalin region, Korsakov, Sverdlova Str. 46 L. SOROKINA Insolvency Manager Russia, Sakhalin region, Korsakov, Sverdlova Str. 46 NIZHNEIRTYSHSKIY: Proofs of Claim Due December 22 ------------------------------------------------- The Arbitration Court of Omsk region commenced bankruptcy proceedings against Nizhneirtyshskiy (TIN 5532003234) after finding the company insolvent. The case is docketed as K/E-07/05. Mr. V. Nenashev has been appointed insolvency manager. Creditors have until December 22, 2005 to submit their proofs of claim to 644024, Russia, Omsk, Post User Box 9385. CONTACT: NIZHNEIRTYSHSKIY 646402, Russia, Omsk region, Sargatskiy region, Nizhniy Irtysh V. NENASHEV Insolvency Manager 644024, Russia, Omsk region, Post User Box 9385 NKNK FINANCE: Loan Participation Notes Rated B+ ----------------------------------------------- Fitch Ratings has assigned NKNK Finance plc's (NKNK-F) proposed issue of US$200 million loan participation notes an expected 'B+' rating. The notes are expected to have a maturity of 10 years but contain a 5-year European put option and will be repaid in equal installments from 2010 with a straight-line amortization. The final rating is contingent on receipt of final documentation and the completion of the deal, which is expected to be during the week of 19 December 2005. NKNK-F is a public limited liability company incorporated under the laws of Ireland. The company's purpose is to issue the notes and lend, under a loan agreement, the proceeds to Nizhnekamskneftekhim Inc., also named OAO Nizhnekamskneftekhim (NKNK, rated Senior Unsecured 'B+'/Stable/Short-term 'B'). NKNK will use the proceeds of the loan from NKNK-F for general corporate purposes, including improving its balance sheet structure and financing its capital expenditure. The loan agreement, the trust deed and other related documents are governed by English law. To secure payments to noteholders, NKNK-F will charge in favor of the trustee, by way of first fixed charge, all rights to principal, interest and other amounts paid by NKNK and the right to receive all sums, which may be paid by NKNK under any claim, award or judgment relating to the loan agreement. Covenants in the loan agreement include, among others, a pari passu ranking of the loan with present or future unsecured creditors of NKNK and negative pledge. NKNK also has a total consolidated debt-to-consolidated EBITDA ceiling of 3:1 Events of default include a cross default clause with a US$10 million threshold. NKNK is based in the Republic of Tatarstan and is the largest petrochemicals producer in Russia. CONTACT: FITCH RATINGS Elisabetta Zorzi, Milan Phone: +39 02 87 90 87213 Jeffrey Woodruff, Moscow Phone: +7 095 956 9986 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com NOVOSHAKHTINSKIY: Rostov Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy proceedings against Novoshakhtinskiy after finding the factory of building materials insolvent. The case is docketed as A53-21824/05-S2-51. Ms. T. Shakhmina has been appointed insolvency manager. CONTACT: NOVOSHAKHTINSKIY Russia, Rostov region, Engelsa Str. 1 T. SHAKHMINA Insolvency Manager 344091, Russia, Rostov-na-Donu, Post User Box 1164 YAKOVLEVSKIY: Primorye Court Brings in Insolvency Manager --------------------------------------------------------- The Arbitration Court of Primorye region commenced bankruptcy proceedings against Yakovlevskiy after finding the tinned food factory insolvent. The case is docketed as A51-5094/02/26-111B. Mr. A. Polyakov has been appointed insolvency manager. CONTACT: YAKOVLEVSKIY Russia, Primorye region, Yakovlevka, Leninskaya Str. 31 A. POLYAKOV Insolvency Manager 344091, Russia, Primorye region, Post User Box 1164 =========== T U R K E Y =========== * Fitch Changes Turkish Banks' Outlook to Positive -------------------------------------------------- Fitch Ratings has changed 20 Turkish financial institutions' rating Outlooks to Positive from Stable and affirmed their ratings. The change in rating Outlooks follows the revision of the Outlook on the Republic of Turkey's Long-term foreign and local currency ratings to Positive from Stable. Additionally, the National Long-term ratings of the same banks have been upgraded. The upgrade reflects the improved macroeconomic profile of the sovereign, which has, in turn, benefited the operating environment of banks and corporates. Fitch has reflected this in generally higher National ratings, which are influenced by favorable trends in the local currency assessment. The highest bank National rating is now 'AA(tur)'. Banks whose ratings are affected: T. C. ZIRAAT BANKASI: Long-term foreign currency (LTFC) affirmed at 'BB-'; Outlook revised to Positive from Stable, Long-term local currency (LTLC) affirmed at 'BB-'; Outlook revised to Positive from Stable, Short-term foreign currency (STFC) affirmed at 'B', Short-term local currency (STLC) affirmed at 'B', Support affirmed at '3', Individual affirmed at 'D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable, TURKIYE HALK BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable, TURKIYE KALKINMA BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable, The Outlooks on the long-term ratings of the above state-owned banks are changed to Positive due to the revised Outlook of the Republic of Turkey. The 'BB-' Long-term ratings are driven by what Fitch views as moderate probability of support from the sovereign in case of need. TURKIYE SINAI KALKINMA BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'C/D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable; The Outlooks on the Long-term ratings of Turkiye Sinai Kalkinma Bankasi are changed to Positive. Its 'BB-' Long-term ratings are driven by its Individual rating of 'C/D'. Because the majority of its overseas funding is guaranteed by the Turkish Treasury, Fitch believes that there is a moderate probability of support from the sovereign in case of need. FORTIS BANK A.S.: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB+; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'D', National Long-term upgraded to 'AA(tur)' from 'AA-'; Outlook remains Stable HSBC BANK A.S.: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'C', National Long-term rating upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook remains Stable KOC BANK A.S.: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'D', National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook remains Stable TURK EKONOMI BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB+; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'C/D', National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook remains Stable YAPI VE KREDI BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual 'D/E' remains on Rating Watch Positive, National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook remains Stable; The Long-term ratings are driven by potential support from a highly rated foreign shareholder bank. Fitch considers that the parent banks have a very high propensity to support, although their ability to do so might in some circumstances be constrained by the transfer risk associated with Turkey. The Support ratings of the Turkish banks are therefore constrained at '3'. The LTFC rating is capped by the Country Ceiling of 'BB-'. The LTLC rating is higher than the sovereign rating due to the strong ratings of international shareholders. KUWAIT TURKISH EVKAF FINANCE HOUSE ("KTEFH"): LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC upgraded to 'BB+' from 'BB; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'D/E', National Long-term upgraded to 'AA-(tur)' from 'BBB+(tur)'; Outlook remains Stable The upgrade of the LTLC reflects the enhanced support of its 62% owner Kuwait Finance House ('A-'). The Positive Outlooks are linked to those of the sovereign. The LTFC rating is capped by the Country Ceiling. The LTLC rating is higher than the LTFC due to strong international ownership. The National rating is one notch below that of the other banks with institutional foreign ownership because of KTEFH's small franchise. AKBANK: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB+'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '4', Individual affirmed at 'C', National Long-term upgraded to 'AA(tur)' from 'AA-(tur)'; Outlook remains Stable DENIZBANK: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '4', Individual affirmed at 'C/D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable FINANSBANK: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '4', Individual affirmed at 'C/D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable TURKIYE GARANTI BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '4', Individual affirmed at 'C/D', National Long-term upgraded to 'A+(tur)' from 'A(tur)'; Outlook remains Stable TURKIYE IS BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '4', Individual affirmed at 'C', National Long-term upgraded to 'AA-(tur)' from 'A+(tur)'; Outlook remains Stable TURKIYE VAKIFLAR BANKASI: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B', Support affirmed at '4', Individual affirmed at 'C/D', National Long-term upgraded to 'A+(tur)' from 'A (tur)', Outlook remains Stable; The Long-term ratings of the six private banks above are driven by their intrinsic financial strength. The Positive Outlook reflects the improved operating environment. The upgrades in the National ratings of Akbank and Isbank are indicative of systemic importance when combined with LTLC ratings that are above the sovereign ceiling. The new National ratings of Garanti and Vakifbank incorporate their sizes, broad-based banking franchises and solid individual performance. Although the National ratings of Finansbank and Denizbank have been upgraded, they are limited by their somewhat smaller size than the other private banks. OYAK BANK A.S.: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', Individual affirmed at 'C/D', National Long-term upgraded to 'A(tur)' from 'A-(tur)'; Outlook remains Stable Oyak Bank's Long-term ratings are driven by the support of the Oyak Group, the supplementary social security institution for the Turkish Armed Forces, which is the 100% owner of the bank. The revision in the Outlook to Positive reflects the group's financial strength that is expected to improve with the sovereign. GARANTI FACTORING: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', National Long-term upgraded to 'A+(tur)' from 'A(tur)'; Outlook remains Stable; GARANTI FINANSAL KIRALAMA: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable, LTLC affirmed at 'BB-'; Outlook revised to Positive from Stable, STFC affirmed at 'B', STLC affirmed at 'B' Support affirmed at '3', National Long-term upgraded to 'A+(tur)' from 'A(tur)'; Outlook remains Stable IS FINANSAL KIRALAMA: LTFC affirmed at 'BB-'; Outlook revised to Positive from Stable; LTLC affirmed at 'BB', Outlook revised to Positive from Stable; STFC affirmed at 'B', STLC affirmed at 'B', Support affirmed at '3', National Long-term upgraded to 'AA-(AA minus)(tur)' from 'A+(tur)'; Outlook remains Stable The ratings of the three entities above reflect their support by and close integration with their parent banks, Turkiye Garanti Bankasi and Turkiye Is Bankasi. The Outlooks are revised in line with those of the shareholder banks. CONTACT: FITCH RATINGS Ed Thompson, New York Phone: +1 212 908 0364 Botan Berker, Gulcin Orgun and Turda Ozmen, Istanbul Phone: +90 212 279 1065 Banu Cartmell, London Phone: +44 207 417 4373 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com ============= U K R A I N E ============= ALEF: Gives Creditors Until Weekend to File Claims -------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Alef (code EDRPOU 24730341) after finding the limited liability company insolvent. The case is docketed as 43/519. State Tax Inspection of Podilskij district has been appointed liquidator/insolvency manager. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) ALEF Ukraine, Kyiv region, Obolonska Str. 13/15 (b) LIQUIDATOR/INSOLVENCY MANAGER 04080, Ukraine, Kyiv region, Turovska Str. 12 Phone: 417-52-05 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B LAGODA-MED: Kyiv Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Lagoda-Med (code EDRPOU 31354575) after finding the private company insolvent. The case is docketed as 23/358-b. State Tax Inspection of Podilskij district has been appointed liquidator/insolvency manager. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) LAGODA-MED Ukraine, Kyiv region, Zapadinska Str. 5/215 (b) LIQUIDATOR/INSOLVENCY MANAGER 04080, Ukraine, Kyiv region, Turovska Str. 12 Phone: 417-52-05 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B LE-SKOR: Insolvency Manager Steps in ------------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against LLC LE-SKOR (code EDRPOU 19024762) after finding the limited liability company insolvent. The case is docketed as 44/373-b. State Tax Inspection of Podilskij district has been appointed liquidator/insolvency manager. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) LE-SKOR Ukraine, Kyiv region, Marshal Grechko Str. 10-B (b) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B MAGNOLIYA: Declared Insolvent ----------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Magnoliya (code EDRPOU 20826481) on October 5, 2005 after finding the limited liability company insolvent. The case is docketed as 6/248-4/130. Mr. O. Oprishko (License Number AA 250249) has been appointed liquidator/insolvency manager. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) MAGNOLIYA 80300, Ukraine, Lviv region, Zhovkivskij district, Soposhin (b) O. OPRISHKO Liquidator/Insolvency Manager 79000, Ukraine, Lviv region, Listopadovogo Chinu Str. 7, Room 2a (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 SERVICE-BUSINESS: Succumbs to Insolvency ---------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Service-Business Ltd. (code EDRPOU 21451575) on November 7, 2005 after finding the limited liability company insolvent. The case is docketed as 15/779-b. Mr. Yurij Ulyanchuk (License Number AB 116097) has been appointed liquidator/insolvency manager. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) SERVICE-BUSINESS LTD. 03187, Ukraine, Kyiv region, Akademik Zabolotnij Str. 20-a (b) YURIJ ULYANCHUK Liquidator/Insolvency Manager 01010, Ukraine, Kyiv region, Sichnevogo Povstannya Str. 11-a/54 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B =========================== U N I T E D K I N G D O M =========================== ABBEYDENE GROUP: Claims Deadline January 4 ------------------------------------------ Company Names: ABBEYDENE GROUP OF COMPANIES LIMITED ABBEYDENE PROPERTY COMPANY LIMITED J. A. Brave, chairman of these companies, informs that the special resolution to wind up the firms was passed at an EGM held on Nov. 24 at Begbies Traynor, No.1 Old Hall Street, Liverpool L3 9HF. David Moore and Donald Bailey, of Begbies Traynor, No. 1 Old Hall Street, Liverpool L3 9HF were appointed joint liquidators. Creditors are required on or before January 4, 2006, to send their names and addresses to David Moore of Begbies Traynor, No. 1 Old Hall Street, Liverpool L3 9HF, Joint Liquidator of the companies, and, if so required by notice in writing their 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 A FINISHING: Names Baker Tilly Liquidator ----------------------------------------- G. Sweett, chairman of A Finishing Factory Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 14 at Baker Tilly, The Clock House, 140 London Road, Guildford, Surrey GU1 1UW. Matthew Richard Meadley Wild of Baker Tilly, The Clock House, 140 London Road, Guildford, Surrey GU1 1UW was appointed liquidator. The appointment was confirmed at a subsequent creditors meeting. CONTACT: A FINISHING FACTORY LTD. Thorpe Indstl Est Unit B1 Crabtree Rd Egham TW20 8RN United Kingdom Phone: +44 (1784) 47 09 92 Fax: +44 (1784) 47 09 93 BAKER TILLY The Clock House, 140 London Road, Guildford, Surrey GU1 1UW Phone: 01483 307000 Fax: 01483 569 281 Web site: http://www.bakertilly.co.uk ALLERTON & HALL: Files for Liquidation -------------------------------------- W. Allerton, chairman of Allerton & Hall Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at Hawson Jefferies, Birch Hall, 87 Trippet Lane, Sheffield. A. Graham of Hamilton Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT was appointed liquidator. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: ALLERTON & HALL LTD. 19 Club St. Sheffield, South Yorkshire, S11 8DE Phone: 0114 275 3233 AMIC DISTRIBUTION: Applies for Liquidation ------------------------------------------ Asset Management Investment Company plc said the process to liquidate AMIC Distribution Partners Inc. is now well advanced and it is expected that the company will be wound up shortly. As reported in the chairman's statement with the financial statements to March 31, 2005, AMIC Distribution was deemed unviable as a going concern. Following the appointment of the new board the agreement by which Norman Riddell & Associates (NRAL) supplied services to AMIC was terminated and agreement reached, following legal advice, on the terms of severance. Asset Management's directors have now agreed terms whereby the equity held in NRAL will shortly be sold back to the management of NRAL. The convertible loan notes issued in connection with the investment will be repaid, achieving a revenue saving for AMIC, and the shareholders' agreement will be terminated. CONTACT: ASSET MANAGEMENT INVESTMENT COMPANY PLC 33 Throgmorton Street London, EC2N 2BR United Kingdom Phone: +44 20 7329 1290 +44 20 7489 1166 AZTECH TRAINING: Tenon Recovery Takes over Firm ----------------------------------------------- D. G. Lidford, chairman of Aztech Training & Safety Services Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 9 at 75 Springfield Road, Chelmsford, Essex CM2 6JB. Duncan R. Beat of Tenon Recovery, 75 Springfield Road, Chelmsford, Essex CM2 6JB was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. Aztech Training & Safety Services is a residential training center, specializing in health and safety and vocational skills, NVQ assessment, and fall prevention consultancy. CONTACT: AZTECH TRAINING & SAFETY SERVICES LIMITED Soham Lodge Hotel Training & Conference Centre, Qua Fen Common, Soham, Ely, CB7 5DF, UK Phone: 01353 724740 Fax: 01353 724741 E-mail: aztech@trg-safety-services.fsnet.co.uk TENON RECOVERY 75 Springfield Road Chelmsford Essex CM2 6JB SO53 3TY Phone: 01245 455444 Fax: 01245 490841 E-mail: chelmsford@tenongroup.com duncan.beat@tenongroup.com Web site: http://www.tenongroup.com BEAUTY IN WOOD: Goes into Liquidation ------------------------------------- C. Josephides, chairman of Beauty in Wood Ltd., informs that a resolution to wind up the company was passed at an EGM held on Nov. 15 at 43 Blackstock Road, London N4 2JF. Andreas Georgiou Kakouris of 43 Blackstock Road, London N4 2JF was appointed liquidator. CONTACT: BEAUTY IN WOOD LTD. Park Royal House 19-23 Park Ro London NW10 7JH Phone: 02089613611 KAKOURIS & MICHAELIDES 43 Blackstock Road London N4 2JF Phone: 020 7226 6196 Fax: 020 7704 6500 E-mail: info@agkakouris.co.uk BP HDPE: Calls in Liquidators from PricewaterhouseCoopers --------------------------------------------------------- A. C. Little, chairman of BP HDPE UK Limited, informs that the special and ordinary resolutions to wind up the company were passed at an EGM held on Nov. 29. Jonathan Sisson and Richard Setchim 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 CANINE SOLUTIONS: EGM Passes Winding-up Resolution -------------------------------------------------- L. Williams, chairman of Canine Solutions (UK) Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA. Robert Stanley Gilderthorp of Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA was appointed liquidator. CONTACT: GILDERTHORPS 22 Paul Street, Shepton Mallet, Somerset BA4 5LA Web site: http://www.gilderthorps.co.uk CLYDESDALE BANK: New Deer Man Fights to Prevent Branch Closure -------------------------------------------------------------- A New Deer resident is planning to buy the Clydesdale Bank branch in the village and possibly lease it back to an interested bank in order to keep it open. According to the Buchan Observe, the man, who wishes to remain anonymous for the time being, is ready to put at stake his property and business to pursue a bid. He had set up the Challenging the New Deer Axe group (CNDA) to prevent the closure of the branch. He is also suggesting a partnership with a long-established businessman in the village to put up a full-time Royal Bank of Scotland branch. The Royal Bank of Scotland is already believed to be interested in the New Deer branch, but its advances were apparently blocked by Clydesdale, the report said. The Royal Bank of Scotland is interested in operating a lifeline mobile banking service to those communities to be abandoned by the Clydesdale from January. It had approached the Australian-owned bank formally to survey a number of their closure-marked sites in the Northeast, but was refused. CONTACT: CLYDESDALE BANK Banking Hall, 30 St. Vincent Place Glasgow G1 2HL Phone: 0141 951 7000 DAGENHAM ASSOCIATION: Claims Deadline Expires Next Month -------------------------------------------------------- R. Wright, chairman of Dagenham Association For Mental Health, informs that the special and ordinary resolutions to wind up the company were passed at an EGM held on Nov. 22 at Chiltern House, 24-30 King Street, Watford, Hertfordshire WD18 0BP. Richard Andrew Segal and Paul Michael Davis of Begbies Traynor (South) LLP, Chiltern House, 24-30 King Street, Watford, Hertfordshire WD18 0BP were appointed joint liquidators. Creditors are required on or before January 10, 2006, to send their names and addresses and particulars of their debt or claims and the names and addresses of the Solicitors (if any) to Richard Andrew Segal and Paul Michael Davis of Begbies Traynor (South) LLP, Chiltern House, 24-30 King Street, Watford, Hertfordshire WD18 0BP, the Joint Liquidators of the Company, and, if so required by notice in writing their debt or claims. CONTACT: BEGBIES TRAYNOR Chiltern House, 24-30 King Street, Watford WD18 0BP Phone: 01923 812900 Fax: 01923 812999 Web site: http://www.begbies.com DARTJEWEL LTD.: Calls in Liquidator ----------------------------------- J. Price, director of Dartjewel Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 14 at 21-23 Station Road, Gerrards Cross, Buckinghamshire SL9 8ES. Helen Timothe Phillips of 21-23 Station Road, Gerrards Cross, Buckinghamshire SL9 8ES was appointed liquidator. CONTACT: DARTJEWEL LIMITED 8 Crutchfield Lane Walton-on-Thames Surrey KT12 2QZ Phone: 01932 269966 Fax: 01932 269661 DAWSON INTERNATIONAL: To Redeem Final Tranche of Loan Stock ----------------------------------------------------------- Dawson International plc has disclosed its intention to redeem the final tranche of its outstanding Loan Stock. The Company will issue Redemption Notices to all Stockholders of the Company's zero coupon, convertible, secured, redeemable Loan Stock 2009 in respect of the early redemption of the remaining GBP2,756,757 of the Loan Stock (Tranche 3) in accordance with the conditions of the Loan Stock. As announced on 25 November 2005, the Company is separately redeeming holdings of Loan Stock under GBP1,000, which redemption is due to be effected on 20 December 2005. Redemption of Tranche 3 will be at a total cash cost to the Company of GBP3,823,874, comprising GBP2,756,757 of Loan Stock and GBP1,076,117 in respect of the accrued premium. These figures will reduce to the extent that any Qualifying Stockholders exercise their right to convert their Loan Stock into ordinary share capital in the Company. Each Qualifying Stockholder will be repaid in full for every GBP1 of Loan Stock held as at Wednesday 7 December 2005. In addition, there will be paid to Qualifying Stockholders an accrued premium at an annual rate of 26% from issue of the Loan Stock until Sunday 25 December 2005, being the date fixed by the Company as the date on which redemption will occur (Redemption Date). Redemption Notices will shortly be sent to each Qualifying Stockholder in accordance with the conditions of the Loan Stock. Each Redemption Notice will specify the amount due to be paid to the relevant Qualifying Stockholder. The Redemption Notices will advise that each Qualifying Stockholder must, not later than the Redemption Date, deliver to the Company, care of its registrars, a certificate(s) for its Loan Stock which is due to be redeemed, so that the certificate(s) can be cancelled. Upon such delivery, the Company will pay to such Qualifying Stockholder the amount payable to effect such redemption. Qualifying Stockholders who hold their Loan Stock in CREST will be advised to input an unmatched stock event instruction to settle on or before the Redemption Date. In accordance with the conditions of the Loan Stock (as amended on 6 December 2005), no transfer of any of the Loan Stock will be permitted from the issue of this Announcement. The Company announces that the register of Loan Stock is closed from the date of this Announcement. Mike Hartley, executive chairman, said: "I am delighted that the Company has been able to generate the resources needed to redeem the Loan Stock in full at the earliest permissible opportunity. We are grateful to the Loan Stock holders whose participation enabled our Group to recover and move forward at time when our cash resources were limited. Full redemption of the Loan Stock will mark the beginning of a new phase for Dawson International." CONTACT: DAWSON INTERNATIONAL PLC Lochleven Mills Kinross KY13 8GL, United Kingdom Phone: +44-1577-867000 Fax: +44-1577-867010 Web site: http://www.dawson-international.co.uk DIY WINDOWS: Fergusson & Co. to Liquidate Business -------------------------------------------------- R. Craig, director of DIY Windows Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at 1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH. Malcolm Edward Fergusson of Fergusson & Co Ltd., 1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH was appointed liquidator. CONTACT: D.I.Y WINDOWS LTD. Modern House Summer Lane Barnsley, S70 2NP Phone: 0870-774 4775 EXPRESS LINK: Creditors Meeting Set Tomorrow -------------------------------------------- Creditors of Express Link Limited will meet on December 13, 2005, 12 noon at Freemason Hall, Bridge Street, Manchester. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to P. A. Flint, joint administrator of KPMG Corporate Recovery, St James Square, Manchester M2 6DS not later than 12 noon, December 12, 2005. CONTACT: EXPRESS LINK LIMITED Unit 8-11 Waroth Employment Ar, Worth Street, Warrington, Cheshire WA1 2HT Phone: 01925-413411 KPMG LLP St James' Square Manchester Greater Manchester M2 6DS Phone: 0161 838 4000 Fax: 0161 838 4040 FIELDENE PROPERTY: Names Begbies Traynor Liquidator --------------------------------------------------- J. A. Brave, chairman of Fieldene Property Co. Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 24 at Begbies Traynor, No.1 Old Hall Street, Liverpool L3 9HF. David Moore and Donald Bailey of Begbies Traynor, No.1 Old Hall Street, Liverpool L3 9HF were appointed joint liquidators. Creditors are required on or before January 4, 2006, to send in their names and addresses to David Moore and if so required by notice in writing their 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 GRENADIER INTERNATIONAL: In Liquidation --------------------------------------- T. Mason, chairman of Grenadier International Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at Butcher Woods, 79 Caroline Street, Birmingham B3 1UP. Roderick Graham Butcher of Butcher Woods, 79 Caroline Street, Birmingham B3 1UP was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. CONTACT: GRENADIER INTERNATIONAL LTD. Web site: http://www.grenadier.uk.com/ BUTCHER WOODS 79 Caroline Street Birmingham West Midlands E-mail: rod.butcher@butcher-woods.co.uk Phone: 0121 236 6001 Fax: 0121 236 5702 HAMPTON TRUST: Board Proposes Solvent Restructuring --------------------------------------------------- The board of directors of Hampton Trust plc gives notice of the cancellation of the listing of: (a) the ordinary shares of 5p each in the capital of the Company, (b) 5.5% cumulative convertible redeemable preference shares of 5p each in the capital of the Company (Preference Shares), and (c) 8% convertible unsecured loan stock 2020 (CULS) (collectively referred to as the 'Securities) on the Official List of the UK Listing Authority and for such securities to cease permanently trading on the London Stock Exchange plc's market for listed securities in both cases with effect from 29 December 2005. Hampton is a property investment, management, development and dealing company quoted on the Official List. The Listing of the Securities has been suspended since 30 July 2004. The principal reason for the continued suspension of the Listing of the Company's Securities is the Board's inability to publish its accounts for the year ended 31 March 2005 due to the need to resolve uncertainties relating to historic transactions entered into by the Company. On 17 May 2005, the Board announced that, in light of the financial state of the Company, it had reached an informal standstill agreement with a majority of the holders of CULS (CULS Holders) and that it was in discussions with Royal Exchange Trust Company Limited (the 'Trustee') of the CULS. The aim of such discussions was to reach agreement to convert a significant proportion of the CULS into Ordinary Shares and provide for the repayment in due course of the residual CULS and agree terms for the early redemption of the Preference Shares. The Board's hope was that a proposal would be presented to the holders of Ordinary Shares for approval. Whilst the intended proposal would have resulted in significant dilution for the Ordinary Shareholders, it would have nevertheless left them with some residual value in the Company. The Board also stated that the Company was only able to continue trading with the support of the CULS Holders and its key creditors. On 9 June 2005, Graeme Jackson left the Board and Paul Sellars was appointed Chief Executive. Alan Cole joined the Board on 21 September 2005 as Chairman. Following Paul Sellars' appointment, the Board and the Company's advisers commenced a thorough review of the financial position of the Company and its subsidiary undertakings. This review is continuing. As a result of the review, it has become clear to the Board that the financial position of the Company and the Group is now so precarious that, in the absence of a radical alternative, the Company will not be able to avoid formal insolvency proceedings. On 10 October 2005, the Board received a letter from the Trustee requiring the Board to submit a formal proposal for a restructuring by 24 October 2005. This position was confirmed in a letter dated 18 October 2005 from the Trustee to the Company. In view of the CULS Holders' position, your Board decided to implement a solvent restructuring of the Group. The first stage of the Proposal is for the Listing of the Securities to be cancelled from the Official List and for such Securities to cease permanently trading on the London Stock Exchange plc's market for listed securities (both the 'Delisting'). This is expected to occur on 29 December 2005. Financial Position of the Company Over the six financial years to 31 March 2005, the net asset position of the Company and the Group has deteriorated significantly and the Company and the Group have consistently made losses year on year. The audited accounts for the financial year ended 31 March 2005 have not yet been finalized as the review of the financial position of the Company referred to above has, and continues to, identify potential liabilities which are still being investigated and quantified. However, the unaudited draft accounts of the Company for the year ending 31 March 2005 show a net deficit of GBP12.4 million compared to a net asset position of GBP5.3 million as at 31 March 2004. The comparable figures for the Group are a net asset deficit of GBP20.2 million as at 31 March 2005 and a deficit of GBP16.0 million as at 31 March 2004. The Company has failed to meet the last two interest payments to its CULS Holders (on 1 January and 1 July 2005). The Board does not believe that the Company could support further borrowings. The Company's income is insufficient to cover the Company's outgoings and interest commitments. The Company has no prospect of meeting the next interest installment on the CULS due on 1 January 2006. The Company is both balance sheet and cash-flow insolvent and the Company only continues to trade with the support of the CULS Holders. As noted above, on 10 October 2005, the Company received a letter from the Trustee giving the Company 14 days to present a firm proposal which: (a) aims to preserve and realize the maximum possible value for CULS Holders; and (b) can be implemented within a realistic timeframe. The Trustee made it clear that the Board could not avoid formal insolvency proceedings without the co-operation of the CULS Holders. The Financial Services Authority received a letter from the Trustee dated 17 November 2005 stating that the Proposal must be made without any conditionality relating to the interests of holders of Ordinary Shares and Preference Shares (Shareholders). It was the Trustee's view that Shareholders have no prospect of any recovery whether as part of a solvent restructuring or an insolvency process and therefore would have no incentive to approve the Delisting. The Trustee informed the Board that they were not prepared to tolerate any further delay and cost incurred by the Company in addressing Shareholder issues as they considered that to be delay and cost incurred at the expense of CULS. The letter confirmed that in the absence of the Trustee receiving such proposals, it was the current intention of the ad hoc CULS committee, as holders of more than 20% of the CULS, to instruct the Trustee to make formal demand forthwith for immediate payment of the CULS pursuant to the terms of the Trust Deed dated 1 July 1993 between the Company and the Trustee. The Proposal The Board has been advised that in light of the serious financial position of the Company, it has a primary duty to act in the best interests of the Company's creditors rather than Shareholders. In order to achieve the best result for creditors, two courses of action were identified by the Board: (a) to implement an appropriate insolvency procedure; or (b) to attempt a solvent restructuring of the Group. The Board concluded that a solvent restructuring of the Group (the Proposal) was the preferable route because it has the best prospects of maximizing returns for creditors. The Proposal attempts to achieve that aim. The Structure of the Proposal The Company intends to enter into an agreement immediately following Delisting with the CULS and newly incorporated entity or entities (each an 'Acquisition Vehicle' and together the 'Acquisition Vehicles'), pursuant to which the Acquisition Vehicles will acquire the valuable subsidiaries of the Company. Those valuable subsidiaries either own properties or provide a management function in relation to the Group's property portfolio. The aggregate consideration payable by the Acquisition Vehicles to the Company for such acquisitions will be the assumption of all (save for approximately GBP12 million of the CULS debt, which is to be reclassified as limited recourse debt as detailed below) of the Group's liabilities, including: (a) the effective assumption of the Group's liability to the Bank of Scotland of approximately GBP20.2 million; (b) the effective assumption of the Group's liability to Julian Hodge Bank of approximately GBP2.9 million; (c) the assumption of an amount of the CULS liability corresponding to the assets being transferred to that Acquisition Vehicle; and (d) the provision by the Acquisition Vehicles to the remaining Group companies of an indemnity of a fixed duration in respect of contingent liabilities. Approximately GBP12 million of the total CULS debt of approximately GBP30 million will remain in the Company. The terms of this debt will be amended so that repayment will only be required by the CULS Holders in the event that certain conditions are satisfied. The terms of the amended CULS debt will not permit the CULS Holders to demand repayment in any other circumstances. Implementation of the Proposal is conditional upon its approval by the requisite majority of CULS Holders, being 75% of value of the CULS. The Company has already received in principle approval of the Proposal from the CULS Holders representing in excess of 75% by value of the CULS Holders. It is currently the Board's intention to convene and hold a meeting of the CULS Holders to obtain approval of the Proposal prior to the Delisting. It will be a condition of the Delisting request that the CULS Holders have approved the Proposal before the Delisting takes effect. Consequences of the Proposal: -- The Company and the Group will return to a balance sheet solvent position but there will be no return of capital to Shareholders. It is not anticipated that the Company will enter into an insolvency process after the restructuring. The Board will continue to review the historical transactions entered into by the Company and realize its assets for the benefit of its unsecured creditors. Once this process has been completed to the satisfaction of the Board, the Company may be placed into a solvent liquidation in which all of its remaining creditors will be paid in full; -- The known creditors of the Company (with the exception of the CULS Holders) are paid in full as soon as practicable. The alternative scenario of an insolvent liquidation would involve them receiving a dividend on an equal basis with the CULS Holders. The Board believes that the return for creditors in such circumstances is likely to be less than 30 pence in the pound; -- By retaining control of the tax planning of the Company and the Group, the Board is able to pursue the objective of implementing a tax efficient restructuring and protecting the Group and Company tax losses for the benefit of the Company, the Group and the Acquisition Vehicles. An office holder appointed as part of an insolvency process may not have the same objectives; and -- The Company's Ordinary Shares, Preference Shares and CULS will be Delisted. Confirmations The Directors believe that the Proposal is in the best interests of the Company and the creditors as a whole. If the Proposal is not implemented the Company will be unable to meet its financial commitments as they fall due and consequently will be unable to continue to trade resulting in implementing an insolvency procedure. The Company has confirmed to the FSA that: (a) the Directors are of the immutable belief that approval of Shareholders to the Proposal will not be forthcoming in view of the fact there is no value in the Proposal for Shareholders given the financial position of the Company. The Directors are firmly of the view that Shareholders will not vote for a proposal that offers them no return. (b) all alternative methods of returning the Group to solvency have been exhausted and the only option remaining is to effect the Proposal; and (c) by taking the decision to implement the Proposal, the directors are acting in the best interests of all creditors as a whole (the Directors have been advised that the Company has a fiduciary duty so to do) and unless the Proposal is completed the Directors will have no choice other than to implement an insolvency procedure. The Trustee has confirmed to the FSA that it considers that the holders of CULS are now the only unsecured persons with an economic interest in the Company. The Board is, however, aware of the existence of other unsecured creditors, the quantum of which is insignificant compared to the CULS liability. In any case, the Proposal intends that these unsecured creditors will be paid in full. The Trustee requires the Board to provide forthwith detailed proposals as to how the maximum possible value for holders of CULS can be realized. These proposals must be made without any conditionality relating to the interests of the Company's Shareholders and specifically without requiring Shareholders to approve the Delisting. In the absence of such proposals, the Trustee has stated that it is the current intention of the ad hoc CULS committee, as holders of more than 20% of the CULS to instruct the Trustee to make formal demand forthwith for immediate payment of the CULS pursuant to the terms of the Trust Deed between the Company and the Trustee. The Company's Sponsor, City Financial Associates Limited, has confirmed to the FSA that based on the Directors' commercial assessments and its understanding of the Company's and the Group's financial position and on other information made available to it, it is of the view that the Company is in severe financial difficulty and that it will not be in a position to meet its obligations as they fall due unless the Proposal is implemented. A circular containing this announcement is being sent to Shareholders. The circular is being sent for information purposes only and does not require Shareholders to take any action. CONTACT: HAMPTON TRUST PLC Paul Sellars Jonathan Whittingham Phone: 020 7499 4994 IWP INTERNATIONAL: Lenders Waive Covenant Breaches -------------------------------------------------- IWP International plc has concluded a non-binding indicative heads of terms with its principal secured creditors, representing approximately 97% of secured indebtedness, which sets out the principles for the financial restructuring of IWP and its subsidiaries. In addition, IWP has been granted a waiver from all of the secured creditors of any existing covenant breaches to March 31, 2006. The continuation of this waiver is subject to one of the secured creditors, representing approximately 3% of the secured indebtedness, being acquired by another existing secured creditor or a person who becomes a secured creditor and supports the Restructuring within 20 days from this date. This is anticipated to conclude within this period. The key points of the Restructuring are set out below. Statement of Joe Moran, IWP Chairman The Restructuring of IWP will enable the Group to continue trading with a strengthened balance sheet and with the support of its secured creditors. Completion of the Restructuring will preserve the ongoing business operations of the Group and the rights of customers, suppliers and employees. IWP has spent the last number of months in difficult negotiations with its secured creditors in relation to the financial restructuring of the Group and we continue to focus on concluding this complex process as soon as possible. The Heads of Terms reflect the position of 97% of the secured creditors and will enable the ordinary shareholders of IWP to receive cash of 3.5 cent per share or retain their shares in IWP should they so elect. As announced on 10 June 2005, Jim Murphy decided that he did not wish to move to the U.K. following the planned head office relocation and would therefore step down from his position as Chief Executive. Having assisted the Company in concluding the Heads of Terms, Mr. Murphy has decided that it is now appropriate for him to leave the Company. On behalf of the Board, I would like to thank Mr. Murphy for his contribution over the past two difficult years and wish him every success in the future. The key points of the Restructuring are: -- The secured creditors will convert circa EUR56 million of their existing debt to equity resulting in them owning 90% of the enlarged ordinary share capital of the Company; -- The Restructuring will significantly reduce IWP's gross secured indebtedness (including swaps close out cost, make whole due under the notes and all deferred interest) from circa EUR121 million to EUR65 million; -- 10% of the enlarged ordinary share capital of the Company will be retained by the existing ordinary shareholders; -- A Cash-Out Alternative will be offered to existing ordinary shareholders at a price of 3.5 cent per existing ordinary share; -- Ordinary shareholders who wish to retain their shares in the Company may elect to do so. The secured creditors will waive any rights they may have to compulsorily acquire shares held by existing ordinary shareholders if the shareholder elects not to take the Cash-Out Alternative; -- Preference shareholders will have the opportunity to obtain cash for their shares at nominal value plus accumulated unpaid dividend, amounting in aggregate to EUR82,423; -- The Company will apply for its shares to be delisted from the Irish and London Stock Exchanges as part of the Restructuring; -- The claims of all general unsecured creditors of the Group will not be involved in and will not be compromised by the Restructuring; -- Post the Restructuring, the EUR65 million debt remaining within the Group will be consolidated into two tranches of EUR35,000,000 ('Tranche A') and EUR30,000,000 ('Tranche B'), Respectively; - Tranche A will be repayable 5 years following completion of the Restructuring and Tranche B will be repayable on the same date as Tranche A provided that such date shall be automatically extended by successive 60 day periods in the event that the Group still holds all or any portion of its investment in Jeyes Holdings Limited or Jeyes Group Limited. Tranche B will be repayable only out of amounts received by the Group from the Jeyes Investment, - Tranche A will carry an interest rate of LIBOR + 2.25% p.a., payable quarterly in arrears and Tranche B will carry an interest rate of 12.00% p.a. payable in kind and rolled up quarterly; -- An executive chief restructuring officer is to be appointed as soon as reasonably practicable; -- A new Board of directors of the Company satisfactory to the secured creditors, which will include the current finance director, Paul O'Brien, is to be appointed. The Company will enter into termination arrangements with all directors who resign upon completion of the Restructuring on terms and conditions satisfactory to the secured creditors; -- A compromise agreement has been reached in relation to the termination of the lease at 19 Fitzwilliam Square (the Company's head office) so that it is capable of being terminated with three months notice and a final termination and dilapidation settlement of EUR240,000; -- All outstanding share options are to be cancelled. Post the Restructuring the Company will implement an executive incentive plan based on successful implementation of the Company's business plan; -- The Restructuring will be subject to customary business and market material adverse change clauses; -- The completion of the Restructuring will be conditional on: - the completion of further legal and financial due diligence by the secured creditors, - securing adequate working capital facilities from April 2006, - the receipt of all necessary Board and secured creditors committee approvals, - the receipt of all necessary applicable regulatory approvals (including approvals from the Irish Takeover Panel, any listing authorities, competition authorities, pension regulators or any other relevant authority or regulator), - the receipt of all necessary shareholder approvals, - the negotiation, execution and delivery of definitive documentation; and -- The Restructuring is targeted to be completed in the first quarter of 2006. In due course, a Circular will be issued by the Company for the purpose of convening separate class meetings of the ordinary and preference shareholders for the purpose of seeking the necessary approvals for the Restructuring and the other matters mentioned in this announcement. CONTACT: IWP INTERNATIONAL Phone: +353 1 6611958 JBG BUILDING: Creditors Meeting Set Friday ------------------------------------------ Creditors of JBG Building Services Limited will meet on December 16, 2005, 10 a.m. at Riverside House, 31 Cathedral Road, Cardiff CF11 9HB. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to D. Hill, joint administrative receiver of Begbies Traynor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB not later than 12 noon, December 15, 2005. CONTACT: BEGBIES TRAYNOR 4th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB Phone: 029 2022 5022 Fax: 029 2022 4523 E-mail: cardiff@begbies-traynor.com Web site: http://www.begbies.com J G GLASS: Calls in Wilson Pitts Administrator ---------------------------------------------- Company Names: J G GLASS J G MANUFACTURERS J G SERVICES D. F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) of Wilson Pitts were appointed administrators of these companies on Nov. 24. These firms manufacture glass-housing units. CONTACT: WILSON PITTS Glendevon House Hawthorn Park Coal Road Leeds West Yorkshire LS14 1PQ Phone: 0113 237 5560 Fax: 0113 237 5561 KEEN PROCESSING: Files for Liquidation -------------------------------------- M. Naseemdost, director of Keen Processing Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 10 at Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB. Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB was appointed liquidator. CONTACT: KEEN PROCESSING LTD. 2 Grange St, Keighley, BD21 3EJ Phone: 01535 601975 CRAWFORDS Stanton House 41 Blackfriars Road Salford Manchester Greater Manchester M3 7DB Phone: 0161 828 1000 Fax: 0161 832 1829 E-mail: akachani@aol.com KINGSMARK DESIGN: Calls in Liquidator from Griffin & King --------------------------------------------------------- Mike Dell, director of Kingsmark Design Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 14 at 26-28 Goodall Street, Walsall WS1 1QL. Timothy Frank Corfield of Griffin & King, 26-28 Goodall Street, Walsall, West Midlands WS1 1QL was appointed liquidator. CONTACT: KINGSMARK DESIGN LTD. Suite 20/21, Queens Chambers Shire Hall, Pentonville Newport NP20 5HB Gwent Phone: 01633 244165 Fax: 01633 840767 Web site: http://www.kingsmarkdesign.co.uk GRIFFIN & KING 26-28 Goodall Street, Walsall, West Midlands WS1 1QL Phone: 01922 722205 Fax: 01922 639480 LAEL RECRUITMENT: Hires Ian Franses to Liquidate Business --------------------------------------------------------- M. C. Bartlett, chairman of Lael Recruitment and Consultancy Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at 24 Conduit Place, London W2 1EP. Ian Franses of Ian Franses Associates, 24 Conduit Place, London W2 1EP was appointed liquidator. CONTACT: LAEL RECRUITMENT & CONSULTANCY 24, Porden Rd London SW2 5RT Phone: 020 7787 6644 IAN FRANSES ASSOCIATES 24 Conduit Place London W2 1EP Phone: 020 7262 1199 Fax: 020 7262 2662 E-mail: if@ianfranses.co.uk LONGWOOD ENTERPRISES: Meeting of Creditors Set Tomorrow ------------------------------------------------------- Creditors of Longwood Enterprises Limited will meet on December 13, 2005, 10 a.m. at Freemason Hall, Bridge Street, Manchester. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to P. A. Flint, joint administrator of KPMG Corporate Recovery, St James Square, Manchester M2 6DS not later than 12 noon, December 12, 2005. CONTACT: KPMG LLP St James' Square Manchester Greater Manchester M2 6DS Phone: 0161 838 4000 Fax: 0161 838 4040 LULLABYE BED: EGM Passes Winding-up Resolution ---------------------------------------------- R. Williams, chairman of Lullabye Bed Company Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 11 at Lake Bushells, 129 New London Road, Chelmsford, Essex CM2 0QT. Peter George Byatt of Lake Bushells, 129 New London Road, Chelmsford, Essex CM2 0QT was appointed liquidator. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: LAKE BUSHELLS 129 New London Road Chelmsford Essex CM2 0QT Phone: 01245 254 780 Fax: 01245 254 799 E-mail: info@lakebushells.co.uk MARK ONE MOTORS: Goes into Liquidation -------------------------------------- M. Mitchell, chairman of Mark One Motors (GMC) Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at 8 Castlegate, Grantham NG31 6SF. Richard Albert Brock Saville and Peter Andrew Blair of Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU were appointed Joint Liquidators. CONTACT: MARK ONE MOTORS LTD. Eton Garages Lambolle Place, London, NW3 4PE Phone: 020 7435 3105 BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 Web site: http://www.begbies.com MBP (AGENTS): Administrators from BDO Stoy Hayward Move in ---------------------------------------------------------- Dermot Justin Power and Matthew Dunham (IP Nos 6006, 8376) of BDO Stoy Hayward LLP were appointed administrators of MBP (Agents) Limited (Company No 4323701) on Nov. 28. CONTACT: 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 MB REALISATIONS: Names Liquidators from KPMG -------------------------------------------- G. F. Davenport, director of MB Realisations Limited (formerly Markbeech Products Limited), informs that resolutions to wind up the company were passed at an EGM held on Nov. 10 at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL. Mark Jeremy Orton and Myles Antony Halley of KPMG, 2 Cornwall Street, Birmingham B3 2DL, United Kingdom were appointed Joint Liquidators. CONTACT: MB REALISATIONS LTD. Station Rd Rowley Regis B65 0LJ Royaume-United Kingdom Phone: +44 (121) 561 33 66 Fax: +44 (121) 559 24 29 KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk MERIDIAN SAFETY: Appoints SPW Poppleton Liquidator -------------------------------------------------- M. Booker, director of Meridian Safety Ltd., informs that resolutions to wind up the company were passed at an EGM held on Nov. 11 at Gable House, 239 Regents Park Road, London N3 3LF. Steven G. Taylor of SPW Poppleton & Appleby, Gable House, 239 Regents Park Road, Finchley, London N3 3LF was appointed liquidator. CONTACT: MERIDIAN SAFETY LTD. 142a Broadway, Didcot, Oxfordshire OX11 8RJ Phone: 01235811536 SPW POPPLETON & APPLEBY Gable House 239 Regents Park Road London N3 3LF Phone: 020 8371 5000 Fax: 020 8346 8588 E-mail: mike@spwca.com RODA DESIGN: Geoffrey Martin Liquidator Moves in ------------------------------------------------ Roda Design Services Ltd. informs that resolutions to wind up the company were passed at an EGM held on Nov. 10 Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1 2SP. S. Hull of Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1 2SP was appointed liquidator. CONTACT: RODA DESIGN SERVICES LTD. Unit 2, Peel House Commercial Street, Morley Leeds LS27 8AG West Yorkshire Phone: 0113 238 0002 Fax: 0113 253 2499 Contact: Dave Longfellow, Director GEOFFREY MARTIN & CO. St. James's House 28 Park Place Leeds West Yorkshire LS1 2SP Phone: 0113 244 5141 Fax: 0113 242 3851 E-mail: geoffrey.martin@geoffreymartin.co.uk ROYAL MAIL: Regulator Approves Lower Stamp Price Hike ----------------------------------------------------- Postcomm announced on Dec. 7 its proposals for the Price Control setting Royal Mail Letters' prices for the next four years. Royal Mail believes it is not yet possible to assess fully the impact of the proposals as it has yet to see the supporting details. Royal Mail has outlined the need for fair, cost reflective prices, as well as a GBP2 billion investment program to renew equipment and invest in the automation technologies already used by other entrants to the U.K. postal market, which will be opened to full competition in less than four weeks time on 1 January 2006. The company must also address a GBP4 billion deficit in its pension scheme, which from next year is likely to require an annual cash injection of GBP400-500 million over and above business-as-usual contributions. The Price Control set by the regulator governs around 90% of Royal Mail revenues and determines the profit that can be generated by the Group's GBP6 billion turnover regulated business. As Postcomm said, the rises in stamp prices under the latest proposals are substantially less than Royal Mail wanted. The final outcome of the Price Control process, which is expected next March following a final three-month consultation, will be crucial to Royal Mail's prospects in a deregulated market. Royal Mail notes that the announcement from Postcomm shows a significantly changed position from the original position in May this year: May 2005 proposals from Postcomm: -- Royal Mail able to move stamp prices closer to real costs, to a maximum of 34p for a First Class stamp by 2009-10; -- Average allowed price increase, over duration of Control, for products open to competition set at RPI-2%; -- Average allowed price increase, over duration of control, for products without effective competition set at RPI-3%; -- No initial one-off price increase to help meet costs of pension deficit; -- Royal Mail allowed to invest GBP0.8 billion in equipment and technology; -- Royal Mail's regulatory business valued at GBP2.2 billion; and -- Royal Mail targeted to make annual efficiencies of 3%. November 2005 final proposals which Postcomm proposes to implement from April 2005: -- Royal Mail able to move stamp prices closer to real costs, to a maximum of 36p for a First Class stamp by 2009-10; -- Average allowed price increase, over duration of control, for products open to competition set at RPI-0.6%; -- Average allowed price increase, over duration of control, for products without effective competition set at RPI+0.5%; -- Ability to increase prices by 6.2% from April 2006 to help meet costs of pension deficit; -- Royal Mail allowed to invest GBP1.2 billion in equipment and technology; -- Royal Mail's regulatory business valued at GBP2.3 billion; and -- Royal Mail targeted to make annual efficiencies of 3%. The Regulator intends to implement these proposals from April 2006, if Royal Mail, which has not yet seen all the supporting details, gives agreement. Comment of Adam Crozier, Royal Mail Chief Executive The announcement from Postcomm shows the Regulator has moved a long way from its initial stance -- but no one should regard the proposals as anything other than tough -- particularly for a business with challenges on the scale that Royal Mail faces. We need to see all the detail and assess the full impact on our business, our people and our ability to go on delivering the record high quality service that customers have seen over the past year. Now that we know broadly what the Regulator is proposing, we'll be talking to our Shareholder about the future financing of the company and of the investments we need to make, and to our Pension Trustees about our ability to meet the scheme's liabilities. Royal Mail has the opportunity to give its final views on the detail of the proposals to Postcomm over the coming weeks, before taking a final decision on the acceptability of the total Control. CONTACT: ROYAL MAIL: 148 Old Street London EC1V 9HQ Web site: http://www.royalmail.com SECURITY RESPONSE: Calls in Bridgestones Administrator ------------------------------------------------------ R. L. Cooksey and J. G. Lord (IP Nos 9040, 9041) of Bridgestones were appointed administrators of Security Response Ltd. (Company No 04652249) on Nov. 24. CONTACT: BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk SKYEPHARMA PLC: Gives Potential Buyers Access to Accounts --------------------------------------------------------- SkyePharma plc announced on 14 November 2005 that the board of SkyePharma plc had appointed Lehman Brothers to review all of the strategic options for the Company in order to maximize value for all shareholders. Following this announcement, the Company has received a number of expressions of interest, both with respect to individual assets owned by the Company as well as potential cash offers for the Company as a whole. In the light of such interest, the Board has decided to allow a number of parties access to a data room to commence due diligence on the Company. The intention of the Board is to swiftly ascertain whether these expressions of interest can be translated into firm proposals capable of being recommended to shareholders. However, there is no certainty that this process will result in a change to the present ownership structure of the Company. A further announcement will be made when appropriate. CONTACT: SKYEPHARMA PLC 105 Piccadilly London United Kingdom W1J 7NJ Phone: +44 20 7491 1777 Fax: +44 20 7491 3338 Web site: http://www.skyepharma.com LEHMAN BROTHERS EUROPE LIMITED 25 Bank Street London E14 5LE United Kingdom Phone: 44-20-7102-1000 Web site: http://www.lehman.com SOLUTIONS RECRUITMENT: Names Ideal Corporate Liquidator ------------------------------------------------------- D. Broadbent, director of Solutions Recruitment Consultancy Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 11. Andrew David Rosler of Ideal Corporate Solutions Limited, 10 Eagley House, Deakins Business Park, Bolton BL7 9RP was appointed liquidator. CONTACT: SOLUTIONS RECRUITMENT CONSULTANCY LIMITED Hartford House, Hart Weston Street Bolton, Lancashire BL3 2AW Phone: 01204393918 SWAN FIELDS: Meeting of Creditors Set Next Week ----------------------------------------------- Creditors of Swan Fields Limited will meet on December 19, 2005, 10 a.m. at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to A. S. McGill, joint administrative receiver of KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ not later than 12 noon, December 16, 2005 CONTACT: KPMG LLP St Nicholas House Park Row Nottingham Nottinghamshire NG1 6FQ Phone: 0115 935 3535 Fax: 0115 935 3500 TOWNHOUSE LONDON: Bar Operator Contacts Administrator ----------------------------------------------------- David Rubin and Paul Appleton (IP Nos 2591, 8883) of David Rubin & Partners were appointed joint administrators of Townhouse London Limited (Company No 04265915) on Nov. 16. CONTACT: TOWNHOUSE 31 Beauchamp Place, London, SW3 1NU Phone: (020) 7589 5080 DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com ULTIMATE VISUAL: Administrators Take over Firm ---------------------------------------------- Nicholas Roy Hood and Paul Michael Davis (IP Nos 8350, 7805) of Begbies Traynor were appointed joint administrators of Ultimate Visual Image Limited (Company No 03654593) on Nov. 24. Its registered office is at Studio 2, Exhibition House, North View Soundwell, Bristol, South Gloucestershire BS16 4NT. Ultimate Visual Image Limited -- http://www.uvigroup.com-- manufactures exhibition and display signs. CONTACT: ULTIMATE VISUAL IMAGE LTD. Studio 2 Exhibition House North View Soundwell Bristol BS16 4NT Avon Phone: 0117 956 5559 Fax: 0117 956 4929 BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com WEBLEY & SCOTT: Leonard Curtis Administrators Move in ----------------------------------------------------- A. Poxon and P. D. Masters (IP Nos 8620, 8262) of DTE Leonard Curtis were appointed administrators of Webley & Scott Limited (Company No 02817650) on Nov. 25. Its registered office is at Hampton House, High Street, East Grinstead, West Sussex RH19 3AW. The company manufactures sporting goods. CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT4 Norfolk Park Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com WESTBURY FLEXOGRAPHIC: In Liquidation ------------------------------------- N. R. Yates, director of Westbury Flexographic Ltd., informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at Unit 15, Milland Road Industrial Estate, Neath SA11 1NJ. Gary Stones of Stones & Co, 63 Walter Road, Swansea SA1 4PT was appointed liquidator. CONTACT: WESTBURY FLEXOGRAPHIC LTD. Unit 15 Milland Rd. Industrial Estate Neath SA11 1NJ Phone: (01639) 897979 Fax: (01639) 897979 STONES & CO. 63 Walter Road Swansea Glamorgan SA1 4PT Phone: 01792 654607 Fax: 01792 644491 E-mail: stones.co@btconnect.com XERA LOGIC: Hires Tenon Recovery Administrator ---------------------------------------------- Stanley Donald Burkett-Coltman (IP No 9181) and Dilip Dittani (IP No 7915) of Tenon Recovery were appointed administrators of Xera Logic (Scotland) Limited (Company No 04619150) on Nov. 25. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com TENON RECOVERY 1 Bede Island Road Bede Island Business Park Leicester LE2 7EA Phone: 0116 222 1101 Fax: 0116 222 1102 E-mail: leicester@tenongroup.com Web site: http://www.tenongroup.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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