/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051219.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 19, 2005, Vol. 6, No. 250 Headlines C Z E C H R E P U B L I C CZECH AIRLINES: Abandons Baku, Azerbaijan Route G E R M A N Y BACKEREI HEUEL: Dortmund Business Goes Bust BIBER-GESELLSCHAFT: Creditors' Claims Due Next Month BIMODAL VERWALTUNGS: Succumbs to Bankruptcy DIMA GMBH: Bremen Court to Verify Claims March FERNSEHSTUDIO BERLIN: Creditors to Meet January JOCAT-TRANSBERLIN: Proofs of Claim Due February KARSTADTQUELLE AG: Michael Krause Named Mail Order CFO KIRCHMEDIA GMBH: Deutsche Bank Fine Might be Lower than Expected NEOLUX LEUCHTROHREN: Under Bankruptcy Administration PROJEKT VILLADRESDEN: Court Names Henningsmeier Administrator STECHER BAUUNTERNEHMUNG: Creditors Meeting Set March G R E E C E TIM HELLAS: S&P Affirms B+ Rating, Lifts Negative Outlook I T A L Y BANCA POPOLARE: Bad Loans Provision may top EUR800 Million N E T H E R L A N D S GETRONICS N.V.: Wins Three-year Contract from Wegener ROYAL SHELL: Share Buyback Program Continues N O R W A Y PETROLEUM GEO-SERVICES: Extends Tender for 10% Senior Notes R U S S I A ARBAT-BANK: Claims Filing Period Ends Dec. 29 BALTLEN-ESENOVICHI: Temporary Insolvency Manager Enters firm BRICKWORKS: Undergoes Bankruptcy Supervision Procedure CHUVASH-SEL-KHOZ-MONTAGE: Bankruptcy Hearing Resumes Tomorrow EAR: Undergoes Bankruptcy Supervision Procedure MELEUZOVSKIY FOOD: Insolvency Manager Takes over Firm NATIONAL BANK: Junk Ratings Raised; Outlook Changed to Stable OAO DALSVYAZ: Fitch Affirms Non-investment Grade Ratings PEREVOZSKAYA: Insolvency Manager Takes over Firm PROM-STROY-SERVICE: Declared Insolvent SALAVATSKIY DAIRY: Bankruptcy Hearing Set March USMANSKIY: Lipetsk Court Appoints Insolvency Manager YUKOS OIL: Chief Financial Officer Resigns S W I T Z E R L A N D CONVERIUM HOLDING: Names New Chief Executive Officer U K R A I N E GIDROENERGOBUD: Creditors' Claims Due this Week NEW PRODUCT: Kyiv Court Opens Bankruptcy Proceedings PRESIDENT: Insolvency Manager Takes over Helm PROGRES: Goes into Liquidation RAUND-HOL LTD.: Declared Insolvent SENS: Proofs of Claim Deadline Expires Today STRUM-ZAPORIZHYA: Court Appoints Liquidator UKREXIMBANK: Fitch Affirms Long-term BB- Rating U N I T E D K I N G D O M ASHWORTHS PRODUCTS: Creditors Meeting Set Next Month ATOMIC SPORTS: Hires Taylor Rowlands as Administrator AUTOMARQUES LTD.: Goes into Liquidation AVIS EUROPE: Maintains 2005 Trading Forecasts BALMY MOODS: Calls in Liquidator from BDO Stoy Hayward BCCI: US$500 Mln Payout to Creditors Raises Recover Rate to 81% BODY-FX LIMITED: Meeting of Creditors Set Today BRITISH AMERICAN: Division Director Steps down BRITISH NUCLEAR: Huge Fee Awaits Westinghouse Agent BROOK & WHITTLE: Hires Milner Boardman & Partners Administrator CENTER PARCS: Finance Director Resigns CODEWELD LIMITED: KPMG to Liquidate Business DATA BUSINESS: Hires Chantrey Vellacott as Administrator DRAX GROUP: Starts Trading on London Stock Exchange FULFILMENT & DISTRIBUTION: Appoints Administrator GALLAHER GROUP: Names Audit Committee Members GREEN ISLAND: Appoints Begbies Traynor Liquidator HISCO CONSILIUM: Administrators Enter Firm IN CAR: Files for Liquidation INDOORS OUTDOORS: Camping Retailer Calls in Administrator INTERNATIONAL POWER: Named Preferred Bidder in Bahrain Project JOOLZ COLLECTION: Fashion Designer Liquidates JWB PRINT: Calls in Liquidator LOCO RESTAURANTS: Appoints Liquidators from Begbies Traynor MARCONI CORPORATION: Delisting from Nasdaq Later this Month MIDLAND DIGITAL: Digital Office Equipment Supplier Winds up MURRAY VERNON: Calls in Administrator from PwC MUSE LINGERIE: Hires Administrator from DS Insolvency MYTRAVEL GROUP: Cuts Loss to GBP18.3 Million OCHRE TRADING: Garden Furniture Wholesaler Liquidates RANK GROUP: Ex-WH Smith Finance Director Joins Board REFLEXKEY LIMITED: Real Estate Developer Calls in Administrator RJM PRODUCTS: Administrators from P&A Partnership Move in SEABROOK CONSTRUCTION: Calls in Joint Liquidators SPORTSPAGES LIMITED: Book Retailer Hires Administrator SWAN HUNTER: Left out of GBP2.9 Bln Royal Navy Contract TRANSCOVER TRUCKCARE: Names Tenon Recovery Administrator VEGA FABRICATIONS: Files for Liquidation WATERFORD WEDGWOOD: Grants Directors Share Options WH SMITH: Christmas Trading Update Out Next Month WILKINSON ENVIRONMENTAL: Names Tenon Recovery Liquidator * DTI Shuts down Four Birkenhead-based Firms ********* =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: Abandons Baku, Azerbaijan Route ----------------------------------------------- Czech Airlines is ending flights to Baku, Azerbaijan on Jan. 6, 2005 as part of its program to close some lucrative routes in the West, Baku Today reports. It already closed flights to New Jersey's Newark airport, to Glasgow, Scotland, as well as between Latvia's Riga airport and Rome. CSA, meanwhile, is adding flights to existing destinations in the East, where markets are fairly small, but steadily growing. For the winter season, CSA added flights to Eastern destinations already served by the company, such as Sarajevo, Bosnia and Herzegovina; Minsk, Belarus; Bucharest, Romania; Kyiv, Ukraine; Yerevan, Armenia; and Moscow, Russia, said CSA spokeswoman Jitka Novotna in a news release. CSA is offering promotional prices on new routes to attract more passengers. Czech Airlines reported a loss of CZK464 million, instead of an expected CZK177 million profit in the first half due to high fuel prices. It now expects a loss for the full year of between CZK350 million and CZK550 million, and not a profit of CZK522 million as projected. CONTACT: CESKE AEROLINIE A.S. Prague Ruzyni Airport 160 08 Prague, 6, Czech Republic Phone: +42 220 104 310 Fax: +42 224 81 04 26 Web site: http://www.csa.cz ============= G E R M A N Y ============= BACKEREI HEUEL: Dortmund Business Goes Bust ------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Backerei Heuel GmbH on December 1. 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 Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on March 2, 2006, 11:00 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BACKEREI HEUEL GmbH Hansastr. 19, 59174 Kamen Contact: Christoph and Johannes Heuel, Managers Dr. Sebastian Henneke, Administrator Muelheimer Str. 100, 47057 Duisburg Phone: 0203/34840 Fax: 0203/3484510 BIBER-GESELLSCHAFT: Creditors' Claims Due Next Month ---------------------------------------------------- The district court of Hannover opened bankruptcy proceedings against Biber-Gesellschaft fuer berufliche Bildung 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 Jens Wilhelm V. Creditors and other interested parties are encouraged to attend the meeting on February 7, 2006, 9:45 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, 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: BIBER-GESELLSCHAFT FUER BERUFLICHE BILDUNG mbH Hildesheimer Str. 85, 30880 Laatzen Contact: Kaufmann Detlev Mattukat-Lenk, Manager Winzingerodeweg 12, 30559 Hannover Jens Wilhelm V, Administrator Oskar-Winter-Str. 8, 30161 Hannover Phone: 0511/696846-0 Fax: 0511/696846-79 BIMODAL VERWALTUNGS: Succumbs to Bankruptcy ------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Bimodal Verwaltungs - GmbH i. L. on December 1. 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 Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting on February 20, 2006, 11:15 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BIMODAL VERWALTUNGS - GmbH i. L. Rhondorfer Str. 85, 53604 Bad Honnef Contact: Kurt Pelster, Liquidator Michael Sailer Str. 14, 46399 Bocholt Dr. Andreas Schulte-Beckhausen, Administrator Oxfordstr. 2, 53111 Bonn Phone: 0228 / 98 52 10 Fax: 0228 / 98 52 122 DIMA GMBH: Bremen Court to Verify Claims March ---------------------------------------------- The district court of Bremen opened bankruptcy proceedings against DIMA GmbH on November 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 7, 2006 to register their claims with court-appointed provisional administrator Frank-Michael Rhode. Creditors and other interested parties are encouraged to attend the meeting on January 5, 2006, 9:25 a.m. at the district court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on March 30, 2006, 9:30 a.m. at the same venue. CONTACT: DIMA GmbH Speicher 13/14, Cuxhavener Str. 10, 28217 Bremen Contact: Dieter Santen, Manager Richtweg 5, 27299 Langwedel Frank-Michael Rhode, Administrator Graf-Moltke-Str. 62, 28211 Bremen Phone: 0421/3485212/213 Fax: 0421/341078 FERNSEHSTUDIO BERLIN: Creditors to Meet January ----------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Fernsehstudio Berlin Cultisland GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006 to register their claims with court-appointed provisional administrator Joachim Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting on January 17, 2006, 9:15 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 25, 2006, 9:25 a.m. at the same venue. CONTACT: FERNSEHSTUDIO BERLIN CULTISLAND GmbH Eiswerderstr. 18,13585 Berlin Joachim Voigt-Salus, Administrator Rankestrasse 33, 10789 Berlin JOCAT-TRANSBERLIN: Proofs of Claim Due February ----------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against JOCAT-Transberlin GmbH on November 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 28, 2006 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting on January 25, 2006, 9:00 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 26, 2006, 9:00 a.m. at the same venue. CONTACT: JOCAT-TRANSBERLIN GmbH Wilhelmstr. 76,10117 Berlin Dr. Christoph Schulte-Kaubruegger, Administrator Genthiner Str. 48, 10785 Berlin KARSTADTQUELLE AG: Michael Krause Named Mail Order CFO ------------------------------------------------------ Michael Krause, 29, Head of Finance at the Siemens Transformer Division, has been appointed new Chief Financial Officer (CFO) of the Mail Order segment at KarstadtQuelle AG. He reports to the new head of Mail Order and Group Management Board member Marc-Oliver Sommer, 43, who had previously managed the German and international club business at Bertelsmann AG. "The appointment of Michael Krause is a clear expression of the fact that the company has become a magnet for the best talent in Germany within a very short period," stated Thomas Middelhoff, Chairman of the Management Board. In the international "CEO of the future" competition, organized by McKinsey, the management consultants, and the "manager-magazin," Mr. Krause was the winner from a pool of 19,000 competitors. At Bayer, Michael Krause completed his training as Industrial Officer, which was integrated in a general management program and coupled to a German business management degree and an MBA. When he was only 23, he already was a commercial executive at Bayer. He then moved to Siemens Croatia as Commercial Director. In February 2005, he became CFO at the Transformer division (sales: EUR1 billion/some 6,000 employees). The previous CFO Ulrich Mix, 40, is leaving the company for family reasons. "In a difficult period of the restructuring and realignment of the Mail Order business, Ulrich Mix performed magnificently. I very much hope that we can again continue our excellent cooperation in the future," stated Group CFO Harald Pinger. * * * KarstadtQuelle's business performance in 2004 was overshadowed by weak domestic demand, high unemployment in Germany and radical changes in the business portfolio. With sales of EUR13.45 billion (-6.8% compared with 2003), the Group performed better in 2004 than forecast. Including special negative factors, mainly from reorganization charges, EBITDA, was -EUR428 million after EUR972 million in the previous year. The company will use EBITDA in the future as a key indicator for its earnings performance. Because of the positive performance of the "KarstadtQuelle Neu" program the company expects operating EBITDA of over EUR500 million in 2005. 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 Joerg Howe Phone: + 49 (0) 201/727-25 38 Fax: + 49 (0) 201/727-37 09 E-mail: joerg.howe@karstadtquelle.com KIRCHMEDIA GMBH: Deutsche Bank Fine Might be Lower than Expected ---------------------------------------------------------------- Germany's highest court suggested Deutsche Bank might be liable for damages in the collapse of KirchMedia GmbH, but it might be fined lower than plaintiffs' demands, according to the Sunday Business. The report said media baron Leo Kirch is claiming EUR5 billion in damages. A ruling is expected by Jan. 24. Deutsche Bank is appealing a ruling of a lower court saying it was partly to blame for the firm's collapse because of a comment made by its supervisory board chairman about Kirch's creditworthiness in 2002. Mr. Breuer had said in an interview with Bloomberg News: "everything that you can read and hear about [Mr. Kirch] is that the financial sector isn't prepared to provide further" loans or equity. Mr. Hall said his client merely echoed views already mentioned in articles published by Handelsblatt, Manager Magazin and other newspapers. The Munich Higher Regional Court ruled in 2003 that the statement contributed to the collapse of Leo Kirch's media empire and violated German secrecy rules. The court said it may have deterred other lenders from extending credit to Kirch, considering that Mr. Breuer was then chief executive officer and president of Germany's BdB association of banks. Kirch lawyer Eilert Osterloh said Mr. Breuer's view at the time was untrue because the company was in the middle of a negotiation with banks over credit. These talks eventually broke down and KirchMedia filed for creditors protection. The comment, he said, changed everything because potential lenders withdrew afterwards. Mr. Kirch asserts that as its banker, Deutsche Bank is vowed to secrecy regarding its financial state. The bank had loaned the company's PrintBeteiligungs unit more than EUR700 million. PrintBeteiligungs held a 40% stake in Axel Springer Verlag. When the Kirch empire collapsed, Deutsche Bank bought the stake for about EUR660 million and then sold it to Axel Springer. Kirch Holding filed for insolvency in June 2002. The firm was then Germany's second-largest media company. Its collapse -- caused by a US$5.7 billion debt incurred during an expansion drive -- was the country's biggest since World War II. Deutsche Bank's lawyer is Reiner Hall. The presiding judge is Gerd Nobbe. CONTACT: DEUTSCHE BANK AG Taunusanlage 12 D-60325 Frankfurt am Main Phone: +49 69 910-00 (Mon-Fri from 7:45 AM - 7:00 PM) E-mail: deutsche.bank@db.com London: +44 20 754 58000 New York: +1 212 250 2500 Singapore: +65 6423 8001 Web site: http://www.db.com/ NEOLUX LEUCHTROHREN: Under Bankruptcy Administration ---------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against NEOLUX Leuchtrohren GmbH on December 1. 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 Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting on February 23, 2006, 10:00 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: NEOLUX LEUCHTROHREN GmbH Hiltroper Str. 262, 44805 Bochum Contact: Lutz Kuehn, Manager Moritz Hansberg, Administrator Huestrasse 34, 44787 Bochum Phone: 0234 - 964 91-0 Fax: 0234 - 964 91-33 PROJEKT VILLADRESDEN: Court Names Henningsmeier Administrator ------------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against projekt VILLADRESDEN Entwicklungsgesellschaft fuer Wohn- und Gewerbeimmobilien mbH on November 21. 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 Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on January 26, 2006, 10:45 a.m. at the district court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PROJEKT VILLADRESDEN ENTWICKLUNGSGESELLSCHAFT FUER WOHN- UND GEWERBEIMMOBILIEN mbH Grossenhainer Str. 239 in 01129 Dresden Contact: Peter Bauckhage, Manager Dr. Dirk Wittkowski, Administrator Rechtsanwalte Henningsmeier Konigsbruecker Str. 73, 01099 Dresden Web site: http://www.henningsmeier.de STECHER BAUUNTERNEHMUNG: Creditors Meeting Set March ---------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Stecher Bauunternehmung GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 27, 2006 to register their claims with court-appointed provisional administrator Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting on March 6, 2006, 10:00 a.m. at the district court of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage, Sitzungssaal 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: STECHER BAUUNTERNEHMUNG GmbH Hengebachstr. 69, 52396 Heimbach Contact: Wolfgang Stecher, Manager Siegfried Mueller, Administrator Zum Markt 10, 53888 Mechernich =========== G R E E C E =========== TIM HELLAS: S&P Affirms B+ Rating, Lifts Negative Outlook --------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' corporate credit ratings on Greek mobile telecommunications operator Tim Hellas Telecommunications S.A. and related entities and removed the ratings from CreditWatch with negative implications, where they had been placed on Oct. 19, 2005. The outlook is stable. The rating actions follow our review of funding for the agreed EUR350 million Q-Telecom S.A. acquisition and the group's third-quarter 2005 results. "The affirmation reflects the first signs of a commercial turnaround at Tim Hellas, the deal's expected benefits for the group's business profile, as well as financial leverage -- pro forma for the transaction and excluding shareholder loans -- that stands to be virtually unchanged from pre-acquisition levels," said Standard & Poor's credit analyst Melvyn Cooke. Standard & Poor's also assigned its 'B+' long-term corporate rating to related entity Hellas Telecommunications I SARL, the holding company of Hellas Telecommunications (Luxembourg) II. The outlook is stable. At the same time, the EUR110 million in pay-in-kind (PIK) notes due 2014 issued by Hellas Telecommunications Finance SARL, a fully owned financial subsidiary of Hellas Telecommunications I, were assigned a 'B-' debt rating, reflecting the notes' level of contractual and structural subordination relative to the rest of the group's debt. Standard & Poor's also affirmed the 'B' and 'B-' outstanding debt ratings on related entities Hellas Telecommunications (Luxembourg) V (Hellas V) and Hellas Telecommunications (Luxembourg) III (Hellas III), respectively, and removed the ratings from CreditWatch with negative implications. The '3' recovery rating on Hellas Telecommunications (Luxembourg) V's EUR925 million senior secured notes was affirmed and removed from CreditWatch. The '3' recovery rating indicates that noteholders can expect meaningful (50%-80%) recovery of principal in the event of a default. Acquiring Q-Telecom, Greece's fourth and newest mobile operator, should enhance Tim Hellas' business profile, increasing market share to about 27% versus 19% at end-June 2005, and removing a fast-growing, aggressive competitor from the Greek mobile market. Tim Hellas has confirmed its 2005 EBITDA target of EUR245 million, and third-quarter 2005 results show an improving operating trend on the back of usage and customer base gains and lower churn. A stronger operating performance will be key to reduce the company's financial leverage over the next few years, as its debt instruments carry bullet repayments. The stable outlook reflects our expectation that Tim Hellas will be able to generate higher revenues and improve EBITDA margin to strengthen its capital structure over the next few years. The outlook assumes strong execution -- particularly generation of synergies and smooth integration -- following the Q-Telecom acquisition. The long-term bullet debt maturities imply that the company will protect its accumulated cash balances to steadily improve its credit ratios based on net debt levels. The outlook also anticipates that the group will defend its market position and at least maintain its market share, pro forma for Q-Telecom. We expect Tim Hellas to achieve pro forma lease-adjusted total debt (including PIK notes) to EBITDA of slightly more than 5x by year-end 2006. "A negative rating action could arise if the company fails to deliver material revenue growth and/or EBITDA margin improvement compared with 2004," added Mr. Cooke. "Refinancing of the group's EUR340 million in shareholder loans by a shorter duration issue and more debt-like instruments would also create downward rating pressure." Upside potential is unlikely in the near term given the expected improvement already factored into the ratings. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: TIM HELLAS 60 Kifissias Ave., Maroussi 15125 Athens, Greece Phone: +30-210-61-58-000 Fax: +30-210-61-08-819 ========= I T A L Y ========= BANCA POPOLARE: Bad Loans Provision may top EUR800 Million ---------------------------------------------------------- Banca Popolare di Intra may need extra capital to take care of its bad loans portfolio, Banca Akros said. A report from Il Sole 24 Ore on Wednesday forecasts EUR828 million in bad loans for Banca Popolare. In September, Fitch Ratings changed the Outlook for Banca Popolare di Intra's Long-term rating to Negative from Stable. At the same time the agency affirmed the bank's ratings at Long-term 'BBB+', Short-term 'F2', Individual 'C' and Support '3'. The change in the Outlook followed the announcement by the bank that higher loan-loss provisions would result in a net loss of around EUR70 million for the first half of 2005. The sharp rise in gross doubtful loans of approximately EUR110 million that caused the jump in loan loss provisions raises concerns that any weakening of economic activity in the bank's area of operations could lead to further deterioration of the bank's asset quality. BPI is a small cooperative bank based in Piedmont in northeast Italy with total assets of EUR4.7 billion at end of 2004. The bank operates through a network of 80 branches and employs around 1,100 staff. CONTACT: BANCA POPOLARE DI INTRA Piazza A. Moro, 8 - 28921 - Verbania Intra. Phone: 03235431 Fax: 032353553 Web site: http://www.bpintra.it/ ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: Wins Three-year Contract from Wegener ----------------------------------------------------- Getronics N.V. and Wegener, a large publisher in The Netherlands, announced their intention to sign a 3-year exclusive contract for Getronics PinkRoccade to provide workspace management services. As a result, Getronics PinkRoccade will become the strategic partner of choice for managing 4,300 workplaces in more than 80 locations as well as the related ICT infrastructure. There is also an option to extend the contract for an additional 2 years. About 60 people will be transferred to Getronics PinkRoccade. The staff councils of both companies will be involved in the process. In addition to this managed service, Getronics PinkRoccade will also provide Wegener with the Future-Proof Workspace, including efficient migration to a Microsoft XP environment using RDX (Rapid Deployment eXperience). The Future-Proof Workspace helps organizations continuously improve the Total Cost of Ownership, adopt new technologies and support the global standardization and centralization of core ICT services. "Wegener faces a complete renewal of the whole workplace environment," says Freek Busweiler, member of the Board of Directors from Wegener. "We are confident that in cooperation with Getronics PinkRoccade this challenging and complex project will be a success and are looking forward to this new partnership." "We are very pleased that Wegener decided to choose us," says Klaas Wagenaar, CEO of Getronics. "This will be an important order for the combination Getronics and PinkRoccade in The Netherlands. It confirms that the new combination is on track with securing new recurring business in workspace management services. For major companies we now can offer standardised solutions. We can serve those companies with a strategic long-term partnership where we understand their business need." About Getronics With some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics headquarters are in Amsterdam, with regional offices in Boston, Madrid and Singapore. Getronics' shares are traded on Euronext Amsterdam ("GTN"). Visit http://www.getronics.comfor further information about Getronics. * * * In May, Standard & Poor's Ratings Services revised its outlook on Getronics N.V. to stable from positive. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on the group, as well as assigning its 'B+' rating and '3' recovery rating to Getronics' EUR300 million (US$388 million) senior secured bank loan, indicating Standard & Poor's expectation of meaningful (50%-80%) recovery of principal in the event of a default. "The outlook revision follows our review of the group's business and financial profiles," said Standard & Poor's credit analyst Patrice Cochelin. "We expect Getronics to again generate weak free cash flow in 2005 after a negative figure in 2004." An upgrade to the 'BB-' category is consequently unlikely in the coming months. Getronics' disappointing revenues in recent months, coupled with gross margins capped at less than 20%, attest to fierce competition in the company's main markets. "Getronics' balance-sheet and liquidity positions are nevertheless expected to continue to merit a slightly higher rating," added Mr. Cochelin. Over the past two months, Getronics completed the acquisition of Dutch competitor Pinkroccade N.V., refinanced its EUR175 million credit facility with a new EUR300 million secured facility (excluding a EUR200 bridge loan), and closed a EUR400 million equity offering to finance the cash component of the acquisition and refinance part of its preferred stock. Pro forma for these transactions, the company's debt will essentially comprise its EUR100 million bond maturing in 2008, a new EUR150 million revolving credit facility due in March 2008, and a EUR75 million acquisition tranche due in March 2008, which will be reduced by EUR25 million in March 2006. "The stable outlook reflects our expectation that restructuring costs will continue to impair Getronics' free cash flow generation in 2005, albeit without threatening its liquidity position. We may change the outlook to positive if Getronics' free operating cash flow generation improves to a sustainable positive figure after restructuring costs. Conversely, if service revenues continue to fall or liquidity weakens materially, we may revise our outlook to negative. Small acquisitions in the company's core business should be accommodated within the current rating," Mr. Cochelin said. CONTACT: GETRONICS N.V. Media Relations Phone: +31 6 22196721 Fax: +31 30 274 7650 E-mail: media@getronics.com Investor Relations Phone: +31 20 586 1982 Fax: +31 20 586 1455 E-mail: investor.relations@getronics.com ROYAL SHELL: Share Buyback Program Continues -------------------------------------------- On 15 December 2005, Royal Dutch Shell plc purchased for cancellation 1,050,000 'A' Shares at a price of EUR26.18 per share. It further purchased for cancellation 350,000 'A' Shares at a price of 1,774.21 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,938,125,000. 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 =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: Extends Tender for 10% Senior Notes ----------------------------------------------------------- Petroleum Geo-Services A.S.A. said on Thursday that the expiration date in respect of its cash tender offer and consent solicitation for any and all of its outstanding $745.9 million aggregate principal amount of 10% Senior Notes due 2010 has been extended to 8:00 a.m., New York City time, on December 16, 2005, unless further extended or earlier terminated. As of 8:00 a.m., New York City time, on December 14, 2005, tenders representing approximately 99% of the $745.9 million aggregate principal amount of the Notes had been received. Holders who have previously tendered Notes do not need to re-tender their Notes or take any other action in response to this extension. As previously announced, as a result of the receipt of the requisite consents from holders of the Notes to amend the indenture governing such Notes, the Company, the guarantors of the Notes and the trustee under the indenture governing such notes have executed and delivered a supplemental indenture, dated December 1, 2005. The Supplemental Indenture will become operative upon acceptance of the Notes for purchase in the tender offer in accordance with the terms, and subject to the conditions, described in the Offer to Purchase and Consent Solicitation Statement, dated as of November 15, 2005. The Supplemental Indenture eliminates substantially all of the restrictive covenants and certain events of default relating to the Notes and all holders of untendered Notes shall be bound thereby. The Notes are being tendered pursuant to the Offer to Purchase, which more fully sets forth the terms and conditions of the tender offer and consent solicitation. The consummation of the tender offer and consent solicitation is subject to the conditions set forth in the Offer to Purchase, including PGS obtaining the financing necessary to fund the tender offer and consent solicitation. PGS may, subject to certain restrictions, amend, extend or terminate the offer and consent solicitation at any time in its sole discretion without making any payments with respect thereto. PGS has engaged UBS Securities LLC as dealer manager for the tender offer and solicitation agent for the consent solicitation. Questions regarding the tender offer and consent solicitation may be directed to the Liability Management Group at UBS at (888) 722-9555 x 4210 or (203) 719-4210. Requests for documentation should be directed to Global Bondholder Services Corp. at (866) 470-3900 or (212) 430-3774, the information agent for the tender offer and consent solicitation. The tender offer and consent solicitation are made solely on the terms and conditions set forth in the Offer to Purchase. Under no circumstances shall this press release constitute an offer to buy or the solicitation of an offer to sell the Notes or any other securities of the Company. It also is not a solicitation of consents to the proposed amendments to the indenture governing the Notes. No recommendation is made as to whether holders of the Notes should tender their Notes or give their consent. Petroleum Geo-Services (OSE and NYSE: PGS) is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSOs). PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit http://www.pgs.com CONTACT: PETROLEUM GEO-SERVICES ASA Ola Bosterud Phone: +47 67 52 64 00 Mobile: +47 90 95 47 43 Christopher Mollerlokken Phone: +47 67 52 64 00 Cellular: +47 90 27 63 55 U.S. Investor Services Renee Sixkiller Phone: +1 281 509 8548 =========== R U S S I A =========== ARBAT-BANK: Claims Filing Period Ends Dec. 29 --------------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Arbat-Bank after finding the commercial bank insolvent. The case is docketed as A40-55971/05-38-96. The State Corporation Agency On Endowment Insurance has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 123022, Russia, Moscow, Post User Box 11. CONTACT: ARBAT-BANK Russia, Moscow region, 1st Volkonskiy Per. 13 STATE CORPORATION AGENCY ON ENDOWMENT INSURANCE: 109240, Russia, Moscow region, Verkhniy Taganskiy Tupik, 4 or 123022, Russia, Moscow region, Post User Box 11 Phone: (095) 959-47-97/589-40-88/514-74-78 BALTLEN-ESENOVICHI: Temporary Insolvency Manager Enters firm ------------------------------------------------------------ The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on limited liability company Baltlen-Esenovichi. The case is docketed as A66-6547/2005. Mr. I. Peshekhonov has been appointed temporary insolvency manager. CONTACT: BALTLEN-ESENOVICHI Russia, Tver region, Vyshnevolotskiy region, Novyj I. PESHEKHONOV Temporary Insolvency Manager 170100, Russia, Tver, OPS-100, Post User Box 39 Phone: (0822) 47-55-45 BRICKWORKS: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------ The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on open joint stock company Brickworks. The case is docketed as A53-23401/2005-S2-7. Ms. E. Demicheva has been appointed temporary insolvency manager. A hearing will take place on January 30, 2006, 4:00 p.m. CONTACT: BRICKWORKS Russia, Rostov region, Shakhty, Yakutskiy Per. 2a E. DEMICHEVA Temporary Insolvency Manager 346500, Russia, Rostov region, Shakhty, Pobedy Revolyutsii Str. 85, Office 309 CHUVASH-SEL-KHOZ-MONTAGE: Bankruptcy Hearing Resumes Tomorrow ------------------------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision procedure on open joint stock company Chuvash-Sel-Khoz-Montage. The case is docketed as A79-4537/2005. Mr. V. Emelyanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 428022, Russia, Chuvashiya republic, Cheboksary, P. Lulumby Str. 8, Office 117. A hearing will take place on December 20, 2005, 1:15 p.m. CONTACT: CHUVASH-SEL-KHOZ-MONTAGE: Russia, Chuvashiya republic, Kugesi V. EMELYANOV Temporary Insolvency Manager 428022, Russia, Chuvashiya republic, Cheboksary, P. Lulumby Str. 8, Office 117 EAR: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------- The Arbitration Court of Adygeya republic has commenced bankruptcy supervision procedure on limited liability company Ear. The case is docketed as A01-B-2027-2005-8. Ms. N. Chichkina has been appointed temporary insolvency manager. CONTACT: EAR Russia, Adygeya republic, Krasnogvardeyskiy region, Dzhambichi, Siyukhova Str. 44 N. CHICHKINA Temporary Insolvency Manager Russia, Adygeya republic, Krasnogvardeyskiy region, Dzhambichi, Siyukhova Str. 44 MELEUZOVSKIY FOOD: Insolvency Manager Takes over Firm ----------------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Meleuzovskiy Food Combine after finding the open joint stock company insolvent. The case is docketed as A07-16424/03-A-ADM. Mr. R. Khaliulin has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 453851, Russia, Bashkortostan republic, Meleuz, Smolenskaya Str. 197/1. CONTACT: MELEUZOVSKIY FOOD COMBINE 453851, Russia, Bashkortostan republic, Meleuz, Lazo Str. 1 R. KHALIULIN Insolvency Manager 453851, Russia, Bashkortostan republic, Meleuz, Smolenskaya Str. 197/1 NATIONAL BANK: Junk Ratings Raised; Outlook Changed to Stable ------------------------------------------------------------- Fitch Ratings has upgraded National Bank TRUST's (NB TRUST) ratings to Long-term 'B-' from 'CCC+' and Short-term 'B' from 'C'. Its other ratings are affirmed at Support '5' and Individual 'D/E'. Following the upgrade, the Outlook on the Long-term rating is now Stable. The upgrade reflects the recent positive trends in NB TRUST's business and funding base in 2005, including growth in its customer and deposit base. In addition, customer concentration levels have fallen while the bank's liquidity position has stabilized compared with 2003/2004, although it remains potentially vulnerable. The upgrade also takes into account the completion of the management buyout of NB TRUST from the major shareholder IFA Menatep, which was a part of Group Menatep. In Fitch's view the buyout has reduced the political risk relating to NB Trust by distancing the bank from Group Menatep. However, NB TRUST's Long-term, Short-term and Individual ratings also reflect the credit and operational risks associated with rapid growth, notably in retail lending in which the bank has only limited experience. They also consider the bank's pressured capitalization, particularly in light of its further growth plans, as well as its moderate, albeit improving, profitability. Furthermore, the ratings continue to reflect the residual political risks resulting from NB TRUST's historical links with Group Menatep companies. Upward rating pressure on NB TRUST's ratings could result from a strengthening of the bank's capital base and establishing a proven track record in retail lending. Increased political risk, a further reduction in capital ratios or a deterioration in liquidity could contribute to a downgrade of its ratings. NB TRUST is controlled by five individuals who are members of the common Board of Directors of NB TRUST and its sister bank, TRUST Investment Bank (TIB). In May 2004 these individuals carried out a management buyout of IFA Menatep, the main shareholder of NB TRUST and TIB. NB TRUST is responsible for commercial banking operations, while TIB is responsible for investment banking operations. In addition to working with medium-sized corporates, in April 2005 NB TRUST launched an aggressive retail lending strategy. NB TRUST ranks among the 30 largest banks in Russia by total assets. CONTACT: FITCH RATINGS Lindsey Liddell, London Phone: +44 20 7417 3495 James Watson Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com OAO DALSVYAZ: Fitch Affirms Non-investment Grade Ratings -------------------------------------------------------- Fitch Ratings has affirmed OAO Dalsvyaz's (Dalsvyaz) ratings at Senior Unsecured 'B' with Stable Outlook and Short-term 'B'. The ratings reflect the company's negative net free cash flow, high cost base and considerable short-term refinancing risk. On the other hand, the ratings reflect the company's strong market position as the incumbent provider of fixed-line telephony services in the Russian Far East. Dalsvyaz has the most developed backbone network and last mile infrastructure in the region and continues to dominate in the major segments of local and long-distance telephony. Fitch appreciates that the company's client base is well diversified while its cash flows are stable and visible. Alternative infrastructure is relatively scarce, which makes competition moderate. Nikolai Lukashevich, Director with Fitch's TMT team, said: "Dalsvyaz has significantly modernized its network over the last three years and its capital spending requirements are to significantly decline as a percentage of revenues and earnings in future. However, Dalsvyaz is expected to remain net free cash flow negative, at least in the mid-term, which remains a credit-constraining factor." Although urbanization rate is high at 76%, an obligation to service an extremely large operating territory with low population density makes Dalsvyaz a high-cost telecom provider, which exerts downward pressure on its margins. Like all of its domestic peers, the company is facing quite high regulatory risks in the segment of local services. A planned liberalization of the long-distance market in January 2006 is unlikely to hit the company in the medium term; however, in the longer run new regulation implies increasing uncertainty. Nevertheless, the current ratings allow for some deterioration in the company's revenues and earnings from this source. Cross subsidization between profitable and loss-making segments provides low incentives to invest into the last mile network and attracts disproportionate competition in profitable long-distance and corporate segments. 'New', mostly Internet-related, services still account for a relatively small, albeit increasing, share of revenues and do not provide the company with sufficient diversification away from regulated segments. The ratings take into account Dalsvyaz's currently limited exposure to the mobile sector, which restricts its growth opportunities and deprives it of potential benefits from fixed/mobile integration. Leverage is not excessive and is consistent with Dalsvyaz's rating. At end-2004 net debt/EBITDA was at 2.1x and is expected to remain so at end-2005. The company is facing rather high short-term refinancing risks with short-term debt accounting for 52% of the total at end-2004, although it has access to sufficient liquidity through short-term uncommitted credit lines. Dalsvyaz has embarked on an aggressive cost-cutting initiative with a focus on personnel reductions, which improves the outlook for margins. The ratings also consider the influence of the company's majority shareholder, Svyazinvest, on the composition of key management and the strategic decision-making process at Dalsvyaz. As a government-controlled holding company, Svyazinvest would be expected to provide certain lobbying support in the event of Dalsvyaz facing distress, although its corporate governance practices have at times raised concerns. CONTACT: FITCH RATINGS Nikolai Lukashevich, Moscow Phone: +7 095 956 9901 Raymond Hill, London Phone: +44 (0)20 7417 4314 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.coms PEREVOZSKAYA: Insolvency Manager Takes over Firm ------------------------------------------------ The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Perevozskaya after finding the agro-company insolvent. The case is docketed as A43-765/2005-24-180/6. Mr. S. Nefedov has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 603005, Russia, Nizhniy Novgorod, Oktyabrskaya Square, 1. CONTACT: PEREVOZSKAYA Russia, Nizhniy Novgorod region, Perevvoz, Tsentralnaya Str. 20a S. NEFEDOV Insolvency Manager 603005, Russia, Nizhniy Novgorod region, Oktyabrskaya Square, 1 PROM-STROY-SERVICE: Declared Insolvent -------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Prom-Stroy-Service (TIN 5018038004) after finding the corporation insolvent. The case is docketed as A41-K2-7350/05. Mr. S. Zhumaev has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 127560, Russia, Moscow, Post User Box 89. CONTACT: PROM-STROY-SERVICE 141070, Russia, Moscow region, Korolev, Gorkogo Str. 14 S. ZHUMAEV Insolvency Manager 127560, Russia, Moscow region, Post User Box 89 SALAVATSKIY DAIRY: Bankruptcy Hearing Set March ----------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on municipal unitary enterprise Salavatskiy Dairy. The case is docketed as A07-27218/05-G-KhRM. Mr. P. Zabrodin has been appointed temporary insolvency manager. A hearing will take place on March 1, 2006, 10:00 a.m. at Russia, Bashkortostan republic, Oktyabrskoy Revolyutsii Str. 63a. CONTACT: SALAVATSKIY DAIRY Russia, Bashkortostan republic P. ZABRODIN Temporary Insolvency Manager Russia, Bashkortostan republic, Salavat-11, Narimanova Str. 16/64 USMANSKIY: Lipetsk Court Appoints Insolvency Manager ---------------------------------------------------- The Arbitration Court of Lipetsk region has commenced bankruptcy supervision procedure on open joint stock company Usmanskiy (TIN 4816001091). The case is docketed as A36-2983/2005. Mr. S. Poryadin has been appointed temporary insolvency manager. CONTACT: USMANSKIY 399340, Russia, Lipetsk region, Usman, Privokzalnaya Str. 56 M. IVANOV Temporary Insolvency Manager 390005, Russia, Ryazan, 2nd Liniya Str. 25 YUKOS OIL: Chief Financial Officer Resigns ------------------------------------------ The Board of Directors of Yukos Oil confirmed that Bruce Misamore, chief financial officer, had tendered his resignation in writing. The Board of Directors also confirmed that it had accepted his request and that the termination of his employment will become effective from 31 December 2005. Yukos management and the Board of Directors believe that Mr. Misamore played a critical role in the development of Yukos into an internationally respected, transparent corporation which, during his five-year tenure, met international standards of corporate governance and attracted some of the world's leading investors. They acknowledged that his dedication to the company since October 2003 had been unwavering and commended him on his commitment to maintain the company's high standing in the financial and investment communities. They recognized that Mr. Misamore, like the whole management team, aimed to ensure that despite the unwarranted attacks on the business, personnel and their families, that the company did not fail in its duties to all stakeholders in and outside of Russia. Yukos Oil Company Chief Executive, Steven Theede, said: "Since my arrival at Yukos in August 2003 and my appointment as CEO in 2004, Mr. Misamore has proved a valued friend and advisor. His energy, passion and his knowledge of sound financial management and reporting will be missed." Effective 1 January 2006, Frank Rieger, presently First Vice President on Economics and Finance of ZAO Yukos RM, has been appointed as Acting Chief Financial Officer of Yukos Oil Company. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection in December 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed in February. A few days after, its main production unit Yugansk was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000-2003. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ===================== S W I T Z E R L A N D ===================== CONVERIUM HOLDING: Names New Chief Executive Officer ---------------------------------------------------- Converium Holding Ltd. has appointed Inga Kristine Beale chief executive officer. A British citizen, she is currently CEO and Chairman of the Board of Management of GE Frankona Rueckversicherungs-AG, Munich, Germany, as well as the leader of GE Insurance Solutions' Property & Casualty reinsurance business written in Continental Europe, the Middle East and Africa. Ms. Beale will take up her new role at Converium early 2006, replacing Terry Clarke. Mr. Clarke, member of the Board of Directors of Converium Holding Ltd., took over as CEO at the end of February 2005. The Board of Directors thanks Terry Clarke for stabilizing the company after a period of turbulence, thereby laying the foundation for Converium's successful repositioning in the global reinsurance market. Peter Colombo, Chairman of the Board of Directors, said: "We are very pleased to announce the appointment of Inga Beale. Her extensive professional expertise and broad international experience put her in an ideal position to further develop Converium's franchise as an independent international multi-line reinsurer. Together with the new CEO, the Board of Directors pursues the objective to restore Converium's position as a leading reinsurer within the foreseeable future." After business studies in Newbury, U.K., Ms. Beale joined the Prudential Assurance Company in London as an underwriter specializing in international reinsurance. In 1987, she became an Associate of the Chartered Insurance Institute (ACII). She joined GE Insurance Solutions, formerly Employers Re, in 1992, assuming a number of managerial roles. In 2001, Ms. Beale was promoted to Global Underwriting Leader for GE Insurance Solutions at the global headquarters in Kansas City, U.S.A. In 2003, she relocated to Paris, taking responsibility for the Property & Casualty reinsurance business throughout Continental Europe, the Middle East and Africa. In October 2004, Inga Beale was appointed CEO and Chairman of the Board of Management of GE Frankona Rueckversicherungs-AG, Munich. Biography of Inga Kristine Beale: Inga Beale was born and educated in Berkshire, United Kingdom. She attended Newbury College, where in 1981 she gained qualifications in Business Studies, majoring in Economics, Mathematics and Accountancy. Ms. Beale started her career in 1982 in London as an underwriter with the Prudential Assurance Company specializing in international reinsurance. In 1987 she became an Associate of the Chartered Insurance Institute (ACII). In 1992 she joined GE Insurance Solutions' London based reinsurance operations, formerly Employers Re, and assumed various management roles. In 2001, Inga Beale moved to GE Insurance Solutions' global headquarters in Kansas City to take on the role of Global Underwriting Leader. She relocated to Paris in 2003 and assumed responsibility for the Property & Casualty reinsurance business throughout Continental Europe, the Middle East and Africa. In October 2004 she was appointed CEO and Chairman of the Board of Management of GE Frankona Rueckversicherungs-AG in Munich, Germany. About Converium Converium is an independent international multi-line reinsurer known for its innovation, professionalism and service. Today Converium employs about 600 people in 20 offices around the globe and is organized into four business segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance, which are based principally on ongoing global lines of business, as well as the Run-Off segment, which primarily comprises the business from Converium Reinsurance (North America) Inc., excluding the U.S. originated aviation business portfolio. Converium has a "BBB+" rating (outlook stable) from Standard & Poor's and a "B++" rating (outlook stable) from A.M. Best Company. "The ratings reflect Converium's good competitive position, notwithstanding franchise damage resulting from Converium placing its U.S. operations into run-off in 2004 and the reinsurance industry's relatively low barriers to entry; good earnings prospects; and strong capital adequacy," said Standard & Poor's credit analyst Marcus Rivaldi. "These positive factors are partially offset by the uncertainty that exists over the composition of the group's leadership and cost overhang issues." Converium was forced to shut down operations in North America last year after discovering almost US$500 million gap in its reserves. CONTACT: CONVERIUM HOLDING Zuzana Drozd, Head of Investor Relations Phone: +41 44 639 9120 Fax: +41 44 639 7120 Esther Gerster, Head of Public Relations Phone: + 41 44 639 9022 Fax: + 41 44 639 7022 Web site: http://www.converium.com ============= U K R A I N E ============= GIDROENERGOBUD: Creditors' Claims Due this Week ----------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Gidroenergobud (code EDRPOU 04679796) on October 13, 2005 after finding the close joint stock company insolvent. The case is docketed as 14/101. Ms. Stalina Ratinska (License Number AA 783075) has been appointed liquidator/insolvency manager. Creditors have until December 22, 2005 to submit their proofs of claim to: (a) GIDROENERGOBUD 55000, Ukraine, Mikolaiv region, Yuzhnoukrainsk, Prommajdanchik (b) STALINA RATINSKA Liquidator/Insolvency Manager 54001, Ukraine, Mikolaiv region, Sadova Str. 1-a Phone: 8 (0512) 35-51-26 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 NEW PRODUCT: Kyiv Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against New Product (code EDRPOU 32678428) on October 26, 2005 after finding the limited liability company insolvent. The case is docketed as 230/11 b-05. Mr. S. Gritsaj (License Number AA 719865) has been appointed liquidator/insolvency manager. Creditors have until December 22, 2005 to submit their proofs of claim to: (a) NEW PRODUCT Ukraine, Kyiv region, Ivankiv, Homenko Str. 15 (b) S. GRITSAJ Liquidator/Insolvency Manager 01030, Ukraine, Kyiv region, a/b 38 Phone: (044) 236-11-17 (c) ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 PRESIDENT: Insolvency Manager Takes over Helm --------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against LLC PRESIDENT (code EDRPOU 24481912) on November 7, 2005 after finding the limited liability company insolvent. The case is docketed as 50/159-05. Mr. V. Kalashnikov (License Number AB 176219) has been appointed liquidator/insolvency manager. Creditors have until today to submit their proofs of claim to: (a) PRESIDENT Ukraine, Harkiv region, O. Yarosh Str. 18/208 (b) V. KALASHNIKOV Liquidator/Insolvency Manager 61183, Ukraine, Harkiv region, Druzhbi Narodiv Str. 223/82 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance PROGRES: Goes into Liquidation ------------------------------ The Economic Court of Herson region commenced bankruptcy proceedings against LLC Progres (code EDRPOU 31294265) on November 3, 2005 after finding the limited liability company insolvent. The case is docketed as 6/198-B-05. Representative of the OJSC Oshadbank - Crimean Regional branch has been appointed Liquidator. The company holds account number at 26003301787 at OJSC Oshadbank, Chaplinske branch 5439, MFO 342100. Creditors have until today to submit their proofs of claim to: (a) PROGRES 73000, Ukraine, Herson region, 21 Sichnya Str. 37/501 (b) ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson region, Gorkij Str. 18 RAUND-HOL LTD.: Declared Insolvent ---------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against LLC Raund-Hol Ltd. (code EDRPOU 23102772) after finding the limited liability company insolvent. The case is docketed as 10/90-05. Representative of Branch of Agency of Bankruptcy Questions in Vinnitsya region has been appointed liquidator. Creditors have until today to submit their proofs of claim to: (a) RAUND-HOL LTD. Ukraine, Vinnitsya region, Pushkin Str. 1 (b) ECONOMIC COURT OF VINNITSYA REGION Ukraine, Vinnitsya region, Hmelnitske Shose 7 SENS: Proofs of Claim Deadline Expires Today -------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Sens (code EDRPOU 24907740) on October 20, 2005 after finding the private enterprise insolvent. The case is docketed as 25/225. Mr. O. Serebryakov (License Number AB 216759) has been appointed liquidator/insolvency manager. Creditors have until today to submit their proofs of claim to: (a) SENS 69006, Ukraine, Zaporizhya region, Istorichna Str. 61 (b) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 STRUM-ZAPORIZHYA: Court Appoints Liquidator ------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Strum-Zaporizhya (code EDRPOU 23879615) on October 21, 2005 after finding the limited liability company insolvent. The case is docketed as 25/239. Mr. O. Serebryakov (License Number AB 216759) has been appointed liquidator/insolvency manager. Creditors have until today to submit their proofs of claim to: (a) STRUM-ZAPORIZHYA 69057, Ukraine, Zaporizhya region, Lenin Avenue 158 (b) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 UKREXIMBANK: Fitch Affirms Long-term BB- Rating ----------------------------------------------- Fitch Ratings has affirmed the State Export-Import Bank of Ukraine (Ukreximbank) ratings at Long-term 'BB-', Short-term 'B', Individual 'D/E' and Support '3'. The Outlook for the Long-term rating remains Positive. The Long-term, Short-term and Support ratings reflect the moderate potential for support from the Ukrainian state (rated Long-term 'BB-'/Positive) should Ukreximbank encounter any financial difficulty. Ukreximbank received liquidity and regulatory support from the National Bank of Ukraine (NBU) in the 1990s after it encountered asset quality problems due to several large government-directed or -related loans. In addition, comfort letters from the government of Ukraine have been published in the offering circulars of the bank's public debt issues. The Individual rating takes into account the risks associated with the significant concentration in the bank's loan book and potentially vulnerable liquidity. However, the rating also considers the improvement in its asset quality and the development of its business. The Positive Outlook on the Long-term rating reflects that on the Ukrainian sovereign rating. An upgrade (downgrade) of the Long-term rating of the sovereign would be expected to lead to an upgrade (downgrade) of the bank's Long-term rating. Upside to the Individual rating might result from an increase in capitalization, a decrease in loan concentrations, as well as improvements in liquidity and the operating environment. Downside to the Individual rating could result from deterioration in capitalization or a worsening of asset quality. Ukreximbank was founded in 1992 on the basis of the Ukrainian branch of Vnesheconombank of the USSR. In terms of assets, it was the sixth-largest Ukrainian bank at end-Q305. Ukreximbank has always been 100%-owned by the Ukrainian state. It is the only Ukrainian bank that acts as the government's financial agent in raising and servicing state-guaranteed international loans to domestic corporates. In addition, Ukreximbank focuses on corporate (in particular international business and export/import oriented customers) and retail banking. CONTACT: UKREXIMBANK 127 Gorkogo Street Kyiv-150 03150 Ukraine E-mail: bank@eximb.com Web site: http://www.eximb.com/en FITCH RATINGS Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 James Watson Phone: +7 095 956 9901 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 =========================== U N I T E D K I N G D O M =========================== ASHWORTHS PRODUCTS: Creditors Meeting Set Next Month ---------------------------------------------------- Company Names: ASHWORTHS PRODUCTS LIMITED (Company No 00242430) FRESCO OILS AND FATS LIMITED (Company No 00725763) Creditors of Ashworths Products Limited (Company No 00242430) will meet on January 4, 2005, 10 a.m. and 11 a.m. respectively at Cedar Court Hotel Huddersfield & Halifax, Ainley Top, Huddersfield HD3 3RH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Charles William Anthony Escott and David Michael Riley, joint administrators of RSM Robson Rhodes LLP, St George House, 40 Great George Street, Leeds LS1 3DQ not later than 12 noon, January 3, 2006. Ashworths Products Ltd. went into administration with its sister company Fresco Oils and Fats at the end of October this year. It is one of U.K.'s largest collectors and processors of waste vegetable oils and animal fats. Its specialized treatment plant is located at Accrington, Lancashire. Ashworths has an annual turnover of GBP8.3 million. CONTACT: ASHWORTHS PRODUCTS LTD. Bridge Street Refinery Bridge Street Church Accrington Lancashire BB5 4HU United Kingdom Phone: (01254) 395716 Fax: (01254) 871136 FRESCO OILS AND FATS LTD. Sough Road Darwen BB3 2HA Lancashire Phone: 01254 701513 Fax: 01254 771116 RSM ROBSON RHODES LLP St George House, 40 Great George Street, Leeds LS1 3DQ Web site: http://www.robsonrhodes.co.uk ATOMIC SPORTS: Hires Taylor Rowlands as Administrator ----------------------------------------------------- J. Harvey Madden (IP No 007858) of Taylor Rowlands was appointed administrator of Atomic Sports Ltd. (Company No 4310760) on Dec. 2. CONTACT: ATOMIC SPORTS LTD. 357 Linthorpe Road Middlesbrough, Cleveland TS5 6AB Phone: 01642 852277 TAYLOR ROWLANDS 8 High Street Yarm Cleveland TS15 9AE Phone: 01642 790790 Fax: 01642 785588 E-mail: harvey@taylorrowlands.co.uk AUTOMARQUES LTD.: Goes into Liquidation --------------------------------------- D. Smith, chairman of Automarques Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 11 at Jurys Inn Southampton, 1 Charlotte Place, Southampton, Hampshire SO14 0TB. Gordon Johnston of hjs Recovery, 12-14 Carlton Place, Southampton, Hampshire SO15 2EA was appointed liquidator. CONTACT: AUTOMARQUES LTD. 103 Spicers Hill Totton Southampton SO40 9ER Phone: 02380 428444 02380 428222 E-mail: daniel.smith73@networld.com HJS 12-14 Carlton Place Southampton Hampshire SO15 2EA Phone: 023 8023 4222 Fax: 023 8023 4888 E-mail: gordon.johnston@hjsaccountants.co.uk AVIS EUROPE: Maintains 2005 Trading Forecasts --------------------------------------------- Avis Europe plc has released a trading update ahead of its close period. The Group's expectations for underlying profit before tax for the year ending 31 December 2005 remain unchanged. Revenue trends have improved in the second half to date and are ahead of prior year, principally due to good volume growth in the Leisure segment during the summer months. Revenue per day has strengthened slightly in the period, but remains below prior year. In the Leisure segment, intra-European volumes have been stronger, particularly in Italy and France. Revenue in the Premium segment is broadly unchanged on prior year, but with some improvement in the second half. Corporate revenues have benefited from a small improvement in volume in the second half to date, although this has been offset by continued pressure on pricing. Replacement revenues remain below prior year. As part of the previously announced recovery strategy, the Group will incur certain initial exceptional costs in 2005 in order to accelerate the benefits resulting from the transfer of back office activities to the shared service center in Budapest and generate further efficiencies from a focus on support processes. These costs will be in addition to those exceptional items previously advised that relate to the existing program of shared service center transfers, expenses arising from the rights issue in July and mitigating costs following the termination of the IT back office project last year. While trading expectations for next year are unchanged, the Group expects net interest to increase by between EUR7 million and EUR10 million, as a result of higher market rates, together with increased margins on expected new financings. Murray Hennessy, Avis Europe Chief Executive, said: "Despite continued competitive market conditions, our trading expectations for the current year remain unchanged. The recovery strategy is on track and I am pleased with the progress we are making. The initial benefits are beginning to flow through leading to the expected margin improvement next year, although this will now be largely offset by a higher than anticipated interest cost." CONTACT: AVIS EUROPE PLC Avis House, Park Road Bracknell RG12 2EW Phone: +44-1344-426-644 Fax: +44-1344-485-616 Web site: http://www.avis-europe.com BALMY MOODS: Calls in Liquidator from BDO Stoy Hayward ------------------------------------------------------ M. R. Cavell, chairman of Balmy Moods Limited, informs that the subjoined special resolution to wind up the company was passed at an EGM held on Nov. 30 at The Atrium, 20 Wollaton Street, Nottingham. Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD were appointed joint liquidators. Creditors are required on or before January 9, 2006 to send in their names and addresses with particulars of debt or claims to D. J. Power if so required by notice in writing their debt or claims. 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 BCCI: US$500 Mln Payout to Creditors Raises Recover Rate to 81% --------------------------------------------------------------- Deloitte Touche Tohmatsu, liquidator of Bank of Credit and Commerce International S.A., paid out a fifth dividend of about US$0.5 billion to creditors, bringing total distribution to 81%. They had so far returned US$6.2 billion to lenders. At least one further payment to creditors is expected, according to The Independent. The distribution comes after Deloitte recovered US$85 million from Bank of India for alleged fraudulent trading, and after the rejection of about US$200 million of employee stigma claims. The stigma claims were lodged by former employees claiming they were unable to find jobs due to their association with the bank. BCCI, incorporated in Luxembourg and ran from London, collapsed in 1991 with as much as US$16 billion in debt. The failure affected 80,000 depositors. Deloitte sued Bank of England for misfeasance, claiming GBP850 million. But on Nov. 2, it was forced to withdrew the case at the advice of the High Court. Bank of England is now claiming more than GBP70 million (US$122 million) in costs for a 12-year legal battle with liquidators, who claimed it failed to protect depositors of the collapsed firm. The parties are due in court for a four-day hearing on Jan. 30, 2006. Christopher Grierson of Lovells is Deloitte's counsel. Nicholas Stadlen QC is Bank of England's lawyer. BCCI's creditors include Channel 4, American Express, Bury Council and The Western Isles Council, which is owed GBP24 million. CONTACT: DELOITTE & TOUCHE LLP 1 Woodborough Road, Nottingham NG1 3FG Phone: +44 (0) 115 950 0511 Fax: +44 (0) 115 959 0060 Web site: http://www.deloitte.com LOVELLS Web site: http://www.lovells.com/ BODY-FX LIMITED: Meeting of Creditors Set Today ----------------------------------------------- Creditors of Body-Fx Limited (Company No 03641594) will meet on December 19, 2005, 11 a.m. at Bond Partners LLP, The Grange, 100 High Street, London N14 6TG. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to T. Papanicola, administrator of Bond Partners LLP, The Grange, 100 High Street, London N14 6TG. CONTACT: BODY-FX LIMITED Unit 102A London Road East Grinstead West Sussex RH19 1EP Phone: 01342 318449 Fax: 01342 318448 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 BRITISH AMERICAN: Division Director Steps down ---------------------------------------------- Jacques Kruger is to retire as Director, Africa & Middle East of the British American Tobacco plc Management Board as on 31 March 2006. He will be succeeded by Nicandro Durante, who is currently President of Souza Cruz, the Group's Brazilian subsidiary, and who will be joining the Management Board on 1 March. Mr. Durante will be succeeded by Andrew Gray, who is Managing Director of British American Tobacco Malaysia. An announcement about Andrew's successor will be made in due course. Nicandro Durante (49) has degrees in Finance, Economics and Business Administration and joined the Group in 1981. A Brazilian, his career in the Group has been in financial management in Brazil, the U.K. and Hong Kong, before becoming President of Souza Cruz in January 2004. Andrew Gray (40) is also Brazilian, with a degree in Economics. Before becoming Managing Director in Malaysia, he was Area Director for Central America & the Caribbean, having previously worked in Marketing in Brazil, Chile and Mexico. He joined the Group in 1986. Paul Adams, British American Tobacco's chief executive, said: "I would like to thank Jacques for everything he's achieved in 27 years' service and, especially, as Director, Africa & Middle East over the past three years. The quality of our businesses in a region that can pose considerable challenges to international companies is a real tribute to him. I am confident that Nicandro will be a worthy successor, especially given his outstanding leadership in Brazil." About the Company British American Tobacco is the world's second largest quoted tobacco group with more than 300 brands in its portfolio. It holds robust market positions in each of its regions and maintains leadership in more than 50 of the 180 markets where it operates. The Group has 81 cigarette factories in 64 countries, producing some 853 billion cigarettes in 2004. The Group also has 9 Other Tobacco Products (OTPs) factories in 7 countries, which manufacture cigars, roll-your-own and pipe tobacco. Its companies, including associated companies, employ more than 90,000 people worldwide. In 2004, it had turnover of GBP34,255 million and net revenue of GBP12,410 million. In July, the company revealed plans of closing its Southampton factory within 18-24 months, which will result in the loss of some 530 jobs. This is part of its GBP160 million restructuring effort. The Southampton operation, which manufactures primarily for export, announced in June that 25% of its production would be localized to factories in Singapore and Korea. In Ireland, its unit, PJ Carroll & Co Ltd., has also decided to stop manufacturing at its cigarette factory in Dundalk, Co. Louth, employing 66 people. The company said: "We appreciate that this is a difficult step but the companies are committed to doing all they can to mitigate the impact of job losses." CONTACT: BRITISH AMERICAN TOBACCO PLC Globe House, 4 Temple Place London WC2R 2PG, United Kingdom Phone: +44-20-7845-1000 Fax: +44-20-7240-0555 Web site: http://www.bat.com BRITISH NUCLEAR: Huge Fee Awaits Westinghouse Agent --------------------------------------------------- Investment bank NM Rothschild is expected to receive more than US$50 million (GBP28 million) for handling the sale of American nuclear business, Westinghouse, owned by British Nuclear Fuels plc. The Independent said the amount is unusually high even by the lucrative standards of mergers and acquisitions fees; investment banks usually receive 1% of the value of the deal. Rothschild's fee, though, is yet to be finalized. Bids for Westinghouse are due Dec. 19, 2005. The report said offers might come to US$2.6 billion (GBP1.5 billion). Interested parties are General Electric and Shaw of the U.S., Japan's Toshiba, and Mitsubishi Heavy Industries and Doosan Heavy Industries, based in South Korea. An acquisition by GE is expected to face regulatory reviews because its combination with Westinghouse could potentially create a dominant player in some markets. Toshiba's bid might also raised questions because of the firm's close business relation with GE. Pittsburgh-based Westinghouse, bought by BNFL in 1999, is one of the world's largest providers of nuclear technology. It is one of the main contenders to win a multi-billion-dollar contract to build new reactors in China. BNFL is also selling British Nuclear Group, a power station clean-up arm, whose shareholder is the DTI. The disposals will leave BNFL with only Nexia Solutions, a research and development outfit, and a one-third stake in Urenco, a uranium enrichment company. The asset sales are aimed at making BNFL more attractive to potential participants in Britain's nuclear decommissioning industry. The program is expected to attract contractors like Halliburton, Bechtel and Fluor. BNFL has been performing badly in the past several years. It recently reported larger annual losses totaling GBP303 million. It said that the cost of running its operations have increased. The British Government has appointed the U.K. law firm Herbert Smith and New York-based Davis Polk & Wardwell to oversee Westinghouse's sale. CONTACT: BRITISH NUCLEAR FUELS PLC 1100 Daresbury Park Warrington WA4 4GB, United Kingdom Phone: +44-1925-832-000 Fax: +44-1925-822-711 Web site: http://www.bnfl.com WESTINGHOUSE ELECTRIC COMPANY LLC 4350 Northern Pike Monroeville, PA 15146-2886 Phone: 412-374-4111 Fax: 412-374-3272 Web site: http://www.westinghousenuclear.com DEPARTMENT OF TRADE AND INDUSTRY 1 Victoria Street London SW1H OET E-mail: dti.enquiries@dti.gsi.gov.uk Web site: http://www.dti.gov.uk BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. 11 rue de Morat 1700 Fribourg Suisse Phone: + 41 26 347 26 00 Fax: + 41 26 347 26 15 E-mail: pzurkinden@bper.ch Web site: http://www.lcf-rothschild.com BROOK & WHITTLE: Hires Milner Boardman & Partners Administrator --------------------------------------------------------------- Darren Brookes and Gary J. Corbett (IP Nos 9297, 9018) of Milner Boardman & Partners were appointed joint administrators of Brook & Whittle Limited (Company No 02801246) on Dec. 6. Its registered office is at 45-51 Chorley New Road, Bolton, Lancashire BL1 4QR. CONTACT: BROOK & WHITTLE LTD. 300 Broadway Salford, Lancashire M50 2UE Phone: 0161 877 7744 Web site: http://www.brookandwhittle.com/ MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk CENTER PARCS: Finance Director Resigns -------------------------------------- Center Parcs (U.K.) Group plc has disclosed the resignation of Simon Lane, Finance Director. Mr. Lane is leaving the Group to join William Hill as Finance Director. Center Parcs is in the process of appointing a management search company to find a suitable replacement for Mr. Lane, who will leave the Group in the first quarter of 2006. Martin Dalby, chief executive of Center Parcs said: "Simon has played a key role in driving Center Parcs from a privately owned company through its flotation and then on to its establishment as a quoted company. The business is in good shape, as we reported at our Interim Results last week and we thank Simon for his dedication and contribution over the past three years. We wish him every success in his new role." About the Company Based in the United Kingdom, Center Parcs operates short break holiday villages in Sherwood Forest (Nottinghamshire), Longleat Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest (Cumbria). It has more than 5,000 employees, and an annual turnover of GBP229.64 million. In July, the company revealed underlying trading for the year was robust, but was impacted by a number of specific factors including a weaker than expected first quarter; Christmas scheduling issues; and higher than expected energy cost inflation. Action has been taken to minimize these impacts in the future. For example, energy costs have been locked in for the next 18 months and a new program is in place for peak period scheduling and marketing. For only the second time in its history, one of the villages had to be closed following power losses caused by exceptionally severe weather conditions. However, risk management procedures and power backup arrangements allowed it to reopen the site within two days. Work was also underway on two key aspects of funding for the Group: (a) GBP52.5 million loan notes: these have a fixed coupon of 6.5% until January 2007 and an amortization payment schedule beginning in FY07 with a sum of GBP7.5 million. The Board has been reviewing the refinancing options for this part of the funding structure; and (b) funding for the 5th site: a range of funding models were under review. The preferred funding route will be developed in due course to meet the likely timetable for the planning process and further updates will be provided as appropriate. CONTACT: CENTER PARCS (U.K.) GROUP PLC One Edison Rise New Ollerton Newark, Nottinghamshire NG22 9DP United Kingdom Phone: 0870 067 3000 Fax: 0870 067 3099 E-mail: shareholderservices@centerparcs.co.uk CODEWELD LIMITED: KPMG to Liquidate Business -------------------------------------------- J. D. Humphrey, chairman of Codeweld Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 18 at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL. Mark Jeremy Orton and Allan Watson Graham of KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL were appointed Joint Liquidators. CONTACT: CODEWELD LIMITED Newbury Barn, Crown East Lane Worcester, Worcestershire WR2 6RH Phone: 01905-426943 KPMG LLP 2 Cornwall Street Birmingham West Midlands B3 2DL Phone: 0121 232 3000 Fax: 0121 232 3500 DATA BUSINESS: Hires Chantrey Vellacott as Administrator -------------------------------------------------------- David John Oprey and David Anthony Ingram (IP Nos 5814, 8015) of Chantrey Vellacott DFK were appointed joint administrators of The Data Business Limited (Company No 02313917) on Dec. 1. The company is engaged in duplicating computer software. CONTACT: CHANTREY VELLACOTT DFK 16-17 Boundary Road, Hove, East Sussex BN3 4AN Phone: 01273 421200 E-mail: info_hove@chantrey-vellacott.com Web site: http://www.cvdfk.com DRAX GROUP: Starts Trading on London Stock Exchange --------------------------------------------------- The Ordinary Shares of Drax Group Limited were admitted to the Official List of the UK Listing Authority and dealings have commenced on the London Stock Exchange, shortly after the Schemes of Arrangement became effective. In addition, S&P has assigned a 'BBB-' corporate credit rating to Drax Power Limited, the trading subsidiary of Drax. In addition, the senior secured debt facilities of Drax, comprising term loan, letter of credit and revolving credit facilities, have been assigned a 'BBB' rating. Gordon Horsfield, chairman of Drax, said: "I am delighted with the outcome of the process which has delivered our refinancing and listing. Drax is a major participant in the U.K. power market and we are pleased that a broad range of investors will now be able to participate. I would like to thank all of our staff and advisers who have been instrumental in helping us pass this milestone and we look forward to the future with confidence and optimism." About the Company Headquartered in Selby, North Yorkshire, United Kingdom, Drax Group operates the largest coal-fire power plant in Europe. Its primary subsidiary, Drax Power, operates the Drax Power Station in North Yorkshire England. Drax Group underwent a financial restructuring in 2003 after its largest customer, TXU Europe, filed for administrative protection. Its former project creditors took control of the firm from owner U.S. energy generator AES. In December, it secured an agreement for a GBP348 million claim from TXU. It received a first distribution of some GBP214 million at the end of March. Succeeding payments are expected in 2005 and 2006. The company is using its money to discharge B debt. Drax Group Limited has appointed Deutsche Bank AG London as lead adviser and sponsor for the proposed refinancing and listing. It has retained Dresdner Kleinwort Wasserstein Limited as financial adviser. CONTACT: DRAX GROUP LIMITED P.O. BOX 3 Selby North Yorkshire YO8 8PQ Phone: +44 (0) 1757 618381 Fax: +44 (0) 1757 618504 FULFILMENT & DISTRIBUTION: Appoints Administrator ------------------------------------------------- Andrew Andronikou and Peter Alan Kubik (IP Nos 1253, 9220) of UHY Hacker Young were appointed joint administrators of Fulfilment & Distribution Limited (Company No 03589104) on Nov. 29. Its registered office is at Unit 3 Langley Business Centre, Station Road, Langley, Berkshire SL3 8DS. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 GALLAHER GROUP: Names Audit Committee Members --------------------------------------------- The board of Gallaher Group Plc has appointed Ronnie Bell and James Hogan, non-executive directors, to the audit committee effective 11 May 2006. Currently, Richard Delbridge is chairman of the audit committee and the other members are Alison Carnwath and Sir Graham Hearne. Following the Company's annual general meeting in May 2006, Messrs. Bell and Hogan will be joining the committee as additions to the current membership. About the Company Gallaher was established in Northern Ireland in 1857. The Group is an international tobacco manufacturing and wholesale company with headquarters in the U.K., has leading positions in Austria, Germany, Kazakhstan, the Republic of Ireland, Russia, Sweden and the U.K. Gallaher's comprehensive brand portfolio includes Benson & Hedges, Silk Cut, Mayfair, Sovereign, Sobranie, Dorchester, Troika, LD, Memphis, Meine Sorte, Ronson, Blend, Hamlet, Old Holborn, Amber Leaf and Condor. The Gallaher Group employs over 11,000 people, with manufacturing plants in Austria, Kazakhstan, Poland, Romania, Russia, South Africa, Sweden, Ukraine and the U.K. Gallaher's shares are listed on the London Stock Exchange and its ADRs are traded on the New York Stock Exchange. CONTACT: GALLAHER GROUP PLC (NYSE: GLH [ADR]) Members Hill, Brooklands Road Weybridge Surrey KT13 0QU, United Kingdom Phone: +44-1932-859777 Fax: +44-1932-832792 Web site: http://www.gallaher-group.com GREEN ISLAND: Appoints Begbies Traynor Liquidator ------------------------------------------------- I. Bibby, chairman of Green Island Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at The Brookdale Hotel, Tregolls Road, Truro, Cornwall TR1 1JZ. Ian Edward Walker of Begbies Traynor, Princess Court, 23 Princess Street, Plymouth PL1 2EX was appointed liquidator. CONTACT: GREEN ISLAND LTD. The Lighthouse Unit 7 Eastwood Park Penryn, Cornwall TR10 8LA Phone: 01326377775 BEGBIES TRAYNOR Web site: http://www.begbies.com HISCO CONSILIUM: Administrators Enter Firm ------------------------------------------ Antony David Nygate and David Harry Gilbert (IP Nos 9237, 2376/01) of BDO Stoy Hayward LLP were appointed joint administrators of Hisco Consilium LLP (Company No OC307291) on Dec. 1. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk IN CAR: Files for Liquidation ----------------------------- L. Wrenn, chairman of In Car Developments Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 15 at Sale Smith & Co. Limited, Carmella House, 3 and 4 Grove Terrace, Walsall, West Midlands WS1 2NE. Eileen T. F. Sale of Sale Smith & Co. Limited, Carmella House, 3 and 4 Grove Terrace, Walsall, West Midlands WS1 2NE was appointed liquidator. CONTACT: IN CAR DEVELOPMENTS LTD. 67/69 Stafford Street Wednesbury West Midlands WS10 7JX United Kingdom Phone: 0121 502 0999 (+44 121 502 0999) Fax: 0121 502 5999 (+44 121 502 5999) Web site: http://www.icd-ltd.com/main.html SALE SMITH & CO. Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE Phone: 01922 624777 Fax: 01922 720528 E-mail: etfs@salesmith.demon.co.uk INDOORS OUTDOORS: Camping Retailer Calls in Administrator --------------------------------------------------------- Steven Law (IP No 008727) of Ensors was appointed administrator of camping retailer Indoors Outdoors UK Limited (Company No 05082846) on Nov. 30. CONTACT: ENSORS Cardinal House 46 St Nicholas Street Ipswich, Suffolk IP1 1TT Phone: 01473 220022 Fax: 01473 220033 Web site: http://www.ensors.co.uk INTERNATIONAL POWER: Named Preferred Bidder in Bahrain Project -------------------------------------------------------------- International Power plc -- in consortium with Suez Energy International and Sumitomo Corporation -- was awarded preferred bidder status to acquire the Al Hidd Independent Water and Power Project from the Government of Bahrain. The project has been awarded on a build, own, operate basis, 40% to International Power 30% to Suez Energy International and 30% to Sumitomo Corporation. The project comprises the acquisition of a five-year old 910 MW combined cycle gas turbine (CCGT) and 30 MIGD water desalination plant, located on the east coast of Bahrain. In addition, a 60 MIGD water desalination expansion will be implemented which is expected to be in operation by the end of 2007. The power and water output from the facility will be sold to the Ministry of Electricity and Water (MEW) under a 20-year Power and Water Purchase Agreement (PWPA). International Power will provide financial information relating to its investment in the project on signing of the PWPA, which together with financial close is expected early in 2006. About the Company International Power plc is a leading independent electricity generating company with 16,372 MW (net) in operation and 1,706 MW (net) under construction. It has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, Italy, Portugal, Spain, Turkey, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand. In August, Standard & Poor's Ratings Services revised its outlook on International Power to stable from negative reflecting the company's strong performance and successful implementation of several large acquisitions. At the same time, Standard & Poor's affirmed all its ratings on IPower, including its 'BB-' long-term issuer credit rating on the company. CONTACT: INTERNATIONAL POWER PLC Senator House 85 Queen Victoria Street London EC4V 4DP Phone: +44 (0)20 7320 8600 Fax: +44 (0)20 7320 8700 Web site: http://www.ipplc.com Media Contact Sara Richardson Phone: +44 (0)20 7320 8619 Investor Contact Aarti Singhal Phone: +44 (0)20 7320 8681 JOOLZ COLLECTION: Fashion Designer Liquidates --------------------------------------------- A. Wild, chairman of Joolz Collection Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 15 at No. 1 St Swithin Street, Worcester WR1 2PY. Neil Francis Hickling of Smith & Williamson Limited, No 1 St Swithin Street, Worcester WR1 2PY was appointed liquidator. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: JOOLZ COLLECTION LTD. Friar Street Heref and Worcs Worcester WR1 2NA Hereford and Worcester Phone: 01905 731647 Fax: 01905 731647 Web site: http://www.joolzcollection.co.uk SMITH & WILLIAMSON 1 St Swithin Street Worcester Worcestershire WR1 2PY Phone: 01905 730100 Fax: 01905 723502 E-mail: nfh@smith.williamson.co.uk JWB PRINT: Calls in Liquidator ------------------------------ J. B. Blyth, chairman of JWB Print & Design Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at 20 Cornhill, Lincoln LN5 7HB. Stephen P. J. White of White & Co, Suite 508, Daisyfield Business Centre, Appleby Street, Blackburn BB1 3BL was appointed liquidator. JWB Print & Design Limited is a family owned business. Its managing director is Jim Blyth. Mr. Blyth is assisted by his son Steve. CONTACT: J W B PRINT & DESIGN LTD. Dixon Court Dixon Street Lincoln Lincolnshire LN6 7DA Phone: 01522 560760 Web site: http://www.jwbprint.co.uk LOCO RESTAURANTS: Appoints Liquidators from Begbies Traynor ----------------------------------------------------------- A. Cohen and T. Allan, directors of Loco Restaurants Limited, informs that Nicholas Roy Hood and Timothy John Edward Dolder, both of Begbies Traynor (South) LLP were appointed Joint Liquidators of the company. CONTACT: LOCO RESTAURANTS LTD. 3 High St, Chislehurst. Kent. BR7 5AB. Phone: 020 8467 8866 BEGBIES TRAYNOR Web site: http://www.begbies.com MARCONI CORPORATION: Delisting from Nasdaq Later this Month ----------------------------------------------------------- Marconi Corporation plc has provided delisting notice to the NASDAQ Stock Market and requested that its American Depositary Shares be delisted from the NASDAQ National Market as of December 31, 2005. The last trading day for the Company's American Depositary Shares on the NASDAQ National Market will be Friday, December 30, 2005. This announcement was consistent with the Company's previous announcement of its intention to delist from NASDAQ in conjunction with a number of corporate events including the proposed sale of the majority of the Company's telecommunications equipment and international services businesses. * * * In October, Financial Times reported more than 1,3OO workers at Marconi Corporation plc could lose their jobs in the GBP1.2 billion takeover deal with LM Ericsson. Ericsson Chief Executive Carl-Henric Svanberg has said job cuts were inevitable after the company acquired Marconi's equipment and international services businesses. He added the reductions could affect around 15%-20% of Marconi's workforce. Under the deal, which will also see the transfer of 6,670 Marconi employees to Ericsson, the latter will obtain Marconi's optical networks operations, the bulk of its network access unit, and its international services business. These ventures bring in a total of GBP1 billion in yearly sales. Marconi will be left with a services business, which will be renamed Telent and will concentrate on the U.K. market. Telegraph, in another report, quoted Marconi Chief Executive Mike Parton as saying Telent is eyeing redundancies of less than 100 among 2,100 staff it will retain. Most of these employees will be based in the U.K., with only around 100 to be assigned in Germany. They will provide basic installation and maintenance services. Telent will also absorb Marconi's existing net cash of GBP275 million, and receive Ericsson's final payment of GBP223 million, of which GBP100 million will cover tax on the transaction and restructuring costs. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com LM ERICSSON Torshamnsgatan 23, Kista SE-164 83 Stockholm Sweden Phone: +46-8-719-0000 Fax: +46-8-18-40-85 Web site: http://www.ericsson.com MIDLAND DIGITAL: Digital Office Equipment Supplier Winds up ----------------------------------------------------------- Luke M. Baldock, chairman of Midland Digital Solutions Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 10 at the Castle Hotel, Lady Bank, Tamworth, Staffordshire B79 7NB. Robert Gibbons of Arrans, PO Box 9377, Falcon House, Falcon Park, Tamworth, Staffordshire B77 5HL was appointed liquidator. CONTACT: MIDLAND DIGITAL SOLUTIONS LTD. Birchley House Birchfield Lane Oldbury B69 1DT West Midlands Phone: 0121 552 0922 Fax: 0121 552 0942 Web site: http://www.mds-utax.co.uk Contact: Luke Baldock, Managing Director Quentin Whitcher, Managing Director MURRAY VERNON: Calls in Administrator from PwC ---------------------------------------------- Michael Horrocks and Craig Anthony Livesey (IP Nos 8026, 9186) of PricewaterhouseCoopers LLP were appointed joint administrators of Murray Vernon Limited (Company No 01423621) on Dec. 5. Murray Vernon Limited -- http://www.murrayvernon.co.uk/-- imports and exports manufactured dairy products. It has been in business for almost 40 years. CONTACT: MURRAY VERNON LIMITED Phone: +44 (0) 1270 758070 Fax: +44 (0) 1270 757677 PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920 Web site: http://www.pwcglobal.com MUSE LINGERIE: Hires Administrator from DS Insolvency ----------------------------------------------------- Martin Williamson (IP No 9222) of DS Insolvency Services was appointed administrator of retailer Muse Lingerie Limited (Company No 04903077) on Nov. 30. CONTACT: DS INSOLVENCY SERVICES LTD. 29 King Street Newcastle-Under-Lyme Staffordshire ST5 1ER Phone: 01782 614618 Fax: 01782 717287 E-mail: mwilliamson@dsinsolvency.co.uk MYTRAVEL GROUP: Cuts Loss to GBP18.3 Million -------------------------------------------- MyTravel Group plc has reported audited results for the year ended 31 October 2005. Highlights (a) group operating profit* increased by GBP42.3 million to GBP55.2 million in the year compared to a pro forma** profit of GBP12.9 million in the comparable prior 12-month period (13 months to October 2004: operating loss of GBP17.5 million); (b) U.K. operating loss* reduced by 48% to GBP29.5 million from a pro forma loss of GBP57.0 million in the prior year (13 months to October 2004: loss of GBP85.3 million); (c) Northern Europe achieved another record performance, with operating profit* in the year of GBP63.6 million compared with a pro forma profit of GBP45.9 million in the prior year (13 months to October 2004: GBP48.5 million); (d) North America reported an operating profit* of GBP17.5 million compared with a pro forma profit of GBP17.5 million in the prior year (13 months to October 2004: GBP12.1 million); and (e) loss on ordinary activities before tax reduced to GBP18.3 million compared with a pro forma loss of GBP153.4 million in the prior year (13 months to October 2004: loss of GBP190.3 million). Current Trading (a) there has been little change in our trading position and the market since our trading statement of 1 November 2005. We continue to focus on margins rather than volumes and our increased flexibility means we are well placed to manage capacity appropriately throughout the season; (b) average selling prices for winter 2005/06 in the Northern Europe charter business are ahead year on year; (c) north American charter bookings for winter 2005/06 are currently 5% behind last year, having been at a similar level to the prior year before Hurricane Wilma, which significantly impacted our Mexico program; (d) average selling prices for winter 2005/06 in the U.K. charter business are ahead year on year; and (e) summer 2006 bookings in the U.K. remain encouraging. Brochures have only recently been launched in Northern Europe and North America. Outlook The Group continues to make progress towards its strategic goals and we continue to target an operating profit in all divisions for 2006 and a margin of 3.5% in the U.K. in 2007. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Operating profit/loss is stated before exceptional items and goodwill amortization and in the case of the Group figures, includes income from joint ventures and associates. The loss before tax for the 12 months to 31 October 2005 after goodwill amortization of GBP11.1 million, exceptional items of GBP59.7 million and net finance charges of GBP2.7 million was GBP18.3 million. [**] The Group changed its financial year to end October last year (from September), such that the prior year audited comparative information covers the 13 months to October 2004. As a result, prior year unaudited pro forma information for the 12 months to October 2004 is shown to enable more meaningful comparisons. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Peter McHugh, chief executive, said: "We have made strong progress this year, with a GBP42.3 million increase in operating profit to GBP55.2 million. This is a particularly good result in view of the increased cost of fuel, which we estimate has reduced operating profit by a minimum of GBP47.3 million. Without the impact of fuel, we would have been a year ahead of our turnaround targets. As it is, we achieved another record profit in Northern Europe. In North America, despite a number of problems encountered over the summer, our performance was good. In the U.K., we made excellent progress year on year despite the high fuel prices. "All in all it has been a good year for MyTravel, our turnaround is on course and the outlook for 2006 is positive. Across all divisions, our strong management team is making significant progress. Our emphasis continues to be on margin rather than volume and the flexibility we have achieved in recent years allows us to make appropriate adjustments where necessary. We continue to target an operating profit in all divisions for the current financial year and a margin of 3.5% in the U.K. in 2007." A copy of the financial results are available free of charge at http://bankrupt.com/misc/MyTravelGroup(2005).pdf CONTACT: MYTRAVEL GROUP PLC Parkway One, Parkway Business Centre 300 Princess Rd. Manchester M14 7QU, United Kingdom Phone: +44-161-23-20-066 Fax: +44-161-23-26-524 Web site: http://www.mytravelgroup.com OCHRE TRADING: Garden Furniture Wholesaler Liquidates ----------------------------------------------------- D. L. Parry, director of Ochre Trading Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 16 at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY. Robert W. Keating of R. W. Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY was appointed liquidator. CONTACT: OCHRE TRADING LTD. Unit 12 Engineer Park Babbage Road Sandycroft Deeside CH5 2QD Phone: 01244 504580 Fax: 01244 504585 R. W. KEATING & CO. 2nd Floor 20 Winmarleigh Street Warrington Cheshire WA1 1JY Phone: 01925 245004 Fax: 01925 245357 E-mail: robert@rwkeating.fsnet.co.uk RANK GROUP: Ex-WH Smith Finance Director Joins Board ---------------------------------------------------- The Rank Group plc has appointed John Warren to the Company's Board as a Non-executive director with effect from 1 January 2006. He will also join Rank's Audit Committee. John Warren, aged 52, was Group Finance Director of WH Smith plc until March 2005 and his previous appointments include Group Finance Director of United Biscuits Holdings plc and non executive directorships of RAC plc and Rexam plc. Alun Cathcart, Chairman of Rank, said: "My colleagues and I are delighted to welcome John Warren as a member of the Rank Board. His extensive business experience and, in particular, his expertise in finance, will provide valuable contributions to the Group." Rank confirms that there is no information to be disclosed under the requirements of Listing Rule 9.6.13 in relation to this appointment. * * * Rank Group has revealed that since the half-year, the company's trading performance has followed similar trends to those witnessed in the first half. Revenues are up year-on-year, but operating costs are higher and sportsbook margins remain weak. As a consequence, the company expects adjusted profit before tax for continuing operations to be slightly lower than in 2004. In October, Standard & Poor's Ratings Services placed its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on Rank Group on CreditWatch with negative implications. The CreditWatch placement reflects Rank's continued intention to sell its Deluxe film processing and media services unit. It follows weak first-half 2005 results, a situation that increases the probability of a more aggressive financial profile if Deluxe is sold, and Standard & Poor's expectation that the company will return funds to shareholders if the sale is completed. CONTACT: THE RANK GROUP PLC Investor Relations 6 Connaught Place London W2 2EZ Phone: +44 (0) 20 7706 1111 Fax: +44 (0) 20 7706 1092 Web site: http://www.rank.com REFLEXKEY LIMITED: Real Estate Developer Calls in Administrator --------------------------------------------------------------- C. M. Iacovides (IP No 005428) of Jeffreys Henry Jacobs was appointed joint administrator of Reflexkey Limited (Company No 04570340) on Nov. 21. The company develops and sells real estate. CONTACT: JEFFREYS HENRY JACOBS 124-128 City Road, London EC1V 2NJ Phone: 020 7670 9010 Fax: 020 7670 9011 Web site: http://www.jhj.co.uk RJM PRODUCTS: Administrators from P&A Partnership Move in --------------------------------------------------------- Christopher Michael White and Philip Andrew Revill (IP Nos 9374, 6421) of The P&A Partnership were appointed joint administrators of RJM Products Limited (Company No 04527464) on Nov. 30. The company sells household goods. CONTACT: RJM PRODUCTS LTD Unit 1 CFS Business Park Coleshill Road Sutton Coldfield Birmingham B75 7SS Phone: +44 (0) 121 378 3698 Fax: +44 (0) 121 378 4686 E-mail: sales@rapideproducts.com THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com SEABROOK CONSTRUCTION: Calls in Joint Liquidators ------------------------------------------------- Seabrook Construction Limited informs that a resolution to wind up the company was passed at an EGM held on Nov. 18 at 601 High R oad Leytonstone, London E11 4PA. Harjinder Johal and George Michael both of Ashcrofts, 601 High Road Leytonstone, London E11 4PA were appointed Joint Liquidators. CONTACT: SEABROOK CONSTRUCTION LTD. Unit A6, Northfleet Industrial Estate Gravesend, Kent DA11 9SN Phone: 01474325326 SPORTSPAGES LIMITED: Book Retailer Hires Administrator ------------------------------------------------------ Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) of Gerald Edelman Business Recovery were appointed administrators of book retailer Sportspages Limited (Company No 2246633) on Nov. 30. Its registered office is at Kent House, Station Road, Ashford, Kent TN23 1PP. CONTACT: SPORTSPAGES 94-96 Charing Cross Road, London WC2H 0JW Phone: 02072409604 GERALD EDELMAN BUSINESS RECOVERY 25 Harley Street London W1N 2BR Phone: 020 7299 1400 Fax: 020 7637 1440 E-mails: bhoffman@GeraldEdelman.com insolvency@edelman.co.uk SWAN HUNTER: Left out of GBP2.9 Bln Royal Navy Contract ------------------------------------------------------- The future of Tyneside shipyard Swan Hunter is now uncertain after it was left out of the main contract to build two aircraft carriers for the Royal Navy on Wednesday. The government awarded the GBP2.9 billion program to BAE Systems, VT and Babcock, according to The Independent. Secretary of State for Defence, John Reid, however, said Swan Hunter may bid along with other yards and possibly non-shipbuilders for the 40% of the contract open to competition. The work includes the construction of the upper part of the ships between the hangar and flight decks. Tyneside's last shipbuilder has been struggling for years because of a lack of orders. The yard lost its glamour in the early 90s when warship-building contracts expired. A GBP84 million deal with the government saved it from bankruptcy, but the "secret" payment is now under investigation. Defense industry sources called the payment "a bung disguised as a contract for extra work." The project is said to have way exceeded its budget. It has billed more than GBP235 million in cost. Swan Hunter is now seeking fresh government funding worth up to GBP50 million. Swan Hunter has been in operation for three decades. It recently laid off 100 people as work on Royal Fleet Auxiliary Lyme Bay is nearing completion. The company employs 700 people. CONTACT: SWAN HUNTER (TYNESIDE) LTD. Wallsend Newcastle NE28 6EQ, United Kingdom Phone: +44-191-295-0295 Fax: +44-191-262-0374 Web site: http://www.swanhunter.com/ Jaap A. Kroese, Chairman Jan C. Veldhuizen, Managing Director Norman Frederick Brownell, Commercial Director TRANSCOVER TRUCKCARE: Names Tenon Recovery Administrator -------------------------------------------------------- Carl Stuart Jackson (IP No 8860) and Duncan Robert Beat (IP No 8161) of Tenon Recovery were appointed joint administrators of Transcover Truckcare Limited (Company No 5029788) on Dec. 4. The company is engaged in general construction and civil engineering. CONTACT: TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com TENON RECOVERY Salisbury House 31 Finsbury Circus London EC2M 5SQ Phone: 020 7628 2040 Fax: 020 7638 0217 Web site: http://www.tenongroup.com VEGA FABRICATIONS: Files for Liquidation ---------------------------------------- R. Tolley, director of Vega Fabrications Ltd., informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at 5th Floor, Canterbury House, 85 Newhall Street, Birmingham B3 1LH. Andrew Appleyard of Haines Watts, Canterbury House, 85 Newhall Street, Birmingham B3 1LH was appointed liquidator. CONTACT: VEGA FABRICATIONS LTD. Pitcairn Drive, Halesowen West Midlands B62 8AG Phone: 0121 585 8282 Fax: 0121 585 8282 HAINES WATTS Canterbury House 85 Newhall Street Birmingham West Midlands B3 1LH Phone: 0121 212 4477 Fax: 0121 212 4459 WATERFORD WEDGWOOD: Grants Directors Share Options -------------------------------------------------- As part of Waterford Wedgwood plc's Share Price Recovery Incentive Plan, the Group has granted, in aggregate, options over 328,431,342 ordinary shares to certain executive directors and senior management of the Group. Options granted to executive directors and senior management include: Peter Cameron: options over 104,411,753 shares Patrick Dowling: options over 14,501,632 shares John Foley: options over 14,501,632 shares Ottmar Kuesel: options over 14,501,632 shares Moira Gavin: options over 14,501,632 shares Wayne Nutbeen: options over 14,501,632 shares Frank Johnston: options over 14,501,632 shares. The options have been granted under the Group's Share Price Recovery Incentive Plan at an exercise price of EUR0.06 per share, representing a premium of 20% over the closing middle market price of EUR0.05 on 14 December 2005. Sir Anthony O'Reilly, chairman, said: "I am pleased by the new options structure we now have in place, which was approved at this year's Annual General Meeting. It ensures the interests of our senior management are even more closely aligned with the business and therefore the interests of all the Group's shareholders. These options make certain that when Waterford Wedgwood succeeds, so will our senior management. "Peter Cameron has led the restructuring and we now have the right people appointed to continue the process. This scheme means that we have the appropriate incentives to keep the team in place during the recovery of the Group." CONTACT: WATERFORD WEDGWOOD PLC Barlaston, Stoke-on-Trent Staffordshire United Kingdom Phone: +44 (0)1782 282686 Fax: +44 (0)1782 204666 E-mail: marni.shapiro@waterfordwedgwood.com Web site: http://www.waterfordwedgwood.com WH SMITH: Christmas Trading Update Out Next Month ------------------------------------------------- WH Smith plc will be releasing its Christmas trading update on Tuesday, 24 January 2006. * * * In October, WH Smith reported total Group profit before tax was GBP64 million (2004: loss of GBP135 million) for the twelve months ended 31 August 2005. Total sales of continuing operations were down 1% to GBP2.5 billion, while retail like for-like (LFL) sales dropped 2%. Kate Swann, chief executive, said: "Trading conditions on the high street remain challenging. As we approach Christmas, we remain cautious about consumer spending and have planned accordingly." CONTACT: WH SMITH PLC Nations House, 103 Wigmore St. London W1U 1WH, United Kingdom Phone: +44-20-7409-3222 Fax: +44-20-7514-9633 Web site: http://www.whsmithplc.com WILKINSON ENVIRONMENTAL: Names Tenon Recovery Liquidator -------------------------------------------------------- C. Wilson, chairman of Wilkinson Environmental Services Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 16 at Highfield Court, Tollgate, Chandlers Ford, Eastleigh SO53 3TZ. Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ were appointed Joint Liquidators. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: WILKINSON ENVIRONMENTAL SERVICES LIMITED Unit 1 9 Cannon Lane Tonbridge, Kent TN9 1PP Phone: 01732368364 TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com * DTI Shuts down Four Birkenhead-based Firms -------------------------------------------- The Department of Trade and Industry has closed four Birkenhead-based companies for cheating on advertisers, Creditman reports. In November, the Official Receiver was appointed provisional liquidator to McAllister Stone Limited, Cavendish Black Limited, Debt Enforcement Agency Limited and Hamilton Black Limited. Winding Up orders against the companies were issued on 12 December 2005. Telesales staff from McAllister Stone (which became known as Cavendish Black) sold advertising space in a series of publications -- including titles such as "Fallout", "On Call", "A & E Logbook", and "Civvies" -- intended for off-duty emergency service personnel. Debt Enforcement Agency acted as debt collector on behalf of Cavendish Black. The Manchester court ruled that distribution of each title reached only around 200 copies, instead of the 250,000 claimed by the company. It also discovered that Debt Enforcement employees' scheme involved sending threatening letters and face-to-face visits to chase payments. Meanwhile, the DTI also found that the bank accounts for McAllister Stone showed unexplained cash withdrawals amounting to GBP183,480 after it had ceased, while records revealed payments for a number of luxury cars. Consumer Minister Gerry Sutcliffe said: "These companies have bullied and threatened honest people for their own financial gain. Their business activities were truly reprehensible and it is absolutely right that they have been closed down." Brothers Stephen and Tony Williams controlled all four companies, while their wives Cheryl Williams and Alison Dean were registered as the company directors of Debt Enforcement. The registered office of Cavendish Black and Hamilton Black is at 2nd Floor, 145 -147 St John Street, London EC1V 4PY. McAllister Stone is located at Bridge House, 181 Queen Victoria Street, London EC4V 4DZ. The registered office of Debt Enforcement Agency Limited is at Suite B, 29 Harley Street, London W1G 9QR. The companies traded from 60 - 64 Argyle Street, Birkenhead, Wirral CH41 6AF. CONTACT: THE INSOLVENCY SERVICE Public Interest Unit North PO Box 326 Boulton House 17 - 21 Chorlton Street Manchester M60 3ZZ Phone: 0161 934 4182 DEPARTMENT OF TRADE AND INDUSTRY 7th Floor 1 Victoria Street London SW1H 0ET Phone: +44 (0) 20 7215 5000 Textphone: +44 (0) 20 7215 6740 Web site: http://www.dti.gov.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *