/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060105.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 5, 2006, Vol. 7, No. 4 Headlines B E L G I U M SPA-FRANCORCHAMPS: Belgian Grand Prix Still a Go F I N L A N D BENEFON OYJ: To Call EGM to Approve New Share Offering COMPONENTA OYJ: EC Orders Return of EUR2.4 Million State Aid G E R M A N Y ALBRECHT KARG: Heilbronn Firm Succumbs to Bankruptcy ARNOLD BEDACHUNGS: Creditors Meeting Set March AUTO SIEBERT: Proofs of Claim Due Next Month BAU INTACT: Under Bankruptcy Administration BLK PRODUKTIONS: Court Calls in Administrator CORROBOREE BOCHUM: Claims Verification Set February FLEISCHEREI NEIDHARDT: Appoints Provisional Administrator F&W ELEKTROANLAGEN: Bonn Business Goes into Administration HELIOS KLINIKEN: S&P Rating Withdrawn After Sale to Fresenius HOCKENHEIM-RING GMBH: Faces Insolvency KARSTADTQUELLE AG: To Resume Paying Dividend in 2007 KMB BAUTRAGER: Falls into Bankruptcy LEBENSRAUME HAUSBAU: Creditors to Meet March PRO COVER: Creditors' Claims Due Later this Month RD GROSSKUECHENTECHNIK: HWW Administrator Takes over Firm RIM S.L.: Claims Filing Period Ends January 24 SHARR GERUESTBAU: Hamburg Company Goes Bust VOLKSWAGEN AG: Plans to Build Plant in Russia WCM AG: Aiming to Cut Inter-company Debt by EUR500 Million WCM AG: Ups MATERNUS-Kliniken Shareholding to 76% I T A L Y ALITALIA SPA: November Net Debt Up ALITALIA SPA: Two Other Private Investors Reveal Shareholding PARMALAT SPA: Parma Prosecutors Have one more Case vs. Tanzi K A Z A K H S T A N CARTEL INC: Succumbs to Insolvency DOROJNIK: Files for Bankruptcy GAP SERVICE: Creditors' Claims Due Today NEW AGE: Declared Insolvent STAR WAY: Deadline for Proofs of Claim February 6 YER-NUR STROI: Succumbs to Insolvency K Y R G Y Z S T A N AMANAT: Creditors' Claims Due Next Month KURCHLO: Creditors to Meet Later this Month MOSTRANSPROEKT: Gives Creditors Until February to File Claim L U X E M B O U R G STOLT-NIELSEN: Korea's Cartel Office Drops Probe on Subsidiary N E T H E R L A N D S ROYAL SHELL: Resumes Share Buyback ROYAL SHELL: Announces First Crude Oil Shipment from Bonga Field P O L A N D CLOETTA FAZER: Concludes Sale of Polish Subsidiary ELEKTRIM S.A.: Viennese Court Vacates Ruling on PTC Shares KOMPANIA WEGLOWA: Predicts Smaller Profit this Year R U S S I A BELGOROD-PROJECT-STROY - 96: Bankruptcy Hearing Set Next Month DALNEGORSKAYA: Succumbs to Bankruptcy DALNEVOSTOCHNAYA BUILDING: Under Bankruptcy Supervision GAGARIN-AGRO-TEKH-SERVICE: Declared Insolvent KUTUYSKOYE: Insolvency Manager Enters Firm MIX-OIL: Bankruptcy Court Sets Hearing January 24 NARTKALINSKIY DISTILLERY: Under Bankruptcy Supervision PSEBAYSKOYE: Insolvency Manager Takes over Firm TYUMENSKAYA COMPLEX: Names External Insolvency Manager VERDEEVSKIY DISTILLERY: Undergoes External Management Procedure U K R A I N E KONOTOP' REPAIR-MECHANICAL: Collapses into Bankruptcy SLAVIYA-AUTO: Declared Insolvent SPECPROEKT: Under Bankruptcy Supervision STEP: Zaporizhya Court Opens Bankruptcy Proceedings TRANZIT: Appoints Temporary Insolvency Manager * Row with Russia Poses No Urgent Threat to Ratings, Fitch Says U N I T E D K I N G D O M ALENOY LIMITED: Appoints DTE Leonard Curtis Administrator ANGLO AMERICAN: Sets Final Substantive Closure Distribution Date APEX PITCHMASTIC: Administrators Take over Firm AUTOCUE INTERNATIONAL: Names Ernst & Young Administrator BAR YAHOO: Brings in Begbies Traynor Administrators BEACON RECRUITMENT: Hires Liquidator BERNHARD METALS: Aluminum Alloy Maker Folds up BRITISH NUCLEAR: Sells Westinghouse Rights to Washington Group BSA CASTINGS: Creditors Meeting Set Next Week CAPITAL EMPLOYMENT: Creditors to Meet Today CAPITAL GLASS: Hires Liquidator from Begbies Traynor CHELSFIELD UPHOLSTERY: Goes into Liquidation CORNISH FRUIT: Files for Liquidation CREATIVE CONCEPTS: Calls in Liquidator ELITE CONSERVATORY: In Liquidation ELVEDEN PRINTERS: Hires Administrators from Pridie Brewster ESSENTIS LIMITED: Back-office Services Provider Folds up FAIRHAVEN TEXTILES: BWC Liquidators Move in GALLAHER GROUP: Completes Takeover of CITA Tabacos GOSHAWK INSURANCE: Rosemont Ups Reserve for Hurricane Katrina HAUTIN LTD.: Appoints Liquidator from Fergusson IN WWW: Liquidator from Jeffreys Henry Moves in KOOKAI: Fashion Chain Goes into Administration LDV LIMITED: Automaker Hires Administrator MERLIN BIOSCIENCES: Investors Demand Swift End to SFO Probe MINSTER HEALTH: Appoints Liquidator P.D. TECHNOLOGIES: Meeting of Creditors Set Next Week PHILLIPS NEWMAN: Falls into Administration RANVIC LIMITED: Upholsterer Calls in Administrator SEA CONTAINERS: Sells Remaining Properties in Newhaven Port WARWICKSHIRE SURFACING: Administrators Enter Firm XSITE (UK): Names KPMG Administrator ********* ============= B E L G I U M ============= SPA-FRANCORCHAMPS: Belgian Grand Prix Still a Go ------------------------------------------------ The Belgian Grand Prix will remain on the 2006 Formula One calendar, this after the Wallonian government agreed to continue subsidizing the race for another three years. Promoters of the Spa-Francorchamps had filed for bankruptcy late last year citing declining ticket sales and the regional government's decision to cut funding. Under its contract with Formula One, the government is obligated to subsidize the races until 2010. Xinhua News, citing Belgian newspaper La Libre, says Formula One top honcho Bernie Ecclestone and Wallonia have agreed to shorten the contract to three years. In exchange, the regional government will raise EUR6 million as operating funds for the races and spend EUR15 million to upgrade the circuit to international standards. The Belgian Grand Prix has been tentatively scheduled for Sept. 17 on the 2006 race calendar. It is one of only two circuits marked conditional; the other, Brazil, is subject to contract approval. The Spa-Francorchamps circuit is well known for its changing weather conditions. CONTACT: CIRCUIT OF SPA FRANCORCHAMPS Route du Circuit, 55 B-4970, Francorchamps Phone: ++ 32 87 27 51 38 Fax: ++ 32 87 27 52 96 E-mails: pbrelation@spa-francorchamps.be (Infos Grand Prix F1)info@spa-francorchamps.be Web site: http://www.spa-francorchamps.be/ ============= F I N L A N D ============= BENEFON OYJ: To Call EGM to Approve New Share Offering ------------------------------------------------------ As reported earlier in the interim report issued on Nov. 10, 2005, Benefon Oyj has continued evaluating the funding alternatives for its long-term financing solution. As this evaluation work is getting closer to a conclusion, the company has decided to start immediate preparations for calling up an Extraordinary General Meeting to decide on the directed share issue to institutional investors and the company's existing shareholders. According to the preliminary plan the issue will be organized as a book building mechanism. It is estimated that the book building process and the Extraordinary General Meeting would take place in late January 2006. Due to reasons attributable to the planned issue structure, the authorization granted to the Board of Directors by the Extraordinary General Meeting of Sept. 5, 2005 to issue at maximum 100,000,000 new investment series shares would not be used in the financing alternatives, but instead the decision to be made by the upcoming Extraordinary General Meeting shall be utilized for the planned financing. During the fundraising process, especially in the U.S., the company has been required to disclose its current business plan and the projected financial numbers the plan is based on. The same information has also been disclosed to markets by the company. As reported, securing of sufficient long-term financing is a precondition for the company to be able to meet the projected revenue and net income numbers as previously disclosed. Additionally, delays in product development have also caused updated information to be released, with the most recent update being on Oct. 26, 2005. The company has continuously updated information regarding development in the financing plan and outlooks for 2005 during the course of the year to keep the markets well informed. According to latest updated projected financial information available, net revenue for 2005 will be at a level of EUR7.5 million and a net loss of EUR3.0 million for the full year. Corresponding figures for Q4/2005 would be sales of EUR1.7 million and a net loss of EUR0.7 million. The company believes that if sufficient long-term financing of EUR11.0 million is closed by the end of January, then it will be able to introduce and start deliveries of its new product during Q1/2006 and meet the revenue and net income projections for 2006 of EUR66.5 million and EUR7.5 million respectively as published on Oct. 26, 2005. As communicated on several occasions the projections for 2006 are highly dependent on securing the sufficient long-term financing. There are no changes in company's business outlooks. About the Company Headquartered in Salo, Finland, Benefon provides mobile telematics solutions for saving lives, securing assets and improving field management. It applied for statutory corporate reorganization with the court of first instance in Turku on April 24, 2003 after failing to get funding on time. In June this year, Benefon decided to end the reorganization program ahead of schedule. The decision of the Turku District Court became legally enforceable on June 20, 2005 and the Company reported after the end of the period on July 4, 2005 that in accordance with the approved program amendment it had paid off all non-collateralized debt. At the same time, the Company also paid to non-collateralized creditors of the Company additional payments, which more than doubled the payments to the non-collateralized creditors determined in the reorganization program. Benefon is facing a patent suit filed against it by Magi.tel in Rome, Italy. CONTACT: BENEFON OYJ Jonathan Bate, CEO Phone: +44 1753 752 464 E-mail: jonathan.bate@benefon.fi Web site: http://www.benefon.com COMPONENTA OYJ: EC Orders Return of EUR2.4 Million State Aid ------------------------------------------------------------ The European Commission has decided that a transaction between the city of Karkkila, Finland, and Componenta Corporation violates EC Treaty rules that forbid state aids liable to distort competition within the Single Market (Article 87). In December 2003, Componenta sold its 50% stake in a real estate company to the city of Karkkila for EUR2.4 million, a sum higher than a private investor would have paid. The payment was conditional on Componenta moving some production from Sweden to Finland to create 50-70 new jobs there. The aid distorted competition because it provided Componenta with funds it would not have received under normal market terms. The aid of EUR2.4 million was granted without prior Commission approval and must be recovered from Componenta with interest. "This Commission is firmly committed to tackling distortions of competition where state aid does not contribute to the public good, but merely distorts the Single Market. This is clearly the case when aid is provided to a specific company in order to give it an incentive to invest in one place and close its facilities in another," Competition Commissioner Neelie Kroes said. Componenta Corporation, based in Karkkila in Finland, is a producer of ready-to-install cast, geared and machined components. Componenta has production plants in Sweden, The Netherlands and Finland and employs about 2,200 people. In 2004, the Commission received a complaint alleging that the city of Karkkila's purchase of Componenta's stake in the real estate company Karkkilan Keskustakiinteistot Oy constituted state aid (see IP/04/1370). The city already owned the other 50% in the company, which has since been put into liquidation. The complainant also alleged that the hidden subsidy was intended to compensate Componenta for the cost of moving part of its production facilities from Sweden to Finland. * * * Componenta Oyj is engaged in the development, manufacturing and marketing of cast, forged, geared and other components and industrial power transmission gear units. Customers include Northern European manufacturers of heavy trucks, mechanical engineering companies and the off-road industry. CONTACT: COMPONENTA OYJ Nuijamiestentie 3 C P.O. BOX 1132 00400 Helsinki 00101 Phone: +358 9 225 021 Fax: +358 9 2250 2721 Web site: http://www.componenta.com ============= G E R M A N Y ============= ALBRECHT KARG: Heilbronn Firm Succumbs to Bankruptcy ---------------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against Albrecht Karg GmbH on December 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 20, 2006 to register their claims with court-appointed provisional administrator Dr. jur. Marcus Egner. Creditors and other interested parties are encouraged to attend the meeting on February 20, 2006, 10:30 a.m. at the district court of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr. 10a, 74072 Heilbronn, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ALBRECHT KARG GmbH Obere Zeilstrasse 25, 74343 Sachsenheim Contact: Gerhard Karg, Manager Besigheimer Weg 94, 74343 Sachsenheim Dr. jur. Marcus Egner, Administrator Moltkestrasse 40, 74072 Heilbronn Phone: 07131/60990 Fax: 07131/609962 ARNOLD BEDACHUNGS: Creditors Meeting Set March ---------------------------------------------- The district court of Hanau opened bankruptcy proceedings against Arnold Bedachungs-GmbH on December 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 10, 2006 to register their claims with court-appointed provisional administrator Bahman Yadegardjam. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2006, 9:00 a.m. at the district court of Hanau, Raum E03, Aussenstelle, Insolvenzgericht, Engelhardstrasse 21, 63450 Hanau, 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: ARNOLD BEDACHUNGS-GmbH Bogenstr. 11, 63589 Linsengericht/OT Altenhasslau Contact: Elke Arnold-Urbach, Manager Bahman Yadegardjam, Administrator Hanauer Landstr. 287-289, D-60314 Frankfurt/M. Phone: 069/15051-300 Fax: 069/15051-400 AUTO SIEBERT: Proofs of Claim Due Next Month -------------------------------------------- The district court of Koln opened bankruptcy proceedings against Auto Siebert Service Center GmbH & Co. KG on December 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 1, 2006 to register their claims with court-appointed provisional administrator Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting on March 3, 2006, 9:45 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: AUTO SIEBERT SERVICE CENTER GmbH & Co. KG Gruener Weg 6, 50825 Koln Contact: Karl Josef Siebert, Manager Marienstr. 1 d, 50825 Koln Klaus W. Gerling, Administrator Im Mediapark 6 B, 50670 Koln Phone: 57 43 - 71 40 Fax: +4922157437149 BAU INTACT: Under Bankruptcy Administration ------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against BAU INTACT Bauwerksdiagnose und -sanierung GmbH on December 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 6, 2006 to register their claims with court-appointed provisional administrator Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2006, 10:30 a.m. at the district court of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr. 10a, 74072 Heilbronn, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BAU INTACT BAUWERKSDIAGNOSE UND -SANIERUNG GmbH Otto-Konz-Strasse 7, 74321 Bietigheim-Bissingen Contact: Bettina Plambeck-Fischer, Manager Heinzelberger Weg 51, 74343 Sachsenheim Jochen Horch, Administrator Wilhelmstrasse 23, 74072 Heilbronn Phone: 07131/7801-33 Fax: 07131/7801-11 BLK PRODUKTIONS: Court Calls in Administrator --------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against BLK Produktions GmbH on December 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 8, 2006 to register their claims with court-appointed provisional administrator Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting on February 8, 2006, 10:45 a.m. at the district court of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr. 10a, 74072 Heilbronn, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BLK PRODUKTIONS GmbH Weststrasse 2, 74193 Schwaigern Contact: Harald Betz, Manager Meisenweg 8, 74193 Schwaigern Andreas Obliers, Manager Bergstrasse 1, 56412 Gackenbach Jochen Horch, Administrator Wilhelmstrasse 23, 74072 Heilbronn Phone: 07131/7801-33 Fax: 07131/7801-11 CORROBOREE BOCHUM: Claims Verification Set February --------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against Corroboree Bochum Betriebs GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 30, 2006 to register their claims with court-appointed provisional administrator Dr. Onno Klopp. Creditors and other interested parties are encouraged to attend the meeting on February 20, 2006, 9:00 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CORROBOREE BOCHUM BETRIEBS GmbH Geibelstr. 45, 40235 Duesseldorf Contact: Manfred Josef Schumacher, Manager Dr. Onno Klopp, Administrator Sternstrasse 58, 40479 Duesseldorf FLEISCHEREI NEIDHARDT: Appoints Provisional Administrator --------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Fleischerei Neidhardt GmbH on December 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 23, 2006 to register their claims with court-appointed provisional administrator Bernward Widera. Creditors and other interested parties are encouraged to attend the meeting on March 8, 2006, 9:15 a.m. at the district court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FLEISCHEREI NEIDHARDT GmbH Bonhoefferstrasse 152, 08525 Plauen Contact: Christine Neidhardt and Hardy Pilk, Managers Bernward Widera, Administrator Buettenstrasse 4, 08058 Zwickau F&W ELEKTROANLAGEN: Bonn Business Goes into Administration ---------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against F&W Elektroanlagen GmbH on December 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 10, 2006 to register their claims with court-appointed provisional administrator Johannes Gather. Creditors and other interested parties are encouraged to attend the meeting on March 17, 2006, 9:10 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, 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: F&W ELEKTROANLAGEN GmbH Kotthausener Str. 59, 53639 Konigswinter Contact: Bernd Friedrichs, Manager Johannes Gather, Administrator Hausdorffstr. 11, 53129 Bonn Phone: 911 51 11 Fax: 9115199 HELIOS KLINIKEN: S&P Rating Withdrawn After Sale to Fresenius ------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'BB+' long-term issuer credit rating on Germany-based hospital operator Helios Kliniken GmbH at the issuer's request. This follows its acquisition by Germany-based Fresenius AG (BB+/Watch Neg/--). The rating on Helios had been aligned to that of Fresenius since Oct. 14, 2005, when Fresenius announced its acquisition plan. 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 these 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: HELIOS KLINIKEN GMBH Schlossstrasse 2 D-36037 Fulda Phone: +49 6 61 83 39-5 00 Fax: +49 6 61 83 39-5 99 E-mail: postmaster@fulda.helios-kliniken.de Web site: http://www.helios-kliniken.de/ HOCKENHEIM-RING GMBH: Faces Insolvency -------------------------------------- Another Formula 1 race venue is on the skids, according to the Guardian. The Hockenheim-Ring, home of the German Grand Prix, is facing insolvency, Hockenheim Mayor Dieter Gummer announced recently. He said the circuit faces an operating loss of US$1.78 million this year and may file for insolvency in April. The fate of Hockenheim-Ring and Spa-Francorchamps, the host of the Belgian Grand Prix, which filed for bankruptcy two months ago; is the clearest indication that European races are no longer making money, the paper said. Promoters have long complained that the current contract with Formula One leaves them not enough room to make a profit. The contract pegs the cost of staging a grand prix at US$14 million a year. A possible solution being considered, according to The Guardian, is to schedule only one race per country. Germany currently hosts the German and European championships at Hockenheim-Ring and Nurburgring, while Italy hosts the Monza and San Marino races. F1 supremo Bernie Ecclestone favors the idea since it will open opportunities to bring races to other areas like China, Bahrain and Turkey, all recent additions to the race calendar. Mayor Gummer guarantees that the German championship will be staged this year. He hopes to get the State of Baden Wurttemberg involved in the debt restructuring of Hockenheim-Ring GmbH. "I expect that the 2006, 2007 and 2008 Grand Prix will take place as planned," he told The Guardian. Hockenheim-Ring GmbH circuit is located in the pine forests near Heidelberg. The German Grand Prix is scheduled for July 30. CONTACT: HOCKENHEIM-RING GMBH Postfach 1106 D-68754 Hockenheim Phone: +49 (0) 6205 / 950-0 Fax: +49 (0) 6205 / 950-299 E-mail: info@hockenheimring.de Web site: http://www.hockenheimring.de KARSTADTQUELLE AG: To Resume Paying Dividend in 2007 ---------------------------------------------------- Troubled department store and mail order group KarstadtQuelle may distribute dividends next year after the group fully recovers, AFX News says. In an interview with Euro am Sonntag, Chief Financial Officer Harald Pinger said, "If we pay [a dividend], it will be in 2007 at the earliest." He added, "It would be more likely [that we pay a dividend] if we sell our real estate assets, but we can definitely rule it out for 2006." Mr. Pinger said KarstadtQuelle would be able to reach its 2005 EUR350 million EBITDA target since "[the group's] holiday business was better than expected." He expects the mail order division to post an EBITDA of EUR35 million and a net loss. KarstadtQuelle will release its 2005 results on January 9. For this year, Mr. Pinger expects a turnaround for its department store division but another bleak performance from Quelle and Neckermann, which form its mail division. He forecasts a full-year EBITDA of more than EUR350 million. * * * Based in Theodor-Althoff-Str. 2, D-45133 Essen, KarstadtQuelle AG -- http://www.karstadtquelle.com-- is Germany's largest department store and mail order group. It has annual sales of EUR13.5 billion and employs around 90,000. The retailer has been suffering from sluggish consumption and high unemployment rate in Germany. KarstadtQuelle posted an EBITDA of -EUR428 million in 2004. The group is currently restructuring operations by selling off non-core assets and implementing cost-saving measures. 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 KMB BAUTRAGER: Falls into Bankruptcy ------------------------------------ The district court of Aschaffenburg opened bankruptcy proceedings against KMB Bautrager GmbH on December 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 14, 2006 to register their claims with court-appointed provisional administrator Franz X. Kerber. Creditors and other interested parties are encouraged to attend the meeting on March 14, 2006, 10:00 a.m. at the district court of Aschaffenburg, Schlossplatz 5, 63739 Aschaffenburg, 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: KMB BAUTRAGER GmbH Schillerstr. 71, 63741 Aschaffenburg Franz X. Kerber, Administrator Kleberstr. 4, 63739 Aschaffenburg Phone: 06021/22150 Fax: 06021/24620 LEBENSRAUME HAUSBAU: Creditors to Meet March -------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Lebensraume Hausbau & Bautrager GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 10, 2006 to register their claims with court-appointed provisional administrator Udo Claes-Hellmich. Creditors and other interested parties are encouraged to attend the meeting on March 14, 2006, 9:00 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: LEBENSRAUME HAUSBAU & BAUTRAGER GmbH Fockenkamp 9, 45699 Herten Contact: Bernhard Tenberg, Manager Johann-Brinck-Strasse 32, 50827 Koln Udo Claes-Hellmich, Administrator Bahnhofstrasse 46, 45879 Gelsenkirchen Phone: (0209) 1 55 34 90 Fax: (02 09) 177952988 PRO COVER: Creditors' Claims Due Later this Month ------------------------------------------------- The district court of Darmstadt opened bankruptcy proceedings against Pro Cover GmbH on December 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 26, 2006 to register their claims with court-appointed provisional administrator Olaf Suehrer. Creditors and other interested parties are encouraged to attend the meeting on March 9, 2006, 9:30 a.m. at the district court of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt, 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: PRO COVER GmbH Donnersbergring 14, 64295 Darmstadt Contact: Christopher Robin Vogel, Manager Olaf Suehrer, Administrator Steubenplatz 12, 64293 Darmstadt Phone: 06151/136270 Fax: 06151/1362729 RD GROSSKUECHENTECHNIK: HWW Administrator Takes over Firm --------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against RD Grosskuechentechnik Vertriebs GmbH on December 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 19, 2006 to register their claims with court-appointed provisional administrator Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on March 2, 2006, 9:15 a.m. at the district court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: RD GROSSKUECHENTECHNIK VERTRIEBS GmbH Hofer Strasse 2, 08606 Oelsnitz und Hammerstrasse 60, 08523 Plauen Contact: Marcel Noack c/o Juricon GmbH Kurfuerstenstrasse 79, 10787 Berlin Ruediger Wienberg, Administrator HWW Wienberg Wilhelm Michaelstr. 71, 09116 Chemnitz Web site: http://www.hww-kanzlei.de RIM S.L.: Claims Filing Period Ends January 24 ---------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against RIM S.L. SRL Niederlassung Deutschland on December 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 24, 2006 to register their claims with court-appointed provisional administrator Dr. Onno Klopp. Creditors and other interested parties are encouraged to attend the meeting on February 17, 2006, 9:00 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 3. OG Altbau, A 341, 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: RIM S.L. SRL NIEDERLASSUNG DEUTSCHLAND Hauptstrasse 13, 40597 Duesseldorf Contact: Ladislau Mathe, Manager Beckhauser Strasse 31, 40699 Erkrath Dr. Onno Klopp, Administrator Sternstrasse 58, 40479 Duesseldorf SHARR GERUESTBAU: Hamburg Company Goes Bust ------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Sharr Geruestbau GmbH on December 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 23, 2006 to register their claims with court-appointed provisional administrator Joachim Buettner. Creditors and other interested parties are encouraged to attend the meeting on February 20, 2006, 10:40 a.m. at the district court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, 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: SHARR GERUESTBAU GmbH Am Gleise 6, 20539 Hamburg Contact: Emin Bektesi, Manager Joachim Buettner, Administrator Osdorfer Landstrasse 230, 22549 Hamburg Phone: 8078810 Fax: 807881-20 VOLKSWAGEN AG: Plans to Build Plant in Russia --------------------------------------------- Volkswagen AG has confirmed its plan to put up a plant in Russia, according to Worldwide Projects. However, Russia's Ministry of Industry & Energy has said the fate of the project depends on the outcome of ongoing talks. It added that Volkswagen is eyeing to build a full-scale production complex, not just an assembly site, about 100 kilometers south of Moscow. The carmaker would reportedly invest around US$390,000,000 to establish the plant with an estimated 80,000 to 150,000 annual production capacity. It plans to manufacture VW Pointer cars that will cost no more than US$10,000 each. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 E-mail: info@Volkswagen.ru (Russia) Web site: http://www.volkswagen.de Key Project Contacts: Dr. Bernd Pischetsrieder, Chairman Quality Assurance, R&D, Revision, Sales & Marketing Communications & Chairman (Volkswagen Brand) & Europe Remaining Markets Francisco Javier Garcia Sanz, Director (Procurement) Dr. Jens Newmann, Director (Strategy, Treasurer, Law & Organization) Hans Dieter Potsch, Director (Controlling & Accounting) Dr. Folker Weissberger, Director (Production) & Regional Responsibility for China Dr. Martin Winterkon, Chairman (Audi AG) & Responsible for Technical Development Helmuth Schuster, Head (India Operations) Dick Grosse-Leege, Group Communications Phone: 011 + (49) + (5361) + 923-155 Fax: 011 + (49) + (5361) + 921-473 E-mail: dirk.grosse-leege@volkswagen.de Thomas Mickleit, Head (Corporate Communications) Hans-Gerd Bode, Brand Communications Phone: 011 + (49) + (5361) + 926-655 Fax: 011 + (49) + (5361) + 921-473 E-mail: reinhold.kopp@volkswagen.de Online Assistance Contacts: World Governments Web site: http:///www.gksoft.com/govt/en American Chambers of Commerce Abroad Web site: http://www.uschamber.com/international/directory/ Foreign Embassies in Washington D.C. Web site: http:///www.embassy.org/embassies U.S. Embassies & Consulates Web site: http://usembassy.state.gov U.S. Export-Import Bank (EximBank) Web site: http:///www.exim.gov WCM AG: Aiming to Cut Inter-company Debt by EUR500 Million ---------------------------------------------------------- In addition to the familiar economic problems of the past, the complex group structure and the internal cross-shareholdings were key points of issue the capital market had in respect to WCM AG. With a jointly drafted package of measures, the executive bodies with responsibility at WCM AG (WCM) and the subsidiaries Klockner-Werke AG (Klockner) and RSE AG (RSE) have created the conditions for increasing transparency, while at the same time significantly reducing group receivables and liabilities. The individual steps are: (a) Bundling all RSE shares (over 97%) at Klockner with the option of a subsequent merger, squeeze-out or a disposal of RSE; (b) Termination of the option transaction for RSE shares between WCM and Klockner; (c) Increase of Klockner-Werke AG free float to approximately 32% (previously 22%) -- this results in the WCM holding in Klockner moving down from the current level of 78% to 68%; (d) Before restructuring, the equity ratio at Klockner is 92% -- after restructuring 83%; and (e) Reduction of internal indebtedness of the WCM holding at RSE and Klockner from approximately EUR550 million to only roughly EUR50 million to Klockner. To appreciate these measures, it is necessary to take the current economic starting positions at WCM, RSE and Klockner into account, together with the potential ways forward. As of November 30, 2005, WCM has obligations of EUR264 million to RSE and EUR287 million to Klockner. The obligations to RSE are settled by the sale of Klockner shares at the book value of EUR264 million. With the acquisition of RSE shares at book value from WCM, Klockner can realize claims of EUR236 million. As a result of these measures, Klockner then indirectly receives its own shares, which can be withdrawn at the next Klockner-Werke AG annual general meeting in 2006. The executive bodies of the companies named approved the necessary measures. Key transactions will be made over the next few days. Further steps are to be implemented by the middle of 2006. In addition to these internal steps, we would like to state that agreement has been reached with our main bank in principle on the extension of the loan due to the end of January 2006 to July 31, 2007. In principle, WCM AG has thus been secured to July 31, 2007. "With the steps described above, we have achieved key milestones on the road to the final stabilization of WCM AG and created the higher levels of transparency expected from the capital market," stated Roland Flach, Chairman of the WCM Beteiligungs- und Grundbesitz-AG Management Board. A similar result could also have been achieved by the planned merger of WCM and Klockner. Due to the tax issue, this merger is not currently possible. With the restructuring concept presented, major steps have been realized which would otherwise have been attained by means of a merger. Irrespective of this, a merger is still scheduled once the tax position has been clarified. With the far-reaching elimination of internal debt, an important step has been taken in respect of the targeted strategic alignment of the WCM Group. The strategic alignment calls for a concentration of the WCM Group on operating business at Klockner. To achieve this, further steps were initiated or implemented in 2005: (a) Capital increase at MATERNUS-Kliniken AG, resulting in the company being more competitive and making disposal easier; (b) Capital increase of EUR75 million at KHS AG, the most important Klockner subsidiary; (c) Taking advantage of significant growth options at KHS AG in the international business of filling and packaging technology systems. These include the construction of a new KHS plant in India and the planned acquisition of suitable Companies; (d) The target is to achieve a sales volume of approximately EUR1 billion at KHS AG in the medium term, generating profitability levels, which are above the industry average; and (e) Settlements made with REBON and IG Farben, thus definitively managing material risks for the WCM Group. The members of the Management Boards of the companies involved are confident that the measures described will be beneficial to the business of the Group and take account of the interests of all shareholders concerned. About the Company Headquartered in Frankfurt, Germany, WCM Beteiligungs- und Grundbesitz-AG was founded in 1766 as a textile company, but has since transformed itself into a real estate investment group. Its fortunes slumped dramatically in 2003 when it reported an EUR861 million loss after being forced to write down the value of many of its shareholdings amidst a slump in the stock market. It is now trying to pay debt and sell assets. WCM achieved pre-tax earnings for the Group of -EUR18.7 million (previous year: -EUR25.4 million) with sales of EUR225 million in Q3 (previous year: EUR204 million). Consolidated sales totaled EUR677 million (previous year: EUR655 million) in the first nine months of the 2005 financial year, with pre-tax earnings at -EUR9.3 million (previous year: -EUR31.4 million). The company employs 3,749 people. Its auditor is Hansa Partner GmbH. CONTACT: WCM BETEILIGUNGS- UND GRUNDBESITZ-AKTIENGESELLSCHAFT Opernplatz 2 60313 Frankfurt Phone: +49 (0) 69 90026-0 Fax: +49 (0) 69 90026-110 E-mail: info@wcm.de Web site: http://www.wcm.de Contact: Dieter H. Vogel, Chairman of Supervisory Board Roland Flach, Chairman of the Executive Board Valentin Reisgen, Chief Financial Officer Investor Contact: Marina E. Konig Phone: +49 (0)69 900 26 110 Fax: +49 (0)69 900 26 555 E-mail: ir@wcm.de WCM AG: Ups MATERNUS-Kliniken Shareholding to 76% ------------------------------------------------- By subscribing to further shares in line with the capital increase resolved at the extraordinary general meeting of MATERNUS-Kliniken AG, Langenhangen, WCM Beteiligungs- und Grundbesitz-AG (WCM) has considerably increased its holding. Subscription of the shares will be binding after being entered into the commercial register. After the capital increase is entered into the commercial register, WCM AG will hold a stake of approximately 76% in MATERNUS-Kliniken AG. About the Company Headquartered in Frankfurt, Germany, WCM Beteiligungs- und Grundbesitz-AG was founded in 1766 as a textile company, but has since then transformed into a real estate investment group. Its fortunes slumped dramatically in 2003 when it reported an EUR861 million loss after being forced to write down the value of many of its shareholdings amidst a slump in the stock market. It is now trying to pay debt and sell assets. WCM achieved pre-tax earnings for the Group of -EUR18.7 million (previous year: -EUR25.4 million) with sales of EUR225 million in Q3 (previous year: EUR204 million). Consolidated sales totaled EUR677 million (previous year: EUR655 million) in the first nine months of the 2005 financial year, with pre-tax earnings at -EUR9.3 million (previous year: -EUR31.4 million). The company employs 3,749 people. Its auditor is Hansa Partner GmbH. CONTACT: WCM BETEILIGUNGS- UND GRUNDBESITZ-AKTIENGESELLSCHAFT Opernplatz 2 60313 Frankfurt Phone: +49 (0) 69 90026-0 Fax: +49 (0) 69 90026-110 E-mail: info@wcm.de Web site: http://www.wcm.de Contact: Dieter H. Vogel, Chairman of Supervisory Board Roland Flach, Chairman of the Executive Board Valentin Reisgen, Chief Financial Officer Investor Contact: Marina E. Konig Phone: +49 (0)69 900 26 110 Fax: +49 (0)69 900 26 555 E-mail: ir@wcm.de ========= I T A L Y ========= ALITALIA SPA: November Net Debt Up ---------------------------------- Troubled national carrier Alitalia revealed Thursday a 2.7% rise on its net debt for November, The Associated Press says. Alitalia posted a EUR1.77 billion net debt in November, up from EUR1.72 billion in October. The carrier also revealed its short-term debt rose from EUR291 million in October to EUR302 million in November. Due to it financial fix, Alitalia has been required by stock market regulator CONSOB to provide monthly net debt data. About the Company Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, group net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from its hubs in Rome and Milan and operates a fleet of about 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, the carrier remains in deep financial crisis. Alitalia has posted an annual profit only four times in the past 16 years. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it ALITALIA SPA: Two Other Private Investors Reveal Shareholding ------------------------------------------------------------- Two other investors have acquired stakes in Alitalia S.p.A., Bloomberg News says. Newton Investment Management Ltd., a unit of Mellon Financial Corp.; and Norges Bank, the Norwegian central bank, bought their respective 4.2% and 2.04% stakes during the carrier's EUR1 billion capital hike late last year. Barclay's Plc, U.K.'s third-largest bank, acquired around 7% of Alitalia in November, but reduced its stake to less than 2% on Dec. 9. Walter Capital Management LLP (WCM), which bought an 8.187% stake, is now Alitalia's largest private shareholder. The government still owns a large chunk of Alitalia at 49.9%, down from 62%. About the Company Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, its net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, it remains financially troubled. It has posted a profit only four times in the past 16 years. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it NORGES BANK Postboks 1179, Sentrum, 0107 Oslo Phone: + 47 22 31 60 00 Fax: + 47 22 41 31 05 E-mail: central.bank@norges-bank.no NEWTON INVESTMENT MANAGEMENT LIMITED Mellon Financial Centre 160 Queen Victoria Street London EC4V 4LA Web site: http://www.newton.co.uk WALTER CAPITAL MANAGEMENT LLP Boston House 63-64 New Broad Street London EC2M 1JJ PARMALAT SPA: Parma Prosecutors Have one more Case vs. Tanzi ------------------------------------------------------------ Parmalat S.p.A. founder Calisto Tanzi and three other executives face additional charges for giving illegal contributions to political parties, ANSA says. Parma prosecutors has requested a lower court judge to try Mr. Tanzi, brother Pier Giovanni Tanzi, former Parmalat treasurer Francesco Gorreri and former travel unit head Romano Bernardoni. The four allegedly spent EUR12 million of Parmalat money for "sponsorship actions" for members of parliament, councilors, presidents, secretaries and political and administrative leaders of political parties. The prosecutors allege the accused set up a "system of protection" by lavishing political figures and others involved in banking and finance perks like free travel. Parma prosecutors are also preparing fraud charges against Mr. Tanzi and 63 others. Chief prosecutor Gerardo Laguardia will forward the papers to a preliminary hearing judge shortly. A Milan court is also trying Mr. Tanzi and 15 others on charges of market rigging, false auditing, misleading investors and hindering the regulatory activities of Consob. Parmalat collapsed in December 2003 after revealing a EUR14 billion hole in its accounts. Its collapse left around 150,000 investors scurrying for their money and hoping that current legal actions would bring some investments back. It recently returned to the stock market following a EUR20 billion debt-to-equity swap. CONTACT: PARMALAT S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net =================== K A Z A K H S T A N =================== CARTEL INC: Succumbs to Insolvency ---------------------------------- LLC Cartel Inc. (RNN 150100236602) was declared insolvent on December 1, 2005. Creditors may submit their proofs of claim to Atyrau, Baitursynova Str. 47 on or before February 3, 2006. Call or fax 8 (3122) 32-66-96 for more information. DOROJNIK: Files for Bankruptcy ------------------------------ LLC Dorojnik has declared insolvency. Creditors may file their proofs of claim by calling 8 (3142) 41-05-26. GAP SERVICE: Creditors' Claims Due Today ---------------------------------------- LLC Gap Service has declared insolvency. Creditors may submit their proofs of claim to Almaty, Micro District Shkolnyi-2, House 199 until January 5, 2006. NEW AGE: Declared Insolvent -------------------------------------------- LLC New Age Media Experts (RNN 600700536156) has declared insolvency. Creditors may submit their proofs of claim to Almaty, Muratbayeva Str. 160-33 until January 24, 2006. Call 8 (3272) 68-65-67 for more information. STAR WAY: Deadline for Proofs of Claim February 6 ------------------------------------------------- LLC S.A. Star Way has declared insolvency. Creditors may submit their proofs of claim to Almaty, Abylai-Han Ave. 1a until February 6, 2006. Call 8 (3272) 96-58-06 for more information. YER-NUR STROI: Succumbs to Insolvency ------------------------------------- LLC YER-NUR STROI has declared insolvency. Creditors may submit their proofs of claim to Almaty, Abay Str. House 52b until February 6, 2006. Call 8 (3272) 71-91-49 for more information. =================== K Y R G Y Z S T A N =================== AMANAT: Creditors' Claims Due Next Month ---------------------------------------- CJSC Amanat, which recently became insolvent, will accept proofs of claim until February 20, 2006. Call +996 (312) 41-47-50 for more information. KURCHLO: Creditors to Meet Later this Month ------------------------------------------- Creditors of Private Firm Kurchlo will meet on January 24, 2006, 3:00 p.m. at Bishkek, Chui Ave. House 4, Room 211. Agenda: (a) Presentation of the bankruptcy supervision report; (b) Approval of temporary insolvency manager's report; (c) Others Proxies must have authorization to vote. Creditors may submit their proofs of claim to Bishkek, Chui Ave. House 4, (room 211). CONTACT: STATE TAXATION INSPECTION OF SVERDLOVSK DITRICT Bishkek, Chui Ave. House 4, Room 211 MOSTRANSPROEKT: Gives Creditors Until February to File Claim ------------------------------------------------------------ LLC Mostransproekt, which recently became insolvent, will accept proofs of claim until February 20, 2006. Call +996 (312) 68-32-28 for more information. =================== L U X E M B O U R G =================== STOLT-NIELSEN: Korea's Cartel Office Drops Probe on Subsidiary -------------------------------------------------------------- Stolt-Nielsen Transportation Group, a wholly owned subsidiary of Stolt-Nielsen S.A., said it received a letter from the Korean Fair Trade Commission (KFTC) informing the Company that the Commission had ceased its deliberations in an investigation of cartel activity in the parcel tanker industry. The Company understands that the letter constitutes formal notice that the Commission has voted to close its investigation. The Company is pleased with the Commission's decision. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary Stolt-Nielsen Transportation Group, provides integrated transportation for its customers. Stolt Sea Farm, wholly owned by the Company, produces and markets high quality turbot and Southern bluefin tuna. The Company also owns 25% of Marine Harvest, the world's largest aquaculture company. CONTACT: STOLT-NIELSEN S.A. Richard M. Lemanski Phone: (U.S.A.) 1 203 625 3604 E-mail: rlemanski@stolt.com Jan Chr. Engelhardtsen Phone: (U.K.) 44 20 7611 8972 E-mail: jengelhardtsen@stolt.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Resumes Share Buyback ---------------------------------- On 3 January 2006, Royal Dutch Shell plc purchased for cancellation 400,000 'A' Shares at a price of EUR26.30 per share. It further purchased for cancellation 125,000 'A' Shares at a price of 1,809.51 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,935,100,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * In 2005, Shell returned US$5 billion to shareholders in 2005 via market purchases of shares. This target included shares purchased for cancellation by The Shell Transport and Trading Company plc and Royal Dutch Petroleum Company prior to the Group unification of US$0.5 billion. The Company expects to continue its buyback program in 2006 and will provide an update on the 2006 buy back program with the full year results announcement on February 2, 2006. 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 last 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 ROYAL SHELL: Announces First Crude Oil Shipment from Bonga Field ---------------------------------------------------------------- Shell Nigeria Exploration and Production Company (SNEPCO) has disclosed the first crude oil shipment from the Bonga deepwater oil and gas field offshore Nigeria. The landmark shipment from Nigeria's first deepwater oil discovery involved the pressurized transfer of crude from the Bonga Floating Production Storage and Offloading (FPSO) vessel via a nearly two and a half kilometer long dynamic flexible pipe, to the offshore loading buoy and onto the ocean going tanker. Some 200,000 barrels of crude were loaded onboard the vessel ARION, which completed off-take at about 1:30 p.m. on December 29, 2005 before departing the field. SNEPCO Managing Director Chima Ibeneche said: "We are delighted to be exporting crude from Bonga, following the start-up of production on November 25, 2005. It is a technological triumph that Shell is successfully producing oil and gas from Nigeria's deepwater frontier and we have capped that achievement with the first shipment. It demonstrates Shell's commitment to Nigeria, as one of the world's key energy sources and marks a major milestone for a project which will deliver long term benefits to Nigeria, to Shell and to our partners." Oil production at the Bonga facility is expected to ramp up to some 200,000 barrels per day in 2006. It is significant that shipment was achieved using Bonga's offshore loading buoy -- the world's first, largest and most technologically advanced polyester moored deepwater buoy -- which was built in Nigeria by Nigerdock. * * * Royal Dutch Shell plc is reportedly still losing around 15,000 barrels of oil production per day following a fire at its Nigerian pipeline last month. According to Neftegaz, the oil company also could not yet honor oil supply deals from the country's Bonny Terminal. A spokesman said: "The force majeure is still in place." In December, Shell closed two oilfields in Niger Delta after an unidentified gunman caused a blast on a pipeline it operates. The attack, which resulted in a major spill and fire, forced the company to declare a force majeure, a measure allowing oil companies to breach their supply deals due to uncontrollable circumstances. AFX News, in another report, said the motive behind the explosion has not yet been determined. Investigators suspect the pipeline was intentionally blown up with dynamite. Shell is the biggest player in Nigerian oil, operating two of the country's six export terminals and supplying almost half of its daily exports of 2.5 million barrels. 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 =========== P O L A N D =========== CLOETTA FAZER: Concludes Sale of Polish Subsidiary -------------------------------------------------- In March this year, Cloetta Fazer decided to close its Polish subsidiary due to market conditions that have not allowed operation of a profitable production and sales company in Poland. In September an agreement was signed to transfer the subsidiary's property, machinery and local brands to the local confectionary company Bomilla, a sale that will have no effect on earnings. The transaction has been finalized after receiving the approval of the Polish competition authority. "We are satisfied to have found a solution that will provide new jobs for some of the staff in our wound-up Polish subsidiary," says CEO Karsten Slotte. Of the 320 people who worked for Cloetta Fazer's Polish subsidiary, 80 have been employed by Bomilla. Cloetta Fazer's future strategy in Poland will be to focus on the Group's strongest brands, and has established a sales force that is part of the Group's export organization. "The task of this 40-man sales force will be to continue marketing and selling our prioritized brands on the Polish market. Some employees from the wound-up Polish subsidiary have also been given jobs in the new organization. We are pleased with what has been accomplished in the first few months and see favorable opportunities to strengthen our position in the Polish market," says Karsten Slotte. Cloetta Fazer has been active in Poland for several years. The most popular Cloetta Fazer brands on this market are Dumle, Geisha, Fazer Liqueur Fills and Fazer Blue. About Cloetta Fazer The Cloetta Fazer Group is the Nordic region's leading confectionery company, with a market share of around 22%. The company has production facilities in Sweden and Finland. Cloetta Fazer's strength lies in its many popular brands, such as Fazer Blue, Kexchoklad, Dumle, Geisha, Polly and Center. Its employees number around 1,800 and annual sales in 2004 amounted to approximately SEK3 billion CONTACT: CLOETTA FAZER Karsten Slotte, Managing Director and CEO Mobile: +46 (0)70-687 9922 Curt Petri, CFO Mobile: +46 (0)70-593 2169 Web site: http://www.cloettafazer.com ELEKTRIM S.A.: Viennese Court Vacates Ruling on PTC Shares ---------------------------------------------------------- On Dec. 20, 2005, the Vienna Commercial Court (Austria), ruling on the basis of an application filed by Elektrim Telekomunikacja (Telco), cancelled the first holding of the arbitral award issued in Vienna on Nov. 26, 2004 in the dispute opposing Deutsche Telekom to Elektrim and Telco concerning the PTC shares. This first holding deemed that the transfer of PTC shares by Elektrim to Telco in 1999 was "ineffective" and that the PTC shares subject of such transfer had never left Elektrim. All the other holdings of the arbitral award remain unchanged, including the one concerning the tribunal's lack of jurisdiction over Telco. The Commercial Court determined that the arbitral tribunal, while declaring that it had no jurisdiction over Telco, nonetheless issued an award that was likely to affect Telco's rights. The ruling of the Vienna Commercial Court, which remains appealable, fully confirms Vivendi Universal's (Paris Bourse: EX FP; NYSE: V) position that this award is unenforceable against Telco and does not affect Telco's right of ownership to the PTC shares. In addition, in December 2005 Vivendi Universal acquired from Ymer an additional 2% shareholding in Telco and an additional 1% shareholding in Carcom. As a result, Vivendi Universal now owns 51% of Telco and Carcom. Vivendi Universal also notes that despite the ruling of the Warsaw Court on November 15, 2005 to re-register Telco as a shareholder in PTC and its representatives as members of PTC's corporate bodies in the Register of Commerce, they are still to date refused access to PTC's premises on the instructions of Deutsche Telekom and Elektrim. We also note that Vivendi Universal has commenced proceedings against Deutsche Telekom before the Paris Commercial Court for damages currently estimated at EUR2.2 billion. Vivendi Universal is a leader in media and telecommunications with activities in television and film (Canal+ Group), music (Universal Music Group), interactive games (VU Games) and fixed and mobile telecommunications (SFR Cegetel Group and Maroc Telecom). Elektrim S.A. is a public holding company quoted on the Warsaw Stock Exchange since 1992. Its most valuable assets are Elektrim Telekomunikacja Sp. z o.o., and Elektrownia Patnow- Adamow-Konin S.A. Since 1999 Elektrim has implemented a far-reaching restructuring program to improve its operational efficiency and strengthen its position in the market. It plans to concentrate in two industries -- telecommunications and power. Recently, an English court rejected its appeal of a local court decision declaring it in breach of bond conditions. A public court in September ruled that its bonds were due since the beginning of the year. The company has more than EUR470 million in debt. PTC owns Era, a leading mobile telephone operator. CONTACT: ELEKTRIM S.A. Panska 77/79 00-834 Warszawa Public Relations Ewa Bojar Company Spokesman Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: ewa_bojar@elektrim.pl Investor Relations Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99 Web site: http://www.elektrim.pl KOMPANIA WEGLOWA: Predicts Smaller Profit this Year --------------------------------------------------- Europe's largest coal producer Kompania Weglowa expects net income of PLN236 million this year, according to Puls Biznesu. It reported losses of PLN599.9 million in 2003, but was able to reverse it to a PLN430 million profit in 2004. For 2006, Chief Executive Maksymilian Klank said net income will only be PLN160 million. The company increased its investment last year by PLN163 million to PLN651 million. It will sell coal via the Internet for the first time this year. It expects the scheme to bring in additional sales of PLN10 billion. Kompania Weglowa has 17 mines and 69,000 employees. It produces about 55 million tons of coal a year. It owes creditors nearly PLN4 billion. CONTACT: KOMPANIA WEGLOWA Powstancow 30, 40-039 Katowice slaskie katowickie m. Katowice Phone: 0048. 32 7572211 Fax: 0048. 32 2555453 Web site: http://www.kwsa.pl =========== R U S S I A =========== BELGOROD-PROJECT-STROY - 96: Bankruptcy Hearing Set Next Month -------------------------------------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on open joint stock company Belgorod-Project-Stroy - 96 (TIN 3123033844). The case is docketed as A08-8310/05-11. Mr. V. Petrochenko has been appointed temporary insolvency manager. A hearing will take place on February 7, 2006, 2:30 p.m. at the Arbitration Court of Belgorod region at 308610, Russia, Belgorod region, Narodnyj Avenue, 135, Room 18. CONTACT: BELGOROD-PROJECT-STROY - 96 308002, Russia, Belgorod region, B. Khmelnitskogo Str. 133 "zh" V. PETROCHENKO Temporary Insolvency Manager 308002, Russia, Belgorod region, B. Khmelnitskogo Str. 133 "zh", Office 509 Phone/Fax: 8(0722) 26-17-98 DALNEGORSKAYA: Succumbs to Bankruptcy ------------------------------------- The Arbitration Court of Primorye region commenced bankruptcy proceedings against Dalnegorskaya after finding the agro company insolvent. The case is docketed as A51-14918/05 26-218 B. Mr. A. Krasovskiy has been appointed insolvency manager. CONTACT: A. KRASOVSKIY Insolvency Manager 692443, Russia, Primorye region, Dalnegorsk, 8th Marta Str. 2, Apartment 32 DALNEVOSTOCHNAYA BUILDING: Under Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on open joint stock company Dalnevostochnaya Building Corporation. The case is docketed as A73-11331/05-38. Mr. A. Mikhaylovskiy has been appointed temporary insolvency manager. CONTACT: DALNEVOSTOCHNAYA BUILDING CORPORATION Russia, Khabarovsk region, Promyshlennaya Str. 12 A. MIKHAYLOVSKIY Temporary Insolvency Manager 680013, Russia, Khabarovsk region, Leningradskaya Str. 28, ABK #8, Office 318 GAGARIN-AGRO-TEKH-SERVICE: Declared Insolvent --------------------------------------------- The Arbitration Court of Smolensk region commenced bankruptcy proceedings against Gagarin-Agro-Tekh-Service after finding the open joint stock company insolvent. The case is docketed as A-62-1175/2005 (627-N/05). Mr. P. Protsenko has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to 215010, Russia, Smolensk region, Gagarin, Selkhoztekhniki Proezd, 5. CONTACT: GAGARIN-AGRO-TEKH-SERVICE Russia, Smolensk region, Gagarin, Selkhoztekhniki Proezd, 5 P. PROTSENKO Insolvency Manager 215010, Russia, Smolensk region, Gagarin, Selkhoztekhniki Proezd, 5 KUTUYSKOYE: Insolvency Manager Enters Firm ------------------------------------------ The Arbitration Court of Khabarovsk region has commenced bankruptcy supervision procedure on limited liability company Kutuyskoye. The case is docketed as A73-11338/2005-38. Mr. E. Pak has been appointed temporary insolvency manager. CONTACT: KUTUYSKOYE Russia, Khabarovsk region, Okhotsk, Zavodskaya Str. 1 E. PAK Temporary Insolvency Manager 680009, Russia, Khabarovsk region, Promyshlennaya Str. 20 MIX-OIL: Bankruptcy Court Sets Hearing January 24 ------------------------------------------------- The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on limited liability company Mix-Oil. The case is docketed as A-70-6471/3-05. Creditors may submit their proofs of claim to 625046, Russia, Tyumen region, Motostroiteley Str. 14, Building 1, Office 1. A hearing will take place on January 24, 2006, 9:20 a.m. at Russia, Tyumen region, Khokhryakova Str. 77. CONTACT: T. ISAEVA Temporary Insolvency Manager 625046, Russia, Tyumen region, Motostroiteley Str. 14, Building 1, Office 1 NARTKALINSKIY DISTILLERY: Under Bankruptcy Supervision ------------------------------------------------------ The Arbitration Court of Kabardino Balkariya republic has commenced bankruptcy supervision procedure on open joint stock company Nartkalinskiy Distillery. The case is docketed as A20-7802/2005. Ms. Y. Chernikova has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 129110, Russia, Moscow region, M. Ekaterininskaya Str. 17/21. A hearing will take place on February 27, 2006. CONTACT: NARTKALINSKIY DISTILLERY Russia, Kabardino Balkariya republic, Nartkala, Oshnokova Str. 1 Y. CHERNIKOVA Temporary Insolvency Manager 129110, Russia, Moscow region, M. Ekaterininskaya Str. 17/21 PSEBAYSKOYE: Insolvency Manager Takes over Firm ----------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on open joint stock company Psebayskoye. The case is docketed as A-32-37006/05-37/489-B. Mr. A. Mavrov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 350075, Russia, Krasnodar region, Stasova Str. 180. CONTACT: PSEBAYSKOYE 352570, Russia, Krasnodar region, Mostovskiy region, Psebay, Sovetskaya Str. 276 A. MAVROV Temporary Insolvency Manager 350075, Russia, Krasnodar region, Stasova Str. 180 TYUMENSKAYA COMPLEX: Names External Insolvency Manager ------------------------------------------------------ The Arbitration Court of Tyumen region has commenced external management bankruptcy procedure on close joint stock company Tyumenskaya Complex Geological Exploration Expedition (TIN 7202054072). The case is docketed as A-70-4114/3-2005. Mr. V. Korchemkin has been appointed external insolvency manager. CONTACT: TYUMENSKAYA COMPLEX GEOLOGICAL EXPLORATION EXPEDITION 625031, Russia, Tyumen region, Druzhby Str. 128 V. KORCHEMKIN External Insolvency Manager 625000, Russia, Tyumen region, Post User Box 3569 ARBITRATION COURT OF TYUMEN REGION 625000, Russia, Tyumen region, Khokhryakova Str. 77 VERDEEVSKIY DISTILLERY: Undergoes External Management Procedure --------------------------------------------------------------- The Arbitration Court of Ryazan region has commenced external management bankruptcy procedure on open joint stock company Verdeevskiy Distillery. The case is docketed as A54-1306/05-S6. Mr. E. Porkhunov has been appointed external insolvency manager. CONTACT: VERDEEVSKIY DISTILLERY 391824, Russia, Ryazan region, Skopinskiy region, Verderevo E. PORKHUNOV External Insolvency Manager 390013, Russia, Ryazan region, Zavrazhnova Pr. 5, Office 14 ============= U K R A I N E ============= KONOTOP' REPAIR-MECHANICAL: Collapses into Bankruptcy ----------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on OJSC Konotop' Repair-Mechanical Plant (code EDRPOU 30640200) on October 31, 2005. The case is docketed as 6/108-05. Mr. Dmitro Kozin (License Number AA 487785) has been appointed temporary insolvency manager. The company holds account number 26006001524001 at JSCB Nadra, Konotop branch, MFO 337212. Creditors have until January 6, 2005 to submit their proofs of claim to: (a) KONOTOP' REPAIR-MECHANICAL PLANT Ukraine, Sumi region, Konotop, Parkivska Str. 18 (b) DMITRO KOZIN Temporary Insolvency Manager 40035, Ukraine, Sumi region, Internatsionalistiv Str. 5, office 22 (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue 18/1 SLAVIYA-AUTO: Declared Insolvent -------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Slaviya-Auto (code EDRPOU 32297534) on November 8, 2005 after finding the limited liability company insolvent. The case is docketed as 19/231 (05). Mr. Sergij Bagmet has been appointed liquidator/insolvency manager. Creditors have until January 6, 2005 to submit their proofs of claim to: (a) SLAVIYA-AUTO 69120, Ukraine, Zaporizhya region, Avramenko Str. 2 (b) SERGIJ BAGMET Liquidator/Insolvency Manager 69104, Ukraine, Zaporizhya region, Avramenko Str. 2 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 SPECPROEKT: Under Bankruptcy Supervision ---------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on LLC Specproekt (code EDRPOU 22766263) on October 31, 2005. The case is docketed as 2/289-B. Mr. Oleg Barabash (License Number AB 176168) has been appointed temporary insolvency manager. The company holds account number 26004170248001 at JSB Privatinvest, Hmelnitskij branch, MFO 315717. Creditors have until January 6, 2005 to submit their proofs of claim to: (a) SPECPROEKT 29000, Ukraine, Hmelnitskij region, Ternopilska Str. 34/166 (b) OLEG BARABASH Temporary Insolvency Manager 29000, Ukraine, Hmelnitskij region, Tiha Str. 25 (c) ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square 1 STEP: Zaporizhya Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Step (code EDRPOU 22142692) on October 20, 2005 after finding the limited liability company insolvent. The case is docketed as 19/223. Ms. Oleksandra Mitrofanova (License Number AB 216986) has been appointed liquidator/insolvency manager. The company holds account number 2600930012042 at JSCB Ukrsocbank, MFO 313452. Creditors have until January 6, 2005 to submit their proofs of claim to: (a) STEP 71100, Ukraine, Zaporizhya region, Berdyansk, 12 Grudnya Str. 15 (b) OLEKSANDRA MITROFANOVA Liquidator/Insolvency Manager Phone: (06153) 2-56-21 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 TRANZIT: Appoints Temporary Insolvency Manager ---------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on Private Enterprise Tranzit (code EDRPOU 30010327) on November 22, 2005. The case is docketed as B 29/237/05. Mr. Bojko Mikola (License Number AA 669630) has been appointed temporary insolvency manager. Creditors have until January 6, 2005 to submit their proofs of claim to: (a) TRANZIT 52700, Ukraine, Dnipropetrovsk region, Petropavlivka, Zhovtneva Str. 104 (b) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a * Row with Russia Poses No Urgent Threat to Ratings, Fitch Says --------------------------------------------------------------- Fitch Ratings has said that the escalation of tensions in the ongoing gas price dispute between Russia and Ukraine is a serious concern, although the situation remains fluid. Both sides are under considerable pressure from the European Union to resolve the dispute and, while Fitch will continue to monitor developments closely, it would be premature to take any sovereign rating action at the present time. Ukraine's foreign and local Issuer Default Ratings (IDR) are both 'BB-' with Positive Outlooks. Fitch notes that a fourfold increase in the price that Ukraine pays for its gas imports from Russia would represent a serious external shock for the Ukrainian economy. However, while it would boost the import bill significantly, the final net effect on the current account could be contained by a concurrent increase in transit fees for the transport of Russian gas to the E.U. More significantly, the higher energy prices would increase near-term inflationary pressures while having a negative impact on domestic industrial production. Ukraine's economy is already in a weak position with GDP growth having slowed sharply over the last year. After showing some initial signs of recovery during the autumn, real GDP contracted by 2.7% in November compared to a year earlier, resulting in growth for the first 11 months of 2005 of just 2.2%, and more than a third of Ukrainian firms continue to run at a loss. Against this background, it seems likely that sharply higher domestic energy prices would force a large part of the industrial base into a period of rapid and painful restructuring. Nonetheless, a lasting and severe physical shortage of energy is unlikely since, with 80% of Russian exports to Western Europe passing through Ukraine, Russia would be unable to cut off supplies to Ukraine without simultaneously affecting its major European trading partners. Despite the challenging economic outlook, Ukraine's IDRs remain supported by low general government and net external debt ratios, which are far below those of its rated peers. In addition, near-term support to the external position is provided by official foreign exchange reserves of over US$19 billion. Fitch's willingness to convert the Positive Outlook on the IDR into an upgrade of Ukraine's sovereign ratings will be determined by political developments, how well macroeconomic management responds to this, or other shocks and concrete progress with structural reforms. The possibility of a united and strong government emerging after the March 2006 Rada election that is capable of delivering in these key policy areas now hinges on how the main political players react to the domestic political arguments of the past year and the external foreign policy pressures created by the current dispute with Russia. Even with a strong government, institutional weaknesses and opposition from powerful vested interests will be working against rapid progress. CONTACT: FITCH RATINGS Sharon Raj, London Phone: +44 (0) 20 7417 6341 Paul Rawkins Phone: +44 (0) 20 7417 4239 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com =========================== U N I T E D K I N G D O M =========================== ALENOY LIMITED: Appoints DTE Leonard Curtis Administrator --------------------------------------------------------- J. M. Titley, N. Bennett and A. Poxon (IP Nos 8617, 9083 and 8620) of DTE Leonard Curtis were appointed administrators of Alenoy Limited (Company No 02958244) on Dec. 9. CONTACT: ALENOY LTD. Bowling Back Lane Bradford BD4 8SS West Yorkshire Phone: 01274 726767 Fax: 01274 307010 DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com ANGLO AMERICAN: Sets Final Substantive Closure Distribution Date ---------------------------------------------------------------- Notice of Final Substantive Closure Distribution The Scheme Administrators of Anglo American Insurance Company Limited have set the Final Substantive Closure Distribution as set out below, and subject to the cap of 100% on aggregate Scheme and Amending Payments applicable under Clause 8.6.2 of the Amending Scheme of Arrangement, the increased payments due will be paid to creditors on the Final Substantive Closure Distribution on Jan. 27, 2006. Existing Payment Final Substantive Closure Percentage Distribution Percentage Anglo 90% 100% A.J. MCMAHON AND J.M. WARDROP Scheme Administrators CONTACT: CMGL, Ibex House 42-47 Minories London EC3N 1HN Phone: +44 (0) 20 7680 6600 Fax: +44 (0) 20 7680 0202 E-mail: angloamericaninsurance@kpmg.co.uk APEX PITCHMASTIC: Administrators Take over Firm ----------------------------------------------- A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard Curtis were appointed administrators of Apex Pitchmastic Limited (Company No 01269382) on Dec. 19. The company offers roofing and construction services. Its registered office is at 15 Warwick Road, Stratford-upon-Avon, Warwickshire CV37 9YW. CONTACT: APEX PITCHMASTIC LTD. Spartan House/20 Carlisle St Sheffield, S4 7LJ Phone: 0114-272 8724 DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com AUTOCUE INTERNATIONAL: Names Ernst & Young Administrator -------------------------------------------------------- Alan Michael Hudson and Michael David Rollings (IP Nos 9200, 8107) of Ernst & Young were appointed joint administrators of Autocue International Limited (Company No 03906331) on Dec. 16. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com BAR YAHOO: Brings in Begbies Traynor Administrators --------------------------------------------------- Steven Williams and David Acland (IP Nos 8887, 8894) of Begbies Traynor were appointed administrators of Bar Yahoo Limited (Company No 03816906) on Dec. 13. CONTACT: BEGBIES TRAYNOR 1 Winckley Court Chapel Street Preston PR1 8BU Phone: 01772 202000 Fax: 01772 200099 E-mail: preston@begbies-traynor.com Web site: http://www.begbies.com BEACON RECRUITMENT: Hires Liquidator ------------------------------------ M. Phillips, chairman of Beacon Recruitment Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at Start Business Centre, 25 Barnes Wallis Road, Fareham, Hampshire. Barry P. Knights of Knights & Company, Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP was appointed liquidator. CONTACT: BEACON RECRUITMENT LTD. 25 Hampden Way, Eynesbury St. Neots, Cambridgeshire PE19 2JQ Phone: 01480356188 KNIGHTS & CO. 1st Floor Milford House 43-45 Milford Street Salisbury Wiltshire SP1 2BP Phone: 01722 330688 Fax: 01722 414546 BERNHARD METALS: Aluminum Alloy Maker Folds up ---------------------------------------------- J. M. Titley, A. Poxon and N. Bennett (IP Nos 8617, 8620, 9083) of DTE Leonard Curtis were appointed administrators of Bernhard Metals (UK) Limited (Company No 1581522) on Dec. 9. Bernhard Metals Group -- http://www.bernhardmetals.co.uk/-- produces secondary aluminum alloy. It has manufacturing facilities at Derby and Bradford with a combined capacity of 60,000 tons p.a. CONTACT: BERNHARD METALS (UK) LIMITED Litchurch Lane Derby DE24 8AA United Kingdom Phone: +44 (0) 1332 297 788 Fax: +44 (0) 1332 253 156 E-mail: inquiries@bernhardmetals.com DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com BRITISH NUCLEAR: Sells Westinghouse Rights to Washington Group -------------------------------------------------------------- Washington Group International (Nasdaq: WGII) disclosed on Dec. 29, 2005 an agreement completing the acquisition of British Nuclear Fuels plc's rights to future profits of Westinghouse Government Services Company and Westinghouse Government Environmental Services Company, the former Westinghouse government services businesses that Washington Group and BNFL jointly purchased six years ago from CBS Corporation. Pursuant to the agreement, Washington Group paid BNFL US$36.2 million in cash, and BNFL is no longer responsible for obligations of these entities, including certain pension and retiree medical plans. The total consideration of approximately US$42 million (which includes certain working capital and other liability adjustments) is expected to approximate the fair value of assets acquired, including amounts allocated to current contracts. Under a previous agreement announced in August 2004, Washington Group agreed to pay BNFL 40% of the profits from the existing legacy contracts of the two businesses, 40% of the profits on future Washington Group contracts at certain U.S. Department of Energy sites and one Department of Defense operation, and 10 percent of the profits from all other contracts Washington Group holds with DOE sites through September 30, 2012. In exchange, Washington Group controlled the Westinghouse Government Services Company and the Westinghouse Government Environmental Services Company. The company is proceeding with an independent valuation of the current contracts and other acquired assets in order to finalize the purchase price allocation for accounting purposes. The transaction is expected to be accretive to future earnings after deducting amortization related to acquired assets. The company is not changing guidance for 2006 earnings at this time. Washington Group leads in providing engineering, construction, management and risk assessment services to manage national security and laboratory infrastructure; destroy or stabilize weapons of mass destruction, nuclear waste and other hazardous materials; and operate, manage and/or close high-hazard facilities. Washington Group's service to the DOE and its predecessor agencies dates back to the Manhattan Project where the company was one of six original contractors recruited to help the government in that critical research and national defense project. Washington Group's current projects include helping to manage the Los Alamos National Laboratory, Idaho National Laboratory and Savannah River National Laboratory; performing environmental cleanup and closure of high-hazard facilities in Washington, Idaho, Ohio, Tennessee, South Carolina, and New York; and operating the nation's only licensed deep geological repository for nuclear waste. The company is also under contract to destroy nearly 80 percent of the chemical weapons stockpiled by the United States. Through its operation and management of six facilities, the company has already destroyed more than 600,000 chemical weapons and almost 6 million pounds of chemical agent. About Washington Group International Washington Group International (http://www.wgint.com)provides the talent, innovation, and proven performance to deliver integrated engineering, construction, and management solutions for businesses and governments worldwide. With approximately 25,000 employees at work in more than 30 countries, Washington Group provides professional, scientific, management, and development services in more than two dozen major markets including power generation, transmission and distribution, and clean-air solutions; environmental remediation; heavy civil construction; mining; nuclear services; defense, homeland security, and global threat reduction; industrial, chemical, and pharmaceutical processing; manufacturing; facilities operations and management; transportation; and water resources. About BNFL BNFL is selling assets to make itself 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 has 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 BSA CASTINGS: Creditors Meeting Set Next Week --------------------------------------------- Company Names: BSA CASTINGS LIMITED BSA HOLDINGS LIMITED BSA METAL POWDERS LIMITED BSA (REDDITCH PROPERTY) LIMITED DEANS SYSTEMS LIMITED Creditors of these companies will meet on January 10, 2006 commencing at 10:15 a.m. and a 15-minute interval thereafter. It will be held at Great Eastern Hotel, Liverpool Street, London EC2M 7QN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to A. M. Hudson, joint administrative receiver of Ernst & Young, George House, 50 George Square, Glasgow G2 1RR BSA Castings -- http://www.bsaprecision.co.uk/-- produce castings in a wide variety of materials including aluminium, copper and steel across a vast number of general engineering market sectors. CONTACT: BSA PRECISION CASTINGS Shawbank Road Lakeside Redditch Worcestershire B98 8YN United Kingdom Phone: 00 (44) 01527 527 501 Fax: 00 (44) 01527 502 533 E-mail: sales@bsaprecision.co.uk ERNST & YOUNG LLP George House 50 George Square Glasgow G2 1RR Phone: +44 [0] 141 626 5000 Fax: +44 [0] 141 626 5001 Web site: http://www.ey.com CAPITAL EMPLOYMENT: Creditors to Meet Today ------------------------------------------- Company Names: CAPITAL EMPLOYMENT LIMITED COMPLEMENTARY CARE SERVICES LIMITED CORINTH HEALTHCARE LIMITED CORINTH HEALTHCARE SERVICES LIMITED CORINTH MEDICAL SERVICES LIMITED CORINTH MEDISTAFF LIMITED JPM SERVICES LIMITED Creditors of these companies will meet on January 5, 2006, 11 a.m. at The New Connaught Rooms, 61-65 Great Queen Street, Covent Garden, London WC2B 5DA. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to M. E. Mills, joint administrative receiver from Ernst & Young, 1 More London Place, London SE1 2AF. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com CAPITAL GLASS: Hires Liquidator from Begbies Traynor ---------------------------------------------------- S. Bennett, chairman of Capital Glass Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 18 at 5th Floor, Riverside House, 31 Cathedral Road, Cardiff. David Hill and John W. Davies of Begbies Traynor, 5th Floor, Riverside House, 31 Cathedral Road, Cardiff were appointed Joint Liquidators. CONTACT: CAPITAL GLASS LTD. 616 Kingsway Avenue SE Medicine Hat Phone: 527-3331 BEGBIES TRAYNOR 4th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB Phone: 029 2022 5022 Fax: 029 2022 4523 E-mail: cardiff@begbies-traynor.com Web site: http://www.begbies.com CHELSFIELD UPHOLSTERY: Goes into Liquidation -------------------------------------------- P. Finch, chairman of Chelsfield Upholstery Ltd., informs that a resolution to wind up the company was passed at an EGM held on Nov. 18 at Taunton House, Waterside Court, Medway City Estate, Rochester, Kent ME2 4NZ. Adelle Firestone, certified accountant from Firestones, Taunton House, Waterside Court, Medway City Estate, Rochester, Kent ME2 4NZ, was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. CONTACT: CHELSFIELD UPHOLSTERY LIMITED Peter Finch FAMU Unit 3, Little Caring Farm Maidstone, Kent, ME17 1TH Phone: 01622 863069 Fax: 01622 862066 E-mail: finch.p@btinternet.com CORNISH FRUIT: Files for Liquidation ------------------------------------ A. Gillam, chairman of Cornish Fruit Company Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 24 at The Brookdale Hotel, Tregolls Road, Truro, Cornwall TR1 1JZ. Giles Richard Frampton of Richard J Smith & Co, 53 Fore Street, Ivybridge, Devon PL21 9AE was appointed liquidator. Cornish Fruit -- http://cornishfruit.co.uk/about.html-- is a small fruit growing business specializing in strawberry and raspberry production. It grows the fruits in five different sites. Brothers Andy and Tom Gillam manage the business with support from their father Alan Gillam. CONTACT: RICHARD J. SMITH & CO. Norfolk House 16 Lemon St. Truro Cornwall TR1 2LS UK Phone: 01872 261132 Fax: 01872 261134 CREATIVE CONCEPTS: Calls in Liquidator -------------------------------------- P. Harber, chairman of Creative Concepts & Exhibitions Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 24 at Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD. Michael W. Young of Vantis Business Recovery, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD was appointed liquidator. CONTACT: CREATIVE CONCEPTS & EXHIBITIONS LIMITED Unit 11 Windmill Trading Estate Thistle Road Luton LU1 3XJ United Kingdom Phone: (01582) 722480 Fax: (01582) 457817 Web site: http://www.creativeconcepts.co.uk VANTIS BUSINESS RECOVERY Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD Phone: 01727 811111 Fax: 01727 810057 E-mail: nhamiltons@aol.com Web site: http://www.vantismt.com ELITE CONSERVATORY: In Liquidation ---------------------------------- S. Kirk, chairman of Elite Conservatory Roofing Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 18 at Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE2 1TJ. William Paxton of Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE1 1TJ was appointed liquidator. CONTACT: ELITE CONSERVATORY ROOFING LTD. Washington Tyne and Wear NE37 1PP Phone: 0191 4155558 ROBSON LAIDLER LLP Fernwood House, Fernwood Road, Jesmond, Newscastle upon Tyne Liquidator: W Paxton Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk ELVEDEN PRINTERS: Hires Administrators from Pridie Brewster ----------------------------------------------------------- Hasan Imam Mirza and Clive Robert Hammond (IP Nos 8970, 4052) of PB Recovery Limited were appointed administrators of Elveden Printers Limited (Company No 02933961) on Dec. 14. The company manufactures and distributes illuminated signs. CONTACT: PRIDIE BREWSTER St Andrew's House 18-20 St. Andrew Street London EC4A 3AJ Phone: 020 7282 5900 Fax: 020 282 5901 E-mail: chammond@bridie.brewster.com ESSENTIS LIMITED: Back-office Services Provider Folds up -------------------------------------------------------- William John Turner and Kevin Anthony Murphy (IP Nos 9049, 8349) of Chantrey Vellacott DFK were appointed administrator of Essentis Limited (Company No 04779364) on Dec. 20. Established in 1986, Essentis Limited -- http://www.essentis.com/aboutus.html-- specializes in back-office card management systems. Its clients include ABN Amro, Union Bank of Switzerland, PKO Bank Polski, Barclays Bank, GZS, Bank of China and Bank of Communications. CONTACT: ESSENTIS LTD. 4th floor, Edward Hyde Building 38 Clarendon Road Watford WD17 1SG United Kingdom Phone: +44 (0) 1923 422510 Fax: +44 (0) 1923 422555 E-mail: info@essentis.com CHANTREY VELLACOTT DFK Russell Square House, 10-12 Russell Square, London WC1B 5LF Phone: 020 7509 9000 Fax: 020 7436 8884 Web site: http://www.cvdfk.com FAIRHAVEN TEXTILES: BWC Liquidators Move in ------------------------------------------- C. H. Scaife, chairman of Fairhaven Textiles Limited (t/a Fairhaven Machinery), informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU. Gary E. Blackburn and Paul A. Whitwam of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU were appointed Joint Liquidators. CONTACT: FAIRHAVEN TEXTILES LTD. Thornton Road Bradford BD8 9RE West Yorkshire Phone: 01274 362000 Fax: 01274 362001 Web site: http:/www.fairhavenltd.com BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com GALLAHER GROUP: Completes Takeover of CITA Tabacos -------------------------------------------------- Gallaher Group plc has revealed that, following receipt of regulatory clearances from competition authorities, it completed the acquisition of CITA Tabacos de Canarias SL and its group companies (CITA) on 2 January 2006. As part of the transaction, Gallaher has acquired Tabacos Canary Islands S.A. and Tabacos La Nubia SL. About CITA In 2004, CITA sold some 5.4 billion cigarettes (2003: some 5.6 billion) and 124.9 million cigars (2003: 117.1 million). TACISA manufactured 4.1 billion cigarettes in 2004 (2003: 4.9 billion) and LA NUBIA manufactured 6.7 million cigars (2003: 5.8 million). In the first half of 2005, led by its main cigarette brand Coronas Blond, CITA held cigarette market shares of: 4.2% in the Spanish Peninsula; 18.2% in the Canary Islands; and, 1.4% in Portugal. In the same period, Gallaher's cigarette market shares were: 1.9% in the Spanish Peninsula, 7.8% in the Canary Islands, and 1.4% in Portugal. The approximate sizes of the cigarette markets in the Spanish Peninsula, Canary Islands and Portugal are 91 billion, 5.7 billion and 16.4 billion, respectively. In 2005 H1, mainly through its core cigar brands Victoria, Alvaro, Rex and Coronas Reserva, CITA had 9.6% of the cigar market in the Spanish Peninsula. About Gallaher Group plc The Gallaher Group Plc, an international tobacco manufacturing and wholesale company with headquarters in the U.K., has leading positions in Austria, Germany, Kazakhstan, 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. In July, Gallaher completed the employee consultation process in relation to its proposals for further restructuring of its European operations. The plans will result in the loss of some 250 operational jobs in Europe. The Group's previous operational and administrative restructuring programs were expected to incur exceptional charges in the region of GBP65 million (of which, a total of GBP56 million had been charged in 2003 and 2004) and result in annualized savings of at least GBP20 million by the end of 2005. Including this recent initiative, the total restructuring costs are now expected to be around GBP95 million, resulting in annualized savings of at least GBP30 million by the end of 2007. 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 Contact: Claire Jenkins Director, Investor relations Phone: 01932 859 777 CARDEW GROUP Anthony Cardew Phone: 020 7930 0777 GOSHAWK INSURANCE: Rosemont Ups Reserve for Hurricane Katrina ------------------------------------------------------------- Following their appointment on 18 November 2005, the new Board and management of Goshawk Insurance Holdings plc and its subsidiary Rosemont Re Ltd. have undertaken a review of the loss provisions that have been established in the light of the 2005 hurricanes and some of the legacy issues arising from business in earlier years. Rosemont Re is taking a more conservative approach to catastrophe loss escalation, which will result in additional reserves in the region of US$25 million (leading to an aggregate estimated reserve of US$130 million net) being established for hurricanes Katrina, Rita and Wilma. Further reserves are also likely to be established for some of the legacy (non-catastrophe) business underwritten in prior years. In addition, the previously announced breaches of certain banking covenants by the Group have resulted in Rosemont Re being required to recognize in its accounts a GBP15 million liability to the Group's Banks (although this will have no effect in the Group's consolidated accounts which already include the liability as part of the Group's outstanding debt). As a result of the increased loss provisions and liability recognition (offset to an extent by the proceeds of the recent disposal and premiums earned during the period to 31st December 2005), Rosemont Re's statutory solvency is below the minimum level required under the license granted to it by the Bermuda Monetary Authority (BMA). The BMA has substantial powers in relation to the entities it regulates and Rosemont Re will now be required to receive BMA consent to any distribution made by Rosemont Re to its parent company. In addition, the Group continues to be in breach of various covenants and undertakings to its Banks. The Directors are continuing to explore with the BMA and the Group's Banks possible options regarding the current working capital position of the Group (which was set out in detail in the circular to shareholders dated 28 November 2005) including a possible equity issue, although there can be no certainty at this stage that this will lead to a resolution of these matters. This announcement contains statements that are forward-looking in nature. Such statements are based on currently available information. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results or outcome to differ materially from projections made in forward-looking statements made by the Company. About the Company GoshawK Insurance Holdings plc is a London-based holding company which, through its subsidiary Rosemont Reinsurance Limited, underwrites specialist reinsurance business for its clients internationally. For the year ended 31 December 2004, it reported loss after tax of US$3 million compared to a loss after tax of US$108 million a year earlier. Together with reserve movements of US$4 million, this represented a decrease of US$7 million in net assets, which stand at US$172 million. On September 6, GoshawK announced its preliminary net loss estimate. Since then, market loss estimates have nearly doubled causing the company to increase its gross loss estimate by 30% from US$99 million to US$130 million. This resulted in an increased net loss estimate for Katrina from a range of US$25 million to US$30 million to a revised total of US$60 million. CONTACT: GOSHAWK INSURANCE HOLDINGS PLC 52 Jermyn Street London SW1Y 6LX Phone: +44 (0) 20 7499 2355 Fax: +44 (0) 20 7491 7247 Web site: http://www.goshawk.co.uk HAUTIN LTD.: Appoints Liquidator from Fergusson ----------------------------------------------- Brian Whitfield, director of Hautin Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at Fergusson & Co. Ltd., Shackleton House, Falcon Court, Preston Farm Industrial Estate, Stockton on Tees TS18 3TS. Malcolm Edward Fergusson of Fergusson & Co. Ltd., Shackleton House, Falcon Court, Preston Farm Industrial Estate, Stockton on Tees TS18 3TS was appointed liquidator. CONTACT: HAUTIN LTD. Unit 8b Royce Avenue Billingham TS23 4BX Cleveland Phone: 01642 370094 Fax: 01642 563813 Web site: http://www.hautintarpaulins.co.uk Contact: Brian Whitfield, Managing Director FERGUSSON & CO LIMITED Shackleton House Falcon Court Preston Farm Stockton On Tees North Yorkshire TS18 3TS Phone: 01642 669 155 Fax: 01642 613 535 IN WWW: Liquidator from Jeffreys Henry Moves in ----------------------------------------------- I. Giumba, chairman of In WWW Ltd., informs that a resolution to wind up the company was passed at an EGM held on Nov. 23 at Fergusson House, 124-128 City Road, London EC1V 2NJ. C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City Road, London EC1V 2NJ was appointed liquidator. CONTACT: IN WWW LTD. 283 Archway Road Highgate London N6 5AA E-mail: mircea@inwww.ltd.uk Phone: +44 020 8347 0202 Fax: +44 020 8374 7478 Web site: http://www.inwww.ltd.uk 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 KOOKAI: Fashion Chain Goes into Administration ---------------------------------------------- Neville Kahn, Nick Dargan and Lee Manning of Deloitte have been appointed administrators of Adjustbetter Limited, which carries out the U.K. trade of Kookai from 55 outlets across the country. The administrators are carrying out a rapid review of the business and in the meantime the business continues to trade until a buyer for some or all of the business as a going concern is found. Neville Kahn said: "Kookai is a very strong retail brand. For some time there has been uncertainty over the franchise arrangements with Kookai SA and this administration enables more stability to be brought into the business. The operations will continue to trade and I am very confident that with the support of staff, customers and suppliers we will be able to conclude a sale of some or all of the business as a going concern." Kookai trades from 25 stores and 30 concessions. It employs 600 people. Adjustbetter Limited is a wholly owned subsidiary of Forminster Plc whose shares were suspended on 22 December 2005. * * * The administration came after Forminster, the U.K. franchise holder for the Kookai brand, failed to renegotiate brand licensing contract with the latter's French parent Vivarte last month. Trading in Forminster shares on the AIM market were suspended Dec. 22, 2005. According to The Telegraph, Kookai owes GBP8 million to creditors, mostly landlords and suppliers, principally Vivarte. CONTACT: DELOITTE Stonecutter Court 1 Stonecutter Street London United Kingdom EC4A 4TR Phone: +44 (0)20 7936 3000 Fax: +44 (0)20 7583 1198 Web site: http://www.deloitte.com/ Contact: Emma Thorogood, Public Relations Phone: +44 207 303 6264 KOOKAI Web site: http://www.kookai.co.uk/ LDV LIMITED: Automaker Hires Administrator ------------------------------------------ Anthony Victor Lomas, Robert Jonathan Hunt and Mark David Charles Hopkins (IP Nos 7240, 8597, 8365) of PricewaterhouseCoopers LLP were appointed administrators of LDV Limited (Company No 02774680) on Dec. 16. LDV Group Limited -- http://www.ldv.co.uk/-- designs, manufactures and distributes light commercial vehicles in Europe. It is the maker of MAXUS, Convoy and Pilot models. CONTACT: LDV LTD. Bromford House, Drews Lane Birmingham B8 2QP West Midlands Phone: 0121 322 2000 Fax: 0121 327 4487 PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com MERLIN BIOSCIENCES: Investors Demand Swift End to SFO Probe ----------------------------------------------------------- International private equity groups with investments in Merlin Biosciences Ltd. have asked the Serious Fraud Office to speed up its inquiry into the firm, according to The Observer. The Serious Fraud Office launched the investigation in the summer to look into Merlin's third fund after receiving a tip from an unnamed complainant. Accordingly, the company had misappropriated investors' money by investing in Energist, a fledging healthcare company that makes a range of pulsed light systems used by beauty salons to remove unwanted hair. Former managing director Andrew Greene has alleged that the company misappropriated GBP2.5 million of company funds. Merlin and founder Sir Christopher have denied the accusation. So far, internal and independent audits commissioned by Merlin appear to clear the venture capitalist of any wrongdoing. In their letter to the SFO, the Merlin shareholders said: "We understand the need to investigate but this should be a fairly clear-cut issue and one that should not take an inordinate amount of time. An independent assessment has given an excellent report." Shareholders fear that a lengthy investigation might threaten their investments and negatively affect the performance of the whole British biotech industry. CONTACT: MERLIN BIOSCIENCES LIMITED 33 King Street St. James's London, SW1Y 6RJ United Kingdom Phone: + 44 (0) 20 7811 4000 Fax: + 44 (0) 20 7811 4001 E-mail: enquiry@merlin-biosciences.com Web site: http://www.merlin-biosciences.com/ MINSTER HEALTH: Appoints Liquidator ----------------------------------- D. O'Connor, director of Minster Health & Fitness Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1 2SP. Stephen Hull of Geoffrey Martin & Co., St. James's House, 28 Park Place, Leeds LS1 2SP was appointed liquidator. CONTACT: MINSTER HEALTH & FITNESS CLUB Priory Road Industrial Estate Beverley North Humberside HU170EW Phone: 01482 864116 Fax: 01482 871876 GEOFFREY MARTIN & CO. St. James's House 28 Park Place Leeds West Yorkshire LS1 2SP Phone: 0113 244 5141 Fax: 0113 242 3851 E-mail: geoffrey.martin@geoffreymartin.co.uk P.D. TECHNOLOGIES: Meeting of Creditors Set Next Week ----------------------------------------------------- Creditors of P.D. Technologies UK Limited (Company No 4280045) will meet on January 11, 2006, 12 noon at 25 Harley Street, London W1G 9BR. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Bernard Hoffman and Ian Douglas Yerrill, joint administrators of Gerald Edelman, Kent House, Station Road, Ashford, Kent TN23 1PP not later than 12 noon, January 10, 2006. PD Technologies Corp. Ltd. -- http://www.pdtechnologies.co.uk/-- was formed as part of an ongoing project to capture and maintain core business in the Electronics Industry not only by supplying Printed Circuit Boards but by being a single source supplier of all associated products and services such as components, complete assembly, cable and wiring, etc. CONTACT: PD TECHNOLOGIES UK LTD. Columbia House Columbia Drive Worthing BN13 3HD West Sussex Phone: 01903 691415 Fax: 01903 690839 GERALD EDELMAN Suite 2 Kent House Station Road Ashford, Kent TN23 1PP Phone: 01233 666 280 Fax: 01233 666 281 E-mail: gemail@geraldedelman.com Web site: http://www.geraldedelman.com/ PHILLIPS NEWMAN: Falls into Administration ------------------------------------------ Company Names: PHILLIPS NEWMAN & COMPANY LIMITED (Company No 00462548) THE UNWINS WINE GROUP LIMITED (Company No 01160260) UW ACQUISITIONS LIMITED (Company No 05234331) UNWINS GROUP MANAGEMENT LIMITED (Company No 02911096) UNWINS LIMITED (Company No 00087690) Jane Bronwen Moriarty, Myles Antony Halley (IP Nos 9095, 6658) and Blair Carnegie Nimmo (IP No 8208) of KPMG LLP were appointed administrators of these companies on Dec. 19. Its registered office is at 1 Great Cumberland Place, London W1H 7AL. The Unwins Wine Group Limited is the ultimate parent company of the firms while Unwins Limited handles operation of off-licenses. Phillips Newman & Company Limited sells wines, spirits, beers and soft drinks. Unwins Group Management Limited is a non-trading entity. CONTACT: THE UNWINS WINE GROUP LTD. Birchwood House Victoria Road Dartford Kent DA1 5AJ Phone: 013 2227 2711 E-mail: jturner@unwins.co.uk Web site: http://www.unwins.co.uk KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk KPMG LLP 191 West George Street, Glasgow G2 2LJ Web site: http://www.kpmg.co.uk RANVIC LIMITED: Upholsterer Calls in Administrator -------------------------------------------------- Roderick Graham Butcher (IP No 8834) of Butcher Woods Limited was appointed administrator of furniture upholsterer Ranvic Limited (t/a Luxi Upholstery - Company No 04026752) on Dec. 13. CONTACT: RANVIC LTD. Unit 5 Providence Street Peacocks Estate Cradley Heath B64 5DG West Midlands Phone: 01384 413111 Fax: 01384 413377 BUTCHER WOODS 79 Caroline Street Birmingham West Midlands B3 1UP Phone: 0121 236 6001 Fax: 0121 236 5702 E-mail: rod.butcher@butcher-woods.co.uk SEA CONTAINERS: Sells Remaining Properties in Newhaven Port ----------------------------------------------------------- Sea Containers Ltd. has completed the sale of Newhaven Marina, West Quay and Railway Quay in Newhaven, East Sussex, England to Oakdene Homes PLC for US$20.7 million (GBP11.25 million) in cash. Sea Containers will report a profit on the transaction of US$10.4 million in the fourth quarter of 2005 and proceeds from the sale will be used to reduce company debt. Ian C. Durant, Chief Executive, commented: "Because Sea Containers is no longer involved in ferry operations in Newhaven, our investment there was no longer appropriate. We are pleased that the purchaser will continue the work we began for the benefit of the town." Sea Containers (NYSE SCRA and SCRB) has now sold almost all of its port property interests in the U.K. The recent sale forms part of Sea Containers' ongoing strategy to focus on its core businesses. Sea Containers -- http://www.seacontainers.com-- (NYSE: SCRA and SCRB) is a marine container lessor, railways and ferries operator. Restructuring Plan Sea Containers is restructuring its loss-making ferries division, which consists of Finnish-based Silja Oy Ab (the largest), a car-carrying ferries business with 9 ships, and New York-based commuter ferry service SeaStreak. It has hired Societe Generale to sell Silja. Further, it is selling cruise ship MV Walrus, Swedish flag cruise ship MV Silja Opera, and MV Finnjet. It is also taking out one of its three SuperSeaCat fast ferries, and investing US$12 million to upgrade its flagship vessels Silja Serenade and Silja Symphony. The funding for the modernization will be raised through asset sales. It is reducing staff and offices in Finland, Sweden and Germany to save up to US$18 million. The company reported a third-quarter net loss of US$34.4 million on revenue of US$456 million, and a nine-month net loss of US$58.5 million on revenue of US$1.3 billion. CONTACT: SEA CONTAINERS LTD. Media and general enquiries: Lisa Barnard, Director of Communications Phone: +44 20 7805 5850 E-mail: lisa.barnard@seacontainers.com Investor Relations enquiries: William W. Galvin III, The Galvin Partnership Phone: +1 (203) 618-9800 E-mail: wwg@galvinpartners.com WARWICKSHIRE SURFACING: Administrators Enter Firm ------------------------------------------------- A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard Curtis were appointed administrators of Warwickshire Surfacing Limited (Company No 01405002) on Dec. 19. Its registered office is at 15 Warwick Road, Stratford upon Avon, Warwickshire CV37 6YW. CONTACT: WARWICKSHIRE SURFACING & CONSTRUCTION Warwick House, Tame Road, Birmingham, West Midlands B6 7DT Phone: 01213272002 DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com XSITE (UK): Names KPMG Administrator ------------------------------------ Francis Graham Newton and Brian Green (IP Nos 9310, 8709) of KPMG LLP were appointed administrators of Xsite (UK) Limited (Company No 5216725) on Dec. 15. Xsite -- http://www.xsite.ltd.uk/-- provides connectivity options, connecting the user to the Internet either on an occasional or permanent basis. It also provides Web services from domains to e-commerce as well as applications and tools. CONTACT: XSITE LTD. Genesys House Sandbeck Way Sandbeck Industrial Estate Wetherby LS22 7DN Phone: 08707 547546 Fax: 08707 547555 E-mail: support@xsite.ltd.uk KPMG LLP 1 The Embankment Neville Street Leeds West Yorkshire LS1 4DW Phone: 0113 231 3332 Fax: 0113 231 3183 E-mail: richard.fleming@kpmg.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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