/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040212.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, February 12, 2004, Vol. 5, No. 30 Headlines F R A N C E ALCATEL: Appoints Claire Pedini Deputy Chief Financial Officer H U N G A R Y NABI RT: Expects 2003 Net Loss to Exceed Forecast I T A L Y PARMALAT FINANZIARIA: Bondi Wants to Administer 7 Dutch Units L U X E M B O U R G MILLICOM INTERNATIONAL: Fourth Quarter EBITDA Up 42% N E T H E R L A N D S NUMICO N.V.: Successfully Completes Negotiations on Social Plans ROYAL PHILIPS: Fourth Quarter, Full Year Results in Black P O L A N D DAEWOO-FSO: Investment Talks with MG Rover Begins NETIA SA: To Reorganize Board at March 11 Shareholders' Meeting R U S S I A KRONSHTADT SEA: Government Interferes to Avert Bankruptcy LIPETSK TRACTOR: Offers Real Properties, Contracts for Sale VORONEZH MECHANICS: Court Orders Bankrupt Monitoring Procedure ZAPSIBGAZPROM NORTH: Bankruptcy Commissioner Appointed U N I T E D K I N G D O M 2020ME HOLDINGS: Tenon Recovery Appointed Liquidator ABBEY CPM: Creditors Meeting Set March 4 ARCOLECTRIC HOLDINGS: Creditors Meeting Next Week BRITISH ENERGY: Appoints New Independent Non-executive Director BRIGHTON HOTELS: In Voluntary Liquidation CANARY WHARF: Files Offer Documents with U.K. Listing Authority DOMESTIC PRODUCTS: General Meeting of Creditors Set March 4 EMPEG LIMITED: Members Opt to Voluntarily Liquidate Firm EUROTUNNEL PLC: Philippe Bourguignon to Join Board FORWARD CORPORATION: Under Voluntary Winding up HEMSWELL LIMITED: Pitts Liquidators Called to Wind up Firm IMPERIAL CHEMICAL: Appoints Baroness Noakes Director MARCONI PLC: To Discuss Results with Investors Today MIDLOTHIAN PLC: To Move to Murrayfield after Sale of Stadium MIDLOTHIAN PLC: Shareholder Warns of Potential Insolvency OVERSEAS MEDICAL: Liquidator to Update Creditors March 3 QUEENS MOAT: Sells Edinburgh Capital Moat House for GBP5.25 Mln RANK GROUP: Proposed GBP30 Million Disposal Completed ROYAL MAIL: To Offer Service to Business Customers from April ROYAL & SUNALLIANCE: To Discuss Year-end Results March 11 SLA INVESTMENTS: Under Voluntary Liquidation STADIA INVESTMENT: Receives Offer from Scarborough Group THISTLE HOTELS: Withdraws Tender Offer for Debenture Stock TRAINLINE: Merges Ticketing Operation with Qjump WESTERN ISLES: To Cut More Jobs Under Restructuring Plan WESTFIELD FABRICATIONS: Update on Winding up Process Set Feb. 10 WILLIAMS DIGITAL: Creditors Meeting Set February 20 ********* =========== F R A N C E =========== ALCATEL: Appoints Claire Pedini Deputy Chief Financial Officer -------------------------------------------------------------- Alcatel appointed Claire Pedini Deputy Chief Financial Officer (Deputy CFO) effective February 1, 2004. Before this appointment she was Vice President, Investor Relations and Public Affairs. In her new position, she will continue to head Investor Relations activity and Economic Analysis, directly supervised by Serge Tchuruk. Dominique de Gournay is appointed Corporate Controller. In addition to his current responsibilities of director financial controls for the Group, he will coordinate all financial departments with regard to the Corporate Financial objectives. Claire Pedini and Dominique de Gournay both report to Jean- Pascal Beaufret, Chief Financial Officer. Claire Pedini joined Alcatel in 1998 as Director of the Financial Services and Investor Relations. She started her career in the financial department of Total where she held various positions in financial control and treasury. From 1992 to 1994, she was in charge of investor relations and was then responsible for the press office until March 1997. From 1997 to 1998, she was in charge of new information systems at Total Exploration Production. She has a Hautes Etudes Commerciales (HEC) diploma and a master's degree in media management from Ecole Superieure de Commerce de Paris (ESCP). Dominique de Gournay joined the Alcatel HQ Finance department in 1987, coming from the audit firm Peat Marwick. From 1991 to 1996, he was Director Finance of Alcatel Business Systems; from 1996 to 1998, Director Financial Controls for the Telecom activities; and from that date Deputy Director and then Director Financial Controls for the group. He holds a degree in Economics and in Business Administration and has a diploma of Chartered Accountant. Alcatel, which recently reported net loss of EUR1.944 billion for full year 2003, provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or to their employees. Alcatel leverages its leading position in fixed and mobile broadband networks, applications and services to bring value to its customers in the framework of a broadband world. With sales of EUR12.5 billion in 2003, Alcatel operates in more than 130 countries. ============= H U N G A R Y ============= NABI RT: Expects 2003 Net Loss to Exceed Forecast ------------------------------------------------- Nabi Rt informs its honorable shareholders that the 2003 consolidated net loss of the Company will be substantially higher than the analysts' consensus forecast of US$12.3 million due to strict U.S. GAAP obligations to reserve provisions. The Company will publish the exact figures and the corresponding explanations in its 2003 Flash Report on February 13, 2004 following the closing of the trading session on the BSE (late at night in Budapest time. CONTACT: NABI RT Andras Bodor, Corporate Affairs Director Phone: +36-1-401-7100 Fax: +36-1-407-2931 E-mail: andras.bodor@nabi.hu ========= I T A L Y ========= PARMALAT FINANZIARIA: Bondi Wants to Administer 7 Dutch Units ------------------------------------------------------------- Parmalat Finanziaria S.p.A., | Parmalat Finanziaria S.p.A. under Extraordinary | in Amministrazione Administration, communicates | Straordinaria comunica che that Extraordinary Commissioner,| il 30 gennaio 2004 il Dr. Enrico Bondi, on 30 January | Commissario Straordinario, 2004 requested that the | Dr. Enrico Bondi, ha Minister of Productive | richiesto e ottenuto dal Activities admit the following | Ministro delle Attivita companies based in the | Produttive, ai sensi Netherlands and Luxembourg into | dell'art. 3 comma 3 del the Extraordinary | Decreto Legge n. 347 del Administration procedure | 23 dicembre 2003, referred to under article 3, | l'ammissione alla section 3 of Legislative Decree | procedura di Amministrazione no. 347 of 23 December 2003. | Straordinaria delle seguenti The companies are: | societa con sede in Olanda | e in Lussemburgo: * Parmalat Capital | * Parmalat Capital Netherlands BV -- | Netherlands BV -- a directly controlled | societa controllata company; | direttamente; | * Parmalat Finance | * Parmalat Finance Corporation BV, Parmalat | Corporation BV, Parmalat Netherlands BV, Dairies | Netherlands BV, Dairies Holding International BV, | Holding International BV, Parmalat SOPARFI S.A., and | Parmalat SOPARFI SA, and Olex S.A. -- indirectly | Olex S.A. -- societa controlled companies; and | controllate | indirettamente; nonche | * Parma Food Corporation BV, | * Parma Food Corporation BV, as a company subject to | quale impresa soggetta a common management. | direzione comune. | This request has been accepted | Il Dr. Enrico Bondi e and Dr. Enrico Bondi has been | stato nominato Commissario named Extraordinary | Straordinario delle suddette Commissioner for the above | societa. companies. | | Parmalat Finanziaria S.p.A. Moreover, Parmalat Finanziaria | in Amministrazione S.p.A., under Extraordinary | Straordinaria comunica Administration, communicates | inoltre che le medesime that the above mentioned | Societa, Parmalat Capital companies, Parmalat Capital | Netherlands BV, Parmalat Netherlands BV, Parmalat | Finance Corporation BV, Finance Corporation BV, | Parmalat Netherlands BV, Parmalat Netherlands BV, | Dairies Holding International Dairies Holding International | BV, Parma Food Corporation BV, Parma Food Corporation BV, | BV, Parmalat SOPARFI SA e Parmalat SOPARFI S.A. and Olex | Olex S.A., hanno presentato S.A. lodged a request, on 4 | in data 4 febbraio 2004 la February 2004, with the Civil | richiesta di stato di Court in Parma asking for | insolvenza presso il insolvency status. The Court | Tribunale Civile di Parma. considered these requests | Il Tribunale ha accolto in Tue. and has declared all the | data odierna la richiesta mentioned companies to be | dichiarando lo stato di insolvent. | insolvenza delle suddette | Societa. (Parmalat Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Fourth Quarter EBITDA Up 42% ---------------------------------------------------- Financial and Operating Summary (a) Subscriber growth: (i) An annual increase in worldwide gross cellular subscribers of 42% to 5,690,542 as at December 31, 2003. (ii) 31% underlying annual growth in gross subscribers excluding El Salvador. (iii) An annual increase in worldwide proportional cellular subscribers of 44% to 4,025,577 as at December 31, 2003. (iv) 28% underlying annual growth in proportional subscribers excluding El Salvador. (v) In the fourth quarter of 2003 MIC added 386,701 net gross cellular subscribers. Underlying subscribers additions for the fourth quarter excluding El Salvador were the highest on record. (vi) Proportional prepaid subscribers increased to 3,550,322 from 2,453,273 as at December 31, 2002. (vii) Excluding El Salvador, proportional prepaid subscribers increased by 32% from December 2002. (b) Financial highlights: (i) Revenues for the fourth quarter of 2003 were $201.9 million, an increase of 47% from the fourth quarter of 2002. Excluding El Salvador the increase was 22%. (ii) EBITDA increased by 42% in the fourth quarter of 2003 to $93.0 million, from $65.5 million for the fourth quarter of 2002. Excluding El Salvador the increase was 20%. (c) Total cellular minutes increased by 48% for the three months ended December 31, 2003 from the same quarter in 2002 and increased by 32% excluding El Salvador, with prepaid minutes increasing by 67% in the same period and by 55% excluding El Salvador. (d) In October 2003, MIC's subsidiary Paktel Limited in Pakistan was allocated GSM frequency under its existing license. (e) In November 2003, MIC began the third and final stage of its financial restructuring process through the offering of US$550 million 10% Senior Notes due 2013. The proceeds were used to repay the remaining US$137 million 13.5% Senior Subordinated Notes due 2006 and the outstanding $395 million 11% Senior Notes due 2006. Both amounts were fully retired by the end of December 2003. To view full copy of this press release: http://bankrupt.com/misc/Millicom_Q403Results.pdf ===================== N E T H E R L A N D S ===================== NUMICO N.V.: Successfully Completes Negotiations on Social Plans ---------------------------------------------------------------- As part of the project to optimize its Baby Food manufacturing platform as announced on 7 July 2003, Royal Numico N.V. has successfully concluded negotiations with its European and local works councils in all affected manufacturing plants. The objective of the optimization plan called project "Focus" is to reduce the number of manufacturing plants in Europe from 16 to 9 by the end of 2005. The European and various local works councils have endorsed the social plans for all affected plants. Project "Focus" will result in the net loss of 525 full-time positions. The financial elements of this initiative remain in line with the figures as announced on 7 July 2003. In executing this optimization plan, Numico will substantially improve the efficiency of its manufacturing platform by maximizing the utilization of the plants that offer the most favorable cost structure and have the possibility to increase volume. The related cost savings will be reinvested in innovation, marketing and sales programs to support the growth strategy of the Baby Food Division and to strengthen and increase margins. Commenting on this development, CEO Jan Bennink stated: "Improving operations is the fifth element in our five-pronged strategic plan. [The] finalized consultation with our social partners marks a significant milestone in achieving that goal and moves us closer to becoming a high-growth, high-margin specialized nutrition company. When we announced our plan, we stressed that the necessary changes would be implemented in close consultation with our social partners to minimize the personal impact of the closures as much as possible. The result is a set of social plans that will give the best possible support for the people concerned." Royal Numico is a specialized nutrition company with leading positions in Baby Food and Clinical Nutrition. The company operates in over 100 countries and employs approximately 11,000 people (see also: http://www.numico.com). ROYAL PHILIPS: Fourth Quarter, Full Year Results in Black --------------------------------------------------------- Philips reports full year net income of EUR695 million. Fourth quarter net income of EUR598 million. (a) Nominal sales growth of 1% in Q4 -- comparable sales up 10% driven by Semiconductors, Consumer Electronics and Medical Systems (b) Semiconductors profitable in Q4: income from operations EUR166 million (c) Unconsolidated companies contributed EUR183 million to net income in Q4 (d) Cost reduction programs surpassed target of EUR1 billion savings (e) Strong cash flow from operations of EUR1,673 million in Q4 (f) Net debt: group equity ratio 18:82 The fourth quarter 2003 Philips recorded a net income of EUR598 million (a profit of EUR0.46 per share) versus a loss of EUR1,530 million (a loss of EUR1.20 per share) in the same period last year. Nominal sales increased by 1% over the same period last year, being impacted by the weakening of the U.S. dollar and related currencies (8%) and various divestments that were carried out in 2002 (1%). Comparable sales increased by 10%, predominantly driven by stronger sales at Semiconductors, Consumer Electronics and Medical Systems. Income from operations was a profit of EUR608 million, an improvement compared to Q4 2002 of EUR561 million, despite higher pension cost of EUR66 million. Focus on cost control and operational efficiencies, coupled with increased sales and the benefits of earlier restructuring programs, resulted in improved profit margins in almost all divisions. Income from operations included a non-cash impairment charge of EUR139 million relating to the MedQuist business at Medical Systems. Over the last two years overhead cost reductions achieved savings of EUR425 million to date and Medical Systems delivered savings of EUR342 million. Including savings in R&D and other projects, the overall cost reduction program surpassed the target of EUR1 billion savings by the end of 2003. Cash flow from operating activities in Q4 was an inflow of EUR1,673 million. Inventories as a percentage of sales were 11.0% compared to 11.1% last year, and were at another record low for the fourth quarter. During the quarter, the net debt position decreased by EUR2.4 billion to EUR2.8 billion, due to a strong cash flow from operations and the sale of securities. Click on the link below to read the full report http://www.philips.com/mt/in/report Note: (a) All amounts in millions of euros unless otherwise stated. (b) The data included in this report are unaudited. (c) Financial reporting according to U.S. GAAP (A recorded version is available after the press conference has ended.) About Royal Philips Electronics Royal Philips Electronics of the Netherlands is one of the world's biggest electronics companies and Europe's largest, with sales of EUR31.8 billion in 2002. It is a global leader in color television sets, lighting, electric shavers, medical diagnostic imaging and patient monitoring, and one-chip TV products. Its 166,500 employees in more than 60 countries are active in the areas of lighting, consumer electronics, domestic appliances, semiconductors, and medical systems. Philips is quoted on the NYSE (symbol: PHG), Frankfurt, Amsterdam and other stock exchanges. News from Philips is located at http://www.philips.com/newscenter CONTACT: ROYAL PHILIPS Maarten Abele Philips Corporate Communications P.O. Box 77900, 1070mx Amsterdam, The Netherlands Phone: +31205977205 Fax: +31205977210 E-mail: maarten.abele@philips.com =========== P O L A N D =========== DAEWOO-FSO: Investment Talks with MG Rover Begins ------------------------------------------------- Britain's MG Rover is the only company that responded positively to Poland's State Treasury's invitation to invest in Daewoo-FSO, according to Warsaw Business Journal. Ukrainian ZAZ, which is the main importer of Daewoo Lanos cars from Poland, declined the offer to concentrate on modernizing its own plant. Witold Malachowski, the representative of Volkswagen AG in Poland, said that although no answer was submitted by his headquarters, Volkswagen might still be interested, according to the report. State Treasury representatives met in Birmingham on Monday with representatives of Britain's MG Rover, the State Treasury, Daewoo-FSO, and American Nucarco, another company that was earlier interested in the project. "In three weeks, the new adviser -- this time Poland's Cornerstone Partners, and not Deloitte -- will present the Polish side with the terms of the venture," said Janusz Wozniak, Daewoo-FSO president, Warsaw Business Journal reports citing Rzeczpospolita. The decision will delay the formation of the planned New Small Company by a year, the report said. NETIA SA: To Reorganize Board at March 11 Shareholders' Meeting --------------------------------------------------------------- Netia S.A. (WSE: NET), Poland's largest alternative provider of fixed-line telecommunications services, announced that at the request of its shareholders listed below, which represent over one-tenth of Netia's share capital, it will hold an extraordinary general shareholders' meeting in Warsaw on March 11, 2004 at 14:00 hours Warsaw time, to adopt: (i) changes in the composition of Netia's supervisory board; and (ii) a decision on the remuneration of supervisory board members made up of the following multiples of average monthly remuneration in the enterprise sector from the last month of the last quarter, announced by the President of the Polish Main Statistical Office in the Official Journal of the Republic of Poland, "Monitor Polski": 1.2 times for supervisory board members; 1.4 times for the vice-chairman and 1.5 times for the chairman. The extraordinary general shareholders' meeting is being convened at the request of these shareholders of Netia: (1) Pioneer Agresywnego Inwestowania FIO, Pioneer Akcji FIO, Pioneer Zrownowazony FIO, Pioneer Stabilnego Wzrostu FIO; (2) PKO/Credit Suisse Stabilnego Wzrostu FIO; (3) ING Nationale-Nederlanded Polska Otwarty Fundusz Emerytalny; (4) Otwarty Fundusz Emerytalny Commercial Union BPH CU WBK; (5) Otwarty Fundusz Emerytalny PZU, Zlota Jesien", and (6) AIG Otwarty Fundusz Emerytalny. Participation in the Ordinary Shareholders' Meeting on March 11, 2004 Shareholders holding publicly traded bearer shares and registered shares shall have the right to participate in the Meeting provided that at least seven days prior to the date of the Meeting (i.e. by March 4, 2004, 17:00 hours Warsaw time), they deliver to the Company depository certificates issued by the brokerage house keeping such shareholder's securities account, or by Centralny Dom Maklerski PEKAO SA. Shareholders that own non-publicly traded bearer shares shall have the right to participate in the Meeting provided that their shares are deposited with the Company at least seven days prior to the date of the Meeting, i.e. by March 4, 2004, 17:00 hours Warsaw time. Proxies of shareholders who are legal persons must present an up-to-date copy of an extract from an appropriate register stating who is authorized to represent such entities, as well as respective powers of attorney. The power of attorney authorizing a proxy to participate in the Meeting must be in writing. The list of Shareholders authorized to participate in the Meeting shall be available for inspection at the Company's offices three days prior to the Meeting. =========== R U S S I A =========== KRONSHTADT SEA: Government Interferes to Avert Bankruptcy --------------------------------------------------------- The bankruptcy proceeding for the Federal State Unitary Enterprise Kronshtadt Sea Factory is to be considered in the coming days in Moscow -- in the central office of the North- Western Interregional Body of the Russian Federal Bankruptcy and Financial Restructuring Service (NWIB RFBFRS). According to the press secretary of the NWIB RFBFRS, A. Makarov, creditors may begin the bankruptcy proceedings of Kronshtadt Sea Factory after the agreement between the factory and its creditors expired on January 19, 2004, with the agreement remaining unfulfilled. However, taking into consideration the nature of the factory (the enterprise is being managed by the Defense Ministry, with federal government owning 100% of the firm), the final resolution must be adopted in Moscow. Due to the significance of the enterprise, the state bodies are doing their best to resolve the issues concerning the factory in two months. A key issue that will be taken up in Moscow is the transfer of the management of the factory from the Ministry of Defense to the Russian Shipbuilding Agency. If all else fail, the resolution to refer to the arbitration court of Saint-Petersburg and the Leningrad region in order to introduce bankruptcy proceedings could be made in the near future. At present the total debt of the factory amounts to RUB764 million. As clarified by RFBFRS, the state is the chief creditor of the company. LIPETSK TRACTOR: Offers Real Properties, Contracts for Sale ----------------------------------------------------------- The bankruptcy commissioner of the public company, Lipetsk Tractor Factory, has received offers to buy the firm's immovable properties, including unfinished construction works. At present, 70 units of untenable properties of different functionality are offered for sale. The property is in Lipetsk and is situated both at the premises of the tractor factory as well as in the surrounding suburbs of Lipetsk in the village of Soshki. The units with unfinished construction can be sold for completion of construction, as well as for demolition. For more information about the properties up for sale, call: (0742) 73-18-03, 73-19-12, in Saint-Petersburg: (812) 389-49-94, 388-23-49, 388-92-95. VORONEZH MECHANICS: Court Orders Bankrupt Monitoring Procedure -------------------------------------------------------------- The Voronezh regional court placed State Unitary Affiliated Enterprise Voronezh Mechanics Factory under bankrupt monitoring procedure. The decision is in relation to an arbitration case #A14-9249-03/33/76 dated December 29, 2003 regarding Voronezh Mechanics Factory. The court has assigned Adarchenko V.G., member in the Not For Profit Partnership MRSO Cooperation, as temporary administrator of the company. A hearing will take place at 11:00 a.m. on March 31, 2004 at Voronezh city, Srednemoskovskaya str.,77, of.314. CONTACT: VORONEZH MECHANICS FACTORY 394055, Voronezh city Deputatskaya str.,7 ZAPSIBGAZPROM NORTH: Bankruptcy Commissioner Appointed ------------------------------------------------------ The Court of arbitration of Saint-Petersburg and the Leningrad region has initiated bankruptcy proceedings on private limited company, North-West Zapsibgasprom, based in Saint-Petersburg, an obligator said. K.Koloskov has been appointed the bankruptcy commissioner of the bankruptcy proceedings. The register of creditors will be closed on April 7, 2004. Public company Zapsibgasprom of the Public company Gasprom (Tyumen) owns 51% of North-Western Zapsibgasprom, which was established in May of 2000 in order to build gas distribution networks in the North-West of Russia. Two years ago, the Petersburg company announced plans to build a factory to manufacture heating plant equipment in Okulovka in the Novgorod region, and in the Leningrad region. Gasprom launched bankruptcy proceedings against the company on February 8, 2002 in order to restore corporate control. In September 2002, creditors ratified the world agreement. =========================== U N I T E D K I N G D O M =========================== 2020ME HOLDINGS: Tenon Recovery Appointed Liquidator ---------------------------------------------------- At an Extraordinary General Meeting of the Members of 2020ME Holdings, duly convened and held at Sherlock House, 73 Baker Street, London W1U 6RD, on January 27, 2004, this Special Resolution was duly passed: "That the Company be wound up voluntarily, and that S R Thomas and S J Parker, of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD, be and are hereby appointed Joint Liquidators for the purposes of winding-up the Company, and any act required or authorized under any enactment to be done by the Joint Liquidators is to be done by all or any one or more of the persons for the time being holding office." S Allison, Chairman ABBEY CPM: Creditors Meeting Set March 4 ---------------------------------------- Notice is hereby given, pursuant to section 105 of the Insolvency Act 1986, that a Meeting of the Members of Abbey CPM Limited will be held at 47-49 Green Lane, Northwood, Middlesex HA6 3AE, on March 4, 2004, at 11:00 a.m., to be followed at 11.15 a.m. by a General Meeting of the Creditors, for the purpose of having laid before them an account of the Liquidators acts and dealings, of the conduct of the winding-up during the year ended January 9, 2004, and hearing any explanations that may be given by the Liquidator. A Member or Creditor entitled to attend and vote at either of the above Meetings may appoint a proxy to attend and vote instead of him or her. A proxy need not be a Member or Creditor of the Company. Proxies for use at either of the Meetings must be lodged at 47-49 Green Lane, Northwood, Middlesex HA6 3AE, not later than 1:00 p.m. on the day before the Meetings. A. K. Bhardwaj, Liquidator ARCOLECTRIC HOLDINGS: Creditors Meeting Next Week ------------------------------------------------- Notice is hereby given, in accordance with section 48(2) of the Insolvency Act 1986, that a Meeting of the Creditors of Arcolectric Holdings Plc, Asp Realisations Ltd, Otehall Switches Ltd, Otehall Tooling Company Ltd. will be held at Swissotel London The Howard, Temple Place, London WC2R 2PR, on February 19, 2004, at 11:30 a.m. In accordance with Rule 3.11(1) of the Insolvency Rules 1986, a Creditor is entitled to vote only if: details of the debt claimed are submitted to the receivers in writing no later than 12:00 noon on the business day prior to the Meeting, and where the Creditor cannot attend in person, a form of proxy which the Creditor intends to be used on his behalf is lodged with the receivers before the Meeting. Creditors whose claims are fully secured are not entitled to attend or be represented at the Meeting. Unsecured Creditors may request a free copy of the Administrative Receivers' report to be sent to them. Claims, proxies or requests should be sent to the Administrative Receivers at Deloitte & Touche at 180 Strand, London WC2R 1BL. By Order of the Board. N J Dargan, Joint Administrative Receiver For and on behalf of the Companies ***** Arcolectric Holdings Plc, which has been hit by global recession since 2001, was placed in administrative receivership on November 26, 2003. Mr. Nicholas James Dargan and Mr. Neville Barry Kahn of Deloitte have been appointed joint administrative receivers. In December, the company was bought by Barking-based Elektron for GBP352,000, according TCR-Europe. In a separate report, Ananova said components and electronics group Elektron has also agreed to assume GBP1.5 million of lease finance debt, repayable over five years. Arcolectric was founded more than 70 years ago. It makes switches for products ranging from computers to hairdryers and employs 170 staff at West Molesey, Surrey, as well as production locations in Tunisia and China with a total of more than 500 people. BRITISH ENERGY: Appoints New Independent Non-executive Director --------------------------------------------------------------- British Energy announced that John Delucca has been appointed as an Independent Non-Executive Director of the Company with immediate effect. In its recent Interim Results, the Company stated that, under the terms of the proposed restructuring, it was looking to appoint two further Independent Non-Executive Directors from candidates proposed by the Ad Hoc Committee of its Bondholders. Following an independent review of his appointment, Mr. Delucca was nominated to the Board by the Company's Nominations Committee. Adrian Montague, Chairman of British Energy plc said; "Alongside its financial restructuring, British Energy faces very significant challenges in improving its operational effectiveness, and I am pleased to welcome John Delucca to the Company at this very important time. "John Delucca has a wealth of skills which will benefit the Company. John has an impressive track record in successfully recapitalizing and restructuring companies, and I welcome him to the Board of British Energy." There is no information required to be disclosed under paragraphs 6.F.2(b)to (g) of the Listing Rules ***** John J. Delucca is Chief Financial Officer for the private financial consulting group REL Consultancy Group. He is currently a Director and Chairman of the Audit Committee of the Elliott Company, Enzo Biochem Inc and ITC Deltacom. He was previously an Executive Committee Member of Coty Inc (1998-2002) where he had overall responsibility for all finance and administrative functions, restructured and downsized the Latin America operations and completed the recapitalization and refinancing of the company. Prior to that John Delucca was Senior Vice President and Treasurer of RJR Nabisco (1993-1998) where he was instrumental in the implementation of one of the largest corporate recapitalizations at RJR Nabisco. Prior to this he held the following positions; Managing Director and CFO at Hascoe Associates (1991-1993), President and CFO at The Lexington Group (1990-1991), Senior Vice President (Finance) and Managing Director at The Trump Group (1998-1990), Senior Vice President (Finance)/CFO at International Controls Corporation, Vice President and Treasurer at Textron Corporation (and predecessor companies) (1972-1986), Assistant Vice President at USLIFE Corporation (1969-1972) and Investment Analyst at Mutual Benefit Life Insurance Company (1966-1969). CONTACT: FINANCIAL DYNAMICS Andrew Dowler Paul Heward Investor Relations Phone: 020 7831 3113 01355 262 201 BRIGHTON HOTELS: In Voluntary Liquidation ----------------------------------------- At an Extraordinary General Meeting of the Members of the above- named Company, duly convened, and held at the offices of Tenon Recovery, 39-40 Old Steine, Brighton BN1 1NH, this Special Resolution was duly passed on January 28, 2004: "That the Company be wound up voluntarily and that Ian Cadlock of Tenon Recovery, 39-40 Old Steine, Brighton, East Sussex BN1 1NH be and is hereby appointed Liquidator for the purposes of such a winding-up." J. Bhimji, Director CANARY WHARF: Files Offer Documents with U.K. Listing Authority --------------------------------------------------------------- Pursuant to paragraphs 9.31 and 9.32 of the Listing Rules, Canary Wharf Group plc confirms that two copies of the Supplemental Circular to shareholders containing details of the improved terms of the Recommended Offer by Silvestor U.K. Properties Limited for the Company have been submitted to the U.K. Listing Authority. The document will shortly be available for inspection at the U.K. Listing Authority's Document Viewing Facility, which is situated at: The Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Phone: (020) 7066 1000 ***** Following the unilateral unrecommended offer announced by CWG Acquisition Limited, Silvestor U.K. Properties Limited and the Independent Committee of Canary Wharf increased their offer from 265 pence to 275 pence per Canary Wharf Share. The bid values the issued ordinary share capital of Canary Wharf at approximately GBP1.6 billion. The revised terms represent a premium of 5 pence per share to the unilateral unrecommended offer announced by CWG Acquisition. CONTACT: CANARY WHARF Anna Marie Holland, Assistant Company Secretary Phone: 020 7537 5396 DOMESTIC PRODUCTS: General Meeting of Creditors Set March 4 ----------------------------------------------------------- Notice is hereby given, pursuant to section 105 of the Insolvency Act 1986, that a Meeting of the Members of Domestic Products Limited will be held at 47-49 Green Lane, Northwood, Middlesex HA6 3AE, on March 4, 2004, at 10:00 a.m. to be followed at 10:15 a.m. by a General Meeting of the Creditors, for the purpose of having laid before them an account of the Liquidator's acts and dealings of the conduct of the winding-up during the year ended January 27, 2004 and hearing any explanations that may be given by the Liquidator. A Member or Creditor entitled to attend and vote at either of the above Meetings may appoint a proxy to attend and vote instead of him or her. A proxy need not be a Member or Creditor of the Company. Proxies for use at either of the Meetings must be lodged at 47-49 Green Lane, Northwood, Middlesex HA6 3AE, not later than 1:00 p.m. on the day before the Meetings. A K Bhardwaj, Liquidator EMPEG LIMITED: Members Opt to Voluntarily Liquidate Firm -------------------------------------------------------- At an Extraordinary General Meeting of the Members of Empeg Limited, duly convened and held at 47 London Street, Reading, Berkshire RG1 4PS, on January 29, 2004, these resolutions were duly passed, as a Special Resolution, as an Ordinary Resolution and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily, that John Arthur Kirkpatrick be and is hereby appointed Liquidator for the purposes of such winding-up, and that, in accordance with the provisions of the Company's articles of association, the Liquidator be and is hereby authorized to divide among the Members in specie all or any part of the Company's assets." D. B. M. Fletcher, Director EUROTUNNEL PLC: Philippe Bourguignon to Join Board -------------------------------------------------- At the Annual General Meetings of Eurotunnel plc and Eurotunnel S.A. to be held on 7 April 2004, the Joint Board will propose the appointment of Philippe Bourguignon as a non-executive director. Philippe Bourguignon, 56, is currently Co-Chief Executive of the World Economic Forum (Davos Forum). He was previously Chief Executive of Club Mediterranee, after being Chief Executive of Eurodisney. Before that he was Executive Vice President of Accor for North America and then President of Accor Asia- Pacific. He is a non-executive director of Dexia-BIL, Liberation and e.Bay. He will be replacing Michel Combes, 41, who has been a member of the Board since October 2000. Mr. Combes was appointed Chief Financial Officer of France Telecom in January 2003. He has recently found that his increasing workload has left him less and less time to fulfill all his responsibilities as a member of the Eurotunnel Board, and this situation is unlikely to change in the future. He has therefore concluded that he has no choice but not to seek the renewal of his term as Director, which will expire at the next Annual General Meetings. Mr. Combes wishes to make clear that he is fully supportive of his colleagues on the Eurotunnel Board and of the company's management at this critical juncture for the company. Roy Chapman, 67, who has served on the Board since 1995, will be retiring as planned when his term as Director expires at the next Annual General Meetings. The Board will not be proposing a replacement for Mr. Chapman. Charles Mackay, Chairman of the Joint Board of Eurotunnel, commented: "I am delighted that Philippe Bourguignon is joining us to strengthen our Board. "His extensive experience at the highest level in the tourism industry, as well as in corporate financial restructuring, will prove invaluable for Eurotunnel. "I would like to thank Roy Chapman for his important contribution to the Board over the past eight years, as well as Michel Combes, whose decision is perfectly understandable." Eurotunnel manages the infrastructure of the Channel Tunnel and operates accompanied truck shuttle and passenger shuttle (car and coach) services between Folkestone, U.K. and Calais/Coquelles, France. It is market leader for cross-Channel travel. Eurotunnel also earns toll revenue from other train operators (Eurostar for rail passengers, and EWS and SNCF for rail freight), which use the Tunnel. Eurotunnel is quoted in London, Paris and Brussels. CONTACT: EUROTUNNEL PLC Investor enquiries Xavier Clement Phone: + 33 1 55 27 36 27 FORWARD CORPORATION: Under Voluntary Winding up ----------------------------------------------- At an Extraordinary General Meeting of Forward Corporation, convened and held at 76 New Cavendish Street, London W1G 9TB, on January 26, 2004, this Resolution was duly passed as a Special Resolution of the Company: "That the Company be wound up voluntarily, and that Jeremy Berman, of Berley, 76 New Cavendish Street, London W1G 9TB, be and hereby is appointed Liquidator for the purpose of such winding-up." G. Demwell, Chairman HEMSWELL LIMITED: Pitts Liquidators Called to Wind up Firm ---------------------------------------------------------- At an Extraordinary General Meeting of the Members of Hemswell (Holdings) Limited, duly convened and held at Philip Ashworth & Co, 121 The Mount, York YO24 1DU, on January 27, 2004, these Resolutions were duly passed, as a Special Resolution and as Extraordinary Resolutions respectively: "That the Company be wound up voluntarily, that D. F. Wilson & J. N. R. Pitts of Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ be and are hereby appointed Joint Liquidators for the purposes of such winding-up, and that the Joint Liquidators be authorized to distribute assets to the Members in specie." P. J. Holmes, Director IMPERIAL CHEMICAL: Appoints Baroness Noakes Director ---------------------------------------------------- Baroness Noakes has accepted an invitation to join the Board of Imperial Chemical (ICI) as a Non-Executive Director from March 1, 2004. Baroness Noakes has enjoyed a distinguished career both in the City as a senior partner for KPMG in the U.K., from which she retired in 2000, and as an adviser to the U.K. Government. She has also been the senior Non-Executive Director of the Bank of England and the President of the Institute of Chartered Accountants in England and Wales. She joined Peat Marwick Mitchell & Co (now KPMG) in 1970 and was made a partner in 1983 with responsibility for the U.K. Public Sector Practice. Her experience was a combination of corporate and public sector work. She was also involved in a large amount of advisory work mainly for government including privatization, efficiency studies, public/private partnerships and regulation. In 1988 she was seconded to the Department of Health as Director of Finance and Corporate Information on the NHS Management Executive, the Board chaired by the NHS' Chief Executive. ICI Chairman Peter Ellwood said, "I'm delighted to welcome Sheila Noakes to the Board of ICI. She brings with her a wealth of experience, and wide ranging and valuable skills. I know she will be a great asset to ICI and we look forward immensely to having her as a member of the team." ***** Imperial Chemical recently unveiled a fall in pre-tax profits from GBP317 million to GBP85 million for the full-year 2003. It also revealed a pension deficit that is up to GBP868 million from the GBP688 million previously calculated. MARCONI PLC: To Discuss Results with Investors Today ---------------------------------------------------- Marconi plc said in January it will announce results for the three months and nine months ended December 31, 2003 on February 12, 2004 and will host a conference call for analysts and investors at 4 p.m. on that date. The global telecommunications equipment, services and solutions company said on its trading update for third quarter ended December 31, 2003 it will include on the interim results details of the performance of its North American Access business, which it intends to discontinue by the end of March. It expects sales on a like for like basis to be flat to slightly up on the GBP374 million recorded in the third quarter (excluding NAA) in the fourth quarter. MIDLOTHIAN PLC: To Move to Murrayfield after Sale of Stadium ------------------------------------------------------------ The board of Hearts of Midlothian PLC on Monday announced that it has reached agreement in principle with the Scottish Rugby Union on terms for the ground share agreement of Murrayfield Stadium by Hearts with effect from the commencement of the 2004/2005 football season. Hearts also announces that it has instructed commercial property agents to conduct a valuation of the Tynecastle Stadium and to begin a process of selecting a preferred bidder for the ground. Agreement with the Scottish Rugby Union remains subject to the conclusion of detailed terms for a binding contract agreement between the parties. The potential sale of Tynecastle would be conditional, inter alia, upon the approval of Hearts' shareholders in general meeting. A further announcement will be made in due course. CONTACT: HEART OF MIDLOTHIAN Chris Robinson Phone: 0131 200 7245 BEATTIE MEDIA Niall Scott Phone: 07711 223062 MIDLOTHIAN PLC: Shareholder Warns of Potential Insolvency --------------------------------------------------------- Peter McGrail, creditor and minority shareholder at Heart of Midlothian plc, warned the company's board in a letter it could breach the Companies Act by moving the club's ground to Murrayfield, according to The Scotsman. He is predicting the transfer would result to a drop in season tickets, making an insolvent liquidation unavoidable. Section 213 of the Companies Act provides that company directors make efforts, "at all times", to avoid an insolvent liquidation, Mr. McGrail was quoted saying. Hearts plc is proposing to sell its Tynecastle stadium to raise funds to sustain the club for at least a year from the date of the approval of its financial statements. Mr. McGrail has requested the board publishes revenue and cost projections for the next three to four years to clear up his suspicion that the reports will show an insolvent liquidation is inevitable even if the stadium is sold as planned. Hearts is expecting to close a sale of the stadium by July 31, 2004, enabling it to make repayments of debt to media group SMG. The first payment to SMG comes due in 2006. Mr. McGrail's firm, PRM, was owed EUR14,000 in relation to the preparation of the company's annual reports. The debt was paid after he sent the letter to the board, he said. His brother Robert is trying to buy out the stake in the club owned by Chris Robinson, its chief executive. OVERSEAS MEDICAL: Liquidator to Update Creditors March 3 -------------------------------------------------------- Notice is hereby given, pursuant to section 105 of the Insolvency Act 1986, that a Meeting of the Creditors of the above-named Company will be held at the offices of A Segal & Co, Albert Chambers, 221-223 Chingford Mount Road, London E4 8LP, on Wednesday March 3, 2004, at 12:30 p.m., for the purposes of receiving an account by the Liquidator of his acts and dealings and of the conduct of the winding-up during the preceding year. R A Segal, Liquidator QUEENS MOAT: Sells Edinburgh Capital Moat House for GBP5.25 Mln --------------------------------------------------------------- The Board of Queens Moat Houses plc announces that a wholly owned subsidiary of the Company has exchanged conditional contracts to sell the Edinburgh Capital Moat House, Edinburgh (the Hotel) to Hotel Property Fund (Syndicate 1) Ltd., an associated company of Portland Hotels, for a consideration of GBP5.25 million in cash. The disposal is conditional upon the consent of the landlord and local council and completion is expected to take place by the end of March 2004. The Edinburgh Capital Moat House has 111 rooms and during the year ended 29 December 2002 generated trading profits of GBP0.4 million on turnover of GBP2.6 million. The book value of the Hotel as at 29 December 2002 was GBP5.0 million. The Board considers the impact of the disposal is not material on the Company. The Hotel is secured against a loan from Bank of Scotland. Substantially all of the GBP2.45 million net proceeds of the sale will either be retained by the Company for working capital purposes or used to repay debt. CONTACT: QUEENS MOAT HOUSES Phone: 01708 730522 Stuart Metcalfe, Chief Executive Ashley Krais, Group Finance Director COLLEGE HILL Phone: 020 7457 2020 Mark Garraway Crawford Burden RANK GROUP: Proposed GBP30 Million Disposal Completed ----------------------------------------------------- On 30 October 2003, The Rank Group Plc announced that it had agreed to sell the businesses, assets and liabilities of Rank Leisure Machine Services Limited and Rank Seasonal Amusements Limited to Gamestec Leisure Limited for a total consideration of GBP30 million. Rank is pleased to announce that the disposal, which was subject to regulatory clearances being obtained, has now been completed. The consideration will be used to reduce group borrowings. ***** In November, Fitch Ratings downgraded Rank Group Plc's Senior Unsecured and Short-term ratings to 'BB+' and 'B' respectively, from 'BBB-' and 'F3'. The Senior Unsecured rating remains on Rating Watch Negative, where it was placed on September 8, 2003, pending confirmation of the company's liquidity profile relative to its 2004 obligations. CONTACT: THE MAITLAND CONSULTANCY Phone: 020 7379 5151 Angus Maitland Suzanne Bartch ROYAL MAIL: To Offer Service to Business Customers from April ------------------------------------------------------------- Historic agreement signed for access to postal facilities Business Post and Royal Mail signed the first agreement of its kind in Europe to enable access to Royal Mail's local sorting and final delivery network. From April 2004, the Business Class service run by Business Post's subsidiary, U.K. Mail, will offer large mailers (initially, businesses mailing over 4,000 and, typically, over 10,000, pre-sorted letters a day) two day mail delivery with track-and-trace up to the point of handover to Royal Mail, and flexibility of collection. For letters under 60g in weight -- covering the vast majority of business mail -- the access charge to Royal Mail's 73 Inward Mail Centres for U.K. Mail for 2004/05 has been agreed at 13.0p (for letters already sorted to each of Royal Mail's 1,450 Delivery Offices) and 13.375p (for letters already sorted to each of Royal Mail's 121 postcode areas). In addition, U.K. Mail and Royal Mail have agreed to work together to trial access at Delivery Offices. Business Post's Chief Executive, Paul Carvell, stated "Our Access Agreement represents a highly satisfactory basis on which Business Post intends to build a substantial, profitable business. We believe that the combination of Business Post's strengths in efficient, time-critical, tracked nationwide express distribution with Royal Mail's strengths in local coverage and the reputation of the 80,000 local delivery postmen and women will enable a highly reliable two day end-to-end delivery service to be provided at an attractive price.' Royal Mail's Chief Executive, Adam Crozier, said: 'Royal Mail and U.K. Mail have worked together closely and constructively on this Access Agreement. I'm confident we have got a deal that will work for UK Mail and its customers, and for Royal Mail and its people. The agreement is a landmark. It's the first access deal of its kind in Europe and it marks a new phase in the development of competition and choice in the U.K. mail market." Mr. Crozier added, "The contract we've signed gives Royal Mail a commercial income stream without undermining our ability to continue providing a one-price-goes-anywhere universal service to the U.K.'s 27 million addresses. Those are the key considerations. We've demonstrated that it's possible to reach a commercial agreement on access while safeguarding the universal service. Like Royal Mail, U.K. Mail recognizes the vital importance of a universal postal service. The only way Royal Mail can deliver at one affordable price to 27 million addresses is if the cost of handling all mail is averaged over the entire country. This deal does that. It will ensure that, overall, the letters presented to Royal Mail by U.K. Mail resemble an 'average' bag of mail." Mr. Crozier signaled Royal Mail's willingness to enter into similar access agreements with other companies to 'wholesale' Royal Mail's unique nationwide delivery network. "The key test for Royal Mail is that any access deal is a commercial one which does not pose a threat to the universal service," said Mr. Crozier. CONTACT: BUSINESS POST GROUP PLC Paul Carvell, Chief Executive ROYAL & SUNALLIANCE: To Discuss Year-end Results March 11 --------------------------------------------------------- Royal & Sun Alliance [whose Long-term rating is placed at 'BB+' by Fitch Ratings] announces that its Year End results 2003 will be released on Thursday March 11, 2004 at 7 a.m. A briefing to analysts will take place at our offices, Leadenhall Court, 1 Leadenhall Street, London at 9.30 a.m. and can be accessed live via the company website (http://www.royalsunalliance.com). An indexed version of the presentation will be available on the website shortly after the meeting finishes. CONTACT: ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 30 Berkeley Square, London W1J 6EW Phone: +44 (0)20 7569 6134 Fax: +44 (0)20 7569 6288 SLA INVESTMENTS: Under Voluntary Liquidation -------------------------------------------- At an Extraordinary General Meeting of the Stoxman Limited Sla Mem D Limited Companies, duly convened, and held at 11-12 Bury Street, London EC3A 5AT, on January 28, 2004, the subjoined Special Resolution was duly passed: "That the Companies be wound up voluntarily and that David Richard Thorniley and Christopher Rodney Ashurst of Mazars, 24 Bevis Marks, London EC3A 7NR be and they are hereby appointed Joint Liquidators for the purpose of such winding-ups." A J Gibson, Chairman STADIA INVESTMENT: Receives Offer from Scarborough Group -------------------------------------------------------- Scarborough Development Group, owned by Kevin McCabe, has approached the receiver of Stadia Investment Group with an offer to buy a stake in the football investment company and assume an undisclosed amount of debt, according to The Scotsman. The group is interested to acquire the controlling stake of Gavin Masteron, former Bank of Scotland treasurer. Stadia Properties and Stadia Management, both subsidiaries of Stadia Investment Group, were placed in receivership last week by higher-ranking creditors, including Bank of Scotland. The companies' receiver is Ernst & Young. The move, which puts trade creditors at a disadvantage, follows efforts by the latter, including architect Gerry Connolly, to place the company into liquidation. Stadia Properties owns Dunfermline Athletic's East End Park stadium. It has -- together with Stadia Management -- debts of GBP600,000 in relation to a number of projects in the U.K. Stadia Management, a company used to set up joint ventures, has no assets. Both Stadia subsidiaries were involved in the construction of Livingston's Almondvale stadium and the renovation last year of East End Park. Contractors claim they have not been paid for this and other Stadia projects, such as a development at Wester Hailes, Edinburgh, The Scotsman said. Stadia received GBP5 million from 3i, the venture capital company, last June when Stadia still appeared to have good prospects from its investments in up to 30 stadium projects. Stadia's legal director Cesidio Di Ciacca, did not respond to calls, the report said. THISTLE HOTELS: Withdraws Tender Offer for Debenture Stock ---------------------------------------------------------- Thistle Hotels Limited (incorporated and registered in England and Wales under the Companies Act 1985 with registered number 262958) GBP200,000,000 10.75% First Mortgage Debenture Stock 2014 (ISIN: GB0006074016; Common Code: 012352573) NOTICE IS HEREBY GIVEN that Thistle Hotels Limited announced that it has withdrawn its Tender Offer to the holders of the Stock. Holders of the Stock who validly tendered their Stock will have their tender notices and Stock certificates returned to them in accordance with the terms and conditions of the Tender Offer. ***** Thistle Hotels in December made a tender invitation to the holders of GBP200,000,000 10.75% First Mortgage Debenture Stock 2014 to purchase for cash up to 30% of such stock. BIL, formerly Brierley Investments Limited took over Thistle Hotels after the latter suffered a protracted downturn in trading caused by factors such as foot-and-mouth disease, the September 11 attacks and the Iraq war. TRAINLINE: Merges Ticketing Operation with Qjump ------------------------------------------------ Loss-making rail ticketing retailers Trainline and Qjump Limited, owned by National Express Group, will be merged in a transaction that is hoped to make them profitable, according to The Telegraph. Under the agreement, National Express will own 14% of the merged company, and Virgin Group, which owns Trainline, will hold the remaining 86%, including the 49% stake it acquired from Stagecoach for GBP4 million. All of Qjump's 200 permanent employees will be made redundant after the transition is completed in May. The combined business will be operated under the Trainline brand, and is expected to account for 10% of the U.K.'s rail tickets. An annual sale of GBP300 million and savings of GBP8 million is targeted. This will return Trainline into the black for the first time. Trainline, which currently sells tickets for GNER, Virgin Trains and First Great Western, will gain Qjump's contracts, including Midland Mainline, Greater Anglia, ScotRail and Central Trains. WESTERN ISLES: To Cut More Jobs Under Restructuring Plan -------------------------------------------------------- The managing director of Western Isles Seafood said there are currently six posts, including senior executive positions, in danger of being axed under the merging of the company's farming and processing divisions, according to The Herald. The firm's Norwegian parent, giant Fjord Group, is restructuring the Scottish company to restore it to black by the end of the year. Some 30 workers were cut from its workforce of 200 as it recorded its third consecutive yearly loss. Mr. Anderson said the company will post a "further significant trading loss" for calendar 2003. Western Isles' trouble was a result of a series of blows, including jellyfish attacks, low prices, and the recent toxic salmon scare. Its farming business alone racked GBP2 million in pre-tax losses in 2001 and 2002. The company has a turnover of GBP18 million. Wester Isles Seafood's auditor is KPMG. WESTFIELD FABRICATIONS: Update on Winding up Process Set Feb. 10 ---------------------------------------------------------------- Notice is hereby given, pursuant to section 105 of the Insolvency Act 1986, that a Meeting of the Creditors of the above-named Company will be held at the offices of A Segal & Co, Albert Chambers, 221-223 Chingford Mount Road, London E4 8LP, on Friday February 20, 2004, at 12:30 p.m., for the purposes of receiving an account by the Liquidator of his acts and dealings and of the conduct of the winding-up during the preceding year. R A Segal, Liquidator WILLIAMS DIGITAL: Creditors Meeting Set February 20 --------------------------------------------------- Notice is hereby given, pursuant to section 105 of the Insolvency Act 1986, that a Meeting of the Creditors of Williams Digital Media Limited will be held at the offices of A Segal & Co, Albert Chambers, 221-223 Chingford Mount Road, London E4 8LP, on Friday February 20, 2004, at 3:30 p.m., for the purposes of receiving an account by the Liquidator of his acts and dealings and of the conduct of the winding-up during the preceding year. R A Segal, Liquidator ********* 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, and Liv Arcipe, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. 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