/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040224.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 Tuesday, February 24, 2004, Vol. 5, No. 38 Headlines A U S T R I A GUESSINGER MINERALWASSER: Files for Insolvency F I N L A N D METSO CORPORATION: To Hold Annual General Meeting April 6 G E R M A N Y PROSIEBENSAT.1 MEDIA: 'BB' Rating Affirmed; Outlook Now Stable I R E L A N D HERDSMAN LTD.: Ships Production to South Africa I T A L Y CIRIO FINANZIARIA: Probe Involving Bank Executives Widens L U X E M B O U R G MILLICOM INTERNATIONAL: Completes Stock Split N E T H E R L A N D S DIOSYNTH: Downsizing Facilities in Netherlands N O R W A Y STOLT-OFFSHORE: Closes Sale of US$48 Million Drill Support Biz R U S S I A COMMERCIAL HOUSING: 'Absent Debtor' Declared Bankrupt MOSCOVSKY RESERVNY: Falls into Bankruptcy PESTOVSKY LESOKOMBINAT: Court Commences Bankruptcy Procedure RZHEVKA: 12-month Bankruptcy Proceedings Opened TURBO MOTOR: Split into Two; Bankruptcy Entering Homestretch S W I T Z E R L A N D ABB LTD.: Sells US$207 Million Building Systems Business FANTASTIC CORPORATION: 2003 Net Loss Falls 56% to US$15 Million FANTASTIC CORPORATION: Remaining Board Members Step down U N I T E D K I N G D O M ACL DISTRIBUTION: Names Clive Morris Administrator APPLEWOOD FINANCE: Winding up Resolution Passed AXE & STATUS: Royal Bank of Scotland Calls in Administrators CAITHNESS GLASS: Appoints Deloitte & Touch Receiver CHARTER PLC: Profit Before Tax Down to GBP3.8 Million FUSION OIL: Sterling Offer Receives 98% Backing GIMSON ENGINEERING: Calls in Administrator from F A Simma GLASS TRANSPORT: Creditors Meeting Set March 3 GOVETT ASIAN: Board Proposes Voluntary Liquidation GOVETT ASIAN: Terminating Bank of Scotland Credit Facility GOVETT ASIAN: Extraordinary General Meeting Set March 10 MARCONI PLC: To Redeem US$34 Million Junior Notes Today MIDLANDS 75: Shareholders Pass Wind-up Resolution MLM TUBES: Names Kroll Limited Administrator PANTHER PAPER: Appoints Joint Administrators SITOR ENTERPRISES: Menzies Appointed Administrative Receiver STARWAND COMPUTERS: Appoints RSM Robson Rhodes Receiver TXT INTERNATIONAL: Calls in Grant Thornton VORTEX GROUP: In Administrative Receivership * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= GUESSINGER MINERALWASSER: Files for Insolvency ---------------------------------------------- Mineral water producer, Guessinger Mineralwasser GmbH, has filed for insolvency, according to majority shareholder, Markus Knoll. The move follows the failure of the company to obtain an enterprise resource-planning loan, just-drinks.com said. Guessinger Mineralwasser is owned by German mineral water group, Aqua Montana, which acquired the company two years ago from Austrian brewing combine, BBAG. The company, which employs 50, is currently in search for an investor who will take over the its management. ============= F I N L A N D ============= METSO CORPORATION: To Hold Annual General Meeting April 6 --------------------------------------------------------- Metso Corporation's shareholders representing more than 20% of the votes in Metso [long-term senior unsecured debt and issuer ratings rated Ba1 by Moody's] have confirmed they will propose to the Annual General Meeting the creation of a board of directors composed of seven members. The same shareholders want the present members of the board -- Maija-Liisa Friman, Matti Kavetvuo, Juhani Kuusi, Pentti Makinen and Jaakko Rauramo -- be re-elected. According to the proposal Risto Hautamaki, President and CEO of Tamfelt Group; and Satu Huber, State Treasury, Director of Finance and Head of Finance Division; will be elected as new members until the end of the following Annual General Meeting. The shareholders will further propose that Matti Kavetvuo be elected as Chairman and Jaakko Rauramo as Vice Chairman. The abovementioned shareholders also confirmed they will propose to the Annual General Meeting that Authorized Public Accountants PricewaterhouseCoopers Oy be elected as the auditor of the Company until the end of the following Annual General Meeting. The Ministry of Trade and Industry of Finland, representing the Finnish State as Metso's shareholder, proposes, however, that the Annual General Meeting establish a Nomination Committee to prepare proposals for the following General Meeting in 2005 regarding the composition of the board and director remuneration. Under its proposal, representatives of major shareholders are to be elected to the Nomination Committee along with the Chairman of the Board of Directors as an expert member. The right to appoint members representing the shareholders in the committee is to be held by main shareholders of the company on December 1, prior to the Annual General Meeting. The Nomination Committee is to be convened by the Chairman of the Board of Directors, and the Committee elects a chairman from among its members. The Nomination Committee shall present its proposal to the company's Board of Directors no later than February 1 prior to the Annual General Meeting. Metso's Annual General Meeting will be on Tuesday, April 6, 2004 at 2 p.m. in the Marina Congress Center at Katajanokanlaituri 6, 00160 Helsinki, Finland. CONTACT: METSO CORPORATION Harri Luoto Senior Vice President, General Counsel Phone: +358 204 84 3240 ============= G E R M A N Y ============= PROSIEBENSAT.1 MEDIA: 'BB' Rating Affirmed; Outlook Now Stable -------------------------------------------------------------- Fitch Ratings changed German television broadcaster ProSiebenSat.1 AG's rating Outlook to Stable from Negative. At the same time, the rating agency affirmed ProSieben's Senior Unsecured rating at 'BB'. Its EUR338 million bonds due 2006 and EUR200 million bonds due 2009 are also affirmed at 'BB'. The change in Outlook reflects ProSieben's progress in managing its cost base, the largest element of which is programming costs (69% of programming revenue FY03). Programming costs have fallen by 9% in FY03 primarily due to the fact that the costly football World Cup in FY02 was not repeated last year, and that the expensive German football Bundesliga highlights contract was terminated in 1H03. Further cost reductions are anticipated in FY04 as the full year effect of the Bundesliga termination will be felt and the benefits from some of the newly negotiated movie contracts on better terms start to kick in. In addition, the German television advertising market now appears to have bottomed out; however, as ProSieben is 97%-dependent on advertising revenues, it remains vulnerable to the volatility of this market. The cost reductions have translated into a strengthened financial profile for ProSieben, with adjusted net leverage falling to 3.5x in FY03 from 4.4x in FY02 and underlying EBIT margin improving to 8.9% from 5.7%. The rating has also factored in the company's planned refinancing of its EUR380 million revolving credit facility due December 2004. The rating is also reflective of ProSieben's position in the German commercial free to air television market. As one of the two major broadcasting groups in the market, ProSieben accounts for 42.7% of FY03 gross advertising revenues, slightly behind RTL Group's (including subsidiary broadcaster RTLII) 45.0% share. Nevertheless, Fitch notes that its gross advertising share is down from FY02 (45.3%) primarily due to weakness in programming at the ProSieben and Sat.1 channels. This will continue to be monitored by the agency. Fitch notes that ProSieben's planned capital increase, anticipated in 1H04, will substantially reduce debt and may lead to positive rating action. The capital increase is expected to inject around EUR280 million equity into the company. However, there remains some uncertainty over the parent company's (a consortium of financial investors) ultimate strategy for ProSieben. It is not clear whether the consortium may cash in on their investment in the future following the stabilization of ProSieben or use it as an acquisition vehicle for other media related investments. CONTACT: FITCH RATINGS Susan Hunter Phone: +44 (0) 20 7417 6347 E-mail: susan.hunter@fitchratings.com Stuart Reid Phone: +44 (0) 20 7417 4286 E-mail: stuart.reid@fitchratings.com MEDIA RELATIONS Alex Clelland, London Phone: +44 20 7862 4084 ============= I R E L A N D ============= HERDSMAN LTD.: Ships Production to South Africa ----------------------------------------------- Spinning mill Herdman Ltd. will close down production at its County Tyrone plant in Northern Ireland with the loss of 270 jobs, the company announced last week, according to online news IcDerry.com The company, founded 200 years by the Herdman family, is moving production to a South African facility after sustaining a string of losses in recent years. The move follows the axing of 160 workers in April. In a statement, the company said it had tried to maintain levels of employment at the Sion Mills factory, but the losses could no longer be sustained. TGWU spokesman Jimmy Quinn is calling on Northern Ireland Enterprise, Trade and Investment Minister Ian Pearson to help increase job opportunities in the crisis-hit North West textiles industry. ========= I T A L Y ========= CIRIO FINANZIARIA: Probe Involving Bank Executives Widens --------------------------------------------------------- Three bank executives are to be investigated in relation to the bankruptcy of Italian food group, Cirio. According to Agencia Giornalistica, the prosecutor's office in Rome recently entered on the register of persons under probe the president of San Paolo-Imi, Rainer Masera; the president of Banca Popolare di Lodi, Giovanni Benevento; and the managing director of Banca Popolare di Lodi, Gianpiero Fiorani. The company filed for bankruptcy after defaulting on bonds in November 20, 2002. Thereafter creditors discovered more than EUR500 million (US$635 million) in unaccounted assets in the company's book. Sergio Cragnotti, former chairman of Cirio, was recently jailed for fraud and fraudulent bankruptcy. It has also emerged that he had in the last few months put together a financial- industrial plan to reacquire Cirio from authorities, allegedly with the help of Carlo Ronchi, a member of Agrifood Consulting of C. Ronchi Associati. He had been spotted on several occasions with Brazilian financier Mario Garnero and banking consultant Marco Lippi of BNP Paribas, who are also under investigation by Milan prosecutors regarding the plan. Mr. Cragnotti was deemed an "active participant" in the meetings. The liaison is detailed in an authorization request for the search of the legal studios involved in the operation. The four are charged with money laundering. Mr. Cragnotti is also charged with criminal association based on a series of phone calls and footages unearthed in the last few months. As far as the four new people under investigation for criminal association, they have not yet received notifications of investigation. =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Completes Stock Split --------------------------------------------- Millicom International Cellular S.A. confirms that, following the extraordinary general meeting of shareholders on February 16, 2004, the stock split of the issued shares of Millicom trading on the Nasdaq Stock Market became effective after close of business on Friday. Millicom shares began trading on NASDAQ on a post-split basis Monday, February 23, 2004. CONTACT: MILLICOM INTERNATIONAL Marc Beuls, President and Chief Executive Officer Phone: +352 27 759 327 Homepage: http://www.millicom.com SHARED VALUE LTD. Andrew Best, Investor Relations Phone: +44 20 7321 5022 ===================== N E T H E R L A N D S ===================== DIOSYNTH: Downsizing Facilities in Netherlands ---------------------------------------------- Diosynth, Akzo Nobel's pharmaceutical ingredients manufacturing business, announced a restructuring of its chemical synthesis operations across the globe. In the face of declining demand, Diosynth is reducing its worldwide chemical synthesis capacity by closing its production site in Mexico and scaling back facilities in the Netherlands. Last month a start was already made with a reduction of production capacity at Diosynth's Buckhaven (Scotland) site. Workforce reductions will directly affect a combined total of approximately 350 employees. In 2003 Akzo Nobel's Pharma businesses introduced cost-saving measures to bring costs into line with reduced sales. "Intensive focus on costs delivered considerable savings in 2003," said Toon Wilderbeek, Member of the Board of Management of Akzo Nobel. "Nevertheless, critical evaluation of costs and results is a continual process. Cost cutting is one of the pillars of our strategy to fix Pharma. We are experiencing a structural decline in demand at Diosynth and we have to address this accordingly," he added. Diosynth is facing a significant rise in overcapacity as a result of a severe decline in demand for active pharmaceutical ingredients (APIs) from its customers. Third party customers are destocking to reduce working capital and there is general overcapacity in the chemical API sector. Captive demand from Akzo Nobel's human pharmaceutical business Organon is also shrinking, as a result of destocking and lower sales for some products. "Overcapacity in our chemical synthesis operations is too high to ignore," explained Johan Evers, General Manager of Diosynth. "With no signs of improvement in the foreseeable future, it is imperative that we bring capacity into line with customer demand now." "After taking into account the multitude of factors that influence our sector - for example, economic viability, logistics, cGMP certifications, site flexibility and safety impact -- we have decided to reduce capacity at sites focused on producing starting materials or intermediate products," Mr. Evers continued. "Therefore we intend to close our site in Mexico City, which produces starting materials. This is in addition to capacity reduction already in progress at our Buckhaven site, where we produce intermediates." The rationalization of Diosynth's production logistics will mean the transfer of some products from Mexico City and Buckhaven to our multi-purpose chemical sites, Apeldoorn and Oss, in the Netherlands. Nevertheless, overcapacity remains a problem on these sites too. Optimization of capacity and resources for late intermediates and APIs will also mean trimming our workforce in the Netherlands. Closure of the site in Mexico City will affect virtually all its 175 employees. The workforce in the Netherlands will be reduced by 100 employees in the course of 2004 through natural attrition and expiry of the majority of temporary employment contracts. Last month Diosynth notified its employees in Buckhaven that as a result of declining demand it intends to reduce the workforce by 75 people. For each site, consultation involving unions and works councils is being, or will be, undertaken as appropriate. =========== N O R W A Y =========== STOLT-OFFSHORE: Closes Sale of US$48 Million Drill Support Biz -------------------------------------------------------------- Stolt-Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO) announced that, further to the announcement on December 3, 2003, it had closed the sale of its ROV drill support business to Oceaneering International, Inc. (NYSE:OII) for US$48 million. This sale will realize approximately US$43 million in cash to Stolt-Offshore after minority interests and transaction costs. Tom Ehret, Chief Executive Officer of Stolt-Offshore S.A., said, "The significance of the disposal of the ROV business goes beyond the cash resources it brings into the Group. Having re- designed and restructured Stolt-Offshore in 2003, we have commenced re-orienting our asset base to fit our target markets and required operating cost profile." Stolt-Offshore is a leading offshore contractor to the oil and gas industry, specializing in technologically sophisticated deepwater engineering, flow line and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas. CONTACT: STOLT-OFFSHORE S.A. Julian Thomson Fiona Harris Phone: (U.K.) +44 1224 718436 Phone: (U.S.) +1 887 603 718436 E-mail: julian.thomson@stoltoffshore.com BRUNSWICK GROUP Patrick Handley (U.K.) Phone: (U.K.) +44 207 404 5959 E-mail: phandley@brunswickgroup.com Tim Payne (U.S.) Phone: (U.S.) +1 212 333 3810 E-mail: tpayne@brunswickgroup.com =========== R U S S I A =========== COMMERCIAL HOUSING: 'Absent Debtor' Declared Bankrupt ----------------------------------------------------- The arbitrage court in Moscow declared the Commercial Housing Bank (LLP) bankrupt on January 12, 2004. S. Stupnikov has been appointed insolvency manager over the bank, labeled by the court as "an absent debtor." The case is docketed as A40-53349/03-66- 385. Creditors have until April 17, 2004 to file their proofs of claim with the court or the insolvency manager by Mail: 115035, Moscow, Balchug str., 2, of. 860 or by Phone: 747-1194, 502- 2841. MOSCOVSKY RESERVNY: Falls into Bankruptcy ----------------------------------------- The arbitrage court of Moscow initiated bankruptcy proceedings against CJSC commercial lender, Moscovsky Reservny Bank, on January 27, 2004. V. Frolov has been appointed insolvency manager. The case is docketed as #A40-52807/03-123-40B. Creditors have until April 17, 2004 to file their proofs of claim with the court or the insolvency manager under this address: 109147, Moscow, B. Andronievskaya str. 23, of. 311. PESTOVSKY LESOKOMBINAT: Court Commences Bankruptcy Procedure ------------------------------------------------------------ The arbitrage court in Novgorod region has declared OJSC Pestovsky Lesokombinat insolvent. Following this decision, the company will undergo bankruptcy proceedings to repay creditors. A. Bokhan has been appointed insolvency manager. Creditors have until April 17, 2004 to file their proofs of claim. The case is docketed as NA44-53/97-C4-K. RZHEVKA: 12-month Bankruptcy Proceedings Opened ----------------------------------------------- The arbitrage court in Saint Petersburg and Leningrad region declared FSUAC Rzhevka insolvent on February 17, 2004. Consequently, the company will now undergo a 12-month bankruptcy proceeding, with A. Tarantov acting as its bankruptcy manager. The company has nine creditors, which include the North West Interregional Territorial Authority of Federal Service of Financial Sanitation (NWITA FSFS), the largest creditor among them. Between 2001 and October 2003, the company's assets dropped from a high of RUB27 millions to RUB13 millions. During this period, the Ministry of Property intervened and ordered the release of funding for the group in January. The local government of Leningrad region now wants the transfer of the aircraft company into the hands of a federal entity. TURBO MOTOR: Split into Two; Bankruptcy Entering Homestretch ------------------------------------------------------------ Beginning February 1, 2004, the former staff of OJSC Turbo Motor Plant in Sverdlovsk reported to two separate companies -- the CJSC Uralsky Turbo Motor Plant and CJSC Uralsky Diesel Motor Plant. These two companies are the remnants of OJSC Turbo Motor Plant, which has been under bankruptcy proceedings for closed to a year now. During this period, a number of its employees were discharged or dispersed to the two new companies. This procedure is now in its last stages, which will involve the transfer of useful equipment to the new companies, while the rest will be auctioned. The regional arbitrage court has appointed Sentsov as the group's bankruptcy manager. ===================== S W I T Z E R L A N D ===================== ABB LTD.: Sells US$207 Million Building Systems Business -------------------------------------------------------- ABB, the leading power and automation technology group, signed an agreement to sell its building systems business in Switzerland to Capvis, a Swiss private equity company. ABB will retain a ten percent share in the business. "The sale is part of our continuing strategy to streamline ABB operations and is another step towards completing our program of divestments," said Peter Voser, ABB's chief financial officer. ABB Building Systems, Switzerland is headquartered in Volketswil near Zurich and employs about 1,600 people in 32 locations. The business reported revenues of about $207 million (CHF278 million) in 2003. ABB and Capvis agreed not to disclose the terms of the transaction. The sale is subject to customary regulatory approvals. Building Systems Switzerland is part of the Building Systems business area, which will be reported in the Annual Report 2003 under the heading of Non-core activities. ABB (http://www.abb.com)is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impacts. The ABB Group of companies operates in around 100 countries and employs about 115,000 people. FANTASTIC CORPORATION: 2003 Net Loss Falls 56% to US$15 Million --------------------------------------------------------------- The Fantastic Corporation (Prime Standard Frankfurt: FAN), a provider of software products that optimize data distribution within corporate networks, announced annual results for the year ending December 31, 2003. The revenues for fiscal year 2003 ending December 31, 2003 were $1.1 million, a decrease of 63% compared to 2002 ($3.0 million). As a result of the continued drastic cost cutting measures, however, the company improved its negative EBITDA (earnings before interest, tax, depreciation and amortization) by 50% from $17.4 million in 2002 to $8.7 million in 2003. Net loss for the entire year fell by 56%, from $33.8 million in 2002 to $15.0 million in 2003, which represents a reduction of the net loss per share from $0.26 in 2002 to $0.12 in 2003. Fantastic's operating expenses, including cost of revenue, fell by 52% from $20.4 million in 2002 to $9.8 million in 2003. Cash flow from operating activities decreased from $22.7 million in 2002 to $4.7 million in 2003 (minus 79%). Cash reserves were $1.9 million at the end of 2003; this is a decrease by 75% compared to $7.8 million at the end of 2002. The Fantastic Corporation (http://www.fantastic.com)produces software for rich data distribution in corporate networks. Its product suite for enterprise Content Delivery Networks (eCDN) allows corporations to boost the performance of their existing IT-networks. Fantastic was founded in 1996 in Zug, Switzerland and is quoted on the Prime Standard of the Frankfurt Stock Exchange (Symbol: FAN). CONTACT: THE FANTASTIC CORPORATION Bahnhofstrasse 2, P.O. Box 1350, 6301 Meliza Louw Zug Phone: +41 41 728 88 88 Fax: +41 41 728 88 80 E-Mail: M.Louw@fantastic.com Eberhard Zangger, zangger.org - science Communications Phone: +41 1 390-2936 E-mail: eberhard@zangger.org FANTASTIC CORPORATION: Remaining Board Members Step down -------------------------------------------------------- The Fantastic Corporation (Prime Standard Frankfurt: FAN) announced the resignation of its two remaining members of the board, Peter Ohnemus and Matthias Oertle, with immediate effect. Pete Hirsch acts as interim CEO and will be proposed for the Board of Directors at the next extraordinary general assembly, which will be held on March 1, 2004 in Zug (Parkhotel Zug). The Fantastic Corporation is now debt-free, employs one person in Zug and has currently about CHF2 million in cash. CONTACT: THE FANTASTIC CORPORATION Bahnhofstrasse 2, P.O. Box 1350, 6301 Meliza Louw Phone: +41 41 728 88 88 Fax: +41 41 728 88 80 E-Mail: M.Louw@fantastic.com Eberhard Zangger zangger.org - science communications Phone: +41 1 390-2936 E-mail: eberhard@zangger.org =========================== U N I T E D K I N G D O M =========================== ACL DISTRIBUTION: Names Clive Morris Administrator -------------------------------------------------- Name of Company: ACL Distribution Limited Nature of Business: Customer Care and Distribution Trade Classification: Division 7-38 Other Business Services Date of Appointment: February 9, 2004 Administrative Receiver: MARSHALL PETERS Heskin Hall Farm Wood Lane, Heskin PR7 5PA Receiver: Clive Morris (IP No 8820) APPLEWOOD FINANCE: Winding up Resolution Passed ----------------------------------------------- At an Extraordinary General Meeting of the Members of the Applewood Finance & Leasing Limited Company on January 30, 2004 at Beech House, 4A Newmarket Road, Cambridge CB5 8DT, the Special Resolution to wind up the Company was passed. Stephen Mark Rout is appointed Liquidator for the Company. AXE & STATUS: Royal Bank of Scotland Calls in Administrators ------------------------------------------------------------ Name of Company: Axe & Status Limited Reg No 01069298 Previous Name of Company: Culverford Finance Limited Nature of Business: Wholesale of Machine Tools Trade Classification: SIC 92 Date of Appointment of Joint Administrative Receivers: February 11, 2004 Name of Person Appointing the Joint Administrative Receivers: The Royal Bank of Scotland Joint Administrative Receivers: Graham Paul Bushby (Office Holder No 8736) 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA Guy Edward Brooke Mander (Office Holder No 8845) City Plaza, Temple Row, Birmingham B2 5AF CAITHNESS GLASS: Appoints Deloitte & Touch Receiver --------------------------------------------------- Caithness Glass called in receivers from Deloitte & Touche last week after its owners abandoned it amidst tough market conditions, according to The Scotsman. Royal Worcester & Spode, which acquired the company three years ago for GBP6 million, had given "substantial financial support" to Caithness Glass, but due to the deterioration of the market place it could no longer continue this support, a spokesman for Deloitte & Touche said. The glass production industry saw the rise of cheap labor markets in Eastern Europe during the past two years as well as the weakening of the U.S. dollar. Caithness Glass has to sustain these effects threefold. It has three separate manufacturing plants -- in Wick, Oban and Perth. The company's current turnover at Caithness Glass is around GBP6 million, the spokesman said. Founded in 1961, Caithness Glass was sold to Royal Worcester by rival chinaware firm Royal Doulton after its parent cut back operations due to financial difficulties. At the time, Caithness had a turnover of GBP8 million and operating profits of GBP500,000. The future of the company's 150 workers now depends on the possibility that the company could be sold as a going concern. Calendonia Investments, the owner of Edinburgh Crystal, is seen as a potential buyer. CONTACT: DELOITTE & TOUCHE London - Stonecutter Court Stonecutter Court 1 Stonecutter Street London United Kingdom EC4A 4TR Phone: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198 London - Athene Place 66 Shoe Lane London United Kingdom EC4A 3BQ Phone: 00 44 (0) 207 779 4000 Fax: 00 44 (0) 207 779 4001 London - Cedric House Cedric House 8-9 East Harding Street London United Kingdom EC4A 3AS Phone: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 8517 CHARTER PLC: Profit Before Tax Down to GBP3.8 Million ----------------------------------------------------- Charter announces the audited preliminary results for the year ended December 31, 2003 and a proposed Rights Issue to raise GBP48.0 million before expenses. Preliminary Results - summary of results (unaudited) Year ended 31 December 2003 2002 GBPm GBPm Turnover Continuing operations 842.4 867.6 Discontinued operations 28.8 32.9 --------- --------- 871.2 900.5 ========= ========= Adjusted operating profit1 Continuing operations1 33.5 29.8 Goodwill amortization (1.2) (1.2) Operating exceptional items (10.8) (25.3) --------- --------- 21.5 3.3 Discontinued operations 6.6 6.2 --------- --------- Operating profit 28.1 9.5 Non-operating exceptional items (1.0) 21.8 --------- --------- Profit before interest 27.1 31.3 Interest (16.8) (19.3) Exceptional financing costs (6.5) - --------- --------- Profit before tax 3.8 12.0 ========= ========= Earnings/(loss) per share - basic and diluted Headline (7.9) p 5.1 p --------- --------- Adjusted1 12.5 p 8.6 p --------- --------- 1 before exceptional items and amortization of good will Net debt 136.8 194.0 --------- --------- Highlights (a) Encouraging trading performance in 2003, with better than expected second half and full year results (b) Adjusted operating profit on continuing operations increased by 12% to GBP33.5 million (c) Adjusted earnings per share increased 45% to 12.5% (d) Net debt reduced by GBP57.2 million to GBP136.8 million Not For Distribution Or Transmission, Directly Or Indirectly In Or Into The United States, Canada, Australia, Japan, The Republic Of Ireland Or The Republic Of South Africa. Rights Issue (a) Rights Issue at 85 pence per share to raise GBP48.0 million before expenses (b) Provides funding to strengthen the group's balance sheet and for investment in restructuring programs and targeted capital expenditure (c) Qualifying Shareholders will be offered new Ordinary Shares on the basis of 3 new Ordinary Shares for every 5 existing Ordinary Shares held Commenting on the preliminary results and the proposed Rights Issue, David Gawler, Chairman and Chief Executive of Charter, said: "I am pleased to report improved results for 2003, resulting from the benefits of the restructuring initiatives implemented since 2001 and some recovery in key markets. The financial improvement was especially marked in the second half of the year in both the principal businesses. With the Rights Issue announced, Charter is strengthening its balance sheet and it is anticipated that a proportion of the proceeds will be used by the group to resume the restructuring program and undertake targeted capital expenditure. The Directors believe the prospects for the group's core businesses are encouraging and view 2004 with confidence." To see financial statements: http://bankrupt.com/misc/Charterplc_2003.htm CONTACT: CHARTER PLC David Gawler David Eilbeck Phone: 020 7404 5959 HOARE GOVETT LIMITED Philip Dayer Neil Collingridge John MacGowan Phone: 020 7678 8000 BRUNSWICK Tom Buchanan Pamela Small Phone: 020 7404 5959 FUSION OIL: Sterling Offer Receives 98% Backing ----------------------------------------------- On December 10, 2003, the board of Sterling announced that its offer for the whole of the issued and to be issued share capital of Fusion Oil & Gas plc had become unconditional in all respects. As at 3:00 p.m. on February 19, 2004, Sterling either owned or had received valid acceptances for the Offer in respect of an aggregate of 100,790,343 Fusion Shares, representing approximately 98.18% of Fusion's issued ordinary share capital. Consequently, Sterling is implementing the procedure under sections 428 to 430F of the Companies Act 1985, as amended, to acquire compulsorily all of the outstanding Fusion Shares which it has not already acquired, contracted to acquire or in respect of which it has not already received valid acceptances. The Offer will remain open for acceptance until further notice. Fusion Shareholders who have not yet accepted the Offer are urged to do so as soon as possible. Forms of Acceptance not yet returned should be completed and returned in accordance with the instructions set out in the Offer Document and the Form of Acceptance as soon as possible. Additional Forms of Acceptance may be obtained from Capita IRG, telephone 0870 162 3100, or if calling from outside the U.K. +44 20 8639 2157. Words and expressions defined in the offer document from Sterling to Fusion Shareholders dated October 1, 2003 and the circulars from Sterling to Fusion Shareholders dated October 18, 2003 and November 21, 2003 respectively shall have the same meaning in this announcement. Evolution Beeson Gregory, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Sterling and no one else in connection with the Offer and other matters described herein will not be responsible to anyone other than Sterling for providing the protections afforded to customers of Evolution Beeson Gregory or for giving advice in relation to the Offer or any other matter described in this announcement. GIMSON ENGINEERING: Calls in Administrator from F A Simma --------------------------------------------------------- Name of Company: Gimson Engineering Limited Nature of Business: Engineers Gimson Engineering Limited design, build and supply equipment for washing, filling and handling of a wide range of containers for many industry sectors. Trade Classification: 07 Date of Appointment: February 4, 2004 Joint Administrative Receiver: F A SIMMA & PARTNERS PLC Insol House 39 Station Road, Lutterworth Leicestershire LE17 4AP Receivers: Richard Frank Simms Alan Roy Limb (IP Nos 9252, 8955) Company Address: 58 Boston Road Beaumont Leys Leicester LE4 1AW United Kingdom Phone: +44 116 2368688 Fax: +44 116 2363663 Web site: http://www.gimsoneng.co.uk GLASS TRANSPORT: Creditors Meeting Set March 3 ---------------------------------------------- Notice is given to the Creditors of the Glass Transport Systems Limited for a Meeting to be held at The Kings Arms, Wood Street, Swindon SN1 4AB, on March 3, 2004, at 2:00 p.m. Creditors must submit in writing their claim to the Company not later than 12:00 noon on March 2, 2004, at Bernard Harrington & Company, Blandford House, 77 Shrivenham Hundred Business Park, Watchfield, Swindon SN6 8TY, Ref JVW/65003. GOVETT ASIAN: Board Proposes Voluntary Liquidation -------------------------------------------------- Govett Asian Income & Growth Fund Limited has posted a Circular to Shareholders seeking their approval for the Company to be placed into a voluntary liquidation and setting out proposals for the distribution of the Company's assets (after payment of its liabilities) on such winding-up. Introduction The Board announced on June 20, 2003 that, in view of the level of the Company's assets, it was considering all the strategic options for the future of the Company. This wide-ranging review to seek to enhance Shareholder value has been ongoing since that date. On November 17, 2003 the Board announced that it had appointed Gartmore as Manager of the Company following the announcement by AIB of the intended sale of certain of the management contracts of Govett (who, at that time, was the Company's investment manager) to Gartmore Investment Management Plc. Prior to that announcement by AIB, the Board had been close to finalizing its review of the strategic options available to the Company. However, with the change of Manager, the Board considered it necessary to give Gartmore time to gain a deeper understanding of the Company and to allow it also to consider the future viability of the Company. As announced on January 29, 2004, the Board has held discussions as to the strategic options available for the future of the Company with its advisers, its major Shareholders and Gartmore and has concluded that in view of the current size of the Company, its total expense ratio and the level of discount at which the Shares have traded historically, it would be in the best interests of Shareholders as a whole if proposals were put to Shareholders to wind-up the Company voluntarily and for the Company's assets (after payment of its liabilities) to be distributed to Shareholders on such a winding-up. Background to and reasons for the Proposals The Company was launched in April 2001 through a placing and the issue of Shares to shareholders of Govett Emerging Markets Investment Trust PLC in connection with the scheme of reconstruction of that company. The Company has an indefinite life but, under the Articles of Association, Shareholders would have been given the opportunity at the annual general meeting in 2009 to decide whether the Company should continue as an investment company for a further five-year period. The substantial decline in the assets of the Company (see further below) led to the Board undertaking its review of the future of the Company which, together with the wishes of the Company's largest Shareholder to realize its investment, has resulted in the Board's decision that the question of whether to continue should be considered by Shareholders now. Total assets of the Company at the time of launch in April 2001 were approximately GBP63.3 million, comprising Shareholders' funds of GBP37.4 million and bank debt of GBP25.9 million. The investment objective of the Company has been to provide a high level of income on the Shares as well as the potential for capital growth. The investment policy at launch was that the Company's portfolio be divided into two parts. Initially, approximately one half of the Company's portfolio was invested in the Asian Portfolio and the other half in the Income Portfolio. In line with the Company's prospectus, dated 28 February 2001, approximately 80% of the Income Portfolio was initially invested in income shares and geared ordinary shares of split capital investment trusts and other closed-end funds, with the balance in corporate and sovereign bonds. Since launch the Company has experienced poor global equity markets which combined with the structural gearing of the Company has contributed to a substantial decline in the assets of the Company. In the face of such market conditions the Company was forced to reduce its structural gearing in the financial year to March 31, 2003 and repaid GBP16.4 million of its Bank Facility (together with associated Swap Arrangements termination costs of approximately GBP0.7 million), thereby cutting the level of the Company's debt from GBP25.9 million to GBP9.5 million. The total assets of the Company as at the close of business on February 17, 2004 (which excludes current year revenue reserves) were approximately GBP19.9 million as compared to GBP63.3 million at launch. This represents a reduction of 69%, inclusive of the repayments of the Bank Facility during the period. The NAV per Share fell 72% over the same period, from 96.25% to 26.74%. Within the Income Portfolio, bond returns have provided a regular source of income. However, the difficulties faced by investment companies and the partial repayment of the Bank Facility referred to above has adversely affected the income stream received by the Company. Consequently, the Company was required to reduce the dividend payments from 8.0p paid in respect of the year ended March 31, 2002 to the current level of 2.0% per Share. The Board also considers that, with the reduction in the Company's net income and assets, the annual running costs now represent an excessive proportion of the annual income and total assets of the Company. Indeed, in the current financial year, as was the case in the previous financial year, the Board expects that the total expenses of the Company (including loan interest, management fees and other administration expenses) will exceed the total net income of the Company. Total expenses for the six months to September 30, 2003 were GBP558,000. On an annualized basis, this level of expense ratio equates to 5.6% of the total assets of the Company as at the close of business on February 17, 2004. Since January 2002, the Shares have usually traded at a significant discount to net asset value. The discount for over the last twelve months to January 28, 2004 (the day prior to the announcement of the Board's intention to propose a voluntary winding-up of the Company) averaged 32% with a high and low of 49% and 17% respectively. The discount as at January 28, 2004 was 17% (Source: Thomson Financial Datastream). As part of its review, the Board, with its financial advisers Hoare Govett, has considered a wide range of possible options including seeking a merger with another closed-ended fund, becoming open-ended, buying back shares and/or changing the Company's investment mandate, but does not believe that any such proposals would have gained the necessary support of Shareholders. In the absence of an acceptable proposal to deliver long-term value to Shareholders in a capital structure, which the Board believes would be acceptable to Shareholders, the Board has concluded that it would be in the best interests of Shareholders for proposals to be put to Shareholders now for a voluntary winding-up of the Company. In the event that the Proposals are not passed by the required majority of Shareholders at the Meeting, the Board intends to continue to manage the Company with the same investment objective and investment policy as currently adopted. The Proposals Under the Proposals, it is proposed that the Company will be wound-up voluntarily and that Stephen Le Page and John Dunford of PricewaterhouseCoopers be appointed Liquidators of the Company. The Liquidators will set aside sufficient assets in a Liquidation Fund to meet the Company's liabilities including the costs of the Proposals (see 'Costs of the Proposals' below). The Liquidators will also provide in the Liquidation Fund for a Retention, which they consider sufficient to meet any contingent and unknown liabilities of the Company. This Retention is currently expected not to exceed GBP100,000. On the basis of the published NAV of the Company as at the close of business on February 17, 2004, the net assets of the Company available for distribution on a liquidation would be approximately GBP9.58 million (equivalent to approximately 24.7% per Share). This assumes the successful realization of all the investments in split capital investment trusts at bid prices and the other investments in the Income Portfolio and the investments in the Asian Portfolio at carrying values, the Retention not being utilized and deducts the estimated costs of the Proposals (see 'Costs of the Proposals' below). Depending on prevailing market conditions and the Directors being satisfied that the Proposals will be approved by the Shareholders, the Company may dispose of some of its portfolio prior to the Meeting. If the Resolution is approved by Shareholders, the Company will repay the Bank Facility before filing the Resolution with H.M. Greffier. It is expected that the Resolution will be filed on March 19, 2004. Upon filing, the winding-up will take effect. The size and timing of the liquidation distributions will depend on the timing and amount actually realized on the sale of the Income Portfolio and Asian Portfolio. The Liquidators expect to make an initial capital distribution in the week commencing March 29, 2004 to Shareholders on the Register at the close of business on March 19, 2004. It is currently expected that the initial capital distribution will be of a sum equivalent to at least 98% of the Company's realized resources (less the Liquidation Fund), which are available at the time of making the distribution. Based on the assumptions stated in the previous paragraph and assuming that the entire portfolio has been realized prior to such distribution being made, the initial capital distribution would be approximately 23.9% per Share. The assumed balance of the Company's assets including the Retention, would potentially be available for future distributions to Shareholders. The size and timing of any future distributions will again depend on the timing and amount actually realized on the sale of the Company's assets and also the ongoing costs payable during the liquidation and settlement of any currently unknown or contingent liabilities. In order to facilitate payment of the initial capital distribution, the Register will be closed at the close of business on March 19, 2004 and, to be valid, all transfers must be lodged and transactions of CREST settled before that time. Transfers received by the Registrars after the close of business on March 19, 2004 will be returned to the person lodging them. Shareholders should be aware that dealings in the Shares after close of business on March 16, 2004 will be for cash settlement only. If any distribution otherwise payable to a Shareholder is, in aggregate, of an amount of GBP3.00 or less, such distribution will not be made to such Shareholder but instead carried forward and if not ultimately distributed together with a subsequent distribution, paid by the Liquidators to Macmillan Cancer Relief. If the Proposals become effective, dealings in Shares on the London Stock Exchange and the Channel Islands Stock Exchange will be suspended at the close of business on March 11, 2004 and on the same date the listing on the Official List will be suspended. Shareholders should note that the amount finally distributed may be different from the current carrying value of the underlying investments due to a variety of factors including movement in the value of the underlying assets, the level at which assets can be realized, the exact amount payable due to the early termination of Swap Arrangement (as detailed below), settlement of any currently unknown or contingent liabilities and ongoing costs associated with running the Company and the realization process. Shareholders should also note that it cannot be guaranteed that the Company will be able to dispose of its entire portfolio prior to the Liquidators making the initial capital distribution. Dividend As part of the Proposal [to wind up the company], the Directors announced a Fourth Interim Dividend for the year ended March 31, 2004 of 0.5% per Share. The Fourth Interim Dividend will be paid on March 12, 2004 to those Shareholders on the Register as at March 5, 2004. GOVETT ASIAN: Terminating Bank of Scotland Credit Facility ---------------------------------------------------------- The Company repaid approximately GBP16.4 million of its GBP25.9 million Bank Facility and terminated a similar proportion of the Swap Arrangements during the financial year ended March 31, 2003. In connection with the Proposals (to wind up the fund), the remaining GBP9.5 million of the Bank Facility (which is due for repayment in 2009) will be repaid following the Resolution being passed and prior to the Effective Date. In addition, it is proposed that the Company's Swap Arrangements with Bank of Scotland will be terminated, which will trigger the requirement to pay breakage costs. On the assumption that there are no changes to the relevant circumstances, it is estimated that the costs associated with the early repayment of the Bank Facility and the early termination of the Swap Arrangements will be approximately GBP370,000. This amount has been deducted for the purposes of calculating the estimated initial capital distribution referred to above. The actual breakage costs associated with the early termination of the Swap Arrangements payable by the Company will be dependent on the prevailing interest rates at the time of termination. Any change from the current estimate referred to above will affect the amount available for distribution to Shareholders. Costs of the Proposals The expenses incurred in relation to the Proposals (including all financial advice, other professional advice, the current estimate of the breakage costs associated with the early termination of the Company's Swap Arrangements referred to above, the compensation payable to Gartmore referred to below and the Liquidators' charges) are currently estimated to amount to approximately GBP615,000. The payment of fees to the Directors will cease when the Liquidators are appointed, and no payments for loss of office will be made. As noted in the last Report & Accounts for the year ended March 31, 2003, the Board served protective notice on June 13, 2003 on Govett in respect of its management agreement and the terms of that management agreement, which was novated to Gartmore, required twelve months' notice to be given to the manager. The protective notice served on Govett is binding on Gartmore and accordingly Gartmore will only be entitled to compensation for early termination in respect of the period from the Effective Date up to and including June 12, 2004. It is currently estimated that the cost to the Company of the early termination of the management agreement will be approximately GBP46,000. GOVETT ASIAN: Extraordinary General Meeting Set March 10 -------------------------------------------------------- The implementation of the Proposals (to wind up the fund) will require Shareholders to vote in favor of the Resolution at the EGM on Wednesday, March 10, 2004 at 11:00 a.m. The Proposals are conditional on the passing of the Resolution at the EGM. If the Resolution is passed, the Proposals will take effect upon the filing of the Resolution with H.M. Greffier, which is expected to be on March 19, 2004. Commitments to support the Proposals The Company has received irrevocable undertakings to vote in favor of the Proposals in respect of 11,463,657 Shares (representing 29.5% of the issued share capital of the Company). Recommendation The Board, which has been advised by Hoare Govett Limited, considers the Proposals set out in this document to be in the best interests of Shareholders as a whole. In providing its advice, Hoare Govett Limited has placed reliance on the Directors' commercial assessment of the Proposals. CONTACT: HOARE GOVETT Hugh Field Phone: 020 7678 8000 MARCONI PLC: To Redeem US$34 Million Junior Notes Today ------------------------------------------------------- Partial Redemption Of Marconi Corporation PLC 10% Guaranteed Junior Secured Notes Due 2008 CUSIP No.: G58129AD2 ISIN No.: XS0166109768 Marconi Corporation plc (London: MONI and Nasdaq:MRCIY) confirms to the owners of its 10% guaranteed Junior Secured Notes, due 2008 (the Securities) the parameters of the redemption of $33,971,184 aggregate principal amount of Securities (the Redemption Securities) that was announced on February 11, 2004. The Record Date shall be the close of business in London on February 23, 2004. The Redemption Date, as previously announced, shall be on February 24, 2004. In line with the mechanism used for the previous partial redemption of the Junior Secured Notes which took effect on January 12, 2004, an additional pool factor of 7.6378764% will be applied to every holding, calculated with reference to the revised issue amount of $444,772,631 as announced on February 2, 2004. As at February 24, 2004 the total pool factor, including the previous redemptions, will be 64.6652932% calculated with reference to the revised issue amount of$444,772,631. On the Redemption Date, the Redemption Price, together with accrued interest, will become due and payable. The Redemption Securities shall cease to bear interest from and after the Redemption Date. Any queries in respect of payment, pool factor or related matters should be directed to Emma Wilkes at Bank of New York on (+44) 20 7964 7662, who are the Registrar, the Depositary and the Paying Agent. About Marconi Corporation plc Marconi Corporation plc is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange (MONI) and on Nasdaq (MRCIY). Additional information about Marconi Corporation can be found at http://www.marconi.com CONTACT: MARCONI PLC Joe Kelly Phone: 0207 306 1771 E-mail: joe.kelly@marconi.com David Beck Phone: 0207 306 1490 E-mail: david.beck@marconi.com INVESTOR INQUIRIES: Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com MIDLANDS 75: Shareholders Pass Wind-up Resolution ------------------------------------------------- At an Extraordinary General Meeting of the Midlands 75 Club Limited on February 12, 2004 at The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG. The subjoined Resolutions to wind up the Company were passed. R M Withinshaw, of Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG was appointed Liquidator for the Company. CONTACT: ROYCE PEELING GREEN The Copper Room Deva Centre Trinity Way, Manchester M3 7BG Contact: R M Withinshaw, Liquidator Phone: 0161 6080000 Fax: 0161 608 0001 Web site: http://www.rpg.co.uk MLM TUBES: Names Kroll Limited Administrator -------------------------------------------- Name of Companies: MLM Tubes Limited Meltog Limited Meltog Unipress Limited Nature of Business: Other Retail, Retail of Oil Filters and Tubes Manufacture of Metal Trade Classification: 06, 22 Date of Appointments: February 9, 2004 Joint Administrative Receiver: KROLL LIMITED 5th Floor Airedale House, 77 Albion Street, Leeds LS1 5AP Receivers: S C E Mackellar C P Holder (IP Nos 6883, 9093) PANTHER PAPER: Appoints Joint Administrators -------------------------------------------- Name of Company: Panther Paper (U.K.) Limited Reg No 4190283 Trading Names: Zodiac Paper, Provincial Paper, Thomas Wyatt, Paper Smart and Panther Paper Sales Previous Name of Company: Beever Paper Plc Nature of Business: Ancillary Printing Operations Trade Classification: 10 Date of Appointment of Joint Administrative Receivers: February 4, 2004 Name of Person Appointing the Joint Administrative Receivers: UPS Capital U.K. Limited Joint Administrative Receivers: David Harry Gilbert Simon James Michaels (Office Holder Nos 2376/01, 8824/01) 8 Baker Street, London W1U 2LL SITOR ENTERPRISES: Menzies Appointed Administrative Receiver ------------------------------------------------------------ Name of Company: Sitor Enterprises Limited Nature of Business: 5540, Bars Trade Classification: Division 9234, Other Entertainment Activities Date of Appointment: February 9, 2004 Joint Administrative Receivers: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street, London W1W Receivers: Jason James Godefroy Paul John Clark (IP Nos 9097, 8750) STARWAND COMPUTERS: Appoints RSM Robson Rhodes Receiver ------------------------------------------------------- Name of Company: Starwand Computers Limited Nature of Business: Telecommunications Date of Appointment: February 10, 2004 Joint Administrative Receiver: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Receivers: Geoffrey Paul Rowley Simon Peter Bower (IP Nos 8919, 8338) TXT INTERNATIONAL: Calls in Grant Thornton ------------------------------------------ Name of Company: TXT International Logistics Limited Nature of Business: Freight Transport by Road Trade Classification: 28 Date of Appointment: February 9, 2004 Joint Administrative Receiver: GRANT THORNTON Grant Thornton House Euston Square Melton Street, London NW1 2EP Receivers: Andrew David Conquest James Earp (IP Nos 5329, 8554) VORTEX GROUP: In Administrative Receivership -------------------------------------------- Name of Company: Vortex Group PLC (Reg No 03091450) Previous Name of Company: Vortex Industrial Products Limited Nature of Business: Manufacturer of prepared unrecorded media and other chemical products Trade Classification: SIC 92 Date of Appointment of Joint Administrative Receivers: February 9, 2004 Name of Person Appointing the Joint Administrative Receivers: Yorkshire Bank plc Joint Administrative Receivers: TENON RECOVERY Tenon House Ferryboat Lane, Sunderland SR5 3JN Receiver: Ian William Kings (Office Holder No 7232) Derek John Oakley (Office Holder No 8630) Arkwright House, Parsonage Gardens, Manchester M3 2LF * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------ -------- AUSTRIA ------- Libro A.G. (111) 174 (182) BELGIUM ------- Real Software REAL (110) 216 (10) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Banque Nationale de Paris Guyane (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP (760) 893 (130) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Cofidur S.A. (5) 102 19 Dollfus-Mieg & Co. DOLP (0) 187 28 European Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immobiliere Hoteliere (68) 233 29 Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin TRCN (0) 134 10 Usines Chauson (23) 249 35 GERMANY ------- Dortmunder Actien-Brauerei DABG (13) 118 (29) F.A. Guenther & Sohn A.G. GUSG (8) 111 N.A. Kaufring A.G. KAUG (19) 151 (51) Mania Technologi MNI (11) 101 (46) Nordsee A.G. (8) 195 (31) Schaltbau A.G. SLTG (16) 163 20 Vereinigter Baubeschlag-Handel Holding A.G. VBHG (24) 307 (63) ITALY ----- Binda S.p.A. BND (11) 129 (20) Credito Fondiario e Industriale S.p.A. CRF (200) 4,218 N.A. NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Pan Fish A.S.A. PAN (117) 806 (259) Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Animex S.A. (1) 108 (86) Exbud Skanska S.A. EXBUF (9) 315 (330) Mostostal Zabrze (6) 227 (366) Stalexport S.A. (57) 229 (51) RUSSIA ------ Kamchatskenergo 273 (7,870) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (11) 128 (24) Tableros de Fibras S.A. TFI (43) 2,107 125 SWITZERLAND ----------- Kaba Holding A.G. KABZN (47) 572 278 UNITED KINGDOM -------------- Abbot Mead Vickers (2) 168 (16) Alldays Plc ALD (120) 252 (202) Amey Plc AMY (49) 932 (47) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group (1,774) 867 (1,157) British Nuclear Fuels Plc (2,627) 36,359 (1,948) Center Parcs (UK) Group Plc (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (34) 329 (12) Dawson Holdings DWSN (29) 142 (29) Easynet Group Plc ESY (12) 332 53 Electrical and Music EMI Industries Group (885) 3,053 (435) Euromoney Instl 167 2 Gallaher Group GLH (543) 5,527 68 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group PLC (10) 4,109 (10) HMV Group PLC HMV (211) 762 (66) Intertek Testing Services ITRK (134) 425 67 IPC Media Ltd. (685) 254 16 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United PLC (73) 144 (29) Manchester City (17) 154 (21) Misys PLC MSY (161) 949 41 Mytravel Group 2,551 (533) Orange PLC ORNGF (594) 2,902 7 Rentokil Initial Plc RTO (1,130) 2,809 (37) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 Telewest Communication 7,329 (3,770) Yell Group PLC (196) 3,964 289 Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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