/raid1/www/Hosts/bankrupt/TCREUR_Public/040225.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
Wednesday, February 25, 2004, Vol. 5, No. 39
Headlines
C Z E C H R E P U B L I C
AERO VODOCHODY: Government Mulls Buying Back Boeing's Stake
F R A N C E
VIVENDI UNIVERSAL: Denies APPAC's Allegations of Forgery
H U N G A R Y
IKARUSBUS RT: RusPromAvto Could Buy Szekesfehervar Facility
NABI RT: Reports US$16.5 Million Full-year Net Loss
PARMALAT HUNGARIA: Obtains Approval for Selloff Plans
I R E L A N D
CONDUIT: Would Announce EUR12 Million Refinancing Plan Soon
TK-ECC LTD.: Belfast-based Seatbelts Manufacturer to Close
I T A L Y
PARMALAT CAPITAL: Court Orders Provisional Liquidation
N E T H E R L A N D S
ADVANCE AGRO: Caa3 Unsecured Notes Rating Under Review
GETRONICS N.V.: Punctuates Turnaround with EUR246 Mln Net Profit
GETRONICS N.V.: Shareholders Approve Fund Raising Exercise
KONINKLIJKE AHOLD: Jan Andreae Resigns from Executive Board
N O R W A Y
PETROLEUM GEO-SERVICES: To Release Preliminary Results March 16
P O L A N D
NETIA SA: Reschedules Release of Financial Results
UPC POLSKA: To Issue 9% Senior Notes Pursuant to Chapter 11 Plan
R U S S I A
BANK SBS-AGRO: Late Filing of Claims Delays Liquidation
MECHANICAL-REPAIR FACTORY: Declared Insolvent
SCHEKINSKY: Under Bankruptcy Supervision Procedure
SPARKLING WINE: Declared Insolvent
TERRA-TECHNOLOGY: Under Bankruptcy Supervision Procedure
YANTAR: Bankruptcy Case Hearing Set March 15
U N I T E D K I N G D O M
ADVANCED MARKINGS: Appoints P & A Administrator
AQUATOR GROUP: Hires Begbies Traynor as Administrator
ARC INTERNATIONAL: Names Carl Schlachte New Chief Executive
B ROSENBERG: Calls in Administrative Receivers
BROOK INDEPENDENT: Appoints Griffin & King Liquidator
CAMBRIDGE RESEARCH: Wind-up Resolution Passed
CLIMPERHURST ENVIRONMENTAL: Creditors to Meet March 9
CONCENTRIC ELECTRONICS: In Administration
CORUS GROUP: Posts Latest Board Changes
DLMP LIMITED: In Administrative Receivership
EGG PLC: Reports GBP34 Million Group Pretax Loss
EUROTUNNEL PLC: Fitch Comments on Proposed Restructuring
GFM GROUP: Creditors Meeting Set March 9
GILLETT LIMITED: Unsecured Creditors Assembly Set March 9
MARCONI CORPORATION: Completes Disposal of North American Access
MARCONI CORPORATION: Partially Redeems 8% Senior Secured Notes
MARCONI CORPORATION: Redeems 10% Guaranteed Junior Secured Notes
MARCONI CORPORATION: Announces Final Redemption of Junior Notes
NTL INC.: Year-end Results May Include Junk-bond Sale Plans
PT U.K.: Creditors to Meet February 27
TIGON PLASTICS: Creditors Meeting Set February 27
VIEWTECH LIMITED: Creditors to Meet February 26
YORKSHIRE GROUP: Proposed Disposal of Yorkshire Americas Okayed
*********
===========================
C Z E C H R E P U B L I C
===========================
AERO VODOCHODY: Government Mulls Buying Back Boeing's Stake
-----------------------------------------------------------
The state is planning to buy back 35.2% of aircraft manufacturer
Aero Vodochody from Boeing (USA) in a potential CZK9 billion
transaction, according to Access Czech Republic Business
Bulletin.
The state has been dissatisfied with the work of Boeing at Aero
Vodochody for a long time, the report said. Boeing's
participation in Aero Vodochody dates back in the 1990s when the
company was threatened by bankruptcy. The government at the
time ordered 72 planes of the type L-159 for the Czech army, and
Boeing acquired the stake with a promise to export new aircraft
internationally. Unfortunately, the plan to win orders globally
did not materialize.
In a separate report, Aero Vodochody HR director Olga Svedinkova
said the firm will lay off about 400 staff by May. "The terms
of notice are running now and workforce as of May 1 should be
roughly 1,600," she said, according to Czech Happenings.
===========
F R A N C E
===========
VIVENDI UNIVERSAL: Denies APPAC's Allegations of Forgery
--------------------------------------------------------
According to its chairman's declarations, APPAC, the individual
shareholders' association, may have filed a complaint for
forgery and the use of forged documents against the senior
management of Vivendi Universal (Paris Bourse: EX FP; NYSE: V).
These accusations, like the other allegations contained in his
declarations, are completely groundless. There are no
inconsistencies or falsifications in the minutes or extracts of
minutes from any Vivendi Universal board meeting.
APPAC's allegations are therefore libelous, and Vivendi
Universal will in due time go before the appropriate court, in
the same way as it responded to APPAC's wrongful writ of January
16, 2004, by a counterclaim for damages.
CONTACT: VIVENDI UNIVERSAL
MEDIA: Paris
Antoine Lefort
Phone: +33 (1) 71 71 1180
Agnes Vetillart
Phone: +33 (1) 71 71 3082
Alain Delrieu
Phone: +33 (1) 71 71 1086
INVESTOR RELATIONS: Paris
Daniel Scolan
Phone: +33 (1) 71 71 3291
Laurence Daniel
Phone: +33 (1) 71 71 1233
New York
Eileen McLaughlin
Phone: 212-572-8961
=============
H U N G A R Y
=============
IKARUSBUS RT: RusPromAvto Could Buy Szekesfehervar Facility
-----------------------------------------------------------
Russian bus producer RusPromAvto is being tipped as potential
buyer of Ikarusbus Rt plant in Szekesfehervar, western Hungary,
Russian business journal Vedomosti said, according to Budapest
Business Journal.
The site, which closed in recent months due to lack of domestic
demand for its buses, could be sold to the Russian holding
company for less than US$10 million, the journal said. Ikarus
Holding Rt is also negotiating to buy the factory. It believes
there is sufficient market demand to keep the factory going.
NABI RT: Reports US$16.5 Million Full-year Net Loss
---------------------------------------------------
Summary of Fourth Quarter 2003 Results
The delivery of 331 vehicles in the fourth quarter of 2003
returned the Group to its planned level of output, although the
shortfalls in previous quarters could not be recovered. For the
year, 1,149 vehicles were delivered compared with 1,375 in 2002.
Continued weakness in the single deck segment of the U.K. market
resulted in lower vehicle sales at Optare, partly offset by the
delivery of a significant number of 30 LFN buses to the USA
during the second half of the year.
Consolidated sales revenue in the fourth quarter was $101.1
million resulting in a total of $320.1 million for the year,
including a $5.4 million (10%) growth in aftermarket sales,
leaving a shortfall of US$40.5 million (11%) compared with the
$360.6 million realized during 2002.
Gross profit was adversely affected in the fourth quarter by
several exceptional factors, referred to in section 4.2, whilst
remaining under pressure from the continuing strength of the HUF
against the US$.
High production costs associated with the introduction of the
45. CompoBusTM and the new 60 articulated steel bus had a
negative impact on margins, as did a substantial additional
warranty provision arising from a defective component fitted to
vehicles supplied in earlier years. Appropriate provisions for
all foreseeable future losses on existing contracts have also
been made in the quarter.
Even allowing for the adverse exchange rate effect on overheads
in Hungary and the U.K. and costs associated with a full year's
operation of the Kaposvar facility, the Group contained the
total increase in SG&A costs to 6.6%, compared to 2002 by
cutting back expenses in several areas.
Operating performance declined significantly from a profit of
$11.8 million in 2002 to a loss of $22.7 million whilst, as
reflected by Other Income of $6.3 million, the Group
successfully counterbalanced part of the foreign exchange rates'
adverse impact by entering into forward currency contracts. Net
Loss for the year was $16.5 million compared with a Net Income
of $7.1 million in 2002. As a consequence of this deterioration
and a requirement to strengthen its financial position, the
Group commenced negotiations with its lenders to restructure its
borrowing obligations as referred to in section 4.8.11.
At the end of the year thirty-eight 45. CompoBusTM were in daily
operation in the city of Phoenix (AZ) with the balance of the
order for 56 to be delivered in early 2004. The Anniston
operation of NABI Inc. hosted an event on December 1 attended by
senior industry and political figures, which included the hand
over of the first of 100 45. CompoBusTM to Los Angeles CMTA.
At the U.K. Bus and Coach show in October, the Group launched
new versions of its successful Solo low floor bus together with
an automatic transmission option for the Alero. During the
quarter, Optare's order book grew ahead of the general market
demand assisted by an order from Stagecoach, one of the U.K.'s
largest bus operators, for 60 Solos to be delivered in 2004.
The Group has made a significant progress in resolving the
problems associated with recent product introductions and is on
track with the development of the flagship 60. BRT model with
the first of an order for 200 scheduled for customer delivery in
2005.
The current interim report contains information on the
performance of the NABI Group (the NABI Group is NABI Rt or the
Company and its 100% owned subsidiaries, NABI Inc. and Optare
Holdings Ltd. Or Optare) during the fiscal year of 2003.
February 13, 2004
Andras Racz, Chief Executive Officer
Roger Fossey, Chief Financial Officer
To see full financial report:
http://bankrupt.com/misc/Nabi_Q42003.pdf
CONTACT: NABI RT. (Machinery)
Ujszasz utca 45, Budapest 1165
Peter Horvath, Director of Finance
Phone: 401-7100
Fax: 407-2931
E-mail: corporate.office@nabi.hu
PARMALAT HUNGARIA: Obtains Approval for Selloff Plans
-----------------------------------------------------
Parmalat Hungaria Kft's majority shareholder, Parmalat S.p.A.,
has approved the proposed sale of the company, unnamed sources
say, according to Budapest Business Journal.
The go-ahead signal means talks between the company and
suppliers could start February 26, making a deal by March 1
possible. A-Tej Kft, a new company established last week by a
group of creditors, including 11 dairy farms and freight
forwarder Catone Kft, may launch an offer, the report said.
Meanwhile, Dairy Product Council Vice President Miklos
Istvanfalvi warned the agency could sue Parmalat for withholding
money collected from producers. The amount in question is HUF87
million, which should have been endorsed to the industry
regulator.
=============
I R E L A N D
=============
CONDUIT: Would Announce EUR12 Million Refinancing Plan Soon
-----------------------------------------------------------
ICC, Bank of Scotland's Irish venture capital arm, is set to
acquire a substantial stake in troubled directories inquiries
firm Conduit for EUR12 million, according to BizWorld. A deal
could be formally completed this week, the report said.
Cash-strapped Conduit was in advanced negotiation on new funding
earlier when a deal to sell its U.K. and Spanish operations to
German group Telegate collapsed. The selloff is part of the
company's effort to survive after deregulation of the directory
market in the U.K. left it without substantial business in the
region. It earlier undertook a radical cost-cutting scheme that
resulted in more than 350 jobs being axed and a call center
being shut. According to the report, the new fundraising effort
is understood backed by some existing investors. It is not
certain whether one of them is its sacked chief executive Liam
Young.
TK-ECC LTD.: Belfast-based Seatbelts Manufacturer to Close
----------------------------------------------------------
TK-ECC, a Japanese-owned car components company, announced it
was closing its factory in Belfast. The decision is expected to
leave all 550 workers of the plant in the east of the city
without a job.
The company, formerly known as GM Fisher Body, blamed
"overwhelming competition" from abroad for the closure of the
company. TK-ECC manufactures seatbelts for carmakers such as
Honda, Nissan and Toyota.
CONTACT: TK-ECC LTD.
770 Upper Newtownards Road
Dundonald
Belfast, BT161UL
Phone: 048 90557200
Fax: 048 90557300
Email Address: les.boyd@tk-ecc.com
Contact:
Mr. Lesley Boyd, Managing Director
Mr. Brian Doyle, Finance Director
=========
I T A L Y
=========
PARMALAT CAPITAL: Court Orders Provisional Liquidation
------------------------------------------------------
Parmalat Capital Finance Limited was placed in provisional
liquidation by the Grand Court of the Cayman Islands on December
24, 2003. G. James Cleaver and Gordon I. MacRae of Ernst &
Young Ltd. were appointed as Provisional Liquidators.
A Petition for the winding up of Capital Finance has been
advertised for hearing before the Grand Court on February 27,
2004.
Since their appointment, the Provisional Liquidators have been
seeking to discover and protect the assets of Capital Finance in
the Cayman Islands and elsewhere. Pursuant to a direction from
the Grand Court, on January 21, 2004, the Provisional
Liquidators have entered into an information sharing agreement
with Dr. Enrico Bondi, the Extraordinary Administrator of
Parmalat S.p.A.
Cash at bank Capital Finance appears to have no cash balances in
the Cayman Islands.
Elsewhere, the Provisional Liquidators have so far only been
able to discover a credit balance of $378,279.38 in a bank
account in New York. The bank in question claims a lien over
the account.
Bonlat Financing Corporation
As at September 30, 2003, Capital Finance's nominal ledger,
which may or may not be reliable, disclosed a balance of
$6,978,834,454 due to Capital Finance from its wholly owned
subsidiary, Bonlat.
This sum includes at least $15,164,277 of payments made by
Capital Finance on Bonlat's behalf to third parties. The
Provisional Liquidators are investigating the reasons for these
payments.
The Provisional Liquidators have so far been unable discover any
cash at bank belonging to Bonlat either in the Cayman Islands or
elsewhere.
Balances appearing due from other Parmalat Group companies
As at September 30, 2003, Capital Finance's nominal ledger,
which may or may not be reliable, disclosed a balance of
$28,948,864 due to Capital Finance from other Parmalat Group
companies.
Balances appearing due from Capital Finance to other Parmalat
Group Companies
As at September 30, 2003, Capital Finance's nominal ledger,
which may or may not be reliable, disclosed a balance of
$4,256,406,354 due from Capital Finance to other Parmalat Group
Companies.
Balances appearing due to third party creditors
As at September 30, 2003, Capital Finance's nominal ledger,
which may or may not be reliable, disclosed a balance of
$1,112,295,920 due from Capital Finance to third party
creditors.
Further information
The Provisional Liquidators, under the direction of the Grand
Court, are continuing their enquiries.
Persons who are creditors of Capital Finance can obtain copies
of the Provisional Liquidators' reports to the Grand Court dated
January 20, 2004 and February 10, 2004 by contacting:
ERNST & YOUNG LTD.
PO Box 1102 GT Grand Cayman
Cayman Islands
Eleanor Fisher
Phone: 1 345 946 0081
Fax: 1 345 946 0082
E-mail: Eleanor.Fisher@ky.ey.com
=====================
N E T H E R L A N D S
=====================
ADVANCE AGRO: Caa3 Unsecured Notes Rating Under Review
------------------------------------------------------
Moody's Investor Services placed on review for possible upgrade
the Caa3 rating for guaranteed unsecured notes due 2007 issued
by Netherland's Advance Agro Capital BV for its parent Advance
Agro. The notes are guaranteed by the Thai holding company.
The action follows the paper producer's major debt-restructuring
program that extended the repayment schedule for its overdue
debts for a period of 9 years until 2012.
Moody's says: "The successful completion of this restructuring
exercise has removed the uncertainty which prevailed over
whether Advance Agro could reach an agreement with its principal
banks and reduce near-term refinancing risk."
GETRONICS N.V.: Punctuates Turnaround with EUR246 Mln Net Profit
----------------------------------------------------------------
Key Highlights of 2003 Audited Annual Results:
(a) Net profit 2003 EUR246 million (2002: EUR409 million loss);
(b) EBITAE ongoing* business improved from EUR21 million in
2002 to EUR40 million in 2003;
(c) EBITAE/Average capital employed improved to 61.5% in 2003
from 15.9% in 2002;
(d) EUR429 million in cash and cash equivalents at December 31,
2003 (2002: EUR296 million) resulting in a EUR6 million net
debt position;
(e) Solvency ratio 15.6% at December 31, 2003 (2002: 5.7%);
(f) Gross margin for ongoing business improved from 16.2% in
2002 to 17.2% in 2003;
(g) Service revenue and operational profitability per average
employee (at constant rates) for ongoing business improved
year-on-year from Q2 onwards in 2003;
(h) Service-product revenue mix ongoing business improves in
accordance with the Company's objective: 73% services and
27% products (2002 ongoing business: 68% services and 32%
products);
(i) Intention to pay past and current dividends to the holders
of Cumulative Preference Shares;
(j) Annual Report 2003 available 3 March 2004 on Company's
Web site;
*Ongoing business excludes the results of divested operations
and deconsolidated operations through their disposal or
deconsolidation date, respectively.
Statement from Klaas Wagenaar, CEO and Chairman of the Board of
Management: "2003 proved to be one of the most remarkable and
challenging years in the Company's long history. The Company
started the year with a net debt of EUR319 million, its
operational performance was deteriorating, and the challenge
remained of how to repay the EUR520 million related to the
subordinated convertible bonds due in 2004 and 2005.
"During the course of 2003, management was able to create
financial stability and restore belief in the Company's long-
term continuity through:
(a) The introduction of new standard financial management
reporting systems and procedures.
(b) The strict management of cash and working capital.
(c) Improving operational performance and cash generation
through the introduction of cost-effectiveness measures
(d) Divesting non-core assets, and
(e) focusing on core business and refining the long term go-to-
market model
"As a result we have been able to repay the vast majority of the
Company's debt, create new momentum, and restore the confidence
of our loyal customers and dedicated 22,000 employees, and
therefore lift the 'dark cloud' that was hanging over Getronics.
By doing so, combined with the successful placement of EUR100
million convertible bonds in November 2003, we were able to
focus on the business during Q4, leading to a relatively strong
financial performance in a hesitant and highly competitive
market. Margin improvement and continuing reduction in working
capital has resulted in no meaningful net debt at the end of
2003.
"At the end of 2003 the current leadership team was put in
place. This team has now established its strategy and ambitions.
The center of Getronics' strategy is our aim to be the long-
term, trusted Information and Communication Technology partner
for major organizations in the geographies in which we operate.
Getronics will continuously focus and dedicate its time and
effort to further strengthening the Company's operational
excellence, leading to further expected improvements in
operational margin and cash flow.
"The leadership team is pleased with the progress the Company
has made to date in these areas and, combined with the recent
initiative to further strengthening the balance sheet, we
believe that the Company is in a good position to benefit from
the projected first wave of improved ICT spending by our
clients."
Market observations and Outlook
The Information and Communication Technology markets in which
Getronics is competing stabilized in the second half of 2003.
Management expects this trend to continue and the Company is
well placed to take advantage of improved market conditions. A
further decline in product revenues is anticipated as the
Company continues to de-emphasize non-strategic product revenue
which is not tied to solutions and services.
Management believes there is potential for a further improvement
in the quality of revenue during 2004, as it continues to focus
on improvements in operational performance. The Company
invested significantly in 2003 in refining its global go-to-
market solutions. These solutions are based on Getronics' proven
capabilities, client successes and are geared towards our key
vertical markets. The Company also believes it can continue to
make improvements in the quality and effectiveness in driving
these solutions to the market by utilizing its re-useable
business solutions and migrating its managed service delivery
model from on-site to remotely delivered customer services.
To see full copy of financial results:
http://bankrupt.com/misc/Getronics_2003.doc
GETRONICS N.V.: Shareholders Approve Fund Raising Exercise
----------------------------------------------------------
Getronics N.V. announces that at the Extraordinary Shareholders
Meeting held on Monday, its shareholders approved the placing of
100,000,000 new ordinary shares for cash as announced on
February 5, 2004. The new ordinary shares will be listed on
Euronext Amsterdam.
The Company will issue the 100,000,000 new ordinary shares at an
issue price of EUR2.40 per share raising gross proceeds of
EUR240 million.
Publication of the prospectus is expected on Tuesday February
24, 2004. Payment and settlement for the new ordinary shares is
expected to take place on February 27, 2004. Until this date
the new ordinary shares will continue to trade conditionally
under a separate fund code (fund code: 35589; ISIN code:
NL0000355899; common code: 018589834). Conditional trading can
only take place in lots of 50,000 ordinary shares and multiples
thereof, in accordance with Euronext requirements. Any
conditional trading is at the risk of the investor.
A copy of the Prospectus is expected to be available on the
February 24, 2004 on the Company's website:
http://www.getronics.com
About Getronics
With approximately 22,000 employees in over 30 countries and
audited ongoing revenues of approximately EUR2.6 billion in
2003, Getronics is one of the world's leading providers of
vendor independent Information and Communication Technology
(ICT) solutions and services. Getronics combines the
capabilities of the original Dutch company with those of Wang
Global, acquired in 1999, and of the systems and services
division of Olivetti. Getronics is ranked second worldwide in
network and desktop outsourcing and fourth worldwide in network
consulting and integration (Source: IDC 2002-2003). Getronics
designs, integrates and manages ICT infrastructures and business
solutions for many of the world's largest global and local
companies and organizations, helping them maximize the value of
their information technology investments. Getronics
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore. Getronics' shares are traded on Euronext
Amsterdam (GTN). For further information about Getronics,
visit http://ww.getronics.com
CONTACT: GETRONICS N.V.
Investors Inquiries
Phone: +31 20 586 1982
Fax: +31 20 586 1455
E-mail: investor.relations@getronics.com
KONINKLIJKE AHOLD: Jan Andreae Resigns from Executive Board
-----------------------------------------------------------
Jan Andreae, member of the Executive Board of Royal Ahold, has
decided on his own initiative to withdraw from the Executive
Board. Jan Andreae will take charge of special projects for the
benefit of the Ahold group, including the divestment of the
Spanish operations.
CONTACT: KONINKLIJKE AHOLD
P.O. Box 3050 1500 HB
Zaandam Netherlands
Phone: +31 (0) 75 659 57 20
Fax: +31 (0) 75 659 83 02
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: To Release Preliminary Results March 16
---------------------------------------------------------------
Petroleum Geo-Services A.S.A (OSE: PGS; OTC: PGEOY) announced
that it expects to release unaudited, preliminary results for
the fourth quarter and full year 2003 on Tuesday, March 16,
2004.
The fourth quarter and full year information will be on a
Norwegian GAAP basis only. The Company also expects to release
certain information related to "fresh start" accounting under
U.S. GAAP following the Company's emergence from Chapter 11
proceedings in early November 2003.
The unaudited, preliminary Norwegian GAAP information is being
released to satisfy requirements of the Oslo Stock Exchange,
which generally require disclosure of preliminary results for
the fourth quarter and full year 2003 by the end of February
2004. The Company has contacted the Oslo Stock Exchange
regarding obtaining an exemption from such timing requirement,
but no assurance can be given that such exemption will be
granted. If such exemption is not granted, the Company could
incur monetary penalties (maximum of ten times the annual
listing fee).
The delay is mainly due to the substantial increase in workload
and complexity associated with the financial reporting issues
after the exit from Chapter 11 and the re-audit and audit of
previous years' U.S. GAAP financial statements.
The Company continues to work on completing an audit of the
Company's 2002 financial statements and a re-audit of the
Company's 2001 financial statements and on addressing certain
previously disclosed material weaknesses in its system of
internal controls over financial reporting. The Company is also
working on the audit of its financial statements for 2003 (both
U.S. and Norwegian GAAP).
As previously announced, there can be no assurance as to whether
or when these audits and re-audit can be completed. In
addition, as previously disclosed, if and when completed, the
audits and re-audit could result in restatements of the
Company's previously filed U.S. GAAP audited financial
statements and restatements and other adjustments to its 2003
U.S. GAAP financial statements. Those restatements and
adjustments could be material, although they are expected to be
of a non-cash nature. The Company does not expect to release
any U.S. GAAP figures related to periods prior to November 2003
until these audits and re-audit are completed. Furthermore,
there can be no assurance that the audits and re-audit, although
being conducted for U.S. GAAP purposes, will not have an impact
on Norwegian GAAP financial statements.
The Company expects to be able to provide additional information
on the status of the audits and re-audit for the 2001-2003
period at the time of its release of preliminary results (16
March 2004).
Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services. Petroleum Geo-Services provides a broad
range of seismic- and reservoir services, including acquisition,
processing, interpretation, and field evaluation. Petroleum
Geo-Services owns and operates four floating production, storage
and offloading units. Petroleum Geo-Services operates on a
worldwide basis with headquarters in Oslo, Norway. For more
information on Petroleum Geo-Services visit http://www.pgs.com
CONTACT: PETROLEUM GEO-SERVICES
Sam R. Morrow
Dag Reynolds
Phone: +47 67 52 64 00
Suzanne M. McLeod
Phone: +1 281-589-7935
===========
P O L A N D
===========
NETIA SA: Reschedules Release of Financial Results
--------------------------------------------------
Netia S.A. (WSE:NET), Poland's largest alternative provider of
fixed-line telecommunications services, confirmed that its 2003
year end financial results will now be released after the close
of the Warsaw Stock Exchange on Monday, March 1, 2004 and not on
Wednesday, February 25, 2004 as previously announced.
The President of the Management Board and CEO, Wojciech
Madalski, and Chief Financial Officer, Zbigniew Lapinski, will
now host a conference call on Tuesday, March 2, at 4:30 p.m.
(CET)/3:30 p.m. (U.K.) / 10:30 a.m. (Eastern) to review the
results, and not on Thursday, February 26, as previously
scheduled. The conference call will be available for replay
purposes as well. Netia followers will receive invitations to
participate in this conference call.
CONTACT: NETIA S.A.
Anna Kuchnio (IR)
Phone: +48 22 330 2061
or
Jolanta Ciesielska (Media)
or
Taylor Rafferty, London
Mark Walter
Phone: +44(0) 20 7936 0400
or
Taylor Rafferty, New York
Abbas Qasim
Phone: +1 212 889 4350
UPC POLSKA: To Issue 9% Senior Notes Pursuant to Chapter 11 Plan
----------------------------------------------------------------
UPC Polska, a Delaware limited liability company, and its
affiliate, Polska Finance, a Delaware corporation, propose to
issue, as part of UPC Polska's Second Amended Chapter 11 Plan of
Reorganization Jointly Proposed by UPC Polska, Polska Finance
and UnitedGlobalCom, Inc., an indirect parent of both UPC Polska
and Polska Finance, dated December 17, 2003, newly issued 9%
senior notes due 2007 in the aggregate principal amount of
$105,394,659 of UPC Polska and Polska Finance.
Pursuant to the Plan of Reorganization, each holder of an
Allowed Class 3 Claim (as defined in the Plan of Reorganization)
against UPC Polska is entitled to receive on account of its
claim, in consideration for the UPC Polska Notes (as defined in
the Plan of Reorganization) on or as soon as practicable after
the effective date of the Plan of Reorganization, a pro rata
portion of an aggregate amount of (i) $100,000,000 principal
amount of Notes, (ii) shares of common stock of UGC in the
aggregate amount of $14,500,000 (based on the per-share closing
price as reported by The Nasdaq Stock Market, Inc. on December
15, 2003), and (iii) $80,000,000 in cash. Pursuant to the Plan
of Reorganization, each holder of an Allowed Class 5 Claim (as
defined in the Plan of Reorganization) against UPC Polska is
entitled to receive on account of its claim the amount of cash,
shares of common stock of UGC and Notes per $1,000 of claim
amount of each Allowed Class 5 Claim which is equal to the
amount of cash consideration, shares of common stock of UGC and
Notes issued per $1,000 of claim amount payable to the holders
of the Allowed Class 3 Claims.
UPC Polska and Polska Finance filed with the United States
Bankruptcy Court for the Southern District of New York the First
Amended Disclosure Statement, with respect to the First Amended
Chapter 11 Plan of Reorganization Jointly Proposed by UPC Polska
and Polska Finance, dated October 27, 2003. Pursuant to an
order dated October 29, 2003, the Bankruptcy Court approved the
Disclosure Statement, which was subsequently distributed to
holders of claims against or equity interests in UPC Polska for
the purpose of soliciting their votes for the acceptance or
rejection of such plan of reorganization.
On December 17, 2003, UPC Polska, Polska Finance and UGC filed
with the Bankruptcy Court a Second Amended Chapter 11 Plan of
Reorganization Jointly Proposed by UPC Polska, Polska Finance
and UGC. After notice and a hearing held on January 21, 2004 and
January 22, 2004, the Bankruptcy Court entered the Findings of
Fact, Conclusions of Law and Order under Section 1129 of the
Bankruptcy Code and Rule 3020 of the Bankruptcy Rules Confirming
the Second Amended Chapter 11 Plan of Reorganization Jointly
Proposed by UPC Polska, Polska Finance and UGC signed on January
22, 2004, confirming the Plan of Reorganization. The Notes are
to be issued under an indenture between UPC Polska and Polska
Finance, as co-issuers, and Wilmington Trust Company, as
trustee.
UPC Polska and Polska Finance believe that the issuance of the
Notes is exempt from the registration requirements of the
Securities Act of 1933 pursuant to Section 1145(a)(1) of the
United States Bankruptcy Code. Generally, Section 1145(a)(1) of
the Bankruptcy Code exempts the offer and the issuance of
securities from the registration requirements of the Securities
Act and equivalent state securities and "blue sky" laws, except
with respect to an entity that is deemed an underwriter under
Section 1145(b) of the Bankruptcy Code, if, among other things,
the securities are offered or sold under a plan of
reorganization of the debtor, or under a plan jointly proposed
by the debtor and an affiliate of the debtor, in exchange for a
claim against, an interest in or a claim for an administrative
expense in the case concerning the debtor or such affiliate. UPC
Polska and Polska Finance believe that the issuance of Notes
contemplated by the Plan of Reorganization will satisfy the
aforementioned requirements.
===========
R U S S I A
===========
BANK SBS-AGRO: Late Filing of Claims Delays Liquidation
-------------------------------------------------------
Bankruptcy proceedings for Bank SBS-Agro, the biggest bank to go
bust in Russian history, will be extended by two more months,
according to newspaper Vremya Novostej.
The Moscow arbitrage court granted the request of Agency on
Restructuring of Credit Organization February 16, 2004. The
reason was the late filing of claims by depositors, making it
impossible to finish the bank's liquidation before 2004.
The Agency has been restructuring SBS-Agro debts since 1999. By
the end of 2002, it was able to reach amicable settlements with
up to 95% of depositors. It started paying depositors who did
not accept amicable agreements in 2003. At that time the agency
had at disposal obligatory reserves in amount of RUB280 million
and "bad" assets at amount not more than RUB20 million. The
court is expected to approve the report of the agency regarding
the bankruptcy proceedings of SBS-Agro April 20, effectively
ending the existence of the bank.
MECHANICAL-REPAIR FACTORY: Declared Insolvent
---------------------------------------------
The Arbitration Court of the Republic of Bashkortostan declared
OJSC Mechanical-repair factory (Ufa), insolvent February 14,
2004. R. Alibaev has been appointed insolvency manager.
Creditors have until April 21, 2004 to submit their proofs of
claim to 450049, the Republic of Bashkortostan, Ufa, Novozhenova
str.92
SCHEKINSKY: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Tula commenced bankruptcy supervision
procedure on Schekinsky Refractory mill. The case is docketed
as #A68-1/B-04.
Vladimir Mirny, a member of TP Interregional self-regulated
organization of arbitral managers "RSNE", has been appointed
temporary insolvency manager.
Court will next hear the bankruptcy case at 10:00 (MT) on May 6,
2004 at the arbitration court in Tula, Sovetskaya str.112, hall
31.
CONTACT: VLADIMIR MIRNY, Temporary Insolvency Manager
300001, Russia, Tula
Dzerzhinskogo str.10, of.9.
Schekinsky Refractory mill
301240, Russia, Tula region
Schekino, Svobody str.3
SPARKLING WINE: Declared Insolvent
----------------------------------
The Arbitration Court of the Republic of Kchabarovsk region
declared OJSC wine factory, Sparkling wine, insolvent February
11, 2004. Alexandr Chekalin has been appointed insolvency
manager. Creditors have until April 21, 2004 to submit their
proofs of claim to 680006, Kchabarovsk, Industrialnaya str.14.
CONTACT: SPARKLING WINE
680006, Kchabarovsk, Industrialnaya str.14
TERRA-TECHNOLOGY: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on TERRA-Technology. The case is docketed as #A40-
56666/03-124-39B. Elena Fedorova, a member of TP Moscow
interregional self-regulated organization of arbitral managers,
has been appointed temporary insolvency manager. Creditors of
Terra Technology have until March 23, 2004 to submit their
proofs of claim to the temporary insolvency manager at 125009,
Russia, Moscow, Poste restante.
CONTACT: TERRA-TECHNOLOGY
(TIN7710363467, Registration number 1027739174506)
123056, Russia, Moscow
B. Gruzinskaya str.60, build.1
ELENA FEDOROVA
101000, Russia, Moscow
Lubyansky prosp.5, build.1
YANTAR: Bankruptcy Case Hearing Set March 15
--------------------------------------------
The hearing on the bankruptcy supervision of Baltic shipyard
Yantar is to take place at 11:00 (MT) on March 15, 2004 at the
Arbitration Court of Kaliningrad region. Creditors are asked to
submit their proofs of claim to 236000, Russia, Kaliningrad,
Donskogo str.,7, of.209.
OAO Vneshtorgbank, a public limited company, initiated
bankruptcy supervision procedure on Yantar due to non-payment of
a US$20 million bank loan, TCR-Europe reported earlier. Evgeniy
Zinder has been assigned temporary insolvency manager.
CONTACT: YANTAR
236005, Russia
Kaliningrad region
Transportny tupik
(Transport impasse), 10
KALININGRAD COURT
Kaliningrad, Rokosovskogo str.2a
INSOLVENCY MANAGER
236000, Russia, Kaliningrad
Donskogo str.,7, of.209
Phone: 7- 8(0112057-87-50.
===========================
U N I T E D K I N G D O M
===========================
ADVANCED MARKINGS: Appoints P & A Administrator
-----------------------------------------------
Name of Company: Advanced Markings Limited
Nature of Business: Road Marking
Trade Classification: 9305
Date of Appointment: February 11, 2004
Joint Administrative Receivers: THE P&A PARTNERSHIP
93 Queen Street,
Sheffield S1 1WF
Receivers:
John Russell
Philip Andrew Revill
(IP Nos 5544, 6421)
Company Address: 60 Ordsall Road
Retford, Nottinghamshire DN22 7PN
Phone: 01777702111
AQUATOR GROUP: Hires Begbies Traynor as Administrator
-----------------------------------------------------
Name of Company: Aquator Group Limited
Nature of Business: Collection, Purification of Water
The Aquator Group Ltd. was formed as the result of a successful
management purchase of the MBR Technology (R) (membrane
bioreactor) division of the U.K. utility company Wessex Water,
which took place during the later part of 2001. This MBR
process is now operational in over 800 plants worldwide
including more than 520 municipal sewage treatment applications
and more than 360 Industrial applications, these include,
brewing, dairy, textile, food processing, pharmaceutical and
maritime treatments, amongst others. The group continues to be
recognized as the world leader in the supply and operation of
the submerged flat sheet membrane wastewater treatment process,
pioneered by the Japanese, Kubota Corporation.
Trade Classification: 11
Date of Appointment: January 26, 2004
Joint Administrative Receiver: BEGBIES TRAYNOR
58 Queens Square,
Bristol BS1 4LF
Receivers:
Andrew Howard Beckingham
Simon Robert Haskew
(IP Nos 8683, 8988)
Company Address: Aquator House
Bradford Road
Trowbridge
Wiltshire
United Kingdom
Phone: +44 1225 757 800
Fax: +44 1225 787 900
E-mail: mail@mbrtech.com
URL: www.mbrtech.com
ARC INTERNATIONAL: Names Carl Schlachte New Chief Executive
-----------------------------------------------------------
The Board of Directors of ARC International plc (LSE:ARK), a
world leader in user- customizable processors, peripheral IP,
and development tools for System-on-Chip (SoC) design, and real-
time operating systems for embedded control, announces the
appointment of Carl Schlachte as Chief Executive. He will
assume his role with immediate effect and be based at the
Company's San Jose, California headquarters.
As a result of this announcement, Dr. Peter van Cuylenburg,
Interim Chief Executive since December 2003, will resume his
position as Non-Executive Chairman. Dr. van Cuylenburg
commented:
"We are delighted that Carl has accepted the Board's offer to
join ARC International as Chief Executive. He has an extensive
background in the semiconductor IP and microprocessor
businesses, through his experience at ARM and Motorola, as well
as having been CEO of two fabless semiconductor companies.
Carl's strong track record and industry knowledge will be
instrumental in leading ARC in the implementation of its new
strategic direction announced on February 4th of this year."
Carl Schlachte, CEO of ARC commented: "I share ARC's vision of
the increasing importance of application-specific SoC design
solutions and believe that the company's industry-leading new
processor products position it strongly for success in this
growing market."
Carl Schlachte, 40, brings with him 20 years experience in the
semiconductor industry. He joins ARC from Raza Microelectronics
following its acquisition of Sandcraft, a fabless semiconductor
provider of high performance microprocessors where Carl held the
position of President and CEO. Prior to Sandcraft, Carl served
as Chairman and CEO of BOPS Inc., a semiconductor company
focused on the development of high-performance digital signal
processing technologies.
Previously, Carl worked for ARM Holdings plc, where he held the
positions of Vice President of North America and Embedded
Business Development Manager. Carl also spent 11 years working
for Motorola in the Semiconductor Products Sector where he held
positions of increasing responsibility in the sales function. He
holds a BS degree in Computer Science from Clemson University.
About ARC
ARC International is a provider of uniquely optimized SoC
solutions for exceptionally competitive markets. ARC's IP
solutions consist of user-customizable 32-bit RISC/DSP processor
cores with integrated development tools, peripherals and
software. ARC solutions help companies develop application-
specific SoCs that are differentiated and highly competitive for
the wireless, multimedia and networking/storage markets.
ARC introduced the industry's first user- customizable 32-bit
RISC/DSP processor core and the industry's first USB Hi-Speed
On-The-Go IP. ARC's turnkey embedded solutions, combining the
processor core with a real-time operating system, development
tools and peripheral hardware and software IP, enable developers
to optimize the design and performance of their applications.
ARC also supplies embedded system software, consisting of MQX
RTOS and various protocol stacks for a variety of embedded
processors. By providing designers with a single source for all
major embedded silicon and software IP building blocks, ARC
dramatically reduces their number of suppliers, thereby reducing
cost, reducing risk and reducing time-to-market.
ARC International employs approximately 180 people in research
and development, sales and marketing offices across North
America, Europe and Asia. Full details of the company's
locations and other information are available on the company's
website, http://www.arc.com. ARC International is listed on
the London Stock exchange as ARC International plc (LSE:ARK).
CONTACT: ARC INTERNATIONAL PLC
Dr. Peter van Cuylenburg, Chairman
Phone: +001 408 437 3400
TULCHAN COMMUNICATIONS
Julie Foster, Consultant
Phone: +44 (0) 20 7353 4200
B ROSENBERG: Calls in Administrative Receivers
----------------------------------------------
Name of Company: B Rosenberg Limited
Nature of Business: Manufacturing
B. ROSENBERG LTD., a design, manufacturing, supply and
installation company operating in several diverse market
sectors, includes: Street Furniture, Medical, Point of Display,
Outdoor Advertising, Specialist Signage and Security.
Established in 1938, B. Rosenberg Limited has developed into a
specialist engineering Company designing and manufacturing a
wide range of products to many diverse markets including X-ray
illuminators and accessories for the Medical and NDT markets,
Illuminated information display systems, using conventional
'back light' technology. As a technical partner with INEOS
Acrylics for the Prismex range of edge light products, and more
recently with 3M developing an evenly illuminated slim lightbox
eliminating the traditional problem of back light striping. So
revolutionary is this product that a Patent has been applied
for.
The Company is a family owned business, started in Tottenham by
Ben Rosenberg, the father of the current Chairman, Michael
Rosenberg who with two other family members is actively involved
on the board of Directors. This family involvement gives the
Company great stability and the solid foundation needed to
support future growth plans of the business.
Over time, the skills of the workforce have developed and the
25,000 sq. feet of production facility is well equipped with the
latest CNC controlled sheet metal and fabrication plant, full
electrical assembly, test and in-house stove enamel and powder
coat paint lines.
Trade Classification: 06
Date of Appointment: February 9, 2004
Joint Administrative Receiver: BDO STOY HAYWARD LLP
Prospect Place,
85 Great North Road,
Hatfield, Hertfordshire AL9 5BS
Receivers:
G S Kinlan
D H Gilbert
(IP Nos 8268/01, 2376)
Company Address: Finchley Ave
Mildenhall
Bury St. Edmunds
Suffolk IP28 7BG
United Kingdom
Phone: (01638) 713483
Fax: (01638) 510026
Web site: http://www.b-rosenberg.com
BROOK INDEPENDENT: Appoints Griffin & King Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Brook Independent
Fostering Agency Limited Company at 26-28 Goodall Street,
Walsall WS1 1QL, on January 29, 2004 the Special Resolution to
wind up the Company was passed.
Timothy Frank Corfield, of Griffin & King, 26-28 Goodall Street,
Walsall WS1 1QL, is appointed Liquidator for the company.
CONTACT: GRIFFIN & KING
26-28 Goodall Street
Walsall WS1 1QL
Contact:
Timothy Frank Corfield, Liquidator
Phone: 01922722333
Company Address: 33 Middle Road
Park Gate
SOUTHAMPTON, Hampshire SO31 7GH
Phone: 01489885500
CAMBRIDGE RESEARCH: Wind-up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the
Cambridge Research and Innovation Limited on February 10, 2004
held at Wellington House, East Road, Cambridge, the Special
Resolution to wind up the company was passed.
Company Address: Wellington House
East Road
Cambridge
CB1 1BH
United Kingdom
Phone: 01223 451000
Fax: 01223 451138
Web site: http://www.cril.co.uk
Since its foundation in 1987, CRIL has focused on developing
businesses based on newly emerging technologies. Over the years
CRIL has built up a portfolio of technology based investments,
which have spun out of research and development work, both in
academia and industry.
CLIMPERHURST ENVIRONMENTAL: Creditors to Meet March 9
-----------------------------------------------------
A Meeting of the unsecured Creditors of the Climperhurst
Environmental Engineering Services Limited Company will be held
at KPMG, 8 Salisbury Square, London EC4Y 8BB, on March 9, 2004,
at 10:00 a.m.
A Creditor will be entitled to vote only if a written statement
of claim is submitted to D J Crawshaw, for the Joint
Administrative Receivers of the Company on or before 12:00 noon
on March 8, 2004.
CONTACT: KPMG
8 Salisbury Square
London EC4Y 8BB
Administrator:
D J Crawshaw
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
CONCENTRIC ELECTRONICS: In Administration
-----------------------------------------
Name of Company: Concentric Electronics Limited
Reg. No: 04658237
Administration Order made: February 5, 2004
CONTACT: GRANT THORNTON
Enterprise House
115 Edmund Street
Birmingham B3 2HJ
Administrators:
Neil Tombs
Andrew M Menzies
(Office Holder Nos 7830, 6053)
CORUS GROUP: Posts Latest Board Changes
---------------------------------------
Corus Group plc is pleased to announce the appointment of Tony
Hayward, a non-executive director of Corus since April 2002, as
its Senior Independent Director. Dr. Hayward is a director of
BP plc where he is Chief Executive of Exploration and
Production.
Corus also recently announced that Mr. Henk Vrins will be taking
early retirement from the Company and will cease to be a
director with effect from March 1, 2004.
DLMP LIMITED: In Administrative Receivership
--------------------------------------------
Name of Company: DLMP Limited
Reg. No: 03065213
Previous Name of Company: Durabar Linear Motion Products Limited
Nature of Business: Supplier and Manufacturer of Engineering
Materials and Equipment
Trade Classification: 2924-Manufacture of Machinery
Date of Appointment of Joint Administrative Receivers:
February 9, 2004
Name of Person Appointing the Joint Administrative Receivers:
Aston Rothbury Factors Limited
Joint Administrative Receivers: NUMERICA
PO Box 2653, 66 Wigmore Street
London W1A 3RT
Receiver:
Nicholas Hugh O'Reilly
(Office Holder No 008309)
NUMERICA
Southfield House,
11 Liverpool Gardens,
West Sussex, Worthing BN11 1RY
Receiver:
Colin Ian Vickers
(Office Holder No 008953)
Company Address: Block 6
Riverside Avenue West
Lawford
Manningtree
Essex
CO11 1UN
United Kingdom
Phone: (01206) 395001
Fax: (01206) 395120
EGG PLC: Reports GBP34 Million Group Pretax Loss
------------------------------------------------
"The performance underlying the Group loss of GBP34 million
reflects a year of two extremes.
In the U.K. Egg has had a phenomenal year, doubling profits to
GBP73 million in 2003 and delivering a record level of customer
acquisition with 635,000 net new customers joining Egg. We have
now attracted an enviable customer base of over 3 million, whose
income and propensity to hold financial products is
significantly above the national average. We are well
positioned for further growth and profitability.
However, in France, as previously reported the underlying
business performance has been very disappointing. Whilst we
still believe there is a significant market opportunity for a
consumer-sided financial services business in France we clearly
underestimated the level of investment required to deliver a
scale business. As we explained last October we do not believe
that it is appropriate for Egg to pursue this opportunity on a
standalone basis. The search for a strategic partner has since
been superseded by Prudential considering proposals for its
shareholding in Egg. In the meantime we are managing
discretionary expenditure tightly in Egg France as we await the
conclusion of this process."
Paul Gratton, CEO, Egg plc
Highlights:
Analysis of Group Profit and Loss Account 2003 2002
GBPm GBPm
Egg UK Operating Profit 72.8 34.8
Egg France Operating Profit (89.1) (46.7)
Other International (4.2) (3.4)
Subsidiaries/Associates/JV's (3.6) (1.3)
Restructuring (10.3) -
Group Loss before Tax (34.4) (16.6)
Group
(a) Group operating income up 30% to GBP424 million (2002:
GBP327 million)
(b) Group loss before tax of GBP34 million (2002: GBP17 million)
(c) Group loss per share 4.0p (2002: 2.3p)
(d) Total group assets of GBP11.7 billion (2002: GBP10.6
billion)
U.K.
(a) Egg U.K. more than doubled operating profit to GBP73 million
(2002: GBP35 million)
(b) The Q4 profit before tax was GBP16 million (Q3 2003: GBP20
million) but this included GBP9 million of one-off adverse
items in the fourth quarter
(c) Egg U.K. customer base now at 3.2 million, achieving record
growth of 635,000 net new customers acquired in 2003 (2002:
610,000)
(d) Unsecured lending balances grew by GBP1.5 billion (2002:
GBP0.9 billion) leading to period end balances of GBP4.8
billion (Cards: GBP3.0 billion, Personal Loans: GBP1.8
billion)
(e) Record sales growth in personal loans with drawdowns of
GBP1.7 billion year to date, more than double the levels
achieved in 2002 (GBP0.8 billion)
(f) In 2003 Egg took 10% of the net increase in U.K. credit
cards and 12% of the net growth in the U.K. personal loan
market
(g) Credit quality remains strong with card delinquency levels
still well below industry average
France
(a) Operating loss of GBP89 million (EUR128 million) in 2003
(b) Card balances growing to EUR171 million, up 36% on Q3 2003
(c) 66,000 cards in issue with 80% of card balances now
revolving
(d) Total customers now reached 130,000
Chief Executive Paul Gratton said:
"The U.K. business has performed impressively in 2003. Profits
have more than doubled and it was a record year for customer
acquisition. Both these results were delivered against the
backdrop of increasing competition and demonstrate the ability
of our brand and marketing effort to differentiate the Egg
offering and target the right people to whom our proposition
appeals. This was achieved at an extremely low marketing
acquisition cost of GBP33 per card, including brand spend, some
40% of the acquisition cost of our direct competitors and 74% of
the industry average. We now have a proven track record of
delivering both sustained profitability and rapid growth in the
U.K.
"Within unsecured lending in the U.K. we have continued to grow
our market share of card balances to almost 6%, taking 10% of
the net growth in the U.K. credit card market, while at the same
time successfully cross selling record volumes of personal loans
where we have taken 12% of the net growth in the U.K. personal
loans market. Net lending growth was an impressive GBP1.5
billion, an increase of 60% on 2002 levels, taking total
balances to almost GBP5 billion. Card balances now exceed GBP3
billion and at GBP1.8 billion, loan balances are an increasingly
significant part of our business."
"The record U.K. operating profit of GBP73 million demonstrates
the benefits of Egg's business model continuing to emerge.
Revenues grew almost 30% on the back of record sales volumes and
increases in lending balances while expenses were held
relatively flat. This led to our cost-income ratio improving to
51%, well on track to exceed our stated target of 40% by 2005.
Credit quality remains strong with the card portfolio continuing
to have significantly lower arrears rates than the industry
average. We are particularly pleased that this strong profit
performance has been achieved in a year where we invested
heavily in growing the customer base and developing our
business."
"In Egg France, as previously reported, business performance has
been very disappointing. Whilst we still believe there is a
significant market opportunity for a consumer-sided financial
services business in France we clearly underestimated the level
of investment required to deliver a scale business. As we
explained last October we do not believe that it is appropriate
for Egg to pursue this opportunity on a standalone basis. The
search for a strategic partner has since been superseded by
Prudential considering proposals for its shareholding in Egg.
In the meantime we are managing discretionary expenditure
tightly in Egg France as we await the conclusion of this
process."
To see financial statements:
http://bankrupt.com/misc/Egg_2003.htm
EUROTUNNEL PLC: Fitch Comments on Proposed Restructuring
--------------------------------------------------------
Fitch Ratings affirmed the ratings for Eurotunnel-related debt
issuance vehicles FLF1 and FLF2. The unwrapped tranches of debt
issued by the Eurotunnel-related SPV, Fixed-Link Finance B.V.
("FLF1"), are affirmed as:
(a) GBP200 million Class A1 notes due 2025: 'BBB'
(b) EUR103 million Class A2 notes due 2025: 'BBB'
(c) GBP0.05 million Class B1 notes due 2025: 'BB'
(d) EUR135 million Class B2 notes due 2025: 'BB'
(e) EUR142 million Class C2 notes due 2025: 'B+'
FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are affirmed at
'AAA'. Fitch's undisclosed ratings of Eurotunnel's underlying
junior debt (Tier 1, Tier 2 and Tier 3) form the collateral for
the FLF1 notes. Fixed-Link Finance 2 B.V.'s ("FLF2") unwrapped
GBP120m Class A notes due 2026 are affirmed at 'BBB-' (BBB
minus), and the GBP620 million guaranteed notes due 2027/28
(wrapped by MBIA) at 'AAA'.
The affirmation follows the company's announcement on February 9
that it is looking to restructure its debt and involve relevant
parties to improve Eurotunnel and public sector infrastructure
usage, particularly to align interests, which will affect the
tunnel's future rail freight and Eurostar passenger tariffs.
Management has been realistic in stating that this whole process
will take time citing a time parameter of two years. The
company has not indicated the scale of the restructuring, nor
can it, until the rail tariffs and its expected resultant
traffic flows are quantified.
In Fitch's view, the debt-restructuring announcement simply
reiterated, if louder, a similar statement by the company in
late 2003. Fitch noted the potential for a restructuring in its
press release relating to the downgrade of Eurotunnel-related
debt ratings on November 12, 2003, and was factored into the
downgraded ratings.
Fitch's internal cash flow projections have for some time
assumed that the relatively small amount of senior debt is
refinanced instead of amortizing in 2009-2013. Fitch believes
that Eurotunnel will have to extend scheduled junior debt
principal amortizations, which commence in January 2007. In
assessing any debt renegotiation, Fitch has focused on the
dynamics of the Agreement Among Lenders (AAL).
Fitch believes that in any restructuring the basic ranking of
existing tiered debt instruments is likely to remain in place.
This hierarchy and clear dividing line between (a) Junior and
Senior debt, and (b) the Stabilization Advances/Notes and Reset
tranches of debt, is expected to remain. Should a proposed
restructuring change the fundamentals of the hierarchy,
whereupon all debt holders would have to agree to such changes,
ratings may change.
In a refinancing the hidden value in FLF1 from its over-
collateralization, which once FLF1 debt holders are prepaid,
would revert to Eurotunnel, would come into play. FLF2 is also
covenanted so that any refinancing not requiring consent from
debt holders would not cause a downgrade or Negative Rating
Watch.
In last week's results presentation, Eurotunnel also said that
shuttle yields (for Heavy Goods Vehicles and Cars) were under
competitive pressures from the ferries and from economic
conditions, although volumes were steadier. To date, projected
declines are encompassed within Fitch's re-assessment of
November last year. The company also said its railway revenue
was to decline post-2006. Fitch had already assumed a fall-off
in revenue and at the time of last year's credit review had
increased this shortfall particularly due to lower expectations
for future rail freight volumes. If Eurotunnel were to
renegotiate the Rail Usage Contract, it would need debt holders'
consent. If the company is working within the assumption that
debt holders would only vote for a more positive or neutral
arrangement, a resultant automatic rating watch negative status
may not be an appropriate -- or helpful -- response.
A fuller comment on these issues is available on the agency's
subscription website at http://www.fitchresearch.comor by
contacting the Ratings Desk at +44 (0) 207 417 6300.
CONTACTS: FITCH RATINGS
John Hatton, Corporates, London
Phone: +44 (0) 207 417 4283
Chris Holder, Structured Finance, London
Phone: + 44 (0) 207 417 4376
Sarah Wall, Structured Finance, London
Phone: +44 (0) 207 862 4023
MEDIA RELATIONS:
Alex Clelland, London
Phone: +44 20 7417 4222
GFM GROUP: Creditors Meeting Set March 9
----------------------------------------
A Meeting of the unsecured Creditors of the GFM Group Limited
Company at KPMG, 8 Salisbury Square, London EC4Y 8BB, on March
9, 2004, at 10:00 a.m., for the purpose of receiving the report
of the Administrative Receivers and appointing a Creditors'
Committee.
A Creditor will be entitled to vote only if a written statement
of claim is submitted to D J Crawshaw the Administrator for the
Company by 12:00 noon on March 8, 2004.
CONTACT: KPMG
8 Salisbury Square
London EC4Y 8BB
Administrator:
D J Crawshaw
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
GILLETT LIMITED: Unsecured Creditors Assembly Set March 9
---------------------------------------------------------
A Meeting of the unsecured Creditors of the Gillett (London)
Limited Company will be held at KPMG, 8 Salisbury Square, London
EC4Y 8BB, on March 9, 2004, at 10:0 a.m. A Creditor will be
entitled to vote only if a written statement of claim is
submitted to D J Crawshaw the Administrator for the Company by
12:00 noon on March 8, 2004.
CONTACT: KPMG
8 Salisbury Square
London EC4Y 8BB
Administrator:
D J Crawshaw
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
MARCONI CORPORATION: Completes Disposal of North American Access
----------------------------------------------------------------
Marconi announced that following regulatory approval and
completion of all other conditions of closing, it has
successfully completed the sale of its North American Access
business to Advanced Fibre Communications Inc for the previously
disclosed sum of $240 million (approximately GBP129 million) in
cash.
The total proceeds will be transferred to Marconi's Mandatory
Redemption Escrow Account and used to fund a further pay down of
the Group's U.S. dollar denominated Secured Notes at 110% of par
value. It is expected that the proceeds will complete the pay
down of the $127.4 million (approximately GBP68.4 million)
principal amount of Junior Notes outstanding and reduce the
principal amount of Senior Notes by approximately $95.0 million
to$622.2 million (approximately GBP334.5 million).
There will be two separate redemptions of Senior Notes, the
second of which will result from Marconi's receipt of redemption
proceeds in respect of its previously announced holding of
Junior Notes, repurchased on February 17, 2004. All redemptions
will be completed prior to March 31, 2004. Notification will be
sent to the holders of the Junior and Senior Notes in due course
to confirm full details of the redemption amounts and redemption
dates. (Exchange rate: GBP1 = $1.86)
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 CORPORATION
Press Inquiries:
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
MARCONI CORPORATION: Partially Redeems 8% Senior Secured Notes
--------------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announces on
Monday that it has given notice to the owners of its Senior
Notes pursuant to Section 3.02 of the Indenture dated as of May
19, 2003 made between the Company, the guarantors named therein
and the Law Debenture Trust Company of New York (the Trustee)
that pursuant to Section 3.07of the Indenture $58.9 million
(approximately GBP31.7 million) aggregate principal amount of
Securities (the Redemption Securities) will be redeemed on March
8, 2004. The redemption price shall be 110.0% of the principal
amount of the Redemption Securities redeemed plus 53 days
accrued interest to the Redemption Date.
In line with the mechanism used for the partial redemptions of
the Junior Notes, a pool factor will be applied to every
holding. Further details of the pool factor to be applied from
the Redemption Date will be announced once the pool factor has
been confirmed by the Registrar. This mandatory partial
redemption has resulted from the disposal of the Group's North
American Access business.
The paying agent with respect to the Redemption Securities is:
The Bank of New York One Canada Square London E14 5AL England.
Attention: Corporate Trust Office. 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. On the
Redemption Date, the Redemption Price, together with accrued
interest and any Additional Amounts (as described in the
Indenture), will become due and payable. Unless the Company
defaults in making the redemption payment, the Redemption
Securities shall cease to bear interest from and after the
Redemption Date. The Redemption Securities will be cancelled
following redemption by the Company.
As previously announced, the Group repurchased $36.2 million of
Junior Notes on February 17, 2004. Following the redemption of
these Notes on February 24, 2004 and March 8, 2004, the Group
will receive approximately $40.2 million, which will be
transferred to the Mandatory Redemption Escrow Account. This
will be used to fund a further redemption of Senior Notes of
$36.1 million (approximately GBP19.4million), to take effect on
or about March 24, 2003. (Exchange rate, o1 = USD 1.86)
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 under the symbol
MONI and on the Nasdaq under the symbol MRCIY. Additional
information about Marconi Corporation can be found at
http://www.marconi.com
CONTACT: MARCONI CORPORATION PLC
Press Inquiries:
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
MARCONI CORPORATION: Redeems 10% Guaranteed Junior Secured Notes
----------------------------------------------------------------
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 CORPORATION PLC
PRESS INQUIRIES:
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
MARCONI CORPORATION: Announces Final Redemption of Junior Notes
---------------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced on
Monday that it has given notice to the owners of its Junior
Notes pursuant to Section 3.02 of the Indenture dated as of May
19, 2003 made between the Company, the guarantors named therein
and JP Morgan Chase Bank (the Trustee) that pursuant to Section
3.08 of the Indenture $157.2million (approximately GBP84.5
million) aggregate principal amount of Securities (the
Redemption Securities) will be redeemed on March 8, 2004.
The redemption price (the Redemption Price) shall be 110.0% of
the principal amount of the Redemption Securities redeemed plus
38 days accrued interest to the Redemption Date. This mandatory
partial redemption has resulted from the previously announced
disposal of the Group's North American Access business.
The paying agent with respect to the Redemption Securities is:
The Bank of New York One Canada Square London E14 5AL England
Attention: Corporate Trust Office. 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. On the
Redemption Date, the Redemption Price, together with accrued
interest and any Additional Amounts (as described in the
Indenture), will become due and payable. Unless the Company
defaults in making the redemption payment, the Redemption
Securities shall cease to bear interest from and after the
Redemption Date. The Redemption Securities will be cancelled
following redemption by the Company. As previously announced on
February 2, 2004, Marconi has now cancelled the Notes that it
had repurchased prior to that date and as a result of this, the
original issue amount has reduced from $486.7 million to $444.8
million. Accordingly, the amount to be redeemed per each U.S.
Dollar holding will be calculated on the basis of the $444.8
million total. The Notes repurchased on February 17, 2004
($84.3million of original principal, or $36.2 million after
application of pool factor) will be redeemed and cancelled in
accordance with the terms of this final redemption. A separate
Notice of Partial Redemption will be issued to the holders of
the Group's Senior Notes. (Exchange rate, GBP1 = USD 1.86)
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 under the symbol
MONI and on the Nasdaq under the symbol MRCIY. Additional
information about Marconi Corporation can be found at
http://www.marconi.com
CONTACT: MARCONI CORPORATION PLC
Press Inquiries:
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
NTL INC.: Year-end Results May Include Junk-bond Sale Plans
-----------------------------------------------------------
NTL could announce a GBP1 billion fund raising exercise through
a junk-bond sale within weeks, sources said, according to The
Scotsman.
Credit Suisse First Boston, Morgan Stanley, Goldman Sachs and
Deutsche Bank are reportedly the banks tasked to underwrite the
bonds.
NTL may announce the details of the financing plan when it
announces its year-end results in two weeks time, the report
said.
The cable company borrowed heavily to finance the creation of
its cable infrastructure in the late 1990s. But the dotcom high
was short-lived. Its collapse left NTL reeling with a GBP9
billion debt. It narrowly escaped insolvency, thanks to
extensive debt-for-equity swaps.
PT U.K.: Creditors to Meet February 27
--------------------------------------
A Meeting of the Creditors of the PT U.K. Realisations Limited
Company will be held at the offices of The Institute of
Chartered Accountants, North West Region, No 1 Old Hall Street,
Liverpool L3 9HF, on February 27, 2004, at 10:30 a.m.
A Creditor who wishes to vote for the meeting will have to
submit the necessary papers to Begbies Traynor not later than
12:00 noon at the Begbies Traynor.
CONTACT: BEGBIES TRAYNOR
No 1 Old Hall Street,
Liverpool L3 9HF
Administrator:
D Rankin
Phone: 0151 227 4010
Fax: 0151 227 4009
Web site: http://www.begbies.com
TIGON PLASTICS: Creditors Meeting Set February 27
-------------------------------------------------
There will be a Creditors Meeting of the Tigon Plastics Limited
on February 27, 2004 at 11:30 a.m. It will be held at the
Elliot House, 151 Deansgate, Manchester M3 3BP.
Any member who wishes to vote on the meeting will have to submit
details of their claim to the Company to Paul Stanley and Gary
Bell of Begbies Traynor as the Company's Joint Administrators.
CONTACT: BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
Phone: 0161 839 0900
Fax: 0161 839 7436
Company Address: Unit 3
Withins Road
St Helens, Merseyside WA11 9UD
Phone: 01942272722
VIEWTECH LIMITED: Creditors to Meet February 26
-----------------------------------------------
Notice is given to Ninos Koumettou, Administrator, of Alexander
Lawson & Co., 641 Green Lanes, London N8 0RE, that a Meeting of
the Creditors of Viewtech Limited, Finsgate, 5-7 Cranwood
Street, London EC1V 9EE, is to be held at 2nd Floor, Fergusson
House, 124-128 City Road, London EC1V 2NJ, on February 26, 2004,
at 2.00 pm.
CONTACT: Alexander Lawson & Co.
641 Green Lanes
London N8 0RE
Administrator:
Ninos Koumettou
Company Address: Hatherley House
Hatherley Road Sidcup DA14 4BH
Phone: 02083025210
YORKSHIRE GROUP: Proposed Disposal of Yorkshire Americas Okayed
---------------------------------------------------------------
On February 3, 2004, Yorkshire announced the proposed disposal
of part of the textile dyes business operated by Yorkshire
Americas, the agreement of the terms of new banking facilities
and a proposed extension of the borrowing powers of the
Directors granted at the Company's annual general meeting on
June 17, 2003.
Following receipt of shareholder approval at the Extraordinary
General Meeting of Yorkshire on February 19, 2004, the Company
is pleased to announce that the Proposed Disposal and Proposed
Banking Facilities have both become unconditional in all
respects. As a result, Pat Barrett's resignation as Chairman of
Yorkshire is now effective, with Andrew Dick assuming the
additional role of Chairman on an interim basis.
Certain terms used in this announcement are defined in the
circular dispatched to Shareholders on February 3, 2004.
CONTACT: YORKSHIRE GROUP PLC
Andrew Dick (Chief Executive)
Jim Perrie (Chief Financial Officer)
Malcolm Shilton (Company Secretary)
Phone: 0113 244 3111
HAWKPOINT PARTNERS LIMITED
Andrew Speirs
Phone: 020 7665 4500
HOGARTH PARTNERSHIP LIMITED
Nick Denton
Phone: 020 7357 9477
*********
S U B S C R I P T I O N I N F O R M A T I O N
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