/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040330.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, March 30, 2004, Vol. 5, No. 63 Headlines F I N L A N D METSO CORPORATION: Files Annual Report with U.S. SEC F R A N C E ROCLAND: Files for Creditor Protection G E R M A N Y INFINEON TECHNOLOGIES: Sticking to Old Strategy KIRCHMEDIA GMBH: EM.TV Acquires 50% Stake in Junior.TV H U N G A R Y PARMALAT HUNGARIA: Reorganization to Start in Two Weeks I R E L A N D AN POST: Issues Advisory on Suspensions, Service Delays CONDUIT: Obtains Fresh Capital from ICC Venture Group I T A L Y PARMALAT FINANZIARIA: Restructuring Progressing Well PARMALAT FINANZIARIA: Establishes Call Center for Creditors PARMALAT FINANZIARIA: To Exit America, Asia; Cut 15,000 Jobs PARMALAT FINANZIARIA: Sale of Latin American Units Hits Snag N E T H E R L A N D S AIR HOLLAND: Court Confirms Bankruptcy LAURUS N.V.: Dirkzwager Taking over 36 Konmar Outlets N O R W A Y AKER KVAERNER: Splits Operations into Three R U S S I A METROMEDIA INTERNATIONAL: Star Broadband Acquires Cable TV Biz S W E D E N INTRUM JUSTITIA: Retains SEK15 Mln Provision for English Unit S W I T Z E R L A N D CLARIANT AG: Hundreds to Lose Jobs in U.K. Plant Closures SAS GROUP: Offers Direct Flights to 11 New Destinations SCANDINAVIAN AIRLINES: Forging Alliance with Travel Agencies SCANDINAVIAN AIRLINES: Secures Bookings from STS Solresor U N I T E D K I N G D O M ADVANCED ALUMINIUM: Shareholders Approve Voluntary Winding up ALPHA OPTICAL: Creditors Meeting Set March 31 ASA CORPORATE: Meeting of Creditors March 31 ASLAN COMSYS: Creditors to Meet April 15 ASPIX DIRECT: Creditors Meeting Slated for April 5 ASTON VILLA: Ray Ranson, Richard Thompson Express Interest AXIOM ENGINEERING: Meeting of Creditors Set April 8 BAM ENTERTAINMENT: Games Maker Demands Liquidation of U.K. Arm BELLWALK LIMITED: HSBC Bank Appoints RSM Robson Rhodes Receiver CALDER INDUSTRIES: In Administrative Receivership CATERCALL CATERING: Creditors Meeting Set April 1 CENTRAL PARK: Appoints The Thompson Partnership Receiver DORMANTCO LIMITED: Hires PricewaterhouseCoopers as Liquidator DUNLOP TEXTILES: Cree-8 Rescues Firm from Receivership EUPHORIUM LIMITED: Voluntary Winding up Resolution Passed FULLERS INVESTMENTS: Calls in Liquidator HYGENIC INSTALLATIONS: Hires Receiver from Jackson Jolliffe IVORY & SIME: Shareholders Approve Proposal to Liquidate JOHN WILSON: Appoints Baker Tilly Administrator KNIGHT FISK: Hires Liquidator from Peters Elworthy & Moore LOCAL TELEVISION: Hires Receiver from Marchands Associates MPC SENTINEL: Cynthia Chaveau Appoints Baker Tilly Receiver ORIEL INVESTMENT: In Search of Potential Buyers PPL THERAPEUTICS: Sells New Zealand Farm for GBP1.13 Million ROYAL DOULTON: Stoke-on-Trent Plant to Close Next Year STAFFORDSHIRE TRAINING: In Administrative Receivership TELFORD UNITED: Royal Bank of Scotland Brings in Receivers TISCO SECURITIES: Hires Ernst & Young Liquidator WATFORD LEISURE: Reduces First-half Loss by 71% ZOAZ GROUP: Calls in Liquidator from Peters Elworthy & Moore * Large Companies with Insolvent Balance Sheets ********* ============= F I N L A N D ============= METSO CORPORATION: Files Annual Report with U.S. SEC ---------------------------------------------------- Metso Corporation filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission on March 25, 2004. The 20-F is available as a PDF document on Metso's Internet site at http://www.metso.com Metso Corporation, whose corporate credit is rated 'BB+' by Standard & Poor's, is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The Corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2003, the net sales of Metso Corporation were EUR4.3 billion. It has approximately 26,000 employees in 50 countries. Metso Corporation is listed on the Helsinki and New York Stock Exchanges. CONTACT: METSO CORPORATION Eeva Makela, Manager, Investor Relations Phone: +358 204 843 253 =========== F R A N C E =========== ROCLAND: Files for Creditor Protection -------------------------------------- ROCLAND, the French subsidiary company of the RINOL Group, applied for a "redressement judiciaire" in Avignon. The company filed for administration due to its failure to meet outstanding payments for the month of March. This procedure enables the company to continue operations on the basis of a business plan supervised by the court and an administrator over a six-month period of observation. The administrator is appointed by the court. It is the task of the administrator to secure the continued existence of the company. He will do so by supporting senior management in undertaking those measures required to ensure the rights of the company vis-a-vis its debtors and to maintain its production capacity. The aim of the undertaking is to bring the restructuring measures, which are already underway, to a successful conclusion and at the same time to substantially reduce the level of debts. It is planned that the operating business in France will continue as usual by bringing in an investor. Effects on the business of other subsidiaries in the RINOL Group cannot be excluded at the moment. CONTACT: RINOL GROUP Kurt-Jorg Gaiser Chief Executive Officer Phone: ++49/7159/164-100 Fax: ++49/7159/164-163 E-mail: info@rinol.com Web site: http://www.rinol.com ============= G E R M A N Y ============= INFINEON TECHNOLOGIES: Sticking to Old Strategy ----------------------------------------------- Infineon Technologies said it will keep its headquarters in Germany and continue its strategy after the departure of its supervisory chief executive, Ulrich Schumacher, according to Bloomberg News. Mr. Schumacher earlier proposed to relocate the company's head office to Switzerland to save on taxes. Germany's IG Metall labor union had said the matter was one issue that divided him and the management board prior to his resignation. Chief Financial Officer Peter Fischl, on a conference call from the company's Munich headquarters, said: "There will be no change in strategic direction or policy." The company is now looking forward to a profitable second quarter, he said. Infineon Technologies had nine quarterly losses due to the fall in demand for memory chips used in personal computers. In January, Mr. Schumacher predicted Infineon will have its first annual profit since 2000 this year as demand for mobile phone and computer chips rebounds and the company expands in Southeast Asia. KIRCHMEDIA GMBH: EM.TV Acquires 50% Stake in Junior.TV ------------------------------------------------------ EM.TV & Merchandising AG has signed a contract with KirchMedia GmbH & Co. KGaA i. In. concerning the takeover of the remaining 50% stake held in Junior.TV GmbH & Co. KG by KirchMedia's subsidiary TaurusLizenz GmbH. The joint venture was founded between EM.TV and the former KirchGruppe in 1998. Together with two further agreements, also involving Junior.TV, all major issues with regard to existing rights and licenses as well as mutual claims between the companies will finally be regulated and settled. EM.TV and Junior.TV will pay KirchMedia a total EUR13.5 million. The parties have agreed to keep further details of the agreement confidential. The transaction is still subject to the approval of the Federal Cartel Office, the Kommission zur Ermittlung der Konzentration im Medienbereich and the Bayerische Landeszentrale fur neue Medien. CONTACT: EM.TV & MERCHANDISING AG Sabine Lais Phone: +49 (0) 89 99 500 461 Fax: +49 (0) 89 99 500 466 Frank Elsner Kommunikation fur Unternehmen GmbH Phone: +49 (0) 5404 91 92 0 Fax: +49 (0) 5404 91 92 29 ============= H U N G A R Y ============= PARMALAT HUNGARIA: Reorganization to Start in Two Weeks ------------------------------------------------------- Ferenc Somogyi, owner and managing director of Parmalat Hungaria's appointed liquidator, TM-Line Kft, said he will reorganize the company's operations while it undergoes liquidation, according to Budapest Business Journal. Mr. Somogyi plans to start the shakeup once the liquidation order for the company takes effect in two weeks. All the while Parmalat Hungaria will continue to operate. The move is aimed at grooming the bankrupt dairy producer for a possible sale. Ferenc Sirman, managing director of the Dairy Product Council, approves Mr. Somogyi's employment as liquidator due to his track record for turning business around, and his various involvement in the local dairy market. He said it is important the liquidator successfully regulate milk purchase price in a way that would encourage continuous delivery of milk supply while keeping prices down. Parmalat Hungaria owes the council around HUF430 million, according to Mr. Sirman; HUF80 million of the amount are contributions from suppliers that Parmalat had yet to remit to the organization. The Italian parent owns 67% of the local subsidiary, while the European Bank for Reconstruction and Development holds another 32%. The remaining 1% is owned by Hungarian private investors and the local municipality, in Szekesfehervar. ============= I R E L A N D ============= AN POST: Issues Advisory on Suspensions, Service Delays ------------------------------------------------------- Due to industrial action by members of the Communications Workers' Union at the Dublin Mails Centre, we regret to advise customers not to post any mail in or to Dublin City and County and the following affected areas until further notice: (1) Bray, Kells, Carrickmacross, Navan; (2) Castleblayney, Tuam, Drogheda, Wicklow; and (3) Dundalk, Greystones. Please note that mail posted in or to the Galway Postal Area remains subject to serious delay. Both inbound and outbound international mail is also affected and all customers are advised not to post to any international destination. An Post is conscious of the serious inconvenience that this industrial action will cause to you and regret that we cannot provide normal service until further notice. In order to keep you informed of developments as they arise, we will be placing advertisements in national newspapers and regularly updating our Web site at http://www.anpost.ie. You can also call our Customer Services Centre on 1850 57 58 59. An Post regrets the serious disruption in postal services resulting from industrial action taken by the Communications Workers Union at the Dublin Mails Centre. The union instruction to its members not to do work which, for more than a year, has been part of their normal duties and which is covered by agreement between the union and management is unacceptable. An Post deplores the union action, which is utterly unjustified and will further damage the company, which lost EUR40 million in 2003. In pressuring the company to meet national pay awards, it is in breach of Sustaining Progress. The implementation of major cost savings throughout the organization, by way of an agreed change program, is critical to the achievement of An Post's objective of reaching break-even by the end of 2005. Given the scale of its financial difficulties, the company is unable to pay the terms of Sustaining Progress and can do so only when there is a clear path to achieving financial stability, a key element of which would be provided by the outcome of the change negotiations. The Company's Strategic Recovery Plan sets out the company proposals, which would meet its urgent needs to reduce costs and improve its efficiency. The plan was the basis for discussions with the CWU in November. The company has urged the union to return to the productive discussions that it abandoned in December. An Post wants to pay Sustaining Progress and will do so as well as offering significant payment for genuine productivity. An Post is conscious of the serious inconvenience caused by this disruption but regrets that due to the industrial action by the CWU, it cannot provide normal service until further notice. CONTACT: AN POST Customer Services Phone: 1850 575859 CONDUIT: Obtains Fresh Capital from ICC Venture Group ----------------------------------------------------- Ireland's directory business, Conduit, said it has successfully completed a EUR15 million refinancing. The transaction is subject to regulatory approval both in Ireland and in Switzerland. Bank of Scotland Ireland, through its subsidiary ICC Venture Capital, led a recapitalization program to save the company after local deregulation of the directory market threatened to knock it off its knees. The additional capital is intended to ensure the company's future growth both in traditional markets and those growth markets in which it has begun to operate over the last year. "We see significant potential in the directory enquiries business both domestically and abroad. As a result of this refinancing, we believe that the company is now well capitalized to exploit this potential," said Tom Kirwan, deputy managing director, ICC Venture Capital. The Bank of Scotland Ireland and a number of private equity investors introduced by the bank will become majority shareholders in the directory enquiries business by virtue of their participation in the recapitalization. The current board of Conduit will retire to give way to a new set of board. ========= I T A L Y ========= PARMALAT FINANZIARIA: Restructuring Progressing Well ---------------------------------------------------- Parmalat Finanziaria S.p.A, in Extraordinary Administration, communicates that a meeting took place Friday between the Company and a range of its principal creditors. During the course of this meeting, the Company updated creditors on the Group's situation and on the outline industrial and debt- restructuring plan for the Parmalat Group. The presentation made during the course of the meeting is available on the Company's Web site (http://www.parmalat.net), alternatively see: http://bankrupt.com/misc/Parmalat_Meeting.pdf The Company also provided these indications regarding its performance during the first two months of 2004: (Millions of Euros) Sales EBITDA EBITDA v/sales ratios World 762.6 20.9 2.7% Europe 299.4 18.0 6.0% Italy 228.5 14.2 6.2% - of which Parmalat (core) 75.3 6.9 9.2% The Financial situation of those of the Group's Italian companies that are in Extraordinary Administration does not currently present any particular cause for concern. Until now no use has been made of the EUR105 million credit line that was recently agreed with a pool of banks. Milan, 26 March 2004 Parmalat Finanziaria S.p.A. in Extraordinary Administration PARMALAT FINANZIARIA: Establishes Call Center for Creditors ----------------------------------------------------------- Starting Monday March 29, 2004 a telephone call center will be operational to provide creditors of the Parmalat Group with information regarding procedures and deadlines for filing proofs of claim against companies of the group. It is essential that proofs of claim are filed according to the terms set out by the Parma Tribunal. Full information in Italian and English is also available for bondholders on the Internet at: http://web.ltt.it/tribunale/home.htm Bondholders please phone Camilla Bianchi at the following numbers (24 hours): Italy Phone: +39 02 847 44269 London Phone: +44 20 7236 0788 New York Phone: +1 212 809 2663 Hong Kong Phone: + 852 3527 0999 Other creditors, contact these numbers Monday to Friday 8:30 a.m. to 6:30 p.m.: Within Italy: Phone: 800 977 933 Outside Italy: Phone: + 39 0521 808 430 Phone: + 39 0521 808 428 Collecchio, March 26, 2004 The Extraordinary Commissioner Mr. Enrico Bondi PARMALAT FINANZIARIA: To Exit America, Asia; Cut 15,000 Jobs ------------------------------------------------------------ Parmalat administrator Enrico Bondi told creditors on Friday the dairy food company is in talks to sell its U.S. dairy assets, according to Reuters. Mr. Bondi also revealed plans to pull out a large part of its operations in Latin America and Asia to focus on Europe, Canada and Australia. Parmalat operates in 30 countries. The decision entails the sale or liquidation of units in 20 countries, and the reduction of its workforce from 32,000 to 17,000 worldwide. Its portfolio of 120 brands would be trimmed down to 30. The restructuring might take effect in August or September, instead of June as expected, Mr. Bondi said. The administrator rallied support from creditors, encouraging them to form a committee to help him rescue the group. Part of his plan is to swap much of Parmalat's debts of more than EUR14 billion ($17 billion) for equity. According to a source, he told Friday's closed-door meeting that different classes of creditor would be treated equally. PARMALAT FINANZIARIA: Sale of Latin American Units Hits Snag ------------------------------------------------------------ Legal problems at Parmalat Finanziaria's Latin American operations are discouraging potential interest, according to Reuters. The administrators are planning to pull out most of its operations in Latin America. They want to sell units in Mexico, Chile, Ecuador, Uruguay and the Dominican Republic. There are interested parties in these assets, but legal difficulties are making the transaction difficult. Genaro Perez, the general manager of Colanta, Colombia's largest producer of dairy products, said: "We are interested (in acquiring assets), and yes, we could buy equipment (from Parmalat)... but what we're not clear about is who is selling." In Mexico, sales of its units are facing potential delays of up to eight months. It takes that long to name a new advisor to take charge of operations, Parmalat de Mexico director general Hugo Lara told Reuters. Future operations in Paraguay and Brazil, which is currently under administration, are currently under review. ===================== N E T H E R L A N D S ===================== AIR HOLLAND: Court Confirms Bankruptcy -------------------------------------- The court of Haarlem declared Air Holland bankrupt Thursday, according to luchtzak.be. The pronouncement came more than a month after the company collapsed under the weight of a EUR30 million debt. Holland Exel, owned by businessman E. de Vlieger, has taken over most of the airline's activities. He re-hired 270 of the 300 employees and took over the slots in the Dutch Carribean. CONTACT: BEWINDVOERDERS AIR HOLLAND I B.V. T.a.v. Mevr. M. Gooijers Postbus 280 2000 AG Haarlem Phone: 015-2517555 LAURUS N.V.: Dirkzwager Taking over 36 Konmar Outlets ----------------------------------------------------- Laurus N.V. has reached agreement with Distilleerderij M. Dirkzwager B.V., owner of the inter alia Mitra off-license chain, on the sale of the in-store off-licenses at Konmar Superstores. The agreement involves 36 outlets, which will be taken over by Dirkzwager in phases. Dirkzwager will honor existing employment contracts of 95 workers. The aim is to complete the sale of all 36 outlets by mid-2004. The sale will not affect Laurus' result. The respective workers councils of Dirkzwager and Laurus have been asked to advice and both of them already have given positive advice. =========== N O R W A Y =========== AKER KVAERNER: Splits Operations into Three ------------------------------------------- Kvaerner ASA, Aker Kvaerner's parent company, has announced a three-way reorganization of the group into two focused industrial groups, each leading players within their fields, and one industrial holding company. Aker Kvaerner's current activities within the Oil & Gas and Engineering & Construction segments will be combined to form one of the industrial groups, a leading provider of engineering, construction, technology products and services to the oil, gas, energy and process industries. This new group will be named Aker Kvaerner ASA. As part of the establishment of the new Aker Kvaerner ASA, certain of the subsidiaries of the Company have entered into agreements with companies in the new Aker Kvaerner regarding the sale of their E&C assets. The transaction values in such agreements have been set by an independent third party valuer, and the Company will comply with the requirements of the restrictions contained in the Company's listed debt securities. =========== R U S S I A =========== METROMEDIA INTERNATIONAL: Star Broadband Acquires Cable TV Biz -------------------------------------------------------------- Metromedia International Group, Inc. (currently traded as: OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock), the owner of interests in various communications and media businesses in Russia, Eastern Europe and the Republic of Georgia, has completed the sale of its interests in Arkhangelsk Television Company and Cosmos TV, to Star Broadband Limited, a British Virgin Islands company, which is controlled by Dominic Reed, former General Director of the Company's Cable Business Group and Yuri Firsov, the current General Director of ATK , for net cash proceeds of approximately $2.2 million, respectively. With respect to the sale of ATK, the Company received total cash consideration of $1.5 million, principally comprised of a repayment by ATK of its credit facility due to the Company with the remainder attributed to the Company's 81% equity ownership interest in ATK. ATK is the leading cable TV operator in Arkhangelsk, Russia with over 31,000 wire line cable TV subscribers and over 1,900 Internet subscribers. With respect to the sale of Cosmos, the Company received $0.7 million from Star Broadband for its 50% equity ownership interest in Cosmos. Cosmos is a cable TV operator in Minsk, Belarus, with over 27,000 wire line and over 10,000 wireless cable TV subscribers. ATK and Cosmos financial results have historically been and are currently being reported on a three-month lag by the Company within its public filings. Accordingly, the financial results of ATK and Cosmos that were included in the Company's recently filed 2003 third quarter Form 10-Q financial results for the three and nine month periods ended September 30, 2003 reflect the operating performance of ATK and Cosmos for the three and nine month periods ended June 30, 2003. To see financial results of ATK Cable TV: http://bankrupt.com/misc/ATK_Results.htm In making this announcement, Ernie Pyle, Executive Vice President and Chief Financial Officer of the Company, commented: "The receipt of $2.2 million from this transaction is another successful step in strengthening the Company's liquidity position. We are pleased with the price we obtained for our ownership in both ATK and Cosmos. For our ownership interest, the sale of ATK in exchange for $1.5 million represents a respectable 9.3 multiple of EBITDA, and represents approximately $56 for each ATK cable and Internet subscriber. For our ownership interest, the sale of Cosmos in exchange for $0.7 million represents a 1.2 multiple of EBITDA, and represents approximately $38 for each Cosmos cable and Internet subscriber; both of which are quite satisfactory considering the many political difficulties present in the markets in which Cosmos operates." Mark Hauf, Chairman, President and Chief Executive Officer of MIG, commented further: "With the sale of ATK and Cosmos, the monetization of the Company's historical interests in cable TV is essentially completed. We are very satisfied with the results we have achieved in disposal of all of these non-core assets and the contribution this has made to strengthen the Company's liquidity position. We remain committed to the sale of the Company's remaining non-core radio broadcast businesses, a task which we expect to successfully complete during the first half of 2004." About Metromedia International Group Through its wholly owned subsidiaries, the Company owns communications and media businesses in Russia, Eastern Europe and the Republic of Georgia. These include mobile and fixed line telephony businesses; wireless and wired cable television networks and radio broadcast stations. The Company has focused its principal attentions on continued development of its core telephony businesses in Russia and the Republic of Georgia, while undertaking a program of gradual divestiture of its non- core media businesses. The Company's remaining non-core media businesses consist of nineteen radio businesses operating in Finland, Hungary, Bulgaria, Estonia, Latvia and the Czech Republic and one cable television network in Lithuania. The Company's core telephony businesses include PeterStar, the leading competitive local exchange carrier in St. Petersburg, Russia, and Magticom, the leading mobile telephony operator in the Republic of Georgia. =========== S W E D E N =========== INTRUM JUSTITIA: Retains SEK15 Mln Provision for English Unit ------------------------------------------------------------- As stated in the 2003 full-year report, the audit of Intrum Justitia Group was not completed at the time of the publication of that report on February 19, 2004. The Group auditors, Ohrlings PricewaterhouseCoopers, have now completed the group audit and signed an unqualified Audit Report on the Intrum Justitia Group for the year 2003. The provision of SEK15 million that was made to cover uncertainties in the English subsidiary will remain in the books. The annual report for 2003 will be distributed April 14, 2004. Change of date for interim report Intrum Justitia has decided to change the date for the publication of its interim report (January-March) 2004, from May 4 to 5, 2004. Intrum Justitia is Europe's leading credit management services group. The group has revenues of SEK2.9 billion and has about 2,900 employees in 21 European countries. Intrum Justitia's objective is to be a leading provider of CMS in Europe through excellence in local client care, ledger administration and debt collection and by measurably improving clients' cash flow and long-term profitability. The group offers efficient high quality management of commercial and consumer receivables in all phases in the CMS process. Intrum Justitia has a growth strategy and aims to take active part in consolidating its industry. Intrum Justitia is listed on Stockholmsborsen, the Stockholm Exchange, ticker IJ. For more information, please visit http://www.intrum.com CONTACT: INTRUM JUSTITIA Anders Antonsson Director of Communications Phone: +46 (0) 8 546 102 06 Mobile: +46 (0) 70 336 7818 E-mail: a.antonsson@se.intrum.com ===================== S W I T Z E R L A N D ===================== CLARIANT AG: Hundreds to Lose Jobs in U.K. Plant Closures --------------------------------------------------------- Clariant announced that, as part of its Transformation Program, manufacturing activities at the locations Beverley (United Kingdom) and Selby (United Kingdom) will be consolidated at the Selby location. Manufacturing in Beverley will discontinue as of the end of 2005. Clariant also announced that the Azo facility in Chemiepark Knapsack (Germany) will be closed at the end of 2005. In connection with optimization of production, the manufacture of specialty chemicals for the leather industry will be concentrated at the Selby location. The manufacturing site in Beverley will be closed. Twenty-four jobs in manufacturing will be transferred from Beverley to Selby. By the end of 2005, 120 jobs will be lost at the Beverley site. To increase its competitiveness, Clariant will increase its investment in the Selby location and build it into a "Centre of Excellence" for the phenol chemistry. Clariant currently employs 126 employees at the Selby location. In addition, Clariant announced the conclusion of production of Azo pigments in Knapsack near Cologne as of the end of 2005. Seventy-one employees are affected. The goal of these measures is to increase capacity at the remaining Azo facilities and to improve competitiveness. Clariant is engaged with the employee representatives in finding an appropriate support package for the affected employees at the Beverley and Knapsack locations. SAS GROUP: Offers Direct Flights to 11 New Destinations ------------------------------------------------------- Prague, Manchester, Skelleftea, Dublin and Edinburgh are five new destinations to which SAS passengers will be able to fly direct from Stockholm starting March 28, 2004. SAS will also be offering direct flights to six new destinations from Copenhagen and increasing the frequency of flights to Dusseldorf. On Sunday, Sweden switches to summertime. So, too, SAS, which this year will be offering a summer program that includes several new destinations. Three new destinations in the British Isles Leisure travelers who normally fly to London are being offered three new and exciting alternatives: Manchester (England), Dublin (Ireland) and Edinburgh (Scotland). Swedish aficionados of the British Isles will now have a choice of 52 weekly flights. Price examples: Stockholm-Manchester rtn from SEK1,295, Stockholm-Edinburgh rtn from SEK1,295, Stockholm-Dublin rtn from SEK1,395. Prague six days a week All days except Saturday, a Boeing 737-600 will fly SAS passengers to Prague, the beautiful capital of the Czech Republic. The destination is served via Manchester. Price example: Stockholm-Prague rtn from SEK1,795. SAS resumes flights to Sweden's El Dorado The good news on the domestic front is that SAS will resume its services from Stockholm to Skelleftea, Sweden's gold city. There will be flights all days of the week, with five departures in either direction on weekdays and two to four departures on weekends. Price example: Stockholm-Skelleftea rtn from SEK750. Non-stop from Copenhagen to China Interest in Shanghai has been mounting, both among business and leisure travelers, for whom SAS will now be offering direct flights from Copenhagen to Pudong Airport in Shanghai on a comfortable Airbus 340. There will be three weekly flights with good connections from Sweden and other parts of Europe. SAS will also be offering direct flights from Copenhagen to Athens, Venice and Tampere (daily departures) as well as Krakow and Zagreb (4 times a week). Finally, in a decision that will be warmly welcomed by business travelers, SAS will be expanding its services to Germany with one evening flight from Stockholm to Dusseldorf and a morning departure in the opposite direction. The busy summer schedule is part of SAS' long-term strategy for expansion, where one of the key objectives is to offer as many non-stop international flights from Stockholm as possible. SCANDINAVIAN AIRLINES: Forging Alliance with Travel Agencies ------------------------------------------------------------ Starting 2004, Scandinavian Airlines will be initiating a partnership with travel agencies in Sweden aimed at offering corporate agreements to businesses of all sizes. Scandinavian Airlines' corporate program includes a wide range of solutions designed to meet the needs and travel requirements of businesses. Payment solutions and statistics are two of the services included in the program. "We will be working with travel agencies to offer solutions that save time and help businesses manage and control their travel expenses," says Lennart Johansson, Sales Manager for Scandinavian Airlines in Sweden. SCANDINAVIAN AIRLINES: Secures Bookings from STS Solresor --------------------------------------------------------- STS Solresor has selected Scandinavian Airlines as its main supplier of air travel for future seasons. The contract comprises about 500,000 seats to seven destinations, with the possibility of additional destinations. Scandinavian Airlines will operate these services using Boeing 737-800s with capacity for 179 passengers. "We are extremely pleased that STS Solresor has chosen Scandinavian Airlines as a supplier for its travel program. This is a breakthrough for us in the Swedish charter market," says President of Scandinavian Airlines Sweden, Anders Ehrling. "This contract means that we have, in a flexible manner, secured our growing requirement of aircraft capacity with Scandinavia's leading airline," says Martin Wirth, President of STS Solresor. STS Solresor is Scandinavia's most rapidly growing travel organizer. The winter program, starting in autumn 2004, includes such destinations as Gran Canaria, Tenerife, Madeira and the Azores. Scandinavian Airlines will fly on behalf of STS Solresor from Stockholm, Malmo, Gothenburg, Oslo and Stavanger. The STS summer program 2005 will include travel to the Azores, Mallorca, Menorca, Malta and Turkey. =========================== U N I T E D K I N G D O M =========================== ADVANCED ALUMINIUM: Shareholders Approve Voluntary Winding up ------------------------------------------------------------- At an Extraordinary General Meeting of the Advanced Aluminum Technologies Limited Company on March 2, 2004 held at Billhurst, Lingfield Common Road, Lingfield, Surrey RH7 6BZ, the Special and Ordinary Resolutions to wind up the Company were passed. Tim Brown, of Pure Recovery, Holborn Hall, 100 Gray's Inn Road, London WC1X 8AL, has been appointed Liquidator of the Company. ALPHA OPTICAL: Creditors Meeting Set March 31 --------------------------------------------- A Creditors Meeting of the Alpha Optical Equipment Limited Company is set on March 31, 2004 at 11:00 a.m. It will be held at the offices of Hacker Young & Partners, St Alphage House, 2 Fore Street, London EC2Y 5DH. A list of names and addresses of the Creditors of Alpha Optical Equipment Limited will be available for inspection free of charge on between 10:00 a.m. and 4:00 p.m., March 29 and 30, 2004. Creditors who wish to vote at the Meeting must submit written details of their debt claims the Company due them together with the complete proxy form (unless they are individual Creditors attending in person) at St Alphage House, 2 Fore Street, London Ec2Y 5DH not later than 12:00 noon March 30, 2004. ASA CORPORATE: Meeting of Creditors March 31 -------------------------------------------- There will be a Creditors Meeting of the ASA Corporate Projects Limited Company on March 31, 2004 at 10:30 a.m. It will be held at the offices of K J Watkin & Co, Emerald House, 20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH. Creditors who want to vote at the Meeting are asked to submit their particulars together with their written details of debt claim the Company due them at K J watkin & Co, Emerald House, 20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH not later than 12:00 noon March 30, 2004. ASLAN COMSYS: Creditors to Meet April 15 ---------------------------------------- There will be a Creditors Meeting of the Aslan Comsys Limited Company on April 15, 2004 at 11:00 a.m. It will be held at the Hilton London Gatwick Airport, South Terminal, Gatwick Airport, West Sussex RH6 0LL. A list of names and addresses of Creditors of the Aslan Comsys Limited can be inspected free of charge at the offices of Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE, between 10:00 a.m. and 4:00 p.m. April 13 and 14, 2004. ASPIX DIRECT: Creditors Meeting Slated for April 5 -------------------------------------------------- Pursuant to section 98 of the Insolvency Act 1986, a Creditors Meeting of the Aspix Direct Limited Company will be on April 5, 2004 at 11:00 a.m. It will be held at the Holiday Inn, Lake View, Bridge Road, Impington, Cambridge CB4 9PH. On April 4 the Liquidator, M C Hapworth of Hepworth Joyce Associated Limited at Unit 7, Clark Hall Farm, Aberford Road, Wakefiel WF1 4AL will furnish the Creditors, information concerning the Company's affair as they may reasonably require free of charge. ASTON VILLA: Ray Ranson, Richard Thompson Express Interest ---------------------------------------------------------- Ray Ranson and Richard Thompson noted the announcement made by the board of Aston Villa PLC and confirm their potential interest in making an offer for Aston Villa. Any such offer would be likely to be made through a private vehicle, jointly owned and controlled by Messrs Ranson and Thompson, and would be subject, inter alia, to detailed due diligence. There can be no assurance that any offer will be made. A further announcement will be made in due course, if appropriate. ***** The sports club dismissed takeover speculations last year as it reported widening losses of GBP12 million in a tough season. CONTACT: SEYMOUR PIERCE LIMITED Richard Feigen Jonathan Wright Phone: 020 7107 8000 AXIOM ENGINEERING: Meeting of Creditors Set April 8 --------------------------------------------------- There will be a Creditors Meeting of the Axiom Engineering Limited Company on April 8, 2004 at 2:30 a.m. It will be held at 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR. Creditors who want to vote at the Meeting must submit written details of their debt claims the Company due them at 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR not later than 12:00 noon April 7, 2004. BAM ENTERTAINMENT: Games Maker Demands Liquidation of U.K. Arm -------------------------------------------------------------- A Cambridge-based games developer, Frontier Developments, has brought a petition to wind up Bam Entertainment's U.K. arm, according to The Scotsman. The case stems from disputed invoices worth several hundred pounds, a source linked to Vis said. It is related to the work Frontier did for games based on the Wallis and Gromit animated characters. The case will be heard in the Royal Courts of Justice in London on April 7. The suit is seen as a blow to Bam Entertainment's plan to buy Vis Entertainment the Scottish computer game developer. The computer games publisher is trying to raise cash to pay for shares, which will be used to buy Vis. Bam also needed to prove it is able to raise cash for the acquisition to win an appeal against Nasdaq's decision to remove it from the exchange. Nasdaq's final verdict could come through as early as this week, Stephen Ambler, Bam's finance director said, according to the report. Mr. Ambler denied the court order meant Bam was in trouble. Frontier Development, as well as the company's law firm, Hewitsons, would not comment. CONTACT: BAM ENTERTAINMENT Upper Borough Court, 3rd Floor Upper Borough Walls Bath, BA1 1RG England, U.K. Phone: +44 (0) 1225 329 298 Fax: +44 (0) 1225 329 241 Web site: http://www.bam4fun.com U.S.A Headquarters 333 West Santa Clara Street Suite 716 San Jose, CA 95113 Phone: (408) 298-7500 Fax: (408) 298-9600 HEWITSONS Shakespeare House 42 Newmarket Road Cambridge CB5 8EP Phone: (01223) 461155 Fax: (01223) 316511 E-mail: mail@hewitsons.com Web site: http://www.hewitsons.com VIS ENTERTAINMENT Seabraes Perth Road Dundee DD1 4LN Phone: 44 (0) 1382 341 000 Fax: 44 (0) 1382 341 045 Eagle Building 19 Rose Street Edinburgh EH2 2PR Phone: 44 (0) 131 260 2000 Fax: 44 (0) 131 260 2001 Web site: http://www.visentertainment.com BELLWALK LIMITED: HSBC Bank Appoints RSM Robson Rhodes Receiver --------------------------------------------------------------- Name of Company: Bellwalk Limited Reg No 04544289 Trading Name (used within past 12 months): Dominic's Restaurant Nature of Business: Restaurant Trade Classification: 49 Date of Appointment of Joint Administrative Receivers: March 16, 2004 Name of Person Appointing the Joint Administrative Receivers: HSBC Bank plc. Joint Administrative Receivers: RSM ROBSON RHODES LLP St George House, 40 Great George Street, Leeds LS1 3DQ Receivers: C W A Escott M Dunham (Office Holder Nos 8913, 8376) CALDER INDUSTRIES: In Administrative Receivership ------------------------------------------------- Name of Company: Calder Industries Limited Nature of Business: Metal Manufacture Trade Classification: 06 Date of Appointment: March 17, 2004 Joint Administrative Receiver: LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Receivers: S D Swaden J M Titley (IP Nos 2719, 8617) CATERCALL CATERING: Creditors Meeting Set April 1 ------------------------------------------------- The Creditors of Catercall Catering Services Limited Company will have a Meeting on April 1, 2004 at 11:00 a.m. It will be held at 35 Ludgate Hill, Birmingham B38 9PT. Creditors should forward written statement of their debt claim the Company due them to M. T. Coyne, of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH not later than 12:00 noon March 31, 2004. CENTRAL PARK: Appoints The Thompson Partnership Receiver -------------------------------------------------------- Name of Company: Central Park Felixstowe Limited Nature of Business: Nightclub Trade Classification: 48 Date of Appointment: March 12, 2004 Joint Administrative Receiver: THE THOMPSON PARTNERSHIP Square Root Business Centre, 102 Windmill Road, Croydon, Surrey CR0 2XQ Receivers: Jeremy Charles Frost Andrew William Thompson (IP Nos 9091, 5807) DORMANTCO LIMITED: Hires PricewaterhouseCoopers as Liquidator ------------------------------------------------------------- Name of Companies: Dormantco 1007 Limited Dormantco 1008 Limited Dormantco 1009 Limited Dormantco 1010 Limited Dormantco 1011 Limited Dormantco 1012 Limited Inhoco 824 Limited At the Extraordinary General Meeting of these Companies on March 15, 2004, the Special and Ordinary Resolutions to wind up the Companies were passed. Tim Walsh and Jonathan Sisson, of PricewaterhouseCoopers LLP, 33 Wellington Street, Leeds LS1 4JP, have been appointed Joint Liquidators of the Companies for the purposes of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP 33 Wellington Street, Leeds LS1 4JP Contact: Tim Walsh, Liquidator Jonathan Sisson, Liquidator DUNLOP TEXTILES: Cree-8 Rescues Firm from Receivership ------------------------------------------------------ Scottish firm Cree-8 saved 55 jobs at Dunlop Textiles after it agreed to take over the operations of the Castleton-based tyre- cord makers, according to Rochdale Observer. Dunlop Textiles, which went into receivership in November, will trade under the name Duracord under its new owners. Cree-8 director, Graham Muir, said: "A top priority for the new company is to re-establish itself in the market place by building on the firm's reputation and to recover confidence with employees, while returning the faith shown by customers and suppliers in recent difficult times. Meanwhile, Duracord has also announced its Dunfermline base will stay open thanks to the efforts of receivers Grant Thornton. The success secures 109 jobs. EUPHORIUM LIMITED: Voluntary Winding up Resolution Passed --------------------------------------------------------- At an Extraordinary General Meeting of the Euphorium Limited Company on March 1, 2004 held at 35 Ballards Lane, London N3 1XW, the subjoined Special Resolution to wind up the Company was passed. S T Bennett, of Berg Kaprow Lewis LLP, 35 Ballards Lane, London N3 1XW, has been appointed Liquidator for the purposes of such winding-up. FULLERS INVESTMENTS: Calls in Liquidator ---------------------------------------- At an Extraordinary General Meeting of the Members of the Fullers Investments Limited Company on March 9, 2004 held at 4 Atholl Crescent, Perth PH1 5NG, the Special and Ordinary Resolutions to wind up the Company were passed. David K Hunter, of Campbell Dallas, has been appointed Liquidator of the Company for the purpose of the voluntary winding-up. HYGENIC INSTALLATIONS: Hires Receiver from Jackson Jolliffe ----------------------------------------------------------- Name of Company: Hygenic Installations Limited Nature of Business: Installer of Hygienic Walls Trade Classification: 4543 Date of Appointment: March 16, 2004 Administrative Receiver: JACKSONS JOLLIFFE CORK 33 George Street, Wakefield WF1 1LX Receiver: Matthew Colin Bowker (IP No 8106) IVORY & SIME: Shareholders Approve Proposal to Liquidate -------------------------------------------------------- Further to the circular issued by the Company on March 1, 2004 setting out proposals for the reconstruction and winding up of the Company, the Establishment's Board is pleased to announce that at the extraordinary general meeting of the Company held March 26, 2004, shareholders approved the resolutions placed before the meeting. Accordingly, the Company has been placed in members' voluntary liquidation and Simon Peter Bower and Michael John Hore of RSM Robson Rhodes LLP have been appointed joint liquidators to the Company. Each of the resolutions was passed on a show of hands. In respect of the ordinary resolution considered at the meeting (concerning the voluntary winding up of the Company and the appointment of the liquidators), 9,246,903 proxies were received in favor, 75,709 against and 1,120 permitted the proxy to exercise discretion. In respect of the extraordinary resolution considered at the meeting (concerning the liquidators' remuneration, their authorization to exercise certain additional powers in relation to the winding up of the Company and the holding of the Company's books and records after the Company's dissolution), 8,933,629 proxies were received in favor, 70,179 against and 5,520 permitted the proxy to exercise discretion. Shareholders are reminded that the register of holders of Reclassified Shares has closed and that dealings in the Reclassified Shares have been suspended. CONTACT: IVORY & SIME OPTIMUM INCOME TRUST PLC Martin Cassels Company Secretary Phone: 0131 465 1000 Liquidators: RSM ROBSON RHODES LLP Gareth Morris Phone: 020 7865 2488 JOHN WILSON: Appoints Baker Tilly Administrator ----------------------------------------------- Name of Company: John Wilson (Steel) Limited Nature of Business: Other Wholesale Trade Classification: 15 Date of Appointment: March 15, 2004 Joint Administrative Receiver: BAKER TILLY 2 Whitehall Quay, Leeds LS1 4HG Receivers: Robert Henry Barker Alec David Pillmoor (IP Nos 6619, 7243) KNIGHT FISK: Hires Liquidator from Peters Elworthy & Moore ---------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Knight Fisk Limited Company on March 16, 2004 held at Salisbury House, Station Road, Cambridge CB1 2LA, the Special and Ordinary Resolutions to wind up the Company were passed. Shay Lettice of the firm of Peters Elworthy & Moore has been appointed as Liquidator of the Company for the purpose of the voluntary winding-up. LOCAL TELEVISION: Hires Receiver from Marchands Associates ---------------------------------------------------------- Name of Company: Local Television Network Ltd Nature of Business: Advertising Trade Classification: 46 Date of Appointment: March 15, 2004 Joint Administrative Receiver: MARCHANDS ASSOCIATES LLP 100 Wakefield Road, Lepton, Huddersfield HD8 0DL Receivers: Martin Shaw Charles Brook (IP Nos 6334, 9157) MPC SENTINEL: Cynthia Chaveau Appoints Baker Tilly Receiver ----------------------------------------------------------- Name of Company: MPC Sentinel Limited Reg No 04508219 Trading Name: MPC Logistics Previous Name of Company: Arlington Group Management Services Limited Nature of Business: International/Domestic Couriers. Trade Classification: 28 Date of Appointment of Joint Administrative Receivers: March 15, 2004 Name of Person Appointing the Joint Administrative Receivers: Cynthia Chaveau Joint Administrative Receivers: BAKER TILLY The Clock House, 140 London Road, Guildford, Surrey GU1 1UW Receiver: Geoffrey Lambert Carton-Kelly (Office Holder No 008602) BAKER TILLY Spectrum House, 20-26 Cursitor Street, London EC4A 1HY Receiver: Bruce Alexander MacKay (Office Holder No 006619) ORIEL INVESTMENT: In Search of Potential Buyers ----------------------------------------------- Administrators from Grant Thornton are selling Oriel Investment Corporation, Ford's British used-car warranty operation, which operates under the name Warranty Holdings. They are to meet potential buyers of parts of the company in the next few days, according to The Guardian. The process comes in the wake of an investigation of allegations of fraud in the company by the Hertfordshire police. The business operates in partnership with Axa and National Insurance. It guarantees used cars sold by its British second- hand car dealerships. It was thought to have a value of between GBP10 million and GBP15 million during its sale to Ford in 2001. It had a turnover of GBP97 million in that year, and was claiming to have had more than one million customers. Ford assured the insurers will continue to meet their obligations to people who have bought used cars from the company. Not all of the warranties, though, are related to Ford cars. CONTACT: GRANT THORNTON Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk PPL THERAPEUTICS: Sells New Zealand Farm for GBP1.13 Million ------------------------------------------------------------ PPL announced that it has entered into an unconditional agreement to sell its farm land and buildings at Mangakino, New Zealand together with the related equipment to Whakamuru Farms Limited, for a gross consideration of GBP1.13 million (NZ$3.15 million). The New Zealand Farm has been operated as a farm unit to hold PPL's animals which have been used in the production of human proteins for therapeutic applications, particularly for use in the recombinant AAT program which was being developed by PPL and Bayer Biologics and which, as announced on June 18, 2003, was put on hold. The proceeds will be received by April 14, 2004. The net book value of the New Zealand Farm as at June 30, 2003 was GBP1.24 million. The loss on sale of these assets is GBP0.11 million. The aggregate Research, Development and Administrative costs relating to the New Zealand Farm for the six months ended June 30, 2003 was GBP0.3 million (GBP0.4 million in the year ended December 31, 2002). The gross proceeds of GBP1.13 million less selling expenses from the disposal will be used to repay an existing bank loan in New Zealand secured over the New Zealand farm of GBP0.5 million with the balance supplementing existing cash resources. After the disposal of the New Zealand Farm, PPL will have only limited remaining assets consisting, amongst other things, of the license to the Fibrin I intellectual property, the pilot manufacturing plant, certain intellectual property relating to its transgenic research programs and cash balances. PPL is currently exploring its options for the Fibrin I license, including termination of this license in order to minimize the Company's continuing liabilities. Following the disposal of the New Zealand Farm, the number of employees in the Group will be further reduced from seven to four, comprising two executive directors and administrative support. As announced on March 22, 2004, the Board of PPL is in preliminary discussions with a third party which may lead to an offer being made for the Company though this is by no means certain at this stage. If these discussions do not lead to an acceptable offer being made for the Company, it is almost certain that the Board will recommend that the Group is put into a members voluntary liquidation. CONTACT: PPL THERAPEUTICS PLC Chris Greig, Chairman Lindsay Dunsmuir, Chief Financial Officer Phone: 0131 440 4777 Alistair Mackinnon-Musson Philip Dennis Hudson Sandler Phone: 020 7796 4133 E-mail: ppl@hspr.co.uk ROYAL DOULTON: Stoke-on-Trent Plant to Close Next Year ------------------------------------------------------ Royal Doulton said it will close its remaining plant at Stoke- on-Trent by 2005, according to the Bizworld. The shutdown will cut down up to 525 jobs at the company. The china and ceramic firm plans to restructure the business by developing a new factory and visitor center in Festival Park in Stoke. Manufacture of high value products will be moved to the new plant while the rest of the assembly will be outsourced. Only 50 staff from the 525 employees axed will be reassigned to the new factory. The move is expected to translate into an exceptional cost of GBP8.5 million in the company's 2004 accounts. Waterfourd Wedgwood holds a 21.2% stake in Royal Doulton while Tony O'Reilly and Peter Goulandris hold 3.3%. STAFFORDSHIRE TRAINING: In Administrative Receivership ------------------------------------------------------ Name of Company: Staffordshire Training & Enterprise Council Reg No 02447389 Nature of Business: Other Services Trade Classification: 9305 Date of Appointment of Joint Administrative Receivers: March 15, 2004 Name of Person Appointing the Joint Administrative Receivers: The Secretary of State for Education and Skills Joint Administrative Receivers: GEOFFREY MARTIN & CO St James's House, 28 Park Place, Leeds LS1 2SP Receivers: John Twizell Geoffrey Martin (Office Holder Nos 0/007822/01, 0/00207/01) TELFORD UNITED: Royal Bank of Scotland Brings in Receivers ---------------------------------------------------------- Shock waves reverberated around Telford on Friday when Radio Shropshire revealed that club chairman Andy Shaw and his eleven companies have been sent into receivership after the Royal Bank of Scotland declared enough was enough and called in their substantial loans to the Cannock-based businessman. While the immediate future of the club seems secure United seem certain to lose players, the news coming on transfer deadline day for the football league and conference. The longer term future of the club seems undecided past the end of this season and it appears unlikely that the club can carry on without the intervention of a takeover bid during the off season. Mr. Shaw is no longer chairman of Telford United, but was unavailable for comment. Speaking in his absence director Robin Eaves confirmed the following to the Shropshire Star: "I got a phone call from Andy at 10:30 a.m. on Thursday calling myself and secretary Mike Ferriday to a meeting at his Miras offices in Cannock at 2:00 p.m. "We walked in and Andy said 'I wanted to do this face-to-face and there is no easy way to say this but when I sign this piece of paper, Miras Contracts, Telford United and Whitehouse Hotels will all be taken over by the receivers'." Mr. Eaves added: "People should be thankful for what he's done for this club. Telford United would not have been there without him. He's bailed it out to the tune of a million pounds a year for five years." TISCO SECURITIES: Hires Ernst & Young Liquidator ------------------------------------------------ At an Extraordinary General Meeting of the Tisco Securities U.K. Limited Company on March 11, 2004 held at Rooms 1008-10, 10/F, Two Pacific Place, 88 Queensway, Hong Kong, the Special Resolution to wind up the Company was passed. Patrick Joseph Brazzill and Alan Lovett of Ernst & Young LLP, 1 More London Place, London SE1 2AF, have been appointed Joint Liquidators for the purposes of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place, London SE1 2AF Contact: Patrick Joseph Brazzill, Liquidator Alan Lovett, Liquidator WATFORD LEISURE: Reduces First-half Loss by 71% ----------------------------------------------- Interim Results for the six months ended 31st December 2003 Chairman's Statement I am pleased to announce our interim results for the six months ended December 31, 2003. The results, when compared with the results for the previous half year to December 2002, reflect the continued drive to reduce costs, particularly football salaries, to achieve financial stability. Cost of sales were reduced by GBP2.28 million to GBP5.45 million for the period to 31 December 2003 and the loss for the period of GBP1.58 million represents a 71% improvement over the first half of the last financial year. The Company is therefore beginning to see the financial benefit of a reduced cost base although pressure remains to reduce costs further. Our stated intention to reduce total salaries to a sustainable percentage of turnover remains paramount. Although the most obvious, immediate and largest positive effect on revenues would be a return of the Club's first team to the Premiership, it is important for the future stability of the Company for management to grow non-match day commercial revenues. Harry's Sports Bar is now busy on match days and is also being used on other occasions. Refurbishment work has been carried out on the Club Lounge and both it and Harry's Bar are being more widely used for conferences and parties. In addition a concerted effort was made during December to maximize Christmas functions held here at the ground. During the summer we also built a new ticket office to improve the match day experience of our supporters. With more sales points and a better environment for our customers to buy their match day tickets this has gone some way to reducing queues and improving our customer service to our supporters. This last year has been a very difficult time on and off the pitch and I would like to thank all our players and staff for their loyalty and dedication to this company. I am pleased to say that we have been able to repay some of the 12 percent suspension of their wages. The pay deferrals themselves were stopped in November 2003 and a repayment made in February 2004. There was no guarantee of when this would be repaid but subject to avoiding relegation the Company would like to repay further monies in the summer. It cannot be denied that Watford Football Club is in a relegation battle albeit with at least eight other teams in Division One. Every effort will be made to avoid 'the drop' and it will take all those involved; players, management, staff and all our supporters -- to act as a unified team in order to secure our survival in this division of the Football League. It is easy to profess support or allegiance to a club during the good times, much less so in difficult circumstances. Although we did not have the run in the FA Cup that we had last year we competed well with Chelsea in the third round and drew at home. Although we lost the replay the gate revenue from both games and the television income from the home tie provided much needed funds. The recent share issue, completed in mid March 2003, raised GBP5.25 million with myself making additional funds available and two new Directors, Vince and Jimmy Russo contributing a substantial shareholding and joining a slimmer and more manageable Board of four Directors. These funds go a long way to covering current losses and allowing financial restructuring to continue with the medium term objective of achieving financial stability. The latest share offer and placing also gave the Company the opportunity to carry out a capital reorganization and create a more manageable capital structure. Financial Results Turnover for the first six months of the financial year period was GBP4.69 million (December 2002: GBP3.94 million). One of the main reasons for the increase in turnover is the timing of the grant funding received from the Football League of GBP333,000. This was received prior to December 2003 for this financial year whilst it was paid over after December 2002 in the previous financial year. In addition however, income from season tickets, merchandising revenues from the launch of new kit and non match day activities are higher in this season to date by a total of approximately GBP0.4million. As a consequence of the reduced cost of sales, increased turnover and the profit on disposal of players of GBP0.6 million the loss on ordinary activities before taxation for the period is GBP1.58 million (December 2002: GBP5.48 million), an improvement of some GBP3.9 million on the same period last year. These half-year results do not take into account the revenues that have been received during the second half of the year arising from the FA Cup games with Chelsea. Playing Squad and Management During the period under review we have welcomed Bruce Dyer, Danny Webber, Paul Devlin and Stephen Graham. Lenny Pidgeley is on loan from Chelsea for the season. The season started tragically with the death of Jimmy Davies in a car crash in the early morning prior to the Coventry match. This was a devastating loss to the club. Our thoughts however remain with his parents, on the untimely death of a young man who had such a brilliant future ahead of him. In the last few weeks we have also signed Paul Mayo on a permanent basis from Lincoln City, thanks to Jimmy and Vince Russo. We have also signed Chris Baird from Southampton on loan for a month. I wish them all a successful time at the club. Team Management Terry Byrne our Director of Football left to take up a position as Personal Assistant to David Beckham and we wish him well in this new role. I would like to officially thank him on behalf of the Board and the club and congratulate him on his new appointment. Future Prospects Last year at this time, and again in December 2003, we set out clear targets for the coming years, in addition to a return to the Premiership. These were: (a) Repay the wages owed to players and other staff (b) Return value to our shareholders (c) Buy back the freehold of the Vicarage Road Stadium (d) Develop a new East Stand We are well on the way to achieving the first of these goals and working towards the buy back of Vicarage Road Stadium. The intention is that the recent investment by the new directors and myself will finance a mortgage deposit to enable this to happen. Although plans for a New East Stand are currently on hold it remains part of our medium term agenda. Longer term, as the Club reduces its cost base and increases revenues then the intention will be to achieve a return to our shareholders. All of the recent activity is linked to restoring financial stability to the company. Efforts will be made in the next two years to pursue our Business Plan and grow our commercial revenues whilst at the same time reducing our dependency on results on the pitch. Another aim of our Business Plan is being delivered through our recently created Watford FC's Community Sports and Education Trust. The 'Trust' has been set up with the objectives to (a) Promote community participation in healthy recreation by providing facilities for playing association football and other sports. (b) To provide facilities for sport, recreation or other leisure time occupation for persons who have need of such facilities by reason of their age, infirmity or disablement, poverty or social and economic circumstances with the objective of improving their conditions of life. (c) To advance the education of children and young people. These objectives are being brought about by amalgamating the activities of the Families Youth and Community department of the Club with the Football In the Community Scheme previously a scheme run jointly with the Professional Footballer's Association. Watford Football Club has always prided itself as being a Club at the center of the community and has a reputation for being a family friendly place to come. The Trust has been set up to enhance this reputation and to actively provide services to those who live in and around the area as well as providing a sense of community to everyone who supports the Hornets. In turn the Club hopes to harness the work of the Trust to get more people to watch Watford more often and in the longer term the provision of community based developments will form the foundations for future revenue driving opportunities. Graham Simpson Chairman 26 March 2004 To see financial statements: http://bankrupt.com/misc/Watford_2003.htm ZOAZ GROUP: Calls in Liquidator from Peters Elworthy & Moore ------------------------------------------------------------ Name of Companies: Zoaz Group Limited Zoaz Limited At an Extraordinary General Meeting of the Members of these Companies on March 16, 2004 held at Salisbury House, Station Road, Cambridge CB1 2LA, the Special and Ordinary Resolutions to wind up the Companies were passed. Shay Lettice of the firm of Peters Elworthy & Moore has been appointed as Liquidator of the Companies for the purpose of the voluntary winding-up. * 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 ------- Carestel 178 (68) 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 BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 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 (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 Numico N.V. 2,030 454 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. ANX (1) 108 (86) Exbud Skanska S.A. EXBUF (9) 315 (330) Media Capital 399 (84) 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 Oriflame SDR 378 97 UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (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 BWL (1,774) 867 (1,157) British Nuclear Fuels Plc (2,627) 36,359 (1,948) British Sky PLC 3,347 (144) 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) Gallaher Group GLH (543) 6,304 148 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) 508 77 IPC Media Ltd. (685) 254 16 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) 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) 3,245 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *