/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040407.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, April 7, 2004, Vol. 5, No. 69 Headlines F R A N C E VIVENDI UNIVERSAL: Threatens to Sue APPAC Lawyer for Libel G E R M A N Y WESTLB AG: Robert Restani Resigns from Managing Board H U N G A R Y NABI RT: 2003 Bus Sales Improve; Expects 13-17% Jump in 2004 SYNERGON RT: Sets Shareholders General Meeting April 29 I T A L Y PARMALAT FINANZIARIA: Online Travel Agency for Sale N E T H E R L A N D S KENDRION N.V.: Shareholders Welcome Financial Restructuring P O L A N D KOMPANIA WEGLOWA: Sale of TP S.A. Shareholding Gets Nod NETIA SA: Discloses Share Capital Changes as of April 1 R U S S I A METROMEDIA INTERNATIONAL: In Default for Not Filing Form 10-K ROZHDESTVENSKOYE: Minimum Price of Properties for Sale RUB48 Mln S L O V A K R E P U B L I C EUROTEL BRATISLAVA: Ratings Upped to 'BB' After Debt Refinancing S W E D E N SKANDIA INSURANCE: Feud with Skandia Liv Goes to Arbitration U N I T E D K I N G D O M ARLINGTON BOOKS: Shareholders Approve Winding up of Business ASHTEAD GROUP: Assigned 'B+' Long-term Rating ATMOSPHERIC LIMITED: Close Invoice Appoints Receiver AVECIA GROUP: Sells Biocides Business for US$215 Million BAC LIMITED: Meeting of Creditors Set April 15 CANARY WHARF: CWG Acquisition Offer Open Until April 8 CANNON LIMITED: Hires PricewaterhouseCoopers Administrator CARDEW DESIGN: Appoints Administrative Receivers from Menzies C.A. SALTER: Hires Liquidator from Royce Peeling Green COSMACK MANAGEMENT: Creditors to Meet April 20 DE-HILLIER TAVERNS: Initial Creditors Meeting April 13 GLOBDUYK LIMITED: Appoints Budworth & Co. Liquidator GOSHAWK INSURANCE: Reports GBP57.5 Million Pre-tax Loss HAMMOND PALLETS: Meeting of Creditors Set April 14 HOLLINGER INC.: Rights Issue Undermines Lord Black's Position INQUAM TELECOM: Appoints KPMG Administrator LALAZAR LIMITED: Creditors Meeting Set April 20 MARTIN GRANVILLE: Sets Meeting of Creditors April 13 MATTMAX LIMITED: Hires Liquidator from Begbies Traynor MAYFLOWER CORPORATION: FTSE Announces Changes in Indices P871 LIMITED: Appoints David Rubin Liquidator PRIME BAKERY: Creditors Meeting Set April 19 PRINCETON ECONOMICS: Hires PricewaterhouseCoopers Liquidator PROBEST RESIDENTIAL: Calls in Liquidator ROYAL & SUNALLIANCE: PMI Group Closes Buyout of U.K. LMI STEVE BADCOCK: Appoints Robson Rhodes Administrator STONE RECONSTRUCTION: Hires Liquidator TEAM LOGISTICS: Hires Liquidator from Menzies THOMAS COOK: Reports First Quarter Sales Decline THOMAS JUSTICE: Receivership Ends in Liquidation T & M COURIERS: Initial Creditors Meeting Set April 15 UNDERWRITER INSURANCE: Fitch Withdraws 'B' Insurer Rating W H PROMATION: Hires Grant Thornton Administrator ********* =========== F R A N C E =========== VIVENDI UNIVERSAL: Threatens to Sue APPAC Lawyer for Libel ---------------------------------------------------------- Vivendi Universal (Paris Bourse: EX FP; NYSE: V) has filed a claim with the senior judge of the Paris trial court (Tribunal de Grande Instance) against Mr. Karel Canoy, the attorney representing individual shareholders' association APPAC, following the offensive and potentially libelous statements published in the Aujourd'hui/Le Parisien newspaper on April 5, 2004. The accusations made are entirely unfounded and highly damaging to the company's integrity. ***** Last month, the APPAC chairman threatened to file a complaint against the senior management of Vivendi Universal for forgery and the use of forged documents. Vivendi condemned the accusation and threatened to go to court the same way it responded to APPAC's wrongful writ of January 16, 2004 via a counterclaim for damages. CONTACT: VIVENDI UNIVERSAL Antoine Lefort Phone: +33 (0) 1 71 71 11 80 ============= G E R M A N Y ============= WESTLB AG: Robert Restani Resigns from Managing Board ----------------------------------------------------- Robert Restani has left the WestLB AG Managing Board at his own request. Since December 2002 Mr. Restani was responsible for business with public-sector clients, the savings banks in North Rhine-Westphalia and Brandenburg, the real estate business; and, since July 2003, for business with European corporate clients. Within his areas of responsibility, he systematically expanded WestLB's position, for example by restructuring the real estate activities and strengthening the business with the savings banks. Dr. Bernd Luthje, Chairman of the WestLB AG Supervisory Board, thanked Robert Restani for his contribution in the Managing Board of the Bank. ============= H U N G A R Y ============= NABI RT: 2003 Bus Sales Improve; Expects 13-17% Jump in 2004 ------------------------------------------------------------ NABI Bus Industries Rt. (BSE: NABI) announced delivery of 284 buses during the first quarter of 2004. The sales included 12 CompoBuses and 38 articulated (60-foot) buses. Number of Bus Deliveries According to Market and Type Market Bus Type 2004 2003 2002 Mar. 31 Mar. 31 Mar. 31 ------ -------- ------- ------- ------- USA 35-45-foot (heavy-duty) 149* 147* 213 60-foot articulated (heavy duty) 38 0 0 30-foot (medium duty) 0 12 4 USA MARKET TOTAL: 187* 159* 217 U.K. Single deck (under 7.5t) 15 34 30 Single deck (over 7.5t) 82 75 97 Double deck (over 7.5t) 0 9 6 U.K. MARKET TOTAL: 97 118 133 Hungarian market (Single deck over 7.5t) 0 0 0 GRAND TOTAL 284* 277* 350 The NABI Group forecasted consolidated sales to increase to approximately 1,300-1,350 buses in 2004, up by 13-17% from 1,149 buses sold in 2003. The net sales growing to approximately US$380-US$400 million on a consolidated basis in 2004, a 20%-25% increase from 2003 levels. Both the Group's U.S. and U.K. subsidiary foresee significant sales increase meanwhile NABI Rt., which produces and sells buses for the Hungarian market, forecasted less sales of buses due to declining subsidies for public transport in Hungary. Sales of NABI's revolutionary CompoBuses are expected to nearly double in 2004 over the number sold in 2003. The Group expects 96 such buses to be sold and delivered in the current year, up from 57 sold and delivered in 2003. The CompoBus is the world's first and only product line of heavy-duty buses with integrated body and chassis fabricated from advanced composites. Because of the one-time costs of NABI expects to post some losses after taxes in 2004. However, this represents a significant improvement in the company's financial position compared with 2003. ----------- Footnotes: * These figures include 12 and 3 CompoBuses sold in 2004, 2003 respectively ** The 60-foot articulated is translated by 1.60 multiple to 40- foot bus equivalent CONTACT: NABI RT Andras Bodor Corporate Affairs Director Phone: +36 1 401 7100 E-mail: andras.bodor@nabi.hu SYNERGON RT: Sets Shareholders General Meeting April 29 ------------------------------------------------------- The Board of Directors of Synergon Information Systems plc (1047 Budapest Baross u. 91-95.) has decided to call the annual general meeting (AGM) of the Company on April 29, 2004 at 10:00 a.m. to be held at 1047 Budapest, Baross u. 91-95. The venue and agenda of a repeated general meeting due to a possible lack of a quorum will remain unchanged, its date will be April 30, 2004, 10:00 a.m., which with respect to the following agenda will be quorate irrespective of the number of shareholders present. The agenda of the general meeting: (a) The report of the Board of Directors on the activities of the Board of Directors and the Company in 2003, decision (b) Auditor's report on the 2003 annual report, decision (c) Supervisory Board report on the 2003 annual report, decision (d) Approval of the reports for 2003, decision (e) Statutes amendment, approval of the new, integrated statutes (f) Election of the members of the Board of Directors; the determination of the remuneration of the members of the Board of Directors (g) Election of the members of the Supervisory Board; the determination of the remuneration of the members of the Supervisory Board (h) Selection of the Auditor, determination of the remuneration due According to the recommendation of the Board of Directors, a dividend will not be paid from the profit of 2003. The provisions of the Company's valid Statutes will be amended with respect to the dematerialization of the Company's shares. The conditions for shareholders to participate at the General Meeting and exercise their voting rights are: (a) The shareholders have paid all due capital contribution owed to the Company; (b) The owners of registered shares have been validly registered to the shares on the basis of which they exercise their voting rights at the General Meeting in the Company's register of shareholders at least 10 days prior to the General Meeting; the shareholder should be the owner of the shares on the KELER ownership acknowledgement date; this fact is to be proven by the shareholder or by the authorized representative of the shareholder with a valid deposit certification at the general meeting; (c) In the case that the shareholder is represented by an authorized representative, the authorized representative of the shareholder should be registered in the register of shareholders in compliance with the order of procedure; (d) The shareholder or representative has signed the attendance list and certified his/her identity and taken receipt of the voting book containing the voting sheets. The shareholders may request that their shares be request rated at places of the deposit. Requests for shareholder register registration that comply with the provisions of the Statutes and that are sent to the address of the Board of Directors of the Company (1047 Budapest, Baross u. 91-95.) will be complied by the Company up until April 19, 2004 at 4:30 p.m., following this date registration will not be carried out by the shareholder register until the close of the general meeting. The deposit certification issued for exercising the right to participate at the general meeting is valid until the day of the general meeting or the repeated general meeting. Submittals in connection with the points of the agenda of the general meeting may be inspected in written form 15 days before the general meeting at the premises of the Board of Directors of Synergon plc (1047 Budapest Baross u. 91-95.) or in electronic form on the Internet sites of the Budapest Stock Exchange and Synergon plc as well. ========= I T A L Y ========= PARMALAT FINANZIARIA: Online Travel Agency for Sale --------------------------------------------------- Parmatour, the tourism holding company of the Tanzi family, is inviting offers for its online tour operator, Last Minute Tour S.p.A., according to Reuters. Parmatour is currently under the administration of Parmalat Finanziaria Commissioner, Enrico Bondi. The administrator is selling assets to save the group. In a statement, Parmatour said expressions of interest in Last Minute Tour are welcome until April 15. Last Minute Tour, which is not connected to Britain's lastminute.com Plc, is one of six brands operated by Parmatour. The travel company had EUR27 million (US$33.26 million) in turnover last year, says Reuters. CONTACT: Last Minute Tour S.p.A. Viale F. Restelli 5 20124 Milano, Italy Call Center: 800-133 331 Web site: http://www.lastminutetour.com ===================== N E T H E R L A N D S ===================== KENDRION N.V.: Shareholders Welcome Financial Restructuring ----------------------------------------------------------- The Annual General Meeting of Shareholders of Kendrion N.V., held on Friday, April 2, 2004, has supported the Executive Board's proposal to adopt financial restructuring measures. The Chairman of the Executive Board, Mr. P. Veenema, provided a detailed explanation of business performance and policy conducted in 2003. The policy to be conducted in 2004, with key issues being the disposal of industrial activities in Automotive Plastics and the strengthening of the company's financial structure, was then addressed. Within that framework, it was reported that the sale of Kendrion van Niftrik announced earlier shall probably be completed in the short term and that discussions continue on the sale of the remaining Automotive Plastics activities, which are particularly located in Germany. Regarding the proposed financial restructuring, for which the investment bank Lehman Brothers has been taken on as an external advisor, it was reported that proposals will be addressed in due course during an Extraordinary General Meeting of Shareholders assembled for that purpose. The annual accounts for 2003 were approved during the General Meeting of shareholders, in accordance with the proposal. A majority of the shareholders present did not wish to release the Executive Board from liability for the policy conducted and the Supervisory Board for supervision of that policy for 2003. Important motive for these shareholders was that Kendrion did not require a bank guarantee in 2001 within the framework of the transaction agreed in that year with Wolters Holding B.V. (currently Wolsden B.V.) regarding the sale of the wholesale operations in sanitary fittings, heating systems and tiles. An extensive provision was taken in 2003 within the framework of this transaction. However, during the meeting, the shareholders also mentioned that they have faith in the policy launched by the new Executive Board under the leadership of Mr. P. Veenema, focused on return recovery and financial restructuring of the company. In accordance with the proposal, the General Meeting of Shareholders supported the appointment of Mr. E. Ris as statutory Director in the position of CFO. Partly in light of the financial restructuring and the failure to release liability for 2003 Mr. H.A. van Karnebeek has been appointed as supervisory director for the duration of one year. Mr. H.A. van Karnebeek's term as a member of the Supervisory Board came to an end and, as such, he offered himself for reappointment. As in the past, Mr. Van Karnebeek shall serve as Chairman of the Supervisory Board. Mr. Van Karnebeek has indicated that he would like to reconsider his position after the financial restructuring has been completed. In accordance with his wish expressed earlier, Mr. W. van der Kooij resigned as a member of the Supervisory Board for personal reasons after the close of the General Meeting of Shareholders. The Supervisory Board is still deliberating on the vacancy he has created. Mr. E.C. de la Houssaye is also a member of the Kendrion Supervisory Board. Profile Kendrion N.V. Kendrion N.V. is a company, which operates internationally and has approximately 5,200 employees in 17 European countries. Its activities have been divided into 3 business areas (Kendrion Industrial, Kendrion Distribution Services and Kendrion Automotive), the focus being on the niche-market leadership in business-to-business markets. Kendrion develops and produces components for industrial customers and specific components for the automotive industry. Kendrion also provides services in the field of distribution of and trading in plastic semi-manufactures. Motivated local entrepreneurship, quality management in the broadest sense and logistic expertise are characteristic of Kendrion. Kendrion stock is listed on the Euronext Amsterdam stock exchange and included in the Euronext index NextPrime. =========== P O L A N D =========== KOMPANIA WEGLOWA: Sale of TP S.A. Shareholding Gets Nod ------------------------------------------------------- Treasury Minister Zbigniew Kaniewski has given the green light for the sale of Kompania Weglowa's stakes in TP S.A., according to Warsaw Business Journal. The company, however, is not allowed to go through with the transaction until the end of May. Kompania Weglowa spokeswoman, Zbigniew Madej, said the company needed extra cash especially now that the price of steel has gone up: "Despite the fact that Kompania Weglowa is posting profits, we are still looking for cash. Social security contributions and wage bonus' cost us a lot. Moreover, steel which we use in large quantities has gone up in price." NETIA SA: Discloses Share Capital Changes as of April 1 ------------------------------------------------------- Netia S.A. (WSE: NET), Poland's largest alternative provider of fixed-line telecommunications services on Monday said its share capital has increased in connection with the exercise of certain warrants and options issued by Netia. I. Share Capital As of April 1, 2004, Netia's issued and outstanding share capital was PLN358,565,500 and represented 358,565,500 shares, PLN1 par value per share, each share giving right to one vote at Netia's general meeting of shareholders. A motion for the registration of the share capital increase by the Polish court will be filed on April 7, 2004. II. Warrants Issued As of April 1, 2004, Netia issued 14,039,556 series J shares pursuant to the exercise of 11,661,113 two-year subscription warrants and 2,378,443 three-year subscription warrants by their holders at an issue price of PLN2.53 per share. Each series J share entitles its holder to one vote at Netia's general meeting of shareholders. Netia's series J shares are publicly traded on the Warsaw Stock Exchange (WSE) under the same code as all other ordinary shares of Netia i.e. PLNETIA00014. The subscription warrants were exercised in accordance with Netia's Polish prospectus, dated April 17, 2002, as amended. III. Outstanding Warrants As of April 2, 2004, these warrants were traded on WSE: (a) 20,763,108 two-year subscription warrants were traded on WSE under the ticker "NETPPO2, entitling their holders to subscribe for Netia's series J shares by April 29, 2005; and (b) 30,045,778 three-year subscription warrants were traded on WSE under the ticker "NETPPO3, entitling their holders to subscribe for Netia's series J shares by April 29, 2006. IV. Series K shares issued and motions for their assimilation and admittance to trading Until April 1, 2004, Netia issued 480,732 series K shares in connection with the exercise of certain options granted under the performance stock option plan adopted by Netia's supervisory board on June 28, 2002, as amended. The total number of series K shares that may be issued under this plan will not exceed 18,373,785 shares. On April 2, 2004, Netia filed these motions with regard to the issued series K shares: (a) to the Polish National Depository for Securities -- to assimilate on April 15, 2004, 480,732 series K shares identified by a code PLNETIA00097 with the remaining Netia's shares identified by a code PLNETIA00014; (b) To the Warsaw Stock Exchange -- to admit 480,732 series K shares to trading on the main market following their assimilation by the Polish National Depository for Securities with the remaining Netia's shares. V. Updated Information on Netia's Share Capital. Current information on Netia's share capital increases is constantly updated and made available at the Polish National Depositary for Securities and WSE as well as on Netia's Web site (http://www.investor.netia.pl). The share capital as currently registered by the Polish court, in the amount of PLN352,783,156, reflects the status as of March 1, 2004, and will be amended following the consideration of a motion for the share capital increase to be filed with the court on April 7, 2004. Share capital increases in connection with the exercise of Netia's outstanding warrants and options will be announced both in Poland and in the U.S. in the form of a press release once a month by the 8th day of each month, and, in addition, each time in the event of an exercise of warrants constituting 5% or more of all warrants issued by Netia. CONTACT: NETIA S.A. Investor Relation: Anna Kuchnio Phone: +48-22-330-2061 Media: Jolanta Ciesielska Phone: +48-22-330-2407 Taylor Rafferty, London Mark Walter Phone: +44(0) 20-7936-0400 Taylor Rafferty, New York Abbas Qasim Phone: +1-212-889-4350 =========== R U S S I A =========== METROMEDIA INTERNATIONAL: In Default for Not Filing Form 10-K ------------------------------------------------------------- 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, on Monday announced that it had received notification from the trustee of its Series A and B 10 1/2% Senior Discount Notes Due 2007 (Senior Notes) concerning non-compliance with certain covenants in the indenture governing the Senior Notes. The trustee reported that it had not received these documents from the Company: (a) The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003 (the 2003 Annual Report) as required pursuant to Section 4.3 of the Indenture; (b) The Company's Officers' Certificate required pursuant to Section 4.4(a) of the Indenture; and (c) The CPA statement required pursuant to Section 4.4 (b) of the Indenture. The trustee reported that, under the terms of the Indenture, the Company must resolve these compliance matter no later than June 1, 2004, the sixtieth day following the receipt of the trustee's letter in order to avoid an event of default. If such default were declared, the trustee or holders of at least 25% aggregate principal value of Senior Notes outstanding could demand all Senior Notes to be due and payable immediately. On April 2, 2004, the trustee reported these Indenture compliance items to the United States Securities and Exchange Commission and holders of the Senior Notes as part of the trustee's annual reporting duty required by Section 7.6 of the Indenture. The Company also announced that it elected not to declare a dividend on its 7 1/4% cumulative convertible preferred stock for the quarterly dividend period ending on March 15, 2004. As of the March 31, 2004, aggregated dividends in arrears are $50.4 million. In making this announcement, Ernie Pyle, Executive Vice President Finance and Chief Financial Officer of MIG, commented, "At this time and although no assurances can be given, we do not anticipate that there will be any compliance items outstanding with respect to the Indenture by the end of the 60-day time period set out by the trustee. The delay by the Company in filing its 2003 Annual Report with the U.S. SEC is regrettable and an unfortunate side effect of the significant restructuring that the Company has undertaken over the past year. However, we are fully committed to filing the 2003 Form 10-K as promptly as possible and apologize for any difficulties this delay might cause our investors." Mr. Pyle further commented, "The decision to not declare a dividend on the Company's 7 1/4% cumulative convertible preferred stock for the quarterly dividend period ending on March 15, 2004, is attributable to corporate cash conservation measures. The Company desires to maintain sufficient cash liquidity reserves to enable further business development of our core businesses and provide opportunities for a potential restructuring of the Company's balance sheet." 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. Please visit our Web site at http://www.metromedia-group.com. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Ernie Pyle Phone: 704/321-7380 ext.103 E-mail: investorrelations@mmgroup.com ROZHDESTVENSKOYE: Minimum Price of Properties for Sale RUB48 Mln ---------------------------------------------------------------- The external insolvency manager of OJSC Rozhdestvenskoye will auction the company's properties in the coming weeks. The starting price of the properties is RUB48 million. Preliminary examination of auction conditions, document list for participants, description of lots and reception of biddings are done at: 305029, Russia, Kursk, K. Marks str.53, office 903. Applications to participate in the auction are accepted until April 26, 2004. CONTACT: OJSC ROZHDESTVENSKOYE 307800, Russia, Kursk region Sudzhansky Area, Gusevo The external insolvency manager 305029, Russia, Kursk K. Marks str.53, office 903 Phone: (0712) 539065 ============================= S L O V A K R E P U B L I C ============================= EUROTEL BRATISLAVA: Ratings Upped to 'BB' After Debt Refinancing ---------------------------------------------------------------- Standard & Poor's Ratings Services on Monday raised its long- term corporate credit rating on Slovak Republic-based mobile telecommunications operator EuroTel Bratislava A.S. to 'BB' from 'BB-', following the group's refinancing of its debt in Slovak koruna. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB' long-term senior unsecured bank loan rating to EuroTel's SKR5 billion ($149 million) syndicated credit facility. In addition, Standard & Poor's withdrew its 'BB-' senior unsecured debt rating on guaranteed subsidiary Slovak Wireless Finance Co. B.V., following redemption of Slovak Wireless' EUR175 million of debt with the proceeds from the new bank facility. At December 31, 2003, EuroTel had total lease-adjusted debt of SKR7.9 billion. "The rating action primarily reflects the reduction of foreign exchange risk on EuroTel's debt given that the new bank facility is denominated in the local currency of Slovak koruna," said Standard & Poor's credit analyst Michael O'Brien. "Furthermore, the upgrade reflects incremental improvements in the group's market and operational performance and EuroTel's success in protecting its solid market position and improving its subscriber market share." Standard & Poor's expects EuroTel to maintain its strong market position and high level of operating efficiency in an environment where competition will be rational. EuroTel is also expected to ensure sustainable free operating cash flow generation, maintain acceptable levels of liquidity, and keep a moderate financial policy, in particular with regard to future dividends. CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses michael_obrien@standardandpoors.com guy_deslondes@standardandpoors.com CorporateFinanceEurope@standardandpoors.com =========== S W E D E N =========== SKANDIA INSURANCE: Feud with Skandia Liv Goes to Arbitration ------------------------------------------------------------ Skandia and Skandia Liv have made an agreement in principle that the matter of any prohibited profit distribution in connection with Skandia's sale of its asset management business to Den norske Bank will be adjudicated by an arbitration board. The parties are also in agreement that it is important that the process is carried out in such a way that high standards of jurisprudence and high ambitions for openness can be observed. At the same time, the work on increasing cost effectiveness and on creating even better customer offerings through collaboration with Skandia Liv and other Skandia businesses in Sweden will continue with undiminished strength. Skandia's chairman, Bjorn Bjornsson, says: "Skandia Liv's asset management agreement has been reviewed and approved by the Financial Supervisory Authority and by all three of Skandia Liv's auditors, including the auditor appointed by the Financial Supervisory Authority. Nothing has emerged from this review that indicates it entailed prohibited profit distribution. Nor has anything new emerged that changes this judgment, and Skandia's position is unchanged: that Skandia Liv's claim is groundless. It is good, however, that Skandia Liv has specified its claim so that the matter can be adjudicated in a way that cannot be refuted, and the legal review can be allowed to take its course. The Skandia group will now funnel all its strengths on its mission for the future -- to give its customers products with favorable returns at a reasonable cost." Skandia Liv's CEO, Urban Backstrom, says: "It is good that this matter can now be resolved in a serious and legally proper manner. The Skandia group will be a model for the industry in handling the relationship between savers' and shareholders' interests, and in dealing with shortcomings of the past. This is a necessary step in that ambition." The asset management agreement that will be examined was entered into in early 2002 in connection with Skandia's sale of its asset management business to Den norske Bank. The agreement was reviewed by Skandia's and Skandia Liv's boards at the time, and was examined without remark by the Financial Supervisory Authority and Skandia Liv's auditors. In 2003 the agreement was also reviewed by the independent examiners Jan Ramberg (Professor Emeritus), Ulla Nordin Buisman (Authorized Public Accountant) and Lennart Laftman (B.Sc. Econ.) -- commissioned by Skandia Liv -- and Otto Rydbeck (attorney) and Goran Tidstrom (Authorized Public Accountant) -- commissioned by Skandia. Both of these investigations came to the conclusion that there were no grounds to the claim that Skandia had improperly profited at the expense of Skandia Liv. In addition to this, Skandia Liv's board has obtained a statement from former Minister of Justice Hans Danelius and Jan Ramberg. Attorney Stefan Lindskog, who was appointed by the Swedish Consumer Agency, has come to the conclusion that there are legal grounds for Skandia Liv to direct a claim against Skandia. A further analysis performed on behalf of Skandia Liv by Professor Jan Kleineman also maintains that there are legal grounds for Skandia Liv to direct claims against Skandia with respect to the asset management agreement. Skandia Liv has now stipulated its claim at SEK2,250,000,000. Skandia contests this claim and maintains that nothing has come to light that provides any support to the claims of prohibited profit distribution. CONTACT: SKANDIA LIV Urban Backstrom, President and CEO Phone: +46-8-788 21 41 Bjorn Bjornsson, Chairman, Skandia Phone: +46-8-788 25 00 Gunilla Svensson, Press Manager Phone: +46-8-788 42 97, Or +46-70-575 75 78 =========================== U N I T E D K I N G D O M =========================== ARLINGTON BOOKS: Shareholders Approve Winding up of Business ------------------------------------------------------------ At an Extraordinary General Meeting of the Arlington Books (Publishers) Limited Company on March 24, 2004 held at Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ, the subjoined Resolution to wind up the Company was passed. Guy Charles David Harrison of Crane & Partners, Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ has been appointed Liquidator for the purposes of such winding-up. CONTACT: CRANE & PARTNERS Sussex House, 8-10 Homesdale Road, Bromley Kent BR2 9LZ Contact: Guy Charles David Harrison, Liquidator ASHTEAD GROUP: Assigned 'B+' Long-term Rating --------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to U.K.-based equipment rental company Ashtead Group PLC. The outlook is stable. At the same time, Standard & Poor's assigned its 'B-' senior secured debt rating to related entity Ashtead Holdings PLC's proposed guaranteed GBP130 million ($236 million) second- priority notes due 2014. "The ratings on Ashtead reflect the group's highly leveraged financial structure and relatively limited expected free cash flow generation after capital expenditures, coupled with the highly competitive nature and uncertain outlook of its business," said Standard & Poor's credit analyst Bob Ukiah. "These credit risks are tempered by the group's generally strong market positions in the U.K. and U.S. and its diversity of customers." Ashtead is one of the leading players in the equipment rental industry through its A-Plant and Sunbelt Rentals brands and has a significant presence in both the U.K. (representing about one- third of revenues) and the U.S. (about two-thirds). After the issuance of the proposed notes, Ashtead is expected to have GBP480 million of financial debt, GBP46 million of receivables securitization, GBP14 million of financial lease obligations, and an operating lease obligation that Standard & Poor's capitalizes at GBP114 million. Although the group's relative size and coverage compared with its competitors gives some advantages, the industry is highly fragmented. Furthermore, demand is cyclical and competition tends to be fierce and price driven. The group's highly leveraged financial structure is a key credit risk and determinant of the rating level. There is a risk that Ashtead will be constrained in its fleet replacement due to the financial demands on its cash flow resulting from high leverage. Cash flow generation is vulnerable to swings in customer demand and capital expenditure, although capital expenditure can be held back for a period if necessary. In addition, Ashtead's reported results have also been depressed by the weak U.S. dollar. "Standard & Poor's expects Ashtead's financial structure to remain highly leveraged in the foreseeable future," said Mr. Ukiah. "Profit and cash generation, however, are not expected to fall below their current levels, resulting in positive free cash flow generation and a measure of deleveraging." CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses bob_ukiah@standardandpoors.com martin_amann@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ATMOSPHERIC LIMITED: Close Invoice Appoints Receiver ---------------------------------------------------- Name of Company: Atmospheric Limited Reg No 02836545 Nature of Business: Audio-Visual Equipment Installation Trade Classification: 7,38 Date of Appointment of Joint Administrative Receivers: March 29, 2004 Name of Person Appointing the Joint Administrative Receivers: Close Invoice Finance Limited Joint Administrative Receivers: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Receiver: David Harry Gilbert (Office Holder No 2376/01) BDO STOY HAYWARD LLP Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX Receiver: Martha Thompson (Office Holder No 8678/01) AVECIA GROUP: Sells Biocides Business for US$215 Million -------------------------------------------------------- Avecia has completed the sale of its Biocides business to Arch Chemicals Inc. for approximately US$215 million. The biocides business is comprised of a Pool & Spa business and a Protection & Hygiene business that together employ about 290 people worldwide. In 2003, the businesses had combined sales of approximately US$137 million. The total transaction value of approximately US$215 million is comprised of US$200 million in cash and 669,750 shares of Arch common stock, plus a working capital adjustment and a US$5 million contingent payment based upon future business performance. This successfully concludes a sale agreement previously announced on 4 March 2004. The sale of the Biocides business is consistent with Avecia's strategy of seeking opportunities that add value for its investors. Net proceeds from the sale will largely be used to repay Avecia's bank debt. CONTACT: AVECIA GROUP Public Affairs: Phone: +44 (0) 161 721 2942 / 2441 Fax: +44 (0) 161 721 5319 Investor Inquiries: Phone: +44 (0) 161 721 1228 BAC LIMITED: Meeting of Creditors Set April 15 ---------------------------------------------- Pursuant to paragraph 51 of Schedule B1 of the Insolvency Act 1986, a Meeting of Creditors of the BAC Limited Company will be on April 15, 2004 at 11:00 a.m. It will be held at The Quality Hotel, 234 London Road, St Albans, Hertfordshire. Creditors who wish to vote at the Meeting may appoint a proxy on his behalf. Proxy forms should be completed and submitted to N J Hamilton-Smith the Company's Joint Administrator not later than 12:00 noon April 14, 2004. CANARY WHARF: CWG Acquisition Offer Open Until April 8 ------------------------------------------------------- CWG Acquisition announces that the Offer has been extended for a period of 6 days and will therefore remain open for acceptance until 3:00 p.m. (London time)/ 10:00 a.m. (New York time) on April 8, 2004. CWG Acquisition also announces that, as at 3:00 p.m. on April 2, 2004, being a previously announced closing date of the Offer, valid acceptances had been received in respect of a total of 130,095,304 Canary Wharf Shares, representing approximately 22.2% of the issued share capital of Canary Wharf. The total of valid acceptances received as at 3.00 p.m. on April 2, 2004 referred to above includes acceptances received in respect of 105,843,338 Canary Wharf Shares held by concert parties of CWG Acquisition (or by persons who may be deemed by the Panel to be acting in concert with CWG Acquisition). Acceptances relating to 105,713,539 of such Canary Wharf Shares are pursuant to irrevocable undertakings given by Trilon and RF Holdings described in the Offer Document. At the start of the Offer Period (which began on June 6, 2003): (i) CWG Acquisition did not hold or have any rights over any Canary Wharf Shares; (ii) concert parties of CWG Acquisition held or had rights over 52,864,899 Canary Wharf Shares representing approximately 9.0% of the issued share capital of Canary Wharf; and (iii) Mr. Paul Reichmann and the Reichmann Interests, who may be deemed by the Panel to be acting in concert with CWG Acquisition, held or had rights over 51,915,085 Canary Wharf Shares representing approximately 8.9% of the issued share capital of Canary Wharf. Between June 6, 2003 and April 1, 2004 (being the latest practicable date prior to the date of this announcement): (i) CWG Acquisition has not directly acquired any Canary Wharf Shares but has, pursuant to the irrevocable undertakings described in the Offer Document, acquired rights over 145,677,257 Canary Wharf Shares, representing approximately 24.9% of the issued share capital of Canary Wharf. The irrevocable undertaking given by Franklin Mutual representing 39,963,718 Canary Wharf Shares has now lapsed and, therefore, CWG Acquisition has, at the date of this announcement, rights over 105,713,539 Canary Wharf Shares, representing approximately 18.1% of the issued share capital of Canary Wharf; (ii) Trilon has acquired 1,048,454 Canary Wharf Shares representing approximately 0.18% of the issued share capital of Canary Wharf; (iii) other concert parties of CWG Acquisition have acquired 1,036,516 Canary Wharf Shares representing approximately 0.18% of the issued share capital of Canary Wharf and disposed of 877,757 Canary Wharf Shares representing approximately 0.15% of the issued share capital of Canary Wharf, none of such acquisitions and disposals being connected with the Offer; and (iv) Mr. Paul Reichmann and the Reichmann Interests, who may be deemed by the Panel to be acting in concert with CWG Acquisition, have reorganized certain of their arrangements in relation to the 51,915,085 Canary Wharf Shares referred to above (as more particularly described in the Offer Document). The shareholdings and dealings of Lehman, financial adviser to Mr. Paul Reichmann and the Reichmann Interests, remain as stated in the Offer Document. Save as disclosed above, neither CWG Acquisition, nor any person who was or may have been deemed to be acting in concert with CWG Acquisition, held any Canary Wharf Shares or rights over Canary Wharf Shares before the start of the Offer Period, nor have they acquired or agreed to acquire any Canary Wharf Shares or rights over Canary Wharf Shares since that date. CWG Acquisition is continuing to consider its options following the announcement by Silvestor of its revised offer on March 19, 2004. Canary Wharf Shareholders who have not yet accepted the Offer and who wish to do so are encouraged to complete and return the Form of Acceptance, whether or not their Canary Wharf Shares are held in uncertificated form (i.e. in CREST), by post or (during normal business hours) by hand to Computershare Investor Services PLC, PO Box 859, The Pavilions, Bridgwater Road, Bristol BS99 1XZ or (during normal business hours) by hand only to Computershare Investor Services PLC, 7th Floor, Jupiter House, Triton Court, 14 Finsbury Square, London EC2A 1BR, as soon as possible and, in any event, so as to arrive no later than 3:00 p.m. (London time)/10:00 a.m. (New York time) on April 8, 2004. Terms defined in the Offer Document have the same meaning in this announcement. CONTACT: CANARY WHARF Brascan Katherine Vyse Phone: +1 (416) 363 9491 DEUTSCHE BANK Debbie Robertson-Bond David Church James Agnew Phone: +44 (0) 20 7545 8000 MERRILL LYNCH INTERNATIONAL Kevin J. Smith Michael Profenius Mark Brooker Phone: +44 (0) 20 7628 1000 THE MAITLAND CONSULTANCY Angus Maitland Philip Gawith Martin Leeburn Phone: +44 (0) 20 7379 5151 CANNON LIMITED: Hires PricewaterhouseCoopers Administrator ---------------------------------------------------------- Name of Company: AT Cannon Limited Reg No 01050301 Nature of Business: Manufacture of Jewellery and Related Trade Classification: 11 Date of Appointment of Joint Administrators: March 26, 2004 Joint Administrative Receiver: PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Receivers: Mark Elijah Thomas Bowen Robert Jonathan Hunt (Office Holder Nos 8711, 8597) CARDEW DESIGN: Appoints Administrative Receivers from Menzies ------------------------------------------------------------- Devon-based teapot maker, Cardew Design plc, called in administrative receivers from Menzies Corporate Restructuring, according to Creditman.biz. The move follows the failure of its U.S. joint venture, Cardew Design North America, which was set up to market unique teapots in the U.S.A. According to Peter Kirvan, managing director of Cardew the news was very disappointing to the loyal employees who will be losing their jobs. The company has 58 staffs, 28 of them have been redundant as part of the restructuring exercise. Menzies Corporate partner, Andrew Stoneman, said that they are looking for possible buyers for the company but confirms that the site is still open for business. Mr. Stoneman administers the business together with Jason Godefroy. Cardew Design was established in 1992 by Peter Kirvan and Paul Cardew. The company was set up for five years becoming the leading designer and producer of unusual teapots in the world. It attracts more than 100,000 visitors a year to its pottery. The company has a 10-acre woodland hosting a range of children's activities from its own theme park and craft center. The company is a Disney license holder. In 2003, Cardew Teapottery was nominated as a runner up in the "South West Visitor Attraction of the Year". CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street, London W1W 6DW Contact: Andrew Gordon Stoneman, Liquidator C.A. SALTER: Hires Liquidator from Royce Peeling Green ------------------------------------------------------ At an Extraordinary General Meeting of the C.A. Salter (Holdings) Limited Company held at 4th Avenue, Weston Road, Crewe CW1 1XS, the Special and Ordinary Resolutions to wind up the Company were passed. R M Withinshaw of Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG has been appointed Liquidator for the Company. CONTACT: ROYCE PEELING GREEN The Coppers Room, Deva Centre, Trinity Way, Manchester M3 7BG Contact: R M Withinshaw, Liquidator COSMACK MANAGEMENT: Creditors to Meet April 20 ---------------------------------------------- Pursuant to Paragraph 51 of Schedule B1 of the Insolvency Act 1986, a Meeting of the Creditors of the Cosmack Management Limited Company will be on April 20, 2004 at 11:30 a.m. It will be held at 8 Baker Street, London W1U 3LL. A person authorized to represent a corporation must produce to the Chairman of the Meeting a copy of the Resolution with a seal of the establishment or certified by the Secretary or Director of the company as a true copy. Creditors entitled to vote at the Meeting must submit a written debt claim the Company due them at BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not later than 12:00 noon April 19, 2004. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Contact: Anthony Peter Supperstone, Joint Administrator DE-HILLIER TAVERNS: Initial Creditors Meeting April 13 ------------------------------------------------------ There will be an initial Creditors Meeting of the De-Hilliers Taverns PLC Company on April 13, 2004 at 11:00 a.m. It will be held at The Roebuck Hotel, 1045 Oxford Road, Tilehurst, Reading RG31 6TG. Creditors who wish to attend at the Meeting may appoint a proxy on his behalf. Proxy forms must be completed and submitted at Houghton Stone, The Conifers, Filton Road, Hambrook, Bristol BS16 1QG not later than 12:00 noon April 12, 2004. GLOBDUYK LIMITED: Appoints Budworth & Co. Liquidator ---------------------------------------------------- At an Extraordinary General Meeting of the Members of the Globduyk (Warrington) Limited Company on March 25, 2004 held at the offices of Booth Ainsworth, Alpha House, 4 Greek Street, Stockport, Cheshire SK3 8AB, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. B E Budsworth of Budsworth & Co has been appointed Liquidator for the purpose of winding-up the Company. GOSHAWK INSURANCE: Reports GBP57.5 Million Pre-tax Loss ------------------------------------------------------- Goshawk Insurance Holdings plc, announces results for the year ended 31 December 2003. Financial and Operational Summary (a) Syndicate 102 in run-off. Lloyd's business isolated, allowing bank facilities to be renewed and credit rating for Goshawk Re to be restored (b) Group Loss before tax of GBP57.5 million (2002 profit: GBP10.1 million) resulting from GBP73.2 million loss from discontinued Syndicate operations. (c) Group net tangible asset value per share as at 31 December 2003 of 57p (2002: 86p) (d) GoshawK Re achieved operating profit of GBP21.6 million (2002: GBP22.8 million) (e) GoshawK Re now focused on short-tail property and marine catastrophe reinsurance (f) New management team in place. Russell Brooke appointed Group Chief Executive with Paul Spencer appointed Chairman (g) Stable renewals season for GoshawK Re with rates slightly down but achieving a good return on capital Paul Spencer, Chairman, commented: "2003 was a traumatic year for GoshawK, due to the difficulties within our Lloyd's businesses. Following Syndicate 102 being put into run-off we have effectively confined GoshawK's future exposure to its committed funds at Lloyd's. I believe we have now effectively stabilized the business with a new management team in place and a refocused business at GoshawK Re. 2004 will be a transitional year, with the proposed change of business mix and investment policy at GoshawK Re. I am confident that we have the platform for long term growth.' CONTACT: GOSHAWK Paul Spencer Russell Brooke Andrew Castell Jonathan Beck Phone: 020 7621 0777 COLLEGE HILL James Henderson Phone: 020 7457 2020 HAMMOND PALLETS: Meeting of Creditors Set April 14 -------------------------------------------------- There will be a Creditors Meeting of the Hammond Pallets Limited Company on April 14, 2004 at 10:30 a.m. It will be held at Grant Thornton, 1st Floor, Royal Liver Building, Liverpool L3 1PS. Creditors who wish to vote at the Meeting must submit written debt claims the Company due them at Grant Thornton, 1st Floor, Royal Liver Building, Liverpool L3 1PS not later than 12:00 noon April 13, 2004. CONTACT: GRANT THORNTON 1st Floor, Royal Liver Building, Liverpool L3 1PS Contact: L Ross, Joint Administrative Receiver HOLLINGER INC.: Rights Issue Undermines Lord Black's Position ------------------------------------------------------------- Lord Conrad Black stands to see his equity stake in Hollinger International halved under the company's fundraising program, according to The Telegraph. Hollinger International, which owns The Telegraph, recently announced plans to raise up to CA$211 million (GBP88 million) through a share issue. It is selling 20 million Series II preference shares at CA$10.50. Under the plan, Series II preference shareholders may convert their shares into Hollinger International stock. Should all the shares be converted, Hollinger Inc.'s holdings in Hollinger International will fall from 30% to 17%. Lord Black's voting control over Hollinger International will, however, remain as so-called "supervoting shares" are not included in the proposed sale. Hollinger International plans to use proceeds of the offering to pay part of its GBP68 million debt. INQUAM TELECOM: Appoints KPMG Administrator ------------------------------------------- Name of Company: Inquam Telecom Limited Nature of Business: Telecommunications Supplier Trade Classification: 32 Date of Appointment: March 26, 2004 Administrative Receiver: KPMG LLP 8 Salisbury Square, London EC4Y 8BB Receivers: Richard Heis Jane Bronwen Moriarty (IP Nos 8618, 9095) LALAZAR LIMITED: Creditors Meeting Set April 20 ----------------------------------------------- There will be a Creditors Meeting of the Lalazar Limited Company on April 20, 2004 at 11:00 a.m. It will be held at 8 Baker Street, London W1U 3LL. A person authorized to represent a corporation must produce to the Chairman of the Meeting a copy of the Resolution with a seal of the establishment or certified by the Secretary or Director of the company as a true copy. Creditors entitled to vote at the Meeting must submit a written debt claim the Company due them at BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL not later than 12:00 noon April 19, 2004. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Contact: Anthony Peter Supperstone, Joint Administrator MARTIN GRANVILLE: Sets Meeting of Creditors April 13 ---------------------------------------------------- There will be a Creditors Meeting of the Martin Granville Precision Engineering Limited Company on April 13, 2004 at 11:00 a.m. It will be held at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF. Creditors who wish to vote at the Meeting may appoint a proxy on his behalf. Proxy forms must be completed and submitted together with their written debt claims the Company due them to the Joint Administrator, G E B Mander at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF not later than 12:00 noon April 12, 2004. CONTACT: BAKER TILLY City Plaza, Temple Row, Birmingham B2 5AF Contact: G E B Mander, Joint Administrator MATTMAX LIMITED: Hires Liquidator from Begbies Traynor ------------------------------------------------------ At an Extraordinary General Meeting of the Mattmax Limited Company on March 29, 2004 held at Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE, the Special Resolution to wind up the Company was passed. G W Rhodes, of Begbies Traynor, 2-3 Pavilion Buildings, Brighton BN1 1EE has been appointed the Liquidator of the Company for the purposes of such winding up. CONTACT: BEGBIES TRAYNOR 2-3 Pavilion Buildings, Brighton BN1 1EE Contact: G W Rhodes, Liquidator MAYFLOWER CORPORATION: FTSE Announces Changes in Indices -------------------------------------------------------- Following the suspension and appointment of administrators to Mayflower Corporation PLC (UK), FTSE announces these changes: INDEX CHANGE EFFECTIVE FROMSTART OF TRADING FTSE All-Share Mayflower Corporation (UK 0800222) will be 7 April 2004 deleted. FTSE CAP All-Share Mayflower Corporation will be deleted. 7 April 2004 FTSE All-Share Ex-Multinationals Mayflower Corporation will be deleted. 7 April 2004 FTSE All-Small Mayflower Corporation will be deleted. 7 April 2004 FTSE SmallCap Mayflower Corporation will be deleted. 7 April 2004 FTSE4Good UK Index Mayflower Corporation will be deleted. 7 April 2004 CONTACT: FTSE Client Services in U.K.: Phone: +44 (0) 20 7448 1810 Client Services in US: Phone: +1 212 825 1328 or +1 415 445 5660 Client Services in Asia Pacific: Phone: +852 2230 5800 or +65 6223 3738 E-mail: info@ftse.com Home Page: http://www.ftse.com P871 LIMITED: Appoints David Rubin Liquidator --------------------------------------------- At an Extraordinary Meeting of the Members of the P871 Limited (formerly Plasticable Limited) Company on March 26, 2004 held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, the Special Resolution to wind up the Company was passed. David Rubin, of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY has been appointed Liquidator for the purpose of such winding-up. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Contact: David Rubin, Liquidator PRIME BAKERY: Creditors Meeting Set April 19 -------------------------------------------- There will be a Creditors Meeting of the Prime Bakery (U.K.) Limited Company on April 19, 2004 at 11:00 a.m. It will be held at Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW. Creditors who wish to attend at the Meeting may appoint a proxy in his behalf. Proxy forms must be completed and submitted together with their written debt claims the Company due them at 17-19 Foley Street, London W1W 6DW not later than 12:00 noon April 18, 2004. CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street, London W1W 6DW Contact: P J Clark, Joint Administrator PRINCETON ECONOMICS: Hires PricewaterhouseCoopers Liquidator ------------------------------------------------------------ Notice by the Supreme Court of the Turks & Caicos Islands on February 6, 2004 that the Princeton Economics International Limited has an Order for the Company to Wind up. Creditors and all persons asserting claims against the Company should submit their debt or claims not later that April 8, 2004 to Mr. J P Connolly, the official Liquidator of the Company. CONTACT: PRICEWATERHOUSECOOPERS LIMITED Abacus House, Leeward Highway Providenciales Turks & Caicos Islands, BWI Contact: Joseph Philip Connolly, Liquidator Fax: +1 649 946 4892 PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Contact: Dipankar Mohan Ghosh, Liquidator Fax: +44 20 7212 6084 PROBEST RESIDENTIAL: Calls in Liquidator ---------------------------------------- At an Extraordinary General Meeting of the Probest Residential Properties (No.10) Limited Company on March 25, 2004 held at Lion House, Red Lion Street, London WC1R 4GB, the Resolutions to wind up the Company were passed. Michael Colin John Sanders, of BN Jackson Norton, 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA has been appointed Liquidator of the Company. CONTACT: BN JACKSON NORTON 1 Gray's Inn Square, Gray's Inn, London WC1R 5AA Contact: Michael Colin John Sanders, Liquidator ROYAL & SUNALLIANCE: PMI Group Closes Buyout of U.K. LMI -------------------------------------------------------- The PMI Group, Inc. (NYSE:PMI) announced on Monday that its wholly owned subsidiary, PMI Mortgage Insurance Company Limited (PMI Europe), has completed the acquisition of the U.K. Lenders' Mortgage Indemnity (LMI) business of Royal & Sun Alliance Insurance Group plc. PMI Europe's acquisition of Royal & Sun Alliance Insurance Group's LMI business aligns with the Company's strategic plan to establish itself as a global provider of credit enhancement products. This acquisition better positions PMI Europe to take advantage of projected European mortgage insurance growth. The LMI portfolio consists of U.K. residential mortgage loans originated in 1993 and subsequent years. Royal & Sun Alliance Insurance Group has agreed to discontinue writing or renewing LMI business, though Royal & Sun Alliance Insurance Group will continue to manage the existing portfolio of pre-1993 contracts and the excess of loss contracts. PMI Mortgage Insurance Company Limited, or PMI Europe, is a mortgage insurance and credit enhancement company incorporated and located in Dublin, Ireland, with an affiliated sales company incorporated in England and located in London. PMI Europe is authorized to provide credit, suretyship and miscellaneous financial loss insurance by the Irish Financial Services Regulatory Authority. PMI Europe's claims-paying ability is rated "AA" by S&P and Fitch, and "Aa3" by Moody's. These ratings are based upon PMI Europe's initial capitalization, its management expertise, a capital support agreement provided by PMI, and a guarantee by The PMI Group, Inc. of PMI's obligation under the capital support agreement. The PMI Group, Inc., headquartered in Walnut Creek, Calif., is a global provider of credit enhancement products that promote homeownership and facilitate mortgage transactions in the capital markets. Through its wholly owned subsidiaries and unconsolidated strategic investments, the company offers residential mortgage insurance and credit enhancement products domestically and internationally, financial guaranty insurance and financial guaranty reinsurance. CONTACT: THE PMI GROUP, INC. Josh Wozman Phone: 925-658-6863 (Media) Matt Nichols Phone: 925-658-6618 (Investors) STEVE BADCOCK: Appoints Robson Rhodes Administrator --------------------------------------------------- Name of Company: Steve Badcock Plant Hire Limited Nature of Business: Rent Civil Engineering Machinery and Rent Other Machinery and Equipment Trade Classification: 7132 and 7134 Date of Appointment: March 25, 2004 Administrative Receiver: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Receivers: Geoffrey Paul Rowley Simon Peter Bower (IP Nos 8919, 8338) STONE RECONSTRUCTION: Hires Liquidator -------------------------------------- At an Extraordinary General Meeting of the Stone Reconstruction Limited Company on March 26, 2004 held at Chatham Court, Lesbourne Road, Reigate, Surrey RH2 7LD, the subjoined Special Resolution to wind up the Company was passed. Martin N Widdowson, of Brebner Allen & Trapp, of The Quadrangle, 180 Wardour Street, London W1F 8LB has been appointed Liquidator for the purposes of such winding-up. CONTACT: BREBNER ALLEN & TRAPP The Quadrangle 180 Wardour Street, London W1F 8LB Contact: Martin N Widdowson, Liquidator TEAM LOGISTICS: Hires Liquidator from Menzies --------------------------------------------- At a General Meeting of the Sole Member of the Team Logistics Limited Company, the Special, Ordinary and Extraordinary Resolutions for winding up the Company was passed. Paul John Clark and Andrew Gordon Stoneman, of Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW have been appointed Joint Liquidators of the Company. CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street, London W1W 6DW Contact: Paul John Clark, Liquidator Andrew Gordon Stoneman, Liquidator THOMAS COOK: Reports First Quarter Sales Decline ------------------------------------------------ In the first quarter of the 2003/2004 financial year (November 1st 2003 to January 31st 2004) the Thomas Cook Group increased the total number of customers carried by 2.8% to 1.6 million. High growth rates were reported above all in the seat-only- business of its German leisure carrier. The average travel price decreased by 9.7% in this period, while the average trip duration fell by 6.8%. Sales declined correspondingly by 5.1% compared to the previous year to a total of EUR1.1 billion. This partly reflects the weakness of the pound sterling. Adjusted to changes of the pound / euro exchange rate, sales were only down by 3.2%. Gross profit margin and result benefit from cost-cutting The company was able to reduce its expenses for leisure travel services by 8.5%, with major contributions coming from reduced costs for fuel, aircraft leasing and accommodation. Gross profit margin thus improved by 2.8 percentage points to 22.0%. Moreover, as cost-cuts were made in respect of all other expenditure items -- staff costs by 4.1%, amortization of plant and equipment by 3.7% and other operating expenses by 7.1% -- the result before interest, tax and amortization of goodwill (EBITA) for the first quarter of 2003/2004 was up by EUR30.2 million or 14.2% on previous year. As it is typical for the low winter season, it was still negative, reaching minus EUR183.2 million. Taking into account net interest and goodwill amortization, the result before tax stood at minus EUR224.4 million, an improvement of EUR29.8 million or 11.7%. Capital expenditure reduced, cash flow up on previous year In the first three months the Group invested a total of EUR12.2 million with the focus on the leisure travel infrastructure and EDP systems, as compared to EUR33.4 million in the previous year. The operating cash flow, which is typically negative in the first quarter, improved slightly on previous year, while the level of net debt continued its downward trend. Increased sales and an improved result anticipated In mid-March, the number of customers booked throughout the Group was 4.3% up on the previous year. Different to the first quarter, the sales-figures connected to the growth in customers also developed favorably to show growth of 2.8%. Due to the favorable booking situation that has persisted now for weeks, Thomas Cook AG continues to anticipate for the current financial year an increase in customer numbers above market average, a slight growth in sales and, following a successful reduction in structural costs, a significant improvement in result. Thomas Cook AG is one of the world's leading leisure travel groups. Deutsche Lufthansa AG and KarstadtQuelle AG each holds a 50 percent stake in Thomas Cook AG. CONTACT: THOMAS COOK AG Corporate Communications Phone: +49 (0) 6171 65-1700 Fax: +49 (0) 6171 65-1060 E-mail: press-office@thomascookag.com Web site: http://www.thomascook.info THOMAS JUSTICE: Receivership Ends in Liquidation ------------------------------------------------ Tenon Corporate Recovery was assigned provisional liquidator of PLA Furniture Ltd., according to Evening Telegraph Tom MacLennan, a partner in the firm, said the company will continue to trade in the short term. The liquidators ruled out selling the company as a going concern. Nineteen of the company's employees were made redundant last week. Only ten of the workers were kept to fulfill orders, which may be done within a month. Mr. MacLennan said he will likely update creditors about the company's affairs at a meeting in May. PLA Furniture, which trades under the name Thomas Justice & Sons, was founded in 1872. It has been loss-making since the management saved it out of receivership last summer. T & M COURIERS: Initial Creditors Meeting Set April 15 ------------------------------------------------------ An initial Creditors Meeting of the T & M Couriers (Swindon) Limited Company on April 15, 2004 at 11:00 a.m. It will be held at Houghton Stone, The Conifers, Filton Road, Hambrook, Bristol BS16 1QG. Creditors who wish to attend at the Meeting may appoint a proxy on his behalf. Proxy forms must be completed and submitted at Houghton Stone, The Conifers, Filton Road, Hambrook, Bristol BS16 1QG not later than 12:00 noon April 14, 2004. UNDERWRITER INSURANCE: Fitch Withdraws 'B' Insurer Rating --------------------------------------------------------- Fitch Ratings, the international rating agency, downgraded The Underwriter Insurance Company's Insurer Financial Strength rating to 'B' from 'BB+' and simultaneously withdrawn the rating. Fitch will no longer provide ratings or analytical coverage of this company. The downgrade reflects further significant reserve deterioration of GBP11.7 million in 2003, contributing to a continued erosion of the capital base. This deterioration follows substantial reserve increases of GBP6.4 million and GBP16 million being required during 2001 and 2002 respectively. The Underwriter's rating reflects the uncertainties that persist on reserving adequacy and risks to the capital base if assets prove not to be fully recoverable. The existing capital base is considered to be weak relative to the risks that have still to run-off. As a result of the reserve strengthening and costs associated with ceasing to write new insurance contracts in July of 2003, the capital base has weakened to GBP14.9 million at end-2003 from GBP35.1 million in the final audited 2002 accounts. Fitch is concerned that this level of capital represents a relatively small buffer given the uncertainty over reserves and the risk associated with the recoverability of certain (particularly reinsurance) assets. Fitch notes that The Underwriter has included a provision in the 2003 accounts against all projected future costs of the run-off net of all anticipated investment income. As a result of this net provision of GBP1.2 million, the capital base of The Underwriter would not be expected to deteriorate further if the company's reserving, operating expense and investment income assumptions prove correct. However, the agency believes that further reserve deterioration remains a possibility given the expected duration of the run-off. The run-off administration period is expected to last until 2012 with upwards of 50% of the run-off expected to be complete by the end of 2006. The liquidity of investments remains good with the majority of investments held in cash deposits and the remainder in listed debt securities. The agency also notes that the 2003 results have been aided by exchange gains (GBP3.4 million) in respect of mainly the Euro and Aus dollar although foreign exchange holdings have now been matched to ensure that exchange risks are hedged. However, Fitch believes that the uncertainty over reserves and the full recoverability of assets, particularly given the low capital base, leave the company in a weak position. Insurers rated in the 'B' category are viewed as weak with a poor capacity to meet policyholder and contract obligations. Risk factors are very high, and the impact of any adverse business and economic factors is expected to be very significant. CONTACT: FITCH RATINGS Analysts: Andrew Murray, London Phone: +44 (0) 20 7417 4303 Greg Carter Phone: +44 (0) 20 7417 6327 Media Relations: Richard Lindsay, London Phone: +44 20 7862 4080 W H PROMATION: Hires Grant Thornton Administrator ------------------------------------------------- Name of Company: W H Promation Limited Nature of Business: Design and Manufacture of Hygienic and Sterile Process Systems Trade Classification: 11 Date of Appointment: March 26, 2004 Administrative Receiver: GRANT THORNTON Earl Grey House, 75-85 Grey Street, Newcastle upon Tyne NE1 6EF Receiver: Joseph P McLean (IP No 8903) GRANT THORNTON St John's Centre, 110 Albion Street, Leeds LS2 8LA Receiver: Keith Hinds (IP No 6745) ********* 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 * * *