/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040415.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 15, 2004, Vol. 5, No. 74 Headlines C Z E C H R E P U B L I C CZECH AIRLINES: Investing Billions of Crowns to Expand Fleet F R A N C E WALT DISNEY: 'The Alamo' A Disaster on Wide-screen, Big Board G E R M A N Y MOLOGEN AG: Government Pledges Subsidy for DNAShield Project H U N G A R Y K&H BANK: Fitch Affirms 'D' Individual Rating NABI RT: Shareholder Wants Capital Hike Authorization Withdrawn NABI RT: May Remain in Red for Second Consecutive Year I T A L Y PARMALAT FINANZIARIA: Prosecutors Want Tanzi Back in Prison N E T H E R L A N D S LAURUS N.V.: Sells Assural to Aon Groep for Undisclosed Amount MILACRON INC.: Earnings Release, Conference Call Set April 26 PETROPLUS INTERNATIONAL: Off S&P's CreditWatch; Outlook Negative UNITEDGLOBALCOM INC.: Convertible Senior Notes Rated 'CCC+' VENDEX KBB: Ratings Remain on CreditWatch P O L A N D WIRTUALNA POLSKA: Falls into Bankruptcy R U S S I A BOR AGRICULTURAL: Under Bankruptcy Supervision Procedure CHERNOGORSK: Kchakasia Court Appoints Insolvency Manager KANTEMIROVSKY DISTILLERY: Under Bankruptcy Supervision Procedure KOSTEREVSKIYE: Vladimir Court Appoints Insolvency Manager LUCH: Deadline for Proofs of Claim April 26 STROY-DETAL: Under Bankruptcy Supervision Procedure TIMIRYAZEVSKY: Court Appoints Insolvency Manager TVK BANK: Creditors Receive Preliminary Payments for Claims ULAN-UDE: Proofs of Claim Deadline May 26 VOSTOK: Court Appoints Insolvency Manager ZAP-SIB-GAZ-SERVICE: Under Bankruptcy Supervision Procedure ZOLOTUCHINSKY TEXTILE: Declared Insolvent S W I T Z E R L A N D SWISS INTERNATIONAL: Reports Rising Seat Load Factor U N I T E D K I N G D O M 3iP LIMITED: Shareholders Approve Winding up of Business ABBEY NATIONAL: Investor Group Raps Executive Payouts AUCKLAND FINANCE: Calls in Liquidator AUTOCARE ADMIN: Appoints Administrator from Grant Thornton BEST FUTURES: Names Ernst & Young Liquidator CANARY WHARF: CWG Acquisition's Offer Remains Open Until Monday CASTLECROWN FINANCE: Appoints Liquidator from Stoy Hayward CHAMELEON EMPLOYMENT: Meeting of Unsecured Creditors April 22 EMI GROUP: Denies Alleged Accounting 'Misstatements' FFI DESIGN: Hires Liquidator FISCHBACH FINANCE: Appoints Liquidator from Smith & Williamson FRONTIER ESTATES: Calls in Liquidator GOLDMILE ESTATES: Appoints Stoy Hayward Liquidator IMPACT ELECTRONICS: Hires Administrative Receiver IPM LIMITED: HSBC Brings in Receiver from PricewaterhouseCoopers JOHNSON RADLEY: HSBC Bank Appoints Kroll Limited Receiver KNIGHTSFORD LIMITED: Hires Field and Hamilton Liquidators MAYFLOWER CORPORATION: Transbus Receives Expression of Interest NETWORK RAIL: Lays down Arguments Against Labor Strike N & P COLEMAN: Appoints Liquidator from Lovewell Blake ROCKLAND COMMERCIAL: Brings in Liquidator from Stoy Hayward ROYAL MAIL: May Deliver Mails via Railways Once Again SAJ LIMITED: Shareholders Okay Voluntary Winding up SIDEA LIMITED: Winding up Resolution Passed SKYEPHARMA PLC: To Receive US$5 Million Payment from Endo STEELS ENGINEERING: Meeting of Unsecured Creditors Set April 23 THORNTONS PLC: Appoints Chris Burnett Chairman TOPLAND INVESTMENTS: Hires Liquidator from Stoy Hayward WILLINGTON PLC: Submits Scheme Petition to Court for Clearance ********* =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: Investing Billions of Crowns to Expand Fleet ------------------------------------------------------------ Czech Airlines will rent and acquire planes through financial leasing, according to Czech Happenings. President Jaroslav Tvrdik said the carrier wants to own only one-third of its fleet in the future; the rest will be rented and acquired through financial leasing. The company currently uses 23 Boeing 737s for short-distance flights, three Airbus 310s for long-distance, and eight ATR turboprop planes for short-distance. It is ready to invest billions of crowns to add a few more to bring the number to 50 by 2006. The management, though, still have to present to the supervisory board the impact of the program's cost to performance until 2014. It plans to discuss the matter by May, but it already wants to start tender for new planes for mid-distance flights this April. Boeing and Airbus have expressed interest in the order, the report said. The tender is expected to finish in September. The company also wants to replace its aircraft for long-distance flights. It has already launched the renewal of its short-distance flights fleet, with a view to replacing the entire fleet of the smallest ATR-42 by the end of 2006. =========== F R A N C E =========== WALT DISNEY: 'The Alamo' A Disaster on Wide-screen, Big Board ------------------------------------------------------------- Walt Disney Co. absorbed another blow after one of its main movies for the year, "The Alamo", flopped. This expensive historical drama got dismal reviews and suffered low audience turnout during the opening. It placed fourth at the North American box office two weeks ago, and raised only US$9.1 million that time. The film is estimated to have cost Walt Disney EUR140 million. The failure sent the company's shares 2.72% down, surprising analysts. They say it is unusual for a single film to influence the share price of a major diversified entertainment company, according to Agence France-Presse. It follows warnings the firm could face heavy write-offs following several similar film disappointments. "We expect an 80-million-dollar impairment charge on this film ("The Alamo") alone, on top of a 70-million-dollar combined write-down for 'Home on the Range' and 'LadyKillers'," Jordan Rohan of Schwab Soundview said in an interview with Agence France-Presse. The company had its share of the limelight last month when rebel shareholders stripped Michael Eisner of chairmanship. Mr. Eisner is staying on as chief executive. ============= G E R M A N Y ============= MOLOGEN AG: Government Pledges Subsidy for DNAShield Project ------------------------------------------------------------ On April 2, 2004 Mologen AG was informed by the project promoter Juich that the Federal Ministry of Education and Research has declared its willingness to offer extensive financial support for Mologen's planned project "DNAShield" over the next two years. A final decision will follow later, when further tests prove positive. The Chairman of the Mologen AG Board, Prof Burghardt Wittig, said: "This is an important confirmation of the quality of our work. We have started a highly promising project on the basis of our MIDGE and dSLIM key technologies, and the technical bodies selected it for promoting remarkably quickly from the very large number of applications. We will start to work on this project immediately." The technology to be used for DNAShield shall result in a variable two-component vaccine: the first component, DNABarrier, is based on dSLIM Technology developed by Mologen. This produces a rapid, TH1-stressed immune reaction, as it is, for example, required against aggressive infections. The second component is based on MIDGE technology developed by Mologen. This induces a memory effect in the immune system. When a pathogen appears, a specific immune response will already be available, which, if at all, would otherwise take effect only after a certain period of time, often too late. Both components are characterized by a good safety profile, which is imperative for vaccines, and a simple production process. They also offer the advantage that they can be adapted to new pathogens within a very short period of time and at little cost. This qualifies the novel vaccine to combat newly occurring or mutating infectious diseases, such as influenza or SARS. According to schedule, Mologen could have a pre-clinically tested vaccine ready after two years, which can then be submitted for registration together with a pharmaceutical partner. About Mologen Mologen is focused on using its proprietary DNA technologies in the creation and development of treatment for high-unmet-need illnesses. Included are Mologen's unique and patented MIDGE and dSLIM technologies. Based on these platforms, Mologen is developing DNA-based vaccines and therapeutics to prevent or cure a wide range of diseases. Mologen is currently in the process of approaching biotechnology and pharmaceutical companies in order to form development and commercial alliances to bring its products to the market more quickly and efficiently. Going public in 1998, Mologen was one of the first German biotechnology companies to be floated on the stock exchange. The Mologen shares are traded on the Geregelter Markt in Frankfurt. CONTACT: MOLOGEN AG Matthias Reichel Phone: +49 30 84 17 88 0 Fax: +49 30 84 17 88 50 E-mail: investor@mologen.com Web site: http://www.mologen.com ============= H U N G A R Y ============= K&H BANK: Fitch Affirms 'D' Individual Rating --------------------------------------------- Fitch Ratings removed Kereskedelmi es Hitelbank's Individual rating from Rating Watch Negative and affirmed it at 'D'. At the same time, the agency has affirmed the bank's other ratings at Long-term 'A-', Short-term 'F2' and Support '1'. The Long- term and Short-term ratings remain constrained by the sovereign ceiling for Hungary. The Long-term rating Outlook remains Negative, reflecting the Negative Outlook on the Long-term rating of the Republic of Hungary. The rating action follows the publication of the bank's financial statements for 2003 and reflects Fitch's view that K&H's capital adequacy now appears adequate following a capital injection of HUF22.7 billion by its parent in December 2003. Fitch had placed K&H's Individual rating on Rating Watch Negative in July 2003 following the discovery of a fraud involving the misappropriation of client funds at one of the bank's subsidiaries, K&H Equities. Although the final amount to be reimbursed to clients has not yet been fully established, Fitch is confident that the current capital level is appropriate to cover expected amounts and that sufficient further funds would be made available to the bank on a timely basis by its main shareholders, should this be required. K&H's Individual rating also reflects the bank's improving operating profitability, tighter funding following strong loan growth and its satisfactory asset quality. With total assets of HUF1,435 billion at end-2003, K&H is Hungary's second largest banking group with a market share of c. 13% in the corporate sector, where the bank has traditionally had a strong franchise. K&H is 59. 43%-held by the Belgian bancassurance group, KBC (rated 'AA-'), and 40. 23%-held by the Dutch bank ABN AMRO (rated 'AA-'). Its Long-term, Short-term and Support ratings are based on the extremely high probability that support will be provided by its main shareholder. CONTACT: FITCH RATINGS Christian Scarafia, Milan Phone: +39 02 87 90 87 212 Bridget Gandy Claudia Nelson London Phone: +44 20 7417 4200 Media Relations Campbell McIlroy, London Phone: +44 20 7417 4327 NABI RT: Shareholder Wants Capital Hike Authorization Withdrawn --------------------------------------------------------------- Based on the request of a shareholder, Nabi's Board of Directors added new items to the agenda of the Annual General Meeting of shareholders. The Board of Directors of NABI Bus Industries Rt. will convene the annual general meeting of shareholders at 9:30 a.m. on Tuesday, April 27, 2004. The Company's Board of Directors hereby informs its honorable shareholders that, based on the request of a shareholder submitted in accordance with section 230 (1) of the Companies Act and in compliance with its obligation determined by 231 of the Companies Act, it had added to the agenda of the AGM these items: (3) Removal of members of the Board of Directors. (6) Withdrawal of the authorization of the Board of Directors to increase the registered capital and the relevant amendment of the deed of foundation. (7) Decision on the indemnification of members of the Board of Directors. The numbering of Items 3 and 4 as in the announcement published on March 25, 2004 will change to 4 and 5 respectively but the agenda remains unchanged in every other respect. The Board of Directors of NABI Bus Industries Rt. CONTACT: NABI RT 45. Ujszasz u., 1165 Budapest Andras Bodor, Corporate Affairs Director Phone: +36 1 401 7100 Fax: +36 1 407 2931 E-mail: andras.bodor@nabi.hu NABI RT: May Remain in Red for Second Consecutive Year ------------------------------------------------------ Analysts expect busmaker, Nabi Rt, to post a second full-year loss, according to Budapest Business Journal. This despite the company's announcement that its bus sales slightly increased from 277 during the first quarter a year earlier to 284 this year. Miklos Bonis, head of research at Inter-Europa Bank Rt, who has been covering the stock since its flotation, said a weak U.S. dollar will continue to upset it. Nabi Rt made a preliminary US$16.5 million yearly loss for 2003, partly for the same reason. "Currently, the fact that buses sold in the U.S. this year have generally been in the order book for two or more years, while the exchange rate has worsened from Nabi's point of view during that period, means that while they are selling more buses this year they are selling them at a loss," Mr. Bonis explained. Peter Mihalicza, an equity analyst covering the stock for ConCorde Securities Rt said the company has the same forecast. He said: "I see losses for the year, but the company has also said that it foresees losses. A month ago they said they still believed they would break even, but now they have admitted that is unlikely." Mr. Bonis also mentioned that negotiations to restructure the company's debt are still ongoing. He said the company will reach agreement soon, but warned that terms would negatively affect profitability. ========= I T A L Y ========= PARMALAT FINANZIARIA: Prosecutors Want Tanzi Back in Prison ----------------------------------------------------------- Italian prosecutors will appeal the decision to place under house arrest the key suspects in Europe's largest accounting fraud scandal, the Financial Times reported early this week. Parma Judge Pietro Rogato released Parmalat founder, Calisto Tanzi, and former chief financial officers Fausto Tonna and Luciano del Soldato Friday last week after determining that they were not 'flight risks,' Troubled Company Reporter-Europe earlier said. Prosecutors fear the three men might tamper with evidence or undermine the current investigation. Authorities and others involved in the company's restructuring are still sifting through hundreds of bank accounts belonging to Mr. Tanzi, family members, former Parmalat executives and numerous others believed to have masterminded Europe's largest financial fraud. Some EUR7 billion -- part of the cash the company raised over the years on the financial market -- remains missing from Parmalat's accounts, according to the paper. Prosecutors say the freed suspects should be placed back in prison until they provide more help in tracing the money. Parmalat collapsed in December under EUR14.5 billion of debt; EUR7 billion of this amount represents the missing money while the balance are believed to have been swallowed up by years of operating losses. Mr. Tanzi was arrested shortly after Parmalat filed for creditors protection. He spent 14 weeks in prison before his release on Friday. Critics of Italy's slow judicial system fear he may never set foot in prison again, the report says. "Italy's time-consuming hearing process and lengthy appeals process mean he could face conviction only in several years time," the Financial Times says. ===================== N E T H E R L A N D S ===================== LAURUS N.V.: Sells Assural to Aon Groep for Undisclosed Amount -------------------------------------------------------------- Aon Groep Nederland B.V. and Laurus N.V. have reached an agreement on Aon's acquisition of the activities of Assural B.V., part of Laurus N.V. The transaction includes Assural's insurance portfolio and the Assural trade name. The sale of Assural is consistent with Laurus' policy of concentration on its core activities. Aon Nederland CEO John van der Steen says: "Assural has a great deal of experience with small and medium-sized enterprises such as supermarkets, off-licenses, chemists and pet supply shops. The acquisition is in line with our strategy, as we aim to continue to expand our knowledge in this area. With this takeover, we will also create a regional presence in the Hertogenbosch area." Assural was formed in 1978 and focuses on purchasing insurance for Laurus N.V. and franchise entrepreneurs and on group insurance policies for Laurus N.V. staff. For the time being the Assural name will remain unchanged. The nine Laurus employees employed by Assural at the head office in Hertogenbosch will transfer to Aon. However, they will continue to work at the Laurus head office until Aon opens an office in the area of Hertogenbosch. About Aon Aon Corporation (http://www.aon.com)is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 54,000 professionals in its 600 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions. Aon Nederland has 1,450 employees in the Netherlands and is part of Aon Corporation. MILACRON INC.: Earnings Release, Conference Call Set April 26 ------------------------------------------------------------- Milacron Inc. (NYSE: MZ), a leading global supplier of plastics- processing technologies and industrial fluids, announced its sales and segment earnings for the first quarter ended March 31, 2004 should be within the range of its most recent guidance, issued February 11. Segment earnings do not include approximately $6.5 million of refinancing costs incurred in pursuing various alternatives to the company's March 12 refinancing of $200 million in debt and other obligations. Following its usual practice, on April 26 Milacron will release its results in the morning before the market opens. At 11:00 a.m. EDT, management will conduct an open investor conference call to discuss the first quarter along with the current outlook. The call can be accessed live via the company's Web site, http://www.milacron.com. For analysts and investors wishing to ask questions, the dial-in number will be (913) 981- 4910. A recording of the conference call will be available from 2:00 p.m. EDT, Monday, April 26, through midnight Monday, May 3, and may be accessed on Milacron's Web site or by dialing (719) 457-0820 or (888) 203-1112 and providing the access code: 757407. PETROPLUS INTERNATIONAL: Off S&P's CreditWatch; Outlook Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services removed its corporate credit rating on Netherlands-based independent midstream operator company Petroplus International N.V. from CreditWatch, where it had been placed on February 12, 2004. In addition, Standard & Poor's affirmed its 'B+' corporate credit rating on Petroplus. The outlook is negative. "The rating action reflects expectations of operating improvements in the near future and an improved financial profile following disposals during the first and second quarters of 2004," said Standard & Poor's credit analyst Per Karlsson. Despite relatively healthy refining margins in Europe last year, Petroplus' 2003 operating earnings were severely affected by company-specific issues such as restructuring expenses incurred at the company's Antwerp refinery, trading losses reported by its Dubai office, and the disappointing performance of its wholesale activities. This resulted in a deterioration of the company's financial profile. Petroplus' net debt amounted to EUR387 million at year-end 2003. Petroplus' credit measures are stretched for the rating, but Standard & Poor's expects these to improve. It is further expected that the company not will take on new capital expenditure projects before generating substantial cash flow. A continued inability to meet Standard & Poor's expectations for the rating would put downward pressure on the rating. CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses per_karlsson@standardandpoors.com eric_tanguy@standardandpoors.com CorporateFinanceEurope@standardandpoors.com UNITEDGLOBALCOM INC.: Convertible Senior Notes Rated 'CCC+' ----------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC+' rating to Denver, Colo.-based cable operator UnitedGlobalCom (UGC) Inc.'s EUR500 million 1.75% convertible senior notes due 2024, issued under Rule 144A with registration rights. The note purchasers also have the right to acquire an additional EUR125 million of notes. The company indicated that the net proceeds of the issue will be used for working capital and other corporate purposes, including potential repayment of certain indebtedness of its subsidiaries. At the same time, Standard & Poor's affirmed its 'B' corporate credit rating on UGC. The outlook is stable. The convertible notes are rated two notches below the corporate credit rating due to the substantial concentration of priority obligations relative to total assets. Most of these priority obligations consist of borrowings outstanding under the company's EUR3.5 billion in combined credit facilities at UPC Distribution Holding B.V., which totaled EUR3 billion as of December 31, 2003. "The rating reflects UGC's significant business risk in its 11 European cable markets, which comprise the vast majority of its revenues and EBITDA," said Standard & Poor's credit analyst Catherine Cosentino. UGC Europe Inc. emerged from bankruptcy in September 2003. The company relied heavily on debt to fund the ambitious upgrade of its network to support aggressive growth in its video, Internet, and telephony subscribers. However, such growth failed to materialize. While UGC's debt has been reduced to about $4 billion as a result of several debt restructurings, including at UPC Polska LLC, the company still remains relatively highly leveraged at about 5.8x debt to fourth-quarter 2003 annualized EBITDA on an operating lease-adjusted basis, excluding restructuring and asset impairment charges. Improvement prospects for UGC's credit metrics could be hampered in 2004, as the company faces increasing competition in its voice, video, and data businesses. The Western European data market, in particular, has become much more competitive in 2003, as the local telephone carriers have accelerated their expansion of digital subscriber line (DSL) services. Telephone services, which have always been subject to a high degree of competition, have now begun to be further challenged by increased wireless substitution of landline services. Moreover, satellite providers have continued to limit subscriber growth in certain of the company's markets. Such rising competition could limit EBITDA improvement due to higher pricing pressures, as well as potential increased customer churn and retention costs. VENDEX KBB: Ratings Remain on CreditWatch ----------------------------------------- Standard & Poor's Ratings Services said its 'BB+' long-term corporate credit and 'BB-' senior unsecured debt ratings on leading nonfood Dutch retailer Koninklijke Vendex KBB N.V. (Vendex) remain on CreditWatch with negative implications. The ratings were originally placed on CreditWatch on Feb. 9, 2004, following the group's announcement it might be bought out by a private equity house. "If Vendex is not bought out, however, Standard & Poor's will affirm the ratings but assign a negative outlook, due to the group's continuing deteriorating operating performance," said Standard & Poor's credit analyst Omar Saeed. "The group's operating performance was weak in the second half of financial year ended January 31, 2004, and we believe it is likely to remain under pressure in financial 2005." The group's decline in 2004 was due to a combination of very low profitability at one of the group's fashion businesses (M&S Mode) and continuing weak consumer spending in the Netherlands. Furthermore, Vroom & Dreesmann -- which is one of the group's department store chains -- posted an operating loss of EUR39 million ($47 million) for financial 2004, reflecting deep-rooted internal issues, particularly its high operational gearing. The group is radically restructuring this division at a cost of EUR80 million, although it is expected that this will be offset by a reduction in capital expenditures of EUR35 million-EUR40 million and a reduction in dividend payouts. At Jan. 31, 2004, the group had about EUR1.92 billion of lease-adjusted net debt outstanding. The group recently announced it was in exclusive negotiations with a consortium of private equity houses. The consortium has offered EUR16.00 per ordinary share and its offer is subject to completion of negotiations on merger protocol and limited confirmatory due diligence. The resolution of the CreditWatch placement will, therefore, depend on the terms an offer might have but any takeover is likely to result in an increase in the group's leverage, which could lead to lower ratings over time. CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses omar_saeed@standardandpoors.com hugues_delapresle@standardandpoors.com CorporateFinanceEurope@standardandpoors.com =========== P O L A N D =========== WIRTUALNA POLSKA: Falls into Bankruptcy --------------------------------------- Poland's first Internet portal has been declared bankrupt, according the Warsaw Business Journal. Established in 1995, Wirtualna Polska was declared bankrupt by a court in Gdansk on Friday, the report said. Wojciech Regula has been appointed receiver and will manage the assets of the company. Despite the bankruptcy decision, Wirtualna Polska will continue to exist on the Web, Agnieszka Szwaj, an employee said. The court's decision, in practice, means the company will just be sold. Ms. Szwaj assured the portal's operation will not affected in any way. The company's main shareholder is TP Internet, part of the TP S.A. group. Its conflict with the management is blamed for the company's fall into insolvency. =========== R U S S I A =========== BOR AGRICULTURAL: Under Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Nizhny-Novgorod region commenced bankruptcy supervision procedure on OJSC Bor Agricultural Machinery. The case is docketed as A43-1693/04-33-51. Mr. Oleg Chakrov (Perm) has been appointed temporary insolvency manager. Creditors have until April 26, 2004 to submit their proofs of claim to the temporary insolvency manager at: 618400, Russia, Perm region, Berezniki, Post User Box 1686. A hearing will take place at 10:00 a.m. on August 24, 2004 at the Arbitration Court of Nizhny-Novgorod region. CONTACT: OJSC BOR AGRICULTURAL MACHINERY 606460, Russia, Nizhny-Novgorod region, Bor Respublicanskaya str.37 Mr. Sergey Babusckin, Temporary Insolvency Manager 600001, Russia, Vladimir, Post User Box 36 Arbitration Court of Nizhny-Novgorod region Russia, Nizhny-Novgorod, Kreml 9, Hall 309 CHERNOGORSK: Kchakasia Court Appoints Insolvency Manager -------------------------------------------------------- The Arbitration Court of Republic of Kchakasia declared Chernogorsk Municipal Heat-Power Enterprise of Thermic Networks insolvent and put the company under bankruptcy proceedings until April 1, 2005. The case is docketed as A74-2809/03-K1. Mr. Vladimir Okoneshnikov has been appointed insolvency manager. Creditors are asked to submit their proofs of claim to the insolvency manager at: 655012, Russia, Republic of Kchakasia, Abakan, Shevchenko str.60, office 10. CONTACT: CHERNOGORSK Russia, Republic of Kchakasia, Chernogorsk Mr. Vladimir Okoneshnikov, Insolvency Manager 655012, Russia, Republic of Kchakasia, Abakan Shevchenko str.60, office 10 Phone/Fax: (39022)6-63-62 KANTEMIROVSKY DISTILLERY: Under Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Voronezh region commenced bankruptcy supervision procedure on Closed JSC Kantemirovsky Liquor-Vodka Distillery. The case is docketed as A14-599-04/2/7b. Mr. Nikolay Korobkin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 394005, Russia, Voronezh-5, Post User Box 15. A hearing will take place at 10:00 a.m. on May 19, 2004 at the Arbitration Court of Voronezh region. CONTACT: KANTEMIROVSKY LIQUOR-VODKA DISTILLERY Russia, Voronezh region, Kantemirovka Dekabristov str.262 Mr. Nikolay Korobkin, Temporary Insolvency Manager 394005, Russia, Voronezh-5, Post User Box 15 Arbitration Court of Voronezh region Russia, Voronezh, Srednemoscowskaya str.77, Hall 314 KOSTEREVSKIYE: Vladimir Court Appoints Insolvency Manager --------------------------------------------------------- The Arbitration Court of Vladimir region commenced bankruptcy supervision procedure on Kosterevskiye Municipal Heat-Power Enterprise of Thermic Networks. The case is docketed as A1- 8633/2003-K1-37B. Mr. Sergey Babusckin (Moscow) has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 600001, Russia, Vladimir, Post User Box 36. CONTACT: KOSTEREVSKIYE Russia, Vladimir region, Kosterevo, Piszova str.60a Mr. Sergey Babusckin, Temporary Insolvency Manager 600001, Russia, Vladimir, Post User Box 36 LUCH: Deadline for Proofs of Claim April 26 ------------------------------------------- The Arbitration Court of Kursk region commenced bankruptcy supervision procedure on Closed JSC agro-industrial corporation, LUCH. The case is docketed as A35-8180,03-g. Mr. Viktor Kozhuchar has been appointed temporary insolvency manager. Creditors have until April 26, 2004 to submit their proofs of claim to the temporary insolvency manager at: 305004, Russia, Kursk, Radischeva str.87/7-18. A hearing will take place at 10:00 a.m. on June 23, 2004 at the Arbitration Court of Kursk region. CONTACT: AGRO-INDUSTRIAL CORPORATION LUCH 307800, Russia, Kursk region Bolshesoldatsky Area Borschen Mr. Viktor Kozhuchar, Temporary Insolvency Manager 305004, Russia, Kursk, Radischeva str.87/7-18 STROY-DETAL: Under Bankruptcy Supervision Procedure --------------------------------------------------- The Arbitration Court of Kostroma region commenced bankruptcy supervision procedure on build-component part factory, OJSC Stroy-Detal. The case is docketed as A31-6287/18. Mr. Alexandr Eflov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: Russia, Kostroma, Zarechnaya str.15. A hearing in the Court will take place at 9:00 a.m. on May 6, 2004 at the Arbitration Court of Kostroma region. CONTACT: OJSC STROY-DETAL Russia, Kostroma, Zarechnaya str.15 Mr. Alexandr Eflov, Temporary Insolvency Manager Russia, Kostroma, Zarechnaya str.15 TIMIRYAZEVSKY: Court Appoints Insolvency Manager ------------------------------------------------ The Arbitration Court of Chelyabinsk region declared state unitary enterprise, Timiryazevsky Skilled-Industrial Enterprise, insolvent and put the company under bankruptcy proceedings until February 5, 2005. The case is docketed as A76-10181/03-36-332. Mr. Yury Zasypkin, a member of TP Self-regulated organization of arbitral managers, Yuzhny Ural, has been appointed insolvency manager. Creditors have until May 26, 2004 to submit proofs of claim to the insolvency manager at: 454091, Russia, Chelyabinsk, Melkombinat-2, 37. CONTACT: TIMIRYAZEVSKY 454404, Russia, Chelyabinsk region, Timiryazevsky Mr. Yury Zasypkin, Insolvency Manager 454091, Russia, Chelyabinsk, Melkombinat-2, 37 Phone/Fax: (3512) 42-15-17, 42-18-12 E-mail: soya@spp.ru TVK BANK: Creditors Receive Preliminary Payments for Claims ----------------------------------------------------------- On April 13, 2004, first-order creditors of TVK Bank were initially given payments amounting to 26% of the compensation approved by the arbitration court. The payments were not made in cash, but were deposited directly to the claimants' account. The rate was determined by the creditors committee of the commercial bank pursuant to clause 47.2 of the Federal Act on Insolvency (Bankruptcy). ULAN-UDE: Proofs of Claim Deadline May 26 ----------------------------------------- The Arbitration Court of Republic of Buryatiya declared OJSC Ulan-Ude Ship-building Factory insolvent and introduced bankruptcy proceedings on the company. The case is docketed as A56-16447/03. Mr. Vladimir Fyedorov has been appointed insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the insolvency manager at: 670000, Russia, Republic of Buryatiya, Ulan-Ude, Korabelnaya str.32. CONTACT: OJSC ULAN-UDE SHIP-BUILDING FACTORY 670000, Russia, Republic of Buryatiya, Ulan-Ude Korabelnaya str.32 Mr. Vladimir Fyedorov, Insolvency Manager 670000, Russia, Republic of Buryatiya, Ulan-Ude Korabelnaya str.32 VOSTOK: Court Appoints Insolvency Manager ----------------------------------------- The Arbitration Court of Ikutsk region declared state-owned industrial corporation, Vostok, insolvent and placed the company under bankruptcy proceedings until March 26, 2005. The case is docketed as A19-9142/01-11-8. Mr. Vladimir Vologzhin, a member of TP Siberian' self-regulated organization of arbitral managers, has been appointed insolvency manager. Creditors have until May 26, 2004 to submit proofs of claim to the insolvency manager at: 664043, Russia, Ikutsk, Sergeeva str.3. CONTACT: VOSTOK 664043, Russia, Ikutsk, Sergeeva str.3 Mr. Vladimir Vologzhin, Insolvency Manager 664043, Russia, Ikutsk, Sergeeva str.3 ZAP-SIB-GAZ-SERVICE: Under Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Tymen region commenced bankruptcy supervision procedure on Power Service Company CJSC ZAP-SIB-GAZ- Service. The case is docketed as A70-8396/3-03. Mr. E. Kostrov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at:625037, Russia, Tymen, Melnikayte str.44A, 3/2. CONTACT: CJSC ZAP-SIB-GAZ-SERVICE 625026, Russia, Tymen, Melnikayte str.103a Mr. E. Kostrov, Temporary Insolvency Manager 625037, Russia, Tymen, Melnikayte str.44A, 3/2 Arbitration Court of Tymen region Russia, Tymen, Kchochryakova str.77, Hall 412 ZOLOTUCHINSKY TEXTILE: Declared Insolvent ----------------------------------------- The Arbitration Court of Kursk region declared textile enterprise, OJSC Zolotuchinsky Textile, insolvent and introduced bankruptcy proceedings on the company. The case is docketed as A35-5971/03. Mr. Yury Akulshin has been appointed insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the insolvency manager at: Russia, Kursk region, Zolotuchino, Yuzhny pereulok 19. CONTACT: OJSC ZOLOTUCHINSKY TEXTILE Russia, Kursk region, Zolotuchino Mr. Yury Akulshin, Insolvency Manager Russia, Kursk region, Zolotuchino Yuzhny pereulok 19 ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: Reports Rising Seat Load Factor ---------------------------------------------------- Swiss International Air Lines carried a total of 2.16 million passengers in the first quarter of 2004 and achieved a seat load factor of 71.6%. This represents an improvement of 3.7 percentage points against the same period a year ago. The seat load factor was higher for both the intercontinental and European route networks. The increase was particularly noticeable in March, which saw an improvement of 6.4 percentage points to 74.8%. Swiss continues to improve in terms of capacity utilization. In the first quarter of 2004 the seat load factor rose by 3.7 percentage points on a previous-year comparison to 71.6%. A total of 2.16 million passengers boarded a Swiss flight. Compared to the same quarter a year ago, Swiss reduced seating capacity by 21.8% but the decline in demand was checked at 17.6%, with a corresponding increase in seat load factor. Given the significant decrease in production between the two first quarters, which went hand in hand with adjustments to the route network, a meaningful comparison of passenger figures is impossible. The outbreak of war in Iraq also had a negative effect on last year's result. Seat load factor on European routes improved sharply in the first quarter, to 55.5% or 5.9 percentage points higher. Markets driving this trend were the U.K., Germany, Austria and Italy, all of which reported impressive increases in each of the three months under review. The improvements in seat load factor in Europe are largely attributable to the re-sizing of the route network and the introduction of the Swiss in Europe concept. The seat load factor on intercontinental routes in the first quarter was 78.3%, an improvement of 1.1 percentage points on a year-ago comparison. After seat load factor for January and February dipped slightly, the month of March produced a betterment of 5.5 percentage points to bring about the positive result for the full quarter. Of particular significance was the improvement over the North Atlantic, Swiss's most important intercontinental routes, where the negative trend of the previous months was reversed. The final month of the period under review produced an improvement of 7.2 percentage points in seat load factor, reaching 85.3%. March 2004 Swiss again improved its seat load factor sharply in March 2004 compared to the same month a year ago. The seat load factor for scheduled services reached 74.8%, a gain of 6.4 percentage points. This marked the sixth consecutive month in which Swiss recorded a higher level of capacity utilization compared to the same month a year earlier. The positive trend of late continued. Production for March was lowered by 22.9% from the level for the same month a year prior. At the same time the decline in demand was limited to 15.7%. This offsetting effect produced the increase in capacity utilization. It is important to keep in mind when comparing this year's figures with those from last year that the Iraq war had a negative impact on seat load factor at the time. On European routes the SLF in March 2004 was 60.3%, or 6.3 percentage points above the same month a year ago. The most significant gains were made on Swiss's U.K. and Germany routes, both of which rose by more than 10 percentage points. Austria and Italy also trended favorably, with increases of 10 and 8 percentage points respectively. France remained stable. The seat load factor on intercontinental routes in March 2004 was 81.1%, or 5.5 percentage points above the same month a year ago. This marks the first time in the current year that capacity utilization on the intercontinental network is significantly higher than for same period in the previous year. Seat load factor for both January and February was lower on a month-on-month comparison. All markets with the exception of Africa experienced profound improvement. The seat load factor for Africa declined marginally, by 0.2 percentage points. Key figures Swiss scheduled services, first quarter 2004: Passengers carried 2,159,763 Flights operated 35,994 Available seat kilometers (in millions) 7,113 Revenue seat kilometers (in millions) 5,092 Seat load factor 71.6% Complete traffic statistics and further comment on figures for March appear on http://www.swiss.com. CONTACT: SWISS CORPORATE COMMUNICATIONS P.O. Box, CH-4002 Basel Phone: +41 (0) 848 773 773 Fax: +41 61 582 35 54 E-mail: communications@swiss.com Web site: http://www.swiss.com =========================== U N I T E D K I N G D O M =========================== 3iP LIMITED: Shareholders Approve Winding up of Business -------------------------------------------------------- At an Extraordinary General Meeting of the Members of the 3iP Limited Company on March 31, 2004 held at Suite B1, Whitehouse Business Centre, Forest Road, Kingswood, Bristol BS15 8DR, the Extraordinary and Ordinary Resolutions to wind up the Company were passed. John William Lewis has been appointed Liquidator for the purpose of such winding-up. ABBEY NATIONAL: Investor Group Raps Executive Payouts ----------------------------------------------------- A major shareholder group considers Abbey National's decision to pay huge bonuses to its top men as rather too early, according to reports. The bank, which lost GBP686 million last year, paid to chief executive Luqman Arnold a cash bonus of GBP608,000, nearly 100pc of his GBP675,000 salary, along with an additional GBP405,000 in shares. It gave finance director Stephen Hester a GBP455,000 cash bonus and GBP221,000 in shares in addition to his GBP520,000 basic salary. The National Association of Pension Funds investor group said in a circular to members: "We question whether such bonuses are appropriate prior to concrete evidence of the long-term success of Abbey's transformation." It was "disappointed" with the exceptional bonus payments, but it supports the payment of the bonuses in deferred shares. Still, the group, is recommending that its members vote in favor of all resolutions at next Thursday's annual meeting. AUCKLAND FINANCE: Calls in Liquidator ------------------------------------- At an Extraordinary General Meeting of the Members of the Auckland Finance & Investment Limited Company on April 2, 2004 held at Peverell Corner, 246 Peverell Park Road, Plymouth PL3 4QG, the Special Resolution to wind up the Company was passed. Derek Anthony Jeal, of Parkway House, 1 Pityme Business Centre, St Minver, Wadebridge, Cornwall PL27 6NU has been appointed Liquidator for the purpose of such winding-up. AUTOCARE ADMIN: Appoints Administrator from Grant Thornton ---------------------------------------------------------- Name of Companies: Autocare Admin Limited Autocare Plus Limited F&I Services Limited HTC Run-Off Limited Oriel Group Limited Oriel Insurance Services Limited Oriel Investment Corporation Limited Oriel Mortgage Services Limited Warranty Holdings Group Limited Warranty Holdings Insurance Services Limited Warranty Holdings International Limited Warranty Holdings Limited WHA Limited Nature of Business: Motor Warranty Provider Trade Classification: 46 Date of Appointment: March 24, 2004 Joint Administrative Receiver: GRANT THORNTON HOUSE Melton Street, Euston Square, London NW1 2EP Receiver: Nigel Ruddock (IP No 8065) GRANT THORNTON HOUSE Melton Street, Euston Square, London NW1 2EP Receiver: Ipe Jacob (IP No 2121) Ian Stewart Carr (IP No 8741) Ground Floor, Byron House, Cambridge BEST FUTURES: Names Ernst & Young Liquidator -------------------------------------------- Name of Companies: Best Futures Limited Best Group Finance Limited Best Number One Limited Best Number Two Limited Best Number Three Limited Kensington High Street Properties Limited At an Extraordinary General Meeting of these Companies on March 26, 2004 held at Bennet House, 54 St James's Street, London SW1A 1JF, 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 Liquidators for the purpose of such winding-ups. CONTACT: ERNST & YOUNG LLP 1 More London Place, London SE1 2AF Contact: Patrick Joseph Brazzill, Liquidator Alan Lovett, Liquidator CANARY WHARF: CWG Acquisition's Offer Remains Open Until Monday --------------------------------------------------------------- CWG Acquisition announces that the Offer has been extended for a period of 11 days and will therefore remain open for acceptance until 3:00 p.m. (London time)/10.00 a.m. (New York time) on April 19, 2004. CWG Acquisition also announces that, as at 3:00 p.m. on April 8, 2004, being a previously announced closing date of the Offer, valid acceptances had been received in respect of a total of 130,112,404 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 8, 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 7, 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). So far as CWG Acquisition is aware, 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. 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 19, 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 Mark Brooker Paul Golding Phone: +44 (0) 20 7628 1000 THE MAITLAND CONSULTANCY Angus Maitland Philip Gawith Martin Leeburn Phone: +44 (0) 20 7379 5151 CASTLECROWN FINANCE: Appoints Liquidator from Stoy Hayward ---------------------------------------------------------- Name of Companies: Castlecrown Finance Greenland Properties Limited Riverland Commercial Limited Riverland Enterprises Limited Riverland Estates (U.K.) Limited Riverland London Limited Riverland North Limited Riverland Properties Limited Riverland South Limited Riverland West Limited At an Extraordinary General Meeting of the Members of these Companies on March 25, 2004 held at Nations House, 103 Wigmore Street, London W1U 1QS, 25 March 2004, the subjoined Special Resolution to wind up the Company was passed. Malcolm Cohen, of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL has been appointed Liquidator for the purpose of such winding-ups. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Contact: Malcolm Cohen, Liquidator CHAMELEON EMPLOYMENT: Meeting of Unsecured Creditors April 22 ------------------------------------------------------------- There will be a Meeting of the unsecured Creditors of the Chameleon Employment Services Limited Company on April 22, 2004 at 10:00 a.m. It will be held at RSM Robson Rhodes LLP, Classic House, 174-180 Old street, London EC1V 9BP. Creditors who want to vote at the Meeting must submit written debt claims at RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not later than 12:00 noon April 21, 2004. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Contact: G P Rowley, Joint Administrative Receiver M J C Oldham, Joint Administrative Receiver EMI GROUP: Denies Alleged Accounting 'Misstatements' ---------------------------------------------------- EMI wishes to clarify the nature of the false allegations made in newspaper reports against EMI in connection with EMI's suit against Avatar Records for non-payment of amounts due. Neither Avatar nor any other person has alleged that EMI has misstated its revenues from sales and in fact EMI has never misreported its sales in its accounts or elsewhere. The allegations relate only to the behavior of certain independent marketing consultants in respect of the manipulation of the US chart position of a limited set of recordings, as determined by the Nielsen SoundScan. There is no testimony that EMI engaged in these practices, and EMI categorically denies any such allegations. CONTACT: EMI GROUP PLC Amanda Conroy Corporate Communications Phone: +44 20 7795 7529 Claudia Palmer Investor Relations Phone: +44 20 7795 7635 Susie Bell Phone: +44 20 7795 7971 BRUNSWICK GROUP LLP Patrick Handley Phone: +44 20 7404 5959 FFI DESIGN: Hires Liquidator ---------------------------- At an Extraordinary General Meeting of the FFI Design Limited Company on March 30, 2004 held at 10 & 11 Lynher Building, Queen Anne's Battery, Plymouth, Devon PL4 0LP, the Special and Ordinary Resolutions to wind up the Company were passed. Richard Neville of Neville Hatton has been appointed Liquidator for the purpose of such winding-up. FISCHBACH FINANCE: Appoints Liquidator from Smith & Williamson -------------------------------------------------------------- At an Extraordinary General Meeting of the Fischbach Finance (U.K.) Limited Company on March 23, 2004 held at Warrington Road, Manor Park, Runcorn, Cheshire WA7 1SN, the Special and Ordinary Resolutions to wind up the Company were passed. Neil Francis Hickling of Smith & Williamson Limited has been appointed Liquidator for the purpose of such winding-up. FRONTIER ESTATES: Calls in Liquidator ------------------------------------- At a General Meeting of the Members of the Frontier Estates (Cathedral) Limited Company the Special and Ordinary Resolutions to wind up the company. Tony Freeman of Tony Freeman & Company, New Maxdov House, 130 Bury New Road, Prestwich, Manchester M25 0AA has been appointed Liquidator for the purpose of the winding-up. GOLDMILE ESTATES: Appoints Stoy Hayward Liquidator -------------------------------------------------- Name of Companies: Goldmile Estates Limited Goldmile Mayfair Limited Platignum Estates Limited Riverland City Limited Riverland (Harrow) Investments Limited Riverland Properties (U.K.) Limited Riverland Real Estate Limited Rockland Estates Limited Rockland London Limited Rockland Real Estate Limited At an Extraordinary General Meeting of the these Companies on March 25, 2004 held at Nations House, 103 Wigmore Street, London W1U 1QS, the subjoined Special Resolution to wind up the Companies were passed. Malcolm Cohen, of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL has been appointed Liquidator for the purpose of such winding-up. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Contact: Malcolm Cohen, Liquidator IMPACT ELECTRONICS: Hires Administrative Receiver ------------------------------------------------- Name of Company: Impact Electronics Limited Nature of Business: Manufacture of Electronic Valves, Tubes and other Electronic Components Registered Office of Company: 9-12 Hales Industrial Park, Rowleys Green Lane, Coventry, West Midlands CV6 6AG Trade Classification: (11) Date of Appointment: March 31, 2004 Administrative Receiver: NUMERICA South Central, 11 Peter Street, Manchester M2 5LG Receiver: David Michael Riley (IP No 008959) IPM LIMITED: HSBC Brings in Receiver from PricewaterhouseCoopers ---------------------------------------------------------------- Name of Companies: IPM (Pump Maintenance) Limited (trading as IPM) IPM Systems Limited Reg Nos 04669066 04706065 Nature of Business: Pump Maintenance and E&I Control Systems respectively Trade Classification: 46 Date of Appointment of Joint Administrative Receivers: April 1, 2004 Name of Person Appointing the Joint Administrative Receivers: HSBC plc. Joint Administrative Receivers: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Receivers: Ian David Green David Malcolm Walker (Office Holder Nos 9045, 3606) JOHNSON RADLEY: HSBC Bank Appoints Kroll Limited Receiver --------------------------------------------------------- Name of Company: Johnson Radley Foundry Limited Reg No 04451135 Former Company Name: Gweco 175 Limited Nature of Business: Metal Casting Trade Classifications: 2751, 2752 and 2754 Date of Appointment of Administrative Receivers: April 1, 2004 Name of Person Appointing the Administrative Receivers: HSBC Bank Plc Type of Security: Fixed and Floating Charge over the assets of the Company Date of Security: August 6, 2002 Administrative Receivers: KROLL LIMITED 5th Floor, Airedale House, 77 Albion Street, Leeds LS1 5AP Receivers: S C E Mackellar M J Moore (Office Holder Nos 6883, 5562) KNIGHTSFORD LIMITED: Hires Field and Hamilton Liquidators --------------------------------------------------------- At a General Meeting of the Members of the Knightsford Limited, the Special Resolution to wind up the Company was passed. Lucinda Ann Field and Timothy Colin Hamilton Ball have been appointed Joint Liquidators for the purpose of winding-up. MAYFLOWER CORPORATION: Transbus Receives Expression of Interest --------------------------------------------------------------- Hugh Nash, a director at investment bank Noble & Company, is leading a group of Scottish businessmen and investors interested in bidding for troubled Mayflower Corporation's Transbus, according to The Telegraph. The report cited Mr. Nash telling The Herald newspaper: "We have put together a consortium of people who are interested in making this a profitable business. In fact it is already a profitable business and we want to build on that." Mr. Nash ruled out a selloff. The report also cited a source saying Mr. Nash has backing from clearing banks, local management, suppliers and customers. It is understood the supporters include Brian Souter, the chief executive of Stagecoach. He ordered 150 buses for GBP15 million from Transbus last September. The deadline to offer bids for Transbus is on April 21. Mr. Nash is hoping to meet Mayflower's administrators from Deloitte & Touche this week to beat the deadline. Transbus is U.K.'s biggest bus and coachbuilder. It employs about 2,800 workers, and has operations in Falkirk, Guildford, Surrey and in Scarborough. CONTACT: DELOITTE & TOUCHE LLP Stonecutter Court 1 Stonecutter Street London United Kingdom EC4A 4TR Phone: +44 (0)20 7936 3000 Fax Number: +44 (0)20 7583 1198 NETWORK RAIL: Lays down Arguments Against Labor Strike ------------------------------------------------------ Network Rail expressed its deep disappointment at the RMT's announcement that it would be balloting its members for possible industrial action, calling the move "premature and unnecessary." Network Rail has already put three inflation-breaking deals on the table. The company would not like to see the RMT executive deny its membership the opportunity to vote on these deals. John Armitt, Chief Executive said: "There is no need for the RMT to ballot its members on possible industrial action. We'd like to see the membership balloted on the details of our various offers including a 3.5% deal. This decision by the RMT leadership to talk of strike action is premature and unnecessary. "Strike action would be deeply damaging to the railway as a whole and very disruptive for passengers. We have a set budget to rebuild the railway and we have to make tough choices on where our limited resources are spent. Strike action is not the way to resolve disputes in 2004." RMT CLAIMS FACT "The company has The new Network Rail scheme is imposed a pension one of the best in the market scheme for new place - at least as good and in entrants that most cases better than defined is no better contributions schemes offered by than a glorified other companies in the rail savings plan." Industry. In any case, all existing employees continue to stay within the old final salary scheme. The new scheme only applies for new joiners. "Their par offer of We have offered a two year deal three percent is the worth 3.5% in year one and RPI lowest in the industry." Plus 0.75% in year two. This is a good offer running well ahead of inflation & in the upper quartile of general industry settlements. "They have refused to All staff entitled to travel reinstate travel facilities facilities are guaranteed to to staff who joined continue to receive them after 1996." (around 60%). Offering more facilities would be prohibitively expensive and would not benefit all employees. We feel resources should be best Directed where everyone can Receive benefit - i.e. increase In basic pay. "This is a company whose This is completely false. To directors have handed date, Network Rail has paid no themselves bonuses of bonuses whatsoever. up to GBP450,000 on top of We will be spending GBP14 telephone-number salaries million a day to rebuild the and which boasts of railway. We thought RMT spending GBP14 million supported this record level of a day." investment. CONTACT: NETWORK RAIL Press office Phone: 020 7557 8292 / 3 N & P COLEMAN: Appoints Liquidator from Lovewell Blake ------------------------------------------------------ At an Extraordinary General Meeting of the Members of N & P Coleman Limited, formerly S.G. Coleman & Sons (Fuel Merchants) Ltd on March 29, 2004 held at Many Hands, Rectory Road, Ashmanhaugh, Norfolk NR12 8YP, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Christopher Robin Ashe of Lovewell Blake, 89 Bridge Road, Oulton Broad, Lowestoft, Suffolk NR32 3LN has been appointed Liquidator for the purpose of such winding-up. CONTACT: LOVEWELL BLAKE 89 Bridge Road, Oulton Broad, Lowestoft, Suffolk NR32 3LN Contact: Christopher Robin Ashe, Liquidator ROCKLAND COMMERCIAL: Brings in Liquidator from Stoy Hayward ----------------------------------------------------------- Name of Companies: Rockland Commercial Limited Rockland Enterprises Limited Rockland Investments Limited Silverdome Estates Topland City Limited Topland Enterprises Limited Top Lid Enterprises Limited Top Lid Estates Limited Top Lid Mayfair Limited Top Lid Properties At an Extraordinary General Meeting of the Companies on March 25, 2004 held at Nations House, 103 Wigmore Street, London W1U 1QS, the subjoined Special Resolution to wind up the Company was passed. Malcolm Cohen of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL has been appointed Liquidator for the Company. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Contact: Malcolm Cohen, Liquidator ROYAL MAIL: May Deliver Mails via Railways Once Again ----------------------------------------------------- Royal Mail has plans of dumping road and air transport of mails and returning to the old system of delivery via railways. The courier is currently in talks with freight arm of transport operator FirstGroup, according to The Telegraph. A spokesman for GB Railfreight, a unit of FirstGroup, said the company has been "in talks with Royal Mail about carrying mail by train and these talks are continuing." A spokesman for Royal Mail said: "This was not a policy decision but a commercial decision." He added: "We have been talking to various providers for several months to find a commercially viable proposal and we are continuing talks with one company." Mail trains have been in existence for more than 170 years in Britain. SAJ LIMITED: Shareholders Okay Voluntary Winding up --------------------------------------------------- At an Extraordinary General Meeting of the SAJ (Shrewsbury) Limited Company on April 1, 2004 held at 3 Hollinswood Court, Stafford Park 1, Telford, Shropshire TF3 3BD, the Special and Ordinary Resolutions to wind up the Company were passed. Peter Nottingham of Nottingham Watson, 12 St Paul's Square, Birmingham B3 1RB has been appointed Liquidator for the Company. SIDEA LIMITED: Winding up Resolution Passed ------------------------------------------- At an Extraordinary General Meeting of the Members of the Sidea Limited Company on March 31, 2004 held at Brentmead House, Britannia Road, London N12 9RU, the Special Resolution to wind up the Company was passed. Martin Henry Linton has been appointed Liquidator for the Company. SKYEPHARMA PLC: To Receive US$5 Million Payment from Endo --------------------------------------------------------- SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announces that it has successfully completed the review of the Phase II trial results of Propofol IDD-D(TM) with the U.S. Food & Drug Administration. Propofol IDD-D(TM) is licensed in North America to Endo Pharmaceuticals (Nasdaq: ENDP) and, under the terms of the December 2002 agreement as amended between SkyePharma and Endo, a US$5 million milestone payment to SkyePharma is now due. SkyePharma and Endo have agreed upon the Phase III trial program and expect Propofol IDD-D(TM) to commence Phase III trials around the middle of this year. Propofol IDD-D(TM) is a 2% intravenous formulation of propofol as the sole active ingredient and employs SkyePharma's patented Insoluble Drug Delivery(IDD-D(TM)) technology. In contrast with currently marketed versions of propofol, SkyePharma believes that Propofol IDD-D(TM) will not support significant microbial growth and therefore will not require incorporation of a preservative. Propofol IDD-D(TM) is intended for the maintenance of anesthesia in adults during surgery and for sedation of adults hospitalized in an intensive-care setting. Propofol IDD-D(TM) has been studied in a Phase II clinical trial. The study, involving 79 female patients undergoing laparoscopic gynecological surgery, was designed to show clinical effect of Propofol IDD-D(TM) versus AstraZeneca's Diprivan, a currently marketed version of 1% propofol. The study results provided evidence of comparable pharmacokinetics, efficacy and safety of the two formulations, which will need to be confirmed in phase III trials. About SkyePharma SkyePharma PLC uses its world-leading drug delivery technology to develop easier-to-use and more effective formulations of drugs. The majority of challenges faced in the formulation and delivery of drugs can be addressed by one of the Company's proprietary technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilization capabilities. For more information, visit http://www.skyepharma.com About propofol Propofol is a widely used intravenous anesthetic and sedative, supplied as a 1% injectable emulsion. It is used for induction of short-term anesthesia (typically 30-60 minutes) or, at a lower dose, for sedation. Originally introduced as AstraZeneca's Diprivan, the patent has now expired and there are now several generic versions of propofol on the market in Europe and one in the U.S.A. The world market for propofol was worth in excess of US$700 million in 2003, of which Diprivan accounted for about US$450 million. About Propofol IDD-D(TM) Propofol IDD-D(TM) is SkyePharma's proprietary phospholipid- stabilized 2% oil-in-water emulsion of propofol. The designation 'IDD-D(TM)' stands for 'Insoluble Drug Delivery - Droplet', one of a family of SkyePharma technologies for the formulation of water-insoluble drugs. The 2% formulation reduces the lipid load and volume of fluid administered to the patient compared with currently marketed 1% formulations. Importantly the formulation used in Propofol IDD-D(TM) has been designed not to support the growth of a wide range of microorganisms. In contrast with existing propofol products (such as Diprivan and generic versions of this product), Propofol IDD-D(TM) does not need to contain preservatives like EDTA (which can cause zinc depletion) or metabisulphite (which can cause allergic reactions). Despite the incorporation of these preservatives, current versions of propofol can only be used within 6 hours after opening a vial because of the risk of microbial contamination. The enhanced antimicrobial protection in Propofol IDD-D(TM) may allow for a longer 'hang-time' in the Intensive Care Unit and provide potential use as a multi-dose vial in anesthesia. This could bring advantages for the hospital such as reduced nursing time, less wastage of propofol active ingredient and no need for regular replacement of expensive disposables and tubing sets. Propofol IDD-D(TM) is truly unique and is not a generic version of Diprivan. CONTACT: SKYEPHARMA PLC Michael Ashton, Chief Executive Officer Peter Laing, Director of Corporate Communications Phone: +44 207 491 1777 Sandra Haughton, US Investor Relations Phone: +1 212 753 5780 BUCHANAN COMMUNICATIONS Tim Anderson Mark Court Phone: +44 207 466 5000 STEELS ENGINEERING: Meeting of Unsecured Creditors Set April 23 --------------------------------------------------------------- Pursuant to section 48 of the Insolvency Act 1986, a Meeting of the unsecured Creditors of the Steels Engineering Limited Company will be on April 23, 2004 at 11:00 a.m. It will be held at PricewaterhouseCoopers LLP, 89 Sandyford Road, Newcastle upon Tyne NE99 1PL. Creditors who want to vote at the Meeting must submit written debt claims at PricewaterhouseCoopers LLP, 89 Sandyford Road, Newcastle upon Tyne NE99 1PL not later than 12:00 noon April 22, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP 89 Sandford Road, Newcastle upon Tyne NE99 1PL Contact: I D Green, Joint Administrative Receiver D M Walker, Joint Administrative Receiver THORNTONS PLC: Appoints Chris Burnett Chairman ---------------------------------------------- The Board of Thorntons PLC is pleased to announce the appointment of Chris Burnett as Executive Chairman with effect from 26 April 2004, at which date John Thornton will retire as Executive Chairman. Mr. Burnett, aged 62, is currently Chairman of Marshalls plc. During his 9 years as Chairman, Mr. Burnett led a strategic redevelopment of the company, which resulted in the creation of significant value for shareholders. Mr. Burnett will relinquish his position as Chairman of Marshalls once his successor is identified. His previous positions include Chairman of Lee Cooper Group, Chairman of Kunick PLC, Chief Executive of Silentnight Holdings Plc and a Non-Executive Director of Wolstenholme Rink plc. This followed an earlier career as a senior management consultant with Mckinsey and Co. Inc. John Thornton will remain on the Board as a Non-Executive Director. John Thornton commenting on the announcement: "I had always planned to retire as Chairman at the age of 60 once a suitable candidate had been identified. Having reached that age I am now delighted to announce the appointment of Chris Burnett as Chairman. His outstanding business track record and skills will bring immense value to the Company." Chris Burnett said: "At the time of announcing my wish to step down as Chairman of Marshalls plc, I said that I wanted to take on a fresh business challenge. Thorntons have an outstanding brand and sound business economics. I am looking forward to working with the board and management team to deliver increased value for the shareholders." Peter Burdon, Chief Executive, commented: "Securing Chris Burnett as Chairman is a real coup for Thorntons. His experience and insight will bring great strength to the development and execution of our strategy. The rest of the Executive team and I look forward to working with Chris to create substantial shareholder value." CONTACT: THORNTON PLC John Thornton, Chairman, Thorntons PLC Phone: 07970 500444 after 10:00 a.m. Chris Burnett, Chairman, Marshalls plc Phone: 01484 438939 BUCHANAN COMMUNICATIONS Catherine Miles Richard Oldworth Phone: 0207 466 5000 TOPLAND INVESTMENTS: Hires Liquidator from Stoy Hayward ------------------------------------------------------- Name of Companies: Topland Investments Topland Mayfair Limited Topland Properties Topland Real Estate Limited Westmount Holdings Westmount Investments At an Extraordinary General Meeting of these Companies on March 25, 2004 held at Nations House, 103 Wigmore Street, London W1U 1QS, the subjoined Special Resolution to wind up the Companies were passed. Malcolm Cohen of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL has been appointed Liquidator for the Company. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Contact: Malcolm Cohen, Liquidator WILLINGTON PLC: Submits Scheme Petition to Court for Clearance -------------------------------------------------------------- Further to the announcement released by the Company on 18 March 2004 and the Scheme Document of the same date, the Company announces that at the court meeting and extraordinary general meeting convened for and held to approve the Scheme, all the resolutions proposed for each of these meetings were duly passed by the requisite majorities. Accordingly, the Company intends that a petition be presented to Court as soon as possible for sanction of the Scheme. It is expected that the Court will sanction the Scheme on or about 6 May 2004 and that the Scheme will become effective on or about 10 May 2004, on which date it is expected that the preference shares will be admitted to trading on AIM. Terms used in this announcement shall have the same meaning as in the announcement of 18 March 2004 relating to the Scheme, unless the context requires otherwise. CONTACT: WILLINGTON PLC Vincent Troy, Managing Director Phone: 020 7419 0100 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and Liv Arcipe, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. 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