/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040416.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 Friday, April 16, 2004, Vol. 5, No. 75 Headlines C Z E C H R E P U B L I C IP BANKA: Nomura Demands CZK12 Billion More for Lost Investment UNION BANKA: E.U. Asked to Mediate in Government-Invesmart Row F R A N C E VIVENDI UNIVERSAL: Michael Green Gets Backing for UCI Bid G E R M A N Y WCM GROUP: Appoints Valentin Reisgen Finance Chief H U N G A R Y PANNONPLAST PLC: Annual General Meeting Set April 29 I T A L Y ALITALIA SPA: Labor Union Demands Long-term Social Plans PARMALAT FINANZIARIA: BofA Exposure Reaches US$120 Million PARMALAT FINANZIARIA: Sells Thai Operations to Campina L U X E M B O U R G STOLT OFFSHORE: Moves Release of 1st Quarter Results to April 23 N E T H E R L A N D S HEAD N.V.: Sets Annual General Meeting May 26 R U S S I A AGRO-HIMIYA: Under Bankruptcy Supervision Procedure DUBENSK-SELHOZ-HIMIYA: Court Appoints Insolvency Manager HLEB: V. Nikishkin Appointed Temporary Insolvency Manager INDUSTRIAL FACTORY: Under Bankruptcy Supervision Procedure OAO SEVERSTAL: Fitch Rates US$375 Mln Bond Issue 'B+', Stable PHARMA SERVICE: Under Bankruptcy Supervision Procedure RZHEV AGRICULTURAL: Proofs of Claim Deadline June 1 STEEL CONSTRUCTION: Chelyabinsk Court Names Insolvency Manager VIMPELCOM-COMMUNICATIONS: Long-term Ratings Elevated to 'BB-' ZELENCHUKSKAYA SELCHOZTECHNIKA: Under Bankruptcy Supervision U N I T E D K I N G D O M ARDIS DESIGN: Hires Administrative Receivers ARTESIAN LIMITED: Calls in Liquidator CANARY WHARF: CWG Offers Unsecured Loan Notes in Revised Bid CANARY WHARF: CWG to Use Equity, Debt to Finance Acquisition CANARY WHARF: Reichmann Family Trust Investing GBP53 Bln in CWG CANARY WHARF: Morgan Stanley Ups Offer to 292.5p CANARY WHARF: Silvestor, British Land Offer GBP326 Mln for Malls CAR SUPERSTORE: HSBC Bank Appoints Stoy Hayward Receiver C.G. ATKINSON: State Securities Appoints EJK Associates Receiver COMPREHENSIVE CABLE: Creditors Meeting Set April 23 CTI LIMITED: Shareholders Pass Winding up Resolutions DIATECH LIMITED: In Liquidation ECOWIND LIMITED: Voluntary Winding up Resolutions Passed ELLENBOURNE LIMITED: Appoints Sargent & Company Administrator EUREX CONSULTANTS: Hires Liquidator from Berley EUROTUNNEL PLC: New Board Seeks Aid from French Government GEIIT SECURITIES: Appoints Robson Rhodes Liquidator GOVETT ENHANCED: Hires Liquidators from Robson Rhodes INNOTECH INVESTMENT: Annual Pre-tax Loss Balloons to GBP7.4 Mln INTERNATIONAL NETWORK: Hires Liquidators from Tenon Recovery MALTON BREWERY: Appoints David Horner & Co Administrator MODUS RAIL: Brings in Receivers from Rothman Pantall MOONBEAMS CHARITY: To File for Liquidation Soon NTL INC.: Obtains GBP2.425 Billion New Senior Credit Facility PHILPOTTS ACOUSTICS: HSBC Bank Appoints Wood and Lyon Receivers ROYAL & SUNALLIANCE: May Sell Scandinavian Operation ROYAL & SUNALLIANCE: Appoints Two Non-executive Directors SALTSTONE MEDIA: HSBC Bank Appoints Begbies Traynor Receiver SSL INTERNATIONAL: Appoints Ian Adamson Executive Director STRAND TECHNOLOGY: Appoints Begbies Traynor Administrator SUTTON CONTRACTS: Lloyds Commercial Appoints Receivers SYSTEM SCAFFOLDS: Hires Cranfield Recovery Administrator TCSS LIMITED: Meeting of Creditors Set May 5 TELSTAR INDEPENDENT: Hires Menzies Corporate Administrator TRAINING COMPANY: Calls in Liquidator TUBALAND LIMITED: Appoints Begbies Traynor Liquidator WESTERN ENGINEERING: Names Numerica Liquidator W G GOLDING: Hires Liquidator ********* =========================== C Z E C H R E P U B L I C =========================== IP BANKA: Nomura Demands CZK12 Billion More for Lost Investment --------------------------------------------------------------- Japanese investment bank, Nomura, former owner of Czech Investicni a postovni banka (IP Banka), filed a claim seeking CZK12 billion in compensation for its investment in the failed bank, a company spokesman told Czech Television. Nomura, which has a pending CZK40 billion claim before an international arbitration panel, has registered the case through its Dutch "special purpose vehicle" Saluka, according to Inter- fax. Nomura spokesman, Jiri Hrabovsky, told Czech Television: "[The] amount represents compensation for the damage caused to Saluka as investor in IPB by the forced administration at IPB in summer 2000 and especially by the sale of IPB to CSOB." In February IP Banka was declared bankrupt due to excessive debts caused by extra tax. Afterwards, Nomura was ordered by an international arbitration court to transfer its 46% share in IP Banka to CSOB. Nomura is now claiming it is IP Banka's key creditor and demanding CZK40 billion in compensation, arguing the Czech state failed to protect its investment. In turn, the state is suing Nomura to recover CZK263 billion for extraordinary expenditures it had to pay to rescue IPB from bankruptcy in 2000. CSOB, meanwhile, wants the bankruptcy order lifted, citing doubts that the order was based on objective information. CONTACT: POKORNY & WAGNER Karoliny Svetle 301/8 110 00 Praha 1, Czech Republic, Phone: 00420 224 229 287-9 Fax: 00420 224 229 290 E-mail: pokwag@mbox.vol.cz Home Page: http://www.p-w.cz/en/index.html Contact: Radek Pokorny UNION BANKA: E.U. Asked to Mediate in Government-Invesmart Row -------------------------------------------------------------- Dutch investment company, Invesmart, believes the European Commission may help bring resolution to its negotiations with the Czech Republic over failed Czech bank, Union banka. Invesmart CEO Paolo Catalfamo said Italian MP Marco Formentini has asked the E.U. regulator to intervene in the dispute, and an answer may be forthcoming in three to four weeks. "As a new E.U. member the Czech Republic will hopefully be more receptive to recommendations from Brussels," Mr. Catalfamo said in a statement. The request would try to extract information about the state's real intentions to settle the matter, Czech Happenings said. Union Banka closed just months after Investmart B.V. acquired the bank and Union Group in June 2002; later, the central bank sent it into liquidation. Invesmart has initiated two arbitration proceedings against the Czech Republic, demanding compensation worth CZK10 billion. Union banka's receiver, Michaela Huserova, on the other hand, has filed a bankruptcy petition against Invesmart, claiming the group owes the bank more than CZK2.5 billion. CONTACT: UNION BANKA A.S. ul. 30 dubna cp. 635,702 00 Ostrava Moravska Ostrava E-mail: sekretar@union.cz =========== F R A N C E =========== VIVENDI UNIVERSAL: Michael Green Gets Backing for UCI Bid --------------------------------------------------------- Buy-out firm, Cinven, is believed to be backing former Carlton Communications CEO Michael Green in his bid for the cinema chain currently peddled by Vivendi Universal and Viacom, according to BizWorld. Cinven was earlier rumored to be among the potential bidders invited in February by Merrill Lynch, the firm handling the sale of UCI. The other prospective bidder is equity firm, Terra Firma. Both Terra Firma and Mr. Green are now in Merrill Lynch's shortlist of buyers. Cinven bought Odeon for GBP243 million in 2000, but sold it to Robin Saunders' principal finance unit at German bank WestLB in 2003. ============= G E R M A N Y ============= WCM GROUP: Appoints Valentin Reisgen Finance Chief -------------------------------------------------- The Supervisory Board of WCM appointed Valentin Reisgen, 47, to the Management Board effective April 15, 2004. His duties will include the areas of finance, accounting and controlling. Until the end of 2003, Mr. Reisgen was responsible for the finances of Viterra Energy Services. Following his successes there, Mr. Reisgen left the company on his own accord to seek new professional challenges. After working as an auditor, Mr. Reisgen's resume includes a period as the chief financial officer for the European activities of an American packaging manufacturer and financial manager for the integration of a General Electric acquisition in Germany. Karl-Ernst Schweikert will resume his duties in the Supervisory Board of WCM in June 2004. In accordance with Article 105 (2) of the German Stock Corporation Act, the Supervisory Board appointed Mr. Schweikert to the Management Board for one year The WCM Management Board is made of: (a) Roland Flach, Chairman Responsible for Equity Holdings, Property, PR/IR, Law and Auditing (b) Valentin Reisgen Responsible for Finance, Accounting, Controlling (c) Karl-Ernst Schweikert Member of the Board of Directors until June 3, 2004 in accordance with Article 105 (2) of the German Stock Corporation Act ============= H U N G A R Y ============= PANNONPLAST PLC: Annual General Meeting Set April 29 ---------------------------------------------------- The Board of Directors of Pannonplast Industries Public Limited Company will convene the company's Annual General Meeting on April 29, 2004 at 10:00 a.m. The issues on the agenda and the information in connection with participation were published in an Announcement in Hungarian Capital Market on March 29, 2004. The company releases these key figures of its operations and its dividend proposal: Non-consolidated Balance Sheet according to the Hungarian Accounting Standards (HUF million) Assets Equity & Liabilities (a) Fixed Assets 12,377 (d) Shareholders' (b) Current Assets 2,409 equity 13,169 (c) Accruals 25 (e) Provisions 0 (f) Liabilities 1,625 (g) Accruals 17 Total Assets 14,811 Total Equity & Liabilities 14,811 Non-consolidated Income Statement according to the Hungarian Accounting Standards (HUF Million) (i) Net Sales 1,254 (c) Operating Profit before tax -1,322 (f) After Tax Income -1,376 Consolidated Balance Sheet According To IAS (HUF Million) Assets Equity & Liabilities Fixed assets 17,538 Shareholders' Long-term equity 14,629 Receivables 6 Minority Current assets 12,152 interest 1,476 Deferred income 0 Long-term Liabilities 12,525 Total Assets 29,696 Total Equity & Liabilities 29,696 Consolidated Income Statement According to IAS (HUF Million) Sales 26,375 Operating profit before tax -682 Income before tax (without minority interest) -1,698 Net Income for the Year -1,844 For the business year 2003 the Board of Directors does not propose payment of dividend. Should the AGM decide on dividend payment, the details will be published in an extraordinary announcement in the May 3, 2004 issue of the Hungarian Capital Market. The Board of Directors proposes to the AGM to accept the key financial figures of operations and the proposal for dividend payment. On April 9, 2004, the Supervisory Board discussed and accepted the report of the Board of Directors and the Company's business report on year 2003 and also proposes to the AGM to accept those. The annual business report and other submissions to the AGM will be available for review from April 14, 2004 in the Shareholders' office at the headquarters of the Company (1225 Budapest, XXII. Nagytetenyi ut 216-218) between 8:00 a.m. and 4:00 p.m. on business days, the Web site of the Company http://www.pannonplast.hu)and also in the Information Center of the Budapest Stock Exchange. The Board of Directors of Pannonplast Plc ========= I T A L Y ========= ALITALIA SPA: Labor Union Demands Long-term Social Plans -------------------------------------------------------- CGIL Union Secretary-general Guglielmo Epifani said the group is willing to negotiate with Alitalia, provided the company present proposal that are sustainable, according to Agence France- Presse. He added Alitalia is in dire need of a steering that would help it escape an imminent bankruptcy. In the full twelve months of 2003, the Group's operating loss was EUR373 million. "We are in favor of a development strategy and we are willing to debate within such a framework, but any proposal has to be serious one that doesn't just mend the situation temporarily, leaving us with the same problem six months down the line. [...]," Mr. Epifani said in a press conference. According to him, they are just waiting for the government to call a meeting. Alitalia is currently planning to embark on a significant redundancy program necessary for it to continue flying. PARMALAT FINANZIARIA: BofA Exposure Reaches US$120 Million ---------------------------------------------------------- Bank of America Corporation's exposure to Parmalat Finanziaria amounted to about US$120 million at the end of March, the Charlotte Business Journal reported citing Reuters. The exposure includes loans and derivatives, with about US$105 million insured, Jim Hance, BofA vice chairman said during a conference call of the company's first quarter results. Bank of America was dragged into the fraud scandal of the Italian dairy group due to its handling of numerous bond issues for the company. Italian prosecutors accused it of knowingly keeping silent about the group's financial situation. They said the bank should have been aware of the group's troubles having placed Parmalat's US$1.5 billion-bond issuance. PARMALAT FINANZIARIA: Sells Thai Operations to Campina ------------------------------------------------------ Dutch dairy company, Campina, bought 90% of Parmalat Thailand for an undisclosed amount. The company said in a statement: "Through the acquisition of the dairy activities of Parmalat in Thailand, Campina has taken its first steps in the Asian region with regard to the production and sales of consumer products." Located in Bangkok, Parmalat Thailand is currently active primarily in pasteurized and long-life milk. With approximately 175 employees, the company achieved a turnover of several million-euros in 2003. The remaining 10% of Parmalat Thailand are in the hands of a local partner, Campina said without disclosing financial details of the transaction. =================== L U X E M B O U R G =================== STOLT OFFSHORE: Moves Release of 1st Quarter Results to April 23 ---------------------------------------------------------------- Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO) announced the rescheduling of its first quarter 2004 results to Friday April 23, 2004 in place of Tuesday April 13, 2004 as previously announced. Preparation for the Subsequent Issue of shares, closing of the audit on the 2003 accounts following group-wide restructuring and management of issues associated with transition from majority control have placed an extraordinary burden on management time. In view of this, the Company has decided that it is appropriate to provide further time for preparation of the presentation of Q1 results. A conference call will be held to discuss the earnings and review business operations on Friday April 23, 2004 at 3:00 p.m. BST (10:00 a.m. EDT). Participating in the conference call are: (a) Tom Ehret, Chief Executive Officer (b) Stuart Jackson, Chief Financial Officer Stolt Offshore is a leading offshore contractor to the oil and gas industry, specializing in technologically sophisticated deepwater engineering, flowline and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas. CONTACT: STOLT OFFSHORE S.A. Julian Thomson Fiona Harris Phone (UK): +44 1224 718436 Phone (US): +1 877 603 0267 (toll free) E-mail: julian.thomson@stoltoffshore.com BRUNSWICK GROUP Patrick Handley (UK) Tim Payne (US) Phone (UK): +44 207 404 5959 Phone (US): +1 212 333 3810 E-mails: phandley@brunswickgroup.com tpayne@brunswickgroup.com ===================== N E T H E R L A N D S ===================== HEAD N.V.: Sets Annual General Meeting May 26 --------------------------------------------- Head N.V. (NYSE: HED; VSX: HEAD), a leading global manufacturer and marketer of sports equipment, announces the date of the Annual General Meeting of shareholders and the filing of its annual report. The Annual General Meeting of Shareholders of Head N.V. will be held on Wednesday, May 26 at 1:00 p.m. (local time) at the Hilton Schiphol Hotel, Schiphol Boulevard, The Netherlands. Details concerning the agenda, the right to attend, and how to exercise rights at the Annual General Meeting will be available on Tuesday, May 4. The Annual General Meeting will not be open to members of the general public. Head N.V. has filed its annual report (form 20-F) for the year ended December 31, 2003 with the U.S. SEC. The report is available on the U.S. SEC's EDGAR database, or by visiting our Web site at http://www.head.comand downloading it from the investor relations Web page. About Head Head N.V. is a leading global manufacturer and marketer of premium sports equipment. Its ordinary shares are listed on the New York Stock Exchange (HED) and the Vienna Stock Exchange (HEAD). Our business is organized into four divisions: Winter Sports, Racquet Sports, Diving and Licensing. We sell products under the Head (tennis, squash and racquetball racquets, alpine skis and ski boots, snowboards, bindings and boots), Penn (tennis and racquetball balls), Tyrolia (ski bindings), and Mares/Dacor (diving equipment) brands. We hold leading positions in all of our product markets and our products are endorsed by some of the world's top athletes including Andre Agassi, Marat Safin, Rainer Schuttler, Maria Riesch and Marco Buchel. For more information, visit http://www.head.com Analysts, investors, media and others seeking financial and general information, please contact: Clare Vincent Investor Relations Phone: +44 207 499 7800 Fax: +44 207 491 7725 E-mail: htmcv@aol.com Ralf Bernhart Chief Financial Officer Phone: +43 1 70 179 354 Fax: +43 1 707 8940 =========== R U S S I A =========== AGRO-HIMIYA: Under Bankruptcy Supervision Procedure --------------------------------------------------- The Arbitration Court of Penza region commenced bankruptcy supervision procedure on agricultural chemistry company, OJSC Agro-Himiya. The case is docketed as A49-111/04-156/10. Mr. V. Simkin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 440370, Russia, Penza region, Mokshan, Kirova str.17-1. A hearing will take place on July 12, 2004, 11:30 a.m. at the Arbitration Court of Republic of Mordoviya, Hall 111. CONTACT: AGRO-HIMIYA Russia, Penza region Belinsky, Stroiteley str.116 Mr. V. Simkin, Temporary Insolvency Manager 440370, Russia, Penza region Mokshan, Kirova str.17-1 DUBENSK-SELHOZ-HIMIYA: Court Appoints Insolvency Manager -------------------------------------------------------- The Arbitration Court of Republic of Mordoviya commenced bankruptcy supervision procedure on municipal enterprise agricultural chemistry company, Dubensk-Selhoz-Himiya. The case is docketed as A39-872/04-44/6. Mr. S. Bozhenko has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 430000, Russia, Republic of Mordoviya, Saransk, Gagarina str.99-404. A hearing will take place on July 12, 2004, 10:30 a.m. at the Arbitration Court of Republic of Mordoviya, Hall 111. CONTACT: DUBENSK-SELHOZ-HIMIYA Russia, Republic of Mordoviya, Dubensky district, Dubenki Mr. S. Bozhenko, temporary insolvency manager 430000, Russia, Republic of Mordoviya, Saransk, Gagarina str.99-404 HLEB: V. Nikishkin Appointed Temporary Insolvency Manager --------------------------------------------------------- The Arbitration Court of Republic of Mordoviya declared bread- baking complex, LLC Hleb, insolvent and introduced bankruptcy proceedings. The case is docketed as A39-2906/03-153/6. Mr. V. Nikishkin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 430030, Russia, Republic of Mordoviya, Saransk, Titova str.34. CONTACT: BREAD-BAKING COMPLEX LLC HLEB 431260, Russia, Republic of Mordoviya, Chamzinsky district, Komsomolsky, Syrodeeva str.13. Mr. V. Nikishkin, temporary insolvency manager 430030, Russia, Republic of Mordoviya, Saransk, Titova str.34 INDUSTRIAL FACTORY: Under Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Republic of Karachaevo-Cherkessiya commenced bankruptcy supervision procedure on LLC Industrial- Building Factory. The case is docketed as A25-136/04-8. Mr. Eduard Valyuzhin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to: (a) Temporary insolvency manager at: 355000, Russia, Stavropol, Lermontov str. 103-95; (b) The Arbitration Court of Republic of Karachaevo-Cherkessiya: 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Novaya str.4. CONTACT: INDUSTRIAL-BUILDING FACTORY, 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Kaukazskaya str.151 Mr. Eduard Valyuzhin, Temporary Insolvency Manager 355000, Russia, Stavropol, Lermontov str. 103-95 The Arbitration Court of Republic of Karachaevo- Cherkessiya: 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Novaya str.4 OAO SEVERSTAL: Fitch Rates US$375 Mln Bond Issue 'B+', Stable ------------------------------------------------------------- Fitch Ratings assigned Severstal's US$375 million senior notes a final Senior Unsecured foreign currency 'B+' rating with Stable Outlook. The rating action follows a review of the final offer documents confirming information already received when Fitch assigned the expected rating of 'B+' on March 24, 2004. The notes carry a coupon of 9.25% and have a ten-year maturity. Severstal concluded the issue of the notes on 6 April 2004. Under the bond documentation the proceeds can be used for the expansion of the core business in line with Severstal's corporate strategy, to refinance the existing indebtedness and for general corporate purposes. Severstal operates the second largest single-site integrated steel plant within the Russian Federation. In FY02, Severstal's total output was 9.8 million tons, which was equivalent to 16% of total steel produced in Russia. The ratings reflect strong domestic market positions in high growth sectors such as pipe and auto manufacturers, which accounted for 21% and 16% of total sales respectively in FY03. In recent years Severstal entered into JVs with Arcelor and Evraz Holding (Senior Unsecured 'B' with Stable Outlook), to diversify its product range offered to domestic auto manufacturers and Gazprom (Senior Unsecured 'BB' with Stable Outlook), respectively. At the same time, Severstal benefits from low raw material costs compared to international peers, high margin product mix and increasing geographical diversification of sales. The rating also reflects Fitch's concern about related-party transactions implied in the concentrated ownership structure. Such transactions can undermine the company's financial profile due to their frequency and size. At the same time, the company lacks direct control over raw material supplies: these are controlled by Severstal's main shareholder Alexei Mordashov, who holds a 82.75% stake in Severstal, which is listed at the Russian Trading System (RTS). Severstal's business profile benefits from the dominance of flat steel products (c.81% of total output) -- usually a high margin segment -- and its ability to generate high operating margins (EBITDA margin 31% in 1H03 and 21% in FY02). While profit margins are historically high, they are likely to be negatively affected by future cost increases as Russia's gas and railway industries are deregulated. In FY03, Severstal embarked on an aggressive international acquisition strategy, leading to further debt increase and substantial integration and execution risks. In January 2004, Severstal completed the acquisition of U.S.-based Rouge Industries for a total cash consideration of USD260 million and USD70 million liabilities; no pension liabilities were assumed. As of 29 February 2004 Severstal's net debt position was USD234 million, which is expected to rise substantially during the course of FY04. Fitch estimates that Severstal's gross debt will amount to roughly USD1.5 billion at FYE04, which may result in a gross leverage of 2.0x. The Stable Outlook reflects the company's strong cash generation ability underpinned by a value- added product mix. The Outlook also considers the underlying sovereign risk, as the majority of operations and assets are based in Russia. Severstal's debt benefits from long-term maturities, which aim to support the capital investment program of USD1.5 billion for the period of 2004-2012. The modernization of its existing facilities and diversification of the product range will lead to cash outflow for capex peaking in FY04-FY05 at an average of USD400m p.a. At FYE03, Severstal's gross debt to EBITDA was 0.6x. Gross debt amounted to USD515 million (USD178 million at FYE02) of which USD238 million was secured by fixed assets and export receivables. Following the five-year-bond issue of USD325 million in February 2004 and additional utilization of USD114 million of secured loans, the share of secured debt to gross debt was 31% as at 29 February 2004. Fitch is aware that this reflects Russian bank lending practices, which typically require 100% security over assets. Although this proportion of secured debt is in line with domestic peers, Severstal has not yet extensively used capital market financing to reduce the amount of secured debt. Fitch notes that a rating review would be warranted if the secured debt, including any securitization to total consolidated EBITDA and including Severstal North America, exceeds 0.75x (0.3x based on pro forma unaudited consolidated figures for FY03) or if net debt to EBITDA rises above 1.0x (0.1x based on pro forma unaudited consolidated figures for FY03). However, Fitch notes that according to the bond documentation, additions to secured debt are restricted to 10% of total assets per annum. As of February 2004, Severstal had USD217.8m of unused committed credit facilities on a consolidated basis. CONTACT: FITCH RATINGS Sonya Dilova, London Phone: +44 20 7417 3485 Wolfgang Wiehe, London Phone: +44 20 7417 4233 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 PHARMA SERVICE: Under Bankruptcy Supervision Procedure ------------------------------------------------------ The Arbitration Court of Republic of Karachaevo-Cherkessiya commenced bankruptcy supervision procedure on pharmaceutical service company, OJSC Pharma Service. The case is docketed as A25-135/04-8. Mr. Eduard Valyuzhin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to: (a) Temporary insolvency manager at: 355000, Russia, Stavropol, Lermontov str. 103-95; (b) The Arbitration Court of Republic of Karachaevo-Cherkessiya: 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Novaya str.4. CONTACT: PHARMA SERVICE 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Kaukazskaya str.151 Mr. Eduard Valyuzhin, Temporary Insolvency Manager 355000, Russia, Stavropol, Lermontov str. 103-95 The Arbitration Court of Republic of Karachaevo- Cherkessiya: 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Novaya str.4 RZHEV AGRICULTURAL: Proofs of Claim Deadline June 1 --------------------------------------------------- The Arbitration Court of Tver region declared LLC Rzhev Agricultural Machinery insolvent and introduced bankruptcy proceedings. The case is docketed as A66-6447-03. Mr. N. Petrov (Moscow) has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to: (a) Insolvency manager at: 170000, Russia, Tver, Sovetskaya str.23b; (b) Arbitration Court of Tver region: 170011, Russia, Tver, 1 st za liniyey OZD str.2. CONTACT: RZHEV AGRICULTURAL MASHINERY 172387, Russia, Tver region, Rzhev, Solnechnaya str.22 Mr. N. Petrov, Insolvency Manager 170000, Russia, Tver, Sovetskaya str.23b STEEL CONSTRUCTION: Chelyabinsk Court Names Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Chelyabinsk region declared LLC Steel Construction Company insolvent and introduced bankruptcy proceedings. The case is docketed as A76-11528/03-36-424. Mr. Michail Motorin, a member of TP Self-regulated organization of arbitral managers Yuzhny Ural, has been appointed insolvency manager. Creditors have until June 1, 2004 to submit their proofs of claim to the insolvency manager at: 456440, Russia, Chelyabinsk region, Chebarkul, Dzerzhinskogo str.7. CONTACT: STEEL CONSTRUCTION COMPANY 456440, Russia, Chelyabinsk region, Chebarkul, Dzerzhinskogo str.7. Mr. Michail Motorin, insolvency manager 456440, Russia, Chelyabinsk region, Chebarkul, Dzerzhinskogo str.7 VIMPELCOM-COMMUNICATIONS: Long-term Ratings Elevated to 'BB-' ------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian mobile telecommunications provider Vimpel-Communications (JSC) (VimpelCom) to 'BB-' from 'B+', reflecting the company's successful expansion of operations and improved financial performance and credit metrics. The outlook is positive. At the same time, Standard & Poor's assigned its 'BB-' senior unsecured debt rating to Vimpelcom's proposed loan participation notes of about $300 million to be issued by -- but without recourse to -- UBS (Luxemburg) S.A., for the sole purpose of funding an intended loan of a similar amount to VimpelCom. The proceeds from the issue are to be used by VimpelCom for funding capital expenditures and debt refinancing in 2004. "The rating actions reflect the adequately managed expansion of Vimpelcom's operations in Russia and the company's demonstrated ability to improve financial performance and overcome regulatory issues, which could have potentially negative consequences, in a challenging business environment," said Standard & Poor's credit analyst Pavel Kochanov. "VimpelCom has demonstrated a capacity to cope with market and regulatory challenges in Russia, as illustrated by its solid profitability and strengthened market position." VimpelCom's total subscriber base reached 13.2 million at March 25, 2004, up from 11.4 million at Dec. 31, 2003, and 5.2 million at Dec. 31, 2002. VimpelCom is expected to maintain its position as the second-largest nationwide provider of mobile services, complete the most significant investments into its GSM network in Russia over the next two years, and achieve positive free operating cash flow after capital expenditures in 2005. The financial performance of VimpelCom in 2003 was marked by improved EBITDA margins and a decreasing debt burden. VimpelCom managed to fund its increased capital expenditures of $728 million while reducing total debt (excluding customer deposits and advances) to $607 million at December 31, 2003, from $651 million at December 31, 2002. "There is potential for VimpelCom's credit quality to improve further in the near term should management continue to combine the steady expansion of GSM operations in the Russian regions, and strengthening of the company's market position nationally, with a sound balance sheet structure," said Mr. Kochanov. "VimpelCom is expected to engage in controlled capital expenditures over the next two years, and undertake no massive investments in UMTS and no material investments outside Russia while it is funding its ambitious domestic expansion plan." CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses pavel_kochanov@standardandpoors.com michael_obrien@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ZELENCHUKSKAYA SELCHOZTECHNIKA: Under Bankruptcy Supervision ------------------------------------------------------------ The Arbitration Court of Republic of Karachaevo-Cherkessiya commenced bankruptcy supervision procedure on agricultural machinery company, OJSC Zelenchukskaya Selchoztechnika. The case is docketed as A25-138/04-8. Mr. Eduard Valyuzhin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to: (a) Temporary insolvency manager at: 355000, Russia, Stavropol, Lermontov str. 103-95; (b) The Arbitration Court of Republic of Karachaevo-Cherkessiya: 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Novaya str.4. CONTACT: ZELENCHUKSKAYA SELCHOZTECHNIKA 369000, Russia, Republic of Karachaevo-Cherkessiya, Storozhevaya, Karachaevskaya str.5 Mr. Eduard Valyuzhin, Temporary Insolvency Manager 355000, Russia, Stavropol, Lermontov str. 103-95 The Arbitration Court of Republic of Karachaevo- Cherkessiya: 369000, Russia, Republic of Karachaevo-Cherkessiya, Cherkessk, Novaya str.4 =========================== U N I T E D K I N G D O M =========================== ARDIS DESIGN: Hires Administrative Receivers -------------------------------------------- Name of Company: Ardis Design Limited Nature of Business: Manufacturer of Garden Offices Trade Classification: 11 Date of Appointment: March 29, 2004 Joint Administrative Receiver: HKM HARLOW KHANDHIA MISTRY 73-75 Aston Road North, Waterlinks, Birmingham B6 4DA Receivers: John Phillip Walter Harlow Kirankumar Mistry (IP Nos 008319, 008795) ARTESIAN LIMITED: Calls in Liquidator ------------------------------------- At an Extraordinary General Meeting of the Members of the Artesian Buy Back 2003 Limited Company on March 31, 2004 held at 60 Webbs Road, London SW11 6SE, the Special Resolution to wind up the Company was passed. Michael L Marks of The K B S P Partnership, Harben House, Harben Parade, Finchley Road, London NW3 6LH has been nominated Liquidator for the purpose of such winding-up. CONTACT: THE K B S P PARTNERSHIP Harben House, Harben Parade, Finchley Road, London NW3 6LH Contact: Michael L Marks, Liquidator CANARY WHARF: CWG Offers Unsecured Loan Notes in Revised Bid ------------------------------------------------------------ CWG Acquisition announces a revision to the terms of its Offer to acquire the entire issued and to be issued share capital of Canary Wharf other than those Canary Wharf Shares which CWG Acquisition held or had contracted to acquire within the meaning of section 428(5) of the Companies Act as at February 24, 2004, being the date of the Offer. Loan Note Alternative The Offer is being revised such that, as an alternative to all or part of the cash consideration, which would otherwise be receivable under the Revised Offer, Canary Wharf Shareholders (other than shareholders in certain overseas jurisdictions) who validly accept the Revised Offer will be able to elect to receive unsecured Loan Notes to be issued by CWG Acquisition on these: For every GBP1 of cash GBP1 in nominal value of Loan Notes consideration under the Revised Offer Further detail in relation to the Loan Note Alternative is set out in the full text of this announcement. The Loan Note Alternative will enable certain individual Canary Wharf Shareholders who elect for Loan Notes, depending on their particular circumstances, to defer U.K. capital gains tax liabilities. The Revised Offer Accordingly, the Revised Offer will consist of: (a) An all-cash offer of 275 pence for each Canary Wharf Share (a value the Independent Committee has stated to be fair and reasonable); (b) The Class A Share Alternative and Class A Additional Share Election Facility; (c) The Class B Share Alternative and Class B Additional Share Election Facility; and (d) The Loan Note Alternative. Further detail in relation to the Revised Offer is set out in the full text of this announcement. This announcement of the Revised Offer is being made in accordance with the procedure set out by the Panel Executive on April 7, 2004. The full text of the conditions and certain further terms of the Revised Offer are set out in Appendix I to this announcement. Appendix III contains the definitions of certain expressions used in this summary and in this announcement. This summary should be read in conjunction with, and is subject to the full text of, this announcement. To see full copy of offer: http://bankrupt.com/misc/CWG_Aquisition_Revised_Offer.htm 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 Paul Golding Phone: +44 (0) 20 7628 1000 THE MAITLAND CONSULTANCY Angus Maitland Philip Gawith Martin Leeburn Phone: +44 (0) 20 7379 5151 CANARY WHARF: CWG to Use Equity, Debt to Finance Acquisition ------------------------------------------------------------ Brascan, bcIMC (and/or entities controlled by it), Teachers' and Hermes have committed to provide (directly or indirectly) equity and loans to CWG Acquisition Holdings as follows: GBP150 million by Teachers'; GBP150 million by bcIMC (and/or entities controlled by it); and GBP70 million by Hermes (GBP50 million by the BT Pension Scheme; and GBP20 million by the Royal Mail Pension Plan). These amounts are subject to change. In addition, Canary Investments (a wholly owned subsidiary of RF Holdings) has committed to invest GBP53.8 million. The Brascan Group has committed to fund the balance of the equity and loan amounts. In the event that Brascan's commitment exceeds a specified amount, it has the ability to syndicate the excess over such amount to other qualified investors. CWG Acquisition Holdings has committed to provide the same amount to CWG Acquisition as CWG Acquisition Holdings has received from these sources. Such commitment will provide funds to CWG Acquisition sufficient to finance the consideration payable under the Cash Offer to accepting shareholders in respect of acceptances representing up to 75% in nominal value of the issued share capital of Canary Wharf (diluted to include shares potentially issuable pursuant to rights under the Canary Wharf Share Schemes). In addition, CWG Acquisition has agreed up to GBP800 million in debt facilities arranged and underwritten by Deutsche Bank and Royal Bank of Canada. These debt facilities are conditional, inter alia, on the Revised Offer becoming or being declared unconditional in all respects and upon CWG Acquisition receiving valid acceptances of the Revised Offer in respect of Canary Wharf Shares which, when aggregated with Canary Wharf Shares held by CWG Acquisition and any further Canary Wharf Shares which CWG Acquisition has contracted to acquire, represent 75% (or such lower level as those lenders whose aggregate commitments exceed two thirds of the total loan commitments under the debt facilities may agree) in nominal value of the issued share capital of Canary Wharf (diluted to include shares potentially issuable pursuant to rights under the Canary Wharf Share Schemes). CWG Acquisition has agreed not to waive or amend any of the conditions of the Revised Offer set out in Appendix I (other than condition 1 (a)) which the Panel confirms that CWG Acquisition may invoke in the context of the Revised Offer) without the consent of Deutsche Bank and Royal Bank of Canada. To see full copy of offer: http://bankrupt.com/misc/CWG_Aquisition_Revised_Offer.htm CANARY WHARF: Reichmann Family Trust Investing GBP53 Bln in CWG --------------------------------------------------------------- Pursuant to the Reichmann Agreement, Canary Investments (a company owned by a trust established for the benefit of the Reichmann family) has agreed to invest GBP53.8 million in CWG Acquisition Holdings. The proposed investment and certain management and consultancy arrangements have been approved by independent Canary Wharf Shareholders. Under the City Code, CWG Acquisition will be required to make an appropriate proposal to the Canary Wharf Warrant Holder in respect of the Canary Wharf 1997 Warrant and the Canary Wharf 1999 Warrants. The Canary Wharf Warrant Holder has agreed to accept proposals for the cancellation of the Canary Wharf 1997 Warrant and the Canary Wharf 1999 Warrants in return for amounts payable of GBP9.3 million and GBP15.5 million, respectively. To see full copy of offer: http://bankrupt.com/misc/CWG_Aquisition_Revised_Offer.htm CANARY WHARF: Morgan Stanley Ups Offer to 292.5p ------------------------------------------------ Summary (a) Silvestor U.K. Properties Limited announces a further revision to the terms of its proposed acquisition of Canary Wharf. The revised terms increase the value of Silvestor's offer from 292 pence to 292.5 pence per Canary Wharf Share. Silvestor expects that in the absence of a higher offer being announced during the Auction Procedure, the Independent Committee will recommend Silvestor's Acquisition. (b) The revised terms of the Acquisition enable all Canary Wharf Shareholders to receive 292.5 pence per Canary Wharf Share in cash if they so elect under the Mix and Match Election. Alternatively, Canary Wharf Shareholders have the opportunity to participate in the long-term potential of Canary Wharf by choosing to receive consideration in the form of AIM listed Class B Shares or unlisted Class C Shares in Silvestor's parent company, Silvestor Holdings plc. (c) Under the basic terms of the Acquisition, Canary Wharf Shareholders will be entitled to 237.5 pence in cash and 55 pence in Class B Shares per Canary Wharf Share, with the ability to elect to vary the proportions in which they receive cash and shares in respect of their holdings of Canary Wharf Shares via the Mix and Match Election. The Mix and Match Election will also allow Canary Wharf Shareholders to elect to receive Class C Shares in lieu of the consideration otherwise receivable under the Offer. (d) The Offer values the existing issued share capital of the Company at approximately GBP1.7 billion, and implies an enterprise value for the Company of approximately GBP4.7 billion including net debt of approximately GBP3.0 billion as at December 31, 2003. (e) The Offer represents a premium of approximately: (i) 85.7% to the closing middle-market price of 157.5 pence per Canary Wharf Share on 24 April 2003 (the last day prior to the beginning of speculation surrounding a potential offer for the Company); (ii) 62.5% to the closing middle-market price of 180 pence per Canary Wharf Share on 5 June 2003 (the last day prior to the date on which the Company announced it had received a number of approaches from potential offerors); and (iii) 16.1% to the Adjusted Triple Net Asset Value per Canary Wharf Share of approximately 252 pence as at December 31, 2003. (iv) It is intended that, other than in relation to the Canary Wharf Shares held by the Glick Entities, the Acquisition be implemented by way of a scheme of arrangement under section 425 of the Companies Act. Assuming that the Acquisition is recommended by the Independent Committee, it is expected that a circular containing further details of the improvement to the terms of the Acquisition, will be posted to Canary Wharf Shareholders on or before 21 April 2004, and if it is posted on that date, the Scheme will become effective by the end of May 2004, subject to the satisfaction of all relevant conditions. (f) Silvestor is a wholly owned subsidiary of Silvestor Holdings, whose shareholders include MSREF, the Glick Entities, British Land Joint Ventures, Whitehall 2001 Funds, Morgan Stanley Real Estate Special Situations Fund II and Princes Gate Investors (together, the 'Consortium'). The Glick Entities, who are, in aggregate, interested in 85,004,663 Canary Wharf Shares, representing approximately 14.5% of the issued share capital of Canary Wharf, will exchange their entire holding of Canary Wharf Shares for SG Shares in Silvestor Holdings. (g) Companies held by a trust for the benefit of HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and his family, that are, in aggregate, interested in approximately 2.3% of the issued share capital of Canary Wharf have committed to vote in favor of the Acquisition and to elect to receive Class B Shares in respect of their entire holding of Canary Wharf Shares. This summary should be read in conjunction with the full text of the following announcement. Appendix IV to the following announcement contains definitions of certain terms used in this summary and the following announcement. To see full copy of offer: http://bankrupt.com/misc/Silvestor_Revised_Offer.htm CONTACT: CANARY WHARF Morgan Stanley Phone: +44 20 7425 5000 (Financial adviser to Silvestor , Silvestor Holdings, MSREF, Morgan Stanley Real Estate Special Situations Fund II and Princes Gate Investors) ROTHSCHILD Mark Warham Brian Magnus Phone: +44 20 7280 5000 (Financial adviser to Silvestor , Silvestor Holdings and Simon Glick) HOARE GOVETT Alex Midgen Ben Davey Phone: +44 20 7678 8000 (Broker to Silvestor and Silvestor Holdings) TULCHAN COMMUNICATIONS Nigel Mills Ranald McGregor-Smith Phone: +44 20 7353 4200 (Public relations adviser to Silvestor) SMITHFIELD FINANCIAL Andrew Grant Katie Macdonald-Smith Phone: +44 20 7360 4900 (Public relations adviser to Simon Glick) FINSBURY LIMITED Faeth Birch John Antcliffe Phone: +44 20 7251 3801 (Public relations adviser to British Land) CANARY WHARF: Silvestor, British Land Offer GBP326 Mln for Malls ---------------------------------------------------------------- British Land and Silvestor Holdings have agreed the terms, subject to contract, of a joint venture in respect of the Retail Assets on the Canary Wharf Estate. Under the terms of the joint venture, British Land will acquire a 50% interest in a joint venture vehicle to be formed between British Land and the Silvestor Group and the joint venture vehicle will acquire the Retail Assets for GBP326.5 million. Silvestor Holdings expects that British Land will be appointed as the retail adviser in relation to the Retail Assets and will be appointed as the manager of the Retail Assets for a term of five years at a fee for the retail advisory and asset management services of GBP350,000 per annum (excluding VAT). It is expected that the joint venture will be implemented after the Scheme has become effective. If the joint venture arrangements described above are completed, Silvestor Holdings expects that those Class A Shares subscribed by British Land Joint Ventures which are allotted pursuant to the first GBP125 million of equity (or any lesser amount subscribed by British Land Joint Ventures in connection with the Offer) will be converted into a new class of ordinary shares in Silvestor Holdings which will have the same rights as the Class A Shares but with a restricted return which will not exceed such amount as will give British Land Joint Ventures a quarterly compounding annual internal rate of return of 11% (the 'base distribution amount'), plus such amount as equals 25% of any distribution in excess of the base distribution amount which would have been payable in respect of the new class of shares if they had been Class A Shares. As a result, the remaining 75 per cent. of the distribution in excess of the base distribution amount will be available for distribution to other shareholders, including holders of Class A Shares, Class B Shares, Class C Shares and SG Shares. British Land Joint Ventures will also subscribe for one Class D Share, which may become entitled to specific distributions if the proposed joint venture in respect of the Retail Assets is not completed. The holder of the Class D Share will be entitled to dividends in each year of the five-year period beginning on 1 July 2004. Dividends will be declared annually based on a proportion of the increase in the market value of the Retail Assets of the Canary Wharf Estate. If there is a sale of all or any of the Retail Assets during the five-year period, the increase in market value of those assets will be determined upon completion of the sale and a dividend will be paid accordingly. However, no dividends or other distributions will become payable in respect of the Class D Share if the proposed joint venture transaction between Silvestor Holdings and British Land completes. Dividends, which are due and payable in respect of the Class D Share, will be paid in priority to any dividends or other distributions in respect of the SG Shares, the Class A Shares, the Class B Shares or the Class C Shares (including by way of redemption of the SG Shares). To see full copy of offer: http://bankrupt.com/misc/Silvestor_Revised_Offer.htm CAR SUPERSTORE: HSBC Bank Appoints Stoy Hayward Receiver -------------------------------------------------------- Name of Company: The Car Superstore Limited Reg No 02089911 Nature of Business: Motor Dealer Trade Classification: 19 Date of Appointment of Joint Administrative Receivers: March 30, 2004 Name of Person Appointing the Joint Administrative Receivers: HSBC Bank plc Joint Administrative Receivers: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Receivers: Dermot Justin Power David Swaden (Office Holder Nos 6006/07, 5495/12) C.G. ATKINSON: State Securities Appoints EJK Associates Receiver ---------------------------------------------------------------- Name of Company: C.G. Atkinson Limited Reg No 04256621 Nature of Business: Farming and Agricultural Contracting Trade Classification: 01 Debenture Date: June 15, 2002 Brief Description of Charge: Fixed and Floating Charge over all Assets of the Company Date of Appointment of Administrative Receiver: March 26, 2004 Name of Person Appointing the Administrative Receiver: State Securities Plc Administrative Receiver: EJK ASSOCIATES 2 Church Court, Morley, Leeds LS27 9TN Receiver: Edwin J Kirkwood (Office Holder Nos 8096) COMPREHENSIVE CABLE: Creditors Meeting Set April 23 --------------------------------------------------- There will be a Creditors Meeting of the Comprehensive Cable Installations Limited Company on April 23, 2004 at 10:30 a.m. It will be held at 4 St Giles Court, Southampton Street, Reading, Berkshire RG1 2QL. Creditors whose claims are wholly secured are not entitled to attend or be represented at the Meeting. Other Creditors who want to vote at the Meeting must submit written debt claims at 4 St Giles Court, Southampton Street, Reading, Berkshire RG1 2QL not later than 12:00 noon April 22, 2004. CTI LIMITED: Shareholders Pass Winding up Resolutions ----------------------------------------------------- At an Extraordinary General Meeting of the CTI Limited Company on March 29, 2004 held at 1 Beechwood Drive, Maidenhead, Berkshire SL6 4NE, the subjoined Special Resolution to wind up the Company was passed. Clive Robert Hammond of Pridie Brewster, 29-31 Greville Street, London EC1N 8RB has been appointed Liquidator for the purpose of such winding-up. CONTACT: PIRDIE BREWSTER 29-31 Greville Street, London EC1N 8RB Contact: Clive Robert Hammond, Liquidator DIATECH LIMITED: In Liquidation ------------------------------- Biotechnology firm Diatech Limited has gone into liquidation, filings lodged at the Companies House show, according to The Telegraph. Diatech Limited holds several patents for techniques, which could be useful to the genetically modified food industry. The company is linked to science and innovation minister Lord Sainsbury of Turville who is a strong supporter of genetically modified technology. He also owns Innotech, another loss-making biotechnology company. ECOWIND LIMITED: Voluntary Winding up Resolutions Passed -------------------------------------------------------- Name of Companies: Ecowind 2002 Limited Ecowind Limited At a General Meeting of the Members of the Ecowind 2002 Limited and Ecowind Limited Companies, the Special and Ordinary Resolutions to wind up the Companies were passed. J R D Smith and N J Dargan of 180 Strand, London WC2R 1WL have been appointed Joint Liquidators of the Companies. Contact: J R D Smith, Liquidator N J Dargan, Liquidator 180 Strand, London WC2R 1WL ELLENBOURNE LIMITED: Appoints Sargent & Company Administrator ------------------------------------------------------------- Name of Company: Ellenbourne Limited Nature of Business: Property Investment and Management Registered Office of Company: 36 Clare Road, Halifax HX1 2HX Trade Classification: 35, Real Estate Date of Appointment: April 2, 2004 Administrative Receiver: SARGENT & COMPANY LIMITED 36 Clare Road, Halifax HX1 2HX Receiver: Peter Sargent (IP No 8636) EUREX CONSULTANTS: Hires Liquidator from Berley ----------------------------------------------- At an Extraordinary General Meeting of the Eurex Consultants Limited Company on April 1, 2004 held at Kotva AS, Namesti, Republiky 8, Praha 1, 11388 Czech Republic, the Special Resolution to wind up the Company was passed. Mark Levy of Berley, 76 New Cavendish Street, London W1G 9TB has been appointed Liquidator for the purpose of such winding-up. CONTACT: BERLEY 76 New Cavendish Street, London W1G 9TB Contact: Mark Levy, Liquidator EUROTUNNEL PLC: New Board Seeks Aid from French Government ---------------------------------------------------------- The new board of Eurotunnel has sought an audience with French officials to discuss possible solution for the troubled Channel Tunnel operator, according to reports. Evening Standard newspaper said the board had approached transport minister Gilles de Robien; while Bloomberg News, citing the Financial Times, said Chairman Jacques Maillot had asked for a meeting with France's Finance Minister Nicolas Sarkozy. The all-French board, which ousted former directors last week, is asking help from both the French and British governments. This despite the fact that both U.K. and French governments are prevented from giving any financial assistance to Eurotunnel under the company's founding treaty. According to Evening Standard, Mr. Maillot believes it could renegotiate clauses in the Treaty of Canterbury that ban Eurotunnel from seeking state aid. A spokesman for the French government said he understood that Eurotunnel had approached it about a meeting, but added that Paris remained opposed to any proposals involving government financial help or changes to the treaties. France's finance ministry, meanwhile, said Mr. Sarkozy had not yet decided whether to meet with Eurotunnel's new management, according to the Financial Times. Eurotunnel has debts of GBP6.4 billion. GEIIT SECURITIES: Appoints Robson Rhodes Liquidator --------------------------------------------------- At an Extraordinary General Meeting of the GEIIT Securities PLC Company on March 31, 2004, the Special and Extraordinary Resolutions to wind up the Company were passed. Simon Peter Bower and Michael John Hore both of RSM Robson Rhodes LLP, 186 City Road, London EC1A 2NU have been appointed Liquidators for the Company. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1A 2NU Contact: Simon Peter Bower, Liquidator Michael John Hore, Liquidator GOVETT ENHANCED: Hires Liquidators from Robson Rhodes ----------------------------------------------------- At an Extraordinary General Meeting of the Govett Enhanced income Investment Trust PLC Company on March 31, 2004, the Ordinary Resolution to wind up the Company was passed. Simon Peter Bower and Michael John Hore both of RSM Robson Rhodes LLP, 186 City Road, London EC1A 2NU have been appointed Joint Liquidators for the purpose of such winding-up. CONTACT: RSM ROBSON RODES LLP 186 City Road, London EC1A 2NU Contact: Simon Peter Bower, Liquidator Michael John Hore, Liquidator INNOTECH INVESTMENT: Annual Pre-tax Loss Balloons to GBP7.4 Mln --------------------------------------------------------------- Innotech, the biotechnology investment firm owned by Lord Sainsbury of Turville, has been making huge losses, according to The Telegraph. The company's latest accounts filed at the Companies House show it made a pre-tax loss of GBP7.4 million compared with a loss of GBP4.1 million the previous year, the report said. It has net debt of GBP48 million while its shareholders' funds just stood at GBP20.7 million, and net cash outflow GBP1.4 million in 2002. The record further show that a blind trust set up to oversee Lord Sainsbury's financial interests when he became a minister provided the company with GBP62 million in financing over the past three years. Innotech's net asset value per share, is down to GBP1.24 from GBP2.72. INTERNATIONAL NETWORK: Hires Liquidators from Tenon Recovery ------------------------------------------------------------ At an Extraordinary General Meeting of the Members of the International Network Services U.K. Limited Company on March 30, 2004 held at The Quadrant, Stonehill Green, Westlea, Swindon SN5 7DJ, the Special Resolution to wind up the Company was passed. S R Thomas and T J Binyon of Tenon Recovery, Sherlock House, 73 Baker Street, London W1U 6RD have been appointed Joint Liquidators for the purpose of winding-up the Company. CONTACT: TENON RECOVERY Sherlock House, 73 Baker Street, London W1U 6RD Contact: S R Thomas, Liquidator T J Binyon, Liquidator MALTON BREWERY: Appoints David Horner & Co Administrator -------------------------------------------------------- Name of Company: Malton Brewery Company Limited Nature of Business: Microbrewery Trade Classification: 48 Date of Appointment: April 1, 2004 Administrative Receiver: DAVID HORNER & CO. 2A Pioneer Business Park, Clifton Moor, York YO30 4TN Receiver: David Anthony Horner (IP No 008956) MODUS RAIL: Brings in Receivers from Rothman Pantall ---------------------------------------------------- Name of Company: Modus Rail Limited Nature of Business: Contract Labor Trade Classification: 46, Other Services Date of Appointment: April 2, 2004 Joint Administrative Receiver: ROTHMAN PANTALL 26-27 Oxendon Street, London SW1Y 4EP Receivers: Robert Smailes Stephen Ryman (IP Nos 4731, 8975) MOONBEAMS CHARITY: To File for Liquidation Soon ----------------------------------------------- The charity whose funds had been missing for some time is to be officially wound up, according to The Herald. Bill Cleghorn, the judicial administrator of Moonbeams Charity, said in a public notice an interim liquidator will soon be named for the institution. Moonbeam's operation was stopped after irregularities were discovered with the way the charity manages its fund. Later, authorities found out that out of almost GBP3 million it raised only GBP70,000 went to cancer victims and their families. Moonbeam's five directors -- Willie Power, George Douglas, David Sinclair, Dorothy Ford, and Karen Stewart -- have been suspended. The recent turn of events means the directors are banned from running similar activities. Mr. Cleghorn said he wanted to interview Mr. Power and Gary Easton, the auditor and one-time director of the Edinburgh-based charity. NTL INC.: Obtains GBP2.425 Billion New Senior Credit Facility ------------------------------------------------------------- NTL Incorporated (NASDAQ: NTLI) announced the completion of the offering by its wholly owned, newly-formed subsidiary NTL Cable PLC of senior notes and the entering into of a new GBP2.425 billion senior credit facility at NTL Investment Holdings Limited. The senior notes comprise a GBP375 million aggregate principal amount tranche bearing interest at 9.75% due 2014, a $425 million aggregate principal amount tranche bearing interest at 8.75% due 2014, a EUR 225 million aggregate principal amount tranche bearing interest at 8.75% due 2014 and a $100 million aggregate principal amount floating rate tranche due 2012, bearing interest of 3-month LIBOR plus 5.00%. The new senior credit facility comprises three tranches: tranche A of GBP1.275 billion bearing interest of LIBOR plus 2.25%, tranche B of GBP900 million equivalent bearing interest of LIBOR plus 2.75% and tranche C of a GBP250 million revolver bearing interest of LIBOR plus 2.25%. Tranche C has not been drawn. Proceeds from the offering, in conjunction with cash on hand and the funding under the new credit facility, under which GBP2.175 billion has been drawn, were used to repay in full the existing senior credit facility, most of which had been due 2005, as well as to redeem the outstanding NTL Triangle debentures due 2007 and the Diamond Holdings notes due 2008 in May 2004 (after the requisite notice period has expired). Scott Schubert, Chief Financial Officer of NTL said: "These transactions represent the final major steps in restructuring NTL's balance sheet. Together with our rights offering, which was successfully completed in November 2003, these measures have reduced the Company's debt by 25% to approximately GBP3 billion and annual interest expense by 40% to approximately GBP225 million. I am very pleased with the substantial improvements that we have made to NTL's capital structure. We have put in place a solid foundation and are in a position to enjoy continued profitable growth in 2004 and beyond." The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended or any state securities laws, and unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the notes will be offered and sold within the United States under Rule 144A only to "qualified institutional buyers" and outside the United States in accordance with Regulation S under the Securities Act. CONTACT: NTL INC Investor Relations United States: Patti Leahy Phone: +1 610 667 5554 United Kingdom: Virginia Ramsden Phone: +44 (0) 20 7967 3338 Media: Justine Parrish Phone: +44 (0) 1256 752669 / (0) 7966 421 991 BUCHANAN COMMUNICATIONS Richard Oldworth Phone: +44 (0) 20 7466 5000 Jeremy Garcia Phone: +44 (0) 20 7466 5000 PHILPOTTS ACOUSTICS: HSBC Bank Appoints Wood and Lyon Receivers --------------------------------------------------------------- Name of Company: Philpotts Acoustics Limited Reg No 01587367 Nature of Business: Manufacturing of Fabricated Metal Products Date of Appointment of Joint Administrative Receivers: April 1, 2004 Name of Person Appointing the Joint Administrative Receivers: HSBC Bank plc Joint Administrative Receivers: Doncaster House, 67 Newhall Street, Birmingham B3 1NG Receiver: Alistair Steven Wood Office Holder No 7929 Cartwright House, Tottle Road, Nottingham NG2 1RT Receiver: Philip Michael Lyon Office Holder No 2108 ROYAL & SUNALLIANCE: May Sell Scandinavian Operation ---------------------------------------------------- Insurer Royal & Sun Alliance said it is reviewing options for its businesses in Denmark and Sweden. The move was prompted by an approach for the Scandinavian operation from undisclosed parties. Royal & SunAlliance, which has been selling subsidiaries, has put up its Dannish life insurance arm for at least a year now. But the recent offer is for the whole general operations in Denmark and Sweden. The Danish and Swedish operation includes a 71.5% stake in Codan, Denmark's third-biggest insurance company. It accounts for around 20% of group sales, and is considered 'core business'. The stake is valued at around GBP870 million under current market prices, Reuters said. The life insurance arm and the general insurance arm have a collective value of GBP1.2billion, according to The Telegraph. Scandinavian media has named Finnish bancassurer Sampo, pan- Nordic financial group Nordea, and Danish-Norwegian Tryg Vesta as possible buyer for parts of the business, according to Reuters. ROYAL & SUNALLIANCE: Appoints Two Non-executive Directors --------------------------------------------------------- Further to the regulatory announcement made on 30 March 2004, announcing the appointments of Ms. Noel Harwerth and Mr. Malcolm Le May as non-executive directors, Royal & Sun Alliance Insurance Group plc would like to make the following regulatory disclosures. Neither Ms. Harwerth nor Mr. Le May have held directorships in any other publicly quoted companies during the past five years. Neither Ms. Harwerth nor Mr. Le May have any interests in the shares of Royal & SunAlliance. Royal & SunAlliance confirms that there are no items requiring disclosure under paragraphs (b) to (g) of Rule 6.F.2 of the Listing Rules in relation to Ms. Harwerth or to Mr. Le May. CONTACT: Caroline Webb Phone: +44 (0) 20 7569 6075 SALTSTONE MEDIA: HSBC Bank Appoints Begbies Traynor Receiver ------------------------------------------------------------ Name of Company: Saltstone Media Limited Reg No 03902248 Nature of Business: Website Creation and Maintenance Trade Classification: 36 Debenture Date: December 6, 2001 Brief Description of Charge: Fixed and Floating Charge Debenture Date of Appointment of Joint Administrative Receivers: April 1, 2004 Name of Person Appointing the Joint Administrative Receivers: HSBC Bank Plc Joint Administrative Receivers: BEGBIES TRAYNOR 58 Queen Square, Bristol BS1 4LF Receiver: Andrew Howard Beckingham (Office Holder No 8683) Balliol House, Southernhay Gardens, Exeter Receiver: Ian Edward Walker (Office Holder No 6537) SSL INTERNATIONAL: Appoints Ian Adamson Executive Director ---------------------------------------------------------- SSL International plc the manufacturer and distributor of healthcare products announces the appointment of Ian Adamson as an Executive Director with effect from Wednesday 14 April 2004. In addition, Ian is appointed as Managing Director-Europe with immediate effect. Ian (aged 45) is currently U.K. Managing Director and is also responsible for the Northern and Eastern European consumer markets. He has worked in the healthcare industry since joining the Group in 1991 as Director of Marketing and has subsequently held a number of senior positions within the organization. Ian has a degree in marketing and is married with 3 children. Bernd Beetz, who is now resident in the U.S.A, is to step down from the Board as Non-Executive Director at the next Annual General Meeting, currently scheduled for July, in order to pursue his wider business interests. Ian Martin, SSL's Chairman said: "I am delighted to welcome Ian Adamson to the Board as an Executive Director. He further enhances our Board, bringing valuable sales and marketing expertise and we look forward to his contribution. Bernd Beetz has made a major contribution to the work of the Board. We will be sorry to see Bernd leave but we wish him well in the future." There are no further disclosures required to be made in relation to Paragraphs 16.4(a) and 16.4(b) of the FSA Listing Rules. CONTACT: SSL INTERNATIONAL PLC Garry Watts, Chief Executive Jan Young, Head of Investor Relations Phone: 020 7367 5760 THE MAITLAND CONSULTANCY William Clutterbuck Brian Hudspith Phone: 020 7379 5151 STRAND TECHNOLOGY: Appoints Begbies Traynor Administrator --------------------------------------------------------- Name of Company: Strand Technology Plc Nature of Business: Software Consultancy and Supply Trade Classification: 36 Date of Appointment: March 30, 2004 Joint Administrative Receiver: BEGBIES TRAYNOR 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU Receivers: David Acland Andrew Dick (IP Nos 8894, 8688) SUTTON CONTRACTS: Lloyds Commercial Appoints Receivers ------------------------------------------------------ Name of Company: Sutton Contracts Limited Reg No 01535399 Nature of Business: General Construction and Civil Engineering Trade Classification: 23 Date of Appointment of Joint Administrative Receivers: March 31, 2004 Name of Person Appointing the Joint Administrative Receivers: Lloyds TSB Commercial Finance Limited Joint Administrative Receivers: David Harry Gilbert Simon James Michaels (Office Holder Nos 2376/01 8824/01) 8 Baker Street, London W1U 3LL SYSTEM SCAFFOLDS: Hires Cranfield Recovery Administrator -------------------------------------------------------- Name of Company: System Scaffolds Limited Nature of Business: Scaffolding Business Date of Appointment: April 6, 2004 Administrative Receiver: CRANFIELD RECOVERY LIMITED 4 Castle Street, Warwick CV34 4BP Receiver: Tony Mitchell (IP No 8203) TCSS LIMITED: Meeting of Creditors Set May 5 -------------------------------------------- Pursuant to section 48 of the Insolvency Act 1986, a Meeting of Creditors of the TCSS Limited Company will be on May 5, 2004 at 10:00 a.m. It will be held at Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD. Creditors who wish to be represented at the Meeting may appoint proxies. Proxy forms should be submitted together with written details of debt claims at Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD not later than 12:00 noon May 4, 2004. TELSTAR INDEPENDENT: Hires Menzies Corporate Administrator ---------------------------------------------------------- Name of Companies: Telstar Independent Records Limited Telstar Music Holdings Limited Telstar Records Limited Nature of Business: Record Company Holding Company Trade Classification: 9234 3230 7415 Date of Appointment: April 5, 2004 Joint Administrative Receiver: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street, London W1W 6DW Receivers: Paul David Williams Andrew Gordon Stoneman (IP Nos 9294, 8728) TRAINING COMPANY: Calls in Liquidator ------------------------------------- At an Extraordinary General Meeting of The Training (NW) Company Limited held at 109 Chorley Road, Swinton, Manchester M27 4AA, the Special and Ordinary Resolutions to wind up the Company were passed. P Jones of Royce Peeling Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG has been appointed Liquidator for the purpose of such winding-up. CONTACT: ROYCE PEELING GREEN The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG Contact: P Jones, Liquidator TUBALAND LIMITED: Appoints Begbies Traynor Liquidator ----------------------------------------------------- At an Extraordinary General Meeting of the Tubaland Limited Company on March 31, 2004 held at the House of Lords, Westminster, London SW1, the subjoined Resolutions to wind up the Company were passed. Richard Howard Toone and Nicholas Roy Hood of Begbies Traynor, 32 Cornhill, London EC3V 3JL have been appointed Joint Liquidators for the purpose of such winding-up. CONTACT: BEGBIES TRAYNOR 32 Cornhill, London EC3V 3JL Contact: Richard Howard Toone, Liquidator Nicholas Roy Hood, Liquidator WESTERN ENGINEERING: Names Numerica Liquidator ---------------------------------------------- At an Extraordinary General Meeting of the Western Engineering and Machinery Services Limited Company on April 6, 2004 held at 30 Lavers Oak, Martock, Somerset TA12 6HG, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Mark Roach and Simon Girling both of Numerica Business Services Limited have been appointed Joint Liquidators for the purpose of the voluntary winding-up. W G GOLDING: Hires Liquidator ----------------------------- At an Extraordinary General Meeting of the Members of the W G Golding & Son Limited Company on April 2, 2004 held at Ashgrove, North Road, Havering-atte-Bower, Romford, Essex RM4 1PQ, the Special Resolution to wind up the Company was passed. Robert Stephen Palmer has been appointed Liquidator for the purpose of such winding-up. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and Liv Arcipe, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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