/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040419.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 Monday, April 19, 2004, Vol. 5, No. 76 Headlines I T A L Y PARMALAT CAPITAL: Italian Investigators Descend to Malta PARMALAT FINANZIARIA: Banca Intesa Rules out Refund PARMALAT FINANZIARIA: Founder's Lawyer Granted House Arrest N E T H E R L A N D S KONINKLIJKE AHOLD: Shakes up Finance Department KONINKLIJKE AHOLD: To Redeem 2005 Convertible Notes June 2 P O L A N D DAEWOO-FSO: Survival Hinges on Matiz-Lanos License Extension ELEKTRIM SA: Rejects National Grid Offer to Invest in ZE PAK R U S S I A CUTBACK ASPHALT: Declared Insolvent HLEB: Court Names V. Nikishkin Temporary Insolvency Manager KAN-MEBEL: Court Sets Next Hearing August 18 LARGE-PANEL: Deadline for Proofs of Claim May 26 POLYARON: Nizhny-Novgorod Court Confirms Insolvent Status REKTINAL: Court Appoints Insolvency Manager TULSKY KARAVAY: Under Bankruptcy Supervision Procedure VASYRINSKY: Proofs of Claim Deadline May 26 ZAP-SIB: Yamalo-Nenezky Court Appoints Insolvency Manager ZAP-SIB: Tymen Court Confirms Insolvent Status ZAVOD EMAL-POSUDA: Ordered to Undergo Bankruptcy Procedure S W E D E N ADECCO SA: Refusal to Hold Briefing Spawns Questions, Doubts U N I T E D K I N G D O M ACF INTERNATIONAL: Hires Administrative Receiver ASK4 WESTMID: Hires Poppleton & Appleby Administrator ATLAS ACCESS: Appoints Watkin Administrator BIG FOOD: 2003 Sales Stronger Year-on-year CANARY WHARF: CWG Acquisition Offers Class A Ordinary Shares CANARY WHARF: Silvestor Amends Rights Attached to Class C Shares CARPET EXPRESS: Meeting of Unsecured Creditors Set April 27 CATHEDRAL LTD.: Class A, B Credit-linked Notes Ratings Raised C F REALISATIONS: Appoints Kroll Limited Administrator CHINA RED: Creditors Meeting Set April 23 CIL INTERNATIONAL: Appoints Stoy Hayward Administrator CORUS GROUP: Russian Investor Wants Ex-manager Elevated to Board COURTS PLC: Restructuring to Cost GBP25 Million DYOTI ENTERPRISES: Shareholders Pass Winding up Resolution E J WEATHERLEY: Appoints Oury and Smith Liquidators EQUITABLE LIFE: City Watchdog Drops Case Against Former CEO EUROTUNNEL PLC: Appoints Herve Huas Deputy Chief Executive GALLOWAY WHITFIELD: Calls in Liquidator INVENSYS PLC: Full-year Trading in line with Expectations JARVIS PLC: Predicts Loss for Accommodation Services Unit KIDS-HOLIDAY-REPS: Members Okay Voluntary Winding- Up MARCHEX DEVELOPMENTS: Hires Liquidator from Finn Associates MARCONI LTD.: Special Resolution to Wind up Business Approved MAYFLOWER CORPORATION: Labor Union Seeks Audience with Receivers MEDIA CENTRE: Hires Kroll Limited Administrator NEWHAM PROPERTIES: Appoints Taylor Rowlands Liquidator NTL INC.: Sets First-quarter Results Conference May 5 OPTIMUM GROUP: Hires Liquidators from Deloitte & Touche PRINTABLE FIELD: Hires KPMG Administrator PRO-ACTION LIMITED: Winding up Resolution Passed RED BOOK: Voluntary Winding up Resolution Approved ROBERT BOAG: Hires Liquidator from Redhead French ROYAL & SUNALLIANCE: Keeps Ratings Despite Codan Stake Review SANCHEZ LIMITED: Creditors Meeting Set April 20 SHERIOL LIMITED: Calls in Liquidator TELEWEST COMMUNICATIONS: Files Schemes of Arrangement with Court T.T.L. INTERIOR: Appoints P&A Partnership Administrator WEST HOUSE: Voluntary Winding up Resolution Passed WESTPOINT FOODS: Meeting of Creditors Set April 23 ********* ========= I T A L Y ========= PARMALAT CAPITAL: Italian Investigators Descend to Malta -------------------------------------------------------- Italian prosecutors met with Maltese investigators over the weekend, expanding further the scope of the ongoing probe into Europe's largest financial fraud. MaltaMedia News said Antonella Ioffredi, Silvia Cavallari, Vito Zincani and a financial consultant were expected in Malta between Thursday and Saturday last week. Parmalat Capital Finance Ltd. is registered in the Cayman Island but has its fiscal office in Malta. It is controlled by Bonlat, the company used to divert the Italian parent's funds. According to reports, EUR600 million out of the EUR2.5 billion in Parmalat's books were irregularly transferred from Parmalat to the Maltese subsidiary between 1999 and 2003. Both Bonlat and Parmalat Capital are subject of liquidation petitions filed by Bank of America. Judicial sources have warned the premature liquidation of these units could erase clues on where the missing funds of Parmalat are being stashed. PARMALAT FINANZIARIA: Banca Intesa Rules out Refund --------------------------------------------------- Banca Intesa believes there is no reason to reimburse the money Parmalat paid before it filed for insolvency. The bank issued this statement following reports that Parmalat administrator, Enrico Bondi, would ask seven foreign banks and Intesa to return the fees paid by the former management. Authorities have been investigating whether the banks had known about the group's dire financial health when they arranged transactions for the company two years before it filed for bankruptcy protection. Should the administrator revoke the transactions, he could demand reimbursement of up to EUR1 billion from the banks. "We are convinced that there are no judicial conditions of any sort for any kind of revocatory action," Banca Intesa Chief Executive Corrado Passera told a shareholders' meeting in Milan. CONTACT: PARMALAT HUNGARIA RT 8000 Szekesfehervar, Seregelyesi ut 127. Phone: (36-22) 540-100 Fax: (36-22) 540-205 PARMALAT FINANZIARIA: Founder's Lawyer Granted House Arrest ----------------------------------------------------------- Former Parmalat lawyer, Gianpaolo Zini, was freed last week, almost four months after his arrest for alleged involvement in the series of illegal financial transactions. The Associated Press, citing ANSA and AGI news agencies, said a court in Bologna, Italy has granted Mr. Zini house arrest due to poor health. Until his release, Mr. Zini was the last of the major players in the scandal to have remained in jail. Parmalat founder Calisto Tanzi and two other former finance officials, Fausto Tonna and Luciano Del Soldato, were granted house arrest more than a week ago. Giovanni Tanzi, the brother of Parmalat's founder Calisto Tanzi, was also freed. Mr. Zini, a close adviser of Mr. Tanzi, was arrested in December 31 for his alleged ties with the group's controversial Cayman Islands investment fund called Epicurum. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Shakes up Finance Department ----------------------------------------------- As a further step in its "Road to Recovery" strategy, Ahold announced a number of changes to its Finance organization. Commenting on these changes, Ahold CFO Hannu Ryopponen said: "These appointments support Ahold's overall strategic ambitions, particularly with regard to its business initiatives, and improvements to the company's control environment and also to ensure reliable and transparent financial reporting." The new function of Business Control for Retail will be established within the company's Finance organization. The main area of responsibility for Business Control is to both support and challenge the retail arenas in reviews and analysis of actual performance as well as of future plans. Additionally, Business Control will also have the company-wide responsibility for the coordination of Ahold's real estate strategies and capital budgeting process. Brian Hotarek, currently CFO U.S. Retail, has been appointed Chief Business Controlling Officer with overall responsibility for the Business Control for Retail function. Parallel to the creation of the Business Control function, the current Corporate Accounting and Control department will be renamed Accounting and Reporting. This is a reflection of its increased responsibility for all aspects of accounting and reporting within Ahold as well as the creation of the Business Control function. Joost Sliepenbeek, currently Senior Vice President Controller at corporate headquarters, has been appointed Chief Accounting Officer with overall responsibility for Accounting & Reporting. Both appointments are effective April 15, 2004. CONTACT: AHOLD CORPORATE COMMUNICATIONS Phone: +31 75 659 5720 ROYAL AHOLD N.V. P.O. Box 3050 1500 HB Zaandam Netherlands Phone: +31 (0) 75 659 57 20 Fax: +31 (0) 75 659 83 02 KONINKLIJKE AHOLD: To Redeem 2005 Convertible Notes June 2 ---------------------------------------------------------- Ahold announced its intention to call its 4% Convertible Subordinated Notes due 2005 in the aggregate principal amount of EUR920 million on or about June 2, 2004. All outstanding Notes will be redeemed at 100.00% of their principal amount, together with accrued interest and unpaid interest to the date of redemption, in accordance with the indenture and the supplemental indenture governing the Convertible Notes. The holders of the Convertible Notes will be given formal notice of the proposed early redemption shortly. CONTACT: AHOLD CORPORATE COMMUNICATIONS Phone: +31 75 659 5720 ROYAL AHOLD N.V. P.O. Box 3050 1500 HB Zaandam Netherlands Phone: +31 (0) 75 659 57 20 Fax: +31 (0) 75 659 83 02 =========== P O L A N D =========== DAEWOO-FSO: Survival Hinges on Matiz-Lanos License Extension ------------------------------------------------------------ GM Daewoo Auto and Technology, the company that took over bankrupt Daewoo Motors Co., must agree to extend troubled Daewoo-FSO's license to produce Matiz and Lanos models if the firm were to survive, according to Warsaw Business Journal. The Daewoo-FSO management is hoping the company would be allowed to continue manufacturing the models beyond October until a new investor can be found to keep the firm afloat. It is understood GM Daewoo would be willing to accept such a deal, possibly in the form of an offset agreement. Only British car manufacturer MG Rover has showed interest in investing in Daewoo-FSO. Together with Cornerstone Partners, it presented a business plan for the factory earlier this year. An approval of the plan would see MG Rover's cars being assembled in Poland in May next year at the earliest. ELEKTRIM SA: Rejects National Grid Offer to Invest in ZE PAK ------------------------------------------------------------ Elektrim, a strategic investor in the Zespol Elektrowni Patnow - Adamow - Konin S.A. (ZE PAK), rejected the offer of the National Grid and its subsidiary to participate in the ZE PAK investment, according to Warsaw Business Journal. The refusal of the company to allow power division of the plant could jeopardize the PLN120 million bridging loan arranged with BRE Bank, the report said. ZE PAK is one of the fastest growing companies in Poland's power sector. It is the second largest power generator in Poland using brown coal. Located in central Poland, it's power plants supply 11% of the country's total power needs. CONTACT: ELEKTRIM S.A. Panska 77/79 00-834 Warszawa Public relations: Ewa Bojar Company Spokesman Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: ewa_bojar@elektrim.pl Investor relations: Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99 Web site: http://www.elektrim.pl ELEKTROWNIA PATNOW 62-510 Konin ul. Kazimierska 45 Phone: +48(63) 247-30-00 Fax: +48(63) 247-30-30 Home Page: http://www.zepak.com.pl =========== R U S S I A =========== CUTBACK ASPHALT: Declared Insolvent ----------------------------------- The Arbitration Court of Nizhny-Novgorod region declared LLC Cutback Asphalt-Concrete Factory insolvent and introduced bankruptcy proceedings. The case is docketed as A43-2371/04-33- 69. Mr. I. Sazankov has been appointed insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the insolvency manager at: 607060, Russia, Nizhny- Novgorod region, Sarov, Varlamovskoye shosse 18. CONTACT: CUTBACK ASPHALT-CONCRETE FACTORY 607060, Russia, Nizhny-Novgorod region, Sarov, Varlamovskoye shosse 18 Mr. I. Sazankov, insolvency manager 607060, Russia, Nizhny-Novgorod region, Sarov, Varlamovskoye shosse 18 HLEB: Court Names V. Nikishkin 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 KAN-MEBEL: Court Sets Next Hearing August 18 -------------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy supervision procedure on OJSC furniture factory Kan-Mebel. The case is docketed as A33-2054/04-c4. Mr. Alexandr Kozhematov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 660017, Russia, Krasnoyarsk, Post User Box 20647. A hearing will take place on August 18, 2004, 2:00 p.m. at the Arbitration Court of Krasnoyarsk region: 660021, Krasnoyarsk, Lenin str.143, Hall 14. CONTACT: FURNITURE FACTORY KAN-MEBEL 663601, Russia, Krasnoyarsk region, Kansk, Shabalina str.44 Mr. Alexandr Kozhematov, temporary insolvency manager 660017, Russia, Krasnoyarsk, Post User Box 20647 Arbitration Court of Krasnoyarsk region 660021, Krasnoyarsk, Lenin str.143, Hall 14 LARGE-PANEL: Deadline for Proofs of Claim May 26 ------------------------------------------------ The Arbitration Court of Tymen region declared LLC Large-Panel Housing Construction Factory insolvent and introduced bankruptcy proceedings. The case is docketed as A70-6604/3-2003. Mr. A. Kazanzev has been appointed temporary insolvency manager. Creditors have until May 26, 2004 to submit proofs of claim to the temporary insolvency manager at: Russia, Tymen, Melnikayte str.44A, 3/2. CONTACT: LARGE-PANEL HOUSING CONSTRUCTION FACTORY Russia, Tymen, Scherbakova str.88A Mr. A. Kazanzev, Temporary Insolvency Manager Russia, Tymen, Melnikayte str.44A, 3/2 POLYARON: Nizhny-Novgorod Court Confirms Insolvent Status --------------------------------------------------------- The Arbitration Court of Nizhny-Novgorod region declared CJSC Polyaron insolvent and introduced bankruptcy proceedings. The case is docketed as A43-12881/03-24-36. Mr. A. Grishin has been appointed insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the insolvency manager at: 607060, Russia, Nizhny-Novgorod region, Vyksa, Main Post Office, Post User Box 35. CONTACT: POLYARON 607010, Russia, Nizhny-Novgorod region, Kulebaki, Butova str.66 Mr. A. Grishin, insolvency manager 607060, Russia, Nizhny-Novgorod region, Vyksa, Main Post Office, Post User Box 35 REKTINAL: Court Appoints Insolvency Manager ------------------------------------------- The Arbitration Court of Krasnodar region declared OJSC Rektinal insolvent and introduced bankruptcy proceedings. The case is docketed as A32-7650/2001-1/243-B. Mr. V. Kurochkin has been appointed temporary insolvency manager. Creditors have until May 26,2004 to submit their proofs of claim to the temporary insolvency manager at: 350059, Russia, Krasnodar region, Krasnodar, Novorossiyskaya str.102. CONTACT: OJSC REKTINAL 350059, Russia, Krasnodar region, Krasnodar, Novorossiyskaya str.102 Mr. V. Kurochkin, Temporary Insolvency Manager 350059, Russia, Krasnodar region, Krasnodar, Novorossiyskaya str.102 TULSKY KARAVAY: Under Bankruptcy Supervision Procedure ------------------------------------------------------ The Arbitration Court of Tula region commenced bankruptcy supervision procedure on state unitary enterprise bread-baking complex, Tulsky Karavay. The case is docketed as A68-90/B-03. Mr. A. Laptev has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 300026, Russia, Tula, Ryazanskaya str.1, office 600, Phone/Fax: (0872) 35-66-43. A hearing will take place on May 31, 2004, 10:00 a.m. at the Arbitration Court of Tula region: Tula, Sovetskaya str.112, Hall 112. CONTACT: BREAD-BAKING COMPLEX TULSKY KARAVAY 300002, Russia, Tula, Demidoskaya plotina 1 Mr. A. Laptev, temporary insolvency manager 300026, Russia, Tula, Ryazanskaya str.1, office 600, Phone/Fax: (0872) 35-66-43 VASYRINSKY: Proofs of Claim Deadline May 26 ------------------------------------------- The Arbitration Court of Krasnodar region declared Closed JSC large-panel housing construction factory, Vasyrinsky, insolvent and introduced bankruptcy proceedings. The case is docketed as A32-17628/2001-43/547-B. Mr. V. Paladich has been appointed temporary insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the temporary insolvency manager at: 353225, Russia, Krasnodar region, Vasyrinskaya. CONTACT: VASYRINSKY 353225, Russia, Krasnodar region, Vasyrinskaya Mr. V. Paladich, Temporary Insolvency Manager 353225, Russia, Krasnodar region, Vasyrinskaya ZAP-SIB: Yamalo-Nenezky Court Appoints Insolvency Manager --------------------------------------------------------- The Arbitration Court of Yamalo-Nenezky autonomous region declared power building company, Closed JSC Zap-Sib-Gaz-Stroy, insolvent and introduced bankruptcy proceedings. The case is docketed as A81-392/1357B-04. Mr. A. Kazanzev has been appointed temporary insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the temporary insolvency manager at: Russia, Tymen, Melnikayte str.44A, 3/2. CONTACT: ZAP-SIB-GAZ-STROY 629300, Russia, Yamalo-Nenezky autonomous region, Novy Urengoy Zapadnaya Promzona, Post User Box 949 Mr. A. Kazanzev, Temporary Insolvency Manager Russia, Tymen, Melnikayte str.44A, 3/2 ZAP-SIB: Tymen Court Confirms Insolvent Status ---------------------------------------------- The Arbitration Court of Tymen region declared Industrial Buiding Company LLC Zap-Sib-Prom-Stroy Trust insolvent and introduced bankruptcy proceedings at the company. The case is docketed as A70-2912/3-2003. Mr. A. Rypin has been appointed temporary insolvency manager. Creditors have until May 26, 2004 to submit their proofs of claim to the temporary insolvency manager at: 625000, Russia, Tymen, Gerzena str.78, office 313. CONTACT: ZAP-SIB-PROM-STROY TRUST Russia, Tymen, Melnikayte str.106 Mr. A. Rypin, Temporary Insolvency Manager 625000, Russia, Tymen, Gerzena str.78, office 313 ZAVOD EMAL-POSUDA: Ordered to Undergo Bankruptcy Procedure ---------------------------------------------------------- The Arbitration Court of Republic of Buryatiya commenced bankruptcy supervision procedure on OJSC enamel-utensils factory Zavod Emal-Posuda (TIN 0323055085). The case is docketed as A10-821/04. Mr. A. Kapustin has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to the temporary insolvency manager at: 670042, Russia, Republic of Buryatiya, Ulan-Ude, Tobolskaya str.47-103. A hearing will take place on May 19, 2004, 2:00 p.m. at the Arbitration Court of Republic of Buryatiya. CONTACT: ENAMEL-UTENSILS FACTORY ZAVOD EMAL-POSUDA 670000, Russia, Republic of Buryatiya, Borsoyeva str.97 Mr. A. Kapustin, temporary insolvency manager 670042, Russia, Republic of Buryatiya, Ulan-Ude, Tobolskaya str.47-103 =========== S W E D E N =========== ADECCO SA: Refusal to Hold Briefing Spawns Questions, Doubts ------------------------------------------------------------ Adecco S.A. downplayed an immediate need to discuss its recent situation with analysts, the press, and shareholders months after it surprised the public by revealing accounting "irregularities" in its U.S. operation. According to the Financial Times, Francois Vassard, Adecco's head of information, said there were merits in a big media event and in selective briefings to journalists, but executives' schedules did not allow both. Interested parties have been waiting for the company's annual results conference for some time. Adecco said it has yet to decide whether to hold a full news conference. The Financial Times said Wednesday the company had decided against a formal media event. It was also reported in some editions that a planned news conference had been "cancelled." Shares in Adecco fell 36% when it revealed reporting problems in January. Subsequently, two of its top executives were sacked. The shares recovered after the company assured its ongoing business remains strong. But some bankers and analysts believe Adecco has still much to explain to earn solid confidence. Positive estimates of most analysts put the probable financial impact of the irregularities up to about EUR100 million (US$199 million). =========================== U N I T E D K I N G D O M =========================== ACF INTERNATIONAL: Hires Administrative Receiver ------------------------------------------------ Name of Company: ACF International Limited Nature of Business: Manufacturer of Chairs and Seating Trade Classification: 3611 Date of Appointment: March 26, 2004 Joint Administrative Receiver: DTE HOUSE Hollins Mount, Bury BL9 8AT Receivers: A Poxon A Clifton (IP Nos 8620, 8766) ASK4 WESTMID: Hires Poppleton & Appleby Administrator ----------------------------------------------------- Name of Company: Ask4 Westmid Limited Nature of Business: Haulage Contractors Registered Office of Company: 43 St Peters Road, Pedmore, Stourbridge DY9 8NT Trade Classification: 63400 Date of Appointment: April 1, 2004 Joint Administrative Receiver: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Receivers: M T Coyne M D Hardy (IP Nos 6575, 9160) ATLAS ACCESS: Appoints Watkin Administrator ------------------------------------------- Name of Company: Atlas Access Group Limited Reg No 02862292 Registered Office: Emerald House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH Nature of Business: Raised Flooring Trade Classification: 4543 Administration Order Made: March 29, 2004 Court: Birmingham District Registry. Court No: 2316. Contact: K J Watkin, Administrator (Office Holder No 5276) BIG FOOD: 2003 Sales Stronger Year-on-year ------------------------------------------ The Company announces its trading statement for the fourteen weeks to April 2, 2004. Introduction The concentration of the food-retailing sector continued to accelerate during the early months of 2004, affecting both the supermarket and convenience segments of the market. The Company believes that the food retail market should be viewed as a single entity. Having correctly identified the changing habits of consumers within this single market, the Company continues to develop its strategy of establishing a strong position in the growing convenience store segment through its own operations and those of its independent retail customers. Trading in both the retail and foodservice markets has eased from the Christmas period and the Company has controlled margins and costs in this environment accordingly. Sales All parts of the group produced positive like-for-like sales growth for the year. Like-for-like sales for the fourteen- and fifty-three week periods to April 2 were: Fourteen Weeks Fifty-Three Weeks % % Group 1.4 1.5 Booker * 1.2 1.2 - Tobacco * 4.2 1.9 - Non tobacco -1.2 0.7 Woodward 34.9 26.6 Iceland -0.2 0.7 * Phonecards and e-top up have been excluded from sales in accordance with the policy adopted in the interim report and accounts. In Booker, tobacco sales have continued to benefit from the successful implementation of Spend and Save at the beginning of the financial year. Non-tobacco sales to the independent retail sector have similarly benefited with like-for-like sales up 0.5%. In particular, the expansion of the Premier fascia continued with the addition of 91 stores during the quarter. By the end of the financial year there were 1455 Premier retailers against 1001 at 28 March 2003 and like-for-like sales to this customer group increased by 8.5%. Meanwhile, sales to the foodservice sector have experienced a softer end to the year pointing towards a slower start to the hospitality and tourist season leading up to Easter. At Woodward Foodservice the like-for-like sales performance continues to be strong. Investments in sales resources and distribution infrastructure have resulted in especially strong gains in national accounts and ambient product sales. At Iceland, sales from the estate awaiting renewal softened during the final quarter. This reflected the effects of increased competition as well as the temporary disruption caused by changes designed to improve customer service within store operations. In contrast, the positive sales impact of the refit Program continues to underpin the transition towards convenience retailing. 23 refits were completed during the quarter and at the end of the financial year 142 stores were trading in the new format. The refit program will further accelerate from three refits per week to six per week after Easter. As announced on 11 March 2004, Andrew Clarke will be joining the Company as Iceland managing director on 26 April 2004. He previously held senior management positions with Asda having started his career with Morrison. Profitability Favorable advances in margins and the tight control of costs are expected to result in an outturn in profitability for the year in line with the Company's expectations. Cash Flow Net debt for the fifty-three weeks to 2 April 2004 averaged GBP251 million, a reduction of GBP22 million from the previous year. Londis The Company continues to believe that its strategic expansion into convenience store retailing would be greatly enhanced by the opportunity, which Londis represents. Equally importantly, the Company considers that a partnership would strengthen the Londis brand identity in the neighborhood retail environment as competition increases for this growth segment. The Company awaits further developments from the process initiated by the Londis Board. Outlook The year as a whole has seen greater stability in the Group's performance, which has been achieved by the roll out of its strategic initiatives. The market place itself continues to experience greater competitiveness together with pressures on both selling prices and costs. These factors are expected to increase in intensity during the year ahead. The pace of change will require improved operational efficiencies and the successful exploitation of the proven customer facing strategies. Bill Grimsey, Chief Executive of The Big Food Group commented: "Faced with an increasingly competitive and fast-consolidating U.K. food retailing market, we are confident that we have put in place the right development strategies for the Company. With the acceleration of the Iceland refit program next year and the maintenance of a tight control over margins and costs, we can compete in tomorrow's world." The Company intends to report its preliminary results for 2003/04 on 27 May 2004. CONTACT: THE BIG FOOD GROUP PLC Bill Grimsey - Chief Executive Phone: 020 7796 4133 Bill Hoskins - Finance Director On 15 April 2004 only HUDSON SANDLER LIMITED Andrew Hayes Noemie de Andia Phone: 020 7796 4133 CANARY WHARF: CWG Acquisition Offers Class A Ordinary Shares ------------------------------------------------------------ CWG Acquisition announces a further 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. The revision is in addition to the revision announced on April 14, 2004 whereby it was announced that a Loan Note Alternative will be introduced. Additional Class A Ordinary Shares The Offer is being revised such that approximately a further 50,000,000 Class A Ordinary Shares in Thames River will be made available (based on the existing issued share capital of Canary Wharf). This will enable Canary Wharf Shareholders who elect for the Class A Share Alternative to receive a greater proportion of their consideration in Class A Ordinary Shares. It will also increase availability of Class A Ordinary Shares under the Class A Additional Share Election Facility. Accordingly, a Canary Wharf Shareholder validly electing for the Class A Share Alternative will now be entitled to receive 1.0855 Class A Ordinary Shares per Canary Wharf Share in lieu of 27.1375 pence in cash to which such Canary Wharf Shareholder would otherwise be entitled under the Cash Offer. Assuming a full acceptance and full share take up scenario, and based on the existing issued share capital of Canary Wharf, approximately 635 million Class A Ordinary Shares and approximately 240 million Class B Restricted Shares will be issued, representing an aggregate value of approximately GBP218.8 million of cash consideration to which the relevant Canary Wharf Shareholders would otherwise be entitled and resulting in approximately a 23.9% shareholding of Thames River in CWG Acquisition. The Further Revised Offer Accordingly, the Further Revised Offer will consist of: (a) an all-cash offer of 275 pence for each Canary Wharf Share (a value, which the Independent Committee has stated to be fair and reasonable); (b) the improved 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 Further Revised Offer is set out in the full text of this announcement. This announcement of the Further 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 Further 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 document: http://bankrupt.com/misc/Canary_Wharf_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 Simon Fraser 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: Silvestor Amends Rights Attached to Class C Shares ---------------------------------------------------------------- Summary (a) Silvestor U.K. Properties Limited announces a further improvement to the terms of its proposed acquisition of Canary Wharf through a revision to the rights attaching to the Class C Shares to be offered to Shareholders under the Mix and Match Election. 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 rights attaching to the Class C Shares provide that such shares may be transferred after two years following completion of the Scheme and may be converted into Class B Shares after three years following completion of the Scheme. Prior to this revision, the relevant time periods were, respectively, three years and five years. As under the previous terms of the Acquisition, Silvestor Holdings plc will use its reasonable endeavors to ensure that the new Class B Shares arising on conversion of the Class C Shares are admitted to trading on AIM. (c) 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. (d) 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. (e) 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 31 December 2003. (f) 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) 62.55% 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 31 December 2003. (g) 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 22 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. (h) 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. (i) 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 document: http://bankrupt.com/misc/Revised_Silvestor_Offer.htm CONTACT: MORGAN STANLEY Mark Warham Brian Magnus 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 Alex Midgen Ben Davey Phone: +44 20 7280 5000 (Financial adviser to Silvestor , Silvestor Holdings and Simon Glick) HOARE GOVETT Nigel Mills Ranald McGregor-Smith (Broker to Silvestor and Silvestor Holdings) Phone: +44 20 7678 8000 TULCHAN COMMUNICATIONS Andrew Grant Katie Macdonald-Smith (Public relations adviser to Silvestor) Phone: +44 20 7353 4200 SMITHFIELD FINANCIAL John Antcliffe Phone: +44 20 7360 4900 (Public relations adviser to Simon Glick) FINSBURY LIMITED Faeth Birch (Public relations adviser to British Land) Phone: +44 20 7251 3801 CARPET EXPRESS: Meeting of Unsecured Creditors Set April 27 ----------------------------------------------------------- There will be a Meeting of the unsecured Creditors of the Carpet Express Group Limited on April 27, 2004 at 2:00 p.m. It will be held at the offices of Kroll Limited, 10 Fleet Place, London EC4M 7RB. Creditors whose claims are wholly secured are not entitled to vote at the Meeting for their secured debt. Other Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at Kroll Limited, 10 Fleet Place, London EC4M not later than 12:00 noon April 26, 2004. CONTACT: KROLL LIMITED 10 Fleet Place, London EC4M Contact: A Beveridge, Joint Administrator CATHEDRAL LTD.: Class A, B Credit-linked Notes Ratings Raised ------------------------------------------------------------- Standard & Poor's Ratings Services raised its credit ratings on the class A and B credit-linked notes issued by Cathedral Ltd. owing to stable credit performance and the approaching maturity of the transaction. Since the class A and B notes were upgraded in March 2004, the expected net loss rates associated with the notes have decreased to the extent that they are now consistent with higher ratings. This is due to the approaching legal maturity of the transaction in May this year without any negative credit migration in the reference portfolio. The rating on the class C notes remains at 'D', where it was placed on March 5, 2002. Cathedral is a fully funded synthetic CDO that had a static reference pool at closing of $466.3 million comprising 52 bonds issued by corporate and financial institutions. It is managed by Dresdner Bank AG (A/Negative/A-1). The ratings on the notes continue to reflect the credit quality of the reference credits, the level of credit enhancement provided by subordination, and Dresdner Bank's ability to meet its payment obligations as counterparty under the credit default swap. Further information on this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail 1on: media_europe@standardandpoors.com. RATINGS LIST Cathedral Ltd. EUR404 Million and $25 Million Secured Floating-Rate Notes Class Rating To From Ratings Raised A AA+ AA B BB B+ CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses paul_stanwix@standardandpoors.com simon_collingridge@standardandpoors.com StructuredFinanceEurope@standardandpoors.com C F REALISATIONS: Appoints Kroll Limited Administrator ------------------------------------------------------ Name of Company: C F Realisations Limited (previously Coupe Foundry Limited) Nature of Business: Ferris Foundry Trade Classification: 7 Date of Appointment: April 7, 2004 Joint Administrative Receiver: KROLL LIMITED 1 Oxford Court, Bishopsgate M2 3WR Receivers: David J Whitehouse Simon Wilson (IP Nos 008699, 008963) CHINA RED: Creditors Meeting Set April 23 ----------------------------------------- Pursuant to section 48 of the Insolvency Act 1986, a Meeting of Creditors of the China Red Limited Company will be on April 23, 2004 at 10:30 a.m. It will be held at 73 Baker Street, London W1U 6RD. Creditors whose claims are wholly secured are not entitled to attend or to be represented at the Meeting. Other Creditors who want to be represented at the Meeting may appoint proxies. Proxy form must be submitted together with the written debt claims at Tenon Recovery, 73 Baker Street, London W1U 6RD not later than 12:00 noon April 22, 2004. CONTACT: TENON RECOVERY 73 Baker Street, London W1U 6RD Contact: S R Thomas, Joint Administrative Receiver S D Burkett-Coltman, Joint Administrative Receiver CIL INTERNATIONAL: Appoints Stoy Hayward Administrator ------------------------------------------------------ Name of Company: CIL International Limited Nature of Business: Shopfitters Trade Classification: 9 Date of Appointment: March 26, 2004 Joint Administrative Receiver: BDO STOY HAYWARDS LLP 8 Baker Street, London W1U 3LL Receivers: Shay Bannon Simon James Michaels (IP Nos 8777/01, 8824/01) CORUS GROUP: Russian Investor Wants Ex-manager Elevated to Board ---------------------------------------------------------------- Russian businessman Alisher Usmanov is endorsing a candidate to sit on the board of troubled Anglo-Dutch steelmaker. Mr. Usmanov, which holds a 13% stake in Corus, wants Aad Van der Velden, a former manager at Corus, to become non-executive director, to help the company improve its performance. A fellow businessman, aluminum tycoon Oleg Derispaska is supporting the proposal, according to The Independent. Mr. Derispaka was also reported to have separately called on the steelmaker to consider abandoning the U.K. if the situation in the firm does not improve. Brandes, a 15% U.S. shareholder in Corus, is believed to have been as well approached for support of the appointment. Corus remains unprofitable five years after its merger with Dutch company Koninklijke Hoogovens. It has since then lost some GBP2 billion, mostly blamed on the U.K. arm. In March, the group reported a GBP208 million loss for 2003. COURTS PLC: Restructuring to Cost GBP25 Million ----------------------------------------------- Following the conclusion of its financial year-end on 31 March 2004 Courts Plc, the international retail group, announces an update on its review of strategic options and an early view of its year end result. Group Restructuring The Board is now engaged in the acceleration of the turnaround of the Group's U.K. business. As part of the review process, a comprehensive assessment of the carrying value of U.K. assets has been undertaken. This has resulted in the write down of certain assets, including the writing off of fixtures and fittings in loss making stores and an increase in stock provisioning. In the new financial year, the main focus of the U.K. management team will be to build on the 21% LFL sales growth delivered in the year ended 31 March 2004 by re-engineering the supply chain, identifying further operational efficiencies and enhancing the in-store customer experience. Management will also continue to progress the re-shaping of the store portfolio. In addition, restructuring in overseas operations requires a one-off charge to be created to provide for asset write-offs in certain of these businesses. These U.K. and overseas actions will lead to a non-cash one-off charge to profits totaling approximately GBP25 million in the year to 31 March 2004. Group Refinancing Initiatives The refinancing initiatives announced on 19 January 2004 are progressing ahead of schedule. It is now anticipated that the securitization of consumer receivables in Singapore will be completed shortly. In the Caribbean, advisers have been appointed to progress the localization of consumer receivables financing, through a securitization or equivalent transaction, and the flotation of the Group's operations on the region's stock exchanges. We aim to complete these initiatives before the end of 2004. As a reflection of the faster than expected progress to date, it is now estimated that GBP7 million of costs associated with the refinancing will be charged to profits in the year ended 31 March 2004, GBP2 million higher than was estimated on 19 January 2004. Full Year Outturn As a result of the above non-cash one-off adjustments of approximately GBP25 million, refinancing costs of approximately GBP7 million and adverse currency movements of approximately GBP6 million, the Group is estimated to record a pre-tax loss in the order of GBP24 million in respect of the year ended 31 March 2004. The estimated pre-tax loss for the year ended 31 March 2004 also reflects a delay in recognizing GBP5.5 million of compensation to be paid by landlords for the disruption resulting from the reformatting, downsizing and closure of certain U.K. stores. This compensation will now be recognized in the year to 31 March 2005. The result also reflects a trading deterioration in the final quarter of approximately GBP5 million, primarily overseas where we focused on reducing stock levels aggressively. The transfer to deferred revenue for the year ended 31 March 2004 is estimated to be GBP11 million (2003: GBP6 million) which will benefit future profits. A further update on trading and the progress with the refinancing initiatives will be given at the time of the preliminary results statement, which is scheduled to be released on 27 May 2004. Leo McKee, Chairman, commented: "These actions represent a measured step towards establishing a solid foundation from which to deliver profitable growth." CONTACT: COURTS PLC Hudson Sandler Jessica Rouleau Phone: 020 7796 4133 DYOTI ENTERPRISES: Shareholders Pass Winding up Resolution ---------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Dyoti Enterprises Limited Company on April 1, 2004 held at 25 Top Hill Road, Tyword, Reading RG1 0BG, the Special Resolution to wind up the Company was passed. Michael F McCarthy has been appointed Liquidator for the purpose of such winding-up. E J WEATHERLEY: Appoints Oury and Smith Liquidators --------------------------------------------------- Name of Companies: E J Weatherley Limited Weatherley Holdings Limited Weatherley Homes Limited Weatherley Investments Limited At an Extraordinary General Meeting of these Companies on April 5, 2004 held at Oldfields House, Amersham Road, Beaconsfield, Buckinghamshire HP9 2UG, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Richard Anthony Oury and Derrick Arthur Smith of Oury Clark, Herschel House, 58 Herschel Street, Slough, Berkshire SL1 1HD have been appointed Liquidators for the purpose of these winding up. CONTACT: OURY CLARK Herschel House, 58 Herschel Street, Slough, Berkshire SL1 1HD Contact: Richard Anthony Oury, Liquidator Derrick Arthur Smith, Liquidator EQUITABLE LIFE: City Watchdog Drops Case Against Former CEO ----------------------------------------------------------- The Financial Services Authority has decided not to pursue a case against former Equitable Chief Executive, Roy Ranson, The Scostsman reported citing a company spokesman. The regulator said Mr. Ranson is too old to investigate. A potential case against him would not do much since the most that can be done to him is ban him from holding another office in the City, which is believed no longer necessary. He is now living on a comfortable pension in Buckinghamshire. The 73-year old former executive is Equitable's chief executive from 1991 to 1997 and also the appointed actuary from 1982. He is among those cited responsible for the near-collapse of the mutual in Lord Penrose's report into the society. He was blamed for failing to keep the society's board fully informed about the risks the business is facing. He and other former directors continue to face a GBP3.2 billion legal suit filed by Equitable's new management. EUROTUNNEL PLC: Appoints Herve Huas Deputy Chief Executive ---------------------------------------------------------- The Board of Eurotunnel met Thursday in Coquelles, France and made these decisions: (a) It appointed Herve Huas as Deputy Chief Executive of the Eurotunnel Group; (b) It decided to reduce by half the fees currently paid to the non-executive directors; (c) It will submit the 2003 accounts, without modification, for approval to the Annual General Meeting of Eurotunnel SA that considers the accounts for 2004. Eurotunnel manages the infrastructure of the Channel Tunnel and operates accompanied truck shuttle and passenger shuttle (car and coach) services between Folkestone, U.K. and Calais/Coquelles, France. It is market leader for cross-Channel travel. Eurotunnel also earns toll revenue from other train operators (Eurostar for rail passengers, and EWS and SNCF for rail freight), which use the Tunnel. Eurotunnel is quoted in London, Paris and Brussels. CONTACT: EUROTUNNEL Kevin Charles Phone: + 44 (0) 1303 288728 BRUNSWICK Richard Jacques Phone: + 44 (0) 20 7404 5959 Investor Inquiries: Xavier Clement, Eurotunnel Phone: + 33 1 55 27 36 27 GALLOWAY WHITFIELD: Calls in Liquidator --------------------------------------- At an Extraordinary General Meeting of the Members of the Galloway Whitfield & Co Limited on April 1, 2004 held at Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE, the Special Resolution to wind up the Company was passed. John Harvey Madden of Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE has been appointed Liquidator for the purpose of such winding-up. CONTACT: TAYLOR ROWLANDS 8 High Street, Yarm, Stockton on Tees TS15 9AE Contact: John Harvey Madden, Liquidator INVENSYS PLC: Full-year Trading in line with Expectations --------------------------------------------------------- Sales(1) in Process Systems(2) were slightly ahead. Although markets remained challenging for most of the year, the Group's greater financial stability following its refinancing contributed to a strengthening of orders in the fourth quarter. Better project controls and progress on performance initiatives delivered some improvement in operating(3) margin in the second half. Eurotherm's sales and orders were helped by a late pickup but, as expected, operating profit reflected the lower margins of its growing Asia Pacific revenues. Sales in APV were ahead of last year, although -- in line with competitors -- the business experienced a late slowing of orders as major customers delayed their investments. Operating profit for the second half was also reduced by write-offs relating to prior periods, as highlighted during the recent refinancing. Rail Systems showed good growth in sales and operating profit. Excluding the London Underground PPP contracts, the backlog decreased slightly, affected by delays in order placement by Network Rail in the U.K. and in the passage of the U.S. Transportation Bill. Sales in Climate Controls fell, largely reflecting the disposal of local contracting businesses; but overall operating profit was similar to last year. In Appliance Controls, sales recovered after a difficult first quarter to strengthen operating margins. Both businesses were experiencing improved order trends as the year finished. Management of the Group's legacy liabilities and the ongoing reduction in corporate costs continued in line with announced programs. The disposal processes for both Powerware and Hansen Transmissions are progressing well. Invensys will announce its results for the year to 31 March 2004 on 20 May 2004. Footnotes: (1) Comparisons with prior periods are at constant exchange rates (2) Foxboro, Triconex, Avantis, SimSci-Esscor, Wonderware, Marcam & IMServ (3) Before interest, tax, exceptional items, goodwill amortization and goodwill impairment About Invensys Invensys is a global automation, controls and process solutions Group. Our products, services, expertise and ongoing support enable intelligent systems to monitor and control processes in many different environments. The businesses within Invensys help customers in a variety of industries -- including hydrocarbons, chemicals, oil and gas, power and utilities, rail, telecommunications, paper, food and beverage, dairy, pharmaceuticals and personal care -- to perform with greater efficiency, safety and cost-effectiveness. Process Systems provides products, services and solutions for the automation and optimization of plant operation in the process industries. APV specializes in process equipment engineered into systems and asset services for food, beverage, personal care, pharmaceutical and chemical clients. Eurotherm is a leading supplier of control and measurement instrumentation solutions and services to industrial and process customers. Rail Systems is a multinational leader in the design, manufacture, supply, installation, commissioning and maintenance of safety- related rail signaling and control systems. Climate Controls is a major provider of the components, systems and services used across the world to make commercial and residential environments safer, more comfortable and more efficient. Appliance Controls has the broadest system and component offering for the appliance industry worldwide. Invensys PLC is listed on the London Stock Exchange. With 39,000 employees operating in 60 countries, Invensys helps customers to improve their performance and profitability, building value for end users and shareholders alike. ***** Standard & Poor's Ratings Services said it lowered its long-term corporate credit rating on U.K.-based engineering company Invensys PLC to 'B+' from 'BB-' as a result of the group's expected high levels of leverage in the medium term. CONTACT: INVENSYS PLC Victoria Scarth Mike Davies BRUNSWICK Nick Claydon Mike Smith Phone: +44 (0) 20 7821 3755 Phone: +44 (0) 20 7404 5959 Fax: +44 (0) 20 7821 3709 Fax: +44 (0) 20 7831 2823 JARVIS PLC: Predicts Loss for Accommodation Services Unit --------------------------------------------------------- Ahead of its close period, Jarvis plc is updating the market on trading for the year to March 31, 2004 and announces the change of its Finance Director. The Accommodation Services Division has continued to disappoint. Against previous market expectations of operating profits in the region of GBP5 million, latest estimates for this division currently indicate a loss for the year of a similar magnitude. After refinancing gains, the equity interests of the PFI/UPP portfolio of investments have been sold at a loss of some GBP6 million. The loss for the division has primarily been caused by overruns on construction costs for a number of the refurbishment contracts. These contracts are now nearing completion and a substantial restructuring has taken place within the Accommodation Services Division to improve its performance. In addition to the previously announced reduction in bid costs for next year, the bidding, construction and facilities management functions have been combined into one entity based on just two regional centers of London and Manchester. Greater regional focus has already been brought to bear on accommodation services bidding activity and future construction contracts will either use far fewer sub-contractors or alternatively contracts will be direct-let to a construction partner who will bear their own bidding costs. A number of consequential management changes within the division have been made and the new structure became operational from 1 April. In the light of recent overall performance of the group and our review of the group's activities, the Board will review the appropriate dividend policy for the Group. Working Capital is expected to show an inflow of approximately GBP30m in the second half. Net debt as at March 31, 2004 is in line with market estimates. Over GBP20 million of annualized costs are being taken out across the group and most of the cost of this has been absorbed during the last year. Jarvis announces the award of preferred bidder status for 2 schools in Manchester with a development value of GBP35 million and a whole life value of GBP115 million, and for 2 schools at Bangor in Northern Ireland with a development value of GBP30 million and a whole life value of GBP155 million. It has also been appointed preferred bidder by the University of East London to provide some 1,500 student rooms in a project with a whole life value of GBP150 million. Jarvis has also reached financial close on the contract to build 2 new schools in Rhondda with a development value of GBP27 million and a whole life value of GBP96 million. These contracts total a further GBP516 million of whole life value. As announced at the time of the interim results in November 2003, Jarvis has reviewed its range of activities and as a result has made a number of disposals of non-core activities. These include closing its Student U.K. operation and disposing of its 51% stake in Avonwood for a nominal sum. It has also decided to exit its joint venture, Jarvis Primary Health, and its ownership of Ultramast. In addition it has sold a 10% stake in Agilisys to its joint venture partner, netdecisions Ltd. for GBP1.6 million, together with put and call options for the remaining 40% for a consideration of up to GBP6 million. In addition to realizing cash, these disposals will simplify the group, provide greater transparency and free up management time. Negotiations on exiting Jarvis' rail maintenance activities have concluded satisfactorily and the three maintenance contracts were handed back as expected at the beginning of this month. The exceptional charge for exiting this activity will be GBP40 million, being principally the write off of pension credit and consequential redundancy and other costs. Kevin Hyde, Chief Executive of Jarvis commented "Last year has been a challenging year for Jarvis in many respects. In our rail activities we decided to significantly reduce the company's risk exposure by exiting track maintenance. This was completed successfully on 31 March. In the Accommodation Services Division we have had to cope with the complexities of a number of substantial schools refurbishment contracts and the associated working capital outflow. These are now finally nearing completion. We have already commenced, with our advisers, a process to reduce debt, streamline and simplify the group and to improve levels of transparency." The Company also announces that Robert Kendall, Group Finance Director, has tendered his resignation from the Board and will stand down from the Board with immediate effect. Alistair Rae is appointed to the role of acting Finance Director with immediate effect. Alistair qualified as a Chartered Accountant with KPMG and his subsequent career includes positions at Deloitte & Touche, Cazenove and HSBC Investment Bank. He joined Jarvis as Director of Strategy and Corporate Affairs in February 2002. Kevin Hyde said: "I would like to thank Robert for his contribution to Jarvis over many years, the last three as Group Finance Director and wish him every success in his future career. I am pleased that Robert has agreed to assist in an orderly hand-over of the finance function to Alistair." CONTACT: JARVIS PLC Paul Ravenscroft Phone: 020 7 462 4639 Mobile: 07958 903820 E-mail: paul.ravenscroft@jarvis-uk.com Web site: http://www.jarvisplc.com Investor Relations Alistair Rae Phone: 020 7462 6670 E-mail: a.rae@jarvis-uk.com General Inquiries: Alexandra Major Phone: 01920 832800 E-mail: alex.major@jarvis-uk.com Address: Frogmore Park, Watton-at-Stone Hertford SG14 3RU, United Kingdom Phone: +44-1920-832800 Fax: +44-1920-832832 KIDS-HOLIDAY-REPS: Members Okay Voluntary Winding- Up ----------------------------------------------------- At an Extraordinary General Meeting of the Members of the Kids- Holiday-Reps-Limited Company on April 5, 2004 held at Tenon Limited, Sumner House, St Thomas's Road, Chorley, Lancashire PR7 1HP, the Special Resolution to wind up the Company was passed. Derek Oakley has been appointed Liquidator for the purpose of such winding-up. MARCHEX DEVELOPMENTS: Hires Liquidator from Finn Associates ----------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Marchex Developments Limited Company on April 7, 2004 held at The Grange, Fenay Hall, Fenay Lane, Huddersfield HD8 0LJ, the Special and Ordinary Resolutions to wind up the Company were passed. Peter Adrian Finn of Finn Associates, Tong Hall, Tong, West Yorkshire BD4 0RR has been appointed Liquidator for the purpose of such winding-up. CONTACT: FINN ASSOCIATES Tong hall, Tong West Yorkshire BD4 0RR Contact: Peter Adrian Finn, Liquidator MARCONI LTD.: Special Resolution to Wind up Business Approved ------------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Marconi 9Fifty-Three) Limited Company on April 1, 2004 held at New Century Park, Coventry CV3 1HJ, the Special Resolution to wind up the Company was passed. Robin Arthur Ellis of 2 The Elms, Church Road, Claygate, Surrey KT10 0JT has been appointed Liquidator for the Company. CONTACT: 2 THE ELMS Church Road, Claygate, Surrey KT10 0JT Contact: Robin Arthur Ellis, Liquidator MAYFLOWER CORPORATION: Labor Union Seeks Audience with Receivers ---------------------------------------------------------------- The Transport and General Workers' Union have called in a meeting with receivers of Mayflower Vehicle Corporation, according to the Coventry Observer. John Rowse, the union's national secretary for manufacturing, said the meeting is aimed at seeking assurances for the future of the manufacturing jobs at the company. Deloitte & Touche, the receiver appointed to Mayflower Vehicle Systems' parent, Mayflower Corporation, refused to comment on a possible negotiation, the report said. The report follows the sacking of 300 jobs at Mayflower Corporation's Transbus subsidiary last week. MEDIA CENTRE: Hires Kroll Limited Administrator ----------------------------------------------- Name of Company: The Media Centre (Properties) Limited Nature of Business: 9305-Other Service Activities and 7487-Other Business Activities Trade Classifications: 9305 and 7487 Date of Appointment: April 2, 2004 Joint Administrative Receiver: KROLL LIMITED Aspect Court, 4 Temple Row, Birmingham B2 5HG Receivers: Gurpal Singh Johal Joanne Marie Wright (IP Nos 005770, 9152) NEWHAM PROPERTIES: Appoints Taylor Rowlands Liquidator ------------------------------------------------------ At an Extraordinary General Meeting of the Members of the Newham Properties Limited Company on April 1, 2004 held at The Endeavour Partnership LLP, Westminster, St Marks Court, Teesdale, Stockton on Tees TS17 6QP, the Special Resolution to wind up the Company was passed. John Harvey Madden of Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE has been appointed Liquidator for the purpose of such winding-up. CONTACT: TAYLOR ROWLANDS 8 High Street, Yarm, Stockton on Tees TS15 9AE Contact: John Harvey Madden, Liquidator NTL INC.: Sets First-quarter Results Conference May 5 ----------------------------------------------------- On Wednesday, May 5 at 8:30 a.m. EDT and 1:30 p.m. U.K. time Simon Duffy, CEO, and Scott Schubert, CFO, Will Discuss NTL'S Financial Results. Conference Call Details are: U.S. Dial-in Number: + 1 334 420 4951 U.K. & International Dial-In Number: + 44 (0) 20 7162 0188 A replay of this conference call will be available for one week beginning approximately two hours after the end of the call until Wednesday 12th May. The replay dial-in numbers are: U.S. Replay Dial-in Number: +1 866 484 2564 U.K. & International Replay Dial-in Number: +44 (0)20 8288 4459 Conference ID: 572672 The conference call can also be accessed via a live audio Web cast at 8:30 a.m. EDT (1:30 p.m. U.K. time) on our Web site http://www.ntl.com CONTACT: NTL INCORPORATED U.S. Patti Leahy Phone: +1 610 667 5554 U.K. Virginia Ramsden Phone: +44 (0)20 7967 3338 OPTIMUM GROUP: Hires Liquidators from Deloitte & Touche ------------------------------------------------------- Name of Companies: Optimum Group Holdings Limited Optimum Group Limited At an Extraordinary General Meeting of these Companies on March 31, 2004 held at Lidgate Crescent, Langthwaite Grange Industrial Estate, South Kirkby, Pontefract WF9 3NR, the Special and Ordinary Resolutions to wind up the Companies were passed. Angus Matthew Martin and Ian Brown, of Deloitte & Touche, 1 City Square, Leeds, West Yorkshire LS1 2AL have been appointed Joint Liquidators of the Companies. CONTACT: DELOITTE & TOUCHE 1 City Square, Leeds, West Yorkshire LS1 2AL Contact: Angus Matthew Martin, Liquidator Ian Brown, Liquidator PRINTABLE FIELD: Hires KPMG Administrator ----------------------------------------- Name of Company: Printable Field Emitters Limited Nature of Business: Research and Design of Visual Display Units Trade Classification: 46 Date of Appointment: April 7, 2004 Joint Administrative Receiver: KPMG Arlington Business Park, Theale, Reading, Berkshire RG7 4SD Receiver: David John Crawshaw (IP No 8814) KPMG 8 Salisbury Square, London EC4Y 8BB Receiver: Jane Bronwen Moriarty (IP No 9055) PRO-ACTION LIMITED: Winding up Resolution Passed ------------------------------------------------ At an Extraordinary General Meeting of the Members of the Pro- Action People Limited Company on April 5, 2004 held at Tenon Limited, Sumner House, St Thomas's Road, Chorley, Lancashire PR7 1HP, the Special Resolution to wind up the Company was passed. Derek Oakley has been appointed Liquidator for the purpose of such winding-up. RED BOOK: Voluntary Winding up Resolution Approved -------------------------------------------------- At an Extraordinary General Meeting of The Little Red Book Company (UK) Limited on March 29, 2004 held at Montrose House, 412-416 Eastern Avenue, Ilford, Essex IG2 6NQ, the Special, Ordinary and Extraordinary Resolutions to wind up the Company were passed. Mark Prideaux of Unique Business Finance Ltd, 6 Lockside Office Park, Lockside Road, Preston PR2 2YS has been appointed Liquidator for the Company. CONTACT: UNIQUE BUSINESS FINANCE LTD 6 Lockside Office Park, Lockside Road, Preston PR2 2YS Contact: Mark Prideaux, Liquidator ROBERT BOAG: Hires Liquidator from Redhead French ------------------------------------------------- At an Extraordinary General Meeting of the Robert Boag & Sons Limited Company on April 2, 2004 held at 44-46 Orsett Road, Grays, Essex RM17 5ED, the Special and Ordinary Resolutions to wind up the Company were passed. Jeremy Stuart French of Redhead French, 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX has been appointed Liquidator for the Company. CONTACT: REDHEAD FRENCH 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX Contact: Jeremy Stuart French, Liquidator ROYAL & SUNALLIANCE: Keeps Ratings Despite Codan Stake Review ------------------------------------------------------------- Standard & Poor's Ratings Services said its ratings on Royal & Sun Alliance Insurance PLC (A-/Negative/--) and related entities are unaffected by the announcement by its parent Royal & Sun Alliance Insurance Group PLC (R&SA) that it is reviewing its 71.7% holding in Codan Limited A/S (Codan; not rated) following interest from potential buyers. The Codan group, representing R&SA's interests in Scandinavia, accounts for a material part of R&SA's earnings (19.7% of ongoing 2003 operating profits), without which the group's debt servicing capacity would be negatively impacted if no other action were taken. A full sale would also reduce R&SA's geographic diversity. Standard & Poor's will update its analysis as the results of R&SA's review emerge. The key rating considerations, if a sale is confirmed, will be details of the sale price, how proceeds will be used, and the strength of earnings of R&SA's remaining businesses. Standard & Poor's continues to expect further improvements in R&SA's 2004 underwriting performance, and continued execution of its restructuring and capital release program to restore capital adequacy to a strong level. CONTACT: STANDARD AND POORS RATING SERVICES Analyst E-mail Addresses rowena_potter@standardandpoors.com ashley_gill@standardandpoors.com mark_button@standardandpoors.com InsuranceInteractive_Europe@standardandpoors.com SANCHEZ LIMITED: Creditors Meeting Set April 20 ----------------------------------------------- There will be an initial Meeting of the Creditors of the Sanchez (U.K.) Limited Company on April 20, 2004 at 10:00 a.m. It will be held at KPMG, 8 Princes Parade, Liverpool L3 1QH. Creditors who want to vote at the Meeting must submit written debt claims at KPMG Corporate Recovery, 8 Princes Parade, Liverpool L3 1QH not later than 12:00 noon April 19, 2004. CONTACT: KPMG 8 Prices Parade, Liverpool L3 1QH SHERIOL LIMITED: Calls in Liquidator ------------------------------------ At an Extraordinary General Meeting of the Sheriol 115 Limited Company on April 5, 2004 held at 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, the subjoined Special Resolution to wind up the Company was passed. Carl Derek Faulds and James Richard Tickell of Portland Business & Financial Solutions, 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have been appointed Joint Liquidators of the Company. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS 1640 Parkway, Solent Business Park, Whiteley Farehem, Hampshire Contact: Carl Derek Faulds, Liquidator James Richard Tickell, Liquidator TELEWEST COMMUNICATIONS: Files Schemes of Arrangement with Court ---------------------------------------------------------------- Telewest filed a document with the High Court of England and Wales and the Royal Court of Jersey initiating the final steps in the implementation of the Telewest group's financial restructuring. The documents submitted to the High Court and the Jersey Court relates to schemes of arrangement under section 425 of the Companies Act 1985 and article 125 of the Companies (Jersey) Law 1991 between Telewest and Telewest Finance (Jersey) Limited and their respective scheme creditors. At initial hearings in the High Court on 22 April 2004 and in the Jersey Court on 23 April 2004, the courts will be requested to set dates for scheme meetings at which relevant creditors may vote on the proposals outlined in the scheme documentation. A copy of the proposed draft explanatory statement that was submitted to the High Court and will be submitted to the Jersey Court [is] be posted on Telewest's Web site at http://www.telewest.co.uk CONTACT: TELEWEST COMMUNICATIONS Jane Hardman Director of corporate communications Phone: 020 7299 5888 CITIGATE DEWE ROGERSON Phone: 020 7638 9571 Anthony Carlisle Phone: 07973 611888 T.T.L. INTERIOR: Appoints P&A Partnership Administrator ------------------------------------------------------- Name of Company: T.T.L. Interior Solutions Limited Nature of Business: Suspended Ceilings and Walls Trade Classification: 23 Date of Appointment: March 30, 2004 Joint Administrative Receiver: THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Receivers: Philip Andrew Revill Derek Leslie Woolley (IP Nos 6421, 6047) WEST HOUSE: Voluntary Winding up Resolution Passed -------------------------------------------------- At an Extraordinary General Meeting of the Members of the West House Investments Ltd Company on April 2, 2004 held at Pegasus House, 202 Panfield Lane, Braintree, Essex CM7 5RJ, the Special and Ordinary Resolutions to wind up the Company were passed. Alan Simon has been appointed Liquidator for the purpose of the voluntary winding-up. WESTPOINT FOODS: Meeting of Creditors Set April 23 -------------------------------------------------- There will be a Creditors Meeting of the Westpoint Foods Limited Company on April 23, 2004 at 3:00 p.m. It will be held at KPMG LLP, St James' Square, Manchester M2 6DS. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at KPMG LLP, St James' Square, Manchester M2 6DS not later than 12:00 noon April 22, 2004. CONTACT: KPMG LLP St James' Square, Manchester M2 6DS Contact: B Green, Joint Administrative Receiver ********* 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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