/raid1/www/Hosts/bankrupt/TCREUR_Public/040524.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, May 24, 2004, Vol. 5, No. 101
Headlines
C Z E C H R E P U B L I C
TELESYSTEM INTERNATIONAL: Reports Strong First-quarter Results
F I N L A N D
SANITEC OYJ: To Hold Conference Call on Interim Report Tomorrow
F R A N C E
BALMAIN: Cash-strapped Units File for Receivership
BSN GLASSPACK: E.U. Antitrust Regulator Postpones Ruling on Sale
G E R M A N Y
CELANESE AG: Corporate Credit Rating Slips to 'B+' from 'BBB'
ISION GMBH: British Parent Probed in Relation to 2001 Takeover
I R E L A N D
GLANBIA PLC: Expects Trading to Meet Market Forecast
I T A L Y
ALITALIA SPA: May Receive Government-guaranteed Bridging Loan
EUROFOOD IFSC: Bondi, Farrell Clash Over Jurisdiction
U K R A I N E
AGROKOMBINAT BOGODUHIVSKIJ: Falls into Bankruptcy
AGROSOJUZ: Insolvent Status Confirmed
ELITE SEED: Declared Insolvent
FINIST: Kirovograd Court Appoints Insolvency Manager
GIRNIK: Bankruptcy Proceedings Begin
HARKIV MACHINE: Proofs of Claim Deadline June 14
LAN: Bankruptcy Supervision Procedure Begins
LYON: Chernigiv Court Appoints Insolvency Manager
OPISHNYA' REPAIR: Court Appoints Liquidator
PIVDENNIJ BUG: Declared Insolvent
PRAVDA: Odesa Court Prescribes Bankruptcy Supervision
PROMIN: Under Bankruptcy Supervision Procedure
REGIONPROMKOMPLEKT: Undergoes Bankruptcy Supervision
SHEVELIVSKE: Deadline for Proofs of Claim June 14
SHSU NO.3: Insolvent Status Confirmed
U N I T E D K I N G D O M
ADVENTURE CENTER: Sale Talks Ongoing, Says Administrator
ASPENHOLD LIMITED: Hires Receiver from S F Plant & Co.
BCE CABLE: Appoints PricewaterhouseCoopers Liquidator
BLUE HERRING: Hires Kroll Limited Administrator
BRITISH INDUSTRIAL: Names Liquidator from Baker Tilly
DORIC METAL: Members Final Meeting Set June 21
DPF SALES: Creditors Meeting June 8
GARDNER TODD: Brings in Receivers from Insol House
GOLD PARCEL: Members Final Meeting June 25
HAMILTON BROTHERS: Calls in Liquidator
HOLIDAYBREAK: Closing Several Campsites
INTERIOR BUSINESS: Appoints Rothman Pantall & Co. Administrator
INVENSYS PLC: Yearly Loss Reduced to GBP328 Million
JARVIS PLC: Rumors of Potential Sale Swirl
J.STEVENTON: Hires Berg Kaprow Lewis Liquidator
K JOINER: Sets General Meeting June 17
KWELM COMPANIES: Amends Payout Terms
LAUGHTON PROPERTIES: Members General Meeting June 30
MID-WALES YARNS: Appoints Receivers from DTE Leonard Curtis
MOTHERCARE PLC: Rebounds with GBP23.9 Million Pre-tax Profit
PHILIP QUANTRILL: In Administrative Receivership
QUANTUM ASSURED: Members General Meeting June 18
RIVERPOINT CREATIONS: Hires Moore Stephens Administrator
VIS ENTERTAINMENT: BAM! Entertainment Completes Acquisition
WARNER BROS.: Hires Stoy Hayward Administrator
*********
===========================
C Z E C H R E P U B L I C
===========================
TELESYSTEM INTERNATIONAL: Reports Strong First-quarter Results
--------------------------------------------------------------
Telesystem International Wireless Inc. (long-term corporate
credit rated 'B-' by Standard & Poor's) reported its results for
the first quarter ended March 31, 2004.
Service revenues for the quarter reached US$264.2 million
compared to US$189.8 million for the first quarter of 2003.
Consolidated operating income before depreciation and
amortization (OIBDA)[1] increased 32.0% to US$107.5 million
compared to US$81.4 million for the first quarter of 2003.
Operating income for the quarter reached US$50.2 million
compared to US$30.4 million for the first quarter of 2003. The
strong growth in OIBDA and operating income reflects strong
subscriber growth in Romania and margin expansion in the Czech
Republic. Net income for the quarter was US$15.7 million or
US$0.13 per share basic and fully diluted compared to a net
income of US$3.0 million or US$0.03 per share for the first
quarter 2003.
"We are pleased with our first quarter results. In Romania, we
achieved our best first quarter net additions ever, resulting in
an accelerating growth rate of service revenues," said Bruno
Ducharme, President and Chief Executive Officer. "In the Czech
Republic we continued to improve our operating margins,
achieving a 29% OIDBA margin for the quarter compared to 23%
last year."
Results of Operations
We recorded net subscriber additions for the first quarter of
282,316 to reach total subscribers of 5,286,109, up 29.7%
compared to 4,075,512 at the end of the first quarter of 2003.
Consolidated service revenues increased 39.2% to US$264.2
million compared to US$189.8 million for the first quarter of
2003. The revenue growth and lower depreciation costs as a
percentage of revenue resulted in an operating income of US$50.2
million compared to US$30.4 million for the same period last
year, an increase of 65.2%.
Net income for the first quarter of 2004 amounted to US$15.7
million or US$0.13 per share basic and fully diluted compared to
a net income of US$3.0 million or US$0.03 per share for the
first quarter 2003. Net income for the first quarter of 2004
includes a gain of US$11.7 million on disposal of our shares in
Hexacom, our Indian affiliate while net income for the
corresponding quarter of 2003 included a gain of US$19.6 million
on the disposal of part of our participation in MobiFon S.A.
Interest expense for the first quarter of 2004 was US$22.3
million compared to US$27.4 million for the same period last
year primarily as a result of the decrease in corporate debt.
The 2003 results also include a loss from our discontinued
operations of US$8.8 million or US$0.09 per share.
MobiFon S.A. (Romania)
MobiFon S.A. (MobiFon or its trade mark, Connex), the market
leader in Romania with an estimated 48.5% share of the cellular
market, added 215,096 net subscribers for the first quarter for
a total of 3,672,138, compared to net additions of 37,557 in the
first quarter of 2003 and total subscribers of 2,672,765 at the
end of the same 2003 period, an increase of 37%. As of March
31, 2004, postpaid subscribers accounted for 37% of MobiFon's
total subscriber base as compared to 35% at the end of the first
quarter of 2003 and 37% at the end of last year.
During the past 12 months, we estimate cellular telephony market
penetration in Romania increased to 35% from 24% at the end of
the first quarter of 2003. The first quarter of 2004 confirmed
the strength of the mobile market in Romania. Total market
growth was lower than in the previous quarter due to seasonality
but was the best first quarter ever for MobiFon.
Service revenues reached US$147.6 million compared to US$113.1
million for the first quarter of 2003. This record US$34.5
million increase in service revenues translated into a 30.5%
year over year growth rate, MobiFon's highest growth rate since
early 2000. This growth was largely attributable to a 35.0%
increase in average subscribers.
The monthly average revenue per user (ARPU)[1] for the first
quarter was US$12.76 compared to US$13.29 for the same period of
last year, with the decrease being primarily the result of the
one million subscriber growth experienced during the last 12
months.
Cost of services as a percent of service revenue increased to
21.7% from 18.7% in the first quarter of 2003. This increase
results primarily from a higher average interconnection rate
amongst mobile operators and from higher roaming costs due to
the appreciation of the Euro against the U.S. dollar. Site
costs for the quarter were also greater than for the same period
last year due to the higher level of network deployment
activity. Furthermore, MobiFon has been incurring costs
associated with its fiber optic capacity leasing and reselling
agreement since the second quarter of 2003 while revenues
derived from this agreement are recorded as part of equipment
revenues. Selling, general and administrative expenses
increased to 22.0% of service revenues compared to 20.9% for the
2003 corresponding period primarily as a result of greater
selling and marketing expenses associated with subscriber
growth.
OIBDA increased 17.5% to US$77.3 million compared to US$65.8
million for the same period last year. OIBDA as a percentage of
service revenue decreased to 52.4% compared to 58.2% in the
quarter ending March 31, 2003 and 53.1% for the year 2003 as a
whole, primarily as a result of costs incurred in acquiring
significantly more new subscribers and retaining high value
subscribers during the quarter. While new subscribers tend to
generate lower ARPU, the cost to acquire and service these new
subscribers are managed accordingly, which enabled MobiFon to
maintain a ratio of OIBDA to service revenues above 50% over
twelve-month periods.
During the first quarter of 2004, MobiFon implemented a loyalty
points program. Postpaid customers are awarded points, based on
their total bill, which can be redeemed for handsets or airtime.
We recorded an expense for the ultimate expected incremental
cost of the redemption of such awards with the exception of that
portion of such awards which is expected to be used to purchase
handsets subsidized by us in conjunction with the signing of 12-
month contracts. The cost associated with points expected to be
redeemed for handsets have been deferred until such time as the
handset sale and related redemption takes place and the cost
associated with points which are expected to be redeemed for
airtime have been included in selling, general and
administrative expenses. As a result, operating income for the
three-month period ended March 31, 2004, includes an expense of
US$0.6 million in relation with the new loyalty program.
Operating income rose 34.4% to US$48.1 million compared to
US$35.8 million for the first quarter of 2003.
Cesky Mobil A.S. (Czech Republic)
Cesky Mobil A.S. (Cesky Mobil or its trade mark Oskar) added
67,220 net subscribers in the first quarter to reach 1,613,971,
an increase of 27.0% compared to 1,270,568 subscribers at the
end of the first quarter of 2003. Cesky Mobil's focus on
postpaid growth continued to be successful with postpaid
subscribers representing 76% of net additions during the
quarter. As a result, Cesky Mobil's prepaid/postpaid mix as of
March 31, 2004 was 56/44 compared to 61/39 at of March 31, 2003
and 58/42 at the end of December 31, 2003. We estimate we held
a 16.3% share of the national cellular market as of March 31,
2004, compared to a 14.5% share at the same time last year.
During the past 12 months, we estimate cellular penetration in
the Czech Republic increased to 97% from 86% at the end of the
first quarter of 2003. According to our estimate, Cesky Mobil
captured approximately 36% of the total market new subscriber
additions during the quarter.
Service revenues increased 52.0% to US$116.6 million compared to
US$76.7 million for the first quarter of 2003 due to a 29.0%
increase in average subscribers and an 18.1% increase in ARPU.
ARPU for the first quarter reached Czech Koruna 623.5 (US$23.72)
compared to Czech Koruna 592.5 (US$20.09) for the same period of
last year and the average exchange rate between the U.S. Dollar
and the Czech Koruna during the first quarter of 2004 was 12.4%
higher than for the same period in 2003.
Selling, general and administrative expenses declined to 26.0%
of service revenues compared to 28.4% for the same period last
year. Cesky Mobil recorded OIBDA of US$34.4 million compared to
OIBDA of US$17.3 million for the same period last year. OIBDA
as a percentage of service revenue for the quarter reached 29%
compared to 22% in the first quarter of 2003 and 27% for the
year 2003 as a whole. This improvement reflects the revenue
impact of solid subscriber growth, Cesky Mobil's focus on
postpaid growth and the economies of scale realized as fixed
costs are spread over the larger subscriber base. Cesky Mobil
achieved a record operating income of US$6.2 million for the
first quarter of 2004, compared to an operating loss of US$3.8
million for the first quarter of 2003.
Corporate and Other
Unallocated expenses for corporate and other activities were
US$4.2 million for the first of 2004 compared to US$1.6 million
for the same period last year. During 2003, we adopted the fair
value based method of accounting for stock-based compensation on
a prospective basis and, accordingly, the fair value method has
been applied to all grants on or after January 1, 2003. As a
result, consolidated selling, general and administrative
expenses for the first quarter of 2004 include stock based
compensation cost of US$1.5 million of which US$0.9 million is
included within corporate and other activities, while the
corresponding period of 2003 had no compensation costs as no
grants were awarded in that period.
Liquidity and Capital Resources
For the first quarter of 2004, operating activities provided
cash of US$41.5 million compared to US$46.5 million in the
corresponding 2003 period, resulting from the US$26 million
increase in OIBDA being more than offset by the US$32.2 million
increase in working capital requirements. Included in the
change in working capital for 2004 was the first interest
payment on the MobiFon Holdings notes and increases in prepaid
spectrum fees.
Investing activities used cash of US$63.2 million for the
quarter ended March 31, 2004 compared to cash of US$10.6 million
being provided during the same period in 2003. Our investing
activities consisted of acquisition of property, plant and
equipment of US$50.8 million and US$29.8 million for the periods
ended March 31, 2004 and March 31, 2003, respectively. The
70.7% increase over the corresponding period last year is
primarily the result of rescheduling planned 2004 capital
expenditures in MobiFon to take advantage of contract terms
expiring in the first quarter of the year and to enhance network
capacity to meet traffic increases. Investing activities for
the three months ended March 31, 2004 also include the net
proceeds from the sale of our direct investment in Hexacom which
amounted to US$21.8 million offset by the use of US$5.3 million
in connection with the acquisition of a 3.62% non controlling
interests in Cesky Mobil and the use of US$32.1 million in
connection with the acquisition of a 13% non controlling
interest in ClearWave. The corresponding 2003 period also
included net proceeds of US$39 million related to the sale of a
5.9% interest in MobiFon.
Financing activities provided cash of US$59.9 million for the
first quarter of 2004 compared to use of cash of US$20.3 million
for the first quarter of 2003. The source of cash provided by
financing activities in the first quarter of 2004 was US$67.4
million of proceeds from issuances of our common shares
partially offset by US$7.5 million representing the first
scheduled repayment of MobiFon's senior credit facility. First
quarter 2003 results included repayment of short-term corporate
loans of US$47.4 million partially offset by proceeds from
issuance of long-term debt by our subsidiary of US$27.1 million.
Cash, cash equivalents and restricted short-term investments
totaled US$260.4 million as of March 31, 2004, including
US$103.9 million at the corporate level, which included US$28.1
million in restricted short term investments.
As of March 31, 2004, total consolidated indebtedness was US$1.1
billion, of which US$221.6 million was at the corporate level,
US$292.5 million at MobiFon and US$565.3 million at Cesky Mobil.
As of March 31, 2004 corporate net debt, defined as debt at the
corporate level minus cash at the corporate level, was US$117.7
million compared to US$154.1 million at March 31, 2003 and
US$150.9 million at December 31, 2003.
On March 25, 2004, the shareholders of MobiFon approved
dividends amounting to Lei 4.6 trillion (US$138 million). As
stipulated in the shareholders' resolution, the dividends do not
become payable to shareholders until conditions for shareholder
distributions are met under the MobiFon's senior credit
agreements. As at March 31, 2004, the maximum payable to
shareholders based on the conditions of such loan agreements,
was US$79.8 million and accordingly an amount of US$29.1 million
is included with amounts payable to non-controlling interests as
at March 31, 2004.
On March 17, 2004, we acquired 5.9% of MobiFon and 2.9% of TIW
Czech from EEIF Melville B.V., Emerging Markets Partnership c.v.
and EEIF Czech N.V., in exchange for the issuance of 14,621,714
common shares of TIW. As a result of this transaction, MobiFon
Holdings B.V., our subsidiary, increased its ownership in
MobiFon from 57.7% to 63.5% while our subsidiary ClearWave N.V.
increased its ownership in TIW Czech from 24.2% to 27.1%. These
transactions resulted in the creation of goodwill of US$122.1
million and US$14.1 million for MobiFon and Cesky Mobil
respectively.
On March 25, 2004, certain of our shareholders and us sold 21
million of our common shares at US$9.50 per share. The gross
proceeds of the offering was US$199.5 million. We issued 7
million common shares from treasury for gross proceeds of
US$66.5 million and 14 million common shares were sold by the
selling shareholders, namely Telesystem Ltd., an affiliate of
Hutchison Whampoa Ltd., affiliates of J.P. Morgan Partners, LLC
and EEIFMelville B.V. and certain of its affiliates through a
secondary offering. The net proceeds of the treasury offering
were US$62.7 million after deducting underwriting fees and other
expenses. We did not receive any proceeds from the secondary
offering.
On March 31, 2004, the underwriters of the offering exercised
the over-allotment option they had been awarded to purchase from
treasury an additional 1,050,000 common shares at a price of
US$9.50 per share. The over-allotment option closed on April 5,
2004 resulting in net proceeds to us of US$9.5 million.
In parallel with the offering of our common shares, we acquired
a 13% equity interest in our subsidiary ClearWave from two
institutional shareholders in consideration for a combination of
10.9 million of our common shares and US$35.7 million in cash of
which US$3.6 million was paid subsequent to the quarter. As a
result of this transaction, our equity interest in ClearWave
increased from 86.8% to 99.8%. The acquisition resulted in the
creation of US$115.6 million and US$14.6 million of goodwill
allocated to MobiFon and Cesky Mobil, respectively, based on our
estimate of their relative fair value. We will seek to acquire
all other remaining shares of ClearWave.
With these transactions, we achieved our objective of increasing
our economic ownership in MobiFon and Cesky Mobil. In the
future, we may seek to further increase our economic interest in
our subsidiaries in exchange of stock, cash or a combination of
both. We expect to have future capital requirements,
particularly in relation to the expansion and addition of
capacity of our cellular networks and for servicing of our debt.
We intend to finance such future capital requirements mainly
from cash on hand and cash flows from operating activities.
Board Appointments
As previously announced, EEIF Melville B.V. was expected to
propose a nominee to our Board of Directors. We have been
advised that EEIF Melville B.V. will nominate Mr. Thierry Baudon
who is a Managing Director of Emerging Markets Partnership (EMP)
and CEO of Emerging Markets Partnership (Europe) Ltd since 1999.
Prior to joining EMP, Mr. Baudon was the Director of the
International Finance Division in the Suez-Lyonnaise des Eaux
Group, responsible for structuring large-scale transactions
involving project finance and private equity in emerging market
countries. Prior to joining Suez-Lyonnaise des Eaux in 1995,
Mr. Baudon was Deputy Vice President and a Member of the
Operations Committee of the European Bank for Reconstruction and
Development (EBRD). Prior to joining EBRD in 1991, Mr. Baudon
spent ten years in the World Bank Group, holding various senior
positions.
In addition, we have been advised that the Caisse de depot et
placement du Quebec has the intention to exercise its rights to
exchange a debenture issued by Telesystem Ltd. into 10,633,002
common shares held by Telesystem Ltd. As a result of this
exchange, Telesystem Ltd. will continue to own approximately
7.1%, and the Caisse de depot et placement du Quebec will own
7.6%, of the common shares. The Caisse has also indicated its
intention to nominate Mr. Francois Laurin to the Board of
Directors. Mr. Laurin is Vice-President Investments,
Communications at Capital d'Amerique CDPQ Inc., an affiliate of
Caisse de depot et placement du Quebec. Mr. Laurin has
extensive financial expertise as a senior executive in the
telecommunications, broadcasting and transportation industries.
Prior to joining Capital d'Amerique CDPQ Inc. in April 2003, he
was vice-president controller of Bombardier Transportation since
2001 and from 2000 to 2001 he was Vice-President, Finance and
administration at Microcell i5, a start-up operation in Internet
solutions for mobile handsets. As a result of Mr. Laurin's
nomination, Mr. Daniel Cyr will be stepping down from the Board
of Directors. These changes in the members of the Board of
Directors are expected to become effective shortly.
About TIW
TIW provides wireless voice, data and short messaging services
in Central and Eastern Europe to more than 5.2 million
subscribers. TIW is the market leader in Romania through
MobiFon S.A. and a rapidly growing operator in the Czech
Republic through Cesky Mobil a.s. TIW's shares are listed on
NASDAQ (TIWI) and on the Toronto Stock Exchange (TIW).
---------
Footnote:
[1] We use the term operating income before depreciation and
amortization (OIBDA) and average revenue per user (ARPU), which
may not be comparable to similarly titled measures reported by
other companies. We believe that OIBDA, referred to in our
previous reporting as EBITDA, provides useful information to
investors because it is an indicator of the strength and
performance for our ongoing business operations, including our
ability to fund discretionary spending such as capital
expenditure and other investments and our ability to incur and
service debt. While depreciation and amortization are
considered operating costs under generally accepted accounting
principles (GAAP), these expenses primarily represent the non-
cash current period allocation of costs associated with long-
lived assets acquired or constructed in prior periods. Our
OIBDA calculation is commonly used as one of the bases for
investors, analysts and credit rating agencies to evaluate and
compare the periodic and future operating performance and value
of companies within the wireless telecommunications industry.
We believe that ARPU provides useful information concerning the
appeal of our rate plans and service offerings and our
performance in attracting and retaining high value customers.
ARPU excludes revenues from other cellular networks' customers
roaming on our network. OIBDA and ARPU should not be considered
in isolation or as alternatives measures of performance under
GAAP.
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
=============
F I N L A N D
=============
SANITEC OYJ: To Hold Conference Call on Interim Report Tomorrow
---------------------------------------------------------------
Sanitec will publish its Interim Report for January to March
2004 on May 24, 2004. A conference call will be held on Tuesday
May 25, 2004 at 3:00 p.m. Central European Time. The Conference
call registration form is available at
http://www.sanitec.com/default.asp?path=35,51,57,833.
Alternatively, click http://www.sanitec.com/then Investors >
Conference Calls.
The phone number to dial in and the code to enter the conference
call will be given to you immediately after your registration.
Registration is required not later than Tuesday, May 25, 2004 at
8:00 a.m. CET.
* * *
Early in March, Standard & Poor's Ratings Services revised to
stable from negative its outlook on Sanitec International S.A.,
the holding company of the Finland-based Sanitec group, and
Sanitec Oy, a subsidiary of Sanitec International, following
improvements in its liquidity situation. At the same time, the
'B+' long-term corporate credit ratings and all related debt
ratings were affirmed.
"We believe that Sanitec is now likely to meet its financial
covenants applying to EUR507 million (US$639 million) of bank
facilities, including the unused rollover backup, over the next
few quarters," said Standard & Poor's credit analyst Eve Greb.
"The successful divestment of its vacuum sewage business (EVAC)
to the French Zodiac Group by mid-April, and improving free cash
flow generation in the fourth quarter of 2003 due to working
capital reduction have also helped Sanitec to alleviate some
short-term liquidity pressure."
CONTACT: SANITEC OYJ
Ms. Ilona Matikainen
Phone: +358 9 7095 404
E-mail ilona.matikainen@sanitec.com
===========
F R A N C E
===========
BALMAIN: Cash-strapped Units File for Receivership
--------------------------------------------------
Three Balmain subsidiaries filed for receivership at the
commercial courts of Paris and Angers more than a week ago,
according to Europe Intelligence Wire, citing Le Monde.
According to the report, the subsidiaries of the French fashion
group defaulted on loans as a result of the failure of an
unnamed Hong Kong-based investment fund to honor its promise to
pay EUR5 million. The amount would have secured at least 10% of
Balmain's capital for the fund, the group said.
Balmain has pledged to restructure the subsidiaries. The group
posted a EUR5.7 million operating loss in 2003 as market slumped
after the SARS outbreak in Asia and the war in Iraq. The loss
of its high-profile creative director Oscar de la Renta in July
2002 further aggravated its difficulties.
CONTACT: BALMAIN
Press Relations
Chantal Vizioz
Nathalie Fauconnier
44 rue Francois ler
75008 Paris
Phone: 01 47 20 35 34
Fax: 01 47 23 40 11
BSN GLASSPACK: E.U. Antitrust Regulator Postpones Ruling on Sale
----------------------------------------------------------------
The European Commission has delayed ruling on the plans by
Owens-Illinois Inc. to buy BSN Glasspack from May 26 to June 9.
According to Reuters, "a delay usually means that there are
competitive problems and that the parties have proposed
solutions which must now be reviewed by customers and
competitors."
U.S.-based Owens-Illinois is buying Europe's second-biggest
glass-container maker for US$625 million in cash. Standard &
Poor's expects that proceeds from the sale of the blow-molded
plastic operations, if completed as proposed, will be used for
debt reduction. S&P affirmed its ratings on BSN, including the
'B+' corporate credit rating, following the announcement that
the two have entered exclusive negotiations.
CONTACT: BSN GLASSPACK
South-East
ZAC Fontvert
84130 Le Pontet
Phone: 33 (0) 4 90 03 81 80
Fax: 33 (0) 4 90 31 97 17
Home Page: http://www.bsnglasspack.com
=============
G E R M A N Y
=============
CELANESE AG: Corporate Credit Rating Slips to 'B+' from 'BBB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Frankfurt, Germany-based Celanese AG to 'B+' from
'BBB'. Ratings remain on CreditWatch with negative implications
awaiting the approval by shareholders of the domination
agreement and profit and loss transfer agreement, and for the
domination agreement to become effective. The corporate credit
rating on CNA Holdings Inc. was also lowered to 'B+' from 'BBB'.
With the completion of the Blackstone Group's tender offer for
Celanese shares (shareholders owning 84% of the outstanding
shares have accepted the tender offer), Celanese has begun the
process of entering into domination and profit and loss transfer
agreements, which will allow Blackstone to control the
management and share in the profits and losses of Celanese and
provide for minority shares to receive a dividend or cash
compensation for their shares. Upon receiving the necessary
approvals, the ratings would be affirmed and removed from
CreditWatch where they were placed on December 16, 2003.
"The downgrade reflects the sharp increase in debt at Celanese
to fund the Blackstone Group's tender offer for the shares of
this specialty chemical company in a transaction valued at about
$3.5 billion," said Standard & Poor's credit analyst Wesley E.
Chinn.
Standard & Poor's assigned its 'B+' senior secured bank loan
rating and its recovery rating of '3' to $608 million of
revolving credit facilities due 2009 and a $608 million term
loan due 2011. The 'B+' rating is the same as the corporate
credit rating; this and the '3' recovery rating indicate that
bank lenders can expect meaningful (50%-80%) recovery of
principal in the event of default. Standard & Poor's also
assigned a 'B+' corporate credit rating to BCP Caylux Holdings
Luxembourg S.C.A., which currently owns 84% of the ordinary
shares of Celanese AG, and a 'B-' rating to $1.565 billion of
senior subordinated notes due 2014 to be issued by BCP Caylux
Holdings.
BCP Caylux Holdings is a recently formed holding company and is
limited in its ability to exercise managerial control over
Celanese, including the payment of dividends and other
distributions by Celanese to BCP, until the domination agreement
has become effective. Likewise, until that agreement takes
effect, Celanese is not an obligor on the subordinated notes and
on the issue date none of its subsidiaries will guarantee the
notes. Proceeds from the subordinated note offering will be
used to refinance subordinated Bridge B and Bridge C loan
borrowings. The rating on the subordinated notes reflects the
expectation that shareholders' approval will be received this
summer and the domination agreement will become effective soon
thereafter. All ratings assume that the necessary approvals
will be obtained as planned while the CreditWatch indicates the
potential for lower ratings if this process is not completed.
Standard & Poor's also lowered the existing ratings on CNA
Holdings Inc.'s senior unsecured industrial revenue bonds to 'B'
from 'BBB', one notch below the corporate credit rating of
Celanese AG, to reflect the substantial amount of priority
claims now in the capital structure.
Prospective credit quality of Celanese AG and its subsidiaries
incorporates a considerable debt burden and aggressive financial
policies of the equity sponsor. These weaknesses are only
partially offset by the company's solid business profile as an
integrated producer of diverse commodity and industrial
chemicals, prospects for improving cash flow generation, and
reasonable liquidity. Significant product market shares and
competitive cost structures support good competitive positions
in its major products, and a diverse product portfolio that
includes a balance of commodity, intermediate, and more
specialized industrial chemical products serving a wide range of
end markets. Celanese generates annual revenue of approximately
$4.7 billion, ranking the company among the larger and more
diversified global chemical businesses.
ISION GMBH: British Parent Probed in Relation to 2001 Takeover
--------------------------------------------------------------
The investigation into insolvent German Internet company Ision
has now extended to its owner U.K.-based unit, Energis, an
abstract from a Suddeutsche Zeitung report by Europe
Intelligence Wire says.
Energis, which acquired Ision in 2001, is suspected of
manipulating some of the company's figures relating to the
turnover, according to the report. The lawyer of Alexander
Falk, the former head of Ision, reportedly divulged information
arousing such suspicions. As a result, Hamburg authorities have
begun investigating managers of Energis to ascertain whether
they might indeed be guilty of fraud and breach of trust.
Energis claims it had already called to account those
responsible after learning of the irregularities as early as
2001.
CONTACT: ISION GMBH
Harburger Schlossstrasse 1
D-21079 Hamburg
Germany
Phone: +49 40 77175 0
Fax: +49 40 77175 519
E-mail: carsten.zimmermann@ision.net
=============
I R E L A N D
=============
GLANBIA PLC: Expects Trading to Meet Market Forecast
----------------------------------------------------
Addressing shareholders at the AGM of Glanbia plc, Group
Managing Director John Moloney said trading this year is
expected to be in line with market expectations.
Chairman, Tom Corcoran said significant progress has been made
with the major strategic reorganization now complete. He said
the Board expects to make further progress in the current year.
"I am confident that developments commenced in 2003, together
with planned initiatives in 2004, will deliver satisfactory
earnings growth in 2005 and beyond," Mr. Corcoran said.
* * *
Standard & Poor's Ratings Services in April lowered its long-
term corporate credit rating on Glanbia PLC to 'BB+' from 'BBB-'
due to an insufficient improvement in the group's financial
profile. The outlook is stable. In addition, Standard & Poor's
lowered its preferred stock rating on related entity Avonmore
Delaware, L.P. to 'BB-' from 'BB'.
CONTACT: GLANBIA PLC
Geraldine Kearney
Group Director of Corporate Communications
Phone: 00 353 (0) 56 777 2357
Mobile: 00 353 (0) 87 231 9430
=========
I T A L Y
=========
ALITALIA SPA: May Receive Government-guaranteed Bridging Loan
-------------------------------------------------------------
The government is willing to guarantee a loan to secure the
short-term viability of its 62%-owned airline Alitalia.
Businessworld, citing Il Corriere della Serra quoted Italian
economy ministry undersecretary Gianluigi Magri saying the
carrier will receive a state-guaranteed bridging loan from a
pool of banks. The report said a EUR400 million- loan is being
mooted to support the airline while it implements a
restructuring plan. The Associated Press puts this figure at
EUR500 million (about US$600 million).
Italy's European Affairs Minister Rocco Buttiglione was quoted
saying the government could tide the airline over temporarily
but it "can't recapitalize." A government aid violates European
Union rules on competition. Analysts say the only other way for
the company to avoid bankruptcy is to forge a major alliance.
Alitalia is hoping such agreement would be entered between its
transport operations and Air France Group.
CONTACT: ALITALIA - LINEE AEREE ITALIANE S.P.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39-06-6562-2151
Fax: +39-06-6562-4733
Toll Free: 800-223-5730
Homepage: http://www.alitalia.it
EUROFOOD IFSC: Bondi, Farrell Clash Over Jurisdiction
-----------------------------------------------------
The liquidator of Eurofood, Parmalat's Irish subsidiary, and the
administrator of its Italian parent are scheduled to appear
before the Irish Supreme Court on May 27, Europe Intelligence
Wire reports.
Special commissioner for Parmalat Group, Enrico Bondi, is
questioning the appointment of Pearse Farrell as liquidator of
Eurofood at the Supreme Court. In turn, Mr. Farrell and the
Italian unit of Bank of America, which is owed EUR3.9 million by
Eurofood, are contesting the appointment of Mr. Bondi by the
Italian courts as special administrator of Eurofood. A hearing
is scheduled for May 31 at Bolognia.
The two are arguing on the exact location of Eurofood's center
of main interests. The High Court says it is within Ireland,
while the courts in Parma says it's in Italy, giving Mr. Bondi
the right to manage the firm's liquidation. Should Mr. Bondi
win, Mr. Farrell will be a 'liquidator in secondary proceedings'
and the Italians will get the custody over the bulk of
Eurofood's assets, which are in Venezuela.
CONTACT: EUROFOOD S.P.A.
Via Privata Tacito, 12
20094 Corsico (Mi)
Phone: 02-44.876
Fax: 02-44.91.007
=============
U K R A I N E
=============
AGROKOMBINAT BOGODUHIVSKIJ: Falls into Bankruptcy
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on agricultural limited liability company
Agrokombinat Bogoduhivskij (code EDRPOU 22660116) in March. The
case is docketed as B-19/22-04. Arbitral manager Mr. Panasyuk
I. (License Number AA 047594 approved July 3, 2001) has been
appointed temporary insolvency manager. Creditors have until
June 14, 2004 to submit their proofs of claim to:
(a) Temporary Insolvency Manager: Ukraine, Harkiv, Poltavskij
Shlyah str., 154/84
(b) ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv,
Svobodi square, 5, Derzhprom, 8-th entrance
Agrokombinat Bogoduhivskij holds Account Number 26008301747 at
JSCB BazisHarkiv branch, MFO 351599.
CONTACT: AGROKOMBINAT BOGODUHIVSKIJ
62103, Ukraine, Harkiv region, Bogoduhiv,
Zaliznichna str., 14
Mr. Panasyuk I., Temporary Insolvency Manager
Ukraine, Harkiv, Poltavskij Shlyah str., 154/84
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv, Svobodi square, 5,
Derzhprom, 8th entrance
AGROSOJUZ: Insolvent Status Confirmed
-------------------------------------
The Economic Court of Kyiv region declared JSC Agrosojuz
(code EDRPOU 23238321) insolvent and introduced bankruptcy
proceedings on April 13, 2004. The case is docketed as 406/11-
B-03. Arbitral manager Mr. Bakumenko V. (License Number AA
719796) has been appointed liquidator/insolvency manager.
Agrosojuz holds Account Number 260040185600 at OJSC
Ukreksimbank.
CONTACT: AGROSOJUZ
08800, Ukraine, Kyiv region, Mironivka, Lenin str., 73
ECONOMIC COURT OF KYIV REGION:
01030, Ukraine, Kyiv, Zhilyanska str., 58-B
ELITE SEED: Declared Insolvent
------------------------------
The Economic Court of Kyiv region declared CJSC Elite Seed (code
EDRPOU 23583949) insolvent and introduced bankruptcy proceedings
on March 23, 2004. The case is docketed as 473/2b-2003.
Arbitral manager Mr. Dranchenko V. (License Number 680093
approved December 11, 2003) has been appointed
liquidator/insolvency manager.
CONTACT: ELITE SEED
Ukraine, Kyiv region, Skvira, Selektsijna str., 1
Mr. Dranchenko V., Liquidator/Insolvency Manager
04074, Ukraine, Kyiv, a/b 73
FINIST: Kirovograd Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Kirovograd region declared LLC Finist
(code EDRPOU 32040086) insolvent and introduced bankruptcy
proceedings on April 14, 2004. The case is docketed as 14/113.
Arbitral manager Mrs. Muravska O. (License Number AA 249695
approved October 30, 2001) has been appointed
liquidator/insolvency manager. Finist holds Account Number
26003420105341 at JSCB Ukrsocbank, Kirovograd regional branch,
MFO 323293.
CONTACT: FINIST
Ukraine, Kirovograd, Lenin str., 14
Mrs. Muravska O., Liquidator/Insolvency Manager
25031, Ukraine, Kirovograd,
Geroji Stalingradu str., 32/115
THE ECONOMIC COURT OF KIROVOGRAD REGION:
25022, Ukraine, Kirovograd, Lunacharski str. 29
GIRNIK: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Donetsk region declared agricultural LLC
Girnik (code EDRPOU 30813139) insolvent and introduced
bankruptcy proceedings on April 15, 2004. The case is docketed
as 32/116B. Mr. Chirah Olexandr (License Number AA # 719862)
has been appointed liquidator/insolvency manager.
Creditors have until June 13, 2004 to submit their proofs of
claim to:
(a) Liquidator/Insolvency Manager: 83086, Ukraine, Donetsk,
Artem str., 27
Phone: (062) 345-14-40, 345-67-53
(b) ECONOMIC COURT OF DONETSK REGION:
83048, Ukraine, Donetsk, Artema str., 157
CONTACT: GIRNIK
87220, Ukraine, Donetsk region, Starobeshivskij
district, Komunarivka, Lermontov str., 17
Mr. Chirah Olexandr, Liquidator/Insolvency Manager
83086, Ukraine, Donetsk, Artem str., 27
Phone: (062) 345-14-40, 345-67-53
ECONOMIC COURT OF DONETSK REGION:
83048, Ukraine, Donetsk, Artema str., 157
HARKIV MACHINE: Proofs of Claim Deadline June 14
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Harkiv Machine-Technological
Station (code EDRPOU 03024737) on March 9, 2004. The case is
docketed as 39/13-04. Mr. Fomin Grant (license AA no. 250087
approved November 30, 2001) has been appointed temporary
insolvency manager. Creditors have until June 14, 2004 to
submit their proofs of claim to:
Economic Court of Harkiv Region
61022, Ukraine, Harkiv
Svobodi square, 5, Derzhprom, 8-th entrance
CONTACT: Harkiv Machine-Technological Station
62368, Ukraine, Harkiv region
Dergachivskij District, Solonitsivka
Zavodska str., 49
Economic Court of Harkiv Region
61022, Ukraine, Harkiv, Svobodi square
5, Derzhprom, 8-th entrance
LAN: Bankruptcy Supervision Procedure Begins
--------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on agricultural limited liability company
LAN (code EDRPOU 03331602) in March. The case is docketed as
43/53B. Mr. Chirah O. (License Number AA 719862) has been
appointed temporary insolvency manager.
Creditors have until June 13, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF DONETSK REGION at 83048, Ukraine,
Donetsk, Artema str., 157.
CONTACT: LAN
Ukraine, Donetsk region,
Kamyanets-Podilskij district, Vihvatnivtsi
ECONOMIC COURT OF DONETSK REGION:
83048, Ukraine, Donetsk, Artema str., 157
LYON: Chernigiv Court Appoints Insolvency Manager
-------------------------------------------------
The Economic Court of Chernigiv region declared LLC Lyon (code
EDRPOU 14244792) insolvent and introduced bankruptcy proceedings
on November 4, 2003. The case is docketed as 9/107-b.
Mrs. Kravchuk Natalie has been appointed liquidator/insolvency
manager.
CONTACT: LYON
14000, Ukraine, Chernigiv, Voroshilov str., 45
Mrs. Kravchuk Natalie, Liquidator/Insolvency Manager
14000, Ukraine, Peremogi avenue, 96/50
Phone: 04622-7-32-61
ECONOMIC COURT OF CHERNIGIV REGION:
14000, Ukraine, Chernigiv, Miru avenue, 20
OPISHNYA' REPAIR: Court Appoints Liquidator
-------------------------------------------
The Economic Court of Poltava region declared OJSC Opishnya'
Repair-Transport Enterprise (code EDRPOU 00909845) insolvent and
introduced bankruptcy proceedings on April 8, 2004. The case is
docketed as 7/46. Mr. Krivonos Petro (License Number AA 719784
approved February 4, 2004) has been appointed
liquidator/insolvency manager.
Creditors have until June 13, 2004 to submit their proofs of
claim to the liquidator/insolvency manager at Ukraine, Poltava
region, Zinkivskij district, Bobrivnik, Frunze str., 34a.
Opishnya' Repair-Transport Enterprise maintains Account Number
26003100001336 at JSPPB Aval, Poltava branch, MFO 331605.
CONTACT: OPISHNYA' REPAIR-TRANSPORT ENTERPRISE
Judicial address: 38164, Ukraine, Poltava region,
Zinkivski district, Opishnya, Zhovtneva str., 52
Mr. Krivonos Petro, Liquidator/Insolvency Manager
Phone: (05353) 328-51
ECONOMIC COURT OF POLTAVA REGION:
36000, Ukraine, Poltava, Zigina str., 1
PIVDENNIJ BUG: Declared Insolvent
---------------------------------
The Economic Court of Hmelnitskij region declared agricultural
company Pivdennij Bug (code EDRPOU 03790267) insolvent and
introduced bankruptcy proceedings on April 22, 2004. The case
is docketed as 13/215-B. Arbitral manager Mr. Shishkin Sergij
(License Number AA 668307 approved October 16, 2003) has been
appointed liquidator/insolvency manager.
CONTACT: PIVDENNIJ BUG
Ukraine, Hmelnitskij region,
Volochinskij district, Kupil
Mr. Shishkin Sergij, Liquidator/Insolvency Manager
29000, Ukraine, Hmelnitskij, Institutska str., 17/3-47
ECONOMIC COURT OF HMELNITSKIJ REGION:
29000, Ukraine, Hmelnitskij, Nezalezhnosti square, 1
PRAVDA: Odesa Court Prescribes Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC Pravda (code EDRPOU 30747627). The
case is docketed as 7/49-04-1471. Arbitral manager Mr.
Brikulskij V. (License Number AA 249867 approved October 22,
2001) has been appointed temporary insolvency manager.
Creditors have until June 14, 2004 to submit their proofs of
claim to the ECONOMIC COURT OF ODESA REGION at 65032, Ukraine,
Odesa, Shevchenko avenue, 4. Pravda holds Account Number
26007004697001 at JSCB Imeksbank, MFO 328384.
CONTACT: PRAVDA
67312, Ukraine, Odesa region,
Berezivskij district, Demidove
ECONOMIC COURT OF ODESA REGION:
65032, Ukraine, Odesa, Shevchenko avenue, 4
PROMIN: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on agricultural LLC Promin (code EDRPOU
00429571) in April. The case is docketed as B-19/29-04.
Arbitral manager Mrs. Nazirova V. (License Number AA 249730
approved October 19, 2001) has been appointed temporary
insolvency manager. Promin holds Account Number 26006348610001
at CB Privatbank, Balaklijsk branch, MFO 351533.
CONTACT: PROMIN
Ukraine, Harkiv region, Balakliya district,
Brigadirivka
Mrs. Nazirova V., Temporary Insolvency Manager
61058, Ukraine, Harkiv, Lenin avenue, 5, HTB
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv, Svobodi square, 5,
Derzhprom, 8th entrance
REGIONPROMKOMPLEKT: Undergoes Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on JSCCT Regionpromkomplekt (code EDRPOU
23469751) in March. The case is docketed as B-19/33-04.
Arbitral manager Mrs. Ivleva N. (License Number AA 250463
approved March 24, 2004) has been appointed temporary insolvency
manager.
Creditors have until June 13, 2004 to submit their proofs of
claim to:
(a) Temporary Insolvency Manager: 61189, Ukraine, Harkiv, S.
Tarhov str., 5/9
Phone: 067-902-72-57
(b) ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine,
Harkiv, Svobodi square, 5, Derzhprom, 8-th entrance
Regionpromkomplekt holds Account Number 260061061 at
JSPPB Aval, Harkin regional branch, MFO 350589.
CONTACT: REGIONPROMKOMPLEKT
62011, Ukraine, Harkiv region, Kozijivka,
Lenin str., 44
Mrs. Ivleva N., Temporary Insolvency Manager
61189, Ukraine, Harkiv, S. Tarhov str., 5/9
Phone: 067-902-72-57
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv, Svobodi square, 5,
Derzhprom, 8th entrance
SHEVELIVSKE: Deadline for Proofs of Claim June 14
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on agricultural LLC Shevelivske (code
EDRPOU 00708294) on April 16, 2004. The case is docketed as B-
48/31-04. Arbitral manager Mr. Molozhavij V. (License Number AA
250406 approved March 27, 2002) has been appointed temporary
insolvency manager.
Creditors have until June 14, 2004 to submit their proofs of
claim to:
(a) Temporary Insolvency Manager: 61058, Ukraine, Harkiv, Lenin
avenue, 5, HTB
(b) ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv,
Svobodi square, 5, Derzhprom, 8-th entrance
Shevelivske maintains Account Number 26006301750041 at JSCB
National credit of Balakliya, MFO 350705.
CONTACT: SHEVELIVSKE
30455, Harkiv region, Balakliya district, Shevelivka
Mr. Mr. Molozhavij V., Temporary Insolvency Manager
61058, Ukraine, Harkiv, Lenin avenue, 5, HTB
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv, Svobodi square, 5,
Derzhprom, 8th entrance
SHSU NO.3: Insolvent Status Confirmed
-------------------------------------
The Economic Court of Donetsk region declared LLC SHSU No.3
(code EDRPOU 24846921) insolvent and introduced bankruptcy
proceedings on April 22, 2004. The case is docketed as 32/159b.
Arbitral manager Mr. Fursov Vitalij (License Number 250245)
has been appointed as a liquidator/insolvency manager. SHSU
No.3 maintains Account Number 26002165158221 at JSCB Ukrsocbank,
Donetsk regional branch, MFO 334011.
CONTACT: SHSU No.3
Judicial address: 83062, Ukraine, Donetsk, Tkachenko
str., 24
Address for correspondence: 83049, Ukraine, Donetsk,
Lebedivskij str., 7
Mr. Fursov Vitalij, Liquidator/Insolvency Manager
83000, Ukraine, Donetsk, Cheluskintsi str., 140/161
Phone: (062) 337-35-57
ECONOMIC COURT OF DONETSK REGION:
83048, Ukraine, Donetsk, Artema str., 157
===========================
U N I T E D K I N G D O M
===========================
ADVENTURE CENTER: Sale Talks Ongoing, Says Administrator
--------------------------------------------------------
Receivers of troubled Adventure Center will update creditors
regarding the progress of talks aimed at selling the arena on
June 4, according to The Scotsman. The meeting will be held in
the Airport Hotel, 100 Eastfield Road, at 11 a.m.
Deloitte confirmed this month it is holding talks with a
potential buyer for the GBP20 million state-of-the-art arena at
Ratho and that it has picked one preferred bidder, whose
identity it did not divulge. A spokesman said the center
remains open. Adventure Center is Europe's largest indoor
climbing center. It hosted the world rock-climbing
championships right after opening late last year, attracting
about 1,000 visitors a week. Five months later, however, in
March, the company was placed in receivership.
CONTACT: DELOITTE & TOUCHE
Aberdeen office
2 Queen's Terrace
Aberdeen
United Kingdom
AB1 1XL
Phone: +44 (0)1224 625888
Fax: +44 (0)1224 625025
ASPENHOLD LIMITED: Hires Receiver from S F Plant & Co.
------------------------------------------------------
The Aspenhold Limited Company has appointed Simon Franklin Plant
of S F Plant & Co as joint administrative receiver. The
appointment was made May 13, 2004.
Aspenhold Limited installs electrical wiring. The Company's
registered office is located at Lutomer House, 100 Prestons
Road, London E14 9SB.
CONTACT: S F PLANT & CO
Lutomer House,
100 Prestons Road,
London E14 9SB
Receiver:
Simon Franklin Plant
(IP No 9155)
BCE CABLE: Appoints PricewaterhouseCoopers Liquidator
-----------------------------------------------------
At a General Meeting of the BCE Cable (U.K.) Limited Company,
the Ordinary Resolutions to wind up the Company has been passed.
James Robert Drummond Smith will work together with Richard
Victor Yerburgh Setchim and Jonathan Michael Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT as
additional Joint Liquidators of the Company.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Contact:
Richard Victor Yerburgh Setchim, Liquidator
Jonathan Michael Sisson, Liquidator
BLUE HERRING: Hires Kroll Limited Administrator
-----------------------------------------------
Charles Peter Holder and Stuart Charles Edward Mackellar of
Kroll Limited has been appointed joint administrative receivers
of The Blue Herring Leisure Limited Company. The appointment
was made May 12, 2004. The Company manages cafe, bar and
restaurant.
CONTACT: KROLL LIMITED
5th Floor,
Airedale House, 77 Albion Street
Leeds LS1 5AP
Receivers:
Charles Peter Holder
Stuart Charles Edward Mackellar
(IP Nos 9093, 6883)
BRITISH INDUSTRIAL: Names Liquidator from Baker Tilly
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
British Industrial Holdings Limited Company on May 7, 2004 held
at 7 Astra Centre, Harlow, Essex CM20 2BG, the Special, Ordinary
and Extraordinary Resolutions to wind up the Company were
passed. Peter John Robertson Souster and Ross David Connock of
Baker Tilly, Spectrum House, 20-26 Cursitor Street, London EC4A
1HY have been appointed as Joint Liquidators of the Company for
the purpose of such winding-up.
CONTACT: BAKER TILLY
Spectrum House
20-26 Cursitor Street,
London EC4A 1HY
Contact:
Peter John Robertson, Liquidator
Ross David Connock, Liquidator
DORIC METAL: Members Final Meeting Set June 21
----------------------------------------------
There will be a Final Meeting of Members of the Doric Metal
Productions Limited Company on June 21, 2004 at 10:00 a.m. It
will be held at 15 Main Road, Grendon, Northamptonshire.
The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted. Members who want
to be represented at the Meeting may appoint proxies. Proxies
must be lodged at 15 Main Road, Grendon, Northamptonshire not
later than 12:00 noon, June 20, 2004.
DPF SALES: Creditors Meeting June 8
-----------------------------------
Name of Companies:
DPF SALES LIMITED
DP FURNISHINGS LIMITED
THOMAS ANDERSON LIMITED
WOODEN CRAFT DESIGN LIMITED
There will be a Creditors Meeting of these Companies on June 8,
2004 at 11:00 a.m. It will be held at The Novotel Manchester
West Hotel, Worsley Brow, Worsley, Manchester M28.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted at The Thompson
Partnership, The Old Halsall Arms, 2 Summerwood Lane, Halsall,
Lancashire L39 8RJ not later than 12:00 noon, June 7, 2004.
CONTACT: THE THOMPSON PARTNERSHIP
The Old Halsall Arms,
2 Summerwood Lane, Halsall,
Lancashire L39 8RJ
Joint Administrators:
Andrew W Thompson
Jeremy Frost
GARDNER TODD: Brings in Receivers from Insol House
--------------------------------------------------
The Gardner Todd Interiors Limited Company has appointed Richard
Frank Simms and Alan Roy Limb of Insol House as joint
administrative receivers. The appointment was made May 11,
2004.
The Company is into the shopfitters business. Gardner Todd's
registered office is located at Unit 7 Brook Street, Syston,
Leicester LE7 1GD.
CONTACT: INSOL HOUSE
39 Station Road,
Lutterworth,
Leicestershire LE17 4AP
Receivers:
Richard Frank Simms
Alan Roy Limb
(IP Nos 9252, 8955)
GOLD PARCEL: Members Final Meeting June 25
------------------------------------------
There will be a Final Meeting of the Members of the Gold Parcel
Silver Parcel Company on June 25, 2004 at 10:00 a.m. It will be
held at Charnwood House, Gregory Boulevard, Nottingham NG7 6NX.
The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted. Members who want
to be represented at the Meeting may appoint proxies. Proxies
must be lodged at Charnwood House, Gregory Boulevard, Nottingham
NG7 6NX not later than 12:00 noon, June 24, 2004.
CONTACT: P Ellward, Liquidator
Charnwood House,
Gregory Boulevard,
Nottingham NG7 6NX
HAMILTON BROTHERS: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of Hamilton
Brothers Limited on April 30, 2004, the following Special
Resolution to wind up the Company was passed. Jonathan Peter
Collenette of Crossways Centre, Braye Road, Vale, Guernsey GY3
5PH has been appointed Liquidator for the Company.
CONTACT: CROSSWAYS CENTRE
Braye Road, Vale,
Guernsey GY3 5PH
Contact:
Jonathan Peter Collenette, Liquidator
HOLIDAYBREAK: Closing Several Campsites
---------------------------------------
Travel firm Holidaybreak will close 10% of its 245 campsites to
adjust capacity to the changes in the leisure market, which
includes the growing use of the Internet in booking, increase in
last-minute bookings, and crackdown on holidays for school
children in term time, according to Richard Atkinson, chief
executive.
The troubled company's core camping division, which contributed
65% of last year's operating profits, made a GBP10 million loss
on sales as warned last month. The loss was offset by an upbeat
result at its hotel division, yet the company was still GBP4.6
million in the red for the first-half. The figure is a 35%
improvement in comparison with results from the same period the
prior year.
Chairman Bob Ayling admitted the group's outcome for the year
still depends on the performance of its camping arm.
INTERIOR BUSINESS: Appoints Rothman Pantall & Co. Administrator
---------------------------------------------------------------
The Interior Business Moves Ltd. Company has appointed Robert
Derek Smailes and Stephen Blandford Ryman of Rothman Pantall &
Co. as joint administrative receivers. The appointment was made
May 10, 2004. The Company is engaged in other forms of service
activities.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Receivers:
Robert Derek Smailes
Stephen Blandford Ryman
(IP Nos 8975, 4731)
INVENSYS PLC: Yearly Loss Reduced to GBP328 Million
---------------------------------------------------
Key financial points of preliminary results for the year ended
March 31, 2004:
(a) GBP2.7 billion refinancing completed
(b) Sales for retained* businesses stable at GBP2,742 million
(at CER**)
(c) Corporate costs reduced by 44%
(d) Operating margin3 of retained businesses improved to 7.0%,
after corporate costs
(e) Loss for financial year reduced to GBP328 million (2003:
loss of GBP1,380 million)
(f) Net debt reduced to GBP986 million
(g) Other legacy liabilities, including pension deficits,
reduced by GBP720 million
Outlook
(a) Customer confidence returning
(b) Focus on driving operating performance
Chief Executive of Invensys, Rick Haythornthwaite, said:
"This has been a tough year for Invensys, but we have stabilized
the Group's financial position and delivered full-year results
in line with expectations.
"Although our key markets are showing some encouraging signs and
customer confidence is rebuilding, we are taking a conservative
view of the general economic outlook. It is important that we
make steady and sustainable progress in our operating
performance and this is a process that will take some time yet."
*The retained Group comprises Process Systems, Eurotherm, APV,
Rail Systems, Climate Controls and Appliance Controls.
**Constant exchange rates
FY 03/04 FY 02/03
GBPm GBPm
Sales
-Continuing[1] operations 3,585 3,656
-Discontinued[2] operations 306 1,362
-Total Group 3,891 5,018
Operating profit[3]
-Continuing operations 204 154
-Discontinued[2] operations 13 131
-Total Group 217 285
Operating exceptional items
- Restructuring costs (76) (119)
- Transition costs (98) -
- Refinancing costs (14) -
- Fixed asset impairment (48) -
Disposals[4]
-Profit on sale/closure 283 616
-Goodwill on disposal/closure (419) (1,321)
Net interest payable (112) (113)
Loss for financial year (328) (1,380)
(Loss)/earnings per share
-Basic (9.0)p (39.4)p
-Total Group before exceptional items,
goodwill amortization and goodwill impairment 1.2p 2.6p
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.
A copy of the financial statements is available free of charge
at: http://bankrupt.com/misc/Invensys_2004.htm
CONTACT: INVENSYS PLC
Victoria Scarth
Mike Davies
Phone: +44 (0) 20 7821 3755
BRUNSWICK
Nick Claydon
Mike Smith
Phone: +44 (0) 20 7404 5959
----------
Footnotes:
[1] Continuing operations refers to Process Systems, Eurotherm,
APV, Rail Systems, Climate Controls, Appliance Controls,
Powerware, Lambda, Hansen and Baker.
[2] Mainly Metering, Baan & Teccor in FY 03/04.
[3] All references to operating profit and operating margin in
this announcement are stated before exceptional items, goodwill
amortization and goodwill impairment.
[4] Closures and disposals of businesses and sale of fixed
assets.
JARVIS PLC: Rumors of Potential Sale Swirl
------------------------------------------
Jarvis confirmed last week U.S. hedge fund K Capital Partners
had taken a 12.74% stake in the firm, making it the support
services group's largest shareholder.
The share purchase ignited speculations K Capital is planning a
takeover, according to the Telegraph.
The report quoted Michael Parkinson, an analyst at Brewin
Dolphin, saying: "This could be a sign that the vultures are
swooping."
At Arbuthnot, Stephen Rawlinson said: "There's no way they're
buying in on the hope of a solid recovery under [chief
executive] Kevin Hyde."
According to the report, Jarvis only said it and K Capital had
had a "gentle introduction." K Capital was unavailable for
comment.
Jarvis struggled after its reputation was tarnished by the train
derailment at Potters Bar in 2002. In May broker Dresdner
Kleinwort Wasserstein lowered its earnings prediction for the
engineering group from GBP51 million to GBP40.4 million for
2004.
J.STEVENTON: Hires Berg Kaprow Lewis Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the J. Steventon Limited
Company on May 4, 2004 held at 35 Ballards Lane, London N3 1XW,
the subjoined Special Resolution to wind up the Company was
passed. S T Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane,
London N3 1XW has been appointed Liquidator for the purpose of
such winding-up.
CONTACT: BERG KAPROW LEWIS LLP
35 Ballards Lane,
London N3 1XW
Contact:
S T Bennett, Liquidator
K JOINER: Sets General Meeting June 17
--------------------------------------
Members of the K Joiner & Co Surveyor Company will have a
General Meeting on June 17, 2004 at 10:00 a.m. It will be held
at Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
KWELM COMPANIES: Amends Payout Terms
------------------------------------
Administrators of KWELM insurance companies will give out an
average additional 7% payout to creditors across the five
companies: Kingscroft Insurance Company Limited, Walbrook
Insurance Company Limited, El Paso Insurance Company Limited,
Lime Street Insurance Company Limited, Mutual Reinsurance
Company Limited (together the KWELM companies).
The payment brings the amounts disbursed to date to between 44%
and 62%, the administrators said at its 10th annual report to
creditors for 2003. But the funds will be paid within a further
three years, instead of 11 under the original scheme.
A copy of the 10th annual report is available free of charge at
http://bankrupt.com/misc/KWELM_CreditorsReport.pdf.
LAUGHTON PROPERTIES: Members General Meeting June 30
----------------------------------------------------
The Final General Meeting of the Laughton Properties Limited
Company will be on June 30, 2004 at 10:00 a.m. It will be held
at the offices of Ernst & Young, One Colmore row, Birmingham B3
2DB. The purpose of the Meeting is to lay before the Members
the account of how the winding up of the Company has been
conducted.
MID-WALES YARNS: Appoints Receivers from DTE Leonard Curtis
-----------------------------------------------------------
J M Titley and J J Schapira of DTE Leonard Curtis has been
appointed joint administrative receivers for Mid-Yales Yarns
Limited. The appointment was made May 13, 2004. The Company
manufactures clothing and textiles.
CONTACT: DTE LEONARD CURTIS
DTE House,
Hollins Mount, Hollins Lane,
Bury BL9 8AT
Receivers:
J M Titley
J J Schapira
(IP Nos 8617, 5784)
MOTHERCARE PLC: Rebounds with GBP23.9 Million Pre-tax Profit
------------------------------------------------------------
Highlights of results for the 52 weeks ended March 27, 2004:
(a) Group sales up 3.5% to GBP446.9 million (2003: GBP431.7
million)
(b) Like-for-like U.K. store sales up 5.9% (2003: down 1.0%)
(c) Gross margins up 6.2 percentage points
(d) Profit before non-operating exceptional items and taxation
of GBP17.3 million (2003: loss GBP22.4 million)
(e) Non-operating exceptional credit of GBP6.6 million (2003:
charge of GBP2.4 million)
(f) Profit before tax GBP23.9 million (2003: loss before tax of
GBP24.8 million)
(g) Basic earnings per share 46.5p (2003: loss per share 22.0p)
(h) Adjusted earnings per share (before exceptional items) 24.4p
- see note 5 (2003: loss per share 29.2p)
(i) Final dividend 4.0p (2003: nil)
(j) Strong cash generation with net cash balances of GBP40.3
million (2003: GBP7.7 million)
Operational Highlights
(a) Further progress in five key turnaround projects
(i) 35 high street stores refitted by the end of March and
continue to outperform the chain
(ii) Improvements to design, quality and fashionability of
ranges have increased product appeal
(iii) Distribution performing well with greater availability
and further cost reductions achieved
(iv) Significant investment made in infrastructure and
systems to support long term growth
(v) New customer service standards introduced
(b) Good performance delivered by Mothercare Direct and
Mothercare International
Current Trading
(a) U.K. store like for like sales for the seven weeks to 14 May
2004 were up 5.8%.
Commenting on the results, Ben Gordon, Chief Executive said:
"It has been a year of good progress for Mothercare. The
business is responding well to the actions we are taking in our
turnaround plan. Much remains to be done to complete this plan
and position the company for sustained profit growth over the
longer term. We have started this financial year with a much
improved cash position, which allows us to invest in developing
the business. We are well on track to turn Mothercare into an
efficient specialty retailer with an internationally respected
brand, and are increasingly confident of Mothercare's potential
to achieve sustained profitability and growth."
A copy of the financial statements is available free of charge
at: http://bankrupt.com/misc/Mothercare_Prelim032004.htm
CONTACT: MOTHERCARE PLC
Ben Gordon, Chief Executive
Phone: 01923 206001
Steven Glew, Finance Director
Phone: 01923 206140
BRUNSWICK GROUP LIMITED
Susan Gilchrist
Philippa Power
Phone: 020 7404 5959
PHILIP QUANTRILL: In Administrative Receivership
------------------------------------------------
Structural engineer Philip Quantrill has gone into
administrative receivership, The Business EDP24 reports.
Joint administrative receivers Stephen Oldfield and Mike Gercke,
of PricewaterhouseCoopers are currently handling the affairs of
the business.
Mr. Oldfield said: "Our priority is to stabilize trading with a
view to selling the business as a going concern." They already
had made an initial six redundancies at the company. The
company, which provides steel and structural services to the
construction industry, employs 60 people. Its recently
published results show the firm made a pre-tax loss of
GBP720,000 in the year to March 2003.
CONTACT: PHILIP QUANTRILL (STRUCTURAL ENGINEERS) LTD.
Church Road
Griston
Thetford
IP25 6PY
Norfolk
Phone: 01953 881853
Fax: 01953 882766
Home Page: http://www.quantrill.co.uk
QUANTUM ASSURED: Members General Meeting June 18
------------------------------------------------
There will be a General Meeting of the Members of the Quantum
Assured Limited Company on June 18, 2004 at 11:30 a.m. It will
be held at Slater Maidment, 7 St. James's Square, London SW1Y
4JU.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
RIVERPOINT CREATIONS: Hires Moore Stephens Administrator
--------------------------------------------------------
Nigel Price and Roderick Graham Butcher of Moore Stephens
Corporate Recovery have been appointed as joint administrators
for Riverpoint Creations Limited (Reg No 4806068). The
appointment was made April 21, 2004.
The Company manufactures fabricated metal products. Riverpoint
Creations office address is c/o Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB.
CONTACT: MOORE STEPHENS CORPORATE RECOVERY
Beaufort House,
94-96 Newhall Street,
Birmingham B3 1PB
Receivers:
Nigel Price
Roderick Graham Butcher
(Office Holder Nos 8778, 8834)
VIS ENTERTAINMENT: BAM! Entertainment Completes Acquisition
-----------------------------------------------------------
BAM! Entertainment Inc. of San Jose announced that all of the
conditions of its offer to acquire the entire issued share
capital of VIS entertainment Limited have now been satisfied or
waived and accordingly the offer has been declared unconditional
in all respects. In addition, BAM! also announced that its
stock purchase of the entire issued share capital of SOE
Development Limited (SOED), a company set up to fund the
development of State of Emergency 2, one of the key properties
of VIS, had also been declared unconditional in all respects.
This means that the acquisition of VIS and SOED is completed on
schedule and enables the expansion of BAM! to become a leading
publisher and developer of games and interactive content with
operations in the United States and the U.K.
The boards and senior management of BAM! and VIS are completing
plans for the enlarged businesses, including organizational
structure and new product development.
"We are delighted to complete this deal, which represents a
significant move ahead for BAM! Entertainment," said Raymond C.
Musci, Chief Executive Officer of BAM!
"This acquisition will greatly strengthen our operation,
creating a business with strong publishing and development
strengths in games, interactive entertainment and digital
content."
Chris van der Kuyl, President and Chief Executive of VIS
entertainment, will become President and Chief Operating Officer
following the acquisition.
He said: "Together our businesses represent an exciting
breakthrough in the games sector. We shall be able to expand
our horizons as a publish-developer and pursue new products and
projects from a strengthened position worldwide."
The first joint project of the combined companies is expected to
be the development and publishing of the VIS property, State of
Emergency 2, the sequel to the hit product which topped the U.S.
and U.K. charts simultaneously, and which sold in excess of 1
million units worldwide.
WARNER BROS.: Hires Stoy Hayward Administrator
----------------------------------------------
Retailer Company, Warner Bros. Studio Stores Limited has
appointed Simon James Michaels, Anthony Peter Supperstone and A
D Nygate of BDO Stoy Hayward LLP as joint administrative
receivers. The appointment was made May 10, 2004.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street,
London W1U 3LL
Receivers:
Simon James Michaels
Anthony Peter Supperstone
A D Nygate
(IP Nos 8824/01, 2703/01, 9237/01)
*********
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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