/raid1/www/Hosts/bankrupt/TCREUR_Public/040610.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, June 10, 2004, Vol. 5, No. 114
Headlines
F R A N C E
ALCATEL: Promotes Pascal Bantegnie to VP Investor Relations
ALCATEL: Brings Vaunted Train Routing System to Spain
ALCATEL: Wins EUR80 Million Contract in Turkey
G E R M A N Y
HEIDELBERGER DRUCKMASCHINEN: Scraps 2003 Dividend
H U N G A R Y
BORSODCHEM RT: Mulls Reorganization of Capital Structure
N O R W A Y
PETROLEUM GEO-SERVICES: Discloses Changes in Varg Field Contract
R U S S I A
GUSHINSKY MUKOMOL: Court Commences Bankruptcy Proceedings
JASHKINSKY WOOD: Kemerovo Court Appoints Insolvency Manager
KRASNOCHETAJSKY DAIRY: Public Auction of Properties June 30
MOBILE TELESYSTEMS: Attracts One Million Subscribers in May
NELIDOVSKY FURNITURE: Proofs of Claim Deadline June 27
NOVOKUZNETSK-SIB: Declared Insolvent
PALNA-MIKHAYLOVSKY: Public Auction of Properties Set June 15
PHOSPHORUS: Insolvency Manager Starts Peddling Properties
RUSAGROCAPITAL: Selloff Could Stir up Further Trouble
SPETS-FUNDAMENT: Insolvent Status Confirmed
STOO UVELSKOYE: Proofs of Claim Deadline July 27
TOPKINSKY ELEVATOR: Bankruptcy Proceedings Begin
TRANS-TELEKOM: Declared Insolvent
YUKOS OIL: Joint Trial of Top Brass Set Next Week
YUZHNO-SAKHALINSK MINE: Unnamed Chinese Investor Saves Coalmine
S L O V A K R E P U B L I C
EUROTEL BRATISLAVA: Offers Cheaper Tariffs for Data Services
S W I T Z E R L A N D
ADECCO SA: Posts Electronic Copy of Annual Report
U K R A I N E
A-LEKS: Insolvent Status Confirmed
DRUZHBA: Bankruptcy Proceedings Start
HLIBOPRODUKT: Agricultural Firm Succumbs to Insolvency
IVITA: Ivano-Frankivsk Court Appoints Insolvency Manager
KOLOS: Insolvent Status Confirmed
PERVOMAJSKE ATP: Harkiv Court Appoints Insolvency Manager
POLTAVA' FUEL: Poltava Court Commences Bankruptcy Proceedings
ROZDOLLYA: Court Appoints Liquidator
U N I T E D K I N G D O M
ABC CONTROLS: Winding up Resolutions Passed
AGNEW LOWTHER: Special Winding up Resolution Passed
ARLA FOODS: TNT Mail Teams up with Express Dairies
ARLA FOODS: Posts GBP21.1 Million Pre-tax Profit in First Half
AUDIO RESOURCES: Hires Liquidator from Stones & Co.
BANCOURT PLC: Appoints Liquidator from Menzies
BARWEST PLANT: Calls in Liquidator
CALDERDALE KIRKLEES: Creditors Meeting Set July 1
CCS WIREVISION: Names David Horner Administrator
CENTERPRINT LIMITED: Hires Receivers from Hurst Morrison
CORUS GROUP: Sells U.S.-based Mini-mill for US$90 Million
CTB BROADCAST: Winding up Resolutions Passed
DA GROUP: Future Depends on Mobile Phone Service Uptake
DUNLOP STANDARD: Meggitt Joins Team of Preferred Bidder
FABRICATION TECHNOLOGY: In Administrative Receivership
GALILEO INNOVATION: Hires Ernst & Young Liquidator
GOLDEN HILL: Members Meeting Set June 28
HOLLINGER INC.: U.S. Court to Entertain Asset Sale Objections
INDEPENDENT ACCESS: Creditors Meeting Set June 15
JIGSAW DAY: Appoints KPMG Administrator
MHS ENTERPRISES: Final Meeting of Members Set June 29
MILLCROFT DESIGNS: Hires Numerica Administrator
MISYS PLC: THR to Continue Using Radiology Information System
QUEENS MOAT: Terms of Mortgage Debenture Stock Amended
READYCHIP LTD: G & C Whittle Appoints Tenon Recovery Receiver
RESERVOIR PROPERTIES: Appoints Liquidators from Tenon Recovery
ROSSINGTON MOTORS: Appoints Receivers form HKM
S J GREEN: Meeting of Creditors Set June 21
TELEWEST COMMUNICATIONS: Posts Key Dates
VERSAILLES: Founder Gets Six years for Fraud
* Fitch: Lack of Liquidity Hinders Efficiency of CDS Market
*********
===========
F R A N C E
===========
ALCATEL: Promotes Pascal Bantegnie to VP Investor Relations
-----------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) named Pascal Bantegnie
Vice-President for Investor Relations. He reports to Claire
Pedini, deputy chief financial officer. Before this appointment
he was Director International Investor Relations since February
2001.
Pascal Bantegnie has held various engineering positions in the
space industry (CNES and Alcatel Space, former Aerospatiale).
In 1999, he joined AGF insurance company, responsible for space
risks underwriting activity. He holds an engineering degree in
Aeronautics and a Master of Science in Space.
Alcatel provides communications solutions to telecommunication
carriers, Internet service providers and enterprises for
delivery of voice, data and video applications to their
customers or to their employees. Alcatel leverages its leading
position in fixed and mobile broadband networks, applications
and services to bring value to its customers in the framework of
a broadband world. With sales of EUR12.5 billion in 2003,
Alcatel operates in more than 130 countries.
* * *
Alcatel had a consolidated net loss of EUR1.94 billion in 2003.
ALCATEL: Brings Vaunted Train Routing System to Spain
-----------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) will equip the Sevilla-
Huelva rail line in Spain with signaling and control systems.
This contract, awarded by RENFE, is valued at EUR11.8 million.
The project is scheduled to be completed in 2006 and will ensure
improved performance, security and safety for railway operations
on the 104-km track.
Alcatel will be responsible for developing a complete train
routing solution, including design, delivery, installation and
commissioning of eight electronic interlockings, single-track
automatic block and centralized traffic control systems,
electronic axle counters, point machines, track circuits and
related civil works.
Alcatel will deploy its advanced modular electronic interlocking
solution, the Alcatel LockTrac (L90 5), ensuring safe train
routing. Alcatel's NetTrac (CTC 1000) system will enable
centralized traffic control from the Seville-Santa Justa station
for all the stations between Seville and Huelva. Alcatel will
also provide a digital transmission network over optical fiber,
which will allow the distribution of voice and data to and from
all sites, thus establishing reliable communication links.
"Today, increased mobility, resulting in higher through-put
requirements, puts pressure on rail operators who have to ensure
smooth continuous operations and a safe environment for their
passengers. A lot of this can be achieved by using modern
signaling and communication solutions. Alcatel is committed to
support its customers in this rapidly changing market by
applying its innovative solutions," said Anastasio Gallego del
Monte, head of Alcatel's transport automation activities in
Spain.
With more than 50 years of experience in the Spanish market,
this new contracts reaffirms Alcatel's leadership as provider of
best-of-breed transport signaling and communication solutions.
Alcatel is a leading global supplier of train control,
signaling, interlocking, control center and integrated rail
communications technology. For main line operators around the
world, Alcatel's offering includes its proven interlocking
technologies LockTrac, its train control technology AlTrac
(including AlTrac/ETCS), its network management solutions
NetTrac and its field equipment FieldTrac (axle counters, point
machines, signals).
ALCATEL: Wins EUR80 Million Contract in Turkey
----------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) has been awarded a
contract of about EUR80 million to supply signaling and
telecommunication systems to the Turkish State Railways (TCDD)
for the first renovation phase of the Ankara-Istanbul Railway
Line Rehabilitation Project. Alcatel's solutions, including an
ETCS system, will ensure traffic control and safety along the
250 km double line section and bi-directional operations between
the Inonu and Essenkent stations.
The contract was awarded by a Spanish-Turkish consortium
composed of three civil works companies: OHL (Obrascon-Huarte-
Lain) and Guinovart from Spain, and Alarko from Turkey. It is
responsible for the complete rehabilitation of the railway line,
including infrastructure works as well as track and overhead
line renovation. The overall value of the total contract
awarded to the consortium by TCDD is EUR437 million.
Alcatel's contribution is to implement a complete rail control
solution. It will design, supply, install and commission 24
Alcatel LockTrac electronic interlocking systems for safe and
controlled train routing. Alcatel will also provide two Alcatel
NetTrac centralized traffic control systems, a large number of
signals, track circuits and electro-hydraulic points machines,
and the Alcatel AlTrac ETCS Level 1 automatic train control
system.
In parallel, Alcatel will design, integrate, install and
commission an integrated railway communication system, including
optical fiber and copper cable networks, a digital transmission
system, an integrated telephony solution for operational,
emergency and maintenance purposes based on Alcatel OmniPCX
Enterprise equipment, and a power SCADA (Supervisory Control and
Data Acquisition) system.
"This project involves the first high speed railway line in
Turkey. Alcatel is proud to apply its innovative signaling
technology and modern communication system to the completion of
this important project," said Anastasio Gallego del Monte, head
of Alcatel's Transport Automation activities in Spain.
This new contract further leverages Alcatel's experience in
serving the rail industry worldwide and positions Alcatel to
expand its presence in the Turkish rail signaling market.
About TCDD
The Turkish State Railways (TCDD) became a public corporation in
1953 while the first line was opened in 1856. The State
gradually acquired the railway companies, which had built lines
in Asiatic Turkey up to 1935 and integrated European railways
operating in Turkey in 1937. In 2001, TCDD recorded traffic:
of 5,569 million passenger-km, had a total route of 8,761 km,
and operated on 1,435 mm gauge; electrified lines of 2148 km at
25 KV. 50 Hz.
=============
G E R M A N Y
=============
HEIDELBERGER DRUCKMASCHINEN: Scraps 2003 Dividend
-------------------------------------------------
The Management Board of Heidelberger Druckmaschinen AG
(Heidelberg) (FWB: HDD) presented its 2003/2004 Annual Report at
Tuesday's Annual Press Conference and also confirmed and
explained more details relating to the preliminary figures for
the previous fiscal year (April 1, 2003 to March 31, 2004)
published in May this year.
The Heidelberg Group recorded sales of EUR3.661 billion
(previous year: EUR4.1 billion), down by around 11% on the
previous year, which was in line with expectations. After
adjustments for exchange rate movements, sales were down six
percent. Incoming orders in the fiscal year just closed were
around EUR3.8 billion (previous year: EUR4 billion). In the
fourth quarter alone, orders were in the region of EUR1.0
billion.
"After three weak years, the print media industry is set for a
perceptible revival," said Bernhard Schreier, Chief Executive
Officer at Heidelberg. "The improved economic conditions and
commitment to our profitable sheetfed offset operations will
clearly make their mark in the current fiscal year." He
believes Heidelberg has turned the corner.
In the period under review, the operating result was EUR20
million (previous year: EUR102 million) and therefore exceeded
the break-even result that had been forecast. This was
primarily the result of the implemented cost-cutting measures
that saved EUR240 million. In the fourth quarter alone, the
operating result improved considerably to EUR110 million
(previous year: EUR54 million).
Despite high non-recurring costs for measures to increase
efficiency and for restructuring, free cash flow in 2003/2004
totaled EUR114 million, a positive result achieved thanks to
firm asset management. The net result in the past fiscal year
was -EUR695 million (previous year: -EUR138 million). This
includes non-recurring expenditures of EUR569 million -- first
and foremost depreciation on book values -- for restructuring
costs and expenditures in connection with the discontinued
operations in the Digital and Web Systems divisions. "By
divesting unprofitable operations and reducing fixed costs over
the long term, we were able to significantly reduce our break-
even threshold," said Dr. Herbert Meyer, the Company's CFO. "We
have thus laid the groundwork for a return to our usual high
profits in the medium term."
In view of the negative result, the Management Board and
Supervisory Board will propose at the Annual General Meeting on
July 21, 2004 that no dividend be paid for the year under
review.
As of March 31, 2004, the Heidelberg Group had a workforce of
some 22,782 worldwide (previous year: 24,181). The planned
cutback of 3,200 jobs worldwide in the past two fiscal years has
been implemented. A further reduction of 1,000 jobs will take
place by the end of the current fiscal year as planned. As a
result of the divestment of the Digital and Web Systems
divisions, Heidelberg will in future have a global workforce of
around 18,500.
Development by Region
Sales for fiscal year 2003/2004 in North America, Latin America,
Europe and the Middle East were affected by the industry's low
propensity to invest. Only in the fourth quarter were there
signs of a slight improvement in business in these regions.
Business in Eastern Europe and Asia/Pacific was pleasing, with
sales either slightly improving or remaining at a high level.
Promising Start into the 2004/2005 Fiscal Year
Given the global economic recovery and the resulting improved
outlook for the industry, the Company is cautiously optimistic
for the current fiscal year 2004/2005. At the drupa trade show
in May in Dusseldorf, incoming orders to a value of around EUR1
billion were achieved. With effect from May 1, 2004, the
agreement with Eastman Kodak Co. regarding the sale of the
Digital Division came into force.
Agreement with Goss International Ready for Signing
The agreement with Goss International regarding the transfer of
the Web Systems operations is ready for signing and will
thereafter come into effect -- subject to approval by the
various national antitrust authorities -- in the next few weeks.
The transaction with Goss includes Heidelberg's commercial Web
and newspaper press operations as well as finishing equipment
for Web presses in the USA. Heidelberg will have a 15 percent
holding in Goss International. A non-disclosure agreement was
made as to the financial details of the transaction.
2004/2005 Result will be Significantly Better
In the current fiscal year, Heidelberg is aiming for a total
increase in sales of at least 5 percent over the previous year
on a comparable basis. The result is expected to show a marked
improvement over 2003/2004. The Company's goal is to achieve an
operating return on sales of between 4% and 5% for the current
fiscal year without the Digital and Web Systems divisions.
However, the current fiscal year will be burdened by the costs
of drupa and the cost of introducing numerous new products onto
the market. All in all, the Management Board is projecting net
profit in at least the mid-double-digit million-euro range.
Free Float of Heidelberg Increased from 22% to 57%
Due to the placement of RWE AG's 50.02% share in Heidelberg with
international institutional investors at the start of May, the
free float of Heidelberg increased to around 57%. The
exchangeable bond in Heidelberg shares will raise the free float
to 72% by 2007 at the latest. Until then, RWE will hold a 15%
share of Heidelberg. Further major shareholders which remain
unchanged are Allianz (12%), Commerzbank (10%) and Munich Re
(6%).
Modified Reporting in the 2004/2005 Fiscal Year
Starting from the first quarter of the current fiscal year,
Heidelberg will report on the newly defined divisions Press,
Postpress and Financial Services. Up until the deconsolidation,
the Web Systems and Digital divisions will appear in the
accounts as discontinuing operations.
For further information on Heidelberg, visit
http://www.heidelberg.com. For further information, please
contact: Heidelberger Druckmaschinen AG Corporate Communications
Thomas Fichtl Phone: +49 6221 92 47 47 Fax: +49 6221 92 50 69
E-mail: thomas.fichtl@heidelberg.com
Copies of financial tables are available free of charge at
http://bankrupt.com/misc/Heidelberger_2003_2004.htm
CONTACT: HEIDELBERGER DRUCKMASCHINEN AG
Thomas Fichtl
Phone: +49 6221 92 47 47
E-mail: thomas.fichtl@heidelberg.com
=============
H U N G A R Y
=============
BORSODCHEM RT: Mulls Reorganization of Capital Structure
--------------------------------------------------------
BorsodChem Rt. announces that it is reviewing its options in
respect of its capital structure. BorsodChem has recently been
awarded a 'BB' long-term corporate credit rating with a stable
outlook by Standard & Poor's Ratings Services. HSBC Bank plc
has been advising BorsodChem in conjunction with the rating
process and has now been retained to advise on the review of
capital structure.
CONTACT: BORSODCHEM RT
Gabor Hegyi
Capital Communications
Phone: +36 1 266 0199
Laszlo F. Kovacs
Chief Executive Officer
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: Discloses Changes in Varg Field Contract
----------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) on Tuesday
updated information with respect to the Varg field. As
previously disclosed, PGS Production AS and the license owners
have as a result of the extension of the field's life, been in
discussions relative to modifying the contract structure for the
Petrojarl Varg FPSO which is producing the Varg field. These
discussions have not yet been concluded. Meanwhile, the license
owners have notified PGS that effective May 29, 2004 they will
compensate PGS Production based on a fixed day rate of $220,000
rather than the previous tariff structure, unless or until a
revised compensation structure has been agreed.
Further, PGS' wholly owned subsidiary, Pertra AS, has extended
its drilling contract with Maersk Contractors for one additional
injection well in the Varg field. The well will be drilled in
direct continuation with the current drilling program, keeping
the Maersk Giant on contract until late September 2004.
On June 3, 2004, the Varg field started production from the
third new production well since Pertra took over as operator in
2002. Current production on the field is in excess of 25,000
barrels of oil per day.
The field did, however, experience some technical problems with
two production wells during April and May, reducing production
to an average of 19,000 barrels of oil per day for these two
months. The problems are expected to be solved during the
month of June.
The Varg field is located in Production License 038 (Block
15/12) in the Norwegian sector of the North Sea. Pertra AS is
the operator of Production License 038 with 70% interest while
co-venturer Petoro AS holds the remaining 30%.
* * *
Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services. PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation. PGS owns and operates
four floating production, storage and offloading units. PGS
operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services, visit
http://www.pgs.com.
CONTACT: PETROLEUM GEO SERVICES ASA
Sam R. Morrow
Svein T. Knudsen
Phone: +47 6752 6400
Suzanne M. McLeod
Phone: +1 281-589-7935
===========
R U S S I A
===========
GUSHINSKY MUKOMOL: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Ulyanovsk region declared LLC Gushinsky
Mukomol insolvent and introduced bankruptcy proceedings. The
case is docketed as A72-10167/03-R12-B. Ms. L. Kroncheva has
been appointed insolvency manager. Creditors have until July
27, 2004 to submit their proofs of claim to 432011, Russia,
Ulyanovsk, Post User Box 9876.
CONTACT: GUSHINSKY MUKOMOL
433153, Russia, Ulyanovsk region,
Majnsky region, Popovka
Ms. L. Kroncheva
Insolvency Manager
432011, Russia, Ulyanovsk,
Post User Box 9876
JASHKINSKY WOOD: Kemerovo Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kemerovo region declared state unitary
enterprise Jashkinsky Wood Processing Factory insolvent and
introduced bankruptcy proceedings. The case is docketed as A27-
15465/2003-4. Mr. E. Karachurin has been appointed insolvency
manager. Creditors have until July 27, 2004 to submit their
proofs of claim to the insolvency manager at 650000, Russia,
Kemerovo, Sovetsky Pr., 61, Post Office Box 981.
CONTACT: JASHKINSKY WOOD PROCESSING FACTORY
652030, Russia, Kemerovo region,
Jashkino, Osipovka, Pervaya Str.1
Mr. E. Karachurin
Insolvency Manager
650000, Russia, Kemerovo,
Sovetsky Pr., 61,
Post office: Post User Box 981
KRASNOCHETAJSKY DAIRY: Public Auction of Properties June 30
-----------------------------------------------------------
The insolvency manager of OJSC Krasnochetajsky Dairy Factory set
the public auction of the firm's property on June 30, 2004,
10:00 a.m. at Russia, Republic of Chuvachiya, Krasnye Chetai,
Novaya Str.
The assets for sale consist of production buildings, e.g. boiler
plant, refrigerator building, equipment and other additional
constructions. Starting price is RUB3 million. Preliminary
examination of sale conditions and reception of biddings are
done at Russia, Republic of Chuvachiya, Shumerlya, Lenina Str.,
43, Phone: 8 (83536) 5-13-83.
CONTACT: KRASNOCHETAJSKY DAIRY FACTORY
Russia, Republic of Chuvachiya,
Shumerlya, Lenina Str., 43
Phone: 8 (83536) 5-13-83
MOBILE TELESYSTEMS: Attracts One Million Subscribers in May
-----------------------------------------------------------
Mobile TeleSystems OJSC (MTS - NYSE: MBT), the largest mobile
phone operator in Russia and Ukraine, announces that its
consolidated subscriber base reached 21.29 million users on May
31, 2004.
During May 2004, MTS' consolidated subscriber base on a net
basis increased by 1.11 million subscribers, of which 240,000
were added in Moscow and the Moscow region.
Commenting on the results, MTS' First Vice-President, Mikhail
Susov, said: "Subscriber growth in May is largely due to people
purchasing phones in preparation for their vacations and
traveling to their dachas. During the month, MTS' consolidated
subscriber base increased by more than a million users -- the
best result since the beginning of the year. We remain
satisfied with the number of MTS subscriber additions on the
Moscow market during the past few months, compared with our
competitors."
May 31, April 30, Growth May 31 Growth
2004 2004 2003
Subs % Subs %
Total consolidated
subscribers,
end of period (mln) 21.29 20.18 1.11 5.5 10.70 10.59 98.9
Russia (mln) 16.93 16.08 0.85 5.3 8.77 8.16 93.0
Moscow and the
Moscow region (mln) 5.85 5.61 0.24 4.3 3.94 1.91 48.5
St. Petersburg and
the Leningrad region
(mln) 1.39 1.33 0.06 4.5 0.90 0.49 54.4
Rest of Russia (mln) 9.66 9.14 0.52 5.7 3.93 5.73 145.8
Ukraine (mln) 4.36 4.10 0.26 6.2 1.91 2.45 128.1
Unconsolidated
subsidiaries
in Russia[1]
(thousand) 200.4 180.5 19.90 11.0 - - -
MTS Belarus[2]
(thousand) 690.0 635.7 54.30 8.5 139.1 550.9 396.0
-----
Notes
[1] MTS owns 50% stakes in Primtelefon, a local mobile operator
in the Far Eastern and Siberian regions of Russia, and in
Volgograd Mobile and Astrakhan Mobile, local mobile operators in
the Volga part of Russia. MTS does not consolidate these
companies.
[2] MTS owns a 49% stake in Mobile TeleSystems LLC, a mobile
operator in Belarus, which is not consolidated.
Mobile TeleSystems OJSC (MTS) is the largest mobile phone
operator in Russia and Ukraine. Together with its subsidiaries,
the company services over 21.3 million subscribers. The regions
of Russia, as well as Belarus and Ukraine, in which MTS and its
subsidiaries are licensed to provide GSM services, have a total
population of approximately 200.6 million. Since June 2000,
MTS' Level 3 ADRs have been listed on the New York Stock
Exchange with the ticker symbol MBT. Additional information
about MTS can be found at http://www.mtsgsm.com.
* * *
In March, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Mobile TeleSystems (OJSC) to
'BB-' from 'B+', due to sustained leading market positions and
solid growth of cash flow from operations. The outlook is
stable. In addition, Standard & Poor's also raised its senior
unsecured debt rating on related entity Mobile Telesystems
Finance S.A. to 'BB-' from 'B+'.
"The upgrade reflects the proven ability of Mobile TeleSystems
to maintain leading market positions in the growing Russian and
Ukrainian mobile telecoms markets and deliver strong cash flow
generation from operations in Russia and Ukraine despite growing
exposure to low-end subscribers," said Standard & Poor's credit
analyst Pavel Kochanov.
CONTACT: MOBILE TELESYSTEMS
Moscow
Investor and Public Relations
Andrey Braginski
Phone: +7 095 911-65-53
E-mail: ir@mts.ru
NELIDOVSKY FURNITURE: Proofs of Claim Deadline June 27
------------------------------------------------------
The Arbitration Court of Tver region declared OJSC Nelidovsky
Furniture Combine insolvent and introduced bankruptcy
proceedings. The case is docketed as A66-3551-04. Mr. A.
Pereverzev has been appointed insolvency manager.
Creditors have until June 27, 2004 to submit their proofs of
claim to the insolvency manager at 170006, Russia, Tver,
Bebelya, 2, Build.1, apartment 4a. A hearing will take place on
July 2, 2004, 12:00 p.m. at the Arbitration Court of Tver
region.
CONTACT: NELIDOVSKY FURNITURE COMBINE
172500, Russia, Tver region,
Nelidovo, Lyutinskaya Str., 17
Mr. A. Pereverzev
Insolvency Manager
170006, Russia, Tver, Bebelya, 2,
Build.1, apartment 4a
NOVOKUZNETSK-SIB: Declared Insolvent
------------------------------------
The Arbitration Court of Kemerovo region declared LLC building
company Novokuznetsk-Sib-Stoy insolvent and introduced
bankruptcy proceedings. The case is docketed as A27-5140/2004-
4. Mr. I. Luchshev has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to the
insolvency manager at 654066, Russia, Novokuznetsk, Druzhby
Str., 39, 4th floor, Room 407. A hearing will take place on
September 20, 2004 at 11.00 a.m.
CONTACT: NOVOKUZNETSK-SIB-STOY
654066, Russia,
Novokuznetsk, Druzhby Str., 39
Mr. I. Luchshev
Insolvency Manager
654066, Russia, Novokuznetsk,
Druzhby Str., 39, 4th floor, Room 407
PALNA-MIKHAYLOVSKY: Public Auction of Properties Set June 15
------------------------------------------------------------
The bidding organizer and insolvency manager of regional state
unitary enterprise of Plemzavod, Palna-Mikhaylovsky, set the
public auction of the firm's properties on June 15, 2004.
The assets for sale are: Palna-Mikhaylovsky's buildings and
structures, equipment, carriers, implements, cattle and other
property necessary for agricultural work. Starting price is
RUB25 million. Preliminary examination of auction conditions
and reception of biddings are done from 6:00 a.m. to 11:00 a.m.
and 3:00 p.m. Document list for participants and description of
lots are available at 399610, Lipetsk region, Lebedyan, Tulskaya
Str. All transactions will be closed at 3:00 p.m., June 10,
2004.
To participate in the auction, bidders are required to transfer
deposits amounting to 10% of the starting price to the
settlement account 40602810700040000001, RSYE AP Plemzavod
Palna-Mikhajlovsky in OJSC Lipetskkombank of Lipetsk, BIC
044206704. The correspondent account is 30101810700000000704,
TIN 4811001154, KPP 48101001.
CONTACT: PALNA-MIKHAYLOVSKY
Russia, Lipetsk region,
Stanovlyansky region, Palna-Mikhajlovka
INSOLVENCY MANAGER
Russia, Lipetsk region,
Stanovlyansky region, Palna-Mikhajlovka
PHOSPHORUS: Insolvency Manager Starts Peddling Properties
---------------------------------------------------------
The insolvency manager of OJSC Phosphorus has put up for public
auction the firm's movable properties in Samara region,
Tolyatti, Novozavoskaya Str., 2a, commercial department.
Preliminary examination of sale conditions is done at Samara
region, Tolyatti, Novozavoskaya Str., 2a, commercial department.
Documents and description of properties are available in the
same address. You may call (8482) 29-47-90 for further
information.
CONTACT: PHOSPHORUS
Samara region, Tolyatti,
Novozavoskaya Str., 2a,
Phone: (8482) 29-47-90
RUSAGROCAPITAL: Selloff Could Stir up Further Trouble
-----------------------------------------------------
Rusagrocapital public relations officer Konstantin Ivanov
confirmed a group of investors has acquired 99% of the meat
producer. The new owners, according to Interfax, include St.
Petersburg-based corporation Aerokosmicheskoye oborudovaniye.
The company did not disclose additional details.
Mr. Ivanov said an agreement with creditors will soon be forged,
adding that the process may involve the court. The company's
creditors are the Trust, NIKoil, MDM-bank, Bank St. Petersburg
and Industrial Construction Bank of St. Petersburg. An internal
audit of Rusagrocapital pegged its debts at around US$97
million.
Relations among parties who have interest in the company had
been strained prior to the selloff, and the recent news may
complicate matters even more. MDM-bank and NIKoil already have
brought court cases to recover loans.
Alexander Petrauskas, general director of Smolmyaso, the
holding's owner, said on May 7, MDM-bank, one of
Rusagrocapital's creditors, was able to persuade the Smolensk
court to seize the meat producer's accounts. To protect the
assets of the company, Mr. Petrauskas said he applied to
Smolensk region's arbitration court to declare the meat plant
bankrupt. The move was not welcomed by Rusagrocapital. The
press service representative said: "This is not Petrauskas'
responsibility, but the problems of Rusagrocapital's owners. He
was not brought to the company to interfere with employers."
The management of Rusagrocapital holding and Mr. Petrauskas are
already facing a battle in court. Mr. Petrauskas has lodged a
criminal case against executives alleging misuse of the
company's RUB275 million special purpose loans. The facility
was provided to Smolmyso by a number of banks, including
Smolensky bank of Smolensk and APR-bank of Moscow with the meat
producers' products as collateral.
Rusagrocapital, which was set up in 1999, combines production
assets of processing and storing grain, flour production, animal
feed, poultry and animal feeding complexes, and meat processing
plants. It controls 10% of Russia's flour market. The company
holds under its umbrella 16 enterprises, including management
company Fininvestkhleb, trading company Grain Systems and
exchange trading floor for grain and grain products MTC-Zerno
(MTS-Grain). It employs over 6,000 people and has an annual
turnover of US$230 million.
SPETS-FUNDAMENT: Insolvent Status Confirmed
-------------------------------------------
The Arbitration Court of Kemerovo region declared CJSC Spets-
Fundament-Stroy insolvent and introduced bankruptcy proceedings.
The case is docketed as A27-5252/2004-4. Ms. E. Filina has been
appointed insolvency manager. Creditors have until June 27,
2004 to submit their proofs of claim to 650003, Russia,
Kemerovo, Leningradsky Pr., 39A-131.
CONTACT: SPETS-FUNDAMENT-STROY
650003, Russia, Kemerovo,
D. Bednigi Str., 4
Ms. E. Filina
Insolvency Manager
650003, Russia, Kemerovo,
Leningradsky Pr., 39A-131
STOO UVELSKOYE: Proofs of Claim Deadline July 27
------------------------------------------------
The Arbitration Court of Chelyabinsk region declared Stoo
Uvelskoye (TIN 7440002065) insolvent and introduced bankruptcy
proceedings. The case is docketed as A76-18982/03-48-476. Ms.
T. Vysotskaya has been appointed insolvency manager. Creditors
have until July 27, 2004 to submit their proofs of claim to
454084, Russia, Chelyabinsk, Pobedy Pr.,160, Building B.
CONTACT: STOO UVELSKOYE
457003, Russia, Chelyabinsk region,
Uvel region, Kamensky
Ms. T. Vysotskaya
Insolvency Manager
454084, Russia, Chelyabinsk,
Pobedy Pr.,160, Building B
TOPKINSKY ELEVATOR: Bankruptcy Proceedings Begin
------------------------------------------------
The Arbitration Court of Kemerovo region declared LLC Topkinsky
Elevator insolvent and introduced bankruptcy proceedings. The
case is docketed as A27-17188/2003-4. Mr. A. Kocherbny has been
appointed insolvency manager. Creditors have until June 27,
2004 to submit their proofs of claim to 652366, Russia, Kemerovo
region, Topkinsky region, Maly Korchugan, Tsentralnaya Str., 10.
CONTACT: TOPKINSKY ELEVATOR
652366, Russia, Kemerovo region,
Topkinsky region, Maly Korchugan,
Tsentralnaya Str., 10
Mr. A. Kocherbny
Insolvency Manager
650099, Russia, Kemerovo,
Ostrovskogo Str., 32
TRANS-TELEKOM: Declared Insolvent
---------------------------------
The Arbitration Court of Novosibirsk region declared CJSC Trans-
Telekom insolvent and introduced bankruptcy proceedings. The
case is docketed as A45-5723/04-SB/72. Mr. E. Fedorchenko has
been appointed insolvency manager. Creditors have until July
27, 2004 to submit their proofs of claim to the insolvency
manager at 630007, Russia, Novosibirsk, Krasny Pr., 11-39.
CONTACT: TRANS-TELEKOM
630009, Russia, Novosibirsk,
Nikitina Str., 20
Mr. E. Fedorchenko
Insolvency Manager
630007, Russia, Novosibirsk,
Krasny Pr., 11-39
YUKOS OIL: Joint Trial of Top Brass Set Next Week
-------------------------------------------------
A Moscow court approved the joint hearing of the cases of former
Yukos head Mikhail Khodorkovsky and fellow billionaire and
business ally Platon Lebedev, according to reports. Their trial
is scheduled for next week.
Mr. Khodorkovsky, who was arrested in October, is accused of
seven counts of tax evasion, fraud and embezzlement. Together
with Mr. Lebedev, who was arrested last July, they face charges
of tax evasion and fraud worth more than US$1 billion (EUR812
million, GBP543 million).
Lawyers of both parties welcomed the decision as it could ensure
that neither defendant could testify against the other. It also
meant prosecutors would not be able to study Mr. Lebedev's trial
so they could avoid procedural glitches when they pursue their
case against Mr. Khodorkovsky.
The case, which is expected to shed light on the political
independence of Russia's courts, is Kremlin-inspired, according
to friends of Mr. Khodorkovsky. They say the suit is President
Vladimir Putin's way of punishing the businessmen for funding
the opposition parties. Mr. Khodorkovsky, whose fortune is
estimated at GBP8 billion, faces up to 10 years in prison if
convicted.
YUZHNO-SAKHALINSK MINE: Unnamed Chinese Investor Saves Coalmine
---------------------------------------------------------------
The Yuzhno-Sakhalinsk mine will soon reopen after an unnamed
Chinese investor agreed to lease the company for 49 years.
The 90-year-old coalmine in the Sakhalin village of Sinegorks
has been closed since October 2003 due to a debilitating RUB147
million debt. It needs US$22 million to restart production.
According to Asia Intelligence Wire, the Chinese company, which
operates out of the Heilongjiang Province, will start restoring
order by fixing the roads, vehicles and electricity networks.
It plans to hire workers from the People's Republic of China.
There are currently 50 Sakhalin workers, who maintain a skeleton
service at the enterprise, but they will be replaced by Chinese
staff in early July, according to chief engineer Vitaliy
Krasnov.
The Chinese plans to extract 500,000 tons of coal annually. The
mine has an estimated solid fuel reserves of 43 million.
Chinese and Sakhalin specialists calculate that the enterprise
will be loss-making initially, but will soon start to make a
profit.
=============================
S L O V A K R E P U B L I C
=============================
EUROTEL BRATISLAVA: Offers Cheaper Tariffs for Data Services
------------------------------------------------------------
EuroTel Bratislava, a.s. prepared a Data Explosion for its
customers with new tariffs and new prices of data programs. In
addition to that, Data Basic, Data Standard and Data Nonstop
programs were extended with a new Data Start program.
Starting from 1 June 2004, EuroTel prepared a real revolution in
data programs for its customers also by starting to write the
future of third generation networks in Slovakia. Along with
introducing a new high-speed Internet connection service,
SuperSpeed based on the EDGE technology, and substantially
speeding up the GPRS mobile transmissions, EuroTel brings new
and cheaper data tariffs. All data services Data Basic, Data
Start, Data Standard and Data Nonstop automatically support
connection through the Super Speed service. Another novelty is
the reduction of the metering interval to 1 kB for Internet and
WAP connection.
From now on, Data Basic is even more affordable. Any customer
with any monthly package can have this program activated.
Customers pay nothing for activation of the Data Basic program
and the monthly rate for this package is 0 SKK. Customers will
pay SKK99 for a MB transferred, whereby EuroTel made its offer
significantly more affordable.
Starting from 1 June 2004, EuroTel brings also a new data
program Data Start. This product is designed particularly for
the customers who use the connection through GPRS through their
mobile telephone or PDA. For a rate of SKK99 per month, they
will be able to download 10 MB of data. Each MB transmitted in
excess of this is charged at SKK39.90.
The Data Standard program, for a monthly rate of SKK590, brings
as many as 700 MB of free data to users, the HSCSD service upon
request without a monthly fee and, until the end of 2004, 6
hours of Internet access per month in EuroTel HotSpots locations
through WiFi. The volume of 700 MB is sufficient for customers
who use their Internet connection mainly for web browsing,
working with e-mails and attachments. Each MB transmitted in
excess of this is charged at SKK39.90.
The Data Nonstop program offers, at an unchanged price of
SKK990, unlimited Internet access through the GPRS/EDGE network
and, until the end of 2004, also unlimited Internet access
through the high-speed WiFi connection. Customers can have the
Data Nonstop program activated with any monthly service package
including 20+20VIAC and the Partner service. Data Nonstop
continues to be the only mobile flat rate in the Slovak market.
The prices are given VAT exclusive.
* * *
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Slovak Republic-based mobile
telecommunications operator EuroTel Bratislava A.S. to 'BB' from
'BB-', TCR-Europe reported on April 7. S&P cited the
refinancing of group's debt in Slovak koruna. It gave the
ratings a stable outlook.
At the same time, Standard & Poor's assigned its 'BB' long-term
senior unsecured bank loan rating to EuroTel's SKR5 billion
($149 million) syndicated credit facility. In addition,
Standard & Poor's withdrew its 'BB-' senior unsecured debt
rating on guaranteed subsidiary Slovak Wireless Finance Co.
B.V., following redemption of Slovak Wireless' EUR175 million of
debt with the proceeds from the new bank facility. At December
31, 2003, EuroTel had total lease-adjusted debt of SKR7.9
billion.
"The rating action primarily reflects the reduction of foreign
exchange risk on EuroTel's debt given that the new bank facility
is denominated in the local currency of Slovak koruna," said
Standard & Poor's credit analyst Michael O'Brien. "Furthermore,
the upgrade reflects incremental improvements in the group's
market and operational performance and EuroTel's success in
protecting its solid market position and improving its
subscriber market share."
Standard & Poor's expects EuroTel to maintain its strong market
position and high level of operating efficiency in an
environment where competition will be rational. EuroTel is also
expected to ensure sustainable free operating cash flow
generation, maintain acceptable levels of liquidity, and keep a
moderate financial policy, in particular with regard to future
dividends.
=====================
S W I T Z E R L A N D
=====================
ADECCO SA: Posts Electronic Copy of Annual Report
-------------------------------------------------
Adecco S.A. is pleased to inform you that the Group's 2003
Annual Report is now available online at http://www.adecco.com.
We invite you to visit our Web site to view and/or download an
electronic copy of the report from the Investor Relations
document library. The 2003 Annual Report is comprised of two
parts: operational review, financial review and corporate
governance. Click on the links below to access each of these
documents
CONTACT: ADECCO S.A.
Investor Relations
E-mail: investor.relations@adecco.com
=============
U K R A I N E
=============
A-LEKS: Insolvent Status Confirmed
----------------------------------
The Economic Court of Kirovograd region declared LLC A-Leks
(code EDRPOU 31110602) insolvent and introduced bankruptcy
proceedings on April 29, 2004. The case is docketed as 10/92.
Mr. Donkov S. (License Number AA 485220 approved March 17, 2003)
has been appointed liquidator/insolvency manager.
CONTACT: A-LEKS
25006, Ukraine,
Kirovograd, Lenin str., 14
THE ECONOMIC COURT OF KIROVOGRAD REGION:
25006, Ukraine,
Kirovograd, Lunacharski str. 29
DRUZHBA: Bankruptcy Proceedings Start
-------------------------------------
The Economic Court of Harkiv region declared LLC agricultural
firm Druzhba (code EDRPOU 00706622) insolvent and introduced
bankruptcy proceedings on May 12, 2004. The case is docketed as
B-25/05-04. Arbitral manager Mr. Vinnik A. (License Number AA
250085 approved November 30, 2001) has been appointed liquidator
/insolvency manager.
CONTACT: DRUZHBA
Ukraine, Harkiv region,
Kechigivskij district, Medvedivka
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv,
Svobodi square, 5, Derzhprom, 8th entrance
HLIBOPRODUKT: Agricultural Firm Succumbs to Insolvency
------------------------------------------------------
The Economic Court of Chernivtsi region declared agricultural
company LLC Hliboprodukt (code EDRPOU 30844221) insolvent and
introduced bankruptcy proceedings on March 16, 2004. The case
is docketed as 10/21/b. Mrs. Viknyanska Tetyana (License Number
AA 047684 approved January 18, 2001) has been appointed
liquidator/insolvency manager.
CONTACT: HLIBOPRODUKT
Ukraine, Chernivtsi,
Mikolajivskij lane, 9
Mrs. Viknyanska Tetyana
Liquidator/Insolvency Manager
Ukraine, Chernivtsi,
Aleksandri str., 151-D
Phone: 8-03722-544-999
ECONOMIC COURT OF CHERNIVTSI REGION:
58000, Ukraine, Chernivtsi,
O. Kobilyanska str., 14
IVITA: Ivano-Frankivsk Court Appoints Insolvency Manager
--------------------------------------------------------
The Economic Court of Ivano-Frankivsk region declared OJSC Ivita
(code EDRPOU 13646548) insolvent and introduced bankruptcy
proceedings on May 14, 2004. The case is docketed as B-7/200.
Arbitral manager Mr. Vityuk V. (License Number 23-44/2541
approved December 15, 2002) has been appointed
liquidator/insolvency manager.
CONTACT: IVITA
76494, Ukraine, Ivano-Frankivsk,
Yunosti str., 23A
Mr. Vityuk V.
Liquidator/Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Ivano-Frankivsk district, Krihitsi,
Nova str., 7
ECONOMIC COURT OF IVANO-FRANKIVSK REGION:
76000, Ukraine, Ivano-Frankivsk,
Grunvaldska str.,11
KOLOS: Insolvent Status Confirmed
---------------------------------
The Economic Court of Zaporizhya region declared LLC Kolos (code
EDRPOU 30700882) insolvent and introduced bankruptcy proceedings
on April 29, 2004. The case is docketed as 25/62. Mrs.
Alekseyeva Ludmila has been appointed liquidator/insolvency
manager.
Creditors have until June 25, 2004 to submit their proofs of
claim to:
(a) Liquidator/Insolvency Manager: 70410, Ukraine, Zaporizhya
region, Zaporizhya district, Lukashevo, Shasliva str., 5
(b) ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine,
Zaporizhya, Shaumyana str., 4
Kolos holds Account Number 260071264 at JSPPB Aval, Zaporizhya
regional branch.
CONTACT: KOLOS
70054, Ukraine, Zaporizhya region,
Vilnyansk district, Kupriyanivka,
Molodizhna str., 1
Alekseyeva Ludmila
Liquidator/Insolvency Manager
70410, Ukraine, Zaporizhya region,
Zaporizhya district, Lukashevo,
Shasliva str., 5
ECONOMIC COURT OF ZAPORIZHYA REGION:
69001, Ukraine, Zaporizhya,
Shaumyana str., 4
PERVOMAJSKE ATP: Harkiv Court Appoints Insolvency Manager
---------------------------------------------------------
The Economic Court of Harkiv region declared OJSC Pervomajske
Atp-16349 (code EDRPOU 05539092) insolvent and introduced
bankruptcy on May 12, 2004. The case is docketed as B-31/132-
02. Arbitral manager Mr. Doloshko O. (License Number AA 315484
approved August 29, 2002) has been appointed
liquidator/insolvency manager.
CONTACT: PERVOMAJSKE ATP-16349
Ukraine, Harkiv region,
Pervomajsk, Miru str., 57
Mr. Doloshko O.
Liquidator/Insolvency Manager
Ukraine, Harkiv, Pushkinska str., 79/12
Phone: (057) 704-22-66
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv,
Svobodi square, 5, Derzhprom, 8th entrance
POLTAVA' FUEL: Poltava Court Commences Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Poltava region declared LLC Poltava' Fuel-
Energetic Company (code EDRPOU 31174839) insolvent and
introduced bankruptcy proceedings on April 20, 2004. The case
is docketed as 7/50. Mr. Nesvit V. (License Number 047993
approved October 19, 2001) has been appointed liquidator/
insolvency manager. Poltava' Fuel-Energetic Company holds
Account Number 26009323328001 at CB Privatbank, Poltava regional
branch, MFO 331401.
CONTACT: POLTAVA' FUEL-ENERGETIC COMPANY
36000, Ukraine, Poltava,
Zhovtneva str., 66, room 417
Mr. Nesvit V.
Liquidator/Insolvency Manager
36003, Ukraine, Poltava,
Nezalezhnosti square, 1 B, room 18
Phone: 508-067
ECONOMIC COURT OF POLTAVA REGION:
36000, Ukraine, Poltava, Zigina str., 1
ROZDOLLYA: Court Appoints Liquidator
------------------------------------
The Economic Court of Harkiv region declared agricultural LLC
Rozdollya (code EDRPOU 00705396) insolvent and introduced
bankruptcy proceedings on April 28, 2004. The case is docketed
as B-24/219-03. Arbitral manager Mr. Charkasov S. (License
Number AA 485201 approved February 19, 2003) has been appointed
liquidator/insolvency manager.
CONTACT: ROZDOLLYA
Ukraine, Harkiv region, Pervomajsk district,
Rozdollya, Centralna str., 76
Mr. Charkasov S.
Liquidator/Insolvency Manager
Ukraine, Harkiv region, Lozov,
3-d micro-district, 13/25
ECONOMIC COURT OF HARKIV REGION:
61022, Ukraine, Harkiv, Svobodi square,
5, Derzhprom, 8th entrance
===========================
U N I T E D K I N G D O M
===========================
ABC CONTROLS: Winding up Resolutions Passed
-------------------------------------------
At an Extraordinary General Meeting of the Members of the ABC
Controls Ltd. Company on June 1, 2004 held at Kingsley House,
Church Lane, Shurdington, Cheltenham, Gloucestershire GL51 4TQ,
the Ordinary and Extraordinary Resolutions to wind up the
Company were passed. David N Hughes has been appointed
Liquidator for the purpose of such winding-up.
AGNEW LOWTHER: Special Winding up Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Agnew Lowther & Bates
(Financial Management) Limited Company on May 27, 2004 held at
the offices of Parkin S Booth & Co, 44 Old Hall Street,
Liverpool 3, the Special Resolution to wind up the Company was
passed. John C Moran of Parkin S Booth & Co has been appointed
Liquidator for the purpose of such winding-up.
ARLA FOODS: TNT Mail Teams up with Express Dairies
--------------------------------------------------
TNT Mail, the U.K. subsidiary of mail and logistics company TPG
N.V., signed a two-year agreement with Express Dairies, a
trading division of Arla Foods U.K. plc, the U.K.'s leading
dairy company, which will see Express Dairies delivering
addressed heavier weight letters and packets for TNT Mail's
customers.
The agreement with Express Dairies enables TNT Mail to deliver
large non-time sensitive mail items to over six million U.K.
households. The partnership will offer businesses a service for
large bulk letters and heavier addressed packages.
TPG N.V., with its two brands TNT and Royal TPG Post, is a
global provider of mail, express and logistics services. The
group employs over 163,000 people in 64 countries and serves
over 200 countries. For 2003 the company reported sales of
EUR11.9 billion. TPG N.V. is publicly listed on the stock
exchanges of Amsterdam, New York, London and Frankfurt.
ARLA FOODS: Posts GBP21.1 Million Pre-tax Profit in First Half
--------------------------------------------------------------
(a) First trading result of merged group which created a major
U.K. dairy company with leading market positions and strong
Brands;
(b) Continuing sales were GBP697.9 million;
(c) Underlying* pre-tax profit GBP21.1 million;
(d) Adjusted earnings per share 2.4 pence;
(e) Lurpak brand grew 10%;
(f) Anchor Spreadable grew 13%;
(g) Cravendale, the U.K.'s leading branded milk grew 23%;
(h) Enlarged supermarket milk business maintained volumes;
(i) Predicted synergies from the merger of GBP20 million is
anticipated ahead of schedule;
(j) Initial two-year agreement with TNT Mail on packet
distribution.
* Before exceptional items and goodwill amortization.
Chairman's Statement
The first trading results of the merged Group demonstrate
progress in all key areas. Our brands are performing strongly,
supermarket milk volumes are in line with expectations, our
major dairy investments are on schedule, and we have continued
to outperform the market in home delivery. The growth of our
mail distribution business has been enhanced by the signing of
an agreement to co-operate with TNT Mail (a U.K. subsidiary of
TPG NV). We continue to expand our partnership arrangements
with our milk producers.
Results
This second interim report covers the six months to 31 March
2004 and includes just over five months of trading by the
enlarged business that was created by the merger of Express
Dairies and Arla Foods. This was completed on 22 October
2003, and we have changed our year-end to 30 September to
correspond with that of our major shareholder, Arla Foods amba,
which is the E.U.'s largest farmer-owned dairy co-operative.
Sales for the period were GBP697.9 million (2003: GBP323.5
million: all comparatives refer to the six months to 30
September 2003) and underlying* pre-tax profit was GBP21.1
million (2003: GBP10.1 million). Exceptional costs of GBP11.9
million arose from the first phase of plant and head office
rationalization and the closure of Express Chilled Distribution,
partly offset by property profits on the sale of surplus depots
and dairies. Profit before taxation was GBP5.0 million (2003:
GBP6.1 million).
Adjusted earnings per share were 2.4 pence (2003: 2.5 pence),
and basic earnings per share were 0.2 pence (2003: 1.3 pence).
Finances
The first published balance sheet of the enlarged Group shows
net debt at 31 March 2004 of GBP126.9 million (2003: GBP105.9
million). The strengthening of our financial position through
the merger is reflected in our improved interest cover by
operating profit (pre goodwill amortization and pre
exceptionals) of 4.8 times (2003: 3.7 times).
* Before exceptional items and goodwill amortization.
Dividend
The Board has declared a second interim dividend of 0.6 pence
per share, the same as the final dividend paid at this stage in
2003. This will be payable on 27 August 2004 to those
shareholders on the register at 25 June 2004. Together with the
increased first interim dividend of 0.5 pence paid in February,
total ordinary dividends for the year to date of 1.1 pence are
10 percent higher than those of the comparable period last year.
In addition, former Express Dairies shareholders benefited from
the special dividend of 9.6 pence per share paid on 4 November
2003 following completion of the merger. It is the Board's
intention to review the level of the final dividend in the light
of performance and prospects, and our commitment to pursue a
progressive dividend policy in line with long-term earnings
potential and cash flow, whilst maintaining appropriate levels
of cover.
Business Review
The merger has created a leading U.K. dairy company with a broad
range of added value products, strong brands and comprehensive
nationwide distribution shortly to be extended into the central
belt of Scotland. Both our customers and our farmer suppliers
have welcomed this. Highlights of performance in the six months
to March 2004 include further excellent performances from our
Lurpak and Cravendale brands, the maintenance of our market
share in supermarket milk and continued outperformance of the
market in home delivery, aided by the successful expansion of
our mail operation. We have begun the process of both
rationalizing production and reducing administration costs,
announcing the closure of the Bamber Bridge dairy and the glass
bottling line at the Hatfield Peverel dairy and combining head
office functions in Leeds. Our investment program is proceeding
to plan, with the U.K.'s most technologically advanced dairy at
Stourton, Leeds, on schedule to open in October 2004. Neil
Davidson comments on these and other developments in more detail
in his Chief Executive's Review.
Relationships with Producers
We have long been committed to building inclusive relationships
with producers, and are pleased to report the creation of the
Arla Foods Milk Partnership (AFMP), bringing together all the
farmers supplying the Group under direct contracts. The
Partnership will supply us with over 1 billion liters of milk in
the current milk year, which began on 1 April. Membership is
also set to expand, with a considerable number of farmers
expressing interest in joining, notably in Yorkshire, with a
view to supplying the new Stourton dairy. We have also
continued to develop our very successful strategic alliance with
the Milk Link farmers co-operative, which includes the Joint
Venture: Staplemead Dairy Products.
I am delighted that EMPI, the investment arm of AFMP, has
recently become the third largest shareholder in the Group with
an interest of over 4%.
Whilst the first stage of CAP reform from 1 July will affect the
raw milk pricing environment, the Group has only a very limited
exposure to those long-life commodity markets which will be
directly affected. However our raw milk purchase price has to
remain competitive given the markets, in which we operate.
Outlook
Our branded dairy products business continues to perform
strongly. Changes in supermarket milk buying arrangements from
April resulted in volume reductions within our range of
expectation, and we have since won a sole supply contract with
Asda Walmart. There has been a very positive customer reaction
to the development of our new Stourton facility, which will
provide us with an excellent platform for further growth in this
sector. We announced in our March trading update a further
GBP20 million investment on this site to meet growing demand for
Cravendale PurFiltre(R). The first phase of dairy
rationalization will be completed in July, and further overhead
reductions will be achieved following our review of central
functions. Although, as previously stated, synergy benefits in
the six months to 30 September will be lower than originally
estimated, this is purely a matter of phasing. All our
experience to date indicates that the merger will deliver all
its anticipated benefits, and I look forward to reporting
continued progress in the remainder of the current reporting
period and in the longer term.
Sir David Naish DL
Chairman
Arla Food's financial statements are available free of charge at
http://bankrupt.com/misc/Arla_H12004.htm
CONTACT: ARLA FOODS U.K. PLC
Hudson Sandler
Neil Davidson, Chief Executive
Michael Sandler/James Benjamin
Nigel Peet, Finance Director
Phone: 020 7796 4133
Phone: 020 7796 4133 on Tuesday 8 June
Phone: 0116 282 1444 thereafter
AUDIO RESOURCES: Hires Liquidator from Stones & Co.
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Audio
Resources Limited Company on June 2, 2004 held at The Elephant &
Castle Hotel, Broad Street, Newtown SY16 2BQ, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Gary Stones of Stones & Co., 63 Walter Road, Swansea SA1 4PT has
been nominated Liquidator for the purpose of the winding-up.
CONTACT: STONES & CO
63 Walter Road,
Swansea SA1 4PT
Contact:
Gary Stones, Liquidator
BANCOURT PLC: Appoints Liquidator from Menzies
----------------------------------------------
At an Extraordinary General Meeting of the Bancourt PLC Company
on May 27, 2004 held at Langham Court Hotel, 31-35 Langham
Street, London W1W 6BT, the Ordinary and Extraordinary
Resolutions to wind up the Company were passed. Andrew Gordon
Stoneman and Paul David Williams of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW have been
appointed Joint Liquidators of the Company for the purpose of
such winding-up.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street,
London W1W 6DW
Contact:
Andrew Gordon Stoneman, Liquidator
Paul David Williams, Liquidator
BARWEST PLANT: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Members of the
Barwest Plant Services Limited Company on May 28, 2004 held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the
Ordinary and Extraordinary Resolutions to wind up the Company
were passed. Elizabeth Arakapiotis has been appointed
Liquidator for the purpose of such winding-up.
CALDERDALE KIRKLEES: Creditors Meeting Set July 1
-------------------------------------------------
There will be a General Meeting of the Members of the Calderdale
and Kirklees TEC Limited Company on July 1, 2004 at 11:00 a.m.
It will be held at Pannell House, 6 Queen Street, Leeds LS1 2TW.
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.
CCS WIREVISION: Names David Horner Administrator
------------------------------------------------
David Anthony Horner of David Horner & Co has been appointed
joint administrative receiver for CCS Wirevision Limited
Company. The appointment was made May 27, 2004. The company is
engaged in installation and maintenance of CCTV.
CONTACT: DAVID HORNER & CO
11 Clifton Moor Business Village,
James Nicholson Link,
Clifton Moor, York YO30 4XG
Receiver:
David Anthony Horner
(IP No 008956)
CENTERPRINT LIMITED: Hires Receivers from Hurst Morrison
--------------------------------------------------------
Commercial Printing Company, Centerpoint Limited has appointed
Paul William Ellison and Robert Christopher Keyes of Hurst
Morrison Thomson Corporated Recovery LLP as joint administrative
receivers. The appointment was made May 26, 2004.
CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP
5 Fairmile,
Henley-on-Thames,
Oxon RG9 2JR
Receivers:
Paul William Ellison
Robert Christopher Keyes
(IP Nos 7254, 1016)
CORUS GROUP: Sells U.S.-based Mini-mill for US$90 Million
---------------------------------------------------------
Corus Group plc announces that it has reached agreement for the
sale of Corus Tuscaloosa, a plate-producing mini-mill based in
Alabama USA, to Nucor Corporation.
Corus will receive a gross cash consideration of US$90 million
(GBP49 million approximately), which will be adjusted to reflect
working capital at completion. This recovers the carrying value
of the asset in the Group's accounts and the proceeds of the
sale will be used to strengthen further the Group's balance
sheet.
Completion of the sale is conditional, inter alia, on the
receipt of regulatory approval under the Hart-Scott-Rodino
Antitrust Improvements Act. Completion and receipt of sale
proceeds is expected during the third quarter of 2004.
Paul Lormor, Division Director Long Products said:
"Plate manufacturing in the USA is a non-core activity with
limited linkages to the rest of the Group's operations.
Therefore, this sale is consistent with our announced strategy
to focus on selected carbon steel products and to concentrate
our efforts on our program to 'Restore Success'."
Looking ahead, as part of the program to keep the market
regularly informed, Corus will be issuing a trading update on
Thursday 24 June 2004.
* * *
(a) Corus Tuscaloosa is an electric arc-based mini-mill, which
produces a wide range of carbon, high strength low alloy and
pressure vessel steels in coil, cut-to-length and discrete
plate form. In 2003, the business achieved a turnover of
US$209 million and delivered around 670,000 net tons of
prime finished product. The Corus result for 2003 included
an operating loss for Corus Tuscaloosa of US$27 million. At
the end of December 2003 there were 318 employees.
(b) Additional information about Corus Tuscaloosa is available
at http://www.corustuscaloosa.com.
(c) Corus is an international metals group that manufactures,
processes and distributes steel and aluminum products. In
addition, Corus provides related services in design,
technology and consultancy. With sites and offices around
the world, at the end of December Corus employed
approximately 49,400 people.
(d) Exchange rate used: GBP1=$1.836.
CONTACT: CORUS GROUP
Media Inquiries:
Mike Hitchcock,
Corporate Relations:
Phone: +44 (0) 207 717 4502
Investor Inquiries:
Anthony Hamilton,
Investor Relations
Phone: +44 (0) 207 717 4503
CTB BROADCAST: Winding up Resolutions Passed
--------------------------------------------
At an Extraordinary General Meeting of the Members of the CTB
Broadcast Services Limited Company on June 2, 2004 held at the
offices of McCabe Ford Williams, Bank Chambers, 1 Central
Avenue, Sittingbourne, Kent ME10 4AE, the Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Peter Roderick Frowde and Amanda Janice Ireland of Bank
Chambers, 1 Central Avenue, Sittingbourne, Kent ME10 4AE have
been appointed Joint Liquidators of the Company for the purpose
of the voluntary winding-up.
CONTACT: BANK CHAMBERS
1 Central Avenue,
Sittingbourne, Kent ME10 4AE
Contact:
Peter Roderick Frowde, Liquidator
Amanda Janice Ireland, Liquidator
DA GROUP: Future Depends on Mobile Phone Service Uptake
-------------------------------------------------------
Computer animation specialist DA Group may face a critical
period next year depending on the success of its foray into the
mobile phone market.
The Glasgow-based firm posted a slightly better result last
year, but remained in the red. It reported after-tax losses of
GBP2.3 million, down 15% from last year's. According to The
Scotsman, the company " can only sustain only one more year of
losses at this level." The company is counting on revenues from
graphics it launched into the mobile phone market to help it
out.
StereoTypes is a range of digitally animated characters that can
be downloaded to advanced mobile phones and sent as picture
messages. Its revenues therefore are dependent on the number of
customers using the service.
DA Group diverted its focus into the mobile phone market 15
months ago. Though it recently signed potentially lucrative
contracts for StereoTypes range of characters with Asian mobile
phone companies, it said it does not expect to generate revenues
from these contracts in the near future.
Chief executive Mike Antliff said: "We have made significant
progress with [the venture], and have made a lot of traction in
the market -- particularly in Asia. The one variable we can't
fix is time and we are dependent on uptake for these new mobile
phone services."
According to the report, Mr. Antliff also insisted that he was
not interested in courting a takeover and that no offers had
been placed on the table.
DUNLOP STANDARD: Meggitt Joins Team of Preferred Bidder
-------------------------------------------------------
U.S. buyout firm Carlyle has teamed up with U.K.-based aerospace
engineer Meggitt to buy Dunlop Standard, according to the
Financial Times.
Carlyle is understood to have won preferred bidder status in the
approximately GBP900 million (US$1.65 billion) transaction. But
should talks fail, BBA, the U.K.-based aviation services and
materials technology group, may still snatch the transaction,
according to the report.
Dunlop supplies parts and services to the aerospace industry
with its workforce of 2,750 people. It reported sales of GBP457
million last year, and earnings before interest, tax,
depreciation, amortization and exceptionals of GBP82 million,
down from GBP88 million. It had net debt of GBP335 million at
the end of 2003. Its long-term corporate credit rating was
affirmed at 'B' by Standard & Poor's in February.
Private equity group Doughty Hanson, owner of Dunlop, has
previously tried unsuccessfully to float Dunlop. It also
offered the business for sale once, but failed in the wake of
the September 11 terrorist attacks.
FABRICATION TECHNOLOGY: In Administrative Receivership
------------------------------------------------------
Euro Sales Finance called in Roderick Michael Withinshaw of
Royce Peeling Green receiver for Fabrication Technology Limited
Company (Reg No 2165485, Trade Classification: 2811). The
engineering company's trading name is Fabtec.
CONTACT: ROYCE PEELING GREEN
The Copper Room,
Deva Centre, Trinity Way,
Manchester M3 7BG
Receiver:
Roderick Michael Withinshaw
(Office Holder No 008014)
GALILEO INNOVATION: Hires Ernst & Young Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Galileo Innovation
Public Limited Company on May 24, 2004 held at Addleshaw
Goddard, 100 Barbirolli Square, Manchester M2 3AB, the Special
Resolution to wind up the Company was passed. Simon Allport and
Garry Wilson of Ernst & Young LLP, 100 Barbirolli Square,
Manchester M2 3AB have been appointed Joint Liquidators for the
purpose of such winding-up.
CONTACT: ERNST & YOUNG LLP
100 Barbirolli Square,
Manchester M2 3AB
Contact:
Simon Allport, Liquidator
Garry Wilson, Liquidator
GOLDEN HILL: Members Meeting Set June 28
----------------------------------------
Members of the Golden Hill (Skerne) Limited will have a Meeting
on June 29, 2004 at 10:00 a.m. It will be held at CLB, 14 Wood
Street, Bolton BL1 1DZ.
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. Proxies must be lodged to CLB, 14 Wood Street, Bolton
BL1 1DZ not later than 12:00 noon, June 28, 2004.
CONTACT: CLB
14 Wood Street,
Bolton BL1 1DZ
Contact:
D Hill, Joint Liquidator
HOLLINGER INC.: U.S. Court to Entertain Asset Sale Objections
-------------------------------------------------------------
Conrad Black, the disgraced executive of Hollinger, was offered
hope on Tuesday after a U.S. judge said he would welcome
objections to the sale of the company's most prized asset, the
Daily Telegraph.
Judge Leo Strine also said the injunction preventing Mr. Black's
from participating in the strategic review of Hollinger will
expire at the end of October, according to the Financial Times.
The ruling came just as organizer for the sale of Telegraph are
in the final stages of announcing the winner. The three final
bidders are the Barclay brothers, 3i, the private equity group,
and a joint bid by CVC, the private equity group, and Daily Mail
and General Trust, the newspaper publisher.
Judge Strine earlier blocked the sale of Lord Black's control of
Hollinger International to British Barclay brothers. This was
after Lord Black was ousted from the company he controls
following the discovery of millions of dollars of unauthorized
payments made to him and other colleagues.
INDEPENDENT ACCESS: Creditors Meeting Set June 15
-------------------------------------------------
There will be a Creditors Meeting of the Independent Access
Supplies Limited Company on June 15, 2004 at 11:00 a.m. It will
be held at the Dunston Hall Hotel, Ipswich Road, Norwich NR14
8PQ.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL
not later than 12:00 noon, June 14, 2004.
CONTACT: KPMG LLP
2 Cornwall Street,
Birmingham B3 2DL
Receivers:
Peter John Rilett
Richard James Philpott
JIGSAW DAY: Appoints KPMG Administrator
---------------------------------------
The Jigsaw Day Nurseries Limited and Jigsaw Group Limited had
appointed Myles Anthony Halley and Allan Watson Graham of KPMG
LLP as joint administrative receivers. The appointment was made
May 28, 2004. The company is engaged in primary education.
CONTACT: KPMG LLP
2 Cornwall Street,
Birmingham B3 2DL
Receivers:
Myles Anthony Halley
Allan Watson Graham
(IP Nos 6658, 8719)
MHS ENTERPRISES: Final Meeting of Members Set June 29
-----------------------------------------------------
There will be a Final Meeting of the Members of MHS Enterprises
Limited Company on June 29, 2004 at 10:30 a.m. It will be held
at Langley House, Park Road, East Finchley, London N2 8EX.
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.
MILLCROFT DESIGNS: Hires Numerica Administrator
-----------------------------------------------
The Millcroft Designs Limited Company has appointed Graham David
Randall and Simon Jex Girling of Numerica LLP as joint
administrative receivers. The appointment was made June 2,
2004. The company manufactures furniture.
CONTACT: NUMERICA LLP
Crown House,
37-41 Prince Street,
Bristol BS1 4PS
Receivers:
Graham David Randall
Simon Edward Jex Girling
(IP Nos 009051, 009283)
MISYS PLC: THR to Continue Using Radiology Information System
-------------------------------------------------------------
Hospital manager Texas Health Resources has signed a
multimillion-dollar agreement to extend a radiology contract it
holds with Misys Healthcare Systems.
The exact values of the contract and the extension weren't
disclosed, but Raleigh, N.C.-based Misys said in a statement the
extension was worth "multimillion" dollars.
According to the agreement, Texas Health Resources will continue
to use Misys' radiology information system at hospitals and
clinics to streamline access to medical imaging reports and
diagnostic data.
Arlington-based Texas Health Resources, a nonprofit hospital
operator, currently runs 13 health care facilities. In the
Dallas-Fort Worth area, its holdings include Harris Methodist,
Presbyterian and Arlington Memorial hospitals.
Misys' radiology system already is in use at three of Texas
Health Resources' acute-care facilities. The recently signed
pact will add the system to nine other hospitals, Misys said.
Texas Health Resources has been a Misys customer since 1999.
Misys is a medical technology company. Its software and related
services help doctors and caregivers manage the health care
process. Misys Healthcare Systems is a division of Misys PLC, a
global software products and services company.
QUEENS MOAT: Terms of Mortgage Debenture Stock Amended
------------------------------------------------------
12% First Mortgage Debenture Stock 2013
10.25% First Mortgage Debenture Stock 2020
Further to its announcement on 2 June 2004, Queens Moat Houses
plc confirms that holders of its Junior Term Debt have approved
the proposed amendments to the terms of the stocks (which were
approved by stockholders on 2 June 2004). Accordingly, the
supplemental trust deed has now been executed, and the
amendments have come into effect.
CONTACT: QUEENS MOAT
College Hill
Mark Garraway
Phone: 020 7457 2020
READYCHIP LTD: G & C Whittle Appoints Tenon Recovery Receiver
-------------------------------------------------------------
G & C Whittle Group Ltd. called in Patrick Ellward and Dilip
Dattani receiver for ReadyChip Ltd Company (Reg NO 4037185,
Trade Classification: 04). The company processes potato chips.
CONTACT: TENON RECOVERY
Charnwood House,
Gregory Boulevard,
Nottingham NG7 6NX
Receivers:
Patrick Ellward
Dilip Dattani
(Office Holder Nos 008702, 007915)
RESERVOIR PROPERTIES: Appoints Liquidators from Tenon Recovery
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of Reservoir
Properties Limited Company on May 26, 2004, the Special
Resolution to wind up the Company was passed. S R Thomas and T
J Binyon, of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD have been appointed Joint Liquidators for the
purpose of winding up the Company.
CONTACT: TENON RECOVERY
Sherlock House,
73 Baker Street,
London W1U 6RD
Contact:
S R Thomas, Liquidator
T J Binyon, Liquidator
ROSSINGTON MOTORS: Appoints Receivers form HKM
----------------------------------------------
Petrol Station, Rossington Motors Limited has appointed
Kirankumar Mistry and John Phillip Walter Harlow of HKM as joint
administrative receivers. The appointment was made May 25,
2004. The company's trade classification is under 5050
retailing automotive fuel.
CONTACT: HKM
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Receivers:
Kirankumar Mistry
John Phillip Walter Harlow
(IP Nos 008795, 008319)
S J GREEN: Meeting of Creditors Set June 21
-------------------------------------------
The Creditors of S J Green (Wholesalers) Limited will have a
Meeting on June 21, 2004 at 12:00 noon. It will be held at
Kay Johnson Gee, Griffin Court, 201 Chapel Street, Manchester M3
5EQ.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Kay Johnson Gee, Griffin Court, 201 Chapel
Street, Manchester M3 5EQ not later than 12:00 noon, June 20,
2004.
CONTACT: KAY JOHNSON GEE
Griffin Court,
201 Chapel Street,
Manchester M3 5EQ
Contact:
J Avery-Gee, Administrative Receiver
TELEWEST COMMUNICATIONS: Posts Key Dates
----------------------------------------
Telewest Communications plc published this notice in the global
edition of the Wall Street Journal and the international edition
of the Financial Times in connection with its ongoing financial
restructuring:
'TELEWEST COMMUNICATIONS PLC
AND
TELEWEST FINANCE (JERSEY) LIMITED
Telewest Communications plc (Telewest) is proposing to effect
its financial restructuring through the issuance of common stock
in a new Delaware holding company, Telewest Global, Inc.
(Telewest Global), in exchange for cancellation of all the notes
(the Notes) issued by Telewest and its wholly-owned subsidiary,
Telewest Finance (Jersey) Limited (Telewest Jersey), and certain
other connected claims. The financial restructuring is expected
to be implemented by (amongst other things) schemes of
arrangement promoted by both companies. The liabilities
compromised by the schemes of arrangement will include claims
arising out of, or in connection with, the Notes, a guarantee
given by Telewest of the Notes issued by Telewest Jersey (the
Guarantee) and an intercompany loan from Telewest Jersey to
Telewest (the Intercompany Loan) by which the proceeds of the
Notes issued by Telewest Jersey were loaned to Telewest (each
Scheme Claims).
Notice is hereby given that Telewest and Telewest Jersey intend
to apply to the English High Court for hearing on 17 June 2004
and Telewest Jersey intends to apply to the Jersey Royal Court
for hearing on 18 June 2004 of the petition to sanction the
schemes of arrangement. For further information about this
application, contact Freshfields Bruckhaus Deringer on (+44) 020
7936 4000 (reference NAG).
The meetings of the Telewest Scheme Creditors (as defined in the
Explanatory Statement (and, generally, being a person having a
claim against Telewest arising under or in connection with notes
issued by Telewest, the Guarantee and the Intercompany Loan))
and the Jersey Scheme Creditors (as defined in the Explanatory
Statement (and, generally, being a person having a claim against
Telewest Jersey arising under or in connection with notes issued
by Telewest Jersey, the Guarantee and the Intercompany Loan))
were held in London on 1 June 2004 at 11:00 a.m. and 10:00 a.m.
(London time) respectively at The Lincoln Center, 18 Lincoln's
Inn Fields, London WC2A 3ED, at which both the Telewest Scheme
Creditors and the Jersey Scheme Creditors voted in favor of the
schemes of arrangement by the necessary statutory majorities.
The details of the principal terms of the planned financial
restructuring are included in the explanatory statement to the
schemes of arrangement which is set out at
http://www.telewest.co.uk.
The schemes of arrangement each include a 'bar date' which is
5:00 p.m. (London time) on 16 July 2004, or such other date as
shall be notified to Scheme Creditors by announcement on a
Regulatory Information Service or on the Company's Web site at
http://www.telewest.co.uk,being approximately one Business Day
after the Effective Date (the Effective Date being the day on
which an office copy of the English High Court order is
delivered to the Registrar of Companies for registration). Only
Scheme Claims that are notified to Telewest and Telewest Jersey
before the bar date or of which Telewest or Telewest Jersey are
already aware will be capable of being admitted in the schemes
of arrangement.
Telewest and Telewest Jersey are already aware of the Scheme
Claims as to principal and interest of the existing holders of
the Notes, the Guarantee and the Intercompany Loan.
All other Scheme Claims that are not notified to Telewest or
Telewest Jersey (as appropriate) on or before the bar date will
be cancelled on the schemes of arrangement becoming effective
for no consideration.
Creditors with Scheme Claims, other than those relating to
principal and interest of the existing holders of the Notes, the
Guarantee and the Intercompany Loan, should notify Telewest or
Telewest Jersey of the existence of such claims before the bar
date. Notifications of claims should be accompanied with the
information required in Part III, paragraph 4 of the explanatory
statement and should be sent to Clive Burns (the Company
Secretary) by fax on (+ 44) 20 7299 5650 or registered post to
160 Great Portland Street, London W1W 5QA.
Dated 8 June 2004
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
VERSAILLES: Founder Gets Six years for Fraud
--------------------------------------------
Carl Cushnie was sentenced to six year's imprisonment in
relation to the collapse of Versailles, the trade finance
company he founded.
Finance director Fred Clough was handed the same punishment,
despite having a greater role because of his age and his plead
of guilty for fraud charges. Mr. Cushnie is 53, Mr. Clough, 66.
They were also banned from holding office as company director
for 10 years and 15 years, respectively.
Accounting fraud at Versailles lead to the collapse of the
company in late 1999. It was found out that the company
significantly inflated its turnover. The fiasco cost
shareholders, banks and creditors more than GBP170 million.
Barclays, Natwest and RBS, lost about GBP70 million to the
company.
Mr. Clough was said to have circulated funds between Versailles
and a number of make-believe companies, grossing almost GBP20
million over eight years. Mr. Justic Jackson called Mr.
Clough's fraud "grand and evil".
Mr. Cushnie, on the other hand, was discovered to have talked
out traders into pouring GBP23 million of cash to Versailles for
nothing. Mr. Cushnie made around GBP25 million.
Mr. Cushnie rose to prosperity and popularity in the business
world from his simple beginnings in Jamaica. Tony Blair called
him "one of Britain's leading black businessmen." He is
considered the richest of them.
* Fitch: Lack of Liquidity Hinders Efficiency of CDS Market
-----------------------------------------------------------
Fitch Ratings, the international rating agency, says a survey of
12 fallen angels reveals a lack of liquidity at times of crisis
could be hindering the efficiency of the burgeoning credit
default swap (CDS) market.
"While by no means exhaustive the survey provides an interesting
snapshot of trading patterns in the CDS market, which indicate
that at times of stress liquidity can dry up. This would seem
to suggest that investors need to be more proactive in obtaining
protection from credit risk," said Ian Linnell, Head of Fitch's
Credit Policy Group Europe.
The report, "Liquidity in the Credit Default Swap Market: Too
Little Too Late?", while only representing a snapshot of the
total CDS market, nevertheless, gives an insight into whether
institutions can actually buy credit protection on an entity at
the time it is most needed, and whether sellers of protection
can find a market before a period of stress, i.e. are protection
buyers proactive in their hedging strategies?
Overall the survey shows that although improving, liquidity in
the CDS market can be sporadic, partly reflecting its relatively
short life. In fact, only two of the 12 names analyzed were
consistently liquid -- Toys 'R' Us and HeidelbergCement.
For half the companies looked at (Ahold, Rhodia, Vivendi
Universal, Corning, Lucent and Goodyear), liquidity was usually
available, but very volatile. This was especially true for the
last two companies. Even for these six liquid names, at times
of stress, the market often shut down completely, with liquidity
sometimes only returning after a crisis had been resolved.
Although this is not surprising, given the greater uncertainty
surrounding a company-confronting crisis, the sign of a liquid
and mature market is that such risks should eventually be priced
so that both buyers and sellers of credit protection are willing
to execute trades.
Four names were illiquid, i.e. there was no material CDS market
at all for ABB, Alstom, Xerox and Williams. Taken together,
these results highlight the predominantly investment grade
nature of the CDS market.
The report also tries to assess what makes a particular name
liquid and found the amount of debt outstanding was only weakly
correlated to liquidity. Instead, according to the 12 names
studied for this report, by far the most significant factor
helping to understand liquidity was whether the entity concerned
was a common reference name in the synthetic CDO market.
Copies of the full report are available from Fitch's Credit
Derivatives Web site at http://www.fitchcdx.com,under Credit
Derivatives Research in the Research & Reports section.
CONTACT: FITCH RATINGS
Ian Linnell, London
Phone: +44 7417 4344
Roger Merritt, New York
Phone: +1 212 908 0636
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and
Liv Arcipe, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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