/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040617.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 17, 2004, Vol. 5, No. 119 Headlines G E R M A N Y BERTELSMANN AG: Confident Sony Joint Venture Will Get E.U. Nod INFINEON TECHNOLOGY: Invests EUR230 Mln to Expand Portugal Plant KONIGLICHE PORZELLAN: To File for Insolvency Within the Month PRIMACOM: Appoints Heinz Eble Supervisory Board Chairman I T A L Y ALITALIA SPA: Auditor Defers Opinion on Financial Results FESTIVAL CROCIERE: Files for Bankruptcy LAZIO: Market Snubs EUR190 Million Share Offering L U X E M B O U R G STOLT-NIELSEN: Expands Board Membership to Nine N E T H E R L A N D S KONINKLIJKE AHOLD: Dutch Shareholder Group Demands Broader Probe NUMICO N.V.: Sells Unprofitable Baby Food Biz in South Africa ROYAL SHELL: Shareholders Demand Transparent Reporting of Review N O R W A Y DNO ASA: Unveils Production Figures for April and May NORTHERN OFFSHORE: Bares Restructuring Proposal R U S S I A ARDATOVSKY DAIRY: Under Bankruptcy Supervision Procedure BALTASINSKY BRICKWORKS: Deadline for Proofs of Claim July 7 BASH-STROY-DETAL: Under Bankruptcy Supervision Procedure BREYTOVO: Sets Deadline for Proofs of Claim CHEREPOVETSKAYA TIMBER: Declared Insolvent DEBESSKY AGRO-COMBINE: Court Commences Bankruptcy Procedure KAM-MONTAZH-STROY: Court Sets September 28 Hearing KHAADI-OIL: Saratov Court Appoints Insolvency Manager KONUS: Insolvent Status Confirmed UST-LYGINSKY FACTORY: Bankruptcy Proceedings Begin YUKOS OIL: May Sell Shares to Pay Tax Arrears, FT Source Says YUKOS OIL: Freeze Order on Shares Lifted * Fitch Forecasts Choppy Times for Local Banks S W E D E N LM ERICCSON: Brings 'Ericsson Expander' to Asia U K R A I N E AGROTEHSERVIS: Insolvent Status Confirmed ARMLIT: Declared Insolvent BEREZNYANKA: Bankruptcy Proceedings Start BILOKURAKINE' RAJAGROHIM: Declared Insolvent DOBROMIR: Kyiv Court Commences Bankruptcy Proceedings DOROGOBICH FURNITURE: Public Auction of Assets Set July 2 HARKIV' CONDITIONER: Declared Insolvent HARKIV' ELECTRIC: Under Bankruptcy Supervision Procedure IMPRES: Declared Insolvent MECHMASH: Under Bankruptcy Supervision Procedure SEMENIVSKE: Insolvent Status Confirmed U N I T E D K I N G D O M ABSOLUTE SUPPORT: Hires Smith & Williamson Administrator AIRTECH NETWORKS: Members General Meeting Set June 7 BARNSLEY BUSINESS: Meeting of Creditors Set July 15 BH 2002: Members General Meeting June 4 BLAYTONS: Winding up Resolutions Passed BRIGHTSTORE LIMITED: Hires Receivers from Begbies Traynor BRITISH ENERGY: To Hold Conference Call Today BROADFIELD CONSTRUCTION: Names Receivers from Mazars BUSINESS DEVELOPMENT: Members Final Meeting Set July 15 CALBAN LIMITED: Brings in Liquidator CALNFIELDS LIMITED: Special Winding up Resolution Passed CAVALRY SHEET: Appoints DTE Leonard Curtis Administrator CHANCELLOR GROUP: Final General Meeting Set July 9 COURTS PLC: Shareholders in the Dark Over Buyout Attempt COURTS PLC: Posts GBP34 Mln Pre-tax Loss on Ordinary Activities DAWSON INTERNATIONAL: To Redeem Loan Stock Early DONCASTER SKILLSHOP: Sets Final Meeting July 15 DROP CAP: General Meeting of Members Set July 6 ENERGIS PLC: First Profit Marks Strong Progress EVEND LIMITED: Appoints Rothman Pantall & Co Liquidator FARAGO LIMITED: Fabric Knitting Business for Sale FOCUS COURIERS: Extraordinary Winding up Resolution Passed FREIGHTMASTER SERVICES: Creditors Meeting Set June 25 HANDS ON: Hires Liquidator from Portland Business Park HANSARD MEWS: Names Liquidator from K S Tan & Co HIBERNIA FOODS: Weiss & Yourman Files Class Action in New York HILLTOP CONSTRUCTION: Appoints Liquidators from Begbies Traynor IAUA LIMITED: Members Final Meeting Set June 24 IN-TECH ELECTRICAL: Hires Liquidator from Campbell Crossley INVENSYS PLC: Announces Availability of Reports at U.K.L.A. LEONARD FIELD: Hires Middleton Partners Administrator LIBRAE: Calls in Liquidator from Tenon Recovery LIVINGROOM LEISURE: In Administrative Receivership MARCONI CORPORATION: Posts Latest Annual Report MARKS & SPENCER: Rose Stuart to Give Operational Update July 12 MDH AUTOS: Appoints Fanshawe Lofts Administrator MORGAN CRUCIBLE: Sells Auto, Consumer Global Biz for US$60 Mln NETWORK HARDWARE: Hires Liquidators from Portland Business SBF AGRICO: Neil Wattie-led Team Named Preferred Bidder TECHNI-BUILD LIMITED: Names Sargent & Company Administrator TOKENEKE LTD: Sets General Meeting June 30 ZORBIT BABYCARE: Business and Assets for Sale ********* ============= G E R M A N Y ============= BERTELSMANN AG: Confident Sony Joint Venture Will Get E.U. Nod -------------------------------------------------------------- Bertelsmann and Sony had two productive days at the oral hearing in Brussels. The companies provided arguments addressing all the issues raised in the "Statement of Objections" issued by the European Commission earlier. Legal and economic experts, officials from 13 national competition authorities and interested third parties listened to the explanations. Those presentations supplemented extensive detailed written responses that were submitted last week. Discussions at the oral hearing were constructive. Bertelsmann and Sony are confident their presentations on the business environment of the music industry and the nature of music as a cultural product are understood. The companies will continue their proactive engagement with the European Commission in the future until the final decision is made. The Sony BMG joint venture is the response to long-term change in the economic viability of the recorded music industry. It enables the creation of a focused recorded music business, which can sustain higher levels of investment in A&R (artists and repertoire) than would otherwise be possible, thereby safeguarding and promoting cultural diversity in Europe. The creation of the joint venture will benefit consumers of music in this rapidly changing market environment. CONTACT: BERTELSMANN AG Oliver Herrgesell Senior Vice President Media Relations Phone: +49 - 52 41 - 80 24 66 E-mail: oliver.herrgesell@bertelsmann.com INFINEON TECHNOLOGY: Invests EUR230 Mln to Expand Portugal Plant ---------------------------------------------------------------- Infineon Technologies AG (FSE/NYSE: IFX), one of the world's leading semiconductor manufacturers, is expanding its existing memory chip assembly and test (backend) facility. The company is investing a total of EUR230 million in the second module. Work on expanding the facility kicked off in the fall of 2003 and full capacity will be reached by mid-2006. Some 500 new jobs will be created in the process, increasing the workforce in Porto to around 1,500. The new module will be formally opened on June 16, 2004, in the presence of Portuguese Prime Minister Jose Manuel Durao Barroso. The need to expand assembly and testing capacities arose because Infineon is steadily expanding its front-end capacities, for example with the successful ramp-up of the 300mm fab in Dresden, Germany and with the planned start up of the 300mm production module in Richmond, USA, as well as enlarging its product portfolio. Up to 600 million chips per year are planned as the maximum capacity when the new module in Porto is completed, which means that current capacity will be more than doubled as a result of the expansion. The first module has around 5,000 m2 of clean room area and the second about 7,000 m2, making it as large as a soccer pitch. "The expansion of our production in Portugal symbolizes the competitiveness of Europe and especially Portugal, evidenced by very well-qualified employees and an exceptional manufacturing performance at our Porto backend facility," said Dr. Michael Majerus, Chief Financial Officer of the Memory Products Group. "When we have reached full capacity in Porto, about 30 to 40 percent of our global memory chip production will be assembled and tested here." Building work on the second module began in the fall of 2003 and the ready-for-equipment milestone was reached in April 2004. Volume production got going with the production of 256-Mbit devices in BGA packages. Maximum capacity is scheduled to be reached in mid-2006. Most of the wafers arriving for further processing at the plant come from Dresden, Germany and Richmond, USA. The expanded Porto site, like the Malacca fab in Malaysia and the plant currently under construction in Suzhou in China, is one of Infineon's high-volume backend facilities for memory products. About the Backend Process Chip production is divided into two processes. In the front- end, complex processes are applied to produce the chips on the silicon wafers, while in the backend the silicon wafers containing the finished chips are diced and the chips assembled in the package and tested. The resulting components enable simple mounting of the chips on printed circuit boards. About Infineon in Portugal The memory chip assembly and test plant was founded in 1996 in Vila do Conde, near Porto. Around 1,000 people are currently employed at the facility. Initial investment in the existing first module amounted to EUR330 million of which EUR140 million are used for modernizing the plant between mid-2000 and mid- 2003. Together with the EUR230 million for the expansion of the site, Infineon has invested a total of EUR560 million at the Porto location. About Infineon Infineon Technologies AG, Munich, Germany, offers semiconductor and system solutions for the automotive and industrial sectors, for applications in the wired communications markets, secure mobile solutions as well as memory products. With a global presence, Infineon operates in the U.S. from San Jose, CA; in the Asia-Pacific region from Singapore, and in Japan from Tokyo. In fiscal year 2003 (ending September), the company achieved sales of EUR6.15 billion with about 32,300 employees worldwide. Infineon is listed on the DAX index of the Frankfurt Stock Exchange and on the New York Stock Exchange (ticker symbol: IFX). Further information is available at http://www.infineon.com. CONTACT: INFINEON TECHNOLOGIES AG P.O. Box 80 09 49 D-81609 Muenchen Germany Phone: +49-89-234-22404 Fax: +49-89-234-28482 Ralph Heinrich Media Relations Contact E-mail: ralph.heinrich@infineon.com Christoph Liedtke U.S.A. Phone: +1-408 501-6790 Fax: +1-408 501-2424 E-mail: christoph.liedtke@infineon.com Kaye Lim Asia Phone: +65-6840-0689 Fax: +65-6840-0073 E-mail: kaye.lim@infineon.com Hirotaka Shiroguchi Japan Phone: +81-3-5449-6795 Fax: +81-3-5449-6401 E-mail: hirotaka.shiroguchi@infineon.com Investors and Analysts based in Europe Phone: +49-89-234 26655 E-mail: investor.relations@infineon.com Investors and Analysts based in North America Phone: +-1-408 501 6800 E-mail: investor.relations@infineon.com KONIGLICHE PORZELLAN: To File for Insolvency Within the Month ------------------------------------------------------------- State-owned Konigliche Porzellan Manufaktur may file for insolvency proceedings anytime soon, according to Europe Intelligence Wire. For years now, the German porcelain factory has been unable to pay millions of debt due to bad management and poor state economy. Last month, the State of Berlin disclosed plans to privatize the firm before the state parliament go on its summer break at the end of June. In 2003, the factory recorded a turnover of EUR10 million but suffered a EUR1.5 million loss. It currently sources funds for day-to-day operations via special sales and discount over the Internet. It is expected to file for insolvency proceedings by month's end. PRIMACOM: Appoints Heinz Eble Supervisory Board Chairman -------------------------------------------------------- PrimaCom, a company facing severe financial problems, confirmed it has reshuffled its board. According to Europe Intelligence Wire, Heinz R. Eble has been appointed supervisory board chairman while Helmut Thoma and Boris Augustin were made deputy supervisory board chairmen. Stefan Schwenkedel and Jens Kircher have been discharged from their board duties, and replaced with Hans Werner Klose and Toni Merin. The changes were made at an annual general meeting on June 8, 2004. The liquidation of Primacom is expected anytime soon after shareholders rejected the management's proposal to sell the German cable TV operator to creditors. JP Morgan and investment company Apollo had offered investors EUR5 million for the firm's cable networks; but investors spurned the offer at the AGM last week, highlighting their loss of confidence in the board. The management warned they may have to file for insolvency by the end of June unless the plan is approved. The board said the company's debt is almost EUR200 million -- a declaration refuted by the society for the protection of investors (SdK) and Wolfgang Preuss, a shareholder with a 15% voting rights. The resolution of Primacom's story, though, may yet change as both Mr. Preuss and a representative of SdK have now joined the supervisory board. ========= I T A L Y ========= ALITALIA SPA: Auditor Defers Opinion on Financial Results --------------------------------------------------------- The auditors of Italian national airline Alitalia, Deloitte & Touche, refused last week to approve its 2003 accounts as a going concern, citing the company's lack of direction. According to a La Stampa report, auditors are wary about the carrier's continued losses, which, if unabated, could force it to wind up operations. Already, it has recorded losses in the first few months of this year, making a third successive annual loss likely. The company has been unable to come up with a restructuring plan partly because its new chairman and chief executive, Giancarlo Cimoli, has only been in his post for a short time. In addition, the government has deferred any decision regarding the airline until after the European elections. Mr. Cimoli may be able to secure a bridging loan from a pool of banks by July, at which time he will likely ask for a revised auditor's opinion. The silence of the auditors regarding its 2003 accounts means Alitalia will find it difficult to pursue plans to raise capital from the markets. FESTIVAL CROCIERE: Files for Bankruptcy --------------------------------------- Festival Crociere, a Genoa-based cruise group, filed for bankruptcy Monday. The company has debts of around EUR100 million. Giovanni Pozzo, who represents some of the company's suppliers said, 15 other companies may become insolvent as a result of the firm's collapse. Festival does business with around 200 companies. The application for bankruptcy was made after shareholders agreed that recapitalization is not viable. LAZIO: Market Snubs EUR190 Million Share Offering ------------------------------------------------- Investors ignored the EUR190 million (US$229.1 million) fund- raising exercise launched by Lazio recently. According to Reuters, only 9% of the shares offered have been subscribed thus far. Shares in Lazio were suspended in March after the outfit reported net loss of EUR68 million for the July-December period. The loss was mainly due to a slump in capital gains made on player sales. Lazio, one of three Italian clubs listed on the stock exchange, was forced to sell star players to save Cirio, its previous owner that collapsed in November 2002. =================== L U X E M B O U R G =================== STOLT-NIELSEN: Expands Board Membership to Nine ----------------------------------------------- Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) announced on Tuesday that Roelof Hendriks and James B. Hurlock have been nominated to the Board of Directors of SNSA. The company shareholders will be asked to vote these candidates onto the Board at the Annual General Meeting on July 7, 2004 at 2:00 p.m. local time, at the offices of Services Generaux de Gestion S.A., 23, avenue Monterey, L-2086 Luxembourg. The new appointments will increase the number of SNSA Directors to nine and raise the number of outside Directors by one. The appointments also position the Company for compliance with the Sarbanes-Oxley requirements for boards of directors by January 2005. The Company added that Mr. Hendriks will serve on the Audit Committee as its financial expert and that Mr. Hurlock, as previously announced, will chair an SNSA board committee to oversee all legal issues. Mr. Hendriks has been Chief Financial Officer and a Member Board of Management of CSM N.V since 2000. Prior to that, he was a Vice Chairman Executive Board, Koninklijke Vopak N.V. He held various positions at Koninklijke Vopak N.V. and its predecessor, Van Ommeren, from 1980 until 2000. Mr. Hendriks received a law degree from Vrije Universiteit, Amsterdam. He is a Dutch citizen. Mr. Hurlock served as Interim Chief Executive Officer of Stolt- Nielsen Transportation Group from July 2003 to June 14, 2004. He also serves as a Director of Stolt Offshore S.A. Mr. Hurlock is a retired partner from the law firm of White & Case LLP and served as Chairman of its Management Committee from 1980 to 2000. He holds a BA degree from Princeton University, an MA Jurisprudence from Oxford University and a JD from Harvard Law School. Mr. Hurlock is a U.S. citizen. "Mr. Hendriks and Mr. Hurlock will provide valuable financial and legal expertise to the Board," said Jacob Stolt-Nielsen, Chairman of the Board of Stolt-Nielsen S.A. "We look forward to benefiting from their counsel." About Stolt-Nielsen S.A. Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers. Stolt Sea Farm, wholly owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, tuna and tilapia. The Company also owns 41.7 percent of Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO), which is a leading offshore contractor to the oil and gas industry, specializing in technologically sophisticated deep-water engineering, flowline and pipeline lay, construction, inspection and maintenance services. CONTACT: STOLT-NIELSEN S.A. Reid Gearhart Phone: (U.S.A) 1 212 922 0900 E-mail: rgearhart@dgi-nyc.com Valerie Lyon Phone: (U.K.) 44 20 7611 8904 E-mail: vlyon@stolt.com ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Dutch Shareholder Group Demands Broader Probe ---------------------------------------------------------------- VEB, a Dutch shareholder lobby group, wants investigators to broaden a possible probe into alleged mismanagement at Dutch retailer Royal Ahold. Authorities are planning to go over Ahold's books for the period September 19, 1999 to December 18, 2003, but VEB wants them to go as far back as January 1, 1998, according to Dow Jones, citing the group's Web site. VEB alleges that irregularities began appearing in Ahold's books six years ago. The group, in addition, wants to have a court-appointed official to lead an investigation into accounts mismanagement at the retailer. A hearing on VEB's accusations against Ahold is scheduled today. The case is in addition to the investigations conducted by Dutch prosecutors and the U.S. Securities and exchange Commission on the EUR1 billion accounting scandal at the company's U.S. Foodservice operation last year. U.S. shareholders, who have joined VEB in its action, are being represented by Entwistle & Capucci, the same New York-based law firm handling a class-action case in the U.S. against Ahold. CONTACT: AHOLD CORPORATE COMMUNICATIONS Phone: +31 75 659 5720 ROYAL AHOLD N.V. P.O. Box 3050 1500 HB Zaandam Netherlands Phone: +31 (0) 75 659 57 20 Fax: +31 (0) 75 659 83 02 NUMICO N.V.: Sells Unprofitable Baby Food Biz in South Africa ------------------------------------------------------------- Royal Numico N.V. announces that an agreement has been reached on the sale of its Baby Food business in South Africa to Aspen Pharmacare Holdings Ltd. (South Africa) for an undisclosed amount. Numico's South African Baby Food business produces and markets infant milk formula, cereals and juices under the Infacare brand name in South Africa, with total sales of EUR8 million and a negative contribution to EBITA in 2003. The sale includes the Infacare trademark for South Africa, the related production facility in Clayville (South Africa) and approximately 90 employees. The transaction is subject to customary regulatory approval and is expected to be completed by the end of the third quarter 2004. The divestment of Numico's unprofitable South African Baby Food business is in line with Numico's strategy to become a high- growth, high-margin specialized nutrition company by focusing on geographies where Numico can sustain or reach a market leading position in either Baby Food or Clinical Nutrition. Aspen Pharmacare Holdings Ltd. is Africa's largest manufacturer of generic and branded pharmaceutical and healthcare products to the southern African market employing 1,588 employees and generating R1.9 billion in sales in the year ended 30 June 2003 (http://www.pharmacare.co.za). Royal Numico N.V. is a specialized nutrition company with leading positions in Baby Food and Clinical Nutrition. The company operates in over 100 countries and employs approximately 10,500 people (http://www.numico.com). CONTACT: ROYAL NUMICO N.V. Corporate Communications Phone: +31 79 353 9931 Investor Relations Phone: +31 79 353 9003 ROYAL SHELL: Shareholders Demand Transparent Reporting of Review ---------------------------------------------------------------- Two influential shareholders of Royal Dutch/Shell on Wednesday went out of their way to demand a more transparent reporting of the ongoing review of the company's corporate structure, the Financial Times reports. Knight Vinke, a U.S.-based investor, and CalPERS, a Californian pension fund whose worth is pegged at US$160 billion, wrote a letter calling for a more detailed report. They want to know who are the executives conducting the review, what their terms of reference are and to whom they will report. They threatened to grill company executives at the annual meeting on June 28. "It was our collective hope and expectation that this rather basic information would be disclosed to shareholders concurrently with the agendas for the annual meetings. This opportunity has been lost," say Eric Knight of Knight Vinke and Ted White of CalPERS. Royal Shell's strength is currently being challenged by managerial instability and movement, the possibility of financial penalties, findings supporting shareholder litigation and further reserve adjustments. CONTACT: ROYAL SHELL Investor Relations: Gerard Paulides Phone: +44 20 7934 6287 Bart van der Steenstraten Phone: +31 70 377 3996 Harold Hatchett Phone: +1 212 218 3112 Media Relations: Andy Corrigan Phone: +44 20 7934 5963 Herman Kievits Phone: +31 70 377 8750 =========== N O R W A Y =========== DNO ASA: Unveils Production Figures for April and May ----------------------------------------------------- Oil production from DNO's licenses during the period January to May averaged 13,471 barrels per day. From and including this production report, DNO will only be reporting production figures for the company's retained licenses after the sale to Lundin. Oil production for Norway (Glitne) and Yemen (Tasour and Sharyoof) for April and May and the average for the period January - May (barrels of oil equivalent per day) was as follows: April May Jan - May NORWAY 1,874 924 1,951 YEMEN 11,041 10,994 11,520 In all 12,915 11,918 13,471 Oil production from Yemen was according to the plan for the period. A new production well in the Tasour field is now being completed and is scheduled to come onstream by the end of June. The drilling rig will then be moved to the Sharyoof field where it will drill two new production wells. Production from the Glitne field was lower than expected for the period. One reason is problems with a gas compressor used for artificial lifting of oil in the wells. A two-branch production well is now being drilled at the field, scheduled to come onstream during the third quarter. DNO's estimate for the company's oil production in 2004 is 10,000 to 12,000 barrels per day. * * * In November, Standard & Poor's Ratings Services placed its 'B' corporate credit rating on DNO ASA on CreditWatch with developing implications. At the same time, Standard & Poor's withdrew its senior unsecured rating on DNO's proposed US$175 million bond due to its cancellation. The action follows DNO's decision to sell two of its main operating subsidiaries, DNO Britain Ltd. and Island Petroleum Developments Ltd., as well as some of its operating assets in Norway. "The placement on CreditWatch with developing implications reflects current uncertainties over the company's medium-term business strategy, growth prospects, and financial policy," said Standard & Poor's credit analyst Eric Tanguy. "It also reflects our expectation that DNO may redefine its financial policy toward lower debt leverage than is factored into the current rating. Failure to conclude the planned disposal before mid- year 2004 may result in refinancing difficulties and would likely result in the rating being lowered." CONTACT: DNO ASA Helge Eide Group Managing Director Phone: (+47) 55 22 47 00 / (+47) 23 23 84 80 Web site: http://www.dno.no NORTHERN OFFSHORE: Bares Restructuring Proposal ----------------------------------------------- Northern Offshore Ltd. did not make the US$7.2 million interest payment due on May 15, 2004 in connection with its 10% senior notes due 2005, which constitutes an event of default under the indenture governing the senior notes. However, the Company announced that it has commenced discussions with an unofficial committee of noteholders regarding a potential restructuring of the Company. As previously announced on June 1, 2004, the Company has proposed a transaction whereby the Company's senior notes together with its Norwegian krone-denominated floating rate notes due 2004 would be exchanged for newly issued shares of common stock representing 85% of the Company's fully diluted share capital, with the remaining 15% to be retained by current shareholders. The transaction would be consummated under Bermuda law through a scheme of arrangement and an increase in share capital approved by Northern Offshore's shareholders. Additionally, the Company anticipates repaying the Company's secured debt using a portion of its existing cash balance such that the Company would be debt free following the transaction. The Company believes it is in the best interests of all stakeholders to implement a restructuring as quickly as possible. To that end, the Company is working with a committee of noteholders to work toward implementing a consensual transaction. To facilitate this process, the Company hired Houlihan Lokey Howard & Zukin (Europe) Ltd as its financial advisor to assist in implementing the plan. It is the Company's opinion that the implementation of such a plan is critical to the continued operation of the Company. Absent a consensual agreement, the Company believes it may be forced to appoint a Bermuda-based liquidator who will be responsible for the liquidation of the Company's assets for the benefit of its creditors. It is, in the Company's opinion, most likely that the Company's current equity would have no value and its unsecured debt would be substantially impaired in such a liquidation process. Bermuda, June 15th, 2004 The Board of Directors of Northern Offshore Ltd. CONTACT: NORTHERN OFFSHORE Tor Olav Troim Phone: 44 77 34 97 65 75 Jon-Aksel Torgersen Phone: 47 22 93 60 00 HOULIHAN LOKEY HOWARD & ZUKIN Joseph Swanson, Director Phone: 44 20 7747 2727 Peter Marshall, Director Phone: 44 20 7747 2724 Joseph Cleverdon, Associate Phone: 44 20 7747 2735 =========== R U S S I A =========== ARDATOVSKY DAIRY: Under Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy supervision procedure on OJSC Ardatovsky Dairy Factory. The case is docketed as A43-6420/04-33-142. Ms. M. Lukina has been appointed temporary insolvency manager. Creditors have until July 7, 2004 to submit their proofs of claim to 603132, Nizhniy Novgorod, Dargomyzhskogo Str. 26, apartment 99. A hearing will take place on November 2, 2004, 10:15 a.m. CONTACT: ARDATOVSKY DAIRY FACTORY 07130, Russia, Nizhniy Novgorod region, Ardatov, Lenina Str., 67 Ms. M. Lukina Temporary Insolvency Manager 603132, Nizhniy Novgorod, Dargomyzhskogo Str., 26, apartment 99 BALTASINSKY BRICKWORKS: Deadline for Proofs of Claim July 7 ----------------------------------------------------------- The Arbitration Court of Republic of Tatarstan commenced bankruptcy supervision procedure on OJSC Baltasinsky Brickworks. The case is docketed as A65-8100/2004-SG4-26. Mr. R. Ibragimov has been appointed temporary insolvency manager. Creditors have until July 7, 2004 to submit their proofs of claim to the temporary insolvency manager at 422540, Republic of Tatarstan, Zelenodolsk, Frunze Str., 9. CONTACT: BALTASINSKY BRICKWORKS Republic of Tatarstan, Baltasinsky region, Nizhnyaya Ushma Mr. R. Ibragimov Temporary Insolvency Manager 422540, Republic of Tatarstan, Zelenodolsk, Frunze Str., 9 BASH-STROY-DETAL: Under Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Republic of Bashkortostan commenced bankruptcy supervision procedure on OJSC Bash-Stroy-Detal (TIN 0273018159). The case is docketed as A07-8649/04-G-ADM. Mr. S. Illarionov has been appointed temporary insolvency manager. Creditors have until July 7, 2004 to submit their proofs of claim to 450043, Republic of Bashkortostan, Ufa, Komsomolskaya Str., 11, Office 1. A hearing will take place on September 30, 2004, 10:00 a.m. CONTACT: BASH-STROY-DETAL 450043, Republic of Bashkortostan, Ufa, Frontovyh brigad Str., 10 Mr. S. Illarionov Temporary Insolvency Manager 450043, Republic of Bashkortostan, Ufa, Komsomolskaya Str., 11, Office 1 BREYTOVO: Sets Deadline for Proofs of Claim ------------------------------------------- The Arbitration Court of Yaroslavl region commenced bankruptcy supervision procedure on LLC Breytovo. The case is docketed as A82-396/04-30-B/4. Mr. E. Sazonov has been appointed temporary insolvency manager. Creditors have until July 7, 2004 to submit their proofs of claim to 152900, Russia, Yaroslavl region, Rybinsk, Lugovaya Str., 7. A hearing will take place on July 20, 2004, 10:00 a.m. CONTACT: BREYTOVO 152760, Russia, Yaroslavl region, Breytovo, Stroitelnaya Str Mr. E. Sazonov Temporary Insolvency Manager 152900, Russia, Yaroslavl region, Rybinsk, Lugovaya Str., 7 CHEREPOVETSKAYA TIMBER: Declared Insolvent ------------------------------------------ The Arbitration Court of Vologda region declared LLC Cherepovetskaya Timber Industry Company insolvent and introduced bankruptcy proceedings. The case is docketed as A-13-7541/03- 18. Mr. A. Kondratyev has been appointed insolvency manager. Creditors have until August 7, 2004 to submit their proofs of claim to 162600, Russia, Vologda region, Cherepovetsk, Borshodskaya Str., 46. CONTACT: Mr. S. Shubin Insolvency Manager 162600, Russia, Vologda region, Cherepovetsk, Borshodskaya Str., 46 DEBESSKY AGRO-COMBINE: Court Commences Bankruptcy Procedure ----------------------------------------------------------- The Arbitration Court of Republic of Udmurtiya commenced bankruptcy supervision procedure on OJSC Debessky Agro-Combine. The case is docketed as A71-39/2004-G26. Mr. A. Rybakov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to 427060, Russia, Republic of Udmurtiya, Debesy, Andronova Str., 90 and to the temporary insolvency manager at 426008, Russia, Izhevsk, Post User Box 3051. A hearing will take place on September 9, 2004, 1:30 p.m. CONTACT: DEBESSKY AGRO-COMBINE 426060, Russia, Republic of Udmurtiya, Debesy Mr. A. Rybakov Temporary Insolvency Manager 426008, Russia, Izhevsk, Post User Box 3051 KAM-MONTAZH-STROY: Court Sets September 28 Hearing -------------------------------------------------- The Arbitration Court of Republic of Tatarstan commenced bankruptcy supervision procedure on OJSC Kam-Montazh-Stroy. The case is docketed as A65-8214/2004-SG4-16. Mr. I. Kuchumov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to 420103, Russia, Kazan, Post User Box 1. A hearing will take place on September 28, 2004, 2:30 p.m. at the Arbitration Court of Republic of Tatarstan. CONTACT: KAM-MONTAZH-STROY 423570, Republic of Tatarstan, Nizhnekamsk, BSI, Post User Box 1091 Mr. I. Kuchumov Temporary Insolvency Manager 420103, Russia, Kazan, Post User Box 1 The Arbitration Court of Republic of Tatarstan Russia, Kazan, Kreml, Build.1, Entrance 2, 2nd Floor, Room 16 KHAADI-OIL: Saratov Court Appoints Insolvency Manager ----------------------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy supervision procedure on OJSC Khaadi-Oil. The case is docketed as A-57-70B/04-31. Mr. A. Aleksandrov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to 410600, Russia, Saratov, Sovetskaya Str., 57/1. A hearing will take place on September 9, 2004, 2:30 p.m. at the Arbitration Court of region. CONTACT: KHAADI-OIL 413100, Russia, Saratov region, Engels, Promzona Mr. A. Aleksandrov Temporary Insolvency Manager 410600, Russia, Saratov, Sovetskaya Str., 57/1 The Arbitration Court of Saratov region 410032, Russia, Saratov, Pervomayskaya Str., 74 KONUS: Insolvent Status Confirmed --------------------------------- The Arbitration Court of Republic of Udmurtiya declared OJSC Konus insolvent and introduced bankruptcy proceedings. The case is docketed as A71-28/04-G26. Mr. V. Kuzhelev has been appointed insolvency manager. Creditors have until August 7, 2004 to submit their proofs of claim to 427790, Republic of Udmurtiya, Mozhga, Syugalsky proezd 15. CONTACT: KONUS 427790, Republic of Udmurtiya, Mozhga, Syugalsky proezd 15 UST-LYGINSKY FACTORY: Bankruptcy Proceedings Begin -------------------------------------------------- The Arbitration Court of Kirov region declared OJSC Ust-Lyginsky Factory Of Hardware insolvent and introduced bankruptcy proceedings. The case is docketed as A28-173/03-30-349/3. Mr. S. Shubin has been appointed insolvency manager. Creditors have until August 7, 2004 to submit their proofs of claim to 610002, Russia, Kirov, Orlovskaya Str., 14-1. CONTACT: UST-LYGINSKY FACTORY OF HARDWARE 612981, Russia, Kirov region, Vyatskopolyansky region, Ust-Lyuga Mr. S. Shubin Insolvency Manager 612981, Russia, Kirov region, Vyatskopolyansky region, Ust-Lyuga YUKOS OIL: May Sell Shares to Pay Tax Arrears, FT Source Says ------------------------------------------------------------- Yukos Oil is considering using its shares to settle at least US$3.42 billion of the tax bill sent by Russia's tax authorities, an unnamed executive told the Moscow correspondent of The Financial Times. The source said the oil giant might issue new shares, which will be sold for cash or given to the Russian government. The proposal will see a large part of the company go to the state, and the shares of the minority shareholders seriously diluted. The assets being considered for disposal are Yukos' stake in Sibneft oil and its natural gas fields. Blocking the plan, however, is a court order freezing asset sales or movements in the company's share. According to the source, company executives are planning to ask for the lifting of the seizure order. It is also mulling on asking for more time to come up with the needed amount demanded by the Tax Ministry. Yukos' executives reached by the paper denied such plans. An appeal to the tax claim is being reviewed by Moscow's Arbitration Court. A decision could come as early as Friday. YUKOS OIL: Freeze Order on Shares Lifted ---------------------------------------- The Swiss Supreme Court on Monday freed shares that form part of the US$5 billion worth of assets frozen by state authorities in March. No further details were provided for the ruling, according to The Associated Press. The law firm representing Veteran Petroleum Trust, the Yukos pension fund behind the appeal, told the Associated Press: "For the time being, only the operating part of the decision has been notified to the parties." The shares freed were worth around US$3 billion when Swiss prosecutors froze them in March. Now they're only worth US$1.7 billion, the law firm said. Russia's General Prosecutor's Office successfully won a request to have US$5 billion in funds belonging to companies and persons related to Yukos frozen in March. The Swiss court ordered last week the unfreezing of a US$1.6 billion account belonging to Pecunia, a company affiliated with Yukos through Menatep, the principal corporate shareholder of Yukos. Yukos' recent victories, however, are dimmed by a decision back home in Russia. The Moscow Arbitration Court removed Judge Natalya Cheburashkina from hearing Yukos' appeal of a US$3.4 billion tax bill last week. Citing a court official, Interfax said her bias against the Tax Ministry led to her axing. * Fitch Forecasts Choppy Times for Local Banks ---------------------------------------------- Fitch Ratings, the international rating agency, says the turbulence in the Russian interbank markets over the past week, provided it does not escalate, is not, in itself, expected to materially affect Russia's leading banks. Overnight rates rose sharply last week, triggered by the Central Bank of Russia's (CBR) withdrawal of Sodbiznessbank's license in mid-May, the subsequent failure and default of Commercial Bank Credittrust and the Russian rumor mill going into overdrive. In a Comment issued on Tuesday entitled "Russian Banks: Choppy Times, But Should be Containable for the Country's Leading Banks", Fitch says the sharp reduction in interbank liquidity and increase in overnight rates, barring any escalation, are more likely to hurt the country's very many small banks than its larger ones, where Fitch's bank ratings are heavily concentrated. Russia's largest banks tend to be net depositors rather than net borrowers on the interbank market, and most are understood to have closed their lines to small banks. Fitch says that the reaction of the banking sector to the events that started with the withdrawal of Sodbiznessbank's license produced an unexpected strain on liquidity in parts of the system. Therefore, recent promises of additional liquidity for the banking sector by the CBR, are positive from a support point of view. Even so, Fitch is increasingly of the opinion that the Russian authorities would like to see a further culling of the some of the country's smallest banks, which have little value for the Russian economy. At end-2003, Russia's smallest 1,100 banks accounted for only c.11% of banking sector assets. Critical will be how this is effected by the CBR in the run-up to the introduction of Deposit Insurance, without aggravating what should be an eminently containable situation. Fitch believes a larger threat to most of the larger banks in Russia than the current situation on the interbank market would be a wider loss of depositor confidence. There is presently no sign of this, but it is something to which privately owned Russian banks remain potentially vulnerable. Fitch currently rates 30 banks and financial institutions in Russia (for the full list see http://www.fitchratings.comor contact the Ratings Desk on +44 20 7417 6300). CONTACT: FITCH RATINGS James Longsdon, London Phone: +44 20 7417 4309 Alexander Giles, London Phone: +44 20 7417 6330 Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Media Relations: Campbell McIlroy, London Phone: +44 20 7417 4327 =========== S W E D E N =========== LM ERICCSON: Brings 'Ericsson Expander' to Asia ----------------------------------------------- At a media briefing at CommunicAsia in Singapore, Carl-Henric Svanberg, President and CEO of Ericsson, the world's leading telecom supplier, spoke about Asia's important role in the development of communications trends, services and applications for the benefit of consumers worldwide. "We regard Asia Pacific as the world's greenhouse for mobile communications," said Carl-Henric Svanberg at CommunicAsia. "Asia is a very exciting region with one of the world's lowest mobile penetrations as well as the world's most advanced mobile users." "With Ericsson Expander we can offer operators a solution for meeting consumer demands in new growth markets. With our leading position in new services and 3G roll out we support our customers in introducing advanced mobile services. We have done business in Asia for 120 years and we are looking forward to continue to bring mobile communications to this region," he said. "Convergence of fixed and mobile networks will radically change communications behavior. We have a very strong position in the convergence area with deep knowledge and a broad portfolio in the mobile as well as the fixed area. Converged networks allow consumers to be always best connected "We see a growing interest by operators toward our managed services offering, the most comprehensive in the industry. Managed services are a means to more efficient network operations and for more effective hosting of platforms, applications and content management," he added. With Ericsson's hosting offering, operators can deliver services to the market quickly, simply and most cost efficiently. The high interest for hosting is confirmed by the four hosting contracts announced by Ericsson in the United States, Chile and Hungary. Ericsson has the leading role in the ongoing 3G roll out. Ericsson is also strengthening its CDMA market position, and by providing a common 3G platform for WCDMA and CDMA, Ericsson gains economies of scale, not available to any other 3G vendor. With 3G, new services and applications are becoming a reality. Evolved 3G, so called HSDPA, which is quickly moving to the top of many operators' agenda, will enhance this development. With HSDPA high speed downloading will be possible. This opens up for a lot of new exciting services and consumer benefits. Ericsson is shaping the future of Mobile and Broadband Internet communications through its continuous technology leadership. Providing innovative solutions in more than 140 countries, Ericsson is helping to create the most powerful communication companies in the world. Read more at http://www.ericsson.com/press * * * Standard & Poor's rates Ericsson 'BB/Negative/B'. CONTACT: LM ERICSSON Ase Lindskog Head of Media Relations, Communications Phone: +46 8 719 9725; +46 8 719 6992 E-mail: press.relations@ericsson.com ============= U K R A I N E ============= AGROTEHSERVIS: Insolvent Status Confirmed ----------------------------------------- The Economic Court of Lugansk region declared OJSC Agrotehservis (code EDRPOU 20179461) insolvent and introduced bankruptcy proceedings on April 27, 2004. The case is docketed as 11/141 B. Mr. Belikov Andrij (License Number AA 484195 approved on December 29, 2004) has been appointed liquidator/insolvency manager. Agrotehservis holds Account Number 26008301180 at Oshadbank, Bilokurakine branch 3316, MFO 364100. CONTACT: AGROTEHSERVIS 92200, Ukraine, Lugansk region, Bilokurakine, Lenin str. 85 Mr. Belikov Andrij Liquidator/Insolvency Manager 91050, Ukraine, Lugansk region, Komarov quarter, 35/64 Phone: (0642) 58-83-51 ECONOMIC COURT OF LUGANSK REGION: 91000, Ukraine, Lugansk region, Geroi VVV square., 3a ARMLIT: Declared Insolvent -------------------------- The Economic Court of Donetsk region declared OJSC Armlit (code EDRPOU 00111136) insolvent and introduced bankruptcy proceedings on April 21, 2004. The case is docketed as 18/192B. Mr. Kmitto O. has been appointed liquidator/insolvency manager. Creditors have until July 2, 2004 to submit their proofs of claim to: (a) ARMLIT 86705, Ukraine, Donetsk region, Hartsizk, Ogprev str. 67 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema str. 157 CONTACT: ARMLIT 86705, Ukraine, Donetsk region, Hartsizk, Ogprev str., 67 ECONOMIC COURT OF DONETSK REGION: 83048, Ukraine, Donetsk, Artema str., 157 BEREZNYANKA: Bankruptcy Proceedings Start ----------------------------------------- The Economic Court of Kyiv region declared LLC Industrial- Investment Concern Bereznyanka (code EDRPOU 21669552) insolvent and introduced bankruptcy proceedings on May 24, 2004. The case is docketed as 23/821-B. Arbitral manager Mr. Demchuk Oleksandr (License Number AA 047780 approved on October 15, 2001) has been appointed liquidator/insolvency manager. Creditors have until July 2, 2004 to submit their proofs of claim to: (a) INDUSTRIAL-INVESTMENT CONCERN BEREZNYANKA 01033, Ukraine, Kyiv region, Saksaganskij str. 5 (b) Liquidator/Insolvency Manager 03127, Ukraine, Kyiv region, 40-Richchya Zhovtnya avenue, 126 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij boulevard, 44-B Industrial-Investment Concern Bereznyanka holds Account Number 26002020 with OJSC MKB of Kyiv region, MFO 300658. CONTACT: INDUSTRIAL-INVESTMENT CONCERN BEREZNYANKA 01033, Ukraine, Kyiv region, Saksaganskij str., 5 Mr. Demchuk Oleksandr Liquidator/Insolvency Manager 03127, Ukraine, Kyiv region, 40-Richchya Zhovtnya avenue, 126 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij boulevard, 44-B BILOKURAKINE' RAJAGROHIM: Declared Insolvent -------------------------------------------- The Economic Court of Lugansk region declared OJSC Bilokurakine' Rajagrohim (code EDRPOU 30791000) insolvent and introduced bankruptcy proceedings on April 20, 2004. The case is docketed as 11/140 B. Mr. Belikov Andrij (License Number AA 484195 approved December 29, 2002) has been appointed liquidator/insolvency manager. Bilokurakine' Rajagrohim holds Account Number 26008301113 at Oshadbank, Bilokurakine branch, 3316, MFO 3564100. CONTACT: BILOKURAKINE' RAJAGROHIM 92200, Ukraine, Lugansk region, Bilokurakine, Lenin str., 85 Mr. Belikov Andrij Liquidator/Insolvency Manager 91050, Ukraine, Lugansk region, Komarov str., 35/64 Phone: (0642) 58-83-51 ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroi VVV square., 3a DOBROMIR: Kyiv Court Commences Bankruptcy Proceedings ----------------------------------------------------- The Economic Court of Kyiv region declared LLC Dobromir (code EDRPOU 20614649) insolvent and introduced bankruptcy proceedings on April 8, 2004. The case is docketed as 2/2b-2004. Arbitral manager Mr. Dranchenko V. (License Number AA 630098 approved on December 11, 2003) has been appointed liquidator/insolvency manager. CONTACT: DOBROMIR Ukraine, Kyiv region, Slavutich, Moskovskij quarter, 1/87 Mr. Dranchenko V. Liquidator/Insolvency Manager 04074, Ukraine, Kyiv region, a/b 73 Phone: (044) 430-04-29 Fax: (044) 430-04-29 DOROGOBICH FURNITURE: Public Auction of Assets Set July 2 --------------------------------------------------------- Authorities at the Lviv region have set for public auction the properties of OJSC Furniture Combine DOROGOBICH on July 2, 2004, 10:00 a.m. at Ukraine, Lviv, Turgenjev str. 73. The properties for sale are: (a) shop for wood conversion with an area of 835 square meters, 3 units of electric closet SPA-77, and 1/10 part of plumbing. Starting price: UAH46,523.28. (b) compressor room with an area of 206 square meters, and 1/10 part of plumbing. The starting price is UAH25,264.08. To participate, bidders must deposit an amount equivalent to 10% of the value of the property being sold and pay a registration fee of UAH17.00 until June 29, 2004. The amount must be deposited to account number 260028218 at Lviv regional branch of JSPPB Aval, MFO 325570, EDRPOU 26254583 of Branch of the Agency of bankruptcy questions of Lviv region. Participating individuals for the auction must submit written statements and competitive proposition to Ukraine, Lviv, Turgenjev str., 73 from 9:00 a.m. until 6:00 p.m. Deadline is June 29, 2004. CONTACT: FURNITURE COMBINE DOROGOBICH Ukraine, Lviv region, Dorogobich, Turash str., 28 BRANCH OF THE AGENCY OF BANKRUPTCY QUESTIONS OF LVIV REGION Ukraine, Lviv Region Turgenjev str., 73 Phone: (0322) 393-265 HARKIV' CONDITIONER: Declared Insolvent --------------------------------------- The Economic Court of Harkiv region declared OJSC Harkiv' Plant Conditioner (code EDRPOU 00240265) insolvent and introduced bankruptcy proceedings at the company on May 20, 2004. The case is docketed as B-19/126-03. Arbitral manager Mr. Lyaluk V. (License Number AA 047706 approved on August 22, 2001) has been appointed liquidator/insolvency manager. Harkiv' Plant Conditioner holds Account Number 26005630160124 at Prominvestbank, Frunzenska branch of Harkiv, MFO 351179. CONTACT: HARKIV' PLANT CONDITIONER Ukraine, Harkiv region, Moskovskij avenue, 257 Mr. Lyaluk V. Liquidator/Insolvency Manager Ukraine, Harkiv region, Marjinska str. 7/1 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8-th entrance HARKIV' ELECTRIC: Under Bankruptcy Supervision Procedure -------------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on OJSC Harkiv' Plant of Electric Transport (code EDRPOU 03327411) on April 19, 2004. The case is docketed as B-39/55-04. Arbitral manager Mr. Lyaluk V. (License Number AA 047706 approved on August 22, 2001) has been appointed temporary insolvency manager. Harkiv' Plant of Electric Transport holds Account Number 26004301726 at JSCB Ukrsocbank, Harkiv regional branch, MFO 351016. CONTACT: HARKIV' PLANT OF ELECTRIC TRANSPORT Ukraine, Harkiv region, Molodoji Gvardiji str., 15/17 Mr. Lyaluk V. Temporary Insolvency Manager Ukraine, Harkiv region, Marjinska str., 7/1 ECONOMIC COURT OF HARKIV REGION: 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8-th entrance IMPRES: Declared Insolvent -------------------------- The Economic Court of Kyiv region declared LLC Impres (code EDRPOU 30936074) insolvent and introduced bankruptcy proceedings on May 18, 2004. The case is docketed as 15/175-B. Arbitral manager Mrs. Zorina Olena (License Number AA 140453 approved on July 1, 2002) has been appointed liquidator/insolvency manager. CONTACT: IMPRES Ukraine, Kyiv region, Volkov str., 8/204 Mrs. Zorina Olena Liquidator/Insolvency Manager 04214, Ukraine, Kyiv region, Gerojiv Dnipra str., 34-a / 239 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij boulevard, 44-B MECHMASH: Under Bankruptcy Supervision Procedure ------------------------------------------------ The Economic Court of Kirovograd region commenced bankruptcy supervision procedure on LLC Scientific-Production Corporation Mechmash. The case is docketed as 10/43. Mr. Serdyuk Oleksandr (License Number AA 630105 approved on December 17, 2003) has been appointed temporary insolvency manager. Scientific- Production Corporation Mechmash holds Account Number 26008181033001 at CB Privatbank, Oleksandriya branch, MFO 323691. CONTACT: SCIENTIFIC-PRODUCTION CORPORATION MECHMASH 28000, Ukraine, Kirovograd region, Oleksandriya, Kirov square, 15 Mr. Serdyuk Oleksandr Temporary Insolvency Manager 28000, Ukraine, Kirovograd region, Oleksandriya, Chervone Kozatstvo str. 41/2 THE ECONOMIC COURT OF KIROVOGRAD REGION 25022, Ukraine, Kirovograd region, Lunacharski str. 29 SEMENIVSKE: Insolvent Status Confirmed -------------------------------------- The Economic Court of Cherkassy region declared agricultural LLC Semenivske (code 05278177791092) insolvent and introduced bankruptcy proceedings on January 23, 2004. The case is docketed as 14-3043. Arbitral manager Mr. Nikiforov I. has been appointed liquidator/insolvency manager. CONTACT: SEMENIVSKE Ukraine, Cherkassy region, Lisyanskij district, Semenivka Mr. Nikiforov I. Liquidator/Insolvency Manager Ukraine, Cherkassy region, Rizdvyana str. 170 ECONOMIC COURT OF CHERCASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko avenue, 307 =========================== U N I T E D K I N G D O M =========================== ABSOLUTE SUPPORT: Hires Smith & Williamson Administrator -------------------------------------------------------- Contract Cleaning Company, Absolute Support Services Limited has appointed Anthony Murohy, Roger Tullock and Robert Horton of Smith & Williamson Limited as joint administrative receivers. The appointment was made June 7, 2004. CONTACT: SMITH & WILLIAMSON LIMITED 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA Receivers: Anthony Murphy Roger Tullock Robert Horton (Office Holder Nos 8716, 9174 and 8922) AIRTECH NETWORKS: Members General Meeting Set June 7 ---------------------------------------------------- At an Extraordinary General Meeting of the Members of the Airtech Networks Limited Company on June 7, 2004 held at Unity Corporate Recovery and Insolvency, Clive House, Clive Street, Bolton BL1 1ET, the Ordinary and Extraordinary Resolutions to wind up the company were passed. M C Bowker of Unity Corporate Recovery and Insolvency, Clive House, Clive Street, Bolton BL1 1ET has been appointed Liquidator for the purpose of such winding-up. CONTACT: UNITY CORPORATE RECOVERY AND INSOLVENCY Clive House, Clive Street, Bolton BL1 1ET Contact: M C Bowker, Liquidator BARNSLEY BUSINESS: Meeting of Creditors Set July 15 --------------------------------------------------- Members of Barnsley Business Link Limited Company will have a final meeting of July 15, 2004 at 2:00 p.m. It will be held at the offices of Gibson Booth, 15 Victoria Road, Barnsley S70 2BB. 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 with Gibson Booth, 15 Victoria Road, Barnsley S70 2BB not later than 12:00 noon, July 14, 2004. CONTACT: GIBSON BOOTH 5 Victoria Road, Barnsley S70 2BB Contact: E C Wetton, Liquidator BH 2002: Members General Meeting June 4 --------------------------------------- At an Extraordinary General Meeting of the Members of the BH 2002 Limited Company on June 4, 2004 held at Elliot House, 151 Deansgate, Manchester M3 3BP, the Ordinary and Extraordinary Resolutions to wind up the Company were passed. Stephen L Conn of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP has been appointed Liquidator of the Company for the purpose of the voluntary winding-up. CONTACT: BEGBIES TRAYNOR Elliot House 151 Deansgate, Manchester M3 3BP Contact: Stephen L Conn, Liquidator BLAYTONS: Winding up Resolutions Passed --------------------------------------- At an Extraordinary General Meeting of the Members of the Blaytons (t/a Access Sales International Limited) Company on May 26, 2004 held at The Weeping Ash, Hardstoft, Pilsley, Chesterfield, Derbyshire S45 8AF, the Ordinary and Extraordinary Resolutions to wind up the company were passed. Andrew Whelan of Marks Bloom has been appointed Liquidator for the purpose of such voluntary winding-up. BRIGHTSTORE LIMITED: Hires Receivers from Begbies Traynor --------------------------------------------------------- The Brightstore Limited Company has appointed Peter A Blair and Richard Albert Brock Saville of Begbies Traynor as joint administrative receivers. The appointment was made June 8, 2004. The company's registered office address is located at Regency House, 21 The Ropewalk, Nottingham NG1 5DU. Brightstore is formerly named Britannia Stores. CONTACT: BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Receivers: Peter A Blair Richard Albert Brock Saville (IP Nos 8886, 7829) BRITISH ENERGY: To Hold Conference Call Today --------------------------------------------- British Energy plc will be releasing its financial results for the fourth quarter and for the year ended March 31, 2004 on Thursday June 17, 2004 at 0930hrs U.K. time (0430hrs Eastern Time). There will be a Conference Call for Investors and Bondholders on June 17, 2004 to be hosted by Mike Alexander, Chief Executive at 1600hrs U.K. time (1100hrs -Eastern Time). Dial-in details will be released in the results announcement on 17th June. CONTACT: FINANCIAL DYNAMICS Media Andrew Dowler Phone: 020 7831 3113 BRITISH ENERGY Paul Heward, Investor Relations Phone: 01355 262 201 Web site: http://www.british-energy.com BROADFIELD CONSTRUCTION: Names Receivers from Mazars ---------------------------------------------------- The Broadfield Construction Limited Company has appointed Timothy Colin Hamilton and Alistair Steven Wood of Mazars as joint administrative receivers. The appointment was made May 24, 2004. The company is engaged in general construction and demolition. CONTACT: MAZARS Clifton Down House, Beaufort Buildings, Clifton Down, Clifton, Bristol BS8 4AN Receivers: Timothy Colin Hamilton Ball Alistair Steven Wood (IP Nos 8018, 7929) BUSINESS DEVELOPMENT: Members Final Meeting Set July 15 ------------------------------------------------------- There will be a final meeting of the Business Development Solutions Limited Company on July 15, 2004 at 10:00 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT. 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 with PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT not later than 12:00 noon, July 14, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Cornwall Court 19 Cornwall Street, Birmingham B3 2DT Contact: T Walsh, Joint Liquidator CALBAN LIMITED: Brings in Liquidator ------------------------------------ At an Extraordinary General Meeting of the Members of the Calban Limited Company on June 2, 2004 held at 50 Newhall Street, Birmingham B3 3QE, the Ordinary and Extraordinary Resolutions to wind up the company were passed. Gagen Dulari Sharma has been appointed Liquidator for the purpose of such a winding-up. CALNFIELDS LIMITED: Special Winding up Resolution Passed -------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Calnfields Limited Company on June 2, 2004 held at Unit 12, Cranbourne Industrial Estate, Cranbourne Road, Potters Bar, Hertfordshire, the subjoined Special Resolution to wind up the Company was passed. Paul Barrett and James Richard Tickell of Portland Business & Financial Solutions, 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have been appointed Joint Liquidators of the Company. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire Contact: Paul Barrett, Liquidator James Richard Tickell, Liquidator CAVALRY SHEET: Appoints DTE Leonard Curtis Administrator -------------------------------------------------------- A Poxon and J M Titley of DTE Leonard Curtis have been appointed as joint administrative receivers for Cavalry Sheet Metal Limited Company. The appointment was made June 2, 2004. The company manufactures metal. CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Receivers: A Poxon J M Titley (IP Nos 8620, 8617) CHANCELLOR GROUP: Final General Meeting Set July 9 -------------------------------------------------- Name of Companies: Chancellor Group Limited Cortecs (Berger) Limited Healthcare Delivery Limited There will be Final General Meetings of the Members of these companies on July 9, 2004 at 10:00 a.m., 10:30 a.m. and 11:00 a.m. respectively. It will be held at the offices of Solomon Hare Business Rescue, Oakfield House, Oakfield Grove, Clifton, Bristol BS8 2BN. 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 with Solomon Hare Business Rescue, Oakfield House, Oakfield Grove, Clifton, Bristol BS8 2BN not later than 12:00 noon, July 8, 2004. CONTACT: SOLOMON HARE BUSINESS RESCUE Oakfield House Oakfield Grove, Clifton, Bristol BS8 2BN Contact: P W Engel, Liquidator COURTS PLC: Shareholders in the Dark Over Buyout Attempt -------------------------------------------------------- Furnishing and electrical retail group Courts did not discuss the recent buyout attempt for its U.K. operations at its annual report, leaving shareholders still guessing about what really happened. Rumors circulated last week that a group led by Steven Cohen has approached the company with a GBP50 million takeover offer for Court's under performing British division. The company is said to have turned down the offer. Investors were waiting for an update in the company's full-year results, but the firm was silent about it. In the report, Courts revealed that Chief Executive Steve Cohen has stepped down from the board. The Cohen family owns more than 50% of the shares of Courts. It also said that the company made an operating loss of more than GBP19.2 million last year. Courts operates from over 350 stores in 20 countries around the world specializing in retailing home furnishing and electrical products. CONTACT: COURTS PLC Phone: 020 7796 4133 COURTS PLC: Posts GBP34 Mln Pre-tax Loss on Ordinary Activities --------------------------------------------------------------- Highlights of Unaudited Preliminary Results for the year ended 31 March 2004: (a) Sales from continuing operations GBP686.3 million (2003: GBP627.9 million as restated) (b) Profit before interest GBP11.8 million, before operating exceptional items of GBP24.4 million (2003 : GBP29.5 million as restated) (c) Loss on ordinary activities before tax GBP34.4 million (2003: profit GBP11.5 million as restated) Restructuring and Refinancing (a) New leadership team (b) U.K. turnaround program in train (C) Good progress with refinancing initiatives (d) Heads of Terms for additional funding being finalized Chairman's Statement This is a time of significant change for Courts -- change in leadership team, change in our mission and focus, and change in our financial structure. The intent of these changes is to move the business onto a stable financial basis and to restore it to profitability. At the trading level, the overseas businesses performed satisfactorily in local currency. Despite strong like-for-like sales growth, the U.K. Retail business continued to underperform. Substantial provisions have been made against the carrying value of its assets. A turnaround manager has been appointed to lead the U.K. Retail business. Overseas, as already announced, the business is being focused into regional groupings and is being refinanced on a local basis. This will remove dependence on the U.K. for finance and will result in a closer matching of liabilities with assets. We are pleased to announce that Heads of Terms are being finalized for additional facilities under the Group's GBP260 million Revolving Credit Facility. Results Group sales from continuing operations were GBP686.3 million (2003: GBP627.9 million as restated to account for a provision for customer returns arising from the implementation of Application Note G to FRS 5 (see note 1b)). Profit before interest, before charging an operating exceptional item of GBP24.4 million, was GBP11.8 million (2003: GBP29.5 million as restated). The operating exceptional item comprises a U.K. Retail stock adjustment of GBP8.6 million, a U.K. Retail assets write-off, including provision for loss making stores, of GBP7.5 million, and costs associated with the refinancing, including bank fees, amounting to GBP8.3 million. Taking account of this charge and net interest payable and similar charges, the loss on ordinary activities before taxation was GBP34.4 million (2003: profit GBP11.5 million as restated). The fully diluted loss per share was 83.6p (2003:17.5p as restated). The Group's net assets as at 31 March 2004 were GBP150.5 million (2003: GBP234.8 million as restated), and shareholders' funds were 116p per ordinary share (2003: 247p as restated). The net asset figures are exclusive of deferred revenue of GBP63.0 million (2003: GBP62.7 million) or 102p per share (2003: 102p per share), which is deducted from the debtors' figure in the balance sheet and which should benefit future pre-tax profits. Adverse currency movements affected turnover by GBP42.6 million, the loss before interest by GBP6.7 million, the loss before tax by GBP5.7 million and net assets by GBP42.6 million. Dividend The Board is recommending that no final dividend be paid. It is intended to resume the payment of dividends once profitability and the financial position permit. Operating review Overseas Sales in our overseas businesses were GBP401 million (2003: GBP398 million). Like-for-like sales at constant currency were 5.9% ahead, and achieved gross margins improved slightly. Profit before interest was GBP36.5 million (2003: GBP50.3 million) and, before this year's increased revenue deferral, was GBP44.8 million (2003: GBP53.0 million). Like-for-like sales in the Caribbean region increased by 15.2% at constant currency, with achieved gross margins slightly below last year. Profit before interest and revenue deferral was GBP29.7 million (2003: GBP31.0 million). On a constant currency basis, profit before interest and revenue deferral was ahead by 15.4%. Profit before interest was GBP24.2 million (2003: GBP28.8 million). Like-for-like sales in the South East Asia region fell by 1.5% at constant currency, although achieved gross margins were ahead of last year. Profit before interest and revenue deferral was GBP11.0 million (2003: GBP12.9 million). On a constant currency basis, profit before interest and revenue deferral was lower by 5.2%. Profit before interest was GBP8.8 million (2003: GBP14.7 million). Like-for-like sales in the Africa & Pacific region decreased by 1.3% at constant currency, with achieved gross margins lower year-on-year. Profit before interest and revenue deferral was GBP4.1 million (GBP9.1 million). On a constant currency basis, profit before interest and revenue deferral was lower by 53.0%. Profit before interest was GBP3.5 million (2003: GBP6.8 million). United Kingdom Sales were GBP286 million (2003: GBP230 million as restated). Like-for-like sales increased by 21.5% in a relatively flat market. The U.K. segment made a loss before interest of GBP12.0 million after one off costs (2003: loss GBP7.8 million as restated) before an operating exceptional charge of GBP16.1 million. The U.K. balance sheet has been reviewed to ensure that the carrying value of assets is appropriate, and where necessary values have been written down. The profit before interest is stated after crediting GBP0.6 million (2003: GBP3.2 million) in respect of compensation from landlords towards the disruption caused during store refurbishment works, and profits from property disposals of GBP5.4 million (2003: GBP1.7 million). Recognition of a further GBP5.5 million of compensation to be paid by landlords for the disruption resulting from the reformatting and downsizing of certain UK stores has been deferred and will be recognized in the year to 31 March 2005. Costs and working capital are being aggressively reduced and operating efficiencies improved, alongside initiatives to re- engineer the supply chain, improve the product offer and redeploy and retrain store personnel. Refinancing It was announced on 19 January 2004 that a comprehensive plan had been developed to provide the Group with a capital structure appropriate to the financing needs of a multi-national group. The plan involves a reorganization of the Group onto a regional basis and the localization of financing overseas to match assets and funding more appropriately. Good progress has been made with the implementation of this plan. In the Caribbean region, we are progressing a comprehensive refinancing independent of support from the U.K., and the 11 separate subsidiaries there are being brought together under a regional holding company, which it is intended to float on the regional stock exchanges later this year. In South East Asia, the consumer receivables book in Singapore was securitized on a revolving basis in April, releasing substantial cash resources for the development of Courts Singapore and Thailand, and work is in hand to bring together our Asian businesses within a single regional group. Business leadership The board and senior management has been streamlined and directors' accountabilities have been realigned to support the new business structure. Reporting into the Group Chairman, Leo McKee, is a team of five: Stuart Miller, Group Finance Director; Robert Shrager, Refinancing Director; Nigel Blake, Regional Director Caribbean, Americas and Pacific; Chris Lee, who joins the board on 1 July 2004 and will be appointed Regional Director Asia/Indian Ocean in due course; and Alan Fort, who heads the U.K. team and is responsible for the turnaround of that business. Bruce Cohen, Deputy Chairman and Managing Director International, has decided to retire from the board with effect from 14 June 2004, when he will become President. We are delighted that his advice and experience will continue to be available to the Group after his retirement from the board. Steven Cohen has stepped down from the board with immediate effect and leaves the Group on 30 June 2004 by mutual agreement to pursue other opportunities. We thank Steven for his contribution in starting the rejuvenation process in the U.K. and building a high calibre management team. Negotiation with banking syndicate Heads of Terms are being finalized to increase the Group's GBP260 million Revolving Credit Facility by GBP20 million to GBP280 million and permit the use of GBP10 million of existing letters of credit to support an overdraft facility. These new facilities will carry a higher margin than the original facility, and additional fees will be payable. The Heads of Terms are subject to approval by the syndicate banks. We expect the amended facility, which will be secured, to be signed prior to the Group's financial statements being issued. Taking this into account, the board considers that it is appropriate for the financial statements to be prepared on a going concern basis (see note 1a). Outlook Overseas, orders booked since the start of the current financial year are ahead of last year in local currency terms. Deliveries are lower, although at slightly higher gross margins. In the U.K., both orders booked and deliveries since the start of the current financial year are lower than for the corresponding period last year. Gross margins, including clearance lines, are lower. As we move forward into 2004/5 there will continue to be significant change throughout Courts to improve our profitability and to grow our market share. However, one element, which will not change is our Company's core value of customer satisfaction throughout the Courts' world. Our people are truly outstanding in their commitment to our customers and service. My goal as Chairman is to build on that heritage. Leo McKee Chairman 15 June 2004 Financial statements are available free of charge at http://bankrupt.com/misc/Courts_Mar2004.htm. CONTACT: COURTS PLC Phone: 020 7796 4133 DAWSON INTERNATIONAL: To Redeem Loan Stock Early ------------------------------------------------ On 28 May 2004 the Company announced proposals including a Placing and Open Offer of GBP10,000,000 nominal of zero coupon, convertible, secured, redeemable loan stock 2009. It was noted in the prospectus sent to Shareholders of the Company on 28 May 2004 that, as a result of the escalating premia payable on redemption, the Directors believed that it was in the interests of the Company and its Shareholders to seek to reduce the amount of Loan Stock outstanding by means of early redemption of the Loan Stock. For this reason it was also announced that it was in the best interests of the Company that Senior Debt facilities be established following completion of the Placing and Open Offer and that the sum raised be used to redeem early certain of the Loan Stock. The Directors are making progress in discussions with a number of potential providers of Senior Debt facilities with a view to the early redemption of certain of the Loan Stock in accordance with its terms. A further announcement will be made as appropriate. Dealings in the Loan Stock are expected to commence on 25 June 2004. * * * In its offer document, the company said: If the Placing and Open Offer does not proceed and the Company would need to secure forthwith alternative funding to allow it to continue trading. The Directors are not aware of any viable alternative funding for the Group. If such funding was not immediately available, the Group would be required to cease trading and a liquidator, receiver or administrator would be appointed. In such an event, the Directors believe that there would be no funds available to Shareholders after the repayment of the Company's creditors. CONTACT: DAWSON INTERNATIONAL Michael G. Hartley, Chairman Phone: 01629 55098 David G. Cooper, Finance Director Phone: 01577 867000 DONCASTER SKILLSHOP: Sets Final Meeting July 15 ----------------------------------------------- The Members of Doncaster Skillshop Limited Company will have a final meeting on July 15, 2004 at 11:30 a.m. It will be held at the offices of Gibson Booth, 15 Victoria Road, Barnsley S70 2BB. 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 with Gibson Booth, 15 Victoria Road, Barnsley S70 2BB not later than 12:00 noon, July 14, 2004. CONTACT: GIBSON BOOTH 15 Victoria Road, Barnsley S70 2BB Contact: E C Wetton, Liquidator DROP CAP: General Meeting of Members Set July 6 ----------------------------------------------- There will be a General Meeting of the Members of Drop Cap Limited Company in July 6, 2004 at 11:30 a.m. It will be held at 15 Victoria Place, Carlisle. 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. ENERGIS PLC: First Profit Marks Strong Progress ----------------------------------------------- Archie Norman, chairman of Energis, said: "Energis is fully- funded, profitable and generating cash. We have delivered our first ever profit. This is a milestone in the Energis journey and a clear sign that we are building a strong and commercially robust business." Key achievements: (a) First ever profit, with Earnings Before Interest and Tax of GBP10 million EBITDA up 21% to GBP125 million (b) Generating cash for the second successive year (c) Revenue from core products up 9% (d) Contribution margin up 6 percentage points (e) Over GBP300 million of contract wins from target customers. John Pluthero, chief executive of Energis, said: "From a standing start, we have forged a strongly performing business. This year we will see a return to growth driven by our existing products. The opening up of broadband will provide further growth in 2005 and beyond. "A strong product set, a clear market focus and 1,700 talented people with only one ambition -- to improve the customer's experience. It's a recipe I like." Highlights of 2004 results: Profit and Loss GBPmillion 2003 2004 Revenue 770 745 Contribution Margin 37% 43% EBITDA 103 125 EBIT * (369) 4 * FY04 EBIT of GBP10m pre-exceptional items Cash Flow GBPmillion 2003 2004 Capital Expenditure (47) (67) Free Cash Flow 6 66 Cash Balance 150 171 Strong 12 month performance During the last 12 months, Energis has made progress creating a financially strong business focused on serving market-leading organizations. Energis has now completed the first phase in its journey and has built a secure long-term platform for future growth. Revenue for the year was GBP745 million, a 3% decline year-on- year driven by a market place refocus on generating higher quality revenue from fewer, larger customers. Overall, revenue last year from core products grew by 9% and the more favorable product mix delivered a 6 percentage point increase in contribution margin from 37% to 43%. This refocus has seen the directly served customer base reduce from 4,000 to less than 2,000 and the product set rationalized. Profitability has also improved considerably. EBIT, pre- exceptional items, was GBP10 million, the first-ever operating profit for the company. EBITDA grew 21% to GBP125 million, an increase in margin from 13% to 17%. Full year free cash flow of GBP66 million was GBP60 million ahead of last year. This was despite a 43% increase in capital expenditure due to significant investment in infrastructure for key customers and in the core network. Return to growth Energis is set for a return to growth with over GBP300 million of contract wins and opportunities opening in broadband, local loop unbundling and IP convergence. New contracts and renewals from market-leading organizations include: Boots: to work with IBM to provide a flexible IP Select data network linking 1,600 Boots stores enabling the high street retailer to prioritize critical data such as credit card transactions. Centrica: to supply reliable call center, telephony and internet connectivity for critical services across its portfolio of brands including the AA, British Gas and One.tel Financial Times Group: to provide internet connectivity for FT.com, one of the world's leading business information Web sites, and secure managed hosting services for the Financial Times' print and online systems Government Secure intranet (GSi): to link 140 government organizations and 300,000 civil servants via secure e-mail and Intranet access National Grid Transco: to provide network and telecoms services to 18,000 NGT users in partnership with Computer Sciences Corporation (CSC) Wanadoo Broadband: to deliver an end-to-end broadband solution based on the new Energis ISPConnect broadband solution. * * * Energis is a technology-driven communications company. Our aim is to help the largest and most successful organizations and public institutions in the U.K. and Ireland achieve their business goals using technology. Our range of solutions include data, voice, call centre and Internet and hosting services. Major customers include the BBC, Boots, Centrica, Royal & SunAlliance, Tesco, Wanadoo and the UK Government. CONTACT: ENERGIS Paul Maguire Director of PR Phone: +44 (0) 118 919 3499 Antonia Graham PR Manager Phone: +44 (0) 7803 724 111 EVEND LIMITED: Appoints Rothman Pantall & Co Liquidator ------------------------------------------------------- At an Extraordinary General Meeting of the Evend Limited Company on June 3, 2004 held at The New Connaught Rooms, Covent Garden Exhibition Centre, 61-65 Great Queen Street, London WC2B 5DA, the Ordinary and Extraordinary Resolutions to wind up the company were passed. Robert Derek Smailes and Stephen Blandford Ryman of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP have been appointed Joint Liquidators of the Company for the purpose of such winding-up. CONTACT: ROTHMAN PANTALL & CO Clareville House 26-27 Oxendon Street, London SW1Y 4EP Contact: Robert Derek Smailes, Liquidator Stephen Blandford Ryman, Liquidator FARAGO LIMITED: Fabric Knitting Business for Sale ------------------------------------------------- The joint administrators, Stuart Maddison and Robert Hunt, offer for sale the businesses and assets (either separately or combined) of Farago Limited, Apex Dryers and Finishers Limited, and Long Eaton Textile Services Limited (all in administration). Farago Limited has an established fabric knitter for wide- ranging domestic and international client base with high street presence. Its highly flexible modern production facility can generate 80 tons of output per week. It has a leasehold factory and office premises. The company has a workforce of 50 highly skilled and experienced employees and generates an annual turnover of GBP12 million. Apex Dryers and Finishers Limited operates a leasehold fabric dye house with a fully automated plant including color kitchen. The company has up-to-date HT machines including MCS machine, and a laboratory fully accredited by major blue chip retailers. Apex Dryers and Finishers employs 65 skilled and experienced personnel, and its annual turnover is GBP3.5 million. Long Eaton Textile Services Limited operates a fully self- contained leasehold dye house with capacity to dye 60 tons per week. Its testing laboratory is accredited by UKAS and the company is an approved supplier to major chain stores. Its annual turnover is GBP12 million. The company has 108 skilled and experienced employees. CONTACT: PRICEWATERHOUSECOOPERS LLP Donington Court Pegasus Business Park Castle Donington East Midlands DE74 2UZ Contact: Claire Cole Phone: 01509 604323 Fax: 01509 604035 E-mail: claire.l.cole@uk.pwc.com FOCUS COURIERS: Extraordinary Winding up Resolution Passed ---------------------------------------------------------- At an Extraordinary General Meeting of the Focus Couriers Ltd Company on June 8, 2004 held at 24 Conduit Place, London W2 1EP, the Extraordinary Resolution to wind up the company was passed. Ian Franses of Ian Franses Associates, 24 Conduit Place, London W2 1EP has been appointed Liquidator for the purpose of such winding-up. CONTACT: IAN FRANSES ASSOCIATES 24 Conduit Place London W2 1EP Contact: Ian Franses, Liquidator FREIGHTMASTER SERVICES: Creditors Meeting Set June 25 ----------------------------------------------------- Creditors of Freightmaster Services Limited Company will have a Meeting on June 25, 2004 at 11:00 a.m. It will be held at the offices of Smith & Williamson Limited, No 1 Riding House Street, London W1A 3AS. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Smith & Williamson Limited, No 1 Riding House Street, London W1A 3AS not later than 12:00 noon, June 24, 2004. CONTACT: SMITH & WILLIAMSON LIMITED No 1 Riding House Street, London W1A 3AS Joint Administrative Receivers: A C Spicer M Newman HANDS ON: Hires Liquidator from Portland Business Park ------------------------------------------------------ At an Extraordinary General Meeting of the Members of the "Hands On" Midi Software Limited Company on June 4, 2004 held at 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, the Ordinary and Extraordinary Resolutions to wind up the company were passed. Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd., 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have been appointed Joint Liquidators of the Company. CONTACT: PORTLAND BUSINESS PARK & FINANCIAL SOLUTIONS LTD 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire Contact: Peter Robin Bacon, Liquidator Carl Derek Faulds, Liquidator HANSARD MEWS: Names Liquidator from K S Tan & Co ------------------------------------------------ At an Extraordinary General Meeting of the Members of the Hansard News Limited Company (formerly Baden-Powell Environmental Technologies Limited) on June 8, 2004 held at 10- 12 New College Parade, Finchley Road, London NW3 5EP, the Extraordinary Resolution to wind up the Company was passed. Kian Seng Tan of K S Tan & Co, 10-12 New College Parade, Finchley Road, London NW3 5EP has been appointed as Liquidator for the purpose of the winding-up. CONTACT: K S TAN & CO 10-12 New College Parade, Finchley Road, London NW3 5EP Contact: Kian Seng Tan, Liquidator HIBERNIA FOODS: Weiss & Yourman Files Class Action in New York -------------------------------------------------------------- A class action lawsuit against Hibernia Foods PLC (OTC:HIBNY.PK) and its officers was commenced in the United States District Court, Southern District of New York, on behalf of purchasers of Hibernia securities. If you purchased Hibernia securities between August 2, 1999 and October 21, 2003, please read this notice. The complaint charges the defendants with violations of the Securities Exchange Act of 1934, alleging that defendants issued false and misleading statements during the Class Period. This action seeks to recover damages on behalf of defrauded investors who purchased Hibernia securities. Plaintiff is represented by Weiss & Yourman, a law firm possessing significant experience and expertise in prosecuting class actions on behalf of defrauded shareholders in federal and state courts throughout the United States. Weiss & Yourman has been appointed by numerous courts to serve as lead counsel in class action lawsuits and in that capacity has recovered hundreds of millions of dollars on behalf of investors. If you purchased Hibernia securities between August 2, 1999 and October 21, 2003, you may move the Court no later than July 13, 2004, to serve as a lead plaintiff of the class. In order to serve as a lead plaintiff, you must meet certain legal requirements. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Weiss & Yourman or other counsel of your choice to serve as your counsel in this action. If you wish to receive an investor package or if you wish to discuss this action, have any questions concerning this notice or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please CONTACT: WEISS & YOURMAN The French Building, 551 Fifth Avenue, Suite 1600, New York, New York 10176, U.S.A. David C. Katz James E. Tullman Mark D. Smilow E-mail: info@wynyc.com Phone: 001-212-682-3025 HILLTOP CONSTRUCTION: Appoints Liquidators from Begbies Traynor --------------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Hilltop Construction Services Limited Company on June 8, 2004 held at the offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, the Extraordinary Resolution to wind up the company was passed. David Moore and David Rankin of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF have been appointed Joint Liquidators for the purpose of such winding-up. CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Contact: David Moore, Liquidator David Rankin, Liquidator IAUA LIMITED: Members Final Meeting Set June 24 ----------------------------------------------- Members of Iaua Limited Company will have a Final Meeting on June 24, 2004 at 11:00 a.m. It will be held at 30 Camp Road, Farnborough GU14 6EW. 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. IN-TECH ELECTRICAL: Hires Liquidator from Campbell Crossley ----------------------------------------------------------- At an Extraordinary General Meeting of the In-Tech Electrical Limited Company on June 3, 2004 held at The Rhinewood Inn and Hotel, Glazebrook Lane, Glazebrook, near Warrington, Cheshire WA3 5BB, the subjoined Resolutions to wind up the company were passed. Richard Ian Williamson of Campbell Crossley & Davis, 348-350 Lytham Road, Blackpool, Lancashire FY4 1DW has been appointed the Liquidator of the Company for the purpose of such winding-up. CONTACT: CAMPBELL CROSSLEY & DAVIS 348-350 Lytham Road, Blackpool, Lancashire FY4 1DW Contact: Richard Ian Williamson, Liquidator INVENSYS PLC: Announces Availability of Reports at U.K.L.A. ----------------------------------------------------------- Invensys plc confirms that two copies of these documents have been lodged with the U.K. Listing Authority in accordance with paragraphs 9.31 and 9.32 of the Listing Rules: (a) Invensys plc Annual report & accounts 2004; (b) Invensys plc Summary financial statement 2004; (c) Invensys plc Chairman's explanatory letter and notice of annual general meeting 2004; and (d) Invensys plc form of proxy in relation to the annual general meeting 2004. These documents will be available to the public for inspection at the U.K. Listing Authority's Document Viewing Facility at: The UK Listing Authority 25 The North Collonade Canary Wharf London E14 5HS Name of contact and telephone number for queries: Victoria Scarth, Senior Vice President, Director - Group Marketing and Communications 020 78213538 Name of Company official responsible for making notification: Emma Sullivan, Assistant Secretary. Date of notification: 15 June 2004 * * * Invensys reported in its preliminary results for the year ended March 31, 2004 that its loss for financial year was reduced to GBP328 million from GBP1,380 million last year. CONTACT: INVENSYS PLC Victoria Scarth Mike Davies BRUNSWICK Nick Claydon Mike Smith Phone: +44 (0) 20 7821 3755 Phone: +44 (0) 20 7404 5959 Fax: +44 (0) 20 7821 3709 Fax: +44 (0) 20 7831 2823 LEONARD FIELD: Hires Middleton Partners Administrator ----------------------------------------------------- Julie Ann Palmer and Michael Francis Stevenson of Middleton Partners have been appointed joint administrative receivers for Leonard Field Group Plc. The appointment was made June 8, 2004. The company is engaged in construction and civil engineering. Its registered office address is located at 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF. CONTACT: MIDDLETON PARTNERS 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF Receivers: Julie Ann Palmer Michael Francis Stevenson (IP Nos 008835, 008154) LIBRAE: Calls in Liquidator from Tenon Recovery ----------------------------------------------- Librae, the originator of an award diabetes-management device, has gone into liquidation after failing to raise funding to commercialize the product. The Body Double software, which simulate the effects of changes in diet and exercise on their blood sugar levels, won the title Scottish start-up of the year in 2003. To market the product, the company raised GBP400,000 with a view to raising GBP2.4 million more to bring it across U.K. But it failed to get the amount, making a winding up a necessity. Alexander Fraser from Tenon Recovery has been called as liquidator. The move resulted to the lay off of all 12 permanent and contract staff of the firm. Chief Executive Brian Burnett is currently trying to save the technology, which specializes on diabetes generally found in children. According to Librae's accounts for the year to August 2003, published last month, revealed the company had come near to raising GBP450,000. Without added funding, the company has only until the end of May 2004 to exist. The company made an operating loss of GBP355,000 on turnover of just GBP168 in the year to August, compared with a loss of GBP111,000 the year before. Pay for the company's four directors made up half of the losses at GBP178,000. Librae's shareholders include Nick Felisiak, the former Spider Systems director, Drummond Whiteford, an Aberdeen oil millionaire, and Univation. LIVINGROOM LEISURE: In Administrative Receivership -------------------------------------------------- Scottish Courage Limited called in Andrew Andronikou of UHY Hacker Young as receiver for bar company Livingroom Leisure Limited (Reg No 03995826, Trade Classification: 48). The application was filed May 25, 2004. CONTACT: UHY HACKER YOUNG St Alphage House 2 Fore Street, London EC2Y 5DH Receiver: Andrew Andronikou (Office Holder No 1253) MARCONI CORPORATION: Posts Latest Annual Report ----------------------------------------------- A copy of the Marconi Corporation plc Annual report and accounts and a circular to shareholders, dated 9 June 2004, regarding the adoption of an employee share save plan, have been submitted to the UKLA, and will shortly be available for inspection at the UKLA's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf LondonE14 5HS Phone: 020 7676 1000. The Annual report and accounts and the circular to shareholders are now available to view on the Company's Web site http://www.marconi.comand will be posted to shareholders by the end of June. About Marconi Corporation plc Marconi Corporation plc is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange under the symbol MONI and on NASDAQ under the ticker MRCIY. Additional information about Marconi Corporation can be found at http://www.marconi.com. Copyright (c) 2004 Marconi Corporation plc. All rights reserved. All brands or product names are trademarks of their respective holders. CONTACT: MARCONI CORPORATION PLC Press Inquiries: David Beck Phone: +44 207 306 1490 E-mail: david.beck@marconi.com Investor Inquiries: Mathew Brooks Phone: +44 247 656 2249 E-mail: matthew.brooks@marconi.com Heather Green Phone: + 44 207 306 1735 E-mail: heather.green@marconi.com MARKS & SPENCER: Rose Stuart to Give Operational Update July 12 --------------------------------------------------------------- Since his appointment as Chief Executive on 31 May 2004, Stuart Rose and the senior management team have made good progress in reviewing the Group. Marks & Spencer intends to set out its plans to improve operating performance across the Group, as well as providing an update on current trading, on Monday 12 July 2004. As previously announced, the AGM will take place on Wednesday 14 July 2004. The Directors of Marks and Spencer Group plc accept responsibility for the information contained in this announcement and confirm that, to the best of their knowledge and belief, (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. CONTACT: MARKS & SPENCER Corporate Press Office Phone: 020 7268 1919 Tony Quinlan Investor Relations Phone: 020 7268 4195 TULCHAN Andrew Grant Katie Macdonald-Smith Phone: 020 7353 4200 MDH AUTOS: Appoints Fanshawe Lofts Administrator ------------------------------------------------ The MDH Autos Limited Company has appointed Antony Robert Fanshawe and Stephen John Adshead of Fanshawe Lofts as joint administrative receivers. The appointment was made April 23, 2004. Formerly known as NDH Accident Repair Centre, the company repairs and maintains motors of all kind. Its registered office address is located at Unit 9 Parham Drive, Boyatt Wood, Eastleigh SO45 4NU. CONTACT: FANSHAWE LOFTS 41 Castle Way, Southampton SO14 2BW Receivers: Antony Robert Fanshawe Stephen John Adshead (IP Nos 005944, 008574) MORGAN CRUCIBLE: Sells Auto, Consumer Global Biz for US$60 Mln -------------------------------------------------------------- The Morgan Crucible Company plc on Tuesday reached agreement to dispose of the net operating assets of its Auto and Consumer Global Business to Energy Conversion Systems Holdings, LLC, incorporated in Delaware, USA, for a consideration of US$60 million (GBP33 million). Some 80% of this consideration due to Morgan Crucible is payable in cash over the next few days. Of the balance, some 60% will be paid after 3 months, with the remainder payable after 15 months. In addition, there is an element of deferred consideration of up to US$17.5 million (GBP10 million), based upon the Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) performance of the sold entity for 2004 and 2005. This sale is in line with management's strategy of disposing of non-core businesses to simplify and focus the Group, while raising funds to reinvest in Morgan Crucible's profit improvement program and reduce debt. Following this disposal the number of Morgan Crucible Global Businesses will be reduced to five, down from nine in early 2003. The Auto and Consumer business manufactures a wide range of carbon brushes, commutators and energy conversion systems for consumer, automotive, and industrial applications. With operations on three continents, it has a current headcount of approximately 1,800 and in 2003 generated turnover of circa US$130 million (GBP80 million), EBITDA of circa US$11 million (GBP6.7 million), Earnings Before Interest, Tax and Amortization of circa US$4 million (GBP2.4 million) and had net assets (including goodwill) of circa US$102 million (GBP57 million) at 4 January 2004. The purchaser is backed by a consortium of financial buyers, including MidMark Capital, who provide unique financial and strategic benefits to take advantage of opportunities in the Auto and Consumer Global Business. Many of the Auto and Consumer locations currently operate on shared sites with businesses from other Morgan Crucible global business units, and therefore the agreement with the purchaser includes some post-closing arrangements to account for this. There will also be a post-closing working capital adjustment. The exceptional loss on disposal is expected to be circa GBP33 million, of which goodwill accounts for approximately 40% of this amount. In addition the company has given certain representations, warranties and indemnities in connection with the transaction. Warren Knowlton, Chief Executive Officer said: "At our recent Annual General Meeting we made it clear that Morgan Crucible's focus on reducing debt would continue assisted by the disposal of those businesses that do not meet its key criteria. The Auto and Consumer business clearly fits into that category and its disposal will also help to simplify the Group's structure." CONTACT: MORGAN CRUCIBLE COMPANY PLC Victoria Gould Director of Group Communications Phone: 01753 837 000 FINSBURY GROUP Robin Walker Kate Ebbage Phone: 020 7251 3801 NETWORK HARDWARE: Hires Liquidators from Portland Business ---------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Network Hardware Limited Company on June 2, 2004 held at Unit 12, Cranborne Industrial Estate, Cranborne Road, Potters Bar, Hertfordshire, the subjoined Special Resolution to wind up the Company was passed. Paul Barrett and James Richard Tickell, of Portland Business & Financial Solutions, 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire have been appointed Joint Liquidators of the Company. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire Contact: Paul Barrett, Liquidator James Richard Tickell, Liquidator SBF AGRICO: Neil Wattie-led Team Named Preferred Bidder ------------------------------------------------------- The Joint Receivers of the farming equipment distributor, George Sellar & Son Ltd, are pleased to announce a preferred bidder. Joint Receivers, Blair Nimmo and Neil Armour can confirm that the KPMG Corporate Recovery team will now work towards closing a deal with an MBO team led by Neil Wattie, the former finance director at George Sellar & Son Ltd, to purchase the business and assets as a going concern. Details of the deal which has the support and backing of leading farming equipment manufacturer, Claas, are still under discussion at this stage and remain subject to legal documentation and confidentiality agreements. It is hoped that the deal will be concluded within the next 10 to 14 days. A closing date for offers for SBF Agrico's farm equipment manufacturer, Fraser Manufacturing Ltd and both the Grays and Sellars Engineering businesses, have been set for 12 noon on Tuesday 22 June. Those interested in purchasing these businesses and/or assets as going concerns should contact the Joint Receivers at KPMG, 37 Albyn Place, Aberdeen (Tel: 01224 591000) as soon as possible. CONTACT: KPMG Wilma Littlejohn Corporate Communications Phone: 0131 527 6818 Mobile: 07789 922521 E-mail: wilma.littlejohn@kpmg.co.uk Web site: http://www.kpmg.co.uk TECHNI-BUILD LIMITED: Names Sargent & Company Administrator ----------------------------------------------------------- Building Contractors, Techni-Build Limited Company has appointed Peter Sargent of Sargent & Company Limited as joint administrative receivers. The appointment was made June 8, 2004. Its registered office address is located at Meltham Mills, Bent Ley Road, Meltham, Holmfirth HD9 4AP. CONTACT: SARGENT & COMPANY LIMITED 36 Clare Road, Halifax HX1 2HX Receiver: Peter Sargent (IP No 8636) TOKENEKE LTD: Sets General Meeting June 30 ------------------------------------------ There will be a General Meeting of the Members of the Tokeneke Ltd Company on June 30, 2004 at 11:00 a.m. It will be held at 29 Ludgate Hill, London EC4M 7JE. 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. ZORBIT BABYCARE: Business and Assets for Sale --------------------------------------------- The joint administrators offer for sale the business and assets of Zorbit Babycare, supplier of branded and licensed textile baby bedding, nursery products and baby toys. Zorbit Babycare operates modern leasehold premises located near M6 Haydock Park, Merseyside and has an established U.K. blue chip customer base including mail order, supermarkets, department stores, specialist nursery groups and wholesalers. It also has a growing European and U.S. customer base. Zorbit has wide brand recognition in U.K. for nursery fashion bedding and bath time baby terry products. The company employs a skilled workforce and has in-house design capability with fast response sampling facility. It also has a CAD and nine color embroidery system. CONTACT: KPMG'S CORPORATE RECOVERY St. James' Square Manchester, M2 6DS Contact: Simon Owers Phone: 0161 246 4228 Fax: 0161 838 4089 E-mail: simon.owers@kpmg.co.uk ********* 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, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *