/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040719.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, July 19, 2004, Vol. 5, No. 141 Headlines B U L G A R I A AIR DOBRUDJA: Court Kicks off Second Phase of Bankruptcy F R A N C E ALSTOM SA: Partners with Chinese Steam Turbine Manufacturer G E R M A N Y GROHE AG: Vodafone's David Haines to Replace Retiring Chairman PEGUFORM: Downsizing Operations to End Two-year-old Insolvency PFLEIDERER AG: Books Two More Orders for Rail Track Systems G R E E C E FAGE DAIRY: Downgraded to 'BB-' on 'Weakened Profitability' I R E L A N D AER RIANTA: Breakup Will Not Trigger Bond Repayment, S&P Says I T A L Y PARMALAT FINANZIARIA: BofA Cuts Exposure to US$34 Million K Y R G Y Z S T A N AK-TILEK: Sets Public Auction July 23 ELEKTROTERM: To Auction Assets Tomorrow GALANT: General Meeting of Members Set July 29 KARA-SUU: Sets Creditors Meeting July 29 KYRGYZ-AGRO-PROM-BANK: Public Auction Today KYRGYZ-SHAMPAN: Sets Public Auction July 23 SEVERNAYA PMK: Public Auction of Assets July 27 L U X E M B O U R G EVRAZSECURITIES SA: Proposed US$200 Mln Notes Receive 'B' Rating N E T H E R L A N D S IMPRESS HOLDINGS: EUR251 Million Bank Loan Upgraded to 'B+' N O R W A Y AKER KVAERNER: Opens Operational Center in Ireland R U S S I A CREDITTRUST: Liquidation Certain as Central Bank Voids License DOROGOBUZHSKY BAKERY: Proofs of Claim Deadline August 17 DROSKOVO: Orel Court Appoints Insolvency Manager GUTA BANK: Takeover by Vneshtorgbank Gets Regulator's Nod KURSK-AGRO-MASH: Kursk Court Sets October 20 Hearing PROM-ENERGO-MONTAZH: Bankruptcy Proceedings Start SEROVSKAYA WOOD: Sets Deadline for Proofs of Claim SPETS-NEFTE-GAZ-MONTAZH: Declared Insolvent TEPLO-OGAREVSKY: Deadline for Proofs of Claim August 17 TYUMENSKIYE AIRLINES: Selling Buildings Today YUKOS OIL: Khodorkovsky Rigged the Apatit Auction, Says Witness S W I T Z E R L A N D CLARIANT AG: Sells Non-core Chemical Unit for CHF32 Million FLIGHTLEASE AG: Third-class Creditors to Get Up to 5.4% Dividend SWISS AIR: Third-class Creditors to Receive Up to 7.3% Dividend U K R A I N E A FACTOR-200: Under Bankruptcy Supervision BERSHAD' RAJAGROHIM: Proofs of Claim Deadline August 1 EUROIZOL-EAST: Court Names Temporary Insolvency Manager KODER: Court Orders Debt Moratorium KREMENETS' BREAD: Court Orders Bankruptcy Supervision LOZUVATSKA: Bankruptcy Supervision Begins NOVA: Court Appoints Temporary Insolvency Manager PYATKIVSKE: Declared Insolvent SHAHTARSKAGROTEHNIKA: Proofs of Claim Deadline August 1 U N I T E D K I N G D O M A2 SECURITY: Creditors Meeting Set July 21 A & B SPECIALIST: Calls in Liquidator AMC NETWORK: Meeting of Creditors Fixed July 21 ARA DEVELOPMENTS: Names Liquidator from Begbies Traynor ARCHWAY SHOPFITTING: Creditors to Meet July 21 ARTICULATED VEHICLE: Sets Members Final Meeting August 18 BAKER ALMOND: Arbuthnot & Latham Appoints Receiver BANK OF WALES: Final Meeting Set August 19 BAXTER RESOURCING: Hires Bridgestone Administrator BOILER WORKSHOP: Sets July 21 Creditors Meeting CAPITAL FURNITURE: Fixes Meeting of Creditors July 21 CARIER ROLLMASTER: Winding up Resolutions Passed CLEVELAND DEPUTISING: Sets Members General Meeting August 23 CMR ARCHITECTURAL: Creditors Set to Meet July 21 DIGITALTHINK LIMITED: Appoints KPMG Liquidator DOWNTEX PLC: Hires Begbies Traynor Administrator DURHAM OFFICE: Names Marchands Associates LLP Administrator EQUITABLE LIFE: Pensioners Pursue Claim for Compensation FORD FULFORD: In Administrative Receivership FRASER MANUFACTURING: Receiver Picks Management Buyout Team GENERAL MOTORS: Names Liquidators from KPMG HAMPTON ENGINEERING: Calls in Liquidator JARVIS PLC: Dispels Rumor of Accommodation Services Selloff JAVELIN PRINTING: Names Receivers from Smith & Williamson JOHN DAVID: To Continue Overhauling Loss-making Operations LANKASTER COACHWORKS: Sets Creditors Meeting July 29 LOCK, STOCK: Hires Receivers from Begbies Traynor MARKS & SPENCER: Philip Green Withdraws Offer MARKS & SPENCER: Welcomes Philip Green's Retreat MARKS & SPENCER: Ratings Affirmed; Off CreditWatch MATREC LIMITED: Sets Members Final Meeting August 16 MAX ULLAH: General Meeting Set August 16 MINEMET-ENTORES: General Meeting of Members Set August 16 NETWORK RAIL: Govt Guarantees Funding Well Past SRA Liquidation NETWORK RAIL: CP Program to Benefit from S.R.A. Deal, Fitch Says NETWORK RAIL: MTN Program Affirmed After Rail Review NORMAN LODGE: Winding up Resolutions Passed PACEPACKER LIMITED: Appoints T H Associates Administrator PRIDEWOOD ENTERPRISES: Special Winding up Resolution Passed SIXPACK LIMITED: Calls in Liquidator TELEWEST COMMUNICATIONS: Completes Financial Restructuring TRILOGY FINANCIAL: Hires Liquidators from Robson Rhodes TRIZECHAHN PLC: Appoints PricewaterhouseCoopers Liquidator WH SMITH: Pensioners Demand Senior Creditor Treatment ********* =============== B U L G A R I A =============== AIR DOBRUDJA: Court Kicks off Second Phase of Bankruptcy -------------------------------------------------------- The district court in Dobrich, Bulgaria declared Air Dobrudja OOD bankrupt, thus terminating the company's operations and freezing its property. Troubled Company Reporter Europe, on June 25, said bankruptcy proceedings were opened against Air Dobrudja in November due to debts amounting to almost BGN4 million. This includes a BGN1.2 million outstanding payment on the privatization contract, which includes forfeits and interests. Receiver Yanko Stoyanov initiated the second part of the bankruptcy proceedings, after no rehabilitation plan was drawn out for the troubled carrier. =========== F R A N C E =========== ALSTOM SA: Partners with Chinese Steam Turbine Manufacturer ----------------------------------------------------------- Alstom S.A. signed a Joint Venture Frame Agreement with Beijing BEIZHONG Steam Turbine Generator Co., Ltd. (BSTG), a subsidiary of Beijing JingCheng Machinery Electric Holding Co., Ltd (JCH), outlining a cooperative approach to develop an effective long- term business relationship, concerning the manufacture of 600 MW class steam turbines and generators. This planned Joint Venture focuses on the manufacturing of sub- critical and supercritical steam turbine generator technology. Alstom will hold 60% and JCH/BSTG 40% of this Joint Venture. The full Joint Venture will cover sales, project management, procurement, manufacturing, commissioning and service, and will benefit from the transfer of Alstom's relevant steam turbine technology. Alstom enjoys a strong market leadership position in steam turbine technology, having installed efficient and reliable solutions all over the world. BSTG is a well-established Chinese steam turbine and generator manufacturer, operating in the 300 MW class under an Alstom license. Both parties have a clear strategy in becoming major long-term players and suppliers in the Chinese high-tech steam turbine and generator technology markets. Patrick Kron, Alstom's Chief Executive Officer, expressed during the signing ceremony in Beijing the importance of this partnership for Alstom, reiterating that: "The signing of this Framework Agreement marks a key milestone in the establishment of strategic partnership with Chinese companies. The partnership allows us to provide more competent power generation solutions for the booming power market of China. This reinforces our commitment to be a long-term, dedicated partner of China in the construction of the country's power infrastructure." CONTACT: ALSTOM S.A. 25, Avenue Kleber 75795 Paris Cedex 16, France Web site: http://www.alstom.com Press relations: G. Tourvieille Phone: +33 1 47 55 23 15 E-mail: internet.press@chq.alstom.com Investor relations: E. Chatelain Phone: +33 1 47 55 25 33 E-mail: investor.relations@chq.alstom.com ============= G E R M A N Y ============= GROHE AG: Vodafone's David Haines to Replace Retiring Chairman -------------------------------------------------------------- David Haines will become the new Chairman of the Management Board and CEO of Grohe effective September 1, 2004. He will be proposed for appointment to this position in the supervisory board shortly. From 2000 David Haines served in a number of executive positions at Vodafone Group, the world's leading mobile phone company. His most recent position was that of Global Marketing Director in charge of worldwide marketing, brand management, the Vodafone live service, as well as customer service and sales. Mr. Haines was instrumental in making Vodafone one of the world's ten most valuable brands. Most recently he developed and implemented Vodafone's successful "How are you campaign", launched Vodafone live in 16 countries and was responsible for the Group's Top 500 customers. The successful Formula 1 cooperation between Ferrari and Vodafone was also developed and managed by David Haines who is a board member of the F1 commission. "David Haines is the ideal candidate to be the new CEO of Grohe. He combines marketing competence with outstanding operational expertise. Being one of the most renowned and successful marketing managers worldwide, Mr. Haines is an expert in building and developing global brands. He has demonstrated a strong understanding of the needs and requirements of different markets and consumers throughout the world. At the same time, David Haines knows how to further improve the competitiveness and operating position of a company. He will ensure Grohe's status as an independent company going forward," said Stephen Peel, a Partner with Texas Pacific Group (TPG), speaking on behalf of the investor group. "Prior to joining Vodafone, David Haines served as Chief Operating Officer at Coca Cola Germany, where he was in charge of the operating business with a turnover of approximately EUR4 billion and the organization of nine licensees. From 1989 to 1999 David Haines held a number of executive positions at Mars Incorporated, including European Marketing Director Master Brands Europe, CEO Masterfood Sweden and Vice President Mars Russia where he demonstrated both his marketing and turnaround skills. "Apart from being the leading global brand for high-quality sanitary products and systems, the largest sanitary equipment manufacturer in Europe and the largest exporter of bathroom fittings worldwide, Grohe is also a high-tech enterprise committed to the highest standards of quality coupled with innovative and award-winning designs," says Mr. Haines. "We will build on this competence as we move forward. I am really looking forward to this challenge and I am pleased to be returning to my family's home country." Mr. Haines will succeed Peter Korfer-Schun who has served on the Grohe Management Board for 13 years and will join the company's Supervisory Board following his retirement from the helm of the company. TPG and CSFB Private Equity acquired Grohe from BC Partners Funds by a transaction signed several weeks ago. Speaking on behalf of CSFB Private Equity, Managing Director Colin Taylor said: "We are pleased that our investment in Grohe has now closed and look forward to working with David and the management team to take Grohe to the next level. Grohe's management and employees can look forward to a great future. With the combined resources that CSFB Private Equity and TPG bring to the company, we plan to continue Grohe's successful strategy of driving the profitable growth of both the company's business and exceptional brand assets." Citigroup, CSFB and Lansdowne Capital advised TPG and CSFB Private Equity on the transaction. * * * TCR-Europe reported in June that Standard & Poor's Ratings Services placed its long-term 'BB-' corporate credit rating on Grohe on CreditWatch with negative implications, following the announcement that it will be acquired by a consortium led by two financial investment companies. At the same time, the 'B' senior unsecured rating on Grohe's EUR200 million bond was also placed on CreditWatch with negative implications. "The CreditWatch placement reflects Standard & Poor's concerns that GROHE's financial profile might no longer be adequate for the 'BB-' rating, following the announcement on May 29, 2004, that a consortium led by Texas Pacific Group and Credit Suisse First Boston Private Equity will purchase the company from BC Partners through a secondary buyout," said Standard & Poor's credit analyst Eve Greb. CONTACT: GROHE AG Corporate Communication Dr. Bernd Buhmann Phone: +49 2372 932421 TPG Owen Blicksilver Pr Inc. Owen Blicksilver Phone: +1 516 742 5950 CSFB PE Franziska Scheele Phone: +44 20 7888 6499 PEGUFORM: Downsizing Operations to End Two-year-old Insolvency -------------------------------------------------------------- Peguform, the German manufacturer of plastic parts for vehicle interiors, plans to cut 700 jobs in the next six months to guarantee its survival, Frankfurter Allgemeine Zeitung says. The group has been insolvent since October 2002 and is set to trim down its workforce by 500 to 1,100 at its Botzingen headquarters. Peguform employs around 5,500 at seven German production plants and 12,000 worldwide. The company's insolvency trustee said Wednesday the remaining employees would see their salaries cut and their working hours increased. He aims to sell the company by the end of 2004. PFLEIDERER AG: Books Two More Orders for Rail Track Systems ----------------------------------------------------------- During the last few weeks, Pfleiderer track systems, an affiliate of SDAX-listed Pfleiderer AG (ISIN DE0006764749) specializing in innovative rail track systems, won two more major orders, thereby further extending its international business. The latest project success is a contract to supply more than 500,000 concrete sleepers to Turkey. The order is worth a good EUR20 million. The sleepers will be used in the modernization of the Ankara-Eskischir rail link, the first phase of the Ankara-Istanbul Railway Rehabilitation Project in which the Turkish Government is driving forward the expansion of its local rail network. Pfleiderer track systems will be supplying type B 70 sleepers directly from its Romanian plant in Buzau and its Hungarian plant in Labatlan. Turkey will receive delivery of the first production batch of around 20,000 sleepers in July 2004 from the company's plant in Coswig, in Saxony, Germany. The order means that Pfleiderer track systems' two plants in Romania and Hungary will be working at full capacity for the next 15 months. Winning this order means that Pfleiderer track systems has managed to gain a foothold in an additional international market. The Turkish market is characterized by long-term planning involving state support and European funding, offering lucrative opportunities for further business growth. In India, Pfleiderer track systems recently entered into a joint venture agreement with the Indian company Patil Rail Infrastructure Ltd. Part of the Indian Patil Group based in Secunderabad, Patil Rail Infra-structure Ltd has production plants in Bangladesh, Uzbekistan, Malaysia, Indonesia, and with an annual production capacity of around 1 million rail sleepers is India's biggest producer of railway sleepers. The company also provides other rail infrastructure related products and services such as engineering, track bindings or turnouts. The first project of the new joint venture company trading as Patil-Pfleiderer track systems P.L. will be to participate in the construction of the 300-kilometers-long Jammu-Udhampur- Srinagar rail link. Numerous tunnels up to 11-kilometers long will have to be built in the high and mountainous Kashmir- region. Together with its Indian partner, Pfleiderer track systems will provide complete solutions based on its Solid Track technology. In particular, the RHEDA 2000(R) monolithic track system developed by Pfleiderer will be used in this project. In August 2003 a test stretch was set up using only the simplest of surveying technology -- proving that it was possible to achieve the same level of precision as comparable European projects. In China, too, Pfleiderer track systems is expanding its presence. In May this year, a second Competence Center for Rail Technology was opened in China together with the turnout supplier BWG and Siemens Transportation Systems -- Pfleiderer's two partners in the German High-Speed Initiative set up in 2003. This follows on from a first office set up in the southern Chinese growth region of Guangdong, where the local authority is driving forward development of a modern intercity rail network. The new office in the capital of Peking will offer competent consultancy and advisory services to the Chinese Railways Ministry. The aim of the German High-Speed Initiative is to use German Rail's know-how in the high-speed area for planned long- distance projects in China. Pfleiderer Track Systems Pfleiderer track systems (http://www.pfleiderer-track.com)is a one-stop supplier providing innovative, state-of-the-art sleeper systems for rail networks. The company covers all phases of production, from engineering to manufacture, supply, logistics and quality management -- for all types of rail tracks with substructures based on split, asphalt or concrete foundations. With over 50 years of know-how and an annual production in excess of 1.7 million concrete sleepers and over 500,000 meters of turnouts, together with sales of around EUR130 million, Pfleiderer track systems is Germany's market leader. With ten plants in Germany, Spain, Holland, Hungary, Romania and Taiwan and its comprehensive state-of-the-art know-how, Pfleiderer track systems is a powerful and reliable partner. Pfleiderer AG Now focused on its Business Centers Engineered Wood and Infrastructure Technology, SDAX-listed Pfleiderer AG (ISIN DE0006764749; http://www.pfleiderer.com)is a leading European system supplier for engineered woods, surface finished panels, rail sleeper technology and a vast range of poles and towers. The company employs 5,200 people at 18 sites in six countries and has sales of EUR1 billion. * * * Fitch rates Pfleiderer's short-term credit 'B'. CONTACT: PFLEIDERER AG Neumarkt Corporate Communication Alexandra Klemme Ingolstadter Strabe 51 D-92318 Neumarkt Phone: + 49 (0) 91 81 / 28 8044 Fax: + 49 (0) 91 81 / 28 606 E-mail: alexandra.klemme@pfleiderer.com PFLEIDERER TRACK SYSTEMS Marketing Hedwig Blomeier Ingolstadter Strabe 51 D-92318 Neumarkt Phone: + 49 (0) 9181 / 28 693 Fax: + 49 (0) 9181 / 28 514 =========== G R E E C E =========== FAGE DAIRY: Downgraded to 'BB-' on 'Weakened Profitability' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Greece-based dairy company Fage Dairy Industry S.A. to 'BB-' from 'BB'. The outlook is stable. "The downgrade reflects Fage's weakened profitability, prompted by steadily increasing fixed management costs over the past three years and a more aggressive funding policy," said Standard & Poor's credit analyst Vincent Allilaire. At the end of March 2004, the company had net debt of EUR95 million. The stable outlook is underpinned by Standard & Poor's expectation that the company's net debt will remain broadly stable at constant currencies. In particular, any future increase in management costs, upstream funding, or dividend distributions is expected to remain in line with earnings and cash flow performance. CONTACT: STANDARD AND POOR'S RATING SERVICES Analyst E-mail Addresses vincent_allilaire@standardandpoors.com benedetta_rospigliosi@standardandpoors.com CorporateFinanceEurope@standardandpoors.com ============= I R E L A N D ============= AER RIANTA: Breakup Will Not Trigger Bond Repayment, S&P Says ------------------------------------------------------------- Standard & Poor's Ratings Services on Thursday affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on Ireland-based airport company Aer Rianta. The outlook is negative. At the same time, Standard & Poor's affirmed its 'A' long-term senior unsecured rating on Aer Rianta Finance PLC's EUR250 million bond, which is guaranteed by Aer Rianta. The affirmation follows the political approval (subject to Presidential signature) of a new airport bill that will enable a restructuring of Aer Rianta, creating two new separate entities, one of which will own Shannon Airport and the other Cork Airport. "The implementation of the restructuring could take more than a year and the credit quality of the "new" Aer Rianta will only become apparent as new regulatory tariffs are proposed and its business plan developed," said Standard & Poor's credit analyst Jan Willem Plantagie. The continuing State ownership of Dublin Airport, a key Irish infrastructure asset used by 15.1 million passengers in 2003, is positive, and the business position of the new company is expected to remain very strong. Potential future competition from Shannon or Cork is expected to be limited and these two airports contribute little cash flow at present. Standard & Poor's expects the "new" Aer Rianta to retain about EUR420 million of its current EUR479 million debt, including the Eurobond and European Investment Bank (EIB) loans. Standard & Poor's does not expect the restructuring to result in an immediate requirement to repay the Eurobond and/or the EIB loans. Key issues for future credit quality, which cannot yet be assessed, are regulation, tariffs, and political interference. "Uncertainty surrounds the company's future credit profile. The competitive position is expected to remain strong, but the outcome of the expected regulatory regime will be key for the ratings," added Mr. Plantagie. "Furthermore, any decision to approve an independent terminal at Dublin Airport could be detrimental to credit quality." ========= I T A L Y ========= PARMALAT FINANZIARIA: BofA Cuts Exposure to US$34 Million --------------------------------------------------------- Bank of America's exposure to Parmalat now stands at US$34 million down from US$600 million, according to Europe Intelligence Wire. The bank set aside US$84 million in its second-quarter accounts as provision for its outstanding loans to the troubled dairy group, the newswire said, citing Il Sole 24. The bank is facing a possible lawsuit by Parmalat administrator Enrico Bondi, who is reportedly just waiting for the right moment to file the case. He has accused the bank of seizing hundreds of millions of dollars, which Parmalat had deposited as loan collateral, just moments before the group filed for insolvency proceedings in December. It is thought that Mr. Bondi's most likely move will be to file a lawsuit against BofA in the United States. =================== K Y R G Y Z S T A N =================== AK-TILEK: Sets Public Auction July 23 ------------------------------------- The bidding organizer and insolvency manager of agricultural seed-farming cooperative, Ak-Tilek set the public auction of the firm's properties on July 23, 2004, 11:00 a.m. (local time). It will be held at Chui District, Chui, Ibraimova str. 27, Building of the Chui local government. Up for sale are three lots of customer service houses, fruit garden and cistern. Preliminary examination and reception of bids are done from 9:00 a.m. to 4:00 p.m. The list of documentary requirements for participants is available at Bishkek, Toktogula Str. 212/3. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the cashier of Ak-Tilek. For more details, call (0-517) 73-67-29. ELEKTROTERM: To Auction Assets Tomorrow --------------------------------------- The bidding organizer and insolvency manager of OJSC Elektroterm set the public auction of the firm's properties on July 20, 2004, 12:00 noon (local time). It will be held at Karabalta, Kojomberdieva Str. 3. Up for sale are eight construction lots with wagon house, equipment, finished goods, unfinished production and state commercial stocks located at Karabalta, Kojomberdieva Str. 3. Preliminary examination and reception of bids are done until today, July 19, 2004 at Karabalta, Kojomberdieva Str. 3. The list of documentary requirements for participants is also available in the same address. To participate, bidders must deposit an amount equivalent to 10% of the starting price. GALANT: General Meeting of Members Set July 29 ---------------------------------------------- The general meeting of the creditors of Galant will be on July 29, 2004, 10:00 a.m. It will be held at Jalal-Abad, Panfilova Str. 34. Those who are interested to join must submit their proofs of claim to the insolvency manager by July 22, 2004. Representative must have authorization to vote. The Arbitration Court of Jalal-Abad region commenced bankruptcy supervision procedure on Galant on October 16, 2002. The case is docketed as #A02-279/99 c4. Mr. Smat Toktoyev was appointed temporary insolvency manager on April 2, 2004. CONTACT: Mr. Smat Toktoyev Temporary Insolvency Manager Phone: (0-37-22) 5-18-51, 5-00-45 KARA-SUU: Sets Creditors Meeting July 29 ---------------------------------------- Creditors of agricultural farm Kara-Suu will meet on July 29, 2004, 11:00 a.m. The meeting will take place at Jalal-Abad, Panfilova str. 34. Those who are interested to join must submit their proofs of claim to the insolvency manager not later than 11:00 a.m., July 22, 2004. Representatives must have authorization to vote. The Arbitration Court of Jalal-Abad region commenced bankruptcy supervision procedure on Kara-Suu on October 8, 2002. The case is docketed as #A02-376/99 c2. CONTACT: Mr. Smat Toktoyev Temporary Insolvency Manager Phone: (0-37-22) 5-18-51, 5-00-45 KYRGYZ-AGRO-PROM-BANK: Public Auction Today ------------------------------------------- The bidding organizer and insolvency manager of joint-stock commercial Kyrgyz-Agro-Prom-Bank will auction the firm's properties today, 10:00 a.m. (local time). It will be held at Kyrgyzstan, Bishkek, Chui Ave. 114. Up for sale are six lots of fabrics. For more details, call (0-312) 66-05-82, 25-59-66. KYRGYZ-SHAMPAN: Sets Public Auction July 23 ------------------------------------------- The bidding organizer and insolvency manager of JSC Kyrgyz- Shampan set the public auction of the firm's properties on July 23, 2004, 10:00 a.m. (local time). It will be held at Kyrgyzstan, Bishkek, Mira Str. 48. Up for sale are three lots of assorted equipment. Preliminary examination and reception of bids are done daily from 10:00 a.m. to 3:00 p.m. The list of documentary requirements for participants is available at Bishkek, Mira Str. 48, Administrative Building. For more details, call (0-312) 54- 15-78, 54-15-22. SEVERNAYA PMK: Public Auction of Assets July 27 ----------------------------------------------- The bidding organizer and insolvency manager of JSC Severnaya PMK set the public auction of the firm's properties on July 27, 2004, 9:00 a.m. (local time). It will be held at Kyrgyzstan, Bishkek, Fatianova Str.1. Up for sale are 15 lots of under construction buildings with cars and office equipment. The list of documentary requirements is available at Bishkek, Fatianova Str.1. For more details, call (0-312) 42-39-68. =================== L U X E M B O U R G =================== EVRAZSECURITIES SA: Proposed US$200 Mln Notes Receive 'B' Rating ---------------------------------------------------------------- Fitch Ratings assigned EvrazSecurities S.A., Luxembourg's proposed US$200 million senior notes with at least five-year maturity, an expected 'B' rating. The notes will be unconditionally and irrevocably guaranteed by Cyprus-based Mastercroft Limited and its subsidiaries OJSC Novokuznetsk Iron and Steel Plant in Russia, and Gibraltar-based Ferrotrade Limited. Mastercroft's other subsidiaries, OJSC Nizhny Tagil Iron and Steel Plant, OJSC Western Siberian Iron and Steel Plant (Zapsib) will each have a limited guarantee of the issue's principal amount. The rating on the notes issue is contingent upon final documentation confirming information already received. At the same time, Fitch has affirmed Mastercroft's Senior Unsecured foreign currency and Short-term ratings at 'B'. The Outlooks for both ratings are Stable. Mastercroft controls three large integrated steel plants within the Russian Federation. In FY03, Mastercroft's total output was 13.8 million tons, which placed the company as the leader in Russia and 12th largest in the world. Fitch understands that the proceeds of the new issue will be used for financing acquisitions of mining assets, and repayment of all amounts due under the existing loan facility provided for acquisition of such assets as well as for general corporate purposes. The issuer is an orphan special purpose entity of Mastercroft that also issued the 2006 notes in September 2003. The rating of the notes takes into account the covenants outlined in the terms and conditions of the transaction. In addition to the incurrence-based limitation on indebtedness covenant (similar to EvrazSecurities' September 2003 bond issue), which effectively limits the company's ability to raise additional debt above the leverage ratio of 3:1, new financial covenants include: (a) Maintenance by Mastercroft and each of the guarantors of the ratio of 12-month consolidated EBITDA to 12-month consolidated interest expense at 3.5:1 or higher; and (b) Net worth of at least US$875,000,000, which shall become applicable upon the publication of Mastercroft's consolidated financial statements for year ending 31 December 2004, and (c) Each of NTMK and Zapsib shall maintain net worth of at least US$497,167,000 and US$309,618,000, respectively. The rating reflects Mastercroft's leading domestic market positions in long steel products and a monopoly position in railway transport steel products; its main customers are in the railway, construction and pipe-producing industries. Mastercroft saw a notable improvement in financial performance in FY03 compared to FY02, due to the steel market gaining momentum in 2003 and changes in the consolidation of assets to reflect alterations to the already complex legal structure of the company. The latter reiterates concerns over Mastercroft's ability to establish a comparative financial track record. The rating also reflects Fitch's concern about related-party transactions, which are not unusual for holding companies. Nevertheless, they can potentially undermine Mastercroft's financial profile due to their frequency and size. The Stable Outlook reflects Mastercroft's leading market position in railway and construction steel products in Russia and ability to benefit from the geographical proximity of its three steel plants to Asia, thus balancing the sales between domestic and export markets. On the other hand, the positives are balanced by the lack of consistent financial reporting and a dependable track record. Mastercroft's business profile benefits from recent acquisition of iron ore and coking coal assets in Russia, which will help underpin its low cost production competitive advantage. Nevertheless, the company remains dependent on Russian domestic demand for construction steel products (thus directly linked to the dynamics of Russian economic growth) and demand for steel products in South East Asia. At FYE03, net leverage was 0.8x (FYE02:1.2x), mainly due to an increase in cash positions to US$213 million (FYE02: US$16 million). Following the debut three-year US$150 million bond in September 2003 (re-tapped in December 2003 for an additional US$25 million), Mastercroft reduced its secured debt to 47% of total at FYE03 from 52% at FYE02. At 1H04, secured debt had again risen and stood at 48%, mainly due to substantial trade financing that is typical for the steel sector. At the same time, the maturity of the debt has increased, with short-term debt accounting for 56% of total at FYE03, down from 75% at FYE02. Fitch notes that following the new bond issue, the debt at the holding level will account for a third of total consolidated debt compared to 22% at FYE03. This should help alleviate concerns on debt subordination, although debt held at subsidiary levels remains high compared to those of other Russian companies rated by Fitch. CONTACT: FITCH RATINGS Sonya Dilova, London Phone: +44 20 7417 3485 Larissa Malycheva Phone: +44 20 7417 4207 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 ===================== N E T H E R L A N D S ===================== IMPRESS HOLDINGS: EUR251 Million Bank Loan Upgraded to 'B+' ----------------------------------------------------------- Standard & Poor's Ratings Services on Thursday raised its long- term rating on the EUR251 million senior secured debt of The Netherlands-based metal packaging company Impress Holdings B.V. (B/Negative/--) to 'B+' from 'B'. In addition, the debt has been assigned a recovery rating of '1'. "The rating upgrade reflects the improved recovery expectations for senior lenders due to a significant reduction in the size of the facilities, from EUR620 million in 2000 to EUR251 million, including an EUR80 million revolving facility, at June 30, 2004, following a prepayment of EUR130 million from bond proceeds in 2003 as well as principal repayments," said Standard & Poor's credit analyst Anne-Charlotte Pedersen. "The recovery rating of '1' indicates our expectation of full recovery of principal in the event of default." The loan is now rated one notch above the corporate credit rating on the company. The corporate credit rating on Impress reflects the group's aggressive financial profile, below-average cost position in high-volume and commoditized segments of the packaging market, and intensely competitive market pricing, offset to some extent by the group's strong European market position in aluminum- and steel-based packaging for food products and decorative and protective finishes. Senior secured lenders to Impress' facilities benefit from a security package consisting of charges over tangible assets where possible, share pledges, and guarantees from material companies in the Impress group. This includes security interests in most of the key assets and undertakings of Impress' Italian, French, Dutch, U.K., German, and North American companies. Although Standard & Poor's considers The Netherlands, Germany, the U.K., and the U.S. to have reasonably favorable insolvency regimes for secured creditors, the position of secured creditors in France and Italy (where a significant portion of the company's assets are located), is weaker. When determining expected recoveries for the senior secured loan, Standard & Poor's has used both a liquidation analysis and an enterprise valuation method, as we consider both a discrete disposal of the group assets and a continuation of the business as a reorganized operating entity to be possible outcomes under our hypothetical default scenario. Our scenario included stresses putting pressure on revenues and margins due to adverse market conditions. Assuming the company meets the EUR30 million- amortization due in December 2004, and because of a less stringent repayment schedule in 2005, we believe a default would be unlikely before mid-2006 when larger repayments fall due and working capital starts to build up. At this point, the maximum outstanding debt under the senior secured facilities should have reduced to about EUR180 million, following scheduled repayments and assuming the revolver is fully drawn. Based on Standard & Poor's calculations and after consideration of the legal framework and potential timeliness issues in France and Italy, senior lenders should expect full recovery of principal. =========== N O R W A Y =========== AKER KVAERNER: Opens Operational Center in Ireland -------------------------------------------------- AK pharmaceuticals, Aker Kvaerner's European Pharmaceuticals business, has established a new operational center in Cork, Ireland, as part of its ongoing commitment to the industry. The office, located at Cork Airport, will provide total project execution expertise, together with engineering and maintenance services. "Ireland continues to be a major focus of investment for the pharmaceutical and biotechnology industries and, as a major global player, our Cork center provides a principal base for future expansion in Ireland," said Mark Leggett, president of AK pharmaceuticals. * * * Aker Kvaerner A.S.A., through its subsidiaries and affiliates is a leading global provider of engineering and construction services, technology products and integrated solutions. The businesses within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately US$4.5 billion and employs around 21,000 in more than 30 countries. The Aker Kvaerner group consists of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kvaerner A.S.A. AK pharmaceuticals is a trading name of Aker Kvaerner Projects Ltd., the legal entity responsible for the execution of the work. AK pharmaceuticals is one of the core businesses of Aker Kvaerner in Europe. It has considerable expertise in meeting the needs of leading pharmaceutical and biotechnology companies across Europe, from first conception to implementation, validation and operation. CONTACT: AKER KVAERNER A.S.A. Prof. Koht vei 15 N-1325 Lysaker, Norway Phone: +47 67 51 3000 Fax: +47 67 51 3100 Web site: http://www.akerkvaerner.com Alan Cumming Solent, U.K. Phone: +44 (0) 1489 611111 Jim Quigley Cork, Ireland Phone: +353 (0) 21 2311700 =========== R U S S I A =========== CREDITTRUST: Liquidation Certain as Central Bank Voids License -------------------------------------------------------------- The Central Bank of Russia has annulled CreditTrust bank's license and put the bank into administration, Europe Intelligence Wire cites a central bank press release. The Russian Central Bank said it revoked the license on June 24 after finding CreditTrust guilty of serious misrepresentation of financial reporting data and failure to fulfill federal laws on banking activity and the central bank's regulatory acts. The Central Bank has installed a temporary management to run the bank until a receiver or liquidator is appointed. Deputy director of the department for banks in liquidation, Galina Aleksentseva; and financial recovery expert, Alexander Gusev, lead the interim management. The bank will be liquidated under the banking and bankruptcy laws. CreditTrust has around RUB280 million in central bank reserves and owes private depositors RUB219 million, the press release said. CreditTrust, which is closely associated with Sodbiznesbank, suffered the backlash of the revocation of Sodbiznesbank's license in mid-May. Some RUB200 million were reportedly pulled out from its vaults within a few days after the revocation, which the central bank anchored on money laundering charges. Troubles further piled up when other Russian banks refused to grant CreditTrust any loan, leading it default on a scheduled bond repayment worth RUB500 million. Shareholders voted for the bank's liquidation at an emergency meeting on June 3. The bank then said it had changed ownership and rumors of liquidation had been exaggerated in the press. The bank released an official statement on June 7 announcing the decision by shareholders and said it had already asked the Russian Central Bank to cancel its license. DOROGOBUZHSKY BAKERY: Proofs of Claim Deadline August 17 -------------------------------------------------------- The Arbitration Court of Smolensk region declared municipal unitary enterprise Dorogobuzhsky Bakery insolvent and introduced bankruptcy proceedings. The case is docketed as A62-543-H/03. Mr. V. Alekseev has been appointed insolvency manager. Creditors have until August 17, 2004 to submit their proofs of claim to 214000, Russia, Smolensk, Dzerzhinskogo Str. 18/2, Room 7. CONTACT: DOROGOBUZHSKY BAKERY 215720, Russia, Smolensk Region, Dorogobuzh, Internatsionalnaya Str. 13 Mr. V. Alekseev Insolvency Manager 214000, Russia, Smolensk, Dzerzhinskogo Str. 18/2, Room 7 Phone/Fax: 65-63-50 DROSKOVO: Orel Court Appoints Insolvency Manager ------------------------------------------------ The Arbitration Court of Orel region commenced bankruptcy supervision procedure on OJSC agricultural company Droskovo. The case is docketed as A48-2035/04-17B. Mr. N. Zelyakov has been appointed temporary insolvency manager. Creditors are asked to submit their proofs of claim to 302029, Russia, Orel region, Moskovskoye Shosse, 56. CONTACT: DROSKOVO Russia, Orel Region, Pokrovsky Region, Droskovo Mr. N. Zelyakov Temporary Insolvency Manager 302029, Russia, Orel Region, Moskovskoye Shosse, 56 GUTA BANK: Takeover by Vneshtorgbank Gets Regulator's Nod --------------------------------------------------------- The Federal Antimonopoly Service has approved Vneshtorgbank's purchase of 86% of shares in Guta Bank, Asia Intelligence Wire reports, citing a transcript of an NTV broadcast. The regulator believes the purchase would not lead to a reduction in competition. Russian Central Bank chief, Sergey Ignatyev, meanwhile, said the perceived crisis in the banking system is subsiding. "I can say that despite the tension of the last two weeks after Guta Bank stopped working, not a single major bank has shown signs of persistent liquidity problems," he said in the NTV program. "The list remains as it was before Guta Bank's problems arose." Mr. Ignatyev said he is following the situation carefully through daily reports he receives in Moscow. KURSK-AGRO-MASH: Kursk Court Sets October 20 Hearing ---------------------------------------------------- The Arbitration Court of Kursk region commenced bankruptcy supervision procedure on OJSC Kursk-Agro-Mash. The case is docketed as A35-2986/04 g. Mr. S. Shishkov has been appointed temporary insolvency manager. Creditors had until July 17, 2004 to submit their proofs of claim to 305001, Russia, Kursk, Druzhininskaya Str. 22. A hearing will take place on October 20, 2004. CONTACT: KURSK-AGRO-MASH 620086, Russia, Kursk, Belorechenskaya Str. 10 Mr. S. Shishkov Temporary Insolvency Manager 305001, Russia, Kursk, Druzhininskaya Str. 22 PROM-ENERGO-MONTAZH: Bankruptcy Proceedings Start ------------------------------------------------- The Arbitration Court of Orel region declared CJSC Prom-Energo- Montazh insolvent and introduced bankruptcy proceedings. The case is docketed as A48-986/04-20b. Mr. L. Lazarenko has been appointed insolvency manager. Creditors had until Saturday to submit their proofs of claim to 302010, Russia, Orel, Aviatsionnaya Str. 5. CONTACT: PROM-ENERGO-MONTAZH Russia, Orel Region, Spivaka Str. 74a Mr. L. Lazarenko Insolvency Manager 302010, Russia, Orel, Aviatsionnaya Str. 5 SEROVSKAYA WOOD: Sets Deadline for Proofs of Claim -------------------------------------------------- The Arbitration Court of Sverdlovsk region declared OJSC Serovskaya Wood Base insolvent and introduced bankruptcy proceedings. The case is docketed as A60-27373/2002-S3. Mr. D. Mazurovsky has been appointed insolvency manager. Creditors have until August 17, 2004 to submit their proofs of claim to the insolvency manager at 620000, Russia, Ekaterinburg, Pochtamt, Post User Box 106. CONTACT: SEROVSKAYA WOOD BASE 624994, Russia, Sverdlovsk Region, Serov, Novaya Kola, Uglezhogov Str. 6 Mr. D. Mazurovsky Insolvency Manager 620000, Russia, Ekaterinburg, Pochtamt, Post User Box 106 SPETS-NEFTE-GAZ-MONTAZH: Declared Insolvent ------------------------------------------- The Arbitration Court of Yamalo-Nenetsky autonomous region declared LLC Spets-Nefte-Gaz-Montazh (TIN 8904035844) insolvent and introduced bankruptcy proceedings. The case is docketed as A81-1326/2239B-04. Mr. I. Kravchenko has been appointed insolvency manager. Creditors have until August 17, 2004 to submit their proofs of claim to: (a) SPETS-NEFTE-GAZ-MONTAZH 629300, Russia, Yamalo-Nenetsky autonomous region, Novy Urengoy, Internatsionalnaya Str. 6, NU MUPS, Post User Box 780 (b) Insolvency Manager 652003, Russia, Tyumen, Rozy Luksemburg Str. 12B (c) The Arbitration Court of Yamalo-Nenetsky Autonomous Region 629008, Russia, Salekhard, Chubynina Str. 37A. TEPLO-OGAREVSKY: Deadline for Proofs of Claim August 17 ------------------------------------------------------- The Arbitration Court of Tula region declared OJSC Teplo- Ogarevsky Dairy Factory insolvent and introduced bankruptcy proceedings. The case is docketed as A68-81/B/03. Mr. D. Kutlin has been appointed insolvency manager. Creditors have until August 17, 2004 to submit their proofs of claim to Russia, Tula, Arsenalnaya Str. 1D. CONTACT: TEPLO-OGAREVSKY DAIRY FACTORY 301900, Russia, Tula Region, Teplo-Ogarevsky Region, Teploye, Frolova, 151 Mr. D. Kutlin Insolvency Manager Russia, Tula, Arsenalnaya Str. 1D TYUMENSKIYE AIRLINES: Selling Buildings Today --------------------------------------------- The bidding organizer and insolvency manager of OJSC Tyumenskiye Airlines will auction the firm's properties today, 2:00 p.m. (local time). It will be held at 625033, Russia, Tyumen, airport Roshino, S. Ilyushina S, 19A. The assets for sale are: (a) Lot 1: Administrative building located at Russia, Tyumen, Roshino, Ilyushina Str. 19A. Starting price: RUB13,000,000 inclusive of VAT. (b) Lot 2: Administrative building located at Russia, Tyumen, Roshino, Ilyushina Str. 19. Starting price: RUB10,000,000 inclusive of VAT. (c) Lot 3: Property complex with material-technical supply located at Russia, Tyumen, Roshino, Samoletnaya Str. 28. Starting price: RUB7,800,000 inclusive of VAT. Preliminary examination and reception of bids are done daily until 2:00 p.m. The list of documentary requirements for participants is available at 625033, Russia, Tyumen, airport Roshino, S. Ilyushina S, 19A. To participate, bidders must deposit an amount equivalent to 5% of the starting price to the settlement account 4070281010000090101, TIN 7204001510, KPP 720401001, correspondent account 30101810000000000776 in OJSC CB SIBKONTAKT of Nyagan, BIC 047177776. CONTACT: TYUMENSKIYE AIRLINES Russia, Tyumen, Airport Roshino, S. Ilyushina Str. 19A, Phone: (6452) 49-64-04 Fax: (3452) 49-63-15 E-mail: tyumenairlines7m@mail.ru YUKOS OIL: Khodorkovsky Rigged the Apatit Auction, Says Witness --------------------------------------------------------------- Prosecutors on Thursday accused Mikhail Khodorkovsky of being a member of an "organized group" that seeks to defraud the government by underreporting sales and profits. During the continuation of Mikhail Khodorkovsky's trial for tax evasion on Thursday, the prosecution presented a witness who traced the shady beginnings of Mr. Khodorkovsky's empire. Specifically, Dmitry Shokhin accused the jailed founder of Yukos and close associate Platon Lebedev of rigging a privatization auction to acquire 20% shares in Apatit, maker of key fertilizer component, in the 1990s. He said the two formed competing shell structures to simulate competition in the bidding, and of exercising influence to acquire the stake. AOZT Volna, their bidding vehicle, won the investment tender for the company after two runners-up in the bidding dropped out. "It was actually no contest," Mr. Shokhin said, adding that the US$283 million offer made by AOZT Volna was the lowest bid. The acquisition helped Mr. Khodorkovsky build his empire, becoming Russia's richest man. Both men stand to face 10 years in prison if convicted. Mr. Khodorkovsky has yet to present his defense. The government said the trial against them is part of its anti- corruption drive. Authorities are tracking down companies defrauding the government through price-fixing. They say these companies buy fertilizer cheaply in the local market and sell them at a profit overseas. Sales and profits are usually underreported. Many observers, on the other hand, believe the move is Kremlin's way of cutting short the political aspirations of Mr. Khodorkovsky. ===================== S W I T Z E R L A N D ===================== CLARIANT AG: Sells Non-core Chemical Unit for CHF32 Million ----------------------------------------------------------- Clariant AG sold its Lancaster Synthesis Ltd. unit to Johnson Matthey Plc for approximately CHF32 million. The transaction is part of Clariant's strategy to sell businesses, which are no longer core activities. The company initiated a Transformation Program last year, including the sale of several non-core businesses, wide-ranging performance improvements and job reductions. Lancaster, which is part of the Life Science & Electronic Chemicals division, sells a wide range of organic chemicals mainly to industrial and academic research institutions. It has catalogue sales and small-scale bulk manufacturing operations in Morecambe, U.K., and additional distribution facilities in the United States, Germany, France and India. The business had sales of approximately CHF45 million in 2003 and employs 225 people worldwide. Lancaster's operations are a good fit with those of Johnson Matthey's existing Research Chemicals business and its acquisition provides opportunities to improve market share and increase operating efficiencies. Clariant CEO Roland Losser said: "We have come to an agreement with Johnson Matthey in a mutually beneficial way. They are an excellent company and I am sure that Lancaster's employees and customers will be in good hands." This transaction is pending approval by the relevant competition authorities. FLIGHTLEASE AG: Third-class Creditors to Get Up to 5.4% Dividend ---------------------------------------------------------------- The liquidator of Flightlease AG, Karl Wuthrich of Wenger Plattner, sent his Circular No. 2 to creditors of the company. The circular is now available at http://www.liquidator- swissair.ch. The creditors of SAirGroup and Swissair Swiss Air Transport Company Ltd. have been informed of the status of their individual proceedings over the past few days. The Circular provides a report on the liquidator's activities to date. Agreements on the liquidation of Flightlease Holding (Guernsey) Ltd. and its subsidiaries, as well as of Flightlease (Ireland) Ltd. have been reached with the creditors of these companies without initiating bankruptcy proceedings. The negotiations were extremely difficult, because means had to be found to dissolve complex leasing structures. Complicated talks were also held on the realization of various assets. Work on drawing up the schedule of claims has been in progress for some time. It is envisaged that the schedule will be submitted to the creditors for inspection in 2004. Appended to the circular is a statement of assets for the company as at 31 December 2003. It shows that the dividend for holders of third- class claims is estimated to be in the range from 0.3% to 5.4%. Dispatch of the next Circular to creditors is planned for autumn 2004. CONTACT: SWISS AIR Filippo Th. Beck Wenger Plattner Phone: 043 222 38 00 Fax: 043 222 38 01 Web site: http://www.liquidator-swissair.ch SWISS AIR: Third-class Creditors to Receive Up to 7.3% Dividend --------------------------------------------------------------- The liquidator of Swissair Swiss Air Transport Company, Ltd., Karl Wuthrich of Wenger Plattner, sent his Circular No. 2, post- dated Wednesday, to creditors of the company. The circular is now available at http://www.liquidator-swissair.ch). The creditors of SAirGroup were informed last week of the status of their proceedings. Flightlease AG creditors will be notified over the next few days. The Circular provides a report on the liquidator's activities to date. It shows that difficulties are being encountered with the realization of real estate properties abroad, owing to the lack of clarity about the ownership status following the restructuring of the Swissair Group in the spring of 1997. In this connection, the interests of Swissair Swiss Air Transport Company Ltd. are being pursued by the Deputy Liquidator, Niklaus Muller. The payment of approximately 5000 privileged claims from former employees that were agreed under the liquidation settlement has largely been completed. Total payments should not exceed CHF116 million. Work on drawing up the schedule of claims has been in progress for some time. It is envisaged that the schedule will be submitted to the approximately 8,000 creditors for inspection in 2005. Appended to the circular is a statement of assets for the company as at 31 December 2003. It shows that the dividend for holders of third-class claims is estimated to be in the range from 0.4% to 7.3%. Dispatch of the next Circular to creditors is planned for autumn 2004. CONTACT: SWISS AIR Filippo Th. Beck Wenger Plattner Phone: 043 222 38 00 Fax: 043 222 38 01 Web site: http://www.liquidator-swissair.ch ============= U K R A I N E ============= A FACTOR-200: Under Bankruptcy Supervision ------------------------------------------ The Economic Court of Lugansk region commenced bankruptcy supervision procedure on LLC Commercial-Financial Group A Factor-200 Inc. (code EDRPOU 30694756). The case is docketed as 9/19 B. Arbitral manager Mr. Sedih Vitalij (License Number AA 047916 approved on October 19, 2001) has been appointed temporary insolvency manager. Commercial-Financial Group A Factor-200 Inc. holds account number 260072386 at JSPPB Aval, Lugansk regional branch, MFO 304007. Creditors have until July 30, 2004 to submit their proofs of claim to: (a) COMMERCIAL-FINANCIAL GROUP A FACTOR-200 INC. 91000, Ukraine, Lugansk region Lunyov Str. 106/511 (b) Mr. Sedih Vitalij Temporary Insolvency Manager Ukraine, Lugansk region, Goduvantsev Str. 4/25 (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroi VVV square, 3a BERSHAD' RAJAGROHIM: Proofs of Claim Deadline August 1 ------------------------------------------------------ The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on OJSC Bershad' District Enterprise on Execution of Agro-Chemical Works Rajagrohim (code EDRPOU 05487426). The case is docketed as 5/266-04. Mr. Leshenko A. (License Number AA 484190 approved on December 29, 2002) has been appointed temporary insolvency manager. The company holds account number 260093145 at JSPPB Aval, Bershad department of Vinnitsya regional branch, MFO 302247. Creditors have until August 1, 2004 to submit their proofs of claim to: (a) BERSHAD' DISTRICT ENTERPRISE ON EXECUTION OF AGRO- CHEMICAL WORKS RAJAGROHIM 24400, Ukraine, Vinnitsya region, Bershad, Shevchenko Str. 55 (b) Mr. Leshenko A. Temporary Insolvency Manager Phone: 26-12-60 (c) ECONOMIC COURT OF VINNITSYA REGION 21100, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 EUROIZOL-EAST: Court Names Temporary Insolvency Manager ------------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC Euroizol-East (code EDRPOU 25472020) on June 3, 2004. The case is docketed as B-31/36-04. Mr. Parkulap Volodimir (License Number AA 719826 approved on May 25, 2004) has been appointed temporary insolvency manager. Euroizol-East holds account number 26007201789001 at Privatbank, Harkiv regional department, branch 12, MFO 351533. Creditors have until August 1, 2004 to submit their proofs of claim to: (a) EUROIZOL-EAST Juridical address: Ukraine, Harkiv region, Ivanov Str. 32 Mailing address: 61105, Ukraine, Harkiv region, Samarkandska Str. 60 (b) Mr. Parkulap Volodimir Temporary Insolvency Manager Ukraine, Harkiv region, Universitetska Str. 9 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance KODER: Court Orders Debt Moratorium ----------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on CJSC Koder (code EDRPOU 13430506) on May 19, 2004 and ordered a moratorium on satisfaction of creditors' claims on March 24, 2004. The case is docketed as B 29/87/04. Arbitral manager Mr. Talan Leonid (License Number AA 047939) has been appointed temporary insolvency manager. Koder holds account number 26006002370000 at JSCIB Ukrsibbank, Dnipropetrovsk branch, MFO 306856. Creditors have until August 1, 2004 to submit their proofs of claim to: (a) KODER 49064, Ukraine, Dnipropetrovsk region, Koksohimichna Str. 7a (b) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a KREMENETS' BREAD: Court Orders Bankruptcy Supervision ----------------------------------------------------- The Economic Court of Ternopil region commenced bankruptcy supervision procedure on OJSC Kremenets' Bread Plant (code EDRPOU 05510958). The case is docketed as 10B-451. Mr. Stepanov Volodimir (License Number AA 520149) has been appointed temporary insolvency manager. Kremenets' Bread Plant holds account number 260052854 at JSPPB Aval, MFO 338501. CONTACT: KREMENETS' BREAD PLANT Ukraine, Ternopil region, Kremenets, Vizvoliteliv Str. 62 Mr. Stepanov Volodimir Temporary Insolvency Manager Ukraine, Ternopil region, I. Franko Str. 7/7 ECONOMIC COURT OF TERNOPIL REGION 46000, Ukraine, Ternopil region, Ostrozski Str. 14a LOZUVATSKA: Bankruptcy Supervision Begins ----------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on OJSC Bird Factory Lozuvatska. The case is docketed as B 40/85/03. Arbitral manager Mr. Vernigora V. (License Number AA 249818) has been appointed temporary insolvency manager. Bird Factory Lozuvatska holds account number 26009301142739 at Prominvestbank, Krivij Rig Central city branch, MFO 305493. CONTACT: BIRD FACTORY LOZUVATSKA 53025, Ukraine, Dnipropetrovsk region, Krivij Rig district, Lozuvatka, Chkalov Str. 25 Mr. Vernigora V. Temporary Insolvency Manager 50000, Ukraine, Dnipropetrovsk region, Krivij Rig, Sivolapa Str. 44/72 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a NOVA: Court Appoints Temporary Insolvency Manager ------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on LLC Nova (code EDRPOU 30792470) on May 21, 2004. The case is docketed as 15/105 B. Arbitral manager Mr. Sherbina-Gorfinkel Svitlana (License Number AA 250442) has been appointed temporary insolvency manager. Nova holds account number 26005001550001 at JSC Ukrimbank, Donetsk branch, MFO 334873. Creditors have until August 1, 2004 to submit their proofs of claim to: (a) NOVA 83086, Ukraine, Donetsk region, Artema Str. 1a (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 PYATKIVSKE: Declared Insolvent ------------------------------ The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on LLC Pyatkivske (code EDRPOU 03733625) on May 14, 2004. It declared the firm insolvent on May 25, 2004. The case is docketed as 5/333-04. The Regional Governing of Bankruptcy Questions in Vinnitsya region has been appointed temporary insolvency manager. Pyatkivske holds account number 26006279440001 at CB Privatbank, Bershadske department of Vinnitsya branch. CONTACT: PYATKIVSKE 24400, Ukraine, Vinnitsya region, Bershadskij district, Pyatkivka, Lenin Str. 1 REGIONAL GOVERNING OF BANKRUPTCY QUESTIONS IN VINNITSYA REGION Temporary Insolvency Manager 21100, Ukraine, Vinnitsya region, K. Marks Str. 50 ECONOMIC COURT OF VINNITSYA REGION 21100, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 SHAHTARSKAGROTEHNIKA: Proofs of Claim Deadline August 1 ------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on CJSC Shahtarskagrotehnika (code EDRPOU 03743032). The case is docketed as 42/79. Arbitral manager Mr. Pertsev Eduard (License Number AA 047749) has been appointed temporary insolvency manager. Shahtarskagrotehnika holds account number 26008200415001 at Agrobank of Ukraine, Shahtarske branch, MFO 334200. Creditors have until August 1, 2004 to submit their proofs of claim to: (a) SHAHTARSKAGROTEHNIKA 86607, Ukraine, Donetsk region, Torez, Mebelnij lane, 1 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 =========================== U N I T E D K I N G D O M =========================== A2 SECURITY: Creditors Meeting Set July 21 ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF A2 Security Property Services UK Ltd Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of the A2 Security Property Services UK Ltd company will be held at The Holiday Inn Maidstone Road Chatham ME5 9SF, on July 21, 2004, at 10:30 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) A Form of Proxy, if intended to be used by creditors wishing to vote at the Meeting, must be duly completed and accompanied by their statement of claim, and must be lodged at 16 Caring Lane Maidstone ME14 4NJ not later than 12:00 noon on the business day before the Meeting. Notice is also given, for the purpose of voting, that secured Creditors must (unless they surrender their security) lodge at 16 Caring Lane Maidstone ME14 4NJ before the Meeting, a statement giving particulars of their security, the date when it was given, and the value at which it is assessed. In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Maxwell Davies, 16 Caring Lane Maidstone ME14 4NJ on two business days next before the meeting. By Order of the Board P J Lewis, Director July 8, 2004 CONTACT: MAXWELL DAVIES 16 Caring Lane Bearsted Maidstone Kent ME14 4NJ Phone: + 44 (0)1622 737791 Fax: + 44 (0)1622 737761 Web site: http://www.maxwelldavies.co.uk A & B SPECIALIST: Calls in Liquidator ------------------------------------- At an Extraordinary General Meeting of the Members of the A & B Specialist Coatings Limited Company on July 8, 2004 held at 67 Butts Green Road, Hornchurch, Essex RM11 2JS, the Ordinary and Extraordinary Resolutions to wind up the company were passed. J S French and P Atkinson of Vantis Redhead French Limited have been appointed Joint Liquidators for the purpose of such winding-up. AMC NETWORK: Meeting of Creditors Fixed July 21 ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF AMC Network Ltd - The Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of the AMC Network Ltd - The company will be held at The County Oak County Oak Avenue Brighton BN1 8DJ, on July 21, 2004, at 11:30 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) Nicholas J Peat of Fortune Peat Abacus House Acorn Business Park Tower Park Poole BH12 4NZ is a person qualified to act as an Insolvency Practitioner in relation to the Company who will, during the period before the day of the Meeting furnish creditors free of charge with such information concerning the Company's affairs as they may reasonably require. By Order of the Board J Mortimer, Director June 23, 2004 CONTACT: FORTUNE PEAT Abacus House Acorn Business Park Tower Park Poole BH12 4NZ Contact: Nicholas J Peat Phone: 01202 380300 Fax: 01202 380400 E-mail: nickpeat@fortunepeat.co.uk ARA DEVELOPMENTS: Names Liquidator from Begbies Traynor ------------------------------------------------------- At an Extraordinary General Meeting of the Ara Developments Limited Company on July 6, 2004 held at Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend on Sea, Essex SS1 2EG, the subjoined Special Resolution to wind up the company was passed. Lloyd Biscoe of Begbies Traynor has been appointed Liquidator for the purpose of such winding-up. CONTACT: BEGBIES TRAYNOR The Old Exchange 234 Southchurch Road, Southend on Sea, Essex SS1 2EG Liquidator: Lloyd Biscoe ARCHWAY SHOPFITTING: Creditors to Meet July 21 ---------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Archway Shopfitting & Construction Ltd Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of the Archway Shopfitting & Construction Ltd company will be held at The Dolphin Hotel High Street Southampton SO14 2HN, on July 21, 2004, at 11:30 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) A Form of Proxy, if intended to be used by creditors wishing to vote at the Meeting, must be duly completed and accompanied by their statement of claim, and must be lodged at 5 Bassett Wood Drive Southampton SO16 3PT not later that 12.00 noon on the business day before the Meeting. Notice is also given, for the purpose of voting, that secured Creditors must (unless they surrender their security) lodge at 5 Bassett Wood Drive Southampton SO16 3PT before the Meeting, a statement giving particulars of their security, the date when it was given, and the value at which it is assessed. David Stringer of Stringer & Co 5 Bassett Wood Drive Southampton SO16 3PT is a person qualified to act as an Insolvency Practitioner in relation to the Company who will, during the period before the day of the Meeting furnish creditors free of charge with such information concerning the Company's affairs as they may reasonably require. By Order of the Board R J Dawkins, Director July 13, 2004 CONTACT: STRINGER & CO 5 Bassett Wood Drive Southampton SO16 3PT Contact: David Stringer Phone: 023 8076 7241 ARTICULATED VEHICLE: Sets Members Final Meeting August 18 --------------------------------------------------------- Name of Companies: Articulated Vehicle Hire Limited Blaf Hire Limited Capital Leasing Group Plc Family Television Limited Ironguild Finance Company Limited John St Investments (No 2) Limited Medical Equipment Rentals Limited MGC Investments Limited Members of these companies will have the Final Meetings on August 18, 2004 at 10:15 a.m. and a 15-minute interval thereafter. It will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP. 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, Benson House, 33 Wellington Street, Leeds LS1 4JP not later than 12:00 noon, August 17, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Joint Liquidator: T Walsh BAKER ALMOND: Arbuthnot & Latham Appoints Receiver -------------------------------------------------- Arbuthnot & Latham called in Mark Robert Fry and Jamie Taylor of Begbies Traynor as receivers for Baker Almond Limited Company (Reg No 01685534, Trade Classification: 7031-Real Estate Agents). The application was filed July 1, 2004. The company's previous names were Equidime Limited and Baker Almond Financial Services Limited. It is engaged in chartered surveys and values. CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG Receivers: Mark Robert Fry Jamie Taylor (Office Holder Nos 008588, 002748) BANK OF WALES: Final Meeting Set August 19 ------------------------------------------ There will be a Final Meeting of the Members of Bank of Wales (Insurance Services) Limited Company on August 19, 2004 at 10:00 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP. 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, Benson House, 33 Wellington Street, Leeds LS1 4JP not later than 12:00 noon, August 18, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Joint Liquidator: T Walsh BAXTER RESOURCING: Hires Bridgestone Administrator -------------------------------------------------- Robert L Cooksey and Jonathan G Lord of Bridgestones have been appointed joint administrative receivers for Baxter Resourcing Limited Company. The appointment was made July 2, 2004. Its registered office address is located at The Meeting House, Lewins Mead, Bristol BS1 2NN. CONTACT: BRIDGESTONE 125-127 Union Street, Oldham OL1 1TE Receivers: Robert L Cooksey Jonathan G Lord BOILER WORKSHOP: Sets July 21 Creditors Meeting ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Boiler Workshop Ltd Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of the Boiler Workshop Ltd company will be held at Albany House 18 Theydon Road London E5 9NZ, on July 21, 2004, at 10:30 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Panos Eliades Franklin & Co, Albany House 18 Theydon Road London E5 9NZ on two business days next before the meeting. By Order of the Board. L. Samways, Director June 28, 2004 CAPITAL FURNITURE: Fixes Meeting of Creditors July 21 ----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Capital Furniture Ltd Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of the Capital Furniture Ltd company will be held at Wesley House Huddersfield Road Birstall Bately WF17 9EJ, on July 21, 2004, at 11:15 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at O'Hara & Co, Wesley House Huddersfield Road Birstall Bately WF17 9EJ on two business days next before the meeting. By Order of the Board. M J Goulden, Director July 7, 2004 CARIER ROLLMASTER: Winding up Resolutions Passed ------------------------------------------------ Name of Companies: Carier Rollmaster Limited Carier Pollution Control Limited Migre Limited At Extraordinary General Meetings of the Members of these companies on July 6, 2004 held at East Street, Braintree, Essex CM7 3JL, the Ordinary and Extraordinary Resolutions to wind up the company were passed. Chris Williams of McTear Williams & Wood has been appointed Liquidator for the purpose of such windings-up. CLEVELAND DEPUTISING: Sets Members General Meeting August 23 ------------------------------------------------------------ Members of Cleveland Deputising Investments Limited Company will have a General Meeting on August 23, 2004 at 10:00 a.m. It will be held at Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE. 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 Taylor Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE not later than 12:00 noon, August 20, 2004. CONTACT: TAYLOR ROWLANDS 8 High Street, Yarm, Stockton on Tees TS15 9AE Liquidator: J H Madden CMR ARCHITECTURAL: Creditors Set to Meet July 21 ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF CMR Architectural Systems Ltd Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of the CMR Architectural Systems Ltd company will be held at 3 Chapel Court 42 Holly Walk Leamington Spa CV32 4YS, on July 21, 2004, at 11:00 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Bottomley & Co, 3 Chapel Court 42 Holly Walk Leamington Spa CV32 4YS on two business days next before the meeting. By Order of the Board. D J Hancox, Director June 29, 2004 DIGITALTHINK LIMITED: Appoints KPMG Liquidator ---------------------------------------------- At an Extraordinary General Meeting of the Digitalthink U.K. Limited Company on June 30, 2004 held at 601 Brannan Street, San Francisco, California, USA, the Special, Ordinary and Extraordinary Resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed Joint Liquidators for the purpose of such winding-up. CONTACT: KPMG LLP 8 Salisbury Square London EC4Y 8BB Liquidators: Jeremy Simon Spratt Finbar O'Connell DOWNTEX PLC: Hires Begbies Traynor Administrator ------------------------------------------------ The Downtex Plc has appointed Andrew David Dick and Stephen Leonard Conn as joint administrative receivers. The appointment was made July 2, 2004. The company manufactures and sells textiles. Its registered office address is located at George House, 48 George House, Manchester M1 4HF. CONTACT: BEGBIES TRAYNOR 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU Receiver: Andrew David Dick (IP No 8688) BEGBIES TRAYNOR 151 Deansgate, Manchester M3 3BP Receiver: Stephen Leonard Conn (IP No 1762) DURHAM OFFICE: Names Marchands Associates LLP Administrator ----------------------------------------------------------- The Durham Office Systems Ltd has appointed Martin A Shaw and Mark R Blayney as joint administrative receivers. The appointment was made July 6, 2004. The company sells office machinery and equipment. CONTACT: MARCHANDS ASSOCIATES LLP 100 Wakefield Road, Lepton, Huddersfield HD8 0DL Receivers: Martin A Shaw Mark R Blayney (IP Nos ICAEW 6334, ICAEW 8552) EQUITABLE LIFE: Pensioners Pursue Claim for Compensation -------------------------------------------------------- A group of aggrieved Equitable Life pensioners is preparing a claim against the mutual for alleged mis-selling of annuities. More than 700 members of Equitable Life Trapped Annuitants (ELTA) are demanding a multi-million-pound compensation. The annuitants are employing the expertise of Bristol lawyers Clarke Willmott in a "no win, no fee" basis. The firm has already acted successfully in seven individual mis-selling cases against Equitable. It was able to have the mutual pay about GBP5 million to 175 members of the Equitable Late Joiners' Action Group. Elta is among 50,000 with-profits unnuitants that were not able to move their pension contributions to other insurer to protect it from erosion after Equitable Life closed to new business in 2000. Peter Scawen, chairman of Elta, said Equitable's solicitors had sent a letter implying "that Equitable would run up legal bills in excess of GBP5 million defending the claim and warned Elta they might have to bear the cost if they lost." According to him, the letter was sent so that Clarke Willmott could scrutinize it before the group files its claims. Clarke Willmott has four months to finalize the annuitants' claim before serving it on Equitable. Meanwhile, Parliamentary Ombudsman Ann Abraham, will today announce its decision on a request to open an investigation into the regulator of the industry at the time Equitable nearly went belly up. FORD FULFORD: In Administrative Receivership -------------------------------------------- The Royal Bank of Scotland plc called in Antony David Nygate and Shay Bannon as receivers for Ford & Fulford Limited Company (Reg No 03681104, Trade Classification: 24). The application was filed July 5, 2004. The company is engaged in double-glazing. CONTACT: Antony David Nygate, Receiver Shay Bannon, Receiver (Office Holders Nos 9237, 8777/01) 8 Baker Street London W1U 3LL FRASER MANUFACTURING: Receiver Picks Management Buyout Team ----------------------------------------------------------- The Joint Receivers of Aberdeenshire's farming equipment business SBF Agrico, are pleased to announce a preferred bidder for its subsidiary, Rothienorman-based Fraser Manufacturing Ltd. 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 Pat McRobbie, the general manager of Fraser Manufacturing Ltd., to purchase the business and assets as a going concern. Receiver, Blair Nimmo, head of KPMG Corporate Recovery in Scotland said: "We are pleased to be working towards the completion of a deal with the former management team that, if completed, will save 40 jobs in the North-East of Scotland's agricultural industry which has experienced difficulties over recent years." Details of the deal are still under discussion and remain subject to legal documentation and confidentiality agreements. * * * SBF Agrico went into receivership on May 25, 2004. 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 GENERAL MOTORS: Names Liquidators from KPMG ------------------------------------------- At a General Meeting of the Members of General Motors Holdings (U.K.) the Special and Ordinary Resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr O'Connell of KPMG Corporate Recovery, PO Box 695, 8 Salisbury Square, London EC4Y 8BB have been appointed Liquidators for the purpose of winding-up. CONTACT: KPMG Corporate Recovery PO Box 695, 8 Salisbury Square London EC4Y 8BB Liquidators: Jeremy Simon Spratt Finbarr O'Connell HAMPTON ENGINEERING: Calls in Liquidator ---------------------------------------- At an Extraordinary General Meeting of the Members of the Hampton Engineering and Mobility Limited Company on July 8, 2004 held at Unit 4, Parkside Works, Guiseley, Leeds LS20 8BH, the Special, Ordinary and Extraordinary Resolutions to wind up the company were passed. Peter O'Hara of O'Hara & Co has been appointed Liquidator for the purpose of such winding-up. JARVIS PLC: Dispels Rumor of Accommodation Services Selloff ----------------------------------------------------------- Robert Wallace, head of accommodation services at Jarvis, denied speculations his division will be broken up or sold under the infrastructure group's restructuring Mr. Wallace told Building magazine: "The story is absolute nonsense. I am here to do business for an indefinite period. I am not here as a hatchet man to close accommodation services." The private finance initiative division has been considered Jarvis' growth engine until recently when it was forced to take reserves of around GBP115 million. Yet, Mr. Wallace is confident that after Jarvis' restructuring, the accommodation services will emerge as its main business. Jarvis, whose debt is estimated at GBP230 million, is stepping up efforts to find solution for its woes after breaching covenants this month. It is believed to be reviewing option for part of its share in the Underground consortium Tube Lines. The company is currently negotiating debts with banks, which were advised recently to continue supporting the company. JAVELIN PRINTING: Names Receivers from Smith & Williamson --------------------------------------------------------- Name of Companies: Javelin Printing Limited Javelin Printing U.K. Limited These companies have appointed Henry Anthony Shinners and Robert William Leslie Horton as joint administrative receivers. The appointment was made July 6, 2004. These companies are commercial printers. CONTACT: SMITH & WILLIAMSON LIMITED No 1 Riding House Street, London W1A 3AS Receivers: Henry Anthony Shinners Robert William Leslie Horton (IP Nos 9820, 8922) JOHN DAVID: To Continue Overhauling Loss-making Operations ---------------------------------------------------------- At the AGM held Thursday, The John David Group PLC, a leading retailer of fashionable branded sportswear and fashion apparel, provided trading update to shareholders. On 11 May 2004 in the Preliminary Announcement of the Group's results for the year ended 31 January 2004, the company reported overall like-for-like sales growth of 0.9% for the thirteen weeks ended 1 May 2004 and also that the growth in the core Sports Fascia was 2.5%. The firm is pleased to say that this trend has continued with the respective figures for the twenty- three weeks ended 10 July 2004 being 0.9% and 2.6%. Overall margins have continued to be on plan despite the impact of clearance activity in the Fashion Fascias which continue to trade disappointingly as a result of stock buying decisions made in 2003. The company focused on addressing the long-term profitability of the Fashion Fascias (which represent less than 10% of the Group's turnover) but this requires short-term pain as stocks are cleansed. The continued stronger performance in the Sports Fascias means that the Group's performance is in line with current market expectations and stocks are being maintained below last year's levels. During the twenty-three weeks ended 10 July 2004 the company opened 6 stores and closed 12 stores including four clearance stores with negligible change in overall selling space. The firm does not expect new store openings to be more than 12 in the current year but we are continuing to dispose of poor performing stores wherever it is economically beneficial for us to do so. Last week the group announced that John Wardle, one of the founding shareholders and a non-executive Director, had sold an 11.5% stake in the company to a subsidiary of Pentland Group plc, a supplier to the Group. The Board believes that this is a strategic investment and Pentland is not in any way influencing the Group's procurement policy and no discussions have taken place over Board representation. The company is continuing to seek to recruit a senior independent non-executive director and expect to make a further update on this no later than the announcement of the Interim Results in early October. It also intends to announce the conclusions of the Board's Strategic Review at this time. In summary, there is still a lot to do but the firm's turnaround plan is progressing. The continuing elimination of poor performing stores and the rationalization of Fashion stocks remain fundamental to the Board's plan. The Christmas trading period will as always be crucial to the final result for the year but we believe that the foundations are in place for a more successful trading future. CONTACT: THE JOHN DAVID GROUP PLC Peter Cowgill Executive Chairman Barry Bown Chief Executive Brian Small Finance Director Phone: 0161 767 1000 HOGARTH PARTNERSHIP LIMITED Andrew Jaques Tom Leatherbarrow Phone: 020 7357 9477 LANKASTER COACHWORKS: Sets Creditors Meeting July 29 ---------------------------------------------------- Creditors of Lankaster Coachworks Limited Company will have a Meeting on July 29, 2004 at 11:00 a.m. It will be held at Mountview Court, 1148 High Road, Whetstone, London N20 0RA. Creditors who want to be represented at the Meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Kallis & Co, Mountview Court, 1148 High Road, Whetstone, London N20 0RA not later than 12:00 noon, July 28, 2004. CONTACT: KALLIS & CO Mountview Court, 1148 High Road, Whetstone, London N20 0RA Administrator: K Kallis LOCK, STOCK: Hires Receivers from Begbies Traynor ------------------------------------------------- Retail company Lock, Stock & Barrel (GB) Limited has appointed Gordong Craig and David Appleby as joint administrative receivers. The appointment was made June 30, 2004. Its registered office address is c/o Begbies Traynor, 1 Winckley Court, Chapel Street, Preston Pr1 8BU. CONTACT: BEGBIES TRAYNOR 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU Receivers: Gordon Craig David Appleby (IP Nos 0978, 8976) MARCONI CORPORATION: First-quarter Sales Drop 10% ------------------------------------------------- Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) on Thursday provided a trading update for the first quarter ended 30 June 2004. Mike Parton, Chief Executive, said: "We continue to focus on our operational objectives; market share gains through next generation technology wins, gross margin and operating cash and have delivered a first quarter performance in line with our previous guidance. "We have completed our disposal of non-core businesses with the announced sale of Outside Plant & Power (OPP). We are now a focused telecommunication equipment and services business with a strong balance sheet. The return to modest year-on-year sales growth reinforces our full year guidance and strengthens our confidence in our medium term prospects." Preliminary Results First Quarter of fiscal year 2005 to 9 August 2004 We will announce our quarter results for the three months ended 30 June 2004 on 9 August 2004 and will host a conference call for analysts and investors at 3:00 p.m. on that date. Full details will be issued shortly. Consequently, we will not host a conference call in connection with this trading update. Analyst and investor enquiries should be directed to Heather Green, EVP Investor Relations. Basis of Preparation The financial information in this trading update is unaudited and has been prepared in accordance with U.K. accounting policies set out in Marconi Corporation plc's 2004 Annual Report and Accounts. The following table sets out the U.S. Dollar/Sterling and Euro/Sterling exchange rates used in preparing our financial information: Q1 FY'05 Q4 FY'04 Q1 FY'04 U.S. Dollar: Year to Date Average 1.8066 1.7023 1.6288 Period End 1.8135 1.8379 1.6502 Euro: Year to Date Average 1.4904 1.4435 1.4206 Period End 1.4906 1.4956 1.4370 Following the recently announced agreement to dispose of our Outside Plant and Power (OPP) business, this unit will continue to be accounted for as a continuing operation, under U.K. GAAP, until such time as the sale receives regulatory approval, expected during the second quarter of the financial year. In these results, we refer to ongoing operations, being our continuing operations less OPP. Trading Update Sales Sales from continuing operations amounted to GBP339 million. Compared to the first quarter of the previous financial year, this represents a 1% decrease on a reported basis (GBP342 million) or an increase of 4% at constant currency (GBP327 million based on Q1 FY05 average exchange rates). The 10% sequential decline in sales from continuing operations compared to the fourth quarter of the previous year (GBP378 million) reflects the typical seasonal trend at the beginning of the financial year. Group sales were GBP339 million compared to GBP394 million recorded in the fourth quarter last year. This decline included the impact of the disposal of our North American Access business completed on 20 February 2004 (now accounted for as a Discontinued Operation). Sales by Product Area In light of the OPP disposal, we have simplified our analysis of sales by product area. In the table below, Access Networks reflects the combination of Access Networks and sales from our payphones businesses previously reported as Other Network Equipment. in GBPm 3 months ended June 30, March 31, June 30, 2004 2004 2003 Optical Networks 77 84 85 Access Networks 60 83 56 BBRS Equipment 24 34 28 ------- ------- ------- Network Equipment 161 201 169 IC&M 48 44 43 VAS 66 72 64 BBRS Services 14 12 15 ------- ------- ------- Network Services 128 128 122 ------- ------- ------- Ongoing Operations 289 329 291 OPP Equipment and Services 50 49 51 ------- ------- ------- Continuing Operations 339 378 342 Discontinued Operations - 16 25 ------- ------- ------- Group 339 394 367 ======= ======= ======= Sales by Geographic Destination in GBPm 3 months ended June 30, March 31, June 30, 2004 2004 2003 EMEA 224 253 220 North America 38 47 38 CALA 9 4 6 APAC 18 25 27 ------- ------- ------- Ongoing Operations 289 329 291 OPP 50 49 51 ------- ------- ------- Continuing Operations 339 378 342 Discontinued Operations - 16 25 ------- ------- ------- Group 339 394 367 ======= ======= ======= The main trends impacting sales from ongoing operations during the first quarter were: Optical Networks (a) We continue to observe steady demand for optical products across Europe, confirming our view that the European optical market has stabilized; sales in our major European markets were relatively stable compared to the previous quarter; in Italy, an increase in sales to Telecom Italia particularly resulting from the roll-out of our new optical switch, the MSH2K, was offset by reduced demand from Omnitel following completion of next generation MSH64c and MSH2K rollouts during the fourth quarter. (b) We are also seeing some early signs that stability may be returning in CALA, where sales of optical equipment increased during the quarter mainly as a result of distributor sales through Ericsson, particularly in Mexico. (c) The vast majority of the sequential decline in Optical Network sales arose in APAC; there was a marked reduction in sales to China as we completed deliveries to China Unicom during the previous quarter and have since experienced delays in new orders from this customer; similarly contract completions during the fourth quarter with Power Grid and HFCL led to a reduction in sales in India. (d) In Australia, we are entering a phase of conformance testing and network homologation under our recently announced optical frame contract with Telstra. We expect to record the first orders from this contract during the second half for delivery towards the end of the financial year. (e) A peak in trading under our ultra broadband network contract with BT during the first quarter of the previous year was the major factor contributing to the year on year sales decline. Access Networks (a) Fixed Wireless Access accounted for approximately 32% of first quarter Access Network sales (Q4 FY04 29%) and Broadband Access (Access Hub and SoftSwitch) approximately 16% (Q4 FY04 22%). The balance related to Other Access and included sales of voice systems, other narrowband access equipment and payphones/multi-media interactive systems. (b) Over 50% of the overall decline in sales compared to the previous quarter was triggered in Italy; the typical seasonal reduction in demand for broadband access deployment in the early stages of the financial year was further exacerbated by the exceptionally strong fourth quarter performance when Telecom Italia had significantly accelerated their deployment schedule. (c) In the U.K., Access Network sales were down as we recorded a lower level of sales of narrowband equipment and services to BT. We made our first Access Hub delivery to BT at the end of the quarter, recording initial sales of less than GBP1 million during the period. We anticipate that BT will continue to reduce spend on legacy equipment but expect to replace and exceed this lost revenue as BT moves forward with its broadband access roll-out and 21st Century Network project and we ramp up Access Hub deliveries Accordingly over the life of our frame contract. Initially, BT is deploying our Access Hub as a DSLAM device. During the quarter, we announced that we will be commencing live trials of our SoftSwitch and Access Hub operating as a multi-service access node from October 2004 in support of BT's PSTN transformation plans. In addition, in June 2004, we announced that Kingston (U.K.) had accepted eight of our SoftSwitches into their next generation network and we have Recorded the corresponding revenues during the quarter. (d) In line with the typical seasonal trend in our German business, we recorded a sequential decrease in sales to Vodafone at the start of our largest German customer's financial year. This was partially offset however by an increase in sales to other German mobile operators as they stepped up 3G network rollouts. In addition, we recorded an increase in sales of Access network management systems to Deutsche Telekom to support their network deployments. (e) Sales of payphones and multi-media interactive systems were stable quarter on quarter. Broadband Routing and Switching - Equipment and Services (a) The reduction in sales of BBRS equipment and services was in line with the typical seasonality observed in this business which is influenced by the seasonal purchasing patterns of the U.S. Federal Government, which now accounts for just over half of total BBRS sales. (b) During the period, we completed deliveries of the BXR-48000 multi service switch router under the US$33 million order awarded by the U.S. Federal Government during the previous quarter. (c) Weaker seasonal demand was further compounded by adverse U.S. dollar/sterling translation effect, which reduced reported sales by GBP2 million (based on the quarterly year to date average exchange rates). Services (a) The sequential increase in sales of Installation, Commissioning and Maintenance services mainly reflects increased installation and commissioning activities to support 3G network rollouts at O2 and E-Plus and SoftSwitch deployment at Kingston. (b) The offsetting decline in Value-Added Services was driven by two main factors: (i) the non recurrence of the previously reported wireless software sale during the fourth quarter and (ii) a decrease in sales to Saudi Telecom as our network planning and consultancy contract was completed in the previous financial year. BT accounted for 26% of sales from ongoing operations (Q4 FY04 25%). Book-to-Bill - Ongoing Operations Book to Bill for Network Equipment (excluding OPP) stood at 0.97, up from 0.94 in the previous quarter. Book to Bill for Network Services (excluding OPP) remained stable quarter on quarter at 0.83. During the quarter, we announced the renewal of our cable services contract with BT, estimated by the operator to be valued at around GBP360 million over 4 years. This is not reflected in the book to bill during the quarter. In line with our accounting policies, we will book the value of this frame contract over its life, as we receive firm call off orders from the customer. Sales Outlook Management confirms its expectation for low single digit sales growth from ongoing operations during the current financial year ending 31 March 2005 as compared to the financial year ended 31 March 2004 (on a constant currency basis). Operational Performance Based on preliminary management information, Group adjusted gross margin (before exceptional items) came in at the lower end of our guidance range of 30 to 32%. Lower production volumes combined with business mix during the period were the main factors behind the sequential reduction from approximately 33.5% in the fourth quarter of the previous year (including the impact of the previously announced cost reclassification effective from 1 April 2004). In addition to the expected causes of adverse business mix relating to lower sales of high margin BBRS equipment and the non-recurrence of the wireless software license sale, we also recorded higher than expected sales of OPP equipment and factored products in Germany, which carry margins lower than the Group average. Furthermore during the period, sales of Network Services, which, generate lower gross margins than Network Equipment represented a higher proportion of sales from continuing operations (38%) compared to the previous quarter (34%). This data remains subject to further management review. We will disclose full details of gross margin, operating costs, exceptional items (relating mainly to the final stages of our operational restructuring process) and overall operating result in our preliminary Q1 results announcement on 9 August. Cash flow, Cash and Debt At 30 June 2004, we had a net cash balance of GBP188 million compared to GBP214 million at 31 March 2004. The table below sets out the composition of the Group's net cash balances at these dates: In GBPm June 30, 2004 March 31, 2004 US$-denominated Senior Notes (245) (265) US$-denominated Junior Notes - - Other bilateral and bank debt (40) (40) ---------- ---------- Gross financial indebtedness (285) (305) Cash and liquid resources 473 519 ---------- ---------- Net Cash 188 214 ========== ========== On a pro forma basis reflecting the announced disposal of OPP, our net cash position at 30 June 2004 was approximately GBP376 million (before tax and transaction costs). We achieved a further quarter of positive operating cash flow (before exceptional items). This, however, was more than offset by cash outflows mainly relating to (i) exceptional redundancy and onerous lease payments, (ii) the settlement of the previously disclosed Telcordia lawsuits, where we made one lump- sum payment of US$21 million (approximately GBP12 million) in full and final settlement, a revision from our preliminary agreement to pay US$23.5 million over 3 years, (iii) transaction costs relating to prior disposals and (iv) interest and tax. During the quarter, we reduced the principal amount outstanding of our U.S.-dollar denominated Senior Notes by approximately GBP20 million to GBP245 million (US$445 million). This reduction in principal amount resulted from partial mandatory redemptions at 110% of par value and market repurchases, partially offset by the impact of foreign exchange translation. As previously announced, we will use the total cash proceeds from the disposal of OPP (US$375 million or approximately GBP207 million) to fund a further mandatory redemption of the Senior Notes at 110 percent of par value. This will reduce the Senior Notes outstanding to approximately US$104 million (GBP57 million). We will disclose full cash flow information in our preliminary Q1 results announcement. Financial Calendar H1 FY05 The provisional timetable for Marconi's full U.K. and U.S. GAAP quarterly results for the first half of FY05 will be: Q1 9 August 2004 Q2 9 November 2004 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 symbol MRCIY. Additional information about Marconi Corporation can be found at http://www.marconi.com CONTACT: MARCONI CORPORATION David Beck Phone: 0207 306 1490 E-mail: david.beck@marconi.com Investor Inquiries: Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com MARKS & SPENCER: Philip Green Withdraws Offer --------------------------------------------- Philip Green announces on behalf of Revival that he has decided not to proceed with an offer to acquire M&S. Despite the continuing support for Revival from M&S' largest and longstanding shareholder, Brandes Investment Partners, LLC[1], representing 11.7% of the issued ordinary share capital, Schroder Investment Management Limited[2] representing 1.2% of the issued ordinary share capital and others[3] representing, in aggregate, 21.1% of the issued ordinary share capital, Revival has concluded from M&S' AGM statement and conversations with Paul Myners that Revival will not gain the co-operation of the Board of M&S to provide it access to the information necessary for Revival to make its offer, including the necessary meeting with the pension Trustees, by 6 August. Since it has never been Revival's intention to disrupt the business of M&S, Revival is making this announcement promptly and wishes to thank the many M&S employees and shareholders who have expressed their support. Philip Green believes that he has played an important part in bringing about a new direction for M&S and he wishes the employees and shareholders of M&S good fortune. For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers, Revival reserves the right to make or participate in an offer within the next six months in the event that the Board of M&S agrees to recommend an offer or a third party announces a firm intention to make an offer for M&S. ---------- Footnotes: [1] On July 7, 2004, Revival announced that Brandes Investment Partners, LLC has provided an irrevocable undertaking representing approximately 11.7% of the issued ordinary share capital of M&S, subject to the conditions set out in that announcement. [2] On July 8, 2004, Revival announced that it has received a non-binding letter of intention from Schroder Investment Management Limited representing approximately 1.2% of the issued ordinary share capital of M&S, subject to the conditions set out in that announcement. [3] M&S shareholders who, in aggregate, currently own or have investment control over ordinary shares of M&S representing approximately 9.0% of the issued ordinary share capital of M&S, and holders of outstanding derivative contracts in respect of ordinary shares of M&S, representing approximately 12.1% of the issued ordinary share capital of M&S (a combined total of 21.1%), have confirmed to Revival that they believe that the board of M&S should allow Revival access to its requested due diligence on the basis of the proposal set out by Revival in its announcement dated July 7, 2004. CONTACT: MARKS & SPENCER GROUP PLC Michael House, Baker St. London W1U 8EP, United Kingdom Phone: + 44 20 7935 4422 Fax: + 44 20 7487 2679 Web site: http://www.marksandspencer.com FINSBURY Phone: +44 (0) 20 7251 3801 Rupert Younger MARKS & SPENCER: Welcomes Philip Green's Retreat ------------------------------------------------ The Board of Marks & Spencer notes the statement made by Philip Green on behalf of Revival Acquisitions Limited that he has withdrawn its proposal to make an offer for the Group. As previously announced, the Board believed and continues to believe that 400 pence per share undervalues the Group and its prospects significantly. Following Thursday's AGM, Paul Myners, the Chairman, received a telephone call from Philip Green informing him that Revival had the support of 36% of the Group's shareholders requesting that the Board should allow Revival access for due diligence. Mr. Myners said that the Board was in the process of consulting shareholders. Late Thursday afternoon, Philip Green informed the Board, through its advisers, that he required from them in the evening a commitment to recommend an offer from Revival if made at 400 pence per share. Revival was made aware that a board meeting had been scheduled for Thursday evening. This meeting was in progress when Revival's announcement was made. The Board is pleased that a period of uncertainty has come to an end. Paul Myners, Chairman of the Board, said: "As a Board, we are focused on improving the performance of Marks & Spencer and delivering the long-term value that we have identified for the benefit of our shareholders. Stuart Rose and the team are fully committed to the task and we have every confidence in their ability to succeed." CONTACT: MARKS & SPENCER GROUP PLC Michael House, Baker St. London W1U 8EP, United Kingdom Phone: + 44 20 7935 4422 Fax: + 44 20 7487 2679 Web site: http://www.marksandspencer.com Press Enquiries Paul Myners Stuart Rose Phone: 020 7268 1919 CITIGROUP Robert Swannell Ian Hart David James Phone: 020 7986 4000 MORGAN STANLEY Simon Robey Brian Magnus Mark Brooker Phone: 020 425 5000 CAZENOVE David Mayhew Duncan Hunter Richard Wintour Phone: 020 7588 2828 TULCHAN Andrew Grant Kirstie Hamilton Katie Macdonald-Smith Phone: 020 7353 4200 MARKS & SPENCER: Ratings Affirmed; Off CreditWatch -------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings -- including its 'BBB/A-2' corporate credit ratings -- on U.K.- based retailer Marks & Spencer PLC (M&S) and its related entities Marks & Spencer Finance PLC, St. Michael Finance PLC, and Marks & Spencer Finance (Nederland) B.V. At the same time, the ratings were removed from CreditWatch. The outlook is stable. The senior unsecured debt ratings on the bonds and notes issued by Marks & Spencer Financial Services PLC, however, remain on CreditWatch but the CreditWatch implications have been revised to positive from developing, reflecting the proposed sale of the division to the HSBC group. The rating actions follow an announcement by Revival Acquisitions Ltd. (a company owned by retail entrepreneur Philip Green) on July 14, 2004, that it was not going to make an offer, in a highly leveraged transaction, for M&S. In addition, the rating affirmations are based on Standard & Poor's discussions with M&S' management as regards its future financial policy. "The affirmation is based on Standard & Poor's view that M&S is committed to maintaining a financial profile in line with the ratings, and consequently any further share buybacks would only be considered once the group has restored its debt measures in line with the ratings," said Standard & Poor's credit analyst Omar Saeed. Following a strategic review by the group's new management, M&S is expected to return about GBP2.3 billion (US$4.3 billion) to shareholders and acquire the 'per una' brand for GBP125 million. The cash outflows will, however, be partially offset by the group's decision to divest its financial services division -- Marks & Spencer Financial Services -- for GBP762 million to HSBC. If the sale of Marks & Spencer Financial Services proceeds as planned, its debt (GBP1.24 billion at April 3, 2004, including the rated bonds and notes) would be assumed or guaranteed by HSBC, which would be positive for the ratings on the division's bonds and notes given the banking group's superior credit quality. "Standard & Poor's expects M&S to show some improvement to its operating profitability; maintain its current market positions; and demonstrate its commitment to achieving a financial profile consistent for the ratings," added Mr. Saeed. "The group, therefore, has no flexibility for further share buybacks up until it restores and sustains its debt measures." MATREC LIMITED: Sets Members Final Meeting August 16 ---------------------------------------------------- Members of Matrec Limited Company will have a Final Meeting on August 16, 2004 at 10:00 a.m. It will be held at DS Insolvency Services, 29 King Street, Newcastle-under-Lyme, Staffordshire ST5 1ER. 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 DS Insolvency Services, 29 King Street, Newcastle-under-Lyme, Staffordshire ST5 1ER not later than 12:00 noon, August 13, 2004. CONTACT: DS INSOLVENCY SERVICES 29 King Street, Newcastle-under-Lyme, Staffordshire ST5 1ER Liquidator: M Williamson MAX ULLAH: General Meeting Set August 16 ---------------------------------------- The General Meeting of the Members of Max Ullah Limited Company will be on August 16, 2004 at 10:00 a.m. It will be held at 5 Bassett Wood Drive, Southampton SO16 3PT. 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. MINEMET-ENTORES: General Meeting of Members Set August 16 --------------------------------------------------------- Members of Minemet-Entores Limited Company will have a General Meeting on August 16, 2004 at 11:0 a.m. It will be held at 66 Shoe Lane, London EC4A 3WA. 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. NETWORK RAIL: Govt Guarantees Funding Well Past SRA Liquidation --------------------------------------------------------------- The Government published a White Paper on the future of the railways, which announces that the Strategic Rail Authority (S.R.A.) is to be wound up and its liabilities transferred to the Secretary of State for Transport. Network Rail's commercial borrowings (including Notes issued by Network Rail MTN Finance PLC) are currently supported by GBP21.05 billion of standby facilities from the S.R.A. These facilities will transfer to the Secretary of State along with the S.R.A.'s other liabilities, and become sovereign obligations of the Crown, subject to legislation being passed by Parliament. In a letter to Network Rail, David Rowlands, Permanent Secretary at the Department for Transport, made it clear that until the necessary legislation is implemented, there will be no change in the existing financial support arrangements for either Network Rail or the S.R.A. These include comfort letters issued by the Secretary of State stating that he would intervene in a timely manner to ensure that adequate funds would be made available to meet any financial obligations incurred by the S.R.A. in support of Network Rail's financings. The Secretary of State for Transport has also confirmed that the S.R.A.'s contractual obligations will continue to be honored pending legislation. NETWORK RAIL: CP Program to Benefit from S.R.A. Deal, Fitch Says ---------------------------------------------------------------- Fitch Ratings affirmed the 'F1+' Short-term rating for Network Rail CP Finance PLC's (CP Issuer) GBP4.0 billion Multi-Currency Euro Commercial and U.S. Commercial Paper program. The program benefits from a Direct Agreement with the Strategic Rail Authority (S.R.A.) which is rated 'AAA' / 'F1+' by Fitch Ratings, and timely liquidity back-up facilities from 'F1+' bank providers and the S.R.A. This rating action follows the publication of the white paper concluding the government's rail review and the announcement that the S.R.A. is to be wound up. At the same time, government has stated that the S.R.A.'s strategic responsibilities and financial obligations will be transferred to the Department of Transport (DfT), an agent of the Crown, which is rated 'AAA' by Fitch. U.K. government officials have stated to Fitch that this transfer will take place but, as it requires primary legislation, it is not expected to be before 2005. The U.K. government has reiterated its statement from the beginning of this review, that the S.R.A.'s contractual obligation will be honored. Until the S.R.A. is subsumed within the DfT, the Secretary of State's letter of comfort relating to the S.R.A.'s financial obligations remains in place. Once the enabling legislation is passed, the comfort letter falls away, since the S.R.A.'s liabilities will then be enforceable directly against the Secretary of State. Please see Fitch's full press release on the S.R.A. for more details on the U.K. rail announcement CP Issuer is a special purpose vehicle wholly owned by Network Rail Ltd. (a company limited by guarantee), which is the holding company of the U.K.'s national rail infrastructure group. Network Rail Infrastructure Ltd. has been using the amounts raised under the CP program to fund the regulated entity's on- going requirements for the rail network. However, the credit rating of CP Issuer's program is primarily linked to that of the S.R.A. The rating of CP Issuer is not linked to the credit rating of the Network Rail group, as any Network Rail event of default only results in maturing program obligations being paid as they fall due by some GBP4bn of 'F1+' liquidity facilities and, ultimately, by the S.R.A. The S.R.A.'s obligations benefit from a Secretary of State comfort letter dated 3 March 2003, in relation to its financial obligations, and one dated June 2003, specifically recognizing its obligations under the Direct Agreement in relation to the CP Issuer-related put and call option, and an S.R.A. GBP4 billion liquidity facility to CP Issuer. Following the announcement, and once the above-mentioned enabling legislation is passed, the comfort letters issued by the Secretary of State for Transport with respect to the S.R.A.'s liabilities towards Network Rail's borrowings will necessarily fall away, since the liabilities will thenceforth be enforceable directly against the Secretary of State, a Minister of the Crown, thereby constituting valid, legally binding and direct obligations of the Secretary of State, enforceable in accordance with their terms. A copy of Fitch's original pre-sale report on this CP program is available at http://www.fitchresearch.com. CONTACT: FITCH RATINGS John Hatton Phone: +44 (0) 20 7417 4283 Sarah Wall Phone: +44 (0) 20 7862 4023 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 NETWORK RAIL: MTN Program Affirmed After Rail Review ---------------------------------------------------- Fitch Ratings affirmed the 'AAA' rating for Network Rail MTN Finance PLC's GBP10.0 billion Multi-Currency Medium Term Note Program. The program benefits from a Direct Agreement with the Strategic Rail Authority (S.R.A.) which is rated 'AAA' / 'F1+' by Fitch Ratings, and a GBP10.0 billion timely support facility from the S.R.A. This rating action follows Thursday's publication of the white paper concluding the government's rail review and the announcement that the S.R.A. is to be wound up. At the same time, government has stated that the S.R.A.'s strategic responsibilities and financial obligations will be transferred to the Department of Transport (DfT), an agent of the Crown, which is rated 'AAA' by Fitch. U.K. government officials have stated to Fitch that this transfer will take place but, as it requires primary legislation, it is not expected to be before 2005. The U.K. government has reiterated its statement from the beginning of this review, that the S.R.A.'s contractual obligation will be honored. Until the S.R.A. is subsumed within the DfT, the Secretary of State's letter of comfort relating to the S.R.A.'s financial obligations remains in place. Once the enabling legislation is passed, the comfort letter falls away, since the S.R.A.'s liabilities will then be enforceable directly against the Secretary of State. Please see Fitch's full press release on the S.R.A. for more details on the U.K. rail announcement. Network Rail Infrastructure Ltd. has been using the amounts raised by MTN Issuer under the MTN Program to Network Rail Infrastructure Ltd. to fund the regulated entity's on-going requirements for the rail network. The credit rating of MTN Issuer's program is primarily linked to that of the S.R.A. The rating of MTN Issuer's program is not linked to the credit profile of the Network Rail group. The S.R.A.'s obligations benefit from a Secretary of State comfort letter dated 3 March 2003, in relation to its financial obligations, and one dated March 2004, specifically recognizing its obligations under the Direct Agreement in relation to the MTN Issuer-related put and call option and a S.R.A. GBP10 billion support facility to MTN Issuer. Following the announcement, and once the above-mentioned enabling legislation is passed, the comfort letters issued by the Secretary of State for Transport with respect to the S.R.A.'s liabilities towards Network Rail's borrowings will necessarily fall away, since the liabilities will thenceforth be enforceable directly against the Secretary of State, a Minister of the Crown thereby constituting valid, legally binding and direct obligations of the Secretary of State, enforceable in accordance with their terms. A copy of Fitch's original pre-sale report on this MTN program is available at http://www.fitchresearch.com. CONTACT: FITCH RATINGS John Hatton Phone: +44 (0) 20 7417 4283 Sarah Wall Phone: +44 (0) 20 7862 4023 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 NORMAN LODGE: Winding up Resolutions Passed ------------------------------------------- At an Extraordinary General Meeting of the Norman Lodge Holdings Limited Company on July 5, 2004 held at WBS Chartered Accountants, 21-27 St Paul's Street, Leeds, the Special, Ordinary and Extraordinary Resolutions to wind up the company were passed. Andrew Philip Wood and John Russell of 93 Queen Street, Sheffield S1 1WF have been appointed Joint Liquidators of the Company for the purpose of such winding-up. CONTACT: Andrew Philip Wood, Liquidator John Russell, Liquidator 93 Queen Street, Sheffield S1 1WF PACEPACKER LIMITED: Appoints T H Associates Administrator --------------------------------------------------------- T J Hargreaves has been appointed joint administrative receivers for Pacepacker Limited Company. The appointment was made July 5, 2004. The company manufactures and markets processed machinery. CONTACT: T H ASSOCIATES Towngate House, 116-118 Towngate, Leyland PR25 2LQ Receiver: T J Hargreaves (IP No 8637) PRIDEWOOD ENTERPRISES: Special Winding up Resolution Passed ----------------------------------------------------------- At an Extraordinary General Meeting of the Members of the Pridewood Enterprise Limited Company on July 8, 2004 held at Gable House, 239 Regents Park Road, Finchley, London N3 3LF, the Special Resolution to wind up the company was passed. M S E Solomons has been appointed Liquidator for the purpose of such winding-up. SIXPACK LIMITED: Calls in Liquidator ------------------------------------ At an Extraordinary General Meeting of the Members of the Sixpack Limited Company on July 7, 2004 held at SPW Poppleton & Appleby, Gable House, 239 Regents Park Road, Finchley, London N3 3LF, the Special Resolution to wind up the company was passed. M S E Solomons has been appointed for the purpose of such winding-up. TELEWEST COMMUNICATIONS: Completes Financial Restructuring ---------------------------------------------------------- The financial restructuring of Telewest Communications plc took effect Thursday. As a result, all outstanding notes and debentures of Telewest and its Jersey-based finance subsidiary have been cancelled, reducing the total outstanding indebtedness of the business by approximately GBP3.8 billion, or more than 65%, to approximately GBP2.0 billion. As part of the financial restructuring, Telewest transferred substantially all of its assets and liabilities to a subsidiary of Telewest Global, Inc. a holding company incorporated in the state of Delaware and formed for the purpose of holding the businesses that have historically comprised Telewest. Trading in Telewest Global's common stock on the Nasdaq National Market will commence on 19 July 2004 under the symbol TLWT. As part of the financial restructuring, 241,325,000 shares, or 98.5%, of Telewest Global's common stock will be distributed to the holders of Telewest's and its Jersey-based finance subsidiary's notes and debentures and certain other scheme creditors, and 3,675,000 shares, or 1.5%, of Telewest Global's common stock will be distributed to Telewest's existing shareholders. Telewest also successfully completed the amendment of its senior secured credit facility. The amended facility provides for fully committed facilities of GBP2.03 billion. Cob Stenham, Chairman of Telewest, commented: "Completion of our financial restructuring ends a long and complex process for Telewest and allows us to focus our full resources on strengthening our position as a leading broadband communications and media group in the United Kingdom." Telewest Global's board of directors will include seven directors not historically associated with the Telewest business: Barry R. Elson (Acting Chief Executive Officer), William Connors, John H. Duerden, Marnie S. Gordon, Donald S. La Vigne, Michael McGuiness and Steven R. Skinner. Cob Stenham, Chairman of the Board of Telewest, will serve as Chairman of Telewest Global. "This is a dynamic and experienced group of directors. Their expertise will be extremely valuable to the Telewest business, and I am looking forward to working with them", said Stenham. Telewest ADRs ceased trading on the Nasdaq National Market at 4:30 p.m. (New York time) on 13 July 2004 and dealings in Telewest shares and debt securities on the London Stock Exchange ceased at 4:30 p.m. (U.K. time) on 14 July 2004. The listing of Telewest's shares and debt securities on the Official List of the U.K. Listing Authority was cancelled with effect from 8.00 a.m. on 15 July 2004. Telewest Global, the newly restructured broadband communications and media group, currently operates a network covering approximately 4.9 million homes in the U.K. and provides multi- channel television, telephone and internet services to approximately 1.74 million U.K. households, and voice and data telecommunications services to around 67,000 business customers. Its content division, Flextech, is the BBC's partner in UKTV. Together they are the largest supplier of basic channels to the U.K. pay-TV market. For further information go to http://www.telewest.co.uk/media. CONTACT: TELEWEST COMMUNICAITONS Mary O'Reilly Phone: 020 7299 5000 Richard Williams Phone: 020 7299 5888 CITIGATE Dewe Rogerson Phone: 020 7638 9571 Anthony Carlisle Phone: 07973 611888 TRILOGY FINANCIAL: Hires Liquidators from Robson Rhodes ------------------------------------------------------- At an Extraordinary General Meeting of the Trilogy Financial Products Limited Company on June 21, 2004 held at 60 Lombard Street, London, the Special, Ordinary and Extraordinary Resolutions to wind up the company were passed. Simon Peter Bower and Trevor Patrick O'Sullivan of RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU has been appointed as Joint Liquidators for the purpose of such winding-up. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Liquidators: Simon Peter Bower Trevor Patrick O'Sullivan TRIZECHAHN PLC: Appoints PricewaterhouseCoopers Liquidator ---------------------------------------------------------- At a General Meeting of the Members of Trizechahn Plc on July 8, 2004 the Special and Ordinary Resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed Joint Liquidators of the Company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court, London EC4A 4HT Liquidators: Richard Setchim Jonathan Sisson WH SMITH: Pensioners Demand Senior Creditor Treatment ----------------------------------------------------- Permira is taking an unusual step of giving high-priority status to pension scheme members of WH Smith. According to the Financial Times, the private equity firm is asking potential backers for its revised bid to pay the members as they would senior lenders in case of insolvency. Usually, pension scheme creditors are among the last to get cash if a company goes bust. WH Smith policyholders are getting extraordinary powers compared to other pension scheme members of other companies. In WH Smith's case, they have power to set contributions, and lately, they are getting in the way of a possible sale of the company. Talks between WH Smith and Permira fell off in June after trustees of the pension plan asked for a large cash sum for its pension fund. They disagreed on a 371p a share offer, and threatened to block the transaction. It is understood now they will withdraw the threat if GBP150 million is added to the scheme, and the remaining shortfall ranks "pari passu" with that of senior creditors. WH Smith's scheme is underfunded by between GBP215 and GBP250. According to the report, it is understood that the new terms would start with an offer of about 340p a share, valuing the company at about GBP850 million. ********* 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. 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