/raid1/www/Hosts/bankrupt/TCREUR_Public/040723.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
Friday, July 23, 2004, Vol. 5, No. 145
Headlines
C Z E C H R E P U B L I C
BENAR A.S.: Interrupted Bankruptcy Proceedings in March Resume
CZECH TELEVISION: Books CZK145 Million Annual Loss
ROSTROJ ROUSINOV: Court Brings in Preliminary Administrator
F I N L A N D
METSO CORPORATION: To Bare Results of Interim Review July 28
F R A N C E
FRANCE TELECOM: Ratings Unaffected by E.U. Commission Ruling
G E R M A N Y
HEIDELBERGER DRUCKMASCHINEN: First-quarter Orders Up 66%
I R E L A N D
ELAN CORPORATION: Testing Results for Alzheimer's Cure Positive
TRALEE BEEF: Court Sanctions Directors for Negligence
I T A L Y
CIRIO FINANZIARIA: Divesting Stake in Spanish Company
PARMALAT FINANZIARIA: Files Reports with Local Bourse
PARMALAT FINANZIARIA: Probers Establish Banks' Link to Fraud
PARMALAT FINANZIARIA: Debt-for-Equity Swap Gets Marzano's Nod
L U X E M B O U R G
MILLICOM INTERNATIONAL: Schedules EGM August 9
N E T H E R L A N D S
LAURUS N.V.: First-half Sale Falls 7.7%
ROYAL SHELL: Appoints First Nigerian Head of Operation
ROYAL SHELL: S&P Evaluates Corporate Governance
R U S S I A
AIR-ENTERPRISE: Moscow Court Appoints Insolvency Manager
FOOD MARKET: Next Bankruptcy Hearing Slated for September 22
GSK MONOLITH: Insolvent Status Confirmed
KONZAS: Proofs of Claim Deadline Expires August 17
LYULPANSKY LPK: Mary-El Court Sets September 30 Hearing
MAGISTRAL: Bankruptcy Proceedings Begin
MINI-AGRO-STROY: Undergoes Bankruptcy Supervision Procedure
MOSCOW CABLECOM: ComCor-TV Increases Access Network
RUZAEVSKY SSK: Bankruptcy Supervision Starts
SBS-AGRO: Four-year Restructuring Ends in Liquidation
SBS-AGRO: First Creditors Meeting August 14
TEKSTILSHIK: Omsk Court Appoints Insolvency Manager
ULYANOVSK-PTITSE-PROM: Court Sets October 4 Hearing
YUKOS OIL: Warns of Cash Crunch as Early as Mid-August
YUKOS OIL: Energy Reserves Worth Over US$43 Billion
YUKOS OIL: Govt Finds Judge to Hear Tax Bill Appeal
* Fitch Rules out Systemic Russian Banking Crisis in Near Future
S P A I N
IZAR: Govt Opts to Dismantle Shipbuilder to Avoid Bankruptcy
S W E D E N
LM ERICSSON: Reports Solid Second-quarter Performance
LM ERICSSON: To Resolve Voting Rights Difference at Aug. 31 EGM
U K R A I N E
BUDYONOVSKIJ: Donetsk Court Appoints Liquidator
DRUZHBA: Deadline for Proofs of Claim August 3
HERSON MACHINE: Court Appoints Temporary Insolvency Manager
KOMBI-PROVENDER: Declared Insolvent
PRODTOVARY: Proofs of Claim Deadline August 3
PYRAMID: Donetsk Court Appoints Insolvency Manager
VIKOR-TRADE: Court Starts Bankruptcy Supervision
ZVENIGORODKA' MILL: Under Bankruptcy Supervision
U N I T E D K I N G D O M
ADVANCED METERING: Creditors Meeting July 28
ALLOY WHEELS: Sets Creditors Meeting July 28
BLACKGATE DISTRIBUTION: Creditors Meeting Wednesday Next Week
BRODIE LIMITED: Calls in Administrators
CABLE & WIRELESS: First-quarter Revenue Down Year-on-year
COLT TELECOM: Second-quarter Loss Down 24% to GBP26.3 Million
DBRS LTD.: Creditors Meeting July 28
EFFORSENRAB (5) LIMITED: Winding up Resolutions Passed
EMPTY QUARTER: Closes Shop; Calls in Tenon Recovery
FIRST CITY: Final Meeting Set August 12
GAMBLE MANUFACTURING: Creditors Meeting Set Next Week
HERA RECRUITMENT: Unsecured Creditors Meeting August 19
HORSEPOWER MEDIA: Hires Unity Corporate Recovery Administrator
HUMBERSTON PARK: Brings in Administrator from CRG
INVENSYS PLC: Reiterates Cautious Forecast in May
LINBORN LTD.: Creditors to Meet July 27
L.S.S. SERVICES: Hires Leonard Curtis & Co. Administrator
LYOOB HOLDINGS: Sets Meeting of Creditors July 27
MARTIN AND FIELD: Owners Barred from Setting up Another Firm
MEDIA HOUSE: Surrey Asset Appoints KPMG Receiver
MEGA PROFILE: In Administrative Receivership
MOB HUB: Appoints Liquidator from CBA
MOSCOWGOLD LIMITED: Sets Members General Meeting August 23
MYRATECH.NET PLC: Books Modest Profit from Sale of Sage Business
NORMAN LUCAS: Hires Liquidator from Chris Haworth & Co.
REDCAR FAST: Special Winding up Resolution Passed
REDSTAR MARKETING: Appoints PKF Administrator
REPLICA ENGINEERING: Hires Joint Administrators from DTE
SEB UPHOLSTERY: Hires Stoy Hayward Liquidator
STEP FORWARD: Creditors Meeting Set July 27
STREATHAM ICE: Sets Members General Meeting August 23
SYMINGTON ESTATE: Appoints Liquidators from Robson Rhodes
THISTLE HOTELS: Expects EUR200 Mln for 7 Hotels on Auction Block
XS TECHNOLOGY: Sets Creditors Meeting July 27
ZAP PRODUCTIONS: Creditors to Meet July 28
*********
===========================
C Z E C H R E P U B L I C
===========================
BENAR A.S.: Interrupted Bankruptcy Proceedings in March Resume
--------------------------------------------------------------
Czech textile maker Benar a.s. succumbed to bankruptcy four
months after avoiding it on a technicality. According to Czech
Happenings, the High Court cancelled its bankruptcy proceedings
in March due to "formal shortcomings." Consequently, the
company continued operating under Ludmila Stepkova, its
receiver. Benar employs 360.
CONTACT: Benar a.s.
Benesov nad Ploucnici
Ceskolipska 224
Phone: (00420)412/586 836
(00420)412/586 437
Fax: (00420)412/586 437
(00420)412/586 430
Web site: http://www.benar.cz
CZECH TELEVISION: Books CZK145 Million Annual Loss
--------------------------------------------------
Czech Television (CT) posted a loss of around CZK145.5 million
in 2003, Asia Intelligence Wire cites Chairman Jan Mrzena.
The loss is the result of the restructuring implemented by the
new management of the state-owned broadcaster, the report says.
The restructuring saw the company's expenditures balloon to
almost half a billion korunas, while revenues stayed flat at
CZK4.6 billion.
The company will reduce its assets, currently valued at CZK2.6
billion, to offset its losses. Mr. Mrzena said the television
company booked a CZK22 million profit in the first few months of
this year.
CONTACT: CZECH TELEVISION
Kavci hory,
CZ - 140 70 Praha 4
Phone: (+4202) 6113 1111
E-mail: info@czech-tv.cz
Web site: http://www.czech-tv.cz
ROSTROJ ROUSINOV: Court Brings in Preliminary Administrator
-----------------------------------------------------------
The Brno Regional Court has appointed a preliminary
administrator to engineering company Rostroj Rousinov a.s.,
Czech Happenings reports. According to presiding judge, Jan
Kozak, around 80 bankruptcy petitions have been filed against
the company, mostly by employees whose wages have not been paid.
He did not identify the preliminary administrator.
CONTACT: ROSTROJ ROUSINOV A.S.
Mlekarska 1
683 01 Rousinov
Phone: 517 305 111
517 305 118
517 305 152
Fax: 517 305 119
517 305 153
E-mail: info@rostroj.cz
obchod@rostroj.cz
Web site: http://www.rostroj.cz
=============
F I N L A N D
=============
METSO CORPORATION: To Bare Results of Interim Review July 28
------------------------------------------------------------
Metso Corporation's Interim Review for January to June 2004 will
be published on Wednesday, July 28, 2004 at about 12:30 Finnish
time. A news conference will be held on July 28, 2004 at (a)
8:00 a.m. US EST; (b) 1:00 p.m. GMT; (c) 2:00 p.m. CET; and (d)
3:00 p.m. Finnish time at Metso Corporation's headquarters,
Fabianinkatu 9 A, Helsinki, Finland. The news conference can be
followed live via Internet at http://www.metso.com.
You will also be able to follow the news conference in a
conference call to be arranged simultaneously. Conference call
participants are requested to call in a few minutes prior to the
start of teleconference in U.S.: +1 334 420 495; other
countries: +44 (0)20 7162 0197.
A replay is available for 48 hours after the conference in
U.S.: +1 334 323 6222 (access code: 839 932), other countries
Phone: +44 (0)20 8288 4459 (access code: 839 932). Interim
Review presentation material is available before the news
conference at http://www.metso.com. You are most welcome to
participate in the news conference or the conference call.
* * *
Standard & Poor's rates Metso's corporate credit 'BB+'.
CONTACT: METSO CORPORATION
Helena Aatinen
Senior Vice President for Corporate Communications
Phone: +358 204 84 3004
Eeva Makela
Vice President, Investor Relations
Phone: +358 204 84 3253
===========
F R A N C E
===========
FRANCE TELECOM: Ratings Unaffected by E.U. Commission Ruling
------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday its ratings
and outlook on France's dominant telecommunications services
provider France Telecom S.A. (FT; BBB+/Positive/A-2) remain
unchanged following a news that the European Commission has
asked France Telecom to pay EUR800 million to EUR1.1 billion,
plus interest, for alleged tax benefits under a specific "taxe
professionnelle" (business tax) regime from 1994 until 2002.
France Telecom has denied the ruling's validity, claiming that
it actually overpaid EUR1.7 billion between 1990 and 2002, and
that, even if the specific tax regime had involved elements of
state aid, it would have been covered by a 10-year prescription
period under E.U. regulation. France Telecom intends to appeal
to the Court of First Instance of Luxembourg to annul the
European Commission's decision.
Standard & Poor's has been aware of this contingent liability
since the start of the E.U.'s investigation in 2003, and has
therefore factored it into its ratings on France Telecom.
Nevertheless, if adverse for France Telecom, a court ruling
would lead to substantial cash outflow for the French telecoms
incumbent, possibly slowing the pace of debt reduction. That
said, France Telecom's strong cash flow and focused financial
policy, if sustained over the medium term, will continue to
provide ratings improvement potential.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analyst E-Mail Addresses
guy_deslondes@standardandpoors.com
leandro_detorreszabala@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
=============
G E R M A N Y
=============
HEIDELBERGER DRUCKMASCHINEN: First-quarter Orders Up 66%
--------------------------------------------------------
At the Annual General Meeting of Heidelberger Druckmaschinen AG
(Heidelberg) at 10:00 a.m. on Wednesday, the company's Chief
Executive Officer, provided a preliminary information on
incoming orders and sales for Heidelberg's first quarter (April
1 to June 30, 2004).
The Group's preliminary figures for incoming orders in the first
three months of fiscal year 2004/2005 are just under EUR1.3
billion (previous year: EUR783 million), thanks to the numerous
contracts concluded at the drupa trade show. This provides an
excellent platform for sales in the coming quarters.
Preliminary sales in the first three months of fiscal year
2004/2005 are EUR710 million (previous year: EUR741 million).
Excluding sales from the Web Systems and Digital divisions,
which were divested during the current fiscal year, preliminary
sales are EUR602 million, slightly above the comparable figure
for the previous year (EUR595 million). The full financial
statements for the first quarter will be published on August 9.
The company's shareholders voted on seven items:
(a) Because of the negative result, the Management Board and the
Supervisory Board propose at the Annual General Meeting that
no dividend be paid for the year under review.
(b) Jan Zilius, Member of the Executive Board of RWE AG, will
resign from the Supervisory Board of Heidelberger
Druckmaschinen AG with effect from the end of the Annual
General Meeting.
(c) The current Chairman of the Supervisory Board, Dr. Klaus
Sturany, will resign his post as Chairman once all the seats
on the Supervisory Board are occupied again. Sturany, CFO
at RWE AG, will remain a member of the Heidelberg
Supervisory Board.
(d) Following his forthcoming appointment by the courts to the
Supervisory Board of Heidelberger Druckmaschinen AG, Dr.
Mark Wossner is to replace Klaus Sturany as Chairman of the
Supervisory Board.
* * *
In June, Heidelberger Druckmaschinen reported that net result in
the past fiscal year was -EUR695 million (previous year: -EUR138
million). This includes non-recurring expenditures of EUR569
million -- first and foremost depreciation on book values -- for
restructuring costs and expenditures in connection with the
discontinued operations in the Digital and Web Systems
divisions.
"By divesting unprofitable operations and reducing fixed costs
over the long term, we were able to significantly reduce our
break-even threshold," said Dr. Herbert Meyer, the company's
CFO. "We have thus laid the groundwork for a return to our
usual high profits in the medium term."
CONTACT: HEIDELBERGER DRUCKMASCHINEN AG
Corporate Communications
Thomas Fichtl
Phone: +49-6221 92 4747
Fax: +49-6221 92 5069
E-mail: thomas.fichtl@heidelberg.com
=============
I R E L A N D
=============
ELAN CORPORATION: Testing Results for Alzheimer's Cure Positive
---------------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) and Wyeth Pharmaceuticals
announced several key findings from their Phase IIa clinical
trial of an investigational Alzheimer's disease (AD) treatment,
AN-1792, which were presented in Philadelphia at the 9th
International Conference on Alzheimer's Disease and Related
Disorders.
AN-1792 is a synthetic form of the beta amyloid peptide that
pathologically builds up in the brains of persons with AD.
Although dosing with AN-1792 was halted in January 2002 after
reports of encephalitis in a subset of patients, the trial
remained blinded and the patients were followed in the study
until December 2002.
While clinical development of AN-1792 has been terminated, the
results presented on Wednesday support the beta amyloid
immunotherapy approach, which is thought to treat Alzheimer's
disease using an immunologic approach to clear beta amyloid from
the brain. The results include less worsening on a
neuropsychological test battery, including the memory component
at 12 months in patients who developed an antibody response to
AN-1792 compared to the placebo group. In addition, in three
autopsy examinations of patients treated with AN-1792, reduction
of beta amyloid plaque was observed.
"These results are significant because they suggest that it may
be possible to reduce plaque buildup in the brain and alter the
pathologic findings of patients with Alzheimer's disease," said
Dale Schenk, PhD, Senior Vice President and Chief Scientific
Officer, Elan. "These data offer hope that beta amyloid
immunotherapy may be able to make a meaningful difference for
these patients."
Sid Gilman, MD, FRCP, William J. Herdman Professor and Director,
Michigan Alzheimer's Disease Research Center, University of
Michigan, and Nick Fox, MD, FRCP, MRC Senior Clinical Fellow;
Reader in Neurology, Institute of Neurology; Neurologist,
National Hospital for Neurology and Neurosurgery, were principal
investigators in the trial and presented the data on Wednesday
at the 9th International Conference on Alzheimer's Disease &
Related Disorders.
AN-1792 Phase IIa Study Findings
(a) A number of clinical endpoints were examined in this
interrupted trial. Though primary cognitive endpoints did
not demonstrate improvement in those treated with AN-1792, a
composite neuropsychological performance measure, including
the memory component, improved at 12 months in anti beta
amyloid antibody responders compared to placebo-treated
patients.
(b) Evidence of beta amyloid plaque reduction was observed in
three autopsy cases that have been examined from the Phase I
and IIa AN-1792 trials. The observed plaque clearance is
consistent with those findings of numerous laboratories
investigating beta amyloid immunotherapy in animal models of
Alzheimer's disease. An analysis is in progress of a fourth
autopsy case showing evidence of active plaque removal.
(c) Levels of tau protein in cerebral spinal fluid (CSF), a
marker known to be elevated in AD, were lower in anti beta
amyloid antibody responders.
(d) Brain volume was lower in anti beta amyloid antibody
responders as measured by magnetic resonance imaging
(MRI).
"The significance of any of these data individually is not
clear; however, collectively the study results from AN-1792
underscore the importance of our novel immunotherapeutic
approach to the treatment of this devastating disease and
indicate that further study of this approach is warranted," said
Gary L. Stiles, MD, FACC, Chief Medical Officer, Executive Vice
President, Wyeth Pharmaceuticals. "That is why Wyeth and Elan
are now in the clinic evaluating a new compound, AAB-001, a
humanized monoclonal antibody."
About the Phase IIa AN-1792 Clinical Trial
The AN-1792 Phase IIa study was an international, double-blind
placebo-controlled trial that assessed 372 patients with mild to
moderate Alzheimer's disease. Because of an expected 25%
antibody response rate in those treated with AN-1792, patients
were randomized 4:1 to receive either active immunization with
AN-1792 or placebo.
The study was designed to evaluate the clinical impact of
eliciting an immune response (formation of antibodies) to the
beta amyloid peptide. The evaluation included standard clinical
assessments of cognition as well as the assessment of surrogate
markers of Alzheimer's disease. Dosing was halted in January
2002 after reports of encephalitis in a subset of patients;
however, the trial remained blinded and patients were followed
in the study until December 2002. Because Alzheimer's disease
is a terminal diagnosis, autopsies were performed on the
patients in the clinical study who have since died to confirm
previous diagnosis of the disease.
Other Immunotherapeutic Approaches
Elan and Wyeth are currently pursuing beta amyloid immunotherapy
for mild to moderate Alzheimer's disease in a Phase I safety
study of a new compound, AAB-001. AAB-001 is a humanized
monoclonal antibody that binds to and clears beta amyloid
peptide in experimental animal models. It is designed to
provide the anti beta amyloid antibodies directly to the
patient, rather than requiring the patient to mount an immune
response.
Elan and Wyeth are also developing ACC-001, a novel beta
amyloid-related active immunization approach, which is currently
being evaluated in preclinical studies. This approach is
intended to induce a highly specific antibody response to beta
amyloid.
About Alzheimer's Disease
It is currently estimated that 4.5 million people in the United
States and more than 13 million people worldwide suffer from AD.
Given anticipated increases in the population age of the United
States and other countries, it is expected that more than 37
million people worldwide will be afflicted by the disease by
2025.
About Elan
Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
About Wyeth
Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE), has
leading products in the areas of women's health care,
cardiovascular disease, central nervous system, inflammation,
transplantation, hemophilia, oncology, vaccines and nutritional
products.
Wyeth is one of the world's largest research-driven
pharmaceutical and health care products companies. It is a
leader in the discovery, development, manufacturing, and
marketing of pharmaceuticals, vaccines, biotechnology products
and nonprescription medicines that improve the quality of life
for people worldwide. The company's major divisions include
Wyeth Pharmaceuticals, Wyeth Consumer Healthcare, and Fort Dodge
Animal Health.
CONTACT: ELAN CORPORATION
Investors:
Emer Reynolds
Phone: 353-1-709-4000
or 800-252-3526
Media:
Anita Kawatra
Phone: 212-407-5755
or 800-252-3526
WYETH PHARMACEUTICALS
Investors:
Justin Victoria
Phone: 973-660-5340
Media:
Gerald V. Burr
Phone: 484-865-5138
TRALEE BEEF: Court Sanctions Directors for Negligence
-----------------------------------------------------
A High Court on Tuesday banned four directors of Tralee Beef and
Lamb from holding directorship in other companies after finding
them negligent on their duties in the firm, Irish Times reports.
The paper identified the directors as John Delaney, his wife
Patricia Delaney, Commodore Holdings Ltd. managing director
Terry Dunne, and chartered accountant Simon Coyle. The court
said they acted honestly but not responsibly, leading to the
liquidation of the firm. They are barred for a five-year
period, although this could be waived if the company they want
to be involved in meets legislative requirements regarding paid-
up capital.
Tralee Beef debones cattle and lamb sold in Ireland and U.K.
The company went into receivership in 2001. Of Tralee Beef's
creditors, which include 300 farmers, only Anglo Irish Bank was
able to recover money from the receiver.
=========
I T A L Y
=========
CIRIO FINANZIARIA: Divesting Stake in Spanish Company
-----------------------------------------------------
Insolvent food group Cirio Finanziaria is selling 91.6% of Rio
Verde Carton, its joint venture with Spanish investment group
Mercapital, Europe Intelligence Wire reports.
The sale price has not been set, but it is understood an offer
will have to include the company's short-term debts of EUR5
million and long-term debts of EUR7.9 million. New owners would
also be required to cover its net equity, which in 2003 stood at
EUR5.3 million. The sale is expected to be completed by early
2005.
Several Spanish companies are thought to be interested in the
business, but it is not clear whether they include 8.4% owner
Mercapital. Rio Verde Carton management thinks it might
actually lodge an offer.
Rio Verde is a Spanish coated cardboard and power co-generation
company. The company has turnover of EUR23.6 million in 2003.
Operating profit was EUR1.45 million. Rio Verde plans to invest
EUR3.3 million during the next three years. Annual growth is
predicted to be around 15% of its operating profits and around
40% of its gross margins.
CONTACT: CIRIO DEL MONTE ITALIA S.p.A.
Legal Address:
Via Augusto Valenziani,
10 - 00187 Rome
Phone: 06 421761
Fax: 06 42176230
Administrative Address:
Strada Provinciale per Podenzano,
10 - 29010 San Polo di Podenzano
Phone: 0523 536123
Fax: 0523 379257
Web site: http://www.cirio.it
PARMALAT FINANZIARIA: Files Reports with Local Bourse
-----------------------------------------------------
Parmalat Finanziaria S.p.A., in Extraordinary Administration,
communicates that these documents are available from the
registered office and the administrative head office of the
company and from Borsa Italiana S.p.A.:
(a) A report on the consolidated financial and economic position
of the Parmalat Group as at December 31, 2003, along with a
brief Management Report and the Report of the External
Auditors;
(b) A report on the financial and economic position as at
December 31, 2003 of Parmalat Finanziaria S.p.A., in
Extraordinary Administration;
(c) A report on the financial and economic position as at
December 31, 2003 of Parmalat S.p.A. in Extraordinary
Administration.
These documents are also available at http://www.parmalat.com.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Sede legale:
43044 Collecchio (Pr) -
Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle Imprese
di Parma 00175250471 - Partita I.V.A. 01938950340 -
R.E.A. Parma n. 188325 - U.I.C. n. 730
Sede amministrativa:
20122 Milano - Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail x_affari_societari_it@parmalat.net
PARMALAT FINANZIARIA: Probers Establish Banks' Link to Fraud
------------------------------------------------------------
Big foreign banks helped Italian dairy group Parmalat
Finanziaria hide the true state of its accounts, a probe
commissioned by Milan judges reveals. Investigators on Tuesday
turned in a 445-page report detailing findings on the group's
transaction prior to its collapse in December.
Bloomberg News, which has obtained a copy of the document, says
the banks cited were Citigroup Inc. and Bank of America,
Parmalat's advisors on its offshore accounts. It also mentioned
Credit Suisse First Boston, UBS AG, Morgan Stanley, and Deutsche
Bank AG. They allegedly helped Parmalat issue EUR14 billion
(US$17 billion) in loans 18 months before its EUR14 billion
fraud was discovered. UBS sold EUR420 million of debt, while
Citigroup helped raise more than EUR30 million through
securitizing receivables from the company's milk distributors.
Bloomberg cited Special Parmalat Commissioner Enrico Bondi
saying that EUR13.2 billion of the EUR14.2 billion debt was paid
as commissions to adviser banks. The investigator's report said
the banks should have detected anomalies in Parmalat's books by
reviewing the amount of debt, investments and cash that Parmalat
declared in its public statements.
Francesco Greco is leading the Milan investigation into
Parmalat. He is joined by Milan-based financial consultant
Stefania Chiaruttini.
UBS, Europe's biggest bank, was "fully aware of the critical
situation of Parmalat" when it organized a transaction in July
2003, Mr. Chiaruttini said.
David Walker, a spokesman for the bank in London replied: "We
have absolutely no evidence that any UBS employees have done
anything misleading, fraudulent or illegal in their dealings
with Parmalat or were aware of the true state of Parmalat's
finances."
PARMALAT FINANZIARIA: Debt-for-Equity Swap Gets Marzano's Nod
-------------------------------------------------------------
Industry Minister Antonio Marzano on Tuesday okayed Parmalat
Finanziaria's plan to swap billions of debt for equity, making
the group's restructuring plan halfway approved, AFX reports.
Under the plan, creditors will get one warrant with each share
they are issued, up to a maximum of 500 warrants. Each warrant
gives the holder the right to buy a share in the new Parmalat
between 2005 and 2015 at nominal value. Company's shareholders
will not get any compensation, while suppliers that have
extended credit to the company since the beginning of the year
will be paid back in full in cash. Creditors are still to
approve the plan, and the government may still change some of
its conditions. But it is thought the lenders are unlikely to
oppose it since they stand to recover even less than the meager
value they would receive at the current scheme. The debt-for-
equity swap will give them back only a little more than 10% of
their original investment. They are expected to give their
consent by the end of the year.
The plan foresees creating from the dairy giant a smaller
company that will concentrate on selling diary products and
juice in Italy. The shares in the new company are likely to
begin trading early next year.
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: Schedules EGM August 9
----------------------------------------------
Notice is hereby given to the shareholders of Millicom
International Cellular S.A. that an Extraordinary General
Meeting of shareholders will be held on August 9, 2004, at 3:00
p.m., before Maitre Paul Decker, notary, at 11, Place J.-F.
Dargent a L-1413 Luxembourg (Grand Duchy of Luxembourg). The
agenda are:
(a) Amendment of article 13, paragraph 3 of the articles of
association of the Company so that the current text which
reads:
"The Company shall indemnify any director or officer and his
heirs, executors and administrators, against expenses reasonably
incurred by him in connection with any action, suit or
proceeding to which he may be made a party by reason of his
being or having been a director or officer of the Company, or,
at the request of the Company, of any other company of which the
Company is a shareholder or creditor, except in relation to
matters as to which he shall be finally adjudged in such action,
suit or proceeding to be liable for gross negligence or willful
misconduct; in the event of a settlement, indemnification shall
be provided only in connection with such matters covered by the
settlement as to which the Company is advised by its legal
counsel that the person to be indemnified did not commit such a
breach of duty. The foregoing right of indemnification shall
not exclude other rights to which he may be entitled" will read
as follows, following the proposed amendments:
"The Company shall indemnify any director or officer and his/her
heirs, executors and administrators for any damages,
compensations and costs to be paid by him/her and any expenses
reasonably incurred by him/her as a consequence of, or in
connection with any action, suit or proceeding to which he/she
may be a party by reason of him/her being or having been a
director or officer of the Company, or, at the request of the
Company, of any other company of which the Company is a
shareholder or creditor, except in relation to matters as to
which he/she shall be finally judged in such action, suit or
proceeding to be liable for gross negligence or willful
misconduct; in the event of a settlement, indemnification shall
be provided only in connection with such matters covered by the
settlement as to which the Company is advised by its legal
counsel that the person to be indemnified did not commit such
breach of duty. The foregoing right of indemnification shall
not exclude other rights to which he/she may be entitled".
(b) Miscellaneous
In respect of item 1. of the above agenda, a quorum of 50% of
all issued and outstanding shares of the Company is required for
the valid deliberation of the Meeting and the resolution must be
taken by a three quarters majority of all the shares present or
represented.
Participation to the Meeting is reserved to shareholders who
file their intention to attend the Meeting by mail and/or return
a duly completed and signed proxy form no later than August 4,
2004 at 5:00 p.m. at the address:
Millicom International Cellular S.A.
75, route de Longwy, L-8080 Bertrange
Attention: Veronique Mathieu
Phone: +352 27 759 287
Fax: +352 27 759 359
Proxy forms for the Meeting are available upon request at the
registered office of the company.
Holders of Swedish Depository Receipts wishing to attend or be
represented at the Meeting via proxy have to request a power of
attorney from Fischer Partners Fondkommission AB, P.O. Box
16027, SE-103-21 Stockholm, Sweden, Phone: +46 8 463 85 00 and
send it duly completed no later than August 4, 2004, at 5:00
p.m. to:
Millicom International Cellular S.A.
75, route de Longwy, L-8080 Bertrange
Attention: Veronique Mathieu
Phone: +352 27 759 287
Fax: +352 27 759 359
Holders of Swedish Depository Receipts having registered their
Swedish Depository Receipts in the name of a nominee must
temporarily register the Swedish Depository Receipts in their
own name in the records maintained by VPC AB in order to
exercise their shareholders' rights at the Meeting and such
registration must be completed no later than July 30, 2004.
July 21, 2004
* * *
Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16
cellular operations and licenses in 15 countries. The Group's
cellular operations have a combined population under license of
approximately 387 million people.
CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A.
societe anonyme
Registered office: 75, route de Longwy
L-8080 Bertrange
Grand Duchy of Luxembourg
R.C. Luxembourg: B-40.630
Web site at http://www.millicom.com
Marc Beuls
President and Chief Executive Officer
Phone: +352 27 759 327
SHARED VALUE LTD, LONDON
Investor Relations
Andrew Best
Phone: +44 20 7321 5022
=====================
N E T H E R L A N D S
=====================
LAURUS N.V.: First-half Sale Falls 7.7%
---------------------------------------
Bruijniks, Chairman of Laurus N.V.'s Group Management Board
said: "Like-for-like sales at Laurus are still under pressure.
The restyling of the Laurus formats is continuing. In the
second quarter necessary changes have been implemented at the
Konmar Superstores; all stores have undergone a thorough face-
lift and the prices of 5,000 products have been reduced by an
average of 7%.
"Super De Boer is working on the quality of its fresh-food
products, resulting in them taking a higher share. In addition,
Super De Boer is currently scrutinizing its store processes with
McKinsey as part of the Superfit efficiency project. The six
Edah Lekker & Laag pilot stores have seen sales increases
averaging several tens of percent despite having been situated
in highly competitive market areas.
"Customer numbers and average spending have risen
proportionately. The number of Edah stores operating under the
Edah Lekker & Laag format will, therefore, be substantially
expanded in the second half of 2004. Further decisions on plans
for Edah in 2005 will be made in the autumn. During the
expansion process there will be continual consultation with the
Supervisory Board. A request for an opinion will be made to the
central works council."
Sales in the first half of 2004 (weeks 1 to 26)
(a) Combined like-for-like consumer sales at Edah, Konmar and
Super De Boer fell by 7.7% in the first half of 2004
compared with the first half of 2003.
(b) Edah, Konmar and Super De Boer recorded net sales of
EUR1.746 billion. This is 11.6% lower than the net sales in
the first half of 2003 (EUR1.974 billion). The decrease was
partly attributable to the disposal of stores, petrol
stations and off-licenses. There was also the effect of
price reductions as a result of the price war. Figures from
the European statistical office, Eurostat, show that the
Netherlands was exceptional in the European Union last year,
with a fall in food prices of 3.2%. Food prices rose in
almost every other EU member state.
(c) In the first half of 2004 total consumer sales by the Laurus
formats came out at EUR2.076 billion (2003: EUR2.313
billion).
Laurus and the road to recovery
With distinctive retail formats, each with its individual
identity and commercial policy and each independently addressing
its specific market segment, Laurus aims in the coming years to
strengthen significantly its position as the second-largest
player in the Dutch food retailing sector. The company is
resolutely pursuing its step-by-step recovery plan, which runs
until the end of 2007, while closely monitoring its operating
costs and back-office processes on a continuous basis.
A full copy of the press release is available free of charge at
http://bankrupt.com/misc/Laurus_SalesH1.pdf.
CONTACT: LAURUS N.V.
Parallelweg 64
5201 AD's-Hertogenbosch, The Netherlands
Phone: +31 73 622 3622
Fax: +31 73 622 3636
Web site: http://www.laurus.nl
ROYAL SHELL: Appoints First Nigerian Head of Operation
------------------------------------------------------
Shell Petroleum Development Company of Nigeria Limited (SPDC)
announced the appointment of Basil Omiyi as its Managing
Director with effect from September 1 2004. Mr. Omiyi, 58, will
be the first Nigerian to hold the post.
Chris Finlayson, the current Managing Director of SPDC, has been
appointed Chief Executive Officer of Shell Exploration and
Production (Shell EP) in Africa with effect from October 1 2004.
Mr. Finlayson, 48, will continue to be based in Lagos, Nigeria,
and will retain the role of Country Chair for Nigeria.
Mr. Finlayson succeeds Shell EP Africa's current Chief Executive
Officer, Brian Ward, 57, who retires after more than 36 years of
service with the Royal Dutch/Shell Group of Companies (Shell) in
a career that has seen assignments in the Netherlands, Brunei,
Malaysia, Nigeria, Argentina and the United Kingdom.
Mr. Omiyi is currently Production Director of SPDC. He joined
Shell in 1970 as a petroleum engineer and has worked in Nigeria,
the United Kingdom and the Netherlands. He was appointed to the
Board of SPDC in 1996, when he took up the position of General
Manager, Relations and Environment. In 1999 he was appointed
External Affairs Director before assuming his current role in
2002.
Mr. Omiyi said: "I am delighted to be appointed Managing
Director of SPDC and I am honored to be the first of what I
expect will be many Nigerians to hold the post. I look forward
to the opportunities and challenges which lie ahead."
Mr. Finlayson began his Shell career in 1977 in the United
Kingdom as a petroleum engineer. He has since also worked in
Brunei, Turkey and the Netherlands. He was first posted to
Nigeria from 1992 to 1995, as SPDC Development Manager. Prior
to his appointment in October 2003 as Managing Director of SPDC,
Mr. Finlayson was Managing Director of Brunei Shell Petroleum
Company.
Mr. Finlayson said: "Africa is an important area of focus for
Shell EP and I look forward to working with our thousands of
employees across the continent as we further develop our
business in this exciting and challenging region."
ROYAL SHELL: S&P Evaluates Corporate Governance
-----------------------------------------------
Standard & Poor's Governance Services on Wednesday published a
Governance Assessment report on Royal Dutch/Shell Group of
Companies, the first such assessment to be released under
Standard & Poor's new corporate governance evaluation program.
The program is designed to enhance surveillance of rated
companies.
The Governance Assessment concludes that the Shell group's
corporate governance profile is moderate to weak on a global
comparison. This reflects the scope for improvement in the
existing governance structure regarding management oversight and
internal operating control. It also reflects the group's
complicated ownership and governance structures.
Positively, the company is reviewing its existing governance
framework, and this is likely to result in a number of
organizational and governance changes. The review's final
conclusions are not likely to be announced until November 2004,
however, and are unlikely to be fully implemented until 2005.
The review complements the affirmation of the credit rating on
the Shell group at 'AA+' with a negative outlook on July 8,
2004. The negative outlook in part factors in the conclusions
about the group's corporate governance and controls focused upon
in the Governance Assessment.
Governance Assessments are based on the global corporate
governance scoring criteria developed by Standard & Poor's
specialist corporate governance analysts. These specialists, in
conjunction with the relevant credit analysts in Standard &
Poor's Ratings Services, conduct the Governance Assessments.
The Governance Assessment program was announced in March 2004 as
an extension of Standard & Poor's enhanced analytics initiative.
It provides a structured and systematic approach to assessing
management and governance issues, and uses a risk-based process
for determining cases where additional governance analysis may
be warranted to better inform a credit rating opinion.
Standard & Poor's expects to publish 100-150 Governance
Assessments by the end of 2005. Standard & Poor's has
historically factored management and governance issues into its
ratings process, and so few rating actions are expected to
result from this additional surveillance. The Governance
Assessments will, however, enhance the rigor of the ratings
process and provide additional transparency about the governance
component of ratings.
The Governance Assessments focus on factors relevant to credit
ratings, including ownership, board oversight, auditing process,
oversight of financial disclosure, management culture, and
executive compensation. Depending on company response and
cooperation, these assessments can include full access to
company senior management and board directors, including
information such as board minutes and committee papers. In
cases where there is limited or no cooperation from company
management, the assessments are based wholly or largely on
public information. The level of each company's involvement
will be indicated in each Governance Assessment.
The Governance Assessment initiative will focus first on
companies in the U.S. and Western Europe, but over time will
include assessments of companies worldwide.
===========
R U S S I A
===========
AIR-ENTERPRISE: Moscow Court Appoints Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
supervision procedure on CJSC Air-Enterprise Gals. The case is
docketed as A40-18783/04-36-7B. Mr. S. Kuznetsov has been
appointed temporary insolvency manager. Creditors are asked to
submit their proofs of claim to 125009, Russia, Moscow 9,
Kuznetsov S.
CONTACT: AIR-ENTERPRISE GALS
119029, Russia,
Moscow, Nikitsky Av. 11/12,
Building 4
Mr. S. Kuznetsov
Temporary Insolvency Manager
125009, Russia,
Moscow 9, Kuznetsov S
FOOD MARKET: Next Bankruptcy Hearing Slated for September 22
------------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
supervision procedure on state unitary enterprise Agency On
Regulation Of The Food Market. The case is docketed as A35-
3215/04g. Mr. S. Bulgakov has been appointed temporary
insolvency manager.
Creditors had until July 17, 2004 to submit their proofs of
claim to Russia, Kursk, Mirnaya Str. 17/69. A hearing will take
place on September 22, 2004, 10:00 a.m.
CONTACT: AGENCY ON REGULATION OF THE FOOD MARKET
Russia, Kursk,
Mirnaya Str. 17/69
Mr. S. Bulgakov
Temporary Insolvency Manager
Russia, Kursk,
Mirnaya Str. 17/69
GSK MONOLITH: Insolvent Status Confirmed
----------------------------------------
The Arbitration Court of Chelyabinsk region has declared CJSC
GSK Monolith insolvent and introduced bankruptcy proceedings.
The case is docketed as A76-19812/03-48-479. Mr. A. Peskov has
been appointed insolvency manager. Creditors have until August
17, 2004 to submit their proofs of claim to 454084, Russia,
Chelyabinsk, Pobedy Pr. 177, 3rd floor.
CONTACT: GSK MONOLITH
Russia, Chelyabinsk Region,
Korkino, 30 Let of VLKSM, 189
Mr. A. Peskov
Insolvency Manager
454084, Russia,
Chelyabinsk, Pobedy Pr. 177,
3rd floor
KONZAS: Proofs of Claim Deadline Expires August 17
--------------------------------------------------
The Arbitration Court of Astrakhan region commenced bankruptcy
supervision procedure on LLC industrial commerce company Konzas.
The case is docketed as AO-6-1203-b/3-18k/2004. Mr. V. Dmitriev
has been appointed temporary insolvency manager.
Creditors have until August 17, 2004 to submit their proofs of
claim to Russia, Astrakhan, Bakinskaya Str. 79, 1st floor. A
hearing will take place at the Arbitration Court of Astrakhan
region on August 9, 2004, 2:20 p.m.
CONTACT: KONZAS
Russia, Astrakhan,
Slavyanskaya Str. 1
Mr. V. Dmitriev
Temporary Insolvency Manager
Russia, Astrakhan,
Bakinskaya Str. 79, 1st floor
The Arbitration Court of Astrakhan Region
Russia, Astrakhan,
Molodezhny Pr. 6A
LYULPANSKY LPK: Mary-El Court Sets September 30 Hearing
-------------------------------------------------------
The Arbitration Court of Mary-El republic commenced bankruptcy
supervision procedure on CJSC Lyulpansky LPK. The case is
docketed as A38-1350-11/215-2004. Mr. B. Pomazkin has been
appointed temporary insolvency manager.
Creditors had until July 17, 2004 to submit their proofs of
claim to 424003, Russia, Mary-El republic, Yoshkar-Ola, Post
User Box 54. A hearing will take place on September 30, 2004,
9:30 a.m.
CONTACT: LYULPANSKY LPK
425205, Russia,
Mary-El Republic, Medvedevsky region,
Lyulpany, Mekhanizatorov Str. 1
Mr. B. Pomazkin
Temporary Insolvency Manager
424003, Russia,
Mary-El Republic, Yoshkar-Ola,
Post User Box 54
MAGISTRAL: Bankruptcy Proceedings Begin
---------------------------------------
The Arbitration Court of Penza region declared CJSC Magistral
(5809032559) insolvent and introduced bankruptcy proceedings.
The case is docketed as A49-4376/03-45b/20. Mr. S. Silchenko
has been appointed insolvency manager. Creditors have until
August 17, 2004 to submit their proofs of claim to 440600,
Russia, Penza, p/s 3, 40 Let of October, Auto Center.
CONTACT: MAGISTRAL
Russia, Penza Region,
Bessonovsky Region, Chemodanovka,
Dorozhnaya Str. 1
Mr. S. Silchenko
Insolvency Manager
440600, Russia,
Penza, p/s 3, 40 Let of October,
Auto Center
MINI-AGRO-STROY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on CJSC Mini-Agro-
Stroy (TIN 7820019058). The case is docketed as A56-9326/04.
Mr. A. Kokarev has been appointed temporary insolvency manager.
Creditors can submit their proofs of claim to 197046, Russia,
Saint-Petersburg, Post User Box 512. A hearing will take place
on October 4, 2004.
CONTACT: MINI-AGRO-STROY:
189620, Russia,
Saint-Petersburg, Pushkin,
Glinki Str. 30
Mr. A. Kokarev
Temporary Insolvency Manager
197046, Russia,
Saint-Petersburg,
Post User Box 512
MOSCOW CABLECOM: ComCor-TV Increases Access Network
---------------------------------------------------
Moscow CableCom Corporation (MOCC) announced operational
progress for the second calendar quarter of its wholly owned
subsidiary, ComCor-TV (CCTV), a Russian company that provides
broadband communication, information and entertainment services
in Moscow.
As of June 30, 2004, CCTV has increased its access network to a
total of 196,944 homes and businesses. This represents an
increase of 29,596 homes or 17.7% during the quarter, and a
year-to-date increase of 27.2% from December 31, 2003.
As a result of this expanded access network and its continued
marketing efforts, subscribers for CCTV's terrestrial TV
services totaled 60,953 as of June 30, 2004; an increase of over
8.1% from the December 31, 2003 totals.
Subscribers for its premium cable TV services increased to 7,803
as of June 30, 2004, which represents an increase of 13.5%
during the quarter, and a year-to-date increase of 50.6%.
CCTV's subscriber base for Internet access services increased to
14,093 as of June 30, 2004, which represents an increase of
18.5% during the quarter, and a year-to-date increase of 40.7%.
All subscriber information represents total subscriber contracts
recorded by CCTV. At June 30, 2004, approximately 0.8% of
terrestrial subscribers, 28.1% of premium cable TV subscribers
and 25.3% of Internet subscribers were inactive.
As a result of the above growth, Moscow CableCom expects CCTV's
second quarter revenues from subscriber services to be
approximately 29% higher than the service revenues it earned in
its first quarter and they will be 103.0% higher than the
subscriber revenues it recorded in the second quarter of 2003.
Year to date service revenues are approximately 105.7% higher
than revenues recorded by CCTV in the first six months of 2003.
Due to a two-month reporting lag, CCTV's operating results for
the three months ended June 30, 2004 will be consolidated into
the company's results for the three months ended August 31,
2004.
Oliver Grace, Chairman and CEO stated: "We expanded our access
network by more homes in the current quarter than during any
previous quarter in the young history of CCTV. We expect to
continue to continue the subscriber growth noted this quarter,
particularly as we have strengthened our cable television
offerings with our strategic agreements with NTV Plus, and we
continue to expand our advertising and promotional activities.
We believe that our operational progress can be greatly
accelerated with resources from the recently announced financing
from Columbus Nova.
About Moscow CableCom
Moscow CableCom (http://www.moscowcablecom.com)is a U.S.-based
company quoted on the NASDAQ NM under the ticker MOCC. The
Company owns 100% of ComCor-TV (CCTV), a Russian company that
has licenses to provide telecommunications services to 1.5
million homes and businesses in Moscow. CCTV is using access to
ComCor's Moscow Fiber Optic Network (MFON) to provide broadband
services including cable television and high-speed Internet
access to residential and business customers, with plans to add
additional services including IP-based telephony.
CONTACT: MOSCOW CABLECOM CORPORATION
Andrew M. O'Shea
Phone: 860-298-0444
E-mail: aoshea@moscowcablecom.com
ADAM FRIEDMAN ASSOCIATES LLC
Adam Friedman
Phone: 212-981-2529, Ext. 18
E-mail: adam@adam-friedman.com
RUZAEVSKY SSK: Bankruptcy Supervision Starts
--------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
supervision procedure on OJSC Ruzaevsky SSK. The case is
docketed as A39-1901/04-96/7. Mr. V. Bulgakov has been
appointed temporary insolvency manager.
Creditors had until July 17, 2004 to submit their proofs of
claim to:
(a) Ruzaevsky SSK
431440, Russia,
Mordoviya republic, Ruzaevka,
Mira Str. 21;
(b) The Arbitration Court of Mordoviya republic.
(c) Mr. V. Bulgakov
Temporary Insolvency Manager
431440, Russia,
Mordoviya Republic, Ruzaevka,
Mira Str. 21
SBS-AGRO: Four-year Restructuring Ends in Liquidation
-----------------------------------------------------
The Central Bank of Russia has formally liquidated SBS-Agro
bank, Europe Intelligence Wire says. Marina Chekurova, acting
general director of State Corporation Agency for Restructuring
Credit Organizations (ARKO), made the announcement to the press
recently.
The bank had previously undergone a restructuring facilitated by
ARKO, which worked out an amicable settlement between the bank
and its creditors. Affirmed by the Arbitration court of Moscow
on May 8, 2001, the agreement settled the bank's RUB5.47 billion
debt to its 1.1 million depositors. The restructuring lasted
from 1999 to 2003.
SBS-AGRO: First Creditors Meeting August 14
-------------------------------------------
The State Corporation Agency for Restructuring Credit
Organizations which, in accordance with the decision of Moscow
Arbitration Court dated February 17, 2003, acts as the Receiver
of the Joint Stock Commercial Bank SBS-AGRO (JSCB SBS-AGRO)
hereby notifies that the meeting of the creditors of JSCB SBS-
AGRO (further referred to as the Meeting) will be held on August
14, 2003 at 12:00 (Moscow time) at the following address:
Moscow, Vostochnaya Street, 4, Palace of Culture of AMO ZIL.
The Agenda of the Meeting:
(1) Approval of the order for conducting the Meeting of JSCB
SBS-AGRO creditors;
(2) Report of the Receiver for the period from February 17 till
July 15, 2003;
(3) Deciding upon the quantitative composition of JSCB SBS-AGRO
Creditors Committee;
(4) Approval of the list of issues that can be decided by JSCB
SBS-AGRO Creditors Committee;
(5) Election of the representative of JSCB SBS-AGRO creditors'
Meeting for participation in the arbitration process on the
bankruptcy case;
(6) Empowering the Receiver (the State Corporation Agency for
Restructuring Credit Organizations) to keep the register of
JSCB SBS-AGRO creditors' claims;
(7) Election of JSCB SBS-AGRO Creditors Committee members.
Competitive creditors and authorized bodies with their claims
established in accordance with the Federal Law "On
Insolvency/Bankruptcy" and included into the register of JSCB
SBS-AGRO creditors claims (further referred to as the Register)
shall have the right to participate in the meeting and vote.
Registration for the Meeting will take place at the venue for
the Meeting:
(1) on August 12, 2003 -- from 12:00 till 16:00 (Moscow time);
(2) on August 13, 2003 -- from 10:00 till 16:00 (Moscow time);
(3) on August 14, 2003 -- from 9:00 till the moment when the
results of voting on the last issue of the agenda are
announced.
In order to register for the Meeting the participant needs to
present his/her I.D., documents confirming the powers to
represent the interests of the creditor and the right to vote in
the name of the creditor on all the issues of the agenda.
Draft documents of the Meeting are available at the premises of
JSCB SBS-AGRO: Moscow, Derbenevskaya Street, 20, building 2 on
August 1-13, 2003 in usual business hours (from 10:00 till 17:00
Moscow time); at the venue for the Meeting during days and hours
set for the registration.
Documents for the Meeting include:
(1) Draft order for organizing and conducting the Meeting;
(2) Summary Report of the Receiver;
(3) Receiver's proposal on quantitative and personal composition
of the Creditors Committee, on the list of issues that can
be decided by the Creditors' Committee, and on the nominee
for the position of the Representative of the Meeting in the
arbitration process on the bankruptcy case.
* * *
The State Corporation Agency for Restructuring Credit
Organization is acting as the receiver of JSCB SBS-AGRO pursuant
to the ruling of the Arbitration court of the city of Moscow on
February 17, 2003, which declared the bank insolvent. As a
result of this decision, the receivership was initiated with
regard to the Bank as a debtor under liquidation in accordance
with the simplified bankruptcy procedure (Articles 224-226 of
the Federal Law "On insolvency (bankruptcy)" dated October 26,
2002 No. 127-FZ).
Creditors may file their claim with:
(1) The Arbitration court
10, Novaya Basmannaya Street,
Moscow 107996, Russia
(2) Agency for Restructuring Credit Organizations
P.O. Box 46, "ARCO", Moscow 107139, Russia
CONTACT: JSCB SBS-AGRO
Moscow, Derbenevskaya Street 20,
building 2
TEKSTILSHIK: Omsk Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
supervision procedure on OJSC Tekstilshik. The case is docketed
as K/E-18/4. Mr. F. Metsler has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 646905, Russia, Omsk region, Kalachinsk, Cherepova Str. 97.
CONTACT: TEKSTILSHIK
646901, Russia,
Omsk Region, Kalachinsk,
Kirova Str. 2
Mr. F. Metsler
Temporary Insolvency Manager
646905, Russia,
Omsk Region, Kalachinsk,
Cherepova Str. 97
Phone/Fax: (381-55) 23-374
ULYANOVSK-PTITSE-PROM: Court Sets October 4 Hearing
---------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OGUP Ulyanovsk-Ptitse-Prom. The case
is docketed as A72-4600/04-19/19-B. Mr. I. Kosulin has been
appointed temporary insolvency manager.
Creditors can submit their proofs of claim to 432063, Russia,
Ulyanovsk, Engelsa, Str. 19. A hearing will take place on
October 4, 2004.
CONTACT: ULYANOVSK-PTITSE-PROM
432700, Russia,
Ulyanovsk, Radisheva Str. 1
Mr. I. Kosulin
Temporary Insolvency Manager
432063, Russia,
Ulyanovsk, Engelsa, Str. 19
Phone/Fax: 8(8422) 41-09-74
YUKOS OIL: Warns of Cash Crunch as Early as Mid-August
------------------------------------------------------
On July 20, 2004 the Ministry of Justice of the Russian
Federation announced the forthcoming evaluation and sale of
Yuganskneftegas as part of its ongoing enforcement procedures.
The significance of this announcement and other actions recently
undertaken by the government, which will have a material impact
on the future of Yukos Oil Company, makes it necessary that the
Company clarify, for its many stakeholders, the current
situation.
Yukos believes that it fully complied with all tax laws and
common business practices in effect at the time but reiterates
that, as a law-abiding company, it will comply with the now
effective ruling of the Arbitration Court regarding the
collection of taxes, surcharges and penalties in the amount of
RUR99.4 due for the year 2000. The Company has further appeals
processes available to it, which it is pursuing.
At current crude oil and product prices the company averages
cash receipts of about US$1.8 billion a month on a consolidated
basis. Normal consolidated cash disbursements for the month of
July are expected at approximately US$1.7 billion. The same
level of cash receipts and disbursements is forecasted for the
month of August. Currently blocked accounts of the Company
receive, on a monthly basis, approximately US$900 million of the
company's total consolidated cash receipts and the amounts going
into those accounts will, most probably, be collected by the
authorities to repay the tax debt.
That means that in July and August the company needs about
US$1.7 billion each month to meet cash disbursements while not
having access to about one half of its cash receipts. The
company has been able to cover its cash deficit in July and may
not be able to continue this beyond, at the latest, mid-August.
Yukos has to date made payments for part of the year 2000 tax
liability to the amount of about US$300 million out of current
cash receipts from business operations.
The actions of the Bailiffs Service and the latest statement of
the Justice Ministry have made it virtually impossible for the
company to raise debt financing and because of the freeze of its
assets it is unable to raise funding through the disposal of
assets.
In such a situation, a liquidity deficit might occur which would
require a stoppage of operations. Such a stoppage would have a
significant impact on crude oil and product exports from the
Russian Federation, severe shortages of refined products for
domestic fuel markets, and a large reduction in the taxes and
duties that are paid to the Russian Federation. Yukos currently
pays about US$500 million in taxes and duties to the Russian
Federation every month.
Contrary to the statements of some Russian government officials,
the company has no cash reserves anywhere within the
consolidated group with which to pay the full amount of the tax
bill. The company management is currently making every effort
to raise additional funds in order to repay, as soon as
possible, the tax liability and to finance current operations.
However, should those efforts prove unsuccessful and
Yuganskneftegas is sold, in the present circumstances, the
management of the company would be compelled to announce the
bankruptcy of Russia's largest oil company.
The sale of Yuganskneftegas, as announced under the ongoing
enforcement procedures, would materially decrease the Company's
cash receipts. Even if the current liquidity crisis were to be
overcome, the company, as a result of the forthcoming sale of
its main production asset, may still be forced to file for
bankruptcy and it may not be able to fulfill the export
contracts, which have been concluded with Yukos Oil Company.
The company is fully capable of repaying the outstanding tax
obligations within a reasonable period of time, provided it
retains its main production units and can dispose of other
assets, not involved in Yukos' core activities, subject to those
assets being released from arrest. Certainty with respect to a
resolution of all past or potential tax claims against the
company would also allow it to access significant amounts of
financing.
The company is of the opinion that the likely sale of
Yuganskneftegas would constitute a grave violation of the
legislation of the Russian Federation currently in effect. The
Court Bailiffs Service, without presenting any reasons, rejected
Yukos Oil Company's proposal to take assets that would not
materially affect Company's production operations and would
fully set off the outstanding taxes for 2000. Instead, under
the ongoing liquidation procedure, it is planned to dispose of
Yukos Oil Company's main production asset which, in accordance
with law, is supposed to be the last to be realized.
Moreover, the choice of Yuganskneftegas as the first object for
liquidation is perplexing taking into account that the value of
the reserves of that company alone, according to the appraisal
by DeGolyer and MacNaughton as of 31 December 2003, is worth at
least US$30.4 billion, i.e., almost 9 times more than the total
amount of tax claims for 2000.
The company has no knowledge of any potential buyers who, within
the very limited time allocated by law for asset sales under
court enforcement procedures, could become owners of such a
substantial asset at an appropriate fair market value.
Meanwhile, an express sale of Yuganskneftegas, at a
significantly understated price, would be perceived by investors
and shareholders of the company as an attempt at forced
bankruptcy. In the latter case, Yukos Oil Company would have to
consider the actions of the buyer as contributing to such a
forced bankruptcy.
Yukos Oil Company is confident that the scenario of forced
bankruptcy of one the largest and the most successful of all
Russian companies does not meet the interests of any of the
stakeholders and such an outcome is completely contrary to prior
statements of the Russian government.
Accordingly, Yukos is continuing to try to find ways acceptable
to the Government of the Russian Federation, the Court Bailiffs
Service, the Russian Federal Property Funds and the appropriate
ministries to prevent the bankruptcy of the company through
restructuring and the avoidance of the confiscation of the
Company's producing assets.
CONTACT: YUKOS OIL COMPANY
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Company Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Energy Reserves Worth Over US$43 Billion
---------------------------------------------------
Yukos Oil Company on Wednesday disclosed that the present worth
at a 10% discount rate of its net proved and probable oil and
gas reserves appraised in accordance with Society of Petroleum
Engineers (SPE) methodology performed by DeGolyer and
MacNaughton, independent petroleum engineers, as of December 31,
2003, and in accordance with assumptions consistent with other
YUKOS public disclosures totaled in excess of US$43 billion.
The appraisal does not include the value of reserves classified
as possible, the value of exploration prospects or the value of
Sibneft Oil Company reserves. SPE methodology is different from
the SEC defined reporting on reserves used in YUKOS' U.S. GAAP
financial reporting. The value associated with the principal
oil and gas-producing operations of YUKOS (excluding Sibneft) is
summarized below.
(In $ Billions)
Yuganskneftegaz 30.4
Tomskneft 5.4
Samaraneftegaz 4.6
YUKOS Oil Company (parent company)
plus all other subsidiaries as a group 2.7
CONTACT: YUKOS OIL
International Information Department:
Hugo Erikssen
Phone: + 7 095 540-63-13
E-mail: inter@yukos.ru
Company Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Govt Finds Judge to Hear Tax Bill Appeal
---------------------------------------------------
A third judge, Igor Petrov, has been appointed to handle the
appeal of Yukos Oil against its US$3.4 billion tax bill,
Interfax news agency reports.
On Monday, Arbitration Court Judge Olga Mikhailova, who is
suppose to rehear Yukos' counter-suit voluntarily resigned due
to certain psychological pressures. The first judge was removed
on a challenge from the Tax Ministry. The hearing date is not
yet set, but Yukos lawyer Mikhail Dolomanov previously said it
will be set within the month.
Arbitration Court Judge Olga Mikhailova referred to
"publications in the mass media that she considered as
psychological pressure," in her request to step down, ITAR-Tass
reported. Prior to her resignation, it emerged that the Federal
Tax Service itself was planning to remove her. The agency was
supposed to argue that Judge Mikhailova has interest in the
outcome of the case because of her ties to Yukos lawyer Sergei
Pepelyayev, Rosbusinessconsulting reported. She wrote articles
on tax law that were published in a magazine edited by Mr.
Pepelyayev.
Aside from the US$3.4 billion bill for 2000, Yukos is facing
another US$3.3 billion for 2001.
* Fitch Rules out Systemic Russian Banking Crisis in Near Future
----------------------------------------------------------------
Fitch Ratings says that despite recent jitters in the Russian
banking sector, a systemic crisis is unlikely in the near-term,
according to a report published Wednesday.
In the report, entitled "The Banking System: Russia's Achilles
Heel", Fitch says recent bank failures, jitters in the inter-
bank market and household depositor flight at certain banks
underline the fragility of the Russian banking system, which
remains a significant sovereign rating weakness.
"The recent instability in the banking sector is unlikely to
escalate into a systemic crisis in the near-term, though the
lack of confidence and the potential for a self-fulfilling bank
panic mean that cannot be ruled out entirely," says Edward
Parker, Director in the Fitch Sovereigns Group. Some small
banks could still fail, hastening consolidation. But the
macroeconomic setting is strong and overall liquidity plentiful,
and there is no clear evidence that systemic banking weaknesses
have deteriorated, or that bad loans are rising.
In Fitch's view, the mini-crisis was triggered by uncertainty
over the extent and sequencing of financial sector reforms. The
revoking of Sodbiznesbank's license in May suggested that the
Central Bank of Russia (CBR) might, at last, be enforcing
tighter supervision ahead of the introduction of deposit
insurance, increasing uncertainty over the fate of individual
banks and their depositors and creditors. This was exacerbated
by a fundamental lack of transparency of and trust in banks,
supervisors and the rule of law.
Nerves appear to have calmed following the revision on 10 July
to the deposit insurance law to bail out small depositors of
failed bank with immediate effect, as well as liquidity support
from the CBR. But the authorities will now need to walk a
tightrope between closing weak banks to strengthen the system in
the medium term, while maintaining public confidence.
Fitch assesses that even a worst-case scenario of a systemic
crisis would have only a moderate direct impact on public
finances, given the relatively small size of the banking sector.
Stress tests suggest even a shock of 1998 proportions might
leave a hole in bank balance sheets of only around 5% of GDP.
But it would also slow growth, investment and economic
diversification, increase capital flight and put downward
pressure on the ruble.
Nevertheless, Fitch views the banking sector as fundamentally
weak: (i) most Russian banks have weak Individual ratings of
'D', and Long-term foreign currency ratings in the single 'B'
range; (ii) macro-prudential indicators, such as rapid private
sector credit growth, are flashing warning signals; (iii) there
are significant systemic problems such as weak supervision, a
difficult operating environment, connected lending, conflicts of
interest over state-owned banks, too many small banks,
dollarization, plus weak transparency, governance and public
trust.
If the macroeconomic climate were to turn unfavorable (for
example if oil prices drop sharply), after a further period of
rapid balance sheet and asset price expansion and if there is no
improvement in the structural foundations of the banking system,
then Fitch would not be surprised if Russia did suffer a more
severe banking crisis at some time in the future.
The report will be available shortly at
http://www.fitchratings.com.
CONTACT: FITCH RATINGS
Edward Parker
(Sovereign Analyst), London
Phone: +44 (0) 20 7417 6340
James Longsdon
(Bank Analyst)
Phone: +44 (0) 20 7417 4309
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
=========
S P A I N
=========
IZAR: Govt Opts to Dismantle Shipbuilder to Avoid Bankruptcy
------------------------------------------------------------
Finance Minister Pedro Solbes said Tuesday the government will
split the military and civilian construction arms of Izar, the
troubled state-owned shipbuilder.
Following the split, the government will retain ownership of the
military arm, along with several other assets like the Puerto
Real shipyard. The government is now preparing a bailout plan
for the shipyard, considered to be strategic due to its
suitability for the construction of large ships, Mr. Solbes
said. The civilian construction unit, on the other hand, will
be sold off, along with shipyards such as those in Seville and
Gijon, according to Europe Intelligence Wire.
Formed in 2000, Izar is in a serious financial fix with
accumulated losses of EUR600 million. It faces the prospect of
having to return EUR375 million in illegal assistance and
interest to the Spanish government. The European Commission is
also hearing a number of cases, claiming damages worth EUR1.5
billion. Mr. Solbes said the shipbuilder will go bankrupt if
forced to return the state subsidies.
CONTACT: IZAR
Velazquez Street 132
28006 Madrid
Spain
Phone: +34 91 335 84 00
Fax: +34 91 335 86 52
E-mail: izar@izar.es
Web site: http://www.izar.es
===========
S W E D E N
===========
LM ERICSSON: Reports Solid Second-quarter Performance
-----------------------------------------------------
Second quarter summary
Second quarter First quarter
SEK billion 2004 2003 Change 2004 Change
Orders booked, net 33.1 28.3 17% 33.0 0%
Net sales 32.6 27.6 18% 28.1 16%
Gross margin (%) 47.8% 35.1%1) - 44.7%
Operating income 7.73) 0.22) - 4.5
Income after 7.83) 0.22) - 4.3
financial items
Net income 5.3 -2.7 - 3.0
Earnings per share 0.33 -0.17 - 0.19
Cash flow before 4.3 5.1 - 2.9
financing activities
Orders booked in the quarter grew by 17% year-over-year and were
flat sequentially at SEK33.1 (SEK28.3 billion). Net sales in
the quarter grew by 18% year-over-year to SEK32.6 (SEK27.6
billion) and 16% sequentially as a result of ongoing 3G
rollouts, continued GSM capacity expansions as well as upgrades
to EDGE. Currency exchange effects negatively impacted sales by
6% year-over-year.
Gross margin increased sequentially to 47.8% (35.1%) due to
continued focus on operational excellence, higher volumes and a
favorable product mix. The announced operating expense
reduction target of an annualized run rate of SEK33 billion, was
achieved at the end of this quarter, one quarter earlier than
originally anticipated.
Income after financial items was SEK7.8 (SEK0.2 billion)
compared to SEK4.3 billion in the first quarter, including a
non-recurring positive effect of SEK0.3 billion. Net currency
exchange effects, compared to rates one year ago, have had a
negative impact of -SEK0.7 billion on operating income in the
quarter.
Cash flow before financing was SEK4.3 (SEK5.1 billion).
Continued focus on workflow improvements has kept working
capital close to flat despite the sales growth. The financial
position improved consequently, with a net of financial assets
and liabilities, i.e. net cash, of SEK31.7 billion.
"Confidence has returned to the industry. 3G rollouts, GSM
capacity expansions as well as EDGE upgrades creates momentum
for us," says Carl-Henric Svanberg, president and CEO of
Ericsson. "With new and expansion contracts across all regions
we are capitalizing on our technology leadership, our large
installed base as well as our particularly strong position in
high growth markets. Our competitive services offering is
gaining operator recognition with eight new contracts for
managed services and hosting.
We show healthy development in all technologies. Our
organization's commitment to drive operational excellence
creates strong results.
Higher than anticipated sales drove an encouraging bottom line
performance and it is our continued ambition to deliver best in
class margins. We have now reached a point where targeted
investments in R&D and customer support should further
strengthen our leading position and ability to drive profitable
growth.
The pace of 3G network rollout is accelerated by the growing
number of handsets available. Experience from the introductory
phase of WCDMA/CDMA2000 puts richer consumer offerings and
enhanced system capacity in focus. We will leverage our 3G
leadership by the introduction of Ericsson WCDMA Evolved, with
HSDPA capabilities. This is a logical evolutionary step that
will offer true mobile broadband with speeds of up to 14 Mbit/s.
It is clear that consumers want to use the same services
irrespective of whether they are accessing them from a fixed or
mobile network.
Our end-to-end solutions, based on converged services and
networks, support our customers in meeting these consumer
demands. Our long experience in wireline, our leading wireless
technology and our IP knowledge, are essential components in
driving the convergence necessary to achieve ease-of-use and
reachability for private as well as professional users.
We will reinforce our position as the leading infrastructure
provider in the telecom industry through understanding of
consumer needs, continued R&D leadership, operational excellence
and by being the most innovative and responsive partner to our
customers," concludes Carl-Henric Svanberg.
Market View
Drivers for growth in both developed markets and in high growth
markets continue to be positive. The traffic is steadily
increasing as a result of new and richer services being offered
and more competitive tariff schemes besides the continuously
growing number of subscribers. Operators are increasing their
focus on business development and activities aimed at growing
revenues.
In developed markets, which are primarily capacity driven,
continued 3G deployments, upgrades of GSM networks and rapid
build-out of broadband access are driving the development. In
addition there is a clear trend toward wireless/wireline
convergence based on all-IP technologies. This will create
efficiency gains, but equally important enable the new seamless
services demanded by consumers.
In high growth markets we see continued strong development both
in subscriber additions and in usage. Investments in low cost
coverage in these markets continue to be a strong driver. The
cost efficient Ericsson Expander solution has been positively
received and opens new business opportunities primarily in
developing areas with a number of contracts signed in several
countries around the world. In these markets there is also an
often underestimated number of advanced users demanding services
equivalent to those in developed markets.
In Europe commercial launches of 3G is ongoing. By year-end
WCDMA will be commercially launched across all of Western
Europe. In addition, most operators in Europe are in the
process of deploying EDGE. Though average minutes of use are
substantially below the rest of the world, more attractive
tariff schemes and an increasing number of new services should
stimulate traffic growth.
The North American market shows healthy development. Along with
convergence, operators in North America early on recognized the
need to meet consumer demands for seamless services and the
benefits of 3G technology. The consolidation among operators
continues. The Cingular/AWS merger will create a strong player,
however, the regulatory process is creating a normal temporary
slow down in the AWS' investments.
The subscriber growth in the Asia Pacific region continues, led
by China and India, where India is on track to become the
world's second largest market in number of mobile subscriptions.
In parallel with the ongoing 3G license discussions in China,
demand for coverage and capacity expansions in 2G and 2.5G
networks remains strong. 3G is being rolled out in a number of
markets in South East Asia along with continued demand for 2G
and 2.5G.
Ten new WCDMA networks were commercially launched during the
quarter, reaching a total of 37. During the quarter the number
of WCDMA subscriptions grew from 4.4 million to almost 7
million. The number of CDMA2000 1X subscriptions has now
reached more than 100 million.
Worldwide subscription penetration is 24% with a total of 1.5
billion subscriptions, of which close to 1.1 billion is in GSM.
The global number of subscriptions has been estimated to pass
two billion early 2007 with most of the increase coming from
high growth markets.
Worldwide subscription penetration in 2007 is estimated to reach
30%.
Outlook
The traffic growth in the world's mobile networks should
generate a slight to moderate growth in the global mobile
systems market. In addition to this underlying growth there is
an effect from operators catching up on previous years' limited
investments. This effect continues but should abate over time.
All estimates refer to 2004 compared to 2003 and are measured in
USD.
In the first quarter report 2004 we stated "we estimate that the
global mobile systems market in 2004, measured in USD, will show
slight to moderate growth, compared to 2003. There is also an
element of operators catching up on previous years' limited
investments."
We maintain our view that the addressable market for
professional services, also measured in USD, is expected to
continue to show good growth.
With our technology leadership and global presence we are well
positioned to take advantage of these market opportunities.
Consolidated Accounts
Financial Review
All comparative numbers are stated excluding restructuring
charges.
Income
Orders booked were SEK33.1 billion (SEK28.3 billion), an
increase by 17% year-over-year, driven by generally strong
development, especially in Italy, Russia, South East Asia and
Brazil. Sequentially, orders booked were flat reflecting
continued good demand in Western Europe, Asia Pacific and Latin
America. However, North America showed a weaker development
both year-over-year and sequentially due to operator
consolidation affecting short-term investment plans.
Sales were SEK32.6 billion (SEK27.6 billion), an increase of 18%
year-over-year. All regions were strong, especially high growth
markets such as India, China and Mexico. Currency exchange
effected sales negatively by 6%. Sequentially, sales increased
by 16% driven by overall strong demand.
Gross margin increased sequentially by 3.1 percentage points to
47.8% (35.1%), due to continued focus on operational excellence,
higher volumes and a favorable product mix.
Operating expenses amounted to SEK9.2 (SEK9.7 billion). The
annualized run rate was SEK34 (SEK42 billion), down from SEK35
billion in the previous quarter.
The announced operating expense reduction target of an
annualized run rate of SEK33 billion, was achieved at the end of
this quarter, one quarter earlier than originally anticipated.
Operating income was SEK7.7 billion (SEK0.2 billion) compared to
SEK4.5 billion the previous quarter, including a non-recurring
positive effect of SEK0.3 billion due to the closure of a
subsidiary. Operating margin was 23.7% (0.8%). Income after
financial items was SEK7.8 (SEK0.2 billion) compared to SEK4.3
billion in the first quarter.
Net effects of currency exchange differences on operating income
compared to the rates one year ago were -SEK0.7 billion in the
quarter. Excluding effects from currency hedging the effects
would have been -SEK0.5 billion.
Net income was SEK5.3 (-SEK2.7 billion) for the quarter.
Earnings per share were SEK0.33 (-SEK0.17).
The number of employees amounted to 50,700 (57,600) at the end
of the quarter of which 22,400 (27,700) in Sweden.
Balance sheet and financing (Numbers within brackets indicate
year-end 2003).
The financial position remained strong with net of financial
assets and debt, i.e. net cash, at SEK31.7 (SEK27.0 billion)
compared to SEK26.8 billion at the end of the first quarter
2004. Cash improved by SEK3.6 billion sequentially to SEK78.0
(SEK73.2 billion).
Days sales outstanding (DSO) for trade receivables were 88 (79),
an improvement of 14 days sequentially, mainly due to better
collections. Inventory, including work in progress, increased
by SEK0.4 billion sequentially to SEK14.8 (SEK11.0 billion), due
to the higher business activity. Inventory turnover was 5.1
(6.1), up sequentially from 4.9.
Gross customer financing exposure decreased sequentially by
SEK1.8 billion to SEK9.4 (SEK12.3 billion). Net customer
financing credits on balance sheet were reduced sequentially by
SEK0.9 billion to SEK3.0 (SEK4.0 billion).
The equity ratio was 37.5% (34.4%) compared to 35.0% at the end
of the previous quarter.
Cash flow
Cash flow from operations remained strong at SEK6.5 (SEK5.7
billion). Cash flow before financing activities amounted to
SEK4.3 (SEK5.1 billion). Cash flow from investing activities
was -SEK2.2 (-SEK0.6 billion) net. The cash flow is affected by
increased work in progress as a result of the higher business
activity.
On April 26, Ericsson announced its intention to make a public
cash offer for the 28,44% of the shares in its Italian
subsidiary Ericsson S.p.A., not already owned by Ericsson. The
cash offer has affected cash flow by SEK1.3 billion during the
quarter. Ericsson now holds 88,32% of the shares. Although no
final decision to this effect has been taken by the competent
bodies, Ericsson intends to proceed with the de-listing of the
Ericsson S.p.A. shares from the Milan Stock Exchange through the
merger between Ericsson S.p.A. and a fully owned unlisted
Italian company, in the absence of the conditions for making the
residual offer or for exercising the squeeze-out right.
Payment readiness increased sequentially by SEK4.7 billion to
SEK83.1 (SEK68.8 billion), mainly due to improved earnings.
Cash outlays of SEK5.0 billion, with regard to restructuring,
are expected during 2004. Of this SEK1.5 billion was paid in
the second quarter.
Segment Results
Systems
Second quarter First quarter
SEK billion 2004 2003 Change 2004 Change
Orders booked 31.2 26.3 18% 31.1 0%
Mobile Networks 25.5 20.0 27% 24.9 2%
Fixed Networks 1.1 1.7 -37% 1.2 -8%
Professional
Services 4.6 4.6 1% 5.0 -7%
Net sales 30.4 25.2 20% 26.1 16%
Mobile Networks 24.3 18.9 28% 21.1 15%
Fixed Networks 1.1 2.2 -48% 0.9 26%
Professional
Services 5.0 4.1 22% 4.1 22%
Operating income 6.3 1.01) - 4.2
Operating
margin (%) 21% 4%1) - 16%
1) Adjusted for restructuring charges in the second quarter
2003, net, SEK1.8 b.
Systems orders increased year-over-year by 18% to SEK31.2
(SEK26.3 billion). Orders were flat sequentially. Systems
sales increased both year-over-year and sequentially by 20% and
16% respectively.
Mobile Networks orders increased by 27% year-over-year to
SEK25.5 (SEK20.0 billion) and grew slightly sequentially. WCDMA
equipment and associated network rollout services share of total
Mobile Networks sales were stable at approximately 12% and of
radio access sales 30% were WCDMA/EDGE related.
Development within Professional Services was favorable during
the quarter with several key contracts signed especially for
hosting services. Professional Services represents
approximately 16% of total Systems sales.
Other Operations
Second quarter First quarter
SEKb. 2004 2003 Change 2004 Change
Orders booked 2.7 2.3 17% 2.4 13%
Net sales 2.8 2.5 11% 2.4 15%
Operating income 0.6 -0.31) - 0.0
Operating margin (%) 20% -14%1) - 2%
1) Adjusted for restructuring charges in the second quarter 2003
SEK1.1 billion.
Orders booked, sales and operating income improved both year-
over-year and sequentially, mainly attributable to Ericsson
Mobile Platforms.
Sony Ericsson Mobile Communications
Sony Ericsson Mobile Communications (Sony Ericsson) reported a
fourth consecutive quarter of profit with a sales increase of
34% year-over-year while sustaining a consistent level of
profitability.
Ericsson's share in Sony Ericsson's income after financial items
was SEK0.5 billion compared to SEK0.5 billion in the previous
quarter.
Units shipped in the quarter reached 10.4 million, a 55%
increase compared to the same period last year, reflecting a
continued strong demand for its style-oriented line-up of
imaging and multi-media phones. Average selling price (ASP)
decreased sequentially in line with expectation due to an
increase in GSM phones in the overall product mix.
The company maintained momentum in an increasingly competitive
market environment, and has established a solid basis for
sustained growth going forward. Sony Ericsson is revising its
global market outlook for 2004 to approximately 600 million
units from its previously stated level of over 550 million.
Transactions with Sony Ericsson Mobile Communications
SEKm. Second Second Six months Six months
quarter 2004 quarter 2003 2004 2003
Sales to Sony 395 934 899 1,510
Ericsson
Royalty from 170 154 310 210
Sony Ericsson
Purchases from 164 488 498 753
Sony Ericsson
Shareholder - - - 1,384
contribution
Receivables 385 155 385 155
from Sony Ericsson
Liabilities to 77 616 77 616
Sony Ericsson
On June 30, Sony Ericsson announced it had increased its equity
stake in the Chinese factory Beijing Ericsson Putian Mobile
Communications Co. Ltd. to 51%, taking over majority ownership
of the facility from Ericsson. The name of the factory has been
changed to Beijing SE Putian Mobile Communications Co. Ltd.
(BMC). BMC operations have been fully consolidated into Sony
Ericsson in the second quarter, which had a positive effect on
the company's results.
Parent Company information
Net sales for the six months period amounted to SEK0.9 (SEK0.9
billion) and income after financial items was SEK4.5 (SEK3.1
billion). Restructuring costs are excluded in income after
financial items for 2003.
Major changes in the company's financial position for the six
months period include decreased investments in subsidiaries of
SEK12.7 billion. Short- and long-term internal borrowings
decreased by SEK15.6 billion. At the end of the quarter, cash
and short-term cash investments amounted to SEK73.3 (SEK68.4
billion). In accordance with the conditions of the Stock
Purchase Plans and Option Plans for Ericsson employees,
1,176,180 shares from treasury stock were sold or distributed to
employees during the second quarter. The holding of treasury
stock at June 30, 2004 was 302,891,773 Class B shares.
Other Information
An extraordinary general meeting of shareholders in
Telefonaktiebolaget LM Ericsson will be held at Berwaldhallen,
Dag Hammarskj v 3 in Stockholm, Sweden, at 5:30 p.m. on Tuesday,
August 31, 2004. The extraordinary general meeting will resolve
on a proposal for resolution to change the difference in voting
rights between shares of series A and series B, and the
implementation of a conversion clause by amending the articles
of association and the issue of conversion rights to holders of
shares of series A. The meeting will further resolve on a
proposal from Mr. Einar Hellbom on the abandonment of shares of
series A. The notice can be found at
http://www.ericsson.com/press
Stockholm, July 21, 2004
Carl-Henric Svanberg
President and CEO
Date for next report: October 22, 2004
Auditors' Report
We have reviewed the report for the six-month period ended June
30, 2004, for Telefonaktiebolaget LM Ericsson (publ.). We
conducted our review in accordance with the recommendation
issued by FAR. A review is limited primarily to enquiries of
company personnel and analytical procedures applied to financial
data and thus provides less assurance than an audit. We have
not performed an audit and, accordingly, we do not express an
audit opinion.
Based on our review, nothing has come to our attention that
causes us to believe that the interim report does not comply
with the requirements for interim reports in the Annual Accounts
Act.
Stockholm, July 21, 2004
Authorized Public Accountants:
PricewaterhouseCoopers
Bo Hjalmarsson
Peter Clemedtson
Thomas Thiel
CONTACT: TELEFONAKTIEBOLAGET LM ERICSSON (publ)
Phone: 556016-0680
Torshamnsgatan 23
SE-164 83 Stockholm
Phone: +46 8 719 00 00
Henry Stenson
Senior Vice President, Communications
Phone: +46 8 719 4044
E-mails: investor.relations@ericsson.com
press.relations@ericsson.com
Investors
Gary Pinkham
Vice President
Phone: +46 8 719 0000
E-mail: investor.relations@ericsson.com
Lotta Lundin
Investor Relations
Phone: +46 8 719 6553
E-mail: investor.relations@ericsson.com
Glenn Sapadin
Phone: +1 212 843 8435
E-mail: investor.relations@ericsson.com
Media
Pia Gideon
Vice President
Market and External Communications
Phone: +46 8 719 2864
Or +46 70 519 8903
E-mail: press.relations@ericsson.com
Ase Lindskog
Director
Head of Media Relations
Phone: +46 8 719 9725
Or +46 730 244 872
E-mail: press.relations@ericsson.com
Ola Rembe
Phone: +46 8 719 9727
Or +46 730 244 873
E-mail: press.relations@ericsson.com
LM ERICSSON: To Resolve Voting Rights Difference at Aug. 31 EGM
---------------------------------------------------------------
An extraordinary general meeting for Telefonaktiebolaget LM
Ericsson will be held on Tuesday, August 31, 2004 in order to
resolve the difference in voting rights between series A- and B-
shares. The meeting will start at 5:30 p.m. (CET) in
Berwaldhallen, Stockholm.
During the meeting, a proposal for resolution to change the
difference in voting rights between series A and series B shares
is to be addressed, as will the implementation of a conversion
clause by amending SS 6 of the Articles of Association and the
issue of conversion rights to holders of series A shares. The
meeting will be conducted in Swedish.
The complete invitation to Ericsson's Extraordinary General
Meeting can be found below, and will also be published in
printed media.
Important information concerning photos and audio/video
recording at the Extraordinary General Meeting (EGM):
The EGM participants will decide whether photography and
audio/video recording are allowed during the EGM. Therefore, no
cameras or audio recorders will be permitted in Berwaldhallen
before such permission has been obtained from the shareholders.
Over the past years, the shareholders have not allowed
photography or audio/video recording during the Annual General
Meetings.
Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.
TELEFONAKTIEBOLAGET LM ERICSSON
NOTICE OF EXTRAORDINARY GENERAL MEETING
An Extraordinary General Meeting of Telefonaktiebolaget LM
Ericsson will be held at Berwaldhallen, Dag Hammarskj v 3 in
Stockholm, Sweden, at 5:30 p.m. on Tuesday, August 31, 2004.
Participants
Only those shareholders, who have been entered into the
transcription of the share register as of Saturday, August 21,
2004, kept by VPC AB (the Swedish Securities Register Center)
are entitled to participate in the Meeting, provided notice of
attendance has been given. Since said date will fall on a
Saturday, shareholders must be registered with VPC AB on Friday,
August 20, 2004.
Shareholders, whose shares are registered in the name of a
nominee, must be temporarily entered into the share register in
order to be entitled to participate in the Meeting. The
shareholder is requested to inform the nominee well before
Friday, August 20, 2004, when such registration must have been
effected. Please observe that this procedure may also be
applicable for shareholders who are using a custody account with
a bank and/or trading via the Internet.
Notice of attendance
Shareholders who would like to attend the Extraordinary General
Meeting shall give notice hereof to the Company not later than
4:00 p.m. on Wednesday, August 25, 2004 via
http://www.ericsson.com/investorsor by phone no. +46 (0)8 775
01 99 between 10:00 a.m. and 4:00 p.m. weekdays, or by facsimile
no. +46 (0)8 775 80 18.
Notice may also be given within the prescribed time by mail to
Telefonaktiebolaget LM Ericsson, Group Function Legal Affairs,
Box 47021, SE-100 74 Stockholm, Sweden. When giving notice of
attendance, please indicate name, date of birth, address,
telephone no., and number of attending assistants.
Shareholders who are represented by proxy shall issue a power of
attorney for the representative. To a power of attorney issued
by a legal entity, a copy of the certificate of registration of
the legal entity shall be attached. The documents must not be
older than one year. In order to facilitate the registration at
the Meeting, powers of attorney in its original, certificates of
registration and other documents of authority should be sent to
the Company at the address above so as to be available by
Friday, August 27, 2004.
Agenda
(1) Election of the chairman of the Meeting.
(2) Preparation and approval of the voting list.
(3) Approval of the agenda of the Meeting.
(4) Determination as to whether the Meeting has been
properly announced.
(5) Election of two persons approving the minutes.
(6) Proposal for resolution to change the difference
in voting rights between shares of series A and series B,
and the implementation of a conversion clause by amending SS
6 of the Articles of Association and the issue of conversion
rights to holders of shares of series A.
(7) Proposal from Einar Hellbom for resolution on
the abandonment of shares of series A.
(8) Closing of the Meeting.
Item 6
Each share of series A in Ericsson confers one vote and each
share of series B confers one thousandth part of one vote. In
mid February 2004, a Working Group, consisting of
representatives from major Swedish shareholders in Ericsson led
by the Chairman of the Board of Directors, presented a proposal
entailing that the difference in voting rights between shares of
series A and B be reduced: each share of series A would keep the
right to one vote whilst each share of series B would confer one
tenth part of one vote. The conditions for the proposal have
now been fulfilled and therefore the shareholders represented in
the Working Group propose that an Extraordinary General Meeting
adopts resolutions in accordance with the following proposal.
(a) Amendment of SS 6 in the Articles of Association mainly in
accordance with: The voting right for each share of series B
is changed from one thousandth part of one vote to one tenth
part of one vote. One share of series B may be converted to
one share of series A during the period September 20 to
December 10, 2004 by holders of a special conversion right.
Request for conversion shall be addressed to the company.
The company shall apply for registration of the conversion
once a month during the period September to December 2004.
(b) Issue of conversion rights to each holder of a share of
series A, and each share of series A will entitle to one
conversion right. Each conversion right entitles the holder
to convert one share of series B to one share of series A on
the terms stated in the proposed amendments of SS 6 above.
(c) Each registered holder of shares of series A on a specific
day, as soon as possible following the Meeting will, for
each share of series A, receive a conversion right.
The resolutions shall be adopted as a "unit" and are
consequently conditional upon each other. In order for the
resolution to be valid, it must be approved by shareholders
representing two thirds of the votes cast (A and B) as well as
the shares represented at the Meeting (A and B) and by holders
of half the number of all the shares of series A and nine tenths
of the shares of series A represented at the Meeting.
On account of the proposal above, the Board of Directors
proposes that each registered holder of shares of series A on
September 10, 2004 shall receive conversion rights.
On March 15, 2004, the Swedish Securities Council
(Aktiemarknadsnden) announced that it does not consider the Work
Group's proposal to be in conflict with good practice on the
Swedish securities market and that the proposal is assumed to be
of advantage to the company and thereby in the interest of all
shareholders.
The shareholders making the proposal above have also undertaken
to vote for it. These shareholders jointly represent
approximately 24.1% of the total shares in the company and
approximately 87.6% of the total votes of the company. The
holders of shares of series A that have undertaken to vote for
the proposal represent approximately 89.1% of the total shares
of series A.
Item 7
Einar Hellbom's proposal: "The General Meeting should resolve to
abandon the shares of series A. Compensation for the difference
in the share price between shares of series A and B should be
paid with an amount equaling such difference the day before the
Extraordinary General Meeting. Compensation should be paid in
shares of series B."
The notice and information on the proposal for resolutions in
item 6 above will be sent to the shareholders well in advance of
the Meeting and will be available at the company's Web site.
The complete proposal for resolutions in item 6 above will be
available for the shareholders from July 26, 2004. The proposal
will be available at http://www.ericsson.com/investorsas from
the same date.
Stockholm, July 2004
THE BOARD OF DIRECTORS
CONTACT: LM ERICSSON
Ase Lindskog
Director
Head of Media Relations
Phone: +46 8 719 9725
Or +46 730 244 872
E-mail: press.relations@ericsson.com
Ola Rembe
Phone: +46 8 719 9727
Or +46 730 244 873
E-mail: press.relations@ericsson.com
Investors Relations Communications
Helene Rickeby
Phone: +46 8 719 1790
E-mail: investor.relations@ericsson.com
=============
U K R A I N E
=============
BUDYONOVSKIJ: Donetsk Court Appoints Liquidator
-----------------------------------------------
The Economic Court of Donetsk region declared LLC Budyonovskij
(code EDRPOU 30844869) insolvent and introduced bankruptcy
proceedings on June 8, 2004. The case is docketed as 34/156 B.
Mr. Sergij Skachko (License Number AA 250225) has been appointed
liquidator/insolvency manager.
Creditors have until August 3, 2004 to submit their proofs of
claim to:
(a) BUDYONOVSKIJ
85753, Ukraine, Donetsk region,
Volnovaskij district, Kirilivka
(b) Mr. Sergij Skachko
Liquidator/Insolvency Manager
83086, Ukraine, Donetsk region,
Artema Str. 27
Phone: (062) 345-14-40, 345-67-82
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
DRUZHBA: Deadline for Proofs of Claim August 3
----------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Agricultural LLC Druzhba (code EDRPOU
30163695) on May 14, 2004. The case is docketed as 9/28B.
Arbitral manager Mr. Roman Rachok (License Number AA 520132
approved on July 1, 2003) has been appointed temporary
insolvency manager. Agricultural Druzhba holds account number
26003301130 at Oshadbank, Bilokurakine branch 3316, MFO 364100.
Creditors have until August 3, 2004 to submit their proofs of
claim to:
(a) AGRICULTURAL DRUZHBA
92200, Ukraine, Lugansk region,
Bilokurakine, Chapaev Str. 195
(b) Mr. Roman Rachok
Temporary Insolvency Manager
93200, Ukraine, Lugansk region,
Pervomajsk, Dzerzhinskij Str. 11/73
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroi VVV square, 3a
HERSON MACHINE: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on OJSC Herson Agricultural Machine-
Technological Station (code EDRPOU 30329129). The case is
docketed as 6/36-B. Mr. Igor Bilousov (License Number AA 669625
approved on July 28, 2003) has been appointed temporary
insolvency manager. Herson Agricultural Machine-Technological
Station holds account number 2600658293001 at CB Privatbank,
Herson branch, MFO 352479.
Creditors have until August 3, 2004 to submit their proofs of
claim to:
(a) HERSON AGRICULTURAL MACHINE-TECHNOLOGICAL STATION
Ukraine, Herson region, Zhovtneve
(b) ECONOMIC COURT OF HERSON REGION
73000, Ukraine, Herson region,
Gorkij Str. 18
KOMBI-PROVENDER: Declared Insolvent
-----------------------------------
The Economic Court of Zaporizhya region declared LLC Kombi-
Provender Plant (code EDRPOU 00688380) insolvent and introduced
bankruptcy proceedings on June 3, 2004. The case is docketed as
21/1. Arbitral manager Mr. Dmitro Gerashenko (License Number AA
250439 approved on April 12, 2002) has been appointed
liquidator/insolvency manager. The company holds account number
260097167 at JSPPB Aval, Zaporizhya regional branch, MFO 313827.
CONTACT: KOMBI-PROVENDER PLANT
72000, Ukraine, Zaporizhya region,
Mihajlivka, Tereshkova Str. 2
Mr. Dmitro Gerashenko
Liquidator/Insolvency Manager
69037, Ukraine, Zaporizhya region,
Rekordna Str. 20, office 81
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
PRODTOVARY: Proofs of Claim Deadline August 3
---------------------------------------------
The Economic Court of Charkassy region commenced bankruptcy
supervision procedure on OJSC Prodtovary (code EDRPOU 14191156).
The case is docketed as 05/945. Mr. Sergij Zozulya (License
Number AA 000451 approved on April 20, 2000) has been appointed
temporary insolvency manager. Prodtovary holds account number
26001895012050 at Ukrsocbank, Cherkassy regional branch, MFO
354013.
Creditors have until August 3, 2004 to submit their proofs of
claim to:
(a) PRODTOVARY
18000, Ukraine, Cherkassy region,
Smilyanska Str. 2
(b) Mr. Sergij Zozulya
Temporary Insolvency Manager
18002, Ukraine, Cherkassy region,
Shevchenko Boulevard, 250/31
Phone: 32-09-91
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
PYRAMID: Donetsk Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Donetsk region declared LLC Pyramid (code
EDRPOU 22015858) insolvent and introduced bankruptcy proceedings
on June 17, 2004. The case is docketed as 5/111 B. Mr. U.
Marchenko (License Number AA 668266) has been appointed
liquidator/insolvency manager. Pyramid holds account number
26002301104 at Oshadbank, Donetsk branch, MFO 335106.
CONTACT: PYRAMID
83086, Ukraine, Donetsk region,
Gorkij Str. 34
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
VIKOR-TRADE: Court Starts Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Vikor-Trade (code EDRPOU 24089803).
The case is docketed as 15/188-B. Mr. V. Sunitsya (License
Number AA 668343 approved on October 31, 2003) has been
appointed temporary insolvency manager.
Creditors have until August 3, 2004 to submit their proofs of
claim to:
(a) VIKOR-TRADE
Ukraine, Kyiv region,
Novokostyantinivska Str. 22/15
(b) Mr. V. Sunitsya
Temporary Insolvency Manager
03039, Ukraine, Kyiv region,
Golosiyivskij Avenue, 8
Phone: 265-29-12
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
ZVENIGORODKA' MILL: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Zvenigorodka' Mill-Plant. The
case is docketed as 14/1387. The company holds account number
26000300545 at Oshadbank, Zvenigorodka branch 2970.
Creditors have until August 3, 2004 to submit their proofs of
claim to:
(a) ZVENIGORODKA' MILL-PLANT
Ukraine, Cherkassy region,
Zvenigorodka, Pionerska Str. 1
(b) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
===========================
U N I T E D K I N G D O M
===========================
ADVANCED METERING: Creditors Meeting July 28
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Advanced Metering Systems Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Advanced Metering
Systems Ltd. company will be held at Beaufort House 94-96
Newhall Street Birmingham B3 1PB on July 28, 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)
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 Moore Stephens, Beaufort House 94-96 Newhall
Street Birmingham B3 1PB two business days prior to the meeting.
By Order of the Board.
J. Hawker, Director
July 1, 2004
CONTACT: MOORE STEPHENS
Beaufort House
94-96 Newhall Street
Birmingham, B3 1PB
Contact:
Nigel Price
Phone: 0121 233 2557
Fax: 0121
E-mail: nigel.price@moorestephens.com
Web site: http://www.moorestephens.co.uk
ALLOY WHEELS: Sets Creditors Meeting July 28
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Alloy Wheels & Tyres Direct Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Alloy Wheels &
Tyres Direct Ltd. company will be held at 4 Dancastle Court 14
Arcadia Avenue London N3 2HS on July 28, 2004 at 12:00 noon 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 Valentine & Co, 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.
By Order of the Board.
S Laurie, Director
June 28, 2004
CONTACT: VALENTINE & CO
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
BLACKGATE DISTRIBUTION: Creditors Meeting Wednesday Next Week
-------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Blackgate Distribution Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Blackgate
Distribution Ltd. company will be held at Lockside Office Park
Lockside Road Preston PR2 2YS on July 28, 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 Unique Business Finance Ltd., Lockside Office
Park Lockside Road Preston PR2 2YS two business days prior to
the meeting.
By Order of the Board.
M Mehtajee, Director
July 7, 2004
CONTACT: UNIQUE BUSINESS FINANCE LTD..
Lockside Office Park
Lockside Road
Preston
PR2 2YS
BRODIE LIMITED: Calls in Administrators
---------------------------------------
The Brodie (City) Limited Company has appointed A J Pepper and P
M Saville as administrators. The appointment was made July 13,
2004. The company is a restaurant/wine bar.
CONTACT: A J Pepper, Administrator
P M Saville, Administrator
(IP Nos 9050, 9029)
10 Fleet Place,
London EC4M 7RB
CABLE & WIRELESS: First-quarter Revenue Down Year-on-year
---------------------------------------------------------
Cable and Wireless issued its first quarter trading statement,
for the three months to 30 June 2004, with revenue of GBP798
million and a net cash balance of GBP1,430 million.
Francesco Caio, Chief Executive of Cable and Wireless plc, said:
"In June we outlined our priorities for this year in the context
of a maturing market in the U.K. and varied stages of market
development in the National Telcos. In the U.K. our priority is
to manage efficiently existing services whilst laying the
foundations to participate in growth areas. In the National
Telcos, we are progressing initiatives to limit margin erosion,
maximize cash and capitalize on growth opportunities.
"These priorities are closely aligned with trading conditions
that remain very challenging across all markets. In the U.K.,
where switched voice is still the largest component of our
revenues, we continue to see pressure on pricing. We continue
to strengthen our business platform in existing services through
improved account management and product development.
"Recent contract wins include the Post Office and O2 Airwaves in
carrier pre-select and the NHS in e-mail and directory services.
The decline in legacy services is mitigated by ongoing growth in
demand for IP-based solutions and broadband services, and we are
investing to develop our competitive position. The July launch
of our VoIP capability and customer response to the quality and
innovation of broadband services we can deliver through our
acquisition of Bulldog Communications are encouraging signs
that, over time, we will be able to capture growth in IP and
broadband.
"In the National Telcos, we see a consistent pattern of market
evolution as liberalization progresses. For this reason, our
initiatives to reduce costs, improve customer service and
strengthen management skills remain critical as competitive
pressure increases across all revenue streams. During the
quarter we acquired Monaco Telecom and we will continue to
screen opportunities to expand our footprint.
"Group revenue was lower in the first quarter compared to the
prior year reflecting the continued negative impact of exchange
rate movements in our National Telcos together with weakening
Carrier Services revenue in continental Europe and ongoing
competitive pressure in Japan & Asia. The decline in Group
revenue in the first quarter against the previous quarter was
principally due to lower U.K. revenue.
"This was in line with our expectations for the first quarter
given the difficult trading conditions we had anticipated going
into this year and which we expect to persist looking forward.
Our net cash balance reflects the tight cash controls across the
Group. Cash preservation and cost control remain a key focus,
underpinning our assessment of all projects," he said.
Trading Review
In the three months ended 30 June 2004, Group revenue was GBP798
million. Before the contribution of revenue from Monaco Telecom
and Bulldog Communications (GBP5 million) this represents a
decline of Group revenue in the first quarter against the prior
year of 9% at actual rates and 4% at constant currency.
Similarly, when compared to the prior quarter, revenue showed a
decline of 2% at actual rates and 3 percent at constant
currency.
In the U.K., first quarter revenue was flat against the prior
year and declined by 4 percent against the prior quarter. The
Enterprise market remains highly competitive as does the
Business market where we are working to re-establish our
position. Carrier Services still accounted for a significant
proportion of U.K. revenue. The cost reduction initiatives
taken in the second half of last year will help to compensate
for the pricing pressure we are seeing. Further cost savings
will be delivered in the second half to underpin our overall
performance.
First quarter revenue in the National Telcos was flat at
constant currency when compared to the prior year and declined
by 3% against the prior quarter. At constant currency,
Caribbean revenue declined by 3% against the prior year and by
7% against the prior quarter. This decline in Caribbean revenue
is in line with management's expectations and principally
reflects the introduction of competition in international fixed
line services in Jamaica at the beginning of 2003/4, in mobile
services in Barbados (February 2004) and mobile and
international services in Cayman (February/April 2004,
respectively).
Elsewhere in the Group, revenue was lower in line with
expectations. First quarter revenue in Europe was flat at
constant currency (and reported rates) against the prior quarter
and declined at constant currency by 33% (36% at reported rates)
when compared to the prior year. This decline reflects
intensive pricing pressure in Carrier Services during the year
together with the residual impact of the sale of domestic
operations. We will bring cost levels in line with revenues in
Europe. In Japan & Asia, first quarter revenue declined at
constant currency by 20% (22% at reported rates) when compared
to the prior year and was up 10 percent (12 percent at reported
rates) against the prior quarter, in line with management
expectations. The decline in revenue reflects continued pricing
pressure on domestic and globally managed contracts together
with the residual impact of the termination of local services in
Hong Kong.
Net Cash
Cable & Wireless' net cash balance at 30 June 2004 was GBP1,430
million, reflecting continued focus on working capital, the
effect of phasing capital expenditure and other one-off items
such as cash acquired in Monaco Telecom of GBP55 million. Gross
cash was GBP2,317 million (including GBP12 million of treasury
instruments) and gross debt was GBP887 million (31 March 2004:
GBP1,448 million, GBP2,367 million and GBP919 million
respectively), of which long term debt was GBP841 million.
In the first quarter cash capital expenditure was GBP50 million
(Q1 2003/4: GBP100 million, Q4 2003/4: GBP76 million). The cash
consideration for the Group's acquisition of Bulldog
Communications Limited and a controlling interest in Monaco
Telecom was GBP126 million. Exceptional cash expenditure in the
first quarter was GBP30 million.
Cable & Wireless Group revenue and cash (30 June 2004)
GBP million Q1 Q4 Q1
(unaudited and
at reported rates) 2004/5 2003/4 2003/4
Revenue
UK 406 423 408
National Telcos
(ex Caribbean) 140 133 143
Caribbean 140 146 167
Europe, Japan & Asia, CWAO 116 111 158
Inter-group eliminations (4) (1) (7)
Total continuing businesses 798 812 869
Total Revenue 798 815 974
Cash
Gross Cash 2,317 2,367 2,669
Gross Debt (887) (919) (1,047)
Net Cash 1,430 1,448 1,622
Notes
Revenue from Bulldog Communications is included in U.K. revenue
from 28 May 2004.
Revenue from Monaco Telecom is included in National Telcos
revenue from 18 June 2004.
Revenue from continuing businesses excludes the U.S. domestic
businesses that were deconsolidated from the Group accounts on 8
December 2003 and TeleYemen that ceased operating following the
expiry of its license on 31 December 2003.
Interim Results
Cable & Wireless will announce its results for the six months to
30 September 2004 on 10 November 2004.
About Cable & Wireless
Cable & Wireless is one of the world's leading international
communications companies. It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.
Cable & Wireless' principal operations are in the United
Kingdom, continental Europe, Japan, the Caribbean, Panama, the
Middle East and Macau.
For more information about Cable & Wireless, visit
http://www.cw.com.
CONTACT: CABLE & WIRELESS
Investor Relations
Virginia Porter
Acting Director
Phone: +44 20 7315 4460
Craig Thornton
Manager
Phone: +44 20 7315 6225
Glenn Wight Manager
Phone: +44 20 7315 4468
Media:
Lesley Smith
Group Director of
Corporate & Public Affairs
Phone: +44 20 7315 4410
Peter Eustace
Head of Media Relations
Phone: +44 20 7315 4495
ROLLO HEAD
Finsbury
Alice MacAndrew
Phone: +44 20 7251 3801
COLT TELECOM: Second-quarter Loss Down 24% to GBP26.3 Million
-------------------------------------------------------------
Colt Telecom Group plc (COLT), a leading pan-European provider
of business communications solutions and services said its
second-quarter results were in line with the position indicated
in the Trading Update of 1 July.
Highlights of the quarter compared with the corresponding period
of the prior year:
(a) Turnover of GBP301.2 million, up 8%[1] on a constant
currency basis;
(b) Gross margin before depreciation of 31.9%;
(c) EBITDA[2] up 1% to GBP38.3 million;
(d) Loss for the period[3] decreased by 24% from GBP34.5
million to GBP26.3 million;
(e) Positive free cash flow[4] of GBP4.5 million; second
consecutive quarter of positive free cash flow;
(f) Strong financial position with cash and liquid resources of
GBP794.0 million; and
(g) Significant new contract wins with SunGard, lastminute.com
and EDS.
------
Notes:
[1] Excluding Fitec, which was disposed of in December 2003.
[2] EBITDA is earnings before interest, tax, depreciation,
amortization, foreign exchange and exceptional items.
[3] Before exceptional items.
[4] Free cash flow is the net cash inflow from operating
activities less net cash outflows from returns on
investments and servicing of finance and from capital
expenditure and financial investment.
Since the publication of its first-quarter results on 21 April,
Colt has experienced tougher than expected trading conditions.
In addition, there has been slower than anticipated uptake of
its data products and the performance of some higher margin
voice products has been disappointing.
During the second quarter, revenue growth has therefore come
mainly from the lower margin segments of the business. As a
result, even though costs continued to be under tight control,
overall margins were under pressure. Colt has taken action to
improve revenues and is continuing to improve its sales
capability and develop new products, particularly in the higher
margin data segments. These initiatives are expected to have a
positive impact in the longer term.
Commenting on the results, Chairman of COLT, Barry Bateman,
said: "Whilst we grew revenue, EBITDA and free cash flow
compared to the same quarter last year, the overall results were
disappointing. This was partly due to the continuous pricing
pressure within the industry but we also made less progress than
we would have liked in growing higher margin data services
whilst much of our growth in voice revenues was from lower
margin products.
"Nevertheless much progress has been made in the last two years
in positioning the company for the future. Costs have been
reduced, capital expenditure is well controlled and success
driven, and free cash flow is consistently improving. We are
well on track to achieve our goal of being free cash flow
positive on a sustainable basis during 2005. Additionally, many
of the building blocks are in place in terms of development of
new products and services that should positively impact revenue
in the medium and longer term.
"We are announcing the appointment of Jean-Yves Charlier as
President, Chief Executive Officer and Director of Colt, with
effect from 30 August, succeeding Steve Akin who is returning to
Fidelity in Boston. On behalf of the Board I would like to
thank Steve for the exceptional job he has done in leading COLT
through a period of great change in a challenging operating
environment and to add my personal thanks for his wholehearted
support and commitment to Colt.
"The appointment of Jean-Yves Charlier and plans we have in
place to further strengthen the senior management of our sales
organization should, I believe, help position Colt well to meet
the challenges going forward in building higher margin revenue
streams."
Steve Akin, President and Chief Executive Officer, said: "Our
strong customer base and industry leading customer service,
combined with tight management of costs and strong financial
position, are enabling us to withstand a challenging operating
environment.
"Second quarter revenues, EBITDA and free cash flow were all
ahead of the second quarter of last year and we have now been
free cash flow positive on a cumulative basis for the past 12
months.
"During the quarter, volume growth remained robust but overall
revenues continued to be affected by price erosion and revenue
mix was disappointing. Building on the initiatives taken over
the past two years we are taking further action to improve
revenues and develop new products, particularly in the higher
margin data segments. These initiatives are expected to have a
positive impact in the medium term."
A copy of this press release is available free of charge at
http://bankrupt.com/misc/colt_telecomresultsofjune_2004.pdf.
CONTACT: COLT Telecom Group plc
John Doherty
Director Corporate Communications
E-mail: jdoherty@colt.net
Phone: +44 (0) 20 7390 3681
Gill Maclean
Head of Corporate Communications
E-mail: gill.maclean@colt-telecom.com
Phone: +44 (0) 20 7863 5314
DBRS LTD.: Creditors Meeting July 28
------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF DBRS Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the DBRS Ltd. company
will be held at Novotel Knebworth Park Stevenage SG9 9JS on July
28, 2004 at 2:15 p.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 Pitman Cohen, Great Central House Great
Central Avenue South Ruislip HA4 6TS two business days prior to
the meeting.
By Order of the Board.
D Baker, Director
June 23, 2004
CONTACT: PITMAN COHEN
Great Central House
Great Central Avenue
South Ruislip
HA4 6TS
EFFORSENRAB (5) LIMITED: Winding up Resolutions Passed
------------------------------------------------------
At an Extraordinary General Meeting of the Effrosenrab (5)
Limited Company on July 14, 2004 held at 43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX, the Special and Ordinary Resolutions
to wind up the company were passed. Jeremy Stuart French of
Redhead French, 43-45 Butts Green Road, Hornchurch, Essex RM11
2JX has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: REDHEAD FRENCH
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Liquidator:
Jeremy Stuart French
EMPTY QUARTER: Closes Shop; Calls in Tenon Recovery
---------------------------------------------------
The Empty Quarter Restaurant Company Limited has appointed S R
Thomas and T J Binyon of Tenon Recovery as administrators. The
appointment was made July 14, 2004. The restaurant's registered
office address is located at Sherlock House, 73 Baker Street,
London W1U 6RD.
CONTACT: TENON RECOVERY
Sherlock House,
73 Baker Street,
London W1U 6RD
Administrators:
S R Thomas
T J Binyon
(IP Nos 8920, 9285)
FIRST CITY: Final Meeting Set August 12
---------------------------------------
Members of First City Finance 1997 Limited Company will have a
final meeting on August 12, 2004 commencing at 10:00 a.m. It
will be held at Nyth Glyd, Ffrwd Road, Abersychan, Gwent NP4
8PF.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Any Member or Creditor who wants to be
represented at the meeting may appoint proxies.
GAMBLE MANUFACTURING: Creditors Meeting Set Next Week
-----------------------------------------------------
Creditors of Gamble Manufacturing Group Limited Company will
have a meeting on July 29, 2004 commencing at 11:00 a.m. It
will be held at Kettering Park Hotel, Kettering Parkway,
Kettering, Northamptonshire NN15 6XT.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims with Grant Thornton, Enterprise House, 115 Edmund
Street, Birmingham B3 2HJ not later than 12:00 noon, July 28,
2004.
CONTACT: GRANT THORNTON
Enterprise House,
115 Edmund Street,
Birmingham B3 2HJ
Joint Administrator:
N Tombs
HERA RECRUITMENT: Unsecured Creditors Meeting August 19
-------------------------------------------------------
The general meeting of the unsecured Creditors of Hera
Recruitment Limited will be on August 19, 2004 commencing at
11:30 a.m. It will be held at 8 Baker Street, London W1U 3LL.
The purpose of the meeting is to receive the report and hear any
explanation that may be given by the Administrative Receiver.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, August 18, 2004.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street,
London W1U 3LL
Joint Administrative Receiver:
D H Gilbert
HORSEPOWER MEDIA: Hires Unity Corporate Recovery Administrator
--------------------------------------------------------------
Publisher Horsepower Media Limited Company has appointed Matthew
Colin Bowker and Ian Nigel Millington as administrators. The
appointment was made July 5, 2004.
CONTACT: UNITY CORPORATE RECOVERY AND INSOLVENCY
Clive House, Clive Street,
Bolton, Lancashire BL1 1ET
Administrators:
Matthew Colin Bowker
Ian Nigel Millington
(IP Nos 8106, 8270)
HUMBERSTON PARK: Brings in Administrator from CRG
-------------------------------------------------
Charles Howard Ranby-Gorwood has been appointed administrator
for Humberston Park Golf Club Limited Company. The appointment
was made July 12, 2004. The golf club's registered office
address is located at Suite 4, Alexandra Dock Business Centre,
Fisherman's Wharf, Grimsby DN31 1UL.
CONTACT: CRG
Insolvency & Financial Recovery
Alexandra Dock Business Centre,
Fisherman's Wharf,
Grimsby DN31 1UL
Administrator:
Charles Howard Ranby-Gorwood
(IP No 9129)
INVENSYS PLC: Reiterates Cautious Forecast in May
-------------------------------------------------
Invensys plc, the global automation, controls and process
solutions Group, gave an update on current trading at its Annual
General Meeting.
Addressing the shareholders at the Meeting, Chairman Martin Jay
said: "In our Preliminary Results in May, we stated that our key
markets were showing encouraging signs and that, in addition,
customer confidence was returning following the Group's
successful refinancing. This remains the case, particularly in
certain key sectors for Process Systems.
"We did, however, point out that our view on the macro-economic
outlook remained conservative. As of today, market conditions
in Europe are mixed, but much of Asia is exhibiting strong
demand and the North American recovery continues.
"As we explained in May, there are a number of initiatives
underway in our businesses -- particularly Process Systems,
Climate Controls and APV -- which will detract from
profitability during the first half. In APV, management action
has been extended to a program similar to that implemented in
Process Systems, in order to address issues which are impacting
performance. However, we are encouraged by the progress made
thus far by most of our businesses toward delivering an
improving year-on-year trend in the second half.
"Since May, we have further reduced the levels of our net debt
and other legacy liabilities. As stated at the time, the
greater stability afforded by our refinancing is enabling us to
take those actions necessary to drive growth, profitability and
cash generation from our retained businesses over the long
term."
About Invensys plc
Invensys is a global automation, controls and process solutions
Group. Our products, services, expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments. The businesses within Invensys
help customers in a variety of industries -- including
hydrocarbons, chemicals, oil and gas, power and utilities, rail,
telecommunications, paper, food and beverage, dairy,
pharmaceuticals and personal care -- to perform with greater
efficiency, safety and cost-effectiveness.
Process Systems provides products, services and solutions for
the automation and optimization of plant operation in the
process industries. Eurotherm is a leading supplier of control
and measurement instrumentation solutions and services to
industrial and process customers.
APV specializes in process equipment engineered into systems and
asset services for food, beverage, personal care, pharmaceutical
and chemical clients. Rail Systems is a multinational leader in
the design, manufacture, supply, installation, commissioning and
maintenance of safety-related rail signaling and control
systems. Climate Controls is a major provider of the
components, systems and services used across the world to make
commercial and residential environments safer, more comfortable
and more efficient. Appliance Controls has the broadest system
and component offering for the appliance industry worldwide.
The Invensys Group is headquartered in the UK and listed on the
London Stock Exchange. With over 35,000 employees operating in
60 countries, Invensys helps customers to improve their
performance and profitability, building value for end users and
shareholders alike.
For more information, visit http://www.invensys.com.
CONTACT: INVENSYS PLC
Victoria Scarth
Mike Davies
Phone: + 44 (0) 20 7821 3755
BRUNSWICK
Nick Claydon
Mike Smith
Phone: +44 (0) 20 7404 5959
LINBORN LTD.: Creditors to Meet July 27
---------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Linborn Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Linborn Ltd.
company will be held at 6 Ridge House Ridgehouse Drive Stoke on
Trent ST1 5TL on July 27, 2004 at 2:30 p.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 6 Ridge House
Ridgehouse Drive Stoke on Trent ST1 5TL 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 6
Ridge House Ridgehouse Drive Stoke on Trent ST1 5TL 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 PKF, 6 Ridge House Ridgehouse Drive Stoke on
Trent ST1 5TL two business days prior to the meeting.
By Order of the Board.
A. Smith, Director
CONTACT: PANNEL KERR FORSTER
6 Ridge House
Ridgehouse Drive
Festival Park
Stoke on Trent
ST1 5TL
Phone: 01782 201120
Fax: 01782 201599
E-mail: info.stoke@uk.pkf.com
Web site: http://www.pkf.co.uk
L.S.S. SERVICES: Hires Leonard Curtis & Co. Administrator
---------------------------------------------------------
Wholesaler, L.S.S. Services Limited Company has appointed S D
Swaden and N A Bennett of Leonard Curtis & Co. as
administrators. The appointment was made July 14, 2004
CONTACT: LEONARD CURTIS & CO.
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Administrators:
S D Swaden
N A Bennett
(IP Nos 2719, 9083)
LYOOB HOLDINGS: Sets Meeting of Creditors July 27
-------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Lyoob Holdings Plc
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Lyoob Holdings Plc
company will be held at Ramada Hull Grange Park Lane Hull HU10
6EB on July 27, 2004 at 10:15 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 The P&A Partnership, 93 Queen Street
Sheffield S1 1WF two business days prior to the meeting.
By Order of the Board.
ACS Commercial Holdings, Secretary
July 2, 2004
CONTACT: THE P&A GROUP
93 Queen Street
Sheffield
United Kingdom
S1 1WF
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandagroup.co.uk
MARTIN AND FIELD: Owners Barred from Setting up Another Firm
------------------------------------------------------------
The Insolvency Service has banned the directors of Martin and
Field Limited from setting up a new company within eight years,
Europe Intelligence Wire says.
The ban was issued on William McMaster, Gerard Hallinan, and
Graham Davies. The regulator ordered the ban after the company
went into liquidation recently. The Insolvency Service had also
found out that the directors issued invoices to a bank before
goods were actually sent to customers and they failed to pay the
bank around GBP170,000.
The Lichfield-based company provided motor vehicle pressings to
car manufacturers. It fell into administration on August 14,
2001 after incurring an estimated debt of GBP2.6 million. The
firm's assets are only valued GBP1.3 million.
MEDIA HOUSE: Surrey Asset Appoints KPMG Receiver
------------------------------------------------
Surrey Asset Finance Limited called in Paul Andrew Flint and
Brian Green of KPMG as receivers for Media House Group Ltd (Reg
No 3710027, Trade Classification: SIC 22220). The application
was filed July 9, 2004. The company is engaged in printing.
CONTACT: KPMG
Corporate Recovery,
St James' Square,
Manchester M2 6DS
Receivers:
Paul Andrew Flint
Brian Green
(Office Holder Nos 9075, 8709)
MEGA PROFILE: In Administrative Receivership
--------------------------------------------
Lloyds TSB Bank Plc called in M J C Oldham and G P Rowley of RSM
Robson Rhodes as joint administrative receivers for advertising
company, Mega Profile Limited (Reg No 03474654, Trade
Classification: 7440). The application was filed July 14, 2004.
CONTACT: RSM ROBSON RHODES LLP
186 City Road,
London EC1V 2NU
Joint Administrative Receivers:
M J C Oldham
G P Rowley
(Office Holder Nos 7817, 8919)
MOB HUB: Appoints Liquidator from CBA
-------------------------------------
At an Extraordinary General Meeting of the Mob Hub Operating
Company Limited on July 15, 2004 held at 435 Lichfield Road,
Aston, Birmingham B6 7SS, the Extraordinary Resolutions to wind
up the company were passed. Geoff Robins of CBA, Lichfield
Place, 435 Lichfield Road, Aston, Birmingham B6 7SS has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: CBA
Lichfield Place
435 Lichfield Road,
Aston, Birmingham B6 7SS
Liquidator:
Geoff Robins
MOSCOWGOLD LIMITED: Sets Members General Meeting August 23
----------------------------------------------------------
Members of Moscowgold Limited Company will have a general
meeting on August 23, 2004 commencing at 10:30 a.m. It will be
held at Regent House, Clinton Avenue, Nottingham NG5 1AZ.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies.
MYRATECH.NET PLC: Books Modest Profit from Sale of Sage Business
----------------------------------------------------------------
Statement from P Duncan Sperry, Chief Executive Officer of
Myratech.net plc: "I report the December 2003 interim results
for Myratech. The company's accounting period has been extended
to 30 June. The next set of audited accounts will cover the 18-
month period 1 January 2003 to 30 June 2004."
Results and Finance
Turnover for the second half of 2003 year was up by 8.8% over
the first half year to GBP891,000. Gross margin was shown as
56.9% compared to 31.1% for the period to June 2003. There was
a profit for the second half amounting to GBP181,000 compared to
a first half loss of GBP257,000.
The improvement in the results was due to settlements with
significant creditors and sale of the Sage business that was
concluded in January 2004. It was not due to an improvement in
underlying trading performance.
The Directors do not intend to recommend a payment of a
dividend.
Board
Barry Welck and founder Mark Abrams left the Board during July
2003. The Board currently comprises P D Sperry (chief executive
officer), Nicholas Hamilton (non-executive chairman) and Peter
Reynolds (non-executive director). The Directors believe this
is an appropriate balance at this stage of the Company's
development.
Future Outlook
Due to the continuing poor trading performance and financial
uncertainty the Company's share trading facility on the
Alternative Investment Market (AIM) was suspended on 25 March
2004. The company was later placed into Administration on
22 April 2004.
The joint Administrators of the company, CK Rayment and AJ
Galloway of BDO Stoy Hayward LLP Birmingham, convened creditors
and members meetings on 25 June and 1 July 2004 respectively to
approve a Company Voluntary Arrangement (CVA) that they proposed
would achieve a more advantageous realization of the company's
assets than would be effected on a winding-up and the
possibility of future value to the members. The CVA was
approved at both meetings.
Financial statements are available free of charge at
http://bankrupt.com/misc/Myratech_H12004.htm
NORMAN LUCAS: Hires Liquidator from Chris Haworth & Co.
-------------------------------------------------------
At an Extraordinary General Meeting of the Normand E Lucas
Limited Company on July 13, 2004 held at 52 Park Lane, Hartford,
Northwich, Cheshire CW8 1PY, the Special Resolution to wind up
the company was passed. Christopher George Taylor Haworth of
Chris Haworth & Co, The Gables, Goostrey Lane, Twemlow Green,
near Holmes Chapel, Cheshire CW4 8BH has been appointed
Liquidator for the purpose of such winding-up.
CONTACT: CHRIS HAWORTH & CO
The Gables
Goostrey Lane, Twemlow Green,
Near Holmes Chapel,
Cheshire CW4 8BH
Liquidator:
Christopher George Taylor Haworth
REDCAR FAST: Special Winding up Resolution Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Redcar
Fast Food Limited Company on July 15, 2004 held at Taylor
Rowlands, 8 High Street, Yarm, Stockton on Tees TS15 9AE, the
Special Resolution to wind up the company was passed. John
Harvey Madden of Taylor Rowlands, 8 High Street, Yarm, Stockton
on Tees TS15 9AE has been appointed Liquidator for the purpose
of such winding-up.
CONTACT: TAYLOR ROWLANDS
8 High Street, Yarm,
Stockton on Tees TS15 9AE
Liquidator:
John Harvey Madden
REDSTAR MARKETING: Appoints PKF Administrator
---------------------------------------------
The Redstar Marketing (GB) Limited Company has appointed Keith R
Morgan and Brian J Hamblin as joint administrators. The
appointment was made July 7, 2004. The company distributes
computer equipment. Its registered office address is located at
18 Park Place, Cardiff CF10 3PD.
CONTACT: PKF
18 Park Place,
Cardiff CF10 3PD
Joint Administrators:
Keith R Morgan
Brian J Hamblin
(IP Nos 6831, 2085)
REPLICA ENGINEERING: Hires Joint Administrators from DTE
--------------------------------------------------------
A Poxon and J M Titley have been appointed joint administrators
for Replica Engineering Limited Company. The appointed was made
July 12, 2004. The company is engaged in engineering and allied
industries.
CONTACT: DTE LEONARD CURTIS
DTE House,
Hollins Mount,
Bury BL9 8AT
Joint Administrators:
A Poxon
J M Titley
(IP Nos 8620, 8617)
SEB UPHOLSTERY: Hires Stoy Hayward Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the SEB Upholstery
(Portsmouth) Limited Company on July 13, 2004 held at BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX, the subjoined Special Resolution to wind up the company
was passed. Martha H Thompson of BDO Stoy Hayward LLP, Kings
Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX has been
appointed Liquidator for the purpose of such winding-up.
STEP FORWARD: Creditors Meeting Set July 27
-------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Step Forward Recruitment Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Step Forward
Recruitment Ltd. company will be held at The Old Exchange 234
Southchurch Road Southend-on-Sea SS1 2EG on July 27, 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 The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG 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
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
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 Hudson of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG 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.
M. Ryan, Director
July 1, 2004
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea
SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
STREATHAM ICE: Sets Members General Meeting August 23
-----------------------------------------------------
Members of Streathm Ice Arena Limited Company will have a
general meeting on August 23, 2004 commencing at 11:00 a.m. It
will be held at Moriston House, 75 Springfield Road, Chelmsford,
Essex CM2 6JB.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator. Members who want to be represented at
the meeting may appoint proxies.
SYMINGTON ESTATE: Appoints Liquidators from Robson Rhodes
---------------------------------------------------------
At an Extraordinary General Meeting of the Symington Estate
Limited Company on July 8, 2004 held at 186 City Road, London
EC1V 2NU, on 8 July 2004, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Simon Peter Bower and Michael Jonathan Christopher Oldham of RSM
Robson Rhodes LLP, 186 City Road, London EC1N 2NU have been
appointed as Joint Liquidators for the purpose of such winding-
up.
CONTACT: RSM ROBSON RHODES LLP
186 City Road
London EC1N 2NU
Liquidators:
Simon Peter Bower
Michael Jonathan Christopher Oldham
THISTLE HOTELS: Expects EUR200 Mln for 7 Hotels on Auction Block
----------------------------------------------------------------
The Singaporean owner of Thistle Hotels, BIL International, has
hired Investment bank UBS to handle the sale of seven Thistle
properties.
The move is part of the reorganization of Thistle's 54-hotel-
chain portfolio. BIL chief executive Arun Amarsi said: "We were
looking at a sale, management-contract transaction." According
to him, such arrangements "lightens your balance sheet and
allows you to do other things with the funds."
The properties for sale are Thistle Edingburgh, and six hotels
in London -- the Bloomsbury Park, Barbican, Euston, Hyde Park,
Piccadilly and Trafalgar Square. Together, the seven Thistle
properties have 1,325 bedrooms. Property experts believe they
could fetch up to GBP200 million. It is understood the sale
process may be completed by the end of September, Europe
Intelligence Wire said. Analysts London & Regional Properties,
REIT Asset Management, Rotch Property Group and Topland are
thought likely to be interested in the assets.
BIL, formerly Brierley Investments Limited took over Thistle
Hotels after the latter suffered a protracted downturn in
trading caused by factors such as foot-and-mouth disease, the
September 11 attacks and the Iraq war.
XS TECHNOLOGY: Sets Creditors Meeting July 27
---------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF XS Technology Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the XS Technology Ltd.
company will be held at Temous 249 Midsummer Boulevard Milton
Keynes MK9 1EU on July 27, 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)
Peter J. Windatt of BRI Business Recovery Tempus 249 Midsummer
Boulevard Milton Keynes MK9 1EU 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.
N. J. Lippard, Director
June 29, 2004
CONTACT: BRI BUSINESS RECOVERY
Tempus
249 Midsummer Boulevard
Central Milton Keynes
MK9 1EU
Phone: 01908 231752
Fax: 01908 692541
E-mail: info@briuk.co.uk
Web site: http://www.briuk.co.uk
ZAP PRODUCTIONS: Creditors to Meet July 28
------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Zap Productions Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Zap Productions
Ltd. company will be held at 30 Park Cross Street Leeds LS1 2QH
on July 28, 2004 at 2:15 p.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 2-3 Pavilion
Buildings Brighton BN1 1EE 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
2-3 Pavilion Buildings Brighton BN1 1EE 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 Begbies Traynor, 2-3 Pavilion Buildings
Brighton BN1 1EE two business days prior to the meeting.
By Order of the Board.
D Reeves, Director
July 5, 2004
CONTACT: BEGBIES TRAYNOR
2/3 Pavilion Buildings
Brighton
East Sussex
BN1 1EE
Phone: 01273 747847
Fax: 01273 747743
E-mail: brighton@begbies-traynor.com
Web site: http://www.begbies.com
*********
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.
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