/raid1/www/Hosts/bankrupt/TCREUR_Public/040823.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, August 23, 2004, Vol. 5, No. 166
Headlines
C Z E C H R E P U B L I C
EXPORTNI PRUMYSLOVA: General Factoring Pays CZK154 Mln for Stake
SETUZA: Attracts U.S.-based Cargill Grain
UNION BANKA: Invesmart Brings CZK6 Billion Damage Suit vs. Govt
VITKOVICE STEEL: Big-name Steel-makers Among Potential Buyers
F R A N C E
LUSTUCRU RIZ: Ruling on Contentious Redundancy Plan Out Sept. 9
SOCIETE FERMIERE: Sees Full-year Loss as H1 Figures Deteriorate
TATI: Redundancy Plan Sows Confusion Among Logistics Staff
TITUS INTERACTIVE: 2003/2004 Net Revenues Slightly Up
G E R M A N Y
VOLKSWAGEN AG: Unions Seeking Wage Hike Amidst Weak Demand
I T A L Y
PARMALAT FINANZIARIA: Sues Former Independent Auditors
PARMALAT FINANZIARIA: Files Revocatory Action vs. Credit Suisse
N E T H E R L A N D S
KENDRION N.V.: Selling Automotive Plastics Below Book Value
LAURUS N.V.: Absorbs EUR15 Mln H1 Net Loss; Blames Price War
P O L A N D
DAEWOO-FSO: Rumors of MG Rover Investment Swirl Anew
ELEKTRIM SA: Disposing of Assets to Pay Creditors
R U S S I A
BRYANSKAYA VODKA: Bryansk Court Prescribes Bankruptcy Procedure
ELEKTRON-STROY: Deadline for Proofs of Claim September 9
HEAT NETWORKS: Under Bankruptcy Supervision
KALUGA-TEPLO-ENERGO: Court Sets October 7 Hearing
MASH-ZAVOD: Gives Creditors Until September 9 to Prove Claims
MELIORATOR: Rostov Court Commences Bankruptcy Proceedings
PLASTIC MANUFACTURE: Under Bankruptcy Supervision
PMK-12: Temporary Insolvency Manager Takes over Operation
RUSICH: Court Schedules September 30 Hearing
SATEKS: Bankruptcy Proceedings Ongoing
STROY-INDUSTRIYA: Undergoes Bankruptcy Supervision Procedure
URAL-STEEL-PROJECT: Appoints Y. Osadchuk Insolvency Manager
YUKOS OIL: Court Sustains Case Against Former Chief
YUKOS OIL: China May Bid for Yuganskneftegaz
S P A I N
TERRA MITICA: Hopes to End Temporary Receivership by Year's End
S W E D E N
LM ERICSSON: Repurchases EUR410 Million Bonds
SCANDINAVIAN AIRLINES: To Fly New International Routes
U K R A I N E
AJDAR-AGRO: Under Bankruptcy Supervision
ASPECT: Court Orders Debt Moratorium
AVANGARD: Gives Creditors Until August 28 to Prove Claims
DIANTA: Kirovograd Court Opens Bankruptcy Proceedings
KRAM: Succumbs to Insolvency
LLC UKRAINA: Court Appoints V. Rogovchenko Liquidator
MOLODA GVARDIYA: Proofs of Claim Deadline August 28
NAFTOTRANS: Court Names Insolvency Manager
UKRAINA: Bankruptcy Proceedings Begin
VINNITSYASILBUDKOMLEKT: Vinnitsya Opens Bankruptcy Proceedings
U N I T E D K I N G D O M
A J SPICER: Extraordinary Winding up Resolution Passed
ARB DEVELOPMENTS: Appoints Joint Liquidators from Baker Tilly
AXIS STUDIOS: Names P&A Partnership Liquidator
BERGVILLE LIMITED: Hires Joint Administrators from HKM
BRADDAHEAD LIMITED: Members Pass Special Winding up Resolution
BRIGHTLIGHT IT: Calls in Liquidator
BUMBLES OF HARROGATE: Extraordinary Winding up Resolution Passed
COMPAREIT LTD.: Creditors Meeting Thursday
CORK INTERNATIONAL: Receiver to Present Report August 26
CRAMLINGTON SKIP: Hires Liquidator from Tenon Recovery
EATON ENGINEERING: Members Okay Voluntary Winding up
EXCEL PRINT: Creditors Meeting Set August 31
FIFTY BOB: Hires Liquidators from PricewaterhouseCoopers
JAMES & BLOOM: Names Milner Boardman & Partners Liquidator
J. A. PILGRIM: In Administrative Receivership
JOHN CHARCOL: Bradford to Unload Troubled Mortgage Broker
LAUGHTON GROUP: Sets Meeting of Creditors Thursday
MARCONI CORPORATION: Buying Back US$73 Million Notes
MAYBE CLOTHING: Hires Leonard Curtis & Co Liquidator
MYRATECH.NET PLC: Appoints New Company Directors
NEMUR LIMITED: Calls in Liquidator
NEWHALL NURSERY: Creditors to Meet August 26
OSCOTT PROPERTIES: Names Higgs & Sons Liquidator
PAPERMARC MERTON: Paper Converting Business For Sale
PETS NATURALLY: Bank of Scotland Names Numerica Receiver
PRESENTATION COLLEGE: Hires Tenon Recovery Administrator
QUEENS MOAT: Whitehall Satisfies Acquisition Pre-condition
RHENOFLEX UK: Appoints Liquidator from Tenon Recovery
RODGARDEN LIMITED: Sets Members General Meeting September 27
SANMINA-SCI: To Close Scottish Electronics Plant by Year's end
T872 LIMITED: Sets Creditors Meeting August 25
TALENT MART: Members General Meeting Set September 17
TAMWORTH PLATING: May Appoint Liquidator Thursday
THOMAS CORK: Creditors Meeting Set August 26
TURNSTONE COLBROOK: Appoints Begbies Traynor Administrator
WELLMAN BENTLEY: Names Tomlinsons Liquidator
WYKE RETAIL: Creditors Meeting Set September 1
*********
===========================
C Z E C H R E P U B L I C
===========================
EXPORTNI PRUMYSLOVA: General Factoring Pays CZK154 Mln for Stake
----------------------------------------------------------------
Czech factoring firm General Factoring won a stake in bankrupt
Exportni Prumyslova A.S., which held a public auction recently.
According to Czech Happenings, the company sold the undisclosed
volume of stake at a starting price of CZK89.1 million. General
Factoring, which offered CZK154.8 million, will make the full
payment by month's end, says Libor Nevsimal of auction hall
Naxos, which facilitated the auction.
CONTACT: EXPORTNI PRUMYSLOVA A.S.
Zitna 1578/52
12000 Praha 2
Phone: 1548260267 (0100)
SETUZA: Attracts U.S.-based Cargill Grain
-----------------------------------------
Cargill Grain & Oilseed Supply Chain is interested in fats and
oils producer Setuza, Czech Happenings reports citing weekly
Euro.
Cargill head, Rob Freeriks, has sent a letter to Setuza
management expressing his intention in the firm's pressing, oil
refining and filling plants and biofuel production operation.
The report noted Setuza's diverse business interests, which
include detergents, soaps, and toothpastes. It is unlikely the
operation would be bought as a whole. Mr. Freeriks could buy
these plants directly or set up a Setuza subsidiary and then
transfer into it the parent's activities and employees. Sale of
shares is expected to follow.
Setuza is 50% owned by Cesky olej. Around 38% of it is held by
Farming and Forestry Support and Guarantee Fund PGRLF, owned by
the agriculture ministry. In the first half, it reported profit
of CZK4 million, down from CZK14.5 million a year earlier.
Sales in January-June stood at CZK2.4 billion, against CZK2.7
billion in the same period last year. The company has an
outstanding CZK3 billion debt, including interest, with the
bailout agency CKA.
About Cargill Grain & Oilseed Supply Chain
Cargill Grain & Oilseed Supply Chain consists of 11 business
units that operate on an integrated global basis. The group
sources, trades, processes and distributes grain and oilseeds.
The main bulk products handled are wheat, corn, oilseeds, barley
and sorghum, as well as vegetable oils and meals.
The group also includes Cargill's ocean freight and logistics
business. It coordinates all of Cargill's ocean bulk freight
needs and a growing volume of other companies' coal and mineral
freights. Grain & Oilseed Supply Chain employs 9,600 people in
50 countries. It operates 255 interior silos, 37 import/export
elevators, 54 crush plants in 17 countries and a 25,000-hectare
palm oil plantation in Indonesia. It also encompasses 18 joint
ventures.
CONTACT: Setuza a.s.
401 29 Usti nad Labem
Zukovova 100
Phone: +420 (47) 529 11 11
Fax: +420 (47) 529 39 99
E-mail: setuza@setuza.cz
Web site: http://www.setuza.cz/en/index.htm
Cargill Grain & Oilseed Supply Chain
P.O. Box 9300
Minneapolis, MN 55440-9300
Phone: 952-742-7575
Web site: http://www.cargill.com/index.htm
UNION BANKA: Invesmart Brings CZK6 Billion Damage Suit vs. Govt
---------------------------------------------------------------
Invesmart, former owner of Union Banka, has sued the government
to recover its investment in the failed Czech bank, Hospodarske
noviny reports. The case is among the 21 lawsuits filed by the
Italian company in the Municipal Court in Prague recently. The
other suits were directed against other entities, which the
report did not identify. The bank is seeking CZK6 billion
(EUR188 million) in compensation and demanding the cancellation
of its CZK2.7 billion-debt to Union Banka.
Majority-owned by Paolo Catalfamo, Invesmart had promised to
repay the bank's bad loans when it acquired the bank, but it
failed to do so. The amount it is seeking now is the difference
between the cost of acquiring a majority stake in Union Banka
and income from a planned sale of the bank.
Invesmart has accused the Czech National Bank of failing to
supervise Union Banka, adding it had been aware of the bad
situation at the bank for a longer time and that the taking over
of loans ran counter to circumspect business practices, which
the central bank is supposed to supervise.
Union banka's receiver is Michaela Huserova.
VITKOVICE STEEL: Big-name Steel-makers Among Potential Buyers
-------------------------------------------------------------
Czech Republic's Vitkovice Steel has attracted several potential
buyers from all over the world, reports say.
Czech newspaper Hospodarske noviny last week quoted Vladimir
Bail, the head of Vitkovice Steel, saying there are eight
investors interested in an acquisition. About 98.96% of the
steel mill is being offered for sale under a privatization plan
authored by the cabinet of former Premier Vladimir Spidla. The
auction date is not yet known, but most expect it to come in the
fall.
The companies interested includes Russia's Severstal; LNM
Holdings, owner of Czech's largest steel mill Ispat Nova hut;
Czech-Slovak group Penta; Luxembourg's Arcelor; and Global
Infrastructure holding, which reportedly belongs to the Mittal
family of India. The latest addition is Safa Industrial Group
of Tehran, according to Osinek CEO Jiri Stanek. Osinek is a
subsidiary of the National Property Fund, which owns 99% of
Vitkovice.
Last year, LNM was granted exclusivity and offered CZK700
million. Severstal is said to have offered up to CZK4 billion.
In July, Vitkovice Steel decided to offset last year's CZK140.6
million-loss with retained profits worth CZK248.3 million.
Vitkovice is a unit of a Czech engineering group of the same
name. The Vitkovice holding posted in 2003 a consolidated loss
of CZK836.4 million, the bulk coming from its largest arm
Vitkovice Strojirenstvi, whose losses reached CZK724 million.
CONTACT: Vitkovice a.s.
Ruska 2887/101
706 02 Ostrava-Vítkovice
Ceska republika
Phone: +420 595 951 111
Fax: +420 596 633 213
Web site: http://www.vitkovice.cz
===========
F R A N C E
===========
LUSTUCRU RIZ: Ruling on Contentious Redundancy Plan Out Sept. 9
---------------------------------------------------------------
A court in Tarascon, France will decide on September 9 the
petition seeking the annulment of Panzani's redundancy plan for
its Lustucru Riz factory, Le Figaro says.
The petition reached the court via an appeal filed by workers,
who are asking a EUR200,000 separation pay for each employee who
will loss his job as a result of the plan. Panzani intends to
close the factory in Arles, which employs 146 people. Lustucru,
the country's only rice-producing plant, stopped operating in
December after absorbing heavy damage caused by floods.
CONTACT: LUSTUCRU RIZ
4 Rue Boileau
69006 Lyon 06
Web site: http://lusturizvivra.free.fr
SOCIETE FERMIERE: Sees Full-year Loss as H1 Figures Deteriorate
---------------------------------------------------------------
French hotel and casino group Societe Fermiere du Casino
Municipal de Cannes (SFCMC) expects to post a loss for the
financial year 2003-2004, Les Echos says.
SFCMC was able to increase its first-half turnover by 1% to
EUR29.4 million and double its operating profit to EUR7.6
million. However, SFCMC also increased its net loss in the
first half from EUR3.4 million in 2003 to EUR6 million this
year. SFCMC's first half ends April 30.
The company blames unfavorable economic environment for its poor
performance. French hotel and casino group Lucien Barriere
controls around 65.2% of SFCMC while Groupe Partouche owns 15.5%
of the company.
CONTACT: Societe Fermiere du Casino Municipal de Cannes
1 Espace Lucien Barriere
06414 Cannes Cedex, France
Phone: +33 4 92 98 78 00
+33 4 92 98 78 85
Groupe Lucien Barriere S.A.
35 boulevard des Capucines
75002 Paris
Phone: (33) 1 42 86 54 00
Fax: (33) 1 42 86 54 10
E-mail: webmaster@lucienbarriere.com
Web site: http://www.lucienbarriere.com/
(London office)
55 Park Lane
LONDON
W1K 1NA
Phone: (44) 20 7629 5003
Fax: (44) 20 7629 5006
E-mail: sroberge@lucienbarriere.com
Groupe Partouche S.A.
141 Bis, Rue de Saussure
75017 Paris
Phone: 01.47.64.33.45
Web site: http://www.partouche.fr/
TATI: Redundancy Plan Sows Confusion Among Logistics Staff
----------------------------------------------------------
The works council of Giraud Logistics, which handles the
logistic operation of Tati, is seeking a clarification from the
retailer regarding the implementation of a redundancy plan, Le
Figaro says.
French trade union FO wants to know whether it is Tati or Giraud
will implement the redundancy plan. Most of Tati's outlets have
been sold to Vetura; but, Giraud, which employs around 87
people, was not included in the sale. Tati outsourced its
logistics and storage activities to Giraud Logistique for six
years in February 2000.
CONTACT: TATI
4 Boulevard Rochechouart
75018 Paris 18
Phones: 01 55 29 50 00
01 58 22 28 90
01 56 80 06 80
01 53 80 97 70
01 53 01 24 90
E-mail: contact@tati.fr
Web site: http://www.tati.fr
FABIO LUCCI VETURA
81, Rue Cartier Bresson 93697 Pantin Cedex
Phone: 01 48 44 90 90
Fax: 01 48 43 40 34
Web site: http://www.vetura.fr
TITUS INTERACTIVE: 2003/2004 Net Revenues Slightly Up
-----------------------------------------------------
Titus Interactive Group (ISIN FR0000050122; Reuters TITP.LN)
reported consolidated net revenues of EUR6.9 million for the
fourth quarter of its fiscal year 2003/2004 ending June 30,
2004.
Consolidated net revenues Year Year Year 2002/2003
in EUR million 2003/2004 2003/2004
adjusted for
currency rate
fluctuation
1st quarter 5.1 5.6 10.2
2nd quarter 15.2 17.6 12.5
3rd quarter 13.9 14.7 19.6
4th quarter 6.9 6.8 4.2
TOTAL 2003/2004 year 41.1 44.7 46.5
For the twelve-month period ended June 30, 2004, Titus
Interactive reported consolidated net revenues of EUR41.1
million compared to consolidated net revenues of EUR46.5 million
in the same period last year, representing a decrease of 11.6%.
The consolidated net revenues would have been of EUR 44.7
million for the year 2003/2004 adjusted for currency rate
fluctuation representing a decrease of 3.8% versus 2002/2003
fiscal year.
On a geographic basis, the net revenues for the twelve-month
period ended June 30, 2004 were allocated as: 41.7% from North
America, 44.9% from Europe and 13.4% from Online activities.
Development of online activities continued during this fourth
quarter of the fiscal year 2003/2004, representing 22.5% of the
Group's total net revenues for this period.
On June 7, 2004 Titus Interactive S.A. and three of its
subsidiaries (Sofra Jeux, G.I.E. Titus Interactive and Avalon
France) have been placed under judicial administration until
September 6, 2004. The management is using the observation
period in order to pursue several options for strategic future
direction.
Trading of Titus Interactive shares will likely remain suspended
until September 6, 2004. Herve and Eric Caen founded Titus
Interactive in 1985. The company quickly grew into one of the
world's leading multi-platform software developers and
publishers. Titus has developed a number of highly acclaimed
games for both PC and console. With offices in Paris, Los
Angeles, London, Hamburg, and Tokyo, the company has established
an extensive distribution network.
For the fiscal year 2003/2004 ending June 30, 2004, Titus
Interactive Group reported group net revenue of EUR 41.1
million.
Titus trades on the European exchange Euro NM under the
following codes: TITP.LN,ISIN Fr0000050120.
=============
G E R M A N Y
=============
VOLKSWAGEN AG: Unions Seeking Wage Hike Amidst Weak Demand
----------------------------------------------------------
Europe's largest carmaker, Volkswagen AG, is facing pressures
from employees worldwide to increase wages just as it is trying
to cut cost to offset a fall in car demand in Germany.
IG Metall trade union in Germany plans to ask for a 4% raise and
job guarantees during negotiations with management in the coming
months. Its Mexican workers had previously asked for an 8.5%
rise, and staged an industrial action when the company offered
them only 4.45%. Volkswagen was forced to close production on
Wednesday as a result of the conflict.
The reports came just as Volkswagen Chief Executive Officer
Bernd Pischetsrieder was quoted in a Financial Times Deutschland
report saying the firm aims to lower cost by cutting 30% of its
German labor expenses by 2011. The move he said is aimed to
secure Volkswagen's 176,000 jobs in Germany.
Volkswagen was forced to prolong its annual summer factory
closure because of weak demand and as part of the cost-savings
program. Bloomberg News notes that slow demand in Germany is
hampering Volkswagen's ability to maintain production levels.
Records from Germany's Federal Motor Vehicle Office show the
firm's new car sales in July fell 7.1% from a year earlier.
Germany's second-largest union will start negotiations with
management on September 15. Hartmut Meine, who will lead the
negotiations on behalf of IG Metall said in an e-mailed
statement to Bloomberg: "The economic situation of Volkswagen
may not be rosy, but as long as Volkswagen can pay a dividend to
its shareholders, employees have a right to participate in the
profit."
Volkswagen employs 9,600 workers in Mexico and more than 140,000
in Germany.
CONTACT: Volkswagen AG
Brieffach 1848-2
38436 Wolfsburg, Germany
Phone: +49-53-61-90
Fax: +49-53-61-92-82-82
Web site: http://www.volkswagen.de
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Sues Former Independent Auditors
------------------------------------------------------
Dr. Enrico Bondi, Parmalat Finanziaria S.p.A.'s Extraordinary
Commissioner, filed an action in the Circuit Court of Cook
County, Illinois (the action) to recover damages from Parmalat's
former outside auditors Grant Thornton International and
Deloitte Touche Tohmatsu and their U.S. and Italian affiliates.
The action is part of a process through which the Extraordinary
Commissioner, following the approval of Parmalat's Industrial
and Financial Restructuring Plan, will seek recovery from third
parties believed to have played a role in Parmalat's collapse.
Parmalat's Industrial and Financial Restructuring Plan
contemplates the distribution to its future shareholders of an
amount equal to 50% of Parmalat's distributable earnings arising
from the next 15 years' annual results, including any eventual
proceeds derived from revocatory actions or actions for damages.
* * *
Parmalat is seeking US$10 billion in damages. It said the
auditors failed in its role to detect the massive fraud that
brought down the company.
Grant Thornton International was the auditor for a Parmalat
subsidiary, Bonlat Financing, which pretended to hold a bogus
US$4.9 billion account for the group. It severed its ties with
its former Italian affiliate after the Parmalat scandal broke.
Grant Thornton International said in a statement it had expelled
the Italian affiliate and saying it "does not accept that this
is a legitimate action" by Parmalat. "The member firms in the
Grant Thornton International network are entirely independent
legal, financial and administrative entities."
CONTACT: PARMALAT FINANZIARIA
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: Files Revocatory Action vs. Credit Suisse
---------------------------------------------------------------
Dr. Enrico Bondi, Extraordinary Commissioner of Parmalat
Finanziaria S.p.A., filed a claim with the Court of Parma
against Credit Suisse First Boston International (CSFB) in the
form of a revocatory action under article 67 of the Italian
bankruptcy law in connection with a Forward Sale Agreement dated
January 2002 between CSFB and Parmalat.
The Forward Sale Agreement (the Agreement) that is the subject
of the action was part of broader transaction involving a loan
in the form of a convertible bond for a total amount of EUR500
million issued by Parmalat Participacoes do Brasil Ltda and
entirely underwritten by CSFB.
Under the Agreement, CSFB sold forward to Parmalat its
conversion rights under the EUR500 million convertible bond
issue, in return for the early payment by Parmalat to CSFB of a
sum of EUR248.3 million. The amount being sought in restitution
by Parmalat from CSFB under this revocatory action is EUR248.3
million plus interest.
Further, the Extraordinary Commissioner has reserved the right
to act separately to recover damages from CSFB.
CONTACTS: PARMALAT FINANZIARIA SPA
piazza Erculea 9, 20122
Milano (MI), Italia
Phone: +39 02 8068801
Fax: +39 02 8693863
E-mail: x_affari_societari_it@parmalat.net
=====================
N E T H E R L A N D S
=====================
KENDRION N.V.: Selling Automotive Plastics Below Book Value
-----------------------------------------------------------
Kendrion N.V. announces that the agreement concerning the sale
of Automotive Plastics to an international group, as disclosed
in a press release dated May 25, has been signed on August 14,
2004. The divestment of Automotive Plastics is part of
Kendrion's strategy focused on specific core activities that
yield a good return in the business-to-business markets, where
it can achieve or already has leading niche positions, and to
reduce its debt position.
The proceeds of the transaction are approximately EUR30 million.
The transaction will result in a book loss of EUR9.0 million,
including operational losses until closing of the transaction,
which is expected within the coming weeks. As announced earlier
the disposal concerns activities located in Germany, Portugal,
Spain and the Czech Republic, which have a turnover of EUR240
million and employ 1,800 employees.
Strategic Repositioning
With the divestment of Automotive Plastics, an important step is
taken in the realization of the previously announced strategy
aimed at returning investment recovery. The next step in this
process will be the repositioning of Kendrion into two
divisions: Industrial Components and Distribution Services. The
new division Industrial Components comprises of Electromagnetic
Components and Metal Components (the remaining part of the
former Kendrion Automotive division). The division Distribution
Services comprises besides the Vink-group of the Fastening-group
and Servico. The new structure allows for a sharper focus on
Kendrion's niche market leadership in the business-to-business
market.
Kendrion has been able to obtain strong market positions with
attractive future growth and yield perspectives in the niche
markets in which Industrial Components operates. Because of its
innovation, engineering capabilities and technical leadership
Kendrion Industrial Components is well positioned for further
growth in selected markets, aiming for number 1 or 2 positions.
With a niche strategy Kendrion will continue to build critical
mass and expand the geographical spread.
As a system solutions provider with excellent logistical skills,
the Distribution Services division of Kendrion has strong market
positions in the countries where it is active. The market shows
considerable growth potential and although Kendrion plays an
important role in the European market, it aims to improve its
European coverage further.
Restore Financial Health
As announced earlier, Kendrion's financial position has
deteriorated over the past year as a consequence of losses
resulting from impairment charges incurred over the financial
year 2003. These losses in combination with the high level of
debt and the additional book loss incurred through the sale of
Automotive Plastics have put the company's solvency under severe
pressure. It is therefore critical that the company's debt will
be substantially reduced and its equity position significantly
strengthened. Thereto, Kendrion is in constructive consultation
with its financial stakeholders regarding a financial
restructuring plan and is making significant progress. In
addition, Kendrion is committed to further improve its financial
position by divesting the remaining non-core activities, taking
further cost measures and a strict cash-management. On 31
August 2004 Kendrion will announce its results for the first
half year 2004.
About Kendrion N.V.
Kendrion N.V. is a company that operates internationally and has
approximately 3,300 employees in 16 European countries.
Kendrion develops and produces components for industrial
customers and specific components for the automotive industry.
Kendrion also provides services in the field of distribution of
and trading in plastic semi-manufactures. Motivated local
entrepreneurship, quality management in the broadest sense and
logistic expertise are characteristic of Kendrion.
Kendrion stock is listed on the Euronext Amsterdam stock
exchange and included in the Euronext index NextPrime.
CONTACT: KENDRION N.V.
Postbus 931
3700 AX Zeist
Phone: +31 (0)30 699 72 50
Fax: +31 (0)30 695 11 65
E-mail: info@kendrion.com
Web site: http://www.kendrion.com
LAURUS N.V.: Absorbs EUR15 Mln H1 Net Loss; Blames Price War
------------------------------------------------------------
The Group Management Board of Laurus N.V. expects a net loss of
EUR15 million for the first half of 2004 (first half year 2003:
EUR7 million positive). The publication of the final 2004
half-year results will be on 1 September 2004 (prior to Euronext
start of trading).
The main reasons for this lower result are decreased sales and
the lower margins as a consequence of the ongoing price war (see
also the Laurus press releases of 21 April 2004 and 21 July
2004).
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.
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
===========
P O L A N D
===========
DAEWOO-FSO: Rumors of MG Rover Investment Swirl Anew
----------------------------------------------------
Speculations are rife that MG Rover and Shanghai Automotive are
again considering investing in Daewoo-FSO, as reports came out
that executives from both companies are planning to visit the
Polish carmaker.
An MG Rover eastern Europe executive said the visit in the
middle of next month is no secret, but he said it is "no more
than a courtesy reconnaissance visit." According to him, "no
one knows at this stage what will happen . . . Until there is a
strategic plan nothing will happen."
MG Rover and Shanghai Automotive, which want to become the top
six carmaker in the world, are currently waiting for Chinese
regulators to approve their strategic partnership. Shanghai
plans to produce about 900,000 vehicles this year in China.
MG Rover, the Polish government, banks and other parties have
held discussions regarding the future of the plant since 2002.
The talks stalled because of troubles at its South Korean parent
Daewoo, which amassed billion of dollar of debts. Daewoo-FSO
has dropped its Daewoo name more than a week ago to revert to
its former name of FSO. The firm is still making a small
passenger car. MG Rover was rumored months ago to have plans of
building its Rover 45 at Zeran. The plant has a capacity to
build 250,000 cars annually.
ELEKTRIM SA: Disposing of Assets to Pay Creditors
-------------------------------------------------
Energy and telecommunications company Elektrim S.A. is selling
its telecommunications assets to pay debt and avoid a potential
collapse.
Reuters reported the company is due to sign in a few weeks a
deal regarding the sale of its shares in Polska Telefonia
Cyfrowa to partner French media company Vivendi Universal. The
report said its majority stake in the Era mobile network would
go to Deutsche Telekom group, which currently owns a minority of
Era's shares.
Next month, shareholders of the company will decide on the early
repayment of the company's PLN2 billion debt. Ewa Bojar from
Elektrim said: "These are our intentions. We want to pay our
creditors and we will raise the money by selling our
telecommunication assets."
Elektrim has a standing case with its creditors who alleged it
broke debt agreement. The lawsuit is pending in a London Court.
If the court rules against their side, the repayment of debt may
be accelerated, and this spells catastrophe for Elektrim.
===========
R U S S I A
===========
BRYANSKAYA VODKA: Bryansk Court Prescribes Bankruptcy Procedure
---------------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on CJSC trading house Bryanskaya Vodka.
The case is docketed as A09-4831/04-27. Mr. V. Ivanov has been
appointed temporary insolvency manager. Creditors are asked to
submit their proofs of claim to 249037, Russia, Kaluga region,
Obninsk, Osipenko Str. 4, Apartment 9.
CONTACT: BRYANSKAYA VODKA
241000, Russia,
Bryansk, Gorkogo Str. 15
Mr. V. Ivanov
Temporary Insolvency Manager
249037, Russia,
Kaluga Region, Obninsk,
Osipenko Str. 4,
Apartment 9
ELEKTRON-STROY: Deadline for Proofs of Claim September 9
--------------------------------------------------------
The Arbitration Court of Dagestan republic has declared OJSC
Elektron-Stroy insolvent and introduced bankruptcy proceedings.
Mr. R. Ramazanov has been appointed insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to 367008, Russia, Dagestan republic, Makhachkala,
Umakhanova Per. 12.
CONTACT: ELEKTRON-STROY
367000, Russia,
Dagestan republic, Makhachkala,
Akushinskogo Pr. 30 zh
Mr. R. Ramazanov
Insolvency Manager
367008, Russia,
Dagestan Republic, Makhachkala,
Umakhanova Per. 12
Phone: (8722) 68-32-69
HEAT NETWORKS: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on municipal enterprise Heat Networks.
The case is docketed as A53-4602/04-s2-30. Mr. M. Sogomonov has
been appointed temporary insolvency manager. Creditors are
asked to submit their proofs of claim to 344008, Russia,
Rostov-na-Donu, Stanislavskogo Str. 8A.
CONTACT: HEAT NETWORKS
346580, Russia,
Rostov region,
Rodionovo-Nesvetayskaya,
Pervomayskaya Str. 47
Mr. M. Sogomonov
Temporary Insolvency Manager
344008, Russia,
Rostov-na-Donu,
Stanislavskogo Str. 8A
KALUGA-TEPLO-ENERGO: Court Sets October 7 Hearing
-------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on OJSC oil-extract factory
Kaluga-Teplo-Energo (TIN 2631001296). The case is docketed as
A63-185/2004S5. Mr. A. Fedorenko has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 355003,
Russia, Stavropol, Lenina Str. 384, office 301, Post User Box
254. A hearing will take place at the Arbitration Court of
Stavropol region on October 7, 2004, 12:00 noon.
CONTACT: KALUGA-TEPLO-ENERGO
357101 Russia,
Stavropol region,
Nevinnomyssk,
Matrosova Str. 8
Mr. A. Fedorenko
Temporary Insolvency Manager
355003, Russia,
Stavropol, Lenina Str. 384,
Office 301,
Post User Box 254
The Arbitration Court of Stavropol region
355000, Russia,
Stavropol, Mira Str. 458 b
MASH-ZAVOD: Gives Creditors Until September 9 to Prove Claims
-------------------------------------------------------------
The Arbitration Court of Rostov region has declared LLC
MASH-ZAVOD (TIN 6142015356) insolvent and introduced bankruptcy
proceedings. The case is docketed as A53-1802/04-S2-30. Mr. Y.
Sokolov has been appointed insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to 344092, Russia, Rostov-na-Donu, Post User Box 3242. A
hearing will take place on September 29, 2004, 2:10 p.m.
CONTACT: MASH-ZAVOD
347044, Russia,
Rostov Region,
Belaya Kalitva, Ataevo
Mr. Y. Sokolov
Insolvency Manager
344092, Russia,
Rostov-na-Donu,
Post User Box 3242
MELIORATOR: Rostov Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Rostov region has declared CJSC
Meliorator insolvent and introduced bankruptcy proceedings. The
case is docketed as A53-17706/2002-S2-9. Mr. A. Dordzhiev has
been appointed insolvency manager. Creditors have until
September 9, 2004 to submit their proofs of claim to 344002,
Russia, Rostov-na-Donu, Sotsialisticheskaya Str. 60V.
CONTACT: MELIORATOR
Russia, Rostov region,
Ryabichev, Volgodonsky region
Mr. A. Dordzhiev
Insolvency Manager
344002, Russia,
Rostov-na-Donu,
Sotsialisticheskaya Str. 60V
PLASTIC MANUFACTURE: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on state unitary
enterprise Factory of Plastic Manufacture. The case is docketed
as A20-3285/02. Mr. B. Kantor has been appointed temporary
insolvency manager. Creditors are asked to submit their proofs
of claim to 360000, Russia, Kabardino Balkariya republic,
Nalchik, Lermontova Str. 54, Office 203.
CONTACT: FACTORY OF PLASTIC MANUFACTURE
361300, Russia,
Kabardino Balkariya republic,
Baksan, Katkhanova Str. 77
Mr. B. Kantor
Temporary Insolvency Manager
360000, Russia,
Kabardino Balkariya republic,
Nalchik, Lermontova Str. 54,
Office 203
PMK-12: Temporary Insolvency Manager Takes over Operation
---------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on OJSC PMK-12, a subsidiary of
OJSC Prikumsk-Vod-Stroy. The case is docketed as
A63-175/2004-S5. Mr. V. Bulda has been appointed temporary
insolvency manager. Creditors are asked to submit their proofs
of claim to Russia, Stavropol region, Budenovsk, Rozy Liksemburg
Str. 7.
CONTACT: PMK-12
Russia,
Stavropol region,
Budenovsk,
Rozy Liksemburg Str. 7
Mr. V. Bulda
Temporary Insolvency Manager
Russia, Stavropol region,
Budenovsk, Rozy Liksemburg Str. 7
RUSICH: Court Schedules September 30 Hearing
--------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on LLC agricultural combine
Rusich. The case is docketed as A63-270/03-S5. Mr. N. Mikhnev
has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 355003,
Russia, Stavropol, Lenina Str. 384, Office 301, Post User Box
254. A hearing will take place at the Arbitration Court of
Stavropol region on September 30, 2004, 9:30 a.m.
CONTACT: RUSICH
357076, Russia,
Stavropol region,
Andropovsky region,
Yankul, Krasny Per. 22
Mr. N. Mikhnev
Temporary Insolvency Manager
355003, Russia,
Stavropol, Lenina Str. 384,
Office 301, Post User Box 254
The Arbitration Court of Stavropol region
355000, Russia,
Stavropol, Mira Str. 458b
SATEKS: Bankruptcy Proceedings Ongoing
--------------------------------------
The Arbitration Court of Rostov region has declared OJSC Sateks
insolvent and introduced bankruptcy proceedings. The case is
docketed as A53-9667/2004-S2-8. Mr. S. Borovlev has been
appointed insolvency manager. Creditors are asked to submit
their proofs of claim to 347636, Russia, Rostov region, Salsk,
Fabrichnaya Str. 8.
CONTACT: SATEKS
347636, Russia,
Rostov Region, Salsk,
Fabrichnaya Str. 8
Mr. S. Borovlev
Insolvency Manager
347636, Russia,
Rostov Region, Salsk,
Fabrichnaya Str. 8
Phone: (86372) 2-08-07
STROY-INDUSTRIYA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Buryatiya republic has commenced
bankruptcy supervision procedure on OJSC building industry
Stroy-Industriya. The case is docketed as A10-169/04. Ms. I.
Shanarova has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 670004,
Russia, Buryatiya republic, Ulan-Ude, Borsoeva Str. 109.
CONTACT: STROY-INDUSTRIYA
Russia,
Buryatiya republic,
Ulan-Ude, Kabanskaya Str. 51
Ms. I. Shanarova
Temporary Insolvency Manager
670004, Russia,
Buryatiya Republic,
Ulan-Ude, Borsoeva Str. 109
URAL-STEEL-PROJECT: Appoints Y. Osadchuk Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on CJSC Ural-Steel-Project.
The case is docketed as A60-17141/2004-S2. Mr. Y. Osadchuk has
been appointed temporary insolvency manager. Creditors are
asked to submit their proofs of claim to Russia, Ekaterinburg,
Krestinskogo Str. 59/3, Apartment 27.
CONTACT: URAL-STEEL-PROJECT
Russia, Sverdlovsk region,
Nizhniye Sergii, Lenina Str. 34
Mr. Y. Osadchuk
Temporary Insolvency Manager
Russia, Ekaterinburg,
Krestinskogo Str. 59/3,
Apartment 27
YUKOS OIL: Court Sustains Case Against Former Chief
---------------------------------------------------
The Meshchansky district court last week rejected a request by
defense lawyers to drop a key part of the case against Yukos'
former CEO and his business partner, The Herald says.
Judge Irina Kolesnikova ruled to maintain the status quo in the
case against Mikhail Khodorkovsky and Platon Lebedev, in
relation to their acquisition of a stake in Apatit fertilizer
plant ten years ago. The two are accused of illegally acquiring
a 20% stake in the plant in 1994. The judge said the court had
not yet studied all the evidences pertaining to the lawsuit.
The rejection marks the second time the court refused the
defense lawyer's plea. Last month the judge said the request
was still premature. The trial started in June and is
proceeding painstakingly slow.
Misters Khodorkovsky and Lebedev were arrested in October on
charges of fraud, tax evasion and misappropriation. The two
stand to serve 10 years in prison if found guilt. Many believe
the arrest of Mr. Khodorkovsky is President Putin's harsh way of
discouraging Russia's richest man from pursuing his political
aspirations.
YUKOS OIL COMPANY
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
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: China May Bid for Yuganskneftegaz
--------------------------------------------
China is willing to buy OAO Yuganskneftegaz, Yukos Oil's largest
production should Russia sell the oil unit to collect back
taxes, Interfax cites Chinese economic aide Fang Chunyong.
Mr. Fang said, "It's a question of whether or not Russia will
allow foreign companies to buy."
In 2002, China National Petroleum Corporation pulled out its bid
for AO Slavneft, after Russia excluded state-run companies from
bidding in asset sales. Mr. Fang was part of a Chinese embassy
delegation that visited the Siberian towns of Tyumen, Surgut and
Khanty-Mansiisk. The diplomats had also planned to visit the
offices of OAO Surgutneftegaz, which is Russia's fourth largest
oil producer.
CONTACT: YUKOS OIL COMPANY
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
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
=========
S P A I N
=========
TERRA MITICA: Hopes to End Temporary Receivership by Year's End
---------------------------------------------------------------
The management of Spanish theme park Terra Mitica expects to
exit from temporary receivership either at the end of 2004 or
early 2005, Expansion says. But, this will only happen if the
theme park operator secures an agreement with creditors, which
include banks that have EUR110 million in outstanding loans to
the company.
Terra Mitica's director general John Fitzgerald said recently
the park expects to attract more than one million visitors this
year, despite receiving fewer visitors in July 2004 compared to
last year. The company's major stockholders are the regional
government of Valencia and savings banks Bancaja and CAM.
CONTACT: TERRA MITICA PARQUE TEMATICO DE BENIDORM, S.A.
Ctra. Benidorm a Finestrat
Partida del Moralet s/n, 03502
Benidorm (Alicante)
Phone: 902 02 02 20
Fax: 965 00 47 49
E-mail: callcenter@terramiticapark.com
Web site: http://www.terramiticapark.com
Bancaja
For inquiries:
Phone: 902 456 001 (from within Spain)
0034 96 399 50 34 (from overseas)
Web site: http://www.bancaja.es/
Caja de Ahorros del Mediterraneo
Phone: 902 100 112 (from within Spain)
E-mail: cam@cam.es
Web site: http://www.cam.es/
===========
S W E D E N
===========
LM ERICSSON: Repurchases EUR410 Million Bonds
---------------------------------------------
Ericsson (NASDAQ:ERICY) has repurchased EUR410 million, face
value, of its 6.375% Euro Medium Term Notes maturing May 31,
2006 (ISIN XS0130182784).
The bonds were repurchased in order to reduce gross debt and
annual interest expense.
"The transaction is further evidence of Ericsson's strategy to
manage its balance sheet prudently when appropriate
opportunities arise," says Vidar Mohammar, Group Treasurer. "We
are very pleased to have been able to achieve a significant debt
reduction in an efficient manner."
Remaining outstanding bonds due May 2006 amount to EUR1,156
million (approximately SEK10.7 billion).
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.
* * *
As reported by TCR-Europe on August 5, 2004, Standard & Poor's
Ratings Services revised its outlook on Sweden-based wireless
telecommunications infrastructure supplier Ericsson
Telefonaktiebolaget L.M. (Ericsson) to stable from negative
following publication by the group of its second-quarter 2004
results, which show an improved group performance.
At the same time, Standard & Poor's affirmed its 'BB/B'
corporate credit ratings and 'BB' senior unsecured debt ratings
on Ericsson. In addition, Standard & Poor's assigned its 'BB'
long-term rating to Ericsson's US$1 billion senior unsecured
credit facility, which was amended on June 22, 2004. At June
30, 2004, Ericsson had gross debt of SKR46.3 billion (about
US$6.1 billion), including bond obligations of about SKR30.5
billion.
CONTACT: LM ERICSSON
Web site: http://www.ericsson.com/press
Corporate Communications
Kathy Egan
Phone: 212-685-4030
E-mail: pressrelations@ericsson.com
or
Investor Relations
Glenn Sapadin
Phone: 212-685-4030
E-mail: investor.relations@ericsson.com
SCANDINAVIAN AIRLINES: To Fly New International Routes
------------------------------------------------------
In order to further strengthen Copenhagen's position as the
leading air traffic hub in Northern Europe, Scandinavian
Airlines Systems (SAS) has decided to open eight new routes out
of Copenhagen.
The move is the result of an agreement between SAS and Cimber
Air, which will fly the routes for SAS with its CRJ200LR jet
aircraft with room for 48 passengers.
Six cities have already been appointed as destinations while the
remaining two are still subject to negotiation. The new cities
on SAS' route map are: Newcastle, England; Aberdeen, Scotland;
Szczecin, Poland; Kleipeda (Palanga), Lithuania; Lyon, France;
Vesteras, Sweden.
The opening of Vesteras as a destination is, however, on the
condition that SAS can achieve the same prices for using the
airport as other operators.
"It is a great pleasure for us that we can further strengthen
Copenhagen's role as SAS' central hub," says Susanne Larsen,
Chief Executive Officer of Scandinavian Airlines Denmark.
"Each new route gives our customers additional opportunities,
and enables us to pick up more business that can strengthen our
existing routes. In this way, we can maintain a traffic system
that is far greater than local traffic would otherwise permit."
"I am also happy that this agreement allows us to confirm the
good partnership we have had with Cimber Air over many years,
and enables Cimber to help support Copenhagen as a hub," says
Susanne Larsen.
With best regards,
SAS Scandinavian Airlines Denmark
CONTACT: SCANDINAVIAN AIRLINES SYSTEM
Information Department
Contact:
Susanne Larsen, Chief Executive Officer
Phone: +45 32 32 30 44
Troels Rasmussen, Head of Information
Phone: +45 32 32 46 75
=============
U K R A I N E
=============
AJDAR-AGRO: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on agricultural LLC Ajdar-Agro (code
EDRPOU 30204783) on June 4, 2004. The case is docketed as 9/41
b. Mr. Oleksandr Roj (License Number AA 250489 approved on May
17, 2002) has been appointed temporary insolvency manager. The
company holds account number 260075095 at JSPPB Aval, Lugansk
regional branch, MFO 304007.
Creditors have until August 28, 2004 to submit their proofs of
claim to:
(a) AGRICULTURAL AJDAR-AGRO
92752, Ukraine, Lugansk region,
Starobilskij district, Hvorostyanivka
(b) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV square, 3a
ASPECT: Court Orders Debt Moratorium
------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Aspect (code EDRPOU 02772221) and
ordered a moratorium on satisfaction of creditors' claims on
June 21, 2004. The case is docketed as 5/120 B. Arbitral
manager Mrs. O. Gnedova (License Number AA 249607) has been
appointed temporary insolvency manager. The company holds
account number 2600098070 at JSB Ukrsocbank, Makiyivka branch.
Creditors have until August 28, 2004 to submit their proofs of
claim to:
(a) ASPECT
86125, Ukraine, Donetsk region,
Makiyivka, Lenin Str. 115
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
AVANGARD: Gives Creditors Until August 28 to Prove Claims
---------------------------------------------------------
The Economic Court of Mikolaiv region has commenced bankruptcy
supervision procedure on Agricultural LLC Avangard (code EDRPOU
03764100). The case is docketed as 14/255. Mr. Valentin Balev
(License Number AA 487832) has been appointed temporary
insolvency manager. Creditors have until August 28, 2004 to
submit their proofs of claim to:
(a) AGRICULTURAL AVANGARD
55242, Ukraine, Mikolaiv region,
Pervomajskij district, Lukashivka
(b) Mr. Valentin Balev
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Vilshanka, Kirov Str. 65
Phone: 9-13-02
(c) ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
DIANTA: Kirovograd Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Kirovograd region declared LLC Dianta
(code EDRPOU 23691722) insolvent and introduced bankruptcy
proceedings on June 16, 2004. The case is docketed as 10/119.
Mr. O. Volovik (License Number AA 140417) has been appointed
liquidator/insolvency manager.
CONTACT: DIANTA
25006, Ukraine, Kirovograd region,
Bratislavska Str. 5 a
Mr. O. Volovik
Liquidator/Insolvency Manager
25006, Ukraine, Kirovograd region,
a/b 5/41
Phone: (0522) 55-27-91, 22-10-65
THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski Str. 29
KRAM: Succumbs to Insolvency
----------------------------
The Economic Court of Kyiv region declared JSCCT KRAM (code
EDRPOU 13690874) insolvent and introduced bankruptcy proceedings
on July 6, 2004. The case is docketed as 24/329-b. Llc Fund Of
Legal Initiatives has been appointed liquidator/insolvency
manager.
CONTACT: KRAM
02002, Ukraine, Kyiv region,
Lunacharskij Str. 22A
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
LLC UKRAINA: Court Appoints V. Rogovchenko Liquidator
-----------------------------------------------------
The Economic Court of Zhitomir region declared Agricultural LLC
Ukraina (code EDRPOU 30825123) insolvent and introduced
bankruptcy proceedings on July 13, 2004. The case is docketed
as 7/42 B. Mr. V. Rogovchenko (License Number AA 485246
approved on March 27, 2003) has been appointed
liquidator/insolvency manager. The company holds account number
2600601794831 at Ukreksimbank, Zhitomir branch,
MFO 485246.
CONTACT: AGRICULTURAL LLC UKRAINA
Ukraine, Zhitomir region,
Berdichiv district, Bistrik
ECONOMIC COURT OF ZHITOMIR REGION
10014, Ukraine, Zhitomir region,
Putyatinski square, 3/65
MOLODA GVARDIYA: Proofs of Claim Deadline August 28
---------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on OJSC Moloda Gvardiya (code EDRPOU
05396758) on May 26, 2004. The case is docketed as 6/145-B.
Arbitral manager Mr. Marchenko Sergij (License Number AA 250423
approved on March 20, 2002) has been appointed temporary
insolvency manager. The company holds account number 26047198
at JSPPB Aval, Herson regional branch, MFO 352093.
Creditors have until August 28, 2004 to submit their proofs of
claim to:
(a) MOLODA GVARDIYA
75022, Ukraine, Herson region,
Bilozerskij district, Kisilivka
(b) ECONOMIC COURT OF HERSON REGION
73000, Ukraine, Herson region,
Gorkij Str. 18
NAFTOTRANS: Court Names Insolvency Manager
------------------------------------------
The Economic Court of Zaporizhya region declared LLC Naftotrans
(code EDRPOU 30594778) insolvent and introduced bankruptcy
proceedings on July 14, 2004. The case is docketed as 21/45.
Arbitral manager Mr. Mikola Vereshak (License Number AA 669674)
has been appointed liquidator/insolvency manager.
Creditors have until August 28, 2004 to submit their proofs of
claim to:
(a) Mr. Mikola Vereshak
Liquidator/Insolvency Manager
69002, Ukraine, Zaporizhya,
Kostyantin Velikij Str. 16/16
(b) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya,
Shaumyana Str. 4
UKRAINA: Bankruptcy Proceedings Begin
-------------------------------------
The Economic Court of Ivano-Frankivsk region declared
agricultural firm Ukraina (code EDRPOU 03752249) insolvent and
introduced bankruptcy proceedings on April 20, 2004. The case
is docketed as B-11/60. Arbitral manager Mr. Roman Senik
(License Number AA 719876 approved on March 4, 2004) has been
appointed liquidator/insolvency manager.
CONTACT: UKRAINA
78400, Ukraine, Ivano-Frankivsk region,
Nadvirnyanskij district, Gavrilivka
Mr. Roman Senik
Liquidator/Insolvency Manager
76008, Ukraine, Ivano-Frankivsk region,
a/b 26
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
VINNITSYASILBUDKOMLEKT: Vinnitsya Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Economic Court of Vinnitsya region declared OJSC
Vinnitsyasilbudkomlekt (code EDRPOU 01355295) insolvent and
introduced bankruptcy proceedings on April 20, 2004. The case
is docketed as 5/274-04. A representative of the Bankruptcy
Questions of Vinnitsya Region has been appointed
liquidator/insolvency manager. The company holds account number
26003030006001 MFO 302333.
CONTACT: VINNITSYASILBUDKOMLEKT
Ukraine, Vinnitsya region, Promislova Str. 6
BANKRUPTCY QUESTIONS OF VINNITSYA REGION
Liquidator/Insolvency Manager
Ukraine, Vinnitsya region,
K. Marks Str. 50
Phone: (0432) 21-40-96
===========================
U N I T E D K I N G D O M
===========================
A J SPICER: Extraordinary Winding up Resolution Passed
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the A J
Spicer & Company Limited on August 10, 2004 held at Baker Tilly,
City Plaza, Temple Row, Birmingham B2 5AF, the Extraordinary
Resolution to wind up the company was passed. Phillip Hartland
Allen and Guy Edward Brooke Mander of Baker Tilly, City Plaza,
Temple Row, Birmingham B2 5AF have been appointed as Joint
Liquidators for the purpose of such winding-up.
CONTACT: BAKER TILLY
City Plaza,
Temple Row,
Birmingham B2 5AF
Joint Liquidators:
Phillip Hartland Allen
Guy Edward Brooke Mander
Phone: 0121 214 3100
Fax: 0121 214 3101
Web site: http://www.bakertilly.co.uk
ARB DEVELOPMENTS: Appoints Joint Liquidators from Baker Tilly
-------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the ARB
Developments Limited Company on August 12, 2004 held at Baker
Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD1
1JJ, the Extraordinary Resolution to wind up the company was
passed. Mark John Wilson and Tracey Elizabeth Callaghan of
Baker Tilly, 1st Floor, 46 Clarendon Road, Watford,
Hertfordshire have been appointed as Joint Liquidators for the
purpose of such winding-up.
CONTACT: BAKER TILLY
1st Floor,
46 Clarendon Road, Watford,
Hertfordshire WD1 1JJ
Joint Liquidators:
Mark John Wilson
Tracey Elizabeth Callaghan
Phone: 01923 816400
Fax: 01923 253402
Web site: http://www.bakertilly.co.uk
AXIS STUDIOS: Names P&A Partnership Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Axis Studios Limited
Company on August 9, 2004 held at 93 Queen Street, Sheffield S1
1WF, the Extraordinary Resolutions to wind up the company were
passed. Andrew Philip Wood and Brian Stanley Creber of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF, Insolvency
Practitioners duly qualified under the Insolvency Act 1986 have
been appointed the Liquidators of the Company for the purpose of
such winding-up.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Liquidators:
Andrew Philip Wood
Brian Stanley Creber
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
BERGVILLE LIMITED: Hires Joint Administrators from HKM
------------------------------------------------------
Name of Companies:
Bergville Limited
CROC Traders Limited
Dakota Ventures Limited
Emmarentia Limited
Greenwood Park Limited
Katoomba Falls Limited
Letaba Dealers Limited
Norseman Limited
Parabadu Contracts Limited
Thorneycroft Limited
These companies have appointed Kirankumar Mistry and John
Phillip Walter Harlow as joint administrators. The appointment
was made July 8, 2004. Its registered offices address is c/o
HKM LLP, The Old Mill, 9 Soar Lane, Leicester LE3 5DE.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Joint Administrator:
Kirankumar Mistry
John Phillip Walter Harlow
Phone: +44(0) 116 242 5100
Fax: +44(0) 116 242 5200
Insolvency Fax: +44(0) 116 242 5201
Web site: http://www.hkm.co.uk
BRADDAHEAD LIMITED: Members Pass Special Winding up Resolution
--------------------------------------------------------------
At an Extraordinary General Meeting of the Braddahead Limited
Company on August 12, 2004 held at the offices of Parkin S.
Booth & Co., 44 Old Hall Street, Liverpool L3 9EB, the Special
Resolution to wind up the company was passed. Jonathan R Booth
of Parkin S. Booth & Co has been appointed Liquidator for the
purpose of such winding-up.
CONTACT: PARKIN S. BOOTH & CO.
44 Old Hall Street,
Liverpool L3 9EB
Liquidator:
Jonathan R Booth
(IP Nos 8621, 5425)
Phone: 0151 236 4331
Fax: 0151 255 0108
E-mail: lp@parkinsbooth.co.uk
Web site: http://www.parkinsbooth.co.uk
BRIGHTLIGHT IT: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the
Brightlight IT Solutions Limited on August 11, 2004 held at
Gable House, 239 Regents Park Road, Finchley, London N3 3LF, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. M S E Solomons has been appointed Liquidator for
the purpose of such winding-up.
CONTACT: SPW POPPLETON & APPLEBY
Gable House,
239 Regents Park Road,
London N3 3LF
Liquidator:
M S E Solomons
BUMBLES OF HARROGATE: Extraordinary Winding up Resolution Passed
----------------------------------------------------------------
At an Extraordinary General Meeting of the Bumbles of Harrogate
Limited Company on August 6, 2004 held at 1 Whitehall, Whitehall
Road, Leeds LS1 4HR, the Extraordinary Resolutions to wind up
the company were passed. Allan Cooper and John Russell of The
P&A Partnership, 93 Queen Street, Sheffield S1 1WF, Insolvency
Practitioners duly qualified under the Insolvency Act 1986 have
been appointed the Liquidators of the Company for the purpose of
such winding-up.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Liquidators:
Allan Cooper
John Russell
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
COMPAREIT LTD.: Creditors Meeting Thursday
------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Compareit Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Compareit Ltd. will be
held at 32 High Street Manchester M4 1QD on August 26, 2004 at
12.00 pm 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)
Stephen J. Wainwright of SPW Poppleton & Appleby 32 High Street
Manchester M4 1QD 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.
S. W. P. Lee, Director
August 5, 2004
CORK INTERNATIONAL: Receiver to Present Report August 26
--------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Cork International Ltd.
Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of Cork
International Ltd. will be held at Holiday Inn Nottingham City
Centre St. James Street Nottingham NG1 6BN on August 26, 2004 at
11:00 a.m.
In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.
Claims, proxies or requests should be sent to the Administrative
Receivers' at Ernst & Young LLP at the address below.
I. Best, Joint Administrative Receiver
July 13, 2004
CONTACT: ERNST & YOUNG
City Gate West
Toll House Hill
Nottingham NG1 5FY
Phone: +44 [0]115 954 2090
Fax: +44 [0]115 954 2091
Web site: http://www.ey.com
CRAMLINGTON SKIP: Hires Liquidator from Tenon Recovery
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Cramlington Skip Hire and Waste Disposal Services Limited
Company on July 30, 2004 held on Friday 30 July 2004, the
subjoined Special Resolution to wind up the company was passed.
Ian William Kings of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN has been appointed Liquidator for the
purpose of such winding-up.
CONTACT: TENON RECOVERY
Tenon House
Ferryboat Lane,
Sunderland SR5 3JN
Liquidator:
Ian William Kings
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
EATON ENGINEERING: Members Okay Voluntary Winding up
----------------------------------------------------
At an Extraordinary General Meeting of the Eaton Engineering &
Tools Limited Company on August 2, 2004 held at Castlegate
House, 36 Castle Street, Hertford, Hertfordshire SG14 1HH, the
Special and Extraordinary Resolutions to wind up the company
were passed. Richard William James Long of Richard Long & Co,
Castlegate House, 36 Castle Street, Hertford, Hertfordshire SG14
1HH has been appointed Liquidator of the Company for the purpose
of such winding-up.
CONTACT: RICHARD LONG & CO
Castlegate House
36 Castle Street, Hertford
Hertfordshire SG14 1HH
Liquidator:
Richard William James Long
EXCEL PRINT: Creditors Meeting Set August 31
--------------------------------------------
The creditors of Excel Print Investments Limited will meet on
August 31, 2004 commencing at 11:00 a.m. It will be held at
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP not later than August 30, 2004.
CONTACT: GRANT THORNTON
Grant Thornton House,
Melton Street, Euston Square,
London NW1 2EP
Joint Administrative Receiver:
A Hosking
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
FIFTY BOB: Hires Liquidators from PricewaterhouseCoopers
--------------------------------------------------------
At an Extraordinary General Meeting of the Fifty Bob Shop
Limited Company on August 5, 2004 held at Hanover International
Hotel, Mayo Avenue, off Rooley Lane, Bradford BD5 8HZ, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. David Malcolm Walker and Ian David Green of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP have been appointed Joint Liquidators of the
Company for the purpose of its voluntary winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street
Leeds LS1 4JP
Joint Liquidators:
David Malcolm Walker
Ian David Green
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
Web site: http://www.pwcglobal.com
JAMES & BLOOM: Names Milner Boardman & Partners Liquidator
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the James
& Bloom Limited on August 12, 2004 held at Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed. Gary Corbett and Colin Burke of Milner
Boardman & Partners, Century House, Ashley Road, Hale, Cheshire
WA15 9TG have been appointed Joint Liquidators for the purpose
of such winding-up.
CONTACT: MILNER BOARDMAN & PARTNERS
Century House,
Ashley Road, Hale,
Cheshire WA15 9TG
Joint Liquidators:
Colin Burke
Gary J Corbett
Phone: 0161 927 7788
Fax: 0161 927 7733
E-mail: info@milnerb.co.uk
Web site: http://www.milnerboardman.co.uk
J. A. PILGRIM: In Administrative Receivership
---------------------------------------------
National Westminster Bank Plc called in Brian Stanley Creber and
Philip Andrew Revill as administrative receivers for J. A.
Pilgrim Textiles Limited (Reg No 02641490). The application was
filed August 11, 2004.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Administrative Receivers:
Brian Stanley Creber
Philip Andrew Revill
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
JOHN CHARCOL: Bradford to Unload Troubled Mortgage Broker
---------------------------------------------------------
Bradford & Bingley, the specialist mortgage lender, is trying to
bundle up its remaining assets for sale to help dispose of its
loss-making mortgage brokering business.
The company is in its second-phase of offloading non-core
operations. What remained on the block are its estate agency,
chartered surveying business, and John Charcol mortgage broker.
The first two are bigger and profitable, and has attracted the
most interest.
A person close to situation told the Financial Times: "They are
likely to get at least one or two bids for the whole. There are
private equity and trade buyers in the mix. . . There will be
very few bidders for John Charcol on its own," he added.
Goldman Sachs, investment bank, is handling the auction. The
deadline for the bids falls later this month.
John Charcol is U.K.'s largest mortgage broker. It is valued at
GBP20 million. The amount is a far cry from the GBP100 million
Bradford & Bingley paid to acquire it in early 2000. There are
two private equity groups reportedly interested in Charcol. Its
senior managers, led by Ray Boulger, senior technical manager,
is said to be mulling a management buyout.
Suitors for the estate agency chain include Countrywide, the
U.K.'s largest estate agent, and Spicer Haart, its smaller
rival. Private equity groups that have shown an interest in the
financial services sector include Palamon Capital, Gresham, 3i,
Apax Partners, and Barclays Private Equity.
B&B has just sold two small independent financial advisers,
Charcol Aitchison & Colegrave and Charcol Holden Meehan to
larger rival John Scott & Partners.
LAUGHTON GROUP: Sets Meeting of Creditors Thursday
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Laughton Group Ltd.
Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of Laughton
Group Ltd. will be held at Holiday Inn Nottingham City Centre St
James Street, Nottingham NG1 6BN on August 26, 2004 at 11:00
a.m.
In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.
Claims, proxies or requests should be sent to the Administrative
Receivers' at Ernst & Young LLP at the address below.
I. Best, Joint Administrative Receiver
July 13, 2004
CONTACT: ERNST & YOUNG
City Gate West
Toll House Hill
Nottingham NG1 5FY
Phone: +44 [0]115 954 2090
Fax: +44 [0]115 954 2091
Web site: http://www.ey.com
MARCONI CORPORATION: Buying Back US$73 Million Notes
----------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) agreed to
repurchase a further US$73.0 million (approximately GBP40.1
million) principal amount of Marconi 8% Guaranteed Senior
Secured Notes due 2008 for a total cash outlay, excluding
accrued interest and fees, of US$80.8 million (approximately
GBP44.4 million) in open market transactions.
Following settlement of this repurchase, due on 23 August, the
previously announced further mandatory redemption of the Group's
Senior Notes scheduled to take place on 1 September 2004 is now
expected to complete the pay-down of the Senior Notes.
The repurchases were undertaken by Marconi Corporation plc.
Under the terms of the Group's Senior Notes indenture, the
repurchased Notes will be cancelled within 90 days and may not
be re-issued or resold to any third party.
(Exchange rate: GBP1 = USD 1.82)
About Marconi Corporation plc
Marconi Corporation plc is a global telecommunications
equipment, services and solutions company. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services. The company's customer base includes
many of the world's largest telecommunications operators.
The company is listed on the London Stock Exchange under the
symbol MONI and on the Nasdaq under the symbol MRCIY.
Additional information about Marconi Corporation can be found at
http://www.marconi.com.
MAYBE CLOTHING: Hires Leonard Curtis & Co Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Maybe Clothing
Limited Company on August 12, 2004 held at Leonard Curtis & Co,
One Great Cumberland Place, Marble Arch, London W1H 7LW, the
Extraordinary Resolution to wind up the company was passed. S D
Swaden of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW has been appointed the Liquidator of
the Company for the purpose of such winding-up.
CONTACT: LEONARD CURTIS & CO
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Liquidator:
S D Swaden
Phone: 020 7535 7000
Fax: 020 7723 6059
E-mail: solutions@leonardcurtis.co.uk
Web site: http://www.leonardcurtis.co.uk
MYRATECH.NET PLC: Appoints New Company Directors
------------------------------------------------
On 25 March 2004, Myratech.net plc was suspended from trading on
AIM due to financial uncertainty. On 22 April 2004, an
administration order was made in respect of Myratech by the High
Court. On 25 June 2004, the administrators of Myratech held a
meeting of Myratech's creditors at which a company voluntary
arrangement (CVA) was approved.
Following these developments the Company announces that Michael
Jackson, Vin Murria and David Lowe were appointed as Directors
of the Company with effect from 13 August 2004. In addition, on
13 August 2004, Philip Sperry, Nicholas Hamilton and Peter
Reynolds resigned as Directors of the Company.
Michael Edward Wilson Jackson, age 54, has specialized in
raising finance and investing in the smaller company sector in
the past 20 years and founded Elderstreet (now Elderstreet
Investments Limited) in 1990. He became an investor in, and
director of, The Sage Group plc in 1983 and is currently its
chairman. He is a director of several other public and private
companies.
Vinodka Murria, age 41 is a partner at Elderstreet Capital
Partners focusing on software applications as well as mergers
and acquisitions activity. Prior to joining Elderstreet Capital
Partners she was European chief operating officer for Kewill
Systems Plc, a US$120 million software company operating in the
key application areas of enterprise systems, logistics and
e-commerce. Vin is a director and investor in a number of
quoted and unquoted companies including Computer Software Group
plc and Leeds Group plc. Vin has a Computer Science (First
Class) Hons and an MBA.
David Lowe, age 50, is an independent non-executive and
represents Elderstreet on the Board of Halifax Industrial Ltd.
(Chairman) and by attendance at TMD Holdings Ltd., Garron
Lockers Ltd., Coltran Products Ltd. and North West Transport
Supplies Ltd. David was previously a majority shareholder and
Director of several businesses in the gravel, transport,
engineering and print sectors. He represents other venture
capitalists at Standard Newspapers Ltd., Kershaw Group Ltd. and
at ADT Controls Ltd. and several Downing healthcare companies.
David qualified as an FCA in 1977. His main role involves
conducting pre-acquisition enquiry's on behalf of venture
capital funds across multiple areas.
Director Current Past
Directorships Directorships &
Partnerships
Michael Select Software Tools plc PINCO 1421 Ltd.
Jackson (In Administration) Travelstore.com Group
Elderstreet Investments Ltd. Jobsin.co.uk plc
The Sage Group plc ID Data Systems Ltd.
Micromuse Ltd. Faverwise Ltd.
Elderstreet Private Bywell Holdings Ltd.
Equity Ltd.
Old Vicarage Nominees Ltd. ID Data plc
Steve Dudman Plant Ltd. RV Services Ltd.
Planit Holdings Plc A&M Furniture Hire
Elderstreet Downing VCT Plc Baldwin & Francis
SAGE (South Gosforth) Ltd. Starburst Ltd.
Elderstreet General Partner Cedars Village Ltd.
(Kinetique) Ltd. Cedars Village
Management Ltd.
Retirement Villages Quality &
Public Ltd. Co Safety Services Ltd.
Elderstreet Ballatar Ltd. TMD Holdings Ltd.
Elderstreet Capital Partners
Nominees Rail Industry Quality
Ltd. Safetynet Group
Netstore Plc Certification Ltd.
Computer Software Ltd. Hat Pin plc
Software4Sport Ltd. Sift Group Ltd.
Computer Software Group plc EU Smart Ltd.
Travelstore.com Group plc Matrix Aegis Ltd.
Pinnacle Computer Systems FG Chambers
Medialoom Ltd. Ex Elmbridge
Holdings Ltd.
Planit Employee Elmbridge Village
Incentive Trustees Ltd. Weyrad Electronics
Ltd.
Royal Albert Hall Ingleby (805) Ltd.
Developments Ltd.
Interbizz Financial Worktops (No 1) Ltd.
Systems Ltd.
Mediasurface plc Abercorn Place School
plc
Mediasurface Europe Ltd. QBF Typesetting Ltd.
Netstore Group Limited QBF Heliogramme
Company Ltd.
Netstore (U.K.) Limited QBF Computer Art
Company Ltd.
Riversoft Ltd.
Steve Dudman Plant Ltd. (In Receivership)
Medialoom Ltd. (In Receivership)
Interbizz Financial Systems Ltd. (In Receivership)
Syncissue Ltd.
Vinodka Springstone Software Omicron
Services Ltd. Management Software
Ltd.
Murria Elderstreet Investments Ltd. Alpha-Numeric
International Ltd.
Elderstreet Capital Partners Crewe Electra Ltd.
Appresto Ltd. Netconnect E-
Commerce Ltd.
Appresto Solutions Ltd. Kewill-Xetal Systems
Ltd.
Appresto Applications Ltd. Crewe Electra Ltd.
JBS Computer Services Ltd. Meadowhouse Bar-Laser
Ltd.
Appresto Software Ltd. Cataloga Ltd.
GW 1000 Ltd. Trifid Software
Computer Software Group plc
New Wave Internet Comms Ltd.
Leeds Group Plc
Syncissue Limited
David Lowe F.B. Limited Ingleby (462) Ltd.
Atril Ltd. Leslie Hawkins Lowe
Ltd.
APT Controls Ltd. Weyrad Electronics
Computer Software Group plc Computer Software
Lifestyle Properties De Lisle
(6128) Ltd. Communications Ltd.
Halifax Industrial Ltd. British Creameries
Group Ltd.
Broomco (2705) Ltd. Kershaw Services Ltd.
Henry.J.Bean's Group plc
Rayner Food Group Ltd.
Michael Jackson was a non-executive director of these companies:
(a) Select Software tool plc, which was placed into
Administration on 27 May 1999. On 19 August 1999 a
Corporate Voluntary Arrangement was approved by its
shareholders.
(b) Steve Dudman Plant Limited, which was placed into
Administration on 14 September 1998;
(c) Weyrad Electronics Limited, which was placed into
Administrative Receivership on 10 January 2000. Michael
Jackson resigned on 30 September 1999;
(d) Abercorn Place School plc, which was dissolved on 7 July
1998 after going into Voluntary Liquidation on 8 March 1996;
(e) Target Resources Limited, which was subject to a Compulsory
Liquidation Order on 8 November 1999. Michael Jackson
resigned on 21 January 1994; and
(f) QBF Typesetting Limited, QBF Heliogramme Company Limited and
QBF Computer Art Company Limited, which were part of the QBF
Group and were dissolved on 29 November 1994.
(f) Medialoom Ltd., which underwent a creditors voluntary
liquidation commencing 9 July 2001
(g) Interbizz Financial Systems Ltd., which was placed into
Administration on 910 April 2003
David Lowe was a director of Weyrad Electronics Limited, which
was placed into Administrative Receivership on 10 January 2000.
NEMUR LIMITED: Calls in Liquidator
----------------------------------
At an Extraordinary General Meeting of the Nemur Limited Company
on August 12, 2004 held at Leonard Curtis & Co, One Great
Cumberland Place, Marble Arch, London W1H 7LW, the Extraordinary
Resolution to wind up the company was passed. S D Swaden of
Leonard Curtis & Co, One Great Cumberland Place, Marble Arch,
London W1H 7LW has been appointed the Liquidator of the Company
for the purpose of such winding-up.
CONTACT: LEONARD CURTIS & CO
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Liquidator:
S D Swaden
Phone: 020 7535 7000
Fax: 020 7723 6059
E-mail: solutions@leonardcurtis.co.uk
Web site: http://www.leonardcurtis.co.uk
NEWHALL NURSERY: Creditors to Meet August 26
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Newhall Nursery (1991) Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Newhall Nursery (1991)
Ltd. will be held at The Old Exchange 234 Southchurch Road
Southend-on-Sea SS1 2EG on August 26, 2004 at 10:30 a.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later than
12:00 noon on the business day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
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. Isherwood, Director
August 6, 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
OSCOTT PROPERTIES: Names Higgs & Sons Liquidator
------------------------------------------------
At an Extraordinary General Meeting of the Oscott Properties
Limited Company on August 6, 2004 the Special Resolutions to
wind up the company were passed. David John Reynolds of Higgs &
Sons, 134 High Street, Brierley Hill, West Midlands DY5 3BG has
been appointed Liquidator for the purpose of such winding-up.
CONTACT: HIGGS & SONS
134 High Street,
Brierley Hill,
West Midlands DY5 3BG
Liquidator:
David John Reynolds
Phone: 01384 342100 (all offices)
Fax: 01384 342001
E-mail: law@higgsandsons.co.uk
Web site: http://www.higgsandsons.co.uk
PAPERMARC MERTON: Paper Converting Business For Sale
----------------------------------------------------
David Swaden and David Gilbert, Joint Administrators of
Papermarc Merton Packaging Limited and Papermarc Mill Limited,
offer for sale the business and assets of this paper converting
company and a waste paper recycling company based in Burnley,
Lancashire.
The assets are being sold in whole or in parts.
CONTACT: BDO STOY HAYWARD LLP
Jason Austin
Phone: 0161 817 3811
E-mail: jason.austin@bdo.co.uk
PETS NATURALLY: Bank of Scotland Names Numerica Receiver
--------------------------------------------------------
Bank of Scotland called in David Michael Riley and Nicholas Hugh
O'Reilly as joint administrative receivers for Pets Naturally
Limited (Reg No 04287728, Trade Classification: 40-Medical
Services). The application was filed August 12, 2004. The
company is engaged in veterinary activities.
CONTACT: NUMERICA
South Central,
11 Peter Street,
Manchester M2 5LG
Joint Administrative Receivers:
David Michael Riley
Nicholas Hugh O'Reilly
(Office Holder Nos 008959, 008309)
Phone: 0161 833 8300
Web site: http://www.numerica.biz
PRESENTATION COLLEGE: Hires Tenon Recovery Administrator
--------------------------------------------------------
Tina Yearsley and Cark Stuart Jackson have been appointed joint
administrators for The Presentation College Trust. The
appointment was made August 6, 2004. The school's registered
office is located at 61 Bath Road, Reading, Berkshire RG30 2BB.
CONTACT: TENON RECOVERY
Highfield Court
Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Joint Administrators:
Tina Yearsley
Carl Stuart Jackson
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
QUEENS MOAT: Whitehall Satisfies Acquisition Pre-condition
----------------------------------------------------------
On 2 August 2004, Whitehall 2001 and Queens Moat announced the
terms of a Restructuring of Queens Moat including the proposed
recommended Acquisition by the Whitehall Funds Offeror, a
special purpose vehicle wholly-owned by Whitehall 2001, of the
entire issued share capital of Queens Moat as enlarged by the
conversion of the Junior Convertible Debt. In that
announcement, Whitehall 2001 and Queens Moat stated that as part
of the Restructuring, the Scheme would only be implemented if
the Pre-Condition had been satisfied (or waived) by 16 August
2004 (or such later date as may have been notified, being no
later than 31 August 2004).
Whitehall 2001 and Queens Moat are pleased to announce that the
Pre-Condition has been satisfied. It is expected that the
Scheme Document (together with other documentation relating to
the Restructuring) will be posted to Shareholders by
mid-September 2004 and will include full details of the terms
and conditions and expected timetable of the Scheme.
Completion of the Acquisition remains subject to the
satisfaction of the conditions set out in the announcement of 2
August 2004, including, inter alia, the approval of Shareholders
and the sanction of the Scheme by the High Court.
Terms used in this announcement shall have the same meanings as
set out in the announcement dated 2 August 2004.
CONTACT: GOLDMAN SACHS INTERNATIONAL
(Financial adviser to Whitehall 2001)
Richard Campbell-Breeden
Basil Geoghegan
Phone: +44 (0) 20 7774 1000
RHENOFLEX UK: Appoints Liquidator from Tenon Recovery
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Rhenoflex (UK) Ltd Company on August 13, 2004 held at Tenon
Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF,
the Special Resolution to wind up the company was passed. Derek
Oakley has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: TENON RECOVERY
Arkwright House
Parsonage Gardens,
Manchester M3 2LF
Liquidator:
Derek Oakley
Phone: 0161 834 3313
Fax: 0161 835 3480
E-mail: manchester@tenongroup.com
Web site: http://www.tenongroup.com
RODGARDEN LIMITED: Sets Members General Meeting September 27
------------------------------------------------------------
The general meeting of the members of Rodgarden Limited will be
on September 27, 2004 commending at 11:00 a.m. It will be held
at Acre House, 11-15 William Road, London NW1 3ER.
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.
SANMINA-SCI: To Close Scottish Electronics Plant by Year's end
--------------------------------------------------------------
Australian company Sanmina-SCI is set to close its electronics
fabrication plant in Fife in the coming months to concentrate on
more profitable operations elsewhere.
Demand for products of the biggest electronic plant on
Kirkcaldy, which the company took over the plant just three
years ago, has gone too low it is no longer viable to operate
the factory. The shutdown, which is expected close just before
Christmas, will result to a loss of 320 jobs. It is considered
a further blow to the ailing electronics industry in Scotland.
The company announced a restructuring plan last year after
plunging into the red. It planned to cut production in North
America and Western Europe to save up to GBP55 million. The
decision to take a second restructuring in two years was
influenced by its discovery that operations in Hungary, Mexido
and Asia are more efficient than expected.
"This restructuring is much smaller and one to fine-tune our
overall cost structure," Sanmina president Randy Furr said. He
added the restructuring would take place over the next four to
five quarters, and would save the firm GBP13 million per
quarter, according to The Scotsman.
The company returned to net profit last month due to strong
demand for its high-end product.
T872 LIMITED: Sets Creditors Meeting August 25
----------------------------------------------
The creditors of T872 Limited (formerly Trumps Limited) will
meet on August 25, 2004 commencing at 11:00 a.m. It will be
held at David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY not later than 12:00 noon,
August 24, 2004.
CONTACT: DAVID RUBIN & PARTNERS
Pearl Assurance House,
319 Ballards Lane,
London N12 8LY
Joint Administrator:
L Bednash
TALENT MART: Members General Meeting Set September 17
-----------------------------------------------------
The general meeting of the members of Talent Mart Limited will
be on September 17, 2004 commencing at 10:30 a.m. It will be
held at Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1
1LX.
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. Proxy forms must be lodged
with Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1LX
not later than 12:00 noon, September 16, 2004.
CONTACT: JACKSON JOLLIFFE CORK
33 George Street,
Wakefield WF1 1LX
Liquidator:
M C Bowker
Phone: 01904 652100
Fax: 01904 635349
Web site: http://www.jjcork.co.uk
TAMWORTH PLATING: May Appoint Liquidator Thursday
-------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Tamworth Plating Co Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Tamworth Plating Co
Ltd. will be held at City Plaza Temple Row Birmingham B2 5AF on
August 26, 2004 at 10:30 a.m. for the purpose of having a full
statement of the position of the Company's affairs, together
with a list of the Creditors of the Company and the estimated
amount of their claims, laid before them, and for the purpose,
if thought fit, of nominating a Liquidator and of appointing a
Liquidation Committee. (Sections 99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at City Plaza
Temple Row Birmingham B2 5AF not later than 12:00 noon on the
business day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
City Plaza Temple Row Birmingham B2 5AF 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 Baker Tilly, City Plaza Temple Row Birmingham
B2 5AF two business days prior to the meeting.
By Order of the Board.
D. A. Hutton, Director
August 5, 2004
CONTACT: BAKER TILLY
City Plaza
Temple Row
Birmingham B2 5AF
Phone: 0121 214 3100
Fax: 0121 214 3101
Web site: http://www.bakertilly.co.uk
THOMAS CORK: Creditors Meeting Set August 26
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Thomas Cork Holdings Ltd.
Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of Thomas
Cork Holdings Ltd. will be held at Holiday Inn Nottingham City
Centre St. James Street, Nottingham NG1 6BN on August 26, 2004
at 11:00 a.m.
In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.
Claims, proxies or requests should be sent to the Administrative
Receivers' at Ernst & Young LLP at the address below.
I. Best, Joint Administrative Receiver
July 13, 2004
CONTACT: ERNST & YOUNG
City Gate West
Toll House Hill
Nottingham NG1 5FY
Phone: +44 [0] 115 954 2090
Fax: +44 [0] 115 954 2091
Web site: http://www.ey.com
TURNSTONE COLBROOK: Appoints Begbies Traynor Administrator
----------------------------------------------------------
Vivian Murray Bairstow and Nicholas Roy Hood have been appointed
joint administrators for Turnstone Colbrook Limited. The
appointment was made August 6, 2004. The company designs and
retails food servery counters.
CONTACT: BEGBIES TRAYNOR
32 Cornhill,
London EC3V 3LJ
Joint Administrators:
Vivian Murray Bairstow
Nicholas Roy Hood
(IP Nos 9008, 7805)
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
WELLMAN BENTLEY: Names Tomlinsons Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Wellman Bentley (UK)
Limited Company on August 2, 2004 held at Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL, the Resolutions to
wind up the company were passed. Alan H Tomlinson of
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: TOMLINSONS
St John's Court,
72 Gartside Street,
Manchester M3 3EL
Liquidator:
A H Tomlinson
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
WYKE RETAIL: Creditors Meeting Set September 1
----------------------------------------------
The creditors of Wyke Retail (York) Limited will meet on
September 1, 2004 commencing at 10:30 a.m. It will be held at
Maclaren House, Skerne Road, Driffield, East Yorkshire YO25 6PN.
Creditors who want to be represented at the meeting may appoint
proxies.
*********
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
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Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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