/raid1/www/Hosts/bankrupt/TCREUR_Public/040825.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
Wednesday, August 25, 2004, Vol. 5, No. 168
Headlines
C Z E C H R E P U B L I C
UNION POJISTOVNA: Files for Bankruptcy
D E N M A R K
LEGO COMPANY: Remains on Course to Break even in 2004
LEGO COMPANY: Grants Eidos Rights to Distribute LEGO Star Wars
LEGO COMPANY: VisionLab to Extend Services to External Market
F R A N C E
TATI: Vetura May Amend Redundancy Plan, Says Administrator
G E R M A N Y
MAXDATA AG: First-half Loss Widens to EUR4.7 Million
WESTLB AG: Confirms Plan to Sell TUI Stake
WINKLER+DUNNEBIER GROUP: First-half Net Loss Down to EUR1 Mln
H U N G A R Y
PANNONPLAST RT: Gyula Laszlo Named CEO of Plastics Unit
PANNONPLAST RT: Results Fall Short of Expectations
I T A L Y
ALITALIA SPA: Italian Government Ready to Mediate, Says Minister
CIRIO FINANZIARIA: Sells Bakery Unit for EUR13 Million
GIACOMELLI SPORT: Seeking Approval for Rescue Plan
N E T H E R L A N D S
AKER KVAERNER: Second-quarter Results in Line with Expectations
AKER KVAERNER: Wins Contract to Build Barges in Caspian Sea
GETRONICS N.V.: Nets Two-year EUR34 Mln Contract from U.K. Bank
R U S S I A
AGRO-YUNIKS: Proofs of Claim Deadline Expires Next Month
CHUKHLOMSKY CREAMERY: Kostroma Court Appoints Insolvency Manager
GALICHSKY FACTORY: Deadline for Proofs of Claim September 9
HOP-PRODUCT: Bankruptcy Supervision Begins
ILISHEVSKY FOOD: Insolvency Manager Takes over Operation
METROMEDIA INTERNATIONAL: In Commercial Dispute with Mtatsminda
METROMEDIA INTERNATIONAL: First-half Net Loss Widens to US$3 Mln
MUSLYUMOVSKAYA SELKHOZ-TEKNIKA: Declared Insolvent
NURLATSKAYA SELKHOZ-TEKHINKA: Court Confirms Insolvency
PROMTRAKTOR: Undergoes Bankruptcy Supervision Procedure
STROY-INDUSTRY: Deadline for Proofs of Claim September 9
TAT-HABERDASHERY: Tatarstan Court Opens Bankruptcy Proceedings
USTYUG-RECH-TORG: Court Sets November 21 Hearing
VOSTOK-NEFTE-GAZ-SAN-TEKH-MONTAZH: Bankruptcy Proceedings Start
YUKOS OIL: To Cut Cost, Defer Monthly Tax Payments
YUKOS OIL: Authorities Preparing Tax Claim Against Unit
S W E D E N
SCANDINAVIAN AIRLINES: Enhances Service with New Economy Flex
U K R A I N E
CHERVONSKE: Under Bankruptcy Supervision
EUROCENTRE: Court Appoints Temporary Insolvency Manager
KISELIVSKE: Gives Creditors Until Sunday to Prove Claims
LVIVSILMASH: Public Auction of Assets August 30
PRAVDA: Proofs of Claim Deadline Expires August 29
PROLISOK: Lviv Court Opens Bankruptcy Proceedings
ZAKARPATRESURSI: Names Vitalij Bahtin Liquidator
U N I T E D K I N G D O M
ABBEY NATIONAL: Opens 'Data Room' to HBOS Despite Santander Deal
ANGLO COACH: Insolvency Service Bans Director
APOLLO MANUFACTURING: Members Okay Special Winding up Resolution
ATHOLL BUSINESS: Creditors to Hear Liquidator's Report Monday
BLISS GIFTS: Decides to File for Voluntary Winding-up
BOLINGBROKE & WENLEY: Members General Meeting Set September 17
BOUNTY SMITH: Execs Banned from Holding Office for 7 Years
BUSINESS SEATING: Final Meetings Set September 30
CHARLON CORPORATE: Hires Liquidator from Begbies Traynor
CORUS GROUP: To Buy Ferromanganese Alloys from CVRD
ERLAM MCKENDRICK: Hires Baker Tilly Administrator
FII GROUP: Creditors Meeting Set September 1
FIRST ALLIANCE: Sets Members, Creditors Meeting September 22
FREUDENBERG HOLDINGS: Members Final Meeting September 21
GATECRASHER MUSIC: Names P&A Partnership Liquidator
GK ENTERTAINMENT: Transactions Prior to Collapse Puzzle Receiver
GOLD SUGAR: Brings in Liquidator from HKM
HOMEGUARD ALARMS: Calls in Liquidator
ILFORD IMAGING: Under Administration
INTERNATIONAL MAIL: Appoints Menzies Corporate Liquidator
ISSA HOLDINGS: Liquidator to Present Final Account Monday
LANDAI LIMITED: Sets Members Final Meeting September 21
LINK CONSTRUCTION: Members, Creditors Final Meetings September 9
MANAGEMENT SYSTEMS: Liquidator to Present Report September 30
MANOR FARM: Sets Creditors Meeting August 27
MARRAKECH: Accumulated Losses Balloon to EUR63 Million
MICRO CHEMICAL: Appoints Baker Tilly Administrator
MYRATECH.NET PLC: Extraordinary General Meeting September 14
NETXCHANGE LIMITED: Members Final Meeting Set September 20
OFFSHORE CRANE: In Provisional Liquidation
PAINTAIN TOOLS: Hires Poppleton & Appleby Administrator
PARFOAM LIMITED: Final Members, Creditors Meeting September 28
QUALITEC POWDER: Liquidator to Present Report Monday
SILVERHORSE LIMITED: Former Director Gets Seven-year Ban
SPARE COMPANY: Hires Liquidators from PricewaterhouseCoopers
STERISOL UK: Winding up Resolutions Passed
STEWART IVORY: Final General Meeting Set August 30
WALKER ELECTRICAL: Names Begbies Traynor Liquidator
WESTMINSTER LIVERPOOL: Members General Meeting Set September 17
*********
===========================
C Z E C H R E P U B L I C
===========================
UNION POJISTOVNA: Files for Bankruptcy
--------------------------------------
The administrator of insurer Union Pojistovna, Zdenek Petricek,
lodged a bankruptcy petition after finding out that the insurer
doesn't have enough funds to cover claims, Czech News Agency
says. The declaration of bankruptcy is the only means by which
claims of unpaid clients may be met.
CONTACT: UNION POJISTOVNA A.S.
HavlIckova 15
110 00 Praha 1
Phone: 296 332 872, 296 332 870
Fax: 296 332 871
E-mail: sekretariat_praha@unionpoj.cz
Web site: http://www.unionpoj.cz
=============
D E N M A R K
=============
LEGO COMPANY: Remains on Course to Break even in 2004
-----------------------------------------------------
Thanks to the action plan it launched in March this year, the
LEGO Company is on track to achieve its desired break-even
position in 2004.
Only one-third of the company's sales occur in the first half of
the year, and President and CEO Kjeld Kirk Kristiansen therefore
urges caution in assessing full-year results on the basis of six
months' turnover.
Says Kjeld Kirk Kristiansen: "Approximately 60% of our sales are
made in the closing months of the year so it is too early to
make a precise forecast of turnover and result for the year as a
whole -- but we are still expecting to break even in 2004."
CONTACT: LEGO COMPANY
Charlotte Simonsen, Head of Media Relations
Phone: +45 7950 6579
LEGO COMPANY: Grants Eidos Rights to Distribute LEGO Star Wars
--------------------------------------------------------------
Eidos (LSE: EID.L; NASDAQ: EIDSY), one of the world's leading
publishers and developers of entertainment software, it has
secured the distribution rights to LEGO Star Wars with Giant
Interactive Entertainment Ltd. for all countries except Japan.
The game will be released in April 2005 for the PlayStation(R)2
computer entertainment system, Xbox(R) video game system from
Microsoft, PC and Game Boy(R) Advance.
LEGO Star Wars combines two childhood favorites, LEGO and Star
Wars(R), to create an innovative and exciting action-adventure
title designed for young gamers. The game is based on The
Phantom Menace, Attack of the Clones and the eagerly awaited
Star Wars(R): Episode III Revenge of the Sith(TM), slated for
worldwide release in May 2005.
Under an agreement between LucasArts and Giant Interactive Ltd.,
LEGO Star Wars is currently being developed by Traveller's Tales
for the PlayStation2, Xbox and PC. Amaze Entertainment is
developing the Game Boy Advance version.
Mike McGarvey, CEO of Eidos says: "This signing of a title with
such wide spread appeal and recognition is a major coup for
Eidos. We look forward to working with Giant on maximizing the
game's potential."
About Eidos
Eidos plc is one of the world's leading publishers and
developers of entertainment software with a diverse mix of
titles for the PC, PlayStation(R)2 computer entertainment
system, Nintendo GameCube(TM) and the Xbox(TM) video game system
from Microsoft. For more information on Eidos and its products
visit http://www.eidos.com
About Giant:
Based in Beaconsfield, England, Giant Interactive Entertainment
Ltd. is the only publisher to specialize in computer and video
games for young gamers and their families. LEGO Star Wars(TM)
is Giant's first step on the road to becoming the leading
publisher in this market.
About The LEGO Company:
The LEGO Company is a privately held, family-owned company,
based in Billund, Denmark. The Company is one of the world's
leading manufacturers of play materials for children, employing
approximately 8,000 people globally. The LEGO Company is
committed to the development of children's creative and
imaginative abilities, and its employees are guided by the motto
adopted in the 1930s by the founder Ole Kirk Christiansen: "Only
the best is good enough."
LEGO and the LEGO logo are trademarks of The LEGO Group.
* * *
The Lego Company announced in March its new action plan to
secure the company's stable and sustainable growth. Kjeld Kirk
Kristiansen, Lego Company president and CEO said the key aspects
of the plan are to adjust activities and cost levels, improve
competitive edge, and focus on core business. He admitted the
firm is experiencing a serious earnings crisis. It will
therefore adjust its costs to a turnover level of DKK9.0
billion. Costs will be cut by DKK700 million. It expects to
feel the effects of the restructuring in 2005.
CONTACT: EIDOS PLC
Steve Starvis
Phone: 020 8636 3000
Fax: 020 8636 3001
LEGO COMPANY: VisionLab to Extend Services to External Market
-------------------------------------------------------------
VisionLab, the LEGO Company's special department for researching
future trends and development, plans to change its own future --
by selling research and future scenarios to commercial
enterprises in Denmark and abroad.
In the past, the department has concentrated exclusively on
supplying the LEGO Company with future-based, in-house research
for developing new products and strategies. VisionLab has
specialized in "translating" complex research results into
useful knowledge applicable to specific purposes.
With a number of external partners expressing interest in buying
services from VisionLab, it was decided that the department
should become a commercial research unit in open competition
with other international institutes. The decision to allow
VisionLab to offer its services to the external market is a
natural one for the LEGO Company, reflecting one of the aims of
its action plan: to reduce the company's costs.
VisionLab has already signed up its first customers, following a
workshop for 25 major companies who were able to see for
themselves how VisionLab's future scenarios could help them make
the right strategic decisions.
Charlotte Sahl Madsen, Senior Director of VisionLab, says: "The
aim is to make VisionLab a viable profit center which is also
capable of servicing a wide range of external clients. We shall
be going head to head in tough, healthy competition with some
highly skilled consulting companies in Europe and the United
States -- but VisionLab has a unique product. We can draw upon
expertise accumulated in many different specialized areas -- for
instance, sociology, anthropology, branding, technology,
business acumen, marketing, design, architecture, psychology and
philosophy -- and distill it into a single knowledge product
tailored directly for a particular corporate client."
VisionLab consists of three sections: VisionLab itself is the
part that researches future trends and developments; LEGO
Learning Institute researches specifically the child's
developmental needs; and LEGO Serious Play aims to help
corporate leaders form a clearer overview of organization and
strategy through structured building with LEGO bricks.
Charlotte Sahl Madsen: "We have several examples of external
clients becoming interested in VisionLab services because we
have experience in translating research results into clear cut
input ready for processing by concept designers, marketing
people or strategy teams."
VisionLab employs a regular staff of 12 people and also draws
upon the services of many Danish and international experts and
consultants.
The LEGO Company is a privately held, family-owned company,
based in Billund, Denmark. The Company is one of the world's
leading manufacturers of play materials for children, employing
approximately 8,000 people globally. The LEGO Company is
committed to the development of children's creative and
imaginative abilities, and its employees are guided by the motto
adopted in the 1930s by the founder Ole Kirk Christiansen: "Only
the best is good enough."
CONTACT: VISIONLAB
Charlotte Sahl Madsen, Head of VisionLab
Phone: +45 7950 4923
Charlotte Simonsen, Head of Media Relations
Phone: +45 7950 6579
Charlotte Sahl Madsen, Head of VisionLab
===========
F R A N C E
===========
TATI: Vetura May Amend Redundancy Plan, Says Administrator
----------------------------------------------------------
One of the administrators of French discount clothing retailer
Tati said Friday that new owner Vetura might reduce the number
of jobs to be included in the redundancy plan.
Denis Facques, who attended a meeting of Tati's works council,
said Vetura has agreed to submit an amended figure to Tati
administrators. Meanwhile, dominant unions CFTC and CCE have
dismissed the proposal of the CGT union to appoint an accountant
to explore alternatives to the redundancy plan, Les Echos says.
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
=============
G E R M A N Y
=============
MAXDATA AG: First-half Loss Widens to EUR4.7 Million
----------------------------------------------------
Despite difficult economic conditions, Maxdata saw an increase
in the number of units sold in the second quarter of 2004 across
nearly all product groups. This included 33% higher sales of
server systems, a 9% increase for desktop systems, 16% for
notebooks, and 14% for Belinea brand monitors. And while sales
of CRT monitors declined 3% due to falling demand for this type
of monitor in general, sales of TFT flat screens rose by 23%.
Maxdata also saw a rise in sales volume figures for the entire
first half of 2004: 12% for Belinea monitors, which includes a
25% increase in sales of TFT flat screens, and a 10% decline in
sales of CRT monitors. Sales of notebooks rose by 15%, server
systems by 22%, and desktop systems by 6%.
Despite the good news of sales volume increases, a turnover
increase of the same extent could not be generated because
average prices for hardware -- TFT flat-screens excepted -- are
still falling sharply. The Maxdata Group achieved turnover of
EUR140 million in the second quarter, which represents a 6%
increase over the same period of the previous year. But due to
decreasing prices, turnover in the first six months was also
unable to keep pace with rising sales figures. It did increase
slightly, by 2%, to EUR308 million.
Despite good sales results in the second quarter and the
accompanying increase in turnover of 6%, EBIT was heavily
strained by the continuing trend of falling sales prices and
pressure on margins in connection with increased competition.
Reductions in costs were unable to fully compensate for this
development and this resulted in an EBIT in the second quarter
of -EUR5.8 million (previous year: -EUR3.5 million).
For the first six months of the current business year, Maxdata's
operating results were -EUR 4.4 million (previous year: -EUR2.3
million).
Notes and other compulsory statements
No significant alterations to the evaluation and balancing
methods of earlier quarterly and annual reports have been
applied in the present report.
As of June 30, 2004, there are several cases in which Maxdata
has receivables and liabilities due from and to its suppliers
that are disputed. In determining the total volume of the open
items of the Group, all recognized and unrecognized claims of
the parties were compared and, if a reliable estimate appeared
possible, a provision was recognized for the likely exposure
from the Group's point of view.
The maximum exposure that cannot be completely ruled out in
excess of the provisions already recorded amounts to EUR9.5
million. There is also a test case before the Munich Regional
Court in which a competitor of Maxdata is being sued by
Verwertungsgesellschaft Wort (VG Wort) for payment of a
copyright device levy of EUR30 for every PC sold since January
1, 2001 after a composition suggestion of the arbitration board
of the German patent office was not accepted by the
Bundesverband Informationswirtschaft, Telekommunikation und neue
Medien e.V. (BITKOM). This proposed compromise provided for a
charge of EUR12 per PC since January 1, 2001. Although both
Maxdata and BITKOM assume that no such charge will be levied for
PCs, at the current stage of the proceedings it cannot be
completely ruled out. The claims of VG Wort would cause an
additional theoretical burden of around EUR6 million p.a.
The net result from exchange rate gains and losses was
-EUR330,000 during the period of the report (previous year:
-EUR1.024).
The resolutions of the shareholders' annual general meeting of
May 7, 2003 authorized Maxdata AG to purchase shares up to a
calculated capital value of EUR2.9 million. To date, a total of
1.0 million of the company's own shares have been repurchased.
No shares were bought back by Maxdata during the period of this
report.
Outlook
The German government's Council of Economic Experts has
calculated that Germany will see overall economic growth in 2004
of 1.8%. When viewing this figure, it should be taken into
account that roughly 0.5 percentage points of the increased
production can be traced back to the unusually large number of
workdays. Thus adjusted for the calendar year, the economic
trend shows a rise of 1.3%. It needs to be emphasized here that
the economy is still being buttressed by exports, while domestic
driving forces for the economy are still lacking. The Ifo
Institute also believes there will be a basic positive trend for
the remaining year as a whole. And so it appears that
investments by German industry in equipment and the accompanying
investment in IT technology are reemerging at the fore.
For the second half of 2004, this presents a somewhat positive
picture for the German IT industry. For 2004, the industry
association BITKOM calculates an increase in turnover for the
entire industry of 2.5%, to EUR131 billion. In the previous
year, turnovers in Germany's second largest industry sector had
stagnated, and in 2002 they had declined sharply. The current
climate for notebooks for private and corporate consumption is
especially positive.
According to a prognosis from the GfK, the demand for notebooks
in the corporate client sector will grow this year by 18%. And
demand for personal computers for corporate clients is also
expected to increase by 8%. Of course, due to falling average
prices, the increasing demand will not have an equally positive
influence on turnover. The market research institute Gartner
nevertheless believes that there is special potential for growth
above all in the corporate customer segment. Here, older PC
systems are increasingly being exchanged for new ones, since the
last wave of equipment replacement took place back in 2000. Of
course, this development would also be viewed as positive for
MAXDATA, since Maxdata has specifically focused on this customer
group.
Maxdata considers the original planning for the business year
2004 with EBIT in the range of EUR4 to 7 million and a turnover
of EUR680 to 710 million to be within reach. Compared to the
same quarter of the previous year, an increase in turnover by
approximately 10% to EUR160 to 170 million is anticipated for
the 3rd quarter 2004; EBIT is expected to range slightly in the
black. Maxdata reckons that the pressure on margins will slow
down in the 3rd and 4th quarters 2004 with prices stabilizing.
Key Figures
All statements Change 1st half 1st half 2003
according to IFRS 1st half 2004 2003 Total
in million EUR 2004/03
Turnover 1.6% 308.0 303.1 654.9
Operating result (EBIT) -91.3% -4.4 -2.3 -15.0
Consolidated net loss
for the period -74.1% -4.7 -2.7 -20.7
Equity -12.2% 163.7 186.5 168.6
Balance sheet total -1.2% 276.6 279.9 294.1
Equity ratio 59% 67% 57%
Cash flow 153.8% 9.9 -18.4 -25.4
Employees 1,6% 1,233 1,214 1,225
Earnings per share (in EUR) -0.17 -0.10 -0.74
Stock price
(high/low) (in EUR) 5.75/3.37 4.95/2.60 6.00/2.60
A full copy of Maxdata's First-Half Financial Data is available
free of charge at http://bankrupt.com/misc/maxdata_1h2004.pdf.
CONTACT: MAXDATA A.G.
Elbestrabe 12-16
45768 Marl
Germany
Phone: (+49) 23 65 - 952 21 22
Fax: (+49) 23 65 - 952 21 25
E-mail: ir@maxdata.com
Web site: http://www.maxdata.de
WESTLB AG: Confirms Plan to Sell TUI Stake
------------------------------------------
In view of the continuing speculation, WestLB AG has confirmed
its intention to sell its 31.3% shareholding in TUI AG as far as
possible to one investor or a consortium of investors. The Bank
will continue to refrain from issuing further information on
current discussions concerning the sale of the shareholding.
WestLB expressly welcomes the fact that the Federal Financial
Supervisory Authority (BaFin) intends to examine the price
movements of the TUI share triggered by deliberately spread
rumors and financial market operations and thus to contribute
towards ensuring transparency in the capital market.
CONTACT: WESTLB AG
Dusseldorf Head Office
HerzogstraBe 15
40217 Dusseldorf
Phone: (0211) 826-01
Fax: (0211) 826-6119
E-mail: info@westlb.de
Munster Head Office
FriedrichstraBe 1
48145 Munster
Phone: (02 51) 412-01
Fax: (02 51) 412 2921
E-mail: info@westlb.de
WINKLER+DUNNEBIER GROUP: First-half Net Loss Down to EUR1 Mln
-------------------------------------------------------------
In the first half of 2004, the Neuwied-based Winkler+Dunnebier
Group established the foundation for an earnings turnaround in
the current financial year. Despite a significant downturn in
sales, the operating loss has been significantly reduced. This
was the result of significant success in terms of restructuring.
While sales declined by 33.3% to EUR43.5 million year-on-year,
the company reduced the HY1 net loss to EUR1.1 million. In the
first half of 2003, W+D posted a net loss of EUR6.4 million.
Earnings before tax at minus EUR3.0 million were also up on the
HY1 2003 figure of minus EUR7.6 million.
"And for the first time since the 2000 financial year, we have
an improved order book," stated Dietmar Kurz, Chairman of the
Winkler+Dunnebier AG Board of Directors. On the basis of HY1
and the cost reduction in Q4 resulting from the discontinuation
of product lines in the Hygiene division which were not
sufficiently profitable and which would impact fully in the
fourth quarter, the company was on schedule. It was possible to
confirm the target of posting a balanced operating result
(EBITA).
Improved Order Situation
In comparison to December 31, 2003, W+D increased the order book
by EUR12.9 million to EUR42.9 million (HY1 2003: EUR42.6
million). In comparison to the second half year of 2003,
incoming orders improved by EUR1.2 million to EUR56.4 million.
Year-on-year, HY1 incoming orders were up by EUR9.9 million.
Dietmar Kurz: "This development is all the more remarkable
because in the first half of 2004 we discontinued Hygiene
product lines which were not generating sufficient
profitability."
In HY1 2004, W+D booked incoming orders of EUR6.8 million for
the Tissue product lines and the Personal Care areas (HY1 2003:
EUR11.1 million). The Board of Directors still expects a
moderate revival of the order situation in the envelope machines
business.
"The reduction of overcapacity among producers of letter
machines is not quite over," stated Kurz. However the response
to the new products presented at the drupa gave cause for
optimism for markets, which previously had not been tapped. As
production can only be commenced in Q4 2005 -- with the
exception of the paper processing systems -- these will only
contribute marginally to sales until then.
KBA-Giori, Lausanne (Switzerland), a 100% Koenig & Bauer AG
subsidiary, had now commenced marketing of the paper processing
machines. NotaNumber III was developed in only six months.
This is a machine which processes stacks of bank notes at high
speed and precision levels and which sorts out incorrectly
marked individual notes and processes the correct banks notes on
the basis on inline numbering to a value-based product.
Sales focus expected in HY2
Primarily due to the discontinued product lines in the Hygiene
division, HY1 2004 sales at EUR43.5 million lagged behind those
of the same period in the previous year (HY1 2003: EUR65.2
million). This was as scheduled. The more relevant total
operating performance did not decline by as much, to EUR47.8
million (HY1. 2003: EUR57.6 million). The key product fuelling
sales was the envelope machines business, with a share of
EUR32.7 million (HY1. 2003: EUR38.8 million).
The profitable business with tissue machines as well as the
modifications and service activities in the Personal Care unit
now concentrated in the Hygiene division, contributed EUR10.8
million to consolidated sales. The most important regional
markets for the group were North America with EUR15.7 million
and Europe (not including Germany) with EUR14.8 million. The
sales decline in Europe (HY1 2003: 29.4 EUR million) is due
primarily to the reduced Hygiene product portfolio. For HY2,
W+D anticipates a strong sales increase, seasonally typical for
the mechanical engineering sector.
CFO Dr. Manfred Kuhn confirms that "the target of between EUR103
million and EUR106 million can thus be achieved, as well as a
balanced operating result."
Year-on-year comparison of the key figures of the W+D Group:
Accounting method: IFRS
HY1 2004 HY1 2003 Change in %
Employees (average) 916 1,206 -24.0
Sales (EUR million) 43.5 65.2 -33.3
Paper division 32.7 38.8 -15.7
Hygiene division 10.8 26.4 -59.1
Incoming orders (EUR million) 56.4 46.5 21.3
Paper division 49.6 35.4 40.1
Hygiene division 6.8 11.1 -38.7
Order book (EUR million) 42.9 42.6 0.7
Paper division 37.6 30.2 24.5
Hygiene division 5.3 12.4 -57.3
EBITDA (EUR million) -0.7 -1.4 50.0
EBITA (EUR million) -2.1 -3.4 38.2
EBIT (EUR million) -2.1 -6.5 67.7
Net loss (EUR million) -1.1 -6.4 82.8
Earnings/share (EUR)* -0.17 -1.04 83.7
Cash flow from
current business
operations (EUR million) 2.7 -3.0 -
Net debt (EUR million)** 32.5 34.6 -6.1
Liquid funds (EUR million) 5.4 7.6 -28.9
* according to IAS 33
** total of bank liabilities and pension reserves minus liquid
funds
CONTACT: WINKLER + DUNNEBIER AG
Sohler Weg 65
56564 Neuwied
Germany
Tobias M. Weitzel
Investor Relations Manager
Phone: +49 - 2631 - 84 617
=============
H U N G A R Y
=============
PANNONPLAST RT: Gyula Laszlo Named CEO of Plastics Unit
-------------------------------------------------------
Csaba ZoltAn, Chairman and CEO of Pannonplast appointed Mr.
Gyula Laszlo as the CEO of Pannonplast Engineering Plastics Plc
as of August 23, 2004. Mr. Gyula Laszlo, who has worked for
Pannonplast since 1997, managed the injection moulding cluster
in the Company's headquarters since 1999.
Pannonplast Engineering Plastics Plc. -- within the framework of
the reorganization program in the Company -- was established
following the merger of Moldin Ltd. and Moldin 2000 Plc in June,
2004.
"The five-year executive performance of Mr. Gyula Laszlo at the
Pannonplast headquarters, his good relationship with important
customers of Pannonplast Engineering Plastics guarantees that
the restructuring will succeed and deliver the expected results
in spite of the strong competition," said Mr. Csaba Zoltan,
Chairman and CEO regarding the appointment.
CONTACT: PANNONPLAST RT
1225 Budapest
Nagytetenyi ut 216-218
PANNONPLAST RT: Results Fall Short of Expectations
--------------------------------------------------
Plastics maker Pannonplast Rt last week reported wider losses
for the second quarter, and warned its full-year results will be
in the red.
Losses for the second quarter grew from HUF567 million in the
same period last year to HUF604 million in 2004, its report to
the Budapest Stock Exchange reveals. For the full year, it said
it would post a loss of HUF1 billion (EUR4 million). The
company was then hoping to break-even.
Extraordinary items totaled HUF384 million in the second
quarter, including the HUF58 million cost of refinancing HUF8.5
billion of expiring debt. Sales rose 18.2% to HUF7.2 billion,
but the firm still lost at the operating level. The loss was
HUF275 million, compared with a profit of HUF86 million in the
comparable period last year.
Pannonplast has been hit for the past two years by faltering
economic growth in Western Europe, Pannonplast's main export
market, reduced orders for television sets, computer monitors
and printer casings.
Peter Makray, an equity analyst covering the stock for Erste
Bank Investment Rt, pointed out how the company has digressed to
its previous expectations.
He said: "The company has target sales of HUF26.5 billion for
the year. So to come out after Q2 and modify year-end net
profit on those sales, from a positive figure to minus -HUF1
billion, is a huge event." He recalled the new management
promised in February to resign if it failed to meet its declared
sales and profit targets. He said he expects the management to
resign at the company's September 10 extraordinary general
meeting.
CONTACT: PANNONPLAST RT
1225 Budapest
Nagytetenyi ut 216-218
=========
I T A L Y
=========
ALITALIA SPA: Italian Government Ready to Mediate, Says Minister
----------------------------------------------------------------
The Italian government is willing to play a part in the talks
between the beleaguered carrier Alitalia S.p.A. and its trade
unions should the carrier or the unions ask for it, La Stampa
says.
According to Italian Deputy Minister for Transport Mario
Tassone, the government so far has not received any official
notice regarding the number of jobs Alitalia intends to cut.
Meanwhile, rival British Airways (BA) unleashed another public
attack on Alitalia. The head of BA's western European division
on Sunday told the Italian carrier it must change its mentality
and learn to cut cost in order to survive.
BA recently refused the suggestion of ENAC, the Italian civil
aviation authority, to hike some of its fares at the same level
with Alitalia.
CONTACT: ALITALIA S.P.A
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
CIRIO FINANZIARIA: Sells Bakery Unit for EUR13 Million
------------------------------------------------------
Bankrupt Italian food group Cirio Finanziaria agreed to sell its
industrial bakery unit Panificio Moderno to the holding company
of the Tognetti family for around EUR13 million, Bakery and
snacks.com reported.
Mario Resca, one of the three government-appointed
administrators of the company, said the deal is expected
complete by next month.
Panificio Moderno, wholly owned by Cirio, makes bread and
pizzas, which it delivers mainly to the local market. It has
turnover of around EUR15 million, 65% of which came from its
bread and pastry unit, and 35% coming from the pizza unit.
The company has 56% of its business focused on Italy and 44% on
exports to the U.K., France and Switzerland.
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
GIACOMELLI SPORT: Seeking Approval for Rescue Plan
--------------------------------------------------
The receivers of bankrupt sporting goods retailer Giacomelli
Sport have asked the approval of the Italian trade ministry to
accept the EUR11 million takeover bid of Tuscan Star Sports, Il
Sole 24 Ore says.
Giacomelli's receiver earlier received offers for its 59 outlets
from Tuscan and private equity fund BS. However, BS' bid was
only EUR7.1 million compared to Tuscan's offer of EUR11 million.
The company's warehouses were excluded in the sale but will be
disposed of individually once their value has been assessed. It
had already sold its IT Sport and Longoni Sport divisions.
Tuscan Star Sports is a vehicle company set up by Leonardo
Private Equity and the U.S. financier Todd Bergmand.
CONTACT: GIACOMELLI SPORT S.P.A.
Via Nuova Circonvallazione Ovest, 14/16
47900 Rimini Italia
Phone: +39 541 748611
Fax: +39 541 742201
Web site: http://www.giacomellisport.com
=====================
N E T H E R L A N D S
=====================
AKER KVAERNER: Second-quarter Results in Line with Expectations
---------------------------------------------------------------
In the second quarter this year, Aker Kvaerner A.S.A. continued
on a steady course towards its stated targets. Profits
continued to grow, the order intake was strong and main markets
developed positively.
Good progress on several large projects resulted in a relatively
strong first six months this year.
Profits increased in the three-month period, taking earnings
before interest, tax, depreciation and amortization for the
first six months of the year to NOK659 million, up from NOK403
million in the same period last year.
Order intake was NOK10.3 billion, and the order reserve at the
end of June was a two-year record high NOK32.4 billion.
Generally, all main markets have developed favorably this year.
Early phase study work has picked up and bidding activity is
high.
Cash flow from operating activities for the first six months
this year was negative NOK104 million, reflecting a NOK0.7
billion increase in net current operating assets. Cash and bank
deposits at the end of June remained at a comfortable NOK3.3
billion.
In the second quarter, all segments reported earnings in line
with, or better than, the first quarter this year, while
year-to-date profits were significantly better than last year.
The year-to-date profits for 2003 included special gains of
NOK30 million and NOK37 million from property sales in MMO and
SPT respectively.
This positive development is the result of a general market
improvement in addition to a strong focus on improving
operational efficiency, project execution, and of various change
programs that have been implemented throughout the Aker Kvaerner
group. Competitiveness has been strengthened resulting in a
healthy and well-balanced order reserve. The overall
predictability and robustness of the group are improving.
Aker Kvaerner continues on its steady course towards its stated
financial targets: An EBITDA in the first part of 2005 of
approximately NOK1.5 billion on an annualized basis, and
2006-EBITDA of NOK1.75 billion.
AKER KVAERNER ASA, through its subsidiaries and affiliates, is a
leading global provider of engineering and construction
services, technology products and integrated solutions. The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper. Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.
The Aker Kvaerner group consists of a number of separate legal
entities. Aker Kvaerner is used as the common brand/trademark
for most of these entities. The parent company in the group is
Aker Kvaerner A.S.A.
A full copy of its financial statement is available free of
charge at http://bankrupt.com/misc/2nd_quarter_results2004.pdf.
* * *
In April, Fitch Ratings assigned a rating of 'BB' to the Aker
Kvaerner A.S. EUR260 million second priority lien notes issue
guaranteed by Aker Kvaerner O&G Group A.S. (AK O&G). This
follows a review of final documentation on the basis of which
Fitch confirms the expected rating assigned to these notes on
March 12, 2004. The agency's Senior Unsecured rating for AK O&G
is 'BB' with a Stable Outlook.
The 'BB' rating assigned to the notes, at the same level as the
Senior Unsecured rating, reflects the agency's view of the
potential recovery prospects of the notes, based on the pro-
forma capital structure of the group. Although the notes are
contractually subordinated to a EUR150 million senior secured
credit facility, and contractually and structurally subordinated
to a EUR6.8 million (NOK57 million) project financing loan and
bonding facilities in excess of EUR400 million (NOK3 billion),
the value within the business should ensure substantial recovery
for the note holders.
CONTACT: AKER KVAERNER
Media:
Geir Arne Drangeid,
SVP Group Communications
Phone: +47 913 10 458
Investor relations:
Lasse Torkildsen,
VP Investor Relations
Phone: +47 67 51 30 39
AKER KVAERNER: Wins Contract to Build Barges in Caspian Sea
-----------------------------------------------------------
Aker Kvaerner A.SA. signed a letter of intent to perform
fabrication, outfitting and testing of seven barges for oil
production in the giant Kashagan oilfield in the north Caspian
Sea, offshore Kazakhstan.
In the letter of intent, Agip Kazakhstan North Caspian Operating
Company N.V. and Aker Kvaerner confirm their intentions to
complete final negotiations and sign a contract for the work
later this autumn. The work on the project starts immediately
under an interim agreement.
"This project is an important stepping stone in Aker Kvaerner's
North Caspian Sea strategy in general and for the Kazakhstan
offshore market in particular," said executive vice president
Simen Lieungh in Aker Kvaerner. Extensive field development
will go on in the Kashagan field for the next 10 to 15 years.
"The North Caspian Sea, is a very attractive area for Aker
Kvaerner. We have clear intentions on growing our business in
the Kazakhstan-based oil and gas industry and will position
ourselves to compete for hook up, maintenance, modifications and
operations in the Kazakhstan market. As part of this, we will
work with local parties on the current projects and seek new
partners for future opportunities in the region," Mr. Lieungh
added. He emphasizes that this award demonstrates Aker
Kvaerner's position as a competitive contractor in the oil and
gas industry.
The letter of intent covers fabrication, outfitting and testing
of seven barge modules, including three oil separation barges,
two-gas dehydration and glycol regeneration barges, one
emergency power generation and utilities barge and one fire
fighting/sea water barge. All of them will be 95 meters long,
16 meters broad and 5.5 meters high. After delivery, they will
be installed on pre-installed piles and hooked up in waters 4 to
6 meters deep, as part of the first phase of the Kashagan
development project.
The barge hulls will be fabricated at the Aker Tulcea and Braila
Yards in Romania. Six of the hulls will be towed to Kvaerner
Egersund for outfitting and testing, while one will be towed to
Astrakhan Korabel Yard in Astrakhan, for completion. They will
all be transported on the Volga and Don rivers to the Caspian
Sea.
The partners in the Kashagan project include Eni (Agip,
operator), ExxonMobil, Shell, Total, British Gas each with
16.67% interest, and ConocoPhillips and Inpex, with 8.33% each.
The contract will be signed by Aker Kvaerner Engineering &
Technology A.S., a company within the Aker Kvaerner group.
AKER KVAERNER A.S.A., through its subsidiaries and affiliates,
is a leading global provider of engineering and construction
services, technology products and integrated solutions. The
business within Aker Kvaerner span a number of industries,
including Oil & Gas production, Refining & Chemicals, Mining &
Metals, Pharmaceuticals & Biotechnology, Power Generation and
Pulp & Paper. Aker Kvaerner has aggregated annual revenues of
approximately US$4.5 billion and employs around 21,000 employees
in more than 30 countries.
The Aker Kvaerner group consists of a number of separate legal
entities. Aker Kvaerner is used as the common brand/trademark
for most of these entities. The parent company in the group is
Aker Kvaerner A.S.A.
Field Development Europe is a multidisciplinary and technology
based organization covering all technical and management
functions for carrying out development of oil and gas fields
world-wide, from wellheads to receiving terminal.
Aker Kvaerner Engineering & Technology AS has about 800
employees and their main office is located at Lysaker near Oslo.
The company has extensive experience and competence within
development of technology and concepts, in addition to execution
of larger projects. AKET has been involved in the development
of most oil- and gas fields on the Norwegian Continental Shelf.
The company has also played an active role in several terminal
and onshore projects in Norway. AKET is presently involved in
several international projects based on their competence and
products, such as LNG terminals.
* * *
In April, Fitch Ratings assigned a rating of 'BB' to the Aker
Kvaerner A.S. EUR260 million second priority lien notes issue
guaranteed by Aker Kvaerner O&G Group A.S. (AK O&G). This
follows a review of final documentation on the basis of which
Fitch confirms the expected rating assigned to these notes on
March 12, 2004. The agency's Senior Unsecured rating for AK O&G
is 'BB' with a Stable Outlook.
The 'BB' rating assigned to the notes, at the same level as the
Senior Unsecured rating, reflects the agency's view of the
potential recovery prospects of the notes, based on the pro-
forma capital structure of the group. Although the notes are
contractually subordinated to a EUR150 million senior secured
credit facility, and contractually and structurally subordinated
to a EUR6.8 million (NOK57 million) project financing loan and
bonding facilities in excess of EUR400 million (NOK3 billion),
the value within the business should ensure substantial recovery
for the note holders.
CONTACT: AKER KVAERNER
Media:
Geir Arne Drangeid
SVP Group Communications
Phone: +47 913 10 458
Investor relations:
Lasse Torkildsen
VP Investor Relations
Phone: +47 67 51 30 39
GETRONICS N.V.: Nets Two-year EUR34 Mln Contract from U.K. Bank
---------------------------------------------------------------
A U.K. bank, with over 2000 branches and part of one of the
largest financial services groups in the U.K., awarded Getronics
U.K. a two-year, EUR34 million network and desktop services
contract to provide maintenance and support for over 100,000 IT
assets across its entire U.K. branch and head office network.
The investment will ensure continual improvement in the service
quality the bank provides to its customers every day.
The renewed contract between Getronics U.K. and the bank has
been constructed to be highly flexible, enabling Getronics to
respond to any changes without disruption to the bank's
operations.
Roger Whitehead, Managing Director of Getronics U.K. and
Ireland, comments: "This renewed engagement gives us great
satisfaction as it expands and extends our relationship with the
bank and provides us with a great opportunity to continue to
improve our service in the field of our core business, Network
and Desktop Services."
About Getronics
With approximately 22,000 employees in over 30 countries and
ongoing revenues of EUR2.6 billion in 2003, Getronics is one of
the world's leading providers of vendor independent Information
and Communication Technology (ICT) solutions and services.
Getronics today combines the capabilities of the original Dutch
company with those of Wang Global, acquired in 1999, and of the
systems and services division of Olivetti. Getronics is ranked
second worldwide in network and desktop outsourcing and fourth
worldwide in network consulting and integration (Source: IDC
2002-2003). Getronics designs, integrates and manages ICT
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments. Getronics' headquarters are in Amsterdam, with
regional offices in Boston, Madrid and Singapore. Getronics'
shares are traded on Euronext Amsterdam (GTN). For further
information about Getronics, visit http://www.getronics.com
* * *
As reported by TCR-Europe on July 9, 2004, Standard & Poor's
Ratings Services assigned its 'B+' senior secured debt rating
and a recovery rating of '4' to the new EUR175 million (US$216
million) credit facilities of The Netherlands-based IT services
and products provider Getronics N.V. (B+/Positive/--).
The facilities comprise a EUR100 million revolving credit
facility and a EUR75 million acquisition facility, both maturing
in 2007. The bank loan has been rated 'B+', the same level as
the corporate credit rating on the group because, despite the
loan's secured status, recovery expectations are less than 100%
in the event of default.
CONTACT: GETRONICS N.V.
Investor Relations
Phone: +31 20 586 1581
Fax: +31 20 586 1455
E-mail: investor.relations@getronics.com
===========
R U S S I A
===========
AGRO-YUNIKS: Proofs of Claim Deadline Expires Next Month
--------------------------------------------------------
The Arbitration Court of Orel region has declared LLC
Agro-Yuniks (TIN 5753030331) insolvent and introduced bankruptcy
proceedings. The case is docketed as A48-90/04-16b. Mr. V.
Solomatin has been appointed insolvency manager. Creditors
have until September 16, 2004 to submit their proofs of claim to
302026, Russia, Orel, Komsomolskaya Str. 88, Room 11.
CONTACT: AGRO-YUNIKS
302026, Russia,
Orel, Shepnaya Pl. 7
Mr. V. Solomatin
Insolvency Manager
302026, Russia,
Orel, Komsomolskaya Str. 88,
Room 11
Phone/Fax: (0862) 77-77-15
CHUKHLOMSKY CREAMERY: Kostroma Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kostroma region has declared LLC
Chukhlomsky Creamery (TIN 4423001746/442901001) insolvent and
introduced bankruptcy proceedings. The case is docketed as
A41-K2-11480/04. Mr. V. Saurenko has been appointed insolvency
manager.
Creditors are asked to submit their proofs of claim to 157800,
Russia, Kostroma region, Nerekhta, Lunacharskogo Str. 29. A
hearing will take place at the Arbitration Court of Kostroma
region on September 23, 2004, 9:40 a.m.
CONTACT: CHUKHLOMSKY CREAMERY
157130, Russia,
Kostroma Region, Chukhloma,
Priozernaya Str. 7
Mr. V. Saurenko
Insolvency Manager
157800, Russia,
Kostroma Region, Nerekhta,
Lunacharskogo Str. 29
Phone/Fax: (09431) 7-57-65
GALICHSKY FACTORY: Deadline for Proofs of Claim September 9
-----------------------------------------------------------
The Arbitration Court of Kostroma region has declared OJSC
Galichsky Factory of Metal (TIN 4403000145) insolvent and
introduced bankruptcy proceedings. The case is docketed as
A31-6727/18. Mr. A. Petrosyan has been appointed insolvency
manager. Creditors have until September 9, 2004 to submit their
proofs of claim to 157202, Russia, Kostroma region, Galich,
Gladysheva Str. 122.
CONTACT: GALICHSKY FACTORY OF METAL MANUFACTURES
Russia, Kostroma region,
Galich, Gladysheva Str. 122
Mr. A. Petrosyan
Insolvency Manager
157202, Russia,
Kostroma Region, Galich,
Gladysheva Str. 122
HOP-PRODUCT: Bankruptcy Supervision Begins
------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on LLC Hop-Product. The case
is docketed as A79-4268/04-SK1-4163. Mr. A. Gryadinsky has been
appointed temporary insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to 429120, Russia, Chuvashiya republic, Shumerlya,
Chaykovskogo Str. 15, Apartment 38. A hearing will take place
on October 26, 2004, 2:00 p.m.
CONTACT: HOP-PRODUCT
Russia,
Chuvashiya republic,
Ibresi
Mr. A. Gryadinsky
Temporary Insolvency Manager
429120, Russia,
Chuvashiya Republic, Shumerlya,
Chaykovskogo Str. 15,
Apartment 38
ILISHEVSKY FOOD: Insolvency Manager Takes over Operation
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic has declared
OJSC Ilishevsky Food Combine insolvent and introduced bankruptcy
proceedings. The case is docketed as A07-2417/02-A-MOG. Mr. R.
Suyargulov has been appointed insolvency manager.
Creditors have until September 16, 2004 to submit their proofs
of claim to:
(a) Ilishevsky Food Combine
452260, Russia,
Bashkortostan republic,
Verkhneyarkeevo,
Kommunisticheskaya Str. 103;
(b) Insolvency Manager
450071, Russia,
Bashkortostan republic,
Ufa, Lesnoy Pr. 83,
Office 310;
(c) The Arbitration Court of Bashkortostan Republic
450057, Russia,
Bashkortostan Republic, Ufa,
Oktyabrskoy revolutsii Str. 63A
METROMEDIA INTERNATIONAL: In Commercial Dispute with Mtatsminda
---------------------------------------------------------------
In addition to the litigation and environmental matters
described in Metromedia International Group, Inc.'s Annual
Report on Form 10-K (Fuqua Industries Inc., Shareholder
Litigation; lawsuit with Pension Benefit Guaranty Corporation,
and Campbell Litigation among others), the Company is involved
in these matters:
Commercial Dispute
The Company is in a commercial dispute with Mtatsminda, the
owner of a 15% minority interest in Ayety.
On June 2, 2004, Mtatsminda sent a letter to the Company in
which it addressed four issues. First, Mtatsminda requested
that the Company cause Ayety to renegotiate the terms pursuant
to which Ayety is using 11 broadcast frequencies that belong to
Mtatsminda.
Second, Mtatsminda alleges that the Company has an obligation to
pay property taxes on the buildings owned by an affiliate of the
Company in Tbilisi and that the Company has failed to meet this
obligation.
Third, Mtatsminda disputes the amount of certain loans made by
the Company to Ayety.
Fourth, Mtatsminda alleges that the Company may have violated
laws against bribery of foreign officials and possibly engaged
in other improper or illegal conduct.
As previously discussed, with respect to the broadcast
frequencies, Ayety has been using the 11 frequencies under an
agreement with Mtatsminda, which recently expired. Ayety is
intending to enter into negotiations with Mtatsminda to secure
continued long-term use of these frequencies. The Company
believes that the risk of Mtatsminda withdrawing the right to
use its frequencies is remote.
With respect to the property tax issue, the Company is currently
investigating this allegation and has retained outside legal
counsel to assist with this investigation. The Company believes
that the amount of tax due, if any, is relatively low and it has
been advised by outside legal counsel that the risk of a tax
assessment is remote. Further, the Company believes that the
allegations related to the amount of the loans made to Ayety are
unfounded and intends to vigorously defend itself on this issue.
The Company believes that the fourth allegation is substantially
similar to those raised previously by certain Georgian
individuals and described in Note 12, "Commitments and
Contingencies - Georgian Matters."
The Company's Board of Directors authorized the Company's
outside counsel to conduct an independent inquiry into the
allegations of possible improper or illegal conduct made by the
Georgian individuals. The investigation has been completed and
the results have been reported by the Company's outside counsel
to the Board of Directors of the Company. The investigation did
not uncover any specific factual support for the allegations
regarding violations of laws against bribery of foreign
officials, including the Foreign Corrupt Practices Act, or other
alleged improper or illegal conduct.
The Audit Committee of the Company's Board of Directors has
reviewed the June 2, 2004 letter sent by Mtatsminda and believes
that the allegations made with respect to violations of laws and
other improper or illegal conduct are substantially similar to
those previously investigated by the Company's outside counsel.
For this reason, the Audit Committee has determined not to
re-open the investigation.
At the request of Mtatsminda, the Company agreed to participate
in a meeting of Ayety shareholders on June 28, 2004. At that
meeting, the Company's intent was to address matters raised in
Mtasminda's letter to the Company dated June 2, 2004 and to also
address matters relative to the poor financial performance of
Ayety, including the Company's decision to remove and appoint a
new General Director of the business. However, at such meeting,
Mtatsminda notified the Company that in March 2003, a new
charter of Ayety was prepared and filed in the Georgian courts
(which are responsible for company registration in Georgia).
Pursuant to the terms of the New Charter, unanimous shareholder
approval is required for certain key decisions, including the
removal and appointment of a new General Director; whereas
previously only a 75% vote was required. Further, at the
meeting, Mtatsminda informed the Company that it would not vote
"for" the Company's proposal regarding the removal of Ayety's
General Director. In addition, Mtatsminda also informed the
Company representatives that they believed the Company, through
its control of Ayety, had disadvantaged Mtatsminda by ensuring
that Ayety's business performed poorly.
The Company believes that the legality of the changes to the
charter are questionable and can be disputed by the Company on
the basis that the New Charter was adopted in a manner that was
not in compliance with applicable law. However, since the New
Charter has already been filed and accepted by the Georgian
courts, the New Charter is valid until successfully challenged.
Management is attempting to buy-out Mtatsminda's interest in
Ayety. If this course of action fails, the Company might either
attempt to resolve the commercial dispute with Mtatsminda, while
simultaneously seeking to nullify the New Charter, or the
Company may dispose of its interest in Ayety.
Although the Company believes that it retains the legal right to
control Ayety, the Company was unable to execute its desired
objectives at the June 28, 2004 Ayety shareholders meeting.
Based on these events, management has concluded that it no
longer controls the day-to-day business affairs of Ayety.
Accordingly, effective June 30, 2004, the Company will no longer
account for its ownership interest in Ayety following the
consolidation method of accounting but will follow the equity
method of accounting.
Campbell Litigation
On March 31, 2003, Mr. James Campbell filed a complaint in the
Circuit Court of Walker County, Alabama against Turtle Shell,
Inc., formerly known as Snapper, Inc. (a wholly owned subsidiary
of the Company) for damages related to injuries allegedly
sustained by him while operating a Snapper lawnmower. In
November 2002, the Company disposed of all assets and most
liabilities of Snapper, Inc. but retained certain liabilities,
including any obligations that may arise out of this litigation.
Mr. Campbell died on July 14, 2003.
In light of Mr. Campbell's death, his complaint was amended to
include a wrongful death claim and a claim of damages for any
pain and suffering incurred by Mr. Campbell from the time of
injury until death. Mr. Campbell's estate was substituted as
the plaintiff in this action. Also named as a defendant in this
case is Briggs & Stratton, the Company that manufactured the
engine of the lawnmower.
On August 3, 2004, a settlement agreement was reached between
the estate of Mr. James Campbell and the other co-defendants,
including the Company, with respect to this litigation. All
claims against the Company have been released.
Pension Benefit Guaranty Corporation
In a letter dated August 6, 2004, the Company was informed by
the Pension Benefit Guaranty Corporation that they do not intend
to take any action with respect to the matter addressed in the
Company's June 23, 2003 notice to them, as more fully described
in Item 3. Legal Proceedings "Report to the Pension Benefit
Guaranty Corporation", included within the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2003.
A full copy of Metromedia's 10-Q filing is available free of
charge at http://bankrupt.com/misc/Metromedia10Q[1].pdf.
CONTACT: METROMEDIA INTERNATIONAL
8000 Tower Point Drive,
Charlotte, North Carolina 28227
Phone: (704) 321-7380
METROMEDIA INTERNATIONAL: First-half Net Loss Widens to US$3 Mln
----------------------------------------------------------------
Going Concern and Recent Developments
In the first quarter of 2003, Metromedia International Group,
Inc. embarked on an overall restructuring of its business. The
Restructuring was prompted by and was intended to resolve the
severe liquidity issues that had confronted the Company since
the beginning of 2002.
In this Restructuring, the Company undertook to sell its
non-core businesses, which at the beginning of the Restructuring
included nine cable television networks, twenty radio
broadcasting stations and various non-core telephony businesses
located in Western, Central and Eastern Europe. Proceeds of
these sales mitigated short-term liquidity concerns and provided
capital for further core business development. Upon completion
of all planned sales, which is expected in the third quarter of
2004, the Company will emerge as a business with its principal
attention focused on the continued development of its core
telephony businesses in Northwest Russia and the Republic of
Georgia.
In connection with the Restructuring, the Company also
substantially downsized its corporate headquarters staff and
undertook actions with the intended objective of significantly
decreasing its corporate overhead cash-burn rate. The Company
relocated its corporate headquarters from New York City, New
York to Charlotte, North Carolina and has achieved a significant
reduction in its corporate personnel and office related
expenditures. Further reductions in corporate overhead
expenditures are expected to follow the final disposition of all
remaining non-core media businesses.
The Company's core telephony businesses are now:
(a) PeterStar, the leading competitive local exchange carrier in
St. Petersburg, Russia, in which the Company has a 71%
Ownership interest; and
(b) Magticom, the leading mobile telephony operator in the
Republic of Georgia, in which the Company has an effective
34.5% ownership interest.
Both of these business ventures are currently self-financed and
hold leading positions in their respective markets.
Furthermore, the Company also intends to retain its ownership in
Ayety TV (pending the resolution of a dispute with the owner of
a 15% interest in Ayety, see Note 4, "Change in Basis of
Presentation"), a cable television provider in Tbilisi, Georgia,
in which the Company has an 85% ownership interest and Telecom
Georgia, a long-distance transit operator in Tbilisi, Georgia,
in which the Company has a 30% ownership interest.
The Company is a holding company; accordingly, it does not
generate cash flows from operations. As of June 30, 2004 and
July 31, 2004, the Company had US$31.4 million and US$29.8
million, respectively, of unrestricted cash on hand. In
addition, as of June 30, 2004, the Company's consolidated
business ventures held US$0.9 million of cash. Furthermore, as
of June 30, 2004, the Company's unconsolidated business ventures
had US$13.6 million of cash on hand, which is held in banks in
the Republic of Georgia.
The Company projects that its current corporate cash reserves,
anticipated cash proceeds of non-core media business sales and
the anticipated continuing dividends from core business
operations will be sufficient for the Company to meet on a
timely basis its future corporate overhead requirements and
interest payment obligations, associated with its US$152.0
million aggregate principal amount (fully accreted) 101/2%
Senior Discount Notes, due 2007 (the Senior Notes). However,
the Company cannot assure that dividends from core businesses
will be declared and paid nor can it assure that it will be
successful in completing the sale of its remaining non-core
media businesses or that the realized cash proceeds, if any,
will be sufficient to meet short-term liquidity requirements.
The Company also is subject to legal and contractual
restrictions, including those under the indenture for the Senior
Notes, on its use of any cash proceeds from the sale of its
assets or those of its business ventures.
Separately, the Company projects that it has sufficient
corporate cash on hand to support the Company's planned
operating, investing and financing cash flows through the end of
2004, including the Company's US$8.0 million semi-annual
interest payment due on September 30, 2004 on its Senior Notes.
This projection does not include cash inflows that might
reasonably arise from cash proceeds realized from the sale of
the Company's non-core media businesses or operating business
venture dividend distributions, each of which would further
strengthen the Company's current liquidity position.
However, the Company does not believe that it has sufficient
corporate cash on hand today to support the Company's planned
operating, investing and financing cash flows through March 31,
2005, including the Company's US$8.0 million semi-annual
interest payment that is due on March 31, 2005 associated with
its Senior Notes.
If the Company is not able to satisfactorily address the
liquidity issues described above, the Company may have to resort
to certain other measures, including ultimately seeking the
protection afforded under the U.S. Bankruptcy Code. The Company
cannot provide assurances at this time that it will be
successful in avoiding such measures. Additionally, the Company
has a stockholders' deficit and has suffered recurring operating
losses and operating cash deficiencies.
The factors discussed above raise substantial doubt about the
Company's ability to continue as a going concern. The condensed
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
In June 2004, the Company reached an agreement (the Board of
Director Nominee Agreement) with certain holders of the
Company's 71/4% Cumulative Convertible Preferred Stock (the
Preferred Stock) who represented to the Company that they held
discretionary authority (including the power to vote) with
regard to 2.4 million shares or approximately 58% of the
outstanding 4.1 million shares of Preferred Stock (the
Participating Preferred Stock Holders).
Under the terms of the Board of Director Nominee Agreement, the
Participating Preferred Stock Holders irrevocably waived the
right to request a special meeting of holders of Preferred Stock
to elect directors or take any action to request such a meeting
until immediately after the next annual meeting of the Company's
stockholders is held. In consideration of this waiver, Messrs.
Gale and Henderson, who were identified by the Participating
Preferred Stock Holders as director candidates, were elected as
Class III Directors by the Company's Board of Directors. Their
terms will expire at the Company's next annual meeting of
stockholders. At the next annual meeting, the holders of
Preferred Stock will have the right to vote separately as a
class for the election of two directors. It is expected that
Messrs. Gale and Henderson will be nominated for election by the
holders of Preferred Stock to fill these two directorships.
The execution of the Board of Director Nominee Agreement was the
culmination of several discussions, which began in late 2003,
the Company had with several holders of the Company's Preferred
Stock. According to the terms of the Preferred Stock, in the
event the Company did not make six (6) consecutive dividend
payments on the Preferred Stock, holders of 25% of the voting
power of the outstanding Preferred Stock became entitled to
compel the Company to call a special meeting of the holders of
the Preferred Stock for the purpose of electing two new
directors. The Company believes that the Board of Director
Nominee Agreement was advantageous to the Company because it
eliminated the need to hold a special meeting that would have
been both time consuming and expensive.
Opportunities to restructure the Company's balance sheet as well
as other strategic alternatives are being pursued and evaluated,
but present Company plans presume the continued service of the
Senior Notes on current terms and the continued deferral of the
payment of dividends on the Preferred Stock. The Company cannot
provide assurances at this time that a capital restructuring or
other strategic alternatives will be consummated or, if
consummated, that such effort would produce a material
improvement in short-run cash flows or equity valuations.
Selected financial figures from 10-Q filing:
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
2004 2003 2004 2003
Revenues $19,312 $17,802 $37,875 $ 34,456
Operating loss (759) (4,289) (1,173) (11,750)
Income before 1,780 19,959 818 9,064
income tax expense,
minority interest,
discontinued
components and the
cumulative effect
of a change in accounting
principle
(Loss) income (3,562) 16,091 (7,146) 1,593
before discontinued
components
and the cumulative effect
of a change in accounting
principle
Net (loss) income (3,044) 27,211 (318) 13,444
A full copy of Metromedia's 10-Q filing is available free of
charge at http://bankrupt.com/misc/Metromedia10Q[1].pdf.
CONTACT: METROMEDIA INTERNATIONAL
8000 Tower Point Drive,
Charlotte, North Carolina 28227
Phone: (704) 321-7380
MUSLYUMOVSKAYA SELKHOZ-TEKNIKA: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Tatarstan republic has declared OJSC
Muslyumovskaya Selkhoz-Teknika insolvent and introduced
bankruptcy proceedings. The case is docketed as
A65-10805/2003-SG4-31. Mr. R. Islamov has been appointed
insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to:
(a) The Arbitration Court of Tatarstan republic
Russia, Tatarstan republic,
Kazan, Kreml, Building 2,
Entrance 2;
(b) Muslyumovskaya Selkhoz-Teknika
423970, Russia,
Tatarstan republic,
Muslyumovsky region, Muslyumovo,
Kooperativnaya Str. 150;
(c) Insolvency Manager
420110, Russia,
Tatarstan republic, Kazan,
Post User Box 269
NURLATSKAYA SELKHOZ-TEKHINKA: Court Confirms Insolvency
-------------------------------------------------------
The Arbitration Court of Tatarstan republic has declared OJSC
Nurlatskaya Selkhoz-Tekhinka insolvent and introduced bankruptcy
proceedings. The case is docketed as A65-13822/2003-SG4-31.
Mr. M. Shamsiev has been appointed insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to 420015, Russia, Tatarstan republic, Kazan, Post User
Box 20.
CONTACT: NURLATSKAYA SELKHOZ-TEKHINKA
450025, Russia,
Tatarstan republic
Mr. M. Shamsiev
Insolvency Manager
420015, Russia,
Tatarstan republic,
Kazan, Post User Box 20
PROMTRAKTOR: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on LLC PSP MZhK Promtraktor.
The case is docketed as A79-4142/2004 SK1-3939. Mr. E. Dunaev
has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to Russia,
Meri El republic, Yoshkar-Ola, Glavpochtamt, Post User Box 55.
A hearing will take place on September 23, 2004.
CONTACT: PSP MZhK PROMTRAKTOR
Russia, Chuvashiya republic,
Cheboksary,
Traktorostroiteley Str. 101
Mr. E. Dunaev
Temporary Insolvency Manager
Russia, Meri El republic,
Yoshkar-Ola, Glavpochtamt,
Post User Box 55
STROY-INDUSTRY: Deadline for Proofs of Claim September 9
--------------------------------------------------------
The Arbitration Court of Yaroslavl region has declared CJSC
Stroy-Industry insolvent and introduced bankruptcy proceedings.
The case is docketed as A-82-7993/03-30-B/86. Mr. V. Fadeev has
been appointed insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to:
(a) Insolvency Manager
150035, Russia,
Yaroslavl,
Post User Box 96
(b) The Arbitration Court of Yaroslavl region
150054, Russia,
Yaroslavl,
Lenina Pr. 28
(c) Stroy-Industry
150025, Russia,
Yaroslavl,
Magistralnaya Str. 42
TAT-HABERDASHERY: Tatarstan Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic has declared OJSC
Tat-Haberdashery insolvent and introduced bankruptcy
proceedings. The case is docketed as A65-15911/2002-SG4-35. Mr
. V. Leonov has been appointed insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to:
(a) Mr. V. Leonov
Insolvency Manager
420108, Russia,
Tatarstan republic, Kazan,
Post User Box 86
(b) Tat-Haberdashery
Russia,
Tatarstan republic, Kazan,
Tetsevskaya Str. 3
(c) The Arbitration Court of Tatarstan republic
USTYUG-RECH-TORG: Court Sets November 21 Hearing
------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on OJSC Ustyug-Rech-Torg. The case is
docketed as A13-5866/04-25. Mr. A. Mokrov has been appointed
temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 160034,
Russia, Vologda, Pskovskaya Str. 3, Apartment 149. A hearing
will take place on November 21, 2004.
CONTACT: USTYUG-RECH-TORG
Russia, Vologda region,
Velikiy Ustyug,
Vasendina Str. 19
Mr. A. Mokrov
Temporary Insolvency Manager
160034, Russia,
Vologda, Pskovskaya Str. 3,
Apartment 149
VOSTOK-NEFTE-GAZ-SAN-TEKH-MONTAZH: Bankruptcy Proceedings Start
---------------------------------------------------------------
The Arbitration Court of Tatarstan republic has declared LLC PMK
Vostok-Nefte-Gaz-San-Tekh-Montazh insolvent and introduced
bankruptcy proceedings. The case is docketed as
A65-8928/2002-27. Mr. I. Nurutdinov has been appointed
insolvency manager.
Creditors have until September 9, 2004 to submit their proofs of
claim to 423818, Russia, Tatarstan republic, Naberezhnye Chelny,
Post User Box 92.
CONTACT: PMK VOSTOK-NEFTE-GAZ-SAN-TEKH-MONTAZH
Russia, Tatarstan Republic,
Leninogorsk,
Chaykovskogo Str. 38
Mr. I. Nurutdinov
Insolvency Manager
423818, Russia,
Tatarstan Republic,
Naberezhnye Chelny,
Post User Box 92
YUKOS OIL: To Cut Cost, Defer Monthly Tax Payments
--------------------------------------------------
Yukos Oil Company announced that, as a result of certain
accounts being inaccessible which denies the Company access to
half of its monthly revenues, stringent cash conservation
measures have been taken in order to allow it to extend the time
it can continue normal operations. The Company will immediately
reduce its annual capital expenditures for 2004 and its
operating expenditures, including a postponement in social
programs and charitable expenditure, by approximately a total of
US$700 million. It also will defer payment of certain current
taxes. The Management stated that as a result of the capital
expenditures reduction the annual production target for YUKOS
Oil Company will be reduced from 90 million tons to 86 million
tons for 2004. The revised target is still approximately 6%
above 2003 production results.
Yukos chief executive, Steven Theede, commented that: "As we
announced in July of this year, mid-August would be a crucial
time for the company. Despite numerous requests to allow legal
access to our bank accounts in order for Yukos to continue
normal operations, collection orders remain in place and no cash
is available to the company from those accounts. This means
that half of our monthly revenue is not available to us to meet
our day-to-day operating costs. The management has considered
all options open to it and concluded that there is no other
choice than to effect, immediately, a reduction in our capital
and operating expenditures and deferral of certain current tax
payments."
Yukos continues to appeal the year 2000 tax assessment through
all available legal processes. Meanwhile the Russian government
has not allowed legal access to the Company's bank accounts and
has continued to collect monies, amounting to approximately half
of the Company's monthly revenues, and utilize those collections
to pay against the disputed tax charge. To date the Company has
voluntarily paid over US$700 million of the year 2000 tax
charge. Approximately another $800 million has been taken from
the Company through the collection process. The Company
continues to dispute the amount and basis for the tax charges,
penalties and interest. It believes that all taxes in 2000 were
handled in a legally proper manner under laws in effect at the
time.
The company anticipates that as a result of its voluntary
payments, and the government collection process, the entire
amount of the court sanctioned additional 2000 tax bill (US$1.7
billion) will have been paid by the end of August 2004. An
alleged additional US$1.7 billion for penalty interest and fines
will remain to be paid.
CONTACT: YUKOS OIL
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: Authorities Preparing Tax Claim Against Unit
-------------------------------------------------------
Fears that Yukos Oil's main production unit could be sold at a
knockdown price were stirred anew after a report said tax
officials are preparing a tax claim on the division.
The Financial Times said the Tax Ministry is planning to demand
a US$3 billion tax claim against Yuganskneftegaz, a western
Siberian production unit that accounts for 60% of Yukos' output.
Tax Ministry, declined to comment, according to Associated
Press.
The oil giant already faces a US$3.4 billion tax bill for 2000,
and a similar claim for 2001. Analysts fear the total tax claim
for 2000 to 2003 could still reach US$10 billion.
Yuganskneftegaz is being evaluated for possible sale as
collateral for the tax claims. Recently, Western investment
bank Dresdner Kleinwort Wasserstein, was hired to evaluate the
asset's value. The news eased worries the property could be
sold cheaply to a company approved by President Vladimir Putin's
Kremlin. But with the report of a possible tax claim on
Yuganskneftegaz, analysts fear the possibility of a fire sale
might soon come true, since the tax claim could reduce the
company's market value.
CONTACT: YUKOS OIL
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
+7095 788 00 33
E-mail: investors@yukos.ru
===========
S W E D E N
===========
SCANDINAVIAN AIRLINES: Enhances Service with New Economy Flex
-------------------------------------------------------------
Starting 31 October, SAS Scandinavian Airlines meet changing
customer preference with a vitalized new offer for business
travelers on European routes.
Business and Economy Class are mature concepts in the airline
industry and their structure of rules and restrictions have been
challenged by the simple rules and low prices of the low cost
airlines.
Market studies have confirmed, however, that there is a demand
for airlines offering more than just a low price. SAS
Scandinavian Airlines are now addressing the different
travelers' needs, regardless of their purpose of travel. The
new offer is based on extensive market research of approximately
4.000 travelers from eight countries and tailored to three
identified and distinct customer segments:
Economy - A basic product for the price sensitive
Customers whose main concern is the price will be offered our
basic product, with focus on self-service. This is a low price
offer competing with the lowest fares on the market. Meals and
refreshments will be available for purchase on board.
Economy Flex - Increased flexibility and more efficient travel
for time-savers
A new offer, Economy Flex, is tailored to the customers whose
main concern is efficient travel. Economy Flex gives greater
flexibility including free rebooking and refunds, priority
check-in, fast lane security in Copenhagen and Stockholm,
advance seat reservation, dedicated seating and a complimentary
meal and beverages.
Business - Better service in Business Class for comfort seekers
Customers who value a high level of comfort will be offered the
best of SAS. In addition to all the benefits of Economy Flex,
passengers will be seated comfortably with the center seat
empty, there will be extra legroom, an excellent meal, and the
convenience of lounge access.
"This recognizes that business travelers have different
preferences. The new product gives us the opportunity to cater
for all needs, especially the demands for efficiency; in time,
hassle and value for money, which is increasingly in focus among
today's business traveler" says Per Moller Jensen, Vice
President Europe, Middle East & Africa.
Furthermore SAS is improving the Web site,
http://www.scandinavian.net,refurbishing lounges and
strengthening SAS EuroBonus, the Award-winning frequent flyer
program.
CONTACT: SCANDINAVIAN AIRLINES SYSTEMS
Per Moller Jensen
Vice President Europe, Middle East & Africa
Phone: +44-(0) 781 209 0601
=============
U K R A I N E
=============
CHERVONSKE: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Zhitomir region has commenced bankruptcy
supervision procedure on OJSC Chervonske (code EDRPOU 00385709)
The case is docketed as 4/65 B. Arbitral manager Mr. Oleg
Shklyar (License Number AA 630142 approved on January 27, 2004)
has been appointed temporary insolvency manager. The company
holds account number 26005200006001 at Ukrinbank, Zhitomir
branch, MFO 311584.
Creditors have until August 29, 2004 to submit their proofs of
claim to:
(a) CHERVONSKE
13423, Ukraine, Zhitomir region,
Andrushivskij district, Chervone,
Berdichivska Str. 32A
(b) ECONOMIC COURT OF ZHITOMIR REGION
10001, Ukraine, Zhitomir region,
Putyatinski square, 3/65
EUROCENTRE: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Eurocentre (code EDRPOU 24288129)
on July 15, 2004. The case is docketed as B-25/30-04. Arbitral
manager Mr. S. Kardash (License Number AA 140479 approved on
July 2, 2002) has been appointed temporary insolvency manager.
CONTACT: EUROCENTRE
Ukraine, Harkiv region,
Revolutsiyi Str. 9/12
Mr. S. Kardash
Temporary Insolvency Manager
63705, Ukraine, Harkiv region,
Kupyansk, Zhovtneva square, 5/95
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5, Derzhprom, 8th entrance
KISELIVSKE: Gives Creditors Until Sunday to Prove Claims
--------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Agricultural LLC Kiselivske (code
EDRPOU 30942931) on July 9, 2004. The case is docketed as
2/169-B. Arbitral manager Mr. Popadyuk (License Number AA
250190 approved on January 10, 2002) has been appointed
temporary insolvency manager.
Creditors have until August 29, 2004 to submit their proofs of
claim to:
(a) AGRICULTURAL KISELIVSKE
Ukraine, Hmelnitskij region,
Starokostyantiniv district, Kiseli
(b) Mr. Oleksandr Popadyuk
Temporary Insolvency Manager
Ukraine, Hmelnitskij region,
Starokostyantiniv, Miru Str. 3/20-14
(c) ECONOMIC COURT OF HMELNITSKIJ REGION
29000, Ukraine, Hmelnitskij region,
Nezalezhnosti square, 1
LVIVSILMASH: Public Auction of Assets August 30
-----------------------------------------------
The State Accounting Commission Agency of Bankruptcy Questions
has set for public auction the properties of OJSC Plant
Lvivsilmash (code EDRPOU 05786134) for August 30, 2004, 11:00
a.m. at 03150, Ukraine, Kyiv, Lubchenko Str. 15, assembly hall,
5th floor.
The properties for sale are:
(a) Butter department building, including the 553-square-meter
lot it occupies. Starting price: UAH49,170;
(b) Margarine line. Starting price: UAH53,800;
(c) Culture house. Starting price is UAH302,000 (inclusive of
VAT);
(d) Yogurt line. Starting price: UAH30,720.
The properties are located at Ukraine, Mikolaiv region,
Snigurivka, Lenin Str. 135. To participate, bidders must
deposit a guarantee installment of UAH15,100 until August 27,
2004. The amount must be deposited to account number
26000012819145 at Ukreksimbank, Kyiv branch, MFO 322313, EDRPOU
31025727. Participants must submit competitive propositions on
or before August 27, 2004 to 03150, Ukraine, Kyiv region,
Lubchenko Str. 15/512. For more information, contact 8 (0322)
39-10-01, 39-01-08.
CONTACT: SNIGURIVKA' BUTTER PLANT
Ukraine, Mikolaiv region,
Snigurivka, Lenin Str. 135
Auction Organizer
03150, Ukraine, Kyiv region,
Lubchenko Str. 15/512
Phone: (044) 261-19-97
PRAVDA: Proofs of Claim Deadline Expires August 29
--------------------------------------------------
The Economic Court of Cherkassy region declared Agricultural LLC
Pravda (code EDRPOU 03791775) insolvent and introduced
bankruptcy proceedings on July 8, 2004. The case is docketed as
8/4405. Mrs. Nataliya Mituga (License Number AA 783098 approved
on April 20, 2004) has been appointed liquidator/insolvency
manager. The company holds account number 26009301207 at OJSC
Savings bank of Ukraine, Smilyanskij branch 3276, MFO 354659.
Creditors have until August 29, 2004 to submit their proofs of
claim to:
(a) AGRICULTURAL PRAVDA
20750, Ukraine, Cherkassy region,
Smilyanskij district, Kutsivka
(b) Mrs. Nataliya Mituga
Liquidator/Insolvency Manager
Phone: 8 (04733) 5-64-15
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
PROLISOK: Lviv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Lviv region declared LLC
Commercial-Production Firm Prolisok insolvent and introduced
bankruptcy proceedings on April 6, 2004. The case is docketed
as 6/96-8/56. Arbitral manager Mr. A. Hutkij has been appointed
liquidator/insolvency manager.
CONTACT: COMMERCIAL-PRODUCTION FIRM PROLISOK
Ukraine, Lviv region,
Strij, Shevchenko Str. 91
Mr. A. Hutkij
Liquidator/Insolvency Manager
Ukraine, Lviv region,
Dnisterska Str. 2/48
Phone: (0322) 70-68-38
Fax: (0322) 70-68-38
ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
ZAKARPATRESURSI: Names Vitalij Bahtin Liquidator
------------------------------------------------
The Economic Court of Zakarpatska region has declared CJSC
Zakarpatresursi (code EDRPOU 22091670) insolvent and introduced
bankruptcy proceedings. The case is docketed as 16/342.
Arbitral manager Mr. Vitalij Bahtin (License Number AA 419493
approved on December 10, 2002) has been appointed
liquidator/insolvency manager. The company holds account number
26007012700003 at CIB Koopinvestbank, MFO 312248
CONTACT: ZAKARPATRESURSI
Ukraine, Uzhgorod,
Gojdi Str. 10/77
Mr. Vitalij Bahtin
Liquidator/Insolvency Manager
Ukraine, Uzhgorod,
Svobodi Avenue, 50/77
ECONOMIC COURT OF ZAKARPATSKA REGION
88008, Ukraine, Uzhgorod,
Kotsubinski Str. 2a
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Opens 'Data Room' to HBOS Despite Santander Deal
----------------------------------------------------------------
Abbey National advisers have reportedly granted rival bank HBOS
access to financial information in relation to its sale,
according to the Financial Times. HBOS was allowed to view
Abbey's "data room" to examine commercially sensitive details on
contracts and key information about Abbey's performance.
Abbey has already accepted an GBP8.34 billion (EUR12.32 billion)
takeover offer from Spain's Santander Central Hispano, but HBOS
and other potential buyers are still hoping to snatch the bank.
An offer from HBOS is expected to trigger an onslaught of bids
from other rival U.K. banks.
CONTACT: ABBEY NATIONAL PLC
Abbey National House
2 Triton Square
Regent's Place,
London NW1 3AN,
United Kingdom
Phone: +44 (0) 870 607 6000
Web site: http://www.abbeynational.com
ANGLO COACH: Insolvency Service Bans Director
---------------------------------------------
A director of a coach distribution business that failed with
total debts estimated at around GBP2.5 million has given an
Undertaking not to hold directorships or take any part in
company management for four years.
The Undertaking by Howard Anthony Greenwald of Woodside Lane,
Poynton, near Stockport was given in respect of his conduct as a
director of Anglo American Coach Industries Limited, which
carried out business from premises at Textilose Road, Trafford
Park, in Manchester. Acceptance of the Undertaking on August 9,
2004 prevents Mr. Greenwald from being a director of a company
or, in any way, whether directly or indirectly, being concerned
or taking part in the promotion, formation or management of a
company for the above period.
Anglo American Coach Industries Ltd. was placed into liquidation
on February 26, 2002 with estimated debts of GBP2,548,971 owed
to creditors. Matters of unfit conduct, not disputed by Mr.
Greenwald:
(a) He caused or allowed the company to trade to the detriment
of Crown departments;
(b) He misused monies due to the Crown; and
(c) He made transactions for his own benefit.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
Web site: criminal.allegations@insolvency.gsi.gov.uk
APOLLO MANUFACTURING: Members Okay Special Winding up Resolution
----------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Apollo
Manufacturing (Derby) Limited Company on August 10, 2004 held at
Hazelbrow, Hazelwood Road, Duffield, Derbyshire DE56 4AA, the
Special Resolution to wind up the company was passed. Brian
Andrew Scott of Johnson Tidsall, 81 Burton Road, Derby DE1 1TJ
has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: JOHNSON TIDSALL
81 Burton Road,
Derby DE1 1TJ
Liquidator:
Brian Andrew Scott
Phone: 01330 363116
Web site: http://www.johnsontidsall.co.uk
ATHOLL BUSINESS: Creditors to Hear Liquidator's Report Monday
-------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Atholl Business Centres Ltd. (In Liquidation)
Notice is hereby given pursuant to Section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Atholl
Business Centres Ltd. will be held at 1 Royal Terrace,
Edinburgh, EH7 5AD on August 30, 2004 at 10:00 a.m. for the
purposes of receiving the Liquidator's report on the winding up
and to determine whether the Liquidator should be released.
K. R. Craig, Liquidator
CONTACT: TENON RECOVERY
One Royal Terrace
Edinburgh EH7 5AD
Phone: 0131 557 4455
Fax: 0131 556 0662
E-mail: edinburgh@tenongroup.com
Web site: http://www.ey.com
BLISS GIFTS: Decides to File for Voluntary Winding-up
-----------------------------------------------------
At an Extraordinary General Meeting of the Bliss Gifts Limited
Company on August 11, 2004 held at BDO Stoy Hayward LLP,
Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9
5BS, the subjoined Extraordinary Resolution to wind up the
company was passed. Geoffrey Stuart Kinlan and Anthony
Sanderson of BDO Stoy Hayward LLP, Prospect Place, 85 Great
North Road, Hatfield, Hertfordshire AL9 5BS have been appointed
Joint Liquidators for the purpose of such winding-up.
CONTACT: BDO STOY HAYWARD LLP
Prospect Place
85 Great North Road, Hatfield
Hertforshire AL9 5BS
Joint Liquidators:
Geoffrey Stuart Kinlan
Anthony John Sanderson
Phone: 01707 255888
Fax: 01707 255890
E-mail: hatfield@bdo.co.uk
Web site: http://www.bdo.co.uk
BOLINGBROKE & WENLEY: Members General Meeting Set September 17
--------------------------------------------------------------
The general meeting of the members of Bolingbroke & Wenley (High
Street) Limited will be on September 17, 2004 commencing at
11:15 a.m. It will be held at the offices of Pridie Brewster,
Carolyn House, 29-31 Greville Street, London EC1N 8RB.
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 Pridie Brewster, Carolyn House, 29-31 Greville Street,
London EC1N 8RB not later than 12:00 noon, September 16, 2004.
CONTACT: PRIDIE BREWSTER
Carolyn House
29-31 Greville Street,
London EC1N 8RB
Liquidator:
C R Hammond
Phone: 020 7831 8821
Fax: 020 7404 3069
E-mail: london@pridie-brewster.com
Web site: http://www.pridie-brewster.com
BOUNTY SMITH: Execs Banned from Holding Office for 7 Years
----------------------------------------------------------
The directors of a stream of plumbing and heating businesses
that failed with total debts of around GBP398,000 have each
given undertakings not to hold directorships or take any part in
company management for seven years.
Mark Martin Smith, 52, of Church Street, Hurstbourne, Tarrant,
Andover gave an undertaking in respect of his conduct as
director of MMS, Bounty Smith and Bounty Plumbing, which all
carried on business from premises at Caroline Court, Cranbourne
Lane, Basingstoke, Hampshire, RG21 3NY.
Gregory Brett Smith, 28, of South View, Basingstoke, Hants, gave
an undertaking in respect of his conduct as director of Mark
Smith & Son, MMS and Bounty Smith. Mark Smith & Son carried on
business from Warwick Road, Basingstoke.
Acceptance of the Undertakings on August 9, 2004 prevents Mark
Martin Smith and Gregory Brett Smith from being directors of a
company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for seven years each.
Mark Smith & Son, MMS and Bounty Smith were all placed into
compulsory liquidation by Order of the High Court on the
following respective dates March 12, 2003, October 30, 2002 and
February 6, 2001 on account of having estimated total
deficiencies of GBP93,428, GBP96,073 and GBP63,851 respectively.
Furthermore, Bounty Plumbing was placed into creditors voluntary
liquidation on May 24, 2000, having an estimated total
deficiency of GBP145,128.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section 6 of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future. Matters of unfit conduct, not disputed by Mark Martin
Smith:
(a) between September 1, 2001 and January 31, 2002 he caused MMS
to trade to the detriment of the Crown;
(b) between May 2000 and October 30, 2000 (Bounty Smith's entire
trading life) he caused Bounty Smith to trade to the
detriment of the Crown;
(c) since June 1998 he traded 3 successive companies while
insolvent from the same premises.
Matters of unfit conduct not disputed by Gregory Brett Smith:
(a) between May 1, 2002 and November 5, 2002 he caused Mark
Smith & Son (Mark Smith & Son's entire trading life) to
trade to the detriment of the Inland Revenue whilst
continuing to pay himself and his family;
(b) between February 1, 2002 and April 30, 2002 he caused MMS to
trade to the detriment of the Inland Revenue;
(c) between May 2000 and October 30, 2000 (Bounty Smith's entire
trading life) he caused Bounty Smith to trade to the
detriment of the Crown;
(d) since May 2000 he traded three successive companies whilst
insolvent from the same premises.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
BUSINESS SEATING: Final Meetings Set September 30
-------------------------------------------------
The final meetings of the members and creditors of Business
Seating Holdings Limited will be on September 30, 2004
commencing at 11:00 a.m. and 11:15 a.m. respectively. It will
be held at the offices of KPMG Corporate Recovery, Arlington
Business Park, Theale, Reading RG7 4SD.
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 of creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with KPMG Corporate Recovery, Arlington Business
Park, Theale, Reading RG7 4SD not later than 12:00 noon,
September 29, 2004.
CONTACT: KPMG
Corporate Recovery,
Arlington Business Park,
Theale, Reading RG7 4SD
Joint Liquidator:
David John Crawshaw
Phone: (0118) 9642000
Fax: (0118) 9642222
Web site: http://www.kpmg.co.uk
CHARLON CORPORATE: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Charlon Corporate Clothing Limited Company on August 10, 2004
held at Elliot House, 151 Deansgate, Manchester M3 3BP, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. G Bell of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP has been appointed Liquidator of
the Company for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
Elliot House,
151 Deansgate,
Manchester M3 3BP
Liquidator:
G Bell
Phone: 0161 839 0900
Fax: 0161 832 7436
Web site: http://www.begbies.com
CORUS GROUP: To Buy Ferromanganese Alloys from CVRD
---------------------------------------------------
Companhia Vale do Rio Doce (NYSE: RIO) (CVRD), one of the
leading players of the global ferromanganese alloys market,
signed with Corus, one of the largest European steel-makers and
a major CVRD iron ore client, a contract to supply
ferromanganese alloys for three years, totaling annual
deliveries of 30,000 tons.
This contract represents a paradigm change in the commercial
relationship between ferroalloys and steel producers.
Previously, ferroalloys were supplied through spot market
transactions. Such change is very positive for both parties,
allowing the optimization of production planning.
The ferroalloys will be delivered to Corus by CVRD European
subsidiaries, Rio Doce Manganese Europe (RDME), located in
Dunkerque, France; and Rio Doce Manganese Norway (RDMN), located
in Mo I Rana, Norway; and will involve medium carbon
ferromanganese alloys (MCFeMn), high carbon ferromanganese
alloys (HCFeMn) and ferro silicomanganese alloys (FeSiMn).
This contract helps strengthen the long-term relationship
between CVRD and Corus, widening the range of products
transacted.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY
Phone: +44 20 7717 4444
Fax: +44 20 7717 4455
Web site: http://www.corusgroup.com
ERLAM MCKENDRICK: Hires Baker Tilly Administrator
-------------------------------------------------
Stephen Mark Quinn and Lindsey Jane Cooper have been appointed
joint administrators for Erlam McKendrick Office Furniture
Limited. The appointment was made August 13, 2004. The company
manufactures office furniture. Its registered office is located
at Unit 5, Handsworth Street, Ardwick, Manchester M12 6SP.
CONTACT: BAKER TILLY
Brazennose House,
Lincoln Square,
Manchester M2 5BL
Joint Administrators:
Stephen Mark Quinn
Lindsey Jane Cooper
Phone: 0161 834 5777
Fax: 0161 835 3242
Web site: http://www.bakertilly.co.uk
FII GROUP: Creditors Meeting Set September 1
--------------------------------------------
The creditors of FII Group Plc will meet on September 1, 2004
commencing at 11:00 a.m. It will be held at the offices of KPMG
LLP, Altius House, One North Fourth Street, Central Milton
Keynes MK9 1NE.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to KPMG LLP, Altius House, One North Fourth Street,
Central Milton Keynes MK9 1NE not later than 12:00 noon, August
31, 2004.
CONTACT: KPMG LLP
Altius House,
One North Fourth Street,
Central Milton Keynes MK9 1NE
Joint Administrator:
R J Philpott
Phone: 01908 660666
Fax: 01908 690180
Web site: http://www.kpmg.co.uk
FIRST ALLIANCE: Sets Members, Creditors Meeting September 22
------------------------------------------------------------
The general meetings of the members and creditors of First
Alliance Contract Hire Ltd. will be on September 22, 2004
commencing at 10:00 a.m. and 10:15 a.m. respectively. It will
be held at Haines Watts, 5th Floor Canterbury House, 85 Newhall
Street, Birmingham B3 1LH.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Haines Watts, 5th Floor Canterbury House, 85
Newhall Street, Birmingham B3 1LH not later than 12:00 noon,
September 21, 2004.
CONTACT: HAINES WATTS
5th Floor Canterbury House,
85 Newhall Street,
Birmingham B3 1LH
Liquidator:
A Appleyard
Phone: 0121 212 4477
Fax: 0121 212 4459
Web site: http://www.hwca.com
FREUDENBERG HOLDINGS: Members Final Meeting September 21
--------------------------------------------------------
The final meeting of the members of Freudenberg Holdings Limited
will be on September 21, 2004 commencing at 10:30 a.m. It will
be held at Deloitte & Touche LLP, 201 Deansgate, Manchester.
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 Deloitte & Touche LLP, 201 Deansgate, Manchester not later
than 12:00 noon, September 20, 2004.
CONTACT: DELOITTE & TOUCHE LLP
201 Deansgate,
Manchester M60 2AT
Joint Liquidator:
W K Dawson
Phone: +44 (0) 161 832 3555
Fax: +44 (0) 161 829 3800
Web site: http://www.deloitte.com
GATECRASHER MUSIC: Names P&A Partnership Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Gatecrasher Music
Limited Company on August 12, 2004 held at 93 Queen Street,
Sheffield S1 1WF, the Extraordinary Resolutions to wind up the
company were passed. Andrew Philip Wood and John Russell, of
The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, have
been appointed Liquidators of the Company.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Liquidators:
Andrew Philip Wood
John Russell
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
GK ENTERTAINMENT: Transactions Prior to Collapse Puzzle Receiver
----------------------------------------------------------------
Directors of GK Entertainment are wanted by the company's
receivers in relation to the controversy they left prior to the
company's collapse. The company went into receivership in
August 5, a year after the refurbishment of its Birmingham venue
for GBP1 million. Since then, receivers from Grant Thornton
have been looking for Midland directors Neil Moffitt and James
Algate who have left for America.
Andrew Menzies, of accountant Grant Thornton, said he wanted to
know why "the company changed its name a few days before it went
into receivership" and "why the club has been run by other
companies other than GK Entertainment." The company's
Birmingham venue Code in Heath Mill Lane, Digbeth reopened under
a new name Air after undergoing a makeover last year.
Afterwards, the club's landlord, Lucan Gray, took possession of
the premises by forfeiting the lease.
According to icBirmingham.co.uk, Mr. Menzies said he may have to
use his powers to force the directors, including Chris Griffin
who resigned earlier this year, into speaking to him. GK
Entertainment is behind dance club Godskitchen, Britain's
biggest dance festival. Its major creditor is Bank of Scotland.
CONTACT: Joint Administrative Receivers
Andrew Michael Menzies
Paul Ian Melville
Grant Thornton, 115 Edmund Street, Birmingham B3 2HJ.
GOLD SUGAR: Brings in Liquidator from HKM
-----------------------------------------
At an Extraordinary General Meeting of the Members of the Gold
Sugar Clothing Company Ltd. on August 10, 2004 held at The Old
Mill, 9 Soar Lane, Leicester LE3 5DE, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
John Phillip Walter Harlow has been appointed Liquidator for the
purpose of such winding-up.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Liquidator:
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
HOMEGUARD ALARMS: Calls in Liquidator
-------------------------------------
At an Extraordinary General Meeting of the Homeguard Alarms UK
Limited Company on August 13, 2004 held at 35 Ludgate Hill,
Birmingham B3 1EH, the Extraordinary Resolution to wind up the
company was passed. A Turpin of Poppleton & Appleby, 35 Ludgate
Hill, Birmingham B3 1EH has been appointed Liquidator for the
purposes of such winding-up.
CONTACT: POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Liquidator:
A Turpin
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
ILFORD IMAGING: Under Administration
------------------------------------
Grant Thornton has been appointed administrator of photographic
materials supplier Ilford Imaging, whose business fell victim to
the rising popularity of digital cameras. The administrator is
trying to restructure the company to abandon its traditional
black and white photography business, with a view to selling it
as a going concern.
Mark Byers, head of recovery and reorganization at Grant
Thornton, said the company "will focus on its core, profitable
inkjet digital business based in Switzerland, which is
unaffected by these insolvencies." He assured the Swiss
operation is continuing to trade normally.
Grant Thornton described Ilford Imaging as the world's leading
supplier of dyes for inkjet photo printers and is the
second-largest manufacturer of inkjet photo paper. The firm,
which was founded in 1879, employs 740 people in Mobberley,
Cheshire. The company reported sales of US$233 million (GBP128
million) for the year to December 2003, compared with US$210
million the year before.
CONTACT: GRANT THORNTON
Melton Street
Euston Square
LONDON
NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
INTERNATIONAL MAIL: Appoints Menzies Corporate Liquidator
---------------------------------------------------------
At an Extraordinary General Meeting of the International Mail
Direct Limited Company on August 12, 2004 held at Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Andrew Stoneman and Simon Underwood of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW have
been appointed Joint Liquidators of the Company for the purpose
of the winding-up.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street,
London W1W 6DW
Joint Administrators:
Andrew John Duncan
Andrew Gordon Stoneman
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
ISSA HOLDINGS: Liquidator to Present Final Account Monday
---------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Issa Holdings Limited
(In Members' Voluntary Liquidation)
Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Issa Holdings Limited
will be held at Ten George Street, Edinburgh, EH2 2DZ on August
30, 2004 at 10:30 a.m. for the purpose of having a final account
laid before it showing how the winding up of the company has
been conducted and the property of the company disposed of, and
of hearing any explanations that may be given by the liquidator.
Members are entitled to attend in person or alternatively by
proxy. A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor. Proxies must be
lodged with me at or before the meeting.
T. M. Burton, Liquidator
July 21, 2004
CONTACT: ERNST & YOUNG LLP
Ten George Street
Edinburgh EH2 2DZ
Phone: +44 [0] 131 777 2000
Fax: +44 [0] 131 777 2001
Web site: http://www.ey.com
LANDAI LIMITED: Sets Members Final Meeting September 21
-------------------------------------------------------
The final meeting of the members of Landai Limited will be on
September 21, 2004 commencing at 10:00 a.m. It will be held at
the offices of Harris Lipman, 2 Mountview Court, 310 Friern
Barnet Lane, Whetstone, London N20 0YZ.
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 Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane,
Whetstone, London N20 0YZ not later than 12:00 noon, September
20, 2004.
CONTACT: HARRIS LIPMAN
2 Mountview Court
310 Friern Barnet Lane,
Whetstone, London N20 0YZ
Liquidator:
B D Lewis
Phone: (020) 8446 9000
Fax: (020) 8446 9537
Web site: http://www.harris-lipman.co.uk
LINK CONSTRUCTION: Members, Creditors Final Meetings September 9
----------------------------------------------------------------
The final meetings of the members and creditors of Link
Construction Limited will be on September 9, 2004 commencing at
10:00 a.m. and 10:30 a.m. respectively. It will be held at
Tomlinsons, St Johns Court, 72 Gartside Street, Manchester M3
3EL.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Tomlinsons, St Johns Court, 72 Gartside
Street, Manchester M3 3EL not later than 12:00 noon, September
8, 2004.
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
MANAGEMENT SYSTEMS: Liquidator to Present Report September 30
-------------------------------------------------------------
The final meetings of the members and creditors of the
Management Systems Development Limited will be on September 30,
2004 commencing at 12:00 noon and 12:15 p.m. respectively. It
will be held at the offices of Mazars, Lancaster House, 67
Newhall Street, Birmingham B3 1NG.
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 or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Mazars, Lancaster House, 67 Newhall Street,
Birmingham B3 1NG not later than 12:00 noon, September 29, 2004.
CONTACT: MAZARS
Lancaster House
67 Newhall Street,
Birmingham B3 1NG
Joint Liquidator:
A S Wood
Phone: 0121 236 7711
Fax: 0121 236 2778
Web site: http://www.mazars.co.uk
MANOR FARM: Sets Creditors Meeting August 27
--------------------------------------------
The creditors of Manor Farm Ducklings will meet on August 27,
2004 commencing at 12:00 noon. It will be held at Kings Suite,
Holiday Inn, Lakeview, Bridge Road, Impington, Cambridge CB4
9PH.
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 LLP, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP not later than 12:00 noon,
August 26, 2004.
CONTACT: GRANT THORNTON
Grant Thornton House,
Melton Street, Euston Square,
London NW1 2EP
Joint Administrator:
T Flynn
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
MARRAKECH: Accumulated Losses Balloon to EUR63 Million
------------------------------------------------------
Software company Marrakech booked another loss for the year to
end-June, according to Businessworld. Losses for the period
amounted to EUR12.3 million compared with EUR19.3 million.
Sales reached EUR1.52 million. The result brings the company's
total loss to EUR63 million.
The company provides, through its Texas facility, an online
suite of business software services that enables companies to
carry out involved processes such as procurement and invoicing.
The company was valued at EUR120 million during the technology
boom. It employed 78 people in 2003, down from 111 in 2002.
CONTACT: Marrakech
1210 Arlington Business Park
Reading, Berkshire, RG7 4TY
United Kingdom
Phone: +44 (0) 870 351 5300
Web site: http://www.marrakech.com
MICRO CHEMICAL: Appoints Baker Tilly Administrator
--------------------------------------------------
Alec David Pillmoor has been appointed administrator for Micro
Chemical Systems Limited. The appointment was made August 11,
2004. The company is engaged in researching and developing
micro technology.
CONTACT: BAKER TILLY
Wilberforce Court,
Alfred Gelder Street,
Hull HU1 1YH
Administrator:
Alec David Pillmoor
(IP No 007243)
Phone: 01482 327406
Fax: 01482 326957
Web site: http://www.bakertilly.co.uk
MYRATECH.NET PLC: Extraordinary General Meeting September 14
------------------------------------------------------------
Since flotation of Myratech.net plc on AIM, Myratech has failed
to meet its business plan and sustained a number of trading
losses. In February 2004, Myratech approached Elderstreet
Capital Partners for assistance in relation to negotiations with
Myratech's creditors.
On 27 February 2004, Syncissue Limited, a vehicle controlled by
Elderstreet Capital Partners, entered into an agreement with
Myratech which provided for a secured loan from Syncissue to
Myratech of GBP49,300 convertible into equity which would, if
converted, represent 29.9% of Myratech's issued share capital.
The agreement further stated that Syncissue would provide an
additional on demand loan to Myratech for up to GBP120,700 also
convertible and, when taken together with the first loan of
GBP49,300, Syncissue would on conversion of the loans hold 70
percent of Myratech's fully diluted issued share capital.
On 25 March 2004, Myratech 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
was approved. The CVA provides (inter alia) that the creditors
of Myratech would waive their entitlement to claim against the
Company absolutely in consideration of the Company paying an
amount of GBP75,000 to the supervisor of the CVA. It is
currently estimated that such payment would allow a full return
to preferential creditors and a 13p in the pound distribution to
unsecured creditors. The payment from the Company to the CVA of
GBP75,000 is conditional upon the proposed investment by
Syncissue of GBP100,000 (the difference between GBP100,000 an
GBP75,000 being the estimated costs of the transaction).
Syncissue is prepared to support Myratech by making a further
investment in New Ordinary Shares. Syncissue proposes to
convert the Syncissue Loan into New Ordinary Shares and to make
a further investment of GBP100,000 in return for the issue of
the Placing Shares which, in aggregate, would result in
Syncissue holding ordinary shares representing approximately 70%
of Myratech's (fully diluted) issued share capital (excluding
the Deferred Shares). Once this is concluded, the
administration will be discharged as soon as practicable and
Syncissue intends to bring Myratech back from suspension as a
clean shell.
In order to effect the Conversion and the Placing it will be
necessary to reconstruct the share capital of the Company as
shares cannot be issued at below their nominal or par value.
Shareholders are therefore being asked, amongst other things,
for their approval to the Capital Reconstruction at the EGM.
The City Code
As Myratech is a public limited company it is subject to the
provisions of the Code. The Code is issued and administered by
the Panel on Takeovers and Mergers. The Code does not have the
force of law. However, it has been acknowledged by both
government and regulatory authorities that those who seek to
take advantage of the facilities of the securities market should
conduct themselves in accordance with the Code. The Code
applies to all public limited companies (whether or not listed)
and therefore applies to Myratech.
As the Code applies to Myratech, its shareholders are entitled
to the protections afforded by the Code. Both the Code and the
Panel operate principally to ensure fair and equal treatment of
shareholders in relation to takeovers. The Code also provides
an orderly framework in which takeovers are conducted.
Rule 9 of the Code
Rule 9.1 requires, inter alia, any person who acquires shares
which, when aggregated with any other shares already held by him
or persons acting in concert with him, carry 30% or more of the
voting rights of the company in question, to make a mandatory
offer to acquire the entire issued share capital of that
company. The offer must be a cash offer (or be accompanied by a
cash alternative) at not less than the highest price paid by the
offeror or any person acting in concert with it for shares of
the company in question during the preceding 12 months. In this
case, Syncissue has advised that it has not acquired any shares
in the 12 months preceding the date of this document, either
directly or indirectly.
When the issue of new securities for a cash subscription would
otherwise result in an obligation to make a general offer under
rule 9, the Panel will normally waive the obligation if there is
an independent vote at a shareholders meeting (a Whitewash) and
more than 50% of shareholders vote in favor of a waiver granted
by the Panel to the usual provisions of the Code.
The appropriate provisions of the Code apply to Whitewash
proposals. Full details of the potential shareholding must be
disclosed in the document sent to shareholders relating to the
issue of new securities, which must also include competent
independent advice on the proposals the shareholders are being
asked to approve.
An application was made by your Board to the Panel to request a
dispensation to the normal whitewash procedure. As irrevocable
undertakings have been obtained from ordinary shareholders
(other than Syncissue and persons deemed to be acting in concert
with it) holding not less than 50% of the total voting rights in
Myratech, and each such shareholder has consented to a waiver of
the Code in relation to the proposed Conversion and Placing, the
Panel has (given that if these persons voted in favor of the
Whitewash it would be granted) agreed to grant a dispensation
from the Whitewash obligation that would otherwise apply.
As the dispensation from the Whitewash procedure has been
granted, holders of Existing Ordinary Shares will cease to enjoy
the protection of the Code in relation to the proposed
Conversion and the Placing.
Capital Reconstruction
The proposed Issue Price of (approximately) 0.221762p for the
New Ordinary Shares is below the current nominal or par value of
the Existing Ordinary Shares. As the Act prohibits the issue of
shares at a price below their nominal value, it is proposed to
carry out the Capital Reconstruction.
At present the authorized share capital of the Company is
GBP450,000 divided into 45,000,000 Existing Ordinary Shares of
1p each, of which 29,595,000 are currently issued and fully
paid. It is proposed that each issued Existing Ordinary Share
of 1p be sub-divided into one New Ordinary Share of 0.1p and one
Deferred Share of 0.9p. It is also proposed that the authorized
but unissued Existing Ordinary Shares be re-designated as New
Ordinary Shares of 0.1p each by the sub-division of each
unissued Existing Ordinary Share of 1p into 10 New Ordinary
Shares of 0.1p.
Each New Ordinary Share will have the same rights (including
voting and dividend rights and rights on a return of capital) as
an Existing Ordinary Share. Existing share certificates in
respect of Existing Ordinary Shares will remain valid.
The rights attaching to Deferred Shares, which will not be
admitted to trading on AIM or any other recognized investment
exchange, will render them effectively valueless. No share
certificates will be issued in respect of Deferred Shares. It
is intended that the Deferred Shares will be repurchased by the
Company for a nominal amount in due course. Further details of
the rights attaching to the Deferred Shares are set out in
Resolution 2.
The proportionate interests of Shareholders prior to the issue
of New Ordinary Shares pursuant to the Loan Conversion and
Placing will not be affected by the proposed Capital
Reconstruction. The creation of Deferred Shares is simply a
mechanism to reduce the nominal value of the Existing Ordinary
Shares from 1p to 0.1p.
Extraordinary General Meeting
The Extraordinary General Meeting has been convened for 9:30
a.m. on 14 September 2004 at which resolutions will be proposed,
inter alia, to approve the capital reconstruction.
Application has been made for the Placing Shares to be admitted
to trading on AIM and following approval of the resolutions by
shareholders at the EGM it is expected that the suspension of
the Company's shares from trading on AIM will be lifted.
Notice of the EGM have been posted to shareholders and are
available from the Company's registered office 32 Bedford Row,
London WC1R 4HE or from the offices of Seymour Pierce Limited
Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL.
CONTACT: MYRATECH.NET PLC
Vittoria House
1-7 Vittoria Street
Birmingham B1 3ND
Phone: 0871 222 4300
Fax: 0121 212 1573
E-mail: info@myratech.net
Web site: http://www.myratech.net
NETXCHANGE LIMITED: Members Final Meeting Set September 20
----------------------------------------------------------
The final meeting of the members of the Netxchange Limited will
be on September 20, 2004 commencing at 10:00 a.m. It will be
held at Farringdon Place, 20 Farringdon Road, London EC1M 3AP.
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 PKF, Farringdon Place, 20 Farringdon Road, London EC1M 3AP
not later than 12:00 noon, September 17, 2004.
CONTACT: PKF
Farringdon Place,
20 Farringdon Road,
London EC1M 3AP
Joint Liquidators:
S P Holgate
J Kelmanson
Phone: 020 7065 0000
Fax: 020 7065 0650
E-mail: info.london@uk.pkf.com
Web site: http://www.pkf.co.uk
OFFSHORE CRANE: In Provisional Liquidation
------------------------------------------
Blair Nimmo and Neil Armour of KPMG Corporate Recovery were
appointed as Joint Provisional Liquidators of Aberdeen-based
Offshore Crane Engineering Ltd. on Friday 20 August 2004.
Established in 1986, Offshore Crane Engineering Ltd. provides
physical lifting machines, skilled personnel and associated
consultancy services to meet the needs of the North Sea oil and
gas sector from its base in Dyce.
The business, with a turnover of approximately GBP6 million,
employed 75 staff at the time of appointment and it is with
regret that 24 of those employees have been made redundant.
Offshore Crane Engineering Ltd., which has a reputation for
quality within its sector, has recently experienced cash flow
difficulties due to the combined effects of pricing competition,
two bad debts and the postponement of a lucrative contract.
Joint Provisional Liquidator, Blair Nimmo, Head of KPMG
Corporate Recovery in Scotland said: "Offshore Crane Engineering
Ltd. has a blue chip customer base, excellent facilities and a
highly skilled workforce. It represents an excellent
acquisition opportunity for a party looking to expand in this
industry sector."
"We will allow the business to continue to trade and we will
seek to achieve a very early sale of the business as a going
concern. We would as ask any interested parties to contact our
Aberdeen office as soon as possible."
CONTACT: KPMG CORPORATE RECOVERY
Aberdeen, 37 Albyn Place
Aberdeen
Phone: 01224 591000
Web site: http://www.kpmg.co.uk
Contact
Wilma Littlejohn, KPMG Corporate Communications
Phone: 0131 527 6818
Mobile: 07789 922521
E-mail: wilma.littlejohn@kpmg.co.uk
PAINTAIN TOOLS: Hires Poppleton & Appleby Administrator
-------------------------------------------------------
M T Coyne and A Turpin have been appointed joint administrators
for Paintain Tools Limited. The appointment was made August 12,
2004. The company is wholesaler of tools. Its registered
office address is c/o Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH.
CONTACT: POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Joint Administrators:
M T Coyne
A Turpin
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
PARFOAM LIMITED: Final Members, Creditors Meeting September 28
--------------------------------------------------------------
The final meetings of the contributories and creditors of
Parfoam Limited will be on September 28, 2004 commencing at
11:00 a.m. and 11:30 a.m. respectively. It will be held at the
offices of Begbies Traynor, 4th Floor, Riverside House, 31
Cathedral Road, Cardiff CF11 9HB.
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. Creditors or contributories that want
to be represented at the meeting may appoint proxies. Proxy
forms must be lodged with Begbies Traynor, 4th Floor, Riverside
House, 31 Cathedral Road, Cardiff CF11 9HB not later than
September 27, 2004.
CONTACT: BEGBIES TRAYNOR
4th Floor, Riverside House,
31 Cathedral Road,
Cardiff CF11 9HB
Joint Liquidators:
David Hill
Phone: 029 2022 5022
Fax: 029 2022 4523
Web site: http://www.begbies.com
QUALITEC POWDER: Liquidator to Present Report Monday
----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Qualitec Powder Coatings Ltd. (In Liquidation)
Notice is hereby given pursuant to section 146 of the Insolvency
Act 1986 that a final meeting of the creditors of Qualitec
Powder Coatings Ltd. will be held at 1 Royal Terrace, Edinburgh,
EH7 5AD on August 30, 2004 at 10:00 a.m. for the purposes of
receiving the Liquidator's report on the winding up and to
determine whether the Liquidator should be released.
T. C. MacLennan, Liquidator
CONTACT: TENON RECOVERY
One Royal Terrace
Edinburgh EH7 5AD
Phone: 0131 557 4455
Fax: 0131 556 0662
E-mail: edinburgh@tenongroup.com
Web site: http://www.ey.com
SILVERHORSE LIMITED: Former Director Gets Seven-year Ban
--------------------------------------------------------
The director of a car importers business, which failed with
estimated debts of GBP262,000 has been disqualified in the
Guildford County Court for seven years from acting as a company
director.
Paul Davis, 40, of no known address, was a director of
Silverhorse Limited, which carried on business from premises at
Priory House, Sydenham Road, Guildford, Surrey, GU1 3RX. The
company was voluntarily wound up on July 21, 2001 with estimated
debts of GBP262,000 owed to its creditors.
The Disqualification Order, made on July 21, 2004 prevents Mr.
Paul Davis from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Mr. Paul Davis:
(a) he caused Silverhorse to trade to the detriment of creditors
when he knew or ought to have known it was insolvent from at
least September 12, 2000 causing losses to the creditors of
at least GBP147,723;
(b) he caused Silverhorse to take customer deposits without
supplying the vehicles paid for from September 12, 2000 when
he knew or ought to have known that the company was
insolvent;
(c) he failed to ensure Silverhorse complied with its statutory
obligations to HM Customs and Excise and the Inland Revenue
in that Silverhorse made no payments to HM Customs and
Excise or the Inland Revenue throughout its period of
trading.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
Web site: criminal.allegations@insolvency.gsi.gov.uk
SPARE COMPANY: Hires Liquidators from PricewaterhouseCoopers
------------------------------------------------------------
At the Extraordinary General Meeting of Spare Company Limited on
16 August 2004, the Special and Ordinary Resolutions to wind up
the company were passed. Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, One Kingsway, Cardiff CF10 3PW have
been appointed Joint Liquidators of the Company for the purpose
of such winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
One Kingsway,
Cardiff CF10 3PW
Liquidators:
Tim Walsh
Jonathan Sisson
Phone: [44] (29) 2023 7000
Fax: [44] (29) 2080 2400
Web site: http://www.pwc.com
STERISOL UK: Winding up Resolutions Passed
------------------------------------------
At an Extraordinary General Meeting of the Sterisol UK Limited
Company on July 30, 2004 held at Unit 33, City Industrial Park,
Southern Road, Southampton SO15 1HG, the Special, Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Colin Ian Vickers of Numerica, Southfield House, 11 Liverpool
Gardens, Worthing BN11 1RY, and Nicholas Hugh O'Reilly, of
Numerica, 66 Wigmore Street, London respectively have been
appointed Joint Liquidators for the purpose of the voluntary
winding-up.
CONTACT: NUMERICA
Southfield House,
11 Liverpool Gardens,
Worthing BN11 1RY
Liquidator:
Colin Ian Vickers
Phone: 01903 222500
Fax: 01903 207009
Web site: http://www.numerica.biz
NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Liquidator:
Colin Ian Vickers
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
STEWART IVORY: Final General Meeting Set August 30
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Stewart Ivory Unit Trust Managers Limited
(In Members' Voluntary Liquidation)
Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Stewart Ivory Unit
Trust Managers Limited will be held at Ten George Street,
Edinburgh, EH2 2DZ on August 30, 2004 at 11:30 a.m. for the
purpose of having a final account laid before it showing how the
winding up of the company has been conducted and the property of
the company disposed of, and of hearing any explanations that
may be given by the liquidator.
Members are entitled to attend in person or alternatively by
proxy. A member may vote according to the rights attaching to
his shares as set out in the company's Articles of Association.
A resolution will be passed only if a majority in value of those
voting in person or by proxy vote in favor. Proxies must be
lodged with me at or before the meeting.
T. M. Burton, Liquidator
Ernst & Young LLP, Ten George Street, Edinburgh EH2 2DZ
July 22, 2004
CONTACT: ERNST & YOUNG LLP
Ten George Street
Edinburgh EH2 2DZ
Phone: +44 [0] 131 777 2000
Fax: +44 [0] 131 777 2001
Web site: http://www.ey.com
WALKER ELECTRICAL: Names Begbies Traynor Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the Walker Electrical
Supplies Limited Company on August 16, 2004 held at Begbies
Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP, the
Extraordinary Resolution to wind up the company was passed.
Paul Stanley of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP has been appointed Liquidator for the purpose
of such winding-up.
CONTACT: BEGBIES TRAYNOR
Elliot House,
151 Deansgate,
Manchester M3 3BP
Liquidator:
Paul Stanley
Phone: 0161 839 0900
Fax: 0161 832 7436
Web site: http://www.begbies.com
WESTMINSTER LIVERPOOL: Members General Meeting Set September 17
---------------------------------------------------------------
The general meeting of the members of Westminster (Liverpool)
Trust Company Limited will be on September 17, 2004 commencing
at 11:00 a.m. It will be held at Haines Watts, 3rd Floor, 70-74
City Road, London EC1Y 2BJ.
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 Haines Watts, 3rd Floor, 70-74 City Road, London EC1Y 2BJ
not later than 12:00 noon, September 16, 2004.
CONTACT: HAINES WATTS
3rd Floor,
70-74 City Road,
London EC1Y 2BJ
Joint Liquidator:
P Forsey
Phone: 020 7608 7700
Fax: 020 7608 7755
Web site: http://www.hwca.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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