/raid1/www/Hosts/bankrupt/TCREUR_Public/040901.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, September 1, 2004, Vol. 5, No. 173
Headlines
C Z E C H R E P U B L I C
TRAVEL MARKET: Guarantees Safe Return of 400 Touring Bulgaria
F I N L A N D
SANITEC OYJ: Restructuring Costs, Write-off Hit Results
F R A N C E
BULL SA: Govt Close to Getting Approval for EUR517 Mln Dole out
G E R M A N Y
BAD CHATEAU: Proofs of Claim Due October 8
BADER + FLIESEN: Files for Bankruptcy
DL LEASINGKONTOR: Bankruptcy Stays Pending Proceedings
FA. KOMPLEX-BAU: Chemnitz Court Opens Bankruptcy Proceedings
FISCHER GMBH: Deadline for Filing of Claims September 30
GLOBAL-RENT GMBH: Administrator's Initial Report Out November 25
GOLF-CLUB PLAUEN: Under Bankruptcy Administration
HADEN DRYSYS: Deadline for Submission of Claims September 20
KALTE-KLIMA-SCHMIDT GMBH: First Creditors Meeting October 11
MPX MEDIA: Court Appoints Insolvency Administrator
WESTLB AG: To Issue AU$3 Billion Notes in Australia
WINKLER + DUNNEBIER: Minority Owner Offers to Buy out Others
I T A L Y
ALITALIA SPA: Management Warns Bankruptcy in 30 Days
ALITALIA SPA: Senators Summon CEO, Economy Minister
PARMALAT U.S.A.: Bids for Milk Products' Alabama Biz Due Today
N O R W A Y
FINDEXA LIMITED: Distributes Annual Direct Dividend of 11%
R U S S I A
DAL-ELEKTRO-SET-STROY: Commences Bankruptcy Procedure
EKSKO: Deadline for Proofs of Claim September 16
ELECTRIC POWER: Court Sets November 18 Hearing
KALUGA-TRANS-STROY: Names V. Stratilatov Insolvency Manager
NORILSKOYE AIR-ENTERPRISE: Under Bankruptcy Supervision
ORLOVSKY STILL-ROLLING: Orel Court Opens Bankruptcy Proceedings
SIB-GIDRO-TRUBO-PROVOD-STROY: Court Sets October 4 Hearing
TEPLO-ENERGO: Undergoes Bankruptcy Supervision Procedure
TEPLO-SET: Moscow Court Prescribes Bankruptcy Supervision
TVER-BEER LTD.: Insolvency Manager Takes over Helm
VENT-SERVICE: Next Bankruptcy Hearing November 24
VOZROZHDENIYE: Bankruptcy Supervision Begins
YUKOS OIL: Court Adjusts US$3.4 Billion Tax Liability
S W E D E N
CONCORDIA BUS: Appoints New Chief Financial Officer
SCANDINAVIAN AIRLINES: Swedish Carrier Offers Seven New Routes
U K R A I N E
ALLONGE BANK: National Bank Revokes License
BUILDING-DECORATING: Under Bankruptcy Supervision
HOLMI-AGRO: Court Appoints Temporary Insolvency Manager
MIKITIVSKIJ REFRACTORY: Court Orders Debt Moratorium
NIZHNYOGIRSKE REPAIR: Proofs of Claim Deadline September 11
RODNIK: Undergoes Bankruptcy Supervision Procedure
VBS: Kyiv Court Assigns Insolvency Manager
ZHOVTNEVA AGROPROMTEHNIKA: Declared Insolvent
U N I T E D K I N G D O M
3PI IMAGING: Creditors Meeting Set September 8
A1 DESIGN: Liquidator to Meet Creditors September 17
ABRAHAM AIREY: Meeting to Elect Liquidator September 6
ANTICA THE STONE: Creditors Meeting September 10
ARIEL PRESS: Meeting of Creditors Tomorrow
ATLAS TYRES: Begbies Traynor Hosting Creditors Meeting Today
BELDRAY LIMITED: Business, Assets for Sale
BIRCHGILL LIMITED: Names Bartfields (UK) Limited Administrator
BRIDLESMITH GATE: Sets General Meeting October 1
BRITISH NUCLEAR: Could Incur Additional Clean-up Bill
BURNTWOOD ENGINEERING: Joint Liquidators Appointed
CHARLES PARRY: Members Agree to Wind up Business
COLONIAL SOFTWARE: Liquidator's Final Report Out October 1
CRAVEN HEIFER: Extraordinary Winding up Resolution Passed
CUTTING AT 149: Hires Liquidator from Wilkins Kennedy
GLOBE WORSTED: Appoints Administrator from Bartfields
GRIFFITHS & CATCHPOLE: Calls in Liquidator from Sale Smith & Co
HUDDERSFIELD FINE: Brings in Administrator
LAND ROVER: Relaunch of Offroader Model Returns Firm to Black
LOCALEYES UK: Calls in Liquidator
MONITREE LIMITED: Michael Booth Appoints BWC Receiver
MOSAIC INTERIOR: Hires Liquidator from Royce Peeling Green
MOTION SYSTEMS: Extraordinary Winding up Resolution Passed
NORTH EAST: Members Final Meeting Set October 11
OMEN SECURITY: Names Thompson Partnership Liquidator
PITMAN I.T.: Hires ThorntonRones Liquidator
P J KEARY: Brings in Liquidator from Vantis Business Recovery
PON INTERNATIONAL: Names Liquidator from Wilson Field
P & P INSTALLATIONS: Extraordinary Winding up Resolution Passed
SCOTBUILD ABERDEEN: First Meeting of Creditors Set September 6
THP FLUES: Names F A Simms & Partners Administrator
TURNER NEWALL: Snubs Federal-Mogul's US$130 Mln Pension Payout
TXU EUROPE: Cost of Administration Ballooning
WARRANTS AND VALUE: Final General Meeting Set September 13
WH SMITH: Distributes Circular on Hodder Headline Disposal
*********
===========================
C Z E C H R E P U B L I C
===========================
TRAVEL MARKET: Guarantees Safe Return of 400 Touring Bulgaria
-------------------------------------------------------------
North Bohemian tour firm tm-Travel Market s.r.o. has filed for
bankruptcy with around 441 clients still touring Bulgaria, Czech
News Agency says.
The company's bankruptcy insurer, Ceska Podnikatelska Pojistovna
(CPP), will facilitate the return of the tourists, the news
agency cites CPP spokeswoman Tereza Fricova.
CONTACT: TM-TRAVEL MARKET s.r.o.
Liliova 118/1
460 01 Liberec
Phone: +420 485110055
Fax: +420 485100066
E-mail: tm@cktm.cz
Web site: http://www.cktm.cz
CESKA PODNIKATELSKA POJISTOVNA A.S.
Budejovicka 5/64
Praha 4
Phone: 261 126 116
Fax: 261 122 163
E-mail: pojistovna@cpp.cz
Web site: http://www.cpp.cz
=============
F I N L A N D
=============
SANITEC OYJ: Restructuring Costs, Write-off Hit Results
-------------------------------------------------------
Highlights of Second Quarter 2004 Report
Second quarter 2004 net sales were EUR229.9 million. They
improved against the same quarter in 2003 by EUR0.8 million or
0.4% when eliminating the EUR16.1 million share of our Vacuum
Sewage System (Evac) business segment, which was divested early
in the second quarter.
EBITDA was EUR32.8 million or 14.3% of net sales for the second
quarter. It was EUR0.1 million or 0.3% lower than at the same
time last year when eliminating the EUR2.3 million share of the
divested Evac business. Before restructuring and integration
consulting relating charges of EUR6.8 million, EBITDA margin
increased, on a comparable basis, to 17.2% of net sales from
last year's 16.5%.
Operating profit for the second quarter decreased to EUR11.7
million or 5.1% of net sales compared to EUR13.6 million or 5.5%
last year. EUR1.5 million of the decrease is attributable to
the disposal of our Evac business segment. This quarter's
results are strongly burdened by integration consulting and
restructuring items of EUR6.8 million as well as a one time
write-off of capitalized financial expenses of EUR1.5 million.
Total capital expenditure was EUR6.1 million or 2.7% of net
sales for the quarter. This represents a decrease of EUR1.1
million or 15.3% compared to last year.
The operations of our Vacuum Sewage Systems segment (Evac) were
sold to the French Zodiac Group, in a transaction closed on
April 14 in 2004. The enterprise value of the sale was EUR60
million. Out of the EUR59.5 million net proceeds of the sale,
loans under senior credit facility amounting to EUR48.3 million
were prepaid on April 21, 2004.
Highlights of Year to Date June 2004 Results
June year to date net sales were EUR482.8 million. Net sales
were EUR15.2 million or 3.4% above the first half of 2003 when
eliminating the EUR19.5 million share of our Evac business
segment divested in the second quarter.
EBITDA for the first half of 2004 was EUR77.4 million or 16.0%
of net sales compared to EUR72.7 million or 14.9% in the first
half of 2003. Excluding the EUR0.4 million effect of our
divested Evac business, EBITDA was EUR77.0 million i.e. 16.5% of
net sales. Excluding restructuring and integration consulting
charges of EUR9.0 million, EBITDA increased to EUR86.4 million
or 17.9% of net sales compared to EUR78.2 million or 16.1% in
the first half of 2003.
Operating profit for the first half of the year increased to
EUR35.6 million or 7.4% of net sales compared to EUR28.7 million
or 5.9% in the prior year. The divested Evac segment reduced
the improvement by EUR2.1 million.
Total capital expenditure was EUR10.6 million or 2.2% of net
sales for the first half of 2004, a decrease of EUR1.8 million
compared to last year.
The net indebtedness was reduced to EUR613.5 million excluding
the shareholder and PIK loans which is EUR94.9 million or 13.4%
lower than on June 30, 2003 and EUR65.1 million lower than in
the first quarter of 2004.
A full copy of the financial results is available free of charge
at: http://bankrupt.com/misc/Sanitec_2Q2004.pdf
CONTACT: SANITEC CORPORATION
Corrado Giovannetti
Executive Vice President, Bath and Shower Products
Phone: +39 0427 587 400
Mobile: +39 335 241 116
E-mail: corrado.giovannetti@dominospa.com
Lars Hohmann
Corporate Vice President
Corporate Development & Communications
Phone: +49 40 3410 2980
Mobile: +49 173 962 3232
E-mail: lars.hoehmann@sanitec.com
===========
F R A N C E
===========
BULL SA: Govt Close to Getting Approval for EUR517 Mln Dole out
---------------------------------------------------------------
The European Commission said Friday it was set to approve a
government rescue package that would enable computer company
Bull to repay a previous illegal state aid.
The Commission in November filed a legal suit against France for
giving Bull a loan of EUR450 million (US$544.5 million) in 2002.
The loan was supposed to have been repaid in June last year, but
France failed to compel the company to honor its commitment.
The loan breaches E.U. rules since it was given within 10 years
after France provided Bull with EUR1.3 billion at the end of
1994.
Now France wants to pay off the loan, plus interest. It could
cost the government close to EUR517 million to write off the
debt. This recent bailout is considered legal since it
satisfies the 10-year ban.
"We have no major concerns about this project," Commission
spokesman Tilman Luder told the press. He said a decision could
come near the end of the year.
German insurer Debeka, a client of Bull, and French insurer
AXA's Private Equity unit, as well as the group's 350 employees
are also participating in the rescue effort.
CONTACT: BULL
68, route de Versailles
78430 Louveciennes, France
Phone: +33 1 39 66 60 60
Fax: +33 1 39 66 60 62
Web site: http://www.bull.com
=============
G E R M A N Y
=============
BAD CHATEAU: Proofs of Claim Due October 8
------------------------------------------
Bad Chateau Handels GmbH applied for bankruptcy proceedings
before the district court of Hamburg on August 17. The filing
automatically stayed all pending proceedings against the
company. Creditors have until October 8, 2004 to register their
claims with court-appointed provisional administrator Dr.
Hans-U. Hildebrandt.
Creditors and other interested parties are encouraged to attend
the meeting on November 12, 2004, 9:30 a.m. at the district
court of Hamburg at which time the administrator will present
his first report of the insolvency proceedings. The court will
simultaneously review the administrator's report.
Bad Chateau is involved, among others, in the export of bath and
sanitary articles.
CONTACT: BAD CHATEAU HANDELS GMBH
Hohnerredder 19, 22175 Hamburg
Dr. Hans-U. Hildebrandt
Insolvency Manager
Raboisen 38, 20095 Hamburg
Phone: 33446-0
Fax: 33446-111
DISTRICT COURT OF HAMBURG
Gebaude des Amtsgerichts Hamburg
Insolvenzgericht, WeidestraBe 122d
22083 Hamburg, Saal 1, 2.
BADER + FLIESEN: Files for Bankruptcy
-------------------------------------
Bader + Fliesen Liedtke GmbH applied for bankruptcy proceedings
before the district court of Tubingen on August 19. The filing
automatically stayed all pending proceedings against the
company. Creditors have until September 16, 2004 to register
their claims with court-appointed provisional administrator
Hasso von Zworowsky.
Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2004, 8:45 a.m. at the district court
of Tubingen at which time the administrator will present his
first report of the insolvency proceedings.
CONTACT: BADER + FLIESEN LIEDTKE GMBH
Geschaftsfuhrer
Daimlerstr. 7, 72793 Pfullingen
Contact:
Manfred Liedtke, Managing Director
Hasso von Zworowsky
Insolvency Manager
Rommelsbacher Str. 27, 72760 Reutlingen
DISTRICT COURT OF TUBINGEN
AuBenstelle 72074 Tubingen
Schulberg 14, 2. OG, Saal 208
DL LEASINGKONTOR: Bankruptcy Stays Pending Proceedings
------------------------------------------------------
DL Leasingkontor GmbH applied for bankruptcy proceedings before
the district court of Dresden on August 17. The filing
automatically stayed all pending proceedings against the
company. Creditors have until September 21, 2004 to register
their claims with court-appointed provisional administrator
Nicola Walter.
Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2004, 9:15 a.m. at the district court
of Dresden at which time the administrator will present his
first report of the insolvency proceedings.
CONTACT: DL LEASINGKONTOR GMBH
Lessingstr. 5 in 02625
Bautzen
Nicola Walter
Insolvency Manager
Bautzner LandstraBe 21
01324 Dresden
DISTRICT COURT OF DRESDEN
Saal D132, Amtsgericht Dresden
Olbrichtplatz 1, 01099 Dresden
FA. KOMPLEX-BAU: Chemnitz Court Opens Bankruptcy Proceedings
------------------------------------------------------------
Construction company Fa. Komplex-Bau GmbH applied for bankruptcy
proceedings before the district court of Chemnitz on August 19.
The filing automatically stayed all pending proceedings against
the company. Creditors have until October 7, 2004 to register
their claims with court-appointed provisional administrator Dr.
Dirk Herzig.
Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 9:30 a.m. at the district court
of Chemnitz at which time the administrator will present his
first report of the insolvency proceedings.
CONTACT: FA. KOMPLEX-BAU GMBH
Geyersdorfer StraBe 1
09456 Annaberg-Buchholz, vertr
Dr. Dirk Herzig
Insolvency Manager
Promenadenstr. 3, 09111
Chemnitz
Web site: http://www.schubra.de
DISTRICT COURT OF CHEMNITZ
Saal 28, im Gerichtsgebaude
FurstenstraBe 21, Chemnitz, statt
FISCHER GMBH: Deadline for Filing of Claims September 30
--------------------------------------------------------
Fischer GmbH & Co. KG ABV applied for bankruptcy proceedings
before the district court of Paderborn on August 20. The filing
automatically stayed all pending proceedings against the
company. Creditors have until September 30 to register their
claims with court-appointed provisional administrator Carsten
Hecker.
Creditors and other interested parties are encouraged to attend
the meeting on October 22, 2004, 8:30 a.m. at the district court
of Paderborn at which time the administrator will present his
first report of the insolvency proceedings. The court will
simultaneously review the administrator's report.
CONTACT: Carsten Hecker
Insolvency Manager
Elsener StraBe 88
33102 Paderborn
Phone: (0 52 51) 32 114
Fax: (0 52 51) 32 127
DISTRICT COURT OF PADERBORN
Hauptstelle, Am Bogen 2-4
33098 Paderborn, II. Etage
Saal 216
GLOBAL-RENT GMBH: Administrator's Initial Report Out November 25
----------------------------------------------------------------
Global-Rent GmbH applied for bankruptcy proceedings before the
district court of Baden-Baden on August 17 after missing
payments on debts. The filing automatically stayed all pending
proceedings against the company. Creditors have until October
10, 2004 to register their claims with court-appointed
provisional administrator Harald Kroth.
Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 10:00 a.m. at the district
court of Baden-Baden at which time the administrator will
present his first report of the insolvency proceedings.
CONTACT: GLOBAL-RENT GMBH
Gf Rittersberger
Ginsterweg 15
77887 Sasbachwalden
Harald Kroth
Insolvency Manager
77355 Achern, Eisenbahnstr. 19-23
DISTRICT COURT OF BADEN-BADEN
76532 Baden-Baden
Gutenbergstr. 17, EG 009 A
GOLF-CLUB PLAUEN: Under Bankruptcy Administration
-------------------------------------------------
Golf-Club Plauen e.V. applied for bankruptcy proceedings before
the district court of Chemnitz on August 19. The filing
automatically stayed all pending proceedings against the
company. Creditors have until September 30 to register their
claims with court-appointed provisional administrator Bernward
Widera.
Creditors and other interested parties are encouraged to attend
the meeting November 1, 2004 at the district court of Chemnitz
at which time the administrator will present his first report of
the insolvency proceedings.
CONTACT: GOLF-CLUB PLAUEN E.V.
GabelsbergerstraBe 13, 08523 Plauen
Contact:
Vorstand Hans-Joachim Tilch
Peter Eckardt
Bernward Widera
Insolvency Manager
ButtenstraBe 4, 08058 Zwickau
DISTRICT COURT OF CHEMNITZ
Saal 27, Gerichtsgebaude, FurstenstraBe 21
Chemnitz, statt
HADEN DRYSYS: Deadline for Submission of Claims September 20
------------------------------------------------------------
Haden Drysys GmbH applied for bankruptcy proceedings before the
district court of Homburg on August 17. The filing
automatically stayed all pending proceedings against the
company. Creditors have until September 20, 2004 to register
their claims with court-appointed provisional administrator
Angelika Amend.
Creditors and other interested parties are encouraged to attend
the meeting October 20, 2004, 9:35 a.m. at the district court of
Homburg at which time the administrator will present his first
report of the insolvency proceedings.
CONTACT: HADEN DRYSYS GMBH
Feldbergstr. 25-27
61440 Oberursel/Ts.
(AG Bad Homburg, HRB 7862)
Contact: John D. Culliford, Managing Director
Angelika Amend
Insolvency Manager
Minnholzweg 2b
D-61476 Kronberg/Ts.
Phone: 06173/78340
Fax: 06173/783422
DISTRICT COURT OF HOMBURG
Zi. 316, 3. OG, Amtsgerichtsgebaude
Auf der Steinkaut 10-12
61352 Bad Homburg
KALTE-KLIMA-SCHMIDT GMBH: First Creditors Meeting October 11
------------------------------------------------------------
Kalte-Klima-Schmidt GmbH applied for bankruptcy proceedings
before the district court of Bad Kreuznach on August 16. The
filing automatically stayed all pending proceedings against the
company. Creditors have until September 27 to register their
claims with court-appointed provisional administrator Dr. jur.
Hans-Gert Dhonau.
Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2004, 9:25 a.m. at the district court
of Bad Kreuznach to discuss, among others, the possible
appointment of a new insolvency administrator and the creation
of a creditors committee. On November 8, 2004, another
creditors meeting will be held to review claims lodged with the
insolvency administrator.
CONTACT: KALTE-KLIMA-SCHMIDT GMBH
Hammerweg 5, 55618 Simmertal (HRB 4086)
Contact:
Maria Schmidt, Manager
Dr. Jur. Hans-Gert Dhonau
Insolvency Manager
Bahnhofstr. 7, D-55566 Bad Sobernheim
Phone: 06751/938013
Fax: 06751/938036
DISTRICT COURT OF BAD KREUZNACH
Saal 309, Amtsgericht, RingstraBe 79
55543 Bad Kreuznach
MPX MEDIA: Court Appoints Insolvency Administrator
--------------------------------------------------
MpX media products GmbH applied for bankruptcy proceedings
before the district court of Struttgart on August 19. The
filing automatically stayed all pending proceedings against the
company. Creditors have until September 13, 2004 to register
their claims with court-appointed provisional administrator Inge
Rall.
Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2004, 8:00 a.m. at the district court
of Stuttgart at which time the administrator will present his
first report of the insolvency proceedings.
CONTACT: MPX MEDIA PRODUCTS GMBH
(HRB 5378, AG Bobl.)
Lingwiesenstr. 11, 70825 Korntal-Munchingen
Inge Rall
Insolvency Administrator
Gaisburgstr. 21, 70182 Stuttgart
Phone: 0711/24847997
DISTRICT COURT OF STUTTGART
Hauffstr. 5 (Am Neckartor)
ErdgeschoB, Zimmer 20
WESTLB AG: To Issue AU$3 Billion Notes in Australia
---------------------------------------------------
WestLB AG will launch a short-term note and medium-term note
programme in Australia with an overall volume of up to AU$3
billion. Commonwealth Bank of Australia has been mandated to
act as arranger. WestLB will present itself to international
investors at a road show arranged by ABN AMRO and Commonwealth
Bank of Australia and scheduled to be held in Sydney, Melbourne
and Brisbane in the week beginning September 13.
With total assets of EUR282 billion, WestLB is one of Germany's
largest banks with a strong presence in the domestic and
international capital markets. The programme will be used to
complement existing domestic and global funding and assist in
further growth of the business in Australia.
WestLB's long-term liabilities are rated 'AA' (Standard &
Poor's), 'Aa2' (Moody's) and 'AAA' (Fitch Ratings).
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: Minority Owner Offers to Buy out Others
------------------------------------------------------------
German precision machinery group Korber started its takeover bid
of Winkler + Dunnebier by offering a EUR9.75 per share to the
remaining shareholders of the paper machinery manufacturer,
Borsen Zeitung says.
The takeover offer would value W+D at around EUR59.86 million.
Korber currently holds an 18.53% stake at the paper machinery
manufacturer while Italian company Finaf controls around 24.93%
of W+D's stock.
W+D managed to reduce its first-half net loss from EUR6.4
million in 2003 to EUR1.1 million this year, despite the 33.3%
decline in its year-on-year sales. The company also reduced its
workforce by 24% from 1,206 in the first half of 2003 to only
916 in the first six months of 2004.
W+D Chief Finance Officer Dr. Manfred Kuhn said the company is
aiming for "a balanced operating result" for 2004.
CONTACT: WINKLER + DUNNEBIER AG
Sohler Weg 65
56564 Neuwied
Germany
Web site: http://www.w-d.de
Tobias M. Weitzel
Investor Relations Manager
Phone: +49 - 2631 - 84 617
=========
I T A L Y
=========
ALITALIA SPA: Management Warns Bankruptcy in 30 Days
----------------------------------------------------
The management of struggling Italian carrier Alitalia warned of
bankruptcy in a month's time should workers continue to block
the proposed restructuring plan, Agence France-Presse says.
The carrier issued the warning after its board of directors held
a Monday meeting to review the company's financial situation.
The board said in a statement the company's funds "will
gradually run out within a month," thus the necessity of the
EUR400 million bridging loan. The company said the release of
the loan is subject to a restructuring plan, which needs the
unions' assent.
The unions, however, want management to clarify reports that the
plan will entail cuts of around 6,000 jobs. The unions are also
pressing for guarantees on social compensation and a revival of
the Italian air industry. In addition, they want the government
to intervene in the problem.
Deputy Prime Minister Gianfranco Fini earlier called on both
sides to adopt a "responsible attitude" in their negotiations
over the airline's future, saying that the airline can be and
must be saved. Mr. Fini asked the airline's management to draw
a "real industrial plan," which should be more than "just a
series of staff cutbacks." The Deputy Prime Minister has also
requested the unions to help ensure Alitalia's long-term
viability.
He said, "we cannot look at Alitalia like a ministry that
guarantees a job for life. The issue is not just about
protecting jobs. If we continue to apply the same logic,
Alitalia will be in real danger."
Mr. Fini also acknowledged that Alitalia was in an unusual
situation, as competing hubs are present in Milan and Rome.
Following the board meeting, Alitalia also issued a statement in
which it forecasted this year's net loss to equal last year's
figure of EUR519.7 million, which the carrier partly attributed
to high oil prices. The company said the recovery of the global
air industry is not enough "to reverse the structural negative
trend in the group's profitability" unless drastic restructuring
measures would be imposed. The board also pointed out the need
to reduce the Italian government's holding in Alitalia to below
50% in a span of 12 months.
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
ALITALIA SPA: Senators Summon CEO, Economy Minister
---------------------------------------------------
A group of senators known as the Olive Tree has ordered Domenico
Siniscalco and Giancarlo Cimoli, the Italian Economy Minister
and Alitalia's chief executive respectively, to appear and
apprise the senate of the carrier's financial standing.
According to Agenzia Gionarlistica Italia, the Olive Tree has
also asked the senate transport and labor committees to
participate in the discussion.
The senators, in a joint statement, said, "the bad crisis of the
airline sector will lead to heavy repercussions, involving
thousands of workers. That's why the parliament cannot ignore
that Berlusconi's government is dealing with the issue
inadequately. The government must tell us clearly what it wants
to do."
The Olive Tree is composed of Senators Donato Veraldi and
Antonio Montanino of the Daisy Coalition; Giovanni Battafarano
and Paolo Brutti of the Left Democrats; and Anna Donati and
Natale Ripamonti of the Green Party.
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
PARMALAT U.S.A.: Bids for Milk Products' Alabama Biz Due Today
--------------------------------------------------------------
Milk Products and National Dairy Holdings, LP entered into an
Asset Purchase Agreement dated July 14, 2004, for the sale of
Milk Products' Alabama Business. As set forth in agreed-upon
Bidding Procedures, the sale remains subject to competing offers
from any prospective bidder.
All interested parties are invited to make offers to purchase
the Alabama Business in accordance with the terms of the Bidding
Procedures and Bidding Procedures Order, available upon faxed
written request to Milk Products' attorney:
Gary T. Holtzer, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153
Fax (212) 310-8007
The deadline to submit bids for the Alabama Business is
September 1, 2004, at 12:00 p.m. Pursuant to the Bidding
Procedures Order, Milk Products may conduct an auction for the
sale of the Alabama Business. If an auction is necessary it'll
take place at Weil Gotshal's offices on September 13, 2004, at
9:00 a.m. (Eastern time). A Sale Hearing will be held following
the auction on September 15, 2004 at 10:00 a.m. before the
Honorable Robert D. Drain in Manhattan.
Objections, if any, to the sale of the Alabama Business pursuant
to the terms of the agreement reached between Milk Products and
the successful bidder must:
-- be in writing;
-- conform to the Bankruptcy Rules and the Local Rules of
the Bankruptcy Court for the Southern District of New
York;
-- set forth the name of the objecting party, the nature and
amount of any claims or interests held or asserted against
Milk Products' estate or properties, the basis for the
objection and the specific grounds therefore, and
-- must be served on:
Counsel for Milk Products:
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153
Attn: Gary T. Holtzer, Esq.
Counsel for General Electric Capital Corporation:
Jenner & Block LLP
One IBM Plaza, Room 3800
Chicago, Illinois 60611-3605
Attn: Daniel R. Murray, Esq.
Counsel for Citibank N.A., London Branch:
Kaye Scholer LLP
425 Park Avenue
New York, New York 10022
Attn: Eric Marcus, Esq.
Counsel for the Official Committee of Unsecured Creditors:
Chadbourne & Parke LLP
30 Rockefeller Plaza
New York, New York 10112
Attn: David M. LeMay
Counsel for National Dairy Holdings:
Willkie Farr & Gallagher LLP
The Equitable Center
787 Seventh Avenue
New York, New York 10019-6099
Attn: Paul V. Shalhoub
Counsel for Stremicks Heritage Foods, LLC:
O'Melveny & Myers LLP
1625 Eye Street, NW
Washington, D.C. 20006-4001
Attn: Robert E. Winter
The U.S. Trustee:
Office of the United States Trustee
South District of New York
33 Whitehall Street, 21st Floor
New York, New York 10004
and all other parties required by the order, dated
February 26, 2004, so as to be actually received no later
than September 8, 2004 at 4:00 p.m. (Eastern time).
All requests for information concerning the sale of the Alabama
Business should be directly by written request to:
Gary T. Holtzer, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's
40-some brand product line includes milk, yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices. It employs over 36,000
workers in 139 plants located in 31 countries on six continents.
The Company filed for chapter 11 protection on February 24, 2004
(Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and
Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP
represent the Debtors in their restructuring efforts. On June
30, 2003, the Debtors listed EUR2,001,818,912 in assets and
EUR1,061,786,417 in debts.
===========
N O R W A Y
===========
FINDEXA LIMITED: Distributes Annual Direct Dividend of 11%
----------------------------------------------------------
Today, September 1, Findexa shareholders will receive their
first dividend payment following the company's initial public
offering on May 25. The dividend represents a yield of 11%.
"Findexa is an attractive high yielding dividend stock," says
Findexa's CFO Erik Dahl.
Findexa's high cash flow, which enables the company to pay high
dividends, is underpinned by strong revenue generation from its
market leading brands, Gule Sider, Telefonkatalogen, Ditt
Distrikt and BizKit. Findexa has minimal working capital
requirements and is therefore able to return a large part of its
earnings to its owners.
Shareholders will receive a dividend for the 36 days in the
second quarter period that they will have owned shares (25 May -
30 June). For this short period, the dividend is NOK0.28 per
share. Recalculated for a full year, this amounts to NOK2.84
per share. For shareholders who acquired Findexa shares at
NOK25, this will yield an annual direct dividend of 11.4%.
Dividend for the third quarter will be announced in November,
and will be paid out on December 1.
For the first six months of 2004, Findexa reported revenues of
NOK913 million, and net income of NOK171 million. Consolidated
cash flow from operations was NOK398 million.
* * *
In May, Standard & Poor's Ratings Services kept its 'B+'
corporate credit rating on Norway-based classified directory
publisher Findexa II AS on CreditWatch with positive
implications. In addition, Standard & Poor's also kept its 'B-'
senior unsecured debt rating on Findexa on CreditWatch with
positive implications. The ratings were originally placed on
CreditWatch on April 16, 2004, following the announcement by
Findexa that that it intends to float on the Norwegian stock
exchange.
CONTACT: FINDEXA LIMITED
Erik Dahl, Chief Financial Officer
Phone: +47970 06 560
E-mail: erik.dahl@findexa.no
Web site: http://www.findexa.no/english/
===========
R U S S I A
===========
DAL-ELEKTRO-SET-STROY: Commences Bankruptcy Procedure
-----------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
external management bankruptcy procedure on OJSC
Dal-Elektro-Set-Stroy. The case is docketed as
A73-8966/2003-40B. Mr. Y. Petrov has been appointed external
insolvency manager.
CONTACT: DAL-ELEKTRO-SET-STROY
680000, Russia,
Khabarovsk, Shevchenko Str. 28
Mr. Y. Petrov
External Insolvency Manager
680038, Russia,
Khabarovsk, Post User Box 55/10
EKSKO: Deadline for Proofs of Claim September 16
------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on OJSC Eksko. The case is
docketed as A31-6286/18. Mr. S. Timoshkov has been appointed
temporary insolvency manager.
Creditors have September 16, 2004 to submit their proofs of
claim to 156604, Russia, Kostroma, Inzhenerny Per. 3. A hearing
will take place on December 23, 2004.
CONTACT: EKSKO
156604, Russia,
Kostroma, Inzhenerny Per. 3
Mr. S. Timoshkov
Temporary Insolvency Manager
156604, Russia,
Kostroma, Inzhenerny Per. 3
ELECTRIC POWER: Court Sets November 18 Hearing
----------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on regional Electric Power Station. The
case is docketed as A13-6160/04-25. Mr. V. Klubov has been
appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 162510,
Russia, Vologda region, Kaduy, Vesennyaya Str. 6, Apartment 62.
A hearing will take place on November 18, 2004, 10:30 a.m.
CONTACT: ELECTRIC POWER STATION
162512, Russia,
Vologda region, Kaduy,
Promyshlennaya Str. 3
Mr. V. Klubov
Temporary Insolvency Manager
162510, Russia,
Vologda region, Kaduy,
Vesennyaya Str. 6, Apartment 62
KALUGA-TRANS-STROY: Names V. Stratilatov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure on municipal unitary enterprise
Kaluga-Trans-Stroy. The case is docketed as A23-1536/04B-17-52.
Mr. V. Stratilatov has been appointed temporary insolvency
manager.
Creditors are asked to submit their proofs of claim to 248009,
Russia, Kaluga, Zavodskaya Str. 57.
CONTACT: KALUGA-TRANS-STROY
248009, Russia,
Kaluga, Zavodskaya Str. 57
Mr. V. Stratilatov
Temporary Insolvency Manager
248009, Russia,
Kaluga, Zavodskaya Str. 57
NORILSKOYE AIR-ENTERPRISE: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on state unitary enterprise
Norilskoye Air-Enterprise. The case is docketed as
A33-10367/04-s4. Mr. V. Bibikin has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 663310,
Russia, Krasnoyarsk region, Norilsk, Leninsky Pr. 1, Office 407.
A hearing will take place on November 12, 2004, 9:00 a.m.
CONTACT: NORILSKOYE AIR-ENTERPRISE
663310, Russia
Krasnoyarsk region, Norilsk,
Sevastopolskaya Str. 7
Mr. V. Bibikin
Temporary Insolvency Manager
663310, Russia,
Krasnoyarsk region, Norilsk,
Leninsky Pr. 1, office 407
ORLOVSKY STILL-ROLLING: Orel Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on LLC trading company of Orlovsky
Still-Rolling Plant. The case is docketed as A48-3393/04-17b.
Mr. A. Volubuyev has been appointed temporary insolvency
manager.
Creditors are asked to submit their proofs of claim to 302000,
Russia, Orel, Komsomolskaya Str. 272, Apartment 59. A hearing
will take place on September 24, 2004.
CONTACT: ORLOVSKY STILL-ROLLING PLANT
302000, Russia,
Orel, Moskovskaya Str. 17
Mr. A. Volubuyev
Temporary Insolvency Manager
302000, Russia,
Orel, Komsomolskaya Str. 272,
Apartment 59
SIB-GIDRO-TRUBO-PROVOD-STROY: Court Sets October 4 Hearing
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiysky autonomous region has
commenced bankruptcy supervision procedure on LLC corporation
Sib-Gidro-Trubo-Provod-Stroy. The case is docketed as
A75-218-B/04. Mr. V. Spirov has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 628401,
Russia, Surgut, Melik-Karamova Str. 45/2. A hearing will take
place at the Arbitration Court of Khanty-Mansiysky autonomous
region on October 4, 2004, 9:30 p.m.
CONTACT: SIB-GIDRO-TRUBO-PROVOD-STROY
620012, Russia,
Khanty-Mansiysk, Mira Str. 13
Mr. V. Spirov
Temporary Insolvency Manager
628401, Russia, Surgut,
Melik-Karamova Str. 45/2
The Arbitration Court of
Khanty-Mansiysky autonomous region
620012, Russia,
Khanty-Mansiysk,
Lenina Str. 54
TEPLO-ENERGO: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on chermozsky municipal (unitary)
production enterprise Teplo-Energo. The case is docketed as
A50-15333/2004-B. Mr. V. Popov has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 614025,
Russia, Perm, Post User Box 719. A hearing will take place on
November 23, 2004, 10:00 a.m.
CONTACT: TEPLO-ENERGO
617040, Russia,
Perm region, Ilyinsky region,
Chermoz, Tagilskaya Str. 2
Mr. V. Popov
Temporary Insolvency Manager
614025, Russia,
Perm, Post User Box 719
TEPLO-SET: Moscow Court Prescribes Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on Mozhayskoye municipal unitary
enterprise Teplo-Set. The case is docketed as A41-K-2-9077/04.
Mr. A. Vernigorodsky has been appointed temporary insolvency
manager.
Creditors are asked to submit their proofs of claim to 101990,
Russia, Moscow, Lubyansky per. 5, Room 306. A hearing will take
place on November 18, 2004.
CONTACT: TEPLO-SET
Russia, Moscow region,
Mozhaysk, 20-ye Janvarya Str. 15
Mr. A. Vernigorodsky
Temporary Insolvency Manager
101990, Russia,
Moscow, Lubyansky per. 5, Room 306
TVER-BEER LTD.: Insolvency Manager Takes over Helm
--------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on CJSC Tver-Beer Ltd. The case is
docketed as A40-1992/04-78-3B. Creditors are asked to submit
their proofs of claim to 107113, Russia, Moscow, Post User Box
40.
CONTACT: TVER-BEER LTD.
109017, Russia, Moscow,
Staromonetny Per. 3, Building 1
Temporary Insolvency Manager
107113, Russia,
Moscow, Post User Box 40
VENT-SERVICE: Next Bankruptcy Hearing November 24
-------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on LLC Vent-Service. The case is docketed
as A50-15339/2004-B. Mr. V. Zabudsky has been appointed
temporary insolvency manager.
Creditors are asked to submit their proofs of claim to:
(a) The Arbitration Court of Perm region
614990, Russia,
Perm, Lunacharskogo Str. 3
(b) Temporary Insolvency Manager
618740, Russia,
Perm region, Dobryanka,
Energetikov Str. 15, Apartment 34
(c) Vent-Service
618740, Russia,
Perm region, Dobryanka,
Promplooshadka PGRES
A hearing will take place on November 24, 2004 at 10.00 a.m.
VOZROZHDENIYE: Bankruptcy Supervision Begins
--------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on OJSC
Vozrozhdeniye. The case is docketed as A56-20751/04. Ms. V.
Gotovskaya has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 195027,
Russia, Saint-Petersburg, Bolsheokhtinsky Pr. 22, Apartment 2.
A hearing will take place on November 30, 2004, 11:00 a.m.
CONTACT: VOZROZHDENIYE
195027, Russia,
Saint-Petersburg, Piskarevsky Pr. 3
Ms. V. Gotovskaya
Temporary Insolvency Manager
195027, Russia, Saint-Petersburg,
Bolsheokhtinsky Pr. 22, Apartment 2
YUKOS OIL: Court Adjusts US$3.4 Billion Tax Liability
-----------------------------------------------------
A Russian Court on Friday agreed to marginally reduce Yukos
Oil's tax bill, but refused most of the oil giant's other
requests.
The Moscow Arbitration Court pared down Yukos' US$3.4 billion
back tax debt by about US$1.1 million, reports say, but it
rejected Yukos' plea to invalidate the tax ministry's decision
to collect the amount, and to replace the judge in charge of the
tax dossier submitted by the company.
The Tax Ministry is accusing Yukos of evading taxes by
channeling funds through 17 offshore subsidiaries, and claiming
the companies were independent firms. Yukos denies wrongdoing
saying the tax ministry has not established these companies were
affiliated with the group. The tax bill for 2000 is the first
of a series of tax charges lodged against the company by tax
authorities. Yukos faces a similar claim for 2001 and is
currently being audited for 2002. Russia's biggest oil producer
has repeatedly said it could be forced to bankruptcy if
compelled to pay the amount.
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:
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
Web site: http://www.yukos.ru
===========
S W E D E N
===========
CONCORDIA BUS: Appoints New Chief Financial Officer
---------------------------------------------------
Per Skargard has been appointed Chief Financial Officer in
Concordia Bus, starting November 1, 2004. Mr. Skargard is
presently employed with DHL/Danzas/ASG Nordic where he has been
CFO since 2001.
Per, age 47, has a Bachelor of Business Administration and
before his engagement with DHL, he did practice as CFO and
Finance Director in telecom and retail businesses.
His long and excellent career in various type of businesses, and
his recent background from transport industry, will represent a
strong contribution to our group.
Ragnar Norback
CEO
* * *
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Sweden-based bus-services provider
Concordia Bus AB (Concordia) to 'CCC' from 'B-' due to concerns
over the group's ability to maintain adequate liquidity to meet
its debt-servicing commitments. The outlook is negative.
At the same time, Standard & Poor's lowered its subordinated
debt rating on Concordia's EUR160 million (US$193 million) bond,
due 2010, to 'CC' from 'CCC' and its senior secured debt rating
on subsidiary Concordia Bus Nordic AB's EUR130 million bond, due
2009, to 'CCC-' from 'CCC+'. Concordia is the indirect parent
of Concordia Bus Nordic and guarantor of the EUR130 million
bond.
The downgrade reflects Concordia's weakening cash position
during the first quarter of fiscal year ending Feb. 28, 2005.
Given the group's poor track record in improving operating
performance, Concordia will find it increasingly challenging to
improve financial performance to the extent required to maintain
adequate liquidity following the coupon payments of about SKR135
million (US$18 million) in August 2004.
CONTACT: CONCORDIA BUS
Frode Larsen, Chief Executive Officer
Phone: + 47 67 83 29 33
Mobile: + 47 92 80 00 02
SCANDINAVIAN AIRLINES: Swedish Carrier Offers Seven New Routes
--------------------------------------------------------------
In conjunction with its winter traffic program, Scandinavian
Airlines Sweden is launching seven new direct services from
Arlanda, Stockholm, starting on October 31.
The new destinations are Nice, Athens, Istanbul, Rome,
Stuttgart, Hamburg and Budapest. At the same time, the number
of departures to Berlin is being increased, and a shuttle
service introduced between Gothenburg and Copenhagen.
"With seven new direct routes and an increased number of
departures, we are improving our range of services both for
business and private travelers. Germany is an important market
for Swedish industry and quality non-stop routes from Stockholm
have been in demand for a long time. We also hope that our new
departures will attract the German car industry, which flies
staff from Stuttgart to Arvidsjaur in northern Sweden each week
during the winter season for its car tests. There is also a
need for more connections to Berlin, and we are now adding a
third departure in the morning," says Anders Ehrling, President
of Scandinavian Airlines Sweden.
"Just over a week ago, we launched our new Economy Flex product
and introduced the snowflake low-price concept on all our
European destinations. Together with the new destinations, we
are thus expanding the range of options for all our customers,
regardless of their needs, and this feels very gratifying," says
Anders Ehrling.
Earlier this year, Scandinavian Airlines Sweden introduced
direct flights from Stockholm to Prague, Manchester, Skelleftea,
Dublin, Dusseldorf and Edinburgh.
"With more departures between Gothenburg and Copenhagen and
better connections, we also hope to meet the growing travel
needs in the Gothenburg region. The number of departures per
week is now being increased from 59 to 82. In addition, we will
have ten connections between Gothenburg and Copenhagen on
Saturdays. The shuttle service will enable passengers from
Gothenburg to benefit even more from Scandinavian Airlines'
approximately 60 departures from Copenhagen to destinations in
Europe and worldwide," says Anders Ehrling.
In conjunction with the winter traffic program, Scandinavian
Airlines Sweden will also be discontinuing the
Stockholm-Karlstad route.
"Despite a number of targeted measures, the route is
unprofitable and we therefore see no alternative other than to
discontinue the service. Just like all other airlines, we need
to adapt to market conditions and serve those routes where we
can meet customers' requirements."
CONTACT: SCANDINAVIAN AIRLINES SWEDEN
Anders Ehrling, Senior Vice President
Phone: + 46 8 797 1937
Ulrika Fager, Communication department
Phone: +46 8 797 3330
=============
U K R A I N E
=============
ALLONGE BANK: National Bank Revokes License
-------------------------------------------
The National Bank of Ukraine (NBU) has cancelled the banking
license of Allonge Bank and commenced liquidation proceedings,
Interfax-Ukraine reports.
NBU also appointed independent expert Vadym Nastoyaschiy as the
manager of the bank's liquidation procedure. NBU closed Allonge
Bank after its capital fell below the required level and for
violating 14 economic rules set by the national bank. NBU
issued the order to withdraw Allonge's license on August 11.
Allonge ranks 120th among Ukraine's 158 banks in terms of
assets.
CONTACT: Joint-Stock Bank Allonge
Ukraine, 01023, Kyiv region,
5, Shota Rustaveli Str.
Phone: 0442466677
E-mail: info@allonge.co.ua
Web site: http://www.allonge.com.ua
NATIONAL BANK OF UKRAINE
9 Instytutska St.
Kyiv 01601
Phone: (38 044) 253-01-80
Fax: (38 044) 230-20-33
253-77-50
Teletype: 131018
Telex: 131251 KIJUX
Web Site: http://www.bank.gov.ua
BUILDING-DECORATING: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on OJSC Building-Decorating Machines Plant
(code EDRPOU 04689323) and started sanction procedure on July 8,
2004. The case is docketed as 19/81. Mr. O. Parhomenko and
arbitral manager Mr. Roman Sinyavskij (License Number AA 669650
approved on July 31, 2003) has been appointed sanction manager
and temporary insolvency manager respectively. The company
holds account number 26002004000121 at OJSC Bank Big Energy,
Energodar branch, MFO 313764.
Creditors have until September 7, 2004 to submit their proofs of
claim to:
(a) BUILDING-DECORATING MACHINES PLANT
71630, Ukraine, Zaporizhya region,
Dniprorudnij, Stepna Str. 3
(b) Mr. O. Parhomenko
Sanction Manager
71630, Ukraine, Zaporizhya region,
Dniprorudnij, Stepna Str. 3
(c) Mr. Roman Sinyavskij
Temporary Insolvency Manager
71500, Ukraine, Zaporizhya region,
Energodar, Budivelnikiv Avenue, 38/189
(d) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
HOLMI-AGRO: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Chernigiv region has commenced bankruptcy
supervision procedure on OJSC Holmi-Agro-Tech-Service (code
EDRPOU 00909302). The case is docketed as 5/115 B. Arbitral
manager Mr. Pavlo Lyashenko (License Number AA 630118 approved
on January 8, 2004) has been appointed temporary insolvency
manager. The company holds account number 26008002111 at JSC
Polikombank, Korukivka branch, MFO 353100.
Creditors have until September 7, 2004 to submit their proofs of
claim to:
(a) HOLMI-AGRO-TECH-SERVICE
15331, Ukraine, Chernigiv region,
Korukivka district, Holmi,
Ostrovskij Str. 89
(b) Mr. Pavlo Lyashenko
Temporary Insolvency Manager
14033, Ukraine, Chernigiv region,
Boyova Str. 5/12
(c) ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
MIKITIVSKIJ REFRACTORY: Court Orders Debt Moratorium
----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on CJSC Mikitivskij Refractory Combine
(code EDRPOU 32270439) and ordered a moratorium on satisfaction
of creditors' claims on June 25, 2004. The case is docketed as
42/108 B. Arbitral manager Mrs. Ludmila Nesvit (License Number
66826) has been appointed temporary insolvency manager. The
company holds account number 26000301553696 at Prominvestbank,
Gorlivka central city branch.
Creditors have until September 11, 2004 to submit their proofs
of claim to:
(a) MIKITIVSKIJ REFRACTORY COMBINE
84691, Ukraine, Donetsk region,
Gorlivka, Golmivske
(b) Mrs. Ludmila Nesvit
Temporary Insolvency Manager
83056, Ukraine, Donetsk region,
M. Mametova Str. 8/2
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
NIZHNYOGIRSKE REPAIR: Proofs of Claim Deadline September 11
-----------------------------------------------------------
The Economic Court of AR Krym has commenced bankruptcy
supervision procedure on LLC Nizhnyogirske Repair-Transport
Enterprise. The case is docketed as 2-6/8738-2004. Mr. Vasil
Kuhta (License Number AA 719845 approved on February 25, 2004)
has been appointed temporary insolvency manager. The company
holds account number 260063351 at JSPPB Aval, MFO 324021.
Creditors have until September 11, 2004 to submit their proofs
of claim to:
(a) NIZHNYOGIRSKE REPAIR-TRANSPORT ENTERPRISE
97140, Ukraine, AR Krym region,
Nizhnyogirskij district,
Zhelyabivka, Pridorozhna Str. 4
(b) Mr. Vasil Kuhta
Temporary Insolvency Manager
Ukraine, AR Krym region,
Simferopol, Russkij lane, 94
(c) THE ECONOMIC COURT OF AR KRYM REGION
95000, Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
RODNIK: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Rodnik (code EDRPOU 25461280) on
June 16, 2004. The case is docketed as B-25/31-04. Arbitral
manager Mr. Anatolij Vinnik (License Number AA 250085) has been
appointed temporary insolvency manager.
CONTACT: RODNIK
64701, Ukraine, Harkiv region,
Barvinkivskij district,
Barvinkove, Skripnik Str. 6
Mr. Anatolij Vinnik
Temporary Insolvency Manager
Ukraine, Harkiv region,
Lozova, microdistrict 3, 8/6
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
VBS: Kyiv Court Assigns Insolvency Manager
------------------------------------------
The Economic Court of Kyiv region declared LLC VBS (code EDRPOU
30929329) insolvent and introduced bankruptcy proceedings on
June 15, 2004. The case is docketed as 24/715-b. Mrs. G.
Vronska (License Number AA 484232 approved on February 17, 2003)
has been appointed liquidator/insolvency manager.
CONTACT: VBS
Ukraine, Kyiv region,
Politehnichna Str. 5/217
Mrs. G. Vronska
Liquidator/Insolvency Manager
Phone: 228-88-68
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
ZHOVTNEVA AGROPROMTEHNIKA: Declared Insolvent
---------------------------------------------
The Economic Court of Mikolaiv region declared OJSC Zhovtneva
Agropromtehnika (code EDRPOU 00905758) insolvent and introduced
bankruptcy proceedings on July 23, 2004. The case is docketed
as 2/110. Mr. S. Bilik (License Number AA 419460) has been
appointed liquidator/insolvency manager. The company holds
account number 26007054202163 at CB Privatbank, Mikolaiv branch,
MFO 326610.
CONTACT: ZHOVTNEVA AGROPROMTEHNIKA
57210, Ukraine, Mikolaiv region,
Voskresensk, Miru Str. 1
Mr. S. Bilik
Liquidator/Insolvency Manager
Ukraine, Mikolaiv region,
Shevchenko Str. 41
Phone: 36-15-44
ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
===========================
U N I T E D K I N G D O M
===========================
3PI IMAGING: Creditors Meeting Set September 8
----------------------------------------------
The creditors meeting of 3PI Imaging & Design Limited will be on
September 8, 2004 commencing at 12:00 noon. It will be held at
33-33A Higham Hill Road, London E17 6EA.
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 who want to be represented
at the meeting may appoint proxies. Proxy forms must be lodged
with Ashcrofts, 33-33A Higham Hill Road, London E17 6EA not
later than 12:00 noon, September 7, 2004.
CONTACT: ASHCROFTS
33-33A Higham Hill Road,
London E17 6EA
Liquidator:
Harjinder Johal
A1 DESIGN: Liquidator to Meet Creditors September 17
----------------------------------------------------
The creditors meeting of A1 Design Limited will be on September
17, 2004 commencing at 10:30 a.m. It will be held at The Old
Mill, 9 Soar Lane, Leicester LE3 5DE.
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 who want to be represented
at the meeting may appoint proxies. Proxy forms must be lodged
with HKM LLP, The Old Mill, 9 Soar Lane, Leicester LE3 5DE not
later than 12:00 noon, September 15, 2004.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
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
ABRAHAM AIREY: Meeting to Elect Liquidator September 6
------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Abraham Airey Training Consultants Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Abraham Airey Training
Consultants Ltd. will be held at Maclaren House Skerne Road
Driffield YO25 6PN on September 6, 2004 at 2:30 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
A. J. Nichols of Redman Nichols Maclaren House Skerne Road
Driffield YO25 6PN is a person qualified to act as an Insolvency
Practitioner in relation to the Company who will, during the
period before the day of the Meeting, furnish creditors free of
charge with such information concerning the Company's affairs as
they may reasonably require.
By Order of the Board.
B. Wright, Director
August 4, 2004
CONTACT: REDMAN NICHOLS
Maclaren House
Skerne Road
Driffield YO25 6PN
Phone: 01377 257788
Fax: 01377 249119
Web site: http://www.redman-nichols.co.uk
ANTICA THE STONE: Creditors Meeting September 10
------------------------------------------------
The creditors meeting of Antica The Stone Gallery Limited will
be on September 10, 2004 commencing at 12:00 noon. It will be
held at Bartfields (UK) Ltd., 5th Floor, 9 Kingsway, London WC2B
6XF.
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 who want to be represented
at the meeting may appoint proxies. Proxy forms must be lodged
with Bartfields (UK) Ltd., Burley House, 12 Clarendon Road,
Leeds LS2 9NF not later than 12:00 noon, September 9, 2004.
CONTACT: BARTFIELDS (UK) LIMITED
Burley House,
12 Clarendon Road,
Leeds LS2 9NF
Liquidator:
Gerald M Krasner
Phone: 0113-244 9051
Fax: 0113-242 0098
Web site: http://www.bartfield.co.uk
ARIEL PRESS: Meeting of Creditors Tomorrow
------------------------------------------
The creditors of Ariel Press International Limited will meet
tomorrow, September 2, 2004 at 10:30 a.m. It will be held at
4th Floor, 12 Leadenhall Street, London EC3V 1LP.
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 who want to be represented
at the meeting may appoint proxies.
CONTACT: BEGBIES TRAYNOR
Chiltern House,
24-30 King Street,
Watford WD18 0BP
Phone: 01923 812900
Fax: 01923 812999
Web site: http://www.begbies.com
ATLAS TYRES: Begbies Traynor Hosting Creditors Meeting Today
------------------------------------------------------------
The creditors of Atlas Tyres Limited will meet today, September
1, 2004 at 12:00 noon. It will be held at 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 who want to be represented
at the meeting may appoint proxies.
CONTACT: BEGBIES TRAYNOR
4th Floor, Riverside House,
31 Cathedral Road,
Cardiff CF11 9HB
Phone: 029 2022 5022
Fax: 029 2022 4523
Web site: http://www.begbies.com
BELDRAY LIMITED: Business, Assets for Sale
------------------------------------------
Administrative Receivers Kim Rayment and Tony Supperstone offer
for sale the business and assets of Beldray Limited, a
manufacturer of house wares and garden products.
Principal features of the business:
(a) Well established brand since 1899,
(b) Annual turnover of GBP16 million,
(c) A workforce of 160 employees,
(d) Management have intimate knowledge of the core products and
markets,
(e) Existing contracts with major DIY stores,
(f) Has trading channels in China, and
(g) Trades from 180,000 square-foot leasehold premises located
in Bilton, West Midlands
CONTACT: BDO STOY HAYWARD
Kim Rayment
Phone: 0121 200 4616
Fax: 0121 200 4720
E-mail: kim.rayment@bdo.co.uk
BIRCHGILL LIMITED: Names Bartfields (UK) Limited Administrator
--------------------------------------------------------------
Gerald M Krasner has been appointed administrator for Birchgill
Limited. The appointment was made August 20, 2004. The company
manufactures outerwear. Its registered office is located at
Burley House, 12 Clarendon Road, Leeds LS2 9NF.
CONTACT: BARTFIELDS (UK) LIMITED
Burley House,
12 Clarendon Road,
Leeds LS2 9NF
Administrator:
Gerald M. Krasner
(IP No 005532)
Phone: 0113-244 9051
Fax: 0113-242 0098
Web site: http://www.bartfield.co.uk
BRIDLESMITH GATE: Sets General Meeting October 1
------------------------------------------------
The general meetings of the members and creditors of Bridlesmith
Gate Designs Ltd. will be on October 1, 2004 commencing at 10:00
a.m. and 10:30 a.m. respectively. It will be held at the
offices of HKM, The Old Mill, 9 Soar Lane, Leicester LE3 5DE.
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 and creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with HKM, The Old Mill, 9 Soar Lane, Leicester
LE3 5DE not later than 12:00 noon, September 30, 2004.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Joint 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
BRITISH NUCLEAR: Could Incur Additional Clean-up Bill
-----------------------------------------------------
British Nuclear Fuels plc NFL could face millions of dollars in
clean-up cost in the U.S., the Times says.
The U.S. Department of Energy, which agreed in May to cover the
extra cost of decontaminating its laboratories in Idaho and
uranium plant in Tennessee, appears to be procrastinating. BNFL
has already spent US$1,150 million (GBP650 million) to clean up
both sites and reports indicate it may have to shell out another
GBP300 million to complete the task. A DTI spokesman reached by
the Times refused to confirm or deny the figure.
BNFL has accused the Department of Energy of failing to reveal
the real level of nuclear contamination in said sites.
Government-to-government talks are now underway with the aim of
resolving their differences. The U.K. government, which is
BNFL's sole shareholder, will bear any losses that may arise out
of this affair.
The U.S. energy department contracted BNFL to clean up its
National Engineering and Environmental Laboratory in Idaho for
US$912 million and a uranium plant at Oak Ridge in Tennessee for
US$228 million sometime in 1996, according to a separate
Telegraph report. Although BNFL had agreed to conduct the clean
up for a fixed-price, it has since claimed the scope and
complexity of the work had changed after the deal was struck,
resulting in cost overruns.
CONTACT: BRITISH NUCLEAR FUELS PLC
65 Buckingham Gate,
Off Victoria Street,
London SW1E 6AP
Phone: +44 (0) 20 7222 9717
Fax: +44 (0) 20 7222 1935
Web site: http://www.bnfl.com
BURNTWOOD ENGINEERING: Joint Liquidators Appointed
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY RULES 1986
and
IN THE MATTER OF Burntwood Engineering Co. Limited
In accordance with Rule 4.106 of the Insolvency Rules 1986,
notice is hereby given that John Neville Whitfield and Gerald
Clifford Smith of RSM Robson Rhodes LLP, Centre City Tower, 7
Hill Street, Birmingham B5 4UU were appointed Joint Liquidators
of Burntwood Engineering Co. Limited by the members and
creditors on August 20, 2004.
Notice is hereby given that the creditors of Burntwood
Engineering Co. Limited are requested to send their names and
address, with particulars of their debts and claims to John
Neville Whitfield and Gerald Clifford Smith of RSM Robson Rhodes
LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU, the
Joint Liquidators, and if so required by notice in writing from
the Joint Liquidators either personally or by their solicitors,
to come in and prove their debts or claims at such time and
place as shall be specified in such notice and in default
thereof they will excluded from the benefit of any distribution
made before such debts are proven.
John Neville Whitfield and Gerald Clifford Smith
Joint Liquidators
CONTACT: RSM ROBSON RHODES LLP
Centre City Tower
7 Hill Street
Birmingham B5 4UU
Phone: +44 (0)121 697 6000
Fax: +44 (0)121 697 6111/2
Web site: http://www.rsmi.co.uk
CHARLES PARRY: Members Agree to Wind up Business
------------------------------------------------
At an extraordinary general meeting of the members of the
Charles Parry & Associates Limited Company o August 17, 2004
held at Macclesfield Rugby Club, Priory Park, Priory Lane,
Prestbury, Macclesfield SK10 4AF, the ordinary and extraordinary
resolutions to wind up the company were passed. Andrew J
Maybery and Christopher J Brown of Hart Shaw have been appointed
joint liquidators of the company for the purpose of the
voluntary winding-up.
CONTACT: HART SHAW
31 Great King Street,
Macclesfield, SK11 6PL
Joint Liquidators:
Andrew J Mayberry
Christopher J Brown
Phone: 01625 428927
Fax: 01625 613161
Web site: http://hartshaw.co.uk
COLONIAL SOFTWARE: Liquidator's Final Report Out October 1
----------------------------------------------------------
The final meetings of the members and creditors of Colonial
Software Ltd. will be on October 1, 2004 commencing at 10:00
a.m. and 10:15 a.m. respectively. It will be held at the
offices of Begbies Traynor, 2-3 Pavilion Buildings, Brighton,
East Sussex BN1 1EE.
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 Begbies Traynor, 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE not later than 12:00 noon,
September 30, 2004.
CONTACT: BEGBIES TRAYNOR
2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE
Liquidator:
G W Rhodes
Phone: 01273 747847
Fax: 01273 747743
Web site: http://www.begbies.com
CRAVEN HEIFER: Extraordinary Winding up Resolution Passed
---------------------------------------------------------
At an extraordinary general meeting of The Craven Heifer Limited
Company on August 16, 2004 held at the Craven Heifer, Chipping
Road, Chaigley, Clitheroe, the extraordinary resolution to wind
up the company was passed. Paul J Fleming of Parkin S Booth &
Co., 44 Old Hall Street, Liverpool L3 9EB has been appointed
liquidator for the purpose of such winding-up.
CONTACT: PARKIN S BOOTH & CO.
44 Old Hall Street,
Liverpool L3 9EB
Liquidator:
Paul J Fleming
Phone: 0151 236 4331
Fax: 0151 255 0108
E-mail: lp@parkinsbooth.co.uk
Web site: http://www.parkinsbooth.co.uk
CUTTING AT 149: Hires Liquidator from Wilkins Kennedy
-----------------------------------------------------
At an extraordinary general meeting of the members of the
Cutting at 149 Limited on August 13, 2004 held at Gladstone
House, 77-79 High Street, Egham, Surrey TW20 9HY, the ordinary
and extraordinary resolutions to wind up the company were
passed. Keith Aleric Stevens of Wilkins Kennedy, Gladstone
House, 77-79 High Street, Egham, Surrey TW20 9HY has been
appointed liquidator of the company for the purposes of the
voluntary winding-up.
CONTACT: WILKINS KENNEDY
Gladstone House
77-79 High Street,
Egham, Surrey TW20 9HY
Liquidator:
Keith Aleric
Phone: +44 (0) 1784 435561
Fax: +44 (0) 1784 430584
E-mail: egham@wilkinskennedy.com
Web site: http://www.wilkinskennedy.com
GLOBE WORSTED: Appoints Administrator from Bartfields
-----------------------------------------------------
Gerald M Krasner has been appointed administrator from Globe
Worsted Company Limited. The appointment was made August 20,
2004.
The company prepares and spins worsted-type fabrics. Its
registered office is located at Burley House, 12 Clarendon Road,
Leeds LS2 9NF.
CONTACT: BARTFIELDS (UK) LIMITED
Burley House,
12 Clarendon Road,
Leeds LS2 9NF
Administrator:
Gerald M Krasner
(IP No 005532)
Phone: 0113-244 9051
Fax: 0113-242 0098
Web site: http://www.bartfield.co.uk
GRIFFITHS & CATCHPOLE: Calls in Liquidator from Sale Smith & Co
---------------------------------------------------------------
At an extraordinary general meeting of the members of the
Griffiths & Catchpole Furniture Limited Company on August 16,
2004 held at the offices of Sale Smith & Co., Carmella House, 3
& 4 Grove Terrace, Walsall, West Midlands WS1 2NE, the
Extraordinary Resolution to wind up the company was passed.
Eileen T F Sale of Sale Smith & Co, Carmella House, 3 & 4 Grove
Terrace, Walsall, West Midlands WS1 2NE has been appointed
liquidator for the purpose of such winding-up.
CONTACT: SALE SMITH & CO
Carmella House
3 & 4 Grove Terrace, Walsall,
West Midlands WS1 2NE
Liquidator:
Eileen T F Sale
HUDDERSFIELD FINE: Brings in Administrator
------------------------------------------
Gerald M Krasner of Bartfields (UK) Limited has been appointed
administrator for Huddersfield Fine Worsteds Limited. The
appointment was made August 20, 2004.
The company is engaged in worsted-type weaving. Its registered
office is located at Burley House, 12 Clarendon Road, Ledds LS2
9NF.
CONTACT: BARTFIELDS (UK) LIMITED
Burley House,
12 Clarendon Road,
Leeds LS2 9NF
Administrator:
Gerald M Krasner
(IP No 005532)
Phone: 0113-244 9051
Fax: 0113-242 0098
Web site: http://www.bartfield.co.uk
LAND ROVER: Relaunch of Offroader Model Returns Firm to Black
-------------------------------------------------------------
British carmaker Land Rover returned to profit in 2003 for the
first time in more than two years as customers took new interest
in its Range Rover luxury offroader.
Land Rover made a pre-tax profit of GBP7.9 million on improved
turnover of GBP3.1 billion, accounts filed at the Companies
House show, according to The Telegraph. The firm booked a loss
of GBP5 million in the prior year. Land Rover have been
loss-making since its selloff by BMW to U.S. motor giant Ford
for GBP1.8 billion in July 2000.
The upbeat results followed the relaunch of the Range Rover
luxury offroader last year. In the first half of 2004, Land
Rovers sold 24,000 cars in Britain, a 9% improvement on the
22,000 sold in the first six months of 2003, numbers from the
Society of Motor Manufacturers and Traders show. It means an
improvement in Land Rover's U.K. market share from 1.6% to 1.7%
over the same period. Marring the results was a deficit in
pension fund amounting to GBP264.3 million. The gap worsened by
around GBP4 million under FRS17 accounting treatment. Land
Rover also warned it was liable for the costs of recycling
68,000 cars sold in the U.K. since July 1, 2002 under the
European Union's end-of-life vehicles directive.
CONTACT: LAND ROVER UK
Browns Lane, Allesley,
Coventry, CV5 9DR
Phone: 08705 000 500
Web site: http://www.landrover.com
LOCALEYES UK: Calls in Liquidator
---------------------------------
At an extraordinary general meeting of the Localeyes UK Limited
Company on August 18, 2004 held at Sussex House, 8-10 Homesdale
Road, Bromley, Kent BR2 9LZ, the subjoined Extraordinary
Resolution to wind up the company was passed. Guy Charles David
Harrison, of Sussex House, 8-10 Homesdale Road, Bromley, Kent
BR2 9LZ has been appointed liquidator for the purpose of such
winding-up.
CONTACT: Guy Charles David Harrison, Liquidator
Sussex House
8-10 Homesdale Road, Bromley,
Kent BR2 9LZ
MONITREE LIMITED: Michael Booth Appoints BWC Receiver
-----------------------------------------------------
Michael Booth called in David Leighton Cockshott and Paul Andrew
Whitwam as joint administrative receivers for Monitree Limited
(Reg No 04397511, Trade Classification: 15). The application
was filed August 18, 2004. Previously named Safe Hands Limited
it is engaged in selling vending machines.
CONTACT: BWC BUSINESS SOLUTIONS
8 Park Place,
Leeds LS1 2RU
Joint Administrative Receivers:
David Leighton Cockshott
Paul Andrew Whitwam
(Office Holder Nos 8974, 8346)
MOSAIC INTERIOR: Hires Liquidator from Royce Peeling Green
----------------------------------------------------------
At an extraordinary general meeting of the Mosaic Interior
Contracts Limited Company on July 29, 2004 held at The Thatched
Cottage, Chelford Road, Knutsford WA16 8NN, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Peter Jones and Roderick Michael Withinshaw, of Royce Peeling
Green, The Copper Room, Deva Centre, Trinity Way, Manchester M3
7BG have been appointed joint liquidators of the company for the
purpose of such winding-up.
CONTACT: ROYCE PEELING GREEN
The Copper Room
Deva Center, Trinity Way,
Manchester M3 7BG
Joint Liquidators:
Peter Jones
Roderick Michael Withinshaw
Phone: 0161 6080000
Fax: 0161 608 0001
E-mail: info@rpg.co.uk
Web site: http://www.rpg.co.uk
MOTION SYSTEMS: Extraordinary Winding up Resolution Passed
----------------------------------------------------------
At an extraordinary general meeting of the Motion Systems
Technology Limited Company on August 20, 2004 held at Albert
Chambers, 221-223 Chingford Mount Road, London E4 8LP, the
subjoined extraordinary resolution to wind up the company was
passed. Richard Andrew Segal of A. Segal & Co, Albert Chambers,
221-223 Chingford Mount Road, London E4 8LP has been appointed
liquidator for the purpose of such winding-up.
CONTACT: A. SEGAL & CO
Albert Chambers,
221-223 Chingford Mount Road,
London E4 8LP
Liquidator:
Richard Andrew Segal
NORTH EAST: Members Final Meeting Set October 11
------------------------------------------------
The final meeting of the members of North East Water Limited
will be on October 11, 2004 commencing at 10:00 a.m. It will be
held at the offices of Robson Laidler LLP, Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne.
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 Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne not later than October 8, 2004.
CONTACT: ROBSON LAIDLER LLP
Fernwood House,
Fernwood Road, Jesmond,
Newscastle upon Tyne
Liquidator:
W Paxton
Phone: 0191 281 8191
Fax: 0191 281 6279
Web site: http://www.robson-laidler.co.uk
OMEN SECURITY: Names Thompson Partnership Liquidator
----------------------------------------------------
At an extraordinary general meeting of the members of the Omen
Security Limited Company on August 19, 2004 held at The Old
Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed. Andrew W Thompson and Jeremy C Frost of the Thompson
Partnership, The Old Halsall Arms, 2 Summerwood Lane, Halsall
L39 8RJ have been appointed joint liquidators for the purpose of
such winding-up.
CONTACT: THOMPSON PARTNERSHIP
The Old Halsall Arms
2 Summerwood Lane
Halsall L39 8RJ
Joint Liquidators:
Andrew W Thompson
Jeremy C Frost
PITMAN I.T.: Hires ThorntonRones Liquidator
-------------------------------------------
At an extraordinary general meeting of the Pitman I.T. Training
(Romford) Limited Company on August 20, 2004 held at First
Floor, 167 High Road, Loughton, Essex IG10 4LF, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Richard Jeffrey Rones of ThorntonRones, First Floor, 167 High
Road, Loughton, Essex IG10 4LF has been appointed liquidator of
the company for the purpose of such winding-up.
CONTACT: THORNTONRONES
First Floor
167 High Road,
Loughton, Essex IG10 4LF
Liquidator:
Richard Jeffrey Rones
P J KEARY: Brings in Liquidator from Vantis Business Recovery
-------------------------------------------------------------
At an extraordinary general meeting of the P J Keary Upholstery
Limited Company on August 18, 2004 held at The White Cottage, 19
West Street, Epsom, Surrey KT18 7BS, the subjoined Extraordinary
Resolution to wind up the company was passed. Robert Leonard
Harry Knight of Vantis Business Recovery, The White Cottage, 19
West Street, Epsom, Surrey KT18 7BS has been appointed
liquidator for the purpose of such winding-up.
CONTACT: VANTIS BUSINESS RECOVERY
The White Cottage
19 West Street, Epsom,
Surrey KT18 7BS
Liquidator:
Robert Leonard Harry Knight
Phone: 01727 811111
Fax: 01727 810057
Web site: http://www.vantismt.com
PON INTERNATIONAL: Names Liquidator from Wilson Field
-----------------------------------------------------
At an extraordinary general meeting of the members of the Pon
International Ltd. on August 19, 2004 held at Hamilton House,
Mabledon Place, Euston, London WC1H 9BB, the ordinary and
extraordinary Resolutions to wind up the company were passed.
Lisa Hogg and David Field of Wilson Field, The Annexe, The Manor
House, 260 Ecclesall Road South, Sheffield S11 9UZ have been
appointed joint liquidators for the purpose of such winding-up.
CONTACT: WILSON FIELD
The Annexe, The Manor House,
206 Ecclesall Road South,
Sheffield S11 9UZ
Joint Liquidators:
Lisa Hogg
David Field
Phone: 020 7554 8640
Fax: 020 7554 8641
Web site: http://www.wilsonfield.co.uk
P & P INSTALLATIONS: Extraordinary Winding up Resolution Passed
---------------------------------------------------------------
At an extraordinary general meeting of the P & P Installations
Plc Company on August 20, 2004 held at 24 Conduit Place, London
W2 1EP, the Extraordinary Resolution to wind up the company was
passed. Ian Franses of Ian Franses Associates, 24 Conduit
Place, London W2 1EP has been appointed liquidator for the
purpose of such winding-up.
CONTACT: IAN FRANSES ASSOCIATES
24 Conduit Place,
London W2 1EP
Liquidator:
Ian Franses
Phone: 02072621199
SCOTBUILD ABERDEEN: First Meeting of Creditors Set September 6
--------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Scotbuild (Aberdeen) Limited
(In Liquidation)
Notice is hereby given that by Interlocutor of Aberdeen Sheriff
Court on July 26, 2004, I, Blair C. Nimmo, CA, KPMG, 37 Albyn
Place, Aberdeen, AB10 1JB was appointed Interim Liquidator of
Scotbuild (Aberdeen) Limited, having its registered office at 1
St Swithin Row, Aberdeen.
Pursuant to Section 138(3) of the Insolvency Act 1986 and Rule
4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting
of Creditors will be held at KPMG Offices, 37 Albyn Place,
Aberdeen, AB10 1JB on Monday, September 6, 2004 at 11:00 a.m.
for the purposes of choosing a person to be Liquidator of the
Company, determining whether to establish a Liquidation
Committee and considering any other Resolution specified in Rule
4.12(3).
Creditors claims should be made up to April 28, 2004.
A Creditor is entitled to vote only if a claim has been
submitted to the Interim Liquidator and his claim has been
accepted for voting purposes in whole or in part. Proxies may be
lodged at or before the Meeting at the offices of the Interim
Liquidator. A resolution of the meeting is passed if a majority
votes in favor of it.
The provision of Rules 4.15-4.17 and Part 7 of the Insolvency
(Scotland) Rules 1986 apply.
Neil A. Armour,
For Blair C. Nimmo, Interim Liquidator
KPMG, 37 Albyn Place, Aberdeen AB10 1JB
July 30, 2004
CONTACT: KPMG
37 Albyn Place
Aberdeen AB10 1JB
Phone: (01224) 591000
Fax: (01224) 590909
Web site: http://www.kpmg.co.uk
THP FLUES: Names F A Simms & Partners Administrator
---------------------------------------------------
Richard Frank Simms has been appointed administrator for THP
Flues Limited. The appointment was made August 17, 2004.
The company is engaged in ducting air conditioners. Its
registered office is located at Unit 6, Cornwall Business
Centre, Cornwall Road, Wigston, Leicester, Leicestershire LE18
4XH.
CONTACT: F A SIMMS & PARTNERS PLC
Insol House, 39 Station Road,
Lutterworth,
Leicestershire LE17 4AP
Administrator:
Richard Frank Simms
(IP No 9252)
Phone: 01455 557111
Fax: 01455 552572
E-mail: info@fasimms.com
Web site: http://www.fa-simms.co.uk
TURNER NEWALL: Snubs Federal-Mogul's US$130 Mln Pension Payout
--------------------------------------------------------------
Bankrupt engineering firm Federal-Mogul plans to carry out a
"market test" to determine the value of its U.K. business, the
Independent said Monday.
The move follows the rejection of its US$130 million offer to
top up the pension scheme of workers at its U.K. subsidiary,
Turner & Newall. The independent trustee of the pension fund
and its administrators, Kroll Associates, turned down the offer,
believing workers could claim more from a sale of the U.K.
businesses.
Federal disputes this. Accordingly, its offer would leave the
fund 88% funded. "[This is] better than many pension schemes in
the U.K., and the scheme would have the opportunity to benefit
from future stock market growth and increases in interest
rates," a Federal statement reads. It adds, "A market test will
demonstrate the fairness of what was offered to U.K. creditors,
including the pension scheme."
The trustee, Alexander Forbes, remains firm in requiring Federal
to continue providing the fund GBP29 million a year, on top of
its current contribution levels, to secure the future of the
scheme. "If it were wound up now, it would fall GBP875 million
short of what was needed to fund the pensions of 40,000 workers
and former employees of Turner & Newall," says the Independent,
citing Mr. Forbes.
The sale of the U.K. businesses is estimated to fetch as much as
US$1.2 billion and Kroll Associates believes this amount will
entitle the scheme more than US$130 million, even if pension
funds are ranked third in the line of creditors when a company
goes bust.
"The assets of the company should support a significantly higher
dividend to the pension scheme than the sum offered by
Federal-Mogul and its principal creditors," Kroll said in a
statement released over the weekend.
Negotiations on funding the pension scheme will continue this
week, the Independent says.
CONTACT: Federal-Mogul Corporation
26555 Northwestern Highway
Southfield, Michigan 48034
U.S.A.
Phone: 248-354-7700
Phone: 248-354-7069 (Investor Relations)
Fax: 248-354-8950
Web site: http://www.federal-mogul.com/
TXU EUROPE: Cost of Administration Ballooning
---------------------------------------------
The task of untangling the complex affairs of companies involved
in TXU Europe's fall into administration is proving costly,
three reports to creditors reveal, according to The Telegraph.
The update covering TXU Europe Group shows that in the six
months to May 18, Ernst & Young received a total of GBP3.9
million, KPMG had GBP3.6 million and City lawyer Herbert Smith
made GBP2.2 million. Figures for TXU Europe Energy Trading show
that over the same period the administrators received GBP3
million and Mr. Smith collected GBP2.7 million, according to the
report.
Further, an update on TXU Europe and two subsidiaries from KPMG
covering the period November 2002 to July 2004 reveals that
GBP8.9 million was paid in fees to the administrators, while
legal fees added up to GBP10.3 million. Industry experts
predict total fees could still reach GBP85 million. Alan Bloom,
the lead manager in Ernst & Young, was not available for
comment.
Energy giant TXU Europe and several U.K. subsidiaries collapsed
in November 2002. There are 68 separate companies involved in
its proceedings, figures from the administrators' Web site
reveals. The relationships between TXU Europe and its units are
so complex that after two years, the administrators are still to
present a plan to compensate creditors.
TXU Europe's creditors include Drax Power, Scottish & Southern
Energy, and International. The first two are owed GBP336
million, and GBP175 million respectively. International Power
is reportedly owed GBP85 million. According to a report from
Ernst & Young dated July 8, the sticking point in the talks was
whether inter-company balances should be treated on a net or
gross basis.
"This issue has a material effect on the quantum of any dividend
distribution to creditors," Ernst & Young says.
CONTACT: TXU EUROPE LIMITED
The Adelphi,
1-11 John Adams St.
London WC2N 6HT,
United Kingdom
Phone: +44-20-7879-8081
Fax: +44-20-7879-8082
WARRANTS AND VALUE: Final General Meeting Set September 13
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IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Warrants and Value Investment Trust plc
(In Members' Voluntary Liquidation)
Notice is hereby given, pursuant to Section 94 of the Insolvency
Act 1986, that a final general meeting of Warrants and Value
Investment Trust plc will be held at Ten George Street,
Edinburgh, EH2 2DZ on September 13, 2004 at 10:00 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
August 3, 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
WH SMITH: Distributes Circular on Hodder Headline Disposal
----------------------------------------------------------
WH Smith PLC is posting a circular to its shareholders in
connection with the disposal of Hodder Headline Limited to HL 99
Limited (a wholly-owned subsidiary of Hachette Livre S.A.), the
return of GBP207 million of cash to ordinary shareholders and a
management investment plan.
Disposal of Hodder Headline
As announced on 2 August 2004, WH Smith has reached an agreement
to dispose of its publishing business, Hodder Headline, to
Hachette Livre S.A., the book-publishing arm of Lagardere S.C.A,
for GBP223 million, comprising GBP210 million in cash and the
assumption of the Hodder Headline net pension deficit estimated
at GBP13 million.
Completion of the disposal is conditional on certain regulatory
approvals and approval by shareholders. Completion is expected
to take place on 25 September 2004, at which time Tim Hely
Hutchinson, who will become Chief Executive of Hachette Livre
U.K. Books Group in addition to continuing as Chief Executive of
Hodder Headline, will resign as a Director of WH Smith PLC.
Hodder Headline has performed strongly under WH Smith's
ownership and this performance has continued in the current
financial year. Following the completion of the disposal of
Hodder Headline, the WH Smith Group will have been significantly
simplified and refocused on its core retailing and news
distribution activities.
Return of Cash to Shareholders
The net cash proceeds from the disposal of Hodder Headline will
be used to fund a return of cash to shareholders of GBP207
million or 85p per ordinary share. The return of cash is to be
implemented through an issue of C shares and a capital
reorganization and is subject to approval by shareholders.
Ordinary shareholders will receive, for every existing ordinary
share, a C share that will have a nominal value of 85p.
Ordinary shareholders will be able to elect between these
alternatives for their C shares:
Repurchase offer: to sell some or all of their C shares for 85
pence per C share, free of all dealing expenses and commissions.
The repurchase offer is not being made in the United States and
shareholders in the United States may not elect for the
repurchase offer; or Initial C share dividend: to receive a
single dividend of 85 pence per C share for all of their C
shares, following which all of their C shares will automatically
be converted into deferred shares which will have negligible
value. United States shareholders may elect for this
alternative.
Election forms in respect of these alternatives are expected to
be sent to ordinary shareholders on 27 September 2004. Ordinary
shareholders who do not elect for either of these alternatives
will retain their C shares.
In order to reflect the return of cash, a capital reorganization
will be undertaken whereby existing ordinary shares will be
consolidated so that ordinary shareholders will receive 18 new
ordinary shares for every 25 existing ordinary shares they own
at the close of business on 24 September 2004.
The intention is that, subject to normal market movements, the
share price of one new ordinary share immediately after listing
should be approximately equal to the share price of one existing
ordinary share immediately beforehand.
New ordinary shares will be traded on the London Stock Exchange
in the same way as existing ordinary shares and will be
equivalent to the existing ordinary shares in all material
respects, including their dividend, voting and other rights.
The effect of the consolidation will be to reduce the number of
issued ordinary shares to reflect the return of 85 pence per
share, but ordinary shareholders will own the same proportion of
WH Smith as they did previously, subject to fractional
entitlements.
A number of changes to the Articles of Association of the
Company are required in order to implement the return of cash
including an amendment to the limit on the Company's borrowing
powers. The proposed amendment would allow the Company to
borrow up to a maximum of GBP300 million. The amended borrowing
limit will be subject to regular review by the board of
directors.
Full details of the return of cash and associated capital
reorganization are contained in the circular.
Management Investment Plan
The management investment plan will provide the executive
directors and selected members of senior management (initially
comprising approximately 40 people) with the opportunity to
demonstrate their commitment to, and belief in, the plans for
the WH Smith Group by investing their own money to buy shares.
Participants will be granted a matching award over new ordinary
shares, which will only be exercisable provided that certain
demanding corporate performance conditions are met, their
investment is retained over a period of three years and they
continue to be employed by the Company. The management
investment plan is subject to shareholder approval.
The executive directors will be able to invest 100% of gross
salary and the senior management team will be able to invest up
to a maximum of between 30 and 75% of gross salary.
The extent to which a matching award vests is 50 percent
dependent on the achievement of an earnings per share
performance measure and 50 percent dependent on the achievement
of a total shareholder return performance measure.
Achieving the threshold performance level (described below)
under these two performance measures will result in a matching
award of shares to the value of 2 times the original investment
for executive directors and 1.5 times for other executives.
Achieving the maximum performance level (described below) under
these two performance measures will result in a matching award
of shares to the value of 5 times the original investment for
the executive directors and 3 times for other executives.
Between threshold and maximum performance levels matching awards
vest on a straight-line basis. In view of their higher level of
participation, executive directors will not be eligible to
receive awards under the WH Smith 2004 Long-Term Incentive Plan
in the financial year ending 31 August 2005, nor did they
receive such awards in the financial year ending 31 August 2004.
Under the EPS performance measures, the threshold performance
level will not be met unless the compound rate of growth in
fully diluted earnings per share (before goodwill amortization
and exceptional items) equals Retail Price Inflation plus 20
percent per annum over the three years ending 31 August 2007.
The maximum performance level will only be met if the compound
rate of growth in fully diluted earnings per share (before
goodwill amortization and exceptional items) equals or exceeds
Retail Price Inflation plus 30 percent per annum over the same
time period.
Under the TSR performance measure, the threshold performance
level will not be met unless the Company delivers value per
share equivalent to that achieved from a notional investment of
354 pence in the FTSE All Share General Retailers Index over the
period between the date of grant of the matching award and the
announcement of the Company's results for the year ending 31
August 2007.
The maximum performance level will only be met if the Company
delivers value per share equivalent to that achieved from a
notional investment of 449 pence in the Index.
Examples of TSR percentage targets, assuming the return on the
Index averaged 7.5% over the performance period, are shown:
Threshold Maximum
Target investment value for
payout under the plan in 3 440p[1] 557p[2]
years
TSR percentage targets from
share price of 305p 13% p.a. 22% p.a.
------------
[1] Calculated as notional investment of 354 pence increased by
7.5% per annum for 3 years.
[2] Calculated as notional investment of 449 pence increased by
7.5% per annum for 3 years.
Full details of the Management Investment Plan are contained in
the circular.
Amendment to Sharesave Scheme
It is also proposed to amend the rules of the WH Smith Sharesave
Scheme 1999 to remove a limit on the number of shares that may
be issued or be issuable under the Sharesave Scheme, which is no
longer required by institutional shareholders' guidelines.
Group Prospects
It is anticipated that the WH Smith Group will perform in line
with expectations for the financial year ending 31 August 2004.
The combination of the strong performance of the News
Distribution and U.K. Travel Retail businesses together with the
anticipated recovery in the profitability of the U.K. High
Street Retail business gives the Board confidence in the ability
of the WH Smith Group to make progress from its current position
into the future.
Shareholder Meetings
An extraordinary general meeting is being convened for 12:00
p.m. on Thursday, 23 September 2004, to seek ordinary
shareholder approval for, inter alia, the disposal of Hodder
Headline, the return of cash to shareholders, the related
amendment to the Company's borrowing limit, the management
investment plan and the amendment to the Sharesave Scheme. A
class meeting has been convened for 12:05 p.m. (or, if later,
the conclusion of the EGM) on Thursday, 23 September 2004 to
seek approval for the amendment of the Company's borrowing limit
from the holders of the Company's 5.75% cumulative preference
shares.
Expected Timetable of Principal Events
Latest time and date for receipt
of form of proxy for EGM 12:00 p.m. on 21 September 2004
Latest time and date for
receipt of form of proxy
for class 12:05 p.m. on meeting 21
September 2004
EGM 12.00 p.m. on 23 September 2004
Class meeting 12:05 p.m. on 23 September 2004
Latest time for dealings
in existing ordinary
shares close of business on
24 September 2004
Record date for the
capital reorganization close of business on 24
September 2004
Completion of the disposal
of Hodder Headline 25 September 2004
New ordinary shares and C
shares admitted to the
Official List 8:00 a.m. on 27
and admitted to trading September 2004
on the London Stock
Exchange's market
for listed securities
New ordinary shares and
C shares entered
into CREST 8:00 a.m. on 27
September 2004
Dealings in the new
ordinary shares and C
shares commence 27 September 2004
Despatch of election forms
and certificates for
new ordinary 27 September 2004
shares and C shares
Latest time for receipt
of election forms in
relation to the C 12:00 p.m. on
share alternatives 26 October 2004
Brokers to make repurchase
offer by means of an
announcement on 27 October 2004
a Regulatory Information
Service and C shares of
Shareholders who accept the
repurchase offer repurchased
Initial C share dividend
declared and C
shares in respect of 27 October 2004
which the initial C
share dividend is
payable convert into
deferred shares
Despatch of cheques in
respect of C shares
purchased under the 29 October 2004
repurchase offer and
the initial C share
dividend as appropriate
CONTACT: WH SMITH PLC
Mark Boyle
Investor Relations
Phone: 020 7514 9630
Louise Evans
Media Relations
Phone: 020 7514 9624
GREENHILL FINANCIAL adviser to WHSmith
Brian Cassin
Peter Bell
Phone: 020 7440 0400
CAZENOVE Broker to WHSmith
Edmund Byers
Phone: 020 7588 2828
HOARE GOVETT Broker to WHSmith
Nigel Mills
Phone: 020 7678 8000
BRUNSWICK PR advisers to WHSmith
Louise Charlton
Tom Buchanan
Pam Small
Phone: 020 7404 5959
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *