/raid1/www/Hosts/bankrupt/TCREUR_Public/040915.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 15, 2004, Vol. 5, No. 183
Headlines
F R A N C E
CAP GEMINI: Reports Third Consecutive First-half Loss
CULLIGAN INTERNATIONAL: Proposed Euro Notes Rated 'B-'
G E R M A N Y
ABI HAUSTECHNISCHE: Neu-Ulm Court Appoints Insolvency Manager
AR APPARATEBAU: Deadline for Proofs of Claims October 22
DATAFORM EDV: Last Day for Filing Claims October 4
ELEKTROHAUS WIEGAND: Administrator's Report Due November 9
GIRRBACH HAUSTECHNIK: Under Bankruptcy Administration
IMS GMBH: Gives Creditors Until Next Week to File Claims
SCHWEIBZENTRUM RATHENOW: First Creditors Meeting November 24
WARA WASSER: Potsdam Court Appoints Insolvency Manager
I T A L Y
ALITALIA SPA: Fate Known Today
PARMALAT U.S.A.: Plan & Disclosure Statement Due Tomorrow
K A Z A H K S T A N
HALYK BANK: Individual Rating Raised to 'D'; Outlook Positive
L U X E M B O U R G
SBS BROADCASTING: Earns Upgrade for Strong 1st-half Performance
P O L A N D
NETIA SA: Details Changes in Share Capital as of September
NETIA SA: Sets EGM to Approve Internal Consolidation
R U S S I A
AMUR-MASH: Under Bankruptcy Supervision
BYKOV-COAL: Succumbs to Bankruptcy
DAL-ELECTRON-PROM: Khabarovsk Court Appoints Insolvency Manager
DALNEVOSTOCHNY: Deadline for Filing Claims October 6
DUDINSKY: Gives Creditors Until October 6 to File Claims
MOLODEZHNAYA: Declared Insolvent
MURMANSKAYA: Court Sets October 27 Hearing
OMSKIY FACTORY: Insolvency Manager to Auction Properties Today
RESEARCH-AND-PRODUCTION: Under Bankruptcy Supervision
SARAMANOVSKAYA SELKHOZ-KHIMIYA: Declared Insolvent
SHIKHAZANSKAYA SELKHOZ: Last Day for Filing Claims October 6
YUKOS OIL: Court Sustains Arrest of Board Member
YUKOS OIL: Denies Rumored Sale of Mazeikiu Nafta Stake
YUKOS OIL: Aborts Sibneft Merger; Returns 57% Stake
YUKOS OIL: Moscow Court Sets Preliminary Arguments September 24
S W E D E N
LM ERICSSON: Wins US$150 Mln GSM Expansion Contract in China
S W I T Z E R L A N D
ASCOM: Reverses Last Year's First-half Loss
BARRY CALLEBAUT: Completes Integration of Operations
U K R A I N E
AGROTRANSSERVICE: Poltava Court Opens Bankruptcy Proceedings
BILOVODSK' AUTO 10929: Declared Insolvent
CHRVONIJ MAYAK: Under Bankruptcy Supervision
DNIPROENERGOBUD: Proofs of Claim Deadline Set September 21
NAFTOGAZ: Senior Unsecured Currency Rating 'B+'; Outlook Stable
PROFBUD: Creditors Have Until September 21 to File Claims
RADEHIV' FOOD: Court Appoints Temporary Insolvency Manager
SHORS' ELECTROMECHANICAL: Bankruptcy Proceedings Begin
YELIZAROVE' BREAD: Last Day for Filing Claims September 21
U N I T E D K I N G D O M
A & E ENGINEERING: Meeting of Creditors Friday
A.H. CONSTRUCTION: Director Banned from Holding Executive Post
ALBURY BOURNE: Members, Creditors Meeting Set October 13
ALFRED A KALMUS: Members Agree to Wind up Business
ASSOCIATED PRESSINGS: Sets Final Meeting October 22
ATLANTIC CIVIL: Final Meeting of Members, Creditors October 14
BUILDWIZE CONTRACTS: Hires Joint Liquidators from Hacker Young
CASEGROOVE LIMITED: Brings in Liquidator from Grant Thornton
CENTURY 21: May Appoint Liquidator September 17
COLT TELECOM: Reveals Executive Appointments, Changes
COMPASS GROUP: Problems in U.K. to Hit Operating Profit
CRYLIC DESIGNS: Calls in Liquidator from Vantis Business
DAVID LAURENCE: Members, Creditors Meeting October 21
DRESWELL LIMITED: Hires Begbies Traynor as Liquidator
EXCLUSIVITY LIMITED: Members, Creditors Meeting Set October 4
GALLAHER GROUP: Volumes, Profit Continue to Grow Year-on-year
GARTMORE 1990: Hires Joint Liquidators from Numerica
INTERSTAT (UK): Creditors Meeting Set September 22
JADE ENGINEERS: Creditors Meeting Set September 17
LEADENHALL RESTAURANTS: Creditors May Appoint Liquidator Friday
LEARNING ALLIANCE: Names Grant Thornton Liquidator
LEEDS UNITED: Denies Takeover Rumors
MASTERLINK MANAGEMENT: Sets Creditors Meeting September 21
MAXIMUM DEGREE: Hires Joint Liquidators from PwC
M & D UTILITIES: Names Thompson Partnership Administrator
MEPSEC LIMITED: Hires Joint Liquidators from Ernst & Young
MICRO GRAPHIX: General Meeting Set October 14
MILECHECK LIMITED: Final Meeting Set October 8
M K L CONSTRUCTION: Names Rothman Pantall Liquidator
PRODUCTPRESS LIMITED: Members, Creditors Meeting October 4
RICHMOND METAL: Creditors to Meet Friday
RING-GARD: Appoints PKF Administrator
ROYAL & SUNALLIANCE: Shareholders Okay Sale of U.K. Life Biz
RNH ONE: Members, Creditors Final Meeting September 24
SIGN SHOP: Director Receives Twelve-year Ban
SUPREME ALUSHIELD: Creditors to Meet September 23
THE OXFORD: Sets Creditors Meeting September 28
*********
===========
F R A N C E
===========
CAP GEMINI: Reports Third Consecutive First-half Loss
-----------------------------------------------------
The Board of Directors of Cap Gemini S.A., under the
chairmanship of Serge Kampf, reviewed the 2004 first-half final
consolidated and audited financial statements of the Capgemini
Group.
Key figures are:
(in millions of Euros) H1 2003 H2 2003 H1 2004
Bookings 3,757 7,910 5,908
Revenue 3,023 2,731 2,970
Operating income 81 74 (20)
Net income (90) (107) (135)
Revenues and Bookings
Consolidated revenues for the first half 2004 reached a total of
EUR2,970 million:
(a) When compared to the 2003 first half, this figure is down
7.1% at constant exchange rates and perimeter and down 1.8%
at current rates and perimeter;
(b) However, when compared to the second half 2003, revenues
have increased 0.8% at constant exchange rates and perimeter
and 8.8% at current exchange rates and perimeter.
Therefore, the Group's revenues are now well underway to
resuming a growth track, and this is mainly due to the recent
success in the outsourcing business, particularly in
Transformational outsourcing, and the effect of integrating
Sogeti and Transiciel. Conversely, Project & Consulting
business is still posting a slight decline in revenue but should
be growing in the second half.
Looking at the business by main regions, it should be noted that
compared to the first months of the year, the second quarter has
shown a net rebound in the business in Continental Europe and --
with a slight delay -- in the United Kingdom, whereas the North
American business is showing a 22% drop in revenues at constant
exchange rates. This is due to the weak level of bookings
recorded in 2003 and in particular during the second half of
2003.
It should be noted that the order book has more than doubled
from where it was a year ago: EUR12.6 billion as of June 30,
2004 versus EUR6.1 billion in the same period last year (at
current exchange rates). As a result, the Group has a
significantly improved visibility on its business for the
forthcoming quarters: with respect to second half 2004, the
current order book is expected to contribute to revenues in
excess of EUR400 million.
The Evolution by Business Line is Contrasted
(a) In the Outsourcing business (28% of first half revenue), the
strategic repositioning on transformational outsourcing
continues to bear fruits, with the signing of the TXU deal
in April 2004, following the one of Inland Revenue at the
end of 2003. However, winning these contracts required a
tremendous sales effort while their positive impact on top
line and profitability will be felt progressively as the
projects ramp up;
(b) The Consulting business (18% of first half revenue), after
several years in the doldrums, is showing signs of slowly
returning to growth as a result of a recovery in demand and
a stabilization of pricing conditions. This turnaround is
corroborated by an improvement from 60 to 64% in the
utilization rate;
(c) Technology services (37% of first half revenue) remains
subject to strong price pressure and to a competitive
environment marked by an increasing use of offshore
resources. In addition to these external factors, the Group
performance was hampered by overruns on a number of projects
signed in the difficult market conditions over the last few
years. Also, the cost structure is still not fully in line
with the new market conditions; and
(d) Finally, Sogeti-Transiciel (Local Professional Services),
which now represents 17% of consolidated revenues for the
Group, still today records the highest operating
profitability and is looking forward to ambitious levels of
growth.
Operating Margin and Net Earnings
(a) Operating income is slightly negative (-EUR20 million)
representing -0.7% of revenue against 2.7% of revenues as of
June 30, 2003. This deterioration is mainly due to:
(i) the heavy commercial investment required to submit
proposals (an often long and complex process) for the
major mandates that the Group won or lost in the
first half of the year;
(ii) the identification and booking of significant
overruns on a number of contracts signed in 2001 and
2002 with terms that have proved difficult to meet.
This item alone represents EUR80 million;
(iii) a one-off charge of EUR30 million related to the name
change (dropping the reference to Ernst & Young)
and the corresponding worldwide branding campaign;
(iv) the sharp fall in operating performance of the North
American operations and, to a lesser extent, in the
United Kingdom.
(b) Group net income shows a loss of EUR135 million (versus
EUR90 million as of June 30, 2003), and this takes into
account:
(i) "other income and expenses" for a net amount of
-EUR62 million (of which EUR52 million are
restructuring costs) versus EUR105 million as of
June 30, 2003; and
(ii) other P/L items (financial net charge, tax, minority
interest, goodwill amortization) for an aggregate of
-EUR53 million (versus -EUR66 million for the first
half of 2003).
The board of Directors has taken note of the action plan
launched during the second quarter and which includes in
particular:
(a) Measures aimed at reenergizing the North American
operations;
(b) A program designed to improve delivery efficiency;
(c) Further streamlining of cost structure, namely in the
Technology business;
(d) The closing or the disposal of heavily loss-making non-
strategic units.
The Board has expressed the wish to see continued and
intensified efforts to return the aggressive commercial spirit
to the Group, which together with a strong profitability
mindset, have proved instrumental for growth ever since the
Group was created. In addition, Paul Hermelin has stated that
he intends to strengthen the senior management team in the near
future.
CONTACT: CAP GEMINI S.A.
6-8, rue Duret
75017 Paris, France
Phone: +33-1-53-644444
Fax: +33-1-53-644445
Web site: http://www.capgemini.com/
CULLIGAN INTERNATIONAL: Proposed Euro Notes Rated 'B-'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Northbrook, Ill.-based water services provider
Culligan International Company.
At the same time, Standard & Poor's assigned its 'B+' bank loan
rating and a recovery rating of '3' to the company's proposed
US$325 million senior secured credit facilities, indicating the
expectation of a meaningful (50%-80%) recovery of principal in
the event of default. The issue is part of a financing plan in
which Culligan will be acquired by Clayton, Dubilier & Rice.
The ratings are based on preliminary offering statements and are
subject to review upon final documentation. Standard & Poor's
has also assigned a 'B-' rating to Culligan's proposed Euro-
denominated US$225 million senior subordinated notes due 2014.
The outlook is positive. Pro forma for the transaction, total
debt will be about US$453 million.
In a deal announced in July 2004, Clayton, Dubilier & Rice
agreed to acquire the Culligan Group from Water Systems Group &
Applications, a subsidiary of Veolia Environnement S.A., for a
total of US$650 million. The plan includes the aforementioned
debt and a cash equity contribution of $200 million. Proceeds
will be used to purchase the existing owners' equity and pay
transaction fees.
"The ratings on Culligan reflect its leveraged financial
profile, under-performing North American operations, and low
barriers to entry," said Standard & Poor's credit analyst Paul
Blake. "These factors are partially mitigated by its
significant amount of recurring revenue, unique distribution
network, and global presence."
With sales of approximately US$700 million, Culligan is a global
provider of water treatment products and services for household
and commercial applications. Its products include "point of
entry" water conditioning systems such as softeners and water
filtration devices as well as "point-of-use" water filtration
systems.
Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.com. All ratings affected by
this rating action can be found on Standard & Poor's public Web
site at http://www.standardandpoors.com.
CONTACT: Culligan International
One Culligan Parkway
Northbrook, IL 60062-6209
Phone: 1-847-205-6000
E-mail: feedback@culligan.com
Web site: http://www.cilligan.com
CULLIGAN FRANCE
4 rue des Charmes
Z.A. du Buisson de la Couldre
78190 Trappes, France
Phone: (33-1) 3016-2323
Fax: (33-1) 3016-2356
Web site: http://www.culligan.fr
Veolia Environnement S.A.
36-38, avenue Kleber
75116 Paris, France
Phone: +33-1-71-75-00-00
Fax: +33-1-71-75-10-45
Web site: http://www.veoliaenvironnement.com
=============
G E R M A N Y
=============
ABI HAUSTECHNISCHE: Neu-Ulm Court Appoints Insolvency Manager
-------------------------------------------------------------
The district court of Neu-Ulm opened bankruptcy proceedings
against ABI Haustechnische Anlagen GmbH on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 3, 2004
to register their claims with court-appointed provisional
administrator Dipl.-Kfm. Werner Schneider.
Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2004, 8:40 a.m. at the district court
of Neu-Ulm at which time the administrator will present his
first report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: Dipl.-Kfm. Werner Schneider, Insolvency Manager
Bahnhofstr. 39, 89231 Neu-Ulm
Phone: 0731/97018-0
Fax: -65.
DISTRICT COURT OF NEU-ULM
Heiner-Metzger-Platz 1, II. Stock, SS.211
AR APPARATEBAU: Deadline for Proofs of Claims October 22
--------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against AR Apparatebau Rathenow GmbH on August 30.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 22,
2004 to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubrugger.
Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2004, 10:00 a.m. at the district
court of Potsdam at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
The company is involved in the construction, manufacturing,
assembly, start-up, maintenance as well as operation of
manufacturing plants, apparatuses, containers and environmental
technical products.
CONTACT: AR APPARATEBAU RATHENOW GMBH
Grunauer Weg 121, 14712 Rathenow
Contact: Stefan Behrens, Manager
Phone: +49 (0) 3385 515779
Fax: +49 (0) 3385 565256
Dr. Christoph Schulte-Kaubrugger
Insolvency Manager
Genthiner StraBe 48, 10785 Berlin
DISTRICT COURT OF Potsdam
Nebenstelle LindenstraBe 6, 14467 Potsdam
Saal 004
DATAFORM EDV: Last Day for Filing Claims October 4
--------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against Dataform EDV Zubehor Vertriebs GmbH on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 4, 2004
to register their claims with court-appointed provisional
administrator Marc Schmidt-Thieme.
Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2004, 9:15 a.m. at the district
court of Mannheim at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: DATAFORM EDV ZUBEHOR VERTRIEBS GMBH
Dortmunder Str. 7, 68219 Mannheim
Marc Schmidt-Thieme, Insolvency Manager
Soldnerstr. 2, 68219 Mannheim
DISTRICT COURT OF MANNHEIM
68159 Mannheim, SchloB
Westflugel, 1. Stockwerk/Raum 232
ELEKTROHAUS WIEGAND: Administrator's Report Due November 9
----------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Elektrohaus Wiegand & Co. OHG on August 25.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until September 30,
2004 to register their claims with court-appointed provisional
administrator Dr. Nikolaus Schmidt.
Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2004, 11:15 a.m. at Saal E,
Insolvenzabteilung, LiebknechtstraBe 65-91, 39110 Magdeburg at
which time the administrator will present his first report of
the insolvency proceedings. The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.
CONTACT: ELEKTROHAUS WIEGAND & CO. OHG
Bahnhofstr. 16, 38835 Osterwieck (HRA 263),
Contact:
Thomas Wiegand
Grase- Gasse 3, 38835 Osterwieck
Diethelm Rustenberg
Dorfstr. 17, 38835 Rimbeck
Dr. Nikolaus Schmidt, Insolvency Manager
Hoher Weg 12 b, 38820 Halberstadt
Phone: 03941/624993
Fax: 03941/624997
GIRRBACH HAUSTECHNIK: Under Bankruptcy Administration
-----------------------------------------------------
The insolvency court of Rottweil opened bankruptcy proceedings
against Girrbach Haustechnik GmbH on August 19. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until September 30, 2004
to register their claims with court-appointed provisional
administrator Stefano Buck.
Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2004, 2:00 p.m. at the district court
of Rottweil at which time the administrator will present his
first report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: Stefano Buck, Insolvency Administrator
EisenbahnstraBe 40, 78628 Rottweil
DISTRICT COURT OF ROTTWEIL
(AuBenstelle)
KOrnerstr. 29, EG, Zimmer 0.05
IMS GMBH: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Institute for Manufacturing Strategies (IMS) GmbH on
August 20. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
September 24, 2004 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.
Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2004, 11:10 a.m. at the district
court of Magdeburg at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: INSTITUTE FOR MANUFACTURING STRATEGIES (IMS) GMBH
Sandtorstr. 23, 39106 Magdeburg (HRB 9229)
Contact: Claudius Borgmann, Manager
Holzweg 40, 39128 Magdeburg
Phone: +49 (0) 391-54486-19220
Fax: +49 (0) 391-54486-19222
E-mail: info@imsgroup.de
Web site: http://www.imsgroup.de
Dr. Lucas F. Flother
Halberstadter Str. 55, 39112 Magdeburg
Phone: 0391/5556840
Fax: 0391/5556849
DISTRICT COURT OF MAGDEBURG
Saal E, Insolvenzabteilung
LiebknechtstraBe 65-91, 39110 Magdeburg
SCHWEIBZENTRUM RATHENOW: First Creditors Meeting November 24
------------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against engineering company SchweiBzentrum Rathenow GmbH on
August 30. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
October 22, 2004 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubrugger.
Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2004, 10:30 a.m. at the district
court of Potsdam at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: SCHWEIBZENTRUM RATHENOW GMBH
Gewerbepark, Grunauer Weg 121
14712 Rathenow
Contact: Stefan Behrens, Manager
Dr. Christoph Schulte-Kaubrugger
Genthiner Str. 48, 10785 Berlin
DISTRICT COURT OF POTSDAM
Nebenstelle LindenstraBe 6
14467 Potsdam, Saal 004
WARA WASSER: Potsdam Court Appoints Insolvency Manager
------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against WARA Wasser- und Abwassertechnik Rathenow GmbH on August
30. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until October
22, 2004 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubrugger.
Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2004, 11:00 a.m. at the district
court of Potsdam at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: WARA WASSER- UND ABWASSERTECHNIK RATHENOW GMBH
Gewerbepark, Grunauer Weg 121, 14712 Rathenow
Contact: Stefan Behrens, Managing Director
Dr. Christoph Schulte-Kaubrugger, Insolvency Manager
Genthiner StraBe 48, 10785 Berlin
DISTRICT COURT OF POTSDAM
Nebenstelle LindenstraBe 6
14467 Potsdam, Saal 004
=========
I T A L Y
=========
ALITALIA SPA: Fate Known Today
------------------------------
Trade union leaders seek government intervention regarding the
on-going crisis at Alitalia, whose fate would be known today,
Financial Times says.
Leaders of CGIL, CISL and UIL said they want to hold direct
negotiations with Alitalia CEO Giancarlo Cimoli and government
ministers concerning the proposed restructuring plan, which
calls for job-cuts of as much as 5,000 and the split of the
airline into two business units.
CISL leader Savino Pezzotta says, "we have decided to continue
negotiating with the company. But we are asking for a meeting
this week with the chief executive and then a meeting with the
government."
Mr. Cimoli has been tough on his imposed September 15 deadline
for the unions to either accept the proposed restructuring plan
or see the carrier succumb to bankruptcy. The unions,
meanwhile, are hoping that a government intervention would
soften the blow of job cuts, should they agree to the plan.
Some workers reportedly proposed to the Italian government to
absorb affected employees in state-run business. The government
might consider the proposal, according to Deputy Transport
Minister Mario Tassone.
Meanwhile, Alitalia pilots have reportedly conceded to the
management's proposal to double their flying hours and cut their
paychecks. Around 450 pilots are set to lose their jobs.
Alitalia, 62%-owned by the Italian government, needs the unions'
approval of the proposed plan to avail of a EUR440 million
state-backed bridging loan. Alitalia needs the loan to finance
operations while implementing the restructuring plan.
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.: Plan & Disclosure Statement Due Tomorrow
---------------------------------------------------------
After further negotiations, Parmalat U.S.A. Corporation and its
U.S. debtor-affiliates, General Electric Capital Corporation as
agent and lender, Citibank, N.A., and the Official Committee of
Unsecured Creditors agree that the Debtors will file a plan of
reorganization and accompanying disclosure statement on or
before September 16, 2004. The Debtors' failure to comply will
constitute a Termination Event under the DIP Financing
Agreement.
The parties also agree that all obligations and commitments of
Citibank, GE Capital and the DIP Lenders, and the U.S. Debtors'
authorization to use the Cash Collateral, will terminate at the
earliest of:
(i) September 16, 2004, solely with respect to the DIP
Financing Agreement;
(ii) the effective date of any reorganization plan;
(iii) the entry of a Court order converting any of the
Chapter 11 Cases to a case under Chapter 7 of the
Bankruptcy Code or dismissing any of the cases; or
(iv) the termination of the DIP Financing Agreement or the
Debtors' Receivables Purchase Agreement with Citibank.
The Final DIP Order remains in full force and effect in all
other respects.
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. The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It 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., of 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. (Parmalat Bankruptcy News, Issue No. 30; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
CONTACT: PARMALAT USA CORPORATION
520 Main Ave.
Wallington, NJ 07057
Phone: 973 777 2500
Fax: 973 777 7648
Toll Free: 888 727 6252
Web site: http://www.parmalatusa.com
===================
K A Z A H K S T A N
===================
HALYK BANK: Individual Rating Raised to 'D'; Outlook Positive
-------------------------------------------------------------
Fitch Ratings upgraded Kazakhstan-based Halyk Bank's Individual
rating to 'D' from 'D/E'. The other ratings have been affirmed
at Long-term 'BB-', Short-term 'B' and Support '3'. The Outlook
for the Long-term rating is Positive.
The upgrade of the Individual rating reflects the improvement in
profitability, the progress made in restructuring the bank's
business and the growing franchise. However, the rating is held
back by the inadequate loan loss reserves and high concentration
in the loan book. Capitalization has improved, but is still not
strong. It remains to be seen whether recent profitability can
be sustained, which is essential to further strengthen the
bank's capital base.
Halyk's Long- and Short-term and Support ratings reflect the
importance of the bank to the Kazakhstani banking sector and,
consequently, the potential for support from the Kazakhstani
authorities if necessary.
Profitability improved significantly in 2003 to a respectable
level, on the back of higher margins, partly due to greater
retail and KZT-denominated lending, and strong growth in fee
income. The cost/income ratio, which had been an issue with
Halyk, fell despite a significant increase in staff costs. The
results from the branch network rationalization should help the
cost/income ratio. Margins will be negatively affected by
growing competition, but this should be partly balanced by
further growth in retail and SME lending where higher margins
can be earned. Successful credit risk management is also key to
maintaining a good level of profitability. In addition, the
impact of new senior management on the development of business
remains to be seen.
Halyk's capitalization improved in 2003 and H104 on the back of
solid internal capital generation, but is still not strong.
Around KZT5 billion of subordinated debt was issued in H104.
Capital injections totaling KZT6.8 billion and a further
subordinated debt issue of KZT5 billion are planned for later in
2004.
The loan book has grown fairly rapidly, in particular to
individuals and SMEs in the wholesale trade sector. The growth
raises potential credit risk concerns, but the corporate
borrowers are from sectors to which the bank traditionally
lends. Retail lending rose to 20% of the portfolio at end-H104
and has, in its short history, been of good quality, but has not
been tested under more trying economic conditions. Despite the
increase in lending to individuals and SMEs, concentration
remains significant.
The loan loss reserve (LLR)/gross loan ratio rose very slightly
to 6.0% at end-2003, reflecting a slight worsening in asset
quality. LLR is, in Fitch's opinion, on the low side, although
LLR coverage of doubtful and loss loans was reasonable at end-
2003 despite having fallen in 2003, and the bank's loan loss
history has been good.
Funding is sourced mainly from retail and corporate customers.
Halyk's retail funding base is strong, reducing concentration.
However, customer funding remains short-term and the
"stickiness" of retail funding has also not yet been tested in a
stress scenario under non-state ownership. Potential issues of
securitized debt and a Eurobond later in 2004 would improve the
tenor of the funding base.
Halyk is the third largest bank in Kazakhstan by assets and, in
keeping with its roots as the former state savings bank, has the
largest branch network in the country. The bank is now
ultimately majority-owned by one politically well-connected
individual.
CONTACT: HALYK BANK
Legal address
480091, Almaty, 531, Seifullin Ave.
Actual address
531, Seifullin Ave.
Phone: (3272) 58 79 87
Fax: (3272) 58 79 70
E-mails: npfnbk00k@halykbank.kz
alm@halykbank.kz
FITCH RATINGS
Alexander Giles, London
Phone: +44 20 7417 6330
Philip Smith; London
Phone: +44 (0) 20 7417 4340
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
===================
L U X E M B O U R G
===================
SBS BROADCASTING: Earns Upgrade for Strong 1st-half Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Luxembourg-based broadcaster SBS
Broadcasting S.A. to 'BB+' from 'BB', following the company's
strong results in the first half of 2004 and financial
restraint. The outlook is stable.
At the same time, Standard & Poor's raised its senior unsecured
debt ratings on the company to 'BB' from 'BB-'.
"SBS' profitability continued to improve in the first half of
2004 as its T.V. stations have been converting their increased
viewing into advertising market share," said Standard & Poor's
credit analyst Olli Rouhiainen.
"Furthermore, the company has shown financial restraint over the
past six months by completing only minor acquisitions and
targeting a large proportion of its cash toward debt reduction,
which should further improve its financial profile."
The ratings on SBS reflect the company's established track
record of profitability from its portfolio of niche T.V.
broadcasting and media assets, barriers to entry owing to the
cost of setting up new free-to-air stations, and SBS' moderate
financial profile. SBS reported revenues of EUR639 million
(US$784 million) and EBITDA of EUR90 million in the 12 months to
June 30, 2004. Total debt was EUR135 million at June 30, 2004.
Revenues are generated from advertising sales mainly by the
group's T.V. stations located across Western and Central Europe.
These factors are mitigated by the highly competitive nature of
these commercial broadcasting markets; the company's exposure to
cyclical T.V. advertising revenues; and the existence of
minority shareholders, which can affect financial decisions at
the subsidiary level.
The stable outlook reflects the quality of SBS' portfolio of
T.V. and radio assets, improving cash flow generation, and
satisfactory liquidity position. The ratings do not assume
major share buybacks.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analyst E-mail Addresses
olli_rouhiainen@standardandpoors.com
trevor_pritchard@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
===========
P O L A N D
===========
NETIA SA: Details Changes in Share Capital as of September
----------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announces that its share
capital has increased in connection with the exercise of certain
warrants and options issued by Netia.
Share Capital
As of September 1, 2004, Netia's issued and outstanding share
capital was PLN362,000,686 and represented 362,000,686 shares,
PLN1 par value per share, each share giving right to one vote at
Netia's general meeting of shareholders.
A motion for the registration of the share capital increase by
the Polish court was filed on September 7, 2004.
Warrants Issued
As of September 1, 2004, Netia issued 17,184,463 series J shares
pursuant to the exercise of 14,788,138 two-year subscription
warrants and 2,396,325 three-year subscription warrants by their
holders at an issue price of PLN2.53 per share. Each series J
share entitles its holder to one vote at Netia's general meeting
of shareholders. Netia's series J shares are publicly traded on
the Warsaw Stock Exchange (WSE) under the same code as all other
ordinary shares of Netia i.e. PLNETIA00014.
The subscription warrants were exercised in accordance with
Netia's Polish prospectus, dated April 17, 2002, as amended.
Outstanding Warrants
As of September 2, 2004, these warrants were traded on WSE:
(a) 17,636,083 two-year subscription warrants under the ticker
"NETPPO2, entitling their holders to subscribe for Netia's
series J shares by April 29, 2005; and
(b) 30,027,896 three-year subscription warrants under the ticker
"NETPPO3, entitling their holders to subscribe for Netia's
series J shares by April 29, 2006.
Series K shares issued
Until September 1, 2004, Netia issued 771,011 series K shares in
connection with the exercise of certain options granted under
the performance stock option plan adopted by Netia's supervisory
board on June 28, 2002, as amended. The total number of series
K shares that may be issued under this plan will not exceed
18,373,785 shares.
Updated Information on Netia's Share Capital
Current information on Netia's share capital increases is
constantly updated and made available at the Polish National
Depositary for Securities and WSE as well as at
http://www.investor.netia.pl. The share capital as currently
registered by the Polish court, in the amount of PLN361,642,150,
reflects the status as of July 1, 2004, and will be amended
following the consideration of the motions for the share capital
increases filed with the court on August 4, 2004 (see press
release dated August 5, 2004) and September 7, 2004.
Share capital increases in connection with the exercise of
Netia's outstanding warrants and options will be announced in
the form of a press release once a month by the 8th day of each
month, and, in addition, each time in the event of an exercise
of warrants constituting 5% or more of all warrants issued by
Netia.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
NETIA SA: Sets EGM to Approve Internal Consolidation
----------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, will hold an
extraordinary general meeting of shareholders on October 5, 2004
(Tuesday) at 1500 hours CET at its headquarters in Warsaw, 13
Poleczki St.
Netia outlines in this press release: (a) the proposed agenda
for the Meeting, (b) additional information on participating in
the Meeting, and (c) draft resolution to be presented for the
shareholders' vote at the Meeting.
The resolution is being proposed in connection with the ongoing
process of internal consolidation of the Netia group companies.
The terms of the merger along with the text of the proposed
resolution were previously announced on June 24, 2004.
(a) Proposed agenda for the Meeting:
(i) Opening the Meeting,
(ii) Election of the Chairman of the Meeting,
(iii) Statement that the Meeting has been properly convened
and is able to adopt resolutions,
(iv) Presentation of the key elements of the plan of merging
the Company with its wholly-owned subsidiaries,
(v) Adoption of resolutions concerning the Company's merger
(merger by acquisition) with these wholly owned
subsidiaries: Regionalne Sieci Telekomunikacyjne El-Net
S.A., Netia Swiat S.A. and Polbox Sp. z o.o.,
(vi) Closing the Meeting
(b) Additional information on participating in the Meeting:
Shareholders who are owners of bearer and registered shares
admitted to public trading shall have the right to
participate in the Meeting, provided that at least by
September 28, 2004, 1700 hours CET, i.e., one week prior to
the Meeting, they deliver to the Company depository
certificates issued by the brokerage house keeping such
Shareholder's securities account (or by Centralny Dom
Maklerski PEKAO S.A.).
Shareholders who own non-publicly traded bearer shares shall
have the right to participate in the Meeting provided that their
shares are deposited with the Company at least by September 28,
2004, 1700 hours CET, i.e., one week prior to the Meeting.
Shareholders may participate in the Meeting and exercise their
voting right personally or by proxy. The proxy shall be in
writing on pain of being invalid.
The list of Shareholders authorized to participate in the
Meeting shall be available for inspection at the Company's
offices from September 30, 2004, i.e. three working days prior
to the Meeting.
(c) Draft resolution to be presented for shareholders' vote at
the Meeting:
Resolution No. [1] of the Extraordinary General Shareholders'
Meeting of Netia S.A. dated October 5, 2004 on merger
-- The Extraordinary General Shareholders' Meeting of
Netia S.A. hereby resolves to merge Netia with its
wholly owned subsidiaries as listed below all of which
are entered into the register of entrepreneurs kept by
the District Court for the Capital City of Warsaw,
Commercial Court XX Division of the National Court
Register under these numbers:
(i) Regionalne Sieci Telekomunikacyjne El-Net S.A. - KRS
0000095991,
(ii) Netia Swiat S.A. - KRS 0000134258,
(iii) Polbox Sp. z o.o. - KRS 0000019310.
-- The merger shall be done in the manner as provided in Ar
Article 492, S1, subsection 1) of the Commercial
Companies Code through transfer of all the Companies'
assets to Netia (merger by acquisition) without any
increase of Netia's share capital, in accordance with
Article 515, S1 of the Commercial Companies Code and
without amending Netia's Statute.
-- The Company's Extraordinary General Shareholders'
Meeting hereby approves the Terms of Merger.
Terms of Merger
The merger applies to the publicly listed company Netia Spolka
Akcyjna with its registered seat in Warsaw (hereinafter "Netia")
(the acquiring company) and its single shareholder companies
(the acquired companies) with their seats in Warsaw, operating
under these names:
(i) Regionalne Sieci Telekomunikacyjne El-Net S.A.,
(ii) Netia Swiat S.A.,
(iii) Polbox Sp. z o.o., hereinafter jointly referred to as
the "Companies".
The merger shall be carried out pursuant to Article 492, S1,
subsection 1 of the Commercial Companies Code (hereinafter the
CCC) in relation to Article 515, S1 of the CCC through the
transfer of the Companies' assets to Netia without any increase
in Netia's share capital, without any share exchanges and
without amending Netia's Statute.
As the merger shall not involve an exchange of the Companies'
shares into Netia's shares, the information required under
Article 499, S1, subsections 2-4 of the CCC has been omitted as
unnecessary.
The merger shall not result in any of the rights referred to in
Article 499 S1 subsection 5 of the CCC being granted, nor any
special benefits as referred to in Article 499 S1 subsection 6
of the CCC.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
===========
R U S S I A
===========
AMUR-MASH: Under Bankruptcy Supervision
---------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on federal state unitary
enterprise production corporation Amur-Mash. The case is
docketed as A73-7782/2003-37. Mr. V. Komarov has been appointed
temporary insolvency manager. Creditors may submit their proofs
of claim to Russia, Khabarovsk, Frunze Str. 126, Office 215.
CONTACT: AMUR-MASH
Russia, Amur,
Zapadnoye Shosse
Mr. V. Komarov
Temporary Insolvency Manager
Russia, Khabarovsk,
Frunze Str. 126,
Office 215
BYKOV-COAL: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Sakhalin region has declared subsidiary
enterprise LLC Bykov-Coal insolvent and introduced bankruptcy
proceedings. Creditors may submit their proofs of claim to
Bykov-Coal, 694062, Russia, Sakhalin region, Dolinskiy region,
Bykov, Vokzalnaya Str. 1.
DAL-ELECTRON-PROM: Khabarovsk Court Appoints Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on LLC Dal-Electron-Prom. The
case is docketed as A73-6120/2004-37. Mr. V. Shvedko has been
appointed temporary insolvency manager. Creditors may submit
their proofs of claim to Russia, Khabarovsk, Frunze Str. 126,
Office 215.
CONTACT: DAL-ELECTRON-PROM
Russia, Khabarovsk,
Tikhookeanskaya Str. 204
Mr. V. Shvedko
Temporary Insolvency Manager
Russia, Khabarovsk,
Frunze Str. 126,
Office 215
DALNEVOSTOCHNY: Deadline for Filing Claims October 6
----------------------------------------------------
The Arbitration Court of Sakhalin region has declared CJSC fish
cannery Dalnevostochny insolvent and introduced bankruptcy
proceedings. The case is docketed as A59-5130/00-S16. Mr. G.
Dolin has been appointed insolvency manager. Creditors have
until October 6, 2004 to submit their proofs of claim to 693000,
Russia, Yuzhno-Sakhalinsk, Khabarovskaya Str. 47, Office 14.
CONTACT: Mr. G. Dolin
Insolvency Manager
693000, Russia,
Yuzhno-Sakhalinsk,
Khabarovskaya Str. 47,
Office 14
DUDINSKY: Gives Creditors Until October 6 to File Claims
--------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on CJSC Fishing Collective Farm
Dudinsky. The case is docketed as A73-7591/2002-28B. Mr. A.
Prikhodko has been appointed temporary insolvency manager.
Creditors have until October 6, 2004 to submit their proofs of
claim to 680000, Russia, Khabarovsk, Sheronova Str. 104.
CONTACT: Mr. A. Prikhodko
Temporary Insolvency Manager
680000, Russia,
Khabarovsk, Sheronova Str. 104
MOLODEZHNAYA: Declared Insolvent
--------------------------------
The Arbitration Court of Krasnodar region has declared CJSC
poultry farm Molodezhnaya insolvent and introduced bankruptcy
proceedings. The case is docketed as A-32-18554/2003-43/158 B.
Ms. O. Kotova has been appointed insolvency manager. Creditors
have until October 5, 2004 to submit their proofs of claim to
350003, Russia, Krasnodar, Post User Box 5368.
CONTACT: MOLODEZHNAYA
352040, Russia,
Krasnodar region,
Pavlovskaya, Promzona
Ms. O. Kotova
Insolvency Manager
350003, Russia,
Krasnodar,
Post User Box 5368
MURMANSKAYA: Court Sets October 27 Hearing
------------------------------------------
The Arbitration Court of Murmansk region has commenced
bankruptcy supervision procedure on CJSC poultry farm
Murmanskaya. The case is docketed as A42-5802/04-7. Mr. V.
Pankov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 183038, Russia,
Murmansk, Post User Box 368. A hearing will take place at
Russia, Murmansk, Knipovicha Str. 20, Room 412 on October 27,
2004, 10:00 a.m.
CONTACT: MURMANSKAYA
184365, Russia,
Murmansk region,
Kolskiy region, Molochnoye
Mr. V. Pankov
Temporary Insolvency Manager
183038, Russia,
Murmansk, Post User Box 368
OMSKIY FACTORY: Insolvency Manager to Auction Properties Today
--------------------------------------------------------------
The bidding organizer of OJSC Omskiy Factory of Gas Apparatus
will auction the firm's properties on September 15, 2004, 11:00
a.m. It will be held at Russia, Omsk, Krasniy Put Str. 1, Room
202. Up for sale is a property complex consisting of
warehouses, shops, and other constructions. Starting price:
RUB6,856,000.
Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 12:30 p.m. and from 1:30 p.m. to 3:00 p.m.
The list of documentary requirements for participants is
available at Russia, Omsk, Krasniy Put Str. 1, Room 203. To
participate, bidders must deposit an amount equivalent to 20% of
the starting price to the settlement account
40309810900080000001 in brunch Omskiy OJSC Alfa-Bank of Omsk,
BIC 045297814, correspondent account 30101810300000000814, TIN
7704097841.
CONTACT: OMSKIY FACTORY OF GAS APPARATUS
Russia, Omsk,
Zaporozhskaya Str. 1
DEPARTMENT OF RUSSIAN FUND OF FEDERAL
PROPERTY
Russia, Omsk,
Krasniy Put Str. 1
Phone: (381-2) 23-24-78
RESEARCH-AND-PRODUCTION: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on LLC Research-and-Production
Corporation New Century. The case is docketed as A79-3975/04-
SK1-3778. Mr. E. Dunaev has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to 424004, Russia,
Mariy El republic, Yoshkar Ola, Post Office, Post User Box 55.
A hearing will take place on October 15, 2004.
CONTACT: RESEARCH-AND-PRODUCTION CORPORATION NEW CENTURY
Russia,
Chuvashiya republic, Cheboksary
Mr. E. Dunaev
Temporary Insolvency Manager
424004, Russia,
Mariy El republic, Yoshkar Ola,
Post Office, Post User Box 55
SARAMANOVSKAYA SELKHOZ-KHIMIYA: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Tatarstan republic has declared OJSC
Saramanovskaya Selkhoz-Khimiya insolvent and introduced
bankruptcy proceedings. The case is docketed as A65-139/2003-
SG4-26. Mr. S. Sultanbikov has been appointed insolvency
manager. Creditors may submit their proofs of claim to 420110,
Russia, Tatarstan republic, Kazan, Post User Box 151.
CONTACT: SARAMANOVSKAYA SELKHOZ-KHIMIYA
Russia, Tatarstan republic,
Sarmanovsky region, Sarmanovo,
Sovetskay Str. 2
Mr. S. Sultanbikov
Insolvency Manager
420110, Russia,
Tatarstan republic,
Kazan, Post User Box 151
Phone/Fax: (8432) 10-97-60
SHIKHAZANSKAYA SELKHOZ: Last Day for Filing Claims October 6
------------------------------------------------------------
The Arbitration Court of Chuvashiya republic has declared state
unitary enterprise Shikhazanskaya Selkhoz Khimiya insolvent and
introduced bankruptcy proceedings. The case is docketed as A79-
2998/04-SK1-2803. Mr. V. Ivanov has been appointed insolvency
manager.
Creditors have until October 6, 2004 to submit their proofs of
claim to:
(a) Mr. V. Ivanov
Insolvency Manager
429310, Russia,
Chuvashiya republic,
Kanashsky region, Shikhazany
(b) Shikhazanskaya Selkhoz Khimiya
429310, Russia,
Chuvashiya republic,
Kanashsky region, Shikhazany
YUKOS OIL: Court Sustains Arrest of Board Member
------------------------------------------------
The Moscow City Court last week rejected an appeal by lawyers of
Leonid Nevzlin to declare his arrest illegal, Itar-Tass reports.
Moscow's Basmanny court ordered the arrest of the Yukos board
member in July for charges of criminal conspiracy with the chief
of Yukos' security department, Alexey Pichugin. The Prosecutors
General's Office has accused the two of masterminding a failed
attempt to murder former adviser to the Moscow mayor, Olga
Kostina. Ms. Kostina is said to have gone in the way of Yukos'
interests.
Investigators has also accused Mr. Nevzlin of attempting against
the life of East Petroleum Handelsdgez manager Yevgeny Rybin.
But the only crime he has been charged with is for the murder of
the Gorin couple, whose bodies remain missing. Mr. Pichugin is
said to have used Mr. Gorin as an accomplice in all his plans.
In addition, Mr. Nevzlin is also facing charges for a number of
economic and tax crimes in 1999 and 2000. He is said to have
unpaid taxes of more than RUB27 million.
CONTACT: YUKOS OIL
Investor Relations
Alexander Gladyshev
Phone: +7 095 788 00 33
E-mail: investors@yukos.ru
Press Service
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
International Information Department
Hugo Erikssen
Phone: + 7 095 540-63-13
E-mail: inter@yukos.ru
Web site: http://www.yukos.ru
YUKOS OIL: Denies Rumored Sale of Mazeikiu Nafta Stake
------------------------------------------------------
Yukos Oil is not involved in negotiations to sell its strategic
assets, Press Secretary Alexander Shadrin said in response to
media reports that Yukos may sell its stake in Lithuania's
Mazeikiu Nafta.
In June this year acting Yukos RM President Pyotr Zolotarev said
at a meeting with Lithuanian Prime Minister Algirdas Brazauskas
that Yukos is not considering selling shares in Mazeikiu Nafta.
On the contrary, he said the company plans to develop its
activity in Lithuania.
Mazeikiu Nafta includes the terminal Butinges Nafta, Mazeikiai
Oil Refinery -- the only refinery in the Baltic states, and the
Naftotiekis pipeline. Yukos owns 53.7% of Mazeikiu Nafta and
the Lithuanian government, 40.66%.
CONTACT: YUKOS OIL
Investor Relations
Alexander Gladyshev
Phone: +7 095 788 00 33
E-mail: investors@yukos.ru
Press Service
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
International Information Department
Hugo Erikssen
Phone: + 7 095 540-63-13
E-mail: inter@yukos.ru
Web site: http://www.yukos.ru
YUKOS OIL: Aborts Sibneft Merger; Returns 57% Stake
---------------------------------------------------
Yukos Oil on Monday decided to return the shares it acquired in
the failed merger with Sibneft Oil Company. According to
Interfax, the board agreed to return 57% of the firm's shares to
the previous owners.
The news agency quoted a source from Yukos saying: "[T]he main
shareholders of Sibneft took upon themselves an obligation to
make all the necessary legal steps to unfreeze the share
package, which was put under arrest by the Chukotka regional
arbitration court."
He added that talks are ongoing regarding the technical side of
the second part of the deal: the exchange of 35% of Sibneft
shares for US$3 billion and 9% of Yukos' shares. He said the
money recovered from the unwinding of the Sibneft transaction
will -- in combination with proceeds from possible future asset
sales -- be used to pay the company's tax debt. Yukos is
currently facing a tax bill of more than US$7 billion.
According to him, the assets that may be sold are blocking
stakes in a number of power companies and 100% stakes in oil and
gas production companies, Arktikgaz and Urengoil Inc.
"We don't exclude the possibility of also selling several gas
station networks that were bought by the oil company over the
last two years, but are not operated under the Yukos brand
name," he added.
CONTACT: YUKOS OIL
Investor Relations
Alexander Gladyshev
Phone: +7 095 788 00 33
E-mail: investors@yukos.ru
Press Service
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
International Information Department
Hugo Erikssen
Phone: + 7 095 540-63-13
E-mail: inter@yukos.ru
Web site: http://www.yukos.ru
YUKOS OIL: Moscow Court Sets Preliminary Arguments September 24
---------------------------------------------------------------
The Moscow arbitration court will hear Friday next week the
preliminary arguments on the Tax Ministry's suit against Yukos
Oil.
Filed on September 7, tax authorities are demanding RUB40
billion in fines from Yukos in relation to its tax obligations.
Early in the month, the Ministry told Yukos it intends to
collect RUB119.887 billion in tax debts, including fines and
penalties from the company. It is trying to recover RUB79.271
billion in tax debts and penalties in an irrevocable fashion.
Yukos Oil promised to appeal the ministry's move.
CONTACT: YUKOS OIL
Investor Relations
Alexander Gladyshev
Phone: +7 095 788 00 33
E-mail: investors@yukos.ru
Press Service
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
International Information Department
Hugo Erikssen
Phone: + 7 095 540-63-13
E-mail: inter@yukos.ru
Web site: http://www.yukos.ru
===========
S W E D E N
===========
LM ERICSSON: Wins US$150 Mln GSM Expansion Contract in China
------------------------------------------------------------
LM Ericsson has been awarded a US$150 million GSM network
expansion contract by Shandong Mobile Communication Company
(Shandong Mobile), in a move that further strengthens the long-
term strategic partnership between Ericsson and Shandong Mobile.
Under the contract, Ericsson will supply Shandong Mobile with
system equipment and telecom services to support Shandong
Mobile's endeavors to upgrade the capacity and service quality
of their GSM network. Ericsson will also introduce the latest
AXE810 switching platform and relevant software to the current
GSM network expansion, to lay a solid foundation for future
smooth migration into a third generation mobile communications
network.
Planned to be finished by December this year, the expansion will
help Shandong Mobile to achieve a total capacity of 18 million
users for their network by the time of completion.
"Competing in a highly competitive telecom market, Shandong
Mobile is committed, as always, to providing premium quality
network services for our subscribers to win the market", said
Mr. Liu Aili, General Manager of Shandong Mobile. "We believe
Ericsson's industry-leading technology and extensive network
roll-out expertise will help us achieve our business and market
goals, while laying a sound foundation for future smooth
evolution to 3G technology."
"We are very honored that Shandong Mobile continues to place
their confidence in us and choose Ericsson as their strategic
partner to build a premium-quality GSM network," said Mats H
Olsson, President of Ericsson China.
"As both a global and local technology and market leader in
telecommunications, Ericsson has established extensive and
intensive co-operation with Shandong Mobile with strong proven
track records. Ericsson will continue to proactively support
Shandong Mobile in coping with the rapidly-growing market and
work seamlessly with Shandong Mobile to better serve the mobile
users in the Province and the very increasing demand, to seek
growth for both partners."
The co-operation between Ericsson and Shandong Mobile dates back
to 1995, when Ericsson was selected to build Shandong Mobile's
first GSM network. Ericsson built Shandong Mobile's initial
GSM900/1800 and GPRS network systems, and has remained the sole
system supplier of Shandong Mobile's GSM900 network. The two
parties have also set up full co-operation in other areas such
as IP backbone networks, WLAN, LMDS, microwave transmission, and
complete professional telecom services.
Ericsson is shaping the future of Mobile and Broadband Internet
communications through its ongoing technological leadership. A
provider of innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communications
companies in the world. Read more at
http://www.ericsson.com/press
About Shandong Mobile
Shandong Mobile Communication Company (Shandong Mobile) was
founded in July 1999 as a member of the China Mobile
Communications Group Corporation (China Mobile). Bought in 2000
by China Mobile HK Holdings, a company listed on both the Hong
Kong and New York Stock Exchanges, Shandong Mobile became one of
the 21 branches initially wholly owned by China Mobile HK
Holdings. Shandong Mobile is now a leading provider of basic
mobile voice services, as well as other value-added data
services in Shandong Province.
* * *
Fitch Ratings recently upgraded Telefonaktiebolaget LM
Ericsson's Senior Unsecured rating to 'BB+' from 'BB-' and
changed the Outlook to Positive from Stable.
The upgrade reflects the significant improvement in Ericsson's
financial profile as reported in recent quarters, the completion
of its cost base restructuring and signs that revenue conditions
have begun to stabilize.
CONTACT: LM ERICSSON
Peter Olofsson, Media relations
Ericsson Group Function Communications
Phone: +46 8 719 18 80
+46 8 719 69 92
E-mail: press.relations@ericsson.com
Tu Min, Communications
Ericsson China
Phone: +86 10 6561 9988
E-mail: min.tu@ericsson.com
=====================
S W I T Z E R L A N D
=====================
ASCOM: Reverses Last Year's First-half Loss
-------------------------------------------
In the first half-year of 2004, Ascom significantly improved its
earnings situation. Revenue for the four existing core areas
remained stable year-on-year at CHF485 million. The operating
result generated a profit of CHF39 million compared with a loss
of CHF25 million in the previous year. EBIT rose by CHF75
million to CHF30 million, and Group profit reached CHF22 million
compared with a loss of CHF57 million in the previous year.
Ascom intends in future to systematically expand the two core
areas of Wireless Solutions and Security Solutions with a view
to profitable, organic and acquisitive growth. Ascom will find
the right partners for Transport Revenue and a large part of
Network Integration (Business Communication) in order to ensure
the further positive development of these areas on a global
basis.
In the first half-year 2004 the Ascom Group posted consolidated
revenue of CHF596 million. The higher previous-year figure of
CHF833 million includes various activities that have since been
divested. Revenue from continued activities amounted to CHF537
million (previous-year figure: CHF527 million), of which the
core areas account for CHF485 million (previous-year figure:
CHF488 million)
Marked Improvement in Operating Result
In the first half of 2004 the Group posted a significantly
improved operating result of CHF39 million, following the
previous year's loss of CHF25 million. The operating result for
the four existing core areas increased by 72% to CHF43 million
compared with CHF25 million for the previous year. As a result,
the operating margin for the four existing core areas improved
by some 9% compared with 5% for the previous year.
Transport Revenue recorded a 7% increase in revenue to CHF133
million and increased the operating result from CHF2 million to
CHF12 million.
Security Solutions posted revenue of CHF83 million (previous-
year figure: CHF91 million). This figure was impacted by the
repositioning of the business as well as reluctance to invest on
the part of customers in certain areas of Security Solutions.
As a result, the operating result fell from the CHF8 million in
the previous year to CHF4 million.
Network Integration has been successfully restructured over the
past two years. At CHF141 million, revenue was roughly on a par
with the previous-year level (CHF144 million), while the
operating result improved to CHF8 million (previous-year figure:
CHF0 million).
Wireless Solutions increased revenue in the first half-year 2004
by CHF2 million to CHF133 million and recorded an operating
result of CHF19 million (previous-year figure: CHF15 million).
These results were recorded outside the existing core areas: In
the first half-year 2004, revenue from Co-operations amounted to
CHF63 million (previous-year figure: CHF52 million) and an
operating result of CHF4 million compared to the previous-year's
loss of CHF14 million. Revenue for divested areas amounted to
CHF59 million (previous-year figure: CHF306 million) and an
operating profit of CHF2 million compared to the previous-year's
loss of CHF25 million.
Positive Group Result
Ascom closed the first half-year 2004 with a Group profit of
CHF22 million compared to the previous-year's loss of CHF57
million. At -CHF2 million, other expenses and income had no
significant impact on the Group result. Losses from the sale of
group companies (CHF9 million), impairments on business areas to
be divested (CHF13 million) and restructuring costs (CHF6
million) were largely offset by income of CHF27 million from the
release of tax provisions no longer required following
settlement of the U.S. tax case.
Cash flow and liquidity
In the first six months of 2004, the net cash inflow from
operating activities amounted to CHF20 million as opposed to a
net cash outflow of CHF21 million for the same period in 2003.
At 30 June, 2004, the net liquidity of Ascom amounted to CHF87
million (31 December 2003: CHF55 million). At the end of the
period under review, Ascom held cash and marketable securities
in the amount of CHF331 million. This figure includes
securities of CHF25 million as well as CHF74 million held in an
escrow account in favor of the holders of the CHF200-million
bond.
Future Focus on Two Growth Areas
Since the strategic direction was defined in 2002, the four
existing Ascomcore areas have performed well. Following a
detailed analysis and in view of the financial possibilities
open to Ascom, the Board of Directors and Executive Board have
come to the conclusion that it will not be possible to purse the
organic, acquisitive development of all four areas
simultaneously if major potentials are to be successfully
leveraged. Having examined market potential, technological
position and capital requirements, Ascom intends in future to
concentrate on the two core areas of Wireless Solutions and
Security Solutions. Over the next few years, Wireless Solutions
and Security Solutions will be profitably expanded both
geographically and technologically, to provide the basis for
organic growth and targeted acquisitions. Ascom will seek the
right partners for Transport Revenue and a large part of Network
Integration (Business Communication) in order to ensure their
further positive development on a global basis.
Key Financial Figures at 30 June 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
June 30, 2004
CHFm 1. half-year 2004 1. half-year 2003
Total Ascom revenue 596 833
Revenue from
continued activities 537 527
of which core areas 485 488
Operating result[1] 39 (25)
EBITDA 51 (3)
Result from
operational activities
(EBIT) 30 (45)
Group profit/(loss) 22 (57)
Net cash flow from
operating activities 20 (21)
December 31, 2003
Balance sheet total: 978 1108
Net liquidity 87 55
Shareholders' equity 223 203
Equity ratio in % 23 18
Employees 4228 4842
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Before amortization of intangible assets and other
(expenses)/income
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
About Ascom
Ascom is an international solution provider with comprehensive
technological know-how. In future the company aims to
concentrate on the core areas of Wireless Solutions (high-value
on-site communications solutions) and Security Solutions
(applications for security, communication, automation and
control systems for infrastructure operators, public security
institutions and the army). The other areas mainly comprise
Transport Revenue (fare collection, parking and toll collection
systems) and Network Integration (network solutions for the
data/voice convergence market).
With a wealth of experience in implementing complex projects for
discerning customers, Ascom has established itself in important
key markets. Offerings range from analysis and consulting to
system design and system integration, project management,
engineering and implementation, right through to maintenance and
support. The company has subsidiaries in 22 countries and a
workforce of some 4,200 employees worldwide. Ascom registered
shares (ASCN) are listed on the SWX Swiss Exchange in Zurich.
THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO
SUBSCRIBE FOR, PURCHASE OR SELL ANY SECURITIES. THIS DOCUMENT IS
NOT BEING ISSUED IN THE UNITED STATES OF AMERICA OR THE UNITED
KINGDOM AND SHOULD NOT BE DISTRIBUTED IN ANY JURISDICTION IN A
MANNER WHERE SUCH DISTRIBUTION WOULD NOT COMPLY WITH REGULATORY
REQUIREMENTS. IN PARTICULAR, THIS DOCUMENT MAY NOT BE
DISTRIBUTED INTO THE UNITED STATES, TO UNITED STATES PERSONS OR
TO PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES.
IN ADDITION, THE SECURITIES OF ASCOM HAVE NOT BEEN AND WILL NOT
BE REGISTERED IN ANY JURISDICTION OUTSIDE SWITZERLAND. THE
SECURITIES OF ASCOM MAY NOT BE OFFERED, SOLD OR DELIVERED AND NO
SOLICITATION TO PURCHASE SUCH SECURITIES MAY BE MADE WITHIN THE
UNITED STATES OR TO U.S. PERSONS ABSENT AN APPLICABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES
SECURITIES LAWS OR WITHIN ANY OTHER JURISDICTION AND IN A MANNER
WHERE SUCH OFFER, SALE, DELIVERY OR SOLICITATION MIGHT NOT BE IN
COMPLIANCE WITH REGULATORY REQUIREMENTS (INCLUDING THE UNITED
KINGDOM).
CONTACT: ASCOM
Corporate Media Office
Ascom Management AG
Daniel Lack, General Secretary and Press Officer
Belpstrasse 37
CH-3000 Berne 14
Phone: +41 31 999 43 44
Fax: +41 31 999 21 17
E-mail: media@ascom.com
Web site: http://www.ascom.com
Ascom Corporate Finance and Investor Relations
Ascom Management AG
Thomas Casata, Chief Financial Officer
Belpstrasse 37
CH-3000 Berne 14
Phone: +41 55 254 69 00
Fax: +41 55 254 69 21
E-mail: investor@ascom.com
Web site: http://www.ascom.com
BARRY CALLEBAUT: Completes Integration of Operations
----------------------------------------------------
Barry Callebaut AG, the world's leading cocoa and chocolate
company, will organize its production and logistics activities
into a fully integrated and centrally managed "Operations" unit.
The "Operations" unit will be responsible for introducing the
dedicated factory approach with Centers of Excellence -- already
successfully implemented in the Group's industrial activities --
to the consumer business as well, in order to better satisfy
customer requirements and to achieve cost leadership. The
Stollwerck factory in Cologne will be closed and further
efficiency improvements will be initiated in other factories of
the Group.
Accelerating Implementation of "Preferred Partner" Strategy
Across All Businesses
The strategy of Barry Callebaut is to be the preferred solutions
provider from the bean to the shelf for the entire food
industry. The execution of this strategy, which has already
been successfully implemented in the company's activities with
industrial and artisanal customers, will be accelerated in the
business with consumer products. The customers for consumer
products fall into two categories: firstly, global retailers;
secondly global branded consumer goods companies, which are
increasingly seeking to outsource the manufacturing of their
finished products in order to focus on marketing and sales.
Barry Callebaut, with its comprehensive solutions from the bean
to the shelf, already has a number of important contracts in
this area.
Barry Callebaut's CEO Patrick De Maeseneire comments: "We have
reason to believe that the situation in Germany with a still
weak domestic economy, strong growth of customer label products
and increased price pressure on suppliers, will persist.
Furthermore, the situation in Germany might soon become manifest
in other markets as well because the large retailers are
expanding rapidly and consumers everywhere are showing a growing
interest for quality at the lowest price.
We are determined to tap into the strong market growth driven by
the worldwide demand of the big retailers for customer labels,
and we also want to benefit from the demand of the big branded
consumer goods companies for molding and packaging. This is why
we have decided to accelerate the implementation of our consumer
strategy. We will work on two levels in parallel: tailor-made
customer label solutions, extending from product development to
sales support, and cost leadership".
Optimization of Manufacturing Network
Centralized Operations Unit
The key to cost leadership in Barry Callebaut's industrial
business is its dedicated factory approach with Centers of
Excellence. The same approach will now be extended across the
entire manufacturing network. The Group's more than 30
production facilities around the world, which were so far the
responsibility of the respective business units, will be
integrated into a centrally managed "Operations" unit supplying
all of Barry Callebaut's business units. The manufacturing of
products will be concentrated, and each factory will focus on
the products it is best suited for, i.e. Centers of Excellence.
This will result in more specific expertise, longer production
runs, and optimized stock and capacity management. Furthermore,
the separation of Operations from Sales and Marketing will allow
the business units to fully focus on serving their specific
customer segments.
Capacity Reduction in Germany
Stollwerck AG, a German subsidiary of Barry Callebaut AG, has
announced its intention to close its factory in Cologne,
Germany, as of the end of March 2005. Negotiations with the
German Works Council on a balance of interest for the
approximately 150 employees in production affected by the
closure will start immediately. The European Works Council has
also been informed.
The products made today in Cologne will be transferred to other
sites operated by the Group, primarily to the modern Norderstedt
facility near Hamburg, Germany, which offers a production
capacity of approximately 30,000 tons compared to approximately
7,000 tons in Cologne. This will result in the concentration of
praline production in Germany at one dedicated factory.
Approximately 80 new jobs will be created in Norderstedt, which
will first be offered to the factory workers in Cologne.
Cologne, however, will remain the main office for Stollwerck.
The production transfer and the closure of the Cologne factory
are fully covered by the CHF80 million restructuring provision
set aside at the time of the Stollwerck acquisition.
Integration of Three Swiss Offices into One
In order to achieve operational efficiencies, the Group's three
Swiss offices in the greater Zurich area -- Barry Callebaut's
head office in Dubendorf, Barry Callebaut Sourcing in Zug and
Barry Callebaut (Switzerland) including the Chocolate Academy in
Dubendorf -- will be merged into one office in Zurich as of the
beginning of 2005.
Organizational Changes Require Management Alignment
With immediate effect, Onno Bleeker, so far President Food
Manufacturers, has been appointed Chief Operations Officer
responsible for global production and supply chain. His
successor as President Food Manufacturers will be Massimo
Garavaglia, with the Group since 1992 and until now Manager
Mediterranean countries/Middle East/Eastern Europe. Financial
risk management will be strengthened and report to the CFO.
Rudolf Schwab, BU President Sourcing & Risk Management since
1996, has decided to re-orientate himself outside the company.
The Board of Directors wishes to thank Rudolf Schwab for his
many years of service and his successful contribution to the
company's development. Steven Retzlaff, CFO of Barry Callebaut
Sourcing before becoming Division Head of Cocoa, will assume
responsibility for both Cocoa and Sourcing and join Barry
Callebaut's Senior Management Team with immediate effect.
Because of the reorganization of the Barry Callebaut Group,
Richard Crux, President Consumer Products Europe and Speaker of
the Executive Board of Stollwerck AG, has decided to leave the
company. His departure from the company is perfectly amicable.
To ensure the transition Richard Crux will continue to be at
Barry Callebaut's disposal. The Board of Directors wishes to
thank him for the services rendered. Stefan von Klebelsberg,
with more than 15 years of experience in the food industry and
currently Chairman of the Management Board of Chupa Chups Van
Melle in Bonn, Germany, was appointed President Consumer
Products Europe and member of Barry Callebaut's Senior
Management Team as well as Chairman of the Executive Board of
Stollwerck AG.
Outlook for Fiscal Year 2003/04
With regard to fiscal year 2003/04 CEO Patrick De Maeseneire
said: "We have just closed our books. What I can say is that
despite a very competitive environment we had a strong fourth
quarter in all our businesses and all our markets, and we
believe that we will meet market expectations". Results for
fiscal year 2003/04 (ended August 31), 2004 will be published on
November 10, 2004.
Barry Callebaut
With annual sales of approximately CHF3.6 billion (EUR2.4
billion) for fiscal year 2002/03 (closed on August 31, 2003),
Zurich-based Barry Callebaut is the world's leading manufacturer
of high-quality cocoa, chocolate and confectionery products --
from the cocoa bean to the finished product on the store shelf.
Barry Callebaut operates more than 30 production facilities in
20 countries and employs approximately 8,500 people. The
company serves the entire food industry, from food manufacturers
to professional users of chocolate (such as chocolatiers, pastry
chefs or bakers), to global retailers. It also provides a
comprehensive range of services in the fields of product
development, processing, training and marketing.
Fiscal year 2003/04 closed on August 31, 2004. The results will
be published on November 10, 2004 (press conference and
analysts' conference).
CONTACT: BARRY CALLEBAUT AG
For Investors and Financial Analysts:
Dieter A. Enkelmann, Chief Financial Officer
Phone: +41 1 801 61 43
Fax: +41 1 801 61 53
E-mail: dieter_enkelmann@barry-callebaut.com
For the media in Switzerland:
Gaby Tschofen
Barry Callebaut AG
Phone: +41 1 801 61 60
Fax: +41 1 801 61 53
E-mail: gaby_tschofen@barry-callebaut.com
For the media in Germany:
Phone: +49 (0)69/963 652 - 22
Fax: +49 (0)69/963 652 - 15
E-mail: stollwerck@relations.de
=============
U K R A I N E
=============
AGROTRANSSERVICE: Poltava Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Poltava region declared LLC
Agrotransservice (code EDRPOU 0486330) insolvent and introduced
bankruptcy proceedings on July 27, 2004. The case is docketed
as 7/123. State Enterprise Ukrnaftogazkomplekt of NJSC Naftogaz
Ukraini has been appointed liquidator/insolvency manager.
CONTACT: AGROTRANSSERVICE
36007, Ukraine, Poltava region,
Kovpak Str. 57-a
STATE ENTERPRISE UKRNAFTOGAZKOMPLEKT
Liquidator/Insolvency Manager
03062, Ukraine, Kyiv region,
Kulibin Str. 4/2
Phone: (044) 449-98-97
ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina Str. 1
BILOVODSK' AUTO 10929: Declared Insolvent
-----------------------------------------
The Economic Court of Lugansk region declared OJSC Bilovodsk'
Auto Transport Enterprise 10929 (code EDRPOU 03113377) insolvent
and introduced bankruptcy proceedings on August 6, 2004. The
case is docketed as 10/1 B. Mr. Dmitro Litsoyev (License Number
AA 520122 approved on June 17, 2003) has been appointed
liquidator/insolvency manager.
CONTACT: BILOVODSK' AUTO TRANSPORT ENTERPRISE 10929
92800, Ukraine, Lugansk region,
Bilovodsk, Lenin Str. 135
Mr. Dmitro Litsoyev
Liquidator/Insolvency Manager
Ukraine, Lugansk region,
Serov Str. 111
ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV square, 3a
CHRVONIJ MAYAK: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Herson region has commenced bankruptcy
supervision procedure on OJSC Chrvonij Mayak (code EDRPOU
00413707). The case is docketed as 12/156-B. Arbitral manager
Mr. S. Nikolenko has been appointed temporary insolvency
manager. The company holds account number 260061815, 26007928,
26040134 at JSPPB Aval, Novokahovske branch, MFO 352598.
Creditors have until September 21, 2004 to submit their proofs
of claim to:
(a) CHRVONIJ MAYAK
74370, Ukraine, Herson region,
Berislavskij district,
Chervonij Mayak, Centralna Str. 1
(b) ECONOMIC COURT OF HERSON REGION
73000, Ukraine, Herson region,
Gorkij Str. 18
DNIPROENERGOBUD: Proofs of Claim Deadline Set September 21
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on CJSC Dniproenergobud (code
EDRPOU 25007285). The case is docketed as 29/104/04. Mr.
Oleksij Zabrodin (License Number AA 630146) has been appointed
temporary insolvency manager. The company holds account number
260031058180001 at CB Privatbank, MFO 305299.
Creditors have until September 21, 2004 to submit their proofs
of claim to:
(a) DNIPROENERGOBUD
49083, Ukraine, Dnipropetrovsk region,
Znamenska Str. 3/81
(b) Mr. Oleksij Zabrodin
Temporary Insolvency Manager
69121, Ukraine, Zaporizhya region,
a/b 6335
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
NAFTOGAZ: Senior Unsecured Currency Rating 'B+'; Outlook Stable
---------------------------------------------------------------
Fitch Ratings assigned Ukraine-based and state-owned NJSC
Naftogaz Senior Unsecured local currency and foreign currency
'B+' ratings. Fitch rates Naftogaz in line with Ukraine's
sovereign rating due to the strategic importance of the company
to the state. At the same time, Fitch has assigned a 'B+'
rating to Naftogaz's upcoming Eurobond issue. The Outlook for
the ratings is Stable.
Standard Bank London Holding Plc (SBLH PLC) will issue limited
recourse loan participation notes for the sole purpose of
financing a loan (the SBL loan) to Standard Bank London Limited
(SBL). SBL will use the proceeds of the SBL loan for the sole
purpose of financing an on-loan between SBL and Naftogaz. Fitch
notes that neither SBLH PLC, nor SBL, nor the trustee has any
liability or obligation in respect of the performance and
observance by Naftogaz of its obligations under the SBL loan
agreement.
The obligations of Naftogaz under the Naftogaz loan agreement
will rank at least pari passu with all other unsubordinated
unsecured obligations of Naftogaz, except as otherwise provided
by the mandatory provisions of applicable law. The Naftogaz
loan agreement contains a put option for a change in control,
should the government's stake in the company fall below 50%.
Key factors supporting the ratings include the company's close
link to the state, as it generates approximately 10% of GDP, and
its monopoly position in supplying natural gas and crude oil to
the country's consumers, as well as the strategic role enjoyed
in the transportation of oil and gas to western markets. This
dominant position helps to ensure the company's strategic
importance to the state (since gas represents 40-45% of primary
energy consumption in the country), and prevents new market
entrants from directly competing with Naftogaz. During 2003,
the company reported operating profit of UAH5.2 billion compared
to UAH2.2 billion in 2002.
EBITDA margins have improved over the past three years, rising
to 20.8% in 2003 from 2.8% in 2001, due primarily to a material
reduction in provisions for doubtful debts. Cash flow has also
improved, but with more volatility due to changes in working
capital and varying tax payments. Net operating cash flow-to-
total debt peaked at a respectable 3.0x in 2002, largely due to
a significant tax credit in that year. The ratings also take
into account that an economic downturn may once again hinder the
gas consumers' ability to pay for gas in a timely manner.
Naftogaz now enjoys strong economic ties with Gazprom and
currently has long-term contracts through to 2013. Both gas
prices and transit tariff have been recently fixed for the
medium term. Additionally, the issue of Naftogaz's outstanding
liability to Gazprom is now fully settled. Against that, the
company currently operates solely in Ukraine, and is therefore
constrained by the domestic economic environment. Furthermore,
Naftogaz plays a significant social role that still requires it
to sell gas at artificially low prices domestically, which are
regulated by the National Commission on Regulation of Power
Energy of Ukraine.
However, Naftogaz has been addressing this problem and is
gradually raising industrial tariffs while residential tariffs
will be raised from 2005. In Fitch's opinion, such regulations
and heavy state control constrain the ratings and potentially
limit the company's cash flow generating ability. Finally,
downward rating pressure would likely result from any additional
debt-financed acquisitions or capital spending beyond those
already planned by the company, or from a downgrade of Ukraine's
sovereign rating.
CONTACT: FITCH RATINGS
Jeffrey Woodruff, Moscow
Phone: +7-095-956-9986
Josef Pospisil, London
Phone: +44 20 7417 4266
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
PROFBUD: Creditors Have Until September 21 to File Claims
---------------------------------------------------------
The Economic Court of Kyiv has commenced bankruptcy supervision
procedure on LLC Profbud (code EDRPOU 29438828). The case is
docketed as 43/598. Mr. Oleksandr Shvidchenko (License Number
AA 99487825 approved on May 29, 2003) has been appointed
temporary insolvency manager.
The company holds account number 260093088101 at OJSC
Agrokombank, Kyiv branch, MFO 322302.
CONTACT: PROFBUD
02002, Ukraine, Kyiv region,
S. Sagajdak Str. 101
Mr. Oleksandr Shvidchenko
Temporary Insolvency Manager
02081, Ukraine, Kyiv region,
I. Bojko Str. 3
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
RADEHIV' FOOD: Court Appoints Temporary Insolvency Manager
----------------------------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on OJSC Radehiv' Food Goods Plant (code
EDRPOU 00376604). The case is docketed as 6/231-7/140. Mr. G.
Kovalenko has been appointed temporary insolvency manager. The
company holds account number 26008301160 at Oshadbank, Radehiv
branch.
Creditors have until September 21, 2004 to submit their proofs
of claim to:
(a) RADEHIV' FOOD GOODS PLANT
80200, Ukraine, Lviv region,
Radehiv, Mishugi Str. 2
(b) Mr. G. Kovalenko
Temporary Insolvency Manager
Ukraine, Dnipropetrovsk region,
Chervonograd, Klusivska Str. 18/29
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
SHORS' ELECTROMECHANICAL: Bankruptcy Proceedings Begin
------------------------------------------------------
The Economic Court of Chernigiv region declared OJSC Shors'
Electromechanical Plant (code EDRPOU 14310388) insolvent and
introduced bankruptcy proceedings on August 9, 2004. The case
is docketed as 9/150-6/52-B. Mr. O. Barbarov has been appointed
liquidator/insolvency manager.
The company holds account number 26003109417 at Polikombank,
Chernigiv branch, MFO 353100.
CONTACT: SHORS' ELECTROMECHANICAL PLANT
15200, Ukraine, Chernigiv region,
Shors, 30 Rokiv Peremogi Str. 39
Mr. O. Barbarov
Liquidator/Insolvency Manager
14000, Ukraine, Chernigiv region,
Polubotok Str. 18
Phone: 16-45-59
ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
YELIZAROVE' BREAD: Last Day for Filing Claims September 21
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Yelizarove' Bread Receiving
Enterprise (code EDRPOU 00953800) on August 13, 2004. The case
is docketed as B 29/125/04. Mrs. Nataliya Velichko (License
Number AA 484214 approved on February 18, 2003) has been
appointed temporary insolvency manager. The company holds
account number 26007111541001 at CB Privatbank, MFO 305299.
Creditors have until September 21, 2004 to submit their proofs
of claim to:
(a) YELIZAROVE' BREAD RECEIVING ENTERPRISE
52433, Ukraine, Dnipropetrovsk region,
Solonyanskij district,
Yelizarove, Privokzalna Str. 1
(b) Mrs. Nataliya Velichko
Temporary Insolvency Manager
49038, Ukraine, Dnipropetrovsk region,
K. Marks Avenue, 98
Phone: (0562) 32-25-61
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
===========================
U N I T E D K I N G D O M
===========================
A & E ENGINEERING: Meeting of Creditors Friday
----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF A & E Engineering Ltd.
Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of A & E
Engineering Ltd. will be held at 1 East Parade, Sheffield S1 2ET
on September 17, 2004 at 11:30 a.m.
In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.
Claims, proxies or requests should be sent to the Administrative
Receivers' at PricewaterhouseCoopers L.L.P. at the address
below.
T. S. Underwood & I. D. Green,
Joint Administrative Receivers
August 25, 2004
CONTACT: PRICEWATERHOUSECOOPERS L.L.P.
1 East Parade
Sheffield S1 2ET
Phone: [44] (114) 272 9141
Fax: [44] (114) 275 2573
Web site: http://www.pwcglobal.com
A.H. CONSTRUCTION: Director Banned from Holding Executive Post
--------------------------------------------------------------
A director of a groundwork subcontracting business that failed
with total debts estimated at around GBP1.3 million has given an
Undertaking not to hold directorships or take any part in
company management for five years.
The Undertaking by Charles William Oliver Shaw, 43, of Warham
Road, Binham, Fakenham, Norfolk, was given in respect of his
conduct as a director of A.H. Construction Limited, which
carried out business from premises at Churchfield Depot, Kings
Dyke, Whittlesey, Peterborough.
Acceptance of the Undertaking on September 3, 2004 prevents Mr.
Shaw from being a director of a company or in any way being
concerned or taking part in the promotion, formation or
management of a company for the above period.
A.H. Construction Limited was placed into voluntary liquidation
on June 28, 2002 with estimated debts of GBP1,323,785 owed to
creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Mr. Shaw:
(a) He caused or allowed A.H. Construction to retain monies due
to crown departments in that:
(i) In respect of H.M. Customs & Excise he caused or
allowed A.H. Construction to make only two payments
to H.M. Customs & Excise on March 6, 2002 and April
11, 2002, which were allocated to the payment due for
the quarter ending September 30, 2000, which failed to
discharge the liability. No payments were made in
respect of the liability accruing from December 31,
2000 onwards. As a consequence H M Customs & Excise
have claimed GBP331,146.52 in the liquidation.
(ii) In respect of Inland Revenue he caused or allowed A.H.
Construction to fail to pay arrears of PAYE and NIC on
time with the last payment being made on October 18,
2001. As a consequence the Inland Revenue have
claimed GBP281,545.80 in the liquidation.
(a) He caused or allowed A.H. Construction to fail to comply
with statutory obligations in that:
(i) In respect of H.M. Customs & Excise he caused or
allowed A.H. Construction to fail to submit VAT
returns for the periods ending March 31, 2001 to June
30, 2002.
(ii) In respect of Inland Revenue he caused or allowed
A.H. Construction to fail to submit P35's and SC35's
in a timely manner and as a consequence incurred
penalties amounting to GBP2,800.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
ALBURY BOURNE: Members, Creditors Meeting Set October 13
--------------------------------------------------------
The final meeting of the members and creditors of Albury Bourne
Limited will be on October 13, 2004 commencing at 10:30 a.m. and
10:45 a.m. respectively. It will be held at 17-19 Foley Street,
London W1W 6DW.
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 Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon, October 12,
2004.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street,
London W1W 6DW
Joint Liquidator:
J J Godefroy
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
ALFRED A KALMUS: Members Agree to Wind up Business
--------------------------------------------------
At an extraordinary general meeting of the members of the Alfred
A Kalmus Limited on August 26, 2004 held at Kingston Smith &
Partners LLP, Devonshire House, 60 Goswell Road, London EC1M
7AD, the special, ordinary and extraordinary resolutions to wind
up the company were passed. Nicholas John Miller and Ian Robert
of Kingston Smith & Partners LLP, Devonshire House, 60 Goswell
Road, London EC1M 7AD have been appointed joint liquidators for
the purpose of such winding-up.
CONTACT: KINGSTON SMITH & PARTNERS LLP
Devonshire House
60 Goswell Road,
London EC1M 7AD
Joint Liquidators:
Nicholas John Miller
Ian Robert
Phone: 020 7566 4000
Fax: 020 7566 4010
Web site: http://www.kingstonsmith.co.uk
ASSOCIATED PRESSINGS: Sets Final Meeting October 22
---------------------------------------------------
The final meetings of the members and creditors of the
Associated Pressings and Fabrication Limited will be on October
22, 2004 commencing at 3:00 p.m. and 3:30 p.m. respectively. It
will be held at H.R. Harris & Partners, 44 St. Helens Road,
Swansea SA1 4BB.
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 meetings may appoint proxies. Proxy forms
must be lodged with H.R. Harris & Partners, 44 St. Helens Road,
Swansea SA1 4BB not later than 12:00 noon, October 21, 2004.
CONTACT: H.R. HARRIS & PARTNERS
44 St. Helens Road,
Swansea SA1 4BB
Liquidator:
S J Burkinshaw
Phone: 01792 643311 (7 lines)
Fax: 01792 458706
E-mail: info@hrharrispartners.co.uk
Web site: http://www.hrhptnrs.co.uk
ATLANTIC CIVIL: Final Meeting of Members, Creditors October 14
--------------------------------------------------------------
The final meetings of the members and creditors of Atlantic
Civil Engineering Limited will be on October 14, 2004 commencing
at 10:00 a.m. and 10:30 a.m. respectively. It will be held at
the offices of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW.
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 meetings may appoint proxies. Proxy forms
must be lodged with Leonard Curtis & Co, One Great Cumberland
Place, Marble Arch, London W1H 7LW not later than 12:00 noon,
October 13, 2004.
CONTACT: LEONARD CURTIS & CO
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Liquidator:
S D Swaden
Phone: 020 7535 7000
Fax: 020 7723 6059
E-mail: solutions@leonardcurtis.co.uk
Web site: http://www.leonardcurtis.co.uk
BUILDWIZE CONTRACTS: Hires Joint Liquidators from Hacker Young
--------------------------------------------------------------
At an extraordinary general meeting of the members of the
Buldwize Contracts Limited on September 1, 2004 held at the
offices of UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH, the ordinary and extraordinary resolutions to
wind up the company were passed. Andrew Andronikou and Ladislav
Hornan of UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH have been appointed joint liquidators for the
purpose of such winding-up.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street,
London EC2Y 5DH
Joint Liquidators:
Andrew Andronikou
Ladislav Hornan
Phone: 020 7216 4600
Fax: 020 7638 2159
Web site: http://www.uhy-uk.com
CASEGROOVE LIMITED: Brings in Liquidator from Grant Thornton
------------------------------------------------------------
At a meeting of the members of Casegrove Limited on September 2,
2004, the special resolution to wind up the company was passed.
Roy Welsby of Grant Thornton UK LLP, 1 Westminster Way, Oxford
OX2 0PZ has been appointed liquidator of the company for the
purpose of the voluntary winding-up.
CONTACT: GRANT THORNTON UK LLP
1 Westminster Way
Oxford OX2 0PZ
Liquidator:
Roy Welsby
Phone: 01865 799899
Fax: 01865 724420
Web site: http://www.grant-thornton.co.uk
CENTURY 21: May Appoint Liquidator September 17
-----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Century 21 Security Services Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Century 21 Security
Services Ltd. will be held at The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG on September 17, 2004 at 11:30 a.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later that
12:00 noon on the business day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.
Lloyd Biscoe of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.
By Order of the Board.
G. Powell, Director
August 18, 2004
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea
SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
COLT TELECOM: Reveals Executive Appointments, Changes
-----------------------------------------------------
Colt Telecom Group plc, a leading pan-European provider of
business communications solutions, announced a number of senior
management appointments and organizational changes designed to
strengthen the senior management team and position the company
for its next phase of growth.
These changes affect the customer facing operations and are
designed to support and drive revenue growth.
(a) Sales and Marketing will be integrated into one function
under single leadership, providing a clear focus on driving
revenue growth.
(b) Colt will now be organized into four geographic areas.
These areas will be the company's three largest individual
country markets (i.e. the U.K., France and Germany) and
Strategic Markets comprising a further ten European markets.
This new structure will provide greater focus on Colt's
largest markets and give increased support to the fast
growing smaller countries.
(c) In addition, a new function -- Innovation & Products -- will
be tasked with regaining innovation leadership and bringing
market leading new products to our customers.
These senior management appointments have been made:
(a) Detlef Spang joins as Managing Director Sales & Marketing
from Equant where he was Senior Vice President EMEA;
(b) Tim Wort joins as Managing Director U.K. from Vignette where
he was General Manager EMEA;
(c) Richard Blaustein joins as Managing Director France from BT
Global Services where he was Vice President Global
Transformation;
(d) Wolfgang Essig will now lead Germany as Managing Director;
(e) Lakh Jemmett becomes Managing Director Strategic Markets;
(f) Paul David becomes Managing Director Innovation & Products.
Recognizing the importance of these new roles, all will now
report directly to Jean-Yves Charlier and will be members of the
Colt Senior Management Team.
Jean-Yves Charlier, Chief Executive Officer, said: "These
changes are designed to provide the company with a world class
leadership team and strongly position COLT for long term revenue
growth."
The Colt senior management team now comprises:
(a) Jean-Yves Charlier -- Chief Executive Officer,
(b) Tony Bates -- Chief Administrative Officer,
(c) Richard Blaustein -- Managing Director France,
(d) Paul David -- Managing Director Innovation & Products,
(e) Wolfgang Essig -- Managing Director Germany,
(f) Lakh Jemmett -- Managing Director Strategic Markets,
(g) Detlef Spang -- Managing Director Sales & Marketing,
(h) Ken Starkey -- Chief Operations Officer,
(i) Tim Wort -- Managing Director U.K.,
(j) Chris Woodman -- Managing Director Human Resources,
(k) Marina Wyatt -- Chief Financial Officer
High resolution images of the Colt senior management team are
available for the media to download free of charge at
http://www.vismedia.co.uk
Biographies:
Detlef Spang -- Managing Director Sales & Marketing
Detlef Spang was Senior Vice President EMEA at Equant, heading
up the Sales and Marketing organization across the region. In
this role he was responsible for positioning Equant as the
leading data and IP services provider overseeing the delivery of
the full Equant portfolio of value-added service offerings to
customers throughout EMEA. Prior to this he was responsible for
Marketing and Sales within Western Europe after the merger of
Equant and Global One. He has broad telecoms experience having
worked for Global One in the U.S. and Deutsche Telekom, Sprint
and Cable & Wireless in Germany. He is German. He ages 48
years old.
Tim Wort -- Managing Director U.K.
Tim Wort was General Manager EMEA for Vignette Corporation, the
global enterprise software and solutions company. He began his
career at IBM and over a period of 17 years held a number of
senior management positions becoming Vice President Worldwide
Sales, WebSphere, based in New York. Then followed a period at
Siebel Systems, latterly as U.K. Managing Director, before he
joined Vignette in 2001 where he was responsible for strategy
and business performance in EMEA. He is British. He ages 41
years old.
Richard Blaustein -- Managing Director France
Richard Blaustein was Vice President Global Transformation for
BT Global Services where he led the global business and cultural
transformation program. Before joining BT, he spent six years
at Equant as head of its North American operations, a key member
of the management team responsible for building and positioning
the company as one of the leading data and IP services providers
in the U.S. and Canada. Before that he was managing vice
president for Professional Services at Gartner Group, having
previously held senior management positions at Cap Gemini
Sogeti, Becton Dickinson & Company, and Price Waterhouse in
Paris where he started his career. He holds dual citizenship of
France and the United States. He is 53 years old.
Biographies of the other members of the COLT senior management
team are available at http://www.colt.net/about_colt/our_people
About Colt
Colt Telecom Group plc is a leading pan-European provider of
business communications services. Colt owns an integrated
20,000-kilometer network that directly connects 32 major cities
in 13 countries. Colt supplies customers across the full
spectrum of finance, industry, service and government sectors
with unrivalled end-to-end network security, reliability and
service.
CONTACT: COLT TELECOM GROUP PLC
Investor Relations:
John Doherty
Director Corporate Communications
E-mail: jdoherty@colt.net
Phone: +44 (0) 20 7390 3681
Media
Gill Maclean
Head of Corporate Communications
E-mail: gill.maclean@colt-telecom.com
Phone: +44 (0) 20 7863 5314
Web site: http://www.colt.net
COMPASS GROUP: Problems in U.K. to Hit Operating Profit
-------------------------------------------------------
Compass Group plc will issue its preliminary results for the
year ending 30 September 2004 on 30 November 2004. Prior to its
closed period, Compass issues a trading update.
Turnover Growth
Full year like for like turnover growth for the Group is
expected to be 7%. Strong growth in new business of 12% is
expected to be achieved as a result of record new contract gains
with a total value of approximately GBP1.3 billion and a
contract retention rate of 95% (in line with the rate reported
in 2003). Throughput is expected to be broadly flat.
New business has been driven by the continued trend in
outsourcing particularly in Healthcare and Education with
increased activity in Defense, Offshore and Remote Site.
Profit
The roll out of the U.K. purchasing model to countries outside
the U.K. continues to gather momentum. The business has
achieved the savings that were anticipated at the start of the
year and the Group is confident that it will achieve on-going
cost savings in line with expectations.
For 2004 and onward, total operating profit before goodwill
amortization is expected to be reduced by GBP30 million in
relation to:
In the U.K., one of our major distributors has experienced
financial difficulties and we are transferring this business to
an alternative major distributor. Exiting the current
arrangement will incur additional costs in 2004 and there will
be higher ongoing costs as a result of switching to the new
distributor.
Also in the U.K., a number of contracts with Local Education
Authorities awarded over the past two years are failing to
deliver the margins we anticipated due to increased labor costs
and lower than expected throughput, allied to pressure on school
meals budgets from these clients.
We have recently secured a number of important in-store
restaurant contracts in the U.K. where we are beginning to incur
start-up costs that are being expensed. These contracts will be
mobilized over the next three years and further start up costs
will be incurred over this period.
Finally, trading conditions over the summer in Continental
Europe, particularly France and the Netherlands, have been
disappointing, resulting in reduced throughput and pressure on
margins.
Except for the above items, like for like operating margins for
2004 are expected to be in line with previous expectations.
Following a recent review with our actuaries, the Group now
expects pension costs in respect of the U.K. defined benefit
schemes to increase by GBP15 million from 2005 and onwards.
Tax
For 2004 and 2005, tax on profit on ordinary activities before
goodwill amortization is expected to be approximately 24% and
the cash tax rate approximately 18%.
Basic Earnings Per Share
Underlying growth for 2004 in basic earnings per share before
goodwill amortization and exceptional items is expected to be
approximately 8%.
Free Cash Flow
Free cash flow for 2004 will be affected by two developments in
the business. Firstly, the rapid growth in Defense, Offshore
and Remote Site has required a significant investment of
approximately GBP100 million in additional working capital to
ensure the smooth operation of the contracts reflecting the
nature of the business and the increasingly challenging
logistical issues. Secondly, there will be a change in the
payment profile with respect to a number of suppliers also with
an expected GBP100 million impact. The overall working capital
outflow will therefore be approximately GBP200 million higher
than previously expected but free cash flow will benefit from
approximately GBP100 million arising from a cash receipt in
respect of the monetization of interest rate swaps.
Outlook
The outlook for the business remains encouraging. Turnover
growth in each of the sectors continues to be strong,
reinforcing the significant growth potential in contract
foodservice, particularly in Healthcare, Education and Defense,
Offshore and Remote Site. We continue to expect to achieve 7%
like for like turnover growth for 2004. The fundamentals of the
business are strong and the focus continues to be very clearly
on driving organic growth. We have significantly reduced spend
on new acquisitions in 2004 to approximately GBP160 million. We
expect to reduce this further in 2005.
The early indicators for 2005 are good and we remain confident
of achieving like for like turnover growth of at least 6%.
There will be a continuing focus on driving organic growth, free
cash flow and return on capital employed.
NB: A selection of recent contract gains, renewals and
extensions is included in the attached notes.
CONTACT: COMPASS GROUP
Michael J Bailey
Group Chief Executive
Andrew Martin
Group Finance Director
Sarah Ellis
Director Investor Relations
Phone: +44 (0) 1932 573 000
BRUNSWICK
Simon Sporborg
Pamela Small
Phone: +44 (0) 20 7404 5959
CRYLIC DESIGNS: Calls in Liquidator from Vantis Business
--------------------------------------------------------
At an extraordinary general meeting of the Crylic Designs
(Holdings) Limited on September 3, 2004 held at Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, the
subjoined extraordinary resolution to wind up the company was
passed. Michael Young of Vantis Business Recovery, Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD has
been appointed liquidator for the purpose of such winding-up.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Liquidator:
Michael Young
Web site: http://www.vantismt.com
DAVID LAURENCE: Members, Creditors Meeting October 21
-----------------------------------------------------
The final meeting of the members and creditors of David Laurence
& Co Limited will be on October 21, 2004 commencing at 10:00
a.m. and 10:15 a.m. respectively. It will be held at 5 Bassett
Wood Drive, Southampton SO16 3PT.
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.
DRESWELL LIMITED: Hires Begbies Traynor as Liquidator
-----------------------------------------------------
At an extraordinary general meeting of the members of the
Dreswell Limited on September 3, 2004 held at Elliot House, 151
Deansgate, Manchester M3 3BP, the ordinary and extraordinary
resolutions to wind up the company were passed. Stephen L Conn
of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3
3BP has been appointed liquidator of the company for the purpose
of the voluntary winding-up.
CONTACT: BEGBIES TRAYNOR
Elliott House
151 Deansgate,
Manchester M3 3BP
Liquidator:
Stephen L Conn
Phone: 0161 839 0900
Fax: 0161 832 7436
Web site: http://www.begbies.com
EXCLUSIVITY LIMITED: Members, Creditors Meeting Set October 4
-------------------------------------------------------------
The final meeting of the members and creditors of Exclusivity
Limited will be on October 4, 2004 commencing at 10:00 a.m. and
10:15 a.m. respectively. It will be held at 60-62 Old London
Road, Kingston upon Thames, Surrey KT2 6QZ.
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 Marks Bloom, 60-62 Old London Road, Kingston
upon Thames, Surrey KT2 6QZ not later than 12:00 noon, October
1, 2004.
CONTACT: MARKS BLOOM
60-62 Old London Road,
Kingston upon Thames,
Surrey KT2 6QZ
Liquidator:
A J Whelan
Phone: +44 (0) 20 85499951
Fax: +44 (0) 20 85496218
Web site: http://www.marksbloom.co.uk
GALLAHER GROUP: Volumes, Profit Continue to Grow Year-on-year
-------------------------------------------------------------
Interim Results
For The Six Months Ended 30 June 2004
Financial Highlights
2004 2003
Volumes 79.3bn 73.7bn up 7.6%
Total turnover GBP4,673m GBP4,325m up 8.1%
Net turnover[1] GBP1,940m GBP1,752m up 10.7%
EBITA[2] GBP310m GBP305m up 1.9%
PBTA[3] GBP250m GBP241m up 4.4%
Adjusted profit
before tax[4] GBP209m GBP200m up 5.2%
Profit before tax GBP200m GBP162m up 24.1%
Adjusted earnings
per share[5] 27.8p 26.6p up 4.4%
Basic earnings
per share[6] 20.6p 15.7p up 31.7%
Interim dividend 10.0p 9.45p up 5.8%
----------
[1] Total turnover less duty paid by Group companies.
[2] Total operating profit before amortization of intangible
assets and exceptional charge.
[3] Profit before tax, amortization of intangible assets and
exceptional charge.
[4] Profit before tax and exceptional charge.
[5] Adjusted: before amortization of intangible assets and
exceptional charge (net of tax).
(6) Basic: includes amortization of intangible assets and
exceptional charge.
Note: Amortization of intangible assets was GBP41 million (2003
H1: GBP41 million) and exceptional charge was GBP9 million (2003
H1: GBP38 million).
Commenting on the performance, Nigel Northridge, chief
executive, said: "We continue to grow our volumes and profits
year-on-year in the face of difficult trading conditions in a
number of European markets, coupled with the negative effect of
foreign exchange. We have grown share in a number of key
markets and continue to deliver on our Eurasian strategy. In
addition, improvements in cash flow coupled with continued
operating efficiencies underpin our confidence for the future."
Performance Highlights
(a) Total cigarette volumes grew 7.6% to 79.3 billion and EBITA
increased 1.9% to GBP310 million. Gallaher performed well
in a number of key markets in Europe and across the CIS.
The Group benefited from the restructuring program
initiated in 2003. Increased excise taxation and cross-
border trade in Europe, and adverse currency movements,
reduced the effect of a strong underlying performance.
(b) The board has declared an interim dividend of 10.0p per
ordinary share (40.0p per ADS) -- an increase of 5.8% over
the 2003 interim dividend.
(c) U.K. EBITA grew 3.5% to GBP148 million (2003 H1: GBP143
million), benefiting from volume growth, price increases and
reduced operating costs.
(d) CED EBITA reduced 2.3% to GBP120 million (2003 H1: GBP123
million), reflecting the negative effects of difficult
trading conditions in a number of established markets,
start-up losses in Poland and adverse currency movements,
which were largely mitigated by the Group's strong growth in
other markets and price increases.
(e) CIS EBITA increased 9.5% to GBP15 million (2003 H1: GBP14
million) despite adverse foreign exchange rate movements,
owing to strong volume growth and an improvement in mix of
sales.
(f) RoW EBITA rose 9.5% to GBP27 million (2003 H1: GBP25
million), with adverse currency movements and volume
declines being more than offset by manufacturer price
increases and reduced operating costs.
(g) Gallaher's Memphis brand was launched in Shanghai in May as
part of the Group's reciprocal agreement with Shanghai
Tobacco Group.
(h) Net debt at 30 June 2004 reduced GBP252 million compared to
31 December 2003. The decrease was attributable to a net
cash inflow of GBP174 million and favorable translation of
the Group's euro-denominated debt.
(i) Group cigarette unit costs reduced 6.7% in real terms. This
strong performance reflected improved productivity --
largely arising from the operational restructuring program
-- and a reduction in leaf and non-tobacco material costs.
(j) Gallaher's performance in the first half of 2004
demonstrated the benefits of the Group's balanced portfolio
of interests. Strong growth in certain key European and CIS
markets more than offset the difficult trading conditions in
France, Germany and Austria, as well as the negative effects
of exchange rate movements.
Overall Group trading remains in line with expectations. At
earnings per share, improved prospects in the U.K. -- including
accelerated benefits from the restructuring program -- should
broadly offset worsening conditions in Continental Europe,
notably the impact of the continued deterioration of the branded
cigarette market in Germany on the Group's vending operation.
A full copy of this press release is available free of charge at
http://bankrupt.com/misc/interimresults.htm.
CONTACT: GALLAHER GROUP PLC
Claire Jenkins
Director, Investor Relations
Phone: 01932 832637
CARDEWCHANCERY
Anthony Cardew
Tim Robertson
Phone: 020 7930 0777
GARTMORE 1990: Hires Joint Liquidators from Numerica
----------------------------------------------------
Name of Companies:
Gartmore 1990 Limited
Gartmore 1990 Trustee Limited
Gartmore Indosuez UK Recovery Fund (G.P.) Limited
At an extraordinary general meeting of the members of these
companies on September 2, 2004 held at Gartmore House, 8
Fenchurch Place, London EC3M 4PB, the special, ordinary and
extraordinary resolutions to wind up the companies were passed.
Colin Ian Vickers and Nicholas Hugh O'Reilly both of Numerica,
4th Floor, Southfield House, 11 Liverpool Gardens, Worthing,
West Sussex, BN11 1RY and 66 Wigmore Street, London W1U 2HQ have
been appointed joint liquidators for the purpose of the
voluntary winding-up.
CONTACT: NUMERICA
4th Floor, Southfield House,
11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY
Joint Liquidator:
Colin Ian Vickers
Phone: 01903 222500
Fax: 01903 207009
Web site: http://www.numerica.biz
NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Joint Liquidator:
Nicholas Hugh O'Reilly
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
INTERSTAT (UK): Creditors Meeting Set September 22
--------------------------------------------------
The creditors of Interstat (UK) Limited will meet on September
22, 2004 commencing at 11:00 a.m. It will be held at The
Freemasons Hall, 36 Bridge Street, Manchester.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB not later than 12:00 noon, September
21, 2004.
CONTACT: CRAWFORDS
Stanton House,
41 Blackfriars Road,
Salford, Manchester M3 7DB
Administrator:
David Norman Kaye
JADE ENGINEERS: Creditors Meeting Set September 17
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Jade Engineers (Bedford) Ltd.
Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of the Jade
Engineers (Bedford) Ltd. will be held at 1 East Parade,
Sheffield S1 2ET on September 17, 2004 at 11:30 a.m.
In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.
Claims, proxies or requests should be sent to the Administrative
Receivers' at PricewaterhouseCoopers L.L.P. at the address
below.
T. S. Underwood & I. D. Green,
Joint Administrative Receivers
August 25, 2004
CONTACT: PRICEWATERHOUSECOOPERS L.L.P.
1 East Parade
Sheffield S1 2ET
Phone: [44] (114) 272 9141
Fax: [44] (114) 275 2573
Web site: http://www.pwcglobal.com
LEADENHALL RESTAURANTS: Creditors May Appoint Liquidator Friday
---------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Leadenhall Restaurants Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Leadenhall Restaurants
Ltd. will be held at Gable House 239 Regents Park Road London N3
3LF on September 17, 2004, at 11:00 a.m. for the purpose of
having a full statement of the position of the Company's
affairs, together with a list of the Creditors of the Company
and the estimated amount of their claims, laid before them, and
for the purpose, if thought fit, of nominating a Liquidator and
of appointing a Liquidation Committee. (Sections 99-101 of the
said Act)
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at SPW Poppleton & Appleby, Gable House 239
Regents Park Road London N3 3LF two business days prior to the
meeting.
By Order of the Board.
F. Godden, Director
August 18, 2004
CONTACT: SPW POPPLETON & APPLEBY
Gable House
239 Regents Park Road
London N3 3LF
LEARNING ALLIANCE: Names Grant Thornton Liquidator
--------------------------------------------------
At an extraordinary general meeting of the Learning Alliance
South West on September 2, 2004 held at the Ockment Centre,
North Street, Okehampton, Devon EX20 1AR, the special and
ordinary resolutions to wind up the company were passed. Nigel
Morrison of Grant Thornton UK LLP, 43 Queen Square, Bristol BS1
4QR has been appointed liquidator of the company for the purpose
of the voluntary winding-up.
CONTACT: GRANT THORNTON
43 Queen Square,
Bristol BS1 4QR
Liquidator:
Nigel Morrison
Phone: 0117 926 8901
Fax: 0117 926 5458
Web site: http://www.grant-thornton.co.uk
LEEDS UNITED: Denies Takeover Rumors
------------------------------------
Leeds United denied reports Iraqi billionaire Nadhmi Auchi is
interested in acquiring the troubled football club, Scotsman
says.
Mr. Auchi reportedly plans to move the football club to a newly
built stadium and inject fresh funds into the team. Leeds,
however, said in a statement that no negotiations have taken
place between the billionaire and the club. They added they are
frustrated by the report, which only creates uncertainties on
Leeds' future.
The statement further said, "As has been previously stated, the
club is committed to staying at Elland Road and will continue to
examine all opportunities open to them, both in terms of
developing the site at Elland Road, around the football stadium,
or any investment interest."
CONTACT: LEEDS UNITED AFC
Elland Road
Leeds LS11 OES
Phone: 0113 367 6000
Fax: 0113 367 6050
Web site: http://www.leedsunited.com
MASTERLINK MANAGEMENT: Sets Creditors Meeting September 21
----------------------------------------------------------
The creditors of Masterlink Management Limited will meet on
September 21, 2004 commencing at 11:00 a.m. It will be held at
the New Connaught Rooms, 61-65 Great Queen Street, London.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon,
September 20, 2004.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Joint Administrators:
Stephen Blandford Ryman
Robert Derek Smailes
Tel: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
MAXIMUM DEGREE: Hires Joint Liquidators from PwC
------------------------------------------------
At a meeting of the members of Maximum Degree Limited on
September 2, 2004, the special and ordinary resolutions to wind
up the company were passed. Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT have been appointed joint liquidators of the
company for the purpose of such winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Cornwall Court
19 Cornwall Street,
Birmingham B3 2DT
Joint Liquidators:
Tim Walsh
Jonathan Sisson
Phone: [44] (121) 200 3000
Fax: [44] (121) 200 2464
Web site: http://www.pwc.com
M & D UTILITIES: Names Thompson Partnership Administrator
---------------------------------------------------------
Andrew W Thompson and Daniel P Hennessy have been appointed as
administrators for M & D Utilities Limited. The appointment was
made September 3, 2004. The company is engaged in general
construction and civil engineers.
CONTACT: THE THOMPSON PARTNERSHIP
The Old Halsall Arms,
2 Summerwood Lane,
Halsall L39 8RJ
Administrators:
Andrew W Thompson
Daniel P Hennessy
(IP Nos 5807, 1388)
MEPSEC LIMITED: Hires Joint Liquidators from Ernst & Young
----------------------------------------------------------
At an extraordinary general meeting of the Mepsec Limited on
August 27, 2004 held at The Thistle Tower Hotel, St Katharines
Way, London E1W 1LD, the special resolution to wind up the
company was passed. Patrick Joseph Brazzill and Margaret
Elizabeth Mills of Ernst & Young LLP, 1 More London Place,
London SE1 2AF have been appointed as joint liquidators for the
purpose of such winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Joint Liquidators:
Patrick Joseph Brazzill
Margaret Elizabeth Mills
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
MICRO GRAPHIX: General Meeting Set October 14
---------------------------------------------
The general meeting of the members and creditors of Micro
Graphix Limited will be on October 14, 2004 commencing at 10:00
a.m. and 10:30 a.m. respectively. It will be held at Baker
Tilly, City Plaza, Temple Row, Birmingham B2 5AF.
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 Baker Tilly, City Plaza, Temple Row,
Birmingham B2 5AF not later than 12:00 noon, October 13, 2004.
CONTACT: BAKER TILLY
City Plaza, Temple Row,
Birmingham B2 5AF
Liquidator:
P H Allen
Phone: 0121 214 3100
Fax: 0121 214 3101
Web site: http://www.bakertilly.co.uk
MILECHECK LIMITED: Final Meeting Set October 8
----------------------------------------------
The final meetings of the members and creditors of Milecheck
Limited will be on October 8, 2004 commencing at 10:00 a.m. and
10:15 a.m. respectively. It will be held at the offices of UHY
Hacker Young turnaround and recovery, St James Building, 79
Oxford Street, Manchester M1 6HT.
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 UHY Hacker Young, St James Building, 79
Oxford Street, Manchester M1 6HT not later than 12:00 noon,
October 7, 2004.
CONTACT: UHY HACKER YOUNG
St James Building,
79 Oxford Street,
Manchester M1 6HT
Liquidator:
R E C Cook
Phone: 0161 236 6936
Fax: 0161 228 0117
E-mail: manchester@uhy-uk.com
Web site: http://www.uhy-uk.com
M K L CONSTRUCTION: Names Rothman Pantall Liquidator
----------------------------------------------------
At an extraordinary general meeting of the M K L Construction
Limited on September 6, 2004 held at the offices of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London
SW1Y 4EP, the ordinary and extraordinary resolutions to wind up
the company were passed. Robert Derek Smalles and Stephen
Blandford Ryman, of Rothman Pantall & Co, Clareville House, 26-
27 Oxendon Street, London SW1Y 4EP have been appointed joint
liquidators of the company for the purpose of such winding-up.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Joint Liquidators:
Stephen Blandford Ryman
Robert Derek Smailes
Tel: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
PRODUCTPRESS LIMITED: Members, Creditors Meeting October 4
----------------------------------------------------------
The members and creditors of Productpress Limited will meet on
October 4, 2004 commencing at 10:30 a.m. and 10:45 a.m.
respectively. It will be held at the offices of Vantis Business
Recovery, 49 London Road, St Albans, Hertfordshire AL1 1LJ.
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 Vantis Business Recovery, Torrington House,
47 Holywell Hill, St Albans, Hertfordshire AL1 1HD not later
than 12:00 noon, October 1, 2004.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Liquidator:
P N Wastell
Web site: http://www.vantismt.com
RICHMOND METAL: Creditors to Meet Friday
----------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Richmond Metal Finish Co (UK) Ltd.
Notice is hereby given in accordance with section 48(2) of the
Insolvency Act 1986, that a Meeting of the Creditors of Richmond
Metal Finish Co (UK) Ltd. will be held at 1 East Parade,
Sheffield S1 2ET on September 17, 2004 at 11:30 a.m.
In accordance with Rule 3.11 (1) of the Insolvency Rules 1986, a
Creditor is entitled to vote only if details of the debt claimed
are submitted to the Receivers in writing no later than 12:00
noon the business day prior to the Meeting and where the
Creditors cannot attend in person, a form of proxy which the
Creditor intends to be used on his behalf is lodged with the
Receivers before the Meeting.
Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting. Unsecured Creditors
may request that a free copy of the Administrative Receivers'
report be sent to them.
Claims, proxies or requests should be sent to the Administrative
Receivers' at PricewaterhouseCoopers L.L.P. at the address
below.
T. S. Underwood & I. D. Green,
Joint Administrative Receivers
August 25, 2004
CONTACT: PRICEWATERHOUSECOOPERS L.L.P.
1 East Parade
Sheffield S1 2ET
Phone: [44] (114) 272 9141
Fax: [44] (114) 275 2573
Web site: http://www.pwcglobal.com
RING-GARD: Appoints PKF Administrator
-------------------------------------
Ian James Gould and Brian James Hamblin have been appointed
administrators for Ring-Gard (UK) Limited. The appointment was
made September 3, 2004.
The company installs security doors. Its registered office is
located at Unit 30, Hurst Business Park, Navigation Drive,
Brierly Hill, West Midlands DY5 1UT.
CONTACT: PKF
New Guild House,
45 Great Charles Street,
Queensway, Birmingham B3 2LX
Administrators:
Ian James Gould
Brian James Hamblin
(IP Nos 7866, 2085)
Phone: 0121 212 2222
Fax: 0121 212 2300
E-mail: info.birmingham@uk.pkf.com
Web site: http://www.pfk.co.uk
ROYAL & SUNALLIANCE: Shareholders Okay Sale of U.K. Life Biz
------------------------------------------------------------
The Royal & SunAlliance EGM to request shareholder approval for
the disposal of the U.K. Life operations to Resolution Life
Group took place Thursday. The resolution was passed with a
substantial majority, with over 99% of the proxy votes cast
being in favor of the disposal.
A copy of the ordinary resolution passed has been submitted to
the U.K. Listing Authority, and will shortly be available for
inspection at the U.K. Listing Authority's Document Viewing
Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel. no. (0)20 7676 1000
(Documents will usually be available for inspection within six
normal business hours of this notice being given).
For more information about Royal & Sun Alliance Insurance Group
plc please visit http://www.royalsunalliance.com
CONTACT: ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (NYSE: RSA)
30 Berkeley Sq.
London W1J 6EW,
United Kingdom
Phone: +44-20-7636-3450
Fax: +44-20-7636-3451
Web site: http://www.royalsunalliance.com
RNH ONE: Members, Creditors Final Meeting September 24
------------------------------------------------------
The final meeting of the members and creditors of RNH One to
Seventeen (excluding Thirteen) Limited (Inclusive) will be on
September 24, 2004 commencing at 10:30 a.m. and 11:00 a.m.
respectively. It will be held at Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ.
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 Wilson Pitts, Glendevon House, Hawthorn
Park, Coal Road, Leeds LS14 1PQ not later than 12:00 noon,
September 23, 2004.
CONTACT: WILSON PITTS
Glendevon House,
Hawthorn Park, Coal Road,
Leeds LS14 1PQ
Joint Liquidator:
J N R Pitts
SIGN SHOP: Director Receives Twelve-year Ban
--------------------------------------------
A director of a manufacturing and marketing signs business that
failed with total debts of around GBP347,000 has given an
Undertaking not to hold directorships or take any part in
company management for 12 years.
The Undertaking by Kenneth John Clark White, 59, of Chandlers
Court, Instow, Devon, was given in respect of his conduct as
director of The Sign Shop Barnstaple (North Devon) Limited,
which carried on business from premises at Two Rivers Industrial
Estate, Braunton Road, Barnstaple, Devon and Little Bridge,
Oilmill Lane, Clyst St Mary, Exeter, Devon.
Acceptance of the Undertaking on September 1, 2004 prevents
Kenneth John Clark White from being a director of a company or,
in any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above period.
The Company was placed into voluntary liquidation on January 30,
2002 with an estimated deficiency of GBP347,292 as regards to
creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section 6 of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Kenneth John Clark
White were that:
(a) He acted as a director and/or in the management of the
Company although during this period he was an undischarged
Bankrupt;
(b) He caused or allowed the Company to trade to the detriment
of HMCE and the Inland Revenue;
(c) He failed to deliver, maintain and preserve adequate
accounting records; and
(d) He caused the Company to consistently fail to comply with
statutory obligations.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
SUPREME ALUSHIELD: Creditors to Meet September 23
-------------------------------------------------
The creditors of Supreme Alushield Limited will meet on
September 23, 2004 commencing at 11:00 a.m. It will be held at
UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y
5DH.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St Alphage House, 2 Fore
Street, London EC2Y 5DH not later than 12:00 noon, September 22,
2004.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street,
London EC2Y 5DH
Joint Administrators:
Andrew Andronikou
Ladislav Hornan
Phone: 020 7216 4600
Fax: 020 7638 2159
Web site: http://www.uhy-uk.com
THE OXFORD: Sets Creditors Meeting September 28
-----------------------------------------------
The creditors of The Oxford Investment & Consulting Group Plc
will meet on September 28, 2004 commencing at 10:30 a.m. It
will be held at the Shaw Park Plaza, 100-110 Euston Road, London
NW1 2AJ.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Grant Thornton, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP not later than 12:00 noon,
September 27, 2004.
CONTACT: GRANT THORNTON UK LLP
22 Melton Street, Euston Square,
London NW1 2EP
Joint Administrator:
M Ellis
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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