/raid1/www/Hosts/bankrupt/TCREUR_Public/040930.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
Thursday, September 30, 2004, Vol. 5, No. 194
Headlines
C Z E C H R E P U B L I C
OSKAR HOLDINGS: 'B' Corporate Rating Affirmed; Outlook Stable
F I N L A N D
BENEFON OYJ: Posts Rights Issue Prospectus
BENEFON OYJ: Shareholders to Take up Rights Issue at EGM Today
F R A N C E
CORDIER MESTREZAT: Principal Boudeaux Asset Up for Sale
ETAM: Posts EUR21.1 Million Interim First-half Loss
EURO DISNEY: Creditors Approve Amended Debt Plan
PERRIER: Nestle France Shelves Sell-off Plan
G E R M A N Y
AUTOHAUS GERBERMUHLE: Under Bankruptcy Administration
BITBURGER MASCHINENFABRIK: Insolvency Manager Takes over Helm
DAS DIENSTLEISTUNGSPAKET: Applies for Bankruptcy Proceedings
ELEKTRO EBERT: Creditors Have Until Today to File Claims
EMESMA WERKZEUGE: Administrator's Report Out November
HERMANN HEIMBUCH: Sets First Creditors' Meeting November
MYKOPLANT AUSSENHANDELSGES.: Under Bankruptcy Administration
H U N G A R Y
DUNAFERR RT: Creditor Left Out of Sale Talks Sues
I T A L Y
FINMATICA SPA: Fails to Get Fresh Funds; Mulls Liquidation
GIACOMELLI SPORTS: Cisalfa Acquires Longoni and Sport&Natura
N E T H E R L A N D S
VERSATEL TELECOM: Publicly Traded Warrants to Expire Next Month
P O L A N D
DAEWOO-FSO: Teetering on the Brink of Bankruptcy
ZM POZMEAT: Management Fails to Save Firm; Files for Insolvency
R U S S I A
BYT-SCHVEY-MASH: Creditors Have Until Mid-October to File Claims
HANGAR-STROY: Declared Insolvent
KAMBARSKIY ENGINEERING: Undergoes External Management Procedure
MAGNITOGORSKIY AUTO-CENTRE: Bankruptcy Proceedings Begin
MELENKOVSKIY LINEN: Vladimir Court Sets Hearing Early Next Year
MIKHAYLOVSKAYA AGRICULTURAL: Court Appoints Insolvency Manager
SKOPINSKIY: Engineering Company Succumbs to Bankruptcy
SPETS-TRANS-OIL-STROY-SEVICE: Files for Bankruptcy
STATE ENTERPRISE: Mordoviya Court Appoints Insolvency Manager
VARNA-AGRO-STROY: Insolvency Manager Takes over Operations
S L O V A K R E P U B L I C
EUROTEL BRATISLAVA: Corporate Credit Rating on CreditWatch
S W I T Z E R L A N D
ASCOM: Wins CHF20 Mln Order from Norwegian State Railways
CONVERIUM AG: Shareholders Approve Capital Increase
U K R A I N E
AGRO: Chief of Liquidation Commission to Oversee Wind-up
ANDRUSHIVKA' SUGAR: Bankruptcy Case Pending in Zhitomir Court
BEREZAN' REPAIR: Under Bankruptcy Supervision
ENERGO-BRIDGE: Declared Insolvent
HORTITSYA-AGRO: Bankruptcy Proceedings Begin
KOMINTERN: Court Appoints Liquidator
MIR: Herson Court Names Insolvency Manager
MUROVANOKURILOVETSKE AUTO: Insolvency Manager Takes over Helm
U N I T E D K I N G D O M
2020ME HOLDINGS: Sets General Meeting November
ACET LIMITED: Hires Ian William Kings as Liquidator
AE TUNLEY: Liquidator's Report Out Next Month
A K CONSTRUCTION: Members Agree to Wind up Business
A L DIGITAL: Names Wilkins Kennedy Liquidator
BAE SYSTEMS: U.S. Unit to Acquire Alphatech for US$88.4 Mln
BAGNALL GROUP: Business for Sale
BARKLAND MANAGEMENT: Creditors' Meeting Next Week
BERKELEY WEALTH: Calls in Liquidator from Wilkins Kennedy
BRADFORD & DISTRICT: Liquidator to Present Report November
BRIDGEVIEW LEISURE: Members, Creditors to Meet November
BTMIT LTD.: Japanese Parent Decides to Liquidate Subsidiary
CASH REGISTERS: Winding up Resolutions Passed
COMPUTER TECHNOLOGY: Calls in Liquidator from Valentine & Co
DAR-TON INSULATION: Creditors Meeting Set Next Week
DAWSON INTERNATIONAL: Issues Circular on Joseph Dawson Sale
DEBSONS LIMITED: Hires Tenon Recovery as Administrator
DUNLOP STANDARD: 'B/CCC+' Ratings Off S&P's CreditWatch
EQUITABLE LIFE: Funds Enough to Cover Future Claims
EUROPEAN NETWORK: Nomination of Liquidator Set Next Week
FILTRONIC PLC: Considering IPO of Mobile Antenna Shares
FINCHER & SMITH: Insolvency Manager to Meet Creditors
FOOD HYGIENE: Statement of Affairs Out Next Week
GLOBAL SEALING: Names Joint Administrators from Ernst & Young
H C LOCUMS: Extraordinary Winding up Resolution Passed
I D L NETWORK: Sets Creditors' Meeting Next Week
INTERMODAL MARITIME: Calls in Liquidators from KPMG
INTERNATIONAL POWER: Appoints New Non-Executive Director
INVESTEC INVESTMENT: Members Final Meeting Set Next Month
JARVIS PLC: Kevin Hyde Resigns as Chief Executive
KOCH CAPITAL: Special Winding up Resolution Passed
KOCH GLOBAL: Hires Joint Liquidators from Ernst & Young
LABIS MANAGEMENT: Meeting of Firm's Creditors Set
LB3000 LIMITED: Appoints Tenon Recovery Administrator
LOGITEXT UK: Sets Creditors Meeting Next Week
MISYS PLC: Affirms Outlook for Full Year
NORTHERN FOODS: Underlying Sales Increased by 5.5%
NTL INCORPORATED: Acquires Remaining 51% of Virgin.net
PARADISE COMPUTERS: Names Stoy Hayward Administrator
PENNYWELL COMMUNITY: Appoints Robson Laidler Liquidator
POLYNAMIC COATINGS: Members Final Meeting Set Next Month
PREMIER CASTLE: Second Director Gets Disqualification
PRIDEMARK MAINTENANCE: Names Liquidators from Elwell Watchorn
SCIPHER PLC: Calls in Administrative Receivers
U4 PRINT: Placed Into Voluntary Liquidation, Bosses Receives Ban
UNWINS: Could Name New Owners by End of October
WFS HOLDINGS: Members Final Meeting Set in Two Month
WH SMITH: Completes Hodder Headline Disposal
*********
===========================
C Z E C H R E P U B L I C
===========================
OSKAR HOLDINGS: 'B' Corporate Rating Affirmed; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to cellular holding company Oskar
Holdings N.V. (Oskar Holdings) and its wireless operating
subsidiary Oskar Mobil a.s. At the same time, Standard & Poor's
assigned its 'B' rating to the company's EUR325 million senior
secured notes due 2011 and its 'B' rating to the company's
EUR250 million senior secured credit facility with final
maturity in 2010. The senior secured credit facility and senior
secured notes, which rank pari passu and share equally and
ratably in security, were assigned a '3' recovery rating. The
'3' recovery rating indicates expectations for a meaningful
(50%-80%) recovery of principal in the event of a default or
bankruptcy. The outlook is stable.
The ratings on Oskar Holdings are based on the consolidation of
the company with its wholly owned subsidiary Oskar Finance B.V.,
and 99.87% indirectly owned subsidiary Oskar Mobil a.s., (Oskar
Holdings and its subsidiaries are collectively referred to as
Oskar Mobil) a mobile wireless services operator in the Czech
Republic. The debt will be placed at the operating subsidiary
Oskar Mobil a.s.
"The ratings on Oskar Mobil reflect a weak financial risk
profile, which is characterized by a high level of debt,
relatively weak credit metrics, and limited financial
flexibility," said Standard & Poor's credit analyst Joe Morin.
"The ratings are further driven by a relatively weak, but
improving, business profile based on solid execution by
management as the third operator in a highly competitive
wireless industry in the Czech Republic," Mr. Morin added.
Oskar Mobil is the smallest of three operators in a competitive
Czech wireless market. The company's two competitors are
Eurotel Praha Spol s.r.o., a wholly owned subsidiary of
fixed-line incumbent Cesky Telecom and T-Mobile Czech Republic
a.s., a subsidiary of Deutsche Telecom.
Despite Oskar Mobil's late entry to the market, the company, now
just in its fifth year of operation, has executed well to gain
market share rapidly, which is at about 20% as measured by
revenue. Nevertheless, competitors generate substantially
higher revenues and cash flow, have greater financial resources,
and the support of two financially strong parents. Penetration
in the Czech market is also very high, which could result in the
market reaching saturation levels in the medium term. If
saturation levels are reached, growth will be constrained for
all operators. This constraint could put at risk what has been
a relatively stable and rational pricing environment.
The stable outlook reflects Standard & Poor's expectations for
continued moderate growth for Oskar Mobil in the Czech wireless
market. Furthermore, the company is expected to sustain its
position as a competitive third operator. The outlook further
reflects expectations that consolidated leverage and other
credit protection measures will not deteriorate from current
levels. The company's ability to continue generating at least
breakeven free operating cash flow is also important to maintain
the ratings.
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 at
http://www.standardandpoors.com.
CONTACT: OSKAR MOBIL A.S.
Vinohradska 167
Praha 10 100 00
Phone: 800 770 077
Web site: http://www.oskarmobil.cz
=============
F I N L A N D
=============
BENEFON OYJ: Posts Rights Issue Prospectus
------------------------------------------
The listing prospectus (in Finnish only) for the shareholders'
rights issue of Benefon Oyj, being prepared to be offered in
October 2004 and the availability of which was made public in a
release in September 27, 2004, is now available as a PDF file at
http://www.benefon.com.
According to the said prior bulletin, the listing prospectus is
available at no cost also in these places:
(a) Company head office in address Meriniitynkatu 11, 24100,
Salo, Finland
(b) HEXgate in address Fabianinkatu 14, 00130 Helsinki, Finland
(c) In these Finnish offices of Nordea Pankki Suomi Oyj:
Salo Turuntie 4
Helsinki Aleksanterinkatu 30
Turku Kauppiaskatu 9B
Tampere Hameenkatu 22
Oulu Kirkkokatu 6
A PDF-file may also be sent via e-mail by sending a request to
minna.suokas@benefon.fi.
The listing prospectus will be complemented with information
about the subscription price of the shareholders' rights issue
as soon as it, as detailed in the call of the extraordinary
general meeting made public on September 10 2004, has been
decided on the basis of the volume weighted average price of the
company's share over period September 22 to October 8, 2004,
which is estimated to take place approximately on October 11,
2004. The prospectus complement will be made public according
to 7SS of chapter 2 of the Finnish securities market act (AML),
and also it will be available at no cost in places listed above,
including the company Web site.
Benefon Oyj
Tomi Raita
CEO
CONTACT: BENEFON OYJ
P.O. Box 84
Meriniitynkatu 11
FIN-24101 Salo, Finland
Phone: +358-2-77 400
Fax: +358-2-733 2633
Web site: http://www.benefon.com
BENEFON OYJ: Shareholders to Take up Rights Issue at EGM Today
--------------------------------------------------------------
The reference period for determining the subscription price in
Benefon Oyj shareholders' rights issue started September 22,
2004.
As detailed in the call of the extraordinary general meeting on
September 30, 2004, made public on September 10, 2004, the
subscription price in the shareholders' rights issue of October
2004, now being prepared, will be determined, according to the
Board proposal, as the trading volume weighted average price of
the company's share over the period September 22 to October 8,
2004 discounted by 15% and rounded down to nearest full eurocent
but, however, not more than the previously decided
EUR0.22649839.
The reference period for determining the subscription price in
the shareholders' rights issue in accordance with the said Board
proposal has now begun on September 22, 2004 and it will
continue until October 8, 2004.
The determination of the subscription price will be finally
confirmed in the said extraordinary general meeting of September
30, 2004 resolving about the said Board proposal.
The company will make public the subscription price determined
as detailed above right after it having been determined,
approximately on October 11, 2004. The subscription period
reserved for the entitled shareholders will begin on October 15,
2004 and end on October 29, 2004.
Benefon Oyj
Tomi Raita
CEO
CONTACT: BENEFON OYJ
P.O. Box 84
Meriniitynkatu 11
FIN-24101 Salo, Finland
Phone: +358-2-77 400
Fax: +358-2-733 2633
Web site: http://www.benefon.com
===========
F R A N C E
===========
CORDIER MESTREZAT: Principal Boudeaux Asset Up for Sale
-------------------------------------------------------
Trading house Cordier Mestrezat is selling its prized
wine-growing estates in Bordeaux to alleviate serious financial
difficulties.
Cordier Mestrezat was formed from the merger of Cordier and
Mestrezat, which was acquired by co-operative Listel Val
d'Orbieu from partner Swiss-Luxembourg group TAG three years
ago. It was among the 10 most important Boudeaux companies at
the end of 2002, but has been heavily in debt since.
The property now for sale has a total area of around 350 ha. and
is Cordier's principal assets, according to Les Echos. The
vineyard grows grapes for the company's major wine labels Rayne
Vigneau (Sauternes) and Grand-Puy Ducasse (Pauillac).
Cordier Mestrezat reported insignificant profits in 2001 and
2002, but its debts surpassed its equity considerably, amounting
to more than EUR110 million. Turnover fell by almost 10% in
2002. Figures for last year are yet unavailable as the firm
extended its business period from 12 to 18 months. It
previously laid down plans for a capital increase that had not
materialized so far.
ETAM: Posts EUR21.1 Million Interim First-half Loss
---------------------------------------------------
Women's wear retailer Etam reported an unexpected interim loss
of EUR21.1 million and operating loss of EUR7.8 million for the
first half to June of 2004, according to Les Echos. In the same
period last year, the operating result was a profit of EUR13.2
million.
Group turnover for the first six months dropped 1.8% to EUR502
million, and 4.1% store-for-store. Revenues decline by 1.9% in
France, 12% in U.K. and 6.3% in the rest of Europe. In China,
turnover increased by 19.4%, to EUR41 million. Chairman
Jean-Claude Darrouzet tendered his resignation after revealing
the figures.
Etam reported an operating loss of EUR19.9 million for its U.K.
store business due to high staff turnover, price pressure and an
inability to find a market position in line with consumer
expectations. The figure is down from a loss of EUR12.9 million
in the same period last year.
Etam U.K. managing director Nick Paine said the chain was able
to report positive like-for-like sales over the past
two-and-a-half months, after the restructuring of its management
team. It is planning to revamp its plus-size range, which
contributes towards 30% of ladies' wear sales.
In 2002, the group inched closer to recovery after reversing a
loss of EUR31.4 million the previous year.
CONTACT: ETAM
Web site: http://www.etam.com
EURO DISNEY: Creditors Approve Amended Debt Plan
------------------------------------------------
Lenders of Euro Disney S.C.A., operator of Disneyland Resort
Paris, unanimously approved an amended Memorandum of Agreement,
which is largely the same as the MOA signed by the Company, The
Walt Disney Company and Caisse des Depots et Consignations and
approved by the Steering Committee of the Company's other
lenders on June 8, 2004. The changes effected by the amended
MOA include these significant items:
(a) The interest rates on approximately EUR450 million of the
Company's senior debt will be increased by approximately two
percentage points;
(b) Final repayment date on certain senior debt will be extended
to 2012, instead of 2014;
(c) The Company has obtained an additional EUR30 million of
permanent concessions related to certain subordinated debt.
The terms of the MOA will be effective October 1, 2004, although
the agreement will remain subject to certain regulatory and
other approvals, final legal documentation and the completion of
a EUR250 million equity rights offering by March 31, 2005.
Along with the approval of the MOA, the lenders extended until
December 1, 2004 a waiver of certain covenant violations related
to fiscal year 2003 and granted a waiver for certain potential
fiscal year 2004 covenant violations. Such waivers are intended
to allow time for finalization of legal documentation, which is
contemplated to include covenant waivers until completion of the
rights offering.
Andre Lacroix, Chairman and Chief Executive Officer of Euro
Disney S.A.S., said: "[This] announcement is a significant step
towards further developing the magic of Disneyland Resort Paris.
This agreement paves the way for exciting new rides and
attractions that will entertain and delight our guests. We
appreciate the commitment of The Walt Disney Company in
achieving this major milestone and their ongoing creative
energies that help make Disneyland Resort Paris the number one
tourist destination in Europe."
Jeffrey R. Speed, Chief Financial Officer of Euro Disney S.A.S.,
said: "We are extremely pleased to have obtained the unanimous
consent of our lenders to the MOA. Once implemented, the
agreement will provide significant liquidity, including measures
intended to mitigate the adverse impact of business volatility,
as well as capital to invest in exciting new rides and
attractions that are essential to our long-term growth."
Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris which includes: Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,033 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining,
shopping and entertainment center, and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land. Euro Disney
S.C.A.'s shares trade in Paris (SRD), London and Brussels.
CONTACT: EURO DISNEY S.C.A.
Corporate Communication
Philippe Marie
Phone: +331 64 74 59 50
Fax: +331 64 74 59 69
E-mail: philippe.marie@disney.com
Investor Relations
Sandra Picard-Rame
Phone: +331 64 74 56 28
Fax: +331 64 74 56 36
E-mail: sandra.picard@disney.com
Web site: http://www.eurodisney.com
Code ISIN: FR0000125874 Code Reuters: EDL.PA
Sicovam: 12 587 Code Bloomberg: EDL FP
PERRIER: Nestle France Shelves Sell-off Plan
--------------------------------------------
Nestle Waters France is no longer thinking of selling the
Perrier brand, at least for now.
After successfully convincing the CGT union on Tuesday to accept
its early retirement offer for some 1,000 employees, the company
promised to keep the plant in Vergeze, where water has been
bottled since 1863, according to BBC News.
But it's not yet smooth-sailing from here on. Nestle says it
will continue investing in the plant only if it shows
substantial productivity improvement. According to the Swiss
food giant, Perrier is less efficient than its Italian water
brand San Pellegrino. The company wants annual productivity to
triple from 600,000 to 1.8 million bottles per worker.
"If there is no investment and no productivity improvement by a
certain point, there is ultimately no reason to keep the site,"
says Nestle spokesman Hubert Genieys.
For its part, the CGT union, which represents 85% of Perrier
workers, warns Nestle not to expect full cooperation in the
implementation of restructuring plans. Up until Tuesday, CGT
was the only holdout of the unions consulted by Nestle about its
early retirement plan. And even after giving its nod to the
plan, it remained belligerent, refusing to sign a labor accord
on Tuesday.
Nestle's threat to sell Perrier, which has become a national
symbol, has stirred France. The proposed sell-off sparked
speculations that Perrier's production would be moved abroad, a
scenario that runs counter to the government's effort to keep
jobs in the country. This prompted Interior Minister Nicolas
Sarkozy to summon the head of Nestle's French operation for
talks and personally called union leaders, according to the
report.
CONTACT: NESTLE WATERS FRANCE S.A.
9, Rue Maurice
Mallet TSA 40001
92793 Issy Les Moulineaux
Cedex 9
Phone: 33 (0) 1 41 23 38 00
Fax: 33 (0) 1 41 23 69 00
Web site: http://www.nestle-waters.com
=============
G E R M A N Y
=============
AUTOHAUS GERBERMUHLE: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Autohaus Gerbermuhle GmbH on September 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until January 26, 2005 to
register their claims with court-appointed provisional
administrator Dr. Holger Lessing.
Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:35 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt 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: AUTOHAUS GERBERMUHLE GMBH
Speckweg 3, 60599 Frankfurt am Main
Contact:
Klaus Schmitt, Manager
Dr. Holger Lessing, Insolvency Manager
Hanauer Landstrasse 287-289
60314 Frankfurt am Main
Phone: 069/15051300
Fax: 069/15051400
BITBURGER MASCHINENFABRIK: Insolvency Manager Takes over Helm
-------------------------------------------------------------
The district court of Bitburg opened bankruptcy proceedings
against Bitburger Maschinenfabrik GmbH & Co. KG on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until November 10,
2004 to register their claims with court-appointed provisional
administrator Dr. Dr. Thomas B. Schmidt.
Creditors and other interested parties are encouraged to attend
the meeting on November 17, 10:00 at the district court of
Bitburg at which time the administrator will present his first
report of the insolvency proceedings. The court will verify the
claims set out in the administrator's report on December 13,
2004, 10:00 a.m. at the same venue.
CONTACT: BITBURGER MASCHINENFABRIK VERWALTUNGSGESELLSCHAFT MBH
54636 Messerich
Contact:
Wolfgang Kaldensky, Manager
Dr. Dr. Thomas B. Schmidt, Insolvency Manager
Kalenfelsstr. 5a, 54290 Trier
DISTRICT COURT OF BITBURG
Saal 128 Gerichtsstrasse 2/4, 54634 Bitburg
DAS DIENSTLEISTUNGSPAKET: Applies for Bankruptcy Proceedings
------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Das Dienstleistungspaket GmbH on September 10.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 13,
2004 to register their claims with court-appointed provisional
administrator Georg Kreplin.
Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2004, 9:15 a.m. at the district court
of Dusseldorf 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: DAS DIENSTLEISTUNGSPAKET GMBH
Eisenhuttenstr. 4, 40882 Ratingen
Contact:
Gabriele Grundner, Manager
Herderstr. 62, 40882 Ratingen
Martin Grimme, Manager
Eisenhuttenstr. 4, 40882 Ratingen
Georg Kreplin, Insolvency Manager
Berliner Allee 21, 40212 Dusseldorf
DISTRICT COURT OF DUSSELDORF
Hauptstelle, Muhlenstrasse 34, 40213
Dusseldorf, 4. OG. Altbau, A 409
ELEKTRO EBERT: Creditors Have Until Today to File Claims
--------------------------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Elektro Ebert GmbH on August 28. 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
Miguel Grosser.
Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2004, 9:00 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on February 8, 2004, 9:40 a.m. at Jeweils
Saal 2, Geb. F, Klingerstr. 20, 60313 Frankfurt.
CONTACT: ELEKTRO EBERT GMBH
Bottgerstr. 11, 60389 Frankfurt am Main
Miguel Grosser, Insolvency Manager
Munchener Strasse 13, 60329 Frankfurt am Main
Phone: 069/2400650
EMESMA WERKZEUGE: Administrator's Report Out November
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against EMESMA Werkzeuge-Messgerate-und
Maschinen-Handelsgesellschaf on September 6. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until December 23, 2004 to register
their claims with court-appointed provisional administrator
Joachim Voigt.
Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 9:50 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on January 20, 2005, 9:10 a.m. at the
district court of Charlottenburg.
CONTACT: EMESMA WERKZEUGE-MESSGERATE-UND MASCHINEN-
HANDELSGESELLSCHAF
Haftung, Hohenweg 25, 13595 Berlin
Joachim Voigt, Insolvency Manager
Rankestrasse 33, 10789 Berlin.
DISTRICT COURT OF CHARLOTTENBURG
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218
HERMANN HEIMBUCH: Sets First Creditors' Meeting November
--------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Hermann Heimbuch Reprografie-Betrieb GmbH & Co KG on
September 8. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
October 21, 2004 to register their claims with court-appointed
provisional administrator Egon Trockel.
Creditors and other interested parties are encouraged to attend
the meeting on November 5, 2004, 9:00 a.m. at the district court
of Essen 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: HERMANN HEIMBUCH REPROGRAFIE-BETRIEB GMBH & CO KG
Kruppstr. 82-100, 45145 Essen
Egon Trockel, Insolvency Manager
Zweigertstrasse 43, 45130 Essen
Phone: (0201) 793613
DISTRICT COURT OF ESSEN
Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG,
gelber Bereich, Saal 185
MYKOPLANT AUSSENHANDELSGES.: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Mykoplant Aussenhandelsges. mbH i.G., on August 27.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until October 8, 2004
to register their claims with court-appointed provisional
administrator Dr. Christoph Junker.
Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2004, 9:45 a.m. at the district
court of Dresden 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: MYKOPLANT AUSSENHANDELSGES. MBH i.G.
Grossenhainer Str. 163 in 01129 Dresden
Dr. Christoph Junker, Insolvency Manager
Karcherallee 25a, 01277 Dresden
Web site: http://www.dresden@junker-kollegen.de
DISTRICT COURT OF DRESDEN
Saal D132, Amtsgericht Dresden
Olbrichtplatz 1, 01099 Dresden
=============
H U N G A R Y
=============
DUNAFERR RT: Creditor Left Out of Sale Talks Sues
-------------------------------------------------
One of Dunaferr's creditors is suing the company in relation to
its sale to the Donbass-Duferco consortium, Budapest Business
Journal reports.
First Hungarian-American Energy Producer and Service Provider
(EMA-Power), which supplies power to Dunaferr, claimed it was
excluded in sell-off negotiations between Donbass-Duferco,
Dunaferr and creditor banks. Filed on August 17, the suit is
demanding the return of HUF2.5 billion (EUR10 million) in loans
to Dunaferr subsidiary Dunaferr Energy Service Provider.
The Donbass-Duferco consortium concluded negotiations with
Dunaferr after agreeing to shoulder around HUF60 billion in
debts. It is expected to take possession of the company in the
coming days. Dunaffer said it will settle the matter after the
conclusion of the sale.
Dunaferr owns a 49% stake in EMA-Power; EPIC Hungary, a
subsidiary of U.S. power giant El Paso, holds the remainder.
=========
I T A L Y
=========
FINMATICA SPA: Fails to Get Fresh Funds; Mulls Liquidation
----------------------------------------------------------
Loss-making software group Finmatica may soon apply for
liquidation after majority owner, Pierlugi Crudule, ignored a
request for additional cash injection, Il Sole 24 Ore says.
Finmatica also failed to reach an agreement with creditor banks
regarding its financial restructuring. Unless a white knight
rescues the troubled company, Finmatica's board of directors
will propose to shareholders during a meeting on October 5 to
put the group into liquidation.
Finmatica's creditor banks are only willing to rescue and
restructure the group's core, profitable banking and insurance
division. Finmatica posted a EUR6 million trading loss in July
and August, as its French subsidiary filed for receivership on
September 16.
CONTACT: FINMATICA S.p.A.
Via Cannizzaro
83/A 00156 Roma
Phone: +39 06/439911
Fax: +39 06/43991259
Web site: http://www.finmatica.com
GIACOMELLI SPORTS: Cisalfa Acquires Longoni and Sport&Natura
------------------------------------------------------------
Cisalfa will take over nineteen outlets of sports retail chains,
Longoni Sport and Sport&Natura, both owned by bankrupt sporting
goods group Giacomelli Sports, Il Sole 24 Ore says.
Cisalfa said the buy-out has gained the approval of Giacomelli's
receivers and clearance from the Trade Ministry. Cisalfa will
take over the outlets' contracts, merchandise and fixtures, but
not its debts. Cisalfa expects to complete the acquisition in
the first half of October and intends to relaunch Longoni as a
separate brand.
CONTACT: GIACOMELLI SPORT S.p.A.
Via Nuova Circonvallazione Ovest, 14/16
47900 Rimini Italia
Phone: +39 541 748611
Fax: +39 541 742201
Web site: http://www.giacomellisport.com
=====================
N E T H E R L A N D S
=====================
VERSATEL TELECOM: Publicly Traded Warrants to Expire Next Month
---------------------------------------------------------------
Versatel Telecom International N.V. , gives notice of the
expiration of its outstanding and Euronext Amsterdam publicly
traded warrants (ISIN NL0000437952). Until October 11, 2004,
the warrants may be exercised in accordance with the terms.
Consequently the last day of trading of the warrants is October
6, 2004.
Based in Amsterdam, Versatel Telecom International N.V.
(Euronext: VRSA) is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the
Netherlands, Belgium and Germany. Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,700 employees.
Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and Internet
services. Versatel is a publicly traded company on Euronext
Amsterdam under the symbol "VRSA".
* * *
Versatel's net loss for the quarter ended June 30, 2004 was EUR4
million compared with a net loss of EUR12 million in 2Q03 and a
net loss of EUR7 million in 1Q04
CONTACT: VERSATEL N.V.
AJ Sauer
Corporate Finance & Investor Relations Manager
Phone: +31-20-750-1231
E-mail: aj.sauer@versatel.nl
Anoeska van Leeuwen
Director Corporate Communications
Phone: +31-20-750-1322
E-mail: anoeska.vanleeuwen@versatel.nl
===========
P O L A N D
===========
DAEWOO-FSO: Teetering on the Brink of Bankruptcy
------------------------------------------------
Daewoo-FSO could soon fall into bankruptcy unless creditor banks
agree to extend debt payment deadlines.
The company is desperately seeking a delay in the collection of
PLN20 million by three months. It has already approached Bank
Pekao, which had previously vowed to reject any postponement of
interest payments.
"We see no grounds to postpone the date because the company is
doing nothing to improve its situation," said bank spokesperson
Robert Moren. When worse comes to worst, the company could file
for bankruptcy, the report said.
Daewoo-FSO's six creditor banks agreed last year to receive
payments in installments. They are owed more than PLN500
million, according to the report. Marek Dyzakowski, the head of
the Engineers and Technicians Union in the Zeran plant, blamed
the failed capital increase promised by the State Treasury for
the cash crunch.
Daewoo's only hope is for Shanghai Automotive Industry
Corporation and Britain's Rover group -- the two investors that
have expressed interest in the company in recent months -- can
come up with acquisition offers by mid-October.
ZM POZMEAT: Management Fails to Save Firm; Files for Insolvency
---------------------------------------------------------------
After years of wrangling over how the company should be managed,
shareholders of ZM Pozmeat have finally decided to liquidate the
meat company, Europe Intelligence Wire says.
Pozmeat Spokesman Tomasz Sobota says the company had no choice
and that efforts by management to save the indebted firm have
come to naught. For years now, individual and corporate
shareholders have traded accusations of over-investing,
excessive debt, and obstruction of plans to improve the
situation, among others.
If accepted, the application for liquidation will lead to the
appointment of a receiver. Pozmeat owes creditors more than
PLN90 million, the bulk of which is to BPH bank, one of the
company's corporate shareholders. In 2003, the company booked
PLN36 million in losses and PLN24 million in revenues.
CONTACT: ZM POZMEAT S.A.
61-757 Poznan ul. Garbary
Zalad Ubojowo-Przetwockzy
Ul. Poznanka 14, 62-023 Gadki
Phone: +48 61 817 9300-4
Fax: +48 61 817 9307
Web site: http://www.pozmeat.com.pl
===========
R U S S I A
===========
BYT-SCHVEY-MASH: Creditors Have Until Mid-October to File Claims
----------------------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy proceedings against LLC BYT-SCHVEY-MASH company after
finding the sewing machine maker insolvent. The case is
docketed as A11-7509/2003-K1-29B. Mr. V. Kodin has been
appointed insolvency manager. Creditors have until October 20,
2004 to submit their proofs of claim to 600017, Russia,
Vladimir, Post User Box 94.
CONTACT: BYT-SCHVEY-MASH
Russia, Gus Khrustaslniy
Mr. V. Kodin
Insolvency Manager
600017, Russia,
Vladimir, Post User Box 94
The Arbitration Court of Vladimir region
600025, Russia,
Vladimir, Oktyabrskiy Pr. 14
HANGAR-STROY: Declared Insolvent
--------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
proceedings against OJSC Hangar-Stroy after finding the firm
insolvent. The case is docketed as A19-11969/02-29. Mr. P.
Prudkin has been appointed insolvency manager. Creditors have
until October 20, 2004 to submit their proofs of claim to
665776, Russia, Irkutsk region, Bratsk, Angarstroya Str. 8.
CONTACT: HANGAR-STROY
665776, Russia,
Irkutsk region, Bratsk,
Angarstroya Str. 8
Mr. P. Prudkin
Insolvency Manager
665776, Russia,
Irkutsk region, Bratsk,
Angarstroya Str. 8
KAMBARSKIY ENGINEERING: Undergoes External Management Procedure
---------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
external management bankruptcy procedure on OJSC Kambarskiy
Engineering Plant. The case is docketed as A71-91/2003-G21.
Mr. A. Bagrov has been appointed external insolvency manager.
CONTACT: KAMBARSKIY ENGINEERING PLANT
427950, Russia,
Udmurtiya republic, Kambarka,
Sovetskaya Str. 23
Mr. A. Bagrov
External Insolvency Manager
115280, Russia, Moscow,
Avtozavodskaya Str. 14/23, VTI,
Office 802
MAGNITOGORSKIY AUTO-CENTRE: Bankruptcy Proceedings Begin
--------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy proceedings against Magnitogorskiy Auto-Centre Kamaz
after finding the company insolvent. The case is docketed as
A76-3344/04-32-10. Mr. S. Butyanov has been appointed
insolvency manager. Creditors have until October 20, 2004 to
submit their proofs of claim to 455000, Russia, Chelyabinsk
region, Magnitogorsk, 9th May Str. 12.
CONTACT: MAGNITOGORSKIY AUTO-CENTRE KAMAZ
455000, Russia,
Chelyabinsk region,
Magnitogorsk, 9th May Str. 12
Mr. S. Butyanov
Insolvency Manager
455000, Russia,
Chelyabinsk region,
Magnitogorsk, 9th May Str. 12
MELENKOVSKIY LINEN: Vladimir Court Sets Hearing Early Next Year
---------------------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision procedure on OJSC Melenkovskiy Linen
Combine (TIN 33190060066, OKPO 54616275). The case is docketed
as A11-5864/2004-K1-49B. Mr. V. Kobelun has been appointed
temporary insolvency manager.
Creditors may submit their proofs of claim to 115280, Russia,
Moscow, Avtozavodskaya Str. 14/23, VTI, Office 802. A hearing
will take place on January 20, 2005.
CONTACT: MELENKOVSKIY LINEN COMBINE
602102, Russia,
Vladimir region, Melenki,
Kommunisticheskaya Str. 1
Mr. V. Kobelun
Temporary Insolvency Manager
115280, Russia, Moscow,
Avtozavodskaya Str. 14/23, VTI,
Office 802
Phone: (095) 721-02-81
MIKHAYLOVSKAYA AGRICULTURAL: Court Appoints Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on OJSC Mikhaylovskaya
Agricultural Industrial Company. The case is docketed as
A12-6249/04-s55. Mr. A. Shlyakhov has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 400005, Russia, Volgograd, Lenina Pr., 12, room 17.
CONTACT: MIKHAYLOVSKAYA AGRICULTURAL INDUSTRIAL COMPANY
403340, Russia,
Volgograd region, Mikhaylovka,
Svobody Square, 34
Mr. A. Shlyakhov
Temporary Insolvency Manager
400005, Russia,
Volgograd, Lenina Pr. 12, Room 17
SKOPINSKIY: Engineering Company Succumbs to Bankruptcy
------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
proceedings against Skopinskiy after finding the engineering
company insolvent. The case is docketed as A54-5205/03-S6. Mr.
S. Staroverov has been appointed insolvency manager. Creditors
may submit their proofs of claim to 390046, Russia, Ryazan,
Mayakovskogo Str. 1A. letter OI.
CONTACT: SKOPINSKIY
Russia, Ryazan region,
Skopin, Zarechniy
Mr. S. Staroverov
Insolvency Manager
390046, Russia, Ryazan,
Mayakovskogo Str. 1A. letter OI
SPETS-TRANS-OIL-STROY-SEVICE: Files for Bankruptcy
--------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy proceedings against Spets-Trans-Oil-Stroy-Sevice
after finding the firm insolvent. The case is docketed as
A54-5205/03-S6. Mr. P. Alekseev has been appointed insolvency
manager. Creditors have until October 20, 2004 to submit their
proofs of claim to 400005, Russia, Volgograd, 7th Gvardeyskaya
Str. 2A, office 400.
CONTACT: SPETS-TRANS-OIL-STROY-SEVICE
403003, Russia,
Volgograd region, Gorodische,
Avtomobilistov Str. 6
Mr. P. Alekseev
Insolvency Manager
400005, Russia,
Volgograd, 7th Gvardeyskaya Str. 2A,
Office 400
STATE ENTERPRISE: Mordoviya Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Mordoviya region has commenced
bankruptcy proceedings against State Enterprise Combine Of
Production Enterprises after finding the firm insolvent. The
case is docketed as A39-2884/04-143/12. Mr. S. Kolekin has been
appointed insolvency manager.
CONTACT: STATE ENTERPRISE COMBINE OF PRODUCTION ENTERPRISES
Russia, Mordoviya republic,
Saransk, Alekandrovskoye Shosse, 19
Mr. S. Kolekin
Insolvency Manager
Russia, Mordoviya republic,
Saransk, Alekandrovskoye Shosse, 19
VARNA-AGRO-STROY: Insolvency Manager Takes over Operations
----------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on OJSC Varna-Agro-Stroy. The
case is docketed as A76-9659/04-34-19. Mr. G. Monetov has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to:
(a) Varna-Agro-Story
457200, Russia,
Chelyabinsk region, Varna,
Spartaka Str. 20
(b) Temporary Insolvency Manager
455000, Russia,
Chelyabinsk region, Magnitogorsk,
Metallurgov Pr. 2/a, Apartment 7
(c) The Arbitration Court of Chelyabinsk region
454000, Russia,
Chelyabinsk, Vorovskogo Str. 2
=============================
S L O V A K R E P U B L I C
=============================
EUROTEL BRATISLAVA: Corporate Credit Rating on CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Slovak mobile telecommunications
operator EuroTel Bratislava a.s. on CreditWatch with positive
implications.
The CreditWatch placement follows the announcement by Slovak
Telecom a.s., the dominant incumbent fixed-line operator in
Slovakia, that it has agreed terms to purchase the remaining 49%
in EuroTel that it does not already own from Atlantic West B.V.
consortium, controlled equally by U.S.-based Verizon
Communications Inc. (A+/Negative/--) and AT&T Wireless Services
Inc. (BBB/Watch Pos/A-2).
"Standard & Poor's believes that EuroTel's credit quality would
most likely be bolstered by the acquisition by Slovak
Telecom--reflecting both business and financial factors," said
Standard & Poor's credit analyst Michael O'Brien. "Furthermore,
under 100% ownership by Slovak Telecom, EuroTel's credit quality
could be higher than that of EuroTel on a stand-alone basis and
would most likely be investment grade."
Through its 51% ownership of Slovak Telecom, Deutsche Telekom
AG's (BBB+/Positive/A-2) strategic participation in EuroTel will
also increase to 51% from a previous 26%. The streamlined
ownership of EuroTel might improve the group's strategic
decision-making process, positively benefiting the operations
and market position of EuroTel -- for example, by the potential
rebranding of EuroTel under Deutsche Telekom's T-Mobile
Brand -- as has happened with a number of other telecoms
operators in which Deutsche Telekom has a strategic
participation. Also, a combined entity will balance the risks
associated with mobile and fixed-line telephony, a positive
feature shared by many integrated telecoms operators in Europe.
Standard & Poor's also believes that the increased ownership
link between Deutsche Telekom and EuroTel implies a degree of
financial support from Deutsche Telekom. This support and its
implications for the ratings on EuroTel have yet to be
evaluated. The remaining 49% of Slovak Telecom is owned by
Slovak government-related entities: the Slovak Ministry of
Transport and Telecommunications (34%), and the government
privatization agency, the National Property Fund (15%).
"Before any potential upgrade is taken, however, Standard &
Poor's intends to review Slovak Telecom's financial policy and
its affect on credit protection at EuroTel, as well as the
impact of the acquisition on EuroTel's business strategies,"
said Mr. O'Brien. "Furthermore, we will review whether the
ownership change will affect the status of EuroTel's debt, in
terms of any guarantees or refinancing of existing EuroTel
debt."
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
michael_obrien@standardandpoors.com
simon_redmond@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
EUROTEL BRATISLAVA
Web site: http://www.eurotel.sk
=====================
S W I T Z E R L A N D
=====================
ASCOM: Wins CHF20 Mln Order from Norwegian State Railways
---------------------------------------------------------
Ascom, Division Transport Revenue, has won a major order in
Norway. Norwegian State Railways (NSB) is ordering a
comprehensive, networked fare collection and access control
system based on advanced electronic ticketing technologies. The
project volume amounts to about CHF20 million. This order
consolidates Transport Revenue's leading global position as a
supplier of complex fare collection systems with successful
projects and installations, for example in Lyon, Paris, Milan
and Montreal.
The new fare collection and control system for Norwegian State
Railways is based on an efficient management system, which
allows full monitoring, controlling and maintenance of all
components.
Riet Cadonau, General Manager Transport Revenue Division,
stated, "Based on the comprehensive management system, we can
guarantee extensive availability, cost effective operation and
maintenance as well as the transparency of revenue flows."
Ascom Transport Revenue successfully saw off established
international competitors in its bid for this project.
Full Electronic Ticketing Functionality
The fare collection solution comprises full electronic ticketing
functionality. The solution uses credit card-sized smart cards
with an integrated chip for data storage. The data is stored
and retrieved by a contactless method. Passengers can enjoy the
advantages of the smart card as for example planning and booking
of entire journeys via Internet. The system includes 159
stations, where 162 automatic ticket machines, 40 service
terminals and 345 validators will be set up. As a transitional
measure, the entire system also issues printed tickets for more
distant destinations.
Great importance is also attached to the security of passengers
and the technical equipment. For this purpose round-the-clock
CCTV surveillance has been installed at 68 railway stations. If
sensors detect any unusual activities at ticket machines or
other devices, the video system supplies the relevant pictures
automatically to the surveillance center and triggers an alarm.
This order from Norwegian State Railways underscores Ascom's
leading position. As Rudolf Hadorn, CEO of Ascom states, "This
order shows that Ascom is the number one choice for large-scale
fare collection solutions for entire countries, regions or large
agglomerations." Examples of successful reference objects
include the Paris public transport system RATP, French Railways
SNCF, the Milan public transport system, Swiss Federal Railways
and the Montreal metropolitan area public transport authorities
in Canada.
Ascom Transport Revenue is a global leader in networked fare
collection systems for public transport, and parking fee and
motorway toll collection systems. Its custom solutions are
controlled by an efficient, fully developed management system
and are based on state-of-the-art, proven technologies.
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.
* * *
Through a series of divestments and restructuring measures, the
company succeeded in reducing the share of non-core Divisions on
total revenues to roughly 15% at the end of 2003. It also
streamlined the product and service offering according to plans.
Ascom ends the financial year with a significantly reduced Group
net loss of -CHF68 million (previous year -CHF281 million. Net
debt was completely eliminated in the year under review. Cash
and cash equivalents exceeded interest-bearing debt to the tune
of CHF55 million. The equity ratio was strengthened
considerably, and is now at 18%.
CONTACT: ASCOM MANAGEMENT AG
Ascom Corporate Media Office
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 AUTELCA AG
Ascom Transport Revenue
Martin Bahnmueller
Head of Communications
Gewerbepark
CH-5506 Maegenwil
Phone: +41 62 889 54 87
Fax: +41 62 889 54 95
E-mail: martin.bahnmueller@ascom.ch
Web site: http://www.ascom.com/transportrevenue
CONVERIUM AG: Shareholders Approve Capital Increase
---------------------------------------------------
At the Extraordinary General Meeting of Converium AG held in
Zurich shareholders have approved the reduction of the nominal
value from CHF10 per share by CHF5 to CHF5 per share and the
increase of the share capital by CHF533,416,225 through the
issuance of 106,683,245 fully paid registered shares with a
nominal value of CHF5 each at an issue price of CHF5.00 per
share.
264 shareholders representing 10,632,726 registered shares or
26.58% of the outstanding share capital were present or
represented at the Extraordinary General Meeting. The capital
increase was accepted by 62.8% of the votes cast.
The approved capital increase with pre-emptive rights has been
fully underwritten, subject to customary conditions, by a
syndicate of banks.
The subscription period for the rights issue is expected to
begin next week.
About Converium
Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service. Today
Converium employs approximately 850 people in 23 offices around
the globe and is organized into three business segments:
Standard Property & Casualty Reinsurance, Specialty Lines and
Life & Health Reinsurance. Converium Ltd has a "BBB" rating
(watch positive) from Standard & Poor's. Converium Holding Ltd.
has a "B++" (outlook negative) rating from A.M. Best Company.
CONTACT: CONVERIUM AG
Michael Schiendorfer
Media Relations Manager
Phone: +41 (0) 1 639 96 57
Fax: +41 (0) 1 639 76 57
E-mail: michael.schiendorfer@converium.com
Zuzana Drozd
Head of Investor Relations
Phone: +41 (0) 1 639 91 20
Fax: +41 (0) 1 639 71 20
E-mail: zuzana.drozd@converium.com
=============
U K R A I N E
=============
AGRO: Chief of Liquidation Commission to Oversee Wind-up
--------------------------------------------------------
The Economic Court of Donetsk region declared Agricultural LLC
Agro (code EDRPOU 30739459) insolvent on August 17, 2004.
The case is docketed as 15/131 B. Chief of Liquidation
Commission Mr. V. Ogurtsov has been appointed
liquidator/insolvency manager.
CONTACT: AGRICULTURAL AGRO
Ukraine, Donetsk region,
Velikonovosilkivskij district,
Krasna Polyana, Sadovogo Str. 111
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
ANDRUSHIVKA' SUGAR: Bankruptcy Case Pending in Zhitomir Court
-------------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against OJSC Andrushivka' Sugar Plant (code EDRPOU
00372351) on August 17, 2004 after finding the sugar
manufacturer insolvent. The case is docketed as 1/37 B. Mr.
Oleg Stupak (License Number AA 719767 approved on January 23,
2004) has been appointed liquidator/insolvency manager.
The company holds account number 260092965 at JSPPB Aval,
Zhitomir regional branch, MFO 311528.
CONTACT: ANDRUSHIVKA' SUGAR PLANT
13400, Ukraine, Zhitomir region,
Andrushivka, Sadova Str. 3
Mr. Oleg Stupak
Liquidator/Insolvency Manager
10024, Ukraine, Zhitomir region,
Shevchenko Str. 102/82
Phone: 8 (0412) 33-59-66
BEREZAN' REPAIR: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on OJSC Berezan' Repair-Transport
Enterprise (code EDRPOU 00904799). The case is docketed as 97/2
b-04. Mr. Oleksandr Baskakov (License Number AA 783189 approved
on June 1, 2004) has been appointed temporary insolvency
manager. The company holds account number 2600214450001 at JSCB
Kyivska Rus, MFO 319092.
Creditors have until October 3, 2004 to submit their proofs of
claim to:
(a) BEREZAN' REPAIR-TRANSPORT ENTERPRISE
07540, Ukraine, Kyiv region,
Berezan, Vojkov Str. 38
(b) Mr. Oleksandr Baskakov
Temporary Insolvency Manager
07544, Ukraine, Kyiv region,
Barishivskij district, Korzhi,
Gayova Str. 18
(c) ECONOMIC COURT OF KYIV REGION
01033, Ukraine, Kyiv region,
Zhelyanska Str. 58 b
ENERGO-BRIDGE: Declared Insolvent
---------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Energo-Bridge (code EDRPOU 30782143) on
June 16, 2004 after finding the firm insolvent. The case is
docketed as 46/362-b. Arbitral manager Mr. Mihajlo Shkabrij
(License Number AA 250093 approved on November 26, 2001) has
been appointed liquidator/insolvency manager.
CONTACT: ENERGO-BRIDGE
03150, Ukraine, Kyiv region,
Siretska Str. 37
Mr. Mihajlo Shkabrij
Liquidator/Insolvency Manager
03150, Ukraine, Kyiv region,
Chervonoarmijska Str. 57/3,
office 221
Phone: 8 (044) 23923-90
ECONOMIC COURT OF KYIV REGION
01033, Ukraine, Kyiv region,
Zhelyanska Str. 58 b
HORTITSYA-AGRO: Bankruptcy Proceedings Begin
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Hortitsya-Agro (code EDRPOU 22144946) on
August 5, 2004 after finding the Ukrainian-Yugoslavian-Lebanese
joint enterprise insolvent. The case is docketed as 21/165.
Arbitral manager Mr. Sergij Dovganchuk (License Number AA 047738
approved on September 21, 2001) has been appointed
liquidator/insolvency manager. The company holds account number
26005507129000 at First Ukrainian International Bank, Zaporizhya
branch, MFO 313623.
Creditors have until October 3, 2004 to submit their proofs of
claim to:
(a) HORTITSYA-AGRO
69600, Ukraine, Zaporizhya region,
Lenin Avenue, 77
(b) Mr. Sergij Dovganchuk
Liquidator/Insolvency Manager
69009, Ukraine, Zaporizhya region,
Vognetrivka Str. 25/16
(c) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
KOMINTERN: Court Appoints Liquidator
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC Komintern (code EDRPOU 00851086) on
August 19, 2004 after finding the agricultural enterprise
insolvent. The case is docketed as B-39/38-04. Mrs. Lubov
Miroshnichenko (License Number AA 630027 approved on November
17, 2003) has been appointed liquidator/insolvency manager.
CONTACT: KOMINTERN
Ukraine, Harkiv region,
Novodolazkij district, Komintern
Mrs. Lubov Miroshnichenko
Liquidator/Insolvency Manager
61012, Ukraine, Harkiv region,
Poltavskij Shlyah Str. 6/4a
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5, Derzhprom,
8th entrance
MIR: Herson Court Names Insolvency Manager
------------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against LLC Mir (code EDRPOU 05306554) on July 27,
2004 after finding the firm insolvent. The case is docketed as
5/199-B. Arbitral manager Mr. Dmitro Kuznetsov (License Number
AA 783153 approved on May 13, 2004) has been appointed
liquidator/insolvency manager.
CONTACT: MIR
Ukraine, Herson region,
Genicheskij district,
Novij Mir, Lenin Str. 1
Mr. Dmitro Kuznetsov
Liquidator/Insolvency Manager
Ukraine, Herson region,
Novotroitske, Robitnicha Str. 19
Phone: 8 (05534) 2-11-17
ECONOMIC COURT OF HERSON REGION
73000, Ukraine, Herson region,
Gorkij Str. 18
MUROVANOKURILOVETSKE AUTO: Insolvency Manager Takes over Helm
-------------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against OJSC Murovanokurilovetske Auto Transport
Enterprise 10546 (code EDRPOU 03372498) on August 12, 2004 after
finding the company insolvent. The case is docketed as
5/290-04. Mr. Anatolij Leshenko (License Number AA 484190) has
been appointed liquidator/insolvency manager. The company holds
account number 260006763 at JSPPB Aval, Vinnitsya regional
branch, MFO 302247.
CONTACT: MUROVANOKURILOVETSKE AUTO TRANSPORT ENTERPRISE 10546
Ukraine, Vinnitsya region,
Murovani-Kurilovtsi, Zhovtneva Str. 51
Mr. Anatolij Leshenko
Liquidator/Insolvency Manager
Phone: 8 (0432) 26-12-60
Fax: 8 (0432) 26-12-60
===========================
U N I T E D K I N G D O M
===========================
2020ME HOLDINGS: Sets General Meeting November
----------------------------------------------
The general meeting of the contributories of 2020ME Holdings
Limited will be on November 1, 2004 commencing at 10:00 a.m. It
will be held at the offices of Tenon Recovery, Sherlock House,
73 Baker Street, London W1U 6RD.
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. Contributories who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD not later than 12:00 noon, October 29,
2004.
CONTACT: TENON RECOVERY
Sherlock House,
73 Baker Street,
London W1U 6RD
Joint Liquidator:
S R Thomas
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
ACET LIMITED: Hires Ian William Kings as Liquidator
---------------------------------------------------
At an extraordinary general meeting of the members of the Acet
Limited on September 17, 2004 held at Tenon House, Ferryboat
Lane, Sunderland SR5 3JN, the subjoined extraordinary resolution
to wind up the company was passed. Ian William Kings of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN has
been appointed liquidator for the purpose of such winding-up.
CONTACT: TENON RECOVERY
Tenon House
Ferryboat Lane,
Sunderland SR5 3JN
Liquidator:
Ian William Kings
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
AE TUNLEY: Liquidator's Report Out Next Month
---------------------------------------------
The meeting of the creditors and members of AE Tunley & Son
Limited will be on October 25, 2004 commencing at 10:00 a.m. and
10:30 a.m. respectively. It will be held at the offices of
Hazlewoods, Windsor House, Barnett Way, Barnwood, Gloucester GL4
3RT.
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 Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT not later than 12:00 noon, October
22, 2004.
CONTACT: HAZLEWOODS
Windsor House,
Barnett Way, Barnwood,
Gloucester GL4 3RT
Liquidator:
P J Gorman
Phone: +44 (0) 1452 634800
Fax: +44 (0) 1452 371900
Web site: http://www.hazlewoods.co.uk
A K CONSTRUCTION: Members Agree to Wind up Business
---------------------------------------------------
At an extraordinary meeting of the members of the A K
Construction (Nottingham) Limited on September 15, 2004 held at
Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1
5DU, the extraordinary and ordinary resolutions to wind up the
company were passed. Peter A Blair and Richard A B Saville of
Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1
5DU have been appointed joint liquidators for the purpose of
such winding-up.
CONTACT: BEGBIES TRAYNOR
Regency House,
21 The Ropewalk,
Nottingham NG1 5DU
Joint Liquidators:
Richard Albert Brock Saville
Peter Andrew Blair
Phone: 0115 941 9899
Fax: 0115 945 4845
Web site: http://www.begbies.com
A L DIGITAL: Names Wilkins Kennedy Liquidator
---------------------------------------------
At an extraordinary general meeting of the members of the A L
Digital Limited on September 9, 2004 held at Bridge House,
London Bridge, London SE1 9QR, the extraordinary and ordinary
resolutions to wind up the company were passed. Stephen Paul
Grant of Wilkins Kennedy, Risborough House, 38-40 Sycamore Road,
Amersham, Buckinghamshire HP6 5DZ has been appointed liquidator
of the company for the purpose of the voluntary winding-up.
CONTACT: WILKINS KENNEDY
Risborough House,
38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ
Phone: +44 (0) 1494 725544
Fax: +44 (0) 1494 431571
E-mail: info@wilkinskennedy.com
Web site: http://www.wilkinskennedy.com
BAE SYSTEMS: U.S. Unit to Acquire Alphatech for US$88.4 Mln
-----------------------------------------------------------
BAE Systems plc said its wholly owned U.S. subsidiary, BAE
Systems North America, has entered into a definitive merger
agreement to acquire ALPHATECH for a cash consideration of
US$88.4 million.
ALPHATECH's capabilities will complement BAE Systems North
America's significant presence in the system and subsystem
levels in the C4ISR market, and enhance BAE Systems' position as
a major provider of information-based systems, emphasizing
horizontal integration and fusion.
The integration of ALPHATECH's technologies with BAE Systems
North America's enterprise engineering and systems integration
expertise will result in expanded capabilities to address the
network centric warfare requirements of the national security
and intelligence communities, particularly in the areas of
Precision Engagement and Tasking, Processing, Exploitation &
Dissemination (TPED).
Headquartered in Burlington, Mass., and employing 322 people,
ALPHATECH specializes in image and signal processing,
multi-intelligence fusion and intelligent systems for the
Department of Defense and other government intelligence
agencies.
Founded in 1979 by faculty of the Massachusetts Institute of
Technology (MIT), more than 80% of ALPHATECH's employees hold
advanced degrees.
For the year ending December 2003, ALPHATECH recorded sales of
US$51 million. Revenues for the six months ending June 2004
were US$32 million.
Mark Ronald, president and CEO of BAE Systems North America,
said, "BAE Systems and ALPHATECH both leverage technology and
value innovation. The acquisition of ALPHATECH will augment BAE
Systems' capabilities in enterprise engineering, software
development, and advanced geo-spatial technologies, supporting
our mission to develop intelligence and information dominance
systems, and provide our customers with superior solutions."
BAE Systems North America is a leading electronics, information
systems and technology services company, and one of the largest
providers of systems and services for the U.S. Department of
Defense. BAE Systems North America currently employs more than
26,000 people across some 30 states, generating sales of more
than US$5 billion. The company designs, develops, manufactures
and supports a wide range of advanced aerospace products,
electronic systems and information technology for the U.S.
Government and commercial customers.
Conclusion of the transaction is expected during the fourth
quarter, subject to regulatory reviews and approvals and
customary closing conditions.
CONTACT: BAE SYSTEMS PLC (OTC: BAESY [ADR])
Warwick House, PO Box 87,
Farnborough Aerospace Center
Farnborough
Hampshire GU14 6YU, United Kingdom
Phone: +44-1252 373232
Fax: +44-1252 383000
Web site: http://www.baesystems.com
BAGNALL GROUP: Business for Sale
--------------------------------
The Administrator, Clive Morris of Marshall Peters, offer for
sale the business and assets of Bagnall Group Limited (in
administration).
Based in Warrington, Bagnall Group offer comprehensive asbestos
and demolition services. The business has a twenty-three-year
track record with an annual turnover of around GBP5 million.
The company serves many blue-chip clients, holding ISO and IIP
accreditation together with NFDC and ARCA membership.
CONTACT: MARSHALL PETERS
Heskin Hall Farm
Wood Lane
Heskin
Preston PR7 5PA
Donna Seed
Phone: 01257 452021
Fax: 01257 452021
E-mail: donnaseed@marshallpeters.co.uk
BARKLAND MANAGEMENT: Creditors' Meeting Next Week
-------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Barkland Management Services Ltd.
Barkland U.K. Ltd.
Barkland Retail & Office Cleaning Ltd.
and
Barkland Support Services Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that on October 4, 2004, a meeting of Creditors of
Barkland Management Services Ltd., Barkland U.K. Ltd., Barkland
Retail & Office Cleaning Ltd., and Barkland Support Services
Ltd. will held at 11:00 a.m., 12:00 noon, 1:35 p.m. and 1:45
p.m. respectively at 8 Baker Street London W1U 3LL 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)
David H. Gilbert of BDO Stoy Hayward LLP 8 Baker Street London
W1U 3LL 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.
K. K. Dulai-Gill, Director
August 27, 2004
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
David H. Gilbert
Business recovery
E-mail: david.h.gilbert@bdo.co.uk
BERKELEY WEALTH: Calls in Liquidator from Wilkins Kennedy
---------------------------------------------------------
At an extraordinary general meeting of the members of the
Berkeley Wealth Management Plc on September 10, 2004 held at
Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire
HP6 5DZ, the extraordinary and ordinary resolutions to wind up
the company were passed. Stephen Paul Grant of Wilkins Kennedy,
Risborough House, 38-40 Sycamore Road, Amersham, Buckinghamshire
HP6 5DZ has been appointed liquidator of the company for the
purpose of the voluntary winding-up.
CONTACT: WILKINS KENNEDY
Risborough House,
38-40 Sycamore Road, Amersham,
Buckinghamshire HP6 5DZ
Liquidator:
Stephen Paul Grant
Phone: +44 (0) 1494 725544
Fax: +44 (0) 1494 431571
E-mail: info@wilkinskennedy.com
Web site: http://www.wilkinskennedy.com
BRADFORD & DISTRICT: Liquidator to Present Report November
----------------------------------------------------------
The general meeting of the members of Bradford & District Tec
Limited will be on November 5, 2004 commencing at 10:30 a.m. It
will be held at KPMG, Quayside House, 110 Quayside, Newcastle
upon Tyne NE1 3DX.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with KPMG, Quayside House, 110 Quayside, Newcastle upon Tyne NE1
3DX not later than 12:00 noon, November 4, 2004.
CONTACT: KPMG
Quayside House,
110 Quayside
Newcastle upon Tyne NE1 3DX
Liquidator:
J R Whale
Phone: (0191) 401 3700
Fax: (0191) 401 3750
Or +44 (0) 191 4013713
Web site: http://www.kpmg.co.uk
BRIDGEVIEW LEISURE: Members, Creditors to Meet November
-------------------------------------------------------
The final meeting of the members and creditors of the Bridgeview
Leisure Limited will be on November 3, 2004 commencing at 10:30
a.m. and 10:45 a.m. respectively. It will be held at the
offices of Haines Watts, First Floor, Park House, Park Square
West, Leeds LS1 2PS.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members or creditors who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Haines Watts, First Floor, Park House, Park
Square West, Leeds LS1 2PS not later than 12:00 noon, November
2, 2004.
CONTACT: HAINES WATTS
First Floor, Park House,
Park Square West, Leeds LS1 2PS
Joint Liquidator:
D M Clements
Phone: 0113 398 1100
Fax: 0113 398 1101
Web site: http://www.hwca.com
BTMIT LTD.: Japanese Parent Decides to Liquidate Subsidiary
-----------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Nobuo
Kuroyanagi) announced that The Bank of Tokyo-Mitsubishi,
Ltd. (BTM), a consolidated subsidiary of MTFG, has decided to
liquidate BTMIT (Europe) Ltd.
BTMIT (Europe) Ltd. is a subsidiary of Tokyo-Mitsubishi
Information Technology, Ltd., which is itself a subsidiary of
BTM.
(a) Outline of BTMIT (Europe) Ltd.
Address: 93 Rivington Street, London EC2A 3AY, U.K.
Managing Director: Kunio Satomi
Capital: GBP20,000
Business: System maintenance, development and sales
(b) Reason for Liquidation
It has been decided to discontinue the operations of BTMIT
(Europe); the company is therefore being liquidated.
(c) Timing of liquidation
Liquidation is expected by the end of December 2005.
(d) Impact on MTFG's business forecast
This event is not expected to have any material effect on
MTFG's business results for the current fiscal year.
CONTACT: BANK OF TOKYO
Seiji Itai, Chief Manager
Corporate Communications Office
Phone: 81-3-3240-8136
CASH REGISTERS: Winding up Resolutions Passed
---------------------------------------------
At an extraordinary general meeting of the members of the Cash
Registers & Supplies Limited on September 1, 2004 held at the
offices of David Horner & Co., 11 Clifton Moor Business Village,
James Nicolson Link, York YO30 4XG, the extraordinary and
ordinary resolutions to wind up the company were passed. David
Anthony Horner of David Horner & Co., 11 Clifton Moor Business
Village, James Nicolson Link, York YO30 4XG has been appointed
liquidator for the purpose of such winding-up.
CONTACT: DAVID HORNER & CO.
11 Clifton Moor Business Village
James Nicolson Link,
York YO30 4XG
Phone: 01904 479801
Web site: http://www.davidhornerandco.co.uk
COMPUTER TECHNOLOGY: Calls in Liquidator from Valentine & Co
------------------------------------------------------------
At an extraordinary general meeting of the Computer Technology
Distribution Limited on September 17, 2004 held at the offices
of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London
N3 2HS, the extraordinary and ordinary resolutions to wind up
the company were passed. Robert Valentine of 4 Dancastle Court,
14 Arcadia Avenue, London N3 2HS has been appointed liquidator
for the purpose of such winding-up.
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
DAR-TON INSULATION: Creditors Meeting Set Next Week
---------------------------------------------------
The creditors of Dar-Ton Insulation Limited will meet on October
5, 2004 commencing at 10:30 a.m. It will be held at The
Europarc Innovation Centre, Innovation Way, Grimsby, North East
Lincolnshire.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to CRG Insolvency and Financial Recovery, Alexandra
Dock Business Centre, Fisherman's Wharf, Grimsby DN31 1UL not
later than 12:00 noon, October 4, 2004.
CONTACT: CRG INSOLVENCY AND FINANCIAL RECOVERY
Alexandra Dock Business Centre,
Fisherman's Wharf,
Grimsby DN31 1UL
Administrator:
C H Ranby-Gorwood
Phone: 01472-250001
DAWSON INTERNATIONAL: Issues Circular on Joseph Dawson Sale
-----------------------------------------------------------
Dawson International plc on Thursday published a Class 1
Circular in connection with the proposed sale of its Joseph
Dawson Business, further details of which were announced on 3
September 2004. In the Circular, the Chairman of Dawson has
noted that since 3 July 2004, the Company has continued to make
progress in comparison to the prior year, though this is
partially offset by the high cost of amortizing the Loan Stock
premium and issue costs.
As previously noted, the net proceeds of the sale of the Joseph
Dawson Business received on completion would reduce
significantly the Continuing Dawson Group's net indebtedness.
In addition, as stated in the Loan Stock Circular, the Directors
believe that it is in the interests of the Company and its
Shareholders to seek to reduce the amount of Loan Stock
outstanding by means of early redemption of the Loan Stock. The
net proceeds of the sale of the Joseph Dawson Business will
enable the Directors to consider early repayment of the Loan
Stock in accordance with the terms of the Trust Deed and/or to
further develop the Continuing Dawson Group's activities,
including possible acquisitions.
Following completion of the sale of the Joseph Dawson Business,
the Directors' operational focus will be market development,
improved operational efficiencies and further reduction of the
cost base within the Continuing Dawson Group with a view to
building shareholder value. The Directors are considering how
to develop further the scale of the Continuing Dawson Group's
activities, including via possible acquisitions, whilst
cognisant of the Continuing Dawson Group's financing
constraints. The Directors anticipate that the Continuing
Dawson Group will make further progress in the current financial
year.
An Extraordinary General Meeting of the Company to approve the
proposed sale of the Joseph Dawson Business is being convened
for 15 October 2004. Following the passing of the resolution at
that meeting, completion of the sale is expected to take place
shortly thereafter. A Class 1 Circular incorporating full
details of the proposed disposal and the interim results of the
Company for six months ended 3 July 2004 will be sent to
shareholders shortly. The Circular is being sent to the U.K.
Listing Authority for approval and this document will be
available shortly for inspection at the U.K. Listing Authority's
Document Viewing Facility situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS.
Phone: 0207 066 1000
CONTACT: DAWSON INTERNATIONAL
Mike Hartley, Chairman
Phone: 07711 734631
David G Cooper, Finance Director
Phone: 01577 867000
Media enquiries:
BEATTIE COMMUNICATIONS
Gordon Beattie
Phone: 07768 588 163
DEBSONS LIMITED: Hires Tenon Recovery as Administrator
------------------------------------------------------
Ian William Kings has been appointed administrator for Debsons
Limited. The appointment was made September 16, 2004.
The company produces and preserves meat. Its registered office
is located at 11 Inkerman Street, Sunderland SR5 2BN.
CONTACT: TENON RECOVERY
Tenon House
Ferryboat Lane,
Sunderland SR5 3JN
Administrator:
Ian William Kings
(IP No 7232)
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
DUNLOP STANDARD: 'B/CCC+' Ratings Off S&P's CreditWatch
-------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch its
'B' long-term corporate credit and 'CCC+' senior unsecured debt
ratings on U.K.-based aerospace company Dunlop Standard
Aerospace Holdings PLC and withdrew all its ratings on the
group, following the full redemption of the group's 11.875%
unsecured bonds due 2009. The ratings were originally placed on
CreditWatch on July 6, 2004.
The bond redemption follows the completion of the sale of Dunlop
in August 2004 to a consortium made up of U.K.-based Meggitt PLC
and global private equity firm The Carlyle Group.
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 RATNG SERVICES
Analyst E-mail Addresses
leigh_bailey@standardandpoors.com
bob_ukaih@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
EQUITABLE LIFE: Funds Enough to Cover Future Claims
---------------------------------------------------
Business Highlights
(a) Solvency: Key measure of solvency -- Fund for Future
Appropriations -- remained stable at GBP532 million 2003
year end: GBP542 million)
(b) Claims: Significant reduction in maturities and surrenders
maintained in first half of 2004
(c) Reviews: Remaining policyholder reviews making good headway
towards completion
(d) Parliamentary Ombudsman: "Best hope for policyholder
compensation from Government."
Vanni Treves, Equitable Life's Chairman, said: "The Society has
continued to make steady and sustained progress. There is no
material change to our key measure of solvency, which remains
stable, the outstanding policyholder reviews are progressing and
the significant reductions to maturities and surrenders are
maintained. The business is making good headway. Clearly,
having lobbied so hard for a fresh inquiry into the prudential
regulation of the Society's affairs to be opened, we welcome the
new investigation by the Parliamentary Ombudsman (the PO) and
believe she has the independence and authority to carry out an
inquiry that is fair and fast. Most people should be able to
accept her decision as final and the PO is now the best
remaining hope for policyholder compensation from Government.
Ann Abraham will have our full co-operation."
Charles Thomson, the Society's Chief Executive, said: "Our view
in the Spring that the Penrose Report would not raise any new
issues that would result in any material adverse financial
consequence for the Society remains unchanged. There have been
very few complaints received by us arising out of Penrose and
the FSA has also concluded that generic Penrose-related claims
against the Society (in respect of its bonus allocation policy
in the 1990s) are unlikely to succeed. Of course, we still have
many issues to resolve and uncertainties still remain. We will
manage them accordingly to ensure that we continue on the path
towards greater stability and certainty."
A full copy of this press release is available free of charge at
http://bankrupt.com/misc/interimresults.htm.
CONTACT: EQUITABLE LIFE
Media Inquiries
Tony McGarahan
Phone: 020 7710 3784
Or 07966 386145
Alistair Dunbar
Phone: 01296 561 502
Or 07967 564 039
EUROPEAN NETWORK: Nomination of Liquidator Set Next Week
--------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF European Network Solutions Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of European Network
Solutions Ltd. will be held at 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on October 4, 2004 at 4:00 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co., 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.
By Order of the Board.
J. Winley, Director
September 10, 2004
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
FILTRONIC PLC: Considering IPO of Mobile Antenna Shares
-------------------------------------------------------
Filtronic plc, a leading global designer and manufacturer of
customized microwave electronic subsystems for the wireless
telecommunications industries and defense industries, held its
AGM in Shipley, Yorkshire Friday at 11:00 a.m.
At the meeting, Professor David Rhodes, Chairman, made this
statement to shareholders: "Performance for the first half of
the current financial year is likely to be broadly in line with
expectations. Cash remains under tight control. Significant
effort continues to be deployed on the integrated power
amplifier products. In addition to the cost reduced
feed-forward design, the higher power, fully digitally
pre-distorted, unit is scheduled for qualification in the New
Year.
The Board has been reviewing the businesses within the Filtronic
group and has decided to explore options for the Mobile Antenna
business, including the potential of an IPO on the Helsinki
Stock Exchange. Cazenove & Co. Ltd. has been retained to assist
the Company in this process."
CONTACT: FILTRONIC PLC
Professor David Rhodes, Chairman
Phone: 07850 827 280 (mobile)
John Roulston, CEO
Phone: 07800 706 318 (mobile)
Web site: http://www.filtronic.com
BINNS & CO PR LTD.
Paul Mc Manus
Phone: 0207 7153 1485
Mobile: 07980 541 893
Peter Binns
Phone: 0207 7786 9600
FINCHER & SMITH: Insolvency Manager to Meet Creditors
-----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Fincher & Smith Catering Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Fincher & Smith
Catering Ltd. will be held at The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG on October 4, 2004 at 10:30 a.m.
for the purpose of having a full statement of the position of
the Company's affairs, together with a list of the Creditors of
the Company and the estimated amount of their claims, laid
before them, and for the purpose, if thought fit, of nominating
a Liquidator and of appointing a Liquidation Committee.
(Sections 99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Old Exchange
234 Southchurch Road Southend-on-Sea SS1 2EG not later that
12:00 noon on the business day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.
David Hudson of Begbies Traynor The Old Exchange 234 Southchurch
Road Southend-on-Sea SS1 2EG is a person qualified to act as an
Insolvency Practitioner in relation to the Company who will,
during the period before the day of the Meeting furnish
creditors free of charge with such information concerning the
Company's affairs as they may reasonably require.
By Order of the Board.
D. Smith, Director
September 13, 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
FOOD HYGIENE: Statement of Affairs Out Next Week
------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Food Hygiene Management Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Food Hygiene Management
Ltd. will be held at 8 Baker Street London W1U 3LL on October 4,
2004 at 1:55 p.m. for the purpose of having a full statement of
the position of the Company's affairs, together with a list of
the Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)
David H. Gilbert of BDO Stoy Hayward LLP 8 Baker Street London
W1U 3LL 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.
K. K. Dulai-Gill, Director
August 27, 2004
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
David H. Gilbert
Business Recovery
E-mail: david.h.gilbert@bdo.co.uk
GLOBAL SEALING: Names Joint Administrators from Ernst & Young
-------------------------------------------------------------
Simon Allport and Garry Wilson have been appointed as joint
administrators for Global Sealing Technologies Limited. The
appointment was made September 21, 2004.
The company manufactures food and medical packaging. Its
registered office is located at Aber Park, Flint, Flintshire CH6
5EX.
CONTACT: ERNST & YOUNG LLP
100 Barbirolli Square,
Manchester M2 3EY
Joint Administrators:
Simon Allport
Garry Wilson
(IP Nos 8763, 9062)
Phone: +44 [0] 161 333 3000
Fax: +44 [0] 161 333 3001
Web site: http://www.ey.com
H C LOCUMS: Extraordinary Winding up Resolution Passed
------------------------------------------------------
At an extraordinary general meeting of the members of the H C
Locums Limited on September 21, 2004 held at 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, the extraordinary resolution
to wind up the company was passed. Anthony David Kent of
Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5
2SB has been appointed liquidator for the purpose of such
winding-up.
CONTACT: MAIDMENT JUDD
60-62 High Street, Harpenden,
Hertfordshire AL5 2SP
Liquidator:
Anthony David Kent
Toll Free No: 0800 068 7154
Phone: +44 (0) 1582 469 700
Fax: +44 (0) 1582 460 674
Web site: http://www.maidmentjudd.com
I D L NETWORK: Sets Creditors' Meeting Next Week
------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF I D L Network Installations Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of I D L Network
Installations Ltd. will be held at 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS on October, 4, 2004 at 4:30 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Valentine & Co., 4 Dancastle Court 14 Arcadia
Avenue London N3 2HS two business days prior to the meeting.
By Order of the Board.
J. Winley, Director
September 10, 2004
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
INTERMODAL MARITIME: Calls in Liquidators from KPMG
---------------------------------------------------
At an extraordinary general meeting of the Intermodal Maritime
Agencies Ltd. on September 13, 2004 held at Puteaux (France),
the extraordinary and ordinary resolutions to wind up the
company were passed. Brian Green and John Paul Bateman of KPMG
Corporate Recovery, St James' Square, Manchester M2 6DS have
been appointed joint liquidators for the purpose of such
winding-up.
CONTACT: KPMG LLP
St James' Square,
Manchester M2 6DS
Joint Liquidators:
Brian Green
John Paul Bateman
Phone: (0161) 838 4000
Fax: (0161) 838 4040
Web site: http://www.kpmg.co.uk
INTERNATIONAL POWER: Appoints New Non-Executive Director
--------------------------------------------------------
International Power has appointed Mr. Struan Robertson (54) to
the Board as a Non-Executive Director. The appointment will
take effect from 1 October 2004.
Mr. Robertson was Group Chief Executive of Wates Group Ltd.
until January 2004. He joined Wates in 2000 from BP Plc, where
he held various posts during a 25 year career including Chairman
of BP Asia Pacific, Chief Executive Oil Trading International,
and Chief Executive BP Malaysia. He is a Mechanical Engineer
and holds an MBA from the University of Cape Town.
Sir Neville Simms, Chairman of International Power, said: The
Board is very pleased to announce Struan's appointment. He
brings extensive international experience in the energy sector,
which will be very relevant and valuable for the group."
Mr. Robertson is the Senior Independent Director and Chairman of
the Remuneration Committee at WS Atkins plc. He is also a
Non-Executive Director of Forth Ports plc and Henderson TR
Pacific Trust plc. There are no disclosures to be made under
paragraph 6.F.2(b) to (g) of The Listing Rules.
About International Power
International Power plc is a leading independent electricity
generating company with 11,210MW (net) in operation and 1,649MW
(net) under construction. International Power has power plants
in operation or under construction in Australia, the United
States of America, the United Kingdom, the Czech Republic, the
UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan
and Thailand. International Power was listed on the London
Stock Exchange and the New York Stock Exchange (as ADR's), on 2
October 2000. The ticker symbol on both stock exchanges is
'IPR'.
* * *
On August 3, 2004, TCR-Europe reported that Standard & Poor's
Ratings Services placed its 'BB' long-term issuer credit and
senior unsecured debt ratings on U.K.-based global power
developer International Power PLC on CreditWatch with negative
implications. The action follows several announcements made by
the company on July 30, 2004, on expected successful
acquisitions, its half-year results, an agreed debt
restructuring at its U.S. subsidiary American National Power
(ANP), a forthcoming rights issue of GBP291 million (US$529
million), and a change in dividend policy.
CONTACT: INTERNATIONAL POWER
Media Contact:
Sara Richardson
Phone: +44 (0) 20 7320 8619
Investor Contact:
Aarti Singhal
Phone: +44 (0) 20 7320 8681
INVESTEC INVESTMENT: Members Final Meeting Set Next Month
---------------------------------------------------------
The final meeting of the members of Investec Investment Managers
International Limited will be on October 14, 2004 commencing at
10:00 a.m. It will be held at Critchleys, Greyfriars Court,
Paradise Square, Oxford OX1 1BE.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, October 13, 2004.
CONTACT: CRITCHLEYS
Greyfriars Court,
Paradise Square,
Oxford OX1 1BE
Liquidator:
S M Roscoe
Phone: +44 (0) 1865 261100
Fax: +44 (0) 1865 261201
E-mail: Oxford@critchleys.co.uk
Web site: http://www.critchleys.co.uk
JARVIS PLC: Kevin Hyde Resigns as Chief Executive
-------------------------------------------------
Jarvis plc announces that Kevin Hyde, Group Chief Executive has
stepped down from the Board of Jarvis plc and will be leaving
the company. Mr. Hyde said: "I believe that this is an
appropriate moment for me to step down, having set in hand the
urgent actions necessary for recovery following the extremely
difficult trading conditions we suffered in the last financial
year.
Now the situation is more stable, the group will benefit from
fresh insights. I am grateful to the board and all my
colleagues in Jarvis for their support in working through this
situation, and wish everyone well for the future."
Steven Norris, Chairman of the Group said: "On behalf of the
board and the group we would like to thank Kevin for all his
work with Jarvis in a number of roles. As Group Chief Executive
he has guided us through an intense period of activity to set
the scene for recovery. We have in place a team under Alistair
Rae, Andrew Lezala and Eric Simonsen (Chief Restructuring
Officer) that is taking forward the restructuring, cost
reduction and disposals aspects of our recovery, and where we
continue to make good progress. We are actively engaged now in
recruiting a successor Group Chief Executive to take the
restructured group forward and hope to make an announcement
shortly."
At the same time the company announces that Jonathan Agnew, who
was appointed a non-executive at the end of November 2003 has
decided he will not be seeking re-election at the forthcoming
AGM in view of his other commitments. The group will be seeking
a replacement for him.
* * *
Jarvis said in August that after the audit of its report for the
year ended March 31, 2004, there will be a reversal of
exceptional income of GBP3.5 million and a loss on disposal of
GBP0.9 million. In addition, the application of accounting
standards recommended by auditor requires that an impairment
provision of GBP6.0 million be made in respect of certain of the
joint ventures held at the balance sheet date, whilst profits of
GBP5.1 million on other joint ventures will be recognized in the
current financial year. Having accounted for other reductions
to turnover of GBP0.4 million, the net effect is to increase the
reported loss before tax in respect of the UPP and PFI joint
venture transactions by GBP9.0 million in the year ended 31
March 2004. The income arising will now be recognized in the
current financial year.
CONTACT: JARVIS PLC
Paul Ravenscroft
Phone: 020 7 017 8127
TULCHAN COMMUNICATIONS
Andrew Honnor or David Trenchard
Phone: 020 7 353 4200
KOCH CAPITAL: Special Winding up Resolution Passed
--------------------------------------------------
At an extraordinary general meeting of the Koch Capital Markets
(UK) Limited on September 15, 2004 held at 4111 East 37th Street
North, Wichita, Kansas, United States, the special resolution to
wind up the company was passed. Patrick Joseph Brazzill and
Alan Lovett of Ernst & Young LLP, 1 More London Place, London
SE1 2AF have been appointed 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
Alan Lovett
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
KOCH GLOBAL: Hires Joint Liquidators from Ernst & Young
-------------------------------------------------------
At an extraordinary general meeting of the Koch Global
Investments (UK) Limited on September 15, 2004 held at 20 East
Greenway Plaza, Houston, Texas, 77046, United States, the
special resolution to wind up the company was passed. Patrick
Joseph Brazzill and Alan Lovett of Ernst & Young LLP, 1 More
London Place, London SE1 2AF have been appointed 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
Alan Lovett
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
LABIS MANAGEMENT: Meeting of Firm's Creditors Set
-------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Labis Management Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of Labis Management Ltd.
will be held at 8 Baker Street London W1U 3LL on October 4, 2004
at 2:15 p.m. for the purpose of having a full statement of the
position of the Company's affairs, together with a list of the
Creditors of the Company and the estimated amount of their
claims, laid before them, and for the purpose, if thought fit,
of nominating a Liquidator and of appointing a Liquidation
Committee. (Sections 99-101 of the said Act)
David H. Gilbert of BDO Stoy Hayward LLP 8 Baker Street London
W1U 3LL 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.
K. K. Dulai-Gill, Director
August 27, 2004
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
David H. Gilbert
Business Recovery
E-mail: david.h.gilbert@bdo.co.uk
LB3000 LIMITED: Appoints Tenon Recovery Administrator
-----------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox have been appointed as
joint administrators for LB3000 Limited. The appointment was
made September 2, 2004.
The company sells flooring. Its registered office is located
at Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ.
CONTACT: TENON RECOVERY
Highfield Court
Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Joint Administrators:
Carl Stuart Jackson
Nigel Ian Fox
(IP Nos 8860, 8891)
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
LOGITEXT UK: Sets Creditors Meeting Next Week
---------------------------------------------
The creditors of Logitext UK Ltd. will meet on October 6, 2004
commencing at 3:00 p.m. It will be held at The MacDonald
Partnership, 81 St Martins Lane, London WC2N 4AA.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to the MacDonald Partnership, 81 St Martins Lane,
London WC2N 4AA not later than 12:00 noon, October 5, 2004.
CONTACT: THE MACDONALD PARTNERSHIP
81 St Martins Lane,
London WC2N 4AA
Phone: 020 7539 7755
Fax: 020 7539 7766
E-mail info@tmp.co.uk
Web site: http://www.tmp.co.uk
MISYS PLC: Affirms Outlook for Full Year
----------------------------------------
The Chairman of Misys plc, Kevin Lomax, read out this statement
to shareholders at the 2004 Annual General Meeting in London:
The performance of the Group in the first quarter of the current
financial year has been consistent with the outlook provided in
the preliminary results announcement in July and our
expectations for the full year performance of each of our
businesses are unchanged.
In Banking and Healthcare the level of order intake we have
achieved continues the momentum seen in the second half of the
last financial year. In General Insurance we continue to expect
good growth in the current year.
In Sesame the number of registered individuals has remained
stable.
CONTACT: MISYS PLC
Susan Cottam, Group Communications Director
Phone: 020 7368 2305
Mobile: 07957 807 721
Andrew Farmer, Head of Investor Relations
Phone: 020 7368 2307
Mobile: 07909 895 094
NORTHERN FOODS: Underlying Sales Increased by 5.5%
--------------------------------------------------
Northern Foods met equity analysts Thursday before the end of
its first-half period on 2 October 2004.
During these conversations, Northern Foods indicated that
trading has remained in line with its expectations. As
anticipated in the Chairman's AGM statement, underlying sales
trends improved from late July once the firm passed the
anniversary of losing a major savory products contract with
Sainsbury's in 2003. In the 11 weeks to 18 September,
underlying sales increased by 5.5% versus the corresponding
period last year, compared with a 1.5% uplift in the 13 weeks to
3 July.
The company continued to achieve particularly good sales growth
with Tesco, Asda and Morrisons. Inflationary pressures have
continued, as expected, though further good progress was made in
recovering these through higher selling prices. Currently
overall input cost inflation is running slightly above 2%,
compared with selling price increases averaging just below 2%.
As announced in the preliminary results in June, the firm has
created a new, simpler group structure, replacing 16 operating
companies with four divisions: two focused on chilled products,
and one each in ambient and frozen food.
Ambient and frozen food operations have made good profit
progress during the first half. The profitability of some
chilled operations remains unsatisfactory and improving this is
the company's highest priority, though it recognizes that it
will involve some risks in the current competitive climate.
Northern Foods continue to take robust action to reduce costs
and improve manufacturing efficiency. It made extensive
management changes during this half-year to implement the
simpler divisional operating structure, with shorter reporting
lines and the removal of duplicated activities. This has
included the elimination of 30 senior management positions
across the group.
The greater focus on manufacturing efficiency is resulting in
consolidation of production. It is announcing a proposal, which
is subject to consultation with employees and their
representatives, to close its Evesham Foods and London Road,
Carlisle, factories in 2005, with production transferring
elsewhere in the group. This proposal is intended to enhance
plant utilization and productivity.
In total, the firm expects cost reduction and efficiency
initiatives in the current year to result in an exceptional
charge of around GBP45 million, of which the cash element will
be approximately GBP30 million. It expects these changes to
yield annualized savings of around GBP10 million by financial
year to March 2006.
This builds on the initiatives it already announced to leverage
scale and enhance efficiency in areas such as procurement and
shared services, and through the merger of its biscuit
businesses.
It expect trading conditions for the remainder of the year to
remain extremely competitive, reflecting continuing retailer
pressure and ongoing cost inflation, particularly in view of the
poor U.K. harvest and recent increases in energy prices.
Christmas trading will also be critical to results.
The company has put in place a number of key initiatives to
raise efficiencies and reduce costs, and to ensure that it makes
the most of all its inherent strengths as a group. Its balance
sheet remains strong and capital expenditure continues under
tight control. This allows the firm to make further market
purchases of shares when appropriate opportunities arise.
Northern Foods expects to announce its interim results for the
26 weeks to 2 October 2004 on Tuesday, 16 November 2004.
CONTACT: NORTHERN FOODS
Sean Christie
Finance Director
Phone: 020 7796 4133
01482 325432 thereafter
GCG HUDSON SANDLER
Jessica Rouleau
Michael Sandler
Phone: 020 7796 4133
NTL INCORPORATED: Acquires Remaining 51% of Virgin.net
------------------------------------------------------
Ntl Incorporated (NASDAQ:NTLI) announced that ntl Group Ltd.,
its wholly-owned subsidiary, agreed with Virgin Media Group Ltd.
for the purchase of a remaining interests in Virgin Net Ltd.,
together with all the remaining minority interests held by
existing and former management. These acquisitions will take
ntl's ownership of Virgin Net, the joint venture formed by ntl
and Virgin in 1996, to 100%. This agreement is conditional upon
regulatory clearance from the Irish Competition Authority.
Virgin Net, which operates under the brand virgin.net, is
currently the U.K.'s 5th largest Internet Service Provider
(ISP). Virgin Net provides the sales, marketing and customer
service functions to approximately 590,000 customers and ntl
provides back office support and network access for unmetered
and pay-as-you-go narrowband services and broadband services.
Simon Duffy, chief executive officer of ntl, said: "This is a
very good acquisition for ntl. Virgin.net has a strong presence
in the Internet arena, underpinned by a powerful brand name and
an outstanding team. I welcome them to ntl and look forward to
their participation in the business. I am confident virgin.net
will accelerate our growth by giving us access to new market
segments, thereby complementing our strategy of extending our
network through local loop unbundling."
Will Whitehorn, Virgin Media spokesman said: "virgin.net has
established an incredibly strong position in the UK market
despite the intense competition from multi-national media
groups. By bringing it together with ntl under one ownership,
but retaining the brand, we believe it can become a British
market leader in internet service provision."
Virgin Net will continue to trade under the Virgin name. Virgin
Net will be run with the same management team alongside ntl's
residential division. Over time, ntl will look to further
exploit Virgin.net's national brand and ntl's access platforms.
More on ntl
Ntl Incorporated (NASDAQ:NTLI) offers a wide range of
communications and entertainment services to residential and
business customers throughout the U.K. and Ireland.
It is the U.K.'s largest cable company and leading broadband
supplier with over one million broadband customers and 3 million
residential customers.
Ntl's fiber-optic broadband network can service 7.8 million
homes in the U.K. including London, Manchester, Nottingham,
Oxford, Cambridge, Cardiff, Glasgow and Belfast.
CONTACT: NTL INCORPORATED
Investor Relations:
U.S.: Patti Leahy, +1 610 667 5554
U.K.: Virginia Ramsden, +44 (0)20 7967 3338
Media:
Alison Kirkwood
Phone: +44 (0) 1256 752662/(0)7788 186154
or
Nicola Mitchell
Phone: +44 (0) 1256 752669
or
BUCHANAN COMMUNICATIONS
Richard Oldworth or Jeremy Garcia
Phone: +44 (0) 20 7466 5000
PARADISE COMPUTERS: Names Stoy Hayward Administrator
----------------------------------------------------
Shay Bannon and Antony David Nygate have been appointed as joint
administrators for Paradise Computers (U.K.) Limited. The
appointment was made September 16, 2004. The company sells
computers.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street,
London W1U 3LL
Joint Administrators:
Shay Brannon
Antony David Nygate
(IP Nos 8777/01, 9237)
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdo.co.uk
PENNYWELL COMMUNITY: Appoints Robson Laidler Liquidator
-------------------------------------------------------
At an extraordinary general meeting of the members of the
Pennywell Community Business Limited on September 17, 2004 held
at Pennywell Business Centre, Portsmouth Road, Pennywell,
Sunderland, Tyne & Wear SR4 9AS, the extraordinary and ordinary
resolutions to wind up the company were passed. W Paxton of
Robson Laidler LLP, of Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne NE2 1TJ has been appointed liquidator of the
company.
CONTACT: ROBSON LAIDLER LLP
Fernwood House
Fernwood Road, Jesmond,
Newcastle upon Tyne NE2 1TJ
Liquidator:
W Paxton
Phone: 0191 281 8191
POLYNAMIC COATINGS: Members Final Meeting Set Next Month
--------------------------------------------------------
The final meeting of the members of Polynamic Coatings Ltd. will
be on October 21, 2004 commencing at 10:00 a.m. It will be held
at Critchleys Greyfriars Court, Paradise Square, Oxford OX1 1BE.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Critchleys Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, October 20, 2004.
CONTACT: CRITCHLEYS
Greyfriars Court,
Paradise Square,
Oxford OX1 1BE
Liquidator:
A J Harris
Phone: +44 (0) 1865 261100
Fax: +44 (0) 1865 261201
E-mail: Oxford@critchleys.co.uk
Web site: http://www.critchleys.co.uk
PREMIER CASTLE: Second Director Gets Disqualification
-----------------------------------------------------
A director of a Chinese Restaurant that failed with debts of
more than GBP357,000 has given an Undertaking not to hold
directorships or take any part in company management for a
period of four years.
The Undertaking by Chi Sheung Chan, of Ravensworth Court,
Dunston, Gateshead, was given in respect of his conduct as a
director of Premier Castle Limited (Premier), which carried on
business trading as New Ming Dynasty from premises at 41,
Stowell Street, Newcastle-Upon-Tyne.
Earlier this month, a director of Premier Castle Limited, Pak
Luong Ho, of Eden Terrace, Chilton, Ferryhill County Durham,
gave an Undertaking not to hold directorships or take any part
in company management for a period of four years.
Premier was placed into voluntary liquidation on September 20,
2002 with estimated debts of GBP261,000 owed to its creditors.
The acceptance of the Undertaking on September 17, 2004,
prevents Chi Sheung Chan from being a director of a company or,
in any way, whether directly or indirectly, being concerned in
or taking part in the promotion, formation or management of a
company for four years.
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 Chi Sheung Chan
included that:
(a) He allowed Premier to fail to declare all its takings in its
accounts, to the Inland Revenue and to HMCE; and
(b) He allowed Premier to enter into a transaction at an
undervalue to the detriment of creditors and to the benefit
of Teamrespect Limited, a company of which Mr. Lok, a co-
director of Premier, was a former director.
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
PRIDEMARK MAINTENANCE: Names Liquidators from Elwell Watchorn
-------------------------------------------------------------
At an extraordinary general meeting of the Pridemark Maintenance
Services Limited (also t/a Plumbing & Gas) on September 21, 2004
held at Cumberland House, 35 Park Row, Nottingham NG1 6EE, the
subjoined extraordinary resolution to wind up the company was
passed. John Michael Munn and Richard John Elwell of Elwell
Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12
7NN have been appointed joint liquidators for the purpose of
such winding-up.
CONTACT: ELWELL WATCHORN & SAXTON
Cumberland House
35 Park Row
Nottingham NG1 6EE
Joint Liquidators:
Ronald Stanley Harding
David John Watchorn
Phone: (+44) 0115 988 6035
Fax: (+44) 0115 988 6135 815121
E-mail: office@ews-insolvency.co.uk
Web site: http://www.ews-insolvency.co.uk
SCIPHER PLC: Calls in Administrative Receivers
----------------------------------------------
On 21st September 2004 Scipher PLC sold its subsidiary, CRL Opto
Ltd., and was in exclusive negotiations with a third party for
the sale of another subsidiary, TSSI Ltd. The Board took the
view that Scipher's interests, as well as those of CRL Opto Ltd.
and TSSI Ltd., were best served by the sale of these two
subsidiaries since the cash proceeds of these sales would
significantly reduce the parent company's indebtedness.
However, since the announcement Scipher has experienced
considerable creditor pressure and as a result the Board has
concluded that Scipher is not in a position to continue trading.
After considering all the options available to it (including
administration, which is inappropriate for tax reasons) the
Board is of the view that the appointment of administrative
receivers is the most appropriate course of action for Scipher
to take and, following an invitation from Scipher plc,
administrative receivers from Baker Tilly have been appointed
over the Company.
The directors will work closely with the receivers to explore
the possibility of returning the Company to a more secure
footing. To this end discussions are already in progress that
could lead to the sale of another subsidiary, Wavelength
Solutions Ltd. and the process for the sale of TSSI continues.
Scipher's subsidiary companies continue to trade outside of the
insolvency process of their parent.
CONTACT: SCIPHER PLC
Dr. Rudy Burger
Phone: 020 8848 6555
EVOLUTION SECURITIES LIMITED
Chris Callaway
Phone: 020 7071 4300
Tim Redfern
Phone: 020 7071 4300
FINANCIAL DYNAMICS
James Melville-Ross
Phone: 020 7831 3113
Juliet Clarke
Phone: 020 7831 3113
U4 PRINT: Placed Into Voluntary Liquidation, Bosses Receives Ban
----------------------------------------------------------------
Two directors of a print business that failed with total debts
estimated at around GBP505,000 have given Undertakings not to
hold directorships or take any part in company management for a
period of four years each.
The Undertakings by Dennis Robert Mackenzie, 43, of Beldams
Gate, Beldams Lane, Bishops Stortford; and Stephen Patrick
Fisher, 45, of Curtis Road, Emerson Park, Hornchurch, Essex,
were given in respect of their conduct as directors of U4 Print
Services Limited, which carried out business from premises at
Unit 4, Victoria Park Road, Rothbury Road, London, E9 and
Printhouse Graphics Ltd, which carried out business from
premises at Unit 1, Pylon Industrial Estate, Cody Road, London,
E16.
Acceptance of the Undertakings on September 15, 2004 prevents
Mr. Mackenzie and Mr. Fisher 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 four years each.
U4 Print Services Limited was placed into voluntary liquidation
on September 18, 2004 with estimated debts of GBP504,241 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 unfit
to be involved in the management of companies in the future.
The matter of unfit conduct, not disputed by Mr. Mackenzie and
Mr. Fisher, was that they caused or allowed U4 Print Services
Ltd. and Printhouse Graphics Ltd. to retain monies that were due
to the crown.
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
UNWINS: Could Name New Owners by End of October
-----------------------------------------------
Off-license chain Unwins is in talks with a number of parties
regarding the sale of the business, which has suffered continued
losses for the past years, The Telegraph reports.
Chairman Michael Lunn is understood to be negotiating with
property companies, private equity firms, competitors and
international trade buyers, the report said. The bids are due
today. A spokesman said an agreement could be announced at the
end of October.
The descendants of Michael Wetz, the founder of wine and spirit
importer Philips Newman that bought the firm in 1921, put the
firm for sale in May to raise cash to revitalize the firm.
Mr. Lunn said a sale of the company now "looks more likely" than
a buyer taking a minority stake to inject some cash.
He said: "We've had plenty of interest. The sale is unique as
it is probably one of the last times a family-owned chain of
almost 400 stores will come up for sale in the south of
England."
Unwins has 388 stores across the south. It reported a
GBP992,000 loss in the year to February. For 2001-2002, the
firm reported its worst loss in its 161-year history of GBP2.68
million. Mr. Lunn was brought in 18 months ago to lead its
restructuring. It now expects small profit in the current
financial year.
WFS HOLDINGS: Members Final Meeting Set in Two Month
----------------------------------------------------
The final meeting of the members of WFS Holdings Limited will be
on November 2, 2004 commencing at 10:30 a.m. It will be held at
Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BE.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, November 1, 2004.
CONTACT: CRITCHLEYS
Greyfriars Court,
Paradise Square,
Oxford OX1 1BE
Liquidator:
S M Roscoe
Phone: +44 (0) 1865 261100
Fax: +44 (0) 1865 261201
E-mail: Oxford@critchleys.co.uk
Web site: http://www.critchleys.co.uk
WH SMITH: Completes Hodder Headline Disposal
--------------------------------------------
The Board of WH Smith PLC announces that the sale of its
publishing business, Hodder Headline, to Hachette Livre, a
wholly owned subsidiary of Lagardere S.C.A., completed on 25
September 2004.
The Board also announces the resignation of Tim Hely Hutchinson
as a Director of WH Smith PLC and Chairman of WH Smith News.
Neil Monnery, Group Strategy Director, is appointed Chairman of
WH Smith News with immediate effect.
The Return of Cash to Shareholders is now being implemented.
Further details of the Return of Cash are contained in the
Circular to Shareholders dated 27 August 2004.
On admission, a total of 180,405,000 New Ordinary Shares of 2
13/81 pence each and 250,562,500 C Shares of 85 pence each will
be in issue.
All definitions used in the Circular to Shareholders dated 27
August 2004 apply to this announcement.
CONTACT: WH SMITH PLC
Mark Boyle, Investor Relations
Phone: +44 (0) 20 7514 9630
Louise Evans, Media Relations
Phone: +44 (0) 20 7514 9624
BRUNSWICK
Phone: +44 (0) 20 7404 5959
Louise Charlton
Tom Buchanan
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
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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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