/raid1/www/Hosts/bankrupt/TCREUR_Public/041013.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Wednesday, October 13, 2004, Vol. 5, No. 203
Headlines
B E L G I U M
LERNOUT & HAUSPIE: KPMG Settles Lawsuit for US$115 Million
D E N M A R K
MAERSK AIR: To Charge Passengers Jet Fuel Fee Starting Friday
F R A N C E
MARNE ET CHAMPAGNE: M MTNs Downgraded to 'CCC'; On CreditWatch
RONAL FRANCE: Compulsory Liquidation Inevitable
G E R M A N Y
EFS-EURO: Creditors Have Until this Month to File Claims
INFINEON TECHNOLOGIES: Modifies Terms of Fiber Optics Unit Sale
IPERICON GMBH: Gives Creditors Until December to File Claims
J & W JACOBSON: Administrator Takes over Operations
KARSTADTQUELLE AG: In Crucial Talks with Unions
MALEREI & FARBE: Under Bankruptcy Administration
MG TECHNOLOGIES: Subsidiary Acquires Messo Group
MOVE.ADVERTISING: Administrator Takes over Helm
MWG BIOTECH: Disposing of Non-core Businesses
ONLINE GLAS: Hamburg Court Appoints Administrator
PRASENZ SERVICE: Succumbs to Bankruptcy
S.P.O.R. GASTRONOMIE: Provisional Administrator Moves in
TEZZELE DRUCK: Printing Firm Under Bankruptcy Administration
THERMO-TECHNIK: Creditors Meeting Set Next Month
I R E L A N D
BOMBARDIER: Implements First Wave of Redundancies
I T A L Y
ALITALIA SPA: Secures Loan as State Passes Social Measure
PARMALAT DOMINICANA: Curcastle Sells 65.74% Stake for EUR6.6 Mln
VOLARE GROUP: May Close down Next Month
K A Z A K H S T A N
TEMIR ZHOLY: Senior Unsecured Foreign Currency Rated 'BB+'
L U X E M B O U R G
EVRAZSECURITIES SA: Gets 'B' Final Rating; Outlook Stable
STOLT OFFSHORE: To Hold Conference Call this Afternoon
N E T H E R L A N D S
KONINKLIJKE AHOLD: Swedish Court Rejects Put Option Challenge
ROYAL SHELL: Goldman Sachs Consortium to Bid for LPG Biz
V-BIRD: Scandinavian Airlines Helps Stranded Passengers
R U S S I A
AGIDELSKIY ELECTRODE: Declared Insolvent
AIRPORT ALDAN: Names A. Vyaznov Insolvency Manager
AZERI AZERDEMIRYOLBANK: Fitch Gives Bank 'CCC+' Long-term Rating
CENTRAL REGIONAL: Bankruptcy Case Pending Before Tambov Court
CHEBOKSARSKOYE AIR-ENTERPRISE: Sets Public Auction this Week
DEMYASSKIY ELEVATOR: Under Bankruptcy Supervision
GULL: Insolvency Manager to Temporarily Run Business
INTERNATIONAL MOSCOW: Individual Rating Up on Improved Health
KHIM-MASH: Selling RUB14.4 Million Worth of Properties this Week
MAGNITOGORSK METAL: Foreign Currency Rating Affirmed at 'BB-'
PICHAEVO-AGRO-PROM-KHIMIYA: Sets Deadline for Proofs of Claim
ROS-AMBER: Undergoes Bankruptcy Supervision Procedure
URMANSKAYA FURNITURE: Deadline for Submission of Bids Today
YUKOS OIL: Yugansk Receives Three-month Breathing Space
YUKOS OIL: Court Allows Collection of US$1.3 Bln Tax Penalties
S W I T Z E R L A N D
CONVERIUM AG: Charles J. Piven Files Class Action
CONVERIUM AG: Murray, Frank & Sailer Brings Class Action
CONVERIUM AG: Schatz & Nobel Sues in S.D. New York
CONVERIUM AG: Lasky & Rifkind Files Class Action
U K R A I N E
ALCHEVSK HOUSE: Under Bankruptcy Supervision
ALISAR: Court Orders Debt Moratorium
DEREVICHIVSKE: Liquidator Moves in
DNIPROSPETSBUD: Deadline for Submission of Bids Expires Today
DORSERVICE: Court Appoints Temporary Insolvency Manager
INTERTRANSSERVICE: Bankruptcy Proceedings Begin
KERCH METALLURGICAL: Sets Deadline for Filing of Claims
KMK: Court Hires Insolvency Manager to Temporarily Run Business
PTAHOPROM: Ordered to Undergo Bankruptcy Supervision Procedure
ZHOVTNEVA AGRICULTURAL: Insolvency Manager Takes over Helm
U N I T E D K I N G D O M
101 CLOTHING: Insolvency Service Bans Directors
ABBEY NATIONAL: Newly Launched Funds Lead Rivals
ACCLAIM ENTERTAINMENT: Names Stoy Hayward Administrator
ACE WINDOWS: Members Agree to Dissolve Company
ADEPT (DERBY): Sets Creditors Meeting Next Week
ALUMINIUM TRADING: Calls in Liquidators
ASHTEAD GROUP: Arranges New US$675 Mln Senior Debt Facility
ASHTEAD GROUP: Earns 'B+' for Highly Leveraged Financial Profile
BESSBOROUGH PROPERTIES: Special Winding up Resolutions Passed
BONDCO 1071: Appoints Joint Liquidators from KPMG
BOYCE SPARS: Hires Grant Thornton as Liquidator
BRENTSTONE LIMITED: Nine-and-a-half-year Ban for Directors
BUILDING DEVELOPMENT: Names Milner Boardman Administrator
BUSINESS HR: Brings in Liquidator from Tenon Recovery
CLM GROUP: Appoints KPMG Liquidator
CPE REALISATIONS: Top Honcho Receives Three-year Ban
DONCASTER RACECOURSE: Hires BWC Business as Administrator
EURO-SCOT: First Creditors' Meeting Set Next Week
FIEGE MERLIN: Creditors' Meeting Set End of October
FRANK GUY: Appoints P&A Partnership Administrator
FUSION UNDERWRITING: Winding up Resolutions Passed
GENCO (ACT 1): Hires Administrators from Rothman Pantall
INSIGHT (1997): Names Administrators from Stoy Hayward
INTER DYNAMICS: Creditors Appoint Grant Thornton Liquidator
LIONWELD KENNEDY: Bank of Scotland Brings in Receiver
MERTON HALL: In Administrative Receivership
NC PROPERTY: Hires Liquidator from Begbies Traynor
NLI PROPERTIES: Hires Deloitte & Touche as Liquidator
PAPERMARC MILL: Sets Creditors' Meeting Next Week
PRUNUS LIMITED: Appoints David Rubin & Partners Liquidator
TE 2004: Creditors' Meeting Set Next Week
T.G. CONSTRUCTION: Members Opt to Liquidate Firm
THE MEZZANINE: Names Administrator from Grant Thornton
VISION FOODS: Hires Elwell Watchorn & Saxton as Administrator
*********
=============
B E L G I U M
=============
LERNOUT & HAUSPIE: KPMG Settles Lawsuit for US$115 Million
----------------------------------------------------------
Accounting firms KPMG Bedrijfsrevisoren of Belgium and KPMG LLP
of the United States have agreed to pay a total of US$115
million to settle a shareholder lawsuit stemming from the
collapse of Lernout & Hauspie Speech Products, N.V., a Belgian
software company.
The payment by the KPMG Defendants represents one of the largest
combined recoveries from accounting firms in a securities class
action, according to Berman DeValerio Pease Tabacco Burt &
Pucillo, one of three law firms representing co-lead plaintiffs
in the case.
Investors who purchased Lernout & Hauspie common stock on the
Nasdaq Stock Market, purchased Lernout & Hauspie call options,
or sold Lernout & Hauspie put options on any U.S.-based options
exchange from April 28, 1998, through and including November 9,
2000, are eligible to file claims to share in the settlement
proceeds. The settlement requires court approval before
becoming final.
"Lernout & Hauspie used almost every accounting trick in the
book to scam investors, which led to the company's demise," said
Berman DeValerio partner Jeffrey C. Block. "The recovery is a
win for investors, particularly considering the company went
bankrupt."
The lawsuit, pending in U.S. District Court for the District of
Massachusetts, claimed that Lernout & Hauspie and its top
executives had used deceptive accounting practices to
artificially inflate the company's reported revenues by an
astounding 64% -- or a total of US$377 million -- over a
two-and-a-half-year period.
The settlement ends litigation against the KPMG Defendants. The
case is continuing against other defendants, including Lernout &
Hauspie's former top officers, who are currently facing criminal
charges in Belgium. For more information about this case, visit
http://www.bermanesq.com/
Berman DeValerio is co-lead counsel in the case, along with the
law firms of Shalov Stone & Bonner LLP and Cauley Bowman Carney
& Williams, PLLC. The firms represent a group of individual
investors as lead plaintiffs.
Lernout & Hauspie Speech Products and its debtor-affiliates
filed for Chapter 11 protection on November 29, 2000, (Bankr.
Del. Case No. 00-04398). Judge Wizmur confirmed the Creditors'
Committee's Plan of Liquidation for Lernout & Hauspie Speech
Products, N.V., on May 29, 2003. Robert J. Dehney, Esq.,
Gregory W. Werkheiser, Esq., of Morris, Nichols, Arsht &
Tunnell; and Luc A. Despins, Esq., Matthew S. Barr, Esq., and
James C. Tecce, Esq., of Milbank, Tweed, Hadley & McCloy LLP,
represent the Debtors.
Ira S. Dizengoff, Esq., and James R. Savin, Esq., of Akin Gump
Strauss Hauer & Feld LLP; and Francis A. Monaco, Esq., and
Joseph J. Bodnar, Esq., of Monzack and Monaco, represent the
software company's Creditors' Committee.
CONTACT: LERNOUT & HAUSPIE SPEECH PRODUCTS NV
Flanders Language Valley 50
8900 Ieper Belgium
Phone: +32 57 228 888
Fax: +32 57 208 489
E-mail: sales@lhs.be
Web site: http://www.lhsl.com
=============
D E N M A R K
=============
MAERSK AIR: To Charge Passengers Jet Fuel Fee Starting Friday
-------------------------------------------------------------
As a consequence of the unusually high increases in jet fuel
prices in recent months, Maersk Air has decided to follow a
large number of other airline companies and introduces a jet
fuel fee of EUR7 per leg.
President Finn Oelund says, "Maersk Air is of the opinion that
the airlines should cope with ordinary differences in jet fuel
prices without changing the fares. However, in the recent
months we have seen very high increases in jet fuel prices,
which is outside what is reasonable and normal. On this
background we unfortunately have to -- in line with most other
airlines -- introduce a jet fuel fee."
All customers with a ticket or a reservation before Friday, 15
October 2004 will not be affected by this change, but purchase
and reservation made after Friday, 15 October 2004 will be
charged a jet fuel fee of EUR7 per leg.
Besides this there will be no changes to Maersk Air
tickets/fares, and the customers will still be able to use the
well-known "Fly as you like" concept with flexibility on all
tickets and low one-way prices, where the customers choose
themselves and only pay for what they choose.
* * *
In April, Maersk Air blamed two extraordinary expenditures for
its DKK622 million net loss for 2003. The first was a DKK476
million write-down of the value of its aircraft, components and
spare parts primarily due to the fall of dollar exchange rate
during the year. The second was DKK246 million in connection
with the sale of Maersk Air Ltd (U.K.).
CONTACT: MAERSK AIR A/S
Copenhagen Airport South
2791 Dragor, Denmark
Phone: +45 3231 4444
Fax: +45 3231 4490
Web site: http://www.maersk-air.com
===========
F R A N C E
===========
MARNE ET CHAMPAGNE: M MTNs Downgraded to 'CCC'; On CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class A1 and A2 MTNs issued by Marne et Champagne Finance a.r.l.
to 'AA' from 'A' and removed them from CreditWatch with
developing implications, where they were placed on July 19,
2004. At the same time, Standard & Poor's lowered its rating on
the class M MTNs to 'CCC' from 'BBB' and revised its CreditWatch
status to developing from negative (see list below).
Standard & Poor's has received no indication that the lending
bank, Lloyds TSB Bank PLC (Lloyds TSB; AA/Negative/A-1+),
intends to release funds which it received from the refinancing
of the secured obligations of the Groupe Marne et Champagne
(M&C) on July 9, 2004, nor that Lloyds TSB intends to put in
place a mechanism to eliminate the negative cost of carry
resulting from its decision not to release the funds to the
issuer.
Consequently, Standard & Poor's believes the class M MTN holders
are vulnerable to nonpayment of a portion of principal following
any release of funds and that the class A MTN holders will now
assume the risk of nonpayment by Lloyds TSB.
Standard & Poor's understands that Lloyds TSB has explained its
decision to reserve the funds, at an overnight rate of interest,
as a response to a perceived claw-back risk relating to M&C. As
such, the MTNs could remain outstanding for a maximum of 18
months from the time of the refinancing, after which the funds
would be released. Standard & Poor's further understands,
however, that Lloyds TSB has indicated that it will release the
funds earlier if it is indemnified to its satisfaction. Funds
held by Lloyds TSB are earning interest at a lower rate than the
obligations of the issuer, resulting in a negative cost of
carry. The issuer continues to draw on the liquidity facility
provided by The Royal Bank of Scotland PLC (AA/Stable/A-1+) to
fund senior expenses and interest margin. Principal on the MTNs
is not due until the legal maturity date in March 2007.
The absence of an agreement to release the funds prior to the
Sept. 20, 2004 interest payment date has led Standard & Poor's
to assess an increased risk of the negative carry issue not
being resolved to the benefit of the subordinated class M MTN
holders. Standard & Poor's understands that a small amount of
surplus cash was made available at the time of the refinancing.
However, without a mechanism to eliminate rather than reduce the
cost of carry, the class M MTNs will experience a limited
principal shortfall upon redemption, even if Lloyds TSB releases
the funds, as payments to class M MTN holders rank below those
to the liquidity facility provider and to the A1 and A2 MTN
holders.
Were the funds to be reserved by Lloyds TSB for the entire
18-month period, the total negative carrying cost that would
accrue over this period would be less than the amounts available
under the liquidity facility. Therefore, the class A1 and A2
MTN holders would have the benefit of amounts available under
the liquidity facility and would be exposed to a risk equivalent
to the issuer credit rating on Lloyds TSB. Ratings on these
classes have been raised accordingly, and are considered
commensurate with the assessed claw-back risk.
Standard & Poor's understands that information concerning issues
considered likely to affect repayment of the MTNs may become
available shortly, and will review any information provided to
it and will assess accordingly any ratings effect.
RATINGS LIST
Marne et Champagne Finance a.r.l.
EUR396 Million Secured MTNs
Ratings Raised and Removed from CreditWatch with Developing
Implications
Class Rating
To From
A1 AA A/Watch Dev
A2 AA A/Watch Dev
Ratings Lowered and Revised to CreditWatch with Developing
Implications
M CCC/WatchDev BBB/WatchNeg
Related articles on Marne et Champagne Finance can be found on
RatingsDirect, Standard & Poor's Web-based credit analysis
system at http://www.ratingsdirect.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
nicolas_malaterre@standardandpoors.com
stuart_nelson@standardandpoors.com
StructuredFinanceEurope@standardandpoors.com
Groupe Marne et Champagne
22, Rue maurice Cerveaux, 51200 EPERNAY
12, Boulevard Lundy 51100 REIMS
19, Avenue de Champagne, 51200 EPERNAY
Phone: 33+ (0) 3 26 78 50 50
Fax: 33+ (0) 3 26 78 50 99
E-mail: info@marne-champagne-group.com
Web site: http://www.marne-champagne-group.com/
RONAL FRANCE: Compulsory Liquidation Inevitable
-----------------------------------------------
The higher-level court of Sarreguemines will likely put car
parts supplier Ronal France into compulsory liquidation, Les
Echos says.
The court on September 26 reviewed the case of the company,
which fell into receivership on July 6. Court-appointed
receiver Claude-Maxime Weill expects the court's ruling to
include plans to sell the company's site in Bitche. So far, two
parties have expressed interest on the site, which employs 39
people. Site director Olivier Gunther recently injected it
EUR0.3 million in capital.
Mr. Weill is optimistic that a buyer could be found for Ronal's
Saint-Avold site, which employs 167 people. The company has
been gradually relocating the site's production to Poland.
Ronal France is a subsidiary of Germany-based Ronal GmbH, which
supplies the automobile industry.
CONTACT: RONAL FRANCE S.A.
Division Roue
Rue Altmeyer BP 10239
57506 Saint-Avold
Phone: 03 87 92 48 93
Fax: 03 87 92 15 74
Division Sanitaire
Route de Strasbourg
57230 Bitche
Phone: 03 87 96 16 79
Fax: 03 87 96 26 44
Web site: http://www.ronal.fr
=============
G E R M A N Y
=============
EFS-EURO: Creditors Have Until this Month to File Claims
--------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
EFS-EURO Traffic GmbH on September 14 due to the firm's
inability to pay debts. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until October 27, 2004 to register their claims with
court-appointed provisional administrator Peter Scholl.
Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2004, 9:45 a.m. at the district
court of Gera Rudolf-Diener-Str. 1, Zimmer 317 Gera at which
time the administrator will present his first report of the
insolvency proceedings.
CONTACT: EFS-EURO TRAFFIC GMBH
Altenburger Str. 64a, 04617 Rositz
Peter Scholl, Insolvency Manager
Andreasstrasse 39, 99084 Erfurt
INFINEON TECHNOLOGIES: Modifies Terms of Fiber Optics Unit Sale
---------------------------------------------------------------
Infineon Technologies AG, Munich (FSE/NYSE: IFX) and Finisar
Corporation (NASDAQ: FNSR) agreed to modify the terms of a
previously announced agreement under which Finisar is to acquire
Infineon's Fiber Optics Business Unit based in Berlin, Germany.
The terms were modified in part due to the operating results for
this business unit during the past six months.
Under the terms of the modified agreement, Finisar will issue
approximately 110 million shares of Finisar common stock to
Infineon compared to approximately 135 million shares that would
have been issuable under the original agreement. Following the
transaction, Infineon will hold a 33% equity interest in
Finisar. In addition, Infineon has agreed to provide financial
assistance with respect to the costs of restructuring the
operations of the Fiber Optics Business Unit and integrating
those operations with Finisar's following the closing.
The transaction is subject to approval by Finisar's
shareholders, applicable regulatory approvals and other
customary closing conditions. Jerry Rawls, President and CEO of
Finisar, and Frank Levinson, Chairman and Chief Technology
Officer of Finisar, who own an aggregate of approximately 16% of
the outstanding Finisar shares, have entered into agreements
with Infineon to vote their shares in favor of the transaction.
The companies have already received the required antitrust
clearances in the U.S. and Europe.
As previously announced, the acquisition will involve the
transfer of Infineon's fiber optic development, manufacturing,
and certain marketing activities and approximately 1,200
employees. The Infineon Fiber Optics Business Unit develops,
manufactures and markets a broad range of fiber optic datacom
and telecom modules supporting the common MSA standards, BIDI
components that allow bi-directional transmission on a single
fiber for fiber-to-the-home applications (FTTH), and plastic
optical fiber (POF) components that are used in automotive
applications, specifically, for entertainment and safety
systems.
Pending the approval of Finisar's shareholders, the transaction
is now expected to close in the fourth calendar quarter of this
year.
At closing, Mr. Thomas Seifert, CEO of Infineon's Memory
Products Group, is expected to join the Finisar Board of
Directors.
Deutsche Bank Securities is acting as sole financial advisor to
Finisar. Citigroup Global Markets is acting as sole financial
advisor to Infineon.
About Finisar
Finisar Corporation (NASDAQ: FNSR) is a technology leader for
fiber optic subsystems and network performance test systems.
These products enable high-speed data communications for
networking and storage applications over Gigabit Ethernet Local
Area Networks (LANs), Fibre Channel Storage Area Networks
(SANs), and Metropolitan Area Networks (MANs) using IP and
SONET/SDH-based protocols. The Company's headquarters is in
Sunnyvale, California, USA. http://www.Finisar.com.
About Infineon
Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products. With a global
presence, Infineon operates in the U.S. from San Jose, CA, in
the Asia-Pacific region from Singapore and in Japan from Tokyo.
In fiscal year 2003 (ending September), the company achieved
sales of EUR6.15 billion with about 32,300 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX).
CONTACT: INFINEON TECHNOLOGIES
Media
Phone: +49 (89) 234 28480
Web site: http://www.infineon.com
IPERICON GMBH: Gives Creditors Until December to File Claims
------------------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Ipericon GmbH on September 20.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until December 12,
2004 to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.
Creditors and other interested parties are encouraged to attend
the meeting on Oct. 27, 2004, 10:55 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 Feb. 16, 2004, 10:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: IPERICON GMBH
Sachsische Str. 70,10707 Berlin
Phone: +44 20 88 10 13 05
E-mail: info@ipericon.com
Web site: http://www.ipericon.com
Dr. Wolfgang Schroder, Insolvency Manager
Genthiner Str. 48, 10785 Berlin
J & W JACOBSON: Administrator Takes over Operations
---------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against J & W Jacobson & Widmark - Beratendes
Ingenieurburo - GmbH on September 21. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 10, 2004 to register their claims
with court-appointed provisional administrator Dr. Petra
Hilgers.
Creditors and other interested parties are encouraged to attend
the meeting on November 3, 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 February 2, 2005, 9:40 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: J & W JACOBSON & WIDMARK GMBH
Hardenbergstrasse 12, 10623 Berlin
Dr. Petra Hilgers, Insolvency Manager
Goethestr. 85, 10623 Berlin
KARSTADTQUELLE AG: In Crucial Talks with Unions
-----------------------------------------------
Struggling department store and mail order group KarstadtQuelle
AG and its unions intend to seal an agreement within the week,
Expatica says.
KarstadtQuelle's management, which is willing to take pay cuts,
is asking employees to make concessions as well. Employees were
asked to accept the inevitable layoffs, give up five vacation
days a year, and work 42 hours a week. Should unions accept
these concessions, it would pave the way for KarstadtQuelle to
avail of new loans from banks and for its stockholders to
approve a EUR500 million capital increase, which would be used
to finance the company's restructuring.
The Ver.di union is opposed to management's plan to sell or
close down 77 of its 181 department stores and 305 retail
outlets, as it would affect 30,000 employees. The union hopes
to strike an agreement that averts layoffs, but company
spokesman Joerg Howe said Monday "there will be no getting
around layoffs."
Talks were being held in two locations: at the company's Quelle
division office in Nuremberg and its headquarters in Essen.
Wolgang Pokriefke, head of the retail giant's works council,
said the talks have entered a "very critical phase." Mr.
Pokriefke added, "The goal is to achieve an agreement this
week."
The group's supervisory board will meet Thursday to set the date
for its extraordinary general meeting, in which the company
expects its shareholders to approve plans for a capital
increase.
KarstadtQuelle's current fix came as a result of declining
consumer demand, made worse by a sluggish economy having
employment problems. The company suffered from another
loss-making first, as it increased its pre-tax losses from
EUR289.3 million in 2003 to EUR388.5 million this year. The
retail giant expects to post a second-half loss of around EUR160
million to EUR200 million.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
MALEREI & FARBE: Under Bankruptcy Administration
------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Malerei & Farbe GmbH on Sept. 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 23, 2004
to register their claims with court-appointed provisional
administrator Rudiger Wienberg.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 29, 2004, 9:05 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 Jan. 24, 2005, 9:00 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: MALEREI & FARBE GMBH
Kopenick, Bolschestr. 99,12587 Berlin
Rudiger Wienberg, Insolvency Manager
Markgrafenstrasse 25, 10117 Berlin
MG TECHNOLOGIES: Subsidiary Acquires Messo Group
------------------------------------------------
GEA, a subsidiary of mg technologies AG, has acquired the
business of Messo-Chemietechnik GmbH, which is based in
Duisburg, Germany. The parties to the deal have agreed not to
disclose the purchase price. The German antitrust authorities
have already approved the acquisition. Messo generated sales of
EUR25 million in 2003 and currently employs 45 people.
The Messo Group is one of the market and technology leaders in
the field of crystallization technology for the chemical, food
and biotechnology industries. It is also a major manufacturer
and supplier of evaporation equipment. Messo is therefore an
ideal fit for the evaporation and crystallization businesses of
GEA's Process Engineering division.
Mg technologies AG, headquartered in Frankfurt am Main, is an
international technology group that focuses on specialty
mechanical engineering -- especially process engineering and
components -- and plant engineering.
The company generated sales of roughly EUR4.1 billion --
excluding Dynamit Nobel and other discontinued operations -- in
2003. At June 30, 2004, the company employed around 17,000
people and is one of the world's market and technology leaders
in 90% of its businesses.
CONTACT: MG TECHNOLOGIES AG
Communications
Phone: +49 (0)69 71199 241
Fax: +49 (0)69 71199 112
Web site: http://www.mgtechnologies.com
MOVE.ADVERTISING: Administrator Takes over Helm
-----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against move.advertising GmbH on Sept. 13.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 14, 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 Feb. 8, 2005, 9:50 a.m. at Saal 2, Geb. F,
Klingerstr. 20, 60313 Frankfurt 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: MOVE.ADVERTISING GMBH
Gutleutstrasse 96, 60329 Frankfurt
Phone: +49(0) 69-94 34 50 0
Fax: +49(0) 69-94 34 50 50
E-mails: info@movead.com, jobs@movead.com
Web site: http://www.movead.com
Dr. Holger Lessing, Insolvency Manager
Hanauer Landstrasse 287-289
60314 Frankfurt am Main
Phone: 069/15051300
Fax: 069/15051400
MWG BIOTECH: Disposing of Non-core Businesses
---------------------------------------------
The Management Board and Supervisory Board of MWG Biotech AG,
Ebersberg, have decided to focus the Company on its core
business. This entails that in future MWG Biotech AG will
concentrate on the products and services of its business lines
Genomic Synthesis (production of synthetic nucleic acids,
oligonucleotides) and Genomic Information (DNA sequencing;
identification of genomes of organisms). The Company intends to
part with the non-core business lines Genomic Diagnosis
(microarrays) and Genomic Technology (lab automation) and to
adapt its product portfolio. At this point in time management
investigates various separation options.
"Focusing on our core competencies Genomic Synthesis and Genomic
Information allows us to further expand our leading position in
these markets. Our Genomic Diagnosis and Genomic Technology
lines in turn contain highly innovative and recognized product
and service portfolios. We are confident to find new partners
for these businesses," says Dr. Wolfgang Pieken, Speaker of the
Management Board of MWG Biotech AG.
These measures are expected to rapidly create the basis for a
return of the Company into long-term profitability. The effects
of focusing on the original core business of MWG Biotech on the
Company's total turnover and result cannot be translated in
figures yet, a negative deviation from the communicated expected
result, however, seems probable.
Management intends to accompany this process by the acquisition
of new capital.
CONTACT: MWG BIOTECH A.G.
Anzinger Str. 7a
D-85560 Ebersberg
Germany
Phone: +49-08092-8289-0
+49-8092-8289-77
Fax: +49-08092-21084
E-mail: info@mwgdna.com
Web site: http://www.mwg-biotech.com
ONLINE GLAS: Hamburg Court Appoints Administrator
-------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ONLINE GLAS GmbH on Sept. 16. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 12, 2004 to register their claims with
court-appointed provisional administrator Dieter Rasehorn.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 15, 2004, 9:00 a.m. at the insolvency court
of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) 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: ONLINE GLAS GMBH
Van-der-Smissen-Strasse 1, 22767 Hamburg
Contact:
Adolf Brasch, Manager
Dieter Rasehorn, Insolvency Manager
Muhlweg 16, 06108 Halle
Phone: 0345/5220024
PRASENZ SERVICE: Succumbs to Bankruptcy
---------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against PRASENZ Service Gesellschaft mbH on Sept.
20, 2004. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Dec. 3, 2004 to register their claims with court-appointed
provisional administrator Dr. Petra Hilgers.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 4, 2004, 10:05 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 Feb. 3, 2004, 10:20 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: PRASENZ SERVICE GESELLSCHAFT MBH
Schulze-Boysen-Str. 35,10365 Berlin
Dr. Petra Hilgers, Insolvency Manager
Goethestr. 85, 10623 Berlin
S.P.O.R. GASTRONOMIE: Provisional Administrator Moves in
--------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against S.P.O.R. Gastronomie-Betriebs GmbH on Sept. 15.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Nov. 5, 2004 to
register their claims with court-appointed provisional
administrator Stefan Hinrichs.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 3, 2004, 10:05 a.m. at the insolvency court
of Hamburg Weidestrasse 122 d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) 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: S.P.O.R. GASTRONOMIE-BETRIEBS GMBH
Milchstrasse 16, 20148 Hamburg
Contact:
Heinz Joachim Ernst Schroder, Manager
Stefan Hinrichs, Insolvency Manager
Osterbekstrasse 90A, 22083 Hamburg
Phone: 040/41004040
Fax: 040/41004059
TEZZELE DRUCK: Printing Firm Under Bankruptcy Administration
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against publishing firm Tezzele Druck & Andruck GmbH, formerly
Druckservice Luciano Tezzele GmbH, on Sept. 15. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Nov. 4, 2004 to
register their claims with court-appointed provisional
administrator Ingmar Jarchow.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2004, 10:40 a.m. at the insolvency court
of Hamburg Weidestrasse 122 d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) 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: TEZZELE DRUCK & ANDRUCK GMBH
Rudorffweg 19, 21031 Hamburg
Phone: (0 40) 554 931-54
Fax: (0 40) 554 931-57
E-mail: info@tezzele.com
Web site: http://www.tezzele.com
Contact:
Luciano Tezzele, Manager
Ingmar Jarchow, Insolvency Manager
Colonnaden 21, 20354 Hamburg
Phone: 3501690
THERMO-TECHNIK: Creditors Meeting Set Next Month
------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Thermo-Technik Handelsgesellschaft on Sept.
17. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until Dec. 10,
2004 to register their claims with court-appointed provisional
administrator Joachim Voigt.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 3, 2004, 9:40 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 Feb. 2, 2004 at the insolvency court
of Charlottenburg 1, 14057 Berlin, II. Stock Saal 218.
CONTACT: Thermo-Technik Handelsgesellschaft
Holzstrasse 16,13359 Berlin
Joachim Voigt, Insolvency Manager
Rankestrasse 33, 10789 Berlin
=============
I R E L A N D
=============
BOMBARDIER: Implements First Wave of Redundancies
-------------------------------------------------
Aircraft maker Bombardier plans to cut 560 jobs at four plants
across the North, BusinessWorld reports. The sites affected are
in Newtownards, Newtownabbey, Dunmurry and Queen's Island.
The company warned of more redundancies in the near future as
difficult market situation suggests it keeps manpower levels
under check. Its airline customers are currently experiencing
financial difficulties. It said it might cut a further 330 jobs
at Belfast next January if Delta is not able to take delivery of
Bombardier Aircraft.
The company is also making another 1,440 workers redundant at
its home manufacturing facilities in Canada.
CONTACT: BOMBARDIER
800 Rene-Levesque Blvd.
West Montreal, Quebec
Canada H3B 1Y8
Phone: +1 514 861 9481
Fax: +1 514 861 7053
Web site: http://www.bombardier.com
=========
I T A L Y
=========
ALITALIA SPA: Secures Loan as State Passes Social Measure
---------------------------------------------------------
The government passed yesterday a measure extending social help
to laid-off airline employees and enabling Alitalia to secure a
EUR400 million state-backed bridging loan, La Stampa says.
The state earlier promised trade unions it would extend
unemployment benefits to employees affected by Alitalia's
restructuring. The measure would grant around 3,679 affected
employees access to a state fund created to support
large-industry. Labor minister Roberto Maroni said Sunday he
was satisfied with the measure and stressed it did not
constitute state aid as same rules were applied in passing the
measure.
Mr. Maroni also ruled out proposals to absorb laid-off Alitalia
employees to public companies.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
PARMALAT DOMINICANA: Curcastle Sells 65.74% Stake for EUR6.6 Mln
----------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that its subsidiary company Curcastle Corporation
N.V. has sold its holding of 65.74% in the share capital of
Parmalat Dominicana S.A. to the Dominican company PAR S.A. (the
minority shareholder of Parmalat Dominicana) and other buyers
represented by PAR S.A. The consideration of EUR6.6 million has
already been received.
The agreement includes a commitment by the acquirers to pay-down
within two years debt of an amount of US$930,794 that Parmalat
Dominicana has with companies of the Parmalat Group.
Further, a licensing agreement for the use of the Parmalat
brands has been signed between Parmalat S.p.A. in Extraordinary
Administration and Parmalat Dominicana.
The transaction, approved by the Minister of Production
Activities, following consultation with the Surveillance
Committee, will result in a flow of payments to Parmalat S.p.A.
in Extraordinary Administration.
CONTACT: PARMALAT DOMINICANA S.A.
Calle Real No. 2, esq. Mirador del Este
Villa Duarte
Santo Domingo, Republica Dominicana
Phone: (809) 595-0000
Fax: (809) 595-2056
E-mails: parmalat_do@parmalat.com.do
servicio_clientes@parmalat.com.do
Web site: http://parmalat.com.do/
VOLARE GROUP: May Close down Next Month
---------------------------------------
Low-cost airline operator Volare Group might only have until the
end of the month to stay in operation, Il Sole 24 Ore says.
Volare Group's chairman, Mauro Gambaro, reportedly sent a letter
to company shareholders informing them of the company's
inability to guarantee its survival past October. Mr. Gambaro
will meet with the company's board today, hoping to gain
shareholder's nod on a proposed EUR40 million capital increase.
Shareholders have been reluctant on the capital increase as the
company has not been able to produce satisfactory results.
Shareholders are demanding for proof of improved management in
future.
Meanwhile, KMPG Forensic, the company's auditors, will soon
release its report after reviewing the group's accounts for the
past three years.
CONTACT: VOLARE GROUP S.p.A.
Via Pirelli, 20
20124 Milan
Phone: (+39) 02 673 631
Fax: (+39) 02 673 630 90
Web site: http://www.volare-group.it
===================
K A Z A K H S T A N
===================
TEMIR ZHOLY: Senior Unsecured Foreign Currency Rated 'BB+'
----------------------------------------------------------
Fitch Ratings affirmed the 'BB+' Senior Unsecured foreign
currency rating for Kazakhstan Temir Zholy, the national railway
xprovider in Kazakhstan. The rating Outlook is Positive.
Fitch's sovereign rating for Kazakhstan is also 'BB+', Outlook
Positive.
Government ownership and expected support towards KTZ, if
required, aids the credit rating of this entity. The rail
infrastructure, mainly used for freight traffic, is also of
strategic national importance to the republic's economy.
Furthermore, KTZ's board is primarily made up of government
appointees, and the anti-monopoly agency sets the company's
domestic tariffs. The setting of domestic tariffs has recently
been modified to include more economic rationale, although it is
still tinged with other political considerations. Any change in
the current ownership structure of KTZ requires parliament
approval. Recent new debt financing for KTZ has not been
explicitly guaranteed by the state.
Kazakhstan's rail infrastructure provides key transport arteries
from Asia to the West using KTZ's Northern Corridor on the Trans
Asian Railway; the Central Corridor (Siberian rail route) which
accesses infrastructure connecting up to Western Europe and the
Baltics; and on the western side, the TRACECA route links to
Aktau port -- Kazakhstan's only gateway to the sea. Commodities
transported include coal, ore, oil, grain and others (such as
consumer goods and raw material from/to China). By revenue the
most important commodities are oil and coal. Oil is mainly
exported, whereas coal is for internal and external use. Oil
income has been under threat as new pipelines in the northwest
have reduced rail volumes. Internal tariffs (30-35% of freight
income) are set to increase significantly in H204 to address the
foreseeable loss of oil-related income and to instill an
economic discipline of commodities covering KTZ's attributable
costs. This increase is expected to upset the domestic
coalmines in particular. Such tariffs have been agreed with the
anti-monopoly commission. International tariffs (c.50% of
freight turnover) and transit (c.15%) are set by CIS-related
rail bodies.
As part of the on-going program of rail reform and
privatization, by December 2004 non-core supporting facilities
are to be sold outright to private enterprises, including
locomotive and wagon repair, and track maintenance. KTZ is
hoping that this will result in competitive pricing, and
neighboring countries bringing in new capacity (particularly in
track maintenance). Passenger Services, hitherto subsidized
within KTZ, is expected to be de-merged or government-related
subsidies increased.
KTZ is a profitable entity, although FY03's pre-capex (capital
expenditure) cash flow did not entirely cover some TENGE 61
billion (US$390 million) of capex. On-going capex of around
TENGE 50bn is expected to be aided by receipts from the above
disposals and improved profits. The group's leverage is low with
YE03 net debt of TENGE 5.3 billion (US$34 million).
Fitch's full report on the company, encompassing a description
of the Kazakhstan rail network, is available to subscribers on
http://www.fitchresearch.com.
CONTACT: FITCH RATINGS
John Hatton, London,
Phone: +44 (0) 20 7417 4283
Larissa Malycheva, London
Phone: +44 (0) 20 7417 4207
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
===================
L U X E M B O U R G
===================
EVRAZSECURITIES SA: Gets 'B' Final Rating; Outlook Stable
---------------------------------------------------------
Fitch Ratings assigned EvrazSecurities S.A., Luxembourg's US$150
million senior five-year notes, a final 'B' rating with Stable
Outlook.
The new notes will be consolidated and combined with five-year
US$150 million coupon 10.875% notes issued in August 2004 (refer
to Fitch comment on 13 August 2004) as a single series. Both
issues are unconditionally and irrevocably guaranteed by
Cyprus-based Mastercroft Limited (rated Senior Unsecured 'B')
and its subsidiaries OJSC Novokuznetsk Iron and Steel Plant in
Russia, and Gibraltar-based Ferrotrade Limited. Mastercroft's
other subsidiaries, OJSC Nizhny Tagil Iron and Steel Plant, OJSC
Western Siberian Iron and Steel Plant (Zapsib) will each have a
limited guarantee of both issues' principal amount. The rating
action follows the review of the final offer documents.
Under the bond documentation the proceeds can be used for
financing acquisitions of mining assets, and repayment of all
amounts due under the existing loan facility provided for
acquisition of such assets as well as for general corporate
purposes. The issuer is an orphan special purpose entity of
Mastercroft that also issued the 2006 notes in September 2003.
Half of the total proceeds (US$300 million) has been used to
repay a bridge facility loan provided by ING bank, CSFB and
Commerzbank to acquire a Russian coal mine Kachkanarski GOK.
The rest of the proceeds will be used to finance future
acquisitions.
The tap issue has an identical structure to that of the 10.875%
notes, including the financial covenants described in Fitch's
comment dated on 13 August 2004.
Mastercroft controls three large integrated steel plants within
the Russian Federation. In FY03, Mastercroft's total output was
13.9 million tons, which placed the company as the leader in
Russia and 12th largest in the world. The rating reflects
Mastercroft's leading domestic market positions in long steel
products and a monopoly position in railway transport steel
products; its main customers are in the railway, construction
and pipe-producing industries.
Details of Mastercroft's credit profile can be found in the
credit analysis, which is now available at
(http://www.fitchratings.com).
CONTACT: FITCH RATINGS
Sonya Dilova, London
Phone: +44 20 7417 3485
Larissa Malycheva
Phone: +44 20 7417 4207
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
STOLT OFFSHORE: To Hold Conference Call this Afternoon
------------------------------------------------------
Overview:
(a) Stolt Offshore returns to profitability:
(i) Group-wide improvements in performance
(ii) Rigorous project management in AFMED
(b) Confidence in 2004 breakeven target
(c) Re-establishing market share:
(i) Selective targeting of projects
(ii) Maintaining price and contract discipline
(iii) High level of bidding activity
Financial Highlights
In Millions Third Quarter Ended Nine-Months Ended
(except per
share data)
Unaudited Aug.31.04 Aug.31.03 Aug.31.04 Aug.31.03
Net operating
revenue US$309.6 US$397.9 US$857.9 US$1,176
Gross profit/(loss) 45.3 12.7 51.1 (29.5)
Net operating profit
/(loss) 24.3 (6.5) 12.0 (94.0)
Net profit/(loss) 12.7 (22.5) (18.2) (132.0)
Earnings/(loss)
per share 0.07 (0.24) (0.12) (1.42)
Weighted average
shares issued 190.5 92.4 146.7 92.7
Cash Flow Highlights
In $ Millions Quarter 3
Net profit for period 12.7
Add back : Interest,
Depreciation, amortization,
impairment, gain on sale of fixed assets, tax 26.5
EBITDA 39.2
Changes in working capital,
joint ventures and minority
interests (21.8)
Net cash provided by operating activities 17.4
Cash proceeds from asset sales 49.6
Bank debt repayments (17.2)
Capital expenditure and other items (14.3)
Net cash from investing and financing activities 18.1
Change in cash and cash equivalents 35.5
Balance Sheet Highlights
In $ Millions as at Aug.31.04 May.31.04
Unaudited Unaudited
Gross debt (279.8) (297.0)
Cash 297.7 262.2
Net cash/(net debt) 17.9 (34.8)
Other current assets 320.9 367.2
Other current liabilities* (576.8) (597.7)
Working capital (255.9) (230.5)
Shareholders' equity 283.2 271.9
-----
[*] Includes $112 million of advanced revenue from customers.
(May.31.04 - $126 million)
Fleet and Key Equipment:
(a) Rejuvenation programme
(b) Secure project performance
(c) 2004/2005 increment to capex profile
(i) Stinger DLB 801
(ii) LB200
(iii) Seaway Polaris: J-lay system
A full copy of this press release is available free of charge at
http://bankrupt.com/misc/financialresults.pdf.
CONTACT: STOLT OFFSHORE S.A.
Julian Thomson
Fiona Harris
Phone: (U.K.) +44 1224 718436
Phone: (U.S.) +1 877 603 0267 (toll free)
E-mail: julian.thomson@stoltoffshore.com
BRUNSWICK GROUP
Patrick Handley (UK)
Tim Payne (US)
Phone: (U.K.) +44 207 404 5959
Phone: (U.S.) +1 212 333 3810
E-mails: phandley@brunswickgroup.com
tpayne@brunswickgroup.com
REGISTERED OFFICES
26, rue Louvigny, Luxembourg
PRINCIPAL EXECUTIVE OFFICES
STOLT OFFSHORE S.A. (NASDAQ: SOSA [ADR])
Dolphin House, Windmill Road
Sunbury-on-Thames
Surrey TW16 7HT, United Kingdom
Phone: +44-1932-773-700
Fax: +44-1932-773-701
Web site: http://www.stoltoffshore.com
=====================
N E T H E R L A N D S
=====================
KONINKLIJKE AHOLD: Swedish Court Rejects Put Option Challenge
-------------------------------------------------------------
Koninklijke Ahold received the decision from the Swedish
arbitration tribunal regarding the premium, which is part of the
price of the put option exercised by Canica a.s. of its 20%
interest in the Scandinavian joint venture ICA AB.
The arbitration tribunal has rejected the challenges made by
Canica to the premium rate. The tribunal has established the
premium rate to be 49.56% which corresponds to the outcome of
the valuation made earlier by the valuation expert engaged by
the partners in ICA AB.
On July 12, 2004, Ahold received a put notice from Canica for
its 20% stake in the joint venture ICA AB. According to the
Shareholders' Agreement among Ahold, Canica and the third joint
venture partner, ICA Forbundet Invest AB, Ahold is obliged to
buy the shares offered by Canica. The price, according to the
Shareholders' Agreement, will be determined by the valuation
procedure. According to this procedure, the price for the
shares will be equal to 20% of the Revised Equity Value of ICA
AB plus a premium. The Revised Equity Value of ICA AB is the
fair market value of its shares (as if ICA AB was listed on the
Stockholm Stock Exchange, not including any take-over premium).
The parties are in negotiations to engage a valuation expert to
determine the Revised Equity Value. The size of the premium has
now been established at 49.56%.
On July 19, 2004, Ahold announced that it had entered into an
agreement with ICA Forbundet to purchase from Ahold half of the
shares of ICA AB that Ahold will acquire under the Canica put
option.
As soon as the total price for the shares offered by Canica has
been established, Ahold will issue a further press release.
Ahold intends to finance the share transaction with available
cash.
CONTACT: ROYAL AHOLD
Ahold Corporate Communications
Phone: +31.75.659.5720
ROYAL SHELL: Goldman Sachs Consortium to Bid for LPG Biz
--------------------------------------------------------
Goldman Sachs Capital Partners and Kohlberg Kravis Roberts, the
U.S. private equity firm, are preparing a bid for Royal Shell's
liquefied petroleum gas business, The Financial Times reports.
Royal Shell is selling the operation as part of a US$10 billion
to US$12 billion (GBP6.7 billion) asset disposal program to
repair its reputation after a reserves overstatement scandal
early this year. It said last month it already received
interest from a party whose identity it did not disclosed.
According to the report, the auction is likely to attract equity
partners rather than strategic buyers. Potential bidders are
JPMorgan Partners, which teamed up last year with Candover and
Britain's 3i to buy the upstream part of ABB's oil, gas and
petrochemicals division; PAI Partners, the French buyout group,
which now owned a stake in Antargaz, the leading LPG distributor
in France; and buy-out houses Blackstone Group and Cinven.
Citigroup, which manages the sale, is expected to send out sales
memorandum in January. Shell declined to comment on the sale
process on Monday, the report said.
Citigroup along with NM Rothschild are also working to create a
corporate structure for the Anglo-Dutch oil group. It is also
advising the company in the disposal of Intergen.
Shell plans to use the money raised by selling underperforming
and non-core operations to upgrade its exploration and
production business in the next three years. So far this year,
it has sold twice the assets earmarked in 2003 for disposal in
2004.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague, The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
V-BIRD: Scandinavian Airlines Helps Stranded Passengers
-------------------------------------------------------
The German no-frills carrier V-bird Airlines has suspended all
flights due to financial problems, including those on the
Arlanda-Dusseldorf (Niederrhein) route. This means that a
number of passengers will be unable to fly to Germany with
V-bird. It also means that many Swedes will be left stranded in
Germany and won't be able to fly home as planned.
"We are offering those customers who are now unable to fly
between Dusseldorf and Arlanda, even though they've bought
V-bird tickets, the chance to travel with us instead for
SEK1,500 one way," says Susanne Dahlberg, responsible for
Revenue Management at Scandinavian Airlines Sverige.
"We are prepared to help out passengers who can produce evidence
of a booking between Dusseldorf and Arlanda with V-bird.
Obviously we are also extending the same offer to passengers
stuck in Arlanda because of V-bird."
The offer applies to direct flights to Stockholm. Passengers
wishing to take advantage of Scandinavian Airlines Sverige's
offer should call SAS Sales Centers in Sweden on 0770 727 727,
or +46-8-797 4000 from abroad.
CONTACT: SCANDINAVIAN AIRLINES SVERIGE
Susanne Dahlberg, Revenue Management Sverige
Phone: 070 997 5074
===========
R U S S I A
===========
AGIDELSKIY ELECTRODE: Declared Insolvent
----------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy proceedings against Agidelskiy Electrode Factory
after finding the limited liability company insolvent. The case
is docketed as A07-19457/03-A-PAV. Mr. I. Gaysin has been
appointed insolvency manager. Creditors have until November 10,
2004 to submit their proofs of claim to Russia, Bashkortostan
republic, Neftekamsk, Sotsialisticheskaya Str. 64B, Apartment
77.
CONTACT: AGIDELSKIY ELECTRODE FACTORY
Russia, Bashkortostan republic,
Agidel, Promyshlennaya Str. 1
Mr. I. Gaysin
Insolvency Manager
Russia, Bashkortostan republic,
Neftekamsk, Sotsialisticheskaya Str. 64B,
Apartment 77
AIRPORT ALDAN: Names A. Vyaznov Insolvency Manager
--------------------------------------------------
The Arbitration Court of Sakha republic has commenced bankruptcy
proceedings against Airport Aldan after finding the state
unitary enterprise insolvent. The case is docketed as
A58-2317/01. Mr. A. Vyaznov has been appointed insolvency
manager.
Creditors may submit their proofs of claim to 677007, Russia,
Sakha republic (Yakutiya), Krupskoy Str. 35.
CONTACT: Mr. A. Vyaznov
Insolvency Manager
677007, Russia,
Sakha republic (Yakutiya),
Krupskoy Str. 35
AZERI AZERDEMIRYOLBANK: Fitch Gives Bank 'CCC+' Long-term Rating
----------------------------------------------------------------
Fitch Ratings assigned ratings to Azeri Azerdemiryolbank of
Long-term 'CCC+', Short-term 'C', Individual 'D/E' and Support
'5'. The Outlook for the Long-term rating is Stable.
The Long-term, Short-term and Individual ratings reflect
Azerdemir's small size, the credit risks associated with its
rapid lending growth to new borrowers, underdeveloped risk
management practices and low loan loss reserves (LLR). However,
they also take into account the bank's acceptable profitability
and capital ratios, and the improved diversification in its loan
book and funding base.
Fitch notes that Azerdemir's profitability decreased in 2003
following the exit of its important borrower, the State Railway
Company, and was impaired again when the companies of the
Ministry of Communication left the bank in 2004. However, it is
still adequate and even grew in 2004 as the bank rebalanced its
loan portfolio towards higher yielding retail and SME lending.
Meanwhile, operating costs have also grown significantly.
The bank's loan book grew substantially during 2003, mainly due
to new retail and SME borrowers. Concentration has reduced but
is still significant by international standards, although it is
not high for a bank in the CIS. LLR coverage of impaired loans
was strong at end-2003. However, coverage for the standard and
sub-standard categories appears low for such a volatile
operating environment, and given the large number of new SME
borrowers, as well as the concentration and longer tenor of its
loan book. The quality of its assets could well deteriorate as
the loan book seasons.
Funding is fairly well diversified for a CIS bank, with
individuals providing over half of its non-equity funding in
July 2004. However, they might be flighty in times of crisis.
Liquidity is modest.
During 2003, capital ratios decreased due to asset growth,
although they are still acceptable however, they should be
viewed in the context of the bank's high level of fixed assets
and low LLR.
Azerdemir was established in 1989 and, although very small, is
currently the fourth largest bank in Azerbaijan by total assets.
The bank now focuses on retail and SME activities. It is
majority-owned by one Azeri family (c.60%).
CONTACT: FITCH RATINGS
Alexander Giles, London
Phone: +44 20 7417 6330
Vladlen Kuznetsov, Moscow
Phone: +7 095 956 9901
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
CENTRAL REGIONAL: Bankruptcy Case Pending Before Tambov Court
-------------------------------------------------------------
The Arbitration Court of Tambov region republic has commenced
bankruptcy proceedings against Central Regional Drugstore #42
after finding the municipal unitary enterprise insolvent. The
case is docketed as 64-3291/04-18. Mr. V. Vorobey has been
appointed insolvency manager.
CONTACT: CENTRAL REGIONAL DRUGSTORE #42
Russia, Tambov region,
Morshansk
Mr. V. Vorobey
Insolvency Manager
Russia, Tambov region,
Kirsanov, Molodyezhnaya Str. 1a,
Apartment 25
CHEBOKSARSKOYE AIR-ENTERPRISE: Sets Public Auction this Week
------------------------------------------------------------
The bidding organizer and insolvency manager of federal state
unitary enterprise Cheboksarskoye Air-Enterprise will sell its
properties on October 14, 2004. The public auction will take
place at Russia, Chuvashiya republic, Cheboksary, Petrova Str.
6.
Up for sale is a runway consisting of: (1) Rulezhniye Paths -
5,600 sq. m., 8,138 sq. m.; platform 52, 216 sq. m.; motorway
5th category 0.8 km; enclosed airport with airfield fence.
Starting price: RUB4,500,000.
The list of documentary requirements is available at Russia,
Chuvashiya republic, Cheboksary, Petrova Str. 6. To
participate, bidders must deposit an amount equivalent to 50% of
the starting price to the settlement account
40502810800000000008 in branch OJSC PK AVTOVAZBANK, Cheboksary,
BIC 049706714, correspondent account 30101810800000000714.
CONTACT: CHEBOKSARSKOYE AIR-ENTERPRISE
Russia, Chuvashiya republic,
Cheboksary, Petrova Str. 6
Phone: (8352) 21-17-61
DEMYASSKIY ELEVATOR: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on OJSC Demyasskiy Elevator. The case is
docketed as A57-155B/04-12. Mr. V. Malyshev has been appointed
temporary insolvency manager.
Creditors may submit their proofs of claim to 413118, Russia,
Saratov region, Engels, Vokzalnaya Str. 20. A hearing will take
place at the Arbitration Court of Saratov region at Russia,
Saratov, Pervomayskaya Str. 74 on November 23, 2004.
CONTACT: DEMYASSKIY ELEVATOR
Russia, Saratov region,
Dergachevskiy region, Demyas
Mr. V. Malyshev
Temporary Insolvency Manager
413118, Russia,
Saratov region, Engels,
Vokzalnaya Str. 20
GULL: Insolvency Manager to Temporarily Run Business
----------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy proceedings against Gull after finding the open joint
stock company insolvent. The case is docketed as
A21-1900/04-S2. Mr. S. Birkle has been appointed insolvency
manager.
CONTACT: GULL
238050, Russia,
Kaliningrad region, Gusev,
Lomonosova Str. 10
Mr. S. Birkle
Insolvency Manager
236006, Russia,
Kaliningrad, Frunze Str. 6,
Room 36
INTERNATIONAL MOSCOW: Individual Rating Up on Improved Health
-------------------------------------------------------------
Fitch Ratings upgraded International Moscow Bank's Individual
rating to 'C/D' from 'D'.
The rating action reflects improvements in IMB's profitability,
the quality of its revenue streams, a gradual reduction in
concentration levels and the continuing growth of its franchise.
The Individual rating also takes into account IMB's relatively
low risk appetite, good risk management systems and experienced
management. However, Fitch notes that the bank's capitalization
is still lower than desirable, concentration levels on both
sides of the balance sheet remain high and provisioning of the
loan book is low.
IMB's Long-term 'BB-' rating was placed on Positive Rating Watch
on 28 September 2004, following the announcement of forthcoming
changes to the bank's ownership structure (see
http://www.fitchresearch.comfor further details). IMB is rated
Short-term 'B' and Support '4'.
IMB was established in October 1989 as Russia's first joint
venture bank with foreign partners. It has two 'strategic'
shareholders, Bayerische Hypo- und Vereinsbank (HVB, 43%) and
Nordea Bank Finland PLC (22%). Other large shareholders include
BCEN-Eurobank (20%) and the EBRD (10%). The shareholders
structure is likely to change in Q105 as Bayerische Hypo- und
Vereinsbank Group and Nordea Bank Finland PLC expressed their
intention to increase their stakes to a controlling 53%, and to
a blocking stake of 26%, respectively. IMB's core businesses
are in servicing large- and medium-sized domestic corporates, as
well as trading in securities and foreign exchange. The bank is
also lending to smaller companies, and has a good position in
retail banking in Moscow. IMB ranks among the top 10 Russian
banks in terms of total assets.
CONTACT: FITCHR RATINGS
James Longsdon, London
Phone: +44 20 7417 4309
Vladlen Kuznetsov, Moscow
Phone: +7 095 956 9901
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
KHIM-MASH: Selling RUB14.4 Million Worth of Properties this Week
----------------------------------------------------------------
The bidding organizer and external insolvency manager of
Glazovskiy factory Khim-Mash will sell its properties on October
14, 2004, 11:00 a.m. The public auction will take place at
427624, Russia, Udmurtiya republic, Glazov, Khimmashevskoye
Shosse, 9, the boardroom in the administrative building, 2nd
floor.
The assets for sale are:
Lot 1: Consumer shop with goods, equipment, machinery and
devices. Starting price: RUB5,917,158;
Lot 2: Oxygen station with equipment, machinery and devices.
Starting price: RUB2,352,052;
Lot 3: Check-point Building with household premises. Starting
price: RUB1,774,232.
Lot 4: Building #1. Starting price: RUB1,068,187;
Lot 5: Building #2. Starting price: RUB723,519;
Lot 6: Locomotive TGM23. Starting price: RUB452,680;
Lot 7: Parking building. Starting price: RUB1,272,263;
Lot 8: One block of building. Starting price: RUB905,155
The list of documentary requirements for participants is
available at 427624, Russia, Udmurtiya republic, Glazov,
Khimmashevskoye Shosse, 9. To participate, bidders must deposit
an amount equivalent to 10% of the starting price to the
settlement account 40702810800000010697, BIC 049401869,
correspondent account 30101810200000000869 until October 13,
2004.
CONTACT: KHIM-MASH
427624, Russia,
Udmurtiya republic, Glazov,
Khimmashevskoye Shosse, 9
Phone: (34141) 3-70-60
Fax: 3-64-40
MAGNITOGORSK METAL: Foreign Currency Rating Affirmed at 'BB-'
-------------------------------------------------------------
Fitch Ratings affirmed Russia-based Magnitogorsk Metal and Steel
Works' Senior Unsecured foreign currency rating at 'BB-'. The
Outlook for the rating remains Stable. MMK operates the largest
single-site integrated steel plant within the Russian
Federation.
The rating reflects MMK's strong track record in financial
performance and accessing capital markets, and its planned focus
on value-added products to support revenue growth. It also
considers the company's competitive domestic positions and its
ability to exploit the rising demand for steel in Russia as the
domestic economy continues to grow. MMK's credit fundamentals
are directly linked to Russian macroeconomic trends.
Fitch acknowledges that the company was able to benefit from the
positive pricing development on the international steel market
in FY03 and its close geographical proximity to the buoyant
Chinese market. The latter accounted for 31% of its total
exports and roughly 60% of exports sales in Asia in FY03 (FY02:
22% and 46%, respectively). In contrast to its domestic peers,
MMK has a limited control over raw materials supply, which could
restrict the low-cost production advantages that are
characteristic of Russian steel producers. However, the rating
is constrained by corporate governance issues, in particular the
level of transparency, given the concentration of control in the
hands of the management.
The Stable Outlook reflects Fitch's expectations that MMK will
continue to derive its revenue mainly from the domestic market,
as the Russian economy expands further. This is balanced by the
uncertainty stemming from the privatization of the remaining 18%
state-owned stake in MMK expected in Q404 and its potential
impact on the group.
In FY03, roughly 55% (FY02: 47%) of MMK's sales were mainly
generated in the domestic market, which is in line with the
company's strategy. MMK's regional location provides a natural
advantage in implementing its strategy of focusing on the
domestic market. In particular, about half of MMK's domestic
sales are generated in the Ural region alone, which has a high
concentration of metal and machinery-building plants, inherited
from the Soviet era. MMK's product mix is dominated by flat
steel products (e.g. hot- and cold-rolled), which accounted for
75% of total output in FY03 (FY02: 70%). This is one of the
most widely used products in high-growth sectors such as pipe
manufacturing and metallurgy, which accounted for 22% and 16% of
the company's total domestic shipments in FY03, respectively.
In FY03, MMK posted a 48% (FY02:16%) increase in revenues,
mainly due to price increase of metal commodities in H203 and
the strong domestic demand for steel products. As a result,
EBITDA margin improved to 32% from 20% in FY02. To address
MMK's limited raw material supply, the management in FY04
acquired a controlling stake in a domestic coal mine (Uregol in
Kemerovo) with annual capacity of 2 million tons, which will
account for 29% of MMK's annual coal needs. MMK controls 13% of
its annual iron ore consumption.
At FYE03, MMK's debt maturity profile was balanced between
short-term and long-term debt with roughly 49% of total debt
maturing after five years. About 97% (FYE02: 47%) of its total
debt was unsecured. Fitch notes that any increase in the level
of secured debt is likely to be limited and in line with the
current financial covenants of up to US$380 million. At FYE03,
MMK had a cash surplus, while gross debt-to-EBITDA accounted for
0.6x (FYE02: 0.9x). At 30 June 2004, MMK had US$26 million of
unused committed credit facilities (FYE03: US$77 million).
Fitch considers the financial covenant of consolidated
indebtedness to consolidated EBITDA of 3.5x in the bond
documentation in October 2003 as loose. Against this
background, comfort is gained from the tight internal financial
targets in place, MMK's consistently conservative financial
profile and strong cash generation in H104, which is expected to
continue.
CONTACT: FITCH RATINGS
Sonya Dilova, London
Phone: +44 20 7417 3485
Larissa Malycheva
Phone: +44 20 7147 4207
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
PICHAEVO-AGRO-PROM-KHIMIYA: Sets Deadline for Proofs of Claim
-------------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
proceedings against Pichaevo-Agro-Prom-Khimiya after finding the
agricultural chemical company insolvent. The case is docketed
as A64-2937/02-2. Mr. Y. Ignatenko has been appointed
insolvency manager. Creditors have until November 10, 2004 to
submit their proofs of claim to 392000, Russia, Tambov,
Studenetskaya Quay, 20.
CONTACT: PICHAEVO-AGRO-PROM-KHIMIYA
Russia, Tambov region,
Pichaevskiy region, Pichaevo
Mr. Y. Ignatenko
Insolvency Manager
392000, Russia, Tambov,
Studenetskaya Quay, 20
ROS-AMBER: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Kaliningrad region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Ros-Amber. The case is docketed as A21-5339/04-S2. Mr. V.
Pasko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia,
Kaliningrad, Inzhenernaya Str. 2-19. A hearing will take place
on October 25, 2004, 10:00 a.m.
CONTACT: Mr. V. Pasko
Temporary Insolvency Manager
Russia, Kaliningrad,
Inzhenernaya Str. 2-19
URMANSKAYA FURNITURE: Deadline for Submission of Bids Today
-----------------------------------------------------------
The bidding organizer of CJSC Urmanskaya Furniture Factory will
sell the firm's property on October 14, 2004, 3:00 p.m. The
public auction will take place at Russia, Chuvashiya republic,
Cheboksary, Petrova Str. 6. Up for sale is a transformer
substation with boiler. Starting price: RUB85,000.
Preliminary examination and reception of bids are done until
October 13, 2004. The list of documentary requirements for
participants is available at Russia, Chuvashiya republic,
Cheboksary, Petrova Str. 6, 4th floor.
To participate, bidders must deposit an amount equivalent to 2%
of the starting price to the settlement account
40703810375020100215 in Chuvashskiy OSB 8613, Cheboksary, BIC
049706609, correspondent account 30101810300000000609.
CONTACT: URMANSKAYA FURNITURE FACTORY
Russia, Chuvashiya republic,
Urmany, Zavodskaya Str. 3
YUKOS OIL: Yugansk Receives Three-month Breathing Space
-------------------------------------------------------
The Natural Resources Ministry gave Yukos Oil's main production
unit three months to comply with tax requirements to keep its
key operation licenses, reports say.
The ministry reviewed Yuganskneftegaz's subsoil license on
Friday at the request of the Federal Tax Service. This was
after the unit missed payments on tax bills for several months
because of its parent's troubles. Yukos' bank accounts were
frozen, leaving it with little cash to fund operations.
"The revocation of licenses is possible only in three months and
only if the company does not correct the violations," Natural
Resources Minister Yury Trutnev.
The unit is currently being evaluated for a possible sale to pay
Yukos Oil's tax debts of more than US$8 billion. It is feared a
cancellation of its licenses could push its value down.
Investment bank Dresdner Kleinwort Wasserstein has valued
Yugansk, with its licenses in place, at between US$15.7 billion
and US$17.4 billion.
Yugansk is also facing a US$951 million tax bill for 2002.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Court Allows Collection of US$1.3 Bln Tax Penalties
--------------------------------------------------------------
The Moscow Arbitration Court on Monday ordered Yukos Oil to pay
RUB39.11 billion (US$1.3 billion) in fines and penalties for its
RUB120 billion back tax bill for 2001, reports say. Yukos'
lawyers are planning to advise Yukos to appeal the decision.
The firm has 30 days to do so.
The defeat is one in a series of blows Yukos suffered in its
legal battle with tax authorities. The company was unsuccessful
in its attempts to appeal a claim of US$3.4 billion in taxes for
2000. Recently, its request for a new judge was turned down.
The company wants to replace the judge on questions over
impartiality after he rejected a request to postpone the hearing
and provide certain documents. The Moscow Arbitration Court
identified the judge as Dmitry Zyuba.
The court has already cut down Yukos' tax bill for 2001 by
RUB40.6 billion. The remaining amount raised Yukos' total
liabilities to some US$7.5 billion. Analysts expect the figure
to reach US$10 billion after authorities complete its probe on
the firm's 2000-2003 accounts.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
=====================
S W I T Z E R L A N D
=====================
CONVERIUM AG: Charles J. Piven Files Class Action
-------------------------------------------------
The Law Offices of Charles J. Piven, P.A. announced that a
securities class action was commenced on behalf of shareholders
who purchased, converted, exchanged or otherwise acquired the
common stock of Converium Holding AG (NYSE:CHR) between December
11, 2001 and July 20, 2004, inclusive (the Class Period).
The case is pending in the United States District Court for the
Southern District of New York. The action charges that
defendants violated federal securities laws by issuing a series
of materially false and misleading statements to the market
throughout the Class Period, which statements had the effect of
artificially inflating the market price of the Company's
securities.
No class has yet been certified in the above action. Until a
class is certified, you are not represented by counsel unless
you retain one. If you are a member of the proposed class, you
may move the court no later than December 3, 2004 to serve as a
lead plaintiff for the proposed class. In order to serve as a
lead plaintiff, you must meet certain legal requirements. To be
a member of the proposed class you need not take any action at
this time, and you may retain counsel of your choice.
If you acquired shares of Converium Holding AG during the Class
Period indicated and want to discuss your legal rights, you may
e-mail or call Law Offices Of Charles J. Piven, P.A. who will,
without obligation or cost to you, attempt to answer your
questions. Charles J. Piven has been involved in securities
litigation for approximately 20 years. You may contact Law
Offices of Charles J. Piven, P.A. at The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202, by e-mail at hoffman@pivenlaw.com or by calling
410/986-0036.
CONTACT: LAW OFFICES OF CHARLES J. PIVEN, P.A.
Baltimore, Maryland
Charles J. Piven
Phone: (410) 986-0036
E-mail: hoffman@pivenlaw.com
Converium Holding AG (NYSE: CHR [ADR])
Baarerstrasse 8
6300 Zug, Switzerland
Phone: +41-1-639-9335
Fax: +41-1-639-9334
Web site: http://www.converium.com
CONVERIUM AG: Murray, Frank & Sailer Brings Class Action
--------------------------------------------------------
Murray, Frank & Sailer LLP has filed a class action lawsuit on
behalf of all purchasers of Converium Holding AG securities
(NYSE:CHR) during the period between December 11, 2001 through
July 20, 2004 (the Class Period).
The complaint charges Converium, Dirk Lohmann, and Martin Kauer
with violations of Sections 10(b) and 20(a) of the U.S.
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder. More specifically, the complaint alleges that the
Company failed to disclose and misrepresented these material
adverse facts which were known to defendants or recklessly
disregarded by them: (1) that Converium maintained inadequate
loss reserves in its Converium North America subsidiary; (2)
that the Company, contrary to representations, did not establish
adequate loss reserves to cover claims by Converium North
America policy holders; (3) that reserve increases announced by
the Company during the Class Period were materially
insufficient; and (4) as a consequence of the understatement of
loss reserves, Converium's earnings and assets were materially
overstated at all relevant times.
On July 20, 2004, Converium announced that second quarter
results would be impacted by a reserve strengthening for U.S.
casualty business and subsequent asset impairments on the
balance sheet of Converium Reinsurance. News of this shocked
the market. Shares of Converium fell US$11.12 per share, or
44.44%, on July 20, 2004, to close at US$13.90 per share. On
August 31, 2004, Converium announced that the Company had
completed external actuarial review of Converium's reserves. On
September 2, 2004, Converium announced that following the
announcement of the external reserve review's outcome and
resulting capital measures, Standard & Poor's and A.M. Best have
lowered their ratings on Converium and its subsidiaries. On
this news, shares of Converium fell an additional US$1.04 per
share, or 10.51%, to close at US$8.86 per share.
If you purchased or acquired the shares of Converium, on any
world exchange, between December 11, 2001 through July 20, 2004,
and sustained damages, you may, no later than December 3, 2004,
move the Court to serve as lead plaintiff of the class.
Shareholders outside the United States may also join the action;
regardless of where they live or which exchange was used to
purchase the securities. To serve as lead plaintiff, however,
you must meet certain legal requirements. You can join this
class action online at
http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you
would like to discuss this action, this announcement, or your
rights and interests, please contact plaintiff's counsel Eric J.
Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
CONTACT: MURRAY, FRANK & SAILER LLP
Eric J. Belfi
Aaron D. Patton
Phone: (800) 497-8076
(212) 682-1818
Fax: (212) 682-1892
E-mail: info@murrayfrank.com
Converium Holding AG (NYSE: CHR [ADR])
Baarerstrasse 8
6300 Zug, Switzerland
Phone: +41-1-639-9335
Fax: +41-1-639-9334
Web site: http://www.converium.com
CONVERIUM AG: Schatz & Nobel Sues in S.D. New York
--------------------------------------------------
The law firm of Schatz & Nobel, P.C., which has significant
experience representing investors in prosecuting claims of
securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for
the Southern District of New York on behalf of all persons who
purchased the securities of Converium Holding AG (NYSE: CHR -
News; Converium) between December 11, 2001 and July 20, 2004
(the Class Period), including any participants in Converium's
December 11, 2001 Initial Public Offering (IPO) of American
Depository Receipts (ADRs).
The Complaint alleges that Converium made misrepresentations or
failed to disclose material adverse facts to the market during
the Class Period. On July 20, 2004, Converium announced that
its second quarter results would be impacted by a reserve
strengthening for its U.S. casualty business and subsequent
asset impairments on the balance sheet of Converium Reinsurance.
On this disclosure, shares of Converium fell from a close of
US$25.02 on July 19, 2004, to close at US$13.90 on July 20,
2004. On September 2, 2004, Standard & Poor's and A.M. Best
lowered their Converium credit ratings in reaction to
Converium's reserve adjustment. On this news, shares of
Converium fell an additional US$1.04 per share, or 10.51%, to
close at US$8.86 per share.
If you are a member of the class, you may, no later than
December 3, 2004, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member that
acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment
as a lead plaintiff, lead plaintiffs make important decisions,
which could affect the overall recovery for class members,
including decisions concerning settlement. The securities laws
require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate
lead plaintiff(s).
For more information about the case, its claims, and your
rights, please contact Schatz & Nobel toll-free at (800)
797-5499, or by e-mail at sn06106@aol.com. To view a copy of
the lawsuit initiating the class action, or for more information
about class action cases and Schatz & Nobel, please visit
http://www.snlaw.net.
CONTACT: SCHATZ & NOBEL
Wayne T. Boulton or Nancy Kulesa
Phone: (800) 797-5499
Web site: http://www.snlaw.net
E-mail: sn06106@aol.com
Converium Holding AG (NYSE: CHR [ADR])
Baarerstrasse 8
6300 Zug, Switzerland
Phone: +41-1-639-9335
Fax: +41-1-639-9334
Web site: http://www.converium.com
CONVERIUM AG: Lasky & Rifkind Files Class Action
------------------------------------------------
Lasky & Rifkind, Ltd., a law firm with offices in New York and
Chicago, announces that a lawsuit has been filed in the United
States District Court for the Southern District of New York, on
behalf of persons who purchased or otherwise acquired publicly
traded securities of Converium Holding AG (CHR) between December
11, 2001 and July 20, 2004, inclusive, (the Class Period). The
lawsuit was filed against Converium, Dirk Lohmann and Martin
Kauer (Defendants).
If you are a member of this class and wish to view a copy of a
complaint and join this class action, please e-mail us at
investorrelations@laskyrifkind.com and request a copy of the
complaint and a plaintiff certification. If you are a member of
the Class, you may move the Court no later than December 3, 2004
to serve as a lead plaintiff for the Class. Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. However, if you choose to remain
an absent class member, unless and until a class is certified,
you are not represented by counsel.
The complaint alleges that Defendants violated Sections 10(b)
and 20(a) of the U.S. Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder. Specifically, the complaint
alleges that the Company failed to disclose or misrepresented
that Converium maintained inadequate loss reserves in its
Converium North American subsidiary, that opposed to
representations it did not establish adequate loss reserves to
cover claims by policy holders of that division, and that
reserve increases announced by the Company during the Class
Period were woefully insufficient.
On July 20, 2004, Converium announced that its second quarter
financial results would be impacted by a reserve, strengthening
its U.S. casualty business and announced asset impairments on
the balance sheet of Converium Reinsurance. Shares reacted
negatively to the news, falling US$11.12 per share, or 44.4% to
close at US$13.90 per share. Since the end of the class period,
Standard & Poor's and AM Best have lowered their ratings on
Converium.
If you bought Converium securities between December 11, 2001 and
July 20, 2004, inclusive, and would like to obtain information
about the lawsuit, then you are invited to call (800) 495-1868
to speak with an advisor.
CONTACT: THE LAW FIRM OF LASKY & RIFKIND, LTD.
Leigh Lasky, Esq.
Phone: 800-495-1868
Converium Holding AG (NYSE: CHR [ADR])
Baarerstrasse 8
6300 Zug, Switzerland
Phone: +41-1-639-9335
Fax: +41-1-639-9334
Web site: http://www.converium.com
=============
U K R A I N E
=============
ALCHEVSK HOUSE: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on OJSC Alchevsk House Building Combine
(code EDRPOU 01240462). The case is docketed as 20/15 b. Mr.
Igor Alyohin (License Number AA 520165 approved on July 24,
2003) has been appointed temporary insolvency manager. The
company holds account number 26004301180137 at Prominvestbank,
Alchevsk branch, MFO 304342.
Creditors have until October 17, 2004 to submit their proofs of
claim to:
(a) ALCHEVSK HOUSE BUILDING COMBINE
94200, Ukraine, Lugansk region,
Alchevsk, Lenin Str. 3
(b) Mr. Igor Alyohin
Temporary Insolvency Manager
Ukraine, Lugansk region,
Stahanov, Borodin Str. 11
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV square, 3a
ALISAR: Court Orders Debt Moratorium
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Alisar (code EDRPOU 31157331) on
May 24, 2004 and ordered a moratorium on satisfaction of
creditors' claims. The case is docketed as 78/11b-04.
Arbitral manager Mr. Andrij Bondar (License Number AA 315426)
has been appointed temporary insolvency manager. The company
holds account number 26005210477980 at Finances and credit, Kyiv
regional branch, MFO 300937.
Creditors have until October 17, 2004 to submit their proofs of
claim to:
(a) ALISAR
07100, Ukraine, Kyiv region,
Slavutich, Kyivskij quarter, 31/1
(b) Mr. Andrij Bondar
Temporary Insolvency Manager
03110, Ukraine, Kyiv region,
a/c 14
(c) ECONOMIC COURT OF KYIV REGION
01033, Ukraine, Kyiv region,
Zhelyanska Str. 58 b
DEREVICHIVSKE: Liquidator Moves in
----------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Derevichivske (code EDRPOU 03744764) on
August 20, 2004 after finding the limited liability company
insolvent. The case is docketed as 7/26 B. Arbitral manager
Mr. Mikola Malishonko has been appointed liquidator/insolvency
manager.
CONTACT: DEREVICHIVSKE
Ukraine, Zhitomir region,
Lubarskij district, V. Derevichi
Mr. Mikola Malishonko
Liquidator/Insolvency Manager
Ukraine, Zhitomir region,
Lubarskij district, Derevichi
ECONOMIC COURT OF ZHITOMIR REGION
10002, Ukraine, Zhitomir region,
Putyatinski square, 3/65
DNIPROSPETSBUD: Deadline for Submission of Bids Expires Today
-------------------------------------------------------------
The Branch of Agency of Bankruptcy Questions in Mikolaiv region
will sell the properties of OJSC Dniprospetsbud (case B
15/24/104/00) on October 18, 2004, 11:00 a.m. at Ukraine,
Dnipropetrovsk, Komsomolska Str. 48, Room 2.
For sale are:
(a) Property complex located at Dnipropetrovsk region, Krivij
Rig, Mirivske, Dzvinska Str. 8/4, 8/2, 8/1. Starting price
is UAH340,163 (inclusive of VAT);
(b) Nursery and sanitary complex located at Ukraine, AR Krym
region, Yevpatoriya, Zaozerne, 60 Rokiv SRSR Str. 11.
Starting price is UAH11,993,000 (inclusive of VAT).
To participate, bidders must deposit an amount equivalent to 5%
of the value of the property being sold and pay a registration
fee of UAH17 on or before October 13, 2004. The amount must be
deposited in account number 26006351680200 at JSPPB Aval, MFO
305653, EDRPOU 26252710.
Participants must submit competitive propositions on or before
October 13, 2004 at 49000, Ukraine, Dnipropetrovsk, Komsomolska
Str. 48, room 3.
CONTACT: AUCTION COMMITTEE
49000, Ukraine, Dnipropetrovsk region,
Komsomolska Str. 48, room 3
Phone: 8 (056) 744-19-31
DORSERVICE: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Dorservice (code EDRPOU 24849929)
on September 3, 2004. The case is docketed as 11/52 b. Mr. E.
Mihajlov has been appointed temporary insolvency manager.
Creditors have until October 17, 2004 to submit their proofs of
claim to:
(a) DORSERVICE
Ukraine, Lugansk region,
Stanichno-Luganske,
Lebedinskij Str. 4
(b) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV square, 3a
INTERTRANSSERVICE: Bankruptcy Proceedings Begin
-----------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Intertransservice (code EDRPOU 31539257)
after finding the limited liability company insolvent. The case
is docketed as 9/29. Mr. Vladislav Papura (License Number AA
140459) has been appointed liquidator/insolvency manager.
Creditors have until October 17, 2004 to submit their proofs of
claim to:
(a) INTERTRANSSERVICE
34573, Ukraine, Rivne region,
Sarnenskij district, Granitne,
Zavodska Str. 15
(b) ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
KERCH METALLURGICAL: Sets Deadline for Filing of Claims
-------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Kerch Metallurgical Combine (code
EDRPOU 00191493) and ordered a moratorium on satisfaction of
creditors' claims on March 24, 2004. The case is docketed as
2-11/11899-2004. Mr. Igor Shpiner (License Number AA 783102)
has been appointed temporary insolvency manager.
Creditors have until October 17, 2004 to submit their proofs of
claim to:
(a) KERCH METALLURGICAL COMBINE
98306, Ukraine, AR Krym region,
Kerch, V. Belik Str. 12
(b) Mr. Igor Shpiner
Temporary Insolvency Manager
Ukraine, AR Krym region,
Kerch, Tsibizov Str. 11
(c) THE ECONOMIC COURT OF AR KRYM REGION
95000, Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
KMK: Court Hires Insolvency Manager to Temporarily Run Business
---------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against KMK (code EDRPOU 31415957) on August 19,
2004 after finding the limited liability company insolvent. The
case is docketed as 2-6/11168-2004. Chief of liquidation
commission Mrs. Olga Doroginina has been appointed
liquidator/insolvency manager. The company holds account number
260048376 at JSPPB Aval, Krym regional branch, MFO 324021.
CONTACT: COMMERCIAL HOUSE KMK
Ukraine, AR Krym region,
Kerch, V. Belik Str. 12
Mrs. Olga Doroginina
Liquidator/Insolvency Manager
98306, Ukraine, AR Krym region,
Kerch, V. Belik, 12
Phone: 4-73-80
THE ECONOMIC COURT OF AR KRYM REGION
Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
PTAHOPROM: Ordered to Undergo Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Ptahoprom (code EDRPOU 02889006)
on August 4, 2004. The case is docketed as 6/93-04. Arbitral
manager Mr. Zakorko Vadim (License Number AA 719836) has been
appointed temporary insolvency manager. The company holds
account number 26008275115001 at Privatbank, Trostyanets branch,
MFO 337546.
CONTACT: AGRICULTURAL PTAHOPROM
42600, Ukraine, Sumi region,
Trostyanets, Lenin Str. 117
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi region,
Ribalko Str. 2
ZHOVTNEVA AGRICULTURAL: Insolvency Manager Takes over Helm
----------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against OJSC Zhovtneva Agricultural
Machine-Technological Station (code EDRPOU 30233162) on August
25, 2004 after finding the limited liability company insolvent.
The case is docketed as 14/62. Mr. V. Barantsev (License Number
AA 047805) has been appointed liquidator/insolvency manager.
CONTACT: ZHOVTNEVA AGRICULTURAL MACHINE-TECHNOLOGICAL STATION
57223, Ukraine, Mikolaiv region,
Zhovtnevij district, Gorihivka,
Miru Str. 1
Mr. V. Barantsev
Liquidator/Insolvency Manager
54038, Ukraine, Mikolaiv region,
Karpenko Str. 30/17
Phone: 8 (0512) 58-01-29
ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
===========================
U N I T E D K I N G D O M
===========================
101 CLOTHING: Insolvency Service Bans Directors
-----------------------------------------------
The directors of a clothing manufacturing business that failed
with total debts estimated at around GBP276,000 have given
Undertakings not to hold directorships or take any part in
company management for nine and four years respectively.
The Undertakings by Surinder Singh, 43, of Holmfield Avenue
West, Leicester, and Jaspal Singh, 38, of Falcon Close,
Leicester, were given in respect of their conduct as directors
of 101 Clothing Limited (101), which carried out business from
premises at 25 Westcotes Drive, Leicester, LE3 0QT.
Acceptance of the Undertakings on September 3, 2004 (Surinder)
and October 5, 2004 (Jaspal) prevents Surinder Singh and Jaspal
Singh from being directors of a company or, in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
periods. 101 Clothing Limited was placed into voluntary
liquidation on February 15, 2002 with estimated debts of
GBP276,000 owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future. Matters of unfit conduct, not disputed by Surinder
Singh and Jaspal Singh were:
(a) They failed to ensure that 101 kept and preserved adequate
accounting records in accordance with the Company's Act 1985
requirements or failed to deliver up such records when
required to do so by the joint liquidators;
(b) They caused 101 to trade and enter into transactions at the
risk and to the detriment of creditors.
In addition, matters of unfit conduct, not disputed by Surinder
Singh were:
(a) He had been a director of two companies that had been placed
into insolvent liquidation, Sadhra Manufacturing Company
Limited (Sadhra) and 101
(b) He caused 101 to make a distribution of GBP14,000 by way of
a dividend declared for the period ended March 31, 1999. The
dividend was contrary to Section 263 of the Company's Act
1985, as 101 did not have profits available for
distribution.
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
ABBEY NATIONAL: Newly Launched Funds Lead Rivals
------------------------------------------------
Abbeys five multi manager funds have outperformed similar
competitor funds in their first year. They were launched in
September last year.
The performance table below for the five funds -- Bond Monthly
Income, Cautious, Balanced, Growth and Equity -- highlights the
turnaround that Abbeys investments have made in the last year.
Abbey Multi Manager Performance - FSA Standardized Format
Abbey Multi Manager Performance - Against IMA Medians
The funds are managed by Alliance Bernstein, AXA Rosenberg,
Barclays, Deutsche, JP Morgan Fleming, Merrill Lynch, Oechsle,
PIMCO, RCM, Schroders, State Street and Western. These managers
are managed by Abbey within a tight framework of risk controls
and performance targets. The five fund portfolios are designed
to appeal to the broadest possible range of investors with asset
allocations ranging from 100 percent bond to 100 percent equity.
Abbey Multi-Manager portfolios consist of a combination of
sub-funds investing in different asset classes and global
markets, aiming to achieve consistent, above-average returns, no
matter what the economic climate
Investments can be made through a PEP/ISA transfer, a maxi and
mini stocks and shares ISA or as a direct investment. Minimum
investments start from just GBP500 or GBP25 monthly. The
initial choice of funds can be changed within the range without
incurring a switching charge.
Charges
There is a standard initial charge of 4.5% across all funds,
except the Bond Monthly Income Fund where the initial charge is
3.5%. The annual management charge is 1.15% on all funds,
except the Bond Monthly Income Fund where the annual management
charge is 0.85%. The target total expense ratio (TER) for each
fund varies between 1.38% and 1.78%.
Commission
3% initial commission is payable to intermediaries and 0.5%
trail commission for the four equity funds. 0.25% trail
commission is payable on the Bond Monthly Income Fund. Initial
commission can be rebated.
John Kelly, Head of Multi Manager Development at Abbey said:
"From the outset we have said that the key to building
portfolios that will deliver consistent risk-adjusted returns is
finding the right managers and giving them the right mandates.
We are serious about creating sustainable value for our
investors through the selection of excellent managers and a
combination of diversification and risk control.
We have direct contracts with managers who are given an overall
risk budget that reflects their style and the market in which
they are invested. These results are a testimony to the
effectiveness of this approach."
CONTACT: ABBEY NATIONAL PLC (NYSE: ANB [ADR])
Abbey National House,
2 Triton Square, Regent's Place
London NW1 3AN,
United Kingdom
Phone: +44-870 607 6000
Web site: http://www.abbeynational.com
ACCLAIM ENTERTAINMENT: Names Stoy Hayward Administrator
-------------------------------------------------------
Malcolm Cohen and Antony David Nygate (IP Nos 6825/01, 9237)
have been appointed administrators for Acclaim Entertainment
Studios Ltd. The appointment was made September 29, 2004. The
company develops computer software.
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
ACE WINDOWS: Members Agree to Dissolve Company
----------------------------------------------
At an extraordinary general meeting of the Ace Windows &
Conservatories Limited on October 1, 2004 held at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG,
the subjoined extraordinary resolution to wind up the company
was passed. Mark Robert Fry of Begbies Traynor, The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG
has been appointed liquidator for the purpose of such
winding-up.
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
ADEPT (DERBY): Sets Creditors Meeting Next Week
-----------------------------------------------
The creditors of Adept (Derby) Limited will meet on October 19,
2004 commencing at 11:00 a.m. It will be held at The Old
Halsall Arms, 2 Summerwood Lane, Halsall L39 8RJ.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to The Thompson Partnership, The Old Halsall Arms, 2
Summerwood Lane, Halsall L39 8RJ not later than 12:00 noon,
October 18, 2004.
CONTACT: THE THOMPSON PARTNERSHIP
The Old Halsall Arms,
2 Summerwood Lane,
Halsall L39 8RJ
Phone: 01704-841870
ALUMINIUM TRADING: Calls in Liquidators
---------------------------------------
At an extraordinary general meeting of the members of the
Aluminium Trading Company Limited on September 1, 2004 held at
30 Park Cross Street, Leeds LS1 2QH, the extraordinary and
ordinary resolutions to wind up the company were passed. David
R Acland of Begbies Traynor and Alan H Tomlinson of Tomlinsons
have been appointed joint liquidators of the company for the
purpose of the voluntary winding-up.
CONTACT: BEGBIES TRAYNOR
Web site: http://www.begbies.com
TOMLINSONS
2 AC Court
High Street, Thomas Ditton,
Surrey KT7 0SR
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
ASHTEAD GROUP: Arranges New US$675 Mln Senior Debt Facility
-----------------------------------------------------------
Ashtead Group plc, the international equipment rental group
serving the construction, industrial and homeowner markets, has
agreed to a new US$675 million (GBP380 million) first priority
asset-based senior debt facility committed until November 2009.
The new facility has been jointly arranged by Banc of America
Securities LLC and Deutsche Bank Securities Inc. and fully
underwritten equally by Bank of America NA, Deutsche Bank Trust
Company Americas and General Electric Capital Corporation. On
closing, the proceeds of the new facility will be used to repay
the amounts outstanding under the Company's existing senior debt
facility and its accounts receivable securitization with the
balance of the facility available to fund future requirements.
At 30 September 2004, approximately GBP270 million was
outstanding under the facilities being replaced.
Chief Executive George Burnett says: "This financing will extend
our senior debt maturity until late 2009 at lower cost and
provide the Group with new debt facilities which will enable it
to take further advantage of the improving economic conditions
in its key markets."
CONTACT: ASHTEAD GROUP PLC
King's Court, 41-51 Kingston Rd.
Leatherhead
Surrey KT22 7AP, United Kingdom
Phone: +44-1372-362-300
Fax: +44-1372-376-610
Web site: http://www.ashtead-group.com
Cob Stenham
Non-executive chairman
Phone: 020 7299 5562
George Burnett, Chief executive
Ian Robson, Finance director
Phone: 01372 362300
THE MAITLAND CONSULTANCY
Michelle Jeffery
Phone: 020 7379 5151
ASHTEAD GROUP: Earns 'B+' for Highly Leveraged Financial Profile
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on U.K.-based plant-hire company Ashtead
Group PLC, following the group's announcement of a proposed
US$675 million (GBP375 million) loan facility. The outlook is
stable.
At the same time, Standard & Poor's assigned its 'BB-' long-term
rating, which is one notch above the corporate credit rating, to
the group's proposed five-year senior secured asset-backed loan
facility (ABL), subject to final documentation. The proposed
facilities were also assigned a recovery rating of '1',
indicating that lenders can expect full recovery of principal in
the event of payment default.
"The ratings on Ashtead reflect the group's highly leveraged
financial structure and our expectation of minimal free cash
flow generation after capital expenditures. In addition, our
view of the industry as being fragmented, highly competitive,
and with limited forward visibility of demand remains," said
Standard & Poor's credit analyst Jarrad Oberhardt.
"These risks are tempered by the group's generally sound market
positions in the U.K. and U.S. and the diversity of its customer
base."
Standard & Poor's expects Ashtead's financial structure to
remain highly leveraged in the foreseeable future. Profit and
cash generation, however, are not expected to fall below recent
levels, resulting in our expectation of some improvement in
underlying cash flow. Free cash flow, however, is expected to
remain limited by the group's need to reinvest in equipment
stock.
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
these 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: ASHTEAD GROUP PLC
King's Court, 41-51 Kingston Rd.
Leatherhead
Surrey KT22 7AP, United Kingdom
Phone: +44-1372-362-300
Fax: +44-1372-376-610
Web site: http://www.ashtead-group.com
BESSBOROUGH PROPERTIES: Special Winding up Resolutions Passed
-------------------------------------------------------------
At an extraordinary general meeting of the Bessborough
Properties Limited on October 1, 2004 held at 76 New Cavendish
Street, London W1G 9TB, the special resolution to wind up the
company was passed. Mark Levy of Berley, 76 New Cavendish
Street, London W1G 9TB has been appointed liquidator for the
purpose of such winding-up.
CONTACT: BERLEY
76 New Cavendish Street,
London W1G 9TB
BONDCO 1071: Appoints Joint Liquidators from KPMG
-------------------------------------------------
At a general meeting of the Bondco 1071 Limited, the special and
ordinary resolutions to wind up the company were passed. Jeremy
Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB have been appointed joint
liquidators for the purpose of such winding-up.
CONTACT: KPMG LLP
PO Box 695,
8 Salisbury Square,
London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
BOYCE SPARS: Hires Grant Thornton as Liquidator
-----------------------------------------------
At an extraordinary general meeting of the members of the Boyce
Spars (Holdings) Limited on September 17, 2004 held at Wick
Road, Burnham-on-Crouch, Essex, the extraordinary and ordinary
resolutions to wind up the company were passed. Martin Gilbert
Ellis and Andrew Lawrence Hosking of Grant Thornton UK LLP have
been appointed joint liquidators of the company for the purpose
of the voluntary winding-up.
CONTACT: GRANT THORNTON UK LLP
Web site: http://www.grant-thornton.co.uk
BRENTSTONE LIMITED: Nine-and-a-half-year Ban for Directors
----------------------------------------------------------
Two directors of a building contractor business that failed with
total debts estimated at around GBP272,000 have given an
Undertaking not to hold directorships or take any part in
company management for a total of nine-and-a-half years.
The Undertaking by Sean Handford, 38, of Lavender Park, Swinley
Road, Ascot, and Elizabeth Avril Williams, 55, of Larkspur Way,
Ewell, Surrey, was given in respect of their conduct as
directors of Brentstone Limited, which carried out business from
premises at 341 London Road, Mitcham, Surrey.
Acceptance of the Undertaking on September 21, 2004 prevents
Sean Handford 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 a
period of 5 years and Elizabeth Avril Williams for
four-and-a-half years.
Brentstone Limited was placed into voluntary liquidation on
February 24, 2003 with estimated debts of GBP271,820 owed to
creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
The matter of unfit conduct, not disputed by Sean Handford and
Elizabeth Williams was that they caused or allowed Brentstone to
trade at the risk, expense and ultimate detriment 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
BUILDING DEVELOPMENT: Names Milner Boardman Administrator
---------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Building Development Associates
Limited. The appointment was made September 27, 2004.
The company is engaged in general construction and civil
engineering. Its registered office is located at PO Box 3,
Marion House, 23-25 Elbow Lane, Liverpool L37 4AB.
CONTACT: MILNER BOARDMAN & PARTNERS
Century House,
Ashley Road, Hale,
Cheshire
Phone: 0161 927 7788
Fax: 0161 927 7733
E-mail: info@milnerb.co.uk
Web site: http://www.milnerboardman.co.uk
BUSINESS HR: Brings in Liquidator from Tenon Recovery
-----------------------------------------------------
At a general meeting of the members of Business HR Limited the
resolutions to wind up the company were passed. Nigel Ian Fox
and Carl Stuart Jackson, of Tenon Group, Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ have
been appointed joint liquidators for the purpose of such
winding-up.
CONTACT: TENON RECOVERY
Highfield Court
Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
CLM GROUP: Appoints KPMG Liquidator
-----------------------------------
At an extraordinary general meeting of the CLM Group Holdings
Limited on September 30, 2004 held at 71 Fenchurch Street,
London EC3M 4HH, the special and ordinary resolutions to wind up
the company were passed. Jeremy Simon Spratt and Stephen
Treharne of KPMG, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators for the purpose of such winding-up.
CONTACT: KPMG LLP
PO Box 695,
8 Salisbury Square,
London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
CPE REALISATIONS: Top Honcho Receives Three-year Ban
----------------------------------------------------
A director of a supplier of large structural airframe components
to the UK based aerospace industry business that failed with
total debts estimated at around GBP917,000 has given an
Undertaking not to hold directorships or take any part in
company management for three years.
The Undertaking by Roy Dobney, 74, of Meadowcourt Road, Oadby,
Leicester, was given in respect of his conduct as a director of
CPE Realisations Limited, which carried out business from
premises at Unit 11, Ashfield Way, Whetston, Leicester, LE8 3NU.
Acceptance of the Undertaking on September 28, 2004 prevents
Dobney from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.
CPE Realisations Limited was placed into voluntary liquidation
on May 30, 2001 with estimated debts of GBP916,834 owed to
creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Dobney were that he:
(a) Allowed CPE to sell shares in INC at their par value,
following discussion at board level but without any formal
evaluation having been obtained. The transfer of the shares
was in breach of CPE's contractual obligation under the
terms of a debenture with National Westminster Bank PLC;
(b) Allowed CPE to make a deposit of GBP500,000 with Ellis
Rackport Limited of which he was a director without the
deposit being properly recorded or documented; and
(c) Made erroneous representations to the joint liquidators of
CPE.
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
DONCASTER RACECOURSE: Hires BWC Business as Administrator
---------------------------------------------------------
Gary Edgar Blackburn and Paul Andrew Whitwam (IP Nos 6234, 8346)
have been appointed administrators for Doncaster Racecourse
Limited. The appointment was made October 1, 2004. The company
manages a racecourse. Its registered office is located at BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU.
CONTACT: BWC BUSINESS SOLUTIONS
8 Park Place,
Leeds LS1 2RU
EURO-SCOT: First Creditors' Meeting Set Next Week
-------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Euro-Scot Storage & Distribution Ltd.
(In Compulsory Liquidation)
I, David K. Hunter of Campbell Dallas, Sherwood House, 7 Glasgow
Road, Paisley, PA1 3QS hereby give notice that I was appointed
Interim Liquidator of Euro-Scot Storage & Distribution Limited
on September 16, 2004, by Interlocutor of the Sheriff at Ayr.
Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986 that the first meeting of creditors of the above
company will be held within Sherwood House, 7 Glasgow Road,
Paisley, PA1 3QS on October 20 2004 at 12:00 noon for the
purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee.
A resolution at the meeting will be passed if a majority of
those voting have voted in favor of it.
A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part. For the purpose of formulating
claims, creditors should note that the date of commencement of
the Liquidation is August 16, 2004. Proxies may also be lodged
with me at the meeting or before the meeting at my office.
David K. Hunter, Interim Liquidator
September 22, 2004
CONTACT: CAMPBELL DALLAS
Sherwood House
7 Glasgow Road
Paisley PA1 3QS
Phone: 0141 887 4141
Fax: 0141 887 1103
E-mail: psly@camdal.com
Web site: http://www.camdal.com
FIEGE MERLIN: Creditors' Meeting Set End of October
---------------------------------------------------
The unsecured creditors of Fiege Merlin (Holdings) Ltd. will
meet on October 22, 2004 commencing at 10:00 a.m. It will be
held at KPMG, 8 Salisbury Square, London EC4Y 8BB.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to KPMG, Arlington Business Park, Theale, Reading,
Berkshire not later than 12:00 noon, October 21, 2004.
CONTACT: KPMG
Corporate Recovery,
Arlington Business Park,
Theale, Reading RG7 4SD
Phone: (0118) 9642000
Fax: (0118) 9642222
Web site: http://www.kpmg.co.uk
FRANK GUY: Appoints P&A Partnership Administrator
-------------------------------------------------
Philip Andrew Revill and Brian Stanley Creber (IP Nos 6421,
1062) have been appointed administrators for Frank Guy Limited.
The appointment was made September 30, 2004. The company's
registered office is located at 93 Queen Street, Sheffield S1
1WF.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
FUSION UNDERWRITING: Winding up Resolutions Passed
--------------------------------------------------
Name of Companies:
Fusion Underwriting Services Limited
Shelcroft Holdings Limited
SVB Finance Limited
At extraordinary general meetings of these companies on
September 15, 2004 held at 71 Fenchurch Street, London EC3M 4HH,
the special and ordinary resolutions to wind up the company were
passed. Jeremy Simon Spratt and Stephen Treharne of KPMG LLP,
71 Fenchurch Street, London EC3M 4HH have been appointed joint
liquidators for the purpose of such windings-up.
CONTACT: KPMG LLP
71 Fenchurch Street,
London EC3M 4HH
Web site: http://www.kpmg.co.uk
GENCO (ACT 1): Hires Administrators from Rothman Pantall
--------------------------------------------------------
Name of Companies:
Genco (Act 1) Limited
Genco (FC) Limited
Genco (RC) Limited
Genco (Stores) Limited
Robert Derek Smailes and Stephen Blandford Ryman (IP Nos 8975,
4731) have been appointed administrators for these companies.
The appointment was made September 29, 2004.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
INSIGHT (1997): Names Administrators from Stoy Hayward
------------------------------------------------------
D. J. Power and D. Swaden (IP Nos 6006/01, 5495/01) have been
appointed as administrators for Insight (1997) Limited. The
appointment was made October 1, 2004. The company is engaged in
the business of caring for vulnerable adults.
CONTACT: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street,
Manchester M2 1BD
Phone: 0161 817 3700
Fax: 0161 817 3711
E-mail: manchester@bdo.co.uk
Web site: http://www.bdo.co.uk
INTER DYNAMICS: Creditors Appoint Grant Thornton Liquidator
-----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Inter Dynamics Limited
(In Liquidation)
Pursuant to Rule 4.19(4) of The Insolvency (Scotland) Rules
1986, we, Robert Caven and Matthew P. Henderson of 95 Bothwell
Street, Glasgow, G2 7JZ give notice that, on September 20, 2004,
we were appointed as liquidators of Inter Dynamics Limited by a
resolution of a meeting of the creditors.
A liquidation committee was not established. It is not my
intention to summon a further meeting of creditors to establish
a liquidation committee unless requested to do so by one tenth
in value of the company's creditors.
R. Caven, Joint Liquidator
CONTACT: GRANT THORNTON U.K. LLP
95 Bothwell Street
Glasgow G2 7JZ
Phone: 0141 223 0000
Fax: 0141 223 0001
Web site: http://www.grant-thornton.co.uk
LIONWELD KENNEDY: Bank of Scotland Brings in Receiver
-----------------------------------------------------
The Bank of Scotland called in R. H. Kelly and G. Wilson (Office
Holder Nos 8582, 9062) joint administrative receivers for
Lionweld Kennedy Limited (Reg No 4448352, Trade Classification:
06). The application was filed October 4, 2004. The company
manufactures metal.
CONTACT: ERNST & YOUNG
PO Box 61
Cloth Hall Court
14 King Street,
Leeds LS1 2JN
Phone: +44 [0] 113 298 2200
Fax: +44 [0] 113 298 2201
Web site: http://www.ey.com
MERTON HALL: In Administrative Receivership
-------------------------------------------
Lloyds TSB Bank Plc called in N. Millar and M. J. Smart (Office
Holder Nos 7896, 1063) joint administrative receivers for Merton
Hall Pond Limited (Reg No 1697689, Trade Classification: 01).
The application was filed September 28, 2004.
CONTACT: BAKER TILLY
7 The Close,
Norwich, Norfolk NR1 4DP
Phone: 01603 610181
Fax: 01603 633618
Web site: http://www.bakertilly.co.uk
NC PROPERTY: Hires Liquidator from Begbies Traynor
--------------------------------------------------
At an extraordinary general meeting of the NC Property &
Investments Limited on October 4, 2004 held at Innovis House,
108 High Street, Crawley, West Sussex RH10 1AS, the resolutions
to wind up the company were passed. G. W. Rhodes of Begbies
Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE
has been appointed the liquidator of the company for the purpose
of such winding-up.
CONTACT: BEGBIES TRAYNOR
2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE
Liquidator:
G W Rhodes
Phone: 01273 747847
Fax: 01273 747743
Web site: http://www.begbies.com
NLI PROPERTIES: Hires Deloitte & Touche as Liquidator
-----------------------------------------------------
At a general meeting of the members of the NLI Properties UK
Limited, the special and ordinary resolutions to wind up the
company were passed. J. R. D. Smith and N. J. Dargan of Athene
Place, 66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of the company.
CONTACT: DELOITTE AND TOUCHE LLP
Athene Place,
66 Shoe Lane,
London EC4A 3WA
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
PAPERMARC MILL: Sets Creditors' Meeting Next Week
-------------------------------------------------
The creditors of Papermarc Mill Limited will meet on October 19,
2004 commencing at 11:00 a.m. It will be held at The Hilton
Hotel, Ringway Road, Manchester Airport, Manchester M90 4WP.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD.
CONTACT: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street,
Manchester M2 1BD
Phone: 0161 817 3700
Fax: 0161 817 3711
E-mail: manchester@bdo.co.uk
Web site: http://www.bdo.co.uk
PRUNUS LIMITED: Appoints David Rubin & Partners Liquidator
----------------------------------------------------------
At an extraordinary meeting of the members of the Prunus Limited
(formerly Advance Textile Products Limited) on October 1, 2004
held at 319 Ballards Lane, London N12 8LY, the special and
extraordinary resolutions to wind up the company were passed.
Asher Miller of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY has been appointed liquidator
for the purpose of such winding-up.
CONTACT: DAVID RUBIN & PARTNERS
Pearl Assurance House,
319 Ballards Lane,
London N12 8LY
Phone: 020 8343 5900
Fax: 020 8446 2994
Web site: http://www.drpartners.com
TE 2004: Creditors' Meeting Set Next Week
-----------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF TE 2004 Ltd.
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of TE 2004 Ltd. will be
held at 4 Dancastle Court, 14 Arcadia Avenue, London, N3 2HS on
October 18, 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)
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. Bent, Director
September 15, 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
T.G. CONSTRUCTION: Members Opt to Liquidate Firm
------------------------------------------------
At an extraordinary general meeting of the T.G. Construction
Services Limited on September 30, 2004 held at Allen House, 1
Westmead Road, Sutton, Surrey SM1 4LA, the special resolution to
wind up the company was passed. Martin Charles Armstrong of
Turpin Barker Armstrong, Allen House, 1 Westmead Road, Sutton,
Surrey SM1 4LA has been appointed the liquidator of the company
for the purpose of such winding-up.
CONTACT: TURPIN BARKER ARMSTRONG
Allen House
1 Westmead Road,
Sutton, Surrey SM1 4LA
Phone: +44 (0) 20 8661 7878
Fax: +44 (0) 20 8661 0598
E-mail: tba@turpinba.co.uk
Web site: http://www.turpinba.co.uk
THE MEZZANINE: Names Administrator from Grant Thornton
------------------------------------------------------
Martin G Ellis and David R Thurgood (IP Nos 8687, 1348) have
been appointed administrators for The Mezzanine Floor Company
Limited. The appointment was made September 29, 2004.
CONTACT: GRANT THORNTON
Grant Thornton House,
Melton Street, Euston Square,
London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
VISION FOODS: Hires Elwell Watchorn & Saxton as Administrator
-------------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell (IP Nos 8879,
6057) have been appointed as administrators for Vision Foods
Limited. The appointment was made October 5, 2004. The company
wholesales food drink.
CONTACT: ELWELL WATCHORN & SAXTON
2 Axon, Commerce Road,
Lynchwood, Peterborough PE2 6LR
Phone: (+44) 01733 235253
Fax: (+44) 01733 236391
E-mail: office@ews-insolvency.co.uk
Web site: http://www.ews-insolvency.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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