/raid1/www/Hosts/bankrupt/TCREUR_Public/041021.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, October 21, 2004, Vol. 5, No. 209
Headlines
C Z E C H R E P U B L I C
UNION BANKA: Acknowledges CZK15.14 Billion in Creditors' Claims
B U L G A R I A
CHIMCO: New Owner Brings in US$40 Million in Fresh Capital
F R A N C E
MOULINEX SA: Commissioners Plan to Sue Creditor Banks
G E R M A N Y
BROCKE HOLDING: Administrator Takes over Operations
BROCKE IMMOBILIEN: Applies for Bankruptcy Proceedings
BROCKE MONTAGE: Bonn Court Appoints Provisional Administrator
IBS BROCKE: Creditors Have Until Next Month to File Claims
ISH GMBH: Predicts Lower 2004 Net Loss
JB JOSEF: First Creditors' Meeting Set November
QCM 11: Creditors' Claims Due Next Month
SCHLINGMANN GMBH: Falls into Bankruptcy
SCHULTE SANITAR: Gives Creditors Until Next Month to File Claims
SCHULTE WOHNBAU: Sets First Creditors' Meeting January
SIG BEVERAGES: Declared Bankrupt
SIG BLOWTEC: Sets Verification of Claims January
I T A L Y
OLCESE SPA: Textile Firm Declared Insolvent
PARMALAT FINANZIARIA: Uruguayan Unit Lender Files Suit in N.Y.
L U X E M B O U R G
MILLICOM INTERNATIONAL: Returns to Profit in Third Quarter
R U S S I A
BALTASINSKIY BRICKWORKS: Creditors' Claim Due November
BURYAT-SEL-STROY: Sets Public Auction of Assets Next Week
BUTURLINOVKA-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
DMITRIEV-CANNED GOODS: Declared Insolvent
KALININGRADSKIY WINERY: Court Orders Bankruptcy Supervision
METROMEDIA INTERNATIONAL: Keeps Evercore to Review Business
MOSKOVSKOYE: Gives Creditors Until November to File Claims
NEPTUN: Court Hires Insolvency Manager to Temporarily Run Biz
OSTASHKOV-LEATHER: Appoints P. Nizov Insolvency Manager
VALUYSKIY MOTORIST: Proofs of Claims Deadline Set November
VOLZHSKIY INDUSTRIAL-BUILDING: Succumbs to Bankruptcy
YUKOS OIL: DrKW Values Yuganskneftegas at US$20 Billion
S W E D E N
SAS GROUP: SAS Braathens Reaches Deal with Helseforetakenes
U K R A I N E
AZOVSKIJ BUILDING: Temporary Insolvency Manager Moves in
BARSKE BREAD: Bankruptcy Supervision Begins
DONETSK INSURANCE: Donetsk Court Declares Firm Bankrupt
KERCH' PROLIV: Court Names Katerina Ptitsina Insolvency Manager
KOZELETS' PRODTOVARIV: Declared Insolvent
METAL BUILDING: Gives Creditors Until Next Week to File Claims
MIZAR: Ordered to Undergo Bankruptcy Supervision Procedure
NASHE FM: Under Bankruptcy Supervision
TERNOPIL' AGRICULTURAL: Bankruptcy Proceedings Begin
UDYANSKE: Liquidator Enters Company
VINPOLTARA: Court Calls in Liquidator
U N I T E D K I N G D O M
ABBEY NATIONAL: Hires Liquidator to Dissolve Subsidiaries
ARBO LIMITED: Members Agree to Wind up Business
A W SAW: Final General Meeting Set November
BLUE EGG: Sets Creditors' Meeting Next Week
BP CHEMICALS: Liquidator's Final Report Out November
BURLINGTON BOOKS: Calls Final Members Meeting
CHAMPIONS OF CHARD: Hires Milsted Langdon as Administrator
DAWSON INTERNATIONAL: Closes Sale of Joseph Dawson
DAWSON INTERNATIONAL: Sets Aside GBP4.2 Million to Redeem Notes
DIGITAL QUILLS: Names Tenon Recovery Administrator
E D GAMES: Top Honcho Receives Five-year Ban
EUROTUNNEL PLC: 3rd-qtr Revenue Down as Channel Traffic Slumps
FENN NOMINEES: Final Meeting of Members Set November
FURNEAUX STEWART: Hires Joint Administrators from Hacker Young
GENSEC LIMITED: Hires Joint Administrators from Leonard Curtis
GEOSCOPE LIMITED: Hires Liquidator from Begbies Traynor
HAWK ENGINEERING: Construction Firm for Sale
HT U.K.: Receivers Decide to Sell Windows Manufacturer
JACK KNIGHTS: Business, Assets for Sale
JARVIS PLC: Expects Restructuring Costs to Soar this Year
JURIS LIMITED: Calls in Administrator from Haines Watts
KMV EUROPE: Hires Grant Thornton Liquidator
KYNORE PROPERTIES: Hires Liquidator from Hazlewoods
LONDON MONARCHS: Brings in Deloitte & Touche Liquidators
MASINVEST LIMITED: Special Winding up Resolution Passed
MERCURY HOUSE: Members Agree to Dissolve Business
MONT DEVELOPMENTS: Insolvency Service Bans Directors
NEOCORP LIMITED: Directors Barred from Occupying Executive Posts
POINT GROUP: Director Receives Four-year Ban
PRELINK LIMITED: Special Winding up Resolution Passed
PROLIGO ENGLAND: Liquidator's Report Out Next Month
QUEENS MOAT: W2001 Britannia Offer Gets Shareholders' Backing
ROYAL & SUNALLIANCE: Fitch Withdraws Ratings of U.S. Units
SACHEM EUROPE: Names PricewaterhouseCoopers Liquidator
S J GROUP: Hires Haines Watts as Administrator
THREE QUAYS: Calls in Liquidator
UNION TOOL: Appoints Joint Liquidators from Grant Thornton
WYMONDHAM OIL: Final General Meeting Set November
*********
===========================
C Z E C H R E P U B L I C
===========================
UNION BANKA: Acknowledges CZK15.14 Billion in Creditors' Claims
---------------------------------------------------------------
The bankruptcy administrator of Union Banka has recognized
CZK15.14 billion in claims against the bank, says Czech News
Agency, citing bank spokesman Oldrich Babicky.
Around 75,000 of 130,000 clients of Union Banka have lodged
claims worth CZK17.4 billion. The bank currently has CZK8
billion in assets after recovering CZK6 billion from bankruptcy
proceedings. The bank will pay around CZK3 billion to creditors
in December.
CONTACT: UNION BANKA a.s.
Ul. 30 Dubna c. 35
70200 Ostrava
Phone: 596108111
Fax: 596120134
E-mail: union@union.cz
Web site: http://www.union.cz
===============
B U L G A R I A
===============
CHIMCO: New Owner Brings in US$40 Million in Fresh Capital
----------------------------------------------------------
The U.S. Investment Fund for Development of Chemical
Industrialization and Energetics last week bought 71% of nitric
fertilizer maker Chimco, according to news agency Novite.
Chimco will be under the management of former Deputy Industry
Minister Krasimir Draganov. It is to receive a US$40 million
modernization investment from the new owners.
Chimco Supervisory Nikolai Velkov said the plant will start
operating immediately. If all goes well, it will already be
able to produce carbamide and ammonia by the end of the year.
The plant shut down in March 2003 due to lack of orders and high
prices of natural gas. More than 200 employees were left
unpaid. Mr. Velkov assured a program will be put in place to
pay workers and settle other debts. The new managers will meet
this week with creditors National Electricity Transmission
Company and Bulgargaz to try to reschedule debt payments.
Chimco owes them BGN160 million.
===========
F R A N C E
===========
MOULINEX SA: Commissioners Plan to Sue Creditor Banks
-----------------------------------------------------
Commissioners, tasked to sell insolvent appliance group
Moulinex, reportedly plans to file a case against former
creditor banks, Les Echos says.
These banks include Credit Lyonnais, BNP Paribas, Societe
Generale, CIC, Natexis Banques Populaires, Credit Industriel de
Normandie, Credit du Nord, Credit Agricole d'Ile-de-France and
Banca Intesa. The report did not state what charges will be
leveled against these banks, which extended Moulinex financing
from 1997 until the company was declared bankrupt on September
7, 2001.
CONTACT: MOULINEX S.A.
22 Place des Vosges
92400 Courbevoie
Web site: http://www.moulinex.com
=============
G E R M A N Y
=============
BROCKE HOLDING: Administrator Takes over Operations
---------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Brocke Holding GmbH on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 2004, 9:40 a.m. at the insolvency court
of Bonn Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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 on Mar. 14, 2005,
9:15 a.m. at the same venue.
CONTACT: BROCKE HOLDING GMBH
Bergstrasse 29, 51597 Morsbach
Contact:
Dr. Jurgen Mischke, Manager
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906090
BROCKE IMMOBILIEN: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Brocke Immobilien GmbH & Co. KG on Oct. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 15, 2004 to register their
claims with court-appointed provisional administrator Wolfgang
Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 2004, 9:15 a.m. at the insolvency court
of Bonn 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 Mar. 14, 2005,
9:05 a.m. at the same venue.
CONTACT: BROCKE IMMOBILIEN GMBH & CO.KG
Bergstrasse 29, 51597 Morsbach
BROCKE IMMOBILIEN VERWALTUNGS GMBH
Bergstrasse 29, 51597 Morsbach
Contact:
Dr. Jurgen Mischke
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/ 90600
Fax: 02241906090
BROCKE MONTAGE: Bonn Court Appoints Provisional Administrator
-------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Brocke Montage GmbH on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 2004, 9:00 a.m. at the insolvency court
of Bonn Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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 Nov. 19, 2004, 9:00
a.m. at the same venue.
CONTACT: BROCKE MONTAGE GMBH
Industriestrasse 5, 51545 Waldbrol
Contact:
Dr. Jurgen Mischke, Manager
Bergstrasse 29, 51597 Morsbach
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906090
IBS BROCKE: Creditors Have Until Next Month to File Claims
----------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
IBS Brocke GmbH & Co. KG on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 17, 2004, 9:40 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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. 21, 2005, 9:10
a.m. at the same venue.
CONTACT: IBS BROCKE GMBH & CO.KG
Bergstrasse 29, 51597
Morsbach-Lichtenberg
IBS BROCKE VERWALTUNGS GMBH
Bergstrasse 79, 51597 Morsbach
Contact:
Dr. Jurgen Mischke, Manager
Bergstrasse 29, 51597 Morsbach-Lichtenberg
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906090
ISH GMBH: Predicts Lower 2004 Net Loss
--------------------------------------
Cable network operator Ish GmbH is optimistic it can reduce net
losses by half to only EUR45 million this year, Die Welt says.
The debt-ridden company also forecasted net profits in four
years' time. Ish expects to book EUR180 million in EBITDA and a
slight drop in turnover for 2004. In the past two years, the
firm was able to reduce debt from EUR875 million to EUR633
million.
Ish does not believe that its failed merger with local market
leader Kabel Deutschland and two other operators would have
negative effect on its performance.
CONTACT: ISH GMBH & Co. KG
Widdersdorfer Str. 399 - 403
50933 Koln
Phone: 0221 / 37792-197
Fax: 0221 / 37792-813
E-mail: presse@ish.com
Web site: http://www.ish.de
JB JOSEF: First Creditors' Meeting Set November
-----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
JB Josef Brocke Formen und Werkzeugtechnik GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Nov. 15, 2004
to register their claims with court-appointed provisional
administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 17, 2004, 9:20 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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. 21, 2005, 9:05
a.m. at the same venue.
CONTACT: JB JOSEF BROCKE FORMEN UND WERKZEUGTECHNIK GMBH
Prinzenstrasse 12-20, 58335 Schwelm
Contact:
Dr. Jurgen Mischke, Manager
Bergstrasse 29, 51587 Morsbach
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906090
QCM 11: Creditors' Claims Due Next Month
----------------------------------------
The district court of Bonn opened bankruptcy proceedings against
QCM 11. Beteiligungs GmbH on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 19, 2004, 9:50 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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 Mar. 14, 2005, 9:20
a.m. at the same venue.
CONTACT: QCM 11. BETEILIGUNGS GMBH
Bergstrasse 29, 51597 Morsbach
Contact:
Dr. Jurgen Mischke, Manager
Bergstrasse 29, 51597 Morsbach
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/ 90600
Fax: 02241906090
SCHLINGMANN GMBH: Falls into Bankruptcy
---------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Schlingmann GmbH on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 17, 2004, 9:00 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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. 21, 2005, 9:00
a.m. at the same venue.
Schlingmann manufactures and sells plastic products and tools.
CONTACT: SCHLINGMANN GMBH
Potsdamer Strasse 20
33719 Bielefeld
Contact:
Dr. Jurgen Mischke, Manager
Bergstrasse 29, 51597 Morsbach
Wolfgang Kalker, Insolvency Manager
Kolnstr. 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906090
SCHULTE SANITAR: Gives Creditors Until Next Month to File Claims
----------------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Schulte Sanitar & Heizung GmbH on Oct. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 15, 2004 to register their
claims with court-appointed provisional administrator Jens
Fahnster.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 3, 2005, 11:00 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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.
Schulte Sanitar sells and assembles heating systems and sanitary
mechanisms.
CONTACT: SCHULTE SANITAR & HEIZUNG GMBH
Raiffeisenstr. 5, 53797 Lohmar
Contact:
Karl-Josef Schulte, Manager
Jens Fahnster, Insolvency Manager
Kolnstrasse 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906062
SCHULTE WOHNBAU: Sets First Creditors' Meeting January
------------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
real estate company Schulte WohnBau GmbH on Oct. 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Nov. 15, 2004
to register their claims with court-appointed provisional
administrator Jens Fahnster.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 3, 2005, 10:30 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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: SCHULTE WOHNBAU GMBH
Raiffeisenstrasse 5, 53797 Lohmar
Phone: (02246) 92 22 - 0
Fax: (02246) 92 22 - 92
E-mail: info@schulte-wohnbau.de
Web site: http://www.schulte-wohnbau.de
Contact:
Karl-Josef Schulte
Jens Fahnster, Insolvency Manager
Kolnstrasse 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906062
SIG BEVERAGES: Declared Bankrupt
--------------------------------
The district court of Bonn opened bankruptcy proceedings against
SIG Beverages Verwaltungs GmbH on Oct. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 15, 2004 to register their
claims with court-appointed provisional administrator Jens
Fahnster.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 3, 2005, 9:30 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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: SIG BEVERAGES VERWALTUNGS GMBH
Helenenstrasse 149, 45021 Essen
Web site: http://www.sigbeverages.com
Contact:
Bernhard Berger, Manager
Lagerhausstr. 23, 83627 Warngau
Andreas Kandt, Manager
Brusseler Str. 53842 Troisdorf
Jens Fahnster, Insolvency Manager
Kolnstrasse 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906062
SIG BLOWTEC: Sets Verification of Claims January
------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
SIG Blowtec GmbH & Co. KG on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15, 2004 to register their claims with
court-appointed provisional administrator Jens Fahnster.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 3, 2005, 9:00 a.m. at the insolvency court
of Bonn, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126 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: SIG BLOWTEC GMBH & CO. KG
Brusseler Strasse 13, 53842 Troisdorf
Phone: +49 2241 489-100
Fax: +49 2241 489-255
E-mail: sigblowtec@sig-group.com
Web site: http://www.sigblowtec.com
SIG BEVERAGES VERWALTUNGS GMBH
Helenenstr. 149, 45021 Essen
Web site: http://www.sigbeverages.com
Contact:
Bernhard Berger, Manager
Lagerhausstr. 23, 83627 Warngau
Andreas Kandt, Manager
Brusseler Str. 13, 53842 Troisdorf
Jens Fahnster, Insolvency Manager
Kolnstrasse 135, 53757 Sankt Augustin
Phone: 02241/90600
Fax: 02241906062
=========
I T A L Y
=========
OLCESE SPA: Textile Firm Declared Insolvent
-------------------------------------------
A Milan court has placed yarn and fabric producer Olcese S.p.A.
under Prodi-bis extraordinary administration after finding it
insolvent. It appointed lawyer Daniele Discepolo to oversee the
process that will last 12 to 15 months.
Olcese's demise follows the collapse of talks with textiles
group Manifattura Legnano regarding a EUR30 million (US$37.43
million) capital increase in September. The company had racked
up EUR92 million of net debt by the end of August, up from EUR78
million at end-July, according Agenzia Giornalista Italia.
The net financial position of the Olcese S.p.A. is -EUR67
million, compared to -EUR53 million in the previous month. The
figure includes the EUR14 million of credit conversion in
banking capital. Debts to banks amounted to EUR32 million, up
from EUR17.9 million last month. Debts to other creditors were
pegged at EUR2 million.
PARMALAT FINANZIARIA: Uruguayan Unit Lender Files Suit in N.Y.
--------------------------------------------------------------
Dutch banking group ABN Amro filed a case against Parmalat
Finanziaria in the U.S. seeking repayment of a loan issued to
the food group's affiliate in Uruguay.
ABN Amro is demanded US$10 million plus interest for a loan,
which was issued in March last year to shell company Wishaw
Trading, and guaranteed by Parmalat. It has notified the
company of the filing last week, according to Europe
Intelligence Wire.
ABN Amro also requested the Southern District Court of New York
to refuse Parmalat bankruptcy protection in the U.S. Parmalat
is trying to keep assets for use in its restructuring. ABN Amro
said Wishaw has not been included in Parmalat's insolvency
procedures in Italy.
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: Returns to Profit in Third Quarter
----------------------------------------------------------
Third-quarter Results Highlights:
(a) Record quarterly total subscriber increase for third quarter
of 480,866 [i]**,
(b) 51% increase in revenues for third quarter to US$235.3
million (third-quarter 2003: US$156.1 million)*,
(c) 42% increase in EBITDA for third quarter to US$117.4 million
(third quarter 2003: US$82.7 million)*,
(d) Profit for third quarter of US$12.8 million (third quarter
2003: loss of US$13.2 million),
(e) Earnings per common share for third quarter of US$0.14
(third quarter 2003: loss of US$0.20),
(f) Total shareholders equity as at Sept 2004 of US$8.4 million
(December 2003: US$(85.2)million),
(g) 52% increase in revenues for the nine months to Sept 2004 to
US$663.6 million (2003: US$437.7 million)*,
(h) 47% increase in EBITDA for the nine months to Sept 2004 to
US$331.5 million (2003: US$224.8 million)*,
(i) Profit for the nine months to Sept 2004 of US$42.3 million
(2003: US$189.1 million),
(j) Earnings per common share for the nine months to Sept 2004
of US$0.53 (2003: US$2.90),
Millicom International Cellular S.A. (Nasdaq:MICC)
(Stockholmsborsen and Luxembourg Stock Exchange: MIC), the
global telecommunications investor, announces results for the
quarter and nine months ended September 30, 2004. Financial
summary for the quarters ended September 30, 2004 and 2003*
Sept 30 Sept 30 Change
2004 2003
Worldwide
subscribers [i]
- proportional 4,737,721 3,806,646 24%
cellular [ii]
- total cellular 6,853,233 5,303,841 29%
US$ `000
Revenues 235,287 156,056 51%
Operating profit
before interest, 117,408 82,700 42%
taxes,
depreciation and
amortization,
EBITDA[iii]
EBITDA margin 50% 53%
Profit (loss) for 12,802 (13,205)
the quarter
Basic earnings 0.14 (0.20)
(loss) per common
share (US$)
Diluted earnings 0.14 (0.20)
(loss) per common
share (US$)
Weighted average 89,230 65,299
number of shares
(thousands)
Weighted average
number of shares 89,821 65,299
and dilutive
potential shares
(thousands)
-----------
[i] Subscriber figures represent the worldwide total number of
subscribers of cellular systems in which MIC has an
ownership interest. Subscriber figures exclude divested
operations.
[ii] Proportional subscribers are calculated as the sum of
MIC's percentage ownership of subscribers in each
operation.
[iii] EBITDA; operating profit before interest, taxation,
depreciation and amortization, is derived by deducting
cost of sales, sales and marketing costs, and general and
administrative costs from revenues.
[*] Due to local issues in El Salvador, MIC discontinued
consolidating El Salvador on a proportional basis from May
2001 to September 15, 2003. Figures for 2003 exclude
divested operations and include El Salvador from September
15 to September 30, 2003 only. Figures for 2004 include
El Salvador and exclude divested operations for
subscribers and financial results, down to and including
EBITDA.
[**] Excluding the increase in subscriber numbers in Q3 2003
due to the reconsolidation of El Salvador.
CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A.
Marc Beuls
President and Chief Executive Officer
Phone: +352 27 759 327
SHARED VALUE LTD, LONDON
Andrew Best
Investor Relations
Phone: +44 20 7321 5022
Web site: http://www.millicom.com
===========
R U S S I A
===========
BALTASINSKIY BRICKWORKS: Creditors' Claim Due November
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy proceedings against Baltasinskiy Brickworks after
finding the open joint stock company insolvent. The case is
docketed as A65-8100/2004-SG4-26. Mr. R. Ibragimov has been
appointed insolvency manager. Creditors have until November 17,
2004 to submit their proofs of claim to 422540, Russia,
Tatarstan republic, Zelenodolsk, Frunze Str. 9.
CONTACT: BALTASINSKIY BRICKWORKS
422523, Russia,
Tatarstan republic,
Nizhnyaya Ushma
Mr. R. Ibragimov
Insolvency Manager
422540, Russia,
Tatarstan republic,
Zelenodolsk, Frunze Str. 9
BURYAT-SEL-STROY: Sets Public Auction of Assets Next Week
---------------------------------------------------------
The insolvency manager of OJSC Buryat-Sel-Stroy will sell the
firm's property on October 25, 2004, 2:00 p.m. The public
auction will take place at Russia, Buryatiya republic, Ulan-Ude,
Solnechnaya Str. 7A, Room 306.
The list of documentary requirements is available in the auction
venue. To participate, bidders must deposit an amount
equivalent to 20% of the starting price.
CONTACT: Insolvency Manager
Russia, Rostov region,
Gukovo, Dorozhnaya Str. 44A
Bidding Organizer
Russia, Buryatiya republic,
Ulan-Ude, Solnechnaya Str. 7A,
Room 306
BUTURLINOVKA-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on OJSC Buturlinovka-Agro-Prom-
Khimiya. The case is docketed as A14-8444-2004/56/7b. Mr. A.
Rogatnyev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 394026, Russia,
Voronezh, Plekhanovskaya Str. 53, Room 614. A hearing will take
place at 394030, Russia, Voronezh, Srednemoskovskaya Str. 77,
Room 314 on November 24, 2004, 11:00 a.m.
CONTACT: BUTURLINOVKA-AGRO-PROM-KHIMIYA
397500, Russia,
Voronezh region, Buturlinovka,
Sovkhoznaya Str. 41
Mr. A. Rogatnyev
Temporary Insolvency Manager
394026, Russia,
Voronezh, Plekhanovskaya Str. 53,
Room 614
DMITRIEV-CANNED GOODS: Declared Insolvent
-----------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
proceedings against Dmitriev-Canned Goods (TIN 460599814) after
finding the open joint stock company insolvent. The case is
docketed as A-35-8178/003 g. Mr. Y. Alyabyev has been appointed
insolvency manager. Creditors have until November 17, 2004 to
submit their proofs of claim to 305021, Russia, Kursk, K. Marksa
Str. 72/15, Apartment 15.
CONTACT: DMITRIEV-CANNED GOODS
Russia, Kursk region,
Dmitriev, Promyshlennaya Str. 1
Mr. Y. Alyabyev
Insolvency Manager
305021, Russia, Kursk,
K. Marksa Str. 72/15,
Apartment 15
Phone/Fax: (0712) 38-81-54
KALININGRADSKIY WINERY: Court Orders Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Kalinigrad region has commenced
bankruptcy supervision procedure on LLC Kaliningradskiy Winery.
The case is docketed as A21-5422/04-S2. Mr. A. Demidov has been
appointed temporary insolvency manager. Creditors may submit
their proofs of claim to 236000, Russia, Kalinigrad, Dm.
Donskogo Str. 7, office 221.
CONTACT: Mr. A. Demidov
Temporary Insolvency Manager
236000, Russia, Kalinigrad,
Dm. Donskogo Str. 7, Office 221
METROMEDIA INTERNATIONAL: Keeps Evercore to Review Business
-----------------------------------------------------------
Metromedia International Group, Inc., the owner of interests in
various communications and media businesses in Russia and the
Republic of Georgia, announced that Evercore Partners Inc. has
been retained as the Company's financial advisor to assist the
board of directors of the Company in its ongoing exploration of
strategic alternatives to maximize shareholder value, which may
include, but are not limited to, the possible sale of a portion
or all of the Company. The completion of any extraordinary
transaction is highly uncertain. No assurance can be given that
any such transaction will take place nor can any assurance be
given with respect to the timing or terms of any such
transaction.
Given the status of the Company's ongoing review of its
strategic alternatives, the Company also announced that it will
defer convening an Annual Shareholders Meeting at this time.
Metromedia International Group (currently traded as: OTCPK:MTRM
- Common Stock and OTCPK:MTRMP - Preferred Stock), through its
wholly owned subsidiaries, holds interests in communications and
media businesses in Russia and the Republic of Georgia. These
include mobile and fixed line telephony businesses and wireless
and wired cable television networks. The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia, and
has substantially completed a program of gradual divestiture of
its non-core media businesses. The Company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, the
leading mobile telephony operator in the Republic of Georgia.
About Evercore Partners Inc.
Evercore, based in New York and Los Angeles, is a privately held
merchant bank. Evercore provides mergers and acquisitions
advisory services. In addition, through its Evercore Capital
Partners and Evercore Ventures affiliates, Evercore manages
committed capital of US$1.3 billion in private equity and
venture capital investments.
CONTACT: METROMEDIA INTERNATIONAL GROUP, INC.
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
Web site: http://www.metromedia-group.com
MOSKOVSKOYE: Gives Creditors Until November to File Claims
----------------------------------------------------------
The Arbitration Court of Voronezh has commenced bankruptcy
proceedings against Moskovskoye after finding the open joint
stock company insolvent. The case is docketed as A14-4180-
04/33/20b. Mr. Y. Bezrukov has been appointed insolvency
manager. Creditors have until November 17, 2004 to submit
their proofs of claim to 394005, Russia, Voronezh, Post Office
55, Post User Box 7.
CONTACT: MOSKOVSKOYE
396350, Russia,
Voronezh region, Kashirskiy region,
Kashirskoye, Mira Str. 1
Mr. Y. Bezrukov
Insolvency Manager
394005, Russia,
Voronezh, Post Office 55,
Post User Box 7
NEPTUN: Court Hires Insolvency Manager to Temporarily Run Biz
-------------------------------------------------------------
The Arbitration Court of Kaluga has commenced bankruptcy
proceedings against Neptun after finding the open joint stock
company insolvent. The case is docketed as A23-444/04B-17-11.
Mr. V. Yunin has been appointed insolvency manager. Creditors
have until November 17, 2004 to submit their proofs of claim to
248600, Russia, Kaluga, Moskovskaya Str. 7, Office 4.
CONTACT: NEPTUN
248018, Russia, Kaluga,
K. Libknekhta Str. 31
Mr. V. Yunin
Insolvency Manager
248600, Russia, Kaluga,
Moskovskaya Str. 7, Office 4
OSTASHKOV-LEATHER: Appoints P. Nizov Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
proceedings against Ostashkov-Leather after finding the open
joint stock company insolvent. The case is docketed as A66-
7262-2004. Mr. P. Nizov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 170000, Russia,
Tver, Post User Box 121.
CONTACT: OSTASHKOV-LEATHER
Russia, Tver region,
Ostashkovo, Rabochaya Str. 60
Mr. P. Nizov
Insolvency Manager
170000, Russia, Tver,
Post User Box 121
The Arbitration Court of Tver region
Russia, Tver,
Sovetskaya Str. 23b
VALUYSKIY MOTORIST: Proofs of Claims Deadline Set November
----------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy proceedings against Valuyskiy Motorist (TIN
3126001103) after finding the open joint stock company
insolvent. The case is docketed as A08-3060/04-11. Mr. A.
Myakotin has been appointed insolvency manager. Creditors have
until November 17, 2004 to submit their proofs of claim to
308014, Russia, Belgorod, Krasina Str .m 126, Office 304.
CONTACT: VALUYSKIY MOTORIST
Russia, Belgorod region,
Valuyskiy region, Valuyki,
Gorkogo Str. 82
Mr. A. Myakotin
Insolvency Manager
308014, Russia,
Belgorod, Krasina Str .m 126,
Office 304
Phone/Fax: (0722) 31-26-66
VOLZHSKIY INDUSTRIAL-BUILDING: Succumbs to Bankruptcy
-----------------------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy proceedings against Volzhskiy Industrial-Building
Combine (TIN 121600125) after finding the open joint stock
company insolvent. The case is docketed as A-38-11/181-04. Mr.
V. Chalyj has been appointed insolvency manager. Creditors have
until November 17, 2004 to submit their proofs of claim to
424006, Russia, Mariy El republic, Yoshkar-Ola, Post User Box 6.
CONTACT: VOLZHSKIY INDUSTRIAL-BUILDING COMBINE:
Russia, Mariy El republic,
Volzhsk, Pomarskoye Shosse, 10
Mr. V. Chalyj
Insolvency Manager
424006, Russia,
Mariy El republic,
Yoshkar-Ola, Post User Box 6
YUKOS OIL: DrKW Values Yuganskneftegas at US$20 Billion
-------------------------------------------------------
Yukos Oil Company Chief Executive Officer Steven Theede released
this statement regarding the valuation of Yukos' Yuganskneftegas
subsidiary recently completed by an international investment
bank at the request of the Russian Ministry of Justice:
"Yukos has received the valuation report with respect to
Yuganskneftegas prepared by Dresdner Kleinwort Wasserstein
(DrKW) and while we have not completed our evaluation of it, our
preliminary opinion is that is has been very professionally
carried out.
However, the analysis provides a number of valuation scenarios
that are in the US$20 billion range. It is especially troubling
that the government has gone public with a US$10 billion value,
which seems to distort the conclusions of the report.
Yukos would like to reiterate that the Russian Federal Law On
Executory Process explicitly states that non-core assets are to
be sold first, before core assets, as a way to settle tax
claims. Clearly Yuganskneftegas is the core asset of Yukos and
there are numerous other alternatives available to raise cash to
cover the liabilities assessed by the courts. All of these
alternatives have been presented to the government, and would
allow Yukos to maintain its position as one of the world's
largest and most efficient integrated oil companies, delivering
value to all its stakeholders while still satisfying its tax
liabilities. Management will continue to work to facilitate a
solution that will be acceptable to stakeholders."
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
===========
S W E D E N
===========
SAS GROUP: SAS Braathens Reaches Deal with Helseforetakenes
-----------------------------------------------------------
SAS Braathens and Wideroe with partners have been chosen for
Helseforetakenes' total business. The agreement is running for
two years and estimated at approximately NOK300-400 million each
year.
The agreement comprises SAS Braathens' total network within
Norway and internationally. The agreement is valid for both
patients and Helseforetakenes' business travel.
"We are very satisfied that Helseforetakene have chosen us.
Helseforetakene are significant users of travel services, both
for patient's travel and business travel. SAS Braathens and
Wideroe have a network in Norway, that fully cover
Helseforetakenes' need for travel.
We have been chosen because of our network and the price and
product concept we offer. An important part has also been the
distribution and payment solutions we can offer Helseforetakene
as customers, says Stein Bemer, Director Sales Corporate Market
for SAS Braathens.
CONTACT: SAS BRAATHENS
Robin Kamark
Phone: +47 95 71 64 12
HELSEFORETAKENES
Web site: http://www.hinas.com
=============
U K R A I N E
=============
AZOVSKIJ BUILDING: Temporary Insolvency Manager Moves in
--------------------------------------------------------
The Economic Court of AR Krym region has commenced bankruptcy
supervision procedure on OJSC Azovskij Plant of Building
Materials (code EDRPOU 00290854). The case is docketed as 2-
6/11770-2004. Arbitral manager Mrs. Galina Yeremenko (License
Number AA 719809) has been appointed temporary insolvency
manager. The company holds account number 26000305392437,
26002303392437 at Prominvestbank, Kerch branch, MFO 324548.
Creditors have until October 28, 2004 to submit their proofs of
claim to:
(a) AZOVSKIJ PLANT OF BUILDING MATERIALS
98300, Ukraine, AR Krym region,
Kerch, Kulakova Str. 1A
(b) Mrs. Galina Yeremenko
Temporary Insolvency Manager
Ukraine, AR Krym region,
Nizhnyogirskij district,
Mitrofanivka, Rovenska Str. 13
(c) THE ECONOMIC COURT OF AR KRYM REGION
95000, Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
BARSKE BREAD: Bankruptcy Supervision Begins
-------------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on OJSC Barske Bread Receiving Enterprise
(code EDRPOU 00953154). The case is docketed as 5/422-04. Mr.
S. Malahov (License Number AA 250370) has been appointed
temporary insolvency manager. The company holds account number
260033013090 at Prominvestbank, MFO 302571.
Creditors have until October 28, 2004 to submit their proofs of
claim to:
(a) BARSKE BREAD RECEIVING ENTERPRISE
23007, Ukraine, Vinnitsya region,
Barskij district, Bar
(b) Mr. S. Malahov
Temporary Insolvency Manager
Ukraine, Vinnitsya region,
Keletska Str. 126/137
(c) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
DONETSK INSURANCE: Donetsk Court Declares Firm Bankrupt
-------------------------------------------------------
Donetsk regional arbitration court declared bankruptcy on
closed-joint stock company Donetsk Insurance Alliance on
September 21, 2004, Europe Intelligence Wire says.
The court also commenced liquidation procedures on the insurance
firm and appointed Yurydychny Konsaltyng Ltd. liquidator. The
State Commission for Regulation of Financial Services Markets
cancelled the company's license, which was issued on March 2004,
in September after the firm was found not operating at its
registered address.
KERCH' PROLIV: Court Names Katerina Ptitsina Insolvency Manager
---------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Kerch' Fish Tin Plant Proliv (code EDRPOU
30317443) on September 16, 2004 after finding the close joint
stock company insolvent. The case is docketed as 2-8/4360-2004.
Mrs. Katerina Ptitsina (License Number AA 669622) has been
appointed liquidator/insolvency manager. The company holds
account number 26006301391328 at Prominvestbank, Kerch branch,
MFO 324548.
CONTACT: KERCH' FISH TIN PLANT PROLIV
98312, Ukraine, AR Krym region,
Kerch, Kirov Str. 41
Mrs. Katerina Ptitsina
Liquidator/Insolvency Manager
98300, Ukraine, AR Krym region,
Kerch, Bluher Str. 13/5
THE ECONOMIC COURT OF AR KRYM REGION
95000, Ukraine, AR Krym region,
Simferopol, Karl Marks Str. 18
KOZELETS' PRODTOVARIV: Declared Insolvent
-----------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Kozelets' Plant Prodtovariv (code EDRPOU
00381195) on September 7, 2004 after finding the open joint
stock company insolvent. The case is docketed as 9/95B. Mr.
Sergij Gorbach has been appointed liquidator/insolvency manager.
The company holds account number 260056189 at JSPPB Aval,
Chernigiv branch, MFO 353348.
CONTACT: KOZELETS' PLANT PRODTOVARIV
17000, Ukraine, Chernigiv region,
Kozelets, Karl Marks Str. 76
Mr. Sergij Gorbach
Liquidator/Insolvency Manager
14033, Ukraine, Chernigiv region,
Miru Avenue, 139, Office 30
Phone: 8 (067) 220-42-93
ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
METAL BUILDING: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Metal Building Constructions (code EDRPOU
32071051) on September 15, 2004 after finding the limited
liability company insolvent. The case is docketed as 43/608.
Arbitral manager Mr. Vyacheslav Lektsan (License Number AA
419239) has been appointed liquidator/insolvency manager.
Creditors have until October 28, 2004 to submit their proofs of
claim to:
(a) METAL BUILDING CONSTRUCTIONS
Ukraine, Kyiv region,
Komandarm Kamenev Str. 2
(b) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
MIZAR: Ordered to Undergo Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Mizar (code EDRPOU 23503324) on
January 8, 2004. The case is docketed as 24/78-b. Mr. Valerij
Sinelnikov (License Number AA 669658) has been appointed
temporary insolvency manager. The company holds account number
26002163898001 at CB Privatbank, Kyiv regional branch, MFO
321842.
Creditors have until October 28, 2004 to submit their proofs of
claim to:
(a) MIZAR
04074, Ukraine, Kyiv region,
Vishgorodska Str. 12
(b) Mr. Valerij Sinelnikov
Temporary Insolvency Manager
02100, Ukraine, Kyiv region,
Chervonotkatska Str. 19/37
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
NASHE FM: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Nashe FM (code EDRPOU 30525369).
The case is docketed as 43/657. Arbitral manager Mrs. Marina
Stoyan (License Number AA 783109) has been appointed temporary
insolvency manager. The company holds account number
2600930012962 at JSC VABank, Kyiv branch, MFO 321637.
Creditors have until October 28, 2004 to submit their proofs of
claim to:
(a) NASHE FM
Ukraine, Kyiv region,
Nagirna Str. 24/1
(b) Mrs. Marina Stoyan
Temporary Insolvency Manager
Ukraine, Kyiv region,
a/b 34
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
TERNOPIL' AGRICULTURAL: Bankruptcy Proceedings Begin
----------------------------------------------------
The Economic Court of Ternopil region has commenced bankruptcy
proceedings against Ternopil' Agricultural-Industrial Comlex
(code EDRPOU 30362901) after finding the close joint stock
company insolvent. The case is docketed as 1/B-381. Arbitral
manager Mr. Volodimir Didich (License Number AA 047819) has been
appointed liquidator/insolvency manager.
CONTACT: TERNOPIL' AGRICULTURAL-INDUSTRIAL COMLEX
46000, Ukraine, Ternopil region,
Tekstilna Str. 18
Mr. Volodimir Didich
Liquidator/Insolvency Manager
Ukraine, Ternopil region,
St. Bendera Avenue, 96/241
ECONOMIC COURT OF TERNOPIL REGION
46000, Ukraine, Ternopil region,
Ostrozski Str. 14a
UDYANSKE: Liquidator Enters Company
-----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Udyanske (code EDRPOU 30767711) on September
15, 2004 after finding the limited liability company insolvent.
The case is docketed as B-31/26-04. Arbitral manager Mr. U.
Shershen (License Number AA 719764) has been appointed
liquidator/insolvency manager.
CONTACT: UDYANSKE
Ukraine, Harkiv region,
Zolochivskij district, Udi
Mr. U. Shershen
Liquidator/Insolvency Manager
61002, Ukraine, Harkiv region,
Petrovskij Str. 6/8-15
Phone: (057) 700-55-97
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom,
8th entrance
VINPOLTARA: Court Calls in Liquidator
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Vinpoltara (code EDRPOU 30594427) on August
3, 2004. The case is docketed as 5/353-04. Representative of
State Tax Inspection in Vinnitsya has been appointed
liquidator/insolvency manager.
CONTACT: VINPOLTARA
Ukraine, Vinnitsya region,
600-Richya Str. 17
Liquidator/Insolvency Manager
Ukraine, Vinnitsya region,
30-Richya Peremogi Str. 21
Phone: (0432) 43-80-65
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Hires Liquidator to Dissolve Subsidiaries
---------------------------------------------------------
Name of companies:
Abbey National Business Commercial Lending Limited
Abbey National Continental Investments
Abbey National Growth Investments
Bee Ess Limited
Birrell Smith Underwriting Agencies Limited
Guest Barnes (Underwriting Agencies) Limited
Harris & Dixon (Underwriting Agencies) Limited
Kontax Pensions Limited
Novachance Limited
R.D. Robertson Underwriting Agency Limited
At an extraordinary general meeting of the members of these
companies on October 6, 2004 held at Abbey National House, 2
Triton Square, Regent's Place, London NW1 3AN, the special,
ordinary and extraordinary resolutions to wind up these
companies were passed. Martin Freeman has been appointed
liquidator for the purpose of such windings-up.
ARBO LIMITED: Members Agree to Wind up Business
-----------------------------------------------
At an extraordinary general meeting of the Arbo Limited on
September 22, 2004 held at The Bonnington Hotel, 92 Southampton
Row, London WC1B 4BH, the subjoined extraordinary resolution to
wind up the company was passed. Jamie Taylor 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
A W SAW: Final General Meeting Set November
-------------------------------------------
Name of Companies:
A W Saw Limited
Joseph Batson & Company Limited
The final general meetings of these companies will be on
November 22, 2004 commencing at 1:00 p.m. and 1:30 p.m.
respectively. It will be held at Ernst & Young LLP, 1 More
London Place, London SE1 2AF.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Ernst & Young LLP, 1 More London Place, London SE1 2AF not
later than 12:00 noon, November 19, 2004.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
BLUE EGG: Sets Creditors' Meeting Next Week
-------------------------------------------
The creditors of Blue Egg Studios Limited will meet on October
26, 2004 commencing at 11:00 a.m. It will be held at 24 New
House, Hatton Garden, London EC1N 8JY.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Antony Batty & Co, 24 New House, Hatton Garden,
London EC1N 8JY not later than 12:00 noon, October 25, 2004.
CONTACT: ANTONY BATTY & CO
24 New House,
Hatton Garden,
London EC1N 8JY
BP CHEMICALS: Liquidator's Final Report Out November
----------------------------------------------------
Name of Companies:
BP Chemicals Asia Pacific Services Limited
BP Norway Limited
SKSF IA Limited
The Bass Rock Oil Company Limited
The final general meetings of these companies will be on
November 22, 2004 commencing at 2:00 p.m., 2:30 p.m., 3:00 p.m.
and 3:30 p.m. respectively. It will be held at Ernst & Young
LLP, 1 More London Place, London SE1 2AF.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
BURLINGTON BOOKS: Calls Final Members Meeting
---------------------------------------------
The final meeting of the members of Burlington Books (UK)
Limited will be on November 22, 2004 commencing at 10:00 a.m.
It will be held at Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BE.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, November 19, 2004.
CONTACT: CRITCHLEYS
Greyfriars Court,
Paradise Square,
Oxford OX1 1BE
Phone: +44 (0) 1865 261100
Fax: +44 (0) 1865 261201
E-mail: Oxford@critchleys.co.uk
Web site: http://www.critchleys.co.uk
CHAMPIONS OF CHARD: Hires Milsted Langdon as Administrator
----------------------------------------------------------
Timothy Alexander Close (IP No 8023) has been appointed
administrator for Champions of Chard Limited. The appointment
was made October 7, 2004. The company is engaged in steel
fabrication. Its registered office is located at Furnham Close
Industrial Estate, Chard TA20 1DA.
CONTACT: MILSTED LANGDON
Winchester House,
Deane Gate Avenue,
Taunton TA1 2UH
Phone: 01823 445566
Fax: 01823 445555
E-mail: advice@milsted-langdon.co.uk
Web site: http://www.milsted-langdon.co.uk
DAWSON INTERNATIONAL: Closes Sale of Joseph Dawson
--------------------------------------------------
Dawson International plc has completed the sale of Joseph Dawson
business, as described in the Circular to Shareholders dated 27
September 2004. Gross proceeds of approximately GBP4.85
million, as determined by reference to the net asset value of
stock and debtors of Joseph Dawson at Completion, have been
received.
In addition, Dawson International Trading Limited has received
approximately GBP1.85 million in respect of retained debtors of
the Joseph Dawson business since 1 August 2004 and the Purchaser
has assumed additional trade credit liabilities of approximately
GBP0.2 million.
The sale of Joseph Dawson represents a further important step in
securing the financial stability of the company.
CONTACT: DAWSON INTERNATIONAL
Michael G. Hartley, Executive Chairman
Phone: 07711 734631
DAWSON INTERNATIONAL: Sets Aside GBP4.2 Million to Redeem Notes
---------------------------------------------------------------
Dawson International plc signed an agreement with GMAC to
provide debt facilities of up to GBP8.5 million to finance its
U.K. operating subsidiary, Dawson International Trading Limited.
Following the Completion of the sale of Joseph Dawson and the
financing referred to above, the Directors have considered the
early repayment of certain of the Company's zero coupon,
convertible, secured, redeemable loan stock 2009 and, in
accordance with the Conditions of the Loan Stock, have resolved
to issue redemption notices to Stockholders whose holdings
amount to GBP1,000 or more (Qualifying Stockholders) to redeem
Tranche One as defined in the Conditions of the Loan Stock at a
total cash cost to the Company of approximately GBP4.2 million.
An Announcement will be made shortly setting out the details of
such redemption.
Following the completion of the successful restructuring of the
Company and its finances and his retirement from the Board of
Guinness Peat Group plc, Trevor Beyer has resigned as a non-
executive director of the Company with immediate effect. The
Board would like to thank him for his tremendous contribution
during his two and a half years as a director and in particular
for his thoughtful and supportive guidance through the difficult
past year. The Board wish him a long and happy retirement.
The Company welcomes Richard Lawrence Todd, a current director
of GPG (U.K.) Holdings plc who has been appointed as a non-
executive director of the Company with immediate effect. Mr.
Todd is also a director of WHS Limited (which has been dormant
since 1990), which was placed into a creditors' voluntary
liquidation in June 2003. Currently, WHS is faced with actual
and potential uninsured employers' liability claims, which may
be in excess of its assets. It is not possible at this stage to
quantify the likely deficiency (if any).
There are no other details to be disclosed in relation to Mr.
Todd pursuant to paragraphs 16.4(a) and (b) of the Listing
Rules.
CONTACT: DAWSON INTERNATIONAL
Mike Hartley, Chairman
Phone: 01629 55098
DIGITAL QUILLS: Names Tenon Recovery Administrator
--------------------------------------------------
S. R. Thomas and S. J. Parker (IP Nos 8920, 8989) have been
appointed joint administrators for Digital Quills Limited. The
appointment was made October 6, 2004. The company is engaged in
software development and support. Its registered office is
located at 73 Baker Street, London W1U 6RD.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street
London W1U 6RD
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
E D GAMES: Top Honcho Receives Five-year Ban
--------------------------------------------
The director of a computer games distribution business that
failed with total debts estimated at around GBP1 million has
given an Undertaking not to hold directorships or take any part
in company management for five years.
The Undertaking by Igor Flavio Cipolletta, 31, of Bracknell
Road, Warfield, Berkshire was given in respect of his conduct as
director of E D Games Limited, which carried on business from
premises at Unit 17, The Western Centre, Western Road,
Bracknell, Berkshire.
Acceptance of the Undertaking on October 1, 2004 prevents Igor
Flavio Cipolletta 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.
E D Games Limited (ED) was placed into voluntary liquidation on
October 2, 2002 with estimated debts of GBP974,259 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 Igor Flavio
Cipolletta, were that:
(a) he caused or allowed ED to trade to the detriment of the
Crown in that he failed to make proper returns to Crown
departments from November 2000 onwards and failed to make
remittances of sums due to the Crown; and
(b) on September 3, 2002, he transferred a vehicle owned by ED,
with an estimated value of GBP30,000, to one of ED's
creditors in settlement of a debt. This transaction was
made at a time when ED was failing to discharge its
obligations 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
EUROTUNNEL PLC: 3rd-qtr Revenue Down as Channel Traffic Slumps
--------------------------------------------------------------
Third-quarter Results Highlights:
(a) Strong increase in Railways activity (Eurostar passengers
and rail freight tonnage),
(b) Noticeable fall in shuttle activity,
(c) Three-year plan to be presented to Agent Banks at end of
October
Eurotunnel, operator of the Channel Tunnel, reported results for
the third quarter of 2004. Jean-Louis Raymond, Group Chief
Executive, said: "The third quarter results are obviously not
satisfactory and confirm our July prognosis. These figures
demonstrate that Eurotunnel's previous strategy was not adjusted
to market trends in terms of capacity and pricing.
"As we promised in our letter to shareholders on 7 July, we are
completing a thorough review of the situation in both the market
and the organization of the Group. This review will form the
basis of our three-year plan that we will present to our Agent
Banks at the end of October."
Traffic and Turnover
Eurotunnel Shuttle Services
(a) Truck Shuttles
In a market that grew by 8%, Eurotunnel carried 4% fewer trucks
during the quarter compared with the third quarter in 2003. The
market has been boosted with the arrival of new hauliers from
the eastern European countries that recently joined the European
Union and are now able to run pan-European cabotage services
(transport of goods in one country by a haulier from another
country). The speed of service offered by Eurotunnel is of less
importance to these new long-distance hauliers than to our more
traditional customers.
Over-capacity, combined with intense price competition, has also
contributed to the fall in Eurotunnel's market share, which was
38% for the quarter.
(b) Passenger Shuttles
During the third quarter, the Short Straits car market
contracted further (down 1%) with a significant reduction in day
trips and short breaks. This fall in traffic was exacerbated
for Eurotunnel (down 5%) due to Eurotunnel's greater sensitivity
to changes in these sectors of the market.
In addition, a new operator (SpeedFerries) entered the market in
May 2004 with aggressive summer-season pricing. Eurotunnel
responded with a series of promotional offers, which limited the
effect of this on long-stay holiday traffic, although it meant
that revenue was below that for the same quarter last year.
The number of coaches carried by Eurotunnel fell by 13% in a
market down 4%.
Q3 2004 Q3 2003 2004/2003 Short Straits
% change market[1]
Truck Shuttles 302,445 314,133 -4% +8%
trucks trucks
Passenger
Shuttles 605,984 639,064 -5% -1%
cars[2] cars[2]
15,650 17,892 -13% -4%
coaches coaches
--------
[1] The Short Straits market includes services from Folkestone-
Dover/Boulogne-Calais-Dunkerque-Zeebrugge
[2] including motorcycles, cars, cars with trailers, caravans
and campervans
Operating Revenue
Revenue from Shuttle Services was GBP77.7 million, a fall of 8%
at constant exchange rates, which reflected a fall in revenue in
both truck and passenger activities due to strong competition
and pressure to reduce prices.
Revenue from the Railways, which includes payments under the
Minimum Usage Charge provisions, increased by 2% to GBP58.8
million.
Operating revenue was down 4% to GBP140.1 million.
Q3 2004 Q3 2003 2004/2003 Q3 2003
GBP million Unaudited[*] Restated[*] % change Reported[**]
Shuttle Services 77.7 84.1 -8% 84.8
Railways 58.8 57.6 +2% 58.1
Transport
Activities 136.5 141.7 -4% 142.9
Non-transport
activities 3.6 3.9 -9% 3.9
Operating revenue 140.1 145.6 -4% 146.8
---------
[*] The exchange rate applicable for the year to 30 September
2004 and for the restated year to 30 September 2003 is
GBP1 = EUR1.482.
[**] The equivalent 2003 exchange rate was GBP1 = EUR1.441.
Railways (Eurostar & rail freight)
The Channel Tunnel is also used by other rail services not
operated by Eurotunnel: Eurostar for high-speed passenger
services between London/Paris and London/Brussels, and EWS and
SNCF for international rail freight services.
The number of Eurostar passengers traveling through the Tunnel
continued to grow, from 1,772,684 in the third quarter of 2003
to 1,997,800 in the third quarter of 2004, an increase of 13%.
The rail freight tonnage transported through the Tunnel rose
from 442,222 in the third quarter of 2003 to 472,163 for the
same period in 2004, a rise of 7%.
The overall level of Railways traffic using the Tunnel currently
has no impact on Eurotunnel's income owing to the Minimum Usage
Charge provisions, which will apply until November 2006.
--------
[*] The passenger numbers given are for Eurostar passengers who
traveled through the Channel Tunnel, and exclude passengers
between Paris/Calais and Brussels/Lille.
CONTACT: EUROTUNNEL PLC
Media Inquiries:
Kevin Charles
Phone: + 44 (0) 1303 288728
or + 44 (0) 1303 288737
Investor Inquiries:
Xavier Clement
Phone: + 33 1 55 27 36 27
FENN NOMINEES: Final Meeting of Members Set November
----------------------------------------------------
Name of Companies:
Fenn Nominees Limited
HCL Nominees Limited
Henderson Crosthwaite Trustees Limited
Individual Savings Account Administration Ltd.
Investment Services Administration Limited
ISA Administration Limited
PEP Services Limited
Sheppards Limited
Sheppards Nominees Limited
The final meetings of the members of these companies will be on
November 30, 2004 commencing at 10:00 a.m. It will be held at
Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BE.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
companies disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Critchleys, Greyfriars Court, Paradise Square, Oxford OX1
1BE not later than 12:00 noon, November 29, 2004.
CONTACT: CRITCHLEYS
Greyfriars Court,
Paradise Square,
Oxford OX1 1BE
Phone: +44 (0) 1865 261100
Fax: +44 (0) 1865 261201
E-mail: Oxford@critchleys.co.uk
Web site: http://www.critchleys.co.uk
FURNEAUX STEWART: Hires Joint Administrators from Hacker Young
--------------------------------------------------------------
Ladislav Hornan and Peter Kubik (IP Nos 2059, 9220) have been
appointed joint administrators for Furneaux Stewart Design And
Communication Limited. The appointment was made October 8,
2004. Its registered office is located at 16E Portland Road,
London W11 4LA.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street,
London EC2Y 5DH
Phone: 020 7216 4600
Fax: 020 7638 2159
Web site: http://www.uhy-uk.com
GENSEC LIMITED: Hires Joint Administrators from Leonard Curtis
--------------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) have been
appointed joint administrators for Gensec Limited. The
appointment was made September 28, 2004.
The company offers investigation and security services. Its
registered office is located at UHY Hacker Young, St James
Building, Oxford Street, Manchester M1 6HT.
CONTACT: DTE LEONARD CURTIS
DTE House,
Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
GEOSCOPE LIMITED: Hires Liquidator from Begbies Traynor
-------------------------------------------------------
At an extraordinary general meeting of the members of the
Geoscope Limited on October 12, 2004 held at the offices of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, the
extraordinary resolution to wind up the company was passed.
David Moore of Begbies Traynor, No 1 Old Hall Street, Liverpool
L3 9HF and Gary Lee of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP have been appointed joint
liquidators for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
No 1 Old Hall Street,
Liverpool L3 9HF
Phone: 0151 227 4010
Fax: 0151 227 4009
Web site: http://www.begbies.com
BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
HAWK ENGINEERING: Construction Firm for Sale
--------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer, Joint
Administrators, offer for sale the business and assets of Hawk
Engineering & Construction Limited.
Business in brief:
(a) Steel fabrication and contracting business established 20
years ago,
(b) Historic turnover: GBP5 million,
(c) Leasehold premises measuring 20,000 square feet plus
large yard and car park in Stockbridge, Hampshire, and
(d) Workforce: 20 employees
CONTACT: MIDDLETON PARTNERS
Clive Fortis
Phone: 01 722 435 190
Fax: 01 722 421 102
E-mail: clive@middletonpartnerssalisbury.co.uk
HT U.K.: Receivers Decide to Sell Windows Manufacturer
------------------------------------------------------
Paul Melville and Andrew Conquest, Joint Administrators, offer
for sale the business and assets of HT (U.K.) Limited.
Business in brief:
(a) Turnover: around GBP6.5 million,
(b) Nature of business: the company manufactures, distributes
and installs Trocal PVCu windows and doors.
(c) 38,000 square foot leasehold premises at Tamworth, Staffs;
and
(d) Workforce: 55 employees.
CONTACT: GRANT THORNTON U.K. LLP
Enterprise House
115 Edmund Street
Birmingham B3 2HJ
Phone: 01827 305071
0121 212 4000
07967 710598
Fax: 0121 233 9857
E-mail: alyson.j.bailey@gtuk.com
Web site: http://www.grant-thornton.co.uk
JACK KNIGHTS: Business, Assets for Sale
---------------------------------------
The Joint Administrators, Paul Harding and Julia Branson, offer
for sale the business and assets of Jack Knight (Developments)
Limited.
The company is a reputed manufacturer of specialist high
performance automobile parts.
Business in brief:
(a) Established around 50 years ago; based in Woking, Surrey;
(b) Has an annual turnover of GBP1.3 million with blue-chip
customer base;
(c) internationally established brand with top quality products;
and
(d) significant new product lines in development with major
customers.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: 020 7212 8123
Fax: 020 7084 5566
E-mail: David.J.Bennet@uk.pwc.com
JARVIS PLC: Expects Restructuring Costs to Soar this Year
---------------------------------------------------------
At Jarvis plc's Annual General Meeting, Steven Norris, Chairman,
made this statement on progress with its restructuring program:
"I am pleased to be able to confirm the appointment of Alan
Lovell as the new group CEO to see the company through this
period of restructuring. He brings to Jarvis a wealth of
experience and a proven track record, including at Costain
plc and, most recently, at Dunlop Slazenger, and in turning
round difficult business situations. We are all looking forward
to working with him.
"Since our preliminary announcement of our results in July we
have made good progress on our restructuring. Clearly the
current year will be difficult with the inevitable disruption
that comes with restructuring. We need to manage our cash
position very closely and the group has benefited from the
continuing dialogue with its lenders and the additional
facilities they have provided. At the year ended 31 March 2004
the group announced considerable write offs. The current year
will see high costs in respect of restructuring and losses in
accommodation services, relating to the closing out of existing
contracts. We are well advanced in our strategy to cut costs
and are also making good progress with a number of significant
disposals.
"So far annualized future savings of more than GBP20 million
have been achieved, with progress ahead of plan. This process
will continue as the group restructuring work progresses.
"The group has now disposed of JMPC (a small education
technology business), Ultramast, Asquith Jarvis (a nursery
education business), Estonia rail, our Romford property,
PatientFirst and Cocentra. It has also agreed Heads of Terms
with Alma Mater in respect of the sale of the bid operations for
the group's University Partnership Programme business. It also
announced that it had agreed Heads of Terms with Vinci
Investments Limited for the sale of Jarvis' PFI bidding
operations. Further smaller disposals are also being
progressed.
"In addition we are in exclusive discussions to realize value
from the disposal of our Tube Lines interests and the European
roads business. These are well advanced and remain on course
for completion during the final quarter of the calendar year.
"It is anticipated that certain disposals will require
shareholder approval.
"Pending implementation of the restructuring plan, the company
may also need to increase the borrowing power under its Articles
of Association to enable further temporary funding. This is
necessitated by permitted indebtedness calculations under the
current limit requiring inclusion of certain types of gross
indebtedness, for example even where the borrowing is cash
collateralized."
CONTACT: JARVIS PLC
Jonathan Haslam
Phone: +44 (0)20 7017 8147
or
TULCHAN COMMUNICATIONS
David Trenchard
Andrew Honnor
Phone: +44 (0)20 7353 4200
JURIS LIMITED: Calls in Administrator from Haines Watts
-------------------------------------------------------
Andrew Appleyard (IP No 1224) have been appointed administrator
for Juris Limited. The appointment was made October 6, 2004.
The company offers legal services. Its registered office is
located at Juris House, 4 Hawksworth Road, Telford, Shropshire
TF2 9TU.
CONTACT: HAINES WATTS
Canterbury House,
85 Newhall Street,
Birmingham B3 1LH
Phone: 0121 212 4477
Fax: 0121 212 4459
Web site: http://www.hwca.com
KMV EUROPE: Hires Grant Thornton Liquidator
-------------------------------------------
At a meeting of the KMV Europe Limited on September 15, 2004,
the special resolution to wind up the company was passed.
Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP has been appointed
liquidator of the company for the purpose of the voluntary
winding-up.
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
KYNORE PROPERTIES: Hires Liquidator from Hazlewoods
---------------------------------------------------
At an extraordinary general meeting of the Kynore Properties
Limited on September 29, 2004, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
Philip John Gorman of Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT has been appointed liquidator for
the purpose of its winding-up.
CONTACT: HAZLEWOODS
Windsor House,
Barnett Way, Barnwood,
Gloucester GL4 3RT
Phone: +44 (0) 1452 634800
Fax: +44 (0) 1452 371900
Web site: http://www.hazlewoods.co.uk
LONDON MONARCHS: Brings in Deloitte & Touche Liquidators
--------------------------------------------------------
At a general meeting of the members of London Monarchs Company,
the special, ordinary and extraordinary resolutions to wind up
the company were passed. J. R. D. Smith and N. J. Dargan of 66
Shoe Lane, London EC4A 3WA have been appointed joint liquidators
of the company.
CONTACT: DELOITTE & 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
MASINVEST LIMITED: Special Winding up Resolution Passed
-------------------------------------------------------
At an extraordinary general meeting of the Masinvest Limited on
October 8, 2004 held at International House, Queens Road,
Brighton, East Sussex BN1 3XE, the subjoined special resolution
to wind up the company was passed. Andrew White of Baker Tilly,
International House, Queens Road, Brighton BN1 3XE has been
appointed liquidator for the purpose of such winding-up.
CONTACT: BAKER TILLY
International House,
Queens Road, Brighton BN1 3XE
Phone: 01273 223400
Fax: 01273 223401
Web site: http://www.bakertilly.co.uk
MERCURY HOUSE: Members Agree to Dissolve Business
-------------------------------------------------
At a meeting of the Mercury House Limited, the special
resolution to wind up the company was passed. Andrew Conquest
of Grant Thornton, Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP has been appointed liquidator of the
company for the purpose of the voluntary winding-up.
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
MONT DEVELOPMENTS: Insolvency Service Bans Directors
----------------------------------------------------
The directors of a relocation, storage and design services
business that failed with total debts estimated at more than
GBP453,000 have given Undertakings not to hold directorships or
take any part in company management for five years and three
years respectively.
The Undertakings by Paul and Catriona Watson-Brown, of
Springwood Road, Heathfield, East Sussex, were given in respect
of their conduct as directors of Mont Developments Limited,
which carried out business from premises at 11 West Street,
London WC2H.
Acceptance of the Undertakings on August 31, 2004 prevent Mr.
and Mrs. Watson-Brown 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 period.
Mont Developments Limited was placed into voluntary liquidation
on December 17, 2001 with estimated debts of GBP453,753 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 Mr. and Mrs.
Watson-Brown was that they caused Mont Developments Limited to
trade to the detriment of 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
NEOCORP LIMITED: Directors Barred from Occupying Executive Posts
----------------------------------------------------------------
A man from Romford in Essex and a man from Royston in
Hertfordshire who acted as directors of an ink cartridge
recycling business that failed with total debts estimated at
around GBP101,000, have given Undertakings not to hold
directorships or take any part in company management for six and
nine years respectively.
The six-year Undertaking by Lee Thorpe, 40, of Pretoria Road,
Romford, Essex, and the nine-year Undertaking by Ian Anthony
Buckle, 48, of Green Drift, Royston, Hertfordshire were given in
respect of their conduct as directors of Neocorp Limited
(Neocorp), which carried out business from premises at Unit 15a
Bryant Avenue and Unit 15a Southend Arterial Road, Gallows
Corner, Romford, Essex.
Acceptance of the Undertakings on October 5, 2004 prevents Mr.
Thorpe and Mr. Buckle 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.
Neocorp was placed into liquidation on May 27, 2002 with
estimated debts of GBP101,000 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 Mr. Thorpe and Mr.
Buckle, were that:
(a) Mr. Buckle acted in the management of Neocorp between
October 1, 2001 and January 30, 2002 whilst subject to a
disqualification order. During his directorship of Neocorp
Mr. Thorpe allowed Mr. Buckle to act in the management of
the Company whilst disqualified for the above period, in
abrogation of his duties;
(b) Mr. Thorpe and Mr. Buckle failed to maintain, preserve or
deliver up the accounting records of Neocorp. As a
consequence, the Liquidators have been unable to fulfill
their roles as liquidators of the company, which is to
identify the company's assets and liabilities, and to ensure
that the assets of the company have been applied for its
benefit;
(c) They caused or allowed the company to breach its statutory
obligations in respect of the filing of PAYE and NIC and in
doing so incurred in respect of PAYE and NIC at least
GBP7,991.09;
(d) They also failed to deal adequately with the VAT affairs of
the Company and in doing so allowed arrears to accumulate in
respect of VAT and surcharges of at least GBP11,583.
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
POINT GROUP: Director Receives Four-year Ban
--------------------------------------------
The director of an entertainment business that failed with total
debts estimated at around GBP10 million has given an Undertaking
not to hold directorships or take any part in company management
for four years.
The Undertaking by Wilhelm Friedrich Mittrich, 56, of
Harvestehuder Weg, Hamburg, Germany was given in respect of his
conduct as a director of Point Group Limited (Point) which
carried out business from premises at 30 Dorset Square, London
NW1.
Acceptance of the Undertaking on September 20, 2004 prevents Mr.
Mittrich 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.
Point was placed into administrative receivership on March 20,
2000 with estimated debts of GBP10 million owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Mr. Mittrich, were
that:
(a) with knowledge of Point's impending insolvency, he caused or
permitted Point to lend Beleggingsmaatschappi Fraserburgh
B.V. (Fraserburgh) the sum of DEM751,000 (the Loan) for
the purpose of a subscription for shares in ODS Optical Disc
Services GmbH (ODS);
(b) he failed to disclose to the non-executive directors of
Point any reference to this loan to Fraserburgh;
(c) he sought to obtain security over Fraserburgh's shares in
ODS but failed to seek or obtain any equivalent security for
Point; and
(d) he misled Point's board members and creditors into thinking
he had obtained security when he hadn't. His failure to
obtain security for Point and ODS was to the ultimate
detriment of Point's creditors.
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
PRELINK LIMITED: Special Winding up Resolution Passed
-----------------------------------------------------
At a meeting of the Prelink Limited, the special resolution to
wind up the company was passed. Andrew Conquest of Grant
Thornton, Grant Thornton House, Melton Street, Euston Square,
London NW1 2EP has been appointed liquidator of the company for
the purpose of the voluntary winding-up.
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
PROLIGO ENGLAND: Liquidator's Report Out Next Month
---------------------------------------------------
The final meeting of the members of Proligo England Ltd. will be
on November 18, 2004 commencing at 11:00 a.m. It will be held
at 66 Wigmore Street, London W1U 2HQ.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Numerica, PO Box 2653, 66 Wigmore Street, London W1A 3RT
not later than 12:00 noon, November 17, 2004.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
QUEENS MOAT: W2001 Britannia Offer Gets Shareholders' Backing
-------------------------------------------------------------
At a Court Meeting and Extraordinary General Meeting of Queens
Moat Houses plc shareholders in connection with the Acquisition
of the firm by W2001 Britannia LLC, all the resolutions proposed
were approved by the necessary majorities of Shareholders.
At the Court Meeting a majority in number of Shareholders who
voted (either in person or by proxy), representing 95.21% by
value, voted in favor of the resolution to approve the Scheme.
The resolution was accordingly passed.
At the Extraordinary General Meeting, the resolutions in
connection with the Scheme and the Disposal alternative were
also passed.
Completion of the Acquisition remains subject to the
satisfaction or, if permitted, waiver of the conditions to the
Acquisition as set out in the Scheme document, including, inter
alia, the sanction of the Scheme by the High Court. It is
expected that Completion will occur on 26 October 2004.
At a re-convened Annual General Meeting, all of the resolutions
proposed were passed by the requisite majority.
Copies of the resolutions passed at the Extraordinary General
Meeting have been submitted to the U.K. Listing Authority and
will shortly be available for inspection at the U.K. Listing
Authority's Document Viewing Facility situated at:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Phone: 020 7066 1000
Terms used in this announcement shall have the same meanings as
set out in the Scheme document dated 22 September 2004.
CONTACT: MORGAN STANLEY
(Financial adviser to Queens Moat)
Brian Magnus
Phone: +44 (0) 20 7425 8000
COLLEGE HILL ASSOCIATES
(Financial public relations advisor to Queens Moat)
Mark Garraway
Crawford Burden
Phone: +44 (0) 20 7457 2020
ROYAL & SUNALLIANCE: Fitch Withdraws Ratings of U.S. Units
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' insurer financial strength
ratings of the Royal & SunAlliance U.S.A. insurance subsidiaries
and removed those ratings from Rating Watch Negative. Following
the affirmations, Fitch has withdrawn the ratings. The
companies represent the U.S. insurance operations of Royal & Sun
Alliance Insurance Group plc.
The ratings are being withdrawn due to minimal market interest.
The insurer financial strength ratings are affirmed at 'BB-' and
the insurer financial strength rating of 'BB-' is withdrawn on:
American and Foreign Insurance Co.
Atlantic Indemnity Company
Atlantic Security Insurance Co.
Carolina American Insurance Co.
The Connecticut Indemnity Company
Financial Structures Insurance Co.
Financial Structures Ltd.
The Fire & Casualty Insurance Co. of CT
Globe Indemnity Company
Grocers Insurance Co.
Guaranty National Insurance Co.
Guaranty National Insurance Co. of CT
Landmark American Ins. Co.
Marine Indemnity Insurance Co. of America
Orion Insurance Co.
Peak Property & Casualty Insurance Co.
Royal Indemnity Company
Royal Insurance Co of America
Royal Surplus Lines Insurance Co.
Safeguard Insurance Co.
Security Insurance Co. of Hartford
Unisun Insurance Co.
Viking County Mutual Insurance Co.
Viking Ins. Co. of Wisconsin
These ratings were initiated by Fitch as a service to users of
Fitch Ratings. These ratings are based primarily on public
information.
CONTACT: FITCH RATINGS
Donald F. Thorpe, CPA, CFA
Phone: +1-312-606-2353
Brian C. Schneider, CPA, Chicago
Phone: +1-312-606-2321
Damir Bettini
Phone: +44-20-7862-4095
Andrew Murray, London
Phone: +44-20-7417-4303
Media Relations:
Kenneth Reed, New York
Phone: +1-212-908-0540
SACHEM EUROPE: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------
At a meeting of Sachem Europe Limited on October 4, 2004, the
special and ordinary resolutions to wind up the company were
passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers
LLP, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have
been appointed joint liquidators of the company for the purpose
of such winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Cornwall Court,
19 Cornwall Street,
Birmingham B3 2DT
Joint Liquidators:
Jonathan Sisson
Tim Walsh
Phone: [44] (121) 200 3000
Fax: [44] (121) 200 2464
Web site: http://www.pwc.com
S J GROUP: Hires Haines Watts as Administrator
----------------------------------------------
David Michael Clements (IP No 008765) has been appointed
administrator for S J Group Plc. The appointment was made
October 7, 2004.
The company is a distributor of electrical and industrial
products. Its registered office is located at Medina House, 2
Station Avenue, Bridlington, East Yorkshire YO16 4LZ.
CONTACT: HAINES WATTS
First Floor, Park House,
Park Square West, Leeds LS1 2PS
Joint Liquidator:
D M Clements
Phone: 0113 398 1100
Fax: 0113 398 1101
Web site: http://www.hwca.com
THREE QUAYS: Calls in Liquidator
--------------------------------
At an extraordinary general meeting of the members of the Three
Quays Underwriting Management Limited on October 6, 2004 held at
Abbey National House, 2 Triton Square, Regent's Place, London
NW1 3AN, the special, ordinary and extraordinary resolutions to
wind up the company were passed. Martin Freeman has been
appointed liquidator for the purpose of such winding-up.
UNION TOOL: Appoints Joint Liquidators from Grant Thornton
----------------------------------------------------------
At a meeting of the Union Tool UK Limited on September 30, 2004,
the special resolution to wind up the company was passed.
Andrew Conquest and Samantha Keen of Grant Thornton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP have been appointed joint liquidators of the company for the
purpose of the voluntary winding-up.
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
WYMONDHAM OIL: Final General Meeting Set November
-------------------------------------------------
The final general meeting of the Wymondham Oil Storage Company
Limited will be on November 22, 2004 commencing at 11:00 a.m.
It will be held at Ernst & Young LLP, 1 More London Place,
London SE1 2AF.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
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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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