/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041025.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 Monday, October 25, 2004, Vol. 5, No. 211 Headlines G E R M A N Y CELANESE AG: David Weidman to Lead New Management Team HOUSE & HOME: Creditors Have Until this Week to File Claims INTERTAINMENT AG: CFO Achim Gerlach Succeeds Outgoing Chairman KANAL-GRUTTNER: Celle Court Appoints Provisional Administrator MATHIAS WIRTZ: Under Bankruptcy Administration MATTERN FLEISCHWAREN: Sets First Creditors' Meeting December MG TECHNOLOGIES: Management Board Chair Fails to Get Extension MOS MESS: Creditors Have Until November to File Claims OGHAM GMBH: Creditors' Claims Due this Week PFLEIDERER AG: 'B' Short-term Rating Affirmed; Outlook Stable R & C BESCHICHTUNGS: Temporary Administrator Takes over Helm SALAMANDER SCHUH: More than A Third of Workforce to Go TBIG SACHSEN: Succumbs to Bankruptcy VINCENZO GIORGETTI: Creditors' Claims Due this Week I T A L Y PARMALAT FINANZIARIA: Prosecutors Add More Firms to Probe PARMALAT FINANZIARIA: Faces Another Class Action in U.S. K A Z A K H S T A N ATF BANK: Upcoming Eurobond Gets 'B+' Long-term Rating N E T H E R L A N D S ROYAL AHOLD: Third-quarter Net Sales Down 7.9% to EUR12 Billion R U S S I A ALMETYEVSKAYA BREWING: Appoints E. Charikova Insolvency Manager BALTASINSKIY BRICKWORKS: Sets Deadline for Proofs of Claim FENIKS: Declared Insolvent KAMESHKOVSKIY TEXTILE: Under Bankruptcy Supervision MOSKOVSKOYE: Creditors Have Until Next Month to File Claims NAM: Sakha Court Appoints Insolvency Manager OKHOTSKOYE SHIP-REPAIR: Insolvency Manager Takes over Helm OSTASHKOV-LEATHER: Court Names P. Nizov Insolvency Manager VOLZHSKIY INDUSTRIAL-BUILDING: Proofs of Claim Deadline Set VYKHINSKIY SAUSAGE: Moscow Court Launches Bankruptcy Proceedings YUKOS OIL: J.P. Morgan Valuation Out Sometime November YUKOS OIL: 'B2', 'B3' Ratings Up for Further Downgrade YUKOS OIL: Continues Oil Shipment to China S P A I N ISLA MAGICA: Lending Body Forgives Debt S W E D E N ESSELTE GROUP: Moody's Lowers Unsecured Issuer Rating to Caa2 SCANDINAVIAN AIRLINES: Offers More Flights to Shanghai, New York SWITCHCORE AB: Slashing Costs to Return to Profit T U R K E Y OYAK BANK: Individual Rating Affirmed at 'D' TURKCELL: Fitch Raises Rating to 'BB-'; Outlook Stable U K R A I N E ANATASIYA +: Court Calls in Insolvency Manager KOVCHEG-N: Succumbs to Bankruptcy MARKOVICH: Deadline for Proofs of Claim Set SOKIL: Court-appointed Liquidator Enters Firm ZAPORIZHSILBUD: Proofs of Claim Deadline Expires this Week U N I T E D K I N G D O M AA FASHIONS: Members Pass Extraordinary Winding up Resolution ACTIVE SOFTWARE: Names PricewaterhouseCoopers Liquidator AIRWEAVERS ENVIRONMENTAL: Names DTE Leonard Curtis Liquidator AREA ONE: Members Agree to Liquidate Company ATEST ELECTRONICS: Calls in Liquidator from The Norton Practice BACKING LATEX: Appoints Liquidator from Tomlinsons BAGLAN COGENERATION: Hires PwC to Liquidate Assets, Subsidiaries B C DYER: Members General Meeting Set Next Month BROWNWAY LIMITED: Calls First Creditors' Meeting CHARLES JACKSON: Hires Joint Liquidator from Wilson Field CLOVER FUNDING: Names Tenon Recovery Liquidator DEAN WITTER: Liquidator's Final Report Out November DUNDAS BUILDING: Sets First Creditors' Meeting November G C MECHANICAL: Director Gets 12-year Ban from Holding Exec Post GENSEC LIMITED: Creditors' Meeting Set Next Month GLASGOW ADVERTISING: Liquidator to Give Final Report Next Month GLOBAL LASER: Calls in Liquidator from Marshall Peters HOSTELRIES LIMITED: Scottish Courage Appoints Receiver HYDE REFURBISHMENT: In Administrative Receivership IFCO LIMITED: Calls in Joint Liquidators from PwC INVERDEAN LIMITED: Creditors Appoint Liquidator LAMP IGNITION: Hires Liquidator from Marks Bloom LIVE DIRECTORY: Five-year ban for Two Directors MACHINE TOOL: Final Members Meeting Set Mid-November MARRA BROTHERS: Kroll Receivers Take over Operations NORDSKAN LIMITED: Liquidator to Present Final Report November PEEK DATA: Members Opt to Liquidate Assets, Subsidiaries PHOENIX IPR: Insolvency Service Bans Directors PLATED COMPONENTS: Names Vantis Business Recovery Liquidator SABLON HOLDINGS: Special Winding up Resolution Passed SOUTHERN MILK: Hires Armida Business Recovery as Liquidator TAIYO LIFE: Liquidator's Final Report Known Next Month THAT CAFE: Creditors to Meet First Week of November THE TUNGSTEN: Calls in Liquidator TRADES TEAM: First Meeting of Creditors Set WATERFORD WEDGWOOD: Talks with Royal Doulton in Advanced Stage WATERFORD WEDGWOOD: S&P Downgrades Ratings to 'B-', 'CCC' WIMCO GROUP: Receiver Sets Creditors' Meeting November ********* ============= G E R M A N Y ============= CELANESE AG: David Weidman to Lead New Management Team ------------------------------------------------------ Various changes are planned for the Celanese Group organization and management structure as a result of the takeover of Celanese AG (NYSE:CZ) (FWB:CZZ) by BCP Crystal Acquisition GmbH & Co. KG. As already announced, the Celanese Group will be controlled by a U.S. management holding company in the future. It is BCP's intent to appoint a management team of the new company that will include David Weidman as chief executive officer, Lyndon Cole as executive vice president and Andreas Pohlmann as chief administrative officer. A decision on the remaining position of chief financial officer will be made soon. As announced earlier, the current Celanese AG management board chairman, Claudio Sonder, will retire and the current chief financial officer, Perry Premdas, will leave the company as planned on October 31. Taking this new group structure into account, the Celanese AG supervisory board has named a new management board. It appointed Dr. Andreas Pohlmann, currently chief administrative officer and director of personnel, as the new chairman of the Celanese AG board of management and director of personnel. In addition, the supervisory board named Dr. Lyndon Cole, board member of Celanese AG and president of Ticona, to also serve as vice chairman of the management board and current vice president treasurer Peter Jakobsmeier as the company's new chief financial officer. The appointments will take effect November 1. David Weidman will leave the management board of Celanese AG effective October 31. It is intended to have him appointed by the court as a member of Celanese AG supervisory board. Celanese AG supervisory board chairman Dr. Bernd Thiemann thanked Messrs. Sonder and Premdas: "Claudio Sonder and Perry Premdas have been the main architects of an extraordinarily positive development of Celanese AG in the last five years. They stand for rigorous strategic thinking and acting, as well as financial discipline and transparency, values that have earned the company great respect in the industry and on the financial markets. Mr. Sonder and Premdas have thus laid the foundation for a successful future for Celanese." Celanese AG is a company of the Celanese Group, which is controlled by investment funds advised by The Blackstone Group. As a chemicals company, Celanese holds worldwide leading positions in its key products and world-class process technology. The Celanese Group portfolio consists of four main businesses: Chemical Products, Acetate Products, Technical Polymers Ticona and Performance Products. In 2003, Celanese generated sales of around EUR4.1 billion with about 9,500 employees. The Celanese Group has 24 production plants and six research centers in 10 countries mainly in North America, Europe and Asia. For further information about Celanese AG please visit http://www.celanese.com. Curriculum Vitae Dr. Andreas Pohlmann Date of birth: January 24, 1958 1985 1st Law State Exam 1988 2nd Law State Exam 1988 - 1989 Attorney-at-law in Private Practice 1989 - 1996 Legal Counsel in the Corporate Law Department, Hoechst AG, Frankfurt am Main 1994 Law Department Hoechst Celanese Corporation, New Jersey, U.S.A. 1996 - 1999 Corporate Secretary, Hoechst AG Member of the Board of Management of Hoechst Foundation, the internationally active culture foundation of Hoechst AG 1996 - 1997 Head of "Corporate Public & Governmental Affairs," Corporate Communications, Hoechst AG 1997 - 1999 Corporate Projects in Corporate Controlling & Development, Hoechst AG 1999 - 2002 Vice President Corporate Secretary, Celanese AG Head of Corporate Services 2002 Managing Director, Celanese Ventures since October 2002 Member of the Board of Management and Director of Personnel, Celanese AG Curriculum Vitae Dr. Lyndon Cole Date of birth: September 22, 1952 1975 B.S. degrees in Chemistry and Microbiology, Reading University, U.K. 1978 Ph.D. degree in Physical Chemistry, Reading University, U.K. 1978 - 1979 ICI Mond Division Research Scientist, U.K. 1979 - 1990 Various positions in Sales Dow Chemicals, UK and Switzerland; Business Director Engineering Plastics 1990 - 1998 Commercial Director GE Plastics Europe, Netherlands; General Manager GE structured products, U.S.A. 1998 - 2001 CEO Elementis plc, U.K. 2002 President Celanese Chemicals, Dallas, Texas, U.S.A. 2003 President Ticona and Head of Celanese Growth Excellence Council, Kelsterbach, Germany Since 2003 Member of the Management Board, Celanese AG Curriculum Vitae Peter Jakobsmeier Date of birth: March 9, 1945 1970: Degree in Economics, University of Bochum, Germany 1979: Various responsibilities in Business Administration, Hoechst AG, Frankfurt, Germany 1981: Analyst, Hoechst America Corp. 1984: Employee Corporate Planning, Hoechst AG 1987: Head of Pre-calculation 1989: Head of Budget Accounting 1993: Head of Business Administration Department, Hoechst AG 1995: Head of Specialty Chemicals, Corporate Controlling 1996: Head of Mergers & Acquisitions, Corporate Controlling 1998: Head of Corporate Controlling, Hoechst AG 1999: Vice President Controller, Celanese AG, Kronberg, Germany 2000: Vice President Treasurer, Celanese AG * * * Celanese AG reported a second-quarter operating profit of EUR54 million compared to EUR109 million in the same period last year, which included EUR90 million of insurance recoveries related to the previously disclosed plumbing litigation cases. In the second quarter 2004 report, the company said it had a net loss for the period of EUR91 million, or EUR1.85 per share, compared to net earnings of EUR96 million, or EUR1.95 per share, in the same period last year. In August, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit ratings on BCP Caylux Holdings Luxembourg S.C.A. and its Frankfurt, Germany-based Celanese AG subsidiary and removed them from CreditWatch where they were placed with negative implications on Dec. 16, 2003. The outlook is stable. CONTACT: CELANESE AG U.S.A. Vance Meyer Phone: +01 (972) 443 4847 Fax: +01 (972) 443 8519 or Europe Michael Kraft Phone: +49 (0) 69/30514072 Fax: +49 (0) 69/305 36787 E-mail: M.Kraft@celanese.com or Phillip Elliott Phone: +49 (0) 69 /305 33480 Fax: +49 (0) 69/305 36784 E-mail: P.Elliott@celanese.com HOUSE & HOME: Creditors Have Until this Week to File Claims ----------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against House & Home Immobilien GmbH & Co. KG on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 27, 2004 to register their claims with court-appointed provisional administrator Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting on Nov. 24, 2004, 11:25 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: HOUSE & HOME IMMOBILIEN GMBH & CO. KG Herbert-Weichmann-Strasse 80, 22085 Hamburg HOUSE & HOME IMMOBILIEN VERWALTUNGS GMBH Herbert-Weichmann-Strasse 80, 22085 Hamburg Contact: [Redacted June 27, 2008] Jan H. Wilhelm, Insolvency Manager Albert-Einstein-Ring 11/15, 22761 Hamburg Phone: 8995615 INTERTAINMENT AG: CFO Achim Gerlach Succeeds Outgoing Chairman -------------------------------------------------------------- Rudiger Baeres, 45, Chairman of the Board of Management and principal shareholder in Intertainment AG, Ismaning near Munich, will step down as Chairman of the media company at the Annual General Meeting on October 29, 2004. His successor will be Chief Financial Officer Achim Gerlach, 44. He will head Intertainment as Chairman and sole Member of the Board of Management. Intertainment will expand the Board of Management at an appropriate time. Mr. Baeres is leaving the Board of Management at Intertainment in order to move to the Supervisory Board. This means he will continue to retain close contacts with Intertainment. June 2004 saw a successful outcome in favor of Intertainment to the lawsuit for fraud filed against American film producer Franchise Pictures and other parties. Mr. Baeres was in charge of organizing the litigation and played a major role in pursuing the action. Intertainment was granted damages amounting to US$121.7 million. In his new function, he will provide support for Intertainment in the pending arbitration proceedings against Comerica Bank and other companies relating to the fraud perpetrated on Franchise Pictures. These proceedings are scheduled to commence next year. He will also provide advice on strategic issues. The move has also relieved the strain placed on Intertainment by personnel costs. Mr. Baeres already waived part of his salary last year. The regular election for the Supervisory Board of Intertainment is due at this year's Annual General Meeting. Mr. Baeres will put himself up for election there. By mutual agreement of the Board of Management and the Supervisory Board, Dr. Wilhelm Bahner will not put himself forward for re-election. Mr. Baeres founded Intertainment in 1993 and he took the company to the stock market in 1999. At present, he holds 52.9% of the shares in the company and a further 9.3% through an investment company. Achim Gerlach has been Chief Financial Officer of Intertainment since 1998. Right from the start, the businessman has been dealing intensively with the Franchise Pictures case and the financial effects it exerts on Intertainment. * * * Intertainment AG recorded earnings before interest and taxes (EBIT) amounting to -EUR8.9 million for the fiscal year 2003, after -EUR16.2 million in the previous year. The consolidated loss amounts to EUR14.1 million. In 2000, the loss was EUR16.1 million. The burdens of the fraud perpetrated by U.S. film producer Franchise Pictures and other parties, and the resulting consequences, are reflected in the financial statements, as in the previous year. Sales of Intertainment fell by 68% to EUR6 million, after EUR19 million in the previous year. CONTACT: INTERTAINMENT AG Investor Relations Osterfeldstrasse 84, 85737 Ismaning Germany Phone: +49 (0)89 21699-0 Fax: +49 (0)89 21699-11 E-mail: investor@intertainment.de Web site: http://www.intertainment.de KANAL-GRUTTNER: Celle Court Appoints Provisional Administrator -------------------------------------------------------------- The district court of Celle opened bankruptcy proceedings against Kanal-Gruttner GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 1, 2004 to register their claims with court-appointed provisional administrator Dr. Thomas Westphal. Creditors and other interested parties are encouraged to attend the meeting on Nov. 11, 2004, 11:00 a.m. at Saal 014, Erdgeschoss, Amtsgericht Celle, Nebenstelle, Muhlenstrasse 4, 29221 Celle 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: KANAL-GRUTTNER GMBH Borsenplatz 2, 29227 Celle (AG Celle, HRB 5799) Dr. Thomas Westphal, Insolvency Manager Meteorstr. 1, 29221 Celle Phone: 05141/908690 Fax: 05141/7648 MATHIAS WIRTZ: Under Bankruptcy Administration ---------------------------------------------- The district court of Koln opened bankruptcy proceedings against Mathias Wirtz Getreide Futtermittel GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 16, 2004 to register their claims with court-appointed provisional administrator Dr. Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting on Dec. 16, 2004, 9:00 a.m. at the district court of Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142 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: MATHIAS WIRTZ GETREIDE FUTTERMITTEL GMBH Hohenstaufenring 55, 50674 Koln Contact: Franz Peter Zimmermann, Manager Marienstr. 3, 50321 Bruhl Dr. Christian Frystatzki, Insolvency Manager Sankt-Augustiner-Str. 94 a, 53225 Bonn Phone: 02 28/40 09 4-90 Fax: +492284009499 MATTERN FLEISCHWAREN: Sets First Creditors' Meeting December ------------------------------------------------------------ The district court of Koln opened bankruptcy proceedings against Mattern Fleischwaren GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 2, 2004 to register their claims with court-appointed provisional administrator Dr. Henning Dohrmann. Creditors and other interested parties are encouraged to attend the meeting on Dec. 1, 2004, 9:35 a.m. at the district court of 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: MATTERN FLEISCHWAREN GMBH Marktstr. 4, 42477 Radevormwald Contact: Ralf Horst Mattern, Manager Hohenstr. 13, 42477 Radevormwald Dr. Henning Dohrmann, Insolvency Manager Moltkestr. 12, 51643 Gummersbach Phone: 02261/9279-0 Fax: +49226192799 MG TECHNOLOGIES: Management Board Chair Fails to Get Extension -------------------------------------------------------------- Udo Stark, Chairman of the Management Board of mg technologies AG reached a mutual agreement with the Chairman's Committee of the Supervisory Board under which he will leave the service of the company prior to the expiry of his contract with effect from Oct. 31. This arrangement remains subject to the consent of the Supervisory Board on October 25, 2004. mg technologies ag is an international technology group that focuses on specialty mechanical engineering -- especially process engineering and equipment -- and plant engineering. The company generated sales of roughly EUR4.1 billion -- excluding Dynamit Nobel and other discontinued operations -- in 2003. At June 30, 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 Kommunikation Bockenheimer Landstrasse 73-77 D-60325 Frankfurt am Main Phone: +49-69-7 11 99-241 Fax: +49-69-7 11 99-112 E-mail: info.mg@mg-technologies.com Web site: http://www.mg-technologies.com MOS MESS: Creditors Have Until November to File Claims ------------------------------------------------------ The district court of Halle-Saalkreis opened bankruptcy proceedings against MOS Mess-, Ortungs- und Service GmbH on Sept. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 17, 2004 to register their claims with court-appointed provisional administrator Dr. Lucas F. Flother. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 11:00 a.m. at Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112 Halle 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: MOS MESS-, ORTUNGS- UND SERVICE GMBH Goldgasse 1, 06295 Hedersleben (HRB 13732) Contact: Ulf Blachucik, Manager Dr. Lucas F. Flother, Insolvency Manager Hansering 1, D-06108 Halle Phone: 0345/212220 Fax: 0345/2122222 OGHAM GMBH: Creditors' Claims Due this Week ------------------------------------------- The district court of Munster opened bankruptcy proceedings against OGHAM GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 29, 2004 to register their claims with court-appointed provisional administrator Dr. Carsten M. Wirth. Creditors and other interested parties are encouraged to attend the meeting on Nov. 24, 2004, 11:00 a.m. at the district court of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Munster, EG, Saal 13 B 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. OGHAM develops, and sells diagnostic products. CONTACT: OGHAM GMBH Mendelstrasse 11, 48149 Munster Contact: Prof. Dr. Paul Cullen, Manager Dr. Carsten M. Wirth, Insolvency Manager von-Steuben-Strasse 20, 48143 Munster Phone: 0251/53599-0 Fax: +492515359910 PFLEIDERER AG: 'B' Short-term Rating Affirmed; Outlook Stable ------------------------------------------------------------- Fitch Ratings changed German diversified manufacturing group Pfleiderer AG's Outlook to Stable from Negative. At the same time, the agency has affirmed the group's ratings at Senior Unsecured 'BB' and Short-term 'B'. The change in Outlook reflects Pfleiderer's successful disposals of non-core assets and new issuance of equity. The proceeds have improved the group's financial profile and should ensure prudent financing of planned capital expenditure projects in the engineered wood division. Nevertheless, execution risks remain in these plans. The ratings take into account Pfleiderer's established market positions as the leading supplier in its core markets of engineered wood products and infrastructure technology. The group's coherent strategy of focused growth towards Eastern Europe and its move into higher-margin products are backed by an experienced management team. This is partly offset by the group's weak operating profitability, mainly due to its high exposure to the cyclical and mature German engineered wood market. The protracted downturn in the German furniture sector has led to intense pricing pressures, which have been exacerbated by the insolvency of a major player that is operating under liquidation. Fitch believes that any material earnings improvement can only be realized after the re-focus is complete, and the domestic pricing pressure in engineered wood has eased. The agency notes that the group's move towards a more conservative financial profile has been achieved at the expense of business and geographical diversification. Fitch considers Pfleiderer's liquidity and financial profile as adequate. Group debt is largely located at Pfleiderer Finance B.V., while the parent holds the balance and backs in part minor operating subsidiaries' debt. The debt maturity profile is balanced, with moderate annual repayments of around EUR30-40 million and a bulk maturity of EUR84 million in FY08. Disposal proceeds have reduced Pfleiderer's FYE03 net debt to about EUR260 million from EUR307 million at FYE02. Fitch expects a further substantial reduction in net debt to below EUR200 million as at Q304. At FYE03, net debt/EBITDA was 3.1x and net interest cover 1.6x. These are expected to substantially improve in FY04. For short-term funding, Pfleiderer can use a variety of instruments, including structured transactions, while substantial long-term committed facilities are in place. Pfleiderer Group, founded in 1894 in Germany, is an internationally active and leading supplier of engineered wood for the furniture industry, as well as of railway sleepers and masts for the telecommunication and energy sector. CONTACT: FITCH RATINGS Markus Leitner, London Phone: +44 (0) 20 7862 4107 Wolfgang Wiehe Phone: +44 (0) 20 7417 4233 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 R & C BESCHICHTUNGS: Temporary Administrator Takes over Helm ------------------------------------------------------------ The district court of Koln opened bankruptcy proceedings against R & C Beschichtungs GmbH on Sept. 30. 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 Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting on Nov. 30, 2004, 9:30 a.m. at the district court of Koln Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13. Etage, Saal 1311 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: R & C BESCHICHTUNGS GMBH Weberstr. 12, 51491 Overath Contact: Horst Ludwig Campe, Manager Weberstr. 17, 51491 Overath Karl-Dieter Sommerfeld, Insolvency Manager Hammerweg 3, 51766 Engelskirchen Phone: 02263/9039-0 Fax: +492263903910 SALAMANDER SCHUH: More than A Third of Workforce to Go ------------------------------------------------------ Bankrupt shoe manufacturer Salamander Schuh is planning to cut 44% of its workforce as it closes loss-making stores, just- style.com reports. The company is currently in talks with labor representatives regarding plans to make 396 of 900 employees redundant, the report said. Salamander filed for bankruptcy in September following the collapse of its parent Garant Schuh + Mode. Garant shelled out EUR18 million for the restructuring of Salamander. In September, insolvency administrator Hendrik Hefermehl was quoted as saying Salamander has a good chance of survival compared to Garant. At the end of July, the company posted a growth of 5.6% in contrast to the shoemaking sector's 4.1% decline. CONTACT: SALAMANDER SCHUH GMBH Stammheimer Strabe 10 70806 Kornwestheim Wegbeschreibung Phone: 00 49 (0) 71 54/15 10 Fax: 00 49 (0) 71 54/15 12 00 E-mail: info@salamander.de Web site: http://www.salamander.de TBIG SACHSEN: Succumbs to Bankruptcy ------------------------------------ The district court of Liepzig opened bankruptcy proceedings against TBiG Sachsen GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 16, 2004 to register their claims with court-appointed provisional administrator Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting on Dec. 14, 2004, 10:30 a.m. at the district court of 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: TBIG SACHSEN GMBH Wittenberger Str. 1, 04509 Delitzsch Contact: Benjamin Ehlers, Manager Stephan Poppe, Insolvency Manager Kathe-Kollwitz-Str. 9, 04109 Leipzig VINCENZO GIORGETTI: Creditors' Claims Due this Week --------------------------------------------------- The district court of Heilbronn opened bankruptcy proceedings against Vincenzo Giorgetti, Eduard-Knoll-Wohnzentrum GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 28 to register their claims with court-appointed provisional administrator Gerhard Fichter. Creditors and other interested parties are encouraged to attend the meeting on Nov. 18, 2004, 14:45 at the district court of Heilbronn, 74072 Heilbronn, Rollwagstr. 10A, Erdgeschoss, Saal 4 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: VINCENZO GIORGETTI, EDUARD-KNOLL-WOHNZENTRUM GMBH Altkrautheimer Str. 21, 74238 Krautheim Gerhard Fichter, Insolvency Manager Uhlandstr. 4, 74072 Heilbronn Phone: 07171-8886650 ========= I T A L Y ========= PARMALAT FINANZIARIA: Prosecutors Add More Firms to Probe --------------------------------------------------------- Milan-based Parmalat prosecutors included five more companies in their probe into the multi-billion-euro financial scam at the Italian food group, Reuters cites sources. These companies are Citibank, Deutsche Bank, Morgan Stanley, UBS and Banca Intesa-controlled Nextra. Prosecutors have accused the four banks and the fund management firm of having a hand in Parmalat's fraudulent transactions. Prosecutors would inform the five companies of their inclusion in the probe through a letters, according to Reuters. Aside from 29 individuals including Parmalat founder and former head Calisto Tanzi, prosecutors also included three firms in the probe: Bank of America, Deloitte & Touche, and a former affiliate of Grant Thornton. More companies were likely to be included in the probe, Reuters said. A separate leg of the probe is looking at Parmalat banks' role in selling the dairy giant's bonds months before its collapse. A court set a trial in January against former Grant Thornton auditors Lorenzo Penca and Maurizio Bianchi and has yet to rule whether to try other personalities accused of financial crimes. Under Italian law, both companies and individuals could stand in trial. The dairy multinational slumped into insolvency and filed for bankruptcy protection in December 2003 after amassing EUR14 billion in debts. CONTACT: PARMALAT FINANZIARIA Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT FINANZIARIA: Faces Another Class Action in U.S. -------------------------------------------------------- Shareholders in Parmalat Finanziaria last week filed a class action in a New York court seeking an estimated US$8 billion in compensation for damages, Reuters reports. Lead plaintiffs in the suit include British fund management firm Hermes. The group is seeking payment from the food group's former management, bank and auditors in relation to the collapse of the company last year. Umberto Mosetti, a partner with consulting firm Deminor the case is lodged against Bank of America, Citigroup, Credit Suisse First Boston, and auditors Deloitte & Touche and Grant Thornton. Three other banks, Morgan Stanley, UBS and Deutsche Bank, were listed on the suit as non-defendant third parties. Mr. Mosetti said the class action was based on arguments raised by Parmalat against the banks. Parmalat alleged that the parties either played a part in or failed to prevent fraud in the company. The banks and the auditors have denied wrongdoing. Robert Roseman, a U.S. lawyer representing bondholders included in the class action, said the filing did specify the compensation sought but that it would be "in excess of US$8 billion." The figure is based on US$7 billion worth of outstanding Parmalat bonds plus US$1 billion in the company's common stock, he said. Class action suits filed earlier by U.S. lawyers will be joined into the suit. CONTACT: PARMALAT FINANZIARIA Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net =================== K A Z A K H S T A N =================== ATF BANK: Upcoming Eurobond Gets 'B+' Long-term Rating ------------------------------------------------------ Fitch Ratings assigned Kazakhstan-based ATF Bank's upcoming Eurobond an expected Long-term 'B+' rating. ATF is rated Long- term 'B+' with a Stable Outlook, Short-term 'B', Individual 'D', and Support '4'. The rating is contingent upon receipt of final documentation conforming materially to information already received. The notes are to rank at least pari passu with the claims of other unsecured creditors of ATF, save those preferred by relevant legislation. Covenants prevent ATF entering into transactions of US$3 million or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitization by ATF. Should any securitization be undertaken, Fitch comments that the nature and extent of any overcollateralization would be assessed by the agency for any potential impact on unsecured creditors. ATF is the fourth largest bank in Kazakhstan, with assets of KZT142 billion (US$1,038 million) as of June 30, 2004. It services the credit, foreign exchange, and settlement needs of a diverse range of domestic corporates (both SMEs and larger companies) and has also been growing its retail business. CONTACT: FITCH RATINGS Philip Smith Phone: +44-20-7417-4340 James Watson, London Phone: +44-20-7417-4360 Media Relations: Campbell McIlroy, London Phone: +44-20-7417-4327 ===================== N E T H E R L A N D S ===================== ROYAL AHOLD: Third-quarter Net Sales Down 7.9% to EUR12 Billion --------------------------------------------------------------- Highlights of third-quarter results: (a) Consolidated 2004 third quarter net sales amounted to EUR12.0 billion, a decline of 7.9% compared to the same period last year; (b) Net sales significantly impacted by lower currency exchange rates and divestments; third quarter net sales growth excluding currency impact and the impact of divestments was 1.2%; (c) Year-to-date net sales amounted to EUR39.7 billion, a decline of 8.4% compared to the same period last year; and (d) Year-to-date net sales growth excluding currency impact and the impact of divestments was 1.8%. Koninklijke Ahold announced consolidated net sales (excluding VAT) of EUR12.0 billion for the third quarter of the year (12 weeks: July 12, 2004 to October 3, 2004), a decline of 7.9% compared to the same period last year (2003: EUR13.0 billion). Net sales were significantly impacted by lower currency exchange rates, in particular that of the U.S. dollar. Net sales excluding currency impact decreased by 2.4%. Additionally, net sales were impacted by divestments. Net sales growth excluding currency impact and the impact of divestments was 1.2% in the third quarter. Consolidated net sales in the first three quarters of 2004 amounted to EUR39.7 billion, a decline of 8.4% compared to the same period last year (2003: EUR43.3 billion). Net sales excluding currency impact declined by 1.8%. Net sales growth excluding currency impact and the impact of divestments was 1.8% in the first three quarters. The net sales numbers are preliminary and unaudited. The table below sets forth net sales for the third quarter and first three quarters of each of 2004 and 2003. The table reflects Ahold's new Arena organizational structure for its U.S. Retail and Europe Retail operations. See also "Segment Reporting Changes" below. U.S. Retail In the United States, net sales in the third quarter of 2004 declined by 1.3% to US$6.1 billion (2003: US$6.2 billion), compared to the same period last year. Net sales growth excluding the impact of the divestment of Golden Gallon in 2003 was 0.2%. Identical sales declined by 1.7% and comparable sales decreased by 1.0%, in U.S. dollars. Food price inflation decreased slightly in the third quarter of 2004 compared to the second quarter. For the Stop & Shop/Giant-Landover Arena, which includes Stop & Shop and Giant-Landover, competitive pressure further increased, leading to a decline in identical sales in U.S. dollars for Stop & Shop and in particular for Giant-Landover. Net sales at Stop & Shop were affected by strong competitive promotional activity and the focus on the integration of Stop & Shop and Giant-Landover. Identical sales were also negatively impacted by incremental increases in square footage by competitors. At Giant-Landover the systems integration was completed during the quarter; Stop & Shop and Giant-Landover are now operating on the same technical platform. The ongoing overall integration process negatively impacted net sales at Giant-Landover, particularly in the area of supply chain. Moreover, promotional activities and incremental increases in square footage by competition impacted identical sales. Peapod showed strong net sales growth, mainly due to an expansion of the trade area in the Stop & Shop and Giant- Landover markets. The Giant-Carlisle/Tops Arena showed a solid sales performance despite competitive pressure. Net sales for the BI-LO/Bruno's Arena, excluding the impact of the divestment of Golden Gallon in 2003, declined by 5.2% partially as a result of closed stores. In the first three quarters of 2004, net sales for the U.S. retail operations amounted to US$20.5 billion, a decline of 0.7% compared to the same period last year (2003: US$20.7 billion). Net sales growth in U.S. dollars, excluding the impact of the divestment of Golden Gallon in 2003, amounted to approximately 0.8%. Identical sales in U.S. dollars decreased by 1.2%. Comparable sales in U.S. dollars declined by 0.4%. Europe Retail In Europe, net sales in the third quarter of 2004 amounted to EUR3.0 billion (2003: EUR3.0 billion). Excluding currency impact, net sales growth was 1.1% compared to the third quarter of last year. Albert Heijn continued its successful repositioning program. Identical sales growth at Albert Heijn was 3.1%, primarily due to a higher number of transactions compared to a weak third quarter last year. This was, to a certain extent, offset by a lower average basket size, which was partly caused by food price deflation. In Central Europe net sales growth excluding currency impact was 8.2%, due to higher identical sales and new store openings. In Spain net sales decreased by 4.4% compared to the same quarter last year, mainly due to a weak tourist season and a lower store count. In the first three quarters of 2004, net sales for the Europe retail operations amounted to EUR9.8 billion (2003: EUR9.8 billion). Excluding currency impact net sales increased by 0.2% compared to the same period of 2003. Identical sales growth at Albert Heijn was 1.2%. Foodservice Net sales at U.S. Foodservice increased in U.S. dollars by 2.9% to US$4.4 billion (2003: US$4.3 billion) in the third quarter of 2004. This rise was primarily attributable to food price inflation, although this inflation was lower than the previous quarter. This positive effect on third-quarter net sales was partly offset by negative impacts due to hurricanes and national account customer rationalization. In the first three quarters of 2004, net sales in U.S. dollars increased by 5.0% to US$14.4 billion (2003: US$13.7 billion). South America In South America, net sales in the third quarter amounted to EUR219 million (2003: EUR511 million), down 57.1% compared to the same period last year, mainly due to the divestment of Bompreco in Brazil in the first quarter of 2004 and Santa Isabel in Chile, Paraguay and Peru in the second half of 2003. Net sales for the first three quarters of 2004 decreased by 54.7% to EUR770 million (2003: EUR1.7 billion). Unconsolidated Joint Ventures The net sales of unconsolidated joint ventures increased by 0.7% to EUR2.8 billion in the third quarter of 2004 (2003: EUR2.7 billion), compared to the same period of 2003. Net sales at ICA increased by 0.6% compared to the same quarter last year. Net sales at Jeronimo Martins Retail increased by 2.0% compared to the same period last year. In Central America net sales excluding currency effect increased by 12.5%. In the first three quarters of 2004, net sales of unconsolidated joint ventures amounted to EUR8.1 billion (2003: EUR8.1 billion). Segment Reporting Changes During the third quarter of 2004, Ahold changed the organizational and managerial structure of the companies reported in previous trading statements for the 'U.S. Retail' operations and for the 'Europe Retail' operations. Ahold's segment reporting will now be based on arenas. In this trading statement Ahold has continued to provide net sales figures for Stop & Shop, Giant-Landover and Albert Heijn separately. The changes made relating to U.S. Retail were: (a) The 'Stop & Shop/Giant-Landover Arena' consists of Stop & Shop, Giant-Landover, Peapod and U.S. Support activities. For clarity, Ahold has included separate Stop & Shop and Giant-Landover net sales figures in this trading statement, as done previously. Stop & Shop and Giant-Landover were previously reported as separate segments. Peapod and U.S. Support activities were previously part of 'Other U.S. Retail.' (b) The 'Giant-Carlisle/Tops Arena' consists of Giant-Carlisle and Tops Markets, which were previously part of 'Other U.S. Retail.' (c) The 'BI-LO/Bruno's Arena' consists of BI-LO and Bruno's which were previously part of 'Other U.S. Retail.' The changes made relating to Europe Retail were: (a) The 'Netherlands Arena' consists of Albert Heijn and 'Other Netherlands.' For clarity, Ahold has included in this trading statement separate Albert Heijn net sales figures, as done previously. (b) 'Other Netherlands' includes all Dutch retail entities, with the exception of Albert Heijn and Schuitema. These entities were previously reported as part of 'Other Europe Retail.' (c) 'Other Europe Retail' consists of Ahold's retail activities in Central Europe, Spain and Schuitema. Definitions (a) Identical sales compare sales from exactly the same stores. (b) Comparable sales are identical sales plus sales from replacement stores. (c) Currency impact: the impact of using different exchange rates to translate the financial figures of our subsidiaries to Euros. The financial figures of the previous year are restated using the actual exchange rates in order to eliminate this currency impact. (d) Impact of divestments: the impact on net sales of divested operations. Net sales of the divested operations are excluded from prior year net sales. CONTACT: ROYAL AHOLD Corporate Communications Phone: +31.75.659.5720 =========== R U S S I A =========== ALMETYEVSKAYA BREWING: Appoints E. Charikova Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy proceedings against Almetyevskaya Brewing Company (TIN 460599814) after finding the limited liability company insolvent. The case is docketed as A65-2739/2004-SG4-21. Ms. E. Charikova has been appointed insolvency manager. Creditors may submit their proofs of claim to 423461, Russia, Tatarstan republic, Almetyevsk, GOS-11, Post User Box 188. CONTACT: ALMETYEVSKAYA BREWING COMPANY 423450, Russia, Tatarstan republic, Almetyevsk, Lenina Str. 94 Ms. E. Charikova Insolvency Manager 423461, Russia, Tatarstan republic, Almetyevsk, GOS-11, Post User Box 188 Phone/Fax: (8553) 23-16-11 BALTASINSKIY BRICKWORKS: Sets Deadline for Proofs of Claim ---------------------------------------------------------- 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 FENIKS: Declared Insolvent -------------------------- The Arbitration Court of Magadan region has commenced bankruptcy proceedings against Feniks after finding the state-owned enterprise insolvent. The case is docketed as A37-584/04-12b. Mr. A. Khimkus has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 685000, Russia, Magadan, Proletarskaya Str. 12, office 78. CONTACT: FENIKS 685007, Russia, Magadan, 14/3 km of main highway Mr. A. Khimkus Insolvency Manager 685000, Russia, Magadan, Proletarskaya Str. 12, Office 78 KAMESHKOVSKIY TEXTILE: Under Bankruptcy Supervision --------------------------------------------------- The Arbitration Court of Vladimir region has commenced bankruptcy supervision procedure on open joint stock company Kameshkovskiy Textile. The case is docketed as A11-7392/2004- K1-59B/3B. Ms. V. Pronyushkina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) Kameshkovskiy Textile 601300, Russia, Vladimir region, Kameshkovo, Shkolnaya Str. 14 (b) The Arbitration Court of Vladimir region 600025, Russia, Vladimir, Oktyabrskiy Pr. 14 (c) Temporary Insolvency Manager 109029, Russia, Moscow, Nizhegorodskaya Str. 32, Building 15 A hearing will take place on February 8, 2005, 1:30 p.m. MOSKOVSKOYE: Creditors Have Until Next Month 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 NAM: Sakha Court Appoints Insolvency Manager -------------------------------------------- The Arbitration Court of Sakha republic has commenced bankruptcy proceedings against Nam after finding the state-owned company insolvent. The case is docketed as A58-1127/04. Mr. V. Danilov has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 677000, Russia, Sakha republic, Yakutiya, Yakutsk, Lenina Pr. 41, Room 113. CONTACT: NAM 678040, Russia, Sakha republic, Yakutiya, Namskiy ulus, Namtsy, St. Platonova Str. 3 Mr. V. Danilov Insolvency Manager 677000, Russia, Sakha republic, Yakutiya, Yakutsk, Lenina Pr. 41, Room 113 OKHOTSKOYE SHIP-REPAIR: Insolvency Manager Takes over Helm ---------------------------------------------------------- The Arbitration Court of Khabarovsk region has commenced bankruptcy proceedings against Okhotskoye Ship-repair Enterprise after finding the open joint stock company insolvent. The case is docketed as A73-2430/2004-39. Mr. A. Staroverov has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 681005, Russia, Komsomolsk-na-Amure, Zavodskaya Str. 1. CONTACT: OKHOTSKOYE SHIP-REPAIR ENTERPRISE 682480, Russia, Khabarovsk region, Okhotsk, Vostretsova Str. 1 Mr. A. Staroverov Insolvency Manager 681005, Russia, Komsomolsk-na-Amure, Zavodskaya Str. 1 OSTASHKOV-LEATHER: Court Names 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 VOLZHSKIY INDUSTRIAL-BUILDING: Proofs of Claim Deadline Set ----------------------------------------------------------- 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 VYKHINSKIY SAUSAGE: Moscow Court Launches Bankruptcy Proceedings ---------------------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy proceedings against Vykhinskiy Sausage Factory after finding the open joint stock company insolvent. The case is docketed as A40-8841/04-124-6B. Mr. V. Bondarev has been appointed insolvency manager. Creditors have until November 17, 2004 to submit their proofs of claim to 109012, Russia, Moscow, Ilyinka Str. 5/2, Room 508. CONTACT: VYKHINSKIY SAUSAGE FACTORY 109444, Russia, Moscow, Ferganskaya Str. 8, Building 2 Mr. V. Bondarev Insolvency Manager 109012, Russia, Moscow, Ilyinka Str. 5/2, Room 508 YUKOS OIL: J.P. Morgan Valuation Out Sometime November ------------------------------------------------------ J.P. Morgan investment bank plans to complete its independent valuation of Yukos Oil's main affiliate, Yuganskneftegaz, early in November, a source close to the bank told RIA Novosti. Yukos hired J.P. Morgan following the conclusion of Dresdner Kleinwort Wasserstein's assessment, which estimated the unit to be worth between US$14.7 billion and US$17.3 billion, taking into account tax claims against Yukos. The J.P. Morgan insider did not forecast possible outcome of the independent valuation. According to Dresdner Kleinwort, the estimate of Yuganskneftegaz' worth under the scenario of adjusted reserves assessment as of late 2003 is US$14.3 billion and represents an excessively conservative assessment scenario. The company's value could still be reduced to US$10.4 billion once Yukos' approximately US$29 billion back-taxes, and US$51.3 million assumed tax claims to Yuganskneftegaz itself is taken. This is assuming the unit keeps its operating licenses, currently under review. As a separate enterprise, Yuganskneftegaz is worth US$18.6 billion to US$21.1 billion, according to Dresdner. Earlier, the justice ministry, which is intent on selling Yuganskneftegaz to pay for Yukos' tax debts, pegged the value of the subsidiary at US$10.4 billion. If sold, this price tag represents a 60% discount. 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 YUKOS OIL: 'B2', 'B3' Ratings Up for Further Downgrade ------------------------------------------------------ Moody's has downgraded Yukos Oil's implied and issuer rating in light of the Russian government's demand for payment of back- dated tax claims. Yukos' senior implied rating was lowered to B2 from B1 and the Issuer rating to B3 from B2. The ratings remain under review for possible further downgrade. Moody's does not rate any specific debt in relation to Yukos. The government has demanded from Yukos payments for 2000 and 2001 tax bill. Moody's said: "It now appears increasingly likely in Moody's opinion that Yukos will sell or will be forced to sell specific assets to meet the outstanding tax claims rather than the company being sold as a whole to an entity controlled by the Russian State . . ." Creditors would have benefited from the latter option considering their current position. Moody's will review the impact of any sale of assets from Yukos to meet the existing outstanding tax claims; the probability of any additional claims for unpaid tax for 2002 and 2003; and gaining clarity on the company's current financial position. 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 YUKOS OIL: Continues Oil Shipment to China ------------------------------------------ Yukos Oil has resumed full rail supplies to China under an arrangement with the Russian Railways (RZD), The Moscow Times reports. An official from RZD said: "We have developed a plan of weekly payments until the year's end and as of [Wednesday] there are no problems in relations between Yukos and the railways. The problem has been solved." Yukos reduced shipments to two-thirds several weeks ago when it could not pay carriage charges. This week, it was able to pay RUB1.2 billion (US%41 million) for oil shipments to China. It plans to pay a further RUB1.3 billion in rail fees by the end of the month. RZD is supplying oil to China as part of its key expansion project. Officials are aiming at increasing shipments to 300,000 bpd by 2006. It further plans to gradually increase deliveries to 600,000 bpd in the future. China agreed last month to make advance payments on Yukos' oil shipments to help it meet rail fees after the Russian company suspended deliveries to China National Petroleum Co. in December. Yukos delivers to the Chinese firm some 400,000 tons of oil per month or 100,000 barrels per day. 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 P A I N ========= ISLA MAGICA: Lending Body Forgives Debt --------------------------------------- Instituto de Credito Oficial (ICO), a lending institution under the ministry of finance, has forgiven 80% of Isla Magica's EUR15 million debt, El Pais says. Isla Magica, currently in temporary receivership, also managed to convince ICO to sign its proposed creditors' agreement. The theme park is optimistic the deal would avert its liquidation. CONTACT: PARQUE ISLA MAGICA S.A. Pabellon de Espana Isla de la Cartuja 41092 Sevilla Phone: 902 16 17 16 Fax: 902 16 00 00 Web site: http://www.islamagica.es =========== S W E D E N =========== ESSELTE GROUP: Moody's Lowers Unsecured Issuer Rating to Caa2 ------------------------------------------------------------- Moody's Investors Service downgraded the senior implied rating of Esselte Group Holdings AB from B1 to B2, and its senior unsecured issuer rating from Caa1 to Caa2. It also lowered the EUR150 million 7 5/8% senior notes due 2011 from B3 to Caa1. The downgrade of the debt ratings reflect weak operating results in the current fiscal year and ongoing exposure to a challenging environment for the office products industry. The rating outlook is negative. Both reflect continued pressures on profitability and cash flows. This is expected to eliminate Esselte's near-term debt reduction capacity and erode credit metrics beyond levels acceptable for its prior rating level. Moody's expect the company to report a negative cash flow for fiscal 2004 before its required US$15 million payment related to last year's acquisition of Xyron. The rating agency warned: "[F]ailure to stabilize and grow year- over-year earnings beginning in Q4, or to progress toward positive free cash flow generation into fiscal 2005, could prompt further ratings downgrades." The rating outlook could be changed to stable depending on the firm's ability to return to free cash flow levels of at least 5% of funded debt and maintain access to its borrowing lines. On the positive side, Moody's said: "Notwithstanding these concerns, Esselte's ratings are supported by its strong market positions, known brands, and global diversification." Esselte is a leading manufacturer of office and other products in four primary categories, filing, labeling, workspace and creative. Its net sales for the twelve-month period ended July 2004 were approximately US$1.2 billion. SCANDINAVIAN AIRLINES: Offers More Flights to Shanghai, New York ---------------------------------------------------------------- SAS is to lease a Boeing 767 during the winter traffic program, from Oct. 30, through Mar. 26 through cooperation within Star Alliance. This additional capacity means that SAS can fly daily to New York from Stockholm and Copenhagen, while increasing flights from Copenhagen to Shanghai from three to six days per week. From the beginning of February, we will be able to offer our customers an even better product, since we are installing the Internet on board all of our eleven Airbus 330/340s during the winter. SAS will be the first airline to offer Internet on board all long haul aircrafts. The United Airlines Boeing 767 will operate on the Copenhagen- Washington route. The flights will be operated on behalf of SAS, with a SAS flight number and SAS station service, and with a crew from United Airlines. The service is code-shared with United Airlines. This lease is conditional on the approval of the authorities. CONTACT: SCANDINAVIAN AIRLINES INTERNATIONAL Kerstin Edenby-Stross Phone: +46 8-7971236 SWITCHCORE AB: Slashing Costs to Return to Profit ------------------------------------------------- Summary The company's sales for the period totaled SEK105.8 million (SEK72.6 million). OEM sales to Intel answered for about 28% of the period's total sales. Net 3Q sales reached SEK27.9 million (SEK32.2 million). The Group's operating loss for the period was SEK30.8 million (- SEK51.1 million). The loss after tax was SEK20.8 million (- SEK51.5 million), while the loss per share was SEK0.12 (-SEK0.44 million). Orders received for the period amounted to SEK115 million (SEK93 million). Orders received for 3Q reached SEK46 million (SEK41 million), which includes an order valued at over SEK25 million from Huawei-3Com Technologies. Liquid funds stood at SEK31.9 million (SEK95.8 million). The company has a utilized credit facility of US$1.1 million. During the period liquidity has been affected by inventory build up due to lower than expected sales. In the coming quarters the company plans to reduce inventory level with a corresponding, positive effect on cash flow of SEK10 to 15 million. The company also plans to sell financial assets during 4Q, which is expected to have a substantial positive effect on the cash flow. The independent market analysts Dell'Oro judges that the Gigabit Ethernet market will show an annual 15-20% growth in sales revenues up until 2008. Based on the company's sales growth to date SwitchCore judges that the company's growth rate will equal that of the market in general in 2004. This is below the company's earlier assessment that growth would outperform the market as a whole. To address the lowered growth forecast, the board has initiated a restructuring plan. The ambition is to reduce the operational costs for 2005 by about 30% compared to estimated outcome for 2004. Taking the now expected growth rate into consideration the company estimates that the combined effect of the initiated restructuring plan, the sales of financial assets and the reduction of inventory levels is fully sufficient for the company to reach a positive cash flow within the framework of current financing. About SwitchCore AB SwitchCore AB develops, markets and sells integrated network devices for data and Internet communication. The core of SwitchCore's expertise is in its CXE technology, which allows for significantly higher data and Internet switch capacity. Using SwitchCore's components, customers can cut manufacturing costs for the completed product and time-to-market. Customers and partners are network equipment manufacturers and suppliers, including Allied Telesyn, Alloptic, Corecess, Dasan, Huawei/3Com, Intel, Radisys and World Wide Packets. The company presently has about 80 employees. SwitchCore's headquarters is in Lund, Sweden. The Company also has offices in Stockholm, Sweden, San Jose and Boston, U.S.A., and Singapore in Asia. The Company is listed on Stockholmsborsen's Attract 40, O List under the SCOR ticker. For more information visit http://www.switchcore.com/ Footnote: The figures in brackets (xx) correspond to the figures for the same period last year. Comments by the CEO "The order from Huawei-3Com is the single largest order in SwitchCore's history. Despite its size however, it is below our earlier assessment of our business dealings with Huawei-3Com for 2004. Consequently, we have curtailed our growth forecast for the entire year to a level that coincides with the market in general, i.e. in the range of 15-20%. Our other customers are in total expected to grow by 100% compared to 2003. Customers like Intel have increased significantly during the year and we expect significant future business from them as well as from our customers in Korea and North America." "Due to our modified growth forecast and as part of our unceasing efforts to create a profitable SwitchCore, the board has proposed to initiate a restructuring scheme. The purpose of the scheme is to lower the operational costs of the company by about 30%. We can achieve the cost savings by outsourcing software and manufacturing services for future product generation and through centralizing product development and business support to one location. The changes we are considering to implement are in line with our long-range strategy, the modification of our growth forecast however accelerates the time for implementation. I want to emphasize that we will maintain our ability to sell and develop competitive integrated circuits within the scope of the proposed restructuring." "We see a growing demand from customers within the telecommunication industry which makes it possible for SwitchCore to more clearly expand our product offering into the Access Network Market. SwitchCore is now developing a new product within the Xpeedium Pro family specifically for Access market network equipment. The product has functionality particularly suited to telecommunication since it can handle many subscribers and has the capability to ensure that the bandwidth each respective subscriber pays for is actually delivered. The product will be available to customers first half of 2005." Sales and Results for the Period The Group's net sales for the period amounted to SEK105.8 million (SEK72.6 million), of which royalty earnings totaled SEK11.5 million (SEK1.3 million). Billing in USD reached 13.7 million (8.8 million). The gross profit margin for the period was 52% (54%). The Group's operating loss for the period was SEK30.8 million (-SEK51.1 million). A total of SEK12 million (SEK11.4 million) in R&D costs were capitalized for the period. The loss after tax was SEK20.8 million (-SEK51.5 million). Earnings per share totaled -SEK0.12 (SEK0.44). The Group's results for the period include a foreign exchange profit of SEK0.8 million (-SEK0.8 million). USD exposure in the operating loss amounts to 25% of sales since all billing is issued in USD and most of the company's operating costs are in USD. Sales and Results for 3Q The Group's net sales for 3Q amounted to SEK27.9 million (SEK32.2 million), of which royalty earnings totaled SEK6 million (SEK1.3 million). Billing in USD reached 3.5 million (3.9). The Group's operating loss for 3Q was SEK11.8 million (- SEK13.3 million). Financing and Liquidity Stockholders' equity stood at SEK87.9 million (SEK114.4 million) on September 30, 2004 and equity per share was SEK0.51 (SEK0.67). Liquid funds at the end of the period totaled about SEK31.9 million (SEK95.8 million). The Company has a utilized credit facility of US$1.1 million. During the period liquidity has been affected by inventory build up. During the coming quarters inventory levels are expected to decrease which, in turn, is expected to have a positive effect on cash flow of SEK10 to 15 million. The company plans to sell off financial assets during 4Q. In the event that a deal is successfully completed, the purchase price is expected to have a significant positive effect on the future cash flow. The Parent Company The parent company's net sales for the period amounted to SEK105.8 million (SEK72.6 million). The loss after interest income/expense, net was -SEKSEK43.1 million (-SEK67.3). The Market SwitchCore's customer segments consist of companies that develop equipment and system solutions for data and telecommunication based on the Ethernet standard. This segment holds about 500 potential customers. The market for SwitchCore's products is divided into Enterprise and Public (primarily Access) Networks. SwitchCore's estimate, based on Dell'Oro's forecasts for the Enterprise Network market, is that the company's total market access in 2004 is about US$500 million, growing to a value of about US$900 million by 2008, which represents about 15-20% growth per year. The Enterprise Network market can be divided into a high-end and a low-end segment. The high-end market addresses more complex network equipment for data communication between several networks while the low-end market focuses on simpler network equipment for data communication within one network. SwitchCore has a strong foundation within the high-end segment. The company grew significantly in this segment in 2003 and now holds a market share of about 7%. The rest of the market is split between SwitchCore's competitors and major customers that develop devices in-house for GbE switches/routers. The high-end market is expected to reach US$190 million in 2004, and US$350 million in 2008. For the other market that SwitchCore is in, the Access Network market, growth has mainly been driven by the expansion of the broadband network in South Korea. Some of SwitchCore's customers also report growth this year due to more investments on the Japanese market. The Japanese market's demands for performance and functionality offers excellent opportunities for SwitchCore's customers to continue to grow. SwitchCore judges that the Access Network market will in the next three years grow faster than the Enterprise Network market though the total end market is lower. Products and Sales SwitchCore's first nine months of growth has been driven by Huawei, Intel and the company's larger Korea-based customers. Original Equipment Manufacturing (OEM) sales to Intel in particular have risen markedly, being responsible for 75% of SwitchCore's total sales for the first nine months of 2004. In comparison, SwitchCore delivered around 20,000 switching devices to Intel over a three-month period, corresponding to a third of the deliveries made in 2003 to all of SwitchCore's customers. Most of SwitchCore's sales, 20% during January to September, are for the enterprise market on the back of Huawei's and Intel's sales. SwitchCore continues to expand its list of customers within the telecommunications sector that develop Access Network products. SwitchCore estimates that around 20% of the company's sales in the first nine months is directly attributable to Access Network products. SwitchCore develops a new product for the Access Network market within its new Xpeedium 2 Pro product family. The product has a more advanced functionality and will give end customers greater support through its capacity to handle many users simultaneously. SwitchCore expanded its new design wins and customers in 3Q. In total, SwitchCore had about 88 design wins and some 65 customers by the end of 3Q. A design win is when a customer decides to develop a switch or router based on SwitchCore's CXE products. Some ten customers are presently responsible for about x% of the company's sales. Although the amount of design wins based on existing product generations rises from quarter to quarter, the basis for SwitchCore's future customer growth lies with SwitchCore's new product generation, the Xpeedium 2. Organization and Employees The SwitchCore organization consists of a parent company, SwitchCore AB, first-tier subsidiaries SwitchCore Options AB, SwitchCore Singapore Private Limited, SwitchCore Taiwan AB (dormant) and SwitchCore in Stockholm AB (dormant), and one second-tier subsidiary SwitchCore Corporation (a wholly-owned subsidiary of SwitchCore Options AB). At the close of the period the distribution of the Group's employees was: (a) The Group had 80 (73) employees of whom 11% (11) are female and 89%(89) male: 63 (57) in Sweden, 10 (8) in the U.S. and 7 (8) in Asia. The average age is 37 (36). (b) Since SwitchCore has lowered its growth forecast, the board has initiated a restructuring scheme to reduce the operational costs of the company and concentrate business activities to its head office in Lund. Estimates indicate that the scheme will lower the total operational cost of 2005 by about 30 percent compared to the estimated outcome of these costs for 2004. The restructuring activities will be carried out in 4Q 2004, with full impact expected during 2Q 2005. Costs for the scheme are calculated at SEK9 million and estimated to become payable in the beginning of 2005. The company will continue to focus on selling and developing new integrated devices and endeavor to outsource as much software development as possible to subcontractors. Investments The Group's investments in tangible fixed assets totaled SEK0.9 million (SEK0.4 million), of which SEK0.6 million (0) was in the parent company. Examples of investments include development and testing tools, computer equipment, and office inventory. Furthermore, net investments have been reported in capitalized development costs totaling SEK12 million (SEK11.4 million), of which about 70% consists of personnel costs and the remaining portion of external and technical costs, including tools and license costs. Patents SwitchCore's patent strategy is built on creating a patent portfolio where the most important parts of the CXE technology are protected. The functions of future products are earmarked at an early stage for possible patenting. In total SwitchCore owns 19 patents: 8 in Sweden, 6 in the U.S., 2 in Taiwan and 3 in other countries. A further 6 patent applications have been submitted for review in the U.S., 1 in Sweden and 3 globally. Outlook for 2004 Independent market analysts Dell'Oro judges that the Gigabit Ethernet market will show an annual 15-20% growth in sales revenues up until 2008. Based on the company's sales development to date SwitchCore judges that the company's growth rate will equal that of the market in general in 2004. This is below the company's earlier assessment that growth would outperform the market as a whole. Taking the now expected growth rate into consideration the company estimates that the combined effect of the initiated restructuring plan, the sales of financial assets and the reduction of inventory levels is fully sufficient for the company to reach a positive cash flow within the framework of current financing. SwitchCore's Stocks The company's stocks are quoted on Stockholmborsen's Attract 40 O list under the SCOR ticker. The average daily turnover of stocks for the January 1 to September 30, 2004 period was worth SEK4 million. During the same period, the average number of traded stocks was 920 044 per day. The total number of stocks in the Company at the end of the period was 172 055 610. Reports Financial statement January 1 to December 31, 2004 January 27, 2005 Accounting Principles This interim report was prepared according to the Annual Accounts Act and Swedish Financial Accounting Standards Council recommendations. In accordance with the new regulations for listed companies within the E.U. that take effect as of January 1, 2005, SwitchCore will change to the reporting recommendations in line with IAS/IFRS. SwitchCore's Annual Report contains a detailed account of the scope of this change. The influence on SwitchCore's income statement and balance sheet of the published rules to date is slight. Henric Isacsson, CEO SwitchCore AB (publ) The report has not been subject to review by the company's auditors. CONTACT: SWITSCHCORE AB Henric Isacsson, Chief Executive Officer E-mail: henric.isacsson@switchcore.com Mobile: +46 709 829 606 Maria Ryden-Persson, Chief Financial Officer E-mail: maria.ryden-persson@switchcore.com Mobile: +46 73 429 2565 =========== T U R K E Y =========== OYAK BANK: Individual Rating Affirmed at 'D' -------------------------------------------- Fitch Ratings upgraded Oyak Bank a.s.'s Long-term foreign and local currency ratings to 'B+' from 'B' and changed the Support rating to '4' from '5'. At the same time, the agency has affirmed the bank's other ratings at Short-term foreign and local currency 'B', Individual 'D' and National 'BBB+(tur)'. The Outlook on all Long-term ratings is Stable. The new Long-term and Support ratings reflect the commitment of Oyak Bank's 100% shareholder, Oyak, to provide support in case of need. Although the propensity of support from the shareholders is high, the probability of support available to creditors may be limited by the financial condition of the Republic of Turkey, (rated at foreign and local currency 'B+'). Oyak is a supplementary pension fund for officers and non- commissioned officers of the Turkish Armed Forces, and currently numbers c.225,000 members. At end-2003, Oyak's assets totaled USD1,753.3 million, of which US$775.7 million was in bank placements. It had no debt and the total equity stood at US$1,744.9 million at end-2003. Oyak Bank's Individual rating reflects its stable core deposit base, sound asset quality and adequate capitalization. These are balanced by its high cost to income ratio and a rapidly growing loan portfolio. Despite the bank's good track record of low non-performing loan ratio for the last three years, Fitch is concerned about the rapid loan growth as it might result in asset quality problems in future. Oyak Bank became a mid-sized retail and corporate bank in January 2002, after the purchase of Sumerbank by Oyak in August 2001. As of August 2004, it had a financial subsidiary, Oyak European Plc, in Ireland and a asset management subsidiary in Istanbul. Oyak Bank was the ninth largest bank among the 18 privately owned commercial banks in Turkey at end-2003. Oyak Group is among the largest conglomerates in Turkey with a total turnover of US$4,299 million (excluding Oyak Bank) and has 28 subsidiaries and 12 affiliated companies in diversified sectors such as automotive, cement, food, chemicals, energy and services. A detailed report on Oyak Bank is available at http://www.fitchresearch.com. CONTACT: FITCH RATINGS Banu Saracci, London Phone: +44 207 417 4373 Botan Berker Gulcin Orgun, Istanbul Phone: +90 212 279 10 65 Ed Thompson, New York Phone: +1 212 908 0364 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 TURKCELL: Fitch Raises Rating to 'BB-'; Outlook Stable ------------------------------------------------------ Fitch Ratings upgraded Turkish GSM telephony provider Turkcell's Senior Unsecured local currency rating to 'BB-' from 'B+'. Following the upgrade, the Outlook is now Stable. At the same time, Fitch has changed the Outlook on Turkcell's Senior Unsecured foreign currency rating to Positive from Stable, as the foreign currency rating is capped by Turkey's 'B+' country ceiling, and affirmed the rating at 'B+'. The agency also affirmed its rating for the US$400 million senior unsecured notes due 2005 of Turkcell's guaranteed special purpose financing vehicle Cellco Finance N.V. at 'B+'. The upgrade reflects the strong performance of Turkcell's Turkish mobile operations, on the back of its sustained solid market position and stabilized macro economic trends, which are key drivers of its credit profile. Despite increasing competition in 2004, Turkcell has preserved its leading position by capturing, according to publicly available data, more than 50% of 1.5 million newly added subscribers during the first nine months of 2004. This corresponds to a strong market position exceeding 60%. The ratings consider further competitive pressures not only from the mobile market consolidation but also attempts to liberalize Turkey's fixed-line telecoms sector. Telecoms Authority of Turkey has granted licenses in the long-distance segment to around 40 private corporates. The ratings also consider Turkcell's margin pressures, increasing capital expenditure and the potential cash outflow impact of ongoing legal issues. Although the uncertainty over Turkcell's key legal issues with state-owned Turk Telekom has been eased by the Turkish government's recent ruling authorizing State entities to settle their legal disputes through negotiations, Fitch, nonetheless, takes into consideration the potential cash outflow impact for FY04 and FY05. Turkcell's stronger cash generation in 2002 and 2003 have improved its liquidity and cash balances. Its financial ratios improved significantly over FY03 with gross debt-to-EBITDA (adjusted for leases and vendor financing ratio) declining to 1.11x from 1.91x. As Turkcell's debt is mainly denominated in USD, the ratio has been helped by TRL strengthening 17% against the USD in FY03. Despite some US$80 million dividend payments, gross adjusted leverage was at 1.17X (annualized) at June 2004. Fitch has historically rated Turkcell on a stand-alone credit basis as it operates independently under its current ownership structure. The agency has not relied on significant support under the ownership structure, with Turkcell's own business and financial profiles easing the need for such support. The ratings take into consideration the cash dividend payments of some US$80 million in FY05. Turkcell is the largest provider of GSM telephony services in Turkey, and as of September 30 2004 had 22.3 million subscribers. It also has investments in mobile markets in Azerbaijan, Moldova, Georgia and Kazakhstan through Fintur Holding (41.25% stake). With 3.0 million total subscribers, Fintur generated US$180 million combined EBITDA in FY03. Turkcell does not fully consolidate these ventures and has not received dividends as of yet. It is listed on the Istanbul Stock Exchange; its American Depositary Shares are also listed on the New York Stock Exchange and SEAQ International. CONTACT: FITCH RATINGS Guzin Durmus, Istanbul Phone: +90 212 279 1065 Albert Hofman, London Phone: +44 207 417 4282 Raymond Hill Phone: +44 207 417 4314 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 ============= U K R A I N E ============= ANATASIYA +: Court Calls in Insolvency Manager ---------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Anatasiya + (code EDRPOU 32229129) on September 14, 2004 after finding the limited liability company insolvent. The case is docketed as 14/343. Mr. O. Tomashevskij (License Number AA 669672) has been appointed liquidator/insolvency Manager. The company holds account number 26003556844001 at CB Privatbank, Mikolaiv branch. Creditors have until October 30, 2004 to submit their proofs of claim to: (a) ANATASIYA + 54029, Ukraine, Mikolaiv region, Pushkinska Str. 39/10 (b) Mr. O. Tomashevskij Liquidator/Insolvency Manager Phone: (0512) 23-12-61 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 KOVCHEG-N: Succumbs to Bankruptcy --------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Kovcheg-N (code EDRPOU 32459314) on September 14, 2004 after finding the limited liability company insolvent. The case is docketed as 14/344. Mr. O. Tomashevskij (License Number AA 669672) has been appointed liquidator/insolvency manager. The company holds account number 26006901025553 at First Ukrainian International Bank, Mikolaiv branch. Creditors have until October 30, 2004 to submit their proofs of claim to: (a) KOVCHEG-N 54055, Ukraine, Mikolaiv region, Lenin Avenue, 107 (b) Mr. O. Tomashevskij Liquidator/Insolvency Manager Phone: (0512) 23-12-61 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 MARKOVICH: Deadline for Proofs of Claim Set ------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Markovich (code EDRPOU 32391309) on September 14, 2004 after finding the limited liability company insolvent. The case is docketed as 5/323. Mr. O. Tomashevskij (License Number AA 669672) has been appointed liquidator/insolvency manager. The company holds account number 26003054200404 at CB Privatbank, Mikolaiv branch. Creditors have until October 30, 2004 to submit their proofs of claim to: (a) MARKOVICH 54025, Ukraine, Mikolaiv region, Geroyiv Stalingradu Avenue, 91 (b) Mr. O. Tomashevskij Liquidator/Insolvency Manager Phone: (0512) 23-12-61 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 SOKIL: Court-appointed Liquidator Enters Firm --------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Sokil on June 10, 2004 after finding the company insolvent. Arbitral manager Mr. A. Hutko has been appointed liquidator/insolvency Manager. CONTACT: SOKIL Ukraine, Lviv region, Radehivskij district, Pavliv Mr. A. Hutko Liquidator/Insolvency Manager Ukraine, Lviv region, Dnisterska Str. 2/48 Phone: (0322) 70-68-38 Fax: (0322) 70-68-38 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 ZAPORIZHSILBUD: Proofs of Claim Deadline Expires this Week ---------------------------------------------------------- The Economic Court of Zaporizhya region has commenced bankruptcy proceedings against Zaporizhsilbud (code EDRPOU 01352304) after finding the open joint stock company insolvent. The case is docketed as 25/151. Arbitral manager Mr. Vladislav Korshun (License Number AA 250379) has been appointed liquidator/insolvency manager. The company holds account number 26003303343099 at CB Privatbank, Zaporizhya regional branch, MFO 313399. Creditors have until October 30, 2004 to submit their proofs of claim to: (a) ZAPORIZHSILBUD 69001, Ukraine, Zaporizhya region, MSP-589, Chervonogvardijska Str. 48 (b) Mr. Vladislav Korshun Liquidator/Insolvency Manager 69104, Ukraine, Zaporizhya region, Malinovskij Str. 42/98 Phone: 64-15-96 (066) 222-90-15 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 =========================== U N I T E D K I N G D O M =========================== AA FASHIONS: Members Pass Extraordinary Winding up Resolution ------------------------------------------------------------- At an extraordinary general meeting of the AA Fashions (Leicester) Limited on October 15, 2004 held at the offices of Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN, the subjoined extraordinary resolution to wind up the company was passed. Richard John Elwell of Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN has been appointed liquidator for the purpose of such winding-up. CONTACT: ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk ACTIVE SOFTWARE: Names PricewaterhouseCoopers Liquidator -------------------------------------------------------- At a meeting of the Active Software (UK) Limited on September 29, 2004, the special and ordinary resolutions to wind up the company were passed. Richard Setchim and Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: 020 7212 8123 Fax: 020 7084 5566 Web site: http://www.pwc.com AIRWEAVERS ENVIRONMENTAL: Names DTE Leonard Curtis Liquidator ------------------------------------------------------------- At a meeting of the members of Airweavers Environmental Services Limited, the extraordinary resolution to wind up the company was passed. A. Clifton of DTE Leonard Curtis, 3rd Floor, 50-52 Newhall Street, Birmingham B3 3QE has been appointed liquidator of the company for the purpose of such a winding up. CONTACT: DTE LEONARD CURTIS 3rd Floor, 50-52 Newhall Street, Birmingham B3 3QE Phone: 0121 236 7274 Fax: 0121 236 7556 Web site: http://www.dtegroup.com AREA ONE: Members Agree to Liquidate Company -------------------------------------------- At an extraordinary general meeting of the members of the Area One Limited on October 13, 2004 held at 82 St John Street, London EC1M 4JN, the extraordinary and ordinary resolutions to wind up the company were passed. G. Mummery and P. Atkinson have been appointed joint liquidators for the purpose of such winding up. ATEST ELECTRONICS: Calls in Liquidator from The Norton Practice --------------------------------------------------------------- Name of Companies: Atest Electronics Limited Bartsign Limited Dubilier Warminster Limited G K Instruments Limited Helvetia Automatic Products Limited International Resistance Company Limited Minicircuits Limited Weighwrite Limited At extraordinary general meetings of these companies on October 14, 2004 held at the offices of Peek Traffic Ltd, Hazelwood House, Lime Tree Way, Chineham Business Park, Basingstoke, Hampshire, the subjoined special resolution to wind up the companies was passed. David William Tann of The Norton Practice (Insolvency Services) Limited, 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP has been appointed liquidator for the purpose of such windings-up. CONTACT: THE NORTON PRACTICE (INSOLVENCY SERVICES) LIMITED 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP BACKING LATEX: Appoints Liquidator from Tomlinsons -------------------------------------------------- At an extraordinary general meeting of the Backing Latex Limited on October 7, 2004 held at Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL, the resolutions to wind up the company were passed. Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL has been appointed as liquidator for the purpose of such winding up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk BAGLAN COGENERATION: Hires PwC to Liquidate Assets, Subsidiaries ---------------------------------------------------------------- Name of Companies: Baglan Cogeneration Company Baglan Energy Park Operating Company Limited BP Exploration (Theta) Limited Brightyear Limited Burmah Castrol Germany Holdings Limited Burmah Oil Investments Holdings Limited Castrol Commercial Limited Castrol Marine Limited EGP Sap Limited EGP SI Plc At the extraordinary general meetings of these companies on 12 October 2004, the special and ordinary resolutions to wind up the companies were passed. Jonathan Sisson and Richard Setchim of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the companies for the purpose of such windings-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: 020 7212 8123 Fax: 020 7084 5566 Web site: http://www.pwc.com B C DYER: Members General Meeting Set Next Month ------------------------------------------------ The general meeting of the members of B C Dyer (Holdings) Limited will be on November 24, 2004 commencing at 11:00 a.m. It will be held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY. 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 David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY. 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 BROWNWAY LIMITED: Calls First Creditors' Meeting ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Brownway Limited (In Liquidation) I, Cameron K. Russell, Chartered Accountant, 104 Quarry Street, Hamilton, ML3 7AX hereby give notice that by the Interlocutor of the Sheriff at Hamilton Sheriff Court dated 5th October 2004, I was appointed Interim Liquidator of Brownway Limited (In Liquidation). Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Act 1986, the First Meeting of Creditors will be held within 104 Quarry Street, Hamilton ML3 on Friday, November 12, 2004 at 12:00 noon for the purpose of choosing a Liquidator. The meeting may also consider other resolutions referred to in Rule 4.12(3). All creditors are entitled to attend in person or by proxy and to vote provided their claims and proxies, if any, have been submitted at or before the meeting. Cameron K. Russell, CA, Interim Liquidator October 13, 2004 CONTACT: WILLIAM DUNCAN & COMPANY 104 Quarry Street Hamilton ML3 7AX CHARLES JACKSON: Hires Joint Liquidator from Wilson Field --------------------------------------------------------- At an extraordinary general meeting of the members of the Charles Jackson Developments Ltd. on October 8, 2004 held at The Cock Hotel, 72-74 High Street, Stony Stratford, Buckinghamshire MK11 1AH, the extraordinary and ordinary resolutions to wind up the company were passed. Lisa Hogg and David Field of Wilson Field, The Annexe, The Manor House, 260 Ecclesall Road South, Sheffield S11 9UZ have been appointed joint liquidators for the purpose of such winding-up. CONTACT: WILSON FIELD The Annexe, The Manor House, 206 Ecclesall Road South, Sheffield S11 9UZ Phone: 020 7554 8640 Fax: 020 7554 8641 Web site: http://www.wilsonfield.co.uk CLOVER FUNDING: Names Tenon Recovery Liquidator ----------------------------------------------- At an extraordinary general meeting of the members of the Clover Funding No.2 Plc on October 12, 2004 held at the offices of SPV Management Limited, Level 11, Tower 42, International Financial Centre, 25 Old Broad Street, London EC2N 1HQ, the special resolution to wind up the company was passed. Ian Cadlock of Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB has been appointed liquidator for the purpose of such a winding-up. CONTACT: TENON RECOVERY Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB Phone: 01273 725566 Fax: 01273 724502 Web site: http://www.tenongroup.com DEAN WITTER: Liquidator's Final Report Out November --------------------------------------------------- Name of Companies: Dean Witter Capital Markets-International Limited Dean Witter Futures Limited Dean Witter Reynolds Limited The final meeting of the members of these companies will be on November 22, 2004 commencing at 10:00 a.m. and thereafter a 15- minute intervals. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. 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 PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not later than 12:00 noon, November 19, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: 020 7212 8123 Fax: 020 7084 5566 Web site: http://www.pwc.com DUNDAS BUILDING: Sets First Creditors' Meeting November ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dundas Building Services Limited (In Liquidation) I, Cameron K. Russell, Chartered Accountant, 104 Quarry Street, Hamilton, ML3 7AX hereby give notice that by the Interlocutor of the Sheriff at Glasgow Sheriff Court dated October 1, 2004, I was appointed Interim Liquidator of Dundas Building Services Limited (In Liquidation). Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Act 1986, the First Meeting of Creditors will be held within 104 Quarry Street, Hamilton ML3 7AX on Tuesday, November 9, 2004 at 12:00 noon for the purpose of choosing a Liquidator. The meeting may also consider other resolutions referred to in Rule 4.12(3). All creditors are entitled to attend in person or by proxy and to vote provided their claims and proxies, if any, have been submitted at or before the meeting. Cameron K. Russell, CA, Interim Liquidator October 11, 2004 CONTACT: WILLIAM DUNCAN & COMPANY 104 Quarry Street Hamilton ML3 7AX G C MECHANICAL: Director Gets 12-year Ban from Holding Exec Post ---------------------------------------------------------------- The director of a mechanical engineering business that failed with estimated debts of more than GBP326,000 has been disqualified in the Royal Court of Justice from acting as a company director for twelve years. Guiseppe Catalano of Waggstaffe Close, Ravensden, Bedford, was a director of G C Mechanical Limited, which carried on business from premises at 11 Waggstaffe Close, Ravensden, Bedford. The Disqualification Order, made on August 16, 2004 prevents Mr. G. Catalano from being a director of a company, or in any way being concerned in or taking part in the promotion, formation or management of a company for the above period. The company was placed into voluntary liquidation on 6 February 2002 with estimated debts of GBP326,370 owed to its creditors. Matters of unfit conduct, found by the Court, included that Mr. G. Catalano: (a) failed to comply with his statutory obligation to maintain, preserve and/or deliver adequate accounting records the company's entire trading period; (b) deliberately failed to co-operate with the Liquidator and in doing so he failed to comply with his statutory obligations; and (c) caused the company to trade from 3 May 2001 at the latest when he knew it was insolvent and trading to the specific detriment of the Crown Departments. 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 GENSEC LIMITED: Creditors' Meeting Set Next Month ------------------------------------------------- The creditors of Gensec Limited will meet on November 2, 2004 commencing at 11:00 a.m. It will be held at The Park Hall Hotel, Charnock Richard, Chorley, Lancashire PR7 5LP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12:00 noon, November 1, 2004. 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 GLASGOW ADVERTISING: Liquidator to Give Final Report Next Month --------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF The Glasgow Advertising Agency Ltd. (In Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that final meetings of the Members and Creditors of The Glasgow Advertising Agency Ltd. will be held within the offices of Moore Stephens Corporate Recovery, Allan House, 25 Bothwell Street, Glasgow G2 6NL on November 2, 2004 at 10:00 a.m. and 10:15 a.m. respectively, for the purposes of receiving the Liquidator's Report on the conduct of the winding up and to determine the manner in which the books, accounts and documents of the Company should be disposed. Douglas B. Jackson, Liquidator October 11, 2004 CONTACT: MOORE STEPHENS 25 Bothwell Street Glasgow G2 6NL Phone: 0141 567 4500 Fax: 0141 567 4535 E-mail: info@scott-moncrieff.com Web site: http://www.moorestephens.co.uk GLOBAL LASER: Calls in Liquidator from Marshall Peters ------------------------------------------------------ At an extraordinary general meeting of the members of the Global Laser Systems Limited on October 7, 2004 held at Heskin Hall Farm, Wood Lane, Heskin, Preston PR7 5PA, the special and ordinary resolutions to wind up the company were passed. Clive Morris of Marshall Peters, Heskin Hall, Wood Lane, Heskin, Preston PR7 5PA has been appointed liquidator for the purpose of such winding-up. CONTACT: MARSHALL PETERS Heskin Hall, Wood Lane, Heskin, Preston PR7 5PA HOSTELRIES LIMITED: Scottish Courage Appoints Receiver ------------------------------------------------------ Scottish Courage Limited called in Steven Williams and Andrew Dick (Office Holder Nos 8887, 8688) joint administrative receivers for Hostelries Limited (Reg No 04446804, Trade Classification: 48). The application was filed October 13, 2004. CONTACT: BEGBIES TRAYNOR 1 Winckley Court Chapel Street Preston PR1 8BU Phone: 01772 202000 Fax: 01772 200099 E-mail: preston@begbies-traynor.com Web site: http://www.begbies.com HYDE REFURBISHMENT: In Administrative Receivership -------------------------------------------------- HSBC Bank Plc called in Gary Lee and Donald Bailey (Office Holder Nos 9204, 6739) joint administrative receivers for Hyde Refurbishment & Demolition Company Limited (Reg No 4400126, Trade Classification: 4511/4521). The application was filed October 12, 2004. The company is engaged in demolition and construction work. CONTACT: BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com IFCO LIMITED: Calls in Joint Liquidators from PwC ------------------------------------------------- Name of Companies: Ifco Limited Kemwell Limited At the extraordinary general meetings of these companies on October 12, 2004, the special and ordinary resolutions to wind up the companies were passed. Jonathan Sisson and Richard Setchim of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have been appointed joint liquidators of the companies for the purpose of such windings-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: 020 7212 8123 Fax: 020 7084 5566 Web site: http://www.pwc.com INVERDEAN LIMITED: Creditors Appoint Liquidator ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Inverdean Limited (In Liquidation) I, Eileen Blackburn, French Duncan, 375 West George Street, Glasgow, G2 4LW hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on October 1, 2004 I was appointed Liquidator of Inverdean Limited by Resolution of the First Meeting of Creditors. A Liquidation committee was not established. Eileen Blackburn, Liquidator October 8, 2004 CONTACT: FRENCH DUNCAN 375 West George Street Glasgow G2 4LH Phone: 0141 221 2984 Fax: 0141 221 2980 E-mail: enquiries@frenchduncan.co.uk Web site: http://www.frenchduncan.co.uk LAMP IGNITION: Hires Liquidator from Marks Bloom ------------------------------------------------ At an extraordinary general meeting of the members of the Lamp Ignition Limited on October 13, 2004 held at 60-62 London Road, Kingston upon Thames, Surrey KT2 6QZ, the extraordinary and ordinary resolutions to wind up the company were passed. Andrew John Whelan of Marks Bloom has been appointed liquidator for the purpose of such winding-up. CONTACT: MARKS BLOOM 60-62 London Road, Kingston upon Thames, Surrey KT2 6QZ Phone: +44 (0) 20-85499951 Fax: +44 (0) 20-85496218 Web site: http://www.marksbloom.co.uk LIVE DIRECTORY: Five-year ban for Two Directors ----------------------------------------------- Two directors of a corporate video production and Web site advertising business, which failed with total debts estimated at nearly GBP707,000, have each given Undertakings not to hold directorships or take any part in company management for five years. The Undertakings by Stuart Hughes of Lower Rathmines Road, in Dublin, and Deborah Knowles of Whickham Avenue, Lytham St. Annes, were given in respect of their conduct as directors of Live Directory On Line Limited which carried out business from premises at on the 2nd Floor at Marshall House, Ringway, in Preston. Acceptance of the Undertaking on October 7 and 11, 2004 respectively, prevents either Deborah Knowles or Stuart Hughes from being a director of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. Live Directory On Line Limited was placed into voluntary liquidation on May 17, 2002 with estimated debts of GBP706,914 owed to its creditors. Matters of unfit conduct, not disputed by either Stuart Hughes or Deborah Knowles solely for the purpose of the undertaking were that they: (a) Caused the company to trade beyond July 2001 at the latest when they knew, or ought to have known, that it was insolvent and that trading thereafter was at the risk of and to the ultimate detriment of creditors; and (b) Caused the company to take deposits from customers in circumstances when they knew or ought to have known that there was an unreasonable risk that the service offered by the company would not be provided to those customers. 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. 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 MACHINE TOOL: Final Members Meeting Set Mid-November ---------------------------------------------------- The final general meeting of the members of Machine Tool Selector Global Limited will be on November 17, 2004 commencing at 12:30 p.m. It will be held at the offices of BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA. 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 BDO Stoy Hayward LLP, Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA not later than 12:00 noon, November 16, 2004. CONTACT: BDO STOY HAYWARD LLP Connaught House, Alexandra Terrace, Guildford, Surrey GU1 3DA Phone: 01483 565666 Fax: 01483 531306 E-mail: guilford@bdo.co.uk Web site: http://www.bdo.co.uk MARRA BROTHERS: Kroll Receivers Take over Operations ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Marra Brothers Residential Letting Limited (In Receivership) I, Fraser J. Gray, and Charles P. Holder, Chartered Accountants of Kroll Limited, Afton House, 26 West Nile Street, Glasgow, G1 2PF, hereby give notice that we were appointed Joint Receivers on August 25, 2004 of the whole property and assets of Marra Brothers Residential Letting Limited in terms of Section 51 of the Insolvency Act 1986. In terms of Section 59 of the said Act, preferential creditors are required to lodge their formal claims with us within six months of the date of this Notice. Fraser J. Gray, Joint Receiver October 11, 2004 CONTACT: KROLL GLASGOW Afton House 26 West Nile Street Glasgow G1 2PF Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.com NORDSKAN LIMITED: Liquidator to Present Final Report November ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Nordskan Limited (In Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that final general meetings of the members and the creditors will be held on November 17, 2004 at 11:00 a.m. and 11:15 a.m. respectively, at Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, for the purpose of having a final account laid before them, showing how the winding up has been conducted and the property of the company disposed of and of hearing any explanations that may be given by the liquidator. Members and creditors are entitled to attend in person or by proxy. Proxies must be lodged with the liquidator at or before the meeting. Alan B. Wright, Liquidator October 12, 2004 CONTACT: DAND CARNEGIE & CO. Stannergate House 41 Dundee Road West Broughty Ferry Dundee DD5 1NB Phone: 01382 480488 Fax: 01382 736768 E-mail: dundee@dand-carnegie.co.uk Web site: http://www.dand-carnegie.co.uk PEEK DATA: Members Opt to Liquidate Assets, Subsidiaries -------------------------------------------------------- Name of Companies: Peek Data Limited Peek Field Services Limited Peek Group Services Limited Peek Systems Limited Radley (1) Limited Sarasota Traffic Limited Smartways Limited Sotwell Limited Streeteramet Limited Tollstar Limited At an extraordinary general meetings of these companies on October 14, 2004 held at the offices of Peek Traffic Ltd, Hazelwood House, Lime Tree Way, Chineham Business Park, Basingstoke, Hampshire, the subjoined special resolution to wind up the companies was passed. David William Tann of The Norton Practice (Insolvency Services) Limited, 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP has been appointed liquidator for the purpose of such windings-up. CONTACT: THE NORTON PRACTICE (INSOLVENCY SERVICES) LIMITED 1 Wesley Gate, 70 Queens Road, Reading RG1 4AP PHOENIX IPR: Insolvency Service Bans Directors ---------------------------------------------- The directors of a garden shed construction business that failed with total debts estimated at around GBP188,383 have both given an Undertaking not to hold directorships or take any part in company management for a combined period of seven years. The Undertakings by John Heather, 43, of Southurst, Whitehill, Bordon, Hampshire, and Michael John Crosse, 51, of Baldwin Crescent, Merrow, Guildford, Surrey, were given in respect of their conduct as directors of Phoenix IPR Limited (Phoenix), which carried out business from premises at Unit 4, 70 Wrecclesham Hill, Wrecclesham, Farnham, Surrey. Acceptance on September 14, 2004 of Mr. Heather's Undertaking and on September 29, 2004 of Mr. Crosse's Undertaking prevents Mr. Heather and Mr. Crosse 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 a period of 4 years and 3 years respectively. Phoenix was placed into voluntary liquidation on August 5, 2002 with estimated debts of GBP188,383 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. Heather and Mr. Crosse, were that: (a) they caused Phoenix to breach its statutory duties and to trade to the detriment of the Crown; and (b) Mr. Heather contravened the Insolvency Act 1986 by acting as a director of Phoenix Sales U.K. Limited, as the company name and its resemblance to Phoenix IPR is prohibited. 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 PLATED COMPONENTS: Names Vantis Business Recovery Liquidator ------------------------------------------------------------ At an extraordinary general meeting of the members of the Plated Components Limited on October 8, 2004 held at Range Road, Hythe, Kent CT21 6HG, the special resolution to wind up the company was passed. Robert Leonard Harry Knight of Vantis Business Recovery, The White Cottage, 19 West Street, Epsom, Surrey, KT18 7BS has been appointed the liquidator of the company for the purpose of such winding-up. CONTACT: VANTIS BUSINESS RECOVERY The White Cottage, 19 West Street, Epsom, Surrey, KT18 7BS Phone: 01372 743816 Fax: 01372 720940 E-mail: epsom@vantisplc.com Web site: http://www.vantisplc.com SABLON HOLDINGS: Special Winding up Resolution Passed ----------------------------------------------------- At an extraordinary general meeting of the members of the Sablon Holdings Limited on September 30, 2004 held at 8-10 Rue d'Italie, Geneva, the special resolution to wind up the company was passed. Anthony Christian Pickford and James Robert Toynton of Anson Court, La Route des Camps, St Martin, Guernsey has been appointed joint liquidators. CONTACT: ANSON COURT La Route des Camps, St Martin, Guernsey SOUTHERN MILK: Hires Armida Business Recovery as Liquidator ----------------------------------------------------------- At an extraordinary general meeting of the members of the Southern Milk Limited on September 30, 2004 held at the offices of Armida Business Recovery LLP, Bell Walk House, High Street, Uckfield, East Sussex TN22 5DQ, the special, ordinary and extraordinary resolutions to wind up the company were passed. Fiona Monson of Armida Business Recovery LLP, Bell Walk House, High Street, Uckfield, East Sussex TN22 5DQ has been appointed as liquidator of the company for the purpose of the voluntary winding-up. CONTACT: ARMIDA BUSINESS RECOVERY LLP Bell Walk House, High Street, Uckfield, East Sussex TN22 5DQ Phone: 01825 765077 Fax: 01825 765011 E-mail: info@abr-llp.co.uk Web site: http://www.armida.co.uk TAIYO LIFE: Liquidator's Final Report Known Next Month ------------------------------------------------------ The final meeting of the members of Taiyo Life International (UK) Limited will be on November 19, 2004 commencing at 11:00 a.m. It will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, November 18, 2004. 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 THAT CAFE: Creditors to Meet First Week of November --------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF That Cafe Limited (In Liquidation) I, Eric Robert Hugh Nisbet, The Glen Drummond Partnership, Knightsridge Business Park, 4 Turnbull Way, Livingston, hereby give notice that I was appointed Interim Liquidator of That Cafe Limited on September 29, 2004 by Interlocutor of the Sheriff of Lothian and Borders at Edinburgh. Notice is also given pursuant to section 138 of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986 that the First Meeting of Creditors of the above company will be held at Argyll House, Quarrywood Court, Livingston EH54 6AX on Friday, November 5, 2004 at 11am for the purposes of choosing a Liquidator and of determining whether to establish a Liquidation Committee. Creditors, whose claims are unsecured in whole or in part, are entitled to attend and vote in person or by proxy providing that their claims and proxies have been submitted and accepted at the meeting or lodged beforehand at the address below. A resolution will be passed when a majority of those voting has voted in favor of it. For the purpose of formulating claims, creditors should note that the date of commencement of the liquidation is September 6, 2004. E. R. H. Nisbet, Interim Liquidator October 13, 2004 CONTACT: THE GLEN DRUMMOND PARTNERSHIP 4 Turnbull Way Livingston West Lothian EH54 8RB Phone: 01506 498156 Fax: 01506 493894 Web site: http://www.glendrummond.co.uk THE TUNGSTEN: Calls in Liquidator --------------------------------- At an extraordinary general meeting of the members of The Tungsten Manufacturing Company (Sales) Limited on 13 October 2004 held at 4 Forest Close, Wendover, Aylesbury, Buckinghamshire, the resolutions to wind up the company were passed. William Jeremy Jonathan Knight has been appointed liquidator for the purpose of such winding-up. TRADES TEAM: First Meeting of Creditors Set ------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Trades Team Limited (In Liquidation) I, Blair Carnegie Nimmo, Chartered Accountant, KPMG Corporate Recovery, 191 West George Street, Glasgow, G2 2LJ, United Kingdom, hereby give notice, that by Interlocutor of the Sheriff of Kirkcudbright dated September 30, 2004, I was appointed interim liquidator of Trades Team Limited, having its registered office at Greenlaw Business Park, Greenlaw, Castle Douglas, DG7 2LH. Pursuant to Section 138(4) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, the first meeting of creditors will be held within KPMG, 191 West George Street, Glasgow, G2 2LJ, at 11:00 a.m. on November 9, 2004 for the purpose of choosing a Liquidator. The meeting may also consider other resolutions referred to in Rule 4.12(3). All creditors are entitled to attend in person or by proxy and to vote, provided their claims and proxies, if any, have been submitted at or before the meeting. B. C. Nimmo, Interim liquidator October 6, 2004 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk WATERFORD WEDGWOOD: Talks with Royal Doulton in Advanced Stage -------------------------------------------------------------- Waterford Wedgwood plc, the luxury lifestyle group, is in advanced talks with Royal Doulton plc about a possible cash offer. Royal Doulton is one of the world's leading chinaware manufacturers and owner of the Royal Doulton, Minton and Royal Albert brands. Waterford also announces a proposed fully underwritten rights issue of approximately EUR100 million, and that it has secured new banking facilities and repaid its existing senior facilities in their entirety. Offer for Royal Doulton Under Discussion The Boards of Waterford Wedgwood and Royal Doulton are in advanced discussions regarding a possible recommended offer for Royal Doulton by Waterford Wedgwood. Due diligence has been completed to the satisfaction of Waterford Wedgwood, but certain other matters remain to be resolved and consequently there can be no certainty that a formal offer will be made. Any formal offer is expected to be 12 pence in cash per Royal Doulton share and, subject to the resolution of these matters, the Board of Royal Doulton intends to recommend such an offer. Waterford Wedgwood currently holds 21.16% of Royal Doulton shares and these would not be the subject of the possible offer. Sir Anthony O'Reilly, Chairman of Waterford Wedgwood, and Mr. Peter John Goulandris, Deputy Chairman of Waterford Wedgwood, between them own a further 3.99% of Royal Doulton shares; these would be the subject of the possible offer. A further announcement will be made in due course. Fully Underwritten EUR100 million Rights Issue (a) Proposed Rights Issue on the basis of 5 New Stock Units for every 3 Stock Units held by qualifying stockholders (on a record date to be determined) at EUR0.06 per New Stock Unit (approximately 1.66 billion New Stock Units); Rights Issue is fully underwritten by a company controlled by Sir Anthony O'Reilly and Mr. Peter John Goulandris (70% of the Rights Issue), and by Davy (30% of the Rights Issue); (b) Rights Issue price represents a discount of 53.8% to the closing price of EUR0.13 per Stock Unit on 20 October, 2004; (c) O'Reilly and Goulandris families have confirmed their intention to take up their full rights entitlements; (d) Rights Issue fully covers the cost of the equity component of the possible Royal Doulton acquisition; (e) Rights Issue is conditional on an announcement by the Group of a firm intention to make an offer for Royal Doulton but is not conditional on completion of the Royal Doulton acquisition; and (f) Rights Issue is also conditional on, inter alia, the grant by the Irish Takeover Panel of a waiver under Rule 9 of the Irish Takeover Rules and on independent shareholder approval, each in respect of the underwriting arrangements. It is also conditional on shareholders approving an increase in the authorized share capital of the Group and the renewal of various allotment authorities. New Banking Arrangements Secured A new facility led by Burdale Financial Limited, a subsidiary of Wachovia Corporation, replaces in full the previous bank syndicate. The new facility is secured on the assets of the Group and has a term of up to four years. With less restrictive covenants, the new facility offers greater flexibility and scope. It has also facilitated the repayment of existing senior facilities. Strategic and Trading Update Our Plan for Growth, announced earlier this year, is underway. Our working capital program will be completed by December 2005 with major advances expected to be made by March 2005. The capacity utilization of our Wedgwood factories will be transformed with concomitant efficiencies by the acquisition of Royal Doulton, should that take place. Focused marketing initiatives have been introduced to drive revenue growth over the next few years. However, sales for the six months to 30 September 2004 were disappointing at EUR356 million. On a like-for-like basis (excluding exchange and All-Clad), sales were 5% below the corresponding period last year and, as a consequence, the pre- tax result for the six months is likely to be significantly below consensus market expectations. Some of the reduction in sales is because we have refocused our retail distribution in the United States. At Waterford Wedgwood's Annual General Meeting, Sir Anthony O'Reilly, Chairman of Waterford Wedgwood, said: "The past three years have been turbulent and we would not deny that the financial performance of the company continues to disappoint us all. "Although the current environment remains challenging, in the past six months we have made many changes and put in place some important foundations for future growth. [This] is an important day in the history of Waterford Wedgwood. "The possible acquisition of Royal Doulton would transform Wedgwood. The benefits of such a deal are immediately apparent. With Royal Doulton's restructuring largely completed, we could add Royal Doulton's revenues to our top-line sales without greatly increasing our costs. This would increase the profitability of the combined businesses. "The fact that the O'Reilly and Goulandris families are underwriting most of the Rights Issue is proof positive of our belief in Waterford Wedgwood and its world-class portfolio of products." Redmond O'Donoghue, Group Chief Executive, said: "[These] announcements are very significant. If the acquisition of Royal Doulton takes place, the very material investment that we have made in recent years in our manufacturing facilities will enable us to integrate Royal Doulton with minimal disruption and lay down the foundation for improved profitability. "Our new bank facility provides us with a greater degree of flexibility, enhances our liquidity and allows us the freedom to operate our business, focusing on cash generation in the short- term. While trading performance in the six months to 30 September was behind last year, we are confident that planned marketing initiatives and the previously announced cost saving measures will lead to a reversal of this trend." CONTACT: WATERFORD WEDGWOOD Phone: +353 (0) 1 4781 855 Redmond O'Donoghue, Chief Executive Officer Paul D'Alton, Chief Financial Officer LAZARD (Enquiries re Possible Offer) Phone: +44 (0) 207 187 2000 Nicholas Shott/David Reitman DAVY (Rights Issue) Phone: +353 (0) 1 6796 363 Hugh McCutcheon/Eugenee Mulhern College Hill (Investor Relations) Phone: + 44 (0) 7798 843276 Kate Pope/Mark Garraway POWERSCOURT (U.K. and International Media) Phone: + 44 (0) 20 7236 5619 Rory Godson/John Murray DENNEHY ASSOCIATES (Irish Media) Phone: + 353 (1) 676 4733 Michael Dennehy WATERFORD WEDGWOOD: S&P Downgrades Ratings to 'B-', 'CCC' --------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Ireland-based luxury table and dinnerware manufacturer Waterford Wedgwood PLC to 'B-' from 'B', following the group's announcement that earnings will be substantially lower than expected for the fiscal year ending March 2005. The outlook is negative. At the same time, the subordinated debt rating was lowered to 'CCC' from 'CCC+'. The downgrade reflects the significant decline in Waterford Wedgwood's earnings. This has been due to the declining demand for the group's niche and classic style of products in its key crystal and ceramics divisions. "The reduced profitability for the group -- further exacerbated by the continuation of significant cash outflows associated with restructuring efforts -- is expected to result in negative free cash flow for the year to March 2005, for the second consecutive year, despite the group's improved cost position," said Standard & Poor's credit analyst Sunita Kara. There are opportunities for Waterford Wedgwood to further improve its cost position if it proceeds with an offer and successfully completes the acquisition and integration of Royal Doulton. The acquisition of the chinaware manufacturer -- in which Waterford Wedgwood already has a 21% stake -- would, however, increase the group's exposure to an industry that is expected to continue to experience very difficult trading conditions. Irrespective of the acquisition (which would be funded by proceeds from a proposed EUR100 million rights issue), Waterford Wedgwood's already very weak debt-protection measures are expected to deteriorate further. Should Waterford Wedgwood receive proceeds from the rights issue but the acquisition for Royal Doulton is not successfully completed, the group would benefit from an improved liquidity position. Standard & Poor's would then review the ratings and outlook on the group. The negative outlook reflects the uncertainty on how Waterford Wedgwood will perform in the crucial third quarter, and whether the group's resultant liquidity position will be sufficient to meet its operating and financing needs beyond fiscal 2005. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com WIMCO GROUP: Receiver Sets Creditors' Meeting November ------------------------------------------------------ The creditors of Wimco Group Coaches Limited (t/a Mitcham Belle) will meet on November 4, 2004 commencing at 3:00 p.m. It will be held at UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH not later than 12:00 noon, November 3, 2004. 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 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *