/raid1/www/Hosts/bankrupt/TCREUR_Public/041108.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, November 8, 2004, Vol. 5, No. 221
Headlines
C Z E C H R E P U B L I C
UNION BANKA: To Pay Major Creditor Next Month
F R A N C E
ALSTOM SA: Pouring More Investments into India
PROLOGUE SOFTWARE: Succumbs to Insolvency
G E R M A N Y
ADVISORTECH GMBH: Under Bankruptcy Administration
AUGUSTA TECHNOLOGIE: 97% of Bondholders OK Debt Restructuring
AUGUSTA TECHNOLOGIE: Deutsche Bank Now Owns Bulk of 2005 Bonds
BAUSTOFFHANDLUNG PAUL: Frankfurt Court Calls Administrators
BFC GEBAUDEMANAGEMENT: Applies for Bankruptcy Proceedings
BOCKENHEIMER BUCHERWARTE: Creditors' Claims Due December
ECF BETRIEBSGESELLSCHAFT: Junker & Kollegen Takes over Helm
FOTOSATZ HANS: Administrator to Temporarily Oversee Operations
MANFRED BAR: Gives Creditors Until December to File Claims
OK BAUSERVICE: Creditors Have Until December to File Claims
PARKSCHLOSSCHEN-GASTSTATTEN: Creditors' Claims Due Next Week
ROTOR MEDIEN: Creditors' Meeting Set November
I T A L Y
ALITALIA SPA: Flight Attendants Threaten to Strike Anew
VOLARE GROUP: Shareholders Want Former Management Investigated
N E T H E R L A N D S
LAURUS N.V.: Shareholders Okay EUR200 Million Rights Offering
LAURUS N.V.: To Unveil Rights Issue Conditions Next Week
NUMICO N.V.: Returns to Black in Third Quarter
ROYAL SHELL: Sets Schedule for Paying Second Interim Dividend
P O L A N D
PROCHNIK SA: Third-quarter Net Loss Swells
R U S S I A
DISTILLERY: Kostroma Court Hires Insolvency Manager
ELECTRO-SYSTEM: Proofs of Claim Deadline Expires December
LEBYAZHSKIY ELEVATOR: Insolvency Manager to Temporarily Run Biz
LYSKOVSKIY METALLO-FURNITURNIY: Declared Insolvent
METROMEDIA INTERNATIONAL: In Exclusive Talks to Acquire MIG
NOLINSKIY REPAIR: Undergoes Bankruptcy Supervision Procedure
OREL-STANKO-SERVICE: Appoints A. Dyezhin Insolvency Manager
RED TORCH: Under Bankruptcy Supervision
RUSSIA INTERNATIONAL: US$225 Mln Fixed-rate Notes Rated 'B+'
SAINT-PETERSBURG CENTRE: Declares Bankruptcy
SHAKHUNSKIY BAKERY: Hires A. Skorodumov as Insolvency Manager
YUKOS OIL: Major Investor Plans to Sue Moscow
ZAURALSKIY MIXED: Tyumen Court Launches Bankruptcy Proceedings
S L O V A K R E P U B L I C
MAYTEX A.S.: Receiver Schedules Second Public Auction
S P A I N
IZAR: Govt Will Hold Stake in New Holding Company, Says Minister
U K R A I N E
AGROPROMTEHNIKA: Under Bankruptcy Supervision
DE-YURE: Court Appoints Petro Chulakov Insolvency Manager
ELITAPLEMSERVICE: Applies for Bankruptcy Proceedings
KALUSH' BROVAR: Insolvency Manager to Temporarily Oversee Firm
KARPATI: Football Club Declared Insolvent
NOVOMIKOLAYIVSKIJ AGROTECHSERVICE: Court Appoints Liquidator
OSHAD-HOLDING: Bankruptcy Proceedings Begin
OSTRIVSK VEGETABLE: City Tax Inspection Unit Takes over Firm
REMPOBUTMONTAZH: Insolvency Manager to Temporarily Run Business
SANITARIUM DZHERELO: Declared Insolvent
UKRPROMAGROSERVICE: Files for Bankruptcy
ULADIVKA' ALCOHOL: Ordered to Undergo Bankruptcy Supervision
U N I T E D K I N G D O M
24/7 COURIERS: Creditors to Meet Later this Week
ACTA TECHNOLOGY: Creditors' Meeting Set December
BACKBEAT MUSIC: Calls Creditors' Meeting
BARWOOD HOLDINGS: Hires Grant Thornton as Liquidator
BEACHLEAGUE LIMITED: Members Agree to Wind up Company
BEACON FREIGHTLINE: Fortis Commercial Appoints Numerica Receiver
BLACKWELL TRANSPORT: Owners Agree to Call in Liquidators
BOBS LEISURE: Hires SPW Poppleton & Appleby as Administrator
BOURNES OF LONDON: Meeting of Creditors Set this Week
CABLE & WIRELESS: Shaking up U.K. Management
CARDINE REALISATIONS: Holds Final Meeting of Creditors
CHAMELEON DESIGN: Names Tenon Recovery Administrator
CHANDOS SERVICES: In Administrative Receivership
COMPUPAY LIMITED: Director Receives Five-year Ban
COURTS PLC: Expects Higher Losses for U.K. Business
DAWGLEN LIMITED: Names D. Asbury Liquidator
EIDOS PLC: 'Hitman: Blood Money' to Strike Market Next Year
EQUITABLE LIFE: Buying up to GBP260 Million Bonds
GRIFTON LIMITED: Barclays Bank Appoints Receiver
HAWTHORN BAKER: Names Vantis Business Recovery Liquidator
HENDERSON EUROPEAN: Hires Liquidators from Ernst & Young
HHG PLC: 'Realistic' Capital Resources Exceeds Margin
[REDACTED June 30, 2008]
LEAN & HIGGIN: In Administrative Receivership
MEI DESIGN: Barclays Bank Brings in Receiver from Numerica
MITCHELL TIMBER: Creditors' Meeting Set Third Week of November
M&P WENDEN: Appoints Grant Thornton Liquidator
NORTHERN FOODS: Sale of Fish Business Part of Disposal Program
PARADISE COMPUTERS: Creditors' Meeting Set
PEREGRINE PRESS: Appoints Administrators for Begbies Traynor
STOTT BROTHERS: Sets Creditors' Meeting Next Week
TAURUS SPORTS: Creditors' Meeting Set Next Week
TC VENTILATION: Liquidator to Present Report Next Month
THORPSTONE LIMITED: Five-year Ban for Top Honcho Served
UNIVERSATILE NET: Calls in Administrators from Wilson Pitts
VALEYARD LIMITED: Bibby Invoice Appoints Numerica Receiver
WATERSTON SITE: Brings in Liquidator from KPMG
* FSCS Declares 43 Firms in Default
*********
===========================
C Z E C H R E P U B L I C
===========================
UNION BANKA: To Pay Major Creditor Next Month
---------------------------------------------
Union Banka's largest creditor, Deposit Insurance Fund (FPV), is
expected to receive CZK2.4 billion in December, according to
Hospodarske Noviny says.
The amount is part of the CZK15.14 billion in claims admitted by
the bank, out of the CZK17 billion in total claims filed by
creditors. The bank currently has CZK8 billion in assets after
recovering CZK6 billion from bankruptcy proceedings.
CONTACT: UNION BANKA a.s.
Ul. 30 Dubna c. 35
70200 Ostrava
Phone: 596108111
Fax: 596120134
E-mail: union@union.cz
Web site: http://www.union.cz
===========
F R A N C E
===========
ALSTOM SA: Pouring More Investments into India
----------------------------------------------
Engineering giant Alstom S.A. plans to expand its operation in
India to exploit growing opportunities in the power and
transport sector, Asia Intelligence Wire says.
Alstom chairman and chief executive Patrick Kron said the firm
considers India as its second largest market after China.
Alstom currently earns EUR300 million from the Indian power
market while grossing around EUR500 million in China.
Mr. Kron said, "We have ambitious plans to develop
infrastructure in India and we will create more business
opportunities."
The chief executive is optimistic the company could further tap
India's power market, after recently bagging a US$1.4 billion
contract in China. Mr. Kron said, "Hence, in India too quantum
of business is anyone's guess."
Mr. Kron said the Indian power market is challenging as Alstom
intends to upgrade its Vadodara plant and construct significant
facilities in Delhi to reduce costs. Mr. Kron added Alstom
would complete the sale of its transmission and distribution
business in the country to French energy giant Areva.
During his three-day visit in India, Mr. Kron met Finance
Minister P. Chidambaram, Commerce Minister Kamal Nath, Power
Minister P. M. Sayeed and officials of NTPC, NHPC and BHEL.
CONTACT: ALSTOM S.A.
25 Avenue Kleber
75795 Paris Cedex 16
France
Phone: +33-1-47-55-20-00
Fax: +33-1-47-55-25-99
Web site: http://www.alstom.com
PROLOGUE SOFTWARE: Succumbs to Insolvency
-----------------------------------------
IT firm Prologue Software S.A. has gone into receivership after
a commercial court placed the troubled group into insolvency,
Les Echos says.
Prologue was able to convince creditor banks in June to clear
75% of its debt but failed to beat a September 15 due date to
repay the remaining EUR5.7 million. Prologue also failed in
October to fulfill a EUR10 million capital increase, which was
one of the banks' conditions in clearing its liabilities. The
group filed for insolvency in a commercial court near Paris
after failing to reach a renegotiated agreement with banks.
Prologue, which owes EUR9.5 million in tax arrears and EUR6
million to suppliers, claims its restructuring and relaunch were
going well.
Prologue Software's principal activities are research,
production and sale of computer software solutions. The group
offers multi-user systems and development tools and specialist
systems adopted to suit different business needs. Prologue has
subsidiaries in France, Belgium, Spain, Italy, Germany,
Switzerland and the U.S.A.
CONTACT: PROLOGUE SOFTWARE S.A.
12 Avenue des Tropiques
Z.A. De Courtaboeuf B.P. 73
91940 Les Ulis
Phone: +33 1 69 29 39 39
+33 1 69 28 89 55
Web site: http://www.prologue-software.fr
=============
G E R M A N Y
=============
ADVISORTECH GMBH: Under Bankruptcy Administration
-------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against AdvisorTech GmbH on Oct. 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Jan. 26, 2005 to
register their claims with court-appointed provisional
administrator Frank Schmitt.
Creditors and other interested parties are encouraged to attend
the meeting on Mar. 9, 2005, 10:25 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt 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: ADVISORTECH GMBH
An der Welle 3, 60322 Frankfurt am Main
Contact:
Dr. Andreas Robert Spahni
Frank Schmitt
Olof-Palme-Strasse 13, 60439 Frankfurt/Main
Phone: 069/50986-0
Fax: 069/50986110
AUGUSTA TECHNOLOGIE: 97% of Bondholders OK Debt Restructuring
-------------------------------------------------------------
The bondholders' meeting of holders of Prime Standard member
(ISIN DE0005088603) AUGUSTA Technologie AG's EUR75 million 4%
convertible bond 2000/2005 on November 4, 2004 under the
conditions set forth below approved all the resolutions listed
in the invitation to the meeting regarding a restructuring of
the bonds with a majority of more than 97% of the bondholders
present. The quota of at least 50% of the outstanding bond
amount as required by the Schuldverschreibungsgesetz (German
Debt Securities Act) was met -- 74% of the nominal capital was
represented.
The resolutions, which are binding for all bondholders once the
conditions below take effect, cover:
(1) The extension of the maturity date of the convertible bond
from February 15, 2005 to November 4, 2007, with the repayment
date being set for November 4, 2007.
(2) The reduction of the annual interest rate on the convertible
bond to 0%for the period from February 15, 2004 to February 15,
2007; for the period from February 15, 2007 to November 4, 2007
an interest rate of 4% will apply.
(3) The waiver of the unpaid interest accrued under the terms of
the convertible bond up to the date of the holding of the
creditors' meeting as well as the waiver of all termination
rights or other rights arising as a result of the planned
restructuring of the convertible bond or preparations for its
restructuring.
As announced, AUGUSTA Technologie AG intends to submit a public
offer relating to the restructuring of the convertible bonds to
the bondholders in November 2004; this will provide for the
bondholders to waive their claims under the bond in return for
the issue of new shares in AUGUSTA Technologie AG.
The resolutions set forth above are subject to the conditions
precedent that:
(1) an extraordinary general meeting resolves upon a non-cash
capital increase until January 15, 2005 whereby the bondholders
may convert their bonds into shares and
(2) at least 95% of the bond principal is converted to shares
until February 8, 2005.
In addition, the Company announces that the underwriting banks
will extend their loan in the amount of EUR46.0 million due on
June 30, 2005 on condition that the restructuring of the 4%
convertible bond 2000/2005 is successful.
For further information, please contact Lena Trautmann, Investor
Relations.
The Managing Board
CONTACT: AUGUSTA Technologie AG
Wilhelm-Leuschner-Strasse 9-11
D-60329 Frankfurt am Main
Phone:+49 (0) 69-24 26 69-0
Fax: +49 (0) 69-24 26 69-40
E-mail: investor-relations@augusta-ag.de
Lena Trautmann
Phone: +49-(0)69-242669-19,
E-mail: trautmann@augusta-ag.de
AUGUSTA TECHNOLOGIE: Deutsche Bank Now Owns Bulk of 2005 Bonds
--------------------------------------------------------------
Prime Standard member AUGUSTA Technologie AG (ISIN DE0005088603)
announces that Deutsche Bank AG London has acquired the majority
of the 4% convertible bonds 2000/2005 (ISIN DE0003705992) issued
by AUGUSTA Technologie AG.
AUGUSTA Technologie AG convened a Bondholders' Meeting on
November 4 for the bondholders of the 4% convertible bonds
2000/2005, in accordance with the provisions of the
Schuldverschreibungsgesetz (German Bond Act). Inter alia, the
following resolutions shall be passed: the extension of the
maturity of the convertible bonds, the reduction of the annual
interest rate of the convertible bond for the period from
February 15, 2004 until February 15, 2007, and the waiver of
certain rights from the convertible bonds.
For further information, please contact Lena Trautmann, Investor
Relations.
The Managing Board
* * *
AUGUSTA Technologie AG is a high-tech company that focuses on
niche markets in the fields of industrial IT, sensor technology
and communications. Its three divisions - Sensor Systems, IT
Systems and Communication Systems - develop custom solutions for
clients from the automotive, aerospace and plant and engineering
sectors, as well as for other industries such as medical
technology and research institutions. The company has been
listed on Frankfurt's Neuer Markt since May 5, 1998 and was
admitted to Deutsche Borse's Prime Standard Segment as part of
the re-segmentation of the German stock market in January 2003
(ISIN DE0005088603).
CONTACT: AUGUSTA Technologie AG
Wilhelm-Leuschner-Strasse 9-11
D-60329 Frankfurt am Main
Phone:+49 (0) 69-24 26 69-0
Fax: +49 (0) 69-24 26 69-40
E-mail: investor-relations@augusta-ag.de
Lena Trautmann
Phone: +49 (0) 69-24 26 69-19
Fax: +49 (0) 69-24 26 69-40
E-mail: trautmann@augusta-ag.de
BAUSTOFFHANDLUNG PAUL: Frankfurt Court Calls Administrators
-----------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Baustoffhandlung Paul Geldmacher
Gesellschaft mit beschrankter Haftung on Oct. 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Mar. 2, 2005 to
register their claims with court-appointed provisional
administrator Claudia Jansen.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:35 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings. The court will verify the claims set
out in the administrator's report on Apr. 13, 2005, 9:00 a.m. at
the same venue.
CONTACT: BAUSTOFFHANDLUNG PAUL GELDMACHER GESELLSCHAFT MIT
BESCHRANKTER HAFTUNG
Schmickstr. 37, 60314 Frankfurt am Main
Claudia Jansen, Insolvency Manager
Bockenheimer Landstrasse 20, 60323 Frankfurt/Main
Phone: 069/4272686-5270
Fax: 069/4272686-5555
BFC GEBAUDEMANAGEMENT: Applies for Bankruptcy Proceedings
---------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against BFC Gebaudemanagement, Zeit- und
Betriebsdatenerfassung Service GmbH on Oct. 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Dec. 27, 2004 to
register their claims with court-appointed provisional
administrator Angelika Amend.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 8:15 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: BFC GEBAUDEMANAGEMENT, ZEIT- UND
BETRIEBSDATENERFASSUNG SERVICE GMBH
Kronberger Strasse 42, 65760 Eschborn
Contact:
Peter Bottger
Angelika Amend, Insolvency Manager
Minnholzweg 2b, D-61476 Kronberg
Phone: 06173/78340
Fax: 06173/783422
BOCKENHEIMER BUCHERWARTE: Creditors' Claims Due December
--------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Bockenheimer Bucherwarte Gesellschaft mit
beschrankter Haftung on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 27, 2004 to register their claims with
court-appointed provisional administrator Claudia Jansen.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:30 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on Jan. 24, 2005, 9:15 a.m. at the same
venue.
CONTACT: BOCKENHEIMER BUCHERWARTE GESELLSCHAFT MIT BESCHRANKTER
HAFTUNG
Bockenheimer Landstrasse 127, 60325 Frankfurt am Main
Contact:
Josef Kuth, Manager
Manfred Hubner, Manager
Claudia Jansen, Insolvency Manager
Bockenheimer Landstrasse 20, D-60323 Frankfurt/Main
Phone: 069/4272686-5270
Fax: 069/42726865555
ECF BETRIEBSGESELLSCHAFT: Junker & Kollegen Takes over Helm
-----------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against ECF Betriebsgesellschaft mbH, formerly Elb Color
Fotolabor GmbH, on Oct. 8. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 10, 2004 to register their claims with
court-appointed provisional administrator Dr. Christoph Junker
of Junker & Kollegen.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 22, 2004, 9:30 a.m. at Saal D132,
Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which
time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: ECF BETRIEBSGESELLSCHAFT MBH
Zaschendorfer Str. 83 in 01662 Meissen
JUNKER & KOLLEGEN
Web site: http://www.junker-kollegen.de
Dr. Christoph Junker, Insolvency Manager
Karcherallee 25a, 01277 Dresden
FOTOSATZ HANS: Administrator to Temporarily Oversee Operations
--------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Fotosatz Hans Strobach & Co. on Sept. 30.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 5, 2005 to
register their claims with court-appointed provisional
administrator Dr. Georg Bernsau.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:55 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: FOTOSATZ HANS STROBACH & CO.,
Hanauer Landstrasse 226, 60314 Frankfurt am Main
Phone: 069 943408-0
Fax: 069 943408-15
E-mail: fotosatz.strobach@t-online.de
Dr. Georg Bernsau, Insolvency Manager
Zeilweg 42, D-60439 Frankfurt am Main
Phone: 069/963761-130
Fax: 069/963761-145
MANFRED BAR: Gives Creditors Until December to File Claims
----------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against on Oct. 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 27, 2004 to register their claims with
court-appointed provisional administrator Christa Heim.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 24, 2005, 9:30 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: MANFRED BAR UND HELMUT ULLRICH GBR
Bahnhofstr. 28, 65830 Kriftel
Contact:
Manfred Bar, Partner
Morikeweg 2, 65830 Kriftel
Helmut Ullrich, Partner
Friedrich-Ebert-Strasse 117, 55276 Oppenheim
Christa Heim, Insolvency Manager
Lorsbacherstrasse 4, D-65719 Hofheim/Ts.
Phone: 06192/954658/59
Fax: 06192/954660
OK BAUSERVICE: Creditors Have Until December to File Claims
-----------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Bauservice GmbH on Oct. 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Dec. 22, 2004 to
register their claims with court-appointed provisional
administrator Ottmar Hermann.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 10:30 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: OK BAUSERVICE GMBH
Bleiweissstrasse 13, 60598 Frankfurt am Main
Contact:
Otmar Kipper
Ottmar Hermann, Insolvency Manager
Bleichstrasse 2-4, D-603113 Frankfurt am Main
Phone: 069/9130920
Fax: 069/91309230
PARKSCHLOSSCHEN-GASTSTATTEN: Creditors' Claims Due Next Week
------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Parkschlosschen-Gaststatten GmbH on Oct. 13.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Nov. 12, 2004
to register their claims with court-appointed provisional
administrator Carsten Morgenstern.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 7, 2004, 10:00 a.m. at Saal 24,
Gerichtsgebaude Furstenstrasse 21, Chemnitz 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: PARKSCHLOSSCHEN-GASTSTATTEN GMBH
Rodlitzer Strasse 11, 09350 Lichtenstein
Contact:
Beate Muhlmann, Manager
Johannes Dirwehlis, Manager
HWW
Carsten Morgenstern, Insolvency Manager
Michaelstrasse 71, 09116 Chemnitz
Web site: http://www.hww-kanzlei.de
ROTOR MEDIEN: Creditors' Meeting Set November
---------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Rotor Medien GmbH on Oct. 13. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Jan. 13, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 23, 3004, 9:20 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on Mar. 8, 2005, 9:25 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: ROTOR MEDIEN GMBH
Pfuelstr. 5,10997 Berlin
Phone: (030) 61 79 19-0
Fax: (030) 61 79 19-99
E-mail: info@rotor-medien.de
Web site: http://www.rotor-medien.de
Dr. Wolfgang Schroder, Insolvency Manager
Genthiner Str. 48, 10785 Berlin
=========
I T A L Y
=========
ALITALIA SPA: Flight Attendants Threaten to Strike Anew
-------------------------------------------------------
Flight attendants of ailing carrier Alitalia are mulling another
strike due to management's failure to negotiate a new contract,
Airline Industry Information says.
The attendants' current contract will expire in January 2005.
The SULT union, which represents Alitalia's flight crew, is
leading the call for a strike.
Only recently, the carrier convinced unions to agree to a
restructuring plan that entails 3,700 job cuts and a split of
the carrier's flight and ground services divisions. The
approval of the plan was one of the requirements set by the
European Commission before approving a EUR400 million state-
guaranteed bridging loan.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
VOLARE GROUP: Shareholders Want Former Management Investigated
--------------------------------------------------------------
Shareholders of low-cost carrier Volare gave the board the go-
ahead to review the role played by former management in leading
the company to its current financial fix, La Stampa says.
Shareholders also did not rule out taking legal action against
Volare's management. The move follows KPMG's review of Volare's
financial statements for the past three years. Shareholders
will convene on November 22 to decide on a proposed EUR60
million capital increase.
CONTACT: VOLARE GROUP S.p.A.
Via Pirelli, 20
20124 Milan
Phone: (+39) 02 673 631
Fax: (+39) 02 673 630 90
Web site: http://www.volare-group.it
=====================
N E T H E R L A N D S
=====================
LAURUS N.V.: Shareholders Okay EUR200 Million Rights Offering
-------------------------------------------------------------
Laurus N.V. announced that shareholders have adopted the
proposals presented during its extraordinary general meeting.
In accordance with the proposals in question, of which a number
relate to the EUR200 million rights offering that was announced
on October 15, the general meeting of shareholders has adopted
these resolutions:
(a) The resolution to appoint the Board of Management as the
corporate body to issue shares and to grant rights to
subscribe for shares as well as to restrict or exclude the
pre-emption rights of shareholders, which authority shall
relate to such number of shares necessary to raise
EUR200 million within the scope of the rights offering
for the issue price per share (which issue price will be
determined by Laurus and the underwriting banks prior to the
launch of the offering);
(b) The resolution to amend the articles of association in order
to increase the authorized capital and the nominal value per
share from EUR0.20 to EUR2, in connection with a share
consolidation, whereby ten shares with a nominal value of
EUR0.20 will be consolidated into one share with a nominal
value of EUR2 and subsequently, pursuant to the resolution
to reduce the capital referred to below, the reduction of
the nominal value per share from EUR2 to EUR1.30;
(c) The resolution to reduce the capital by (i) a reduction of
the nominal value per share from EUR2 to EUR1.30 without
repayment by means of the amendment to the articles of
association referred to above and (ii) a cancellation, prior
to the share consolidation, of five repurchased shares of
nominal EUR0.20 each;
(d) The resolution to amend the articles of association in order
to incorporate the new provisions of the Law of July 9, 2004
'Amendment of Book 2 of the Dutch Civil Code in connection
with the modification of the rules relating to the Large
Company Regime' and to make certain other changes; and
(e) The resolution to authorize the sole member of the Board of
Management and certain others to file a request for a
Ministerial Statement of No-Objection as well as to sign the
deed of amendment to the articles of association.
About Laurus
Laurus was formed on October 30, 1998 through a merger of De
Boer Unigro N.V. and Vendex Food Groep B.V. With a market share
of some 16.6%, about 25,000 employees and 720 supermarkets,
Laurus is one of the main food retail organizations in the
Netherlands.
Laurus operates the Konmar, Super De Boer and Edah banners in
the Netherlands. Laurus has its own stores and also works with
franchisees that operate supermarkets under the three banners.
Laurus' shares are listed on Euronext Amsterdam [LAU NA]. The
shares are included in the Next150, Midkap and Food and Drug
retailers indices. Options on Laurus' shares are also traded on
Euronext Amsterdam (as of November 2004 in EuronextLiffe).
Disclaimer
This announcement is not for release, distribution or
publication, whether directly or indirectly and whether in whole
or in part, into or in the United States, Australia, Canada,
Japan, or Italy. This document does not constitute, or form
part of, an offer, or solicitation of an offer, to purchase or
subscribe for any rights, shares or other securities in any
jurisdiction.
CONTACT: LAURUS N.V.
Parallelweg 64
5201 AD 's-Hertogenbosch
The Netherlands
Phone: +31 73 622 3622
Fax: +31 73 622 3636
Web site: http://www.laurus.nl
LAURUS N.V.: To Unveil Rights Issue Conditions Next Week
--------------------------------------------------------
Subject to shareholders' approval and certain customary
conditions, Laurus N.V. expects to announce the terms of its
rights offering, including the issue price, on November 9 prior
to start of trading. The prospectus will also be published on 9
November. The record date for the subscription rights is
expected to be immediately after the close of trading on
Euronext Amsterdam on November 9. Until the record date, the
shares will trade cum-subscription rights and as from November
10 the shares will trade ex-subscription rights. The rights
exercise period is expected to start on November 10 and is
expected to end on November 22.
Summary of Expected Timetable
November 9: Announcement terms of rights offering, including
issue price
November 10: (a) Start of subscription period for offer shares
(b) Start of listing and trading of rights on
Euronext Amsterdam at 9:00 a.m.
November 22: (a) End trading of rights at 1:15 p.m.
(b) End subscription period for offer shares at
3:30 p.m.
November 23: Rump placement
November 26: Admittance of new shares to listing and trading
The fees payable by Laurus to the underwriters (ABN AMRO
Rothschild, ING Investment Banking and Rabo Securities) amount
to approximately EUR5 million.
Agreements between Casino and the banks
In connection with our financial restructuring in 2002, a call
option and lock-up agreement was entered into between Casino and
the banks. The key features of this agreement, as included in
the prospectus prepared for Laurus' 2002 equity offering, are
included in Appendix I for reference.
In connection with the proposed share consolidation and rights
issue announced on October, Casino and the banks have amended
some provisions in the call option and lock-up agreement.
At the same time, Casino and the banks have agreed that the
banks, who are required to hold a certain number of Laurus
shares under the terms of the call option that Casino has over
those shares, will sell the subscription rights that will be
granted to them in relation to those shares in the proposed
rights offering, to Casino.
The price Casino has agreed to pay to the banks for their
subscription rights equals the lower of:
(a) the theoretical rights price[1]; or
(b) the volume weighted average trading price of the rights on
Euronext Amsterdam during the rights trading period, subject
to a maximum of EUR1 per right (as adjusted for the proposed
1-for-10 share consolidation).
It should be noted that the price to be paid by Casino to the
banks is the outcome of negotiations between Casino and the
banks and may differ from the actual price for the rights upon
launch of the proposed rights offering or during the rights
trading period.
The call option and lock-up agreement between Casino and the
banks has been amended. The formula for calculating both the
Call Option price and the minimum price per Call Option share
(see Appendix I) has been adjusted: the price to be paid by
Casino to the banks for their subscription rights (capitalized
at an interest rate of six months Euribor + 0.5% spread from the
day payment is made by Casino to the banks for the rights) will
be deducted from the Call Option price or the minimum price per
Call Option share.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] The theoretical rights price is calculated as (P - Q) / (1 +
R), where P equals the closing price of the Laurus shares on 9
November 2004 (assuming the timetable set out above), Q equals
the issue price per share and R equals the rights issue ratio
(for example R = 2 means that 2 rights are required to subscribe
for 1 new share), as will be announced on 9 November 2004 before
start of trading.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
About Laurus
Laurus was formed on October 30, 1998 through a merger of De
Boer Unigro N.V. and Vendex Food Groep B.V. With a market share
of some 16.6%, about 25,000 employees and 720 supermarkets,
Laurus is one of the main food retail organizations in the
Netherlands.
Laurus operates the Konmar, Super De Boer and Edah banners in
the Netherlands. Laurus has its own stores and also works with
franchisees that operate supermarkets under the three banners.
Laurus' shares are listed on Euronext Amsterdam [LAU NA]. The
shares are included in the Next150, Midkap and Food and Drug
retailers indices. Options on Laurus' shares are also traded on
Euronext Amsterdam (as of November 2004 in EuronextLiffe).
* * *
This announcement is not for release, distribution or
publication, whether directly or indirectly and whether in whole
or in part, into or in the United States, Australia, Canada,
Japan, or Italy. This document does not constitute, or form
part of, an offer, or solicitation of an offer, to purchase or
subscribe for any rights, shares or other securities in any
jurisdiction.
APPENDIX I - Extract from page 23 of the prospectus dated July
9, 2002 Casino has a call option over the 71,577,252 shares that
were issued to the Banks in the share placement. Full exercise
of the Call Option will allow Casino to increase its aggregate
(direct or indirect) ownership percentage of our shares to 51%
on a fully diluted basis after completion of the transaction.
The Call Option can be exercised in whole or in part on any date
and on December 31, 2008 at the latest. Casino has agreed to
waive its rights under the Call Option if its (direct or
indirect) holding of shares in us has been less than 20% for a
period of three months in succession.
The price per Call Option share to be paid by Casino following
an exercise of the Call Option, the Call Option price, will be
calculated as:
(a) the result of the arithmetic average of twelve times
Consolidated EBITA and six times Consolidated EBITDA, minus
the Consolidated Net Debt, per share based on the average
numbers following from the annual accounts for the preceding
two financial years prior to the Call Option Exercise Date,
as an average between the two years; and to be
(b) decreased with any payments made by us on the Call Option
shares from the end of the last financial year used as
reference in the calculation of the Call Option price and
the Call Option Exercise Date.
However, the minimum price per Call Option share will be at
least equal to the result of EUR0.90:
(a) capitalized at an interest rate of six months Euribor + 0.5%
spread from the date of completion of the share placements
up to and including the Call Option Exercise Date; and
(b) decreased with any payments made by us on the Call Option
shares from the completion date of the share placements up
to and including the Call Option Exercise Date.
The Banks are subject to a lock-up on the 71,577,252 Call Option
shares and may not dispose of any such shares until the earlier
of:
(a) a waiver by Casino, which is compulsory upon Casino
(directly or indirectly) holding less than 20% of our
outstanding share capital for a period of three months in
succession; and
(b) January 1, 2009, the expiry date of the Call Option.
In the event that Casino sells all or part of the shares
specified in a notice of exercise of its Call Option to a third
party within six months after the date of such Call Option
notice, Casino will pay to the Banks the difference between the
purchase price agreed with such third party and the Call Option
price paid or payable by Casino to the Banks (calculated as
described above).
Consolidated EBITA means the consolidated operating income of
the Laurus group for the applicable reference period, adjusted
by adding-back goodwill amortization. Consolidated EBITA shall
take no account of any exceptional or extraordinary items.
Consolidated operating income and goodwill amortization shall be
adjusted for minority shareholdings.
Consolidated EBITDA means the consolidated EBITA of the Laurus
group for the applicable reference period, adjusted by adding-
back depreciation. Depreciations shall be adjusted for minority
shareholdings.
Consolidated Net Debt means at any time the sum of the following
items in the consolidated balance sheet of the Laurus group:
indebtedness to banks and other indebtedness similar thereto,
plus other interest-bearing borrowings, plus financial leases
(including financial leases under sale-and-lease-back
contracts), plus subordinated debts, minus liquid assets.
CONTACT: LAURUS N.V.
Parallelweg 64
5201 AD 's-Hertogenbosch
The Netherlands
Phone: +31 73 622 3622
Fax: +31 73 622 3636
Web site: http://www.laurus.nl
NUMICO N.V.: Returns to Black in Third Quarter
----------------------------------------------
Third-quarter 2004 results highlights (on a comparable
basis)[1]:
(a) Total net sales up 9.7%; EBITA margin at 19.0%;
(b) Nutricia Baby net sales up 9.0%; EBITA margin at 17.5%;
(c) Nutricia Clinical net sales up 11.1%; EBITA margin at 28.4%;
(d) Net result at EUR44 million compared to -EUR457 million in
Q3 2003;
(e) Trade working capital improved 260 bps to 14.9% of sales
versus third-quarter 2003;
(f) Strong free cash flow at EUR66 million; net debt reduced to
EUR980 million.
First nine months results highlights (on a comparable basis)[1]:
(a) Total net sales up 9.4%; EBITA margin at 19.9%;
(b) Nutricia Baby net sales up 8.2%; EBITA margin at 19.3%;
(c) Nutricia Clinical net sales up 11.7%; EBITA margin at 28.4%;
(d) Net result at EUR142 million compared to -EUR545 million in
the first nine months of 2003;
(e) Shareholders' equity improved to -EUR330 million from
-EUR469 million.
CEO's Statement: "Numico sales grew 9.7% in the third quarter,
continuing the positive momentum of the last 18 months and
demonstrating of the strength of the new Numico.
"Both divisions, Baby and Clinical, turned in excellent growth
performances. Importantly, Baby Food achieved a record growth
rate of 9%, driven by strong performance in Western Europe
(+6%), as well as continued strong performance outside Western
Europe (+12%).
"Clinical Nutrition reported its third consecutive period of
double-digit growth at 11.1%, fuelled by growth in all
geographies and segments, with notable results in Southern
Europe and disease-specific products.
"We are also very pleased that our operations efficiency
programs are delivering on target and without delays and that,
in both divisions, key innovations are in launch phase.
With these results, we feel comfortable that we will end at the
top of our net sales target range for the year of 7-9%, despite
challenging comparables in the fourth quarter for Baby Food. We
also reconfirm our EBITA growth target of 10% for the year."
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Comparable basis is at constant scope of consolidation and
constant exchange rates.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
A full copy of this press release is available free of charge at
http://bankrupt.com/misc/results.pdf.
CONTACT: Royal Numico N.V.
(Euronext Amsterdam: NUM)
Rokkeveenseweg 49
2712 PJ Zoetermeer, The Netherlands
Phone: +31-79-353-9000
Fax: +31-79-353-9620
Web site: http://www.numico.com
ROYAL SHELL: Sets Schedule for Paying Second Interim Dividend
-------------------------------------------------------------
N.V. Koninklijke Nederlandsche Petroleum Maatschappij (Royal
Dutch Petroleum Company) and The Shell Transport and Trading
Company, p.l.c. provide provisional timetables for payment of a
second interim dividend in respect of the year 2004. The
second interim dividend will be paid in lieu of the 2004 final
dividend and therefore the Companies do not intend to recommend
further dividends in respect of the year 2004 to shareholders at
their respective Annual General Meetings in 2005.
Royal Dutch Petroleum Company
Royal Dutch Petroleum Company's provisional dates with respect
to the second interim dividend for 2004 are:
Announcement Date: February 3, 2005
Record Date (Amsterdam): February 3, 2005
Record Date (New York): February 8, 2005
Ex-Dividend Date (Amsterdam): February 4, 2005
Ex-Dividend Date (New York) February 4, 2005
Payment Date (Amsterdam) March 15, 2005
Payment Date (New York)[*] March 15, 2005
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] The amount to be paid in dollars to holders of shares of New
York Registry will depend upon the dollar/euro exchange rate
ruling in Amsterdam on 8 February 2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The "Shell" Transport and Trading Company, p.l.c.'s provisional
dates with respect to the second interim dividend for 2004 are:
Announcement Date February 3, 2005
Ex-Dividend Date (London) February 9, 2005
Ex-Dividend Date (New York) February 9, 2005
Record Date (London) February 11, 2005
Record Date (New York) February 11, 2005
Payment Date (London) March 15, 2005
Payment Date (New York)[**] March 21, 2005
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[**] The amount to be paid to holders of New York Shares will be
determined by the dollar/sterling exchange rate on 15 March
2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
All dates in this announcement are provisional and may be
subject to change.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague, The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
===========
P O L A N D
===========
PROCHNIK SA: Third-quarter Net Loss Swells
------------------------------------------
Clothing company Prochnik S.A. reported net loss of PLN196,000
for the third quarter, higher than the PLN77,000 recorded in the
same period for last year, according to just-style.com. Its
revenues were PLN1.8 million for July to September 2004.
In June, the firm reported net loss of EUR481,800 for 2003, up
from a loss of EUR459,000 in the previous year. The result was
higher than expected after adjustments in reserved were
considered. Liabilities exceeded the value of its assets by
PLN4.33 million, as turnover only reached PLN6.35 million.
Shares in the company fell by over one-third in September. The
fall was triggered by the firm's plans to raise capital and sell
new shares at PLN0.5 each. Prochnik is based in Lodz in central
Poland. It has been operating since 1945.
CONTACT: PROCHNIK S.A.
93-124 Lodz
ul. Kilinskiego 228
Phone: (0-42) 683-66-05
E-mail: sprzedaz@prochnik.com.pl
===========
R U S S I A
===========
DISTILLERY: Kostroma Court Hires Insolvency Manager
---------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy proceedings against Distillery after finding the
close joint stock company insolvent. The case is docketed as
A31-496/18. Mr. V. Knyazev has been appointed insolvency
manager. Creditors have until December 1, 2004 to submit their
proofs of claim to 157170, Russia, Kostroma region, Sogalich,
Oktyabrskaya Str. 19, Apartment 17.
CONTACT: DISTILLERY
156005, Russia, Kostroma,
Nizhnyaya Debrya Str. 90
Mr. V. Knyazev
Insolvency Manager
157170, Russia, Kostroma region,
Sogalich, Oktyabrskaya Str. 19, Apartment 17
ELECTRO-SYSTEM: Proofs of Claim Deadline Expires December
---------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Electro-System after finding the factory
insolvent. The case is docketed as A28-28/04-37/6. Mr. S.
Torbeyev has been appointed insolvency manager. Creditors have
until December 1, 2004 to submit their proofs of claim to
610046, Russia, Kirov-46, Post User Box 1341.
CONTACT: ELECTRO-SYSTEM
610042, Russia,
Kirov, Narodnaya Str. 28
Mr. S. Torbeyev
Insolvency Manager
610046, Russia,
Kirov-46, Post User Box 1341
LEBYAZHSKIY ELEVATOR: Insolvency Manager to Temporarily Run Biz
---------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Lebyazhskiy Elevator after finding the open
joint stock company insolvent. The case is docketed as A28-
45/04-59/3. Mr. V. Lutoshkin has been appointed insolvency
manager. Creditors have until December 1, 2004 to submit their
proofs of claim to 610021, Russia, Kirov, Proizvodstvennaya Str.
20, Office 6.
CONTACT: LEBYAZHSKIY ELEVATOR
613500, Russia, Kirov region,
Lebyazhye, Sovetskaya Str. 63
Mr. V. Lutoshkin
Insolvency Manager
610021, Russia, Kirov,
Proizvodstvennaya Str. 20, Office 6
LYSKOVSKIY METALLO-FURNITURNIY: Declared Insolvent
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Lyskovskiy Metallo-Furniturniy
Factory after finding the open joint stock company insolvent.
The case is docketed as A43-2180/04-33-53. Mr. V. Tokarenko has
been appointed insolvency manager. Creditors have until
December 1, 2004 to submit their proofs of claim to 603029,
Russia, Nizhniy Novgorod, Pamirskaya Str. 11.
CONTACT: Mr. V. Tokarenko
Insolvency Manager
603029, Russia,
Nizhniy Novgorod, Pamirskaya Str. 11
METROMEDIA INTERNATIONAL: In Exclusive Talks to Acquire MIG
-----------------------------------------------------------
Metromedia International Group, Inc. entered into exclusive
negotiations with an investor group composed of Emergent Telecom
Ventures, First National Holding, Capital International
Private Equity Fund IV, L.P. and Baring Vostok Capital Partners
(Cyprus) Limited concerning the Investor Group's preliminary
proposal to acquire MIG by merger.
The Investor Group's proposal assigns an aggregate enterprise
value to MIG of US$300 million. Of this amount, approximately
US$152 million would be used to retire the Company's outstanding
10 1/2% Senior Discount Notes Due 2007, and the remaining US$148
million, after reduction for certain transaction related
expenses, would be allocated between MIG's preferred and common
shareholders in a manner determined by the Company's Board prior
to the execution of any definitive merger agreement.
The proposal contains a number of conditions, including without
limitation, the Investor Group's successful completion of due
diligence during a limited exclusivity period, the Investor
Group obtaining commitments for all financing contemplated in
its acquisition proposal, MIG meeting currently projected
corporate cash balance and liability levels, and negotiation and
execution of definitive transaction agreements. MIG has granted
the Investor Group exclusivity until January 17, 2005 to pursue
a due diligence review of the Company and negotiate a definitive
merger agreement, subject to earlier termination under certain
circumstances.
The member companies of the Investor Group have come together
specifically for the purpose of acquiring MIG as a whole in the
proposed merger transaction. Following successful conclusion of
such a transaction, Emergent and First National intend to take
direct ownership and pursue further development of MIG's
ownership interest in PeterStar; and Capital International and
one or more funds advised by Baring Vostok intend to take direct
ownership and pursue further development of MIG's current
interests in the Republic of Georgia.
Emergent/First National and Capital International/Baring Vostok
have each expressed their keen intent to continue investment in
Russia and the Republic of Georgia, respectively.
With respect to these announcements, Mark Hauf, Chairman and CEO
of the Company, commented: "We have been actively assessing for
some time the practical business development and financial
restructuring alternatives available to the Company. In this,
our consistent goal has been to best capture returns for our
current financial stakeholders from the extensive restructuring
of our business begun more than a year ago. We have also
received and carefully considered several acquisition proposals
from various parties over recent months.
Based on the results of all this work, the Board concluded that
the Investor Group proposal, if consummated, offers the best
opportunity reasonably available to maximize value for the
Company's stakeholders.
We believe that the proposed acquisition price reflects an
attractive valuation for our core businesses; and the Investor
Group's willingness to acquire the overall Company creates an
efficient means to promptly deliver this value to our current
stakeholders. It is also important to note that the Investor
Group's members command considerable financial resources and
possess substantial business experience in the territories in
which MIG now operates. The Investor Group's members have good
working relationships with our business partners in Russia and
the Republic of Georgia, resulting in no discount being taken in
their offered price to account for the otherwise inevitable
partner risks common in these territories. In the Board's
opinion, these factors lend credibility to the Investor Group's
proposal and maximize the likelihood of successfully concluding
a transaction."
There can be no assurances that any transaction with the
Investor Group or any other party will take place nor can any
assurance be given with respect to the timing or terms of any
such transaction.
Details of the terms of a final agreement, if any, reached
between the parties will be disclosed upon signing of definitive
agreements. The preliminary proposal made by the Investor Group
is non-binding and MIG has agreed, under certain circumstances,
to reimburse the Investor Group for a limited amount of its out-
of-pocket expenses incurred in connection with its due diligence
review and negotiation of definitive agreements.
About Metromedia International Group
Through its wholly owned subsidiaries, the Company (MIG, Pink
Sheets:MTRM) (Pink Sheets:MTRMP) owns interests in
communications businesses in Russia and the Republic of Georgia.
The Company has focused its principal attentions on the
continued development of these core telephony businesses, and
has substantially completed a program of gradual divestiture of
its former non-core cable television and radio broadcast
businesses. The Company's core telephony businesses include
PeterStar, the leading competitive local exchange carrier in St.
Petersburg, Russia, and Magticom, the leading mobile telephony
operator in the Republic of Georgia.
About the Members of the Investor Group
Baring Vostok Capital Partners
Baring Vostok Capital Partners is a leading private equity firm
investing in Russia and the CIS, with over US$400 million in
capital under management. Baring Vostok has successfully
invested in a broad range of companies within the oil and gas,
consumer goods, manufacturing, telecommunications, financial
services, mass media and high-tech sectors. Baring Vostok is an
affiliate of Baring Private
Equity International, a US$2 billion global private equity group
with activities in over 25 countries worldwide.
Capital International Private Equity Fund
Capital International Private Equity Fund IV, L.P. is one of
four private equity funds managed by Capital International, Inc.
with, collectively, aggregate capital commitments in excess of
US$1.4 billion. CII, a subsidiary of The Capital Group
Companies, Inc., is one of the largest and most experienced
emerging markets investment managers in the world with over
US$28 billion of assets under management.
Emergent Telecom Ventures
Emergent Telecom Ventures is a communications merchant bank with
access to significant amounts of investment capital and a
current investment portfolio comprising more than 25 ventures.
Emergent was founded by Juan Villalonga, former Chairman and CEO
of Telefonica, and Mohamed Amersi, co-founder of Gramercy
Communications Partners, which managed a US$1.3 billion telecom
venture fund. Other than investing for its own and investors'
accounts, Emergent provides advice to management of companies in
the technology, media and telecommunications sector and is
active in various other value-creating transactions in the
sector.
First National Holding
First National Holding is a holding company incorporated in
Luxembourg. First National owns a 58.9% stake in OAO
Telecominvest in Russia. Through its investments, First
National is involved in a number of activities including wire
line and wireless telecommunications, financial services, IT and
outsourcing. Investments of TCI include a 29% stake in
PeterStar, 100% stake in PTT and a 31.3% stake in MegaFon, the
third largest GSM operator in Russia.
CONTACT: METROMEDIA INTERNATIONAL GROUP, INC.
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
Web site: http://www.metromedia-group.com
NOLINSKIY REPAIR: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Nolinskiy
Repair Mechanical Factory. The case is docketed as A28-174/04-
210/6. Mr. V. Perminov has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to:
(a) Nolinskiy Repair Mechanical Factory
613440, Russia, Kirov region,
Nolinskiy region, Nolinsk, Zavodskaya Str. 3
(b) Temporary Insolvency Manager
610000, Russia, Kirov,
Moskovskaya Str. 25-a
(c) The Arbitration Court Of Kirov Region
610000, Russia, Kirov,
K. Libknekhta Str. 102
A hearing will take place on January 11, 2005, 10:30 a.m.
OREL-STANKO-SERVICE: Appoints A. Dyezhin Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company Orel-Stanko-
Service. The case is docketed as A48-5307/04-17B. Mr. A.
Dyezhin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 302010, Russia,
Orel, Aviatsionnaya Str. 5. A hearing will take place on
December 10, 2004, 9:30 a.m.
CONTACT: OREL-STANKO-SERVICE
Russia, Orel,
Novosilskoye Shosse, 18
Mr. A. Dyezhin
Temporary Insolvency Manager
302010, Russia,
Orel, Aviatsionnaya Str. 5
RED TORCH: Under Bankruptcy Supervision
---------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on open joint stock company Red Torch.
The case is docketed as A41-K2-4650/04. Mr. V. Dyuryagin has
been appointed temporary insolvency manager. Creditors may
submit their proofs of claim to 111558, Russia, Moscow, Post
User Box 92.
CONTACT: RED TORCH
Russia, Moscow region,
Sergievo-Posadskiy region, Mukhanovo
Mr. V. Dyuryagin
Temporary Insolvency Manager
111558, Russia, Moscow,
Post User Box 92
RUSSIA INTERNATIONAL: US$225 Mln Fixed-rate Notes Rated 'B+'
------------------------------------------------------------
Fitch Ratings assigned Russia International Card Finance S.A.'s
US$225 million 9.75% structured receivables fixed-rate notes a
final 'B+' rating.
The transaction securitizes existing and future international
credit card voucher receivables generated by JCS United Card
Services through its merchant-acquiring business and due to JSCB
Rosbank from Visa and MasterCard for settling the vouchers with
the merchants.
The rating of the transaction is based on UCS and Rosbank's
ability to generate future credit card receivables, which is
measured by Fitch's going concern assessment of both entities.
The rating addresses the timely payment of interest and ultimate
payment of principal by the legal final maturity date of
September 2010, addressing the likelihood that cash flows
generated by the assigned receivables will be sufficient to make
timely interest payments and ultimate principal repayments on
the notes over the life of the transaction.
The transaction is structured as a loan from Russia
International Card Finance S.A., located in Luxembourg, to
Rosbank. This loan is secured by an assignment of the
receivables. Obligor notices and consents will instruct VISA
and MasterCard to deposit payments owed to Rosbank into a
segregated offshore account.
A new issue report for this transaction is available at
http://www.fitchratings.com.
CONTACT: FITCH RATINGS
Jennifer O'Neil, London
Phone: +44 20 7417 3550
Polly Kolotas
Phone: +44 20 7417 4358
Natasha Page, Moscow
Phone: +7 095 956 9901
Media Relations:
Julian Dennison, London
Phone: +44 20 7862 4080
SAINT-PETERSBURG CENTRE: Declares Bankruptcy
--------------------------------------------
The Arbitration Court of Saint Petersburg and the Leningrad
region has commenced bankruptcy proceedings against Saint-
Petersburg Centre of Refrigerating Equipment after finding the
close joint stock company insolvent. The case is docketed as
A56-8751/04. Mr. I. Tsiganov has been appointed insolvency
manager. Creditors have until December 1, 2004 to submit their
proofs of claim to 192212, Russia, Saint Petersburg,
Belgradskaya Str. 32, Apartment 15.
CONTACT: SAINT-PETERSBURG CENTRE OF REFRIGERATING EQUIPMENT
192007, Russia,
Saint Petersburg, Kurskaya Str. 27
Mr. I. Tsiganov
Insolvency Manager
192212, Russia, Saint Petersburg,
Belgradskaya Str. 32, Apartment 15
SHAKHUNSKIY BAKERY: Hires A. Skorodumov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy proceedings against Shakhunskiy Bakery after finding
the limited liability company insolvent. The case is docketed
as A43-3060/04-24-70. Mr. A. Skorodumov has been appointed
insolvency manager. Creditors have until December 1, 2004 to
submit their proofs of claim to Russia, Nizhniy Novgorod region,
Shakhunya, Sovetskaya Str. 28.
CONTACT: SHAKHUNSKIY BAKERY
Russia, Nizhniy Novgorod region,
Shakhunya, Sovetskaya Str. 28
Mr. A. Skorodumov
Insolvency Manager
Russia, Nizhniy Novgorod region,
Shakhunya, Sovetskaya Str. 28
YUKOS OIL: Major Investor Plans to Sue Moscow
---------------------------------------------
Group Menatep Ltd., main shareholder of Yukos Oil, threatens to
initiate international litigation against President Vladimir
Putin to force the government to enter talks with the firm.
Group Menatep director Tim Osborne told Associated Press the
company has sent a letter to the president in the name of
Menatep's wholly owned foreign subsidiaries. The subsidiaries
control 50% of Yukos.
"We want to work out a way to keep Russia's largest and most
successful company in place as a valuable member of Russian
society," Mr. Osborne said.
The Energy Charter -- an international treaty that establishes a
legal framework to protect investments in the energy sector --
allows shareholders to pursue international arbitration to
reclaim damages if an amicable agreement is not reached within
three months.
But according to Tim Gould, senior adviser at the Energy Charter
Secretariat in Brussels, it is not what sort of legal provisions
Russia was obligated to follow since Russia has yet to ratify
the document.
The legal assault of the government against the company has
reduced the value of Yukos shares by 82%.
Mr. Putin's camp claims the attack is aimed at punishing Yukos
for shady accounting and dubious tax-optimization schemes, but
many believe it is to discourage its founder from pursuing his
political ambitions. Mr. Khodorkovsky is a staunch supporter of
the opposition. Yukos, struggling under a debt of US$14
billion, is calling a meeting in December to discuss a possible
bankruptcy filing.
CONTACT: YUKOS OIL
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
ZAURALSKIY MIXED: Tyumen Court Launches Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
proceedings against Zauralskiy Mixed Fodder Factory after
finding the limited liability company insolvent. The case is
docketed as A-70-995/3-2004. Ms. O. Leontyeva has been
appointed insolvency manager. Creditors may submit their proofs
of claim to Russia, Tyumen, Melnikayte Str. 44A.
CONTACT: Ms. O. Leontyeva
Insolvency Manager
Russia, Tyumen, Melnikayte Str. 44A
=============================
S L O V A K R E P U B L I C
=============================
MAYTEX A.S.: Receiver Schedules Second Public Auction
-----------------------------------------------------
Vladimir Nosko, receiver of bankrupt textile firm, Maytex a.s.,
will hold a second sale of the company's assets, Hospodarske
Noviny says.
For sale are the company's movable and immovable assets,
including a hostel, a sports stadium, a steam pipeline, lands,
pre-bankruptcy claims and stocks of finished products.
Interested parties have until November 16 to inspect the assets,
after reaching an agreement with the receiver. The receiver
will accept offers starting November 22.
Mr. Nosko was able to sell the group's core business in the
first round. The receiver said no assets were sold in the
initial round.
Banska Bystrica Regional Court declared Maytex bankrupt on
February 27, 2004. The company manufactures artificial silk
fabric and has been trading since 1950. The joint stock company
has five divisions and employs more than 804 people.
CONTACT: MAYTEX a.s.
1 Maja 1207
031 17 Liptovsky Mikulas
Phone: +421 44 5535 111
Fax: +421 44 5524 563
E-mail: maytex@maytex.sk
Web site: http://www.maytex.sk
=========
S P A I N
=========
IZAR: Govt Will Hold Stake in New Holding Company, Says Minister
----------------------------------------------------------------
Finance minister Pedro Solbes promised Wednesday the government
would hold a stake in the holding company that would fuse Izar's
civilian shipyards, Expansion says.
Mr. Solbes also said the private sector should own a majority
stake in the company to comply with regulations set by the
European Union.
Sociedad Estatal de Participaciones Industriales (SEPI) plans to
separate Izar's civilian and military units. SEPI will recreate
Izar, which will be composed of military shipyards and some
strategically important civilian shipyards. SEPI also plans to
cluster the remaining civilian yards into one company to attract
investment.
CONTACT: IZAR
Velazquez Street 132
28006 Madrid
Spain
Phone: +34 91 335 84 00
Fax: +34 91 335 86 52
E-mail: izar@izar.es
Web site: http://www.izar.es
SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
Velasquez, 134
28006 Madrid, Spain
Phone: +34-91-396-10-00
Fax: +34-91-562-87-89
Web site: http://www.sepionline.com
=============
U K R A I N E
=============
AGROPROMTEHNIKA: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Agropromtehnika (code EDRPOU
03569350) on August 5, 2004. The case is docketed as 11/47 B.
Arbitral manager Mr. Dmitro Litsoyev (License Number AA 520122)
has been appointed temporary insolvency manager. The company
holds account number 26001301100401 at JSCB Prominvestbank, MFO
304643.
Creditors had until November 7, 2004 to submit their proofs of
claim to:
(a) AGROPROMTEHNIKA
92913 Ukraine, Lugansk region,
Krasnorichanske, Kalinin Str. 1
(b) Mr. Dmitro Litsoyev
Temporary Insolvency Manager
Ukraine, Lugansk region, Serov Str. 111
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV Square, 3a
DE-YURE: Court Appoints Petro Chulakov Insolvency Manager
---------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against De-Yure (code EDRPOU 31166566) on September
22, 2004 after finding the limited liability company insolvent.
The case is docketed as 25/74. Mr. Petro Chulakov (License
Number AA 719815) has been appointed liquidator/insolvency
manager.
Creditors had until November 7, 2004 to submit their proofs of
claim to the Economic Court of Zaporizhya Region, 69001,
Ukraine, Zaporizhya region, Shaumyana Str. 4
ELITAPLEMSERVICE: Applies for Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Elitaplemservice (code EDRPOU 24003109) on
September 20, 2004 after finding the limited liability company
insolvent. The case is docketed as 7/80-04. Mr. Sklyar
Valentin (License Number AA 487710) has been appointed
liquidator/insolvency manager. The company holds account number
260083403 at JSPPB Aval, Sumi regional branch, MFO 337483.
CONTACT: ELITAPLEMSERVICE
42340, Ukraine, Sumi region,
Sumi district, Sad
Mr. Sklyar Valentin
Liquidator/Insolvency Manager
Ukraine, Sumi region,
Shevchenko Avenue, 10/109
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi region,
Ribalko Str. 2
KALUSH' BROVAR: Insolvency Manager to Temporarily Oversee Firm
--------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Kalush' Brovar (code EDRPOU
05397448) on September 22, 2004 after finding the open joint
stock company insolvent. The case is docketed as B-9/26-11/45.
Mr. Mikola Sayevich (License Number AA 520164) has been
appointed liquidator/insolvency manager. The company holds
account number 26005330010898 at bank Prikarpattya, Kalush
branch, MFO 336729.
CONTACT: KALUSH' BROVAR
Ukraine, Ivano-Frankivsk region,
Kalush, Grushevskij Str. 89a
Mr. Mikola Sayevich
Liquidator/Insolvency Manager
76018, Ukraine, Ivano-Frankivsk region,
Belvederska Str. 2A, Office 10
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
KARPATI: Football Club Declared Insolvent
-----------------------------------------
The Economic Court of Lviv region has commenced bankruptcy
supervision procedure on LLC Professional Football Club Karpati
(code EDRPOU 22335801). The case is docketed as 6/256-4/141.
Mr. Gula Yaroslav (License Number AA 419202) has been appointed
temporary insolvency manager. The company holds account number
26006301232 at Oshadbank, Zaliznichne branch of Lviv region, MFO
385048.
Creditors had until November 7, 2004 to submit their proofs of
claim to:
(a) PROFESSIONAL FOOTBALL CLUB KARPATI
79000, Ukraine, Lviv region,
Mitskevich Square, 6/7
(b) Mr. Gula Yaroslav
Temporary Insolvency Manager
79000, Ukraine, Lviv region,
Polubotok Str. 11/71
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
NOVOMIKOLAYIVSKIJ AGROTECHSERVICE: Court Appoints Liquidator
------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Novomikolayivskij Agrotechservice (code
EDRPOU 03742624) on September 23, 2004 after finding the open
joint stock company insolvent. The case is docketed as 25/69.
Mr. Mikola Vereshak (License Number AA 669674) has been
appointed liquidator/insolvency manager.
Creditors had until November 7, 2004 to submit their proofs of
claim to:
(a) NOVOMIKOLAYIVSKIJ AGROTECHSERVICE
Ukraine, Zaporizhya region,
Novomikolayivka
(b) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
OSHAD-HOLDING: Bankruptcy Proceedings Begin
-------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
proceedings against OSHAD-HOLDING (code EDRPOU 25290231 after
finding the open joint stock company insolvent. The case is
docketed as 15/90-b. Mr. Sergij Sherban (License Number AA
047812) has been appointed liquidator/insolvency manager. The
company holds account number 26008301174 at Oshadbank, MFO
300465).
CONTACT: OSHAD-HOLDING
01005, Ukraine, Kyiv region,
Chervonoarmijska Str. 65
Mr. Sergij Sherban
Liquidator/Insolvency Manager
01030, Ukraine, Kyiv region,
a/b 157
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
OSTRIVSK VEGETABLE: City Tax Inspection Unit Takes over Firm
------------------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Ostrivsk Vegetable Drying Plant (code EDRPOU
01733265) on September 16, 2004 after finding the company
insolvent. The case is docketed as 8/35. Dubrovitsya City
State Tax Inspection has been appointed liquidator/insolvency
manager.
Creditors had until November 7, 2004 to submit their proofs of
claim to:
(a) OSTRIVSK VEGETABLE DRYING PLANT:
34036, Ukraine, Rivne region,
Zarichnenskij district, Ostrivsk
(b) Liquidator/Insolvency Manager
34100, Ukraine, Rivne region,
Dubrovitsya, Makarivska Str. 1a
Phone: 2-14-23
(c) ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
REMPOBUTMONTAZH: Insolvency Manager to Temporarily Run Business
---------------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Rempobutmontazh (code
EDRPOU 22174516) on September 3, 2004. The case is docketed as
B-16/279. Mrs. Olena Goshovska (License Number AA 047772) has
been appointed temporary insolvency manager. The company holds
account number 260076280 at JSPPB Aval, MFO 336462.
Creditors had until November 7, 2004 to submit their proofs of
claim to:
(a) REMPOBUTMONTAZH
Ukraine, Ivano-Frankivsk region,
Kalush, Pisarska Str. 41
(b) Mrs. Olena Goshovska
Temporary Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Strij, Sichovih Striltsiv Str. 10/75
(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
SANITARIUM DZHERELO: Declared Insolvent
---------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Sanitarium Dzherelo Prikarpattya
(code EDRPOU 22194364) on September 14, 2004 after finding the
company insolvent. The case is docketed as B-7/12. Mr. V.
Martinyuk (License Number AA 250333) has been appointed
liquidator/insolvency manager.
CONTACT: SANITARIUM DZHERELO PRIKARPATTYA
Ukraine, Ivano-Frankivsk region,
Dolinskij district, Novij Mizun
Mr. V. Martinyuk
Liquidator/Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Pivdennij Bulvar Str. 42-9
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
UKRPROMAGROSERVICE: Files for Bankruptcy
----------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Ukrpromagroservice (code EDRPOU 31150886) on
September 8, 2004 after finding the limited liability company
insolvent. The case is docketed as 5-31/44-04. Mr. Yurij Artuh
(License Number AA 783114) has been appointed
liquidator/insolvency manager.
Creditors had until November 7, 2004 to submit their proofs of
claim to the Economic Court of Harkiv Region, 61022, Ukraine,
Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance
ULADIVKA' ALCOHOL: Ordered to Undergo Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on State Uladivka' Alcohol Plant (code
EDRPOU 0549163) on September 13, 2004. The case is docketed as
5/435-04. Mr. A. Milovanov (License Number AA 719877) has been
appointed temporary insolvency manager. The company holds
account number 26001279616001 at CB Privatbank, Litin branch,
MFO 302689.
Creditors had until November 7, 2004 to submit their proofs of
claim to:
(a) STATE ULADIVKA' ALCOHOL PLANT
22321, Ukraine, Vinnitsya region,
Litin district, Uladivka
(b) Mr. A. Milovanov
Temporary Insolvency Manager
Ukraine, Vinnitsya region,
Shirshova Str. 16A/50
(c) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
===========================
U N I T E D K I N G D O M
===========================
24/7 COURIERS: Creditors to Meet Later this Week
------------------------------------------------
The creditors of 24/7 Couriers Limited will meet on November 12,
2004 commencing at 11:00 a.m. It will be held at the offices of
Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street,
London SW1Y 4EP.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon,
November 11, 2004.
CONTACT: ROTHMAN PANTALL & CO.
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
ACTA TECHNOLOGY: Creditors' Meeting Set December
------------------------------------------------
The general meeting of the contributories of Acta Technology
Limited will be on December 8, 2004 commencing at 10:30 a.m. It
will be held at the offices of Tenon Recovery, Sherlock House,
73 Baker Street, London W1U 6RD.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Contributories who want to be
represented at the meeting may appoint proxies. Proxy forms
must be lodged with Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD not later than 12:00 noon, December 7,
2004.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street
London W1U 6RD
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
BACKBEAT MUSIC: Calls Creditors' Meeting
----------------------------------------
The creditors of Backbeat Music Limited will meet on November
16, 2004 commencing at 11:00 a.m. It will be held at Beau Nash
Room, The Spa Hotel, Mount Ephraim, Royal Tunbridge Wells, Kent
TN4 8XJ.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Smith & Williamson Limited, The Meeting House,
Little Mount Sion, Tunbridge Wells TN1 1YS not later than 12:00
noon, November 15, 2004.
CONTACT: SMITH & WILLIAMSON
The Meeting House
Little Mount Sion
Tunbridge
Wells TN1 1YS
Phone: 01892 529922
Fax: 01892 521225
Web site: http://www.smith.williamson.co.uk
BARWOOD HOLDINGS: Hires Grant Thornton as Liquidator
----------------------------------------------------
At the extraordinary general meeting of the Barwood Holdings
Limited on October 25, 2004 held at Seckloe House, 101 North
13th Street, Milton Keynes, Buckinghamshire MK9 3NX, the special
resolution to wind up the company was passed. Roy Welsby of
Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ has
been appointed liquidator of the company for the purpose of the
voluntary winding-up.
CONTACT: GRANT THORNTON
1 Westminster Way,
Oxford OX2 0PZ
Phone: 01865 799899
Fax: 01865 724420
Web site: http://www.grant-thornton.co.uk
BEACHLEAGUE LIMITED: Members Agree to Wind up Company
-----------------------------------------------------
At the extraordinary general meeting of the members of the
Beachleague Limited on October 21, 2004 held at Old Church
Chambers, 23-24 Sandhill Road, St James, Northampton NN5 5LH,
the special resolution to wind up the company was passed. Gavin
Geoffrey Bates of BRI Business Recovery & Insolvency, 100-102 St
James Road, Northampton NN5 5LF has been appointed liquidator
for the purpose of such winding-up.
CONTACT: BRI BUSINESS RECOVERY & INSOLVENCY
100-102 St James Road,
Northampton NN5 5LF
Phone: 01604 754352
Fax: 01604 751660
E-mail: info@briuk.co.uk
Web site: http://www.briuk.co.uk
BEACON FREIGHTLINE: Fortis Commercial Appoints Numerica Receiver
----------------------------------------------------------------
Fortis Commercial Finance Limited called in Jonathan Mark Birch
(Office Holder No 5328) joint administrative receiver for Beacon
Freightline Limited (Reg No 1323349, Trade Classification:
6340). The company is engaged in international road transport
and warehousing.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
BLACKWELL TRANSPORT: Owners Agree to Call in Liquidators
--------------------------------------------------------
At the extraordinary general meeting of the members of the
Blackwell Transport Limited on October 12, 2004 held at 111
Hagley Road, Edgbaston, Birmingham B16 8LB, the special
resolution to wind up the company was passed. Andrew W.
Thompson and Jeremy C. Frost have been appointed joint
liquidators for the purpose of such winding-up.
BOBS LEISURE: Hires SPW Poppleton & Appleby as Administrator
------------------------------------------------------------
M. S. E. Solomons (IP No 9043) has been appointed administrator
for Bobs Leisure Ltd. The appointment was made October 26,
2004.
Formerly named No Mans Fort Solent Ltd., the company is a hotel
and event venue. Its registered office is located at Gable
House, 239 Regents Park Road, London N3 3LF.
CONTACT: SPW Poppleton & Appleby
Gable House
239 Regents Park Road
London N3 3LF
BOURNES OF LONDON: Meeting of Creditors Set this Week
-----------------------------------------------------
The creditors of Bournes Of London Limited will meet on November
12, 2004 commencing at 3:00 p.m. It will be held at Taylor
Wessing, Carmelite, 50 Victoria Embankment, Blackfriars, London
EC4Y 0DX.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Four The Chandlery, 40 Gowers Walk, London E1 8BH
not later than 12:00 noon, November 11, 2004.
CONTACT: Four The Chandlery,
40 Gowers Walk, London E1 8BH
CABLE & WIRELESS: Shaking up U.K. Management
--------------------------------------------
Cable & Wireless is expected to announce next week changes to
its senior management team in Britain as part of a cost-cutting
drive, reports citing the Financial Times say.
Under the plan, group chief executive Francesco Caio will take
part of the control of the U.K. business from its chief
executive Royston Hoggarth. Further, several senior managers
may be replaced. A C&W spokesman said the company does not
comment on speculation.
The move is part of a drive to contain tough trading conditions
in core domestic market and reassure shareholders measures are
being taken to rehabilitate the struggling operations.
According to the report, some analysts believe Cable & Wireless
could save some 10% from job cuts alone. The firm's annual
operations cost is estimated at GBP390 million, which is too
high according to experts. Cutting jobs would add about GBP40
million to its current projected earnings before interest, tax,
depreciation and amortization for this year of GBP140 million,
the Financial Times reported.
CONTACT: CABLE & WIRELESS
Investor Relations:
Virginia Porter Director, Investor Relations
Phone: +44 20 7315 4460
Craig Thornton Manager, Investor Relations
Phone: +44 20 7315 6225
Glenn Wight Manager, Investor Relations
Phone: +44 20 7315 4468
Media:
Lesley Smith, Director Corporate Affairs
Phone: +44 20 7315 4410
Steve Double, Media Relations
Phone: +44 20 73156759
Peter Eustace, Media Relations
Phone: +44 20 7315 4495
CARDINE REALISATIONS: Holds Final Meeting of Creditors
------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Cardine Realisations Limited
Notice is hereby given pursuant to section 98 of the Insolvency
Act 1986, that a meeting of the creditors of Cardine
Realisations Limited will be held at 11:00 a.m. at 12 Carden
Place, Aberdeen AB10 1UR on November 11, 2004, for the purpose
mentioned in sections 99 to 101 of the said Act.
Creditors who wish to attend the meeting must lodge a written
statement of their claim on the prescribed form or similar
style. The claim can be lodged either at or before the meeting
at the office of Meston Reid & Co, Chartered Accountants, 12
Carden Place, Aberdeen, AB10 1UR. Proxies must be similarly
lodged.
A list of names and addresses of the company's creditors will be
available for inspection, free of charge, at the office of
Meston Reid & Co, Chartered Accountants, 12 Carden Place,
Aberdeen, AB10 1UR two business days prior to the meeting.
On behalf of the board
Kenneth M. MacKenzie
CONTACT: MESTON REID & CO
12 Carden Place
Aberdeen AB10 1UR
E-mail: info@mestonreid.com
Web site: http://www.meistonreid.com
CHAMELEON DESIGN: Names Tenon Recovery Administrator
----------------------------------------------------
Ian William Kings (IP No 7232) have been appointed administrator
for Chameleon Design Limited. The appointment was made October
28, 2004.
The company manufactures mirror and print. Its registered
office is located at Tenon House, Ferryboat Lane, Sunderland SR5
3JN.
CONTACT: TENON RECOVERY
Tenon House
Ferryboat Lane,
Sunderland SR5 3JN
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
CHANDOS SERVICES: In Administrative Receivership
------------------------------------------------
Barclays Bank Plc called in Nicholas Hugh O'Reilly (Office
Holder No 8309) joint administrative receiver for recruitment
agency Chandos Services Limited (Reg No 2723136, Trade
Classification: 7450).
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
COMPUPAY LIMITED: Director Receives Five-year Ban
-------------------------------------------------
A director of a recruitment agency that failed with total debts
estimated at around GBP3.5 million has given an undertaking not
to hold directorships or take any part in company management for
five years.
The Undertaking by Alison Harrison, 35, of Brough Road, South
Cave, East Yorkshire was given in respect of her conduct as a
director of Compupay (North East) Limited, which traded as The
Key Group and carried out business from premises at 2 Middle
Street, Taunton, Somerset.
Acceptance of the Undertaking on October 22, 2004 prevents Mrs.
Harrison from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for five
years.
Compupay (North East) Limited was placed into Voluntary
Liquidation on April 10, 2002 with estimated debts of
GBP3,500,000 owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Mrs. Harrison, were
that:
(a) She failed to maintain, preserve and deliver up adequate
accounting records of the company. As a result, the
Liquidator was hampered in his administration and has been
unable to satisfy himself as to the cause of the company's
failure or to identify its assets and liabilities.
(b) She caused or allowed the company to retain monies due to
Crown Departments amounting to GBP3,537,710; and
(c) She caused or allowed the company to fail to deal properly
with its taxation affairs, in that it de-registered for VAT
in February 2001, failed to file any VAT Returns or remit
VAT payments and failed to make any payments in respect of
PAYE/NI to the Inland Revenue.
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
COURTS PLC: Expects Higher Losses for U.K. Business
---------------------------------------------------
The board of Courts plc announced in its AGM statement of
September 24, 2004 the restructuring of its U.K. business had
resulted in a very substantial loss at the operating level in
the first half, which would outweigh operating profits overseas.
The important August bank holiday trading was in line with
expectations. However, since then, the U.K. business has
generated orders below expectations primarily due to customer
footfall being below forecast. The value of like for like
orders for the eight weeks after the August bank holiday was
approximately 20% down compared to the equivalent period last
year. As a result of these factors, it is now expected the U.K.
business will be loss-making in the second half of the year.
The Group's businesses in the Caribbean and Asia/Pacific
continue to trade in line with expectations.
Revised estimates for the losses generated by the U.K. business
lead the Board to believe that the Group's losses before tax for
the year ended March 31, 2005 will be significantly greater than
current market expectations.
In light of the above, the Group has held preliminary
discussions with its principal lenders. These discussions have
been constructive and are continuing.
The Board has significantly strengthened the management team of
the U.K. business with the appointment of four new U.K.
executive directors during September. This strengthened
management team is firmly focused on delivering improvements in
trading as the peak Christmas trading period approaches.
It remains the Board's intention to set out in detail its plans
for returning the U.K. business to profitability and longer-term
growth at the time of the announcement of its interim results.
CONTACT: COURTS PLC
The Grange
1 Central Rd.
Morden
Surrey SM4 5PQ
Phone: +44-20 8640 3322
Fax: +44-20 8410 9444
Web site: http://www.courtsplc.com
GCG HUDSON SANDLER
Andrew Hayes
James Hill
Phone: +44(0) 20 7796 4133
DAWGLEN LIMITED: Names D. Asbury Liquidator
-------------------------------------------
At the extraordinary general meeting of the members of the
Dawglen Limited on October 27, 2004 held at Fields, Asden House,
Victoria Street, West Bromwich B70 8HA, the subjoined special
resolution to wind up the company was passed. David Asbury of
Fields has been appointed liquidator for the purpose of such
winding-up.
CONTACT: FIELDS
Asden House, Victoria Street,
West Bromwich B70 8HA
EIDOS PLC: 'Hitman: Blood Money' to Strike Market Next Year
-----------------------------------------------------------
Eidos plc, one of the world's leading publishers and developers
of entertainment software, announces the return of the world's
deadliest assassin in Hitman: Blood Money(TM). Developed by Io-
Interactive, Hitman: Blood Money will be released worldwide in
spring 2005 on PlayStation 2, Xbox and PC.
When assassins from Agent 47's contract agency, The ICA, are
systematically eliminated in a series of hits, it seems a
larger, more powerful agency has entered the fray. For Agent 47
it's business as usual, until suddenly he loses contact with The
ICA. Sensing that he may be the next target, he travels to
America, where he prepares to make a killing.
Agent 47 is back and this time he's paid in cold, hard cash.
How the money is spent will affect his passage through the game
and the weapons at his disposal, resulting in a unique gameplay
experience for each player. Powered by a new version of Io's
stunning Glacier engine, Hitman: Blood Money will deliver the
most brutal and realistic simulation of life as the world's
deadliest assassin.
Mike McGarvey, CEO of Eidos says: "The Hitman series is one of
Eidos' biggest franchises and goes from strength to strength
with every new installment. Io-Interactive is one of the
world's most accomplished developers, and yet again has raised
the stakes in terms of graphics and gameplay with Hitman: Blood
Money."
Janos Flosser, managing director of Io-Interactive says:
"Considerable time and effort has been spent developing a new
version of the Glacier engine that enables us to implement many
new and exciting features. The quality of the graphics and A.I.
surpasses even our own expectations and this combined with a
gripping narrative and the introduction of some really inventive
characters makes us confident that Blood Money will be the
greatest Hitman title to date." Web site: http://www.hitman.com.
Hitman Blood Money, Eidos and the Eidos logo are trademarks of
the Eidos Group of Companies. Io and the IO logo are trademarks
of IO Interactive A/s. All rights reserved.
About Eidos
Eidos plc (LSE: EID.L; NASDAQ: EIDSY), is one of the world's
leading publishers and developers of entertainment software with
a diverse mix of titles for the PC, PlayStation(R)2 computer
entertainment system, Nintendo GameCube(TM) and the Xbox(TM)
video game system from Microsoft. For more information on Eidos
and its products visit http://www.eidos.com.
About Io-Interactive
Io-Interactive was established in September 1998 as a joint
venture between Nordisk Film & TV A/S and the game developer
Reto-Moto. Based in Copenhagen, Io-Interactive develops
advanced 3D computer games for the global market. Using
proprietary technologies, Io products are represented on all
major platforms. The first title Hitman: Codename 47, a third-
person 3D action game, was released in November 2000. With the
sequel, Hitman: Silent Assassin was October 2002. The Hitman
franchise is now well established as one of the industry's
biggest original IPs.
* * *
Eidos, the creator of the successful Tom Raider series, put
itself up for sale after two profit warnings earlier
this summer. The company remains financially sound but is
considered too small for the market.
In the year to 30 June 2004, the Group achieved a turnover of
GBP133.9 million (2003: GBP151.5 million) and recorded an
operating loss before goodwill and exceptional items of GBP2.0
million (2003: GBP13.9 million profit).
CONTACT: EIDOS PLC
London
Steve Starvis
Phone: +44 (0) 20 8636 3000
Fax: +44 (0) 020 8636 3001
EQUITABLE LIFE: Buying up to GBP260 Million Bonds
-------------------------------------------------
Equitable Life Assurance Society invites holders of Equitable
Life Finance plc GBP350,000,000 8% Undated Subordinated
Guaranteed Bonds to tender the debt instrument.
Summary:
(a) Quantum: up to a fixed amount of GBP260 million (Invitation
Amount) and subject to minimum amount of GBP50 million;
(b) Offer Price Range: the minimum price that the Bondholder
would be willing to accept as the Purchase Price, being in
the range of GBP800 to GBP920 per GBP1,000 plus accrued
interest;
(c) Purchase Price: strike price (minimum price within the Offer
Price Range enabling purchase of the Invitation Amount or
enabling purchase of all tendered Bonds if less than the
Invitation Amount will be expended in the purchase).
Holders whose offers are accepted will all receive the same
Purchase Price;
(d) Proration: if the aggregate amount of Bonds tendered at or
below the Purchase Price exceeds the Invitation Amount then
the tenders will be prorated so that the Invitation Amount
is achieved;
(e) Duration of the Invitation: the period for submitting offers
will expire at 3.00 p.m. London time on 6 December 2004,
unless extended.
The Society is inviting the holders of Bonds in Equitable Life
Finance PLC to submit offers to sell Bonds up to an aggregate
value of GBP260 million.
Under the 'modified Dutch auction' procedure, the Society offers
to buy for cash from Bondholders any or all of the Bonds held by
them at a price designated by such Bondholder. The price cannot
be greater than GBP920 nor less than GBP800 for every GBP1,000
in principal amount of Bonds held, together with a sum
equivalent to accrued interest up to but excluding the
Settlement Date, upon certain terms and conditions.
The Society will accept Bonds validly tendered (and not
withdrawn) in the order of the lowest to the highest tender
prices specified by tendering Bondholders within the range
GBP800 to GBP920 per GBP1,000 principal amount of Bonds held.
The Society will select the single lowest price so specified
that will enable it to purchase Bonds at an aggregate maximum
cost, excluding accrued interest, of GBP260 million, or, if less
than the Invitation Amount is tendered, all Bonds validly
tendered and not withdrawn, provided that the aggregate cost of
Bonds, excluding accrued interest, validly tendered and not
withdrawn is at least equal to GBP50 million.
The Invitation will expire at 3.00 p.m. London time on 6
December 2004, unless extended.
Documentation containing the detailed terms and conditions of
the Invitation is being distributed to Bondholders through the
relevant clearing systems.
Bondholders may also obtain copies of the documentation from
Citibank N.A. as Tender Agent. This announcement is not an
offer to purchase, a solicitation of an offer to purchase, or a
solicitation of an offer to sell any Bonds. Offers to sell
Bonds may only be made pursuant to the terms of the Invitation
documentation being distributed through the relevant clearing
systems.
Charles Thomson, Chief Executive of the Society, said: "The
Society has made steady progress in stabilizing its affairs
which now allows the Board to make this offer to Bondholders.
If we can buy back Bonds at less than their nominal value, there
is an immediate improvement to the Society's overall financial
position. Also, for the Bonds we buy back, we will not have to
make any further interest payments. The interest payments are
greater than the expected return on the assets used to fund the
purchase and, therefore, buying back Bonds is an efficient use
of the Society's capital.
"The continued maintenance of solvency is the Board's primary
goal. The offer to purchase Bonds is in the interests of
policyholders as it will generate a surplus to our Fund for
Future Appropriations (FFA) -- the most important measure of
solvency -- and this improvement will assist the Society in
withstanding the financial impact of any adverse development.
If we have a positive FFA and continue to meet our liabilities
as they fall due, we will remain solvent, even if we fall below
the required minimum margin levels of the FSA."
Bondholders
Charles Thomson will host a conference call for Bondholders at
3.00 p.m. (London time) on Wednesday 10 November 2004.
Bondholders who wish to participate should contact the Tender
Coordinator.
CONTACT: EQUITABLE LIFE
Media
Tony McGarahan
Phone: +44 (0)20 7489 6429
Phone: +44 (0)7966 386145
Alistair Dunbar
Phone: +44 (0)20 7489 6436
Phone: +44 (0)7967 564 039
Bondholders
Tender Coordinator
Close Brothers Corporate Finance Limited
Martin Gudgeon/Simon Tomlinson/Tim Evans
Phone: +44 (0)20 7655 3100
Tender Agent
Citibank N.A., London Branch
Debt Exchanges
Phone: +44 (0)20 7508 3867
GRIFTON LIMITED: Barclays Bank Appoints Receiver
------------------------------------------------
Barclays Bank plc called in Nicholas Hugh O'Reilly (Office
Holder No 8309) joint administrative receiver for holding
company Grifton Limited (Reg No 3862640, Trade Classification:
7415). The application was filed October 4, 2004.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
HAWTHORN BAKER: Names Vantis Business Recovery Liquidator
---------------------------------------------------------
At the extraordinary general meeting of the members of the
Hawthorn Baker Limited on October 22, 2004 held at Eastbourne
Road, Slough, Berkshire SL1 4SF, the subjoined special
resolution to wind up the company was passed. Peter N. Wastell
of Vantis Business Recovery, Torrington House, 47 Holywell Hill,
St Albans, Hertfordshire AL1 1HD has been appointed liquidator
for the purpose of such winding-up.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Phone: 01727 811111
Web site: http://www.vantisplc.co.uk
HENDERSON EUROPEAN: Hires Liquidators from Ernst & Young
--------------------------------------------------------
At the extraordinary general meeting of Henderson European Micro
Trust plc on October 26, 2004 held at 4 Broadgate, London EC2M
2DA, the special resolution to wind up the company was passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed liquidators of the company for the purpose of such
winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
HHG PLC: 'Realistic' Capital Resources Exceeds Margin
-----------------------------------------------------
HHG PLC released for information purposes only the regulatory
capital position at 30 June 2004 for the with-profits funds of
its three main life companies, calculated in line with the new
realistic capital requirements set out in the Financial Services
Authority's policy statement 04/16 (PS04/16).
The position at 30 June 2004 under the PS 04/16 proposed
'realistic' reporting requirements demonstrated capital
resources of GBP721 million compared to a required capital
margin of GBP393 million -- an excess of GBP328 million. This
is compared to the position reported under the current statutory
basis where capital resources of GBP1,155 million compared to
capital requirements of GBP883 million -- an excess of GBP272
million.
Regulatory Statutory basis Realistic
basis*
capital
Available Required Free Available Risk Coverage
assets in Minimum Asset assets in Capital
excess of Margin Ratio excess of Margin
liabilities (RMM) liabilities (RCM)
GBPm GBPm GBPm GBPm
30 June
2004
Pearl 744 537 1.5% 615 378 163 %
Assurance
National
284 259 0.4% 63 15 420 %
Provident
Life
London 127[1] 87 1.5% 43 n/a[2] n/a
Life
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Includes GBP12 million of implicit items
[2] London Life does not require an explicit RCM as the existing
support arrangements within the life company absorb the
impact of the adverse RCM scenarios.
* HHG is advised by Tillinghast Towers-Perrin in preparing its
interim realistic balance sheet information.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
HHG PLC is a diversified financial services group listed on the
London and Australian Stock Exchanges. It is a member of the
FTSE 250 and the ASX100 indices.
Pearl Assurance plc, National Provident Life Limited and London
Life Limited are closed life companies within the HHG group.
CONTACT: HHG PLC
4 Broadgate
London EC2M 2DA
Registered in England
No. 2072534
ABN 30 106 988 836
Web site: http://www.hhg.com
or
Investor enquiries
Gail Williamson, Director of Investor
Phone: +44 20 7818 5310
E-mail: investor.relations@hhg.com
United Kingdom
Financial Dynamics
Nic Bennett
Phone: +44 20 7269 7190
Australia
Cannings
Graham Canning
Phone: +61 2 9252 0622
[REDACTED June 30, 2008]
LEAN & HIGGIN: In Administrative Receivership
---------------------------------------------
Barclays Bank Plc called in Nicholas Hugh O'Reilly (Office
Holder No 8309) joint administrative receiver for Lean & Higgin
Limited (Reg No 916748, Trade Classification: 4521). The
application was filed October 4, 2004. The company is engaged
in construction and civil engineering.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
MEI DESIGN: Barclays Bank Brings in Receiver from Numerica
----------------------------------------------------------
Barclays Bank Plc called in Nicholas Hugh O'Reilly (Office
Holder No 8309) joint administrative receiver for Mei Design
Limited (Reg No 3185728, Trade Classification: 7487-Other
Business). The application was filed October 4, 2004. The
company is engaged in audio digital design and advertisement.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
MITCHELL TIMBER: Creditors' Meeting Set Third Week of November
--------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Mitchell Timber (Leith) Limited
(In Administration)
Blair Carnegie Nimmo and Gary Steven Fraser of KPMG LLP were
appointed Joint Administrators of Mitchell Timber (Leith)
Limited on August 6, 2004.
Notice is hereby given that a meeting of creditors in the above
matter is to be held at Saltire Court, 20 Castle Terrace,
Edinburgh EH1 2EG on November 17, 2004 at 10:00 a.m. to consider
proposals under paragraph 49 of Schedule B1 of the Insolvency
Act 1986 and to consider establishing a creditors' committee.
Members of the company may obtain, free of charge, a copy of the
Statement of the Administrators' proposals by writing to Gary
Steven Fraser, KPMG LLP Saltire Court, 20 Castle Terrace,
Edinburgh EH1 2EG.
Gary Steven Fraser, Joint Administrator
October 28, 2004
CONTACT: KPMG LLP
Saltire Court
20 Castle Terrace
Edinburgh EH1 2EG
Phone: (0131) 222 2000
Fax: (0131) 527 6666
Web site: http://www.kpmg.co.uk
M&P WENDEN: Appoints Grant Thornton Liquidator
----------------------------------------------
At the extraordinary general meeting of the M&P Wenden Limited
on October 21, 2004 held at Llys Helyg, Llywyncoed Road,
Blaenannerch, Ceredigion SA43 2AN, the special resolution to
wind up the company was passed. Samantha Keen of Grant Thornton
UK LLP, 31 Carlton Crescent, Southampton SO15 2EW has been
appointed liquidator of the company for the purpose of the
voluntary winding-up.
CONTACT: GRANT THORNTON UK LLP
31 Carlton Crescent,
Southampton SO15 2EW
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
NORTHERN FOODS: Sale of Fish Business Part of Disposal Program
--------------------------------------------------------------
Northern Foods plc sold its Cavaghan & Gray Seafood (C&GS)
chilled and frozen fish business to IFP Holdings, a subsidiary
of Icelandic Group Plc for a cash consideration of GBP12.6
million.
C&GS procures, processes and/or manufactures added value fish
products, particularly coated white fish and Scottish salmon,
which are sold principally under the Marks & Spencer and
Waitrose retailer brands. It also processes high quality fish
for other food manufacturers, including Northern. The net
assets to be disposed of are GBP13 million plus GBP2 million of
goodwill, of which GBP1.8 million has previously been written
off to reserves. The proceeds will be used to reduce Group
debt.
C&GS has two factories, one at Grimsby, which employs around 240
people and the other at Aberdeen employing 150 people. All
these employees will transfer to IFP under TUPE[*]. It is
expected that the sale will be completed later this month.
Northern Chief Executive, Pat O'Driscoll, commented: "C&GS has
good facilities, products and customers, and an excellent team
of people. However, Northern is a relatively small player in
the U.K. fish market and we felt that it was in the best long-
term interests of the business and its employees to sell it to a
company, which has real focus and scale in this area. IFP is a
leading Grimsby-based fish products company, which is already a
major supplier to M&S, and can realize synergies with its other
operations.
This disposal continues the process of focusing Northern on its
core strengths, which we have been pursuing over the last
eighteen months. It follows the disposals of Fox's
Confectionery, the Batchelors and Beck Smith grocery operations,
the Emile Tissot foodservice frozen ready meals business and the
Minsterley fresh chilled dairy products operation."
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Transfer of Undertakings (Protection of Employment)
Regulations 1981.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CONTACT: NORTHERN FOODS PLC
Ian Ellis, Head of Finance
Phone: 01482 325432
GCG HUDSON SANDLER
Michael Sandler
Phone: 020 7796 4133
PARADISE COMPUTERS: Creditors' Meeting Set
------------------------------------------
The creditors of Paradise Computers (U.K.) Limited will meet on
November 15, 2004 commencing at 10:00 a.m. It will be held at
BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, November 12, 2004.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
PEREGRINE PRESS: Appoints Administrators for Begbies Traynor
------------------------------------------------------------
Mr. P. M. Davis and Mr. T. J. E. Dolder (IP Nos 9008, 7805) have
been appointed administrators for Peregrine Press Limited. The
appointment was made October 22, 2004.
The company offers printing services. Its registered office is
located at Unit 17, Deptford Trading Estate, Black Horse Road,
Deptford, London SE8 5HY.
CONTACT: BEGBIES TRAYNOR (SOUTH) LLP
32 Cornhill,
London EC3V 3BT
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
STOTT BROTHERS: Sets Creditors' Meeting Next Week
-------------------------------------------------
The unsecured creditors of Stott Brothers Limited will meet on
November 18, 2004 commencing at 11:00 a.m. It will be held at
KPMG LLP, 1 The Embankment, Neville Street, Leeds LS1 4DW.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to KPMG LLP, 1 The Embankment, Neville Street, Leeds
LS1 4DW not later than 12:00 noon, November 17, 2004.
CONTACT: KPMG
Corporate Recovery,
1 The Embankment,
Neville Street,
Leeds LS1 4DW
Phone: (0113) 231 3000
Fax: (0113) 231 3200
Web site: http://www.kpmg.co.uk
TAURUS SPORTS: Creditors' Meeting Set Next Week
-----------------------------------------------
The creditors of Taurus Sports Limited will meet on November 16,
2004 commencing at 12:00 noon. It will be held at the Lotus
Conference Room, Norwich City Football Club, Carrow Road,
Norwich, Norfolk NR1 1JE.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon,
November 15, 2004.
CONTACT: ROTHMAN PANTALL & CO.
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
TC VENTILATION: Liquidator to Present Report Next Month
-------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF TC Ventilation Limited
(In Liquidation)
Notice is hereby given, pursuant to Section 106 of The
Insolvency Act 1986, that Final Meetings of Members and
Creditors of TC Ventilation Limited will be held at the offices
of McDonald Gordon & Co Ltd, 29 York Place, Edinburgh, EH1 3HP
on Monday, December 6, 2004 at 2:00 p.m. for the purpose of
having an Account laid before them, and to receive the report of
the Liquidator showing how the Winding-Up of the company has
been conducted and its property disposed of, and of hearing any
explanation that may be given by the Liquidator.
A Member or Creditor entitled to attend and vote at either of
the above Meetings may appoint a Proxy to attend and vote
instead of him, and such Proxy need not also be a Member or
Creditor.
Gordon Allan Mart Simmonds, Liquidator
October 27, 2004
CONTACT: MCDONALD GORDON & CO LTD.
29 York Place
Edinburgh EH1 3HP
Phone: 01315583131
THORPSTONE LIMITED: Five-year Ban for Top Honcho Served
-------------------------------------------------------
A director of a company that owned a nightclub that failed with
total debts estimated at around GBP793,000 has given an
Undertaking not to hold directorships or take any part in
company management for five years.
The Undertaking by Graham Richard Dennis, 42, of Westbourne Park
Road, London W11, was given in respect of his conduct as a
director of Thorpstone Limited, which carried out business from
premises at 62 Kingley Street, London W1R 5LR.
Acceptance of the Undertaking on October 27, 2004 prevents Mr.
Dennis from being a director of a company or in any way, whether
directly or indirectly, being concerned or taking part in the
promotion, formation or management of a company for the above
period.
Thorpstone was placed into voluntary liquidation on April 8,
2003 with estimated debts of GBP792,753 owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.
Matters of unfit conduct, not disputed by Mr. Dennis, were that:
(a) He caused or allowed the company to trade at the risk,
expense and ultimate detriment of the Crown, by Thorpstone
retaining monies amounting to GBP455,563 for VAT, PAYE and
NIC; and
(b) He paid at least GBP919,043 to six of its trade creditors
whilst monies remained due and unpaid to the Crown.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
UNIVERSATILE NET: Calls in Administrators from Wilson Pitts
-----------------------------------------------------------
D. F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) have been
appointed administrators for Universatile Net Centres Limited.
The appointment was made October 27, 2004.
The company is engaged in call center activities. Its
registered office is located at Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ.
CONTACT: WILSON PITTS
Glendevon House,
Hawthorn Park,
Coal Road, Leeds LS14 1PQ
Joint Administrators:
D F Wilson
J N R Pitts
(IP Nos 703, 7851)
Phone: 0113-2375560
Fax: 0113-2375561
Web site: http://www.wilson-pitts.co.uk
VALEYARD LIMITED: Bibby Invoice Appoints Numerica Receiver
----------------------------------------------------------
Bibby Invoice Discounting Limited called in Jonathan Mark Birch
(Office Holder No 5328) joint administrative receiver for
Valeyard Limited (Reg No 4240909, Trade Classification: 10).
The appointment was made August 26, 2004. The company is
engaged in paper, printing and publishing.
CONTACT: NUMERICA
PO Box 2653,
66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
WATERSTON SITE: Brings in Liquidator from KPMG
----------------------------------------------
Name of companies:
Waterston Site Limited
Waterston Tank Storage Limited
Waterston UK Holding Limited
(formerly Petroplus UK Holding Limited)
At the general meeting of the members of these companies on
October 29, 2004, the special, ordinary and extraordinary
resolutions to wind up the companies were passed. Richard John
Hill of KPMG Corporate Recovery, Arlington Business Park,
Theale, Reading RG7 4SD has been appointed liquidator of the
companies for the purpose of such windings-up.
CONTACT: KPMG
Corporate Recovery,
Arlington Business Park,
Theale, Reading RG7 4SD
Phone: (0118) 9642000
Fax: (0118) 9642222
Web site: http://www.kpmg.co.uk
* FSCS Declares 43 Firms in Default
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The Financial Services Compensation Scheme (FSCS) is encouraging
consumers to get in touch if they may have lost money as a
result of their dealings with any one of 43 firms recently
declared in default by the Scheme.
Declaring a firm in default opens the way for anyone who has
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS. The limit for investment
compensation is GBP48,000. Consumers who believe they may have
a claim, should contact the Scheme on 020 7892 7300. The
service is free to consumers.
"FSCS' role is to protect customers of financial services firms.
Particularly with the recent extension of the Scheme to include
mortgage advice and arranging, there are now more people out
there that need to know that they can claim compensation if they
have lost money and the firm they dealt with can't pay," says
Ron Devlin, Interim Chief Executive of the FSCS.
The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed by FSCS to be unable to pay claims for
compensation against it. This is usually because it has
insufficient assets, for example, because it has ceased trading
or is insolvent.
FSCS is the UK's statutory single compensation scheme covering
investments, deposits and insurance. It provides a fund of last
resort for consumers who have claims against regulated firms
that are unable to pay them. The UK's independent financial
watchdog, the Financial Services Authority (FSA), regulates
financial services firms.
A list of the 43 investment firms is attached, and a list
containing the full address of each of the firms is available at
http://www.fscs.org.uk. Consumers can also use the default
database on the Web site to check to see if a firm they have
dealt with previously has already been declared in default.
Protection Extended to Mortgage Advice
From October 31, 2004 mortgage advice and arranging is also
protected. From this date these types of activities are
regulated by the FSA.
FSCS became the single compensation scheme in the financial
services sector on December 1, 2001, when the Financial Services
and Markets Act came into force. All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.
Default Declarations
East
(a) H B Financial Services Limited, Redbourn, AL3 7NG
(b) Warren & Johnson, Norwich, NR2 4AY
Midlands
(a) Alexander Anthony Investments PLC, now Midland Investment
Brokers PLC, Wolverhampton, WV1 4BL
(b) Clive Coverson and Martin Waite, formerly trading as
Devereaux Personal & Corporate Financial Planning,
Birmingham, B3 3QR
(c) Davies Wagh Limited, Birmingham, B18 6TQ
(d) G T Mortgage Services Limited, Derby, DE2 3JP
(e) Gale & Son Financial Services Limited, Rugby, CV22 7LZ
(f) Insurance Services (Midland) Limited, Stourbridge, DY9 8JT
(g) K Shipside Associates Limited, Blidworth, NG21 0NQ
(h) Paul Burgess, Paul Wreford, Stuart Wilkins & Vernon
Unsworth, formerly trading as Burgess Wreford & Unsworth,
subsequently trading as Independent Mortgage Centre, East
Runton, NR27 9PG
(i) Purdie and Byron (Leamington) Limited, formerly trading as
Purdie and Byron (Insurance Brokers) Limited, Leamington
Spa, CV32 5QJ
North East
(a) Movecover Limited (in Liquidation) trading as ALPHA
Financial Services, Country Durham, DL16 6AA
(b) Prestige Insurance Services Limited, formerly Prestige
Insurance Limited & Prestige (Insurance) Brokers Limited,
Newcastle Upon Tyne, NE6 1SD
North West
(a) James Leigh and Raymond Duffy, formerly trading as Red Rose
Insurance Services, Leigh, WN7 2RA
(b) Malbon Townsend (Financial Services) Limited, Stoke-On-
Trent, ST7 2EZ
(c) Neville Warents, formerly trading as Neville Warents,
Manchester, M25 1PY
(d) White Kerwin Limited, Nr Chorley, PR6 8NB
Northern Ireland
Raymond McBride, formerly trading as McBride Insurance Agency,
Belfast, BT16 0AA
Scotland
(a) C & S (Life & Pensions) Limited, Renfrewshire, PA8 7AA
(b) Hugh McDermott (deceased), trading as Hugh McDermott
Insurance & Mortgages, Motherwell, ML1 5SP
(c) Richard Douglas Yeates, formerly trading as Heritage
Assurance & Pension Consultancy, Stirling, FK8 2ND
(d) Scott & Company (Financial Services) Limited, Largs, KA30
8SN
(e) The New Home Mortgage Company Limited, formerly trading as A
& L Financial Services Limited, Glasgow, G1 3JE
South East (Including London)
(a) Arrowhill Financial Planning Limited, Henley-on-Thames, RG9
1AG
(b) Banstead Insurance Services Limited, formerly Banstead
Insurance Brokers Limited, Banstead, SM7 2JZ
(c) Brian Leonard Clothier, formerly trading as Rothgrove
Financial Services, Sutton, SM1 1PR
(d) Capital Planning & Finance Limited (in Liquidation), London,
WC2B 6QX
(e) Chartwells Financial Services Limited, London, SE18 6HX
(f) Childs (Life & Pensions) Limited, Marlow, SL7 1NY
(g) Furness and Liddiard (Insurance Brokers) Limited, Orpington,
BR6 0DF
(h) Guardian Independent Public Limited Company, London, SE9 1PG
(i) Hafeez Associates Limited, London, NW9 0BA
(j) L Haskins Limited, London WC1A 2DA,
(k) R J Boorer & Associates (Life) Limited, Surbiton, KT6 5PL
(l) Trinity Insurance Services (London) Limited, Hounslow, TW3
1QX
(m) Victor Nelson Hearmon & David John Marshall, formerly
trading as Hearmon & Company, Abingdon, OX14 3QH
South West
(a) Bournemouth Financial Services Limited, Dorset, BH1 1JN
(b) Bristol Pensions Limited (in Liquidation), formerly known as
R J Shrubb & Company Limited, Bristol, BS1 4NH
(c) Burnham Insurance Services Limited, formerly Burnham
Insurance Brokers Limited, Burnham-On-Sea, TA8 1AX
(d) Hartley Pensions Management Services Limited, subsequently M
P I S Limited, Bristol, BS1 6DE
(e) HTC Financial Services Limited, formerly HTC Insurance
Services Limited, Bristol, BS16 6NT
Yorkshire & Humberside
(a) Frederick Miles, trading as Frederick Miles Financial
Services, formerly Parkin Westbury Financial Services,
Bradford, BDE 1JZ
(b) Johnson Financial Management limited, subsequently
Finmancrest Limited, Beauchief, S7 2QS
CONTACT: FINANCIAL SERVICES COMPENSATION SCHEME
7th Floor Lloyds Chambers
1 Portsoken Street
London E1 8BN
Phone: +44 (0) 20 7892 7300
Fax: + 44 (0) 20 7892 7301
Web site: http://www.fscs.org.uk
Suzette Browne
Phone: 020 7892 7372
E-mail: Suzette.Browne@fscs.org.uk
Heather Tilston
Phone: 020 7892 7370
E-mail: H.Tilston@fscs.org.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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