/raid1/www/Hosts/bankrupt/TCREUR

/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 ----------------------------------- 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- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *