/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041125.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, November 25, 2004, Vol. 5, No. 234 Headlines C Z E C H R E P U B L I C IPB BANKA: Receiver Auctioning CZK40 Billion Worth of Claim KOMERIO TRADE: Administrator Fails to Dispose of Claims F R A N C E DRIMMER SA: Falls into Receivership LIBERATION SA: Predicts Another Full-year Loss MARSAN: Opts to Liquidate Business G E R M A N Y ALTHOF AUTOTEILE: Creditors' Claims Due January DAIMLERCHRYSLER AG: Faces New Allegations of Fraud GEBRUDER LEHMANN: Leipzig Court Appoints Administrator HOTEL AM KURPARK: Creditors' Meeting Set December INABAU INNENAUSBAU: Gives Creditors Until January to File Claims INABAU TISCHLEREI: Under Bankruptcy Administration KTE GESELLSCHAFT: Bankruptcy Administrator Takes over Operations KTE KLINIKEN: Applies for Bankruptcy Proceedings KURVERWALTUNG BAD: Creditors Have Until January to File Claims MENY & PARTNER: Mosbach Court Sets Claims Deadline December REHA-KLINIK: Gives Creditors Until February to File Claims I R E L A N D ELAN CORPORATION: Credit, Debt Ratings Raised to 'B' I T A L Y APRILIA SPA: European Commission Okays Takeover with Provisions CIRIO: Settles Row Over Brazilian Arm VOLARE GROUP: Government Promises to Intervene; Hints Rescue VOLARE GROUP: Authorities to Quiz Managers on Collapse N E T H E R L A N D S VERSATEL TELECOM: Unit Wins EUR3.8 Million Worth of Contracts R U S S I A ARCHEDINSKIY LIME-PIT: Court Appoints Insolvency Manager BALTASINSKIY INTERECONOMIC: Declared Insolvent BUILDER: Creditors Have Until Next Month to File Claims ENERGY-SAVING TECHNOLOGIES: Declared Insolvent KAMAZ-AGRO: Undergoes Bankruptcy Supervision Procedure KIROV-AUTO-MOST: Kirov Court Opens Bankruptcy Proceedings MILLER: Mariy El Court Appoints Insolvency Manager RUS': Under External Management Procedure RZHEVSKIY COMBINE: Bankruptcy Supervision Begins UVINSKOYE GRAIN: Udmurtiya Court Appoints Insolvency Manager YUKOS OIL: Tax Officials Intent on Collecting Fines S W E D E N CONCORDIA BUS: Senior Implied Rating Downgraded to 'Caa1' SKANDIA INSURANCE: Back in Black U K R A I N E AZOV: Court Appoints Temporary Insolvency Manager CONCERN PRIVILLYA: Bankruptcy Proceedings Begin DMITRIV: Claims Deadline Expires Today DNIPROSPETSBUD: To Hold Public Auction this Week NIZHNYANSKE: Under Bankruptcy Supervision SHPANIV' FOOD: Deadline for Filing of Claims Nears SPETSAVTOMATIKA: Bankruptcy Supervision Begins SUGAR FINANCIAL: Liquidator Takes over Helm VOVKIVSKE: Declared Insolvent ZORYANE: Hmelnitskij Court Names Insolvency Manager U N I T E D K I N G D O M ABBEY NATIONAL: Closes Sale of French Operation to BNP Paribas A HOLDSWORTH: Winding up Resolutions Passed ARGONAUT GAMES: Share Trading Suspended ARROW GLAZING: Extraordinary Winding up Resolution Passed BCG SALES: Calls in Liquidators from Middleton Partners BIP LTD.: Hires Administrators from KPMG BLUE BISTROS: Names Poppleton & Appleby Liquidator BODY SYSTEMS: Hires Liquidator from Ernst & Young CANNOCK GATES: Names Begbies Traynor Administrator CAROLINE WHEATLEY: Calls in Liquidator from Valentine & Co. CASECOM LIMITED: Creditors to Meet Second Week of December CHEQUE IN: Creditors to Receive Final Report ELLIOTT SPENCER: Names BWC Business Solutions Liquidator EQUITABLE LIFE: Negligence Suit Trial Likely to Proceed FIELDNORTH LIMITED: Appoints Portland Business Administrator FORTRADE LIMITED: Calls in C. Morris Liquidator G & A PLANT: Hires Liquidator from Findlay James HANBURY ENGINEERING: Calls in Smith & Williamson Administrator HANCOCK WARD: Winding up Resolutions Passed INFO-TECHTRONICS LIMITED: Appoints Administrators INTERNATIONAL POWER: Ratings Remain on CreditWatch Negative IVEL POLYMER: Names Joint Administrators from Baker Tilly LONDON FORFAITING: Appoints KPMG Liquidator LOW'S BAKERY: Calls First Creditor's Meeting LUCAS SRE: Sets Creditors' Meeting Next Month MAPFRE RE MANAGEMENT: Special Winding up Resolution Passed NORTHERN ELECTRICAL: Liquidator to Present Winding up Report OBJECT FACTORY: Sets Final Meeting of Creditors OLDCO LIMITED: Winding up Report Due Second Week of December P & F CONGLETON: Appoints BDO Stoy Hayward Administrator PRECISION CUTTING: Administrators from Tenon Recovery Move in SAVE & INVEST: Creditors to Choose Liquidator December WATERFORD WEDGWOOD: Calls Extraordinary General Meeting ********* =========================== C Z E C H R E P U B L I C =========================== IPB BANKA: Receiver Auctioning CZK40 Billion Worth of Claim ----------------------------------------------------------- The receiver of IP Banka, Lenka Duskova, is selling a billion- dollar disputed claim on CSOB in relation to its purchase of IP Banka four years ago, Ceske Noviny reports. The auction organized by Clanroy Sales is set on Dec. 20 in Prague. The asking price is CZK76 million. Former IPB shareholder, Nomura of Japan, says the claim is worth CZK40 billion (US$1.693 billion), but CSOB, disagrees. "CSOB considers the claim to be doubtful and fabricated at Nomura's request," CSOB spokesman Milan Tomanek said. According to him, two independent appraisals set IPB's value at the time of its sale at negative tens of billions of crowns. Nomura spokesman Jiri Hrabovsky said: "Nomura is analyzing the conditions of the auction and only then will it decide if it takes part in it." The claim is still being disputed in an arbitration court in Vienna. The court may yet conclude that the debt does not exist. CONTACT: IP BANKA a.s. 6410 V Celnici 10 Praha 1 117 21 Phone: 221033131 Fax: 221033150 Web site: http://www.ipbanka.cz KOMERIO TRADE: Administrator Fails to Dispose of Claims ------------------------------------------------------- The bankruptcy manager of former brokerage firm Komerio has yet to sell claims on the group's assets, Czech News Agency says. Bankruptcy administrator Jiri Krejcirik is trying to sell Komerio's assets valued at more than CZK100 million. Two lots of claims were offered for sale, according to Mr. Krejcirik. The administrator called off the sale of the first lot after receiving insufficient offers and suspended the auction of the second block due to disputes. CONTACT: KOMERIO TRADE a.s. Seifertova 53 13000 Praha 3 Okres Praha 1 Phone: +420 272 116 666 E-mail: info@komerio-hk.cz Web site: http://www.komerio.cz =========== F R A N C E =========== DRIMMER SA: Falls into Receivership ----------------------------------- A commercial court has placed decorative furniture and luxury light fittings manufacturer Drimmer S.A. into receivership, Les Echos says. The court likewise ordered the group to undergo a six-month extendable observation period. The court is waiting for Drimmer to present a rescue plan. Drimmer experienced a 15% drop in its turnover, registering only EUR11 million for 2003. The group suffered from losses after its slight margin was not able to compensate debts of around EUR2 million. Drimmer has applied for voluntary bankruptcy. Following the Drimmer's receivership, trade unions expressed fear for job cuts, which affected nine employees in February. The group intends to submit a rescue plan that involves launching around 100 franchises until 2010. Drimmer currently has around 20 shops and franchises, which sells products directly to consumers. CONTACT: DRIMMER S.A. Zi De Cantaranne 12850 Onet Le Chateau Phone: +33 565 67 00 21 Fax: +33 565 42 88 56 LIBERATION SA: Predicts Another Full-year Loss ---------------------------------------------- Daily newspaper Liberation expects to post a consolidated net loss of around EUR2.2 million this year, Les Echos says. The figure is based on the group's performance for the first ten months of 2004. The daily attributes its losses to poor sales, increased costs and a slumping advertising market. Liberation managed to reduce its losses from EUR2.1 million in 2002 to EUR.555 million in 2003. The paper is currently holding talks with entrepreneur Vincent Bollore, who is interested in acquiring a stake. CONTACT: LIBERATION S.A. 11, Rue Beranger 75154 Paris Cedex 03 Phone: 01 42 76 17 89 Fax: 01 42 72 94 93 Telex: 217 656 F Web site: http://www.liberation.fr MARSAN: Opts to Liquidate Business ---------------------------------- Industrial bakery group Marsan is being liquidated after efforts to sell the business failed, Les Echos reports. The collapse will render 80 jobless. The company went into receivership in March after a disastrous expansion program. The move that added two more companies into the group depleted funds for developing machineries. Compounding the situation was the tendency of large supermarket chains to bake their own goods. Marsan is based the Gironde department of southwest France. ============= G E R M A N Y ============= ALTHOF AUTOTEILE: Creditors' Claims Due January ----------------------------------------------- The district court of Aschaffenburg opened bankruptcy proceedings against Althof Autoteile Gesellschaft mit beschrankter Haftung on Oct. 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 15, 2005 to register their claims with court-appointed provisional administrator Gerd Stapp. Creditors and other interested parties are encouraged to attend the meeting on Feb. 8, 2005, 11:30 a.m. at the district court of Aschaffenburg, Schlossplatz 5, 63739 Aschaffenburg 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: ALTHOF AUTOTEILE GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Mainzer Str. 61, 63897 Miltenberg Gerd Stapp, Insolvency Manager Auweg 10a, 63920 Grossheubach Phone: 09371/66672 Fax: 09371/66772 DAIMLERCHRYSLER AG: Faces New Allegations of Fraud -------------------------------------------------- A former DaimlerChrysler AG employee, who alleged possible financial cover-ups in the company, has filed a federal lawsuit for unlawful dismissal. Christine Holtzmann lodged a case against the automaker on Thursday at the U.S. District Court in Detroit, according to Associated Press. She claims in court documents the company did not conduct preliminary investigations before she was fired in December 2003. She said she worked 18 years at DaimlerChrysler and its predecessor unit in the U.S., Chrysler Corporation. She was administrator of Chrysler's Business Practices Office at the time she was dismissed. Her team reviews allegations of improper business practices and is responsible for filing reports to DaimlerChrysler's audit committee about its activities. DaimlerChrysler was allegedly keeping secret complaints to the audit committee. Laura Fentonmiller, a Royal Oak lawyer representing Ms. Holtzmann, told The Detroit News: "There were some high-level cases that were being kept in a separate file cabinet." Some complaints were falsely backdated as closed years before they were actually opened, she said. "These cases were intentionally being removed from the radar," according to her. "Shareholders needed to know that." Ms. Holtzmann's lawsuit follows that of former DaimlerChrysler auditor David Bazzetta, who claimed DaimlerChrysler maintained at least 40 secret bank accounts to bribe government officials in South America. He said he was fired after 21 years in the company in January when he told senior company officials about the accounts. The U.S. Securities and Exchange Commission is investigating both allegations. The company declined to comment on the accusations, except to say it is cooperating with the investigations. CONTACT: DaimlerChrysler AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com GEBRUDER LEHMANN: Leipzig Court Appoints Administrator ------------------------------------------------------ The district court of Leipzig opened bankruptcy proceedings against Gebruder Lehmann Maschinenbau & Handel GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 17, 2004 to register their claims with court-appointed provisional administrator Gorge Scheid. Creditors and other interested parties are encouraged to attend the meeting on Jan. 19, 2005, 2:30 a.m. at Saal 056, Amtsgericht Leipzig 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: GEBRUDER LEHMANN MASCHINENBAU & HANDEL GMBH Leipziger Str. 29, 04880 Dommitzsch Gorge Scheid, Insolvency Manager Jacobstr. 25, 04105 Leipzig HOTEL AM KURPARK: Creditors' Meeting Set December ------------------------------------------------- The district court of Bad Hersfeld opened bankruptcy proceedings against Hotel am Kurpark GmbH & Co Betriebs Kommanditgesellschaft on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 20, 2004 to register their claims with court-appointed provisional administrator Raimund Schraad. Creditors and other interested parties are encouraged to attend the meeting on Dec. 17, 2004, 10:00 a.m. at Saal 6, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 March 4, 2005, 9:30 a.m. at the same venue. CONTACT: HOTEL AM KURPARK GMBH & CO. BETRIEBS KOMMANDITGESELLSCHAFT Kurpark 19-21, 36251 Bad Hersfeld HOTEL AM KURPARK GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Contact: Gotz Lautenbach, Manager Zeilweg 42, 60439 Frankfurt am Main Raimund Schraad, Insolvency Manager Dudenstrasse 14, D-36251 Bad Hersfeld Phone: 06621/50780 Fax: 06621/507840 INABAU INNENAUSBAU: Gives Creditors Until January to File Claims ---------------------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Inabau Innenausbau Adlershof GmbH on Nov. 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 30, 2005 to register their claims with court-appointed provisional administrator Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 10:45 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 March 23, 2005, 10:40 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: INABAU INNENAUSBAU ADLERSHOF GMBH Segelfliegerdamm 94-98,12487 Berlin Dr. Dirk Wittkowski, Insolvency Manager Kirchblick 11, 14129 Berlin INABAU TISCHLEREI: Under Bankruptcy Administration -------------------------------------------------- The district court of Berlin-Charlottenburg opened bankruptcy proceedings against Inabau Tischlerei GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 30, 2005 to register their claims with court-appointed provisional administrator Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2004, 10:40 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on March 23, 2005, 10:35 a.m. at the district court of Charlottenburg Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: INABAU TISCHLEREI GMBH Segelfliegerdamm 94 - 98,12487 Berlin Dr. Dirk Wittkowski, Insolvency Manager Kirchblick 11, 14129 Berlin KTE GESELLSCHAFT: Bankruptcy Administrator Takes over Operations ---------------------------------------------------------------- The district court of Bad Hersfeld opened bankruptcy proceedings against KTE Gesellschaft fur Krankenhaus und Therapieeinrichtungen GmbH & Co. Verwaltung KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 20, 2005 to register their claims with court-appointed provisional administrator Ulrich Josephs. Creditors and other interested parties are encouraged to attend the meeting on Jan. 28, 2005, 9:50 a.m. at Saal 6, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 March 18, 2005, 9:45 a.m. at Saal 6, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld. CONTACT: KTE GESELLSCHAFT FUR KRANKENHAUS- UND THERAPIEEINRICHTUNGEN MBH Contact: Gotz Lautenbach, Manager Zeilweg 42, 60439 Frankfurt am Main Ulrich Josephs, Insolvency Manager Wilhelmshoher Allee 270, 34131 Kassel Phone: 0561/3166-311 Fax: 0561/3166-312 KTE KLINIKEN: Applies for Bankruptcy Proceedings ------------------------------------------------ The district court of Bad Hersfeld opened bankruptcy proceedings against KTE Kliniken und Therapieeinrichtungen Aktiengesellschaft on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 15, 2005 to register their claims with court-appointed provisional administrator Dr. Fritz Westhelle. Creditors and other interested parties are encouraged to attend the meeting on Jan. 11, 2005, 10:45 a.m. at Saal 8, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 March 15, 2005, 10:00 a.m. at the same venue. CONTACT: KTE KLINIKEN UND THERAPIEEINRICHTUNGEN AKTIENGESELLSCHAFT Am Kurpark 13, 36251 Bad Hersfeld Contact: Dieter Bogel, Director Udo Roters, Director Gunter Kerzmann, Director Dr. Clemens Veltrup, Director Dr. Fritz Westhelle, Insolvency Manager Wilhelmshoher Allee 270, D-34131 Kassel Phone: 0561/3166-311 Fax: 0561/3166-312 KURVERWALTUNG BAD: Creditors Have Until January to File Claims -------------------------------------------------------------- The district court of Bad Hersfeld opened bankruptcy proceedings against Kurverwaltung Bad Hersfeld GmbH & Co. Betriebs Kommanditgesellschaft on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 20, 2005 to register their claims with court-appointed provisional administrator Ulrich Josephs. Creditors and other interested parties are encouraged to attend the meeting on Jan. 28, 2005, 10:10 a.m. at Saal 6, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 March 18, 2005, 10:00 a.m. at the same venue. CONTACT: KURVERWALTUNG BAD HERSFELD GMBH & CO. BETRIEBS KOMMANDITGESELLSCHAFT Kurpark, 36251 Bad Hersfeld KURVERWALTUNG BAD HERSFELD GMBH Kurpark, 36251 Bad Hersfeld Contact: Gotz Lautenbach, Manager Zeilweg 42, 60439 Frankfurt Ulrich Josephs, Insolvency Manager Wilhelmshoher Allee 270, 34131 Kassel Phone: 0561/3166-311 Fax: 0561/3166-312 MENY & PARTNER: Mosbach Court Sets Claims Deadline December ----------------------------------------------------------- The district court of Mosbach opened bankruptcy proceedings against Meny & Partner Brandschutzmontagen GmbH on Oct. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 10, 2004 to register their claims with court-appointed provisional administrator Jochen Horch. Creditors and other interested parties are encouraged to attend the meeting on Jan. 11, 2005, 2:00 p.m. at the district court of Mosbach, Lohrtalweg 2, 74821 Mosbach, Raum 12 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: MENY & PARTNER BRANDSCHUTZMONTAGEN GMBH Contact: Helmut Meny, Manager Romerring 9, 74821 Mosbach-Diedesheim Jochen Horch, Insolvency Manager Wilhelmstrasse 23, 74072 Heilbronn Phone: 07131/780133 REHA-KLINIK: Gives Creditors Until February to File Claims ---------------------------------------------------------- The district court of Bad Hersfeld opened bankruptcy proceedings against Reha-Klinik Naturana GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 3, 2005 to register their claims with court-appointed provisional administrator Ulrich Josephs. Creditors and other interested parties are encouraged to attend the meeting on Jan. 28, 2005, 10:30 a.m. at Saal 6, EG, Amtsgerichtsgebaude, Dudenstrasse 10, 36251 Bad Hersfeld 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 March 18, 2005, 10:30 a.m. at the same venue. CONTACT: KTE GESELLSCHAFT FUR KRANKENHAUS- UND THERAPIEEINRICHTUNGEN MBH 36251 Bad Hersfeld Contact: Gotz Lautenbach, Manager Zeilweg 42, 60439 Frankfurt Ulrich Josephs, Insolvency Manager Wilhelmshoher Allee 270, 34131 Kassel Phone: 0561/3166-311 Fax: 0561/3166-312 ============= I R E L A N D ============= ELAN CORPORATION: Credit, Debt Ratings Raised to 'B' ---------------------------------------------------- Standard & Poor's Ratings Services raised the corporate credit and senior unsecured debt ratings on specialty pharmaceutical maker Elan Corp. to 'B' from 'B-'. The rating action reflects the Dublin, Ireland-based company's increased liquidity and anticipates the upcoming market launch of its very promising multiple sclerosis treatment Antegren, a drug that could generate annual sales well in excess of US$1 billion. At the same time, Standard & Poor's raised its ratings on subsidiary Elan Finance plc's recently completed offering of US$1.15 billion in senior unsecured notes to 'B' from 'B-'. These consist of US$850 million in 7.75% fixed-rate notes due 2011 and US$300 million in floating rate notes due 2011. In addition, Standard & Poor's raised the ratings on Elan Pharmaceutical Investments III Ltd.'s (EPIL III) US$390 million in subordinated notes to 'B' from 'CCC'. The senior unsecured debt rating on Elan Corp.'s US$460 million in convertible notes was raised to 'CCC+' from 'CCC'. (These are subordinate to the EPIL III notes.) All the ratings have been removed from CreditWatch, where they were placed Nov. 1, 2004, after the company announced it would issue senior unsecured notes to refinance a significant portion of the EPIL III notes and increase liquidity ahead of the planned Antegren launch. The recently completed debt offering and subsequent retirement of US$351 million of EPIL III's notes adds roughly US$800 million to the coffers of Elan Corp. The outlook is positive. Elan specializes in the development and marketing of treatments for pain, central nervous system ailments, infectious disease, and autoimmune problems. Its key products include the anti- infectives Maxipime and Azactam. The successful commercialization of Antegren, however, is essential to Elan's long-term financial health given that sales from the company's existing portfolio are not expected to grow meaningfully and given that the company's operations consume (rather than generate) cash. The company has supported its operations by raising more than US$2 billion from non-core asset divestitures over the past several years. "Despite the improved liquidity and the anticipation surrounding Antegren, the ratings still reflect the negative cash flows and the high reliance on the new drug to restore Elan's profitability," said Standard & Poor's credit analyst Arthur Wong. "If Antegren is successfully commercialized in the near term, Standard & Poor's expects Elan to return to profitability in 2006 and become cash flow positive soon after." Sales from Elan's core portfolio were essentially flat for the first nine months of 2004, as was income from royalties and contract manufacturing operations. No meaningful growth is expected. Revenue and earnings growth will thus depend heavily on the addition of new products. The company's near-term product pipeline has two promising prospects: not only Antegren (for both multiple sclerosis and Crohn's disease) but Prialt (for pain). Antegren, by far the product with the higher sales potential, is being co-developed with Biogen Idec Inc. (BB+/Positive/--). Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system at http://www.ratingsdirect.com. All ratings affected by this rating action can be found at http://www.standardandpoors.com. CONTACT: ELAN CORPORATION Investor Relations: Emer Reynolds Phone: 353-1-709-4000 Or 800-252-3526 Media Relations: Anita Kawatra Phone: 212-407-5740 Or 800-252-3526 ========= I T A L Y ========= APRILIA SPA: European Commission Okays Takeover with Provisions --------------------------------------------------------------- Scooter-maker Piaggio S.p.A. has won the nod of the European Commission to acquire ailing motorcycle group Aprilia S.p.A., Agencia Giornalistica Italia says. E.C. earlier declined to rule on the acquisition on concerns that the merger would dominate the market for scooters with 50cc engines. E.C. outlined in its approval a number of conditions designed to protect competition and consumer interests on the small scooter market, a sector wherein Piaggio and Aprilia are dominant. The regulator required the scooter groups to reduce the impact of the merger on market competition. E.C. also asked the groups to commit to supplying new Liberty 50cc engine technology to interested competitors. E.C. said these commitments allow the market to remain competitive. Following the ruling, Piaggio is expected to close deals with banks common to both group and complete Aprilia's takeover for the next few weeks. Piaggio has expressed satisfaction with the ruling. CONTACT: APRILIA S.p.A. Web site: http://www.aprilia.com/ PIAGGIO S.p.A. 23, Viale Rinaldo Piaggio 56025 Pontedera, Pisa, Italy Phone: +39-587-27-21-11 Fax: +39-587-27-22-74 Web site: http://www.piaggio.com CIRIO: Settles Row Over Brazilian Arm ------------------------------------- Collapsed food group Cirio has settled a long-standing dispute with a shareholder of its Brazilian subsidiary and detergent manufacturer Bombril, Il Sole 24 Ore says. Cirio and Mr. Ferreira have been clashing over the ownership of Bombril, which was put under the control of a court-appointed administrator in July 2003. A Brazilian court earlier approved Bombril's sale upon Mr. Ferreira's request. Luigi Farenga, a Cirio commissioner, said the food group and Mr. Ferreira are expected to sign a formal contract, the proceeds of which would be used to reimburse Cirio's creditors. Meanwhile, Italy's antitrust regulator has given food-processing consortium Conserve Italia the green light to acquire Cirio's domestic divisions, Cirio De Rica and Sopragol. CONTACT: CIRIO DEL MONTE ITALIA S.p.A. Legal Address: Via Augusto Valenziani, 10 - 00187 Rome Phone: 06 421761 Fax: 06 42176230 Administrative Address: Strada Provinciale per Podenzano, 10 - 29010 San Polo di Podenzano Phone: 0523 536123 Fax: 0523 379257 Web site: http://www.cirio.it VOLARE GROUP: Government Promises to Intervene; Hints Rescue ------------------------------------------------------------ Troubled low-cost carrier Volare Group declared insolvency Monday amid a throng of financial setbacks, Associated Press Worldstream says. Press officer Federica Menichino said the decision was made following a board meeting Monday. Volare's insolvency would allow the state to appoint an extraordinary commissioner and extend a rescue package similar to that of Parmalat S.p.A. The new Volare commissioner would be known by weekend, Labor Minister Roberto Maroni said in a Tuesday interview with daily La Repubblica. "We will intervene with every means to guarantee the security of 2,000 jobs," Mr. Maroni said. Menichino said Volare has requested the government to provide one-month support to employees affected by the crisis. Volare has reportedly failed to pay its employees for months. The group grounded its planes Friday and suspended all its flights after failing to pay lease charges and renew the insurance of its fleet. Busto Arsizio prosecutors are moving to investigate Volare's case, La Repubblica added. Volare Group is a holding company composed of Volare Airlines, which takes care of regular flights; and AirEurope, which operates the group's charter business. The group has 24 planes covering 20 routes across Europe. 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 VOLARE GROUP: Authorities to Quiz Managers on Collapse ------------------------------------------------------ Prosecutors are ready to grill officials of Volare Group after receiving a report of possible false accounting and embezzlement in the airline. Antonio Pizzi, chief investigating magistrate in Busto Arsizio, outside Milan, told Reuters: "Over the next few days we'll question all the managers, executives, everyone who formed part of management during the period in question." He said the investigation was conducted by forensic accountants of KPMG. "We are confiscating all the relevant documents, the accounts of the last 10 years, the company's books, administrative records," he added. Former managers, who left the company and formed rival Myair.com, are included in the investigations. When asked regarding possible probe on Myair, he said: "Not for now. We'll see, we'll wait for what emerges from this probe. We will investigate all possible avenues." The company declared insolvency on Monday citing heavy losses and debts. Auditors Deloitte & Touche said Tuesday they had warned the firm of its financial problems as early as 2002. Deloitte audited Volare Group's consolidated accounts in 2002 and 2003. Volare is Italy's third largest airline. Its brands include the low-cost Volareweb.com and AirEurope. It operates international and domestic scheduled flights, as well as chartered flights. 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 ===================== VERSATEL TELECOM: Unit Wins EUR3.8 Million Worth of Contracts ------------------------------------------------------------- Versatel Nederland B.V. signed a long-term contract with Free Record Shop. In addition, Versatel will expand its service for ABN Amro Nederland. The total value of both the new contract with Free Record Shop and the additional service for ABN Amro is approximately EUR3.8 million. Versatel will connect 5 offices and 300 stores of Free Record Shop to a Virtual Private Network. In addition, Versatel will introduce an IP-pin system at the Free Record Shop stores. This is done in close cooperation with Fujitsu Services, responsible for the supply of the so-called pinpads. The additional service for ABN Amro consists of a bandwidth upgrade of the current IP VPN network of the company. Atilla Gultuna, Managing Director of Versatel Nederland: "These contracts underline the leading role of Versatel when it comes to IP VPN. The introduction of the IP-pin system at Free Record Shop is an important asset to our product portfolio. And the upgrade of the ABN Amro Nederland network shows how user- friendly this scaleable service is." With VPN services, the customer's networks can be connected efficiently, transparently and with a flexible future upgrade path. Versatel supplies and controls the entire network, including the customer premise equipment and if requested, provides extensive end-user reporting packages. Versatel Nederland B.V. is part of Versatel Telecom International N.V. (Euronext: VRSA). Versatel, based in Amsterdam, is a competitive communications network operator and a leading alternative to the former monopoly telecommunications carriers in its target market of The Netherlands, Belgium and Germany. Founded in October 1995, the Company holds full telecommunication licenses in The Netherlands, Belgium and Germany and has over 1 million customers and approximately 1,900 employees. Versatel operates a facilities-based local access broadband network that uses the latest network technologies to provide business customers with high bandwidth voice, data and Internet services. Versatel is a publicly traded company on Euronext Amsterdam under the symbol "VRSA". News and information are available at http://www.versatel.com. * * * Versatel's net loss for the quarter ended June 30, 2004 was EUR4 million compared with a net loss of EUR12 million in 2Q03 and a net loss of EUR7 million in 1Q04 CONTACT: VERSATEL TELECOM INTERNATIONAL N.V. Wouter van de Putte Investor Relations Phone: +31-20-750-2362 E-mail: investor.relations@versatel.nl Wouter de Kleyn Corporate Communications Executive Phone: +31-20-750-2413 Mobile: + 31 655 11 5668 E-mail: wouter.dekleyn@versatel.nl =========== R U S S I A =========== ARCHEDINSKIY LIME-PIT: Court Appoints Insolvency Manager -------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy proceedings against Archedinskiy Lime-Pit after finding the close joint stock company insolvent. The case is docketed as A12-10653/04-s55. Mr. E. Savchenko has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to 400039, Russia, Volgograd, Post User Box 3195. CONTACT: ARCHEDINSKIY LIME-PIT Russia, Volgograd region, Frolovskiy region, Shurupovskiy Mr. E. Savchenko Insolvency Manager 400039, Russia, Volgograd, Post User Box 3195 BALTASINSKIY INTERECONOMIC: Declared Insolvent ---------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy proceedings against Baltasinskiy Intereconomic after finding the mixed fodder factory insolvent. The case is docketed as A65-6152/2004-SG4-27. Mr. I. Kuchumov has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to: (a) Baltasinskiy Intereconomic 422030, Russia, Tatarstan republic, Batasi (b) Insolvency Manager 420103, Russia, Tatarstan republic, Kazan, Post User Box 1 (c) The Arbitration Court Of Tatarstan Republic 420104, Russia, Tatarstan republic, Kazan, Building 1, Entrance 2 BUILDER: Creditors Have Until Next Month to File Claims ------------------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy proceedings against Builder after finding the open joint stock company insolvent. The case is docketed as A79- 4271/04-SK1-4181. Mr. A. Gryadinskiy has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to 429120, Russia, Chuvashiya republic, Shumerlya, Chaykovskogo Str. 15, Apartment 38. CONTACT: BUILDER Russia, Chuvashiya republic, Shumerlya, Kalininskoye Shosse, 7 Mr. A. Gryadinskiy Insolvency Manager 429120, Russia, Chuvashiya republic, Shumerlya, Chaykovskogo Str. 15, Apartment 38 ENERGY-SAVING TECHNOLOGIES: Declared Insolvent ---------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy proceedings against Energy-Saving Technologies after finding the close joint stock company insolvent. The case is docketed as A60-29090/2003-S2. Mr. S. Merzlyakov has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to 624222, Russia, Sverdlovsk region, Nizhnyaya Tura, Ilyicha Str. 11. CONTACT: ENERGY-SAVING TECHNOLOGIES 654460, Russia, Sverdlovsk region, Krasnoturyinsk, Komsomola Str. 25/314 Mr. S. Merzlyakov Insolvency Manager 624222, Russia, Sverdlovsk region, Nizhnyaya Tura, Ilyicha Str. 11 KAMAZ-AGRO: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------ The Arbitration Court of Tatarstan republic has commenced bankruptcy supervision procedure on limited liability company Kamaz-Agro. The case is docketed as A65-18611/2004-SG4-21. Mr. B. Suvorov has been appointed temporary insolvency manager. A hearing will take place on February 10, 2005, 8:20 a.m. CONTACT: KAMAZ-AGRO 423800, Russia, Tatarstan republic, Tukaevskiy region, Komsomolets Mr. B. Suvorov Temporary Insolvency Manager 420126, Russia, Tatarstan republic, Kazan, Post User Box 309 KIROV-AUTO-MOST: Kirov Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Arbitration Court of Kirov region has commenced bankruptcy proceedings against Kirov-Auto-Most after finding the close joint stock company insolvent. The case is docketed as A28- 93/04-115/6. Mr. A. Krotov has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim to 610014, Russia, Kirov, Shorsa Str. 95, Office 117. CONTACT: KIROV-AUTO-MOST 610040, Russia, Kirov, Mostovaya Str. 30 Mr. A. Krotov Insolvency Manager 610014, Russia, Kirov, Shorsa Str. 95, Office 117 MILLER: Mariy El Court Appoints Insolvency Manager -------------------------------------------------- The Arbitration Court of Mariy El republic has commenced bankruptcy proceedings against Miller after finding the trading house insolvent. The case is docketed as A38-2804-9/200-04. Mr. S. Kamilov has been appointed insolvency manager. CONTACT: MILLER 424016, Russia, Mariy El republic, Yoshkar-Ola, Elevatornyj proezd, 5 Mr. S. Kamilov Insolvency Manager 424031, Russia, Mariy El republic, Yoshkar-Ola, Post User Box 106 RUS': Under External Management Procedure ----------------------------------------- The Arbitration Court of Udmurtiya republic has commenced external management bankruptcy procedure on agricultural industrial company Rus'. The case is docketed as A71-29/2004- G26. Mr. A. Rybakov has been appointed external insolvency manager. CONTACT: RUS' 426057, Russia, Udmurtiya republic, Izhevsk, Militsionnaya Str. 2 Mr. A. Rybakov External Insolvency Manager 426008, Russia, Udmurtiya republic, Izhevsk, Post User Box 3051 The Arbitration Court of Udmurtiya republic: 426057, Russia, Udmurtiya republic, Izhevsk, Svobody Str. 139 RZHEVSKIY COMBINE: Bankruptcy Supervision Begins ------------------------------------------------ The Arbitration Court of Saint-Petersburg and the Leningrad region has commenced bankruptcy supervision procedure on open joint stock company Rzhevskiy Combine Of Grain Products. The case is docketed as A56-33968/04. Mr. M. Menshikov has been appointed temporary insolvency manager. A hearing will take place at the Arbitration Court of Saint-Petersburg and the Leningrad region on February 22, 2005, 11:30 a.m. CONTACT: RZHEVSKIY COMBINE OF GRAIN PRODUCTS 197342, Russia, Saint-Petersburg, Torzhkovskaya Str. 4 Mr. M. Menshikov Temporary Insolvency Manager 624001, Russia, Sverdlovsk region, Sysertskiy region, Aramil, Shkolnaya Str. 46a Phone/Fax: (343) 221-91-74 The Arbitration Court of Saint-Petersburg and the Leningrad region Russia, Saint-Petersburg, Suvorovskiy Pr. 50/52 UVINSKOYE GRAIN: Udmurtiya Court Appoints Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Udmurtiya republic has commenced bankruptcy proceedings against Uvinskoye Grain Receiving Enterprise after finding the state unitary enterprise insolvent. The case is docketed as A71-24/2004-G26. Ms. N. Gorodilova has been appointed insolvency manager. Creditors have until December 22, 2004 to submit their proofs of claim. CONTACT: UVINSKOYE GRAIN RECEIVING ENTERPRISE 427260, Russia, Udmurtiya republic, Uva, K. Marksa Str. 2 YUKOS OIL: Tax Officials Intent on Collecting Fines --------------------------------------------------- Tax authorities on Tuesday requested the Moscow Arbitration Court to uphold some US$2.5 billion (EUR1.9 billion) in fines against Yukos Oil, reports say. The officials needed the court's ruling before they can collect the 2002 fines, which are included in Yukos' total back tax bill of more than US$24 billion (EUR18 billion). The move sent Yukos shares down nearly 22% on Moscow's RTS exchange Tuesday. This is a further blow to the company after the announcement that the government is selling a 77% stake in its main production unit Yuganskneftegaz. Company executives suggested the auction may force Yukos into bankruptcy ahead of a scheduled extraordinary shareholders' meeting for Dec. 20. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Press Service: Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru =========== S W E D E N =========== CONCORDIA BUS: Senior Implied Rating Downgraded to 'Caa1' --------------------------------------------------------- Moody's Investors Service downgraded the rating for the EUR130 million in senior secured notes of Concordia Bus Nordic AB to Caa1 from B2. At the same time, it lowered the senior implied rating for Concordia Bus AB to Caa1 from B1, and its senior unsecured issuer rating to Caa2 from B3. The rating on the EUR160 million senior subordinated notes of the firm was lowered to Caa3 from Caa1. The ratings remain under review. The rating action reflects Concordia's continued financial under-performance, which is worse than what Moody had expected. Its LTM pre-exceptional items EBITDAR was approximately SEK632.0 million, total net debt was approximately SEK2,668.0 million while annual bond interest cost is SEK262.0 million. The rating action also reflects concerns over the firm's limited liquidity headroom in the context of no material improvements in contract portfolio returns. Further, it reflects renewed challenges to control core operating costs. The firm's operating margins were weakened by wage increases in Sweden and higher diesel prices. Lastly, the rating action reflects Moody's concern with respect to the firm's poor prospect of operating profitability and cash flow improvements. As at 31 August 2004, Concordia's cash balance amounted to approximately SEK202.0 million. Moody's said the amount should be adequate to support the business and enable it to honor debt obligations until February next year provided there are no unforeseen additional operating costs. SKANDIA INSURANCE: Back in Black -------------------------------- Third Quarter (a) New sales of unit-linked assurance rose 13% in local currency; (b) Total sales rose 29% in local currency, to SEK24.1 billion; (c) During the fourth quarter of 2004 a provision for restructuring costs will be made for a total amount of approximately SEK350 million, of which approximately SEK300 million pertains to the Swedish operation; (d) The result before tax (according to Swedish GAAP) improved to SEK375 million (-SEK244 million); (e) Result and return measurements according to the embedded value method: (i) The result of operations was SEK756 million (SEK493 million), (ii) The operating result was SEK696 million (SEK 234 million), (iii) The calculated profit margin for new sales of unit linked assurance was 18.3%, compared with 17.8% for the second quarter of 2004, (iv) Cash flow from operating activities was SEK -0.3 billion, compared with -SEK0.3 billion during the second quarter of 2004. January-September (a) Sales and funds under management: (i) Sales rose 33% (11%) in local currency, to SEK72.9 billion, (ii) New sales of unit linked assurance rose 13% (3%) in local currency, (iii) Funds under management increased to SEK368 billion (SEK309 billion at the start of the year); (b) Result according to Swedish GAAP: (i) The result before tax increased to SEK1,017 million (-SEK183 million), (ii) Earnings per share were SEK0.84 (-SEK0.21); (c) Result and return measurements according to the embedded value method: (i) The result of operations was SEK2,366 million (SEK1,595 million), (ii) The operating result increased to SEK2,551 million (SEK1,496 million), (iii) The calculated profit margin for new sales of unit linked assurance was 17.5%. The profit margin for the full-year 2003, recalculated to new assumptions, was 19.6%. Markets with below-average profit margins showed stronger growth, (iv) The operational return on net asset value before tax for unit linked assurance increased to 12.0%, compared with 11.3% for the full-year 2003 (excluding one-time effects); (d) Cash flow from operating activities was charged with one- time payments of -SEK0.8 billion, as reported previously, and amounted to -SEK1.7 billion (-SEK1.5 billion); (e) The group's financial position strengthened: (i) Net asset value rose 8% to SEK 32.9 billion, (ii) Shareholders' equity increased by 11% to SEK17.1 billion, (iii) Borrowings decreased to SEK3.3 billion (SEK4.0 billion at the start of the year, (iv) The sale of If was completed on 6 May 2004, entailing a liquidity improvement of SEK4.5 billion. Significant Post-balance Events (a) On 26 October 2004 Skandia announced that ongoing investigations by regulators in the U.S. regarding market timing are likely to lead to proceedings and/or settlement. It is currently not possible to estimate what financial impact this will have on Skandia. (b) On 29 October 2004 it was announced that Skandia and former Skandia Executive Vice President Ulf Spang have reached a settlement during the on going arbitration process. January-September (including discontinued operations) In 2004 discontinued operations pertain to the Japanese operation, while in 2003 they also pertain to the U.S. operation and the banking operation in Switzerland. (a) Sales through September amounted to SEK72,862 million (SEK66,780 million), of which discontinued operations accounted for (SEK12,553 million); (b) The result after tax (according to Swedish GAAP) was SEK1,695 million (-SEK217 million). The result includes SEK834 million in items affecting comparability and the result for discontinued operations. The gain on the sale of the Japanese operation was SEK834 million; (c) Earnings per share, before dilution, were SEK1.66 (- SEK0.21). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * Does not include LivfOrsakringsaktiebolaget Skandia, which is run on a mutual basis. All return measurements for shareholders' equity, net asset value and capital employed as per September 2004 pertain to moving twelve-month figures. All comparison figures pertain to September 2003 unless stated otherwise. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - A full copy of these results is available free of charge at http://bankrupt.com/misc/Skandia_Interim9mos2004.htm. CONTACT: SKANDIA INSURANCE PLC Jan Erik Back, Chief Financial Officer Phone: +46-8-788 3720 Harry Vos, Head of Investor Relations Phone: +46-8-788 3643 Bjorn Bjornsson, Vice Chairman Phone: +46-8-788 2500 ============= U K R A I N E ============= AZOV: Court Appoints Temporary Insolvency Manager -------------------------------------------------- The Economic Court of Zaporizhya region has commenced bankruptcy supervision procedure on Agricultural LLC Azov (code EDRPOU 00853346). The case is docketed as 25/155. Mr. Oleksandr Osipenko (License Number AA 783079) has been appointed temporary insolvency manager. The company holds account number 260072755 at JSPPB Aval, Zaporizhya regional branch, MFO 313827. Creditors have until November 25, 2004 to submit their proofs of claim to: (a) AZOV 70330, Ukraine, Zaporizhya region, Rozivskij district, Azov (b) Mr. Oleksandr Osipenko Temporary Insolvency Manager Ukraine, Zaporizhya region, Primorsk, Shevchenko Str. 76 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 CONCERN PRIVILLYA: Bankruptcy Proceedings Begin ----------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against Concern Privillya (code EDRPOU 00443217) on July 19, 2004 after finding the company insolvent. The case is docketed as 10/123b. Arbitral manager Mr. S. Shevchenko (License Number AA 630120 of December 19, 2003) has been appointed liquidator/insolvency manager. The company holds account number 260050085 at JSB Azhio, MFO 304609. CONTACT: CONCERN PRIVILLYA 94500, Ukraine, Lugansk region, Krasnij Luch, Engels Str. 45 Mr. S. Shevchenko Liquidator/Insolvency Manager Ukraine, Lugansk region, Levchenko Quarter, 8a/133 ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a DMITRIV: Claims Deadline Expires Today -------------------------------------- The Economic Court of Lviv region commenced bankruptcy supervision procedure on Agricultural LLC Dmitriv on September 15, 2004. The case is docketed as 6/257-29/230. Mr. Pavlo Duplika (License Number AA 250381) has been appointed temporary insolvency manager. Creditors have until November 25, 2004 to submit their proofs of claim to: (a) DMITRIV 80250, Ukraine, Lviv region, Radehiv district, Dmitriv (b) Mr. Pavlo Duplika Temporary Insolvency Manager 82100, Ukraine, Lviv region, Drogobich, Kotlyarevskij Str. 55 Phone: (03244) 3-83-94 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 DNIPROSPETSBUD: To Hold Public Auction this Week ------------------------------------------------ Branch of Agency of Bankruptcy Questions in Mikolaiv region will the properties of OJSC Dniprospetsbud (case B15/24/104/00) on November 26, 2004, 11:00 a.m. at Ukraine, Dnipropetrovsk, Komsomolska Str. 48, Room 2. The properties for sale are: (a) Children Sanitary Complex Yunist, located at Ukraine, AR Krym region, Yevpatoriya, Zaozerne, 60 Rokiv SRSR Str. 11. Starting price is UAH8,395,100 (inclusive of VAT); and (b) Unoccupied premises at the 7th floor of an administrative building located at Ukraine, Dnipropetrovsk, Naberezhna Imeni V. I. Lenina Str. 29A. Starting price is UAH2,354,100 (inclusive of VAT). Auction conditions: (a) Absence of creditor's indebtedness to Dniprospetsbud; (b) Registration of buying-selling agreement is made at the expense of buyer; (c) Redrafting of right of usage of land areas, those are adjoined to the buildings and constructions, which are for sale and made at the expense of buyer; (d) Obligations of buyer concerning monthly compensation to Dniprospetsbud of expenses on service of land areas that are adjoined to the buildings and constructions, which are for sale, from the day of determination of winner of auction until the moment of redrafting of right of usage of land areas on buyer. To participate, bidders must deposit an amount equivalent to 5% of the starting price of the property being sold and pay a registration fee of UAH17. The amount must be deposited to account number 26006351680200 at JSPPB Aval, MFO 305653, EDRPOU 26252710. CONTACT: Auction Committee 49000, Ukraine, Dnipropetrovsk, Komsomolska Str. 48, Rooms 2 and 3 Phone: 8 (056) 744-19-31 NIZHNYANSKE: Under Bankruptcy Supervision ----------------------------------------- The Economic Court of Hmelnitskij region has commenced bankruptcy supervision procedure on OJSC Nizhnyanske (code EDRPOU 00412487). The case is docketed as 13/234-B. Arbitral manager Mr. Arkadij Gorban (License Number AA 485236) has been appointed temporary insolvency manager. The company holds account number 260014994 at JSPPB Aval, Hmelnitskij regional branch, MFO 315966. Creditors have until November 25, 2004 to submit their proofs of claim to: (a) NIZHNYANSKE Ukraine, Hmelnitskij region, Derazhnyanskij district, Nizhnye (b) Mr. Arkadij Gorban Temporary Insolvency Manager Ukraine, Hmelnitskij region, Skovoroda Str. 14/151 (c) ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 SHPANIV' FOOD: Deadline for Filing of Claims Nears -------------------------------------------------- The Economic Court of Rivne region has commenced bankruptcy supervision procedure on State Enterprise Shpaniv' Experimental Plant of Food Extracts (code EDRPOU 00375020). The case is docketed as 4/39. Mr. Popovich Valentin (License Number AA 719873) has been appointed temporary insolvency manager. The company holds account number 2600801651320 at Ukreksimbank, Rivne branch, MFO 333539. Creditors have until November 25, 200 to submit their proofs of claim to: (a) STATE ENTERPRISE SHPANIV' EXPERIMENTAL PLANT OF FOOD EXTRACTS 35301, Ukraine, Rivne region, Rivne district, Shpaniv, Zavodska Str. 1 (b) Mr. Popovich Valentin Temporary Insolvency Manager 04080, Ukraine, Kyiv region, Turovska Str. 18/20, office 56 (c) ECONOMIC COURT OF RIVNE REGION 33001, Ukraine, Rivne region, Yavornitski Str. 59 SPETSAVTOMATIKA: Bankruptcy Supervision Begins ---------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on LLC Scientific-Production Association Spetsavtomatika (code EDRPOU 30196186) on October 18, 2004. The case is docketed as 7/118-04. Mrs. Ludmila Talagayeva (License Number AA 783019) has been appointed temporary insolvency manager. Creditors have until November 25, 2004 to submit their proofs of claim to: (a) SPECAVTOMATIKA 41600, Ukraine, Sumi region, Konotop, Chervonozavodska Str. 5 (b) Mrs. Ludmila Talagayeva Temporary Insolvency Manager 41600, Ukraine, Sumi region, Konotop, Usp.-Triyitska Str. 39, a/b 4 (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Ribalko Str. 2 SUGAR FINANCIAL: Liquidator Takes over Helm -------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Sugar Financial-Industrial Company (code EDRPOU 31456197) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 15/174-b. Arbitral manager Mr. Dashko Oleksandr (License Number AA 487828) has been appointed liquidator/insolvency manager. CONTACT: SUGAR FINANCIAL-INDUSTRIAL COMPANY Ukraine, Kyiv region, Malishko Str. 1 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B VOVKIVSKE: Declared Insolvent ----------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against Vovkivske (code EDRPOU 30827665) on September 27, 2004 after finding the limited liability company insolvent. The case is docketed as 12/40-04. Arbitral manager Mr. Zakorko Vadim (License Number AA 719836) has been appointed liquidator/insolvency manager. CONTACT: VOVKIVSKE Ukraine, Sumi region, Romenskij district, Vovkivtsi, Shkilna Str. 12 Mr. Zakorko Vadim Liquidator/Insolvency Manager 40030, Ukraine, Sumi region, Proletarska Str. 69 ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 ZORYANE: Hmelnitskij Court Names Insolvency Manager --------------------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy proceedings against Agricultural LLC Zoryane (code EDRPOU 23841825) on September 20, 2004 after finding the limited liability company insolvent. The case is docketed as 2/92-B. Mr. Volodimir Bilik (License Number AA 487801) has been appointed liquidator/insolvency manager. CONTACT: ZORYANE 31100, Ukraine, Hmelnitskij region, Starokostyantiniv district, Cherna Mr. Volodimir Bilik Liquidator/Insolvency Manager 31100, Ukraine, Hmelnitskij region, Starokostyantiniv, Popov Str. 15/63 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 =========================== U N I T E D K I N G D O M =========================== ABBEY NATIONAL: Closes Sale of French Operation to BNP Paribas -------------------------------------------------------------- Abbey National plc announces that, with all conditions having been satisfied, the sale of Abbey National France to BNP Paribas has completed. Abbey is a major financial services group in the U.K., where it is the second largest provider of residential mortgages. It employs more than 26,000 people and has 740 U.K. branches and approximately 17.8 million customers. On 12 Nov. 2004, Abbey National plc was acquired by Banco Santander Central Hispano, S.A. Banco Santander is tenth largest bank in the world in terms of market capitalization and the fourth largest bank in Europe. BNP Paribas (http://www.bnpparibas.com)is an international financial services group, with solid roots in Europe, a significant and growing presence in the United States and leading positions in Asia. BNP Paribas has one of the largest international banking networks, present in over 85 countries with 89,100 employees, including 67,400 in Europe. The group has three core businesses: Corporate and Investment Banking, Asset Management & Services, and Retail Banking. CONTACT: ABBEY NATIONAL Media Relations Matthew Young Phone: +44 20 775 64232 BNP PARIBAS Michele Sicard Phone: +33 1 42 98 13 36 Christelle Maldague Phone: +33 1 42 98 56 48 Henri de Clisson Phone: +33 1 40 14 65 14 A HOLDSWORTH: Winding up Resolutions Passed ------------------------------------------- At the extraordinary general meeting of the members of the A Holdsworth & Co. Limited on Nov. 11, 2004 held at O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ, the extraordinary and ordinary resolutions to wind up the company were passed. Peter O'Hara and Simon Weir of O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ have been appointed joint liquidators for the purpose of such winding-up. CONTACT: O'HARA & CO. Wesley House, Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ ARGONAUT GAMES: Share Trading Suspended --------------------------------------- Argonaut Games plc announced on Nov. 15 it requested the suspension of shares pending clarification of its financial position and a possible capital reconstruction. Immediately prior to the announcement, the Company initiated interviews with, and following the announcement, engaged, insolvency practitioners. However, the Company's financial position was such that it was not possible to effect the capital reconstruction. In the circumstances the boards of Argonaut's three trading subsidiaries had no alternative but to formally appoint administrators to those companies and this took place on 22 October 2004. On the same date, Mr. Jez San and Mr. Ronnie San resigned as directors of Argonaut. The Board was informed that the administrators of the subsidiaries, David Rubin and Partners, had circulated details of the businesses and assets to various interested parties. The administrators announced on 29 October 2004 that they had sold the businesses and assets of Just Add Monsters Limited (JAM) and Morpheme Limited (Morpheme) to purchasers associated with Mr. Jez San. In addition the Board has been informed that the administrator of Argonaut Software Limited (ASL) has made all staff of ASL redundant due to a lack of funds whilst a buyer for ASL's business and assets is sought. Argonaut is the principal creditor of ASL, which in turn is the principal creditor of JAM and Morpheme. Following the sale of JAM & Morpheme the administrators have informed the Board that, after settlement of preferential claims, the costs of the exercise and any realization of assets from ASL, at best, only a nominal dividend is likely to be received by Argonaut from ASL. The administrators have further informed the Board that a dividend (if any is paid) is unlikely to be received from ASL for at least six months. The Board does not currently consider it necessary to commence insolvency proceedings although it has no funds to meet any new obligations. The Board is awaiting a more accurate indication of any dividend receivable by Argonaut from ASL. Once this indication has been received, the Board will be in a position to further assess the financial position of Argonaut and will issue a further statement. CONTACT: Argonaut Games PLC Argonaut House 369 Burnt Oak Broadway Edgware Middlesex. HA8 5XZ United Kingdom Phone: +44 (020) 8 9516000 Fax: +44 (020) 8 9516050 Web site: http://www.argonaut.com ARROW GLAZING: Extraordinary Winding up Resolution Passed --------------------------------------------------------- At the extraordinary general meeting of the members of the Arrow Glazing Systems Limited on Oct. 29, 2004 held at Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB, the extraordinary resolution to wind up the company was passed. Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB has been nominated liquidator for the purpose of the winding-up. CONTACT: CRAWFORDS Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB BCG SALES: Calls in Liquidators from Middleton Partners ------------------------------------------------------- At the extraordinary general meeting of the BCG Sales & Hire Limited on Nov. 8, 2004 held at 65 St Edmund's Church Street, Salisbury, Wiltshire SP1 1EF, the extraordinary and ordinary resolutions to wind up the company were passed. Michael Francis Stevenson of Middleton Partners, 3 The Carronades, New Road, Southampton, Hampshire SO14 0AA has been appointed liquidator for the purpose of such winding-up. CONTACT: MIDDLETON PARTNERS 3 The Carronades, New Road, Southampton, Hampshire SO14 0AA Phone: 0845 061 6000 E-mail: enquiries@middletonpartners.co.uk Web site: http://www.middletonpartners.co.uk BIP LTD.: Hires Administrators from KPMG ---------------------------------------- BIP Limited, the long established plastics and chemicals manufacturer and distributor based in Oldbury, West Midlands, has gone into administration. Alan Graham and Mark Orton from KPMG were appointed joint administrators Monday. BIP was the first company to patent urea-formaldehyde resins in 1924. Since then, BIP has evolved into a leading technology innovator delivering thermoset moulding materials, textile chemicals and paper chemicals. BIP Ltd. has a turnover of around GBP20 million, employs 173 people and operates internationally from the Oldbury site. The group has suffered from losses over the last two to three years and has not been able to complete a restructuring of its operations. Mark Orton, the joint administrator from KPMG in Birmingham, said: "BIP Ltd is still operational and we are actively looking to sell all or part of the business as a going concern." CONTACT: KPMG Rachael Morgan, Corporate Communications Phone: 020 7694 2692 Mobile: 07904 528106 E-mail: Rachael.morgan@kpmg.co.uk Press Office Phone: 0207 694 8773 BLUE BISTROS: Names Poppleton & Appleby Liquidator -------------------------------------------------- At the extraordinary general meeting of the Blue Bistros Limited on Nov. 9, 2004 held at 35 Ludgate Hill, Birmingham B3 1EH, the resolution to wind up the company was passed. M. T. Coyne of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been appointed liquidator for the purpose of such winding-up. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk BODY SYSTEMS: Hires Liquidator from Ernst & Young ------------------------------------------------- At a meeting of the Body Systems UK Limited on Oct. 28, 2004, the resolution to wind up the company was passed. Simon Allport and Garry Wilson of Ernst & Young LLP, 100 Barbirolli Square, Manchester M2 3EY have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG 100 Barbirolli Square Lower Mosley Street, Manchester M2 3EY Phone: +44 [0]161 333 3000 Fax: +44 [0]161 333 3001 Web site: http://www.ey.com CANNOCK GATES: Names Begbies Traynor Administrator -------------------------------------------------- W. John Kelly and James P. N. Martin (IP Nos 004857, 008316) have been appointed joint administrators for Cannock Gates Limited. The appointment was made Nov. 11, 2004. The company manufactures and sells wrought iron gate, beds and garden products. Its registered office is located at Unit 16, Martindale Industrial Estate, Hawks Green, Cannock, Staffordshire WS11 2XT. CONTACT: BEGBIES TRAYNOR 4th Floor, Newater House 11 Newhall Street, Birmingham B3 3NY Phone: 0121 200 8150 Fax: 0121 200 8160 E-mail: birmingham@begbies-traynor.com Web site: http://www.begbies.com CAROLINE WHEATLEY: Calls in Liquidator from Valentine & Co. ----------------------------------------------------------- At the extraordinary general meeting of the members of the Caroline Wheatley Associates Ltd. (t/a CWA Events & Conferences) on Nov. 10, 2004 held at The Wessex Hotel, Paternoster Road, Winchester, Hampshire, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator for the purpose of such winding- up. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com CASECOM LIMITED: Creditors to Meet Second Week of December ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Casecom Limited (In Liquidation) Notice is hereby given that, pursuant to Section 146 of the Insolvency Act 1986, that the final meeting of creditors of Casecom Limited will be held on December 13, 2004 at 10:30 a.m. within the offices of Scott & Paterson, Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose of receiving the liquidator's report on the conduct of the winding up. T. Ritchie Campbell, Liquidator November 8, 2004 CONTACT: SCOTT & PATERSON Conference House 152 Morrison Street The Exchange Edinburgh EH3 8EB Phone: 0131 248 2638 Fax: 0131 248 2608 E-mail: mail@scottandpaterson.co.uk Web site: http://www.scottandpaterson.co.uk CHEQUE IN: Creditors to Receive Final Report -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Cheque In Cash Out Limited (In Liquidation) Notice is hereby given that, pursuant to Section 146 of the Insolvency Act 1986, that the final meeting of creditors of Cheque In Cash Out Limited will be held on December 13, 2004 at 11:00 a.m. within the offices of Scott & Paterson, Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose of receiving the liquidator's report on the conduct of the winding up. T. Ritchie Campbell, Liquidator November 8, 2004 CONTACT: SCOTT & PATERSON Conference House 152 Morrison Street The Exchange Edinburgh EH3 8EB Phone: 0131 248 2638 Fax: 0131 248 2608 E-mail: mail@scottandpaterson.co.uk Web site: http://www.scottandpaterson.co.uk ELLIOTT SPENCER: Names BWC Business Solutions Liquidator -------------------------------------------------------- At the extraordinary general meeting of the members of the Elliott Spencer Limited on Nov. 12, 2004 held at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, the extraordinary and ordinary resolutions to wind up the company were passed. David Leighton Cockshott and Gary Edgar Blackburn of the firm of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU have been appointed as joint liquidators for the purpose of the winding- up. CONTACT: BWC BUSINESS SOLUTIONS 8 Park Place, Leeds LS1 2RU EQUITABLE LIFE: Negligence Suit Trial Likely to Proceed ------------------------------------------------------- Ernst & Young has dismissed rumors of potential out-of-court settlement with its former client Equitable Life, according to The Telegraph. The report cited Victoria Cochrane, Ernst & Young's general counsel, saying there have been no discussions regarding a settlement that could pre-empt a trial. Vanni Treves, the chairman of Equitable Life, previously indicated he expected an agreement by Christmas, four months before the trial is set to start. Equitable Life is seeking a GBP2 billion negligence claim against the auditor for its role in the near collapse of the insurer in 2000. The society is accusing Ernst & Young of failing to advise it properly on guaranteed annuity rates risks, and has lodged a legal suit in April 2002. Both parties are confident of winning the legal battle. "We feel stronger in our case now than when proceedings started," Ms. Cochrane said. Equitable Life also claims to have been advised it has a very strong case. Legal costs could exceed GBP60 million, according to the report. CONTACT: The Equitable Life Assurance Society Walton Street Aylesbury Buckinghamshire HP21 7QW, United Kingdom Phone: +44-20-0870-901-0052 Web site: http://www.equitable.co.uk FIELDNORTH LIMITED: Appoints Portland Business Administrator ------------------------------------------------------------ James Richard Tickell and Carl Derek Faulds (IP Nos 008125, 008767) have been appointed joint administrators for Fieldnorth Limited. The appointment was made Nov. 12, 2004. The company is engaged in couriers. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH FORTRADE LIMITED: Calls in C. Morris Liquidator ----------------------------------------------- At the extraordinary general meeting of the members of the Fortrade Limited on Nov. 11, 2004 held at The Quality Inn, Merthyr Road, Tongwynlais, Cardiff, Glamorgan CF15 7LD, the extraordinary and ordinary resolutions to wind up the company were passed. Clive Morris has been appointed liquidator for the purpose of such winding-up. G & A PLANT: Hires Liquidator from Findlay James ------------------------------------------------ At the extraordinary general meeting of the members of the G & A Plant Services Limited on Nov. 9, 2004 held at Express by Holiday Inn, Fowlers Farm, Cressing Road, Braintree, Essex CM77 8DH, the extraordinary and ordinary resolutions to wind up the company were passed. Alisdair J. Findlay of Findlay James, Saxon House, Saxon Way, Cheltenham GL52 6QX has been appointed liquidator for the purpose of such winding-up. CONTACT: FINDLAY JAMES Saxon House, Saxon Way, Cheltenham GL52 6QX HANBURY ENGINEERING: Calls in Smith & Williamson Administrator -------------------------------------------------------------- Anthony Murphy, Roger Tulloch and Neil Hickling (IP Nos 8716, 9174, 5449) have been appointed joint administrators for Hanbury Engineering Services Limited. The appointment was made Nov. 10, 2004. The company offers engineering services. CONTACT: SMITH & WILLIAMSON LIMITED 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey GU1 4RA Phone: 01483 407 100 Fax: 01483 301 232 Web site: http://www.smith.williamson.co.uk HANCOCK WARD: Winding up Resolutions Passed ------------------------------------------- At the extraordinary general meeting of the members of the Hancock Ward Architects Limited on Nov. 10, 2004 held at Langley and Partners, Langley House, Park Road, East Finchley, London N2 8EX, the extraordinary and ordinary resolutions to wind up the company were passed. Philip E. Simons has been appointed liquidator for the purpose of such winding-up. INFO-TECHTRONICS LIMITED: Appoints Administrators ------------------------------------------------- Geoffrey Martin and John Twizell (IP Nos 0/002207/01, 0/007822/01) have been appointed administrators for Info- Techtronics Limited. The appointment was made Nov. 15, 2004. The company is engaged in hardware consultancy and other computer related activities. Its registered office is located at St James's House, 28 Park Place, Leeds LS1 2SP. CONTACT: GEOFFREY MARTIN & CO. St James's House, 28 Park Place, Leeds LS1 2SP INTERNATIONAL POWER: Ratings Remain on CreditWatch Negative ----------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB' long-term issuer credit and senior unsecured debt ratings on U.K.-based global power developer International Power PLC (IPower) remain on CreditWatch with negative implications. Its ambitious acquisition schedule is not yet completed, despite some progress. The ratings were placed on CreditWatch on July 30, 2004, owing to IPower's involvement in a number of transactions at the same time (see "International Power PLC 'BB' Ratings on CreditWatch Negative on Acquisitions Announcement", on RatingsDirect, Standard & Poor's Web-based credit analysis system). "The CreditWatch placement is expected to be resolved before year-end. In order to resolve it, we must have further discussions with the company regarding IPower's future acquisition strategy, financial policy, and the related quality of future cash flow," said Standard & Poor's credit analyst Magdalena Richardson. The financing of the acquisition of Edison Mission's 5,381 MW international power portfolio (the EME portfolio) will also have been put in place at that time. Since the CreditWatch placement, IPower has successfully closed its share rights issue and raised GBP290 million (US$538 million). It is also making progress in the acquisitions of the EME portfolio and Turbogas, a 990 MW Portuguese power plant. "The resolution of the CreditWatch is predominantly dependent on the finalization of the EME portfolio acquisition, as this will largely determine IPower's future financial profile," continued Ms Richardson. The acquisition is subject to approval by shareholders, and to regulatory approvals. An extraordinary general meeting to seek shareholder approval will take place on Nov. 25, 2004. IPower has followed a consistent strategy since its establishment in 2000, focusing on four core geographical areas: The U.S., Australia, Europe, and the Middle East. The company owns interests in 11,953 MW net generating capacity worldwide. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-Mail Address InfrastructureEurope@standardandpoors.com IVEL POLYMER: Names Joint Administrators from Baker Tilly --------------------------------------------------------- Adrian David Allen (IP No 6619) and Graham Paul Bushby (IP No 7243) have been appointed joint administrator from Ivel Polymer Products Limited. The appointment was made Nov. 11, 2004. The company manufactures plastic and rubber products. CONTACT: BAKER TILLY 2 Whitehall Quay, Leeds LS1 4HG Phone: 0113 285 5000 Fax: 0113 285 5001 Web site: http://www.bakertilly.co.uk LONDON FORFAITING: Appoints KPMG Liquidator ------------------------------------------- At the extraordinary general meeting of the London Forfaiting Vostock Ltd. on Oct. 29, 2004 held at International House, 1 St Katherine's Way, London E1W 1XA, the special and ordinary resolutions to wind up the company were passed. Jeremy Spratt and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, United Kingdom has been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk LOW'S BAKERY: Calls First Creditor's Meeting -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Low's Bakery Limited (In Liquidation) Notice is hereby given that by Interlocutor of Aberdeen Sheriff Court on October 26, 2004, Blair C. Nimmo, CA and Neil A. Armour, CA, KPMG, 37 Albyn Place, Aberdeen, AB10 1JB were appointed Joint Interim Liquidators of Low's Bakery Limited, previously having its registered office at 6A Queens Road, Aberdeen, AB15 4NU. Pursuant to Section 138(3) of the Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland) Rules 1986, the First Meeting of Creditors will be held at KPMG offices, 37 Albyn Place, Aberdeen, AB10 1JB on December 7, 2004 at 11:30 a.m. for the purposes of choosing a person to be Liquidator of the Company, determining whether to establish a Liquidation Committee and considering any other Resolution specified in Rule 4.12(3). Creditors' claims should be made up to October 4, 2004. A Creditor is entitled to vote only if a claim has been submitted to the Joint Interim Liquidators and his claim has been accepted for voting purposes in whole or in part. Proxies may be lodged at or before the Meeting at the offices of the Joint Interim Liquidators. A resolution of the meeting is passed if a majority of those voting vote in favor of it. The provision of Rules 4.15-4.17 and of Part 7 of the Insolvency (Scotland) Rules 1986 apply. Blair C. Nimmo, Joint Interim Liquidator November 4, 2004 CONTACT: KPMG LLP 37 Albyn Place Aberdeen AB10 1JB Phone: (01224) 591000 Fax: (01224) 590909 Web site: http://www.kpmg.co.uk LUCAS SRE: Sets Creditors' Meeting Next Month --------------------------------------------- The creditors of Lucas Sre Limited will meet on Dec. 7, 2004 commencing at 10:00 a.m. It will be held at Holiday Inn Birmingham City Central, Smallbrook Queensway, Birmingham B5 4EW. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Grant Thornton, Enterprise House, 115 Edmund Street, Birmingham B3 2HJ not later than 12:00 noon, Dec. 6, 2004. CONTACT: GRANT THORNTON U.K. LLP Enterprise House, 115 Edmund Street Birmingham B3 2HJ Phone: 01827 305071 0121 212 4000 07967 710598 Fax: 0121 233 9857 Web site: http://www.grant-thornton.co.uk MAPFRE RE MANAGEMENT: Special Winding up Resolution Passed ---------------------------------------------------------- At the extraordinary general meeting of the Mapfre Re Management Services UK Company Limited on Nov. 4, 2004 held at Paseo de Recoletos 25, 28004 Madrid, Spain, the subjoined special resolution to wind up the company was passed. David Richard Thorniley and Roderick John Weston of Mazars LLP, 24 Bevis Marks, London EC3A 7NR have been appointed joint liquidators for the purpose of such winding-up. CONTACT: MAZARS 24 Bevis Marks, London EC3A 7NR Phone: (44) 20 73 77 10 00 Fax: (44) 20 73 77 89 31 Web site: http://www.mazars.com NORTHERN ELECTRICAL: Liquidator to Present Winding up Report ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Northern Electrical Services (Aberdeen) Limited (In Liquidation) Notice is hereby given in accordance with section 146 of the Insolvency Act 1986 that the final meeting of creditors of Northern Electrical Services (Aberdeen) Limited will be held at 11:00 a.m. on Thursday, December 23, 2004 at 12 Carden Place, Aberdeen, AB10 1UR for the purposes of receiving an account of the winding-up from the liquidator, together with any explanation that may be given by him. The meeting will also consider these resolutions: (a) To approve the liquidator's release; and (b) To authorize the liquidator to dispose of the company's accounting records three months after the date of the final meeting. Michael J. M. Reid CA, Liquidator November 4, 2004 CONTACT: MESTON REID & CO 12 Carden Place Aberdeen AB10 1UR E-mail: info@mestonreid.com Web site: http://www.meistonreid.com OBJECT FACTORY: Sets Final Meeting of Creditors ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Object Factory Limited (In Liquidation) Notice is hereby given pursuant to Rule 4.31 of the Insolvency (Scotland) Rules 1986, that the Final Meeting of Creditors of Object Factory Limited will be held within the offices of Kroll Limited, Afton House, 26 West Nile Street, Glasgow G1 2PF on December 13, 2004, at 11:30 a.m. for the purposes of receiving the Liquidator's account of the winding-up together with any explanations that may be given. The Liquidator will be seeking his release at the meeting. A resolution at the meeting will be passed if a majority of those voting have voted in favor of it. A creditor will be entitled to attend and vote at the meeting only if a claim has been lodged with me at or before the meeting and it has been accepted for voting purposes in whole or in part. Proxies may also be lodged with me at the meeting or before the meeting at my office. F. J. Gray, Liquidator November 5, 2004 CONTACT: KROLL GLASGOW Afton House 26 West Nile Street Glasgow G1 2PF Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.com OLDCO LIMITED: Winding up Report Due Second Week of December ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Oldco Limited (In Liquidation) Notice is hereby given pursuant to section 146 of the Insolvency Act 1986 that a final meeting of the creditors of Oldco Limited will be held at 1 Royal Terrace, Edinburgh, EH7 5AD on December 14, 2004 at 10:00 a.m. for the purposes of receiving the Liquidator's report on the winding up and to determine whether the Liquidator should be released. T C MacLennan, Liquidator CONTACT: TENON RECOVERY One Royal Terrace Edinburgh EH7 5AD Phone: 0131 557 4455 Fax: 0131 556 0662 E-mail: edinburgh@tenongroup.com Web site: http://www.ey.com P & F CONGLETON: Appoints BDO Stoy Hayward Administrator -------------------------------------------------------- Dermot Justin Power and David Swaden (IP Nos 6006/01, 5495/01) have been appointed joint administrators from P & F Congleton Limited. The appointment was made Nov. 12, 2004. The company is engaged in pressing and fabrications. CONTACT: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk PRECISION CUTTING: Administrators from Tenon Recovery Move in ------------------------------------------------------------- A. J. Pear (IP No 9016) and C. S. Jackson (IP No 8860) have been appointed administrators for Precision Cutting And Drilling Limited. The appointment was made Nov. 17, 2004. The company is engaged in concrete flooring. Its registered office is located at Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB. CONTACT: TENON RECOVERY Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB Phone: 01273 725566 Fax: 01273 724502 Web site: http://www.tenongroup.com TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com SAVE & INVEST: Creditors to Choose Liquidator December ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Save & Invest (Glasgow) Limited (In Liquidation) I, F J Gray of Kroll Limited, Afton House, 26 West Nile Street, Glasgow, G1 2PF, hereby give notice that I was appointed Interim Liquidator of Save & Invest (Glasgow) Limited on October 27, 2004, by Interlocutor of the Court of Session Notice is hereby given pursuant to Section 138 of the Insolvency Act 1986, that the first meeting of creditors of the company will be held within Merchants House, 7 West George Street, Glasgow on December 6, 2004, at 11:00 a.m. for the purpose of choosing a Liquidator and determining whether to establish a Liquidation Committee. A resolution at the meeting will be passed if a majority of those voting have voted in favor of it. A creditor will be entitled to vote at the meeting only if a claim has been lodged with me at the meeting or before the meeting at my office and it has been accepted for voting purposes in whole or in part. For the purpose of formulating claims, creditors should note that the date of commencement of the Liquidation is October 8, 2004. Proxies may also be lodged with me at the meeting or before the meeting at my office. F. J. Gray, Interim Liquidator November 8, 2004 CONTACT: KROLL GLASGOW Afton House 26 West Nile Street Glasgow G1 2PF Phone: 44 (0) 141 248 1250 Fax: 44 (0) 141 248 1262 Web site: http://www.krollworldwide.com WATERFORD WEDGWOOD: Calls Extraordinary General Meeting ------------------------------------------------------- Waterford Wedgwood announces that a document giving notice of an extraordinary general meeting has been posted to shareholders (the Circular). The Circular convenes an Extraordinary General Meeting of the Company to be held at The Shelbourne Hotel, 27 St. Stephen's Green, Dublin 2, Ireland at 10.00 a.m. on 14 December, 2004 at which the resolutions to approve a waiver granted by the Irish Takeover Panel in respect of the underwriting arrangements relating to the Rights Issue (details of which were previously announced), and to approve an increase in the authorized share capital of the Company, and associated allotment authorities and disapplication of rights of pre-emption are proposed, each to facilitate the Rights Issue. Document Availability A copy of the Circular, and of the form of proxy for use at the EGM, has been submitted to the Irish Stock Exchange and the U.K. Listing Authority, and will shortly be available for inspection at: Company Announcements Office Irish Stock Exchange 28 Anglesea Street Dublin 2. Phone: + 353 1 6174200 Financial Services Authority, 25 The North Colonnade Canary Wharf London E14 5HS United Kingdom Phone: + 44 207 066 1000 * * * Waterford Wedgwood, the luxury lifestyle group, on Friday reports a pre-tax profit of EUR8.9 million for the six months to 30 Sept. 2004, compared with a loss before tax of EUR44.8 million for the same period in 2003. This pre-tax profit includes an exceptional profit of EUR103.2 million from the sale of All-Clad, the U.S.-based premium cookware business. Operating loss for the period was EUR21.4 million compared with a EUR4.2 million profit for the same period in 2003. ********* 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 * * *