/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/041206.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, December 6, 2004, Vol. 5, No. 241 Headlines F R A N C E BULL SA: Anti-trust Regulator Approves EUR517 Mln State Aid OPTICAL DISC: Court Grants 'Suspension of Payment' Petition G E R M A N Y AUTOHAUS HEITMANN: Creditors' Claims Due This Month CBS GRUNDBESITZ: Administrators from Hww Take over Helm GOTZ REISEN: Creditors Have Until This Week to File Claims ING BHF: Sal. Oppenheim Acquires Major Operation for EUR600 Mln KABEL DEUTSCHLAND: Corporate Credit Rating Downgraded to 'B+' KLAUS BREITUNG: Court Confirms Bankruptcy KPV KOSMETIK: Applies for Bankruptcy Proceedings MILLENNIUM IMMOBILIEN: Creditors to Meet Next Week RITUS GMBH: Wuppertal Court Appoints Provisional Administrator TECHNISCHEN FORTBILDUNGSAKADEMIE: Calls First Creditors' Meeting WCM GROUP: Sells Apartments to Blackstone Funds for EUR1.39 Bln WEISE LOGISTIK: Creditors' Claims Due Next Week WEISE MILCH: Neubrandenburg Court Sets Claims Deadline I R E L A N D ELAN CORPORATION: Joint Venture with Medisys Ends I T A L Y ALITALIA SPA: Fintecna's Stake Only Momentary, Says Chairman TISCALI SPA: To Unveil Bond Payment Mode at Yearend L U X E M B O U R G THIEL LOGISTIK: Long-term Corporate Credit Rated 'B+' N E T H E R L A N D S ASM INTERNATIONAL: Sells Additional US$25 Million Notes KENDRION N.V.: Shareholders Approve Capital Hike ROYAL AHOLD: Closes Sale of Spanish Retail Business R U S S I A BANK OF SAVINGS: Declared Insolvent KUZNETSK-CANNED GOODS: Sets Deadline for Proofs of Claim LEN-STANKO-MASH: Names A. Brekhov Insolvency Manager MESHERSKIY WOOD-PROM-KHOZ: Proofs of Claim Deadline Set NIZHNELOMOVSKIY: Creditors Have Until This Week to File Claims POSPELIKHINSKIY CANNED: Altay Court Appoints Insolvency Manager SARATOV-AUTO-TRANS: Undergoes Bankruptcy Supervision Procedure SEL-KHOZ-TEKHNIKA: Tver Court Names Insolvency Manager ULYANOVSK-AGRO-SNAB: Proofs of Claim Deadline Expires January VIKHOREVSKIY LOGGING: Declared Insolvent YUKOS OIL: Authorities Serve Unit RUB8.5 Billion Back-tax Claim U K R A I N E AZOVSILMASH: Bankruptcy Proceedings Begin CHERKASSY' GAZ: Names Sergij Nazarenko Liquidator CHERNIVTSI' FURNITURE: Public Auction of Assets Today DUBOVYAZIVSKIJ SUGAR: Sumi Court Opens Sanction Proceedings FRUIT INDUSTRY: Declared Insolvent NEW ART: Court Brings in Liquidator SHLYAHMASH: Sets Public Auction Today YUG-SUDOSERVICE: Insolvency Manager Moves in ZAHID-INTELEKT: Declared Insolvent ZOLOTIJ LAN: Insolvency Manager Takes over Operations U N I T E D K I N G D O M ALLIS MINERAL: Hires Ernst & Young as Liquidator BALMORAL CAPITAL: Names PricewaterhouseCoopers Liquidator BECK & CALL: Calls in Administrator from Portland Business BELLS HOTEL: Hires Joint Administrative Receivers from KPMG BRADONVALE LIMITED: Owners Decide to Liquidate Firm BWL MAINTENANCE: HSBC Bank Appoints Ernst & Young Receiver CENTRAL ELECTRIC: Members Pass Special Winding up Resolutions CHALCOT PARTNERS: Members Opt to Dissolve Business COLDSEAL WINDOWS: Insolvency Service Brings in Liquidators CONVEYORS ERMANCO: Liquidator's Final Report Out December 31 COURTS PLC: Administrators Lock up Stores DISTRIBUTION MANAGEMENT: Creditors' Meeting Set this Week DREAMPLAN PROPERTIES: Members General Meeting Set December 29 DUBLIN STREET: Liquidator Enters Firm G. H. SMITH: Liquidator to Give Update Later this Month GROSVENOR CERAMIC: Hires Ernst & Young as Administrator INSIGHT (1997): Creditors' Meeting Set this Week JOHN J DENTON: Calls General Meeting JORDISON LIMITED: Meeting of Creditors Set Next Week LAIDLAW STRATHCLYDE: Liquidator's Final Report Out December 23 LIONWELD KENNEDY: Sets Creditors' Meeting this Month MIDLAND ROCK: Calls in Liquidator from Johnson Tidsall MILLHARBOUR INVESTMENTS: Liquidators from David Rubin Move in MYTRAVEL GROUP: Amends Bondholder Circular MYTRAVEL GROUP: Moves Extraordinary Meeting to December 24 NCC COMPACT: Subjoined Special Winding up Resolution Passed NEWCO 761: Creditors Opt to Liquidate Company NORTHERN ROCK: Hires Joint Liquidator from PwC NORTHWEST HOLDINGS: Members General Meeting Set This Month OPM MANAGEMENT: Sets Creditors' Meeting P. B. MOREWOOD: General Meeting of Members Set RAPID MARKETING: Administrator from Lines Henry Takes over Helm ROTHESAY FORESTRY: Hires Liquidator form Ernst & Young ROUND AND ROBERTSON: Liquidation Report Out Later this Month STEWART'S CALDER: Holds Final Meeting of Members VILLAGE LIVING: Names Tomlinsons Liquidator WESTICA LIMITED: Administrator Takes over Operations ********* =========== F R A N C E =========== BULL SA: Anti-trust Regulator Approves EUR517 Mln State Aid ----------------------------------------------------------- The European Commission has authorized aid notified by the French Government in support of the restructuring plan for the IT firm Bull S.A. France has undertaken not to disburse this final restructuring aid before Dec. 31, 2004. The aid will furthermore be paid only after rescue aid granted in 2001 and 2002 has been reimbursed. Under these conditions, the Commission considers that restoration of the company's viability is sufficiently ensured and that, although the amount of the aid is large, it is compatible with the EC Treaty rules (Article 87), which stipulate that state aid must not create undue distortions of competition. The aid, notified by France in February 2004, will take the form of a grant of EUR517 million. In return for the aid, France is imposing a better fortunes clause whereby Bull is to pay the French Government 23.5% of its pre-tax current profits over a period of eight years beginning in 2005. On the basis of the financial forecasts, this clause represents a present value of between EUR50 million and EUR60 million. The French authorities will pay out the new aid at the earliest on December 31, 2004. The rescue aid granted in 2001 and 2002 (see IP/02/1666) will first be reimbursed. The aid notified by France in February 2004 will contribute to Bull's financial restructuring on the basis of a new restructuring plan. The plan involves a steep reduction in overheads, a payroll cut to 7,800 at the end of 2003 and refocusing on the company's strengths: GCOS proprietary servers, IT services linked to its branded products, and development of a new range of open servers. In terms of finance, the two main aspects of the plan, apart from the aid, are: (a) a reduction of around 90% in the company's debt of EUR204 million towards convertible bondholders, in combination with an offer for converting their bonds into shares or shares with warrants to subscribe for shares; and (b) a rights issue launched on the market in June 2004 and underwritten by a group of investors, which brought Bull EUR44.3 million in fresh capital. The Commission assessed the notified aid in the light of the Community guidelines on state aid for rescuing and restructuring firms in difficulty adopted in 1999 (see IP/99/470) and based the decision it took on the findings: (a) the plan offers an adequate guarantee of return to viability for Bull, despite the difficulties inherent in the rapid pace of technological and commercial developments in the sector concerned; (b) Bull's market shares are very small, particularly when compared with the likes of IBM, HP and Sun Microsystems, and it has divested large assets, so that there will be no undue distortions of competition; and (c) the aid is limited to the minimum necessary and will not provide the company with surplus cash, its strategy being that of a niche player. Background Bull is an international group that operates mainly in the areas of up-market professional servers and specialized computer engineering services. Its turnover in 2003 was EUR1,265 million. In 1999 it was forced to sell assets. Since 2001 its position has deteriorated owing to the stock market crisis affecting technology stocks, the crisis in the Internet sector and the collapse of telecommunications markets. Bull designs and supplies a range of large professional servers based on the proprietary operating system GCOS. It also sells servers using IBM and NEC technology. In addition, it provides its customers with maintenance services directly linked to the servers. CONTACT: BULL S.A. 68 Route de Versailles 78430 Louveciennes, France Phone: +33-1-39-66-60-60 Fax: +33-1-39-66-60-62 Web site: http://www.bull.com OPTICAL DISC: Court Grants 'Suspension of Payment' Petition ----------------------------------------------------------- DOCdata N.V. announces that the Trade Court (Tribunal de Commerce) of Chaumont (France) has decided on Wednesday to accept the petition filed by the management board of Optical Disc de France S.A. in Langres (DOCdata France), a 100% subsidiary of the DOCdata group, to grant suspension of payment to Optical Disc de France S.A. The President of the Court has appointed Maitre Yves-Jerome Krebs as administrator, effective immediately. According to the management board of DOCdata France, suspension of payment is inevitable due to continuation in 2004 of the strong decrease in net sales, as occurred in 2002 and 2003. As a result of this, the activities of the Company remain loss- making and the restructuring initiated in the second half of the year 2003 did not yield the intended effect. The Company is therefore forced to implement additional restructuring. In the opinion of the management board of DOCdata France, a drastic reorganization through filing of a petition to grant suspension of payment at this moment is the best solution in view of the continuity and the future of DOCdata France. The employees of DOCdata France have already been informed through the workers' council, which was informed that a Social Plan will be drawn up during the coming weeks. No further announcements can yet be made on the effect of the reorganization through suspension of payment for DOCdata France on the 2004 year-end results and the equity per 31 December 2004, and on the number of people employed by the Company in Langres, as it is insufficiently clear at this moment to what extent additional restructuring of DOCdata France shall be required. Management of DOCdata N.V. expects that no announcement on the influence of this on the results and the equity of DOCdata N.V. can be made prior to publication of the 2004 year-end results of DOCdata N.V., scheduled for 17 February 2005. Contrary to DOCdata France, the other companies of the Media Group, DOCdata Benelux, DOCdata Germany and DOCdata U.K., as well as Industrial Automation Integrators and E-commerce Fulfillment, will be profitable in 2004. DOCdata Media Group is a leading independent provider of supply chain management services for content owners: movie, audio, multimedia and software publishers in Europe. DOCdata E-commerce Fulfillment business specializes in fine meshed logistics and personalized distribution for amongst others Internet shops, retail chains and hard- and software companies, predominantly for the European market. Industrial Automation Integrators currently designs and builds production systems, which utilize optical and laser technology for application in amongst others document security systems for high security printers and equipment for processing of packaging materials. Industrial Automation Integrators also provides security features for authentication. CONTACT: Docdata France (OPTICAL DISC DE FRANCE) Z.I. Les Franchises, Rue de la Poudirier B.P. 163 Langres, Cedex 52202 France Phone: 33 325 843 232 Fax: 33 325 843 210 Web site: http://www.docdata.fr ============= G E R M A N Y ============= AUTOHAUS HEITMANN: Creditors' Claims Due This Month --------------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against Autohaus Heitmann GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 29, 2004 to register their claims with court-appointed provisional administrator Rudiger Weiss. Creditors and other interested parties are encouraged to attend the meeting on Jan. 26, 2005, 11:00 a.m. at Saal 1.043, Justizzentrum, Thuringer Str. 16, 06112 Halle 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: AUTOHAUS HEITMANN GMBH Johann-Reis-Str. 7, 06667 Weissenfels Contact: Uwe Zibell, Manager Franko Gebuhr, Manager Rudiger Weiss, Insolvency Manager Franckestr. 3, 06110 Halle Phone: 0345/614080 Fax: 0345/6140810 CBS GRUNDBESITZ: Administrators from Hww Take over Helm ------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against CBS Grundbesitz und Beteiligungs AG on Nov. 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 14, 2004 to register their claims with court-appointed provisional administrator Rudiger Wienberg from Hww. Creditors and other interested parties are encouraged to attend the meeting on Jan. 25, 2005, 9:00 a.m. at Saal 27, im Gerichtsgebaude, Furstenstrasse 21 in Chemnitz 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: CBS GRUNDBESITZ UND BETEILIGUNGS AG Hoffmannstrasse 30, 09112 Chemnitz Contact: Vorstand Tilo Schilling Jan Schonfeld Rudiger Wienberg, Insolvency Manager Michaelstr. 71, 09116 Chemnitz Web site: http://www.hww-kanzlei.de GOTZ REISEN: Creditors Have Until This Week to File Claims ---------------------------------------------------------- The district court of Neubrandenburg opened bankruptcy proceedings against Gotz Reisen & Sohn GbR on Nov. 1. 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 Wolfgang Matussek. Creditors and other interested parties are encouraged to attend the meeting on Jan. 24, 2005, 1:00 p.m. 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: GOTZ REISEN & SOHN GBR Prenzlauer Chaussee 1 17348 Woldegk Contact: Gunter Gotz, Partner Rainer Gotz, Partner Wolfgang Matussek, Insolvency Manager Elisabethstrasse 30, 17235 Neustrelitz ING BHF: Sal. Oppenheim Acquires Major Operation for EUR600 Mln --------------------------------------------------------------- ING Group has finalized an agreement by which it has agreed to the sale of most of its German banking unit, ING BHF-Bank, to Sal. Oppenheim for EUR600 million. The transaction includes ING BHF-Bank's asset management, private banking, financial markets and core corporate banking businesses, with a total of EUR6 billion in risk-weighted assets, EUR600 million in capital (on the basis of German accounting rules) and about 1,800 employees. Under the terms of the agreement, ING BHF-Bank will return to its old name, BHF-Bank AG. The bank's board members will transfer to the new company with the exception of CEO Sytse Andringa, who will continue to oversee the businesses remaining with ING, which will operate under the name ING Bank Deutschland AG. "We are pleased to have reached an agreement to secure the future for ING BHF-Bank and its employees," said Michel Tilmant, Chairman of the Executive Board of ING Group. "For ING, the sale will release capital from a business that no longer fits into our strategy so it can be reinvested to support the growth of ING's core businesses." ING has also reached agreements in principle to sell the London Branch of ING BHF-Bank to Deutsche Postbank and to sell part of ING BHF-Bank's corporate lending portfolio to HVB Group. Final agreements on those transactions are expected in the coming weeks. All three sales are subject to regulatory approvals and are expected to be completed at year-end. Following the transactions, ING will retain ING BHF's 83.7% stake in Deutsche Hypothekenbank (DHB), a restructured loan portfolio of about EUR1.3 billion, and ING BHF-Bank's private equity activities. ING will also retain the European Business Desk, which serves German subsidiaries of ING's Benelux banking clients, to continue to provide products and services to ING's key Wholesale Banking clients. ING's direct banking business in Germany, ING DiBa, is not affected by these transactions. For ING Group, the three transactions together are expected to result in a net loss of about EUR90 million, to be booked at closing. The transactions will reduce the risk-weighted assets at ING's banking business by EUR8 billion and free up about EUR500 million in Tier 1 capital, resulting in an increase of 17 basis points in the Tier 1 ratio of ING Bank N.V. ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 112,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. CONTACT: ING BHF-BANK Bockenheimer Landstrasse 10 60323 Frankfurt am Main Phone: +49 (69) 718 0 Fax: +49 (69) 718 2296 E-mail: corp-comm@bhf.ing.com Web site: http://www.ing-bhf-bank.com KABEL DEUTSCHLAND: Corporate Credit Rating Downgraded to 'B+' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on German cable-TV operator Kabel Deutschland GmbH (KDG) to 'B+' from 'BB-', following the company's announcement on Nov. 30, 2004, of consideration of a EUR400 million (US$532 million) private offering of 10-year floating-rate pay-in-kind notes, subject to market conditions and board approval, to be used as a further dividend distribution. The outlook is stable. At the same time, Standard & Poor's lowered its long-term debt rating on KDG's euro- and U.S. dollar-denominated senior unsecured notes offering for the equivalent of EUR756 million, maturing in 2014, to 'B-' from 'B'. The debt rating on KDG's senior secured bank loan was also lowered to 'B+' from 'BB-'. "The rating action reflects KDG's financial policy, which appears to be aimed at the highest possible leverage based on the group's underlying cash flow generation," said Standard & Poor's credit analyst Leandro de Torres Zabala. "The rating action also reflects the planned further increase in KDG's leverage resulting from the additional dividend distribution announced by the group." The previous ratings on KDG reflected the expectations that the group would operate a prudent financial strategy, thereby systematically applying free cash flow to reduce leverage and not make further dividend distributions following a EUR475 million payment to shareholders on Nov. 19, 2004. The present plans of KDG are a strong departure from these expectations. "The stable outlook reflects the expectations that KDG will operate a prudent business and financial strategy consisting of defending its core analog-TV services revenues against competition, containing capital expenditures, and systematically applying free cash flow to reducing leverage to levels more consistent with the ratings," added Mr. de Torres Zabala. If the transaction does not proceed this time, given that it still needs board approval, the ratings on KDG will remain at the 'B+' level on account of the company's more aggressive financial policy, which increases the likelihood of further leverage increase. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com KLAUS BREITUNG: Court Confirms Bankruptcy ----------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against on. 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 Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting on Jan. 24, 2005, 9:45 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: KLAUS BREITUNG GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Berger Strasse 338, 60385 Frankfurt am Main Contact: Klaus Breitung, Manager Preungesheimer Strasse 18, 60389 Frankfurt am Main Ottmar Hermann, Insolvency Manager Bleichstrasse 2-4, D-60313 Frankfurt am Main Phone: 069/9130920 Fax: 069/91309230 KPV KOSMETIK: Applies for Bankruptcy Proceedings ------------------------------------------------ The district court of Frankfurt am Main opened bankruptcy proceedings against KPV Kosmetik-Parfum-Vertriebs GmbH on Nov. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 11, 2005 to register their claims with court-appointed provisional administrator Dr. Gerhard Th. Walter. Creditors and other interested parties are encouraged to attend the meeting on Feb. 10, 2005, 9:15 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: KPV KOSMETIK-PARFUM-VERTRIEBS GMBH Schulstrasse 48, 65795 Hattersheim Contact: Stefan Bocklet, Manager Dr. Gerhard Th. Walter, Insolvency Manager Cronstettenstrasse 30, 60322 Frankfurt am Main Phone: 069/9591100 Fax: 069/95911012 MILLENNIUM IMMOBILIEN: Creditors to Meet Next Week -------------------------------------------------- The district court of Berlin opened bankruptcy proceedings against Millennium Immobilien Abwicklungs GmbH on Nov. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 21, 2005 to register their claims with court-appointed provisional administrator Wolfgang Kuhnel. Creditors and other interested parties are encouraged to attend the meeting on Dec. 6, 2004, 9:10 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 14, 2005, 9:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218. CONTACT: MILLENNIUM IMMOBILIEN ABWICKLUNGS GMBH I.L. Paderborner Str. 1,10709 Berlin Wolfgang Kuhnel, Insolvency Manager Berliner Str. 117, 10713 Berlin RITUS GMBH: Wuppertal Court Appoints Provisional Administrator -------------------------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against RITUS GmbH on Nov. 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until to register their claims with court- appointed provisional administrator. Creditors and other interested parties are encouraged to attend the meeting on Jan. 14, 2005, 9:30 a.m. at the district court of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage, Saal 388 - Altbau Amtsgericht 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. RITUS sells wood processing tools and machines. CONTACT: RITUS GMBH Franz Rittershaus Kreutzbergstrasse 55, 42899 Remscheid Contact: Gerhard Muller, Manager Friedrichstrasse 12, 42897 Remscheid Hans Peter Runkel, Insolvency Manager Friedrich-Ebert-Strasse 146, 42117 Wuppertal Phone: 0202/30 20 71 Fax: 0202/31 47 08 TECHNISCHEN FORTBILDUNGSAKADEMIE: Calls First Creditors' Meeting ---------------------------------------------------------------- The district court of Neubrandenburg opened bankruptcy proceedings against Technischen Fortbildungsakademie GmbH on Nov. 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 14, 2004 to register their claims with court-appointed provisional administrator Wolfgang Matussek. Creditors and other interested parties are encouraged to attend the meeting on Jan. 24, 2005, 1:25 a.m. at the district court of at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TECHNISCHEN FORTBILDUNGSAKADEMIE GMBH Nonnenhofer Strasse 24/26, 17033 Neubrandenburg Wolfgang Matussek, Insolvency Manager Elisabethstrasse 30, 17235 Neustrelitz WCM GROUP: Sells Apartments to Blackstone Funds for EUR1.39 Bln --------------------------------------------------------------- Real Estate Funds advised by The Blackstone Group announced the purchase of the entire stock of residential properties belonging to WCM Beteiligungs- and Grundbesitz-Aktiengesellschaft, based in Frankfurt. The portfolio consists of around 31,300 rental apartments, mainly situated in the Northern and Western parts of Germany. Around 9,500 are in the Kiel region, 11,400 in and around Bremen, 3,800 in Wuppertal, roughly 5,800 in and around Monchengladbach and 500 in other regions. The average size of the apartments is approximately 63 sq. m. The transaction value of the portfolio amounts to EUR1.39 billion. This is Blackstone's first residential property investment in the German market and its fourth property investment in Germany. Blackstone's real estate funds last year acquired a portfolio of office properties from Deutsche Bank for approximately EUR1 billion and have made two hotel investments with the Nikko Hotel/Deutsch-Japanisches Center in Dusseldorf and the Marriot Hotel in Munich. Chad Pike, Senior Managing Director and head of European real estate for Blackstone, commented: "The WCM residential portfolio has very stable cash flows and the assets have been the recipients of significant investments over the past several years. Blackstone will be focused on maintaining the long-term value of the apartments and will seek to optimize the financial structure of the business. This transaction gives Blackstone an excellent platform for further acquisition opportunities in the German residential property market." About The Blackstone Group Founded in 1985, The Blackstone Group is a global investment and advisory group with headquarters in New York and offices in London, Hamburg and Paris. Blackstone's real estate group has raised five real estate funds with total committed capital of around US$6 billion. The group has completed over 130 separate investments, representing more than 1,400 individual assets, in hotels, offices and other commercial properties, with a total transaction value of approximately US$22 billion. Blackstone's other businesses include private equity investing, for which it has raised over US$14 billion including Blackstone Capital Partners IV, the largest private equity fund ever raised at US$6.45 billion, corporate debt investing, marketable alternative asset investing, corporate advisory services, and restructuring and reorganization advisory. CONTACT: THE BLACKSTONE GROUP New York John Ford Phone: 212-583-5559 E-mail: ford@blackstone.com or FRANK ELSNER KOMMUNIKATION GMBH Deutschland Frank Elsner Phone: +49 5404 9192 0 E-mail: office@elsner-kommunikation.de WEISE LOGISTIK: Creditors' Claims Due Next Week ----------------------------------------------- The district court of Neubrandenburg opened bankruptcy proceedings against Weise Logistik GmbH on Nov. 1. 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 Angela Tost. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005, 2:00 p.m. at the district court of at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: WEISE LOGISTIK GMBH Malchiner Strasse 68, 17153 Stavenhagen Angela Tost, Insolvency Manager Otto-von-Guericke-Strasse 5, 17033 Neubrandenburg WEISE MILCH: Neubrandenburg Court Sets Claims Deadline ------------------------------------------------------ The district court of Neubrandenburg opened bankruptcy proceedings against Weise Milch GmbH on Nov. 1. 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 Angela Tost. Creditors and other interested parties are encouraged to attend the meeting on Jan. 17, 2005, 2:15 a.m. 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: WEISE MILCH GMBH Malchiner Strasse 68, 17153 Stavenhagen Angela Tost, Insolvency Manager Otto-von-Guericke-Strasse 5, 17033 Neubrandenburg ============= I R E L A N D ============= ELAN CORPORATION: Joint Venture with Medisys Ends ------------------------------------------------- Medisys Plc announced that following the successful development of Flight, it has terminated the joint venture entered into with Elan Corporation Plc and certain affiliated companies in 1999 to develop biosensor blood glucose diagnostic products (Joint Venture). In addition, the Company has agreed to purchase the 5 million redeemable B preference shares in Hypoguard Holding Co. Limited, a wholly owned subsidiary of the Company incorporated in Bermuda (HOLDCO), subscribed for in 1999 by Elan International Services Ltd. (EIS) as part of the Joint Venture (B Preference Shares). The consideration for the acquisition of the B Preference Shares is to be satisfied by the issue of 17 million new ordinary shares of 1 pence in the Company (New Ordinary Shares) to EIS and the payment of GBP560,000 in cash. The cash element of the consideration is to be paid in eight equal quarterly installments of GBP70,000, the first of which is due and payable on December 31, 2004 and the last of which is due and payable on September 30, 2006. The B Preference Shares will be re-purchased by HOLDCO for nominal consideration and cancelled. Admission of the New Ordinary Shares to listing on the Official List of the U.K. Listing Authority and to trading on the London Stock Exchange is expected to take place on December 6, 2004. As part of the Joint Venture termination arrangements, the parties have also agreed that, in relation to the 13 million redeemable A preference shares issued by HOLDCO in 1999 pursuant to the Joint Venture, the holder's JVCO Share Exchange Right, set out in more detail below, will effectively be terminated. Subject to this amendment in the rights attaching to the A Preference Shares, the A Preference Shares remain outstanding together with the C Preference Shares (as detailed below). David Conn, Chief Executive Officer of Medisys Plc, said: "Our joint venture with Elan was successful in providing early-stage funding to Medisys to develop the Flight product, which is now being sold by WalMart under the NewTek ReliOn brand. Having served its intended purpose, we believe that it is now appropriate that the venture is being terminated on a mutually acceptable basis. "In particular, I am pleased that the terms of the settlement restrict the dilution resulting from the repurchase of the B Preference shares to less than 4% of the current Medisys Ordinary Shares outstanding." Background In 1999, Medisys announced that it had entered into a joint venture with Elan Corporation Plc, the Irish speciality pharmaceutical group and certain affiliated companies, for the development of biosensor-based blood glucose diagnostic products. In addition, the Joint Venture acquired the rights to certain technologies relating to the in-vivo monitoring of blood glucose in diabetics from Marathon Medical Technologies, Inc. a joint venture company owned by BioJect Medical Technologies, Inc. and Elan. Under the terms of the Joint Venture, Hypoguard Limited (a wholly owned subsidiary of Medisys) and Elan each provided a worldwide exclusive license to certain technologies to Hypoguard Development Co Limited (JVCO), a newly incorporated wholly owned subsidiary of Medisys. In addition, Hypoguard licensed to JVCO its Arrow technology and Elan granted a license to JVCO of an enabling pump technology. JVCO acquired from Marathon certain patent and intellectual property rights licensed from the Elan Group relating to technologies used in in-vivo monitoring of blood glucose in diabetics. In order to enable JVCO to fund the license and assignment fees and the development of the technologies, certain funding was provided by Elan. EIS subscribed for 13 million redeemable A preference shares in HOLDCO for a total subscription price of US$13 million. The shares are generally redeemable at par plus a premium of 5% per annum at any time between the second and ninth anniversaries of their issue, although Medisys has the right to apply the proceeds of redemption towards the issue to the holder of new Medisys Ordinary Shares at a price of US$0.7505 per share. The holder also had the right to require that the proceeds of redemption be applied towards the purchase by the holder from HOLDCO of 50% of the issued share capital of JVCO (JVCO Share Exchange Right) save that Medisys could, at its option, deny this right by: (a) The issue to the holder of new Medisys Ordinary Shares at a price of US$0.4938 per share; and (b) The payment to the holder of a royalty based on market sales of products developed by JVCO. EIS subscribed for 5 million redeemable B preference shares in HOLDCO for a total subscription price of US$5 million. The shares are generally redeemable by the holder at par plus a premium of 6% per annum at any time between the second and ninth anniversaries of their issue, although Medisys has the right to apply the proceeds of redemption towards the issue to the holder of new Medisys Ordinary Shares at a price of US$0.6518 per share provided the market price of Medisys Ordinary Shares is greater than US$0.6518. In the event that the market price of Medisys Ordinary Shares is less than US$0.6518, then the market price of Medisys Ordinary Shares would become the conversion price and the applicable redemption premium increases on a scale from 6% to a maximum of 15% per annum. The maximum applicable redemption premium is reached when the market price for Medisys Ordinary Shares is US$0.4120 per share. EIS also subscribed for 4 million redeemable C preference shares in HOLDCO for a total subscription price of US$4 million. The shares are generally redeemable by the holder at par plus a premium of 15% per annum at any time between the second and ninth anniversaries of their issue, although Medisys has the right to apply the proceeds of redemption towards the issue to the holder of 8,101,266 new Medisys Ordinary Shares. CONTACT: MEDISYS PLC 36 Linhope St. London NW1 6HU Phone: +44-2075-635200 Fax: +44-2075-635201 Web site: http://www.medisys-group.com Michael Barry Chief Financial Officer Phone: 020 7563 5200 WEBER SHANDWICK SQUARE MILE Kevin Smith Sarah MacLeod Phone: 07747 602 739 020 7067 0700 ========= I T A L Y ========= ALITALIA SPA: Fintecna's Stake Only Momentary, Says Chairman ------------------------------------------------------------ The chairman of state holding company Fintecna told the parliamentary budget commission that the group's 49% stake in ailing carrier Alitalia is only temporary, Il Sole 24 Ore says. Chairman Maurizio Prato said Fintecna is waiting for European Commission to rule on the state-aid implications of its investment in Alitalia. Mr. Prato said Fintecna has already submitted all necessary information. A spokesman for Jacques Barrot, the newly appointed European Transport Commissioner, stressed the regulator has yet to receive all information it has requested. Fintecna has been tasked to restructure and dispose of Alitalia's non-transport operations, which include luggage handling, aircraft maintenance and IT. These non-flight activities will be merged into a new group, AZ Servizi, before disposal. 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 TISCALI SPA: To Unveil Bond Payment Mode at Yearend --------------------------------------------------- Internet provider Tiscali S.p.A. will publish at the end of the year payment terms of its EUR250 million bond, which will expire on July 2005, Agencia Giornalistica Italia says. Vittorio Serafino, who was appointed Tiscali's chairman two months ago, revealed the bond payment would be financed through the sale of Tiscali's assets. Mr. Serafino said, "There will be good news within the year's end." The chairman added the group plans to obtain a rating form at least two months. Tiscali, which was founded by erstwhile chairman Renato Sotu, was able to reduce its third-quarter and nine-month losses following the disposal of its Austrian and Norwegian subsidiaries. CONTACT: TISCALI S.p.A. Sa Illetta 09122 Cagliari Phone: +39 02 309011 E-mail: ir@tiscali.com Web site: http://www.tiscali.com =================== L U X E M B O U R G =================== THIEL LOGISTIK: Long-term Corporate Credit Rated 'B+' ----------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to Luxembourg-based logistics-services provider Thiel Logistik AG. The outlook is stable. At the same time, Standard & Poor's assigned its 'B-' long-term debt rating to the group's proposed EUR130 million (US$173 million) senior subordinated notes. "The ratings reflect Thiel's mid-sized position in the highly fragmented, cyclical, and competitive logistics market; high financial leverage; and the relatively early stage of the company's recovery after a period of financial underperformance," said Standard & Poor's credit analyst Jarrad Oberhardt. "The ratings are supported by Thiel's good positions in certain specialist markets such as German fashion, media, and furniture." The two-notch differential in the rating of the proposed notes reflects their structural and contractual subordination to all senior debt and a substantial proportion of the group's other liabilities. Thiel's performance will be shaped by the highly fragmented and competitive nature of its markets for the foreseeable future. We believe that the company's improvement in performance achieved over the first nine months of 2004 is sustainable. Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: London Ratings Desk (44) 20-7176-7400; London Press Office Hotline (44) 20-7176- 3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e- mail: media_europe@standardandpoors.com. CONTACT: STANDARD AND POOR'S RATING SERVICES Group E-mail Address CorporateFinanceEurope@standardandpoors.com ===================== N E T H E R L A N D S ===================== ASM INTERNATIONAL: Sells Additional US$25 Million Notes ------------------------------------------------------- ASM International N.V. (ASMI) (Euronext Amsterdam:ASM) announced Wednesday that the initial purchasers of its private placement of US$125 million principal amount of 4.25% convertible subordinated notes due 2011 have exercised their option to purchase an additional US$25 million principal amount of notes, to be settled concurrently with the US$125 million principal amount of original issuance. The notes are convertible into ASMI common shares at a conversion price of US$20.82 per share, which is equivalent to a conversion rate of 48.0307 shares for each US$1,000 principal amount of notes and represents a 35% premium over the closing sale price of ASM International common shares on the Euronext Amsterdam stock exchange on December 1, 2004. Initially, cash will be delivered in lieu of a portion of the common shares to be delivered upon conversion in an amount equal to the principal amount of the notes converted (or, if less, the conversion value). Upon receipt by ASM International of shareholder approval to issue additional common shares, only common shares will be delivered upon conversion of the notes. Prior to the time of shareholder approval, the maximum number of common shares issuable upon conversion of each US$1,000 principal amount of notes in excess of the cash portion will be 28. ASM International intends to use the net proceeds from the sale of the US$150 million aggregate principal amount of notes to repay its US$115 million outstanding principal amount of 5% convertible subordinated notes due November 2005, either by purchase in the market or at maturity to the extent such notes have not previously been converted or purchased, and for other general corporate purposes. The notes were issued in a private placement for resale by the initial purchasers to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Securities Act and in reliance on Section 2(1) of the Exemption Regulation pursuant to the Netherlands Act for the Supervision of Securities Trading, as amended. The notes have not been registered under the Securities Act of 1933 or applicable state securities laws, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, and applicable state securities laws. The notes may only be offered or sold to individuals or legal entities who or which trade or invest in securities in the conduct of their profession or trade. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended, and pursuant to and in accordance with the Exemption Regulation pursuant to the Netherlands Act for the Supervision of Securities Trading, as amended. * * * In August, Standard & Poor's Ratings Services revised its outlook on ASM International N.V. to stable from negative, following steady improvements in the company's 100%-owned front- end operations and the strengthening of the company's financial profile. At the same time, Standard & Poor's affirmed its ratings on the company, including its 'B+' long-term corporate credit ratings and all related debt ratings. The company had sales of EUR719 million (US$875 million) and EBITDA of EUR73 million in the 12 months to June 30, 2004. At June 30, 2004, ASM had total debt of EUR210 million, and net debt of EUR38 million. CONTACT: ASM INTERNATIONAL N.V. Robert L. de Bakker Phone: +31 30 2298540 Bilthoven, the Netherlands E-mail: robert.de.bakker@asm.com Mary Jo Dieckhaus Phone: +1 212-986-2900 New York City E-mail: maryjo.dieckhaus@asm.com KENDRION N.V.: Shareholders Approve Capital Hike ------------------------------------------------ Kendrion N.V. announces that the extraordinary general meeting of shareholders that was held Nov. 26 adopted the proposals in relation to the refinancing transaction. The meeting was a second extraordinary general meeting as the first extraordinary general meeting that was held Nov. 10 failed to achieve the quorum that was required to validly adopt amendments to the articles of association of Kendrion. At the second extraordinary general meeting held Nov. 26 no quorum requirement existed and the required qualified majority of 75% of all votes present were cast in favor of the resolutions. The resolutions adopted by the extraordinary general meeting of shareholders include: (a) an increase of authorized share capital to allow for the shares issuances in the context of the refinancing transaction; (b) a reduction of the nominal value of the shares to EUR0.20 per share; (c) a conversion of preference shares into ordinary shares and a deletion of all references to the preference shares; (d) the cessation of the voluntary application of the large company regime (structure regime); (e) delegation to the Executive Board, subject to the approval of the Supervisory Board, of the authority to issue shares, including the authority to restrict or exclude the relevant shareholders' pre-emptive rights, until a date, which is eighteen months after completion of the refinancing transaction; (f) the removal of the current priority shares by converting them into ordinary shares; (g) the introduction of the obligation to launch a mandatory offer on all outstanding ordinary shares on acquisition of a shareholding interest of 30% or more and to notify the Executive Board upon acquisition of a shareholding interest of 20% or more; and (h) the authorization of the Executive Board, subject to the approval of the Supervisory Board, to issue ordinary shares in order to realize the conversion of preference shares into ordinary shares. These resolutions allow Kendrion to effectuate the refinancing transaction and Kendrion announces its intention to proceed with an 11 for 2 rights offering of ordinary shares at an issue price of EUR0.80 per ordinary share. The "Record Date" for the allocation of subscription rights was Tuesday 30 November 2004 after trading hours. Every Kendrion share held on that date at that time will entitle the holder to one subscription right. Kendrion N.V. Kendrion N.V. is an international company, which has approximately 3,200 employees in 16 European countries and Hong Kong. Kendrion aims at niche market leadership in business-to-business markets. Kendrion develops high quality industrial components and provides services in the field of plastic semi-manufactures and fasteners. Motivated local entrepreneurship, quality management in the broadest sense and logistic expertise are characteristic of Kendrion. Kendrion stock is listed on the Euronext Amsterdam stock exchange and included in the Euronext index NextPrime. * * * Not for distribution in the United States, Canada, Australia and Japan ROYAL AHOLD: Closes Sale of Spanish Retail Business --------------------------------------------------- Koninklijke Ahold on Dec. 2 announced it has successfully completed the sale of its Spanish retail activities to the Permira Funds. Ahold and Permira announced the transaction on October 3, 2004. The closing was subject to customary price adjustments and the fulfillment of certain conditions, including antitrust approval. Permira is a leading European-based private equity firm which acts as adviser to the 18 Permira Funds, totaling approximately EUR11 billion. The Permira Funds have invested in over 260 transactions in 15 countries, in companies across a variety of sectors and geographies. Employing some 14,000 associates, Ahold operated almost 600 stores on the Spanish mainland and the Canary Islands with 2003 net sales of approximately EUR2 billion. Ahold announced its intention to divest its Spanish retail operation on November 7, 2003, as part of its strategic plan to optimize its portfolio and to strengthen its financial position. CONTACT: ROYAL AHOLD Corporate Communications Phone: +31.75.659.5720 =========== R U S S I A =========== BANK OF SAVINGS: Declared Insolvent ----------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy proceedings against Bank Of Savings And Development after finding the limited liability company insolvent. The case is docketed as A29-7464/04-3B. Ms. T. Sharova has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to: (a) Insolvency Manager 167000, Russia, Komi republic, Syktyvkar, Babushkina Str. 19 (b) The Arbitration Court of Komi republic 167000, Russia, Syktyvkar, Ordzhonikidze Str. 49a (c) Bank Of Savings And Development 167000, Russia, Komi Republic, Syktyvkar, Babushkina Str. 19 KUZNETSK-CANNED GOODS: Sets Deadline for Proofs of Claim -------------------------------------------------------- The Arbitration Court of Penza region has commenced bankruptcy proceedings against Kuznetsk-Canned Goods after finding the limited liability company insolvent. The case is docketed as A49-8573/04-87b/20. Ms. E. Meshenkova has been appointed insolvency manager. Creditors have until Dec. 8, 2004 to submit their proofs of claim to 442533, Russia, Penza region, Kuznetsk, Pravdy Str. 121. CONTACT: KUZNETSK-CANNED GOODS Russia, Penza region, Kuznetsk, Pravdy Str. 121 Ms. E. Meshenkova Insolvency Manager 442533, Russia, Penza region, Kuznetsk, Pravdy Str. 121 LEN-STANKO-MASH: Names A. Brekhov Insolvency Manager ---------------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region has commenced bankruptcy proceedings against Len-Stanko- Mash after finding the close joint stock company insolvent. The case is docketed as A56-44947/03. Mr. A. Brekhov has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 191186, Russia, Saint- Petersburg, Post User Box 84. CONTACT: LEN-STANKO-MASH 193079, Russia, Saint-Petersburg, Oktyabskaya Quay, 104 Mr. A. Brekhov Insolvency Manager 191186, Russia, Saint-Petersburg, Post User Box 84 MESHERSKIY WOOD-PROM-KHOZ: Proofs of Claim Deadline Set ------------------------------------------------------- The Arbitration Court of Vladimir region has commenced bankruptcy proceedings against Mesherskiy Wood-Prom-Khoz after finding the open joint stock company insolvent. The case is docketed as A11-1925/2004-K1-21B. Ms. S. Urbanovskaya has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to: (a) Insolvency Manager 600021, Russia, Vladimir, Streletskaya Str. 36A, Apartment 81 (b) The Arbitration Court of Vladimir region 600025, Russia, Vladimir, Oktyabrskiy Pr. 14 NIZHNELOMOVSKIY: Creditors Have Until This Week to File Claims -------------------------------------------------------------- The Arbitration Court of Penza region has commenced bankruptcy proceedings against Nizhnelomovskiy after finding the repair factory insolvent. The case is docketed as A49-9930/04-96b/26. Mr. O. Belov has been appointed insolvency manager. Creditors have until Dec. 8, 2004 to submit their proofs of claim to Russia, Penza region, Nizhniy Lomov, Komsomolskaya Str. 1. CONTACT: NIZHNELOMOVSKIY Russia, Penza region, Nizhniy Lomov, Komsomolskaya Str. 1 Mr. O. Belov Insolvency Manager Russia, Penza region, Nizhniy Lomov, Komsomolskaya Str. 1 POSPELIKHINSKIY CANNED: Altay Court Appoints Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Altay region has commenced bankruptcy proceedings against Pospelikhinskiy Canned Vegetables Factory after finding the limited liability company insolvent. The case is docketed as A03-15715/03-15. Mr. A. Bermeshev has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 656015, Russia, Altay region, Barnaul, Lenina Pr. 69, Post User Box 3942. CONTACT: POSPELIKHINSKIY CANNED VEGETABLES FACTORY 659700, Russia, Altay region, Pospelikha, Yuzhnyj Per. 4 Mr. A. Bermeshev Insolvency Manager 656015, Russia, Altay region, Barnaul, Lenina Pr. 69, Post User Box 3942 SARATOV-AUTO-TRANS: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Saratov region has commenced bankruptcy supervision procedure on open joint stock company Saratov-Auto- Trans. The case is docketed as A57-161B/04-12. Ms. L. Aladysheva has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 410031, Russia, Saratov, Kuznechnaya Str. 11/21, Apartment 112. A hearing will take place on Dec. 14, 2004, 10:00 a.m. (Moscow Time). CONTACT: SARATOV-AUTO-TRANS 410005, Russia, Saratov, 1st Sadovaya Str. 104 Ms. L. Aladysheva Temporary Insolvency Manager 410031, Russia, Saratov, Kuznechnaya Str. 11/21, Apartment 112 SEL-KHOZ-TEKHNIKA: Tver Court Names Insolvency Manager ------------------------------------------------------ The Arbitration Court of Tver region has commenced bankruptcy proceedings against Sel-Khoz-Tekhnika after finding the open joint stock company insolvent. The case is docketed as A66- 8483-03. Mr. S. Cheltsov has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 170034, Russia, Tver, Chaykovskogo Pr. 9, Office 228. CONTACT: SEL-KHOZ-TEKHNIKA Russia, Tver region, Molokovo, Lenina Str. 30 Mr. S. Cheltsov Insolvency Manager 170034, Russia, Tver, Chaykovskogo Pr. 9, Office 228 ULYANOVSK-AGRO-SNAB: Proofs of Claim Deadline Expires January ------------------------------------------------------------- The Arbitration Court of Ulyanovsk region has commenced bankruptcy proceedings against Ulyanovsk-Agro-Snab after finding the open joint stock company insolvent. The case is docketed as A72-1557/04-17/9-B. Ms. T. Travkina has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 936. CONTACT: ULYANOVSK-AGRO-SNAB 432018, Russia, Ulyanovsk, Khvatkova Str. 17 Ms. T. Travkina Insolvency Manager 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 936 VIKHOREVSKIY LOGGING: Declared Insolvent ---------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy proceedings against Vikhorevskiy Logging Enterprise (TIN 3823005296) after finding the open joint stock company insolvent. The case is docketed as A19-10108/02-46-38. Ms. V. Oblomkina has been appointed insolvency manager. Creditors have until Jan. 8, 2005 to submit their proofs of claim to 665601, Russia, Irkutsk region, Bratskiy region, Vikhorevka, Dokovskaya Str. 22. CONTACT: VIKHOREVSKIY LOGGING ENTERPRISE 665601, Russia, Irkutsk region, Bratskiy region, Vikhorevka, Dokovskaya Str. 22 Ms. V. Oblomkina Insolvency Manager 665719, Russia, Irkutsk region, Bratsk, Post User Box 1033 YUKOS OIL: Authorities Serve Unit RUB8.5 Billion Back-tax Claim --------------------------------------------------------------- The Federal Tax Service has continued its onslaught against Yukos Oil with a demand for a multi-billion-dollar back-tax claim against one of its three major production units. The Moscow Times cited Yukos spokesman Alexander Shadrin saying Samaraneftegaz has been billed RUB8.5 billion (US$300 million) in back taxes for 2002. Authorities are further probing its financial results for other years. Yukos' Yuganskneftegaz unit is also facing more than US$4 billion in back tax claims. It is being offered for auction on Dec. 19 at a starting price of US$8.65 billion to pay the debt. Yukos' other main production unit is Tomskneft. Its shares have been arrested together with that of Yuganskneftegaz, and Samaraneftegaz under the motion of the court bailiff. 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 ============= U K R A I N E ============= AZOVSILMASH: Bankruptcy Proceedings Begin ----------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Azovsilmash of (code EDRPOU 23854041) on September 29, 2004 after finding the company insolvent. Arbitral manager Mr. Sergij Vasiltsov (License Number AA 140487) has been appointed liquidator/insolvency manager. The company holds account number 26004208509001 at CB Privatbank, Berdyansk branch, MFO 313399. Creditors had until December 4, 2004 to submit their proofs of claim to: (a) AZOVSILMASH Ukraine, Zaporizhya region, Berdyansk, Voli Avenue, 177/3 (b) Mr. Sergij Vasiltsov Liquidator/Insolvency Manager 71100, Ukraine, Zaporizhya region, Berdyansk, Pratsi Avenue, 33/55, office 407 Phone: (06153) 7-18-00 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 CHERKASSY' GAZ: Names Sergij Nazarenko Liquidator ------------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy proceedings against Cherkassy' Gaz Company (code EDRPOU 25210460) on October 5, 2004 after finding the limited liability company insolvent. The case is docketed as 14/2828. Mr. Sergij Nazarenko has been appointed liquidator/insolvency manager. CONTACT: CHERKASSY' GAZ COMPANY 18000, Ukraine, Cherkassy region, 30-Richya Peremogi Str. 5/1-125 Mr. Nazarenko Sergij Liquidator/Insolvency Manager 18000, Ukraine, Cherkassy region, Dobrovolskij Str. 3/1-25 Phone: 8 (0472) 43-22-93 8 (050) 464-03-04 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 CHERNIVTSI' FURNITURE: Public Auction of Assets Today ----------------------------------------------------- Branch of Agency of Bankruptcy Questions in Chernivtsi region and the liquidator of Chernivtsi' Furniture Combine Ltd. will sell the firm's properties on December 6, 2004, 10:00 a.m. The public auction will take place at Ukraine, Chernivtsi, L. Kobilitsi Str. 21a, branch Chernivtsi' Auction Center. For sale is a three-story production building, occupying an area of 5407.3 sq. m, located at Ukraine, Chernivtsi region, Bukovinska Str. 33. Starting price is UAH1,850,000 (inclusive of VAT). 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 on or before December 3, 2004. The amount must be deposited to account number 260076019 at JSPPB Aval, Chernivtsi branch, MFO 356464, EDRPOU 26252704. Participants must submit their competitive propositions on or before December 3, 2004 to 58000, Ukraine, Chernivtsi region, Golovna Str. 44. CONTACT: AUCTION COMMITTEE 58000, Ukraine, Chernivtsi region, Golovna Str. 44 DUBOVYAZIVSKIJ SUGAR: Sumi Court Opens Sanction Proceedings ----------------------------------------------------------- The Economic Court of Sumi region commenced sanction proceedings against OJSC Dubovyazivskij Sugar Plant on August 26, 2004. The case is docketed as 8831-7/147. Mr. D. Maltsev (License Number AA 419212) has been appointed liquidator/insolvency manager. Investors may file an appeal to 01021, Kyiv region, Klovskij uzviz Str. 9/2, office 70. For more information, call (044) 261-04-65 or (044) 290-50-96. CONTACT: DUBOVYAZIVSKIJ SUGAR PLANT Ukraine, Sumi region, Konotop district, Dubovyazivka FRUIT INDUSTRY: Declared Insolvent ---------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Fruit Industry (code EDRPOU 22955194) on September 28, 2004 after finding the limited liability company insolvent. The case is docketed as 24/690. Mr. Valerij Tomashevskij (License Number AA 783247) has been appointed liquidator/insolvency manager. The company holds account number 26001200002687 at JSCB Ukrsocbank, Kyiv region city branch, MFO 322012. Creditors had until December 2, 2004 to submit their proofs of claim to: (a) FRUIT INDUSTRY Ukraine, Kyiv region, Salutna Str. 14 (b) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B NEW ART: Court Brings in Liquidator ----------------------------------- The Economic Court of Kirovograd region commenced bankruptcy proceedings against New Art on September 21, 2004 after finding the limited liability company insolvent. The case is docketed as 14/28. Mr. Hristenko Vadim (License Number AA 249793) has been appointed liquidator/insolvency manager. CONTACT: NEW ART Ukraine, Kirovograd region, Kirovograd district, Berezhinka, Berezhinske shose Str. 2 Mr. Hristenko Vadim Liquidator/Insolvency Manager 25028, Ukraine, Kirovograd region, Geroiv Stalingradu Str. 4/9 Phone: (0522) 22-05-25 22-75-86 SHLYAHMASH: Sets Public Auction Today ------------------------------------- Branch of Agency of bankruptcy questions in Zaporizhya region and Sanction Manager of OJSC Shlyahmash will sell the firms' properties on December 6, 2004, 12:00 noon at 69002, Ukraine, Zaporizhya, Lenin Avenue, 77, office 95. For sale are: (a) Buildings and constructions, occupying an area of 1545.70 sq. m, located at 71100, Ukraine, Zaporizhya region, Berdyansk, Rudnevoyi Str. 3 a. Starting price is UAH312,696 (inclusive of VAT); (b) Part of a complex of buildings and constructions, occupying an area of 620.50 sq. m, located at 71100, Ukraine, Zaporizhya region, Berdyansk, Rudnevoyi Str. 1/2. Starting price is UAH55,570 (inclusive of VAT); and (c) Unoccupied building, occupying an area of 6107.4 sq. m, located at 71111, Ukraine, Zaporizhya region, Berdyansk, Gagarin Str. 7 a. Starting price is UAH1,110,000 (inclusive of VAT.) 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 on or before December 3, 2004. The 5% deposit must be paid to account number 2600827020 at JSPPB Aval, Zaporizhya regional branch, MFO 313827, EDRPOU 26252756 while the registration fee must be deposited to account number 260082431 at JSPPB Aval, Zaporizhya regional branch, MFO 313827, EDRPOU 26252756. Participants must submit competitive propositions on or before December 3, 2004 to 69002, Ukraine, Zaporizhya, Lenin Avenue, 77, office 95. For more information, call 8 (0612) 64-39-01 or 64-36-22. CONTACT: AUCTION COMMITTEE 69002, Ukraine, Zaporizhya, Lenin Avenue, 77, office 95 Phone: 8 (0612) 64-39-01 64-36-22 YUG-SUDOSERVICE: Insolvency Manager Moves in -------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Yug-Sudoservice (code EDRPOU 32391052) on October 18, 2004 after finding the limited liability company insolvent. The case is docketed as 14/371. Arbitral manager Mrs. I. Zhivotovska (License Number AA 419488) has been appointed liquidator/insolvency manager. Creditors had until December 2, 2004 to submit their proofs of claim to: (a) YUG-SUDOSERVICE Ukraine, Mikolaiv region, Geroiv Stalingradu Avenue, 91/406 (b) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 ZAHID-INTELEKT: Declared Insolvent ---------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Zahid-Intelekt (code EDRPOU 30162434) on September 30, 2004 after finding the state-owned enterprise insolvent. The case is docketed as 6/170-7/52. Arbitral manager Mrs. Ludmila Hudonogova (License Number AA 000278) has been appointed liquidator/insolvency manager. The company holds account number 2603336690001at CJSC CB Privatbank, Lviv branch, MFO 325321. CONTACT: ENTERPRISE ZAHID-INTELEKT 79059, Ukraine, Lviv region, Gatman Mazepa Str. 29 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 ZOLOTIJ LAN: Insolvency Manager Takes over Operations ----------------------------------------------------- The Economic Court of Lviv region has commenced bankruptcy proceedings against Zolotij Lan (code EDRPOU 30765913) after finding the limited liability company insolvent. The case is docketed as 6/72-4/27. Arbitral manager Mr. R. Krivich (License Number AA 669649) has been appointed liquidator/insolvency manager. The company holds account number 26041244319001 at CB Privatbank, Buska branch, MFO 325837. CONTACT: ZOLOTIJ LAN Ukraine, Lviv region, Buskij district, Poltava Mr. R. Krivich Liquidator/Insolvency Manager Ukraine, Lviv region, Pulyuj Str. 21/42 =========================== U N I T E D K I N G D O M =========================== ALLIS MINERAL: Hires Ernst & Young as Liquidator ------------------------------------------------ Name of companies: Allis Mineral Systems (UK) Limited Componenta International Limited Denver UK Holdings Limited Dynapac (UK) Limited Lindemann (UK) Limited Norsalta Limited Sala (UK) Limited Svedala LMV UK Limited Trellex Limited At the extraordinary general meeting of these companies on Nov. 23, 2004 held at Metso Minerals (UK) Limited, Parkfield Road, Rugby, Warwickshire CV21 1QJ, the special resolutions to wind up the companies were passed. Ian Best of Ernst & Young LLP, One Bridewell Street, Bristol BS1 2AA has been appointed liquidator for the purpose of such windings-up. CONTACT: ERNST & YOUNG LLP One Bridewell Street, Bristol BS1 2AA Phone: +44 [0] 117 981 2050 Fax: +44 [0] 117 981 2051 Web site: http://www.ey.com BALMORAL CAPITAL: Names PricewaterhouseCoopers Liquidator --------------------------------------------------------- At the extraordinary general meeting of the members of Balmoral Capital Limited on Nov. 23, 2004, the special and ordinary resolutions to wind up the company were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com BECK & CALL: Calls in Administrator from Portland Business ---------------------------------------------------------- James Richard Tickell and Carl Derek Faulds (IP Nos 008125, 008767) have been appointed joint administrators for Beck & Call Delivery Limited. The appointment was made Nov. 15, 2004. CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire PO15 7AH BELLS HOTEL: Hires Joint Administrative Receivers from KPMG ----------------------------------------------------------- Jonathan Scott Pope and Richard John Hill (Office Holder Nos 9334, 8027) have been appointed joint administrative receivers for Bells Hotel Limited (Reg No 04355219, Trade Classification: Recreational Services (39). The appointment was made Nov. 25, 2004. The company is manages golf club, hotel and restaurant. CONTACT: KPMG Corporate Recovery Marlborough House, Fitzalan Court, Fitzalan Road, Cardiff CF24 0TE Phone: (029) 20468000 Fax: (029) 20468200 Web site: http://www.kpmg.co.uk BRADONVALE LIMITED: Owners Decide to Liquidate Firm --------------------------------------------------- At the extraordinary general meeting of the members of the Bradonvale Limited on Nov. 24, 2004 held at 12 Sheet Street, Windsor, Berkshire, the special resolution to wind up the company was passed. Andrew John Whelan of Marks Bloom, 60-62 Old London Road, Kingston upon Thames KT2 6QZ has been appointed liquidator. CONTACT: MARKS BLOOM 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ Phone: +44 (0) 20 85499951 Fax: +44 (0) 20 85496218 Web site: http://www.marksbloom.co.uk BWL MAINTENANCE: HSBC Bank Appoints Ernst & Young Receiver ---------------------------------------------------------- HSBC Bank plc called in David K. Duggins and Ian Best (Office Holder Nos 8324, 8631) joint administrative receivers for property holding company BWL Maintenance One Hundred And Five Limited (Reg No 02458517, Trade Classification: 38). The appointment was made Nov. 23, 2004. CONTACT: ERNST & YOUNG LLP No.1 Colmore Square Birmingham B4 6HQ Phone: +44 [0] 121 535 2000 Fax: +44 [0] 121 535 2001 Web site: http://www.ey.com CENTRAL ELECTRIC: Members Pass Special Winding up Resolutions ------------------------------------------------------------- At the extraordinary general meeting of the members of the Central Electric Company (Rushden) Limited on Nov. 23, 2004 held at Meadows & Co, 91 Headlands, Kettering, Northamptonshire NN15 6AA, the special resolutions to wind up the company were passed. Guy Edward Brooke Mander and Richard Paul Rendle of Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF have been appointed joint liquidators for the purpose of such winding-up. CONTACT: BAKER TILLY City Plaza, Temple Row Birmingham B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 Web site: http://www.bakertilly.co.uk CHALCOT PARTNERS: Members Opt to Dissolve Business -------------------------------------------------- At the extraordinary general meeting of the members of the Chalcot Partners Ltd. on Nov. 23, 2004 held at Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY, the ordinary resolutions to wind up the company were passed. Keith Aleric Stevens has been appointed liquidator for the purpose of the winding-up. COLDSEAL WINDOWS: Insolvency Service Brings in Liquidators ---------------------------------------------------------- Derbyshire-based Coldseal Windows and Doors Limited has gone into liquidation after ceasing trading on November 2, Europe Intelligence Wire says. The High Court released Monday a winding up order against Coldseal and its parent company, Carthium Group Ltd. The Insolvency Service, the firm official receiver, appointed Allan Graham of KPMG Corporate Recovery and Hunter Kelly of Ernst & Young compulsory liquidators. The firm's insolvency left a number of disgruntled customers as some already paid Coldseal deposit for upcoming works while others were waiting for warranty repairs. Coldseal has around 40 offices across the country and employs around 500 sub-contractors, including engineers in Clevedon. The firm also employs around 150 people at its headquarters. CONTACT: COLDSEAL WINDOWS AND DOORS LIMITED Coldseal House Salcombe Road, Meadow Lane Industrial Estate, Alfreton, Derbyshire DE55 7EZ Phone: 01773 833000 Fax: 01773 521779 Web site: http://www.coldseal.co.uk Consumer Help Line Phone: 0121 232 3391 KPMG CORPORATE RECOVERY 2 Cornwall Street Birmingham B3 2DL Phone: (0121) 232 3000 Fax: (0121) 232 3500 ERNST & YOUNG LLP Amanda Rowe Phone: 0161 333 2742 CONVEYORS ERMANCO: Liquidator's Final Report Out December 31 ------------------------------------------------------------ The final general meeting of the members of Conveyors Ermanco Ltd. will be on Dec. 31, 2004 commencing at 10:00 a.m. It will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: BDO STOY HAYWARD LLP 125 Colmore Row, Birmingham B3 3SD Phone: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdo.co.uk COURTS PLC: Administrators Lock up Stores ----------------------------------------- Mick McLoughlin and Chris Laverty of KPMG Corporate Recovery, joint administrators to Courts Plc and Courts U.K. Limited confirmed Wednesday that the 88 stores in the U.K. will remain closed until further notice. Mick McLoughlin, joint administrator and Head of KPMG Corporate Recovery said: "We have completed a comprehensive stock take of the business. We appreciate customers' frustration and would like to be able to open the stores to facilitate the release of stock that has been allocated to customers where balances have been paid in full or can be paid. There are in excess of 3,000 customers who could receive their furniture. Unfortunately, because of disturbances and aggressive incidents that have taken place over the last couple of days, perpetrated by a small minority of customers, we cannot take the risk of reopening the stores. In some cases, it is the very people we are trying to help who are preventing us from opening. We will review this situation over the coming days but the safety and security of Courts staff is a major concern to us." Whilst the stores remain closed, employees will continue to be paid in accordance with their contracts. All employees will be updated by the administrators on the position. Mick McLoughlin continued: "We have received substantial interest in the business and are in discussions with a number of interested parties. Our strategy remains to sell the business as a going concern." The appointment of administrators over Courts Plc and Courts (U.K.) Limited does not affect Courts Overseas Limited, Courts Group International Limited, Courts World Wide Purchases Limited or any of Courts overseas operations. The Courts overseas operations have separate boards, management, suppliers and funding, and will continue to trade as normal. A customer and shareholder information sheet is available at http://www.courts.co.ukand the customer and shareholder helpline number is: 0870 950 1333 CONTACT: KPMG Rachael Morgan, Corporate Communications Phone: 0207 694 2692 Mobile: 07904 528106 E-mail: rachael.morgan@kpmg.co.uk DISTRIBUTION MANAGEMENT: Creditors' Meeting Set this Week --------------------------------------------------------- The creditors of Distribution Management (UK) Ltd. will meet on Dec. 10, 2004 commencing at 10:00 a.m. It will be held at KPMG LLP, 1 The Embankment, 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 Corporate Recovery, St James' Square, Manchester M2 6DS not later than 12:00 noon, Dec. 9, 2004. CONTACT: KPMG Corporate Recovery St James Square, Manchester M2 6DS Phone: (0161) 838 4000 Fax: (0161) 838 4040 Web site: http://www.kpmg.co.uk DREAMPLAN PROPERTIES: Members General Meeting Set December 29 ------------------------------------------------------------- The general meeting of the members of Dreamplan Properties Ltd. will be on Dec. 29, 2004 commencing at 4:00 p.m. It will be held at the offices of Duncan Sheard Glass, Castle Chambers, 43 Castle Street, Liverpool L2 9TL. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: DUNCAN SHEARD GLASS Castle Chambers, 43 Castle Street, Liverpool L2 9TL Phone: 0151 243 1200 Fax: 0151 236 1430 E-mail: liverpool@dsg.uk.com DUBLIN STREET: Liquidator Enters Firm ------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Dublin Street Developments Limited Notice is hereby given that I, Keith Veitch Anderson of Scott & Paterson, Conference House, 152 Morrison Street, The Exchange, Edinburgh EH3 8EB, was appointed liquidator of Dublin Street Developments Limited on November 16, 2004. Keith Veitch Anderson, Liquidator November 18, 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 G. H. SMITH: Liquidator to Give Update Later this Month ------------------------------------------------------- The general meeting of the G. H. Smith & Co (Bankhall) Ltd. will be on Dec. 29, 2004 commencing at 1:00 p.m. It will be held at the offices of Duncan Sheard Glass, Castle Chambers, 43 Castle Street, Liverpool L2 9TL. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: DUNCAN SHEARD GLASS Castle Chambers, 43 Castle Street, Liverpool L2 9TL Phone: 0151 243 1200 Fax: 0151 236 1430 E-mail: liverpool@dsg.uk.com GROSVENOR CERAMIC: Hires Ernst & Young as Administrator ------------------------------------------------------- Simon Allport and Garry Wilson (IP Nos 8763, 9062) have been appointed joint administrators for Grosvenor Ceramic Hardware Limited. The appointment was made Nov. 24, 2004. Its registered office is located at Emerald Way, Stone Business Park, Stone, Staffordshire ST15 0SR. 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 INSIGHT (1997): Creditors' Meeting Set this Week ------------------------------------------------ The creditors of Insight (1997) Limited will meet on Dec. 9, 2004 commencing at 11:00 a.m. It will be held at BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD. Creditors who want to be submitted together with written debt claims to represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD not later than 12:00 noon, Dec. 8, 2004. 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 JOHN J DENTON: Calls General Meeting ------------------------------------ The general meeting of the John J Denton Ltd. will be in Dec. 29, 2004 commencing at 3:00 p.m. It will be held at the offices of Duncan Sheard Glass, Castle Chambers, 43 Castle Street, Liverpool L2 9TL. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: DUNCAN SHEARD GLASS Castle Chambers, 43 Castle Street, Liverpool L2 9TL Phone: 0151 243 1200 Fax: 0151 236 1430 E-mail: liverpool@dsg.uk.com JORDISON LIMITED: Meeting of Creditors Set Next Week ---------------------------------------------------- The creditors of Jordison Limited will meet on Dec. 13, 2004 commencing at 10:30 a.m. It will be held at Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN not later than 12:00 noon, Dec. 12, 2004. CONTACT: TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com LAIDLAW STRATHCLYDE: Liquidator's Final Report Out December 23 -------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Laidlaw (Strathclyde) Limited Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986, that the final meeting of members of Laidlaw (Strathclyde) Limited will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP on December 23, 2004 commencing at 9:45 a.m. for the purpose of having an account laid before the members showing how the winding-up has been conducted and the property of the Company disposed of, and hearing any explanation that may be given by the Liquidator. A member entitled to attend and vote at the meeting may appoint a proxy, who need not be a member, to attend and vote instead of him/her. Tim Walsh, Joint Liquidator November 17, 2004 CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com LIONWELD KENNEDY: Sets Creditors' Meeting this Month ---------------------------------------------------- The creditors of Lionweld Kennedy Limited will meet on Dec. 16, 2004 commencing at 10:00 a.m. It will be held at Ernst & Young LLP, Citygate, St James' Boulevard, Newcastle upon Tyne NE1 4JD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Ernst & Young LLP, Citygate, St James' Boulevard, Newcastle upon Tyne NE1 4JD not later than 12:00 noon, Dec. 15, 2004. CONTACT: ERNST & YOUNG LLP Citygate, St James' Boulevard, Newcastle upon Tyne NE1 4JD Phone: +44 [0] 191 247 2500 Fax: +44 [0] 191 247 2501 Web site: http://www.ey.com MIDLAND ROCK: Calls in Liquidator from Johnson Tidsall ------------------------------------------------------ At the extraordinary general meeting of the members of the Midland Rock Bolting Limited on Nov. 24, 2004 held at the offices of Johnson Tidsall, 81 Burton Road, Derby DE1 1TJ, the special resolution to wind up the company was passed. Brian Andrew Scott of Johnson Tidsall, 81 Burton Road, Derby DE1 1TJ has been appointed liquidator for the purpose of such winding- up. CONTACT: JOHNSON TIDSALL 81 Burton Road, Derby Phone: 01332 363116 Fax: 01332 349984 E-mail: general@johnsontidsall.co.uk Web site: http://www.johnsontidsall.co.uk MILLHARBOUR INVESTMENTS: Liquidators from David Rubin Move in ------------------------------------------------------------- At the extraordinary meeting of the members of the Millharbour Investments Limited on Nov. 23, 2004 held at Pearl Assurance House, 319 Ballards Lane, London N12 8LY, the special resolution to wind up the company was passed. Asher Miller of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY has been appointed liquidator for the purpose of such winding-up. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com MYTRAVEL GROUP: Amends Bondholder Circular ------------------------------------------ MyTravel Group plc announces that a letter sent to its convertible bondholders Thursday, which updates and makes some technical amendments to the bondholder circular dated 12 November 2004, has been lodged with the U.K. Listing Authority's document viewing facility. CONTACT: BRUNSWICK GROUP LLP Phone: 020 7404 5959 Fiona Antcliffe William Cullum MYTRAVEL GROUP: Moves Extraordinary Meeting to December 24 ---------------------------------------------------------- MyTravel Group plc announces that on Dec. 1, it posted the circular to shareholders envisaged in its announcement of 26 November. The circular sets out the terms of the company's consensual restructuring proposal and gives notice of an extraordinary general meeting of shareholders. The meeting will be held on Dec. 24, 2004, not Dec. 20, 2004 as indicated in the previous announcement. MyTravel Chairman Michael Beckett said: "The Board recognizes that for many shareholders December 24 may not be a convenient date. Unfortunately, it has simply not been possible to process the documentation quickly enough to call the meeting for an earlier date. The Board apologizes to shareholders but trusts that they will understand that it is necessary in order to meet the objective of restructuring by the end of the year. "We would also like to remind shareholders that if they intend to vote by proxy, they should do so promptly to ensure that their votes are not delayed in the Christmas post." MyTravel also announced that it has been notified that the ad hoc committee of bondholders has made an application to the Court of Appeal seeking permission to appeal from the order of Mr. Justice Mann in relation to the proposed scheme of arrangement. CONTACT: MYTRAVEL GROUP PLC Parkway One Parkway Business Centre 300 Princess Rd. Manchester M14 7QU Phone: +44-161-23-20-066 Fax: +44-161-23-26-524 Web site: http://www.mytravelgroup.com BRUNSWICK GROUP LLP Fiona Antcliffe William Cullum Phone: 020 7404 5959 NCC COMPACT: Subjoined Special Winding up Resolution Passed ----------------------------------------------------------- At the extraordinary general meeting of the NCC Compact Limited on Nov. 18, 2004 held at Antony Batty & Company, New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY, the subjoined special resolution to wind up the company was passed. NEWCO 761: Creditors Opt to Liquidate Company --------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Newco (761) Limited Notice is hereby given that I, David Forbes Rutherford of Cowan & Partners CA, 60 Constitution Street, Leith, Edinburgh, EH6 6RR, was appointed liquidator of Newco (761) Limited on November 15, 2004. David Forbes Rutherford, Liquidator November 15, 2004 CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk NORTHERN ROCK: Hires Joint Liquidator from PwC ---------------------------------------------- At a meeting of the Northern Rock Holdings (No. 1) Limited on Nov. 26, 2004, the special and ordinary resolutions to wind up the company were passed. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP have been appointed joint liquidators of the company for the purpose of such winding-up. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com NORTHWEST HOLDINGS: Members General Meeting Set This Month ---------------------------------------------------------- The general meeting of the members of Northwest Holdings (UK) Limited will be on Dec. 30, 2004 commencing at 10:00 a.m. It will be held at KPMG, 8 Salisbury Square, London EC4Y 8BB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the Company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, Dec. 29, 2004. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk OPM MANAGEMENT: Sets Creditors' Meeting --------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF OPM Management Services Limited Notice is hereby given, pursuant to Section 98 of the Insolvency Act 1986, that a Meeting of Creditors of the above Company will be held on December 9, 2004 at 12:00 noon within the offices of PKF, Accountants and business advisors, 78 Carlton Place, Glasgow G5 9TH, for the purposes mentioned in Sections 99 to 101 of the said Act. A list of the Company's creditors will be available for inspection within the offices of PKF Accountants and business advisors 78 Carlton Place, Glasgow, G5 9TH, two business days prior to the meeting. By Order of the Board. Mr. James O'Donnell, Director November 18, 2004 CONTACT: PKF 78 Carlton Place Glasgow G5 9TH Phone: 0141 4295900 Fax: 0141 4295901 E-mail: info.glasgow@uk.pkf.com Web site: http://www.pkf.co.uk P. B. MOREWOOD: General Meeting of Members Set ---------------------------------------------- The general meeting of the P. B. Morewood & Co. Ltd will be on Dec. 29, 2004 commencing at 2:00 p.m. It will be held at the offices of Duncan Sheard Glass, Castle Chambers, 43 Castle Street, Liverpool L2 9TL. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. CONTACT: DUNCAN SHEARD GLASS Castle Chambers, 43 Castle Street, Liverpool L2 9TL Phone: 0151 243 1200 Fax: 0151 236 1430 E-mail: liverpool@dsg.uk.com RAPID MARKETING: Administrator from Lines Henry Takes over Helm --------------------------------------------------------------- Neil Henry (IP No 8622) has been appointed administrator for Rapid Marketing Services Limited. The appointment was made Nov. 10, 2004. The company sells mobile phones. Its registered office is located at Edwards Veeder, Alex House, 260-268 Chapel Street, Salford, Manchester M3 5JZ. CONTACT: LINES HENRY 27 The Downs, Altrincham, Cheshire WA14 2QD ROTHESAY FORESTRY: Hires Liquidator form Ernst & Young ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Rothesay Forestry Limited Notice is hereby given that we, Elizabeth Anne Bingham and Alan Lovett of Ernst & Young LLP, 1 More London Place, London, were appointed liquidator of Rothesay Forestry Limited on November 5, 2004. Elizabeth Anne Bingham Alan Lovett Joint Liquidators November 16, 2004 CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com ROUND AND ROBERTSON: Liquidation Report Out Later this Month ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Round and Robertson Limited Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986, that the final meetings of members of Round and Robertson Limited will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP on December 30, 2004 commencing at 11:30 a.m. for the purpose of having accounts laid before the members showing how each winding-up has been conducted and the property of the Company disposed of, and nearing any explanation that may be given by the liquidator. A member entitled to attend and vote at the meeting may appoint a proxy, who need not be a member, to attend and vote instead of him/her. Tim Walsh, Joint Liquidator November 18, 2004 CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com STEWART'S CALDER: Holds Final Meeting of Members ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Stewart's Calder Road Limited (In Liquidation) Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986, that the Final Meeting of Members of Stewart's Calder Road Limited will be held on December 24, 2004 at 10:30 a.m. within the offices of Cowan & Partners, 60 Constitution Street, Leith, Edinburgh EH6 6RR, for the purpose of receiving the Liquidator's final report showing how the winding up has been conducted and of hearing any explanations that may be given by the Liquidator. All creditors and members are entitled to attend in person or by proxy and a resolution will be passed when the majority of those voting have voted in favor of it. Creditors may vote where claims and proxies have been submitted and accepted at the meeting or lodged beforehand at the above offices. David F. Rutherford, Liquidator CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk VILLAGE LIVING: Names Tomlinsons Liquidator ------------------------------------------- At a meeting of the Village Living Limited, the special and ordinary resolutions to wind up the company were passed. Alan H. Tomlinson of Tomlinsons, St Johns Court, 72 Gartside Street, Manchester M3 3EL has been appointed liquidator of the company for the purpose of such winding-up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk WESTICA LIMITED: Administrator Takes over Operations ---------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Westica Limited Notice is hereby given that were, John Charles Reid and James Bernard Stephen, both of Deloitte & Touche LLP Lomond House, 9 George Square, Glasgow, G2 1QQ, were appointed administrator of Westica Limited on November 23, 2004 by notice of appointment lodged in the Court of Session. John Charles Reid James Bernard Stephen CONTACT: DELOITTE & TOUCHE LLP Lomond House 9 George Square Glasgow G2 1QQ Phone: +44 (0) 141 204 2800 Fax: +44 (0) 141 314 5893 Web site: http://www.deloitte.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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