/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-
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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