/raid1/www/Hosts/bankrupt/TCREUR_Public/041220.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 20, 2004, Vol. 5, No. 251
Headlines
F I N L A N D
M-REAL CORPORATION: New Revolving Credit Facility Gets 'BB+'
F R A N C E
CYNTHIA SARL: Dijon Court Puts Bar Operator into Receivership
DIFF 21: Receiver Takes over Operations
MARITIME MUTUEL: 'C/D' Individual Rating Affirmed
MARNE ET CHAMPAGNE: Class M MTNs off CreditWatch
SANGOY SARL: Falls into Receivership
G E R M A N Y
ABCD ANLAGENBAU: Claims Deadline Nears
BOWLING- UND FREIZEITCENTER: Under Bankruptcy Administration
COMPOPURE STARKE: Creditors May Submit Claims Until January
DRESDNER BANK: AGF Seals Acquisition of French Unit
FFC ELEKTROTECHNIK: Administrator Takes over Operations
FROBE MASSIVHAUS: Furth Court Appoints Administrator
GRZELLA & WEBER: Creditors' Claims Due Next Week
INFINEON TECHNOLOGIES: Shakes up Management
JENOPTIK AG: Ratings Still on CreditWatch Negative
KLIMA FOUNDATION: Landshut Court Appoints Administrator
MANFRED ENGLER: Claims Deadline Expires Thursday
PEITZ UND ZIMMERMANN: Administrator's Report Out February
RESOTEC GMBH: Under Bankruptcy Administration
I T A L Y
ALITALIA SPA: Selling Govt Stake to Institutional Investors Only
FIAT SPA: Opts for Mediation to Resolve Put Option Row with GM
PARMALAT FINANZIARIA: Bares Creditors' List
PARMALAT FINANZIARIA: Seeks Return of Payments Made to 45 Firms
PARMALAT U.S.A.: Farmland Forges Deal with GE Capital, Creditors
R U S S I A
BEL-CERAMICS: Bankruptcy Hearing Resumes December 27
GRANITE: Undergoes Bankruptcy Supervision Procedure
KEMEROVO-MINE-STROY: Proofs of Claim Deadline Expires January
ORENBURGSKAYA: Orenburg Court Opens Bankruptcy Proceedings
POLUS: Hires A. Saltykov as Insolvency Manager
PROKHLADNENSKIY LIQUOR: Under Bankruptcy Supervision
PROKOPYEVSKIYE CENTRAL: Insolvency Manager Takes over Operations
OAO TULASPIRT: Unpaid Debts Push Firm into Receivership
YUG-ELECTRO-1: Gives Creditors Until January to File Claims
YUKOS OIL: U.S. Court Stops Yuganskneftegaz Auction
YUKOS OIL: Yugansk Sold for US$9.35 Billion
YUKOS OIL: Appellate Court Declines to Lift TRO for Gazpromneft
YUKOS OIL: Court Clips Shareholders' Power to Liquidate Company
U K R A I N E
ANDRIYIVSKE: Mikolaiv Court Opens Bankruptcy Proceedings
FALVEST-FARM: Proofs of Claim Deadline Expires Saturday
GALTEHNOSERVICE: Period for Filing of Claims Ends Weekend
NAFTOMASH: Under Bankruptcy Supervision
OLEKSANDRIVSKIJ RAJAGROHIM: Proofs of Claim Deadline Nears
SIRIUS: Insolvency Manager Takes over Operations
ZACHATIVSKE: Court Grants Debt Moratorium Request
ZNAMYANSKE AUTO 13542: Under Bankruptcy Supervision
U N I T E D K I N G D O M
6S COMMUNICATIONS: Owners Agree to Wind up Company
AAPCO LIMITED: Names Vantis Business Recovery Liquidator
AJS BUILDING: Calls in Liquidator from E. Mary Grove
ALEXANDER FURNITURE: Hires Tenon Recovery as Administrator
ALGROVE ASSOCIATES: Liquidator's Final Report Out Mid-January
AREM MEDIA: Appoints Administrators from Begbies Traynor
BRITISH AMERICAN: Names Grant Thornton Administrator
BUTTERLEY CONSTRUCTION: Appoints Moore Stephens Administrator
CAMPUS VENTURES: Administrators from Begbies Traynor Move in
CHESBEE (UK): Names BDO Stoy Hayward Administrator
CHOICE LONDON: Calls Creditors' Meeting
COLIN HAZELL: Hires Liquidator from Solomon Hare Business Rescue
CORUS GROUP: Expects GBP600 Million Operating Profit in 2004
CORUS GROUP: Relieved by Gradual Exit of Russian Investor
CORUS GROUP: Strikes US$7 Bln Worth of Deal for Teesside Plant
COURTS PLC: Administrators Reopen Stores
DANESTONE DRILLING: Sets Deadline for Filing of Claims
DROOPY & BROWN'S: Appoints BWC Business Solutions Administrator
DUCTWORK ERECTIONS: Four-year Ban for Big Wigs Served
EGG PLC: Expects Full-year Pre-tax Profit to Top Forecast
FEDERAL-MOGUL: Owens-Illinois Balks at Treatment of Claims
FOCUS WICKES: Receives GBP950 Million for Wickes Unit
FOCUS WICKES: S&P Puts Ratings on CreditWatch Negative
FOUR SIX: Calls in Joint Liquidators from KPMG
HHG PLC: Selling Life Services Business for GBP1 Billion
HILL PAUL: Subjoined Special Winding up Resolution Passed
JASHAN RESTAURANT: Hires Joint Administrators from RE10
KELAN CLOTHING: Insolvency Service Bans Two Directors
MCI FINANCE: Appoints Ernst & Young Liquidator
MESSENGER CONSTRUCTION: Calls in Liquidator from Bulley Davey
MURLEN LIMITED: Special, Ordinary Winding up Resolutions Passed
PA LIFT: Director Receives 3 1/2-year Ban
PICCOLO PIZZA: Creditors Appoint Joint Liquidators
PURBECK SEALED: Creditors Meeting Set Next Week
RAPIDFIRE LIMITED: Directors Barred from Holding Executive Posts
SCIPHER PLC: Creditors' Meeting Set Today
SOUTHROBE (A COMPANY): Hires Liquidator from Gerald Edelman
TEMA ENGINEERING: In Administrative Receivership
THE BUSINESS: Names Gerald Edelman Business Recovery Liquidator
THOMAS FLEMING: Joint Liquidators Take over Helm
THOMAS SMITH: Declared Bankrupt
TOP VALUE: Brings in Liquidator from Campbell Dallas
WATERFORD WEDGWOOD: Notes Affirmed at 'CCC+'; Outlook Stable
WAVELENGTH SOLUTIONS: In Administrative Receivership
*********
=============
F I N L A N D
=============
M-REAL CORPORATION: New Revolving Credit Facility Gets 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
rating to Finland-based forest products company M-real Corp.'s
(BB+/Negative/B) EUR500 million senior unsecured multi-currency
revolving credit facility.
The new facility matures in December 2009, with the interest
margin moving in line with any changes to the company's
corporate credit rating. The facility will be used for general
corporate purposes and to refinance the existing EUR700 million
revolving credit facility with an original maturity in 2005.
Financial covenants include minimum equity ratio and maximum
gearing ratio. Non-financial covenants include negative pledge,
and limitations on subsidiary indebtedness, change of business,
and disposals.
The facility has been rated at the same level as the corporate
credit rating, reflecting the unsecured nature of the
liabilities and the lack of material subordination issues.
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
M-REAL CORPORATION
Hannu Anttila, President and CEO
Phone: + 358 10 469 4611
Juhani Poho, CFO
Phone: +358 10 469 5283
Media contacts:
Jyrki Antikainen
Phone: + 358 10 469 4940
Mobile: +358 50 357 4292
IR Contacts
Antti Nummi
Phone: +358 10 469 4432
Mobile: +358 50 598 9629
===========
F R A N C E
===========
CYNTHIA SARL: Dijon Court Puts Bar Operator into Receivership
-------------------------------------------------------------
The Commercial Court of Dijon placed Cynthia S.a.r.l. into
receivership on November 23, 2004 and appointed Bissieux Jean-
Joachim receiver. Creditors are urged to submit their proofs of
claim to the receiver as soon as possible. The company operates
coffee shops and bars.
CONTACT: CYNTHIA SARL
88 Rue Vannerie
21000 Dijon
Bissieux Jean-Joachim, Receiver
36 Rue Jeannin
21000 Dijon
DIFF 21: Receiver Takes over Operations
---------------------------------------
The Commercial Court of Dijon placed Diff 21 S.a.r.l. into
receivership on November 23, 2004 and appointed SCP Cure
Thiebaut receiver. Creditors are urged to submit their proofs
of claim to the receiver as soon as possible. The company is
engaged in trading of electronic products.
CONTACT: DIFF 21 SARL
8 Impasse Pierre-Lanvin
21000 Dijon
SCP Cure-Thiebaut, Receiver
78 Avenue Victor-Hugo BP 81556
21015 Dijon
MARITIME MUTUEL: 'C/D' Individual Rating Affirmed
-------------------------------------------------
Fitch Ratings affirmed France-based Credit Maritime Mutuel's
Individual 'C/D' rating and simultaneously withdrew it,
following its growing integration with Groupe Banque Populaire.
At the same time, the agency has affirmed ratings of both CMM
and its central clearing institution, Societe Centrale de Credit
Maritime Mutuel, at Long-term 'A+' and Short-term 'F1'.
Since end-January 2003, CMM has been affiliated to GBP (rated
'A+'/'F1'), a leading French cooperative banking group, and
sharing the group's cross-guarantee mechanism. CMM's and
SCCMM's Long- and Short-term ratings mirror those assigned to
GBP.
From the outset of 2005, the structure of CMM will be altered
and its integration into GBP will become further strengthened.
Each regional bank, or "caisse regionale," of the CMM network
will become affiliated to a specific retail bank within the GBP
network (the "banques populaires"). The designated "banque
populaire" will take a minimum 20% stake in each "caisse
regionale" and CMM will no longer produce stand-alone
consolidated financial statements. GBP's central body, Banque
Federale des Banques Populaires, is already responsible for
overseeing CMM's strategy, credit policies and treasury
functions. IT systems will be integrated over the medium-term.
CMM's results, to date, for 2004 have continued to display
further growth, with loans and deposits up respectively some 5%
and 8% over the 12 month-period to end-September. Its
profitability is modest and asset quality indicators are stable.
Thus, Fitch is able to affirm CMM's Individual rating of 'C/D'.
However, given the high level of integration between CMM and
GBP, Fitch no longer considers it appropriate to maintain an
Individual rating to CMM.
CONTACT: FITCH RATINGS
Janine Dow, Paris
Phone: +33 (0) 1 4429 9138
Eric Dupont
Phone: +33 (0) 1 4429 9131
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
MARNE ET CHAMPAGNE: Class M MTNs off CreditWatch
------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on the
class M MTNs issued by Marne et Champagne Finance a.r.l. from
CreditWatch with developing implications. At the same time, the
ratings on the class A1, A2, and M MTNs were affirmed.
On Oct. 11, 2004, Standard & Poor's lowered its rating on the
class M MTNs to 'CCC' from 'BBB' and revised its CreditWatch
status to developing from negative. This followed the non-
release of funds to the issuer by the lending bank, Lloyds TSB
Bank PLC (Lloyds TSB; AA/Negative/A-1+). Lloyds TSB had
received the funds from the refinancing of the secured
obligations of Groupe Marne et Champagne on July 9, 2004. As a
result, the transaction had to bear the negative cost of carry
on the class M MTNs.
At that time, Standard & Poor's understood that information
concerning issues considered likely to affect repayment of the
MTNs could become available shortly. Since then, Standard &
Poor's has received no indication that Lloyds TSB intends to
release the funds until the maximum period of 18 months has
elapsed from the time of the refinancing, nor that it intends to
put in place a mechanism to eliminate or even reduce the
negative carry risk.
In the absence of material information about any ongoing
discussions between class M MTN holders and Lloyds TSB, Standard
& Poor's cannot assess whether a solution to substantially
eliminate the negative cost of carry will be forthcoming. The
class M MTNs have accordingly been removed from CreditWatch.
Without a mechanism to eliminate the cost of carry, it is
certain that the class M MTNs will suffer a loss, due to
nonpayment of a portion of principal upon redemption, even if
Lloyds TSB releases the funds, as payments to class M MTN
holders rank below those to the liquidity facility provider and
to the A1 and A2 MTN holders. In the absence of any positive
solution, Standard & Poor's expects that the ratings on the
notes will be lowered further before the legal maturity date in
March 2007.
Standard & Poor's continues to believe that were the funds to be
reserved by Lloyds TSB for the entire 18-month period, the total
negative carrying cost that would accrue over this period would
be less than the amounts available under the liquidity facility.
Therefore, the class A1 and A2 MTN holders would have the
benefit of amounts available under the liquidity facility, and
are exposed to a risk equivalent to the issuer credit rating on
Lloyds TSB. It has therefore affirmed the ratings on these
classes, and considers the current ratings commensurate with the
assessed clawback risk.
RATINGS LIST
Marne et Champagne Finance a.r.l.
?396 Million Secured MTNs
Ratings Removed from CreditWatch with Developing Implications
and Affirmed
Class Rating
To From
M CCC CCC/Watch Dev
Ratings Affirmed
A1 AA
A2 AA
Related articles on Marne et Champagne Finance can be found on
RatingsDirect, Standard & Poor's Web based credit analysis
system, at http://www.ratingsdirect.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 on: media_europe@standardandpoors.com.
CONTACT: STANDARD AND POORS' RATING SERVICES
Group E-mail Address
StructuredFinanceEurope@standardandpoors.com
SANGOY SARL: Falls into Receivership
------------------------------------
The Commercial Court of Dijon placed Sangoy S.a.r.l. into
receivership on November 30, 2004 and appointed Me Ph. Maitre
receiver. Creditors are urged to submit their proofs of claim
to the receiver as soon as possible.
CONTACT: SANGOY SARL
25 Rue de l'Eglise
21220 Gevrey-Chambertin
Me Ph. Maitre, Receiver
19, Avenue Albert-Camus
21000 Dijon
=============
G E R M A N Y
=============
ABCD ANLAGENBAU: Claims Deadline Nears
--------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against ABCD Anlagenbau GmbH on Nov. 17, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 28, 2004
to register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 18, 2005, 9:30 a.m. at the district court of
Halle-Saalkreis, Saal 1.043, Justizzentrum, Thuringer Str. 16,
06112 Halle, 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 on
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: ABCD ANLAGENBAU GMBH
Feldweg 1, 06712 Zeitz OT Rasberg
Contact:
Heinz Gross, Manager
Dr. Rainer Eckert, Insolvency Manager
Universitatsring 6, D-06108 Halle
Phone: 0345/530490
Fax: 0345/5304926
BOWLING- UND FREIZEITCENTER: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Schwerin opened bankruptcy proceedings
against Bowling- und Freizeitcenter GbR Ludwigslust on Nov. 16,
2004. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until Dec. 22,
2004 to register their claims with court-appointed provisional
administrator Christian Ahrendt.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 31, 2005, 9:30 a.m. at the district court of
Schwerin, 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: BOWLING- UND FREIZEITCENTER GBR LUDWIGSLUST
Contact:
Wolfgang Gunberg, Manager
Christian Ahrendt, Insolvency Manager
Joh.-Stelling-Str. 1, 19053 Schwerin
COMPOPURE STARKE: Creditors May Submit Claims Until January
-----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against COMPOPURE Starke AG on Nov. 12, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 12, 2005
to register their claims with court-appointed provisional
administrator Herbert Feigl.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 9, 2005, 11:00 a.m. at the district court of
Halle-Saalkreis, Saal 1.043, Justizzentrum, Thuringer Str. 16,
06112 Halle, 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: COMPOPURE STARKE AG
Feldstr. 18, 06528 Emseloh
Contact:
Dr. Reinhard Lindner, Director
Sabine-Barbel Ostermann, Director
Herbert Feigl, Insolvency Manager
Hansering 1, D-06108 Halle
Phone: 0345/212220
Fax: 0345/2122222
DRESDNER BANK: AGF Seals Acquisition of French Unit
---------------------------------------------------
AGF and Dresdner Bank have concluded discussions initiated last
summer and finalized an agreement on 16 December. AGF has
acquired 100% of the shares of AVIP, which until now has been a
subsidiary of Dresdner Bank.
AVIP is a French life insurance company working with asset
management companies, private banks and independent networks.
With a portfolio of more than 16,000 customers, AVIP reported
premium income from life business of about EUR220 million in
2003. Its mathematical reserves stand at EUR2.2 billion, nearly
35% of which is represented in unit-linked products.
This acquisition will allow AGF's Life Brokerage and
Partnerships Division, which will include AVIP, to fuel its
dynamic growth, which is a strategic plank of development for
the Life and Financial Services division.
AVIP will be consolidated in the AGF Group's balance sheet from
end-2004 and in its income statement from 1 January 2005.
* * *
In the first nine months of the current fiscal year, the
Dresdner Bank Group generated an operating result of EUR556
million -- up EUR558 million on the figure for the same period
of 2003. Income before taxes was EUR359 million following a
deficit of EUR425 million in the previous year. Income after
taxes improved to EUR431 million (09/2003: EUR64 million).
CONTACT: AGF
Investor
Jean-Michel Mangeot
Phone: 33 (0)1 44 86 21 25
E-mail: jean-michel.mangeot@agf.fr
Vincent Foucart
Phone: 33 (0)1 44 86 29 28
E-mail: vincent.foucart@agf.fr
Patrick Lalanne
Phone: 33 (0)1 44 86 37 64
E-mail: patrick.lalanne@agf.fr
DRESDNER KLEINWORT WASSERSTEIN
Rowan Staines
Phone: 44 20 74 75 2198
FFC ELEKTROTECHNIK: Administrator Takes over Operations
-------------------------------------------------------
The district court of Kaiserslautern opened bankruptcy
proceedings against FFC Elektrotechnik GmbH on Nov. 11, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 28, 2004
to register their claims with court-appointed provisional
administrator Paul Wieschemann.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 9:45 a.m. at the district court of
Kaiserslautern, Saal 13, Justizzentrum, Bahnhofstrasse 24, 67655
Kaiserslautern, 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: FFC ELEKTROTECHNIK GMBH
Heinrich-Koch-Str. 34, 67685 Weilerbach (HRB 3383)
Contact:
Frank Schmidt, Manager
Paul Wieschemann, Insolvency Manager
Flickerstal, 67657 Kaiserslautern
Phone: 0631/341950
Fax: 0631/470269
FROBE MASSIVHAUS: Furth Court Appoints Administrator
----------------------------------------------------
The district court of Furth opened bankruptcy proceedings
against Frobe Massivhaus GmbH on Nov. 19, 2004. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Jan. 10, 2005 to
register their claims with court-appointed provisional
administrator Joachim Exner.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005, 9:00 a.m. at the district court of
Furth, Zi. 3, EG, Dienstgebaude, Baumenstrasse 32, 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: FROBE MASSIVHAUS GMBH
Heide 5 in 90587 Veitsbronn
Joachim Exner, Insolvency Manager
Stahlstrasse 17, 90411 Nurnberg,
Phone: 0911/9512850
Fax: 0911/95128510
GRZELLA & WEBER: Creditors' Claims Due Next Week
------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against Grzella & Weber GmbH on Nov. 25, 2004. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Dec. 22, 2004 to
register their claims with court-appointed provisional
administrator Manfred Gottschalk.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2005, 10:30 a.m. at the district court
of Hagen, - Haupthaus (Neubau) -, Heinitzstrasse 42, 58097
Hagen, Etage 2, Raum 251, 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: GRZELLA & WEBER GMBH
Hasslinghauser Str. 90, 58285 Gevelsberg
Contact:
Thomas Grzella, Manager
Dietmar Weber, Manager
Manfred Gottschalk, Insolvency Manager
Kirchender Dorfweg 14, 58313 Herdecke
Phone: 02330/80880
Fax: +492330808888
INFINEON TECHNOLOGIES: Shakes up Management
-------------------------------------------
Infineon Technologies AG (FSE/NYSE: IFX) is simplifying its
organization effective Jan. 1, 2005, to create shorter and
faster decision paths across the entire company, a stronger
customer orientation, as well as greater efficiency and
flexibility.
Business responsibilities on the Managing Board will be
reallocated, with one Managing Board member presiding over each
of the now three business groups. Mobile and wireline
communications will be combined in the new Communication
business group to reflect market developments. At the same
time, the security and chip card activities will be integrated
into the extended business group Automotive, Industrial and
Multi-Market.
In line with this reorganization, business units will be both
aligned or founded, and therefore, overall economic
responsibility will be rooted more deeply within the company.
The business groups and business units will be invested with all
the essential functions of a 'company within the company'.
These measures will improve the conditions for successful
engagement in an increasingly dynamic and volatile global
semiconductor market.
"Following a phase of strong growth over the last several years,
adjusting our organization is a consistent step in building up
our business groups into powerful and efficient units that can
respond better and more quickly to the needs of our customers in
the relevant market segments," said Dr. Wolfgang Ziebart,
Infineon's President and CEO. "We want to liberate the
entrepreneurial forces within the company. Complex matrix
organizations with a functional management board are no longer
appropriate to the size of the enterprise we are today."
The schedule of responsibilities of the five-member Managing
Board will be reallocated at the beginning of next year.
Alongside the President and CEO and the Chief Financial Officer,
the three board members Peter Bauer, Kin Wah Loh, and Dr.
Andreas von Zitzewitz will assume direct entrepreneurial
responsibility for one business group each. Dr. Wolfgang
Ziebart will remain as President and CEO of Infineon
Technologies AG and Peter J. Fischl Chief Financial Officer and
Labor Director. Dr. Andreas von Zitzewitz will also remain
responsible for the central function 'manufacturing strategy'
and Peter Bauer for central sales functions.
The previously centralized sales organization will now be
dedicated to the three business groups Automotive, Industrial
and Multi-Market, Communication and Memory Products. Combining
and tightly intermeshing sales with development and production
within the groups will deliver major benefits to customers. In
future, the groups will also directly manage the strategic
responsibility of the business' direction in order to keep pace
even better with rapidly changing market requirements.
Distribution will continue to be operated as an independent
sales channel with stronger entrepreneurial responsibility.
The Automotive, Industrial and Multi-Market business group will
be headed by Peter Bauer, formerly responsible for Sales and
Marketing. Dr. Reinhard Ploss will head up operative business
in this group and Gerhard Henschel will be responsible for
finances. Kin Wah Loh, previously President and Managing
Director of Infineon Asia Pacific and appointed to the Managing
Board on Dec. 1, 2004, will be responsible for the new
Communication business group. Professor Dr. Hermann Eul will be
head of technology in this segment and finances will be in the
hands of Peter Gruber. Dr. Andreas von Zitzewitz, essentially
responsible for operations until now, will be in charge of the
Memory Products business group and will be supported by Thomas
Seifert as head of business units and Dr. Michael Majerus as
head of finances.
Effective February 1, 2005, Tony Ng will take over the position
as President and Managing Director of Infineon Asia Pacific from
the former Asia head Kin Wah Loh. Trained in electrical
engineering, Ng started his career at General Electric and held
a number of senior positions at Siemens Semiconductor and later
at Infineon. In 2002, he changed to Osram Opto Semiconductors
and was there responsible for sales and marketing in the Asia
Pacific region.
The Supervisory Board of Infineon Technologies AG has approved
the changes.
About Infineon
Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products. With a global
presence, Infineon operates in the US from San Jose, CA, in the
Asia-Pacific region from Singapore and in Japan from Tokyo. In
fiscal year 2004 (ending September), the company achieved sales
of EUR7.19 billion with about 35,600 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX). Additional information is available at
http://www.infineon.com.
* * *
Infineon's net income in the fourth quarter was EUR44 million,
up from a net loss of EUR56 million sequentially. Fourth
quarter EBIT increased to EUR113 million, up from EUR2 million
in the prior quarter. EBIT was negatively affected by
impairment and antitrust related charges of EUR132 million in
the fourth quarter compared to EUR186 million in the prior
quarter.
CONTACT: INFINEON TECHNOLOGIES AG
Worldwide Headquarters
Infineon Technologies AG
P.O. Box 80 09 49
D-81609 Muenchen
Germany
Phone: +49-89-234-22404
Fax: +49-89-234-28482
E-mail: ralph.heinrich@infineon.com
Christoph Liedtke
U.S.A.
Phone: +1-408-501 6790
Fax: +1-408-501 2424
E-mail: christoph.liedtke@infineon.com
Kaye Lim
Asia
Phone: +65-6840-0689
Fax: +65-6840-0073
E-mail: kaye.lim@infineon.com
Hirotaka Shiroguchi
Japan
Phone: +81-3-5449-6795
Fax: +81-3-5449-6401
E-mail: hirotaka.shiroguchi@infineon.com
For Investors and Analysts based in Europe
Phone: +49-89-234 26655
E-mail: investor.relations@infineon.com
For Investors and Analysts based in North America
Phone: +-1-408 501 6800
E-mail: investor.relations@infineon.com
JENOPTIK AG: Ratings Still on CreditWatch Negative
--------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Germany-based engineering group Jenoptik AG, including its 'B+'
corporate credit rating, remain on CreditWatch with negative
implications where they were placed on Oct. 13, 2004, following
Jenoptik's announcement that it might acquire the loss-making
Caatoosee AG, a German software developer.
"Although the takeover discussions have been interrupted for the
time being, as Caatoosee has not met a set of requirements
necessary for the transaction, Jenoptik has not ruled out that
the business deal might be carried forward in the future," said
Standard & Poor's credit analyst Eve Greb.
"Jenoptik reported improved operating results in the first nine
months of 2004 on the back of reduced losses in its facility
engineering division, yet Standard & Poor's continues to be
concerned as to whether the company will achieve a pension- and
lease-adjusted FFO-to-total debt ratio of between 10%-15% in the
short to medium term," said Ms. Greb. This follows the increase
in its total debt position to EUR348 million at Sept. 30, 2004,
from EUR264 million at the year-end 2003, mainly as a result of
equity participations in new projects.
In its review of the CreditWatch status, Standard & Poor's will
focus on:
(a) Examination of whether Jenoptik's financial profile is
commensurate with the 'B+' rating;
(b) Whether Jenoptik will be able to achieve sufficient free
operating cash flow generation in the near future to meet
its cash payment obligations, such as the put option from
EADS of EUR29.4 million or equity injections in new
projects; and
(c) Implications that the transition to IFRS on Dec. 31, 2004,
might have on Jenoptik's balance sheet, in particular its
financial indebtedness.
Standard & Poor's expects to resolve the CreditWatch placement
at the beginning of the next year.
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
KLIMA FOUNDATION: Landshut Court Appoints Administrator
-------------------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against Klima Foundation GmbH on Nov. 16, 2004. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Jan. 10, 2005 to
register their claims with court-appointed provisional
administrator Daniel Bauch.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 21, 2005, 9:00 a.m. at the district court of
Landshut, Sitzungssaal 9/I, 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: KLIMA FOUNDATION GMBH
Farbergasse 2 in 85435 Erding
Daniel Bauch, Maximilianstr. 35, 80539 Munchen
Phone: 089/21636-451
Fax: 089/21636-458
MANFRED ENGLER: Claims Deadline Expires Thursday
------------------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Manfred Engler GmbH on Nov. 19, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Dec. 23, 2004 to register their
claims with court-appointed provisional administrator Dr. Tibor
Braun.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 4, 2005, 10:30 a.m. at the district court of
Heilbronn, 74072 Heilbronn, Rollwagstr. 10 A, Saal 4, EG, at
which time the administrator will present his first report of
the insolvency proceedings. The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.
CONTACT: MANFRED ENGLER GMBH
Contact:
Joachim Engler, Manager
Dr. Tibor Braun, Insolvency Manager
Kriegerstr. 3, 70191 Stuttgart
PEITZ UND ZIMMERMANN: Administrator's Report Out February
---------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Peitz und Zimmermann Handelsgesellschaft mbH
on Nov. 19, 2004. 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 Herbert Feigl.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 8, 2005, 10:15 a.m. at the district court of
Halle-Saalkreis, Saal 1.044, Justizzentrum, Thuringer Str. 16,
06112 Halle, 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: PEITZ UND ZIMMERMANN HANDELSGESELLSCHAFT MBH
Grosse Ulrichstrasse 31, 06108 Halle (HRB 4202)
Contact:
Maritta Zimmermann, Manager
Gerald Peitz, Manager
Herbert Feigl, Insolvency Manager
Hansering 1, D-06108 Halle
Phone: 0345/212220
Fax: 0345/2122222
RESOTEC GMBH: Under Bankruptcy Administration
---------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against ResoTec GmbH on Nov. 17, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 12, 2005
to register their claims with court-appointed provisional
administrator Jorg Riedemann.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 10:00 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thuringer Str.
16, 06112 Halle 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: RESOTEC GMBH
Wilhelm-Liebknecht-Str. 12, 06217 Merseburg
Contact:
Prof. Dr. Johannes Briesovsky, Manager
Jorg Riedemann, Insolvency Manager
Muhlweg 47, D-06114 Halle
Phone: 0345/293900
Fax: 0345/2939029
=========
I T A L Y
=========
ALITALIA SPA: Selling Govt Stake to Institutional Investors Only
----------------------------------------------------------------
Alitalia assures it would sell the government's stake in the
troubled carrier only to institutional investors, Agencia
Giornalistica Italia says.
Alitalia chief executive Giancarlo Cimoli, in a hearing by the
transport commission of the Parliament, also ruled out selling
shares to industrial investors in the air sector. The European
Commission wants the government to lower its 62% stake in
Alitalia to less than 49% to give way to private investors. The
carrier's privatization is expected to occur by October 2005
through a EUR1.2 million capital increase, which shareholders
approved Wednesday, or through a sale to third parties of
shares.
The European Commission approved Alitalia's emergency loan in
July, after the carrier admitted possible deficiency in
operating funds. Alitalia said it needed the loan to prop up
its cash-strapped coffers. Alitalia must repay the loan in
current market rates within twelve months.
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
FIAT SPA: Opts for Mediation to Resolve Put Option Row with GM
--------------------------------------------------------------
General Motors CEO Rick Wagoner and his Fiat counterpart Sergio
Marchionne have thirty working days to forge a deal regarding a
long-disputed put option, Reuters reports.
The put option was signed in 2000 when General Motors bought 20%
of Fiat Auto in exchange for 6% of General Motors shares worth
US$2.4 billion. Under the deal, Fiat can sell its stake in Fiat
Auto to General Motors any time between Jan. 24, 2004, and July
24, 2009. Last year, Fiat and General Motors shifted the
exercise period back by one year.
General Motors is accusing Fiat of breaching the terms of the
2000 Master Agreement by changing the parameters of Fiat Auto
when it sold 51% of its financing arm Fidis. It refused to take
part in the EUR3 billion recapitalization of Fiat Auto, diluting
its stake to 10%. Fiat argues the recapitalization was required
by law and says a call option to buy back Fidis means that the
parameters have not changed. General Motors has already written
down its Fiat Auto investment to US$220 million.
In October 2003, the two groups agreed not to take each other to
court over the put's validity for one year. The agreement
expired Wednesday.
On Thursday General Motors said it has started a mediation
process to resolve the matter after a talk on Tuesday failed.
Under the proceedings, Mr. Wagoner and Mr. Marchionne are to
meet alone on neutral ground. If a resolution is not reached,
the companies may resort to legal means. The Master Agreement
is governed by New York State laws, giving the U.S. District
Court in Manhattan jurisdiction in any case.
CONTACT: Fiat S.p.A.
250 Via Nizza
10126 Turin, Italy
Phone: +39-011-686-1111
Fax: +39-011-686-3798
Web site: http://www.fiatgroup.com
PARMALAT FINANZIARIA: Bares Creditors' List
-------------------------------------------
Parmalat Finanziaria's Extraordinary Commissioner announces that
the enforceable lists of creditors with verified claims,
conditional and contested claims against the companies included
in the Proposal of Composition with Creditors, listed below,
have been filed with the Office of the Clerk of the Court of
Parma:
(a) Parmalat S.p.A.,
(b) Parmalat Finanziaria S.p.A.,
(c) Eurolat S.p.A.,
(d) Lactis S.p.A.,
(e) Geslat S.p.A.,
(f) Parmengineering SRL,
(g) Contal SRL,
(h) Dairies Holding International B.V.,
(i) Parmalat Capital Netherlands B.V.,
(j) Parmalat Finance Corporation B.V.,
(k) Parmalat Netherlands B.V.;
(l) Olex S.A.,
(m) Parmalat Soparfi S.A.,
(n) Newco SRL,
(o) Panna Elena C.P.C. SRL,
(p) Centro Latte Centallo SRL
The lists can be inspected starting December 23, 2004 at the
Office of the Clerk of the Court or by accessing
http://web.ltt.it/tribunale/home.htm.
The Extraordinary Commissioner is also announcing that on
December 20, 2004 a notice of the filing with the Office of the
Clerk of the Bankruptcy Court of Parma of the enforceable lists
of creditors with verified claims, conditional claims and
contested claims of the companies included in the Proposal of
Composition with Creditors will be published in daily newspapers
Corriere della Sera, La Repubblica, Il Sole 24 Ore, Financial
Times European Edition (including U.K.) and Luxemburger Wort, in
accordance with Article 4 bis, Section 6, of Law No. 39 of
February, 18, 2004, as amended, and pursuant to an Order issued
by Pasquale Liccardo and Giuseppe Coscioni, Giudici Delegati of
the Court of Parma.
The notice will provide information about the availability of
the lists, which may be viewed in the manner described above,
and will invite creditors and the insolvent enterprises to view
said lists. The same publication will appear in the Official
Gazette of the Italian Republic.
With regard to creditor bondholders, the Extraordinary
Commissioner indicates that the claims of holders of the bonds
and debt issues which have been verified as liabilities of the
Company are listed in an attachment, coming from the Court of
Parma, to this press release.
The Extraordinary Commissioner, acting pursuant to the ruling
issued by the Giudici Delegati of the Court of Parma, gives
notice that starting from the publication on the Official
Gazette of the Italian Republic of the notice on the filing the
above enforceable lists creditors residing in Italy will have a
period of 15 days and creditors residing abroad will have a
period of 30 days (election of domicile in Italy is irrelevant
in this case) within which
(a) creditors with partially or fully contested claims or
conditional claims may object to such classifications by
petitioning a Delegated Judge, in accordance with the
provisions of Articles 98 and following of Royal Decree No.
267 of March 16, 1942; and
(b) creditors with verified claims may challenge the
classification of other creditors with verified claims, in
accordance with Article 100 of Royal Decree No. 267 of March
16, 1942.
Collecchio (Parma), December 16th 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration
The Extraordinary Commissioner
A copy of the ruling of the Giudici Delegati of the Court of
Parma is available free of charge at
http://bankrupt.com/misc/parmalat_court_order01.pdf.
A copy of the list of the admitted bondholders, with ISIN code
and Issuer, is available free of charge at
http://bankrupt.com/misc/parmalat_admitted_bonds.pdf.
CONTACT: PARMALAT FINANZIARIA
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
PARMALAT FINANZIARIA: Seeks Return of Payments Made to 45 Firms
---------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that Dr. Enrico Bondi, in his capacity as
Extraordinary Commissioner, has launched clawback actions
against 45 financial institutions as provided for under Article
67 of the Italian bankruptcy law.
Further such actions are in the process of being drawn up. The
objective of clawback actions is to render ineffective any
payments made during the one-year period prior to the
declaration of insolvency of the relevant companies where the
requirements of the bankruptcy law are met.
Collecchio (Parma),
December 16, 2004
Parmalat Finanziaria S.p.A.
in Extraordinary Administration
CONTACT: PARMALAT FINANZIARIA
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
PARMALAT U.S.A.: Farmland Forges Deal with GE Capital, Creditors
----------------------------------------------------------------
James A. Mesterharm, Parmalat U.S.A. Corporation's
Chief Restructuring Officer, says the terms of Farmland Dairies,
LLC's Chapter Plan are based on a settlement by and among
Farmland, the Official Committee of Unsecured Creditors and the
GE Capital Public Finance, Inc. Farmland and the Creditors
Committee investigated potential causes of action in connection
with Farmland's Master Lease Financing Agreement with GE Capital
and related issues affecting allocation of value in its Chapter
11 case. Among other things, Farmland and the Creditors
Committee investigated:
(i) whether the Master Lease Financing Agreement could be
re-characterized as a financing transaction as opposed
to a lease agreement;
(ii) whether the Master Lease Financing Agreement could be
avoided as a fraudulent transfer; and
(iii) the value, if any, of GE Public Finance's secured claim.
"If GE Public Finance's ownership interest in the equipment
subject to the Master Lease Financing Agreement were
re-characterized as a lien, then the equipment would constitute
property of Farmland's bankruptcy estate and potentially
available for use in the operation of its business in accordance
with Section 363 of the Bankruptcy Code," Mr. Mesterharm says.
"Moreover, if Farmland had not received reasonably equivalent
value in connection with the Master Lease Financing Agreement,
and was insolvent at the time of the transaction or rendered
insolvent as a result of the transaction, the Master Lease
Financing Agreement and potentially GE Public Finance's claim
against Farmland could be avoided as a fraudulent transfer for
Farmland's and its creditors' benefit."
After the Creditors Committee concluded its investigation and
considered its litigation alternatives, Farmland, GE Public
Finance and the Creditors Committee conducted extensive and
vigorous negotiations in an effort to resolve all outstanding
issues relating to the allocation of value between GE Public
Finance and Farmland's general unsecured creditors.
Following extensive, arm's-length negotiations, Farmland, GE
Public Finance and the Creditors Committee agreed that:
(1) On Farmland's rejection of the Master Lease Financing
Agreement, GE Public Finance will receive, among other
things, a US$96,226,490 rejection damage claim. Under
the U.S. Debtors' Postpetition Financing Order, a
portion of the rejection damage claim is secured because
Farmland pledged certain real estate to GE Public
Finance. On account of all claims arising out of the
Master Lease Financing Agreement, GE Public Finance will
receive 80% of the new common equity in Reorganized
Farmland on a fully diluted basis, some or all of which
may be in the form of warrants, its share in the
Litigation Trust, and any of Farmland's claims and
causes of action under Section 547 of the Bankruptcy
Code. In addition, pursuant to the Buyback Agreement,
GE Public Finance will sell to Farmland:
* all of the equipment subject to the Master Lease
Financing Agreement in exchange for Preferred
Membership Interests with a US$9,176,445 liquidation
value; and
* the real property subject to the Second Mortgages,
pledged to GE Public Finance in connection with the
Master Lease Financing Agreement, in exchange for:
-- preferred membership interests, known as the
interests shares of non-convertible preferred
membership interests of Reorganized Farmland with a
liquidation value of $10,365,00; and
-- the release of any obligation GE Public Finance has
under the Postpetition Financing Order to share or
distribute any proceeds with Farmland or
Reorganized Farmland.
Finally, on account of GE Public Finance's claim for
postpetition lease payments, which it has agreed to
defer in accordance with the terms of the Postpetition
Financing Order, GE Public Finance will receive
Preferred Membership Interests with a US$14,844,555
liquidation value.
(2) Holders of allowed Farmland General Unsecured Claims
will receive approximately US$3 million in cash -- less
the cash payable to holders of allowed Convenience
Claims -- and a five-year unsecured note of US$7
million, subordinated to the Exit Facility, paying 6%
interest quarterly in arrears, with payment-in-kind
interest for the first ten quarters and thereafter
payable in cash, and amortization beginning on the third
anniversary of issuance, based on a ten-year
amortization schedule, with a balloon at maturity. In
addition, holders of allowed Farmland General Claims --
other than the Convenience Claims -- will be entitled to
share in the proceeds of the Litigation Trust. The
settlement further provides that the Unsecured
Creditors' Trust will be set up to object to Farmland
General Unsecured Claims and make distributions to
allowed Farmland General Unsecured Claims. The
Creditors Committee and Farmland created the Convenience
Claims class to permit holders of Farmland General
Unsecured Claims less than US$2,400 to receive a cash
payment of 40% of their claim in lieu of the blended
recovery received by other creditors.
(3) At the time of the negotiations, Farmland, GE Public
Finance, and the Creditors Committee estimated that
about US$30 million in general unsecured claims would be
allowed against Farmland. Because the parties
recognized that the recoveries received by general
unsecured creditors could vary dramatically if the
amount of general unsecured claims allowed against
Farmland differed from the estimate, they built in
certain adjustments to the consideration received by the
general unsecured creditors ensure the percentage
recoveries received by general unsecured creditors would
not vary significantly for certain occurrences. The
parties recognize that certain other factors could cause
dramatic changes in the forecast recoveries. To that
end, the settlement and the Plan provide that the
elements of recovery to general unsecured creditors -
US$3 million cash, the US$7 million Farmland Note, and
the share of the Litigation Trust -- will be adjusted by
a formula if either or both of two specified events
occur, each of which could have an impact on the general
unsecured claim pool. These two events are:
(a) if the US Debtors' General Unsecured Claim against
Farmland is allowed at less than $10,392,497; and
(b) if additional claims totaling more than $1 million
are filed against Farmland as a result of preference
recoveries by Reorganized Farmland.
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents. The Company
filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts. On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
CONTACT: PARMALAT U.S.A. CORPORATION
520 Main Ave.
Wallington, NJ 07057
Phone: 973 777 2500
Fax: 973 777 7648
Toll Free: 888 727 6252
Web site: http://www.parmalatusa.com
===========
R U S S I A
===========
BEL-CERAMICS: Bankruptcy Hearing Resumes December 27
----------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on limited liability company
Bel-Ceramics. The case is docketed as A08-15638/04-2B. Mr. V.
Nemtsev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 308000, Russia,
Belgorod, Post Office, Post User Box 132. A hearing will take
place on Dec. 27, 2004, 11:00 a.m.
CONTACT: BEL-CERAMICS
Russia, Belgorod region,
B. Khmelnitskogo Pr. 131
Mr. V. Nemtsev
Temporary Insolvency Manager
308000, Russia, Belgorod,
Post Office, Post User Box 132
GRANITE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Granite. The case is docketed as A-32-23208/2004-27/167-B. Ms.
S. Bystrova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 353475, Russia,
Krasnodar region, Gelendzhik, Post User Box 62.
CONTACT: GRANITE
Russia, Krasnodar region, Gelendzhik,
3rd km of Sukhumskoye Shosse
Ms. S. Bystrova
Temporary Insolvency Manager
353475, Russia, Krasnodar region,
Gelendzhik, Post User Box 62
KEMEROVO-MINE-STROY: Proofs of Claim Deadline Expires January
-------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Kemerovo-Mine-Stroy after finding
the construction company insolvent. The case is docketed as
A27-4580/2004-4. Mr. V. Dostovalov has been appointed
insolvency manager. Creditors have until Jan. 12, 2005 to
submit their proofs of claim to Russia, Kemerovo, Anzhero-
Sudzhensk, Kemset Str. 7.
CONTACT: KEMEROVO-MINE-STROY
Russia, Kemerovo region, Anzhero-Sudzhensk
Mr. V. Dostovalov
Insolvency Manager
Russia, Kemerovo, Anzhero-Sudzhensk, Kemset Str. 7
ORENBURGSKAYA: Orenburg Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy proceedings against Orenburgskaya after finding the
stationery factory insolvent. The case is docketed as A47-
7854/04-14 GK. Mr. A. Taushev has been appointed insolvency
manager. Creditors may submit their proofs of claim to 460000,
Russia, Orenburg, Gaya Str. 23A.
CONTACT: ORENBURGSKAYA
460006, Russia, Orenburg, Ziminskaya Str. 35
Mr. A. Taushev
Insolvency Manager
460000, Russia, Orenburg, Gaya Str. 23A
Levonaberezhnaya Str. 13
POLUS: Hires A. Saltykov as Insolvency Manager
----------------------------------------------
The Arbitration Court of Primorskiy region has commenced
bankruptcy supervision procedure on limited liability company
Polus. The case is docketed as A51-5614/2004 15-111. Mr. A.
Saltykov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 692294, Russia,
Primorskiy region, Nakhodka, Post User Box 24-55. A hearing
will take place on Dec. 27, 2004, 11:00 a.m.
CONTACT: POLUS
Russia, Primorskiy region,
Nakhodka, Ozyernaya Str. 1
Mr. A. Saltykov
Temporary Insolvency Manager
692294, Russia, Primorskiy region,
Nakhodka, Post User Box 24-55
PROKHLADNENSKIY LIQUOR: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on limited liability
company Prokhladnenskiy Liquor Vodka Distillery. The case is
docketed as A20-3463/02. Mr. O. Mepisashvili has been appointed
temporary insolvency manager. Creditors may submit their proofs
of claim to 361016, Russia, Kabardino Balkariya republic,
Prokhladnyj region, Primalkinskiye, Sadovaya Str. 164.
CONTACT: PROKHLADNENSKIY LIQUOR VODKA DISTILLERY
361044, Russia, Kabardino Balkariya republic,
Prokhladnyj, Magistralnaya Str. 7
Mr. O. Mepisashvili
Temporary Insolvency Manager
361016, Russia, Kabardino Balkariya republic,
Prokhladnyj region, Primalkinskiye,
Sadovaya Str. 164
PROKOPYEVSKIYE CENTRAL: Insolvency Manager Takes over Operations
----------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy proceedings against Prokopyevskiye Central Electro-
Mechanic Workshop after finding the open joint stock company
insolvent. The case is docketed as A27-15455/2004-4. Mr. A.
Samokhin has been appointed insolvency manager. Creditors may
submit their proofs of claim to 653033, Russia, Kemerovo region,
Prokopyevsk, Kirova Str. 1a.
CONTACT: PROKOPYEVSKIYE CENTRAL ELECTRO-MECHANIC WORKSHOP
653033, Russia, Kemerovo region,
Prokopyevsk, Kirova Str. 1a
Mr. A. Samokhin
Insolvency Manager
653033, Russia, Kemerovo region,
Prokopyevsk, Kirova Str. 1a
OAO TULASPIRT: Unpaid Debts Push Firm into Receivership
-------------------------------------------------------
The Tula region arbitration court has placed troubled alcohol
producer OAO Tulaspirt into receivership, Interfax says.
This was made upon the request of the group's external
administrator, Anatoly Gavrilov. Mr. Gavrilov stressed the only
way for the group to pay its creditors is to be placed in to
receivership and declare bankruptcy. Tulaspirt currently owes
it creditors more than RUB1.325 billion, including RUB735
million in principal and RUB590 million in fines. The alcohol
producer's shareholders had asked the court to place the company
into receivership in March.
To pay off its liabilities OAO Tulaspirt devised an external
management plan, which entails transferring its assets to
limited liability companies OOO Tulaspirt and 000 Tulaspirtprom.
The group holds stakes in these companies, which it plans to
sell and use the proceeds to pay it debts. The group only
managed to sell OOO Tulaspirt in an open auction in November
2003. The sale was worth RUB119 million.
The group, however, failed to sell 60% of Tulaspirtprom in
November 2003 as no investors came in to bid for the firm. The
group made subsequent auctions of Tulaspirtprom, all of which
were failures. Mr. Gavrilov explained the sale failed because
they have yet to complete the transfer of assets from OAO
Tulaspirt to Tulaspirtprom. He added a criminal probe against
the group executive director Sergei Golubev and commercial
director Mikhail Salgalov, which led to the seizure of the
group's assets in March, has caused potential buyers to shy away
from bidding.
OAO Tulaspirt managed to collect RUB2.005 billion, which it used
to pay some of its creditors.
CONTACT: OAO TULASPIRT
300600 Tula
85 Lenin Avenue
Phone: (0872) 31-12-14
30-88-82
25-38-53
26-91-34
YUG-ELECTRO-1: Gives Creditors Until January to File Claims
-----------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
proceedings against Yug-Electro-1 (TIN 6143021049/614301001)
after finding the close joint stock company insolvent. The case
is docketed as A53-6130/04-S2-30. Mr. A. Sologub has been
appointed insolvency manager. Creditors have until Jan. 12,
2005 to submit their proofs of claim to 344092, Russia, Rostov-
na-Donu, Volkova Str. 31/1, Apartment 20.
CONTACT: YUG-ELECTRO-1
347360, Russia, Rostov region, Volgodonsk,
Prom. Zone, the territory of TETs-2
Mr. A. Sologub
Insolvency Manager
344092, Russia, Rostov-na-Donu,
Volkova Str. 31/1, Apartment 20
YUKOS OIL: U.S. Court Stops Yuganskneftegaz Auction
---------------------------------------------------
A U.S. bankruptcy judge has issued a temporary restraining order
to halt the auction of Yukos Oil's major production unit to
protect potential buyers and backers, Reuters reports.
Judge Letitia Clark said on her Thursday ruling: "Participants
in international commerce, in Russia, in the United States and
elsewhere, need to have an expectation that when they invest in
foreign enterprises they may do so without fear that their
investments may be the subject of confiscatory action by
agencies of the foreign government."
Russia has served its largest oil producer with US$27.5 billion
in back tax claims for 2000 to 2003. Many view the attack as a
Kremlin-inspired strategy to get back against its founder
Mikhail Khodorkovsky, now in jail for tax evasion and fraud.
Mr. Khodorkovsky had supported an opposing political party
before his arrest last year.
The restraining order was issued only against Russian natural
gas monopoly Gazprom -- which is expected to win the auction --
and the banks that were to finance the purchase.
According to the report, analysts in Moscow expect Russian
authorities to ignore the ruling.
Yuganskneftegaz produces 1 million barrels of oil per day, more
than 60% of Yukos' total output. Analysts value it at between
US$18 billion and US$25 billion, but the government is selling
it at a starting price of just US$8.65 billion.
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
YUKOS OIL: Yugansk Sold for US$9.35 Billion
------------------------------------------------------------
The Russian Federal Property Fund auctioned Yukos' 76.8% equity
stake in Yuganskneftegas at 4:00 p.m. Sunday afternoon in
Moscow. The bidding started at US$8.6 billion and ended with
OOO Baikalfinansgroup presenting the winning US$9.35 billion bid
(RUR260.75 billion).
Nobody knows who OOO Baikalfinansgroup is or who financed its
bid. Baikal is the name of a lake in Siberia; Baikalfins' home
office is located in Tver in western Russia. Some people
speculate, because of the large amount of money involved, that
OAO Surgutneftegaz is Baikalfins' financier. Lukoil said Sunday
that it didn't participate in the auction. Gazprom participated
in the auction despite the temporary restraining order entered
by the U.S. Bankruptcy Court in Houston prohibiting it from
doing so. Hugh Ray, Esq., at Andrews Kurth LLP, representing
Gazprom's lending consortium, says the banks subject to the TRO
halted all financing talks with Gazprom last week.
An estimated 200 reporters attended the auction. The auction
lasted four minutes.
Judge Clark reviewed written reports from Dresdner Kleinwort
Wasserstein and J.P. Morgan plc entered into evidence during
last week's hearings before the U.S. Bankruptcy Court in
Houston. Those reports show that:
-- DrKW values YNG between $18.6 billion and $21.1 billion,
without consideration of the tax liabilities. If DrKW
were to assume that tax liabilities would be judicially
upheld, in DrKWs opinion, the range of values would
decrease to between US$14.7 billion and US$17.3 billion.
-- JPM opines that YNG has a fair range of enterprise value
between US$19.0 billion and US$25.0 billion, and a fair
range of equity value between US$16.1 billion and
US$22.1 billion.
Menatep, Yukos' largest shareholder, says that its lawyers were
denied permission to observe the auction proceedings Sunday in
Moscow. Menatep has vowed to sue the Russian Federation, the
winning bidder and any financial backers for more than $100
billion in damages in compensatory and punitive damages stemming
from the sale of YNG in a rigged auction process for less than
half its value.
YUKOS OIL: Appellate Court Declines to Lift TRO for Gazpromneft
---------------------------------------------------------------
OOO Gazpromneft delivered its Notice of Appeal to the U.S.
Bankruptcy Court in Houston, Texas, indicating its intention to
ask the U.S. District Court for the Southern District of Texas
to dissolve the 10-day Temporary Restraining Order entered by
Judge Clark last week enjoining Gazpromneft, ABN Amro, BNP
Paribas, Calyon, Deutsche Bank, JP Morgan, and Dresdner
Kleinwort Wasserstein (but not the Russian Federation) from
participating proceeding in the sale Yukos' equity interests in
Yuganskneftegas by the Russian Federation to satisfy Yukos'
alleged tax obligations. Additionally, Gazprom would like the
District Court to toss the bankruptcy case out of the court
system, renewing its complaint that the case was improperly
filed because Yukos isn't qualified to be a debtor under 11
U.S.C. Sec. 109.
Jack L. Kinzie, Esq., James R. Prince, Esq., Tony M. Davis,
Esq., and Michael S. Goldberg, Esq., at Baker Botts, L.L.P.,
represent Gazpromneft in this appellate proceeding. Baker
Bott's legal team attended the hearings before Judge Clark in
the Bankruptcy Court last week for the express purpose of
preparing and prosecuting this appeal.
Saturday Hearing
The District Court accepted Gazpromneft's appeal Saturday
morning, and the Honorable Nancy F. Atlas convened an expedited
hearing Saturday afternoon at Gazpromneft's behest.
Nothing to Appeal
"The Bankruptcy Court's order should not be disturbed," Zack A.
Clement, Esq., tells Judge Atlas. Mr. Clement, at Fulbright &
Jaworski LLP, represents Yukos.
Mr. Clement explains that the Bankruptcy Court's opinion is
heavily fact intensive and applied essentially three sets of
laws:
(1) the law concerning what is necessary to be a debtor
under Section 109 of the Bankruptcy Code;
(2) law concerning service on parties present in the United
States and on service of foreign governments through
the Hague Convention; and
(3) application of settled Fifth Circuit law concerning the
standards for temporary restraining orders and
preliminary injunctions.
"There is no basis for reversal. The Bankruptcy Court's factual
findings are not clearly erroneous; its legal conclusions are
correct; and no abuse of discretion in issuing a TRO can be
shown on this record," C. Mark Baker, Esq., from Fulbright &
Jaworski LLP, another one of Yukos' lawyers, argued. Mr. Baker
attended the emergency hearing Saturday wearing his Boy Scout
leaders' uniform.
Gazpromneft's Issues on Appeal
Gazpromneft puts five issues before the District Court for
review:
(A) Whether the Bankruptcy Court erred in exercising
personal jurisdiction over Gazpromneft, a foreign
defendant organized under the laws of the Russian
Federation;
(B) Alternatively, whether the Bankruptcy Court --
notwithstanding long-standing principles of comity and
deference to the internal law enforcement activities of
a foreign sovereign -- erred by enjoining Gazpromneft
and its lender from participating in a foreign tax
enforcement auction by the Russian Federation;
(C) Alternatively, whether the Bankruptcy Court erred in
ruling that the Plaintiff carried its burden of
establishing grounds for injunctive relief;
(D) Alternatively, whether the Bankruptcy Court had subject
matter jurisdiction to enjoin a non-debtor lender from
providing financing to Gazpromneft, another non-debtor,
in connection with the Russian Federation's tax
auction.
(E) Alternatively, whether the Bankruptcy Court erred in
failing to abstain.
The Baker Botts legal team argues that the Bankruptcy Court had
no personal jurisdiction over Gazpromneft. None of the facts
Konstantin A. Chuychenko, Gazprom's General Counsel, put before
Judge Clark were controverted. Judge Clark's finding that the
bankruptcy court has personal jurisdiction was a mistake. Having
no personal jurisdiction over Gazpromneft, the TRO against it
should be vacated.
Gaspromneft tells Judge Atlas that comity, a venerable doctrine
with roots extending deep into this nation's historical
jurisprudence, favors the dismissal of the adversary proceeding.
Gazpromneft says that Judge Clark never considered this basic
principle that has guided the federal courts in the proper
exercise of their jurisdiction for nearly two centuries.
"Had the Bankruptcy Court not erred by failing to properly
consider comity, the Bankruptcy Court almost certainly would not
have issued the TRO," Mr. Kinzie argues.
Gazpromneft says that Yukos failed to meet its burden to
establish the four grounds necessary for a preliminary
injunction taught by the Fifth Circuit (likelihood of success,
irreparable injury, balancing of harm, and public interest).
Specifically, Mr. Kinzie says, Yukos failed to establish that:
(1) There is a substantial likelihood of success on the
merits. The propriety of Yukos' bankruptcy filing is in
serious doubt, Gazpromneft argues, and won't withstand
scrutiny if a motion to dismiss under 11 U.S.C. Sec.
1112(b) comes before the Bankruptcy Court. Case law is
clear that debtors who "manufacture eligibility" to file
are subject to dismissal for cause as bad faith filings.
Yukos chapter 11 filing is flawed from the beginning and
Yukos has no hope of completing a chapter 11
restructuring. There is no likelihood of success.
(2) That issuing the TRO was in the public interest.
Gazpromneft argues that the Bankruptcy Court erred in
finding that the TRO did not disserve the public
interest. To the contrary, Gazpromneft says, there is
an overriding public interest in protecting each
sovereign nation's independent and sole jurisdiction to
prescribe and enforce its own laws, in its own country,
pertaining to its own citizens, in its own discretion.
This is especially true with regard to the enforcement
of a nation's tax laws, a core function of any sovereign
government. By seeking to interfere with the Russian
Federation's administration of its own tax laws here,
the TRO violates these time-honored principles. But the
breadth of the TRO's potential harm does not end there.
It also may impact foreign policy and raise reciprocity
issues in any number of foreign countries, and taken to
its logical extreme, sets a horrible precedent in which
foreign taxpayers begin resorting to United States
bankruptcy laws as a means to collaterally attack the
tax collection practices of such taxpayer's native land.
The bankruptcy court held that it had bankruptcy subject matter
jurisdiction under 28 U.S.C. Sec. 1334 to enjoin Gazpromneft,
other potential bidders in the Russian government's tax auction,
and certain banks, which may loan money to potential bidders in
connection with the Russian tax auction. Yet Section 1334
confers no jurisdiction to enjoin potential lending transactions
between non-debtors in this manner, Mr. Kinzie tells Judge
Atlas. The jurisdiction of a bankruptcy court "is grounded in
and limited by statute," citing Celotex Corp. v. Edwards, 514
U.S. 300, 307, 115 S. Ct. 1493, 1498 (1995). The Bankruptcy
Court's order to shut down the Russian government's tax auction
by enjoining foreign bidders and their potential capital
providers from appearing and participating was wrong because the
bankruptcy court has no jurisdiction to disrupt lending
transactions between non-debtors. Any loans by and among
Gazprom and the Lenders have no conceivable affect on Yukos's
bankruptcy estate.
Even if the Bankruptcy Court determined that it could properly
assert jurisdiction over Gazpromneft and the other Bidders and
Lenders, it should have abstained under the permissive
abstention provisions of 28 U.S.C. Sec. 1334(c)(l), Mr. Kinzie
continues. That section of the Judiciary Act is in place to
preserve and respect comity. The Bankruptcy Court not only
neglected to consider comity principles, but also failed to
consider the interest of justice under the permissive abstention
provision of the United States Code.
"Even where a court technically might have power to assert
jurisdiction, sometimes the circumstances of the case may
warrant abstention," Mr. Kinzie says. "This is one of those
cases."
Saturday Night Ruling
Judge Atlas rejected Gazpromneft's arguments and orders that the
TRO will remain in place. Gazpromneft is prohibited from
participating in the Dec. 19 auction and the Lenders are
prohibited from lending money to Gazpromneft to finance the
purchase.
YUKOS OIL: Court Clips Shareholders' Power to Liquidate Company
---------------------------------------------------------------
A Moscow court has barred Yukos Oil from holding an emergency
meeting to vote on liquidation while a U.S. judge begins hearing
its bankruptcy filing.
John Mann, a spokesman for Sibneft, an oil company owned by
Millhouse, said the Moscow Arbitration Court has notified the
investment group regarding the ban. Yukos shareholders are
supposed to meet Monday to decide on a windup.
On Thursday Yukos breathe a sigh of relief after the bankruptcy
court in Texas issued a temporary restraining order on the
auction of its main production unit, Yuganskneftegaz, on Sunday.
Yuganskneftegaz is to be auctioned for a fire-sale price of
US$8.6 billion to settle Yukos' US$27.5 billion tax debts.
According to Itar-Tass news agency, an unidentified high-ranking
official in the Moscow Arbitration Court said the bankruptcy
filing would have no legal consequences in Russia.
Analysts and lawyers also expect cold treatment for any rulings,
but they said they could at least hinder Western banks from
participating in the sale.
The government's assault on Yukos is widely seen as punishment
for the political ambitions of its now jailed founder Mikhail
Khodorkovsky. Mr. Khodorkovsky is facing charges of fraud and
tax evasion.
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
=============
ANDRIYIVSKE: Mikolaiv Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Andriyivske (code EDRPOU 19296569) after
finding the limited liability company insolvent. The case is
docketed as 2/78. Mrs. Victoriya Cherepenko (License Number AA
140411) has been appointed liquidator/insolvency manager. The
company holds account number 26005360025001 at JSPPB Ukraina,
Mikolaiv regional branch, MFO 326148.
CONTACT: ANDRIYIVSKE
57104, Ukraine, Mikolaiv region,
Mikolaiv district, Yasna Polyana
Mrs. Victoriya Cherepenko
Liquidator/Insolvency Manager
54017, Ukraine, Mikolaiv region,
Moskovska Str. 54a
ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
FALVEST-FARM: Proofs of Claim Deadline Expires Saturday
-------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Falvest-Farm (code EDRPOU 21915933) after
finding the limited liability company insolvent. The case is
docketed as B/24/141/04. Mr. Slunkov Dmitro, who heads the
liquidation commission of the region, has been appointed
liquidator/insolvency manager. The company holds account number
260063001220 at VABank, Dnipropetrovsk branch, MFO 305868.
Creditors have until December 18, 2004 to submit their proofs of
claim to:
(a) FALVEST-FARM
49069, Ukraine, Dnipropetrovsk region,
K. Libkneht Str. 43/13
(b) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
GALTEHNOSERVICE: Period for Filing of Claims Ends Weekend
---------------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Galtehnoservice (code EDRPOU 31820194) on
October 27, 2004 after finding the limited liability company
insolvent. The case is docketed as 1/75-B. Mrs. Vojlenko
Lubov, who represents Kovel State Tax Inspection, has been
appointed liquidator/insolvency manager. The company holds
account number 260021904 at JSPPB Aval, MFO 303569.
Creditors have until December 18, 2004 to submit their proofs of
claim to:
(a) GALTEHNOSERVICE
4430, Ukraine, Volinska region,
Luboml
(b) Mrs. Vojlenko Lubov
Liquidator/Insolvency Manager
45000, Ukraine, Volinska region,
Kovel, S. Bandera Str. 5
(c) ECONOMIC COURT OF VOLINSKA REGION
43010, Ukraine, Volinska region,
Lutsk, Voli Avenue, 54-a
NAFTOMASH: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Ivano-Frankivsk region has commenced
bankruptcy supervision procedure on Naftomash (code EDRPOU
20557331). The case is docketed as B-11/155. Arbitral manager
Mr. I. Vatutin (License Number AA 250388) has been appointed
temporary insolvency manager. The company holds account number
2600425231 at CB Privatbank, Ivano-Frankivsk branch, MFO 336677.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) NAFTOMASH
77300, Ukraine, Ivano-Frankivsk region,
Kalush, Dolinska Str. 88
(b) Mr. I. Vatutin
Temporary Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Kolomiya, Novodvorskij Str. 24
(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska Str. 11
OLEKSANDRIVSKIJ RAJAGROHIM: Proofs of Claim Deadline Nears
----------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Aleksandrivskij Rajagrohim (code
EDRPOU 05489490). The case is docketed as 10/118. Mr. S.
Salatov (License Number AA 047823) has been appointed temporary
insolvency manager. The company holds account number
26003301234 at OJSC State Saving Bank of Ukraine, Aleksandrivka
branch 3327, MFO 323817.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) ALEKSANDRIVSKIJ RAJAGROHIM
27300, Ukraine, Kirovograd region,
Aleksandrivka, Ostrovskij Str. 4
(b) Mr. S. Salatov
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Sverdlov Str. 87
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski str. 29
SIRIUS: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Sirius (code EDRPOU 13430179) on October 14,
2004 after finding the limited liability company insolvent. The
case is docketed as B24/139/04. Mrs. Babich Svitlana has been
appointed liquidator/insolvency manager. The company holds
account number 26000106337001 at CB Privatbank, Dnipropetrovsk
central branch, MFO 305299.
Creditors have until December 18, 2004 to submit their proofs of
claim to:
(a) SIRIUS
Ukraine, Dnipropetrovsk region,
Chkalov Str. 48
(b) Mrs. Babich Svitlana
Liquidator/Insolvency Manager
Ukraine, Kyiv region, Melnikov Str. 2/10
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
ZACHATIVSKE: Court Grants Debt Moratorium Request
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on agricultural firm Zachativske (code
EDRPOU 30844743) on October 18, 2004 and ordered a moratorium on
satisfaction of creditors' claims. The case is docketed as
27/87 B. Arbitral manager Mr. A. Grinko (License Number AA
779155) has been appointed temporary insolvency manager. The
company holds account number 26002302550472 at Prominvestbank,
Volnovaha branch, MFO 334646.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) ZACHATIVSKE
85761, Ukraine, Donetsk region,
Volnovaha district, Zachativka,
Shkilna str.
(b) Mr. A. Grinko
Temporary Insolvency Manager
Ukraine, Donetsk region, Artem Str. 27/307
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
ZNAMYANSKE AUTO 13542: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Znamyanske Auto Transport
Enterprise 13542 (code EDRPOU 03117412) on October 28, 2004.
The case is docketed as 10/119. Arbitral manager Mr. Knobloh
Irina (License Number AA 719895) has been appointed temporary
insolvency manager. The company holds account number
26001301340329 at Prominvestbank, Znamyanka branch, MFO 323088.
Creditors have until December 19, 2004 to submit their proofs of
claim to:
(a) ZNAMYANSKE AUTO TRANSPORT ENTERPRISE 13542
27400, Ukraine, Kirovograd region,
Znamyanka, Mayakovskij Str. 22
(b) Mr. Knobloh Irina
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Timiryazev Str. 49/19-7
Phone: 32-15-98
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
Ukraine, Kirovograd region,
Lunacharski Str. 29
===========================
U N I T E D K I N G D O M
===========================
6S COMMUNICATIONS: Owners Agree to Wind up Company
--------------------------------------------------
At the extraordinary general meeting of 6S Communications
Limited on Dec. 7, 2004 held at Hilton London Mews Hotel,
Berkeley Suite, 2 Stanhope Rowe, London W1J 7BS, the subjoined
extraordinary resolution to wind up the company was passed.
Mark Stephen Goldstein has been appointed liquidator.
AAPCO LIMITED: Names Vantis Business Recovery Liquidator
--------------------------------------------------------
At the extraordinary general meeting of AAPCO Limited on Dec. 7,
2004 held at Torrington House, 47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD, the subjoined extraordinary resolution to
wind up the company was passed. Michael Young of Vantis
Business Recovery, Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD has been appointed liquidator of
the company.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Phone: 01727 811111
Web site: http://www.vantisplc.co.uk
AJS BUILDING: Calls in Liquidator from E. Mary Grove
----------------------------------------------------
At the extraordinary general meeting of AJS Building &
Restoration Limited on Dec. 9, 2004 held at The Three Counties
Hotel, Belmont Road, Hereford, the extraordinary resolution to
wind up the company was passed. Elizabeth Mary Grove of E. Mary
Grove & Co., White Lodge, 50 Ledbury Road, Hereford HR1 2SY has
been appointed liquidator of the company.
CONTACT: E. MARY GROVE & CO.
White Lodge, 50 Ledbury Road,
Hereford HR1 2SY
ALEXANDER FURNITURE: Hires Tenon Recovery as Administrator
----------------------------------------------------------
Tina Yearsley and Nigel Ian Fox (IP Nos 9298, 8891) have been
appointed joint administrators for Alexander Furniture Limited.
The appointment was made Dec. 3, 2004. The company manufactures
furniture. Its registered office is located at Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ.
CONTACT: TENON RECOVERY
Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
ALGROVE ASSOCIATES: Liquidator's Final Report Out Mid-January
-------------------------------------------------------------
The final meeting of the members of Algrove Associates Limited
will be on Jan. 14, 2005 commencing at 11:00 a.m. It will be
held at the offices of Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT.
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 Hazlewoods, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT not later than 12:00 noon, Jan. 13, 2005.
CONTACT: HAZLEWOODS
Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT
Phone: +44 (0) 1452 634800
Fax: +44 (0) 1452 371900
Web site: http://www.hazlewoods.co.uk
AREM MEDIA: Appoints Administrators from Begbies Traynor
--------------------------------------------------------
David Hill and John W. Davies (IP Nos 6904, 6425) have been
appointed administrators for printing company Arem Media
Limited. The appointment was made Dec. 7, 2004. Its registered
office is located at Arem House, Horsefair Road, Waterton
Industrial Estate, Bridgend, Mid Glamorgan CF31 3DX.
CONTACT: BEGBIES TRAYNOR
4th Floor, Riverside House,
31 Cathedral Road, Cardiff CF11 9HB
Phone: 029 2022 5022
Fax: 029 2022 4523
E-mail: cardiff@begbies-traynor.com
Web site: http://www.begbies.com
BRITISH AMERICAN: Names Grant Thornton Administrator
----------------------------------------------------
Simon Charles Morris and Andrew Lawrence Hosking (IP Nos 8680,
9009) have been appointed joint administrators for British
American Racing (Holdings) Limited. The appointment was made
Dec. 8, 2004.
CONTACT: GRANT THORNTON UK LLP
Grant Thornton House,
Melton Street, London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
BUTTERLEY CONSTRUCTION: Appoints Moore Stephens Administrator
-------------------------------------------------------------
Nigel Price and Roderick Graham Butcher (IP Nos 8778, 8834) have
been appointed joint administrators for Butterley Construction
Limited. The appointment was made Dec. 2, 2004. The company is
engaged in general construction.
CONTACT: MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
CAMPUS VENTURES: Administrators from Begbies Traynor Move in
------------------------------------------------------------
Paul Stanley and Richard William Traynor (IP Nos 8123 and 6730)
have been appointed administrators for Campus Ventures East
Lancashire Limited. The appointment was made Dec. 3, 2004. Its
registered office is located at The Campus Ventures Centre,
Zochonis Buildings, The University of Manchester, Oxford Road,
Manchester M13 9PL.
CONTACT: BEGBIES TRAYNOR
Elliot House,
151 Deansgate, Manchester M3 3BP
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
CHESBEE (UK): Names BDO Stoy Hayward Administrator
--------------------------------------------------
D. Swaden and D. J. Power (IP Nos 6006/01, 5495/01) have been
appointed administrators for Chesbee (UK) Limited. The
appointment was made Dec. 8, 2004. The company manufactures
plastic injection moulders.
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
CHOICE LONDON: Calls Creditors' Meeting
---------------------------------------
The creditors of Choice London Limited will meet on Dec. 29,
2004 commencing at 12:00 noon. It will be held at Ashcrofts,
33-33A Higham Hill Road, London E17 6EA.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Ashcrofts, 33-33A Higham Hill Road, London E17
6EA not later than 12:00 noon, Dec. 28, 2004.
CONTACT: ASHCROFTS
33-33A Higham Hill Road, London E17 6EA
COLIN HAZELL: Hires Liquidator from Solomon Hare Business Rescue
----------------------------------------------------------------
At the extraordinary general meeting of Colin Hazell Limited
On Dec. 1, 2004 held at Units 1-4 Crossley Farm Business Centre,
Swan Lane, Winterbourne, Bristol BS36 1RH, the special, ordinary
and extraordinary resolutions to wind up the company were
passed. Peter W. Engel of Solomon Hare Business Rescue,
Oakfield House, Oakfield Grove, Clifton, Bristol BS8 2BN has
been appointed liquidator of the company.
CONTACT: SOLOMON HARE BUSINESS RESCUE
Oakfield House, Oakfield Grove,
Clifton, Bristol BS8 2BN
Tel: 0117 933 3000
Fax: 0117 933 3001
Web site: http://www.solomonhare.co.uk
CORUS GROUP: Expects GBP600 Million Operating Profit in 2004
------------------------------------------------------------
[This statement is a scheduled part of Corus' program to update
the market regularly.]
Trading
Global steel market conditions have remained positive in the
second half of 2004, with strong demand growth in North America
and the rest of Asia compensating for slower growth in China.
Capacity utilization has remained high, with output growth
continuing to be constrained by the availability of raw
materials.
Fundamentals in the European markets have also remained
reasonably positive during the second half largely reflecting
strong demand from the domestic U.K. market, although growth in
mainland Europe continues to lag and remains dependant upon
export sectors. Against this background, previously announced
price increases in the range of 5-10% have been realized on
fourth quarter market prices.
The combination of strong market fundamentals and additional
benefits from the Group's 'Restoring Success' program, which
remains on track to deliver planned benefits, has continued to
drive the recovery in the Group's financial performance. As a
result the Group expects the full year operating result for
2004 prior to restructuring and impairment to be in excess of
GBP600 million (equivalent EBITDA in excess of GBP900 million),
following a comparable profit of GBP160 million in the first
half of 2004.
Balance Sheet and Cash flow
Corus successfully extended its bond maturities with the issue
of approximately EUR800 million of new 7-year securities in
October and negotiations to replace the Group's syndicated bank
facility are nearing completion.
Net debt at the year-end is expected to be approximately GBP1
billion compared to GBP1.2 billion at the half-year stage.
Group Developments
Teesside
As part of the U.K. restructuring program, Teesside's steel
making capacity becomes surplus to the Group's internal
requirements. Teesside Cast Products (TCP) has therefore been
refocused as a slab exporter and Corus has on Thursday signed an
agreement with a consortium of re-rolling companies (namely
Duferco, Marcegaglia and Imsa; 'the Consortium'[1]) to supply
slab under a 10-year off take contract.
Under this agreement, effective from 2 January 2005, the
Consortium will take, at cost, slab production in 2005 and 2006
that is surplus to Corus' internal requirements and
approximately 74% of output thereafter. The Consortium will pay
Corus US$148 million, comprising US$69 million as an upfront
payment in 2005/2006 with a further US$79 million in deferred
payments over the life of the contract. In addition the
Consortium members will contribute approximately 72% of the
expected US$100 million capital expenditure requirements of TCP
to enable identified improvements to be implemented.
In addition to the above companies, Dongkuk Steel Co. have the
right to join the Consortium before 5 January 2005, the impact
of which is shown in footnote [2].
This agreement provides Corus with significant value reflecting
the strength of the existing slab market. It also ensures Corus
retains full access to its slab requirements during the U.K.
restructuring program and furthermore allows the Group to
participate in any upside from its retained 26% share of the
output thereafter.
Aluminum
As indicated at the time of the interims, Corus remains
committed to the disposal of the aluminum activities and
discussions on their future continue.
Outlook
As we enter 2005 the trading outlook for Corus remains positive,
although the growth in global steel demand has slowed from the
levels of early 2004.
The combination of recently announced increases in first quarter
2005 market prices and the targeted higher settlements being
achieved on annual contract business is designed to recover
anticipated increases in raw material and energy input costs.
In 2005 the Group will continue to gain from its 'Restoring
Success' program, including for the second half of the year,
initial benefits from the U.K. restructuring initiative.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] The legal entities involved in the transaction are Duferco
International Investment Holdings (Guernsey Ltd), Marcegaglia
S.p.A. and Grupo Imsa S.A.
[2] If Dongkuk joins the Consortium, the Consortium's payment
will rise to US$157 million, comprising US$73 million up-front
in 2005/2006 and a further US$84 million in deferred payments.
The Consortium's capital expenditure contribution will increase
to 76%. Corus' share of TCP's output post-2006 will be 22%.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY, United Kingdom
Phone: +44-20-7717-4444
Fax: +44-20-7717-4455
Web site: http://www.corusgroup.com
CORUS GROUP: Relieved by Gradual Exit of Russian Investor
---------------------------------------------------------
Corus Group Chief Executive Philippe Varin welcomed the decision
of the firm's rebel shareholder to cede control of his
considerable stake.
Russian metals magnate Alisher Usmanov on Thursday sold 11.9% of
his 13.4% stake in Corus to big City investors, netting him up
to GBP150 million. Mr. Varin said: "He has made quite a good
deal. The good news for us as well is that at least there is
more clarity now. The fear that he was going to sell was
overhanging the shares."
Mr. Usmanov, the second-largest shareholder in Corus, campaigned
vigorously to appoint a new director in April to help steer the
company towards profitability. Mr. Varin said: "Since the AGM,
things have been much more quiet and cordial in our relations."
The news of the stake sale came as the company announced it was
expecting GBP600 million in operating profit this year. The
profit is the first after years of losses. In September, Corus
announced it had returned to profit after refocusing its
troubled operations in Port Talbot, Scunthorpe and Rotherham.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY, United Kingdom
Phone: +44-20-7717-4444
Fax: +44-20-7717-4455
Web site: http://www.corusgroup.com
CORUS GROUP: Strikes US$7 Bln Worth of Deal for Teesside Plant
--------------------------------------------------------------
Corus Group on Thursday entered into a contract, worth
approximately US$7 billion (EUR5.3 billion), to supply steel for
10 years to a Swiss-led metal group, the Financial Times says.
Under the plan, Corus will sell to a consortium led by the
world's biggest steel traders, Duferco, 30% of the output from
its Teesside plant in the next two years. It is to increase the
supply to three quarters for the remaining eight years.
Financial figures were not disclosed, but it is understood the
price will fluctuate depending on production costs over the
years. It could average about US$300 a ton for the next few
years, the report said.
Aside from paying the cost of steel, the consortium is bound to
pay Corus US$148 million for the privilege of getting steel from
the plant and contribute some 72% of Teesside's expected US$100
million capital costs in the next few years. The consortium
includes Italian and Mexican steel makers Marcegaglia and Imsa.
Dongkuk of South Korea may join later.
The deal will help the company focus on three other U.K. sites
and one in the Netherlands, in line with its restructuring plan.
Corus has not made a profit since its creation from the merger
of British Steel and Hoogovens of the Netherlands in 1999. It
expects to change the trend this year with an operating profit
of more than GBP600 million (EUR875 million) before
restructuring and impairment costs. It will also secure the
future of 1,700 jobs in the U.K.
The report said the agreement highlights the shortage of
unfinished "slab steel," the Teesside plant's main product.
Demand for the product is high in China. Teesside produces 3.4
million tons of unprocessed steel a year, but this could rise to
4 million tons.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY, United Kingdom
Phone: +44-20-7717-4444
Fax: +44-20-7717-4455
Web site: http://www.corusgroup.com
COURTS PLC: Administrators Reopen Stores
----------------------------------------
Retail turnaround specialists SB Capital on Thursday reopened
stores of furniture retailer Courts plc, which went into
administration last month.
Managing Director Bob Marsh promised to pay staff who stayed
loyal to the company, The Telegraph says. Administrators have
also appointed SB Capital to deliver goods to customers who have
already paid their orders.
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 are continuing to trade as normal.
CONTACT: KPMG
Rachael Morgan, Corporate Communications
Contact: 0207 694 2692/0207 694 8773
E-mail: rachael.morgan@kpmg.co.uk
SB CAPITAL
Dianne Page, McCann-Erickson
Phone: 0776 722 3762
E-mail: dianne.page@europe.mccann.com
DANESTONE DRILLING: Sets Deadline for Filing of Claims
------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Danestone Drilling Consultants Limited
(In Liquidation)
I, J B Cartwright, PricewaterhouseCoopers LLP, 32 Albyn Place,
Aberdeen AB10 1YL, hereby give notice that I was appointed
Liquidator of Danestone Drilling Consultants Limited on November
22, 2004 by resolution of the first meeting of creditors
convened in terms of Section 138 of the Insolvency Act 1986.
The meeting declined to establish a Liquidation Committee.
It is not my intention to summon a further meeting of the
creditors to establish a Liquidation Committee unless requested
to do so by one tenth in value of the company's creditors.
All creditors who have not already done so are required on or
before January 18, 2005 to lodge their claims with me.
J. B. Cartwright, Liquidator
December 2, 2004
CONTACT: PRICEWATERHOUSECOOPERS L.L.P.
32 Albyn Place
Aberdeen AB10 1YL
Phone: [44] (1224) 210100
Fax: [44] (1224) 253318
Web site: http://www.pwcglobal.com
DROOPY & BROWN'S: Appoints BWC Business Solutions Administrator
---------------------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam (IP Nos 8974,
8346) have been appointed joint administrators for Droopy &
Brown's Limited. The appointment was made Dec. 7, 2004.
The company manufactures and sells clothing. Its registered
office is located at BWC Business Solutions Limited, 8 Park
Place, Leeds LS1 2RU.
CONTACT: BWC BUSINESS SOLUTIONS LIMITED
8 Park Place, Leeds LS1 2RU
DUCTWORK ERECTIONS: Four-year Ban for Big Wigs Served
-----------------------------------------------------
Two directors of a heating and ventilation contractors business
that failed with total debts estimated at around GBP907,000 have
given Undertakings not to hold directorships or take any part in
company management for four years each.
The Undertakings by Kim Stephanie Bleakley, 43, of Biggin Hill,
Westerham, Kent, and Brian Arthur Hubbard, 54, of Park Hill
Road, Shortland, Bromley, Kent, were given for their conduct as
directors of Ductwork Erections Limited, which carried out
business from premises at 25 Fordmill Road, Catford, London SE6
3JH.
Acceptance of Mr. Hubbard's Undertakings on 24 November 2004,
and Mrs. Bleakley's on 30 November 2004 prevents them from being
directors of a company or in any way, whether directly or
indirectly, being concerned or taking part in the promotion,
formation or management of a company for the above periods.
Ductwork was placed into voluntary liquidation on 4 March 2003
with estimated debts of GBP907,665 owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.
Matters of unfit conduct, not disputed by Mrs. Bleakley and Mr.
Hubbard, were that they:
(a) caused or allowed Ductwork to retain monies due to HM
Customs & Excise amounting to GBP119,462 for VAT. Ductwork
made no payments to HMCE during the last 12 months that it
traded;
(b) caused or allowed Ductwork to retain at least GBP329,284
that was due to the Inland Revenue for PAYE and NIC
liabilities, for the 2001/02 and 2002/03 tax years. The
company only made two payments towards this liability:
GBP56,891 and GBP6,832 during the last 12 months that it
traded;
(c) during this same period Ductwork paid a total of
GBP1,065,790 from its bank account to various recipients,
leaving only GBP178,339 due to trade creditors at the date
of liquidation. The payments from the bank account were all
made at a time they knew or ought to have known that amounts
were outstanding to the Inland Revenue and they were already
making demands for payment.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
EGG PLC: Expects Full-year Pre-tax Profit to Top Forecast
---------------------------------------------------------
Trading has been strong in the final quarter and we expect full
year profit before tax in the U.K. to be slightly above market
consensus of GBP69 million. Growth in credit card accounts
across our Visa and MasterCard products is consistent with the
strong showing in Q3 2004 with a resulting healthy increase in
card balances. In addition, cross sales of loan products into
the card customer base have returned to the record levels seen
in H1 following the seasonal reduction experienced in Q3 2004.
There has been an increased investment in brand and marketing
this quarter both to support the unsecured lending business and
to start to drive sales of general insurance policies.
Encouragingly, Q4 2004 is on track to deliver our highest-ever
insurance volumes.
On the funding side of our business we have been raising fresh
customer deposits this quarter using a six-month bonus interest
offer which has brought in over GBP300 million of new funds thus
far and also successfully issued GBP650 million of floating rate
notes which is expected to lead to a net GBP325 million increase
in wholesale funding in Q4.
In France the exit process is continuing and we are on track to
complete it ahead of schedule next year. The sale of the
unsecured lending assets to Banque Accord completed in December
and the sale of the savings and brokerage businesses to ING
Direct should complete by year end leaving a small portfolio of
current accounts as the last remaining product in the French
business.
Agreement on the social plan for Egg employees in France has
also been reached with the Works Council. Our expectations with
regard to the total exit costs for France remain unchanged.
At Group level, in addition to the results from the UK and
France, we will book a provision for the transfer of Egg Invest
to Fidelity FundsNetwork of approximately GBP3 million this
quarter as noted in our Q3 results announcement.
The partnership with Fidelity is expected to improve U.K.
profits by GBP3 million per annum. We have also incurred
further costs in Q4, principally retention bonuses and advisory
fees, in respect of the process whereby Prudential was
considering proposals for its stake in Egg.
We have made good progress in our preparations for the
introduction of International Financial Reporting Standards in
2005. Current indications are that the impact on Egg's reported
profits and regulatory capital position will not be material.
We propose to give a full briefing on the various policies and
elections that Egg will be adopting under IFRS at our
Preliminary Results Presentation on 23 February 2005 which will
include more detail on the financial impact. Furthermore we
will be providing complete disclosures on the transition
adjustments in April 2005 when we publish our Q1 2005 results on
an IFRS basis.
Paul Gratton, Chief Executive said: "It has been a challenging
year for Egg with the uncertainty caused by the auction process
and the strong competition in the early part of the year
impacting our first half results. However recent trading
confirms that the sales momentum seen in the third quarter is
continuing and we look forward to 2005 with confidence."
Egg's preliminary results for the year ending 31 December 2004
will be released to the London Stock Exchange on 23 February
2005.
Egg plc is the world's largest pure online bank, providing
financial services products through its Internet site and other
distribution channels.
Egg plc floated on 12 June 2000 and is listed on the London
Stock Exchange. Prudential plc holds 78% of the share capital.
CONTACT: EGG PLC
Analysts/Investors:
Kieran Coleman
Phone: 020 7526 2648
Mobile: 07711 717 358
FEDERAL-MOGUL: Owens-Illinois Balks at Treatment of Claims
----------------------------------------------------------
Paul A. Bradley, Esq. at McCarter & English, in Wilmington,
Delaware, relates that Owens-Illinois, Inc., filed 23 claims,
each for US$10 million, against each debtor in the chapter 11
cases of Federal-Mogul and its debtor-affiliates. The Claims
are the result of an agreement reached between Owens and the
Debtors resolving certain litigation pending in the U.S.
District Court for the Eastern District of Texas.
Pursuant to a Confidential Settlement Agreement and General
Mutual Release dated Dec. 1, 2000, by and between Owens, T&N,
Ltd., and Federal-Mogul Corporation, the Debtors agreed to pay
Owens US$10,000,000. The first US$5,000,000 payment was to be
made no later than Oct. 15, 2001, and the second US$5,000,000
payment was to be made no later than Oct. 15, 2002. At Sept.
29, 2004, no payments have been made. Thus, Owens has a claim
against the Debtors for US$10,000,000, plus interest, attorney's
fees and costs.
Owens objects to the Plan on these grounds:
(a) The Plan seeks to classify the Owens Claims as Indirect
Asbestos Personal Injury Claims to be channeled to the
Asbestos Personal Injury Trust. Indirect Asbestos PI
Claims are claims for contribution, reimbursement,
subrogation or indemnity, whether contractual or implied
by law and any other derivative or Indirect Asbestos
Personal Injury Claim of any kind whatsoever, whether in
the nature of or sounding in contract, tort, warranty, or
any other theory of law or equity. Mr. Bradley asserts
that the Owens Claims are liquidated direct claims
against the Debtors. The Owens Claims also include
claims for fraud, misrepresentation, and the Debtors'
violations of several statutes.
(b) Four separate Trust Funds will be established to
compensate the holders of Asbestos PI Claims -- T&N
Worldwide Fund, FMP Fund, Fel-Pro Fund, and Vellumoid
Fund. However, the Plan Proponents have not identified:
-- which fund will pay the Owens Claims; or
-- what assets of each fund may be used to pay the
Owens Claims; or
-- which insurance policies would provide coverage for
the Owens Claims.
If there is insufficient insurance available to pay these
types of claims, the Plan Proponents may be limiting any
recovery on the Claims. As a result, Owens may be
treated differently from other similarly situated
creditors.
(c) If the Proponents are permitted to classify the Owens
Claims as Indirect Asbestos PI Claims, they may succeed
in extinguishing the Claims completely because it may be
virtually impossible for Owens to meet the required
criteria for payment of the Claims through the Trust.
The Trust Distribution Procedures govern the liquidation
and payment of claims based on certain established
medical disease criteria and the defendant's ability to
satisfy certain requirements. The Owens Claims are not
subject to medical disease criteria or evidence
standards, and therefore, these criteria must not be
applied to the Owens Claims.
(d) The Trust documents provide that Indirect Asbestos
Personal Injury Claims for indemnity and contribution
will be treated as presumptively valid and paid by the
Trust if these conditions are met:
-- the claim was filed prior to the March 3, 2003 Bar
Date;
-- the claim has not been disallowed pursuant to
Section 502(e);
-- the claimant establishes that he or she has paid in
full the Trust's obligations to the direct
claimant;
-- both the indirect and direct claimant release the
Trust; and
-- the claim is not otherwise barred by the statute of
limitations.
Because of the unique nature of the Owens Claims, these
criteria should not be imposed. The Owens Claims were
filed by the deadline and would not be subject to
disallowance under Section 502(e). The remaining
requirements are not applicable.
(e) By classifying the Owens Claims as asbestos claims, the
Plan Proponents may be depriving the Claims of
significant value. The Plan Proponents intend to apply
an initial payment percentage to liquidated claims, which
may include a payment of as little as 7.5% or nothing at
all if there is no insurance to cover the Debtors'
liability for the claims. However, general unsecured
claims are expected to be paid approximately 35% of the
claim amount.
(f) Owens objects to the Plan to the extent any Debtor or
non-debtor entities will receive injunctive protections
or releases without contributing any assets to the
payment of the Owens Claims.
(g) Owens objects to the Plan to the extent it has not been
proposed in good faith, those with substantially similar
claims will be treated differently, and the Claims will
not receive a value greater than the amount it would
receive if the Debtors were liquidated under Chapter 7.
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion. The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq.,
at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $10.15 billion
in assets and $8.86 billion in liabilities. (Federal-Mogul
Bankruptcy News, Issue No. 68; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
CONTACT: FEDERAL-MOGUL CORPORATION (OTC: FDMLQ)
26555 Northwestern Hwy.
Southfield, MI 48034 (Map)
Phone: 248-354-7700
Fax: 248-354-8950
Web site: http://www.Federal-Mogul.com
FOCUS WICKES: Receives GBP950 Million for Wickes Unit
-----------------------------------------------------
Focus Wickes Group Ltd., the second largest DIY retailer in the
U.K., announced Thursday the sale of its Wickes division to
Travis Perkins plc for a cash consideration of GBP950 million.
The transaction is conditional upon shareholder approval and
receipt of OFT clearance.
The Wickes division is the third largest DIY retailer in the
U.K. and targets the small tradesman and serious DIY customer.
It operates from 172 stores and generated total sales of
GBP911.1 million in the fiscal year ending 31 October 2004.
Focus Wickes expects to use a part of the proceeds to redeem the
GBP190 million 10% Mezzanine Notes due 2011 and the EUR140
million 9.25% Mezzanine Notes due 2011 issued by Focus Wickes
(Finance) plc. Further details about any proposed redemption of
the Mezzanine Notes, including a notice of redemption (if
appropriate), will be issued or made available upon completion
of the sale of the Wickes division.
Focus Wickes acquired Wickes PLC, then comprising 131 stores, in
September 2000.
Since then Wickes has grown significantly, driven by both
sustained like-for-like sales growth and an accelerated new-
store opening program. This program, which included the
conversion of 36 Focus stores to the Wickes format, increased
net selling space by over 50% during the period. The Wickes
management team has realized benefits from a renewal program,
new products, its space gains initiative and the introduction of
garden project centers.
Following the disposal of Wickes, Focus Wickes will be re-named
Focus. It will comprise the Focus division, the fourth largest
DIY retailer in the U.K., which targets customers seeking to
undertake light home improvement and core maintenance projects.
Under a new management team Focus has improved sales and profits
in its existing portfolio by introducing new product ranges,
improving stock availability and through competitive pricing.
Focus operates from 256 stores and generated total sales of
GBP828 million in the fiscal year ending 31 October 2004.
Following the sale of Wickes, Bill Archer will continue as
Executive Chairman of the Focus business. Geoff Wilson will
also continue as Deputy Chairman and Steve Johnson will be CEO
of the business. Funds advised by Apax Partners and Duke Street
will remain as substantial shareholders.
Bill Archer, Chairman and CEO of Focus Wickes, said: "We have
successfully transformed the performance and scale of the Wickes
business since acquisition four years ago. The two divisions
are both well placed to continue their development within
separate organizations. DIY continues to be a high growth and
resilient market. Our Focus business is performing well and we
have a strategic opportunity to build further value by actively
investing in new stores and refits within the existing estate."
Alex Fortescue, Director of Apax Partners, said: "Wickes has
achieved spectacular growth since acquisition through store
roll-out, conversion of Focus stores to the Wickes format and
the development of Wickes Extra. What has been achieved is a
great credit to Bill Archer and the rest of the management team.
We are excited by the prospects for further development and
growth of the Focus business led by Steve Johnson and look
forward to working with the team to maximize the potential of
the business over the next few years."
Edmund Truell, Chairman of Duke Street Capital, said: "Focus
Wickes is an iconic buy and build story. Since we first backed
Bill Archer and Geoff Wilson in 1988 the business has been
transformed both through sound retail management and strategic
acquisitions. We remain very excited by the prospects for Focus
and we look forward to continuing to help the business reach its
true potential."
Goldman Sachs International is acting as sole financial adviser
to Focus Wickes.
About Focus Wickes
Focus Wickes is the second largest DIY retailer in the U.K. in
terms of turnover. The Focus and Wickes formats offer an
extensive range of home improvement products to both DIY and
trade customers in the U.K. Repair, Maintenance and Improvement
(RMI) market.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups, operating across Europe, Israel and the
United States. With over 30 years of direct investing
experience, Apax Partners' Funds provide long-term equity
financing to build and strengthen world-class companies.
Apax Partners' Funds invest in companies across its 6 chosen
global sectors of retail and consumer; information technology,
telecommunications, healthcare, media and financial services.
Some of Apax Partners' Funds retail and consumer investments
include Alain Afflelou, Autobahn Tank & Rast, New Look, Nordsee,
Phillips-Van Heusen, Sephora, Sunglass Hut and Waterstone's.
About Duke Street Capital
The Duke Street Capital group is an independent private equity
group focusing on mid market leveraged buy-outs, with offices in
London and Paris. Duke Street Capital Private Equity (DSC)
invests in established, mid-market U.K. and French businesses
with an enterprise value of up to EUR300 million. DSC has
raised 5 private equity funds to date and has managed in excess
of EUR2 billion.
DSC considers all investment opportunities, but particularly
focuses on the retail & consumer, leisure, healthcare, financial
services and business services sectors. DSC seeks to build
strong working relationships with high-quality management teams
in investee companies. It uses buy-and-build strategies to
transform the businesses of its investments. It offers
financial support and industrial management expertise, via its
Board of Operating Partners, to enable the transformation of
investee companies into market leaders.
Goldman Sachs International is acting exclusively for Focus
Wickes in connection with the transaction and will not be
responsible to anyone other than Focus Wickes for providing the
protections afforded to its customers or for providing advice in
relation to the transaction.
CONTACT: FOCUS Wickes Limited
Gawsworth House, Westmere Drive
Crewe Cheshire CW1 6XB, United Kingdom
Phone: +44-1270-501-555
Fax: +44-1270-250-501
Web site: http://www.focusdiy.co.uk
APAX PARTNERS
Clare Sillars
Phone: +44 20 7872 6476
Web site: http://www.apax.com
DUKE STREET CAPITAL
Edmund Truell
Phone: +44 20 7451 6600
Web site: http://www.dukestreetcapital.com
EQUUS (PR advisors to Duke Street)
Piers Hooper
Corinne Daniels
Phone: +44 207 223 1100
GCG HUDSON SANDLER (PR advisors to Focus Wickes)
Andrew Hayes
Jessica Rouleau
Phone: +44 020 7796 4133
FOCUS WICKES: S&P Puts Ratings on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Focus Wickes (Finance) PLC and Focus
Wickes (Investments) Ltd. -- the parent companies of U.K.-based
do-it-yourself (DIY) retailer Focus Wickes -- on CreditWatch
with negative implications.
The CreditWatch placements follow Focus Wickes' announcement of
the sale of its Wickes division for GBP950 million (US$1.84
billion) in cash to Travis Perkins PLC. The negative
implications reflect that Wickes was the group's strongest
business and that the future financial structure of Focus is
unknown.
"Standard & Poor's views Wickes, which targets the heavy end of
the DIY market, as the stronger of the group's two divisions,
and believes, therefore, that the disposal will dilute the
quality of the group's overall business profile. The Focus
division will continue to operate on a stand-alone basis," said
Standard & Poor's credit analyst Sunita Kara.
In addition, although it is expected that the group's existing
debt will be repaid, including a redemption of the mezzanine
notes due 2011, there remain uncertainties about the likely
financial structure and policy of the remaining Focus business.
Total financial debt for the group at July 25, 2004, was GBP644
million.
"In reaching its conclusion, Standard & Poor's has assumed that
Focus will re-leverage in the future. The scale of the
recapitalization is unknown, but leverage might be higher than
for the group at present.
Standard & Poor's aims to resolve the CreditWatch status after
Focus defines its new financial structure," said Ms. Kara.
The ratings continue to reflect Focus Wickes' position as the
second-largest player in the growing and largely noncyclical
U.K. DIY retail market. The group is present in both the
decoration-focused soft end of the market, through its Focus
stores, and also in the heavy end through its Wickes operations.
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 ADDRESSES
CorporateFinanceEurope@standardandpoors.com
FOCUS Wickes Limited
Gawsworth House, Westmere Drive
Crewe Cheshire CW1 6XB, United Kingdom
Phone: +44-1270-501-555
Fax: +44-1270-250-501
Web site: http://www.focusdiy.co.uk
FOUR SIX: Calls in Joint Liquidators from KPMG
----------------------------------------------
At the extraordinary general meeting of Four Six Five Six
Limited (formerly Big Drum Limited) on Dec. 3, 2004 held at
Goosehaven, Warren Drive, Kingswood, Surrey KT20 6PZ, the
special and ordinary resolutions to wind up the company were
passed. Mark Jeremy Orton and Allan Watson Graham of KPMG LLP,
2 Cornwall Street, Birmingham B3 2DL have been appointed joint
liquidators of the company.
CONTACT: KPMG LLP
2 Cornwall Street
Birmingham B3 2RT
Phone: (0121) 232 3000
Fax: (0121) 232 3500
Web site: http://www.kpmg.co.uk
HHG PLC: Selling Life Services Business for GBP1 Billion
--------------------------------------------------------
HHG PLC announced that it has entered an agreement to sell its
Life Services business to Life Company Investor Group Ltd. for a
cash consideration of GBP1.025 billion, subject to shareholder
and regulatory approval.
Following completion, it is proposed that the majority of the
proceeds be returned to shareholders in cash and that HHG, which
will comprise Henderson Global Investors and Towry Law, be
renamed Henderson Group plc.
Benefits
(a) Realization of GBP1.025 billion in cash (approximately 79%
of the embedded value at 30 June 2004);
(b) Return of approximately GBP875 million of the cash to
shareholders in exchange for the cancellation of shares;
(c) Revised Investment Management Agreements with Henderson
Global Investors on a ten-year term;
(d) Transfer of GBP1.5 billion in employee pension assets and
liabilities, thereby leaving the Henderson Group with assets
and liabilities only in respect of its past and present
employees;
(e) Removal of exposure to the U.K. life insurance sector and
its related regulatory, solvency, mortality and surrender
risks;
(f) Accelerated release of shareholder capital from Life
Services, thereby unlocking value now that may otherwise be
realized only over a longer period.
Commenting on the sale, HHG Chief Executive, Roger Yates, said:
"We have always said that HHG would deliver to shareholders
through growth in Henderson Global Investors and the realization
of value in Life Services. This deal delivers on the second
aspect of the strategy. It offers a good price in relation to
embedded value; it provides certainty of outcome; it transfers
significant pension liabilities; and it provides revenue
protection for Henderson. The proposed combination of
certainty, value and significant risk reduction delivers the
right deal for shareholders."
Mr. Yates added: "For staff and policyholders the sale is to a
company whose core business focus is the management of closed
life funds."
Businesses Being Sold
The businesses of Life Services comprise the life insurance and
pensions books of Pearl, National Provident Life, NPI and London
Life, which are effectively all closed to new business and
subsidiaries including the unit-linked life companies. The
proposed Sale also includes the Service Company, which provides
administrative services to Life Services. As at 30 June 2004,
these Life Services entities had an embedded value of GBP1.3
billion, net assets of GBP1.3 billion and 4.8 million policies
in force representing liabilities backed by assets of GBP26
billion. In the six months ended 30 June 2004, Life Services
earned an operating profit before tax of GBP33 million.
Consideration
The consideration of GBP1.025 billion is payable in full and in
cash on completion, which is expected to be in April 2005.
In addition to the cash proceeds:
(a) Approximately GBP1.5 billion of pension liabilities and
assets relating to Life Services will be transferred to Life
Company Investor Group, thereby ensuring Henderson Group
retains assets and liabilities only in respect of the past
and present employees of the businesses remaining;
(b) The Investment Management Agreements (IMAs) between Life
Services and Henderson Global Investors have been revised to
reflect that, following completion, these agreements will in
future be moving to an arms length basis. The terms will be
over 10 years.
Use of Proceeds
HHG intends to return approximately GBP875 million of the
proceeds directly to shareholders through two proposals, which
are contingent on the sale completing and on shareholder and
court approval.
The first will return approximately GBP800 million pro-rata, so
that each holder will receive cash in exchange for the
cancellation of a set number of shares they hold in HHG.
The second will return to shareholders approximately GBP75
million to reduce the number of lower value holdings. This is
intended to reduce the disproportionately high costs of
servicing the investor base of approximately 880,000 holders.
After the sale and initial return of capital, Henderson Group
will be a significantly smaller company for which the
shareholder servicing costs would be a considerable constraint.
The Board of HHG believes that these measures would reduce
corporate costs for the remaining Group by up to GBP4 million
pre-tax per annum.
Approximately GBP150 million of the proceeds will be retained by
the Group, consisting of:
(a) GBP30 million to acquire Life Services' investment in Gruppo
Banca Popolare di Lodi with which Henderson Global Investors
has a strategic relationship;
(b) GBP20 million will be used to meet costs arising from the
sale and the return of capital proposals;
(c) The remaining proceeds will be retained by the Group to meet
any residual liabilities arising from the transaction and
for future business needs. It is intended that any residual
capital retained, to the extent that it is not required for
these purposes, would be returned to shareholders.
About the Purchaser
Life Company Investor Group is a U.K.-based company established
by Sun Capital Partners and TDR Capital to make long-term
investments in the closed life fund sector.
The existing management team of Life Services, led by Ian
Laughlin, Managing Director, will continue in place and will be
complemented by John Reeve (formerly Sun Life Assurance MD) as
Chairman and Ashok Gupta (formerly Actuary and Finance Director
of Scottish Amicable), together with representatives from Sun
Capital Partners and TDR Capital.
Sun Capital Partners was formed in 2001 with the life industry
as a particular focus. TDR Capital is a private equity fund
manager whose investor base primarily comprises U.K. and U.S.
pension funds. Since 1997, the founders of Sun Capital Partners
and TDR Capital have built a long track record of successful co-
operation in major investments across a variety of sectors.
Overview of Henderson Group after the Sale
Following the completion of the Sale and the proposed cash
return and reduction of the investor base, Henderson Group will
comprise Henderson Global Investors and Towry Law, whose
business unit operating profits together were GBP25 million for
the six months ended 30 June 2004.
The strategic focus of Henderson Group will be the development
of Henderson Global Investors as a leading international
investment management business. It will be based around both
its core equity and fixed income capability and its offering of
alternative products, such as property and private capital.
Management will focus on improving and sustaining investment
performance, strengthening distribution and client servicing and
expanding revenue and profit margins.
Henderson Group will continue to develop Towry Law U.K. as an
effective standalone business, following the closure of Towry
Law International earlier in 2004.
Dividend
If the proposals proceed in full, Henderson Group expects to
make its first dividend payment in early 2006.
Employees
The Board and management of HHG will remain in place with the
exception of Ian Laughlin (Life Services Managing Director, HHG
executive director) and Jonathan Moss (Life Services Finance
Director) who would both transfer with Life Services on
completion of the Sale. The existing employment rights,
including pension rights, of all management and employees of
Life Services and HHG will be safeguarded.
Listings
HHG intends to retain its listings in Australia and the United
Kingdom. In the U.K., HHG expects the remaining Group to
continue as a member of the FTSE 250 in the Speciality and Other
Financials sector. In Australia, it is expected to remain in
the ASX 200 and would apply to be reclassified from Insurance to
Asset Management and Custody Banks.
Outlook for 2004 and Beyond
HHG is currently on track to meet its published targets for
operational business units for the full year 2004 and is
performing in line with the Board's expectations. Life Services
will continue to improve its operational efficiency and its
Embedded Value is expected to grow in line with the investment
return and emergence of earnings from the in-force book of
business.
The businesses that will comprise Henderson Group are expected
to deliver second half operating profits for 2004 in line with
first half of 2004, before charges (approximately GBP10 million)
in the second half for one off items, including the
restructuring of Henderson Global Investors and Towry Law's U.K.
businesses, corporate office and higher run off costs in Towry
Law International (TLI).
Total assets under management (AUM) are expected to reduce
slightly in the second half of 2004 -- driven by anticipated
institutional outflows and the run-off of Life Services -- but
the mix of assets should remain in line with that at 30 June
2004.
In addition, if the proposed reduction in investor base proceeds
as outlined, corporate office expenses are expected to decrease
by approximately GBP4 million per year from the second half of
2005.
The new accounting standard FRS27, Life Assurance, is not
expected to affect the financial results of the HHG PLC group
for the year ended 31 December 2004 although additional
disclosure is likely to be required. The financial impact of
the transaction will not be reflected in the full year 2004
results except for the write-down of the Group's remaining
intangible assets in the Life Services sub-group (approximately
GBP39 million).
Approvals
The Sale requires shareholder approval under the U.K. Listing
Rules and ASX Listing Rules. The return of capital proposals
require shareholder and court approval. Shareholders will be
invited to vote on all the proposals and attend an Extraordinary
General Meeting in late February 2005 to be held in London and
broadcast as a satellite meeting to a venue in Sydney. It is
expected that the circular containing a formal notice of the
meeting and detailed information on the proposals will be lodged
with the relevant Stock Exchanges and placed on the HHG Web site
-- http://www.hhg.com-- in late December 2004. It will be sent
to shareholders during January 2005.
Preliminary discussions have been held with regulators in
Australia and the United Kingdom in advance of HHG issuing the
detailed circular to shareholders.
The Sale is also conditional on FSA approval. It is expected
that the FSA approval process may take up to three months from
the date of this announcement.
In addition, completion of the transaction requires satisfaction
of certain other conditions and approvals in relation to the
Pension Scheme. The Trustee has agreed to change the principal
employer of the Scheme to Pearl Assurance Group Holdings Ltd.
Board Recommendation
HHG Chairman, Sir Malcolm Bates said: "The HHG Board firmly
believes the proposals to be in the best interests of
shareholders, and the Directors of HHG will be voting in favor
of the proposed Sale and return of capital proposals."
* * *
Cazenove & Co. Ltd and UBS Limited are acting as joint financial
adviser and broker to HHG in relation to the transaction.
HHG PLC
4 Broadgate
London EC2M 2DA
Registered in England
No. 2072534
ABN 30 106 988 836
CONTACT: HHG PLC
Investor enquiries
Gail Williamson
Director of Investor
Phone: +44 20 7818 5310
E-mail: investor.relations@hhg.com
Media enquiries
United Kingdom - Finsbury
Roland Rudd
Julius Duncan
Phone: +44 207251 3801
Australia - Cannings
Graham Canning
Phone: +61 2 9252 0622
Web site: http://www.hhg.com
HILL PAUL: Subjoined Special Winding up Resolution Passed
---------------------------------------------------------
At the extraordinary general meeting of Hill Paul Regeneration
Limited on Dec. 7, 2004 held at The George Room, The
Subscription Rooms, George Street, Stroud, Gloucestershire GL5,
the subjoined special resolution to wind up the company was
passed. Ian Franses of Ian Franses Associates, 24 Conduit
Place, London W2 1EP has been appointed liquidator of the
company.
CONTACT: IAN FRANSES ASSOCIATES
24 Conduit Place, London W2 1EP
JASHAN RESTAURANT: Hires Joint Administrators from RE10
-------------------------------------------------------
Nimish Patel and Bijal Shah (IP Nos 8679, 8717) have been
appointed joint administrators for Jashan Restaurant Limited.
The appointment was made Dec. 1, 2004. The company manufactures
and supplies Indian foods and restaurants. Its registered
office is located at RE10, Trinity House, Heather Park Drive,
Wembley, Middlesex HA0 1SU.
CONTACT: RE10
Trinity House, Heather Park Drive,
Wembley, Middlesex HA0 1SU
Helpline: 870 787 2346
Web site: http://www.re10.co.uk
KELAN CLOTHING: Insolvency Service Bans Two Directors
-----------------------------------------------------
The directors of a clothing manufacturing business that failed
with total debts estimated at around GBP641,000 have given
Undertakings not to hold directorships or take any part in
company management for six years and two-and-a-half years
respectively.
The Undertakings by married couple Hatice D'Jan, 40, and Huseyin
Altunatmuz, 36, both of Corbar Close, Hedley Wood,
Hertfordshire, were given in respect of their conduct as
directors of Kelan Clothing Manufacturers Limited, which carried
out business from premises at 78 Pretoria Road, London N18 1SP.
Acceptance of the Undertakings on November 26, 2004 prevents Ms.
D'Jan and Mr. Altunatmuz from being directors of a company or in
any way, whether directly or indirectly, being concerned or
taking part in the promotion, formation or management of a
company for the above respective periods.
Kelan Clothing Manufacturers Limited was placed into creditors
voluntary liquidation on March 26, 2002 with estimated debts of
GBP641,318 owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.
Matters of unfit conduct, not disputed by Ms. D'Jan or Mr.
Altunatmuz, were that:
(a) Ms. D'Jan caused Kelan to pay dividends to herself and her
husband and co-director, causing Kelan's liabilities to
exceed its assets, after which Kelan became unable to
discharge its liabilities when they fell due;
(b) She caused Kelan to make net payments totaling approximately
GBP98,600 to herself at a time when its liabilities to the
Crown were increasing; and
(c) Both Ms. D'Jan and Mr. Altunatmuz caused Kelan to trade to
the detriment of the Crown by not paying amounts due to HM
Customs & Excise and HM Inland Revenue for VAT, PAYE income
tax and National Insurance contributions. That the two
Crown agencies were the only creditors is reflected in the
statement of affairs of the company at liquidation.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
MCI FINANCE: Appoints Ernst & Young Liquidator
----------------------------------------------
At the general meeting of MCI Finance Limited, the special
resolution to wind up the company was passed. Patrick Joseph
Brazzill and Alan Lovett of Ernst & Young LLP, 1 More London
Place, London SE1 2AF have been appointed joint liquidators of
the company.
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
MESSENGER CONSTRUCTION: Calls in Liquidator from Bulley Davey
-------------------------------------------------------------
At the extraordinary general meeting of the contributories of
Messenger Construction (Peterborough) Limited on Dec. 3, 2004
held at 17 Websters Close, Glinton, Peterborough PE6 7LQ, the
special, ordinary and extraordinary resolutions to wind up the
company were passed. Michael James Gregson, of Bulley Davey,
69-75 Lincoln Road, Peterborough PE1 2SQ has been appointed
liquidator of the company.
CONTACT: BULLEY DAVEY
69-75 Lincoln Road,
Peterborough PE1 2SQ
Phone: 01733 569494
Fax: 01733 565250
Web site: http://www.bulleydavey.co.uk
MURLEN LIMITED: Special, Ordinary Winding up Resolutions Passed
---------------------------------------------------------------
At the extraordinary general meeting of the members of Murlen
Limited on Dec. 10, 2004 held at 25 Harley Street, London W1G
9BR, the special and ordinary resolutions to wind up the company
were passed. Bernard Hoffman of Gerald Edelman Business
Recovery, 25 Harley Street, London W1G 9BR has been appointed
liquidator of the company.
CONTACT: GERALD EDELMAN BUSINESS RECOVERY
25 Harley Street,
London W1G 9BR
Phone: 020 7299 1400
Fax: 020 7299 1401
E-mail: gemail@geraldedelman.com
Web site: http://www.geraldedelman.com
PA LIFT: Director Receives 3 1/2-year Ban
-----------------------------------------
The director of a lift installation, service and repair business
that failed with total debts estimated at around GBP292,000 has
given an Undertaking not to hold directorships or take any part
in company management for three-and-a-half years.
The Undertaking by June Taylor, 38,of Fountain Hill,
Walkeringham, was given in respect of her conduct as a director
of PA Lift Services Limited which carried on business from
premises at Grange Farm, North Leverton.
Acceptance of the Undertaking on November 22, 2004 prevents June
Taylor from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.
PA Lift Services Limited was placed into compulsory liquidation
by Order of the Leeds District Registry on June 24, 2003 on the
petition of HM Customs and Excise for GBP70,011.82 owed in
respect of VAT. The company has an estimated total deficiency
of GBP292,185.
The Official Receiver at Newcastle had conduct of the
investigation and disqualification procedure.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by June Taylor solely for
the purposes of the Undertaking, were that she:
(a) Caused PA Lift Services Limited to trade to the detriment of
the Crown departments from November 1, 2002 to the end of
trading in June 2003, whilst paying other parties, including
herself, in priority to the Crown;
(b) In that period PA's liability to HMCE increased from
GBP57,453 to GBP118,359 (an increase of 106%);
(c) In that period PA's liability to the Inland Revenue
increased from GBP125,924 to GBP165,985 (an increase of
32%);
(d) In that period the liability to trade creditors was reduced
from GBP77,932 to GBP12,886 (a reduction of 83%);
(e) Between 1 November 2002 and 13 June 2003 PA made payments
out of it's bank account totaling GBP360,053, of this sum
only GBP13,597 was paid to the Inland Revenue and no payment
was made to HMCE in respect of outstanding and accruing
liabilities; and
(f) Throughout this period June Taylor continued to receive a
monthly salary of GBP2,086 from PA.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
PICCOLO PIZZA: Creditors Appoint Joint Liquidators
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Piccolo Pizza Limited
(In Liquidation)
We, Neil A. Armour, CA and Blair C. Nimmo, CA, KPMG, 37 Albyn
Place, Aberdeen, AB10 1JB, give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that on November 16, 2004
we were appointed Joint Liquidators of Piccolo Pizza Limited by
resolution of the first meeting of creditors.
A Liquidation Committee was not established. Accordingly I give
notice that I do not intend to summon a further meeting for the
purposes of establishing a Liquidation Committee unless one
tenth, in value of the creditors require me to do so in terms of
section 142(3) of the Insolvency Act 1986.
Blair C. Nimmo, Joint Liquidator
CONTACT: KPMG LLP
37 Albyn Place
Aberdeen AB10 1JB
Phone: (01224) 591000
Fax: (01224) 590909
Web site: http://www.kpmg.co.uk
PURBECK SEALED: Creditors Meeting Set Next Week
-----------------------------------------------
The creditors of Purbeck Sealed Units (UK) Limited will meet on
Dec. 31, 2004 commencing at 11:30 a.m. It will be held at
Holiday Inn Express, Walking Fields Lane, Poole BH15 1TJ.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Mazars, 37 Frederick Place, Brighton BN1 4EA not
later than 12:00 noon, Dec. 30, 2004.
CONTACT: MAZARS
37 Frederick Place,
Brighton BN1 4EA
Phone: 01273 206788
Fax: 01273 820901
Web site: http://www.mazars.co.uk
RAPIDFIRE LIMITED: Directors Barred from Holding Executive Posts
----------------------------------------------------------------
The directors of a business that manufactured and installed
conservatories, which failed with total debts estimated at
around GBP283,000, have given Undertakings not to hold
directorships or take any part in company management for six
years, four-and-a-half years and three-and-a-half years.
The Undertakings by Peter Brown, 39, David Foster, 45 and
Gregory Beaumont, 39, all of Norwood Drive, Brierley, Barnsley,
South Yorkshire were given in respect of their conduct as
directors of Rapidfire Limited which carried on business from
premises at Acorn Phase 3, High Street, Grimethorpe, Barnsley,
S72 7BD.
Acceptance of the Undertakings on October 28, 2004 by Peter
Brown and on November 10, 2004 by David Foster and Gregory
Beaumont prevent them from being directors of a company or, in
any way, whether directly or indirectly, being concerned in or
taking part in the promotion, formation or management of a
company for six years, four-and-a-half years and three-and-a-
half years respectively.
Rapidfire Limited was placed into voluntary liquidation on
September 18, 2004 with estimated debts of GBP282,760 owed to
its creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Peter Brown, David
Foster and Gregory Beaumont solely for the purposes of the
undertakings were, that they:
(a) Peter Brown and Gregory Beaumont caused Rapidfire to trade
to the detriment of the Crown departments from commencement
of trading. David Foster allowed Rapidfire to trade to the
detriment of the Crown departments from commencement of
trading.
(i) The total due in respect of PAYE/NIC for the tax year
2001/02 was GBP38,162, only one payment of GBP5,300 was
made against this liability leaving GBP32,862
outstanding as at the date of liquidation;
(ii) According to the company's accounting records, the total
amount payable in respect of PAYE/NIC for the tax year
2002/03 was GBP28,568. No payments were made against
this liability;
(iii) As at the date of liquidation, the total amount
outstanding in respect of unpaid PAYE/NIC was GBP61,430;
(iv) Based on returns and assessment, the total amount due in
respect of VAT and surcharges for the whole nine months
of trading was GBP113,421 against which Rapidfire only
paid GBP2,300 leaving GBP111,121 outstanding as at the
date of liquidation; and
(v) Between February 1, 2002 and cessation of trading, total
receipts into Rapidfire's bank account were
GBP1,894,424. Of this only GBP7,600 was paid to the
Crown departments, with the balance being paid to other
third parties.
(b) Peter Brown and David Foster caused Rapidfire to take over
the business of a previous failed company, Dearne Valley
Conservatories Limited, which went into liquidation on
January 18, 2002, without any significant change in its mode
of operation;
(c) Peter Brown and David Foster caused Dearne to breach its
statutory obligations to account to the Inland Revenue in
relation to deductions from employees and subcontractors'
wages.
(i) Accordingly to Dearne's accounting records, for the tax
year 2001/02 the total amounts due in respect of
PAYE/NIC and sub-contractors deductions were GBP77,209
and GBP38,447 respectively; and
(ii) As at cessation, Dearne had only paid GBP25,743, leaving
GBP89,914 outstanding as at the date of liquidation.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
SCIPHER PLC: Creditors' Meeting Set Today
-----------------------------------------
The creditors of Scipher Plc will meet on Dec. 20, 2004
commencing at 10:00 a.m. It will be held at Spectrum House, 20-
26 Cursitor Street, London EC4A 1HY. Creditors who want to be
represented at the meeting may appoint proxies.
CONTACT: BAKER TILLY
Spectrum House
20-26 Cursitor Street, London EC4A 1HY
Phone: 020 7405 2088
Fax: 020 7831 2206
Web site: http://www.bakertilly.co.uk
SOUTHROBE (A COMPANY): Hires Liquidator from Gerald Edelman
-----------------------------------------------------------
At the extraordinary general meeting of Southrobe (A Company) on
Dec. 10, 2004 held at 25 Harley Street, London W1G 9BR, the
special and ordinary resolutions to wind up the company were
passed. Bernard Hoffman of Gerald Edelman Business Recovery, 25
Harley Street, London W1G 9BR has been appointed liquidator of
the company.
CONTACT: GERALD EDELMAN BUSINESS RECOVERY
25 Harley Street,
London W1G 9BR
Phone: 020 7299 1400
Fax: 020 7299 1401
E-mail: gemail@geraldedelman.com
Web site: http://www.geraldedelman.com
TEMA ENGINEERING: In Administrative Receivership
------------------------------------------------
Bibby Invoice Discounting Limited called in Paul John Clark and
Jason James Godefroy (Office Holder Nos 8570, 9097) joint
administrative receivers for Tema Engineering Services Limited
(Reg No 01514573, Trade Classification: Division 2-07
Engineering and Allied Industries). The application was filed
Dec. 8, 2004. The company manufactures other fabricated metal
products.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street
London W1W 6DW
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
THE BUSINESS: Names Gerald Edelman Business Recovery Liquidator
---------------------------------------------------------------
At the extraordinary general meeting of The Business Exchange
Plc on Dec. 10, 2004 held at 25 Harley Street, London W1G 9BR,
the special and ordinary resolutions to wind up the company were
passed. Bernard Hoffman of Gerald Edelman Business Recovery, 25
Harley Street, London W1G 9BR has been appointed liquidator of
the company.
CONTACT: GERALD EDELMAN BUSINESS RECOVERY
25 Harley Street,
London W1G 9BR
Phone: 020 7299 1400
Fax: 020 7299 1401
E-mail: gemail@geraldedelman.com
Web site: http://www.geraldedelman.com
THOMAS FLEMING: Joint Liquidators Take over Helm
------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Thomas Fleming (Contractors) Limited
(In Liquidation)
Pursuant to Rule 4.19(4) of The Insolvency (Scotland) Rules
1986, we, Robert Caven and Matthew Purdon Henderson of Grant
Thornton U.K. LLP, 95 Bothwell Street, Glasgow, G2 7JZ give
notice that, on November 29, 2004 we were appointed joint
liquidators of Thomas Fleming (Contractors) Limited by a
resolution of a meeting of the creditors.
A liquidation committee was not established. It is not our
intention to summon a further meeting of creditors to establish
a liquidation committee unless requested to do so by one tenth
in value of the company's creditors.
Robert Caven and Matthew Purdon Henderson
Joint Liquidators
CONTACT: GRANT THORNTON U.K. LLP
95 Bothwell Street
Glasgow G2 7JZ
Phone: 0141 223 0000
Fax: 0141 223 0001
Web site: http://www.grant-thornton.co.uk
THOMAS SMITH: Declared Bankrupt
-------------------------------
Thomas Smith & Co, a struggling textile mill, has been declared
bankrupt, after talks to sell one of its headquarters to
supermarket Asda fell through.
Employees in two sites were informed that downsizing would not
happen immediately, although as a result of the company's
restructuring program, 60 workers were laid off this year.
The company believes that selling its Peterhead site would
enable it to restructure and turn around.
Established in 1818, the company produces yarn under the trade
name Rennies and Alexanders of Scotland.
CONTACT: THOMAS SMITH & CO. LTD.
Kirkburn Mills, P.0. Box 2, Peterhead, AB42 1SA,
Scotland
Phone: +44 (0)1779 472663
Fax: +44 (0)1779 478989
E-mail: graham@thomas-smith.co.uk
Web site: http://www.thomas-smith.co.uk
TOP VALUE: Brings in Liquidator from Campbell Dallas
----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Top Value Leisure Limited
(In Compulsory Liquidation)
I, Derek Forsyth, hereby give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that I was appointed
Liquidator of Top Value Leisure Limited, by an order of the
court under Section 138(5) of the Insolvency Act 1986 on
November 18, 2004.
A Liquidation Committee was not formed. I do not intend to
summon another meeting to establish a Liquidation Committee
unless requested to do so by one-tenth of the company's
creditors.
Derek Forsyth, Liquidator
November 30, 2004
CONTACT: CAMPBELL DALLAS
Sherwood House
7 Glasgow Road
Paisley PA1 3QS
Phone: 0141 887 4141
Fax: 0141 887 1103
E-mail: psly@camdal.com
Web site: http://www.camdal.com
WATERFORD WEDGWOOD: Notes Affirmed at 'CCC+'; Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed the ratings on Waterford Wedgwood's
EUR165 million 9.875% mezzanine notes due 2010. This follows an
announcement of Waterford Wedgwood PLC's recommended cash offer
for Royal Doulton PLC together with a timetable for a rights
issue to finance the bid. The rating Outlook remains Stable.
At the same time Fitch has affirmed WW's ratings at Senior
Unsecured 'B-', and Short-term 'B'. The rating on its senior
secured debt is affirmed at 'B+'.
The announcement follows that of 21 October 2004, which stated
that the boards of WW and Royal Doulton were in advanced
discussions concerning a possible offer for Royal Doulton by WW.
As expected, the offer for the entire share capital of Royal
Doulton, to be made by or on behalf of Waterford Wedgwood U.K.
plc, a subsidiary of WW, offers Royal Doulton shareholders
GBP0.12 per share. The offer values Royal Doulton at
approximately GBP39.9 million (EUR57.8 million).
The offer is conditional on WW shareholder approval. Should
this occur, WW will acquire the Royal Doulton brands thereby
increasing its market share, particularly in the U.K. It will
also increase its top line without significantly increasing
costs. However, the agency highlights that the acquisition will
increase WW's exposure to a particularly difficult industry
sector.
The company has also announced commencement of a rights issue
timetable. This was conditional on an announcement of a firm
offer for Royal Doulton. The fully underwritten 5-for-3 EUR100
million right issue offers EUR0.06 per rights issue unit, a
53.8% discount to the closing share price of EUR0.13 on 20
October 2004. In the short term, this enhances WW's liquidity
position as, following the Royal Doulton purchase, there should
be substantial proceeds remaining from the rights issue for
working capital and general corporate purposes. However, as
Fitch has stated previously, the ratings and Stable Outlook are
contingent on WW achieving the necessary working capital
improvements without damaging its brands and successfully
adapting to changing consumer tastes and the agency will
continue to monitor this situation.
The rights issue is 70% underwritten by the Chairman and Deputy
Chairman. The agency notes that this is WW's second right issue
in less than a year.
WW is a leading designer and manufacturer of luxury goods
including crystal and ceramics.
CONTACT: FITCH RATINGS
Rachel Hardee, London
Phone: +44 (0) 20 7417 6322
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
WATERFORD WEDGWOOD PLC
1-2 Upper Hatch St.
Dublin, 2, Ireland
Phone: +353-147-81855
Fax: +353-147-84863
Web site: http://www.waterfordwedgwood.com
WAVELENGTH SOLUTIONS: In Administrative Receivership
----------------------------------------------------
The Governor and Company of the Bank of Scotland called in
Karl Homes (Office Holder No 1423) and Andrew Tate (Office
Holder No 8960) joint administrative receivers for Wavelength
Solutions Limited (Reg No 02684463, Trade Classification:
7310/7487). The application was filed Dec. 6, 2004. The
company is engaged in research development and engineering.
CONTACT: BAKER TILLY
Spectrum House
20-26 Cursitor Street
London EC4A 1HY
Phone: 020 7405 2088
Fax: 020 7831 2206
Web site: http://www.bakertilly.co.uk
BAKER TILLY
9-12 Gleneagles Court
Brighton Road, Crawley,
West Sussex
Phone: 01293 565165
Fax: 01293 532695
Web site: http://www.bakertilly.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, Julybien Atadero, and Erica Fernando, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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