/raid1/www/Hosts/bankrupt/TCREUR_Public/050105.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
Wednesday, January 5, 2005, Vol. 6, No. 03
Headlines
F I N L A N D
BENEFON OYJ: Remaining Ismap Stockholders Accept Share Offer
F R A N C E
RHODIA SA: Closes Sale of Chloralp Operation to LaRoche
G E R M A N Y
AUTOHAUS HAIDMUHL: Deadline for Proofs of Claim Next Week
AUTO HERO: Administrator's Report Out Within Weeks
BAUSERVICE STORMARN: Applies for Bankruptcy Proceedings
BBI GMBH: Schedules First Creditors Meeting March
BRAUSCH GMBH: Court Sets Claims Verification Date
DACHDECKEREI MAI: Gives Creditors Until February to File Claims
DRESDNER BANK: Confirms Plan to Sell EUR2 Bln Loan Portfolio
DRUCKEREI PFEIFFER: Provisional Administrator Takes over Helm
EISVOGEL GMBH: Berlin Court Stays All Pending Lawsuits
EUOROGRANIT BAU: Construction Firm Declares Bankruptcy
FERIS BACKWELT: Creditors Have Until January 24 to File Claims
HALLO-GESCHENKE: Retailer Succumbs to Bankruptcy
HAUT FORUM: Hamburg Court Confirms Bankruptcy
LEM-BAU ALTBAUSANIERUNG: Claims Period Ends Next Week
LKM INTERACTIVE: Calls First Creditors Meeting
POPP GMBH: Creditors Meeting Set Next Month
SAM EUROPE: Wuppertal Court Appoints Provisional Administrator
SONIC MESSENGER: Under Bankruptcy Administration
STOKA BURO: Files for Bankruptcy
TRANS-MAR MERCHANDISING: Administrator's Report Out January 25
WITZEL BAU: Gives Creditors Until Next Month to File Claims
I T A L Y
PARMALAT FINANZIARIA: Former Auditor Accused of Withholding Data
PARMALAT FINANZIARIA: Books Higher EBITDA, But Lower Revenue
PARMALAT FINANZIARIA: Debt Classification Still Open to Protest
P O L A N D
NETIA SA: Bares Additional Data on Early Debt Repayment
NETIA SA: Court Quashes Shareholder's Bankruptcy Petition
R U S S I A
AVANGARD: Public Auction of Assets Set Next Week
BEL-TRANS-STROY: Gives Creditors Until February 3 to File Claims
BUILDING-ASSEMBLY CORPORATION: Under Bankruptcy Supervision
EAR: Creditors Have Until Next Month to File Claims
LENINOGORSKIY: Tatarstan Court Opens Bankruptcy Proceedings
NOVOROSSIYSKIY WINE-DISTILLERY: Under Bankruptcy Supervision
OLEO-KHIM: Bankruptcy Hearing Resumes January 20
ORLOVSKAYA UNITED: Public Auction Set Next Week
ROSSOSHANSKAYA: Insolvency Manager to Temporarily Oversee Biz
SERTOLOVSKIY ZHBI: Bankruptcy Hearing Set April
SOM: To Auction RUB3.6 Mln Worth of Assets Next Week
STERLIKAMSKIY MEAT: Appoints A. Stepanov Insolvency Manager
THERMAL NETWORKS: Undergoes Bankruptcy Supervision Procedure
TRADE-INDUSTRIAL ENTERPRISE: Declared Insolvent
TULSKIY MINE-CHEMICAL: Tula Court Appoints Insolvency Manager
YUKOS OIL: Rosneft's Seizure of Yuganskneftegas Illegal
YUKOS OIL: Plans to Ask German Regulator to Probe Deutsche Bank
S L O V A K R E P U B L I C
PEREX AS: Newspaper Publisher to End 2004 in the Red
ZTS TEES: Receiver Selling More Assets
U K R A I N E
ARGO-PLUS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
DRUZHBA: Under Bankruptcy Supervision
EXCLUSIVE EKSPO: Kyiv Court Brings in Liquidator
KRASNOARMIJSKIJ AGROBUD: Declared Insolvent
MAXI-TRADE: Appoints V. Krikun Insolvency Manager
ORTEKS: Insolvency Manager Takes over Operations
PLEYADI: Files for Bankruptcy
PROSVITOK: Succumbs to Insolvency
TEOLIN: Ordered to Undergo Bankruptcy Supervision
TOP-TORG: Insolvency Manager Takes over Helm
U N I T E D K I N G D O M
APPLETON NOMINEES: Proofs of Claim Deadline Expires Next Week
BANK HOFMANN: Members Decide to Call in Liquidator
CAPTICON LIMITED: Opts for Liquidation
DRAX: Moves Closer Towards Getting Compensation from TXU
INTERGULF AUTOMOTIVE: Files for Voluntary Liquidation
JAGUAR CARS: Turns to 'Mommy' for Another Cash Dole out
MILCAR LIMITED: Period for Filing of Claims Ends Today
WINDSOR LIMITED: Gives Creditors Until Next Week to File Claims
*********
=============
F I N L A N D
=============
BENEFON OYJ: Remaining Ismap Stockholders Accept Share Offer
------------------------------------------------------------
On January 2, 2003, Benefon made public an offer sent to
shareholders of Ismap S.A. of Marseille, France, about a share
swap in which Ismap shareholders were offered 400,000 new
Benefon S-shares for all Ismap shares. On September 14, 2004,
Benefon sent a renewed offer with equal terms except that the
required acceptance majority was amended from 95% to 80% of all
Ismap stock. The company offered to buy the remaining 20% of
Ismap shares at EUR0.17 for each block of Ismap shares entitling
to one Benefon share, pursuant to the swap offer. Therefore,
the purchase price for the not more than 20% of the entire Ismap
stock is a maximum of EUR13,600.
The Board of Benefon has now accepted the share subscriptions by
6 shareholders of Ismap, owning a total of approximately 84.37%
of all Ismap shares, and who will pay the total of 373,520 new
Benefon S-shares subscribed by them with contribution in kind by
transferring to Benefon all of the total of 6,250,276 Ismap
shares owned by them.
This directed share issue in deviation from the shareholders'
first subscription right will be implemented by virtue of the
authorization the Board of the company received from the annual
general meeting of May 28, 2004. The rest of the Ismap
shareholders have committed to transfer to Benefon all of the
approximately 15.63% of the Ismap stock owned by them against
the agreed cash payment of EUR4,501.03. Combined, the said
share swap and the cash purchase of the remaining Ismap shares
will provide Benefon with all of the Ismap stock.
Benefon Oyj
Tomi Raita
CEO
December 20, 2004
CONTACT: BENEFON OYJ
P.O. Box 84 Meriniitynkatu
11 FIN-24101 Salo, Finland
Phone: +358-2-77 400
Fax: +358-2-733 2633
E-mail: salesoffice@benefon.fi
Web site: http://www.benefon.com
===========
F R A N C E
===========
RHODIA SA: Closes Sale of Chloralp Operation to LaRoche
-------------------------------------------------------
Rhodia S.A. and LaRoche Industries Inc. have finalized the sale
of the Chloralp business through the transfer of its shares to
Rhodia. Rhodia confirms that the cash impact for the Group from
the transaction will not exceed EUR12.5 million.
Rhodia Intermediates is a Rhodia Group company. Rhodia is a
global specialty chemicals company recognized for its strong
technology positions in applications chemistry, specialty
materials & services and fine chemicals. Partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets, Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs.
Rhodia generated net sales of EUR5.4 billion in 2003 and employs
23,000 people worldwide. Rhodia is listed on the Paris and New
York stock exchanges.
With 24 distribution facilities nationwide, LaRoche Industries
is the premier U.S. ammonia supplier for denox, metal treatment,
water treatment, chemical processing, and ammonia refrigeration
applications.
* * *
In October, Rhodia reported earnings before interest, taxes,
depreciation and amortization (EBITDA) before restructuring of
EUR78 million for the third quarter of 2004. On a comparable
basis (constant structure and exchange rates), EBITDA increased
50% compared with the same period in 2003. On the same basis of
comparison, the EBITDA margin before restructuring rose to 6% in
the third quarter of 2004, compared with 4.6% in the third
quarter of 2003.
After restructuring costs, EBITDA stood at EUR51 million in the
third quarter of 2004, up from EUR22 million in the same period
of 2003 on the same basis (constant structure and exchange
rates). Operating income stood at a loss of EUR48 million in
the third quarter of 2004 against a loss of EUR128 million in
the third quarter of 2003 on the same basis (constant structure
and exchange rates).
CONTACT: RHODIA INTERMEDIAIRES
Press Relations
Christine Alvim
Phone: +33 1 53 56 51 78
RHODIA S.A.
Press Relations
Lucia Dumas
Phone: +33 1 55 38 45 48
Anne-Laurence de Villepin
Phone: +33 1 55 38 40 25
LAROCHE INDUSTRIES INC.
Michel Rapoport
Phone: 00 1 404 851 0500
=============
G E R M A N Y
=============
AUTOHAUS HAIDMUHL: Deadline for Proofs of Claim Next Week
---------------------------------------------------------
The district court of Weiden opened bankruptcy proceedings
against Autohaus Haidmuhl GmbH on Dec. 13. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Jan. 13, 2005 to register their
claims with court-appointed provisional administrator Peter
Zach.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005 at the district court of Weiden
i.d.Opf., Ledererstrasse Nr. 9, Justizgebaude, Zimmer 14/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: AUTOHAUS HAIDMUHL GMBH
Auf der Haide 6, 92665 Altenstadt/WN
Peter Zach, Insolvency Manager
Stadtplatz 28, 95478 Kemnath
Phone: 09642/70980
AUTO HERO: Administrator's Report Out Within Weeks
--------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against automobile sales company Auto Hero & Co. GmbH on Dec. 1,
2004. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until Feb. 3,
2005 to register their claims with court-appointed provisional
administrator Dr. Thomas Christmann.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 10:30 a.m. at the district court
of Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24, at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on March 3, 2005 at the same venue.
CONTACT: AUTO HERO & CO. GMBH
Hargartstrasse 23 a, 66636 Tholey
Contact:
Elmar Hero, Manager
Dr. Thomas Christmann, Insolvency Manager
Graf-Johann-Strasse 8, 66121 Saarbrucken
Phone: 0681/30140469
Fax: 0681/635321
BAUSERVICE STORMARN: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The district court of Reinbek opened bankruptcy proceedings
against Bauservice Stormarn GmbH on Dec. 14. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Jan. 25, 2005 to register their
claims with court-appointed provisional administrator Christoph
Henningsmeier.
Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 11:00 a.m. at the district court
of Reinbek, Parkallee 6 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: BAUSERVICE STORMARN GMBH
Contact:
Robert Sordyl, Manager
Steenrehm 31, 21509 Glinde
Christoph Henningsmeier, Insolvency Manager
Osdorfer Landstr. 230, 22549 Hamburg
BBI GMBH: Schedules First Creditors Meeting March
-------------------------------------------------
The district court of Uelzen opened bankruptcy proceedings
against BBi GmbH on Dec. 9. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 8, 2005 to register their claims with
court-appointed provisional administrator Boris Freiherr v.d.
Bussche.
Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005 at the district court of Uelzen,
Hall 1, 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: BBI GMBH
Am Rubenacker 28, 29574 Ebstorf
Contact:
Alexander Maletin, Manager
Anatoli Maletin, Manager
Boris Freiherr v.d. Bussche, Insolvency Manager
Bussche, Luneburgerstrasse 43a,
29456 Hitzacker
Phone: 05862/5088
Fax: 05862/5089
BRAUSCH GMBH: Court Sets Claims Verification Date
-------------------------------------------------
The district court of Saarbrucken opened bankruptcy proceedings
against Brausch GmbH on Dec. 1, 2004. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 27, 2005 to register their claims with
court-appointed provisional administrator Thomas Heimes.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2005, 1:50 p.m. at the district court of
Saarbrucken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 1. Etage, Saal 13, at which time the administrator
will present his first report of the insolvency proceedings.
The court will verify the claims set out in the administrator's
report on Feb. 24, 2005 at the same venue.
CONTACT: BRAUSCH GMBH
Hochwaldstrasse 32, 66693 Mettlach
Contact:
Sandra Brausch, Manager
Thomas Heimes, Insolvency Manager
Faktoreistrasse 4, 66111 Saarbrucken
Phone: 0681/41010
Fax: 0681/4101279
DACHDECKEREI MAI: Gives Creditors Until February to File Claims
---------------------------------------------------------------
The district court of Neumunster opened bankruptcy proceedings
against Dachdeckerei Mai Verwaltungs GmbH on Nov. 19.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Feb. 16, 2005
to register their claims with court-appointed provisional
administrator Christian Kruger.
Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2005, 9:15 a.m. at Raum B031, im
Gerichtsgebaude Boostedter Strasse 26 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: DACHDECKEREI MAI VERWALTUNGS GMBH
Lannweg 10, 24306 Lebrade
Contact:
Herrn Klaus Peter Mai, Manager
Frau Hella Mai, Manager
Christian Kruger, Insolvency Manager
Lessingplatz 4, 24116 Kiel
DRESDNER BANK: Confirms Plan to Sell EUR2 Bln Loan Portfolio
------------------------------------------------------------
Dresdner Bank has decided following a competitive bidding
process to enter into exclusive negotiations with a consortium
consisting of Lone Star and Merrill Lynch to sell a portfolio of
German loan assets of up to EUR2 billion. The loan portfolio is
part of the non-strategic business of Dresdner Bank, which is
managed by the Institutional Restructuring Unit (IRU). Most of
the loans are corporate loans, while some 35% are commercial
real estate loans. The transaction is expected to be executed
by mid-year 2005.
The planned transaction announced introduces the final phase of
the IRU. The IRU will finish its restructuring tasks completely
by the end of 2005. The IRU, which took up its work in early
2003, is well ahead of plan in reducing its portfolio from
initially EUR35.5 billion. In Germany, the IRU has reduced its
portfolio from EUR9.2 billion to currently around EUR3.5 billion
of loan exposure (before the planned transaction announced Dec.
22).
* * *
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: DRESDNER BANK
Ulrich Porwollik
Phone: +49 (0)69 263-50605
Clas Rohl
Phone: +49 (0)69 263-52947
DRUCKEREI PFEIFFER: Provisional Administrator Takes over Helm
-------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Druckerei Peiffer GmbH on Dec. 2, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Jan. 26, 2005 to register their
claims with court-appointed provisional administrator Andreas
Amelung.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 11:00 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, 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: DRUCKEREI PFEIFFER GMBH
Carl-Benz-Strasse 9, 50226 Frechen
Contact:
Heinz Bocking, Manager
Andreas Amelung, Mediapark 6 B, 50670 Koln
Phone: 57437910
Fax +4922157437938
EISVOGEL GMBH: Berlin Court Stays All Pending Lawsuits
------------------------------------------------------
The district court of Berlin opened bankruptcy proceedings
against Eisvogel Nutzeis GmbH on Dec. 8, 2004. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until March 4, 2005 to
register their claims with court-appointed provisional
administrator Peter Leonhardt.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 10:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings. The court will verify the
claims set out in the administrator's report on April 28, 2005
at the same venue.
CONTACT: EISVOGEL NUTZEIS GMBH
Motzener Str. 30, 12277 Berlin
Peter Leonhardt, insolvency Manager
Kurfurstendamm 212, 10719 Berlin
EUOROGRANIT BAU: Construction Firm Declares Bankruptcy
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against construction firm Eurogranit Bau GmbH on Dec. 14, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Feb. 4, 2005 to
register their claims with court-appointed provisional
administrator Klaus Knetter.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 9:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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: EUROGRANIT BAU GMBH
Otto-Brenner-Str. 207-209, 33604 Bielefeld
Contact:
Izet Becirovic, Manager
Klaus Knetter, Insolvency Manager
Otto-Brenner-Str. 186, 33604 Bielefeld
FERIS BACKWELT: Creditors Have Until January 24 to File Claims
--------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Feris Backwelt GmbH & Co. KG on Dec. 3, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Jan. 24, 2005 to register their
claims with court-appointed provisional administrator Hans P.
Runkel.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 11:15 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 13.
Etage, Saal 1311, 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: FERI S BACKWELT GMBH & CO. KG
Herbecker Strasse 41, 42477 Radevormwald
Hans P. Runkel, Insolvency Manager
Friedrich-Ebert-Str. 146, 42117 Wuppertal
Phone: 0202/302071
Fax: +49202314708
HALLO-GESCHENKE: Retailer Succumbs to Bankruptcy
------------------------------------------------
The district court of Hagen opened bankruptcy proceedings
against retail company Hallo-Geschenke Einzelhandelsgesellschaft
mbH on Dec. 14, 2004. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until Jan. 20, 2005 to register their claims with court-
appointed provisional administrator Thomas Neumann.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 9:00 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: HALLO-GESCHENKE EINZELHANDELSGESELLSCHAFT MBH
Kopfchen 3, 58513 Ludenscheid
Contact:
Klaus Jurgen Mumme, Manager
Thomas Neumann, Insolvency Manager
Altenaer Str. 2, 58507 Ludenscheid
Phone: 02351/3265
Fax: +49235132670
HAUT FORUM: Hamburg Court Confirms Bankruptcy
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Haut Forum GmbH on Dec. 7, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Feb. 9, 2005 to register their
claims with court-appointed provisional administrator Dr.
Berthold Riering.
Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2005, 9:30 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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: HAUT FORUM GMBH
Von-Herslo-Weg 29, 22457 Hamburg
Contact:
Dr. Birgit Kunze, Manager
Dr. Berthold Riering, Insolvency Manager
Osdorfer Landstrasse 230, 22549 Hamburg
Phone: 8078810
LEM-BAU ALTBAUSANIERUNG: Claims Period Ends Next Week
-----------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against construction firm LEM-BAU Altbausanierung & Innenausbau
GmbH on Dec. 8, 2004. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until Feb. 8, 2005 to register their claims with court-
appointed provisional administrator Ralph Bunning.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 13, 2005, 11:15 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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: LEM-BAU ALTBAUSANIERUNG & INNENAUSBAU GMBH
Mahndorfer Heerstr. 24, 28307 Bremen
Contact:
Wolfgang Last, Manager
Ralph Bunning, Insolvency Manager
Domshof 18-20, 28195 Bremen
Phone: 0421/3686-0
Fax: 0421/3686-100
LKM INTERACTIVE: Calls First Creditors Meeting
----------------------------------------------
The district court of Regensburg opened bankruptcy proceedings
against LKM Interactive Websolutions GmbH on Dec. 9.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 24, 2005
to register their claims with court-appointed provisional
administrator Steuerberater Josef Muhlbauer.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 10:00 a.m. at 105, Augustenstr. 5,
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: LKM INTERACTIVE WEBSOLUTIONS GMBH
Am Elsenbuck 1 in 93128 Regenstauf
Steuerberater Josef Muhlbauer, Insolvency Manager
Am Eichelacker 13-15, 93170 Bernhardswald
Phone: 09407/90956
Fax: 09407/90958
POPP GMBH: Creditors Meeting Set Next Month
-------------------------------------------
The district court of Norderstedt opened bankruptcy proceedings
against Popp GmbH on Dec. 9. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 14, 2005 to register their claims with
court-appointed provisional administrator Jens-Soren Schroder.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 2, 2005 at the district court of Norderstedt
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: POPP GMBH
Tarpen 110, 22848 Norderstedt
Michael Johannes Franciscus Spijkers, Manager
Jens-Soren Schroder, Insolvency Manager
Raboisen 38, 20095 Hamburg
SAM EUROPE: Wuppertal Court Appoints Provisional Administrator
--------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Sam Europe GmbH on Dec. 15. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 17, 2005 to register their claims with
court-appointed provisional administrator Peter Wiele.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 20, 2005, 11:00 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 3. Etage,
Saal 388 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 Feb.
17, 2005, 9:10 a.m.
CONTACT: SAM EUROPE GMBH
Grafrather Str. 124, 42329 Wuppertal
Peter Wiele, Insolvency Manager
Wall 39, 42103 Wuppertal
Phone: 0202/44 97 33
Fax: 0202/44 97
SONIC MESSENGER: Under Bankruptcy Administration
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against "Sonic" Messenger Agency GmbH on Dec. 2, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 21, 2005
to register their claims with court-appointed provisional
administrator Dr. Achim Ahrendt.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 18, 2005, 8:45 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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: "SONIC" MESSENGER AGENCY GMBH
Osterrade 46-48, 21031 Hamburg
Contact: Klaus Brendel, Manager
Dr. Achim Ahrendt, Insolvency Manager
Albert-Einstein-Ring 11/15, 22761 Hamburg
Phone: 899560
Fax: 8995610
STOKA BURO: Files for Bankruptcy
--------------------------------
The district court of Neubrandenburg opened bankruptcy
proceedings against STOKA Buro- und Ladeneinrichtungs GmbH on
Dec. 9. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Jan. 17, 2005 to register their claims with court-appointed
provisional administrator Angela Tost.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 1:10 p.m. at the district court of
Neubrandenburg 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: STOKA BURO- UND LADENEINRICHTUNGS GMBH
Jarmener Strasse 50, 17109
Angela Tost, Insolvency Manager
Otto-von-Guericke-Str. 5, 17033 Neubrandenburg
TRANS-MAR MERCHANDISING: Administrator's Report Out January 25
--------------------------------------------------------------
The district court of Offenbach am Main opened bankruptcy
proceedings against Trans-Mar Merchandising GmbH on Dec. 7.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 11, 2005
to register their claims with court-appointed provisional
administrator Dr. Henrik Niehues.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 25, 2005, 10:15 a.m. at the district court
of Offenbach am Main, Grosse Marktstrasse 36-44 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: TRANS-MAR MERCHANDISING GMBH
Am Hirtenschild 21, 63073 Offenbach
Contact:
Achim Lotz, Manager
Dr. Henrik Niehues, insolvency manager
Bleichstr. 2-4, 60313 Frankfurt am Main
Phone: 069/913092-0
Fax: 069/913092-30
WITZEL BAU: Gives Creditors Until Next Month to File Claims
-----------------------------------------------------------
The district court of Syke opened bankruptcy proceedings against
Witzel Bau GmbH on Dec. 9. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 17, 2005 to register their claims with
court-appointed provisional administrator Dr. Christian Willmer.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 10:30 a.m. at the district court
of Syke, Saal 112, Nebenstelle Hauptstr. 5A 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 March 31, 2005, 10:30 a.m.
CONTACT: WITZEL BAU GMBH
Kiefernweg 13, 31622 Heemsen
Contact:
Volker Witzel, Manager
Dr. Christian Willmer, Insolvency Manager
Andreaswall 16, D-27283 Verden
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Former Auditor Accused of Withholding Data
----------------------------------------------------------------
Deloitte & Touche has accused Grant Thornton of keeping secret
some of Parmalat Finanziaria's financial details in the years
prior to its collapse.
The Italian unit of Deloitte & Touche replaced Grant Thornton as
chief auditor at Parmalat in 1999, though the latter continued
to audit some of the group's subsidiaries. It alarmed the
public of Parmalat's real status in October 2003, following a
review of its interim first half results. Parmalat later filed
for bankruptcy. The year before this, Grant Thornton was still
auditing 49% of Parmalat's assets.
Deloitte global chief executive Bill Parrett admits it took them
three years to detect the alleged fraud, and accused Grant
Thornton of failing to cooperate.
"It has been reported that this has been a massive fraud, which
has been going on for more than a decade. It also appears that
possibly other professionals were lying to our people," Mr.
Parrett said.
According to the Financial Times, Mr. Parrett referred the
phrase "other professionals" to some people at Grant Thornton.
"Based upon the way the prosecutors have dealt with Grant
Thornton, it would be reasonable to expect, in the final
analysis, that they had information we did not have, and we
wished we had."
Grant Thornton severed ties with its Italian unit in January
last year. Prosecutors are now trying to indict it and two of
its partners. This year, two former Grant Thornton auditors
will face trial for their role in the fiasco.
CONTACT: PARMALAT FINANZIARIA
Sede legale: 43044 Collecchio (Pr)
- Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle Imprese
di Parma 00175250471 - Partita I.V.A. 01938950340 -
R.E.A. Parma n. 188325 - U.I.C. n. 730
Sede amministrativa: 20122 Milano
Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail: x_affari_societari_it@parmalat.net
PARMALAT FINANZIARIA: Books Higher EBITDA, But Lower Revenue
------------------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group as at November 30, 2004.
A number of the non-Italian operations of the Group classified
as non-core at December 31, 2003 were consolidated line-by-line
(for example: U.S.A. Dairy, Brazil, Chile and EVH) and certain
financial companies (i.e. Parmalat Capital Finance) are
currently subject to certain restrictions on their management as
a result of local bankruptcy proceedings, with the result that
these operations are effectively outside the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration. For this
reason, the Group no longer consolidates these companies on a
line-by-line basis.
More specifically, the main companies are: Parmalat U.S.A.
Corp., Farmland Dairies, and Milk Products of Alabama, which
constitute the U.S.A. Dairy Division (these milk and dairy
products operations have filed for Chapter 11 bankruptcy
protection); two Brazilian companies (Parmalat Brasil and
Parmalat Participacoes), which have successfully filed for
composition with creditors under a local proceeding called
Concordata, which applies to their subsidiaries as well; the
Chilean operations, which have filed for composition with
creditors locally; EVH, a company incorporated in Canada that
has been granted creditor protection under the Companies'
Creditors Arrangement Act; and Parmalat Capital Finance, which
has been placed in liquidation by the local court.
This group of companies also includes Eurofood IFSC, which is
currently the subject of a dispute with the Irish judicial
authorities, who allege that the Italian Extraordinary
Administration proceedings cannot be applied to this company.
Consequently, the pro forma data for the previous year have been
restated to reflect the new scope of the line-by-line
consolidation process. In the tables contained in this press
release, the restated data are compared with those of the
current fiscal year.
Financial Highlights
Revenues
Values in
millions
of Euro Previous Previous Current
year year year
Pro-Forma
Core Activities [*] 3,432.6 3,432.6 3,355.1
Non-Core
Activities [**] 1,574.8 674.2 530.7
Total 5,007.4 4,106.8 3,885.8
EBITDA
Previous Previous Current
year year year
Pro-Forma
Core Activities [*] 191.6 191.6 238.9
Non-Core
Activities [**] (64.6) (37.1) 11.6
Total 127.0 154.4 250.5
EBITDA % of Revenues
Previous Previous Current
year year year
Pro-Forma
Core Activities [*] 5.6 5.6 7.1
Non-Core
Activities [**] (4.1) (5.5) 2.2
Total 2.5 3.8 6.4
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Core Activities: consist of drinks products (milk and fruit
juice) and milk-based products, focused on approximately 30
brands (global brands or strong local brands), centered on high
potential countries where there is strong demand for healthy
lifestyle products, the willingness to recognize premium prices
for the Parmalat brand and the availability of leading edge
technology.
[**] Non-core activities: these are countries and activities
considered to be non-strategic that will be subject to
divestment.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The consolidated data show that while revenues decreased by 5.4%
(EUR3,885.8 million at November 30, 2004, compared with
EUR4,106.8 million pro forma at November 30, 2003), EBITDA grew
by 62.1%, rising to EUR250.5 million, compared with EUR154.5
million in the first eleven months of 2003. This improvement
was made possible by the corporate restructuring and
reorganization effort carried out during the course of the year.
Core Businesses
The Group's Core Businesses had cumulative revenues of
EUR3,355.1 million at November 30, 2004, down slightly (-2.3%)
from the EUR3,432.6 million booked in the same period last year.
EBITDA, however, increased to EUR238.9 million, or 24.7% more
than the EUR191.6 million earned in the first eleven months of
2003. Successful marketing initiatives and efforts to curtail
operating costs and overhead, which more than offset the impact
of lower unit sales, are the reasons for the improved operating
performance.
The operating data are before extraordinary expenses related to
the extraordinary administration proceedings. The accrued
portion attributable to the first eleven months of 2004 amounts
to about EUR71.0 million. November revenues (difference between
the cumulative revenues at November 30 and October 31) totaled
EUR307.5 million, about the same as in the same period last year
(EUR308.4 million). At the same time, EBITDA almost doubled,
increasing to EUR24.5 million (EUR12.6 million in November
2003).
An analysis of the Group's results in the main geographic
regions in which it operates is provided below.
Italy
In the first eleven months of 2004, revenues decreased to
EUR1,250.8 million, or 8.4% less than the EUR1,365.8 million
reported at November 30, 2003. As was the case in the previous
months, the revenue shortfall was accompanied by an increase in
EBITDA, which grew to EUR76.9 million, or 11.1% more than the
EUR69.2 million booked in 2003. The ratio of EBITDA to net
revenues also improved, rising from 5.1% in 2003 to 6.1% this
year.
In November, revenues and EBITDA increased compared with the
previous month, rising to EUR110.0 million and EUR6.7 million
(6.1% of revenues), respectively. Gains by the Milk and Fresh
Dairy Products Divisions were the main reasons for this
improvement. The Milk Division responded to a decrease in unit
sales of pasteurized milk by improving its sales mix and
increasing sales of functional milks. Demand for these products
was bolstered by recent advertising campaigns for Zymil, which
has become the fourth brand in its segment of the domestic
market. Yogurt sales benefited from the Kyr advertising
campaign. Other recent promotional and advertising campaigns
(Eurolat products) should generate additional sales momentum in
the coming months.
Spain
Revenues for the first eleven months of 2004 totaled EUR206.3
million, or 2.3% less than the EUR211.1 million reported a year
earlier. EBITDA showed an even greater decrease, falling both
in absolute terms (down 29.4%, from EUR19.4 million to EUR13.7
million) and as a percentage of revenues (from 9.2% to 6.6%).
At EUR16.8 million and EUR0.9 million (5.4% of revenues),
respectively, November revenues and EBITDA were in line with the
results posted in recent months.
The main reason for the decline in EBITDA compared with the data
at November 30, 2003 is a rise in costs (cost of milk and
packaging plastics), which could not be fully passed on to
consumers. The less favorable weather that characterized the
summer of 2004 compared with 2003 was also a factor, depressing
sales of seasonal products (ice creams and almond-flavored
beverages).
In addition, the performance of the Spanish operations was
affected by problems in specific market segments: in the yogurt
(bioliquids in particular) and dessert areas, sales were
affected by aggressive promotions from competitors with a global
reach, and increasingly intense television advertising by
Parmalat's competitors had an impact on the flavored milk
segment.
South Africa
Revenues for the first eleven months of 2004 grew to EUR226.3
million, up 27.8% compared with the EUR177.0 million reported in
the same period a year ago. EBITDA enjoyed the same positive
trend, rising to EUR19.8 million, compared with EUR16.7 million
in 2003. However, the ratio of EBITDA to revenues decreased
from 9.4% to 8.7%.
In November, the South African operations booked revenues of
EUR24.5 million and earned EBITDA of EUR2.6 million (10.6% of
revenues). The improvement in cumulative revenues and EBITDA
was made possible in part by the appreciation of the South
African Rand versus the Euro (average exchange rate up 6.2%
compared with 2003). Another factor that accounted for the
revenue gain achieved in 2004 was a sharp rise in unit sales
(19.2%).
While most of this increase came from sales of less profitable
products (such as bulk cheese), the higher volumes shipped
provided better coverage for fixed production costs and helped
reduce the existing excess of raw material inventory.
Product categories that provided the greatest contribution to
the increase in EBITDA were high-end cheeses (the recent
Simonsberg and Melrose acquisitions were a factor), UHT milk,
desserts and yogurt. Yogurt shipments were particularly strong.
Negative factors that affected South Africa operations included
higher transportation and distribution costs and the inability
to raise the retail prices of dairy products.
Venezuela
In November, the average exchange rate of the Bolivar versus the
Euro fell by 27.2% compared with the average rate for November
2003, marking a further deterioration from the month of October,
when the year-over-year decrease was 26.3%. Revenues for the
first eleven months of 2004 decreased by 28.1% to EUR134.0
million (EUR186.5 million in 2003). The contraction in revenues
had a negative impact on EBITDA, which fell both in absolute
terms (EUR5.6 million, or 74.1% less than the EUR21.6 million
reported at November 30, 2003) and as a percentage of revenues
(down from 11.6% to 4.2%).
For the month of November 2004, revenues totaled EUR21.4 million
and EBITDA amounted to EUR1.4 million (6.5% of revenues).
However, while the impact of the two main factors that account
for the sharp deterioration in the operating performance of the
Venezuelan operations (the difficulties experienced by the
Venezuelan economy, which resulted in a halt in the importation
of numerous raw materials, and the decision by the Venezuelan
Government to regulate the markets for "basic" powdered milk)
was significant, the domestic economy is beginning to revive,
with a beneficial impact on unit sales and profit margins. In
addition, the business reorganization and refocusing process
launched in October is starting to pay off, despite increases in
the prices paid for raw materials (especially milk) and
packaging plastics during the second half of 2004.
Canada
Cumulative revenues at November 30, 2004 totaled EUR1,065.8
million, about the same as in the corresponding period a year
ago (EUR1,059.0 million). While revenues held relatively
steady, EBITDA were up a strong 27.0% in absolute terms (EUR74.8
million, compared with EUR58.9 million for the eleven months
ended November 30, 2003) and improved as a percentage of
revenues (from 5.6% to 7.0%).
In November 2004, revenues totaled EUR101.6 million and EBITDA
amounted to EUR8.7 million (8.6% of revenues). The excellent
results achieved by the Canadian operations despite the weakness
of the Canadian dollar versus the euro (down 2.3% in November)
were made possible mainly by strong sales of cheese and basic
ingredients. Sales of fruit juices were also up. The early
implementation of some of the initiatives outlined in the
Industrial Plan provided a further boost to the bottom line.
These initiatives include: renegotiation of contracts with
certain suppliers; expansion of the contract with Canada's
largest retail chain; reduction of promotional and advertising
expenses, distribution costs and overhead; reorganization of the
manufacturing processes; and a streamlining of the product
portfolio.
Australia
Revenues for the first eleven months of 2004 totaled EUR348.7
million, about the same as the EUR340.5 million booked in the
same period last year. This was also true for EBITDA, which
were little changed both in absolute terms (EUR30.0 million,
compared with EUR29.3 million in the eleven months ended
November 30, 2003) and as a percentage of net revenues. A
factor that should also be taken into account when comparing
data is the modest appreciation of the Australian dollar versus
the euro (+3.5% compared with the average rate through November
2003).
In November 2004, net revenues totaled EUR31.6 million and
EBITDA amounted to EUR3.0 million (9.5% of revenues). Factors
that contributed to these improved results, in addition to the
impact of foreign exchange translation rates, include: the
containment of overhead and of promotional and transportation
expenses, a more effective raw materials procurement policy, the
streamlining of production facilities, and higher unit sales of
milk (especially pasteurized milk) and yogurt. In addition, the
Group's Australian companies signed new supply contracts with
large national retail chains.
Non-core Businesses
The Group's Non-core Businesses reported revenues of EUR530.7
million, or 21.3% less than the EUR674.2 million booked in the
first eleven months of 2003. As was the case in previous
months, EBITDA for the first eleven months were positive,
totaling EUR11.6 million (negative EBITDA of EUR37.1 million for
the eleven months ended November 30, 2003), due mainly to a
change in the treatment of certain items attributed to Parma
F.C. that related to the sale of some of the team's players.
In November 2004, revenues totaled EUR46.2 million, down from
November 2003, and EBITDA amounted to EUR2.9 million. The main
reasons for the year-over-year improvement in cumulative EBITDA
are the restatement referred to above and programs implemented
by certain Italian businesses and the U.S. baked goods
operations (U.S.A. Bakery), as discussed below.
Italy
The operations of Parmalat S.p.A. that have been designated as
Non-core Businesses had revenues of EUR73.4 million in the
eleven months ended November 30, 2004, down sharply (-34.2%)
from the EUR111.6 million booked in the same period last year.
Despite this decrease in net revenues, EBITDA showed a
substantial increase, rising by 75.9%, with the loss shrinking
both in absolute terms (from negative EUR14.5 million to
negative EUR3.5 million) and in relative terms (from -13.0% to -
4.8% of revenues). The decision to discontinue the water
business and drastic cuts in promotions and advertising for
baked goods and fruit juices are the main reasons for the
improved results.
U.S.A. Bakery
In November, the exchange rate of the U.S. dollar versus the
euro continued to deteriorate (-10% compared with the reference
data at November 2003).
This development had a negative impact on cumulative revenues,
which decreased to EUR263.5 million, or 16.0% less than in the
first eleven months of 2003, when they totaled EUR313.8 million.
Nevertheless, EBITDA, while still negative, improved by 37.2%,
rising both in absolute terms (from negative EUR11.3 million to
negative EUR7.1 million) and in relative terms (from -3.6% to -
2.7% of revenues).
This improvement was achieved by implementing programs designed
to target promotional investments more effectively, reorganize
the manufacturing operations and cut overhead. These programs
succeeded in offsetting the negative impact of lower unit sales
and higher raw materials prices.
The full copy of Parmalat Finanziaria's eleven-month results can
be viewed at: http://bankrupt.com/misc/parmalat_1104.pdf.
CONTACT: PARMALAT FINANZIARIA S.p.A.
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: Debt Classification Still Open to Protest
---------------------------------------------------------------
Parmalat Finanziaria S.p.A. under Extraordinary Administration
published on the Gazzetta Ufficiale della Repubblica Italiana n.
303 dated December 28, 2004 the communication, in compliance
with art. 4-bis, section 6 of the Law n. 39 of 18 February 2004,
and following amendments, of the filing on 16 December 2004 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 under the
Composition Proposal and that on the same the above-mentioned
lists are published in full.
In compliance with the ruling of the Giudici Delegati of the
Court of Parma, starting from the publication on the Official
Gazette of the Italian Republic of the notice on the filing of
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:
(i) 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
(ii) 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.
CONTACT: PARMALAT FINANZIARIA
Sede legale: 43044 Collecchio (Pr)
- Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle Imprese
di Parma 00175250471 - Partita I.V.A. 01938950340 -
R.E.A. Parma n. 188325 - U.I.C. n. 730
Sede amministrativa: 20122 Milano
Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail: x_affari_societari_it@parmalat.net
===========
P O L A N D
===========
NETIA SA: Bares Additional Data on Early Debt Repayment
-------------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced supplemental
information with regard to its prior decision on the early
repayment of all of the Company's outstanding installment
obligations resulting from the arrangements approved in 2002 in
the arrangement proceedings for Netia Holdings S.A., Netia
Telekom S.A., and Netia South Sp. z o.o. (Installment
Obligations).
In accordance with the information published in Netia's press
release dated Nov. 8, Installment Obligations will be repaid as
follows, at the discretion of the claim holders:
(a) through cash payments, to accounts designated by the claim
holders; or
(b) in exchange for new shares in the Company; for this purpose,
on Dec. 6, Netia's management board adopted a resolution on
increasing the Company's share capital and issuing no more
than 18,373,785 ordinary bearer series "I" shares (the
"Shares") with the issue price of PLN1.0826241 per share,
i.e., for the price equal to the issue price of the series H
shares issued in relation to the Company's financial
restructuring in 2002.
To receive the cash payments or to subscribe for the Shares, the
claim holders should fill in the specific claim form available
on the Company's Web sites (http://www.netia.pland
http://www.investor.netia.pl)or in a request directed to Kent
Holding (address: Kent Holding, Netia S.A., ul. Poleczki 13, 02-
822 Warsaw, Poland, Phone: +48 330 2010, Fax: + 48 338 20 10, E-
mail: a_holding@netia.pl).
The completed claim form should be delivered to:
The Bank of New York
Corporate Trust Administration
48th Floor
One Canada Square
London E14 5AL
Attention: Breige Tinnelly
Fax: +44 207 964 63 99
Phone: +44 207 964 64 02
not later than by:
(i) January 31, 2005 in order to receive the Shares, and
(ii) April 29, 2005 in order to receive the cash payment.
Subsequent to April 29, 2005, cash amounts equivalent
to the Installment Obligations of those claim holders
who failed to submit the claim form within the deadline
specified in point (ii) above will be deposited with
the court depository at the District Court for Warsaw
Mokotow, II Civil Division, Poland (Sad Rejonowy dla
Warszawy Mokotowa, II Wydzial Cywilny).
Certain other actions may be required (including the execution
of other documents) in connection with the above mentioned cash
payments or debt/equity swap. Details will be available on the
web pages (http://www.netia.pland http://www.investor.netia.pl)
and at the addresses given above.
On Dec. 23, the deadline expired for the Polish Securities and
Exchange Commission (Komisja Papierow Wartosciowych i Gield) to
oppose (pursuant to Art. 63 of the Act of August 21, 1997 - the
Law on the Public Trading of Securities) the notice on
introducing the Shares to public trading, as filed by Netia on
Dec. 6.
Filing such notice has the same effect as the Polish Securities
and Exchange Commission granting approval for the introduction
of shares to public trading.
The Share offer shall be conducted solely in the Republic of
Poland and shall be subject to Polish law; investors may
participate in the offer of the Shares solely within the
territory of the Republic of Poland. In any other countries,
the Prospectus for the Shares may be used for informational
purposes only.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
NETIA SA: Court Quashes Shareholder's Bankruptcy Petition
---------------------------------------------------------
The District Court of the Capital City of Warsaw, XVII
Commercial Division for bankruptcy and restructuring matters
resolved on Dec. 14 the motions for the declaration of
bankruptcy of Netia, filed by Millennium Communications S.A.,
Newman Finance Corporation (NFC), its sole shareholder, and
Genesis sp. z o.o., its subsidiary.
The Court decided to dismiss the claims filed by Millennium and
NFC and to discontinue the proceedings with regard to Genesis'
motion, following the withdrawal by Genesis. The ruling is not
yet final and binding.
Netia said the court's ruling confirms the opinion of Netia's
management board expressed previously that the motions for
declaration of bankruptcy were totally groundless (see Netia's
press release dated August 10, 2004 and Netia's financial
statements for the period ended September 30, 2004).
* * *
The motions for declaration of Netia's bankruptcy are based on:
(a) NFC's Motion (ref: sygn. akt XVII GU 703/04).
NFC filed an unsatisfied claim of PLN45,431,788.40 (say:
forty five million, four hundred and thirty-one thousand,
seven hundred and eighty-eight and 40/100) with respect to:
(i) damages for seizure of Millennium shares owned by NFC;
and
(ii) reimbursement of incurred costs of proceedings.
(b) Millennium's Motion (ref: sygn. akt XVII GU 721/04).
Millennium filed an unsatisfied claim of PLN10,802,634 (say:
ten million, eight hundred and two thousand, six hundred and
thirty-four) with respect to:
(i) payment for the telecommunication network, which was
constructed at the instructions of Netia; and
(ii) reimbursement of the costs of proceedings, if any.
(c) Genesis' Motion (ref: sygn. akt XVII 736/04).
Genesis filed an unsatisfied motion for PLN1,466,874.43
(say: one million four hundred and sixty-six thousand, eight
hundred and seventy-four, and 43/100) as damages for
interruption of delivery of services in 2003.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
===========
R U S S I A
===========
AVANGARD: Public Auction of Assets Set Next Week
------------------------------------------------
The insolvency manager of close joint stock company Avangard
will sell its property on Jan. 11, 2005, 11:00 a.m. The public
auction will take place at Russia, Stavropol, Lermontova str.,
343, Office 4. Up for sale are mills, shops, warehouses,
equipment and transportation. The starting price is
RUB1,457,292.
Preliminary examination and reception of bids are done until
today. The list of documentary requirements is available at
Russia, Stavropol, Lermontova Str. 343, Office 4. To
participate, bidders must deposit RUB250,000 to the settlement
account 40701810060190100410 in OJSC Severo-Kavkazskiy bank of
Sberbank RF Petrovskoy branch #1859, BIC 040707644,
correspondent account 30101810100000000644 on or before 12:00
noon today.
CONTACT: AVANGARD
Russia, Stavropol region,
Svetlograd, Prom.zone
Mr. A. Shalapugin
Insolvency Manager
Russia, Stavropol,
Lermontova Str. 343, Office 4
Phone: (8652) 37-16-93; 37-16-92
BEL-TRANS-STROY: Gives Creditors Until February 3 to File Claims
----------------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Bel-Trans-Stroy (TIN 3123048833) after
finding the open joint stock company insolvent. The case is
docketed as A08-6800/04-11. Mr. A. Myakotin has been appointed
insolvency manager. Creditors have until Feb. 3, 2005 to submit
their proofs of claim to 308014, Russia, Belgorod, Chumichova
Str. 126, Office 304.
CONTACT: BEL-TRANS-STROY
308000, Russia, Belgorod region,
Belgorod, Litvinova Str. 9
Mr. A. Myakotin
Insolvency Manager
308014, Russia, Belgorod,
Chumichova Str. 126, Office 304
Phone/Fax: (0722) 31-26-66
BUILDING-ASSEMBLY CORPORATION: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Building-Assembly Corporation #5. The case is docketed
as A75-313-B/04. Ms. T. Gokhgut has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 628611, Russia, Nizhnevartovsk, Post User Box 965. A hearing
will take place on Feb. 21, 2005.
CONTACT: BUILDING-ASSEMBLY CORPORATION #5
628600, Russia, Khanty-Mansiyskiy autonomous region -
Yugra, Tyumen region, Nizhnevartovsk, Komsomolskiy
Avenue, 5
EAR: Creditors Have Until Next Month to File Claims
---------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Ear after finding the breeding factory
insolvent. The case is docketed as A32-9653/2004-27/69-B. Mr.
V. Golovnyu has been appointed insolvency manager. Creditors
have until Feb. 4, 2005 to submit their proofs of claim to
353740, Russia, Krasnodar region, Leningradskaya St., Shkolnaya
Str. 70-A.
CONTACT: EAR
353740, Russia, Krasnodar region,
Leningradskaya St., Shkolnaya Str. 70-A
Mr. V. Golovnyu
Insolvency Manager
350063, Russia, Krasnodar,
Gimnazicheskaya Str. 14, Office 16
LENINOGORSKIY: Tatarstan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Leninogorskiy after finding the butter-
cheese manufacturer insolvent. The case is docketed as A65-
2764/2004-SG4-27. Mr. V. Yarmolenko has been appointed
insolvency manager. Creditors have until Feb. 3, 2005 to submit
their proofs of claim to 423802, Russia, Tatarstan republic,
Naberezhnye Chelny, Post User Box 120.
CONTACT: LENINOGORSKIY
Russia, Tatarstan republic,
Leninogorsk, Chaykovskogo Str. 3
Mr. V. Yarmolenko
Insolvency Manager
423802, Russia, Tatarstan republic,
Naberezhnye Chelny, Post User Box 120
NOVOROSSIYSKIY WINE-DISTILLERY: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Novorossiyskiy Wine-Distillery. The case is docketed as A-32-
15363/2004-2/123-B. Mr. D. Sukhorukov has been appointed
temporary insolvency manager. Creditors may submit their proofs
of claim to 353900, Russia, Novorossiysk, K. Marksa Str. 27,
Apartment 15. A hearing will take place on Jan. 31, 2005.
CONTACT: NOVOROSSIYSKIY WINE-DISTILLERY
Russia, Krasnodar region, Novorossiysk,
Revolyutsii 1905g. Str. 27, Office 34
Mr. D. Sukhorukov
Temporary Insolvency Manager
353900, Russia, Novorossiysk,
K. Marksa Str. 27, Apartment 15
OLEO-KHIM: Bankruptcy Hearing Resumes January 20
------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on limited liability company
Oleo-Khim. The case is docketed as A08-15636/04-2b. Mr. S.
Chernobrovenko has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Belgorod
region, Shebekino, Moskovskaya Str. 16a. A hearing will take
place on Jan. 20, 2005.
CONTACT: OLEO-KHIM
Russia, Belgorod region, Shebekino,
Moskovskaya Str. 16a
Mr. S. Chernobrovenko
Temporary Insolvency Manager
Russia, Belgorod region, Shebekino,
Moskovskaya Str. 16a
ORLOVSKAYA UNITED: Public Auction Set Next Week
-----------------------------------------------
The insolvency manager of OJSC Orlovskaya United Food Company
will sell its property on Jan. 11, 2005, 10:00 a.m. The public
auction will take place at Russia, Orel, Leskova Str., 19, 8th
floor. Up for sale are 22 lots of different shares and
promissory notes of different companies.
Preliminary examination and reception of bids are done from
10:00 a.m. to 3:00 p.m. (Moscow time) tomorrow. The list of
documentary requirement is available at Russia, Orel, Leskova
Str. 19, 8th floor. To participate, bidders must deposit an
amount equivalent to 5% of the starting price to the settlement
account 40702810400090000007 in FACB Menatep SPb, OKJSC in Orel,
correspondent account 30101810600000000770, BIC 045402770,
TIN/KPP 5722003673/572201001 on or before 12:00 noon, Jan. 6,
2005.
CONTACT: ORLOVSKAYA UNITED FOOD COMPANY
Russia, Orel, Leskova Str. 19, 8th floor
Phone: (0862) 40-21-71
ROSSOSHANSKAYA: Insolvency Manager to Temporarily Oversee Biz
-------------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Rossoshanskaya after finding the poultry
farm insolvent. The case is docketed as A14-6787-2004/52/20b.
Mr. S. Bykhanov has been appointed insolvency manager.
Creditors have until Feb. 3, 2005 to submit their proofs of
claim to Russia, Voronezh, Srednemoskovskaya Str. 6a.
CONTACT: ROSSOSHANSKAYA
Russia, Voronezh region,
Rossosh, Komsomolskaya Str. 1
Mr. S. Bykhanov
Insolvency Manager
Russia, Voronezh,
Srednemoskovskaya Str. 6a
SERTOLOVSKIY ZHBI: Bankruptcy Hearing Set April
-----------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on limited
liability company Sertolovskiy Zhbi. The case is docketed as
A56-39599/04. Mr. V. Alekseev has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 190013, Russia, Saint-Petersburg, Post User Box 56. A
hearing will take place on April 26, 2005, 11:00 a.m.
CONTACT: Mr. V. Alekseev
Temporary Insolvency Manager
190013, Russia, Saint-Petersburg,
Post User Box 56
SOM: To Auction RUB3.6 Mln Worth of Assets Next Week
----------------------------------------------------
The bidding organizer and insolvency manager of Kolyshleyskiy
factory Som will sell its property on Jan. 12, 2005, 12:00 noon.
The public auction will take place at Russia, Penza, Suvorova
Str. 111.
The assets for sale are:
Lot 1: Department store. Starting price: RUB228,000;
Lot 2: Administrative Building. Starting price: RUB517,000;
Lot 3: Complex Property. Starting price: RUB2,917,300.
Preliminary examination and reception of bids are done daily
from 8:00 a.m. to 3:00 p.m. until Jan. 10, 2005. The list of
documentary requirements is available at Russia, Penza, Suvorova
Str. 111. To participate, bidders must deposit an amount
equivalent to 15% of the starting price to the settlement
account 40702810922000001216 at OJSC Vneshtorgbank in Penza.
CONTACT: SOM
Russia, Penza,
Suvorova Str. 111
Phone/Fax: (8-8412) 63-60-95
STERLIKAMSKIY MEAT: Appoints A. Stepanov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Sterlikamskiy Meat Combine after
finding the open joint stock company insolvent. The case is
docketed as A07-28117/04-G/ADM. Mr. A. Stepanov has been
appointed insolvency manager. Creditors may submit their proofs
of claim to 196084, Russia, Saint-Petersburg, Post User Box 241.
CONTACT: STERLIKAMSKIY MEAT COMBINE
453109, Russia, Bashkortostan republic,
Sterlimak, Chernomorskaya Str. 13
Mr. A. Stepanov
Insolvency Manager
196084, Russia, Saint-Petersburg,
Post User Box 241
THERMAL NETWORKS: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Thermal Networks. The case is docketed as A08-15844/04-24b.
Mr. S. Chernobrovenko has been appointed temporary insolvency
manager. Creditors may submit their proofs of claim to Russia,
Belgorod region, Razumnoye, Vostochnaya Str. 2a. A hearing will
take place on March 3, 2005.
CONTACT: THERMAL NETWORKS
301131, Russia, Belgorod region,
Leninskiy-1, Gagarina Str. 4
Mr. S. Chernobrovenko
Temporary Insolvency Manager
Russia, Belgorod region,
Razumnoye, Vostochnaya Str. 2a
TRADE-INDUSTRIAL ENTERPRISE: Declared Insolvent
-----------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Trade-Industrial Enterprise (TIN 3102010998)
after finding the limited liability company insolvent. The case
is docketed as A08-2743/04-2 B. Mr. A. Myakotin has been
appointed insolvency manager. Creditors have until Feb. 3, 2005
to submit their proofs of claim to 308014, Russia, Belgorod,
Chumichova Str. 126, Office 304.
CONTACT: TRADE-INDUSTRIAL ENTERPRISE
Russia, Belgorod region, Razumnoye,
Zheleznodorozhnaya Str. 19
Mr. A. Myakotin
Insolvency Manager
308014, Russia, Belgorod,
Chumichova Str. 126, Office 304
Phone/Fax: (0722) 31-26-66
TULSKIY MINE-CHEMICAL: Tula Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company Tulskiy Mine-
Chemical Plant. The case is docketed as A68-61/B-04. Ms. V.
Polyakova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 300002, Russia,
Tula, Post User Box 255.
CONTACT: TULSKIY MINE-CHEMICAL PLANT
301131, Russia, Tula region,
Leninskiy-1, Gagarina Str. 4
Ms. V. Polyakova
Temporary Insolvency Manager
300002, Russia, Tula,
Post User Box 255
Phone: (0872) 40-21-20
YUKOS OIL: Rosneft's Seizure of Yuganskneftegas Illegal
-------------------------------------------------------
Yukos Oil characterized the takeover of its main production
unit, Yuganskneftegas, by Rosneft as illegal.
After claiming to have paid the approximately US$9 billion
purchase price for the common stock of Yuganskneftegas, state-
owned Rosneft, accompanied by the Court Bailiffs, installed
their own management and took control of the production unit's
headquarters in Nefteyugansk. Prior to this, Yukos had obtained
a United States Bankruptcy Court Order that clearly bars the
sale of Yuganskneftegas' stock, pursuant to the principle of
"automatic stay" in Chapter 11 bankruptcy cases.
This is another step in the illegal conduct of Russian
authorities, Yukos says. "Rosneft, which is 100 percent owned
by the Russian Federation, continued down a path to expropriate
Yukos Oil Company assets without abiding by Russian law and in
violation of all international legal and business norms of fair
and decent conduct," said Yukos CEO Steven Theede. "These
actions have violated Russian law as well as the automatic stay
on Yukos' Chapter 11 case and Yukos will pursue all legal and
commercial actions in appropriate forums to recover damages
caused by this expropriation."
As reported in the Troubled Company Reporter on Dec. 20, 2004,
the Russian Federal Property Fund auctioned Yukos' 76.8% equity
stake in Yuganskneftegas on December 19 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. Gazprom
participated in the auction despite the temporary restraining
order entered by the U.S. Bankruptcy Court in Houston
prohibiting it from doing so.
United States law gives the U.S. Bankruptcy Court for the
Southern District of Texas in Houston exclusive jurisdiction
over the property of Yukos' Chapter 11 estate "wherever
located." Under the law, an automatic stay went into immediate
effect when the company filed for bankruptcy on Dec. 14, 2004.
The automatic stay protects the company's assets through the
bankruptcy process. It prevents creditors from collecting
claims (including tax claims) that arose prior to the bankruptcy
filing or from taking "possession" or "control" of Yukos
property covered under the filing.
The automatic stay and the Court's December 16 Temporary
Restraining Order barring the auction was violated when
Gazpromneft and Baikal Finance Group participated in the auction
on December 19. Even though the TRO expired last Sunday, the
automatic stay remains in force indefinitely through the
bankruptcy process and until lifted or amended by the Court.
Though Baikal Finance Group, a previously unknown company,
emerged as the winning bidder in the auction, days later its
shares were transferred to or purchased by Rosneft, a
government-owned oil company, itself set to be acquired by
Gazprom.
Headquartered in Houston, Texas, Yukos Oil Company --
http://www.yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation. Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets. The Company filed for chapter 11 protection
on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A.
Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John
A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black,
Esq., Fulbright & Jaworski, LLP, represent the Debtor in its
restructuring efforts.
When the Debtor filed for protection from its creditors, it
listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt.
YUKOS OIL: Plans to Ask German Regulator to Probe Deutsche Bank
---------------------------------------------------------------
The banking consortium that planned to finance Gazprom's US$10
billion (GBP5.3 billion) bid for Yukos Oil's main production
unit faces investigation for breaching banking rules.
Robert Amsterdam, lawyer of Yukos' largest shareholder, Menatep,
is considering asking German financial regulator BaFin to probe
into the behavior of the banks, according to The Telegraph. The
consortium that had planned to support the acquisition of
Yuganskneftegas was led by Deutsche Bank, Germany's largest
bank. Mr. Amsterdam said the group could have breached
international banking regulations.
The banks withdrew their plan after Yukos filed for bankruptcy
in the U.S. in December. They and state-controlled gas giant
Gazprom were blocked from joining the auction by the same court,
which has jurisdiction over Yukos in the U.S.
Rosneft won the bidding, but it is feared Yuganskneftegas will
ultimately end up with Gazprom as the two are planning to merge
soon.
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
=============================
S L O V A K R E P U B L I C
=============================
PEREX AS: Newspaper Publisher to End 2004 in the Red
----------------------------------------------------
Perex a.s., publisher of national daily Pravda, expects to book
a SKK12.4 million loss in 2004, Hospodarske Noviny says.
Perex forecasts revenue to hit SKK354.6 million, but anticipates
total expenses to reach SKK367 million. The group plans to
bridge the deficit through a SKK5 million short-term loan, which
would mature on May 31, 2005.
Most of the group's expenses come from pending litigations
against it, costing Perex around SKK60.4 million. Perex
maintained its liquidity and financed its marketing efforts in
2004 by taking a US$1 million loan. The group also availed of a
EUR0.252 million loan to finance the modernization of its
printing equipment.
CONTACT: PEREX a.s.
Pribinova 25
810 11 Bratislava
Phone: 02/50634114
Fax: 02/50634759
E-mail: pravda@pravda.sk
Web site: http://www.pravda.sk
ZTS TEES: Receiver Selling More Assets
--------------------------------------
The receiver of bankrupt engineering group ZTS Tees Martinske
Strojarne will sell another set of movable and immovable assets,
Hospodarske Noviny says.
The receiver will sell the group's immovable assets registered
in Martin and Zakamene, according to Milan Dubovec, ZTS Tees'
head of assets administration. The receiver will also sell the
group's production unit in Zakameme, which includes boilers and
electric bridge cranes. Banska Bystrica Regional Court declared
the joint stock company bankrupt on June 7, 2001.
CONTACT: ZTS TEES MARTINSKE STROJARNE a.s.
Web site: http://www.zts-tees.sk
=============
U K R A I N E
=============
ARGO-PLUS: Dnipropetrovsk Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC ARGO-PLUS (code EDRPOU 24436363) on
November 11, 2004 after finding the limited liability company
insolvent. The case is docketed as B40/136/04. Mrs. Babich
Svitlana (License Number AA 630006) has been appointed
liquidator/insolvency manager. The company holds account number
26004050180100 at JSPPB Aval, Dnipropetrovsk regional branch,
MFO 305653.
Creditors may submit their proofs of claim to:
(a) ARGO-PLUS
Ukraine, Dnipropetrovsk region,
Kanatna Str. 18/24
(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
DRUZHBA: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on Agricultural LLC Druzhba (code EDRPOU
03791670). The case is docketed as 08/4403. Arbitral manager
Mrs. Nataliya Levchenko (License Number AA 250083) has been
appointed temporary insolvency manager. The company holds
account number 26000281846051 at CB Privatbank, Smilayanske
branch, MFO 354347.
Creditors may submit their proofs of claim to:
(a) DRUZHBA
Ukraine, Cherkassy region,
Smilyanskij district, Balakleya,
Lenin Str. 99
(b) Mrs. Nataliya Levchenko
Temporary Insolvency Manager
Ukraine, Cherkassy region, Tobilevich Str. 9/1
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
EXCLUSIVE EKSPO: Kyiv Court Brings in Liquidator
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Exclusive Ekspo (code EDRPOU 32826003) on
November 11, 2004 after finding the limited liability company
insolvent. The case is docketed as 43/921. Mrs. Svitlana
Lunkova has been appointed liquidator/insolvency manager. The
company holds account number 26000001459001 at OJSC CB Nadra,
Kyiv regional branch, MFO 320564.
Creditors may submit their proofs of claim to:
(a) EXCLUSIVE EKSPO
01133, Ukraine, Kyiv region,
L. Ukrayinka Boulevard, 34/421
(b) Mrs. Svitlana Lunkova
Liquidator/Insolvency Manager
Ukraine, Kyiv region, Melnikov Str. 2/10
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
KRASNOARMIJSKIJ AGROBUD: Declared Insolvent
-------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Krasnoarmijskij Agrobud (code EDRPOU
03583723) on November 16, 2004 after finding the limited
liability company insolvent. The case is docketed as 27/17B.
Arbitral manager Mrs. Irina Homyakova (License Number AA 487783)
has been appointed liquidator/insolvency manager.
CONTACT: KRASNOARMIJSKIJ AGROBUD
85300, Ukraine, Donetsk region,
Dmitriv-5, Agrarna Str. 1
Mrs. Irina Homyakova
Liquidator/Insolvency Manager
83055, Ukraine, Donetsk region,
R. Luksenburg Str. 2 B, office 301
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
MAXI-TRADE: Appoints V. Krikun Insolvency Manager
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Maxi-Trade (code EDRPOU 32251882)
on November 16, 2004. The case is docketed as 24/886-b. Mr. V.
Krikun has been appointed temporary insolvency manager.
CONTACT: MAXI-TRADE
Ukraine, Kyiv region,
Tupolyev Str. 17
Mr. V. Krikun
Temporary Insolvency Manager
Phone: (044) 244-44-89
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
ORTEKS: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Orteks (code EDRPOU 32093410) on November
23, 2004 after finding the limited liability company insolvent.
The case is docketed as 14/430. Mr. O. Tomashevskij (License
Number AA 669672) has been appointed liquidator/insolvency
manager. The company holds account number 26000448739001 at CB
Privatbank, Mikolaiv branch.
Creditors may submit their proofs of claim to:
(a) ORTEKS
54034 Ukraine,
Mikolaiv region, Budivelnikiv Str. 10/36
(b) Mr. O. Tomashevskij
Liquidator/Insolvency Manager
Phone: (0512) 23-12-61
(c) ECONOMIC COURT OF MIKOLAIV REGION
54009, Ukraine, Mikolaiv region,
Admiralska Str. 22
PLEYADI: Files for Bankruptcy
-----------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Pleyadi (code EDRPOU
20601782) on September 27, 2004 after finding the limited
liability company insolvent. The case is docketed as 61/2b-
2004. Arbitral manager Mr. V. Dranchenko (License Number AA
630098) has been appointed liquidator/insolvency manager.
CONTACT: PLEYADI
08150, Ukraine, Kyiv region,
Boyarka, Sosnovij Lane, 2
Mr. V. Dranchenko
Liquidator/Insolvency Manager
04074, Ukraine, Kyiv region, a/b 73
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
PROSVITOK: Succumbs to Insolvency
---------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Prosvitok (code EDRPOU 13313344) on October
27, 2004 after finding the limited liability company insolvent.
The case is docketed as 5/478-04. City State Tax Inspection of
Vinnitsya has been appointed liquidator/insolvency manager.
CONTACT: PROSVITOK
Ukraine, Vinnitsya region,
Kozitskij Str. 57
ECONOMIC COURT OF VINNITSYA REGION
Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
TEOLIN: Ordered to Undergo Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Teolin (code EDRPOU 04365038). The
case is docketed as 14/3157. Mr. Volodimir Shimanskij (License
Number AA 630040) has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to:
(a) TEOLIN
19141, Ukraine, Cherkassy region,
Monastirishenskij district, Teolin
(b) Mr. Volodimir Shimanskij
Temporary Insolvency Manager
03038, Ukraine, Kyiv region,
Konduktorska Str. 33/2
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
TOP-TORG: Insolvency Manager Takes over Helm
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Top-Torg (code EDRPOU 31059054) on November
11, 2004 after finding the limited liability company insolvent.
The case is docketed as 43/920. Mrs. Valentina Plushakova has
been appointed liquidator/insolvency manager. The company holds
account number 2600401585 at JSB SINTEZ, MFO 322711.
Creditors may submit their proofs of claim to:
(a) TOP-TORG
03148, Ukraine, Kyiv region,
Zhmerinska Str. 24-A
(b) Mrs. Valentina Plushakova
Liquidator/Insolvency Manager
Ukraine, Kyiv region,
Melnikov Str. 2/10
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
===========================
U N I T E D K I N G D O M
===========================
APPLETON NOMINEES: Proofs of Claim Deadline Expires Next Week
-------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Appleton Nominees (CI) Limited
(In Liquidation)
All persons owing monies to Appleton Nominees (CI) Limited are
requested to settle the account concerned directly with the
Liquidator. All persons having claims against the company are
requested to send a detailed account thereof to the Liquidator
on or before January 12, 2005.
CONTACT: John Dunford, Liquidator
P.O. Box 321, National Westminster House,
Le Truchot, St. Peter Port,
Guernsey, GY1 4ND
BANK HOFMANN: Members Decide to Call in Liquidator
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Bank Hofmann Trustees Limited
(In Liquidation)
Notice is hereby given that at an Extraordinary General Meeting
of the members of Bank Hofmann Trustees Limited, duly convened,
and held at Helvetia Court, South Esplanade, St. Peter Port,
Guernsey, on December 23, 2004, this Special Resolution was duly
passed:
That the Company be wound-up voluntarily and Mr. Anthony
Christian Pickford of Anson Court, La Route des Camps, St
Martin, Guernsey, be hereby appointed Liquidator.
All persons having claims against the Company are required to
submit details thereof to the Liquidator before February 6,
2005, and all persons indebted to the said Company are required
to settle with the Liquidator by the same date.
CONTACT: A. C. PICKFORD, Liquidator
Anson Court,
La Route des Camps, St. Martin,
Guernsey GY1 3TF
CAPTICON LIMITED: Opts for Liquidation
--------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Capticon Limited
(In Liquidation)
At an Extraordinary General Meeting of the company duly convened
and held at Town Mills South, La Rue Du Pre, St Peter Port,
Guernsey on December 22, 2004 these Special Resolutions were
unanimously resolved:
(a) That the company be wound up voluntarily; and
(b) That Lance Spurrier, Chartered Accountant, be and is
hereby appointed Liquidator of the company for the
purpose of such winding up.
All persons having claims against the company are requested to
send details to the Liquidator at the address below, not later
than January 31, 2005.
CONTACT: LANCE SPURRIER, Liquidator
P.O. Box 146 Town Mills
South La Rue du Pre
St. Peter Port
Guernsey GY1 3HZ
DRAX: Moves Closer Towards Getting Compensation from TXU
--------------------------------------------------------
Power station Drax is close to securing payments for unpaid debt
from collapsed customer TXU Europe, fuelling hopes it may soon
be able to pursue a planned acquisition strategy.
The Telegraph cites a spokesman for Drax saying lenders have
agreed to support at a meeting this month arrangements relating
to the administration of TXU in 2002. The so-called arrangement
will allow Drax to recover a total of GBP348 million in three
installments: GBP211 million by the end of April, and the rest
in two payments by the end of the first quarter of 2006.
The amount will enable Europe's biggest coal-fired power station
to pay debt and possibly pursue an acquisition strategy if it is
not sold by the banks that own it. The group has already hired
Dresdner Kleinwort Wasserstein to study the possible sale. The
investment bank will bare its report by March.
Analysts value the power station, whose output is enough to meet
7% of the U.K.'s electricity needs, at between GBP750 million
and GBP800 million. Potential bidders include British energy
firms Centrica, International Power and Scottish Power.
CONTACT: Drax Group Limited
PO Box 3 Selby
North Yorkshire YO8 8PQ, United Kingdom
Phone: +44-17-5761-8381
Fax: +44-17-5761-8504
Web site: http://www.draxpower.com
INTERGULF AUTOMOTIVE: Files for Voluntary Liquidation
-----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
THE MATTER OF Intergulf Automotive Co. Limited
(In Liquidation)
Notice is hereby given that an Extraordinary General Meeting of
Intergulf Automotive Co. Limited held on December 21, 2004, it
was resolved that the Company be placed in Voluntary Liquidation
and that Legis (MRL) Limited of 1 Le Marchant Street, St Peter
Port, Guernsey, Channel Islands be appointed Liquidator.
All persons owing monies to the company are requested to settle
the amount concerned directly with the Liquidator. All persons
having claims against the Company are requested to send a
detailed account thereof to the Liquidator on or before January
12, 2005.
CONTACT: LEGIS (MRL) LIMITED, Liquidator
1, Le Marchant Street,
St. Peter Port, Guernsey
JAGUAR CARS: Turns to 'Mommy' for Another Cash Dole out
-------------------------------------------------------
Jaguar Cars Limited is seeking another cash injection from its
U.S. parent after recording its second annual loss in as many
years.
Filing its delayed 2003 results just before Christmas, Jaguar
reported losses of GBP601.1 million, almost double the 2002
loss, The Financial Times says. A large portion of this figure
-- GBP534 million -- represents charges to cover the cost of
abandoning its flawed growth strategy. It has yet to report
figures for 2004, according to the paper, but Jaguar CEO Joe
Greenwell said during the autumn that losses were in the
"hundreds of millions" of pounds.
"The GBP534 million charge which is independent of the cost of
the job losses is to cover a write-down of Jaguar's investments,
which had assumed strong growth in sales," The Financial Times
said Monday. "The company abandoned hopes of reaching sales of
200,000 cars a year in the summer and now plans to remain at its
current size of about 125,000 a year."
The downsizing will cost the company at least GBP75 million this
year. Already, it has ended car production at its historic
Coventry home, leaving 1,150 jobless. The heavy losses in 2003
have left Jaguar with a "negative net worth" of GBP322 million,
Jaguar Director David Smith told the paper.
During its last recapitalization, Jaguar received GBP260 million
from Ford, which sourced the money from various subsidiaries.
It is not clear how the latest recapitalization would be carried
out, according to the report, although one option is for Ford to
convert some of the GBP490 million Jaguar owes other Ford
companies into equity.
Aside from sagging sales, the falling value of the dollar and
the lack of interest in its cars from U.S. buyers have also
worked against Jaguar. Despite this, Ford maintains its target
of earning US$2.3 billion, or one-third of its 2006 profit, from
luxury cars. In addition to Jaguar, this division includes
Sweden's Volvo, Lincoln of the U.S., and Land Rover and Aston
Martin of the U.K.
CONTACT: JAGUAR CARS LIMITED
Browns Lane, Allesley
Coventry West Midlands CV5 9DR, United Kingdom
Phone: +44-24-7640-2121
Fax: +44-24-7620-2101
Web site: http://www.jaguarvehicles.com
MILCAR LIMITED: Period for Filing of Claims Ends Today
------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Milcar Limited
(In Liquidation)
Notice is hereby given that at an Extraordinary General Meeting
of Milcar Limited held on December 14, 2004, it was resolved
that the Company be placed in liquidation and that Legis (MRL)
Limited of 1 Le Marchant Street, St. Peter Port, Guernsey,
Channel Islands be appointed Liquidator.
All persons owing monies to the company are requested to settle
the amounts concerned directly with the Liquidator. All persons
having claims against the company are requested to send a
detailed account thereof to the Liquidator on or before January
5, 2005.
CONTACT: LEGIS (MRL) LIMITED, Liquidator
1 Le Marchant Street,
St. Peter Port, Guernsey
WINDSOR LIMITED: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Windsor Limited
(In Liquidation)
All persons owing monies to the Windsor Limited are requested to
settle the account concerned directly with the Liquidator. All
persons having claims against the company are requested to send
a detailed account thereof to the Liquidator on or before
January 14, 2005.
CONTACT: Stephen J. Le Page, Liquidator
P.O. Box 321
National Westminster House
Le Truchot, St. Peter Port
Guernsey GY1 4ND
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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 2005. All rights reserved. ISSN 1529-2754.
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