/raid1/www/Hosts/bankrupt/TCREUR_Public/050110.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, January 10, 2005, Vol. 6, No. 06
Headlines
C Z E C H R E P U B L I C
SLEVARNA LIBEREC: Sale to Fonderia Regali Hits Snag
F R A N C E
EUROTUNNEL SA: Absence of 'Legal Framework' Stalling Debt Talks
G E R M A N Y
ALPHA-TEC: Creditors Claims Due March
BESTMAT GMBH: Gives Creditors Until March to File Claims
BSR WANDELHOF: Sets First Creditors Meeting Mid-February
CONTRA BAUBETREUUNGSGESELLSCHAFT: Claims Deadline Nears
GRUNDSTUCKSGESELLSCHAFT OTTENSER: Calls First Creditors Meeting
HARTMANN & NATTEBREDE: Cedes Control to Administrator
ING BHF: Sal. Oppenheim Completes Takeover
JANZ-LABORTECHNIK: Creditors Meeting Set February
RS-BAU-MONTAGE GESELLSCHAFT: Under Bankruptcy Administration
STEFAN LIPPE: Provisional Administrator Takes over Operations
G R E E C E
DF SECURITIES: License Suspension Seals Fate
I T A L Y
ALITALIA SPA: Transport Minister to Face E.U. Commission Jan. 12
PARMALAT FINANZIARIA: Parma Football Club Up for Sale
N E T H E R L A N D S
KENDRION N.V.: Sells Metal Products Business for Undisclosed Sum
ROYAL AHOLD: Dutch Investors Convince Local Court to Order Probe
R U S S I A
160 DSK: Hires V. Sosnin as Insolvency Manager
AGRO-STROY-SERVICE: Vologda Court Appoints Insolvency Manager
DIVNOGORSKIY CHEESE: Deadline for Proofs of Claim Set February
FOUNDRY-MECHANICAL PLANT: Selling RUB2.5 mln Worth of Assets
KANASHSKIY CHEESE: Sets Public Auction Tomorrow
KHIM-MASH: Auctioning Auxiliary Shop, Warehouse Worth RUB2 Mln
METROMEDIA INTERNATIONAL: Snubs Mellon's Request for Information
SELKHOZ-TEKHNIKA: Declared Insolvent
SUGAR REFINERY: Sets Public Auction Wednesday
ZNAMENSKIY: Last Day for Filing of Claims Today
U N I T E D K I N G D O M
1ST 4: Members Okay Proposal to Dissolve Company
ACL CONSTRUCTION: Calls in Liquidator from Richard Long & Co.
AIRTECH MECHANICAL: Liquidator from Campbell Crossley Moves in
ANRO OIL: Hires PricewaterhouseCoopers as Liquidator
ARCESE MERCURIO: Owners Choose to Dissolve Business
ARTHURS PASS: Files for Liquidation
ATOM INTERACTIVE: Calls in Joint Liquidators from CBA
AUTOCALL LIMITED: Appoints Langley & Partners Liquidator
BATH TECHNOLOGY: Hires Deloitte & Touche as Liquidator
BLUEWOOD CONSTRUCTION: Appoints Begbies Traynor Liquidator
BRAND RECOGNITION: Owners Opt for Liquidation
BYRON BAY: Commissions HKM LLP to Liquidate Assets
COFFEE REPUBLIC: Restructuring Delivers Better 1st-half Results
COLT TELECOM: Names Gene Gabbard Non-executive Director
COMPANA LIMITED: Liquidator from Begbies Traynor Moves in
COPIUS COMMUNICATION: Begbies Traynor Takes over Operations
CORK INTERNATIONAL: Owners Decide to Call in Liquidators
CORUS GROUP: Dongkuk Joins Consortium Sourcing Slabs from TCP
CORUS GROUP: Sale of Sheet Piling Biz Gets Temporary Clearance
DB TRANSPORT: Hires Poppleton & Appleby to Wind up Business
DEE J: Names Nigel Price Liquidator
DESIGNREALM (ONE): Calls in Liquidators from PKF
DRAKESWELL LIMITED: Appoints Oury Clark Liquidator
DUNSTANBURGH BUILDING: Calls in Liquidators from Tait Walker
EMI GROUP: Names Martin Stewart Group Chief Financial Officer
EUROSTAR GROUP: 2004 Passenger Traffic Up 15%
HANOVER HOUSE: Top Honcho Disqualified for Ten Years
JAGUAR CARS: Ford Agrees to Bailout British Unit Anew
J F ALLEN: Director Gets Ten-year Ban from Insolvency Service
RGS PATTERN: In Administrative Receivership
TRAVEL & STAY: Insolvency Service Disqualifies Former Director
*********
===========================
C Z E C H R E P U B L I C
===========================
SLEVARNA LIBEREC: Sale to Fonderia Regali Hits Snag
---------------------------------------------------
About 90% of the employees of bankrupt engineering group,
Slevarna Liberec, have been out of work since the start of the
year, Liberecky Den says.
Union leader Vaclav Majer says employees are unsure whether the
company would retain their jobs in the future. Italian group
Fonderia Regali won a tender for Slevarna in October 2004 after
offering CZK29.5 million. But Milan Subrt, another union
official, said the takeover did not materialize because Fonderia
failed to sign the purchase contract in December.
CONTACT: SLEVARNA LIBEREC A.S.
Domky 35, 460 10 Liberec 10
Phone: +(420 48) 52 50 403
52 50 400
52 50 410
Fax: +(420 48) 51 50 476
E-mail: ostasov@slevarna-lbc.cz
Web site: http://www.slevarna-lbc.cz
===========
F R A N C E
===========
EUROTUNNEL SA: Absence of 'Legal Framework' Stalling Debt Talks
---------------------------------------------------------------
Anglo-French tunnel operator Eurotunnel S.A. expects to reach
agreement on a GBP6 billion rescue deal with banks by the middle
of the year, company insiders told Reuters.
Initial negotiations began more than three months ago, according
to the report, but up to now the company has yet to pave a way
to start debt restructuring talks. One source told Reuters the
company may have to secure a default waiver to establish legal
framework for a rescue deal, as suggested by creditor.
"We're working on the legal framework issue -- it's taken three
to four months because of the number of banks involved who have
to agree," a Eurotunnel spokesman said.
According to a bankruptcy expert, waivers of this kind normally
don't take longer than a few weeks to arrange.
"There are also issues about fees," the spokesman added. He did
not set a date for completion of the possible debt
restructuring.
Eurotunnel usually schedules its annual shareholders meeting in
the second quarter. It is under pressure to strike a deal this
year because by December it must begin paying interest on debt
in cash, instead of the current mixture of cash and debt, the
report said.
The firm owes interest payments on a GBP6.4 billion loan to 122
banks. In the first half of 2004, its debt interest payments
were more than double its operating profit of GBP70 million.
Eurotunnel is still shouldering the delays and costs it incurred
during the building of the subsea rail link between France and
Britain more than ten years ago.
CONTACT: EUROTUNNEL S.A.
19 Boulevard Malesherbes
75008 Paris
Web site: http://www.eurotunnel.com
Kevin Charles
Phone (U.K.): +44(0) 1303 288728
Fax: 01303 288731
E-mail: press.uk@eurotunnel.com
Mady Chabrier
Phone (France): +33(0) 1 55 27 35 43
Yves Szrama
Phone (Calais Region): +33 (0) 3 21 00 69 04
=============
G E R M A N Y
=============
ALPHA-TEC: Creditors Claims Due March
-------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Alpha-Tec Systembau GmbH on Dec. 1, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until March 2, 2005
to register their claims with court-appointed provisional
administrator Gotz Lautenbach.
Creditors and other interested parties are encouraged to attend
the meeting on April 13, 2005, 9:35 a.m. at Saal 2, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt at which time
the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: ALPHA-TEC SYSTEMBAU GMBH
Hahnstrasse 72, 60528 Frankfurt am Main
Contact:
Paul Alois Gruchot
Gotz Lautenbach, Insolvency Manager
Zeilweg 42, 60439 Frankfurt am Main
Phone: 069/9637610
Fax: 069/963761145
BESTMAT GMBH: Gives Creditors Until March to File Claims
--------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Bestmat GmbH i.L. on December 16, 2004. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until February 7, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Kuhn.
Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:45 a.m. at the district court
of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne
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: BESTMAT GmbH
Theodor-Heuss-Str. 88 - 90
51149 Cologne
Ulrich Kuhn
Riehler Str. 26
50668 Cologne
Phone: 9726157
Fax +492219726227
BSR WANDELHOF: Sets First Creditors Meeting Mid-February
--------------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against BSR Wandelhof Projektentwicklungs GmbH & Co. KG on Dec.
20. 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. Dirk Wittkowski.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 11:00 a.m. at the district court
of Saal 210 (im Gebaude Amtsgericht Cottbus, Gerichtsplatz 2,
03046 Cottbus) 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: BSR WANDELHOF PROJEKTENTWICKLUNGS GMBH & CO. KG
Contact:
Jens Peter Bockermann, Manager
Rudiger Schulze-Rusch, Manager
Ruhlander Strasse 124 a, 01987 Schwarzheide
Dr. Dirk Wittkowski, Insolvency Manager
Kirchblick 11, 14129 Berlin
CONTRA BAUBETREUUNGSGESELLSCHAFT: Claims Deadline Nears
-------------------------------------------------------
The district court of Frankfurt Oder opened bankruptcy
proceedings against Contra Baubetreuungsgesellschaft mbH on
December 22, 2004. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until February 1, 2005 to register their claims with court-
appointed provisional administrator Thomas Wulsten.
Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:40 a.m. at the district court
of Frankfurt Oder, Logenstrasse 13, 15230 Frankfurt Oder, 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: CONTRA BAUBETREUUNGSGESELLSCHAFT MBH
Birkenweg 5
15328 Reitwein
Thomas Wulsten, Insolvency Manager
Gross-Berliner Damm 73c
12487 Berlin Forderungsanmeldeschluss
GRUNDSTUCKSGESELLSCHAFT OTTENSER: Calls First Creditors Meeting
---------------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Grundstucksgesellschaft Ottenser on November 13, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until February 2,
2005 to register their claims with court-appointed provisional
administrator Jorg Nerlich.
Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:45 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne 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: GRUNDSTUCKSGESELLSCHAFT OTTENSER STRASSE 2 - 4 MBH
Widdersdorfer Strasse 190
50825 Cologne
DR. JORG NERLICH
Aachener Str. 563-565
50933 Cologne
Phone: 0221/ 940 80 30
Fax +492219408039
HARTMANN & NATTEBREDE: Cedes Control to Administrator
-----------------------------------------------------
The district court of Munster opened bankruptcy proceedings
against Hartmann & Nattebrede GbR on Dec. 21. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Feb. 10, 2005 to register their
claims with court-appointed provisional administrator Ralph
Schmid.
Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 9:45 a.m. at the district court of
Amtsgerichts Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 -
6, 48149 Munster, EG, Saal 13 B 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: HARTMANN & NATTEBREDE GBR
Liebigstrasse 1, 48712 Gescher
Contact:
Rainer Hartmann, Manager
Jahnstrasse 12, 48703 Stadtlohn
Karl Nattebrede, Manager
Overbergstrasse 62a, 48703 Stadtlohn
Ralph Schmid, Insolvency Manager
Dulmener Str. 92, 48653 Coesfeld
Phone: 02541/915-03
Fax: +492541915100
ING BHF: Sal. Oppenheim Completes Takeover
------------------------------------------
ING has finalized the sale of most of its German unit ING BHF-
Bank. The sale to Sal. Oppenheim, announced on Dec. 2, was
completed at midnight on Dec. 31. That sale includes ING BHF-
Bank's asset management, private banking, financial markets and
core corporate banking businesses, as well as the name BHF-Bank
AG.
The sale of ING BHF-Bank's London Branch to Deutsche Postbank
AG, announced on Dec. 23, was completed on Jan. 1. ING's
remaining wholesale banking activities in Germany will operate
under the name ING Bank Deutschland AG.
ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 60 million
private, corporate and institutional clients in more than 50
countries. With a diverse workforce of over 112,000 people, ING
comprises a broad spectrum of prominent companies that
increasingly serve their clients under the ING brand.
CONTACT: BHF BANK
Bockenheimer Landstrasse 10
60323 Frankfurt am Main
Phone: (069) 718-0
Fax: (069) 718-2296
E-mail: corp-comm@bhf-bank.com
Web site: http://www.bhf-bank.com
JANZ-LABORTECHNIK: Creditors Meeting Set February
-------------------------------------------------
The district court of Eutin opened bankruptcy proceedings
against Janz-Labortechnik GmbH on Dec. 22. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Feb. 14, 2005 to register their
claims with court-appointed provisional administrator Dr. Peer
Moller.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 10:45 a.m. at the district court
of Eutin Jungfernstieg 3, 23701 Eutin, 1. Stock, Saal E. 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: JANZ-LABORTECHNIK GMBH
Contact:
Uwe Harald Janz
Kreuzfeld, Haarkoppel 33, 23714 Bad Malente-
Gremsmuhlen
Dr. Peer Moller
Untere Querstrasse 1, 23730 Neustadt/H
RS-BAU-MONTAGE GESELLSCHAFT: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Mannheim opened bankruptcy proceedings
against RS-Bau-Montage Gesellschaft mit beschrankter Haftung on
Dec. 15. 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 Peter Depre.
Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2005, 11:30 a.m. at the district court
of Mannheim, 68149 Mannheim, Schloss, Westflugel (Bismarckstr.
14), 1. Stockwerk/Raum 232 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: RS-BAU-MONTAGE GESELLSCHAFT MIT BESCHRŽNKTER HAFTUNG
Contact:
Richard Spranz, Manager
Industriestr. 22, 68542 Heddesheim
Peter Depre, Insolvency Manager
O 4, 13-16, 68161 Mannheim
Phone: 0621/120780
STEFAN LIPPE: Provisional Administrator Takes over Operations
-------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Stefan Lippe GmbH on Dec. 10. 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 Karl-Heinz Trebing.
Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 9:10 a.m. at Saal 1, Gebaude F,
Klingerstrasse 20, 60313 Frankfurt am Main, statt. at which time
the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: STEFAN LIPPE GMBH
Grosser Hasenpfad 22, 60598 Frankfurt am Main
Karl-Heinz Trebing, Insolvency Manager
Hanauer Landstrasse 287-289, 60314 Frankfurt am Main
Phone: 069/15051300
Fax: 069/15051400
===========
G R E E C E
===========
DF SECURITIES: License Suspension Seals Fate
--------------------------------------------
The Capital Market Commission has suspended the operations of
financial instruments broker DF Securities, Europe Intelligence
Wire says.
The commission said the suspension was in preparation for the
firm's liquidation. According to the commission, DF Securities
has repeatedly breached market regulation, making the business a
risk to investors and to the market.
CONTACT: DF SECURITIES S.A.
28, Lekka Street
10562 Athens
Phone: +30 (210) 3270000
Fax: +30 (210) 3235559
E-mail: info@df-securities-brokerage.com
Phone: http://www.dfgroup.gr
=========
I T A L Y
=========
ALITALIA SPA: Transport Minister to Face E.U. Commission Jan. 12
----------------------------------------------------------------
The government has appointed Minister for Infrastructures and
Transports Pietro Lunardi to defend the restructuring plan of
troubled carrier Alitalia, Agencia Giornalistica Italia says.
Mr. Lunardi would meet with European Transport Commissioner
Jacques Barrot on January 12, either in Paris or Brussels, to
seek approval of Alitalia's business plan. The European
Commission has been reviewing the plan, making sure there are no
traces of state aid. After the review, the EC may either
approve the plan or launch an in-depth probe against the
carrier, which could last 18 months. The regulator is expected
to launch the probe on January 19.
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
PARMALAT FINANZIARIA: Parma Football Club Up for Sale
-----------------------------------------------------
The government-appointed commissioner of collapsed dairy giant
Parmalat, Enrico Bondi, will sell the Parma Football Club at the
end of the month, Il Sole 24 Ore says.
Mr. Bondi proceeded with the sale after receiving clearance from
Parmalat's supervisory committee Wednesday. Mr. Enrico Bondi
has been selling the group's non-core assets to focus on its
main business, which is dairy production. The football club's
liabilities now total EUR182 million, according to the paper.
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
=====================
N E T H E R L A N D S
=====================
KENDRION N.V.: Sells Metal Products Business for Undisclosed Sum
----------------------------------------------------------------
Kendrion N.V. announces that on Dec. 30 an agreement has been
reached concerning the sale of Kendrion Cetra Metaal B.V. in
Hardenberg, the Netherlands to a Dutch entrepreneur. Cetra is a
supplier of metal products to a variety of industrial customers
and has a turnover of approximately EUR15 million and 130
employees.
The transaction fits within the scope of Kendrion's decision to
divest its non-core activities (to which Cetra belongs).
Completion of this transaction is again an important step in the
realization of Kendrion's strategy.
Profile Kendrion N.V.
Kendrion N.V. is an international company, which has, after the
transaction, approximately 3,100 employees in 16 European
countries and Hong Kong.
Kendrion aims at niche market leadership in business-to-business
markets. Kendrion develops high quality industrial components
and provides services in the field of plastic semi-manufactures
and fasteners. Motivated local entrepreneurship, quality
management in the broadest sense and logistic expertise are
characteristic of Kendrion.
Kendrion stock is listed on the Euronext Amsterdam stock
exchange and included in the Euronext index NextPrime.
* * *
Kendrion realized a net loss of EUR6.8 million in the first half
year 2004 as compared with EUR44.7 million for the first half
year 2003. Excluding non-recurring financing charges in
connection with the financial position of Kendrion, costs
related to the intended financial restructuring, and impairments
and book profits, underlying net profit amounts to EUR5.6
million (2003: EUR6.3 million).
Excluding Automotive Plastics and exceptional items, net result
for the first half year 2004 was EUR6.2 million (2003: EUR4.9
million), a rise of 27% thereby further increasing the quality
of the profit of the core activities.
Kendrion booked a net loss of EUR104.9 million in 2003. Economic
recovery in the most important home markets for Kendrion failed
to appear. The fourth quarter was particularly disappointing,
primarily for its activities in the German automobile industry.
CONTACT: KENDRION N.V.
Postbus 931
3700 AX Zeist
Utrechtseweg 33
3704 HA Zeist Nederland
Phone: +31 30 6997250
Fax: +31 30 6951165
E-mail: info@kendrion.com
Web site: http://www.kendrion.com
ROYAL AHOLD: Dutch Investors Convince Local Court to Order Probe
----------------------------------------------------------------
Koninklijke Ahold announced on Jan. 6, 2005 that the Enterprise
Chamber of the Amsterdam Court of Appeal has ordered an inquiry
into the conduct of certain actions of Ahold during the period
from Jan. 1, 1998 through Dec. 18, 2003. The request for the
inquiry was submitted in February 2004 by the Vereniging van
Effectenbezitters (VEB) and several other shareholders.
The inquiry is limited to the consolidation of joint ventures,
Ahold's acquisition of its subsidiary U.S. Foodservice and
Ahold's supervision on the organization and operation of
internal controls of subsidiaries, including U.S. Foodservice.
All other requests for inquiry made by the petitioners have been
rejected by the Enterprise Chamber, including all challenges of
policies pursued after Feb. 24, 2003. Also, the request for
precautionary measures, which might have interfered with present
management policies, has been rejected.
Peter Wakkie, member of the Ahold Executive Board and Chief
Corporate Governance Counsel, commented: "Recently, two
important investigations with respect to the company have been
completed. Settlements have been effected with the Dutch Public
Prosecutions Department and, without a fine, with the S.E.C.
This was primarily due to the fact that Ahold has cooperated
fully in these investigations and to the major recovery measures
we have taken. We will also fully co-operate with this inquiry,
ordered by the Enterprise Chamber. Ahold will attempt to ensure
that the inquiry will be concluded as soon as possible in the
interest of its shareholders and other stakeholders."
The subject of the inquiry is not to seek damages from Ahold.
CONTACT: ROYAL AHOLD
Corporate Communications
Phone: +31.75.659.5720
===========
R U S S I A
===========
160 DSK: Hires V. Sosnin as Insolvency Manager
----------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against 160 DSK Stroy-Construction-1 after finding the close
joint stock company insolvent. The case is docketed as A40-
5438/04-38-42B. Mr. V. Sosnin has been appointed insolvency
manager. Creditors may submit their proofs of claim to 127434,
Russia, Moscow, Dmitrovskoye Shosse, 9-b.
CONTACT: 160 DSK STROY-CONSTRUCTION-1
121309, Russia, Moscow,
Barklaya Str. 3, Building 1
Mr. V. Sosnin
Insolvency Manager
127434, Russia, Moscow,
Dmitrovskoye Shosse, 9-b
AGRO-STROY-SERVICE: Vologda Court Appoints Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Agro-Stroy-Service after finding the open
joint stock company insolvent. The case is docketed as A13-
13508/04-22. Mr. V. Korotaev has been appointed insolvency
manager. Creditors may submit their proofs of claim to 160029,
Russia, Vologda, Prokatova Str. 8, Apartment 14.
CONTACT: AGRO-STROY-SERVICE
Russia, Vologda region,
Belozersk, Frunze Str. 32
Mr. V. Korotaev
Insolvency Manager
160029, Russia, Vologda,
Prokatova Str. 8, Apartment 14
DIVNOGORSKIY CHEESE: Deadline for Proofs of Claim Set February
--------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Divnogorskiy Cheese after finding the limited liability
company insolvent. The case is docketed as A33-4084/04-s4. Mr.
I. Yudin has been appointed insolvency manager. Creditors have
until Feb. 10, 2005 to submit their proofs of claim to 660017,
Russia, Krasnoyarsk -17, Post User Box 103.
CONTACT: DIVNOGORSKIY CHEESE
Russia, Krasnoyarsk region, Divnogorsk
Mr. I. Yudin
Insolvency Manager
660017, Russia, Krasnoyarsk -17,
Post User Box 103
FOUNDRY-MECHANICAL PLANT: Selling RUB2.5 mln Worth of Assets
------------------------------------------------------------
The bidding organizer of Foundry-Mechanical Plant will sell its
property on Jan. 11, 2005, 10:00 a.m. The public auction will
take place at Russia, Mordoviya republic, Saransk, Krupskoy Str.
29.
The assets for sale are:
Lot 1: inventory, assets, model-rigging;
Lot 2: 91 tons of non-ferrous metals. Starting price:
RUB1,375,000;
Lot 3: 13 unfinished buildings. Starting price: RUB1,218,000.
The list of documentary requirements is available at Russia,
Mordoviya republic, Saransk, Krupskoy Str. 29.
CONTACT: FOUNDRY-MECHANICAL PLANT
Russia, Mordoviya republic, Saransk,
Aleksandrovskoye Shosse, 22
KANASHSKIY CHEESE: Sets Public Auction Tomorrow
-----------------------------------------------
The bidding organizer and insolvency manager of OJSC Kanashskiy
Cheese Producing Combine will sell its property on Jan. 11,
2005, 2:00 p.m. The public auction will take place at 428020,
Russia, Chuvashiya republic, Cheboksary, Petrova Str. 6,
Building 2, 4th floor. Up for sale is a property complex valued
at RUB27,250,850.
Preliminary examination and reception of bids are done until
today from 9:00 a.m. to 3:00 p.m. The list of documentary
requirements is available at 428020, Russia, Chuvashiya
republic, Cheboksary, Petrova Str. 6, Building 2, 4th floor.
To participate, bidders must deposit RUB1,000,000 to the
settlement account 40702810075220160990, correspondent account
30101810300000000609, BIC 049706609 at Chuvashskoye OSB #8613,
Cheboksary, TIN/KPP 2128037569/212801001.
CONTACT: KANASHSKIY CHEESE PRODUCING COMBINE
429300, Russia, Chuvashiya republic,
Kanash, Elevator region
ARMATOR
Bidding Organizer
428020, Russia, Chuvashiya republic, Cheboksary,
Petrova Str. 6, Building 2, 4th floor
Phone: 8 (352) 20-02-30, 68-96-84
KHIM-MASH: Auctioning Auxiliary Shop, Warehouse Worth RUB2 Mln
--------------------------------------------------------------
The Glazovskiy factory, Khim-Mash, will sell its property on
Jan. 11, 2005, 11:00 a.m. The public auction will take place at
427624, Russia, Udmurtiya republic, Glazov, Khimmashevskoye
Shosse, 9, the conference hall, 2nd floor.
The assets for sale are:
Lot 1: auxiliary shop. Starting price: RUB1,058,943;
Lot 2: warehouse. Starting price: RUB1,031,087.
The list of documentary requirements is available at 427624,
Russia, Udmurtiya republic, Glazov, Khimmashevskoye Shosse, 9.
To participate, bidders must deposit an amount equivalent to 10%
of the starting price to Khim-Mash (TIN 1829005531, KPP
18290101) at OJSC Uralskiy Trust Bank, Izhevsk, settlement
account 40702810800000010697, BIC 049401869, correspondent
account 30101810200000000869.
CONTACT: KHIM-MASH
427624, Russia, Udmurtiya republic,
Glazov, Khimmashevskoye Shosse, 9
Phone: (34141) 3-70-60
Fax: 3-64-40
METROMEDIA INTERNATIONAL: Snubs Mellon's Request for Information
----------------------------------------------------------------
Metromedia International Group, Inc. received a letter on
January 5, 2005 from Mellon HBV Alternative Strategies LLC, a
purported 6.1% beneficial owner of the Company's common stock,
regarding the previously announced proposed merger of the
Company.
Members of the Company's senior management met with
representatives of Mellon on Thursday and provided them with a
response letter which explained that, because of Regulation FD,
(i) the Company is not able to selectively disclose information
to some stockholders and not others and (ii) the Company will,
if and when a definitive transaction agreement is executed,
provide complete disclosure of circumstances surrounding the
proposed merger of the Company in the proxy statement that will
be circulated in connection with the solicitation of common
shareholder approval of the proposed transaction.
CONTACT: METROMEDIA INTERNATIONAL
Headquarters: Charlotte, North Carolina
Web site: http://www.metromedia-group.com
Contact:
Mark Hauf, Chief Executive Officer
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
SELKHOZ-TEKHNIKA: Declared Insolvent
------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Selkhoz-Tekhnika after finding the
agricultural machinery insolvent. The case is docketed as A08-
6063/04-11. Mr. K. Zlobin has been appointed insolvency
manager. Creditors may submit their proofs of claim to 308034,
Russia, Belgorod, Post Office-34, Post User Box 674.
CONTACT: SELKHOZ-TEKHNIKA
309900, Russia, Belgorod region,
Valujki, Surzhikova Str. 30
Mr. K. Zlobin
Insolvency Manager
308034, Russia, Belgorod,
Post Office 34, Post User Box 674
SUGAR REFINERY: Sets Public Auction Wednesday
---------------------------------------------
The bidding organizer of OJSC Sugar Refinery will sell its
property on Jan. 12, 2005, 9:00 a.m. The public auction will
take place at Russia, Moscow, Krasnopresnenskaya Str. 12. Up
for sale are eight lots of different buildings/warehouses with a
starting price of RUB2,390,000. The list of documentary
requirements is available at Russia, Moscow, Varshavskoye
Shosse, 33, Building 4.
CONTACT: SUGAR REFINERY
Russia, Nevinnomyssk, Montazhnaya Str. 22
RTK RESOURCES
Bidding Organizer
Russia, Moscow, Gorokhovskiy Per. 4
ZNAMENSKIY: Last Day for Filing of Claims Today
-----------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Znamenskiy after finding the state-owned
enterprise insolvent. The case is docketed as K/E-102/04. Mr.
V. Vinogradov has been appointed insolvency manager.
Creditors have until Jan. 10, 2005 to submit their proofs of
claim to 644065, Russia, Omsk, 50 Let Profsoyuzov Str. 61.
CONTACT: Mr. V. Vinogradov
Insolvency Manager
644065, Russia, Omsk,
50 Let Profsoyuzov Str. 61
===========================
U N I T E D K I N G D O M
===========================
1ST 4: Members Okay Proposal to Dissolve Company
------------------------------------------------
At the extraordinary general meeting of the members of 1st 4
Architectural Systems Limited on Dec. 21, 2004 held at the
offices of RMT, 3 Portland Terrace, Newcastle upon Tyne NE2 1QQ,
the extraordinary resolution to wind up the company was passed.
A. A. Josephs and L. A. Farish of RMT, 3 Portland Terrace,
Newcastle upon Tyne NE2 1QQ have been appointed liquidators of
the company.
CONTACT: RMT
3 Portland Terrace,
Newcastle upon Tyne NE2 1QQ
ACL CONSTRUCTION: Calls in Liquidator from Richard Long & Co.
-------------------------------------------------------------
At the extraordinary general meeting of ACL Construction Limited
on Dec. 20, 2004 held at Congress Centre, 28 Great Russell
Street, London WC1B 3LS, the extraordinary and ordinary
resolutions to wind up the company were passed. Richard William
James Long of Richard Long & Co, Castlegate House, 36 Castle
Street, Hertford, Hertfordshire SG14 1HH has been appointed
liquidator of the company.
CONTACT: RICHARD LONG & CO.
Castlegate House, 36 Castle Street,
Hertford, Hertfordshire SG14 1HH
AIRTECH MECHANICAL: Liquidator from Campbell Crossley Moves in
--------------------------------------------------------------
At the extraordinary general meeting of Airtech Mechanical
Contractors Limited on Dec. 21, 2004 held at the Rhinewood Inn
and Hotel, Glazebrook Lane, Glazebrook, near Warrington,
Cheshire WA3 5BB, the subjoined resolutions to wind up the
company were passed. Richard Ian Williamson of Campbell
Crossley and Davis, 348-350 Lytham Road, Blackpool, Lancashire
FY4 1DW has been appointed liquidator of the company.
CONTACT: CAMPBELL CROSSLEY AND DAVIS
348-350 Lytham Road,
Blackpool, Lancashire FY4 1DW
Phone: 01253 349331
Fax: 01253 348434
Web site: http://www.campbell-crossley-davis.co.uk
ANRO OIL: Hires PricewaterhouseCoopers as Liquidator
----------------------------------------------------
Name of companies:
Anro Oil Limited
Burmah Chile Equities Limited
Burmah Chile Investments Limited
Castrol Consumer Limited
C.C. Wakefield & Company Limited
Kerax Limited
Union Texas Britannia
Union Texas Gas
At the extraordinary general meetings of these companies on Dec.
16, 2004, the special and ordinary resolutions to wind up said
companies were passed. Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of these companies.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
ARCESE MERCURIO: Owners Choose to Dissolve Business
---------------------------------------------------
At the extraordinary general meeting of the members of Arcese
Mercurio UK Limited on Dec. 14, 2004 held at Via L. Romagnoli
25, 4 3056 San Polo Di Torrile (PR) Italy, the special
resolution to wind up the company was passed. Michael Sutcliffe
of Sutcliffe & Co., 288 High Street, Dorking, Surrey RH4 1QT has
been appointed liquidator of the company.
CONTACT: SUTCLIFFE & CO.
288 High Street,
Dorking, Surrey RH4 1QT
ARTHURS PASS: Files for Liquidation
-----------------------------------
At the extraordinary general meeting of the members of Arthurs
Pass Limited on Dec. 7, 2004 held at Sherlock Holmes Hotel,
Baker Street, London, the extraordinary and ordinary resolutions
to wind up the company were passed. John Phillip Walter Harlow
has been appointed liquidator of the company.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Phone: +44(0) 116 242 5100
Fax: +44(0) 116 242 5200
Insolvency Fax: +44 (0) 116 242 5201
Web site: http://www.hkm.co.uk
ATOM INTERACTIVE: Calls in Joint Liquidators from CBA
-----------------------------------------------------
At the extraordinary general meeting of Atom Interactive Limited
on Dec. 23, 2004 held at Lichfield Place, 435 Lichfield Road,
Aston, Birmingham B6 7SS, the extraordinary and ordinary
resolutions to wind up the company were passed. Geoff Robbins
and Neil Richard Gibson of CBA, Lichfield Place, 435 Lichfield
Road, Aston, Birmingham B6 7SS have been appointed joint
liquidators of the company.
CONTACT: CBA
Lichfield Place, 435 Lichfield Road,
Aston, Birmingham B6 7SS
AUTOCALL LIMITED: Appoints Langley & Partners Liquidator
--------------------------------------------------------
At the extraordinary general meeting of Autocall Limited on Dec.
21, 2004 held at Valentine & Co., 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS, the extraordinary and ordinary
resolutions to wind up the company were passed. Philip Simons
of Langley & Partners, Langley House, Park Road, East Finchley,
London N2 8EX has been appointed liquidator of the company.
CONTACT: LANGLEY & PARTNERS
Langley House, Park Road,
East Finchley, London N2 8EX
Phone: +44 (0) 20 8444 2000
Fax: +44 (0) 20 8444 3400
E-mail: langleys@langleypartners.co.uk
Web site: http://www.langleypartners.co.uk
BATH TECHNOLOGY: Hires Deloitte & Touche as Liquidator
------------------------------------------------------
At the extraordinary general meeting of Bath Technology Limited
on Dec. 20, 2004 held at the University of Bath, the special and
ordinary resolutions to wind up the company were passed. Robin
David Allen and Andrew Philip Peters of Deloitte & Touche LLP,
Queen Anne House, 69-71 Queen Square, Bristol BS1 4JP have been
appointed joint liquidators of the company.
CONTACT: DELOITTE & TOUCHE LLP
Queen Anne House,
69-71 Queen Square,
Bristol BS1 4JP
Phone: 0117 921 1622
Fax: 0117 929 2801
Web site: http://www.deloitte.com
BLUEWOOD CONSTRUCTION: Appoints Begbies Traynor Liquidator
----------------------------------------------------------
At the extraordinary general meeting of Bluewood Construction
Limited on Dec. 16, 2004 held at The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, the subjoined
extraordinary resolution to wind up the company was passed.
David Paul Hudson of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG and Nedim
Patrick Ailyan, of Begbies Traynor, Prospect House, Footscray
High Street, Footscray, Sidcup, Kent DA14 5HN have been
appointed joint liquidators of the company.
CONTACT: BEGBIES TRAYNOR
The Old Exchange, 234 Southchurch Road
Southend-on-Sea SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
BEGBIES TRAYNOR
Tudor Cottages
Footscray High Street
Footscray
Sidcup DA14 5HN
Phone: 020 8300 5764
Fax: 020 8300 5749
E-mail: sidcup@begbies-traynor.com
Web site: http://www.begbies.com
BRAND RECOGNITION: Owners Opt for Liquidation
---------------------------------------------
At the meeting of the members of Brand Recognition Limited, the
extraordinary resolution to wind up the company was passed.
Stephen M. Katz of Acre House, 11-15 William Road, London NW1
3ER has been appointed liquidator of the company.
CONTACT: JADE SECURITIES LTD.
Acre House,
11-15 William Road,
London NW1 3ER
BYRON BAY: Commissions HKM LLP to Liquidate Assets
--------------------------------------------------
Name of companies:
Byron Bay (CIS) Limited
Byfield Limited
Exhibita Limited
Hamelin Pool Limited
Invercargill Limited
Macleod Limited
Menindee Limited
Raffles Building Limited
Ramsgate Limited
Transporter Limited
At the extraordinary general meetings of the members of these
companies on Dec. 7, 2004 held at Sherlock Holmes Hotel, Baker
Street, London, the extraordinary and ordinary resolutions to
wind up said companies were passed. John Phillip Walter Harlow
has been appointed liquidator of these companies.
CONTACT: HKM LLP
The Old Mill,
9 Soar Lane,
Leicester LE3 5DE
Phone: +44(0) 116 242 5100
Fax: +44(0) 116 242 5200
Insolvency Fax: +44 (0) 116 242 5201
Web site: http://www.hkm.co.uk
COFFEE REPUBLIC: Restructuring Delivers Better 1st-half Results
---------------------------------------------------------------
Coffee Republic plc, the independent coffee bar operator,
announces its interim results for the six months to 26 September
2004.
Key Points
(a) The restructuring plan and the deli concept are delivering
results with net losses narrowing to GBP0.9 million from
GBP1.0 million in 2003;
(b) With 49 bars currently trading, the first critical phase of
the restructuring program -- rationalizing the estate -- is
reaching conclusion;
(c) New delis are performing to target, showing sales increases
in excess of 20%;
(d) The trend in like-for-like sales is improving with like-for-
like sales for the third quarter to date standing at 2%
positive.
Interim Results - Financial
(a) Financial results are in line with expectations, reflecting
the benefits of the restructuring plan and the deli concept;
(b) Sales down 22% to GBP8.9 million (2003 - GBP11.4 million) as
expected following the planned closure of non-core bars;
(c) Like-for-like sales for the first half were flat,
demonstrating an improving trend in comparison to the
negative like-for-like performances experienced over the
last few years;
(d) The financial position remains stable with net debt down
to GBP1.9 million (2003: GBP3.2 million);
(e) Net loss narrowed to GBP0.9 million (2003: loss of GBP1.0
million).
Commenting, Bobby Hashemi, Chairman, said: "The first-half
results are encouraging particularly the success of the deli
format and the improvement in the underlying performance of the
coffee bar estate, giving us further confidence that the
platform for restoring shareholder value is being created."
Chairman's Statement
Introduction
The results for the first half of the year are in line with
expectations and show that the restructuring and the development
of the deli concept are continuing to deliver benefits,
narrowing losses in comparison with the same period in the
previous year. Indeed, I am pleased to report that we are now
reaching the end of the first critical phase of the
restructuring program, namely, rationalizing the estate through
the disposal of loss making bars and reducing overhead costs.
Interim Results
Sales for the first half fell as expected by 21.8% to GBP8.9
million (2003: GBP11.4 million) following the planned closure of
non-core bars. On a like-for-like basis sales were flat for the
first half of the year demonstrating an improving trend in
comparison to the negative like-for-like performances
experienced over the last few years.
The operating loss narrowed to GBP0.8 million (2003: GBP0.9
million) as a result of an improvement in the gross margin
percentage following cost of goods reductions and tight control
of central costs. The net loss narrowed to GBP0.9 million
(2003: GBP1.0 million).
Current Trading
Trading since the half-year has continued to improve with like-
for-like sales for the third quarter to date currently at 2%
positive contributing to a positive like-for-like performance
for the year to date.
Cash flow and Financing
The financial position of the Company remains stable with cash
flows before debt repayments improving to a GBP0.6 million
inflow (2003: GBP0.3 million inflow) reducing the net debt
position to GBP1.9 million compared with GBP2.5 million at March
2004 and GBP3.2 million at September 2003.
Strategy and Outlook
With the rationalization phase of the restructuring program
largely complete, our key objectives remain rolling out the deli
concept and re-invigorating the coffee bar estate.
Progress has been made in developing the deli offering and
converting additional sites. During the first half of the year
we converted our sites at Heathrow Terminal 1 and Richmond to
the deli concept. Both sites have shown significant increases
in sales since conversion confirming our expectations that, on
average, sales will increase by more than 20% on conversion. In
the last week we have also converted our site at Heathrow
Terminal 4 to the new format bringing the number of delis to
six. The measured roll out schedule is intentional, ensuring
the success of each individual conversion.
We are fine-tuning the deli model and have evolved the concept
to ensure that the offering continues to be differentiated and
profitable. An enhanced food range has recently been introduced
into the delis, which includes a new range of fresh made salads,
hot meats and sandwiches. I am pleased to report that the
customer response has been positive.
The performance of the coffee bar estate improved during the
first half and continues to improve as demonstrated by the trend
in like for like sales. This follows from enhanced operational
focus on customer service and cleanliness and the introduction
of new product ranges such as new hot toasties and a new range
of muffins and cakes. We are also installing wireless and fixed
terminal Internet access at most of our bars to enhance services
to our guests and improve sales.
The estate rationalization program is now reaching its
conclusion having disposed of 15 bars during the period. The
estate comprised 50 trading bars as at September 2004 compared
to 72 as at September 2003. Subsequently, we have disposed of a
further bar and currently have 49 bars, which include a limited
number of sites that are being marketed.
On an annualized basis overhead costs are now half of the figure
experienced two years ago following the savings generated as
part of the restructuring.
The first half results are encouraging particularly the success
of the deli format and the improvement in the underlying
performance of the coffee bar estate, giving us further
confidence that the platform for restoring shareholder value is
being created.
Bobby Hashemi
Chairman
21 December 2004
A full copy of Coffee Republic's financial results is available
free of charge at http://bankrupt.com/misc/coffeerepublic.htm.
CONTACT: COFFEE REPUBLIC
Bobby Hashemi
Simon Drysdale
Phone: 020 7033 0600
BUCHANAN COMMUNICATIONS
Tim Thompson
Nicola Cronk
Phone: 020 7466 5000
COLT TELECOM: Names Gene Gabbard Non-executive Director
-------------------------------------------------------
COLT Telecom Group plc, a leading pan-European provider of
business communications solutions and services, announced the
appointment of O. Gene Gabbard as non-executive director.
Gene Gabbard is a member of the Board of Directors of Trillion
Partners, a broadband wireless Internet Service Provider based
in Austin Texas and a member of the Board of Directors of PRE
Holdings, Inc., a stored value card services company based in
West Point, Georgia.
Mr. Gabbard is a member of the Board of Directors of Knology,
Inc., West Point, Georgia, a broadband services company
providing telephony, video (CATV) and high speed Internet
throughout much of the Southeastern U.S. He is a Special
Limited Partner of Ballast Point Ventures, an equity capital
fund based in St. Petersburg, Florida, that specializes in
providing expansion capital to small and growing businesses in
the Southeast and Texas. Mr. Gabbard also serves as a Review
Committee Member for Dali Hook Partners, a US$60 million venture
fund with offices in Menlo Park, California and Dallas, Texas.
Previously, Gene Gabbard served as an advisor to The Walt Disney
Company, was an Executive Vice President and Chief Financial
Officer of MCI Communications Corporation, served as Chairman of
the Board and Chief Executive Officer of Telecom*USA, was a
founder and president of Digital Communications Corporation (now
Hughes Network Systems) and worked for COMSAT Laboratories.
Gene Gabbard is a Fellow of the Institute of Electrical and
Electronics Engineers (IEEE), and a member of the Society of
International Business Fellows.
Commenting on the appointment, COLT Chairman Barry Bateman said:
"Gene Gabbard's extensive telecom and high technology business
experience will be invaluable as COLT continues to develop and
position itself as an innovating force in the European
telecommunications market."
There are no matters in connection with this appointment to be
disclosed under paragraph 6.F.2 (b) to (g) of the Listing Rules
of the U.K. Listing Authority.
About COLT
COLT Telecom Group plc is a leading pan-European provider of
business communications services. COLT has over 19,000 network
services and data center solutions customers. The company owns
an integrated 20,000-kilometer network that directly connects 32
major cities in 13 countries augmented with a further 42 points
of presence across Europe and 11 Data Solution Centers. COLT
supplies customers across the full spectrum of industry, service
and government sectors with unrivalled end-to-end network
security, reliability and service.
COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT). Information about COLT and its
products and services can be found at http://www.colt.net.
* * *
Standard & Poor's Ratings Services said in July its ratings and
outlook on Colt Telecom Group PLC (B-/Stable/--) were unaffected
by the company's adverse trading update.
COLT had reiterated that market conditions continued to be
challenging and that its margins were under pressure, as a
result of the disappointing growth of higher margin products.
EBITDA for 2003 was GBP163.4 million (US$298.4 million) with a
margin of 14%.
At its second-quarter results, Colt reported turnover of
GBP301.2 million, up 8% on a constant currency basis; gross
margin before depreciation of 31.9%; EBITDA up 1% to GBP38.3
million; loss of GBP26.3 million, down 24% from GBP34.5million;
and positive free cash flow of GBP4.5 million its second
consecutive quarter of positive free cash flow; strong financial
position with cash and liquid resources of GBP794.0 million; and
Significant new contract wins with SunGard, lastminute.com and
EDS.
CONTACT: COLT TELECOM GROUP PLC
Gill Maclean
Head of Corporate Communications
E-mail: gill.maclean@colt-telecom.com
Phone: +44 (0) 20 7863 5314
COMPANA LIMITED: Liquidator from Begbies Traynor Moves in
---------------------------------------------------------
At the extraordinary general meeting of Compana Limited on Dec.
1, 2004 held at Waltham Abbey Marriott Hotel, Old Shire Lane,
Waltham Abbey, Essex EN9 3LX, the subjoined extraordinary
resolution to wind up the company was passed. Jamie Taylor of
Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG has been appointed liquidator of
the company.
CONTACT: BEGBIES TRAYNOR
The Old Exchange, 234 Southchurch Road
Southend-on-Sea SS1 2EG
Phone: 01702 467255
Fax: 01702 467201
E-mail: southend@begbies-traynor.com
Web site: http://www.begbies.com
COPIUS COMMUNICATION: Begbies Traynor Takes over Operations
-----------------------------------------------------------
At the extraordinary general meeting of the members of Copius
Communication Limited on Dec. 16, 2004 held at 4th Floor,
Exchange House, 494 Midsummer Boulevard, Milton Keynes MK9 2EA,
the extraordinary and ordinary resolutions to wind up the
company were passed. Timothy John Edward Dolder and Paul
Michael Davis of Begbies Traynor, 4th Floor, Exchange House, 494
Midsummer Boulevard, Milton Keynes MK9 2EA have been appointed
joint liquidators of the company.
CONTACT: BEGBIES TRAYNOR (SOUTH) LLP
4th Floor,
Exchange House,
494 Midsummer Boulevard,
Milton Keynes MK9 2EA
Phone: 01908 255 992
Fax: 01908 255 700
Web site: http://www.begbies.com
CORK INTERNATIONAL: Owners Decide to Call in Liquidators
--------------------------------------------------------
At the extraordinary general meeting of the members of Cork
International Consumer Products Limited on Dec. 21, 2004 held at
Regus, 68 Lombard Street, London EC3V 9LJ, the extraordinary and
ordinary resolutions to wind up the company were passed.
Christopher Morris and Paul Michael Davis of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT have been appointed
joint liquidators of the company.
CONTACT: BEGBIES TRAYNOR (SOUTH) LLP
32 Cornhill, London EC3V 3BT
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
CORUS GROUP: Dongkuk Joins Consortium Sourcing Slabs from TCP
-------------------------------------------------------------
Further to its announcement on Dec. 16, Corus Group plc
announced that Dongkuk Steel Mill Co. has now joined the
consortium of re-rolling companies (namely Duferco, Marcegaglia
and Imsa) to purchase slab under a 10-year off-take contract
from Corus' Teesside Cast Products (TCP) business.
As a result of Dongkuk's participation in the Consortium, Corus
will receive a total of US$157 million from the Consortium,
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%.
Duferco is an Italian/Swiss-based steel trader and producer;
Marcegaglia is an Italian strip products re-roller and
tubemaker; Dongkuk is a Korean re-roller and Imsa is a Mexican
steel producer.
Teesside Cast Products is an integrated steel-making facility,
which currently manufactures around 3.3 million tons a year of
slab and bloom across a wide range of specifications and
applications. The bulk of TCP's output has historically been
supplied to other Corus plants in the U.K. and Europe. The
Teesside site has 2,900 Corus employees of whom 1,700 are in
Teesside Cast Products.
Corus Group plc (LSE/AEX: CS; NYSE: CGA) is one of the world's
largest metal producers with an annual turnover of GBP8 billion
and major operating facilities in the U.K., the Netherlands,
Germany, France, Norway and Belgium. Corus' four divisions
comprising Strip Products, Long Products, Distribution &
Building Systems and Aluminium provide innovative solutions to
the construction, automotive, packaging, mechanical engineering
and other markets worldwide. Corus has 48,500 employees in over
40 countries and sales offices and service centers worldwide.
Combining international expertise with local customer service,
the Corus brand represents quality and strength.
CONTACT: CORUS GROUP PLC
Corporate Media Enquiries
Annanya Sarin
Phone: +44 (0)20 7717 4532
Local Media Enquiries
Nina Harding
Phone: +44 (0)1642 404301
Investor Enquiries
Anthony Hamilton
Phone: +44(0)20 7717 4503
Bernard Ronchi
Phone: +44 (0)20 7717 4501
CORUS GROUP: Sale of Sheet Piling Biz Gets Temporary Clearance
--------------------------------------------------------------
The U.K. Competition Commission has provisionally cleared the
acquisition by Arcelor S.A. of the U.K. hot rolled steel sheet
piling business of Corus Group plc.
In a summary of the provisional findings published on the
Commission Web site -- http://www.competition-commission.org.uk
-- the regulator's inquiry group has concluded (by a majority of
four to one) that the acquisition may not be expected to lead to
a substantial lessening of competition.
Sheet piling is used in the construction industry as a retaining
structure acting as a barrier to earth or water.
Chairman of the Inquiry Group, Peter Freeman commented: "By this
deal Arcelor has bought the commercial operations of the hot
rolled steel sheet business of Corus, that is the goodwill,
know-how and some staff. Corus' heavy section mill at
Scunthorpe was not included in the transfer, and we are
satisfied that Corus would have closed this mill, and withdrawn
from this loss-making business in any event, even if the Arcelor
deal had not happened.
"Arcelor is now in a strong position in this U.K. business
sector, but we believe that the market is open to competition,
with ample spare capacity available from suppliers elsewhere in
Europe and that Arcelor would have held much the same position
with or without the deal.
"Any reduction of competition, and we accept that there may be
some, at least in the short term, stems from Corus' withdrawal
rather than the deal with Arcelor; we have accordingly concluded
provisionally that the merger itself will not lead to a
substantial lessening of competition.
"One member provisionally dissents from this majority view."
The summary of provisional findings and other information
regarding the inquiry can be found at http://www.competition-
commission.org.uk/inquiries/current/arcelor/index.htm. The full
pro-visional findings report will be published shortly.
Anyone wishing to comment on the provisional findings is invited
to provide the Group with their response in writing, including
any reason why these provisional findings should not become
final. Written comments must be received by the Group no later
than 21 January 2005. Comments should be made in writing to:
Inquiry Secretary (Arcelor/Corus merger inquiry)
Competition Commission
Victoria House
Southampton Row
London WC1B 4AD
or by e-mail: Arcelor.Corus@competition-commission.gsi.gov.uk.
* * *
The Enterprise Act 2002 empowers the OFT to refer to the
Commission anticipated or completed mergers for investigation
and report which create or enhance a 25% share of supply in the
U.K. (or a substantial part thereof) or where the U.K. turnover
associated with the enterprise being acquired is over GBP70
million.
The Arcelor/Corus Group consists of five members-Peter Freeman
(Group Chairman), John Baillie, John Collings, Chris Goodall and
Jeremy Seddon.
The acquisition was referred to the Commission on 10 September
2004. The Commission is required to publish its final report by
24 February 2005. Further information can be obtained from the
Commission's Web site -- http://www.competition-
commission.org.uk/inquiries/current/arcelor/index.htm.
Enquiries should be directed to Francis Royle, Press Officer,
020 7271 0242, or Rory Taylor on 020 7271 0488/. E-mail:
rory.taylor@competition-commission.gsi.gov.uk.
The full text of the OFT's referral of this case can be found on
the OFT Web site -- http://www.oft.gov.uk.
CONTACT: CORUS GROUP PLC
Corporate Media Enquiries
Annanya Sarin
Phone: +44 (0)20 7717 4532
Local Media Enquiries
Nina Harding
Phone: +44 (0)1642 404301
Investor Enquiries
Anthony Hamilton
Phone: +44(0)20 7717 4503
Bernard Ronchi
Phone: +44 (0)20 7717 4501
DB TRANSPORT: Hires Poppleton & Appleby to Wind up Business
-----------------------------------------------------------
At the extraordinary general meeting of DB Transport (Midlands)
Limited on Dec. 9, 2004 held at 35 Ludgate Hill, Birmingham B3
1EH, the resolution to wind up the company was passed. M. T.
Coyne of Poppleton & Appleby has been appointed liquidator of
the company.
CONTACT: POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
DEE J: Names Nigel Price Liquidator
-----------------------------------
At the extraordinary general meeting of Dee J Trading Limited on
Dec. 20, 2004 held at The Oxford Hotel, Wolvercote Roundabout,
Godstow Road, Oxford OX2 8AL, the extraordinary and ordinary
resolutions to wind up the company were passed. Nigel Price of
Moore Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB has been appointed liquidator of the
company.
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
DESIGNREALM (ONE): Calls in Liquidators from PKF
------------------------------------------------
Name of companies:
Designrealm (One) Limited
Designrealm (Two) Limited
At the meeting of these companies on Dec. 10, 2004, the special
and ordinary resolutions to wind up said companies were passed.
Frederick Charles Satow and Stephen Paul Holgate of PKF,
Farringdon Place, 20 Farringdon Road, London EC1M 3AP have been
appointed joint liquidators of said companies.
CONTACT: PKF
Farringdon Place,
20 Farringdon Road, London EC1M 3AP
Phone: 020 7065 0000
Fax: 020 7065 0650
E-mail: info.london@uk.pkf.com
Web site: http://www.pkf.co.uk
DRAKESWELL LIMITED: Appoints Oury Clark Liquidator
--------------------------------------------------
At the extraordinary general meeting of Drakeswell Limited on
Dec. 16, 2004 held at Herschel House, 58 Herschel Street, Slough
SL1 1PG, the special, ordinary and extraordinary resolutions to
wind up the company were passed. Richard Anthony Oury and
Derrick Arthur Smith of Oury Clark, Herschel House, 58 Herschel
Street, Slough, Berkshire SL1 1HD have been appointed joint
liquidators of the company.
CONTACT: OURY CLARK
Herschel House, 58 Herschel Street,
Slough, Berkshire SL1 1PG
Web site: http://www.ouryclark.com
DUNSTANBURGH BUILDING: Calls in Liquidators from Tait Walker
------------------------------------------------------------
At the extraordinary general meeting of Dunstanburgh Building
Company Limited on Dec. 21, 2004 held at Tait Walker, Bulman
House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS, the
special, ordinary and extraordinary resolutions to wind up the
company were passed. Gordon Smythe Goldie and Allan D. Kelly of
Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle
upon Tyne NE3 3LS have been appointed liquidators of the
company.
CONTACT: TAIT WALKER
Bulman House,
Regent Centre, Gosforth,
Newcastle upon Tyne NE3 3LS
Phone: 0191 285 0321
Fax: 0191 284 9117
E-mail: advice@taitwalker.co.uk
Web site: http://www.taitwalker.co.uk
EMI GROUP: Names Martin Stewart Group Chief Financial Officer
-------------------------------------------------------------
EMI Group plc on Jan. 6, 2005 announced a succession plan for
its music publishing division and the appointment of a new Group
Chief Financial Officer. Roger Faxon, currently the Group's
Chief Financial Officer, will return to EMI Music Publishing,
initially as President and Chief Operating Officer. Martin
Bandier has agreed to extend his contract, which secures him as
full-time Chairman of EMI Music Publishing until 31 March 2008.
Martin Stewart, formerly Chief Financial Officer of BSkyB plc,
will join the Company to succeed Mr. Faxon as Chief Financial
Officer.
With effect from Feb. 01, 2005, Roger Faxon will return to EMI
Music Publishing in New York to take up the newly created role
of President and Chief Operating Officer, reporting to the
division's Chairman and Chief Executive Officer, Martin Bandier.
At that time, Mr. Faxon will stand down from the Board of EMI
Group plc.
As from April 1, 2006, Roger Faxon will re-join the Board when
he becomes joint Chief Executive Officer of EMI Music Publishing
with Martin Bandier. At the same time, Mr. Bandier, who will
continue as Chairman of EMI Music Publishing in addition to his
role as joint Chief Executive Officer, will step down from the
Board.
As from April 1, 2007, Mr. Faxon will become sole Chief
Executive Officer of EMI Music Publishing with Mr. Bandier
remaining as full-time Chairman until March 31, 2008.
Thereafter, Mr. Faxon will also become Chairman, and Mr. Bandier
will act as a consultant to EMI Music Publishing for a further
three years.
Martin Stewart joins EMI immediately and will take up the
position of Chief Financial Officer, EMI Group plc, on Feb. 1,
2005 when he will also join the Group Board. He will report in
his new role to Eric Nicoli, EMI Group's Chairman. Mr. Stewart
was Chief Financial Officer of BSkyB plc from May 1998 to August
2004.
Eric Nicoli said: "I am delighted that Marty and Roger are to be
reunited at EMI Music Publishing. Marty has achieved
outstanding success over the past fifteen years in building EMI
Music Publishing to be the world leader, and I am very pleased
that he will continue to be fully involved with the business for
a number of years to come, ensuring smooth succession. Roger
will bring his extensive skills and industry experience to bear
in working with Marty and the impressive EMI Music Publishing
team to take the business to new heights.
"I thank Roger for the enormous contribution that he has made in
his three years as Group CFO. He has played a lead role in
strengthening the Group's financial position and disciplines and
in establishing a strong platform for our further development.
In Martin Stewart we have attracted an outstanding executive
with a strong track record in the media sector and someone who
has the talent to help us take the company to the next level of
performance. I very much look forward to working with him."
Martin Bandier said: "Roger and I have been colleagues for over
ten years and I am pleased to have him joining me again at EMI
Music Publishing. I am confident in his ability to maintain and
grow our leading industry position. I look forward to working
with him to build on the successes our company has achieved."
Roger Faxon said: "What could be better than to return to the
business I love and to work again with Marty Bandier. Marty has
built EMI Music Publishing into a world-class business. We are
at the beginning of an exciting time for the music publishing
industry and I am pleased to have the opportunity to play a role
in assuring EMI Music Publishing's continuing progress in the
years to come. I have valued my time as Chief Financial Officer
of EMI Group. I have learned a lot, made many friends and I
have enjoyed the opportunity to contribute to the company's
growing success. I could not be more pleased that Martin
Stewart will be succeeding me. He is a talented executive who I
am certain will make a great contribution in the years ahead."
Martin Stewart said: "I am excited to be joining EMI at such an
important time in the music industry's development. The company
has made great strides in positioning itself to flourish in the
digital age and I am pleased to have the opportunity to join
such a high quality management team and to participate in the
next phase of the Group's growth and development."
Biographies:
Martin Bandier is Chairman and Chief Executive Officer EMI Music
Publishing. He was appointed to the Board in April 1998. He
joined EMI Music Publishing as its Vice Chairman in 1989 upon
the acquisition of SBK Entertainment World Inc. (SBK), in which
he was a founding partner. He was appointed CEO of EMI Music
Publishing in 1991 becoming, in addition, Chairman in 1992. Mr.
Bandier entered the music publishing business in 1975 as a
founding partner of the Entertainment Music Company and the
Entertainment Television Company and, together with his
partners, created SBK in 1986. Mr. Bandier is a director of the
National Music Publishers' Association, the BMI Foundation, the
Songwriters' Hall of Fame, the Rock and Roll Hall of Fame and
the Syracuse University Board of Trustees. He is also a member
of the National Academy of Recording Arts and Sciences.
Roger Faxon was appointed CFO of EMI Group plc and joined the
Board in February 2002. He joined EMI in 1994, initially as
Senior Vice President, Business Development & Strategy, EMI
Music and, in April 1999, became Executive Vice President and
Chief Financial Officer, EMI Music Publishing. Prior to 1994,
Mr. Faxon held operations and general management positions.
These posts included five years with Sotheby's as Managing
Director, Sotheby's Europe and, previously, as Chief Operating
Officer, Sotheby's North and South America. This followed 10
years in the motion picture industry where he was Chief
Operating Officer of LUCASFILM Ltd, partner in The Mount Company
and Senior EVP at Columbia Pictures Entertainment. Earlier, Mr.
Faxon spent six years on the senior staff of the U.S. Congress.
Martin Stewart was appointed as Chief Financial Officer and a
Director of British Sky Broadcasting Group plc (BSkyB) in May
1998. He previously served BSkyB as Head of Commercial Finance
from March 1996. Prior to joining BSkyB, Mr. Stewart was
employed at PolyGram for five years, latterly at PolyGram Filmed
Entertainment, where he was Finance Director for two years.
CONTACT: EMI GROUP PLC
Amanda Conroy
Corporate Communications
Phone: +44 20 7795 7529
Jeanne Meyer
Phone: +1 212 786 8850
Investor Relations
Claudia Palmer
Phone: +44 20 7795 7635
Susie Bell
Phone: +44 20 7795 7971
BRUNSWICK GROUP LLP
Patrick Handley
Phone: +44 20 7404 5959
EUROSTAR GROUP: 2004 Passenger Traffic Up 15%
---------------------------------------------
Eurostar Group Ltd., the high-speed passenger train service that
links the U.K. with France and Belgium, saw record passenger
numbers, punctuality and sales figures in 2004. The performance
was boosted by the company's busiest ever Christmas and New Year
period, in which 250,000 passengers were carried.
About 7,276,675 passengers traveled on Eurostar in 2004, up 15%
on 2003. Expected sales in 2004 were GBP433 million, up 15% on
the year before (GBP376 million). Eurostar's highest monthly
market share in 2004 was 68% on the London-Paris and 63% on the
London-Brussels air/rail routes. A total of 61 million people
have traveled on Eurostar since its first service in November
1994.
Punctuality in 2004 was 89.2%, up 10.9% on the same period last
year (78.3%) and the best-ever annual punctuality figure
recorded by Eurostar. This compares with much lower punctuality
rates for airline competitors operating on the
London/Paris/Brussels routes. Due to substantial demand,
Eurostar ran 17 extra trains over the Christmas and New Year
period as many travelers chose either to visit family and
friends or spend money on a French or Belgian city break during
the festive season.
Eurostar's improved performance is largely down to the opening
of the Channel Tunnel Rail Link in 2003, market-leading
punctuality, extra daily services and better-value fares. A
fresh strategy, focusing on business travelers, has also helped
to increase passenger numbers, with an 18.5% increase in U.K.
business sales on the same period last year.
Paul Charles, Director of Communications, Eurostar, said:
"Eurostar has set new, higher standards for short-haul carriers
over the last year. These record figures prove that business
and leisure travelers have recognized the transformation in our
service."
"We are not seeing customers downgrade or switch to low-cost
airlines -- they are choosing to travel in high-speed comfort
and style by train. In 2005, we will invest more in our onboard
product, in a climate where many airline competitors are
investing less in their short-haul service."
Substantial product changes are planned by Eurostar during 2005
-- including the introduction of Wi-Fi technology onboard; the
separation of business and leisure passengers in first class;
completion of the onboard refurbishment program and new-look
catering in first class.
Eurostar will also be working on detailed plans for its move in
2007 to St. Pancras International -- when its entire service
will move out of Waterloo International. New stations will be
opened at Stratford International and near Dartford in Kent, to
complement the existing Ashford International.
* * *
Eurostar is the fast train service linking London, Ashford,
Paris, Brussels, Lille, Avignon, Calais, Disneyland Resort Paris
and the French Alps.
Eurostar was named "Train Operator of the Year" at the National
Rail Awards 2004; "World's Leading Rail Service" in the 2003 and
2004 World Travel Awards; "Best Rail Network" at the Business
Travel World Awards 2004 and "Best Rail Operator" at the Travel
Weekly Globe Awards 2004.
Eurostar and Eurotunnel are two entirely different companies
with two different management teams. Eurostar is Eurotunnel's
largest customer.
CONTACT: EUROSTAR GROUP LTD.
Eurostar House, Waterloo Station
London
SE1 8SE, United Kingdom
Phone: +44-20-7928-5163
Fax: +44-20-7922-4499
E-mail: press.office@eurostar.co.uk
Web site: http://www.eurostar.com
HANOVER HOUSE: Top Honcho Disqualified for Ten Years
----------------------------------------------------
A director of four publishing businesses that failed with total
debt estimated at around GBP615,000 has given an undertaking not
to hold directorships or take any part in company management for
10 years.
The undertaking by Timothy Fitzjohn Boem, 40, of Roman Road,
Margaretting, Ingatestone, was given in respect of his conduct
as a director of Hanover House Publishing Limited, HUK Limited,
Streetwyse Limited and the Waiting Room Limited, which carried
out business from premises at 78-82 High Street, Brentwood,
Essex.
Acceptance of the undertaking on December 30, 2004 prevents Mr.
Boem from being a director 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
period. Hanover was placed into liquidation on 24 October 2002
with estimated debt of GBP177,000 owed to creditors. HUK was
placed into liquidation on October 24, 2002 with estimated debt
of GBP162,000 owed to creditors. Streetwyse was placed into
liquidation on October 24, 2002 with estimated debt of
GBP216,000. Waiting Room was placed into liquidation on October
24, 2002 with estimated debt of GBP60,570.
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 investigation
of the conduct of directors of failed companies and for the
disqualification of those who are considered to be unfit
involved in the management of companies in the future.
Matters of unfit conduct, not disputed by Mr. Boem, were that:
(a) He caused Hanover to continue the failed business of HHD
Limited with no reasonable prospect of success;
(b) HHD went into liquidation in July 2000 with an estimated
deficiency of GBP423,949 and estimated liabilities to the
Crown of GBP361,974;
(c) He caused Hanover to trade to the detriment of the Crown by
retaining money due to the Inland Revenue and HMCE for
PAYE/NIC and VAT. As a result at liquidation GBP361,974 was
owed to the Crown;
(d) He caused HUK to trade to the detriment of the Crown by
retaining money due to the Inland Revenue and HMCE for
PAYE/NIC and VAT. As a result at liquidation GBP75,605 was
owed to the Crown;
(e) He caused Streetwyse to trade to the detriment of the Crown
by retaining monies due to the Inland Revenue and HMCE for
PAYE/NIC and VAT. As a result at liquidation GBP175,120 was
owed to the Crown; and
(f) He caused Waiting Room to trade to the detriment of the
Crown retaining money due to the Inland Revenue and HMCE for
PAYE/NIC and VAT. As a result at liquidation GBP68,565 was
owed to the Crown.
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
JAGUAR CARS: Ford Agrees to Bailout British Unit Anew
-----------------------------------------------------
U.S. carmaker Ford Motors has agreed to rescue its subsidiary
Jaguar Cars, The Guardian reports.
The distress call from the U.K. luxury carmaker came only about
a year after Ford supported it with a GBP260 million cash
injection to steady its finances after heavy losses in 2002.
Yet again, in 2003, the firm ran up losses of more than GBP600
million after overestimating sales growth. The company was
forced to write down GBP534 million as it cut back annual sales
target of up to 200,000 cars a year to the current 125,000. The
losses are reported to have rendered Jaguar with a negative net
worth of GBP322 million.
Jaguar has not yet published financial figures for 2004, but
Chief Executive Joe Greenwell estimates losses for the year to
be at "hundreds of millions of pounds." The results will carry
the costs of the firm's recovery program that involves up to
1,150 job-cuts and the transfer of productions in Coventry to
Birmingham.
"The Jaguar business was recapitalized in 2003 and a program of
future recapitalization has been agreed," an unnamed Jaguar
spokesman told The Guardian. The source did not give details on
how Ford will go about the process. It is thought it might swap
some of Jaguar's GBP490 million debt into equity or make an
outright cash injection.
The company predicts its losses -- brought about by intense
competition in the U.S., and the fall in the value of the dollar
-- to continue next year. Ford has already taken a US$312
million charge to cover costs of the Jaguar recovery plan and
the sale of its Formula One business.
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
J F ALLEN: Director Gets Ten-year Ban from Insolvency Service
-------------------------------------------------------------
The director of a concrete manufacturing business that failed
with total debt estimated at GBP91,000 has given an undertaking
not to hold directorships or take any part in company management
for four years.
The undertaking by Doreen Margaret Allen, 46, of Fairview
Avenue, Rainham, Essex was given in respect of her conduct as a
director of J F Allen Contractors Limited, which carried on
business from premises at 429 Upminster Road North, Rainham,
Essex.
Acceptance of the undertaking on January 4, 2005 prevents Ms.
Allen from being a director 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 four years.
J F Allen was placed into compulsory liquidation by Order of the
High Court on February 26, 2003 on the petition of H M Customs &
Excise for GBP44,556 in respect of unpaid VAT. The company had
an estimated total deficiency of GBP91,456.
The Official Receiver at Southend-on-Sea conducted 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 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. Allen, were that:
(a) She caused JF Allen to trade to the detriment of HM Customs
& Excise from, at the latest, July 31, 2000 to August 2002,
during which time GBP8,598 was paid to Customs, whilst
GBP293,589 was paid to trade and expense creditors, and at
least GBP26,619 was paid to her and her husband. This
resulted in the debt to Customs increasing from at least
GBP3,044 to GBP35,842;
(b) She caused JF Allen to trade to the detriment of Inland
Revenue from, at the latest, May 2000, when the 1999/2000
PAYE and NIC return was not paid when due, to August 2002.
During that time GBP6,023 was paid to Inland Revenue, whilst
GBP293,589 was paid to trade and expense creditors, again
when at least GBP26,619 was paid to her and her husband.
This resulted in the debt to Inland Revenue increasing from
at least GBP7,680 to GBP22,351; and
(c) She failed to provide a satisfactory account to the Official
Receiver as to the disposal of the assets of JF Allen.
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
RGS PATTERN: In Administrative Receivership
-------------------------------------------
Steve Ellis and Nick Reed of PricewaterhouseCoopers were
appointed Joint Administrative Receivers to RGS Pattern Book
Company Limited on 6 January 2005.
RGS is one of the foremost producers of carpet pattern books for
a wide range of carpet manufacturers. The company employs
around 80 people and trades from a site in Ossett, near
Wakefield. Despite implementing a turnaround plan, ongoing
cash-flow problems and an extremely challenging market
contributed to the directors requesting the appointment of
Administrative Receivers.
The Administrative Receivers will continue to trade the business
in the short term whilst seeking a purchaser for the business
and assets, but, given continued losses and the ongoing funding
requirement a number of immediate redundancies were inevitable.
Joint Administrative Receiver, Nick Reed of
PricewaterhouseCoopers, said: "The financial difficulties in the
carpet industry have been well publicized and despite the
directors best efforts to keep the company trading the
accumulated losses and continuing difficult trading conditions
have led to this appointment."
"Going forward our immediate strategy is to retain a core
workforce and continue to trade the company whilst seeking a
purchaser for the business. Unfortunately ongoing costs meant
that we had to make a number of staff redundant with immediate
effect."
CONTACT: PRICEWATERHOUSECOOPERS
Nick Reed
Phone: 0113 289 4000
Web site: http://www.pwc.com/uk
TRAVEL & STAY: Insolvency Service Disqualifies Former Director
--------------------------------------------------------------
A Director of a travel agency business that failed with debt of
more than GBP90,000 has been disqualified in Falkirk Sheriff
Court from acting as a company director for ten years.
Gary Burns also known as Ronnie Smith, 35, of Harlow Avenue,
Waterside Gardens, Falkirk was a director of Travel & Stay
Limited, which carried on business from premises at 19B The
Stables, 19 Wellside Place, Falkirk FK1 5RL.
Travel & Stay Limited was placed into compulsory liquidation on
the making of a Winding Up Order in Falkirk Sheriff Court on the
Petition of Her Majesty's Custom and Excise on May 30, 2003 with
estimated debt of over GBP90,000 owed to its creditors.
The Disqualification Order, made on December 22, 2004, prevents
Gary Burns 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.
The Insolvency Service, on behalf of the Secretary of State for
Trade and 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, laid before the court and not disputed
by Gary Burns, included:
(a) Causing or allowing the company to act in breach of the
Trust Deed it had entered into with the Travel Trust
Association. In particular, the company failed to deposit
customer monies into the trust account. As a result of this
failure, the Travel Trust Association had to cover
customers' claims and bookings to the value of just under
GBP44,000;
(b) Causing or allowing the company to accept bookings and
payments from customers at a time when the company was no
longer a member of the Travel Trust Association. The
company failed to book tickets and rental cars on behalf of
customers and as a result of this failure, the company's
customers suffered personal losses totaling over GBP6,000.
In addition, Virgin Credit Card, Barclaycard and Itavia
Travel sustained commercial losses totaling over GBP4,500
as a result of the company misusing customers' credit card
numbers;
(c) Causing or allowing the company to fail to lodge any VAT
returns or remit VAT over the period it traded. As a result
of this failure, HM Customs & Excise had a claim in the
liquidation for over GBP21,000; and
(d) Causing or allowing the company to fail to register for
PAYE/NIC and as a result of this failure, the Inland Revenue
are unable to quantify their claim in the 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
*********
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.
This material is copyrighted and any commercial use, resale or
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