/raid1/www/Hosts/bankrupt/TCREUR_Public/050112.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 12, 2005, Vol. 6, No. 08
Headlines
C Z E C H R E P U B L I C
CENTA: Leading Real Estate Broker Declares Bankruptcy
F R A N C E
ADELPRO SOCIETE: To Carry out Massive Restructuring this Year
CAP GEMINI: S&P Cuts Rating to 'BB+' Over Low Margins
TITUS INTERACTIVE: Game Over for Game Maker
G E R M A N Y
BAUAREAL BAUTRAGER: Proofs of Claim Due January 28
BSH BAUSERVICE: Dresden Court Appoints Hww Insolvency Manager
DBS DACH: Provisional Administrator Takes over Operations
DINER GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT: Sets Creditors Meeting
GBR SCHRECKENBERG: Hamburg Court Confirms Bankruptcy
HFG HAUS: Calls First Creditors Meeting
JH LUFT: Gives Creditors Until Next Month to File Claims
KARSTADTQUELLE AG: Meets 2004 Sales Forecast
KOMMUNALE BAUTRAGERGESELLSCHAFT: Hires Insolvency Manager
NIGGAS SERVICE: Creditors Meeting Set February
RAAT-GMBH: Under Bankruptcy Administration
RETTINGHAUSEN GMBH: Bochum Court Appoints Administrator
VIELKLANG MUSIKPRODUKTION: Declares Bankruptcy
H U N G A R Y
NABI RT: Reducing Workforce at Kaposvar Factory
I T A L Y
PARMALAT U.S.A.: Disclosure Statement Hearing Set Today
N E T H E R L A N D S
ROYAL SHELL: Former Finance Chief Gets US$1 Mln Severance Pay
ROYAL SHELL: Expects to Resume Normal Operation in Niger Delta
R U S S I A
BELGA: Bankruptcy Hearing Set March
BUGURUSLAN-AGRO-PROM-TRANS: Under Bankruptcy Supervision
DAIRY KADOSHKINSKIY: Public Auction Set Next Week
DAROVSKIY WOOD-PROM-KHOZ: Kirov Court Names Insolvency Manager
HEAT-INSULATION: Creditors Have Until Next Month to File Claims
ILESH-MIXED FODDER: Undergoes Bankruptcy Supervision Procedure
NEFTEYUGANSK-ZHIL-STROY: Public Auction Set Next Week
SAMOVOYLOVSKOYE: Hires A. Shevtsov Insolvency Manager
TULSTROM: Declared Insolvent
YUKOS OIL: Indian Oil Explorer Looking at Acquisitions
ZARYA: Proofs of Claim Deadline Expires February
S P A I N
IZAR: Officially Declared Bankrupt
U K R A I N E
BARSKA FURNITURE: Temporary Insolvency Manager Enters Firm
DOVZHOK: Urges Creditors to File Claims
EAST-CRIMEAN: Undergoes Bankruptcy Proceedings
ECOLOGICAL SYSTEMS: Names Sergij Yegorenkov Insolvency Manager
EKOPOL BURHIMSERVICE: Declared Insolvent
GARANT: Court Appoints Temporary Insolvency Manager
METALURGMONTAZH-204: Bankruptcy Supervision Starts
PRAPOR: Liquidator Takes over Operations
SPEKTRUM: Succumbs to Insolvency
SUVOROVSKE: Court Brings in Insolvency Manager
THORIVSKIJ ALCOHOL: Under Bankruptcy Supervision
UKRHARCH: Names Dmitro Gerashenko Liquidator
U N I T E D K I N G D O M
ABBEY NATIONAL: Appoints Bank of N.Y. Custodian of ANAM Assets
ABR SOLUTIONS: Names Begbies Traynor Administrator
ALL WOOD: Members Pass Winding up Resolutions
ATKINSON ASSOCIATES: Hires Liquidator from Duncan Sheard Glass
AVECIA GROUP: Sets Aside US$459 Mln for Senior Notes Buyback
AVECIA GROUP: Pays Dividend to Preferred Shareholders
BEMAR RECRUITMENT: Members Decide to Call in Liquidator
BIO-RAD MICROSCIENCE: Appoints Kroll Ltd. Liquidator
BROADWATER COMMUNITY: Hires Begbies Traynor to Liquidate Assets
BUFFALO SOLUTIONS: Files for Liquidation
CASTLEGATE 336: Liquidators from Deloitte & Touche Move in
CENTRE CUE: Directors Banned from Taking on Management Post
CHERRY ENTERTAINMENT: Owners Choose to Liquidate Company
COOMBE HOLDINGS: Members Okay Proposal to Wind up Business
C P INTERIOR: Insolvency Service Bans Director
DELLMANOR LIMITED: Appoints Stringer & Co. Liquidator
DIAMONITE AIRCRAFT: In Administrative Receivership
DUNAMIS LIMITED: Falls into Liquidation
E & J COMMERCIAL: Hires Liquidators from Thompson Partnership
HAMILTON HOUSE: Shareholders Opt for Liquidation
INDEPENDENT INSURANCE: Reaches Settlement with Former Broker
JOC LIMITED: Former Topman Banned from Holding Management Post
JORDAN RYAN: Files for Voluntary Liquidation
LANGNEY MARINE: Appoints Findlay James Administrator
LATHAMS TRUCK: Hires John P. Collins as Liquidator
PRICOA FUNDING: Brings in Joint Liquidators from PwC
RAYNER & COMPANY: Administrators from Grant Thornton Move in
REEKIE MANUFACTURING: Receivers Start Looking for Buyers
SANDCO 867: Appoints Robson Laidler Liquidator
STODDARD INTERNATIONAL: 168-year-old Carpet maker Goes Bust
TELEPORT UK: Appoints Kroll Limited Administrator
TENSIL LIMITED: Members Opt for Voluntary Liquidation
THE ITC: Appoints Joint Administrators from PKF
U.K. FABRICS: Hires Sharma & Co. as Administrator
WATCHBREEZE LIMITED: Succumbs to Liquidation
*********
===========================
C Z E C H R E P U B L I C
===========================
CENTA: Leading Real Estate Broker Declares Bankruptcy
-----------------------------------------------------
Real estate group Centa has filed for bankruptcy, according to
Euro Online.
The report did not cite any reason for the filing, but it did
say the company has been hobbled by various financial ailments
since June. Curiously, owner Stanislav Kindl registered another
company -- West Islington Invest -- shortly after Centa
manifested signs of trouble. He is also connected to another
real estate group, Corona CZ.
According to the report, Mr. Kindl blames his associates for
Centa's demise. Considered the country's second largest real
estate group, Centa sold 20 apartments and eight house-and-lots
in 2003. It leases around 80 apartments a month, according to
Euro Online.
CONTACT: Ruzova 17, Praha 1
Phone: +420 2 96356111
Fax: +420 2 96356112
Mobile: +420 606 729676
Web site: http://www.rkcenta.cz
===========
F R A N C E
===========
ADELPRO SOCIETE: To Carry out Massive Restructuring this Year
-------------------------------------------------------------
Agricultural plastic film manufacturer Adelpro has outlined
extensive restructuring measures to solve its financial woes,
Les Echos says.
The group plans to undergo several stages of restructuring, the
first of which is the return of ownership of technical film
manufacturer Ribeyron to Jean-Pierre and Michel Ribeyron. Mr.
Pierre and Mr. Ribeyron have agreed to present continuation plan
for Ribeyron to the commercial court of Saint-Etienne. Adelpro
acquired Ribeyron in 2003, increasing its turnover from EUR51
million to EUR90 million and production to 65,000 tons of
plastic films.
Restructuring measures are also being implemented at the main
production units in Polyane and Deltalene. The company plans to
shut down a smaller site in Addem and cut down the number of its
employees from 300 to 130.
The commercial court of Saint-Etienne placed Adelpro into
administration on November 10 after admitting its business was
no longer viable due to soaring prices of raw materials. In
2003, the group booked EUR50 million in liabilities, EUR18
million of which were debt.
Group President Michel Monnier and General Manager Bernard
Lemoine Adelpro established the company in 2001. Based in
Firminy, Adelpro has four establishments in the Loire and Haute-
Loire. It is the market leader in the field of plasticulture
and occupies a strong position in technical films.
CONTACT: ADELPRO SOCIETE PAR ACTIONS SIMPLIFIEE
Rue du Pont Noir
42700 Firminy
CAP GEMINI: S&P Cuts Rating to 'BB+' Over Low Margins
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured ratings on France-based IT
services group Cap Gemini S.A. to 'BB+' from 'BBB-'. The
outlook is negative. All ratings have been removed from
CreditWatch, where they were placed on Sept. 9, 2004. The
company has EUR876 million in debt outstanding at June 30, 2004.
"The downgrade reflects our expectations that Cap Gemini's
margins will not rise quickly enough to sustain the previous
rating," said Standard & Poor's credit analyst Patrice Cochelin.
We expect the company's operating profit margin to exceed 3% in
2005 (at constant accounting rules and before restructuring
expenses) from less than 1% estimated for 2004. Although this
would mark a significant improvement, the margin would still be
substantially below that of Cap Gemini's peers, which generally
exceed 5%.
The negative outlook reflects primarily the number of challenges
and execution risks ahead of Cap Gemini's management. North
American operations are of particular concern, as these recorded
a EUR32 million EBIT loss in the first half of 2004, due in
particular to a EUR38 million loss in the "technology" division.
The ratings could be lowered again by one notch if the company's
liquidity, which currently is good, weakens materially.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
at http://www.standardandpoors.com. Alternatively, call one of
the following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176-
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail on media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
TITUS INTERACTIVE: Game Over for Game Maker
-------------------------------------------
The commercial court of Meaux placed videogames publisher Titus
Interactive into liquidation on January 3, 2004, Europe
Intelligence Wire says.
The court decided to liquidate Titus after finding no viable
solution for the game-maker's financial problems. Prior to
this, the company was placed under observation in June 2004.
Set to end on February 7, the company sought the extension of
the observation period, but the court refused.
Herve and Eric Caen founded Titus Interactive, which employs 30,
in 1985. The company quickly grew into one of the world's
leading multi-platform software developers and publishers.
Titus has developed a number of highly acclaimed games for both
PC and console. With offices in Paris, Los Angeles, London,
Hamburg, and Tokyo, the company has established an extensive
distribution network. For the fiscal year ending June 30, 2004,
Titus Interactive Group booked a net revenue of EUR41.1 million.
CONTACT: TITUS INTERACTIVE
Parc de l'Esplanade
12 rue Enrico Fermi
Saint Thibaut dex Vignes
77462 Lagny Sur Marne Cedex
Phone: 08 92 68 94 95
Web site: http://www.titusgames.com
=============
G E R M A N Y
=============
BAUAREAL BAUTRAGER: Proofs of Claim Due January 28
--------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Bauareal Bautrager- und Koordinations-GmbH on Dec. 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 28, 2005
to register their claims with court-appointed provisional
administrator Dr. Gideon Bohm.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 25, 2005, 10:45 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: BAUAREAL BAUTRAGER- UND KOORDINATIONS-GMBH
Jungfernstieg 1, 20354 Hamburg
Contact:
Klaus Stankowski, Manager
Dr. Gideon Bohm, Insolvency Manager
Bachstrasse 85a, 22083 Hamburg
Phone: 040/3208360
Fax: 040/32083636
BSH BAUSERVICE: Dresden Court Appoints Hww Insolvency Manager
-------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against BSH Bauservice Radebeul Ltd. on Dec. 20, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors had until December 20,
2004 to register their claims with court-appointed provisional
administrator Henning Schorisch of Hww.
Creditors and other interested parties are encouraged to attend
the meeting on March 4, 2005, 9:30 a.m. at the district court of
Dresden, Olbrichtplatz 1, 01099 Dresden 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: BSH BAUSERVICE RADEBEUL LTD.
Augustusweg 43
01445 Radebeul
Peter Hirsch, Manager
HWW
Henning Schorisch, Insolvency Manager
Wasastrasse 15
01219 Dresden
Web site: http://www.hww-kanzlei.de
DBS DACH: Provisional Administrator Takes over Operations
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against DBS Dach- & Bauservicegesellschaft mbH on Dec. 17, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until January 28,
2005 to register their claims with court-appointed provisional
administrator Thomas Heilmann.
Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 8:45 a.m. at the district court of
Chemnitz, Gerichtsgebaude, Furstenstrasse 21 in Chemnitz 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: DBS DACH- & BAUSERVICEGESELLSCHAFT MBH
Hohlweg 1
09131 Chemnitz
Ronny Baldauf, Manager
HEILMANN
Thomas Heilmann, Insolvency Manager
Barbarossastrasse 2
09112 Chemnitz
Web site: http://www.Heilmann.li
DINER GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT: Sets Creditors Meeting
----------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against real estate firm DINER
Grundstucksverwaltungsgesellschaft mbH on Dec. 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Jan. 22, 2005
to register their claims with court-appointed provisional
administrator Dr. Gerd G. Weiland.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 23, 2005, 10:15 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: DINER GRUNDSTUCKSVERWALTUNGSGESELLSCHAFT MBH
Bendestorfer Ring 2, 21079 Hamburg
Dr. Gerd G. Weiland, Insolvency Manager
Neuer Wall 86, 20354 Hamburg
Phone: 361307-0
GBR SCHRECKENBERG: Hamburg Court Confirms Bankruptcy
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against GbR Schreckenberg -- Das Gartencenter an der B 75,
formerly Schreckenberg & Dieckmann GbR on Dec. 15.
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 Reinhard Titz.
Creditors and other interested parties are encouraged to attend
the meeting on March 4, 2005, 10:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122 d, 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: GBR SCHRECKENBERG
Meiendorfer Strasse 220, 22145 Hamburg
Contact:
Ingo Dieckmann, Manager
Hermann-Kauffmann-Strasse 19, 22307 Hamburg
Holger Schreckenberg, Manager
Zimmerplatz 2, 20099 Hamburg
Reinhard Titz, Insolvency Manager
Speersort 4/6, 20095 Hamburg
Phone: 303010
Fax: 30301226
HFG HAUS: Calls First Creditors Meeting
---------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against HFG Haus- und Heim GmbH on Dec. 10.
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 Marlies Greschuchna.
Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 11:00 a.m. at Saal 1.043,
Justizzentrum, Thuringer Str. 16, 06112 Halle at which time the
administrator will present his first report of the insolvency
proceedings. The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: HFG HAUS- UND HEIM GMBH
Am Stadtwege 4, 06268 Querfurt
Contact:
Falk Huneburg, Manager
Thomas-Muntzer-Siedlung 14, 06295 Bischofrode
Marlies Greschuchna, Insolvency Manager
Grosser Berlin 14, D-06108 Halle
Phone: 0345/6828831
Fax: 0345/6828897
JH LUFT: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against JH Luft u. Klimaanlagenbau Gesellschaft mit beschrankter
Haftung on Dec. 20. 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 Frank Imberger.
Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2005, 8:45 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29 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: JH LUFT U. KLIMAANLAGENBAU GESELLSCHAFT MIT
BESCHRANKTER HAFTUNG
Kurfurstenstr. 79, 10787 Berlin
Contact:
Lothar Herber, Manager
Ansbacher Str. 8, 10787 Berlin
Jurgen Neininger, Manager
Suite 14, Galeria Edificio Alfil
19 Avenida Ricardo Soriano Box 702
E-29600 Marbella, Malaga
Frank Imberger, Insolvency Manager
Huestrasse 34, 44787 Bochum
Phone: 964 91-0
Fax: 964 91-33
KARSTADTQUELLE AG: Meets 2004 Sales Forecast
--------------------------------------------
Based on provisional figures, the KarstadtQuelle Group achieved
sales of EUR14.2 billion in the 2004 financial year (EUR15.27
billion in 2003) on a comparable basis. This corresponds to a
decline in sales of 7%. Europe's largest department store and
mail order group has thus met its sales forecast for the 2004
financial year.
Group sales fell by 9.5% to EUR4.12 billion in the fourth
quarter (EUR4.55 billion the previous year). The start of the
quarter was very difficult. Due to customer uncertainty
resulting from the public debate about the future of
KarstadtQuelle, the Group registered a significant reduction in
sales in some business units in the first half of the quarter.
This caused sales to be lost which run into millions of three
digits in this period. In the second half, developments were
stabilized.
"In the light of the difficult circumstances, we are satisfied
with the fourth quarter development. Christmas trading lay
within the boundaries we had expected," commented Dr. Christoph
Achenbach, Chairman of the Management Board of the
KarstadtQuelle Group.
"Our customers have registered the obvious successes we have
achieved within a short space of time in the implementation of
the restructuring plan and are now once again placing their
trust in us. This is an important prerequisite for the 2005
financial year," continued Achenbach.
Sales figures for over-the-counter retail in the 2004 financial
year stood at EUR6.49 billion (EUR6.97 billion the previous
year). This corresponds to a decline in sales of 7%. In
contrast, the department store business performed slightly
better than expected, while the specialist stores earmarked for
sale displayed disappointing sales developments.
Sales at Karstadt Warenhaus AG stood at EUR5.65 billion (EUR5.97
billion the previous year) - a decrease of 5.4%. The specialist
stores returned a net sales figure of EUR837 million (EUR1.01
billion the previous year). This is equivalent to a decline in
sales of 16.6%. Adjusted for closures at Schaulandt and WOM, the
drop in sales stood at 7%.
The mail order business department reached sales of EUR7.48
billion in the 2004 financial year (EUR8.02 billion the previous
year). This corresponds to a drop of 6.8%. Developments in the
different segments of the mail order business varied greatly.
The strategic growth areas specialty mail orders, foreign and e-
business continue to develop positively. The promotion of
specialty mail order continues to result in success, with growth
of 1.6% to EUR1.62 billion (EUR1.60 billion the previous year).
The internationalization of the mail order business was pursued
with vigor, which is reflected by the increase in sales by 2.7%
to EUR1.98 billion (EUR1.93 billion the previous year). This
means that the share of business outside Germany rose to 26.6%
(24.1% the previous year). In e-business, the suppliers were
again able to enhance their strong market position. Online
demand rose by 11.8% to EUR1.71 billion (EUR1.53 billion the
previous year), which comprises an increase of about 27% for
KarstadtQuelle suppliers in the domestic market.
In Germany, sales in universal mail order declined by 11.3% to
EUR4.52 billion in the 2004 financial year (EUR5.09 billion the
previous year) and were hit heavily by the general market
weakness. In addition, Quelle registered a double-digit decline
in sales at the beginning of the fourth quarter. Customer
spending was particularly restrained regarding investment-
oriented products such as kitchens and furniture.
Sales in the Services segment (without Thomas Cook) fell by
15.6% to EUR1.21 billion (EUR1.43 billion the previous year).
The decline in sales is due to the disinvestment measures
already undertaken (e.g. Itellium) and the lower order volume of
internal service companies as a result of the development of
sales in the retail segments.
Due to the sale of department store sites, gross rental income
in the Real Estate segment was down 2.8% on the previous year at
EUR570 million (EUR587 million the previous year).
The restructuring of the KarstadtQuelle Group continued
rigorously in the fourth quarter of the 2004 financial year.
The comprehensive refinancing concept, which comprises the
capital increase of EUR535m, the convertible bond issue worth
EUR170m and the syndicated loan totaling EUR1.75 billion with a
time to maturity of three years, was concluded successfully. In
addition, a decisive building block in the major cost-cutting
program was realized successfully in the form of the staff cost
savings agreed with the employees' representatives and the
unions with a volume of EUR760m for the 2005 to 2007 financial
years. The implementation of the portfolio realignment program
progressed consistently at the end of the year with the disposal
of two department stores, two call centers, the sale of the
shares held in Karstadt Coffee GmbH (Starbucks) and the disposal
at the end of December of the shares in Euro-Papier N. V.,
Belgium.
The Management Board will release further information on the
2004 financial year at the annual press and analysts' conference
on April 12, 2005.
Further dates
April 12, 2005 Annual press/analysts' conference
May 12, 2005 Interim report Q1 2005
May 24, 2005 Annual general meeting
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
Detlef Neveling, Director
Investor Relations
Phone: +49 2 01 / 7 27 - 9817
KOMMUNALE BAUTRAGERGESELLSCHAFT: Hires Insolvency Manager
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Kommunale Bautragergesellschaft Wilkau-Hasslau GmbH on
Dec. 20, 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 Tatjana Gotsch.
Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2005, 10:15 a.m. at the district court
of Chemnitz, Gerichtsgebaude, Furstenstrasse 21 in Chemnitz 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: KOMMUNALE BAUTRAGERGESELLSCHAFT WILKAU-HASSLAU GMBH
Poststrasse 5
08112 Wilkau-Hasslau
Contact:
Steffen Blechschmidt, Manager
Tatjana Gotsch, Insolvency Manager
Buttenstr. 4
08058 Zwickau
NIGGAS SERVICE: Creditors Meeting Set February
----------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Niggas Service GmbH i.G. on Dec. 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until March 18, 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. 3, 2005, 10:30 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on May 12, 2005, 10:00 a.m. at the
district court of Charlottenburg, Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: NIGGAS SERVICE GMBH I.G.
Kastanienallee 29-30,10435 Berlin
Dr. Dirk Wittkowski, Insolvency Manager
Kirchblick 11, 14129 Berlin
RAAT-GMBH: Under Bankruptcy Administration
------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against RAAT-GMBH LIMITED on Dec. 17. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 1, 2005 to register their claims with
court-appointed provisional administrator Dr. Gideon Bohm.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 21, 2005, 11:40 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: RAAT-GMBH LIMITED
Von-Bargen-Strasse 18, Haus E, 22041 Hamburg
Contact:
Miroslav Latinovic, Manager
Farmsener Landstrasse 1b, 22359 Hamburg
Norbert Sievert, Manager
Dorfstrasse 34, 21526 Hohenhorn
Dr. Gideon Bohm, Insolvency Manager
Bachstrasse 85a, 22083 Hamburg
Phone: 040/3208360
Fax: 040/32083636
RETTINGHAUSEN GMBH: Bochum Court Appoints Administrator
-------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Rettinghausen GmbH on Dec. 20. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Feb. 2, 2005 to register their
claims with court-appointed provisional administrator Klaus
Dippel.
Creditors and other interested parties are encouraged to attend
the meeting on March 4, 2005, 9:10 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29 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: RETTINGHAUSEN GMBH
Holsterhauser Str. 153, 44653 Herne 2
Contact:
Marlies Rettinghausen, Manager
Holsterhauser Str. 153, 44625 Herne
Klaus Dippel, Insolvency Manager
Werner Hellweg 477, 44894 Bochum
Phone: 0234-26624
Fax: 0234-234077
VIELKLANG MUSIKPRODUKTION: Declares Bankruptcy
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Vielklang Musikproduktion Gesellschaft mit
beschrankter Haftung on Dec. 21, 2004. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until March 18, 2005 to register their
claims with court-appointed provisional administrator Wolfgang
Schroder.
Creditors and other interested parties are encouraged to attend
the meeting on Feb. 16, 2005, 9:30 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 May 18, 2005, 9:30 a.m.
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.
CONTACT: VIELKLANG MUSIKPRODUKTION GESELLSCHAFT MIT
BESCHRANKTER HAFTUNG
Schlesische Str. 28
10997 Berlin
Dr. Wolfgang Schroder, Insolvency Manager
Genthiner Str. 48
10785 Berlin
=============
H U N G A R Y
=============
NABI RT: Reducing Workforce at Kaposvar Factory
-----------------------------------------------
NABI Rt's Kaposvar, Hungary plant was built, equipped and opened
in 2001 specifically to manufacture CompoBus for supply to U.S.
municipal transit authorities.
The CompoBus shell is made under an exclusive worldwide patent
using composite materials after which final painting and the
major part of the final assembly is completed. Currently 132
CompoBuses operate in four cities in the United States.
The U.S. Federal Transit Administration's decision to deny
NABI's request to extend the waivers of "Buy America"
regulations as they applied to NABI's manufacturing of the
CompoBus (announced on 22 December 2004), in effect, forces NABI
to build future orders for these buses in the same manner as the
Company produces its steel models.
In addition, the continuing unfavorable USD/HUF exchange rate
has significantly increased the Company's costs of production in
Hungary. As a result of the uncertainties regarding future
costs of and demand for CompoBuses, NABI will significantly
reduce production levels in Kaposvar. Current orders for
CompoBuses will continue to be built in Kaposvar as they are
unaffected by the FTA waiver decision.
Reductions will involve the loss of up to 168 jobs covering both
manual and administration functions.
On December 31, 2004, NABI Rt. employed a total of 739 people in
all of its facilities in Hungary.
CONTACT: NABI RT
Andras Bodor, Corporate Affairs Director
Phone: +36.1.401.7100
E-mail: andras.bodor@nabi.hu
=========
I T A L Y
=========
PARMALAT U.S.A.: Disclosure Statement Hearing Set Today
-------------------------------------------------------
Judge Drain of the U.S. Bankruptcy Court for the Southern
District of New York will convene a hearing to consider the
Disclosure Statement on the Plan of Reorganization of the
Parmalat U.S.A. Corporation and its U.S. debtor-affiliates this
Wednesday, January 12, 2005.
As reported in the Troubled Company Reporter on Dec. 13, 2004,
Farmland Dairies LLC has filed its Disclosure Statement and Plan
of Reorganization with the United States Bankruptcy Court for
the Southern District of New York.
The cornerstone of the plan is an agreement that was reached
between GE Commercial Finance, the lessor of a majority of
Farmland's manufacturing equipment at its New Jersey and
Michigan production facilities, and the Unsecured Creditors
Committee.
The plan calls for the satisfaction of the company's pre-
petition liabilities through the issuance of cash, notes, stock
and rights to pursue certain causes of action. Specifically,
Farmland's unsecured creditors will receive cash, a note, and
preferential rights of recovery from causes of action pursued by
a litigation trust. Farmland is expected to emerge as a stand-
alone entity that will be majority owned by GE Commercial
Finance on behalf of the lessor group.
At the hearing, the Court will consider whether the Disclosure
Statement contains "adequate information" within the meaning of
Section 1125 of the Bankruptcy Code. Pursuant to Section 1125,
a disclosure statement must contain information "of a kind, and
in sufficient detail . . . that would enable a hypothetical
reasonable investor typical of holders of claims or interests of
the relevant class to make an informed judgment about the plan."
Objections to the Disclosure Statement were due January 5, 2005.
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's 40-
some brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices. The company employs over 36,000
workers in 139 plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts. On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debt. (Parmalat Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Former Finance Chief Gets US$1 Mln Severance Pay
-------------------------------------------------------------
Former Chief Financial Officer Judy Boynton may be out of Royal
Dutch/Shell Group, but she is US$1 million richer.
According to The Wall Street Journal, the company agreed to pay
the disgraced executive the hefty amount, which is part of a
predetermined severance accord. Ms. Boynton was one of three
top executives who lost their jobs when Shell admitted last year
it had overstated its estimate of oil and natural gas reserves.
The two others were former chairman Philip Watts and former head
of exploration and production Walter van de Vijver, who both
lost their jobs in March.
Ms. Boynton was initially demoted to an advisory position. She
left the company for good on December 31.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague,
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
ROYAL SHELL: Expects to Resume Normal Operation in Niger Delta
--------------------------------------------------------------
Royal Dutch Shell is hoping to restore normal production in the
Niger Delta this week after resolving a dispute with villagers
in the area, according to Reuters.
Unarmed villagers from the community of Kula seized Shell's
Ekulama I and II flow stations early in December, trapping
briefly about 100 employees. Shell had to warn clients it could
not meet supply contracts due to factors outside its control.
The villagers were complaining of lack of investment in the
area. Such conflicts are common in the region, the reports
noted. Shell also experienced similar problems at its Egbema
and Odeama sites. Company sources said they hope to resolve the
dispute this week.
The Ekulama facilities and two other flow stations pump up to
100,000 barrels per day (bpd) of crude, and Shell is hoping
production could now reach normal levels.
"We have made some progress on engineering work on Ekulama I and
II and we expect that they should be up by Wednesday," said a
company spokesman.
The firm already restored 40,000 bpd from two flow stations
after ending the dispute last week. It is repairing the damaged
brought by the conflict on the Ekulama facilities. Shell plans
to lift the force majeure status it declared in the middle of
last month when the Ekulama platforms are restored.
Shell is the biggest operator in Nigeria, the world's eight
largest exporter of oil. It pumps a million bpd in the country.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague,
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
===========
R U S S I A
===========
BELGA: Bankruptcy Hearing Set March
-----------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Belga. The
case is docketed as A41-K2-18185/04. Mr. I. Tarasov has been
appointed temporary insolvency manager. Creditors may submit
their proofs of claim to 107241, Russia, Moscow, Post User Box
33. A hearing will take place on March 16, 2005, 4:15 p.m.
CONTACT: BELGA
140520, Russia, Moscow region, Lukhovitskiy region,
Beloomut, B. Ogarevskaya Str. 14
Mr. I. Tarasov
Temporary Insolvency Manager
107241, Russia, Moscow,
Post User Box 33
BUGURUSLAN-AGRO-PROM-TRANS: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Buguruslan-Agro-Prom-Trans. The case is docketed as A47-
6792/2004-14GK. Ms. E. Portnova has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 460000, Russia, Orenburg, Gaya Str. 23A.
CONTACT: BUGURUSLAN-AGRO-PROM-TRANS
461600, Russia, Orenburg region,
Buguruslan, Pilyuginskoye Shosse, 51
Ms. E. Portnova
Temporary Insolvency Manager
460000, Russia,
Orenburg, Gaya Str. 23A
The Arbitration Court of Orenburg region:
Russia, Orenburg,
9 Janvarya Str. 64
DAIRY KADOSHKINSKIY: Public Auction Set Next Week
-------------------------------------------------
The bidding organizer of state-owned enterprise Dairy
Kadoshkinskiy will sell its property on Jan. 18, 2005, 11:00
a.m. The public auction will take place at 431900, Russia,
Mordoviya republic, Kadoshkinskiy region, Kadoshkino,
Grazhdanskaya Str. Up for sale is the 40% shareholding of the
company. Starting price: RUB6,649,664.
Preliminary examination and reception of bids are done daily on
or before Jan. 15, 2005. The list of documentary requirements
is available at 431900, Russia, Mordoviya republic,
Kadoshkinskiy region, Kadoshkino, Grazhdanskaya Str.
To participate, bidders must deposit RUB88,000 to the settlement
account 40602810039040131026 in Mordovskoye branch 8589 AC SB RF
(OJSC), Saransk, Universal branch 4300/031, Kadoshkino, TIN
1311000069, correspondent account 30101810100000000615, BIC
048952615.
CONTACT: DAIRY KADOSHKINSKIY
431900, Russia, Mordoviya republic,
Kadoshkinskiy region, Kadoshkino, Grazhdanskaya Str.
Mr. O. Grishin
Insolvency Manager
431900, Russia, Mordoviya republic,
Kadoshkinskiy region, Kadoshkino, Grazhdanskaya Str.
DAROVSKIY WOOD-PROM-KHOZ: Kirov Court Names Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on state-owned enterprise Darovskiy Wood-
Prom-Khoz. The case is docketed as A28-214/04-475/24. Mr. N.
Kozlov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 121309, Russia,
Moscow, Post User Box 88.
CONTACT: DAROVSKIY WOOD-PROM-KHOZ
Russia, Kirov region,
Darovskoy, Bazovaya Str. 3
Mr. N. Kozlov
Temporary Insolvency Manager
121309, Russia, Moscow,
Post User Box 88
Phone: (095) 506-38-77
HEAT-INSULATION: Creditors Have Until Next Month to File Claims
---------------------------------------------------------------
The Arbitration Court of Tyva republic commenced bankruptcy
proceedings against Heat-Insulation after finding the limited
liability company insolvent. The case is docketed as A69-63/04-
4. Mr. S. Mongush has been appointed insolvency manager.
Creditors have until Feb. 10, 2005 to submit their proofs of
claim to 667000, Russia, Tyva republic, Kyzyl,
Internatsionalnaya Str. 3.
CONTACT: HEAT-INSULATION
667000, Russia, Tyva republic,
Kyzyl, Internatsionalnaya Str. 3
Mr. S. Mongush
Insolvency Manager
667000, Russia, Tyva republic,
Kyzyl, Internatsionalnaya Str. 3
ILESH-MIXED FODDER: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on state-owned enterprise
Ilesh-Mixed Fodder. The case is docketed as A07/15464/04-G-PAV.
Mr. R. Suyargulov has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to:
(a) Ilesh-Mixed Fodder
452260, Russia, Bashkortostan republic,
Verkhneyarkeevo, Dorozhnaya Str. 13
(b) Temporary Insolvency Manager
450077, Russia, Ufa, K. Marksa Str. 35-120
(c) The Arbitration Court of Bashkortostan republic
450000, Russia, Ufa, Oktyabrskoy revolyutsii Str. 63A
Judge A. Pakutin
NEFTEYUGANSK-ZHIL-STROY: Public Auction Set Next Week
-----------------------------------------------------
The bidding organizer of open joint stock company Nefteyugansk-
Zhil-Story will sell its property on Jan. 18, 2005, 12:00 noon.
(local time). The public auction will take place at 628307,
Russia, Tyumen region, Khanty-Mansiyskiy autonomous region,
Nefteyugansk, 8th location, 15, apartment 18.
The assets for sale are:
Lot 1: Semi-trailer. Starting price: RUB300,000;
Lot 2: Uninhabitable building. Starting price: RUB3,100,000.
Preliminary examination and reception of bids are done today
until 12:00 noon only. To participate, bidders must deposit an
amount equivalent to 15% of the starting price.
CONTACT: NEFTEYUGANSK-ZHIL-STROY:
Russia, Nevinnomyssk, Montazhnaya Str. 22
Mr. I. Nuriev
Bidding Organizer
Phone: 8-902-852-97-32
Or 8-34612-728-48
SAMOVOYLOVSKOYE: Hires A. Shevtsov Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Samovoylovskoye after finding the close
joint stock company insolvent. The case is docketed as A33-
8658/01-s4. Mr. A. Shevtsov has been appointed insolvency
manager. Creditors have until Feb. 10, 2005 to submit their
proofs of claim to 662520, Russia, Krasnoyarsk region,
Berezovskiy region, Berezovka, Post User Box 78.
CONTACT: SAMOVOYLOVSKOYE
663743, Russia, Krasnoyarsk region,
Abanskiy region, Samoylova
Mr. A. Shevtsov
Insolvency Manager
662520, Russia, Krasnoyarsk region,
Berezovskiy region, Berezovka, Post User Box 78
TULSTROM: Declared Insolvent
----------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Tulstrom after finding the open joint stock
company insolvent. The case is docketed as A68-58/B-04. Ms. I.
Minakova has been appointed insolvency manager. Creditors may
submit their proofs of claim to 300026, Russia, Tula,
Ryazanskaya Str. 1, Room 608, Post User Box 1451.
CONTACT: TULSTROM
301365, Russia, Tula region,
Aleksin, Lugovaya Str. 5
Ms. I. Minakova
Insolvency Manager
300026, Russia, Tula,
Ryazanskaya Str. 1, Room 608,
Post User Box 1451
YUKOS OIL: Indian Oil Explorer Looking at Acquisitions
------------------------------------------------------
India's Oil & Natural Gas Corp. is looking at Russian shores for
more oil supplies, and may buy assets of Yukos Oil, Bloomberg
News reports.
Chairman Subir Raha told reporters in New Delhi: "We are in
touch with the concerned Russian entities about Yukos assets as
well as other opportunities in Russia." He declined to give
details.
Oil & Natural Gas is trying to raise production to meet the
demands of the nation's economic growth. India's oil production
was stagnant at about 32 million metric tons annually in recent
years. It imports 70% of its crude oil requirements.
In the past two years, Oil & Natural Gas has spent more than
US$2 billion on exploration to ease oil shortage. It is trying
to win the government over to its plan to buy 15% of Yugansk for
as much as US$2 billion, according to the Business Standard
newspaper.
Yugansk is formerly Yukos' main production unit. OAO Rosneft
took control of it after buying out the unknown company that win
its controversial auction in December. Yugansk was sold to
cover Yukos' tax liabilities. At the time of the auction,
Alexander Buxman, head of the Justice Ministry's Moscow
department said Yukos still has at least RUB83.5 billion (US$3
billion) in outstanding taxes.
Russia is the world's second-biggest oil-exporting nation.
ZARYA: Proofs of Claim Deadline Expires February
------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Zarya after finding the garment factory
insolvent. The case is docketed as A09-873/04-26. Mr. V.
Semernev has been appointed insolvency manager. Creditors have
until Feb. 10, 2005 to submit their proofs of claim to 241050,
Russia, Bryansk, Krasnoarmeyskaya Str. 136A.
CONTACT: ZARYA
243400, Russia, Bryansk region,
Pochep, Pervomayskaya Str. 4
Mr. V. Semernev
Insolvency Manager
241050, Russia, Bryansk,
Krasnoarmeyskaya Str. 136A
=========
S P A I N
=========
IZAR: Officially Declared Bankrupt
----------------------------------
Troubled shipbuilder Izar became officially bankrupt on January
7 after failing to repay more than EUR1 billion in debt,
Expansion says.
Izar became technically bankrupt on May 12, 2004 when the
European Union ordered the ailing shipbuilder to repay around
EUR1.2 billion in illegal state aid plus interest. The EU gave
Izar until December 31, 2004 to complete the reimbursement, but
the state-owned group failed to do so.
Adding to Izar's woes was the growing competition from Asian
shipbuilders, particularly from Japan, South Korea and China.
This saw Izar ending 2004 with EUR30 million in losses, after
receiving no orders for civilian ships.
CONTACT: IZAR CONSTRUCCIONES NAVALES a.s.
Velazquez Street 132
28006 Madrid, Spain
Phone: +34 91 335 84 00
Fax: +34 91 335 86 52
E-mail: izar@izar.es
Web site: http://www.izar.es
SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
Velasquez, 134
28006 Madrid, Spain
Phone: +34-91-396-10-00
Fax: +34-91-562-87-89
Web site: http://www.sepionline.com
=============
U K R A I N E
=============
BARSKA FURNITURE: Temporary Insolvency Manager Enters Firm
----------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on JSC Barska Furniture Factory (code
EDRPOU 05486616) on October 14, 2004. The case is docketed as
10/156-04. Mr. Demets L. (License Number AA 419225) has been
appointed temporary insolvency manager. The company holds
account number 260076971 at JSPPB Aval, Vinnitsya regional
branch, MFO 302247.
Creditors may submit their proofs of claim to:
(a) BARSKA FURNITURE FACTORY
23000, Ukraine, Vinnitsya region,
Bar, Zhovtnevoyi revolutsiyi Str. 12
(b) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
DOVZHOK: Urges Creditors to File Claims
---------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Dovzhok (code EDRPOU 31105330) on November
2, 2004 after finding the limited liability company insolvent.
The case is docketed as 5/486-04. Representative of Regional
Bankruptcy Department in Vinnitsya region has been appointed
liquidator/insolvency manager. The company holds account number
260023102275 at JSPPB Aval, Vinnitsya branch,
MFO 302247.
Creditors may submit their proofs of claim to:
(a) DOVZHOK
23820, Ukraine, Vinnitsya region,
Teplitskij district, Sobolivka
(b) Liquidator/Insolvency Manager
21034, Ukraine, Vinnitsya region,
Karl Marks Str. 50
(c) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
EAST-CRIMEAN: Undergoes Bankruptcy Proceedings
----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against East-Crimean (code EDRPOU 22250816) on
October 28, 2004 after finding the close joint stock company
insolvent. The case is docketed as 2-20/4326-2004. Arbitral
manager Mr. Sergij Marchenko (License Number AA 250423 of March
27, 2002) has been appointed liquidator/insolvency manager.
CONTACT: EAST-CRIMEAN
Ukraine, AR Krym region,
Feodosiya, Peremogi Str. 2
Mr. Sergij Marchenko
Liquidator/Insolvency Manager
Phone: 8 (067) 943-58-51
ECOLOGICAL SYSTEMS: Names Sergij Yegorenkov Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ecological Systems and Technologies on
November 18, 2004 after finding the close joint stock company
insolvent. The case is docketed as 108/14 b-04. Arbitral
manager Mr. Sergij Yegorenkov has been appointed
liquidator/insolvency manager.
CONTACT: ECOLOGICAL SYSTEMS AND TECHNOLOGIES
Ukraine, Kyiv region,
Ukrayinka, Teplichna Str. 1
Mr. Sergij Yegorenkov,
Liquidator/Insolvency Manager
01133, Ukraine, Kyiv region,
L. Ukrayinka Boulevard, 19/138
ECONOMIC COURT OF KYIV REGION
01033, Ukraine, Kyiv region,
Zhelyanska Str. 58 b
EKOPOL BURHIMSERVICE: Declared Insolvent
----------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Ekopol Burhimservice on November 23, 2004
after finding the limited liability company insolvent. The case
is docketed as 8/323. Mr. Oleg Georgiyevskij (License Number AA
140404) has been appointed liquidator/insolvency manager.
Creditors may submit their proofs of claim to:
(a) EKOPOL BURHIMSERVICE
Ukraine, Poltava,
Pushkin Str. 45/128
(b) ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava,
Zigina Str. 1
GARANT: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Garant (code EDRPOU 24892475) on
November 2, 2004. The case is docketed as 218/2b-2004.
Arbitral manager Mr. Oleksandr Palshin (License Number AA
668344) has been appointed temporary insolvency manager. The
company holds account number 2600800230082 at JSCB Praveks-Bank,
Kyiv region branch, MFO 321206.
Creditors may submit their proofs of claim to:
(a) GARANT
08623, Ukraine, Kyiv region,
Vasilkivskij district,
Kalinivka, Industrialna Str. 5
(b) Mr. Oleksandr Palshin
Temporary Insolvency Manager
01030, Ukraine, Kyiv region, a/b 254
Phone: (044) 265-29-12
(c) ECONOMIC COURT OF KYIV REGION
01033, Ukraine, Kyiv region,
Zhelyanska Str. 58 b
METALURGMONTAZH-204: Bankruptcy Supervision Starts
--------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on CJSC Metalurgmontazh-204 (code EDRPOU
01415157) on October 29, 2004. The case is docketed as 19/184.
Arbitral manager Mr. Volodimir Zhitnik (License Number AA
779177) has been appointed temporary insolvency manager.
The company holds account number 26008301155956 at
Prominvestbank, Zaporizhya branch, MFO 313355.
CONTACT: Mr. Volodimir Zhitnik
Temporary Insolvency Manager
Ukraine, Zaporizhya region,
Gvardijskij Boulevard, 30/85
Phone: 8 (0612) 12-58-13
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
PRAPOR: Liquidator Takes over Operations
----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Prapor (code EDRPOU 03739415) on October 28,
2004 after finding the limited liability company insolvent. The
case is docketed as 12/30 b. Arbitral manager Mr. Oleksandr Roj
(License Number AA 250489) has been appointed
liquidator/insolvency manager.
Creditors may submit their proofs of claim to:
(a) PRAPOR
Ukraine, Lugansk region,
Stanichno-Luganskij district,
Verhnyobogdanivka, Miru Str. 1
(b) Mr. Oleksandr Roj
Liquidator/Insolvency Manager
93500, Ukraine, Lugansk region,
Novoajdarskij district,
Rajgorodka, Radyanska Str. 7
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV Square, 3a
SPEKTRUM: Succumbs to Insolvency
--------------------------------
The Economic Court of Dnipropetrovsk region declared Spektrum
(code EDRPOU 32781282) insolvent on November 9, 2004. The case
is docketed as B 24/146/04. Arbitral manager Mr. Sergij Belik
(License Number AA 719888) has been appointed
liquidator/insolvency manager.
The company holds account number 26003004038001 at JSCB
Prichornomorye, MFO 306759.
CONTACT: SPEKTRUM
49000, Ukraine, Dnipropetrovsk region,
Karl Marks avenue, 88/5
Mr. Sergij Belik
Liquidator/Insolvency Manager
Ukraine, Dnipropetrovsk region,
Dniprodzerzhinsk, a/b 396
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
SUVOROVSKE: Court Brings in Insolvency Manager
----------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Suvorovske (code EDRPOU 30700924) on
November 2, 2004 after finding the limited liability company
insolvent. The case is docketed as 5/484-04. Representative of
Regional Department of Bankruptcy Questions in Vinnitsya region
has been appointed liquidator/insolvency manager. The company
holds account number 307009202188 at JSPPB Aval, Vinnitsya
branch, MFO 302247.
Creditors may submit their proofs of claim to:
(a) SUVOROVSKE
23820, Ukraine, Vinnitsya region,
Teplitskij district,
Sobolivka, Suvorivska Str. 48
(b) Liquidator/Insolvency Manager
21034, Ukraine, Vinnitsya region,
Karl Marks Str. 50
(c) ECONOMIC COURT OF VINNITSYA REGION
21036, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
THORIVSKIJ ALCOHOL: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on State Enterprise Thorivskij Alcohol
Plant (Code EDRPOU 00374947) on October 27, 2004. The case is
docketed as 152/14 b-04. Mr. Oleg Agafonov (License Number AA
779171) has been appointed temporary insolvency manager. The
company holds account number 260082316 at JSPPB Aval, Bila
Tserkva branch, MFO 321121.
Creditors may submit their proofs of claim to:
(a) THORIVSKIJ ALCOHOL PLANT
09050, Ukraine, Kyiv region,
Skvirskij district,
Thorivka, Skvirska Str. 42
(b) Mr. Oleg Agafonov
Temporary Insolvency Manager
01024, Ukraine, Kyiv region,
Chekistiv Str. 4/17
(c) ECONOMIC COURT OF KYIV REGION
01033, Ukraine, Kyiv region,
Zhelyanska Str. 58 b
UKRHARCH: Names Dmitro Gerashenko Liquidator
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Ukrharch (code EDRPOU 32440764) on November
18, 2004 after finding the limited liability company insolvent.
The case is docketed as 25/116. Arbitral manager Mr. Dmitro
Gerashenko (License Number AA 250439) has been appointed
liquidator/insolvency manager. The company holds account number
26002177584001 at OJSC JSB Privatinvest, Zaporizhya branch.
CONTACT: UKRHARCH
69093, Ukraine, Zaporizhya region,
Rustavi Str. 12
Mr. Dmitro Gerashenko
Liquidator/Insolvency Manager
69037, Ukraine, Zaporizhya region,
Rekordna Str. 20, Office 81
Phone: (0612) 20-22-55
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Appoints Bank of N.Y. Custodian of ANAM Assets
--------------------------------------------------------------
The Bank of New York, a global leader in securities servicing,
has been appointed by Abbey to act as the global custodian for
GBP30 billion of assets managed by its investment arm, Abbey
National Asset Management (ANAM). The assets were previously in
the custody of four different companies, including The Bank of
New York. The consolidation will enable Abbey to improve its
investment administration across ANAM, improving economies of
scale and creating a tighter operating infrastructure.
James Bevan, Abbey's Chief Investment Officer, said: "We chose
to consolidate our global custody services with The Bank of New
York because its team clearly demonstrated that it was capable
of meeting our changing needs. They came first in a highly
competitive tender process, and we look forward to continuing to
receive excellent service from the Bank."
Tim Keaney, executive vice president and Head of Europe at The
Bank of New York, said: "This appointment highlights the quality
of the existing services we provide to Abbey, as well as our
long-term commitment to helping financial institutions like
Abbey move and manage their financial assets. This is a
prestigious win for us, and we look forward to working with
Abbey as it grows its market position in the U.K."
As stated by the company, Abbey is one of the U.K.'s leading
personal finance services companies and a part of Banco
Santander Central Hispano, the largest bank in the Euro zone and
the ninth largest in the world by market capitalization. Abbey
offers a full range of personal financial services both directly
and through intermediaries, to 18 million U.K. customers and
expatriates. The range of services includes mortgages and
savings, bank accounts, loans and credit cards, long-term
investments including pensions and unit trusts, life, critical
illness and unemployment cover and household insurance.
The Bank of New York Company, Inc. (NYSE: BK) plays an integral
role in the infrastructure of the capital markets, servicing
securities in more than 100 markets worldwide. The Company
provides quality solutions through leading technology for global
financial institutions, asset managers, governments, non-profit
organizations, corporations, and individuals. Its principal
subsidiary, The Bank of New York, founded in 1784, is the oldest
bank in the United States and has a distinguished history of
serving clients around the world through its five primary
businesses: Securities Servicing and Global Payment Services,
Private Client Services and Asset Management, Corporate Banking,
Global Market Services, and Retail Banking. Additional
information on the Company is available at
http://www.bankofny.com.
CONTACT: ABBEY NATIONAL PLC
Abbey National House
2 Triton Square
Regent's Place
London NW1 3AN
Phone: +44-870 607 6000
Web site: http://www.abbeynational.com
THE BANK OF NEW YORK
Media Contact:
Ivan Royle
Phone: +44-20-7964-6119
ABR SOLUTIONS: Names Begbies Traynor Administrator
--------------------------------------------------
W. John Kelly (IP No 004857) and Peter A. Blair (IP No 008886)
have been appointed administrators for ABR Solutions Limited.
The appointment was made Dec. 31, 2004. Its registered office
is located at Grove House, Upper Grove Street, Leamington Spa,
Warwickshire CV32 5AN.
CONTACT: BEGBIES TRAYNOR
Newater House
11 Newhall Street
Birmingham B3 3NY
E-mail: birmingham@begbies-traynor.com
Web site: http://www.begbies.com
BEGBIES TRAYNOR
Regency House,
21 The Ropewalk, Nottingham NG1 5DU
Phone: 0115 941 9899
Fax: 0115 945 4845
Web site: http://www.begbies.com
ALL WOOD: Members Pass Winding up Resolutions
---------------------------------------------
At the extraordinary general meeting of the members of All Wood
(Oxford) Limited on Dec. 23, 2004 held at Begbies Traynor,
Chiltern House, 24-30 King Street, Watford WD18 0BP, the
extraordinary and ordinary resolutions to wind up the company
were passed. Rob Sadler and Michael Edward George Saville of
Begbies Traynor, 30 Park Cross Street, Leeds LS1 2QH have been
appointed joint liquidators of the company.
CONTACT: BEGBIES TRAYNOR
Chiltern House,
24-30 King Street,
Watford WD18 0BP
Phone: 01923 812900
Fax: 01923 812999
Web site: http://www.begbies.com
ATKINSON ASSOCIATES: Hires Liquidator from Duncan Sheard Glass
--------------------------------------------------------------
At the extraordinary general meeting of Atkinson Associates
Limited on Dec. 16, 2004 held at Duncan Sheard Glass, 43 Castle
Street, Liverpool L2 9TL, the subjoined special resolution to
wind up the company was passed. Jean McKay Ellis of Duncan
Sheard Glass, 43 Castle Street, Liverpool L2 9TL has been
appointed liquidator of the company.
CONTACT: DUNCAN SHEARD GLASS
Castle Chambers,
43 Castle Street, Liverpool L2 9TL
Phone: 0151 243 1200
Fax: 0151 236 1430
E-mail: liverpool@dsg.uk.com
AVECIA GROUP: Sets Aside US$459 Mln for Senior Notes Buyback
------------------------------------------------------------
Notice relating to offer to purchase for cash outstanding 11%
senior notes due July 1, 2009 of Avecia Group PLC
REG S Notes (CUSIP G9894BAA6 AND ISIN USG9894BAA64), 144A Notes
(CUSIP 988788AA3 and Common Code 9875069) Registered Notes
(CUSIP 05354RAA9, ISIN US05354RAA95, Common Code 010588502)
Avecia Group plc on Jan. 4 announced that it has commenced a
cash tender offer and solicitation of related consents
(together, the Offer) relating to the Company's outstanding 11%
Senior Notes due July 1, 2009. Concurrently with the offer to
purchase the Notes, the Company is soliciting consents from
holders of the Notes to amendments to the indenture governing
the Notes that will eliminate or modify certain restrictive
covenants and add certain provisions which would waive the
applicability of certain restrictive covenants in the Notes and
the related Indenture with respect to the sale of the Company's
NeoResins business (the Proposed Amendments).
If the Offer is completed, the "Clearing Price" that will be
paid to the holders for the Notes will be the highest price
offered for the Notes and accepted by the Company in a Modified
Dutch Auction procedure (provided that such price is not greater
than US$990.00 per US$1,000.00 principal amount of the Notes
(the Maximum Offer Price) nor less than US$861.00 per
US$1,000.00 principal amount of the Notes (the Minimum Offer
Price), plus accrued and unpaid interest.
The Company expects to have US$459,000,000 (the Maximum Amount)
available to fund the purchase of the Notes and make the Consent
Payments (as defined below) and therefore will accept for
purchase less than all of the outstanding Notes. After the
Consent Payment Deadline (as defined below), the Company will
calculate the total aggregate amount of Consent Payments owed to
holders who validly tender and who do not validly withdraw their
Notes, whether or not such Notes are accepted for purchase. The
difference between the Maximum Amount and the Aggregate Consent
Payments (such difference being the Available Tender Amount)
will be the aggregate amount used by the Company to pay the
Clearing Price.
Not included in the Clearing Price is an amount equal to
US$10.00 per US$1,000.00 principal amount of Notes (the Consent
Payment) that will be paid to all holders of Notes who validly
tender and do not validly withdraw their Notes and deliver
Consents to the Proposed Amendments prior to the Consent Payment
Deadline, regardless of whether such tendered Notes are accepted
for purchase pursuant to the terms of the Offer. If the Offer
is completed, only the "Clearing Price" will be paid for Notes
tendered after the Consent Payment Deadline and prior to the
Expiration Time (as defined below). Accrued and unpaid interest
on any Notes validly tendered and accepted for payment will be
paid up to but excluding the settlement date.
In the event that the aggregate principal amount of Notes
validly tendered and not withdrawn prior to the Expiration Time
(whether tendered prior or subsequent to the Consent Payment
Deadline) is greater than the Available Tender Amount, the
Company will accept Notes for payment on a pro rata basis from
among certain tendered Notes pursuant to the Offer Document (in
each case, with appropriate adjustments to avoid purchases of
Notes in principal amounts other than integral multiples of
US$1,000.00).
The time by which holders of Notes must tender their Notes in
order to be eligible to receive the Clearing Price and the
Consent Payment (together, the Total Consideration) is prior to
5:00 p.m. New York time, on January 18, 2005, unless extended
(such time and date as the same may be extended, the "Consent
Payment Deadline"). Holders of Notes who desire to receive the
Total Consideration must validly consent to the Proposed
Amendments by validly tendering their Notes in accordance with
the requirements of the Depository Trust Company, on or prior to
the Consent Payment Deadline and must have such tendered Notes
accepted for purchase pursuant to the terms of the Offer.
Holders who tender their Notes after the Consent Payment
Deadline will be eligible to receive only the Clearing Price.
The Offer expires at 5:00 p.m., New York time, on February 1,
2005 (such time and date as the same may be extended), unless
extended or earlier terminated by the Company by press release
or notice to the Tender Agent in the manner provided in the
Offer to Purchase and Consent Solicitation Statement dated as of
January 4, 2005. If the Offer is consummated, the settlement
date will be on a date promptly after the acceptance by the
Company of tendered Notes. The Company expects the settlement
date (subject to any extension thereof) to be February 4, 2005.
Notes tendered on or prior to the Consent Payment Deadline may
be withdrawn at any time prior to the Consent Payment Deadline.
Notes tendered after the Consent Payment Deadline may not be
withdrawn. However, tenders of Notes may be withdrawn if the
Offer is terminated without any Notes being purchased thereunder
or as otherwise provided in the Offer Document. A valid
withdrawal of tendered Notes constitutes the withdrawal of the
related Consents.
Acceptance and purchase of Notes tendered pursuant to the Offer
is conditioned upon (i) the valid tender of Notes and delivery
of related Consents by holders of not less than a majority in
aggregate principal amount of the outstanding Notes not subject
to any right of withdrawal, (ii) consummation of the sale of the
Company's NeoResins business (as described in the Offer
Document) and (iii) certain general conditions (as defined in
the Offer Document). The Company reserves the right to amend or
waive the terms of the Offer.
The Offer is being made solely pursuant to the Offer Document
which, among other things, (a) more fully sets forth and governs
the terms and conditions of the Offer, (b) contains additional
information about the terms of the Offer, (c) sets forth how to
tender Notes and deliver Consents and (d) contains the
conditions to the Offer. The Offer Document contains important
information that should be read carefully before any decision is
made with respect to the Offer. In deciding whether to
participate in the Offer, each holder should carefully consider
the factors set forth under "Risks to Non-Tendering Holders" and
"Risks to Tendering Holders" in the Offer Document.
Goldman, Sachs & Co. is acting as the exclusive dealer manager
for the Offer. The tender agent for the Offer is Bondholder
Services Corporation and the Luxembourg tender agent for the
Offer is Kredietbank S.A. Luxembourgeoise (together, the Tender
Agents).
Copies of the Offer Document can be obtained (as well as
information about the terms of the Offer, how to tender Notes
and the conditions to the Offer) by contacting Goldman, Sachs &
Co. at 85 Broad Street, New York, New York 10004, Attn:
Liability Management Group on (212) 357 3019. Copies of the
Offer Document (as well as information about the terms of the
Offer, how to tender Notes and the conditions to the Offer) may
also be obtained from the Tender Agents, Global Bondholder
Services Corporation, at 65 Broad Street - Suite 704, New York,
New York 10006, Attn: Corporate Actions on (212) 430-3774 or
Kredietbank S.A. Luxembourgeoise, at 43 Boulevard Royal, L 2955
Luxembourg, Attn: Cecilia Guichart, Corporate Trust and Agencies
Department, +352 47 97 39 35.
* * *
This announcement is neither an offer to purchase nor a
solicitation of an offer to sell any securities. The offer
described below is made only pursuant to the Offer Document (as
defined below) in those jurisdictions where the securities or
other laws require the offer to be made on behalf of the Company
(as defined below) by the dealer manager or one or more brokers
or dealers licensed or registered under the laws of such
jurisdiction. Holders of Notes (as defined below) should seek
advice from an independent financial adviser as to whether they
should tender Notes.
This announcement does not constitute a recommendation regarding
the Offer. Holders should seek advice from an independent
financial adviser as to the suitability of the transactions
described herein for the individual concerned.
UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN
INVITATION OR OFFER TO SELL OR THE SOLICITATION OF AN INVITATION
OR OFFER TO BUY THE NOTES.
THIS COMMUNICATION IS ONLY FOR CIRCULATION TO HOLDERS OF THE
NOTES AND TO OTHER PERSONS TO WHOM IT MAY LAWFULLY BE ISSUED IN
ACCORDANCE WITH THE FINANCIAL SERVICES AND MARKETS ACT 2000
(FINANCIAL PROMOTION) ORDER 2001, ANY SUCH PERSON BEING A
"RELEVANT PERSON". THIS COMMUNICATION MAY NOT BE ACTED UPON BY
ANYONE WHO IS NOT A RELEVANT PERSON.
CONTACT: Avecia Group plc
Hexagon House, Blackley
Manchester M9 8ZS, United Kingdom
Phone: +44-161-740-1460
Fax: +44-161-795-6005
Web site: http://www.avecia.com
AVECIA GROUP: Pays Dividend to Preferred Shareholders
-----------------------------------------------------
In accordance with the company's Articles of Association, Avecia
Group Plc, on 4 January 2005, paid a fixed dividend of US$2 (in
cash) on each of the Preference Shares issued by the company,
the dividend being calculated in accordance with the terms of
the Articles at the rate of 16% per annum on US$25, the dividend
relating to the six month period to 1 January 2005.
The total dividend of US$6,044,978 in respect of the Company's
3,022,489 Preference Shares has been paid to its shareholder of
record, the Bank of New York.
The Record Date is close of business on 15 December for the
January payment and 15 June for the July payment.
* * *
In December, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Avecia Group to 'CCC' from
'B-', due to increased liquidity concerns. The outlook remains
negative. In addition, Standard & Poor's lowered its preference
stock rating on Avecia to 'C' from 'CCC-' and its senior
unsecured debt rating on the group to 'CC' from 'CCC'.
CONTACT: Avecia Group plc
Hexagon House, Blackley
Manchester M9 8ZS, United Kingdom
Phone: +44-161-740-1460
Fax: +44-161-795-6005
Web site: http://www.avecia.com
BEMAR RECRUITMENT: Members Decide to Call in Liquidator
-------------------------------------------------------
At the extraordinary general meeting of the members of Bemar
Recruitment Limited on Dec. 30, 2004 held at Yorkshire House, 7
South Lane, Holmfirth, Huddersfield HD9 1DA, the extraordinary
resolution to wind up the company was passed. William Clive
Swindell of Yorkshire House, 7 South Lane, Holmfirth,
Huddersfield HD9 1HN has been nominated liquidator of the
company.
BIO-RAD MICROSCIENCE: Appoints Kroll Ltd. Liquidator
----------------------------------------------------
At the extraordinary general meeting of Bio-Rad Microscience
Limited on Dec. 23, 2004 held at 10 Fleet Place, London EC4M
7RB, the extraordinary and ordinary resolutions to wind up the
company were passed. Neil Hunter Cooper and Gary Peter Squires
of Kroll, 10 Fleet Place, London EC4M 7RB have been appointed
joint liquidators of the company.
CONTACT: KROLL LIMITED
10 Fleet Place, London EC4M 7RB
BROADWATER COMMUNITY: Hires Begbies Traynor to Liquidate Assets
---------------------------------------------------------------
At the extraordinary general meeting of Broadwater Community
Centre Trust on Dec. 16, 2004 held at Broadwater Community
Centre, Adams Road, London N17 6HE, the subjoined extraordinary
resolution to wind up the company was passed. Peter Gotham and
Mark Robert Fry of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG 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
BUFFALO SOLUTIONS: Files for Liquidation
----------------------------------------
At the extraordinary general meeting of Buffalo Solutions
Limited on Dec. 21, 2004 held at 1277 Coventry Road, Yardley,
Birmingham B25 8BP, the special resolution to wind up the
company was passed. Roger Harper of 18 St Georges Street,
Douglas I.O.M. has been appointed liquidator of the company.
CASTLEGATE 336: Liquidators from Deloitte & Touche Move in
----------------------------------------------------------
At the meeting of Castlegate 336 Limited, the special resolution
to wind up the company was passed. Christopher James Farrington
and Andrew Philip Peters of Deloitte & Touche LLP, 1 Woodborough
Road, Nottingham NG1 3FG, Insolvency Practitioners have been
appointed liquidators of the company.
CONTACT: DELOITTE & TOUCHE LLP
1 Woodborough Road,
Nottingham NG1 3FG
Phone: +44 (0) 115 950 0511
Fax: +44 (0) 115 959 0060
Web site: http://www.deloitte.com
CENTRE CUE: Directors Banned from Taking on Management Post
-----------------------------------------------------------
The directors of a snooker hall business that failed with total
debt estimated at around GBP313,841 has given an Undertaking not
to hold directorships or take any part in company management for
five years each.
The Undertakings by Norma Mary Duggan, 68, and her husband John
Anthony Duggan, 62, both of PO Box 151, Isla Formentera 13,
30710, Los Al Cazares, Spain and their son Anthony Paul Duggan,
40 of Manga del Mar, Murcia, Spain were given in respect of
their conduct as a director of Centre Cue (Blackpool) Limited
which carried out business from premises at 314 Clifton Drive
North, in St Annes on Sea.
Acceptance of the Undertakings on November 15, 2004 prevents
Norma, Anthony and John Anthony Duggan from being directors of a
company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for the above period. Centre Cue
(Blackpool) Limited was placed into administrative receivership
on November 20, 2002 with estimated debt of GBP313,841 owed to
creditors.
The matter of unfit conduct not disputed by Norma, Anthony or
John Duggan was that they acted in preferential treatment over
chosen creditor in that Centre Cue Ltd. acquired a 99-year
lease, which in April 2001 was valued at GBP500,000. The
company transferred this leasehold to an associated company - J
A Duggan & Co - as an apparent repayment of a GBP500,000 loan
that Centre Cue Ltd. borrowed from J A Duggan & Co.
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.
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
CHERRY ENTERTAINMENT: Owners Choose to Liquidate Company
--------------------------------------------------------
At the extraordinary general meeting of Cherry Entertainment
Limited on Dec. 22, 2004 held at The Miramar Hotel, East
Overcliff Drive, Bournemouth BH1 3AL, the extraordinary and
ordinary resolutions to wind up the company were passed. David
John Stringer of Stringer & Co., 5 Bassett Wood Drive,
Southampton SO16 3PT has been appointed liquidator of the
company.
CONTACT: STRINGER & CO.
5 Bassett Wood Drive,
Southampton SO16 3PT
COOMBE HOLDINGS: Members Okay Proposal to Wind up Business
----------------------------------------------------------
At the general meeting of the members of Coombe Holdings Limited
on Dec. 31, 2004, the subjoined special, ordinary and
extraordinary resolutions to wind up the company were passed.
John Russell of 93 Queen Street, Sheffield S1 1WF, Insolvency
Practitioner duly qualified under the Insolvency Act 1986 has
been appointed liquidator of the company.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street, Sheffield S1 1WF
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
C P INTERIOR: Insolvency Service Bans Director
----------------------------------------------
The director of a building business that failed with total debt
estimated at GBP51,000 has given an Undertaking not to hold
directorships or take any part in company management for five-
and-a-half-years.
The Undertaking by Christopher Howard Pain, 34, of Gladwyns,
Basildon, Essex, was given in respect of his conduct as a
director of C P Interior Projects Ltd. which carried on business
from his home address.
Acceptance of the Undertaking on December 30, 2004 prevents Mr.
Pain from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for five-and-a-half-years. CP was
placed into compulsory liquidation by Order of the High Court on
March 26, 2003 on the petition of the Inland Revenue for
GBP15,377.53 in tax arrears. The company had an estimated total
deficiency of GBP51,000.
The Official Receiver at Southend 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 to be unfit involved in the management
of companies in the future.
Matters of unfit conduct, not disputed by Mr. Pain, were that:
(a) From October 2001 to August 2002 he failed to ensure that C
P complied with its statutory duty to submit quarterly VAT
returns to H M Customs and Excise, resulting in that the
liability to H M Customs & Excise increasing from nil to
GBP17,767;
(b) He failed to maintain, preserve or deliver accounting
records for the period July 2001 to August 2002;
(c) He cannot corroborate how GBP90,302 paid out from the
company account between July 1, 2001 and August 14, 2002 was
used because of the lack of records; and
(d) he failed to co-operate with the Official Receiver (Section
235 of the Insolvency Act 1986) by remaining unavailable to
the Official Receiver when reasonably required to attend.
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
DELLMANOR LIMITED: Appoints Stringer & Co. Liquidator
-----------------------------------------------------
At the extraordinary general meeting of Dellmanor Limited (t/a
Carewatch (West Dorset)) on Dec. 20, 2004 held at St Leonards
Hotel, 185 Ringwood Road, Ferndown, Bournemouth BH24 1NP, the
extraordinary and ordinary resolutions to wind up the company
were passed. David John Stringer of Stringer & Co, 5 Bassett
Wood Drive, Southampton SO16 3PT has been appointed liquidator
of the company.
DIAMONITE AIRCRAFT: In Administrative Receivership
--------------------------------------------------
Lloyds TSB Bank plc appointed Simon James Michaels and David
Harry Gilbert (Office Holder Nos 8824/01, 2376/01) joint
administrative receivers for Diamonite Aircraft Furnishings Ltd.
(Reg No 01534993, Trade Classification: 7). The application was
filed Dec. 22, 2004.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
DUNAMIS LIMITED: Falls into Liquidation
---------------------------------------
At the extraordinary general meeting of the members of Dunamis
Limited on Dec. 17, 2004 held at Chequers Hotel, Slaugham, West
Sussex RH17 6AQ, the subjoined extraordinary resolution to wind
up the company was passed. Jeremy Berman of Berley, 76 New
Cavendish Street, London W1G 9TB has been appointed liquidator
of the company.
CONTACT: BERLEY
76 New Cavendish Street,
London W1G 9TB
E & J COMMERCIAL: Hires Liquidators from Thompson Partnership
-------------------------------------------------------------
At the extraordinary general meeting of the members of E & J
Commercial Properties Investment Limited on Dec. 14, 2004 held
at Hilton Basingstoke, Old Common Road, Black Dam, Basingstoke
RG21 3PR, the extraordinary and ordinary resolutions to wind up
the company were passed. Jeremy Charles Frost and Daniel Paul
Hennessy of The Thompson Partnership, Square Root Business
Centre, 102 Windmill Road, Croydon, Surrey CR0 2XQ have been
appointed joint liquidators of the company.
CONTACT: THE THOMPSON PARTNERSHIP
Square Root Business Centre, 102 Windmill Road,
Croydon, Surrey CR0 2XQ
HAMILTON HOUSE: Shareholders Opt for Liquidation
------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Hamilton House Limited
(In Liquidation)
Notice is hereby given that at an Extraordinary General Meeting
of the Shareholders of Hamilton House Limited held on December
31, 2004, these following resolutions were passed as Special
Resolutions:
(a) That the Company be wound up voluntarily; and
(b) That Mr. Brian Peter Bougourd of Manor Place, St. Peter
Port, Guernsey be appointed as Liquidator of the company.
All persons having claims against or indebted to the company are
hereby requested to send details thereof to the liquidator on or
before January 31, 2005.
CONTACT: BRIAN P. BOUGOURD, Liquidator
Manor Place,
St. Peter Port
Guernsey
INDEPENDENT INSURANCE: Reaches Settlement with Former Broker
------------------------------------------------------------
Liquidators of Independent Insurance on Monday arranged their
first out-of-court settlement over unpaid premiums and
commissions with one of the firm's former brokers.
More than 90% of the firm's brokers returned a proportion of
commission they had been paid and premiums they were due after
the firm collapsed more than three years ago. But around 100
companies refused, claiming cover-up in Independent's finances.
This week, Berkeley Burke, a large Leicestershire-based
independent broker, agreed with PricewaterhouseCoopers to pay
back. Financial details were not disclosed, but the Telegraph
said it will be "on worse terms than those offered under the
settlement plan."
The company applied for provisional liquidation in 2001. Most
its individual policyholders recouped money through an industry-
funded compensation scheme. According to the report, the
liquidators are expected to provide details of a proposed
creditors' dividend within weeks.
CONTACT: Independent Insurance Group Plc
Mincing Lane
London, EC3R 7XD UNITED KINGDOM
Phone: +44 020 7623 8877
Fax: +44 020 7283 8275
JOC LIMITED: Former Topman Banned from Holding Management Post
--------------------------------------------------------------
A director of four haulage contractor and plant hire businesses
that failed with total debt estimated at around GBP432,000 has
given an Undertaking not to hold directorships or take any part
in company management for five years.
The Undertaking, by Joseph O'Connell, 63, of The Avenue, Leigh,
in Greater Manchester, was given in respect of his conduct as a
director of four companies:
(a) JOC Limited, which traded from Parsonage Farm, Kirkhall
Lane, Leigh, between August 1999 and December 2002 and was
placed into voluntary liquidation on December 3, 2002 with
estimated debt of GBP111,098 owed to its creditors;
(b) Joe O'Connell Haulage Limited, which traded from the same
address between January 1992 and January 1996 and was placed
into compulsory liquidation by an Order of the Court dated
August 14, 1996 with estimated debt of GBP45,521 owed to
its creditors;
(c) Joe O'Connell Plant Hire Limited, which traded from the same
address between November 1991 and April 1999 and was placed
into compulsory liquidation by an Order of the Court dated
April 21, 1999 with estimated debt of GBP77,937 owed to its
creditors; and
(d) Rarediamond Limited, which traded from the same address
between January 1998 and April 1999 and was placed into
voluntary liquidation on April 12, 1999 with estimated debt
of GBP197,533 owed to its creditors.
Acceptance of the Undertaking on January 4, 2005 prevents Mr.
O'Connell 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.
Matters of unfit conduct, not disputed by Joseph O'Connell
solely for the purpose of the Undertaking, were that:
(a) He caused JOC Limited to retain monies due to the Crown
totaling GBP44,146 being GBP18,436 in respect of VAT for the
period November 2000 to November 2002 and GBP25,710 in
respect of PAYE/NIC for the two years 2000/01 and 2001/02.
Between August 2001 to December 2002 Crown creditors
increased by GBP24,360 whilst in the same period trade and
expense creditors did not increase;
(b) He caused Joe O'Connell Haulage Ltd. to retain monies due to
the Crown totaling GBP108,922 being GBP90,053 in respect of
VAT for the period August 1993 to October 1996 and GBP18,869
in respect of PAYE/NIC for the period July 19, 1995 to
October 19, 1995. During the period February 1, 1994 to the
date of liquidation on August 14, 1996, amounts owed to the
Crown increased by GBP85,658 from GBP23,264 to GBP108,922
whilst in the same period trade creditors reduced by
GBP29,926 from GBP31,549 to GBP1,623 and the director's loan
account showing GBP5,121 owed by the company to him was
repaid in full;
(c) He caused Joe O'Connell Plant Hire Ltd. to retain monies due
to the Crown totaling GBP77,483 being in respect of PAYE/NIC
for the period April 1996 to April 1999. During the period
January 31, 1997 to the date of liquidation on April 21,
1999 amounts owed to the Crown increased by GBP46,177 from
GBP31,306 to GBP77,483 whilst in the same period trade
creditors and accruals reduced by GBP14,666 from GBP23,574
to GBP9,908 and the director's loan account showing GBP827
owed by the company to him was repaid in full; and
(d) He caused the company to retain monies due to the Crown
totaling GBP135,778 being GBP41,346 in respect of VAT for
the period December 1998 to March 1999 and at least
GBP94,432 in respect of PAYE/NIC for the period April 1998
to March 1999. During the period April 1, 1998 to the date
of liquidation on April 22, 1998 amounts owed to the Crown
increased by GBP123,055 from GBP12,723 to GBP135,778 whilst
in the same period trade and expense creditors increased by
GBP13,621 from GBP54,284 to GBP67,905.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
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
JORDAN RYAN: Files for Voluntary Liquidation
--------------------------------------------
Name of companies:
Jordan Ryan Corporation Limited
Pims U.K. Limited
T.N.G. Paper Limited
At the extraordinary meeting of the members of these companies
on Dec. 23, 2004 held at Pearl Assurance House, 319 Ballards
Lane, London N12 8LY, the special resolution to wind up the
company was passed. David Rubin of David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY has
been appointed liquidator of the company.
CONTACT: DAVID RUBIN & PARTNERS
Pearl Assurance House,
319 Ballards Lane,
London N12 8LY
Phone: 020 8343 5900
Fax: 020 8446 2994
Web site: http://www.drpartners.com
LANGNEY MARINE: Appoints Findlay James Administrator
----------------------------------------------------
Alisdair James Findlay (IP No 1226) has been appointed
administrator for Langney Marine Services Limited. The
application was filed Dec. 15, 2004. The company repairs boats.
CONTACT: FINDLAY JAMES CHARTERED ACCOUNTANTS
Saxon House, Saxon Way,
Cheltenham GL52 6QX
LATHAMS TRUCK: Hires John P. Collins as Liquidator
--------------------------------------------------
At the extraordinary general meeting of Lathams Truck Centre
Limited on Dec. 20, 2004 held at The Little House, Windley,
Derbyshire DE56 2LP, the subjoined special resolution to wind up
the company was passed. John Patrick Collins of John P.
Collins, The Little House, Windley, Derbyshire DE56 2LP has been
appointed liquidator of the company.
CONTACT: JOHN P. COLLINS
The Little House, Windley,
Derbyshire DE56 2LP
PRICOA FUNDING: Brings in Joint Liquidators from PwC
----------------------------------------------------
At the extraordinary general meeting of Pricoa Funding Limited
on Dec. 22, 2004, the special and ordinary resolutions to wind
up the company were passed. Richard Setchim and Jonathan Sisson
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
have been appointed joint liquidators of the company.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
RAYNER & COMPANY: Administrators from Grant Thornton Move in
------------------------------------------------------------
Martin Gilbert Ellis, Daniel Robert Whiteley Smith (IP Nos 8687,
8373) and Duncan Kenric Swift (IP No 8093) have been appointed
administrators for Rayner & Company Limited. The appointment
was made Dec. 23, 2004. The company manufactures food, drink
and tobacco.
CONTACT: GRANT THORNTON U.K. LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
GRANT THORNTON U.K. LLP
31 Carlton Crescent
Southampton SO15 2EW
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
REEKIE MANUFACTURING: Receivers Start Looking for Buyers
--------------------------------------------------------
The directors of one of Scotland's leading agricultural
engineering firms, Reekie Manufacturing, has called in receivers
from KPMG.
Reekie manufactures, supplies, and maintains agricultural
machinery used by potato and root crop growers across the U.K.
and the rest of the European Union. It also distributes
associated spare parts. The company, according to the report,
has been plagued by poor U.K. demand for specialist agricultural
machinery and overcapacity in the market. Its turnover has
continued to slump, from GBP12.38 million to GBP10.53 million in
2002.
Blair Nimmo and Tony Friar of KPMG is now seeking a buyer for
the business. Thirty-five of the firm's 54 staff were dismissed
immediately after the administrators were called in. The
company has a standing lawsuit against Campmuir Potato Systems
in the Court of Session over intellectual property rights.
CONTACT: Reekie Manufacturing Ltd.
Orchardbank Forfar, Angus
Scotland DD8 1UQ
Phone: 0044 (0) 1307 464171
Fax: 0044 (0) 1307 474737
Web site: http://www.reekie-mfg.co.uk
SANDCO 867: Appoints Robson Laidler Liquidator
----------------------------------------------
At the extraordinary general meeting of Sandco 867 Limited on
Dec. 20, 2004 held at The Teleport, Doxford, Sunderland, Tyne
and Wear SR3 3XD, the special and ordinary resolutions to wind
up the company were passed. William Paxton of Robson Laidler
LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne
NE2 1TJ has been appointed liquidator of the company.
CONTACT: ROBSON LAIDLER LLP
Fernwood House,
Fernwood Road, Jesmond,
Newscastle upon Tyne
Phone: 0191 281 8191
Fax: 0191 281 6279
Web site: http://www.robson-laidler.co.uk
STODDARD INTERNATIONAL: 168-year-old Carpet maker Goes Bust
-----------------------------------------------------------
Receivers from Ernst & Young were called in for Scotland's
oldest carpet maker, Stoddard International, last week,
according to The Scotsman.
During its heyday, carpets manufactured by the company adorned
the houses of the rich and royal. In 1947, it provided the red
carpet for the Queen's wedding. But with changing styles,
demand for its traditional Axminster product gradually declined.
Its results in September showed half-year pre-tax losses before
exceptionals of GBP3.2 million, up from GBP2.6 million.
Ernst & Young is now reviewing the firm's business with a view
to selling it as a going concern. It is yet unclear what will
happen to its pension scheme and 460 employees at its Kilmarnock
plant. The fund had a shortfall of GBP13.6 million last year.
The company was founded in 1837.
CONTACT: STODDARD INTERNATIONAL PLC
Riverside Mill, Barbadoes Road
Kilmarnock, East Ayrshire KA1 1SX, United Kingdom
Phone: +44-1563-578-000
Fax: +44-1563-578-011
Web site: http://www.stoddardcarpets.com
TELEPORT UK: Appoints Kroll Limited Administrator
-------------------------------------------------
D. J. Whitehouse and S. Wilson (IP Nos 8699, 8963) have been
appointed joint administrators for telecommunications company
Teleport UK Limited. The appointment was made Jan. 4, 2005.
CONTACT: KROLL LIMITED
1 Oxford Court, Bishopsgate,
Manchester M2 3WR
TENSIL LIMITED: Members Opt for Voluntary Liquidation
-----------------------------------------------------
At the general meeting of Tensil Limited on Dec. 20, 2004, the
resolution to wind up the company was passed. Keith Hinds and
Samantha Keen of Grant Thornton UK LLP, St Johns Centre, 110
Albion Street, Leeds LS2 8LA have been appointed joint
liquidators of the company.
CONTACT: GRANT THORNTON
St John's Centre,
110 Albion Street,
Leeds LS2 8LA
Phone: 0113 245 5514
Fax: 0113 246 5055
Web site: http://www.grant-thornton.co.uk
THE ITC: Appoints Joint Administrators from PKF
-----------------------------------------------
Kerry Bailey and Jonathan D Newell (IP Nos 8780, 6419) have been
appointed joint administrators for The ITC (UK) Limited. The
appointment was made Dec. 22, 2004. Its registered office is
located at Technology House, Rhewl, Ruthin, Denbighshire LL15
1TN.
CONTACT: PKF
10 Hanover Business Centre,
Hanover House, The Roe,
St Asaph LL17 0LT
Phone: 01745 585345
Fax: 01745 582119
Web site: http://www.pkf.co.uk
U.K. FABRICS: Hires Sharma & Co. as Administrator
-------------------------------------------------
Mrs. G. D. Sharma (IP No 9145) has been appointed administrator
for U.K. Fabrics Limited. The appointment was made Dec. 23,
2004. The company imports and sells fabric. Its registered
office is located at 21 Morledge Street, Leicester LE1 1TA.
CONTACT: SHARMA & CO.
50 Newhall Street,
Birmingham B3 3QE
WATCHBREEZE LIMITED: Succumbs to Liquidation
--------------------------------------------
At the extraordinary general meeting of the members of
Watchbreeze Limited (formerly Item Holdings Limited) on Dec. 29,
2004 held at Amberley Place, 107-111 Peascod Street, Windsor,
Berkshire SL4 1TE, the subjoined special and ordinary
resolutions to wind up the company were passed. S. R. Thomas
and S. J. Parker of Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD have been appointed joint liquidators of
the company.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street
London W1U 6RD
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
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