/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050117.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, January 17, 2005, Vol. 6, No. 11 Headlines C Z E C H R E P U B L I C MORAVAN-AEROPLANES: Favored to Win Indian Contract F R A N C E MOULINEX SA: Former Auditors in Hot Water G E R M A N Y BERNHARD BURGER: Creditors Claims Due February CASA BAUTRAGER: Sets First Creditors Meeting March CITY-SCHUHMODEN: Provisional Administrator Takes over Operations DOMBRINK ALUMINUM: Creditors Have Until Next Week to File Claims EGI GETRANKE: Applies for Bankruptcy Proceedings I & C GLAS-: Frankfurt Court Accepts Bankruptcy Petition LASSANER TRANSPORT: Provisional Administrator Takes over Helm POLYMEN GMBH: Creditors Claims Due Next Month T.B.W. GMBH: Frankfurt Court Appoints Provisional Administrator WUBBE TIEFBAU: Creditors Have Until Next Month to File Claims H U N G A R Y NABI RT: Books Slight Improvement in Bus Sales I R E L A N D JSG FUNDING: Issuing EUR370 Mln Worth of Subordinated Notes JSG PACKAGING: Ratings Cut to 'B+' Over PIK Issuance I T A L Y FIAT SPA: Corporate Governance Satisfactory, Says S&P K Y R G Y Z S T A N ASHMARA: Creditors Set to Meet First Week of February BLVZ: Public Auction of Assets Next Week KALEM: Gives Creditors Until Second Week of March to File Claims KOK-JAR: Sets Creditors Meeting Last Day of January KYRGYZSHAMPANY-KAMEKS: Hires New Temporary Insolvency Manager L U X E M B O U R G STOLT-NIELSEN: Expects to Gain US$360 Mln from Share Disposal STOLT OFFSHORE: Stolt-Nielsen Completes Withdrawal N E T H E R L A N D S GETRONICS N.V.: To Take up PinkRoccade Offer at February EGM LAURUS N.V.: Beefs up Group Management Board PETROLEUM GEO-SERVICES: Still in Talks Over Pertra's Future ROYAL AHOLD: Low Currency Exchange Rates Hit 4th-qtr. Sales ROYAL SHELL: Four Basell Bidders Join Forces N O R W A Y DNO ASA: 2004 Production Exceeds Target R U S S I A BUTURLINSKIY DISTILLERY: Declared Insolvent EDVINSK-AUTO-TRANS: Sets Deadline for Proofs of Claim GOTNYANSKIY BRICKWORKS: Hires V. Reznikov as Insolvency Manager KAMENSK-URALSKIY BAKERY: Under Bankruptcy Supervision MELEKESSKAYA SPINNING-WEAVING: Sets Public Auction Jan. 20 PARTNERSHIP ILMENSKOYE: Bankruptcy Hearing Resumes Next Month POBEDA: Undergoes Bankruptcy Supervision Procedure ROSTEK-AGRO: Belgorod Court Appoints Insolvency Manager SHUSHENSKIY BAKERY: Deadline for Proofs of Claim Set TROYAN-BEER: Creditors Have Until February to File Claims YUKOS OIL: Wins Temporary Banking Waiver in U.S. S W I T Z E R L A N D BARRY CALLEBAUT: Maintains Forecast Despite Lackluster 1st Qtr. U K R A I N E ARTEL: Urges Creditors to File Claims PROMIS: Court Appoints Liquidator SLOVYANSKIJ CERAMIC: Insolvency Manager Takes over Operations TEHNEFTEROS: Declared Insolvent TEOFIPOL' AGROPOSLUGI: Under Bankruptcy Supervision ULYANOVA: Dnipropetrovsk Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M ANDERSON BUILDING: Winding-up Report Due Today BRANDCOM LIMITED: Insolvency Service Bans Former Director BRITISH ENERGY: Court Sanctions Restructuring Plan BRITISH ENERGY: Resumes Trading Today DAC PUBLISHING: Exec Receives 8-year Directorship Ban DESIGNREALM LIMITED: Hires Joint Liquidators from PKF DRAX: Names Gordon Boyd Finance Director DUNCANS OF SCOTLAND: Sets Final Meeting of Members, Creditors EAST DOCK: Brings in Liquidator from Mazars E C WINDOWS: Hires Joint Liquidators from CBA EDGLEY AERONAUTICS: Members Decide to Wind up Firm ETAP LIMITED: KPMG Liquidator Moves in FIELDING LIMITED: Hires Grant Thornton as Liquidator GLOWMARK LIMITED: Liquidator from Marks Bloom Enters Firm GM AUTOMOTIVE: Hires KPMG as Liquidator GTE INFORMATION: Owners Opt for Liquidation HIGHBRIGHT HOLDINGS: Members Decide to Liquidate Firm JOSEPH MASON: Claims Filing Period Ends Second Week of March KENNEDY INDUSTRIAL: Sets Deadline for Filing of Claims LATSEL NO. 2: Appoints KPMG Liquidator LONDON SCENE: Hires Liquidator from Critchleys MACROTRON (U.K.): Calls in Liquidator from Bernard Harrington MARCOH ENGINEERING: Liquidator's Final Report Out January 26 MCA COFFEE: Hires Smith & Williamson as Administrator M M & S (3019): Joint Liquidators from Begbies Traynor Move in OCCASIONAL FURNITURE: Directors Banned for 18 Years POSIVA DRIVES: Calls in Liquidator from Begbies Traynor QUADRANGLE RESEARCH: Falls into Administration RAMCO ENERGY: Posts Latest Update on Seven Heads Exploration ROYAL MAIL: Books Unprecedented GBP800 Mln 'Christmas Revenues' TECNOMARE (UK): Shareholders Decide to Wind up Firm TOYS "R" US: Liquidator from Grant Thornton Moves in TRUMPVEDA LIMITED: Hires Deloitte & Touche as Liquidator * FSCS Declares 16 Firms in Default ********* =========================== C Z E C H R E P U B L I C =========================== MORAVAN-AEROPLANES: Favored to Win Indian Contract -------------------------------------------------- Bankrupt small plane manufacturer Moravan-Aeroplanes is expected to win a multi-million-crown contract in India, Mlada fronta Dnes says. Moravan has submitted a bid to produce six Z-242L aircraft for a training school in India. If successful, Moravan would gain around CZK37 million. Moravan receiver Petr Hajtmar said winning the contract is vital for the group's survival. Losing the bid would leave the aircraft maker scrambling for funds and possibly force it to fire some employees. "The production of airplanes would be at stake, too," he said. The Regional Court in Brno declared Moravan bankrupt on June 18, 2004 at the request of its management and employees. The company's debt consists of CZK12 million in wages, CZK11 million in taxes, and over CZK60 million in social security payments. Moravan-Aeroplanes produces small civilian aircraft and training planes. CONTACT: MORAVAN-AEROPLANES a.s. Letiste 1578 765 81 Otrokovice Phone: +420 576 083 901 Fax: +420 576 083 929 E-mail: m.aeroplanes@moravan.cz =========== F R A N C E =========== MOULINEX SA: Former Auditors in Hot Water ----------------------------------------- A Nanterre investigator has questioned auditors of insolvent appliance group Moulinex regarding their conduct when the company declared bankruptcy, Le Figaro says. Authorities are probing Jerome Guiraden and Christian Chiarasini's alleged failure to report criminal acts that happened at Moulinex. Investigators believe both auditors played a role in the group's bankruptcy by presenting a false balance sheet. The two men were the auditors of Moulinex when it succumbed to bankruptcy on September 7, 2001. The examining magistrate is currently reviewing the conditions under which Moulinex filed for voluntary bankruptcy. Aside from Mr. Guiraden and Mr. Chiarasini, the magistrate has questioned seven other individuals regarding the case. CONTACT: MOULINEX S.A. 22 Place des Vosges 92400 Courbevoie Web site: http://www.moulinex.com ============= G E R M A N Y ============= BERNHARD BURGER: Creditors Claims Due February ---------------------------------------------- The district court of Munster opened bankruptcy proceedings against roofing enterprise firm Bernhard Burger Bedachungen GmbH & Co. KG on Dec. 23, 2004. 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 Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting on March 10, 2005, 9:15 a.m. at the district court of Munster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Munster, EG, Saal 13 B, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BERNHARD BURGER BEDACHUNGEN GMBH & CO. KG Engelings Haar 23, 48565 Steinfurt Andreas Sontopski, Insolvency Manager Gnoiener Platz 1, 48493 Wettringen Phone: 02557/9384-0 Fax: +492557938450 CASA BAUTRAGER: Sets First Creditors Meeting March -------------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Casa Bautrager GmbH on Dec. 27, 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 Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on March 1, 2005, 11:00 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, IV. Etage, Saal 407, 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: CASA BAUTRAGER GMBH I. L. Rheinallee 11, 47119 Duisburg Contact: Jochem Peters Dr. Sebastian Henneke, Insolvency Manager Mulheimer Str. 100, 47057 Duisburg CITY-SCHUHMODEN: Provisional Administrator Takes over Operations ---------------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against City-Schuhmoden Handels GmbH on Dec. 30, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2005 to register their claims with court-appointed provisional administrator Dr. Ruth Rigol. Creditors and other interested parties are encouraged to attend the meeting on March 22, 2005, 10:00 a.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, 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: CITY-SCHUHMODEN HANDELS GMBH Eschmarer Strasse 53, 53859 Niederkassel Contact: Albert Michael Tilmann, Manager Dr. Ruth Rigol, Insolvency Manager Magnusstrasse 13, 50672 Koln Phone: 0221/650660 Fax: 0221/650661 DOMBRINK ALUMINUM: Creditors Have Until Next Week to File Claims ---------------------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Dombrink Aluminium Fassaden, Fenster + Turen GmbH & Co. KG on Jan. 1, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 24, 2005 to register their claims with court- appointed provisional administrator Dr. Norbert Kupper. Creditors and other interested parties are encouraged to attend the meeting on Feb. 14, 2005, 10:15 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on March 9, 2005, 9:30 a.m. at the same venue. CONTACT: DOMBRINK ALUMINIUM GMBH & CO. KG Ringstr. 127, 33378 Rheda-Wiedenbruck Dr. Norbert Kupper, Insolvency Manager Paderborner Str. 11, 33415 Verl. EGI GETRANKE: Applies for Bankruptcy Proceedings ------------------------------------------------ The district court of Essen opened bankruptcy proceedings against wholesale and retail firm Egi Getranke Logistik GmbH on Dec. 29, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 9, 2005 to register their claims with court-appointed provisional administrator Dr. Jens M. Schmittmann. Creditors and other interested parties are encouraged to attend the meeting on Feb. 23, 2005, 2:00 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, 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: EGI GETRANKE LOGISTIK GMBH Frillendorfer Strasse 152-154, 45139 Essen Contact: Hamdullah Salmann, Manager Dr. Jens M. Schmittmann, Insolvency Manager Zweigertstrasse 28-30, 45130 Essen Phone: 0201 438740 I & C GLAS-: Frankfurt Court Accepts Bankruptcy Petition -------------------------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against I & C Glas- und Gebaudereinigung GmbH on Dec. 21, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 8, 2005 to register their claims with court- appointed provisional administrator Wolfgang Hoppe. Creditors and other interested parties are encouraged to attend the meeting on April 7, 2005, 8:40 a.m. at the district court of Frankfurt, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, statt, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: I & C GLAS- UND GEBAUDEREINIGUNG GMBH Kasinostrasse 13, 65929 Frankfurt-Unterliederbach Contact: Ibrahim Cubukcu, Manager Wolfgang Hoppe, Insolvency Manager Mergenthalerallee 45-47, 65760 Eschborn Phone: 06196/481969 Fax: 06196/482494 LASSANER TRANSPORT: Provisional Administrator Takes over Helm ------------------------------------------------------------- The district court of Stralsund opened bankruptcy proceedings against Lassaner Transport- und Reparaturservice GmbH on Dec. 22, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 4, 2005 to register their claims with court-appointed provisional administrator Jorg Sievers. Creditors and other interested parties are encouraged to attend the meeting on Feb. 23, 2005, 10:10 a.m. at the district court of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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: LASSANER TRANSPORT- UND REPARATURSERVICE GMBH Contact: Peter Wischow, Manager Jorg Sievers, Insolvency Manager Robert-Blum-Strasse 1, 17489 Greifswald POLYMEN GMBH: Creditors Claims Due Next Month --------------------------------------------- The district court of Gera opened bankruptcy proceedings against Polymen GmbH on Dec. 23, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 15, 2005 to register their claims with court-appointed provisional administrator J. Schneider. Creditors and other interested parties are encouraged to attend the meeting on March 16, 2005, 1:15 p.m. at the district court of Gera, Rudolf-Diener-Str. 1, Zimmer 310, 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: POLYMEN GMBH Mylauer Str. 01, 07973 Greiz J. Schneider, Insolvency Manager Tatzendpromenade 2a, 07745 Jena T.B.W. GMBH: Frankfurt Court Appoints Provisional Administrator --------------------------------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against T. B. W. GmbH Gesellschaft fur naturgerechte Technologien, Bau und Wirtschaftsberatung on Dec. 21, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 10, 2005 to register their claims with court-appointed provisional administrator Dr. Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting on April 12, 2005, 9:00 a.m. at the district court of Frankfurt, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, statt, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: T. B. W. GMBH GESELLSCHAFT FUR NATURGERECHTE TECHNOLOGIEN, BAU UND WIRTSCHAFTSBERATUNG Hagenstrasse 16, 60314 Frankfurt am Main (HRB 32438) Contact: Hartlieb Euler, Manager Dr. Holger Lessing, Insolvency Manager Hanauer Landstrasse 287-289, D-60314 Frankfurt am Main Phone: 069/15051300 Fax: 069/15051400 WUBBE TIEFBAU: Creditors Have Until Next Month to File Claims ------------------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Wubbe Tiefbau GmbH & Co.KG on Dec. 30, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 13, 2005 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting on Feb. 28, 2005, 1:00 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, 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: WUBBE TIEFBAU GMBH & CO.KG Petersberg 2, 45770 Marl-Sinsen Rolf Weidmann, Insolvency Manager Einigkeitstr. 9, 45133 Essen Phone: 0201/437760 Fax: 02014377620 ============= H U N G A R Y ============= NABI RT: Books Slight Improvement in Bus Sales ---------------------------------------------- During 2004, the NABI Group delivered 1,227 buses to its customers, a 7% increase in the number of vehicles delivered compared with 2003. Number of Bus Deliveries According to Market and Type Market Bus Type 2004 2003 2002 12M 12M 12M U.S.A. 30-foot (medium duty) 1 72 12 35/40-foot (heavy duty) 468 483 771 60-foot (heavy duty) 133 76 54 40/45-foot CompoBus 84 57 3 Market Total: 686 688 840 United Kingdom Single deck under 7.5t 89 125 117 Single deck over 7.5t 428 308 374 Double deck over 7.5t 2 9 41 Market Total: 519 442 532 Hungary Market Total Single deck over 7.5t 22 19 7 Grand Total: 1,227 1,149 1,375 Overall, the American transit bus market remains flat due to macroeconomic pressures and the uncertainties over future engine emission technologies. The public transport industry continues to be challenged by budget issues at the state and local levels of government, which comprise an increasing share of funding for new buses and rail systems. However, state and local funding is expected to recover in 2005 and beyond. In addition, bus rapid transit is a promising emerging market, as the number of cities announcing BRT projects continues to grow. Although the quantity of NABI's bus deliveries in 2004 appears to be largely unchanged from 2003, sales revenues increased significantly due to the considerably greater number of higher- value and labor-intensive articulated buses that were produced in 2004 than in 2003. NABI Inc. produced 321 diesel engine buses in 2004, 338 buses fueled by CNG and 26 buses fueled by LNG. Deliveries were made to 10 customers under 12 different contracts in 2004. These figures do not include the delivery of the NABI 60-BRT-prototype bus to Los Angeles County Metropolitan Transportation Authority in September 2004. Under the terms of this first contract for NABI's advanced design bus rapid transit vehicle, delivery of the first 30 to Los Angeles is scheduled for mid-2005. Despite the demand in the U.K. bus market in 2004 being 9% lower than in 2003, Optare has successfully increased its share of the U.K. single deck market by 3% in 2004 to 23%. More importantly in its core business sector for Midibuses(10-13T), Optare increased its share by 7% to 37%. In Hungary, the market remained flat and NABI sold 12 forty-foot buses in the Fourth Quarter. As previously announced in November 2004, NABI is implementing a comprehensive restructuring of its operations in order to improve financial stability and return to long-term profitability. One-time charges associated with the restructuring initiative will be reflected in the Group's final results for the year ended December 31, 2004. The NABI Group plans to build in the order of 1000 buses in 2005. NABI has received fixed orders from customers in the U.S.A. for 522 buses and approximately 1700 buses could be ordered under options. CONTACT: NABI RT. 45 Ujszasz u. Budapest 1165 Phone: +36-1-401-7399 Fax: +36-1-407-2931 E-mail: nabihq@nabi.hu Web site: http://www.nabi.hu Andras Bodor Corporate Affairs Director Phone: +36-1-401-7100 E-mail: andras.bodor@nabi.hu ============= I R E L A N D ============= JSG FUNDING: Issuing EUR370 Mln Worth of Subordinated Notes ----------------------------------------------------------- Jefferson Smurfit Group announces an offering of approximately EUR370 million of subordinated cash-pay notes to be issued by JSG Funding plc, the expected net proceeds of which it intends to use to refinance JSG Funding plc's existing 15.5% Subordinated Notes due 2013, and an offering of approximately EUR300 million pay-in-kind notes to be issued by JSG Holdings plc, the expected net proceeds of which it intends to use to fund a return of capital to shareholders. Deutsche Bank AG and Citigroup are acting as Joint Bookrunners and Underwriters. Jefferson Smurfit Group is one of the largest European-based integrated manufacturers of containerboard, corrugated containers and other paper-based products. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any public offering of securities of JSG Holdings plc or JSG Funding plc to be made in the United States would have to be made by means of a prospectus that would be obtainable from JSG Holdings plc or JSG Funding plc, as the case may be, and would contain detailed information about the issuer of the securities and its management, as well as financial statements. Neither this document nor the information contained herein constitutes an offer to sell or the solicitation of an offer to buy any securities. These materials do not constitute an offer of securities for sale in the United States; the securities may not be offered or sold in the United States absent registration or an exemption from registration. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted. * * * NOT FOR GENERAL RELEASE IN THE UNITED STATES CONTACT: JEFFERSON SMURFIT GROUP Gary McGann, Chief Executive Officer Phone: +353 1 202 7000 or Ian Curley, Finance Director Phone: +353 1 202 7000 Web site: http://www.smurfit-group.com or K CAPITAL SOURCE Mark Kenny Phone: +353 1 631 5500 E-mail: smurfit@kcapitalsource.com or WHPR Brian Bell Phone: +353 1 669 0030 E-mail: smurfit@kcapitalsource.com JSG PACKAGING: Ratings Cut to 'B+' Over PIK Issuance ---------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Ireland-based paper and packaging company JSG Packaging Ltd. and related entities in the Jefferson Smurfit Group (JSG) to 'B+' from 'BB-', following the group's announcement of a proposed EUR300 million (US$397 million) pay- in-kind (PIK) issuance. The outlook is stable. At the same time, Standard & Poor's lowered its senior unsecured debt rating on JSG-related entities to 'B-' from 'B'. Standard & Poor's also assigned its 'B-' long-term rating to the proposed EUR300 million PIK junior subordinated notes to be issued by JSG Holdings PLC and to the proposed EUR370 million subordinated notes to be issued by JSG Funding PLC, two holding companies within the group. Both issues are due in 2015. In addition, the 'BB-' bank loan rating on the group's senior credit facilities and 'BB-' secured debt rating on two outstanding bond issues were placed on CreditWatch with negative implications. "The rating actions follow JSG's announcement that it intends to use the proceeds from the EUR300 million PIK notes issue for a share capital reduction in the group, which will weaken JSG's already aggressive leverage measures," said Standard & Poor's credit analyst Andreas Kindahl. "Furthermore, this represents a negative deviation from a financial policy perspective as Standard & Poor's had expected JSG to focus on permanent debt reduction and to improve credit measures progressively." Although JSG will receive approximately EUR446 million from the recent Munksjo disposal, a substantial portion of these proceeds will be consumed by the capital reduction and transaction costs relating to the refinancing of the existing PIK notes with a cash interest paying subordinated debt issue. As a result, debt levels and cash interest payments will remain largely unchanged, while JSG's operating cash flows will weaken following the loss of the Munksjo contribution. Consequently, pro forma for the potential transactions, net debt to EBITDA and EBITDA net cash interest ratios (excluding post-retirement liabilities) will weaken to about 5.6x and 2.3x, respectively, from about 4.9x and 2.7x for the 12 months ended Sept. 30, 2004. In addition, JSG has relatively high, unfunded pension liabilities of about EUR355 million. The stable outlook is supported by the group's position as a large, integrated producer of containerboard and corrugated board. EBITDA net cash interest coverage and net debt to EBITDA are expected to gradually improve to at least 2.5x and less than 5x, respectively. 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 ========= I T A L Y ========= FIAT SPA: Corporate Governance Satisfactory, Says S&P ----------------------------------------------------- This governance assessment was completed using public information and information made available by Fiat S.p.A. to Standard & Poor's Governance Services through the credit rating process. In addition, for the purposes of this report, the company provided Standard & Poor's with access to Fiat's management, Board of Statutory Auditors, and independent directors. Executive Summary The governance processes, policies, and procedures of Italian industrial Fiat S.p.A. do not constrain the corporate credit ratings (BB-/Negative/B) on the group. Fiat, controlled by the Agnelli family through two intermediate holding companies (Istituto Finanziario Industriale S.p.A. [IFI] and IFIL S.p.A. [IFIL]), has made significant efforts to improve its governance in recent years, including many improvements in disclosure standards. Risk management, internal audit, and board committee procedures have all been enhanced. Standard & Poor's considers the board's establishment of new guidelines for internal controls and its appointment of a new internal control and compliance officer with significant resources as particularly important developments. A further positive factor is the support of both the Agnelli family and the core banking group during Fiat's current financial difficulties. Standard & Poor's also notes the board's balance of skills and the new CEO's significant turnaround and industrial experience. Nevertheless, Standard & Poor's assessment of Fiat's governance is tempered by the fact that, in practice, the majority of members of the board of directors are nominated and elected by the core shareholding group, with little influence from majority but non-controlling shareholders. The absence of an independent nomination process, or of provisions for outside shareholder- nominated candidates for board elections, has resulted in a board with comparatively few independent members to balance the influence of the controlling shareholder. Although the independent Board of Statutory Auditors (Collegio Sindicale) is considered, for the purposes of Sarbanes Oxley, to be equivalent to an audit committee, this is primarily a compliance function and plays no part in the company's decision-making process. Ownership Fiat's ownership structure is transparent. Public disclosures and regulatory filings reveal that Fiat's founding Agnelli family is ultimately the largest shareholder (through IFI and IFIL), with a holding of 30.06%. As no other shareholder has more than 5%, the family has significant influence over Fiat's affairs. Low shareholder voting at annual meetings gives IFI and IFIL de facto control and, in the absence of an independent board nomination process or cumulative voting, further limits the influence of majority but non-controlling shareholders. Although IFIL's and IFI's influence is broadly positive, as evidenced by their participation in Fiat's recapitalization plans of 2002 and 2003, frequent shifts in strategy in recent years suggest that this influence might not always be consistent. Standard & Poor's considers the company's specific procedures to deal with related-party transactions as a positive governance factor, particularly given that these procedures are outlined on the company Web site and described in detail in its annual report and accounts. Moreover, independent directors have confirmed that the controlling shareholders are careful to avoid transactions that could result in conflicts of interest. Furthermore, in the likely event that Fiat is not able to meet targets or repay the outstanding principal on its EUR3 billion convertible bond facility at maturity on Sept. 16, 2005, the lending banks may require conversion from debt to equity. Although this would dilute the value of existing shares by approximately 25%, the financial profile of the company would likely be strengthened by the improved debt-to-equity ratio. Transparency and Disclosure Fiat's overall disclosure levels are high and are partly influenced by SEC disclosure requirements. The company's Web site is particularly comprehensive and relatively easy to navigate, and contains a significant amount of financial and non-financial information. Audit Process The completeness of the audit process is enhanced by the fact that Fiat's auditor, Deloitte & Touche S.p.A. audits group companies that represent approximately 97% of its gross assets and revenues. Disclosure concerning the overall compensation of the external auditor, which includes non-audit services, is present in the 20-F form, which has recently been filed with the S.E.C. Public disclosures and discussions with independent directors and members of the Board of Statutory Auditors indicate that oversight of Fiat's external auditor and of the audit process is particularly strong. Standard & Poor's notes that the audit process is clearly articulated, with a separately constituted group company performing the internal audit function. Board Structure and Effectiveness Structure The board members' broad mix of industrial and automotive backgrounds forms a particularly relevant base of experience and skills, given Fiat's current financial problems. Independence Following the Dec. 23, 2004 announcement of a new board member, there are now five independent directors on the 11-person board, which Standard & Poor's views as positive, although the application of stricter criteria would preclude one of the three members of the internal controls committee from being classed as independent. In accordance with Italian law, the members of the Board of Statutory Auditors are all independent, another positive governance factor. Nevertheless, any assessment of the independent element of the board must take into account the effective control of the significant minority shareholder. The absence of an independent nomination process, or of provisions for non-controlling shareholder-nominated candidates for board elections, has resulted in a board with few independent directors to balance the influence of the controlling shareholder. There is, however, no evidence to suggest that the directors or statutory auditors act against the interests of the majority of shareholders. Executive and Director Compensation Disclosure about executive directors' pay does not facilitate a full understanding of the extent to which executive directors' and chief operating officers' pay is aligned with shareholders' interests, and is a constraining factor on the assessment. Although the annual report discusses the option scheme applicable to the CEO and provides details of the number of options available to him, together with the vesting period and the exercise price, there is no information about the performance levels that have to be achieved to obtain these awards. CONTACT: Fiat S.p.A. 250 Via Nizza 10126 Turin, Italy Phone: +39-011-686-1111 Fax: +39-011-686-3798 Web site: http://www.fiatgroup.com =================== K Y R G Y Z S T A N =================== ASHMARA: Creditors Set to Meet First Week of February ----------------------------------------------------- The Inter-District Court of Chui Region on Economic Issues has commenced bankruptcy supervision procedure on Agricultural Seedage Cooperative Ashmara. The case is docketed as 03-382/- 2004-2. Mr. Suinbai Mailybayev (License 0124) has been appointed temporary insolvency manager. Creditors will meet on February 2, 2005, 11:00 a.m. at Panfilov district, Chaldovar. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: Mr. Suranbai Akybayev Temporary Insolvency Manager Phone: (0-312) 43-88-73 (0-312) 23-16-64 (0-502) 32-86-89 BLVZ: Public Auction of Assets Next Week ---------------------------------------- The bidding organizer and the temporary insolvency manager of JSC BLVZ will sell the 49% stake of LLC SLVZB on January 25, 2005, 11:00 a.m. at Kyrgyzstan, Bishkek, Sovetskaya Str. 220. Starting price is KGS42,292,895.54. Auction Conditions: (a) Bidder with highest offered price wins; (b) Business plan to develop and modernize the plant; and (c) Retention of product lines. To participate, bidders must deposit an amount equivalent to 10% of the starting price to the cashier of BLVZ. Bids must be submitted on or before January 24, 2005, 5:00 p.m. at Bishkek, Sovetskaya Str. 220. For more information, call (0-312) 62-51- 94 or 62-39-69. KALEM: Gives Creditors Until Second Week of March to File Claims ---------------------------------------------------------------- The temporary insolvency manager of JSC Kalem, which recently succumbed to insolvency, will accept proofs of claim until March 11, 2005. For more information, call (0-39-44) 2-49-73 or 2-04- 85. KOK-JAR: Sets Creditors Meeting Last Day of January --------------------------------------------------- OJSC Kok-Jar will hold a creditors meeting on January 31, 2005 at 10:00 a.m. at Bishkek, Togolok Moldo Str. House 17. Agenda: (a) Election of board members; (b) Liquidation of the company; and (c) Establishment of a Liquidation Commission. Registration will be from 9:00 a.m. until 10:00 a.m. For more information, call (0-312) 43-58-46 or 28-47-55. KYRGYZSHAMPANY-KAMEKS: Hires New Temporary Insolvency Manager ------------------------------------------------------------- The Department on Bankruptcy Issues under State Property Committee of the Kyrgyz Republic appointed Mrs. Kanyshbubu Akmatova in lieu of Mr. Kerimbayev E. as temporary insolvency manager of Joint Venture Trade House Kyrgyzshampany-Kameks on December 23, 2004. Creditors will meet on January 25, 2005, 2:00 p.m. at Bishkek, Sovetskaya Str. 220. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days prior to the meeting. Proxies must have authorization to vote. CONTACT: Mrs. Kanyshbubu Akmatova Temporary Insolvency Manager Phone: (0-312) 62-39-69 =================== L U X E M B O U R G =================== STOLT-NIELSEN: Expects to Gain US$360 Mln from Share Disposal ------------------------------------------------------------- Stolt-Nielsen S.A. on Thursday announced the sale of 79,414,260 common shares of Stolt Offshore S.A. The shares were sold at a price of 39.25 Norwegian Kroner per share (approximately US$6.35 per share) at aggregate gross value of US$504.3 million in a private placement to certain qualified investors in transactions exempt from the registration requirements of the U.S. Securities Act of 1933. In line with normal settlement practices, the sale is expected to close on January 19, 2005. In accordance with the terms of its senior notes, Stolt-Nielsen S.A. will allocate up to 70% of the net cash proceeds of the sale to repurchase the senior notes. Any funds that are not used to repurchase the senior notes will be available for general corporate purposes. SNSA expects to report in its first fiscal quarter of 2005 a gain of approximately US$360 million from this transaction. * * * The offer and sale of the Stolt Offshore S.A. shares have not been and will not be registered under the U.S. Securities Act of 1933, and the shares may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This communication does not constitute an offer of securities to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995. No prospectus has been or will be registered or published in the United Kingdom in respect of the securities. The securities must not be sold or offered for sale in the United Kingdom, except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in Norway. The Stolt Offshore S.A. shares will be offered to a limited number of institutional investors and therefore the offer of the Stolt Offshore S.A. shares has not been, and will not be, subject to an obligation to issue a prospectus under the Norwegian Securities Trading Act and the Norwegian Stock Exchange Regulations. Accordingly, the offer may not be made available, nor may the shares otherwise be marketed and offered for sale in Norway, other than in circumstances which are deemed not to be an offer to the public in Norway under the Norwegian Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in Sweden. The Stolt Offshore S.A. shares will be offered to a limited number of institutional investors and therefore the offer of the Stolt Offshore S.A. shares has not been, and will not be, registered with the Swedish Financial Supervisory Authority under the Swedish Act on Trading in Financial Instruments (1991:980). Accordingly, the offer may not be made available, nor may the shares otherwise be marketed and offered for sale in Sweden, other than in circumstances which are deemed not to be an offer to the public in Sweden under the Swedish Act on Trading in Financial Instruments. About Stolt-Nielsen S.A. Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia. (http://www.stolt- nielsen.com) CONTACT: STOLT-NIELSEN S.A. Richard M. Lemanski Phone: 1 203 625 3604 (U.S.) E-mail: rlemanski@stolt.com Valerie Lyon Phone: 44 20 7611 8904 (U.K.) E-mail: vlyon@stolt.com STOLT OFFSHORE: Stolt-Nielsen Completes Withdrawal -------------------------------------------------- Stolt Offshore S.A. on Thursday reported that the placing of 79,414,260 common shares, formerly held by Stolt-Nielsen S.A. that was announced on January 7, 2004, had been successfully concluded. Tom Ehret, Chief Executive Officer, commented: "We thank Stolt- Nielsen for their history of support and welcome this expansion of our shareholder base. Stolt Offshore has emerged from a significant restructuring as a stronger and re-focused company. This is a new chapter for Stolt Offshore, as an independent pureplay deepwater contractor, and our long-term prospects are positive." * * * The offer and sale of the Stolt Offshore S.A. shares have not been and will not be registered under the U.S. Securities Act of 1933, and the shares may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This communication does not constitute an offer of securities to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995. No prospectus has been or will be registered or published in the United Kingdom in respect of the securities. The securities must not be sold or offered for sale in the United Kingdom, except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in Norway. The Stolt Offshore S.A. shares will be offered to a limited number of institutional investors and therefore the offer of the Stolt Offshore S.A. shares has not been, and will not be, subject to an obligation to issue a prospectus under the Norwegian Securities Trading Act and the Norwegian Stock Exchange Regulations. Accordingly, the offer may not be made available, nor may the shares otherwise be marketed and offered for sale in Norway, other than in circumstances which are deemed not to be an offer to the public in Norway under the Norwegian Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in Sweden. The Stolt Offshore S.A. shares will be offered to a limited number of institutional investors and therefore the offer of the Stolt Offshore S.A. shares has not been, and will not be, registered with the Swedish Financial Supervisory Authority under the Swedish Act on Trading in Financial Instruments (1991:980). Accordingly, the offer may not be made available, nor may the shares otherwise be marketed and offered for sale in Sweden, other than in circumstances which are deemed not to be an offer to the public in Sweden under the Swedish Act on Trading in Financial Instruments. Stolt Offshore (NasdaqNM: SOSA; Oslo Stock Exchange: STO), is a leading offshore contractor to the oil and gas industry, specializing in technologically sophisticated deepwater engineering, flowline and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas. CONTACT: STOLT-OFFSHORE S.A. Julian Thomson/Deborah Keedy Phone: U.K. - +44 1932 773764 U.S. - +1 877 603 0267 (toll free) E-mail: julian.thomson@stoltoffshore.com E-mail: deborah.keedy@stoltoffshore.com Patrick Handley (U.K.)/Ellen Gonda (U.S.) Brunswick Group Phone: U.K. - +44 207 404 5959 U.S. - +1 212 333 3810 E-mail: phandley@brunswickgroup.com E-mail: egonda@brunswickgroup.com ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: To Take up PinkRoccade Offer at February EGM ------------------------------------------------------------ Getronics N.V. will hold an Extraordinary General Meeting of shareholders. Main items on the agenda will be the intended acquisition of PinkRoccade and the proposal to delegate the power to issue an increased number of shares to the Management Board for the intended acquisition of PinkRoccade. The EGM will take place on 2 February 2005 and starts at 10.30 hours in the World Trade Center, room: Place du Tertre, Strawinskylaan 1, Amsterdam. The agenda will be available at Getronics, Rembrandttoren, Amstelplein 1 in Amsterdam, at http://www.getronics.com/financialcalendar,and at Fortis Bank Nederland N.V., Rokin 55, Amsterdam. This is an announcement under article 9b section 1 of the Dutch Securities Supervision Decree (Besluit toezicht effectenverkeer 1995). About Getronics With approximately 22,000 employees in over 30 countries and ongoing revenues of EUR2.4 billion, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics combines the capabilities of the original Dutch company with those of Wang Global, acquired in 1999, and of the systems and services division of Olivetti. Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics' headquarters are in Amsterdam, with regional offices in Boston and Singapore. Getronics' shares are traded on Euronext Amsterdam (GTN). * * * Not for release, publication or distribution, in whole or in part, in or into the United States, Canada, Australia or Japan. CONTACT: GETRONICS N.V. Media Relations: Phone: +31 20 586 1581 Fax: +31 20 586 1455 E-mail: media@getronics.com Investor Relations: Phone: +31 20 586 1964 Fax: +31 20 586 1455 E-mail: investor.relations@getronics.com LAURUS N.V.: Beefs up Group Management Board -------------------------------------------- Laurus N.V. announces that three appointments have been made to strengthen the operational management of its three retail formats, Edah, Konmar and Super de Boer. Jean-Brice Hernu has been appointed to the Group Management Board with effect from 1 January 2005 and has assumed responsibility for shared services, comprising Logistics, Supply Chain Management, Laurus Central Purchasing & Category Management, Marketing Research and Quality & Environment. With Jean-Brice Hernu's appointment, Group Management Board chairman Harry Bruijniks will be able to devote even closer attention to the change processes taking place within our organization. His appointment will also free Group Management Board member Willem-Jan Vreezen to focus more intensively on the repositioning of the Superstores. Willem-Jan Vreezen will continue to be responsible for ICT. The vacancy created on the Supervisory Board by Mr. Hernu's resignation in connection with his appointment to the Group Management Board will be on the agenda of the next General Meeting of Shareholders. Walter de Wit has been appointed Operations Manager at Edah/Lekker & Laag with effect from 10 January 2005. Mr. De Wit has experience in various management positions, with Philips, Aldi, Ahold and other employers. The acting Operations Manager until Jan. 10 was Gilles Mollard. Jan Heuving, who has been Logistics Manager at Laurus for several years, has been appointed Operations Manager at Super de Boer as from 10 January 2005. The acting Operations Manager was Harm-Jan Stoter. Laurus will continue to work hard on the renewal of its retail formats in 2005 and is confident that these appointments will make a valuable contribution to that process. Laurus and the Road to Recovery With distinctive retail formats, each with its individual identity and commercial policy and each independently addressing its specific market segment, Laurus aims in the coming years to strengthen significantly its position as the second-largest player in the Dutch food retailing sector. The company is resolutely pursuing its step-by-step recovery plan, which runs until the end of 2007, while closely monitoring its operating costs and back-office processes on a continuous basis CONTACT: LAURUS N.V. Parallelweg 64 5223 AL Hertogenbosch Web site: http://www.laurus.nl PETROLEUM GEO-SERVICES: Still in Talks Over Pertra's Future ----------------------------------------------------------- Petroleum Geo-Services A.S.A. announced Thursday that the Company's Board of Directors has discussed the strategic alternatives for its wholly owned oil subsidiary Pertra. The Company is still in discussions with the different interested parties and expects to reach a decision in the near future. Petroleum Geo-Services (OSE: PGS; NYSE: PGS) is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units and owns a small oil and gas company. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. For more information on Petroleum Geo-Services visit http://www.pgs.com. CONTACT: PETROLEUM GEO-SERVICES A.S.A. Ola Bosterud Sam R. Morrow Phone: +47 6752 6400 Suzanne M. McLeod Phone: +1 281-589-7935 ROYAL AHOLD: Low Currency Exchange Rates Hit 4th-qtr. Sales ----------------------------------------------------------- Highlights of fourth-quarter results: (a) Consolidated fourth quarter 2004 (13 weeks) net sales amounted to EUR12.3 billion, a decline of 3.1% compared to the fourth quarter 2003 (12 weeks); (b) Net sales impacted by lower currency exchange rates and divestments; consolidated fourth quarter net sales growth excluding currency impact and the impact of divestments was 7.9%; (c) Consolidated 2004 (53 weeks) net sales amounted to EUR52.0 billion, a decline of 7.3% compared to 2003 (52 weeks); (d) Consolidated 2004 net sales growth excluding currency impact and the impact of divestments was 3.1%. Ahold announced on January 13 the consolidated net sales (excluding VAT) of EUR12.3 billion for the fourth quarter of 2004, a decline of 3.1% compared to the same period last year (Q4 2003: EUR12.7 billion). Net sales were significantly impacted by lower currency exchange rates, in particular that of the U.S. dollar. Net sales excluding currency impact registered an increase of 3.2% in the fourth quarter of 2004. Additionally, net sales were impacted by divestments. Net sales growth excluding currency impact and the impact of divestments was 7.9% in the fourth quarter of 2004. Consolidated net sales in 2004 amounted to EUR52.0 billion, a decline of 7.3% compared to 2003 (2003: EUR56.1 billion). Net sales, excluding currency impact, was reduced by 0.7% 2004. Net sales growth excluding currency impact and the impact of divestments was 3.1% in 2004. The fourth quarter of 2004 consisted of 13 weeks (October 4, 2004 to January 2, 2005), while the fourth quarter of 2003 consisted of 12 weeks. Fiscal year 2004 consisted of 53 weeks (December 29, 2003 to January 2, 2005), while fiscal year 2003 consisted of 52 weeks. Consolidated net sales in the fourth quarter of 2004 and the full-year 2004 were positively affected by the inclusion of the additional week period compared to the comparable periods of 2003. In this press release, we include comparisons of the 13-week fourth quarter of 2004 to a 13-week period consisting of the 12- week fourth quarter of 2003 plus the first week of 2004 (referred to as the adjusted 2003 fourth quarter). We also include comparisons of the 53 weeks of 2004 with a 53-week period consisting of the 52 weeks of 2003 plus the first week of 2004 (referred to as adjusted 2003). This is not applicable for our operations in Central Europe and South America and the unconsolidated joint ventures. The fiscal quarter and fiscal year for these entities corresponds to the calendar quarter and year, respectively, and ended on December 31, 2004. The net sales numbers presented in this press release are preliminary and unaudited. U.S. Retail Net sales at our U.S. retail operations in U.S. dollars in the fourth quarter of 2004 increased by 10.2% to US$6.9 billion (Q4 2003: US$6.3 billion). Net sales in the fourth quarter of 2004 would have increased by 1.7%, compared to the adjusted 2003 fourth quarter. Identical sales in U.S. dollars would have declined by 1.2% and comparable sales in U.S. dollars would have decreased by 0.7%, in each case comparing the fourth quarter of 2004 to the adjusted 2003 fourth quarter. Food price inflation decreased slightly in the fourth quarter of 2004 compared to the third quarter of 2004. Our Stop & Shop/Giant-Landover Arena 2004 fourth-quarter net sales have increased by 10.8% to US$4.1 billion (Q4 2003: US$3.7 billion). Net sales in the fourth quarter of 2004 would have increased by 2.2% compared to the adjusted 2003 fourth quarter. Although continued competitive pressure resulted in a decline in identical sales, the fourth quarter of 2004 improved versus the third quarter of 2004. This was mainly a result of strong holiday net sales. During the fourth quarter the Arena resolved most of the supply chain integration and transitional difficulties that had impacted net sales. Peapod continued to report strong net sales growth. At our Giant-Carlisle/Tops Arena, the fourth quarter 2004 net sales increased by 15.4% to US$1.7 billion (Q4 2003: US$1.5 billion). Net sales in the 2004 fourth quarter would have increased by 6.5% compared to the adjusted 2003 fourth quarter. The positive net sales growth in the fourth quarter of 2004 reflected higher net sales per customer driven by the impact of promotional activities, especially during the holidays. At our BI-LO/Bruno's Arena, the fourth quarter 2004 net sales increased by 1.5% to US$1.2 billion (Q4 2003: US$1.2 billion). Net sales in the 2004 fourth quarter would have decreased by 6.3% compared to the adjusted 2003 fourth quarter. This decrease was mainly driven by the increase in competitive square meters and the effect of store closings earlier in the year. On December 23, 2004, we announced a definitive agreement to divest the BI-LO/Bruno's Arena. We expect to close the transaction in the first quarter of 2005. Full-year 2004 net sales in U.S. dollars at our U.S. retail operations amounted to US$27.4 billion, an increase of 1.6% compared to last year (2003: US$ 27.0 billion). Net sales in U.S. dollars in 2004 would have decreased by 0.4% compared to adjusted 2003. Net sales growth in U.S. dollars, excluding the impact of the divestment of Golden Gallon in 2003, amounted to approximately 2.8%. Identical sales in U.S. dollars for 2004 decreased by 1.1% compared to adjusted 2003. Comparable sales in U.S. dollars for 2004 declined by 0.5% compared to adjusted 2003. Europe Retail In Europe, net sales in the fourth quarter of 2004 amounted to EUR3.3 billion (Q4 2003: EUR3.2 billion). Net sales growth excluding currency impact was 1.2% compared to the fourth quarter of last year. The fourth quarter net sales were negatively impacted by the sale of our Spanish retail activities, which was completed as of December 2, 2004. The Spanish retail activities are reported as part of our Other Europe retail operations. Net sales growth for Europe retail excluding currency impact and the impact from divestments was 7.7% in the fourth quarter of 2004. Net sales in the 2004 fourth quarter would have decreased by 4.2% compared to the adjusted 2003 fourth quarter. In the fourth quarter of 2004, Albert Heijn net sales increased by 9.9% to EUR1.5 billion (Q4 2003: EUR1.3 billion). Net sales in the 2004 fourth quarter would have increased by 1.0% compared to the adjusted 2003 fourth quarter. Albert Heijn successfully continued its repositioning program in the Dutch retail market with a further reduction of food prices in the fourth quarter of 2004. Identical sales in the fourth quarter of 2004 would have increased by 0.7% compared to the adjusted 2003 fourth quarter, primarily as a result of a higher number of transactions combined with an accelerated volume growth in a deflationary market. Albert Heijn experienced a successful Christmas season. A record number of visitors visited our Albert Heijn stores in the week preceding the Christmas weekend. Our Central Europe operations in the fourth quarter of 2004, showed net sales growth excluding currency impact of 6.4% compared to the fourth quarter of 2003. This growth was primarily due to store openings. Net sales in 2004 for our Europe retail operations amounted to EUR13.0 billion (2003: EUR13.0 billion). Excluding currency impact, net sales increased by 0.5% compared to 2003. Net sales in 2004 would have decreased by 1.1% compared to adjusted 2003. Net sales at Albert Heijn in 2004 increased by 3.2% to EUR5.8 billion (2003: EUR5.6 billion). Net sales at Albert Heijn in 2004 would have increased by 1.1% compared to adjusted 2003 in a deflationary market. Identical sales at Albert Heijn in 2004 would have increased by 1.1% compared to adjusted 2003. Our Central Europe operations in 2004, showed net sales growth excluding currency impact of 6.4% compared to 2003. Foodservice In the fourth quarter of 2004 U.S. Foodservice net sales in U.S. dollars increased by 7.8% to US$4.5 billion (Q4 2003: US$4.2 billion). Net sales in the 2004 fourth quarter would have increased by 0.6% compared to the adjusted 2003 fourth quarter. Furthermore, net sales in the fourth quarter of 2004 were negatively impacted by approximately 3% as a result of our national account customer rationalization program. Food inflation in the fourth quarter of 2004 was lower than in the previous quarter. Net sales in 2004 at U.S. Foodservice increased in U.S. dollars by 5.6% to US$18.8 billion (2003: US$17.8 billion). This rise was primarily attributable to the effect of the 53rd week in 2004 and food price inflation. Net sales in U.S. dollars in 2004 would have increased by 3.9% compared to adjusted 2003. South America In South America, net sales in the fourth quarter of 2004, amounted to EUR122 million (Q4 2003: EUR519 million), a decline of 76.4% compared to the same period last year, mainly due to the divestment of Bompreco in Brazil in the first quarter of 2004, Santa Isabel in Chile, Paraguay and Peru in the second half of 2003 and the deconsolidation of Disco as of November 1, 2004. Net sales in 2004, decreased by 59.8% to EUR893 million (2003: EUR2.2 billion) primarily as a result of the divestments referred to above. Unconsolidated Joint Ventures The net sales of our unconsolidated joint ventures in the fourth quarter of 2004, increased by 1.9% to EUR3.1 billion (Q4 2003: EUR3.0 billion). At ICA net sales growth excluding currency effect was 2.0% compared to the fourth quarter of 2003. Net sales at Jeronimo Martins Retail increased by 3.5% in the fourth quarter of 2004. In Central America net sales excluding currency effect increased by 11.9% in the fourth quarter of 2004. Net sales of our unconsolidated joint ventures in 2004, amounted to EUR11.2 billion (2003: EUR11.1 billion). Consolidated 2004 results will be presented on March 29, 2005. CONTACT: ROYAL AHOLD N.V. Albert Heijnweg 1 1507 EH Zaandam Phone: +31-75-659-9111 Fax: +31-75-659-8350 Web site: http://www.ahold.com ROYAL SHELL: Four Basell Bidders Join Forces -------------------------------------------- The private equity firms bidding for Basell have teamed to acquire the petrochemicals business jointly owned by BASF and Royal Dutch/Shell, according to the Financial Times. Blackstone and Apollo have linked with Bain Capital and Goldman Sachs Capital Partners, people close to the auction said. According to the report, the deal is potentially worth EUR4 billion (US$5.2 billion). In November, John Feldmann, BASF board member and divisional head, said the group was considering an initial public offering instead of a sale. Now, sources said a stock market listing seemed unlikely. Shell is planning to dispose US$12 billion of non-core businesses in the next three years to raise money to fund expansion. It has to heal itself from the damage brought by a scandal that forced it to cut proved oil reserves by 23% last year. The company is further reviewing its reserves, and may have to take more conservative estimates. Analysts think the firm may have to make acquisitions to catch up with peers especially with the general difficulty in finding oil and gas and gaining access to energy-producing countries. New chief executive Jeroen van der Veer did not rule out significant acquisitions at a private speech to Shell's 100 top executives in the Hague in December, the report noted. 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 =========== N O R W A Y =========== DNO ASA: 2004 Production Exceeds Target --------------------------------------- DNO A.S.A. achieved an oil production of 15.419 BOPD in the fourth quarter. This is the highest quarterly production achieved during 2004 from retained assets. Due to some reallocations of the Yemen production the figures for October and November have been adjusted. The average production for the 2004 was 13.979 BOPD, which is well above the target for the year. Oil Production The oil production for Norway and Yemen in December, 4th Quarter and 2004 (BOPD): December 4th Quarter 2004 Norway 2.044 1.336 1.670 Yemen 13.479 14.083 12.309 Total 15.523 15.419 13.979 Due to reallocation of the production from Yemen the actual production in October and November is higher than previously reported. The corrected actual figures are (BOPD): October November Norway 26 1.937 Yemen 14.157 14.613 Total 14.183 16.550 DNO is very pleased with achieving an average production for 2004 of ca. 14.000 BOPD. The main reason for reaching a production level well above the target for the year is the excellent performance of the Yemeni producing assets following the implementation of a successful drilling program. Yemen Drilling Update Drilling of Nabrajah no. 4 has reached a total depth of 1.742 meters. Due to various hole problems during drilling of Nabarajah no. 4, a side-track from the original planned well track had to be drilled. Initial interpretation of well logs confirms the presence of oil in the Qishn S1 and S2 intervals. No testing will be undertaken of the well, which will be suspended and prepared as a future Nabrajah producer. The rig will now move to drill Nabrajah no. 5, which has a top Qishn S2 target some 1.100 meters south of Nabrajah no. 4. The Nabrajah Field Development Plan has been submitted to the Yemeni authorities for approval. The Sharyoof North-East no. 1 was drilled on a structure separate to the main Sharyoof field. The well did not encounter hydrocarbons. The rig has now moved back to Block 32 to drill the Tasour no. 15 well, which is located east of the main Tasour Field. DNO ASA 13 January 2005 * * * DNO A.S.A. achieved an operating profit of NOK121.0 million and a net loss of NOK96.7 million in the third quarter. Successful drilling and exploration in Yemen contributed to an increase in both production and reserves for the quarter. High exploration expenses and unfavorable development in foreign exchange rates contributed to negative net profit in the quarter. CONTACT: DNO A.S.A. Helge Eide Managing Director Phone: (+47) 55 22 47 00/(+47) 23 23 84 80 Web site: http://www.dno.no =========== R U S S I A =========== BUTURLINSKIY DISTILLERY: Declared Insolvent ------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Buturlinskiy Distillery (TIN 5205000794) after finding the limited liability company insolvent. The case is docketed as A43-7045/02-18-188. Ms. T. Talanova has been appointed insolvency manager. Creditors have until Feb. 10, 2005 to submit their proofs of claim to 603002, Russia, Nizhniy Novgorod, Revolyutsii Square, 7-a. CONTACT: BUTURLINSKIY DISTILLERY 607440, Russia, Nizhniy Novgorod region, Buturlinskiy region, Selkhoztekhnika Ms. T. Talanova Insolvency Manager 603002, Russia, Nizhniy Novgorod, Revolyutsii Square, 7-a EDVINSK-AUTO-TRANS: Sets Deadline for Proofs of Claim ----------------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Edvinsk-Auto-Trans after finding the open joint stock company insolvent. The case is docketed as A45- 8320/04-SB/109. Mr. S. Zhukov has been appointed insolvency manager. Creditors have until Feb. 10, 2005 to submit their proofs of claim to 630087, Russia, Novosibirsk, Post User Box 116. CONTACT: EDVINSK-AUTO-TRANS 632290, Russia, Novosibirsk region, Zdvinsk, Zdvinskogo Str. 85 Mr. S. Zhukov Insolvency Manager 630087, Russia, Novosibirsk, Post User Box 116 GOTNYANSKIY BRICKWORKS: Hires V. Reznikov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on close joint stock company Gotnyanskiy Brickworks (TIN 3116000936). The case is docketed as A08-9904/04-11. Mr. V. Reznikov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 308034, Russia, Belgorod-34, Post User Box 716. CONTACT: GOTNYANSKIY BRICKWORKS 309300, Russia, Belgorod region, Rakityanskiy region, Gotnya Mr. V. Reznikov Temporary Insolvency Manager 308034, Russia, Belgorod-34, Post User Box 716 KAMENSK-URALSKIY BAKERY: Under Bankruptcy Supervision ----------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision procedure on open joint stock Kamensk- Uralskiy Bakery. The case is docketed as A60-34282/2004-S4. Mr. Z. Khaberdiya has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 623406, Russia, Sverdlovsk region, Kamensk-Uralskiy, Uralskaya Str. 4. CONTACT: KAMENSK-URALSKIY BAKERY 623406, Russia, Sverdlovsk region, Kamensk -Uralskiy, Uralskaya Str. 4 Mr. Z. Khaberdiya Temporary Insolvency Manager 623406, Russia, Sverdlovsk region, Kamensk-Uralskiy, Uralskaya Str. 4 MELEKESSKAYA SPINNING-WEAVING: Sets Public Auction Jan. 20 ---------------------------------------------------------- The bidding organizer of open joint stock company Melekesskaya Spinning-Weaving Manufacture will sell its property on Jan. 20, 2005, 2:00 p.m. The public auction will take place at Russia, Ulyanovsk region, Dimitrovograd, Kujbysheva Str. 235. Up for sale is the company's production base with a starting price of RUB3,500,000 (inclusive of VAT). Preliminary examination and reception of bids are done from 9:00 a.m. to 4:00 p.m. on or before Jan. 19, 2005. The list of documentary requirements is available at Russia, Ulyanovsk region, Dimitrovograd, Kujbysheva Str. 235. To participate, bidders must deposit an amount equivalent to 15% of the starting price to OJSC MELEKESSKAYA SPINNING-WEAVING MANUFACTURE settlement account 40702810000003000537, correspondent account 30101810800000000886 in brunch Dimitrovogradskiy ACB "GasBank", Dimitrovograd, BIC 047311886. CONTACT: MELEKESSKAYA SPINNING-WEAVING MANUFACTURE Russia, Ulyanovsk region, Dimitrovograd, Kujbysheva Str. TOP-AUDIT (TIN 7710469223) Bidding Organizer 123056, Russia, Moscow, B. Gruzinskaya Str. 60, Building 1 PARTNERSHIP ILMENSKOYE: Bankruptcy Hearing Resumes Next Month ------------------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on limited liability company Partnership Ilmenskoye. The case is docketed as A14- 9984/2004/65/20b. Mr. A. Butenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394029, Russia, Voronezh, Merkulova Str., 7a, room 301. A hearing will take place on Feb. 10, 2005, 11:20 a.m. CONTACT: PARTNERSHIP ILMENSKOYE 397400, Russia, Voronezh region, Novokhperskiy region, Ozyernyj Mr. A. Butenko Temporary Insolvency Manager 394029, Russia, Voronezh, Merkulova Str. 7a, Room 301 POBEDA: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on close joint stock company Pobeda. The case is docketed as A14-9983/2004/64/20b. Mr. A. Butenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394029, Russia, Voronezh, Merkulova Str. 7a, room 301. A hearing will take place on Feb. 10, 2005, 10:40 a.m. CONTACT: POBEDA 397400, Russia, Voronezh region, Elan-Koleno, Krasnykh Partizan Str. 50 Mr. A. Butenko Temporary Insolvency Manager 394029, Russia, Voronezh, Merkulova Str. 7a, Room 301 ROSTEK-AGRO: Belgorod Court Appoints Insolvency Manager ------------------------------------------------------- The Arbitration Court of Belgorod region has commenced bankruptcy supervision procedure on close joint stock company Rostek-Agro. The case is docketed as A08-14743/04-2 B. Mr. S. Taranov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 308000, Russia, Belgorod, Vatutina Str. 3 b. A hearing will take place on Jan. 20, 2005. CONTACT: ROSTEK-AGRO Russia, Belgorod region, Korochanskiy region, Zayachye Mr. S. Taranov Temporary Insolvency Manager 308000, Russia, Belgorod, Vatutina Str. 3 b SHUSHENSKIY BAKERY: Deadline for Proofs of Claim Set ---------------------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Shushenskiy Bakery after finding the state- owned enterprise insolvent. The case is docketed as A33- 7087/04-s4. Mr. V. Manzhula has been appointed insolvency manager. Creditors have until Feb. 10, 2005 to submit their proofs of claim to 655004, Russia, Khakasiya republic, Abakan, Sovetskaya Str. 180. CONTACT: SHUSHENSKIY BAKERY Russia, Krasnoyarsk region, Shushenskoye Mr. V. Manzhula Insolvency Manager 655004, Russia, Khakasiya republic, Abakan, Sovetskaya Str. 180 Phone: 5-14-67 TROYAN-BEER: Creditors Have Until February to File Claims --------------------------------------------------------- The Arbitration Court of Stavropol region commenced bankruptcy proceedings against Troyan-Beer (TIN 2632059355) after finding the limited liability company insolvent. The case is docketed as A63-160/04-S5. Mr. N. Zarutskiy has been appointed insolvency manager. Creditors have until Feb. 10, 2005 to submit their proofs of claim to 357600, Russia, Stavropol region, Essentuki, Ermolova Str. 123. CONTACT: TROYAN-BEER 357500, Russia, Stavropol region, Pyatigorsk, Nezhnova Str. 21 Mr. N. Zarutskiy Insolvency Manager 357600, Russia, Stavropol region, Essentuki, Ermolova Str. 123 Code 87934 Phone: 2-99-76 Fax: 2-99-74 YUKOS OIL: Wins Temporary Banking Waiver in U.S. ------------------------------------------------- To recall, Yukos Oil Company asked the United States Bankruptcy Court for the Southern District of Texas waive the investment and deposit requirements under Section 345 of the Bankruptcy Code in light of the unusual circumstances it finds itself regarding its bank accounts. Section 345(a) authorizes deposits or investments of money of a bankruptcy estate, like cash, in a manner that will "yield the maximum reasonable net return on such money, taking into account the safety of such deposit or investment." For deposits or investments that are not "insured or guaranteed by the United States or by a department, agency or instrumentality of the United States or backed by the full faith and credit of the United States," Section 345(b) provides that the estate must require from the entity with which the money is deposited or invested a bond in favor of the United States secured by the undertaking of an adequate corporate surety. * * * The Court granted the Debtor's request on an interim basis. Headquartered in Houston, Texas, Yukos Oil Company -- http://www.yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. (Yukos Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., 215/945-7000) ===================== S W I T Z E R L A N D ===================== BARRY CALLEBAUT: Maintains Forecast Despite Lackluster 1st Qtr. --------------------------------------------------------------- First-quarter results for fiscal year 2004/2005: (a) Satisfactory result in light of lower margins in Cocoa and Consumer businesses, (b) Sales volumes up 3% to 293,620 tons, (c) Sales revenue down 6% to CHF1,154.8 million, primarily as a result of lower underlying cocoa bean prices and negative currency effects, (d) Continued strong result in Food Manufacturers and Gourmet & Specialties businesses, (e) Operating profit before amortization (EBITA) at CHF90.1 million (-6%), due to expected lower margins on semi- finished products and lower profitability in Consumer Products Europe, (f) Cost savings from current restructuring in Germany will only materialize later in the year, (g) Net profit (PAT) down 3% to CHF55.2 million, (h) Barry Callebaut maintains financial targets for full fiscal year A full copy of the financial result is available free of charge at: http://bankrupt.com/misc/BarryCallebaut_Q12005.pdf With annual sales of more than CHF4 billion for fiscal year 2003/04, Zurich-based Barry Callebaut is the world's leading manufacturer of high-quality cocoa, chocolate and confectionery products -- from the cocoa bean to the finished product on the store shelf. Barry Callebaut operates more than 30 production facilities in 22 countries and employs approximately 9,000 people. The company serves the entire food industry, from food manufacturers to professional users of chocolate (such as chocolatiers, pastry chefs or bakers), to global retailers. It also provides a comprehensive range of services in the fields of product development, processing, training and marketing. * * * Barry Callebaut is rated BB+/Stable/-- by Standard & Poor's. CONTACT: BARRY CALLEBAUT AG For investors and financial analysts: Dieter A. Enkelmann, CFO Phone: +41 1 801 61 43 Fax: +41 1 801 61 53 E-mail: dieter_enkelmann@barry-callebaut.com Web site: http://www.barry-callebaut.com For the media: Gaby Tschofen Phone: +41 1 801 61 60 Fax: +41 1 801 61 53 E-mail: gaby_tschofen@barry-callebaut.com ============= U K R A I N E ============= ARTEL: Urges Creditors to File Claims ------------------------------------- The Economic Court of Lugansk region has commenced bankruptcy supervision procedure on LLC Sport-Commercial Centre Artel (code EDRPOU 21771463). The case is docketed as 9/11 b. Mr. Oleksandr Sedlyar (License Number AA 147874) has been appointed temporary insolvency manager. The company holds account number 26000565968559 at JSCB Ukrsocbank, Lugansk branch, MFO 304018. Creditors have to submit their proofs of claim to: (a) ARTEL Ukraine, Lugansk region, Rubizhne, Vizvoliteliv Str. 75a/1 (b) Mr. Oleksandr Sedlyar Temporary Insolvency Manager Ukraine, Lugansk region, Krasnodon district, Vlasivka, Oktyabrskij Avenue, 4 (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square, 3a PROMIS: Court Appoints Liquidator --------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Promis (code EDRPOU 31200664) on November 24, 2004 after finding the limited liability company insolvent. The case is docketed as 43/191. Mr. Kabayev Glib (License Number AA 719773) has been appointed liquidator/insolvency manager. CONTACT: PROMIS Ukraine, Kyiv region, 40-Richya Zhovtnya Avenue, 21 Mr. Kabayev Glib Liquidator/Insolvency Manager 01054, Ukraine, Kyiv region, Oles Gonchar Str. 73, a/b 6 CONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B SLOVYANSKIJ CERAMIC: Insolvency Manager Takes over Operations ------------------------------------------------------------- The Economic Court of Donetsk region has commenced bankruptcy proceedings against Slovyanskij Ceramic Plant (code EDRPOU 00293574) after finding the open joint stock company insolvent. The case is docketed as 33/41 B. Mrs. T. Zhevnova (License Number AA 783138) has been appointed liquidator/insolvency manager. Creditors have to submit their proofs of claim to: (a) Mrs. T. Zhevnova Liquidator/Insolvency Manager Phone: 345-27-02 (b) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 TEHNEFTEROS: Declared Insolvent ------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Tehnefteros (code EDRPOU 30288423) on December 1, 2004 after finding the limited liability company insolvent. The case is docketed as B-25/51-04. Arbitral manager Mr. V. Zarivajko (License Number AA 668332) has been appointed liquidator/insolvency manager. CONTACT: Mr. V. Zarivajko Liquidator/Insolvency Manager Ukraine, Harkiv region, Petrovskij Str. 6/8-15 Phone: (057) 700-55-97 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th Entrance TEOFIPOL' AGROPOSLUGI: Under Bankruptcy Supervision --------------------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on OJSC Teofipol' Enterprise Agroposlugi (code EDRPOU 05491422) on November 11, 2004. The case is docketed as 2/295-B. Mr. Vasil Kunashenko (License Number AA 783088) has been appointed temporary insolvency manager. The company holds account number 2600801011750 at OJSC Oshadbank, Teofipol branch 2907, MFO 311654. Creditors have to submit their proofs of claim to: (a) TEOFIPOL' ENTERPRISE AGROPOSLUGI 30600, Ukraine, Hmelnitskij region, Teofipol, Lenin Str. 84 (b) Mr. Vasil Kunashenko Temporary Insolvency Manager Ukraine, Hmelnitskij region, Shepetivka, Sheshukov Str. 10/30 (c) ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 ULYANOVA: Dnipropetrovsk Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Ulyanova on November 23, 2004 after finding the limited liability company insolvent. The case is docketed as B29/70/04. Mr. V. Aksyuk (License Number AA 487816) has been appointed liquidator/insolvency manager. CONTACT: ULYANOVA 53161, Ukraine, Dnipropetrovsk region, Sofijskij district, Vishneve, Tatartsya Str. 123 Mr. V. Aksyuk Liquidator/Insolvency Manager 50027, Ukraine, Dnipropetrovsk region, Krivij Rig, a/b 1222 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a =========================== U N I T E D K I N G D O M =========================== ANDERSON BUILDING: Winding-up Report Due Today ---------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Anderson Building Specialists Ltd. (In Compulsory Liquidation) Notice is hereby given, pursuant to Rule 4.31 of the Insolvency (Scotland) Rules 1986, that the Final Meeting of Creditors of the Anderson Building Specialists Ltd. will be held within the offices of Campbell Dallas, Sherwood House, 7 Glasgow Road, Paisley PA1 3QS, on January 17, 2005, at 10:00 a.m. for the purposes of receiving the liquidator's account of the winding-up together with any explanations that may be given. The Liquidator will be seeking his release at the meeting. A Resolution at the Meeting will be passed if a majority of those voting have voted in favor of it. A creditor will be entitled to attend and vote at the Meeting only if a claim has been lodged with me at or before the Meeting and it has been accepted for voting purposes in whole or in part. Proxies may also be lodged with me at or before the meeting at my office. David K. Hunter, Liquidator December 14, 2004 CONTACT: CAMPBELL DALLAS Sherwood House 7 Glasgow Road Paisley PA1 3QS Phone: 0141 887 4141 Fax: 0141 887 1103 E-mail: psly@camdal.com Web site: http://www.camdal.com BRANDCOM LIMITED: Insolvency Service Bans Former Director --------------------------------------------------------- The director of an alarm systems business that failed with total debt estimated at around GBP110,000 has given an undertaking not to hold directorship or take any part in company management for three years. The undertaking by Keith Peter George Grimley, 57, of Capenhurst Lane, Chester, was given in respect of his conduct as director of Brandcom Limited, which carried out business from premises at Rossfield Road, Rossmoor Trading Estate, in Ellesmere Port, Wirral. Acceptance of the undertaking on January 7, 2005 prevents Mr. Grimley from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. Brandcom Limited was placed into voluntary liquidation on November 28, 2002 with estimated deficiency of GBP109,773 owed to creditors. Matters of unfit conduct, not disputed by Mr. Grimley, were that: (a) He failed to ensure Brandcom Limited submitted statutory VAT returns or remitted monies to the Crown on time; and (b) The Inland Revenue's claim represented 94% of the total liabilities upon the company's liquidation, but although Mr. Grimley purchased Brandcom assets for GBP22,500, none of the proceeds of sale were paid to the Inland Revenue as part settlement of this claim. 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 BRITISH ENERGY: Court Sanctions Restructuring Plan -------------------------------------------------- British Energy announces that on Friday the Court approved the Creditors' Scheme and the Members' Scheme and, following satisfaction of all the other conditions, the Company is proceeding to complete the Agreed Restructuring. This follows meetings of shareholders and creditors held on 22 December 2004, at which the requisite majorities of creditors and shareholders approved the Creditors and Members' Scheme. Adrian Montague, Chairman of British Energy, said: "Court approval has enabled us to implement the restructuring plan agreed two years ago. The support shown by all of our stakeholders, notably shareholders, creditors and the Government has allowed us to successfully complete one of the most complicated Restructurings in U.K. corporate history. I am also hugely grateful to our staff who have shown extraordinary determination to safeguard British Energy's future." Mike Alexander, Chief Executive of British Energy, said: "The restructuring has been successfully implemented but our job is far from over. The new management team has started to address the past under-investment and unacceptable output. We must put that right but it will not be easy and it will take time. British Energy's staff have made a massive effort to deliver the restructuring and are hugely enthusiastic about the new opportunity to develop the company again. Together, we are determined to focus all of our energies on making British Energy an efficient and competitive player in the U.K. electricity market." * * * THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AND THE NEW SHARES AND WARRANTS MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION. ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE COMPANY AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS. NOT FOR DISTRIBUTION INTO AUSTRALIA, CANADA, GERMANY, ITALY, JAPAN AND THE UNITED STATES CONTACT: BRITISH ENERGY Andrew Dowler Phone: 020 7831 3113 (Media Enquiries) John Searles Phone: 01506 408 715 (Investor Relations) BRITISH ENERGY: Resumes Trading Today ------------------------------------- Further to British Energy's announcement that the agreed restructuring has become effective, the Company expects the New Shares and Warrants of British Energy Group plc and New Bonds of British Energy Holdings plc to be admitted to the Official List of the U.K.L.A. and trading on the London Stock Exchange to commence at 8.00 a.m. on 17 January 2005. British Energy shareholders who so elected will receive one New Share and 2.1 Warrants for every 50 British Energy Ordinary or A Shares held at 6 p.m. on 13 January 2005. British Energy shareholders who did not elect to receive their entitlement of New Shares and Warrants will instead receive the net proceeds of sale of such New Shares and Warrants. The Appendix contains further information on the terms and conditions of such sale. * * * THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AND THE NEW SHARES AND WARRANTS MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION. ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE COMPANY AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS. NOT FOR DISTRIBUTION INTO AUSTRALIA, CANADA, GERMANY, ITALY, JAPAN AND THE UNITED STATES CONTACT: BRITISH ENERGY Andrew Dowler Phone: 020 7831 3113 (Media Enquiries) John Searles Phone: 01506 408 715 (Investor Relations) DAC PUBLISHING: Exec Receives 8-year Directorship Ban ----------------------------------------------------- The director of a business that raised sponsorship from other businesses to distribute drugs education leaflets in schools, which failed with unknown total debt, has given an undertaking not to take any part in company management for eight years. The undertaking by Kike Atinuke Giwa, 29, of Chandlers Mews, Greenhithe, Kent, was given in respect of her conduct as director of DAC Publishing Limited, which carried on business from premises at Skillion Business Centre, 49 Greenwich High Street, London, SE10 8JL. Acceptance of the undertaking on January 7, 2005 prevents Kike Atinuke Giwa from being a director of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the agreed period. DAC Publishing Limited was placed into compulsory liquidation by Order of the High Court on June 4, 2003 on the petition of the Secretary of State for Trade and Industry as it was considered in the interest of the public that the company should be wound up. It is not possible to establish to the total liability of the company. The Official Receiver at London 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 the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future Matters of unfit conduct, not disputed by Kike Atinuke Giwa, were that: (a) She failed to maintain, preserve or deliver up proper accounting records for the total period of trading from November 21, 2001 to September 19, 2002; (b) She caused the company to charge VAT at a time when it was not registered for VAT; (c) She failed to fully cooperate with the investigations by the Department of Trade and Industry; (d) She failed to cooperate with the Official Receiver following the making of the winding-up order; and (e) She mislead an Insolvency Service Inspector about her identity in the course of his duties. 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 DESIGNREALM LIMITED: Hires Joint Liquidators from PKF ----------------------------------------------------- Name of companies: Designrealm Limited Paxdata Networks Limited At the meeting of these companies on Dec. 14, 2004, the special and ordinary resolutions to wind up the companies were passed. Frederick Charles Satow and Stephen Paul Holgate of PKF, Farringdon Place, 20 Farringdon Road, London EC1M 3AP have been appointed joint liquidators of the companies. CONTACT: PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk DRAX: Names Gordon Boyd Finance Director ---------------------------------------- Yorkshire-based power station Drax has appointed a new finance director 16 months after its rescue by creditors, the Financial Times reports. Britain's biggest power station named to the post Gordon Boyd, a former group treasurer for nuclear generator British Generator. He was in recent times finance director of the nuclear company's generating arm. Mr. Boyd also helped author British Energy's financial restructuring. Drax's troubles started after its biggest customer, TXU Europe, fell into administration in 2002. It is expected to recover GBP211 million from TXU administrators by end of April, and potentially GBP137 million more in the future. Drax recently reported GBP107.3 million in turnover for the three months to the end of September, up from GBP89 million in 2003. At the EBITDA level, losses fell from GBP87.9 million in 2003 to just GBP2.3 million. Earnings for the first nine months of 2004 were GBP46.6 million, compared with a loss of GBP70.2 million in 2003. CONTACT: DRAX GROUP LIMITED PO Box 3 Selby North Yorkshire YO8 8PQ, United Kingdom Phone: +44-17-5761-8381 Fax: +44-17-5761-8504 Web site: http://www.draxpower.com DUNCANS OF SCOTLAND: Sets Final Meeting of Members, Creditors ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Duncans of Scotland Limited (In Liquidation) Notice is hereby given, pursuant to Section 106 of the Insolvency Act 1986, that the Final Meeting of Members and Creditors of Duncans of Scotland Limited will be held on January 27, 2005 at 10:00 a.m. within the offices of Cowan & Partners, 60 Constitution Street, Leith, Edinburgh EH6 6RR, for the purpose of receiving the Liquidator's final report showing how the winding-up has been conducted and of hearing any explanations that may be given by the Liquidator. All Creditors are entitled to attend in person or by proxy, and a Resolution will be passed when the majority of those voting have voted in favor of it. Creditors may vote where claims and proxies have been submitted and accepted at the Meeting or lodged beforehand at the above offices. David F. Rutherford, Liquidator CONTACT: COWAN & PARTNERS 60 Constitution Street Edinburgh EH6 6RR Phone: 0131 554 0724 Fax: 0131 553 2267 E-mail: mail@cowanandpartners.co.uk EAST DOCK: Brings in Liquidator from Mazars ------------------------------------------- At the extraordinary general meeting of East Dock Engineering Works Limited on Dec. 15, 2004 held at Brown and Vautier, Ken House, Cork Street, Frome, Somerset BA11 1BL, the special and ordinary resolutions to wind up the company were passed. Timothy Colin Hamilton Ball of Mazars LLP has been appointed liquidator of the company. E C WINDOWS: Hires Joint Liquidators from CBA --------------------------------------------- At the extraordinary general meeting of E C Windows Limited on Dec. 23, 2004 held at 39 Castle Street, Leicester LE1 5WN, the extraordinary and ordinary resolutions to wind up the company were passed. Neil Charles Money and Geoff Robbins of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS have been appointed joint liquidators of the company. CONTACT: CBA Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS EDGLEY AERONAUTICS: Members Decide to Wind up Firm -------------------------------------------------- At the extraordinary general meeting of the members of Edgley Aeronautics Limited on Dec. 23, 2004 held at First Floor, Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP, the extraordinary and ordinary resolutions to wind up the company were passed. Barry P. Knights of Knights & Company, Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP has been appointed liquidator of the company. CONTACT: KNIGHTS & COMPANY Milford House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP ETAP LIMITED: KPMG Liquidator Moves in -------------------------------------- At the meeting of Etap Limited on Dec. 21, 2004, the special, ordinary and extraordinary resolutions to wind up the company were passed. Richard John Hill of KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD has been appointed liquidator of the company. CONTACT: KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD Phone: (0118) 9642000 Fax: (0118) 9642222 Web site: http://www.kpmg.co.uk FIELDING LIMITED: Hires Grant Thornton as Liquidator ---------------------------------------------------- At the extraordinary general meeting of Fielding Limited on Dec. 20, 2004 held at TFG House, Eyncourt Road, Woodside Estate, Dunstable LU5 4TS, the special resolution to wind up the company was passed. Samantha Keen of Grant Thornton U.K. LLP, 1 Westminster Way, Oxford OX2 0PZ has been appointed liquidator of the company. CONTACT: GRANT THORNTON 1 Westminster Way, Oxford OX2 0PZ Phone: 01865 799899 Fax: 01865 724420 Web site: http://www.grant-thornton.co.uk GLOWMARK LIMITED: Liquidator from Marks Bloom Enters Firm --------------------------------------------------------- At the extraordinary general meeting of the members of Glowmark Limited on Dec. 13, 2004 held at 133 Leighton Road, Kentish Town, London NW5 2RB, the special resolution to wind up the company was passed. Andrew John Whelan, of Marks Bloom, 60-62 Old London Road, Kingston upon Thames KT2 6QZ has been appointed liquidator of the company. CONTACT: MARKS BLOOM 60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ Phone: +44 (0) 20 85499951 Fax: +44 (0) 20 85496218 Web site: http://www.marksbloom.co.uk GM AUTOMOTIVE: Hires KPMG as Liquidator --------------------------------------- At the extraordinary general meeting of GM Automotive UK (No. 3) Limited on Dec. 20, 2004 held at Osborne Road, Luton, Bedfordshire LUI 3YT, the special and ordinary resolutions to wind up the company were passed. Jeremy Spratt and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators of the company. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk GTE INFORMATION: Owners Opt for Liquidation ------------------------------------------- At the meeting of GTE Information Services (UK) Limited on Dec. 16, 2004, the special resolution to wind up the company was passed. Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP has been appointed liquidator of the company. 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 HIGHBRIGHT HOLDINGS: Members Decide to Liquidate Firm ----------------------------------------------------- At the extraordinary general meeting of the members of Highbright Holdings Limited on Dec. 14, 2004 held at Emerald House, 20 Anchor Road, Aldridge, Walsall WS9 8PH, the special resolution to wind up the company was passed. C. H. I. Moore has been appointed liquidator of the company. JOSEPH MASON: Claims Filing Period Ends Second Week of March ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Joseph Mason Paints (Scotland) Limited (In Liquidation) Notice is hereby given that the Creditors of Joseph Mason Paints (Scotland) Limited are required on or before March 9, 2005 to send their names and addresses and particulars of their debt or claims and the names and addresses of the Solicitors, if any, to Paul Finnity and Peter Andrew Blair, joint liquidators of the company, at Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU and, if so required by notice in writing from the said Liquidators, by their Solicitors or personally, to come in and prove their said debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debt are proved. Paul Finnity, Joint Liquidator December 8, 2004 CONTACT: BEGBIES TRAYNOR Regency House 21 The Ropewalk Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 E-mail: nottingham@begbies-traynor.com Web site: http://www.begbies.com KENNEDY INDUSTRIAL: Sets Deadline for Filing of Claims ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Kennedy Industrial Textiles (1990) Limited (In Liquidation) Notice is hereby given that the Creditors of Kennedy Industrial Textiles (1990) Limited are required on or before March 9, 2005 to send their names and addresses and particulars of their debt or claims and the names and addresses of the Solicitors, if any, to Paul Finnity and Peter Andrew Blair, joint liquidators of the company, at Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU and, if so required by notice in writing from the said Liquidators, by their Solicitors or personally, to come in and prove their said debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debt are proved. Paul Finnity, Joint Liquidator December 8, 2004 CONTACT: BEGBIES TRAYNOR Regency House 21 The Ropewalk Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 E-mail: nottingham@begbies-traynor.com Web site: http://www.begbies.com LATSEL NO. 2: Appoints KPMG Liquidator -------------------------------------- At the general meeting of Latsel No. 2 Limited on Dec. 16, 2004, the special resolution to wind up the company were passed. Jeremy Simon Spratt and Finbarr Thomas O'Connor of KPMG LLP, 8 Salisbury Square, London, EC4Y 8BB have been appointed joint liquidators of the company. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk LONDON SCENE: Hires Liquidator from Critchleys ---------------------------------------------- At the extraordinary general meeting of London Scene Properties Limited on Dec. 6, 2004 held at Hill Place House, 55A High Street, London SW19 5BA, the special, ordinary and extraordinary resolutions to wind up the company were passed. Anthony John Harris of Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BE has been appointed liquidator of the company. CONTACT: CRITCHLEYS Greyfriars Court, Paradise Square, Oxford OX1 1BE Phone: +44 (0) 1865 261100 Fax: +44 (0) 1865 261201 E-mail: Oxford@critchleys.co.uk Web site: http://www.critchleys.co.uk MACROTRON (U.K.): Calls in Liquidator from Bernard Harrington ------------------------------------------------------------- At the extraordinary general meeting of Macrotron (U.K.) Limited on Dec. 20, 2004 held at 77 Shrivenham Hundred Business Park, Majors Road, Watchfield, Swindon SN6 8TY, the special and ordinary resolutions to wind up the company were passed. Alex Twitchen of Bernard Harrington and Company, Blandford House, 77 Shrivenham Hundred Business Park, Majors Road, Watchfield, Swindon SN6 8TY has been appointed liquidator of the company. MARCOH ENGINEERING: Liquidator's Final Report Out January 26 ------------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Marcoh Engineering Limited (In Liquidation) Notice is hereby given, pursuant to section 106 of the Insolvency Act 1986, that the Final General Meetings of Members and Creditors of Marcoh Engineering Limited will be held on 26 January 2005, 11:00 a.m. and 11:15 a.m. respectively, at Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, for the purpose of having a final account laid before them, showing how the winding-up has been conducted and the property of the company disposed of, and of hearing any explanations that may be given by the Liquidator. Members and Creditors are entitled to attend in person or by proxy. Proxies must be lodged with the Liquidator at or before the Meeting. Alan B. Wright, Liquidator CONTACT: DAND CARNEGIE & CO. Stannergate House 41 Dundee Road West Broughty Ferry Dundee DD5 1NB Phone: 01382 480488 Fax: 01382 736768 E-mail: dundee@dand-carnegie.co.uk Web site: http://www.dand-carnegie.co.uk MCA COFFEE: Hires Smith & Williamson as Administrator ----------------------------------------------------- Stephen Cork (IP No 8627) has been appointed administrator from MCA Coffee Shops Ltd. The appointment was made Dec. 20, 2004. The company owns and operates coffee shops. CONTACT: SMITH & WILLIAMSON Prospect House, 2 Athenaeum Road, London N20 9YU M M & S (3019): Joint Liquidators from Begbies Traynor Move in -------------------------------------------------------------- At the general meeting of M M & S (3019) Limited, the special and ordinary resolutions to wind up the company were passed. Timothy John Edward Dolder and Paul Michael Davis of Begbies Traynor, 32 Cornhill, London EC3V 3LJ have been appointed joint liquidators of the company. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com OCCASIONAL FURNITURE: Directors Banned for 18 Years --------------------------------------------------- The directors of a furniture manufacturers business that failed with total debt estimated at around GBP1.2 million have given undertakings not to hold directorships or take any part in company management for a combined 18 years. The undertakings by Gordon William Dye, 69, Mary Alexandrina Dye, 69, and Victoria Dye, 45, all of Stormont Park, Scone, Perth, was given in respect of their conduct as directors of Occasional Furniture (Manufacturing) Limited, which carried out business from premises at Mitchell Building, Eastfield Industrial Estate, Woodside Way, Glenrothes KY9 4ND. The acceptance of the undertakings on December 15, 2004 prevents Gordon William Dye, Mary Alexandrina Dye and Victoria Dye, 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 nine, four and five years respectively. 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. Occasional Furniture (Manufacturing) Limited was placed into receivership on September 1999 with an estimated deficiency of GBP1.2 million owed to its creditors. The matter of unfit conduct, not disputed by Victoria Dye, Gordon William Dye and Mary Alexandrina Dye was that they traded to the detriment of the crown by under declaring GBP117,078.72 worth of tax owed to Customs & Excise in relation to nine quarterly VAT periods between April 1996 and June 1999. 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 POSIVA DRIVES: Calls in Liquidator from Begbies Traynor ------------------------------------------------------- At the extraordinary general meeting of Posiva Drives Limited on Dec. 21, 2004 held at Planet House, Centre Park, Warrington WA1 1QX, the special, ordinary and extraordinary resolutions to wind up the company were passed. Paul Stanley of Begbies Traynor has been appointed liquidator of the company. QUADRANGLE RESEARCH: Falls into Administration ---------------------------------------------- Julie Anne Palmer and Michael Francis Stevenson (IP Nos 8835, 8154) have been appointed joint administrators for Quadrangle Research Limited. The appointment was made Dec. 22, 2004. Its registered office is located at The Butlers Wharf Building, 36 Shad Thames, London SE1 2YE. CONTACT: MIDDLETON PARTNERS 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF Web site: http://www.middletonpartners.co.uk RAMCO ENERGY: Posts Latest Update on Seven Heads Exploration ------------------------------------------------------------ Ramco Energy plc, the Aberdeen based exploration and production company, announces an update for the Seven Heads gasfield in the Celtic Sea and the completion of a farm-out of a part of its acreage onshore Bulgaria. Ramco Seven Heads Limited (RSHL), a wholly owned subsidiary of Ramco, is Operator of the Seven Heads gas field. The Seven Heads field has been Ramco's priority over much of the past year, but we have also been actively negotiating a series of farm-out agreements with the objective of reducing the Group's future capital expenditure requirements whilst retaining an interest in the exploration upside. During the first half of last year we announced the farm-out of a part of Ramco's interest in the Seven Heads oil potential and we have now concluded a farm-out deal over a part of our onshore interests in Bulgaria. Seven Heads Technical Review A comprehensive technical review of the geophysical, geological and recent production data from the Seven Heads gas field has been completed and assessed by the Seven Heads partners, RSHL's Bankers and the Petroleum Affairs Division of the Irish Government. The key finding of the study is the Seven Heads reservoir is significantly more compartmentalized than had been anticipated and the production wells are connected to a smaller volume of gas bearing rock than had been expected. Consequently each well is draining a significantly smaller reservoir area than originally interpreted. It is believed this is a result of the presence of more severe faulting and stratigraphic compartmentalization than was apparent prior to development New pressure data, collected during the development drilling program and production phase, has illustrated subtle pressure differences between some of the sands. This demonstrates the sands are isolated from one another. Analysis of production data confirms some of the gas in the lower permeability sands is being produced, but at rates significantly lower than anticipated by even our most cautious predictions. The technical review has concluded the water accumulation experienced in some of the well bores is the result of condensation of water vapor naturally contained in the gas. This only occurs because the gas is being produced at a much lower rate and pressure than had been expected, due to the greater compartmentalization. The water build up is being controlled by shutting in each well and allowing a pressure build up before reopening the well to unload the water. The technical review has identified a number of sands in two of the existing wells which appear to contain gas and which are currently not open to the wells. We are therefore assessing the possibility of opening these sands for production by adding new perforations in these wells during 2005. The precise timing and the economic viability of such work depends on the availability of a suitable vessel. Options, including the use of a drilling rig or a dynamically positioned well intervention vessel, are currently being evaluated and discussed with partners. The earliest the work could be undertaken is May 2005. The technical review has also indicated it is likely substantial additional gas may be present elsewhere in the field. However, this would require to be substantiated through acquisition of 3D seismic, which would also be critical to ensuring the optimal placement for drilling new wells. Current Production and Gas Sales Since the field first failed to produce sufficient gas to meet RSHL's obligations under its Gas Sales Agreement (GSA), RSHL has been suffering the additional cost burden of importing the shortfall quantities of gas from Scotland. This situation ended at the start of the new gas sales year on 1 October 2004. At that point our contractual commitments under our GSA with RWE Ireland Limited (RWE) changed and we are now nominating sales volumes that match field deliverability. The commercial arrangements necessary to enable us to sell the additional volumes of gas that we anticipate following the completion of the perforations during the current gas sales year are in place. A further improvement in the commercial situation has been achieved through profiling the field's gas production. In order to maximize gas sales revenue, the production profile of the field is being managed to maximize production during the winter months when gas prices are normally highest. Currently the field is producing 12 mmscf/d and forecasts indicate that without the perforation program, the likely volume of production in the current gas sales year will be approximately 2 bcf. Reserves As stated above, the technical report indicates the field is significantly more compartmentalized than originally anticipated and this obviously has a material impact on the field's recoverable reserves. It is currently Ramco's view that approximately 19 bcf is recoverable from the existing wells in addition to the 9 bcf produced to-date. If additional wells are successfully drilled and produced then the recoverable reserves figure could rise to approximately 83 bcf. Whilst extremely disappointing, these figures are within the range of downside possibilities identified in the original Plan of Development. Ramco effectively wrote off its interest in the field when it made a substantial impairment provision in its 2003 accounts, the outcome of the technical review confirms that to be the appropriate treatment. Banking RSHL's bankers have temporarily waived certain rights under the banking agreements in order to allow RSHL to progress detailed negotiations with a number of third parties interested in providing the additional investment necessary to undertake both the perforation program and 3D seismic survey work. A separate announcement will be made once these arrangements are finalized. BULGARIA Ramco also announces that its wholly owned subsidiary, Ramco Bulgaria Limited (RBL) and its partner Anschutz Bulgaria Limited (Anschutz) have agreed a farm-out with Chimimport JSC over their A-Lovech acreage onshore Bulgaria. The A-Lovech block lies approximately 80 km. to the north east of Sofia and covers 3,558 sq. km. RBL (20%) and Anschutz (80%) have been working together on the acreage over the past three years and have agreed that Chimimport, a Bulgarian company with a subsidiary specializing in seismic acquisition, will join them for the next phase of exploration. Chimimport will earn a 45% interest in the acreage by completing 570 sq. km. of 3D seismic. Once completed, the farm-out will result in the group's interests being Chimimport 45%, Anschutz 44% and RBL 11%. The seismic acquisition program will be aimed at multiple geological targets and is likely to be carried out between July and November 2005. OTHER FARM-OUTS Ramco is also at an advanced stage of negotiations of other farm-out agreements over its exploration acreage. Further announcements will follow if these negotiations are concluded successfully. The Seven Heads partners are RSHL (Operator) 82.5%, Northern Exploration Limited (a wholly owned subsidiary of Ramco) 4%, Lundin Ireland Limited 12.5% (sale to Island Oil & Gas pending) and Sunningdale Oils (Ireland) Limited 1.0%. CONTACT: RAMCO ENERGY - Aberdeen Steven Bertram, Group Financial Director Phone: 01224 352 200 COLLEGE HILL - London Nick Elwes Phone: 020 7457 2020 FLEISHMAN - HILLLARD SAUNDERS - Dublin Michael Parker Phone: 00353 1 618 8450 RAMCO ENERGY PLC 62 Queen's Road Aberdeen AB15 4YE United Kingdom Phone: +44 1224 352 200 Fax: +44 1224 352 211 ROYAL MAIL: Books Unprecedented GBP800 Mln 'Christmas Revenues' --------------------------------------------------------------- Royal Mail announced a record Christmas trading performance with a 10.6% revenue increase across the company compared to the previous year. The GBP80 million increase in sales in the four weeks to December 25 is one of the best performances so far announced by a large U.K. company over this Christmas trading period. Royal Mail Chairman Allan Leighton said: "Royal Mail has had a stunning Christmas. A 10.6% increase in sales at Christmas in a four-week period by a mature business in a mature market is a staggering performance. "Our people have done a fantastic job and they deserve the credit for Royal Mail's record trading performance." Mr. Leighton said preliminary figures were also indicating that quality of service to customers during the Christmas period was among the best levels in at least a decade. Christmas trading figures show that, for the first time, Royal Mail's revenue across the company exceeded GBP800 million in one month. Total sales were some GBP80 million higher in December 2004 than in the same month a year ago. In December: (a) Royal Mail's letters business recorded an 8% growth in revenue -- some GBP46 million higher than a year ago, helped by a record Christmas mail bag containing over 100 million more letters and cards than in 2003, and a surge in e- tailing/home shopping in which Royal Mail played a major part; (b) Post Office Ltd. grew its business by more than 17% -- up some GBP17 million compared to December 2003, with the Post Office's growing range of financial and banking services helping to fuel the rise; (c) GLS, Royal Mail's European parcels business saw its turnover increase by over 25% with a GBP16 million rise in revenue; (d) Parcelforce Worldwide's sales rose by more than 12% with a GBP4 million rise in revenue in a market which -- like GLS's -- is hugely competitive. Adam Crozier, Royal Mail's Chief Executive, said the Christmas trading performance put the company on course to make a profit on day-to-day operations of more than GBP400 million in the financial year to March 2005, which will allow Royal Mail to achieve its plan of giving its people a Share in Success payment of at least GBP800. "We are determined to reward employees for their part in the success of Royal Mail," said Mr. Crozier. He added that Royal Mail had recently announced it was making more than GBP1 million a day on its operations -- a turnaround from the losses of well over GBP1 million a day it was recording just three years ago. But Mr. Crozier cautioned: "Royal Mail must perform even better as we go forward. There can be no let-up in our drive to deliver high quality services to our customers, day-in, day-out, while generating profits to reinvest in our future and give our shareholder an acceptable return. "Royal Mail is making remarkable progress. But the biggest challenges lie ahead as we compete in a market that is set to be open to full competition in less than a year's time in January 2006. Improving quality of service must remain our number one priority." January Weather and Quality of Service Mr. Crozier paid tribute to the efforts postmen and women were making to transport and deliver the mail in northern England, Northern Ireland and Scotland where gales, heavy rain and floods have seriously hampered operations since last week. "The severe weather has inevitably slowed some mail deliveries and seriously affected Quality of Service over the past few days. Royal Mail's people are once again showing extraordinary dedication and commitment in doing all they can to deliver the mail despite the atrocious weather which has hit some parts of the country." TECNOMARE (UK): Shareholders Decide to Wind up Firm --------------------------------------------------- At the extraordinary general meeting of the members of Tecnomare (UK) Limited on Dec. 16, 2004 held at Enterprise House, 21 Buckle Street, London E1 8NN, the special resolution to wind up the company was passed. Melvyn Julian Carter and John Alexander have been appointed joint liquidators of the company. CONTACT: Royal Mail Holdings plc 148 Old St. London EC1V 9HQ, United Kingdom Phone: +44-20-7250-2888 Fax: +44-20-7250-2244 Web site: http://www.royalmailgroup.com TOYS "R" US: Liquidator from Grant Thornton Moves in ---------------------------------------------------- At the extraordinary general meeting of Toys "R" Us (IFSC) on Dec. 15, 2004 held at Citigroup, 1 North Wall Quay, Dublin D1, Ireland, the special resolution to wind up the company was passed. Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP has been appointed liquidator of the company. 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 TRUMPVEDA LIMITED: Hires Deloitte & Touche as Liquidator -------------------------------------------------------- At the general meeting of Trumpveda Limited on Dec. 17, 2004, the special and ordinary resolutions to wind up the company were passed. J. R. D. Smith and N. J. Dargan of Deloitte and Touche LLP, 66 Shoe Lane, London EC4A 3WA have been appointed joint liquidators of the company. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com * FSCS Declares 16 Firms in Default ----------------------------------- The Financial Services Compensation Scheme (FSCS) is encouraging consumers to get in touch if they may have lost money as a result of their dealings with any one of 16 firms recently declared in default by the Scheme. Declaring a firm in default opens the way for customers who have lost money, as a result of dealings with such a firm, to make a claim for compensation to FSCS. The limit for investment compensation is GBP48,000. Consumers who believe they may have a claim should contact the Scheme on 020 7892 7300. The service is free to consumers. "It is important that consumers know there is a fund of last resort if they have a claim against a financial services firm, and the firm can't pay," says Loretta Minghella, Chief Executive. "Without FSCS, many consumers would have nowhere to turn." The declaration of default is the final part of a process whereby a regulated firm (for example, an independent financial adviser) is deemed by FSCS to be unable to pay claims for compensation against it. FSCS is the U.K.'s statutory compensation scheme covering investments, deposits, insurance and, with effect from 31 October 2004, mortgage advice and arranging. It provides a fund of last resort for consumers who have claims against regulated firms that are unable to pay them. Financial services firms are regulated by the U.K.'s independent financial watchdog, the Financial Services Authority (F.S.A.). A list of the 16 investment firms is included, and a list containing the full address of each of the firms is available at http://www.fscs.org.uk. Consumers can also use the default database on the Web site to check to see if a firm they have dealt with previously has already been declared in default. Protection extended to general insurance From 14 January 2005 advice about general insurance and the arranging of general insurance policies will also be protected. From that date these types of activities will be regulated by the F.S.A. FSCS became the single compensation scheme in the financial services sector on 1 December 2001, when the Financial Services and Markets Act came into force. All previous compensation schemes, including the Investors Compensation Scheme, ceased to operate at this time. Web site: http://www.fscs.org.uk Default Declarations by FSCS 17 December 2004 (a) East England Leon Menzies Limited, Buckhurst Hill 1G9 6EV Stigenace Financial Services Limited, formerly MIA Financial Services Limited, Stevenage SG1 3WX (b) Midlands Earl Kenneth Derrick, formerly trading as Derrick Consultancy, Nottingham NG5 8RY Oaktree Financial Services Limited, trading as White Head & Reynolds Financial, Nottingham NG1 5BS The Insurance Centre Limited, Northhampton NN1 4DP (c) North East Brian Thompson, formerly trading as Brian Thompson Insurance Consultants, Newcastle NE3 1HP H R Wilson & Partners Limited, Hartlepool TS24 8AU (d) North West Henry Knott Associates Limited, Bolton BL1 4AP (e) Scotland Wemyssfield Insurance Brokers Limited, Kirkcaldy KY1 1XZ (f) South East (including London) Bone & Company (International) Limited, Farnham GU9 7LP Lloyd Bentley PLC, London W4 1QP (g) South West Bartlett Davies Bicks (Financial) Limited, formerly trading as BartlettDavies Bicks (Insurance Brokers) Limited and Bartlett Davies Bicks, Torquay TQ2 5UN and Paignton TQ3 3EN Miltonash Limited, Swindon SN5 9SJ Whitechurch Investment Services Limited, Bristol BS11 0UR (h) Wales David Williams, Martin Chidley, Leslie Smith, Kevin Davies, Garfield Lewis, Christopher Hemmings, Leslie Hill, John Ford, formerly trading as Tudor House Financial Services, Wrexham LL13 8AH (i) Yorkshire and Humberside Askham Financial Services (Humberside) Limited, Scunthorpe DN15 6LD ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *