/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050211.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 Friday, February 11, 2005, Vol. 6, No. 30 Headlines A U S T R I A VA TECHNOLOGIE: Goldman Sachs Sells 8.5% Shares to Siemens C Z E C H R E P U B L I C MORAVAN-AEROPLANES: Declares 'Work Holiday' F I N L A N D FINNAIR OYJ: Traffic, Load Factor Continue to Rise G E R M A N Y AIG VERWALTUNGS: Creditors Meeting Set Mid-March FUCHS & HAUCKE: Under Bankruptcy Administration FUSSBODENLEGERFACHBETRIEB BETH: Insolvency Manager Enters Firm GARTEN- U. LANDSCHAFTSBAU: Verification of Claims Set March GEPA ABBRUCH: Court Sets Creditors Meeting April GLOBALE RUCKVERSICHERUNGS-AG: Rating Withdrawn for Lack of Data MAGIC SYSTEMHAUS: Muhlhausen Court Stays All Pending Lawsuits MIBS CONSULTING: Darmstadt Court Accepts Bankruptcy Application MK INDUSTRIEVERTRETUNGEN: Administrator Takes over Operations SKANWORT VERWALTUNGSGESELLSCHAFT: Succumbs to Bankruptcy TCR GMBH: Claims Filing Period Ends First Week of March WAH ANTON: Creditors Claims Due February 23 WALTER BAU: Bidders Line up for Mining Operations 'Down Under' H U N G A R Y MAV RT: State to Implement Radical Reforms I T A L Y PARMALAT FINANZIARIA: Sells Streglio to Borsci Liquori PARMALAT FINANZIARIA: Judges Consolidate Securities Fraud Suits PARMALAT GROUP: Joint Status Report on Italian Proceedings Filed L U X E M B O U R G SANITEC INTERNATIONAL: Ratings on Watch Negative After Buyout N E T H E R L A N D S LYCOS EUROPE: Appoints Chief Financial Officer ROYAL AHOLD: Argentine Antitrust Body Issues Status Quo Order R U S S I A BEZVODNINSKIY HARDWARE: Deadline for Proofs of Claim Nears FLAX-1: Undergoes Bankruptcy Supervision Procedure FLAX COMBINE: To Hold Public Auction in Two Weeks LALSKIY CREAMERY: Hires V. Shabalin as Insolvency Manager METROMEDIA INTERNATIONAL: To Hold Board Election Deal or No Deal PROTEKINO: Moscow Court Appoints Insolvency Manager PZ CUSSONS: Russian Operation Racks up GBP3 Million Loss ROSNEFT: Yugansk Acquisition a Boon or Bane? ROZHDESTVENSKOYE: Assets Worth RUB17 Million up for Auction SERVICE: Gives Creditors Until March to File Claims SIB-GAS-STROY: Bankruptcy Hearing Resumes February 28 TALOSKAYA MOVABALE: Declared Insolvent UNIVERSAL: Claims Filing Deadline Expires Next Month S P A I N URBAS SA: Wins Temporary Tax Reprieve T U R K E Y VESTEL ELEKTRONIK: 'BB-' Currency Ratings Affirmed U K R A I N E KERCHRIBPROM: Declared Insolvent KOLODYANSKIJ BEKON: Creditors Have Until Tomorrow to File Claims KRASNOPAVLIVSKIJ BREAD: Bankruptcy Proceedings Ongoing PROLETARSKIJ: Insolvency Manager to Temporarily Oversee Business U N I T E D K I N G D O M 5 STAR: Members Decide to Wind up Firm ABBEY NATIONAL: Gives 50 Glasgow Staff the Boot ABDULLAH'S RESTAURANT: Calls in Liquidator ADAM WILLIAMSON: Liquidator from Poppleton & Appleby Moves in AIR STORES: Members Pass Winding-up Resolutions A.K. EUROPLASTICS: Liquidator from Tenon Recovery Moves in ALLDERS PLC: Primark Primes up for Hull Outlet Takeover ATLANTIS PERFORMANCE: Members Final Meeting Next Month AURORA MARKETING: Liquidator Takes Over Operations BIG FOOD: Court Sanctions Scheme of Disposal to Giant Bidco BOSCHENDAL PROPERTY: Appoints Liquidator from Mazars BROADGATE: Restructuring GBP860 Million Debt BYO RESTAURANTS: Hires Mazars as Liquidator CHATWOOD FIFE: Calls Final Members Meeting CHESTER PROPERTY: Hires Jeffreys Henry Jacobs as Administrator COMPANHIA CONTINENTAL: Members Final Meeting Set March COREDEALMTS LIMITED: Liquidator's Final Report Out March 10 DEVONSHIRE SQUARE: Hires Valentine & Co. to Liquidate Business EXCEPTADD LIMITED: Appoints Ian Franses Associates Administrator FEDERAL-MOGUL: Creditors Tap Deloitte's Actuarial Services KEY DESIGN: Calls in Administrators from KPMG LAURA ASHLEY: Denies Takeover Report LEWAR LIMITED: Final Meeting Next Month LOCKSTORE ENGINEERING: Names Parkin S. Booth & Co. Liquidator LONDON RADIOSURGICAL: Hires Smith & Williamson as Administrator M.F.P. SALES: Calls in Liquidator from Ideal Corporate Solutions M & M HOWDON: Hires DTE Leonard Curtis as Administrator OAK LODGE: Smoked Salmon Producer Up for Sale OPTIMAX HOLDINGS: Members Final Meeting Set Next Month OXFORD BIOMEDICA: Calls off Merger Talks RAW TRADING: Hires Administrator from Berley RENTOKIL INITIAL: Lured New Chief with GBP5 Million Package RWS SHERBURN: Winding-up Report Out Last Day of Month SPQR FUNDING: Calls in Liquidator from Tenon Recovery STERLING BUILDING: Administrators from CBA Step in TRICELL INTERNATIONAL: Names Bond Partners Administrator TRIPLEX COMPONENTS: Hires Liquidator from Kroll VEGEM LIMITED: Business for Sale ********* ============= A U S T R I A ============= VA TECHNOLOGIE: Goldman Sachs Sells 8.5% Shares to Siemens ---------------------------------------------------------- The Goldman Sachs Asset Management has informed VA Tech that it has tendered 1,307,444 shares in VA Tech to Siemens. On the basis of a total number of 15,341,860 VA Tech-shares, this corresponds to a participation of 8.5%. About VA Tech VA Technologie AG is a focused Technology and Service Company, which provides value to customers over the entire plant life cycle. Leading international positions are held in Metallurgy, Power Generation, Transmission and Distribution and Infrastructure. In 2003, VA TECH achieved sales of EUR3.8 billion, according to IFRS with a work force of 17,478 employees. CONTACT: VA TECHNOLOGIE AG Lunzerstrasse 64 A-4031 Linz, Austria Phone: +43-732-6986-9222 Fax: +43-732-6980-3416 Web site: http://www.vatech.co.at Bettina Pepek Press Officer Phone: +43 1/89100-3400 Fax: +43 1/89100-4103 E-mail: bettina.pepek@vatech.at Wolfgang Schwaiger Communications and Investor Relations Phone: +43 70/6986-9222 Fax: +43 70/6980-3416 E-mail: wolfgang.schwaiger@vatech.at =========================== C Z E C H R E P U B L I C =========================== MORAVAN-AEROPLANES: Declares 'Work Holiday' ------------------------------------------- Bankrupt aircraft manufacturer Moravan-Aeroplanes sent home Thursday around half of its workforce due to problems in getting orders from the Indian government, Czech News Agency says. Bankruptcy administrator Petr Hajtmar revealed the employees would still receive 70% of their salaries. Works in the company, which includes spare parts production and plane repair, would keep on with the remaining 110 employees. Affected employees will return upon notice. Moravan-Aeroplanes was heavily favored to win a CZK37 million contract in India, which entails building six Z-242L aircraft for a training academy in the country. The firm considers the contract as vital for the group's survival. The Regional Court in Brno declared Moravan bankrupt on June 18, 2004 at the request of its management and employees. The company has debt 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 I N L A N D ============= FINNAIR OYJ: Traffic, Load Factor Continue to Rise -------------------------------------------------- Finnair Oyj scheduled traffic increased by 12.3% compared to January last year. Passenger load factor was 65.0%, up 4.1 percentage points. Number of passengers carried was 517,200, up 7.8%. During January, Stockholm-based flynordic continued to gain market share and carried 68,500 passengers (+62.9%) on its Scandinavian routes. Finnair traffic, measured in passenger kilometers, increased by 6.3% in January, while the capacity was up by 4.1%, resulting in a passenger load factor of 73.1%, 1.5 points higher than last year. All Finnair Group airlines altogether transported 621,200 passengers, which is 6.6% more than a year ago. Demand in leisure flights was down 2.7% and passenger load factor down by 3.9% compare to previous year, because of the tsunami in Southeast Asia. Alternative destinations were offered in order to minimize negative changes in demand. Departure punctuality of scheduled flights was 79.7% (based on a fifteen minute standard), 6.2 points lower than in January 2004. Including leisure flights departure punctuality was 78.0% (-6.0 p.p.). Arrival punctuality of scheduled flights was 78.8% and that of all operations was 76.8%. According to the punctuality data of the Association of European Airlines (AEA), in 2004 Finnair was the most punctual airline and one of the airlines with least cancellations. Finnair's Tallinn-based subsidiary Aero A.S., carried 58,700 passengers (+420.1%) on routes between Helsinki and the Baltic capitals and within Southern Finland. Aero and flynordic figures are respectively included in Finnair Group total figures. Scheduled Traffic (a) In scheduled traffic (international + domestic) revenue passenger kilometers increased by 12.3%. The change in capacity was +5.3%. Passenger load factor was 65.0%, 4.1 percentage points higher than last year; (b) In scheduled international traffic, total number of passengers was up by 14.2%, partly affected by adding flynordic figures. Capacity in ASKs was +7.0%, while RPKs increased by 13.9%; (c) In European scheduled traffic, ASKs increased by 2.3%, and as RPKs increased by 11.5%, the passenger load factor was 54.3%, up 4.4 points from previous year; (d) In North Atlantic scheduled traffic, capacity increased by 17.9% due to added frequencies to JFK and MIA. Change in RPKs was +19.1%, and passenger load factor for January was 77.2%, 0.8 points higher than previous year; (e) In Asian scheduled traffic, capacity increase was 10.1% mainly due to adding frequencies to Shanghai and Osaka since beginning of June. The passenger traffic was up by 14.5%. Passenger load factor was 80.0%, 3.0 percentage points up; and (f) Domestic scheduled traffic increased by 0.5% on a capacity decrease of 5.1%. Passenger load factor increased by 3.0 percentage points to 53.3%. Leisure traffic ASKs for leisure traffic increased in January by 1.4%, and RPKs decreased by 2.7%, resulting in a passenger load factor of 92.8%, 3.9 points lower than last year. Cargo Cargo traffic increased by 5.5% in terms of cargo tons carried. Growth in scheduled traffic was -2.2%. Increase in Asian traffic was 2.4%. Volume in European traffic decreased by 8.2%. In North-Atlantic traffic cargo volume increased by 0.9%. Cargo traffic carried on chartered cargo flights increased by 86.3%. The cargo load factor was 50.8%. The cargo load factor in the Asian traffic was 69.6% and in the North Atlantic traffic 54.1%. Full traffic performance data available at http://www.finnairgroup.com/linked/en/sijoittaja/Monthly_traffic _data_Jan_2005.pdf Finnair Plc Communications CONTACT: FINNAIR OYJ Mr. Christer Haglund, SVP Corporate Communications Phone: +358 9 818 4007 Mr. Taneli Hassinen, Communications Officer, IR Phone: +358 9 818 4976 Mr. Tuomas Kanninen, Manager, Cargo Phone: +358 9 818 5472 ============= G E R M A N Y ============= AIG VERWALTUNGS: Creditors Meeting Set Mid-March ------------------------------------------------ The district court of Essen opened bankruptcy proceedings against AIG Verwaltungs GmbH on Jan. 17, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 2, 2005 to register their claims with court-appointed provisional administrator Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting on March 16, 2005, 2:00 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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: AIG VERWALTUNGS GMBH Howeg 2 45896 Gelsenkirchen Wilfried Armbruster, Manager Seppenraderstrasse 24 45892 Gelsenkirchen Klaus W. Gerling, Insolvency Manager Heinrich-Heine-Allee 20 40213 Dusseldorf FUCHS & HAUCKE: Under Bankruptcy Administration ----------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against Transport- und Fahrschulbetrieb Fuchs & Haucke GmbH on Jan. 3, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 3, 2005 to register their claims with court-appointed provisional administrator Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting on March 31, 2005, 11:30 a.m. at the district court of Halle-Saalkreis- Justizzentrum Halle-, Thuringer Strasse 16 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: TRANSPORT- UND FAHRSCHULBETRIEB FUCHS & HAUCKE GMBH Zeitzer Str. 74 06667 Weissenfels Contact: Volkhard Weissenborn Leipziger Str. 70 06712 Zeitz Herbert Feigl, Insolvency Manager Hansering 1 D-06108 Halle Phone: 0345/212220 Fax: 0345/2122222 FUSSBODENLEGERFACHBETRIEB BETH: Insolvency Manager Enters Firm -------------------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against Fussbodenlegerfachbetrieb Beth & Behrens GmbH on Jan. 13, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 29, 2005 to register their claims with court-appointed provisional administrator Heiko Kratz. Creditors and other interested parties are encouraged to attend the meeting on March 29, 2005, 1:30 a.m. at the district court of Leipzig 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: FUSSBODENLEGERFACHBETRIEB BETH & BEHRENS GMBH Schenkweg 10 04860 Welsau Contact: Reinhard Behrens, Manager Heiko Kratz, Insolvency Manager Fregestrasse 29 04105 Leipzig GARTEN- U. LANDSCHAFTSBAU: Verification of Claims Set March ----------------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against Garten- u. Landschaftsbau Neugebauer GmbH on Jan. 1, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until Feb. 9, 2005 to register their claims with court-appointed provisional administrator Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting on March 2, 2005, 10:05 a.m. at the district court of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GARTEN- U. LANDSCHAFTSBAU NEUGEBAUER GMBH Dieselstrasse 14 a 50859 Cologne Contact: Hildegard Pingsmann-Neugebauer, Manager Hans-Gerd Jauch, Insolvency Manager Sachsenring 81 50677 Cologne Phone: 33660130 Fax: +492213366085 GEPA ABBRUCH: Court Sets Creditors Meeting April ------------------------------------------------ The district court of Frankfurt am Main opened bankruptcy proceedings against GEPA Abbruch & Erdbau GmbH on Jan. 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 2, 2005 to register their claims with court-appointed provisional administrator Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting on April 13, 2005, 10:20 a.m. at Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, statt. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: GEPA ABBRUCH & ERDBAU GMBH Rheinstr. 3-11, 65795 Hattersheim Dr. Jan Markus Plathner, Insolvency Manager Lyoner Strasse 14, 60528 Frankfurt am Main Phone: 069/9623340 Fax: 069/96233422 GLOBALE RUCKVERSICHERUNGS-AG: Rating Withdrawn for Lack of Data --------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'B' long-term counterparty credit rating on Cologne-based non-life reinsurer GLOBALE Ruckversicherungs-AG, owing to the company's lack of transparency. At the same time, Standard & Poor's withdrew its 'D' rating on the EUR220 million subordinated notes issued by Gerling Global Finance Alpha B.V. (not rated) and subguaranteed by GLOBALE. The rating withdrawals are due to the limited confidential information currently being supplied to Standard & Poor's by GLOBALE. In order to maintain surveillance on its ratings, Standard & Poor's requires the prompt provision of all relevant information by issuers. 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 InsuranceInteractive_Europe@standardandpoors.com MAGIC SYSTEMHAUS: Muhlhausen Court Stays All Pending Lawsuits ------------------------------------------------------------- The district court of Muhlhausen opened bankruptcy proceedings against Magic Systemhaus GmbH on Jan. 12, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 21, 2005 to register their claims with court-appointed provisional administrator Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting on March 21, 2005, 11:00 a.m. at the district court of Muhlhausen, Untermarkt 17, Raum 35 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: MAGIC SYSTEMHAUS GMBH Motorenstrasse 5 99734 Nordhausen Contact: Michael Plath, Manager Frank Kreuznacht, Insolvency Manager Untermarkt 23 99974 Muhlhausen MIBS CONSULTING: Darmstadt Court Accepts Bankruptcy Application --------------------------------------------------------------- The district court of Darmstadt opened bankruptcy proceedings against MIBS Consulting Aktiengesellschaft on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 17, 2005 to register their claims with court-appointed provisional administrator Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting on March 17, 2005, 11:00 a.m. at the district court of Saal U2, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt 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: MIBS CONSULTING AKTIENGESELLSCHAFT Schlossplatz 6, 64732 Bad Konig Contact: Dietmar Ziegler, Executive Committee Member Bad Konig Dieter Ebert, Executive Committee Member Tippelstrasse 97, 45529 Hattingen Dirk Lukaschik Essen Tobias Hoefer, Insolvency Manager Soldnerstr. 2, 68219 Mannheim Phone: 0621/87708-0 Fax: 0621/8770820 MK INDUSTRIEVERTRETUNGEN: Administrator Takes over Operations ------------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against MK Industrievertretungen Bau-Consulting GmbH on Jan. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 11, 2005 to register their claims with court-appointed provisional administrator Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting on April 11, 2005, 9:05 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MK INDUSTRIEVERTRETUNGEN BAU-CONSULTING GMBH Burgerweide 10A, 20535 Hamburg Contact: Folker Kleist, Manager Wolfgang Sobolewski, Manager Peter-Alexander Borchardt, Administrator Deichstrasse 1, 20459 Hamburg Phone: 040/3760100 SKANWORT VERWALTUNGSGESELLSCHAFT: Succumbs to Bankruptcy -------------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against SkanWort Verwaltungsgesellschaft mbH on Jan. 10, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 7, 2005 to register their claims with court-appointed provisional administrator Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting on April 4, 2005, 9:50 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg 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: SKANWORT VERWALTUNGSGESELLSCHAFT MBH Richeystrasse 44 22309 Hamburg Contact: Norbert Ney, Manager Stefan Hinrichs, Insolvency Manager Osterbekstrasse 90a 22083 Hamburg Phone: 040/41004040 Fax: 040/41004059 TCR GMBH: Claims Filing Period Ends First Week of March ------------------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against Transport, Container, Recycling (TCR) GmbH on Jan. 10, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 2, 2005 to register their claims with court- appointed provisional administrator Jorg Riedemann. Creditors and other interested parties are encouraged to attend the meeting on March 30, 2005, 10:15 a.m. at the district court of Halle-Saalkreis- Justizzentrum Halle-, Thuringer Strasse 16 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: TRANSPORT, CONTAINER, RECYCLING (TCR) GMBH Thomas-Muntzer-Str. 130 06313 Hergisdorf Contact: Klaus Dieter Gellrich, Manager Nordhalde 12 06313 Hergisdorf Jorg Riedemann, Insolvency Manager Muhlweg 47 D-06114 Halle Phone: 0345/293900 Fax: 0345/2939029 WAH ANTON: Creditors Claims Due February 23 ------------------------------------------- The district court of Gera opened bankruptcy proceedings against WAH Anton & Co. Bau GmbH on Jan. 12, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 23, 2005 to register their claims with court-appointed provisional administrator Hanns Pollmann. Creditors and other interested parties are encouraged to attend the meeting on March 22, 2005, 11:30 a.m. at the district court of Gera, Rudolf-Diener-Str. 1, Zimmer 317 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: WAH ANTON & CO. BAU GMBH Carl-Zeiss-Str. 1 07743 Jena Hanns Pollmann, Insolvency Manager Blankenburger Strasse 3 07318 Saalfeld WALTER BAU: Bidders Line up for Mining Operations 'Down Under' -------------------------------------------------------------- Around six investors are reportedly eyeing the Australian mining operations of insolvent construction group Walter Bau, Suddeutsche Zeitung says. Walter Construction's mining activities have reportedly attracted six potential bidders, which include John Holland, indirectly owned by construction group Hochtief; Baulderstone Hornibrook, Australian arm of Bilfinger-Berger group; Clough Ltd., Continental Conveyors, and Roche and McMahon Construction. Walter Construction's insolvency administrators expect to receive bids soon, a source close to the group says. Walter Construction, which mining operations employ around 350 people, expects to post a loss of AU$245 million for 2004. Walter Bau filed for insolvency at the start of the month after failing to secure a new EUR1.65 billion credit line from banks, which halted its proposed restructuring plan. Walter Construction and 11 other subsidiaries followed suit days after. Walter Bau, which has around 50 subsidiaries, did not rule out the possibility that more of its units will declare insolvency. CONTACT: WALTER BAU AG Boheimstr. 8 86153 Augsburg Phone: +49 (0)8 21/55 82-00 Fax: +49 (0)8 21/55 82-3 20 Web site: http://www.walter-bau.de JOHN HOLLAND GROUP 70 Trenerry Crescent Abbotsford, Victoria 3067 Phone: 61 3 9934 5209 Fax: 61 3 9934 5275 Web site: http://www.johnholland.com.au BAULDERSTONE HORNIBROOK ENGINEERING PTY. LTD. Level 10, 40 Miller Street, North Sydney, New South Wales 2060 Phone: (02) 9935 7100 Fax: (02) 9935 7080 E-mail: bh@bh.com.au Web site: http://www.bh.com.au CLOUGH LIMITED Level 6, 251 St Georges Terrace Perth, Western Australia 6000 Phone: +618 9281 9281 Fax: +618 9481 6699 E-mail: clough@clough.com.au Web site: http://www.clough.com.au CONTINENTAL CONVEYOR & EQUIPMENT PTY LTD. 10 Somersby Falls Road, Somersby NSW 2250 Australia Phone: (+612) 4340 1488 Fax: (+612) 4340 2695 Web site: http://www.continentalconveyor.com.au ============= H U N G A R Y ============= MAV RT: State to Implement Radical Reforms ------------------------------------------ MAV Rt president and Economics and Transport minister Janos Koka confirmed there are plans to overhaul the railway company in the coming years, Budapest Sun reports. Mr. Koka told the press: "I seriously believe that if the [ministry] can not prevent a company from going bankrupt, then the least we can do is to is to ease its burdens." But according to him, major reforms will come only after the general elections of 2006. "Nevertheless preparations must be made before then," he said. "Unless something is done quickly the risk of bankruptcy will become a reality," he added. MAV continues to rack up losses and accumulate debt while facing a complicated array of problems, from petty thefts, to labor pressures, to too much politics. Its former president Laszlo Udvari, who was sacked in December, had admitted the firm's precarious situation. It expects the company to close the fiscal year 2004 with record losses. According to the report, the ministry can no longer support the drain on its finances even with an annual budget of HUF350 billion. Mr. Udvari said as far as he knew, in 2005 MAV was receiving HUF51 billion ($271.29 million) less than needed for passenger transport operations. It is likely there will be significant job cuts on many routes this year. Earlier reports say MAV plans to approach international financial institutes, including Citibank, HVB, ImmoRent, Kreditanstalt, MKBand VR Leasing, for a EUR450 million (US$586.9 million) loan. Despite its cash problems, the firm still plans to order 60 new railway carriages worth about HUF40 billion (US$212.78 million). It is also upgrading its IT systems for HUF750 million (US$3.98 million) within the next six years. CONTACT: MAV RT Andrassy ut 73-75 Budapest H-1940 Hungary Phone: 36 1 342 9500 Fax: 36 1 342 8596 Web site: http://www.mav.hu ========= I T A L Y ========= PARMALAT FINANZIARIA: Sells Streglio to Borsci Liquori ------------------------------------------------------ The board of auditors of collapsed dairy giant Parmalat Finanziaria approved Tuesday the sale of Streglio, its chocolate and sweets arm, Il Sole 24 Ore says. Spirit maker Borsci Liquori offered to buy Streglio's assets for EUR2.25 million. Parmalat will retain the debt of the subsidiary, which fell into administration in August 2004. Meanwhile, Parmalat's board will meet on February 25 to approve the prospectus of a debt-for-equity swap with creditors and to discuss the group's re-listing on the Milan stock exchange in April. The board will also approve the group's 2004 pro forma results and name an auditor. The board is also expected to unveil new participation ratios for its units, following the release by the bankruptcy court of the official list of Parmalat creditors. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net BORSCI INDUSTRIA LIQUORI S.p.A Via Per Martina Franca, 7000 Taranto, TA 74100 Phone: +39/099.473.0333 Fax: +39/099.473.0334 E-mail: borsci@borsci.com Web site: http://www.borsci.com PARMALAT FINANZIARIA: Judges Consolidate Securities Fraud Suits --------------------------------------------------------------- In December 2004, the Judicial Panel on Multidistrict Litigation consolidated the Class Action Complaint initiated by Hermes Focus Asset Management Europe, Ltd., and certain other investors with three other securities litigation relating to Parmalat's collapse: * Dr. Enrico Bondi v. Grant Thornton International, et al. C.A. No. 1:04-6031; * Robert McQueen v. Parmalat Finanziaria, S.p.A., et al., C.A. No. 1:04-47; and * Ferri Giampolo v. Parmalat Finanziaria, S.p.A., et al., C.A. No. 1:04-367. A copy of the JPMDL's Transfer Order (Docket No. 1653) is available at no charge at: http://www.jpml.uscourts.gov/Pending_MDLs/Securities/MDL- 1653/MDL-1653-TransferOrder.pdf * * * Investors, led by Hermes Focus Asset Management Europe, Ltd., in October commenced a class action lawsuit before the U.S. District Court for the Southern District of New York against Parmalat's former management, banks and auditors, alleging violations of the Securities Exchange Act of 1934. These investors purchased or otherwise acquired securities of Parmalat Finanziaria S.p.A. and its subsidiaries and affiliates between and including January 5, 1999, and December 18, 2003, in reliance on the company's materially false and misleading financial statements and other public statements. The investors seek more than $8,000,000,000 in damages after they lost their money when Parmalat collapsed in December 2003 due to substantial operating losses that had been concealed for over a decade. The actions were centralized for coordinated or consolidated pretrial proceedings before Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York. The Panel acted upon the request of Deloitte Touche Tohmatsu, a defendant in the securities litigation. The Panel found that the actions involve common questions of fact and that centralization before the New York District Court will serve the convenience of the parties and witnesses and promote the just and efficient conduct of the litigation. All actions, the Panel noted, share factual questions arising from alleged misrepresentations or omissions concerning Parmalat's financial condition and its 2003 insolvency. Centralization eliminates duplicative discovery, prevent inconsistent pretrial rulings and conserve the resources of parties-in-interest, their counsel and the judiciary. Defendants Grant Thornton and Citigroup supported the request. Dr. Bondi objected to Deloitte's proposition. Should his Illinois Action be consolidated with the other securities litigation, Dr. Bondi insisted that the other actions should be brought to Illinois. The Panel found the New York District Court an appropriate transferee district since three of the four actions were already pending before the New York District Court. The Panel consisted of WM. Terrell Hodges, as Chairman, John F. Keenan, D. Lowell Jensen, J. Frederick Motz, Robert L. Miller, Jr., Kathryn H. Vratil and David R. Hansen. Judges Hodges, Keenan and Motz took no part in the decision. Other related actions, Judge Jensen says, will be treated as potential tag-along actions. Defendants Want Complaint Dismissed Defendants to the Consolidated Securities Fraud Action ask Judge Kaplan to dismiss the Complaint against them: * Bank of America Corporation, * Bank of America, N.A., * Banc of America Securities Limited, * Credit Suisse First Boston, * Grant Thornton International, * Deloitte & Touche USA, LLP, * Deloitte & Touche, LLP, * Grant Thornton, LLP, * Citigroup, Inc., * Citibank, N.A., * Vialattea, LLC, * Buconero, LLC, * Eureka Securitisation plc, and * Banca Nazionale del Lavoro S.p.A. The Defendants tell Judge Kaplan that the Complaint suffers from numerous pleading deficiencies. The Complaint fails to state a viable claim on which relief can be granted. The Pleadings fall short of the mandates of the Private Securities Litigation Reform Act and the requirements of the Federal Rules of Civil Procedure. Moreover, the Plaintiffs fail to allege any fact from which the District Court could draw a reasonable inference of causation. Deloitte U.S.A. argues that the Complaint offers no factual support for its "one-firm," agency and "alter ego" allegations against it. The Plaintiffs do not allege any facts to show that Deloitte U.S.A. controlled Deloitte & Touche-Italy's audit activities or that Deloitte U.S.A. engaged in any wrongdoing. The Plaintiffs do not allege that anyone was misled into believing that Parmalat's financial statements had been audited by Deloitte U.S.A. BofA insists that it made no material misstatements to the Plaintiffs and owed them no duty to disclose. BofA performed only two functions for Parmalat and none of these services involved the Plaintiffs. Grant Thornton International is not, and has never been an auditor and is not licensed anywhere in the world to perform audit work. To circumvent this reality, the Plaintiffs simply pile up conclusory allegations of Grant Thornton International's control over, and unspecified involvement with, Grant Thornton S.p.A., now known as Italaudit -- the Italian licensed accounting firm that performed audit work for Parmalat. These conclusory allegations are not sufficient to sustain liability against Grant Thornton International as a matter of law, thus, all causes of action against Grant Thornton International should therefore be dismissed. Grant Thornton, LLP avers that the Plaintiffs are attempting to shift their investment losses into the U.S. auditing firms that had no involvement whatever in the alleged fraud that occurred in Parmalat. Despite the Complaint's extraordinary length and level of detail, the claims against Grant Thornton fail to meet even the most minimal standards of pleading, much less the heightened standards that apply in fraud cases under the federal securities laws. The Complaint does not attribute a single act, statement, or omission concerning Parmalat to Grant Thornton. The Complaint is supported by nothing more than bare legal conclusions. Citigroup tells Judge Kaplan that its alleged participation consists of three legitimate business transactions and some routine wire transfers, which Parmalat allegedly misrepresented in its financial statements. Therefore, the Plaintiffs do not, and cannot, allege that Citigroup made any actionable misrepresentation to Parmalat investors. Under Central Bank, allegations that one entity structured, arranged, or otherwise participated in a business transaction that another entity misrepresented or improperly disclosed fail to state a claim. Citigroup also reasons that the Complaint does not allege facts sufficient to plead fraud-on-the-market reliance BASL is confident that the Plaintiffs have failed to allege that it has minimum contacts with the United States, and therefore, asserting personal jurisdiction over it would violate due process. The Plaintiffs, furthermore, do not allege that Banca Nazionale engaged in any wrongful conduct in connection with the sale of Parmalat securities, or that it participated in the preparation or issuance of any prospectus or financial statement by Parmalat, or acted as a significant investment or commercial banker for Parmalat. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debt. (Parmalat Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net PARMALAT GROUP: Joint Status Report on Italian Proceedings Filed ---------------------------------------------------------------- Pursuant to the instruction of the U.S. District Court for the Southern District of New York, on January 18, 2005, Dr. Enrico Bondi, Deloitte & Touche S.p.A., Deloitte Touche Tohmatsu, Deloitte & Touche U.S.A., LLP, Deloitte & Touche, LLP, Grant Thornton International, Grant Thornton, LLP, and Bank of America, N.A. submitted to Judge Kaplan a Joint Report on the status of proceedings in Italy. Extraordinary Administration in the Parma Court On December 24, 2003, Parmalat S.p.A. was admitted to Extraordinary Administration by the Ministry of Productive Activities. On the same day, Dr. Enrico Bondi was appointed as Parmalat's Extraordinary Commissioner and was authorized to have other companies of the Parmalat group, including Parmalat Finanziaria S.p.A., included in the Extraordinary Administration. Parmalat and Finanziaria were declared insolvent by the Court of Parma on December 27, 2003, and January 7, 2004. Additional Parmalat Group companies were declared insolvent shortly thereafter. On June 21, 2004, Dr. Bondi filed a proposed restructuring plan. On July 23, 2004, an amended plan was approved by the Minister of Productive Activities. On December 28, 2004, by order of the Parma Court, notice of the creditors' list was published in the Gazzetta Ufficiale of Italy. With this notice, creditors will have a final opportunity to exercise certain rights, including the right to object to the admission or exclusion of claims. Accepted unsecured creditors will have the right to vote on the Proposed Restructuring Plan. The Proposed Restructuring Plan must be approved by the majority of the accepted unsecured claims. Non-voting allowed claims are counted as voting in favor of the Proposed Restructuring Plan. After it is approved by the Parma Court and when it becomes effective, the Proposed Restructuring Plan will immediately be enforceable as to all creditors in Italy, and the Extraordinary Administration will be terminated, provided no appeals are filed. The new company -- tentatively named "Assumptor" -- will assume the assets and liabilities of certain entities subject to the Extraordinary Administration, and will also assume control of all litigation, including the actions filed in the United States. Proceedings Before the Milan Court There are pending proceedings before the Court in Milan, which encompass criminal, administrative and civil actions. A. Criminal Defendants Twenty-nine individuals have been named by the Milan prosecutor in a proposed indictment. The charges sought by the prosecutor are stock market rigging, false audits and obstruction of CONSOB -- a quasi-public entity that is similar to the U.S. Securities and Exchange Commission. These proceedings are at the preliminary hearing stage in which the individuals named by the prosecutors have the opportunity to review the charges, examine evidence and formulate motions to dismiss the charges as to them. At the conclusion of the preliminary hearing, the Milan Court will rule on which individuals will stand trial on the charges. The individuals include: (a) former officers, directors, statutory auditors and advisors of Parmalat and Finanziaria; (b) two of Grant Thornton S.p.A.'s former partners -- Maurizio Bianchi and Lorenzo Penca; (c) Deloitte & Touche S.p.A.'s present and former partners -- Guisseppe Rovelli and Adolofo Mamoli; and (d) three of BofA's former employees -- Antonio Luzi, Luis Moncada, and Luca Sala, who worked at BofA's Italian branch until he left in the summer of 2003, after which he joined Parmalat as a consultant. The charges against the former BofA employees are limited solely to stock market rigging. The Milan prosecutors are also investigating other individuals who are current or former employees of banking and financial institutions. Richard A. Martin, Esq., at Heller Ehrman White & McAuliffe, LLP, in New York, attorney for Deloitte & Touche S.p.A., tells Judge Kaplan that they do not know when that investigation will be concluded, or if it will be consolidated with the pending proceedings. Press reports indicate that the prosecutors intend to do so. B. Administrative Proceedings Four corporations are named as parties in the Milan proceedings and are subject to potential administrative liability under Law 231 of 2001 -- Law 231: -- Deloitte & Touche S.p.A. (the new entity resulting from the business combination with the Italian member firm of the Arthur Andersen membership association); -- DT S.p.A. (the previous member firm of the DTT verein); -- Italaudit S.p.A. (formerly Grant Thornton S.p.A.); and -- BofA's Italian branch. C. Civil Claims Under the Italian Code of Criminal Procedure, persons claiming to be victims of charged offenses can apply to the court to intervene as parte civile or "civil parties" in pending criminal proceedings to seek a civil judgment for damages. The responding parties to the civil part of the criminal action include those criminal defendants named in a civil party's complaint, and any individuals or entities named by the civil party as potentially liable for the payment of damages stemming from the offense of the named criminal defendant -- the latter of whom are referred to as responsabile civile, or "civil responsible." Deloitte & Touche S.p.A., DT S.p.A., Italaudit S.p.A. and BofA's Italian branch have been named as responsabile civile in certain civil party complaints filed in the Milan proceedings. Thousands of bondholders and shareholders claiming to have been economically injured by the alleged criminal offenses have filed motions with the Milan Court to appear as parti civili to seek redress of their claimed damages. The court is expected to rule before the end of February 2005 on their applications to appear as civil parties. Dr. Bondi has also filed an application to appear as a civil party against the individuals who are potential defendants in the criminal case, but not against the companies facing administrative claims. Applications to intervene as a civil party to the criminal proceeding can be filed at any time before the criminal trial begins. More claimants may seek to join the proceedings as civil parties by then. The Milan Court will rule on these applications before trial. Criminal Investigation in Parma The public prosecutors in Parma are conducting a separate criminal investigation of the former Parmalat directors and officers, as well as other individuals and companies, in connection with charges that include criminal conspiracy and fraud leading to Parmalat's bankruptcy. No further formal information is available on the status of that investigation. Italian newspapers recently reported that the Parma public prosecutors are close to the end of their inquiry with respect to the Parmalat insiders, and will soon file their request for indictments against those insiders. Civil Proceedings in Parma During 2004, Dr. Bondi instituted two civil claims in the Court of Parma against 27 individuals, including some of Parmalat's former directors, officers, statutory auditors and advisors, seeking damages as a result of their complicity in Parmalat's financial collapse. The civil suit also sought and obtained a preliminary sequestration order, providing for pre-trial seizure of assets, against those individuals, allowing Dr. Bondi to attach their assets up to a total value of EUR11.903 billion. In November 2004, Gian Paolo Zini and Giovanni Tanzi asserted two separate impleader claims in one of the Parma civil actions against certain individuals (including Dr. Bondi, Umberto Tracanella and Guido Angiolini), certain entities (including Italaudit S.p.A., Deloitte & Touche S.p.A., DT S.p.A., Capitalia S.p.A., Banca Intesa BCI S.p.A., Nextra Investment Management s.g.r., Banca Popolare di Lodi, San Paolo IMI S.p.A., UniCredit S.p.A., Mediobanca S.p.A., Citibank, Archimede and Eureka) and the Italian regulators (Banca d'Italia and CONSOB). The defendants will have the opportunity to file motions addressing those claims. "Claw Back" or Revocatory Actions Under Article 67 of the Italian Bankruptcy Law, Dr. Bondi has also instituted "claw-back" actions -- similar to actions to set aside preferential transfers under U.S. bankruptcy law -- against various financial institutions to recover payments made to them during the one year period prior to Parmalat's declaration of insolvency. Those actions include claims against UBS Limited for EUR290 million, Deutsche Bank S.p.A. for EUR17 million, and Credit Suisse First Boston International for EUR284 million. Those suits remain pending. Banca Intesa has agreed to pay EUR160 million to settle potential "claw-back" claims against Nextra, its investment management arm, related to a September 2003 bond issuance. The payment is subject to administrative and judicial approval. Other Civil Proceedings A small number of individual bondholders and shareholders have filed four civil claims in Milan against DT S.p.A., Italaudit and, in two of those cases, also against these entities' present and former partners individually. Another claim has been filed in Parma against DT S.p.A. and others asserting claims of negligence. These proceedings are in their early stages. Moreover, Citibank filed an administrative law petition with the Administrative Court in Lazio, Italy, on October 24, 2004, challenging the Proposed Restructuring Plan and related decrees, deeds and other documents. The court ordered the Ministry of Productive Activities to produce certain documents on Nov. 9, 2004. On January 9, 2005, the Attorney General filed documents in compliance with the court order. The administrative proceeding is still pending. An analogous petition challenging the Proposed Restructuring Plan was filed by UBS in December 2004, and is believed to be pending. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debt. (Parmalat Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net =================== L U X E M B O U R G =================== SANITEC INTERNATIONAL: Ratings on Watch Negative After Buyout ------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with negative implications the 'B+' long-term corporate credit rating on Sanitec International S.A., the holding company of the Sanitec group (Sanitec) and Sanitec Oy, a subsidiary of Sanitec International, following the announcement that it will be acquired by Private Equity Funds EQT IV (EQT). At the same time, the 'B-' subordinated debt rating on Sanitec International's EUR260 million bond and the 'B+' senior secured rating on Sanitec Oy's EUR555 million bank loan were also placed on CreditWatch with negative implications. "The CreditWatch placement reflects Standard & Poor's concerns that Sanitec's financial profile might no longer be adequate for the 'B+' rating following Feb. 4, 2005 announcement that EQT will purchase the company from BC Partners through a secondary buyout," said Standard & Poor's credit analyst Eve Greb. The transaction is subject to final approval by the relevant competition authorities. "We will meet with management in the near future to discuss the effect of this change in ownership on Sanitec's business strategy and financial profile, with a view to resolving the CreditWatch status," said Ms. Greb. The ratings on Sanitec International reflect the Sanitec group's high financial leverage following the LBO in 2001, lower operating profitability in the bath-and-shower segment than in the company's other businesses, and the high level of competition in its bath-and-shower product segment. The ratings are supported by the group's strong market positions in the bathroom ceramics market, good diversification across Europe, exposure to the renovation market, and the ceramics industry's high barriers to entry. With sales of EUR951 million in 2003, Sanitec is the largest manufacturer of bathroom ceramics and bath-and-shower products in Europe. 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 SANITEC CORPORATION Timo Lehto E-mail: timo.lehto@sanitec.com Phone: +358 9 709 5402 ===================== N E T H E R L A N D S ===================== LYCOS EUROPE: Appoints Chief Financial Officer ---------------------------------------------- The Management Board of LYCOS Europe N.V. appointed Lydia Lux- Schmitt as the new Chief Financial Officer of LYCOS Europe with effect from February 10, 2005. Lydia Lux-Schmitt will succeed Dr. Ralf Struthoff as CFO on that date. As announced earlier, Dr. Struthoff left the company after four and a half years at the end of January 2005. Lydia Lux-Schmitt, born in Pruem/Germany in 1965, began her career as bank consultant at Volksbank and completed her studies of economics in Koblenz/Germany. From 1988 to 1991, she worked for the PR agency PR Bonn. Having worked for the law firm Westrick as consultant for two and a half years, she then joined the German subsidiary of Johnson & Johnson Group, a worldwide health care company publicly listed at the NYSE. From 1993 to 1997, she has held various positions in Finance with increasing responsibility. Lydia Lux-Schmitt became Chief Financial Officer Johnson & Johnson Consumer in 1998 with responsibility for Finance, General Administration and Supply Chain for Germany, Austria and Switzerland. In 2003, she moved to the Johnson & Johnson Medical Devices sector and was appointed General Manager Business Services (Shared Services) Germany with responsibility for all administrative functions and later to European Commercial Finance Director. * * * Based on net results, Lycos Europe assumes to achieve breakeven for the full year 2006. Hereby the Executive Board of LYCOS Europe N.V. concretizes the date to break even. Accelerated growth in the main revenue drivers of paid services & shopping as well as Internet access coming along with a cost optimization program starting in 2005 forms the basis of this objective target. CONTACT: LYCOS EUROPE N.V. Richard Holkade 36 2033 PZ Haarlem Niederlande Sandra Steltenkamp Manager Investor Relations Phone: +49-(0) 5241-80-71053 Fax: +49-(0) 5241-80-671101 E-mail: sandra.steltenkamp@lycos-europe.com ROYAL AHOLD: Argentine Antitrust Body Issues Status Quo Order ------------------------------------------------------------- Argentine supermarket chains Disco and Jumbo will have to operate separately pending the resolution of a legal scuffle over their merger, Dow Jones Newswires says. Argentina's antitrust authority, National Commission for Defense of Competition, reiterated in January the ruling of the federal court in Mendoza, which originally blocked the sale of Disco to Jumbo's Chilean parent Cenconsud S.A. [CENCOSUD.SN] in November. At the time of the ruling, Cenconsud had already acquired an 84.75% stake in Disco. It promised to complete the takeover by buying the remaining stake "as soon as it is legally possible." Cenconsud's appeal of the ruling remains pending. An Ahold representative said the ruling by the antitrust authority does not change anything between Disco and Jumbo, which have been operating separately since the Mendoza ruling. Cencosud was joined by three other investors in its Disco purchase: Capital International, AIG Capital Partners; and the World Bank's private equity arm, the International Finance Corp. Once completed, Cenconsud will own 62% of Disco. It will also make Jumbo the second-largest player in Argentina's supermarket sector with a 22% market share. 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 =========== R U S S I A =========== BEZVODNINSKIY HARDWARE: Deadline for Proofs of Claim Nears ---------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Bezvodninskiy Hardware Plant after finding the open joint stock company insolvent. The case is docketed as A43-8092/04-33-213. Mr. S. Slepov has been appointed insolvency manager. Creditors have until Feb. 21, 2005 to submit their proofs of claim to 603001, Russia, Nizhniy Novgorod, Pochainskaya Str. 20. CONTACT: BEZVODNINSKIY HARDWARE PLANT Russia, Nizhniy Novgorod region, Kstovskiy region, Bezvodnoye Mr. S. Slepov Insolvency Manager 603001, Russia, Nizhniy Novgorod, Pochainskaya Str. 20 Phone: 8-920-5-37-48 FLAX-1: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Flax-1. The case is docketed as A43-30618/04-24-542. Ms. S. Martovskaya has been appointed temporary insolvency manager. Creditors have until Feb. 21, 2005 to submit their proofs of claim to 603005, Russia, Nizhniy Novgorod, Piskunova Str. 3/1-2. A hearing will take place on April 5, 2005, 9:15 a.m. CONTACT: FLAX-1 Russia, Nizhniy Novgorod region, Semenovskiy region, Perelaz Ms. S. Martovskaya Temporary Insolvency Manager 603005, Russia, Nizhniy Novgorod, Piskunova Str. 3/1-2 Phone/Fax: (8312) 39-12-29 FLAX COMBINE: To Hold Public Auction in Two Weeks ------------------------------------------------- Financial Analytic Centre, the bidding organizer of Flax Combine Tech-Fabric, will sell its property on Feb. 24, 2005, 10:00 a.m. The public auction will take place at Russia, Nizhniy Novgorod, Pochainskaya Str. 20. Up for sale are assorted machines like compressor. Starting price: RUB1,000,800. Preliminary examination and reception of bids are done until Feb. 22, 2005. To participate, bidders must deposit an amount equivalent to 10% of the starting price to OJSC FLAX COMBINE TECH-FABRIC's (TIN 5258000195, KPP 525801001) settlement account 40702810307890000662 or correspondent account 3101810800000000789 BIC 042253789 at CJSC "Nizhegorod-Prom- Stroy-Bank", Leningradskiy branch on or before Feb. 22, 2005. CONTACT: FLAX COMBINE TECH-FABRIC Russia, Nizhniy Novgorod, Motalnyj Per. 6 FINANCIAL ANALYTIC CENTRE Bidding Organizer Russia, Nizhniy Novgorod, Pochainskaya Str. 20 LALSKIY CREAMERY: Hires V. Shabalin as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Kirov region commenced bankruptcy proceedings against Lalskiy Creamery after finding the open joint stock company insolvent. The case is docketed as A28- 82/04-96/6. Mr. V. Shabalin has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to 610014, Russia, Kirov, Proizvodstvennaya Str. 28a. CONTACT: LALSKIY CREAMERY 613970, Russia, Kirov region, Luzskiy region, Lalsk, Lenina Str. 125 Mr. V. Shabalin Insolvency Manager 610014, Russia, Kirov, Proizvodstvennaya Str. 28a METROMEDIA INTERNATIONAL: To Hold Board Election Deal or No Deal ---------------------------------------------------------------- Metromedia International Group, Inc. announces with respect to its intention to hold a special meeting for, among other things, the election of directors that: (a) if the Company enters into a definitive transaction agreement on or prior to March 7, 2005 in respect of a sale transaction that requires stockholder approval, then it will also provide for the election of directors at the meeting of stockholders held to vote on such sale transaction; (b) if the Company does not enter into a definitive agreement in respect of such a sale transaction on or prior to March 7, 2005, then the Company's Board of Directors will promptly meet for the purpose of calling a meeting of stockholders for the election of directors. Mark Hauf, Chairman and Chief Executive Officer of the Company, stated: "Although the Company remains optimistic that it will enter into a definitive merger agreement in connection with the previously announced proposal to acquire the Company by merger, there can be no assurances that any transaction will take place or the timing of any such transaction. However, in the event that a definitive transaction agreement in respect of a sale transaction requiring stockholder approval is entered into in the very near future, the approach outlined above will enable the Company to avoid the significant expense and distraction associated with holding two meeting of stockholders. "Alternatively, if a definitive transaction agreement is not entered into in the very near future, the Company will move expeditiously to assure that its stockholders are able to exercise their right to elect directors." * * * Latest development on the proposed merger as of January 7, 2005: (a) The investor group comprised of Emergent Telecom Ventures S.A., First National Holdings S.A. and Baring Vostok Capital Partners (Cyprus) Limited has confirmed to the Company that it has completed in all material respects its due diligence investigation of the Company's core telephony businesses in Russia and Georgia. Remaining due diligence work will focus principally on MIG itself; (b) The Company has granted the Investor Group an extension of the exclusivity period to complete its due diligence review of MIG from January 17, 2005 to February 14, 2005; (c) The Investor Group has further confirmed that, following its due diligence with respect to the Company's core businesses, it continues to assign an aggregate enterprise value to the Company of US$300 million in respect of the proposed merger; (d) Capital International Private Equity Fund IV, L.P. has notified the Company that it is no longer part of the Investor Group. Baring Vostok has informed the Company that it expects to fund the entire portion of the purchase price that was previously expected to be funded by Capital International; and (e) Should a definitive merger agreement be executed with the Investor Group, the Company anticipates that a meeting of its common shareholders to vote on the approval of the transaction would occur during the second quarter of 2005. As previously announced, the Investor Group's preliminary proposal contains a number of conditions, including without limitation, the Investor Group's successful completion of due diligence, the Investor Group obtaining commitments for all financing contemplated in its acquisition proposal, MIG meeting currently projected corporate cash balance and liability levels. There can be no assurances that any transaction with the Investor Group or any other party will take place nor can any assurance be given with respect to the timing or terms of any such transaction. Details of the terms of a final agreement, if any, reached between the parties will be disclosed upon signing of definitive agreements. The preliminary proposal made by the Investor Group is non-binding and MIG has agreed, under certain circumstances, to reimburse the Investor Group for a limited amount of its out-of-pocket expenses incurred in connection with its due diligence review and negotiation of definitive agreements. * * * Through its wholly owned subsidiaries, the Company (OTCBB: MTRM) (Pink Sheets: MTRMP), owns interests in communications businesses in Russia and the Republic of Georgia. Since the first quarter of 2003, the Company has focused its principal attentions on the continued development of its core telephony businesses, and has substantially completed a program of gradual divestiture of its non-core cable television and radio broadcast businesses. The Company's core telephony businesses include PeterStar, the leading competitive local exchange carrier in St. Petersburg, Russia, and Magticom, the leading mobile telephony operator in the Republic of Georgia. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC., Charlotte Ernie Pyle Phone: 704-321-7383 E-mail: investorrelations@mmgroup.com Web site: http://www.metromedia-group.com PROTEKINO: Moscow Court Appoints Insolvency Manager --------------------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Protekino after finding the close joint stock company insolvent. The case is docketed as A41-K-2- 16433/03. Mr. A. Zhigalin has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to 141143, Russia, Moscow region, Shelkovskiy region, Medvezhyi Ozera, Post User Box 209. CONTACT: PROTEKINO 140613, Russia, Moscow region, Zarayskiy region, Protekino Mr. A. Zhigalin Insolvency Manager 141143, Russia, Moscow region, Shelkovskiy region, Medvezhyi Ozera, Post User Box 209 PZ CUSSONS: Russian Operation Racks up GBP3 Million Loss -------------------------------------------------------- British hygiene and household goods firm PZ Cussons is mulling major decisions to limit losses at its troubled operations. According to The Guardian, the firm has decided to halt sales of its Imperial Leather soap in Russia, while mulling the sale of its interests in China. "Action is now being taken to reduce the focus on Russia and concentrate our ambitions in eastern Europe, mainly on Poland," the company said. It warned that troubles in Russia had cut 4% of its pre-tax profits to GBP26.2 million, bringing losses to GBP3 million. The firm faces unexpected currency and distribution difficulties in the country. PZ Cussons also made big losses in China. The operation has failed to return to profit despite continued attempts to turn it around. According to the report, it would retain a presence in that market with its local partner Haier to assist with group purchasing and to feed a growing Nigerian white goods business. PZ Cussons plans to offset exceptional costs anticipated in disposing of the China business using exceptional property disposal gains in Britain. It is planning to close its Nottingham factory to shift production to the Far East. CONTACT: PZ Cussons PZ Cussons House Bird Hall Lane Stockport Cheshire SK3 0XN Phone: (+44) 0161 491 8000 Fax: (+44) 0161 491 8191 E-mail: pzweb.general@pzcussons.com Web site: http://www.pzcussons.co.uk ROSNEFT: Yugansk Acquisition a Boon or Bane? -------------------------------------------- Moody's Investors Service affirmed the Ba3 issuer rating of OJSC Oil Company Rosneft following the emergence of details of its acquisition of Yuganskneftegaz from Yukos. The developing outlook remains unchanged. Moody's also affirmed the Baa3 rating on Rosneft's US$150 million Eurobond with a positive outlook, reflecting the rating of the Russian sovereign. Moody's stated that the US$9.35 billion acquisition of Yuganskneftegaz had put considerable strain on Rosneft's financial profile, given that the transaction was largely purchased by taking on new debt from domestic Russian banks. This is further exacerbated by additional obligations acquired via Yuganskneftegaz, including some US$1.4 billion in potential guarantee obligations to former Yukos creditors and up to US$5.2 billion in back-dated tax claims associated with the former Yukos subsidiary. Moody's ratings assume that Rosneft will be able to negotiate a restructuring of these tax obligations with the tax authorities to minimize their impact on Rosneft's financial position. Moody's also notes that Rosneft's merger with Gazprom (rated Baa3, positive) has been delayed as a result of the acquisition. Details as to whether Rosneft will continue to be merged with Gazprom, and whether any such transaction will include Yuganskneftegaz, are likely to emerge over the course of February and are likely to depend on the outcome of a Houston court hearing scheduled for February 16. While the above mentioned factors attach some uncertainty to Rosneft's ratings, Moody's also notes that the purchase of Yuganskneftegaz has transformed Rosneft into a significantly enlarged group with growing strategic importance to the Russian state, now making it the second-largest Russian oil company by production and reserves. Rosneft's ability to attract rapid funding of the Yuganskneftegaz transaction through a network of undisclosed domestic Russian banks also endorses Moody's view that Rosneft is benefiting from its state ownership and should continue to be able to access domestic funds for short and medium term liquidity. The developing outlook of Rosneft's Ba3 issuer rating reflects ongoing uncertainty surrounding the future of Rosneft as a legal entity, given that the merger with Gazprom is due to go ahead. It also reflects uncertainty related to Yuganskneftegaz, which may be separated from Rosneft in any future merger, particularly in the event that the Houston court ruling remains in place. The Baa3 rating and positive outlook on Rosneft's debt rating continues to mirror Russia's sovereign rating, given Moody's view that the bonds will be refinanced by Gazprom in the event of a merger. Regardless, Moody's believes that Rosneft's enlarged position and its 100% state-ownership provide a similar credit risk profile to bondholders. OJSC Oil Company Rosneft, headquartered in Moscow, is a major integrated Russian oil and gas company. It is 100% state-owned. In 2003 Rosneft produced 19.6 million tons of oil and 7.0 billion cubic meters of gas. Through its acquisition of Yuganskneftegaz, Rosneft has added approximately 11.2 billion barrels of proven reserves to its existing 2.9 billion barrels. CONTACT: OAO ROSNEFT OIL COMPANY 26/1 Sofiyskaya Embankment 1, GSP-8 115998 Moscow Phone: +7-95-777-4422 Fax: +7-95-777-4444 Web site: http://www.rosneft.ru ROZHDESTVENSKOYE: Assets Worth RUB17 Million up for Auction ----------------------------------------------------------- The bidding organizer and insolvency manager of open joint stock company Rozhdestvenskoye will sell its property on Feb. 26, 2005, 12:00 noon. The public auction will take place at Russia, Kursk, K. Marksa Str. 51, Room 314. Up for sale are 28 immovable properties and 169 kinds of equipment. Starting price: RUB17,560,333 inclusive of VAT. Preliminary examination and reception of bids are done from 10:00 a.m. to 4:00 p.m. on or before Feb. 21, 2005. The list of documentary requirements is available at Russia, Kursk, K. Marksa Str. 51, Room 314. To participate, bidders must deposit an amount equivalent to RUB300,000 to the settlement account 40702810810700060010064, branch LLC CB "Raznefteprombank" in Kursk, Kursk, BIC 043807772, correspondent account 30101810700000000772, TIN 4623000172 on or before Feb. 21, 2005. CONTACT: ROZHDESTVENSKOYE Russia, Kursk region, Sudzhanskiy region, Guevo Mr. D. Mazurovskiy Insolvency Manager/Bidding Organizer Russia, Kursk, K. Marksa Str. 51, Room 314 Phone: 50-09-83.0 SERVICE: Gives Creditors Until March to File Claims --------------------------------------------------- The Arbitration Court of Mordoviya republic commenced bankruptcy proceedings against Service after finding the open joint stock company insolvent. The case is docketed as A39-2614/04-114/7. Mr. N. Smekalkin has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to 431017, Russia, Mordoviya republic, Chamzinskiy region, Chamzinka, Pochtovaya Str. 8. CONTACT: SERVICE 431700, Russia, Mordoviya republic, Chamzinskiy region, Chamzinka, Pochtovaya Str. 8 Mr. N. Smekalkin Insolvency Manager 431017, Russia, Mordoviya republic, Chamzinskiy region, Chamzinka, Pochtovaya Str. 8 Phone: (834-37) 2-14-51, 2-13-61 SIB-GAS-STROY: Bankruptcy Hearing Resumes February 28 ----------------------------------------------------- The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on limited liability company Sib-Gas- Stroy. The case is docketed as A70-8828/3-04. Mr. Y. Kostylev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 625001, Russia, Tyumen, Proletarskaya Str. 89. A hearing will take place on Feb. 28, 2005. CONTACT: SIB-GAS-STROY Russia, Tyumen, Proletarskaya Str. 89 Mr. Y. Kostylev Temporary Insolvency Manager 625001, Russia, Tyumen, Proletarskaya Str. 89 TALOSKAYA MOVABALE: Declared Insolvent -------------------------------------- The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Taloskaya Movabale Mechanized Column-5 Voronezhdorstroy after finding the open joint stock company insolvent. The case is docketed as A14-8747/2004/59/7b. Mr. E. Schur has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to: (a) Insolvency Manager 397450, Russia, Voronezh region, Talovaya, Povyshennyj Put (b) The Arbitration Court Of Voronezh Region 394030, Russia, Voronezh, Srednemoskovskaya Str. 77 (c) Taloskaya Movabale Mechanized Column-5 Voronezhdorstroy Russia, Voronezh region, Talovaya, Povyshennyj Put UNIVERSAL: Claims Filing Deadline Expires Next Month ---------------------------------------------------- The Arbitration Court of Mordoviya republic commenced bankruptcy proceedings against Universal after finding the open joint stock company insolvent. The case is docketed as A39-6339/04-236/12. Mr. F. Velmakin has been appointed insolvency manager. Creditors have until March 21, 2005 to submit their proofs of claim to 431440, Russia, Mordoviya republic, Ruzaevka, Kuybysheva Str. 87a. CONTACT: UNIVERSAL 430300, Russia, Mordoviya republic, Kovylkino, Zhelyabova Str. 12 Mr. F. Velmakin Insolvency Manager 431440, Russia, Mordoviya republic, Ruzaevka, Kuybysheva Str. 87a ========= S P A I N ========= URBAS SA: Wins Temporary Tax Reprieve ------------------------------------- The Finance Ministry cut Urbas some slack Tuesday, deferring a EUR15 million tax payment until the end of the year, Reuters says. The ministry, which recently seized a property in southern Spain, allowed Urbas to delay payment in exchange for executing a mortgage on the property. Reuters says Urbas needed the debt rescheduling in order for its plan to rebalance its assets to work. Urbas recently announced that the value of its assets had fallen to less than half of its capital in December. Under existing laws, this put the company on the brink of liquidation. The tax deferral pushed Urbas' stocks more than 30% higher Wednesday at EUR1.05, the sharpest gain in Madrid that day. * * * Urbanizaciones y Transportes S.A., doing business as Urbas, develops housing subdivisions and manages parks, according to http://www.hoovers.com. It also provides air control services for the military, manufactures medical equipment, and makes cork products. CONTACT: Calle Princesa, 61 28008 Madrid, Spain Phone: +34-9-15-59-00-00 Fax: +34-9-15-48-44-87 =========== T U R K E Y =========== VESTEL ELEKTRONIK: 'BB-' Currency Ratings Affirmed -------------------------------------------------- Fitch Ratings affirmed Vestel Elektronik Sanayi Ve Ticaret A.S.'s Senior Unsecured foreign and local currency ratings, both at 'BB-'. The Outlooks for ratings are Stable. Vestel's ratings reflect a series of factors, including its healthy position in the European B-branded color television market, growing revenues from A-branded products, a solid track record with European retailers/wholesalers, the entry into relatively higher margin white goods segment, growing economies of scale, a quality product range and increasing geographical diversification. Counterbalancing this, the company has to contend with pricing pressure in its core product segments of conventional color televisions and digital convergence devices, increasing funding needs (capex and working capital requirements), an appreciating Turkish lira, high financial expenses, industry consolidation, limited cooperation with technology leaders in high-end product segments, competition from Far Eastern manufacturers and Zorlu Holding's, Vestel's main shareholder's, aggressive growth strategies. Conventional televisions have become low-margin products and retail prices, in nominal terms, are in decline. Vestel's gross and operating margins fluctuated significantly during FY04 due to unfavorable component prices, volatility in cathode ray tube and plastic prices and due to real increase in Turkish lira- based costs. While the company's efforts to increase economies of scale are expected to partially help it to defend its margins in the future, Fitch expects the margins to be suppressed by the continuing softening prices and appreciating local currency. Competition in Europe's television market is heating up as low- cost Chinese manufacturers are penetrating the market via acquisitions of European names such as Schneider Electronics AG, or via joint ventures like TCL International of China and Thomson of France. In commenting on these developments, Kaan Kiziroglu, an Associate Director within Fitch's corporate group, said: "Fitch expects these developments to take its toll in Vestel's high end product segment but its stronger area, the low and middle end product segment, is not expected to be overly affected." Kiziroglu added that "it will be difficult for competitors to manufacture in Europe in line with Vestel's cost base and expensive to ship products from abroad at competing prices." Free cash flow was negative in FY04 as a result of increased working capital needed to support growth and financing of additional production capacity. Free cash flow is also expected to be slightly negative in 2005. Vestel's gross debt to EBITDA multiple is expected to remain manageable at below 3.0x in 2005 despite the above mentioned adverse factors. Vestel, based in Turkey, is a leading manufacturer of television sets, white durable goods, PC monitors, digital convergence devices (DVDs, DVBs) and other information appliances that it sells both in the domestic market and overseas. Listed on the Istanbul and London stock exchanges, Vestel is 51.6% owned by Collar Holding B.V., which is itself wholly owned by Ahmet Nazif Zorlu, chairman of Zorlu Holding, which has interests in textiles, energy, tourism and banking/financial services. The remaining shares are free-float. A detailed credit analysis of Vestel will be available on Fitch's subscription Web site: http://www.fitchresearch.com. CONTACT: FITCH RATINGS Kaan Kiziroglu, Istanbul Phone: +90 (0) 212 279 10 65 Elisabetta Zorzi, Milan Phone: +39 02 87 90 87 213 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 VESTEL ELEKTRONIK SANAYI VE TICARET A.S. Organize Sanayi Bolgesi Manisa, Turkey Phone: +90 236 233 01 31 Fax: +90 236 233 25 85 ============= U K R A I N E ============= KERCHRIBPROM: Declared Insolvent -------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Kerchribprom (code EDRPOU 00463071) on November 9, 2004 after finding the open joint stock company insolvent. The case is docketed as 2-20/6410-2004. Arbitral manager Mr. Oleksij Sherbina (License Number AA 719799) has been appointed liquidator/insolvency manager. Creditors have until February 12, 2005 to submit their proofs of claim to: (a) KERCHRIBPROM Ukraine, AR Krym region, Kerch, Sverdlova, 49 (b) Mr. Oleksij Sherbina Liquidator/Insolvency Manager Ukraine, AR Krym region, Simferopol, Alushtinska, 21 (c) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 KOLODYANSKIJ BEKON: Creditors Have Until Tomorrow to File Claims ---------------------------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on OJSC Kolodyanskij Bekon (code EDRPOU 05437701). The case is docketed as 7/189 B. Arbitral manager Mrs. Oksana Krotus (License Number AA) has been appointed temporary insolvency manager. The company holds account number 2600955 at JSPPB Aval, Novograd-Volinskij branch, MFO 311614. Creditors have until February 12, 2005 to submit their proofs of claim to: (a) KOLODYANSKIJ BEKON 01790, Ukraine, Zhitomir region, Novograd-Volinskij district, Kolodyanka (b) Mrs. Oksana Krotus Temporary Insolvency Manager Ukraine, Zhitomir region, Shidna Str. 81/35 Phone: 8 (0412) 37-20-31 (c) ECONOMIC COURT OF ZHITOMIR REGION 10024, Ukraine, Zhitomir region, Putyatinski Square, 3/65 KRASNOPAVLIVSKIJ BREAD: Bankruptcy Proceedings Ongoing ------------------------------------------------------ The Economic Court of Harkiv region commenced bankruptcy proceedings against Krasnopavlivskij Bread Products Plant (code EDRPOU 00952232) on December 22, 2004 after finding the open joint stock company insolvent. The case is docketed as 19/70- 04. Arbitral manager Mrs. Tetyana Chekshturina (License Number AA 630039) has been appointed liquidator/insolvency manager. The company holds account number 260035945 at JSPPB Aval, Harkiv regional branch, MFO 350589. CONTACT: KRASNOPAVLIVSKIJ BREAD PRODUCTS PLANT 64620, Ukraine, Harkiv region, Lozova district, Krasnopavlivka, Kalinin Str. 2 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th entrance PROLETARSKIJ: Insolvency Manager to Temporarily Oversee Business ---------------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Trade House Proletarskij (code EDRPOU 23350033) after finding the limited liability company insolvent. The case is docketed as 15/237 B. Arbitral manager Mr. Sergij Slavgorodskij (License Number AA 783066) has been appointed liquidator/insolvency manager. CONTACT: TRADE HOUSE PROLETARSKIJ Ukraine, Donetsk region, Komunistichna Str. 20 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 =========================== U N I T E D K I N G D O M =========================== 5 STAR: Members Decide to Wind up Firm -------------------------------------- At the extraordinary general meeting of the members of 5 Star Logistics Ltd. on Feb. 4, 2005 held at 43 Blackstock Road, London N4 2JF, the extraordinary resolution to wind up the company was passed. Andreas Georgiou Kakouris of 43 Blackstock Road, London N4 2JF has been nominated liquidator of the company. ABBEY NATIONAL: Gives 50 Glasgow Staff the Boot ----------------------------------------------- Abbey National is axing around 50 information technology jobs in Glasgow out of a total 400 positions in Scotland, reports say. The job-cuts are part of the 500 slated across U.K. and the result of its takeover by Spain's Banco Santander. A spokesman for Abbey said: "We agreed with the staff union last summer that a total of 3,000 jobs would go." The heaviest IT cuts will come in Milton Keynes. Abbey employs 25,000 people in the U.K. "As part of that, we are now going through the process of identifying teams and roles, with the aim of making Abbey more efficient," he added. According to The Herald, an e-mail from a Glasgow staff warned on Wednesday the job losses will ultimately lead either to closure or the asset-stripping of the Abbey Glasgow HQ. The office houses Scottish Provident and Scottish Mutual, Abbey's insurance arms. An Abbey spokesman denied the report. The news came as Banco Santander admitted plans to transfer some life and pensions jobs to India. More than a year ago, Abbey also said it would move about 100 data-input processing jobs at its Scottish Provident operations to India. CONTACT: ABBEY NATIONAL PLC Abbey National House 2 Triton Square Regent's Place London NW1 3AN Phone: +44-870 607 6000 Web site: http://www.abbeynational.com ABDULLAH'S RESTAURANT: Calls in Liquidator ------------------------------------------ At the extraordinary general meeting of Abdullah's Restaurant Limited on Jan. 28, 2005 held at Bryn-Y-Mor The, 17 Bryn-Y-Mor Road, Swansea SA1 4ZH, the subjoined extraordinary resolution to wind up the company was passed. Martin Henry Linton of Brentmead House, Britannia Road, London N12 9RU has been appointed liquidator of the company. ADAM WILLIAMSON: Liquidator from Poppleton & Appleby Moves in ------------------------------------------------------------- An the extraordinary general meeting of Adam Williamson Limited on Feb. 2, 2005 held at 35 Ludgate Hill, Birmingham B3 1EH, the resolution to wind up the company was passed. A. Turpin of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH has been appointed liquidator of the company. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk AIR STORES: Members Pass Winding-up Resolutions ----------------------------------------------- At the extraordinary general meeting of Air Stores (UK) Limited on Feb. 2, 2005 held at The Holiday Inn, Ashford Central, Canterbury Road, Ashford, Kent TN24 8QQ, the extraordinary and ordinary resolutions to wind up the company were passed. Stephen John Tancock of Smith & Williamson Ltd, First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN has been appointed liquidator of the company. CONTACT: SMITH & WILLIAMSON LTD. First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN Web site: http://www.smith.williamson.co.uk A.K. EUROPLASTICS: Liquidator from Tenon Recovery Moves in ---------------------------------------------------------- At the extraordinary general meeting of A.K. Europlastics Limited on Jan. 31, 2005 held at Salisbury House, 31 Finsbury Circus, London EC2M 5SQ, the subjoined extraordinary resolution to wind up the company was passed. Duncan Beat of Tenon Recovery, Salisbury House, 31 Finsbury Circus, London EC2M 5SQ has been appointed liquidator of the company. CONTACT: TENON RECOVERY Salisbury House 31 Finsbury Circus London EC2M 5SQ Phone: 020 7628 2040 Fax: 020 7638 0217 Web site: http://www.tenongroup.com ALLDERS PLC: Primark Primes up for Hull Outlet Takeover ------------------------------------------------------- Troubled department store group Allders is reportedly holding talks with clothes retailer Primark over the sale of its Hull outlet, Hull Daily Mail says. Primark, which operates 115 stores across Europe, has been eyeing Allders' landmark three-storey shopping center in Hull, a representative of industry journal Retail Week said. She said, "It is an ideal opportunity for Primark to set up a foothold in Hull, a city it is understood to have been targeting for some time." Ian Kitts, spokesman for Allders' administrators Kroll Inc., expressed optimism a deal would be struck soon. Allders Hull, which has a workforce of around 300 people, is one of 35 outlets that Kroll is trying to sell. The joint administrators recently revealed 35 bids were made for selected Allders stores while one offered to acquire the whole business. Kroll is looking for bids of EUR120 million to EUR130 million for the whole group. Scarlett Retail, a holding group composed of property firm Minerva, investment bank Lehman Brothers, Mr. Cox and Mr. Green, bought Allders as a going concern in 2003 in a bid to turn around the ailing retailer. Allders operates in the U.K. through 45 strategically located department stores. The group, which was set up in 1862 by Joshua Allders, employs around 5,700 people. CONTACT: ALLDERS PLC 131 Park St. London W1K 7BB Phone: +44-20 7855 3800 Fax: +44-20 7855 3809 Web site: http://www.allders.com PRIMARK STORES LTD. Primark House, 41 West St. Reading RG1 1TT Phone: +44-118-960-6300 Web site: http://www.primark.co.uk ATLANTIS PERFORMANCE: Members Final Meeting Next Month ------------------------------------------------------ The final meeting of the members of Atlantis Performance will be on March 14, 2005 at 10:30 a.m. It will be held at 186 City Road, London EC1V 2NU. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with RSM Robson Rhodes LLP, 186 City Road, London EC1V 2NU not later than 12:00 noon, March 13, 2005. CONTACT: RSM ROBSON RHODES LLP 186 City Road, London EC1V 2NU Phone: +44 (0) 20 7251 1644 Fax: +44 (0) 20 7250 0801 Web site: http://www.robsonrhodes.co.uk AURORA MARKETING: Liquidator Takes Over Operations -------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Aurora Marketing Partners Limited (In Liquidation) I, Eileen Blackburn, French Duncan, 275 West George Street, Glasgow G2 4LW, hereby give notice, pursuant to Rule 4.19 of the Insolvency (Scotland) Rules 1986, that on January 21, 2005, I was appointed Liquidator of Aurora Marketing Partners Limited by Resolution of the First Meeting of Creditors. A Liquidation Committee was not established at this meeting. Eileen Blackburn, Liquidator January 21, 2005 CONTACT: FRENCH DUNCAN 375 West George Street Glasgow G2 4LH Phone: 0141 221 2984 Fax: 0141 221 2980 E-mail: enquiries@frenchduncan.co.uk Web site: http://www.frenchduncan.co.uk BIG FOOD: Court Sanctions Scheme of Disposal to Giant Bidco ----------------------------------------------------------- The Big Food Group PLC announces that the Scheme of Arrangement in connection with the recommended acquisition by Giant Bidco Limited of the Company was sanctioned on Tuesday by the Court. Expected timetable of principal outstanding events: Last day of dealings in, and for registration of transfers of, BFG Shares 10 February 2005 Court confirmation of the Capital Reduction 10 February 2005 Scheme Record Time 6:00 p.m. on 10 February 2005 Effective Date of the Scheme 11 February 2005 Cancellation of listing of BFG Shares 11 February 2005 Latest date for dispatch of cheques and settlement through CREST 14 days from the Effective Date * * * In December, Fitch Ratings placed Big Food Group's Senior Unsecured rating 'BB-' and Short-term 'B' ratings on Rating Watch Negative. It has also placed the 'B' rating on BFG's GBP150 million 9.75% senior subordinated notes due 2012 on Rating Watch Negative following BFG's recommendation to its shareholders of the offer made by Baugur via an investment vehicle. CONTACT: THE BIG FOOD GROUP PLC Second Ave., Deeside Industrial Park Deeside Flintshire CH5 2NW Phone: +44-1244-830-100 Fax: +44-1244-814-531 Web site: http://www.thebigfoodgroup.co.uk BOSCHENDAL PROPERTY: Appoints Liquidator from Mazars ---------------------------------------------------- At the extraordinary general meeting of the members of Boschendal Property Group Limited on Jan. 31, 2005 held at Taylor Wessing, Carmelite, 50 Victoria Embankment, Blackfriars, London EC4Y 0DX, the special and ordinary resolutions to wind up the company were passed. Martin Dominic Pickard of Mazars LLP, The Atrium, Park Street West, Luton, Bedfordshire LU1 3BE has been appointed liquidator of the company. CONTACT: MAZARS The Atrium Park Street West, Luton, Bedfordshire LU1 3BE Phone: 01582 700700 Fax: 01582 700701 Web site: http://www.mazars.co.uk BROADGATE: Restructuring GBP860 Million Debt -------------------------------------------- Morgan Stanley Mortgage Finance (Broadgate) PLC (incorporated with limited liability in England and Wales with registered number 3727042) is soliciting consents to amend the terms and conditions of the outstanding: (a) GBP310,000,000 Class A2 5.927% Bonds due 2031 (ISIN: XS0097503550); (b) GBP150,000,000 Class A3 5.912% Bonds due 2033 (ISIN: XS0097504012); (c) GBP225,000,000 Class B 6.287% Bonds due 2033 (ISIN: XS0097504285); and (d) GBP175,000,000 Class C2 6.651% Bonds due 2038 (ISIN: XS0097505415). Following the consent solicitation made to Existing Fixed Rate Bondholders in connection with the refinancing of the securitization of properties in the Broadgate Estate on the terms set out in the consent solicitation document of Morgan Stanley Mortgage Finance (Broadgate) PLC (MSMF) dated 21 January 2005 (the Consent Solicitation Document), as at 7 February 2005 (being the Early Solicitation Deadline), MSMF has received the requisite number of irrevocable positive votes from each of the Class A2, A3, B and C2 Existing Fixed Rate Bondholders necessary to pass the relevant Extraordinary Resolutions for each Class to be proposed at the Meeting for each Class of Bondholders scheduled to take place on 14 February 2005. Defined terms used in this announcement have the same meaning as given to them in the Consent Solicitation Document. Should you have any questions regarding this notice you may contact Morgan Stanley & Co. International Limited, as sole Solicitation Agent in connection with the Solicitation, as: Morgan Stanley & Co. International Limited 25 Cabot Square Canary Wharf London E14 4QA Call Collect: +44 20 7677 5076 E-mail: liabilitymanagementeurope@morganstanley.com This notice has been approved by, and is the sole responsibility of, Morgan Stanley Mortgage Finance (Broadgate) PLC, and has been approved by Morgan Stanley & Co. International Limited ('Morgan Stanley') solely for the purposes of section 21 of the Financial Services and Markets Act 2000 of the United Kingdom. Morgan Stanley is acting for The British Land Company PLC and Morgan Stanley Mortgage Finance (Broadgate) PLC and no-one else and will not be responsible for providing to any other person the protections afforded to clients of Morgan Stanley or for providing advice in relation to the Proposals. Under no circumstances shall this notice constitute an offer to sell or the solicitation of an offer to buy or subscribe for Bonds. BYO RESTAURANTS: Hires Mazars as Liquidator ------------------------------------------- At the extraordinary general meeting of BYO Restaurants Plc on Jan. 27, 2005 held at The Avon Gorge Hotel, Sion Hill, Clifton, Bristol BS8 4LD, the extraordinary and ordinary resolutions to wind up the company were passed. Timothy Colin Hamilton Ball of Mazars LLP has been appointed liquidator of the company. CONTACT: MAZARS LLP Mazars House, Gelderd Road Gildersome Leeds LS27 7JN Phone: 0113 204 9797 Fax: 0113 387 8760 Web site: http://www.mazars.co.uk CHATWOOD FIFE: Calls Final Members Meeting ------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Chatwood (Fife) Ltd. Notice is hereby given pursuant to section 94 of the Insolvency Act 1986 that a Final Meeting of the Members of Chatwood (Fife) Ltd. will be held at 1, Royal Terrace, Edinburgh EH7 5AD, on February 24, 2005, at 10:00 a.m. for the purpose of receiving the Liquidators account of the winding-up and hearing any explanations which may be given by the Liquidator. T. C, MacLennan, Liquidator CONTACT: TENON RECOVERY One Royal Terrace Edinburgh EH7 5AD Phone: 0131 557 4455 Fax: 0131 556 0662 E-mail: edinburgh@tenongroup.com Web site: http://www.tenongroup.com CHESTER PROPERTY: Hires Jeffreys Henry Jacobs as Administrator -------------------------------------------------------------- Christakis Michael Iacovides (IP No 005428) has been appointed administrator for Chester Property Investments Limited. The appointment was made Jan. 26, 2005. Its registered office is located at Fergusson House, 124-128 City Road, London EC1V 2NJ. CONTACT: JEFFREYS HENRY JACOBS 124-128 City Road, London EC1V 2NJ Phone: 020 7670 9010 Fax: 020 7670 9011 Web site: http://www.jhj.co.uk COMPANHIA CONTINENTAL: Members Final Meeting Set March ------------------------------------------------------ The final meeting of the members of Companhia Continental De Cigarros Limited will be on March 11, 2005 at 10:30 a.m. It will be held at the offices of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the Liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not later than 12:00 noon, March 10, 2005. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com COREDEALMTS LIMITED: Liquidator's Final Report Out March 10 ----------------------------------------------------------- The final meeting of Coredealmts Limited will be on March 10, 2005 at 11:00 a.m. It will be held at Athene Place, 66 Shoe Lane, London EC4A 3WA. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Deloitte & Touche LLP, Athene Place, 66 Shoe Lane, London EC4A 3WA not later than 12:00 noon, March 9, 2005. 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 DEVONSHIRE SQUARE: Hires Valentine & Co. to Liquidate Business -------------------------------------------------------------- At the extraordinary general meeting of Devonshire Square Developments Limited on Feb. 1, 2005 held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the extraordinary and ordinary resolutions to wind up the company were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS has been appointed liquidator of the company. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com EXCEPTADD LIMITED: Appoints Ian Franses Associates Administrator ---------------------------------------------------------------- Ian Franses (IP No 2294) has been appointed administrator for Exceptadd Limited (t/a King & Country Builders of Distinction). The appointment was made Feb. 2, 2005. Its registered office is located at Hampton House, High Street, East Grinstead, West Sussex RH19 3AW. CONTACT: IAN FRANSES ASSOCIATES 24 Conduit Place, London W2 1EP FEDERAL-MOGUL: Creditors Tap Deloitte's Actuarial Services ---------------------------------------------------------- The Official Committee of Equity Security Holders appointed in the chapter 11 cases of Federal-Mogul Corporation and its debtor-affiliates seeks to modify the terms of Deloitte & Touche, LLP's retention as their consultant and financial advisor. Deloitte will perform actuarial analyses of the pension plan relating to the Debtor' United Kingdom entities. Garvan F. McDaniel, Esq., at Bifferato, Gentilotti & Biden, in Wilmington, Delaware, tells the Court that the actuarial analyses will entail assisting the Equity Committee in: -- analyzing pension liabilities, including the analysis and estimation of claims related to the 1989 T&N Retirement Benefits Scheme; -- analyzing the financial ramifications of any proposed restructuring or funding of pension plans, including the T&N Pension Scheme; and -- assisting in any litigation, whether in the United States or United Kingdom, relating to the amount of the T&N Pension Scheme's Claim. To the extent that the Equity Committee provides Deloitte's work product to any of the Plan Proponents, it will be subjected to joint prosecution and defense privileges and other provisions regarding conflict between the Plan Proponents. Mr. McDaniel notes that the relationship between the Equity Committee and the other Plan Proponents may change if the Plan is not confirmed. They may become adversarial with respect to some other plan that may be proposed, Mr. McDaniel says. Mr. McDaniel assures the Court that Deloitte's services with respect to the actuarial analyses will not affect or limit Deloitte's ability to act as financial advisor to the Equity Committee in the future. The extent of the work to be performed associated with the actuarial analyses, according to Mr. McDaniel, was not contemplated within the scope of Deloitte's duties under the initial retention agreement. Thus, the Equity Committee asks Judge Lyons not to subject or count against Deloitte's fee cap any fees earned by the firm in connection with the actuarial services. For its Actuarial Services, Deloitte will charge the Debtors based on its standard hourly billing rates: Partner or Principal $550 - $650 Senior Manager $475 - $550 Manager $425 - $475 Senior Consultant $325 - $375 Consultant $250 - $300 Paraprofessional $100 - $150 Mr. McDaniel says that Deloitte is in the process of reorganizing some of its business units. As a result, some services, including the Actuarial Analyses, incidental to the overall services to be performed by Deloitte & Touche for the Equity Committee may be performed by personnel now employed by or associated with Deloitte affiliates like Deloitte Consulting LLP and Deloitte Tax LLP. PD Committee Responds Theodore J. Tacconelli, Esq., at Ferry, Joseph & Pearce, P.A., in Wilmington, Delaware, informs Judge Lyons that the Official Committee of Property Damage Claimants does not object to the concept of expanding Deloitte's retention. The PD Committee asks Deloitte to provide an estimate of the aggregate amount of fees it believes will be incurred as a result of its expanded role. The PD Committee wants the Court to cap Deloitte's allowable fees at that amount, or, if the estimated amount is unreasonable, at an amount as the Court deems proper. * * * Judge Lyons grants the Debtors' application, nunc pro tunc to October 4, 2004. Deloitte's retention will continue in accordance with the Initial Application, except that Deloitte's actuarial services will be compensated on an hourly basis provided that the fees will not exceed $200,000 and will not be subject to or count against the firm's Fee Cap. Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. (Federal-Mogul Bankruptcy News, Issue No. 72; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: Federal-Mogul Corporation (OTC: FDMLQ) 26555 Northwestern Hwy. Southfield, MI 48034 Phone: 248-354-7700 Fax: 248-354-8950 Web site: http://www.Federal-Mogul.com KEY DESIGN: Calls in Administrators from KPMG --------------------------------------------- James Douglas Ernle Money (IP No 1317) and Allan Watson Graham (IP No 8719) have been appointed administrators for Key Design Limited. The appointment was made Feb. 3, 2005. The company sells promotional clothing. CONTACT: KPMG Peat House 1 Waterloo Way, Leicester LE1 6LP Phone: (0116) 256 6000 Fax: (0116) 256 6050 Web site: http://www.kpmg.co.uk KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk LAURA ASHLEY: Denies Takeover Report ------------------------------------ Struggling fashion and home furnishings retailer Laura Ashley denied Tuesday a Mail report that it is in sale talks with an unnamed "retail entrepreneur", The Financial Times says. Citing a source close to the company, the Mail report claimed Dr. Khoo Kay Peng, chairman of the Malaysian conglomerate MUI that holds a 34.3% stake in the company, was considering his options following the approach from an unnamed businessman. Laura Ashley, which has just lost two chief executives in quick succession, posted disappointing results in January, especially from its fashion unit where like-for-like sales plunged 28 percent for the 24 weeks to mid-January. CONTACT: Laura Ashley Holdings plc (London: ALY) 27 Bagleys Lane, Fulham London SW6 2QA, United Kingdom Phone: +44-20-7880-5100 Fax: +44-20-7880-5200 Web site: http://www.lauraashley.com LEWAR LIMITED: Final Meeting Next Month --------------------------------------- The final meeting of the members of Lewar Limited will be on March 11, 2005 at 11:00 a.m. It will be held at the offices of Mazars LLP, 24 Bevis Marks, London EC3A 7NR. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Mazars LLP, 24 Bevis Marks, London EC3A 7NR not later than 12:00 noon, March 10, 2005. CONTACT: MAZARS 24 Bevis Marks, London EC3A 7NR Phone: (44) 20 73 77 10 00 Fax: (44) 20 73 77 89 31 Web site: http://www.mazars.com LOCKSTORE ENGINEERING: Names Parkin S. Booth & Co. Liquidator ------------------------------------------------------------- At the extraordinary general meeting of Lockstore Engineering Company Limited on Feb. 2, 2005 held at the offices of Parkin S. Booth & Co., 44 Old Hall Street, Liverpool L3 9EB, the extraordinary and ordinary resolutions to wind up the company were passed. Jonathan R. Booth of Parkin S. Booth & Co., 44 Old Hall Street, Liverpool L3 9EB has been appointed liquidator of the company. CONTACT: PARKIN S. BOOTH & CO. 44 Old Hall Street, Liverpool L3 9EB Phone: 0151 236 4331 Fax: 0151 255 0108 E-mail: lp@parkinsbooth.co.uk Web site: http://www.parkinsbooth.co.uk LONDON RADIOSURGICAL: Hires Smith & Williamson as Administrator --------------------------------------------------------------- Stephen Cork (IP No 8627) has been appointed administrator for London Radiosurgical Centre Limited. The appointed was made Feb. 1, 2005. The company is engaged in medical practice activities. CONTACT: SMITH & WILLIAMSON LIMITED Bartlett House 9-12 Basinghall Street, London EC2V 5NS Web site: http://www.smith.williamson.co.uk M.F.P. SALES: Calls in Liquidator from Ideal Corporate Solutions ---------------------------------------------------------------- At the extraordinary general meeting of M.F.P. Sales (Bolton) Limited in Jan. 31, 2005 held at Ideal Corporate Solutions Limited, Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH, the extraordinary resolution to wind up the company was passed. Andrew David Rosler of Ideal Corporate Solutions Limited, Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH has been appointed liquidator of the company. CONTACT: IDEAL CORPORATE SOLUTIONS LIMITED Tarleton House, 112A-116 Chorley New Road, Bolton BL1 4DH M & M HOWDON: Hires DTE Leonard Curtis as Administrator ------------------------------------------------------- A. Poxon and J. M. Titley (IP Nos 8620, 8617) have been appointed administrators for M & M Howdon Haulage Limited. The appointment was made Jan. 19, 2005. The company manages freight transport by road. CONTACT: DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com OAK LODGE: Smoked Salmon Producer Up for Sale --------------------------------------------- The joint administrators, David Ingram and David Oprey, offer for sale as a going concern the business and assets of Oak Lodge Salmon Limited, which produces smoked salmon and similar products for the retail and catering trades. Key features: (a) Annual turnover of around GBP3 million; (b) Leasehold unit of 21,500 sq. ft. in East London providing production, packing, storage and distribution facilities; (c) Established over 20 years with prestigious customer base; (d) Kosher license property and products; (e) Experienced workforce of 50; (f) IIP accredited; and (g) CMI-BRC accredited. CONTACT: CHANTREY VELLACOT DFK 16/17 Boundary Road Hove East Sussex BN3 4AN Phone: 01273 421200 Fax: 01273 417330 E-mail: doprey@cvdtk.com OPTIMAX HOLDINGS: Members Final Meeting Set Next Month ------------------------------------------------------ The final meeting of the members of Optimax Holdings Plc will be on March 3, 2005 at 12:00 noon. It will be held at 48 Langham Street, London W1W 7AY. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with Meddleton Partners, 48 Langham Street, London W1W 7AY not later than 12:00 noon, March 2, 2005. CONTACT: MEDDLETON PARTNERS 48 Langham Street London W1W 7AY Phone: 0845 061 6000 020 7908 6190 Fax: 020 7908 6111 E-mail: enquiries@middletonpartners.co.uk Web site: http://www.middletonpartners.co.uk OXFORD BIOMEDICA: Calls off Merger Talks ---------------------------------------- Biotechnology firm Oxford Biomedica has ended talks with a potential merger partner on disagreement over price and structure of deal, The Guardian reports. Chief executive Alan Kingsman said: "There were a number of features that made it worth a further look. We couldn't come to an agreement... on aspects of the whole consideration." Last month Oxford Biomedica said it had been approached by a third party to discuss a merger, but refused to identify the party. It said the new investor is willing to finance its project to develop potential blockbuster drugs like TroVax. According to the recent report, the bidder, believed to be as big as Oxford Biomedia, would have offered shares -- a potentially complex arrangement. The mystery firm first approached Oxford Biomedica in November, but the latter only considered the offer seriously after Christmas. Mr. Kingsman said they did not ask for a deal since the firm had enough cash to last it until the middle of 2006. He admitted the company incurs losses just like other biotechnology firms, and spends GBP10 million a year on research, but assured it has about GBP20 million cash in the bank. Oxford BioMedica has failed to become a profitable company since its spin-off from Oxford University in 1995. It under- performed the rest of the biotechnology sector last year, according to The Scotsman. CONTACT: OXFORD BIOMEDICA PLC Medawar Centre Robert Robinson Avenue The Oxford Science Park Oxford OX4 4GA United Kingdom Phone: +44 (0) 1865 783000 Fax: +44 (0) 1865 783 001 E-mail: enquiries@oxfordbiomedica.co.uk Web site: http://www.oxfordbiomedica.co.uk RAW TRADING: Hires Administrator from Berley -------------------------------------------- Jeremy Berman (IP No 5303) has been appointed administrator for Raw Trading Limited. The appointment was made Jan. 31, 2005. The company sells giftware. Its registered office is located at 76 New Cavendish Street, London W1G 9TB. CONTACT: BERLEY 76 New Cavendish Street, London W1G 9TB RENTOKIL INITIAL: Lured New Chief with GBP5 Million Package ----------------------------------------------------------- The newly appointed chief executive of support services group Rentokil Initial stands to receive a compensation package worth nearly GBP5 million in the first year, The Financial Times says. The appointment of Doug Flynn, currently chief executive of media services group Aegis, as Rentokil CEO has ended the company's long search for a leader of the caliber deemed sufficient to tackle the company's woes. Apart from an annual salary of GBP800,000, a performance bonus capped at the same amount and GBP800,000 of share options every year, Mr. Flynn will also get GBP2.4 million as compensation for share options forfeited at Aegis, where he has served as chief executive since 1999. Rentokil chairman Brian McGowan, who extended the offer to Mr. Flynn, said the new chief executive possesses the skill base and the essential international experience to lead Rentokil, which has been struggling with falling margins and has seen its diverse collection of businesses, which include pest control and security, losing market share to more focused competitors. CONTACT: RENTOKIL INITIAL PLC Felcourt East Grinstead West Sussex RH19 2JY Phone: +44-1342-833-022 Fax: +44-1342-326-229 E-mail: pr@rentokil-initial.co.uk Web site: http://www.rentokil-initial.com RWS SHERBURN: Winding-up Report Out Last Day of Month ----------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF RWS Sherburn Limited Notice is hereby given pursuant to section 94 of the Insolvency Act 1986, that the Final Meeting of Members of RWS Sherburn Limited will be held at the offices of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP, on February 28, 2005, 11:15 a.m. for the purpose of having accounts laid before the Members showing how the winding-up has been conducted and the property of the Company disposed of, and hearing any explanation that may be given by the Liquidator. A Member entitled to attend and vote at the Meeting may appoint a proxy, who need not be a Member, to attend and vote instead of him/her. Tim Walsh, Joint Liquidator January 21, 2005 CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com SPQR FUNDING: Calls in Liquidator from Tenon Recovery ----------------------------------------------------- At the extraordinary general meeting of the members of SPQR Funding Plc on Jan. 27, 2005 held at the offices of SPV Management Limited, Level 11, Tower 42, International Financial Centre, 25 Old Broad Street, London EC2N 1HQ, the special resolution to wind up the company was passed. Ian Cadlock of Tenon Recovery, 43-46 Queens Road, Brighton, East Sussex BN1 3XB has been appointed liquidator of the company. CONTACT: TENON RECOVERY Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB Phone: 01273 725566 Fax: 01273 724502 Web site: http://www.tenongroup.com STERLING BUILDING: Administrators from CBA Step in -------------------------------------------------- Neil Charles Money and Neil Richard Gibson (IP Nos 8900, 9213) have been appointed administrators for Sterling Building Solutions Limited. The appointment was made Jan. 31, 2005. Its registered office is located at 435 Lichfield Road, Aston, Birmingham B6 7SS. CONTACT: CBA 435 Lichfield Road Aston Birmingham B6 7SS Phone: (0121) 326 0880 Fax: (0121) 328 6456 E-mail: bham@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk TRICELL INTERNATIONAL: Names Bond Partners Administrator -------------------------------------------------------- T. Papanicola (IP No 005496) has been appointed administrator for Tricell International Limited. The appointment was made Jan. 20, 2005. Its registered office is located at The Grange, 100 High Street, London N14 6TG. CONTACT: BOND PARTNERS LLP The Grange, 100 High Street, London N14 6TG TRIPLEX COMPONENTS: Hires Liquidator from Kroll ----------------------------------------------- At the extraordinary general meeting of Triplex Components Group Limited on Jan. 26, 2005 held at Kroll, Aspect Court, 4 Temple Row, Birmingham B2 5HG, the special and ordinary resolutions tp wind up the company were passed. D. J. Whitehouse of Kroll, 1 Oxford Court, Bishopsgate, Manchester M2 3WR has been appointed liquidator of the company. CONTACT: KROLL MANCHESTER 1 Oxford Court Bishopsgate Place Manchester M2 3WR United Kingdom Phone: 44 (0) 161 228 6622 Fax: 44 (0) 161 228 1199 Web site: http://www.krollworldwide.com VEGEM LIMITED: Business for Sale -------------------------------- Robert Hunter Kelly and Gary Wilson, Joint Administrators, offer for sale the business and assets of Vegem Limited (in administration). Vegem, trading as Autogenn and Veco, is a leading national aftermarket distributor of hard parts and accessories to the automotive industry. Key features: (a) Annual turnover of more than GBP8 million; (b) Wide ranging stocks covering a "one stop shop" for automotive consumables and spares; (c) Leasehold premises; (d) 6,000 customer accounts including blue chip nationals; and (e) 80 highly motivated employees. CONTACT: ERNST & YOUNG LLP PO Box 61 Cloth Hall Court 14 King Street Leeds LS1 2JN Phone: +44 [0] 113 298 2200 Fax: +44 [0] 113 298 2201 Web site: http://www.ey.com John Sumpton Phone: +44 [0] 113 298 2411 Fax: +44 [0] 113 298 2206 E-mail: jsumpton@uk.ey.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe and Julybien Atadero, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. 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 * * *