/raid1/www/Hosts/bankrupt/TCREUR_Public/050223.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Wednesday, February 23, 2005, Vol. 6, No. 38
Headlines
C Y P R U S
CHRISTIS DAIRIES: Blames E.U. Accession for FY2004 Loss
F R A N C E
ALSTOM SA: Fitch Welcomes Debt Refinancing, But Remains Cautious
MARIONNAUD PARFUMERIES: Paris Prosecutor Opens Own Probe
RHODIA SA: 4th-quarter, Full-year Sales Up Year-on-year
G E R M A N Y
BORUSSIA DORTMUND: Criminal Charges Await Top Honchos
ERSTE TRIONA: Cedes Control to Court-appointed Administrator
GERUSTBAU M. PINGEL: Claims Filing Deadline Nears
HANS SCHROERS: Provisional Administrator Takes over Operations
HEIDELBERGCEMENT AG: Issues New Shares to Raise EUR270 Million
HEINZ KIENEMANN: Braunschweig Court Accepts Bankruptcy Filing
LEICA CAMERA: Banks Cut off Lifeline
NORDEX AG: Closes 'Stub' Fiscal Year with Lower Operating Loss
PETER PAULY: Essen Court Appoints Provisional Administrator
PETERS BAU: Gives Creditors Until Mid-March to File Claims
SCHUSTER BAUGESELLSCHAFT: Declares Bankruptcy
SKYLINE GMBH: Calls First Creditors Meeting
H U N G A R Y
MAGYAR TELEVIZIO: Books HUF8 Billion Full-year Loss
I R E L A N D
IRISH ISPAT: Cleared of Liability to Clean up Site
I T A L Y
ALITALIA SPA: Cabin Crew Cripple Flights Anew
K Y R G Y Z S T A N
OIL AND GAS: Declared Insolvent
PLUZHNYANSKE REPAIR: Insolvency Manager Moves in
PROMSPETSEKSPORT: Under Bankruptcy Supervision
REMZHILSERVICE: Donetsk Court Opens Bankruptcy Proceedings
M A L T A
KOPERATTIVA INDAFA: Lacks Cash to Even Pay Liquidator
R U S S I A
ACB VNESH-AGRO-BANK: Last Day for Filing of Claims March 29
ARSKAYA SEL-KHOZ-TEKHIKA: Court Sets Next Hearing June
BUINSKAYA INTER-FARM: Insolvency Manager Takes over Operations
KLIMOVO-MOL-PROM: Sets Public Auction Next Week
MAGADAN-ENERGO-STROY-TRANS: Declared Insolvent
MUTON: Creditors Have Until Next Month to File Claims
NOVOOSKOLSKIY: To Hold Public Auction Monday
POZOROVSKIY VODKA-LIQUOR: Proofs of Claim Deadline Nears
SOLNTSEVSKAYA MSO: Declared Insolvent
TUKAEVSKIY AGRO-PROM-SNAB: Bankruptcy Proceedings Begin
U K R A I N E
OIL AND GAS: Declared Insolvent
PLUZHNYANSKE REPAIR: Applies for Bankruptcy Proceedings
PROMSPETSEKSPORT: Under Bankruptcy Supervision
REMZHILSERVICE: Donetsk Court Opens Bankruptcy Proceedings
U N I T E D K I N G D O M
ACG REALISATIONS: Calls Members General Meeting
ARMAGARD LIMITED: Hires Rothman Pantall as Administrator
BREEZE AVIATION: Brings in Administrator from B & C Associates
CAPRIBAY LIMITED: FCE Bank Calls in Grant Thornton Receiver
CAPSTAR SOLUTIONS: Names Sharma & Co. Administrator
C.J. MARKETING: Calls in Joint Administrators from Buchanans
COGRIN INTERNATIONAL: Hires Ernst & Young to Liquidate Assets
COMMERCIAL INVESTMENTS: Joint Receivers Take over Company
COMPANY ASSOCIATES: Sets Creditors Meeting Friday
CORUS GROUP: 400 Workers on Chopping Block this Year
D & W NIMMO: Creditors Meeting Set Next Week
DYNAMIC BUILDING: In Administrative Receivership
FOOD BOARD: Sets Meeting of Unsecured Creditors Next Week
H. HARTLEY: Liquidators from Baker Tilly Move in
HHG PLC: Restructuring Proposals Get Shareholders' Nod
INDUSTRY ONLINE: Liquidator to Give Update March 30
JOHNSON RADLEY: Joint Administrators from Mazars Step in
KOCH NORTH: Calls in Liquidator from Ernst & Young
LB STRUCTURES: Hires Administrators from Kroll
LEARNING PARTNERSHIP: Liquidator's Final Report Due March 21
LETHAM GRANGE: Taiwanese Buyer Loses Ownership Battle
MAJOR LIFT: HSBC Bank Appoints Leonard Curtis & Co. Receiver
MEDIXMUSIC LIMITED: Hires Crawfords as Liquidator
MEKANAG (UK): Members Final Meeting Set March
MICHAEL TRUSS: Calls First Creditors Meeting
MVL POCKET: Members Meeting Set Mid-March
POLYMER ENGINEERING: Names Baker Tilly Administrator
PROBUS ESTATES: Major Creditor Remains Unpaid
R K TEXTILES: Winding-up Report Out Second Week of March
SEALED UNIT: Names Kingston Smith and Partners Administrator
SHIELDRIDGE LIMITED: Appoints Kroll Liquidator
SPECIALIST OPTICAL: Hires Joint Administrators from Tait Walker
ST. IVES: Shutting down Wales Printing House
STODDARD INTERNATIONAL: Axes 179 More Workers
TECHNIQUE LABELS: Calls in Administrator from S. F. Plant & Co.
WINNINGTON COMBINED: Hires Liquidator to Wind up Firm
*********
===========
C Y P R U S
===========
CHRISTIS DAIRIES: Blames E.U. Accession for FY2004 Loss
-------------------------------------------------------
The Cyprus accession in the European Union in May 2004 brought
several changes in the sector of dairy industry, which affected
negatively the financial results for 2004. Also, the decision
to terminate the operations of the associated company Dodoni Ice
Creams (Cyprus) Ltd. in which our Company has a stake of 26%,
accumulated losses of CYP487,678. This loss is non-recurring.
The loss for the year before the recognition of the non-
recurring cost of termination of operations of Dodoni Ice Creams
(Cyprus) Ltd. stood at CYP333,406 and is attributable to these
reasons:
(a) Sales: The reduced quantity of raw material did not allow
the Company to meet the demands especially in exports. As a
result sales dropped 3.4% to CYP23,333,435 against
CYP24,035,218 in 2003. The Company had extraordinary
expenses in order to satisfy its customers abroad;
(b) Gross Profit: From April 2004, there was an increase in the
price of fresh milk. The subsidies that strengthened our
effort for the export of cheese products were abolished and
replaced with subsidies for exports in third countries only.
The competition from imported products became more intense
after the abolition of all import duties on E.U. products.
These reduced the margin of gross profit from 23.4% in 2003
to 21.7%;
(c) Expenses: The administration expenses, selling and
distribution expenses increased by CYP344,000 or 7.5%
compared to 2003. This is mostly attributable to the price
of fuel and the increase in the advertising campaigns due to
the import of new products in the market and the sponsorship
of the Cyprus Football Championship. Their high cost
affected the results for 2004 but is expected to contribute
to the results that will follow.
The company achieved a drop in its finance costs by CYP85,000 or
15.8% against 2003.
PROSPECTS
The Board of Directors believes the company will become
profitable and identifies these factors as key to achieving
this:
(a) Sufficient raw material that will satisfy the increased
needs;
(b) Readjusted sale prices not only for the exports but also for
the local sales, which will improve the margin of profit;
and
(c) Restraining of operating expenses.
The Board of Directors will make every possible effort to reduce
the negative impacts and lead the company to profitability.
CHRISTIS DAIRIES LIMITED
Unaudited Consolidated Results
For The Period Ended December 31, 2004
December 31, 2004 December 31, 2003
CYP CYP
Turnover 23,222,435 24,035,518
(Loss)/Profit
from operations 30,417 1,074,395
Finance costs (453,823) (539,069)
(Loss)/profit
before the recognition
of the results of the
associated company (423,406) 535,326
(non-recurring)
(Loss)/profit of
associated company (397,678) (126,256)
(Loss)/profit
before taxation (821,084) 409,070
Taxation - 23,402
(Loss)/profit
after taxation (821,084) 432,472
Basic and fully
diluted (loss)/profit
per share of 25 cents (1.52) 0.80
CONTACT: CHRISTIS DAIRIES LIMITED
New Industrial Area,
Ayios Athanasios,
P.O. Box 51148,
Limassol, Cyprus
Phone: 00357 - (0)5 - 726280
Fax: 00357 - (0)5 - 726260
E-mail: chrdairy@spidernet.com.cy
Web site: http://www.christis.com.cy
===========
F R A N C E
===========
ALSTOM SA: Fitch Welcomes Debt Refinancing, But Remains Cautious
----------------------------------------------------------------
Fitch Ratings sees Alstom S.A.'s partial refinancing of its
EUR650 million bond due in July 2006 and of its EUR250 million
subordinated notes due in September 2006, for a total
consideration of EUR650 million of new unsecured bonds maturing
in 2010, as a positive development that alleviates pressure on
the company.
The agency notes that if the exchange offer had failed, this
could have exacerbated the uncertainty about Alstom's liquidity,
and thus eroded the customers' confidence and impacted the order
level, as happened in 2003. This refinancing represents the
first time since the 2003 crisis and subsequent emergency state
rescue that the company is tapping the bond markets for an
issuance of this magnitude.
Alstom has launched an exchange offer for its EUR650 million 5%
July 2006 senior bond and EUR250 million of September 2006
floating rate subordinated notes, against new senior bonds
maturing in March 2010 and carrying a coupon of 6.25%. Alstom
has announced that it has decided to issue the maximum
authorized amount of EUR1 billion for the 2010 new bond, i.e. a
maximum of EUR350 million in addition to the amount brought to
the exchange offer by institutional investors, depending on the
outcome of the exchange offer for the individual investors,
which will close on Feb. 24, 2005. Fitch notes that the new
bond documentation negative pledge clause does not include bank
debt. This was already the case for the July 2006 bond
documentation.
The outcome of this exchange offer to institutional investors
was critical for Alstom. There was, prior to this operation, a
very heavy concentration of debt maturing in 2006 (around EUR1.8
billion, or half of the group's medium and long-term debt at end
September 2004). By extending the maturity of EUR650 million of
debt to 2010, Alstom has given itself increased room for
maneuver.
Fitch has already commented in the past that a certain level of
risk persisted regarding the EUR650 million July 2006 bond,
linked to difficult market conditions, low operating margins and
a still deeply negative free cash flow, as well as execution
risk linked to the implementation of the refinancing plan
The total group debt maturing during 2006 still amounts to
around EUR1.2 billion, excluding any potential short-term debt.
The outcome of the exchange offer to individual investors may
further reduce this amount. Against this, Alstom expects to
have received by FYE06 significant cash inflows from its assets
disposal program, in the range of EUR500 million, on top of the
EUR600 million of cash held at the holding level at end
September 2004.
Although this refinancing is a positive development, it must not
mask the fact that there are still numerous challenges ahead of
Alstom, including, its 2006 sizeable maturing debt. Some of the
markets in which it operates (such as power Turbo systems or
Marine) are still very difficult, and the free cash flow for
FY05 (ending in March 2005) is expected to be negative to the
tune of around -EUR400 million, and to reach positive territory
only in FY06 (ending in March 2006).
CONTACT: FITCH RATINGS
Sophie Coutaux, Paris
Phone: +33 1 44 29 91 74
Alex Herbert, London
Phone: +44 207 417 6334
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
ALSTOM S.A.
3 Avenue Andre Malraux
92300 Levallois (France)
Phone: 33 (0) 1 41 49 27 13
Fax: 33 (0) 1 41 49 79 32 1
Press relations
S. Gagneraud/G. Tourvieille
Phone: +33 1 41 49 27 40/+33 1 41 49 27 13)
E-mail: internet.press@chq.alstom.com
Investor relations
E. Chatelain
Phone: +33 1 41 49 37 38
E-mail: investor.relations@chq.alstom.com
MARIONNAUD PARFUMERIES: Paris Prosecutor Opens Own Probe
--------------------------------------------------------
The Paris public prosecutor's office has reportedly opened a
"preliminary investigation" into possible accounting fraud at
Marionnaud Parfumeries, Le Monde says.
Former auditors accordingly tipped the prosecutor's office about
the alleged fraud. A full-blown investigation is expected if
sufficient evidence is found, the report says.
Financial markets authority, Autorite Des Marches Financiers
(AMF), also launched a similar probe against Marionnaud in
January following the company's admission of EUR93 million in
accounting errors. Creditor banks have refused to support the
group's debt restructuring plan pending an independent audit of
the group's accounts.
Hong Kong tycoon Li Ka-Shing took over Marionnaud on Jan. 14,
buying the group for EUR534 million. Mr. Li plans to close down
20 unprofitable Marionnaud outlets.
CONTACT: MARIONNAUD PARFUMERIES S.A.
5 Avenue de Paris
94300 Vincennes
Phone: +33 (0) 1 48 08 69 69
Fax: +33 (0) 1 48 08 01 51
Web site: http://www.marionnaud.com
RHODIA SA: 4th-quarter, Full-year Sales Up Year-on-year
-------------------------------------------------------
Rhodia S.A. announced consolidated net sales of EUR1,233 million
for the fourth quarter of 2004, a 10.6% increase over the same
period in 2003 on the same basis (constant structure and
exchange rates).
This performance reflects the strong emphasis in 2004 on raising
selling prices which resulted in a 7.7% increase in prices in
the fourth quarter of 2004 compared with 2003, excluding
transactional exchange rate effects (-1.1%). Over the same
period, volumes rose 4.1% compared to 2003.
Sales for the full year 2004 increased 6.8% to EUR5,281 million
compared to 2003 on the same basis (constant structure and
exchange rates). In an environment of sustained demand in most
of the Group's markets, especially in Asia, the U.S. and Latin
America, volumes grew 5.3% compared to 2003 while prices
increased 2.7%, excluding transactional exchange rate effects
(-1.2%).
Rhodia will publish its 2004 results March 1, 2005, before the
opening of the Paris Bourse.
Rhodia Consolidated Net Sales
In millions of euros
2003 2003 2004
Reported Restated
1st Quarter 1,428 1,347 1,348
2nd Quarter 1,407 1,349 1,411
3rd Quarter 1,300 1,134 1,289
4th Quarter 1,317 1,115 1,233
Full Year 5,452 4,946 5,281
Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals. Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide. Rhodia is listed
on the Paris and New York stock exchanges.
CONTACT: RHODIA SA
Press Relations
Europe: Beverley Miles
Phone: +33 1 55 38 40 25
North America: David Klucsik
Phone: +1 609-860-3616
Investor Relations
Nicolas Nerot
Phone: +33 1 55 38 43 08
=============
G E R M A N Y
=============
BORUSSIA DORTMUND: Criminal Charges Await Top Honchos
-----------------------------------------------------
Managers of troubled soccer club Borussia Dortmund GmbH & Co.
may face criminal charges for omitting an obligation to buy back
a trademark in its IPO prospectus, World Soccer News says.
Munich-based lawyer Klaus Rotter plans to file a criminal
complaint against interim managing director Michael Meier, ex-
president Gerd Niebaum and other unidentified managers. Mr.
Rotter, who specializes in capital markets law, alleged that
Borussia failed to declare in its 2000 IPO prospectus that it
has pledged its rights on its Goool.de Web site to industrial
insurer Gerling for EUR20 million.
Mr. Rotter said, "I am convinced that the statement regarding
the pledging of the trademark rights to the Gerling group was
purposely omitted in the sale prospectus."
The prospectus only mentioned Borussia's right to buy back the
trademark, Mr. Rotter said. "But the significant obligation to
buy the trademark rights back for 20 million euros or lose
important rights and an essential core business was not
mentioned at all."
Mr. Rotter also alleges the soccer club failed to promptly
inform shareholders about its true financial situation, thus
breaching the country's stock market law. Mr. Niebaum, then
Borussia's president, claimed in October 2004 the club was
financially healthy.
"But barely a new months later, it was forced to acknowledge a
life-threatening earnings and financial situation," Mr. Rotter
said, adding Mr. Meier and Mr. Niebaum should have announced
earlier the club's "catastrophic financial state."
Borussia Dortmund recently booked EUR27 million in operating
loss for the second half of 2004 and it now expects full-year
operating loss to swell to EUR68.8 million. Including last
year's loss of EUR73.3 million, Borussia's total deficit now
amounts to EUR142.1 million or 79% of its paid-up capital. The
only publicly listed football club in Germany, Borussia is
suffering from thinning television income and bloated
payroll. The 2002 league champion also failed to qualify for
the Champions League, losing an estimated EUR12 million in
revenues from the matches.
Yesterday, Troubled Company Reporter-Europe said creditors have
agreed to defer until 2006 to 2007 the payment of Borussia's
debt and promised to provide the loss-making club short-term
loans to pay players salaries. The agreement, however, would
take effect only if fund investors approve the restructuring of
Westfallen stadium, the club's headquarters. Borussia sold
Westfallen to the fund in 2003 in a leaseback deal and has
failed to cover some rent payments.
CONTACT: BORUSSIA DORTMUND GMBH & CO. KGAA
Rheinlanddamm 207-209
44137 Dortmund
Phone: +49 (2 31) 9 02 00
Web site: http://www.borussia-dortmund.de
ERSTE TRIONA: Cedes Control to Court-appointed Administrator
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ERSTE TRIONA Grundstucksgesellschaft mbH on Jan. 26.
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 Jan. H. Wilhelm.
Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: ERSTE TRIONA GRUNDSTUCKSGESELLSCHAFT MBH
Gerichtstrasse 21, 22765 Hamburg
Contact:
Kay Ostermann
Jan H. Wilhelm, Insolvency Manager
Albert-Einstein-Ring 11/15, 22761 Hamburg
Phone: 8995615
GERUSTBAU M. PINGEL: Claims Filing Deadline Nears
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Gerutbau M. Pingel GmbH on Feb. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Feb. 28, 2005 to register their
claims with court-appointed provisional administrator Dr. Marc
d'Avoine.
Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 10:10 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: GERUSTBAU M. PINGEL GMBH
Kleinbeckstr. 4, 45549 Sprockhovel
Contact:
Matthias Pingel, Manager
Hansastr. 25, 42109 Wuppertal
Dr. Marc d'Avoine, Insolvency Manager
Doppersberg 19, 42103 Wuppertal
HANS SCHROERS: Provisional Administrator Takes over Operations
--------------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Hans Schroers & Co. oHG on Feb. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until March 14, 2005 to register their
claims with court-appointed provisional administrator Georg
Kreplin.
Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 10:30 a.m. at the district court
of Amtsgerichts Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213
Dusseldorf, 3.OG Altbau, A 388 at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: HANS SCHROERS & CO. OHG
Berghauschensweg 28, 41464 Neuss
Contact:
Hans Schroers, Manager
Am Krausenbaum 44, 41464 Neuss
Anton Bovenschen, Manager
Enzianstr. 2 a, 41466 Neuss
Manfred Lendzian, Manager
Goldregenweg 57, 41468 Neuss
Georg Kreplin, Insolvency Manager
Berliner Allee 21, 40212 Dusseldorf
HEIDELBERGCEMENT AG: Issues New Shares to Raise EUR270 Million
--------------------------------------------------------------
The Managing Board of HeidelbergCement AG has resolved, with the
consent of the Supervisory Board, to make use of the authorized
capital and to implement a capital increase with subscription
rights for shareholders to strengthen the equity base following
the extraordinary charges in 2004. The company expects cash
proceeds from the capital increase in the amount of about EUR270
million.
The subscription price is EUR35.00, the subscription ratio 13:1.
The new shares will be entitled to dividend as of 1 January
2005. The two-week subscription period will commence shortly.
Heidelberg, 21 February 2005
The Managing Board
HeidelbergCement AG
Berliner Strasse 6
69120 Heidelberg
Deutschland
HEINZ KIENEMANN: Braunschweig Court Accepts Bankruptcy Filing
-------------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Heinz Kienemann Bauunternehmung Gesellschaft mit
beschrankter Haftung on Jan. 19. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 9, 2005 to register their claims with
court-appointed provisional administrator Stefan Ebeling.
Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2005, 11:15 a.m. at the district court
of Braunschweig, An der Martinikirche 8, 38100 Braunschweig 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: HEINZ KIENEMANN BAUUNTERNEHMUNG GESELLSCHAFT MIT
BESCHRANKTER HAFTUNG
Pillmannstr. 17, 38112 Braunschweig
Contact:
Stephan Wendland, Manager
Twete 5, 38527 Meine
Stefan Ebeling, Insolvency Manager
Kurt-Schumacher-Strasse 21, D-38102 Braunschweig
Phone: (0531) 2436826
Fax: (0531) 24368331
LEICA CAMERA: Banks Cut off Lifeline
------------------------------------
Following the ad hoc announcement of Leica Camera AG on February
17, 2005 that it expects a loss of half of its registered share
capital in March 2005, the banks have partially terminated their
credit lines.
The remaining lines still cover the current liquidity
requirements. The Company's Board of Management has entered
into negotiations with the banks on a solution that will carry
the Company until the time of its Extraordinary General Meeting
on May 31, 2005, at which capital measures are to be proposed to
the shareholders.
CONTACT: LEICA CAMERA AG
Oskar-Barnack-Strasse 11
35606 Solms
Deutschland
Web site: http://www.leica-camera.com/
NORDEX AG: Closes 'Stub' Fiscal Year with Lower Operating Loss
--------------------------------------------------------------
Ahead of its annual general meeting, Nordex AG has announced the
preliminary figures for its stub fiscal year (October 1, 2004 -
December 31, 2004). In spite of the heavy strain caused by the
company's difficult financial situation, order receipts rose by
11% to roughly EUR62 million (previous year: EUR55.5 million).
This positive trend is particularly due to the sale of wind
farms in France which were developed as part of the Company's
own project development business. As a result, the share of
foreign activities in new business widened to 70% (previous
year: 32%).
Revenues declined by 11% to EUR59 million (previous year:
EUR66.7 million), the main reason for this being the Group's
tight financial situation which resulted in a substantial
increase in project turnaround times. The company's weak
capacity utilization was particularly to blame for the sustained
operating losses in the stub fiscal year.
However, at EUR2.5 million, the loss before interest, tax and
exceptionals was down 62% compared with the year-ago figure of
EUR6.7 million. This improvement is particularly due to the
reduction in the cost of materials ratio from 84 to 78%. As
well as this, other operating expenses, net of other operating
income was trimmed by 15% to EUR4.7 million (previous year; 5.5
million), with personnel costs dropping by 4% to EUR 8.6 million
(previous year: EUR8.9 million). The exceptional expenses of
EUR2.3 million refer to the cost of preparing the planned
recapitalization and written-off receivables.
As a result of the high operating and extraordinary losses of
the past two fiscal years, the Company's equity capital shrank
to EUR3.6 million as at December 31, 2004. At the same time,
Nordex's liabilities to banks were valued at EUR37.6 million on
this date.
The Company is implementing a comprehensive recapitalization
plan to reinforce its equity and debt capital situation on a
sustained basis. At their annual general meeting on February
21/22, 2005, the shareholders will be asked to approve the
necessary adjustments to the Company's capital structure. In
December 2004, Nordex's creditor banks and a group of investors
reached fundamental agreement on measures to restructure the
Group's finances.
In the current fiscal year, the Group is striving for order
receipts of at least EUR300 million and revenues of EUR270 - 280
million.
Depending on the revenues generated, the loss before tax,
interest and exceptionals will come in at between EUR2.0 million
and zero. The return to profit-making territory is projected
for 2006.
CONTACT: NORDEX AG
Nordex AG
Bornbarch 2
22848 Norderstedt
Deutschland
Contact:
Ralf Peters
Phone: +49 40 500-522
Fax: +49 40 500-333
Mobile: +49 173/523 9719
PETER PAULY: Essen Court Appoints Provisional Administrator
-----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Peter Pauly GmbH & Co KG on Feb. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until March 14, 2005 to register their
claims with court-appointed provisional administrator Dr. Jens
M. Schmittmann.
Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 9:20 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: PETER PAULY GMBH & CO KG
Veronikastr. 6, 45131 Essen
Dr. Jens M. Schmittmann, Insolvency Manager
Zweigertstrasse 28-30, 45130 Essen
Phone: 0201 438740
PETERS BAU: Gives Creditors Until Mid-March to File Claims
----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Peters Bau GmbH on Jan. 31. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 14, 2005 to register their claims
with court-appointed provisional administrator Dr. Jens M.
Schmittmann.
Creditors and other interested parties are encouraged to attend
the meeting on April 4, 2005, 9:00 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293 at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: PETERS BAU GMBH
Schonnebeckhofe 216, 45327 Essen
Contact:
Piotr Brodowski, Manager
Dr. Jens M. Schmittmann, Insolvency Manager
Zweigertstrasse 28-30, 45130 Essen
Phone: 0201 438740
SCHUSTER BAUGESELLSCHAFT: Declares Bankruptcy
---------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Schuster Baugesellschaft mbH on Feb. 1. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until March 16, 2005 to
register their claims with court-appointed provisional
administrator Dr. Frank Nikolaus.
Creditors and other interested parties are encouraged to attend
the meeting on March 31, 2005, 1:00 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293 at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: SCHUSTER BAUGESELLSCHAFT MBH
Von-Braun-Str. 2, 46244 Bottrop
Contact:
Dirk Denechaud, Manager
Von-Braun-Str. 2, 46244 Bottrop
Dr. Frank Nikolaus, Insolvency Manager
Alfredstr. 108-112, 45131 Essen
Phone: 87 90 40
SKYLINE GMBH: Calls First Creditors Meeting
-------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Skyline GmbH Tonstudio und Musikproduktion on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until March 14, 2005
to register their claims with court-appointed provisional
administrator Horst Piepenburg.
Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2005, 9:10 a.m. at the district court
of Dusseldorf, Hauptstelle, Muhlenstrasse 34, 40213 Dusseldorf,
3.OG Altbau, A 388 at which time the administrator will present
his first report of the insolvency proceedings. The court will
verify the claims set out in the administrator's report on April
4, 2005, 9:15 a.m. at the same venue.
CONTACT: SKYLINE GMBH TONSTUDIO UND MUSIKPRODUKTION
Corneliusstr. 66, 40215 Dusseldorf
Contact:
Peter Krick, Manager
Fahrstr. 217, 40221 Dusseldorf
Horst Piepenburg, Insolvency Manager
Heinrich-Heine-Allee 20, 40213 Dusseldorf
=============
H U N G A R Y
=============
MAGYAR TELEVIZIO: Books HUF8 Billion Full-year Loss
---------------------------------------------------
Magyar Televizio's (MTV) reported another dull performance,
incurring HUF8 billion in losses, Budapest Business Journal
says.
The company failed to improve its financial results despite
cutting costs by nearly HUF3 billion and receiving a HUF4.8
billion grant from the parliament, which it used to pay HUF6.8
billion in debt. A group executive revealed MTV "received only
a fraction of the subsidies it had expected." The state
television was supposed to receive HUF10.8 billion. The
executive added MTV managed to save between HUF2.5 billion and
HUF3 billion despite covering five large international sports
events.
CONTACT: HUNGARIAN TELEVISION RT
Kunigunda Utja 41-43
H-1037 Budapest
Phone: 1 353 3200
Fax: 1 373 4002
Web site: http://www.mtv.hu
=============
I R E L A N D
=============
IRISH ISPAT: Cleared of Liability to Clean up Site
--------------------------------------------------
The government has withdrawn lawsuits against the liquidator of
steel mill Irish Ispat based in Cork. Minister for the
Environment and Local Government Dick Roche last week dropped
his suit demanding that Irish Ispat shoulder the clean up cost
of the site. According to The Post.ie, it is understood the
state will cover the expenses.
A spokeswoman for the Department of the Environment confirmed
the agreement between the state and solicitors for the
liquidator. This is the second time the ministry failed to
force liquidator Ray Jackson of KPMG to pay. It previously
lodged larger actions demanding Ispat shell out the estimated
EUR30 million cost of cleaning up the factory.
Formerly named Irish Steel, Ispat collapsed in June 2001 with
debt of more than EUR57 million. It is due to exit liquidation
by June, having paid all its secured creditors.
CONTACT: IRISH ISPAT
Haulbowline, Co. Cork
Contact: Willie O'Calaghan
Training Officer
Phone: 021 378001
Or 021 378879
=========
I T A L Y
=========
ALITALIA SPA: Cabin Crew Cripple Flights Anew
---------------------------------------------
Flight attendants of troubled national carrier Alitalia staged
another strike Monday, forcing the airline to cancel local and
international flights, says Reuters.
The Sindicato Unitario Lavoratori Transporti (SULT) union, which
represents Alitalia's flight attendants, held a similar strike
on Feb. 10. SULT had earlier threatened to hold another strike
if negotiations with the carrier, aviation authority Ente
Nazionale per l'Aviazione Civile (ENAC) and the Ministry of
Transports fail.
The attendants, who are protesting the increased working hours,
demand a renegotiation of their contracts. Unlike the previous
strike, which lasted for only four hours, Monday's protest
carried on for 24 hours. Of the carrier's 540 flights due to
take off Monday from airports all over Italy, 176 had to be
cancelled.
Alitalia struck in 2004 a vital deal with the country's biggest
unions over a massive restructuring, which entails splitting its
flight and ground operations and cutting around 3,700 jobs.
SULT, however, refused to sign the accord. The union warned of
another strike on March 9.
Alitalia's operating losses dived from EUR373 million in 2003 to
EUR402.5 million in 2004. The carrier expects to lower the loss
this year to around EUR100 million. The European Commission
has placed the carrier under in-depth probe, which attempts
to uncover traces of illegal state aid in the carrier's rescue
plan. Alitalia hopes the probe will be concluded in time for a
planned EUR1.2 billion capital increase in April or May.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
===================
K Y R G Y Z S T A N
===================
OIL AND GAS: Declared Insolvent
-------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Oil and Gas Machine Building Plant (code
EDRPOU 00218638) on December 16, 2004 after finding the open
joint stock company insolvent. The case is docketed as 9/62 b.
Mr. Oleksandr Barbarov (License Number AA 668308) has been
appointed liquidator/insolvency manager. The company holds
account number 26007337869003, MFO 353586.
CONTACT: OIL AND GAS MACHINE BUILDING PLANT
Ukraine, Chernigiv region, Bahmach,
Chernigivska, 60
Mr. Oleksandr Barbarov
Liquidator/Insolvency Manager
Phone: 8 (0462) 16-45-59
ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
PLUZHNYANSKE REPAIR: Insolvency Manager Moves in
------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Pluzhnyanske Repair-Transport Enterprise
(code EDRPOU 00908165) on December 23, 2004 after finding the
limited liability company insolvent. The case is docketed as
13/193-B. Arbitral manager Mr. Sergij Shishkin (License Number
AA 668307) has been appointed liquidator/insolvency manager.
CONTACT: PLUZHNYANSKE REPAIR-TRANSPORT ENTERPRISE
Ukraine, Hmelnitskij region,
Izyaslavskij district, Pluzhne
Mr. Sergij Shishkin
Liquidator/Insolvency Manager
29000, Ukraine, Hmelnitskij region,
Institutska Str. 17/3-47
ECONOMIC COURT OF HMELNITSKIJ REGION
29000, Ukraine, Hmelnitskij region,
Nezalezhnosti Square, 1
PROMSPETSEKSPORT: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Promspetseksport (code EDRPOU
32314863) on January 4, 2005. The case is docketed as B
24/190/04. Arbitral manager Mr. Rostislav Talan (License Number
AA 779211) has been appointed temporary insolvency manager.
The company holds account numbers 26035050500049,
26009050500071, 26008050500072 and 26056050501131 at CJSC CB
Privatbank, Dnipropetrovsk branch, MFO 305622; account number
26005301107 at First Ukrainian International Bank,
Dnipropetrovsk region, MFO 305813; and account number
2600930178346 at Prominvestbank, Nikopol branch, MFO 305534.
Creditors may submit their proofs of claim to:
(a) PROMSPETSEKSPORT
49038, Ukraine, Dnipropetrovsk region,
Uzviz Kalinina Str. 1
(b) Mr. Rostislav Talan
Temporary Insolvency Manager
49000, Ukraine, Dnipropetrovsk region, a/b 158
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
REMZHILSERVICE: Donetsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Remzhilservice (code EDRPOU 30201358) on
December 14, 2004 after finding the limited liability company
insolvent. The case is docketed as 42/102 B. Arbitral manager
Mr. Vyacheslav Solovyov has been appointed liquidator/insolvency
manager.
Creditors may submit their proofs of claim to:
(a) REMZHILSERVICE
84300, Ukraine, Donetsk region,
Kramatorsk, Ostrovskij Str. 13
(b) Mr. Vyacheslav Solovyov
Liquidator/Insolvency Manager
Ukraine, Donetsk region,
Kramatorsk, Lenin Str. 19a/318, a/b 1618
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
=========
M A L T A
=========
KOPERATTIVA INDAFA: Lacks Cash to Even Pay Liquidator
-----------------------------------------------------
The financial position of public cleansing cooperative
Koperattiva Indafa is so dire that it cannot even afford to
appoint a liquidator.
According to The Times of Malta, the company's board had planned
to enter liquidation, but lacked the MTL50,000 to start the
process. In the end, acting chairman Mario Falzon agreed to
guarantee payment of the liquidator's services, he told the
House Public Accounts Committee.
Koperattiva Indafa owes the government MTL950,000 in VAT and
Common External Tariff, including interest, additional and
estimated tax. The Auditor General of the House Public Accounts
Committee assessed Koperattiva Indafa a MTL188,664 final
settlement tax in 2003. It said the company had not transferred
to the Department of Inland Revenue social security
contributions withheld from wages up to 2001. According to the
report, the total realistically collectable revenue arrears due
to the government stood at MTL85 million.
The cooperative's chairman is facing legal proceedings for what
Committee chairman Charles Mangion called "blatant
misappropriation." The last audited accounts of the
cooperatives date back to 2001, but the records are missing.
===========
R U S S I A
===========
ACB VNESH-AGRO-BANK: Last Day for Filing of Claims March 29
-----------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against ACB Vnesh-Agro-Bank after finding the open
joint stock company insolvent. The case is docketed as A40-
62317/04-36-52 "B". Creditors have until March 29, 2005 to
submit their proofs of claim to 123022, Russia, Moscow, Post
User Box 38.
CONTACT: ACB VNESH-AGRO-BANK
119002, Russia, Moscow,
Gagarinskiy Per. 33/5/2, Building 1
STATE CORPORATION AGENCY OF ENDOWMENT INSURANCE
109420, Russia, Moscow,
Verkhniy Taganskiy Tupik, 4
ARSKAYA SEL-KHOZ-TEKHIKA: Court Sets Next Hearing June
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on agricultural machinery
Arskaya Sel-Khoz-Tekhika. The case is docketed as A65-
27503/2004-SG4-27. Mr. S. Guskov has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 420100, Russia,
Tatarstan republic, Kazan, Post User Box 197. A hearing will
take place on June 7, 2005.
CONTACT: ARSKAYA SEL-KHOZ-TEKHIKA
Russia Tatarstan republic, Arsk
Mr. S. Guskov
Temporary Insolvency Manager
420100, Russia, Tatarstan republic,
Kazan, Post User Box 197
BUINSKAYA INTER-FARM: Insolvency Manager Takes over Operations
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Buinskaya Inter-Farm Buildings Organization
after finding the open joint stock company insolvent. The case
is docketed as A65-16093/2004-SG4-16. Mr. T. Sagdaev has been
appointed insolvency manager. Creditors have until March 29,
2005 to submit their proofs of claim to 420039, Russia,
Tatarstan republic, Kazan, Post User Box 95.
CONTACT: BUINSKAYA INTER-FARM BUILDINGS ORGANIZATION
422400, Russia, Tatarstan republic,
Buinsk, Sovetskaya Str. 8
Mr. T. Sagdaev
Insolvency Manager
420039, Russia, Tatarstan republic,
Kazan, Post User Box 95
KLIMOVO-MOL-PROM: Sets Public Auction Next Week
-----------------------------------------------
The bidding organizer of open joint stock company Klimovo-Mol-
Prom will sell its property on March 3, 2005, 11:00 a.m. (local
time). The public auction will take place at 241050, Russia,
Bryansk, Krasnoarmeyskaya Str. 91, Room 13. Up for sale are
assorted properties carrying a starting price of RUB1,173,500
(inclusive of VAT).
Preliminary examination and reception of bids are done until
March 1, 2005. The list of documentary requirements is
available at 241050, Russia, Bryansk, Krasnoarmeyskaya Str. 91,
Room 13. To participate, bidders must deposit RUB20,000 to the
settlement account 40702810200000016634 at CB "BNB" (OJSC)
Bryansk, correspondent account 30101810700000000770, BIC
041501770.
CONTACT: KLIMOVO-MOL-PROM
Russia, Bryansk region, Klimovo region, Klimovo,
Oktyabrskaya Str. 199, Churovichi
LLC BI-NIKA
Bidding Organizer
241050, Russia, Bryansk,
Krasnoarmeyskaya Str. 91, Room 13
Phone: (0832) 74-32-48, 41-73-77
MAGADAN-ENERGO-STROY-TRANS: Declared Insolvent
----------------------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
proceedings against Magadan-Energo-Stroy-Trans after finding the
open joint stock company insolvent. The case is docketed as A-
37-2859/04-9B. Mr. G. Sudakov has been appointed insolvency
manager.
Creditors have until March 29, 2005 to submit their proofs of
claim to:
(a) Insolvency Manager
685000, Russia, Magadan,
Proletarskaya Str. 12, Office 81
(b) The Arbitration Court Of Magadan Region
685000, Russia, Magadan, K. Marksa Pr. 62
(c) Magadan-Energo-Stroy-Trans
685000, Russia, Magadan, Rechnaya Str. 25
MUTON: Creditors Have Until Next Month to File Claims
-----------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Muton (TIN 4343000010) after finding the
open joint stock company insolvent. The case is docketed as
A28-146/04-159/6. Ms. N. Ivshina has been appointed insolvency
manager.
Creditors have until March 29, 2005 to submit their proofs of
claim to:
(a) Insolvency Manager
610002, Russia, Kirov,
Proletarskaya Str. 25
(b) The Arbitration Court of Kirov Region
610000, Russia, Kirov,
K. Libknekhta Str. 97
(c) Muton
613100, Russia, Kirov region,
Slobodskoy, Bakuleva Str. 4
NOVOOSKOLSKIY: To Hold Public Auction Monday
--------------------------------------------
The bidding organizer of poultry factory Novooskolskiy will sell
its property on Feb. 28, 2005, 1:00 p.m. The assets for sale
are:
Lot 1: cattle, buildings and equipment. Starting price:
RUB1,198,692 (inclusive of VAT);
Lot 2: other constructions. Starting price: RUB28,600;
Lot 3: debtor's liability. Starting price: RUB3,361,148
The list of documentary requirements is available at 308007,
Russia, Belgorod, Nekrasova Str. 9/15, 2nd floor, Room 216. To
participate, bidders must deposit an amount equivalent to 20% of
the starting price to the settlement account
40602810416020000052 at CB Vneshtorgbank, branch in Belgorod,
correspondent account 3010181040000000757, BIC 041403757, TIN
3124012318, KPP 312301001.
CONTACT: NOVOOSKOLSKIY
Russia, Belgorod region,
Novooskolskiy region, Pribrezhnyj
GSU FUND OF PROPERTY OF BELGOROD REGION
Bidding Organizer
308007, Russia, Belgorod,
Nekrasova Str. 9/15, 2nd floor, Room 216
Phone: (0722) 31-07-21
Fax: 31-02-43
POZOROVSKIY VODKA-LIQUOR: Proofs of Claim Deadline Nears
--------------------------------------------------------
The Arbitration Court of Udmuriya republic has commenced
bankruptcy supervision procedure on close joint stock company
Pozorovskiy Vodka-Liquor Distillery. The case is docketed as
A71-159/2004-G-21. Mr. S. Ratushnyj has been appointed
temporary insolvency manager. Creditors have until March 1,
2005 to submit their proofs of claim to 426011, Russia, Izhevsk,
Kholmogorova Str. 17, Office 705.
CONTACT: POZOROVSKIY VODKA-LIQUOR DISTILLERY
427073, Russia, Udmuriya republic, Sharkanskiy region,
Porozovo, Tsentralnaya Str. 1a
Mr. S. Ratushnyj
Insolvency Manager
426011, Russia, Izhevsk,
Kholmogorova Str. 17, Office 705
SOLNTSEVSKAYA MSO: Declared Insolvent
-------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Solntsevskaya MSO after finding the open
joint stock company insolvent. The case is docketed as A35-
4520/04 "g". Ms. A. Snegireva has been appointed insolvency
manager. Creditors may submit their proofs of claim to Russia,
Kursk region, Solntsevo, 2nd Privokzalnaya Str.
CONTACT: SOLNTSEVSKAYA MSO
Russia, Kursk region,
Solntsevo, 2nd Privokzalnaya Str.
Ms. A. Snegireva
Insolvency Manager
Russia, Kursk region,
Solntsevo, 2nd Privokzalnaya Str
TUKAEVSKIY AGRO-PROM-SNAB: Bankruptcy Proceedings Begin
-------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Tukaevskiy Agro-Prom-Snab after finding the
open joint stock company insolvent. The case is docketed as
A65-9738/2004-SG4-31. Mr. R. Gabtrakhmanov has been appointed
insolvency manager. Creditors have until March 29, 2005 to
submit their proofs of claim to 423603, Russia, Elabuga, Post
User Box 28.
CONTACT: TUKAEVSKIY AGRO-PROM-SNAB
Russia, Tatarstan republic,
Naberezhnye Chelny
Mr. R. Gabtrakhmanov
Insolvency Manager
423603, Russia, Elabuga,
Post User Box 28
=============
U K R A I N E
=============
OIL AND GAS: Declared Insolvent
-------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Oil and Gas Machine Building Plant (code
EDRPOU 00218638) on December 16, 2004 after finding the open
joint stock company insolvent. The case is docketed as 9/62 b.
Mr. Oleksandr Barbarov (License Number AA 668308) has been
appointed liquidator/insolvency manager. The company holds
account number 26007337869003, MFO 353586.
CONTACT: OIL AND GAS MACHINE BUILDING PLANT
Ukraine, Chernigiv region, Bahmach,
Chernigivska, 60
Mr. Oleksandr Barbarov
Liquidator/Insolvency Manager
Phone: 8 (0462) 16-45-59
ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region,
Miru Avenue, 20
PLUZHNYANSKE REPAIR: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Pluzhnyanske Repair-Transport Enterprise
(code EDRPOU 00908165) on December 23, 2004 after finding the
limited liability company insolvent. The case is docketed as
13/193-B. Arbitral manager Mr. Sergij Shishkin (License Number
AA 668307) has been appointed liquidator/insolvency manager.
CONTACT: PLUZHNYANSKE REPAIR-TRANSPORT ENTERPRISE
Ukraine, Hmelnitskij region,
Izyaslavskij district, Pluzhne
Mr. Sergij Shishkin
Liquidator/Insolvency Manager
29000, Ukraine, Hmelnitskij region,
Institutska Str. 17/3-47
ECONOMIC COURT OF HMELNITSKIJ REGION
29000, Ukraine, Hmelnitskij region,
Nezalezhnosti Square, 1
PROMSPETSEKSPORT: Under Bankruptcy Supervision
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Promspetseksport (code EDRPOU
32314863) on January 4, 2005. The case is docketed as B
24/190/04. Arbitral manager Mr. Rostislav Talan (License Number
AA 779211) has been appointed temporary insolvency manager.
The company holds account numbers 26035050500049,
26009050500071, 26008050500072 and 26056050501131 at CJSC CB
Privatbank, Dnipropetrovsk branch, MFO 305622; account number
26005301107 at First Ukrainian International Bank,
Dnipropetrovsk region, MFO 305813; and account number
2600930178346 at Prominvestbank, Nikopol branch, MFO 305534.
Creditors may submit their proofs of claim to:
(a) PROMSPETSEKSPORT
49038, Ukraine, Dnipropetrovsk region,
Uzviz Kalinina Str. 1
(b) Mr. Rostislav Talan
Temporary Insolvency Manager
49000, Ukraine, Dnipropetrovsk region, a/b 158
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
REMZHILSERVICE: Donetsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Remzhilservice (code EDRPOU 30201358) on
December 14, 2004 after finding the limited liability company
insolvent. The case is docketed as 42/102 B. Arbitral manager
Mr. Vyacheslav Solovyov has been appointed liquidator/insolvency
manager.
Creditors may submit their proofs of claim to:
(a) REMZHILSERVICE
84300, Ukraine, Donetsk region,
Kramatorsk, Ostrovskij Str. 13
(b) Mr. Vyacheslav Solovyov
Liquidator/Insolvency Manager
Ukraine, Donetsk region,
Kramatorsk, Lenin Str. 19a/318, a/b 1618
(c) 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
===========================
ACG REALISATIONS: Calls Members General Meeting
-----------------------------------------------
The general meeting of the members of ACG Realisations Limited
will be on March 18, 2005 at 11:00 a.m. It will be held at the
offices of Begbies Traynor, Balliol House, Southernhay Gardens,
Exeter EX1 1NP.
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.
CONTACT: BEGBIES TRAYNOR
Balliol House,
Southernhay Gardens,
Exeter EX1 1NP
Web site: http://www.begbies.com
ARMAGARD LIMITED: Hires Rothman Pantall as Administrator
--------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman (IP Nos 8975,
4731) have been appointed joint administrators for Armagard
Limited. The appointment was made Feb. 14, 2005. The company
manufactures computer covers.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
BREEZE AVIATION: Brings in Administrator from B & C Associates
--------------------------------------------------------------
Filippa Connor (IP No 9188) has been appointed administrator for
Breeze Aviation Limited. The appointment was made Feb. 11,
2005.
CONTACT: B & C ASSOCIATES
Trafalgar House, Grenville Place,
Mill Hill, London NW7 3SA
CAPRIBAY LIMITED: FCE Bank Calls in Grant Thornton Receiver
-----------------------------------------------------------
FCE Bank Plc called in Paul Melville (Office Holder No 9313) and
Nigel Ruddock (Office Holder No 6877) joint administrative
receivers for motor retailer Capribay Limited (Reg No 1856189,
Trade Classification: 19). The appointment was made Feb. 10,
2005.
CONTACT: GRANT THORNTON UK LLP
Enterprise House,
115 Edmund Street, Birmingham B3 2HJ
Phone: 0121 212 4000
Fax: 0121 212 4014
Web site: http://www.grant-thornton.co.uk
GRANT THORNTON U.K. LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
CAPSTAR SOLUTIONS: Names Sharma & Co. Administrator
---------------------------------------------------
G. D. Sharma (IP No 9145) has been appointed administrator for
Capstar Solutions Limited. The appointment was made Feb. 9,
2005.
CONTACT: SHARMA & CO.
50 Newhall Street,
Birmingham B3 3QE
C.J. MARKETING: Calls in Joint Administrators from Buchanans
------------------------------------------------------------
Peter Hall and Alan Peter Whalley (IP Nos 3966, 6588) have been
appointed joint administrators for C.J. Marketing Limited. The
appointment was made Feb. 11, 2005. The company sells Scottish
Smoked Salmon.
CONTACT: BUCHANANS PLC
Latimer House
5 Cumberland Place
Southampton SO15 2BH
Phone: 023 8022 1222
COGRIN INTERNATIONAL: Hires Ernst & Young to Liquidate Assets
-------------------------------------------------------------
At the extraordinary general meeting of Cogrin International
Limited on Feb. 10, 2005 held at 4111 East 37th Street North,
Wichita, Kansas 67220, United States, the special resolution to
wind up the company was passed. Patrick Joseph Brazzill and
Alan Lovett of Ernst & Young LLP, 1 More London Place, London
SE1 2AF have been appointed joint liquidators of the company.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
COMMERCIAL INVESTMENTS: Joint Receivers Take over Company
---------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Commercial Investments (Aberdeen) Limited
(In Receivership)
I, Fraser James Gray, and Stuart Charles Edward Mackellar,
Chartered Accountants, of Kroll Limited, Afton House, 26 West
Nile Street, Glasgow G1 2PF, hereby give notice that we were
appointed Joint Receivers of the whole property and assets of
Commercial Investment (Aberdeen) Limited in terms of section 51
of the Insolvency Act 1986.
In terms of section 59 of the said Act, preferential Creditors
are required to lodge their formal claims with us within six
months of the date of this notice.
Fraser J. Gray, Joint Receiver
February 2, 2005
CONTACT: KROLL GLASGOW
Afton House
26 West Nile Street
Glasgow G1 2PF
Phone: 44 (0) 141 248 1250
Fax: 44 (0) 141 248 1262
Web site: http://www.krollworldwide.com
COMPANY ASSOCIATES: Sets Creditors Meeting Friday
-------------------------------------------------
The creditors of The Company Associates Limited will meet on
Feb. 25, 2005 at 10:00 a.m. It will be held at the offices of
BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, Feb. 24, 2005.
CONTACT: BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
CORUS GROUP: 400 Workers on Chopping Block this Year
----------------------------------------------------
Corus Group plans to invest GBP130 million in restructuring one
of its biggest steelmaking plants at Scunthorpe at the expense
of jobs at its Cumbria and north Lincolnshire sites.
According to The Scotsman, the steelmaker will install steel
casting machine to meet industry demand for longer rails, and
develop rod mills at the facility. The step will help improve
the competitiveness of the company's core products, according to
Corus director Paul Lormor.
But the plan puts more than 400 jobs at risk at Cumbria and
north Lincolnshire because work will be moved out of the site.
A total of 161 jobs-cuts are planned. The Workington plant
employs 256 people in rail manufacturing and 301 in process
engineering.
Michael Leahy, general secretary of Community, the union that
represents steelworkers, said talks are being held to find
alternative use for the site. According to the report, the
plant is likely to end production next year.
Mr. Leahy said the investment will ensure the rail needs of the
U.K. can be met within the U.K., but it is bad news for
employees. Corus employs 4,000 people at Scunthorpe. The
number was cut by more than 200 in April last year as part of a
GBP32 million restructuring and profit-boosting move. Corus has
48,500 employees in more than 40 countries.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY,
United Kingdom
Phone: +44-20-7717-4444
Fax: +44-20-7717-4455
Web site: http://www.corusgroup.com
D & W NIMMO: Creditors Meeting Set Next Week
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF D & W Nimmo Limited
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a Meeting of Creditors of Nimmo Limited will be
held on March 2, 2005, at 12:00 noon, within the offices of PKF,
Accountants and business advisors, 78 Carlton Place, Glasgow G5
9TH, for the purposes mentioned in sections 99 to 101 of the
said Act.
A list of the company's creditors will be available for
inspection within the offices of PKF, Accountants and business
advisors, 78 Carlton Place, Glasgow G5 9TH, two business days
prior to the meeting.
By Order of the Board.
R. R. Nimmo, Director
February 2, 2005
CONTACT: PKF
78 Carlton Place
Glasgow G5 9TH
Phone: 0141 4295900
Fax: 0141 4295901
E-mail: info.glasgow@uk.pkf.com
Web site: http://www.pkf.co.uk
DYNAMIC BUILDING: In Administrative Receivership
------------------------------------------------
Dynamic Commercial Finance Plc called in Andrew Andronikou and
Ladislav Hornan (Office Holder Nos 1253, 2059) joint
administrative receivers for Dynamic Building Services Limited
(Reg No 04070827). The application was filed Feb. 9, 2005. The
company is into general construction and civil engineering.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street, London EC2Y 5DH
Phone: 020 7216 4600
Fax: 020 7638 2159
Web site: http://www.uhy-uk.com
FOOD BOARD: Sets Meeting of Unsecured Creditors Next Week
---------------------------------------------------------
Name of companies:
Food Board And Film (Converters) Plc
Gosheron Packaging Plc
Packaging For Food (Holdings) Limited
The unsecured creditors of these companies will meet on March 4,
2005 commencing at 10:00 a.m. and thereafter at 30-minute
intervals. It will be held at the offices of Tenon Recovery,
Arkwright House, Parsonage Gardens, Manchester M3 2LF.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Tenon Recovery, Arkwright House, Parsonage
Gardens, Manchester M3 2LF not later than 12:00 noon, March 3,
2005.
CONTACT: TENON RECOVERY
Arkwright House,
Parsonage Gardens,
Manchester M3 2LF
Phone: 0161 834 3313
Fax: 0161 827 8402
E-mail: manchester@tenongroup.com
Web site: http://www.tenongroup.com
H. HARTLEY: Liquidators from Baker Tilly Move in
------------------------------------------------
At the meeting of H. Hartley & Co. (Leeds) Limited, the
resolution to wind up the company was passed. Robert Henry
Barker and Tracey Elizabeth Callaghan of Baker Tilly, 2
Whitehall Quay, Leeds LS1 4HG have been appointed joint
liquidators of the company.
CONTACT: BAKER TILLY
2 Whitehall Quay, Leeds LS1 4HG
Phone: 0113 285 5000
Fax: 0113 285 5001
Web site: http://www.bakertilly.co.uk
HHG PLC: Restructuring Proposals Get Shareholders' Nod
------------------------------------------------------
HHG plc shareholders overwhelmingly approved Monday the
proposals concerning the Sale of Life Services, the Return of
Cash to shareholders and the Reduction of Investor Base.
Subject to obtaining other approvals detailed in the Circular,
including approval by the U.K. Financial Services Authority, the
Sale is expected to complete on 5 April 2005 and the company
name will change from HHG PLC to Henderson Group plc effective
from late April 2005.
Shareholders approved all six resolutions at an Extraordinary
General Meeting held in London, with a simultaneous broadcast to
Sydney. Three ordinary resolutions were passed on a show of
hands at the meeting and three special resolutions were decided
on a poll with over 98% of shareholders voting in favor.
HHG Chairman Sir Malcolm Bates said: "The Board is delighted
that shareholders have endorsed the Proposals, which were
unanimously recommended by the Board."
"We are particularly pleased with the shareholder vote as over
100,000 of our shareholders representing over 50% of the issued
share capital, voted either by proxy or at the meeting."
Once the Sale completes, the next steps will be the Court
hearings to approve the share cancellations in relation to the
Return of Cash and the Reduction of Investor Base. These
hearings are expected to take place on the 8 and 18 of April
2005 respectively. The Record Date for the Return of Cash and
Reduction of Investor Base is expected to be 15 April 2005 and
the payments to shareholders are expected to be issued by 29
April 2005.
HHG Chief Executive Roger Yates said: "We are pleased with the
level of shareholder support that we have received and look
forward to developing the Henderson Group."
He also thanked Sir Malcolm, who will retire on 28 February
2005, for his major contribution through the Demerger process
and over HHG's first 15 months as a listed company. "Sir
Malcolm leaves the company well positioned for the future and I
would like to thank him for his support and guidance
particularly over the past two years."
CONTACT: HHG PLC
Web site: http://www.hhg.com
Investor enquiries
Gail Williamson, HHG Director of Investor Relations
Phone: +44 20 7818 5310
E-mail: investor.relations@hhg.com
FINSBURY
Media enquiries
United Kingdom
Phone: +44 207251 3801
Roland Rudd/Julius Duncan
CANNINGS
Australia
Graham Canning
Phone: +61 2 9252 0622
INDUSTRY ONLINE: Liquidator to Give Update March 30
---------------------------------------------------
Name of companies:
Industry Online Limited (formerly Continental Shelf 85 Limited)
Powernet Media Systems Limited (formerly Continental Shelf 86
Limited)
Tradezone International Limited (formerly Just2clicks Zone
Limited and Pinco 1356 Limited)
Translinx Limited
Webfreight Limited
Wide Area Markets Limited
The general meeting of the members of these companies will be on
March 30, 2005 at 3:30 p.m. It will be held at KPMG, Quayside
House, Newcastle-upon-Tyne NE1 3DX.
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 KPMG, Quayside House, 110 Quayside, Newcastle-upon-Tyne NE1
3DX not later than 12:00 noon, March 29, 2005.
CONTACT: KPMG LLP
Quayside House
110 Quayside
Newcastle upon Tyne NE1 3DX
Phone: (0191) 401 3700
Fax: (0191) 401 3750
Or +44(0) 191 401 3713
Web site: http://www.kpmg.co.uk
JOHNSON RADLEY: Joint Administrators from Mazars Step in
--------------------------------------------------------
Paul Charlton and Timothy Askham (IP Nos 5838, 7905) have been
appointed joint administrators for Johnson Radley International
Limited. The appointment was made Feb. 11, 2005.
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
KOCH NORTH: Calls in Liquidator from Ernst & Young
--------------------------------------------------
At the extraordinary general meeting of Koch North Sea Limited
on Feb. 4, 2005 held at 4111 East 37th Street North, Wichita,
Kansas 67220, United States, the special resolution to wind up
the company was passed. Patrick Joseph Brazzill and Alan Lovett
of Ernst & Young LLP, 1 More London Place, London SE1 2AF have
been appointed joint liquidators of the company.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
LB STRUCTURES: Hires Administrators from Kroll
----------------------------------------------
Adrian Wolstenholme and Joanne Wright (IP Nos 8955, 9512) have
been appointed administrators for LB Structures Limited. The
appointment was made Feb. 14, 2005. The company is responsible
for the design, fabrication and erection of structural
steelwork.
CONTACT: KROLL BIRMINGHAM
Aspect Court
4 Temple Row
Birmingham B2 5HG
United Kingdom
Phone: 44 (0) 121 212 4999
Fax: 44 (0) 121 212 4944
Web site: http://www.krollworldwide.com
LEARNING PARTNERSHIP: Liquidator's Final Report Due March 21
------------------------------------------------------------
The final meeting of Learning Partnership West Gloucestershire
Limited will be on March 21, 2005 at 10:00 a.m. It will be held
at the offices of Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT.
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.
CONTACT: HAZLEWOODS
Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT
Phone: +44 (0) 1452 634800
Fax: +44 (0) 1452 371900
Web site: http://www.hazlewoods.co.uk
LETHAM GRANGE: Taiwanese Buyer Loses Ownership Battle
-----------------------------------------------------
The Court of Session dismissed the claims made by Taiwanese
businessman Dong Guang Liu that Letham Grange Country Club and
Resort owes him money, The Herald reports.
Mr. Liu and the liquidator of holding company Letham Grange
Development Company, which went into liquidation in February
2003, are fighting over the custody of the hotel. Matt
Henderson of Grant Thornton won the right to the hotel in April
2004 after it emerged it has been sold at a knockdown price of
GBP248,100 to J Michael Colby, who purportedly headed a Canadian
firm called Nova Scotia. Mr. Colby and Mr. Liu turned out to be
one person. The property's price when Mr. Liu acquired it in
1994 was GBP2.1 million.
In the course of the legal battle, Mr. Liu submitted proof Nova
Scotia had assumed GBP1.9 million of Letham's debt due to Mr.
Liu's family. On Friday, the judges declared this argument
"neither genuine nor authentic."
CONTACT: Letham Grange Golf Club
Letham Grange, Colliston,
by Arbroath, Angus DD11 4RL
Phone: +44 (0)1241 890377
Fax : +44 (0)1241 890725
Web site: http://www.letham-grange.co.uk
MAJOR LIFT: HSBC Bank Appoints Leonard Curtis & Co. Receiver
------------------------------------------------------------
HSBC Bank plc called in N. A. Bennett and K. D. Goodman (Office
Holder Nos 9083, 2407) joint administrative receivers for Major
Lift Services Limited (Reg No 01942032, Trade Classification:
07). The application was filed Feb. 14, 2005. The company is
into engineering and allied industries.
CONTACT: LEONARD CURTIS & CO
One Great Cumberland Place,
Marble Arch, London W1H 7LW
Phone: 020 7535 7000
Fax: 020 7723 6059
E-mail: solutions@leonardcurtis.co.uk
Web site: http://www.leonardcurtis.co.uk
MEDIXMUSIC LIMITED: Hires Crawfords as Liquidator
-------------------------------------------------
At the extraordinary general meeting of Medixmusic Limited on
Feb. 3, 2005 held at Thorn Tree Farm, Brighouse, Denholme Road,
Northowram, Halifax HX3 7TF, the special, ordinary and
extraordinary resolutions to wind up the company were passed.
David Norman Kaye of Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB has been appointed liquidator of the
company.
CONTACT: CRAWFORDS
Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB
MEKANAG (UK): Members Final Meeting Set March
---------------------------------------------
The final meeting of the members of Mekanag (UK) Limited will be
on March 22, 2005 at 10:00 a.m. It will be held at Robert Day
and Company, Garfield, Church Lane, Oving, Aylesbury,
Buckinghamshire HP22 4HL.
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 Robert Day and Company, Garfield, Church Lane, Oving,
Aylesbury, Buckinghamshire HP22 4HL not later than 12:00 noon,
March 21, 2005.
CONTACT: ROBERT DAY AND COMPANY
Garfield, Church Lane, Oving,
Aylesbury, Buckinghamshire HP22 4HL
MICHAEL TRUSS: Calls First Creditors Meeting
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Michael Truss Road Transport Limited
(In Liquidation)
I, Fraser J Gray, of Kroll Limited, Afton House, 26 West Nile
Street, Glasgow G1 2PF, hereby give notice that I was appointed
Interim Liquidator of Michael Truss Road Transport Limited on
January 20, 2005, by Interlocutor of the Sheriff at Greenock.
Notice is hereby given, pursuant to section 138 of the
Insolvency Act 1986, that the First Meeting of Creditors of the
above Company will be held within Afton House, 26 West Nile
Street, Glasgow G1 2PF, on March 2, 2005, at 3:00 p.m. for the
purpose of choosing a Liquidator and determining whether to
establish a Liquidation Committee. A Resolution at the Meeting
will be passed if a majority of those voting have voted in favor
of it.
A Creditor will be entitled to vote at the Meeting only if a
claim has been lodged with me at the Meeting or before the
Meeting at my office and it has been accepted for voting
purposes in whole or in part. For the purpose of formulating
claims, Creditors should note that the date of commencement of
the Liquidation is December 9, 2004. Proxies may also be lodged
with me at the Meeting or before the Meeting at my office.
Fraser J. Gray, Interim Liquidator
February 3, 2005
CONTACT: KROLL GLASGOW
Afton House
26 West Nile Street
Glasgow G1 2PF
Phone: 44 (0) 141 248 1250
Fax: 44 (0) 141 248 1262
Web site: http://www.krollworldwide.com
MVL POCKET: Members Meeting Set Mid-March
-----------------------------------------
The meeting of the members of MVL Pocket Ltd. will be on March
17, 2005 at 10:00 a.m. It will be held at Tomlinsons, St Johns
Court, 72 Gartside Street, Manchester M3 3EL.
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.
CONTACT: TOMLINSONS
St John's Court,
72 Gartside Street, Manchester M3 3EL
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
POLYMER ENGINEERING: Names Baker Tilly Administrator
----------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn (IP Nos 008931,
005761) have been appointed joint administrators for Polymer
Engineering Limited. The appointment was made Feb. 10, 2005.
The company manufactures plastic products. Its registered
office is located at Baker Tilly, Brazennose House, Lincoln
Square, Manchester M2 5BL.
CONTACT: BAKER TILLY
Brazennose House,
Lincoln Square,
Manchester M2 5BL
Phone: 0161 834 5777
Fax: 0161 835 3242
Web site: http://www.bakertilly.co.uk
PROBUS ESTATES: Major Creditor Remains Unpaid
---------------------------------------------
Probus Estates plc continues to complain of "extremely
difficult" financial position. It warned of potential collapse
should a major creditor demand immediate payment of debt, AFX
reports.
The firm admitted in September last year it was in default to
Uni-Invest Holdings B.V. This week the company said it still
has no cash to pay. The statement was made in response to the
recent high level of volatility in its share price. It was not
mentioned how much it owed Uni-Invest.
In its interim results for the six months ended June 30, 2004,
Probus reported turnover of EUR5.6 million (2003: EUR8.2
million). Operating profit was EUR1.1 million (2003: EUR3.9
million) and overall group loss after tax was EUR10.6 million
(2003:EUR7.8 million), largely due to the loss of its Casino,
which was sold in April 2004.
Latest financial statements are available free of charge at
http://bankrupt.com/misc/Probus_2004.htm
R K TEXTILES: Winding-up Report Out Second Week of March
--------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF R K Textiles (Scotland) Limited
(In Liquidation)
Notice is hereby given, pursuant to section 94 of the Insolvency
Act 1986, that a General Meeting of the Members of R K Textiles
(Scotland) Limited will be held within the offices of BDO Stoy
Hayward, Chartered Accountants, Ballantine House, 168 West
George Street, Glasgow G2 2PT, on March 9, 2005, 11:00 a.m. for
the purpose of having an Account laid before them showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of and of hearing any
explanation that may be given by the Liquidator.
D. J. Hill, CA, Liquidator
February 2, 2005
CONTACT: BDO STOY HAYWARD
Ballantine House
168 West George Street
Glasgow, G2 2PT
Phone: 0141 248 3761
Fax: 0141 332 5467
E-mail: glasgow@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
SEALED UNIT: Names Kingston Smith and Partners Administrator
------------------------------------------------------------
Nicholas John Miller and Ian Robert (IP Nos 007899, 008706) have
been appointed joint administrators for double-glazing company
Sealed Unit Centre Limited. The appointment was made Feb. 9,
2005.
CONTACT: KINGSTON SMITH AND PARTNERS LLP
Devonshire House, 60 Goswell Road,
London EC1M 7AD
Phone: 020 7566 4000
Fax: 020 7566 4010
Web site: http://www.kingstonsmith.co.uk
SHIELDRIDGE LIMITED: Appoints Kroll Liquidator
----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Shieldridge Limited
(In Liquidation)
I, F. J. Gray, hereby give notice pursuant to Rule 4.19 of the
Insolvency (Scotland) Rules 1986 that I was appointed Liquidator
of Shieldridge Limited, by Resolution of the First Meeting of
Creditors held on January 11, 2005.
A Liquidation Committee was not formed. I do not intend to
summon another Meeting to establish a Liquidation Committee
unless requested to do so by one-tenth, in value, of the
Company's Creditors.
F. J. Gray, Liquidator
February 1, 2005
CONTACT: KROLL GLASGOW
Afton House
26 West Nile Street
Glasgow G1 2PF
Phone: 44 (0) 141 248 1250
Fax: 44 (0) 141 248 1262
Web site: http://www.krollworldwide.com
SPECIALIST OPTICAL: Hires Joint Administrators from Tait Walker
---------------------------------------------------------------
Gordon S. Goldie and Allan David Kelly (IP Nos 5799, 9156) have
been appointed joint administrators for Specialist Optical
Services Limited. The appointment was made Feb. 8, 2005. The
company manufactures optical instruments.
CONTACT: TAIT WALKER
Bulman House,
Regent Centre, Gosforth,
Newcastle upon Tyne NE3 3LS
Phone: 0191 285 0321
Fax: 0191 284 9117
E-mail: advice@taitwalker.co.uk
Web site: http://www.taitwalker.co.uk
ST. IVES: Shutting down Wales Printing House
--------------------------------------------
Publishing house St. Ives plans to close one of its magazine
factories in Wales due to difficult trading conditions,
according to The Telegraph.
The firm is in consultation with employees and still has no date
for the closure of its operation in Caerphilly south Wales. The
transfer of work to other operations will affect about 210
employees. The company announced the closure as it warned of
lower than expected profits for the full year. St. Ives said
profits before goodwill and exceptionals for the full year were
unlikely to be higher than last year's GBP39.7 million.
Analysts had expected GBP44 million.
The magazine arm prints such famous titles as Vogue and Woman &
Home, Investors Chronicle and House & Garden. St. Ives printed
the Harry Potter books and Hilary Clinton's biography. It
supplies leading trade publishing houses in U.K.
CONTACT: ST. IVES PLC
St Ives House
Lavington Street
London SE1 0NX
UK
Phone: + 44 (0) 20 7928 8844
Web site: http://www.st-ives.co.uk/
STODDARD INTERNATIONAL: Axes 179 More Workers
---------------------------------------------
Receivers of Stoddard International on Monday cut a further 179
jobs at the Scottish carpet maker in their attempt to keep it
afloat. They have been looking for a buyer since the company
went into receivership early in January, but none has stepped
forward.
In January, receivers Tom Burton and Colin Dempster from Ernst &
Young sent 266 packing, retaining only 90 employees for two
weeks. They warned them that even if a buyer is found, the
future of the firm's pension scheme remains uncertain. The
1,750-membered fund closed to new entrants last year with a
deficit of GBP35 million. Stoddard has GBP9 million in debt.
CONTACT: ERNST & YOUNG LLP
George House
50 George Square
Glasgow G2 1RR
Phone: +44 [0] 141 626 5000
Fax: +44 [0] 141 626 5001
Web site: http://www.ey.com
TECHNIQUE LABELS: Calls in Administrator from S. F. Plant & Co.
---------------------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) have
been appointed joint administrators for Technique Labels
Limited. The appointment was made Feb. 11, 2005. It
manufactures labels. Its registered office is located at
Lutomer House, 100 Prestons Road, London E14 9SB.
CONTACT: S. F. PLANT & CO.
Lutomer House,
100 Prestons Road,
London E14 9SB
WINNINGTON COMBINED: Hires Liquidator to Wind up Firm
-----------------------------------------------------
At the extraordinary general meeting of Winnington Combined Heat
And Power Limited on Jan. 27, 2005, the special and ordinary
resolutions to wind up the company were passed. Blair Carnegie
Nimmo of Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EG has
been appointed liquidator of the company.
*********
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-
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
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Copyright 2005. All rights reserved. ISSN 1529-2754.
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