/raid1/www/Hosts/bankrupt/TCREUR_Public/050301.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
Tuesday, March 1, 2005, Vol. 6, No. 42
Headlines
C Y P R U S
C.C.C. TOURIST: Full-year Net Loss Down 90%
G E R M A N Y
ATTRAKTION MANAGEMENT: Provisional Administrator Takes over Helm
BAHRE BEDACHUNGEN: Administrator's Report Out April
CEBU INTERNATIONAL: Hannover Court to Review Claims April
CTA ALVERMANN: Claims Filing Period Expires Mid-March
ELEKTROANLAGEN SASS: Creditors Meeting Set Last Week of April
FALKO DRECHSLER: Hamburg Court Stays All Pending Lawsuits
HUGH MACKAY: Gives Creditors Until Next Week to File Claims
INTERNATIONALE SPEDITION: Claims Verification Set Mid-April
SIESE & SCHARNHORST: Succumbs to Bankruptcy
THIEMANN STRASSENBAU: Court Appoints Interim Administrator
H U N G A R Y
STYL RUHAGYAR: Fires Additional 450 Workers
K A Z A K H S T A N
TEMIRBANK: Short-term Rating Affirmed at 'B'; Outlook Stable
L U X E M B O U R G
CAESAR FINANCE: Class B Notes Affirmed at 'B+'
STOLT-NIELSEN: Plans to Redeem US$295.4 Mln Senior Notes
N E T H E R L A N D S
HEAD N.V.: Ratings Lowered to 'B' on Declining Profitability
HEAD N.V.: 2004 Revenues, Operating Profit Slightly Up
N O R W A Y
PETROLEUM GEO-SERVICES: Cuts Full-year Net Loss to US$49.3 Mln
R U S S I A
AGRICULTURAL CHEMICAL: Cedes Control to Insolvency Manager
AGRO-OIL: Applies for Bankruptcy Proceedings
BLAGOVESHENSKIY BAKERY: Claims Filing Period Expires Today
ELEVATOR: Last Day for Filing Claims March 29
FACTORY BEZHETSK-SEL-MASH: Sets Public Auction Next Week
KALUZHSKIY HOMEBUILDING: Creditors Claims Due Saturday
MUSLYUMOVSKOYE BREAD: Court Appoints Insolvency Manager
RAZREZ TAL-YURYAKH: Proofs of Claim Deadline Expires Today
TORBEEVSKOYE: Declared Insolvent
VOLGA-BYT-PROM: Enlisting for Auction Ends Today
S L O V A K R E P U B L I C
SLOVENSKE ELEKTRARNE: Fitch Hails Privatization; Mulls Upgrade
T U R K E Y
PETROL OFISI: Outlook Changed to Positive on Improved Cash flow
U K R A I N E
AGRARNIK: Zhitomir Court Appoints Insolvency Manager
DRUZHBA: Names Dmitro Litsoyev Insolvency Manager
HARKIV' ENERGO-REPAIR: Under Bankruptcy Supervision
KUPYANSK' CAST: Declared Insolvent
LEGAS-HARKIV: Succumbs to Bankruptcy
STAROKOSTYANTINIV' SUGAR: Insolvency Manager Steps in
TALISMAN: Kirovograd Court Names G. Bilodid Insolvency Manager
UKRAINIAN SCIENTIFIC-EXPLORATORY: Under Bankruptcy Supervision
UNIVERSAL: Urges Creditors to File Claims as soon as Possible
U N I T E D K I N G D O M
ABBEY NATIONAL: Back in Black, Says CEO
ABBEY NATIONAL: Names New Board Appointees
ACCLAIM ENTERTAINMENT: Sells Two Console Games to F4G Software
ALLDERS CARD: In Administrative Receivership
BAE SYSTEMS: Completes Transfer of SAAB Shares
BASIL INVESTMENTS: Appoints Liquidator from KPMG
BEAMCAM LIMITED: Succumbs Liquidation
BOX CLEVER: Creditors to Meet Mid-March
COLLINGWOOD BARHAM: Liquidators' Report Due Later this Month
COLT TELECOM: Deploys Huawei Technology Across Europe
CORUS GROUP: New EUR800 Mln Senior Secured Facility Rated 'BB-'
D-FINE: Calls in Receivers from Begbies Traynor
DHD GROUP: Travel Agency Succumbs to Liquidation
GRANGE COMPUTER: No more cash for Creditors, Says Liquidator
HHG NEW: Calls in Liquidators from KPMG
KLAUS-KOBEC: Falls into Administration
LINKFAYRE LIMITED: Former Director Banned for 13 Years
NEWSTYLE WINDOWS: Regulator Disqualifies Director
NH COMPUTER: Insolvency Service Bans Former Director
NPI ANNUITIES: Files for Liquidation
NTL INCORPORATED: Sets Results Conference Call March 15
ONE STOP: Creditors Meeting this Week
PHONETICS (U.K.): Creditors to Meet Today
RSMC LIMITED: Liquidator's Report Out April
SOUTH WEST: Director Banned from Occupying Management Post
STRIKEBACK LIMITED: Members, Creditors Meeting April
TOUCHE REMNANT: Members Call in Liquidator
UNIGREG LIMITED: Directors Get Eight-year Ban
WIGGY'S WORLD: Liquidator to Deliver Report this Month
* Large Companies with Insolvent Balance Sheets
*********
===========
C Y P R U S
===========
C.C.C. TOURIST: Full-year Net Loss Down 90%
-------------------------------------------
2004 2003
CYP 000 CYP 000
Net Loss for the year
after taxation (167) (1,704)
The Board of Directors of the Company approved the indicative
financial results for the year ended December 31, 2004 at a
meeting held on February 24, 2005.
The above results include the results of the Company's wholly
owned subsidiary L' Union Nationale (Tourism & Sea Resorts)
Ltd., which owns Le Meridien Limassol Spa & Resort. The Group's
turnover was CYP9,919,000 compared to CYP6,930,000 in 2003.
The net loss for the year amounted to CYP167,000, compared to
net loss of CYP1,704,000 in 2003.
The operational results of the year (profit CYP26,000) have
substantially improved compared to those of the previous year,
(loss CYP1,600,000) due to higher occupancies and because last
year's results were adversely affected by extensive construction
works.
Based on the feedback we receive from our business associates
abroad, the Group's results from operations for the year 2005
are expected to be much better than those of 2004. The
indicative consolidated financial results for the year ended
December 31, 2004 and the explanatory notes will be published on
Monday February 28, 2005, in the daily newspaper Phileleftheros.
Copies of the indicative consolidated financial results for the
year ended December 31, 2004 and the explanatory notes can be
obtained, free of charge, at the company's registered office at
197 Makarios III Avenue, 3030 Limassol.
CONTACT: C.C.C. TOURIST ENTERPRISES LTD.
197 Makarios III Avenue
3030 Limassol, Limassol
Phone: 25891000
Fax: 25343211
E-mail: ccc@cytanet.com.cy
Web site: http://www.ccctourist.com
=============
G E R M A N Y
=============
ATTRAKTION MANAGEMENT: Provisional Administrator Takes over Helm
----------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Attraktion Management Regenwaldhaus GmbH on Feb. 1,
2005. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until March 30,
2005 to register their claims with court-appointed provisional
administrator Helge Wachsmuth.
Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 2:00 p.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: ATTRAKTION MANAGEMENT REGENWALDHAUS GMBH
Winterhuder Marktplatz 7
22299 Hamburg
Contact:
Carl-Otto Wenzel, Manager
Helge Wachsmuth, Insolvency Manager
Alexanderstr. 2
30159 Hannover
Phone: 0511/325095
Fax: 0511/329934
BAHRE BEDACHUNGEN: Administrator's Report Out April
---------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Bahre Bedachungen GmbH on Feb. 1, 2005. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until March 21, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jur Rainer Eckert.
Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 8:00 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: BAHRE BEDACHUNGEN GMBH
Lister Kirchweg 24
30163 Hannover
Contact:
Matthias Bahre, Manager
Dr. Jur Rainer Eckert, Insolvency Manager
Lister Strasse 18
30163 Hannover
Phone: 0511/626287-0
Fax: 0511/626287-10
CEBU INTERNATIONAL: Hannover Court to Review Claims April
---------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against CEBU International GmbH & Co. KG on Feb. 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until March 22, 2005
to register their claims with court-appointed provisional
administrator Jens Wilhelm V.
Creditors and other interested parties are encouraged to attend
the meeting on April 19, 2005, 10:10 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: CEBU INTERNATIONAL GMBH & CO. KG
Dohrbruch 24
30559 Hannover
Contact:
Frank R. Cebu, Manager
Jens Wilhelm V, Insolvency Manager
Oskar-Winter-Str. 8
30161 Hannover
Phone: 0511/696846-0
Fax: 0511/696846-79
CTA ALVERMANN: Claims Filing Period Expires Mid-March
-----------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against CTA J. Alvermann GmbH on Feb. 1, 2005. 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 Ralph Bunning.
Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 12:30 p.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: CTA J. ALVERMANN GMBH
Luneburger Str. 10
30880 Laatzen
Contact:
Jurgen Alvermann, Manager
Ralph Bunning, Insolvency Manager
Karl-Wiechert-Allee 1c
30625 Hannover
Phone: 0511/554706-0
Fax: 0511/554706-99
ELEKTROANLAGEN SASS: Creditors Meeting Set Last Week of April
-------------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Elektroanlagen Sass GmbH on Feb. 1, 2005. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until March 23, 2005 to
register their claims with court-appointed provisional
administrator Christopher Seagon.
Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:00 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: ELEKTROANLAGEN SASS GMBH
Abbestr. 17
30519 Hannover
Contact:
Alfred Sass, Manager
Christopher Seagon, Insolvency Manager
Bernwardstrasse 11
31134 Hildesheim
Phone: 05121/74974-0
Fax: 05121/74974-17
FALKO DRECHSLER: Hamburg Court Stays All Pending Lawsuits
---------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Falko Drechsler Gastronomie Consulting GmbH on Jan. 31,
2005. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until March 23,
2005 to register their claims with court-appointed provisional
administrator Ingmar Jarchow.
Creditors and other interested parties are encouraged to attend
the meeting on April 20, 2005, 9:30 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: FALKO DRECHSLER GASTRONOMIE CONSULTING GMBH
Friedhofsweg 15
22337 Hamburg
Falko Drechsler, Manager
Nolkensweg 4
22307 Hamburg
Ingmar Jarchow, Insolvency Manager
Colonnaden 21
20354 Hamburg
Phone: 3501690
Fax 35016915
HUGH MACKAY: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Hugh Mackay and Co. GmbH on Jan. 28, 2005.
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 Stefan Hinrichs.
Creditors and other interested parties are encouraged to attend
the meeting on April 11, 2005, 10:40 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: HUGH MACKAY AND CO. GMBH
Willhoop 1
22453 Hamburg
Wolfgang Refeld, Manager
Konig-Heinrich-Weg 204b
22455 Hamburg
Stefan Hinrichs, Insolvency Manager
Osterbekstrasse 90 a
22083 Hamburg
Phone: 040/41004040
Fax 040/41004059
INTERNATIONALE SPEDITION: Claims Verification Set Mid-April
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against I.S.L. Internationale Spedition D. Lange GmbH on Feb. 1,
2005. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until March 18,
2005 to register their claims with court-appointed provisional
administrator Dr. Jorn-H. Meyn.
Creditors and other interested parties are encouraged to attend
the meeting on April 15, 2005, 9:35 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: I.S.L. INTERNATIONALE SPEDITION D. LANGE GMBH
Halskestrasse 561
22113 Hamburg
Contact:
Dieter Lange, Manager
Dr. Jorn-H. Meyn, Insolvency Manager
Herrengraben 31
20459 Hamburg
Phone: 36805600
Fax 36805368
SIESE & SCHARNHORST: Succumbs to Bankruptcy
-------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Siese & Scharnhorst GbR on Feb. 1, 2005. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until March 23, 2005 to
register their claims with court-appointed provisional
administrator Gerhard Wilhelm IV.
Creditors and other interested parties are encouraged to attend
the meeting on April 27, 2005, 9:10 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: SIESE & SCHARNHORST GBR
Magdeburger Str. 9a
30880 Laatzen
Contact:
Christa Siese, Manager
Gerhard Wilhelm IV, Insolvency Manager
Oskar-Winter-Str. 8
30161 Hannover
Phone: 0511/696846-0
Fax: 0511/696846-79
THIEMANN STRASSENBAU: Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Thiemann Strassenbau GmbH on Feb. 1, 2005.
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 Helge Wachsmuth.
Creditors and other interested parties are encouraged to attend
the meeting on April 12, 2005, 9:40 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover
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: THIEMANN STRASSENBAU GMBH
Kreisstr. 17
30629 Hannover
Contact:
Karla Thiemann, Manager
Helge Wachsmuth, Insolvency Manager
Alexanderstr. 2
30159 Hannover
Phone: 0511/325095
Fax: 0511/329934
=============
H U N G A R Y
=============
STYL RUHAGYAR: Fires Additional 450 Workers
-------------------------------------------
After cutting down 250 jobs last year, Styl Ruhagyar will axe
another 450 this June, just-style reports.
Despite revenues of HUF3.5 million last year, the clothing
manufacturer expects a loss of HUF300 million in 2004. Just
last month, two creditors of the company filed claims against
the company.
===================
K A Z A K H S T A N
===================
TEMIRBANK: Short-term Rating Affirmed at 'B'; Outlook Stable
------------------------------------------------------------
Fitch Ratings on Friday affirmed Kazakhstan-based Temirbank's
(Temir) ratings at Long-term 'B', Short-term 'B', Individual
'D', and Support '5'. The Outlook is Stable.
Temir's Long-term, Short-term and Individual ratings reflect its
high-risk operating environment, low level of profitability,
small, albeit growing, franchise, and the high degree of
concentration in the loan portfolio. However, the ratings also
recognize the bank's currently adequate capitalization and the
reasonable level of internal controls and, to date, asset
quality.
Temir's growth decelerated in 2002 and remained low in 2003, due
primarily to disruption caused by changes in ownership and
management and the loss of business with the Astana Group, the
previous majority shareholder. However, business picked up in
H104, due both to the attraction of new corporate customers and
increased retail activity.
Performance is weak, with return on equity only just above the
rate of inflation in 2003 and H104. Recurring revenue
generation has been reasonable, but profitability has been
affected by the bank's high cost income ratio and, in particular
in H104, significant loan loss provision charges.
The customer loan book increased by a rapid 30% in H104 due to
greater lending to corporates and individuals, the latter mostly
through mortgage loans. The loan portfolio remains concentrated
by customer, although the share of loans to the ten largest
borrowers declined to 26% at end-H104 (end-2002: 39%). Asset
quality is good, with actual loan losses, apart from those
relating to the Astana Group, in the past three years being
minimal.
A significant amount of funding (50%) is sourced from short-term
accounts, which are concentrated and can be volatile. However,
the bank maintained a positive cumulative liquidity gap up to
three months at end-H104.
Capital adequacy is sound, with total capital ratio of 17.6% at
end-H104. However, this ratio should be considered in the light
of the low loan loss reserve ratio and the concentrated loan
book. The planned contribution of US$50 million (Tier 1: 160%
of end-H104) of new equity in 2005 would further strengthen
capital and create additional growth potential.
Temir is one of the ten largest banks in Kazakhstan by assets.
However, in a banking sector dominated by three banks, it held a
small 1% of the system's assets at end-H104.
CONTACT: FITCH RATINGS
Alexei Kechko, Moscow
Phone: +7 095 956 9901
Contact:
James Watson
Phone: +7 095 956 9901
TEMIRBANK
68/74, Abay Ave.,
Almaty, 480008
Phone: +7 (3272) 587888
+7 (3272) 507755
Fax: +7 (3272) 506241
Telex: 251855 TEMIR
E-mail: pravlenie@temirbank.kz
Web site: http://www.temirbank.kz/en
===================
L U X E M B O U R G
===================
CAESAR FINANCE: Class B Notes Affirmed at 'B+'
----------------------------------------------
Fitch Ratings affirmed the ratings of Caesar Finance 2000 S.A.'s
two Classes of notes), following a satisfactory performance
review.
Class A (ISIN XS0112001762): 'AAA'; and
Class B (ISIN XS0112001929): 'B+'.
In May 2000, Caesar Finance 2000 S.A., a special purpose vehicle
with limited liability incorporated under the laws of
Luxembourg, acquired a EUR500 million portfolio of debt
securities originated by Banca di Roma. These acquisitions were
financed by issuing EUR500 million worth of floating-rate notes.
The portfolio contains primarily Italian corporate exposure, as
well as some U.S. and other European corporates and financial
institutions. The transaction has a final maturity date in
March 2010.
To date three assets in the portfolio, Cirio Finance and two
Parmalat Finance Corporation bonds, have defaulted. No further
defaults have occurred since the last rating action in January
2004. The portfolio has continued to amortize, increasing the
relative subordination of the Class A and B notes. The three
lowest-rated assets have maturity dates during 2005 and
represent 21% of the remaining portfolio. The repayment of
these assets is key to the ratings assigned to the notes.
Deal information and historical performance data for this
transaction are available at http://www.fitchratings.com.
CONTACT: FITCH RATINGS
Shaun Baddeley, London
Phone: +44 (0)20 7 417 4396
Andrew Higham
Phone: +44 (0)20 7417 6326
Media Relations:
Julian Dennison, London
Phone: +44 20 7862 4080
STOLT-NIELSEN: Plans to Redeem US$295.4 Mln Senior Notes
--------------------------------------------------------
Stolt-Nielsen S.A. on Monday announced that it has determined to
exercise its right pursuant to the note agreements governing the
Company's senior notes to redeem all US$295.4 million aggregate
outstanding principal amount of senior notes. The Company's
senior notes will be redeemed at the respective redemption
prices set forth in each of the note agreements. The Company
expects to complete the redemption within its second fiscal
quarter. Following completion of this redemption, the Company
will seek to refinance other debt, which it anticipates will
further lower its financing costs.
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (NASDAQNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids. Stolt-Nielsen S.A., through its parcel
tanker, tank container, terminal, rail and barge services,
provides integrated transportation for its customers. Stolt Sea
Farm, wholly owned by Stolt-Nielsen S.A., produces and markets
high quality Atlantic salmon, salmon trout, turbot, halibut,
sturgeon, caviar, bluefin tuna, and tilapia. (http://www.stolt-
nielsen.com).
CONTACT: STOLT-NIELSEN S.A.
Richard M. Lemanski
U.S.
Phone: 1 203 625 3604
E-mail: rlemanski@stolt.com
Valerie Lyon
U.K.
Phone: 44 20 7611 8904
E-mail: vlyon@stolt.com
=====================
N E T H E R L A N D S
=====================
HEAD N.V.: Ratings Lowered to 'B' on Declining Profitability
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on The Netherlands-based sports
equipment manufacturer Head N.V. to 'B' from 'B+', reflecting
lower-than-expected profitability in the fourth quarter of 2004
and weak prospects for 2005. At the same time, the senior
unsecured rating on bonds issued by Head's subsidiary HTM Sport
und Freizeitgeraete AG and guaranteed by Head was lowered to 'B-
'from 'B'. The outlook is negative.
"The rating actions reflect Head's weaker-than-expected results
in fourth-quarter 2004, during which operating income before
restructuring costs declined by 35% on the same period of 2003,"
said Standard & Poor's credit analyst Olli Rouhiainen.
This large reduction in fourth-quarter profitability has
weakened the group's financial profile, with lease-adjusted
total debt to EBITDA (before restructuring costs) increasing to
8.0x in 2004, from 6.3x in 2003.
Previously, the company was expected to maintain lease-adjusted
total debt to EBITDA of about 6.5x. Furthermore, Head has
stated that it anticipates operating results will weaken in
2005. Standard & Poor's therefore expects only minimal
improvement in financial ratios in the coming year.
The unexpectedly high drop in Head's fourth-quarter
profitability was due to a weak operating environment,
especially in tennis and winter sports equipment in Japan,
increases in litigation costs to protect trademarks, and to the
weakening of the U.S. dollar against the euro.
"A further downgrade is possible if the company's profitability
continues to deteriorate in 2005," added Mr. Rouhiainen.
"Furthermore, the ratings on Head could be lowered if the
company's liquidity position weakens, for example, through
continuing negative cash flows."
The outlook could be revised to stable if Head manages to
improve both profitability and cash flows to meet lease-adjusted
total debt to EBITDA of 7x and funds from operations to total
debt of more than 10%.
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:
media_europe@standardandpoors.com.
CONTACT: HEAD N.V.
Clare Vincent, Investor Relations
Phone: +44 207 499 7800
Fax: +44 207 629 4399
E-mail: htmcv@aol.com
Ralf Bernhart, Chief Financial Officer
Phone: +43 1 70 179 354
Fax: +43 1 707 8940
Web site: http://www.head.com
HEAD N.V.: 2004 Revenues, Operating Profit Slightly Up
------------------------------------------------------
Head N.V. (NYSE: HED; VSX: HEAD), a leading global manufacturer
and marketer of sports equipment, announced the following
unaudited results on Feb. 24, 2005.
For the three months ended Dec. 31, 2004 compared to the three
months ended Dec. 31, 2003:
(a) Net revenues increased by 10% to US$177.9 million;
(b) Operating profit before restructuring costs decreased by
US$6.2 million to US$11.8 million; and
(c) Operating profit after restructuring costs increased by
US$0.6 million to US$11.1 million;
For the twelve months ended Dec. 31, 2004 compared to the twelve
months ended Dec. 31, 2003:
(a) Net revenues increased by 11% to US$479.1 million;
(b) Substantial sales growth in Winter Sports division;
(c) Operating profit before restructuring costs and gain on sale
of property increased by US$3.1 million to US$11.7 million;
(d) Operating profit after restructuring costs and gain on sale
of property increased by US$14.8 million to US$15.0 million;
and
(e) Market share increases through innovative products in both
Winter and Racquet Sports.
Johan Eliasch, Chairman and CEO, commented: "The final quarter
of the year 2004 proved to be a mixed bag for the group. As
anticipated the momentum experienced in the nine months to
September trailed off, especially in the Racquet Sports division
where tough market conditions, particularly for balls, resulted
in declining sales. In the Winter Sports division however,
sales improved in the final quarter of the year versus 2003.
This was due in part to higher volumes but also due to the
continued strengthening of the euro against the U.S. dollar.
"Our restructuring program continues, in 2004 we finalized the
shut down of the US diving warehouse, the closure of our Irish
tennis ball facility and the move of our manufacturing
operations in Estonia to the Czech Republic. The positive
effects of these measures are impacting our results, but we
recognize that in part, they will also be offset by substantial
raw material price increases and pricing pressures in the
market. We plan to continue to identify and implement cost
savings initiatives in order to compete effectively.
"Our outlook remains cautious and we believe that it will be
difficult to match the 2004 operating results in 2005, although
our net income should improve."
Revenues
For the Three Months For the Twelve Months
Ended December 31 Ended December 31
2003 2004 2003 2004
(in thousands)
Product category:
Winter Sports US$106,343 US$124,920 US$188,768 US$223,211
Racquet Sports 37,612 32,507 166,417 168,037
Diving 14,939 16,846 66,322 75,453
Licensing 2,948 3,225 9,702 11,059
Other 409 386 1,394 1,326
Total Revenues US$162,251 US$177,884 US$432,602 US$479,085
Winter Sports
Winter Sports revenues for the three months ended December 31,
2004 increased by US$18.6 million, or 17.5%, to US$124.9 million
from US$106.3 million in the comparable period in 2003. For the
twelve months ended December 31, 2004 Winter Sports revenues
increased by US$34.4 million, or 18.2%, to US$223.2 million from
US$188.8 million in 2003. This increase was due to the
strengthening of the euro against the U.S. dollar, higher sales
volumes for bindings, skis and snowboard equipment and higher
sales volumes and prices for our ski boots.
Racquet Sports
Racquet Sports revenues for the three months ended December 31,
2004 decreased by US$5.1 million, or 13.6%, to US$32.5 million
from US$37.6 million in the comparable 2003 period. For the
twelve months ended December 31, 2004 Racquet Sports revenues
increased by US$1.6 million, or 1.0%, to US$168.0 million from
US$166.4 million in 2003. This increase resulted mainly from
the strengthening of the euro against the U.S. dollar. Although
sales of our racquets remained stable we faced a decrease in
sales volumes and prices for our balls.
Diving
Diving product revenues for the three months ended December 31,
2004 increased by US$1.9 million, or 12.8%, to US$16.8 million
compared with US$14.9 million in the same period in 2003. For
the twelve months ended December 31, 2004, revenues increased by
US$9.1 million, or 13.8%, to US$75.5 million from US$66.3
million in 2003. This results mainly from increased sales
volumes due to better product availability and the strengthening
of the euro against the U.S. dollar.
Licensing
Licensing revenues for the three months ended December 31, 2004
increased by US$0.3 million, or 9.4%, to US$3.2 million from
US$2.9 million in the comparable 2003 period. For the twelve
months ended December 31, 2004, revenues increased by US$1.4
million, or 14.0%, to US$11.1 million from US$9.7 million in
2003 mainly due to increased revenues from existing contracts
and from new licensing agreements.
Other
Other revenues include amounts billed to customers for shipping
and handling and are recognized also as selling and marketing
expense.
Profitability
For the three months ended December 31, 2004, gross profit
increased by US$1.5 million to US$65.5 million from US$64.1
million in the comparable 2003 period. Gross margin decreased
to 36.8% for the three months ended December 31, 2004 from 39.5%
in the comparable 2003 period. For the twelve months ended
December 31, 2004, gross profit increased by US$18.1 million to
US$184.7 million from US$166.6 million in 2003 due to increased
revenues. Gross margin increased to 38.6% in 2004 from 38.5% in
2003 due to improved operating performance and product mix of
sales.
For the three months ended December 31, 2004, selling and
marketing expense increased by US$6.8 million, or 19.6%, to
US$41.7 million from US$34.9 million in the comparable 2003
period. For the twelve months ended December 31, 2004, selling
and marketing expense increased by US$12.1 million, or 10.2%, to
US$130.6 million from US$118.5 million in 2003. The increase
was due mainly to the strengthening of the euro against the U.S.
dollar, which adversely impacted our predominantly euro
denominated costs. In addition, our variable distribution costs
increased due to higher sales.
For the three months ended December 31, 2004, general and
administrative expense (excluding non-cash compensation expense)
increased by US$0.9 million, or 8.0%, to US$11.9 million from
US$11.1 million in the comparable 2003 period. For the twelve
months ended December 31, 2004, general and administrative
expense increased by US$3.0 million, or 7.8%, to US$41.9 million
from US$38.8 million in 2003. The increase was due mainly to
the strengthening of the euro against the U.S. dollar, which
adversely impacted our predominantly euro denominated costs.
We recorded US$0.2 million and US$0.7 million, in the three
month and twelve month periods ended December 31, 2003,
respectively and US$0.1 million and US$0.6 million, in the three
month and twelve month periods ended December 31, 2004,
respectively, as non-cash compensation expense due to the grant
of stock options under our stock option plans of 1998 and 2001,
and the resulting amortization expense.
We recorded a gain from the sale of our premises in Ireland of
US$5.7 million in the twelve-month period ended December 31,
2004.
We recorded restructuring costs of US$0.7 million and US$2.3
million, in the three month and twelve month periods ended
December 31, 2004 consisting of dismissal and transfer costs in
connection with the closing of our production facility in
Mullingar, Ireland and our plant in Tallinn, Estonia. In
comparison, in 2003 we incurred US$7.5 million and US$8.4
million, in the three month and twelve month periods ended
December 31, 2003, respectively, to implement a cost reduction
program.
As a result of the foregoing factors, for the three months ended
December 31, 2004, operating income slightly increased by US$0.6
million to US$11.1 million from US$10.5 million in the
comparable 2003 period. For the twelve months ended December
31, 2004, operating income increased by US$14.8 million to
US$15.0 million from US$0.2 million in 2003.
For the three months ended December 31, 2004 interest expense
increased by US$0.5 million, or 13.7%, to US$4.3 million from
US$3.8 million in the comparable 2003 period. For the twelve
months ended December 31, 2004 interest expense increased by
US$11.7 million or 83.6% to US$25.7 million from US$14.0 million
in 2003. This increase was mainly due to the following: write-
off of the capitalized debt issuance costs of US$3.2 million
relating to our former 10.75% senior notes, which were repaid
with proceeds from our new 8.5% senior notes in January 2004;
the premium of US$4.4 million for the early redemption of the
10.75% senior notes and higher interest expenses due to
increased debt of the group. The strength of the euro against
the U.S. dollar further impacted these predominantly euro
denominated expenses.
For the three months ended December 31, 2004 interest income
increased by US$0.5 million to US$0.8 million from US$0.3
million in the comparable 2003 period. For the twelve months
ended December 31, 2004 interest income increased by US$1.1
million to US$2.1 million from US$1.1 million in the comparable
2003 period. This increase was due mainly to higher cash on
hand as well as due to the strengthening of the euro against the
U.S. dollar.
For the three months ended December 31, 2004 we recorded a
foreign currency exchange loss of US$0.9 million, compared to a
loss of US$0.9 million in the comparable 2003 period. For the
twelve months ended December 31, 2004, we recorded a foreign
currency exchange loss of US$0.6 million, compared to a loss of
US$1.1 million in 2003.
For the three months ended December 31, 2004 we incurred other
expense, net of US$0.1 million compared to US$0.1 million other
income, net in the comparable 2003 period. For the twelve
months ended December 31, 2004, other expense, net increased by
US$0.08 million to a net expense of US$0.1 million from US$0.02
million in 2003.
For the three months ended December 31, 2004 income tax expense
increased by US$2.3 million to US$6.5 million from US$4.3
million in the comparable 2003 period. For the twelve months
ended December 31, 2004, income tax expense increased by US$26.8
million to US$27.7 million from US$0.8 million in 2003. This
increase in income tax expense is mainly due to a reduction in
the Austrian tax rate which led to a decrease in deferred tax
assets resulting from tax losses carried forward of US$24.9
million.
As a result of the foregoing factors, for the three months ended
December 31, 2004 the Company had net income of US$0.1 million,
compared to net income of US$1.9 million in the comparable 2003
period. For the twelve months ended December 31, 2004, the
Company had a net loss of US$36.9 million, compared to a net
loss of US$14.7 million in 2003.
Consolidated Results
For the Three Months For the Twelve Months
Ended December 31 Ended December 31
2003 2004 2003 2004
(in thousands)
Total revenues US$162,251 US$177,884 US$432,602 US$479,085
Cost of sales 98,184 112,367 266,023 294,360
Gross profit 64,067 65,517 166,580 184,725
Gross margin 39.5% 36.8% 38.5% 38.6%
Selling &
Marketing Expense 34,850 41,671 118,465 130,582
General & administrative
expense (excl. non-cash
compensation
expense) 11,057 11,945 38,847 41,883
Non-cash
Compensation Expense 164 139 654 555
Gain on sale
of property - - - (5,650)
Restructuring costs 7,493 676 8,368 2,347
Operating income 10,503 11,087 245 15,008
Interest expense (3,759) (4,273) (13,999) (25,699)
Interest income 319 821 1,050 2,121
Foreign exchange
loss (938) (906) (1,103) (606)
Other income
(expense), net 97 (115) (18) (97)
Income tax
Expense (4,273) (6,529) (832) (27,661)
Net income
(loss) US$1,949 US$84 US$(14,657) US$(36,935)
New York Stock Exchange Listing
As noted in our third quarter results announcement, the cost of
compliance with the requirements of the Sarbanes-Oxley Act has
had, and will continue to have an impact on our operating
results. In light of these costs our Management Board analyzed
and discussed the benefits and issues associated with our
current listings, particularly the listing on the New York Stock
Exchange (the NYSE). As a result of this analysis, the
Management Board made a proposal to the Supervisory Board to de-
list our shares from the NYSE and to terminate the Common Share
Agreement. The Supervisory Board approved this proposal.
The de-listing and termination of the Common Share Agreement is
subject to the approval of our shareholders at the Annual
General Meeting to be held on May 25. We will provide details
regarding the Annual General Meeting in early May.
If the shareholders approve the resolution, we will apply for
the de-listing. However, we will need to comply with current
regulations and will not therefore be able to file for de-
registration from the U.S. S.E.C. unless and until the number of
U.S. shareholders, whether holding directly or through nominees,
falls below 300. Furthermore, the number of U.S. shareholders
must remain below 300 after de-registration in order to avoid
re-commencement of U.S. S.E.C. reporting requirements.
Whilst we retain our registration with the U.S. S.E.C., we will
continue to comply with all reporting requirements of the U.S.
S.E.C. including those of the Sarbanes-Oxley Act.
About Head
Head N.V. is a leading global manufacturer and marketer of
premium sports equipment.
Head N.V.'s ordinary shares are listed on the New York Stock
Exchange (HED) and the Vienna Stock Exchange (HEAD).
Our business is organized into four divisions: Winter Sports,
Racquet Sports, Diving and Licensing. We sell products under
the Head (tennis, squash and racquetball racquets, alpine skis
and ski boots, snowboards, bindings and boots), Penn (tennis and
racquetball balls), Tyrolia (ski bindings), and Mares/Dacor
(diving equipment) brands.
We hold leading positions in all of our product markets and our
products are endorsed by some of the world's top athletes
including Andre Agassi, Gustavo Kuerten, Marat Safin, Juan
Carlos Ferreira, Johann Grugger and Maria Riesch.
CONTACT: HEAD N.V.
Clare Vincent
Investor Relations
Phone: +44 207 499 7800
Fax: +44 207 629 4399
E-mail: htmcv@aol.com
Ralf Bernhart
Chief Financial Officer
Phone: +43 1 70 179 354
Fax: +43 1 707 8940
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: Cuts Full-year Net Loss to US$49.3 Mln
--------------------------------------------------------------
Petroleum Geo-Services ASA announced Friday its unaudited 2004
fourth quarter and preliminary full year results under Norwegian
generally accepted accounting principles (Norwegian GAAP).
(a) 2004 Cash flow post investment well above previous guidance,
(b) Strong multi-client late sales and improved contract sales
drive Q4 revenue and Adjusted EBITDA improvement in Marine
Geophysical,
(c) Substantial gain on the sale of Pertra -- leading to greater
financial flexibility
Key Norwegian GAAP figures as reported
Quarter ended Years ended
Dec. 31 Dec. 31
(In millions of dollars) 2004 2003 2004 2003
Unaudited Unaudited Unaudited Audited
(Restated)
Revenue 300.8 269.6 1,131.1 1,120.7
Operating profit (loss) (38.2) (514.9) 96.5 (645.3)
Net income (loss) (49.3) (528.5) (52.1) (819.1)
Adjusted EBITDA (A) 94.5 101.9 433.8 479.1
Cash investment
in multi-client (B) (4.0) (9.4) (41.7) (91.5)
Capital expenditures (C) (42.1) (25.0) (145.6) (57.7)
Cash Flow Post
Investment (Defined
as A+B+C) 48.4 67.5 246.5 329.9
Key Norwegian GAAP figures excluding Pertra segment to be
discontinued (Pro forma)
Quarter ended Years ended
Dec. 31 Dec. 31
(In millions of dollars) 2004 2003 2004 2003
Unaudited Unaudited Unaudited Audited
Revenue 294.0 255.0 1,018.4 1,048.9
Operating profit (loss) (3.9) (523.5) 63.9 (681.4)
Adjusted EBITDA (A) 100.4 82.4 353.4 418.2
Cash investment in multi-client (B)
(4.0) (9.4) (41.7) (91.5)
Capital expenditures (C) (19.9) (13.7) (61.6) (23.5)
Cash Flow Post Investment
(Defined as A+B+C) 76.5 59.3 250.1 303.2
Svein Rennemo, PGS Chief Executive Officer, commented: "We
delivered a Cash Flow Post Investment, excluding Pertra, for
2004 of US$250 million, better than our earlier guidance of
around 230 million, despite the negative impact from the labor
conflict on the Norwegian Continental Shelf and the damaged main
riser on the Varg field. Fourth quarter performance reflects
improvement in our Marine Geophysical operations, which
benefited from the first stages of a market undergoing
improvement. At the beginning of 2005 our order backlog is
substantially improving both in amount and associated expected
margins.
"The finalization of the re-audit of our historical U.S. GAAP
financial statements and subsequent re-listing of our ADSs on
the New York Stock Exchange in December mark important
milestones in delivering our restructuring commitments and
normalizing our communication with, and access to, capital
markets.
"The agreement to sell Pertra marks PGS' exit from its
successful E&P venture, which started in 2001. PGS was formed
as an oil service company and with this exit from E&P, PGS will
once again become fully focused on its oil service business with
strategic focus on geophysics and floating production
operations. We are credible industry leaders in both these
areas, with strong market share, client relationships and
technological expertise. The main goal for 2005 is to improve
the return on these assets.
"We expect to use a portion of our favorable cash position and
the proceeds from the Pertra sale to reduce debt."
Q4 Highlights
PGS group
(a) Revenues of US$300.8 million, up US$31.2 million (12%)
compared to Q4 2003, driven by strong multi-client late
sales and improved contract revenues in Marine Geophysical;
(b) Adjusted EBITDA, excluding Pertra, of US$100.4 million, up
18.0 million (22%);
(c) Operating loss of US$38.2 million, impacted by significant
Pertra loss and additional non-sales related amortization of
the Marine and Onshore multi-client library of US$22.3
million;
(d) Net loss of US$49.3 million; and
(e) Cash flow from operations, US$42.6 million after interest
payments of approximately 52 million. Net interest-bearing
debt of US$995.3 million.
Marine Geophysical
(a) Strong multi-client late sales totaling US$91.5 million,
twice Q4 2003 levels (US$45.8 million), due to strong demand
and realization of uplifts (success payments) from earlier
license sales;
(b) Contract revenues at acceptable levels considering
seasonally high level of vessel movements, US$76.2 million
compared to US$70.0 million in Q4 2003;
(c) In keeping with the Company's conservative accounting policy
for multi-client sales, recorded US$19.4 million in
additional non sales related amortization of the multi-
client library related to minimum amortization and reduced
or delayed forecasted sales for certain individual surveys;
and
(d) Strong order backlog improvement with year-end marine
acquisition backlog of US$170 million compared to 95
million at the end of Q3;
Onshore
(a) Low activity level due to reduction of Mexican activities as
previously announced;
(b) Weak results primarily due to reduced activity and difficult
weather conditions in North America; and
(c) Order backlog at year-end at US$66 million compared to US$68
million at the end of Q3.
Production
(a) Low revenues on Petrojarl Varg caused by production shut
down from October 13 to October 26 due to labor conflict
followed by damage to the main riser November 5, limiting
production to a maximum of approximately 15,000 barrels per
day;
(b) Increased production on Ramform Banff following development
work on the Banff field and tie in of Kyle field well;
(c) Production on Petrojarl Foinaven increased from Q3 but
declined year over year by natural field production decline;
(d) Lower production on Petrojarl I due to natural field
production decline and impact of labor conflict from
September 12 to October 29;
Pertra (To be discontinued operation effective January 1, 2005)
(a) Operating loss of US$34.3 million
(b) Oil production negatively impacted by production shut down
from October 13 to October 26, due to labor conflict
followed by damage to the main riser November 5, limiting
the Varg field production to a maximum of approximately
15,000 (or 10,500 for Pertra's 70% share) barrels per day;
(c) Dry "Villmink" exploration well charged to expense as
depreciation charge - US$11.4 million; and
(d) Depreciation of capitalized development cost accelerated by
approximately US$11.8 million due to reduction on proved
reserves (based on U.S. S.E.C. guidelines).
Outlook Full Year 2005
Marine Geophysical
(a) Increasing impact from Marine 3D market near full capacity
utilization expected during 2005,
(b) Multi-client late sales lower than 2004 due to limited
reinvestment over the past three years and expected delay of
Brazil 7th Round sales into 2006,
(c) Cost levels impacted by increased fuel prices and
depreciation of US$ currency compared to 2004
Onshore
Onshore full year activity level at par with 2004, building on
expected Q2 start-up of significant transition zone project in
Eastern Hemisphere and contract awards for South America crews
Production
(a) Total oil production from the four FPSO's expected to be in
line with 2004, assuming Varg riser replaced in Q1;
(b) Increased operating cost as maintenance CAPEX is expensed
and time since deployment of all FPSO's on their respective
fields is increasing. In addition US$ currency has
depreciated compared to 2004; and
(c) Pertra operations and estimated sales gain of approximately
US 140 million to be reported as discontinued operations
effective January 1, 2005.
The financial information contained in this release is
preliminary and unaudited and has been prepared in accordance
with Norwegian GAAP to be consistent with financial information
released in the first three quarters in 2004. The Company's
primary basis of reporting is U.S. GAAP, and the Company expects
to provide quarterly financial information for 2004 on a U.S.
GAAP basis when the audit of the 2004 U.S. GAAP financial
statements is competed, and return to using U.S. GAAP for its
earnings releases effective with the first quarter 2005 report.
The Company's financial statements based on U.S. GAAP could be
materially different from the Company's financial statements
based on Norwegian GAAP.
A full copy of the result is available free of charge at
http://bankrupt.com/misc/PGS_2004.pdf
===========
R U S S I A
===========
AGRICULTURAL CHEMICAL: Cedes Control to Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tatarstan Republic commenced bankruptcy
proceedings against OJSC Chistopol-Agro-Khim-Service after
finding the firm insolvent. The case is docketed as A65-
12324/2004-SG4-31. Mr. V. Osipov has been appointed insolvency
manager. Creditors have until March 29, 2005 to submit their
proofs of claim to:
(a) CHISTOPOL-AGRO-KHIM-SERVICE
Russia, Tatarstan republic, Chistopol
Uchkoz Per. 6a
(b) Mr. V. Osipov, Insolvency Manager
420029, Russia, Kazan,
Post User Box 117
AGRO-OIL: Applies for Bankruptcy Proceedings
--------------------------------------------
The Arbitration Court of Karachaeva-Cherkesskaya republic
commenced bankruptcy proceedings against LLC AGRO-OIL after
finding the firm insolvent. The case is docketed as A25-
2887/04-8k. Mr. A. Dzamykhov has been appointed insolvency
manager. Creditors have until March 1, 2005 to submit their
proofs of claim to:
(a) AGRO-OIL
369000, Russia, Karachaeva-Cherkesskaya Republic
Cherkessk, Privokzalnaya Str. 24
(b) Mr. A. Dzamykhov, Insolvency Manager
369000, Russia, Karachaeva-Cherkesskaya Republic
Cherkessk, Privokzalnaya Str. 24
BLAGOVESHENSKIY BAKERY: Claims Filing Period Expires Today
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic opened
bankruptcy proceedings against OJSC BLAGOVESHENSKIY BAKERY (TIN
0258002852) after finding the firm insolvent. The case is
docketed as A07-37743/04-G-FLE. Mr. A. Ptashnikov has been
appointed insolvency manager. Creditors have until March 1,
2005 to submit their proofs of claim to:
(a) BLAGOVESHENSKIY BAKERY
452220, Russia, Blagoveshensk, Shosseynaya Str. 1.
(b) Mr. A. Ptashnikov, Insolvency Manager
450096, Russia, Bashkortostan republic, Ufa
Entuziastov Str. 4-33
ELEVATOR: Last Day for Filing Claims March 29
---------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
opened bankruptcy proceedings against CJSC Building Assembly
Corporation Elevator after finding the firm insolvent. The case
is docketed as A75-198-B/04. Mr. A. Glukhov has been appointed
insolvency manager. A hearing is set October 31, 2005, 9:30
a.m. at the Arbitration Court of Khanty-Mansiyskiy autonomous
region. Creditors have until March 29, 2005 submit their proofs
of claim to:
(a) ELEVATOR
628600, Russia, Khanty-Mansiyskiy Autonomous Region
Surgut Obskaya Str. 17
(b) Mr. A. Glukhov, Insolvency Manager
628007, Russia, Khanty-Mansiyskiy Autonomous Region
Khanty-Mansiysk, Mendeleeva Str. 7, apartment 8
FACTORY BEZHETSK-SEL-MASH: Sets Public Auction Next Week
--------------------------------------------------------
The bidding organizer of CJSC Factory Bezhetsk-Sel-Mash is
auctioning the firm's property on March 10, 2005, 11:00 a.m. at
Russia, Tver, Vagzhanova Str. 21. The assets for sale are: real
properties with a starting price of RUB15.190 million; and
processing centers and equipment with total starting price of
RUB1.449 million.
Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 2:00 p.m. until March 5, 2005, 5:00 p.m. at
Russia, Tver, Vagzhanova Str. 21. For more information, call: 8
(910) 932-55-04.
To participate, bidders are required to deposit an amount
equivalent to 20% of the starting price to CJSC FACTORY
BEZHETSK-SEL-MASH settlement account 407028104107000000336 at
branch Tverskoy, OJSC ACB ACANGARD; correspondent account
3010181000000000900, BIC 042809900, TIN 6906000466 on or before
March 5, 2005.
CONTACT: CJSC FACTORY BEZHETSK-SEL-MASH
Russia, Tver region, Bezhetsk,
Zavodskaya Str. 1.
KALUZHSKIY HOMEBUILDING: Creditors Claims Due Saturday
------------------------------------------------------
The Arbitration Court of Kaluga region has commenced bankruptcy
supervision procedure against CJSC Kaluzhskiy Homebuilding
Combine - Centre-Gas. The case is docketed as A23-4254/04B-7-
116. Ms. R. Gromova has been appointed temporary insolvency
manager. A hearing is set for June 18, 2005, 9:30 a.m. at the
Arbitration Court of Kaluga, Russia, Kaluga, Staryj Torg, 4.
Creditors have until March 5, 2005 to submit their proofs of
claim to:
(a) KALUZHSKIY HOMEBUILDING COMBINE -CENTRE-GAS
248901, Russia, Kaluga,
Mstikhino
(b) Ms. R. Gromova, Insolvency Manager
249130, Russia, Kaluga region
Peremyshl, Lenina Str. 48
MUSLYUMOVSKOYE BREAD: Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tatarstan Republic opened bankruptcy
proceedings against OJSC Muslyumovskoye Bread Receiving
Enterprise. The case is docketed as A65-15152/2004-SG4-21. Mr.
I. Kuchumov has been appointed insolvency manager. Creditors
have until March 29, 2005 to submit their proofs of claim to:
(a) OJSC MUSLYUMOVSKOYE BREAD RECEIVING ENTERPRISE
423330, Russia, Tatarstan republic,
Muslimovo, Urozhaynaya Str. 5.
(b) Mr. I. Kuchumov, Insolvency Manager
420103, Russia, Tatarstan republic
Kazan, Post User Box 1
(c) The Arbitration Court of Tatarstan Republic
Russia, Kremlin,
Building 1, Entrance 2
RAZREZ TAL-YURYAKH: Proofs of Claim Deadline Expires Today
----------------------------------------------------------
The Arbitration Court of Magadan region opened bankruptcy
proceedings against OJSC RAZREZ TAL-YURYAKH after finding the
firm insolvent. The case is docketed as A-37-3647/04-2B. Mr.
G. Sudakov has been appointed insolvency manager. Creditors
have until March 1, 2005 to submit their proofs of claim to:
(a) RAZREZ TAL-YURYAKH
686314, Russia, Magadan region
Susumanskiy region, Kadykchan
(b) Mr. G. Sudakov, Insolvency Manager
685000, Russia, Magadan,
Proletarskaya Str. 12,
Office 81
(c) THE ARBITRATION COURT OF MAGADAN REGION
685000, Russia
K. Marksa Pr. 62.
TORBEEVSKOYE: Declared Insolvent
--------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against CJSC Torbeevskoye after finding the firm
insolvent. The case is docketed as A23-310/04B-7-12.
Mr. O. Didenko has been appointed insolvency manager. Creditors
have until April 5, 2005 to submit their proofs of claim to the
insolvency manager at 248010, Russia, Kaluga, Komsomolskaya
Rosha, 43, office 401.
CONTACT: CJSC TORBEEVSKOYE
249087, Russia, Kaluga region
Maloyaroslavlskiy region, Yubileynyj
Mr. O. Didenko, Insolvency Manager
248010, Russia, Kaluga,
Komsomolskaya Rosha, 43, office 401
VOLGA-BYT-PROM: Enlisting for Auction Ends Today
------------------------------------------------
A two-story building owned by LLC Volga-Byt-Prom is being
offered for public auction on March 3, 2005, 11:00 a.m. The
auction will take place at Russia, Volgograd region, Srednyaya
Akhtuba, Lenina Str. 51. The starting price is RUB4.277
million.
Preliminary examination of auction conditions and reception of
bids are done daily until March 1, 2005 at 400050, Russia,
Volgograd, Parkhomenko Str. 64. For more information, call:
(8442) 90-39-04.
To participate, bidders are required to deposit an amount
equivalent to 20% of the starting price to Volga-Byt-Prom
settlement account 40702810101000002118 at CSJC ACB Ekspress-
Volga, Volgograd, BIC 041806835; correspondent account
30101830200000000835, TIN 3442038373, KPP 344201001 on or before
March 1, 2005.
CONTACT: VOLGA-BYT-PROM
Russia, Volgograd region
Srednyaya Akhtuba, Lenina Str. 51
=============================
S L O V A K R E P U B L I C
=============================
SLOVENSKE ELEKTRARNE: Fitch Hails Privatization; Mulls Upgrade
--------------------------------------------------------------
Fitch Ratings on Friday placed Slovakia-based Slovenske
Elektrarne, a.s.' Senior Unsecured 'BB+' rating on Rating Watch
Positive and its 'BBB-' rated EUR200 million senior notes due
2011 on Rating Watch Evolving. This action follows an agreement
on the sale of a 66% stake in SE signed last week between the
Slovak government and Italy's Enel S.p.A. ('A+'/'F1'/Outlook
Stable).
While details of the privatization agreement have not yet been
revealed, and the transaction is not expected to be closed
before the second half of 2005, Fitch believes that the
privatization outcome will be positive or neutral for SE's
credit profile, as reflected in the Rating Watch Positive for
the Senior Unsecured rating. For the notes, the Rating Watch
Evolving reflects these two possible outcomes, which should be
considered in conjunction with the change of control put option.
As part of the agreement, Enel is expected to prepare a long-
term investment program for SE before end-June 2005. This
should primarily include plans to finish the construction of
SE's second nuclear power plant in Mochovce, modernize the
existing fossil fueled plants and plans for hydro-generation
capacity. Fitch considers any foreseeable funding requirement
from Enel as affordable within the context of its financial
flexibility.
Fitch expects that details of the planned separation of certain
assets (and related liabilities) from SE will be available in
the coming months. The assets mainly include around 13% of SE's
current electricity generation capacity represented by the V-1
block of the Jaslovske Bohunice nuclear power plant, which is to
be decommissioned in 2006/8. It is expected that the related
decommissioning liabilities will be transferred to the Slovak
government.
Other key issues that will affect SE's ratings include changes
to arrangements for the Gabcikovo hydro-generation plant (10% of
SE's total capacity), remaining stranded cost compensation, and
any agreements between Enel and the government on domestic
tariffs, further market liberalization and the future
restructuring of SE.
The recent refinancing of the majority of SE's debt and a new
national tax on all electricity bills over the next 10 years,
introduced by the government to cover previously identified
SKK15 billion nuclear decommissioning shortfalls, are viewed
positively for SE.
Total debt-to-EBITDA ratio improved markedly to 2.8x at YE03
from 4.4x at YE02 on the back of both stronger EBITDA generation
and lower debt. SE's financial profile is expected to have
slightly improved in FY04 with estimated total debt at YE04 at
SKK47 billion (EUR1.22 billion), compared to SKK53 billion
(EUR1.28 billion) at YE03, and lower interest expense.
Liquidity in the form of cash and committed unused facilities is
comfortable at around SKK8 billion (EUR200 million) after the
financial restructuring.
SE is the largest electricity generator and supplier in the
Slovak Republic (sovereign local currency rating 'A+' and
foreign currency 'A-' (A minus)), commanding 6.9GW or 83% of
Slovakia's installed capacity.
CONTACT: FITCH RATINGS
Josef Pospisil, London
Phone: +44 20 7417 4266
Larissa Malycheva
Phone: +44 20 7417 4207
SLOVENSKE ELEKTRARNE, A.S.
Hranicna 12
827 326 Bratislava 212
Phone: +421 (0)2 5866-1111
+421 (0)2 5866-3252
Fax: +421 (0)2 5341-7533
E-mail: info@hq.seas.sk
rapsik.miroslav@hq.seas.sk
Web site: http://www.seas.sk
===========
T U R K E Y
===========
PETROL OFISI: Outlook Changed to Positive on Improved Cash flow
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Turkey-based petroleum products distributor Petrol Ofisi A.S. to
positive from stable. At the same time, the 'B' long-term
corporate credit rating on Petrol Ofisi was affirmed.
The outlook revision reflects Petrol Ofisi's improved cash flow
generation during the second and third quarters of 2004, which
has resulted in improved credit protection ratios.
"The outlook change also reflects the deregulation of the
Turkish petroleum products market at the end of 2004, which has
provided scope for margin increases for the distribution of
refined oil products," said Standard & Poor's credit analyst Per
Karlsson.
"The rating on Petrol Ofisi continues, however, to reflect the
company's vulnerable liquidity position, the exposure to Turkey,
and the short-term contracts supply business," he added.
Cash flow generation has been boosted by lower interest costs,
increased net sales, and higher margins. Debt was reduced by
about US 200 million during the first nine months of 2004
(including the debt to the Turkish Privatization
Administration), paid predominantly with operating cash flow.
Petrol Ofisi's net debt was US$886 million at Sept. 30, 2004.
"We expect that the improvement in financial performance will be
sustained," added Mr. Karlsson. "A one-notch upgrade will
depend on a tangible improvement in Petrol Ofisi's liquidity
position -- such as the putting in place of committed bank lines
-- and the demonstration of a sustainable track record of
improved performance under the newly deregulated Turkish
market."
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: media_europe@standardandpoors.com.
CONTACT: PETROL OFISI
Eski Buyukdere Caddesi No:37
80670 Maslak Istanbul, 06680
Turkey
Phone: +90 212 329 15 00
+90 212 329 18 81
=============
U K R A I N E
=============
AGRARNIK: Zhitomir Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Agrarnik (code EDRPOU
22044179) on Oct. 11, 2005. The case is docketed as 7/157 B.
Mr. Leonid Shishkin (License Number AA 779304) has been
appointed temporary insolvency manager. The company holds
account number 26006301171461 at Prominvestbank, Zhitomir
central branch, MFO 311056.
CONTACT: AGRARNIK
10029, Ukraine,
Zhitomir region, Chapayev Str. 7
Mr. Shishkin Leonid
Temporary Insolvency Manager
10029, Ukraine, Zhitomir region,
Chapayev Str. 7
Phone: 8 (0412) 37-51-19
DRUZHBA: Names Dmitro Litsoyev Insolvency Manager
-------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Druzhba (code EDRPOU 30163695) on Dec. 14,
2004 after finding the limited liability company insolvent. The
case is docketed as 9/28 b. Mr. Dmitro Litsoyev (License Number
AA 520122) has been appointed liquidator/insolvency manager.
CONTACT: DRUZHBA
Ukraine, Lugansk region,
Bilokurakinom, Chapayev Str. 195
Mr. Litsoyev Dmitro
Liquidator/Insolvency Manager
91000, Ukraine, Lugansk region,
Syerov Str. 111
ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV square, 3a
HARKIV' ENERGO-REPAIR: Under Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on open joint stock company Harkiv'
Energo-Repair Enterprise (code EDRPOU 05471276) on Oct. 22,
2004. The case is docketed as B-24/85-04. Mr. O. Volkovij
(License Number AA 116050) has been appointed temporary
insolvency manager. The company holds account number
260090135224 at OJSC Inprombank, MFO 351878. Creditors may
submit their proofs of claim to:
(a) HARKIV' ENERGO-REPAIR ENTERPRISE
61128, Ukraine, Harkiv region,
50-richya SRSR Avenue, 149
(b) Mr. O. Volkovij
Temporary Insolvency Manager
61016, Ukraine, Harkiv region,
Metrostroyivskij lane, 29-A, Universitetska Str. 9
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5, Derzhprom, 8th entrance
KUPYANSK' CAST: Declared Insolvent
----------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Kupyansk' Cast Iron Plant (code EDRPOU
30136420) after finding the limited liability company insolvent.
The case is docketed as B 39/30-04. Mr. Sergij Kardash (License
Number AA 140479) has been appointed liquidator/insolvency
manager.
CONTACT: KUPYANSK' CAST IRON PLANT
Ukraine, Harkiv region,
Kupyansk, Lermontivska Str. 57
Mr. Kardash Sergij
Liquidator/Insolvency Manager
63705, Ukraine, Harkiv region,
Kupyansk, Zhovtneva Str. 7/95
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5, Derzhprom, 8-th entrance
LEGAS-HARKIV: Succumbs to Bankruptcy
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Legas-Harkiv (code EDRPOU 24473022) on Dec.
13, 2004 after finding the company insolvent. The case is
docketed as B-39/391-03. Mr. Sergij Shapilov (License Number AA
520166) has been appointed liquidator/insolvency manager.
CONTACT: LEGAS-HARKIV
61098, Ukraine,
Yelizarov Str. 13/60
Mr. Sergij Shapilov
Liquidator/Insolvency Manager
Ukraine, Harkiv,
Akademik Pavlov Str. 132-G/27
Mobile: 8 (067) 399-81-87
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th entrance
STAROKOSTYANTINIV' SUGAR: Insolvency Manager Steps in
-----------------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on open joint stock company
Starokostyantiniv' Sugar Plant (code EDRPOU 00373356) on Dec.
17, 2004. The case is docketed as 4/5-B. Mr. Viktor Matushak
(License Number AA 485213) has been appointed temporary
insolvency manager. The company holds account number
26001060017161 at CB Privatbank, Starokostyantiniv branch, MFO
315405. Creditors may submit their proofs of claim to:
(a) STAROKOSTYANTINIV' SUGAR PLANT
Ukraine, Hmelnitskij region,
Starokostantiniv, Manuilskij lane, 10
(b) Mr. Viktor Matushak
Temporary Insolvency Manager
29000, Ukraine, Hmelnitskij region,
Skovoroda Str. 14/151
(c) ECONOMIC COURT OF HMELNITSKIJ REGION
29000, Ukraine, Hmelnitskij region,
Nezalezhnosti square, 1
TALISMAN: Kirovograd Court Names G. Bilodid Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on agrarian enterprise Talisman (code
EDRPOU 20641066) on Nov. 22, 2004. The case is docketed as
9/282. Mrs. Galina Bilodid (License Number AA 047839) has been
appointed temporary insolvency manager. The company holds
account number 26004000037001 at JSC Ukrinbank, MFO 323505.
Creditors may submit their proofs of claim to:
(a) TALISMAN
Ukraine, Kirovograd region, Svitlovodskij district,
Vlasivka, Shidna Str. 5/92
(b) Mrs. Galina Bilodid
Temporary Insolvency Manager
Ukraine, Kyiv,
Metrologichna Str. 14/3-193
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine,
Kirovograd, Lunacharski Str. 29
UKRAINIAN SCIENTIFIC-EXPLORATORY: Under Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on state enterprise Ukrainian Scientific-
Exploratory Institute of Foundry Machine Building, Foundry
Technology and Automatization Foundry Production (code EDRPOU
00224975) on Dec. 13, 2004. The case is docketed as B-31/74-04.
Mr. V. Parkulab (License Number AA 719826) has been appointed
temporary insolvency manager. The company holds account number
2600301865363 at Prominvestbank, Harkiv branch, MFO 351395.
Creditors may submit their proofs of claim to:
(a) UKRAINIAN SCIENTIFIC-EXPLORATORY INSTITUTE OF FOUNDRY
MACHINE BUILDING, FOUNDRY TECHNOLOGY AND AUTOMATIZATION
FOUNDRY PRODUCTION
Ukraine, Harkiv region,
Chernishevskij Str. 66
(b) Mr. V. Parkulab
Temporary Insolvency Manager
Ukraine, Harkiv region,
Universitetska str. 9
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5, Derzhprom, 8th entrance
UNIVERSAL: Urges Creditors to File Claims as soon as Possible
-------------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on limited liability company Universal
(code EDRPOU 00857108) on Nov. 15, 2004. The case is docketed
as 9/158 b. Mr. Sergij Gorbach (License Number AA 630134) has
been appointed temporary insolvency manager. The company holds
account number 26007300302 at Oshadbank, Bobrovitske branch, MFO
343024.
Creditors may submit their proofs of claim to:
(a) UNIVERSAL
17421, Ukraine, Chernigiv region,
Bobrovitskij district, Markivtsi, Zubko Str. 5
(b) Mr. Sergij Gorbach
Temporary Insolvency Manager
Ukraine, Chernigiv region,
Miru Avenue, 139, Office 30
(c) ECONOMIC COURT OF CHERNIGIV REGION
14000, Ukraine, Chernigiv region, Miru Avenue, 20
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Back in Black, Says CEO
----------------------------------------
Highlights:
(a) Statutory profit before tax of GBP273 million (2003: a loss
of GBP686 million), and a profit attributable to ordinary
shareholders of GBP32 million (2003: loss of GBP759
million);
(b) Trading profit before tax [1] for Personal Financial
Services (PFS) of GBP814 million (statutory PFS profit
before tax of GBP250 million compared with GBP235 million in
2003);
(c) Second half trading performance was affected by a further
decline in PFS revenues reflecting the expected spread
decline, negative life assurance experience variances and an
element of business disruption;
(d) Trading cost growth below inflation, with a modest increase
of 1% to GBP1,599 million;
(e) Credit quality remains excellent, with no significant signs
of deterioration on either the secured or unsecured loan
portfolios;
(f) Non-trading charges of GBP564 million include GBP321 million
of reorganization costs incurred through 2004, and a further
GBP243 million of post-acquisition charges;
(g) Total customer loans of GBP94.3 billion, up 4% on last year;
(h) The Portfolio Business Unit (PBU) assets have further
reduced by 62% to GBP4.7 billion, now less than 10% of the
original GBP60 billion, and a statutory profit reported for
2004;
(i) A PFS trading cost: income ratio of 61.5% and return on
equity of 12.1%; and
(j) capital ratios remain strong, with an equity tier 1 ratio of
7.0%.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] A detailed definition of 'trading' is included in the
glossary included in the full copy of this announcement. The
statutory financial statements are contained in Appendices 1 to
4, including a profit and loss reconciliation between the
'trading' and 'statutory' definitions.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
"2004 marked the year that Abbey returned to profit. This
business has huge potential. We can now realize this using
Santander's strength and placing a strong emphasis on
execution," said Grupo Santander Chief Executive Francisco
Gomez-Roldan.
Abbey's results are resilient given a year of change, and the
impact of takeover activity on the business in the second half.
Abbey has returned to profit, despite incurring significant
charges and provisions -- totaling GBP564 million.
We have started to see signs of revenue stabilization in recent
quarters, but the outlook on revenues for 2005 remains tough.
Against this backdrop we will work to improve sales productivity
while at the same time reducing costs.
Abbey's focus, like that of Grupo Santander, is retail banking -
working hard at the basics and aiming to improve sales and
revenue performance across all our sales channels. At Board
level, we are close to completing a top class team and are
confident we will demonstrate good progress throughout 2005.
Strategic Outline
A new high-level management structure, headed by Chief Executive
Francisco Gomez-Roldan, is in place and a new executive team is
almost complete, with the experience and energy to meet the
goals for 2005 and beyond:
(a) The new simpler management structure, announced in November
2004, combined IT and Customer Operations under a new
division called Manufacturing;
(b) Graeme Hardie, former Head of NatWest Retail Banking, has
joined the Board as Sales & Marketing Director, a role
combining the customer sales and customer propositions
functions; and
(c) Recruitment is underway for a head of Insurance and Asset
Management division.
We also announced the alignment of the Abbey corporate identity
with the global identity used by Grupo Santander across 40
countries. The familiar Abbey brand name will continue to be
used with Grupo Santander's flame symbol, showing that Abbey is
now part of a powerful group. The focus on improving the
customer experience remains.
Priorities for 2005
(a) Improving sales performance and productivity;
(b) Stabilizing revenue trends in mortgages and savings, and
positioning the PFS business for revenue growth in 2006;
(c) Significant cost base reductions; and
(d) Maintaining a strong focus on risk and compliance.
Full copy of Abbey National 2004 results is available free-of-
charge at http://bankrupt.com/misc/Abbey_2004.htm.
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
Thomas Coops
Communications Director
Phone: 020 7756 5536
Jon Burgess
Head of Investor Relations
Phone: 020 7756 4182
Christina Mills
Head of Media Relations
Phone: 020 7756 4212
BANCO SANTANDER CENTRAL HISPANO S.A.
Plaza de Canalejas,1
28014 Madrid, Spain
Phone: +34-91-558-11-11
Fax: +34-91-522-66-70
Web site: http://www.gruposantander.com
ABBEY NATIONAL: Names New Board Appointees
------------------------------------------
Further to the announcement on 22 December 2004 Abbey confirms
that the appointment of Graeme Hardie as Executive Director,
Sales and Marketing will be effective from February 22, 2005.
FSA approval has been received and was effective from January
24, 2005. Abbey has also appointed Nathan Bostock as Executive
Director, Finance & Markets with effect from February 22, 2005.
FSA approval has been received and was effective from February
8, 2005.
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
Matthew Young
Phone: 020 7756 4232
Christina Mills
Phone: 020 7756 4212
BANCO SANTANDER CENTRAL HISPANO S.A.
Plaza de Canalejas,1
28014 Madrid, Spain
Phone: +34-91-558-11-11
Fax: +34-91-522-66-70
Web site: http://www.gruposantander.com
ACCLAIM ENTERTAINMENT: Sells Two Console Games to F4G Software
--------------------------------------------------------------
Computer games manager F4G Software will continue developing two
console games owned by bankrupt developer Acclaim Entertainment,
Newsnow reports.
F4G, a division of Noble Group under its Fund4Games umbrella,
has set a studio in Manchester to complete Acclaim's ATV and
Interview With A Made Man games. The group has also acquired
the services of 30 former Acclaim employees. F4G Software
director Charlie McMicking said, "We think we are good at
getting games made. We know the industry and how it works."
F4G's acquisition of the intellectual property of the games
would ensure the release of the games, which might take place in
autumn next year. This is also the first time F4G deviated from
its normal operations, which is funding and managing software
projects on behalf of developers and publisher. By taking the
role of a developer, F4G would receive the developer's manager
and other fees arising from the sale of the intellectual
property. F4G normally receives a project management fee of
around 20% plus its investment. Mr. McMicking commented, "This
is a way to raise our return to shareholders by taking slightly
more risk."
Mr. McMicking revealed F4G met little problems in acquiring the
intellectual property for ATV and Interview With A Made Man
since it has made previous transaction with Acclaim
Entertainment's U.S. court-named trustee and U.K. administrator.
Mr. McMicking revealed F4G might acquire other intellectual
properties on a project basis in the future.
Acclaim Entertainment succumbed to bankruptcy in 2004 after
booking US$56 million in net loss and US$100 million in debt.
CONTACT: ACCLAIM ENTERTAINMENT PLC
Moreau House
112-120 Brompton Road
Knightsbridge
London SW3 1JJ
Phone: 0207 3445000
Fax: 0207 3445040
Web site: http://www.acclaim.net
BDO STOY HAYWARD LLP
8 Baker Street,
London W1U 3LL
Joint Administrators:
Antony David Nygate
Malcolm Cohen
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdo.co.uk
F4G SOFTWARE PLC
76 George Street
Edinburgh EH2 3BU
Phone: +44 (0)131 225 9677
Fax: +44 (0)131 225 5479
Web site: http://www.fund4games.com
ALLDERS CARD: In Administrative Receivership
--------------------------------------------
Andrew J Pepper and Alastair P Beveridge of Kroll Limited were
appointed administrators for Allders Card Services Limited on
Feb. 17.
CONTACT: KROLL LIMITED
10 Fleet Place, London EC4M 7RB
Contact:
Andrew J Pepper
Alastair P Beveridg
Phone: 44 (0) 207 029 5000
Fax: 44 (0) 207 029 5001
Web site: http://www.krollworldwide.com
BAE SYSTEMS: Completes Transfer of SAAB Shares
----------------------------------------------
Further to its earlier announcement on February 22, 2005, BAE
SYSTEMS Plc announced on February 25, 2005 the sale of 13.2
million series B shares in the capital of Saab AB. The shares
have been placed at a price of SEK113 per share resulting in
gross proceeds of SEK1,491.6 million (GBP113.6 million). The
shares represent approximately 12% of the issued share capital
by economic ownership of Saab.
ABN AMRO Rothschild was the sole bookrunner and global co-
ordinator for the Placing. Hoare Govett Limited is a corporate
broker to BAE Systems. Settlement of the placing will take
place on March 2, 2005 (i.e. a T+3 basis).
BAE Systems has granted ABN AMRO Bank N.V. (London branch), on
behalf of ABN AMRO Rothschild, an option over 1.975 million
shares, which is exercisable during the period from the date the
placing price is announced and ending 30 days after such
announcement. Pursuant to the over-allotment option, ABN AMRO
Bank N.V. (London branch) may require BAE Systems to sell up to
1.975 million additional shares at the placing price.
With the sale of 13.2 million shares (exclusive of the over-
allotment option) BAE Systems' economic ownership in Saab after
completion of the placing will fall to 22.1%. Simultaneously
with the Placing, BAE Systems has initiated conversion of 1.2
million of its series A Saab shares into 1.2 million series B
Saab shares in order to bring its voting rights and economic
ownership in line, given that each series A Saab share has ten
votes whilst each series B Saab share has one vote. Immediately
following the placing and the conversion, but prior to any
exercise of the over-allotment option, BAE Systems' share of the
voting rights in Saab will be 21.5%, with economic ownership
being 22.1%. In the event of full exercise of the over-
allotment option, and following both the placing and the
conversion, BAE Systems' economic ownership and voting rights in
Saab will be 20.3% and 20.2% respectively.
BAE Systems currently intends to retain its holding in Saab,
following completion of the placing and any sale of shares
pursuant to the over-allotment option, as a long-term
investment. In addition BAE Systems has agreed to a lock-up
period of 365 days after pricing of the Placing, subject to
various exceptions, including the consent of ABN AMRO
Rothschild.
Not for release, publication or distribution into or in the
United States, Canada, Australia or Japan.
CONTACT: BAE SYSTEMS PLC
Warwick House,
Farnborough Aerospace Center
Farnborough
Hampshire GU14 6YU
Phone: +44-1252-373-232
Fax: +44-1252-383-000
Web site: http://www.baesystems.com
Andy Wrathall
Phone: +44 1252 383455
ABN AMRO Holding N.V.
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
Phone: +31-20-628-9393
Fax: +31-20-629-9111
Web site: http://www.abnamro.com
ABN AMRO ROTHSCHILD
Mainzer Landstr. 65
60329 Frankfurt am Main
Phone: +49 69 2690 0321
Fax: +49 69 2690 0329
Richard Heald
Phone: +44 20 7678 8000
SAAB AB
Broderna Ugglas gata
SE-581 88 Linkoping
Sweden
Phone: +46-13-18-00-00
Fax: +46-13-18-00-11
Web site: http://www.saab.se
BASIL INVESTMENTS: Appoints Liquidator from KPMG
------------------------------------------------
In accordance with section 381A of the Companies Act 1985,
National Provident Life Limited, being the only Member of Basil
Investments Limited, resolved as a special resolution to
voluntarily wind up the firm. KPMG Corporate Recovery has been
appointed liquidator.
CONTACT: NATIONAL PROVIDENT LIFE LIMITED
The Pearl Center
Lynch Wood, Peterborough PE2 6FY
BASIL INVESTMENTS LIMITED
8 Salisbury Square, London EC4Y 8BB
KPMG CORPORATE RECOVERY
8 Salisbury Square, London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
Contact: Jeremy Simon Spratt
John Mitchell Wardrop
BEAMCAM LIMITED: Succumbs Liquidation
-------------------------------------
The members of holding company Beamcam Limited called in
liquidators David Richard Thorniley and Roderick John Weston
from Mazars LLP on Feb. 17.
CONTACT: MAZARS LLP
24 Bevis Marks, London EC3A 7NR
Web site: http://www.mazars.co.uk
MAZARS LLP
The Atrium
Park Street West,
Luton, Bedfordshire LU1 3BE
Phone: 01582 700700
Fax: 01582 700701
BOX CLEVER: Creditors to Meet Mid-March
---------------------------------------
The Meeting of the unsecured Creditors of Box Clever Holdings
Limited will be held at PricewaterhouseCoopers LLP, Plumtree
Court, London EC4A 4HT, on 16 March 2005, at 2.30 p.m.
Creditors whose claims are wholly secured are not entitled to
attend or be represented at the Meeting. Other Creditors are
only entitled to vote if they have given to the Joint
Administrative Receivers, not later than 12.00 noon on the
business day before the day on which the Meeting is to be held,
details in writing of the debt they claim to be due to them from
the Company, and the claim has been duly admitted under the
provisions of Rule 3.11 of the Insolvency Rules 1986, and there
has been lodged with the Joint Administrative Receivers any
proxy which the Creditor intends to be used on their behalf.
Creditors of the Company requiring copies of the Joint
Administrative Receivers' report may obtain it free of charge,
on written application to the Joint Administrative Receivers at
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
Contact:
A V Lomas, Receiver
J G Parr, Receiver
COLLINGWOOD BARHAM: Liquidators' Report Due Later this Month
------------------------------------------------------------
A General Meeting of the Members of Collingwood Barham Limited
will be held at Baker Untily, City Plaza, Temple Row, Birmingham
B2 5AF, on 30 March 2005, at 9.45 a.m. A Final Meeting of
Creditors will follow at 10.00 a.m. to receive a report of the
liquidators.
A Member or Creditor entitled to vote at the above Meeting may
appoint a proxy to attend and vote instead of him. A proxy need
not be a Member or Creditor of the Company. Proxies to be used
at the Meeting must be lodged with the Liquidators at Baker
Untily, City Plaza, Temple Row, Birmingham B2 5AF, no later than
12.00 noon on the preceding business day.
CONTACT: BAKER UNTILY
City Plaza, Temple Row, Birmingham B2 5AF
Web site: http://www.tenongroup.com
Contact:
P H Allen, Liquidator
COLT TELECOM: Deploys Huawei Technology Across Europe
-----------------------------------------------------
COLT Telecom Group Plc on Feb. 24, 2005 announced it is
extending its range of key suppliers to include Huawei
Technologies. Initially, COLT will deploy Huawei Quidway Router
platforms into its market-leading Internet Access and IPVPN
Corporate services. COLT is one of the leading providers of
IPVPNs in Europe with more than 850 business customers
benefiting from secure networks that can connect data centres,
offices, homeworkers, suppliers and customers using high
bandwidth technology and low-cost DSL access.
The choice of Huawei, one of the fastest growing
telecommunication network solutions providers emerging from
China, is in line with COLT's 'Future in Focus' strategy and is
a further demonstration of the company's commitment to
innovation and cost leadership by delivering high quality,
competitively priced business communications services which
incorporate the features and flexibility demanded by customers.
COLT will work with Huawei in the future to ensure that
customers continue to reap the benefits of technological
advances in telecoms networks.
"We have been impressed by the quality and the support that
Huawei has been able to offer us," said Ken Starkey, Chief
Operating Officer.
"We believe Huawei can deliver increased value to our customers
and we look forward to exploring how to bring more of their
innovative technology into our networks."
"We are delighted to form this pan-European relationship with
COLT," said William Xu, EVP Huawei Technologies. "The fact that
a service provider with such a strong reputation for customer
service has agreed to work closely with Huawei is further
endorsement of our ability to deliver and support the most
sophisticated managed data services in the market."
Huawei will also provide support services including integrated
supply chain management, logistics, technical support services
and technical training across Europe.
About COLT
COLT Telecom Group Plc is a leading pan-European provider of
business communications services and solutions. The company owns
an integrated 20,000-kilometer network that directly connects
more than 10,000 buildings in 32 major cities in 13 countries
augmented with a further 42 points of presence across Europe and
11 Internet Solution Centers. COLT supplies customers across
the full spectrum of industry, service and government sectors
with unrivalled end-to-end network security, reliability and
service.
COLT Telecom Group Plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT). Information about COLT and its
products and services can be found on the Web at
http://www.colt.net.
About Huawei
Established in 1988, Huawei Technologies is a high-tech
enterprise, which specializes in research and development (R&D),
production and marketing of communications equipment, providing
customized network solutions for telecom carriers in optical,
fixed, mobile and data communications networks. Huawei's
customers include China Telecom, China Mobile, China Netcom,
China Unicom as well as Thai AIS, Telefonica, SingTel, Hutchison
Telecom, PCCW HKT, SUNDAY, Etisalat (UAE), Telemar (Brazil),
Rostelecom (Russia), BT, Neuf Telecom (France) etc. Huawei's
contracted sales in 2004 reached US 5.58 billion, an increase of
45% year on year.
CONTACT: COLT TELECOM
Gill Maclean
Phone: +44 20 7863 5314
E-mail: gill.maclean@colt-telecom.com
Henny Valder
Phone: +44 20 7947 1610
E-mail: henny.valder@colt-telecom.com
HUAWEI TECHNOLOGIES
Lucinda Stubbs
E-mail: lustubbs@huawei.com
Web site: http://www.huawei.com
CORUS GROUP: New EUR800 Mln Senior Secured Facility Rated 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and a recovery rating of '1' to Corus Group PLC's
(B+/Stable/B) new EUR800 million (US$1.1 billion) senior secured
facility.
"The facility has been rated one notch above the 'B+' corporate
credit rating on Corus with a recovery rating of '1' because we
estimate senior lenders should achieve full recovery of
principal in the event of a payment default," said Standard &
Poor's credit analyst Tommy Trask.
The new facility will be used to refinance the group's existing
facility for the same amount, which is currently undrawn. The
multicurrency revolving facility is split between a EUR700
million tranche A and a ?100 million tranche B. The maturity
date for both tranches is Dec. 31, 2008. Borrowers include
Corus and its subsidiaries, including Corus Nederland B.V., for
whom tranche B is reserved (which is a change from the previous
loan).
Financial covenants include interest coverage and leverage
ratios as well as minimum net tangible worth for both the group
as a whole and Corus Nederland. Non-financial covenants
include, among others, a negative pledge, limitations on
additional indebtedness, and disposals.
The facility is, primarily, secured by the shares of Corus
Nederland and its U.K. holding companies. In contrast to the
previous facility, senior lenders do not benefit from any
security over the U.K. operating companies. Guarantees from
the group's main U.K. holding companies and the main U.K.
operating company have also been given. Corus Nederland has
given no guarantee, nor any security.
The change in the security package has had a negligible effect
on the recovery rating, as in a post-default recovery situation,
Standard & Poor's considers the value of Corus Nederland should
still be significant because we believe any hypothetical event
of default is more likely on the U.K. side of the business.
It is worth noting that the new facility will be structurally
subordinated to all financial and operating liabilities of Corus
Nederland with regard to Corus' Dutch assets and, as a result,
liabilities at the Corus Nederland level will be monitored. A
material increase in liabilities at the Corus Nederland level
could have a negative effect on the market value of the
collateral and could, therefore, affect the loan and recovery
ratings.
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: media_europe@standardandpoors.com. Group e-mail address:
CorporateFinanceEurope@standardandpoors.com.
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-FINE: Calls in Receivers from Begbies Traynor
-----------------------------------------------
Scottish Courage Limited called in joint administrative
receivers from Begbies Traynor for D-Fine Leisure Limited on
Feb. 15. D-Fine runs a bar, restaurant and hotel. It trades
under the names D Place, D Tapas and The Saracens Head Hotel.
CONTACT: BEGBIES TRAYNOR
32 Cornhill, London EC3V 3BT
Contact:
Timothy John Edward Dolder, Receiver
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
BEGBIES TRAYNOR
1 Winckley Court, Chapel Street, Preston PR1 8BU
Contact:
Steven Williams, Receiver
DHD GROUP: Travel Agency Succumbs to Liquidation
------------------------------------------------
Michael Young of Vantis Business Recovery was appointed
liquidator by members of DHD Group Limited on Feb. 16. DHD is
formerly DRH Group Limited. It is engaged in Internet travel
booking service.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Web site: http://www.vantismt.com
GRANGE COMPUTER: No more cash for Creditors, Says Liquidator
------------------------------------------------------------
The Final Meeting of Members and Creditors of Grange Computer
Supplies Limited will be held at the offices of Kroll, 3rd
Floor, Wellington Plaza, 31 Wellington Street, Leeds LS1 4DL, on
31 March 2005, at 11.00 a.m. and 11.15 am respectively
These Resolutions will be put to the Meeting: "That the Joint
Liquidators' receipts and payments account to 22 February 2005
and final report be approved and that the Joint Liquidators be
released from office."
A Dividend will not be paid to the Creditors as there were
insufficient funds to meet the claims of secured and
preferential Creditors and the costs and expenses of the
liquidation.
A Member or Creditor entitled to attend and vote at the above
Meeting may appoint a proxy to attend and vote in his place. It
is not necessary for the proxy to be a Member or Creditor.
Proxy forms must be returned to the offices of Kroll at the
above address by no later than 12.00 noon on the business day
prior to the Meeting.
CONTACT: KROLL
3rd Floor, Wellington Plaza
31 Wellington Street, Leeds LS1 4DL
Web site: http://www.krollworldwide.com
Contact:
N A Brackenbury, Joint Liquidator
HHG NEW: Calls in Liquidators from KPMG
---------------------------------------
Members of investment company HHG New Ventures Limited has
called in liquidators Jeremy Simon Spratt and John Mitchell
Wardrop from KPMG Corporate Recovery. HHG is formerly AMP New
Ventures Limited, AMP Life (U.K.) Limited, AMP Life Limited and
295th Shelf Investment Company Limited.
CONTACT: KPMG LLP
PO Box 695,
8 Salisbury Square,
London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
Contact:
Jeremy Simon Spratt, Liquidator
John Mitchell Wardrop, Liquidator
KLAUS-KOBEC: Falls into Administration
--------------------------------------
Joint administrators S L Conn and A D Dick from Begbies Traynor
were called in for Klaus-Kobec Limited on Feb. 18. Klaus-Kobec
designs and sells watches abroad.
CONTACT: BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
Phone: 0161 839 0900
Fax: 0161 839 7436
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
Contact:
S L Conn, Administrator
A D Dick, Administrator
LINKFAYRE LIMITED: Former Director Banned for 13 Years
------------------------------------------------------
A director of a mobile telephone and computer components retail
business that failed with total debt estimated at more than
GBP2,633,000 has given an undertaking not to hold directorships
or take any part in company management for 13 years.
The Undertaking by Mr. Saghir Ahmad Qureshi, 37, of Brenthurst
Road, Willesden, London, was given in respect of his conduct as
a director of Linkfayre Limited, which carried out business from
premises at Blue Box, Unit 9-10, Station Approach,
Rickmansworth, Watford WD18 7FR.
Acceptance of the Undertaking on Jan. 12, 2005 prevents Mr.
Qureshi from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.
Linkfayre Limited was placed into voluntary liquidation on Feb.
5, 2003 with estimated debt of GBP2,633,644.08 owed to its
creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
The matter of unfit conduct, not disputed by Mr. Qureshi was
that he disregarded the suspicious circumstances surrounding a
number of transactions involving the supply of computer
equipment and mobile telephones. These circumstances should have
alerted him to the risk that the VAT payable to HM Customs &
Excise (HMCE) in respect of the supplies would go unpaid in
that:
(a) On Dec. 12, 2001 and Dec. 19, 2001 HMCE visited Linkfayre's
premises and removed eleven invoices. On Jan. 17, 2002 HMCE
wrote to Linkfayre providing advice as to future trading and
requesting further information. Mr. Qureshi informed HMCE
that he received this letter on Jan. 25, 2002. Between Jan.
25, 2002 and Dec. 12, 2002 there were six subsequent visits
or letters to Linkfayre by HMCE;
(b) Mr. Qureshi failed to provide sufficient books and records
to satisfy HMCE that transactions as described and claimed
in a VAT Return actually took place. As a result
GBP1,592,449 of input tax was disallowed; and
(c) Following the disallowance of this input VAT Linkfayre was
unable to pay a total liability of GBP2,637,584.65 to HMCE,
which remained unpaid at liquidation.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
NEWSTYLE WINDOWS: Regulator Disqualifies Director
-------------------------------------------------
The director of two building company's specializing in the
installation of windows and conservatories, which failed with
total debt estimated at around GBP1,034,000 and GBP1,073,071has
given an Undertaking not to hold directorships or take any part
in company management for 8 years.
The Undertaking by Mr. Alan Keith Ballard, 51, of St. Peter's
Road, Bournemouth was given in respect of his conduct as a
director of Newstyle Windows & Conservatories Ltd., which
carried out business from premises at 1079-1081 Christchurch
Road, Bournemouth, Dorset BH7 6BQ and in respect of his conduct
of Southern Glaziers & Fitters Limited (SGF), which carried out
business from premises at Unit 3, Wessex Trade Centre, Ringwood
Road, Poole, Dorset BH12 3PR and Unit 2, Itchen House, 186
Empress Road, Southampton SO14 0JY. Acceptance of the
undertaking on Jan. 14, 2005 prevents Alan Keith Ballard from
being a director of a company or, in any way, whether directly
or indirectly, being concerned or taking part in the promotion,
formation or management of a company for the above period.
Newstyle was placed into voluntary liquidation on August 16,
2002 with estimated debt of GBP1,033,514 owed to creditors. SGF
was placed into compulsory liquidation on Jan. 5, 2004 with
estimated debt of GBP1,073,071 owed to creditors. The
Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Alan Keith Ballard In
respect of Newstyle:
(a) He caused Newstyle to trade to the detriment of Crown
Departments, by failing to make adequate payments to HM
Customs & Excise and HM Inland Revenue in respect of VAT and
PAYE/NIC; and
(b) He caused Newstyle to pay himself remuneration and
director's loans that were excessive having regard to the
solvency and profitability of the company.
In respect of SGF:
(a) From no later than Jan. 2 2003, the date upon which he
signed off the statutory accounts for the year ended June
30, 2001, Mr. Ballard ought to have been aware that SGF was
insolvent with no reasonable prospect of being able to meet
creditors' claims;
(b) Mr. Ballard caused SGF to enter into a transaction that
preferred SGF's main supplier, Griffin Windows Limited; and
benefited himself, to the detriment of SGF's other
creditors. The transaction had the effect that Mr. Ballard
secured the indebtedness of SGF's main supplier at a time
when its other creditors, especially the Crown, were not
being paid as and when due, and he removed his immediate
liability to SGF in respect of his director's loan account,
and to any liquidator subsequently appointed; and
(c) Mr. Ballard caused SGF to pay himself remuneration and
director's loans that were excessive having regard to the
solvency and profitability of SGF.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
NH COMPUTER: Insolvency Service Bans Former Director
----------------------------------------------------
A director of a computer training business that failed with
total debt estimated at around GBP11 million has given an
Undertaking not to hold directorships or take any part in
company management for three and a half years.
The Undertaking by Mr. Michael Smith (39) of Saffron Hill,
Letchworth, Herts, was given in respect of his conduct as a
director of NH Computer Training Plc which carried out business
from premises at 85 Great Eastern Street, London EC2A 3HY;
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB; Regus
House, 1 Friary Temple Quay, Bristol, BS1 6EA; Unit 22 Logie
Mill, Beaver Bank Office Park, Canon Mill, Edinburgh, EH7 4HG;
Arthur House, Chorlton Street, Manchester, M1 3FH and Rodney
House, Castle Gate, Nottingham, NG1 7AW.
NH Computer Training was placed into liquidation on December 10,
2002 with estimated debt of GBP11million owed to creditors.
Acceptance of the Undertaking on Jan. 27, 2005 prevents Mr.
Smith from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for three and a half years.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by Mr. Smith included
that he:
(a) Caused the company to trade to the detriment of Her
Majesty's Custom and Excise from June 30, 2001, when
payments for VAT for the quarter ending May 31, 2001 fell
due for payment to cessation of trading in November 2002;
and
(b) Caused NH Computer Training to trade to the detriment of the
Inland Revenue from Feb. 19 2002 when PAYE/NIC for January
2002 fell due to cessation of trading in November 2002,
whilst treating other creditors differently.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
NPI ANNUITIES: Files for Liquidation
------------------------------------
The National Provident Life Limited, the only member of NPI
Annuities Limited, resolved as a special resolution to wind up
the firm. Jeremy Simon Spratt and John Mitchell Wardrop of KPMG
Corporate Recovery have been appointed liquidators. NPI
Annuities is formerly NPI Pensions Management Limited.
CONTACT: NATIONAL PROVIDENT LIFE LIMITED
The Pearl Center
Lynch Wood, Peterborough PE2 6FY
KPMG LLP
PO Box 695,
8 Salisbury Square,
London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
Contact:
Jeremy Simon Spratt, Liquidator
John Mitchell Wardrop, Liquidator
NTL INCORPORATED: Sets Results Conference Call March 15
-------------------------------------------------------
On Tuesday, March 15, 2005 at 8:30 a.m. EST and 1:30 p.m. U.K.
time, Simon Duffy, CEO; and Jacques Kerrest, CFO; will discuss
ntl's financial results.
Conference call details are:
(a) U.S. dial-in number: +1 334 420 4950
+1 334 420 4951
(b) U.K. & International dial-in number: +44 (0)20 7162 0125
A replay of this conference call will be available for one week
beginning approximately two hours after the end of the call
until Tuesday, March 22, 2005. The replay dial-in numbers are:
(a) U.S. dial-in number: +1 954 334 0342
(b) U.K. & International dial-in number: +44 (0)20 7031 4064
conference ID: 646478
The conference call can also be accessed via a live audio Web
cast at 8:30 a.m. EST or 1:30 p.m. U.K. time at
http://www.ntl.com.
Contact: NTL INCORPORATED
Bartley Wood Business Park
Bartley Way
Hook
Hampshire R627 9UP
Phone: +44-1256-75-2000
Fax: +44-1256-75-4100
Phone: http://www.ntl.com
Investor Relations
Patti Leahy
Phone: 610-667-5554
E-mail: patricia.leahy@ntl.com
ONE STOP: Creditors Meeting this Week
-------------------------------------
The Joint Administrators of One Stop U.K. Limited are calling a
creditors meeting on March 2, 2005, 10:30 a.m. at Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF.
Completed proxy forms must be lodged with the Joint
Administrators by the date of the Meeting. In order to be
entitled to vote under Rule 2.38 at the Meeting creditors must
submit, not later than 12.00 noon on the business day before the
day fixed for the Meeting, details in writing of his claim.
Secured Creditors (unless they surrender their security) should
also include a statement giving details of their security, the
date on which it was given and the estimated value at which it
is assessed. The Resolutions to be taken at the Meeting may
include a Resolution specifying the terms on which the Joint
Administrators are to be remunerated.
CONTACT: BEGBIES TRAYNOR
No 1 Old Hall Street, Liverpool L3 9HF
Contact:
David Moore, Administrator
BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
Phone: 0161 839 0900
Fax: 0161 839 7436
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
Contact:
Paul Stanley, Administrator
PHONETICS (U.K.): Creditors to Meet Today
-----------------------------------------
A Meeting of the Creditors of Phonetics (U.K.) Limited will be
held at the offices of BDO Stoy Hayward LLP, Prospect Place, 85
Great North Road, Hatfield, Hertfordshire AL9 5BS, on March 1,
2005, at 3:00 p.m.
A person authorized under section 375 of the Companies Act 1985,
to represent a corporation must produce to the Chairman of the
Meeting a copy of the Resolution from which their authority is
derived. The copy Resolution must be under seal of the
corporation, or certified by the Secretary or Director of the
corporation as a true copy.
Please note that a Creditor is entitled to vote only if he has
delivered to the Administrators not later than 12.00 noon on 28
February 2005, details in writing of the debt claimed to be due
from the Company, and the claim has been duly admitted under the
provisions of the Insolvency Rules 1986, and there has been
lodged with the Administrators any proxy which the Creditor
intends to be used on his behalf.
Notice is hereby given, for the purposes of paragraph 49(6) of
Schedule B1 of the Insolvency Act 1986, that Members of the
Company should write to Geoffrey Stuart Kinlan, at BDO Stoy
Hayward LLP, Prospect Place, 85 Great North Road, Hatfield,
Hertfordshire AL9 5BS, for copies of the Administrators'
statement of proposals. Copies of the proposals will be sent
free of charge.
CONTACT: BDO STOY HAYWARD LLP
Prospect Place, 85 Great North Road,
Hatfield, Hertfordshire AL9 5BS
Phone: 01707 255888
Fax: 01707 255890
E-mail: hatfield@bdo.co.uk
Web site: http://www.bdo.co.uk
Contact:
G. S. Kinlan, Joint Administrator
RSMC LIMITED: Liquidator's Report Out April
-------------------------------------------
A Final Meeting of Members and Creditors of RSMC Limited will be
held at the offices of SPW Poppleton & Appleby, Gable House, 239
Regents Park Road, London N3 3LF, on 8 April 2005, at 10:30 a.m.
and 10:45 a.m. respectively.
Members and Creditors will hear from the liquidator how the
liquidation of the firm has been conducted and its property
disposed of.
A Member or Creditor is entitled to attend and vote at the above
Meeting may appoint a proxy to attend and vote instead of him. A
proxy need not be a Member or a Creditor of the Company.
Proxies to be used at the Meeting must be lodged at Gable House,
239 Regents Park Road, London N3 3LF, not later than 4.00 pm on
7 April 2005.
CONTACT: SPW POPPLETON & APPLEBY
Gable House, 239 Regents Park Road, London N3 3LF
Contact:
H J Sorsky, Liquidator
SOUTH WEST: Director Banned from Occupying Management Post
----------------------------------------------------------
A director of a trailer hire business that failed with debt of
more than GBP1.3 million has been disqualified in the Taunton
County Court from acting as a company director for ten years.
Mr. Peter James McDowell, of Oak Street, Rhydyfelin, Pontypridd
was a director of South West Trailer Hire Limited, which carried
on business from premises at Edford Lane, Edford, Holcombe,
Radstock, Bath, BA3 5HH.
South West Trailers Limited was placed into voluntary
liquidation on March 12, 2003 with estimated debt of GBP1.3
million owed to its creditors.
The Disqualification Order, made on Feb. 9, 2005, prevents Mr.
McDowell from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct by Mr. McDowell, found by the Court
included that he had caused the company to fraudulently obtain
finance from finance companies for fictitious trailers and
existent trailers causing a loss to those finance companies of
GBP697,943.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
STRIKEBACK LIMITED: Members, Creditors Meeting April
----------------------------------------------------
The Meeting of the Members and Creditors of Strikeback Limited
will be held at Elliot House, 151 Deansgate, Manchester M3 3BP,
on 27 April 2005, at 10:00 a.m. and 10:30 a.m. respectively.
Members and Creditors wishing to vote at the Meeting must lodge
their proofs of debt and (unless they are attending in person)
proxies at the office of Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP, no later than 12:00 noon on the
business day before the meeting.
CONTACT: BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
Phone: 0161 839 0900
Fax: 0161 839 7436
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
G Bell, Joint Liquidator
TOUCHE REMNANT: Members Call in Liquidator
------------------------------------------
Members of: (a) investment company NPI Finances Limited
(Formerly AMP (NPI) Finance Limited, AMP Life Limited and
Elecretail Limited); (b) Touche Remnant Property Co. (formerly
Touche, Remnant & Co.); (c) Touche Remnant Investment Management
Limited (formerly Touche Remnant Pension Fund Management
Limited); (d) Oyster Holding Company Limited (formerly Oyster
Holding Company (1996) Limited); and (e) Oyster Overseas
Limited, called in liquidators Jeremy Simon Spratt and John
Mitchell Wardrop of KPMG Corporate Recovery
CONTACT: KPMG LLP
PO Box 695,
8 Salisbury Square,
London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
Contact:
Jeremy Simon Spratt, Liquidator
John Mitchell Wardrop, Liquidator
UNIGREG LIMITED: Directors Get Eight-year Ban
---------------------------------------------
Two directors of a pharmaceutical business that failed with debt
of more than GBP2.5million have been disqualified from acting as
company directors for eight years each.
Mr. Avo Krikor Krikorian (79) of Rue de L'Athenee, Geneva,
Switzerland and his son Mr. Krikor Avo Krikorian (47) of Al Mina
Road, Port Rashid, Dubai were directors of Unigreg Limited,
which carried on business from premises at Enterprise House,
Garth Road, Morden, Surrey, SM4 4LL.
Unigreg Limited was placed into administration on 11 June 2002
with estimated debt of GBP2,598,000 owed to its creditors.
A Disqualification Order was made against Mr. Avo Krikorian at a
hearing in the High Court of Justice on Jan. 31, 2005. Mr.
Krikor Krikorian gave a disqualification undertaking to the
Secretary of State, which was accepted on Jan. 28, 2005. Both
directors are now prevented from being a director of a company
or, in any way, whether directly or indirectly, being concerned
in or taking part in the promotion, formation or management of a
company for eight years.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct found in each case and not disputed by
Avo Krikor Krikorian or Krikor Avo Krikorian were that they:
(a) Caused or allowed Unigreg Limited to enter into transactions
to the detriment of Creditors and in breach of the Companies
Act 1985 (by permitting dividends to be drawn, directors
loans and remuneration to themselves during the period of
late 1997 to July 18, 2001). By allowing the loans to be
paid to themselves, Avo and Krikor Krikorian placed their
personal interests in conflict with their duties as
directors to act in the best interests rather than those of
the Creditors and Unigreg.
(b) Allowed the company's business and intellectual property
rights in China and other Far Eastern territories to be
disposed of for their own personal gain and without due
regard to the interests of the company. Monies received
from the sale of rights after the company went in to
administration were not properly accounted for.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
WIGGY'S WORLD: Liquidator to Deliver Report this Month
------------------------------------------------------
A General Meeting of the Members of Wiggy's World Limited will
be held at Baker Untily, City Plaza, Temple Row, Birmingham B2
5AF, on March 18, 2005, at 10:45 a.m. A Final Meeting of
Creditors will follow at 11:00 a.m. to receive an account of the
winding-up process.
A Member or Creditor entitled to vote at the above Meeting may
appoint a proxy to attend and vote instead of him. A proxy need
not be a Member or Creditor of the Company. Proxies to be used
at the Meeting must be lodged with the Joint Liquidators at
Baker Untily, City Plaza, Temple Row, Birmingham B2 5AF, no
later than 12:00 noon on the preceding business day.
CONTACT: BAKER UNTILY
City Plaza, Temple Row, Birmingham B2 5AF
Web site: http://www.bakeruntily.co.uk
P H Allen, Joint Liquidator
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US MM) (US MM) (US MM)
------ ----------- ------- --------
AUSTRIA
-------
Libro AG (111) 174 (182)
Rhi AG (531) 1,471 129
BELGIUM
-------
Carestel N.V. CSTL.BR (3) 178 (68)
City Hotels CITY.BR (7) 210 (15)
Real Software REAL.BR (202) 176 (17)
Sabena S.A. (86) 2,215 (297)
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Acces Industrie (32) 124 (63)
Arbel PA.ARB (50) 213 (47)
Banque Nationale
de Paris Guyane BNPG (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Bull S.A. BULP.PA (912) 902 (38)
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Compagnies de
Machines Bull (139) 137 (6)
Charbo De France (3,872) 4,738 (2,868)
Euro Computer System (110) 682 377
Grande Paroisse S.A. (927) 629 330
Immob Hoteliere (68) 233 29
LVL Medical Group LVLM.PA (8) 149 (6)
Pneumatiques Kleber S.A. (34) 480 139
SDR Centrest (132) 252 N.A.
SDR Picardie (135) 413 N.A.
Soderag (3) 404 N.A.
Sofal S.A. (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
St Fiacre (FIN) (1) 111 (33)
Trouvay Cauvin (0) 134 10
Usines Chausson (23) 249 35
GERMANY
-------
Agor AG DOOG.BE (8) 392 (126)
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
F.A. Guenther & Son AG GUSG (8) 111 N.A.
Glunz AG GLUG (0) 428 (17)
Kamps AG KMPSF.PK (93) 1,075 (61)
Kaufring AG KAUG (19) 151 (51)
Mannheimer AG (15) 879 N.A.
Marbert AG MTBG (13) 144 (50)
Nordsee AG (8) 195 (31)
Primacom AG PRIG (106) 1,264 (50)
Rinol AG RLIG (25) 178 (53)
Schaltbau Hold SLTG (38) 150 (26)
Senator Entertainment
AG SENGk.BE (153) 126 (148)
SinnLeffers AG WHGG (4) 454 (145)
Spar Handels- AG SPAG (442) 1,433 (234)
VBH Holding AG VBHG (54) 337 (80)
Vivanco Gruppe (55) 131 (31)
GREECE
------
Delta Ice Cream (3) 183 (14)
DryShips Inc. DRYS (4) 184 (29)
ITALY
-----
Binda S.p.A. BND (11) 129 (20)
Cirio Finanziaria S.p.A. (422) 1,583 (396)
Credito Fondiario
e Industriale S.p.A. (200) 4,218 N.A.
Finpart S.p.A. (31) 793 (248)
Gruppo Coin S.p.A. GC (111) 974 (97)
Lazio S.p.A. LAZI (27) 426 (175)
Olcese S.p.A. OLCI.MI (13) 180 (64)
Parmalat Finanziaria
S.p.A. (16,510) 5,285 (332)
Technodiffusione
Italia S.p.A. TDIFF.PK (90) 152 (24)
LUXEMBOURG
----------
Millicom International
Cellular S.A. MICC (59) 1,523 4
Oriflame Cosmetics S.A. ORI.ST (44) 378 97
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
Numico N.V. NUMC (558) 2,030 83
United Pan-Euro Air UPC (5,266) 5,180 (8,730)
NORWAY
------
Pan Fish ASA (24) 514 327
Petroleum-Geo Services PGO (32) 2,963 (5,250)
POLAND
------
Gruppo Media
Capital SGPS S.A. GMPTF.PK (21) 399 (85)
Mostostal Zabrze MECOF.PK (6) 227 (366)
RUSSIA
------
Kamchatskenergo (107) 291 (7,319)
Zil Auto (147) 349 (9,974)
SPAIN
-----
Altos Hornos de
Vizcaya S.A. (116) 1,283 (278)
Avanzit S.A. AVZ.MC (117) 457 (247)
Santana Motor S.A. (46) 223 41
Sniace S.A. (16) 136 (34)
SWITZERLAND
-----------
Kaba Holding AG KABZN (19) 569 372
Swisslog Holding-R SLOG (98) 354 151
TURKEY
------
Dyo Boya Fabrikalari
Sanayi Ve Ticare (11) 106 (66)
Nergis Holding (24) 125 22
Yasarbank (948) 623 N.A.
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
Alldays Plc (120) 252 (202)
Amey Plc (49) 932 (47)
Bonded Coach
Holiday Group Plc (6) 188 (44)
Blenheim Group (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group BWL (1,774) 867 (1,157)
British Energy Plc BGY (5,342) 3,438 229
British Nuclear
Fuels Plc (4,248) 40,326 977
Center Parcs (UK)
Group Plc CQY (77) 423 (227)
Compass Group CPG (668) 2,972 (298)
Costain Group COST (65) 396 (4)
Danka Bus System DNK.L (51) 585 82
Dawson Holdings DWN.L (29) 142 (32)
Dignity Plc DTY.L (148) 485 (89)
Easynet Group ESY.L (45) 323 38
Electrical and Music
Industries Group EMI (1,318) 3,472 (293)
Euromoney Institutional
Investor Plc ERM.L (113) 236 (66)
Gallaher Group GLH (492) 6,304 116
Gartland Whalley (11) 145 (8)
Global Green Tech Group (156) 408 (18)
Heath Lambert
Fenchurch Group Plc (10) 4,109 (10)
HMV Group Plc HMV (130) 997 (56)
Intertek Testing Services ITRK (64) 508 77
Invensys PLC (559) 5,885 882
IPC Media Ltd. (685) 254 16
Jarvis Plc JRVS.L (26) 1,176 (182)
Jessops Plc JSP.L (8) 297 7
Lambert Fenchurch Group (1) 1,827 3
Lattice Group (1,290) 12,410 (1,228)
Leeds United LDSUF.PK (73) 144 (29)
M 2003 Plc (2,204) 7,205 (756)
Manchester City (17) 154 (21)
Misys Plc MSY (334) 934 44
Mytravel Group MT.L (1,118) 2,551 (533)
Orange Plc ORNGF (594) 2,902 7
PD Ports Plc PDP.L (282) 361 0
Premier Foods Plc PFD.L (565) 1,105 34
Probus Estates Plc PBE.L (28) 113 (35)
Regus Plc RGU.L (46) 367 (60)
Rentokil Initial Plc RTO (1,092) 3,245 (68)
Saatchi & Saatchi SSI (119) 705 (41)
Seton Healthcare (11) 157 0
SFI Group (108) 178 (162)
Telewest
Communications Plc TLWT (3,702) 7,581 (5,361)
Virgin Mobile
Holdings Plc VMOB.L (101) 278 (80)
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets. A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
*********
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 * * *