/raid1/www/Hosts/bankrupt/TCREUR_Public/050412.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, April 12, 2005, Vol. 6, No. 71
Headlines
C Z E C H R E P U B L I C
IPB: Investigators Hound Former Executives Anew
F I N L A N D
DONE SOLUTIONS: Scraps Dividend Payment
METSO CORPORATION: Closes Sale of Metso Drives
G E R M A N Y
BME FASHION: Creditors Meeting Set May
BRANDT POLARUS: Falls into Bankruptcy
DIGITAL FACTORY: Koln Court Appoints Interim Administrator
DYCKERHOFF AG: Corporate Credit Rating Upgraded to 'BB+'
EICHBERG BAUAUSFUHRUNGS: Court to Verify Claims August
GENERALBAU ROGGENDORF: Proofs of Claim Due Today
GUNICO IMPORT: Applies for Bankruptcy Proceedings
HAUS FURSTENBERG: Declares Bankruptcy
IGBP INGENIEURGEMEINSCHAFT: Creditors' Claims Due May
KARSTADTQUELLE AG: Chairman Mulls Shopping Spree
METALLBAU PETER: Cedes Control to Provisional Administrator
TRACOINSA ENGINEERING: Administrator Takes over Helm
I T A L Y
CIRIO FINANZIARIA: Calls Meeting to Tackle Del Monte Sale
PARMALAT U.S.A.: Court Okays Wells Fargo Lease Pact
K A Z A K H S T A N
BANK ALLIANCE: Gets 'B' Short-term Rating, Stable Outlook
N E T H E R L A N D S
INVISTA B.V.: Moody's Raises Speculative Grade Liquidity Rating
R U S S I A
ASSEMBLY-BUILDING CORPORATION: Bankruptcy Proceedings Begin
ASTOR-II: Proofs of Claim Deadline Expires May
BAKALINSKIY TIMBER: Under Bankruptcy Supervision
BELOKALITVINSKIY LIME: Bankruptcy Hearing Resumes Next Month
CHISTOPOLSKIYE MOTORS: Declared Insolvent
KAMYZYAKSKAYA-2: Astrakhan Court Appoints Insolvency Manager
MISHKINSKIY: Meat Processor Succumbs to Bankruptcy
SALSKAYA OBUV: Gives Creditors Until Next Month to Prove Claims
TIME: Cedes Control to Interim Insolvency Manager
TRANS-AUTO: Names N. Popov Insolvency Manager
YUKOS OIL: End Is Near, Concedes Majority Owner
S E R B I A & M O N T E N E G R O
JAT AIRWAYS: Mechanics End Strike; Cheer Group's Split-off
S L O V E N I A
NOVOTEKS TKANINA: Opts for Liquidation
S W E D E N
L AND P: Labor Conflict Pushes firm into Bankruptcy
S W I T Z E R L A N D
SAIRGROUP: Liquidator Gives 'Creditors Claims' Update
SWISS INTERNATIONAL: Crossair Pilots Lead Call for Strike
U N I T E D K I N G D O M
ACCIDENT REPAIR: Appoints KPMG Administrator
ACTION FORM: Members Decide to Wind up Firm
ALLDERS PLC: GBP90 Million Loss Awaits Creditors
BOOTS GROUP: Retailer Forced to Peddle Core Unit
BRITANNIA BUILDING: Hires Begbies Traynor as Administrator
BROMPTON HOUSE: Deadline for Debt Claims Set Later this Month
CARE CONCERN: Members Pass Special Winding-up Resolution
CLEARWATER POLCON: Hires Administrators from BDO Stoy Hayward
CLUNY INVESTMENT: Liquidator Takes over Operations
CONSAFE ENGINEERING: Meeting of Creditors Next Week
CVA LIMITED: Hires Haslers as Liquidator
DAMOVO GROUP: Moody's Assigns First-time Ratings of B1
EATONGATE BUILDERS: Creditors Meeting Set Next Week
EBURY COMMERCIAL: Liquidator from Critchleys Moves in
EXTRAPRISE UK: Appoints Smith & Williamson Administrator
FOREST UPHOLSTERY: Creditors Meeting Friday
FORUM HOUSE: Calls in Abbey Taylor Ltd. Administrator
GEOMARINE LIMITED: Meeting of Creditors Set Next Week
GLAISCO 1: Members Hire Liquidator from Tenon Recovery
JAY JONES: Appoints O'Hara & Co. Administrator
L A R CONSTRUCTION: Director Banned for Four Years
LEONIE LEE: Hires Liquidator from Berley
MCNULTY OFFSHORE: Union Threatens to Hold Technip's Order
MG ROVER: Statement on Receivership "Premature"
MG ROVER: Fitch Examines Problems After Collapse
MG ROVER: Secures GBP6.5 million Funding
MILFORD SADDLERY: Administrators from Milner Boardman Move in
MURRAY GLOBAL: Appoints Liquidator from Ernst & Young
POWERTRAIN LIMITED: Calls in Administrators from PwC
PRIESTLEYS OF GLOUCESTER: Names Milsted Langdon Administrator
RAPTURE TV: Creditors Meeting Set This Week
ROOKSMOOR TIMBER: In Administrative Receivership
SAMUEL EDEN: Names Administrators from KPMG
SKYEPHARMA PLC: To Discuss Full-year Results Later This Month
TEDDINGTON STUDIOS: Calls in Numerica Administrator
UNIFIED NETWORKS: Names BDO Stoy Hayward Administrator
WHITEMECH SERVICES: Creditors Meeting Set Later This Month
WHITEVALE PROPERTY: Names New Liquidator
ZIKA RAPID: Bank Leumi Appoints Baker Tilly Receiver
* Large Companies with Insolvent Balance Sheets
*********
===========================
C Z E C H R E P U B L I C
===========================
IPB: Investigators Hound Former Executives Anew
-----------------------------------------------
Authorities are demanding that the state attorney charge the
former management of bankrupt IPB for a questionable bond issue
in 1998.
The demand was raised by investigators who have recently wrapped
up their probe into the matter. They claim the CZK6 billion
capital increase was illegal since IPB funded the bond itself,
effectively lending itself money in the guise of a loan capital.
Accused of leading the fraudulent transaction are former IPB CEO
Jan Klacek, his deputies Libor Prochazka and Aladar Blaas, and
bank board members Josef Horak, Jiri Fabian, Jiri Farek and
Alfred Sebek.
Mr. Prochazka's defense counsel Richard Malecek told CTK the
investigation might have been sped up by the London arbitration
ruling on the dispute between the government and Japanese
investor Nomura on Friday. Nomura is claiming up to CZK40
billion in compensation for its losses in IPB.
IPB was forced into administration in 2000 and was bought three
days after by the CSOB. CSOB representatives have since been
filing legal complaints against the former management of IPB for
their role in the firm's collapse.
CONTACT: IPB a.s.
6410 V Celnici 10 Praha 1
117 21
Phone: 221033131
Fax: 221033150
Web site: http://www.ipbanka.cz
=============
F I N L A N D
=============
DONE SOLUTIONS: Scraps Dividend Payment
---------------------------------------
Done Solutions Corporation's Annual General Meeting on
March 31, 2005 made these decisions:
(a) Financial Statements, Board of Directors and Auditors
The AGM adopted the financial statements and discharged the
members of the Board of Directors and the President and CEO from
liability for the financial period of January 1-December 31,
2004. The AGM approved the proposal by the Board of Directors
for the allocation of losses of EUR182,309.55 for the financial
period to be entered in retained loss, and no dividend for the
financial period shall be distributed.
Jaakko Asanti, Jyri Merivirta, Pekka Pystynen and, as a new
member, MBA and M.Sc. Matti Nevalainen were appointed as members
of Done's Board of Directors. Mr. Nevalainen has a large
experience and a broad contact net in Finnish small and medium
size companies during 20 years. Mr. Nevalainen is also a member
of The Finnish Association of Professional Board Members.
After the AGM the Board of Directors elected at their assembly
meeting on March 31, 2005 Jyri Merivirta as the Chairman of the
Board.
Deloitte & Touche Oy, Authorized Public Accountants, was again
elected as Done's auditor, with Eero Lumme, Authorized Public
Accountant, acting as the regular auditor. Jonathan Back,
Authorized Public Accountant, was elected as deputy auditor.
Based on the AGM's decision, the remuneration payable to the
company's auditors will be based on an accepted invoice submitted
by them to the company. The AGM also decided that the
remuneration of the Chairman of the Board will be EUR5,000
monthly and other members EUR3,000 monthly. Travel expenses will
be paid according to company travel instructions.
(b) Share-issue Authorization
The AGM decided to authorize the Board of Directors to decide,
within one year following the AGM, to issue convertible bonds
and/or stock options, and increase share capital through one or
more issues in such a way that the votes entitled by shares to be
issued correspond to a maximum of one-fifth of the votes of the
shares registered with the Trade Register on the date of the AGM'
s decision on Board authorization and on the date of the Board's
decision of the increase and that the total share capital
increase accounts for a maximum of one-fifth of the share capital
registered with the Trade Register on the date of the AGM's
decision on Board authorization and on the date of the Board's
decision of the increase.
By virtue of the authorization, the Board of Directors has the
right to deviate from the shareholders' pre-emptive right to
subscribe for new shares, convertible bonds or stock options, and
decide on the subscription price, which must not be less than a
share's counter book value, and other subscription terms and the
terms governing convertible bonds and stock options.
It is possible to deviate from the pre-emptive right, provided
that the Company has a cogent reason for the departure from the
said right, such as financing corporate acquisitions and
development projects necessary for the Company's business,
strengthening financial structure, enabling business cooperation
in various forms, expanding shareholder base, incentivizing
personnel or other business development.
The Board of Directors must not deviate from the pre-emptive
right in favor of anyone belonging to the Company's immediate
circle. Whenever the Company increases its share capital through
a rights issue, the Board of Directors has the right to decide
that shares be subscribed against contribution in kind or by
other means on certain conditions or by exercising the right of
setoff.
(c) Elimination of Article 14 from the Articles of Association
The AGM decided that the Articles of Association be altered so
that Article 14, Share Redemption Obligation, be removed.
Done Solutions Corporation
Pekka Pystynen
President and CEO
* * *
With its shares having been quoted on the Helsinki Stock Exchange
's NM List since 2001, Done Solutions is organized into the three
business units: Done Logistics provides comprehensive logistics
systems, based on automated materials-handling and supporting
information systems; Providor Logistics specializes in
distribution and warehousing services; and Done Information
provides multilingual documentation services. The Group's
largest customers are based in the Nordic countries, Central
Europe and the United States.
CONTACT: DONE SOLUTIONS
Pekka Pystynen, President and CEO
Phone: +358 (0)205 253427
Mobile: +358 (0)50 0508 962
E-mail: pekka.pystynen@donesolutions.com
Web site: http://www.donesolutions.com
METSO CORPORATION: Closes Sale of Metso Drives
----------------------------------------------
Metso Corporation has finalized the divestment of Metso Drives to
private equity investor CapMan following regulatory approvals.
Metso Drives is a manufacturer of mechanical power transmission
equipment.
Metso Drives Oy and its foreign subsidiaries were transferred to
the ownership of the funds managed/advised by CapMan on April 8,
2005. The debt-free price of the divestment is about EUR98
million. Metso and CapMan reached an agreement of the sale in
March 2005.
Related to the divestment of Metso Drives, Metso will book a
tax-free capital gain of approximately EUR18 million in the
second quarter. In accordance with IFRS, the capital gain will
be reported as part of Discontinued operations line, below the
net result of Continuing operations. The 2005 net result of
Metso Drives till the finalization of the divestment will be
reported under the same line.
The biggest growth potential for Metso Drives, which was a part
of Metso Ventures business area, is in the wind turbine sector
and other sectors, which are not part of Metso's core businesses.
In 2004, Metso Drives' net sales were EUR157 million. It employs
about 890 people in Finland, Germany, Canada, the United States,
and Sweden.
Metso is a global technology corporation serving customers in the
pulp and paper industry, rock and minerals processing, the energy
industry and selected other industries. In 2004, the net sales
of Metso Corporation were approximately EUR4 billion, and it has
some 23,000 employees in more than 50 countries. Metso's shares
are listed on the Helsinki and New York Stock Exchanges.
* * *
In February, Moody's Investors Service changed the rating outlook
for the Ba1 senior unsecured and issuer ratings of Metso
Corporation to stable from negative. The change in outlook
reflects Moody's acknowledgement of Metso's successful efforts to
improve financial flexibility and operational performance.
CONTACT: METSO CORPORATION
Vesa Kainu
President, Metso Ventures
Phone: + 358 204 84 3258
Kati Renvall
Vice President, Corporate Communications
Phone: +358 204 84 3212
=============
G E R M A N Y
=============
BME FASHION: Creditors Meeting Set May
--------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BME Fashion Group GmbH on March 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until June 20, 2005 to
register their claims with court-appointed provisional
administrator Joachim Voigt Salus.
Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 9:45 a.m. at the district court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal
218, at which time the administrator will present his first
report of the insolvency proceedings. The court will verify the
claims set out in the administrator's report on August 9, 2005,
9:30 a.m.
CONTACT: BME FASHION GROUP GMBH
Frankfurter Allee 111,10247 Berlin
Joachim Voigt Salus, Administrator
Rankestrasse 33, 10789 Berlin
BRANDT POLARUS: Falls into Bankruptcy
-------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Brandt Polarus Kuhlfahrzeug-Service GmbH on March 23.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until April 28, 2005
to register their claims with court-appointed provisional
administrator Dirk Andres.
Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 8:30 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: BRANDT POLARUS KUHLFAHRZEUG-SERVICE GMBH
Dorstener Str. 269, 44623 Herne
Contact:
Rainer Heitkamp, Manager
Dirk Andres, Administrator
Viktoriastrasse 10, 44787 Bochum
Phone: 4145023
DIGITAL FACTORY: Koln Court Appoints Interim Administrator
----------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Digital Factory GmbH on March 16. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 27, 2005 to register their claims with
court-appointed provisional administrator Dr. Sabine Feuerborn.
Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 11:15 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss 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: DIGITAL FACTORY GMBH
Bertramstrasse 72, 51103 Koln
Contact:
Ralf Kurscheid, Manager
Bergstrasse 19, 54570 Hohenfels-Essingen
Dr. Sabine Feuerborn, Administrator
Else-Lang-Str. 1, 50858 Koln
Phone: 285 547-0
Fax: +4922128554729
DYCKERHOFF AG: Corporate Credit Rating Upgraded to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Germany-based cement producer Dyckerhoff AG to
'BB+' from 'BB', reflecting further improvements in the group's
financial profile in 2004. At the same time, the 'B' short-term
ratings on Dyckerhoff were affirmed. The outlook is stable.
"The upgrade follows Dyckerhoff's financial profile improvements
achieved in 2004, resulting from implemented cost reduction
measurements and price increases in Germany," said Standard &
Poor's credit analyst Eve Greb.
Therefore, the ratio of funds from operations (FFO) to
pension-adjusted net debt improved to 23% (38% excluding unfunded
pensions) in 2004 from 16% in the previous year (22% excluding
unfunded pensions). In addition, the increased shareholding of
Dyckerhoff's majority shareholder, Italy-based Buzzi Unicem
S.p.A. (not rated) supports the stand-alone credit rating on
Dyckerhoff, as it has an overall better creditworthiness.
The ratings on Dyckerhoff reflect the group's moderately
aggressive financial structure and below-average business
profile, stemming from its substantial exposure to the
structurally difficult German market, as well as its limited
geographical diversity. These factors are somewhat mitigated by
the company's good market positions and healthy margins achieved
outside Germany, positive free cash flow generation overall, and
the expectation that its financial profile will steadily improve.
"The stable outlook reflects our expectations that Dyckerhoff
will use its free cash flow to further improve the group's
financial profile and sustain a ratio of FFO to net debt
(adjusted for operating leases and after-tax unfunded pension
liabilities) of more than 25%," added Ms. Greb. In the near
term, continued growth in Eastern Europe and further price
increases in Germany should help to bolster the group's cash
flow. "Our expectations could prove wrong in the case of
unexpected significant debt-financed acquisitions or renewed
pricing pressures in Germany, in particular," she added.
Ratings information is available to subscribers of RatingsDirect
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: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
Dyckerhoff AG
Biebricher Str. 69
D-65203 Wiesbaden
P.O. Box 22 47
D-65012 Wiesbaden
Phone: +49(0)611 - 676 0
Fax: +49(0)611 - 676 10 40
E-mail: Info@dyckerhoff.com
Web site: http://www.ipb.cz
EICHBERG BAUAUSFUHRUNGS: Court to Verify Claims August
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Eichberg Bauausfuhrungs-GmbH on March 17.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until June 9, 2005 to
register their claims with court-appointed provisional
administrator Rudiger Wienberg.
Creditors and other interested parties are encouraged to attend
the meeting on April 28, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings. The court will verify the
claims set out in the administrator's report August 4, 2005,
10:15 a.m.
CONTACT: EICHBERG BAUAUSFUHRUNGS GMBH
Morchinger Str. 141, 14169 Berlin
Rudiger Wienberg, Administrator
Giesebrechtstr. 1, 10629 Berlin
GENERALBAU ROGGENDORF: Proofs of Claim Due Today
------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Generalbau Roggendorf GmbH on March 16. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until April 12, 2005 to register their
claims with court-appointed provisional administrator Dr. Rudiger
Werres.
Creditors and other interested parties are encouraged to attend
the meeting on May 3, 2005, 11:15 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 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: GENERALBAU ROGGENDORF GMBH
Aachener Strasse 1370, 50859 Koln
Dr. Rudiger Werres, Administrator
Friesenplatz 17 a, 50672 Koln
Phone: 0221/95 14 46 - 20
Fax: +4922195144690
GUNICO IMPORT: Applies for Bankruptcy Proceedings
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Gunico Import-Export Serviceleistungen GmbH on March 21.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until May 25, 2005 to
register their claims with court-appointed provisional
administrator Dr. Norbert Westhoff.
Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 9:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings. The court will 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: GUNICO IMPORT-EXPORT SERVICELEISTUNGEN GMBH
Feldstr. 111, 33609 Bielefeld
Contact:
Harald Niestrat, Manager
Detmolder Str. 401, 33605 Bielefeld
Dr. Norbert Westhoff, Administrator
Adenauerplatz 4, 33602 Bielefeld
HAUS FURSTENBERG: Declares Bankruptcy
-------------------------------------
The district court of Koln opened bankruptcy proceedings against
Haus Furstenberg M.A. GmbH on March 16. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until April 27, 2005 to register their
claims with court-appointed provisional administrator May 18,
2005, 10:35 a.m. Koln, Hauptstelle, Luxemburger Strasse 101,
50939 Koln, Erdgeschoss, Saal 14.
Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 10:35 a.m. at Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14 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: HAUS FURSTENBERG M.A. GMBH
Furstenbergplatz 1, 51379 Leverkusen
Contact:
Georgius von Merzljak, Manager
Schutzenstrasse 12 a, 50126 Bergheim
Dr. Frank Kebekus, Administrator
Scheibenstrasse 45, 40479 Dusseldorf
Phone: 0211/49 76 59 - 0
Fax: +49211497659 59
IGBP INGENIEURGEMEINSCHAFT: Creditors' Claims Due May
-----------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against IGBP Ingenieurgemeinschaft fur Baustoffprufung GmbH on
March 13. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until May
9, 2005 to register their claims with court-appointed provisional
administrator Werner Schneider.
Creditors and other interested parties are encouraged to attend
the meeting on May 30, 2005, 10:30 a.m. at the district court of
Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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: IGBP INGENIEURGEMEINSCHAFT FUR BAUSTOFFPRUFUNG GMBH
Muhlmahdweg 25 a, 86167 Augsburg
Contact:
Zaus Hendrik, Manager
Werner Schneider, Administrator
SKP Partnerschaftsgesellschaft,
Eserwallstr. 1-3, 86150 Augsburg
KARSTADTQUELLE AG: Chairman Mulls Shopping Spree
------------------------------------------------
KarstadtQuelle AG supervisory board chairman Thomas Middelhoff
considers acquisitions as the next step for the company once
restructuring is completed, says Interactive Investor.
Mr. Middelhoff said: "We are the biggest department store in
Europe, the biggest mail order retailer in Europe, and once
refinancing is completed, we are no longer a company that is
facing the end."
With the company's restructuring in progress, the chairman added
KarstadtQuelle will strengthen its international mail order
division. He identified e-commerce, mail order of special retail
products and financial services as growth areas. He noted the
need to reinvest in the department stores operations.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
METALLBAU PETER: Cedes Control to Provisional Administrator
-----------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Metallbau Peter Goren GmbH on March 9. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 18, 2005 to register their claims with
court-appointed provisional administrator Dr. Sabine Feuerborn.
Creditors and other interested parties are encouraged to attend
the meeting on May 18, 2005, 10:30 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240 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: METALLBAU PETER GOREN GMBH
Odenthaler Str. 339, 51069 Koln
Contact:
Peter Goren, Manager
Odenthaler Str. 323, 51069 Koln
Dr. Sabine Feuerborn, Administrator
Else-Lang-Str. 1, 50858 Koln
Phone: 285 547-0
Fax: +4922128554729
TRACOINSA ENGINEERING: Administrator Takes over Helm
----------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Tracoinsa Engineering GmbH on March 29. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until May 23, 2005 to
register their claims with court-appointed provisional
administrator Dr. Norbert Wischermann.
Creditors and other interested parties are encouraged to attend
the meeting on June 9, 2005, 9:15 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 4, 42103 Wuppertal, 2. Etage, Saal
234 - Altbau Amtsgericht 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: TRACOINSA ENGINEERING GMBH
Pfalzer Steg 3, 42275 Wuppertal
Contact:
Jose Antonio Pena Morales, Manager
Auf dem Besenackern 17, 69502 Hemsberg/An der
Bergstrasse
Dr. Norbert Wischermann, Administrator
Alter Markt 9-13, 42275 Wuppertal
Phone: 0202/493 88-0
Fax: 0202/45 19 39
=========
I T A L Y
=========
CIRIO FINANZIARIA: Calls Meeting to Tackle Del Monte Sale
---------------------------------------------------------
Receivers of collapsed food giant Cirio Finanziaria will meet
shareholders of subsidiary Del Monte Pacific on April 26 and 27,
Il Sole 24 Ore says.
The meeting will particularly discuss the sale of Cirio's 39.9%
stake in its Asian arm, sources close to the matter say. Several
investors have expressed interest in acquiring Cirio's stake.
Leading them is the party of Philippine tobacco tycoon Lucio Tan,
who is also reportedly eyeing the 22% stake held
by the Lorenzo family, the second biggest shareholder in Del
Monte.
Cirio, which defaulted on EUR1.1 billion in bonds in November
2002, has been under liquidation since investors rejected a
restructuring plan.
CONTACT: CIRIO DEL MONTE ITALIA S.P.A.
Legal Address:
Via Augusto Valenziani
10 - 00187 Rome
Phone: 06 421761
Fax: 06 42176230
Administrative Address:
Strada Provinciale per Podenzano,
10 - 29010 San Polo di Podenzano
Phone: 0523 536123
Fax: 0523 379257
Web site: http://www.cirio.it
PARMALAT U.S.A.: Court Okays Wells Fargo Lease Pact
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approves a stipulation between Parmalat U.S.A. Corporation and
Farmland Dairies LLC resolving their disputes with regards to
certain Wells Fargo leases.
On October 20, 1998, Sunnydale Farms, Inc., entered into an
equipment lease with Norwest Equipment Finance, Inc., for certain
equipment. The Norwest Lease provides for a $15,444 monthly
lease payment, plus applicable sales and use tax.
Also in October 1998, Sunnydale Farms entered into an equipment
lease with Wells Fargo Equipment Finance, Inc., for certain
equipment. The Lease provides for a monthly payment equal to
$9,636, plus applicable sales and use tax.
On August 19, 1999, Parmalat U.S.A. Corp. entered into an
equipment lease with Wells Fargo for certain equipment, providing
a $7,828 monthly lease payment. Parmalat U.S.A. also executed a
guaranty absolutely and unconditionally guaranteeing payment with
respect to any of Farmland's present or future obligations owed
to Wells Fargo.
Farmland Dairies LLC and Wells Fargo entered into a Master Lease
on April 21, 2000, wherein Farmland agreed to lease certain
equipment from time to time pursuant to separate supplement
leases. The Supplement Leases and the corresponding monthly
lease payments are:
Lease Monthly Lease Payment
----- ---------------------
Supplement Lease No. 102 $9,518
Supplement Lease No. 103 2,087
Supplement Lease No. 104 9,073
Supplement Lease No. 105 22,957
On May 18, 2004, Wells Fargo filed a request in the U.S. Debtors'
Chapter 11 cases compelling the assumption or rejection of the
Leases and modifying the automatic stay provisions of Section 362
of the Bankruptcy Code. The Request has been adjourned from time
to time.
In June 2004, Wells Fargo filed:
(a) a secured claim against Farmland, asserting $2,895,804,
plus taxes, attorney's fees and other amounts due
relating to the Sunnydale/Wells Fargo Claim and
Supplemental Lease Nos. 102, 103, 104, and 105;
(b) an unsecured claim against Parmalat U.S.A., asserting
$2,895,804, based on Parmalat U.S.A.'s guarantee of
Farmland's obligations; and
(c) a secured claim against Parmalat U.S.A. for $368,612,
plus taxes, attorney's fees and other amounts due
relating to the Parmalat/Wells Fargo Lease.
Farmland and Parmalat U.S.A. desire to settle and compromise
their disputes respecting the Wells Fargo Leases. Thus, the
parties stipulate that:
Payment Farmland will pay Wells Fargo, on account
of cure costs and administrative expenses,
the sum of $37,000, payable within 30 days
of the Court's approval of the Stipulation.
Brooklyn Farmland will assume the Northwest Lease
and purchase the equipment subject to that
lease on these terms:
(i) Farmland will make $15,444 monthly
lease payments to Wells Fargo,
commencing with the regularly
scheduled February payment;
(ii) Wells Fargo consents to Farmland
selling the equipment subject to the
Norwest Lease; and
(iii) At the completion of the equipment
sale, Farmland will pay Wells Fargo a
buyout payment equal to $330,000
minus the amount of any monthly
payments made, but in no event will
the payment of the Buyout Amount be
made later than June 30, 2005.
Atlanta Parmalat U.S.A. will assume its lease with
Wells Fargo at the contractual term and
payment level, effective on the closing of
the sale of substantially all of Farmland's
operations in Atlanta, Georgia. Farmland
will also assume Supplement Lease Nos. 102,
103 and 104 at the contractual terms and
payment levels, effective on the closing of
the sale of substantially all of Farmland's
Atlanta operations.
In the event that substantially all of
Farmland's Atlanta operations are not sold
by July 1, 2005, Parmalat U.S.A. reserves
the right to reject the Parmalat/Wells
Fargo Lease and Farmland reserves the right
to reject Supplemental Lease Nos. 102, 103
and 104 upon providing 30 days prior
notice, on or after July 1, 2005.
If the Parmalat/Wells Fargo Lease and
Supplemental Lease Nos. 102, 103 and 104
are rejected, Wells Fargo will be allowed a
claim against Parmalat U.S.A. or Farmland,
as applicable, for rejection damages, which
would consist of the net of the remaining
payments on each lease, minus any recovered
rents in the disposition or release of the
equipment and the reasonable costs
associated with the transfer, storage, and
sale of the subject equipment.
Wallington Farmland will assume Supplemental Lease No.
105 with amended payment and term
provisions. The monthly aggregate payment
will be $11,000 beginning February 15,
2005, for a total of 46 payments.
Following the 46 payments, the U.S. Debtors
have the option to buy out the subject
equipment for $200,000. In addition, Lease
No. 105 is amended to give the Debtors the
right to exercise an early buy-out on 60
days prior notice, in which case Farmland
would be entitled to buy out the equipment
in exchange for a payment equal to the sum
of:
(i) all past due payments under the
lease, including late charges;
(ii) unpaid rent for the balance of the
lease term discounted at a 5% rate;
(iii) the present value of $200,000,
discounted at a 5% rate.
Northwest Lease Wells Fargo grants title over the equipment
subject to the Northwest Lease to Farmland.
Wells Fargo cedes all rights, interests or
claims it has or may have pursuant to the
Lease.
Allowed Claim Farmland grants Wells Fargo an allowed
general unsecured claim in a reduced amount
equal to $499,000.
Parmalat U.S.A. grants Wells Fargo an
allowed general unsecured claim for a
reduced amount of $220,000.
Wells Fargo's claim relating to the
Parmalat/Wells Fargo Lease will be deemed
withdrawn with prejudice on the date that
the Court approves the Stipulation.
Taxes Farmland agrees to pay Wells Fargo $35,250
-- which amount represents the outstanding
property taxes for 2004 aggregating $21,538
and the pro-rated property taxes due for
2005 totaling $13,712 -- payable within 30
days of the Court's approval of the
Stipulation.
Releases Wells Fargo will be released from all
preference, fraudulent conveyance or other
avoidance actions pursuant to the
Bankruptcy Code and other federal and state
law, including any cause of action by the
U.S. Debtors arising out of Section 547.
Stipulation, Wells Fargo will release
Farmland and Parmalat U.S.A. from any
liability under the Wells Fargo Claims and
all other claims or causes of action not
specifically set in the Stipulation.
Covenant Parmalat U.S.A. and Farmland covenant and
agree to use commercially reasonable
efforts to assist Wells Fargo to resolve
tax disputes and obtain tax refunds related
to the equipment subject to the Leases.
Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue. The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices. The company employs over 36,000 workers in 139
plants located in 31 countries on six continents. It filed for
chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case
No. 04-11139). Gary Holtzer, Esq. and Marcia L. Goldstein, Esq.,
of Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts. On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debt.
(Parmalat Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CONTACT: PARMALAT U.S.A. CORPORATION
520 Main Ave.
Wallington, NJ 07057
Phone: 973 777 2500
Fax: 973 777 7648
Toll Free: 888 727 6252
Web site: http://www.parmalatusa.com
===================
K A Z A K H S T A N
===================
BANK ALLIANCE: Gets 'B' Short-term Rating, Stable Outlook
---------------------------------------------------------
Fitch Ratings assigns Kazakhstan-based Bank Alliance ratings of
Long-term 'B+'; Short-term 'B'; Individual 'D'; and Support '4'.
The Outlook is Stable.
Alliance's Long-term, Short-term and Support ratings are based on
Fitch's view of the likelihood of support to the bank from the
Kazakhstani authorities, in case of need.
The Individual rating reflects the risks associated with
Alliance's rapid growth, its modest performance and still
relatively small size, as well as certain weaknesses in the
operating environment. However, it also takes into account the
bank's adequate capitalization, successful business development
and good liquidity.
Alliance's profitability has been modest, mainly due to a
relatively low net interest margin (caused by expensive funding)
and significant loan loss reserve (LLR) charges, resulting
primarily from rapid loan growth. Loan book concentrations are
high by international standards (end-2004: exposures to top 20
borrowers were equal to 105% of equity), although moderate for a
CIS bank. Asset quality has been adequate to date; however,
rapid loan growth and the launch of new credit products will need
to be well managed in order for this to remain so in the future.
Funding is sourced mainly from corporate and individual term
accounts, the former are concentrated and rather expensive. Tenor
of deposits is relatively long, enabling Alliance to run a
positive cumulative liquidity gap across all timebands. Capital
ratios are currently strong (Tier 1 ratio of 21% at end-2004),
and should remain adequate in the near to medium term,
notwithstanding planned rapid growth, due to ongoing
contributions from shareholders and further domestic subordinated
debt issuance.
Alliance was founded in 1993 in Pavlodar and in 1999 merged with
another mid-sized regional bank. New shareholders acquired
Alliance in 2001, and since then it has grown quickly to become
one of the larger banks in Kazakhstan, ranked sixth and fifth by
assets and equity, respectively, at end-2004.
CONTACT: FITCH RATINGS
Alexei Kechko, Moscow
Phone: +7 095 956 9901
James Watson
Phone: +7 095 956 9901
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
=====================
N E T H E R L A N D S
=====================
INVISTA B.V.: Moody's Raises Speculative Grade Liquidity Rating
---------------------------------------------------------------
Moody's Investors Service upgraded INVISTA B.V.'s speculative
grade liquidity rating to SGL-2 from SGL-3. The upgrade reflects
better-than-expected operating cash flow in 2004, which is likely
to continue in 2005. As a result, cash balances and revolver
availability are higher than we anticipated. Also, the company
should be in compliance with the covenants in its credit
agreement by a wide margin. These conditions have eased Moody's
concerns about the potential for high non-discretionary capital
spending to pressure INVISTA's committed liquidity reserves in
2005.
The SGL-2 rating reflects strong cash balances, good availability
under its revolver, a favorable debt maturity profile and the
expectation of strong headroom under its existing bank covenants.
Moody's expects INVISTA to have a significant amount of financial
flexibility derived from substantial cash on the balance sheet at
the end of 2004 and adequate lines of credit, consisting of a
$400 million revolver. Considering the scale of the company's
restructuring plans, the offshore location of a material portion
of cash balances and the likelihood for significant capital
expenditures, Moody's believes the company may draw under its
revolver over the next twelve months. We anticipate that it will
have ample headroom under its financial covenants.
INVISTA's Ba3 rating and stable outlook reflect its moderate
leverage, substantial market share across almost all businesses,
significant opportunities for continued cost reduction, and a
good cost profile for most of its facilities. Offsetting these
strengths are the historically weak performance of DuPont
Textiles & Interiors (DTI), challenging nylon apparel market
conditions with low industry capacity utilization rates and
volatile raw material costs, and, to a lesser degree, transition
and management risks associated with an extensive restructuring
and cost reduction plan.
INVISTA B.V. [previously Kosa B.V.] is headquartered in Wichita,
Kansas. INVISTA is the world's leading producer of chemical
intermediates, polymers and fibers for use in the manufacture of
nylon, spandex, and polyester products. The company's revenues
were $7.2 billion in 2004.
CONTACT: MOODY'S INVESTORS SERVICE
New York
Steven Oman, Senior Vice President
Corporate Finance Group
For Journalists
Phone: 212-553-0376
New York
William Reed, VP - Senior Credit Officer
Corporate Finance Group
For Journalists:
Phone: 212-553-0376
===========
R U S S I A
===========
ASSEMBLY-BUILDING CORPORATION: Bankruptcy Proceedings Begin
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Assembly-Building Corporation #72 after
finding the close joint stock company insolvent. The case is
docketed as A60-14217/04-S2. Mr. S. Sivkov has been appointed
insolvency manager. Creditors have until May 5, 2005 to submit
their proofs of claim to 624134, Russia, Sverdlovsk region,
Novouralsk-4, Post User Box 92.
CONTACT: ASSEMBLY-BUILDING CORPORATION #72
Russia, Sverdlovsk region,
Novouralsk, Shevchenko Str. 22
Mr. S. Sivkov
Insolvency Manager
624134, Russia, Sverdlovsk region,
Novouralsk-4, Post User Box 92
ASTOR-II: Proofs of Claim Deadline Expires May
----------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Astor-II after finding the close joint stock
company insolvent. The case is docketed as A71-180/2004-G2. Ms.
E. Markova has been appointed insolvency manager.
Creditors have until May 5, 2005 to submit their proofs of claim
to:
(a) ASTOR-II
426008, Russia, Udmurtiya republic,
Izhevsk, Pushkinskaya Str. 268
(b) Insolvency Manager
426008, Russia, Izhevsk,
Post User Box 3051
(c) The Arbitration Court of Udmurtiya Republic
426057, Russia, Izhevsk,
Svobody Str. 139
BAKALINSKIY TIMBER: Under Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal enterprise
Bakalinskiy Timber Combine (TIN 0207002710). The case is
docketed as A-07-40458/04-G-ADM. Mr. I. Sayfutdinov has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 357502, Russia,
Pyatigotsk, Ermolova Str. 38. A hearing will take place on April
26, 2005, 11:00 a.m. at Russia, Bashkortostan republic, Ufa,
Oktyabrskoy revolyutsii Str. 63a.
CONTACT: BAKALINSKIY TIMBER COMBINE
452650, Russia, Bashkortostan republic,
Bakalinskiy region, Leskhoz, Sosnovaya Str. 10
Mr. I. Sayfutdinov
Temporary Insolvency Manager
450000, Russia, Bashkortostan republic,
Ufa, Main Post Office, Post User Box 1174
BELOKALITVINSKIY LIME: Bankruptcy Hearing Resumes Next Month
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company
Belokalitvinskiy Lime. Mr. I. Shirshov has been appointed
temporary insolvency manager. A hearing will take place on May
30, 2005, 2:30 p.m. at 344002, Russia, Rostov-na-Donu,
Stanislavskogo Str. 8A.
CONTACT: BELOKALITVINSKIY LIME
347042, Russia, Rostov region,
Belaya Kalitva, 1st Liniya, 59
Mr. I. Shirshov
Temporary Insolvency Manager
347042, Russia, Rostov region,
Belaya Kalitva, Entuziastov Str. 7,
Apartment 103
CHISTOPOLSKIYE MOTORS: Declared Insolvent
-----------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Chistopolskiye Motors after finding the
limited liability company insolvent. The case is docketed as
A65-7266/2004-SG4-31. Mr. Y. Stakheev has been appointed
insolvency manager. Creditors have until May 5, 2005 to submit
their proofs of claim to 422985, Russia, Tatarstan republic,
Chistopol, Post User Box 75.
CONTACT: CHISTOPOLSKIYE MOTORS
Russia, Tatarstan republic,
Chistopol, K. Marksa Str. 168D
Mr. Y. Stakheev
Insolvency Manager
422985, Russia, Tatarstan republic,
Chistopol, Post User Box 75
KAMYZYAKSKAYA-2: Astrakhan Court Appoints Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Astrakhan region commenced bankruptcy
proceeding against Kamyzyakskaya-2 (TIN 3005006210, KPP
300501001) after finding the poultry farm insolvent. The case is
docketed as A06-2853-b/3-14k/2004. Ms. N. Senyuta has been
appointed insolvency manager. Creditors have until May 5, 2005
to submit their proofs of claim to 414024, Russia, Astrakhan,
Bakinskaya Str. 79.
CONTACT: KAMYZYAKSKAYA-2
416300, Russia, Astrakhan region,
Kamyzyakskiy region, Kamyzyak, Popov Bugor
Ms. N. Senyuta
Insolvency Manager
414024, Russia, Astrakhan region,
Bakinskaya Str. 79
Phone: (8512) 39-44-07
MISHKINSKIY: Meat Processor Succumbs to Bankruptcy
--------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Mishkinskiy (TIN 0237002731) after
finding the meat processor insolvent. The case is docketed as
#A07-472/05-G-KhRM. Mr. E. Ivanov has been appointed insolvency
manager.
CONTACT: MISHKINSKIY
452340, Russia, Bashkortostan republic,
Mishkinskiy region, Mishkino, Revolyutsionnaya Str. 1
Mr. E. Ivanov
Insolvency Manager
450075, Russia, Bashkortostan republic,
Ufa, Oktyabrya Pr. 89/3, Room 9
The Arbitration Court of Bashkortostan Republic
450057, Russia, Bashkortostan republic, Ufa,
Oktyabrskoy revolyutsii Str. 63A
SALSKAYA OBUV: Gives Creditors Until Next Month to Prove Claims
---------------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Salskaya Obuv after finding the open joint
stock company insolvent. The case is docketed as
A53-7268/2004-S2-9. Mr. V. Lyakh has been appointed insolvency
manager. Creditors have until May 5, 2005 to submit their proofs
of claim to 344090, Russia, Rostov-na-Donu, Post User Box 4872.
CONTACT: SALSKAYA OBUV
347630, Russia, Rostov region,
Salsk, Budennogo Str. 27
Mr. V. Lyakh
Insolvency Manager
344090, Russia, Rostov-na-Donu,
Post User Box 4872
TIME: Cedes Control to Interim Insolvency Manager
-------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on close joint stock company
Time. The case is docketed as A 71-8/2005-G26. Ms. N.
Gorodilova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 427260, Russia,
Udmurtiya republic, Uva, Kalinina Str. 10-4.
CONTACT: TIME
426068, Russia, Izhevsk,
Vostochnaya Magistral, 1
Ms. N. Gorodilova
Temporary Insolvency Manager
427260, Russia, Udmurtiya republic,
Uva, Kalinina Str. 10-4
TRANS-AUTO: Names N. Popov Insolvency Manager
---------------------------------------------
The Arbitration Court of Kalmykiya republic commenced bankruptcy
proceedings against Trans-Auto after finding the close joint
stock company insolvent. The case is docketed as
A22-1626/04-9-126. Mr. N. Popov has been appointed insolvency
manager. Creditors have until May 5, 2005 to submit their proofs
of claim to 400005, Russia, Volgograd, Post User Box 229.
CONTACT: TRANS-AUTO
359000, Russia, Kalmykiya republic,
Elista, Lenina Str. 228 a
Mr. N. Popov
Insolvency Manager
400005, Russia, Volgograd,
Post User Box 229
YUKOS OIL: End Is Near, Concedes Majority Owner
-----------------------------------------------
Majority shareholder Leonid Nevzlin told German magazine, Focus,
Yukos will be bankrupt by summer.
Released Sunday, the latest issue of the magazine quoted Mr.
Nevzlin blaming Russian President Vladimir Putin for the collapse
of the former oil giant. He noted the vigor Mr. Putin is
exerting to bring down the company, as evidenced by the US$27
billion in back taxes he has assessed the company to date.
Mr. Nevzlin earned his controlling stake in Yukos when longtime
partner and former Yukos CEO Mikhail Khodorkovsky handed him a 60
percent share in the Gibraltar holding company that controls
Yukos. This came after the Russian government nationalized its
core unit, Yuganskneftegas.
He dismissed Mr. Putin's offer of an amnesty as a gimmick, noting
the president's propensity to "[say] one thing today and another
thing tomorrow."
The so-called amnesty offers protection for Russia's oil
"oligarchs" from criminal investigations into their involvement
in controversial privatizations in the 1990s.
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
=====================================
S E R B I A & M O N T E N E G R O
=====================================
JAT AIRWAYS: Mechanics End Strike; Cheer Group's Split-off
----------------------------------------------------------
JAT Airways mechanics returned to work Friday, ending a
three-week strike to demand higher salaries.
The workers agreed Thursday with the government's decision to let
go of the technical support services. Workers believe they could
earn more in the arrangement, which allows them to service
foreign-owned airlines aside from JAT. The decision also negated
the need to axe employees at the division.
Dragan Bogdanovic, president of the workers union, said: "All 607
mechanics (have gone) back to work. We have reached a deal where
none of the mechanics is to be dismissed."
Forced by the government into receivership early this year to
speed up its restructuring, JAT has endured three work stoppages
in the last six months. Prior to the latest strike, mechanics
and flight engineers crippled flights for several days in October
as did the pilot strike in January this year.
CONTACT: JAT AIRWAYS
Bul. umetnosti 16,
11000 Beograd, Yugoslavia
Web site: http://www.jat.com
===============
S L O V E N I A
===============
NOVOTEKS TKANINA: Opts for Liquidation
--------------------------------------
After 50 years in the textile industry, Novoteks has decided to
call it quits, just-style.com says.
Novoteks, which has dismissed its remaining 100 workers, has not
been receiving any orders. During its heyday, it employed 1,300
workers and imported worsted fabrics to the U.S., U.K., Japan and
Australia. Among its customers were J.C. Penny (USA), Next
(Great Britain), Roy Robson, Carl Gross, Steilmann Groupe, J.
Philipp, Bawi (Europe).
Considered a leading textile enterprise in Slovenia, the company
has been operating under bankruptcy protection since the
government refused to convert debt into ownership shares.
CONTACT: NOVOTEKS TKANINA
Foersterjeva 10,
8000 Novo mesto, Slovenia
Web site: http://www.novoteks-tkanina.si
===========
S W E D E N
===========
L AND P: Labor Conflict Pushes firm into Bankruptcy
---------------------------------------------------
A construction firm formed by a Latvian company to finish
construction work in Sweden was forced into bankruptcy after
being paralyzed for months by labor disputes.
L and P Baltic Bygg applied for creditor protection after unions
prevented employees from working in Scandinavia, saying the firm
pays wages far below what is required in the country. Union
Byggnads claim workers are paid only NOK35 (US$4.90, EUR3.80) an
hour, instead of NOK138 to NOK145 per hour under industry
agreements.
"The blockade is the direct reason for the bankruptcy. They have
not been able to complete their engagements," bankruptcy lawyer
Oerjan Jarvin told construction industry magazine Byggindustrin.
Workers blocked building sites starting November, forcing the
company to abandon project in a school in Vaxholm, near
Stockholm.
In December, Sweden's Labor Court sided with the union, ruling
that workers were entitled to the protection of Swedish labor
laws. It also upheld the legality of the industrial action. The
firm insists the wages conform with collective labor agreements
in Latvia, where L and P maintains its headquarters. It accused
unions of hindering competition. In Sweden, the conflict is seen
as a consequence of the expansion of the European Union. Latvia
entered the block in May.
=====================
S W I T Z E R L A N D
=====================
SAIRGROUP: Liquidator Gives 'Creditors Claims' Update
-----------------------------------------------------
SAirGroup in debt restructuring liquidation:
Circular no.5
Ladies and Gentlemen,
In this letter I will be updating you on the matters of avoidance
claims, state liability claims and responsibility claims as:
I. Avoidance Actions
1. Introduction
Based on the report from Ernst & Young AG on the Swissair case
and SAirGroup's accounting system, SAirGroup's payments from 1
January 2001 to 5 October 2001 (date on which the provisional
debt restructuring moratorium was granted) have been examined to
establish whether or not they are voidable under Art. 285 ff. of
the Swiss Debt Enforcement and Bankruptcy Law (DEBL) and whether
or not the payments that have been made can be reclaimed from the
recipients in question.
The review was conducted as:
(a) Payments to Flightlease AG, Swisscargo AG, SAirLines and
Swissair, Swiss Air Transport Company Ltd. were not examined
in greater detail. These companies are also in debt
restructuring liquidation. In order to safeguard the rights
of SAirGroup, possible avoidance claims will be registered
as creditors' claims in the debt restructuring proceedings
of these companies. The liquidation bodies in the debt
restructuring proceedings of the companies concerned will
then decide in the context of drawing up the relevant
schedule of claims whether to admit or reject SAirGroup's
claims. Should the claims registered by SAirGroup be
rejected, it will still be possible to challenge the
schedule of claims;
(b) SAirGroup's payments were broken down into these
categories: payments to tax authorities, payments of
salaries to employees, payments to old age and survivors'
insurance (AHV), disability insurance (IV), servicemen's
compensation (EO) schemes, the Swiss National Accident
Insurance Fund (SUVA) and independent retirement funds,
payments to heal insurance schemes and other non-compulsory
insurance schemes, payments to consultants, payments in
connection with bonds, currency and interest transactions,
equity swaps, loan repayments and interest payments on loans
and special cases;
(c) The review focused primarily on whether or not the payments
made by SAirGroup are subject to appeal on the basis of what
is known as voidability for intent (Art. 288 DEBL). By way
of exception, in this particular matter, the existence of
voidable gift (Art. 286 DEBL) was also examined where there
were the corresponding indications.
(d) The following questions were examined for each payment:
-- were individual or all other creditors put at a
disadvantage by the payment?
-- Did SAirGroup or its governing or executive bodies
deliberately put creditors at a disadvantage, or did it
at least anticipate that such disadvantage might result?
-- In exercising due diligence, could the favored creditors
recognize an intention on the part of SAirGroup to put
creditors at a disadvantage?
(e) The timing of the payment and the closeness of the
creditor's relationship with SAirGroup -- i.e. their
knowledge about the financial situation -- are of crucial
importance in assessing the subjective elements, the
intention to put creditors at a disadvantage and the extent
to which this intention might be recognized by the favored
creditors. The events of 11 September 2001 were highly
significant in this connection as they had a considerable
negative financial impact on the entire aviation industry.
A full copy of the circular is available free of charge at
http://bankrupt.com/misc/SAirGroup_circular_no.5.pdf.
CONTACT: SWISSAIR INTERNATIONAL
Filippo Th. Beck, Wenger Plattner
Phone: 043 222 38 00
Fax: 043 222 38 01
Web site: http://www.liquidator-swissair.ch
SWISS INTERNATIONAL: Crossair Pilots Lead Call for Strike
---------------------------------------------------------
Pilots at loss-making carrier Swiss International Air Lines plan
to go on strike to protest additional job cuts, reports Reuters.
The latest cuts will be made at the regional operation where most
of the former Crossair pilots are detailed. Swiss was formed in
2002 out of the merger of Crossair, then a healthy regional
carrier; and Swissair, one of the first airlines to collapse
shortly after 9/11.
Since Swiss was born, the number of Crossair pilots had dropped
from more than 1,000 to about 450, according to pilots union
president Christoph Frick. Swiss wants to halve this even
further and improve productivity by 40 percent, he said. This
plan is part of a broader redundancy measure to lower cost by
about CHF300 million (US$248.1 million) annually by 2007. It
entails a loss of 800 to 1,000 jobs.
At a meeting last week, about 93% of the pilots supported the
call for a strike, Mr. Frick said Friday. Included in their list
of demands is a far better redundancy package if the plan pushes
through. The union hopes to reach a deal with management in a
few weeks, he said.
Lufthansa recently acquired 83.96% of Swiss International for
EUR310 million. The deal involved payment of up to EUR265
million (US$342.3 million) to large shareholders and another
EUR45 million (US$58.1 million) to individuals whose shares were
in free float. The German carrier will not inject additional
capital into Swiss International.
Shortly after the acquisition, Lufthansa CEO Wolfgang Mayrhuber
outlined a strict cost-cutting program for Swiss and admitted
that a spin-off of the regional network is an option.
CONTACT: SWISS INTERNATIONAL
Corporate Communications
P.O. Box, CH-4002 Basel
Phone: +41 (1) 564 2122
Fax: +41 (0) 61 582 3554
E-mail: communications@swiss.com
Web site: http://www.swiss.com
===========================
U N I T E D K I N G D O M
===========================
ACCIDENT REPAIR: Appoints KPMG Administrator
--------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (Office Holder Nos
8846, 8719) have been appointed administrators for The Accident
Repair Management Service Limited. The appointment was made
March 31, 2005. The company handles maintenance and repair of
motors.
CONTACT: KPMG LLP
2 Cornwall Street
Birmingham B3 2RT
Phone: (0121) 232 3000
Fax: (0121) 232 3500
Web site: http://www.kpmg.co.uk
ACTION FORM: Members Decide to Wind up Firm
-------------------------------------------
At the extraordinary general meeting of the members of Action
Form 2000 Limited on March 21, 2005 held at 45 High Street,
Sevenoaks, Kent TN13 1JF, the special, ordinary and extraordinary
resolutions to wind up the company were passed. Fiona Morison of
Armida Business Recovery LLP, Bell Walk House, High Street,
Uckfield, East Sussex TN22 5DQ has been appointed liquidator of
the company.
Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned, Fiona Monson, of Bell
Walk House, High Street, Uckfield, East Sussex TN22 5DQ on or
before May 6, 2005.
CONTACT: ARMIDA BUSINESS RECOVERY
Bell Walk House
High Street
Uckfield
East Sussex TN22 5DQ
Phone: 01825 765077
Fax: 01825 765011
E-mail: fiona.monson@armida.co.uk
ALLDERS PLC: GBP90 Million Loss Awaits Creditors
------------------------------------------------
Creditors of Allders Plc face more losses than expected,
Yorkshire Evening Post says.
In a creditors meeting held in London last week, administrator
Kroll raised the possibility of GBP90 million in losses, after it
was discovered that Allders has over GBP230 million in debt when
it collapsed in January.
Allders' administrators are currently disposing a number of the
group's department store to rival in a bid to recover as much
money and lessen losses. Latest on the sell sheet is Allders'
Headrow brain, which will be acquired by MetroCentre owner
Liberty International. The administrators told creditors at the
meeting they had raised "more money than expected" from clearing
stocks and selling stores to rivals Bhs and Debenhams. Kroll
expects to recover more than GBP140 million from asset sales,
though a number of deals ahs yet to be closed.
Around 65 creditors employees, customers and concession holders,
however, were kept in the dark as to how and when their claims
will be paid. Allders ' employees, who are owed holiday and
redundancy pays, have the first claim on sale proceeds. Other
secured creditors include main shareholder Minerva, Epsilon
Investments and the group's bankers. Positions of other
creditors, including customers who paid for goods they never
received, remains unclear until administrators have sold Allders'
assets. Allders' pensioners, meanwhile, might never get paid due
to a GBP58 million deficit in the group's pension plan.
CONTACT: ALLDERS PLC
131 Park St.
London W1K 7BB
Phone: +44-20 7855 3800
Fax: +44-20 7855 3809
Web site: http://www.allders.com
BOOTS GROUP: Retailer Forced to Peddle Core Unit
------------------------------------------------
Boots plans to sell its over-the-counter medicine arm to pacify
investors dismayed by its second profit warning in five weeks,
says the Herald.
A portion of the proceeds from the sale of Boots International
Healthcare, which could fetch GBP1.25 billion, will be returned
to shareholders. This adds to the more than GBP1.7 billion
shareholders have already received through share buybacks and
dividends in the past three years.
The sale announcement came with the gloomy forecast that another
core unit, Boots the Chemist, will post lower operating profit in
2005-06 due to rising production cost and declining consumer
interest.
CEO Richard Baker is confident of a successful outcome, adding
the over-the-counter arm, which manufactures and distributes
Clearasil, Nurofen, and Strepsils, has never lacked suitors
through the years. Goldman Sachs is advising the company on the
sale, he said.
"We haven't been polling for interest because we've only
announced the sale, but there has been considerable interest in
the business from outside for many years," he told the Herald.
Analysts interviewed by the Herald were surprised that the sale
had to come sooner. After all, the unit is one of three main
business of the group -- the others being Boots the Chemists,
U.K.'s leading drugstore chain with about 1,400 shops in Britain
and Ireland; and Boots Contract Manufacturing, one of Europe's
largest suppliers of private-label toiletries and cosmetics.
"We may appear cynical, but although the company is now saying
that it has a limited product range and it is far from global, we
believe that this is happening because of the outlook for Boots
the Chemist and to deflect obvious disappointment away from the
share price," Richard Ratner, head of equities at broker Seymour
Pierce, told the Herald.
In addition to the over-the-counter unit, Boots also plans to
dispose of GBP250 million of freehold property in a sale and
leaseback transaction. The GBP350 million second phase of the
GBP700 million share buyback will be spread over two to three
years, the company said.
Boots remains confident like-for-like sales will grow by 2% or
less in the current year, with new stores adding a further two
percentage points to sales. Operating costs are likely to be 6%
higher, with the gross margin remaining flat, the company added.
The group, whose finance director Howard Dodd resigned
unexpectedly last month, has been forced to cut prices to compete
with supermarket giants Tesco and Asda, which have also moved
into healthcare and toiletries.
CONTACT: BOOTS GROUP PLC
1 Thane Road
Notttingham NG2 3AA
Phone: 0115 950 6111
Customer Service: 0845 070 80 90
Web site: http://www.boots-plc.com
BRITANNIA BUILDING: Hires Begbies Traynor as Administrator
----------------------------------------------------------
D. Bailey and G. N. Lee (IP Nos 006739, 009204) have been
appointed joint administrators for Britannia Building & Plumbing
Ltd. The appointment was made April 4, 2005. Its registered
office is located at 66 Lincoln Close, Woolston, Warrington WA1
4LU.
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
BROMPTON HOUSE: Deadline for Debt Claims Set Later this Month
-------------------------------------------------------------
At the extraordinary general meeting of the members of Brompton
House Hotel Limited on March 29, 2005 held at Top House,
Chickwell Lane, Hemington, Radstock BA3 5XT, the extraordinary
and ordinary resolutions to wind up the company were passed.
Susan Jane Stockley of 3iP, Unit 1, The Old Brushworks, 56
Pickwick Road, Corsham, Wiltshire SN13 9BX has been appointed
liquidator of the company.
Creditors are required to send in their names and addresses, with
particulars of their debt or claims and the names and addresses
of their Solicitors (if any), to the undersigned, Sue Stockley,
at 3iP, Unit 1, The Old Brushworks, 56 Pickwick Road, Corsham,
Wiltshire SN13 9BX on or before April 29, 2005.
CONTACT: 3Ip
Unit 1, The Old Brushworks,
56 Pickwick Road, Corsham,
Wiltshire SN13 9BX
CARE CONCERN: Members Pass Special Winding-up Resolution
--------------------------------------------------------
At the extraordinary general meeting of the members of Care
Concern (Northern) Limited on March 22, 2005 held at the offices
of RMT, 3 Portland Terrace, Newcastle upon Tyne NE2 1QQ, the
special resolution to wind up the company was passed. A. A.
Josephs and L. A. Farish of RMT, 3 Portland Terrace, Newcastle
upon Tyne NE2 1QQ have been appointed joint liquidators of the
company.
CONTACT: RMT
3 Portland Terrace
Jesmond
Newcastle Upon Tyne
Tyne And Wear NE2 1QQ
Phone: 0191 281 8816
Fax: 0191 281 0530
E-mail: linda.farish@r-m-t.co.uk
CLEARWATER POLCON: Hires Administrators from BDO Stoy Hayward
-------------------------------------------------------------
Andrew Howard Beckingham and Dermot Brendan Coakley (IP Nos 8683,
6824) have been appointed joint administrators for Clearwater
Polcon Limited. The appointment was made March 21, 2005. The
company manufactures septic tanks.
CONTACT: BDO STOY HAYWARD LLP
Park House, 102-108 Above Bar,
Southampton, Hampshire SO14 7NH
Phone: 023 8035 6000
Fax: 023 8035 6111
E-mail: southampton@bdo.co.uk
Web site: http://www.bdo.co.uk
CLUNY INVESTMENT: Liquidator Takes over Operations
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Cluny Investment Services Limited
Notice is hereby given that on March 16, 2005, I Ewen R.
Alexander CA, Ritson Smith, 16 Carden Place, Aberdeen AB10 1FX,
was appointed liquidator of Cluny Investment Services Limited,
pursuant to section 109 of the Insolvency Act 1986.
Ewen R. Alexander, Liquidator
CONTACT: RITSON SMITH
16 Carden Place
Aberdeen AB10 1FX
Ewen Ross Alexander
E-mail: era@ritson-smith.com
Phone: 01224 643311
Fax: 01224 624359
CONSAFE ENGINEERING: Meeting of Creditors Next Week
---------------------------------------------------
The creditors of Consafe Engineering UK Ltd. will meet on April
20, 2005 at 11:10 a.m. It will be held at The Thistle Aberdeen
Caledonian Hotel, 10-14 Union Terrace, Aberdeen AB10 1WE.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Deloitte & Touche, Lomond House, 9 George Square,
Glasgow G2 1QQ not later than 12:00 noon, April 19, 2005.
CONTACT: DELOITTE & TOUCHE LLP
Lomond House
9 George Square
Glasgow G2 1QQ
Phone: +44 (0) 141 204 2800
Fax: +44 (0) 141 314 5893
Web site: http://www.deloitte.com
CVA LIMITED: Hires Haslers as Liquidator
----------------------------------------
At the extraordinary general meeting of CVA Limited on April 4,
2005 held at Johnston House, 8 Johnston Road, Woodford Green,
Essex IG8 0XA, the special and ordinary resolutions to wind up
the company were passed. Richard A. J. Hooper of Haslers,
Johnston House, 8 Johnston Road, Woodford Green, Essex IG8 0XA
has been appointed liquidator of the company.
Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned, Richard Anthony Jeffrey
Hooper, of Johnston House, Johnston Road, Woodford Green, Essex
IG8 0XA on or before May 5, 2005.
CONTACT: HASLERS
Johnston House
Johnston Road
Woodford Green
Essex IG8 0XA
Phone: 020 8504 3344
Fax: 020 8506 5100
E-mail: richard.hooper@haslers.com
DAMOVO GROUP: Moody's Assigns First-time Ratings of B1
------------------------------------------------------
Moody's Investors Service assigned ratings to Damovo Group S.A.
and to the debt issued by its subsidiary, Damovo III S.A. This
is the first time that Moody's has rated the debt of Damovo. The
ratings reflect Damovo's financial position and operating
prospects following a two-year business and financial
restructuring. Damovo is controlled by a group of shareholders,
which include affiliates of Apax Partners Ltd. (76%), Ericsson
Holding B.V. (17%), an ESOP (5%) and current and former employees
(2%).
These ratings were assigned:
(a) For Damovo Group S.A.
(i) Senior implied rating of B1,
(ii) Senior unsecured issuer rating of B3; and
(b) For Damovo III S.A.
EUR350 million senior guaranteed notes due 2012 to split
between fixed and floating rate, rated B1.
The rating outlook is stable for all debt.
Damovo's ratings reflect the expectation that high leverage
levels are unlikely to be reduced in the medium term; the
potential for revenues and cash flows to be somewhat lumpy and
difficult to predict because of its project-based business lines;
customer concentration, with top ten customers accounting for
more than 40% of 2004 revenues and its largest customer
accounting for about 18% of revenues; its short track record as
an independent company, and a level of dependence on Ericsson,
with whom Damovo remains strongly identified and for whom it has
extensive distribution arrangements.
The ratings are supported by demonstrated cost reductions as a
result of operating restructurings. Moody's believes these
actions successfully decreased Damovo's level of fixed costs,
helping to cushion variability in top line. Ratings also reflect
the benefit of ongoing service and maintenance contracts which
composed more than 30% of revenues last year and have high
recurrence and predictability; a good level of visibility into
near term revenues, with more than 40% of expected revenues
generally committed at the start of a fiscal year; and a good
level of geographic diversity.
The rating outlook is stable. Damovo is weakly positioned within
its category, but the expected continuation of stable business
trends could add cushion to the value and cash flows supporting
bondholders. Ratings could rise or the outlook could improve if
Damovo can reduce operating company leverage by more than 20%
over the next two years, or if the company successfully reduces
shareholder debt through an IPO or conversion of debt, in
conjunction with operating performance remaining in line with
expectations, which would reduce long term pressure on the
capital structure.
A year-to-year decline in revenues of more than 10% (on a
constant currency basis) or cash from operations of more than 15%
would indicate a weakening of operating performance that could
negatively affect Damovo's long-term enterprise value and, in the
near term, its debt servicing ability. A reduction of cash on
the balance sheet to less than EUR60 million at year end without
a credit facility, which could happen if further working capital
or start up costs are spent in advance of cash receipts, would
also reduce the company's liquidity cushion below comfortable
limits.
The rated notes are a senior liability of the issuer, Damovo III
S.A., benefiting from senior guarantees of subsidiaries which
currently represent the majority of the company's revenues and
earnings, as well as a guarantee from its parent. The notes are
subordinated to any secured debt of the issuer or its
subsidiaries, and any liabilities from non-guarantor
subsidiaries. The notes are secured by the stock of the issuer's
subsidiaries, which in Moody's opinion provides very limited
protection in case of default.
The company also intends to pursue reasonable commercial efforts
toward securing the notes by certain receivables of Damovo's
Italian business unit. Questions about the ability to perfect
these receivables and jurisdictional issues though raise
questions about the ultimate value of that security and the
guarantees in case of default or bankruptcy.
The floating rate notes are callable at 102% in 2006, giving
Damovo some flexibility to reduce debt with excess cash flow.
Damovo factors a significant portion of receivables generated by
its Italian subsidiary, EDA, which Moody's has added to the
balance sheet as debt. Most of these receivables are to
government entities with long payment dates. The receivables are
sold at or close to par, and Damovo pays a low interest rate to
the factor until payment is received. The receivables financing
is self-liquidating, however, and has no call on the remaining
assets of Damovo.
Damovo's capital structure improved as a result of a
restructuring of debt terms in 2003, and the replacement of
amortizing bank debt with the EUR350 million sale of long term
notes through this offering. The company remains highly levered,
with funds from operations representing less than 10% of senior
long-term debt, excluding factoring arrangements. Factored
receivables, which are about EUR270 million, will represent
almost 30% of total debt and 45% of senior debt.
These obligations are self-liquidating and have no call on the
remaining cash or assets of the company. However, the fact that
Damovo has a high level of long-term receivables for a
significant portion of its business increases the strain on its
financial and operating profile. EBIT to cash interest expense,
including the cost of factored receivables, is expected to be
about 1.5 times.
Revenues and cash flows both have the potential to be lumpy,
which in turn could make operating margins volatile. Damovo has
translation risk, as its debt is in Euros and revenues are
received in a number of currencies. Expenses are matched to
currency as they are generally incurred quarterly. Revenues have
a high degree of customer concentration. About 18% of last
year's revenues were derived from a single wide-ranging project
for Interpolizei of Italy, which is destined to conclude in
2007 -- 2008. Damovo may receive ongoing service and maintenance
revenue following the completion of this contract, but a revenue
flow is not assured at this time.
Damovo Group S.A., the issuer's parent company and guarantor,
owes a considerable amount of debt to current and former owners
(Shareholder Debt of about EUR260 and Vendor Debt of EUR44
following the sale of the notes in April 2005). This debt is
included in the consolidated group's debt obligations since the
group shares one source of cash flow and value backing all
obligations.
However, Moody's recognizes that these claims are contractually
subordinated to claims of the Notes via a Subordination Agreement
to be signed at the time of the note offering, and that the
deferral of interest payments (which is further governed by the
Restricted Payments test under the notes) conserves the use of
operating cash flow for the benefit of note holders. Interest on
these obligations can accrue until the December 2012 maturity,
resulting in no required cash drain until then. Moody's notes
that an IPO or sale of shares could be used to redeem the
shareholder notes ahead of the rated debt.
Damovo, with headquarters in Glasgow, Scotland, is a provider of
information and telecommunications technology and services to
public service organizations and larger private sector companies.
Damovo operates primarily in four markets: Italy, U.K. and
Ireland, Central Europe, and Brazil. Revenues were EUR651
million for the year ended January 2005, of which about 65% were
from the public sector.
CONTACT: MOODY'S INVESTORS SERVICE LTD.
London
David G. Staples, Managing Director
European Corporates
For Journalists
Phone: 44 20 7772 5456
MOODY'S INVESTORS SERVICE
New York
Marie Menendez, VP - Senior Credit Officer
European Corporates
For Journalists
Phone: 212-553-0376
Damovo UK Limited
Broadlands Business Park
Langhurstwood Road
Horsham
West Sussex
UK RH12 4QP
Phone: +44 (0)870 420 6000
E-mail: talktous@damovo.com
Web site: http://www.damovo.com
EATONGATE BUILDERS: Creditors Meeting Set Next Week
---------------------------------------------------
Name of companies:
Eatongate Builders Limited
Eaton Gate Joinery Limited
Eaton Gate (Mechanical Services) Ltd.
Eaton Gate (Special Projects) Limited
M. D. Plant Limited
The creditors of these companies will meet on April 18, 2005 at
10:00 a.m. It will be held at New Connaught Rooms, 61-65 Great
Queen, Street, London.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP not later than 12:00 noon, April
15, 2005.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
EBURY COMMERCIAL: Liquidator from Critchleys Moves in
-----------------------------------------------------
At the extraordinary general meeting of Ebury Commercial Estates
Ltd. on March 29, 2005 held at 116 St Aldates, Oxford, the
special, ordinary and extraordinary resolutions to wind up the
company were passed. Anthony John Harris of Critchleys,
Greyfriars Court, Paradise Square, Oxford OX1 1BE has been
appointed liquidator of the company.
CONTACT: CRITCHLEYS
Greyfriars Court,
Paradise Square, Oxford OX1 1BE
Phone: +44 (0) 1865 261100
Fax: +44 (0) 1865 261201
E-mail: Oxford@critchleys.co.uk
Web site: http://www.critchleys.co.uk
EXTRAPRISE UK: Appoints Smith & Williamson Administrator
--------------------------------------------------------
Stephen Cork (IP No 8627) has been appointed administrator for
Extraprise UK Limited. The appointment was made March 30, 2005.
The company offers management services.
CONTACT: SMITH & WILLIAMSON LIMITED
Bartlett House
9-12 Basinghall Street, London EC2V 5NS
Web site: http://www.smith.williamson.co.uk
FOREST UPHOLSTERY: Creditors Meeting Friday
-------------------------------------------
The creditors of Forest Upholstery Limited will meet on April 15,
2005 at 11:00 a.m. It will be held at Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL not later than 12:00 noon, April 14, 2005.
CONTACT: TOMLINSONS
St John's Court,
72 Gartside Street, Manchester M3 3EL
Phone: 0870 60 70 170
Fax: 0870 60 70 180
E-mail: advice@tomlinsons.co.uk
Web site: http://www.tomlinsons.co.uk
FORUM HOUSE: Calls in Abbey Taylor Ltd. Administrator
-----------------------------------------------------
Tracy A. Taylor (IP No 008899) has been appointed administrator
for Forum House Ltd. The appointment was made April 1, 2005.
The company manages business and community centers. Its
registered office is located at 114 Wicker, Sheffield S60 1RR.
CONTACT: ABBEY TAYLOR LTD.
The Blade Enterprise Centre
John Street
Sheffield
South Yorkshire S2 4SU
Phone: 0114 292 2402
Fax: 0114 292 2403
E-mail: tracy.taylor@abbeytaylor.co.uk
GEOMARINE LIMITED: Meeting of Creditors Set Next Week
-----------------------------------------------------
The creditors of Geomarine Limited will meet on April 19, 2005 at
11:00 a.m. It will be held at BRI Business Recovery and
Insolvency, 1st Floor, Tempus, 249 Midsummer Boulevard, Central
Milton Keynes MK9 1EU.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BRI Business Recovery and Insolvency, 1st Floor,
Tempus, 249 Midsummer Boulevard, Central Milton Keynes MK9 1EU
not later than 12:00 noon, April 18, 2005.
CONTACT: BRI BUSINESS RECOVERY AND INSOLVENCY
100-102 St James Road,
Northampton NN5 5LF
Phone: 01604 754352
Fax: 01604 751660
E-mail: pwindatt@briuk.co.uk
GLAISCO 1: Members Hire Liquidator from Tenon Recovery
------------------------------------------------------
At the meeting of the members of Glaisco 1 (2004) Limited on
April 1, 2005 held at Tenon Recovery, Arkwright House, Parsonage
Gardens, Manchester M3 2LF, the special resolution to wind up the
company was passed. Christopher Ratten has been appointed
liquidator of the company.
Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned, Christopher Ratten, of
Tenon Recovery, Arkwright House, Parsonage Gardens, Manchester M3
2LF on or before April 30, 2005.
CONTACT: TENON RECOVERY
Arkwright House,
Parsonage Gardens,
Manchester M3 2LF
Phone: 0161 834 3313
Fax: 0161 827 8402
E-mail: manchester@tenongroup.com
Web site: http://www.tenongroup.com
JAY JONES: Appoints O'Hara & Co. Administrator
----------------------------------------------
Peter O'Hara (IP No 6371) has been appointed administrator for
Jay Jones Limited. The appointment was made April 1, 2005.
The company handles profit recovery auditors. Its registered
office is located at Wesley House, Huddersfield Road, Birstall,
Batley, West Yorkshire WF17 9EJ.
CONTACT: O'HARA & CO.
Wesley House
Huddersfield Road
Birstall
Batley
West Yorkshire WF17 9EJ
Phone: 01924 477449
Fax: 01924 475262
E-mail: insol@ohara.co.uk
L A R CONSTRUCTION: Director Banned for Four Years
------------------------------------------------
A director of a groundwork contractor business, which failed with
total debt estimated at GBP139,000, has given an undertaking not
to hold directorships or take any part in company management for
four years.
The undertaking by Ms Linda Gregory, 43, of Firtree Way, Sholing,
Southampton, was given in respect of her conduct as a director of
L A R Construction Limited, which carried on business from the
same address.
Acceptance of the undertaking on 9 March 2005 prevents Linda
Gregory 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. L A R Construction Limited was placed into compulsory
liquidation by Order of the High Court on December 17, 2003 on
the petition of the Inland Revenue in the sum of GBP91,415 aimed
in respect of unpaid income tax. The company has an estimated
total deficiency of GBP139,000. The Official Receiver at
Southampton had conduct of the investigation and disqualification
procedure.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies and
for the disqualification of those who are considered to be unfit
to be involved in the management of companies in the future.
The matter of unfit conduct, not disputed by Linda Gregory, was
that she caused LAR Construction Limited to trade to the
detriment of the Inland Revenue from April 2001 onwards. In
particular LAR's failed to make payments in respect of PAYE/NIC
for the period April 2001 to cessation in November 2002.
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
LEONIE LEE: Hires Liquidator from Berley
----------------------------------------
At the extraordinary general meeting of Leonie Lee Limited on
March 31, 2005 held at 76 New Cavendish Street, London W1G 9TB,
the special and extraordinary resolutions to wind up the company
were passed. Jeremy Berman of Berley, 76 New Cavendish Street,
London W1G 9TB has been appointed liquidator of the company.
Creditors are required to send in their full forenames and
surnames, their addresses and descriptions, full particulars of
their debt or claims and the names and addresses of their
Solicitors (if any), to the undersigned, Jeremy Berman, of 76 New
Cavendish Street, London W1G 9TB on or before June 30, 2005.
CONTACT: BERLEY
76 New Cavendish Street
London W1M 7LB
Phone: 020 7636 9094
Fax: 020 7636 4115
E-mail: mark.levy@berley.co.uk
MCNULTY OFFSHORE: Union Threatens to Hold Technip's Order
---------------------------------------------------------
Unions at bankrupt shipyard McNulty Offshore in South Shields are
refusing to finish the oil platform ordered by French firm
Technip due to conflicts over the contract.
GMB senior organizer, Billy Coates, said: "The GMB is calling on
Technip to pay up or this unit will be left to rot."
"There is work needed to finish the module but it is not going
anywhere until the creditors are paid," he said.
Technip, which ordered the platform on behalf of oil giant Mobil,
meanwhile, insists it has done its part of the deal. A
spokeswoman said: "Under the terms of the contract between
Technip and McNulty, Technip has met all its obligations."
The threat that the vessel supposedly bound for Nigeria will be
suspended indefinitely in the River Tyne came after The Chronicle
announced McNulty went into administration last week. According
to the Newcastle Evening Chronicle, the impasse had led McNulty
into financial difficulties.
Administrators from KPMG are now working to salvage the yard.
Julian Whale, administrator at KPMG, said: "We are looking to
negotiate the completion of the gas module which may enable the
survival of the company or a sale of its business and assets.
The workforce has been retained while we explore these options."
Around 150 staff and 200 contractors are feared to lose jobs once
the dispute is not resolved soon. In the last two weeks, McNulty
already made 100 staff redundant.
McNulty had turnover of GBP35 million last year. It owns
Aberdeen-based engineering group Consafe Fabrication.
CONTACT: McNulty Offshore Contractors Ltd
Commercial Road
South Shields
Tyne and Wear NE33 1RZ
Phone: 0191 401 5800
Fax: 0191 401 5802
Web site: http://www.mcnultyoffshore.com
MG ROVER: Statement on Receivership "Premature"
-----------------------------------------------
MG Rover described as premature the statement made Wednesday by
Trade and Industry Secretary Patricia Hewitt that the company had
gone into receivership, according to newcarnet.com.
The company said it had only asked advice from its accountants
regarding its situation.
But problems regarding "panicky" suppliers and the GBP40
million-support package being offered to them, which affect
Rover's delivery of parts, only bolstered doubts over its
credibility and speculations that insolvency is inevitable. Ms.
Hewitt earlier told BBC that the offer aimed to help suppliers
"find new business and secure their future."
"Our credit terms have been taken away from us," said Peter
Beale, Phoenix's deputy chairman.
Meanwhile, Tony Murphy, Amicus' National officer for the
automotive industry, said they are still hopeful of clinching a
deal as talks are ongoing at the senior level.
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
MG ROVER: Fitch Examines Problems After Collapse
------------------------------------------------
Fitch Ratings Ltd. says the collapse of Midland-based MG Rover
Ltd. reflects the substantial challenges in turning around
faltering independent automotive brands.
"Under-performing automotive brands suffer from a combination of
market share erosion, an unattractive product range and ageing
production capacity due to a lack of internal financing
capacity," says Wolfgang Wiehe, Senior Director in Fitch's
Corporates team. "With rising competition in Europe, the trend
towards a reduction of independent brands is likely to continue."
Fitch notes that a lengthy period of under-investment usually
forms the starting point to the under-performing brands' downward
cycle. The under-investment is reflected in the product range's
lack of the latest technical refinements, making it less
attractive to customers when compared to more modern vehicles
offered by the competitors. Companies then fall into a vicious
cycle as ageing products and outdated production technology cause
their sustainable cash generation to erode. This leaves them
further financially strapped for any upgrade in production
facilities and R&D spending to keep the model pipeline
attractive. On average these two uses of funds total well above
10% of the industrial operations' total revenues. The gradual
erosion in sustainable cash generation is also often accompanied
by a strong rise in indebtedness, further limiting the companies'
financial flexibility.
The negative impact of a tarnished brand image can be clearly
seen in the current environment of intensifying competition in
the European markets. The rising market presence of new
competitors from Asia and accelerated new product launches by
European peers keep the market shares of struggling manufacturers
under pressure.
"These smaller companies have not been able to adjust their
manufacturing capacity in line with shrinking market shares over
time, or to initiate a crucial restructuring to address
operational shortfalls. This is often driven by management
errors or political motivations, especially when these brands are
owned by former national champions," Mr. Wiehe adds.
Fitch notes that there are several brands in Europe - including
Fiat, Opel/Vauxhall and Saab -- which are not profitable over a
product cycle. However, many of these other under-performing
brands benefit from being part of a large diversified group,
allowing for cross-subsidization between divisions, hold
substantial cash reserves and have access to committed bank
facilities. In contrast to these brands, the end of Rover as a
stand-alone company, in its latest guise a year 2000 management
buy-out, came when it ran out of cash to fund its daily
operations.
CONTACT: FITCH RATINGS
Wolfgang Wiehe, London
Phone: +44 (0) 20 7417 4233
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
MG ROVER: Secures GBP6.5 million Funding
----------------------------------------
Further to their appointment as joint administrators to MG Rover
Group Limited and Powertrain Limited; Ian Powell, Tony Lomas, Rob
Hunt and Steven Pearson, partners in PricewaterhouseCoopers,
secured on Monday a GBP6.5 million funding from the Government to
sustain the business and pay the workforce for a further week.
The joint administrators work has indicated that the companies
are incurring very significant losses, estimated at between GBP20
million and GBP25 million per month.
Ian Powell, partner in PricewaterhouseCoopers, said: "Since our
appointment on Friday, we have worked with management, unions and
the Government to assess the situation. We are pleased to have
secured this funding which has given us vital breathing space to
evaluate the interest of all parties. However, this funding must
be viewed in context; it is a small step forward."
Tony Lomas, partner in PricewaterhouseCoopers, added: "There is a
possibility that our appointment as administrators creates an
opportunity to resolve some of the concerns around the previous
deal, and we now seek to engage in discussions with SAIC as soon
as possible."
The majority of the workforce has been asked to go home on full
pay; however, a number of employees have been asked to stay on
site to assist the joint administrators. Car production had
already ceased prior to the appointment of joint administrators
and there are no plans to resume car production, although it is
expected that limited engine production will continue at
Powertrain.
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
POWERTRAIN LIMITED
396 Groveley Lane, Rednal
Birmingham
B45 8XF, United Kingdom
Phone: +44 (0) 121 453 3300
Fax: +44 (0) 121 482 4217
Web site: http://www.powertrainltd.com
PRICEWATERHOUSECOOPERS
Jon Bunn
UK Head of Media Relations
Phone: 020 7213 3279
Mobile: 07808 632167
Jenny Britton
Business Recovery Services PR Manager
Phone: 020 7212 2970
Mobile: 07855 522485
MILFORD SADDLERY: Administrators from Milner Boardman Move in
-------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed administrators for Milford Saddlery Limited. The
appointment was made April 4, 2005.
The company supplies equestrian equipment. Its registered office
is located at Park Nook Farm, Ranton, Stafford ST18 9JU.
CONTACT: MILNER BOARDMAN & PARTNERS
Century House, Ashley Road,
Hale, Cheshire WA15 9TG
Phone: 0161 927 7788
Fax: 0161 927 7733
E-mail: info@milnerb.co.uk
Web site: http://www.milnerboardman.co.uk
MURRAY GLOBAL: Appoints Liquidator from Ernst & Young
-----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Murray Global Return Trust Plc
Notice is hereby given that on March 18, 2005, we Thomas Merchant
Burton and Patrick Joseph Brazzill, Ernst & Young LLP, Ten George
Street, Edinburgh EH2 2DZ, were appointed joint liquidators of
Murray Global Return Trust Plc, pursuant to section 109 of the
Insolvency Act 1986.
Thomas Merchant Burton, Liquidator
CONTACT: ERNST & YOUNG LLP
Ten George Street
Edinburgh EH2 2DZ
Phone: +44 [0] 131 777 2000
Fax: +44 [0] 131 777 2001
Web site: http://www.ey.com
POWERTRAIN LIMITED: Calls in Administrators from PwC
----------------------------------------------------
Ian Powell, Tony Lomas and Rob Hunt, partners in
PricewaterhouseCoopers, have been appointed joint administrators
of MG Rover Group Limited. Additionally, Tony Lomas, Steven
Pearson and Rob Hunt have been appointed joint administrators of
Powertrain Limited.
The appointment follows a request by the Board of MG Rover on the
evening of 7 April 2005 for PricewaterhouseCoopers to advise the
Board on the companies' position. Partners from
PricewaterhouseCoopers met board representatives at the companies
' Longbridge headquarters Friday.
Ian Powell, joint administrator, said: "Following constructive
meeting with management and employee representatives, we will now
work to understand and evaluate the financial position of the
companies more fully.
"The business will continue over the weekend. We have asked
employees to return to work next week. We will be working
closely with management, staff, unions, key suppliers, creditors
and the Government as the situation develops."
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
POWERTRAIN LIMITED
396 Groveley Lane, Rednal
Birmingham
B45 8XF, United Kingdom
Phone: +44 (0) 121 453 3300
Fax: +44 (0) 121 482 4217
Web site: http://www.powertrainltd.com
PRICEWATERHOUSECOOPERS
Jon Bunn
UK Head of Media Relations
Phone: 020 7213 3279
Mobile: 07808 632167
Jenny Britton
Business Recovery Services PR Manager
Phone: 020 7212 2970
Mobile: 07855 522485
PRIESTLEYS OF GLOUCESTER: Names Milsted Langdon Administrator
-------------------------------------------------------------
Roger Anthony Stanford Isaacs (IP No 8966) has been appointed
administrator for screen printers Priestleys Of Gloucester
Limited. The appointment was made March 30, 2005. Its
registered office is located at Unit 41, Morelands Trading
Estate, Bristol Road, Gloucester GL1 5RZ.
CONTACT: MILSTED LANGDON
Winchester House
Deane Gate Avenue
Taunton
Somerset TA1 2UH
Phone: 01823 445566
Fax: 01823 445555
E-mail: risaacs@milsted-langdon.co.uk
RAPTURE TV: Creditors Meeting Set This Week
-------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Rapture TV (Scotland) Limited
Notice is hereby given, pursuant to Section 98 of the Insolvency
Act 1986, that a meeting of the creditors of Rapture TV
(Scotland) Limited will be held within Cowan & Partners CA, 60
Constitution Street, Leith on April 15, 2005 at 11:00 a.m. for
the purposes mentioned in Sections 99, 100 and 101 of the said
Act.
A list of the names and addresses of the company's creditors may
be inspected, free of charge, at the offices of Cowan & Partners,
60 Constitution Street, Leith, Edinburgh two business days prior
to the meeting.
By Order of the Board.
David Henry, Director
March 23, 2005
CONTACT: COWAN & PARTNERS
60 Constitution Street
Edinburgh EH6 6RR
Phone: 0131 554 0724
Fax: 0131 553 2267
E-mail: mail@cowanandpartners.co.uk
David Forbes Rutherford
E-mail: david.rutherford@cowanandpartners.co.uk
ROOKSMOOR TIMBER: In Administrative Receivership
------------------------------------------------
HSBC Bank Plc appointed Derek Howell and Rob Lewis (Office Holder
Nos 6604, 9277) joint administrative receivers for Rooksmoor
Timber Company Limited (Reg No 01725649, Trade Classification:
3614). The application was filed March 29, 2005. The company
manufactures timber furniture.
CONTACT: PRICEWATERHOUSECOOPERS
1 Kingsway
Cardiff
Glamorgan CF10 3PW
Phone: 029 2023 7000
Fax: 029 2080 2405
E-mails: derek.a.howell@uk.pwc.com
rob.n.lewis@uk.pwc.com
SAMUEL EDEN: Names Administrators from KPMG
-------------------------------------------
Mark Jeremy Orton and Allan Watson Graham (Office Holder Nos
8846, 8719) have been appointed administrators for Samuel Eden &
Son Ltd. The appointment was made March 29, 2005. The company
manufactures knitted and crocheted hosiery.
CONTACT: KPMG LLP
2 Cornwall Street
Birmingham B3 2RT
Phone: (0121) 232 3000
Fax: (0121) 232 3500
Web site: http://www.kpmg.co.uk
SKYEPHARMA PLC: To Discuss Full-year Results Later This Month
-------------------------------------------------------------
SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) will announce financial
results for the year ended 31 December 2004 to the London Stock
Exchange at 7:00 a.m. (BST) on Thursday 28 April 2005. Later
that day the Company will host an analyst presentation, which
will be Web cast live, and a U.S. conference call to review these
results.
Michael Ashton, SkyePharma's Chief Executive Officer, will host
the analyst presentation and the conference call. Investors and
other interested parties may view the live Web cast at 10:00 a.m.
(BST) at http://www.skyepharma.comunder the Investor Relations
tab.
U.S. Investors and other interested parties may access the
conference call at 10:00 a.m. EDT (15:00 BST) by dialing
(888)-428-4469 for U.S. participants and +1-651-291-5254 for
international participants. The slides of the presentation will
be available on the Company's Web site at
http://www.skyepharma.com.
For those unable to listen to the live broadcast, a replay will
be available shortly after the conference call by dialing
(800)-475-6701 for U.S. participants and +1-320-365-3844 for
international participants and entering Access Code 778172.
For further information please contact:
SKYEPHARMA PLC
Phone: +44 207 491 1777
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications
Phone: +44 207 491 5124
Sandra Haughton, U.S. Investor Relations
Phone: +1 212 753 5780
BUCHANAN COMMUNICATIONS
Phone: +44 207 466 5000
Tim Anderson / Mark Court
About SkyePharma PLC
SkyePharma PLC develops pharmaceutical products benefiting from
world-leading drug delivery technologies that provide
easier-to-use and more effective drug formulations. There are
now ten approved products incorporating SkyePharma's technologies
in the areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilization capabilities. For more
information, visit http://www.skyepharma.com.
* * *
Skyepharma reported a retained loss of GBP10.194 million in the
first half, down from GBP 18.689 million during the same period a
year ago.
TEDDINGTON STUDIOS: Calls in Numerica Administrator
---------------------------------------------------
N. H. O'Reilly and J. M. Birch (IP Nos 8309 and 5328) have been
appointed joint administrators for Teddington Studios Limited.
The appointment was made March 30, 2005. The company offers
other business activities.
CONTACT: NUMERICA
PO Box 2653, 66 Wigmore Street,
London W1A 3RT
Phone: 020 7467 4000
Fax: 020 7284 4995
Web site: http://www.numerica.biz
UNIFIED NETWORKS: Names BDO Stoy Hayward Administrator
------------------------------------------------------
Andrew Beckingham and Dermot Brendan Coakley (IP Nos 008683,
006824) have been appointed joint administrators for Unified
Networks Limited. The appointment was made March 21, 2005. The
company is into IT and Data networks.
CONTACT: BDO STOY HAYWARD LLP
Park House, 102-108 Above Bar,
Southampton, Hampshire SO14 7NH
Phone: 023 8035 6000
Fax: 023 8035 6111
E-mail: southampton@bdo.co.uk
Web site: http://www.bdo.co.uk
WHITEMECH SERVICES: Creditors Meeting Set Later This Month
----------------------------------------------------------
The creditors of Whitemech Services Limited will meet on April
26, 2005 at 11:00 a.m. It will be held at Winchester House,
Deane Gate Avenue, Taunton, Somerset TA1 2UH.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Milsted Langdon, Winchester House, Deane Gate
Avenue, Taunton, Somerset TA1 2UH not later than 12:00 noon,
April 25, 2005.
CONTACT: MILSTED LANGDON
Winchester House
Deane Gate Avenue
Taunton
Somerset TA1 2UH
Phone: 01823 445566
Fax: 01823 445555
E-mail: risaacs@milsted-langdon.co.uk
WHITEVALE PROPERTY: Names New Liquidator
----------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Whitevale Property Company Limited
(In Liquidation)
I, Stewart MacDonald, Scott-Moncrieff, Allan House, 25 Bothwell
Street, Glasgow G2 6NL hereby give notice that on March 11, 2005
I was appointed Liquidator of Whitevale Property Company Limited
by Resolution of a meeting of Members. I was appointed to
replace the former Liquidator Alasdair Gregor McGregor who
resigned and was released on March 11, 2005. All creditors will
be paid in full.
Stewart MacDonald, Liquidator
March 11, 2005
CONTACT: SCOTT-MONCRIEFF
25 Bothwell Street
Glasgow G2 6NL
Phone: 0141 567 4500
Fax: 0141 567 4535
E-mail: info@scott-moncrieff.com
Web site: http://www.scott-moncrieff.com
Stewart MacDonald
E-mail: stewart.macdonald@scott-moncrieff.com
ZIKA RAPID: Bank Leumi Appoints Baker Tilly Receiver
----------------------------------------------------
Bank Leumi (UK) Plc called in Andrew Tate and John Ariel (Office
Holder Nos 008960, 007965) joint administrative receivers for
Zika Rapid Distribution Limited (Reg No 04061999). The
application was filed March 31, 2005. The company distributes
industrial clothing.
CONTACT: BAKER TILLY
Lancaster House
7 Elmfield Road
Bromley
Kent BR1 1LT
Phone: 020 8290 5522
Fax: 020 8460 9156
E-mail: axt2@bakertilly.co.uk
* 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
-------
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)
Charbo De France (3,872) 4,738 (2,868)
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Compagnies de
Machines Bull (139) 137 (6)
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)
Oeneo S.A. SABT.PA (12) 292 38
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)
EM.TV AG EV4G.BE (22) 849 15
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)
I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140)
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
----------
Oriflame Cosmetics S.A. ORI.ST (44) 378 97
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
Numico N.V. NUMC (422) 1,982 327
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
------
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 (23) 582 260
Swisslog Holding-R SLOG (98) 354 151
TURKEY
------
Nergis Holding (24) 125 26
Yasarbank (948) 623 N.A.
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
Alldays Plc (120) 252 (202)
Amey Plc (49) 932 (47)
Anker PLC ANK.L (22) 115 13
Avis Europe PLC AVE.L (34) 3,877 (606)
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 (19) 142 (33)
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)
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, Julybien Atadero and Jay Malaga, 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 * * *