/raid1/www/Hosts/bankrupt/TCREUR_Public/050422.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, April 22, 2005, Vol. 6, No. 79
Headlines
F R A N C E
COMPAGNIE GENERALE: S&P Rates Proposed Senior Notes 'BB-'
LEGRAND HOLDING: Ratings Upgraded One Notch to 'BB+'
POIRAY FRANCE: Paris Court Picks Alliance Designers
G E R M A N Y
BADRINAER HOLZVERARBEITUNGS: Names Provisional Administrator
BEIM SCHLESIER: Under Bankruptcy Administration
CHG VERMOGENSBERATUNG: Proofs of Claim Deadline Nears
CONRENTA VERWALTUNGS: Collapses into Bankruptcy
ELEKTRO BLANK: Administrator's Report Out June
EMP INDUSTRIES: Applies for Bankruptcy Proceedings
FRENCH QUARTER: Calls First Creditors Meeting
GESPAC GMBH: Creditors to Meet Next Week
HANFFABRIK ZEHDENICK: Interim Administrator Takes over Helm
INNOVA IMMOBILIEN: Sulzbach Court to Verify Claims June
I.V.R. VIERTEL: Interim Administrator Takes over Management
LEIPZIG GUIDE: Claims Filing Period Expires May
MEROTEC METALLVERARBEITUNG: Last Day for Filing Claims May 27
MUNTE MIETMANAGEMENT: Court Accepts Bankruptcy Application
PARTNER ZEITARBEIT: Creditors' Claims Due Next Week
RAINER TREPCZIK: Court to Verify Claims August
ROSENBAUM + WIELAND: Bankruptcy Proceedings Begin
SIMON BAUTISCHLEREI: Osnabruck Court Stays All Pending Lawsuits
V.I.S. REISEN: Gives Creditors Until May to File Claims
VOLKSWAGEN AG: New Chairman to Assume Office May
VOLKSWAGEN AG: Q1 Operating Profit Jumps to EUR464 million
H U N G A R Y
MALEV HUNGARIAN: Plotting Flights for Athens, Dublin, Helsinki
N E T H E R L A N D S
HAGEMEYER N.V.: Net Debt Up 12% in First Quarter
INTERNATIONAL STEEL: Moody's Upgrades Unsecured Debt to Ba2
NUMICO N.V.: Cuts Net Debt to EUR82 Mln from EUR987 Mln
R U S S I A
AYTAN: Hires O. Elistratova as Insolvency Manager
BAKHAREVSKIY ELEVATOR: Perm Court Sets July 19 Hearing
HYDRO-DOR-STROY: Under Bankruptcy Supervision
KUGANAKSKIY: Creditors Have Until May 19 to File Claims
LOCKO-BANK: Fitch Assigns Bank Lower-B Ratings, Stable Outlook
MELENKOVSKIY FLAX: Declared Insolvent
METROMEDIA INTERNATIONAL: Interim Report Shows 10% Revenue Jump
PENZENSKAYA INTERREGIONAL: Bankruptcy Proceedings Begin
PROKOPYEVSKIY GO-MOL-ZAVOD: Proofs of Claim Deadline May 19
SOLIGALICHSKYA MOVABLE: Bankruptcy Hearing Resumes May
VOLSKIY: Declared Insolvent
ZOBNINSKOYE: Ivanovo Court Opens Bankruptcy Proceedings
S W E D E N
AB ELECTROLUX: Reports SEK1,308 Million Operating Income
T U R K E Y
PETROL OFISI: Earns Upgrade for Improved Debt Profile
U N I T E D K I N G D O M
ADAM BROWN: Creditors Meeting Set First Week of May
AHMARRA LIMITED: Appoints Kroll Limited Administrator
ALLSTOCK STEEL: In Administrative Receivership
BELLE VUE: Names Sargent & Co. Administrator
BRATTON BALL: Opts for Liquidation
BSB HOLDINGS: Hires RSM Robson Rhodes as Liquidator
CABINET FACTORY: Members Hire Numerica as Administrator
CALDERDALE RUBBER: Meeting of Creditors First Week of May
CHANNON ELECTRICAL: Calls First Creditors Meeting
CHEEKY BARS: Names Rothman Pantall & Co. Administrator
CLARENCE ESTATE: Members Decide to Wind up Firm
COLT TELECOM: Q1 Earnings Fall Short of Forecast
COLT TELECOM: TDC Takeover Rumors Are Just That
DESIGNER DIRECT: Hires Liquidator from Robson Laidler
DYNAMIC BUILDING: Sets Creditors Meeting Next Week
EQUITABLE LIFE: Verbal Tussle with Former Auditor Intensifies
EUROTUNNEL PLC: Secures Waiver to Credit Agreement
GRAMPIAN CONTRACTS: Creditors to Convene Next Week
HARRISON & COMPANY: Calls in Administrators from Wilder Coe
I C REALISATIONS: Meeting of Creditors Set Next Month
LEISURE LIFESTYLE: Hires Administrators from PKF
MADGE WEB: Creditors' Claims Due Mid-May
MARKS & SPENCER: Amazon to Give M&S Web site a Makeover
MCKENZIE GUERNSEY: Liquidator Takes over Helm
MCNIFF CIVIL: Administrators from PwC Move in
MCNULTY OFFSHORE: Calls in Administrators from KPMG
MG ROVER: Eight European Arms Follows Suit
MG ROVER: Walk-in Redundancy Workshop Ongoing
M H PHARMA: Creditors Meeting Set Firs Week of May
NTT FINANCE: Liquidators from Ernst & Young Move in
P KITCHIN: Appoints Baker Tilly Administrator
PROACTIVE GAMES: Hires Milner Boardman & Partners Administrator
SEASTAR ASSOCIATES: Names Administrators from Benedict Mackenzie
STAFFORDS GREEN: Members Pass Special Resolution
TNCI U.K.: Meeting of Creditors Set May
TREVELYANS (BIRMINGHAM): Calls in Administrator
VEDANTA RESOURCES: Gains Permit to Operate Tuticorin Smelter
VITEC COMMUNICATIONS: Calls in Administrator from Antony Batty
*********
===========
F R A N C E
===========
COMPAGNIE GENERALE: S&P Rates Proposed Senior Notes 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating to the US$150 million senior unsecured notes due May
2015, to be issued by France-based Compagnie Generale de
Geophysique (BB-/Stable/--), the world's leading
seismic-equipment producer and third-largest player in seismic
services. The debt rating factors in the availability of upstream
guarantees. The funds from the notes issue will be used to
refinance CGG's US$150 million of outstanding long-term notes,
due in 2007.
The entities providing the upstream guarantees (such as Sercel
Inc., CGG Americas Inc., and CGG Marine Norge A/S) account for a
material share of CGG's operations. Guaranteeing subsidiaries
accounted for a combined EUR228 million (US$296.6 million) in
turnover and EUR36 million in operating income in 2004. We note,
however, that the offering memorandum contains provisions that
allow for such subsidiary guarantees to be cancelled/released in
the future under certain conditions, such as the sale of the
entity, or -- in the case of the Sercel guaranteeing
subsidiaries -- upon issuances of any equity interest in Sercel
S.A. or the relevant subsidiary. Should such an event occur and
management decide to reinvest any sale proceeds, rather than appl
y them to the redemption of the notes, a notching down of the
notes would be highly likely.
Overall, we consider the notes' covenant package to be only
modestly credit protective, given the substantial flexibility
afforded to CGG to raise additional debt (including secured and
subsidiary debt), despite a satisfactory inclusion of
change-of-control and sale-of-asset clauses. The "additional
debt" test requires the satisfaction of a consolidated interest
coverage ratio of 3:1 (roughly defined as adjusted EBITDA before
multi-client amortization adjusted for non-cash and nonrecurring
elements compared with interest costs). The exclusion of
multi-client amortization costs (which Standard & Poor's
considers as operating expenditures rather than capital
expenditures) effectively results in significant headroom under
the test. We therefore do not consider the covenant to be credit
protective, as the test ratio has historically been high even in
loss-making years (for example, it was about 8x in 2003).
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:
CorporateFinanceEurope@standardandpoors.com
COMPAGNIE GENERALE DE GEOPHYSIQUE
Head Office
1, rue Leon Migaux
91341 Massy Cedex-France
Phone: +33 1 64 47 30 00
Fax: +33 1 64 47 39 70
Web site: http://www.cgg.com
LEGRAND HOLDING: Ratings Upgraded One Notch to 'BB+'
----------------------------------------------------
Standard & Poor's Ratings raised its corporate credit ratings on
France-based Legrand Holding S.A. and Legrand to 'BB+' from 'BB'.
At the same time, Standard & Poor's also raised the ratings on
Legrand Holding's US$350 million senior unsecured notes and
EUR277.5 million senior unsecured notes to 'BB-' from
'B+'. It raised the rating on Legrand's $400 million 8.5%
debentures (Yankee bonds) to 'BB-' from 'B+' and removed it from
CreditWatch where it had been placed with positive implications
on Jan. 27, 2005.
Standard & Poor's affirmed its 'B' short-term ratings on Legrand
Holding and Legrand. The outlook is positive. Legrand Holding's
net debt was EUR1.9 billion (US$2.47 billion) at year-end 2004,
down from EUR2.3 billion at year-end 2003.
"The rating actions reflect a steady improvement in Legrand
Holding's financial profile, thanks to its solid free cash flow
generation and debt reduction in the past two years," said
Standard & Poor's credit analyst Xavier Buffon. The company was
acquired Dec. 10, 2002, in a EUR4.9 billion LBO by Wendel
Investissement S.A. (BBB+/Stable/A-2) and Kohlberg Kravis Roberts
& Co. L.P. Legrand Holding is a major global manufacturer of
low-voltage electrical fittings.
The rating actions on the debt issues of Legrand Holding and
Legrand reflect the corporate credit ratings upgrade. The issues
continue to be rated two notches below the corporate credit
ratings, reflecting a material degree of structural subordination
to operating and financial liabilities at operating subsidiaries.
This translates into ratios of priority debt to adjusted assets,
which are meaningfully higher than 30% in both cases. That said,
the recovery prospects of Legrand's 8.5% debentures have
considerably benefited from the refinancing, on an unsecured
basis, of the former secured bank facilities, and are much better
than the recovery prospects of Legrand Holding's high-yield
notes, because the latter are structurally subordinated to the
former.
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: LEGRAND HOLDING S.A.
128, avenue du Marechal de
Lattre de Tassigny
87045 Limoges Cedex, France
Phone: +33-5-55-06-87-87
Fax: +33-5-55-06-88-88
Web site: http://www.legrandelectric.com
POIRAY FRANCE: Paris Court Picks Alliance Designers
---------------------------------------------------
The Paris commercial court has selected Alliance Designers to
take over troubled jewelry group Poiray France, Les Echos says.
Alain Dumenil, who heads Alliance Designers, plans to immediately
invest EUR5 million and another EUR4 million later. Although he
intends to maintain Poiray's present position in the mid-range
product market, he plans to build a group composed of smaller,
high-pedigree luxury goods companies.
Alliance Designers already owns Scherrer, Francesco Smalto and
Stephane Kelian.
Alliance beat FM Industries, the other bidder for Poiray, which
has been under court-supervised administration since June. Both
bidders offered to acquire the Poiray brand for EUR1.5 million
and its outstanding shares and current accounts for a symbolic
price of EUR1. They also offered to retain Poiray's 30
employees.
CONTACT: POIRAY FRANCE S.A.
4, rue de La Paix
FR-75002 Paris
Phone: +33 1 42 97 99 00
Fax: +33 1 42 97 99 00
Web site: http://www.poiray.com
=============
G E R M A N Y
=============
BADRINAER HOLZVERARBEITUNGS: Names Provisional Administrator
------------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Badrinaer Holzverarbeitungs GmbH on March 31, 2005.
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 Michael C. Frege.
Creditors and other interested parties are encouraged to attend
the meeting on June 17, 2005, 11:15 a.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.
CONTACT: BADRINAER HOLZVERARBEITUNGS GMBH
Leipziger Str. 30
04509 Schonwolkau
Contact:
Reiner Lingott, Manager
Michael C. Frege, Administrator
Augustusplatz 9
04109 Leipzig
BEIM SCHLESIER: Under Bankruptcy Administration
-----------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Beim Schlesier Wurst Spezialitaten GmbH on March 31,
2005. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until May 13,
2005 to register their claims with court-appointed provisional
administrator Dr. Wolfgang Delhaes.
Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 11:05 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: BEIM SCHLESIER WURST SPEZIALITATEN GMBH
Dieselstr. 12
50170 Kerpen
Contact:
Gabriele Bass, Manager
Dieselstr. 6 - 12
50170 Kerpen
Dr. Wolfgang Delhaes, Administrator
Im Media Park 6 A
50670 Cologne
Phone: 0221/574 379 04
Fax: +4922157437939
CHG VERMOGENSBERATUNG: Proofs of Claim Deadline Nears
-----------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against CHG Vermogensberatung GmbH on March 17, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until April 25, 2005
to register their claims with court-appointed provisional
administrator Hanns Pollmann.
Creditors and other interested parties are encouraged to attend
the meeting on May 25, 2005, 9:00 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 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: CHG VERMOGENSBERATUNG GMBH
Beethovenstr. 3
80336 Munchen
Hanns Pollmann, Administrator
Prannerstr. 11
80333 Munchen
Phone: 089/33008090
Fax: 089/330080999
CONRENTA VERWALTUNGS: Collapses into Bankruptcy
-----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Conrenta(R) Verwaltungs GmbH on March 31. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until May 30, 2005 to
register their claims with court-appointed provisional
administrator Achim Thomas Thiele.
Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 1:35 p.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund 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: CONRENTA VERWALTUNGS GMBH
Caldenhofer Weg 192
59063 Hamm
Contact:
Adolf Eggendorf, Manager
Am Kleihang 5
59073 Hamm
Achim Thomas Thiele, Administrator
Bronnerstrasse 7, 44141 Dortmund
Phone: 54110
Fax: 5411266
ELEKTRO BLANK: Administrator's Report Out June
----------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Elektro Blank GmbH on March 31, 2005. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until May 13, 2005 to register their
claims with court-appointed provisional administrator Bert Buske.
Creditors and other interested parties are encouraged to attend
the meeting on June 8, 2005, 9:45 a.m. at the district court of
Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam 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: ELEKTRO BLANK GMBH
Gutenbergstr. 81
14467 Potsdam
Bert Buske, Administrator
Alt Nowawes 67
14482 Potsdam
EMP INDUSTRIES: Applies for Bankruptcy Proceedings
--------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against EMP Industries GmbH on March 24. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until May 2, 2005 to register their
claims with court-appointed provisional administrator Hubert
Haarbeck.
Creditors and other interested parties are encouraged to attend
the meeting on June 15, 2005, 9:15 a.m. at the district court of
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: EMP INDUSTRIES GMBH
Industriestrasse 25
01640 Coswig
Hubert Haarbeck, Administrator
Anton-Graff-Str. 17
01309 Dresden
FRENCH QUARTER: Calls First Creditors Meeting
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against French Quarter Gewerbliche Zimmervermietung GmbH & Co. KG
on March 24. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until May
20, 2005 to register their claims with court-appointed
provisional administrator Christoph Henningsmeier.
Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 12:00 p.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2, 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: FRENCH QUARTER GEWERBLICHE ZIMMERVERMIETUNG GMBH & CO.
KG
Herbertstrasse 28
20359 Hamburg
Contact:
Peter Kluver, Manager
Christoph Henningsmeier, Administrator
Osdorfer Landstrasse 230
22549 Hamburg
Phone: 8078810
GESPAC GMBH: Creditors to Meet Next Week
----------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Gespac GmbH on March 16, 2005. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until May 6, 2005 to register their claims with
court-appointed provisional administrator Josef Nachmann.
Creditors and other interested parties are encouraged to attend
the meeting on April 29, 2005, 9:15 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 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: GESPAC GMBH
Frauenstr. 32
80469 Munchen
Josef Nachmann, Administrator
Theatinerstr. 32
80333 Munchen
Phone: 089/24217737
Fax: 089/24217738
HANFFABRIK ZEHDENICK: Interim Administrator Takes over Helm
-----------------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against HanfFabrik Zehdenick GmbH & Co. Produktions KG on April
5, 2005. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
June 1, 2005 to register their claims with court-appointed
provisional administrator Hans-Peter Rechel.
Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 11:00 a.m. at the district court of
Neuruppin, Karl-Marx-Strasse 18a, 16816 Neuruppin 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: HANFFABRIK ZEHDENICK GMBH & CO. PRODUKTIONS KG
Ackerstrasse 15,
16792 Zehdenick
Contact:
Herrn Christian Krasemann, Manager
Hans-Peter Rechel, Administrator
Magdalenenstrasse 64 c
20148 Hamburg
INNOVA IMMOBILIEN: Sulzbach Court to Verify Claims June
-------------------------------------------------------
The district court of Sulzbach opened bankruptcy proceedings
against INNOVA Immobilien-Gaststatten und Getranke GmbH on April
1, 2005. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until May
11, 2005 to register their claims with court-appointed
provisional administrator Gunter Staab.
Creditors and other interested parties are encouraged to attend
the meeting on June 7, 2005, 8:40 a.m. at the district court of
Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach 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: Gunter Staab, Administrator
Bahnhofstrasse 77
66111 Saarbrucken
Phone: (0681) 3090 416
Fax: (0681) 3090 456
I.V.R. VIERTEL: Interim Administrator Takes over Management
-----------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against I.V.R. Viertel und Radermacher Ingenieurburo GmbH on
March 22, 2005. Consequently, all pending proceedings against
the company have been automatically stayed. Creditors had until
April 20, 2005 to register their claims with court-appointed
provisional administrator Andreas Amelung.
Creditors and other interested parties are encouraged to attend
the meeting on May 19, 2005, 10:30 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: I.V.R. VIERTEL UND RADERMACHER INGENIEURBURO GMBH
Olefant 14 a
51427 Bergisch Gladbach
Contact:
Werner Radermacher, Manager
Im Grasgarten 7
51491 Overath
Andreas Amelung, Administrator
Im Mediapark 6 B
50670 Cologne
Phone: 57437910
Fax: +4922157437938
LEIPZIG GUIDE: Claims Filing Period Expires May
-----------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Leipzig Guide GmbH on Match 30, 2005. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until May 20, 2005 to register their
claims with court-appointed provisional administrator Dr. Onno
Klopp.
Creditors and other interested parties are encouraged to attend
the meeting on June 22, 2005, 1:00 p.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.
CONTACT: LEIPZIG GUIDE GMBH
Bruhl 54
04109 Leipzig
Contact:
Olaf Beyer, Manager
Dr. Onno Klopp, Administrator
Rudolph-Sack-Strasse 9
04229 Leipzig
MEROTEC METALLVERARBEITUNG: Last Day for Filing Claims May 27
-------------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Merotec Metallverarbeitung GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until May 27, 2005 to
register their claims with court-appointed provisional
administrator Andreas Stratenwerth.
Creditors and other interested parties are encouraged to attend
the meeting on June 17, 2005, 9:30 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: MEROTEC METALLVERARBEITUNG GMBH
Hellweg 203-205
33758 Schloss Holte-Stukenbrock
Contact:
Matthias Hermann Mewes, Manager
Andreas Stratenwerth, Administrator
Lemgoer Str. 4
33604 Bielefeld
MUNTE MIETMANAGEMENT: Court Accepts Bankruptcy Application
----------------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Munte Mietmanagement GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until May 29, 2005 to
register their claims with court-appointed provisional
administrator Jana Dettmer.
Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 11:15 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: MUNTE MIETMANAGEMENT GMBH
Venloerstr. 87
50259 Pulheim
Contact:
Jurgen Schreiner, Manager
Jana Dettmer, Administrator
Weyerstr. 54
50676 Cologne
Phone: 0221/92 12 17 0
Fax: +4922192121720
PARTNER ZEITARBEIT: Creditors' Claims Due Next Week
---------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Partner fur Zeitarbeit GmbH on March 23, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until April 25, 2005
to register their claims with court-appointed provisional
administrator Josef Nachmann.
Creditors and other interested parties are encouraged to attend
the meeting on June 1, 2005, 9:25 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 102 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: PARTNER FUR ZEITARBEIT GMBH
Mullerstr. 54
80469 Munchen
Josef Nachmann, Administrator
Theatinerstr. 32
80333 Munchen
Phone: 089/24217737
Fax: 089/24217738
RAINER TREPCZIK: Court to Verify Claims August
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Rainer Trepczik GmbH & Co. KG on March 31.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until July 1, 2005 to
register their claims with court-appointed provisional
administrator Hartwig Albers.
Creditors and other interested parties are encouraged to attend
the meeting on May 10, 2005, 9:25 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,
9:20 a.m. while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.
CONTACT: RAINER TREPCZIK GMBH & CO. KG
Handjerystr. 60
12161 Berlin
Hartwig Albers, Administrator
Lutzowstr. 100
10785 Berlin
ROSENBAUM + WIELAND: Bankruptcy Proceedings Begin
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against Rosenbaum + Wieland Haustechnik GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until May 14, 2005 to
register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.
Creditors and other interested parties are encouraged to attend
the meeting on June 14, 2005, 9:35 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne at
which time the administrator will present his first report of the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: ROSENBAUM + WIELAND HAUSTECHNIK GMBH
Hochstadenstr. 16
50674 Cologne
Contact:
Reinhold Krauskopf, Manager
Luxemburger Str. 124-136
50674 Cologne
Hans-Gerd Jauch, Administrator
Sachsenring 81
50677 Cologne
Phone: 0221/33660130
Fax: +492213366085
SIMON BAUTISCHLEREI: Osnabruck Court Stays All Pending Lawsuits
---------------------------------------------------------------
The district court of Osnabruck opened bankruptcy proceedings
against Simon Bautischlerei und Innenausbau GmbH on March 30,
2005. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until May 24,
2005 to register their claims with court-appointed provisional
administrator Dr. Wolfgang Lohrberg.
Creditors and other interested parties are encouraged to attend
the meeting on May 17, 2005, 10:30 a.m. at the district court of
Osnabruck, Nebenstelle, Kollegienwall 10, 49074 Osnabruck 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 June 21, 2005, 9:30 a.m. while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.
CONTACT: SIMON BAUTISCHLEREI UND INNENAUSBAU GMBH
Wellmannsweg 63
49086 Osnabruck
Contact:
Detlev Bolduin, Manager
Dr. Wolfgang Lohrberg, Administrator
Moserstr. 5/6
49074 Osnabruck
Phone: 0541/331010
Fax: 0541/3310155
V.I.S. REISEN: Gives Creditors Until May to File Claims
-------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against V.i.S. Reisen Ferienhaus GmbH on April 1, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until May 20, 2005 to
register their claims with court-appointed provisional
administrator Dr. Florian Stapper.
Creditors and other interested parties are encouraged to attend
the meeting on June 20, 2005, 11:00 a.m. at the district court of
Leipzig at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.
CONTACT: V.I.S. REISEN FERIENHAUS GMBH
Karl-Liebknecht-Str. 16
04107 Leipzig
Contact:
Almut Penazuk, Manager
Dr. Florian Stapper, Administrator
Karl-Heine-Strasse 16
04229 Leipzig
VOLKSWAGEN AG: New Chairman to Assume Office May
------------------------------------------------
Dr. Wolfgang Bernhard will assume the chairmanship of the
Volkswagen brand group starting on May 1, 2005.
The Supervisory Board of the Volkswagen Group took note of this
appointment at its meeting on Wednesday. Prof. Dr. Folker
Weissgerber has reached the age of 65 and will retire as
scheduled on June 30, 2005.
* * *
Earlier this week, the Financial Times reported Winfried Vahland
would assume leadership at the China division of Volkswagen in
July. This came amid speculations the carmaker would incur
losses of about EUR400 million in China this year.
CONTACT: VOLKSWAGEN AG
Brieffach 1848-2
38436 Wolfsburg, Germany
Phone: +49 53 61 90
Fax: +49 53 61 92 82 82
Web site: http://www.volkswagen.de
VOLKSWAGEN AG: Q1 Operating Profit Jumps to EUR464 million
----------------------------------------------------------
Highlights:
(a) Operating profit of EUR464 million (previous year: EUR329
million) improves year-on-year, despite the difficult market
situation;
(b) Automotive Division operating profit of EUR234 million
(previous year: EUR98 million) increases substantially
year-on-year; Financial Services Division operating profit
continuing at high level of EUR 230 million (previous year:
EUR231 million);
(c) Sales revenue 2.4% lower year-on-year at EUR21.1 billion;
(d) Automotive Division cash flows from operating activities of
EUR708 million (previous year: EUR1,374 million) reduced by
the launch of new models
(e) At 5.2%, ratio of investments in property, plant and
equipment (capex) to sales revenue in the Automotive
Division in the first three months of 2005 considerably
lower than in 2004 (6.3%)
(f) At EUR(1,664) million, net liquidity in the Automotive
Division slightly up on 2004 yearend (EUR-1,734 million),
despite higher inventory levels due to product program and
seasonal factors;
(g) New model rollout successfully continued in 2005. New
Passat, Jetta, Polo, Fox (Europe), Bentley Continental
Flying Spur, Audi A6 Avant and Audi RS 4 presented at
international motor shows;
(h) Good start to sales of Golf GTI, Golf Plus, Phaeton six-
cylinder diesel and Audi A6 Avant;
(i) Significant increase in worldwide unit sales of Touran, Fox
and Skoda Octavia; and
(j) Substantial growth in demand for Caddy, Multivan and
Transporter.
January-March 2005 2004 +/- (%)
Deliveries to customers '000 units 1,183 1,206 - 1.9
- excluding China '000 units 1,068 1,034 + 3.2
Vehicle sales '000 units 1,166 1,273 - 8.4
- excluding China '000 units 1,070 1,118 - 4.4
Production '000 units 1,225 1,316 - 6.9
- excluding China '000 units 1,117 1,157 - 3.5
Sales revenue EUR millions 21,120 21,649[*] - 2.4
Operating profit EUR millions 464 329 + 41.2
Profit before tax EUR millions 121 44 + 175.7
Profit after tax EUR millions 70 26 + 166.6
Automotive Division:
Cash flows from
operating activities EUR millions 708 1,374 - 48.5
Cash flows from
investing activities EUR millions 1,279 1,742 - 26.6
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Restated to reflect the reclassification of the income
statement in the 2004 consolidated financial statements.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The Board of Management said, "As expected, the most important
automotive markets experienced a relatively difficult start to
2005. We are not forecasting any significant change in the
macroeconomic environment over the coming months, so we do not
expect any improvement in the situation in the high-volume
automotive markets in the short term. We believe that price
pressure will continue unabated.
"In addition, the persistently unfavorable exchange rates and
uncertainty about developments in the costs of raw materials,
especially steel, will put further pressure on the automotive
manufacturers.
"For the current year, we are expecting an improvement in our
sales figures in the U.S.A. on the back of the full availability
of the Audi A4 and Audi A6, as well as the current model changes
for the Jetta and the Passat. We are convinced that following
the start-up phase, we will gain additional market share in
Western Europe from the launch of the new Passat, the Golf Plus,
the new Polo and the Fox.
"In addition, the start of sales of the successor to the SEAT
Leon and of the new Audi RS 4 will follow in the second half of
the year. Based on the large number of new models we are
launching in 2005, we believe that the Volkswagen Group will
deliver a higher volume over the year as a whole than in 2004.
"The For Motion program will continue to be systematically
implemented to improve our competitive strength and cost
structures; we are confident that we will achieve the target
earnings contribution of EUR3.1 billion for 2005.
"2005 operating profit after special items will improve
year-on-year although the extent of this improvement depends on
external factors that cannot be predicted. The same applies to
profit before tax."
The full interim report will be available at
http://www.volkswagen-ir.defrom April 29, 2005.
CONTACT: VOLKSWAGEN AG
Brieffach 1848-2
38436 Wolfsburg, Germany
Phone: +49 53 61 90
Fax: +49 53 61 92 82 82
Web site: http://www.volkswagen.de
=============
H U N G A R Y
=============
MALEV HUNGARIAN: Plotting Flights for Athens, Dublin, Helsinki
--------------------------------------------------------------
Malev Hungarian Airlines plans to expand its operations outside
its hub in Budapest, Budapest Business Journal says.
Beginning July, Malev will fly thrice a week to and from Athens
and Dublin. It is also lining up the same frequency for Athens
and Helsinki. The carrier notes only one Finnair Oyj flight
currently serves the Athens-Helsinki route.
Malev recently reported a EUR2.11 billion net loss for 2004, down
50% from EUR4.3 billion a year ago. This, despite stiff
competition from budget airlines. Ticket sales continued to rise
by 4% to HUF75.8 billion, reason enough for Chief Executive Janos
Gonci to be optimistic that the carrier will remain stable until
the end of 2006.
The government continues to peddle Malev to 14 investors that
have expressed interest in the carrier. Of this number, about
six are considered serious bidders, according to local dailies.
The carrier, meanwhile, is looking for HUF157 billion to finance
its infrastructure projects through 2009. Part of this money
will be used to renovate the Budapest and Sarmellek hubs, Malev
says.
CONTACT: MALEV HUNGARIAN AIRLINES
Hotline: 06-40-212121
Web site: http://www.malev.hu
ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
H-1133 Budapest, Pozsonyi ut 56
H-1399 Budapest, P.O. Box 708
Phone:(36 1) 237 4400
Fax:(36 1) 237 4100
E-mail: apvrt@apvrt.hu
Web site: http://www.apvrt.hu/english/m3.html
=====================
N E T H E R L A N D S
=====================
HAGEMEYER N.V.: Net Debt Up 12% in First Quarter
------------------------------------------------
Highlights
(a) PPS organic sales growth 4.9% on a same number of working
days basis;
(b) Group organic sales growth, including Agencies/Consumer
Electronics: 1.2%;
(c) Net senior debt reduced as a result of the issue of
subordinated convertible bonds of EUR135 million; and
(d) Outlook 2005 and beyond remains unchanged.
Rudi de Becker, CEO, said, "All trends in our core PPS business
remained positive in the first quarter. Although the timing of
the Easter holidays had a softening effect on March sales, we saw
sales growth in all our PPS regions. The rollout of our new
logistics network in the U.K. is on schedule and is already
having a positive effect on customer service.
"Following the appointment of the new CEO of Hagemeyer U.K. we
have further strengthened the U.K. management team with the
appointment of a number of new managers who bring with them a
wealth of experience in electrical wholesale or in similar
businesses. We remain confident that 2005 will be a year of
further significant progress in all key areas of our business."
Sales Development
In the first quarter of 2005, net sales for the Group were
EUR1,254 million (Q1 2004: EUR1,294 million). Organic sales
growth for the Group was 1.2% or EUR15 million. Group sales were
impacted by the negative development in the ACE business, where
sales decreased by 7.6%.
Sales in the first quarter decreased by EUR35 million due to the
net effect of acquisitions and divestments. The effect of
foreign exchange rate movements compared to the same period last
year was EUR20 million negative.
All of the PPS regions showed positive organic growth in the
first quarter. Organic growth, not adjusted for working days,
for the PPS business was 1.9%. On a same number of working days
basis this growth was 4.9%.
Organizational Update
During the first months of this year a number of new appointments
were made within the Hagemeyer Group. Caroline Heesbeen, who is
our new Group Director Human Resources, joined us in April. The
vacancy for a Group Director International Procurement will be
filled by Bauke Zeinstra.
Financial Position
The Group's total net interest bearing debt increased from EUR476
million at year-end 2004 to EUR535 million at March 31, 2005.
Apart from the impact of foreign exchange movements, the increase
in net debt in Q1 2005 is mainly due to seasonal influences.
The net debt position per March 31, includes EUR150 million
subordinated convertible bonds issued on February 5, 2004 as well
as subordinated convertible bonds of EUR135 million (coupon 3.5%,
conversion price EUR2.83, maturity 2012) which were issued during
the first quarter of this year. The net cash proceeds from the
issue of these latter bonds have been used to pay down in full an
existing senior term loan of approximately EUR96 million with a
spread of 500 basis points over the inter-bank offered rate and
approximately EUR36 million of the multi-currency working capital
facility with a spread of 300 basis-points over the inter-bank
offered rate. Hagemeyer's unutilized senior loan facilities at
March 31, 2005 were EUR128 million.
Outlook
The outlook for 2005 and beyond remains unchanged. Compared to
2004, we expect for 2005:
(a) To further grow our sales, provided our markets do not
deteriorate;
(b) To achieve savings in operating costs that will at least
offset inflationary and volume related cost-movements;
(c) To improve our EBITA-margin as a percentage of sales;
(d) To meet the financial covenants for the senior loan
facilities as at December 31, 2005. We thereby expect net
cash exceptional charges (as included in the interest cover
definition) not to exceed EUR40 million in 2005;
(e) To further significantly reduce our net loss.
For 2006 we expect a positive net result. We reiterate our 2007
Return on Invested Capital (ROIC) objective of approximately 9%
for our PPS business. This is before exceptional items,
including goodwill capitalized at the time of acquisition of the
companies involved, excluding corporate expenses and assuming 3%
to 5% annual organic sales growth.
Net sales in the first quarter for the PPS activities were
EUR1,175 million (Q1 2004: EUR1,192 million). Organic growth was
4.9% positive (EUR22 million) on a same number of working days
basis (FY2004: 3.2%). The net effect of acquisitions and
divestments, led to a decrease in the first quarter sales of
EUR21 million. Foreign exchange rate movements had a negative
impact of EUR18 million.
The development by region is as follows (all organic sales growth
developments are on a same number of working days basis):
Europe
Organic growth for the first quarter was 5.3%.
Germany
In the first quarter of this year, sales in Germany increased by
1.8%, driven by continuing positive sales evolution in both the
C&I and industrial segment. Q1 2005 marks the first full quarter
in which Germany showed positive sales growth since Q1 2001.
Local sales initiatives and especially the strengthened sales
Organization have played an important role in this achievement.
However, market circumstances in construction and installation
and the economy in general continue to be weak in Germany.
U.K.
Organic sales growth in Q1 was 1.3%. The roll out of the
regional distribution centers and the preparations for the
closing of the national distribution center (NDC) in Runcorn are
creating some disruption in the Organization and had a dampening
effect on sales growth.
We expect sales growth to accelerate again once the new logistics
network is fully implemented. Stocks and deliveries to customers
and branches are gradually being shifted from the NDC in Runcorn
to the regional distribution centers. The roll out of the 10
regional distribution centers is on schedule and will be fully
completed by mid 2005. The Runcorn NDC will be closed by
September 1, 2005.
Following the appointment of the new CEO of Hagemeyer U.K. we
have considerably strengthened the U.K. management team with the
appointment of a number of new managers in key roles. New
Directors have been appointed for Operations, for Marketing/
Procurement and for IT. A new Managing Director for our WF
subsidiary will start shortly. They all join us from first class
companies and bring with them a wealth of experience in
electrical wholesale or in similar businesses.
To further support and secure the U.K. turnaround, Alex Wouterse,
Vice President Operational Support at head office, will assume
the function of Interim CFO Hagemeyer U.K. He is replacing Andy
Forrester who will be leaving the company.
For 2005, ongoing sales growth, gross margin improvement and the
first effects of a number of important cost reduction initiatives
are expected to result in a further reduction of our operating
loss compared to last year.
Other Europe
In Spain, where the main source of our business remains
residential construction, sales in the first quarter increased by
7.7% (FY2004: 5.0%).
The Nordics region has continued its double-digit growth rate in
Q1. Sales grew by 14.1% (FY2004: 12.4%), mainly caused by strong
growth in the telecommunication and utility segment of our
business. Our China operations, which report into the Nordics,
also had a strong first quarter.
North America
In the USA, Q1 organic growth was 3.7% (FY 2004: 4.6%). Sales
were particularly supported by a strong growth in larger accounts
in the industrial segment.
Asia-Pacific
Q1 sales growth in Asia-Pacific was 4.1% (FY 2004: 1.4%). In
Australia, several new industrial contracts were won during the
first quarter. The activities of Hagemeyer Asia Pacific
Electronics (HAPE) in the region were sold per April, 1,
2005. Excluding HAPE, Q1 sales growth was 5.0%.
Sales of the Agencies/Consumer Electronics business in the first
quarter were EUR79 million (Q1 2004: EUR102 million). Foreign
exchange rate movements had a negative impact on sales of EUR2
million. The net effect of acquisitions and divestments (mainly
GPX) had a negative effect of EUR14 million on sales in the first
quarter.
Organic growth was EUR7 million negative or a decline of 7.6%, a
slightly smaller decline than in Q4 2004. Sales in the
Agencies/Consumer Electronics business started to decrease in the
last quarter of last year, mainly due to volume and price
deterioration in our consumer electronics activities in the
Netherlands. We did not see any pick-up in this market in the
seasonally slower first quarter of the year yet. Our Agencies
businesses in the Asia-Pacific region continued to grow their
sales.
Naarden, April 21, 2005
Board of Management
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Not for release, distribution or publication into or in the
United States, Australia, Canada, or Japan.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
A copy of Hagemeyer's first quarter trading update is available
at http://bankrupt.com/misc/Hagemeyer(1Q2005).pdf.
CONTACT: HAGEMEYER N.V.
Rijksweg 69, P.O. Box 5111
1410 Ac Naarden
Phone: + 31 (0)35 6957676
Fax: + 31 (0)35 6944396
Web site: http://www.hagemeyer.com
Emilie de Wolf
Phone: +31 (0)35 6957676
INTERNATIONAL STEEL: Moody's Upgrades Unsecured Debt to Ba2
-----------------------------------------------------------
Moody's Investors Service affirmed its ratings of Mittal Steel
Co. N.V. and its subsidiaries. Moody's has also upgraded the
unsecured debt ratings of International Steel Group Inc. (ISG) to
Ba2. The outlook on all ratings is stable.
In a related rating action, Moody's withdrew its senior implied
rating and its senior unsecured issuer rating on ISG. This
concludes the review of ISG's ratings initiated on October 27,
2004. This rating action follows the completion of the merger
between ISG and Mittal Steel on April 15, 2005.
Ratings affirmed are:
(a) The Baa3 senior implied rating on Mittal Steel Company N.V.;
(b) The Ba1 senior unsecured issuer rating on Mittal Steel
Company N.V.;
(c) The Ba1 rating on the EUR70.0 million 11.875% guaranteed
senior secured notes due 2011 issued by Ispat Europe Group
S.A.;
(d) The Ba1 rating on the US$150.0 million guaranteed senior
secured notes due 2010 (floating rate) and the US$422.5
million guaranteed senior secured notes due 2014 (9.75%)
issued by Ispat Inland U.L.C.;
(e) The Ba2 rating on the series R and secured pollution control
bonds issued by Ispat Inland Inc.; and
(f) The Ba3 rating on the senior unsecured industrial revenue
bonds issued by Ispat Inland Inc.;
Ratings upgraded:
The rating on the US$600.0 million global notes due 2014 issued
by ISG upgraded to Ba2 from Ba3.
Ratings withdrawn include:
(a) The Ba2 senior implied rating on ISG;
(b) The Ba3 senior unsecured rating on ISG; and
(c) The Ba2 rating on the US$350.0 million senior secured
credit facility due 2006 at ISG;
Moody's one-notch upgrade of ISG's unsecured ratings to Ba2
recognizes the fact that the US$600 million bonds maturing in
2014 represents the entire debt within the group's capital
structure following the cancellation of the US$350 million
revolving credit facility secured on the group's assets. Whilst
Moody's notes that there is no restriction in the bond indenture
limiting secured debt to rank ahead of the bonds, the rating
agency notes that it is Mittal Steel's intention to further
centralize its debt obligations at the parent company level and
that any further cash needs at ISG would be down-streamed to ISG
by way of unsecured inter-company loans. However, the Ba2 rating
reflects the absence of credit support (such as guarantees)
provided by Mittal Steel Company NV and the limited restrictions
regarding dividend payments, asset disposals and potential
re-leveraging at ISG as a means for Mittal Steel to potentially
extract cash from ISG. Furthermore, Moody's notes that ISG will
have to comply with Section 404 of the Sarbanes-Oxley Act of 2002
by the end of 2006.
Moody's expects Mittal Steel's cost base to benefit from the
merger between Ispat Inland and ISG through synergies,
operational efficiencies and improved purchasing power. More
recently the group has announced its acquisition of a 37% stake
in Hunan Valin, a Chinese steel producer. This acquisition will
further enhance the group's unique global presence.
Mittal Steel's pro forma, for the ISG acquisition, leverage (net
debt/ EBITDA excluding pension obligations) was approximately
0.5x at year-end 2004, a very strong year for the steel industry.
This performance was supported by high steel prices and the
group's benefits from its high degree of vertical integration, in
particular with respect to coke and iron ore, and low cost
position.
The stable outlook on the ratings reflects Moody's expectation
that Mittal Steel's strong cash flow generation, supported by the
above average pricing of the steel market, will enable the group
to fulfill its objective of being net debt free at year-end 2005
whilst leaving the group with sufficient liquidity headroom to
operate within this cyclical sector, integrate the acquired
businesses and maintain a significant level of capital spend.
Whilst Moody's notes that the steel market is evidencing some
softening with lower demand from China and some inventory
de-stocking, the rating agency still views the business outlook
for 2005 as favorable, especially for companies with a high level
of vertical integration such as Mittal Steel.
Key factors in any potential future upgrade of the senior implied
rating will be Mittal Steel's ability to integrate existing
businesses and generate synergies, particularly in North America,
and leverage upon its market leading position. Moody's will
continue to monitor the developments of the group's internal
controls and cost base, including raw material supplies, freight
and labor, in light of the ISG acquisition.
Moody's expects Mittal Steel to maintain a conservative financial
and dividend policy going forward consistent with a reduction in
debt at the subsidiary level and acquisitions to be financed
through a mix of debt and equity to the extent possible. Any
upgrade of the ratings would be considered should the group
demonstrate its ability to remain free cash flow positive in a
downturn of the cycle with margins remaining above its peers.
An upgrade of the senior unsecured rating to the Baa3 senior
implied rating level would require debt at subsidiary level to
move towards an amount representing 25% of total group debt and
remaining within this level on a sustainable basis.
Conversely, despite the group's strong financial metrics, the
ratings could come under pressure should the group aggressively
pursue additional debt financed acquisitions before demonstrating
progress with existing integration measures.
Mittal Steel Company N.V., the world's largest steel company
based on tonnage, was formed from the combination of Ispat
International N.V., LNM Holdings N.V. and ISG. For the financial
year 2004, Mittal Steel had pro forma revenues of approximately
US$31.2 billion and steel shipments of 57.6 million tons.
CONTACT: MOODY'S INVESTORS SERVICE LTD.
Arnaud Gravier
Asst. Vice President - Analyst
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
MOODY'S DEUTSCHLAND GMBH
Michael West
Managing Director
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
MITTAL STEEL COMPANY N.V.
Hofplein 20, 15th Fl.
3032 Rotterdam, The Netherlands
Phone: +31-10-217-8800
Fax: +31-10-217-8850
Web site: http://www.mittalsteel.com
NUMICO N.V.: Cuts Net Debt to EUR82 Mln from EUR987 Mln
-------------------------------------------------------
2004 Annual Report Highlights
(a) Total net sales were EUR1,722 million, an increase of 8.5%
on a comparable basis. On a continued basis, total net
sales grew 9.6%. Net sales for Baby Food were EUR1,115
million, an increase of 8.4% on a comparable basis. Net
sales for Clinical Nutrition amounted to EUR 602 million, an
increase of 11.9%;
(b) Total operating result, excluding exceptional items,
amounted to EUR337 million (including EUR(42) million of
non-allocated costs) representing an increase of 13.6%
compared to 2003. On a continued basis, the growth was
11.8% over 2003;
(c) Company's return on sales excluding exceptional items
was 19.6% in total and 19.9% on a continued basis. This
represents an increase over 2003 performance of 90 and 40
basis points, respectively. Amortization and impairment of
intangible fixed assets;
(d) Amortization and impairment of intangible fixed assets
amounted to EUR3 million consisting primarily of
amortization of goodwill. In 2003, this amounted to EUR856
million, consisting primarily of an impairment for GNC
of EUR800 million and EUR56 million amortization of
intangible fixed assets;
(e) Financial income and expenses amounted to a net expense of
EUR52 million. This compares with EUR164 million in 2003,
which included the unwinding of interest rate swaps
following the sale of GNC (EUR46 million) and the cost of
the refinancing in July 2003 (EUR 21 million). The net
interest expense has continued its downward trend from 2003
reflecting the ongoing reduction of the company's level of
debt;
(f) Tax on the result of the company's ordinary activities was
EUR(111) million. The effective tax rate was 29.0%. This
does not include movements due to the EUR50 million
reduction of the deferred tax asset following the decrease
in Dutch corporate income tax rates from 34.5% to 31.5% in
2005, from 31.5% to 30.5% in 2006 and to 30.0% in 2007;
(g) Trade working capital as a percentage of net sales has
improved from 13.7% at the end of 2003 to 12.7% at the end
of 2004, excluding currency effects;
(h) Realized cost savings amounted to EUR22 million. These
costs savings have been used to maintain and strengthen
gross margins;
(i) During 2004 the company sold a number of businesses,
including Nutricia (PTY) Ltd., South Africa, Nutricia Lyempf
B.V., the Netherlands and Bekina Lebensmittel GmbH, Germany.
The net divestment result amounted to a EUR2 million gain;
(j) As a result of strong retained earnings of EUR145 million,
shareholders' equity improved to EUR(341) million compared
to EUR(469) million at 31 December 2003. The positive
impact of the retained earnings was partially offset by
negative currency translation effects of EUR(15) million in
2004, caused primarily by the depreciation of the pound
sterling, Indonesian rupiah and US dollar. Given Numico's
historical and expected future earnings and also taking
into account the capital increase from the intended
acquisition of Mellin, the Italian baby food company, the
company expects that it will be able to resume a dividend in
2006;
(k) Net cash flow from operations amounted to EUR227 million
mainly due to the strong net result and positive change in
working capital. The free cash flow amounted to EUR104
million taking into account capital expenditure of EUR89
million and the acquisition of Tutteli and Muksu in Finland
of EUR57 million; and
(l) Net debt position improved by EUR82 million to EUR987
million at the end of 2004.
The Executive Board of Royal Numico N.V., headed by Jan Bennink,
President and Chief Executive Officer, said, "We began 2004 with
confidence in our strategy as a high-growth, high-margin
specialized nutrition company, and with a clear path forward. In
the preceding 12-month period -- our year of transition -- our
energies had been devoted to reorganization and realignment. In
2003 the company recruited four new members to the Executive
Board; divested a significant number of businesses; upgraded its
financial controls; reduced trade working capital; twice
refinanced existing debt; and began to streamline its cost base
in manufacturing.
"In this, our building year, we further secured the foundation of
our business by ordering and uniting the operational and
organizational structure of the company and building strength in
depth to unleash the underlying potential of our market position.
As the year progressed we made significant advances on all fronts
against the strategic plan, and saw outstanding results, both in
sales and in the prospects for our business.
"Under our new divisional structure, we have just two core
businesses: Baby Food and Clinical Nutrition. Both divisions
showed very strong growth in the year under review, and every
region contributed to the acceleration of our business. In Baby
Food, our Western European markets experienced renewed growth,
and advances in the Netherlands, Germany and especially the U.K.
demonstrated that our model works. Outside Western Europe,
Russia and Turkey joined Indonesia as markets of very high growth
and exceptional potential. In Clinical, Northern Europe continued
its strong growth and we saw acceleration in Southern and Eastern
Europe, and across our disease specific portfolio.
"Great strides were made in aligning our research and
developments efforts to secure our platform for future growth.
In Baby, we further developed our pipeline for innovations in
infant immunity, in packaging, and in products targeting the 2-3
year old toddler market. In Clinical, we concentrated on taste
and convenience, and introduced a new generation of plastic
bottle packaging. In our research efforts, we prioritized
immunity in infant milk formula, and disease-specific areas such
as Alzheimer's, HIV and diabetes in the clinical area.
"Where our market position did not match our high-growth,
high-margin aspirations we retrenched, divesting our Baby Food
business in South Africa, announcing our withdrawal from Brazil,
and reviewing our position in China. In Finland, we acquired two
Baby Food brands, Tutteli and Muksu, with significant growth
potential in a relatively underdeveloped market. The proposed
acquisition of Mellin will give us a leading market position in
Italy. We moved forward quickly in 2004 to execute our plans for
the rationalization of the manufacturing platform in Baby Food.
"Project Focus -- involving closure of eight out of 16 European
supply points and a major upgrade of several others -- will
complete on time in July 2005, having secured annual savings of
EUR35 million for the company. In September 2004, we announced a
similar but smaller rationalization plan for our operations in
Clinical Nutrition. We are better positioned than ever to
respond to the accelerated demand for our products in markets
both old and new, and thanks to continuing savings efforts by the
ongoing Projects Booster and Laager we were able to improve our
already very high margins.
"In 2005, we will use our savings as further fuel to finance the
company's further growth. We continued to make improvements to
our system of financial controls in 2004, and to tighten fiscal
discipline. Our net debt was further reduced during 2004 to
EUR987 million, despite the Valio acquisition of EUR57 million,
and we obtained more favorable conditions with a refinancing of
our bank obligations in December. Trade working capital was
reduced and cash flow generation improved markedly. Product
quality and consumer safety remain our top priority, and we
rolled out a new issues and crisis management system in 2004,
while continuing to improve the stringent food safety standards
of our factories and distribution points.
"We believe that our clear and well-targeted strategies are
reaping rewards, and that Numico's businesses are exceptionally
well placed to execute the many growth opportunities we see in
2005, our year of momentum. We would like to thank our
management teams and employees for their hard work, and their
commitment to the future of this company."
A copy of the annual report is available free of charge at
http://bankrupt.com/misc/Numico_2004.pdf.
CONTACT: ROYAL NUMICO N.V.
P.O. Box 75538
1118 ZN Schiphol Airport
The Netherlands
Phone: +31 20 456 9000
Fax: +31 20 456 8000
Web site: http://www.numico.com
Corporate Communications
Phone: +31 20 456 9077
Investor Relations
Phone: +31 20 456 9003
===========
R U S S I A
===========
AYTAN: Hires O. Elistratova as Insolvency Manager
-------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Aytan after
finding the close joint stock company insolvent. The case is
docketed as A56-137/2005. Ms. O. Elistratova has been appointed
insolvency manager. Creditors may submit their proofs of claim
to 190103, Russia, Saint-Petersburg, Obvodnogo Kanala Quay, 181.
CONTACT: AYTAN
195299, Russia,
Saint-Petersburg, Kirishskaya Str. 2
Ms. O. Elistratova
Insolvency Manager
190103, Russia, Saint-Petersburg,
Obvodnogo Kanala Quay, 181
BAKHAREVSKIY ELEVATOR: Perm Court Sets July 19 Hearing
------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on open joint stock company Bakharevskiy
Elevator. The case is docketed as A50-2856/2005-B. Mr. O.
Shelyakin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to:
(a) Bakharevskiy Elevator
617470, Russia, Perm region,
Kungur, Stepana Razina Str. 34
(b) Temporary Insolvency Manager
614010, Russia, Perm region,
Geroev Khasana Str. 7a, Office 306
(c) The Arbitration Court of Perm region
614000, Russia, Perm region,
Lunacharskogo Str. 3
A hearing will take place on July 19, 2005, 10:00 a.m. (local
time).
HYDRO-DOR-STROY: Under Bankruptcy Supervision
---------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on close joint stock company
Hydro-Dor-Stroy. The case is docketed as A50-3411/2005-B. Ms.
L. Vlasova has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 614045, Russia,
Perm, Leonova Str. 23, Apartment 1. A hearing will take place on
July 18, 2005.
CONTACT: HYDRO-DOR-STROY
Russia, Perm region, Nytva,
M. Gorkogo Str. 31
Ms. L. Vlasova
Temporary Insolvency Manager
614045, Russia, Perm region,
Leonova Str. 23, Apartment 1
KUGANAKSKIY: Creditors Have Until May 19 to File Claims
-------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Kuganakskiy after finding the
factory of ceramic wall materials insolvent. The case is
docketed as A07-19937-02-A-PAV. Mr. R. Urazbakhtin has been
appointed insolvency manager. Creditors have until May 19, 2005
to submit their proofs of claim to 450001, Russia, Ufa, Oktyabrya
Pr. 11.
CONTACT: KUGANAKSKIY
Russia, Bashkortostan republic,
Sterlikamskiy region, Kuganak
Mr. R. Urazbakhtin
Insolvency Manager
450001, Russia, Ufa,
Oktyabrya Pr. 11
LOCKO-BANK: Fitch Assigns Bank Lower-B Ratings, Stable Outlook
--------------------------------------------------------------
Fitch Ratings assigns Russia's Locko-bank ratings of Long-term
'B-', Short-term 'B', National Long-term 'BB+(rus)', Individual
'D', and Support '5'. The Outlook of both Long-term ratings is
Stable. At the same time Fitch has assigned Locko's RUB500
million 12.75% domestic bond, due April 2008, a National
Long-term rating of 'BB+(rus)'.
The Long-term, Short-term and Individual ratings reflect
Locko-bank's small size by international standards and limited
franchise, modest profitability and concentrated loan book, as
well as certain weaknesses in the Russian operating environment.
However, they also take into account its currently strong
capitalization, good asset quality to date and adequate
liquidity.
Locko-bank's profitability was modest in 2004, with a return on
average assets of 1.19%, because of sizeable losses on foreign
currency trading and translation, resulting from a long position
in the USD. The net interest margin fell significantly during
2004, but was still reasonable at 6.49%.
Exposure to the 20 top borrowers is high by international
standards (c.61% of end-3Q04 gross loan book). However, asset
quality has been good to date, as impaired loans were a low 2.5%
of the loan book at end-2004. Locko-bank's market risk lies
primarily in its long FX position (60% of end-2004 equity),
caused by its shareholders' preference for maintaining an
exposure to the USD, in which most equity was initially
contributed. The depreciation of the USD during 2004 and the
high cost of partially hedging the even-longer on-balance sheet
USD position resulted in sizeable foreign exchange translation
losses for Locko-bank in 2004.
Non-equity funding is sourced mainly from customer accounts,
largely comprising term deposits of high net worth individuals.
Liquidity is adequate (although all cumulative liquidity gaps are
positive) due to a lack of alternative sources of funding and the
concentration in the loan book. Capitalization is strong (31%
equity/assets ratio at end-2004) following a RUB550 million
capital injection in June 2004. Capital ratios are likely to
decrease in the medium term as a result of asset growth, although
they should remain at least adequate.
Locko-bank was founded in 1994 by a group of Russian companies,
and was initially used as a 'pocket bank' for their industrial
assets. Since then, the bank's strategy has changed to focus on
lending to small and medium-sized enterprises and servicing high
net worth individuals. Locko-bank, based in Moscow, is a
medium-sized Russian bank, ranking at end-2004 within the top 100
by total equity.
CONTACT: FITCH RATINGS
Alexei Kechko, Moscow
Phone: +7 095 956 9901
Vladlen Kuznetsov
Phone: +7 095 956 9901
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
LOCKO-BANK
14, bld.1 Gospitalnaya Str.
Moscow, 111250 Russia
Phone: (007-095) 232-28-01, 232-28-02
E-mail: info@lockobank.ru
Web site: http://www.lockobank.ru/eng
MELENKOVSKIY FLAX: Declared Insolvent
-------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Melenkovskiy Flax Combine (TIN 331900606,
OGRN 1023301068086) after finding the open joint stock company
insolvent. The case is docketed as A11-5864/2004-K1-49B. Mr. M.
Kolesnikov has been appointed insolvency manager. Creditors may
submit their proofs of claim to 115280, Russia, Moscow,
Avtozavodskaya Str. 14/23, VTI, Office 802.
CONTACT: MELENKOVSKIY FLAX COMBINE:
602102, Russia, Vladimir region,
Melenki, Kommunisticheskaya Str. 1
Mr. M. Kolesnikov
Insolvency Manager
115280, Russia, Moscow region,
Avtozavodskaya Str. 14/23, VTI, Office 802
METROMEDIA INTERNATIONAL: Interim Report Shows 10% Revenue Jump
---------------------------------------------------------------
Highlights for fourth quarter 2004 vs. fourth quarter 2003
(a) Consolidated revenues of US$22.5 million vs. US$20.0 million
-- improvement of 12%;
(b) Consolidated cost of services of US$7.9 million vs. US$6.6
million -- increase of 20%;
(c) Consolidated cost of services as a percentage of revenues
of 35% vs. 33%;
(d) Consolidated operating loss of US$(2.4) million vs. US$(2.7)
million -- improvement of 12%;
(e) Corporate overhead of US$4.4 million vs. US$6.3 million --
reduction of US$1.9 million; and
(f) Consolidated Adjusted EBITDA of US$8.8 million vs.
US$4.2 million -- improvement of US$4.6 million.
Highlights for full-year 2004 vs. full-year 2003
(a) Consolidated revenues of US$80.4 million vs. US$73.1 million
-- improvement of 10%;
(b) Consolidated cost of services of US$26.6 million vs. US$23.6
million -- increase of 13%;
(c) Consolidated cost of services as a percentage of revenues
of 33% vs. 32%;
(d) Consolidated operating loss of US$(2.6) million vs.
US$(17.3) million -- improvement of 85%;
(e) Corporate overhead of US$13.8 million vs. US$29.6 million --
reduction of US$15.8 million; and
(f) Consolidated Adjusted EBITDA of US$34.9 million vs.
US$8.5 million -- improvement of US$26.4 million.
In connection with these and other results reported here, Ernie
Pyle, Chief Financial Officer of MIG, commented, "This press
release reflects preliminary financial results for the Company.
While there exists the possibility that the Company's final
audited financial results might differ materially from those
reported here, the Company does not presently anticipate such
differences. The Company is currently completing preparation of
its Annual Report on Form 10-K for the fiscal period ended
December 31, 2004 and anticipates filing such report with the
United States Securities and Exchange Commission (SEC) within the
next three weeks."
Results of operations of the Company's majority-owned PeterStar
business venture in Russia are reported on a consolidated basis
and are directly reflected in and account for the principal
portion of the Company's consolidated revenues and costs of
sales. Operating expenses at PeterStar plus corporate overhead
expenses are reflected in the Company's consolidated operating
losses. Results of operations of the Company's minority-owned
Magticom business venture in Georgia are reported on an equity
method basis and are reflected only in the Company's consolidated
net earnings and Adjusted EBITDA (1).
As of December 31, 2004 and March 31, 2005, the Company had
US$32.7 million and US$16.7 million, respectively, of
unrestricted corporate cash. The US$16.0 million reduction in
corporate cash from December 31, 2004 to March 31, 2005 reflects:
(a) Receipt of approximately US$9.3 million from Magticom,
representing the Company's share, net of 10% Georgian
dividend withholding tax, of a US$30.0 million Magticom
dividend paid in first quarter 2005;
(b) Disbursement of approximately US$7.5 million to fund the
Company's portion of a US$15.0 million payment to the
Georgian government to cancel all of the Georgian
government's rights under a memorandum of understanding
between the Georgian government and a wholly owned
subsidiary of the Company providing for such subsidiary to
issue an assignable option to purchase a 20% ownership
interest in Magticom to the Georgian government;
(c) Disbursement of approximately US$5.0 million to purchase
from the Georgian government an additional 51% ownership
interest in Telecom Georgia, a Georgian long-distance
transit operator, bringing the Company's total ownership
interest in Telecom Georgia to 81%;
(d) Disbursement of the approximately US$8.0 million semi-annual
interest payment, which was due on March 31, 2005, on the
Company's outstanding US$152.0 million 10 1/2% Senior Notes
Due 2007 (Senior Notes); and
(e) The remaining reduction in cash of US$4.8 million is
principally attributable to corporate overhead expenditures
and settlement of corporate liabilities. The Company
presently believes that its current corporate cash burn-rate
is not indicative of its recurring cash-burn rate due to the
Company's incurrence of non-recurring professional advisory
cash outlays attributable to the recently announced pending
PeterStar sale transaction.
In 2004 and 2003, the Company experienced certain gains and
losses attributable to the sales of business ventures, the
retirement of indebtedness, impairment charges associated with
the Company's carrying value in businesses prior to their
disposition and other gains and losses that result from events
not in the ordinary-course of the Company's business operations.
Mr. Pyle added: "Excluding the previously discussed non-recurring
event specific costs of US$1.4 million incurred in the fourth
quarter of 2004 and -US$0.2 million that was incurred in the
third quarter of 2004, the Company experienced a US$0.3 million,
or 9%, quarter-over-quarter reduction in its corporate overhead
expense run-rate in the 2004 fourth quarter as compared to its
2004 third quarter. At present, we do not expect any significant
reductions in our recurring corporate overhead expense run-rate
for at least the next several quarters; however, we remain
attentive in containing and evaluating opportunities to further
reduce corporate overhead costs."
With respect to the preliminary financial results announced
herein, Mark Hauf, Chairman and Chief Executive Officer of MIG,
commented, "The Company's performance in 2004 demonstrates
relative success in meeting the three primary goals of our recent
corporate strategy. First and foremost, in 2004 our two core
businesses, PeterStar and Magticom, exhibited further growth and
continuing strength in their respective markets. Second, we
essentially completed the divestiture of non-core business units;
thereby tightening the Company's focus and providing further
relief from liquidity pressures. Third, our bottom line benefited
from the significant reduction in corporate overheads initiated
in 2003. We have made considerable progress in building
shareholder value during 2003 and 2004. Although the composition
of the Company has changed considerably during this period,
through our restructuring efforts those changes have resulted in
a leaner, better focused, and more financially sound business.
The preliminary results presented here for 2004 are one measure
of that accomplishment. Movement forward in 2005 and beyond can
now build further from this base."
A copy of Metromedia 2004 preliminary results is available free
of charge at http://bankrupt.com/misc/Metromedia(2004).pdf
CONTACT: METROMEDIA INTERNATIONAL GROUP, INC.
8000 Tower Point Dr.
Charlotte, NC 28227
Phone: 704-321-7380
Fax: 704-845-1835
Web site: http://www.metromedia-group.com
Ernie Pyle
Phone: 704-321-7380
E-mail: investorrelations@mmgroup.com
PENZENSKAYA INTERREGIONAL: Bankruptcy Proceedings Begin
-------------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Penzenskaya Interregional Mechanized Movable
Column after finding the close joint stock company insolvent.
The case is docketed as A49-530/05-8b/26. Mr. R. Zaykin has been
appointed insolvency manager. Creditors may submit their proofs
of claim to Russia, Penza, Voronova Str. 8.
CONTACT: PENZENSKAYA INTERREGIONAL MECHANIZED MOVABLE COLUMN
Russia, Penza region,
Perspektivnaya Str. 2
Mr. R. Zaykin
Insolvency Manager
Russia, Penza region,
Voronova Str. 8
PROKOPYEVSKIY GO-MOL-ZAVOD: Proofs of Claim Deadline May 19
-----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Prokopyevskiy Go-Mol-Zavod after finding the
open joint stock company insolvent. The case is docketed as
A27-16094/2004-4. Mr. A. Zakharov has been appointed insolvency
manager. Creditors have until May 19, 2005 to submit their
proofs of claim to 653013, Russia, Kemerovo region, Prokopyevsk,
Melnicheskaya Str. 3.
CONTACT: PROKOPYEVSKIY GO-MOL-ZAVOD
653013, Russia, Kemerovo region,
Prokopyevsk, Melnicheskaya Str. 3
Mr. A. Zakharov
Insolvency Manager
653013, Russia, Kemerovo region,
Prokopyevsk, Melnicheskaya Str. 3
SOLIGALICHSKYA MOVABLE: Bankruptcy Hearing Resumes May
------------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on open joint stock company Soligalichskya
Movable Mechanized Column. The case is docketed as
A31-877/2005-18. Mr. D. Timofeev has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 156002, Russia, Kostroma, Erokhova Str. 8. A hearing will
take place on May 26, 2005, 9:50 a.m.
CONTACT: SOLIGALICHSKYA MOVABLE MECHANIZED COLUMN
157170, Russia, Kostroma region,
Soligalich, Novoselov Str. 2a
Mr. D. Timofeev
Temporary Insolvency Manager
156002, Russia, Kostroma region,
Erokhova Str. 8
VOLSKIY: Declared Insolvent
---------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Volskiy after finding the manufacturer of
asbestos cement products insolvent. The case is docketed as
A-57-469B/01-32. Mr. V. Klemeshev has been appointed insolvency
manager.
CONTACT: VOLSKIY
412919, Russia,
Saratov region, Volsk, Kleny
ZOBNINSKOYE: Ivanovo Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Zobninskoye after finding the woodwork
factory insolvent. The case is docketed as A17-1236/05-10-B.
Mr. R. Gataulin has been appointed insolvency manager.
Creditors may submit their proofs of claim to 153038, Russia,
Ivanovo, Kudryashova Str. 106, Apartment 45.
CONTACT: ZOBNINSKOYE
Russia, Ivanovo region,
Kineshemskiy region, Zobnino
Mr. R. Gataulin
Insolvency Manager
153038, Russia, Ivanovo region,
Kudryashova Str. 106, Apartment 45
===========
S W E D E N
===========
AB ELECTROLUX: Reports SEK1,308 Million Operating Income
--------------------------------------------------------
Highlights
(a) Net sales amounted to SEK29,740 million (30,493), and income
for the period to SEK854 million (569), corresponding to
SEK2.93 (1.86) per share;
(b) Operating income was SEK1,308 million (762);
(c) Operating income includes restructuring costs of SEK170
million referring to continued turnaround of
underperformers;
(d) Operating income adversely affected by substantially higher
prices for materials, particularly in Europe, North America
and Brazil;
(e) Continued measures to improve production structure: four
plants under evaluation regarding potential downsizing or
relocation; and
(f) Activities in product development and marketing increasing
according to plan.
At the Annual General Meeting held Wednesday in Stockholm,
President and CEO Hans Straberg said, "Our company, Electrolux,
is in the midst of a process of change. We're changing the way
we develop new products. We're changing our branding efforts.
We're changing our methods of buying materials and components.
We're changing our production base and we're changing the
structure of the Group.
"We are implementing these changes to build a better future for
Electrolux and increase growth. To improve our profitability and
create more value for you, the shareholder, we are implementing
these changes in an ever-tougher global environment. But we
enjoy a unique position of strength that gives us the freedom to
take action.
"A lot remains to be done, but the changes are yielding results.
I now see concrete evidence that innovative new products --
developed with genuine insight into consumer needs -- sell better
and provide higher profit margins.
"The world around us is unpredictable. But I believe that you
and I are doing the right thing by committing to Electrolux.
These changes are going to give us the ability to grow and become
even more profitable."
CONTACT: AB ELECTROLUX
St. Goransgatan 143
Stockholm, Sweden
Phone: +46-8-738-6000
Fax: +46-8-656-4478
Web site: http://www.electrolux.com
===========
T U R K E Y
===========
PETROL OFISI: Earns Upgrade for Improved Debt Profile
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Turkey-based oil-distributor Petrol Ofisi A.S.
to 'B+' from 'B', reflecting the company's sustained strong
performance and improved debt structure. The outlook is stable.
In addition, Standard & Poor's raised its senior unsecured debt
rating on guaranteed related entity PO Oil Financing Ltd. to 'B+'
from 'B'.
"The rating actions reflect the company's improved debt-maturity
structure and enhanced cash flow generation in 2004, which was
used to reduce debt and improve credit-protection ratios," said
Standard & Poor's credit analyst Per Karlsson. "Furthermore,
Standard & Poor's expects the company to reduce debt further in
2005."
Petrol Ofisi's net debt was US$783 million at Dec. 31, 2004. The
company recently improved its debt-maturity profile by extending
the maturity of US$165 million worth of bank debt to 2010, from
2006 previously. As a result, debt maturing in 2006 was reduced
to US$130 million from US$295 million. Standard & Poor's views
this as a meaningful improvement in Petrol Ofisi's debt
structure. The company still faces debt of $255 million in 2005,
which is high, especially in the absence of committed bank lines.
Petrol Ofisi is expected, however, to generate sufficient free
operating cash flow in 2005 (it was US$327 million in 2004) to
cover such liabilities. The company also has sufficient
uncommitted lines that it uses on a day-to-day basis.
Standard & Poor's expects Petrol Ofisi to continue to benefit
from its favorable position as the leading petroleum distributor
in Turkey. We expect the company's cash flow generation in 2005
and 2006 to be maintained or improved, in spite of higher cash
tax payments expected from 2005. This expectation is supported
by Petrol Ofisi's superior market position, which has enabled the
company to increase margins by 12% on average since the Turkish
retail market for petrol was deregulated at the beginning of
2005. Standard & Poor's also expects Petrol Ofisi to continue to
focus on debt reduction.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, all 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:
CorporateFinanceEurope@standardandpoors.com
PETROL OFISI A.S.
Ayazaga Buyukdere Caddesi No 37 B-Blok
34398 Maslak - Istanbul
Phone: +90 212 329 15 00
Fax: +90 212 329 18 98
Web site: http://www.poas.com.tr
===========================
U N I T E D K I N G D O M
===========================
ADAM BROWN: Creditors Meeting Set First Week of May
---------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Adam G. Brown & Co., Limited
(In Administration)
Notice is hereby given that a meeting of creditors in the above
matter is to be held on May 5, 2005 at 10:00 a.m. at Merchant
Hall, Merchants House of Glasgow, 7 West George Street, Glasgow
G2 1BA to consider establishing a creditors' committee. Votes at
the meeting are based on the value of creditors' claims. A
resolution at the meeting is passed if a majority of those voting
have voted in favor of it.
If you are not a limited company, you may vote by simply
attending the meeting, bringing a statement of your claim. If
you do not wish to attend the meeting, you may complete and
return a proxy so that someone else nominated by you, or by the
chairman of the meeting, can vote on your behalf. If you are a
corporate body, such as a limited company, and wish to attend and
vote at the meeting, you should complete and return a proxy form.
A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes. For the purpose of formulating claims creditors should
note that the date of commencement of the administration is
February 25, 2005.
Proxies may also be lodged with me at the meeting or before the
meeting at my office. The proxy form must be signed.
L. K. Manson, Joint Administrator
CONTACT: PRICEWATERHOUSECOOPERS LLP
Kintyre House
209 West George Street
Glasgow G2 2LW
Phone: [44] (0) 131 5242233
Fax: [44] (0) 131 2604008
Web site: http://www.pwc.com
Laurie Katherine Currie Manson
E-mail: laurie.manson@uk.pwc.com
Phone: 0141 226 4593
Fax: 0141 221 6970
AHMARRA LIMITED: Appoints Kroll Limited Administrator
-----------------------------------------------------
Charles Peter Holder and Stuart Charles Edward Mackellar (IP Nos
9093, 6883) have been appointed joint administrators for Ahmarra
Limited. The appointment was made April 8, 2005. The factory
manufactures wooden doors. Its registered office is located at
Unit 20, Fitzherbert Road, Farlington, Portsmouth, Hampshire PO6
1SD.
CONTACT: KROLL LIMITED
3rd Floor,
Wellington Plaza,
Wellington Street, Leeds LS1 4DL
Web site: http://www.krollworldwide.com
ALLSTOCK STEEL: In Administrative Receivership
----------------------------------------------
Bibby Factors Sussex Limited appointed Andrew Gordon Stoneman and
Paul John Clark (Office Holder Nos 8728, 8570) joint
administrative receivers for steel merchants Allstock Steel
Services Limited (Reg. No 04692160, Trade Classification:
Division 2-06 Metal Manufacture). The application was filed
April 12, 2005.
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street
London W1W 6DW
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
BELLE VUE: Names Sargent & Co. Administrator
--------------------------------------------
Peter Sargent (IP No 8636) has been appointed administrator for
road hauliers Belle Vue Transport (Brighouse) Ltd. The
appointment was made April 12, 2005. Its registered office is
located at Brook Mills, Saddleworth Road, Greetland, Halifax HX4
8LZ.
CONTACT: SARGENT & CO.
36 Clare Road
Halifax
West Yorkshire HX1 2HX
Phone: 01422 348448
Fax: 01422 360748
E-mail: peter@sargentcompany.com
BRATTON BALL: Opts for Liquidation
----------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Bratton Ball GP Limited
(In Liquidation)
Notice is hereby given that at an Extraordinary General Meeting
of the Members of Bratton Ball GP Limited, duly convened, and
held at Anson Court, La Route des Camps, St. Martin, Guernsey on
April 4, 2005, these Special Resolutions were duly passed:
(a) That the Company be wound up voluntarily; and
(b) Anthony Christian Pickford of Anson Court, La Route des
Camps, St. Martin, Guernsey, be hereby appointed as
Liquidator.
All persons having claims against the Company are required to
submit details thereof to the Liquidator before the May 12, 2005,
and all persons indebted to the said Company are required to
settle with the Liquidator prior to the meeting.
CONTACT: A. C. Pickford, Liquidator
Anson Court,
La Route des Camps,
St. Martin,
Guernsey, GY4 6AD
BSB HOLDINGS: Hires RSM Robson Rhodes as Liquidator
---------------------------------------------------
Name of companies:
BSB Holdings Limited
Friedland Finance (Number One) Limited
Friedland Finance (Number Two) Limited
General Entertainment Limited
MP3.Com Europe Limited
Pointslot Limited
Whitehall Electric Investments
At the extraordinary general meeting of these companies on April
12, 2005 held at 8 St James Square, London, the special and
ordinary resolutions to wind up the companies were passed. Simon
Peter Bower and Trevor Patrick O'Sullivan of Robson Rhodes LLP,
186 City Road, London EC1V 2NU have been appointed joint
liquidators of the companies.
CONTACT: RSM ROBSON RHODES LLP
186 City Road,
London EC1V 2NU
Phone: +44 (0) 20 7251 1644
Fax: +44 (0) 20 7250 0801
Web site: http://www.robsonrhodes.co.uk
CABINET FACTORY: Members Hire Numerica as Administrator
-------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling (IP Nos 9051,
9283) have been appointed administrators for The Cabinet Factory
Limited. The appointment was made April 13, 2005. The company
manufactures cabinets.
CONTACT: NUMERICA LLP
Crown House,
37-41 Prince Street, Bristol BS1 4PS
Phone: 0117 934 2800
Fax: 0117 922 5191
Web site: http://www.numerica.biz
CALDERDALE RUBBER: Meeting of Creditors First Week of May
---------------------------------------------------------
The initial creditors meeting of Calderdale Rubber Company
Limited will be on May 3, 2005 at 11:00 a.m. It will be held at
DTE House, Hollins Mount, Hollins Lane, Bury BL9 8AT.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to DTE Leonard Curtis, DTE House, Hollins Mount,
Hollins Lane, Bury BL9 8AT not later than 12:00 noon, May 2,
2005.
CONTACT: DTE LEONARD CURTIS
DTE House, Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
CHANNON ELECTRICAL: Calls First Creditors Meeting
-------------------------------------------------
The initial creditors meeting of Channon Electrical Contractors
Ltd. will be on April 28, 2005 at 12:00 noon. It will be held at
Tenon House, Ferryboat Lane, Sunderland SR5 3JN. Creditors who
want to be represented at the meeting may appoint proxies. Proxy
forms must be submitted together with written debt claims to
Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN
not later than 12:00 noon, April 27, 2005.
CONTACT: TENON RECOVERY
Tenon House, Ferryboat Lane,
Sunderland SR5 3JN
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
CHEEKY BARS: Names Rothman Pantall & Co. Administrator
------------------------------------------------------
R. D. Smailes and S. B. Ryman (IP Nos 8975, 4731) have been
appointed joint administrators for Cheeky Bars Limited. The
appointment was made April 6, 2005. The company manages bars.
Its registered office is located at Clareville House, 26-27
Oxendon Street, London SW1Y 4EP.
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
CLARENCE ESTATE: Members Decide to Wind up Firm
-----------------------------------------------
At the general meeting of the members of Clarence Estate (Camden
Town) Limited, the special resolution to wind up the company was
passed. Ian William Wright of Haines Watt, 231-233 St Vincent
Street, Glasgow G2 5QY has been appointed liquidator of the
company.
CONTACT: HAINES WATT
231-233 St Vincent Street,
Glasgow G2 5QY
Web site: http://www.hwca.com
COLT TELECOM: Q1 Earnings Fall Short of Forecast
------------------------------------------------
The first-quarter earnings of Colt Telecom fell slightly lower
than the consensus forecasts.
According to the Business World, the U.K. telecom service
provider registered revenues of GBP307.1 million against forecast
of GBP308.5 million. Broker Morgan Stanley, however, informed
clients non-switched volume growth remained strong, while pricing
pressure was less pronounced. It noted that the company's
GBP31.4 million capex, which represents only 10.2 percent of
revenue, was lower than its forecast of GBP35 million.
Colt recently reported revenues in 2004 from its telecom and call
center solution packages to larger companies in Ireland have
doubled.
In March, Chairman Barry Bateman said: "2004 was a tough year for
the telecommunications industry and Colt. Nevertheless, turnover
was up, losses were down and cash flow improved. We have entered
2005 in a stronger position having put in place the
management team and strategic initiatives to move Colt forward
to long-term profitability.
"We do not anticipate any significant improvement in market
conditions during 2005 but by building on the recent momentum
established by the new management team we expect further
progress and remain on track to be free cash flow positive on a
sustainable basis during the year."
CONTACT: COLT TELECOM GROUP PLC
John Doherty
Director Corporate Communications
E-mail: jdoherty@colt.net
Phone: +44 (0) 20 7390 3681
Gill Maclean
Head of Corporate Communications
E-mail: gill.maclean@colt.net
Phone: +44 (0) 20 7863 5314
COLT TELECOM: TDC Takeover Rumors Are Just That
-----------------------------------------------
Colt Telecom PLC brushed aside rumors that Danish telecom group
TDC has offered to buy the company.
Chief executive Jean-Yves Charlier, on a conference call with
reporters, described the speculations as "unfounded," Interactive
Investor said Thursday.
Mr. Charlier said: "99 percent of these type of rumors are
unfounded, so I hope that gives you (reporters) a hint on this
matter."
Swiss industry magazine IT-Reseller reported earlier this week
that initial talks between TDC and Colt over a possible buyout of
the U.K. firm are ongoing. Colt has been struggling to earn amid
tough market conditions for European alternate carriers. TDC, on
the other hand, had DKK6.8 billion in cash at the end of 2004.
The Danish firm, which mulls expansion of its domestic fixed-line
business, has kept mum on the Colt sale issue.
CONTACT: COLT TELECOM GROUP PLC
John Doherty
Director Corporate Communications
E-mail: jdoherty@colt.net
Phone: +44 (0) 20 7390 3681
Gill Maclean
Head of Corporate Communications
E-mail: gill.maclean@colt.net
Phone: +44 (0) 20 7863 5314
DESIGNER DIRECT: Hires Liquidator from Robson Laidler
-----------------------------------------------------
At the extraordinary general meeting of Designer Direct Limited
on April 14, 2005 held at Fernwood House, Fernwood Road, Jesmond,
Newcastle upon Tyne NE2 1TJ, the special and ordinary resolutions
to wind up the company were passed. William Paxton of Robson
Laidler, Fernwood House, Fernwood Road, Jesmond, Newcastle upon
Tyne NE2 1TJ has been appointed liquidator of the company.
CONTACT: ROBSON LAIDLER LLP
Fernwood House,
Fernwood Road, Jesmond,
Newscastle upon Tyne
Liquidator:
W Paxton
Phone: 0191 281 8191
Fax: 0191 281 6279
Web site: http://www.robson-laidler.co.uk
DYNAMIC BUILDING: Sets Creditors Meeting Next Week
--------------------------------------------------
The unsecured creditors of Dynamic Building Services Limited will
meet on April 29, 2005 at 11:00 a.m. It will be held at the
offices of UHY Hacker Young, St James Buildings, Oxford Road,
Manchester M1 6HT.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to UHY Hacker Young, St James Buildings, Oxford Road,
Manchester M1 6HT not later than 12:00 noon, April 28, 2005.
CONTACT: UHY HACKER YOUNG
St James Buildings
79 Oxford Street
Manchester
Greater Manchester M1 6HT
Phone: 0161 236 6936
Fax: 0161 228 0117
EQUITABLE LIFE: Verbal Tussle with Former Auditor Intensifies
-------------------------------------------------------------
The war of words between Equitable Life and its former auditor
Ernst & Young increased a notch Wednesday as the accountancy firm
called the insurer's GBP2 billion legal claim "unbridled and
unashamed retrospection."
Jonathan Gaisman QC, representing Ernst & Young, questioned why
Equitable Life had singled out the 1997 audit, and not 1996, as
the first year of its complaint.
"The reason is likely to be that it is the proverbial 13th chime
of the clock that falsifies the previous 12," he said, alluding
to George Orwell's classic novel 1984. "The claimant is guilty
of unbridled and unashamed retrospection."
Ernst & Young cried hypocrisy Tuesday as Equitable Life's lawsuit
filed against it for negligence and breach of duty develops. Mr.
Gaisman claimed before the high court that Equitable Life issued
"two totally irreconcilable and inconsistent statements" on April
15, 2002.
On Wednesday, Mr. Gaisman disputed Equitable Life's claim that
Ernst & Young should have informed it in 1997 about the need to
reserve a substantial amount to cover some policyholders' income
guarantees issued in the 1970s and 1980s.
He said they had minimal knowledge of the high guaranteed annuity
rates on pension policies in 1997, adding that the regulator
required no reserving for the income guarantees.
Equitable made a provision of GBP200 million only in 1998 which,
according to Ernst & Young, was accepted by the management as
representing a true and fair view of the situation.
Equitable chief executive Charles Thomson even signed the amount
in the 2001 accounts on the same day he served a legal claim on
Ernst & Young.
The insurer was forced by court in July 2000 to pay the
guarantees in full, which made it suffer huge losses.
Mr. Gaisman said: "It's a truism of auditing that it involves
questions of judgment, and there will be legitimate differences
of opinion. It is not always acceptable to, lazily, go for the
higher number (when provisioning). The job of the auditor is not
to err either way (high or low) from a true and fair view."
CONTACT: THE EQUITABLE LIFE ASSURANCE SOCIETY
Walton Street
Aylesbury
Buckinghamshire HP21 7QW
United Kingdom
Phone: +44-870-901-0052
Web site: http://www.equitable.co.uk
EUROTUNNEL PLC: Secures Waiver to Credit Agreement
--------------------------------------------------
Eurotunnel has obtained Wednesday the necessary waiver to the
Credit Agreement, which links the Group to its creditors. The
waiver was requested on 5 April 2005 and has been approved
Wednesday by the two creditor groups.
The Senior Debt holders had voted by 87.26% in favor of the
waiver, and the co-financiers by 87.14%, a percentage well above
the qualified majority required. There were no votes against the
waiver.
Jacques Gounon, Chairman of the Eurotunnel Joint Board, said: "I
pay tribute to the Agent Banks for their work and applaud the
sense of responsibility shown by Eurotunnel's creditors who have
approved this waiver rapidly and by a large majority."
CONTACT: EUROTUNNEL PLC
Cheriton Park
Cheriton High Street
Folkestone
Kent CT19 4QS
United Kingdom
Phone: +44-1303-288-750
Fax: +44-1303-850-360
Web site: http://www.eurotunnel.co.uk
Media Inquiries
Eurotunnel Press Office
Phone: + 44 (0) 1303 288728
+ 44 (0) 1303 288737
Investor Inquiries
Xavier Clement
Phone: + 33 1 55 27 36 27
GRAMPIAN CONTRACTS: Creditors to Convene Next Week
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Grampian Contracts (Furnishings) Limited
Notice is hereby given pursuant to Section 98 of the Insolvency
Act 1986, that a Meeting of the Creditors of Grampian Contracts
(Furnishings) Limited will be held at the offices of Ritson
Smith, Chartered Accountants, 16 Carden Place, Aberdeen on April
27, 2005 at 11:00 a.m. for the purposes mentioned in Sections 99
to 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 Ritson Smith,
Chartered Accountants, 16 Carden Place, Aberdeen during normal
business hours on the two business days preceding the meeting.
Creditors wishing to vote at the meeting should submit their
statement of claim in the prescribed form and, unless they are
attending in person, their proxies at the offices of Ritson
Smith, 16 Carden Place, Aberdeen at or before the meeting.
Except in exceptional circumstances, creditors wishing to vote
may only do so provided their claims have been lodged and
admitted for voting purposes. Creditors who hold security should
either surrender their security, or give particulars of their
security and its value to entitle them to vote at the meeting.
By Order of the Board,
Ronald Nicol, Director
April 15, 2005
CONTACT: RITSON SMITH
16 Carden Place
Aberdeen AB10 1FX
Phone: 01224 643311
Fax: 01224 624359
Web site: http://www.ritson-smith.com
HARRISON & COMPANY: Calls in Administrators from Wilder Coe
-----------------------------------------------------------
Mark Pearce Riley and Norman Cowan (IP Nos 005778, 001884) have
been appointed joint administrators for Harrison & Company
(Farnham) Limited. The appointment was made April 12, 2005. The
shop is into motor body repair.
CONTACT: WILDER COE
12th Floor
Southgate House
St. George's Way
Stevenage
Hertfordshire SG1 1HG
Phone: 01438 847 200
Fax: 01438 847 150
E-mail: insol@wildercoe.co.uk
I C REALISATIONS: Meeting of Creditors Set Next Month
-----------------------------------------------------
The creditors of I C Realisations Limited will meet on May 3,
2005 at 12:00 noon. It will be held at Ramada Leicester Hotel,
Granby Street, Leicester LE1 6ES.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Numerica, Stoughton House, Harborough Road, Oadby,
Leicester LE2 4LP not later than 12:00 noon, May 2, 2005/
CONTACT: NUMERICA
Stoughton House
Harborough Road
Oadby
Leicestershire LE2 4LP
Phone: 0116 272 8200
Fax: 0116 271 5472
E-mail: bob.bailey@numerica.biz
LEISURE LIFESTYLE: Hires Administrators from PKF
------------------------------------------------
Name of companies:
Leisure Lifestyle Limited
Visionstyle Leisure Limited
Visionstyle Limited
Kerry Franchina Bailey and Jonathan David Newell (Office Holder
Nos 8780, 6419) have been appointed administrators for these
companies. The appointment was made April 6, 2005.
The company manufactures promotional and other items. Its
registered office is located at Houldsworth Mill, Houldsworth
Street, Reddish, Stockport SK5 6DA.
CONTACT: PKF
Sovereign House,
Queen Street, Manchester M2 5HR
Phone: 0161 8325481
Fax: 0161 8323849
E-mail: info.manchester@uk.pkf.com
Web site: http://www.pkf.co.uk
MADGE WEB: Creditors' Claims Due Mid-May
----------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Madge.Web International (CI) Limited
(In Liquidation)
Notice Is Hereby Given that at an Extraordinary General Meeting
of the Members of Madge.Web International (CI) Limited, duly
convened, and held at Madge House, Priors Way, Maidenhead,
Berkshire, SL6 2HP, on March 31, 2005, these Special Resolutions
were duly passed:
(a) That the Company be wound up voluntarily; and
(b) Anthony Christian Pickford of Anson Court, La Route des
Camps, St. Martin, Guernsey, be hereby appointed as
Liquidator.
All persons having claims against the Company are required to
submit details thereof to the Liquidator before the May 16, 2005,
and all persons indebted to the Company are required to settle
with the Liquidator prior to the meeting.
CONTACT: Anthony Christian Pickford, Liquidator
Anson Court,
La Route des Camps,
St. Martin,
Guernsey, GY1 3TF
MARKS & SPENCER: Amazon to Give M&S Web site a Makeover
-------------------------------------------------------
Marks & Spencer has appointed online retailer Amazon to revamp
its Web site and customer ordering systems.
The move, which includes linking the company's Web site, and
telephone and in-store ordering services, is geared towards
providing customers an easy process to put orders, monitor or
change them online, by telephone or by visiting a store.
The first phase of the improvements, which involved enhanced
graphics and search facilities, is expected to be in place by
summer 2006.
Steven Sharp, director of marketing and e-commerce at M&S, said:
"Marks & Spencer already has a successful Web site with over 24
million visits every year, but our e-commerce and customer
ordering capabilities have yet to reach their full potential. A
partnership with Amazon will help us achieve this, while allowing
us to concentrate on our core business of retailing."
Mark Stabingas, senior vice-president, worldwide business
development and services for Amazon, said: "We look forward to
sharing our e-commerce expertise with Marks & Spencer to enable
them to focus on branding and merchandising. Our goal is to
provide their customers with a true multi-channel experience,
regardless of how they choose to shop or order merchandise."
CONTACT: MARKS & SPENCER GROUP PLC
Michael House
47-67 Baker Street
London
England
W1U 8EP
Phone: +44 20 7935 4422
Fax: +44 20 7487 2679
Web site: http://www.marksandspencer.com
MCKENZIE GUERNSEY: Liquidator Takes over Helm
---------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF McKenzie (Guernsey) GP NO. 3 Limited
(In Liquidation)
Notice is hereby given that at an Extraordinary General Meeting
of the Shareholders of McKenzie (Guernsey) GP No. 3 Limited held
on April 13, 2005 these Special Resolutions were passed:
(a) That the Company be wound up voluntarily; and
(b) That Mr. B. P. Bougourd of P.O. Box 140, Manor Place, St.
Peter Port, Guernsey be and is hereby appointed Liquidator
of the Company for the purpose of such winding-up.
All persons having claims against or indebted to the above named
Company are hereby requested to send details thereof to B. P.
Bougourd P.O. Box 140, Manor Place, St. Peter Port, Guernsey, not
later than May 16, 2005.
CONTACT: B. P. Bougourd, Liquidator
P.O. Box 140,
Manor Place,
St. Peter Port, Guernsey
MCNIFF CIVIL: Administrators from PwC Move in
---------------------------------------------
Paul William Harding and Derek Anthony Howell (IP Nos 6310, 6604)
have been appointed joint administrators for McNiff Civil
Engineering Limited. The appointment was made April 1, 2005.
The company manages general construction and civil engineering.
Its registered office is located at Seawall Road, Cardiff CF24
5SD.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Hill House
Richmond Hill
Bournemouth BH2 6HR
United Kingdom
Phone: [44] (1202) 294621
Fax: [44] (1202) 556978
Web site: http://www.pwc.com
MCNULTY OFFSHORE: Calls in Administrators from KPMG
---------------------------------------------------
Julian Richard Whale and Richard Dixon Fleming (IP Nos 7252,
8370) have been appointed joint administrators for McNulty
Offshore Contractors Ltd. The appointment was made April 5,
2005. The company manages offshore fabrication.
CONTACT: KPMG LLP
1 The Embankment
Neville Street
Leeds
West Yorkshire LS1 4DW
Phone: 0113 231 3332
Fax: 0113 231 3183
E-mail: richard.fleming@kpmg.co.uk
MG ROVER: Eight European Arms Follows Suit
------------------------------------------
Tony Lomas, Steven Pearson and Rob Hunt, partners in
PricewaterhouseCoopers, have been appointed joint administrators
to eight European subsidiaries of MG Rover Group Limited.
The companies (listed below) act as sales centers between MG
Rover U.K. and dealers within each European region, providing an
important interface between the manufacturing side of its
business and its distribution channels in Europe by coordinating
MG Rover branding, sales and marketing and logistics and
transportation support.
The administrators intend to continue to trade the businesses as
usual while they explore options particularly in respect of the
businesses' unsold European specification vehicles.
The appointments have been taken under a European insolvency
regulation, which is likely to deliver the best outcome for the
companies as they continue to trade.
Tony Lomas, joint administrator said, "Our appointments as
administrators to all of the National Sales Companies across
Europe should enable us to handle local customer and dealer
issues in a more constructive manner.
"Additionally, it will ensure the supply of left hand drive
vehicles to the market is carried out in a controlled way for the
benefit of all concerned."
The eight European subsidiaries in administration are:
(a) MG Rover Deutschland GmbH,
(b) MG Rover Nederland B.V.,
(c) MG. Rover Belux S.A./N.V.,
(d) MG Rover Espana S.A.,
(e) MG Rover Italia S.p.A.,
(f) MG Rover Portugal-Veiculos e Pecas LDA,
(g) Rover France S.A.S., and
(h) Rover Ireland Limited.
* * *
On Friday April 8, 2005, Ian Powell, Tony Lomas and Rob Hunt were
appointed joint administrators of MG Rover Limited, while Tony
Lomas, Rob Hunt and Steven Pearson were appointed joint
administrators of Powertrain Limited. Steven Pearson and Rob
Hunt were also appointed joint administrators of MG Sport and
Racing Limited on April 12. Tony Lomas, Steven Pearson and Rob
Hunt were appointed joint administrators of Phoenix Venture
Motors Limited on April 18.
CONTACT: PRICEWATERHOUSECOOPERS
Jon Bunn
U.K. 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
MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham B31 2TB
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
MG ROVER: Walk-in Redundancy Workshop Ongoing
---------------------------------------------
Following the announcement of redundancies last Friday, the joint
administrators have concentrated their efforts on helping the
affected employees through that process and developing the
expressions of interest they have received from potential buyers.
Arrangements for the walk-in redundancy workshop were made over
the weekend and the first of the affected employees visited on
Tuesday. External organizations are participating in the
workshops including prospective employers, Job Centre Plus, the
DTI, Birmingham City Council and many others. The workshop will
remain open until Saturday, with in excess of 1,000 people
visiting daily.
Tony Lomas, joint administrator and partner at
PricewaterhouseCoopers, said: "Efforts have continued to deal
with enquiries from prospective buyers following the news last
week that SAIC have no interest in acquiring the business as a
going concern. We have received enquiries from more than 200
parties, variously interested in all or part of the business and
assets, 16 of which are from overseas. We are busy prioritizing
these and developing the interest of those we consider most
credible.
"We are also looking at ways to further reduce the costs of
mothballing the plant so that we have more time in which to
realize the business and assets for the benefit of creditors."
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
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
M H PHARMA: Creditors Meeting Set Firs Week of May
--------------------------------------------------
The creditors of M H Pharma Limited will meet on May 3, 2005 at
11:00 a.m. It will be held at the offices of BDO Stoy Hayward
LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire RG1 3EX not later than 12:00 noon, May 2
, 2005.
CONTACT: BDO STOY HAYWARD
Kings Wharf,
20-30 Kings Road,
Reading, Berkshire RG1 3EX
Phone: 0118 925 4400
Fax: 0118 925 4470
E-mail: reading@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
NTT FINANCE: Liquidators from Ernst & Young Move in
---------------------------------------------------
At the extraordinary general meeting of NTT Finance (U.K.)
Limited on April 8, 2005 held at Nippon Telegraph and Telephone
East Corporation, 19-2 Nishi-Shinjuku, 3-Chome, Shinjuku-ku,
Tokyo 163-8019, Japan, the special resolutions to wind up the
company were passed. Roy Bailey and Patrick Joseph Brazzill of
Ernst & Young LLP, 1 More London Place, London SE1 2AF have been
appointed joint liquidators of the company.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
P KITCHIN: Appoints Baker Tilly Administrator
---------------------------------------------
At the extraordinary general meeting of P Kitchin Limited held at
New Grange Farm, Thorpe Road, Carlton, Stockton on Tees, the
special resolution to wind up the company was passed. Adrian
David Allen of Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG has
been appointed liquidator of the company.
CONTACT: BAKER TILLY
2 Whitehall Quay, Leeds LS1 4HG
Phone: 0113 285 5000
Fax: 0113 285 5001
Web site: http://www.bakertilly.co.uk
PROACTIVE GAMES: Hires Milner Boardman & Partners Administrator
---------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) have been
appointed joint administrators for Proactive Games Limited. The
appointment was made April 14, 2005.
The store wholesale other electronic parts and equipment. Its
registered office is located at Mission Building, Stonehill,
Huntingdon PE29 6EY.
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
SEASTAR ASSOCIATES: Names Administrators from Benedict Mackenzie
----------------------------------------------------------------
Malcolm Peter Filmore and Ranjit Bajjon (IP Nos 6525, 8756) have
been appointed joint administrators for Seastar Associates
Limited. The appointment was made April 14, 2005.
CONTACT: BENEDICT MACKENZIE
4 The Courtyard
East Park
Crawley
West Sussex RH10 6AG
Phone: 01293 410333
Fax: 01293 428530
E-mail: m.fillmore@benemack.com
STAFFORDS GREEN: Members Pass Special Resolution
------------------------------------------------
At the extraordinary general meeting of the members of Staffords
Green Farm Limited on April 11, 2005 held at North Leaze Farm,
North Cadbury, Yeovil, Somerset BA22 7BD, the special resolutions
to wind up the company were passed. Robert Stanley Gilderthorp
of Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA
has been appointed liquidator of the company.
CONTACT: GILDERTHORPS
22 Paul Street, Shepton Mallet,
Somerset BA4 5LA
Web site: http://www.gilderthorps.co.uk
TNCI U.K.: Meeting of Creditors Set May
---------------------------------------
The creditors of TNCI U.K. Limited will meet on May 3, 2005 at
10:15 a.m. It will be held at KPMG, 2 Cornwall Street,
Birmingham B3 2DL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to KPMG, 2 Cornwall Street, Birmingham B3 2DL not
later than 12:00 noon, May 2, 2005.
CONTACT: KPMG LLP
2 Cornwall Street
Birmingham B3 2RT
Phone: (0121) 232 3000
Fax: (0121) 232 3500
Web site: http://www.kpmg.co.uk
TREVELYANS (BIRMINGHAM): Calls in Administrator
-----------------------------------------------
A. Poxon and N. A. Bennett (IP Nos 8620, 9083) have been
appointed administrators for Trevelyans (Birmingham) Limited.
The appointment was made April 8, 2005. The factory manufactures
other fabricated metal products.
CONTACT: DTE LEONARD CURTIS
DTE House, Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
VEDANTA RESOURCES: Gains Permit to Operate Tuticorin Smelter
------------------------------------------------------------
Vedanta Resources, the London listed metals and mining company,
has received Wednesday permission to operate the expanded copper
smelter at Tuticorin, in the state of Tamil Nadu.
The facility will take production from 180,000 tpa to 300,000 tpa
of copper cathode. The new smelter will commence operation
shortly.
* * *
Vedanta Resources earlier noted that the President of the
Republic of Zambia this weekend discussed the considerable
potential growth of the Konkola Copper Mines in a public speech.
The company eyes to improve the existing operations at Konkola
and develop these assets, with engineering studies already taking
place.
CONTACT: VEDANTA RESOURCES PLC
44 Hill Street Mayfair
London
United Kingdom
W1J 5NX
Phone: +44 20 7629 6070
Fax: +44 20 7629 7426
Web site: http://www.vedantaresources.com
Investor Relations
John Smelt, Head
Phone: +44 20 7499 5900
+44 787 964 2675
James Murgatroyd
Robin Walker
Finsbury
Phone: +44 20 7251 3801
VITEC COMMUNICATIONS: Calls in Administrator from Antony Batty
--------------------------------------------------------------Wil
liam Antony Batty (IP No 1049) has been appointed administrator
for Vitec Communications Ltd. The appointment was made April 12,
2005. The company offers computer services.
CONTACT: ANTONY BATTY & COMPANY
New House
Suite 24
67-68 Hatton Garden
London EC1N 8JY
Phone: 020 7831 1234
Fax: 020 7430 2727
E-mail: antonybatty@hotmail.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, 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 * * *