/raid1/www/Hosts/bankrupt/TCREUR_Public/050603.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, June 3, 2005, Vol. 6, No. 109
Headlines
C Z E C H R E P U B L I C
TELESYSTEM INTERNATIONAL: Quebec Court Okays Plan of Arrangement
TELESYSTEM INTERNATIONAL: To Transfer to TSX Venture Exchange
D E N M A R K
LEGO COMPANY: Legoland Sale not yet Final
F R A N C E
ROVER FRANCE: Creditors Meeting Set Next Week
* E.U. Okays Tax Break for Buyers of Distressed Firms
G E R M A N Y
APORTA GMBH: Gives Creditors Until July 20 to File Claims
AUTOHAUS ROSSLER: Kassel Court Appoints Interim Administrator
BAUMONTEX BAUMONTAGESERVICE: Under Bankruptcy Administration
DAIMLERCHRYSLER AG: Chrysler Sales Fall 3% in May
DUERR AG: Outlook Changed to Negative on Weak Profitability
HILDEGARD UND UDO: Creditors Claim Due Later This Month
INTERTAINMENT AG: Forex Gains Push First-quarter Net Income
JENOPTIK AG: To Delay IPO of M+W Zander Arm in Singapore
LAUBERT KG: Administrator's Report Set September
LEICA CAMERA: Shareholders Support Capital Changes
MOLLINGER & KLEIN: Applies for Bankruptcy Proceedings
PGAM ADVANCED: Court Names K. Niemeyer Insolvency Administrator
PREUSSEN-BAU: Sets Creditors Meeting August
SBH BAUELEMENTE: Claims Deadline Expires Today
S & K: Court Appoints Peter Scholl Administrator
SVZ SCHWARZE: Holds Exclusive Takeover Talks with Sustec Holding
VDN AG: Files for Insolvency Proceedings
WCM GROUP: Expects EUR20 Mln Income from Bank Settlement
WILHELM BONEBERGER: Bankruptcy Proceedings Begin
WTP DISTRIBUTION: Creditors Have Until June to File Claims
I R E L A N D
ELAN CORPORATION: To Cut Cash Balances by US$80 Million
JSG FUNDING: Secures EUR115 Million Asset Sales
I T A L Y
FIAT SPA: Barclays Now Owns Over Half of Iveco's Finance Arm
MG ROVER: Creditors Meeting Set June 13
PARMALAT FINANZIARIA: U.S. Judge Stays Citigroup's Countersuit
RENO DE MEDICI: Ratings Downgraded to 'B' on Weak Cash flow
L U X E M B O U R G
MILLICOM INTERNATIONAL: Re-elects Board of Directors
N E T H E R L A N D S
TELESYSTEM INTERNATIONAL: Closes ClearWave Sale to Vodafone
VERSATEL TELECOM: Takeover Talks with Belgacom Continue
P O L A N D
WEGLA WEGLOZBYT: Narrowly Avoids Bankruptcy
R U S S I A
BELOMORIT: Appoints I. Benyaminov Insolvency Manager
ILISHEVSKIYE: Creditors Have Until June to File Claims
ISKRA: Succumbs to Bankruptcy
KLINTSY-AGRO-TRANS: Deadline for Proofs of Claim June 30
MOTOR DEPOT #3: Under Bankruptcy Supervision
NEFTYANIK: Declared Insolvent
RED FORGE: Under External Bankruptcy Procedure
VENEVA-AGRO-SERVICE: Undergoes Bankruptcy Supervision Procedure
VESHKAYMSKIY: Succumbs to Bankruptcy
VIOLA: Mordoviya Court Appoints Insolvency Manager
YUKOS OIL: Angarskaya Refinery Might Seek Creditor Protection
S P A I N
MG ROVER: To Hold Creditors Meeting Mid-June
S W E D E N
SAS GROUP: Simplifies Corporate Administration
SKANDIA INSURANCE: Profit Down to SEK423 Million
U K R A I N E
UKRSIBBANK: Eurobond Gets Long-term Rating of 'B-'
U N I T E D K I N G D O M
ALEXANDER FORBES: Hires Liquidators from Deloitte & Touche
ATL MOBILE: Mobile Solutions Company Calls in Administrators
AUTO AUDIO: Hires Administrators from Begbies Traynor
AXIS LEGAL: Decides to Liquidate Assets
BPS INSURE: Succumbs to Insolvency After Losing License
CATERMART CASH: Food, Drink Wholesaler Falls into Administration
CHAMBERLAIN SCOTT: Members Opt for Liquidation
CHARLES ROBERTS: Names P&A Partnership Administrator
COLT TELECOM: Names Veteran Fidelity Exec Non-executive Director
CONSUMER ADVICE: Appoints Rimmer Higson Liquidator
DAVE ADAMSON.COM: Liquidator Enters Firm
DAVID LEON: Hires Gregory Michael & Co. as Liquidator
DELTAGOLD COMPUTING: Collapses into Liquidation
ELEPHANT LIMITED: PwC Puts Business up for Sale
FBC INDUSTRIAL: Liquidators from PricewaterhouseCoopers Move in
GREENESFIELD HEATING: Hires Liquidator from Tenon Recovery
HEATH LAMBERT: Appoints Ernst & Young Administrator
HOMEFRONT BUILDING: Owners Choose to Liquidate Company
HOTEL SECURITY: Brings in Liquidator from Piper Thompson
MG ROVER: Exports Unit Calls Creditors Meeting
MY FOTOSTOP: Grant Thornton Administrators Take over Helm
NORTHERN FOODS: Pre-tax Profit Dives Sharply to GBP4.3 Mln
NUTTY'S LIMITED: Calls in PricewaterhouseCoopers Liquidator
ON BRAND: Calls in Administrator from Ian Bull
PRIESTLEYS OF GLOUCESTER: Meeting of Creditors Set Next Week
SAFBANK LINE: Deadline for Debt Claims Set Later this Month
SOVEREIGN COMPUTER: Calls in Price & Co. Administrator
TEKNEK ELECTRONICS: Under Provisional Liquidation
THREESIXTY CONFERENCING: Hires DTE Leonard Curtis Administrator
VEDANTA RESOURCES: Starts Zinc Production in India
YOURVANCREDIT LIMITED: Hires Purnells Administrator
*********
===========================
C Z E C H R E P U B L I C
===========================
TELESYSTEM INTERNATIONAL: Quebec Court Okays Plan of Arrangement
----------------------------------------------------------------
Telesystem International Wireless Inc. said on May 20 that the
Superior Court, District of Montreal, Province of Quebec has
issued a final order approving a Plan of Arrangement under the
Canada Business Corporations Act. As previously announced, TIW
shareholders approved the arrangement at a meeting held on May
19, 2005.
TIW will operate under a court supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
2005, proceed with its liquidation, including the implementation
of a claims process and the distribution of net cash to
shareholders, cancel its common shares and proceed with its
final distribution and be dissolved.
As part of the Plan of Arrangement, TIW will seek, under the
supervision of the Court, the expeditious identification and
resolution of claims as of May 20, 2005 against the Company in
order to accelerate distributions to shareholders. A claims bar
date has been set at July 8, 2005.
The Court has appointed KPMG Inc. as monitor to perform the
duties provided in the claims identification process approved by
the Court, including the identification and valuation of claims,
and the reporting to the Court and the Company on the claims
received and as to any further steps required for dealing with
such claims.
About TIW
TIW is a leading provider of wireless voice, data and short
messaging services in Central and Eastern Europe with over 6.9
million subscribers. TIW operates in Romania through MobiFon
S.A. under the brand name Connex and in the Czech Republic
through Oskar Mobil a.s. under the brand name Oskar. TIW's
shares are listed on NASDAQ (TIWI) and on the Toronto Stock
Exchange (TIW).
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
For Investors
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
TELESYSTEM INTERNATIONAL: To Transfer to TSX Venture Exchange
-------------------------------------------------------------
The common shares of Telesystem International Wireless Inc. will
continue to be listed on the Toronto Stock Exchange (TSX) until
shortly after the Company declares and pays the first
distribution to its shareholders under its plan of arrangement.
The Company has received conditional approval for the listing of
its common shares on the TSX Venture Exchange once its
securities cease to be listed on the TSX.
TIW is currently in discussions with the NASDAQ with regards to
the continuing listing requirements of its common shares on that
market.
About TIW
TIW operates under a court supervised Plan of Arrangement to
proceed with its liquidation, including the implementation of a
claims process and the distribution of net cash to shareholders,
cancel its common shares and proceed with its final distribution
and be dissolved. TIW's shares are listed on NASDAQ (TIWI) and
on the Toronto Stock Exchange (TIW).
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
For Investors
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
=============
D E N M A R K
=============
LEGO COMPANY: Legoland Sale not yet Final
-----------------------------------------
Toymaker Lego Company denied rumors it is in final talks with a
buyer of its Legoland theme parks.
The Wall Street Journal, citing people privy to the matter,
earlier said the toy company is wrapping up the sale of four of
its parks to New York-based private-equity firm Blackstone Group
for about US$460 million.
Lego said in a statement on Wednesday it is still in the middle
of a sale process, and a deal could come in the summer. It had
intended to divest of the parks to free cash and reduce the
group's fixed expenses in support of its core toy business.
Lego reported net loss of DKK1.9 billion (US$312.9 million) last
year, more than twice that of 2003 after large write-down
charges.
Lego has theme parks in Denmark, Germany, Britain and
California, which attract 5 million visitors yearly.
CONTACT: THE LEGO GROUP
Charlotte Simonsen, Head of Corporate Communications
Phone: +45 79 50 65 79
===========
F R A N C E
===========
ROVER FRANCE: Creditors Meeting Set Next Week
---------------------------------------------
In accordance to paragraph 51 of Schedule B1 to the Insolvency
Act 1986, Rover France S.A.S. will hold an initial meeting of
creditors on June 9, 2005, 11:30 a.m. at Millennium Hotel, Paris
Charles de Gaulle Airport, 2 Allee du Verger, Roissy, Paris
Charles de Gaulle Airport 95700.
Any creditor unable to attend should complete a proxy form on or
before June 9, 2005 if they wish to be represented. To be
entitled to voter at the meeting, creditors must provide details
in writing of their claims to the address below not later than
12:00 noon of the day prior to the meeting.
Any member of the company who requires a copy of the proposals
should send a written request to the address below, and a copy
will be sent free of charge.
Anthony Victor Lomas,
Steven Anthony Pearson, and
Robert Jonathan Hunt
Joint Administrators
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street
Leeds LS1 4JP
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
Web site: http://www.pwcglobal.com
* E.U. Okays Tax Break for Buyers of Distressed Firms
-----------------------------------------------------
The European Commission on Wednesday approved a new French
scheme of tax breaks for takeovers of ailing industrial firms.
The scheme encourages the creation of jobs in connection with
such takeovers. The Commission is satisfied that the scheme
complies with the state aid rules in the E.C. Treaty, more
especially the rules on state aid to disadvantaged regions and
to small and medium-sized enterprises.
The Commissioner responsible for competition, Neelie Kroes,
said: "Takeovers of firms in difficulty have positive effects
not only on the labor market but also on the regeneration of the
industrial base, notably in the least favored regions."
The scheme provides for aid towards job creation where an ailing
industrial firm is taken over by a new firm. The aid takes the
form of reductions in corporation tax, trade tax (taxe
professionnelle), and property tax (taxe fonciere) (Articles 44
septies, 1383 A and 1464 B of the French General Tax Code). The
amount of aid varies depending on the number of jobs created and
the region in which the takeover takes place. In the least-
favored regions, the aid is available for all firms; elsewhere
it is confined to small and medium-sized enterprises.
The Commission takes the view that the scheme is compatible with
the E.C. Treaty rules on state aid (Article 87) because it
complies with the aid intensities set out in the Guidelines on
regional aid and the Regulation on aid to SMEs, and requires
that the jobs created be maintained for at least five years.
The scheme replaces an earlier one under which aid for takeovers
of industrial firms was not subject to any upper limit, and
there was no link to job creation; that scheme was held to be
incompatible with the Community rules on state aid.
CONTACT: EUROPEAN COMMISSION
Web site: http://europa.eu.int/
=============
G E R M A N Y
=============
APORTA GMBH: Gives Creditors Until July 20 to File Claims
---------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Aporta GmbH on May 3. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until July 20, 2005 to register their
claims with court-appointed provisional administrator Wolfgang
Hoppe.
Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 9:35 a.m. at the district court
of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, 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: APORTA GMBH
Am Heiligenstock 1, 65719 Hofheim am Taunus
Wolfgang Hoppe, Administrator
Mergenthalerallee 45-47, 65760 Eschborn
Phone: 06196/481969
Fax: 06196/482494
AUTOHAUS ROSSLER: Kassel Court Appoints Interim Administrator
-------------------------------------------------------------
The district court of Kassel opened bankruptcy proceedings
against Autohaus Rossler on May 1. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 15, 2005 to register their claims with
court-appointed provisional administrator Carsten Koch.
Creditors and other interested parties are encouraged to attend
the meeting on July 26, 2005, 10:15 a.m. at the district court
of Saal 234, Amtsgericht Kassel, Friedrichsstrasse 32-34, 34117
Kassel 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 Aug. 8, 2005,
10:00 a.m. at the same venue.
CONTACT: AUTOHAUS ROSSLER GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
Hersfelder Str. 28, 34576 Homberg
Contact:
Winfried Ernst Rossler, Manager
Carsten Koch, Administrator
Wilhelmshoher Allee 270, 34131 Kassel
Phone: 0561/3166311
Fax: 0561/3166312
BAUMONTEX BAUMONTAGESERVICE: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Baumontex Baumontageservice fuer Fenster und
Tueren GmbH on April 27. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until June 20, 2005 to register their claims with court-
appointed provisional administrator Peter Jost.
Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:30 a.m. at the district court of
Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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: BAUMONTEX BAUMONTAGESERVICE
FUER FENSTER UND TUEREN GMBH
Wingertstrasse 13, 60316 Frankfurt am Main
Contact:
Petar Marjanovic, Manager
Im Pruefling 44, 60389 Frankfurt am Main
Peter Jost, Administrator
Bleichstrasse 2-4, D-60313 Frankfurt/Main
Phone: 069/209739-0
Fax: 069/20973929
DAIMLERCHRYSLER AG: Chrysler Sales Fall 3% in May
-------------------------------------------------
Chrysler's U.S. sales is reportedly down 3% in May, undermining
its goal to repeat its good performance last year.
According to AFX News, the owner of the Jeep and Dodge brands
sold only 214,575 cars and trucks last month. The company hopes
to compensate this month with the release of the 2006 Dodge
Charger, which is tagged as the next success story after
Chrysler 300 and the Dodge Magnum. Shipment to dealers was
expected at the end of May.
In an interview last week with Die Welt, Chrysler Group
president Dieter Zetsche said: "We are optimistic that we can do
as well as in 2004 because of our new models and our cost
structure."
The group, which posted an overall operating profit of
EUR1.43 billion on sales of EUR49.5 billion last year, also
earlier expressed hopes of increasing by about one million the
sales of its Chrysler, Jeep and Dodge brands from 2.8 million in
2004. Mr. Zetche was also counting on the launching of the
Dodge brand in Europe as well as the potential of the markets in
China and Asia overall.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Tel: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DUERR AG: Outlook Changed to Negative on Weak Profitability
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based automotive production equipment supplier Duerr AG
to negative from stable, primarily reflecting the risk deriving
from the increasingly challenging environment in Duerr's major
end markets.
At the same time, Standard & Poor's affirmed its 'B+' long-term
corporate credit rating on the company.
"The ratings reflect Duerr's currently very weak profitability
and challenging position as a supplier to price-aggressive
original-equipment manufacturers," said Standard & Poor's credit
analyst Barbara Castellano.
Positive factors include the company's leading global positions,
strong customer relationships, and widely recognized know-how in
its core markets.
We anticipate rising pressure coming from automotive-industry
players, as, in their efforts to save costs, original-equipment
manufacturers are continuously attempting to achieve more
favorable terms from their suppliers. Consequently, there is a
risk that payment conditions might worsen in the next few months
and that some orders might be postponed or cancelled.
Given Duerr's weak first-quarter 2005 results, stronger efforts
will now be required in the months ahead to improve EBITDA and
cash flow generation.
"The company's credit profile could gradually deteriorate," said
Ms. Castellano. "A persistently poorer-than-expected financial
performance, driven by the difficult market conditions, could
lead to a lower rating that would be more in line with Duerr's
weaker credit measures."
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
HILDEGARD UND UDO: Creditors Claim Due Later This Month
-------------------------------------------------------
The district court of Dusseldorf opened bankruptcy proceedings
against Hildegard und Udo Grigull GbR on May 19. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until June 21, 2005 to
register their claims with court-appointed provisional
administrator Dr. Paul Fink.
Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:45 a.m. at the district court of
Dusseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Dusseldorf, 4.
OG. Altbau, A 409, 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: HILDEGARD UND UDO GRIGULL GBR
Krefelder Str. 12, 41539 Dormagen
Contact:
Hildegard and Udo Grigull, Managers
Dr. Paul Fink, Administrator
Rheinort 1, 40213 Dusseldorf
INTERTAINMENT AG: Forex Gains Push First-quarter Net Income
-----------------------------------------------------------
Intertainment AG achieved a net income of EUR2.1 million in the
first quarter of the current fiscal year, following a EUR1.6
million result in the same period last year.
Earnings before interest and taxes amounted to EUR2.6 million
(year-earlier quarter EUR2.5 million). Earnings from ordinary
activities also rose to EUR2.6 million compared to EUR2.5
million in the first three months of 2004.
Exchange-rate effects were primarily responsible for the
improvement in earnings. Income totaling EUR3.6 million was
achieved in connection with the valuation of claims for damages
arising from legal disputes in the U.S.A.
These were attributable to the increased rate of the U.S. dollar
against the euro in a comparison of the two balance sheet dates
March 31, 2005 and December 31, 2004. At the end of the
quarter, Intertainment posted receivables arising from
litigation of EUR61.7 million, after EUR59.1 million at the end
of 2004. The strict savings policy being pursued within the
Group also exerted a positive effect on earnings.
The sales of Intertainment amounted to EUR67,000 after EUR1.1
million during the first quarter of 2004. Sales for the quarter
were exclusively due to exploitation of older film licenses.
The liquid assets of Intertainment amounted to EUR1.7 million at
March 31, 2005, and hence at the level of December 31, 2004. By
comparison with March 31, 2004, liquid assets increased by more
than EUR1.2 million.
CONTACT: INTERTAINMENT AG
Investor Relations
Osterfeldstrasse 84
85737 Ismaning
Germany
Phone: +49 (0)89 21699-0
Fax: +49 (0)89 21699-11
E-mail: investor@intertainment.de
Web site: http://www.intertainment.de
JENOPTIK AG: To Delay IPO of M+W Zander Arm in Singapore
--------------------------------------------------------
The initial public offering of M+W Zander subsidiary, belonging
to Jenoptik AG, will not take place in the first half of this
year.
Due to the current market environment in Singapore, JENOPTIK AG
and M+W Zander Holding AG together with the joint bookrunners
have decided to adjust the schedule of the initial public
offering of M+W Zander Facility Engineering Ltd. at the
Singapore Stock Exchange (Singapore Exchange Securities Trading
Limited).
M+W Zander will analyze the market conditions to be able to
carry out the IPO at a more suitable date.
* * *
Fitch Ratings recently downgraded Jenoptik AG's Senior Unsecured
rating and EUR150 million senior notes to 'B' from 'B+'. The
Short-term rating is affirmed at 'B'. The Senior Unsecured
rating Outlook remains Stable.
The downgrade is based on Fitch's concerns over Jenoptik's
corporate governance practices.
CONTACT: JENOPTIK AG
Carl-Zeiss-Strasse 1
07739 Jena
Germany
Contact:
Cornelia Todt
Phone: ++49(0)3641-652290/2484
Fax: ++49(0)3641-652290/2484
Web site: http://www.jenoptik.com
LAUBERT KG: Administrator's Report Set September
------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Laubert KG on May 18. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until June 29, 2005 to register their claims with court-
appointed provisional administrator Wolfgang Kalker.
Creditors and other interested parties are encouraged to attend
the meeting on June 29, 2005, 8:45 a.m. at the district court of
Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, Zimmer W
1.24 C, 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 September 14,
2005, 9:00 a.m. at the same venue.
CONTACT: LAUBERT KG
Quirrenbacher Str. 15a, 53639 Konigswinter
Contact:
Hermann Harry Laubert
Wolfgang Kalker, Administrator
Kolnstrasse 135, 53757 Sankt Augustin
Phone: 02241/ 90600
Fax: 02241906090
LEICA CAMERA: Shareholders Support Capital Changes
--------------------------------------------------
The Extraordinary General Meeting of Leica Camera AG on May 31,
2005 approved the capital measures proposed by the Board of
Management and the Supervisory Board, in each case with a vast
majority of more than 90%.
As announced in essential outline in the electronic Federal
Gazette (elektronischer Bundesanzeiger) of April 20, 2005, the
measures consist of a simplified capital reduction, an increase
of the share capital against contributions in cash and a
creation of authorized capital.
CONTACT: LEICA CAMERA AG
Oskar-Barnack-Strasse 11
35606 Solms
Deutschland
Web site: http://www.leica-camera.com
MOLLINGER & KLEIN: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Mollinger & Klein GmbH on April 29, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until June 6, 2005 to
register their claims with court-appointed provisional
administrator Albrecht Meyer.
Creditors and other interested parties are encouraged to attend
the meeting on July 18, 2005, 9:30 a.m. at Sitzungssaal XI,
Amtsgericht, Wittelsbachstr. 10, 67061 Ludwigshafen/Rhein 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: MOLLINGER & KLEIN GMBH
Schillerstrasse 31, 67071 Ludwigshafen
Contact:
Wilfried Mollinger, Manager
G.-Stresemann-Str. 38 b, 67071 Ludwigshafen
Josef Klein, Manager
5. Altstadtgasse 31, 67071 Ludwigshafen
Albrecht Meyer, Administrator
Amtsstrasse 6, 67059 Ludwigshafen
PGAM ADVANCED: Court Names K. Niemeyer Insolvency Administrator
---------------------------------------------------------------
By order of the district court of Osnabrueck, the insolvency
proceedings regarding the estate of pgam advanced technologies
AG were opened Wednesday.
Court-appointed insolvency administrator Klaus Niemeyer from
Osnabrueck will manage the company's operations for the time
being.
In order to reduce costs and thus facilitate the continuation of
the business, initially a total of 211 employees were given
special company leave, among them were 63 people employed at the
Reutlingen site, which will be closed.
The local production as well as the processing of orders in hand
in Reutlingen will be relocated to Georgsmarinenhuette to
further save costs with the simultaneous utilization of
synergies.
The insolvency administrator intends to negotiate with the
present interested parties the sale of the whole enterprise or
parts of it. The non-insolvent affiliated companies shall also
be subject of the negotiations.
CONTACT: PGAM ADVANCED TECHNOLOGIES AG
Beekebreite 18-20
49124 Georgsmarienhuette
Germany
Phone: +49 (0) 5401 / 490-0
Fax: +49 (0) 5401 / 427 05
E-mail: info@pgam.com
Web site: http://www.pgam.com
PREUSSEN-BAU: Sets Creditors Meeting August
-------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Preussen-Bau Lucke GmbH on May 19.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until July 6, 2005 to
register their claims with court-appointed provisional
administrator Dr. Christoph Junker.
Creditors and other interested parties are encouraged to attend
the meeting on August 10, 2005, 1:00 p.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, 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: PREUSSEN-BAU LUCKE GMBH
August-Bebel-Str. 24, 16359 Biesenthal
Dr. Christoph Junker, Administrator
Fuggerstr. 24, 10777 Berlin
SBH BAUELEMENTE: Claims Deadline Expires Today
----------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against SBH Bauelemente Hersteller GmbH on May 9. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until June 3, 2005 to
register their claims with court-appointed provisional
administrator Dr. Jurgen Wallner.
Creditors and other interested parties are encouraged to attend
the meeting on July 25, 2005, 11:00 a.m. at Saal 145,
Amtsgericht 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: SBH BAUELEMENTE HERSTELLER GMBH
Duebener Str. 30, 04860 Dreiheide/OT Grosswig
Contact:
Erich Kutz, Manager
Dr. Juergen Wallner, Administrator
Karl-Heine-Strasse 25b, 04229 Leipzig
S & K: Court Appoints Peter Scholl Administrator
------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
S & K Erodiersysteme GmbH on May 12. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 24, 2005 to register their claims with
court-appointed provisional administrator Peter Scholl.
Creditors and other interested parties are encouraged to attend
the meeting on July 26, 2005, 9:15 a.m. at the district court of
Gera, Rudolf-Diener-Str. 1, Zimmer 301, 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: S & K ERODIERSYSTEME GMBH
Contact:
Waldemar Schroder, Manager
Hauptstr. 34a, 07557 Hundhaupten b. Gera
Peter Scholl, Administrator
Andreasstrasse 39, 99084 Erfurt
SVZ SCHWARZE: Holds Exclusive Takeover Talks with Sustec Holding
----------------------------------------------------------------
Sekundarrohstoff-Verwertungszentrum Schwarze Pumpe GmbH (SVZ),
which filed for insolvency in April 2004, could be acquired
soon.
Insolvency administrator Ruediger Wienberg (Dresden) has decided
to grant exclusivity to one group of three investor consortiums
to present binding offers. The creditors' committee has been
informed about it.
The bidder, Swiss Sustec Holding AG, has already acquired Future
Energy GmbH in Freiberg (Saxony) in 2004.
By own account the Sustec Group is investing with a long-term
perspective in innovative and sustainable acting companies. The
Sustec Group puts the main emphasis on the production of
synthesis gas from coal, residue material and biomass as well as
the processing of base chemical and synthetic fuel.
The decision to grant exclusivity to the Sustec Group was based
on the assessment of Sustec's business plan, which includes a
sustainable plan for financial restructuring and extensive
investments in the production site at Schwarze Pumpe.
The Sustec Group plans to install a new coal gasification plant
according to the "GSP-Entrained-Flow Gasification" technology
and a new methanol production. As a result a new business line
will be set up additional to the existing waste utilization
business.
The development of the oil price has led to a revival of the
coal chemical industry, especially in China, U.S.A., Australia
and South Africa. The investment is meant to demonstrate the
competitiveness and the technological leadership of the Sustec
technologies, in order to secure the position of the Sustec
Group at the international marketing of the know-how in the
competitive process with the other two leading players.
On a medium term, this does not only translate into the
preservation of a substantial part of the existing jobs but
could also result into the creation of new jobs and the
strengthening of the technology leadership.
Mr. Wienberg said: "It is our common goal to hand over the
operative business on July 1, 2005."
CONTACT: SEKUNDARROHSTOFF-VERWERTUNGSZENTRUM SCHWARZE PUMPE
GMBH I.I.
Suedstrasse
02979 Spreetal / Spreewitz
Phone: (0 35 64) 69 79 09
Fax: (0 35 64) 69 67 56
Web site: http://www.svz-gmbh.de
SUSTEC HOLDING AG
Hofackerstrasse 12
4132 Muttenz
Switzerland
E-mail: info@sustec-group.net
Web site: http://sustec-group.net
VDN AG: Files for Insolvency Proceedings
----------------------------------------
Vereinigte Deutsche Nickel (VDN) finally succumbed to insolvency
after 18 months of financial trouble, Borsen Zeitung says.
The group recently filed for opening of insolvency proceedings
at Cologne district court, citing excessive debt and failure of
British holding firm DNick to pay it around EUR3 million. VDN
sold its coins and payment methods division to DNick for EUR3
million to stave off insolvency in December. VDN does not
expect DNick to reimburse the amount since the latter has been
under creditors protection since late 2004.
VDN revealed it has already sent home all its 2,400 employees
due to its dire financial condition. Insolvency proceedings,
however, will not affect its subsidiaries.
CONTACT: VDN VEREINIGTE DEUTSCHE NICKEL-WERKE AG
Goltsteinstrasse 24-25
DE-40211 Dusseldorf
Phone: +49 (0)211 90 64 0
Fax: +49 (0)211 90 64 300
E-mail: info@vdn.de
Web site: http://www.vdn.de
DNICK LIMITED
75 Cannon Street
London EC4N 5BN
Web site: http://www.dnick.co.uk
WCM GROUP: Expects EUR20 Mln Income from Bank Settlement
--------------------------------------------------------
In respect of the current second quarter, the WCM Group
Management Board notes that an agreement on the open claims of
the banks to WCM from the realization of the IVG shares in 2004
has been reached. Up to now these obligations had been fully
carried by WCM as liabilities.
From the agreement, income of EUR20 million results for WCM,
which will be realized in the second quarter. At the same time,
liabilities due to banks have decreased by almost EUR40 million
as a result of this settlement.
From 2005, WCM is preparing its accounts in line with IFRSs,
rather than the German Commercial Code. The quarterly
statements are already prepared in line with IFRSs. As a result
of the accounting differences between the German Commercial Code
and IFRSs, the comparative figures for 2004 were restated in
accordance with IFRS regulations so that the data of the 2005
reporting period are comparable in all aspects. Statements of
reconciliation show the changes in comparison to the German
Commercial Code figures published in the previous year.
A further material change in the first quarter of 2005 is the
change in the scope of consolidation resulting from IFRS
regulations. For the first time, MATERNUS AG and its
subsidiaries, as well as a number of other companies, have been
included in the scope of consolidation.
In the first three months of 2005, the WCM Group generated a
pre-tax result of -EUR10.2 million after -EUR3.1 million in the
previous year. In the first quarter of 2005, Group EBIT was
-EUR4.9 million after EUR3.1 million in the comparable prior-
year period. The reported deterioration against the previous
year results from a settlement concluded in the first quarter of
2004, which generated extraordinary income of EUR8.4 million.
The Management Board reiterates its guidance for the whole of
2005, according to which a balanced result for the Group is
possible.
After the sale of the Residential Property division in December
2004, WCM is now concentrating on the industrial segment, which
is combined in the company Klockner-Werke. The other equity
holdings, which are not the focus of the company are to be sold
in the short to medium term.
The Management Board will report in detail on the figures of the
first quarter of 2005 in the telephone press conference on May
30, 2005.
CONTACT: WCM GROUP
Ms. Maren Moisl
Phone: +49 (0) 69 90026-510
Fax: +49 (0) 69 90026-110
E-mail: presse@wcm.de
WILHELM BONEBERGER: Bankruptcy Proceedings Begin
------------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against Wilhelm Boneberger Bau GmbH on May 11. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until June 15, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Kohler.
Creditors and other interested parties are encouraged to attend
the meeting on July 1, 2005, 9:00 a.m. at the district court of
Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn, II.
Etage, Saal 216 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: WILHELM BONEBERGER BAU GMBH
Mecklenburgische Strasse 22, 59556 Lippstadt
Contact:
Wolfgang Suermann, Manager
Mecklenburgische Strasse 22, 59556 Lippstadt
Dr. Wolfgang Kohler, Administrator
Marktstrasse 22, 59555 Lippstadt
Phone: 02941/979850
Fax: 02941/979870
WTP DISTRIBUTION: Creditors Have Until June to File Claims
----------------------------------------------------------
The district court of Oldenburg opened bankruptcy proceedings
against wtp distribution sporting goods GmbH on May 2.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until June 23, 2005
to register their claims with court-appointed provisional
administrator Stefan Hinrichs.
Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 2:50 p.m. at Sitzungssaal, 2. OG,
Amtsgericht, Nebenstelle, Elisabethstrasse 6, 26135 Oldenburg 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: WTP DISTRIBUTION SPORTING GOODS GMBH
Kanalstr. 6, 26135 Oldenburg
Contact:
Thomas Jaeger, Manager
Kanalstr. 6, 26135 Oldenburg
Stefan Hinrichs, Administrator
Heiligengeiststrasse 29, 26121 Oldenburg
Phone: 0441/21891-0
Fax: 0441/21891-39
=============
I R E L A N D
=============
ELAN CORPORATION: To Cut Cash Balances by US$80 Million
-------------------------------------------------------
Elan Corporation plc has retired US$211.8 million of its 2008
outstanding debt, and agreed to retire a further US$31.0
million, which is expected to close within the next few days.
Shane Cooke, Elan's Chief Financial Officer, said: "We continue
to actively manage our capital structure and have availed
ourselves of opportunities in the capital markets to retire over
US$240 million of our 2008 debt with cash and equity. Our cash
balances at the end of March 2005 will be reduced by about US$80
million but remain in excess of US$1.3 billion. These
transactions will result in no additional dilution to our
shareholders and will reduce our annual interest cost by about
US$16 million."
6.5% Convertible Guaranteed Notes Due 2008
Elan purchased US$175.0 million, and agreed to purchase a
further US$31.0 million in aggregate principal amount of 6.5%
Convertible Guaranteed Notes due 2008 for approximately US$255.0
million at an average premium of approximately 4% to the market
price of the Convertible Notes at the date of purchase. The
purchases, which represent approximately 45% of the issue, were
made through a number of separate, privately negotiated
transactions. The consideration was, or will be, satisfied with
the issuance of 27,762,801 American Depositary Shares at the
debt conversion price of US$7.42, together with US$49.1 million
in cash and accrued interest of US$0.7 million. The number of
shares issued represents the same number of shares that were
issuable upon conversion of the Convertible Notes, resulting in
no further dilution to our shareholders. After giving effect to
the repurchases, US$254.0 million in aggregate principal amount
of the Convertible Notes will remain outstanding.
Athena Notes
Elan has also purchased US$36.8 million in aggregate principal
amount of the 7.25% senior notes due 2008 (Athena Notes) for
US$33.3 million plus accrued interest of US$0.6 million. The
purchases, which represent approximately 6% of the issue, were
made through a number of separate, privately negotiated
transactions. After giving effect to the repurchases, US$613.2
million in aggregate principal amount of the Athena Notes remain
outstanding.
As a result of these transactions, Elan will record a net charge
of approximately US$53 million in the second quarter of 2005, of
which approximately US$48 million will be cash and approximately
US$5 million will be non-cash unamortized financing costs.
After deducting this charge and giving effect to these
repurchases, Shareholders' Equity at March 31, 2005 would have
increased by approximately US$153 million, and Elan's annual
interest charge will be reduced by approximately US$16 million.
CONTACT: ELAN CORPORATION PLC
Lincoln House
Lincoln Place
Dublin2
Ireland
Phone: +353 1 709 4000
Fax: +353 1 709 4108
Web site: http://www.elan.com
Investor Relations
Emer Reynolds
Phone: 353-1-709-4000
or 800-252-3526
Media Relations
Elizabeth Headon
Phone: 353-1-498-0300
Brian McGlynn
Phone: 212-407-5740
JSG FUNDING: Secures EUR115 Million Asset Sales
-----------------------------------------------
A consortium of investors has acquired Jefferson Smurfit Group's
Kildare Hotel & Country Club (KHCC) and former Clonskeagh mill's
location, The Business World said Tuesday.
The group owned by JSG Funding plc will reportedly use the
proceeds from the deal amounting to EUR115 million to pay its
debt. Noting the sale represented fair market value,
independent board members and shareholders including Madison
Dearborn Partners have unanimously agreed to the transaction.
Gary McGann, JSG's CEO, said: "The timely disposal of KHCC
continues our established strategy of monetizing non-core
assets. This disposal provides further benefit to JSG in the
form of reduced debt levels and lower debt servicing costs."
The transaction came after the company disposed of its Munksjo
Specialty paper business to The EQT III Fund in March. It
pocketed about EUR450 million, which will also be used to pay
its debt.
Last month, the company disclosed its first quarter continuing
net sales of EUR1,040 million decreased 3% against EUR1,068
million in the first quarter of 2004. First quarter continuing
EBITDA, before exceptional items, of EUR108 million also dropped
11% against EUR121 million in the same period last
year. Continuing EBITDA, before exceptional items, of EUR108
million represents a margin of 10.4% on net sales against 11.4%
in 2004.
Meanwhile, its first quarter 2005 free cash flow was a deficit
of EUR33 million compared to a surplus of EUR13 million in the
comparable period in 2004 principally due to lower operating
profits year-on-year. This also reflects adverse market
conditions.
CONTACT: JSG FUNDING PLC
Beech Hill, Clonskeagh
Dublin, 4, Ireland
Phone: +353-1-202-7000
Fax: +353-1-269-4481
Web site: http://www.smurfit-group.com
Gary McGann
Phone: +353 1 202 7000
Ian Curley
Phone: +353 1 202 7000
=========
I T A L Y
=========
FIAT SPA: Barclays Now Owns Over Half of Iveco's Finance Arm
------------------------------------------------------------
For EUR119 million, British bank Barclays plc now controls 51
percent of Iveco Finance Holdings, which is owned by Fiat
S.p.A.'s truck and bus venture Iveco.
According to Interactive Investor Wednesday, the company has
been trying to cut down its debt and remain liquid by building
partnerships and disposing of assets.
The alliance between Iveco Finance and Barclays was among the
important strategic decisions the group laid out last month.
The joint venture will provide financial services to Iveco
customers.
Fiat earlier noted the 5% rise in Iveco's revenues, on top of
Group trading profit, which almost doubled from EUR24 million to
EUR47 million. It has also sliced its loss from EUR146 million
to EUR129 million amid a lower auto market demand.
CONTACT: FIAT S.p.A.
250 Via Nizza
10126 Turin
Phone: +39-011-006-1111
Fax: +39-011-006-3798
Web site: http://www.fiatgroup.com
BARCLAYS PLC
1 Churchill Place
London
E14 5HP, United Kingdom
Phone: +44-20-7116-1000
Web site: http://www.barclays.com
MG ROVER: Creditors Meeting Set June 13
---------------------------------------
In accordance to paragraph 51 of Schedule B1 to the Insolvency
Act 1986, MG Rover Italia S.p.A. will hold an initial meeting of
creditors on June 13, 2005, 11:30 a.m. at Hilton Rome Airport,
Via Arturo Ferrarin, Fiumicino, Rome, Italy 00050.
Any creditor unable to attend should complete a proxy form on or
before June 13, 2005 if they wish to be represented. To be
entitled to voter at the meeting, creditors must provide details
in writing of their claims to the address below not later than
12:00 noon of the day prior to the meeting.
Any member of the company who requires a copy of the proposals
should send a written request to the address below, and a copy
will be sent free of charge.
Anthony Victor Lomas,
Steven Anthony Pearson, and
Robert Jonathan Hunt
Joint Administrators
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street
Leeds LS1 4JP
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
Web site: http://www.pwcglobal.com
PARMALAT FINANZIARIA: U.S. Judge Stays Citigroup's Countersuit
--------------------------------------------------------------
Dairy group Parmalat Finanziaria failed to have a counterclaim
on its fraud suit against Citibank and parent, Citigroup, Inc.
dismissed in the U.S., according to Reuters.
New Jersey judge Jonathan Harris of Bergen County Superior Court
on Tuesday said the plaintiff failed to demonstrate "each of the
elements necessary to enjoy claim preclusion against Citibank".
A case filed by Parmalat's administrator, Enrico Bondi, says
Citigroup is partly to blame in the group's collapse by
providing financing that helped hide losses and debt. Citigroup
in turn alleged it is also a victim of fraud and is thus seeking
to have the lawsuit dismissed.
Parmalat filed for insolvency under Italian laws in December
2003 with debt of EUR14 billion (US$18 billion). Its U.S. dairy
units filed for Chapter 11 bankruptcy protection two months
after.
CONTACT: PARMALAT FINANZIARIA
Sede legale: 43044 Collecchio (Pr)
- Via Oreste Grassi, 26
Codice fiscale e iscrizione nel Registro delle Imprese
di Parma 00175250471 - Partita I.V.A. 01938950340 -
R.E.A. Parma n. 188325 - U.I.C. n. 730
Sede amministrativa: 20122 Milano
Piazza Erculea, 9
Phone: (39) 02.8068801
Fax: (39) 02.8693863
E-mail: x_affari_societari_it@parmalat.net
RENO DE MEDICI: Ratings Downgraded to 'B' on Weak Cash flow
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italy-based carton board and
packaging company Reno De Medici S.p.A. to 'B' from 'B+'. The
same rating action was taken on the senior unsecured debt of
subsidiary Reno De Medici International S.A. In addition, the
'B' short-term corporate credit rating on RDM was affirmed. The
outlook is negative.
The downgrade reflects RDM's weaker-than-expected operating cash
flows. Operating performance has been affected by persisting
difficult market conditions, which have further deteriorated
over the past months.
"Moreover, the company's restructuring efforts and cost
efficiency improvements have been counterbalanced by increased
price pressure in its main product markets," said Standard &
Poor's credit analyst Barbara Castellano.
"This is likely to prevent any further material improvement in
operating cash flows in 2005."
In 2004, RDM generated EBITDA of only EUR45 million ($55.1
million), albeit up from EUR30 million in 2003. The weak cash
flow generation has also negatively affected credit measures: In
2004, funds from operations (FFO) to net debt was below 10%, and
net debt to EBITDA for the 12 months ended March 31, 2005) was
5.3x (6x including unfunded pension liabilities).
The negative outlook primarily reflects concerns regarding the
group's near-term financial flexibility, as more than 80% of the
interest-bearing debt is now short term, and refinancing of the
EUR150 million bond has not yet been resolved.
"We expect RDM to seek a solution to the refinancing issues in
the near term," said Ms. Castellano. "If the refinancing is not
resolved in 2005, however, the rating could be lowered further.
In addition, downward pressure on the rating could increase if
operating cash flows weaken or if the group fails to improve its
credit measures over the near-to-medium term."
Standard & Poor's expects FFO to net debt to improve to about
10% in 2005.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: Re-elects Board of Directors
----------------------------------------------------
Millicom International Cellular S.A. held its Annual General
Meeting of Shareholders in Luxembourg on May 31.
The AGM re-elected Vigo Carlund, Donna Cordner, Ernest Cravatte,
Lars-Johan Jarnheimer, Daniel Johannesson, Raymond Kirsch,
Michel Massart and Cristina Stenbeck as members of the Board of
Directors. Tope Lawani was elected as a new member of the Board
of Directors. PricewaterhouseCoopers was re-elected as Auditor.
Tope Lawani is co-founder and Managing Director of Helios
Investment Partners, a private investment firm formed to pursue
private equity investments in Sub-Saharan Africa. From 1996 to
January 2004 he was Principal in Texas Pacific Group, a global
private investment firm. He is a member of the Board of
Directors of Finacity, a former member of the Board of Directors
of Debenhams and a former alternate member of the Boards of J
Crew and Burger King Corp. Tope Lawani has a BS from the
Massachusetts Institute of Technology, an MBA from Harvard
Business School and a Juris Doctor cum laude from Harvard Law
School.
The AGM resolved to grant 750,000 share options to certain
Directors and employees of Millicom. The options are
exercisable at a 15% premium to the closing market price of
Millicom shares on the Nasdaq Stock Market on May 31, 2005. The
maximum potential dilution of the current issued share capital
of Millicom as a result of the granting of these new share
options is 0.75%.
The AGM resolved that a Shareholders' Nominations Committee will
prepare a proposal of persons to be elected as Directors for the
2006 AGM. This committee will be created during the fall of
2005 in consultation with at least three major Millicom
Shareholders and Cristina Stenbeck will act as convenor of this
committee. The composition of the Shareholders' Nominations
Committee will be communicated in the financial report for the
3rd quarter of 2005.
A second extraordinary shareholders' meeting will be convened
for item 9 of the Agenda of the Meeting as the special quorum of
50% of the shareholders was not present. The second
extraordinary shareholders' meeting will vote on a resolution in
accordance with the requirements of article 100 of the law of
August 10, 1915 on commercial companies as amended.
All other resolutions proposed to Millicom's Annual General
Meeting of shareholders on Tuesday in Luxembourg were passed.
At a meeting of the Board of Directors following the AGM, Daniel
Johannesson was re-elected as Chairman of the Board of
Directors. Michel Massart was re-appointed as Chairman of the
Audit Committee. Ernest Cravatte and Raymond Kirsch were re-
appointed and Tope Lawani was appointed as members of the Audit
Committee. Daniel Johannesson was appointed as Chairman of the
Compensation Committee and Vigo Carlund, Donna Cordner and
Cristina Stenbeck were appointed members of the Compensation
Committee. Daniel Johannesson, Donna Cordner and Ernest
Cravatte, all being independent directors, were appointed as
members of the Nominating Committee of the Board as required by
the Nasdaq market rules.
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsborsen: MIC), is a global telecommunications investor
with cellular operations in Asia, Latin America and Africa. It
currently has a total of 16 cellular operations and licenses in
15 countries. The Group's cellular operations have a combined
population under license of approximately 332 million people.
CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A., LUXEMBOURG
Marc Beuls, President and Chief Executive Officer
Phone: +352 27 759 327
Andrew Best
Investor Relations
Phone: +44 20 7321 5022
=====================
N E T H E R L A N D S
=====================
TELESYSTEM INTERNATIONAL: Closes ClearWave Sale to Vodafone
-----------------------------------------------------------
Telesystem International Wireless Corporation N.V., a wholly
owned subsidiary of Telesystem International Wireless Inc.,
completed on May 31 the sale of its interests in ClearWave N.V.
to Vodafone International Holdings B.V., a wholly owned
subsidiary of Vodafone Group Plc, for a cash consideration of
approximately US$3.5 billion.
These proceeds along with other net cash at TIW are intended to
be distributed to its shareholders pursuant to a court-
supervised Plan of Arrangement approved by shareholders at a
special meeting held on May 19, 2005.
About TIW
TIW operates under a court supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
2005, proceed with its liquidation, including the implementation
of a claims process and the distribution of net cash to
shareholders, cancel its common shares and proceed with its
final distribution and be dissolved. TIW's shares are listed on
NASDAQ (TIWI) and on the Toronto Stock Exchange (TIW).
* * *
On May 19, Telesystem International Wireless Inc. announced that
its shareholders approved the Plan of Arrangement for the sale
of its indirect interest in ClearWave N.V. to Vodafone
International Holdings B.V.
The Plan of Arrangement provides for the sale of TIW's indirect
interest in ClearWave, being substantially all of its assets,
for approximately US$3.5 billion (subject to adjustments) and
the assumption of net debt of approximately US$950 million (as
at December 31, 2004). After execution of the sale, the Company
will proceed with a court-supervised plan for the distribution
to its shareholders of the net proceeds from the sale along with
other net cash. The execution of the sale, which is still
subject to regulatory approvals, is expected to take place
before the end of June 2005.
A total of 143.7 million votes were cast at the special meeting
held on May 19, representing 66.7% of the common shares
outstanding. 99.7% voted in favour of the transaction.
Following the approval of the transaction, the Company confirms
that the investor rights agreement between TIW and certain key
shareholders, which provides for representation rights on our
Board, is terminated. The Company also considers that all
contractual arrangements restricting the trading of the shares
held by certain shareholders are no longer applicable.
The notice of special meeting and the information circular of
TIW contain a detailed description of the Plan of Arrangement.
These materials are available at http://www.tiw.ca,
http://www.sedar.comor http://www.sec.gov.
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
For Investors
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
VERSATEL TELECOM: Takeover Talks with Belgacom Continue
-------------------------------------------------------
Versatel Telecom International N.V. is continuing discussions
with Belgacom N.V. and Talpa Capital B.V. regarding a strategic
cooperation. As earlier announced by Versatel on 2 May 2005,
such strategic cooperation may include a possible public offer.
In view of the stage of these discussions, no further
announcements will be made at this moment. Versatel expects
that a further announcement can be made towards the end of June
2005.
Versatel Telecom International N.V. (Euronext: VRSA). Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the Benelux
and Germany. Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.
Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and
Internet services. Versatel is a publicly traded company on
Euronext Amsterdam under the symbol VRSA.
News and information are available at http://www.versatel.com.
* * *
Rabo Securities previously said a combination of Belgacom an
Versatel "makes sense." It would give cash-rich Belgacom a
presence in Germany and the Netherlands, it said.
Rabo estimates a bid could go up to EUR2.50/share.
Belgacom has been trying to expand outside his home market. It
previously attempted to buy Cesky Telecom, as well as Turk
Telecom, but failed.
In March, Versatel's net loss for the year ended December 31,
2004, amounted to EUR24.4 million compared with EUR32.9 million
in 2003. 4Q04 net loss was EUR8.6 million compared with a net
loss of EUR4.4 million in 3Q04 and EUR10.4 million in 4Q03. The
increase in net loss was primarily attributable to the increased
depreciation expenses from our accelerated capital investments,
the interest impact of convertible bond and the consolidation of
BerliKomm.
CONTACT: VERSATEL TELECOM INTERNATIONAL N.V.
Wouter van de Putte, Head of Investor Relations
Phone: +31-20-750-2362
E-mail: wouter.vandeputte@versatel.com
Cilesta van Doorn
Manager Corporate Communications
Phone: +31-20-750-1318
E-mail: cilesta.vandoorn@versatel.com
===========
P O L A N D
===========
WEGLA WEGLOZBYT: Narrowly Avoids Bankruptcy
-------------------------------------------
Troubled cola distributor Weglozbyt has temporarily averted
bankruptcy after a court placed the group in a 12-month
observation period, Europe Intelligence Wire says.
The Katowice Regional Commercial Court also ordered Weglozbyt to
settle its PLN90 million debt quarterly within four years after
the observation period. The group's creditors include Kompania
Weglowa, Katowicki Holding Weglowy and the Budryk coal mine.
The group now plans to resume its coal business and jack up its
finances through selling its properties in Warsaw and Cracow for
PLN120 million. Group chairman Jerzy Gora also plans to cut its
workforce by half to 120 employees.
CONTACT: CENTRALA ZBYTU WEGLA WEGLOZBYT S.A.
40-048 Katowice,
ul. Kos'ciuszki 30
Fax: (032) 251 15 62
E-mail: czw@czw.com.pl
Web site: http://www.czw.com.pl
===========
R U S S I A
===========
BELOMORIT: Appoints I. Benyaminov Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Belomorit after finding the close joint
stock company insolvent. The case is docketed as A26-2265/04-
18. Mr. I. Benyaminov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 185035, Russia,
Kareliya republic, Petrozavodsk, Post User Box 318.
CONTACT: BELOMORIT
Russia, Kareliya republic, Belomorskiy region,
Sosnovets, Kirova Str. 2A
Mr. I. Benyaminov
Insolvency Manager
185035, Russia, Kareliya republic,
Petrozavodsk, Post User Box 318
ILISHEVSKIYE: Creditors Have Until June to File Claims
------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Ilishevskiye after finding the
specialized building-assembly corporation insolvent. The case
is docketed as A07-39907/04-G-MOG. Mr. S. Adiatullin has been
appointed insolvency manager.
Creditors have until June 30, 2005 to submit their proofs of
claim to:
(a) ILISHEVSKIYE
452260, Russia, Bashkortostan republic, Ilishevskiy region,
Yarkeevo, Mekhanizatorskaya Str. 8/1
(b) Insolvency Manager
452260, Russia, Bashkortostan republic, Ilisheevskiy region,
V. Yarkeevo, Khudayberdina Str. 9/1, Apartment 16
(c) The Arbitration Court of Bashkortostan republic
Judge O. Mikhaylina
450057, Russia, Bashkortostan republic,
Ufa, Oktyabrskoy Revolyutsii Str. 63A
ISKRA: Succumbs to Bankruptcy
-----------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Iskra after finding the factory insolvent.
The case is docketed as A72-9544/04-21/37-B. Mr. A. Sazhnov has
been appointed insolvency manager. Creditors have until June
30, 2005 to submit their proofs of claim to 432063, Russia,
Ulyanovsk, Post User Box 7016.
CONTACT: ISKRA
432030, Russia, Ulyanovsk region,
Narimanova Str. 75
Mr. A. Sazhnov
Insolvency Manager
432063, Russia, Ulyanovsk region,
Post User Box 7016
KLINTSY-AGRO-TRANS: Deadline for Proofs of Claim June 30
--------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Klintsy-Agro-Trans (TIN 3217000453) after
finding the open joint stock company insolvent. The case is
docketed as A09-13416/04-26. Mr. I. Merkulov has been appointed
insolvency manager. Creditors have until June 30, 2005 to
submit their proofs of claim to Russia, Bryansk-35, Post User
Box 1.
CONTACT: KLINTSY-AGRO-TRANS
243100, Russia, Bryansk region,
Klintsy, Skachkovskaya Str. 21A
Mr. I. Merkulov
Insolvency Manager
241035, Russia, Bryansk-35,
Post User Box 1
MOTOR DEPOT #3: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on open joint stock company
Motor Depot #3. The case is docketed as A33-1334/2005. Mr. V.
Kustikov has been appointed temporary insolvency manager.
CONTACT: MOTOR DEPOT #3
Russia, Krasnoyarsk region,
Kansk, Okruzhnaya Str. 16
Mr. V. Kustikov
Temporary Insolvency Manager
660069, Russia, Krasnoyarsk region,
Post User Box 13082
NEFTYANIK: Declared Insolvent
-----------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Neftyanik after finding the oil company
insolvent. The case is docketed as A48-222/01-16B. Mr. I.
Maslov has been appointed insolvency manager. Creditors may
submit their proofs of claim to 302027, Russia, Orel,
Leskova Str. 19A, 8th floor.
CONTACT: NEFTYANIK
303620, Russia, Orel region,
Khomutovo, Oktyabrskaya Str. 3
Mr. I. Maslov
Insolvency Manager
302027, Russia, Orel region,
Leskova Str. 19A, 8th floor
RED FORGE: Under External Bankruptcy Procedure
----------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy external management procedure on open joint stock
company Red Forge (TIN 2901008680). The case is docketed as
A05-14539/04-28. Mr. V. Galitskiy has been appointed external
insolvency manager. Creditors may submit their proofs of claim
to 163000, Russia, Arkhangelsk, Nikolskiy Pr. 15.
CONTACT: RED FORGE
163000, Russia, Arkhangelsk region,
Nikolskiy Pr. 15
Mr. V. Galitskiy
External Insolvency Manager
163000, Russia, Arkhangelsk region,
Nikolskiy Pr. 15
VENEVA-AGRO-SERVICE: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company Veneva-Agro-
Service. The case is docketed as A-68-17/B-05. Ms. G.
Vershinina has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 300041, Russia,
Tula-41, Post User Box 1390. A hearing will take place on July
11, 2005, 11:00 a.m. at the Arbitration Court of Tula region
located at Russia, Tula, Sovetskaya Str. 112, Hall 36.
CONTACT: VENEVA-AGRO-SERVICE
301320, Russia, Tula region, Venevskiy region,
Venev, Koltsevaya Str. 1A
Ms. G. Vershinina
Temporary Insolvency Manager
300041, Russia, Tula-41,
Post User Box 1390
VESHKAYMSKIY: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Veshkaymskiy after finding the butter
factory insolvent. The case is docketed as A72-9146/04-21/35-B.
Mr. L. Yakovlev has been appointed insolvency manager.
Creditors have until June 30, 2005 to submit their proofs of
claim to 433100, Russia, Ulyanovsk region, Veshkaymskiy region,
Beketovka, Priozernaya Str. 4.
CONTACT: VESHKAYMSKIY
432100, Russia, Ulyanovsk region,
Veshkaymskiy region, Veshkayma
Mr. L. Yakovlev
Insolvency Manager
433100, Russia, Ulyanovsk region, Veshkaymskiy region,
Beketovka, Priozernaya Str. 4
Phone/Fax: 8(84243) 57-2-35
VIOLA: Mordoviya Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Mordoviya republic has commenced
bankruptcy supervision procedure on open joint stock company
Viola. The case is docketed as A19-1265/05-91/7. Mr. E.
Mochalov has been appointed temporary insolvency manager.
CONTACT: VIOLA
430003, Russia, Mordoviya republic,
Saransk, Rabochaya Str. 173
Mr. E. Mochalov
Temporary Insolvency Manager
430000, Russia, Mordoviya republic,
Saransk, Lenina Pr. 12, Room 230
YUKOS OIL: Angarskaya Refinery Might Seek Creditor Protection
-------------------------------------------------------------
Angarskaya Petrochemicals, Yukos Oil Company's biggest oil
refinery, might consider filing for bankruptcy, after a Moscow
court ordered it to pay New Century Securities Management
Anstalt's US$358 million claim, according to Bloomberg News.
According to Interfax, Angarskaya will maximize all legal means
to defend itself from the court decision.
Headquartered in Moscow, Texas, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation. Yukos is involved in the energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets. The
Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr.
S.D. Tex. Case No. 04-47742). Zack A. Clement, Esq., C. Mark
Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq.,
Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright &
Jaworski, LLP, represent the Debtor in its restructuring
efforts. When the Debtor filed for protection from its
creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debt. (Yukos Bankruptcy News, Issue
No. 21; Bankruptcy Creditors' Service, Inc., 215/945-7000)
=========
S P A I N
=========
MG ROVER: To Hold Creditors Meeting Mid-June
--------------------------------------------
In accordance to paragraph 51 of Schedule B1 to the Insolvency
Act 1986, MG Rover Espana S.A. will hold an initial meeting of
creditors on June 14, 2005, 11:30 a.m. at Hotel Auditorium,
Avenida de Aragon 400, 28022 Madrid.
Any creditor unable to attend should complete a proxy form on or
before June 14, 2005 if they wish to be represented. To be
entitled to voter at the meeting, creditors must provide details
in writing of their claims to the address below not later than
12:00 noon of the day prior to the meeting.
Any member of the company who requires a copy of the proposals
should send a written request to the address below, and a copy
will be sent free of charge.
Anthony Victor Lomas,
Steven Anthony Pearson, and
Robert Jonathan Hunt
Joint Administrators
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street
Leeds LS1 4JP
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
Web site: http://www.pwcglobal.com
===========
S W E D E N
===========
SAS GROUP: Simplifies Corporate Administration
----------------------------------------------
In order to simplify the corporate administration within the SAS
Group, the Board of Directors of SAS AB has decided that the
boards of the subsidiaries the SAS Consortium and its three
holding companies shall consist of members of the Group
Management. Such board representation is already implemented
for the other subsidiaries of the SAS Group. The members of the
Board of SAS AB have earlier had these positions.
The above changes in SAS Danmark A/S, SAS Norge A.S., SAS
Sverige AB and the SAS Consortium will be implemented in
connection with the upcoming annual general meetings for 2005.
New Chairman of the boards will be the Jorgen Lindegaard CEO &
President of the SAS Group.
The Board of SAS AB, who is elected by the shareholders of SAS
AB and performs the overall board governance of the SAS Group,
will not be affected by these changes.
CONTACT: SAS GROUP
Mats Lonnkvist
Senior Vice President & General Counsel
Phone: +46-709 972754
SKANDIA INSURANCE: Profit Down to SEK423 Million
------------------------------------------------
Improvement in result according to IFRS:
(a) profit before tax rose to SEK386 million (SEK186 million);
(b) revenues rose 12% to SEK3,803 million (SEK3,399 million);
(c) expenses rose 6% to -SEK3,417 million (-SEK3,213 million);
(d) profit for the period totaled SEK423 million (SEK1,211
million). Profit for the same period a year ago was
favorably affected in the amount of SEK834 million from the
sale of the Japanese operation;
(e) earnings per share before dilution were SEK0.41 (SEK1.19, of
which 0.81 pertained to discontinued operations), and the
return on shareholders' equity was 13% (11%); and
(f) all comparison figures have been recalculated in accordance
with International Financial Reporting Standards (IFRS),
which took effect on 1 January 2005. Shareholders' equity
as per 1 January 2005 has decreased by SEK504 million due to
an adjustment for own shares in certain funds which
according to IFRS must be consolidated.
Stronger Embedded Value Result:
(a) the group's result of operations (excluding financial
effects) amounted to SEK973 million (SEK873 million);
(b) the present value of new business for unit linked assurance
increased by 65% in local currency, to SEK646 million
(SEK396 million);
(c) the calculated profit margin for new sales increased to
23.9% (16.5%). All divisions contributed to the improved
profitability of new sales; and
(d) net asset value per share increased to SEK30.88, compared
with SEK 29.44 at year-end.
Operations Showed Good Growth and Improved Profitability:
(a) premiums and deposits rose 9% in local currency, to
SEK27,022 million (SEK25,315 million). New sales rose 15%
in local currency;
(b) the U.K. showed continued growth, despite an exceptionally
strong first quarter in 2004;
(c) premiums and deposits in Sweden were stable. The market
share decreased, but the sales trend shows a slight
recovery;
(d) other countries in Europe are characterized by strong growth
and very good profitability;
(e) funds under management grew by 8% in local currency, to
SEK424,055 million, thanks to a larger inflow and favorable
growth in value; and
(f) cash flow from operating activities (excluding changes in
deposits and lending in the banking operation) amounted to
SEK0.4 billion (-SEK1.1 billion).
Hans-Erik Andersson, President and CEO, said: "During the first
quarter, for the first time we are presenting more detailed
descriptions of the developments within our divisions, including
a divisional breakdown of capital employed. This also marks the
first time that we are presenting a report prepared in
accordance with the new International Financial Reporting
Standards (IFRS). We hope and believe that this will contribute
to greater transparency and thus a better understanding of our
business.
"The year began well for Skandia. The result improved both
according to IFRS and the embedded value method. Sales have
continued to rise at the same time that the negative cash flow
has decreased. Our financial position has strengthened.
"Skandia's performance is a clear sign that the ongoing work on
striking a balance between, on the one hand, effective
governance and control and the utilization of resources, and the
other, the local initiative that drives our business in each
market, is beginning to generate results. Creating long-term
value is our goal. In recent years we have had good growth in
the present value of new business, and the first quarter of
2005 is no exception.
"As an example of our ability to create value added, I want to
point in particular to the performance of the Europe & Latin
America division. The division's operations are spread across a
number of countries and by traditional industry standards can be
considered as very young. In a short time Skandia has
established a presence in these markets as a successful and
respected niche player. As a case in point is Germany, which
during its relatively short lifetime to date has achieved a
volume of funds under management worth approximately EUR1
billion.
"Our successes in the U.K., Asia Pacific & Offshore division
also continue. The U.K. operation has grown its market share
gradually over a longer period of time. This success is an
expression of the long experience Skandia has in the rapidly
growing unit linked multi-manager segment, where we are the
market leader. Our development of the product offering,
especially in unit linked bonds, and the introduction of a
number of new pension products, have strongly contributed to an
increase in market share and growth. This is gratifying,
especially in view of the coming changes in the U.K. pensions
market in 2006.
"Despite a decline in market share (measures in terms of new
business) in the Swedish operation, the sales trend indicates a
slight recovery. New sales of unit-linked assurance have now
increased for the second quarter running on a quarter-on-quarter
basis. The year got off to a weak start, but thereafter we have
seen rising sales figures. Interest in our products is keen.
"Our banking operation also continues to develop favorably in
terms of customer numbers as well as in deposits, lending volume
and profit. If we look at all savings segments in the Swedish
market, measured in terms of total savings, Skandia's combined
market share has increased during the last twelve-month period
from 12.1% to 12.4%. We are very grateful for the continued
confidence our customers have shown in us during what has
without question been a turbulent period.
"On the whole we can say that business is performing well and
that we are achieving the financial targets that we have set. I
want to express my gratitude to Skandia's employees, who have
continued to deliver outstanding performance and contributed to
our success under often difficult circumstances."
A copy of these results is available free of charge at
http://bankrupt.com/misc/SkandiaInsurance(2005).pdf
CONTACT: SKANDIA INSURANCE COMPANY LTD.
Sveavagen 44
S-103 50 Stockholm, Sweden
Phone: +46-8-788-1000
Fax: +46-8-788-3080
Web site: http://www.skandia.com
=============
U K R A I N E
=============
UKRSIBBANK: Eurobond Gets Long-term Rating of 'B-'
--------------------------------------------------
Fitch Ratings assigned Bayerische Hypo- und Vereinsbank AG's
upcoming issue of limited recourse loan participation notes an
expected Long-term 'B-' rating. The notes are to be used solely
for financing a loan to JSIB 'UkrSibbank' (rated Long-term
foreign currency 'B-'/Stable Outlook, Short-term 'B', Support
'5', Individual 'D/E') under a loan agreement. HVB will only
pay noteholders principal and interest, if any, received from
UkrSib under the loan agreement. The assignment of the final
rating is contingent on receipt of final documentation
conforming materially to information already received.
The loan agreement between HVB and UkrSib contains a cross
default clause and a covenant that HVB's claims under the loan
agreement will rank at least pari passu with the claims of other
unsecured and unsubordinated creditors, save those preferred by
relevant (bankruptcy, liquidation etc.) laws. Under Ukrainian
law, the claims of retail depositors rank above those of other
senior unsecured creditors. At end-2004, retail deposits
accounted for 32% of UkrSib's total liabilities, according to
the bank's IFRS accounts.
Other covenants limit mergers and disposals by UkrSib and its
subsidiaries and transactions between the bank and its
affiliates. UkrSib has also covenanted to maintain a total
Basel capital adequacy ratio of at least 12% (or 11% if its
Long-term rating reaches 'BB-').
The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by UkrSib. Were such
transactions to be undertaken, Fitch comments that the nature
and extent of any over-collateralization would be assessed by
the agency for any potential impact on unsecured creditors.
Noteholders will benefit from a put option in the event of a
change in control of UkrSib or its corporate restructuring,
should these events result in a rating downgrade.
UkrSib was founded in 1990 in Kharkov in the east of Ukraine,
but its head office is now in Kiev, the capital. It was the
fifth largest bank in Ukraine by assets at end-2004, having
grown very quickly since 2000, and it has a presence in most
regions in the country. The bank is ultimately controlled by
two shareholders who also have a number of substantial
industrial interests.
CONTACT: FITCH RATINGS
Vladlen Kuznetsov, Moscow
James Watson, Moscow
Phone: +7 095 956 9901
Media Relations:
Jon Laycock, London
Phone: +44 20 7417 4327
===========================
U N I T E D K I N G D O M
===========================
ALEXANDER FORBES: Hires Liquidators from Deloitte & Touche
----------------------------------------------------------
At the general meeting of Alexander Forbes Holdings Limited, the
special, ordinary and extraordinary resolutions to wind up the
company were passed. J. R. D. Smith and N. J. Dargan of P.O.
Box 810, Athene Place, 66 Shoe Lane, London EC4A 3WA have been
appointed joint liquidators of the company.
CONTACT: DELOITTE & TOUCHE LLP
Athene Place
66 Shoe Lane
London EC4A 3BQ
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
ATL MOBILE: Mobile Solutions Company Calls in Administrators
------------------------------------------------------------
Mark Jeremy Orton and James Douglas Ernie Money (IP Nos 8846,
1317) have been appointed administrators for ATL Mobile Limited.
The appointment was made May 25, 2005. The company offers
mobile business solutions and managed services. Its registered
office is located at St James Court, Brown Street, Manchester M2
2JF.
CONTACT: KPMG
Aquis Court,
31 Fishpool Street,
St Albans, AL3 4RF
Phone: 0500 644665
Web site: http://www.kpmg.co.uk
AUTO AUDIO: Hires Administrators from Begbies Traynor
-----------------------------------------------------
G. N. Lee and S. L. Conn (IP Nos 009204, 001762) have been
appointed administrators for Auto Audio Limited. The
appointment was made May 20, 2005. The company's registered
office is located at 164 Manchester Road, Chorlton, Manchester
M16 0DZ.
CONTACT: BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
Phone: 0161 839 0900
Fax: 0161 839 7436
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
AXIS LEGAL: Decides to Liquidate Assets
---------------------------------------
At the extraordinary general meeting of the members of Axis
Legal Management Limited on May 25, 2005 held at Hart Shaw,
Europa Link, Sheffield Business Park, Sheffield S9 1XU, the
extraordinary and ordinary resolutions to wind up the company
were passed. Andrew J. Maybery and Christopher J. Brown of Hart
Shaw have been appointed joint liquidators of the company.
CONTACT: HART SHAW
Europa Link
Sheffield Business Park
Sheffield S9 1XU
Phone: 0114 251 8850 or 01709 362001
Fax: 0114 251 8851 or 01709 368590
E-mails: chris.brown@hartshaw.co.uk
andrew.maybery@hartshaw.co.uk
BPS INSURE: Succumbs to Insolvency After Losing License
-------------------------------------------------------
General insurance brokerage BPS Insure Limited appointed Tuesday
administrators from insolvency practitioners Begbies Traynor
following a decision by the Financial Services Authority on May
5 to withdraw its permission to sell new policies.
One of the U.K.'s top 50 independent general insurance
brokerages, BPS Insure Limited has 11 offices in towns and
cities across Great Britain. Originally founded in 1996, its
target markets include smaller businesses and the leisure
industry. It also provides insurance for owners of holiday let
accommodation and guesthouses, and private individuals seeking
motor, travel or personal accident cover.
Neil Mather and Lloyd Biscoe, Joint Administrators from Begbies
Traynor, have arranged for all of BPS Insure Limited's business
to be transferred to Towergate Underwriting Group Limited, a
specialist underwriter that provides insurance policies for
selected scheme and niche markets. All 86 of BPS Insure
Limited's staff have been transferred to Towergate.
Neil Mather of Begbies Traynor said: "I am delighted that we
have been able to rescue the jobs of the company's employees and
provide continuity of service to policyholders. We will
urgently review the company records to identify if any of the
20,000 policyholders have been left without cover as a result of
the company's failure.
"At this stage we believe that most people who are policyholders
have valid cover; however, where we identify any without cover,
Towergate will contact them to advise them and arrange
alternative cover."
CONTACT: BPS INSURE LIMITED
195 Loughborough Road, West Bridgford
Nottingham NG2 7PF
Phone: 0870 4208053
Fax: 0870 4208054
E-mail: info@bpsinsure.co.uk
Web site: http://www.bpsinsure.co.uk
BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester
M3 3BP
Phone: 0161 839 0900
Fax: 0161 832 7436
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies-traynor.com
CATERMART CASH: Food, Drink Wholesaler Falls into Administration
----------------------------------------------------------------
Antony Batty (IP No 1049) has been appointed administrator for
Catermart Cash & Carry (Cambridge) Limited. The appointment was
made May 20, 2005. The company wholesales food and drink. Its
registered office is located at Unit AA, The Paddocks, 347
Cherry Hinton Road, Cambridge CB1 8DH.
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
CHAMBERLAIN SCOTT: Members Opt for Liquidation
----------------------------------------------
At the extraordinary general meeting of the members of
Chamberlain Scott International (UK) Limited on May 24, 2005
held at 18 Sapcote Trading Centre, Dudden Hill Lane, London NW10
2DH, the extraordinary and ordinary resolutions to wind up the
company were passed. David Wald of D. Wald & Co, 18 Sapcote
Trading Centre, Dudden Hill Lane, London NW10 2DH has been
appointed liquidator of the company.
CONTACT: D. WALD & CO.
18 Sapcote Trading Centre
Dudden Hill Lane
London NW10 2DH
Phone: 020 8451 3939
Fax: 020 8830 2929
CHARLES ROBERTS: Names P&A Partnership Administrator
----------------------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144)
have been appointed administrators for Charles Roberts
Construction Limited. The appointment was made April 29, 2005.
The company is into civil engineering & tarmacadam work. Its
registered office is located at Poppleton & Appleby, The Old
Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent,
Staffordshire ST3 6HP.
CONTACT: THE P&A PARTNERSHIP
The Old Barn, Caverswall Park, Caverswall Lane
Stoke on Trent ST3 6HP
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
COLT TELECOM: Names Veteran Fidelity Exec Non-executive Director
----------------------------------------------------------------
COLT Telecom Group plc has appointed Richard D. Walsh as a non-
executive director.
Mr. Walsh is a managing director of the Fidelity Broadband
Group, a unit of Fidelity Investments, which manages the
company's capital investments in various telecommunications
companies. He is also a director of Fidelity International
Limited (FIL).
Since 1991, Mr. Walsh has held a number of senior positions in
the Fidelity organization including vice president of human
resources, managing director of human resources for FIL and
managing director of Crosby Advisors. Mr. Walsh was previously
with Digital Equipment Corporation for 17 years.
Mr. Walsh gained a bachelor of arts and a master of arts from
Boston College.
COLT Chairman, Barry Bateman, said: "[Mr. Walsh's] sector
knowledge and specialist human resources experience will be
invaluable as we continue to progress COLT's Future in Focus
strategy. I look forward to working with him."
* * *
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.
CONTACT: COLT TELECOM GROUP PLC
Web site: http://www.colt.net
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
CONSUMER ADVICE: Appoints Rimmer Higson Liquidator
--------------------------------------------------
At the extraordinary general meeting of Consumer Advice (UK)
Limited on May 5, 2005 held at Rimmer Higson, 22 Ribblesdale
Place, Winckley Square, Preston PR1 3NA, the extraordinary and
ordinary resolutions to wind up the company were passed.
Michael Rimmer of Rimmers Higson, 22 Ribblesdale Place, Winckley
Square, Preston PR1 3NA has been appointed liquidator of the
company.
CONTACT: RIMMER HIGSON
22 Ribblesdale Place
Winckley Square
Preston
Lancashire PR1 3NA
Phone: 01772 555174
Fax: 01772 204755
DAVE ADAMSON.COM: Liquidator Enters Firm
----------------------------------------
At the extraordinary general meeting of Dave Adamson.Com Limited
on May 24, 2005 held at Bridgestones, 125-127 Union Street,
Oldham OL1 1TE, the extraordinary and ordinary resolutions to
wind up the company were passed. Jonathan Lord of Bridgestones,
125-127 Union Street, Oldham OL1 1TE has been appointed
liquidator of the company.
CONTACT: BRIDGESTONES
125-127 Union Street
Oldham
Lancashire OL1 1TE
Phone: 0161 785 3700
Fax: 0161 785 3701
E-mail: rlc@bridgestones.co.uk
DAVID LEON: Hires Gregory Michael & Co. as Liquidator
-----------------------------------------------------
At the extraordinary general meeting of David Leon Partnership
Limited on May 10, 2005 held at 6 Southwick Mews, Paddington,
London W2 1JG, the subjoined extraordinary and ordinary
resolutions to wind up the company were passed. Michael Ioannou
of Gregory Michaels & Co, 6 Southwick Mews, Paddington, London
W2 1JG has been appointed liquidator of the company.
CONTACT: GREGORY MICHAEL & CO
6 Southwick Mews
Paddington
London W2 1JG
Phone: 020 7723 1816
Fax: 020 7706 2090
E-mail: gm@michaels.demon.co.uk
DELTAGOLD COMPUTING: Collapses into Liquidation
-----------------------------------------------
At the extraordinary general meeting of Deltagold Computing Ltd.
on May 24, 2005 held at 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES, the extraordinary resolution to wind up
the company was passed. Helen Timothe Phillips of 21-23 Station
Road, Gerrards Cross, Buckinghamshire SL9 8ES has been appointed
liquidator of the company.
CONTACT: PHILLIPS & CO
21/23 Station Road
Gerrards Cross
Buckinghamshire SL9 8ES
Phone: 01753 883315
Fax: 01753 886324
E-mail: insol@phillipsinsolvency.co.uk
ELEPHANT LIMITED: PwC Puts Business up for Sale
-----------------------------------------------
The joint administrators, Robert Birchall and Derek Howell,
offer for sale the business and assets of Elephant Limited, a
retailer of contemporary furniture, kitchens, soft furnishings,
and sofas. The group also has capacity to manufacture items in
Bristol.
Features:
(a) Annual turnover of around GBP4 million;
(b) Head office in London and 10 showrooms across London,
Bristol, Brighton and Bath; and
(c) Warehousing facility in Bristol and a distributing unit in
Acton, London.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
Chris Spencer
Phone: 0114 259 8216
Fax: 0114 259 8202
E-mail: christopher.j.spencer@uk.pwc.com
FBC INDUSTRIAL: Liquidators from PricewaterhouseCoopers Move in
---------------------------------------------------------------
Name of companies:
FBC Industrial Chemicals Limited
Reldy Limited
At the extraordinary general meeting of FBC Industrial Chemicals
Limited and Reldy Limited on May 20, 2005, the special and
ordinary resolutions to wind up the companies were passed.
Jonathan Sisson and Richard Setchim of PricewaterhouseCoopers
LLP, Plumtree Court, London EC4A 4HT have been appointed joint
liquidators of the company.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
GREENESFIELD HEATING: Hires Liquidator from Tenon Recovery
----------------------------------------------------------
At the extraordinary general meeting of Greenesfield Heating
Limited on May 20, 2005 held at Tenon House, Ferryboat Lane,
Sunderland SR5 3JN, the subjoined extraordinary resolution to
wind up the company was passed. Ian William Kings of Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN has
been appointed liquidator of the company.
CONTACT: TENON RECOVERY
Tenon House, Ferryboat Lane,
Sunderland SR5 3JN
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
HEATH LAMBERT: Appoints Ernst & Young Administrator
---------------------------------------------------
M. E. Mills and G. H. Hughes (IP Nos 5318, 6529) have been
appointed administrators for Heath Lambert Management Limited.
The appointment was made May 26, 2005. The company offers
management services. Its registered office is located at Friary
Court, Crutched Friars, London EC3N 2NP.
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
HOMEFRONT BUILDING: Owners Choose to Liquidate Company
------------------------------------------------------
At the extraordinary general meeting of the members of Homefront
Building Services Limited on May 24, 2005 held at 284 Clifton
Drive South, Lytham St Annes, Lancashire FY8 1LH, the
extraordinary and ordinary resolutions to wind up the company
were passed. James Richard Duckworth of Freeman Rich
Insolvency, 284 Clifton Drive South, Lytham St Annes FY8 1LH has
been appointed liquidator of the company.
CONTACT: FREEMAN RICH
284 Clifton Drive South
Lytham St Annes
Lancashire FY8 1LH
Phone: 01253 712231
Fax: 01253 721871
E-mail: insol@freemanrich.fsnet.co.uk
HOTEL SECURITY: Brings in Liquidator from Piper Thompson
--------------------------------------------------------
At the extraordinary general meeting of the members of Hotel
Security Services Limited on May 23, 2005 held at the offices of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ, the extraordinary resolution to wind up the
company was passed. Tony James Thompson of Piper Thompson,
Mulberry House, 53 Church Street, Weybridge, Surrey KT13 8DJ has
been nominated liquidator of the company.
CONTACT: PIPER THOMPSON
Mulberry House,
53 Church Street, Weybridge,
Surrey KT13 8DJ
Phone: 01932855515
MG ROVER: Exports Unit Calls Creditors Meeting
----------------------------------------------
In accordance to paragraph 51 of Schedule B1 to the Insolvency
Act 1986, MG Rover Exports Limited will hold an initial meeting
of creditors on June 14, 2005, 10:30 a.m. at The Hilton
Metropole Birmingham, National Exhibition Center, Birmingham B40
1PP.
Any creditor unable to attend should complete a proxy form on or
before June 14, 2005 if they wish to be represented. To be
entitled to voter at the meeting, creditors must provide details
in writing of their claims to the address below not later than
12:00 noon of the day prior to the meeting.
Any member of the company who requires a copy of the proposals
should send a written request to the address below, and a copy
will be sent free of charge.
Anthony Victor Lomas,
Steven Anthony Pearson, and
Robert Jonathan Hunt
Joint Administrators
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street
Leeds LS1 4JP
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
Web site: http://www.pwcglobal.com
MY FOTOSTOP: Grant Thornton Administrators Take over Helm
---------------------------------------------------------
Andrew David Conquest and Anthony Norman Flynn (IP Nos 5329,
8619) have been appointed administrators for My Fotostop
Limited. The appointment was made May 18, 2005. The company
wholesales photo processing equipment. Its registered office is
located at Fotostop House, Fallsbrook Road, London SW16 6DY.
CONTACT: GRANT THORNTON U.K. LLP
Grant Thornton House
Melton Street
Euston Square
London NW1 2EP
Phone: 020 7383 5100
Fax: 020 7383 4715
Web site: http://www.grant-thornton.co.uk
NORTHERN FOODS: Pre-tax Profit Dives Sharply to GBP4.3 Mln
----------------------------------------------------------
Highlights
(a) continuing sales growth of 2.0%:
(i) ambient continuing sales up 7.5% with continuing
operating profit* up 19.8% at GBP31.5 million,
(ii) frozen continuing sales down 2.2% with continuing
operating profit* held at GBP36.1 million,
(iii) chilled continuing sales up 2.0% but continuing
operating profit* down 19.2 % at GBP35.0 million;
(b) operating exceptional items of GBP46.4 million include
GBP45.3 million costs for factory closures and group
reorganization, in line with expectations;
(c) interest cover* remains satisfactory at 4.6 times, after
making a special pension contribution of GBP20.0 million and
realizing GBP34.6 million from business disposals;
(d) proposed final dividend per share increased by 1.8% to give
a 1.7% increase for the year;
(e) trading in line with expectations in the first seven weeks
of 2005/06;
(f) strategic review of the business completed;
(g) new management team established;
(h) business structure simplified;
(i) factory closures and product transfers implemented;
(j) disposal of non-core businesses;
(k) GET FIT program delivery on track; and
(l) new headquarters in Leeds fully operational.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Before goodwill amortization and exceptional items
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Chairman Peter Blackburn said: "We have made significant
progress on our journey of transformation as we work to realize
our potential as supplier of choice to U.K. and Irish retailers
in added value convenience foods.
"Following a period of disappointing financial performance, we
began the work of restructuring and refocusing the business in
Autumn 2003. The arrival of our new Chief Executive, Pat
O'Driscoll, at the end of March 2004 accelerated the pace. In
the last 12 months, a comprehensive strategic review of the
business has taken place, a new management team has been
established and a simplified business structure and factory
reorganization has been implemented. The significant changes
that we have made during 2005 have given Northern Foods a sound
platform from which to move forward.
Outlook
"Trading for the first seven weeks of the year is in line with
our expectations, but clearly this is an early view in a fast
moving and challenging market.
Results
"Despite tough market conditions and difficult Christmas
trading, continuing sales grew at 2.0% to GBP1,416.1 million.
The Ambient division showed strong performances with continuing
sales up 7.5%, and continuing operating profit before goodwill
amortization and exceptional items up 19.8% to GBP31.5 million.
Results from the Frozen division were broadly stable with
continuing operating profit before goodwill amortization and
exceptional items held at GBP36.1 million. The performance of
the Chilled division was disappointing with continuing sales up
2.0%, but continuing operating profit before goodwill
amortization and exceptional items* down 19.2% to GBP35.0
million.
Pre-tax Profit
"Pre-tax profit before goodwill amortization and exceptional
items was GBP80.2 million, a reduction of 6.7% against last
year. This resulted in earnings per share before goodwill
amortization and exceptional items of 12.95 pence (2004: 13.77
pence). Pre-tax profit after goodwill amortization and
exceptional items was GBP4.3 million compared to GBP75.4 million
last year, resulting in earnings per share of 0.53 pence (2004:
12.78 pence). Operating exceptional items of GBP46.4 million
included GBP45.3 million relating to factory closures and group
reorganization.
Financial Position
"Northern Foods' financial position remains sound and net debt
remains stable at GBP333.3 million. Our business is
characterized by strong cash flow. Over the next two years we
will continue to address the pension deficit and will bear
exceptional cash costs associated with the restructuring of the
business. However, we expect to remain comfortably positioned
against our key measure of financial strength -- interest cover
-- throughout this period. At the 2005, year-end interest cover
before goodwill amortization and exceptional items was
satisfactory at 4.6 times.
Dividend
"The board's confidence in the management team's ability to
deliver our business change program leads it to recommend an
increased final dividend of 5.70 pence per share (2004: 5.60
pence). Together with the increased interim dividend of 3.35
pence per share (2004: 3.30 pence) paid in March 2005, this
makes a total dividend for the year of 9.05 pence (2004: 8.90
pence), a rise of 1.7%.
Share Buyback
"We have made no share buybacks in the second half of the year.
A total of 15.6 million shares were acquired in the first half
at a cost of GBP24.2 million."
A copy of these results is available free of charge at
http://bankrupt.com/misc/NorthernFoods(Q12005).mht
CONTACT: NORTHERN FOODS PLC
2180 Century Way, Thorpe Park
Leeds
LS15 8ZB, United Kingdom
Phone: +44-113-390-0110
Fax: +44-113-390-0211
Web site: http://www.northern-foods.co.uk
NUTTY'S LIMITED: Calls in PricewaterhouseCoopers Liquidator
-----------------------------------------------------------
At the extraordinary general meeting of Nutty's Limited on May
25, 2005, the special and ordinary resolutions to wind up the
company were passed. Jonathan Sisson and Richard Setchim of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed joint liquidators of the company.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
ON BRAND: Calls in Administrator from Ian Bull
----------------------------------------------
Ian Bull (IP No 9007) has been appointed administrator for On
Brand International Limited. The appointment was made May 18,
2005.
The company sells advertising space and production of
advertising materials. Its registered office is located at 652
The Crescent, Colchester CO4 9YQ.
CONTACT: IAN BULL & CO
South Suffolk Business Centre
Alexandra Road
Sudbury
Suffolk CO10 2ZX
Phone: 01787 374667
Fax: 01787 319980
E-mail: ian@teambull.co.uk
PRIESTLEYS OF GLOUCESTER: Meeting of Creditors Set Next Week
------------------------------------------------------------
The initial creditors of Priestleys Of Gloucester Limited will
meet on June 8, 2005 at 11:00 a.m. It will be held at Milsted
Langdon, One Redcliff Street, Bristol BS1 6NP.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Milsted Langdon, One Redcliff Street, Bristol BS1
6NP not later than 12:00 noon, June 7, 2005.
CONTACT: MILSTED LANGDON
One Redcliff Street,
Bristol BS1 6NP
SAFBANK LINE: Deadline for Debt Claims Set Later this Month
-----------------------------------------------------------
At the general meeting of Safbank Line Limited, the special and
ordinary resolutions to wind up the company were passed. J. R.
D. Smith and N. J. Dargan, of Athene Place, PO Box 810, 66 Shoe
Lane, London EC4A 3WA, be and are hereby appointed Joint
Liquidators of the Company."
Creditors are required to prove their debt by sending to J. R.
D. Smith, at PO Box 810, Athene Place, 66 Shoe Lane, London EC4A
3WA on or before June 27, 2005.
CONTACT: DELOITTE & TOUCHE LLP
Athene Place
66 Shoe Lane
London EC4A 3BQ
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
SOVEREIGN COMPUTER: Calls in Price & Co. Administrator
------------------------------------------------------
Alan R. Price (IP No 6846) has been appointed administrator for
Sovereign Computer Services Limited. The appointment was made
May 19, 2005.
The company gathers data input. Its registered office is
located at Price & Co., PO Box 5895, Wellingborough,
Northamptonshire NN8 5ZD.
CONTACT: PRICE AND CO
PO Box 5895
Wellingborough
Northamptonshire NN8 5ZD
Phone: 01933 270918
Fax: 01933 270919
E-mail: arprice@rescueco.co.uk
TEKNEK ELECTRONICS: Under Provisional Liquidation
-------------------------------------------------
Scottish electronics company Teknek Electronics has been forced
into provisional liquidation on failure to pay claims related to
a U.S. infringement suit.
Tom Hughes of Glasgow accountants Gerber, Lander & Gee was
appointed to the Inchinnan Business Park, Renfrewshire-based
firm last week, according to The Herald.
The report said Teknek accrued US$771,000 in interest on a
US$3.8 million damage claim against its principal trading arm in
the U.S., Teknek LLC, after failing to post even a bond. The
subsidiary lost a US$3 million (GBP1.65 million) patent rights
case against U.S. rival Systems Divisions at a Santa Ana federal
court in the U.S. in July.
Mr. Hughes said he still did not know the full extent of the
company's liability.
On its 2004 report, Teknek's parent, Teknek Holdings, referred
to the patent dispute as contingent liability, but ruled out
supporting the subsidiary or its associate. It did not
recognize the liability as relating to the group activities,
suggesting it did not make financial provision for the claim,
the report said. Teknek Holdings posted pre-tax profit of
GBP159,407 on income of GBP14.4 million in the year to May 31.
Mr. Hughes said: "We intend to preserve any assets, and clarify
the position regarding the U.S. action...If nothing can be done
to repel (the action), we will gather the assets on behalf of
creditors."
Teknek's co-founder and managing director, Jonathan Kennette,
was in Spain, and his fellow director Sheila Hamilton was
unavailable for comment, according to the report.
Teknek designs products for keeping the surfaces of electronics
systems clean of dust and static electricity. It employs more
than 150 staff, mainly at two sites in Inchinnan.
As a point of interest, the report said a company named Teknek
Ltd. was incorporated at the same Inchinnan address shortly
after last July's judgment in the U.S.
"The ownership of this company is not clear, since it has yet to
file any official documents," according to the report.
CONTACT: TEKNEK ELECTRONICS LTD.
River Drive
Inchinnan Business Park
Renfrewshire
PA4 9RT
Scotland, UK
Tel: +44 (0) 141 568 8100
Fax: +44 (0) 141 568 8101
E-mail: teknek@teknek.com
Web site: http://www.teknek.com/
THREESIXTY CONFERENCING: Hires DTE Leonard Curtis Administrator
---------------------------------------------------------------
A. Clifton and P. D. Masters (IP Nos 8766, 8262) have been
appointed administrators for Threesixty Conferencing Limited.
The appointment was made May 24, 2005.
The company handles networking conferencing. Its registered
office is located at Sandford House, Catteshall Lane, Godalming,
Surrey GU7 1NQ.
CONTACT: DTE LEONARD CURTIS
50-52 Newhall Street
Birmingham
West Midlands B3 3QE
Phone: 0121 236 7274
Fax: 0121 236 7556
E-mail: AClifton@dte-leonardcurtis.com
VEDANTA RESOURCES: Starts Zinc Production in India
--------------------------------------------------
Vedanta Resources plc, the London listed metals and mining
company, has completed on schedule the major expansion project
at its zinc facilities in India, and trial production has
commenced. The cost of the project is around 15% less than the
original budget of US$425 million and the smelter was completed
at a cost significantly below international benchmarks.
The expansion increases Vedanta's refined zinc capacity by
170,000 tpa to around 400,000 tpa. The new hydro metallurgical
smelter, designed by Lurgi, has the latest energy and
environmental efficiencies and will further improve Vedanta's
already globally competitive cost position. The project
included the construction of a 154 MW captive power plant and
the expansion of mine output from 2.3 mtpa to 3.75 mtpa.
Separately, the reserves at the Rampura Agucha mine, which feeds
the smelter, have been increased by 25%, compared to the
reserves at 31 March 2004, to 50.1 million tonnes. This follows
a drilling program by Vedanta's Exploration Division, which
started in September 2004. The reserves contain 12.8 % zinc and
1.9% lead. The life of Rampura Agucha has therefore been
extended by another 3 years, at the increased level of output,
with potential to expand the reserves through further
exploration.
The program to upgrade reserves and resources will continue at
Rampura Agucha throughout 2005-06 including further brownfield
exploration for zinc around the existing mines in Rajasthan.
Anil Agarwal, Chairman of Vedanta, said: "We are delighted at
the success of this second major project which, through the
dedication and expertise of my colleagues, demonstrates our
ability to deliver projects at low cost and on schedule. The
increase in reserves adds significant long term value to Vedanta
and is part of a focused exploration effort. Zinc demand in
India is growing rapidly and the new production will be well
placed to serve this demand and assist in the future economic
growth of India."
* * *
In January, Standard & Poor's Ratings Services raised its long-
term foreign-currency corporate credit and senior unsecured debt
ratings on Vedanta Resources to 'BB+' from 'BB', following the
upgrade of the sovereign credit rating on the Republic of India
(BB+/Stable/B), where the majority of Vedanta's operations are
based. The outlook is stable. The recent sovereign upgrade of
India reflected the republic's improved external position and
growth prospects.
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
YOURVANCREDIT LIMITED: Hires Purnells Administrator
---------------------------------------------------
Ray Purnell (IP No 2745) has been appointed administrator for
Yourvancredit Limited. The appointment was made May 24, 2005.
The company manages vehicles for hire. Its registered office is
located at St Marks House, 3 Gold Tops, Newport, South Wales
NP20 4PG.
CONTACT: PURNELLS
St Marks House
3 Gold Tops
Newport
Gwent NP 20 4PG
Phone: 01633 214712
Fax: 01633 246599
E-mail: ray@purnells.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
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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
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