/raid1/www/Hosts/bankrupt/TCREUR_Public/050609.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
Thursday, June 9, 2005, Vol. 6, No. 113
Headlines
F R A N C E
ALSTOM SA: Fitch Pleased with Recovery, But Remains Cautious
EUROTUNNEL SA: Hundreds of Job cuts in the Offing
REMY COINTREAU: Seeks Clearance for Sale of Bols Stake
G E R M A N Y
DAIMLERCHRYSLER AG: Sees Smart Controlling 50% of Market by 2010
DONKY MERCHANDISING: Creditors Meeting Set Later this Month
DRESDNER KLEINWORT: Axing Jobs at Investment Banking Unit
ENERGIS ERFURT: Sets Creditors Meeting July 19
FRACHTKONTOR HELLER: Applies for Bankruptcy Proceedings
GROSSE INDUSTRIEMONTAGEN: Under Bankruptcy Administration
KUNKEL HOLZBAU: Interim Administrator Takes over Operations
K & W: Court Appoints Hans-Achim Ernst Administrator
LEICA CAMERA: Capital Measures Remain on Track
MB-METALLBAU: Proofs of Claim Deadline July 19
SGL CARBON: Signs Multi-million-euro Deal with Audi
TES-DATAPOINT PRODUKTIONS: Under Bankruptcy Administration
TIPTEX GMBH: Textile Firm Files for Bankruptcy
H U N G A R Y
PARMALAT HUNGARIA: A-Tej Kft Bids for Asset
I R E L A N D
AN POST: 5% Wage Hike to Cost EUR24 Million
ELAN CORP.: Retires EUR197.2 Million Debt
N E T H E R L A N D S
LAURUS N.V.: Opens Second Store Under New Format
R U S S I A
AK BARS: Fitch Upgrades Long-term Rating to 'B'
ASBESTOVSKIY GRAIN: Deadline for Proofs of Claim Set July
AVZYANSKIY WOOD-PROM-KHOZ: Deadline for Proofs of Claim June 14
BOGATOVSKIY: Creditors Have Until July to File Claims
KROP-BEER: Bankruptcy Hearing Set Today
MONOTRANS: Succumbs to Bankruptcy
MOVABLE MECHANIZED: Declared Insolvent
OSTROGOZHSKIY ELEVATOR: Under Bankruptcy Supervision
SLAVINVESTBANK: Moody's Assigns B1/NP/E+ Ratings
STAROTITOROVSKAYA: Undergoes Bankruptcy Supervision Procedure
TYUMEN-GAS-MECHANIZATION: Tyumen Court Names Insolvency Manager
URAL-WOOD-PROM: Perm Court Names A. Ostanin Insolvency Manager
S W E D E N
CONCORDIA BUS: Extends Consent Solicitation to Friday
CONCORDIA BUS: Posts Assumption to 'Cleanse' Insider Investors
U K R A I N E
KOM TEKS: Creditors' Claims Due Weekend
LUGAGRODAR: Gives Creditors Until Weekend to File Claims
MAZAR LTD.: Insolvency Manager Takes over Operations
PODILSKE: Proofs of Claim Deadline Set Weekend
PROM-ECO: Harkiv Court Opens Bankruptcy Proceedings
PULSAR: Court Appoints Temporary Insolvency Manager
SVITLOVODSK' BREAD: Under Bankruptcy Supervision
SVYATILIVKA: Court Names Yurij Teleshun Liquidator
TECHNOCONSULTUNG KVALITET: Declared Insolvent
ZDOLBUNIVSKIJ KOOPZAGOTPROM: Bankruptcy Supervision Starts
U N I T E D K I N G D O M
AGAPE NURSING: Hires P&A Partnership to Liquidate Assets
ALEXON GROUP: Shareholders OK Sale of Equity, Treasury Shares
ATEL CONSTRUCTION: Names Moore Stephens Liquidator
BAC MANUFACTURING: Hires Administrators from Vantis Business
BPS INSURE: Insurance Company Falls into Administration
BRITISH AMERICAN: Shift of Production to Asia Threatens Jobs
C A REALISATIONS: Hires Liquidator from Smith & Williamson
C.H. BRANNAM: Ceramics Maker Up for Sale
CRYSTAL DRINKS: Hires PricewaterhouseCoopers as Administrator
DIRECT ACCESS: KPMG Selling Platform Company
GREEK TOURISM-TRAVEL: Members Decide to Wind up Firm
INTEGRA INTERIORS: Meeting of Creditors Set Next Week
INVENSYS PLC: To Pocket GBP81 Mln from Sale of ABS operations
LABEL PRINT: Film Printer Offered for Sale
MG ROVER: Qvale's Claim Undermines Asset Sale
NETWORK RAIL: Regulator Pleased with Last Year's Performance
NORFROST LIMITED: Freezer Manufacturer Up for Sale
PATIENTLINE U.K.: Looking Forward to First-ever Profit
PEARCE MOTOR: Administrator from Tenon Recovery Moves in
QXL RICARDO: To Pursue Legal Claims Involving Polish Arm
REGAL PETROLEUM: Executive Chairman Leaves
RIGGS BANK: Hires PricewaterhouseCoopers as Liquidator
TY EUROPE: Calls in PwC to Save Jobs, Business
U.K. COAL: Ends Takeover Talks with Unidentified Suitor
VEOS GROUP: Business for Sale
WM MORRISON: Sees Pre-tax Profit of at least GBP50 Million
*********
===========
F R A N C E
===========
ALSTOM SA: Fitch Pleased with Recovery, But Remains Cautious
------------------------------------------------------------
Fitch Ratings says that France-based Alstom S.A.'s recently
published March 2005 annual results demonstrated important
progress in its multi-faceted financial and business
rehabilitation strategy.
Over the last two years management has focused on repairing the
balance sheet through equity issuance and a disposal program to
reduce debt. This has been coupled with a more balanced debt
maturity profile and strengthened liquidity through a recent
bond refinancing and increased committed undrawn credit
facilities. Alstom has also undertaken major restructuring
across the group by a reduction of its cost base and engineering
capacity to improve future operational performance, and has
increased the level of bonding available. Improved customer
confidence and favorable market trends in key engineering
markets were evident in a growing and sizeable order backlog,
which will help support future growth and improve trading
visibility.
Fitch takes comfort that Alstom was able to deliver under its
FY05 performance targets and that management remains focused on
further improving profitability and cash flow generation,
addressing remaining legacy issues and further reducing net
debt. However, while many aspects of Alstom's recovery plan are
well underway, challenges remain and the group needs to
demonstrate further progress before its return to financial
health can be considered complete. Net operating cash flow
remains negative, albeit much less so than in FY04, and further
cash outflows, although much lower than previously, can be
expected under the ongoing restructuring program and from
GT24/GT26 gas turbine costs. A number of key businesses --
notably power turbo-systems/power environment and marine --
remain loss-making even before restructuring costs.
While quite sizeable pre-tax losses of EUR0.7 billion and net
losses of EUR0.9 billion persisted in FY05, these levels were
much reduced from EUR1.6 billion and EUR1.8 billion respectively
in FY04, due mainly to lower restructuring and other costs.
Furthermore, EBITDA and net cash generated by operations were
positive at EUR0.4 billion and EUR0.2 billion respectively,
having been a negative EUR0.2 billion and EUR0.7 billion in
FY04. Net debt was reduced substantially to EUR1.4 billion as
at FYE05 from EUR2.9 billion as at FYE04, due mainly to a EUR2
billion capital increase and EUR0.9 billion raised from
disposals, although leverage was high at 3.9x. Bonding program
providers continued to have the benefit of security over EUR0.7
billion of cash (although not included as cash on balance
sheet). The group remains financially complex and continues to
have sizeable off-balance sheet liabilities, being largely
bonding guarantees.
Fitch takes comfort that debt maturities over the next couple of
years appear manageable with EUR0.5 billion of short-term debt
due in FY06 and EUR0.3 billion -- mostly a July 2006 bond -- due
in FY07. Nevertheless, refinancing steps over the next year
will likely include negotiations to extend the group's EUR8
billion bonding program, which expires in July 2006, and an
undrawn EUR0.7 billion revolving credit facility that matures in
August 2006. Cash balances held at the holding company level
were EUR0.8 billion, but cash balances held in subsidiaries of
EUR0.7 billion were not readily available. The next material
drawn debt maturities are not until FY09 (EUR1.1 billion) and
FY10 (EUR1.0 billion).
CONTACT: FITCH RATINGS
Alex Herbert, London
Phone: +44 (0) 20 7417 6334
Sophie Coutaux, Paris
Phone: +33 1 44 29 91 74
Media Relations:
Alex Clelland, London
Phone: +44 20 7862 4084
EUROTUNNEL SA: Hundreds of Job cuts in the Offing
-------------------------------------------------
Eurotunnel S.A. could soon announce up to 350 job cuts in the
U.K. and France, reports say. The Channel Tunnel operator is
said to be close to concluding talks with unions over a
voluntary redundancy program, Ireland On-line reports. The plan
involves 250 jobs in the U.K. and a further 100 in France,
according to the Financial Times. Eurotunnel employs a total of
3,200 staff.
A spokeswoman would not comment on the figures, saying
Eurotunnel had not specified the extent of the redundancies.
She said: "Staff reductions at this moment in time are just
natural wastage and retirements. There are no specific
figures."
Eurotunnel is suffering from heavy debt load as well as a
decline in revenue and passenger traffic. It is trying to
negotiate the restructuring of its GBP6.2 billion (EUR9.2
billion) debt with lenders to avoid bankruptcy.
In a recent response to strong competition from ferries and low-
cost airlines, Eurotunnel cut prices on its cross-Channel
routes. Travel by car could now cost as little as GBP49 (EUR73)
for a single trip on advance booking and non-peak travel times.
Eurotunnel is increasing flexibility and attracting more
passengers to the Channel Tunnel to boost revenues. In April,
it said price wars hit annual revenues from shuttles. The
figure fell 7% at constant exchange rates to GBP285 million
(EUR425 million). It reported losses of GBP570 million (EUR850
million), down from GBP1.3 billion (EUR1.94 billion) last time.
CONTACT: EUROTUNNEL SA
19 Blvd. Malesherbes
75008 Paris, France
Phone: +33-3-21-00-65-43
Web site: http://www.eurotunnel.com
REMY COINTREAU: Seeks Clearance for Sale of Bols Stake
------------------------------------------------------
Spirits and wine group Remy Cointreau S.A. is asking one group
of noteholders to accept a waiver that will allow it to sell a
stake in Polish vodka maker Bols.
The document is a waiver of a provision that limits its ability
to pursue asset sales. It must be approved by a majority of
holders of its 6.5% senior notes due 2010 at a meeting on June
23. An agreement will let Remy close the sale of its 50% stake
in Bols to Central European Distribution Corp. (CEDC).
Remy plans to dispose of the stake for US$135 million; about
US$74.4 million or just over half the total price will be in
cash and US$60.6 million will be in CEDC shares. In exchange
for the waiver bondholders will be paid EUR5 for every EUR1,000
of 2010 notes held in nominal terms. The provision normally
requires Remy to receive a minimum of 75% of any divestment in
cash.
CONTACT: REMY COINTREAU
152, av. des Champs-Elysees
75008 Paris, France
Phone: 01 44 13 44 13
Web site: http://www.remycointreau.com
Headquarters:
Rue Joseph Patta
16100 Cognac, France
Financial Information:
Phone (direct): 01 44 13 45 15
E-mail: info@remy-cointreau
=============
G E R M A N Y
=============
DAIMLERCHRYSLER AG: Sees Smart Controlling 50% of Market by 2010
----------------------------------------------------------------
DaimlerChrysler AG still has high hopes for its Smart venture as
it expects sales of small cars to grow around 4% a year until
2010.
According to Reuters Monday, Smart AG's chief executive Ulrich
Walker speculated that the global market for minicars and
microcars will post an annual growth rate of 4.5% in the next
five years as against 2.5% for the broader car market.
He is also looking forward to widening the company's global
market share to 50% by 2010. "This is reason enough to be
confident about this market," he said.
Smart earlier recalled 58,000 of its forTwo models in Germany,
asking buyers to have their minicars inspected for possible
defect in the front axle joint so the part could be replaced,
according to Associated Press. This came following reports from
customers who had gotten into accidents due to the problem.
The venture reportedly plans to launch its next-generation Smart
ForTwo model in the U.S., taking into consideration the safety
and environmental standards of the world's biggest car market.
Mr. Walker said: "This market interests us only because we want
to make money there."
Last month, Smart disclosed it could miss its annual sales goal
of 80,000 units, with only 14,500 Smart Fourfour models sold in
the first quarter. The venture, which loses EUR4,000 for each
car sold, is expected to lose another EUR400 million this year
as part of its ongoing reorganization. It had already cost
DaimlerChrysler EUR512 million.
Smart's poor performance was also blamed for the 30% decrease
in DaimlerChrysler's first-quarter earnings. The parent company
posted earnings of only EUR288 million, while it registered
operating losses of EUR945 million. Income has fallen 2% to
US$31.7 billion.
Mr. Walker has also recently put down an order placed by U.S.
car customizer ZAP for 76,000 units worth a total of US$1
billion, citing the model has not been certified in the U.S. and
that he was cautious about ZAP's financing of the deal.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DONKY MERCHANDISING: Creditors Meeting Set Later this Month
-----------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Donky Merchandising+Publishing GmbH on May 13.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until June 22, 2005
to register their claims with court-appointed provisional
administrator Wilhelm Perk.
Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:30 a.m. at the district court
of Braunschweig, E 01, An der Martinikirche 8, 38100
Braunschweig, at which time the administrator will present his
first report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: DONKY MERCHANDISING+PUBLISHING GMBH
Am Weinberg 6, 38162 Cremlingen
Contact:
Hans-Henning Jordan, Manager
Am Weinberg 6, 38162 Cremlingen
Wilhelm Perk, Administrator
Neue Strasse 32, 38300 Wolfenbuettel
Phone: 05331/988040
Fax: 05331/988020
DRESDNER KLEINWORT: Axing Jobs at Investment Banking Unit
---------------------------------------------------------
A review of Dresdner Kleinwort Wasserstein's European investment
banking operations is feared to result to hundreds of job cuts
at the unit.
MarketWatch, citing sources, says DrKW might lay off between 100
and 200 employees as early as this month. The number is roughly
a quarter of its investment banking staff in Europe. Most of it
will come from London and Frankfurt investment banking
operations, also known as the corporate finance and origination
(CF&O).
The report said the move is part of the firm's effort to
"streamline practices and boost efforts to increase the
company's profile in growth areas such as private-equity deal-
making." DrKW declined to comment.
The business was set up in mid-2004. It combines corporate
finance and advisory operations with debt and equity capital
markets origination.
The review of the operation follows the sudden departure of
CF&O's head Steven Berger in March. He and DrKW indirect parent
company Allianz AG reportedly had been at odds over strategies
at the investment bank. He was replaced by his deputy, Joe
Dryer, and Don Meltzer, head of CF&O in North America. The
successors went on to streamline the business to modernize
DrKW's approach to investment banking in the wake of declining
revenues. They are undertaking to combine the deal-making and
marketing functions of the business. They are also planning to
build a leveraged finance platform.
In a positive note, DrKW in recent times was able to corner
significant contract in the competitive online gaming sector.
It was adviser and broker to PartyGaming PLC, PartyGaming rival
Sportingbet PLC. It was co-adviser with Lazard to Banca
Populare di Lodi Scarl. It also earned the high-profile
assignment of valuing Yuganskneftegaz, the former main
production unit of Russia's Yukos Oil.
CONTACT: DRESDNER KLEINWORT WASSERSTEIN
20 Fenchurch St.
London EC3P 3DB, United Kingdom
Phone: +44-20-7623-8000
Fax: +44-20-7623-4069
Web site: http://www.drkw.com
ENERGIS ERFURT: Sets Creditors Meeting July 19
----------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Energis Erfurt GmbH on May 19. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until June 28, 2005 to register their
claims with court-appointed provisional administrator Sebastian
Nolte.
Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 2:00 p.m. at the district court of
Erfurt, Saal 12, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt,
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 at the same
venue.
CONTACT: ENERGIS ERFURT GMBH
Contact:
Thomas Ramsauer, Manager
Bahnhofstr. 25, 99084 Erfurt
Sebastian Nolte, Administrator
Anger 47-49, 99084 Erfurt
FRACHTKONTOR HELLER: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against Frachtkontor Heller GmbH on May 19. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors had until June 3, 2005 to register their
claims with court-appointed provisional administrator Christoph
Henningsmeier.
Creditors and other interested parties are encouraged to attend
the meeting on June 28, 2005, 8:50 a.m. at the district court of
Cuxhaven, Saal 112, Deichstr. 12 a, 27472 Cuxhaven, 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: FRACHTKONTOR HELLER GMBH
Falkenweg 8, 21781 Cadenberge
Contact:
Sven Heller, Manager
Christoph Henningsmeier, Administrator
Osdorfer Landstr. 230, 22549 Hamburg
Phone: 040/8078810
Fax: 040/807881-20
GROSSE INDUSTRIEMONTAGEN: Under Bankruptcy Administration
---------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Grosse-Industriemontagen GmbH on May 25. 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 Wolfgang Lorisch.
Creditors and other interested parties are encouraged to attend
the meeting on August 2, 2005, 10:05 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: GROSSE-INDUSTRIEMONTAGEN GMBH
Siemensstr. 9, 45659 Recklinghausen
Contact:
Erhard Grosse, Manager
Lothar Grosse, Manager
Wolfgang Lorisch, Administrator
Kurt-Schumacher-Strasse 48, 45699 Herten
Phone: 02366 /10820
Fax: 02366 108282
KUNKEL HOLZBAU: Interim Administrator Takes over Operations
-----------------------------------------------------------
The district court of Zweibruecken opened bankruptcy proceedings
against firm Kunkel Holzbau, Dipl.-Ing. Heinz Kunkel GmbH on May
12. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until July 30,
2005 to register their claims with court-appointed provisional
administrator Dipl.-Volkswirt Helmut Hopmeier.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 17, 2005, 2:30 p.m. at Gerichtsgebaude
Herzogstr. 2, Sitzungssaal 3 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: KUNKEL HOLZBAU DIPL.-ING. HEINZ KUNKEL GMBH
Etzelweg 243 66482 Zweibruecken
Zweibruecken Germany
Phone: +49 (6332) 733 39
Fax: +49 (6332) 738 30
Contact
Dipl.-Ing. Heinz Kunkel
Dipl.-Volkswirt Helmut Hopmeier, Administrator
Berliner Ring 31, D-66955 Pirmasens
Phone: 06331/24800
Fax: 06331/78513
K & W: Court Appoints Hans-Achim Ernst Administrator
----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against K & W alta moda GmbH Modehandel on May 19.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until June 30, 2005
to register their claims with court-appointed provisional
administrator Hans-Achim Ernst.
Creditors and other interested parties are encouraged to attend
the meeting on July 21, 2005, 10:30 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: K & W ALTA MODA GMBH MODEHANDEL
Berliner Strasse 14, 32052 Herford
Contact:
Anja Puettbach-Schnittke, Manager
Hans-Achim Ernst, Administrator
Bunsenstr. 3, 32052 Herford
LEICA CAMERA: Capital Measures Remain on Track
----------------------------------------------
The resolutions of the General Meeting of Leica Camera AG on a
capital reduction and a subsequent capital increase have been
entered into the competent Register of Companies on June 7,
2005.
This entry successfully completes a further step in the process
of injecting fresh equity into the Company. The capital
measures, including the accompanying Register entries, are to be
implemented at a good pace.
* * *
In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005.
The Leica Camera Group closed the first half of its fiscal year
2004/2005 (FY end March 31) with sales of EUR45 million. This
is 15.0% below the sales figure for the first half of the
Group's previous fiscal year. Sales fell short of the Company's
expectations.
The reasons for the sales development were the trade's
reluctance to order before the photokina trade fair, the delayed
introduction of new products, especially in Leica sports optics,
as well as selective reductions of inventory at sales partners
to prepare future changes in the Company's distribution
structure in Asia and Europe.
At -EUR4.2 million, the operating result for the months April to
September was EUR1.9 million below the comparable prior year
figure. Including extraordinary expenses of EUR2.4 million for
the restructuring measures currently implemented, the after-tax
result for the half-year comes to a net loss of EUR7.5 million
from EUR2.9 million at the first half of 2003/2004, according to
Die Welt.
CONTACT: LEICA CAMERA AG
Oskar-Barnack-Strasse 11
35606 Solms
Deutschland
Web site: http://www.leica-camera.com
MB-METALLBAU: Proofs of Claim Deadline July 19
----------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against MB-Metallbau GmbH on May 20. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until July 19, 2005 to register their claims with
court-appointed provisional administrator Cornelia Monert.
Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 9:45 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: MB-METALLBAU GMBH
Charlottenburger Str. 118, 13086 Berlin
Contact:
Ernst-Dieter Habighorst
c/o Fa. Atlas-Immobilien GmbH
Artur-Ladebeck-Str. 166, 33647 Bielefeld
Cornelia Monert, Administrator
Lise-Meitner-Str. 13, 33605 Bielefeld
SGL CARBON: Signs Multi-million-euro Deal with Audi
---------------------------------------------------
SGL CARBON AG, Wiesbaden, and AUDI AG, Ingolstadt, have signed a
cooperation agreement on carbon-ceramic brake discs (CCB).
Within the scope of this agreement, SGL Carbon will receive a
low double-digit million Euro amount for technological and
manufacturing developments as well as for the planning of
automated serial production.
An additional feature of the cooperation between SGL Carbon and
Audi is a possible mutual investment into a large-scale serial
production resulting from the development agreement. This could
take the form of a joint venture. Decisions on this will,
however, be made at a later date.
Meanwhile, Audi will introduce the CCB into the market within
the scope of a long-term supply agreement. The discs will be
supplied by the existing SGL Carbon production facilities in
Meitingen.
This cooperation agreement is subject to the approval of the
necessary bodies, which is expected to follow over the next few
weeks.
With these measures, Audi is supporting the technological and
commercial advancement of this technology developed by SGL
Carbon in the 90ies and brought to serial development with
Porsche. This cooperation agreement allows Audi to secure the
necessary prerequisites to use these innovative materials in its
future programs.
In this context and as an initial step, Audi introduced its new
Audi A8 W12 Quattro with the CCB on Tuesday in the new
Allianzarena in Munich. Upon request by the customer, this
flagship of the Audi brand will be equipped with the new brake
disc from Autumn 2005 onwards.
CONTACT: SGL CARBON AG (German: SGL)
Rheingaustrasse 182
D-65203 Wiesbaden, Germany
Phone: +49-611-6029-100
Fax: +49-611-6029-101
Web site: http://www.sglcarbon.com
TES-DATAPOINT PRODUKTIONS: Under Bankruptcy Administration
----------------------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against TES-DATAPOINT Produktions- und Handelsgesellschaft fuer
Datentechik und Freizeitelektronik mbH on May 9. 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 Gerhard Brinkmann.
Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 11:30 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330 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: TES-DATAPOINT PRODUKTIONS- UND HANDELSGESELLSCHAFT
FUER DATENTECHIK UND FREIZEITELEKTRONIK MBH
18057 Rostock Doberaner Strasse 116
Phone: 03 81- 4 90 99 93
Fax: 03 81- 4 92 24 22
Web site: http://www.tes-datapoint.com/produkt.htm
Contact:
Gerd Harnisch
Doberaner Strasse 116, 18057 Rostock
Gerhard Brinkmann, Administrator
Freiligrathstrasse 1, 18055 Rostock
TIPTEX GMBH: Textile Firm Files for Bankruptcy
----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
TIPTEX GmbH on May 12. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
had until June 3, 2005 to register their claims with court-
appointed provisional administrator Ulrich Forster.
Creditors and other interested parties are encouraged to attend
the meeting on July 5, 2005, 11:10 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 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: TIPTEX GMBH
Ludwigstr. 1, 50667 Koln
Contact:
Michael Holzel
Im Rheinfeld 11, 51149 Koln
Ulrich Forster, Administrator
Martinstr. 22 - 24, 50667 Koln
Phone: 9257000
Fax: +4922192570050
=============
H U N G A R Y
=============
PARMALAT HUNGARIA: A-Tej Kft Bids for Asset
-------------------------------------------
The liquidator of Parmalat Hungaria Dairy Rt received only one
bid for the assets of the company, Budapest Business Journal
reports.
The offer came from A-Tej Kft, a joint venture of dairy
producers and the Italian Catone logistics company, according to
Miklos Istvanfali, president of the creditors' assembly.
For sale are two units of industrial property, machinery,
equipment, a resort, a residential house, an empty building site
and the right to use Parmalat's B category brand, "Pille."
Parmalat Hungaria's liquidator is Ferenc Somogyi of TM-Line Kft.
Parmalat Hungaria had debt of HUF279 million (US$1.377 million)
at the time of its liquidation early last year.
CONTACT: PARMALAT HUNGARIA RT
8000 Szekesfehervar,
Seregelyesi ut 127.
Phone: (36-22) 540-100
Fax: (36-22) 540-205
=============
I R E L A N D
=============
AN POST: 5% Wage Hike to Cost EUR24 Million
-------------------------------------------
An Post will be implementing a 5% increase on its workers'
salary that will cost it EUR24 million in 2005, says the
Businessworld.
This came following an assessment of the company's overall
status last week, which it reportedly described as fair and
reasonable.
An Post did not meet the 8.5% rise provided for by the
Sustaining Progress wage agreement, as the company itself seeks
a 60% increase in standard postage rate to augment its finances.
The company closed last year with an after-tax profit of EUR6.5
million, ending three successive years of escalating losses that
threatened its future.
In April, An Post revealed an operating profit of EUR1.8
million, with exceptional income of EUR5.3 million from property
disposals and other items reflecting the success of its crisis
control measures.
Turnover in the year at EUR750.2 million was up by EUR41 million
-- an increase of 5.8% on 2003. Staff and postmasters' costs at
EUR502.4 million were marginally up on the previous year while
other costs decreased.
The financial turnaround was reportedly achieved by carrying out
a recovery strategy that involved cutting non-pay costs,
curtailing pay costs through stringent control of overtime and
recruitment, and the non-payment of Sustaining Progress.
However, future prospects for the Company remain uncertain as
mail volumes declined by 1.3% since 2003 -- the
second successive year -- despite national economic growth of 5%
a year and an additional 80,000 new delivery points.
Meanwhile, Ms. Margaret McGinley, chairperson of the Board of An
Post, described the result for the year as "having significantly
exceeded expectations."
She said: "The Company's finances have been stabilized and the
immediate liquidity problems, which emerged in 2003, have been
overcome. It is now clear that implementation of the Recovery
Plan can provide An Post with a future in which modest growth
and profitability can be secured."
Chief executive Donal Curtin said: "Our aim now must be to build
on the financial stabilization achieved in 2004 by concentrating
on customer orientation and workplace flexibility which will
allow us to survive in the new competitive order that is rapidly
approaching."
CONTACT: AN POST
E-mail: pressoffice@anpost.ie
Web site: http://www.anpost.ie
ELAN CORP.: Retires EUR197.2 Million Debt
-----------------------------------------
Elan Corporation plc has completed the retirement of US$242.8
million (EUR197.2 million) of its 2008 outstanding debt. As
previously announced, Elan has purchased US$206.0 million
(EUR167.3 million) in aggregate principal amount of 6.5%
Convertible Guaranteed Notes due 2008 issued by Elan Capital
Corp. and has purchased US$36.8 million (EUR29.9 million) in
aggregate principal amount of 7.25% senior notes due 2008 issued
by Athena Neurosciences Finance, LLC (Athena Notes).
Elan Capital Corp. and Athena Neurosciences Finance, LLC are
wholly owned subsidiaries of Elan. The terms of these
repurchases were detailed in Elan's June 1, 2005 press release.
In addition, the US$206.0 million (EUR167.3 million) in
aggregate principal amount of the Guaranteed Convertible Notes,
which are listed on the Official List of the Irish Stock
Exchange and the Official List of the United Kingdom Listing
Authority and admitted to trading on the respective main markets
for listed securities of the Irish Stock Exchange and the London
Stock Exchange, has been cancelled with effect from June 7,
2005. Following this cancellation, US$254.0 million (EUR206.3
million) in aggregate principal amount of the Guaranteed
Convertible Notes remain outstanding. The US$36.8 million
(EUR29.9 million) in aggregate principal amount of Athena Notes
purchased by Elan are held by a subsidiary of Elan and are
expected to remain outstanding.
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
=====================
N E T H E R L A N D S
=====================
LAURUS N.V.: Opens Second Store Under New Format
------------------------------------------------
A new Lekker & Laag Superstore, on the former EDAH and Leen
Bakker site opposite the Schouwburg theatre, have opened in
Doetinchem.
It is the second store operating Laurus N.V.'s new retail
format. The first Lekker & Laag Superstore opened on 20 April
in Rotterdam-Hoogvliet. The Doetinchem store will now introduce
the format in the east of the Netherlands.
Lekker & Laag Superstore prices will be the lowest on the market
on a permanent basis (true to the format's guarantee 'Every Day
the Lowest Price'). If customers find the same item cheaper at
a regular price elsewhere, they will be given the product free
on presentation of the till receipt and the store will
immediately reduce its price. Also excellent value for money
are the together with Casino purchased Happy Euro product range,
and the 2,000 EDAH own-label items, which are up to 25% cheaper
than the comparable A brands.
Offering eight 'Every Day' guarantees (Every Day the Lowest
Price, Every Day the Widest Choice, Every Day the Freshest Food,
Every Day the Best Quality, Every Day Bread Baked In-Store,
Every Day the Shortest Queues, Every Day Free Parking, Every Day
Friendly and Helpful), the format will compare favorably with
all competitors.
Like the store in Hoogvliet, the Lekker & Laag Superstore in
Doetinchem is a pilot store. Two more pilot stores will be
opened in the coming months, one in the west and one in the
central regions. The results will be evaluated at the end of
this year and the decision on the further rollout of the format,
involving a minimum of forty, but possibly more, outlets, will
be taken on the basis of that assessment.
* * *
Laurus suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years. In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.
CONTACT: LAURUS N.V.
Parallelweg 64
5201 AD's-Hertogenbosch, The Netherlands
Phone: +31-73-622-3622
Fax: +31-73-622-3636
Web site: http://www.laurus.nl
===========
R U S S I A
===========
AK BARS: Fitch Upgrades Long-term Rating to 'B'
-----------------------------------------------
Fitch Ratings upgraded Russia-based Ak Bars Bank's ratings to
Long-term 'B' from 'B-' and National Long-term 'BBB(rus)' from
'BB+(rus)'. The Support rating is changed to '4' from '5'. At
the same time, the agency has affirmed the bank's other ratings
at Short-term 'B' and Individual 'D'. The Outlooks on the Long-
term and the National Long-term ratings remain Stable.
The upgrades of the ratings and the change of the Support rating
reflect what Fitch views as improved likelihood of support for
AK Bars, in case of need, from the Republic of Tatarstan. This
view takes into account the Long-term 'BB' rating recently
assigned to the Republic (see announcement dated May 30 on
http://www.fitchratings.com). The Republic holds its accounts
with AK Bars and is strongly represented on the bank's
Supervisory Council. It has divested its stake in AK Bars in
recent years, although it does hold substantial minority stakes
in two local corporates, Tatneft and Nizhnekamskneftekhim, which
are shareholders of the bank.
AK Bars' Individual rating continues to reflect the bank's weak
profitability, high concentration levels, increasing market risk
and weaknesses in the operating environment, while also
considering the bank's currently strong capitalization and solid
niche in the Republic.
Upward pressure on AK Bars' Long-term and National Long-term
ratings could result from an upgrade of the Republic's Long-term
rating or a substantial increase in its directly held stake in
the bank. Downward pressure could result from a downgrade of
the Republic's Long-term rating or a reduction in the ties
between the Republic and AK Bars.
Ak Bars was founded by the government of the Republic of
Tatarstan in 1993. It is the largest bank in the region by
assets, and one of the 20 largest banks in Russia. Its main
shareholders are Tatarstan-based companies Tatneft (32%) and
Nizhnekamskneftekhim (20%), and a group of Moscow-based
investors (21%). Most of AK Bars' business is concentrated
domestically, although it is also expanding outside the
Republic.
CONTACT: FITCH RATINGS
Alexei Kechko, Moscow
Phone: +7 095 956 9901
James Watson
Phone: +7 095 956 9901
Media Relations:
Jon Laycock, London
Phone: +44 20 7417 4327
ASBESTOVSKIY GRAIN: Deadline for Proofs of Claim Set July
---------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Asbestovskiy Grain Combine after finding the
open joint stock company insolvent. The case is docketed as
A60-25007/2003-S4. Mr. V. Shmelev has been appointed insolvency
manager. Creditors have until July 7, 2005 to submit their
proofs of claim to 620027, Russia, Ekaterinburg, Post User Box
206.
CONTACT: ASBESTOVSKIY GRAIN COMBINE
642260, Russia, Sverdlovsk region, Asbet,
South part of the city, region of food enterprises
Mr. V. Shmelev
Insolvency Manager
620027, Russia, Ekaterinburg,
Post User Box 206
AVZYANSKIY WOOD-PROM-KHOZ: Deadline for Proofs of Claim June 14
---------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Avzyanskiy Wood-Prom-Khoz. The case is docketed as A-
07/8186/05-G-MOG. Mr. M. Snarskiy has been appointed temporary
insolvency manager.
Creditors have until June 14, 2005 to submit their proofs of
claim to 450077, Russia, Bashkortostan republic, Ufa,
Sotsialisticheskaya Str. 45, Office 19. A hearing will take
place on June 27, 2005, 10:00 a.m.
CONTACT: Mr. M. Snarskiy
Temporary Insolvency Manager
450077, Russia, Bashkortostan republic,
Ufa, Sotsialisticheskaya Str. 45, Office 19
BOGATOVSKIY: Creditors Have Until July to File Claims
-----------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Bogatovskiy after finding the solvent-
extraction plant insolvent. The case is docketed as A55-
10285/2004-13. Mr. N. Kisilev has been appointed insolvency
manager.
Creditors have until July 7, 2005 to submit their proofs of
claim to:
(a) BOGATOVSKIY
446630, Russia, Samara region,
Bogatoye, Zavodskaya Str. 33
(b) Insolvency Manager
620014, Russia, Ekaterinburg,
Post User Box 366
KROP-BEER: Bankruptcy Hearing Set Today
---------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Krop-Beer after finding the open joint stock
company insolvent. The case is docketed as A-32-35710/2004-
27/221-B. Mr. Y. Mishenko has been appointed insolvency
manager.
Creditors may submit their proofs of claim to 352192, Russia,
Krasnodar region, Gulkevichi, Post User Box 38. A hearing will
take place on June 9, 2005.
CONTACT: KROP-BEER
Russia, Krasnodar region,
Kropotkin, Redkodubnyj Per. 10
Mr. Y. Mishenko
Insolvency Manager
352192, Russia, Krasnodar region,
Gulkevichi, Post User Box 38
MONOTRANS: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Monotrans after finding the limited
liability company insolvent. The case is docketed as A27-
14749/2004-4. Mr. A. Demidenko has been appointed insolvency
manager. Creditors may submit their proofs of claim to 654080,
Russia, Kemerovo, Novokuznetsk, Post User Box 3067.
CONTACT: MONOTRANS
654005, Russia, Novokuznetsk,
Ordzhonikidze Str. 18
Mr. A. Demidenko
Insolvency Manager
654080, Russia, Kemerovo region,
Novokuznetsk, Post User Box 3067
MOVABLE MECHANIZED: Declared Insolvent
--------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Movable Mechanized Column 113 (TIN
2819000381) after finding the open joint stock company
insolvent. The case is docketed as A04-3041/137 B. Ms. N.
Peshkun has been appointed insolvency manager.
Creditors may submit their proofs of claim to 675000, Russia,
Amur region, Blagoveshensk, Zeyskaya Str. 140, Office 41. A
hearing will take place on Oct. 24, 2005, 4:00 p.m.
CONTACT: MOVABLE MECHANIZED COLUMN 113
Russia, Amur region, novokievskiy Uval of Mazanovskiy
region, Sovetskaya Str. 109
Ms. N. Peshkun
Insolvency Manager
675000, Russia, Amur region, Blagoveshensk,
Zeyskaya Str. 140, Office 41
OSTROGOZHSKIY ELEVATOR: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Ostrogozhskiy Elevator. The case is docketed as A14-
3028/05/17/16b. Mr. A. Alekseev has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 394036, Russia,
Voronezh, Post User Box 606. A hearing will take place on July
13, 2005, 10:30 a.m. at Russia, Voronezh, Srednemoskovskaya Str.
77, Room 302.
CONTACT: OSTROGOZHSKIY ELEVATOR
397837, Russia, Voronezh region, Ostrogozhskiy region,
Elevatornyj, Rabochaya Str. 55
Mr. A. Alekseev
Temporary Insolvency Manager
394036, Russia, Voronezh region,
Post User Box 606
SLAVINVESTBANK: Moody's Assigns B1/NP/E+ Ratings
------------------------------------------------
Moody's Investors Service has assigned B1 long-term and Not-
Prime short-term foreign currency deposit ratings and an E+
Financial Strength Rating (FSR) to Slavinvestbank. The outlook
for the ratings is stable.
According to Moody's, the B1/NP foreign currency deposit ratings
reflect a limited degree of support from the second-largest bank
in Kazakhstan -- Bank TuranAlem (BTA -- rated Ba1/Not-Prime/D-),
which directly holds a 15.63% equity interest in the bank,
controls a majority of seats on its board of directors and
intends to raise its stake to 49.9% in the near-term future.
Support is factored based on the intrinsic strength of BTA
(which excludes government support) as the Kazakhstani
authorities are unlikely to be willing to bail out depositors in
foreign jurisdictions. BTA has strong ambitions to develop its
business in Russia and views Slavinvestbank as one of the
bridges to the Russian market. In the past, BTA provided
Slavinvestbank with backing in the trade finance area and also
partially guaranteed the bank's debut RUB-denominated domestic
bond issue.
Slavinvestbank's E+ FSR rating reflects (i) its expertise in the
trade finance area; (ii) potential benefits flowing from closer
alignment of the bank's strategy, policies and risk management
with that of BTA; and (iii) the presently solid liquidity and
capitalization. At the same time, Slavinvestbank's ratings are
constrained by (i) its small size and relatively undeveloped
franchise; (ii) intensifying competition in the mid-market
corporate and retail segments targeted by the bank; (iii)
deteriorating financial performance; (iv) weaker than peer group
asset quality; (v) significant reliance on wholesale funding
sources, as well as (vi) potential difficulties associated with
the bank's operating environment.
Slavinvestbank is headquartered in Moscow, Russian Federation,
and reported total assets of US$269 million in accordance with
IFRS as of 31 December 2004. According to Interfax the bank
ranked 113th in terms of total assets among Russian banks at
year-end 2004.
CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED
Limassol
Adel Satel
Managing Director
Financial Institutions Group
For Journalists
Phone: 44 20 7772 5456
MOODY'S INVESTORS SERVICE
New York
Dmitry Polyakov
Asst Vice President - Analyst
Financial Institutions Group
For Journalists
Phone: 212-553-0376
STAROTITOROVSKAYA: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Starotitorovskaya. The case is docketed as A-32-8554/2005-
27/104-B. Mr. O. Denisov has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 353530, Russia,
Krasnodar region, Temryukskiy region, Starotitorovskaya St.
Ilyicha Per. 46. A hearing will take place on July 21, 2005,
2:00 p.m.
CONTACT: STAROTITOROVSKAYA
353530, Russia, Krasnodar region, Temryukskiy region,
Starotitorovskaya St., Ilyicha Per. 46
Mr. O. Denisov
Temporary Insolvency Manager
353530, Russia, Krasnodar region, Temryukskiy region,
Starotitorovskaya St. Ilyicha Per. 46
TYUMEN-GAS-MECHANIZATION: Tyumen Court Names Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Tyumen-Gas-Mechanization after finding the
open joint stock company insolvent. The case is docketed as
A70-954/3-2005. Mr. E. Bas'kov has been appointed insolvency
manager.
Creditors may submit their proofs of claim to:
(a) TYUMEN-GAS-MECHANIZATION
625026, Russia, Tyumen region,
Respubliki Str. 155 a
(b) Insolvency Manager
625026, Russia, Tyumen region,
Respubliki Str. 155 a
(c) The Arbitration Court Of Tyumen region
625000, Russia, Tyumen region,
Khokhryakova Str. 77
URAL-WOOD-PROM: Perm Court Names A. Ostanin Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on close joint stock company Ural-Wood-
Prom. The case is docketed as A50-6357/2005-B. Mr. A. Ostanin
has been appointed temporary insolvency manager. Creditors may
submit their proofs of claim to 426011, Russia, Izhevsk-11,
Post User Box 46520.
CONTACT: URAL-WOOD-PROM
614000, Russia, Perm region,
Perm, Uralskaya Str. 15
Mr. A. Ostanin
Temporary Insolvency Manager
426011, Russia, Izhevsk-11,
Post User Box 46520
===========
S W E D E N
===========
CONCORDIA BUS: Extends Consent Solicitation to Friday
-----------------------------------------------------
Concordia Bus Nordic AB (publ) (Nordic) is extending its pending
solicitation of consents from holders of its 9.125% Senior
Secured Notes due 2009 to:
(a) certain amendments and waivers of the terms in the Indenture
governing the Secured Notes (the Indenture); and
(b) the foregoing (the Agreement) of their right to participate
in any change of control offer set out in Section 1015 of
the Indenture occasioned by a possible restructuring of
Concordia Bus AB (Bus), as outlined in the indicative terms
publicly announced on 16 March 2005.
The operating businesses continue to function normally and
continue to provide full bus services to passengers and
customers.
Under the extended deadline, all holders of Secured Notes who
submit valid and unrevoked consents prior to 5:00 p.m. London
time on Friday, 10 June 2005, will receive the consent fee of
EUR5 per EUR1,000 of the principal amount of Secured Notes for
which they deliver valid and effective consents, subject to the
terms and conditions of the Solicitation.
Holders who have previously delivered consents need not take any
further action in order to receive the consent fee.
Nordic is not amending the Proposed Amendments and Waivers or
the Agreement.
This announcement is not a solicitation of consents with respect
to any securities. The Solicitation is being made solely by the
Consent Solicitation dated 16 March 2005.
The Tabulation Agent has advised Nordic that as of 3 June 2005
consents for 10.69% aggregate principal amount of the Secured
Notes had been validly submitted and unrevoked.
CONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED
Financial advisers to Concordia Bus Nordic AB:
5th Floor, One Canada Square
London E14 5AA
Contact:
Tony Alvarez III
Phone: +44 (0) 207 715 5200
E-mail: TAlvarezIII@alvarezandmarsal.com
Ragnar Norback
Phone: +46(0)854630141
Per Skargard
Phone: +46(0)854630021
Candace CarpenterGavin Anderson & Company
Richard Constant
Phone: +44(0)207 554 1400
CONCORDIA BUS: Posts Assumption to 'Cleanse' Insider Investors
--------------------------------------------------------------
Concordia Bus Nordic AB said that the assumed number of deals
that the Company was contracted to operate as at 28 February
2005 were: Sweden (146), Norway (13) and Finland (38). The
information is in addition to certain assumptions relating to
key business drivers that have been provided to stakeholders on
May 25 as part of on-going restructuring discussions.
This information was provided in the special context of the
proposed restructuring. The Company does not intend to announce
this type of information on an ongoing basis and the Company
does not anticipate updating the information provided in this
announcement. The Company will not be making any further
comments on this and previously announced assumptions.
This release is not an offer to sell securities in the United
States. Securities may not be offered or sold in the United
States other than pursuant to registration under the United
States Securities Act of 1933, as amended, or an exemption from
such registration. No public offering of securities has been or
will be made in the United States and, accordingly, the Company
will not be registering any securities under the Securities Act
of 1933.
CONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED
Financial advisers to Concordia Bus Nordic AB:
5th Floor, One Canada Square
London E14 5AA
Contact:
Tony Alvarez III
Phone: +44 (0) 207 715 5200
E-mail: TAlvarezIII@alvarezandmarsal.com
Ragnar Norback
Phone: +46(0)854630141
Per Skargard
Phone: +46(0)854630021
CANDACE GAVIN ANDERSON & COMPANY CARPENTER
Richard Constant
Phone: +44(0)207.554.1400
=============
U K R A I N E
=============
KOM TEKS: Creditors' Claims Due Weekend
---------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Kom Teks (code EDRPOU 23885024) after
finding the limited liability company insolvent. The case is
docketed as 6/421-8/193. Mr. V. Vinnikov (License Number AA
779141) has been appointed liquidator/insolvency manager. The
company holds account numbers 26037000000133 and 26003000000145
at OJSC Electron Bank, MFO 325268; and account numbers
26037000000133 and 26003000000145 at JSCB Mriya, Lviv branch,
MFO 385316.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) KOM TEKS
79000, Ukraine, Lviv region,
Danilishin Str. 4
(b) Mr. V. Vinnikov
Liquidator/Insolvency Manager
Ukraine, Lviv region,
Pustomiti, Sportivna Str. 2/9
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
LUGAGRODAR: Gives Creditors Until Weekend to File Claims
--------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Agricultural LLC LUGAGRODAR (code
EDRPOU 31315452) on April 8, 2005. The case is docketed as
20/43. Mr. Dmitro Litsoyev (License Number AA 520122) has been
appointed temporary insolvency manager. The company holds
account number 260059532 at JSPPB Aval, Lugansk regional branch,
MFO 304007.
Creditors have to submit their proofs of claim to:
(a) LUGAGRODAR
92755, Ukraine, Lugansk region,
Starobilskij district,
Malohatka, Novobudivna Str. 15/2
(b) Mr. Dmitro Litsoyev
Temporary Insolvency Manager
91000, Ukraine, Lugansk region,
Serov Str. 111
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroiv VVV Square, 3a
MAZAR LTD.: Insolvency Manager Takes over Operations
----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Mazar Ltd. (code EDRPOU 23885610) after
finding the limited liability company insolvent. The case is
docketed as 7/283-39/273. Mr. S. Lipskij (License Number AA
783160) has been appointed liquidator/insolvency manager. The
company holds account number 26042744/980 at JSPPB Aval, Lviv
branch, MFO 325570.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) MAZAR LTD.
Ukraine, Lviv region,
Matejko Str. 8
(b) Mr. S. Lipskij
Liquidator/Insolvency Manager
Ukraine, Lviv region,
Kyiv regionska Str. 38/2
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
PODILSKE: Proofs of Claim Deadline Set Weekend
----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Podilske (code EDRPOU
00851382). The case is docketed as 14/1447. Mr. Sergij
Nazarenko (License Number AA 484198) has been appointed
temporary insolvency manager. The company holds account number
260081498 at JSPPB Aval, Cherkassy branch, MFO 354411.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) PODILSKE
Ukraine, Cherkassy region,
Zolotoniskij district, Podilske
(b) Mr. Sergij Nazarenko
Temporary Insolvency Manager
18000, Ukraine, Cherkassy region,
Dobrovolskij Str. 3/25
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
PROM-ECO: Harkiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Prom-Eco (code EDRPOU 32437290) on May 5,
2005 after finding the limited liability company insolvent. The
case is docketed as B-50/78-05. Mr. A. Dralin (License Number
AB 116136) has been appointed liquidator/insolvency manager.
The company holds account number 26001052200597 at CB
Privatbank, Harkiv regional branch, MFO 351533.
CONTACT: PROM-ECO
Ukraine, Harkiv region,
Chervonoshkilna Naberezhna Str. 2
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th Entrance
PULSAR: Court Appoints Temporary Insolvency Manager
---------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on Ukrainian-American Joint Enterprise
Pulsar (code EDRPOU 24533267) on April 26, 2005. The case is
docketed as 2-32/104-04-5391. Mr. Viktor Dariyenko (License
Number AA 485256) has been appointed temporary insolvency
manager. The company holds account number 2600431270 at JSB
Pivdennij, Odessa branch, MFO 328209.
CONTACT: PULSAR
Ukraine, Odessa region,
Suvorov Lane, 1/12
Mr. Viktor Dariyenko
Temporary Insolvency Manager
65045, Ukraine, Odessa region,
Velika Arnautska Str. 60
Phone/Fax: (0482) 22-87-86
ECONOMIC COURT OF ODESSA REGION
65032, Ukraine, Odessa region,
Shevchenko Avenue, 4
SVITLOVODSK' BREAD: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Svitlovodsk' Bread Plant (code
EDRPOU 00378744) on January 24, 2005. The case is docketed as
9/18. Mr. Genadij Zabolotnij (License Number AA 047950) has
been appointed temporary insolvency manager. The company holds
account number 26060330100272 at JSCB East-European Bank, MFO
331650.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) SVITLOVODSK' BREAD PLANT
27500, Ukraine, Kirovograd region,
Svitlovodsk, P. Morozov Str. 3
(b) Mr. Genadij Zabolotnij
Temporary Insolvency Manager
Ukraine, Kirovograd region, Zhadov Str. 20/225
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski Str. 29
SVYATILIVKA: Court Names Yurij Teleshun Liquidator
--------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Svyatilivka (code EDRPOU 30901759) on April
14, 2005 after finding the limited liability company insolvent.
The case is docketed as 7/40. Mr. Yurij Teleshun (License
Number AA 484197) has been appointed liquidator/insolvency
manager. The company holds account number 26000001467001 at
Indexbank, Globinske branch, MFO 331661.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) SVYATILIVKA
Ukraine, Poltava region,
Globinskij district, Svyatilivka
(b) Mr. Yurij Teleshun
Liquidator/Insolvency Manager
36003, Ukraine, Poltava region,
Nezalezhnosti Square, 1 B, room 18
Phone: 56-48-36
(c) ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina Str. 1
TECHNOCONSULTUNG KVALITET: Declared Insolvent
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Technoconsultung Kvalitet (code EDRPOU
24364907) after finding the limited liability company insolvent.
The case is docketed as 24/206-b. Mr. V. Korolenko (License
Number AA 250432) has been appointed liquidator/insolvency
manager.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) TECHNOCONSULTUNG KVALITET
Ukraine, Kyiv region,
Mala Zhitomirska Str. 20-v
(b) Mr. V. Korolenko
Liquidator/Insolvency Manager
01030, Ukraine, Kyiv region,
B. Hmelnitskij Str. 44-b
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
ZDOLBUNIVSKIJ KOOPZAGOTPROM: Bankruptcy Supervision Starts
----------------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
supervision procedure on Joint Enterprise Zdolbunivskij
Koopzagotprom. The case is docketed as 8/22. Mr. Vitalij
Sokotun (License Number AA 783125) has been appointed temporary
insolvency manager.
Creditors have until June 11, 2005 to submit their proofs of
claim to:
(a) ZDOLBUNIVSKIJ KOOPZAGOTPROM
Ukraine, Rivne region,
Zdolbuniv, 8 Bereznya Str. 44
(b) Mr. Vitalij Sokotun
Temporary Insolvency Manager
Ukraine, Rivne region,
Slovatskij Str. 4/6
(c) ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
===========================
U N I T E D K I N G D O M
===========================
AGAPE NURSING: Hires P&A Partnership to Liquidate Assets
--------------------------------------------------------
At the extraordinary general meeting of Agape Nursing & Home
Care Services Limited on May 19, 2005 held at Express by Holiday
Inn, Stationers Place, Aspley Lock, Hemel Hempstead HP3 9RH, the
resolution to wind up the company was passed. Ian Michael Rose
and Robert Michael Young of Poppleton & Appleby, The Old Barn,
Caverswall Park, Caverswall Lane, Stoke on Trent ST3 6HP have
been appointed joint liquidators of the company.
CONTACT: AGAPE NURSING & HOME CARE SERVICES
146 High Street
Ruislip
London HA4 8LJ
Phone: 0208 582 0261
Fax: 01895 639902
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
ALEXON GROUP: Shareholders OK Sale of Equity, Treasury Shares
-------------------------------------------------------------
At the Annual General Meeting of Alexon Group plc Tuesday, all
the resolutions contained within the Notice of Meeting were
passed.
Other than the ordinary business of the meeting, resolutions
passed as special business are:
(a) to approve the directors' remuneration report for the 52
weeks ended on 29 January 2005; and
(b) that the directors be and are hereby empowered pursuant to
section 95 of the Companies Act 1985 to:
(i) subject to the passing of resolution 8, allot equity
securities (as defined in section 94 of the Companies Act
1985) for cash pursuant to the authority conferred by
resolution 8 as if section 89 of the said Act did not
apply to any such allotment; and
(ii) sell relevant shares (as defined in section 94 of the
said Act) in the Company if, immediately before the sale
such shares are held by the Company as treasury shares
(as defined in section 162A of the said Act) for cash
(as defined in section 162D of the said Act), as if
section 89 of the said Act did not apply to any such
sale, provided that such power shall be limited to the
allotment of equity securities and the sale of treasury
shares:
(1) in connection with a rights issue, open offer or any
other pro-rata offer in favor of ordinary
shareholders where the equity securities are
proportionate (as nearly as practicable) to the
respective number of ordinary shares held by such
holders but subject to such exclusions or other
arrangements as the directors may deem necessary or
desirable in relation to fractional entitlements,
treasury shares or legal or practical problems
arising in, or pursuant to, the laws of any territory
or the requirements of any regulatory body or stock
exchange in any territory; and
(2) otherwise than pursuant to above, up to an aggregate
nominal amount of GBP295,600 and this power shall
expire at the conclusion of the Annual General
Meeting of the Company to be held in 2006 or 6
December 2006, whichever is the earlier, save that
the Company may at any time before the expiry of such
power make any offer or enter into any agreement
which would or might require equity securities to be
allotted, or treasury shares to be sold, after the
expiry of such power and the directors may allot
equity securities or sell treasury shares in
pursuance of any such offer or agreement as if the
power conferred hereby had not expired.
* * *
In April, Alexon warned that the collapse of department store
chain Allders could hit its earnings by GBP3 million in 2005.
The group, which owned 118 concessions in Allders outlets, has
already lost GBP2.2 million from money owed and stock and
fixtures write-downs.
The blow came amid sluggish trading at the group's Bay Trading
Fashion chains, which saw same-store sales slide 1.3% in
the last financial year. Profits for the year ended 29 January
2005 dropped to GBP26.9 million against GBP29.4 million a year
earlier. Like-for-like sales in the first nine weeks of the
current financial year were three percent down.
CONTACT: ALEXON GROUP PLC
40-48 Guildford Street
Luton
Bedfordshire
England
LU1 2PB
Phone: +44 1582 723131
Fax: +44 1582 399864
BUCHANAN COMMUNICATIONS
Richard Darby/Nicola Cronk
Phone: 020 7466 5000
ATEL CONSTRUCTION: Names Moore Stephens Liquidator
--------------------------------------------------
At the extraordinary general meeting of Atel Construction
Limited on May 26, 2005 held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, the extraordinary and ordinary resolutions to wind up the
company were passed. Mark Bowen and Nigel Price of Moore
Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB have been appointed joint liquidators
of the company.
CONTACT: ATEL CONSTRUCTION LIMITED
Charlotte Road
Edgbaston Birmingham
West Midlands B15 2NQ
Phone: 0121 440 7581
MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
E-mail: nigel.price@moorestephens.com
Web site: http://www.moorestephens.co.uk
BAC MANUFACTURING: Hires Administrators from Vantis Business
------------------------------------------------------------
Michael William Young and Nigel John Hamilton-Smith (IP Nos
8077, 2093) have been appointed administrators for BAC
Manufacturing Limited. The appointment was made May 26, 2005.
BAC manufactures and fit windows, doors and roofline products.
It provides security claws, multi-point locking systems and
glass that can only be removed from inside the home, means that
BAC products deter intruders. The company provides 10-year
partnership with its clients throughout the comprehensive
guarantee that's offered.
CONTACT: BAC MANUFACTURING LIMITED
Web site: http://www.bacwindows.co.uk
VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD
Phone: 01727 811111
Fax: 01727 810057
E-mail: nhamiltons@aol.com
Web site: http://www.vantismt.com
BPS INSURE: Insurance Company Falls into Administration
-------------------------------------------------------
Neil John Mather and Lloyd Biscoe (IP Nos 1218, 9141) have been
appointed administrators for BPS Insure Limited on May 27. BPS
Insure's registered office is at 195 Loughborough Road, West
Bridgford, Nottingham NG2 7PF.
BPS Insure is one of the top 50 independent general insurance
brokerages in the area with 11 offices in towns and cities
across Great Britain. It has 86 employees.
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.
On May 5, 2005, the Financial Services Authority withdrew its
permission for BPS Insure Limited to sell new policies. All its
business transactions were transferred to Towergate Underwriting
Group Limited, a specialist underwriter that provides insurance
policies for selected scheme and niche markets. It has secured
the right to renew the GBP20 million GWP portfolio from BSP
Insure Limited.
BSP Insure Limited has approximately 20,000 policyholders that
may have been left without cover as a result of the company's
failure.
CONTACT: BPS INSURE LIMITED
Level 7, Tower 42,
25 Old Broad Street,
London EC2N 1HN
Phone: 0870 4208051
Fax: 0870 4208052
BEGBIES TRAYNOR (SOUTH) LLP
32 Cornhill, London EC3V 3BT
Phone: 020 7398 3800
Fax: 020 7398 3799
Web site: http://www.begbies.com
BRITISH AMERICAN: Shift of Production to Asia Threatens Jobs
------------------------------------------------------------
About 660 workers at the U.K. site of British American Tobacco
plc could lose their jobs, as the firm mulls shifting a quarter
of its production to South Korea and Singapore.
According to The Scotsman last week, a spokesman for BAT, which
produces the Dunhill, Rothmans and Lucky Strike cigarettes,
disclosed the Southampton factory faces closure in order to cut
cost. The site saw employees going on strike over wage and
conditions in 2004.
Meanwhile, Iain MacLean, national officer of Amicus, stressed
the labor union is set to contest any forced redundancies,
describing the report as "a huge kick in the teeth."
BAT spokesman David Betteridge said: "It is a serious situation,
we will look at all the options and report back to employees in
the next four to eight weeks."
Mr. Betteridge added the job cuts are expected without
replacement volume, also noting that it is practical to
manufacture the 24 billion cigarettes closer to its markets.
CONTACT: BRITISH AMERICAN TOBACCO P.L.C.
Globe House, 4 Temple Place
London
WC2R 2PG, United Kingdom
Phone: +44-20-7845-1000
Fax: +44-20-7240-0555
Web site: http://www.bat.com
C A REALISATIONS: Hires Liquidator from Smith & Williamson
----------------------------------------------------------
At the extraordinary general meeting of C A Realisations Limited
(formerly Crowndale Associates Limited) on May 23, 2005 held at
3 St Mary's Street, Worcester WR1 1HA, the special and ordinary
resolutions to wind up the company were passed. Neil Francis
Hickling of Smith & Williamson Limited has been appointed
liquidator of the company.
* * *
C A Realisations Limited formerly Crowndale Associates Limited
has been buying and selling business.
Crowndale Associates is an independent company, dedicated to
providing a complete professional service to buyers and sellers
alike. The company's wealth of experience in the industry and
track record in corporate finance transactions will prove
invaluable in helping you achieve a successful sale or
acquisition.
CONTACT: CROWNDALE ASSOCIATES LIMITED
3rd Floor
Shades House
19 Mealcheapen Street
Worcester WR1 2DQ
Phone: 44 (0) 1905 23591
Fax: 44 (0) 1905 23605
E-mail: info@crowndaleassociates.com
Web site: http://www.crowndaleassociates.com
C.H. BRANNAM: Ceramics Maker Up for Sale
----------------------------------------
The joint administrators, Andrew Stoneman and Jason Godefroy of
Menzies Recovery and Restructuring, offer for sale the business
and assets of C.H. Brannam Limited as a going concern.
Features:
(a) Annual turnover of around GBP10 million;
(b) Pottery and warehouse in Barnstaple, North Devon;
(c) Freehold land measuring seven acres; and
(d) GBP2.5 million of garden pots in stock;
CONTACT: MENZIES CORPORATE RESTRUCTURING
17-19 Foley Street
London W1W 6DW
Phone: 020 7291 9750
Fax: 020 7291 9777
E-mail: mcr@menzies.co.uk
Web site: http://www.menzies.co.uk
John Norris
E-mail: jnorris@menzies.co.uk
Sallyanne Pit
E-mail: spitt@menzies.co.uk
CRYSTAL DRINKS: Hires PricewaterhouseCoopers as Administrator
-------------------------------------------------------------
Edward Klempka and Stephen Andrew Ellis (IP Nos 5791, 8843) have
been appointed joint administrators for Crystal Drinks (UK)
Limited. The appointment was made May 23, 2005. The firm's
registered office is at 14 Wakefield Road, Featherstone,
Wakefield, West Yorkshire WF7 5HG.
* * *
Crystal Drinks (UK) Limited is an independently owned Soft
Drinks Company based at Featherstone, West Yorkshire, drawing
water from its own spring for production of a wide range of
quality still/sparkling soft drinks.
The firm has been bottling drinks since the early 1900's,
initially in returnable glass to the local market, but since the
1980's primarily in non-returnable P.E.T, supplying nationwide
to the Independent Trade and Multiples.
Among the company's branded products are Crystal Range, Crystal
Spring, Fontana Range, Old Georgia Cola, Spice Islands, Cool
Fuel Jets, Solripe, Robertsons, Carousel, Pennywise and Five
Star.
CONTACT: CRYSTAL DRINKS (UK) LIMITED
14 Wakefield Road
Featherstone
West Yorkshire WF7 5HJ
Phone: 01977 797171
Fax: 01977 791735
Web site: http://www.crystaldrinks.co.uk
PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street
Leeds LS1 4JP
Phone: [44] (113) 289 4000
Fax: [44] (113) 289 4460
E-mails: edward.klempka@uk.pwcglobal.com
steve.a.ellis@uk.pwcglobal.com
Web site: http://www.pwcglobal.com
DIRECT ACCESS: KPMG Selling Platform Company
--------------------------------------------
The joint administrators, Paul Andrew Flint and Brian Green,
offer for sale the business and assets of Direct Access
Platforms Limited.
Features:
(a) GBP2 million in annual turnover;
(b) Manufactures, installs, repairs and maintains hydraulic
access platforms;
(c) Established relationship with the emergency services, public
sector and utilities companies;
(d) Trades from leasehold premises in West Midlands and South
Manchester; and
(e) A well-recognized brand within the industry.
CONTACT: KPMG LLP
St James' Square
Manchester M2 6DS
Phone: (0161) 838 4000
Fax: (0161) 838 4040
Web site: http://www.kpmg.uk
Paul Andrew Flint
Phone: (0161) 838 4000
Fax: (0161) 838 4089
E-mail: paul.a.flint@kpmg.co.uk
GREEK TOURISM-TRAVEL: Members Decide to Wind up Firm
----------------------------------------------------
At the extraordinary general meeting of the members of Greek
Tourism-Travel Ltd. on May 19, 2005 held at Fergusson House,
124-128 City Road, London EC1V 2NJ, the resolution to wind up
the company was passed. C. M. Iacovides of Jeffreys Henry
Jacobs, Fergusson House, 124-128 City Road, London EC1V 2NJ has
been appointed liquidator of the company.
* * *
Greek Tourism-Travel Ltd. was established in 1985. The agency
has superior experience and knowledge of Greece. They can
assure their clients of sure flights through British Airways,
Olympic Airways, Virgin and other well-known airlines. It also
covers all chartered flights.
CONTACT: GREEK TOURISM-TRAVEL LTD.
Web site: http://www.greektourismtravel.co.uk
JEFFREYS HENRY JACOBS
124-128 City Road, London EC1V 2NJ
Phone: 020 7670 9010
Fax: 020 7670 9011
Web site: http://www.jhj.co.uk
INTEGRA INTERIORS: Meeting of Creditors Set Next Week
-----------------------------------------------------
The creditors of Integra Interiors Limited will meet on June 14,
2005 at 11:00 a.m. It will be held at Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire PO15 7AH.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Portland Business & Financial Solutions Ltd.,
1640 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire
PO15 7AH not later than 12:00 noon, June 13, 2005.
* * *
Integra Interiors offers clients and contractors a direct,
efficient, cost effective service, whether on a direct contract,
partnering or sub contract basis. They provide a survey and
design service at conception stage, value engineering, resource
planning. They have directly employed skilled labors, full
laborers, materials and management package.
The company is able to undertake major ceiling and drylining
contracts up to GBP3 million in value throughout London and the
South East including related joinery packages if required, and
other associated Fit Out works.
In 2003, the company approximately anticipates a turnover of
GBP10 million.
The company has work with the following clients: Amec,
HBG, Inter Continental Hotels, Interior Plc, Kier, Laing, P A
Consulting, Prudential Portfolio, Woolf Construction Management
on commercial, residential, and public sector contracts.
The company has been managed by:
(a) Robert Osborn: Managing Director
(b) David Anderson: Contracts Director
(c) Graham Dear: Director Design & Procurement
(d) John Powell: Commercial Director
CONTACT: INTEGRA INTERIORS LIMITED
40-44 Church Street,
Reigate,
Surrey, RH2 0AJ
United Kingdom
Phone: (+44) 01737 222271
Fax: (+44) 01737 223838
E-mail: enquiries@integra-interiors.com
Web site: http://www.integra-interiors.com/
PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
1640 Parkway
Solent Business Park
Whiteley
Fareham
Hampshire PO15 7AH
Phone: 01489 550 440
E-mails: carl.faulds@portland-solutions.co.uk
james.tickell@portland-solutions.co.uk
INVENSYS PLC: To Pocket GBP81 Mln from Sale of ABS operations
-------------------------------------------------------------
Invensys plc signed an agreement to sell the majority of its
Advanced Building Systems (ABS) operations in Europe and the
Middle East (EMEA) to Schneider Electric S.A. of France for a
gross cash consideration of GBP81 million.
This disposal follows the Group's previously stated intention of
exiting the contracting and services part of its building
management systems (BMS) operations within its Controls business
and focusing instead on becoming a key supplier of products and
systems to the BMS industry. The ABS operations in the rest of
the world, which are headquartered in Rockford, IL, will be
working in partnership with the buyer to sell ABS products and
services into EMEA territories.
ABS EMEA is the leading provider of BMS in the U.K. under the
Satchwell brand name and has a strong presence across the rest
of Europe and the Middle East. The transaction includes
Satchwell in the U.K., Atmostech in Finland, Controlli in
Italy, Messner in Germany and a number of other businesses
operating under the Satchwell name across Europe and Middle
East.
In the year ended 31 March 2005, the ABS EMEA businesses being
disposed of reported sales of GBP94 million and operating profit
of GBP5 million. The net operating assets of these businesses
at 31 March 2005 were GBP25 million. Of the GBP94 million of
divested revenue, GBP68 million was contracting & services and
GBP26 million related to products. The ABS operations in the
rest of the world had sales of GBP130 million.
The transaction is subject to customary regulatory approvals and
is expected to complete by the end of July. Proceeds from this
disposal will be applied towards satisfying the Group's
liabilities.
Ulf Henriksson, Chief Executive Designate of Invensys plc, said:
"This is a deal that makes sense strategically for both Invensys
Controls and its subsidiary ABS business. It also makes sense
financially."
About Invensys plc
Invensys is a global automation, controls and process solutions
Group. Its products, service expertise and ongoing support
enable intelligent systems to monitor and control processes in
many different environments. Leading companies in a wide range
of industries rely on Invensys to help them perform with greater
efficiency, safety and cost-effectiveness.
The Invensys Group is made up of five businesses: Process
Systems, APV, Eurotherm, Rail Systems and Controls. The Group
is headquartered in London and is listed on the London Stock
Exchange, with 35,000 employees working in 60 countries.
About Schneider Electric S.A.
Through its brands, Merlin Gerin, Square D and Telemecanique,
Schneider Electric manufactures and markets a comprehensive
range of products and services for the residential, buildings,
industry, energy and infrastructure markets. Schneider
Electric has 85,000 employees worldwide, operations in 130
countries and recorded sales of EUR10.4 billion in 2004 through
the 13,000 sales outlets of its distributors.
CONTACT: INVENSYS PLC
Invensys House, Carlisle Place
London SW1P 1BX
Phone: +44-20-7834-3848
Fax: +44-20-7834-3879
Web site: http://www.invensys.com
Steve Devany
Phone: +44 (0) 20 7821 3758
Nina Delangle
Phone: +44 (0) 20 7821 2121
Emma Burdett
Phone: +44 (0) 20 7379 5151
SCHNEIDER ELECTRIC S.A.
43-45 boulevard Franklin-Roosevelt
F-92500 Rueil-Malmaison, France
Phone: +33-1-41-29-70-00
Fax: +33-1-41-29-71-00
Web site: http://www.schneider-electric.com
LABEL PRINT: Film Printer Offered for Sale
------------------------------------------
The joint administrators, T.J. Binyon and S.R. Thomas of Tenon
Recovery, offer for sale the business and assets of label Print
Services Limited.
Features:
(a) Full range of modern print technology machinery and
equipment;
(b) Significant product development potential;
(c) Established 20 years ago;
(d) GBP2.3 million in annual turnover;
(e) Leasehold premises in east London measuring 15,500 sq. ft.;
and
(f) Blue-chip customer base.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street
London W1U 6RD
Phone: 020 7935 5566
Fax: 020 7935 3512
E-mail: bakerstreet@tenongroup.com
Web site: http://www.tenongroup.com
Jamie Wilson
E-mail: jamie.wilson@tenongroup.com
PHILIP DAVIES & SONS AUCTIONEERS
10 Glasshouse Yard
London EC1A 4JN
Phone: 020 7336 6959
Fax: 020 7336 6968
E-mail: pjd@pdsauctioneers.co.uk
Web site: http://www.pdsauctioneers.co.uk
MG ROVER: Qvale's Claim Undermines Asset Sale
---------------------------------------------
Italian-American carmaker Qvale Automotive is claiming rights
over MG Rover's SV supercar, a move that might spoil attempts to
sell the group's remaining assets, The Financial Times says.
The claim refers to the basic design of Qvale's Mangusta car,
which it sold to MG Rover in 2001 for around GBP7 million.
Qvale claimed MG Rover still has to pay an outstanding of GBP2
million when it collapsed in April. This, Qvale believes, gives
them the right to recover its sold assets, which include its
Italian manufacturing site.
PricewaterhouseCoopers, MG Rover's administrator, has yet to
recognize Qvale's claim, which could further impede the
carmaker's recovery. Shanghai Automotive Industry Corporation,
which withdrawal in bailout talks with MG Rover hit the last
nail on the coffin for the latter, is also claiming several
rights to a number of MG range of cars. Mangusta's predecessor,
the SV super car, however, is considered vital to MG Rover's
asset sell-off since the management buy-out team, which is
reportedly leading the race to acquire the group and its TF
sports vehicle, wants to make SV its flagship.
PwC bared Qvale's claim at a creditors meeting of MG Rover's
engine and racing arms, wherein the administrators revealed the
units were around GBP164 million short of the needed amount to
pay its debt. The entire MG Rover group now owes its creditors
around GBP1.5 billion. PwC refused to comment further on
Qvale's claim until next Tuesday, when the creditors of SV maker
MG Sports and Racing meet to ascertain their amount of
recoverable money.
One MG Rover bidder revealed PwC, as part of its efforts to
dispose the group's sport and racing unit, had been trying to
sell the SV and its factory in Modena, Italy. The bidder said,
"They've put it in their offer particulars so we assume it is
for sale."
MG Rover made the SV to lead its return to the U.S., which
eventually conked out due to the group's deepening financial
problems.
Meanwhile, administrators will meet Friday the creditors of MG
Rover and its engine unit Powertrain to present updates of talks
over the group's sale. PwC have short listed an Iranian
investor and TVR sportscar owner Nikolai Smolenski for the
entire MG Rover group while three potential buyers will try to
outbid each other for MG Rover alone.
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
PRICEWATERHOUSECOOPERS 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
QVALE AUTOMOTIVE GROUP
60, vl. Nazioni
41100 Modena
Phone: +39059 328011
Web site: http://www.qvaleauto.com
NETWORK RAIL: Regulator Pleased with Last Year's Performance
------------------------------------------------------------
Network Rail welcomes Tuesday's announcement by the Office of
Rail Regulation where the ORR concludes that 'there has been
good progress by Network Rail in the last year' and that
'Network Rail has made an encouraging start to its broader role
following the Rail Review'.
In response, John Armitt, Chief Executive said: "The Company is
delivering a better service to customers. Train delays are
down, asset condition has markedly improved and costs have been
reduced."
Some of the highlights of the past year include:
(a) 17% reduction in Network Rail delay minutes, from 13.7
million in 03/04 to 11.4 million in 04/05;
(b) Increase in 'on time' trains from 81.2% last year to 83.6%
in 04/05;
(c) 19 consecutive months of improving performance delivered;
(d) Broken rails at lowest ever levels. 322 recorded in 04/05
compared with over 900 just five years ago;
(e) Track faults 23% down on 03/04, temporary speed restrictions
down 18%, points failures down 11%, signal failures down 9%,
track circuit failures down 7%;
(f) Work volumes have also vastly increased. Compared to just
five years ago, 95% more rail laid (626 miles compared to
321in 99/00), 81% increase in ballast renewed (450 miles
compared to 249) and a 293% increase in sets of points
replaced (511 compared to just 130);
(g) 15,000 new employees joined the Company as maintenance was
taken in-house; and
(h) Huge investment in people with GBP20 million+ purchase of
new leadership center, advanced apprenticeship scheme
launched for 1,000 young people and new sate-of-the-art
signaling training centers opened.
Commenting on the ORR's observations on Network Rail's spending,
John Armitt said: "We are not prepared to spend money on
projects that simply aren't ready. We make no apology for
deferring spending to later years as we are determined to ensure
tight budgeting and a clear understanding of what needs to be
delivered. We will get value for money from our spending plans,
ensuring we get the most from every pound spent."
Mr. Armitt added (on the ORR's comments on business planning):
"We recognize the need to develop more robust plans for future
spending and our recently published 2005 Business Plan set out a
whole series of action plans that we will take forward in
consultation with the ORR."
Mr. Armitt concluded: "Network Rail has had a good year and
there is still a lot more to do, but credit should go to our
30,000 employees, industry partners and suppliers for delivering
a better, more punctual, efficient and safe railway over the
past 12 months. Our task is to stay focused and ensure this
progress continues."
CONTACT: NETWORK RAIL LIMITED
40 Melton St.
London NW1 2EE,
United Kingdom
Phone: +44-20-7557-8000
Fax: +44-20-7557-9000
Web site: http://www.networkrail.com
NORFROST LIMITED: Freezer Manufacturer Up for Sale
--------------------------------------------------
Blair Nimmo and Neil Armour of KPMG LLP, joint administrators of
Norfrost Limited since May 19, 2005, are seeking offers for the
group's business and assets.
Features:
(a) GBP12 million in turnover for 2004;
(b) Designs and manufactures a large and popular range of
domestic and commercial freezer cabinets for the U.K.,
European and Middle Eastern markets;
(c) Operates from a 55-acre site, with 21,000 sq. ft. freehold
property; and
(d) Fully automated production lines and experienced workforce
of 84 people.
CONTACT: KPMG LLP
8 Salisbury Square
London EC4Y 8BB
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.co.uk
Rachael Morgan
Phone: 020 7694 2692 / 07904 528106
E-mail: rachael.morgan@kpmg.co.uk
Blair Nimmo, Corporate Recovery Partner
Phone: 07774 617582
Donald Scott
Phone: 01847 822 200
E-mail: donald.scott@kpmg.co.uk
PATIENTLINE U.K.: Looking Forward to First-ever Profit
------------------------------------------------------
Hospital communication and entertainment system provider
Patientline U.K. Ltd. has narrowed yearly operating loss to
almost half.
The company reported operating loss of GBP4.6 million from
GBP8.2 million in the year to March 25. The company has not
made a profit since it was formed ten years ago, according to
The Scotsman.
Pre-tax loss increased slightly to GBP11.8 million principally
because of the one-off costs including those associated with the
new bank facility, implementation of a new operating structure,
and a Terminal design upgrade. Excluding these costs the loss
would have been GBP9.4 million, the company said.
Revenue increased by 33% to GBP49.4 million year-on-year.
EBITDA was up 82% to GBP16.4 million. Operating cash flow
increased 115% to GBP16.7 million.
Commenting on the preliminary results, Derek Lewis, Chairman of
Patientline, said: "The tenth year of operation since our first
live hospital has been a notable one. The drive to sign up
U.K. hospitals is now largely complete and, following the
announcement that our rate of installation would halve this
year, we have shifted our focus to productivity improvement and
the generation of both cash and profits.
He added: "In the year ahead we are confident that by continuing
to invest in product and market development, improving
productivity in the U.K. and winning contracts abroad we can
move towards net cash generation and bottom line profitability,
with borrowings peaking before year end."
To see financial results:
http://bankrupt.com/misc/Patientline(Prelim2004-5).pdf
CONTACT: PATIENTLINE U.K. LTD.
Thames Valley Court
183/187 Bath Road
Slough
Berkshire
SL1 4AA
Phone: 0845 414 6000
Fax: 0845 414 6153
Web site: http://www.patientline.co.uk/
PEARCE MOTOR: Administrator from Tenon Recovery Moves in
--------------------------------------------------------
Ian William Kings (IP No 7232) has been appointed administrator
for Pearce Motor Engineering Limited. The appointment was made
May 25, 2005. Its registered office is located at Tenon House,
Ferryboat Lane, Sunderland SR5 3JN.
* * *
Pearce Motors was established in 1935 by Roy Pearce, and in 1952
became a Ford dealership. For over 60 years, they have served
people of Newscastle and its surrounding areas. The company
believed they are the number one leading dealership in Northern
England.
Bill Mackenzie is the sales manager of the company assisted by
Alan Ruddick the parts manager.
CONTACT: PEARCE MOTOR ENGINEERING LIMITED
36-44 West Road,
Newcastle Upon Tyne,
Tyne And Wear, NE4 9PY
Web site: http://pearcemotors.com/
TENON RECOVERY
Tenon House, Ferryboat Lane,
Sunderland SR5 3JN
Phone: 0191 511 5000
Fax: 0191 511 5001
Web site: http://www.tenongroup.com
QXL RICARDO: To Pursue Legal Claims Involving Polish Arm
--------------------------------------------------------
QXL Ricardo plc received on June 3, 2005 various payments in
U.S. dollars totaling US$2,313,939 and a further payment in
sterling of GBP60,000. These payments appear to have been made
by the court-appointed administrator of QXL Poland Sp. z o.o.
However no formal explanation for the payments has been received
and the Company is seeking further clarification on the matter
from QXL Poland. The total amount received represents
approximately two-thirds of the outstanding inter-company
balances owed to the Company by QXL Poland.
The Company is obviously pleased to recover any sums due to it.
However the payments have no direct relevance to the issue of
ownership of QXL Poland and are, in any case, relatively
insignificant in the context of the value of QXL Poland. The
Company therefore intends to continue to pursue its ongoing
legal claims to be re-registered as the sole shareholder in QXL
Poland and to recover operational control of QXL Poland and its
assets.
The Company remains confident that the Polish courts will
ultimately find in its favor on this issue, although it still
expects the litigation to be protracted. Progress at the
hearing on 24 May was limited and the next date at which
evidence will be heard has been set for 22 June.
In the parallel criminal cases, the Company has now been
informed that the Poznan public prosecutor's office has
completed its investigations and is preparing formal indictments
against Arjan Bakker, the former general manager of QXL Poland,
and Przemyslaw Rogowski, the lawyer who implemented the disputed
share issue. The Company expects the court hearings in the
criminal cases to start in the early autumn.
Further information regarding these issues will be announced at
the appropriate time.
CONTACT: QXL RICARDO PLC
The Matrix Complex
91 Peterborough Road
London SW6 3BU
Contact:
Mark Zaleski, Chief Executive Officer
Robert Dighero, Chief Financial Officer
Tom Parkinson, Company Secretary
Phone: +44 (0)20 7384 6310
Financial Dynamics
James Melville-Ross
Juliet Clarke
Phone: +44 (0)20 7831 3113
REGAL PETROLEUM: Executive Chairman Leaves
------------------------------------------
Regal Petroleum founder and executive chairman Frank Timis
resigned Tuesday, a week after the oil explorer revealed annual
losses had quadrupled.
A short statement from Regal said Mr. Timis, who founded the
firm in 1996, will devote more time to other business interests.
Rumors, however, were circulating he was forced out by Regal's
non-executive directors, and institutional shareholders.
Mr. Timis already resigned as chief executive. As such, Regal
would have to search for both a new chairman and chief
executive. According to The Scotsman, it is possible one of the
firm's non-executive directors may be promoted to chairman
either as temporary or permanent basis. Mr. Timis still holds
nearly 8% of Regal.
The company earlier reported a loss after tax and minority
interests of US$13.7 million (GBP7.55 million) for the year
ending December 31, compared with a loss of US$2.9 million a
year earlier. It has lost 83% of its value since March. The
shares went down significantly at the end of April when Regal
raised GBP45 million at 390p a share following its discovery of
a gas prospect in Romania. It sank further earlier this month
when a well at its prospect in Greece was found to be not
commercially viable for exploration.
CONTACT: REGAL PETROLEUM
4th Floor
11 Berkeley Street
London, England W1J 8DS
Phone: +44 20 7647 6622
Fax: +44 20 7629 4297
Web site: http://www.regalpetroleum.com
RIGGS BANK: Hires PricewaterhouseCoopers as Liquidator
------------------------------------------------------
At the extraordinary general meeting of Riggs Bank Europe
Limited on May 23, 2005, the special and ordinary resolutions to
wind up the company were passed. Richard Setchim and Jonathan
Sisson 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
E-mail: richard.setchim@uk.pwc.com
Web site: http://www.pwc.com
TY EUROPE: Calls in PwC to Save Jobs, Business
----------------------------------------------
Colin Haig and Karen Dukes of PricewaterhouseCoopers were
appointed Joint Administrators of Ty Europe Limited on 8 June
2005.
Ty Europe, based in Gosport, Hampshire, imports and distributes
Beenie Babies soft toys and employs approximately 50 people
across Spain, Germany and the U.K., with approximately 35 based
in Gosport.
The directors requested the appointment of the Administrators
following recent trading and financial difficulties.
Colin Haig, Joint Administrator, said: "We are currently
assessing the company's financial position and trading prospects
with a view to continuing to trade the company while discussions
are held with interested parties in an attempt to preserve as
many jobs and as much of the business as possible. The company
has a very loyal core customer base and a widely regarded
product."
CONTACT: TY EUROPE LIMITED
Fareham Reach
166 Fareham Road
Gosport
Hampshire
PO13 0FW
PRICEWATERHOUSECOOPERS
Caroline Feltham
Advisory PR Senior Manager
Phone: 020 7212 3097
Mobile: 07841 783907
Karen Dukes
Phone: 01293 566996
U.K. COAL: Ends Takeover Talks with Unidentified Suitor
-------------------------------------------------------
On 6 April 2005, following press speculation, the Board of U.K.
Coal Plc received a highly preliminary and tentative approach
regarding a possible offer for the Company; this approach was
subject to a number of conditions and pre-conditions.
The Company asked the relevant party for clarification in
relation to a number of aspects of the approach; sufficient
clarification has not been received and discussions have
accordingly been terminated.
* * *
At the Annual General Meeting of U.K. Coal in April, Chairman
David Jones said: "Losses for the first quarter on continuing
operations have been in line with expectations.
"Deep Mine Production in our seven ongoing mines in the first
three months was 2.1 million tons (2004: 2.0 million tons).
Surface mine output was 0.3 million tons (2004: 0.6 million
tons).
Mr. Jones also noted some performance improvement in the deep
mine business, while surface mines production was in line with
expectations on lower operating costs.
He said the second quarter will include a face gap at Daw Mill
which was not anticipated, which will be compensated by a
combination of price increases and improved performance in the
period.
CONTACT: U.K. COAL PLC
Harworth Park
Blyth Road
Harworth Doncaster
South Yorkshire
England
DN11 8DB
Phone: +44 1302 751751
Fax: +44 1302 752420
Web site: http://www.ukcoal.com
Gavin Anderson
Phone: 020 7554 1400
VEOS GROUP: Business for Sale
-----------------------------
The joint administrators, Stephen Cork and Joanne Milner, offer
for sale the business and assets of Veos Plc, Veos Limited and
Veos U.K. Limited. The Veos group of companies develops and
manufactures Oves, a female contraceptive cap. The company
boasts of blue chip client base and owns several property rights
in U.S., Canada and Europe.
CONTACT: SMITH & WILLIAMSON
NCL Smith & Williamson
Bartlett House
9-12 Basinghall Street
London EC2V 5NS
Phone: 020 7600 2801
Fax: 020 7726 6201/2
Web site: http://www.smith.williamson.co.uk
Colin Hardman
E-mail: mch2@smith.williamson.co.uk
WM MORRISON: Sees Pre-tax Profit of at least GBP50 Million
----------------------------------------------------------
In the trading statement released in conjunction with WM
Morrison Supermarket plc's Annual General Meeting on 26 May
2005, the Board stated clearly that it was not currently in a
position to provide reliable guidance on the level of
profitability for the year as a whole.
Since that time, the market has produced a wide range of profit
estimates for the year 2005/6. While detailed forecasting work
is underway, the Board believes the guidance for profit before
tax, exceptionals and goodwill for the current year, following
completion of the review process announced at the AGM, will fall
within the range GBP50 million to GBP150 million.
KPMG is currently working with the Board to provide greater
clarity and the Company will comment further with its sales
update at the end of July 2005.
The Board reiterates that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.
CONTACT: WM MORRISON SUPERMARKETS PLC
Hilmore House
Thornton Road
Bradford
West Yorkshire
England
BD8 9AX
Phone: +44 1274 494166
Fax: +44 1274 494831
Web site: http://www.morereasons.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-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
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