/raid1/www/Hosts/bankrupt/TCREUR_Public/050623.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 23, 2005, Vol. 6, No. 123
Headlines
C Z E C H R E P U B L I C
LETECKE ZAVODY: Aircraft Industries Declared Sole Survivor
F I N L A N D
BENEFON OYJ: Early Exit from Reorganization Affirmed
F R A N C E
ALSTOM SA: SNCF Orders EUR130 Mln Worth of Trains
G E R M A N Y
ALPHA BETONBAUTEILE: Garage Builder Folds up
AMBOS GESCHENKARTIKEL: Under Bankruptcy Administration
ATRO-TRANS: Dortmund Court to Verify Claims October
EMPRISE MANAGEMENT: Issues New Shares to Raise Cash
GERLING-KONZERN: Gets 'BB-' LT Rating, Stable Outlook from Fitch
LBU BAYER: Calls in Administrator from Pluta
MBB AIRBAG: Leipzig Court Appoints Interim Administrator
MIKADO TEAM: Creditors' Claims Due Later this Month
NORDEX AG: New Shares Start Trading
REALTECH AG: Has New Chief Financial Officer
RUNGIS EXPRESS: Winning Bidder Known Today
SAXPRESS PRESSE: Advertising Agency Declares Bankruptcy
SKUDLAREK AGRO: Aachen Court Appoints Administrator
SYMICRON GMBH: Proofs of Claim Due August
P O L A N D
GDYNIA SHIPYARD: Firm's Future Uncertain at least Until July
R U S S I A
BIRSKIY: Declared Insolvent
CHELNYGOR-STROY: Undergoes Bankruptcy Supervision Procedure
EAR: Creditors Have Until Next Month to File Claims
METROMEDIA INTERNATIONAL: Amends PeterStar Share Purchase Deal
ROSBANK: Low-B Long, Short-term Ratings Affirmed
VARLAMOVSKAYA SEL-KHOZ-TEKHNIKA: Declared Insolvent
VOLGOGRADSKIY: Succumbs to Bankruptcy
YUKOS OIL: London Court Sustains US$482 Mln Claim Filed by Banks
U N I T E D K I N G D O M
1031 PROPERTIES: Members Final Meeting Set Next Month
A K WARRANTY: Members Decide to Wind up Firm
APAC DESIGN: Hires Administrators from Elwell Watchorn & Saxton
ARTIZAN NETWORKS: Calls in Administrators from BDO Stoy Hayward
BIO CONVERTORS: Recycling Plant Calls in Administrator
BOOTH & BIDDICK: Members Final Meeting Set July
CONSOLIDATED PAPER: Names Baker Tilly Administrator
DRAX POWER: Bankers Approve Refinancing; Flotation Set December
EATON ENGINEERING: Final Meeting Set Second Week of July
EUROTUNNEL SA: Chairman Favors Fewer Job Losses
FEDERAL-MOGUL: Asbestos Claims Estimation Hearing - Days 1 & 2
GW PHARMACEUTICALS: Net Loss Down to GBP5.1 Million
HALLCO 859: Members to Meet August
H BOASE: Members Final Meeting Set Last Week of July
HHT LIMITED: Cash Crunch Drives Firm into Administration
INTEGRITIS LIMITED: Hires Administrators from Menzies Corporate
JAMES STRICK: Final Meeting Set Next Month
LOVELY RED: Administrators from Kroll Limited Move in
MG ROVER: Holds Talks with Another Chinese Carmaker
MICROTECH PRODUCTION: Names Armstrong Watson Administrator
MISYS PLC: General Insurance Unit Posts 8% Rise in Revenues
READMANS LIMITED: Business for Sale
REGAL PETROLEUM: Ousted Chairman's Secret Deal Exposed
RENTOKIL INITIAL: Court Approves Restructuring
TTI EUROPE: Hires Liquidator from Levy & Partners
U.K. COAL: Reveals 'Mystery' Bidder
WATERFORD WEDGWOOD: EGM Okays EUR100 Mln Rights Issue
WM MORRISON: Appoints Three Non-executive Directors
*********
===========================
C Z E C H R E P U B L I C
===========================
LETECKE ZAVODY: Aircraft Industries Declared Sole Survivor
----------------------------------------------------------
Aircraft Industries (AI) is the only bidder left in the tender
for troubled carrier Letecke Zavody Kunovice, Czech Happenings
says.
AI, whose majority owner is Pamco Int., advanced to the second
and last round after meeting all the terms of the tender. Its
only rival in the tender was disqualified after it failed to pay
a CZK25 million deposit on time.
The buyer aims to secure a long-term dominant position for
Letecke in the production, repair, modernization and provision of
comprehensive logistics services for its gliders and L410 and
L420 planes. Creditors will decide on AI's offer on June 27.
Included in Letecke's sale is a facility for maintenance and
repairs of planes and an international airport in Kunovice as
well as assets of bankrupt Moravan-Aeroplanes, which bought the
group for CZK200 million in 2001. Moravan collapsed in June
2004, following a global recession in the aircraft industry.
CONTACT: LETECKE ZAVODY KUNOVICE
Na Zahonech 1177
686 04 Kunovice
Phone: +420 572 816161
Fax: +420 572 816163
E-mail: let@let.cz
Web site: http://www.let.cz
PAMCO INT. a.s.
Na Strzi 28/241
140 00 Prague 4
Phone: (420) 241 001 811
Fax: (420) 241 001 891
E-mail: info@pamco.cz
Web site: http://www.pamco.cz
=============
F I N L A N D
=============
BENEFON OYJ: Early Exit from Reorganization Affirmed
----------------------------------------------------
Benefon Oyj confirmed the company's successful early amendment to
the reorganization process. No appeals of dissatisfaction were
received by the Turku district court.
"This is fantastic news for the company and its shareholders,"
commented CEO Tomi Raita. "The company has ended the
reorganization program 3-and-a-half years early and this is a
vote of good faith in what the company has been able to achieve
in a short period of time since Octagon got involved."
Benefon is a leading GPS application and solutions provider and
has begun focusing its market attention to the exploding
navigation market.
"Our specialist experience in telematics and GPS make the
transition into navigation an obvious one, and one where we can
really capitalize on our 16 years of experience in this industry.
Today's customers are demanding navigation complemented with
telematics features and our solutions and applications will serve
us well in our growth plans for the future," adds Mr. Raita.
Benefon launched the first ever GSM+GPS mobile device in 1999 and
will launch its new personal navigation phone in the 4th Quarter
of 05. Users will have an all-in-one portable personal navigator
device. The phone comes ready to use with no external GPS
receiver required and GPS power management functionality built
in, switches from driving to walking mode seamlessly and provides
a superb in-car navigation experience with the standard car kit.
With features such as detailed local maps, the ability to
customize Points-of-Interest for each major city; an intuitive
menu screen, 3D mapping and clear turn by turn voice
instructions, drivers will get an unique navigation experience.
Along with telematics functionality such as Friend Find and
establishing geofencing areas for use in tracking and locating
the Benefon device really distinguishes itself in the
marketplace.
Company Chairman Brian Katzen, co-founder of Octagon Capital, a
specialist financial and operational turnaround firm adds: "We
set very aggressive goals for the company and have been
successful in meeting all of them. It's important for us to
continue improving the company and delivering the results. The
early termination of the reorganization program is further proof
that Benefon can become the market leader in the GPS application
and solutions field. This is a proud moment for all involved and
we appreciate the confidence the shareholders have shown in us."
About Benefon
Benefon is the leader in GSM/GPS mobile telematics terminals and
solutions. Headquartered in Salo, Finland, Benefon has designed
and manufactured wireless terminals for GSM and NMT systems since
1988.
* * *
Benefon applied for statutory corporate reorganization on April
24, 2003 after failing to find funding on time.
CONTACT: BENEFON OYJ
P.O. Box 84 Meriniitynkatu
11 FIN-24101 Salo, Finland
Phone: +358-2-77 400
Fax: +358-2-733 2633
Web site: http://www.benefon.com
Contact:
Tomi Raita, CEO
Phone: 040-593361
===========
F R A N C E
===========
ALSTOM SA: SNCF Orders EUR130 Mln Worth of Trains
-------------------------------------------------
The French National Railways (SNCF) notified Alstom S.A. of its
decision to order 22 double-deck three-car trainsets worth EUR130
million for use in its TER regional express fleet.
The follow-on order corresponds to an option in a contract signed
in November 2000 as part of an investment program to be carried
out over several years and financed by regional authorities, for
629 new cars. The current order brings the total number of cars
ordered in the framework so far to 393. The 22 new trainsets
will serve the regions Rhone Alpes (6), Lorraine (6) and Nord Pas
de Calais (10).
Delivery of the first order is expected to begin at the end of
2006. Currently, 46 trainsets are in service in these regions:
Nord Pas de Calais, Rhone Alpes, Provence Cote d'Azur, Picardie,
Centre et Lorraine and 5 also on the Luxembourg national railway
network.
In partnership with Alstom, Bombardier will also participate in
the manufacture of the trains. Alstom's sites in Valenciennes,
Tarbes, Villeurbanne, Le Creusot in France and Charleroi in
Belgium are all involved in executing the contract.
CONTACT: ALSTOM S.A.
3 Avenue Andre Malraux
92300 Levallois
France
Phone: 33 (0) 1 41 49 27 13
Fax: 33 (0) 1 41 49 79 32 1
Web site: http://www.alstom.com
Press Relations
S. Gagneraud
Phone: +33 1 41 49 27 40
+33 1 41 49 27 13
E-mail: internet.press@chq.alstom.com
Investor Relations
E. Chatelain
Phone: +33 1 41 49 37 38
E-mail: investor.relations@chq.alstom.com
=============
G E R M A N Y
=============
ALPHA BETONBAUTEILE: Garage Builder Folds up
--------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against alpha-betonbauteile GmbH & Co. KG on June 1.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until July 29, 2005 to
register their claims with court-appointed provisional
administrator Joachim C. Hausherr.
Creditors and other interested parties are encouraged to attend
the meeting on August 31, 2005, 11:15 a.m. at the district court
of Braunschweig, 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.
alpha-betonbauteile is into garage construction, offering related
services from facilitating building proposals and required
documents, to supplying both external and interior accessories
and equipment. Visit http://www.alpha-betonbauteile.defor more
information.
CONTACT: ALPHA-BETONBAUTEILE GMBH & CO KG
Am Schlangengraben 9c, 13597 Berlin
Phone: 05341/217816
Fax: 05341/217833
Web site: http://www.alpha-betonbauteile.de
Contact:
Hartmut Mosdzen, Manager
Joachim C. Hausherr, Administrator
Bruchtorwall 6, D-38100 Braunschweig
Phone: (0531) 2448022
Fax: (0531) 2448080
AMBOS GESCHENKARTIKEL: Under Bankruptcy Administration
------------------------------------------------------
The district court of Linburg opened bankruptcy proceedings
against Ambos Geschenkartikel GmbH on May 25. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until July 20, 2005 to register their
claims with court-appointed provisional administrator Dr. Peter
G. Theile.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 10, 2005, 10:20 a.m. at Zimmer C 9,
Amtsgerichtsgebaude, Walderdorffstrasse 12, 65549 Limburg at
which time the administrator will present his first report of the
insolvency proceedings. The court will verify the claims set out
in the administrator's report on Aug. 10, 2005, 10:25 a.m. at the
same venue.
CONTACT: AMBOS GESCHENKARTIKEL GMBH
Erlenbachstr. 13a, 65520 Bad Camberg
Contact:
Andrea Tabbert
Erlenbachstr. 13a, 65520 Bad Camberg
Elke Grade,
Bergstr. 2, 65594 Runkel
Dr. Peter G. Theile, Administrator
Kapellenstr. 7, 65555 Limburg-Offheim
Phone: 06431/77990-0
Fax: 06431/77990-35
ATRO-TRANS: Dortmund Court to Verify Claims October
---------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Atro-Trans Rhein-Ruhr GmbH on June 8. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Aug. 31, 2005 to register their
claims with court-appointed provisional administrator Stephan
Heinrichsmeyer.
Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 8:20 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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 on
October 13, 2005, 8:30 a.m. at the same venue.
ATRO-TRANS is a logistics service provider handling units and
project shipping, contract logistics, courier, express and
package service, warehousing, and airfreight and lake freight.
Visit http://www.atro-trans.defor more information.
CONTACT: ATRO-TRANS RHEIN-RUHR GMBH
Ardeyerstrasse 100
DE 58742 Frondenberg
Phone: ++49 (0)2378 86830
Fax: ++49 (0) 2378 868310
Web site: http://www.atro-trans.de
Contact:
Martina Funke, Manager
Dornenstr. 29, 58285 Gevelsberg
E-mail: funke@atro-trans.de
Stephan Heinrichsmeyer, Administrator
Spiekergasse 6-8, 33330 Guetersloh
Phone: 05241/92 02-0
Fax: 05241 92 02 22
EMPRISE MANAGEMENT: Issues New Shares to Raise Cash
---------------------------------------------------
Hamburg-based EMPRISE Management Consulting AG is carrying out a
cash capital increase, excluding the subscription rights of
existing shareholders.
The measure will be taken by utilizing part of the authorized
capital. The cash capital increase will be subscribed in full by
VEM Aktienbank AG and placed with institutional investors.
The share capital of the company, which is listed on the Prime
Standard segment of the Frankfurt Stock Exchange, will be
increased by EUR912,102.00 by issuing 912,102 new bearer shares
without par value. As required by law, the issue price was
determined based on the current stock market price.
Including the shares resulting from the exercised conversion
rights under the convertible bonds issued in November 2004,
which, due to SS201 German Stock Corporation Act, have not yet
been entered in the commercial register, the company's share
capital will be EUR12,920,008 after this cash capital increase
has been carried out.
The new funds will be used to finance the inorganic growth of
EMPRISE Group.
* * *
Emprise Management's first quarter sales fell to EUR5.6 million
(previous year: EUR5.8 million) due to seasonal influences.
Earnings before interest, taxes, depreciation and goodwill
amortization (EBITDA) fell to EUR53,000 (previous year:
EUR95,000). The net loss for the period fell to EUR142,000
(previous year: EUR255,000), bringing accumulated losses to
EUR7,333,000.
EMPRISE's latest financial report is available free of charge at
http://bankrupt.com/misc/EmpriseManagement(Q12005).pdf.
CONTACT: EMPRISE MANAGEMENT CONSULTING AG
Humboldtstr. 62
22083 Hamburg
Deutschland
Phone: +49 (40) 27072 134
Fax: +49 (40) 27072 139
Web site: http://www.emprise.de
Contact:
Tobias Erfurth
E-mail: ir@emprise.de
GERLING-KONZERN: Gets 'BB-' LT Rating, Stable Outlook from Fitch
----------------------------------------------------------------
Fitch Ratings assigned German life insurer Gerling-Konzern
Lebensversicherungs-AG's an Insurer Financial Strength (IFS)
rating of 'BB+' and a Long-term rating of 'BB-'. The rating
Outlook for both ratings is Stable. At the same time, the agency
has withdrawn GKL's Q-IFS rating of 'BBq' that had been assigned
on 9 March 2005 as a quantitative model-based "point-in-time"
rating. Fitch has also assigned GKL's planned subordinated bond
issue an expected 'B+' rating, in line with its standard notching
guidelines from a 'BB+' IFS rating. The assignment of the final
rating is contingent on receipt of final documents conforming to
information already received.
The ratings reflect Fitch's concerns about GKL's constrained
future financial flexibility and profitability as well as the
company's moderately weak capitalization, after taking into
account adjustments for off-balance sheet risks and a reinsurance
agreement with its own subsidiary Gerling Friedrich Wilhelm
Rueckversicherungs-AG (GFW). Together with concerns about the
quality of unrealized capital gains and certain legal and credit
exposure risks, Fitch views GKL as potentially vulnerable to
adverse market developments. These negatives are partly offset
by the strong franchise value of GKL, strong growth in new
business, good product quality and the use of newly implemented
asset-liability-management and risk management tools.
GKL is the German life insurance subsidiary of Gerling-Konzern
Versicherungs-Beteiligungs-AG (GKB, Gerling Group). With gross
written premiums of EUR1.84 billion GKL is one of the top ten
life insurers in Germany and contributes 43.9% to the group's
gross written premiums of EUR4.17 billion. Following the
termination of the domination (Beherrschungsvertrag) and
profit/loss transfer agreements between GKL and GKB, and given
the uncertainty over the group's future shareholding structure,
GKL is rated on a stand-alone basis.
In 2003, GKL entered into a quota share reinsurance agreement
with GFW that will constrain future financial flexibility of GKL
by leaving GFW to participate in future premium income from
endowment and term life insurance contracts. In return, GKL was
credited in 2003 with a one-off acquisition commission amounting
to around EUR300 million. With this instrument Fitch believes
GKL potentially avoided reporting a loss and a deterioration of
solvency capital in 2003.
In Fitch's view, the characteristics of the deal imply that the
contract could be viewed as a financial reinsurance contract
without third-party risk transfer outside Gerling Group. Fitch
has reversed the impact of these arrangements in line with its
analytical practice when conducting rating reviews. Additionally
in 2004, GKL reported off-balance sheet contingent claims from
pension commitments amounting to EUR79.1 million (2003: EUR64.1
million) and other financial commitments in the form of potential
off-balance sheet obligations of EUR105.7 million. Fitch also
sees a financial constraint in the private ownership of the
Gerling Group.
Profitability of GKL is comparatively low with net income of
EUR15.7 million in 2004. Moreover in 2003 GKL sold and assigned
to wholly owned subsidiary Gereon Forderungsmanagement GmbH (GFM)
future interest coupon worth EUR197 million that will reduce
investment income in subsequent years. Moreover, Fitch sees
GKL's relatively high proportion of property investments of
EUR1.7 billion as vulnerable to a downturn in the commercial real
estate markets, which could lead to a further erosion of
investment returns and capital.
GKL has announced its intention to issue an undated subordinated
bond to enhance capitalization and support future growth. The
expected 'B+' rating reflects the bond's perpetual character, its
rank as an unsecured subordinated obligation and the cumulative
interest deferral features. The bond is callable after 10 years
at the issuer's option. If not called, the coupon will step up.
From Fitch's perspective, the bond is expected to receive a
significant 65% equity credit and from a regulatory perspective
is structured to qualify as upper Tier 2 capital.
In order to reduce vulnerability to adverse developments on the
capital markets GKL has made extensive use of hedging instruments
and reduced its equity exposure to 6.9%. In 2004 GKL achieved
new business premiums amounting to EUR584 million (+29.2%) and
successfully increased its sales in unit-linked business.
Furthermore, GKL has maintained its strong business position in
the German life insurance market. In the first quarter of 2005
total premium income increased to EUR407.6 million with premium
income from new business amounting to EUR37.7 million.
CONTACT: FITCH RATINGS
Marco Metzler, London
Phone: +44 20 7417 4293
Christian Kuehner, London
Phone: +44 20 7862 4020
Media Relations:
Jon Laycock, London
Phone: +44 20 7417 4327
LBU BAYER: Calls in Administrator from Pluta
--------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against LBU Bayer und Schmid GmbH & Co. KG Materialpruefinstitut
on June 1. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
August 5, 2005 to register their claims with court-appointed
provisional administrator Dr. Stephan Thiemann.
Creditors and other interested parties are encouraged to attend
the meeting on August 24, 2005, 11:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, 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.
LBU BAYER is a testing institute for building materials and
related elements.
CONTACT: LBU BAYER UND SCHMID GMBH
& CO. KG MATERIALPRUEFINSTITUT
Strassenadress, Mauerstr. 47
08371 Glauchau
Phone: (03763) 77 82-0
Fax: (03763) 77 82-99
E-mail: LBU.Glauchau@t-online.de
Contact:
Joachim Schmid, Manager
Dr. Stephan Thiemann, Administrator
Leipziger Str. 62, 09113 Chemnitz
Phone: 0371 26201-0
Fax: 0371 26201-11
Web site: http://www.pluta.net
MBB AIRBAG: Leipzig Court Appoints Interim Administrator
--------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against MBB Airbag Systems GmbH on June 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until June 29, 2005 to register their
claims with court-appointed provisional administrator Gorge
Scheid.
Creditors and other interested parties are encouraged to attend
the meeting on Aug. 10, 2005, 9:15 a.m. at Saal 145, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.
Visit
http://www.mbb-airbagsystems.de/english/page06_body.htmlfor more
information.
CONTACT: MBB AIRBAG SYSTEMS GMBH
Gartitzer Str. 1, 04720 Grossweitzschen
Contact:
Harald Bauer
Gorge Scheid, Administrator
Jacobstrasse 25, 04105 Leipzig
MIKADO TEAM: Creditors' Claims Due Later this Month
---------------------------------------------------
The district court of Luebeck opened bankruptcy proceedings
against MIKADO Team fuer Marketing und Werbung GmbH on June 1.
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 Walter Brohan.
Creditors and other interested parties are encouraged to attend
the meeting on July 21, 2005, 9:45 a.m. at the district court of
Luebeck, Am Burgfeld 7 , 23568 Luebeck, Saal: E3 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: MIKADO TEAM FUER MARKETING UND WERBUNG GMBH
An der Untertrave 17
23552 Luebeck
Phone: 0451/73044
Walter Brohan, Administrator
Muehlenstr. 56, 23552 Luebeck
NORDEX AG: New Shares Start Trading
-----------------------------------
Effective June 22, Frankfurter Wertpapierborse has admitted to
trading the 11,973,818 new shares issued under the non-cash
capital increase of Nordex AG, which was entered in the companies
register on June 2. As reported in the ad hoc bulletin dated
June 3, 2005, Dresdner Bank AG, Morgan Stanley Bank International
Ltd., HSH Nordbank AG and Bayerische Hypo- und Vereinsbank AG
acquired the shares with the exclusion of the shareholders'
subscription rights in return for the contribution of their loan
receivables.
As with the 31.45 million shares held by Capital Management
Partners and Goldman Sachs from the cash capital increase of
March 30, 2005 (ISIN DE000A0D66L2/WKN A0D66L), the new shares
from the non-cash capital increase (ISIN DE000A0EPUX8/WKN A0EPUX)
are subject to a lock-up obligation towards Bayerische Hypo- und
Vereinsbank AG until October 19, 2005.
The Company's share capital is unchanged at EUR58,818,818,
divided into 58,818,818 shares.
* * *
The Nordex Group is one of the world's leading suppliers of wind
turbines. It has 689 employees, and assets of EUR186.382 million
as of Dec. 31, 2004. It has bank debt of EUR37.566 million (as
of 2004), and tax liabilities of EUR3.356 million as of 2004.
The company blames weak capacity utilization for its sustained
operating losses. The company had consolidated cumulative loss
of EUR33.457 million for the period Oct. 1, 2003 to Sept. 30,
2004. To reinforce its equity and debt capital situation on a
sustained basis, Nordex is implementing a comprehensive
recapitalization plan. It projects a return to profit by 2006.
Nordex's latest annual report is available free of charge at
http://bankrupt.com/misc/Nordex(StubFY2004).pdf Nordex's auditor
is Ernst & Young AG.
CONTACT: NORDEX AG
Bornbarch 2
22848 Norderstedt
Phone: ++49 - 40 - 500 98 100
Fax: ++49 - 40 - 500 98 101
E-mail: info@nordex-online.com
Web site: http://www.nordex-online.com/
Contact:
Jens-Peter Schmitt, Chairman of the Supervisory Board
Thomas Richterich, Spokesman of the board and CFO
Felix Losada
Phone: +49 40 500 -100
Fax: +49 40 500 - 333
REALTECH AG: Has New Chief Financial Officer
--------------------------------------------
REALTECH AG is adding a new member to its Executive Board to join
existing members Nicola Glowinski (Chairman) and Dr. Rudolf
Caspary (Technology).
Juergen Zahn, 45, will assume the post of Chief Financial Officer
(CFO) effective July 18, 2005. He will be responsible for the
areas of Group finance, controlling, investor relations,
personnel, and administration.
Mr. Zahn has a master's degree in business administration.
Before joining REALTECH AG, he held various management positions.
His most recent posts were head of group finance, controlling,
investor relations, and administration at FJH AG, Munich, and
Chief Financial Officer in the mailing system division at the
ASCOM Group based in Bern/Switzerland.
REALTECH supplies technology consulting in the SAP environment
and software solutions for applications and systems management.
* * *
In January, REALTECH AG sold its Australian subsidiary REALTECH
Australia Pty. Ltd., Sydney, with effect from December 31, 2004,
in the context of a management buyout. REALTECH has continued to
operate under the same company name for the time being. The sale
relates directly to the unsatisfactory income situation of
REALTECH Australia and represents a step towards a profitable
future for the REALTECH Group.
CONTACT: REALTECH AG
Industriestrasse 39c
69190 Walldorf
Phone: +49.6227.837.500
Fax: +49.6227.837.9134
Contact:
Volker Hensel
Investor Relations
RUNGIS EXPRESS: Winning Bidder Known Today
------------------------------------------
The future of exotic food supplier Rungis will be known today,
Handelsblatt says.
Insolvency administrator Andreas Ringstmeier reportedly received
two valid offers -- one from a Dusseldorf-based investor and the
other from an investor who has been using the name
Westerheide/GWK.
Rumors are rife that the second investor is the wife of founder
and long-time head George W. Kastner. If she wins the bid, the
founder would regain unlimited control. Ms. Kastner reportedly
has the backing of a private group of investors, who are offering
between EUR15 million to EUR20 million. The other bidder is also
reportedly in favor of keeping Mr. Kastner as company head.
Around ten bidders initially expressed interest in Rungis in
February, but backed out citing lack of transparency in the
group's accounts. Rungis filed for insolvency in January
following a string of financial problems. The group's collapse
rendered 460 employees, or half of its workforce, jobless. Since
entering insolvency proceedings, the group is thought to have cut
its debt significantly.
CONTACT: RUNGIS EXPRESS GESELLSCHAFT FUR FRISCHIMPORTE MBH &
CO. KG
Am Hambuch 2
53340 Meckenheim
Phone: 02225-883-0
Fax: 02225-883-300
E-mail: Info@Rungis-Express.de
Web site: http://www.rungis-express.de
SAXPRESS PRESSE: Advertising Agency Declares Bankruptcy
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Saxpress Presse- und Werbeagentur GmbH on May 27.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until July 14, 2005 to
register their claims with court-appointed provisional
administrator Dr. Axel Fohrmann.
Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:15 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, 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.
Saxpress is a communication and advertising agency established in
1995 by Andreas Lorenz and Angela Schumann. Its portfolio
expanded into sound, video film, multimedia, fairs, displays and
organizing events in 1993, when Hans-Peter Schumann joined the
company. The agency features creative, fast and cost-efficient
production through its sound, video and multimedia studio. It
also owns a building suitable for fairs and displays. It
provides concepts, drafts and visual creative strategies. Visit
http://www.saxpress.defor more information.
CONTACT: SAXPRESS PRESSE- UND WERBEAGENTUR GMBH
Strasse der Nationen 99
09113 Chemnitz
Phone: 03 71 / 4 00 48 - 5
Fax: 03 71 / 4 00 48 - 55
E-mail: saxpress@saxpress.de
Web site: http://www.saxpress.de
Contact:
Andreas Lorenz, Manager
Angela Schumann, Manager
Dr. Axel Fohrmann, Administrator
Dresdner Str. 86, 09130 Chemnitz
SKUDLAREK AGRO: Aachen Court Appoints Administrator
---------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Skudlarek Agro GmbH on June 7. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 2, 2005 to register their claims with
court-appointed provisional administrator Siegfried Mueller.
Creditors and other interested parties are encouraged to attend
the meeting on September 12, 2005, 9:00 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, I. Etage, Saal 14, at which time the
administrator will present his first report of the insolvency
proceedings. The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.
Skudlarek Agro imports and exports food and other agricultural
products.
CONTACT: SKUDLAREK AGRO GMBH
Lindenstrasse 33, 53945 Blankenheim-Dollendorf
Phone: +49 (2697) 598
Contact:
Hans Peter Skudlarek, Manager
Siegfried Mueller, Administrator
Zum Markt 10, 53888 Mechernich
Phone: 02443/9812-0
Fax: 02443/9812-19
SYMICRON GMBH: Proofs of Claim Due August
-----------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against SYMICRON GmbH SOFTWARE-ENGINEERING on June 10.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until August 3, 2005
to register their claims with court-appointed provisional
administrator Georg Kreplin.
Creditors and other interested parties are encouraged to attend
the meeting on August 17, 2005, 10:20 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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. Visit http://www.symicron.defor more information.
CONTACT: SYMICRON GMBH SOFTWARE-ENGINEERING
Zur Heide 6, 40880 Ratingen
Phone: (+49) (0)2102-42260-0
Fax: (+49) (0)2102-447758
E-mail: info@symicron.de
Web site: http://www.symicron.de
Contact:
Ralf van Rheinberg, Manager
Georg Kreplin, Administrator
Berliner Allee 21, 40212 Duesseldorf
===========
P O L A N D
===========
GDYNIA SHIPYARD: Firm's Future Uncertain at least Until July
------------------------------------------------------------
The fate of troubled Polish shipmaker Gdynia Shipyard (Stocznia
Gdynia S.A.) remains uncertain until July. This came after
shareholders had to suspend a crucial vote on a resolution
dealing with matters related to the company's illiquidity.
According to Lloyds List Wednesday, shareholders failed to reach
quorum at the company's general meeting, with only 66% of the
shares represented. They will reconvene on July 4.
The Industrial Development Agency ARP, which controls the yard,
has earlier required shareholders to decide on the company's
financial status before releasing aid amounting to PLN40 million.
Shareholders have only accepted the company's financial report
and passed a resolution allowing its losses of PLN77 million to
be covered from reserves.
In 1998, the company acquired neighboring Gdansk Shipyard in
bankruptcy, as it aimed at building the largest shipbuilding
center in the Pomerania region. It then reorganized employment
and focused on key operations. However, the collapse of a
900-ton gantry cane in 1999 disrupted the process, forcing the
company to modify technological assumptions for building ships in
dry dock SDII and lengthen dock cycles until a new gantry crane
was finished by 2001.
This and a string of failed acquisitions amid a tough market have
hit the company's profitability. The Polish currency's position
against the dollar and problems regarding operational costs
didn't help the company either.
In 2002, it went under restructuring proceedings and was put into
protection from creditors.
Earlier this month, the European Commission revealed plans of
probing into the aid granted by the Polish government to Gdynia
Shipyard as part of its restructuring program. The investigation
will try to verify whether the financial help conforms to E.U.'s
regulations on state aid.
However, Gdynia Shipyard's director Dr. Arkadiusz Aszyk, who is
in charge of the restructuring process, said: "The opening of the
investigation will not affect any of our shipbuilding contracts
where work is currently ongoing."
CONTACT: GDYNIA SHIPYARD
(Stocznia Gdynia S.A.)
ul. Czechoslowacka 3
81-969 Gdynia
POLAND
Phone: (058) 627 77 10
or (058) 627 73 13
Web site: http://www.stocznia.gdynia.pl/
===========
R U S S I A
===========
BIRSKIY: Declared Insolvent
---------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Birskiy (TIN 0257006090) after
finding the electro-mechanical plant insolvent. The case is
docketed as A07-36576/04-G-FLE. Ms. G. Fayzullina has been
appointed insolvency manager. Creditors have until July 21, 2005
to submit their proofs of claim to 452450, Russia, Bashkortostan
republic, Birsk, Internatsionalnaya Str. 124.
CONTACT: BIRSKIY
452450, Russia, Bashkortostan republic, Birsk,
Internatsionalnaya Str. 124
Ms. G. Fayzullina
Insolvency Manager
452450, Russia, Bashkortostan republic, Birsk,
Internatsionalnaya Str. 124
CHELNYGOR-STROY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on industrial building company
Chelnygor-Stroy (TIN 1650111782). The case is docketed as
A65-6576/2005-SG4-21. Mr. A. Gerasimov has been appointed
temporary insolvency manager.
Creditors may submit their proofs of claim to 420126, Russia,
Tatarstan republic, Kazan, Post User Box 188. A hearing will
take place on Aug. 18, 2005.
CONTACT: CHELNYGOR-STROY
423822, Russia, Tatarstan republic, N. Chelny,
Naberezhnochelninskiy pr. 21
Mr. A. Gerasimov
Temporary Insolvency Manager
420126, Russia, Tatarstan republic,
Kazan, Post User Box 188
EAR: Creditors Have Until Next Month to File Claims
---------------------------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Ear after finding the close joint stock
company insolvent. The case is docketed as A01-B-852-2002-8.
Mr. R. Temzokov has been appointed insolvency manager. Creditors
have until July 21, 2005 to submit their proofs of claim to
385600, Russia, Adygeya republic, Giaginskiy region, Giaginskaya
St., M. Gorkogo Str. 5.
CONTACT: EAR
385600, Russia, Adygeya republic, Giaginskiy region,
Giaginskaya St., M. Gorkogo Str. 5
Mr. R. Temzokov
Insolvency Manager
385600, Russia, Adygeya republic, Giaginskiy region,
Giaginskaya St., M. Gorkogo Str. 5
METROMEDIA INTERNATIONAL: Amends PeterStar Share Purchase Deal
--------------------------------------------------------------
Metromedia International Group, Inc. amended a share purchase
agreement with National Holding S.A., Emergent Telecom Ventures
S.A., and Pisces Investment Limited, regarding the sale of ZAO
PeterStar's assets for $215 million in cash.
The amendment primarily extends the outside date of the period
for closing a sale of the Company's interests in PeterStar from
Sept. 30, 2005, to a date not earlier than Dec. 31, 2005. The
Company remains committed to completing the sale of its PeterStar
interest at the earliest possible date, subject to obtaining the
affirming vote of holders of a majority of the Company's
outstanding common shares. The parties undertook the amendment
extending the period in which this transaction may be closed in
consideration of certain delays the Company has experienced in
completing U.S. SEC required filings that are prerequisites to
convening the required meeting of the Company's shareholders.
As reported in TCR-Europe on Feb. 22, 2005, the Company said it
will utilize a portion of the proceeds of the sale to retire all
of the Company's outstanding $152 million 10.5% senior discount
notes due 2007. The Company also presently expects that it will
be able to utilize its 2004 tax attributes (capital loss
carry-forwards and net operating loss carry-forwards) and
anticipated 2005 losses to offset any federal or state tax gain
that would be recognized on the sale of PeterStar.
Upon completion of this sale, the Company's principal business
operations will include Magticom Ltd., the leading Georgian
mobile telephony operator, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator. The Company intends
to continue active development of these and other Georgian
business interests.
Through its wholly owned subsidiaries, the Metromedia
International Group, Inc. -- currently traded as: (PINK SHEETS:
MTRM)-Common Stock and (PINK SHEETS: MTRMP)-Preferred Stock --
owns interests in communications businesses in the countries of
Russia and Georgia. Since the first quarter of 2003, the Company
has focused its principal attentions on the continued development
of its core telephony businesses, and has substantially completed
a program of gradual divestiture of its non-core cable television
and radio broadcast businesses. The Company's core telephony
businesses include PeterStar, the leading competitive local
exchange carrier in St. Petersburg, Russia, and Magticom, Ltd.,
the leading mobile telephony operator in Tbilisi, Georgia.
At Dec. 31, 2004, Metromedia International's balance sheet showed
a $6,477,000 stockholders' deficit, compared to a $13,155,000
deficit at Dec. 31, 2003.
CONTACT: METROMEDIA INTERNATIONAL
Headquarters: Charlotte, North Carolina
Web site: http://www.metromedia-group.com
Contact:
Mark Hauf, Chief Executive Officer
Ernie Pyle
Phone: 704-321-7383
E-mail: investorrelations@mmgroup.com
ROSBANK: Low-B Long, Short-term Ratings Affirmed
------------------------------------------------
Fitch Ratings affirmed the ratings of Russia's Rosbank at
Long-term 'B', Short-term 'B', Individual 'D', Support '4' and
National Long-term 'BBB(rus)'. The Outlook for the Long-term
rating is Stable.
Rosbank's Long-term, Short-term, Support and National Long-term
ratings reflect Fitch's view that there is a limited probability
of support being forthcoming from the Russian authorities, should
it be needed. This view is based on Rosbank's rapidly expanding
franchise and profile, in particular in retail banking as a
result of the ongoing integration with the OVK banking group,
acquired by Interros in 2003. Support is also possible from
Interros, but cannot be relied upon.
Rosbank's Individual rating continues to reflect the bank's
volatile revenues (arising from its significant trading
activities), and weak, albeit improved, performance, which is
likely to continue to be burdened by high costs associated with
further expansion. In addition, the Individual rating considers
the bank's high, albeit declining, concentration levels, and the
sizeable level of related-party business on both sides of the
balance sheet. Market risk can also be considerable as a result
of the bank's portfolio of equity securities and substantial
structural balance sheet FX positions. Rosbank's capitalization
is modest and fresh capital injections will likely be necessary
to sustain further growth; Fitch understands that such a capital
increase is planned for H205.
However, the Individual rating also reflects Rosbank's adequate
asset quality to date and currently reasonable liquidity. In
addition, Fitch believes that the integration with OVK, while
giving rise to certain operational risks, should help to
significantly diversify and improve Rosbank's franchise. Combined
retail deposits in Rosbank and OVK comprise a significant, for a
CIS bank, share of funding, but the customer concentrations, in
particular of Interros companies, remain substantial. Debt
funding was raised from credit card receivables securitizations
in 2004 and 2005, and a debt issuance program is planned for
2005. However, Rosbank's funding is still largely short-term.
Upward pressure on Rosbank's Long term rating could result from
an upgrade of Russia's sovereign's ratings or an increase in
Rosbank's market shares, indicating an increased ability and
propensity, respectively, of the authorities to provide support.
Upward pressure on the Individual rating and, ultimately, the
Long-term rating, could result from sustainable improvements in
the bank's profitability and capitalization and the successful
completion of the integration with OVK. Downward pressure could
result from further deterioration of capitalization or a
worsening of asset quality.
Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets. It is 96%-owned by Interros, one of
Russia's largest financial industrial groups, with interests in
the metals (Norilsk Nickel), power-machine building and
agricultural industries. The business of the OVK banking group
is primarily focused on retail and is currently being transferred
to Rosbank.
CONTACT: FITCH RATINGS
Vladlen Kuznetsov, Moscow
Phone: +7 095 956 9901
Lindsey Liddell, London
Phone: +44 20 7417 3495
Media Relations:
Jon Laycock, London
Phone: +44 20 7417 4327
VARLAMOVSKAYA SEL-KHOZ-TEKHNIKA: Declared Insolvent
---------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Varlamovskaya Sel-Khoz-Tekhnika after finding
the limited liability company insolvent. The case is docketed as
A76-8023/05-34-30. Mr. N. Pavlov has been appointed insolvency
manager. Creditors have until June 21, 2005 to submit their
proofs of claim to 454048, Russia, Chelyabinsk, Dovatora Str.
34v, Room 9.
CONTACT: VARLAMOVSKAYA SEL-KHOZ-TEKHNIKA
456407, Russia, Chelyabinsk region,
Chebakulinskiy region, Varlamovo, Lenina Str. 81
Mr. N. Pavlov
Insolvency Manager
454048, Russia, Chelyabinsk region,
Dovatora Str. 34v, Room 9
VOLGOGRADSKIY: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Volgogradskiy after finding the rope factory
insolvent. The case is docketed as A12-7388/05-S58. Mr. A.
Vasilyev has been appointed insolvency manager.
CONTACT: VOLGOGRADSKIY
400031, Russia, Volgograd region,
Bakhturova Str. 12
Mr. A. Vasilyev
Insolvency Manager
400081, Russia, Volgograd region,
Post User Box 309
YUKOS OIL: London Court Sustains US$482 Mln Claim Filed by Banks
----------------------------------------------------------------
The High Court in London on Friday ruled that Yukos Oil defaulted
on a US$482 million (EUR394.8 million) loan granted by a group of
western banks. The case is HC05CO1219 BNP Paribas and ors v.
Yukos Oil Co.
The amount is what remains of a US$1.0 billion loan granted in
2003 by a pool of banks led by France's Societe Generale. The
lenders include Citigroup Inc., Deutsche Bank AG, Commerzbank AG,
BNP Paribas S.A. and ING Bank N.V.
It debt was made to pre-finance sale of oil and for general
corporate purposes. It includes a three-year US$500 million loan
facility and a five-year US$500 million loan facility, according
to court documents accessed by Bloomberg News.
The lenders said Yukos missed interest payments due in March and
April 2005. In July, Yukos indicated it received notification of
default of payment on this loan.
Yukos will decide this week whether to appeal, a company
spokesman said.
Independent newspaper Kommersant said the creditor banks might
force a bankruptcy filing if Yukos does not pay. Or it might
approach guarantors Yuganskneftegaz, Samaraneftegaz and
Tonmskneft to extract payment.
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
===========================
U N I T E D K I N G D O M
===========================
1031 PROPERTIES: Members Final Meeting Set Next Month
-----------------------------------------------------
Name of companies:
1031 Properties Online Limited
1041 Commercial Limited
1086 Galalshiels Limited
1108 Partners Two Limited
The final meeting of the members of these companies will be held
on July 12, 2005 at 11:00 a.m. It will be held at the offices of
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged with
Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3
2HS not later than 12:00 noon, July 10, 2005.
CONTACT: VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue, London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
A K WARRANTY: Members Decide to Wind up Firm
--------------------------------------------
At the extraordinary general meeting of the members of A K
Warranty And Indemnity Limited on June 6, 2005 held at 29 Ludgate
Hill, London EC4M 7JE, the special resolution to wind up the
company was passed. Peter M. Levy has been appointed liquidator
of the company.
CONTACT: LEVY & PARTNERS
86/88 South Ealing Road
London W5 4QB
Phone: 020 8932 1932
Fax: 020 8932 0122
E-mail: peter@levyandpartners.com
APAC DESIGN: Hires Administrators from Elwell Watchorn & Saxton
---------------------------------------------------------------
Richard John Elwell and David John Watchorn (IP Nos 6057, 8686)
have been appointed joint administrators for Apac Design Limited.
The appointment was made June 15, 2005. Its registered office is
located at 6 Forest Road, Loughborough, Leicestershire LE11 3NP.
APAC Design Limited is a family-run business based in
Leicestershire with over 25 years of experience in the
Horticultural and Agricultural packaging industry.
APAC's products include trays, pots, cardboard boxes, sleeves,
ceramics, terracotta, capillary matting.
The company's executives are Mr. Richard Carpenter (Managing
Director), Mr. Simon Carpenter (Managing Director) and Mr. Steve
Fry (Sales Director).
CONTACT: APAC DESIGN LIMITED
Loughborough Road
Rothley
Leicestershire LE7 7NL
England
Phone: 0870 2413632
Fax: 0870 2413634
E-mail: info@apacdesign.com
Web site: http://www.apacdesign.com/
ELWELL WATCHORN & SAXTON
109 Swan Street,
Sileby, Leicestershire, LE12 7NN
Phone: (+44) 01509 815150
Fax: (+44) 01509 815121
E-mail: office@ews-insolvency.co.uk
Web site: http://www.ews-insolvency.co.uk
ARTIZAN NETWORKS: Calls in Administrators from BDO Stoy Hayward
---------------------------------------------------------------
Martha Hanora Thompson (IP No 8678) and Antony David Nygate (IP
No 9237) have been appointed joint administrators for Artizan
Networks Limited. The appointment was made June 9, 2005.
The company supplies cable networks. It offers free technical
support, extensive stockholding and delivery service to its
clients.
CONTACT: ARTIZAN NETWORKS LIMITED
7 Middle March
Long March Industrial Estate
Daventry, Northants NN11 4PQ
Phone: +44 (0) 1327 312131
Fax: +44 (0) 1327 312101
E-mail: sales@artizannetwork.co.uk
Web site: http://www.artizannetworks.co.uk/
BDO STOY HAYWARD
Kings Wharf,
20-30 Kings Road,
Reading, Berkshire RG1 3EX
Phone: 0118 925 4400
Fax: 0118 925 4470
E-mail: reading@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
BDO STOY HAYWARD LLP
8 Baker Street
London W1U 3LL
Phone: 020 7486 5888
Fax: 020 7487 3686
E-mail: london@bdo.co.uk
Web site: http://www.bdostoyhayward.co.uk
BIO CONVERTORS: Recycling Plant Calls in Administrator
------------------------------------------------------
Lyn Robert Bailey and Alan Ray Limb (IP Nos 006496, 008955) have
been appointed joint administrators for Bio Convertors Plc. The
appointment was made June 8, 2005.
Bio Converters collects both dry and liquid organic waste streams
from organic waste producers in the U.K.; treats the wastes at
its regional process plants and finally disposes them through
recycling as composted branded fertilizer products. The company
also offers additional support service, which includes bespoke
bio-recycling and sludge treatment.
CONTACT: BIO CONVERTORS PLC
Marvic House
30 Bishops Road
London SW6 7AD
Web site: http://www.bioconvertors.com
NUMERICA
Stoughton House
Harborough Road
Oadby
Leicestershire LE2 4LP
Phone: 0116 272 8200
Fax: 0116 271 5472
E-mail: bob.bailey@numerica.biz
BOOTH & BIDDICK: Members Final Meeting Set July
-----------------------------------------------
The final meeting of the members of Booth & Biddick Limited will
be on July 25, 2005. It will be held at KPMG, Stokes House,
17-25 College Square East, Belfast BT1 6DH.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies.
CONTACT: KPMG
Stokes House,
17-25 College Square East,
Belfast BT1 6DH
Web site: http://www.kpmg.co.uk
CONSOLIDATED PAPER: Names Baker Tilly Administrator
---------------------------------------------------
Name of companies:
Consolidated Paper Group Limited
Holman Kelly Holdings Limited
John David Ariel and Andrew John Tate (IP Nos 7838, 8960) have
been appointed joint administrators for these companies. The
appointment was made June 8, 2005.
The company is into paper conversion and paper merchant business.
Mr. D Cole is the managing director of Holman Kelly Holdings
Limited.
CONTACT: CONSOLIDATED PAPER GROUP LIMITED
Consolidated Paper House
Forstal Road
Aylesford
Kent ME20 7AE England
Phone: +44 (0) 1622 717161
Fax: +44 (0) 1622 716664
E-mail: info@cpgltd.co.uk
Web site: http://cpgltd.co.uk/
HOLMAN KELLY PAPER CO. LTD.
Wandle House
Riverside Drive
Mitcham CR4 4BU Surrey
Phone: 020 8687 7300
Fax: 020 8687 7333
BAKER TILLY
12 Gleneagles Court
Brighton Road
Crawley
Sussex RH19 6AD
Phone: 01403 251666
Fax: 01403 251466
DRAX POWER: Bankers Approve Refinancing; Flotation Set December
---------------------------------------------------------------
Creditors of Drax Power Limited have reportedly approved the
company's plans to incur "strategy costs," which include its
flotation on the London Stock Exchange by December.
According to the Yorkshire Post, the consent would give U.K.'s
largest coal-fired power station an estimated value of over
GBP1.5 billion, including debt of GBP908 million.
Aside from the proposed listing and refinancing, Drax Power said
its corporate strategy also includes improving liquidity and
value of equity as it targets mergers and acquisitions.
Drax Power Limited is an independent company owned by a number of
financial institutions. The output capacity from the station's
six generators is 4,000MW, supplying some 7% of the U.K.'s
electricity needs.
The company employs some 560 people and supports many other local
jobs indirectly. It is also a major customer for the UK's
remaining coal mines.
In 2002, Drax Power fell into crisis with the collapse of
U.S.-based power giant TXU Europe. However, the company has
already reached a settlement with the U.S. firm, which involves
net compensation of GBP333 million in three payments until 2006.
It earlier received an initial distribution of GBP214.2 million
from the administrators of TXU Europe.
The company has revealed operating profit for the quarter ended
31 March 2005 was GBP240.9 million (GBP36.2 million before other
income), compared to an operating profit of GBP33.8 million for
the same period in 2004. Profit on ordinary activities before
taxation reached GBP201.7 million, compared to a loss of GBP0.5
million last year.
Turnover increased 30% to GBP196.8 million, attributed
principally to higher power prices with the average achieved
selling price increasing by some 37% (from GBP20.89/MWh to
GBP28.55/MWh). EBITDA was GBP44.4 million compared to GBP41.8
million for the same period in 2004, an increase of 6%.
CONTACT: DRAX POWER LIMITED
Drax Power Station
PO BOX 3
Selby
North Yorkshire
YO8 8PQ
Phone: +44 (0) 1757 618381
Fax: +44 (0) 1757 618504
Web site: http://www.draxpower.com
EATON ENGINEERING: Final Meeting Set Second Week of July
--------------------------------------------------------
The final meeting of the members of Eaton Engineering & Tools
Limited will be on July 15, 2005 at 3:00 p.m. It will be held at
Castlegate House, 36 Castle Street, Hertford, Hertfordshire SG14
1HH.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged with
Richard Long & Co, Castlegate House, 36 Castle Street, Hertford,
Hertfordshire SG14 1HH
CONTACT: EATON ENGINEERING & TOOLS LTD.
Unit 2 Greenleys
Allens Green
Sawbridgeworth CM21 0LR
Phone: 01279725290
RICHARD LONG & CO
Castlegate House
36 Castle Street
Hertford
Hertfordshire SG14 1HH
Phone: 01992 503372
Fax: 01992 503373
E-mail: jbissett@richardlong.co.uk
EUROTUNNEL SA: Chairman Favors Fewer Job Losses
-----------------------------------------------
The chairman of troubled Anglo-French tunnel operator Eurotunnel,
Jacques Gounon, has promised to reduce the planned number of job
cuts at the group, Les Echos says.
Eurotunnel is currently planning to make 750 jobs redundant in an
effort to cut cost. Mr. Gounon said only 300 employees have
already filed for voluntary redundancy, thereby forcing around
450 personnel to undergo compulsory redundancy. Mr. Gounon
stressed he finds 450 compulsory redundancies too high.
Trade unions, however, expressed confusion with Mr. Gounon's
statement. Unions pointed out that the 750 was only a gross
figure since the net job loss will only be 400 while 350
employees will be transferred to new operations, which are
currently handled by the group's subcontractors. Unions also
revealed the group already approved half of 200 U.K. applicants
for voluntary redundancy and received around 300 applicants from
its French unit. With the current number of applicants, unions
said not all applicants would have to leave the company.
CONTACT: EUROTUNNEL S.A.
Cheriton Park
Cheriton High Street
Folkestone
Kent CT19 4QS
Phone: +44-1303-288-750
Fax: +44-1303-850-360
Web site: http://www.eurotunnel.co.uk
FEDERAL-MOGUL: Asbestos Claims Estimation Hearing - Days 1 & 2
--------------------------------------------------------------
Lawyers for the Official Committee of Asbestos Claimants, the
Legal Representative for Future Claimants, and the Official
Committee of Property Damage Claimants made their way to Judge
Rodriguez's courtroom in Camden, N.J., last week to litigate the
value of Federal-Mogul's liability on account of personal injury
claims.
Elihu Inselbuch, Esq., and Nathan Finch, Esq., at Caplin &
Drysdale, Chartered, represent the ACC. Rolin Bissell, Esq., And
Maribeth L. Minella, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Future Claimants Representative. The ACC and
FCR generally agree with one another on most every issue in this
estimation proceeding. The ACC and the FCR argue that the
Debtors' asbestos-related liability tops $11 billion.
The Official Committee of Asbestos Property Damage Claimants is
represented by Michael P. Kessler, Esq., Adam P. Strochak, Esq.,
Peter M. Friedman, Esq., and Kristin King Brown, Esq., at
Weil, Gotshal & Manges LLP. The PD Committee argues that an $11
billion estimate is much too high and will deliver too much value
to the Sec. 524(g) Asbestos Claims Trust under Federal-Mogul's
chapter 11 plan.
A full copy of the proceedings is available free of charge at
http://bankrupt.com/misc/Federal_Mogul_Hearing1,2.htm
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion. The Company filed for chapter 11 protection on October
1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925
billion stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's
balance sheet showed a US$2.048 billion stockholders' deficit,
compared to a US$1.926 billion deficit at Dec. 31, 2004.
(Federal-Mogul Bankruptcy News, Issue No. 82; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford.
GW PHARMACEUTICALS: Net Loss Down to GBP5.1 Million
---------------------------------------------------
GW Pharmaceuticals plc, the company which develops and
manufactures a range of new medicines based on cannabis and other
controlled drugs, revealed interim results for the six months
ended 31 March 2005.
Highlights:
(a) Sativex (R) launched in Canada, the first launch of a
cannabis-derived medicine anywhere in the world;
(b) Medicines Commission confirms further efficacy data required
prior to U.K. approval. No quality or safety issues to
prevent grant of a product license;
(c) clear and well-defined program of new Phase III trials in
place to meet European regulatory requirements;
(d) preparations for discussions with U.S. regulator at an
advanced stage;
(e) two further Phase III trials fully recruited and due to
report results in coming months;
(f) Advanced Dispensing System undergoing regulatory device
approval testing prior to start of methadone clinical trial;
(g) amendment signed to Bayer marketing agreement, yielding an
extra GBP1 million cash payment in period since half-year
end;
(h) founder U.S. investors increase equity position through
GBP2.5 million investment;
(i) net loss for the six months to 31 March 2005 of GBP5.1
million (2004: GBP6.9 million), in line with budget; and
(j) cash and short term deposits at 31 March 2005 of GBP14.0
million. Inflows since the period end have increased cash
and short term deposits to GBP16.2 million at 31 May 2005.
Dr. Geoffrey Guy, Executive Chairman of GW, said: "[Mon]day marks
the Canadian launch of Sativex, GW's first ever product launch.
GW was responsible for obtaining Canadian regulatory approval for
this product in less than one year from the time of its
submission. This approval was also granted just over six years
from the start of GW's development program, a significant
achievement.
"Although the recent U.K. regulatory setback is disappointing, GW
can from this point onwards look forward to generating product
sales revenues from Canada. Sativex is an important new
medicine, which has been widely anticipated by patients and the
medical community. Whilst delighted at the Canadian launch, we
recognize and share the profound frustration of Multiple
Sclerosis (MS) patients in the U.K. who will need to wait longer
before Sativex may be licensed for prescription in the U.K.
"GW's prospects remain strong. GW has now satisfied both the
U.K. and Canadian regulators with respect to its quality and
safety data relating to Sativex. In respect of efficacy, we
have, over recent years, produced a wealth of positive clinical
trials data, which include seven Phase III trials. In parallel
with the U.K. Medicines Commission appeal, we had already put in
place a clear and well-defined program of additional clinical
trials to address any outstanding efficacy questions and which
have been the subject of formal guidance to meet European
regulatory requirements. We believe that this is a highly
attractive program for pharmaceutical companies and over the
coming months we will be pursuing product licensing discussions
with a view to establishing marketing arrangements for Sativex in
various countries."
Financial Review
In the six months to 31 March 2005, GW made a net loss after tax
of GBP5.1 million compared to GBP6.9 million in the same period
last year.
Research and Development expenditure decreased to GBP5.0 million
(2004: H1 GBP7.1 million; H2 GBP6.8 million). This expenditure
was in line with budget and with the planned reduction in the
company's research activities as outlined in the 2004 Annual
Report.
Following the approval of Sativex in Canada, stock has for the
first time been recognized on the balance sheet. The stock
represents the value of raw materials and work in progress as at
31 March 2005, ready to satisfy the anticipated initial demand
for Sativex from the Canadian market. The inclusion of GBP0.53
million of stock in the balance sheet has resulted in a
corresponding credit to the profit and loss account in the
current period.
Management and administrative expenses (including amortization of
goodwill) reduced to GBP1.3 million (2004: H1 GBP1.4 million; H2
GBP1.4 million).
Operating losses of GBP6.3 million were offset by interest income
of GBP0.35 million (2004: H1 GBP0.51 million; H2 GBP0.45 million)
and an R&D tax credit of GBP0.83 million (2004: H1 GBP1.07
million; H2 GBP0.98 million).
Net cash outflow, before management of liquid resources and
financing, was GBP6.4 million compared to GBP7.9 million in the
comparable period last year. As at 31 March 2005 GW had cash and
short-term deposits totaling GBP14.0 million.
Capital expenditure incurred in the period was GBP0.08 million
(2004:H1 GBP0.62 million; H2 GBP0.15 million). No major capital
expenditure projects were undertaken in the period. The
headcount as at 31 March 2005 was 104.
Since 31 March 2005, GBP2.8 million in milestone payments has
been received from Bayer, a GBP1.9 million R&D tax credit has
been received from the Inland Revenue and the first commercial
orders for Sativex in Canada have been placed. Correspondingly,
GW had cash and short-term deposits totaling GBP16.2 million as
at 31 May 2005.
In view of the additional recent U.K. regulatory delay, GW's
commercial licensing model has shifted from appointing
distribution partners at the end of the development process to a
more conventional licensing model, providing for staged milestone
payments. GW currently owns its entire product pipeline and has
to date licensed distribution rights for Sativex to Bayer
HealthCare in the U.K. and Canada only. A prime focus over
coming months will be to enter into an additional license
agreement (or agreements) for other territories to maintain the
Company's financial strength.
A copy of these results is available free of charge at
http://bankrupt.com/misc/GWPharmaceuticals(Q12005).mht
CONTACT: GW PHARMACEUTICALS PLC
Porton Down Science Park
Salisbury
Wiltshire SP4 0JQ, United Kingdom
Phone: +44-1980-557-000
Fax: +44-1980-557-111
Web site: http://www.gwpharm.com
Dr Geoffrey Guy
Executive Chairman
Phone: + 44 1980 557000
Justin Gover
Managing Director
WEBER SHANDWICK SQUARE MILE
Kevin Smith
Rachel Taylor
Yvonne Alexander
Phone: + 44 20 7067 0700
HALLCO 859: Members to Meet August
----------------------------------
The general meeting of the members of Hallco 859 Limited will be
on Aug. 16, 2005 at 2:00 p.m. It will be held at KPMG LLP, 8
Princes Parade, Liverpool L3 1QH.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged with
KPMG LLP, 8 Princes Parade, Liverpool L3 1QH not later than 12:00
noon, Aug. 15, 2005.
CONTACT: KPMG LLP
8 Princes Parade,
Liverpool L3 1QH
Phone: (0151) 473 5100
Fax: (0151) 473 5200 or
Web site: http://www.kpmg.co.uk
H BOASE: Members Final Meeting Set Last Week of July
----------------------------------------------------
The final meeting of the members of H Boase Limited will be on
July 25, 2005. It will be held at KPMG, Stokes House, 17-25
College Square East, Belfast BT1 6DH.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies.
CONTACT: KPMG
Stokes House,
17-25 College Square East,
Belfast BT1 6DH
Web site: http://www.kpmg.co.uk
HHT LIMITED: Cash Crunch Drives Firm into Administration
--------------------------------------------------------
Jason Godefroy and Andrew Stoneman, partners at Menzies Corporate
Restructuring, have been appointed as Joint Administrators to
West Midlands-based HHT Limited.
HHT Limited was founded in 1966 and is the largest single site
heat treatment facility in the U.K., offering processing
including surface treatment, hardening, tempering, case hardening
and induction hardening. The company's turnover over is circa
GBP4 million per annum. It employs 60 staff. It operates from a
freehold offices and factory in Darlaston, West Midlands.
While the company has historically traded successfully, recent
cash flow difficulties have led to the appointment of MCR. HHT
Limited is continuing to trade and its business as usual while
Jason Godefroy and Andrew Stoneman seek a purchaser for the
business. Any interested parties should contact Jason Godefroy
or Geoff Bouchier at Menzies Corporate Restructuring on
telephone: 020 7291 9750, e-mail: jgodefroy@menzies.co.uk;
gbouchier@menzies.co.uk.
Jason Godefroy said: "HHT has been a successful, specialist
business with a sound customer base and one that we're confident
will benefit from new ownership. We expect to find a buyer
imminently."
CONTACT: HHT LIMITED
c/o Sapphire Public Relations
Adrienne Routledge/Caroline Harrison
Phone: 020 8916 2144
E-mail: adrienne@sapphirepr.co.uk
caroline@sapphirepr.co.uk
INTEGRITIS LIMITED: Hires Administrators from Menzies Corporate
---------------------------------------------------------------
Paul John Clark and Jason James Godefroy (IP Nos 8570, 90970)
have been appointed joint administrators for Integritis Limited.
The appointment was made June 10, 2005.
Integritis has been implementing and enhancing messaging systems
for over 100 years. Its clients include Microsoft, IBM, Lotus,
Cisco, Citrix, Novell, Symantec.
CONTACT: INTEGRITIS LIMITED
Etheridge Avenue,
Brinklow, Milton Keynes,
Bucks MK10 0BB
Phone: +44 (0) 1908 286690
Fax: +44 (0) 1908 286699
E-mail: enquiries@integritis.co.uk
Web site: http://www.integritis.co.uk
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
JAMES STRICK: Final Meeting Set Next Month
------------------------------------------
The final meeting of the members of James Strick & Sons Limited
will be on July 25, 2005. It will be held at KPMG, Stokes House,
17-25 College Square East, Belfast BT1 6DH.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies.
CONTACT: KPMG
Stokes House,
17-25 College Square East,
Belfast BT1 6DH
Web site: http://www.kpmg.co.uk
LOVELY RED: Administrators from Kroll Limited Move in
-----------------------------------------------------
At the extraordinary general meeting of Lovely Red Limited on
June 10, 2005 held at Moore & Smalley Accountants, 9 Winckley
Square, Preston, Lancashire PR1 3HP, the special and ordinary
resolutions to wind up the company were passed. David J.
Whitehouse and Simon Wilson of Kroll, 1 Oxford Court,
Bishopsgate, Manchester M2 3WR have been appointed joint
liquidators of the company.
CONTACT: KROLL MANCHESTER
1 Oxford Court Bishopsgate Place
Manchester M2 3WR
United Kingdom
Phone: 44 (0) 161 228 6622
Fax: 44 (0) 161 228 1199
Web site: http://www.krollworldwide.com
MG ROVER: Holds Talks with Another Chinese Carmaker
---------------------------------------------------
Chinese carmaker Geely Automobile Holdings is holdings talks to
acquire some assets of collapsed car manufacturer MG Rover, The
Standard says.
Geely, which manufacturers the Geely and Maple car brands,
revealed the talks are currently at an initial stage and it has
yet to present a concrete plan, a timetable and a financing
program. Executive director Lawrence Ang said, "The company has
inquired and negotiated with relevant parties and the
administrator of MG Rover Group regarding the acquisition of
certain . . . molds and production equipment."
Newspaper Dongfang Daily quoted Geely chairman Li Shufu as
saying, "After SAIC (Shanghai Automotive Industries Corporation)
announced it had pulled out of the deal, Rover took the
initiative to contact us."
Mr. Li added Geely is interested in acquiring MG Rover's
technology, a vital element for Geely at its "current stage of
rapid development." The carmaker asserts it is not interested in
acquiring MG Rover shares. As for the offered price, Beijing
Times quoted Mr. Li as saying, "The price MG Rover asked for is
much lower than that for SAIC before."
MG Rover called in administrators from PricewaterhouseCoopers in
April after a GBP200 million tie up with SAIC failed to
materialize. The group's talks with Geely marks the second time
it approached a Chinese rescuer. This is also the second time MG
Rover held talks with Geely. Both groups held talks three years
ago over a joint venture, but failed to push through for
undisclosed reasons.
MG Rover, which once employed around 6,000 employees, is facing
liquidation to pay up GBP1.8 billion in debt, but with only
GBP85.5 million in assets, it has to find a ready rescuer. PwC
is currently looking buyers for the group, but may face
difficulties due to some intellectual rights disputes with other
car companies like SAIC and Qvale Automotive. SAIC has already
acquired the rights to mass-produce the Rover 25 and Rover 75
cars. 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. The bidders had until Monday to finalize their
offers.
Geely Automobile Holding is China's first independent automobile
manufacturer. Geely, which started as a manufacturer of
refrigerators in 1986, aims to become the first Chinese automaker
to export cars to the United States. The group sold 80,000
vehicles in 2003, and hopes to reach 1,000,000 by 2010. The
group is known for their Xiali-based car models.
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
GEELY HOLDING GROUP
Zhongxing Road, Binjiang District,
Hangzhou City 310052
Phone: 0571-87760168
Fax: 0571-87760128
Web site: http://www.geely.com
MICROTECH PRODUCTION: Names Armstrong Watson Administrator
----------------------------------------------------------
Michael Christian Kienlen (IP No 9367) has been appointed
administrator for Microtech Production Holdings Plc. The
appointment was made June 10, 2005. Its registered office is
located at 178 Church Road, Hove, East Sussex BN3 2DJ.
Microtech Production Holdings plc are manufacturers and exporters
of a wide range of environmentally friendly, non-toxic and
recyclable products. All its products are produced using natural
ingredients and the plastics used are 100% recyclable.
CONTACT: MICROTECH PRODUCTION HOLDINGS PLC
Unit 12A
Cardrew Industrial Estate
Redruth
Cornwall TR15 1SS
England
Phone (Sales): 01209 314445
Fax: 01209 314694
Web site: http://www.microtechph.com/
ARMSTRONG WATSON
Central House
47 St Paul's Street
Leeds LS1 2TE
West Yorkshire
Phone: 0113 384 3840
Fax: 0113 384 3841
E-mail: mike.lienlen@armstrongwatson.co.uk
MISYS PLC: General Insurance Unit Posts 8% Rise in Revenues
-----------------------------------------------------------
Highlights:
(a) overall trading performance for the year towards the upper
end of market expectations;
(b) adjusted basic EPS* expected in the range of 15.2 pence to
15.7 pence per share;
(c) Banking (like for like**): ILF order intake up 16% at GBP76
million, closing ILF order book up 18% at GBP31 million,
total revenues up 7%;
(d) Healthcare (like for like**): ILF order intake up 7% at
GBP56 million, closing ILF order book down 5% at GBP29
million, total revenues up 6%;
(e) General Insurance: revenues up 8%; and
(f) Sesame: increase in number of Registered Individuals (RIs),
trading in line with expectations.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Adjusted basic EPS is calculated pre goodwill amortization
and is based on an average number of shares in issue of 499
million.
[**] Where like for like data is provided, it is at constant
exchange rates and excludes non-comparable periods in respect of
acquisitions and disposals.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Kevin Lomax, Executive Chairman, Misys, said: "We are encouraged
by our performance for the full year: the momentum achieved in
the first half has been maintained. This performance reflects
some improvement in trading conditions but in particular the
benefit of the actions we have taken. We continue to invest
across our product range and to reposition Misys for growth. It
has been a year of real progress and this gives us confidence for
the future.
Taxation, Interest and Corporate Matters
The underlying tax rate is expected to be an effective rate on
profit before taxation and goodwill amortization of no more than
15%.
Net interest payable for the full year was, as expected, well
ahead of the prior year at between GBP10 million and GBP11
million due to higher prevailing interest rates and higher
average net debt. Current market expectations are for a
significant increase in US$ interest rates which if they
materialize will result in an interest charge for the coming year
in the region of GBP15 million.
Group costs will no longer benefit from the profits on sale of
the WebMD warrants, as the last tranche of these was recently
disposed of for a GBP3 million profit.
A copy of these results is available free of charge at
http://bankrupt.com/misc/Misysplc(2005).mht
CONTACT: MISYS PLC
Burleigh House, Chapel Oak, Salford Priors,
Evesham, WR11 8SP, United Kingdom
Phone: 44 (0)1386 871373
44 (0)1386 871045
Web site: http://www.misys.com
E-mail: group.secretariat@misys.co.uk
Angela D. Jenkins
Healthcare Systems
Phone: (303) 364-9957
E-mail: angela.jenkins@misyshealthcare.com
Susan Cottam
Group Communications Director
Phone: +44 (0) 20 7368 2305
Mobile: +44 (0) 7957 807 721
Andrew Farmer
Head of Investor Relations
Phone: +44 (0) 20 7368 2307
Mobile: +44 (0) 7909 895 094
Caroline Hardiman
Press Relations Manager
Misys General Insurance
Phone: + 44 (0)1905 754455
E-mail: caroline.hardiman@mfs.misys.co.uk
READMANS LIMITED: Business for Sale
-----------------------------------
The joint administrators, Stephen Blandford Ryman and Robert
Derek Smailes of Rothman Pantall & Co., offer for sale the
business & assets of Readmans Ltd.
Founded in 1963 by Alfred Readman, the fashion and home ware
chain operates five outlets across the U.K. A well-established
brand name, Readmans boasts of its centralized distribution
system. Readmans ranked 52 in the list of top 100 textile
manufacturer in the U.K. The list, compiled by the Top500 site,
includes companies with more than EUR50 million in sales.
The group went into administration after suffering from financial
problems, brought about by the current downturn in the retail
sector. See more information about the company at
http://www.readmans.co.uk.
CONTACT: READMANS LIMITED
Alfred House, Spence Lane,
Holbeck, Leeds LS12 1EF
Phone: 0113 202 8181
Fax: 0113 202 8180
E-mail: headoffice@readmans.co.uk
Web site: http://www.readmans.co.uk
ROTHMAN PANTALL & CO.
Clareville House
26/27 Oxendon Street
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Michael Billingsley
Phone: +44 (0)20 7930 7272
REGAL PETROLEUM: Ousted Chairman's Secret Deal Exposed
------------------------------------------------------
Former Regal Petroleum chairman Frank Timis had negotiated the
sale of the firm's major asset in Ukraine without the board's
knowledge, it emerged on Friday, according to The Independent.
The firm said it was informed of the agreement by solicitors of a
company called Peak Resources, which appears to have been
registered in Hong Kong. The deal was an option to buy Regal's
Ukrainian interests for US$1.50 per assessed barrel of oil
equivalent for "proven probable and possible reserves". It was
struck on May 4, a month before Mr. Timis resigned from the
company. The solicitor said the option is exercisable any time
up to the end of August this year.
A Regal spokesman said the firm had no intention of selling all
its Ukrainian interests and that it considered the
US$1.50-a-barrel price cheap. Regal had put its "proven and
probable" reserves in Ukraine at 190 barrels, almost all of what
it has.
Mr. Timis was unavailable for comment according to the chief
financial officer of London-listed Sierra Leone, where he is
chairman. He had previously been named in three criminal
investigations in his native country Romania.
Regal said it is investigating the matter and is seeking legal
advice. An independent oil consultancy, Ryder Scott, is carrying
out an audit of Regal's Ukrainian assets.
In June, Regal 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
Buchanan Communications
Phone: 020 7466 5000
Bobby Morse
Ben Willey
RENTOKIL INITIAL: Court Approves Restructuring
----------------------------------------------
At a hearing of the High Court on 20 June 2005, the Court
sanctioned the proposed scheme of arrangement of Rentokil Initial
plc under section 425 of the Companies Act 1985 to introduce a
new listed group holding company, Rentokil Initial 2005 plc.
The Scheme became effective Tuesday and the new New Rentokil
Initial shares were admitted to the Official List and to trading
on the London Stock Exchange's market for listed securities at
that time. In addition, the name of New Rentokil Initial was
changed to Rentokil Initial plc and the name of Rentokil Initial
to Rentokil Initial 1927 plc at that time.
Under the terms of the Scheme, holders of Rentokil Initial shares
at the Scheme Record Time (which was 6.00 p.m. on 20 June 2005)
have received one new New Rentokil Initial share for each
Rentokil Initial share held and cancelled pursuant to the Scheme.
The Court is expected to approve the reduction of capital of New
Rentokil Initial. The Reduction of Capital is expected to become
effective on 23 June 2005, whereupon the nominal value of a New
Rentokil Initial ordinary share will be reduced from GBP1.00 to 1
pence.
* * *
Last month, non-executive chairman Brian McGowan, commenting on
the company's trading update, said: "In trading terms, the year
has started off largely as expected, with a deterioration in
profits compared with the first four months of 2004. This was
due to the full effect of the significant increases in the
investment in sales, marketing, service, I.T. and H.R., which
were progressively fed in from May 2004 as well as the ongoing
challenges of a difficult, price competitive market place. These
trends are likely to continue into the second half.
"Most of the segments with a contract portfolio dimension have a
number of business units which are starting to show progress but,
in overall terms, these have not yet produced the scale and
consistency to make a noticeable difference to the size and shape
of the overall contract portfolio.
"The benefits of the investments made should start to come
through progressively as the second half of 2005 unfolds,
although the board remains of the view that the year as a whole
is likely to give a weaker performance than in 2004."
CONTACT: RENTOKIL INITIAL PLC
Felcourt
East Grinstead
West Sussex RH19 2JY
Phone: +44-1342-833-022
Fax: +44-1342-326-229
E-mail: pr@rentokil-initial.co.uk
Web site: http://www.rentokil-initial.com
TTI EUROPE: Hires Liquidator from Levy & Partners
-------------------------------------------------
At the extraordinary general meeting of the members of TTI Europe
Limited on June 6, 2005 held at 2441 Northeast Parkway Fort
Worth, Texas, USA, the special resolution to wind up the company
was passed. Peter M. Levy has been appointed liquidator of the
company.
Headquartered in Fort Worth, Texas, TTI has 45 locations around
the globe: 33 in North America, 9 in Europe and, more recently, 3
in Asia. From these facilities, we provide local service to
customers around the world. Today TTI's European operation
covers over 6,000 customers in 26 countries.
CONTACT: TTI EUROPE LIMITED
2 Cliveden Office Village
Lancaster Road
Cressex Business Park
High Wycombe
Bucks HP123YZ
United Kingdom
Phone: ++ 44-1-494-460-000
Fax: ++ 44-1-494-460-090
E-mail: headquarter@uk.ttiinc.com
LEVY & PARTNERS
86/88 South Ealing Road
London W5 4QB
Phone: 020 8932 1932
Fax: 020 8932 0122
E-mail: peter@levyandpartners.com
U.K. COAL: Reveals 'Mystery' Bidder
-----------------------------------
U.K. Coal plc confirmed it received in February a highly
preliminary and tentative written approach from Morston Assets
Limited, which was subject to a number of conditions and
pre-conditions.
However, the company noted it has terminated discussions with
Morston Assets, after it saw no reason to believe the approach
could lead to a deliverable offer.
U.K. Coal said the approach did not address the Board's concerns
as questions on its material aspects were not satisfied.
According to Bloomberg, shares in U.K. Coal rose 0.5 pence, or
0.4 percent, to 138 pence as of 8:50 a.m. Thursday in London.
They closed at 137.5 pence, the highest since April 25.
Morston Assets is the property investment company of Tom Farmer,
the founder and former chief executive of U.K. car repair chain
Kwik-Fit Holdings Plc.
* * *
U.K. Coal firm sprang from the remains of British Coal after the
latter's sale in 1994 to RJB for GBP815 million. It was renamed
U.K. Coal after the departure of RJB boss Richard Budge in 2001.
Its market valuation is about GBP185 million.
It lost GBP51.6 million last financial year as output fell. It
produced 14 million of coal last year, well down on 1995 when it
produced 37 million tons. The Doncaster-based company mines more
than 60% of the coal produced in the U.K. U.K. Coal sold
production forward under contract, causing it to miss out on
soaring coal prices driven by the industrialization of China.
CONTACT: UK COAL PLC
Harworth Park, Blyth Rd., Harworth
Doncaster
South Yorkshire DN11 8DB, United Kingdom
Phone: +44-1302-751751
Fax: +44-1302-752420
Web site: http://www.ukcoal.com
Inquiries
Gavin Anderson
Phone: 020 7554 1400
Ken Cronin
WATERFORD WEDGWOOD: EGM Okays EUR100 Mln Rights Issue
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The Board of Waterford Wedgwood confirms that all of the
resolutions proposed for consideration at the Extraordinary
General Meeting of the Company, which was held Monday in Dublin,
were approved. It is also confirmed that the underwriting
agreement in respect of the underwriting commitment provided by
Birchfield Holdings Limited, a company which is owned and
controlled by Sir Anthony O'Reilly and Mr. Peter John Goulandris,
in respect of the recently announced Rights Issue, has been
executed.
Further information in relation to the Rights Issue, including
the timetable thereof, will be issued in due course.
* * *
As reported by TCR-Europe on May 6, Waterford Wedgewood is
proposing a fully underwritten rights issue to raise
approximately EUR100 million through the issue of 1.7 billion New
Stock Units at EUR0.06 each. The proceeds will be used to
finance a major restructuring program which is expected to cost
around EUR90 million, including EUR6.5 million which has already
been spent. Targeted annualized cost savings from the
restructuring program are EUR90 million. The proceeds of the
Rights Issue will also improve the Group's liquidity.
Restructuring and Cost Savings
In its trading update on March 14, 2005 the Group indicated that
it was reviewing its fixed cost base in order to return to
sustainable profitability at existing demand levels and current
exchange rates. Following this review, the Group intends to
restructure its business fundamentally. The restructuring
program announced is designed to remove excess capacity, improve
manufacturing efficiency and to enable a more complete
integration of the Wedgwood division with Royal Doulton.
(a) EUR90 million restructuring investment will be targeted
across the Group with the objective of achieving annualized
savings of approximately EUR90 million once fully
implemented. The benefit of the savings will largely have
been achieved by December 2006;
(b) It is anticipated that the total employed by the Group will
reduce by about 1,800 when the proposed restructuring is
completed;
(c) Removal of excess capacity: About EUR30 million will be
spent on restructuring at Waterford Crystal and Rosenthal in
order to remove excess capacity. At Waterford Crystal, the
Dungarvan plant will be closed;
(d) Overhead reduction: Investment of EUR24 million is planned
to reduce overheads at Waterford Crystal, Rosenthal and at
Group level and to upgrade manufacturing facilities in
Waterford Crystal and Rosenthal;
(e) The combined effect of these proposed actions will be to
reduce the numbers employed at the Waterford Crystal by 485,
at Rosenthal by 160 and by 200 across the wider Group; and
(f) Wedgwood-Royal Doulton integration savings: Following the
acquisition of Royal Doulton on January 14, 2005, the Group
has identified opportunities for more savings than
originally envisaged. It is planned to invest a total of
EUR36 million (of which EUR6.5 million has already been
spent) to achieve savings in manufacturing, retail
operations, administration and warehousing efficiencies.
These proposed actions are expected to reduce the numbers
employed by Wedgwood and Royal Doulton by 950 worldwide.
About 450 of these 950 have already left the business.
Fully Underwritten Rights Issue
(a) The proposed Rights Issue will be at an issue price of
EUR0.06 per New Stock Unit, being the nominal value per
Ordinary Share, and on the basis of 7 New Stock Units for
every 11 Stock Units held on a record date to be determined.
The Rights Issue will be fully underwritten by a company
jointly and equally controlled by the Group's principal
shareholders, Sir Anthony O'Reilly, the chairman, and Peter
John Goulandris, the deputy chairman;
(b) The Rights Issue price compares with the closing price of
EUR0.04 per Stock Unit on May 3, 2005;
(c) The Rights Issue is at the same price as the December 2004
Rights Issue (i.e. EUR0.06 per New Stock Unit);
(d) The O'Reilly and Goulandris families have confirmed their
intention to take up their full rights entitlements, based
on their existing holdings, representing in aggregate
approximately 24.6% of the company's existing issued share
capital;
(e) The Rights Issue will be conditional on, inter alia, the
grant by the Irish Takeover Panel of a waiver under Rule 9
of the Irish Takeover Rules and on independent shareholder
approval, each in respect of the underwriting arrangements.
It will also be conditional on shareholders approving an
increase in the authorized share capital of the Group and
the renewal of various allotment authorities; and
(f) Documentation will be issued to shareholders convening an
extraordinary general meeting and providing further
information on the Rights Issue and on the restructuring in
due course.
CONTACT: POWERSCOURT (UK/International media)
Rory Godson
Phone: +44 (0) 207 236 5615
DENNEHY ASSOCIATES (Ireland)
Michael Dennehy
Phone: +353 (0) 1 676 4733
WM MORRISON: Appoints Three Non-executive Directors
---------------------------------------------------
The board of Wm Morrison Supermarkets appointed Brian Flanagan,
aged 53, Susan Murray, aged 48, and Nigel Robertson, aged 45 as
non-executive directors effective July 1, 2005.
Brian Flanagan worked for the Mars Corporation for 26 years and
possesses a broad international business experience. He has held
senior management positions in finance, information systems,
manufacturing, purchasing and was, most latterly, the global Vice
President of Business Transformation for Mars
Inc.
Susan Murray is currently a non-executive director of SSL
International PLC, Enterprise Inns PLC, and Imperial Tobacco
Group PLC. She was formerly Chief Executive of Littlewoods
Stores Ltd.
Nigel Robertson held senior positions in the food division of
Marks & Spencer PLC. He played a central role in establishing
Ocado, an on-line grocery shopping operation in partnership with
Waitrose.
The Board also confirmed that Richard Pennycook will join the
Board as Group Finance Director on 1st October 2005.
The Chairman and Deputy Chairman will together be interviewing
further candidates for non-executive directorships and it is
anticipated that a further announcement will be made within the
next four weeks.
CONTACT: CITIGATE DEWE ROGERSON
Jonathan Clare
Simon Rigby
Sarah Gestetner
Phone: +44 207 638 9571
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S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2005. All rights reserved. ISSN 1529-2754.
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