/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050719.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, July 19, 2005, Vol. 6, No. 141 Headlines A U S T R I A ROCO MODELLSPIELWAREN: Runs out of Track G E R M A N Y ATI STRASSEN: Bochum Court to Verify Claims September BTM PART: Creditors' Claims Due Next Month BUERKEL MEDIA: Proofs of Claim Deadline August 26 DHC KABEL: Applies for Bankruptcy Proceedings DSH KUNSTSTOFFENSTERBAU: Under Bankruptcy Administration FRICKE GMBH: Gives Creditors Until Next Week to File Claims HOTEL GARNI: Court Appoints Dr. Flother Administrator P.E. HANDELS: Proofs of Claim Deadline Expires September PLUECK DREHEREI: Bankruptcy Proceedings Begin PRIMACOM AG: Pays Senior Loan Amortization on time SMN ELEKTROTECHNIK: Falls into Bankruptcy VOLKSWAGEN AG: Tells Employees to Prepare for Changes H U N G A R Y NABI RT: Posts Update on First-half Performance L U X E M B O U R G STOLT-NIELSEN: Second-quarter Conference Call Set Today N E T H E R L A N D S KONINKLIJKE AHOLD: Agrees to Sell Deli XL to Bidvest Group P O L A N D CENTRAL EUROPEAN: Moody's Rates EUR310 Mln Secured Notes (P)B2 R U S S I A ALFA BANK: Moody's Retains Ba2 Rating on EMTN Program BIRYULSKOYE: Bankruptcy Proceedings Begin BOLSHEVIK: Deadline for Proofs of Claim August 25 BREWERY: Gives Creditors Until Next Week to File Claims CERAMICS: Bankruptcy Hearing Resumes Next Month CHANOVSKAYA: Last Day for Filing Claims July 25 GIGRO-VATA: Declared Insolvent KLINTSOVSKOYE REPAIR: Bankruptcy Hearing Set October OAO GAZPROM: Gazstream Notes Get 'BB' Rating OZINSKIY COMBINE: Saratov Court Hires Insolvency Manager SPIROVO-WOOD: Creditors Have Until July 25 to File Claims STROM-AVTO-MASH: Succumbs to Bankruptcy S L O V A K R E P U B L I C SLOVENSKA SPORITELNA: Moody's Ups Financial Strength to D+ SLOVENSKE ELEKTRARNE: Posts SKK1.65 Billion Profit for 2004 VSEOBECNA UVEROVA: Moody's Upgrades Financial Strength to D+ T U R K E Y SEKERBANK T.A.S.: Fitch Says Rabobank Stake Buy Good for Ratings U K R A I N E OJSC STIROL: Fitch Rates Proposed Eurobond 'B' U N I T E D K I N G D O M ACCURO FINE: Members Opt for Liquidation A H BUDGEN: Calls in Administrator AJS CONSTRUCTION: Sets Creditors Meeting July 28 APPSCO SOFTWARE: KPMG to Present Report August 19 ARENA ASSOCIATES: Appoints Begbies Traynor Liquidator ARNOLD (MARIS): Hires Administrators from RSM Robson Rhodes AXIS SPECIALTY: Appoints Menzies Administrator BERKSHIRE QUADS: Creditors to Meet Later this Month BIASCO (MILTON KEYNES): Names Smith & Williamson Administrator B I INDUSTRIES: Bristol District Registry Orders Liquidation BOVINGDON VEHICLE: Creditors Meeting Next Week BOXER COURIER: Files for Liquidation BRAID-TEX LIMITED: Chairman Calls Creditors Meeting CATESBY PUBLISHING: Creditors to Meet Later this Month CHISOFT LIMITED: Creditors Meeting Set this Week CJF ENGINEERING: Opts for Liquidation CONGER UK: Creditors Meeting Tomorrow CROSS PUBLICATIONS: Sets Creditors Meeting Friday DATATEND LIMITED: Names PricewaterhouseCoopers Administrator DISCPHARM DISTRIBUTIONS: Meeting of Creditors Next Week ECOQUIP LIMITED: Administrators from Begbies Traynor Move in ENTERPRISE CAPITAL: To Hold Final General Meeting August EPR LIMITED: Appoints Joint Liquidators from Grant Thornton ET & T (UK): Final Creditors Meeting Set August EURODIS ELECTRON: Deloitte Opens Talks with Possible Bidders EURODIS ELECTRON: Company Profile EUROPA BEARINGS: Creditors Meeting Set July EXCEL PRINT: Board Calls Creditors Meeting FERNDALE AGGREGATES: Creditors Meeting Next Week FLEUR COUTURE: Sets Creditors Meeting Friday FLUID TRADING: Liquidator to Deliver Report August FUSION (BURNTWOOD): Hires Administrators from Begbies Traynor GLENCROFT DESIGN: High Court Orders Liquidation GOODWEAR HOLDINGS: Succumbs to Liquidation HAMILTON AND KINNEIL: Liquidator's Report Out Next Month HIT ENTERTAINMENT: Moody's Rates US$376 Mln Sr. Secured Loan B1 IDI UK: Creditors to Meet Tomorrow J J ELECTRONIC: Meeting of Creditors Next Week KEYSTONE LEISURE: Liquidator to Present Report Mid-August K G ELECTRICAL: Bristol District Court Orders Liquidation KWELM: Federal-Mogul Asks Court to Approve Insurance Settlement LASER ACCIDENT: Creditors Meeting Set July LONDONEASY LIMITED: Creditors to Meet Tomorrow LUTTERWORTH KITCHENS: Director Calls Creditors Meeting LYNCHRIS LIMITED: Creditors to Tackle Liquidator's Pay Next Week MANN WEAVER: Recruitment Consultant Calls in Administrator MARAWELL LIMITED: Creditors to Meet Later this Month MARIDA HATS: General Meeting Set August MARKS & SPENCER: IT Chief Steps down MG ROVER: Nanjing Bares Plan for Bankrupt Carmaker MOWLEM PLC: Wins GBP59 Mln Contract to Build Stand NAPPER TRADING: Creditors to Meet Today NOBLE HOUSE: Board Calls Creditors Meeting O'DONNELL & STOCKWELL: Creditors Meeting Set July ORACLE RESTAURANTS: Bristol Court Orders Liquidation OULTRAM INSTALLATIONS: Creditors Meeting Set August PHOENIX CONSULTANTS: Hires BDO Stoy Hayward Administrator PICO ESTIL: Winding-up Report Out Mid-August ROSEBRILLE LIMITED: Sets Creditors Meeting August SIMON SALES LIMITED: Creditors Meeting Set Next Week SLOAN'S CABINET: Members to Meet Next Month SOUTHFIELDS (LEICESTER): Calls in Administrator from Numerica SULBROS INVESTMENTS: Creditors Meeting Set July SURPLUS STORES: Winding-up Report Out Next Month TF UK: Appoints Administrator from Kroll THE REGENT: High Court Orders Liquidation THRUSTBORE LIMITED: Falls into Administration TREWICK (COACHWORKS): Calls in Administrator from R M T VOLVO AERO: Files for Liquidation WENDLEY LIMITED: Teddy Bear Manufacturer Calls in Administrator WESTBURY HOLDINGS: Calls in Administrator from PKF WM MORRISON: No Further Appointments this Week, Insiders Say * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= ROCO MODELLSPIELWAREN: Runs out of Track ---------------------------------------- ROCO Modellspielwaren GmbH has declared bankruptcy amid the slowdown in the European train market and rivals offering cheaper China-made items. The Austrian model railroad manufacturer, which reportedly has debt of EUR24 million and annual losses of EUR5 million, will continue operating under receivership. According to the Model Railroader, Roco has also been hit by the weakening economy of Germany, its largest market, which accounts for 65% of sales. In 2004, the German train market reported sales of EUR181 million, down from EUR204 million two years earlier. Founded in 1960, Roco's main operations were located in Salzburg before it transferred to a new site in Hallein, employing 370 people. It also has facilities in Glognitz, with 200 workers, and in the Czech Republic, where it employs 230. Employees have yet to receive their wages for June or their vacation pay. Worse, the company plans to cut jobs as part of its restructuring, says the Model Railroader. CONTACT: ROCO MODELLSPIELWAREN GmbH Rifer Hauptstrasse 21 A-5400 Hallein Phone: +43 (0) 57626-0 Fax: +43 (0)57626-1199 E-mail: roco@roco.cc Web site: http://www.roco.co.at/ ============= G E R M A N Y ============= ATI STRASSEN: Bochum Court to Verify Claims September ----------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against ATI Strassen- und Tiefbau GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 19, 2005 to register their claims with court-appointed provisional administrator Klaus Dippel. Creditors and other interested parties are encouraged to attend the meeting on September 30, 2005, 8:30 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ATI STRASSEN- UND TIEFBAU GmbH Bahnhofstr. 20, 44623 Herne Contact: Ismail Tandogan, Manager Florastr. 94, 45879 Gelsenkirchen Klaus Dippel, Administrator Werner Hellweg 477, 44894 Bochum Phone: 0234-26624 Fax: 0234-234077 BTM PART: Creditors' Claims Due Next Month ------------------------------------------ The district court of Bielefeld opened bankruptcy proceedings against BTM Part Supply GmbH on June 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 25, 2005 to register their claims with court-appointed provisional administrator Martin Kienitz. Creditors and other interested parties are encouraged to attend the meeting on September 15, 2005, 9:20 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BTM PART SUPPLY GmbH Jahnstr. 43, 32361 Preussisch Oldendorf Contact: Bernd Wankelmann, Manager Matthias Kuchler, Manager Thomas Kuchler, Manager Max-Dingler-Str. 8, 82131 Stockdorf Martin Kienitz, Administrator Ruegenweg 14, 32427 Minden BUERKEL MEDIA: Proofs of Claim Deadline August 26 ------------------------------------------------- The district court of Meiningen opened bankruptcy proceedings against Buerkel Media-Erlebnishaus GmbH on June 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 26, 2005 to register their claims with court-appointed provisional administrator Annegret Schwarz. Creditors and other interested parties are encouraged to attend the meeting on September 14, 2005, 9:30 a.m. at the district court of Meiningen, Lindenallee 15, Saal A 0105, 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: BUERKEL MEDIA-ERLEBNISHAUS GmbH Contact: Gabriele and Mike Buerkel, Managers Leipziger Strasse 5, 98617 Meiningen Annegret Schwarz, Administrator Helenenstr. 15, 99867 Gotha DHC KABEL: Applies for Bankruptcy Proceedings --------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against DHC Kabel und Systeme GmbH on June 29. 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 Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting on August 16, 2005, 9:50 a.m. at the district court of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage, Saal 234 - Altbau Amtsgericht, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DHC KABEL UND SYSTEME GmbH Westfalenstrasse 4, 42781 Haan Contact: Marc Lemke, Manager Nelkenweg 8, 42781 Haan Hans Peter Runkel, Administrator Friedrich-Ebert-Strasse 146, 42117 Wuppertal Phone: 0202/30 20 71 Fax: 0202/31 47 08 DSH KUNSTSTOFFENSTERBAU: Under Bankruptcy Administration -------------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against DSH-Kunststoffensterbau Schwirtz GmbH on. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 30, 2005 to register their claims with court-appointed provisional administrator Dr. Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting on August 30, 2005, 9:55 a.m. at the district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214, 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 10, 2005, 9:10 a.m. at Hauptgebaude, Nordwall 131, 47798 Krefeld, 1. Etage, Raum 131. CONTACT: DSH-KUNSTSTOFFENSTERBAU SCHWIRTZ GmbH Herrenpfad Sued 2, 41334 Nettetal Contact: Dagmar Schwirtz, Manager Horst Schwirtz, Manager Dr. Wolf-R. von der Fecht, Administrator Rheinort 1, 40213 Duesseldorf Phone: 0211/1394-1237 Mobile: 0173/2804330 Fax: +4902111394251 FRICKE GMBH: Gives Creditors Until Next Week to File Claims ----------------------------------------------------------- The district court of Meiningen opened bankruptcy proceedings against Fricke GmbH on June 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 25, 2005 to register their claims with court-appointed provisional administrator Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting on August 17, 2005, 11:15 a.m. at the district court of Meiningen, Lindenallee 15, Saal A 0208, 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: FRICKE GmbH Contact: Weiler Gerd, Manager Mittelsdorfer Strasse 25, 98634 Kaltensundheim Klaus Siemon, Administrator Strasse der Nationen 51, 09111 Chemnitz HOTEL GARNI: Court Appoints Dr. Flother Administrator ----------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against Hotel Garni Verwaltungsgesellschaft mbH on June 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 26, 2005 to register their claims with court-appointed provisional administrator Dr. Lucas F. Flother. Creditors and other interested parties are encouraged to attend the meeting on September 26, 2005, 10:00 a.m. at the district court of Leipzig, Saal 145, 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: HOTEL GARNI VERWALTUNGSGESELLSCHAFT mbH Gerichtweg 12, 04103 Leipzig Contact: Dr. Wolfgang Raaz, Manager Dr. Lucas F. Flother, Administrator Nikolaistrasse 3-5, 04109 Leipzig P.E. HANDELS: Proofs of Claim Deadline Expires September -------------------------------------------------------- The district court of Krefeld opened bankruptcy proceedings against P.E. Handels-GmbH on June 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 20, 2005 to register their claims with court-appointed provisional administrator Dr. Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting on September 27, 2005, 10:20 a.m. at the district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 2.Etage, Raum 214, 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 November 15, 2005, 9:00 a.m. at district court of Krefeld, Hauptgebaude, Nordwall 131, 47798 Krefeld, 1. Etage, Raum 131. CONTACT: P.E.HANDELS-GmbH Leuther Str. 36, 41334 Nettetal Contact: Veronika Nothers, Manager Wilhelm-Strauss-Strasse 122, 41236 Monchengladbach Dr. Wolf-R. von der Fecht, Administrator Rheinort 1, 40213 Duesseldorf Phone: 0211/1394-1237 Mobile: 0173/2804330 Fax: +4902111394251 PLUECK DREHEREI: Bankruptcy Proceedings Begin --------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Plueck Dreherei - Maschinenbau GmbH on June 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 19, 2005 to register their claims with court-appointed provisional administrator Caroline Schmitz. Creditors and other interested parties are encouraged to attend the meeting on September 12, 2005, 8:10 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. CONTACT: PLUECK DREHEREI - MASCHINENBAU GmbH Am Burgholz 42, 52372 Kreuzau Contact: Wolfgang Plueck, Manager Krahkopfstr. 16, 52355 Dueren Michael Plueck, Manager Auf der Heide 17, 52372 Kreuzau Caroline Schmitz, Administrator Waisenhausstr. 3, 52349 Dueren Phone: 02421/20908-0 Fax: 02421/20908-18 PRIMACOM AG: Pays Senior Loan Amortization on time -------------------------------------------------- Cable network provider PrimaCom AG has transferred the due amortization rate of EUR14.4 million for the senior loan to the senior lenders on time in compliance with the credit agreement. * * * Primacom is reorganizing its debt and equity structure while trying to focus on revenue improvements, cost reduction management and profitability improvements. It reported net loss of EUR29.0 million for the first quarter as compared with a net loss of EUR25.9 million for the first quarter of 2004. CONTACT: PRIMACOM AG Investor Relations Phone: +49 (0) 6131 - 944 522 Fax: +49 (0) 6131 - 944 508 E-mail: investor@primacom.de SMN ELEKTROTECHNIK: Falls into Bankruptcy ----------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against SMN Elektrotechnik GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 16, 2005 to register their claims with court-appointed provisional administrator Jochen Schnake. Creditors and other interested parties are encouraged to attend the meeting on September 6, 2005, 9:45 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SMN ELEKTROTECHNIK GmbH Fabrikstr. 16, 33659 Bielefeld Contact: Udo Kwiatkowski, Manager Auf der Egge 64, 33619 Bielefeld Jochen Schnake, Administrator Ravensberger Str. 12, 33824 Werther VOLKSWAGEN AG: Tells Employees to Prepare for Changes ----------------------------------------------------- Workers of Volkswagen AG must be "ready to tread new paths," said Wolfgang Bernhard, a former DaimlerChrysler AG executive who was appointed last year to lead the firm's reorganization. In an interview with in-house publication, Autogramm, Mr. Bernhard also told employees "if we carry on as we have so far, we won't make it." He earlier stressed that "no sacred cows" would be spared as the struggling carmaker plans to save EUR10 billion and lift profits by EUR4 billion to avoid dipping further into the red by 2008. Volkswagen's 2004 earnings were hit by intense competition, a weak U.S. dollar and the slowing demand in Europe. Mr. Bernhard added: "I expect everyone to be clear about what situation we are in and what a crossroads we are standing at." He disclosed last week that engineers have already prepared measures to save US$1 million from the production cost of Golf models, while Volkswagen eyes squeezing suppliers and sharing more components. It is unclear whether jobs might eventually be cut. Meanwhile, the company's board is said to be working out an internal solution regarding Peter Hartz' resignation, although no successor has been revealed yet. Mr. Hartz is facing allegations that as personnel chief he allowed representatives of the works council to go on "luxurious" trips at the company's expense. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de ============= H U N G A R Y ============= NABI RT: Posts Update on First-half Performance ----------------------------------------------- In the first half of 2005, the NABI Group delivered 558 buses to its customers. NABI recently completed on-schedule delivery of 30 articulated BRT buses to Los Angeles County Metropolitan Transportation Authority. In the U.S.A., according to APTA statistics, the number of new, full-sized (33) heavy-duty buses delivered annually declined steadily from 2001 through 2004, with 2004 deliveries representing only approximately 52% of 2001 deliveries. Also, it presently appears that figures for 2005 are unlikely to show any significant improvement. This situation is expected due to deferral of bus purchases by transit operators as a result of Federal funding uncertainties, budgetary constraints at state levels and delayed orders while operators evaluate the technical and operational impacts of new environmental requirements for urban buses. Also APTA statistics show, bus ridership has declined gradually and to a lesser extent over the same period, both in terms of the numbers of passenger trips as well as the number of miles traveled. This mild ridership decline is also likely to reduced future orders and deliveries. Notwithstanding the foregoing, over 8,000 buses in the U.S. fleet presently exceed the FTA established 12-year design life, with the fleet's average age now standing at 7.5 years (1.5 years beyond the theoretical optimum figure of 6.0 years as would be derived from the 12-year life expectancy). With the market primarily a replacement market, and because aging buses are costly to operate compared to younger ones, the data suggests that the present trend of deferral must eventually reverse, with demand and deliveries rising to correct the decline. NABI has streamlined its bus manufacturing capacities in both Hungary and the U.S.A. as part of its overall restructuring and in line with the decline of market demand for transit buses. NABI sold nine units on the Hungarian market in the first half of 2005, an increase from last year's sales of the same period, however, this number remains small portion of the total Group sales volume. In the U.K., the second quarter sales volume increased by 30 vehicles (23%) over the first quarter giving Optare its strongest half-year sales performance in the company's 20-year history. The Solo has firmly established its position as the leading product in the U.K. minibus market with sales of the new SlimLine Solo exceeding the company's expectations. Optare has seen its U.K. market share increase from 12.8% to 17% (source: SMMT registrations) in the first half of 2005 with increased Solo sales and the introduction of the all new heavy weight (17 tons) Tempo full size single deck bus which has been well received by the market. The order book stands at record levels at the half year. All divisions of the business contributed to improving profitability with record sales in the Unitec aftermarket business. As of June 30 2005, NABI's order book contained 473 firm orders in the U.S.A. Approximately 1,198 buses can be ordered under options. CONTACT: NABI RT. 45 Ujszasz u. Budapest 1165 Phone: +36-1-401-7399 Fax: +36-1-407-2931 E-mail: nabihq@nabi.hu Web site: http://www.nabi.hu/ Andras Bodor, Corporate Affairs Director Phone: +36-1-401-7100 Fax: +36-1-407-2931 E-mail: andras.bodor@nabi.hu =================== L U X E M B O U R G =================== STOLT-NIELSEN: Second-quarter Conference Call Set Today ------------------------------------------------------- Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) will hold a conference call to discuss the second quarter 2005 results on Tuesday, July 19, 2005 at 3:00 p.m. BST (10:00 a.m. EDT, 4:00 p.m. CEST). Participating in the call will be: (a) Mr. Niels G. Stolt-Nielsen - Chief Executive Officer, Stolt- Nielsen S.A. (b) Mr. Jan Chr. Engelhardtsen - Chief Financial Officer, Stolt- Nielsen S.A. (c) Mr. Otto H. Fritzner - Chief Executive Officer, Stolt- Nielsen Transportation Group Anyone wishing to participate in the call should dial +0 800-028-4937 (in U.K.), +1 800-818-6592 (in U.S.), +001 800-14996 (in Norway) or +1 312-461-0745 (outside U.S.). Phone lines will open 10 minutes before the call. If you cannot participate in this call there will be a Postview facility (a taped recording of the conference call) available directly after the conference call until 10:00 p.m. BST (5:00 p.m. EDT, 11:00 p.m. CEST) on Wednesday, July 20, 2005. For access dial +1 888-203-1112 (in U.S.) or +1 719-457-0820 (outside U.S.) and quote the call reservation number: 3874357. Alternatively, a Live Web cast conference call is available via http://www.stolt-nielsen.comcommencing on Tuesday, July 19, 2005 at 3:00 p.m. BST (10:00 a.m. EDT, 4:00 p.m. CEST). A playback of the conference call commences on Tuesday, July 19, 2005 after 5:00 p.m. BST (noon EDT, 6:00 p.m. CEST). CONTACT: STOLT-NIELSEN S.A. Richard M. Lemanski 8 Sound Shore Drive Greenwich, CT 06836 U.S.A. Phone: +1 203 625 3604 Fax: +1 203 625 3525 E-mail: rlemanski@stolt.com ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Agrees to Sell Deli XL to Bidvest Group ---------------------------------------------------------- Koninklijke Ahold has reached agreement with Bidvest Holding B.V. on the divestment of its Dutch delivered foodservice wholesale subsidiary Deli XL. The buyer is a wholly owned subsidiary of The Bidvest Group Limited, a South Africa based, diversified company with a strong presence in the foodservice industry in the United Kingdom, Australia, New Zealand and South Africa. The value of the transaction amounts to approximately EUR140 million, consisting of a cash consideration, debt repaid to Ahold as well as assumed debt. Consultative procedures with unions and the representative bodies have been completed. The transaction is subject to the fulfillment of customary closing conditions including competition authority clearance. The transaction is expected to close in the third quarter of this year. Deli XL is the leading delivered foodservice wholesaler in the Benelux, with consolidated 2004 net sales of EUR819 million. Deli XL is especially strong in the institutional and catering segments of the foodservice market. Currently, Deli XL supplies over 60,000 products to around 34,000 customers including hospitals, company canteens, schools, hotels and restaurants. Deli XL employs approximately 2,100 staff in The Netherlands and Belgium. Bidvest, with consolidated 2004 sales of EUR6.7 billion, is an international services, trading and distribution company listed on the JSE Securities Exchange South Africa and operating on three continents. Bidvest employs 81,000 people worldwide. The divestment of Deli XL is part of Ahold's strategic plan to restructure its portfolio to focus on retail activities in The Netherlands and to strengthen its financial position by reducing debt. "The divestment of Deli XL marks an important step towards finalizing our divestment program," said Ahold President & CEO Anders Moberg. "Our strategy for the Dutch business is targeted on its retail activities. The investment and management attention needed to assume a greater role in European foodservice is inconsistent with this focus. We therefore believe that Deli XL's potential in the out of home food market can better be realized under an owner such as Bidvest. We are confident that this buyer is committed to pursue the further improvement and development of Deli XL and its staff." CONTACT: KONINKLIJKE AHOLD Albert Heijnweg 1 1507 EH Zaandam The Netherlands Phone: +31 (0) 75 659 9111 Web site: http://www.ahold.com/ =========== P O L A N D =========== CENTRAL EUROPEAN: Moody's Rates EUR310 Mln Secured Notes (P)B2 -------------------------------------------------------------- Moody's Investors Service assigned a provisional (P)B2 corporate family rating (previously known as senior implied rating) to Central European Distribution Corporation. Concurrently, Moody's assigned a provisional (P)B2 rating to the company's proposed issuance of EUR310 million senior secured notes which will be used to partially fund the acquisition of Bols Sp.z o.o. and the potential acquisition of Polmos Bialystok, two leading vodka producers in Poland. While the Bols acquisition is now close to completion, CEDC is currently in advanced exclusive negotiations with the Polish government to acquire a majority stake in Bialystok. The ratings assigned are therefore contingent upon completion of both acquisitions as presented to Moody's. The rating agency also notes that both acquisitions are still subject to receiving clearance from the national competition authorities. These ratings were assigned: -- Corporate family rating of (P)B2 -- EUR 310 million senior secured notes due 2012 rated (P)B2 The outlook for all ratings is negative. The (P)B2 corporate family rating reflects: (a) the company's leading market positions in the distribution of alcoholic beverages and, following the successful completion of the Bialystok acquisition, in the production of vodka in Poland; (b) the national footprint and strength of CEDC's distribution network together with positive industry dynamics underpinned by favorable macroeconomics conditions, namely low inflation rate and increasing disposable income; (c) the potential benefits associated with a higher degree of vertical integration, following the proposed acquisitions, which is likely to strengthen the company's market position and improve its cash flow profile; and (d) the expected positive impact of the removal of import duties and reduction of excise taxes in Poland as the country converges toward E.U. regulations. However, the ratings also reflect: (a) CEDC's revenue concentration on sales of domestic vodka combined with a slower growth trend in spirits consumption in the Polish market vis-a-vis wine and beer consumption; (b) significant integration risks and limited disclosure of information associated in particular with the potential acquisition of Bialystok; (c) Moody's expectations that the company's activities as both producer and distributor may hinder CEDC's relationships with the other local vodka producers and international distillers; (d) Moody's concerns on the ability to upstream funds from certain operating subsidiaries (namely Bialystok) to the holding company exacerbated by the risk of potential cash outflows associated with certain contingent liabilities; and (e) the company's highly leveraged capital structure. CEDC is a leading importer and distributor of alcoholic beverages in Poland with a portfolio of more than 700 brands; the company benefits from the fragmented although highly competitive nature of the Polish distribution industry for alcoholic beverages. The company is the only distributor with national presence while its main competitors mainly cover regional or local areas. Moody's expects the company to continue to actively contribute to the consolidation of the alcoholic beverages distribution in Poland through a number of bolt-on acquisitions. Moody's positively regards the potential acquisition of Bialystok as an essential step to gain a significant share of vodka production in Poland (Bols and Bialystok will benefit from a combined share of approximately 32% of the Polish vodka market in value terms) and internalize the economic benefit of higher operating margins generally attached to the production of vodka and spirits. Moody's also believes that the combined acquisition of Bols and Bialystok will strengthen CEDC's leadership in the distribution as it benefits from a more extensive product offering and strong bargaining power vis-a-vis the retailers. The company is likely to internalize a large portion of the distribution of Bols and Bialystok's brands currently operated by third party distributors. The acquisitions may also support the company's aspiration to increase the export of Polish vodka by leveraging on CEDC's good relationship with Remy Cointreau (as the Bols acquisition will be funded through a combination of debt and equity issuance, Remy is expected to control approximately 8.3% of CEDC's share capital at closing). In Moody's opinion, CEDC is also well positioned to take advantage of regulatory changes being implemented in Poland, such as the removal of import taxes as a result of Poland's accession to the EU in May 2004, by virtue of its leading role as major distributor of a large number of higher margin imported products including international wine and beer. Whilst Moody's notes that any growth in demand for imported vodka may hinder Bols' performance, however, Moody's recognizes that the Polish preference for local brands will continue to partly protect national vodka from international competition. However, CEDC's business profile negatively reflects the risk of revenue concentration on the production and distribution of domestic vodka. During financial year 2004, domestic vodka represented approximately 75% of the company's consolidated sales while beer and wine (both presenting higher growth of consumption rates) accounted for 17% of the company's net sales. Although vodka consumption presents a certain degree of resiliency in the Polish market, Moody's anticipates that beer and wine consumption will continue to grow as the country's life style evolves towards more Western European standards, thus negatively affecting sales of domestic vodka. The (P)B2 corporate family rating also reflects a material degree of integration risk associated with the proposed acquisitions of Bols and Bialystok. In particular, Moody's cautions that the ability of the company's management to reduce operational costs mainly through headcount reduction and improve profitability may be restricted by the sale agreements signed with the Polish government as well as the powerful role of the unions particularly at Bialystok. In addition, Moody's notes that the Polish government has not provided any indemnity to the company against the risk of unexpected liabilities at Bialystok particularly in light of the limited disclosure of information granted to the purchaser during the negotiation process. Moreover, the acquisition by CEDC of Bols and Bialystok -- respectively the third and second largest producers of vodka in Poland -- may hamper the company's relationships with other local and international vodka producers as the company is likely to market its own brands more aggressively than other producers' brands. While Moody's recognizes that the company currently owns the only distribution network with national scale, however the risk of a negative impact of the company's activities as both producer and distributor on its distribution sales is significant. Moody's also cautions the ability of certain operating subsidiaries to successfully upstream funds to the issuer in order to service the interests on the debt raised at that level. In particular, CEDC will receive only 61% of the dividends, which will be upstreamed by Bialystok as minority shareholders will represent 39% of Bialystok's share capital following the acquisition. While Moody's understands that the management is actively reviewing a number of potential solutions, the ratings factor the risk and the uncertainty around the feasibility of any action the management may take to address the current situation. In addition, the company may face the risk of potential additional cash outflows related to the Bols share sale agreement which makes the company liable to pay to Bols' previous shareholders any shortfall in the share price over the four weeks immediately preceding the first anniversary of closing in the event the share price falls below US$32.59. The company's capital structure is highly leveraged with pro-forma lease-adjusted total debt/EBITDAR above 5.7x as of December 2004 (based on unaudited consolidated financials of CEDC, Bols and Bialystok) reflecting that CEDC will benefit only proportionally from Bialystok's EBITDA. The liquidity available to the company includes pro-forma for proposed acquisitions: (a) cash available on balance sheet of US$22.3 million as of March 2005 (net of around US$63 million outflow that Bialystok is committed to pay to its employees in respect of the share repurchase realized in 2004); and (b) working capital facilities -- secured by inventory -- for a total amount which cannot exceed the greater of US$40 million or 65% of the inventory level at CEDC and its restricted subsidiaries (the indenture would allow the company to raise additional liquidity ranking pari passu to the notes should this be permitted under the 2.25 to 1 debt incurrence test). Moody's also acknowledges that the company may liquidate additional US$35.6 million of short-term investments at Polmos Bialystok. The outlook for all ratings is negative reflecting: (a) integration and execution risk presented by the proposed acquisitions; and (b) potential for liquidity exposure should the company have to fund a share price adjustment with respect to the Bols acquisition during 2006. The ratings could stabilize should the company demonstrate a successful integration of the acquisitions and an improved liquidity profile. Conversely, ratings could fall if the transactions do not proceed as anticipated, or if improvements in financial leverage and operating performance do not materialize, in particular if pro forma adjusted leverage exceeds 6.5x or EBIT margins fall below 8%. Transaction Overview The proposed senior secured notes will be issued by CEDC, the ultimate holding company, and benefit from a senior guarantee of certain of the company's operating subsidiaries which will represent approximately 96% of consolidated EBITDA as of December 2004 pro-forma for the Bols' acquisition. If the acquisition of Bialystok is also completed, companies guaranteeing the Notes will represent around 65% of consolidated EBITDA. The notes will be secured by a pledge over the shares that CEDC and Carey Agri -- the company's principal distribution subsidiary -- own in each of the operating subsidiaries guaranteeing the notes. The net proceeds of the proposed senior notes, alongside with around US$108.7 million proceeds from the equity offering, will be used to pay the initial acquisition price of Bols of US$270.0 million and the US$310 million acquisition price for the 61% of Bialystok's share capital. The remaining funding will be used to cover transaction fees and expenses. CEDC will on-lend the proceeds from the issuance of the notes to Carey Agri to finance the Bols and Bialystok acquisitions. The servicing of debt will rely on the dividends that will be upstreamed from the subsidiaries to Carey Agri. Moody's notes that potential cash leakages to minority shareholders at Bialystok and tax regulations might render cash distributions from Bialystok and Bols to Carey Agri not economically advantageous. Structural Considerations The (P)B2 rating assigned to the senior notes reflects the fact that the proposed senior notes will represent the main source of financing and that they will rank effectively subordinated to approximately US$22.9 million of indebtedness raised at the guarantors subsidiaries in addition to trade payables and US$17.3 million financial indebtedness currently raised at the non-guarantors subsidiaries' level. The proposed notes will be sold in a privately negotiated transaction without registration under the United States Securities Act of 1933 under circumstances reasonably designed to preclude a distribution thereof in violation of the Act. The issuance will be designed to permit resale under Rule 144A. Company Summary Headquartered in Warsaw, Poland, CEDC is a leading importer and distributor of alcoholic beverages in Poland. After the acquisition of Bols and the potential acquisition of 61% of Polmos Bialystok, CEDC will also become the largest producer of vodka in Poland. Pro forma for the acquisition of Bols, CEDC will have net sales (net of rebates and value added tax) and EBITDA of US$650.3 million and US$56.7 million, respectively, for financial year ended 31 December 2004. Pro forma for the acquisition of both Bols and Bialystok, CEDC will have net sales of US$709.2 million and EBITDA of US$83.2 million, respectively, for financial year ended 31 December 2004. The company securities are traded in the United States. The Company's U.S. SEC filings can be accessed at http://ResearchArchives.com/t/s?65r =========== R U S S I A =========== ALFA BANK: Moody's Retains Ba2 Rating on EMTN Program ----------------------------------------------------- Moody's Investors Service maintains a Ba2 long-term rating on the EMTN Program of Alfa MTN Issuance Limited, Alfa MTN Markets Limited and Alfa MTN Invest Limited, unconditionally and irrevocably guaranteed by ABH Financial Limited and Open Joint-Stock Company "Alfa Bank" following the increase of the amount that can be issued from US$400 million to US$1 billion. The outlook for the rating is stable. The first drawdown of US$250 million has been rated Ba2 in line with the Program's rating. According to Moody's, this rating is at the level of the current senior debt rating of Alfa Bank. The Ba2 rating incorporates a certain degree of support from the bank's shareholders should the bank experience financial difficulties; their commitment was demonstrated in the wake of the mini-crisis in the Russian banking system during the summer of 2004. Moody's also notes that according to the terms of the Program, the guarantors will have to comply with a number of covenants such as a negative pledge, a limitation on mergers and consolidations, as well as a limitation on affiliate transactions. As one of the financial covenants, ABH Financial Limited is also obliged to maintain a minimum capital adequacy ratio of 8% calculated in accordance with BIS guidelines. Alfa Bank is incorporated in Moscow, Russia, and is wholly owned by ABH Financial Limited, which had reported total IFRS-consolidated assets of US$7.025 billion at 31 December 2004. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE (NEW YORK) Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 BIRYULSKOYE: Bankruptcy Proceedings Begin ----------------------------------------- The Arbitration Court of Irkutsk region has commenced external management bankruptcy procedure on open joint stock company Biryulskoye. The case is docketed as A19-21860/03-49. Mr. Y. Nikonov has been appointed external insolvency manager. CONTACT: BIRYULSKOYE Russia, Irkutsk region, Kachugskiy region, Biryulka Mr. Y. Nikonov External Insolvency Manager 664025, Russia, Irkutsk region, Post User Box 1363 BOLSHEVIK: Deadline for Proofs of Claim August 25 ------------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region commenced bankruptcy proceedings against Bolshevik (TIN 4720016570) after finding the breeding poultry factory insolvent. The case is docketed as A56-23071/04. Mr. E. Ibragimov has been appointed insolvency manager. Creditors have until Aug. 25, 2005 to submit their proofs of claim to 188513, Russia, Leningrad region, Lomonosovskiy region, Razbegaevo. CONTACT: BOLSHEVIK 188513, Russia, Leningrad region, Lomonosovskiy region, Razbegaevo Mr. E. Ibragimov Insolvency Manager 188513, Russia, Leningrad region, Lomonosovskiy region, Razbegaevo BREWERY: Gives Creditors Until Next Week to File Claims ------------------------------------------------------- The Arbitration Court of Tomsk region has commenced bankruptcy supervision procedure on limited liability company Brewery. The case is docketed as A67-2764/05. Ms. T. Zhdanova has been appointed temporary insolvency manager. Creditors have until July 25, 2005 to submit their proofs of claim to 646700, Russia, Tomsk region, Kargasok, Uchebnaya Str. 19. CONTACT: BREWERY 636785, Russia, Tomsk region, Strezhevoy, 4th location, 8 Ms. T. Zhdanova Temporary Insolvency Manager 646700, Russia, Tomsk region, Kargasok, Uchebnaya Str. 19 CERAMICS: Bankruptcy Hearing Resumes Next Month ----------------------------------------------- The Arbitration Court of Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Ceramics. The case is docketed as A44-1333/05-4K. Ms. T. Kazakina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 195271, Russia, Saint-Petersburg, Bestuzhevskaya Str. 33, Building 1, Apartment 92. A hearing will take place on Aug. 11, 2005. CONTACT: CERAMICS Russia, Novgorod region, Kholm, Sovetskaya Str. 6 Ms. T. Kazakina Temporary Insolvency Manager 195271, Russia, Saint-Petersburg, Bestuzhevskaya Str. 33 Building 1, Apartment 92 CHANOVSKAYA: Last Day for Filing Claims July 25 ----------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on open joint stock company Chanovskaya. The case is docketed as A45-8555/05-25/180. Mr. S. Isyurov has been appointed temporary insolvency manager. Creditors have until July 25, 2005 to submit their proofs of claim to 630501, Russia, Novosibirsk, Krasnoobsk-1, Post User Box 729. A hearing will take place on Oct. 10, 2005. CONTACT: CHANOVSKAYA 632200, Russia, Novosibirsk region, Chany, Lenina Str. 254a Mr. S. Isyurov Temporary Insolvency Manager 630501, Russia, Novosibirsk region, Krasnoobsk-1, Post User Box 729 GIGRO-VATA: Declared Insolvent ------------------------------ The Arbitration Court of Saratov region commenced bankruptcy proceedings against Gigro-Vata after finding the open joint stock company insolvent. The case is docketed as A-57-216B/04-31. Mr. A. Gurchenko has been appointed insolvency manager. Creditors have until August 25, 2005 to submit their proofs of claim to 410012, Russia, Saratov, Bolshaya Kazachya Str. 23/27, Office 28-32. CONTACT: GIGRO-VATA Russia, Saratov region, Rtishevo, Penzenskaya Str. 5 Mr. A. Gurchenko Insolvency Manager 410012, Russia, Saratov region, Bolshaya Kazachya Str. 23/27, Office 28-32 KLINTSOVSKOYE REPAIR: Bankruptcy Hearing Set October ---------------------------------------------------- The Arbitration Court of Bryansk region has commenced bankruptcy supervision procedure on open joint stock company Klintsovskoye Repair Technical Enterprise. The case is docketed as A09-1902/05-8. Ms. Y. Chernikova has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 129110, Russia, Moscow, M. Ekaterininskaya Str. 17/21. A hearing will take place on Oct. 31, 2005. CONTACT: KLINTSOVSKOYE REPAIR TECHNICAL ENTERPRISE Russia, Bryansk region, Klintsy, Tsentralnaya Str. 1 Ms. Y. Chernikova Temporary Insolvency Manager 129110, Russia, Moscow region, M. Ekaterininskaya Str. 17/21 OAO GAZPROM: Gazstream Notes Get 'BB' Rating -------------------------------------------- Fitch Ratings has assigned Gazstream S.A.'s US$646.5 million amortizing loan participation notes maturing in 2013 a 'BB' rating. The loan participation notes are being issued for the purpose of funding loans to OAO Gazprom and Blue Stream Pipeline B.V. The loan to Blue Stream Pipeline Company N.V. is unconditionally and irrevocably guaranteed by OAO Gazprom (rated 'BB' on Rating Watch Positive). The average life of the loan participation notes is 3.8 years. Fitch will continue to closely monitor Gazprom's total leverage and operating performance, specifically its heavy reliance on natural gas export prices. CONTACT: FITCH RATINGS Jeffrey Woodruff, Moscow Phone: +7-095-956-9986 Isaac Xenitidies, London Phone: +44-207-417-4300 Media Relations Julian Dennison, London Phone: +44 20 7862 4080 OZINSKIY COMBINE: Saratov Court Hires Insolvency Manager -------------------------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy proceedings against Ozinskiy Combine of Building Materials after finding the open joint stock company insolvent. The case is docketed as A-57-216B/04-31. Mr. A. Gurchenko has been appointed insolvency manager. Creditors have until Aug. 25, 2005 to submit their proofs of claim to 410012, Russia, Saratov, Bolshaya Kazachya Str. 23/27, Office 28-32. CONTACT: OZINSKIY COMBINE OF BUILDING MATERIALS Russia, Saratov region, Ozinki, Kolkhoznaya Str. 81 Mr. A. Gurchenko Insolvency Manager 410012, Russia, Saratov region, Bolshaya Kazachya Str. 23/27, Office 28-32 SPIROVO-WOOD: Creditors Have Until July 25 to File Claims --------------------------------------------------------- The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on close joint stock company Spirovo-Wood. The case is docketed as A66-2810/2005. Mr. V. Artemyev has been appointed temporary insolvency manager. Creditors have until July 25, 2005 to submit their proofs of claim to 170037, Russia, Tver, Ordzhonikidze Str. 21, Room 318. CONTACT: SPIROVO-WOOD Russia, Tver region, Spirovo Mr. V. Artemyev Temporary Insolvency Manager 170037, Russia, Tver region, Ordzhonikidze Str. 21, room 318 Phone: (0822) 35-35-05 STROM-AVTO-MASH: Succumbs to Bankruptcy --------------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Strom-Avto-Mash (TIN 4210000163) after finding the open joint stock company insolvent. The case is docketed as A27-3898/2005-4. Mr. M. Putintsev has been appointed insolvency manager. Creditors may submit their proofs of claim to 650033, Russia, Kemerovo, Post User Box 3047. CONTACT: STROM-AVTO-MASH 650052, Russia, Kemerovo region, Metallistov Str. 1a Mr. M. Putintsev Insolvency Manager 650033, Russia, Kemerovo region, Post User Box 3047 ============================= S L O V A K R E P U B L I C ============================= SLOVENSKA SPORITELNA: Moody's Ups Financial Strength to D+ ---------------------------------------------------------- Moody's on July 15 upgraded to D+ from D the financial strength rating (FSR) of Slovakia's Slovenska Sporitelna (SLSP). The outlook is stable. SLSP's A2/Prime-1 deposit ratings remain unchanged, based on expected support from its parent; Erste Bank (rated A1/B-/Prime-1). The upgrade of the FSR reflects the ongoing improvement in the bank's profitability, its extremely strong domestic franchise, together with the improvement in the bank's efficiency. The restructuring of the bank in recent years has also led to improvement in terms of risk management. SLSP is the largest bank in Slovakia and dominates retail banking with 23% market share in lending and 34% in deposits. Since its privatization, the bank has restructured its retail and corporate activities, and optimized its distribution network. Strategic focus is now on developing lending activities and cross selling thanks to improved product scope and quality of services, a more customer-oriented approach and improved risk systems. The stable outlook reflects the challenges the bank is facing, including the need to further increase core profitability, to further improve risk management to ensure compliance with Basel II requirements, to address the high levels of competition in the Slovak banking market and to reduce Slovenska Sporitelna's state exposure and income reliance on it. A further upgrade of the FSR in the medium term is possible in case of further improvement in economic profitability as well as maintaining market position and further improving asset quality. A downgrade of the FSR is unlikely. The deposit ratings are at Slovakia's country ceiling and cannot be upgraded without an upgrade of both the country ceiling and the ratings of Erste Bank. The deposit ratings could be downgraded in the unlikely case of weakening commitment from Erste Bank, or a downgrade of the country ceiling for Slovakia. Headquartered in Bratislava, SLSP is the largest bank in Slovakia by total assets. At the end of 2004 SLSP had total assets SKK237.4 billion (EUR6.1 billion) according to IFRS. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE LTD. (LONDON) Ross Abercromby, Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 SLOVENSKE ELEKTRARNE: Posts SKK1.65 Billion Profit for 2004 ----------------------------------------------------------- Slovenske elektrarne, a.s.'s General Meeting held July 7 approved annual financial statements for 2004. The company's income from operations came to SKK4,206,559,000, with financial operations totaling -SKK2,131,899,000, current operations SKK1,638,970,000 and extraordinary operations SKK12,789,000. Thus, last year's after-tax income is SKK1,651,759,000, as compared to SKK1,310,125,000 over the previous accounting period. The critical facts affecting the economy (performance) of the company in the accounting period ended 31 December 2004 included: (a) reduction in the amount of electricity sold in the Slovak Republic -- a decline in sales revenue by a total of SKK4.0 billion over the previous accounting period increased electricity sales abroad; (b) increased sales revenue by a total of SKK3.1 billion over the previous accounting period; (c) extension of the expected life of the nuclear power plants to 40 years (reduced costs by nearly SKK2.0 billion over the previous accounting period); (d) savings on paid interest -- reduced costs by SKK0.8 billion over the previous accounting period; and (e) austerity measures on services -- a rise by a mere SKK70 million on the previous accounting year with an index of 1.01, which is a less-than-inflation increase. The company costs totaled SKK53,485,043,000, down in total SKK792,173,000 from last year. The 2004/2003 cost development index is 0.99. The company has achieved the above values in particular by putting emphasis on austerity measures. The cost index thus attained a substantially lower value (contrary movement) than inflation developments, even in the face of considerable rise in inputs (fuel prices, ao.). Given the ongoing restructuring, further savings also on employment compensation can be expected over the future periods. Nevertheless, employment compensation rose by SKK695,737,000 year-on-year due to one-off employment termination by reason of staff reduction in 2004. The company's total sales revenue and earnings came to SKK55,136,802,000, down SKK450,539,000 from the previous period. In particular the implementation of own products saw markedly adverse domestic developments, with revenues on electricity sales to distribution companies falling SKK3,917,329,000. These developments were partially affected by the opening of the electricity market in Slovakia as well as the electricity demand trend. The company made up partially for the decline in domestic sales revenue through increased activity on foreign markets, with the fall in electricity sales revenue merely totaling SKK614,873,000. On 30 June 2005, Slovenske elektrarne, a.s., General Meeting approved the company's profit sharing for 2004 in the amount of SKK1,651,759,000 as: (a) Contribution to the statutory reserve fund SKK165,176,000, (b) Contribution to the social fund SKK 25,216,000, (c) Dividends SKK1,430,167,000, (d) Profit sharing to employees SKK22,000,000, (e) Retained earnings SKK9,200,000 Rastislav Petrech Spokesman CONTACT: SLOVENSKE ELEKTRARNE A.S. Hranicna 12 827 36 Bratislava 212 Slovak Republic Phone: +421 2 5866 1111 Fax: +421 2 5341 7525 E-mail: info@hq.seas.sk Web site: http://www.seas.sk VSEOBECNA UVEROVA: Moody's Upgrades Financial Strength to D+ ------------------------------------------------------------ Moody's upgraded to D+ from D the financial strength rating (FSR) of Slovakia's Vseobecna uverova banka (VUB). The outlook is stable. VUB's A2, with a positive outlook, and Prime-1 deposit ratings remain unchanged, based on expected support from its ultimate parent; Banca Intesa (rated A1/B-/Prime-1 with a positive outlook). According to Moody's, the FSR upgrade recognizes the improvement in the bank's profitability, the cleanup of its non-performing loans, together with a strengthening in risk management. The restructuring of the bank in recent years has led to improvement in terms of market positioning, especially in the retail and SME sectors as well as improvement in efficiency. Core profitability has also improved although Moody's notes that the maturing of a large part of the State restructuring bond portfolio in January 2006 is likely to lead to a fall in net interest income. In terms of risk management, the workout portfolio of the bank is now almost zero, and this is reflected in the significant decline in its non-performing loans to 4.8% at the end of 2004, from 25% in 2001. The increase in the retail and SME lending portfolios has also led to a decline in risk concentrations. Moody's added that the stable outlook reflects the challenges that VUB still has to face. These include further improvement in risk management to ensure compliance with Basel II requirements, further IT investment, the high levels of competition in the Slovak banking market and to reduce the reliance of VUB on income from the restructuring bonds. A further upgrade of the FSR in the medium term is possible in case of further improvement in economic profitability as well as maintaining market position and good asset quality. A downgrade of the FSR is unlikely. The deposit ratings are at Slovakia's country ceiling and underpinned by Intesa's ownership, thus an upgrade is only possible if the country ceiling and Intesa's rating is upgraded. The deposit ratings could be downgraded in the unlikely case of weakening commitment from Banca Intesa, or a downgrade of the country ceiling for Slovakia. Headquartered in Bratislava, VUB is the second largest bank in Slovakia in terms of total assets. At the end of 2004 VUB had total assets SKK218.8 billion (EUR 5.6 billion) according to IFRS. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE LTD. (LONDON) Ross Abercromby, Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =========== T U R K E Y =========== SEKERBANK T.A.S.: Fitch Says Rabobank Stake Buy Good for Ratings ---------------------------------------------------------------- Fitch Ratings has placed Turkey's Sekerbank T.A.S.'s Long-term foreign currency and local currency 'B-' and National Long-term 'BBB (tur)' ratings on Rating Watch Positive. Its other ratings are affirmed at Individual 'D/E', Short-term 'B' and Support '5'. This follows the announcement from the Netherlands-based Rabobank on 8 July 2005 that it intends to acquire 36.5% of Sekerbank after receiving the necessary shareholder and Turkish regulatory and governmental approvals. Rabo will also make an offer for the public shares of Sekerbank to achieve 51% ownership of Sekerbank. The selling shareholder (the Voluntary Pension Fund) has a commitment to sell sufficient shares for Rabobank to achieve the 51% stake, should it be unable to realize it from the public. The details and timing of the offer will be determined in consultation with Turkish market supervisor as well as the Turkish and Dutch bank regulators. The Watch will be resolved once the acquisition is completed, which is expected in 2H05. The rating action reflects the higher potential support that Fitch anticipates for Sekerbank from its new shareholder, Rabobank (Long-term 'AA+', Stable Outlook, Short-term 'F1+'). In Fitch's opinion, there is a very high probability that, should Sekerbank get into difficulties, support will be provided by Rabobank. However, the ability of Rabobank to support might be limited in certain circumstances by the transfer risk associated with Turkey (rated 'BB-' (BB minus) with Stable Outlook), which therefore would constrain the Support rating at '3' upon completion of the transaction. Fitch expects Rabobank to combine Sekerbank's network and market knowledge with its own strength and expertise in cross-selling products and risk management. This should consequently improve Sekerbank's relative credit worthiness within the Turkish banking system. Sekerbank is a medium-sized Turkish bank with over 200 branches throughout Turkey. It ranks 11th by assets among the 18 domestic privately owned commercial banks with total consolidated assets of US$2.4 billion and equity of US$221 million at end-2004. It is focusing on increasing its retail banking business while also providing commercial and corporate banking services. Rabobank is the second largest Dutch-based bank including all worldwide operations. It aims to strengthen its position as a provider of a full range of financial services in Turkey. CONTACT: FITCH RATINGS Ed Thompson, New York Phone: +1 212 908 0364 44 (0)20 7417 4373 Gulcin Orgun Turda Ozmen, Istanbul Phone: +90 212 279 10 65 Banu Cartmell, Martin Oldham, London Phone: +44 (0)20 7417 4222 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 ============= U K R A I N E ============= OJSC STIROL: Fitch Rates Proposed Eurobond 'B' ---------------------------------------------- Fitch Ratings has assigned UkrChem Capital B.V.'s issue of approximately US$100 million limited recourse loan participation notes an expected Long-term 'B' rating. The assignment of the final rating is contingent on receipt of final documents conforming to information already received. The notes are issued solely to finance a loan from Moscow Narodny Bank Limited ("MNB"; majority controlled by the Central Bank of Russia and rated 'BBB-'/Stable/'F3') to OJSC Stirol ("Stirol", rated 'B'/Stable/'B'). The rights of MNB to principal, interest and any additional amounts as lender under the loan agreement (between MNB and Stirol) will be charged as security in favor of the trustee - Bank of New York - for the benefit of the noteholders. The rights of the issuer under the sub-participation agreement (between UrkChem Capital B.V. and MNB) to principal, interest and any additional amounts will also be charged as security in favor of the trustee for the benefit of the noteholders. Similar structures are in place in the Ukraine for Ukrsotsbank (rated 'B-'; Positive Outlook) and for Naftogaz (rated 'BB-'; Stable Outlook). The obligations of Stirol under the loan agreement will rank at least pari passu with all its other unsubordinated unsecured obligations, except those provided by the mandatory provisions of applicable law. The loan agreement includes two put events - a two-notch rating downgrade upon a change of control and a cessation of price regulation on Stirol's products. As Stirol conducts a substantial part of its business through distributors, two of whom qualify as related parties, the latter put event is aimed at ensuring that sales with related parties continue to be done on an arms-length's basis should price regulation cease. In FY04 Stirol, achieved 86% of sales with related parties. Furthermore, the loan agreement is envisaged to include financial covenants of total indebtedness/EBITDA (2.0x versus current estimate 1.3x) and minimum net worth (US$175m versus current estimate US$200m). The loan documentation will also include a limit on dividend distribution (50% of net income), negative pledge (subject to certain carve-outs), a provision for re-investment or debt reduction on sold assets and a cross-default-clause. The documentation is governed by English law. Stirol is Ukraine's leading fertilizer producer, with FY04 sales of UAH1,881 million (US$373 million) and EBITDA of UAH536.5 million (US$106 million). A full report on Stirol is available to subscribers on the agency's Web site at http://www.fitchresearch.com. CONTACT: FITCH RATINGS Karsten Frankfurth, Frankfurt Phone: +49 69 7680 76170 Nikolai Lukashevich, Moscow Phone: +7 095 956 9968. Media Relations Julian Dennison, London Phone: +44 20 7862 4080 =========================== U N I T E D K I N G D O M =========================== ACCURO FINE: Members Opt for Liquidation ---------------------------------------- At an Extraordinary General Meeting of the Members of Accuro Fine Art Management Ltd., duly convened, and held at 68 Ship Street, Brighton, East Susex BN1 1AE, on 7 July 2005, the following Resolutions were duly passed, as an Extraordinary Resolution and as an Ordinary Resolution respectively: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that William Jeremy Jonathan Knight be and he is hereby appointed Liquidator for the purposes of such winding-up." R J K Sloane, Chairman * * * Creditors are required, on or before 1 September 2005, to send in their names and addresses with particulars of their debt or claims and the names and addresses of their Solicitors, if any, to William Jeremy Jonathan Knight, at 68 Ship Street, Brighton, East Sussex BN1 1AE, the Liquidator of the said Company and, if so required by notice in writing from the said Liquidator are personally, or by their Solicitors, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debt are proved. * * * Accuro Fine is formerly Atlantic Fine Art Logistics Limited. It is into fine art transport. CONTACT: ACCURO FINE ART MANAGEMENT LTD. 68 Ship Street, Brighton, East Sussex BN1 1AE JEREMY KNIGHT & CO. 68 Ship Street Brighton Sussex BN1 1AE Phone: 01273 203654 Fax: 01273 206056 E-mail: jknight@mistral.co.uk A H BUDGEN: Calls in Administrator ---------------------------------- At an Extraordinary General Meeting of the Members of A H Budgen (Copthorne) Limited, duly convened, and held at the offices of A H Budgen (Copthorne) Limited, Mereworth, Shipley Bridge Lane, Copthorne, West Sussex RH10 3JL, on 1 July 2005, the following Special Resolution was duly passed: "That the Company be wound up voluntarily and that Andrew Pear and Ian Cadlock, of Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB, be and are hereby appointed Joint Liquidators for the purposes of such a winding-up." G A Budgen, Director * * * Notice is hereby given that the Creditors of the above-named Company, which is being voluntarily wound up, are required, on or before 30 August 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to the undersigned, Andrew Pear and Ian Cadlock, of Tenon Recovery, Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB, the Joint Liquidators of the said Company, and, if so required by notice in writing from the said Joint Liquidators, are, personally or by their Solicitors, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution. A J Pear, Joint Liquidator * * * A H Budgen is into general construction and civil engineering. CONTACT: TENON RECOVERY Lyndean House, 43-46 Queens Road, Brighton, East Sussex BN1 3XB Phone: 01273 725566 Fax: 01273 724502 Web site: http://www.tenongroup.com AJS CONSTRUCTION: Sets Creditors Meeting July 28 ------------------------------------------------ Notice is hereby given, pursuant to legsection 98legx of the Insolvency Act 1986, that a Meeting of the Creditors of AJS Construction (Luton) Limited will be held at Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, on 28 July 2005, at 10:00 a.m., for the purposes mentioned in sections 100 and 101 of the said Act. Forms of proxy to be used at the Meeting must be lodged at the offices of Vantis Business Recovery, Torrington House, 47 Holywell Hill, St. Albans, Hertfordshire AL1 1HD, the registered office of the Company, not later than 12:00 noon on 27 July 2005. Pursuant to section 98(2)(a) of the Insolvency Act 1986, Michael Young, of Vantis Business Recovery, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, is qualified to act as an Insolvency Practitioner in relation to the Company and will furnish Creditors, free of charge, with such information concerning the Company's affairs as they may reasonably require. By Order of the Board A Stewart, Director CONTACT: VANTIS BUSINESS RECOVERY Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD Phone: 01727 811111 Fax: 01727 810057 E-mail: nhamiltons@aol.com Web site: http://www.vantismt.com APPSCO SOFTWARE: KPMG to Present Report August 19 ------------------------------------------------- Notice is hereby given, pursuant to section 94 of the Insolvency Act 1986, that a Final Meeting of the Members of APPSCO Software Limited will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, on Friday 19 August 2005, at 11:30 a.m., for the purpose of receiving an account showing the manner in which the liquidation has been conducted and the property of the Company disposed of, and of hearing any explanation which may be given by the Liquidators. Proxy forms, if applicable, must be lodged with the Liquidator at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, no later than 12.00 noon on 18 August 2005. J Spratt, Joint Liquidator CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk ARENA ASSOCIATES: Appoints Begbies Traynor Liquidator ----------------------------------------------------- At an Extraordinary General Meeting of Arena Associates Limited, duly convened, and held at The Peterborough Moat House, Thorpe Wood, Peterborough, Cambridgeshire PE3 6SG, on 5 July 2005, the subjoined Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Lloyd Biscoe, of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he is hereby appointed Liquidator for the purposes of such winding-up." S Rattle * * * Arena Associates constructs ice rinks. CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com ARNOLD (MARIS): Hires Administrators from RSM Robson Rhodes ----------------------------------------------------------- Name of companies: ARNOLD (MARIS) LIMITED (Company No 04931152) J C PAYNE LIMITED (Company No 01903388) SPECTRUM MOBILE SERVICES LIMITED (Company No 03613581) Nature of Business: Body Builders Registered Office of Company: JCP House, Redhouse Industrial Estate, Middlemore Lane West, Aldridge WS9 8BG Date of Appointment: July 7, 2005 Joint Administrators' Names and Address: John Neville Whitfield and Gerald Clifford Smith (IP Nos 9131 and 6335), both of RSM Robson Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU * * * JC Payne Ltd.'s managing director is Dean Hatton. CONTACT: JC PAYNE LTD. JCP House, Middlemore Lane West Redhouse Industrial Estate Aldridge WS9 8BG West Midlands Phone: 01922 453333 Fax: 01922 453475 SPECTRUM MOBILE SERVICES LTD. 16 Newborough Grove Birmingham B28 0UX West Midlands Phone: 0121 744 8488 RSM ROBSON RHODES LLP Centre City Tower, 7 Hill Street, Birmingham B5 4UU Web site: http://www.robsonrhodes.co.uk AXIS SPECIALTY: Appoints Menzies Administrator ---------------------------------------------- We, the undersigned, being the sole Member of Axis Specialty UK Limited for the time being having a right to attend and vote at General Meetings, hereby pass the following Resolutions, as a Special Resolution, as Ordinary Resolutions and as Extraordinary Resolutions respectively, in accordance with section 381A of the Companies Act 1985, as inserted by section 113 of the Companies Act 1989: "That the Company be wound up voluntarily, that Simon James Underwood and Jason James Godefroy, of Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, be and are hereby appointed Joint Liquidators of the Company, that the remuneration of the Joint Liquidators be fixed by reference to the time properly given by the Joint Liquidators and their staff in attending to matters arising in the winding-up, that the Liquidators be and are hereby authorized to distribute to the Members, in specie or in kind, the whole or any part of the assets of the Company, and that the Liquidators be and are hereby authorized under the provisions of section 165(2)(a) of the Insolvency Act 1986, to exercise the powers laid down in Part 1 of Schedule 4 of the said Act." A Cook, Shareholder, Axis Capital Holdings Limited * * * Notice is hereby given that the Creditors of the above-named Company, which is being voluntarily wound up, are required, on or before 10 October 2005, to prove their debt by sending to the undersigned, Simon James Underwood, of Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, the Joint Liquidator of the Company, written statements of the amounts they claim to be due to them from the Company and, if so requested, to provide such further details or produce such documentary evidence as may appear to the Joint Liquidator to be necessary. A Creditor who has not proved this debt before the declaration of any Dividend is not entitled to disturb, by reason that he has not participated in it, the distribution of that Dividend or any other Dividend declared before his debt was proved. S J Underwood, Joint Liquidator CONTACT: MENZIES CORPORATE RESTRUCTURING 17-19 Foley Street London W1W 6DW Phone: 020 7291 9750 Fax: 020 7291 9777 BERKSHIRE QUADS: Creditors to Meet Later this Month --------------------------------------------------- Notice is hereby given, pursuant to legsection 98legx of the Insolvency Act 1986, that a Meeting of the Creditors of Berkshire Quads Limited will be held at 6 c Church Street, Reading, Berkshire RG1 2SB, on 28 July 2005, at 12:00 noon, for the purposes mentioned in sections 99 to 101 of the said Act. Creditors wishing to vote at the Meeting must lodge their proxy, together with a full statement of account, at the registered office, 6c Church Street, Reading, Berkshire RG1 2SB, not later than 12:00 noon on 27 July 2005. For the purposes of voting, a secured Creditor is required (unless he surrenders his security) to lodge at 6c Church Street, Reading, Berkshire RG1 2SB, before the Meeting, a statement giving particulars of his security, the date when it was given and the value at which it is assessed. Notice is further given that a list of the names and addresses of the Company's Creditors may be inspected, free of charge, at 6c Church Street, Reading, Berkshire RG1 2SB, between 10:00 a.m. and 4:00 p.m. on the two business days preceding the date of the Meeting stated above. By Order of Board A Mitchell, Director BIASCO (MILTON KEYNES): Names Smith & Williamson Administrator -------------------------------------------------------------- Name of company: BIASCO (MILTON KEYNES) LIMITED (Company No 4251026) Nature of Business: Electrical Appliance Retailer Trade Classification: 21, Retail of Electrical Goods Date of Appointment: July 6, 2005 Administrator's Name and Address: Stephen Cork (IP No 8627), Smith & Williamson Limited, Prospect House, 2 Athenaeum Road, London N20 9YU CONTACT: SMITH & WILLIAMSON Prospect House 2 Athenaeum Road London N20 9YU Phone: 020 8492 8600 Fax: 020 8492 8601 B I INDUSTRIES: Bristol District Registry Orders Liquidation ------------------------------------------------------------ Name of Company: B I Industries (Holdings) Ltd. Company Registration Number: 02475446 Address of Registered Office: Elson House, Anglesey Road, Burton on Trent, Staffordshire, DE14 3NX Court: Bristol District Registry Date of Filing Petition: 10 May 2005 No. of Matter: 2093 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver: 4th Floor, Wellington House, Wellington Street, Leicester, LE1 6HL BOVINGDON VEHICLE: Creditors Meeting Next Week ---------------------------------------------- Notice is hereby given, pursuant to legsection 98legx of the Insolvency Act 1986, that a Meeting of the Creditors of Bovingdon Vehicle Repair Centre Limited will be held at Nunn Hayward, Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire HP20 1RS, on 25 July 2005, at 10:30 a.m., for the purposes mentioned in sections 99 to 101 of the said Act. Creditors wishing to vote at the Meeting must lodge their proxy, together with a full statement of account, at the registered office, Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire HP20 1RS, not later than 12:00 noon on 22 July 2005. For the purposes of voting, a secured Creditor is required (unless he surrenders his security) to lodge at Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire HP20 1RS, before the Meeting, a statement giving particulars of his security, the date when it was given and the value at which it is assessed. The Resolutions to be taken at the Meeting may include a Resolution specifying the terms on which the Liquidator is to be remunerated, and the Meeting may receive information about, or be called upon to approve, the cost of preparing the statement of affairs and convening the Meeting. David A Butler, Nunn Hayward, Rycote Place, 30-38 Cambridge Street, Aylesbury, Buckinghamshire HP20 1RS, is qualified to act as an Insolvency Practitioner in relation to the above Company and will furnish Creditors, free of charge, with such information concerning the Company's affairs as is reasonably required. By Order of Board M Bartlett, Director BOXER COURIER: Files for Liquidation ------------------------------------ At an Extraordinary General Meeting of the Members of Boxer Courier Limited, duly convened, and held at 47-49 Green Lane, Northwood, Middlesex HA6 3AE, on 7 July 2005, at 3.00 pm, the following Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Ashok K Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6 3AE, be and is hereby nominated Liquidator for the purpose of the winding-up." P Sokhi, Director * * * Creditors of the company are required, on or before 28 August 2005, to send their names and addresses, with particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Ashok K Bhardwaj, of 47-49 Green Lane, Northwood, Middlesex HA6 3AE, the Liquidator of the said Company, and, if so required by notice in writing by the said Liquidator are, by their Solicitors or personally, to come and prove their said debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debt are proved. A K Bhardwaj, Liquidator BRAID-TEX LIMITED: Chairman Calls Creditors Meeting --------------------------------------------------- Notice is hereby given, pursuant to legsection 98legx of the Insolvency Act 1986, that a Meeting of Creditors of Braid-Tex Limited will be held at the offices of CBA, 39 Castle Street, Leicester LE1 5WN, on 1 August 2005, at 3:00 p.m., for the purposes mentioned in sections 99, 100 and 101 of the said Act. The Resolutions at the Meeting of Creditors may include a Resolution specifying the terms on which the Joint Liquidators are to be remunerated. The Meeting may receive information about, or be asked to approve, the cost of preparing the statement of affairs and convening the Meeting. Pursuant to section 98(2) of the Act, lists of the names and addresses of the Company's Creditors will be available for inspection, free of charge, at the offices of CBA, 39 Castle Street, Leicester LE1 5WN, on the two business days prior to the day of the Meeting. By Order of the Board L Scarf, Chairman CONTACT: CBA 39 Castle Street Leicester LE1 5WN Phone: (0116) 262 6804 Fax: (0116) 217 1404 E-mail: leics@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk CATESBY PUBLISHING: Creditors to Meet Later this Month ------------------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Catesby Publishing Limited will be held at the Castle Hotel, Lady Bank, Tamworth, Staffordshire B79 7NB, on 29 July 2005, at 11:00 a.m., for the purposes mentioned in sections 99 to 101 of the said Act. Robert Gibbons, of Arrans, PO Box 9377, Falcon House, Falcon Park, Tamworth, Staffordshire B77 5HL, will furnish Creditors, free of charge, with such information concerning the Company's affairs as they may reasonably require. S Kember, Director CHISOFT LIMITED: Creditors Meeting Set this Week ------------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Chisoft Limited will be held at The MWB Business Exchange, 77 Oxford Street, London W1D 2ES, on 21 July 2005, at 11:30 a.m. Adrian Graham, of Hamiltons Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT, is a person qualified to act as an Insolvency Practitioner in relation to the Company who will, during the period before the day of the Meeting, furnish Creditors, free of charge, with such information concerning the Company's affairs as they may reasonably require. Creditors wishing to vote at the Meeting must (unless they are individual Creditors attending in person) lodge their proxies at Hamiltons Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT, no later than 12:00 noon on 20 July 2005. Creditors must submit a proof of debt before voting and, unless they surrender their security, secured Creditors must give particulars of their security and its value. By Order of the Board CJF ENGINEERING: Opts for Liquidation ------------------------------------- At an Extraordinary General Meeting of CJF Engineering Limited, duly convened, and held at 105-111 Euston Street, London NW1 2EW, on 6 July 2005, the subjoined Extraordinary Resolution was duly passed: "That it has been proved to the satisfaction of this Meeting that the Company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily, and that Salman Saud, of Saud & Company, 105-111 Euston Street, London NW1 2EW, be and is hereby appointed Liquidator for the purpose of such winding-up." C Fulford, Chairman CONGER UK: Creditors Meeting Tomorrow ------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Conger UK Limited will be held at Park House, 102-108 Above Bar, Southampton, Hampshire SO14 7NH, on 20 July 2005, at 11:00 a.m., for the purposes mentioned in sections 99, 100 and 101 of the said Act. A list of names and addresses of the Company's Creditors will be available for inspection, free of charge, at Park House, 102-108 Above Bar, Southampton, Hampshire SO14 7NH, on 18 July 2005 and on 19 July 2005. By Order of the Board CROSS PUBLICATIONS: Sets Creditors Meeting Friday ------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Cross Publications Limited will be held at Church House, Solihull Road, Hampton in Arden B92 0EX, on Friday 22 July 2005, at 11:00 a.m., for the purposes mentioned in sections 99 and 101 of the said Act. Resolutions may also be passed with regard to the basis of the Liquidator's remuneration and the costs involved in the preparation of the statement of affairs and convening the Meeting. A list of the names and addresses of the Company's Creditors may be inspected, free of charge, between 10:00 a.m. and 4:00 p.m. at Church House, Solihull Road, Hampton in Arden B92 0EX, on Wednesday 20 July 2005 and Thursday 21 July 2005. By Order of the Board. G B Hickman, Director DATATEND LIMITED: Names PricewaterhouseCoopers Administrator ------------------------------------------------------------ Name of company: DATATEND LIMITED (Company No 04753283) Nature of Business: General Commercial Company Registered Office of Company: PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP Date of Appointment: July 4, 2005 Joint Administrators' Names and Address: Matthew David Hammond and Robert John Hunt (IP Nos 9355 and 8597), both of PricewaterhouseCoopers, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT * * * Datatend is fast becoming one of U.K.'s Networking partners of choice. It brings organization in this ever-evolving world of communication technology. Visit http://www.datatend.com/for more information. CONTACT: DATATEND LIMITED Lunesdale Upton Magna Business Park Shrewsbury Shropshire SY4 4TT Phone: 08707555125 PRICEWATERHOUSECOOPERS LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Phone: [44] (121) 200 3000 Fax: [44] (121) 200 2464 Web site: http://www.pwc.com DISCPHARM DISTRIBUTIONS: Meeting of Creditors Next Week ------------------------------------------------------- The creditors of Discpharm Distributions Limited (Company No 2261159) will meet on July 25, 2005 at 2:30 p.m. It will be held at PKF (UK) LLP, Farringdon Place, 20 Farringdon Road, London EC1M 3AP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to S. P. Holgate and P. J. Long of PKF (UK) LLP, Farringdon Place, 20 Farringdon Road, London EC1M 3AP not later than 12:00 noon, July 22, 2005. * * * The company is an international and multinational private company in the U.K. It wholesales trade in pharmaceutical products. It currently employs 35 staff and has sales revenue amounting of US$41.50 million. Visit http://www.discpharm.co.ukfor more information. CONTACT: DISCPHARM DISTRIBUTIONS LTD. Unit 5, Alpha Way Thorpe Industrial Park Egham TW20 8RZ Surrey Phone: 01784 487700 Fax: 01784 487701 PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk ECOQUIP LIMITED: Administrators from Begbies Traynor Move in ------------------------------------------------------------ Name of company: ECOQUIP LIMITED (Company No 04230112) Nature of Business: Refrigeration Equipment Refurbishment and Sales Registered Office of Company: Unit 8, Whitehorse Business Park, Stanford in the Vale, Oxfordshire SN7 8NY Date of Appointment: July 7, 2005 Joint Administrators' Names and Address: Vivian Murray Bairstow and Paul Michael Davis (IP Nos 5316 and 7805), both of Begbies Traynor (South) LLP, 32 Cornhill, London EC3V 3BT * * * Formed in 1987 under the name of North and South Installations, the company underwent an MBO in August 2001 and was renamed EcoQuip Ltd. It is the first U.K. and European refrigeration company to be awarded the coveted ISO14001 Environmental Accreditation and the leading supplier of commercial refrigeration display cabinet services in the U.K. Visit http://www.ecoquip.co.uk/for more information. CONTACT: ECOQUIP LIMITED Whitehorse Business Park, Stanford In The Vale, Oxon, SN7 8NY Phone: 01367 710077 Fax: 01367 710550 E-mail: mail@ecoquip.co.uk BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com ENTERPRISE CAPITAL: To Hold Final General Meeting August -------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Enterprise Capital Trust Plc (In Liquidation) Notice is hereby given, pursuant to Section 94 of the Insolvency Act 1986, that a final general meeting of Enterprise Capital Trust Plc will be held at 1 More London Place, London SE1 2AF on August 10, 2005 at 10:30 a.m. for the purpose of having a final account laid before it showing how the winding-up of the company has been conducted and the property of the company disposed of, and of hearing any explanations that may be given by the liquidators. Members are entitled to attend in person or alternatively by proxy. A member may vote according to the rights attaching to his shares as set out in the company's Articles of Association. A resolution will be passed only if a majority of those voting in person or by proxy vote in favor. Proxies must be lodged with me at or before the meeting. P. J. Brazzill, Joint Liquidator July 6, 2005 CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com EPR LIMITED: Appoints Joint Liquidators from Grant Thornton ----------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF EPR Limited Notice is hereby given that on June 28, 2005, we, Richard Hawes and David Thomas, Grant Thornton UK LLP, 11-13 Penhill Road, Cardiff CF11 9UP were appointed liquidator of EPR Limited, which trades from 191 West George Street, Glasgow G2 2LB, by resolution of a meeting of creditors and members, pursuant to section 109 of the Insolvency Act 1986. EPR Limited is an energy company engaged in the development of power stations using renewable energy resources. CONTACT: GRANT THORNTON 11-13 Penhill Road Cardiff CF11 9UP Phone: 029 2023 5591 Fax: 029 2038 3803 Web site: http://www.grant-thornton.co.uk ET & T (UK): Final Creditors Meeting Set August ----------------------------------------------- A Meeting of Creditors of ET & T (UK) Limited has been summoned by the Liquidators under sections 105 and 106 of the Insolvency Act 1986, for the purpose of having an account laid before them by the Liquidators showing the manner in which the winding-up of the Company has been conducted and the property of the Company disposed of, and of hearing any explanation that may be given by the Liquidators. The Meeting will be held at The Meeting House, Little Mount Sion, Tunbridge Wells, Kent TN1 1YS, on Wednesday 17 August 2005, at 11:45 a.m. A proxy form must be lodged with me not later than 12:00 noon on Tuesday 16 August 2005, to entitle you to vote by proxy at the Meeting. S Tancock, Joint Liquidator EURODIS ELECTRON: Deloitte Opens Talks with Possible Bidders ------------------------------------------------------------ Eurodis Electron plc fell into administration Friday, a day after it revealed its potential buyer has walked out of the merger talks. According to the company, its financial position has forced it to appoint joint administrators Neville Barry Khan, Nicholas Guy Edwards and Nicholas James Dargan, all of Deloitte & Touche LLP. Mr. Khan said: "With the support of the stakeholders, it is our intention to allow the company to continue operating to support its customer base, while we seek a purchaser. A number of parties have already expressed interest with whom we have commenced discussions." On Thursday, shares of Eurodis Electron were suspended, following the collapse of takeover negotiations. The company said its lead finance provider has also cut down facilities to a level that makes current operations "unsustainable." In May, Eurodis reported pre-tax loss of GBP12 million on ordinary activities, down 37% from last year's results. It said it continues to progress in reducing operating cost. Sales in ten months to 31 March 2005 were EUR244.1 million, 10.7% lower than figures on the same period in 2004. Sales in Q1 2005 were 8.8% down, reflecting the loss of franchises in 2004 after the company's refinancing and coupled by a small fall in the overall European market. CONTACT: EURODIS ELECTRON PLC Electron House 43 London Rd. Reigate Surrey RH2 9PW Phone: +44-1737-242-464 Fax: +44-1737-229-600 Web site: http://www.eurodis.com Contact: Doug Rogers, Chairman Phone: 01737242464 Steven Swayne, Chief Executive Phone: 01737242464 BELL POTTINGER David Rydell Zoe Sanders Phone: 020 78613232 EURODIS ELECTRON: Company Profile --------------------------------- NAME: Eurodis Electron PLC ADDRESS: Electron House 43 London Road Reigate Surrey United Kingdom RH2 9PW PHONE: +44 1737 242464 FAX: +44 1737 229600 E-MAIL: info@eurodis.com WEB SITE: http://www.eurodis.com TYPE OF BUSINESS: Eurodis Electron sells about 120,000 types of components to more than 18,000 electronics manufacturers and commercial customers across the continent. Offering logistics, supply chain, warehousing, and e-business services, the company currently has 780 employees in 40 offices across 18 countries. SIC: (5065) Electronic parts and equipment EXECUTIVES: Douglas E. Rogers, Non-executive Chairman Barry B.J. Charles, Non-executive Deputy Chairman Steve P. Swayne, Chief Executive Bill N. Alexander, Group Finance Director Peter W. Grant, Group Finance Director Nick J. Jefferies, Executive Director Dr. Albert van der Wijk, Executive Director Bill N. Alexander, Non-executive Director Milton Guffogg, Non-executive Director ANNUAL TURNOVER: EUR327.9 million (May 2004) SALES: EUR328 million (May 2004) ASSETS: EUR179 million (May 2004) NET DEBT: EUR 47.5 million (May 2004) THE TROUBLE: In 2002, Eurodis Electron plc was badly hit by the collapse in demand for electronic components in Europe, which started a year earlier. The combination of low production capacity usage and high inventories also saw sales drop 10% to GBP185 million and operating profit sink 69% to GBP2.4 million. The cost of restructuring dragged in losses of GBP3 million, while net debt rocketed 86% for the six months ending November 2001. Eurodis also let go of its Swiss computer products and services business Eurodis DATA to Bechtle AG for GBP8.1 million. The downturn both in the economic environment and the market conditions continued in 2003. Further restructuring costs and downsizing resulted to reduction of its funding facilities. In April of that year, the company announced it was in preliminary bid talks, which were, however, terminated six months after. The year ended with sales still not recovering. In May 2004, Eurodis revealed that the successful conclusion of the GBP39 million equity raising at the beginning of March has enabled the business to get back to operating on a normal footing. It incurred a pre-tax loss of GBP12 million on ordinary activities, down 37% from the year before. However, sales in ten months to 31 March 2005 were EUR244.1 million, 10.7% lower than figures on the same period in 2004. The slide continued in the first quarter of 2005 as Eurodis revealed sales were 8.8% down, reflecting the loss of franchises during 2004 following the company's refinancing, combined with a small fall in the overall European market. On July 15, 2005, the company succumbed to administration; a day after it suspended its shares, as takeover negotiations announced a month earlier abruptly ended. The company also said that its lead finance provider had cut down facilities to a level that makes current operations "unsustainable." CREDITOR: HSBC BANK PLC 8 Canada Square London E14 5HQ, United Kingdom Phone: +44 (0)20 7991 8888 Web site: http://www.hsbc.co.uk FINANCIAL ADVISOR: DRESDNER KLEINWORT WASSERSTEIN 20 Fenchurch St. London United Kingdom EC3P 3DB Phone: +44-20-7623-8000 Fax: +44-20-7623-4069 Web site: http://www.drkw.com STOCKBROKER: DRESDNER KLEINWORT WASSERSTEIN SECURITIES LTD 20 Fenchurch St. London United Kingdom EC3P 3DB Phone: +44-20-7623-8000 Fax: +44-20-7623-4069 Web site: http://www.drkw.com AUDITOR: GRANT THORNTON UK LLP Grant Thornton House Melton Street Euston Square London United Kingdom NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk LEGAL ADVISOR: KIRKPATRICK & LOCKHART NICHOLSON GRAHAM LLP 535 Smithfield St. Pittsburgh, PA United States 15222 Phone: 412-355-6500 Fax: 412-355-6501 Web site: http://www.klng.com MAJOR SHAREHOLDERS: ARTEMIS INVESTMENT MANAGEMENT (14.19%) 42 Melville Street Edinburgh Scotland United Kingdom EH3 7HA E-mail: investorsupport@artemisfunds.com Web site: http://www.artemisonline.co.uk EAGLET INVESTMENT TRUST PLC (12.42%) First Floor Office Preacher's Court The Charterhouse Charterhouse Square London United Kingdom EC1M 6AU Phone: +44 (0)20 7253 0889 Fax: +44 (0)20 7251 4028 Web site: http://www.unicornam.com GARTMORE INVESTMENT MANAGEMENT PLC (3.97%) Gartmore House 8 Fenchurch Pl. London United Kingdom EC3M 4PB Phone: +44-20-7782-2000 Fax: +44-20-7782-2075 Web site: http://www.gartmore.co.uk ABERFORTH PARTNERS (3.08%) 14 Melville Street Edinburgh Scotland United Kingdom EH3 7NS Phone: 0131 220 0733 Fax: 0131 220 0735 Web site: http://www.aberforth.co.uk REGISTRARS: CAPITA IRG PLC Bourne House 34 Beckenham Road Beckenham Kent United Kingdom BR3 4TU Phone: +44 (0)870 162 3100 Fax: +44 (0)20 8639 2403 EUROPA BEARINGS: Creditors Meeting Set July ------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Europa Bearings (1976) Limited will be held at 3-5 Rickmansworth Road, Watford, Hertfordshire WD18 0GX, on 22 July 2005, at 11:30 a.m., for the purpose of having a full statement of the position of the Company 's affairs, together with a list of Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. Resolutions to be taken at the Meeting may include a Resolution specifying the terms on which the Liquidator is to be remunerated in terms of fees and disbursements and a Resolution conferring upon the duly appointed Liquidator the powers contained in Schedule 4 Part 1 of the Insolvency Act 1986. The Meeting may receive information about or be called upon to approve the costs of preparing the statement of affairs and convening the Meeting. To be entitled to vote Creditors must lodge a full statement of account and unless claiming personally they must also submit a proxy which must be lodged not later than 12:00 noon on the preceding business day at the registered office, 3-5 Rickmansworth Road, Watford, Hertfordshire WD18 0GX. Unless they surrender their security, secured Creditors, if they wish to vote at the Meeting, must also lodge full details of their security and its assessed value. Notice is also given pursuant to section 98(2)(a) of the Insolvency Act 1986, that Steven Draine and David Rolph of Moore Stephens, 3-5 Rickmansworth Road, Watford, Hertfordshire WD18 0GX, are qualified to act as Insolvency Practitioners in relation to the above Company and will furnish Creditors, free of charge, with such information concerning the above Company's affairs as they may reasonably require. By Order of the Board L Arbury, Director CONTACT: MOORE STEPHENS 3/5 Rickmansworth Road Watford Hertfordshire WD18 0GX Phone: 01923 236622 Fax: 01923 245660 E-mail: steve.draine@moorestephens.com EXCEL PRINT: Board Calls Creditors Meeting ------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Excel Print Investment Ltd. will be held at 5th Floor, Exchange House, 446 Midsummer Boulevard, Milton Keynes MK9 2EA, on 26 July 2005, at 2:30 p.m., for the purpose of dealing with sections 99 to 101 of the Insolvency Act 1986, Secured Creditors (unless they surrender their security) must give particulars of their security and its value if they wish to vote at the Meeting. The Resolutions to be taken at the Meeting may include a Resolution specifying the terms on which the Liquidator is to be remunerated, and the Meeting may receive information about, and be called upon to approve, the costs of preparing the statement of affairs and convening the Meeting. Notice is also hereby given, pursuant to section 98(2) of the Insolvency Act 1986, that a list of the names and addresses of the Company's Creditors may be examined, free of charge, at the offices of Baker Tilly, 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes, between 10:00 a.m. and 4:00 p.m. on the two business days prior to the day of the Meeting. A form of proxy which, if intended to be used for voting at the Meeting, must be duly completed and lodged at the registered office of the Company, 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes, not later than 12:00 noon on the last business day before the Meeting. By Order of the Board M Tamlyn, Director FERNDALE AGGREGATES: Creditors Meeting Next Week ------------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Ferndale Aggregates Limited will be held at the offices of Elwell Watchorn & Saxton LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE, on 27 July 2005, at 11:00 a.m., for the purposes mentioned in sections 100 and 101 of the said Act. A list of the names and addresses of the Creditors of the above-named Company may be inspected at the offices of Elwell Watchorn & Saxton LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE, between the hours of 10:00 a.m. and 4:00 p.m. on 25 July 2005 and 26 July 2005. For the purposes of voting, a statement of claim and any proxy intended for use at the Meeting must be lodged with the Company at its registered office, Cumberland House, 35 Park Row, Nottingham NG1 6EE, not later than 12:00 noon on 26 July2005. P J Tompkin, Director CONTACT: ELWELL WATCHORN & SAXTON Cumberland House, 35 Park Row, Nottingham NG1 6EE Phone: (+44) 0115 988 6035 Fax: (+44) 0115 988 6135 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk FLEUR COUTURE: Sets Creditors Meeting Friday -------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Fleur Couture Limited will be held at Kallis & Co, 1148 High Road, Whetstone , London N20 0RA on 22 July 2005, at 11:30 a.m., for the purposes mentioned in sections 99, 100 and 101 of the said Act. Notice is also hereby given, pursuant to section 98 (2) (a) of the Insolvency Act 1986, that Elizabeth Arakapiotis, of 1148 High Road, Whetstone, London N20 0RA, is qualified to act as an Insolvency Practitioner in relation to the above Company and will furnish Creditors, free of charge, with such information concerning the above Company's affairs as they may reasonably require. Creditors wishing to vote at the Meeting must lodge their proofs of debt and (unless attending in person) proxies with Elizabeth Arakapiotis, as above, not later than 12:00 noon on the last business day before the Meeting. Unless they wish to surrender their security, secured Creditors must give particulars of their security and its value if they wish to vote at the Meeting. Resolutions specifying the terms of the Liquidator's remuneration may also be considered at the Meeting. By Order of the Board E Arakapiotis, Manager FLUID TRADING: Liquidator to Deliver Report August -------------------------------------------------- Notice is hereby given, pursuant to section 94 of the Insolvency Act 1986, that a Final Meeting of the Members and Creditors of Fluid Trading Limited will be held at the offices of R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, on 9 August 2005, at 11.15 am, to be followed at 11:30 a.m. by a Final Meeting of Creditors, for the purpose of showing how the winding-up has been conducted and the property of the Company disposed of, and of hearing any explanation that may be given by the Liquidator, and also of determining the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of. Proxies to be used at the Meetings must be lodged with the Liquidator at R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY, no later than 4.00 pm on the business day before the Meetings. R W Keating, Liquidator CONTACT: R. W. KEATING & CO. 2nd Floor 20 Winmarleigh Street Warrington Cheshire WA1 1JY Phone: 01925 245004 Fax: 01925 245357 E-mail: robert@rwkeating.fsnet.co.uk FUSION (BURNTWOOD): Hires Administrators from Begbies Traynor ------------------------------------------------------------- Name of company: FUSION (BURNTWOOD) LIMITED (Company No 4960995) Nature of Business: Manufacture Other Fabricated Metal Registered Office of Company: Regency House, 21 The Ropewalk, Nottingham NG1 5DU Date of Appointment: July 6, 2005 Joint Administrators' Names and Address: Paul Finnity and Peter Andrew Blair (IP Nos 8768 and 8886), both of Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU * * * Fusion manufactures high quality assemblies and fabricated products using processes that include complex tube manipulation, presswork and other techniques. It currently manufactures products for the following industry sectors: automotive, agricultural, catering, commercial vehicle, public transport, medical & patient handling, office furniture and recycling. Visit http://www.fusionburntwood.co.uk/for more information. CONTACT: FUSION (BURNTWOOD) LTD. Ring Road, Burntwood, Staffordshire WS7 8JQ Phone: +44 1543 670100 Fax: +44 1543 670099 BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 Web site: http://www.begbies.com GLENCROFT DESIGN: High Court Orders Liquidation ----------------------------------------------- Name of Company: Glencroft Design & Build Ltd. Company Registration Number: 3621671 Address of Registered Office: 194 Hill Village Road, Sutton Coldfield, West Midlands, B75 5JG. Court: High Court Of Justice Date of Filing Petition: 13 May 2005. No. of Matter: 003152 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver: 3rd Floor West, Ladywood House, 45/6 Stephenson Street, Birmingham, B2 4UP GOODWEAR HOLDINGS: Succumbs to Liquidation ------------------------------------------ Name of Company: Goodwear Holdings Ltd. Company Registration Number: 02145460 Address of Registered Office: 1ST Floor Sheraton House, Lower Road Chorleywood, Rickmamnsworth, Hertfordshire, WD3 5LH Court: High Court of Justice Date of Filing Petition: 10 May 2005 No. of Matter: 003055 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS HAMILTON AND KINNEIL: Liquidator's Report Out Next Month -------------------------------------------------------- Notice is hereby given that, pursuant to section 94 of the Insolvency Act 1986, the Final General Meeting of Hamilton and Kinneil Estates Limited will be held at Ten George Street, Edinburgh EH2 2DZ, on 25 August 2005, at 10:00 a.m., to have an account laid before them showing how the winding-up has been conducted and the property of the Company has been disposed of, and to hear any explanation that may be given by the Liquidator. T M Burton, Liquidator HIT ENTERTAINMENT: Moody's Rates US$376 Mln Sr. Secured Loan B1 --------------------------------------------------------------- Moody's Investors Service assigned ratings to HIT Entertainment Ltd., including a B1 corporate family rating (formerly known as senior implied), B1 senior secured bank rating, and a (P) B3 senior subordinated note rating. (Notes expected to be issued later in 2005.) The ratings reflect the significant financial risk at inception as HIT is highly leveraged with sizable annual programming expenses and a competitive operating environment, offset by HIT's attractive assets with strong brand value and good growth opportunities, sizable equity contribution from the sponsor and meaningful enterprise value relative to the debt. This is the first time that Moody's has rated HIT Entertainment. Proceeds from the transaction will finance the taking private of HIT Entertainment plc, a public company traded on the London Exchange. The purchase was fully priced at 12.4 times LTM EBITDA or an approximately 20% premium over trading value. More positively, Apax Partners contributed over 50% of the financing with sponsor equity, a sizable portion, and views HIT as a vehicle for a growing media enterprise. These ratings have been assigned: (a) B1 rating to the $77 million senior secured revolving credit facility due 2011, (b) B1 rating to the $376 million senior secured Term Loan B due 2012, (c) (P) B3 rating to the $172 million or proposed senior subordinated notes due 2013, (d) B1 corporate family rating The rating outlook is stable. The ratings also consider the operating risks HIT faces in its pre-school focused business segments, including growing competition for viewers, new programming from Nick jr. and Noggin as well as a new channel launch by the Cartoon network, Tickle U. In addition, negative top line trends in the toy sector are attributed in part to the drifting of children away from traditional toys (HIT's orientation), mitigated by the company's focus on the early pre-school segment where parental approval and oversight is greatest. Additional risks include: customer concentration in the consumer product segment (WalMart 45%, Alliance Entertainment -- a toy distributor 13%, Target 11%) increasing programming costs and its consequent impact on interest coverage and free cash flow as well as overall execution risk associated with a new management team. However, the ratings benefit from the meaningful enterprise value associated with the key characters owned by HIT (Bob the Builder, Barney, and Thomas the Tank Engine) and the opportunities to exploit these characters across home entertainment, consumer products, television and live events. In Moody's view, HIT management has the opportunity to grow cash flow from its current nadir as a result of new exposure in the United States through agreements with PBS, a better licensing arrangement with a preferred toy manufacturing partner and the development of a new cable channel, Sprout, in conjunction with other key operators, Comcast, PBS and Sesame Street. Valuations of like media properties suggest that the sale of HIT would amply cover the company's debt burden. The stable outlook incorporates Moody's expectation that in less than two years HIT is likely to de-lever to a more manageable 5 times and generate modest free cash flow. If the company were to fund its investments in new media/characters with debt or without a concomitant improvement in cash flow, the outlook could become negative. Evidence of recovery as well as expected new growth would be necessary before a positive outlook would occur. Pro forma for the transaction and as of LTM 4/30/05, leverage is high at about 6.5 times debt-to-EBITDA. EBITDA coverage of interest is relatively better at about 2 times however capital expenditures are expected to absorb the company's free cash flow. (EBITDA-CapEx/interest expense of 1.2 is tight.) Notably, at least over the short term, HIT's capital investments are considered discretionary. Over the longer term, there would be a negative impact on growth in cash flow. Leverage at HIT is expected to moderate as the company gains greater coverage in the U.S. television market which should fuel growth in the consumer product and home entertainment segments as well. The B1 ratings on the $453 million of senior secured bank credit facilities reflect the senior-most position of this class of debt and the debt protection measures provided by the credit agreement. The facilities are secured by all of the stock and substantially all of the assets of the borrower and its material subsidiaries and benefit from guarantees of material subsidiaries. The bank rating is the same as the corporate family rating given the preponderance of debt is at this level. Moreover, the term sheet provides for a $150 million incremental term loan. Moody's also notes the collateral does not include the Sprout joint venture but benefits from the valuable characters, film library and licensing agreements. The (P)B3 rating on the $172 million of senior subordinated notes, (which also benefit from guarantees of material subsidiaries), reflect their contractual and effective subordination to the bank credit facilities. HIT Entertainment, with offices London, Dallas and New York, is a leading pre-school entertainment company with a portfolio of properties including Bob the Builder, Thomas the Tank Engine, and Barney the Dinosaur. The company has operations in U.K., U.S., Canada, Japan and Germany. Business segments include home entertainment, consumer products television and live events as well as a recently announced U.S. digital pre-school channel. CONTACT: HIT ENTERTAINMENT PLC Maple House 149 Tottenham Court Road London W1T 7NF U.K. Phone: +44 (0)20 7554 2500 E-mail: sforrest@hitentertainment.com Web site: http://www.hitentertainment.com Contact: Simon Forrest, Director of Corporate Communications Investor Relations IDI UK: Creditors to Meet Tomorrow ---------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of IDI UK Events Limited will be held at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, on 20 July 2005, at 3:00 p.m., for the purpose of dealing with sections 99 to 101 of the Insolvency Act 1986. Secured Creditors (unless they surrender their security) must given particulars of their security and its value if they wish to vote at the Meeting. The Resolutions to be taken at the Meeting may include a Resolution specifying the terms on which the Liquidator is to be remunerated and the Meeting may receive information about, and be called upon to approve, the costs of preparing the statement of affairs and convening the Meeting. Notice is also hereby given, pursuant to section 98(2) of the Insolvency Act 1986, that a list of the names and addresses of the Company's Creditors may be examined, free of charge, at the offices of Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, between 10:00 a.m. and 4:00 p.m. on the two business days prior to the day of the Meeting. A form of proxy which, if intended to be used for voting at the Meeting, must be duly completed and lodged at the registered office of the Company, c/o Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF, not later than 12:00 noon on the last business day before the Meeting. By Order of the Board C J Humphrey Walker, Director J J ELECTRONIC: Meeting of Creditors Next Week ---------------------------------------------- The general meeting of the unsecured creditors of J J Electronic Components Limited will meet on July 25, 2005 at 11:00 a.m. It will be held at Royal Station Hotel, Neville Street, Newcastle upon Tyne, Tyne and Wear NE1 5DH. Creditors who want to be represented at the meeting may appoint proxies. Proxy form must be submitted together with written debt claims to J. M. Titley of DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12:00 noon, July 22, 2005. * * * JJ Electronic Components Ltd. is a provider of electronics design, manufacturing and support services to original equipment manufacturers. It was established in 1974. John Jessop and David Jessop are its managing directors. Visit http://www.jjec.co.ukfor more information. CONTACT: JJ ELECTRONIC COMPONENTS LTD. South Nelson Industrial Estate Cramlington Northumberland NE23 1EA United Kingdom Phone: +44 (0) 1670 710 700 Fax: +44 (0) 1670 710 710 E-mail: sales@jjec.co.uk KEYSTONE LEISURE: Liquidator to Present Report Mid-August --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Keystone Leisure (Scotland) Limited (Trading as Euroski & Global Golf) Notice is hereby given that final meetings of Keystone Leisure (Scotland) Limited and its creditors will be held in terms of section 106 of the Insolvency Act 1986 at Kintyre House, 209 West George Street, Glasgow G2 2LW on August 15, 2005 at 10:00 a.m. and 10:15 a.m. respectively, for the purposes of receiving the Liquidator's report showing how the winding-up has been conduct together with any explanation that may be given by him, and in determining whether the Liquidator should have his release in terms of Section 173 of said Act. Adrian Stanway, Joint Liquidator July 8, 2005 CONTACT: PRICEWATERHOUSECOOPERS LLP Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com K G ELECTRICAL: Bristol District Court Orders Liquidation --------------------------------------------------------- Name of Company: K G Electrical Contractors (Northwest) Limited Registration Number: 04537611 Address of Registered Office: 126 Abbottshey Avenue, Mossley Hill, Liverpool, Merseyside, L18 7JT Court: Bristol District Registry Date of Filing Petition: 6 May 2005 No. of Matter: 2064 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver: 2nd Floor, Cunard Building, Pier Head, Liverpool, L3 1DS KWELM: Federal-Mogul Asks Court to Approve Insurance Settlement --------------------------------------------------------------- On September 27, 2004, a settlement agreement was entered into between: a. Federal-Mogul Products, Inc., and DII Industries, LLC; and b. KWELM Management Services Limited, as the appointed run- off agent for: * Kingscroft Insurance Company Limited; * Walbrook Insurance Company Limited; * El Paso Insurance Company Limited; * Lime Street Insurance Company Limited and Mutual Reinsurance Company Limited and The Bermuda Fire & Marine Insurance Company Limited (In Liquidation); and * Southern American Insurance Company in liquidation, solely in respect of its participation in the pool operated by H S Weavers (Underwriting) Agencies Ltd. James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C., in Wilmington, Delaware, relates that the Settlement Agreement was the product of various policies of insurance that the Settling Insurers issued or subscribed to provide coverage for, among other things, asbestos-related bodily injury claims against: (1) Federal-Mogul Products, as successor-in-interest to Wagner Electric Company; and (2) DII Industries, as successor-in-interest to Turbodyne Corporation and Worthington Corporation. According to Mr. O'Neill, each of the Settling Insurers is insolvent and operating in run-off mode. These Insurers, Mr. O'Neill continues, have ceased to underwrite new liabilities, and are in the process of liquidating and paying, to the extent possible, their outstanding liabilities in connection with Schemes of Arrangement with their creditors being implemented under English law, with the exception of South American Insurance Company. South American Insurance Company is being liquidated under the supervision of the Third Judicial District Court in the State of Utah. Mr. O'Neill adds that FM Products and DII Industries have submitted claims against the Settling Insurers in the Settling Insurers' liquidation proceedings, which are ongoing in England or, in the case of South American Insurance Company, in Utah state court. The material terms of the Settlement Agreement are: (a) FM Products and DII Industries will have a joint allowed claim against the Settling Insurers for $7,000,000 to be apportioned among the Settling Insurers; (b) After the passage of the Bar Date in the Settling Insurers' Schemes of Arrangement, and assuming that no competing claims are asserted under the Subject Insurance Policies, the Settling Insurers agree to make payment as provided by the Settling Insurers' Schemes of Arrangement to an escrow account under the joint control of FM Products and DII Industries. In the case of South American Insurance Company, it must seek approval from the Utah state court to make the payment after the passage of the Bar Date. The Settling Insurers have agreed that FM Products and DII Industries will submit adequate supporting documentation in the Settling Insurers' Schemes of Arrangement relating to their claims against the Settling Insurers; and (c) In the event a competing claim were brought against the Settling Insurers prior to payment of the $7 million settlement amount, the Settling Insurers would evaluate the claim. If the claim appeared to be valid under the Subject Insurance Policies, the Settling Insurers would attempt to negotiate an appropriate revised value for the settlement with FM Products and DII Industries. If the negotiations were unable to arrive at an agreed amount among the parties, then the matter would be referred to the Scheme Adjudicator for the Settling Insurers' Schemes of Arrangement and to the South American Insurance Company for adjudication. The Bar Date in the Settling Insurers' Schemes of Arrangement had passed on September 29, 2004. The Debtors have verified that no competing claims have been brought in the Schemes of Arrangement that would dilute the recovery available to FM Products. Accordingly, the Debtors believe that the $7 million joint allowed claim of FM Products and DII Industries against the Settling Insurers is the basis on which distributions to FM Products will be determined. Hence, the Debtors ask the Court to approve the Settlement Agreement with KWELM Management based on five grounds: (a) The Settlement Agreement is the product of good faith, arm's-length negotiations among counsel to FM Products, DII Industries and KWELM Management, which commenced initially in late 2003; (b) The KWELM Settlement Agreement will liquidate FM Product's claims against the Settling Insurers without the need for expensive and burdensome claims estimation procedures, and will allow those claims to be paid promptly after the passage of the Bar Date; (c) FM Products believes that the settlement amounts and terms of payment are fair and reasonable; (d) Allocation of funds under the KWELM Settlement Agreement is subject to a Partitioning Agreement previously entered into by FM Products, DII Industries, Cooper Industries, Inc., and FM Products' insurers. The Partitioning Agreement was approved by the Bankruptcy Court in the Federal-Mogul's Chapter 11 cases on December 8, 2004; and (e) The KWELM Settlement Agreement has already been considered and granted by Judge Fitzgerald of the United States Bankruptcy Court for the Western District of Pennsylvania, who is presiding over the Chapter 11 cases of DII Industries and its affiliates. (Federal-Mogul Bankruptcy News, Issue No. 86; Bankruptcy Creditors' Service, Inc., 215/945-7000) LASER ACCIDENT: Creditors Meeting Set July ------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Laser Accident Repair Centre Limited will be held at Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, on 23 July 2005, at 10:00 a.m., for the purposes mentioned in sections 100 and 101 of the said Act. Forms of proxy to be used at the Meeting must be lodged at the offices of Vantis Business Recovery, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, the registered office of the Company, not later than 12:00 noon on 21 July 2005. Pursuant to section 98 (2) (a) of the Insolvency Act 1986, Peter N Wastell, of Vantis Business Recovery, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, is qualified to act as an Insolvency Practitioner in relation to the Company and will furnish Creditors, free of charge, with such information concerning the Company's affairs as they may reasonably require. By Order of the Board R M Woodward, Director CONTACT: VANTIS BUSINESS RECOVERY Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD Phone: 01727 811111 Fax: 01727 810057 E-mail: nhamiltons@aol.com Web site: http://www.vantismt.com LONDONEASY LIMITED: Creditors to Meet Tomorrow ---------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Londoneasy Limited will be held at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, on 20 July 2005, at 11:00 a.m., for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. Lane Bednash, of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY, is a person qualified to act as an Insolvency Practitioner in relation to the Company who will, during the period before the day of the Meeting, furnish Creditors, free of charge, with such information concerning the Company's affairs as they may reasonably require. Notice is also given that, for the purpose of voting, secured Creditors must (unless they surrender their security) lodge at the registered office of the Company at Pearl Assurance House, 319 Ballards Lane, London N12 8LY, before the Meeting, a statement giving particulars of their security, the date when it was given, and the value at which it is assessed. By Order of the Board. F M Barbero, Director LUTTERWORTH KITCHENS: Director Calls Creditors Meeting ------------------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Lutterworth Kitchens, Bathrooms & Plumbing Supplies Limited will be held at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, on 28 July 2005, at 11:30 a.m., for the purposes mentioned in sections 99, 100 and 101 of the said Act. Statements of claim and proxy forms, if applicable, must be lodged at F A Simms & Partners Plc, Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, not later than 12:00 noon on 27 July 2005. A list of the names and addresses of the Company's Creditors may be inspected, free of charge, at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, on 26 July 2005 and 27 July 2005, between the hours of 10:00 a.m. and 4:00 p.m. J S Cartwright, Director CONTACT: F A SIMMS & PARTNERS PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com LYNCHRIS LIMITED: Creditors to Tackle Liquidator's Pay Next Week ---------------------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Lynchris Limited will be held at 17-19 Foley Street, London W1W 6DW, on 28 July 2005, at 11:00 a.m., for the purposes mentioned in sections 99 to 101 of the said Act. A list of the names and addresses of the Company's Creditors will be available for inspection, free of charge, at the offices of Menzies Corporate Restructuring, 17-19 Foley Street, London W1W 6DW, on the two business days immediately preceding the Meeting between the hours of 10:00 a.m. and 4:00 p.m. The Resolutions at the Meeting of Creditors may include a Resolution specifying the terms on which the Liquidators are to be remunerated. The Meeting may receive information about, or be asked to approve, the costs of preparing the statement of affairs and convening the Meeting. By Order of the Board A S Hunt, Director MANN WEAVER: Recruitment Consultant Calls in Administrator ---------------------------------------------------------- Name of company: MANN WEAVER DREW LIMITED (Company No 4200617) Nature of Business: Recruitment Consultants Trade Classification: 7484 Date of Appointment: June 15, 2005 Joint Administrators' Names and Address: Dan P Hennessy and Gordon Craig (IP Nos 1388 and 0978), both of Cresswall Associates Limited, Bridge House, Marsh Lane, Huddersfield HD8 8AE * * * Since 1996, Mann Weaver Drew has been one of the leading multi-racial consulting and business service practices. It is currently engaged with a wide range of clients that provide public services. Visit http://www.mwd-global.com/for more information. CONTACT: MANN WEAVER DREW 4th Floor 2-4 Great Eastern Street London EC2A 3NW Phone: (020) 7422 0880 Fax: (020) 7422 0881 E-mail: info@mwd-global.com CRESSWALL ASSOCIATES LIMITED Bridge House, Marsh Lane, Huddersfield HD8 8AE MARAWELL LIMITED: Creditors to Meet Later this Month ---------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Marawell Limited will be held at 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ, on 29 July 2005, at 12:30 p.m., for the purposes provided for in sections 99, 100 and 101 of the Insolvency Act 1986. The Resolutions to be taken at the Meeting may include a Resolution specifying the terms on which the Liquidators are to be remunerated. The Meeting may also receive information about, and be called upon to approve, the costs of preparing the statement of affairs and convening the Meeting. Proxies to be used at the Meeting must be lodged with the Company at its registered office at 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ, not later than 12:00 noon on the working day before the Meeting. A list of names and addresses of the Company's Creditors will be available for inspection at the registered office between 10:00 a.m. and 4:00 p.m. on 27 July 2005 and 28 July 2005, the two business days before the date of the Meeting. By Order of the Board J Singh, Director MARIDA HATS: General Meeting Set August --------------------------------------- Notice is hereby given, pursuant to section 105 of the Insolvency Act 1986, that a General Meeting of Marida Hats Limited will be held at the offices of Poppleton & Appleby, 32 High Street, Manchester M4 1QD, on Thursday 18 August 2005, at 10:00 a.m. precisely. A Meeting of Creditors will follow at 10:30 a.m. for the purpose of having an account laid before them, and to receive the report of the Joint Liquidators, showing how the winding-up of the Company has been conducted and its property disposed of, and of hearing any explanation that may be given by the Joint Liquidators. Proxies to be used at the Meetings must be lodged with the Liquidator at 32 High Street, Manchester M4 1QD, no later than 12:00 noon on the business day preceding the Meeting. S J Wainwright, Joint Liquidator CONTACT: POPPLETON & APPLEBY 32 High Street Manchester Greater Manchester M4 1QD Phone: 0161 834 7025 Fax: 0161 833 1548 E-mail: insol@pandamanchester.co.uk MARKS & SPENCER: IT Chief Steps down ------------------------------------ Charles Wilson, Executive Director for IT, Logistics and Property of Marks & Spencer Group plc has resigned. He will leave Marks & Spencer on 28 October 2005 to join Booker Cash & Carry as Chief Executive. Mr. Wilson will not be replaced and his roles and responsibilities will be re-allocated in due course. The timing of his departure will allow Ian Dyson, Group Finance Director, time to fully settle into his new role. Chief Executive Stuart Rose said: "Charles joined M&S to do a specific job, namely to help focus the business and to deliver cash and cost improvements. He has delivered these and helped build a solid foundation for the Company to go forward. Our priority now is to drive the business forward in the key areas of product, service and environment. "We would like to thank Charles for his considerable contribution and wish him well for the future." * * * On July 13, Marks & Spencer Group plc reported U.K. Retail Sales for the 14 weeks to 9 July 2005 were down 3.1% in total with General Merchandise down 10.3% and Food up 5.0%. Within this, Clothing was down 9.2% and Home down 22.3%. Like for like sales were down 5.4% in total (Q4 04/05: -6.3%) with General Merchandise down 11.2% (Q4 04/05: -9.2%) and Food up 0.7% (Q4 04/05: -3.1%). Chief Executive Stuart Rose said: "While the trading environment remains very challenging, better buying, stock and cost control should enable us to make further progress." CONTACT: MARKS & SPENCER GROUP PLC Michael House 47-67 Baker Street London England W1U 8EP Phone: +44 20 7935 4422 Fax: +44 20 7487 2679 Web site: http://www.marksandspencer.com MG ROVER: Nanjing Bares Plan for Bankrupt Carmaker -------------------------------------------------- Bidder Nanjing Auto has reportedly designed a new range of sports cars to be built at Longbridge if its GBP50 million offer materializes. According to The Scotsman, the Chinese firm is also considering the production of small cars in China by moving some of Rover's production equipment there. An executive close to the company said: "Nanjing's strategy is to have a U.K. base with design, engineering and manufacturing supporting a U.K. brand delivering high-value prestige products." He added Nanjing has a broad experience in production, which includes working with U.K. engineering group Arup in developing a road map for new vehicles to be designed, engineered and produced both in the U.K. and in China. Another Chinese carmaker, Shanghai Automotive Industry Corporation, joins Nanjing in lodging a bid with Rover administrator PricewaterhouseCoopers. SAIC recently signed a letter of intent with Magma Holdings, the consortium led by former Ford Europe head Martin Leach. Magma is proposing to create a new company to revive production of the Rover 75 saloon at the Longbridge plant with SAIC supplying engines made in China using Rover equipment. 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 MOWLEM PLC: Wins GBP59 Mln Contract to Build Stand -------------------------------------------------- Mowlem plc has been awarded a GBP59 million contract by the Rugby Football Union (RFU) to build a new stand at Twickenham Stadium. The contract is to construct a new South Stand, which will increase the stadium's capacity to 82,000. New facilities, including a commercial center featuring the shell and core of a hotel and health club, will be added. The work will begin immediately and is scheduled for completion by November 2006. Commenting on the contract award, Mowlem Chief Executive, Simon Vivian, said: "Mowlem is particularly delighted to have been awarded this very significant contract for the RFU having already built the other three stands at the Twickenham Stadium. The project also provides us with an opportunity to further underline Mowlem's capabilities in the construction of major sporting facilities and associated infrastructure during the run up to the 2012 London Olympics." * * * Mowlem plc, based in Middlesex, provides construction and support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. The Trouble Mowlem's business review in February led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split up of its Construction Services operation into three units. Recently, the company warned its full year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement follows three previous profit warnings since June 2004. It prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN, United Kingdom Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com Brian O'Neill Phone: 020 7405 5251 NAPPER TRADING: Creditors to Meet Today --------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Napper Trading Limited will be held at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, on 19 July 2005, at 10:15 a.m., for the purposes mentioned in sections 99 to 101 of the said Act. A list of the names and addresses of the Company's Creditors may be inspected, free of charge, at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, between 10:00 a.m. and 4:00 p.m. on the two business days preceding the date of the Meeting. By Order of the Board P Iqbal, Director CONTACT: BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com NOBLE HOUSE: Board Calls Creditors Meeting ------------------------------------------ Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Noble House Limited will be held at the offices of K J Watkin & Co, Emerald House, 20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH, on 20 July 2005, at 10:30 a.m., for the purposes mentioned in sections 99 to 101 of the said Act. Creditors wishing to vote at the Meeting must lodge their proxy, together with a full statement of account at the registered office of the Company which, for the purposes of winding-up, has been changed to the offices of K J Watkin & Co, Emerald House, 20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH, no later than 12:00 noon on 19 July 2005. For the purposes of voting, a secured Creditor is required (unless he surrenders his security) to lodge at the address shown above, before the Meeting, a statement giving particulars of his security, the date when it was given and the value at which it is assessed. Notice is further given that a list of the names and addresses of the Company's Creditors may be inspected, free of charge, at the address shown above between 10:00 a.m. and 4:00 p.m. on the two business days preceding the date of the Meeting stated above. By Order of the Board P E Langstone, Director O'DONNELL & STOCKWELL: Creditors Meeting Set July ------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of O'donnell & Stockwell Limited will be held at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, on 22 July 2005, at 10:15 a.m., for the purposes mentioned in sections 99 to 101 of the said Act. A list of the names and addresses of the Company's Creditors may be inspected, free of charge, at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU, between 10:00 a.m. and 4:00 p.m. on the two business days preceding the date of the Meeting. By Order of the Board H Summers, Director ORACLE RESTAURANTS: Bristol Court Orders Liquidation ---------------------------------------------------- Name of Company: Oracle Restaurants Limited Company Registration Number: 03604686 Address of Registered Office: Finsgate, 5-7 Cranwood Street, London, EC1V 9EE Court: Bristol District Registry Date of Filing Petition: 5 May 2005 No. of Matter: 2045 of 2005 Date of Winding-up Order: 6 July 2005 Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS OULTRAM INSTALLATIONS: Creditors Meeting Set August --------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Oultram Installations Limited will be held at The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG, on 1 August 2005, at 11:00 a.m., for the purposes mentioned in sections 100 and 101 of the said Act, that is, the nomination of a Liquidator and the appointment of a Liquidation Committee. Proxy forms to be used for the purposes of the above Meeting must be lodged, accompanied by statements of claim, at the registered office of the Company situated at The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG, not later than 12:00 noon on 29 July 2005. Notice is also hereby given, pursuant to section 98(2)(a) of the Insolvency Act 1986, that Louise Donna Baxter and Jamie Taylor, of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG, is qualified to act as an Insolvency Practitioner in relation to the above Company, and will furnish Creditors, free of charge, with such information concerning the Company's affairs as they may reasonably require. Resolutions to be taken at the aforementioned Meeting may include a Resolution specifying the terms on which the Liquidator is to be remunerated, and Resolutions in respect of the payment of other costs and expenses including the basis on which these are charged or reimbursed. The Meeting may also receive information about, or be called upon to approve, the costs of preparing the statement of affairs and convening the Meeting. Resolutions also to be taken at the aforementioned Meeting may include a Resolution conferring upon the duly appointed Liquidator the powers contained in Schedule 4, Part I of the Insolvency Act 1986. By Order of the Board J B Oultram, Director CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com PHOENIX CONSULTANTS: Hires BDO Stoy Hayward Administrator --------------------------------------------------------- Name of company: PHOENIX CONSULTANTS INTERNATIONAL LIMITED (Company No 02936459) Nature of Business: Labor Recruitment Trade Classification: 29-Air Transport Date of Appointment: July 1, 2005 Joint Administrators' Names and Addresses: Geoffrey Stuart Kinlan (IP No 8268/01), of BDO Stoy Hayward LLP, Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS, and David Gilbert (IP No 2376), of BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL * * * John O'Brien, the present Managing Director, founded Phoenix in 1992. Originally specializing in the Airframe and Systems design fields Phoenix has rapidly grown into one of the largest service agencies in Europe. Visit http://www.phoenix-cil.com/for more information. CONTACT: PHOENIX CONSULTANTS INTERNATIONAL LTD. 44 Whitehorse Street, Baldock, Herts, SG7 6QQ United Kingdom Phone: +44 (0) 1462 490480 l Fax: +44 (0) 1462 490481 l E-mail: info@phoenix-cil.com BDO STOY HAYWARD LLP Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS Phone: 01707 255888 Fax: 01707 255890 E-mail: hatfield@bdo.co.uk Web site: http://www.bdo.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 PICO ESTIL: Winding-up Report Out Mid-August -------------------------------------------- Notice is hereby given, pursuant to section 94 of the Insolvency Act 1986, that the Final Meeting of the Members of Pico Estil Manufacturing will be held at 1 More London Place, London SE1 2AF, on 15 August 2005, commencing at 10:30 a.m., to receive an account showing how the winding-up of the Company has been conducted and its property disposed of, and to hear any explanation that may be furnished by the Liquidators. Any Member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him or her, and such proxy need not also be a Member. A proxy form must be lodged at 1 More London Place, London SE1 2AF, not later than 4:00 p.m. on 12 August 2005. M Fishman, Joint Liquidator ROSEBRILLE LIMITED: Sets Creditors Meeting August ------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Rosebrille Limited will be held at the offices of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, on 28 July 2005, at 11:30 a.m., for the purposes mentioned in sections 100 and 101 of the said Act. A list of the names and addresses of the Creditors of the above-named Company may be inspected at the offices of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, between the hours of 10:00 a.m. and 4:00 .pm. on 26 July 2005 and 27 July 2005. For the purposes of voting, a statement of claim and any proxy intended for use at the Meeting must be lodged with the Company at its registered office, 109 Swan Street, Sileby, Leicestershire LE12 7NN, not later than 12:00 noon on 27 July 2005. O M Ismail, Director CONTACT: 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 SIMON SALES LIMITED: Creditors Meeting Set Next Week ---------------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of Creditors of Simon Sales Limited will be held at Gable House, 239 Regents Park Road, Finchley, London N3 3LF, on Tuesday 26 July 2005, at 11:00 a.m., for the purposes mentioned in sections 99, 100 and 101 of the said Act. A list of the names and addresses of the Company's Creditors will be available for inspection at the offices of SPW Poppleton & Appleby, Gable House, 239 Regents Park Road, London N3 3LF, between 10:00 a.m. and 4:00 p.m. on the two business days prior to the day of the Meeting. By Order of the Board S Burgerman, Director SLOAN'S CABINET: Members to Meet Next Month ------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Sloan's Cabinet Works Limited (In Liquidation) Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986 that a General Meeting of the members of Sloan's Cabinet Works Limited will be held at Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX on August 12, 2005, at 10:45 a.m. for the purpose of having an account laid before the meeting showing how the winding-up of the company has been conducted and the property of the company has been disposed of and of hearing any explanations that may be given by the liquidator. K. V. Anderson, Liquidator July 6, 2005 CONTACT: SCOTT & PATERSON Bruntsfield House 6 Bruntsfield Terrace Edinburgh EH10 4EX Phone: 0131 229 2392 Fax: 0131 228 5587 E-mail: mail@scottandpaterson.co.uk Web site: http://www.scottandpaterson.co.uk SOUTHFIELDS (LEICESTER): Calls in Administrator from Numerica ------------------------------------------------------------- At a Special General Meeting of Southfields (Leicester) Royal British Legion Club Limited, duly convened, and held at Aylestone & District WMC, 305 Saffron Lane, Leicester, on 6 July 2005, at 7:00 p.m., the following Resolutions were duly passed, as a Special Resolution, as Ordinary Resolutions and as an Extraordinary Resolution respectively: "That the Company be wound up voluntarily in a Members' Voluntary Liquidation, that Alan Roy Limb and Lynn Robert Bailey both of Vantis Numerica LLP, Stoughton House, Harborough Road, Oadby, Leicester LE2 4LP, be and are hereby appointed Joint Liquidators for the purpose of the voluntary winding-up, that anything required or authorized to be done by the Joint Liquidators be and are hereby authorized to be done by both or either of them, that the Company's books and records be and are hereby authorized to be destroyed twelve months after the dissolution of the Company, that the Joint Liquidators' remuneration for dealing with matters arising in the liquidation should be calculated by reference to the time costs properly incurred by the Joint Liquidators and their staff and authority is hereby given for the Joint Liquidators to draw their remuneration on this basis, and that the Joint Liquidators be and are hereby authorized to distribute, amongst the Shareholders, in specie, all or any part of the assets of the Company." D Wignall, Chairman * * * The Creditors of the company are required, on or before Friday 12 August 2005, to send in their full names, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to the undersigned, Alan Roy Limb, of Vantis Numerica LLP, Stoughton House, Harborough Road, Oadby, Leicester LE2 4LP, the Joint Liquidator of the said Company, and, if so required by notice in writing from the said Joint Liquidator, are, personally or by their Solicitors, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution. The winding-up is a Members' voluntary winding-up and it is anticipated that all debt will be paid. CONTACT: NUMERICA Stoughton House Harborough Road Oadby Leicestershire LE2 4LP Phone: 0116 272 8200 Fax: 0116 271 5472 E-mail: bob.bailey@numerica.biz SULBROS INVESTMENTS: Creditors Meeting Set July ----------------------------------------------- Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a Meeting of the Creditors of Sulbros Investments Limited will be held at the offices of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, on 28 July 2005, at 12:30 p.m., for the purposes mentioned in sections 100 and 101 of the said Act. A list of the names and addresses of the Creditors of the above-named Company may be inspected at the offices of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN, between the hours of 10:00 a.m. and 4:00 p.m., on 26 July 2005 and 27 July 2005. For the purposes of voting, a statement of claim and any proxy intended for use at the Meeting must be lodged with the Company at its registered office, 109 Swan Street, Sileby, Leicestershire LE12 7NN, not later than 12:00 noon on 27 July 2005. O M Ismail, Director CONTACT: 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 SURPLUS STORES: Winding-up Report Out Next Month ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Surplus Stores (Edinr) Limited (In Liquidation) Notice is hereby given pursuant to Section 94 of the Insolvency Act 1986 that a General Meeting of the members of Surplus Stores (Edinr) Limited will be held at Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX on August 12, 2005, at 10:30 a.m. for the purpose of having an account laid before the meeting showing how the winding-up of the company has been conducted and the property of the company has been disposed of and of hearing any explanations that may be given by the liquidator. K. V. Anderson, Liquidator July 5, 2005 CONTACT: SCOTT & PATERSON Bruntsfield House 6 Bruntsfield Terrace Edinburgh EH10 4EX Phone: 0131 229 2392 Fax: 0131 228 5587 E-mail: mail@scottandpaterson.co.uk Web site: http://www.scottandpaterson.co.uk TF UK: Appoints Administrator from Kroll ---------------------------------------- At an Extraordinary General Meeting of TF UK Estate Limited, duly convened, and held at 380 Lexington Avenue, Suite 1514, New York NY10168, USA on 7 July 2005, the following Resolutions were passed, as a Special Resolution, as Ordinary Resolutions and as an Extraordinary Resolution respectively: "That it has been proved to the satisfaction of the Meeting that the Company cannot, by reason of its liabilities, continue its business and that the Company be wound up voluntarily, that Alastair Paul Beveridge and Nigel Heath Sinclair of Kroll, 10 Fleet Place, London EC4M 7RB, be appointed Joint Liquidators of the Company for the purposes of the voluntary winding-up, that the Joint Liquidators be authorized to act jointly and severally in the Liquidation and that the Joint Liquidators' remuneration shall be fixed according to their time costs. These fees are to be paid at the Joint Liquidators' discretion, as and when funds are available. The Joint Liquidators be authorized to divide among the Members of the Company in specie part or the whole of the assets of the Company and may for that purpose, value any assets and determine how the division between Members should be carried out. H Truesdell, Chairman CONTACT: KROLL LIMITED 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com THE REGENT: High Court Orders Liquidation ----------------------------------------- Name of Company: The Regent Clinic Ltd. Company Registration Number: 03210261 Address of Registered Office: 21 Devonshire Place, London, W1G 6HZ Court: High Court of Justice Date of Filing Petition: 18 January 2005 No. of Matter: 00302 of 2005 Date of Winding-up Order: 29 June 2005 Official Receiver: 21 Bloomsbury Street, London, WC1B 3SS THRUSTBORE LIMITED: Falls into Administration --------------------------------------------- At an Extraordinary General Meeting of the Members of Thrustbore Limited, duly convened, and held at the offices of Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1LX on 8 July 2005, the following Resolutions were duly passed, as a Special Resolution and as Extraordinary Resolutions respectively: "That the Company be wound up voluntarily, that Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1LX, be and are hereby appointed Joint Liquidators for the purpose of such winding-up, that the Joint Liquidators be and are hereby authorized under the provisions of section 165 of the Insolvency Act 1986 to exercise the powers laid down in Schedule 4 Part I of the said Act and that the Joint Liquidators be and are hereby authorized to divide and distribute amongst the Members as appropriate, in specie or in kind, the whole or any part of the assets of the Company". P D Whitehouse, Chairman * * * Creditors are required to send their names and addresses and particulars of their claims to the Liquidator, on or before 5 August 2005. If so required by notice in writing from the Liquidator, personally or by their Solicitor, Creditors must come in and prove their debt at such time and place as shall be specified in such notice. If they default in providing such proof, they will be excluded from the benefit of any distribution made before such debt is proved. M C Bowker, Joint Liquidator * * * Thrustbore Limited is into test drilling and boring. CONTACT: JACKSON JOLLIFFE CORK 33 George Street, Wakefield WF1 1LX Phone: 01904 652100 Fax: 01904 635349 Web site: http://www.jjcork.co.uk TREWICK (COACHWORKS): Calls in Administrator from R M T ------------------------------------------------------- Name of company: TREWICK (COACHWORKS) LTD. (Company No 00695386) Nature of Business: Repair of Motor Vehicles Trade Classification: 5010 Date of Appointment: July 1, 2005 Joint Administrators' Names and Address: Anthony Alan Josephs and Linda Ann Farish (IP Nos 004179 and 009054), both of R M T, Gosforth Park Avenue, Newcastle upon Tyne NE12 8EG CONTACT: TREWICK COACHWORKS LTD. Benton Square Ind Est Newcastle Upon Tyne NE12 9TA Tyne and Wear Phone: 0191 2663581 R M T Gosforth Park Avenue, Newcastle upon Tyne NE12 8EG VOLVO AERO: Files for Liquidation --------------------------------- At an Extraordinary General Meeting of Volvo Aero Turbines (UK) Limited, duly convened, and held at Scott-Moncrieff, Glasgow, on 1 July 2005, the following Resolutions were passed, as a Special Resolution and as an Ordinary Resolution respectively: "That the Company be wound up voluntarily, and that Stewart MacDonald of Scott Moncrieff, Glasgow, be and he is hereby appointed Liquidator for the purpose of such winding-up." L I Thoren, Chairman * * * Volvo Aero is previously (315194) United Turbine (UK) Limited and (2112192) Sheifcorp 16 Limited. It manufactures engines. CONTACT: VOLVO AERO Wedgnock Lane, Warwick CV34 5YA Stewart MacDonald, Liquidator Scott-Moncrieff, 25 Bothwell Street, Glasgow G2 6NL WENDLEY LIMITED: Teddy Bear Manufacturer Calls in Administrator --------------------------------------------------------------- Name of company: WENDLEY LIMITED (Company No 2177757) Nature of Business: Teddy Bear Manufacturer Registered Office of Company: Pontnewynydd Industrial Estate, Pontypool, Torfaen NP4 6YY Date of Appointment: July 1, 2005 Joint Administrators' Names and Address: David Hill and John W. Davies (IP Nos 6904 and 6425), both of Begbies Traynor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB CONTACT: WENDLEY LIMITED Pontnewynydd Industrial Estate, Pontnewynydd, Pontypool, Gwent NP4 6YY Phone: 01495764881 BEGBIES TRAYNOR 4th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB Phone: 029 2022 5022 Fax: 029 2022 4523 E-mail: cardiff@begbies-traynor.com Web site: http://www.begbies.com WESTBURY HOLDINGS: Calls in Administrator from PKF -------------------------------------------------- We, the undersigned, being all the Members of property holding company Westbury Holdings Limited entitled to receive notice of, and to attend and vote at General Meetings of the Company in accordance with section 381A of the Companies Act 1985 do hereby declare the following Resolutions to have been passed as Special Resolutions as if passed at a General Meeting of the Company, duly convened, and held: "That the Company be wound up voluntarily, that Anne Buchanan of PKF (UK) LLP, be and is hereby appointed as Liquidator of the Company for the purpose of the voluntary winding-up and that the Liquidator be and is hereby authorized to execute an agreement pursuant to section 110 of the Insolvency Act 1986 and to do all acts necessary and/or expedient to implement such agreement". S L Jackson, Director CONTACT: PKF 78 Carlton Place Glasgow G5 9TH Phone: 0141 4295900 Fax: 0141 4295901 E-mail: info.glasgow@uk.pkf.com Web site: http://www.pkf.co.uk WM MORRISON: No Further Appointments this Week, Insiders Say ------------------------------------------------------------ Wm Morrison Supermarkets plc will likely miss its self-imposed deadline this week to appoint two more directors to the board. According to Mail on Sunday, company insiders disclosed that the appointments will be postponed for at least another week. Morrison named three recruits to the board last month after a boardroom showdown pitting the chairman Sir Ken Morrison and deputy chairman David Jones. Sir Ken is said to be backed by executives, while Mr. Jones enjoys the support of major shareholders. Sir Ken earlier refused the list of candidates endorsed by Mr. Jones, but finally agreed that Brian Flanagan, Susan Murray and Nigel Robinson would join as non-executives starting July. The company then said it would screen more candidates, and promised to announce two more appointments "within four weeks." The insiders, however, clarified that the delay was not influenced by the rift between Sir Ken and Mr. Jones. They cited the difficulty in arranging interviews and the process being "well advanced" as reasons for the postponement. In May, Sir Ken stepped down as head of the operations board, but chose to stay as chairman of the group at least for another year despite criticisms from shareholders. He has come under fire for the group's poor performance since buying Safeway last year, which saw five consecutive profits warning. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.co.uk * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor AG DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Glunz AG GLUG (0) 428 (17) Kamps AG KMPSF.PK (93) 1,075 (61) Kaufring AG KAUG (19) 151 (51) Mannheimer AG (15) 879 N.A. Marbert AG MTBG (13) 144 (50) Nordsee AG (8) 195 (31) Primacom AG PRIG (106) 1,264 (50) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) VBH Holding AG VBHG (54) 337 (80) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (31) 793 (248) Gruppo Coin S.p.A. GC (111) 974 (97) I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (16,510) 5,285 (332) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT N.A. 232 (321) RUSSIA ------ Kamchatskenergo (107) 291 (7,319) Zil Auto (147) 349 (9,974) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Kaba Holding AG KABZN (23) 582 260 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus System DNK.L (51) 585 82 Dawson Holdings DWN.L (19) 142 (33) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (252) Euromoney Institutional Investor Plc ERM.L (113) 236 (66) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (130) 997 (56) Invensys PLC (963) 4,861 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (14) 321 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (334) 934 44 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Partygaming Plc PRTY (405) 263 (161) PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *