/raid1/www/Hosts/bankrupt/TCREUR_Public/050805.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Friday, August 5, 2005, Vol. 6, No. 154
Headlines
C Y P R U S
HELLENIC BANK: FSR Lowered to D; Outlook Negative
C Z E C H R E P U B L I C
UNION BANKA: Creditors Recover CZK3.02 Billion
D E N M A R K
REJSEGRUPPEN HOBBITTEN: Succumbs to Bankruptcy
* July Bankruptcies Down Year-on-year
F I N L A N D
M-REAL CORPORATION: Labor Dispute Weakens Q2 Operating Result
SANITEC CORPORATION: Hires Bo Askvik Chief Financial Officer
G E R M A N Y
A.W.G. PC: Creditors' Claims Due Next Week
BETAFLEXX GMBH: Court to Verify Claims December
DAIMLERCHRYSLER AG: BaFin Opens Insider Trading Probe
DAIMLERCHRYSLER AG: Canadian Unit's July Sales Up 21%
IHR PLATZ: Slashes Job cuts to 700
KARSTADTQUELLE AG: Disposes of SinnLeffers
KARSTADTQUELLE AG: U.K. Consortium Acquires 75 Stores
KARSTADTQUELLE AG: Sells Runners Point to Hannover Finanz
KLUDT GMBH: Creditors Meeting Set September
STILLER GMBH: Proofs of Claim Due Next Month
TON & TECHNIK: Cottbus Court Appoints Administrator
VEDAT OZCAN: Under Bankruptcy Administration
VFS VERWALTUNG: Creditors' Claims Due 3rd Week of August
YAZAR MALER: Fuerth Court Calls in Administrator
ZAHNTECHNIK THIEMANN: Falls into Bankruptcy
I T A L Y
PARMALAT FINANZIARIA: Prosecutors Sue Banks, Managers
PARMALAT FINANZIARIA: S. African Unit Books 46% Jump in Profit
PARMALAT USA: Court Clears Auditors of Theft, Fraud
POLIGRAFICA SAN FAUSTINO: Cuts Second-quarter Loss
N E T H E R L A N D S
GETRONICS N.V.: Reports Solid Business Developments
HAGEMEYER N.V.: Sales Increased by 5.1% in Second Quarter
P O L A N D
FINCAST: Net Loss, Debt Escalate
WIRTUALNA POLSKA: Creditors Okay TP Takeover
R O M A N I A
DAEWOO AUTOMOBILE: Romanian Government Eyes 51% Stake
R U S S I A
DAG-PROM-STROY: Deadline for Proofs of Claim September 2
ENERGETIC: Undergoes Bankruptcy Supervision Procedure
GRANITE: Commercial Bank Goes Belly up
HARMONY: Insolvency Manager Takes over Operation
KSTOVSKAYA: Proofs of Claim Deadline Set September
NIZHNEGORODETS: Bankruptcy Supervision Procedure Begins
PROKHLADNENSKIY: Declared Insolvent
RENAISSANCE CAPITAL: Long-term Rating Raised to 'BB-'
SHUCHYE-REM-TEKH-ENTERPRISE: Under Bankruptcy Supervision
TRUST: Insolvency Manager to Temporarily Oversee Business
VOLGOGRADSKIY LINOLEUM: Bankruptcy Hearing Set Mid-August
S P A I N
TERRA MITICA: Eyes Selling Land to End Receivership
U K R A I N E
CHUDNIVSKA FURNITURE: Creditors' Claims Due Today
KRIVORIZHGAZ: Court Freezes Debt Payments
LAGOS: Donetsk Court Opens Bankruptcy Proceedings
MAKIYIVKA' AUTO 11429: Court Grants Debt Moratorium
PROGRES PLUS: Under Bankruptcy Supervision
TECHNOLOGICAL INSTITUTE: Declared Insolvent
TRETIJ SVIT: Insolvency Manager Takes over Helm
TSILUSHE DZHERELO: Creditors' Claims Due Today
UKRAINA BANK: Central Bank Appoints New Receiver
UKRZINC OJSC: Govt Decides to Liquidate Inactive Metal Refiner
U N I T E D K I N G D O M
ACADEMY OF ENGLISH: Court Orders Liquidation
ACTON BUILDING: Construction Firm Winds up
ALLEGRO SOLUTIONS: Court Approves Winding-up
ASHTEAD GROUP: Completes Refinancing; To Issue Dividends
ASHTEAD GROUP: Rating Upped to 'BB-' After Recapitalization
BARK ENDEAVOUR: Shareholders Opt for Liquidation
BOLDINGS LIMITED: Hires Smith & Williamson Administrator
CAMBRIDGE PUB: Members Decide on Liquidation
CATENA RAIL: In Administrative Receivership
CHRIS BURRELL: Calls in Administrators from Baker Tilly
CONGER UK: Calls in Liquidators from BDO Stoy
CORPORATE VOCATIONAL: Court Okays Liquidation
COSSVAUX PERFORMANCE: EGM Passes Winding-up Resolution
COSTAIN GROUP: COGAP-led Team Wins Major Gas Contract in Iran
COUNTY TRAILERS: Goes into Liquidation
DANKA BUSINESS: Reports Quarterly Loss of GBP2.3 Million
DEN DESIGN: Winding-up Petition Receives Green Light
DERAY LIMITED: Gears up for Liquidation
EAST MIDLAND: Liquidator from Deloitte Moves in
EIS SYSTEMS: Bristol Registry Starts Liquidation
ENDEAVOUR FOUNDATION: Hires Liquidators from Kroll
ENERGYSMART (UK): In Voluntary Winding-up
FLEUR COUTURE: Goes into Liquidation
FORMOLD HIGH: Plastic Manufacturer Calls in KPMG Administrator
G-2 CLOTHING: Court Approves Liquidation
GAINSBOROUGH KITCHENS: Winding-up Pushes Through
GULLIVERS BOOKSTORE: Administrator Takes over Operation
H BELL: Names Liquidator from Geoffrey Martin & Co.
HUNLOKE DEVELOPMENTS: P&A Partnership Liquidator Enters Firm
HYGH TRADING: Appoints Moore Stephens Liquidator
INMARSAR VENTURE: Ratings Raised to 'BB-' on Successful IPO
INTERTEK GROUP: Buys Another Testing Firm for US$7 Million
J H FERN: Members Decide to Wind up Firm
JUKI UNION: Liquidators from Deloitte & Touche Take over Biz
J.V. CONSTRUCTION: Owner Decides to Wind up Firm
KUNDARA (L P H): Bristol Court Approves Winding-up
LEE DAVIES: Appoints Baker Tilly Liquidator
LONDONEASY LIMITED: In Liquidation
L&S MEATS: Names DTE Leonard Liquidator
LUMINAR PLC: New Finance Director Joins Board
MARCONI CORPORATION: Group Revenues Stay Stable
NEWFORM PRODUCTS: Names KPMG Administrator
NORTHDOWN WINDOWS: EGM Passes Winding-up Resolution
O'DONNELL & STOCKWELL: Calls in Liquidator from BWC
PARMARS ACCIDENT: Appoints Chamberlain & Co. Administrator
PINE CORNER: Goes into Liquidation
REALIZE INFORMATION: Members Resolve to Wind up Firm
RT GROUP: Files for Liquidation
SELECTIVE MACHINERY: In Voluntary Liquidation
SHORTY'S LIMITED: Calls in Administrator from Antony Batty & Co.
THE POUND: Calls in Joint Liquidators
WALLS2WORKSTATIONS LIMITED: In Liquidation
*********
===========
C Y P R U S
===========
HELLENIC BANK: FSR Lowered to D; Outlook Negative
-------------------------------------------------
Moody's Investors Service has downgraded to D from D+ the
Financial Strength Rating (FSR) assigned to Hellenic Bank
Limited.
At the same time, Moody's has confirmed the bank's Baa2 long-term
foreign currency debt and deposit ratings, the Prime-2 short-term
foreign currency deposit and commercial paper ratings. The
outlook for the deposit and debt ratings is stable, while the
outlook for the FSR is negative. This action concluded a rating
review initiated on February 21, 2005.
According to Moody's, the FSR downgrade is based on the erosion
in the bank's financial fundamentals, primarily reflecting a
deteriorating credit portfolio quality, weak profitability and
reduced capitalization. Moody's notes that Hellenic Bank has
been reporting an increasing level of problematic loans,
following stricter central bank criteria for classifying loans
coupled with weak economic and operating conditions in its
domestic market and higher borrower defaults in its Greek
operations.
This led to a sharp increase in loan-loss provisions and to a
heavy toll on bottom-line profitability, with Hellenic Bank
reporting a net loss (before minority interest) of CYP15.2
million during FY2004. Moody's is encouraged by the bank's
efforts and measures to tackle its credit quality problems both
in its domicile market and its Greek operations.
Nevertheless, stricter loan classification effective January
2006, together with lukewarm conditions in certain economic
sectors, suggest that credit portfolio quality and bottom-line
profitability -- due to elevated provisioning requirements --
could remain under pressure in the coming year. Furthermore, the
bank's business expansion, together with its poor internal
capital-generating performance in the last few years, led to a
reduction in the bank's equity position.
Although Hellenic Bank reported improved profitability for the
first quarter of FY2005, the rating agency notes that quarterly
financial results tend not to reflect the full financial year
picture as banks usually take loan-loss provisions towards the
end of a financial year.
Furthermore, Moody's adds that the bank's key profitability
indicators remain weaker than those of its Cypriot peers,
reflecting a higher-than-peers business reliance on the Cypriot
market.
In its domicile market Hellenic Bank, like the other Cypriot
banks, is faced with constantly growing staff costs that are
extremely difficult to curtail due to the rigid stronghold
maintained by the banking sector employees' union. Concluding,
Moody's notes that the bank's current main financial indicators,
coupled with the challenges that it faces going forward, are more
in line with financial institutions rated D for financial
strength, explaining the downgrading of Hellenic Bank's FSR.
In confirming the bank's Baa2/Prime-2 foreign currency debt and
deposit ratings, Moody's said that these ratings are enhanced due
to strong implicit external support. Although on a stand-alone
basis the bank's debt and deposit ratings would be rated lower
given its D FSR, these ratings are lifted higher due to Hellenic
Bank's importance within its domestic banking system and the
likelihood of support by the financial authorities if the bank
were to face financial difficulties.
Moody's added that the outlook for Hellenic Bank's D FSR is
negative in recognition of the significant challenges the bank is
faced with. Going forward, this rating could be lowered if:
(a) The level of problematic loans continues to increase,
leading to elevated provisioning requirements, and hence,
weak profitability;
(b) The level of core equity weakens further; and
(c) The operating expense base continues to grow unabated,
hurting profitability and limiting the bank's ability to
build up reserves in light of its deteriorating credit
quality.
On the other hand, a material reduction in non-performing loans
or substantial increases in loan-loss reserves and equity
capital, combined with a significant improvement in profitability
could put upward pressure on the FSR.
Headquartered in Nicosia, Cyprus, Hellenic Bank had total assets
of CYP2.7 billion (EUR4.7 billion) as of December 31, 2004.
CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
Mardig Haladjian, General Manager
Financial Institutions Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
Constantinos Pittalis, Vice President - Senior Analyst
Financial Institutions Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
===========================
C Z E C H R E P U B L I C
===========================
UNION BANKA: Creditors Recover CZK3.02 Billion
----------------------------------------------
Collapsed Union Banka has completed the first installment of its
debt repayment, Czech News Agency says.
According to Union Banka spokesman Oldrich Babicky, the group has
already released CZK3.02 billion (EUR107 million) to repay part
of its debt. The payout is part of the CZK15.141 billion
obligation it has promised to repay out of the CZK19 billion
total registered claims. The bank's creditors, numbering 74,946,
are expected to recover only 35% of their money.
Union Banka's trouble started when it took over struggling
financial houses in the mid-1990s. Forced to close branches in
February 2003 because of lack of cash, Union Banka declared
bankruptcy shortly after. It is part of the North Moravian
financial group, Union Group, and is controlled by the Italian
financial group Invesmart. At the time of its collapse, Union
Banka had 130,000 clients and its liquidation value was put at
CZK8 billion to CZK11 billion.
CONTACT: UNION BANKA a.s.
Ul. 30 Dubna c. 35
70200 Ostrava
Phone: 596108111
Fax: 596120134
E-mail: union@union.cz
Web site: http://www.union.cz
=============
D E N M A R K
=============
REJSEGRUPPEN HOBBITTEN: Succumbs to Bankruptcy
----------------------------------------------
Travel group Rejsegruppen Hobbitten has reportedly declared
bankruptcy after failing to satisfy obligations to clients, says
Nordic Business Report.
In July, Hobbitten reportedly failed to pay the board and return
trip of around 180 clients stranded in Croatia and Spain. The
group also failed to reimburse around 100 clients for cancelled
trips. Travel guarantee fund Rejsegarantifonden will assume the
refund payments, the report states.
CONATCT: REJSEGRUPPEN HOBITTEN
Phone: +45 75161670
Web site: http://www.hobbit.dk
REJSEGARANTIFONDEN
Skodsborgvej 48 C, 1. sal
2830 Virum
Phone: 45 87 83 33
Fax: 45 87 87 23
Web site: http://www.rejsegarantifonden.dk
* July Bankruptcies Down Year-on-year
-------------------------------------
The number of bankruptcy cases in Denmark was 9% lower in July,
with only 179 companies seeking protection, compared to last
year's 195, said the Ritzau news bureau.
The figures are based on a report by business information service
KOB, which also showed that in the past 12 months, the number of
firms going bankrupt dropped 3.5%. KOB noted the significant
decreases in the IT, industrial and financial sectors, with
bankruptcies fewer by 38.5%, 37% and 33% respectively. The
agricultural sector, however, booked a 75% rise in the number of
firms filing for protection.
Changes in bankruptcy rates were particularly evident in the
mainland peninsula of Jutland, as bankruptcies in the eastern
region plunged by more than half, while figures in the mid- and
western regions decreased by 41%. It is the opposite for the
northern and southern regions, which reported that cases of
bankruptcy were higher by 44% and 57%, respectively.
=============
F I N L A N D
=============
M-REAL CORPORATION: Labor Dispute Weakens Q2 Operating Result
-------------------------------------------------------------
In the second quarter M-real Group's operating result, excluding
non-recurring items, fell to a loss of EUR57 million from a
profit of EUR30 million in the previous quarter. Compared with
the previous quarter, the operating result was weakened mainly by
the fall in paperboard and coated magazine paper deliveries due
to the labor dispute that disrupted the Finnish paper industry.
Additionally, the operating result was weakened by de-stocking as
well as by the weakening in the operating result of the
associated company Metsa-Botnia, both also in the wake of the
dispute.
The operating result included a non-recurring expense provision
of EUR15 million relating to the profitability improvement
program in Sweden. The labor dispute in Finland weakened the
operating result by about EUR70 million. The operating result
was a loss of EUR72 million (profit of 115 million). The
operating result in the previous quarter included total
non-recurring income of EUR85 million. The result before taxes
was weakened by a valuation loss on interest rate derivatives of
EUR17 million due to the sharp fall in the level of interest
rates.
Key figures for the second quarter of 2005:
(a) Turnover: EUR1,259 million (Q1: EUR1,344 million),
(b) Operating result: a loss of EUR72 million (profit of EUR115
million),
(c) Result before taxes: a loss of EUR143 million (profit of
EUR77 million),
(d) Result for the report period: a loss of EUR121 million
(profit of EUR76),
(e) Earnings per share: EUR0.37 negative (EUR0.23 positive),
(f) Return on capital employed: 5.7% negative (9.9%
positive),
(g) Equity ratio: 38.4% (38.6%),
(h) Gearing ratio: 85% (81%),
(i) Comparable volume of paperboard delivered: 231,000
(281,000); volume of paper delivered: 999,000 (1,019,000)
Key figures for the second quarter of 2005, excluding
non-recurring items:
(a) Operating result: a loss of EUR57 million (profit of EUR30
million),
(b) Result before taxes: a loss of EUR124 million (a loss of
EUR8 million),
(c) Earnings per share: EUR0.32 negative (EUR0.03 negative),
(d) Return on capital employed: 0.3% negative (3.0 positive).
Demand for paper fell in the second quarter, especially for
coated fine paper. Demand was nonetheless at the level of the
same period a year earlier. M-real's paper deliveries decreased
by 2% and paperboard deliveries by 18%.
The average selling price of coated magazine paper rose compared
with the previous quarter, mainly due to the price increases
agreed in the beginning of the year. The price of coated fine
paper was unchanged. The price of office paper declined
slightly, though the price in Europe has stabilized due to lower
imports.
Profitability also weakened for the first half of the year. The
operating result was weakened not only by the labor dispute but
also by a stronger euro, the fall in the price of uncoated fine
paper, the rise in the prices of oil-based raw materials and
higher energy costs, measured against the same period of last
year.
Commenting on the progress of M-real's cost-savings program and
the market situation for its main products, President & CEO Hannu
Anttila said: "M-real's EUR230 million savings and
efficiency-boosting program is on track to reach its targets, the
latest indication of this being the efficiency-boosting programme
at the units in Sweden, where we're aiming to achieve annual
savings of at least EUR22 million."
"Now that the labor dispute in the Finnish paper industry has
come to an end, there is a more favorable market balance for most
paper grades, and I believe that this will support price
increases in the latter part of the year, especially in magazine
paper. In coated fine paper measures aimed at increasing prices
will continue. The outlook for uncoated fine paper is also
slightly more positive than before."
M-real's operating rates in the latter part of the year will be
high, particularly at the paperboard and magazine paper mills.
The third-quarter result will be improved by the growth in
volumes, but it will also be negatively affected by the
production losses in the early days of July due to the labor
dispute at the mills in Finland. The third-quarter result,
excluding non-recurring items, will improve substantially on the
second quarter, but the full-year result will be in the red.
Copy of the financial results is available free of charge at
http://bankrupt.com/misc/M_Real(Q22005).pdf
CONTACT: M-REAL CORPORATION
Corporate Communications
Hannu Anttila, President and CEO
Phone: +358 10 469 4343
Juhani Poho, Executive Vice President and CFO
Phone: +358 10 469 5283
SANITEC CORPORATION: Hires Bo Askvik Chief Financial Officer
------------------------------------------------------------
Bo Askvik, 47, will join Sanitec in the course of this year as
Chief Financial Officer. The Group Finance function will be
based in Helsinki.
Mr. Askvik has a broad experience in the international financial
field working as CFO for several listed companies before.
Currently he is working as CFO of Intrum Justitia AB, a
corporation listed in Stockholm and working European wide in the
area of credit management services. Before that he was CFO of
SAPA AB, one of the world's leading manufacturers of aluminium
profiles, also listed at the Stockholm stock exchange. Before
joining Swedish companies Mr. Askvik worked as a senior Finance
Officer for Neste, market leader for oil products and lubrication
products in Finland and Borealis, a petrochemical company.
* * *
Sanitec group was sold to EQT on April 11, during which Sanitec
successfully tendered almost all its EUR260 million high-yield
bonds. Standard & Poor's subsequently withdrew its 'B+'
corporate credit rating on Sanitec International S.A., the
holding company of the Sanitec group, and Sanitec Oy, a
subsidiary of Sanitec International, at the company's request.
At the same time, the 'B-' subordinated debt rating on Sanitec
International's Sanitec EUR260 million bond and the 'B+' senior
secured rating on Sanitec Oy's EUR555 million bank loan were also
withdrawn.
CONTACT: SANITEC CORPORATION
Lennart Sunden, President and CEO
Phone: +358 9 7095 411
E-mail: lennart.sunden@sanitec.com
=============
G E R M A N Y
=============
A.W.G. PC: Creditors' Claims Due Next Week
------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against A.W.G. PC Rent GmbH on July 11. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until August 9, 2005 to register their
claims with court-appointed provisional administrator Dr. Gideon
Bohm.
Creditors and other interested parties are encouraged to attend
the meeting on September 9, 2005, 9:45 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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: A.W.G. PC RENT GmbH
Diagonalstrasse 41, 20537 Hamburg
Contact:
August Wilhelm Gnefkow, Manager
Juergen Olaf Wilfried Hentschke, Manager
Dr. Gideon Bohm, Administrator
Bachstrasse 85a, 22083 Hamburg
Phone: 040/3208360
Fax: 040/32083636
BETAFLEXX GMBH: Court to Verify Claims December
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against betaflexx GmbH on July 13. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until October 15, 2005 to register their
claims with court-appointed provisional administrator Thomas
Kuehn.
Creditors and other interested parties are encouraged to attend
the meeting on August 16, 2005, 9:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report on December 13,
2005, 9:30 a.m. at the same venue.
CONTACT: BETAFLEXX GmbH
Schwarzschildstr. 3,12489 Berlin
Thomas Kuehn, Administrator
Luetzowstr. 100, 10785 Berlin
DAIMLERCHRYSLER AG: BaFin Opens Insider Trading Probe
-----------------------------------------------------
The German financial supervisory authority has reportedly
launched an investigation into alleged insider trading at
DaimlerChrysler AG.
According to the Associated Press, the probe is centered on deals
prior to the resignation of former head Juergen Schrempp. It is
not, however, limited to particular people or trades, noted
Sabine Reimer, a spokeswoman for Berlin-based financial services
regulator BaFin.
Ms. Reimer said they are looking into all the deals, stressing
that the agency is checking whether the company followed the
guidelines under the stock exchange disclosure requirements, or
ad hoc rules. A spokesman for DaimlerChrysler has declined to
comment.
DaimlerChrysler shares opened around EUR36.50 (US$44.59) on July
28, but started to rise following reports that Mr. Schrempp was
resigning. They closed at EUR39.49 after Mr. Schrempp's exit was
officially announced.
The company has appointed Dieter Zetsche, 52, who led the
recovery of the Chrysler division, to replace Mr. Schrempp. It
has also reportedly started searching for a new chief for its
Mercedes business after Eckhard Cordes offered to resign. His
decision comes after Mr. Zetsche's appointment as head of
DaimlerChrysler. For a long time, Mr. Cordes had been viewed as
Mr. Schremmp's successor, but apparently that is not the case
now. Many are now speculating whether or not Mr. Schremmp's
departure was voluntary.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DAIMLERCHRYSLER AG: Canadian Unit's July Sales Up 21%
-----------------------------------------------------
DaimlerChrysler Canada has reported a total of 21,613 units sold
in July, including 5,169 cars and 16,444 trucks. Car sales
increased 30.3% from 3,968 units last year and truck sales are up
18.6% from July 2004 sales of 13,868 units. Compared to July
2004 sales of 17,836, sales for the month are up 21%. Calendar
year-to-date sales totaled 137,383 units, up 3.1% compared to
last year's sales of 133,288 units.
With the announcement of July sales, DaimlerChrysler Canada is
extending its innovative Employee Pricing Plus program to all
customers until September 6, 2005. DaimlerChrysler Canada was
the first Canadian manufacturer to offer all customers the same
financial savings its employees receive, plus up to an additional
US$5,500 in dealer discounts on virtually all 2005 Chrysler,
Jeep(R) and Dodge vehicles.
Mike Accavitti, Vice President, Marketing, DaimlerChrysler
Canada: "In August, Canadian customers will have one last chance
to visit our dealerships and take advantage of this exceptional
pricing opportunity, especially on some of the country's most
popular vehicles like Dodge Ram, Dodge Caravan and Jeep Grand
Cherokee."
July Sales Highlights
With an extended product line and a focused marketing campaign,
the Jeep(R) brand experienced continued sales strength by setting
a new July sales record with a total of 3,394 units, up 7.4% over
its July 1999 record and up 63.9% over last year's total of 2,071
units. Jeep TJ set a new all-time sales record with 1,003 units,
up 2.1% over its May 2002 record of 982 units and up 107.7% over
last year. Jeep Liberty set a new July sales record with sales
of 1,768 units, up 21.0% over the July 2003 record of 1,461 units
and 66.8% over last year's total of 1,060 units. Jeep Grand
Cherokee sales are up 15.0% with 607 units, over last year's
total of 528 units.
The Chrysler 300 and 300C series continues to dominate the luxury
full-size segment with 1,243 units sold, up 23.4% over last year.
The Dodge-branded rear wheel drive vehicles built in Brampton,
Ontario continue to generate additional sales: Dodge Magnum
posted sales of 576 units and the Dodge Charger is off to a
strong start with 395 units.
Dodge pickup trucks performed well as the Dodge Ram sales of
3,664 are up 25.2% over July 2004 sales, and the Dodge Dakota
sales are up 8.6%, with 1,231 units.
Bernie Clement, Vice-President, Sales & Service, DaimlerChrysler
Canada, said: "Our July sales results are a testament to our
exciting product lineup, the one-stop shopping experience at our
Chrysler, Jeep(R) and Dodge dealers and an innovative marketing
campaign that resonated with customers. We anticipate that the
momentum will continue over the next few months with the
introductions of the Jeep Commander and Dodge MegaCab to the
Canadian market."
* * *
DaimlerChrysler AG recorded an operating profit of US$2.0 billion
(EUR1.65 billion) in the second quarter of 2005, compared with
US$2.5 billion in the same period last year. This result is
significantly above analysts' estimates.
As previously announced, the realignment of the smart business
model caused additional expenses during the second quarter.
Excluding these charges, the Group's second-quarter operating
profit amounted to US$2.4 billion, which was close to the level
recorded in Q2 2004.
In June, Focus-Money reported that by 2008 DaimlerChrysler AG
would be looking at profits of EUR11.2 billion. According to the
German magazine, the company projects last year's operating
profit of EUR5.75 billion to double in four years.
DaimlerChrysler has predicted operating profit to increase
slightly this year despite a EUR1.2 billion charge to account for
the restructuring of its Smart venture. This venture has already
cost the group EUR512 million and Daimler said it could miss
annual sales goal of 80,000 units, as sales in the first quarter
only came to 14,500.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
IHR PLATZ: Slashes Job cuts to 700
----------------------------------
Ihr Platz has reached an agreement with its staff council
regarding the proposed job cuts, reports Suddeutsche Zeitung.
The agreement sets out the axing of 710 jobs, instead of the 900
previously announced; some 8,000 others are saved. The German
health and beauty chain filed for insolvency in May. It expects
to complete its recovery program by the start of the Christmas
season.
CONTACT: IHR PLATZ GMBH + CO. KG
CardService
Postfach 3740
49027 Osnabrück
Phone: (0800) 50 35 131
Web site: http://www.ihrplatz.de/
KARSTADTQUELLE AG: Disposes of SinnLeffers
------------------------------------------
KarstadtQuelle AG, Europe's leading department store and mail
order company, announced it has sold the Hagen-based speciality
store chain SinnLeffers AG. The buyer of the company and its
real estate assets is an investor group including DIH, Deutsche
Industrie Holding GmbH (Frankfurt/Main) HMD Partners (U.S.A.) and
Curzon Global Partners/IXIS AEW Europe (London). All parties
agreed not to disclose price details.
In 2004, SinnLeffers AG employed approximately 4,400 people at 51
SinnLeffers locations and 16 brand shops across Germany,
generating net sales of approximately EUR500 million.
"With the sale of SinnLeffer we are continuing our divestment
program on schedule and are giving KarstadtQuelle a completely
new forward-looking structure," said Chairman Helmut Merkel,
Chairman of the Supervisory Board of SinnLeffers and also member
of the Management Board at KarstadtQuelle.
DIH is a private equity company majority-led by Peter
Zuehlsdorff. The Frankfurt-based company has long-standing
expertise in company and process optimization, restructuring and
turn-around situations particularly in the retail and industry
sectors.
HMD Partners is a private equity company founded by Abel Halpern,
Federico Minoli and Peter Darrow. It specializes in optimizing
company performance with a particular focus on retail, textile
and consumer goods. HMD Partners is based in West Palm Beach
(U.S.A.) and London.
Curzon Global Partners/IXIS AEW Europe is one of Europe's leading
property investment funds, headquartered in London and eight
regional offices in Europe.
Essen-based KarstadtQuelle AG is Europe's leading department
store and mail order group. The Group's divisions include
Over-the-Counter Retail, Mail Order, Tourism, Services and Real
Estate. Everyday, 2.5 million customers make a purchase in
Karstadt department stores. Karstadt is the largest issuer of
credit cards in Germany. In E-commerce, KarstadtQuelle is ranked
No. 2 in Germany, after eBay.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
Joerg Howe
Phone: + 49 (0)201/727-25 38
Fax: + 49 (0)201/727-37 09
E-mail: joerg.howe@karstadtquelle.com
KARSTADTQUELLE AG: U.K. Consortium Acquires 75 Stores
-----------------------------------------------------
KarstadtQuelle AG, Europe's leading department store and mail
order company, announced on August 3, 2005 that it is selling a
portfolio of 75 smaller department stores to a consortium of
Dawnay, Day Principal Investments and Hilco U.K. Ltd. Dawnay,
Day, based in London, is one of Europe's leading financial
sponsors with a primary focus on real estate. Hilco is an
investor focused on the retail sector, with main offices in
London and Chicago.
In future, KarstadtQuelle plans to concentrate on the remaining
core 89 large department stores.
"This is a major milestone in the turnaround of our company and
we are glad that it could be achieved in such a short time," said
the CEO of KarstadtQuelle AG, Thomas Middelhoff, in Essen.
"Now we will concentrate our full attention on the remodeling of
the large department stores into modern shopping centers and
offer our customers new, high quality and up to date
assortments."
The 75 smaller stores have sales areas of below 8,000 sq. m. and
are predominantly located in medium-sized German cities.
Together, they generate annual sales of just under 700 million
Euros and employ around 4,900 personnel. Karstadt's original
foundation store in Wismar was not sold. All parties involved
agreed not to disclose price details.
"We are happy to have been able to conclude a transaction of this
size in Germany by taking over the store portfolio from Karstadt.
One factor of success certainly was our experience in this
market. Together with Hilco, we will do everything to
successfully position and develop the stores in the marketplace,"
said Guy Naggar, chairman of the Dawnay, Day Group.
"We are very pleased to have completed this deal with such a
high-caliber partner as Dawnay, Day and it is a significant step
forward in our strategy to expand into Europe. We look forward to
bringing our retail restructuring expertise to bear on making the
Karstadt transaction a major success," said Jeffrey B. Hecktman,
Chairman of the Hilco Organisation.
"This solution ensures that also in the future, these department
stores will continue to contribute to the variety and liveliness
of life in the medium-sized cities where they are located," said
the CEO of Karstadt Warenhaus AG, Helmut Merkel after the
conclusion of the negotiations.
"In our remaining large stores, we will increasingly focus on an
attractive mix of trend and basic offers and attract customers by
faster changes of collections. Our goal is to return to the top
of the industry through improved customer focus and service
orientation."
With total assets under management of EUR2.9 billion, Dawnay, Day
is one of the leading financial sponsors with a primary focus on
real estate. The current market value of its portfolio of 410
commercial properties in the UK and Continental Europe is around
EUR2.1 billion. Over the past 18 months, Dawnay, Day has
acquired more than 40 retail-related pieces of real estate in
Germany with a value totaling approximately EUR500 million. The
recently raised real estate fund Dawnay Day Carpathian Plc is
aiming to invest more than one billion Euros in Central and
Eastern Europe.
The Hilco Organisation provides a broad range of asset-related
services to retailers, wholesalers, distributors and
manufacturers, direct and on behalf of financial institutions,
restructuring professionals, and equity sponsors. Ten business
units, operating in the U.S., Canada and Europe, provide
inventory, machinery, equipment, real estate and accounts
receivable portfolio appraisals; enterprise valuations; retail
store restructurings; real estate disposition and leasehold
restructuring; accounts receivable portfolio acquisitions; bulk
inventory acquisition; debt and equity financing; and, retail
business consulting.
In the U.K., Hilco has been involved in some of the largest
retail transactions so far this year, including the restructuring
of the Allders Group and Littlewoods. This transaction
illustrates Hilco's ability to work and partner with a range of
advisors and financial institutions, including investment banks
and private equity houses.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
Joerg Howe
Phone: + 49 (0)201/727-25 38
Fax: + 49 (0)201/727-37 09
E-mail: joerg.howe@karstadtquelle.com
DAWNAY, DAY PRINCIPAL INVESTMENTS
15 Grosvenor Gardens
London SW1W 0BD
Phone: +44 (0)20 7834 8060
Fax: +44 (0)20 7828 1992
E-mail: luke.bridgeman@dawnay-day.co.uk
robert.goldsmith@dawnay-day.co.uk
Web site: http://www.dawnayday.com
HILCO U.K. LIMITED
37 Duke Street
London W1U 1LN
Phone: +44 (0)207 317 2050
Fax: +44 (0)207 317 2151
Web site: http://www.hilcouk.com
KARSTADTQUELLE AG: Sells Runners Point to Hannover Finanz
---------------------------------------------------------
KarstadtQuelle AG, Europe's leading department store and mail
order company, announced on Aug. 3, 2005 it has sold its
specialty store chain Runners Point to the venture capital
company Hannover Finanz Group (Hanover). Both parties agreed not
to disclose price details.
In 2004, Runners Point Warenhandels GmbH (Essen) employed
approximately 1,000 people at 124 locations, generating net sales
of EUR93.6 million.
"With the sale of Runners Point we are continuing our divestment
program on schedule," said KarstadtQuelle CFO Harald Pinger in
Essen on Wednesday.
"This is a further step on the path of restructuring and
reorganizing the KarstadtQuelle Group."
Hannover Finanz Group is one of the largest independent venture
capital companies in Germany. Founded in 1979, it is also one of
Germany's oldest private equity companies and has concentrated on
small and medium-sized companies (SMEs) from its start. Renowned
SMEs such as Fielmann, Rossmann or Aixtron AG received financing
and support from HANNOVER Finanz Group in their growth phase.
Hannover Finanz Group has currently invested over EUR450 million
in capital that is distributed over roughly 50 companies
operating in a wide range of industries. Since being founded,
the venture capital company has invested a cumulative total of
around EUR1 billion and has successfully concluded well over 150
projects. Visit http://www.hannoverfinanz.defor more details.
Essen-based KarstadtQuelle AG is Europe's leading department
store and mail order group. The Group's divisions include
Over-the-Counter Retail, Mail Order, Tourism, Services and Real
Estate. Everyday, 2.5 million customers make a purchase in
Karstadt department stores. Karstadt is the largest issuer of
credit cards in Germany. In E-commerce, KarstadtQuelle is ranked
No. 2 in Germany, after eBay.
CONTACT: KARSTADTQUELLE AG
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
Joerg Howe
Phone: + 49 (0)201/727-25 38
Fax: + 49 (0)201/727-37 09
E-mail: joerg.howe@karstadtquelle.com
HANNOVER FINANZ GmbH
Guenther-Wagner-Allee 13
30177 Hannover
Phone: +49 (0)511/28007-0
Fax: +49 (0)511/28007-37
E-mail: mail@hannoverfinanz.de
Web site: http://www.hannoverfinanz.de
KLUDT GMBH: Creditors Meeting Set September
-------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Kludt GmbH & Co. Stahl- und Metallbau KG on July 15.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until August 18, 2005
to register their claims with court-appointed provisional
administrator Dr. Biner Bahr.
Creditors and other interested parties are encouraged to attend
the meeting on September 8, 2005, 10:20 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings. The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: KLUDT GmbH & Co. STAHL- UND METALLBAU KG
Siemensstr. 16 b, 40789 Monheim
Contact:
Achim Kludt, Manager
Am Voigtshof 21, 40789 Monheim
Dr. Biner Bahr, Administrator
Jagerhofstrasse 29, 40479 Duesseldorf
STILLER GMBH: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Stiller GmbH on July 15. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 5, 2005 to register their claims
with court-appointed provisional administrator Dr. Sebastian
Henneke.
Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 11:00 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: STILLER GmbH
Markische Strasse 28, 59174 Kamen
Contact:
Oliver Stiller, Manager
Bogenstrasse 7, 59199 Bonen
Dr. Sebastian Henneke, Administrator
Muelheimer Str. 100, 47057 Duisburg
Phone: 0203/34840
Fax: 0203/3484510
TON & TECHNIK: Cottbus Court Appoints Administrator
---------------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against Ton & Technik Guben GmbH on July 13. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until August 9, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Junker.
Creditors and other interested parties are encouraged to attend
the meeting on September 6, 2005, 1:30 p.m. at the district court
of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 210, 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: TON & TECHNIK GUBEN GmbH
Elsterweg 2, 03172 Guben
Contact:
Herrn Reinhard Budnowski, Manager
Dr. Christoph Junker, Administrator
Karcherallee 25 a, 01277 Dresden
VEDAT OZCAN: Under Bankruptcy Administration
--------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Vedat Ozcan GmbH on July 14. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 5, 2005 to register their claims
with court-appointed provisional administrator Klaus Knetter.
Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:30 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.
CONTACT: VEDAT OZCAN GmbH
Bahnhofstr. 27 a, 33602 Bielefeld
Contact:
Yasemin Suemer, Manager
Gaswerkstr. 25 a, 33647 Bielefeld
Klaus Knetter, Administrator
Otto-Brenner-Str. 186, 33604 Bielefeld
VFS VERWALTUNG: Creditors' Claims Due 3rd Week of August
--------------------------------------------------------
The district court of Aurich opened bankruptcy proceedings
against VfS Verwaltung GmbH on July 7. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 15, 2005 to register their claims
with court-appointed provisional administrator Heiko Janssen.
Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 10:30 a.m. at the district
court of Aurich, Saal 115, Amtsgericht Aurich, Schlossplatz 2,
26603 Aurich, 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: VFS VERWALTUNG GmbH
Friedrich-Ebert-Str. 69-71, 26725 Emden
Contact:
Werner H. Janssen, Manager
Heiko Janssen, Administrator
Julianenburger Str. 19, D-26603 Aurich
Phone: 04941/97440
Fax: 04941/974420
YAZAR MALER: Fuerth Court Calls in Administrator
------------------------------------------------
The district court of Fuerth opened bankruptcy proceedings
against Yazar Maler on July 8. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 24, 2005 to register their claims
with court-appointed provisional administrator Henning Schorisch.
Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 2:15 a.m. at the district
court of Fuerth, Zi. 216/II, Dienstgebaude Baumenstrasse 28, 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: YAZAR MALER, STUCK- UND GERUESTBAU GmbH & Co. KG
Leichendorfer Str. 14 in 90522 Oberasbach
Henning Schorisch, Administrator
Nordostpark 12, 90411 Nuernberg
Phone: 0911/756610
Fax: 0911/7566113
ZAHNTECHNIK THIEMANN: Falls into Bankruptcy
-------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Zahntechnik Thiemann GmbH on July 13. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 5, 2005 to register their claims
with court-appointed provisional administrator Werner F.
Muehlenbrock.
Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:00 a.m. at the district
court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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: ZAHNTECHNIK THIEMANN GmbH
Oemken Str. 63, 45892 Gelsenkirchen
Contact:
Andreas Thiemann, Manager
Werner F. Muehlenbrock, Administrator
Bahnhofstr. 46, 45879 Gelsenkirchen
Phone: 0209/1553490
Fax: 0209-1553488
=========
I T A L Y
=========
PARMALAT FINANZIARIA: Prosecutors Sue Banks, Managers
-----------------------------------------------------
Milan prosecutors have indicted five banks for alleged market
rigging in connection to Parmalat Finanziaria S.p.A., Il Sole 24
Ore says.
Prosecutors last week asked Milan Judge Cesare Tacconi to try
global banks Citigroup, Morgan Stanley, Deutsche Bank and UBS,
and local fund manager Nextra for allegedly helping Parmalat
mislead investors. Prosecutors, in particular, targeted the
local and London branches of Deutsche Bank, as well as the Milan
and London branches of Morgan Stanley.
Aside from the financial institutions, prosecutors also sought
indictments against 13 bank managers. The prosecutors accused
the banks and their managers of knowingly aiding Parmalat secure
financing using prospectus that hid its real financial status.
Citigroup, which has threatened to seek damages for losing more
than EUR500 million in Parmalat transactions, denied its
employees acted improperly. UBS, on the other hand, said its
behavior and that of employees could not have amounted to market
manipulation. Morgan Stanley, Deutsche Bank and Nextra refused
to comment on the matter. According to British Broadcasting
Corporation, the court will start hearing the case in September.
Standard & Poor's Sued
Parmalat also sued Standard & Poor's last week for assigning a
credit rating that failed to reflect the group's serious
financial problems. Parmalat had been receiving an investment
grade rating from S&P until a little more than a week before food
group declared bankruptcy in December 2003. S&P subsequently
downgraded Parmalat's rating twice in two days to two levels
above default grade. Parmalat claims that S&P did not conduct
rigorous assessment prior to the collapse.
Milan prosecutors are now examining the evidence of Parmalat
administrator Enrico Bondi against S&P. One source told Reuters
in a separate report: "The complaint documents have been handed
to Milan prosecutors. It is up to the prosecutors now to decide
whether or not to take this forward."
Parmalat collapsed in December 2003 under more than EUR14 billion
of debt. The group's fall is considered Europe's largest
financial scam, prompting European Union lawmakers to tighten
auditing regulations and hike scrutiny of corporate governance.
Parma prosecutors revealed last month a judicial report that had
warned about the group's risky status as early as 1997. The
group plans to relist on the local stock market either in
September or October.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
CITIGROUP INC.
399 Park Ave.
New York, NY 10043
Phone: 212-559-1000
Fax: 212-793-3946
Web site: http://www.citigroup.com
MORGAN STANLEY
1585 Broadway
New York NY 10036
Phone: 212-761-4000
Fax: 212-762-0575
Web site: http://www.morganstanley.com
DEUTSCHE BANK AG
Taunusanlage 12
60262 Frankfurt am Main
Phone: +49-69-910-00
Fax: +49-69-910-38591
Web site: http://www.deutsche-bank.de
UBS AG
Bahnhofstrasse 45
CH-8098 Zurich
Switzerland
Phone: +41-44-234-4111
Fax: +41-44-234-3415
Web site: http://www.ubs.com
STANDARD & POOR'S
55 Water St.
New York, NY 10041
Phone: 212-438-2000
Fax: 212-438-7375
Web site: http://www.standardandpoors.com
PARMALAT FINANZIARIA: S. African Unit Books 46% Jump in Profit
--------------------------------------------------------------
One of Parmalat Group's most efficient units is finalizing its
Black Economic Empowerment (BEE) plan, Business Day South Africa
reported on August 1.
The BEE is the equivalent of affirmative action in the U.S., the
paper said. Incoming Parmalat SA CEO Theo Hendrickse says the
plan to allow black partners to acquire stake in its South
African operations will be taken up with the Italian parent after
the completion of its restructuring.
Parmalat SA is currently the second-largest dairy producer in
South Africa, next to Clover SA. The group ranks first in UHT
milk and cheese; second to Clover in fresh milk; and second to
Danone in yogurt. Outgoing CEO and Parmalat SA founder Fernando
Di Gaetano recently announced first-half turnover jumped 19% to
EUR134.4 million, lifting profits by 46% to EUR13.6 million.
Parmalat SA now controls 17% of the local market for dairy
products. Mr. Hendrickse expects the strong demand for dairy to
continue, especially if the government succeeds in boosting
growth.
Parmalat Finanziaria collapsed in December 2003 after revealing a
EUR14 billion hole on its balance sheet. The group then went
into extraordinary administration, along with its subsidiaries.
The insolvency forced the group to pull out from several
businesses and reduce its presence in 30 countries to 16.
Parmalat is planning to get out of administration next month and
relist on the Italian stock market by October.
CONTACT: PARMALAT FINANZIARIA S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
PARMALAT SA (PTY) LTD.
Strand Road,
Stellenbosch, 7600
Phone: +27 21 809 1400
Fax: +27 21 809 1518
Web site: http://www.parmalat.co.za
PARMALAT USA: Court Clears Auditors of Theft, Fraud
---------------------------------------------------
As previously reported, Chairman Enrico Bondi filed a complaint
against Parmalat's former auditors and affiliates asserting
professional malpractice, fraud, aiding and abetting fraud,
negligent misrepresentation, aiding and abetting breach of
fiduciary duty, theft and diversion of corporate assets,
conversion of corporate property, unlawful civil conspiracy,
aiding and abetting fraudulent transfer, and deepening insolvency
as causes of action.
Judge Kaplan dismisses Dr. Bondi's claims against Grant Thornton
LLP, Deloitte & Touche LLP and Deloitte & Touche USA LLP. Judge
Kaplan also rejects Dr. Bondi's claims against Grant Thornton
International and Deloitte Touche Tohmatsu on the counts of:
(a) Theft and diversion of corporate assets;
(b) Aiding and abetting the fraudulent transfer of property; and
(c) Deepening insolvency.
Judge Kaplan further dismisses Dr. Bondi's claim against GTI and
DTT for recovery of damages not incurred by Parmalat's bankruptcy
estate. The Court denies GTI's and DTT's request to dismiss the
remaining counts in Dr. Bondi's Complaint.
A copy of Judge Kaplan's Opinion is available for free at
http://bankrupt.com/misc/Kaplan_Opinion_re_GTI_and_DTT.pdf.
Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue. The Parmalat Group's
40-some-brand product line includes milk, yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices and employs over 36,000 workers in 139
plants located in 31 countries on six continents. Due to its
insolvency, the Company's presence is now limited to 16
countries. The Company filed for chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors. When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debt. The U.S. Debtors emerged from bankruptcy on
April 13, 2005. (Parmalat Bankruptcy News, Issue No. 59;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
POLIGRAFICA SAN FAUSTINO: Cuts Second-quarter Loss
--------------------------------------------------
The fortune of printing specialist Poligrafica San Faustino is
gradually turning as the company succeeded in cutting
second-quarter pre-tax loss despite a slight drop in sales.
According to Il Sole 24 Ore, the company booked EUR8.7 million in
second-quarter sales, down from EUR9.1 million last year.
Second-quarter pre-tax loss dropped from EUR253,000 last year to
EUR65,000.
* * *
TCR-Europe in previous reports said that Poligrafica reported net
losses of EUR559,000 and EUR406,000 in 2003 and 2004,
respectively. Sales in 2004 amounted to EUR35.14 million, but
EBITDA slipped to EUR2.889 million from EUR3.176 million.
The company offers printing, graphics and other Internet
services. Its 900,000 shares, carrying a nominal value of
EUR5.16, is listed on the Nuovo Mercato, a market dedicated to
companies with high growth potential. The Frigoli family holds
56.67% of the company; the rest are on free float.
CONTACT: POLIGRAFICA SAN FAUSTINO S.p.A.
Via Valenca, 15
25030 Castrezzato
Brescia Italy
Phone: 030.7049.1
Fax: 030.7049.280
E-mail: info@psf.it
Web site: http://www.psf.it
Investor Relations Office
Anna Lambiase
Phone: 030.70491
E-mail: ir@psf.it
=====================
N E T H E R L A N D S
=====================
GETRONICS N.V.: Reports Solid Business Developments
---------------------------------------------------
Highlights of first half-year performance:
(a) Service revenue increases to EUR1,082 million (2004: EUR878
million) or 25% at constant rates;
(b) Q2 shows a positive organic growth of service revenue: 2.2%
leading to 1.2% organic growth for the first half-year (at
constant rates), after a long period of decline and two
previous flat quarters (excluding PinkRoccade);
(c) Service revenue per average employee increases by 9% to
EUR44,104 (2004: EUR40,506);
(d) EBITAE increases to EUR44 million, representing 3.3% of
revenue (2004: EUR27 million, representing 2.3% of revenue);
(e) Major global wins have been awarded with total contract
value of more than EUR400 million; and good progress in
PinkRoccade integration: management is appointed, new sales
and marketing organisation is established, and cost saving
programs are put in place.
Other operational developments
(a) Global launch in May of the remote services, Future Proof
Workspace as part of the Company's core remote network and
desktop management offering;
(b) In Italy, Getronics' business is stabilizing and the
commercial pipeline is developing positively;
(c) Business recovery in the United Kingdom, Iberia, and Japan
proceeding according to plan; and
(d) Reorganization and one-off charges were taken in Japan and
some other countries, which were offset by a pension
curtailment gain in Japan resulting in a one-off net
positive effect on EBITAE of EUR5 million.
The full copy of this press release is available free of charge
at http://bankrupt.com/misc/GetronicsNV(H12005).pdf.
* * *
In May, Standard & Poor's Ratings Services revised its outlook on
Getronics to stable from positive. At the same time, Standard &
Poor's affirmed its 'B+' long-term corporate credit and 'B-'
senior unsecured debt ratings on the group, as well as assigning
its 'B+' rating and '3' recovery rating to Getronics' EUR300
million (US$388 million) senior secured bank loan, indicating
Standard & Poor's expectation of meaningful (50%-80%) recovery of
principal in the event of a default.
"The outlook revision follows our review of the group's business
and financial profiles," said Standard & Poor's credit analyst
Patrice Cochelin. "We expect Getronics to again generate weak
free cash flow in 2005 after a negative figure in 2004."
An upgrade to the 'BB-' category is consequently unlikely in the
coming months. Getronics' disappointing revenues in recent
months, coupled with gross margins capped at less than 20%,
attest to fierce competition in the company's main markets.
"Getronics' balance-sheet and liquidity positions are
nevertheless expected to continue to merit a slightly higher
rating," added Mr. Cochelin.
Over the past two months, Getronics completed the acquisition of
Dutch competitor PinkRoccade N.V., refinanced its EUR175 million
credit facility with a new EUR300 million secured facility
(excluding a EUR200 bridge loan), and closed a EUR400 million
equity offering to finance the cash component of the acquisition
and refinance part of its preferred stock. Pro forma for these
transactions, the company's debt will essentially comprise its
EUR100 million bond maturing in 2008, a new EUR150 million
revolving credit facility due in March 2008, and a EUR75 million
acquisition tranche due in March 2008, which will be reduced by
EUR25 million in March 2006.
The stable outlook reflects our expectation that restructuring
costs will continue to impair Getronics' free cash flow
generation in 2005, albeit without threatening its liquidity
position. We may change the outlook to positive if Getronics'
free operating cash flow generation improves to a sustainable
positive figure after restructuring costs. Conversely, if
service revenues continue to fall or liquidity weakens
materially, we may revise our outlook to negative. Small
acquisitions in the company's core business should be
accommodated within the current rating.
CONTACT: GETRONICS N.V.
Rembrandttoren, Amstelphlein 1
1096 HA Amsterdam, The Netherlands
Phone: +31-20-586-1412
Fax: +31-20-586-1568
HAGEMEYER N.V.: Sales Increased by 5.1% in Second Quarter
---------------------------------------------------------
Rudi de Becker, CEO, said "Hagemeyer continued to show solid
sales growth in the second quarter. Particularly notable was our
growth in the still shrinking German market. Our North American,
Nordic and Spanish operations also realized strong sales
performances. We are pleased with our progress in the U.K. The
restructuring of our logistics, key to the turnaround of
Hagemeyer U.K., has been successfully completed well ahead of
schedule. Initial results of our new logistics model in the UK
indicate the potential for substantial cost savings and improved
customer service. We have every reason to be confident that our
sales will continue to grow in the second half of the year."
In the second quarter of 2005, net sales for the Group were
EUR1,386 million (Q2 2004 EUR1,351 million). Organic sales
growth for the Group, not adjusted for the number of working
days, was 5.1% or EUR66 million (Q1 2005: 1.2%).
The net effect of divestments and acquisitions on sales was EUR19
million negative compared to the second quarter of 2004. Adverse
exchange rate effects led to a EUR12 million decrease in sales.
First half 2005 Group sales amounted to EUR2,640 million (HY1
2004: EUR2,645 million). Organic sales growth for the first half
year, not adjusted for the number of working days, was 3.2% or
EUR82 million. The total net effect of divestments and
acquisitions for the first half of 2005 is EUR55 million
negative. This mainly relates to the divestments of GPX and the
retail activities in Germany in early 2004 and the divestment of
Hagemeyer Asia-Pacific Electronics (HAPE) per April 1, 2005.
The exchange rate effect was EUR32 million negative, mainly due
to a stronger euro versus the US-dollar and the pound sterling.
PPS sales grew by 7.0% (4.1% organic growth on a same number of
working days basis) in the second quarter of 2005. The organic
sales growth of 4.5% in the first half 2005 (on a same number of
working days basis) is more than double the rate of the first
half year of 2004 (2.1%).
Organic growth for the Agencies/Consumer Electronics business
(not adjusted for the number of working days) was 15.5% negative
in the second quarter of 2005, mainly due to continued price
erosion in several consumer electronics product categories.
Organic growth in the first half of 2005 was 12.1% negative.
Hagemeyer recently announced that it will discontinue its
involvement in the Fuji Film business in the Netherlands towards
the end of this year.
PPS Second Quarter Sales
In the U.K., organic growth for the second quarter was 3.1%
positive (0.2% negative on a same number of working days basis).
During the first half of the year all our efforts in the UK were
focused on the restructuring of our logistics, key to the
turnaround of the company. Sales growth was not our first
priority. In addition, the second quarter 2004 comparison basis
was relatively high (9.4% organic sales growth in the second
quarter of 2004, same number of working days). The new logistics
model has been successfully implemented. Initial results
indicate the potential for substantial cost savings and improved
customer service.
We expect sales growth in the U.K. to resume in the third
quarter. Despite the fact that the German construction and
installation market is still shrinking, sales in Germany
continued to grow in the second quarter of 2005, outpacing the
already encouraging trend of the first quarter. Resuming sales
growth has been a key objective for Germany, after years of
decline.
All Q1 2005, Q2 2005 and HY1 2005 figures are preliminary and
unaudited and may be subject to final adjustments upon completion
of the 2005 interim accounts.
Organic growth in Q2 2005 was 6.7%, or 3.3% on a same number of
working days basis, compared to a decline of 6.5% (7.9% on a same
number of working days basis) in the full year of 2004. Both the
C&I and industrial segments contributed to the positive
development in sales.
Our successful Nordics region continued to grow at a double-digit
rate of 11.1% in the second quarter of 2005. On a same number of
working days basis this growth is 7.2%. Sales growth in the
Nordics region is mainly driven by a strong performance in the
industrial segment, both with new customers and with continuing
high levels of sales to the utilities segment.
With an organic growth of 11.4% (8.0% on a same number of working
days basis) in the second quarter of 2005, Spain outperformed its
excellent first quarter sales performance.
Second-quarter 2005 sales in North America grew by 7.6% (7.2% on
a same number of working days basis). Both Canada and Mexico
achieved strong sales growth in the oil sector.
For the U.S.A., sales growth was 5.9% (also 5.9% on a same number
of working days basis). Weaker growth in the government and
automotive markets was more than offset by stronger growth in
other industries, especially in the Southwest region of the U.S.
In Asia-Pacific, which is mainly Australia, Q2 2005 organic
growth was 4.0% (0.1% on a same number of working days basis).
Construction is slowing down in Australia and competition remains
fierce.
Sales were weak in New South Wales. The other regions of
Australia and industrial sales showed good growth. Since April 1,
2005 our sales in the region no longer include the divested
activities of Hagemeyer Asia-Pacific Electronics (HAPE).
U.K. Update
With the objectives of drastically reducing the cost base,
improving customer service and reducing inventory levels, our
number one priority for the first half of the year was to
restructure the logistics of Newey & Eyre, our main operation in
the UK. This entailed the closing of Newey & Eyre's national
distribution centre at Runcorn, the rollout of a number of
regional distribution centres and the restructuring of the
transport network. This project has been successfully completed,
considerably ahead of schedule. The new logistics model is
expected to reduce Hagemeyer's cost base in the UK on an annual
basis by around EUR30 million.
Following the completion of the logistics restructuring, Rod
Stoyel, interim CEO of Hagemeyer U.K., will be leaving the
Company shortly. Rod Stoyel, engaged from an interim management
company, has specific experience in logistics in our industry and
was brought on board to restructure our U.K. distribution
network. We thank Rod for the successful implementation of this
complex project.
Rudi de Becker, CEO of the Hagemeyer Group, will serve as CEO of
Hagemeyer U.K. while a search is conducted for a permanent
successor. During this interim period, Rudi de Becker will spend
much of his time in the UK and work very closely with the UK
management team, focusing on resuming sales growth and continuing
the positive momentum in the areas of cost reduction, gross
margin improvement and reducing net working capital as a
percentage of sales.
At the end of June 2005, the Group's total net interest-bearing
debt, including EUR285 million subordinated convertible debt,
stood at EUR582 million, an increase of EUR103 million compared
to the EUR479 million as at December 31, 2004. This increase is
mainly the result of seasonally higher working capital, as well
as currency influences.
On June 9, 2005 we announced the intention to refinance and
improve our senior credit facility, consisting of a EUR500
million multi-currency senior working capital facility and a
EUR115 million letter of credit facility. This refinancing was
completed by mid July 2005.
Outlook
Hagemeyer's outlook for the remainder of 2005 and for 2006
remains unchanged. Compared to 2004, we expect for 2005:
(a) To further grow our sales, provided our markets do not
deteriorate;
(b) To achieve savings in operating costs that will at least
offset inflationary and volume-related cost movements;
(c) To improve our EBITA-margin as a percentage of sales;
(d) To meet the financial covenants for the senior credit
facility as at December 31, 2005; and
(e) To further significantly reduce our net loss.
For 2006 Hagemeyer expects a positive net result. A more
detailed outlook will be given on August 26.
Naarden, August 3, 2005
Hagemeyer N.V.
Board of Management
* * *
Hagemeyer is a value-added business-to-business (B2B)
distribution services group focusing on the markets for
electrical materials, safety and other MRO (Maintenance Repair
and Operations) products in Europe, North America and
Asia-Pacific. Currently over some 18,000 people are working at
Hagemeyer in 27 countries.
Hagemeyer N.V. said in June it reached agreement in principle
with a bank consortium of ABN AMRO Bank, ING Bank, Rabobank and
NIB Capital Bank to refinance and improve its existing senior
secured credit facility. These banks will jointly increase their
share in the credit facility to Hagemeyer with approximately
EUR240 million, which allows Hagemeyer to pay down all other 26
lenders in its current senior credit facility.
In April, the Group reported total net interest bearing debt
increased from EUR476 million at year-end 2004 to EUR535 million
at March 31, 2005. Apart from the impact of foreign exchange
movements, the increase in net debt in Q1 2005 is mainly due to
seasonal influences.
CONTACT: HAGEMEYER N.V.
Rijksweg 69, P.O. Box 5111, 1410 AC Naarden
The Netherlands
Phone: + 31 (0)35 6957676
Fax: + 31 (0)35 6944396
Contact:
Emilie de Wolf
Web site: http://www.hagemeyer.com
===========
P O L A N D
===========
FINCAST: Net Loss, Debt Escalate
--------------------------------
The financial condition of local broadcaster Fincast has worsened
since declaring bankruptcy on April 5, Europe Intelligence Wire
says.
Prior to filing for bankruptcy, the company's net losses
increased from PLZ1.1 million to PLZ4.1 million. In May, this
ballooned to PLZ4.8 million and cash on hand dwindled to as low
as PLZ1,200, the report states. Its debts total PLZ58.8 million,
while assets only amount to PLZ10.2 million.
The company attributes its troubles to last year's PLZ80.9
million loss, coupled by falling audience and commercials
following the Pope's death. Fincast broadcasts and produces
programs for Tele5.
CONTACT: Tele5
ul. Domaniewska 37,
02-672 Warszawa
Phone: 0-22 337 87 70
Fax: 0-22 337 87 71
E-mail: info@fincast.com.pl
WIRTUALNA POLSKA: Creditors Okay TP Takeover
--------------------------------------------
The country's first and largest Internet portal, Wirtualna Polska
(WP), averted bankruptcy by striking a vital deal with creditors,
the Polish News Bulletin says.
Under the deal, WP will receive from the Virgo group, a unit of
national telecom Telekomunikacja Polska S.A. (TP), a PLN8.5
million (EUR2.1 million) loan, which will be used to repay its
PLN6.2 million debt. TP will also shell out to WP's minority
shareholders around PLN220 million, PLN165 million of which have
already been paid for 19.54% of WP shares. The deal would
further strengthen TP's control of WP, in which it already holds
an 80% stake.
According to the Polish News Bulletin, had the issue remained
unresolved, WP would have become bankrupt, a situation TP
wouldn't like because it would lose its most valuable assets --
the portal and the trademark. WP chief and former shareholder
Andrzej Grabski said, "[Tuesday's] meeting signifies the end of
the conflict for control of WP and a bright future for the
portal."
Leszek Bogdanowicz, one of WP's founders, expressed
dissatisfaction with the deal, saying he would try to block it.
CONTACT: WIRTUALNA POLSKA
Phone: 058 52 15 665
E-mail: pr@wp-sa.pl
Web site: http://www.wp.pl
TELEKOMUNIKACJA POLSKA S.A.
ul. Twarda 18
00-105 Warsaw, Poland
Phone: +48-22-527-2323
Fax: +48-22-527-2341
Web site: http://www.tpsa.pl
=============
R O M A N I A
=============
DAEWOO AUTOMOBILE: Romanian Government Eyes 51% Stake
-----------------------------------------------------
The Romanian government is eyeing the remaining 51% stake in
Daewoo Automobile Romania S.A., the AFP reported.
Parent company Daewoo Motors of South Korea currently holds the
51% stake in the subsidiary that has been in liquidation since
2002. The remaining 49% is owned by Automobile Craiova, which is
72.4%-controlled by the Romanian state.
Economy Minister Codrut Seres said: "We want to gain majority
control of the factories of Daewoo Automobile Romania to stop
them being bought by someone else who would use the buildings for
another purpose."
He added that "a stable investor was desirable for the
factories," which employs 3,000 people, and were valued at EUR70
million by Administrator KPMG. The government had reportedly
offered EUR45 million for Daewoo Automobile.
Analysts have speculated that the state mulls selling the factory
complex to another company.
However, Mr. Seres downplayed the assumption, saying that any
other interested investor would have to secure "at least 30%
production and launch a new model in the next two years."
The Romanian subsidiary, which owes its parent company EUR655
million (US$800 million), has seen sales drop in recent years,
with only 27,346 units sold last year, compared with 180,927 for
rival Dacia. A joint venture with U.S. car manufacturer General
Motors is reportedly scheduled to kick off in October.
CONTACT: DAEWOO AUTOMOBILE ROMANIA S.A.
Prelungirea Caracal km3 St.
200748 Craiova, Dolj
Romania
Phone: +40.251.467.099
or +40.251.467.001
Fax: +40.251.544.875
or +40.251.590.950
E-mail: relatii.publice@daewoo.ro
Web site: http://www.rodae.ro
===========
R U S S I A
===========
DAG-PROM-STROY: Deadline for Proofs of Claim September 2
--------------------------------------------------------
The Arbitration Court of Dagestan republic commenced bankruptcy
proceedings against Dag-Prom-Stroy (TIN 0541000939) after finding
the open joint stock company insolvent. The case is docketed as
A15-2805/2004-7. Mr. M. Datsiev has been appointed insolvency
manager. Creditors have until Sept. 2, 2005 to submit their
proofs of claim to 367003, Russia, Dagestan republic,
Makhachkala, Irchi-Kazaka Str. 5a, Apartment 34.
CONTACT: DAG-PROM-STROY
367020, Russia, Dagestan republic,
Makhachkala, Dzerzhinskogo Str. 27
Mr. M. Datsiev
Insolvency Manager
367003, Russia, Dagestan republic, Makhachkala,
Irchi-Kazaka Str. 5a, Apartment 34
ENERGETIC: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Energetic (TIN
3812015214). The case is docketed as A19-7683/05-34. Mr. E.
Katser has been appointed temporary insolvency manager.
Creditors have until Aug. 16, 2005 to submit their proofs of
claim to 664007, Russia, Irkutsk region, Polenova Str. 37-49. A
hearing will take place on Oct. 4, 2005.
CONTACT: ENERGETIC
665077, Russia, Irkutsk region,
Bezbokova Str. 5
Mr. E. Katser
Temporary Insolvency Manager
664007, Russia, Irkutsk region,
Polenova Str. 37-49
GRANITE: Commercial Bank Goes Belly up
--------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Granite (OGRN 1027700052698) after finding
the commercial bank insolvent. The case is docketed as
A40-31713/05-74/11B. Creditors may submit their proofs of claim
to 129366, Russia, Moscow region, Yaroslavskaya Str. 11, Building
1.
CONTACT: GRANITE
129366, Russia, Moscow region,
Yaroslavskaya Str. 11, Building 1
HARMONY: Insolvency Manager Takes over Operation
------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on close joint stock company Harmony. The
case is docketed as A08-2353/05-24B. Mr. A. Gabidulin has been
appointed temporary insolvency manager. A hearing will take
place on Sept. 19, 2005, 11:00 a.m. at the Arbitration Court of
Belgorod region.
CONTACT: HARMONY
Russia, Belgorod region,
Alekseevka, Lenina Str. 191
KSTOVSKAYA: Proofs of Claim Deadline Set September
--------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Kstovskaya after finding the
poultry farm insolvent. The case is docketed as #A43-69/05-33-1.
Ms. L. Ponomareva has been appointed insolvency manager.
Creditors have until Sept. 2, 2005 to submit their proofs of
claim to 603000, Russia, Nizhniy Novgorod, Post User Box 600.
CONTACT: KSTOVSKAYA
607650, Russia,
Nizhniy Novgorod region, Kstovo
Ms. L. Ponomareva
Insolvency Manager
603000, Russia,
Nizhniy Novgorod region, Post User Box 600
NIZHNEGORODETS: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Nizhnegorodets (TIN 5263009122). The case is docketed as
A43-8635/05-24-208. Mr. S. Pitikov has been appointed temporary
insolvency manager. A hearing will take place on Oct. 4, 2005,
10:00 a.m. at the Arbitration Court of Nizhniy Novgorod region
located at Russia, N. Novgorod region, Kremlin, Building 9, Room
303.
CONTACT: NIZHNEGORODETS
603045, Russia, Nizhniy Novgorod region,
Lesorubnaya Str. 21
Mr. S. Pitikov
Temporary Insolvency Manager
603029, Russia, Nizhniy Novgorod region,
Pamirskaya Str. 11, Room 41
PROKHLADNENSKIY: Declared Insolvent
-----------------------------------
The Arbitration Court of Kabardino Balkariya republic commenced
bankruptcy proceedings against Prokhladnenskiy after finding the
alcoholic beverage distillery insolvent. The case is docketed as
A20-3463/02. Mr. V. Alekseev has been appointed insolvency
manager. Creditors have until Sept. 2, 2005 to submit their
proofs of claim to 361016, Russia, Kabardino Balkariya republic,
Prokhladnenskiy region, Sadovaya Str. 164.
CONTACT: Mr. V. Alekseev
Insolvency Manager
361016, Russia, Kabardino Balkariya republic,
Prokhladnenskiy region, Sadovaya Str. 164
RENAISSANCE CAPITAL: Long-term Rating Raised to 'BB-'
-----------------------------------------------------
Fitch Ratings has upgraded Renaissance Capital Holdings Limited's
Long-term rating to 'BB-' (BB minus) from 'B+'. The Outlook for
the Long-term rating remains Stable. RCHL's other ratings have
been affirmed at Short-term 'B', Individual 'C/D' and Support
'5'. The Long-term rating of RCHL's U.K.-domiciled subsidiary,
Renaissance UK Holdings Limited, has also been upgraded to 'BB-'
(BB minus) from 'B+', and its Support rating has been changed to
'3' from '4', reflecting RCHL's greater capacity to provide
support. The Outlook for RUKHL's Long-term rating remains
Stable; its other ratings are affirmed at Short-term 'B' and
Individual 'C/D'.
The upgrade of RCHL's Long-term rating reflects its improved
investment-banking franchise in Russia and to a lesser degree in
Ukraine. It also reflects the company's continued strong
performance and sound capitalization as well as further revenue
diversification. In addition, RCHL's Long-term, Short-term and
Individual ratings take into account its experienced management
team and good risk management practices. However, the ratings
also reflect RCHL's small, albeit rapidly growing, size, the
high-risk profile of the markets in which it operates and its
complex group structure.
The Long-term, Short-term and Support ratings of RUKHL reflect
Fitch's view that there would be a strong propensity of RCHL to
provide support for RUKHL in case of need, and hence, taking into
account RCHL's Long-term 'BB-' (BB minus) rating, the moderate
probability of such support being forthcoming. RUKHL's
Individual rating reflects its smaller size and less diversified
revenues (compared to RCHL), but also a higher level of legal and
regulatory comfort and its lower credit risk profile.
Upward pressure on RCHL's Long-term and Individual ratings, and
hence on RUKHL's Long-term rating via support, could result from
an improvement in the Russian operating environment,
diversification of RCHL's operations into lower-risk countries or
a reduction in risk limits relative to equity. Downward pressure
could result from deterioration in the economic or political
situation in Russia, significant credit or market losses, a
substantial weakening of the group's capitalization.
Reflecting the investment banking nature of RCHL's business,
downward rating pressure could also result from a considerable
loss of franchise due, for example, to a departure of key
managers or reputational damage suffered by the company; however
these risks are mitigated by the equity participation of managers
and a succession plan designed to quickly identify and appoint
replacements for any departing managers.
RCHL's performance has been very strong but its focus on Russia
and Ukraine makes both it and RUKHL vulnerable to a sharp,
prolonged downturn in investor confidence in these countries.
However, efficiency and cost flexibility are relatively high and
revenues are increasingly well diversified by both products and
transactions. Capitalization is strong in Fitch's view and the
group's regulated subsidiaries comfortably meet their regulatory
capital requirements.
The Renaissance group was founded in 1995 by several individuals,
mostly expatriates working in Russia, and is now a leading
Russian and Ukrainian investment bank with RCHL being the holding
company located in Bermuda. It is engaged in equities and
fixed-income brokerage, capital markets, investment banking and
asset management. RUKHL was created in 2000 for the group's
trading operations with non-CIS clients. RUKHL's trading
subsidiaries are regulated by the U.K. FSA, the U.S. NASD and the
Cypriot SEC.
CONTACT: FITCH RATINGS
Alexei Kechko, Moscow
Phone: +7 095 956 9901
James Watson
Phone: +7 095 956 9901
Web site: http://www.fitchratings.com
Media Relations
Jon Laycock, London
Phone: +44 20 7417 4327
SHUCHYE-REM-TEKH-ENTERPRISE: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on open joint stock company
Shuchye-Rem-Tekh-Enterprise. The case is docketed as
A14-5097/200533/2b. Mr. A. Zapryagaev has been appointed
temporary insolvency manager. A hearing will take place on Sept.
29, 2005, 2:15 p.m.
CONTACT: SHUCHYE-REM-TEKH-ENTERPRISE
Russia, Voronezh region,
Ertilskiy region, Shuchye
Mr. A. Zapryagaev
Temporary Insolvency Manager
394038, Russia, Voronezh region,
Dorozhnaya Str. 18
TRUST: Insolvency Manager to Temporarily Oversee Business
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Trust (TIN
6101025355). The case is docketed as A53-9895/05-S2-8. Mr. S.
Kononov has been appointed temporary insolvency manager.
Creditors have until Aug. 2, 2005 to submit their proofs of claim
to 344010, Russia, Rostov-na-Donu, Lermontovskaya Str. 83, Office
90. A hearing will take place on Oct. 25, 2005, 2:30 p.m.
CONTACT: TRUST
Russia, Rostov region, Azovskiy region,
Krasnyj Sad, Tsentralnaya Str. 4
Mr. S. Kononov
Temporary Insolvency Manager
344010, Russia, Rostov-na-Donu,
Lermontovskaya Str. 83, Office 90
VOLGOGRADSKIY LINOLEUM: Bankruptcy Hearing Set Mid-August
---------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Volgogradskiy Linoleum (TIN 3443059545). The case is docketed as
A12-1-603/05-s58. Mr. V. Erokhov has been appointed temporary
insolvency manager. Creditors may submit their proofs of claim
to 400005, Russia, Volgograd, Prazhskaya Str. 8-3. A hearing
will take place on Aug. 16, 2005.
CONTACT: VOLGOGRADSKIY LINOLEUM
400075, Russia, Volgograd region,
Krasnopolyanskaya Str. 55
Mr. V. Erokhov
Temporary Insolvency Manager
400005, Russia, Volgograd region,
Prazhskaya Str. 8-3
=========
S P A I N
=========
TERRA MITICA: Eyes Selling Land to End Receivership
---------------------------------------------------
Loss-making theme park Terra Mitica seeks to get out of temporary
receivership by selling part of its lands, Expansion says.
Main shareholders, autonomous government of Valencia and local
savings banks CAM and Bancaja, are seeking to end Terra Mitica's
financial crisis by forging a deal with creditors. However, the
theme park needs a large amount to serve as guarantee. To
generate the amount, Terra Mitica will sell a portion of the land
it had set aside for expansion.
Terra Mitica, set up in 2000, went into temporary receivership in
May 2004 after incurring around EUR300 million in debt. The
group then implemented drastic restructuring measures, which
include job and salary cuts and renewal of existing deals with
travel agencies and tour operators. Thanks to these, the group
managed to halve its net loss from EUR70 million in 2003 to EUR35
million in 2004. This year, Terra Mitica expects to generate
EBITDA of EUR2.2 million, and emerge from receivership.
CONTACT: TERRA MITICA PARQUE TEMATICO DE BENIDORM S.A.
Ctra. Benidorm a Finestrat
Partida del Moralet s/n
03502 Benidorm (Alicante)
Phone: 902 02 02 20
Fax: 965 00 47 49
E-mail: callcenter@terramiticapark.com
Web site: http://www.terramiticapark.com
=============
U K R A I N E
=============
CHUDNIVSKA FURNITURE: Creditors' Claims Due Today
-------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Chudnivska Furniture Factory (code EDRPOU
02969780) on June 9, 2005 after finding the close joint company
insolvent. The case is docketed as 5/116 b. Mr. Volodimir
Kravtsov (License Number AA 779160) has been appointed
liquidator/insolvency manager. The company holds account number
260023980708 at Oshadbank, Zhitomir branch, MFO 311647.
Creditors have until today to submit their proofs of claim to:
(a) CHUDNIVSKA FURNITURE FACTORY
Ukraine, Zhitomir region,
Chudnivskij district, Makarenko Str. 8
(b) Mr. Volodimir Kravtsov
Liquidator/Insolvency Manager
10009, Ukraine, Zhitomir region,
Polyova Square, 10, room 7
Phone: (097) 264-54-50
(c) ECONOMIC COURT OF ZHITOMIR REGION
10002, Ukraine, Zhitomir region,
Putyatinski Square, 3/65
KRIVORIZHGAZ: Court Freezes Debt Payments
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Krivorizhgaz (code EDRPOU 03341397)
on July 21, 2004 and ordered a moratorium on satisfaction of
creditors' claims. The case is docketed as 29/13504. Mr.
Nabiyev Shafagat (License Number AA 783208) has been appointed
temporary insolvency manager. The company holds account number
26003151153001.
Creditors have until today to submit their proofs of claim to:
(a) KRIVORIZHGAZ
50051, Ukraine, Dnipropetrovsk region,
Krivij Rig, Metalurgiv Str. 1
(b) Mr. Nabiyev Shafagat,
Temporary Insolvency Manager
50031, Ukraine, Dnipropetrovsk region,
Krivij Rig, Galan Str. 8
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
LAGOS: Donetsk Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC LAGOS (code EDRPOU 32842706) on June 21,
2005 after finding the limited liability company insolvent. The
case is docketed as 27/76 B. Mr. Rostislav Milonov (License
Number AA 668253) has been appointed liquidator/insolvency
manager. The company holds account number 26002175335700 at JSCB
Ukrsocbank, Donetsk regional branch, MFO 334011.
Creditors have until today to submit their proofs of claim to:
(a) LAGOS
Ukraine, Donetsk region,
Partizanskij Avenue, 66 B/34
(b) Mr. Rostislav Milonov
Liquidator/Insolvency Manager
83048, Ukraine, Donetsk region,
Artema Str. 159/26
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
MAKIYIVKA' AUTO 11429: Court Grants Debt Moratorium
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Makiyivka' Auto Transport
Enterprise 11429 on May 23, 2005 and ordered a moratorium on
satisfaction of creditors' claims. The case is docketed as 42/79
B. Ms. Kondratyeva Marina (License Number AA 116160) has been
appointed temporary insolvency manager. The company holds
account number 26066301526573 at Prominvestbank, Makiyivka
branch, MFO 334516.
Creditors have until August 6, 2005 to submit their proofs of
claim to:
(a) MAKIYIVKA' AUTO TRANSPORT ENTERPRISE 11429
86126, Ukraine, Donetsk region,
Makiyivka, General Danilov Avenue, 45
(b) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
PROGRES PLUS: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Agroindustrial Firm Progres Plus
(code EDRPOU 3158029) on May 20, 2005. The case is docketed as B
26/62/05. Mr. Natalya Chesnova (License Number AB 216702) has
been appointed temporary insolvency manager. The company holds
account number 26009072740200, MFO 305653.
Creditors have until today to submit their proofs of claim to:
(a) PROGRES PLUS
Ukraine, Dnipropetrovsk region,
Tsarichanskij district, Mogiliv,
Panikahi Str. 3-a
(b) Mr. Natalya Chesnova
Temporary Insolvency Manager
49101, Ukraine, Dnipropetrovsk region,
Artema Str. 159/26
(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
TECHNOLOGICAL INSTITUTE: Declared Insolvent
-------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Ukrainian State Designing-Constructing and
Technological Institute of Secondary Resources (code EDRPOU
04741331) on June 23, 2005 after finding the company insolvent.
The case is docketed as B-24/69-05. Mr. Sergij Sautenko (License
Number AA 216886) has been appointed liquidator/insolvency
manager. The company holds account number 26004623820000 at JSCB
UkrSibbank, Harkiv branch, MFO 351641.
Creditors have until today to submit their proofs of claim to:
(a) UKRAINIAN STATE DESIGNING CONSTRUCTING AND TECHNOLOGICAL
INSTITUTE OF SECONDARY RESOURSES
61050, Ukraine, Harkiv region,
Shota Rustaveli Str. 39
(b) Mr. Sergij Sautenko
Liquidator/Insolvency Manager
Ukraine, Harkiv region,
Chervonoarmijska Str. 8/10V/5
Phone/Fax: (0572) 24-39-23
(c) ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th Entrance
TRETIJ SVIT: Insolvency Manager Takes over Helm
-----------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Tretij Svit (code EDRPOU 31131575) on June
16, 2005 after finding the limited liability company insolvent.
The case is docketed as 25/134. Mr. O. Klimenko (License Number
AA 783152) has been appointed liquidator/insolvency manager.
Creditors have until today to submit their proofs of claim to:
(a) TRETIJ SVIT
69097, Ukraine, Zaporizhya region,
Zaporizkogo kozatstva Str. 21/71
(b) Mr. O. Klimenko
Liquidator/Insolvency Manager
Ukraine, Zaporizhya region,
Lenin Avenue, 77, Office 95
(c) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
TSILUSHE DZHERELO: Creditors' Claims Due Today
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Tsilushe Dzherelo (code EDRPOU 23954506)
after finding the limited liability company insolvent. The case
is docketed as 6/46-4/27. Mr. Andrij Sibal (License Number AA
485266) has been appointed liquidator/insolvency manager.
Creditors have until today to submit their proofs of claim to:
(a) TSILUSHE DZHERELO
Ukraine, Lviv region,
Kamyanko-Buzkij district, Sapizhanka
(b) Mr. Andrij Sibal
Liquidator/Insolvency Manager
79000, Ukraine, Lviv region,
P. Doroshenko Str. 61/5
(c) ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
UKRAINA BANK: Central Bank Appoints New Receiver
------------------------------------------------
The National Bank of Ukraine (NBU) has replaced the
liquidator/receiver of Bankrupt Ukraina bank, Interfax News
Agency says.
NBU issued a decree on June 29, 2005, replacing Kostiantyn
Rayevsky with Maryna Rodionova as receiver. Mr. Rayevsky had
been the bank's receiver since June 27, 2002. Mr. Rodionova is
an employee of the central bank.
Ukraina Bank's troubles started in 1998; three years later NBU
cancelled its banking license and started liquidation
proceedings.
CONTACT: UKRAINA BANK
0, prov.Rylsky, 254025,
Kyiv, Ukraine
Phone: (+380-44) 244-1564,
244-1504
Fax: (+380-44) 229-0239
Telex: 631256 BKUKR SU
UKRZINC OJSC: Govt Decides to Liquidate Inactive Metal Refiner
--------------------------------------------------------------
The State Property Fund of Ukraine (SPFU) will liquidate OJSC
Ukrzinc due to its insolvency, Interfax News Agency says.
From June 23 to June 25, Ukrzinc's revision commission inspected
its 2004 financial and economic performance. The commission
discovered Ukrzinc has been suffering from liquidity problems and
high debt, putting it in an "extra critical" financial and
economic condition.
Due to its inability to resume industrial processes and zinc
production, and absence of potential investors, SPFU proposed to
set up an inter-departmental liquidation commission to wind up
the company.
State-owned Ukrzinc, formerly Kostyantynivka Chemical Plant, used
to produce Lead pigs, Lead-Antimony alloys, Zinc Vitriol and Zinc
Oxide. The group has not been producing zinc since 1995 due to
lack of funds. According to experts, Ukrzinc needs around UAH2.5
million to revive production.
CONTACT: UKRZINC OJSC
1, Khmelnitskogo Str.
Konstantinovka Str.
Donetsk Oblast,
Ukraine, 342002
Phone: (+380 6272) 2-30-50
2-12-92
Fax: (+380 6272) 2-35-62
===========================
U N I T E D K I N G D O M
===========================
ACADEMY OF ENGLISH: Court Orders Liquidation
--------------------------------------------
Company Name: ACADEMY OF ENGLISH STUDIES LIMITED
48 School Road,
Moseley,
Birmingham, B13 9SN
Registration Number: 04221803
Court: Birmingham District Registry
Date of Filing Petition: April 7, 2005
No. of Matter: 2348 of 2005
Date of Winding-up Order: July 18, 2005
CONTACT: Official Receiver
3rd Floor East, Ladywood House,
45/6 Stephenson Street
Birmingham, B2 4UP
Phone: 0121 698 4147
Fax: 0121 698 4408
ACTON BUILDING: Construction Firm Winds up
------------------------------------------
At an Extraordinary General Meeting of the Members of general
construction and civil engineering firm Acton Building Supplies
Ltd. (trading as Helifix Advanced Engineering), duly convened,
and held at Gable House, 239 Regents Park, London N3 3LF, on 22
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 D
L Platt be and he is hereby appointed Liquidator for the purposes
of such winding-up."
R Paterson, Director
CONTACT: SPW POPPLETON & APPLEBY
Gable House
239 Regents Park Road
London N3 3LF
Phone: 020 8371 5000
Fax: 020 8346 8588
E-mail: mike@spwca.com
ALLEGRO SOLUTIONS: Court Approves Winding-up
--------------------------------------------
Company Name: ALLEGRO SOLUTIONS LIMITED
New City,
Clouston, EC1V 9FS
Registration Number: 03871157
Court: Bristol District Registry
Date of Filing Petition: June 1, 2005
No. of Matter: 2293 of 2005
Date of Winding-up Order: July 20, 2005
CONTACT: Official Receiver
21 Bloomsbury Street,
London, WC1B 3SS
Phone: 020 7637 1110
Fax: 020 7637 6390
ASHTEAD GROUP: Completes Refinancing; To Issue Dividends
--------------------------------------------------------
Ashtead Group plc, the international equipment rental group
serving the construction, industrial and homeowner markets, has
completed its refinancing, which was announced on 7 July 2005.
The refinancing included:
(a) the raising of approximately GBP70 million before expenses
through the Placing and Open Offer of approximately 73.4
million New Ordinary Shares at 95.5 pence per share; and
(b) the raising of US$250 million (approximately GBP142
million), before expenses, by the issue of New Senior Loan
Notes, which carry an interest rate of 8 5/8 % and will be
repayable in full in August 2015.
Dealings in the New Ordinary Shares have now commenced.
Following the Placing and Open Offer a total of 400.2 million
Ordinary Shares are in issue.
From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and will
redeem GBP42 million of the existing Senior Loan Notes, which
carry interest at a rate of 12%.
Together these transactions have:
(a) further de-leveraged the balance sheet and reduce borrowing
costs;
(b) further extended the average debt maturity to approximately
7 years;
(c) avoided the potential dilution to existing shareholders
which would occur if the Convertible Loan Note were to
convert into equity;
(d) broadened the investor base; and
(e) facilitated the payment of dividends in the future.
The Board believes that the stronger capital base created by the
refinancing will also provide significantly greater flexibility
in developing the Group over the coming years.
George Burnett, Chief Executive said: "We are particularly
pleased to have received such a strong vote of confidence from
both debt and equity investors.
"The successful conclusion of the refinancing means Ashtead is
now well placed to take full advantage of continuing strong
market conditions and also to resume the payment of dividends. We
look forward to reporting further progress in the coming year."
Terms used in this Announcement shall have the same meanings as
set out in the Prospectus dated 7 July 2005.
* * *
Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S., through it's a-Plant and
Sunbelt subsidiaries. As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million and
EBITDA of GBP169.7 million. As at 30 April 2005, net
debt was GBP493.2 million.
CONTACT: ASHTEAD GROUP PLC
King's Court, 41-51 Kingston Rd.
Leatherhead
Surrey KT22 7AP, United Kingdom
Phone: +44-1372-362-300
Fax: +44-1372-376-610
Web site: http://www.ashtead-group.com
George Burnett, Chief Executive Officer
Ian Robson, Chief Finance Officer
Phone: +44 (0)1372 362300
ASHTEAD GROUP: Rating Upped to 'BB-' After Recapitalization
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on U.K.-based rental equipment company Ashtead
Group PLC to 'BB-' from 'B+' following the successful completion
of the group's recapitalization. The outlook is stable.
At the same time, Standard & Poor's assigned its 'B' debt rating
to the 10-year, $250 million second-lien notes issued by Ashtead
Holdings PLC and guaranteed by Ashtead. This is two notches
below the 'BB-' corporate credit rating on Ashtead.
All ratings have been removed from CreditWatch with positive
implications where they were placed on July 7, 2005, following
the announcement of the recapitalization transactions.
The one-notch upgrade follows the successful completion of
concurrent transactions involving a GBP70 million (US$126
million) equity placement and a $250 million, 10-year,
second-lien notes issue.
"The upgrade reflects Standard & Poor's view that the combined
transactions benefit Ashtead's credit profile through improved
leverage and an extended debt maturity profile," said Standard &
Poor's credit analyst Jarrad Oberhardt. "The recapitalization
also demonstrates a commitment to a more moderate financial
policy."
Positive conditions in the U.S. industrial and constructions
markets are expected to continue throughout fiscal 2006.
Ashtead's markets remain highly cyclical, however, and forward
visibility is limited.
"Should earnings weakness arrive sooner than expected, Ashtead
would need to reduce capital expenditures and apply free cash
flows toward debt reduction," added Mr. Oberhardt.
Standard & Poor's expects that Ashtead will retain FFO to net
debt of about 20% and net debt to EBITDA of between 3x and 4x.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-Mail Address
CorporateFinanceEurope@standardandpoors.com
BARK ENDEAVOUR: Shareholders Opt for Liquidation
------------------------------------------------
Pursuant to a Written Resolution passed by the Shareholders of
Bark Endeavour Limited on 14 July 2005, the following Resolutions
were passed:
"That the Company be wound up voluntarily, and that Nigel Heath
Sinclair and Neil Hunter Cooper, both of Kroll, 10 Fleet Place,
London EC4M 7RB, be and are hereby appointed Liquidators for the
purposes of the winding-up of the Company."
M J Sharpe, 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
BOLDINGS LIMITED: Hires Smith & Williamson Administrator
--------------------------------------------------------
Name: BOLDINGS LIMITED
(Company No 04260380)
Nature of Business: Metal Fabrication and Construction
Trade Classification: 11
Date of Appointment: July 21, 2005
Joint Administrators' Names and Address: Anthony Murphy and Roger
Tulloch (IP Nos 8716 and 9174), both of Smith & Williamson
Limited, No 1 Bishops Wharf, Walnut Tree Close, Guildford, Surrey
GU1 4RA
CONTACT: SMITH & WILLIAMSON LIMITED
No 1 Bishops Wharf
Walnut Tree Close
Guildford GU1 4RA
Phone: 01483 407 100
Fax: 01483 301 232
Web site: http://www.smith.williamson.co.uk
CAMBRIDGE PUB: Members Decide on Liquidation
--------------------------------------------
At an Extraordinary General Meeting of the Members of Cambridge
Pub Company Limited, duly convened, and held at Salisbury House,
Station Road, Cambridge CB1 2LA, on 21 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
Shay Lettice be and he is hereby appointed Liquidator for the
purposes of such winding-up."
M E Deaves-Small, Chairman
CONTACT: PETERS ELWORTHY & MOORE
Salisbury House
Station Road
Cambridge
Cambridgeshire CB1 2LA
Phone: 01223 362333
Fax: 01223 461424
E-mail: slettice@pem.co.uk
CATENA RAIL: In Administrative Receivership
-------------------------------------------
Name: CATENA RAIL LIMITED
(Reg No 03708739)
Nature of Business: Maintenance of Overhead Rail Cables
Trade Classification: 08
Date of Appointment of Joint Administrative Receivers: May 16,
2005
Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank Plc
Joint Administrative Receivers: C. P. Holder (Office Holder No
9093), of Kroll, 3rd Floor, Wellington Plaza, 31 Wellington
Street, Leeds LS1 4DL and S. Wilson (Office Holder No 8963), of
Kroll, 1 Oxford Court, Bishopsgate, Manchester M2 3WQ.
CONTACT: KROLL LIMITED
Wellington Plaza,
31 Wellington Street,
Leeds LS1 4DL
Web site: http://www.krollworldwide.com
KROLL MANCHESTER
1 Oxford Court Bishopsgate Place
Manchester M2 3WR
United Kingdom
Phone: 44 (0) 161 228 6622
Fax: 44 (0) 161 228 1199
Web site: http://www.krollworldwide.com
CHRIS BURRELL: Calls in Administrators from Baker Tilly
-------------------------------------------------------
Name: CHRIS BURRELL LIMITED
(Company No 02975446)
Nature of Business: Erection and Sitting of Portable Buildings
and the Manufacture of Portable Buildings and the Manufacture of
Doors and Windows
Trade Classification: 11
Date of Appointment: July 21, 2005
Administrators' Names and Address: Adrian David Allen and Philip
Edward Pierce (IP Nos 8740 and 9364), both of Baker Tilly, 2
Whitehall Quay, Leeds LS1 4HG
* * *
Chris Burrell Ltd has 20 years experience in the building
installation industry. It has approximately 40 employees. Visit
http://www.chrisburrell.co.uk/statement.htmlfor more
information.
CONTACT: CHRIS BURRELL LIMITED
Wisefield, Beverley Road,
Beeford, Driffield YO25 8AD
Phone: 01262 488919
Fax: 01262 488986
E-mail: info@chrisburrell.co.uk
BAKER TILLY
2 Whitehall Quay, Leeds LS1 4HG
Phone: 0113 285 5000
Fax: 0113 285 5001
Web site: http://www.bakertilly.co.uk
CONGER UK: Calls in Liquidators from BDO Stoy
---------------------------------------------
At an Extraordinary General Meeting of Conger UK Limited (trading
as Conger Electrical), duly convened, and held at Park House,
102-108 Above Bar, Southampton SO14 7NH, on 20 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
Andrew Howard Beckingham and Dermot Brendan Coakley, of BDO Stoy
Hayward LLP, Park House, 102-108 Above Bar, Southampton,
Hampshire SO14 7NH, are hereby appointed Joint Liquidators for
the purposes of such winding-up and are to act jointly and
severally."
At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Andrew Howard Beckingham and Dermot Brendan
Coakley was confirmed.
K J Green, Chairman
CONTACT: BDO STOY HAYWARD LLP
Park House, 102-108 Above Bar,
Southampton, Hampshire SO14 7NH
Phone: 023 8035 6000
Fax: 023 8035 6111
E-mail: southampton@bdo.co.uk
Web site: http://www.bdo.co.uk
CORPORATE VOCATIONAL: Court Okays Liquidation
---------------------------------------------
Company Name: CORPORATE VOCATIONAL TRAINING LTD.
30 Bankside, Kidlington,
Oxfordshire, OX5 1JE
Registration Number: 04272752
Court: Bristol District Registry
Date of Filing Petition: May 20, 2005
No. of Matter: 80 of 2005
Date of Winding-up Order: July 7, 2005
CONTACT: Official Receiver
21-23 London Road,
Gloucester, GL1 3HB
Phone: 01452 521658
Fax: 01452 310910
COSSVAUX PERFORMANCE: EGM Passes Winding-up Resolution
------------------------------------------------------
At an Extraordinary General Meeting of Cossvaux Performance
Tuning Limited, duly convened, and held at 93 Queen Street,
Sheffield S1 1WF, on 26 July 2005, at 10:15 a.m., the following
Extraordinary Resolutions were duly passed:
"It has been proved to the satisfaction of the Meeting that this
Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that the Company be wound up accordingly, and that Andrew
Philip Wood and John Russell, of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF, duly qualified under the Insolvency Act
1986, be and are hereby appointed the Liquidators of the Company
for the purposes of such winding-up. Any act required or
authorized to be done by the Liquidators is to be done by any one
or more of the Liquidators for the time being in office."
At a subsequent Meeting of Creditors duly convened and held
pursuant to sections 98, 99, 100 and 101 of the Insolvency Act
1986, the Resolutions for Voluntary Liquidation and the
appointment of Andrew Philip Wood and John Russell were
confirmed.
W Linfoot, Chairman
CONTACT: THE P&A PARTNERSHIP
The Old Barn, Caverswall Park, Caverswall Lane
Stoke on Trent ST3 6HP
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
COSTAIN GROUP: COGAP-led Team Wins Major Gas Contract in Iran
-------------------------------------------------------------
An international consortium led by Costain Oil, Gas & Process has
reportedly won a US$1.6 billion (EUR1.3 billion) contract to
build a new gas treatment complex in the Khuzestan province of
Iran.
According to the World Wide Projects, the subsidiary of
U.K.-based Costain Group will be working with Spain's Grupo
Dragados S.A. and Iranian firms Sazeh Consultants PJSC and
Jahanpars. COGAP operates as an international
process-engineering contractor.
Under the agreement, the team will design, build and operate the
new facility dubbed Bid Boland 2. The gas plant is expected to
produce low and high sulfur gases, known as sweet and sour gases;
and high value condensates that can be made into petrol and
liquefied petroleum gas (LPG), a low-emission propane and butane
fuel.
COGAP is said to be drafting the overall scheme and execution
plan for the project that is expected to take more than 4 years
to finish. By then, the facility will be capable of serving 10
million homes per day. All of the LPGs will reportedly be stored
in another site in Mahshahr (also being built by the team) for
exportation.
Dragados, a subsidiary of Actividades de Construccion Y Servicios
S.A, has approximately 51,000 workers and 200 units. It is into
construction, industrial engineering, infrastructure concession
and management as well as the environment, among other
activities.
Sazeh, which employs 100, is engaged in the oil and gas sectors
as well as petrochemical plants, power generation and
transmission, the pulp and paper industries in addition to
buildings and hospitals.
CONTACT: COSTAIN GROUP PLC
Costain House, Nicholsons Walk
Maidenhead
SL6 1LN, United Kingdom
Phone: +44-1628-842-444
Fax: +44-1628-674-477
Web site: http://www.costain.com
GRUPO DRAGADOS S.A.
Avenida Tenenerife 4-6, 28700
S.S. de los Reyes
Madrid, Spain
Phone: 011 + (34) + (91) + 583-3000
Fax: 011 + (34) + (91) + 583-3434/2950/2122
E-mail: info@dragados.com
Web site: http://www.dragados.com/eng
JAHANPARS
43 Emdad Gharbi, Sheikh Bahaei Avenue
Tehran 19937, Iran
Phone: 011 + (98) + (21) + 805-2850
Fax: 011 + (98) + (21) + 804-0728
E-mail: info@jahanpars.com
Web site: http://www.jahanpars.com
SAZEH CONSULTANTS PJSC
Dr. Beheshti Ave.
Tehran 1876, Iran
Phone: 011 + (98) + (21) + 873-9824/7246
Fax: 011 + (98) + (21) + 873-3803
Web site:
http://www.iranacces.com/sazehconsultants/home.htm
COUNTY TRAILERS: Goes into Liquidation
--------------------------------------
Company Name: COUNTY TRAILERS & EXHIBITIONS LIMITED
Unit 5, Jupiter House,
Calleva Park, Aldermaston,
Reading, RG7 8NN
Registration Number: 04758085
Court: High Court of Justice
Date of Filing Petition: May 26, 2005
No. of Matter: 003465 of 2005
Date of Winding-up Order: July 13, 2005
CONTACT: Official Receiver
3rd Floor East, Ladywood House,
45/6 Stephenson Street
Birmingham, B2 4UP
Phone: 0121 698 4147
Fax: 0121 698 4408
DANKA BUSINESS: Reports Quarterly Loss of GBP2.3 Million
--------------------------------------------------------
Danka Business Systems plc has reported results for the quarter
ended 30 June 2005. Danka reported first-quarter revenue of
GBP166.8 million, gross margins of 33.7% and a loss from
continuing operations before tax and finance costs of GBP2.3
million, including a cost restructuring charge of GBP3.0 million.
These results, as well as results for prior reporting periods,
include Danka's former Canadian subsidiary, which was sold to
Pitney Bowes with effect from the end of the quarter.
Chief Executive Officer Todd Mavis said: "We made good progress
to start our new fiscal year. We achieved balanced performance
worldwide, a reflection of the work we have done to upgrade our
sales teams, selectively expand sales coverage, and improve
customer and sales force retention.
"We saw meaningful sequential increases in both revenue and gross
margins, reflecting improvements in our key retail equipment and
retail service segments. In the quarter, we made progress on
executing against our Managed Print Services business plan. In
addition, we continued to realize cost savings from our Vision 21
cost restructuring program, with operating costs declining both
year-over-year and sequentially."
For the first quarter:
(a) total revenue was GBP166.8 million, which was 2.9% lower
than the year-ago quarter and 5.2% higher than the fourth
quarter. Retail equipment sales improved by GBP9.3 million
from the comparative prior year period, which was driven by
a 50% increase in revenue from the sales of color equipment.
Service revenue decreased by GBP11.7 million from the
comparative prior year period;
(b) consolidated gross margins were 33.7% of revenue, lower than
the 38.4% reported in the comparative prior year quarter but
higher than last quarter's 27.3%;
(c) operating costs (distribution costs plus administrative
expenses) were GBP59.0 million, a 4.5% decline from the
year-ago quarter and 16.9% lower than the fourth quarter.
The decrease from prior periods is attributable in part to
the realization of cost savings from Danka's Vision 21 cost
restructuring program, lower costs related to Sarbanes-Oxley
compliance and reduced bad debt expense. Included in
operating costs for the period are an adjustment to long-
lived insurance assets, executive separation costs and
favorable foreign currency movements totaling GBP1.5
million;
(d) the loss from continuing operations before tax and finance
costs was GBP2.3 million, including a GBP3.0 million cost
restructuring charge and the GBP3.6 million gain on the
disposal of the Canadian operations. That compares to an
operating profit of GBP3.5 million in the year-ago quarter
and an operating loss of GBP30.9 million in the fourth
quarter including cost restructuring charges; and
(e) free cash flow (net cash provided by operating and investing
activities excluding cash flows from acquisitions and
disposals) was GBP(2.0) million, compared to GBP5.7 million
in the fourth quarter and GBP(8.1) million from the same
period a year ago.
Mr. Mavis added: "Our first quarter performance supports our
belief that our Managed Print Services strategy will not only
assist us in stabilizing service revenue and margins, but it also
will drive equipment sales.
"We continue to balance our targeted growth initiatives against
our commitment to take costs out of the business permanently.
Additionally, we will continue to evaluate our geographic assets
to determine the best strategic opportunities for return on our
investments.
"We were also pleased to announce the appointment of our new
Chief Financial Officer, Ed Quibell, during the quarter. Ed has
extensive international operational and financial experience and
will assume the CFO position next week."
A copy of the financial results is available free of charge at
http://bankrupt.com/misc/DankaBusiness(Q12005).pdf
CONTACT: DANKA BUSINESS SYSTEMS PLC
1230 Arlington Business Park
Theale
West Berkshire RG7 4TX, United Kingdom
Phone: +44-118-903-2163
Web site: http://www.danka.com
DEN DESIGN: Winding-up Petition Receives Green Light
----------------------------------------------------
Company Name: DEN DESIGN LTD.
Goring Heath,
Nr Reading,
Berkshire, RG8 7RT
Registration Number: 04639982
Court: Bristol District Registry
Date of Filing Petition: April 14, 2005
No. of Matter: 1810 of 2005
Date of Winding-up Order: July 6, 2005
CONTACT: Official Receiver
2nd Floor, Kings Wharf,
20-30 Kings Road,
Reading, RG1 3ET
Phone: 0118 958 1931
Fax: 0118 950 4941/3234
DERAY LIMITED: Gears up for Liquidation
---------------------------------------
Company Name: Deray Limited
West Walk Building,
110 Regent Road,
Leicester, LE1 7LT
Registration Number: 04355876
Court: Bristol District Registry
Date of Filing Petition: June 1, 2005
No. of Matter: 2299 of 2005
Date of Winding-up Order: July 20, 2005
CONTACT: Official Receiver
4th Floor, Wellington House,
Wellington Street,
Leicester, LE1 6H
Phone: 0116 2795800
Fax: 0116 2795825
EAST MIDLAND: Liquidator from Deloitte Moves in
-----------------------------------------------
At an Extraordinary General Meeting of the Members of East
Midland Freight Services Limited, duly convened, and held at 1
Woodborough Road, Nottingham NG1 3FG, on Monday 25 July 2005, at
11.00 am, 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
Christopher James Farrington, of Deloitte & Touche LLP, 1
Woodborough Road, Nottingham NG1 3FG, be and is hereby appointed
Liquidator of the Company."
P Garner, Chairman
CONTACT: DELOITTE & TOUCHE LLP
1 Woodborough Road,
Nottingham NG1 3FG
Phone: +44 (0) 115 950 0511
Fax: +44 (0) 115 959 0060
Web site: http://www.deloitte.com
EIS SYSTEMS: Bristol Registry Starts Liquidation
------------------------------------------------
Company Name: EIS SYSTEMS LTD.
76 New Cavendish Street,
London, W1G 9TB
Registration Number: 04337246
Court: Bristol District Registry
Date of Filing Petition: May 25, 2005
No. of Matter: 2215 of 2005
Date of Winding-up Order: July 20, 2005
CONTACT: Official Receiver
21 Bloomsbury Street,
London, WC1B 3SS
Phone: 020 7637 1110
Fax: 020 7637 6390
ENDEAVOUR FOUNDATION: Hires Liquidators from Kroll
--------------------------------------------------
Pursuant to a Written Resolution passed by the Shareholders of
Endeavour Foundation on 14 July 2005, the following Resolutions
were passed:
"That the Company be wound up voluntarily, and that Nigel Heath
Sinclair and Neil Hunter Cooper, both of Kroll, 10 Fleet Place,
London EC4M 7RB, be and are hereby appointed Liquidators for the
purposes of the winding-up of the Company."
M J Sharpe, 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
ENERGYSMART (UK): In Voluntary Winding-up
-----------------------------------------
At an Extraordinary General Meeting of Energysmart (UK) Limited,
duly convened, and held at 641 Green Lanes, London N8 0RE, on 26
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
Ninos Koumettou, of Alexander Lawson & Co, 641 Green Lanes,
London N8 0RE, be and he is hereby appointed Liquidator for the
purposes of such winding-up."
S Pond, Chairman
CONTACT: ALEXANDER LAWSON & CO.
641 Green Lanes
London N8 0RE
Phone: 020 8348 0183
Fax: 020 8340 9115
FLEUR COUTURE: Goes into Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Fleur
Couture Limited, duly convened, and held at Mountview Court, 1148
High Road, Whetstone, London N20 0RA, on 22 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
Elizabeth Arakapiotis, be and he is hereby appointed Liquidator
for the purposes of such winding-up."
G L Spivack, Director
CONTACT: KALLIS & CO.
Mountview Court
1148 High Road
Whetstone
London N20 0RA
Phone: 020 8446 6699
Fax: 020 8492 6099
FORMOLD HIGH: Plastic Manufacturer Calls in KPMG Administrator
--------------------------------------------------------------
Company Names: FORMOLD HIGH PRESSURE PLASTICS LIMITED
(Company No 04276908)
FORMOLD LIMITED
(Company No 01328155)
Nature of Business: Manufacturers of Other Plastics
Address of Registered Office: KPMG, Arlington Business Park,
Theale, Reading RG7 4SD
Date of Appointment: July 23, 2005
Administrators' Names and Address: David John Crawshaw and
Richard John Hill (IP Nos 8814 and 8027), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD
* * *
Founded in 1957 Formold are among the pioneers in plastic
thermoforming. Visit http://www.formold.co.uk/for more
information.
CONTACT: FORMOLD HIGH PRESSURE PLASTICS
5b, Grange Road
Houstoun Industrial Estate
Livingston EH54 5DE
West Lothian
Phone: 01506 430902
Fax: 01506 436148
KPMG
Corporate Recovery, Arlington Business Park,
Theale, Reading RG7 4SD
Phone: (0118) 9642000
Fax: (0118) 9642222
Web site: http://www.kpmg.co.uk
G-2 CLOTHING: Court Approves Liquidation
----------------------------------------
Company Name: G-2 CLOTHING LIMITED
Mayfair House,
14-18 Heddon Street, Mayfair,
London, W1B 4DA
Court: Birmingham District Registry
Date of Filing Petition: April 7, 2005
No. of Matter: 2332 of 2005
Date of Winding-up Order: July 18, 2005
CONTACT: Official Receiver
21 Bloomsbury Street,
London, WC1B 3SS
Phone: 020 7637 1110
Fax: 020 7637 6390
GAINSBOROUGH KITCHENS: Winding-up Pushes Through
------------------------------------------------
Company Name: GAINSBOROUGH KITCHENS LIMITED
C/O Freemans, Solar House,
282 Chase Road,
London, N14 6NZ
Court: Bristol District Registry
Date of Filing Petition: June 1, 2005
No. of Matter: 2289 of 2005
Date of Winding-up Order: July 20, 2005
CONTACT: Official Receiver
21 Bloomsbury Street,
London, WC1B 3SS
Phone: 020 7637 1110
Fax: 020 7637 6390
GULLIVERS BOOKSTORE: Administrator Takes over Operation
-------------------------------------------------------
Name: GULLIVERS BOOKSTORE LIMITED
(Company No 04846716)
Nature of Business: Bookshop
Address of Registered Office: Fleet Court, New Fields, Stinsford
Road, Poole, Dorset BH17 0NF
Date of Appointment: July 20, 2005
Administrator's Name and Address: Laurence Russell (IP No 9199),
Albert Goodman, Mary Street House, Mary Street, Taunton, Somerset
TA1 3NW
CONTACT: ALBERT GOODMAN
Mary Street House
Mary Street
Taunton
Somerset TA1 3NW
Phone: 01823 286096
Fax: 01823 257319
H BELL: Names Liquidator from Geoffrey Martin & Co.
---------------------------------------------------
At an adjourned extraordinary general meeting of the H Bell
(Machine Tools) Limited, convened and held at the offices of
Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds LS1
2SP, on 25 July 2005, at 10:00 a.m., the following Special
Resolutions were passed:
"That the Company be wound up voluntarily and that Stephen Hull,
of Geoffrey Martin & Co, St James's House, 28 Park Place, Leeds
LS1 2SP, be appointed Liquidator of the Company for the purposes
of the voluntary winding-up."
A R Bell, Director
* * *
Alasdair Bell established Bell Machinery Ltd in 2004. He
continued the business of H. Bell (Machine tools) after the
retirement of it's Chairman David Bell. It specializes in
purchasing and selling used and new machine tools and sheet metal
machinery. Visit http://www.hbellmt.comfor more information.
CONTACT: BELL MACHINERY LTD (t/a H BELL MACHINE TOOLS)
PO Box 56
Tadcaster
North Yorkshire LS24 9WS
United Kingdom
Phone: (01937) 830777
Fax: (01937) 530617
GEOFFREY MARTIN & CO.
St. James's House
28 Park Place
Leeds
West Yorkshire LS1 2SP
Phone: 0113 244 5141
Fax: 0113 242 3851
E-mail: geoffrey.martin@geoffreymartin.co.uk
HUNLOKE DEVELOPMENTS: P&A Partnership Liquidator Enters Firm
------------------------------------------------------------
At the extraordinary general meeting of Hunloke Developments
Limited, duly convened, and held at 93 Queen Street, Sheffield S1
1WF, on 25 July 2005, at 10:30 a.m., the following Resolutions
were duly passed as a subjoined Special Resolution, two Ordinary
Resolutions and as an Extraordinary Resolution respectively:
"It has been proved to the satisfaction of the Meeting that this
Company should be voluntarily wound up, and that the Company be
wound up accordingly, and that John Russell, of 93 Queen Street,
Sheffield S1 1WF, be and is hereby appointed the Liquidator of
the Company for the purposes of such winding-up, and that the
remuneration of the Liquidator be fixed by reference to time
properly incurred, (not to exceed GBP3,000 plus VAT and
disbursements) and that the Liquidator may exercise the powers
contained in Schedule 4 in Part 1 of the Insolvency Act 1986, and
may divide among the Members in specie the whole or any part of
the assets of the Company." By Order of the Board.
S Gladwin, Chairman
CONTACT: THE P&A PARTNERSHIP
93 Queen Street, Sheffield S1 1WF
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
HYGH TRADING: Appoints Moore Stephens Liquidator
------------------------------------------------
At an Extraordinary General Meeting of Hygh Trading Limited, duly
convened, and held at The Old Courthouse, 18-22 St Peter's Church
Yard, Derby DE1 1NN, on 19 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 that
accordingly the Company be wound up voluntarily, and that Mark
Bowen and Nigel Price, of Moore Stephens, The Old Courthouse,
18-22 St Peter's Church Yard, Derby DE1 1NN, be and they are
hereby appointed Joint Liquidators of the Company for the purpose
of the voluntary winding-up."
At a Meeting of Creditors held on the same day, the Creditors
confirmed the appointment of Mark Bowen and Nigel Price as Joint
Liquidators and that anything required or authorized to be done
by the Joint Liquidators be done by both or either of them.
Chairman
CONTACT: MOORE STEPHENS
Web site: http://www.moorestephens.co.uk
INMARSAR VENTURE: Ratings Raised to 'BB-' on Successful IPO
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit ratings on U.K.-based mobile satellite services provider
Inmarsat Ventures Ltd. and related entities to 'BB-' from 'B+',
following the successful completion of an IPO resulting in
substantial debt reduction. The outlook is positive.
At the same time, the issue ratings on Inmarsat Investment Ltd.'s
$310 million senior unsecured notes were raised to 'B' from 'B-',
and the issue ratings on the $450 million senior discount notes
issued by Inmarsat Finance II PLC and guaranteed by Inmarsat
Holdings Ltd. were raised two notches, to 'B' from 'CCC+'. This
reflects the less stringent conditions of Inmarsat's new bank
loan, related to upstreaming cash to holding companies in the
Inmarsat group. All ratings were removed from CreditWatch with
positive implications where they were placed on June 2, 2005.
"The upgrade reflects lower financial risk as a result of the
deleveraging following the recent IPO whereby Inmarsat PLC became
the parent company of the Inmarsat group and raised $645 million,
of which a substantial portion has been used for debt reduction,"
said Standard & Poor's credit analyst Michael O'Brien.
In addition, the group's successful commencement of commercial
services on its recently launched Inmarsat-4 (I-4) satellite
points to the likely achievement of further expected improvements
in Inmarsat's product portfolio, with the launch of high
bandwidth data services across the globe planned for later in
2005 or in early 2006.
"The debt reduction of about $655 million following the IPO has
strengthened Inmarsat's balance sheet," added Mr. O'Brien.
Pro forma adjusted total debt on completion of the proposed
offering and subsequent debt reduction would have been about $1.0
billion at March 31, 2005, compared with the actual figure of
$1.7 billion. The group's pro forma total adjusted
debt-to-EBITDA ratio for the 12 months to March 31, 2005, would
lower to 3.1x from 5.1x.
The ratings are constrained by the fact that Inmarsat will start
paying substantial dividends in 2005, despite the fact that free
operating cash flow (FOCF) levels will be low during its
investment cycle until the end of 2006, a financial policy that
we consider aggressive.
"We consider that there is potential for an upgrade in the medium
term at a point when we are comfortable that Inmarsat's cash
dividend payments in a given year can be comfortably covered by
FOCF generation," said Mr. O'Brien.
The group is likely to achieve this following completion of its
heavy investment cycle during 2006 and the successful launch of
its second I-4 satellite. The ratings could also be positively
affected if the group has tangible success in protecting and
growing revenues and EBITDA following the introduction of high
bandwidth services and in develeraging according to its business
plan, while keeping good covenant headroom and adequate
liquidity.
Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-Mail Address
CorporateFinanceEurope@standardandpoors.com
INTERTEK GROUP: Buys Another Testing Firm for US$7 Million
----------------------------------------------------------
Intertek Group plc has acquired 100% of the issued share capital
of PARC Technical Services, Inc., a U.S. petroleum and chemical
process and automotive engine testing services company, for
US$7.0 million (GBP3.9 million) in cash. PARC will be part of
the Caleb Brett division of Intertek.
PARC operates pilot plants that simulate oil refineries,
automotive test engines for the performance testing of oils and
lubricants and other specialized services for the petroleum,
synthetic fuels, chemical and catalyst industries.
PARC brings new specialist technology to Caleb Brett that
complements the existing outsourcing strategy and Caleb Brett
will provide PARC with the resources and global infrastructure to
grow internationally.
PARC originated from the Gulf Oil Research and Development
Company and was established as a separate entity in 1986. Prior
to the sale to Intertek, PARC was owned by Gemini Holdings, Inc.
* * *
At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003. The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners. This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.
Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers. Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.
CONTACT: INTERTEK GROUP PLC
25 Savile Row
London
W1S 2ES, United Kingdom
Phone: +44-20-7396-3400
Fax: +44-20-7396-3480
Web site: http://www.intertek.com
Aston Swift, Treasurer
Investor Relations
E-mail: aston.swift@intertek.com
TULCHAN COMMUNICATIONS
Tim Lynch
Phone: +44 (0) 20 7353 4200
E-mail: tlynch@tulchangroup.com
J H FERN: Members Decide to Wind up Firm
----------------------------------------
At an Extraordinary General Meeting of the Members of J H Fern
Limited, duly convened, and held at Dunkanhalgh Hotel, Blackburn
Road, Clayton-Le-Moors, Accrington BB5 5JP, on 15 July 2005, at
10.45 am, 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
Daniel P Hennessy and Gordon Craig, of Cresswall Associates
Limited, Bridge House, Marsh Lane, Shepley, Huddersfield HD8 8AE,
be and they are hereby appointed Joint Liquidators of the Company
for the purpose of the voluntary winding-up."
At a subsequent Meeting of Creditors held later that day and at
the same venue, the above Resolutions were also approved by
Creditors.
R Morgan, Director
JUKI UNION: Liquidators from Deloitte & Touche Take over Biz
------------------------------------------------------------
At the extraordinary general meeting of Juki Union Special (UK)
Limited, duly convened, and held at 1 Woodborough Road,
Nottingham NG1 3FG, on 20 July 2005, at 12:30 p.m., the following
Resolutions were duly passed as a Special Resolution and as an
Ordinary Resolution respectively:
"That the Company be wound up voluntarily, and that Christopher
James Farrington and Andrew Philip Peters, of Deloitte & Touche,
1 Woodborough Road, Nottingham NG1 3FG, be and are hereby
appointed Joint Liquidators of Company."
N Ishzuka, Chairman
CONTACT: DELOITTE & TOUCHE LLP
1 Woodborough Road,
Nottingham NG1 3FG
Phone: +44 (0) 115 950 0511
Fax: +44 (0) 115 959 0060
Web site: http://www.deloitte.com
J.V. CONSTRUCTION: Owner Decides to Wind up Firm
------------------------------------------------
Company Names: J.V. CONSTRUCTION LIMITED
MERVEST (CHISLEHURST) LIMITED
MERVEST (SLOANE) LIMITED
We, the undersigned, being the sole Member of these companies for
the time being having a right to attend and vote at General
Meetings, hereby pass the following Resolutions in accordance
with section 381A of the Companies Act 1985, as inserted by
section 113 of the Companies Act 1989, as a Special Resolution
and as an Ordinary Resolution respectively:
"That the Companies be wound up voluntarily, and that J. R. D.
Smith and N. J. Dargan of Deloitte & Touche LLP, Athene Place, PO
Box 810, 66 Shoe Lane, London EC4A 3WA have been appointed joint
liquidators of the companies."
For and on behalf of Barclays Mercantile Business Finance
Limited, Shareholder
CONTACT: DELOITTE & TOUCHE LLP
Athene Place
66 Shoe Lane
London EC4A 3BQ
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
KUNDARA (L P H): Bristol Court Approves Winding-up
--------------------------------------------------
Company Name: KUNDARA (L P H) LTD.
Alton House,
66-68 High Street, Northwood,
Middlesex, HA6 1BL
Registration Number: 04465191
Court: Bristol District Registry
Date of Filing Petition: July 7, 2005
No. of Matter: 1974 of 2005
Date of Winding-up Order: July 20, 2005
CONTACT: Official Receiver
1st Floor, Trident House,
42-48 Victoria Street,
St Albans AL1 3HR
Phone: 01727 832233
Fax: 01727 732400
LEE DAVIES: Appoints Baker Tilly Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Members of Lee Davies
LLP, duly convened, and held at Meridian House, 62 Station Road,
North Chingford, London E4 7BA, on 18 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 Partnership cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Partnership be wound up voluntarily, and
that A J Clark, of Carter Clark, Meridian House, 62 Station Road,
North Chingford, London E4 7BA and Louise Brittan, of Baker
Tilly, be and are hereby appointed Joint Liquidators for the
purposes of the voluntary winding-up."
J Taylor, Trustee of Melvin Ernest Frank Wales and Michael
Casson, Members of Lee Davies LLP.
CONTACT: CARTER CLARK
Meridian House
62 Station Road
North Chingford
London E4 7BA
Phone: 020 8524 1447
Fax: 020 8524 1457
E-mail: recovery@carterclark.co.uk
LONDONEASY LIMITED: In Liquidation
----------------------------------
At an Extraordinary Meeting of the Members of Londoneasy Limited,
duly convened, and held at the offices of David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY, on 20
July 2005, 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
Lane Bednash, of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY, be and he is hereby nominated
Liquidator for the purposes of such winding-up."
F M Barbero, Chairman
CONTACT: DAVID RUBIN & PARTNERS
Pearl Assurance House,
319 Ballards Lane,
London N12 8LY
Phone: 020 8343 5900
Fax: 020 8446 2994
Web site: http://www.drpartners.com
L&S MEATS: Names DTE Leonard Liquidator
---------------------------------------
At an Extraordinary General Meeting of L&S Meats Limited, duly
convened, and held at DTE Leonard Curtis, DTE House, Hollins
Mount, Hollins Lane, Bury BL9 8AT, on 22 July 2005, the following
Extraordinary Resolution was passed:
"That it has been proved to the satisfaction of the Meeting that
this 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 A
Poxon, of DTE Leonard Curtis, DTE House, Hollins Mount, Hollins
Lane, Bury BL9 8AT, be and is hereby appointed the Liquidator of
the Company for the purposes of such winding-up."
S Taylor, Director
CONTACT: DTE LEONARD CURTIS
DTE House, Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
LUMINAR PLC: New Finance Director Joins Board
---------------------------------------------
Further to Luminar plc's announcement on 25 May 2005 regarding
the appointment of Nick Beighton as its new Group Finance
Director, Nick Beighton has been appointed to the Board.
Mr. Beighton has spent the last seven years of his career at
Matalan Retail Limited, where he has held several different
positions, most recently (May 2003 - to date) Business Change and
IT director.
He added the IT responsibility in May 2003 and was originally
appointed Business Change Director in 2002. Prior to that, from
June 1999, he was Head of Finance. He joined Matalan's Board in
2002.
From 1989 to September 1998 he worked for KPMG, latterly within
the Strategic Business Management Group as a senior
manager-management consulting.
* * *
In July, Chairman Keith Hamill said: "For the first four months
of the year to the end of June 2005, the Company performed
broadly in line with its plans. Like-for-like sales for the same
period were neutral. In view of the continuing difficult market
environment, the Board is adopting a cautious outlook on future
trading."
The firm has suffered from changes in customer demand and what
it termed as 'increased regulatory activity' after 2003. In the
52 weeks to Feb. 27, Luminar reported group sales of GBP399.7
million, down from GBP375.1 million; and profit before tax,
goodwill amortization, and exceptional items of GBP54.2 million,
down from GBP62 million last year. Pre-tax loss was GBP14
million from GBP11 million last year.
CONTACT: LUMINAR PLC
Registered Office
41 King Street
Luton
Bedfordshire
United Kingdom
LU1 2DW
Phone: +44 1582 589 400
Fax: +44 1582 589 667
Web site: http://www.luminar.co.uk
COLLEGE HILL
Matthew Smallwood
Alex Sandberg
Phone: 020 7457 2020
MARCONI CORPORATION: Group Revenues Stay Stable
-----------------------------------------------
Marconi Corporation plc has reported results for the three months
ended 30 June 2005.
Highlights:
(a) group revenue GBP285 million (Q1 FY05 reported: GBP289
million, Q1 FY05 constant currency: GBP289 million); Group
revenues stable year on year; strong quarter for sales in
APAC region, driven by increased Optical sales to Telstra;
Reduced Optical and Access sales in Europe; Stability in BT
and Data Networks revenues;
(b) Adjusted Gross Margin of 30.2% (Q1 FY05: 32.2%); Optical &
Access Networks margin impacted by lower Optical sales and
continued pricing pressure; Quarter-on-quarter stability in
Data Networks and Network Services
(c) Adjusted Loss from Operations of GBP6 million (Q1 FY05: loss
of GBP2 million); improved profitability delivered in U.S.
Data Networks; initial benefits from previously disclosed
restructuring plans expected in the second half; loss from
operations of GBP36 million after share option costs and
restructuring costs (GBP27 million);
(d) key customer wins and orders; new wins for next-generation
Optical products with Vodafone Italy, Cable & Wireless,
Belgacom and E-Plus; Book to bill of 1.14 in equipment,
driven by U.K. access orders;
(e) met funds of GBP281 million at 30 June 2005; and
(f) FY06 guidance reaffirmed.
Mike Parton, Chief Executive, said: "We achieved solid results in
the quarter despite a very competitive marketplace. We have seen
new wins for our next-generation products with customers such as
Cable and Wireless and Vodafone. Our order book is healthy. We
are reaffirming our guidance for the year.
"The management team have been rebuilding the business since
2001, initially targeting to reduce the company's debt burden and
improve our operating results. We have achieved both of these
goals and focused the business on product and service areas where
we continue to be world class.
"Despite continuous and significant changes in our industry's
dynamics the business has been stabilized giving us the
opportunity to consider the best future from this stronger base.
We remain committed to maximizing shareholder value and
positioning the business for a successful long term future."
A copy of the financial results is available free of charge at
http://bankrupt.com/misc/MarconiCorporation(2005).pdf
CONTACT: MARCONI CORPORATION PLC
4th Floor Regents Place
338 Euston Rd
London NW1 3BT
Phone: +44-20-7493-8484
Fax: +44-20-7493-1974
Web site: http://www.marconi.com
Press Enquiries
David Beck
Phone: 0207 306 1490
E-mail: david.beck@marconi.com
Investor Enquiries
Heather Green
Phone: 0207 306 1735
E-mail: heather.green@marconi.com
Karen Keyes
Phone: 0207 306 1345
E-mail: karen.keyes@marconi.com
NEWFORM PRODUCTS: Names KPMG Administrator
------------------------------------------
Name: NEWFORM PRODUCTS LIMITED
(Company No 04994604)
Nature of Business: Non Trading Entity
Address of Registered Office: KPMG, Arlington Business Park,
Theale, Reading RG7 4SD
Date of Appointment: July 23, 2005
Administrators' Names and Address: David John Crawshaw and
Richard John Hill (IP Nos 8814 and 8027), both of KPMG LLP,
Arlington Business Park, Theale, Reading RG7 4SD
CONTACT: KPMG
Corporate Recovery, Arlington Business Park,
Theale, Reading RG7 4SD
Phone: (0118) 9642000
Fax: (0118) 9642222
Web site: http://www.kpmg.co.uk
NORTHDOWN WINDOWS: EGM Passes Winding-up Resolution
---------------------------------------------------
At an Extraordinary General Meeting of Northdown Windows Limited,
duly convened, and held at 41-43 William Street, Herne Bay, Kent
CT6 5NT, on Wednesday 20 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
David Jenner Cork, of McCabe Ford Williams, 41 William Street,
Herne Bay, Kent CT6 5NT, be and he is hereby appointed Liquidator
for the purposes of such winding-up."
C H Howell, Director
CONTACT: MCCABE FORD WILLIAMS
Bank Chambers,
1 Central Avenue,
Sittingbourne, Kent ME10 4AE
Phone: (01795) 479111
Fax: (01795) 428810
E-mail: sittingbourne@mfw.co.uk
Web site: http://www.mfw.co.uk
O'DONNELL & STOCKWELL: Calls in Liquidator from BWC
---------------------------------------------------
At an Extraordinary General Meeting of the Members of O'donnell &
Stockwell Limited, duly convened, and held at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU, on 22 July 2005, 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
Gary E Blackburn and Paul A Whitwam, of BWC Business Solutions, 8
Park Place, Leeds LS1 2RU, be and are hereby appointed Joint
Liquidators for the purposes of such winding-up."
P Summers, Chairman
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
PARMARS ACCIDENT: Appoints Chamberlain & Co. Administrator
----------------------------------------------------------
Name: PARMARS ACCIDENT REPAIR CENTRE LIMITED
(Company No 03080087)
Nature of Business: Road Transport
Trade Classification: 28
Date of Appointment: July 13, 2005
Administrators' Names and Address: Michael Chamberlain and Andrew
Wilkinson (IP Nos 8735 and 9344), both of Chamberlain & Co,
Aireside House, 24-26 Aire Street, Leeds LS1 4HT
CONTACT: PARMARS ACCIDENT REPAIR CENTRE LTD
5a Burley Road, Leeds,
West Yorkshire LS3 1LJ
Phone: 01132431831
CHAMBERLAIN & CO
Aireside House
24/26 Aire Street
Leeds
West Yorkshire LS1 4HT
Phone: 0113 242 0808
Fax: 0113 242 0866
E-mail: mail@chamberlain-co.co.uk
PINE CORNER: Goes into Liquidation
----------------------------------
At an Extraordinary General Meeting of the Members of Pine Corner
(Shops) Limited, duly convened, and held at 25 Harley Street,
London W1G 9BR, on Wednesday 20 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
Bernard Hoffman and Ian Douglas Yerrill, of Suite 1, Kent House,
Station Road, Ashford, Kent TN23 1PP, be and are hereby appointed
Joint Liquidators of the Company for the purposes of its
voluntary winding-up."
F J Johnston-Smith, Chairman
REALIZE INFORMATION: Members Resolve to Wind up Firm
----------------------------------------------------
At an Extraordinary General Meeting of the Members of Realize
Information Technology Limited, duly convened, and held at the
offices of Piper Thompson, Mulberry House, 53 Church Street,
Weybridge, Surrey KT13 8DJ, on 26 July 2005, 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
Tony James Thompson, of Piper Thompson, Mulberry House, 53 Church
Street, Weybridge, Surrey KT13 8DJ, be and he is hereby nominated
Liquidator for the purpose of the winding-up."
R N Lloyd, Director
CONTACT: PIPER THOMPSON
Mulberry House,
53 Church Street, Weybridge,
Surrey KT13 8DJ
Phone: 01932855515
RT GROUP: Files for Liquidation
-------------------------------
We, the undersigned, being the sole Member of RT Group Holdings
Limited for the time being having a right to attend and vote at
general meetings, hereby pass the following Resolutions in
accordance with Clause 163 of the Articles and Memorandum of
Association, as a Special Resolution and as an Ordinary
Resolution respectively:
"That the Company be wound up voluntarily, and that James Robert
Drummond Smith and Nicholas James Dargan, of Athene Place, 66
Shoe Lane, London EC4A 3WA, be and are hereby appointed
Liquidators for the purposes of winding-up the Company's affairs
and that any act required or authorized under any enactment or
Resolution of the Company to be done by them, may be done by them
jointly or by each of them alone."
RT Group Plc, (in Members' Voluntary Liquidation) Shareholder
* * *
Railtrack, the national rail infrastructure system of the U.K.,
went into administration in 2001 after the government withdrew
funding for the company whose reputation was wrecked by a fatal
crash in 2000 at Hatfield. Visit http://www.rtgroup.co.uk/for
more information.
CONTACT: DELOITTE & TOUCHE LLP
Athene Place
66 Shoe Lane
London EC4A 3BQ
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
SELECTIVE MACHINERY: In Voluntary Liquidation
---------------------------------------------
At an Extraordinary General Meeting of Selective Machinery (UK)
Limited, duly convened, and held at Concept House, Brooke Street,
Cleckheaton, West Yorkshire BD19 3RY, the subjoined Resolutions
were duly passed, on 15 July 2005, as an Extraordinary Resolution
and as an Ordinary Resolution respectively:
"That it has been proved to the satisfaction of the Company that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same should be wound
up, and that accordingly the Company be wound up voluntarily, and
that Andrew T Clay, of Andrew Michaels & Co Ltd, Concept House,
Brooke Street, Cleckheaton, West Yorkshire BD19 3RY, be and is
hereby appointed the Liquidator of the Company for the purposes
of such a winding-up."
D Bell, Chairman
SHORTY'S LIMITED: Calls in Administrator from Antony Batty & Co.
----------------------------------------------------------------N
ame: SHORTY'S LIMITED
(Company No 004356158)
Nature of Business: Plumbers' Merchants
Address of Registered Office: 9 High Street, Woburn Sands, Milton
Keynes MK17 8RG
Date of Appointment: July 22, 2005
Administrator's Name and Address: W. A. Batty (IP No 1049),
Antony Batty & Co, New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY.
CONTACT: ANTONY BATTY & COMPANY
New House
Suite 24
67-68 Hatton Garden
London EC1N 8JY
Phone: 020 7831 1234
Fax: 020 7430 2727
E-mail: antonybatty@hotmail.com
THE POUND: Calls in Joint Liquidators
-------------------------------------
At an Extraordinary General Meeting of The Pound Store (North
East) Limited, duly convened, and held at 4 Northumberland Place,
North Shields NE30 1QP, on 25 July 2005, at 10:30 a.m., the
following subjoined Extraordinary Resolution was duly passed:
"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 it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
John Bell and Simon John Lundy, both of Hawdon Bell & Co, 4
Northumberland Place, North Shields NE30 1QP, be and they are
hereby appointed Joint Liquidators for the purpose of such
winding-up to act jointly and severally."
J Croft, Chairman
CONTACT: HAWDON BELL & CO.
4 Northumberland Place
North Shields
Tyne And Wear NE30 1QP
Phone: 0191 257 7113
Fax: 0191 296 2034
E-mail: jbell@hawdonbell.co.uk
WALLS2WORKSTATIONS LIMITED: In Liquidation
------------------------------------------
At an Extraordinary General Meeting of the Members of
Walls2workstations Limited, duly convened, and held at King
Street House, 15 Upper King Street, Norwich NR3 1RB, on 14 July
2005, 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 A
J Turner and C R Ashe, both of Lovewell Blake, 89 Bridge Road,
Oulton Broad, Suffolk NR32 3LN, be and are hereby appointed Joint
Liquidators of the Company for the purpose of its voluntary
winding-up and are to act either jointly or severally."
J E Overton, Director and Chairman
CONTACT: LOVEWELL BLAKE
89 Bridge Road
Oulton Broad
Lowestoft
Suffolk NR32 3LN
Phone: 01502 563921
Fax: 01502 584630
E-mail: ajt@lovewell-blake.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
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