/raid1/www/Hosts/bankrupt/TCREUR_Public/050902.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, September 2, 2005, Vol. 6, No. 174
Headlines
C Z E C H R E P U B L I C
AERO VODOCHODY: Sale Criteria Out Soon
CZECH AIRLINES: January-July Passenger Traffic Up 20%
UNION BANKA: Defers Sale of Invesmart, Union Group Claims
D E N M A R K
LEGO GROUP: Half-year Result in Line with Expectations
LEGO GROUP: Shipping Swiss Operations to Czech Republic
F I N L A N D
METSO CORPORATION: Aims for 10% Sales Growth, Better Debt Rating
METSO CORPORATION: Ratings Unchanged Despite News of Shakeup
F R A N C E
COMPAGNIE GENERALE: Acquires Stake in Exploration Resources ASA
COMPAGNIE GENERALE: CCG Buy Has Negative Implications, Says S&P
VALLESPIR SANDALES: Italian Businessman Acquires Firm
G E R M A N Y
AAP IMPLANTATE: CEO Uwe Ahrens Moving to Supervisory Board
AAP IMPLANTATE: Plans to Increase Capital by Up to 10%
AGRONA-BAUERNMARKT: Court Appoints Rolf Rombach Administrator
BALTAMARE WARENHANDELS: Falls into Bankruptcy
CHEMNITZTAL-BAU: Calls in Interim Administrator
DAIMLERCHRYSLER AG: Zetsche to Maintain Team Approach at Daimler
DERIX TRANSPORTE: Proofs of Claim Due End of the Month
FASHION CONNECTION: Koln Business Goes Bust
GIRINDUS AG: Chairman Stepping down at Month's End
GROHE HOLDING: Rating Under Review on Sales, EBITDA Slide
GWZ LKW: Court to Verify Claims November
H. LANG: Creditors Set to Meet Next Month
HYPERION GMBH: Muenster Company Under Bankruptcy Administration
INTERSHOP COMMUNICATIONS: Supervisory Board Chairman Resigns
INTERTAINMENT AG: Exchange Rate Gains on Claims Drive Profit
LASCHET + PARTNER: Creditors' Claims Due Later this Month
LEICA CAMERA: Board Member Dieter Uckele Resigns
MULTIKEY SYSTEMTECHNIK: Succumbs to Bankruptcy
RINOL AG: Turnaround Possible, Says Consultancy Firm
SCHEFENACKER AG: Appoints New Management Board Member
SIEBDRUCK SCHREINER: Creditors Have Until Monday to File Claims
SPORTPARK AM FILZTEICH: Creditors Meeting Set October
G R E E C E
OLYMPIC AIRLINES: Court Finds Workers' Strike Illegal
I R E L A N D
ELAN COPORATION: Ex-chairman Nets US$880,000 for Shares
MANNING BROTHERS: Construction Firm Crashes into Liquidation
I T A L Y
ALITALIA SPA: Intesa, Deutsche Bank to Underwrite Capital Hike
ALITALIA SPA: Layoff Report 'Groundless'
FINPART SPA: Bank Accepts 19.5% Stake as Collateral
PARMALAT FINANZIARIA: Injunction vs. Bondholders Extended
PARMALAT FINANZIARIA: Creditors Vote on Debt-for-equity Swap
PARMALAT FINANZIARIA: Posts Encouraging Seven-month Results
PARMALAT FINANZIARIA: Claims vs. Banks Reach EUR25 Billion
PARMALAT FINANZIARIA: Abandons Chinese Business
K Y R G Y Z S T A N
ARTHUR AUTOMOBILE: Proofs of Claim Deadline Set October
CHOCHUN: Gives Creditors Until Next Month to File Claims
FULLSERVICE: Proofs of Claim Due October 1
SHAMIL-IMAM: Declared Insolvent
TDN-SERVICE: Last Day for Filing Claims October 8
TEKVON-MEDIA: Succumbs to Insolvency
N E T H E R L A N D S
MOBIFON HOLDINGS: Delays Filing of Quarterly Report
ROYAL SHELL: May Divest 38 Colombian Service Stations
ROYAL SHELL: 'A' Shares Down to 4,059,235,000
R U S S I A
AUTO-TRANSPORT ENTERPRISE-4: Under Bankruptcy Supervision
BAKHAREVSKIY ELEVATOR: Declared Insolvent
BASH-OIL-FACTORY-STROY: Hires L. Vlasova Insolvency Manager
BUILDING COMPANY: Creditors Opt for Liquidation
CHELNY-AGRO-PROM-SNAB: Bankruptcy Supervision Procedure Begins
KHOLOD: Insolvency Manager Takes over Business
KUPROSSIOY: Deadline for Proofs of Claim Set September 30
MANTUROVSKOYE GRAIN: Bankruptcy Hearing Set September 15
SARMANOVSKAYA MOVABLE: Bankruptcy Hearing Set November
TARKO-SALE-GEOL-TRANS: Insolvency Manger Takes over Operation
S W E D E N
ESSELTE GROUP: Net Loss Up to US$14.0 Million in 2Q
SKANDIA INSURANCE: Second-quarter Market Share Rises to 21.1%
U N I T E D K I N G D O M
AGRIMAC EXPORTS: Industrial Equipment Supplier Winds up
AIRLAN DATA: Appoints DTE Leonard Administrator
AJ & BJ WILLIAMS: Calls in Liquidator from Moore Stephens
ALLIED PLUMBING: Members Decide to Wind up Firm
BAKER & DUGUID: Winds up Under Court Order
BERKELEY HOUSE: Meeting of Creditors Set September 12
BUSINESSHEALTH GROUP: Hires Ernst & Young Administrator
CHAMBERS DOMESTIC: EGM Passes Winding-up Resolution
DTW BUILDINGS: Files for Liquidation
FARC LTD: Members Opt for Winding-up
FENIMOOR HOLDINGS: Meeting of Creditors Set Next Week
GATE GOURMET: Conflict Lingers; Collapse Still a Possibility
GROUP SUPPLIES: Creditors to Meet Next Week
HARLOW PRESSINGS: Creditors Meeting Set Next Week
IAN PHILLIPS: Winding-up Gets Go Signal
INMARSAT PLC: Expects to Close Sale of Non-core Units this Year
INTERNATIONAL CHRISTMAS: Administrators Take over Firm
INTERNATIONAL POWER: Sells Australian Plant for AU$2443 Million
INTERNET MARKETING: Creditors Meeting Set September 5
LA MUTUELLE: Creditors to Meet Next Week
LITTLE TREE: Another SFI Group Bar Closes
M AND S POWDER: KPMG Administrators Move in
MELVYN ROWBERRY: Appoints Begbies Traynor Administrator
MILLENNCRAFT LTD.: Goes into Liquidation
PEAPOD DISTRIBUTION: IT Consultant Liquidates
PITTARDS PLC: Reveals Half-year Operating Loss of GBP0.4 Mln
PRO-GLAZE WINDOWS: EGM Passes Winding-up Resolutions
REGAL PETROLEUM: Still in Talks to Sell Ukrainian Assets
ROYAL MAIL: Delivers Record Quality to Customers
SCOTTISH INSURANCE: Creditors Meeting Set Next Week
SETMASTERS LIMITED: Administrators Take over Operation
SOLARGEN SOLUTIONS: Names BDO Stoy Hayward Administrator
S.S.P. POWAFORGE: Names P&A Partnership Liquidator
STEPHENSON ENGINEERING: Files for Liquidation
SWAN HUNTER: Future Remains Bleak
TELEWEST GLOBAL: Flextech May be Priced Lower than Expected
WICKED WOLF: Goes into Liquidation
WM MORRISON: Safeway to Dispose of 30 Petrol Stations, Stores
*********
===========================
C Z E C H R E P U B L I C
===========================
AERO VODOCHODY: Sale Criteria Out Soon
--------------------------------------
The terms for the sale of troubled aircraft maker Aero Vodochody
will be out by month's end, Czech News Agency says.
According to Radek Nemecek of the Finance Ministry, relevant
ministries tasked to outline the criteria are expected to finish
their work by mid-September. TCR Europe reported on July 22
that the Finance Ministry and the Industry and Trade Ministry
were proposing a two-round tender in which both Aero and its
debt will be offered. The first part will be a pre-qualifying
stage where bidders will be asked to prove experience in
aircraft manufacturing and submit a viable business plan. The
second will be a contest of the best price. The ministers will
declare a winner in spring 2006.
The sale, which has attracted five to ten bidders, is aimed at
saving the plane maker from bankruptcy. Aero posted CZK295
million in turnover in 2004 and accumulated losses of CZK8.1
billion. The group currently employs 1,600 people, 700 less
than three years ago. Board chairman Petr Klimes recently
replaced Antonin Jakubse as president.
Aero specializes in overhauling L-39 and L-159 military
aircraft. The group also assists the military on the L-159
program and coordinates with other firm on supplying components
for planes and helicopters. Aero recently said it mulls
offering a license to produce L-159 to foreign companies.
CONTACT: AERO VODOCHODY
250 70 Odolena Voda,
Czech Republic
Phone: +420 25576 1111
Fax: +420 25576 2111 or +420 25576 5999
Web site: http://www.aero.cz
CZECH AIRLINES: January-July Passenger Traffic Up 20%
-----------------------------------------------------
Over the January-July 2005 period, Czech Airlines carried 2.9
million passengers on its flights. When compared to the same
period of the previous year, an additional 20% passengers flew
with the airline.
In July itself, which is one of the busiest months in the summer
season, Czech Airlines transported 585,230 passengers on its
regular and charter flights. This represents a growth of 28%
when compared to July 2004. The year-on-year seat load factor
also grew from 76.8% to 78.3%.
CSA carried the largest volume of passengers on its regular
European flights. The most popular European destinations in
July were Paris, Brussels, Moscow, Milan, Warsaw and Sofia.
About 130,370 passengers traveled on charter flights with Czech
Airlines in July 2005, which is a twofold growth in comparison
with July 2004.
Czech Airlines transported almost 356,000 passengers on its
charter flights in the period from the beginning of this year
until the end of July.
The growth of transport results is especially related to the
growing interest of travel agencies in charter transport to
holiday destinations. In the summer months, Czech Airlines
charter flights most often headed to Greece, Egypt, Tunisia,
Turkey and Spain. In the winter season, CSA plans to resume
charter service to long-haul destinations in the Caribbean such
as Isla Margarita (Venezuela), Varadero (Cuba) and the Dominican
Republic.
Over the first seven months of 2005, Czech Airlines flew 22,176
flights and transported 12,180 tons of goods and mail.
About the Company
From Prague-Ruzyne Airport, CSA offers connections to main
European destinations and to transit points in North America,
Asia, the Middle East and North Africa. It offers a wide
selection of services at a high international standard.
The airline is keen on keeping itself in black amidst high fuel
prices, and weakness of the U.S. dollar against the Czech crown.
It is in danger of falling into the red despite a prior-year
profit of CZK324 million (US$13.2 million).
CONTACT: CESKE AEROLINIE A.S.
Prague Ruzyni Airport
160 08 Prague, 6, Czech Republic
Phone: +42 220 104 310
Fax: +42 224 81 04 26
Web site: http://www.csa.cz
UNION BANKA: Defers Sale of Invesmart, Union Group Claims
---------------------------------------------------------
The sale of Union Banka's claims against Invesmart and Union
Group has been postponed, Czech News Agency says.
According to Union Banka spokesman Oldrich Babicky, newly
appointed receiver Lukas Raida postponed the tender to prevent
accusations of bankruptcy assets mismanagement by rejected
bidders or creditors.
The group's former receiver, Michaela Huserova, had received
five bids for the EUR136 million (CZK4 billion) claims. Mr.
Raida replaced Ms. Huserova, who was removed by the High Court
in Olomouc for selling properties not included on UB's list of
bankruptcy assets. Ms. Huserova's appeal of her removal is
still pending before the Supreme Court.
Invesmart and Union Group are UB's largest debtors.
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
=============
LEGO GROUP: Half-year Result in Line with Expectations
------------------------------------------------------
During the first six months of 2005 the LEGO Group managed to
recapture market shares in a global toy market that remains
under severe pressure. Consumer sales of LEGO products showed a
positive trend in all markets -- in the U.S., Europe and
especially in Asia.
As demand for a number of product lines -- in particular LEGO
Star Wars -- is much greater than forecast, the LEGO Group
expects there to be considerable pressure on its supply capacity
during the coming peak season.
Rising consumer sales are not yet reflected in LEGO Group sales
to the retailers because the trade continues to reduce its
stocks. Sales, which were also affected by lower exchange
rates, rose by 2%. This sales development was forecast in the
Group's expectations for the period, which were fully realized
during the first six months.
In order to reverse the negative trend of recent years, the
Group has focused intensely on the wishes of retailers and
consumers. This increased focus on the customer plus a number
of new, high impact product launches has enabled LEGO products
to recapture market shares.
Interim Result Improved
Although LEGO Group sales increased only marginally, the Group
significantly improved its result for the first six months
compared with the same period last year. This was thanks to the
action plan adopted by the Group in spring 2004 and the massive
cost cuts that followed.
There will also be substantial cost reductions in future as part
of the LEGO Group's policy of improving efficiency with a view
to once again making LEGO products a good business -- even in a
very difficult toy market.
Financial Basis Secured
The aim of the Group's action plan is to establish a solid
financial basis for the organization.
Important aspects of the action plan have been implemented with
the sale of LEGOLAND Parks, shares in Kompan A/S and a number of
other fixed assets, including buildings.
Following finalization of the sale of LEGOLAND Parks in August
2005, the Group's financial position improved from a net
interest bearing debt of DKK3.6 billion in 2003 to a net liquid
position of DKK0.5 billion. This gives the Group a solid
financial base from which to tackle the challenges of the
future.
Cautious Optimism for 2005 as a Whole
Although there are grounds for cautious optimism based on new
products such as LEGO Vikings, big hitting new products in the
DUPLO, LEGO CITY, Racers and other ranges, and increasing market
shares, CEO Jorgen Vig Knudstorp warns against reaching hasty
conclusions about the prospect of achieving financial targets
for 2005.
"It's very encouraging to see that our first half results
measure up to expectations. But the bulk of our trading takes
places in the second half of our fiscal year. Bearing that in
mind, we have a long way to go before we attain our 2005 goal --
but we still expect to achieve a profit in the region of DKK 200
million before special items and tax."
The LEGO Group is a privately held, family-owned company, based
in Billund, Denmark. It was founded in 1932 and today the group
is one of the world's leading manufacturers of play materials
for children, employing approximately 7,400 people globally.
The LEGO Group is committed to the development of children's
creative and imaginative abilities. LEGO products can be
purchased in more than 130 countries.
Financial statements are available free of charge at
http://bankrupt.com/misc/LegoGroup(H12005).pdf
CONTACT: LEGO GROUP
Charlotte Simonsen, Head of Corporate Communications
Jorgen Vig Knudstorp, CEO
Phone: +(45) 79 50 65 79
Web site: http://www.lego.com/
LEGO GROUP: Shipping Swiss Operations to Czech Republic
-------------------------------------------------------
Following an in-depth analysis of its production structure over
the past several months, the LEGO Group has given its employees
details of plans, which will lead to significant adjustments
within the organization.
It is expected that all Swiss based production will transfer to
Eastern Europe during the first half of 2006. The planned move
will mean closure of the Willisau factory, where 239 will lose
their jobs. Production is expected to transfer to the Group's
own plant in the Czech Republic and to external suppliers. It
is not yet known how many new jobs will result from the move.
Commenting upon the expected closure of the Willisau production
facility, Lars Altemark, Senior Vice President, Global Supply
Chain, says: "Obviously high costs in Switzerland have been a
key factor in deciding to transfer production to Eastern Europe.
And to derive maximum benefit from our cost reductions it is
also important to move whole units -- as we now plan to do with
Swiss production."
The LEGO Group is expected at the same time to close its Swiss
tooling works in Steinhausen. As production times from idea to
finished product necessarily shorten, the need for new moulds
fluctuates considerably, which means that the tooling works is
no longer able to use its capacity to the full. In addition,
the higher cost level can no longer compete with prices in
Eastern Europe and China. In future, the Group will buy more of
its moulds from external suppliers.
Over the next few months the LEGO Group will investigate the
prospect of finding a new owner for the plant. If this is not
possible, the facility is expected to close at the end of
January 2006. The Steinhausen plant employs a total of 68
people.
One Single Distribution Center in Czech Republic
In the future the LEGO Group will have only one single European
distribution center. It will be located in the Czech Republic
and will be operated by the external logistics company DHL
Solutions. The new DC is expected to begin operating in early
2006.
In concentrating its distribution facilities, the LEGO Group is
expected to close its existing five DCs in Billund (Denmark),
Hohenwestedt and Flensburg (Germany), and Dunkirk and Lyon
(France) during the period January 2006 to March 2007. The
centers in Billund and Hohenwestedt are owned by the LEGO Group,
the others by external operators.
A total of 301 employees work at the affected centers, including
213 LEGO employees.
The LEGO Group is a privately held, family-owned company, based
in Billund, Denmark. It was founded in 1932 and today the group
is one of the world's leading manufacturers of play materials
for children, employing approximately 7,400 people globally.
The LEGO Group is committed to the development of children's
creative and imaginative abilities. LEGO products can be
purchased in more than 130 countries.
CONTACT: THE LEGO GROUP
Charlotte Simonsen, Head of Corporate Communications
Phone: +(45) 79 50 65 79
Web site: http://www.lego.com/
=============
F I N L A N D
=============
METSO CORPORATION: Aims for 10% Sales Growth, Better Debt Rating
----------------------------------------------------------------
Metso Corporation's Board of Directors has accepted Metso's
Management Agenda and financial targets for 2006-2008 following
the annual strategic review, which started in February 2005.
Over the past 18 months Metso has made significant progress on
restructuring the business and improving profitability. The
strategic focus is now gradually shifting towards profitable
growth, which will be attained through improved customer
satisfaction and operational excellence.
In 2006-2008 Metso aims to deliver:
(a) Annual net sales growth of some 10%,
(b) Consistently more than 15% return on capital employed
(ROCE-%),
(c) An operating profit margin (EBIT-%) of 9% towards the
end of the strategy period,
(d) An annual dividend of at least 40% of earnings per share,
(e) A solid investment grade company status in credit rating
"Our recent track record demonstrates that we have ability to
improve the efficiency and productivity of our operations. This
together with the continuing good market situation will form a
solid bases for profitable growth and further creation of
shareholder value," says Jorma Eloranta, President and CEO of
Metso Corporation. "The new medium-term targets set for our
Business Areas are clearly tougher than the 2005 targets - but
they are realistic. We have concrete action plans and several
programs in place to meet these targets."
"As a part of the 2005 strategy process, Metso has also
considered various alternative corporate structures, including a
separate listing of Metso Minerals. The implementation of our
ongoing shift towards profitable growth will require strong
commitment and focus from the management, so, just at this point
in time, the benefits of the current structure overweigh the
alternatives. There are, however, valid arguments for
alternative corporate configurations, and therefore the Metso
Board has decided to commission a more detailed feasibility
study to assess these alternatives. The financial adviser in
this study is Goldman Sachs, and it is estimated to be completed
by the end of the first quarter in 2006," Mr. Eloranta says.
Metso's Management Agenda 2006-2008
In 2006-2008 Metso will be targeting some 10% growth annually to
support the sustainable profit development and to strengthen its
market leadership position. The growth will be attained both
organically and through complementary acquisitions.
All Metso Business Areas will continue their efforts to improve
profitability, productivity and quality and enhance customer
satisfaction.
Metso will complement its life cycle offering both through its
own development and through acquisitions. Metso is also
planning to enhance its sales, customer service, sourcing and
production close to the customers, especially in emerging
markets such as China, India and South America.
Financial Targets 2006-2008
Metso's target is to reach ROCE-% of more than 15% regardless of
the business cycle.
Another key target will be an operating profit margin (EBIT-%)
of 9%. The Business Area-specific EBIT-% targets are: over 8 %
for Metso Paper, over 11% for Metso Minerals and over 12 % for
Metso Automation. The companies belonging to Metso Ventures are
dissimilar in nature and operate in different markets, so no
medium-term EBIT-% target has been set for Metso Ventures.
Reaching the corporate-level EBIT-% target of 9% will require
that Metso's Business Areas successfully complete the ongoing
development programs and that the market demand is at least at
the current level. Metso is continuing measures to decrease the
negative impact of cyclicality on its financial performance.
Financial Targets for 2006
Metso estimates that the favorable market situation in civil
construction and in the mining and energy segments will continue
in 2006, while the pulp and paper industry demand is expected to
be on par with 2005. Based on this estimate on market
environment and taking into consideration Metso's development
phase, the operating profit margin target for Metso Corporation
in 2006 is to exceed 7%.
While no major improvements in the pulp and paper market
situation are expected in 2006, Metso Paper will continue its
efforts to improve its operational excellence. Consequently,
the business area's EBIT-% target is 6% in 2006.
It is estimated that Metso Paper will be able to achieve the
over 8% target toward the end of the strategy period.
Due to the good progress achieved to date in operational
excellence together with the continuing high demand in the civil
construction and mining industries, the EBIT-% target for Metso
Minerals is 10% in 2006.
The market situation for Metso Automation is expected to
continue to be good in the energy, oil and gas industry and
satisfactory in the pulp and paper industry. Metso Automation
will scale up its investments in growth, and the EBIT-% target
for Metso Automation for 2006 is 11%. Metso Ventures' EBIT-%
target for 2006 is 6%. Metso's capital structure target is to
be a solid investment grade company.
New Dividend Policy
The Board has established a new dividend policy according to
which Metso distributes an annual dividend of at least 40 % of
earnings per share to its shareholders.
More information about Metso's Management Agenda as well as
purpose and vision statements, strategic goals, values and
ethical principles can be found at http://www.metso.com.
Metso is a global technology corporation serving customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries. In 2004, the net
sales of Metso Corporation were approx. EUR4 billion, and it has
some 22,000 employees in more than 50 countries. Metso's shares
are listed on the Helsinki and New York Stock Exchanges.
CONTACT: METSO CORPORATION
Jorma Eloranta
President and CEO
Phone: +358 204 84 3000
Olli Vaartimo
Executive Vice President and CFO
Phone: +358 204 84 3010
Web site: http://www.metso.com
METSO CORPORATION: Ratings Unchanged Despite News of Shakeup
------------------------------------------------------------
The ratings and outlook assigned by Standard & Poor's Ratings
Services on Finland-based machinery and engineering group Metso
Corp. (BB+/Stable/B) remain unchanged following the group's
announcement that it will commission a feasibility study to
assess alternative corporate structures.
At the same time, the group stated that, at present, it believes
that the benefits of its current corporate structure outweigh
the alternatives. The study is expected to be finalized by the
end of the first quarter of 2006. Although the outcome of the
study is not known, Standard & Poor's ratings on Metso do not
factor in any material changes in its current structure and
strategies. S&P, however, closely follow any developments, and
will review the company's position, if necessary.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-Mail Address
CorporataFinanceEurope@standardandpoors.com
===========
F R A N C E
===========
COMPAGNIE GENERALE: Acquires Stake in Exploration Resources ASA
---------------------------------------------------------------
Compagnie Generale de Geophysique acquired approximately 60% of
the share capital (4,066,650 shares) of Exploration Resources
ASA on August 29, 2005. CGG did not previously own any shares
in Exploration Resources.
Exploration Resources is listed on Oslo Bors under the ticker
code 'EXRE'. CGG is a leading supplier of geophysical products
and services to the worldwide oil and gas industry. Its shares
are listed on the Eurolist of Euronext Paris S.A. and the New
York Stock Exchange (under the form of American Depositary
Shares). All shares were acquired at a purchase price of NOK340
per share.
CGG will make a mandatory cash offer for all remaining shares in
Exploration Resources in accordance with the provisions of the
Norwegian Securities Act. The offer price will be NOK340 per
share.
The offer price represents a premium of 8.3 percent to the
closing price of NOK314 for the shares of Exploration Resources
on August 26, 2005, and a premium of approximately 34.4 percent
to the average trading price over the last month.
The employees, the assets and the technological base of
Exploration Resources and its subsidiary Multiwave are perfectly
complementary with CGG's. The Group expects no redundancies as
a result of this transaction. In particular, the Exploration
Resources organization in Bergen will be maintained and further
developed as a competence center within CGG.
CGG Chairman and CEO Robert Brunck comments: "The step we have
now taken through this acquisition of approximately 60 percent
of the share capital of Exploration Resources falls clearly
within the strategy followed by the Group for many years to
consolidate the seismic sector. It will allow us to raise our
fleet to a level equivalent to the current market leaders, at a
time when the seismic sector is entering a growth cycle, which I
believe to be strong and lasting, and it will also enable us to
reinforce significantly our position in the emerging business of
seabed activities. In this respect, I take great interest in
the technological collaboration existing between Multiwave and
the University of Bergen, which we intend to pursue and
strengthen. The Group has been present in Norway for many
years, a country in which most of the technology and marine
seismic acquisition capacity in the world originated. In the
near future, should the conditions be favorable, we might as
well contemplate the listing of our securities on the Oslo Stock
Exchange. Accordingly, this acquisition constitutes an
important strategic step for CGG and, I am convinced it will
create value for our shareholders."
Financial advisor to CGG in this transaction is Rothschild & Cie
(Paris) and Legal advisors are Willkie Farr & Gallagher LLP
(Paris) and BA-HR (Oslo).
About Exploration Resources
Exploration Resources is a Norwegian based provider of marine
seismic services to the global oil and gas industry with focus
on towed seismic data acquisition, multi-clients seismic
services, and 4C/4D/seabed operations.
About CGG
CGG is a global participant in the oilfield services industry,
providing a wide range of seismic data acquisition, processing
and reservoir services to clients in the oil and gas exploration
and production business. It is also a global manufacturer of
geophysical equipment through its subsidiary Sercel.
* * *
NOT FOR TRANSMISSION IN THE UNITED STATES.
CONTACT: COMPAGNIE GENERALE DE GEOPHYSIQUE
Christophe Barnini
Phone: +33 1 64 47 38 10
E-mail: invrel@cgg.com
COMPAGNIE GENERALE: CCG Buy Has Negative Implications, Says S&P
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit and senior unsecured debt ratings on France-
based Compagnie Generale de Geophysique on CreditWatch with
negative implications following the group's bid to acquire 100%
of Norway-based Exploration Resources.
"The CreditWatch placement follows CGG's announcement that it
has acquired 60% of Exploration Resources' share capital for
about $210 million, and has extended a cash offer for the
remaining 40%, putting the total acquisition cost at more than
$350 million. The transaction is therefore fairly sizable for
CGG," said Standard & Poor's credit analyst Karl Nietvelt.
CGG boasted modest net debt of EUR139 million ($170 million) at
year-end 2004.
CGG is the world's top seismic-equipment producer and third-
largest provider of seismic services for the global oil and gas
industry; Exploration Resources is a leading player in marine
seismic services.
"The key credit consideration is the extent to which the debt-
financed acquisition will be refinanced -- as well as the
potential timeframe -- through long-term debt and new equity
issuance," added Mr. Nietvelt. "Without a material equity
component, a downgrade of CGG is likely."
Standard & Poor's expects to resolve the CreditWatch listing
over the next three to six months.
"We will also need to evaluate further the price tag for
Exploration Resources, up sharply since the start of 2005, when
the seismic sector entered an upward cycle," said Mr. Nietvelt.
Nevertheless, the transaction would result in some consolidation
of the highly competitive services segment and strategically
benefit CGG, placing it among the three leading providers of
marine seismic services, alongside WesternGeco (not rated) and
Petroleum Geo-Services ASA (B+/Stable/--). Exploration
Resources' fleet of about six seismic vessels--of which three
have two-dimensional capacity only--would double CGG's current
fleet of six vessels, all with three-dimensional-capacity.
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:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
GROUP E-MAIL ADDRESS
CorporateFinanceEurope@standardandpoors.com
VALLESPIR SANDALES: Italian Businessman Acquires Firm
-----------------------------------------------------
An Italian entrepreneur has acquired insolvent Vallespir
Sandales to relaunch its business, reports Les Echos.
According to reports, the new owner will rename the company to
Vallespir Pied Leger. He plans to invest between EUR60,000 and
EUR100,000 initially and rehire 20 workers to begin production
next month. Vallespir Sandales is the last manufacturer of
traditional Catalan espadrilles in France.
CONTACT: VALLESPIR SANDALES
Centre Artisanal
7, rue Joseph Nivet
66260 ST Laurent de Cerdans
Phone: 04 68 39 57 57
Fax: 04 68 39 51 91
Web site: http://www.vallespirsandales.com/
=============
G E R M A N Y
=============
AAP IMPLANTATE: CEO Uwe Ahrens Moving to Supervisory Board
----------------------------------------------------------
Uwe Ahrens, the company's founder and longstanding CEO, is
retiring from the Board on September 30, 2005. At next year's
Annual General Meeting aap Implantate AG's Management and
Supervisory Board will propose that he joins the Supervisory
Board. Uwe Ahrens will continue to support the company in an
advisory capacity on various projects.
Uwe Ahrens acquired the company in 1990 in a management buyout
from Johnson & Johnson subsidiary Mecron. In the years that
followed he managed aap so successfully that it became one of
Germany's leading companies in the field of osteosynthesis and
in 1999 was the first German medical technology company to be
listed in the Frankfurt stock exchange's Neuer Markt segment.
With the takeover of the Mebio/Coripharm Group (bone cements,
biomaterials) in 2000 and the enlargement of the product range
into endoprosthetics, aap was able under his management to
establish itself as a widely based enterprise in the field of
orthopedics and traumatology.
The company's financial difficulties, triggered by integration
problems after the takeover of the Mebio/Coripharm Group, were
surmounted by means of recapitalization and restructuring in
2004. With stabilization achieved and a substantial
strengthening of the management the company has now reached a
stage that enables Mr. Ahrens to retire from day-to-management
and move to the Supervisory Board.
The aap Group's employees, the Management Board and the
Supervisory Board thank Mr. Ahrens for his successful
development work and longstanding commitment, without which aap
would not exist, and look forward to future cooperation on a
different basis.
In the future, directors Oliver Bielenstein and Bruke Alemu will
manage the company jointly.
* * *
For the second quarter the company reported sales of EUR3.2
million (up 16%, previous year: EUR2.7 million) and earnings
before interest and taxes (EBIT) of EUR76,000 (previous year:
-EUR554,000). The shortfall for the quarter improved strongly
to -EUR81,000 (previous year: -EUR3.2 million).
CONTACT: AAP IMPLANTATE AG
Oliver Bielenstein, Director/CFO
Lorenzweg 5
Phone: +49 (0)30 - 750 19 - 140
12099 Berlin
Fax: +49 (0)30 - 750 19 - 290
Nanette Huedepohl
Investor & Public Relations
Phone: +49 (0)30 - 750 19 - 133
Fax: +49 (0)30 - 750 19 - 290
AAP IMPLANTATE: Plans to Increase Capital by Up to 10%
------------------------------------------------------
Medical technology company aap Implantate AG is to become Biomet
Deutschland GmbH's new official bone cement sales partner. By
signing a several-year sales contract the company can now ensure
that it will be able to supply its customers on a long-term
basis and will also largely offset the bone cement sales
contract that Schering-Plough terminated in April by marketing
the wide range of products made by Biomet Germany, a member of
the Biomet Europe Group.
Uwe Ahrens, aap Implantate AG's founder and longstanding CEO, is
retiring from the Management Board on September 30, 2005 and
will be proposed as a member of the Supervisory Board at the
company's Annual General Meeting in 2006. He will continue to
advise the company on various projects. In the future,
directors Oliver Bielenstein and Bruke Alemu will manage the
company jointly.
In the weeks ahead, aap Implantate AG plans a capital increase
of up to 10%. The company intends to use the funds raised by
the capital increase to finance a smaller-scale acquisition in
the biomaterials segments in the second half and to continue to
step up its operative business. Details of the capital increase
will be announced shortly.
About the Company
aap Implantate AG is a German medical technology company
specialized in bone fracture healing, joint replacement, bone
cements and biomaterials.
For the second quarter the company reported sales of EUR3.2
million (up 16%, previous year: EUR2.7 million) and earnings
before interest and taxes (EBIT) of EUR76,000 (previous year:
-EUR554,000). The shortfall for the quarter improved strongly
to -EUR81,000 (previous year: -EUR3.2 million).
CONTACT: AAP IMPLANTATE AG
Oliver Bielenstein, Director/CFO
Lorenzweg 5
Phone: +49 (0)30 - 750 19 - 140
12099 Berlin
Fax: +49 (0)30 - 750 19 - 290
Nanette Huedepohl
Investor & Public Relations
Phone: +49 (0)30 - 750 19 - 133
Fax: +49 (0)30 - 750 19 - 290
AGRONA-BAUERNMARKT: Court Appoints Rolf Rombach Administrator
-------------------------------------------------------------
The district court of Muehlhausen opened bankruptcy proceedings
against AGRONA-Bauernmarkt GmbH on August 9. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until September 16, 2005 to register
their claims with court-appointed provisional administrator Rolf
Rombach.
Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 11:20 a.m. at the district
court of Muehlhausen, Untermarkt 17, Raum 91, 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: AGRONA-BAUERNMARKT GmbH
Contact:
Monika Teuber and Lothar Wagner, Managers
Uthleber Strasse 24, 99734 Nordhausen
Rolf Rombach, Administrator
Magdeburger Allee 159, 99086 Erfurt
BALTAMARE WARENHANDELS: Falls into Bankruptcy
---------------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against Baltamare Warenhandels GmbH on August 8. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until October 4, 2005 to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.
Creditors and other interested parties are encouraged to attend
the meeting on November 1, 2005, 10:10 a.m. at the district
court of Cuxhaven, Saal 112, Altbau, Deichstr. 12, 27472
Cuxhaven, at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: BALTAMARE WARENHANDELS GmbH
Prasident-Herwig-Strasse 6-8, 27472 Cuxhaven
Contact:
Eckart Harland, Manager
Gut Haus 2, 23821 Rohlstorf
Jan H. Wilhelm, Administrator
Am Radeberg 1, 28717 Bremen
Phone: 0421/178765
Fax: 0421/1787665
CHEMNITZTAL-BAU: Calls in Interim Administrator
-----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Chemnitztal-Bau-GmbH on August 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors had until September 1, 2005 to register their
claims with court-appointed provisional administrator Dr.
Stephan Thiemann.
Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 1:30 p.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: CHEMNITZTAL-BAU-GmbH
Bornaer Strasse 205, 09114 Chemnitz
Frank Ruelke, Manager
Dr. Stephan Thiemann, Administrator
Leipziger Str. 62, 09113 Chemnitz
Web site: http://www.pluta.net
DAIMLERCHRYSLER AG: Zetsche to Maintain Team Approach at Daimler
----------------------------------------------------------------
Forming the leadership team at Chrysler was said to be Dieter
Zetsche's proudest achievement.
Mr. Zetsche, whose last day as Chrysler president and chief
executive was Wednesday, aims to build a strong team at
DaimlerChrysler AG, said The Associated Press. He also plans to
replicate the team-oriented approach at Chrysler.
Mr. Zetsche was scheduled to leave for Germany to head the
carmaker's Mercedes business. The chairmanship at
DaimlerChrysler AG also awaits him starting next year.
He said: "Despite my new responsibilities, I will not be a
stranger here in Auburn Hills (Michigan)."
While he kept mum on his immediate plans for Mercedes, Mr.
Zetsche added: "I'll listen and see where we are. That has to
be done. And then I will certainly continue what has been
started and see where we can accelerate ... to get us back to
where we want to be as fast as possible."
He was also silent regarding the ongoing investigation into
bribery claims against DaimlerChrysler, stressing that he just
wanted to lighten the troubled carmaker's image.
"They understand humor over there. Definitely, we want to work
hard, we want to be successful, but we want to have fun as
well," he added.
Earlier, Mr. Zetsche said he will focus on improving quality and
profitability at Mercedes. His priorities as interim head of
Mercedes will be no different as when he led Chrysler five years
ago. He is not so much concerned about increasing sales;
instead, he wants the unit to produce better quality vehicles.
It is not certain how long Mr. Zetsche would lead Mercedes,
which came after former head Eckhard Cordes offered to leave his
post after 29 years of service. His decision follows the
appointment of Mr. Zetsche to replace Juergen Schremmp.
Thomas W. LaSorda is set to take over as head of Chrysler, while
Eric Ridenour will succeed him as Chief Operating Officer (COO)
of the group.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DERIX TRANSPORTE: Proofs of Claim Due End of the Month
------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Derix Transporte GmbH on August 11.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until September 30,
2005 to register their claims with court-appointed provisional
administrator Dr. Paul Fink.
Creditors and other interested parties are encouraged to attend
the meeting on October 17, 2005, 8:00 a.m. at the district court
of Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 58, 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: DERIX TRANSPORTE GmbH
Omperter Weg 4, 41748 Viersen
Contact:
Wilfried Derix
Dr. Paul Fink, Administrator
Rheinort 1, 40213 Duesseldorf
FASHION CONNECTION: Koln Business Goes Bust
-------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Fashion Connection Verkaufs Agentur GmbH on August 3.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until September 30,
2005 to register their claims with court-appointed provisional
administrator Siegfried Mueller.
Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2005, 10:20 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
1. Etage, Saal 142, at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: FASHION CONNECTION VERKAUFS AGENTUR GmbH
Eifelallee 4, 50858 Koln
Contact:
Suleyman Can, Manager
Zum Breitmaar 38, 50170 Kerpen
Siegfried Mueller, Administrator
Kolner Str. 197, 50226 Frechen
Phone: 02234/96788-0
Fax: +4922349678820
GIRINDUS AG: Chairman Stepping down at Month's End
--------------------------------------------------
Girindus AG has disclosed changes within its management and
supervisory boards.
The chairman of the management board of Girindus AG, Fritz Link,
resigned from his position effective September 30, 2005 and
shall be appointed as member of supervisory board with effect as
of October 1, 2005.
Robert F. Link, current deputy chairman of the management board
of Girindus AG, has been appointed as chairman of the management
board with effect as of October 1, 2005. Simultaneously,
further replacements in the supervisory board will take place.
* * *
Based in Bensberg, Germany, Girindus specializes in process
development and the production of innovative drug and cosmetic
actives. Listed in the Prime Segment of the German Stock
Exchange, with operations in the United States, it employs 140
people, including 50 scientists holding PhDs.
In the first three months of this year, Girindus reported
earnings before taxes, interest and depreciation (EBITDA) were
-EUR2.1 million (first quarter 2004: -EUR 0.7 million).
Operating result amounted to -EUR2.4 million (2004: -EUR1.4
million), while net loss almost doubled to EUR2.787 million from
EUR1.421 in the preceding quarter.
It also revealed negative EBITDA (-EUR4.9 million) this year as
sales fell to EUR23.1 million against EUR31.5 million in 2003.
Earnings per share dropped in comparison to the previous year
from -EUR0.55 to -EUR1.29 in 2004.
CONTACT: GIRINDUS AG
Buchenallee 20
51402 Bensberg
Deutschland
Web site: http://www.girindus.com
Peter J. Bergsteiner,
Director Finance & Investor Relations
Phone: +49 - (0)2204 - 926 - 900
Fax: +49 - (0)2204 - 926 - 990
E-mail: pbergsteiner@girindus.com
GROHE HOLDING: Rating Under Review on Sales, EBITDA Slide
---------------------------------------------------------
Standard & Poor's Ratings Services placed its long-term 'B+'
corporate and issue credit ratings on Germany-based sanitary-
products manufacturer Grohe Holding GmbH on CreditWatch with
negative implications, following the announcement of the
company's first-half 2005 results.
"In a more difficult operating environment than had been
anticipated, the CreditWatch placement reflects our concerns
about Grohe's financial flexibility and its ability to restore a
more adequate financial structure for the rating," said Standard
& Poor's credit analyst Xavier Buffon. Grohe reported
significant drops in sales and normalized EBITDA (before
restructuring costs) over the first part of the year, which were
not factored into the ratings. Standard & Poor's will meet with
management very soon to resolve the CreditWatch status.
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:
media_europe@standardandpoors.com
CONTACT: STANDARD AND POOR'S RATING SERVICES
Group E-mail Address
CorporateFinanceEurope@standardandpoors.com
GWZ LKW: Court to Verify Claims November
----------------------------------------
The district court of Ludwigshafen am Rhein opened bankruptcy
proceedings against GWZ LKW-VERMIETUNG U. Wippert -- F. Weiland
GdbR on August 5. Consequently, all pending proceedings against
the company have been automatically stayed. Creditors have
until September 17, 2005 to register their claims with court-
appointed provisional administrator Karl-Heinrich Lorenz.
Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9:30 a.m. at the district court
of Ludwigshafen am Rhein, Uhr, Sitzungssaal XI, Wittelsbachstr.
10, 67061 Ludwigshafen/Rhein, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: GWZ LKW-VERMIETUNG U. WIPPERT -- F. WEILAND GdbR
Saarlandstr. 38, 67061 Ludwigshafen
Contact:
F. Weiland, Manager
Dietrich-Bonhoeffer-Str. 55, 67227 Frankenthal
U. Wippert, Manager
Lilienstr. 6, 67112 Mutterstadt
Karl-Heinrich Lorenz, Administrator
Theodor-Heuss-Anlage 12, 68165 Mannheim
H. LANG: Creditors Set to Meet Next Month
-----------------------------------------
The district court of Koln opened bankruptcy proceedings against
H. Lang Kuehlmobel GmbH on August 5. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 16, 2005 to register their claims
with court-appointed provisional administrator Andreas Mueller-
Stein.
Creditors and other interested parties are encouraged to attend
the meeting on October 7, 2005, 11:05 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142, at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: H. LANG KUEHLMOBEL GmbH
Siemensstr. 19, 50259 Pulheim
Contact:
Hermann Lang, Manager
Aug.-Bebel-Str. 88, 50259 Pulheim
Andreas Mueller-Stein, Administrator
Schuetzenstr. 5, 50126 Bergheim
Phone: 02271-7691-0
Fax: +492271769110
HYPERION GMBH: Muenster Company Under Bankruptcy Administration
---------------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Hyperion GmbH on August 12. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 4, 2005 to register their claims
with court-appointed provisional administrator Stephan Michels.
Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 9:30 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, 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: HYPERION GmbH
Hansestrasse 24, 48165 Muenster
Contact:
Jan Plogmann, Manager
Olaf Herrigt, Manager
Stephan Michels, Administrator
von-Vincke-Strasse 2, 48143 Muenster
Phone: 0251/41430-0
Fax: +492514143010
INTERSHOP COMMUNICATIONS: Supervisory Board Chairman Resigns
------------------------------------------------------------
Loss-making software group Intershop Communications has just
loss its supervisory board chairman to resignation, Borsen
Zeitung says.
Eckhard Pfeiffer cited personal reasons for his resignation,
which takes effect at the end of the month. The board has
appointed deputy chairman Hans Gutsch to replace him and appoint
Wolfgang Meyer, board member at Schott Lithotec, as third
supervisory board member.
Intershop did not fare well in the second quarter of the year,
posting EUR1.1 million in losses, a million-euro higher from a
year ago.
About Intershop
Intershop Communications AG is (Prime Standard: ISH1) a leading
provider of software solutions that help organizations evolve
trading relationships with consumers and business partners
online. Founded in 1992, Intershop has a long tradition of
driving innovation in e-commerce by automating and simplifying
sales and buying processes. More than 300 enterprise customers
worldwide, including HP, and BMW, run Intershop Solutions. Four
of the five largest e-commerce sites in Germany rely on
Intershop Solutions: Otto, Tchibo, Deutsche Telekom, and Quelle.
Intershop is headquartered in Jena, Germany, and has branch
offices in the United States, Europe and Asia.
CONTACT: INTERSHOP COMMUNICATIONS
Intershop Tower
D-07740 Jena
Phone: +49-3641-50-0
Fax: +49-3641-50-1111
Web site: http://www.intershop.com
INTERTAINMENT AG: Exchange Rate Gains on Claims Drive Profit
------------------------------------------------------------
Intertainment AG generated a profit in the first half of 2005 of
EUR4 million after EUR2.3 million in the same period of 2004.
The earnings before interest and taxes (EBIT) were EUR5.3
million (2004: EUR3.2 million).
EUR1.9 million of the profit for the period were generated in
the second quarter (2004: EUR0.7 million). The EBIT for the
quarter was EUR2.7 million (2004: EUR0.7 million).
The profit for the period is largely attributable to exchange
rate gains on the claims for damages from legal disputes in the
USA. Intertainment reported exchange rate income in the first
half of 2005 of EUR7.8 million (2004: EUR2.3 million). Around
EUR4.2 million of these were accountable to the second quarter
of 2005. The total volume of damages claims shown on the
balance sheet at June 30, 2005 was EUR65.9 million after EUR59.1
million at the end of December 2004.
Intertainment's sales in the first half of the year amounted to
EUR0.5 million, of which EUR0.4 million are attributable to the
second quarter. In the first half of 2004 sales were EUR17.3
million.
At the end of June 2005 Intertainment had liquid assets of
EUR0.4 million after around EUR1.7 million at the end of
December 2004.
* * *
Intertainment has specialized in acquiring theatrical, video and
television film rights with large commercial potential, which it
markets in its home market Germany and in other European
countries (including Eastern Europe).
Among its customers are the most important media enterprises.
At the same time Intertainment also acquires the rights to
commercially very viable films for the People's Republic of
China, as this huge market (with about 1.3 billion people) is
currently practically untapped but in the medium term will
realise its big potential.
Through its subsidiary Intertainment Animation & Merchandising
GmbH it markets interesting cartoons as well as commercially
viable merchandising rights.
CONTACT: INTERTAINMENT AG
Investor Relations
Osterfeldstrasse 84
85737 Ismaning
Germany
Phone: +49 (0) 89 21699-0
Fax: +49 (0) 89 21699-11
E-mail: investor@intertainment.de
Web site: http://www.intertainment.de
LASCHET + PARTNER: Creditors' Claims Due Later this Month
---------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Laschet + Partner Werkzeugtechnik GmbH on August 15.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until September 23,
2005 to register their claims with court-appointed provisional
administrator Dr. Jorg Bornheimer.
Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 10:05 a.m. at the district
court of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2.
Etage, Saal 234, at which time the administrator will present
his first report of the insolvency proceedings. The court will
also verify the claims set out in the administrator's report on
October 18, 2005, 1:00 p.m. at the same venue.
CONTACT: LASCHET + PARTNER WERKZEUGTECHNIK GmbH
Neuenhofer Strasse 56, 42349 Wuppertal
Contact:
Joachim Osygus, Manager
Dr. Jorg Bornheimer, Administrator
Turmhof 15, 42103 Wuppertal
Phone: 0202/49 37 00
Fax: 0202/45 13 66
LEICA CAMERA: Board Member Dieter Uckele Resigns
------------------------------------------------
The Member of the Board of Management of Leica Camera AG, Solms,
responsible for Finance, Dieter Uckele, resigns from the Board
of Management of the Company in mutual agreement, effective
immediately. Dr. Josef Spichtig will be the sole Member of the
Board of Management until further notice. The responsibility
for Finance and Accounting, Logistics, Information Technology
and Staff Management will be assumed by Robert Feij as Head of
Finance, also until further notice. Since April 2005 he acted
in an advisory capacity in this area of the Company. An
according decision was taken by the Supervisory Board on August
31, 2005.
Dieter Uckele, an industrial engineer (born 1949), has been
active in the Company since April 1, 2001 as Head of Finance and
Controlling. He was appointed Member of the Board of Management
on April 1, 2003.
* * *
In February, Leica's banks partially terminated their credit
lines after the firm said it expects a loss of half of its
registered share capital in March 2005. The group closed the
first half of its fiscal year 2004/2005 (FY end March 31) with
sales of EUR45 million, 15% below the figure in the first half
last year.
CONTACT: LEICA CAMERA AG
Oskar-Barnack-Strasse 11
35606 Solms
Deutschland
MULTIKEY SYSTEMTECHNIK: Succumbs to Bankruptcy
----------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against MultiKey Systemtechnik GmbH on July 29. Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until September 6, 2005 to
register their claims with court-appointed provisional
administrator Bernward Widera.
Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:00 a.m. at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude, Furstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: MULTIKEY SYSTEMTECHNIK GmbH
Morgenbergstrasse 19, 08525 Plauen
Contact:
Monika Ebersbach, Manager
Bernward Widera, Administrator
Buettenstrasse 4, 08058 Zwickau
RINOL AG: Turnaround Possible, Says Consultancy Firm
----------------------------------------------------
Ailing industrial flooring manufacturer Rinol AG could recover
under certain conditions, Suddeutsche Zeitung cites a report by
local consultancy group Roland Berger.
According to the report, Rinol might achieve turnaround if it
carries out a capital write-down and rids itself of interest
payments. Roland Berger proposed a debt-to-equity swap through
a capital write-down. The consultancy group likewise proposed a
buyback of bonds at one-fifth of their original value. Rinol's
bondholders have already expressed readiness to forego interest
payments.
Rinol slashed its first-half EBIT loss from EUR3.7 million in
2004 to EUR3.5 million this year, despite a 5% slide in turnover
to EUR43.2 million. The group is reportedly showing steady
progress in its restructuring. Investment groups Morgan Stanley
Emerging Markets and Highbridge Zwirn are bound to acquire the
group.
CONTACT: ROLAND BERGER STRATEGY CONSULTANTS
Arabellastr. 33
81925 Munich
Phone: +49 89 9230-0
Fax: +49 89 9230-8202
Web site: http://www.rolandberger.com
SCHEFENACKER AG: Appoints New Management Board Member
-----------------------------------------------------
The family-owned company, Schefenacker AG, has appointed Dr.
Reiner Beutel as member of the management board where he will
sign responsible for finance and internal accounting.
Dr. Beutel will take over from Willy Hartung who will leave the
company on 30 September by mutual agreement.
Dr. Beutel has already accompanied Schefenacker AG during the
past couple of months as a consultant. He especially steered
the processes with regards to this years' refinancing.
Before joining Schefenacker AG as a consultant, Dr. Beutel held
several positions of responsibility in various companies such as
Robert Bosch GmbH.
Schefenacker AG was founded in Esslingen in 1935. The family
owned business is a worldwide leader in the production of
vehicle rear vision mirrors and has a leading market position in
rear and inside car lighting and sound systems. In 2004 group
revenues totaled EUR952 million. Schefenacker AG employs more
than 6900 workers in its production and sales offices worldwide
* * *
Schefenacker is currently implementing restructuring measures to
save EUR20 million and return to profitability. Launched at the
beginning of the year, the plan calls for 300 redundancies and
partial transfer of production to Hungary and Slovenia.
CONTACT: SCHEFENACKER AG
Eckenerstrasse 2
73730 Esslingen
Phone: + 49 711 3154-0
Fax: + 49 711-3154-102
E-mail: info@schefenacker.com
SIEBDRUCK SCHREINER: Creditors Have Until Monday to File Claims
---------------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Siebdruck Schreiner GmbH on August 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. Onno Klopp.
Creditors and other interested parties are encouraged to attend
the meeting on September 26, 2005, 10:20 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3.OG Altbau, A 388, 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: SIEBDRUCK SCHREINER GmbH
Im Taubental 27, 41468 Neuss
Contact:
Sabine Lohmann, Manager
Ackerstr. 141, 47447 Moers
Dr. Onno Klopp, Administrator
Sternstrasse 58, 40479 Duesseldorf
SPORTPARK AM FILZTEICH: Creditors Meeting Set October
-----------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Sportpark am Filzteich GbR Andre Pietzsch und Ronald
Mueller on August 2. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until September 6, 2005 to register their claims with
court-appointed provisional administrator Bernward Widera.
Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 8:30 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: SPORTPARK AM FILZTEICH GbR ANDRE PIETZSCH
UND RONALD MUELLER
Am Filzteich 1, 08289 Schneeberg
Contact:
Andre Pietzsch and Ronald Mueller, Managers
Bernward Widera, Administrator
Buettenstrasse 4, 08058 Zwickau
===========
G R E E C E
===========
OLYMPIC AIRLINES: Court Finds Workers' Strike Illegal
-----------------------------------------------------
Flight attendants at national carrier Olympic Airlines called
off a 24-hour strike set for August 31, after a court ruled the
industrial action illegal, says Reuters.
George Hatzis, head of the 450-strong Union of Flight Attendants
(EISF), said, "We have just had a board meeting and decided to
postpone Wednesday's 24-hour strike." He said the union still
plans "further action in coming days."
EISF had purposely scheduled the strike during the peak of the
tourist season to force the carrier to fulfill its contractual
obligations like procedures for medical checks, recognition of
members' professional qualifications, pension rights and money
owed to cabin crew.
Greece recently extended to September the carrier's sale to
complete talks with preferred bidder Olympic Investors-York
Capital. The state wants the U.S. bidder to prove its credit
worthiness before entering into final negotiations. The
government is aiming to raise EUR1.6 billion from the sale of
the airline and other state assets to reduce public debt, one of
the highest in the euro zone.
CONTACT: OLYMPIC AIRLINES S.A.
96 Sygrou Ave.
11741 Athens
Phone: +30 1 9267221
Fax: +30 1 9267858
E-mail: olyair10@otenet.gr
Web site: http://www.olympicairlines.com
=============
I R E L A N D
=============
ELAN COPORATION: Ex-chairman Nets US$880,000 for Shares
-------------------------------------------------------
Former Chairman Garo Armen cashed in on his 200,000 Elan shares,
netting US$880,000, Business world said recently.
He is the second director of the Irish biotech firm to exercise
his options and sell some or all of their shares to the market,
the report said. Elan's financial officer Shane Cooke was the
first to do so with his options, selling 163,000 shares to the
market for a profit of more than US$450,000. Both transactions
were made on the New York Stock Exchange and later notified to
the Irish Stock Exchange.
Although Elan is based in Ireland, most of its transactions are
done in the U.S. The sale occurred while Biogen Idec, Elan's
partner, prepared to meet with the U.S. Food and Drugs
Administration (FDA) to have their breakthrough multiple
sclerosis drug, TYSABRI, returned to the market. In February,
the two companies voluntarily suspended TYSABRI after two trial
patients contracted a generally fatal neurological condition
while taking the drug.
Elan Corporation, plc is a neuroscience-based biotechnology
company. Visit http://www.elan.comfor more information.
CONTACT: ELAN CORPORATION PLC
Lincoln House
Lincoln Place
Dublin2
Ireland
Phone: +353 1 709 4000
Fax: +353 1 709 4108
MANNING BROTHERS: Construction Firm Crashes into Liquidation
------------------------------------------------------------
Around 82 workers lost their jobs when the High Court ordered
the liquidation of Manning Brothers Contracts, the Irish Times
says.
The paper said the construction firm has accumulated EUR4
million in debt that it can no longer pay, on top of EUR1.5
million in tax arrears. It also owes trade creditors and
workers a further EUR1.7 million; some of the workers have not
been paid for more than three months, the paper adds.
In his affidavit, director Aloysius Manning traced the company's
problem to a dispute with Meath County Council over a road-
building contract. It is suing the local authority for over
EUR4.3 million.
Justice John McMenamin has appointed Tim Regan of Regan & Co.
Chartered Accountants liquidator of the firm. In 2002, the
company had turnover of EUR6.8 million and operating profit of
EUR245,400, a 60% increase from a year earlier.
CONTACT: MANNING BROS CONTRACTS LTD.
Ballagh, Newtownforbes, Co Longford.
Phone: 043-71859
E-mail: amanning@iol.ie
=========
I T A L Y
=========
ALITALIA SPA: Intesa, Deutsche Bank to Underwrite Capital Hike
--------------------------------------------------------------
Alitalia's restructuring is finally rolling, as two private
banks agreed to underwrite the airline's EUR1.2 billion
recapitalization plan, La Stampa reported recently.
The involvement of Banca Intesa and Deutsche Bank, which are
expected to sign the final underwriting agreement within days,
meets the requirement set by the E.U. Commission when it
approved a EUR400 million government-guaranteed loan to
Alitalia. The recapitalization will reduce the stake of the
state treasury from 63% to 49%, another condition set by the
Commission.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
ALITALIA SPA: Layoff Report 'Groundless'
----------------------------------------
Alitalia denied recently reports that it will lay off additional
employees to cope with the rising oil prices, The Associated
Press says.
The report came from local financial daily Il Sole 24 Ore, which
said Alitalia would shed 2,000 employees, in addition to 3,700
pilots, ground workers and flight attendants the carrier had
negotiated with unions. The plan will allegedly offset the
additional EUR300 million to EUR400 million in cost Alitalia
will incur as a result of soaring oil prices.
Alitalia said, "News that has appeared on the press in recent
days with projections of the company's industrial plan,
including those regarding job issues, must be considered
groundless."
Alitalia's restructuring plan includes splitting the carrier
into AZ Fly and AZ Servizi and implanting job cuts. The carrier
intends to retain full control of AZ Fly, which will handle all
flight operations after the restructuring; and sell to state-
owned Fintecna a stake in AZ Servizi, which will handle the
group's ground and maintenance activities.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
FINPART SPA: Bank Accepts 19.5% Stake as Collateral
---------------------------------------------------
Banca Intesa has taken 19.5% of fashion group Finpart as
security against debt, according to Il Sole 24 Ore. The stake
was part of chairman Gianni Mazzol's 29% shareholding in the
company.
The company is currently undertaking a restructuring that will
see it focus on business segments in property and services or
industries with a high asset value. Finpart agreed last month
sell 82% of its luxury brand Cerruti to clothing manufacturer
Manifattura Paoloni as part of the plan.
Two creditors filed separate bankruptcy petitions against the
fashion and textile group in February. One was identified as
Bain & Company Italy, which is claiming EUR0.3 million in unpaid
consultancy fees. The other, filed by a bondholders group, is
seeking the repayment of EUR11.5 million.
The group, which owns the labels Andrea Pfister, Cerruti, Maska
and Henry Cotton's, said in February it will seek a EUR300
million capital increase and a rescheduling of EUR200 billion in
bonds that it defaulted in July last year.
For the first nine months of 2004, the company booked a EUR59.5
million loss, up from -EUR49.7 million in the same period in
2003. The textile group saw its revenue fall significantly by
EUR58.4 million in 2003 to EUR245.8 million in 2004, but managed
to reduce net financial debt from EUR357 million in November
2004 to EUR347.5 million in December 2004. The group was able
to cut its short-term bank debt by EUR10.8 million in the same
period.
CONTACT: FINPART S.P.A.
Foro Buonaparte, 51
20121 Milan, Italy
Phone: +39-02-72-55-01
Fax: +39-02-86-46-32-42
PARMALAT FINANZIARIA: Injunction vs. Bondholders Extended
---------------------------------------------------------
A U.S. judge has extended an injunction protecting Parmalat
Finanziaria from creditors, Bloomberg News says.
For another two-and-a-half months until Nov. 16, around 60
Parmalat noteholders cannot pursue their US$800 million claim
against the food group. The bondholders had asked Judge Robert
Drain of the U.S. Bankruptcy Court in New York to lift the
injunction so they could pursue their claims. The judge refused
their request and instead told them to file another motion to
lift the injunction in November. He likewise set a hearing to
determine whether Italian laws fairly address the claims.
Judge Drain said, "I don't believe there is a basis for
overturning the injunction at this time."
Parmalat recently closed the voting period for its debt-for-
equity swap. Around 339 votes were cast, 254 by dairy
suppliers. Marcia Goldstein, a Parmalat lawyer, said the
results will be released in October.
Parmalat filed for bankruptcy protection in Italy in December
2003 after finding a EUR14 billion hole on its accounts. It
filed for protection from U.S. creditors in June 2004 under a
section of the bankruptcy code that bars creditors from filing
lawsuits in U.S. courts that interfere with a foreign bankruptcy
proceeding.
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 FINANZIARIA: Creditors Vote on Debt-for-equity Swap
------------------------------------------------------------
The fate of Parmalat's debt-for-equity swap is now sealed.
According to La Stampa, balloting on the proposal was closed on
August 26 by the bankruptcy court in Parma, which received 339
votes.
Of these votes, 254 ballots were cast by dairy suppliers, who
are to become shareholders after the swap. Those who failed to
vote are assumed to have tacitly approved the proposal, the
paper said.
An affirmative vote would pave the way for Parmalat's relisting
sometime in September or October. The group's shares have not
been trading on the stock market since December 2003, when
Parmalat collapsed under EUR14 billion in debt.
Parmalat's relisting plan received a major boost in May, when
market regulator Consob cleared it. The group will use a new
name -- Parmalat S.p.A. -- instead of the holding company
Parmalat Finanziaria S.p.A. upon relisting.
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 FINANZIARIA: Posts Encouraging Seven-month Results
-----------------------------------------------------------
Parmalat Finanziaria's operating performance for the first seven
months of the year has improved, thanks to growth in its South
African and Canadian business, AFX News says.
For the seven months to July, sales of its core business rose to
EUR2.188 billion from EUR2.146 billion a year earlier, while
EBITDA jumped to EUR167.5 million from EUR156.2 million.
In Italy, the group posted a 0.5% increase in sales to EUR725
million, which slightly increased EBITDA to EUR50.8 million from
EUR50.2 million. The Venezuelan unit managed to have a better
EBITDA despite lower sales, while the Spanish unit reported
lower sales and EBITDA.
Overall, EBITDA rose to EUR106.3 million from EUR74 million,
despite a slight drop in sales from EUR2.339 billion to EUR2.301
billion. The result includes those of non-core business slated
for disposal. At the end of July, net debt stood at EUR11.3
billion, down from EUR11.344 billion in December.
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 FINANZIARIA: Claims vs. Banks Reach EUR25 Billion
----------------------------------------------------------
Parmalat Finanziaria's claims against a number of financial
institutions have reached nearly EUR25 billion, almost double
the amount its debt when it collapsed, Il Sole 24 Ore says.
Parmalat administrator Enrico Bondi has lodged several court
actions, which, if sustained, will benefit the company. He has
sought the revocation of around EUR8 billion in structured
financial deals managed by 50 local and international banks. He
has a pending EUR16.5 billion in damage suits against banks and
former auditors for allegedly abetting its collapse and hiding
its true financial state, among others. These banks include
Deutsche Bank, UBS AG, J.P. Morgan Chase & Co., UniCredito
Italiano S.p.A., Citigroup Inc., Banca Intesa and Bank of
America and auditors Deloitte & Touche and Grant Thornton.
Not all of these recovery actions will succeed, according to Il
Sole, but the expectation of a huge recovery would surely boost
Parmalat's value when it re-lists sometime this month 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
PARMALAT FINANZIARIA: Abandons Chinese Business
-----------------------------------------------
Parmalat Finanziaria has pulled out of China, Sinocast China
Business Daily News says. Parmalat sold its 65% stake in
Parmalat (Nanjing) Dairy Co. Ltd. to Weigang Dairy, a unit of
Nanjing Dairy (Group) Co. Ltd., for a symbolic price of US$1.
Parmalat Nanjing was a EUR7 million (CNY70 million) joint
venture of Parmalat and Nanjing Dairy. The business, however,
has been making losses due to improper marketing and poor
management. In 2003 alone, it racked up CNY27 million in
losses. According to market analysts, the buyer will assume the
CNY20 million debt of Parmalat Nanjing, thus the US$1 nominal
fee.
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
NANJING DAIRY (GROUP) CO., LTD.
MoChou Road 403 2,
JianYe District, Nanjing, Jiangsu
Phone: 025-6617211
Fax: 025-6617211
===================
K Y R G Y Z S T A N
===================
ARTHUR AUTOMOBILE: Proofs of Claim Deadline Set October
-------------------------------------------------------
Arthur Automobile GmbH, which recently became insolvent, will
accept proofs of claim until October 8, 2005. Call (0-312) 97
14 94 for more information.
CHOCHUN: Gives Creditors Until Next Month to File Claims
--------------------------------------------------------
LLC Chochun, which recently became insolvent, will accept proofs
of claim until October 8, 2005. Call (0-312) 68-10-65 for more
information.
FULLSERVICE: Proofs of Claim Due October 1
------------------------------------------
LLC FullService, which recently became insolvent, will accept
proofs of claim until October 1, 2005. Call (0-312) 55-52-45
for more information.
SHAMIL-IMAM: Declared Insolvent
-------------------------------
LLC Shamil-Imam, which recently became insolvent, will accept
proofs of claim at Alamudunsk district, Oktyabrskoye, XXII
Partsyezd Str. until October 8, 2005.
CONTACT: SHAMIL-IMAM
Alamudunsk district, Oktyabrskoye,
XXII Partsyezd Str.
TDN-SERVICE: Last Day for Filing Claims October 8
-------------------------------------------------
LLC TDN-Service, which recently became insolvent, will accept
proofs of claim at Leninskoye, Almatinskaya Str. 307 until
October 8, 2005.
CONTACT: TDN-SERVICE
Leninskoye, Almatinskaya Str. 307.
TEKVON-MEDIA: Succumbs to Insolvency
------------------------------------
LLC Tekvon-Media, which recently became insolvent, will accept
proofs of claim until October 1, 2005. Call (0-312) 90-03-77
for more information.
=====================
N E T H E R L A N D S
=====================
MOBIFON HOLDINGS: Delays Filing of Quarterly Report
---------------------------------------------------
MobiFon Holdings B.V. didn't file its quarterly report for the
second quarter ending June 30, 2005, within the 60-day filing
deadline imposed by the indenture relating to its $225 million
12.50% Notes due 2010. MobiFon said the delay is due to:
-- the receipt by the Company of a comment letter from the
Securities and Exchange Commission relating to its Form
20-F and its Consolidated Financial Statements and
Operating and Financial Review and Prospects for the year
ended Dec. 31, 2004, filed on Form 6-K on May 19, 2005;
and
-- an ongoing exercise that commenced on the completion of
the acquisition of the Company by Vodafone International
Holdings B.V. on May 31, 2005, to review its accounting
policies with a view to conforming them to Vodafone Group
practices.
A full-text copy of the Prospectus relating the details of the
quarterly reporting covenant is available at no charge at
http://ResearchArchives.com/t/s?128
The Company is not in breach of any SEC filing deadlines.
The items addressed in the SEC comment letter relate to the
clarification of existing accounting and related disclosures and
include potential requests for additional disclosure; as such,
neither they nor the review of accounting policies impact the
ability of the Company to pay principal and interest when due on
the Notes nor do they reflect any concerns related to the
business of its subsidiary MobiFon S.A.
MobiFon Holdings B.V, domiciled in the Netherlands, is the
majority owner of MobiFon S.A, a leading mobile telecom operator
in Romania with a 48% market share as of 31 December 2004. In
2004, MobiFon generated US$723 million in revenue with an OIBDA
margin of approximately 47% and a subscriber base of 4.9
million.
* * *
As reported in the Troubled Company Reporter-Europe on June 17,
2005, Standard & Poor's Ratings Services raised its ratings on
MobiFon Holdings B.V. to 'BB' from 'BB-' on completion of
Vodafone Group plc's (A/Stable/A-1) acquisition of the company.
At the same time, Standard & Poor's raised the rating on MobiFon
Holdings' US$223 million senior unsecured notes due 2010 to 'B+'
from 'B'. S&P also removed the ratings from CreditWatch, where
they were placed with positive implications March 15, 2005. S&P
said the outlook is currently stable.
Telesystem International, headquartered in Montreal (Quebec),
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.
It operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
For Investors
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
ROYAL SHELL: May Divest 38 Colombian Service Stations
-----------------------------------------------------
Royal Dutch Shell is said to be considering to dispose of its 38
service stations in Colombia.
This is understood to be part of the Anglo-Dutch company's
worldwide change in business strategy, according to Reuters.
"Offers from interested companies are being considered, but up
to now no decision has been taken," Shell said in a news
release.
It did not provide further details, especially the parties
involved in the transaction. However, the local press have
linked Brazil's state oil firm Petrobras with the possible
takeover.
In 1999, Shell re-entered Colombia's service station market
after 30 years of absence with a GBP6 million investment.
Last month, Shell, together with Bechtel Enterprises Energy
B.V., revealed it has completed the previously announced sale of
InterGen N.V. to a partnership between AIG Highstar Capital II
L.P. and Ontario Teachers' Pension Plan for US$1.75 billion.
It earlier advised that InterGen's assets in the United States,
Colombia, and Turkey would be retained pending further review.
While it recently unveiled separate agreements to divest U.S.
assets and sell the remaining interests in the Turkey assets,
Shell noted the restructuring of its power project in Colombia
has been progressing.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
ROYAL SHELL: 'A' Shares Down to 4,059,235,000
---------------------------------------------
On August 30, 2005, Royal Dutch Shell plc purchased for
cancellation 725,000 'A' Shares at a price of EUR25.88 per
share.
Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,059,235,000.
As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.
* * *
Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence. The buyback program
follows a damaging reserves overestimation scandal last year.
About the Company
Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges. Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.
The Trouble
Shell had admitted it overstated its proved reserves by almost
6.0 billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts. It was fined EUR150
million in total after investigations launched by U.S. and
British regulators. Shell has said it had revised the method by
which it calculates reserves to comply with U.S. regulations.
Shell's proved reserves stood at 10.2 billion barrels at the end
of 2004.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
===========
R U S S I A
===========
AUTO-TRANSPORT ENTERPRISE-4: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Ivanovo region has commenced bankruptcy
supervision procedure on limited liability company Auto-
Transport Enterprise-4. The case is docketed as A17-1271/05-14-
B. Mr. A. Runtsov has been appointed temporary insolvency
manager. A hearing will take place on December 21, 2005, 9:30
a.m.
CONTACT: AUTO-TRANSPORT ENTERPRISE-4
155523, Russia, Ivanovo region,
Furmanov, Zhukovskogo Str. 6
Mr. A. Runtsov
Insolvency Manager
155800, Russia, Ivanovo region, Kineshma,
Sotsialisticheskaya Str. 25, Apartment 8
The Arbitration Court of Ivanovo region
153022, Russia, Ivanovo region,
B. Khmelnitskogo Str. 59-B
BAKHAREVSKIY ELEVATOR: Declared Insolvent
-----------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Bakharevskiy Elevator after finding the open
joint stock company insolvent. The case is docketed as A50-
2856/2005-B. Mr. O. Shelyakin has been appointed insolvency
manager.
Creditors may submit their proofs of claim to:
(a) BAKHAREVSKIY ELEVATOR
617470, Russia, Perm region,
Kungur, Stepana Razina Str. 34
(b) Insolvency Manager
614068, Russia, Perm region,
Kirova Str. 224, Apartment 1
Phone/Fax: (3422) 368-492
(c) The Arbitration Court of Perm region
614000, Russia, Perm region,
Lunacharskogo Str. 3
BASH-OIL-FACTORY-STROY: Hires L. Vlasova Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Bash-Oil-Factory-Stroy. The case is docketed as A07-14035/05-G-
PAV. Ms. L. Vlasova has been appointed temporary insolvency
manager. A hearing will take place on November 14, 2005.
CONTACT: BASH-OIL-FACTORY-STROY
Russia, Bashkortostan republic,
Ufa, Gorkogo Str. 71
Ms. L. Vlasova
Insolvency Manager
453050, Russia, Bashkortostan republic,
Ufa, Gorkogo Str. 69A
BUILDING COMPANY: Creditors Opt for Liquidation
-----------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Building Company after finding the open
joint stock company insolvent. The case is docketed as A41-K-2-
24487/04. Mr. A. Kalmykov has been appointed insolvency
manager. Creditors have until September 30, 2005 to submit
their proofs of claim to 105318, Russia, Moscow, Semenovskaya
Square, 7, Office 608.
CONTACT: BUILDING COMPANY
141400, Russia, Moscow region,
Khimki, Zavodskaya Str. 1
Mr. A. Kalmykov
Insolvency Manager
105318, Russia, Moscow region,
Semenovskaya Square, 7, Office 608
CHELNY-AGRO-PROM-SNAB: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Chelny-Agro-Prom-Snab. The case is docketed as A65-14747/2005-
SG4-21. Mr. Z. Ganiev has been appointed temporary insolvency
manager. Creditors have until September 30, 2005 to submit
their proofs of claim to 423803, Russia, Tatarstan republic,
Naberezhnye Chelny, Sarmanovskiy Trakt, Post User Box 59.
CONTACT: CHELNY-AGRO-PROM-SNAB
Russia, Tatarstan republic, Tukaevskiy region
Mr. Z. Ganiev
Temporary Insolvency Manager
423803, Russia, Tatarstan republic,
Naberezhnye Chelny, Sarmanovskiy Trakt,
Post User Box 59
KHOLOD: Insolvency Manager Takes over Business
----------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on open joint stock company Kholod. The
case is docketed as A55-9621/2005-13. Mr. A. Konovalov has been
appointed temporary insolvency manager. Creditors may submit
their proofs of claim to 443048, Russia, Samara region, Krasnaya
Glinka.
CONTACT: KHOLOD
443048, Russia, Samara region,
Krasnaya Glinka
Mr. A. Konovalov
Temporary Insolvency Manager
443048, Russia, Samara region,
Krasnaya Glinka
KUPROSSIOY: Deadline for Proofs of Claim Set September 30
---------------------------------------------------------
The Arbitration Court of Komi-Permyatskiy autonomous region
commenced bankruptcy proceedings against Kuprossioy after
finding the milk plant insolvent. The case is docketed as A30-
430/05. Mr. A. Smirnov has been appointed insolvency manager.
Creditors have until September 30, 2005 to submit their proofs
of claim to 618900, Russia, Perm region, Lysva, Pchelina Str. 9.
CONTACT: KUPROSSIOY
619180, Russia, Komi-Permyatskiy autonomous region,
Yusvenskiy region, Kupros
Mr. A. Smirnov
Insolvency Manager
618900, Russia, Perm region,
Lysva, Pchelina Str. 9
MANTUROVSKOYE GRAIN: Bankruptcy Hearing Set September 15
--------------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Manturovskoye Grain Receiving Enterprise. The case is docketed
as A31-4603/2005-18. Mr. A. Kovalev has been appointed
temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Kostroma,
Rabochij Pr. 48, Apartment 38. A hearing will take place on
September 15, 2005, 3:10 p.m.
CONTACT: MANTUROVSKOYE GRAIN RECEIVING ENTERPRISE
Russia, Kostroma region,
Manturovo, Vokzalnaya Str. 102
Mr. A. Kovalev
Insolvency Manager
Russia, Kostroma region,
Rabochij Pr. 48, Apartment 38
OAO LUKOIL: Expects Half-year Taxes to Reach US$6.75 Billion
------------------------------------------------------------
An extended meeting of OAO LUKOIL Board of Directors was held in
Moscow Wednesday to discuss the LUKOIL Group 2005 first half-
year preliminary results as well as budget performance and
investment program progress.
Preliminary estimates of the financial period suggest that
hydrocarbon reserves increased by over 60 million tons of fuel
equivalent, which practically corresponds to the figure for the
first six months of 2004.
The largest increment of oil reserves was gained in Timan
Pechora, Western Siberia and Perm region; Yamal peninsula
accounted for the largest increment of gas reserves. LUKOIL
Group's proven reserves are sufficient for 30 years production.
Overall investment expenditures for the LUKOIL Group for the
first six months of 2005 are expected to total around US$2
billion USD, which is 45% out of the annual schedule.
According to preliminary estimates, total investment volume in
the Upstream business segment came to US$1.4 billion or 48% of
the annual investment program.
Total investment expenditures on oil refining came to US$158.9
million, or 52% of the annual program.
Taxes in the consolidated revenue of the LUKOIL Group (excluding
reselling transactions) exceeded 50% and reached US$6.75
billion. The amount of tax payments made by the Russian
organizations of the LUKOIL Group over the financial period
increased by US$3.1 billion compared to the corresponding period
last year.
This press-release was prepared according to expected figures of
2005 first half-year results based on preliminary operational
information which had not been audited, therefore it might not
correspond to the actual accounting figures and financial
statement which is to be prepared in accordance with U.S. GAAP
for the period covering the first six months of 2005.
The factual results may differ significantly from planned and
target figures, expected results, estimates and intentions made
in pro forma statements due to a number of essential factors.
* * *
In August, Interfax reported OAO LUKOIL will make up for the
temporary closure of the Odesa oil refinery by processing crude
at CJSC Ukrtatnafta's Kremenchuk site.
Russia's largest integrated oil company will also import fuel
from Ukraine. The Odesa plant will reportedly be closed for
repairs for one or two months.
LUKOIL is into oil & gas exploration and production, and
production and sale of petroleum products, with projects
covering Azerbaijan, Kazakhstan, Egypt, North Africa and
Columbia.
It is the second largest private oil company worldwide by proven
reserves, holding around 1.5% of global oil reserves and 2.1% of
global oil production.
In Russia, the company owns four large refineries at Perm,
Volgograd, Ukhta and Nizhny Novgorod. By the end of 2003
LUKOIL's sales network covered 17 countries of the world,
including Russia, the CIS (Azerbaijan, Belarus, Georgia,
Moldova, Ukraine), Europe (Bulgaria, Hungary, Cyprus, Latvia,
Lithuania, Poland, Serbia, Romania, Czech Republic, Estonia) and
the U.S.A.
Standard & Poor's Ratings Services recently revised its outlook
to positive from stable on LUKOIL, following a review of the
company's 2004 operating and financial performance.
Credit analyst Karl Nietvelt said: "The positive outlook . . .
is supported by strongly improved financial and operating
performance in 2004."
The rating is also said to be influenced by LUKOIL's vast crude
oil reserves, massive production, and vertical integration into
refining (including outside Russia).
However, analysts are concerned of the general risks surrounding
the Russian oil industry, particularly the heavy and often
changing tax burden placed on companies.
CONTACT: OAO LUKOIL
11, Sretensky Boulevard
Moscow, Russia, 101000
Phone: (+7 095) 928 9841
Fax: (+7 095) 916 0020
E-mail: investor@lukoil.com
Web site: http://www.lukoil.com
SARMANOVSKAYA MOVABLE: Bankruptcy Hearing Set November
------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Sarmanovskaya Movable Mechanized Column Melioration. The case
is docketed as A65-15055/2005-SG4-16. Mr. A. Sabitov has been
appointed temporary insolvency manager.
Creditors have to submit their proofs of claim to: 420012,
Russia, Tatarstan republic, Kazan, Post User Box 236. A hearing
will take place on November 22, 2005, 10:00 a.m. located at
Russia, Kazan, Kremlin, Building 1, Entrance 2, Room 16.
CONTACT: SARMANOVSKAYA MOVABLE MECHANIZED COLUMN MELIORATION
423350, Russia, Tatarstan republic,
Sarmanovo, Sharipova Str. 32
Mr. A. Sabitov
Temporary Insolvency Manager
420012, Russia, Tatarstan republic,
Kazan, Post User Box 236
TARKO-SALE-GEOL-TRANS: Insolvency Manger Takes over Operation
-------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Tarko-Sale-Geol-Trans
after finding the open joint stock company insolvent. The case
is docketed as A81-635/2005. Mr. V. Grigoryev has been
appointed insolvency manager. Creditors have until September
30, 2005 to submit their proofs of claim to 123007, Russia,
Moscow, Post User Box 8.
CONTACT: TARKO-SALE-GEOL-TRANS
629850, Russia, Yamalo-Nenetskiy autonomous region,
Purovskiy region, Tarko-Sale, Prom.zone
Mr. V. Grigoryev
Insolvency Manager
123007, Russia, Moscow region,
Post User Box 8
Phone/Fax: (095) 937-66-59
===========
S W E D E N
===========
ESSELTE GROUP: Net Loss Up to US$14.0 Million in 2Q
---------------------------------------------------
Esselte Group Holdings AB (publ), a leading global office
supplies manufacturer with 2004 annual sales of approximately
US$1.2 billion, announced its results for the second quarter
ended July 3, 2005. Esselte, a privately held Swedish company,
reports its results in accordance with generally accepted
accounting principles in Sweden.
"We continue to see improvement in our operating results,
including Adjusted EBITDA, due in large part from control of
operating expenses" commented Magnus Nicolin, president and CEO
of Esselte. "With continued control of operating expenses, we
anticipate further improvement in Adjusted EBITDA in the second
half of 2005."
For the second quarter of 2005, net sales increased 1.1% to
US$295.5 million, compared with US$292.3 million for the second
quarter of 2004. Excluding the effect of foreign exchange
translation, net sales decreased by 2.3% from the second quarter
of 2004. The net sales decline principally reflects a reduction
in sales volume in the U.S. filing business, and the impact of
price reductions on certain DYMO Global products.
For the second quarter of 2005, gross profit decreased to
US$86.8 million, compared with US$91.0 million for the second
quarter of 2004, reflecting a gross margin of 29.4% for the
second quarter of 2005, compared with 31.1% for the second
quarter of 2004. Excluding the effect of foreign exchange
translation, gross margin decreased 2.0% from the second quarter
of 2004. For the second quarter of 2005, US$0.4 million of
restructuring charges are included in cost of goods sold,
compared with US$1.3 million for the second quarter of 2004.
The decline in gross margin was primarily attributable to the
impact of cost increases for certain raw materials (primarily
paper and steel) and price reductions on certain DYMO Global
products.
For the second quarter of 2005, total operating expenses
decreased 15.3% to US$81.4 million, compared with US$96.1
million for the second quarter of 2004. Excluding the effect of
foreign exchange translation, total operating expenses decreased
17.8% from the second quarter of 2004.
Total operating expenses for the second quarter of 2005 include
US$0.3 million of non-recurring charges, compared with US$4.1
million of non-recurring charges for the second quarter of 2004.
Excluding non-recurring charges and the impact of foreign
exchange translation, the decrease in operating expenses was
primarily attributable to reduced selling and marketing expenses
and lower administrative expenses.
For the second quarter of 2005, Esselte reported operating
income of US$5.4 million, compared with an operating loss of
US$5.1 million for the second quarter of 2004. This improvement
was primarily attributable to reduced operating expenses in the
second quarter of 2005 (including lower non-recurring charges)
compared to the second quarter of 2004, somewhat offset by lower
gross profit. For the second quarter of 2005, Esselte reported
a net loss of US$14.0 million, compared with a net loss of
US$8.1 million for the second quarter of 2004.
Adjusted EBITDA for the second quarter of 2005 was US$19.0
million, compared with US$13.1 million for the second quarter of
2004. Adjusted EBITDA is not a Swedish GAAP measure. The
reconciliation of Adjusted EBITDA provided immediately following
our supplemental information in this release should be carefully
read.
Total debt (excluding accrued interest) as of July 3, 2005 was
US$394.8 million, consisting of EUR150.0 million (US$180.6
million) under Esselte's 75/8% senior notes due 2011, US$194.9
million under our senior credit facilities (including amounts
owed under our revolving credit facility), US$12.1 million under
ancillary facilities and capital leases and US$7.2 million under
an industrial revenue bond, compared with total debt of US$442.1
million at year end 2004. Cash and cash equivalents as of July
3, 2005 were US$48.8 million compared with US$88.7 million at
year-end 2004. Additionally, under our US$90.0 million
revolving credit facility, US$44.1 million was available for
drawing as of July 3, 2005.
Recent Developments
As previously announced on July 28, 2005, Esselte has entered
into a stock purchase agreement with Newell Rubbermaid Inc. to
sell the DYMO labeling business of Esselte for approximately
US$730 million in cash, subject to adjustment. The DYMO
labeling business to be sold constitutes substantially all of
the net sales and operating income of the DYMO Global reporting
segment disclosed in our financial statements. The transaction
has been approved by both Esselte's and Newell Rubbermaid's
boards of directors and is subject to regulatory approvals and
other customary closing conditions. Esselte expects the
transactions to close by the end of the year.
Esselte plans to use the proceeds of the stock purchase
transaction to repay substantially all of its current
outstanding debt. Specifically, Esselte plans to call for
redemption on the closing date its then outstanding 75/8% senior
notes due 2011 in accordance with Article III of the note
indenture. Also, Esselte plans on the closing date to repay its
existing senior bank debt. The actions of Esselte in each case
will satisfy and discharge further obligations of Esselte under
the note indenture and the agreements relating to its senior
bank debt. Following the closing, Esselte will continue to own
and operate its organization and craft businesses worldwide.
Esselte does not intend to hold a public conference call in
connection with the release of the second quarter results and
the filing of our interim report for the second quarter.
Holders of our 75/8% senior notes due 2011 can receive certain
information, including our interim report for the second quarter
ended July 3, 2005, from the trustee for the notes, The Bank of
New York. Pursuant to the rules of the Irish Stock Exchange,
certain information, including our interim report for the second
quarter ended July 3, 2005, is also available through our Irish
Paying Agent; AIB/BNY Fund Management (Ireland) Limited at Guild
House, Guild Street, Dublin 1 Ireland.
About Esselte
Esselte, whose registered office is in Solna, Sweden, and whose
executive office is in Stamford, Conn., U.S.A., is a leading
global office supplies manufacturer with 2004 annual sales of
approximately US$1.2 billion, subsidiaries in 29 countries
(including Hong Kong) and approximately 6,000 employees
worldwide. The Company develops, manufactures and sells
products that simplify the modern home and workplace. Esselte
sells more than 30,000 different office product SKUs in over 120
countries; its principal brands include DYMO, Esselte, Leitz,
Pendaflex and Xyron. Esselte was founded in 1913 as SLT
(Sveriges Litografiska Tryckerier) after the union of 13 Swedish
graphics related companies.
The report is available free of charge at
http://bankrupt.com/misc/Esselte(Q22005).mht
CONTACT: ESSELTE GROUP
44 Commerce Road,
Stamford, CT 06902-4561, U.S.A.
Media Contact:
Phone: +1 203.355.9022
Fax: +1 203.355.9010
Web site: http://www.esselte.com
SKANDIA INSURANCE: Second-quarter Market Share Rises to 21.1%
-------------------------------------------------------------
The Swedish Insurance Federation has published the industry's
quarterly statistics for the second quarter of 2005. Since
these statistics also include information on Skandia Insurance
Company Ltd.'s market shares, Skandia has commented on them.
Skandia published information on its premiums and deposits in
Sweden on 9 August.
Skandia's market position in the life assurance market
strengthened significantly during the second quarter. As at the
end of the second quarter, Skandia is once again the largest
player in the Swedish life assurance market with respect to
newly written business. Skandia's market share in the life
assurance market on a moving twelve-month basis is estimated to
be 19.6% as per the end of the second quarter, compared with
19.0% a quarter earlier.
For Skandia Unit Linked Assurance, the market share was 18.1%
during the second quarter of 2005, compared with 17.3% a quarter
earlier. The corresponding market share for Skandia Liv in
traditional life assurance was 21.4%, compared with 21.0% a
quarter earlier. Skandia has retained its leading position in
the life assurance market with respect to premium income.
During the second quarter its market share was 20.3%, compared
with 20.0% a quarter earlier.
The fee adjustment made in unit linked assurance in November
2004 has had a tangible effect on new business. Skandia Liv
also strengthened its market position during the second quarter.
Skandia's positive development is a result of the work that is
being carried out to improve the company's way of working and
its contacts with distributors. Campaigns were also carried out
during the spring to strengthen the brand.
Second Quarter Alone
Skandia's market share in the life assurance market on a
quarter-by-quarter basis was 21.1% for the second quarter of
2005, compared with 19.3% for the second quarter of 2004. In
unit linked assurance, Skandia's market share for the second
quarter alone was 19.4%, compared with 17.1% during the same
period a year ago. The corresponding figures for Skandia Liv
were 23.6% and 22.4%, respectively.
* * *
Old Mutual has confirmed that it has held discussions with
Skandia and a number of Skandia's major shareholders during the
course of the past week concerning a possible offer at a price
of approximately SEK42 per share, comprising 40% in cash and 60%
in Old Mutual shares. It also believes after discussions with
these large shareholders that a majority of them would welcome
such a proposal.
In May, TCR-Europe reported an GBP8 billion cross-border
financial services group could emerge if Old Mutual succeeds in
buying out Skandia.
In August, Skandia reported result for first half of 2005 was
-SEK1,047 million. Revenues rose 15%, to SEK7,829 million,
while expenses increased to -SEK8,401 million.
Hans-Erik Andersson, President and CEO, said: "Our rate of
growth increased further during the second quarter. The
favorable financial markets notwithstanding, this demonstrates
that our strategy and business concept work. As I have said
many times in the past, we have an attractive geographic
composition of business, which gives stability and growth
potential.
"Now as Germany moves into a transition period following a
period of unprecedented growth, our other markets are picking up
the slack. It is particularly gratifying that the Swedish
operation is showing a significant recovery following a
prolonged downturn. We were cautiously optimistic already after
the first quarter, and now that sales have risen for three
consecutive quarters -- toward ever higher levels month by month
-- it appears we have turned the corner. Our banking business
also continues to perform well, both in customer numbers and
deposits and lending.
"Bankhall's performance has naturally been a disappointment,
even though we share that development with other players engaged
in distribution. However, we must adapt the operation to
today's conditions, which have changed dramatically compared
with when the acquisition was made public in December 2001. We
previously reported that Bankhall's business plan would be
overhauled in 2005. Following an in-depth analysis, our
conclusion is that anticipated future profits and synergies are
considerably lower than what was originally anticipated.
"Another problem area from the past is American Skandia. Even
though the preliminary settlement that has now been reached with
respect to market timing will eventually affect cash flow and
thus in a way hit Skandia harder than the goodwill charges taken
for Bankhall, it is positive that we can hopefully put this
behind us. Winding up old obligations is both resource-
intensive and costly."
CONTACT: SKANDIA INSURANCE COMPANY LTD.
Sveavagen 44
S-103 50 Stockholm, Sweden
Phone: +46-8-788-1000
Fax: +46-8-788-3080
Bjorn Bjornsson
Vice Chairman
Phone: +46-8-788 25 00
Jan-Mikael Bexhed
General Counsel
Phone: +46-8-788 25 00
===========================
U N I T E D K I N G D O M
===========================
AGRIMAC EXPORTS: Industrial Equipment Supplier Winds up
-------------------------------------------------------
At an Extraordinary General Meeting of Agrimac Exports Limited,
duly convened, and held at The Holiday Inn, Norman Cross,
Junction 16 A1(M), near Peterborough PE7 3TB, on 18 August 2005,
the following Resolutions were 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
Andrew James Nichols, of Redman Nichols be and is hereby
appointed as Liquidator of the Company for the purpose of the
voluntary winding-up."
At a Meeting of Creditors held on 18 August 2005, the Creditors
confirmed the appointment of Andrew James Nichols as Liquidator.
P Tewson, Chairman
CONTACT: AGRIMAC EXPORTS LIMITED
Tower House, Hardwick Road
Great Gransden, Sandy, Beds SG19 3BJ
England
Phone: 01767 677722
E--mail info@agrimac.co.uk
Web site: http://www.agrimac.co.uk/
REDMAN NICHOLS
Maclaren House
Skerne Road
Driffield
East Yorkshire YO25 6PN
Phone: 01377 257788
Fax: 01377 249119
E-mail: andrew.nichols@redman-nichols.co.uk
AIRLAN DATA: Appoints DTE Leonard Administrator
-----------------------------------------------
By written Resolution of all the Members of Airlan Data Limited
the following Resolution was passed on 12 August 2005, at 11:00
a.m., as an Extraordinary Resolution:
"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 and that A Poxon of DTE
Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT, be and
is hereby appointed Liquidator of the Company for the purposes
of such a winding-up."
J S Beaumont, Director
* * *
AirLan Data Limited is a wireless data service provider that
enables the IT distribution chain to supply wirelessly connected
products at prices subsidized by airtime contracts. It is one
of U.K.'s largest suppliers of wireless data products and
wireless connectivity solutions for consumers and business
users.
CONTACT: AIRLAN DATA LIMITED
The Flint Glass Works
64 Jersey Street
Manchester
United Kingdom
M4 6JW
Web site: http://www.airlandata.com/
DTE LEONARD CURTIS
DTE House, Hollins Mount,
Bury BL9 8AT
Phone: 0161 767 1200
Fax: 0161 767 1201
Web site: http://www.dtegroup.com
AJ & BJ WILLIAMS: Calls in Liquidator from Moore Stephens
---------------------------------------------------------
At an Extraordinary General Meeting of AJ & BJ Williams
(Martley) Limited, duly convened, and held at Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, on 29 July 2005, the following Resolutions
were 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
Nigel Price and Mark Elijah Thomas Bowen, both of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, be and are hereby appointed Joint Liquidators
of the Company for the purpose of the voluntary winding-up."
At a Meeting of Creditors held on 29 July 2005, the Creditors
confirmed the appointment of Nigel Price and Mark Elijah Thomas
Bowen as Joint Liquidators and that anything required or
authorised to be done by the Joint Liquidators be done by both
or either of them.
B J Williams, Chairman
CONTACT: AJ & BJ WILLIAMS (MARTLEY) LIMITED
Hillend Sawmills
Martley
Worcester
WR6 6QL
United Kingdom
Phone: (01886) 888601
Fax: (01886) 888481
MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
ALLIED PLUMBING: Members Decide to Wind up Firm
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Allied
Plumbing Services Limited duly convened and held at 67 Butts
Green Road, Hornchurch, Essex RM11 2JS, on 17 August 2005, the
following Resolutions were duly passed as an Extraordinary
Resolution and as Ordinary Resolutions 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
Jeremy French and Glyn Mummery, be and are hereby appointed
Joint Liquidators for the purpose of such winding-up, and that
the Joint Liquidators may act independently and in doing so
those acts are joint and several on the Joint Liquidators."
A G More, Director
CONTACT: ALLIED PLUMBING SERVICES LIMITED
Athelstan House
65 Athelstan Road
Romford
RM3 0QD(Road Map)
Essex
Phone: 01708 340600
VANTIS REDHEAD FRENCH LIMITED
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Phone: 01708 458211
Fax: 01708 442308
E-mail: jeremy.french@vantisredheadfrench.co.uk
BAKER & DUGUID: Winds up Under Court Order
----------------------------------------------
At an Extraordinary General Meeting of Baker & Duguid Ltd., duly
convened, and held at the offices of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, on Thursday,
August 18, 2005, these resolutions were duly passed as an
Extraordinary Resolution and as Ordinary Resolutions
respectively:
"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business and that the Company be wound up voluntarily, and that
Robert Valentine and Mark Reynolds, of Valentine & Co., 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purpose of the
voluntary winding-up, and that the Joint Liquidators be
authorised to act jointly and severally in the liquidation."
P. L. Dearman, Chairman
CONTACT: BAKER & DUGUID LTD.
251-252 Flower Market,
New Covent Garden Market,
London SW8 5NA
Phone: 02077206831
Fax: 0207 720 0032
VALENTINE & CO.
4 Dancastle Court
14 Arcadia Avenue
London N3 2HS
Phone: 020 8343 3710
Fax: 020 9343 4486
Web site: http://www.valentine-co.com
BERKELEY HOUSE: Meeting of Creditors Set September 12
-----------------------------------------------------
Notice is hereby given by Alastair Beveridge and Peter Saville,
of Kroll Limited, 10 Fleet Place, London EC4M 7RB, that a
Meeting of the Creditors of Berkely House Hans Place Limited
(Company No 03846051), c/o Kroll, 10 Fleet Place, London EC4M
7RB, is to be held at 10 Fleet Place, London EC4M 7RB, on 12
September 2005 at 11:00 a.m. The Meeting is an initial
Creditors' Meeting under paragraph 51 of Schedule B1 to the
Insolvency Act 1986. A proxy form should be completed and
returned to me by the date of the Meeting if you cannot attend
and wish to be represented. In order to be entitled to vote
under Rule 2.38 at the Meeting you must give to me, not later
than 12:00 noon on the business day before the day fixed for the
Meeting, details in writing of your claim.
A. Beveridge, Joint Administrator
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
BUSINESSHEALTH GROUP: Hires Ernst & Young Administrator
-------------------------------------------------------
Company Names: BUSINESSHEALTH GROUP LIMITED
(Company No 04203127)
BUSINESSHEALTH LIMITED
(Company No 03693532)
FITECH LIMITED
(Company No 01600681)
Nature of Businesses: Employee Counseling and Supplies of
Software Services to Medical and Health Professionals
Registered Office of Company: 7 Duke of York Street, St James,
London SW1Y 6LA
Date of Appointment: 16 August 2005
Joint Administrators' Names and Address: Robert Hunter Kelly and
Garry Wilson (IP Nos 8582 and 9062), both of Ernst & Young LLP,
PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN
CONTACT: BUSINESSHEALTH GROUP LTD
7 Duke of York Street
St James's
London SW1Y 6LA
Phone: +44-7004 2500
Fax: +44-7004 2501
Web site: http://www.BHGplc.com
ERNST & YOUNG
PO Box 61, Cloth Hall Court
14 King Street, Leeds LS1 2JN
Phone: +44 [0] 113 298 2200
Fax: +44 [0] 113 298 2201
Web site: http://www.ey.com
CHAMBERS DOMESTIC: EGM Passes Winding-up Resolution
---------------------------------------------------
At an Extraordinary General Meeting of Chambers Domestic Repairs
Limited, duly convened, and held at 129 New London Road,
Chelmsford, Essex CM2 0QT, on 16 August 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
Peter George Byatt, of Lake Bushells, 129 New London Road,
Chelmsford, Essex CM2 0QT, is hereby appointed Liquidator for
the purposes of such winding-up."
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 Peter George Byatt was confirmed.
G Chambers, Chairman
CONTACT: CHAMBERS DOMESTIC REPAIRS LIMITED
32 Cutlers Road
South Woodham Ferrers Essex CM3 5XJ
Phone: (01245 323000)
LAKE BUSHELLS
129 New London Road
Chelmsford
Essex CM2 0QT
Phone: 01245 254 780
Fax: 01245 254 799
E-mail: info@lakebushells.co.uk
DTW BUILDINGS: Files for Liquidation
------------------------------------
At an Extraordinary General Meeting of DTW Buildings Limited,
duly convened, and held at The Royal Oak Hotel, The Cross,
Welshpool, Powys, on 12 August 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
Nigel Price and Mark Elijah Thomas Bowen, of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, be and are hereby appointed Joint Liquidators
of the Company for the purpose of the voluntary winding-up."
At a Meeting of Creditors held on 12 August 2005, the Creditors
confirmed the appointment of Nigel Price and Mark Elijah Thomas
Bowen as Joint Liquidators and that anything required or
authorised to be done by the Joint Liquidators be done by both
or either of them.
D Williams, Chairman
CONTACT: DTW BUILDINGS LTD.
Unit W10,Severn Farm Industrial
Estate, Welshpool,Powys,SY21 7DF
Phone: 01938 554433
MOORE STEPHENS CORPORATE RECOVERY
Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB
Phone: 0121 233 2557
Web site: http://www.moorestephens.co.uk
FARC LTD: Members Opt for Winding-up
------------------------------------
At the extraordinary general meeting of FARC Ltd held at 29-30
Fitzroy Square, London W1 6ET, on 18 August 2005, the following
Special Resolution was duly passed.
"That the Company be wound up voluntarily and that Phillip A.
Roberts, be and is hereby appointed Liquidator of the Company
for the purposes of such winding-up."
S Gibbs, Chairman
CONTACT: STERLING FORD
Winston House
2 Dollis Park
Finchley Central
London N3 1BF
Phone: 020 8371 5999
Fax: 020 8371 5666
FENIMOOR HOLDINGS: Meeting of Creditors Set Next Week
-----------------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
to the Insolvency Act 1986, that a Meeting of the Creditors of
Fenimoor Holdings Limited will be held at the offices of Unity
Corporate Recovery & Insolvency, Clive House, Clive Street,
Bolton BL1 1ET, on 5 September 2005, at 11:00 a.m., for the
purpose of considering the Joint Administrators' proposals and
to appoint an Administration Committee. Any Creditor wishing to
vote at the Meeting must lodge a completed proof of debt from
(together, if it is desired to vote by proxy, with a completed
proxy form) at the office of Unity Corporate Recovery &
Insolvency, of Clive House, Clive Street, Bolton BL1 1ET, no
later than 12:00 noon on 2 September 2005. Details of the Joint
Administrators' proposals are available from the office of Unity
Corporate Recovery & Insolvency at the above address.
M. C. Bowker, and I. N. Millington, Joint Administrators
CONTACT: UNITY CORPORATE RECOVERY AND INSOLVENCY
Clive House
Clive Street
Bolton
Lancashire BL1 1ET
Phone: 01204 395000
Fax: 01204 383999
E-mail: matthewbowker@ubsg.co.uk
GATE GOURMET: Conflict Lingers; Collapse Still a Possibility
------------------------------------------------------------
Labor conflicts at Gate Gourmet are likely to persist as its
chief executive warned of possible compulsory redundancies, said
the Financial Times.
David Siegel also stressed Wednesday about half of the 600-plus
sacked workers were regarded as "militant or disruptive," and
would not have their jobs back in any circumstances.
"The radicals have to realize there is no place for them in the
company any more. This is the company's final position: we will
not take these militants, these radicals, back. They have been
the source of the core problem for the company, they have been
holding the company hostage," Mr. Siegel told The Guardian in
another report.
The company's position is seen as another sticking point in its
talks with the Transport & General Workers Union, which are
expected to resume next week.
Last month, 1,000 British Airways ground staff at Heathrow held
an unofficial strike to protest the termination of co-workers,
leaving over 100,000 passengers stranded.
Since then, Gate Gourmet has been eyeing an improved contract
with BA, to which its supplies 80,000 in-flight meals daily. It
also mulled job cuts and modifications in working practices to
avoid financial collapse.
It has already agreed to a new commercial deal with BA, but it
was said to be "contingent" upon resolution of the labor
dispute.
In an interview with the Daily Telegraph, Mr. Siegel noted a 50-
50 chance that it would reach an agreement with unions, blaming
a "hardcore minority" of staff for the hostilities.
He said: "It is a hardline, hardcore minority that has control
over this workforce, and this company, and has led it to death's
doorstep. There is at least a couple of hundred of employees
who are either militant or part of the problem."
Mr. Siegel also warned the caterer could still fall into
administration, after Gate Gourmet earlier warned of bankruptcy
if it fails to ink a new deal with BA. The U.K. operations,
which lost GBP22 million in 2004, is facing another GBP25
million in losses this year.
CONTACT: GATE GOURMET U.K. & IRELAND
Phone: 0208 5135013
Mobile: 07810 561816
Web site: http://www.gategourmet.com
GROUP SUPPLIES: Creditors to Meet Next Week
-------------------------------------------
Notice is hereby given by T. Papaniocola, Bond Partners LLP, The
Grange, 100 High Street, London N14 6TG, that a Meeting of
Creditors of Group Supplies PLC (Company No 04098198), 1 The Old
Yard, Printbox Works, Lypiatt Street, Cheltenham,
Gloucestershire GL50 2UA, is to be held at Group Supplies PLC ,
2 The Old Yard, Printbox Works, Lypiatt Street, Cheltenham GL50
2UD, on 5 September 2005, at 2:00 p.m. The Meeting is an
initial Creditors' Meeting under paragraph 51 of Schedule B1, to
the Insolvency Act 1986, and an initial Creditors' Meeting
requested under paragraph 52(2) of the Schedule. A proxy form
should be completed and returned to me by the date of the
Meeting if you cannot attend and wish to be represented. In
order to be entitled to vote under Rule 2.38 at the Meeting you
must give to me, not later than 12:00 noon on the business day
before the day fixed for the Meeting, details in writing of your
claim.
T. Papanicola, Administrator
* * *
Group Supplies provides a range of procurement support services
including its unique "Part B" comprehensive package to National
and International Commercial Organizations and Government
Departments. Visit http://www.groupsupplies.com/for more
information.
CONTACT: GROUP SUPPLIES PLC
2 The Old Yard
Prinbox Works
Lypiatt Street
Cheltenham
Gloucestershire GL50 2UD
Phone: 01242 541020
Fax: 01242 541029
E-mail: info@groupsupplies.com
BOND PARTNERS LLP
The Grange
100 High Street
London N14 6TG
Phone: 020 8444 2000
Fax: 020 8444 3400
HARLOW PRESSINGS: Creditors Meeting Set Next Week
-------------------------------------------------
Notice is hereby given by J. S. French and G. Mummery, of Vantis
Redhead French, 43-45 Butts Green Road, Hornchurch, Essex RM11
2JX, that a Meeting of the Creditors of Harlow Pressings Limited
(Company No 02340402), registered office 43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX, is to be held at Holland House
Hotel, 24-26 Newport Road, Cardiff CF24 0DD, on 5 September
2005, at 10:00 a.m. The Meeting is an initial Creditors'
Meeting under paragraph 51 of Schedule B1, to the Insolvency Act
1986. A proxy form should be completed and returned to me by
the date of the Meeting if you cannot attend and wish to be
represented. In order to be entitled to vote under Rule 2.38 at
the Meeting you must give to me, not later than 12:00 noon on
the business day before the day fixed for the Meeting, details
in writing of your claim.
G. Mummery
* * *
The Harlow Group is one of the leading U.K. manufacturers of
precision sheet metal components, products and electromechanical
assemblies. Visit http://www.harlow-group.com/for more
information.
CONTACT: HARLOW PRESSINGS LTD
Units 57-60
Llantarnam Industrial Park
Cwmbran NP44 3AW
Gwent
Phone: 01633 487400
Fax: 01633 863010
VANTIS REDHEAD FRENCH LIMITED
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Phone: 01708 458211
Fax: 01708 442308
E-mail: jeremy.french@vantisredheadfrench.co.uk
IAN PHILLIPS: Winding-up Gets Go Signal
---------------------------------------
Company Name: IAN PHILLIPS ELECTRICAL LIMITED
Finchale Banks House & Farm,
Leamside, Houghton-le-Spring,
Tyne & Wear, DH4 6QP
Phone: 01915126666
Registration Number: 04360628
Court: Bristol District Registry
Date of Filing Petition: May 9, 2005
No. of Matter: 2085 of 2005
Date of Winding-up Order: August 17, 2005
CONTACT: Official Receiver
2nd Floor, St Marks House,
St Marks Court, Teesdale,
Thornaby, Stockton-on-Tees, TS17 6QT
INMARSAT PLC: Expects to Close Sale of Non-core Units this Year
---------------------------------------------------------------
Inmarsat plc is in negotiations to sell two non-core
subsidiaries, Wired World reported.
Chief finance officer Rick Medlock said the sale of the Invsat
and Rydex units is expected to be concluded by end of the year.
Aberdeenshire-based Invsat provides high bandwidth Very Small
Aperture Terminal (Vsat) voice and data communications to the
energy and offshore business, while Vancouver-based Rydex
creates shipboard email and data software for the shipping
industry.
The decision reportedly came following Inmarsat's inconsistent
track record with its non-core ventures. A rumored US$70
million investment on SetFair, a commerce ship supply business,
was said to have proved unsuccessful around four years ago.
In 1995, Inmarsat was only able to send one out 12 planned
satellites into orbit, and failed to cash in from its US$150
million Inmarsat-P handheld service investment.
Meanwhile, Chief Executive Andy Sukawaty said the company is
facing "flat to moderately growing revenues this year." While
analysts said the company's results were in line with
expectations, they warned on the drop in revenues from land
mobile services.
Long-term losses, on the other hand, are said to have pushed its
terminal manufacturer Nera Satcom to declare about 60 workers
redundant. The cuts will affect mostly the workforce at
Inmarsat's research and development.
In August, results for the 6 months ended 30 June 2005 showed
total revenue was up 4% to US$253.6 million (H1 2004: US$243.5
million), while EBITDA rose 11% to US$171.8 million (H1 2004:
US$155.4 million).
CONTACT: INMARSAT PLC
99 City Rd.
London EC1Y 1AX
Phone: +44-20-7728-1256
Fax: +44-20-7728-1179
Web site: http://www.inmarsat.com/
Media Inquiries
Chris McLaughlin
Phone: +44 20 7728 1015
or +44 779 627 6033
Investor Inquiries
Simon Ailes
Phone: +44 20 7728 1518
INTERNATIONAL CHRISTMAS: Administrators Take over Firm
------------------------------------------------------
Name: INTERNATIONAL CHRISTMAS LIMITED
(Company No 04302138)
Nature of Business: Other Wholesale
Registered Office of Company: DTE House, Hollins Mount, Bury,
Lancashire BL9 8AT
Trade Classification: 15
Date of Appointment: 4 August 2005
Joint Administrators' Names and Address: A. Poxon and J. Titley
(IP Nos 8620 and 8617), both of DTE Leonard Curtis, of DTE
House, Hollins Mount, Bury BL9 8AT
* * *
International Christmas Ltd is a leading importer and
distributor of Christmas products. It was created to serve the
U.K. major retail market, garden center industry and the
wholesale sector. Visit
http://www.internationalchristmas.co.uk/for more information.
CONTACT: INTERNATIONAL CHRISTMAS LTD
Peninsula House
Green Lane
Heywood, Lancashire OL10 2DY
Phone: 01706 361 666
Fax: 01706 368 666
E-mail: sales@internationalchristmas.co.uk
INTERNATIONAL POWER: Sells Australian Plant for AU$2443 Million
---------------------------------------------------------------
International Power plc and Mitsui & Co, Ltd (IPM) together with
Contact Energy have signed an agreement to sell the 300 MW
Valley Power peaking plant in Victoria, Australia, to Snowy
Hydro Ltd for an enterprise value of AUD243 million (GBP100
million).
IPM acquired a 60% equity interest in Valley Power as part of
the Edison Mission Energy acquisition in December 2004, and
Contact Energy owned the remaining 40%.
IPM has divested its interest in Valley Power as per an
agreement with the Australian Competition and Consumer
Commission (ACCC) reached at the time of the Edison Mission
Energy acquisition.
The sale of Valley Power is expected to be completed towards the
end of September 2005.
* * *
International Power plc is a leading independent electricity
generating company with 16,372 MW (net) in operation and 1,706
MW (net) under construction. It has power plants in operation
or under construction in Australia, the United States of
America, the United Kingdom, the Czech Republic, Italy,
Portugal, Spain, Turkey, Oman, Qatar, Saudi Arabia, the UAE,
Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand.
In May, Chairman Neville Simms said: "The business has delivered
a strong performance. Integration of the EME and Turbogas
acquisitions has progressed well and the acquired assets have
performed in line with expectations. Higher profitability in
this quarter includes positive contributions from all new
plants, benefiting in particular from a strong performance at
First Hydro in the U.K."
Results for the quarter ended 31 March 2005 revealed profit from
operations (excluding exceptional items) of GBP127 million
(2004:GBP65 million); profit before tax (excluding exceptional
items) of GBP83 million (2004:GBP42 million); and net cash
inflow from operating activities of GBP54 million (2004:GBP46
million).
CONTACT: INTERNATIONAL POWER PLC
Senator House
85 Queen Victoria Street
London EC4V 4DP
Phone: +44 (0)20 7320 8600
Fax: +44 (0)20 7320 8700
Web site: http://www.ipplc.com
Media Contact
Sara Richardson
Phone: +44 (0)20 7320 8619
Investor Contact
Aarti Singhal
Phone: +44 (0)20 7320 8681
INTERNET MARKETING: Creditors Meeting Set September 5
-----------------------------------------------------
Notice is hereby given by T. Papanicola of Bond Partners LLP,
The Grange, 100 High Street, London N14 6TG, that a Meeting of
Creditors of Internet Marketing Management PLC (Company No
03746264), 1 The Old Yard, Printbox Works, Lypiatt Street,
Cheltenham, Gloucestershire GL50 2UA, is to be held at 1 The Old
Yard, Printbox Works, Lypiatt Street, Cheltenham,
Gloucestershire GL50 2UA, on 5 September 2005, at 3:00 p.m. The
Meeting is an initial Creditors' Meeting under paragraph 51 of
Schedule B1, to the Insolvency Act 1986 and an initial
Creditors' Meeting requested under paragraph 52(2) of the
Schedule. A proxy form should be completed and returned to me
by the date of the Meeting if you cannot attend and wish to be
represented. In order to be entitled to vote under Rule 2.38 at
the Meeting you must give to me, not later than 12:00 noon on
the business day before the day fixed for the Meeting, details
in writing of your claim.
T. Papanicola, Administrator
CONTACT: BOND PARTNERS LLP
The Grange
100 High Street
London N14 6TG
Phone: 020 8444 2000
Fax: 020 8444 3400
LA MUTUELLE: Creditors to Meet Next Week
----------------------------------------
IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION
COMPANIES COURT No. 4436 of 2005
IN THE MATTER OF LA MUTUELLE DU MANS ASSURANCES IARD
AND IN THE MATTER OF THE Companies ACT 1985
Notice is hereby given that, by an order dated July 12, 2005
made in the above matter, the Court has directed that a meeting
of the Scheme Creditors of the La Mutuelle Du Mans Assurances
IARD be held on Monday, September 2, 2005 at the offices of
PricewaterhouseCoopers LLP, 1 Embankment Place, London WC2N 6RH,
United Kingdom commencing at 12:00 noon (United Kingdom time).
All Scheme Creditors are requested to attend at such place and
time either in person or by proxy.
The purpose of the Creditor's Meeting is to consider, and if
thought fit, to approve (with or without modification) a solvent
scheme of arrangement proposed to be made between the Company
and the Scheme Creditors (in respect of marine insurance
contracts written by the Company through its branch in the
United Kingdom only) pursuant to section 425 of the Companies
Act 1985. Scheme Creditors may vote in person at the Creditors'
Meeting or may appoint another person, whether a Scheme Creditor
or not, as their proxy to attend and vote in their place.
Corporations can attend the Creditors' Meeting only by proxy of
by duly authorized representative.
Scheme Creditors are requested to lodge Voting Forms with The
Scottish Lion Underwriting Agencies Limited at 5th Floor,
Cutlers Exchange, 123 Houndsditch, London EC3A 7PQ, United
Kingdom (marked for the attention of Steve Crawley) on or before
September 2, 2005. Voting forms may also be handed in at the
registration desk at the Creditors' Meeting at any time prior to
the taking of the poll at the Creditors' Meeting. A copy of the
Voting Form, if sent by fax to The Scottish Lion Underwriting
Agencies Limited (+44 (0) 20 7626 6331, marked for the attention
of Steve Crawley) or sent by e-mail in ".pdf" format (or any
other readily accessible form to
solventscheme@scottishlion.co.uk), will be accepted if legible.
However, the use of e-mail is entirely at each Scheme Creditor's
risk and Scheme Creditors sending copy Voting Forms by e-mail
are advised to lodge or hand in the originals as set out above.
Copies of the Scheme and the statement required to be provided
to Scheme Creditors pursuant to section 426 of the Companies Act
1985, as well as blank Voting Forms, may be obtained from the
web site (http://www.mmaukbranchsolventscheme.co.uk)or by
contacting Steve Crawley of The Scottish Lion Underwriting
Agencies Limited at the above address.
The chairman of the Creditors' Meeting will be Jeff Lloyd or,
failing him, Steve Crawley, both of The Scottish Lion
Underwriting Agencies Limited (or, failing them, another from
The Scottish Lion Underwriting Agencies Limited). The requisite
majority for approving the Scheme is a majority in number
representing three-fourths in value of the Scheme Creditors
present and voting either in person or by proxy at the
Creditors' Meeting. If approved by the requisite majority of
Scheme Creditors, the Scheme will not become effective until the
Court pronounces an order sanctioning the Scheme and an office
copy of the Court's order is presented to the Registrar of
Companies for registration.
Further information may be obtained by contacting Steve Crawley
or Vanessa Robinson of The Scottish Lion Underwriting Agencies
Limited, 5th Floor, Cutlers Exchange, 123 Houndsditch, London
EC3A 7PQ, United Kingdom (Phone: +44 (0) 20 7626 4266, E-mail:
solventscheme@scottishlion.co.uk).
LITTLE TREE: Another SFI Group Bar Closes
-----------------------------------------
Wigan-based pub The Little Tree on King Street has been shutdown
in the second wave of closures related to the collapse of SFI
Group Limited, according to the Wigan Observer. The Little Tree
used to operate under the Bar Med name. The group's
administrator PricewaterhouseCoopers is still looking to sell
the business.
SFI closed 26 pubs immediately after it went into administration
in June. It later sold 98 premises to Laurel Pub Company for a
total of GBP80 million.
David Chubb, Mike Jervis and David Hargrave are joint
administrators of the group. They were appointed on June 23,
2005.
SFI employs 2,900 people and operates 150 pubs and bars across
the U.K. under the trading names: Slug and Lettuce, Bar
Med, Havana, and the Litten Tree. It implemented a financial
restructuring on May 28, 2004 in relation to its recovery
program. The group's restructuring reduced its existing banking
facilities of GBP152.9 million to GBP80 million, with the
balance converted into equity. SFI Group posted GBP25.8 million
in post-tax loss in 2004, an improvement from GBP98.3 million in
losses in 2003.
In January, the firm appointed Kroll Corporate Finance to
conduct a review of its options, including a sale.
CONTACT: SFI GROUP PLC
SFI House
165 Church Street East
Woking
Surrey GU21 6HJ
Phone: 01483 227900
Fax: 01483 227903
Web site: http://www.sfigroup.co.uk
PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
M AND S POWDER: KPMG Administrators Move in
-------------------------------------------
Name: M AND S POWDER ENAMELLERS LIMITED
(Company No 01625870)
Nature of Business: Plastic Coater for the Automotive and
Architectural Industries
Registered Office of Company: KPMG LLP, 45 Church Street,
Birmingham B3 2DL
Date of Appointment: 18 August 2005
Joint Administrators' Names and Address: Allan Watson Graham and
Mark Jeremy Orton (IP Nos 8719 and 8846), both of KPMG Corporate
Recovery, 2 Cornwall Street, Birmingham B3 2DL
CONTACT: M AND S POWDER ENAMELLERS LTD.
Greenhough Road, Lichfield,
Staffordshire WS13 7AU
Phone: 01543256188
Fax: 01543255458
KPMG LLP
2 Cornwall Street
Birmingham B3 2RT
Phone: (0121) 232 3000
Fax: (0121) 232 3500
Web site: http://www.kpmg.co.uk
MELVYN ROWBERRY: Appoints Begbies Traynor Administrator
-------------------------------------------------------
Name: MELVYN ROWBERRY WELDING SERVICES LIMITED
(Company No 03731923)
Nature of Business: Welding
Registered Office of Company: Unit 6, Worcester Trading Estate,
Blackpole, Worcester WR3 8HR
Date of Appointment: 19 August 2005
Joint Administrators' Names and Addresses: W. John Kelly (IP No
004857), Begbies Traynor, Newater House, 11 Newhall Street,
Birmingham B3 3NY and Simon Robert Haskew (IP No 008988),
Begbies Traynor, 58 Queen Square, Bristol BS1 4LF
CONTACT: MELVYN ROWBERRY WELDING SERVICES LTD
Unit 6
Worcester Trading Estate
Blackpole, Worcester WR3 8HR
United Kingdom
Phone: (01905) 755055
Fax: (01905) 755053
Web site: http://www.melvnynrowberry.com
BEGBIES TRAYNOR
Newater House
11 Newhall Street
Birmingham B3 3NY
E-mail: birmingham@begbies-traynor.com
Web site: http://www.begbies.com
BEGBIES TRAYNOR
58 Queen Square,
Bristol BS1 4LF
Phone: 0117 929 4800
Fax: 0117 922 0114
Web site: http://www.begbies.com
MILLENNCRAFT LTD.: Goes into Liquidation
----------------------------------------
Company Name: MILLENNCRAFT LTD.
Unit 14, New Lydenburg Commercial,
Estate Charlton,
London, SE7 8NF
Phone: 020-88581304
Company Registration Number: 03428922
Court: Bristol District Registry
Date of Filing Petition: 27th June 2005
No. of Matter: 2647 of 2005
Date of Winding-up Order: 17th August 2005
CONTACT: Official Receiver
21 Bloomsbury Street,
London, WC1B 3SS
Phone: 020 7637 1110
Fax: 020 7637 6390
PEAPOD DISTRIBUTION: IT Consultant Liquidates
---------------------------------------------
At an Extraordinary General Meeting of Peapod Distribution
Limited, duly convened, and held at 66 Wigmore Street, London
W1U 3SB, on 12 August 2005, at 1:30 p.m., the following
Resolutions were duly passed as an Extraordinary Resolution and
as Ordinary Resolutions 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
Jonathan Birch and Nicholas O'Reilly, of Vantis Numerica, 66
Wigmore Street, London W1U 3SB, be and are hereby appointed
Joint Liquidators for the purposes of such winding-up, and that
anything required or authorised to be done by the Joint
Liquidators be done by both or either of them."
J Birch, Chairman
* * *
Peapod U.K. is a leading provider of information security
solutions to enterprises in both the public and private sectors.
CONTACT: PEAPOD (UK) LTD
Lindbergh House
Navigator Park
Southall Lane
Southall
Middlesex
UB2 5NH
Web site: http://www.peapod.co.uk/
VANTIS BUSINESS RECOVERY
Web site: http://www.vantismt.com
PITTARDS PLC: Reveals Half-year Operating Loss of GBP0.4 Mln
------------------------------------------------------------
Pittards plc has reported interim results for the six months
ended 30 June 2005.
Chairman Stephen Boyd said: "The strategy change for the
company, started just nine months ago, is progressing well. The
contract we have been awarded to manage Ethiopia's largest
tannery forms part of our drive to make our expanded operations
internationally competitive, while building on Pittards' pre
eminent position as a supplier of high performance leather to
the world's leading brands of gloves, shoes, leathergoods and
sports equipment.
"This program will only start to show through to profits in
2006. This year's trading is about rebuilding our sales,
reducing our U.K. cost base and, most importantly, generating
cash to reduce our bank borrowings.
"The accompanying financial statements for the six months ended
30 June 2005 reflect the full adoption of FRS17, the accounting
standard for retirement benefits. The results for 2004 have
been restated to accord with this change in accounting policy.
"The operating loss for the period was GBP0.4 million, which
compares with a similar loss in the first half of 2004, and a
loss of GBP3.5 million in the six months ended 31 December 2004.
"After bank interest of GBP0.3 million (2004 - GBP0.3 million)
and net finance charges relating to the pension scheme of GBP0.7
million (2004 - GBP0.7 million) the loss on ordinary activities
before taxation was GBP1.4 million (2004 - GBP1.4 million).
This compares with a loss of GBP4.6 million in the six months
ended 31 December 2004.
"Turnover for the continuing activities was GBP32.3 million,
almost 90% of which was to customers outside the United Kingdom.
This was up by 7.7% in comparison with sales by the continuing
activities for the equivalent period of 2004, and by 13.5%
against the second half. The turnover in 2004 includes that
derived from the trading of U.K. sheepskin pelts, an activity
from which we withdrew in October last year.
"Net assets, before taking account of the deficit on the pension
scheme, were GBP17.0 million as at 30 June 2005 (31 December
2004 - GBP18.3 million restated). Total borrowings were GBP11.1
million, down from GBP11.7 million at the end of last year, with
gearing at 65% (31 December 2004 - 64%) before taking account of
the pension scheme deficit.
"The deficit on the pension scheme, calculated in accordance
with FRS17, has increased from GBP29.7 million at 31 December
2004, to GBP34.4 million. Scheme assets increased from GBP48.6
million to GBP51.0 million, but the liabilities increased from
GBP78.3 million to GBP85.4 million largely as a result of the
fall in corporate bond yields from 5.8% to 5.4%.
"The effect of the implementation of FRS17, and the inclusion of
the long term potential pension liabilities on the balance
sheet, is to create net liabilities of GBP17.3 million compared
with net liabilities of GBP6.9 million at the end of 2004 (as
restated), and to eliminate the Company's distributable
reserves.
"In accordance with the provisions of Section 263 of the
Companies Act 1985, dividends can only be made from a company's
accumulated realized profits. As a consequence of having no
distributable reserves in its balance sheet, the company will
effectively be prevented from paying dividends to ordinary
shareholders and to preference shareholders until such time that
distributable reserves are restored. The directors are
currently unable to foresee when the payment of dividends to
either preference shareholders or ordinary shareholders may be
resumed.
"Section 142 of the Companies Act 1985 requires the directors to
convene a general meeting of the company if they become aware
that the consolidated net assets of the company are less than
half of the nominal value of its called up share capital. As at
30 June 2005, the consolidated net liabilities of the company
were GBP17.3 million compared with the nominal value of its
share capital of GBP8.2 million. The obligation to convene a
general meeting under Section 142 arises as a result of the
implementation of FRS17, the potential effect of which on net
assets has been commented on in our last four Report & Accounts.
"The matter was also discussed at our AGM in May this year.
Nevertheless, the directors are obliged under Section 142 to
give notice that they are convening an extraordinary general
meeting of the company to be held at the registered office at
Sherborne Road, Yeovil at noon on Thursday 22 September for the
purpose of considering whether any, and if so what, steps should
be taken to deal with the situation.
"Pittards Yeovil (formerly the Glove Leather Division) returned
a profit in the first half of 2005 with sales up by 21% on the
second half of last year, albeit 11% down on the first six
months of 2004. Sales of leather for sports gloves --
particularly for golf -- were strong.
"The average number employed at Yeovil in the first half of 2005
was 257, down by 13% from the equivalent period of 2004. In
August 2005, the Division was awarded a contract by the
Privatization & Public Enterprises Supervising Authority of
Ethiopia to manage Ethiopia Tannery Share Company, the largest
of the state owned tanneries in that country. ETSC is a major
supplier of hair sheepskins to Pittards Yeovil for the
production of gloving leather. As indicated in the Chairman's
statement in the 2004 Report & Accounts, we are carrying out
progressively more of our initial processing closer to source.
The principal objective of the contract, which is for five
years, is to increase ETSC's value added production and export
revenues through the provision of procurement, technical,
managerial, selling, training and marketing expertise, and the
development and implementation of managerial systems.
"Pittards will be remunerated through a management fee, profit
share and a royalty in respect of a brand license and technology
transfer. The contract provides Pittards and ETSC with expanded
market and product opportunities across a range of leathers for
gloves, shoes and leathergoods.
"Pittards Leeds (formerly the Shoe and Leathergoods Division)
achieved similar sales of finished leather in the period as in
the second half of 2004 in terms of both volume and value,
although lower on both counts than the first half. Sales of
leather for sports and leisure footwear were ahead of both the
first and second halves of last year. These gains, however,
were offset by a drop in sales of leather for luxury
leathergoods, which was largely the result of difficulties we
are encountering in sourcing sufficient quantities of hides of
the right quality. These sourcing issues had an adverse impact
on margins in the Division and despite the cost savings
achieved, the operating loss for the period was greater than for
the first six months of last year, although less than the loss
incurred in the second half.
"Outline planning consent was granted in July 2005 for
residential development on approximately 10 acres of our 25 acre
former factory site at Kinghorn, Fife. Conditional contracts
for the sale of the site for a price of GBP3.15 million (book
value - GBP0.8 million) were exchanged on 24 December 2004.
Completion is conditional upon the purchaser being satisfied
with the outline consent and attendant conditions. When
received, the proceeds of sale will be applied in the reduction
of bank borrowings.
"Allowing for the fact that there are fewer working weeks in the
period, we are expecting sales to be similar in the second half
to the first. In common with most manufacturers in this
country, we are experiencing higher chemical, fuel, power and
waste treatment costs which are eroding the benefits of the cost
savings we have achieved over the last twelve months. With
these and other pressures on our margins it is unlikely that we
will show much improvement in the second half on our performance
in the first six months."
A copy of the financial results is available free of charge at
http://bankrupt.com/misc/Pittardsplc(H12005).pdf
CONTACT: PITTARDS PLC
Sherborne Road
Yeovil
Somerset
BA21 5BA
United Kingdom
Phone: +44 1935 474321
Fax: +44 1935 427145
E-mail: pittardsenquire@pittards.com
Web site: http://www.pittardsleather.com
PRO-GLAZE WINDOWS: EGM Passes Winding-up Resolutions
----------------------------------------------------
At an Extraordinary General Meeting of Pro-Glaze Windows
Limited, duly convened, and held at Spearing Insolvency,
Mulberry House, John Street, Stratford upon Avon, Warwickshire
CV37 6UB, on 18 August 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
Nigel Alexander Spearing is hereby appointed Liquidator for the
purposes of such winding-up."
W C Curley, Director
CONTACT: PRO-GLAZE WINDOWS LIMITED
1 Napier Street, Coventry, West Midlands CV1 5PR
Phone: 02476-230222
REGAL PETROLEUM: Still in Talks to Sell Ukrainian Assets
--------------------------------------------------------
Further to Regal Petroleum plc's announcement on 29 July 2005,
the Company advises that it is continuing discussions with Peak
Resources Limited of Hong Kong with a view to selling all or
part of the Company's Ukraine assets.
The terms of any acquisition are likely to be different to those
outlined in the previous announcement. Peak Resources has
unilaterally extended its option in accordance with its
purported terms by one month to 30 September 2005, although the
Company continues to assert that it considers the option to be
invalid and unenforceable. The Company will make an
announcement on completion of these discussions.
* * *
In June, Regal Petroleum founder and executive chairman Frank
Timis resigned after the oil explorer revealed annual losses had
quadrupled.
A short statement from Regal said Mr. Timis, who founded the
firm in 1996, will devote more time to other business interests.
Rumors, however, were circulating he was forced out by Regal's
non-executive directors, and institutional shareholders.
The company earlier reported a loss after tax and minority
interests of US$13.7 million (GBP7.55 million) for the year
ending December 31, compared with a loss of US$2.9 million a
year earlier. It has lost 83% of its value since March. The
shares went down significantly at the end of April when Regal
raised GBP45 million at 390p a share following its discovery of
a gas prospect in Romania. It sank further when a well at its
prospect in Greece was found to be not commercially viable for
exploration.
CONTACT: REGAL PETROLEUM PLC
4th Floor
11 Berkeley Street
London, England W1J 8DS
Phone: +44 20 7647 6622
Fax: +44 20 7629 4297
Web site: http://www.regalpetroleum.com
Buchanan Communications
Phone: 020 7466 5000
Bobby Morse
Ben Willey
ROYAL MAIL: Delivers Record Quality to Customers
-----------------------------------------------
Royal Mail published on Wednesday its full quality of service
report for April to June, confirming that postmen and women
delivered a record, target-beating First Class service to
customers during the period.
The early results for July show that further progress has been
made with 93.8% of First Class letters arriving the day after
posting. The performance last month compares with 93.5% during
April to June -- above the target level of 93.0% and the highest
performance for First Class stamped and metered mail for any
quarter on record.
Second Class mail during April to June, the first quarter of the
2005-06 financial year, was above its target of 98.5% with 98.6%
arriving within three working days after posting. In July, the
early results indicate a further improvement with a 98.8%
performance.
The first quarter report also shows that Mailsort and Presstream
bulk mail services, used by businesses to send bank and credit
card statements, utility bills, advertising and other commercial
mail, were all delivered above target levels. Standard parcels
and First Class PPI mail, which is sent in postage-paid
envelopes, were also being delivered above target levels.
Mailsort 1 and 2, and Presstream 1 and 2, were, like the
performance for First Class stamped and meter mail, all
delivered at the highest levels of performance on record.
Overall, nine of the 15 service target levels were exceeded
during the first quarter, with around 80% of the total mailbag
delivered by Royal Mail's people at above-target level
performance.
Adam Crozier, Royal Mail's Chief Executive, said: "These latest
results underline Royal Mail''s focus on customers and our
determination to improve quality of service even more.
"We know we still have much to do but I am proud of the
dedication of postmen and women as they continue to deliver
improving quality of service to customers."
CONTACT: ROYAL MAIL HOLDINGS PLC
148 Old St.
London EC1V 9HQ
Phone: +44-20-7250-2888
Fax: +44-20-7250-2244
Web site: http://www.royalmailgroup.com
SCOTTISH INSURANCE: Creditors Meeting Set Next Week
---------------------------------------------------
THE SCOTTISH LION INSURANCE COMPANY LIMITED
NOTICE OF THE CREDITORS' MEETING
Notice is hereby given that a meeting of the Scheme Creditors of
the Scottish Lion Insurance Company Limited will be held on
Monday September 5, 2005 at the offices of
PricewaterhouseCoopers LLP, 1 Embankment Place, Lodon WC2N 6RH,
United Kingdom commencing at 10:00 a.m. (United Kingdom time).
All Scheme Creditors are requested to attend at such place and
time either in person or by proxy.
The purpose of the Creditors' Meeting is to consider, and if
thought fit, to approve (with or without modification a solvent
scheme of arrangement proposed to be made between the Company
and the Scheme Creditors pursuant to section 425 of the
Companies Act 1985).
Scheme Creditors may vote in person at the Creditors' Meeting or
may appoint another person, whether a Scheme Creditors or nor,
as their proxy to attend and vote in their place. Corporations
can attend the Creditors' Meeting only by proxy or by duly
authorized representative.
Scheme Creditors are requested to lodged Voting Forms with
PricewaterhouseCoopers LLP at Plumtree Court, London EC4A 4HT,
United Kingdom (marked for the attention of James Allison) on or
before September 2, 2005. Voting forms may also be handed in at
the registration desk at the Creditors' Meeting at any time
prior to the taking of the poll at the Creditors' Meeting.
A copy of the Voting Form, if sent by fax to
PricewaterhouseCoopers LLP (+44 (0) 20 7804 4349, marked for
the attention of James Allison), or sent by e-mail in ".pdf"
format (or any other readily accessible form to
scottishlionsolvent@up.pwc.com) will be accepted if legible.
However, the use of e-mail is entirely at each Scheme Creditor's
own risk and Scheme Creditors sending copy Voting Forms by e-
mail are advised to lodge or hand in the originals as set out
above.
Copies of the Scheme and the statement required to be provided
to Scheme Creditors pursuant to section 426 of the Companies Act
1985, as well as blank Voting Forms, may be obtained from the
website (http://www.scottishlionsolventscheme.co.uk)or by
contacting James Allison of PricewaterhouseCoopers LLP at the
Plumtree Court address.
The chairman of the Creditors' Meeting will be Dan Schwarzmann
or, failing him, Clare Whitcombe, both of PricewaterhouseCoopers
LLP (or, failing them, a partner of PricewaterhouseCoopers LLP).
The requisite majority for approving the Scheme is a majority in
number representing three-fourths in value of the Scheme
Creditors present and voting either in person or by proxy at the
Creditors' Meeting. If approved by the requisite majority of
Scheme Creditors, the Scheme will not become effective until the
Court of Session in Scotland pronounces an order sanctioning the
Scheme and a certified copy of the Court's order is presented to
the Registrar of Companies in Scotland for registration.
Further information may be obtained by contacting:
Steve Crawley or Vanessa Robinson of The Scottish Lion Insurance
Company Limited, 5th floor, Cutlers Exchange, 123 Houndsditch,
London EC3A 7PQ, United Kingdom (Phone: +44 (0) 20 7626 4266, E-
mail: solventscheme@scottishlion.co.uk) or
Bill Vince or James Allison, PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, United Kingdom (Phone: +44 (0)
20 7583 5000, E-mail: scottishlionsolventscheme@uk.pwc.com).
SETMASTERS LIMITED: Administrators Take over Operation
------------------------------------------------------
Name: SETMASTERS LIMITED
(Company No 01209333)
Nature of Business: Manufacturer of Collating Machines
Registered Office of Company: Sway Road, Gordleton Industrial
Park, Lymington, Hampshire SO41 8JD
Date of Appointment: 12 August 2005
Joint Administrators' Names and Address: Antony Robert Fanshawe
and Stephen John Adshead (IP Nos 005944 and 008574), both of
Fanshawe Lofts, 41 Castle Way, Southampton SO14 2BW
* * *
Setmaster was founded in 1975 and has enjoyed over 25 successful
years in the field of print finishing, becoming world leader in
the manufacture of collating machinery. The company has
substantially expanded since its beginnings and today occupies a
20,000 square feet factory. Visit http://www.setmasters.co.uk/
for more information.
CONTACT: SETMASTERS LTD
Gordleton Industrial Park, Sway Road
Pennington, Lymington SO41 8JD
Hampshire
Phone: 01590 683011
Fax: 01590 682659
FANSHAWE LOFTS
41 Castle Way
Southampton
Hampshire SO14 2BW
Phone: 023 8023 3522
Fax: 023 8023 3504
E-mail: sa@fanshawe-lofts.co.uk
arf@fanshawe-lofts.co.uk
SOLARGEN SOLUTIONS: Names BDO Stoy Hayward Administrator
--------------------------------------------------------
Name: SOLARGEN SOLUTIONS LIMITED
(Company No 04352087)
Nature of Business: Manufacture of Solar Products
Trade Classification: 11
Date of Appointment: 19 August 2005
Joint Administrators' Names and Address: Graham David Randall
and Mark Peter George Roach (IP No 9051 and 9231), both of BDO
Stoy Hayward LLP, Fourth Floor, One Victoria Street, Bristol BS1
6AA
* * *
SolarGen(TM) Solutions is European-based but serves a worldwide
market. Its production facilities creates renewable energy
products from lighting to water purification. Visit
http://www.solargen.biz/for more information.
CONTACT: SOLARGEN SOLUTIONS LTD
41 Court Road Industrial Estate
Cwmbran
Torfaen
South Wales NP44 3AS
Phone: +44 (0) 1633 868112
Fax: +44 (0) 1633 865003
E-mail: info@solargen.biz
BDO STOY HAYWARD
Fourth Floor
One Victoria Street
Bristol BS1 6AA
Phone: 0117 934 2800
Fax: 0117 922 5191
E-mail: graham.randall@numerica.biz
S.S.P. POWAFORGE: Names P&A Partnership Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of S.S.P. Powaforge Limited,
duly convened, and held at 93 Queen Street, Sheffield S1 1WF, on
16 August 2005, at 10:00 a.m., the following Extraordinary
Resolutions were duly 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 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, be and are hereby appointed the
Liquidators of the Company for the purposes of such winding-up,
and any act required or authorised 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 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.
R Lawrence, Chairman
Sheffield Steel Products has been a leading supplier of
automotive wheel braces and hand tools for many years.
CONTACT: SSP POWAFORGE LTD
67 Julian Road
Sheffield
S9 1FZ
South Yorkshire
Phone: 0114 244 8371
Fax: 0114 242 6714
Web site: http://www.sheffieldsteelproducts.com
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
STEPHENSON ENGINEERING: Files for Liquidation
---------------------------------------------
At an Extraordinary General Meeting of the Members of Stephenson
engineering limited, Stephenson Marine Co. Limited, Luke
Holdings Limited, duly convened, and held at 5 Fairmile, Henley-
on-Thames, Oxfordshire RG9 2JR, on 18 August 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
Paul William Ellison and Robert Christopher Keyes be and are
hereby appointed Joint Liquidators for the purposes of such
winding-up."
M F Luke, Director
* * *
Stephenson Engineering Limited is formerly Stephenson
Engineering plc and Stephenson Engineering Company plc. It
manufactures precision components. Stephenson Marine Co.
Limited is formerly Poweratio Limited.
Established in the early 1970's Stephenson's has over the years
developed immense skills in the field of production technology
related to the manufacture of large complex components, as well
as complete assemblies. The company's parts and assemblies can
be found in a wide variety of products including Helicopters,
Submarines, Surface Ships, Aircraft, Power Stations and Machine
Tools; the list is endless, but these examples we hope will
illustrate that the company has the skills, equipment and
financial ability to undertake major contracts with confidence.
CONTACT: STEPHENSON ENGINEERING PLC
Wrecclesham Works
Wrecclesham
Farnham
GU10 4JS
Surrey
Phone: 01252 714199
Fax: 01252 733662
Web site: http://www.stephensonengineering.co.uk
HURST MORRISON THOMSON CORPORATE RECOVERY LLP
5 Fairmile, Henley on Thames,
Oxfordshire RG9 2JR
Phone: +44 (0) 1491 579866
Fax: +44 (0) 1491 573397
E-mail: hmt@hmtgroup.co.uk
SWAN HUNTER: Future Remains Bleak
---------------------------------
Swan Hunter has taken out of dry dock the GBP80 million landing
ship that many fear could be the last boat to be built on the
Tyne, according to The Evening Chronicle.
The amphibious 16,500-ton Lyme Bay was 18 months in the making.
It is the second ship to be built on the yard in more than a
decade. The first was the Solitaire, whose contract was struck
weeks after the yard was saved by current owner Jaap Kroese.
Lyme Bay is still due for another year of fitting-out work.
Work on it will be fully completed in October 2006.
Swan Hunter has no other contract before the Ministry of Defence
aircraft carrier program begins in 2008. Redundancies are sure
next month if the company is unable to secure work converting a
ship for Dutch firm Allseas, according to the report. 14 Staff
have already been made redundant last week. The contract is
worth GBP200 million, but a deal still depends on the support of
the government. A meeting between Government chiefs is set
early in September.
Mr. Kroese rescued Swan Hunter after former owners decided to
fold it in 1995. The yard lost its glamour that spanned three
decades in the early 90s when warship-building contracts came to
an end.
CONTACT: SWAN HUNTER (TYNESIDE) LTD.
Wallsend
Newcastle NE28 6EQ, United Kingdom
Phone: +44-191-295-0295
Fax: +44-191-262-0374
Web site: http://www.swanhunter.com/
Jaap A. Kroese, Chairman
Jan C. Veldhuizen, Managing Director
Norman Frederick Brownell, Commercial Director
TELEWEST GLOBAL: Flextech May be Priced Lower than Expected
-----------------------------------------------------------
The sale of Telewest Global, Inc.'s Flextech unit is unlikely to
raise as much as GBP1 billion, said Mail on Sunday.
The paper noted the price for the content provider, which was
earlier valued between GBP500 million to GBP1 billion, could be
lower than expectations.
The business is said to have been put up for sale as part of
Telewest's much-delayed GBP6.5 billion merger with NTL
Incorporated.
Doubts also surfaced whether Telewest really plans to dispose of
the business, bolstering speculations that it might be more
interested in getting a market valuation preceding its expected
merger with NTL.
However, NTL chief executive Simon Duffy was not so positive
about keeping the venture within the merged group.
Neither NTL nor Telewest was available for comment.
Earlier, Reuters reported U.S.-based media groups like Viacom
Inc., Walt Disney Co., General Electric's NBC Universal venture
and Time Warner are planning to bid for Flextech unit in their
aim to expand their digital operations.
Other possible bidders for Flextech include commercial
broadcaster ITV, pay-TV BSkyB, and pan-European television
broadcaster RTL.
Deutsche Bank, which handles the sale, has already communicated
with interested groups. The deadline for indicative offers has
been set early this month, according to sources privy to the
process.
CONTACT: TELEWEST GLOBAL, INC.
160 Great Portland St.
London
W1W 5QA, United Kingdom
Phone: +44-20-7299-5000
Fax: +44-20-7299-5495
Web site: http://www.telewest.co.uk
Richard Williams
Phone: 020 7299 5479
Vani Gupta
Phone: 020 7299 5353
WICKED WOLF: Goes into Liquidation
----------------------------------
At an Extraordinary General Meeting of The Wicked Wolf Bar
Limited, duly convened, and held at 3rd Floor, 43-45 Portman
Square, London W1H 6HE, on 17 August 2005, at 11:00 a.m., 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
Tania Clark, of Clark & Lowman, Portman House, Colby Road,
Walton on Thames, Surrey KT12 2RN, be hereby appointed as
Liquidator of the Company for the purposes of such winding-up."
At the subsequent Meeting of Creditors held at the same place on
the same date, the Resolutions were ratified confirming the
appointment of Tania Clark as Liquidator.
P Moran, Chairman
CONTACT: THE WICKED WOLF BAR
143 Mostyn St, Llandudno, LL30 2PE
Phone: 01492 879206
WM MORRISON: Safeway to Dispose of 30 Petrol Stations, Stores
-------------------------------------------------------------
Wm Morrison Supermarkets plc said Wednesday that its subsidiary
Safeway Stores Limited has agreed to sell 30 petrol filling
stations and convenience stores to Tesco Stores Limited.
The 30 petrol filling stations and convenience stores were
acquired by Safeway on dissolution of the BP and Safeway
Partnership announced in April 2005. The sale of 12 of the
sites and stores is subject to a right of pre-emption in favor
of BP Oil U.K. Limited required under the provisions of the
agreement providing for the partnership dissolution.
The value of the gross assets attributable to the 30 sites and
convenience stores at 30 January 2005 was approximately GBP55.3
million.
The transaction is conditional on the approval of the Office of
Fair Trading. Completion is expected to occur shortly after
such approval is obtained. All staff will transfer to the new
owner on completion.
* * *
Wm Morrison has recently reported total like-for-like sales for
the half-year have increased by 5% or 2.6% excluding fuel.
Group sales were GBP6.363 billion, an increase of 3% influenced
by an extra 5-week contribution from Safeway stores.
In May, Wm Morrison stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole. Since that time, the market has produced a
wide range of profit estimates for the year 2005/6. While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for
the current year will fall within the range GBP50 million to
GBP150 million.
The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.
CONTACT: WM MORRISON SUPERMARKETS PLC
Hilmore House
Thornton Road
Bradford
West Yorkshire
England
BD8 9AX
Phone: +44 1274 494166
Fax: +44 1274 494831
Web site: http://www.morereasons.co.uk
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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