/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050919.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 Monday, September 19, 2005, Vol. 6, No. 185 Headlines F R A N C E COUZON: Manager Under Investigation EUROTUNNEL SA: Net Loss Down 18% to GBP87 Million G E R M A N Y BAVARIA CLEAN: Declares Bankruptcy BRANDSCHUTZ GMBH: Creditors Meeting Set Next Month CARGOLIFTER AG: Former Chairman Forms New Outfit CORECESS EUROPE: Court to Verify Claims November DAIMLERCHRYSLER AG: E.U. Court Cuts Antitrust Fine to EUR9.8 Mln ESLICO AUTOMATEN: Succumbs to Bankruptcy FRISEURSALON CLEOPATRA: Proofs of Claim Due October FUBA PRINTED: Court Opens Insolvency Proceedings GEA GROUP: Acquires Membraflow Group GM GASTRONOMIE: Court Appoints Interim Administrator GROBA-GASTSTATTENBETRIEBS: Under Bankruptcy Administration INTERTAINMENT AG: Hearing on HypoVereinsbank Claim Set October MANIS GMBH: Creditors to Meet November POHLMANN FENSTER: Declared Bankrupt PRIMACOM AG: Secures Deal on Second Secured Loan PRO-CAR: Court Appoints Manfred Barzen Administrator TINO WOHNBAU: Last Day for Filing Claims October 20 G R E E C E FAGE DAIRY: Rating Cut to 'B+' on Weakened Financial Profile OLYMPIC AIRLINES: Privatization to Push Through H U N G A R Y MALEV HUNGARIAN: Signs Transfer Agreement with Bangkok Airways I R E L A N D CAFESLIM LIMITED: Business for Sale I T A L Y FIAT SPA: Fixes Price of Ordinary Shares to be Issued to Banks FIAT SPA: GM Settlement Drives up Operating Income to EUR1.4 Bln FIAT SPA: Chairman Rules out Ferrari Stake Sale PARMALAT FINANZIARIA: Sells Bakery Unit to Vicenzi Biscotti N E T H E R L A N D S ROYAL SHELL: Carries on Buyback Program K Y R G Y Z S T A N INFO TECH: Creditors' Claims Due November JBI-20 OSH: Sets Public Auction September 28 LARKOM FREE: Proofs of Claim Due November SELEKT FREE: Gives Creditors Until November to File Claims R U S S I A BREEDER: Bankruptcy Supervision Procedure Begins DRUZHBA: Declared Insolvent GAGARINO-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision KULESHOVSKOYE: Bankruptcy Hearing Set December METROMEDIA INTERNATIONAL: Buys Majority Interest in Magticom NELIDOVSKIY MEAT: Court Brings in Insolvency Manager NORTH GARDENS: Succumbs to Bankruptcy SIBERIAN GRAIN: Undergoes Bankruptcy Supervision Procedure SURGUT-ZHIL-INDUSTRY: Insolvency Manager Takes over Helm TRANSNATIONAL: Bankruptcy Hearing Set November YUG-ENERGO: Bankruptcy Hearing Set Next Year YUKOS OIL: Lithuania Wants Full Control of Mazeikiu Nafta S W E D E N SKANDIA INSURANCE: Provides Old Mutual Key Company Information S W I T Z E R L A N D LEICA GEOSYSTEMS: Remains on CreditWatch After Danaher's Exit U K R A I N E DNIPROAVIA AVIATION: One-year Recovery Program Starts DONTRAST: Court Names Oleksandr Kebkal Liquidator FIESTA: Creditors' Claims Due September 20 GRAN-S: Gives Creditors Until Tomorrow to File Claims ILLINTSI' AGRO-COMMERCIAL: Succumbs to Insolvency KREDO-SPORT: Court Appoints Liquidator LVIV COMMERCIAL: Declared Insolvent NOVOSANZHANSKE: Insolvency Manager Moves in PEGAS: Lviv Court Opens Bankruptcy Proceedings PEVAG AVSTRIYA: Declared Insolvent RATI: Court Grants Debt Moratorium REMBUDSERVICE: Under Bankruptcy Supervision U N I T E D K I N G D O M ABBEY MEDIA: Creditors Meeting Set Wednesday BOOTS GROUP: Bayer Board Okays GBP1.4 Billion Offer BRITISH ENERGY: Extends Dungeness B's Lifespan to 2018 CARTMEL VALLEY: Water Bottler Up for Sale CEDENCO SIGNS: Hires Administrators from UHY Hacker Young CHESTER CITY: City Council Demands Payment of Stadium Rent COFURN LIMITED: Members Vote to Liquidate Business COMPASS GROUP: Names Centrica CEO Non-executive Director CRAFTSMAN WINDOWS: Falls into Liquidation DEGREECYCLE LIMITED: Clothing Manufacturer Winds up FEELING OK.NET: Administrator Takes over Firm GOSHAWK INSURANCE: Reveals US$0.5 Million Half-year Loss G.P. MAINTENANCE: In Liquidation GRADUNET LIMITED: Labor Recruitment Firm Winds up GRAHAM PRECISION: Unnamed Investor Buys firm out of Receivership HOLLYWOOD MEDIA: Files for Liquidation LUMINAR PLC: Wraps up Rebranding of Seven Units MERIDIAN AVIATION: Hires Bond Partners as Administrator MG ROVER: Nanjing Starts 'Dismantling' Longbridge Home MOWLEM PLC: To Bare Results Last Week of September NETCABLE LIMITED: Calls in Administrators from Begbies Traynor OFFICE EXPRESS: Files for Liquidation PATRICIA VIVIAN: Fabric Retailer Liquidates PLAN PROFILE: Administrators from Vantis Numerica Move in PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator PRW MECHANICAL: Names Begbies Traynor Liquidator REGAL PETROLEUM: Court to Hear Case vs. Former Unit Set Thursday ROBERT BAILEY: Manufacturer Calls in Administrator SOFTWARE STORE: Creditors Meeting Set Wednesday SPHERE DRAKE: Scheme of Arrangement Gets Go Signal SPRUCE FINANCE: In Administrative Receivership TITANBASE LIMITED: Appoints X L Business Solutions Administrator VITRASEAL LTD.: Hires Administrators from Vantis Numerica WATERFORD WEDGWOOD: To Delist ADRs from Nasdaq Tuesday WHITFIELD STREET: Business for Sale WM MORRISON: Unions Threaten Nine-day Strike ********* =========== F R A N C E =========== COUZON: Manager Under Investigation ----------------------------------- The head of insolvent tableware manufacturer, Couzon, has been placed under "legal restriction" on suspicion his company deceived buyers about its product. Les Echos identified him as Alain Feingold, whom authorities believe deliberately misrepresented his products as made in France when in truth they came from China. Couzon sells knives, among others. Early this year it transferred production to China, leaving 100 jobless. It filed for liquidation on September 7, the paper said. CONTACT: COUZON Valette BP 9 Courpiere 63120 France Phone: +33 4 73511805 Fax: +33 4 73516960 EUROTUNNEL SA: Net Loss Down 18% to GBP87 Million ------------------------------------------------- Eurotunnel S.A. has reported results in the first half of 2005. Highlights (a) 2% growth in revenue; shuttle service revenue up 6% to GBP146 million in a favorable local context; railways revenue stable at GBP117 million, including payments of GBP36 million under the Minimum Usage Charge (MUC); (b) improved operational results from first phase of reorganization; operating margin up 7% due partly to a 3% fall in operating costs; operating profit up 19% to GBP74 million; (c) net loss reduced by 18% to GBP87 million; interest cover after investment activities: 97%; and (d) negotiations with creditors continue in line with timetable. Report of Chairman and Chief Executive Jacques Gounon Eurotunnel has accelerated improvements in its operational performance. Increased revenue in our core shuttle business has been achieved within the framework of a new marketing strategy based on our key benefits: frequency, speed, and reliability. We expect to consolidate the 3% reduction in operating costs in the second half. This will be achieved by more closely aligning capacity with demand and by further reductions in staff costs, as the first voluntary redundancies take effect. I would like to acknowledge the hard work and commitment of our staff and the sense of responsibility shown by the unions, all of whom are taking on this phase of reconstruction with the firm intention of saving Eurotunnel. In accordance with our timetable for the planned financial restructuring, we presented a business plan to our creditors in advance of the 30 June deadline, and our initial reflections on the debt restructuring on 13 July. Negotiations with the Ad-hoc Committee and two other creditor committees continued throughout the summer. These negotiations remain confidential, although we hope to be able to issue a progress by the end of October at the latest. Operating Revenue Shuttle services revenues were up 6% to GBP146 million mainly due to higher truck shuttle volumes and yields. Railways revenue remained stable at GBP117 million and remains protected until the end of November 2006 by payments under the provisions of the Minimum Usage Charge (MUC) in the Railway Usage Contract, which amounted to GBP36 million in the first half of 2005. Non-transport activities revenues amounted to GBP5 million during the period, down GBP4 million compared to the same period in 2004, partly as a result of a reduction in land sales. Operating revenue for the first half of 2005 was GBP268 million, an improvement of 2% compared to the first half of 2004 at constant exchange rates. Operating Profit Operating costs reduced by 3% compared to the same period in 2004, despite marked increases in electricity and maintenance costs, due to reductions in staff costs, marketing and advertising and insurance premiums. The full benefit of the cost reductions arising from the DARE project is not expected before the first half of 2006. The cost of security to the Group was approximately GBP5 million. Depreciation charges and provisions have reduced by GBP6 million compared to the same period in 2004, mainly due to the impairment charge made at the end of 2004. Non-trading charges amounted to GBP11 million in the first half of 2005, an increase of GBP3 million compared to the same period in 2004, and related to external costs associated with refinancing and to costs relating to the termination of certain contracts. Operating profit improved by GBP12 million (19%) to GBP74 million for the period due to increased revenues (GBP5 million), reduced operating costs (GBP4 million) and reduced depreciation and provision charges (GBP6 million) despite the increase in non-trading charges (GBP3 million). Net Result Net interest charges, including other financial income and charges, were GBP161 million for the first half of 2005, a decrease of 4% compared to the same period in 2004. Hedging charges included within net interest charges significantly offset the benefit of lower interest rates. The net loss improved by GBP18 million to GBP87 million for the first half of 2005. Net cash flow from trading for the first half of 2005 was GBP140 million, compared to GBP124 million for the same period in 2004. This GBP16 million increase compared to the same period in 2004 is in part due to an improved operating margin, and in part to a reduction in working capital. Net cash flow from investing activities decreased significantly to GBP3 million due to reduced expenditure and to cash generated by sales of land. Net cash flow after investing activities amounted to GBP137 million in the first half of 2005, an increase of GBP29 million compared to the same period in 2004. Cover of contractual interest after investing activities was 97% for the first half of 2005. Forecast Cash Position These are the financial consequences of the forecasts updated in the light of the latest results and the current outlook for the Group including the consequences of project DARE: (a) During 2005 the cash flow position remains protected by the mechanism by which interest that cannot be paid in cash can be settled by way of Stabilization Advances up to a limit of GBP60 million. Taking into account either financial or operational risks, especially those associated with the implementation of DARE, the cash flow position remains subject to a number of uncertainties. On the basis of the latest operating forecasts available, the amount of unused Stabilization Advances should provide sufficient cash to the end of 2005, at which time the level of available cash is projected to be equal to the Permitted Float of GBP25 million (this is the maximum amount of cash that may be held by the Group as defined in the Credit Agreements); (b) In 2006 the Group will no longer benefit from the Stabilization Advances, rendering the cash flow position more vulnerable particularly at the end of July and October 2006 because of the interest payments due under the current Credit Agreements. Furthermore, Railways revenue will no longer be protected after November 2006; payments under the provisions of the Minimum Usage Charge (MUC) in the Railway Usage Contract for the first 11 months of 2006 will have an estimated effect on cash flow amounting to approximately GBP65 million; (c) From the first half of 2007 Eurotunnel will not be able to meet its contractual debt repayments; and (d) The cash flow forecasts are based on assumptions that the Group considers to be both reasonable and realistic. The effect of the conversion of the Stabilization Advances and Notes existing at 30 June 2005 would be to reduce annual interest charges by approximately GBP24 million from January 2006, based on current interest rates. Furthermore, significant disruptions to the operations of the Group or events that are unforeseeable or unquantifiable at the date of the accounts (for example relating to on-going disputes) could accelerate the date at which the Group would be unable to meet its financial obligations. Financial Restructuring Eurotunnel has obtained a waiver from its Lenders, valid up to 31 January 2006, which defines the conditions under which the Group can undertake debt-restructuring negotiations with its creditors. In particular, the waiver required a proposal of a restructuring plan by no later than 15 July 2005, as well as the establishment of a structured means of communication between Eurotunnel and its creditors. The waiver can be terminated at any time should either party not meet its respective responsibilities. In accordance with the timetable, Eurotunnel presented a business plan during June, and on the 13 July, presented its initial reflections for restructuring its debt to the Ad-Hoc Committee, which represents the majority of Eurotunnel's creditors. In order to convert the Stabilization Advances and Notes into Units in accordance with the provisions of the 1998 restructuring, Eurotunnel has the possibility to propose to its shareholders to vote on the conversion before the end of 2005. The consequences of such a conversion, which are being examined as part of the current debt restructuring, are described in the Group's interim report. Within the Credit Agreements there is an option available for putting into place an additional line of credit as described in the 2004 annual accounts. In addition, should an Event of Default occur, the finance agreements also provide, under certain conditions, for a standstill period during which time the negotiation of a restructuring plan can take place whilst enabling the Group to continue to conduct its business normally. Uncertainties The Group is subject to two uncertainties: the ability to continue as a going concern and the carrying value at which the Group's assets are recorded in the accounts. The going concern basis is dependent on the Group's ability to put in place a refinancing plan or, if not, to obtain an agreement from the Lenders within the existing arrangements in the second half of 2006 at the latest. An impairment charge of GBP1.3 billion was accounted for in the 2003 accounts, which was based on assumptions for forecast operating cash flows, the future level of the Group's debt over the life of the Concession as well as for market interest rates; this corresponded to an implicit discount rate of 7%. Eurotunnel updated its impairment calculation as at 31 December 2004, which led to an additional impairment charge of GBP395 million; this corresponded to an implicit discount rate of 7.2%. The value in use was calculated in the context of the going concern uncertainty and on the basis of operating cash flows which assume no changes to existing operational and financing contracts assuming, for the purposes of these valuations only, the validity of the going concern principle. In addition, these valuations are based on a reduction of the level of debt by GBP1.3 billion and an equivalent increase in capital. Taking into account the increasing uncertainties that the Group is facing, Eurotunnel considered it appropriate, at 31 December 2004, to use values in the upper ranges for the market risk premium and the asset 'beta' ratios. The operational performance of the Group in the first half of 2005 and the level of interest rates would not require a modification to the value in use of assets. The Group is currently working on a refinancing plan the consequences of which on the level of indebtedness may differ from the underlying assumptions used at 31 December 2004. The Group has not revised its financial projections, which is normally carried out during the second half of the year as a part of the preparation of its medium term plan. Relatively small changes in the assumptions used would lead to material changes in the value in use. By way of example, a variation of 0.10% in the implicit discount rate would correspond to a change in the value in use of the fixed assets of approximately GBP150 million. A copy of this financial report is available free of charge at http://bankrupt.com/misc/EurotunnelSA(H12005).pdf CONTACT: EUROTUNNEL S.A. Cheriton Park Cheriton High Street Folkestone Kent CT19 4QS United Kingdom Phone: +44-1303-288-750 Fax: +44-1303-850-360 Web site: http://www.eurotunnel.co.uk Press Office Phone: + 44 (0) 1303 288728 or + 44 (0) 1303 288737 E-mail: press.uk@eurotunnel.com Investor Inquiries Xavier Clement Phone: + 331 55 27 36 27 E-mail: xavier.clement@eurotunnel.com ============= G E R M A N Y ============= BAVARIA CLEAN: Declares Bankruptcy ---------------------------------- The district court of Muenchen opened bankruptcy proceedings against Bavaria Clean GmbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 1, 2005 to register their claims with court-appointed provisional administrator Barbara Beutler. Creditors and other interested parties are encouraged to attend the meeting on November 7, 2005, 9:30 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: BAVARIA CLEAN GmbH Steinsdorfstrasse 19 in 80538 Muenchen Barbara Beutler, Administrator Schwanthalerstr. 32, 80336 Muenchen Phone: 089/54511-0 Fax: 089/54511-444 BRANDSCHUTZ GMBH: Creditors Meeting Set Next Month -------------------------------------------------- The district court of Stralsund opened bankruptcy proceedings against Brandschutz GmbH J. Muehring on August 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until September 16, 2005 to register their claims with court-appointed provisional administrator Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting on October 12, 2005, 11:40 a.m. at the district court of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BRANDSCHUTZ GmbH J. MUEHRING Contact: Jorg Muehring, Manager An der Muehle 25, 18311 Ribnitz-Damgarten Ulrich Rosenkranz, Administrator Markt 11, 18311 Ribnitz-Damgarten CARGOLIFTER AG: Former Chairman Forms New Outfit ------------------------------------------------ A group of investors, led by former management board Chairman Carl von Gablenz, has relaunched Cargolifter AG, Suddeutsche Zeitung says. The new company, a limited partnership called CL Cargolifter GmbH & Co KGaA, aims to revive initially the concept of freight airships, the primary product of the old Cargolifter. Several interested parties have already voiced support for the idea, Mr. Gablenz says. Cargolifter filed for insolvency in 2002 after wiping out EUR320 million in capital. It left 74,000 small shareholders and the Land of Brandenburg, which invested EUR42 million, out of pocket. Insolvency proceedings are still continuing. CONTACT: CARGOLIFTER AG I.I. Sophie-Charlotten-Strasse 57/58 Berlin Berlin Deutschland 14057 E-mail: kontakt@cargolifter.info Web site: http://www.cargolifter.info/ CORECESS EUROPE: Court to Verify Claims November ------------------------------------------------ The district court of Muenchen opened bankruptcy proceedings against Corecess Europe GmbH on August 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 14, 2005 to register their claims with court-appointed provisional administrator Dr. Josef Hingerl. Creditors and other interested parties are encouraged to attend the meeting on November 8, 2005, 9:40 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: CORECESS EUROPE GmbH Dr. Josef Hingerl, Administrator Terminalstrasse, Mitte 18 (MAC), Ebene 7 Buero 7375, 85356 Muenchen-Flughafen Phone: 089/9758230-0 Fax: 089/9758230-6 DAIMLERCHRYSLER AG: E.U. Court Cuts Antitrust Fine to EUR9.8 Mln ---------------------------------------------------------------- DaimlerChrysler AG's antitrust fine has been reduced from EUR71.8 million to EUR9.8 million, said the Associated Press. The European Union's Court of Justice ruled that the carmaker did not violate competition rules in Germany and Spain, but it upheld a decision by regulators that DaimlerChrysler was involved "in an anti-price-slashing agreement with the Belgian dealers." In 2001, the Commission ruled that the carmaker violated its rules when it banned the cross-border sales of its Mercedes-Benz brand, which restricted price competition among dealers. DaimlerChrysler was found not guilty of breaking competition rules in Germany because it acted alone there. Under E.U. rules, a cartel violation occurs only when two companies jointly perform an "anticompetitive conduct." The court also ruled that the carmaker followed local law in Spain, which was noted to be "not contrary" to any E.U. rule. Both decisions in Germany and Spain resulted to the scrapping of the carmaker's initial fine of EUR47.025 million and EUR15 million, respectively. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com ESLICO AUTOMATEN: Succumbs to Bankruptcy ---------------------------------------- The district court of Syke opened bankruptcy proceedings against Eslico Automaten GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 11, 2005 to register their claims with court-appointed provisional administrator Dr. Juergen Sander. Creditors and other interested parties are encouraged to attend the meeting on October 14, 2005, 9:10 a.m. at the district court of Syke, Saal 112, Nebenstelle, Hauptstr. 5A, Syke, 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: ESLICO AUTOMATEN GmbH Rudolf-Diesel-Str. 20, 31582 Nienburg/Weser Contact: Bertil Hartmann, Manager Martinistr. 4, 30659 Hannover Dr. Juergen Sander, Administrator An der Beeke 22, 28844 Weyhe FRISEURSALON CLEOPATRA: Proofs of Claim Due October --------------------------------------------------- The district court of Muenchen opened bankruptcy proceedings against Friseursalon Cleopatra GmbH on August 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 20, 2005 to register their claims with court-appointed provisional administrator Gudrun Hopf. Creditors and other interested parties are encouraged to attend the meeting on November 30, 2005, 9:10 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: FRISEURSALON CLEOPATRA GmbH Schwanthalerstr. 19 in 80336 Muenchen Gudrun Hopf, Administrator Hilblestr. 7, 80636 Muenchen Phone: 089/183690 Fax: 089/184160 FUBA PRINTED: Court Opens Insolvency Proceedings ------------------------------------------------ The local court in Osterode accepted on Sept. 1 a proposal to restructure Fuba Printed Circuits GmbH, Emsnow reports. It appointed Torsten Gutmann from Lehrte/Hannover as solicitor. The insolvency plan proposed by general managers Walter Drach and Andreas Ebeling will allow the company to continue its activities while trying to trim down debt. Creditors still have to approve the insolvency plan, which will allow them to receive a quoted part of their claims or defer them to the company. Tunisian partner FUBA Printed Circuits Tunisie S.A., a 10% shareholder since August 2005, will increase its share of equities to 50% once the plan is confirmed, according to the report. Mr. Ebeling said the management's efforts are well-supported by customers, suppliers, employees, the works council and the trade union (IG Metall). Banks granted a bulk credit of EUR3 million to the firm in mid-July. FUBA also obtained long-term collective reorganization agreements for its Gittelde and Dresden plants. Approximately 240 jobs will be cut at Gittelde. The company expects to finish the entire process before the end of 2005. Europe's fourth largest European manufacturer of Printed Circuit Boards filed for bankruptcy protection in July. Mr. Ebeling blames the global break-in of the market for printed circuit boards as well as overcapacity and high personnel costs for its troubles. The company has existed for 46 years. It had earlier set a turnover of EUR100 million for fiscal year 2003/2004. CONTACT: FUBA PRINTED CIRCUITS GmbH Bahnhofstrasse 3 37534 Gittelde Germany Phone: +49 (5327) 880-0 Fax: +49 (5327) 880-200 E-mail: infogittelde@fpc.de Web site: http://www.fpc.de Dresden Site Kesselsdorfer Strasse 216 01169 Dresden Germany Phone: +49 (351) 4133-0 Fax: +49 (351) 4133-320 E-mail: infodresden@fpc.de GEA GROUP: Acquires Membraflow Group ------------------------------------ GEA Group Aktiengesellschaft is to strengthen its Mechanical Separation strategic business unit, which forms part of the Process Equipment segment, by acquiring the Membraflow Group with effect from October 1 this year. Membraflow produces and installs membrane filtration equipment, generating sales of approximately EUR9 million and excellent profitability. As soon as it has been acquired, Membraflow will make a positive contribution to GEA Group's earnings-per-share figures. The company, which is based in Aalen-Essingen near Stuttgart, Germany, employs 34 people. "By acquiring Membraflow, we are adding another key process to our leading expertise in centrifugal separation technology. This will strategically enhance our portfolio and enable us to grow in new markets," said Peter Schenk, a member of GEA Group's Executive Board. The company's products are already being used for specialty mechanical engineering applications in the food, chemical and pharmaceutical industries in conjunction with separators and decanters manufactured by the GEA Group subsidiary Westfalia Separator. In the food sector, its main market, for example, its biggest customers are engaged in the production of gelatine and starch milk. However, Membraflow also enjoys an excellent reputation among winemakers, dairy businesses and fruit-juice producers. Although the company's business is still centered on Europe, its strongest growth is coming from the U.S. and Asia. Membraflow is one of the three largest players in the global membrane filtration market, which is estimated to generate sales of roughly EUR100 million a year and is forecast to grow rapidly over the next few years. In 2004, GEA Group Aktiengesellschaft reported consolidated sales of approximately EUR4.1 billion and employed roughly 17,000 people. With sales in excess of EUR1 billion, Process Equipment was the second largest segment and, with a pre-tax return on sales of over 10%, the most profitable. GEA Group Aktiengesellschaft is an international technology group that focuses on specialty mechanical engineering -- especially process engineering and equipment -- and plant engineering. In 2004, its sales totaled approximately EUR4.1 billion. At December 31, 2004, it employed around 17,000 people. GEA Group is one of the world's market and technology leaders in 90 percent of its businesses and is listed in Germany's MDAX index. * * * GEA Group Aktiengesellschaft was formerly Mg Technologies AG. It was renamed on July 12 as part of a strategic restructuring launched in 2003. GEA now stands for "Global Engineering Alliance" with a head office at am Main to Bochum. In August, Fitch affirmed the group's Senior Unsecured rating at 'BBB-' (BBB minus) and Short-term rating at 'F3'. The outlook is changed to stable from negative to reflect Fitch's expectation that management will further focus on cash flow generation while maintaining a healthy financial profile. The ongoing restructuring of plant engineering will help boost GEA's profitability to acceptable levels in a reasonable time frame, it said. CONTACT: GEA GROUP AKTIENGESELLSCHAFT Phone: +49 (0) 234 890 1081 Fax: +49 (0) 234 890 1087 Web site: http://www.geagroup.com GM GASTRONOMIE: Court Appoints Interim Administrator ---------------------------------------------------- The district court of Muenchen opened bankruptcy proceedings against GM Gastronomie GmbH on August 16. 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 Simona Fix. Creditors and other interested parties are encouraged to attend the meeting on November 7, 2005, 10:00 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: GM GASTRONOMIE GmbH Orlandostrasse 5 in 80331 Muenchen Simona Fix, Administrator Lindwurmstr. 25, 80337 Muenchen Phone: 089/55968820 Fax: 089/55968855 GROBA-GASTSTATTENBETRIEBS: Under Bankruptcy Administration ---------------------------------------------------------- The district court of Syke opened bankruptcy proceedings against GROBA-Gaststattenbetriebs-GmbH on August 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 27, 2005 to register their claims with court-appointed provisional administrator Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting on October 6, 2005, 9:55 a.m. at the district court of Syke, Saal 112, Nebenstelle, Hauptstr. 5A, Syke, 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: GROBA-GASTSTATTENBETRIEBS-GmbH Industriestrasse 11, 27211 Bassum Contact: Manuela Grotheer, Manager Hafenstrasse 15, 27711 Osterholz-Scharmbeck Dr. Christian Willmer, Administrator Georgstrasse 5, D-27283 Verden INTERTAINMENT AG: Hearing on HypoVereinsbank Claim Set October -------------------------------------------------------------- HypoVereinsbank has filed a partial claim for payment of EUR10 million against Intertainment AG and Intertainment Licensing GmbH in a proceeding for documentary evidence before the regional court (Landgericht) Muenchen I. The suit was served on Intertainment AG on the afternoon of September 13, 2005. The regional court has scheduled a date for an oral hearing on October 7, 2005. The partial claim relates to a loan amounting to around EUR14 million taken out by Intertainment Licensing GmbH from HVB, for which Intertainment AG had given a surety. The legal representatives of Intertainment are continuing to assume on the basis of the ongoing settlement negotiations that the matter will be included in a mutually agreed, concluding arrangement. Intertainment maintains the legal position defined in the Annual Report 2004 and presented this week at the Annual General Meeting on Tuesday of this week. It is assuming that HVB and Intertainment had reached a new arrangement in relation to the settlement of the residual debt. The new arrangement provides for HVB issuing a debt waiver on a deferred debt basis. Within the scope of this deferred debt, the loan originally due on June 30, 2004 was written down in the balance sheet for the fiscal year ending 2003 in the amount of EUR13,583 million and reported under reserves in accordance with the debt waiver. A legal opinion was obtained for an appraisal of the facts. This formed the basis for the assessment by the management of Intertainment. HVB had called in the loan a number of times, including June 30, 2004, despite the new arrangement. In the opinion of Intertainment, this was no longer possible on account of the new arrangement. * * * Intertainment has specialized in acquiring theatrical, video and television film rights with large commercial potential, which it markets in 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 realize 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 MANIS GMBH: Creditors to Meet November -------------------------------------- The district court of Muenchen opened bankruptcy proceedings against Manis GmbH on August 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 1, 2005 to register their claims with court-appointed provisional administrator Dr. Josef Hingerl. Creditors and other interested parties are encouraged to attend the meeting on November 8, 2005, 9:55 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: MANIS GmbH Dorfstr. 34 in 81247 Muenchen Dr. Josef Hingerl, Administrator Terminalstrasse, Mitte 18 (MAC), Ebene 7 Buero 7375, 85356 Muenchen-Flughafen Phone: 089/9758230-0 Fax: 089/9758230-6 POHLMANN FENSTER: Declared Bankrupt ----------------------------------- The district court of Bochum opened bankruptcy proceedings against Pohlmann Fenster- und Tuerenwerk GmbH on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 21, 2005 to register their claims with court-appointed provisional administrator Udo Claes-Hellmich. Creditors and other interested parties are encouraged to attend the meeting on November 29, 2005, 8:30 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: POHLMANN FENSTER- UND TUERENWERK GmbH Herner Str. 58-60, 44652 Herne Contact: Erich Pohlmann, Manager Udo Claes-Hellmich, Administrator Bahnhofstrasse 46, 45879 Gelsenkirchen Phone: (0209) 1 55 34 90 Fax: (02 09) 177952988 PRIMACOM AG: Secures Deal on Second Secured Loan ------------------------------------------------ The Company announced that, in London, an agreement in principle has been reached with the owners of the Second Secured Loan (SSL) on the economic conditions of a settlement. Both parties have agreed that the Company will pay EUR375 million to the owners of the SSL in compensation of all open demands due the owners of the SSL. The Company must pay this amount by November 30, 2005. The agreement will also provide that the Company recognizes a liability due to the owners of the SSL of EUR425 million i.e. if the Company is not able to pay the amount of EUR375 million, the owners of the SSL can execute against the company immediately. In the agreement the owners of the SSL will agree to the sale of Multikabel. Regarding Multikabel, a letter of intent exists in which a potential purchaser agrees to acquire Multikabel. In addition there have been discussions with other potential creditors and investors. The management board currently assumes that the payment to the owners of the SSL will be possible in this timeframe. The company further assumes that the settlement can be implemented, only if the Senior Banks also agree. The agreement has still to be worked out in detail and signed. PrimaCom AG Management Board CONTACT: PRIMACOM AG An der Ochsenwiese 3 D-55124 Mainz Phone: +49(0)6131 944 0 Fax: +49(0)6131 944 529 E-mail: investor@primacom.de Web site: http://www.primacom.de PRO-CAR: Court Appoints Manfred Barzen Administrator ---------------------------------------------------- The district court of Muenchen opened bankruptcy proceedings against Pro-Car Transport GmbH on August 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 10, 2005 to register their claims with court-appointed provisional administrator Manfred Barzen. Creditors and other interested parties are encouraged to attend the meeting on November 10, 2005, 9:00 a.m. at the district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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: PRO-CAR TRANSPORT GmbH Werinherstr. 15 in 81541 Muenchen Manfred Barzen, Administrator Hilblestr. 7, 80636 Muenchen Phone: 089/183690 Fax: 089/184160 TINO WOHNBAU: Last Day for Filing Claims October 20 --------------------------------------------------- The district court of Muenchen opened bankruptcy proceedings against TINO Wohnbau GmbH on August 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 20, 2005 to register their claims with court-appointed provisional administrator Dr. Christine Berg-Gruenenwald. Creditors and other interested parties are encouraged to attend the meeting on September 30, 2005, 9:50 a.m. at the district court of Muenchen, Infanteriestr. 5, SS. 101, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on December 5, 2005, 9:00 a.m. at the same venue. CONTACT: TINO WOHNBAU GmbH Fuerstenrieder Str. 187 in 81377 Muenchen Dr. Christine Berg-Gruenenwald, Administrator Leopoldstr. 139, 80804 Muenchen Phone: 361930-0 Fax: 361930-499 =========== G R E E C E =========== FAGE DAIRY: Rating Cut to 'B+' on Weakened Financial Profile ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Greece-based dairy company Fage Dairy Industry S.A. to 'B+' from 'BB-'. The outlook is stable. "The downgrade reflects Fage's negative trading in first-half 2005 and our expectation that difficult market conditions in the Greek dairy market will continue to challenge a recovery in Fage's earnings in the near term," said Standard & Poor's credit analyst Benedetta Rospigliosi. In addition, as the planned capacity expansion in the U.S. has been delayed (EUR25 million [$30.5 million] now estimated, mainly in 2006), cash flow generation is no longer expected to turn positive in 2006. At end-June 2005, the company had net debt of EUR121 million. We expect Fage to avoid any further deterioration of its financial profile by decreasing, if necessary, discretionary outflows such as management costs, upstream funding, or dividend distributions. "In order to sustain its current rating, Fage must show its ability to fund internally its development and the remuneration of its shareholders, as well as maintain a net debt-to-EBITDA ratio below 5x," said Ms. Rospigliosi. "We also assume that the Filippou family's other business interests will not result in a cash drain on Fage's liquidity position, apart from the above-mentioned shareholder payments; any evidence of the contrary would have a negative credit impact on the company." 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 OLYMPIC AIRLINES: Privatization to Push Through ----------------------------------------------- Greece will still privatize Olympic Airlines notwithstanding a recent European Commission ruling that compels the carrier to repay EUR540 million in illegal state aid, Reuters says. The government stressed Olympic Airlines will remain airborne until all privatization efforts are exhausted. This it said in reaction to speculations it would shut down the carrier as a result of the adverse Commission ruling. The Finance Ministry said in a statement: "The government's goal is that the company's privatization should continue as long as it is possible." The ministry said it would review the Commission's ruling, adding it would ask investors if they are still interested in the carrier despite the ruling. Greece sign last month a preliminary agreement to sell the carrier to preferred bidder Olympic Investors-York Capital, but extended the sale until this month to allow U.S. bidder to prove its credit worthiness before entering into final negotiations. The sale, however, is subject to E.U. approval. 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 ============= H U N G A R Y ============= MALEV HUNGARIAN: Signs Transfer Agreement with Bangkok Airways -------------------------------------------------------------- Troubled national carrier Malev Hungarian Airlines has struck a passenger transfer deal with Bangkok Airways, Budapest Business Journal says. The deal, which runs from December 2, 2005 to September 30, 2006, applies to Malev's three-times-a-week Bangkok flights. The deal would allow Malev passengers to travel to other destinations in Thailand and Cambodia using a single ticket, cutting their transfer time by half to one-and-a-half hours. The deal would also help passengers save around HUF20,000 in airport tax. The government recently scrapped the latest attempt to sell Malev, saying the offers were unsatisfactory. It will instead revive its search for a strategic partner to save the troubled carrier. CONTACT: MALEV HUNGARIAN AIRLINES Konyves Kalman korut 12-14, H-1097 Budapest Phone: +36 1 235 3100 Fax: +36 1 235-3255 E-mail: malev@malev.hu Web site: http://www.malev.hu ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.) Pozsonyi ut 56 H-1133 Budapest Phone:(36 1) 237 4400 Fax:(36 1) 237 4100 E-mail: apvrt@apvrt.hu Web site: http://www.apvrt.hu/english/m3.html ============= I R E L A N D ============= CAFESLIM LIMITED: Business for Sale ----------------------------------- KPMG offers for sale the business and assets of Cafeslim Limited as a going concern. Features: (a) Provide online weight management programmes to consumers in the U.K. and Ireland; (b) Unique backend developed proprietary technology to streamline and automate the development of rapid meal plans; (c) Extensive and growing network of members; (d) Strong revenue growth; (e) Experienced and committed team of support professionals; and (f) Owner of Cafeslim trademark and domain names across several different brand categories including: cafeslim.com, cafeslim.ie, cafeslim.co.uk, cafeslim.org and cafeslim.tv CONTACT: KPMG 1, Stokes Place St. Stephen's Green Dublin 2 Phone: +353 1 410 1000 Fax: +353 1 412 1932 E-mail: kieran.wallace@kpmg.ie CAFESLIM LIMITED Cafeslim Limited. Unit B, (first floor), 65/66 Western Parkway Business Park, Ballymount Drive, Dublin 12 Web site: http://www.cafeslim.com ========= I T A L Y ========= FIAT SPA: Fixes Price of Ordinary Shares to be Issued to Banks -------------------------------------------------------------- The subscription price of the Fiat S.p.A. ordinary shares that will be issued by the Company and subscribed by the lending banks on September 20, 2005, in execution of the capital increase to service the EUR3 billion Convertible Facility, was set at EUR10.28. As per the agreement, this price is the result of the average between EUR14.4409 and the weighted average of the official prices posted in the six months preceding Sept. 13. The shares will subsequently be preemptively offered to all Fiat stockholders in accordance with the first three paragraphs of Article 2441 of the Italian Civil Code and Article 134 first paragraph of the Consolidated Law on Financial Intermediation. * * * Creditors have accepted the conversion of Fiat's EUR3 billion convertible loan maturing in September 2005. S&P said the conversion is very favorable for Fiat's credit quality. It will wipe out EUR3 billion of financial debt at the industrial level and materially decreases the group's interest burden. In August, it revised its outlook on Italy-based automaker Fiat S.p.A. to stable from negative. At the same time, Standard & Poor's affirmed its 'BB-' long-term and 'B' short-term corporate credit ratings on the group. "The change in outlook reflects Fiat's much-improved financial flexibility and our expectation that its automotive activities will gradually recover -- although they will remain loss-making in 2005," said Standard & Poor's credit analyst Nicolas Baudouin. About Fiat S.p.A. Fiat S.p.A., headquartered in Turin, is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR34.2 billion generated for the 9-month period as at 30 September 2004. The founding Agnelli family owns about 30% of the Company. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. CONTACT: FIAT S.p.A. via Nizza, 250 - 10126 Torino Phone: +39 011 00 63088 Fax: +39 011 00 63798 E-mail: mediarelations@fiatgroup.com Web site: http://www.fiatgroup.com FIAT SPA: GM Settlement Drives up Operating Income to EUR1.4 Bln ---------------------------------------------------------------- The Board of Directors of Fiat S.p.A., chaired by Luca Cordero di Montezemolo, met on Thursday in Turin and resolved, as previously announced, on the EUR3 billion capital increase to service the mandatory convertible facility. The Board of Directors also approved the First-half Report of the Fiat Group that contains the financial data of the Group, which were previously examined by the Board of Directors on July 28, 2005 and disclosed at that time. Capital Increase for the Mandatory Convertible Facility Pursuant to the delegation of authority granted by the Extraordinary Stockholders Meeting held on September 12, 2002, the Board of Directors resolved on a capital increase to service the Mandatory Convertible Facility that falls due on September 20, 2005. On that date, 291,828,718 ordinary shares will be issued at the price of EUR10.28 each, which is determined as the average between the price of EUR14.4409 as per the convertible facility agreement, and the weighted average of the official prices over the last six months. The lending banks will subscribe the new shares through a set-off against the total debt of EUR3 billion owed to them, with the obligation to pre-emptively offer the shares to stockholders. The offering (to be carried out in the ratio of 149 newly issued Fiat ordinary shares at a price of EUR10.28 per share for every 500 Fiat ordinary, preference or savings shares held) will take place within a few weeks, after having obtained clearance from Consob for the publication of the relevant Prospectus. The shares subscribed by the lending banks pursuant to Article 2441, paragraph seven of the Italian Civil Code will not enjoy voting rights until expiration of the offering. The conversion will entail a reduction of EUR3 billion in the net debt of Fiat S.p.A. and of the Group. In the statutory financial statements of Fiat S.p.A., prepared in accordance with Italian accounting principles, the reduction in net debt will be counterbalanced by the increase in capital stock and in additional paid-in capital. An increase in capital stock and reserves for an amount equal to the current value of the shares issued will be booked in the consolidated financial statements, which are prepared in accordance with IFRS; the difference, determined on the basis of the subscription price of new shares (EUR10,28 per share) and their market value at the time of the subscription, will be booked in the statement of operations as a non-recurring financial gain. Based on the market value of Fiat shares as of the date of this press release, the difference to be posted in the statement of operations would amount to approximately EUR700 million. Group Results in the First Half of 2005 Fiat Group revenues totaled EUR22.8 billion in the first half of 2005, 1% less than in the same period of 2004. The slight downturn was caused mainly by lower sales in the Automobiles business area (declining in the first quarter and recovering in the second quarter of 2005), which were impacted by weak demand in Italy. The increase in revenues at Iveco partially compensated for this reduction. The trading profit for the period (EUR407 million) almost doubled with respect to the EUR205 million reported in the first half of last year. The improvement is attributable to sharply lower trading losses at the Automobiles business area (EUR200 million) and the positive performance of CNH and Iveco. The trading profit of the Components and Production Systems business area and that of Other Businesses decreased. Operating income totaled EUR1.4 billion, compared with EUR125 million in the first six months of 2004. The sharp increase reflects the contribution of EUR1.1 billion made by the gain resulting from the General Motors settlement. Operating income also included EUR202 million generated by the improvement in trading profit. Income before taxes totaled EUR1 billion, reflecting an improvement of EUR1.4 billion from the loss of EUR395 million for the first half of 2004. The growth stemmed principally from improvement in operating income (approximately EUR1.3 billion), in addition to lower net financial expenses. These totaled EUR436 million, EUR184 million less than the corresponding figure for the first six months of 2004, which reflected approximately EUR150 million in expenses generated by the closing of the equity swap agreement on GM shares. Excluding this last component, the improvement reflected the lower net debt of the Group's industrial companies. Net consolidated income before minority interests in the first half of 2005 was EUR510 million, with an improvement of EUR1,148 million from a loss of EUR638 million in the same period of 2004. This change was also affected by higher income taxes for EUR281 million, including the reversal of EUR277 million in deferred tax assets posted at the end of 2004 by Fiat S.p.A., in consequence of the gain on the termination of the Master Agreement with General Motors. Net industrial debt (EUR9.2 billion) at June 30, 2005 was down by EUR0.3 billion, while the Group's cash position (cash, cash equivalents and current securities) remained strong at EUR7.3 billion, up from the EUR6.1 billion reported at December 31, 2004. The settlement received from General Motors and the Barclays-Iveco transaction contributed significantly to this improvement. The report is available free of charge at http://bankrupt.com/misc/Fiat(H12005).pdf Subsequent Events and Outlook for the Rest of 2005 As a consequence of the notification by EDF of its intention to withdraw its arbitration claim, on September 9, 2005 Fiat sold 24.6% of the share capital of Italenergia Bis to EDF at a price of EUR1,147 million. Concurrently the Citigroup financing of the same amount that had been extended in September 2002 was reimbursed. On the same date, the financial institutions that had acquired 14% of Italenergia Bis in 2002, sold their stake to EDF. Consequently, the possibility that Fiat be required to repurchase said stake was eliminated. This possibility had entailed for Fiat the recognition of a financial debt of approximately EUR600 million in the financial statements prepared under IFRS. As a result of these two transactions, Fiat will book a net gain of over EUR850 million in its consolidated statement of operations prepared under IFRS, while the Group net debt will decrease by approximately EUR1.8 billion. The positive results recorded in the first six months of the year and in particular the accelerated pace of growth in the second quarter, provide a satisfactory indication that efforts aimed at achieving turnaround are bearing fruit. Though we are cautiously optimistic about the future, Fiat Auto still has a lot of work to do and all the efforts to improve its structural efficiency will further intensify. At the same time, other businesses have yet to reach fully satisfactory operating performances. In the second half of the year, most of Fiat's business sectors expect to continue operating in a competitive economic climate. Nonetheless, the Group confirms its commitment to the achievement of its stated 2005 financial objectives. The conversion of the Mandatory Convertible Facility and the completion of the Italenergia transaction will strengthen our capital structure by approximately EUR4.8 billion. When adjusted for this effect, net debt of industrial activities at June 30, 2005 would be EUR4.4 billion, and consolidated stockholders' equity (before minority interest) would total approximately EUR10 billion. Furthermore, the closing in July of a new three-year EUR1 billion credit facility (that replaces a corresponding one of EUR1.7 billion), which is currently undrawn, provides us with adequate financial flexibility. The Fiat S.p.A. Board of Directors decided to advance the date of the meeting for the review of the third quarter 2005 results from October 31 to October 26, 2005. - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - Effective January 1, 2005, the Fiat Group adopted the International Financial Reporting Standards. The comparative data for the corresponding period of 2004 have thus been restated and illustrated in accordance with the new accounting standards. For more information on the content of these standards, as well as the impact of their adoption on the 2004 figures that have already been published, reference is made to the specific Appendices of the quarterly reports at March 31, 2005 and June 30, 2005. CONTACT: FIAT S.p.A. via Nizza, 250 - 10126 Torino Phone: +39 011 00 63088 Fax: +39 011 00 63798 E-mail: mediarelations@fiatgroup.com Web site: http://www.fiatgroup.com FIAT SPA: Chairman Rules out Ferrari Stake Sale ----------------------------------------------- Fiat S.p.A. Chairman Luca Cordero di Montezemolo said the firm has no plans of selling its 56% stake in luxury sports carmaker Ferrari S.p.A. When asked regarding a possible listing on the stock market he told reporters at the Frankfurt auto show it would only be decided after talks with 34% co-owner Mediobanca. The Italian investment bank mentioned in July it was selling 5% of Ferrari to Abu Dhabi's Mubadala Development Co. Fiat S.p.A., headquartered in Turin, is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR34.2 billion generated for the 9-month period as at 30 September 2004. The founding Agnelli family owns about 30% of the Company. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. The company is launching a share offering to raise funds to serve a EUR3 billion convertible loan that matures this month. CONTACT: FIAT S.p.A. via Nizza, 250 - 10126 Torino Phone: +39 011 00 63088 Fax: +39 011 00 63798 E-mail: mediarelations@fiatgroup.com Web site: http://www.fiatgroup.com PARMALAT FINANZIARIA: Sells Bakery Unit to Vicenzi Biscotti ----------------------------------------------------------- Troubled dairy giant Parmalat Finanziaria S.p.A. has sold its local bakery operations to Vicenzi Biscotti S.p.A., AFX News says. The transaction, worth EUR19 million, will give Vicenzi four production plants and several brands. Parmalat values the bakery operations at EUR17 million. The sale now only awaits the approval of the local antitrust authority after the Industry Ministry cleared the deal recently. CONTACT: PARMALAT FINANZIARIA S.p.A. Piazza Erculea 9 20122 Milan, Italy Phone: +39-02-806-8801 Fax: +39-02-869-3863 Web site: http://www.parmalat.net VICENZI BISCOTTI S.p.A Via Forte Garafolo 1-37057 San Giovanni Lupatoto Phone: 0039 045 8262800 Fax: 0039 045 8266026 Web site: http://www.vicenzi.it ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Carries on Buyback Program --------------------------------------- On 14 September 2005, Royal Dutch Shell plc purchased for cancellation 1,650,000 'A' Shares at a price of EUR25.94 per share. It further purchased for cancellation 660,000 'A' Shares at a price of 1,746.61 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,038,400,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is 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 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 =================== K Y R G Y Z S T A N =================== INFO TECH: Creditors' Claims Due November ----------------------------------------- LLC Info Tech, which recently became insolvent, will accept proofs of claim at Bishkek, Kievskaya Str. 135 on or before November 1, 2005. CONTACT: INFO TECH Bishkek, Kievskaya Str. 135 JBI-20 OSH: Sets Public Auction September 28 -------------------------------------------- PSSI of Osh Region will sell the properties of CJSC JBI-20 Osh on September 28, 2005, 2:00 p.m. at City Court of Osh region, Room 14. For sale are cars of different models. To participate, bidders must deposit an amount equivalent to 5% of the starting price to the cashier of JBI-20 Osh on or before September 27, 2005. Call (0-32-22) 3-60-92 for more information. LARKOM FREE: Proofs of Claim Due November ----------------------------------------- LLC Larkom Free Economic Zone Bishkek, which recently became insolvent, will accept proofs of claim at Bishkek, Manas Avenue 303 on or before November 1, 2005. CONTACT: LARKOM FREE ECONOMIC ZONE BISHKEK Bishkek, Manas Avenue 303 SELEKT FREE: Gives Creditors Until November to File Claims ---------------------------------------------------------- LLC Selekt Free Economic Zone Bishkek, which recently became insolvent, will accept proofs of claim at Bishkek, Manas Avenue 303 on or before November 1, 2005. CONTACT: SELEKT FREE ECONOMIC ZONE BISHKEK Bishkek, Manas Avenue 303 =========== R U S S I A =========== BREEDER: Bankruptcy Supervision Procedure Begins ------------------------------------------------ The Arbitration Court of Khakasiya republic has commenced bankruptcy supervision procedure on open joint stock company Breeder. The case is docketed as A74-2041/2005. Mr. M. Panino has been appointed temporary insolvency manager. Creditors may send their proofs of claim to 655017, Russia, Khakasiya republic, Abakan, Post User Box 199. A hearing will take place on October 12, 2005, 2:40 p.m. CONTACT: BREEDER Russia, Khakasiya republic, Ust-Abakanskiy region, Rastsvet Mr. M. Panino Temporary Insolvency Manager 655017, Russia, Khakasiya republic, Abakan, Post User Box 199 DRUZHBA: Declared Insolvent --------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Druzhba (TIN 2339001850) after finding the open joint stock company insolvent. The case is docketed as A-32-7370/2005-27/76-B. Ms. E. Zhukova has been appointed insolvency manager. Creditors have until October13, 2005 to submit their proofs of claim to 350042, Russia, Krasnodar, Kolkhoznaya Str. 3, Office 307. CONTACT: DRUZHBA 352430, Russia, Krasnodar region, Kurganinsk, Mikhaylovskoye Shosse, 1 Ms. E. Zhukova Insolvency Manager 350042, Russia, Krasnodar region, Kolkhoznaya Str. 3, Office 307 GAGARINO-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Smolensk region has commenced bankruptcy supervision procedure on open joint stock company Gagarino-Agro-Tekh-Service. The case is docketed as A-62-1175/2005 (627-N/05). Mr. P. Protsenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 127018, Russia, Moscow, Polkovaya Str. 17, Building 3. CONTACT: GAGARINO-AGRO-TEKH-SERVICE Russia, Smolensk region, Gagarin, Proezd STKh, 5 Mr. P. Protsenko Temporary Insolvency Manager 127018, Russia, Moscow, Polkovaya Str. 17, Building 3 KULESHOVSKOYE: Bankruptcy Hearing Set December ---------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on close joint stock company Kuleshovskoye (TIN 2326002141, KPP 232601001, OKPO 036050663). The case is docketed as A-32-17779/2005-1/249 B. Mr. G. Antipov has been appointed temporary insolvency manager. A hearing will take place on December 21, 2005, 12:00 p.m. CONTACT: KULESHOVSKOYE 353040, Russia, Krasnodar region, Beloglinskiy region, Kuleshovka Mr. G. Antipov Insolvency Manager 350020, Russia, Krasnodar region, Ofitserskaya Str. 34, Room 11 METROMEDIA INTERNATIONAL: Buys Majority Interest in Magticom ------------------------------------------------------------ Metromedia International Group, Inc. the owner of interests in communications and media businesses in the country of Georgia, announced on September 15, 2005 these recent developments concerning Magticom Ltd., its mobile telephony business venture in the country of Georgia: (a) The Company and Dr. George Jokhtaberidze, co-founder of Magticom, acquired the 14.5% interest in Magticom formerly owned by Western Wireless International Corporation for a cash price of $43 million. The Company now owns 50.1% of Magticom through various holding companies and Dr. Jokhtaberidze owns 49.9%. The Company and Dr. Jokhtaberidze funded the purchase pro rata to these ownership shares; (b) Prior to the purchase, Magticom issued a dividend of $17.0 million, net of 10% Georgian dividend withholding taxes, of which approximately $7.28 million was distributed to the Company. The Company used this dividend distribution plus an additional $14.26 million of corporate cash to fund its portion of the purchase; and (c) Concurrently with these transactions, the Company paid in full all principal and interest due to Dr. Jokhtaberidze under a promissory note executed in February 2005 in connection with the Company's acquisition of approximately 8.34% of Dr. Jokhtaberidze's ownership interest in Magticom. The amount of this payment was approximately $23.5 million. After completion of all aforementioned transactions, the balance of unrestricted corporate cash on hand was approximately $21.3 million. Chief Executive Mark Hauf Reports: We have now obtained a clear majority interest in Magticom, which, I believe, will serve the Company as a steadily growing source of value well into the future. Magticom continues to grow while maintaining a very attractive level of profitability. Our sole minority partner, Dr. Jokhtaberidze, shares our enthusiasm for continued development of this business. The $43 million cash outlay for Western Wireless's 14.5% economic interest in Magticom reflects an attractive valuation for the buyers. And, with the full repayment of the note to Dr. Jokhtaberidze, the Company has no debt obligations to third parties at either the Corporate level or at Magticom and possesses sufficient liquidity to address its immediate operational and development initiatives. In all, I believe that the developments we consummated represent a significant further step in building value for our shareholders. About Metromedia International Group Through its wholly owned subsidiaries, the Company currently traded as: (PINK SHEETS: MTRM) - Common Stock and (PINK SHEETS: MTRMP) owns interests in communications and media businesses in the country of Georgia. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned Georgian long distance telephony operator. CONTACT: METROMEDIA INTERNATIONAL GROUP, INC. Ernie Pyle Chief Financial Officer and Treasurer Phone: 704-321-7380 E-mail: investorrelations@mmgroup.com NELIDOVSKIY MEAT: Court Brings in Insolvency Manager ---------------------------------------------------- The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on open joint stock company Nelidovskiy Meat Combine. The case is docketed as A66-5493/2005. Mr. S. Krasilnikov has been appointed temporary insolvency manager. A hearing will take place on November 1, 2005 at 12:00 noon. CONTACT: NELIDOVSKIY MEAT COMBINE Russia, Tver region, Nelidovo Mr. S. Krasilnikov Temporary Insolvency Manager 141730, Russia, Moscow region, Lobnya, Yubileynaya Str. 4, Building 5, Room 17 NORTH GARDENS: Succumbs to Bankruptcy ------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against North Gardens after finding the agricultural company insolvent. The case is docketed as A-32-4901/2005-1/29-B. Mr. S. Malaev has been appointed insolvency manager. Creditors have until October 14, 2005 to submit their proofs of claim to 350063, Russia, Krasnodar, Frunze Str. 30. CONTACT: NORTH GARDENS 353500, Russia, Krasnodar region, Temryuk, 27th September Str. 21 Mr. S. Malaev Insolvency Manager 350063, Russia, Krasnodar region, Frunze Str. 30 SIBERIAN GRAIN: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on open joint stock company Siberian Grain. The case is docketed as A45-13862/05-27/236. Ms. A. Ledvino has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 630129, Russia, Novosibirsk, Post User Box 22. A hearing will take place on December 26, 2005, 10:30 a.m. at Russia, Novosibirsk, Kirova Str. 3, Room #915. CONTACT: SIBERIAN GRAIN 630091, Russia, Novosibirsk region, Krasnyj Pr. 74 Ms. A. Ledvino Temporary Insolvency Manager 630129, Russia, Novosibirsk region, Post User Box 22 SURGUT-ZHIL-INDUSTRY: Insolvency Manager Takes over Helm -------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region commenced bankruptcy proceedings against Surgut-Zhil-Industry after finding the open joint stock company insolvent. The case is docketed as A75-1870/2005. Mr. Y. Dadyko has been appointed insolvency manager. Creditors have until October 13, 2005 to submit their proofs of claim to 628400, Russia, Khanty-Mansiyskiy autonomous region, Surgut, Aeroflotskaya Str. 5. CONTACT: Mr. Y. Dadyko Insolvency Manager 628400, Russia, Khanty-Mansiyskiy autonomous region, Surgut, Aeroflotskaya Str. 5 TRANSNATIONAL: Bankruptcy Hearing Set November ---------------------------------------------- The Arbitration Court of Kemerovo region has commenced bankruptcy supervision procedure on oil company Transnational. The case is docketed as A27-19657/2005-4. Mr. E. Sanzharevskiy has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 650036, Russia, Kemerovo, Gagarina Str. Post Office 36, Post User Box 8. A hearing will take place on November 30, 2005. CONTACT: TRANSNATIONAL 650036, Russia, Kemerovo region, Gagarina Str. Post Office 36, Post User Box 8 Mr. E. Sanzharevskiy Insolvency Manager 650036, Russia, Kemerovo region, Gagarina Str. Post Office 36, Post User Box 8 YUG-ENERGO: Bankruptcy Hearing Set Next Year -------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on close joint stock company Yug-Energo (TIN 6143018776). The case is docketed as A53-15930/2005-S2-30. Mr. S. Baludin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 344010, Russia, Rostov-na-Donu, Nakhichevanskiy Per. 64, Office 1007. A hearing will take place on November 2, 2006, 10:30 a.m. CONTACT: YUG-ENERGO 347360, Russia, Rostov region, Volgodonsk, Lenina Str. 60 Mr. S. Baludin Temporary Insolvency Manager 344010, Russia, Rostov-na-Donu, Nakhichevanskiy Per. 64, Office 1007 YUKOS OIL: Lithuania Wants Full Control of Mazeikiu Nafta --------------------------------------------------------- Lithuania is interested in buying Yukos Oil's majority stake in oil refinery Mazeikiu Nafta, Prime Minister Algirdas Brazauskas told journalists on Thursday. The Lithuanian government already owns 40.6% of Mazeikiu; Yukos holds 53.7% and management rights. Yukos is selling the stake to help pay for its back-tax bill that as of June 29 stood at US$2 billion, according to the Russian Justice Ministry. Mazeikiu owns a refinery, the Butinge offshore terminal and a pipeline. It had net profit of LTL378.9 million (EUR109.6 million) in the first half on sales of LTL4.8 billion. It is one of the last two foreign assets of Yukos that have not been seized by the Russian government in an effort to collect payment for the back-tax bill. The other is a property in the Netherlands. Russia has asked all Yukos assets to be frozen, but the two countries have not complied so far. The estimated value of Yukos' stake in Mazeikiu Nafta is US$1.47 billion, according to MosNews. Also interested in the company are U.S. oil giant ConocoPhillips, Russian companies Gazprombank and Lukoil, the Russian-British joint venture TNK-BP, the international group Vitol and Kazakhstan's state-owned KaMunGaz. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection in the U.S. on Dec. 14, 2004, but the case was dismissed two months after. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru =========== S W E D E N =========== SKANDIA INSURANCE: Provides Old Mutual Key Company Information -------------------------------------------------------------- In connection with Old Mutual plc's announcement early this summer to the Board of Directors of Skandia Insurance Company Ltd. of its interest in making a public offer for all Skandia shares, Old Mutual requested to perform due diligence of Skandia. The Board accepted this request. Prior to the start of this process, a customary confidentiality agreement was reached. In connection with the public announcement of its offer to Skandia's shareholders, Old Mutual stated that it plans to distribute a prospectus at the end of September, after which time Skandia's shareholders will have to take a position on the offer. In view of this and pursuant to the Industry and Commerce Stock Exchange Committee's takeover rules, following is a summary of previously non-public information that was provided to Old Mutual -- as well as to certain other parties -- in the course of the due diligence process. Most of the information provided in the course of the due diligence process was either immaterial concerning the valuation of Skandia's shares or confirmatory of existing public information. However, the Board has determined that there were three areas of disclosure that could have an impact on the valuation of Skandia's shares. These are: (a) business plans for the years 2005-2007; (b) a project regarding identification of cost reduction opportunities and synergies within the group, over and above plan; and (c) a special assessment of embedded value as per 31 March 2005 performed by Tillinghast, a business unit of Towers Perrin. All of this information was originally prepared for internal use and has not been subject to a review by Skandia's auditors. The results from the review of the Turbo plan and Tillinghast's assessment are over and above the business plan and were developed independently of each other. Tillinghast's work did not consider the synergies identified. * * * Old Mutual plc has reportedly sought the support of its own shareholders in its SEK44.9 billion bid for Skandia. The backing is crucial due to the size of the transaction, from which an GBP8 billion cross-border financial services group could emerge. Old Mutual Chief Executive Jim Sutcliffe has said the merger would build a "stronger, better-balanced group with increased growth potential and a reduced risk profile." It is also expected to establish Old Mutual's position in South Africa, U.K., Sweden and the U.S. Mr. Sutcliffe is positive about Old Mutual gaining the necessary backing as talks with its major shareholders are ongoing, stressing that "people have warmed to it since May." The company is also confident that Skandia's key investors would welcome its proposal, following several discussions with them. 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 OLD MUTUAL PLC Investor Relations Andrew Parkins Phone: +44 (0) 20 7002 7264 Media Relations Miranda Bellord Phone: +44 (0) 20 7002 7133 Web site: http://www.oldmutual.com COLLEGE HILL Alex Sandberg Phone: +44 (0) 20 7457 2020 Mobile: +44 (0) 7831 851 844 Tony Friend Phone: +44 (0) 20 7457 2020 Mobile: +44 (0) 7798 864 995 Web site: http://www.collegehills.com/ ===================== S W I T Z E R L A N D ===================== LEICA GEOSYSTEMS: Remains on CreditWatch After Danaher's Exit ------------------------------------------------------------- Standard & Poor's Ratings Services kept its 'BB+' rating on Switzerland-based optical-measurement instruments maker Leica Geosystems Holdings AG on CreditWatch with developing implications following the announcement that Danaher Corp. (A+/Stable/--) has disposed of all its shares in Leica, effectively ending its battle with Hexagon AG for control of the company. "The effective end of Danaher's bid for control of Leica, and resulting boost for Hexagon's bid, increases the likelihood that Leica will be taken over by Hexagon, which could put negative pressure on the ratings," said Standard & Poor's credit analyst Jarrad Oberhardt. "Nevertheless, both offers remain technically open until their respective expiry dates." A formal declaration of the result of each offer will be known at the end of September. Standard & Poor's expects to resolve the CreditWatch placement once an acquisition has been completed. The rating was originally placed on CreditWatch with negative implications on June 13, 2005, after Swedish technology company Hexagon announced an unsolicited takeover bid for Leica. The implications of the CreditWatch were later revised to developing on July 26, 2005, following news of a friendly takeover bid by U.S.-based Danaher. 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 ============= U K R A I N E ============= DNIPROAVIA AVIATION: One-year Recovery Program Starts ----------------------------------------------------- The Economic Court of Dnipropetrovsk region has placed state-owned JSC Dniproavia Aviation Company under bankruptcy proceedings for 12 months until Aug. 11, 2006, Interfax reports. Ihor Samoshost was appointed insolvency manager. Dniproavia Aviation has three Yak049 and five Yak-42 aircraft. It flies to Istanbul, Tbilisi, Frankfurt, Antalia, Hurghada, Koln, Volgograd, Moscow, Kyiv, Sevastopol, Ivano-Frankivsk and Simferopol. Its main creditor is PrivatBank. The company applied for bankruptcy proceedings on November 4, 2004. CONTACT: PRIVATBANK Web site: http://www.privatbank.ua/info/index1.stm DONTRAST: Court Names Oleksandr Kebkal Liquidator ------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Dontrast (code EDRPOU 31776685) after finding the limited liability company insolvent. The case is docketed as 15/145-b. Mr. Oleksandr Kebkal (License Number AA 668313) has been appointed liquidator/insolvency manager. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) DONTRAST 02218, Ukraine, Kyiv region, Rajduzhna Str. 6 (b) Mr. Oleksandr Kebkal Liquidator/Insolvency Manager 02068, Ukraine, Kyiv region, Grigorenko Str. 7-V/51 Phone: 467-50-05 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B FIESTA: Creditors' Claims Due September 20 ------------------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Fiesta (code EDRPOU 24738743) on July 29, 2005 after finding the limited liability company insolvent. The case is docketed as 44/365-b. Mr. S. Kitsul (License Number AA 487782) has been appointed liquidator/insolvency manager. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) FIESTA 04071, Ukraine, Kyiv region, Varhnij Val Str. 54 (b) Mr. S. Kitsul Liquidator/Insolvency Manager 03127, Ukraine, Kyiv region, Lomonosov Str. 11/1 Phone: 8 (067) 295-08-03 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B GRAN-S: Gives Creditors Until Tomorrow to File Claims ----------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Gran-S (code EDRPOU 21566220) on August 4, 2005 after finding the private enterprise insolvent. The case is docketed as 43/623. Ms. Ludmila Zayikina has been appointed liquidator/insolvency manager. The company holds account number 26003301360261 at Prominvestbank, MFO 322153. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) GRAN-S 01042, Ukraine, Kyiv region, Druzhbi Narodiv Str. 5/717 (b) Ms. Ludmila Zayikina Liquidator/Insolvency Manager Ukraine, Kyiv region, Melnikov Str. 2/10 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B ILLINTSI' AGRO-COMMERCIAL: Succumbs to Insolvency ------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Illintsi' Agro-Commercial House (code EDRPOU 30072320) on July 19, 2005 after finding the company insolvent. The case is docketed as 5/151-05. Illintsi' State Tax Inspection has been appointed liquidator/insolvency manager. The company holds account number 260032546 at JSPPB Aval, Vinnitsya regional branch, MFO 302247. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) ILLINTSI' AGRO-COMMERCIAL HOUSE 22700, Ukraine, Vinnitsya region, Illintsi, Kirov str. Phone: (04352) 2-11-50 (b) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 KREDO-SPORT: Court Appoints Liquidator -------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Kredo-Sport (code EDRPOU 32158844) on August 4, 2005 after finding the limited liability company insolvent. The case is docketed as 43/621. Ms. Ludmila Zayikina has been appointed liquidator/insolvency manager. The company holds account number 26000100761001 at OJSC Alfa-Bank, Kyiv region branch, MFO 321346. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) KREDO-SPORT 01010, Ukraine, Kyiv region, Sichnevogo Povstannya Str. 24-V (b) Ms. Ludmila Zayikina Liquidator/Insolvency Manager Ukraine, Kyiv region, Melnikov Str. 2/10 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B LVIV COMMERCIAL: Declared Insolvent ----------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against LLC Lviv Commercial House (code EDRPOU 30994581) on February 28, 2005. The case is docketed as 6/26-29/17. Mr. S. Bogach has been appointed liquidator/insolvency manager. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) LVIV COMMERCIAL HOUSE Ukraine, Lviv region, Mitskevich Str. 4 (b) Mr. S. Bogach Liquidator/Insolvency Manager Ukraine, Lviv region, Zhovkivskij district, Malehiv, Stus Str. 5 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 NOVOSANZHANSKE: Insolvency Manager Moves in ------------------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Collective Enterprise Novosanzhanske (code EDRPOU 03585863) on July 28, 2005 after finding the limited liability company insolvent. The case is docketed as 10/311. Mr. Fedor Lazarev (License Number AA 116272) has been appointed liquidator/insolvency manager. The company holds account number 26007171431001 at CB Privatbank, Poltava regional branch, MFO 331401. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) NOVOSANZHANSKE Ukraine, Poltava region, Novi Sanzhari, Vernadskij Str. 19 (b) Mr. Fedor Lazarev Liquidator/Insolvency Manager 36039, Ukraine, Poltava region, Roza Luksenburg Str. 36 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 PEGAS: Lviv Court Opens Bankruptcy Proceedings ---------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Pegas (code EDRPOU 30203355) after finding the limited liability company insolvent. The case is docketed as 6/27-29/18. Mr. S. Bogach has been appointed liquidator/insolvency manager. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) PEGAS Ukraine, Lviv region, Gnat Hotkevich Str. 3a a/80 (b) Mr. S. Bogach Liquidator/Insolvency Manager Ukraine, Lviv region, Zhovkivskij district, Malehiv, Stus Str. 5 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 PEVAG AVSTRIYA: Declared Insolvent ---------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Pevag Avstriya (code EDRPOU 31722650) on August 4, 2005 after finding the limited liability company insolvent. The case is docketed as 43/622. Ms. Ludmila Zayikina has been appointed liquidator/insolvency manager. The company holds account number 26002001300602 at JSCB Rajffajzenbank Ukraine, MFO 300528. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) PEVAG AVSTRIYA 03039, Ukraine, Kyiv region, Nauki Avenue, 16 A (b) Ms. Ludmila Zayikina Liquidator/Insolvency Manager Ukraine, Kyiv region, Melnikov Str. 2/10 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B RATI: Court Grants Debt Moratorium ---------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on Private Productional Enterprise Rati (code EDRPOU 31042061) on July 18, 2005 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 5/138 B. Mr. Oleksandr Tihonov (License Number AA 216966) has been appointed temporary insolvency manager. The company holds account number 26007301500991 at JSCB National Credit, Gorlivka branch, MFO 335797. Creditors have until September 19, 2005 to submit their proofs of claim to: (a) RATI 84617, Ukraine, Donetsk region, Gorlivka, Pushkinska Str. 12 (b) Mr. Oleksandr Tihonov Temporary Insolvency Manager 84627, Ukraine, Donetsk region, Gorlivka, Gagarin Str. 51 a/40 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 REMBUDSERVICE: Under Bankruptcy Supervision ------------------------------------------- The Economic Court of Cherkassy region has commenced bankruptcy supervision procedure on CJSC Rembudservice (code EDRPOU 21365533). The case is docketed as 01/1526. Ms. Natalya Miguta has been appointed temporary insolvency manager. The company holds account number 26042309810319 at JSCB National Credit, MFO 354972. Creditors have until September 20, 2005 to submit their proofs of claim to: (a) REMBUDSERVICE 19000, Ukraine, Cherkassy region, Kaniv, Lenin Str. 195-A (b) Ms. Natalya Miguta Temporary Insolvency Manager Ukraine, Cherkassy region, Smilyanskij district, Kostyantinivka (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 =========================== U N I T E D K I N G D O M =========================== ABBEY MEDIA: Creditors Meeting Set Wednesday -------------------------------------------- Notice is hereby given by James Douglas Ernie Money and Mark Jeremy Orton, both of KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ, that a Meeting of Creditors of Abbey Media Supplies Ltd. (Company No 04027763) is to be held at KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ, on 21 September 2005, 10:00 a.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1 of 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. J D E Money, Joint Administrator CONTACT: ABBEY MEDIA SUPPLIES Field House, Field Street Shepshed Loughborough LE12 9AL Leicestershire Phone: 01509 560560 Web site: http://www.abbeymg.net/ KPMG LLP St Nicholas House Park Row Nottingham Nottinghamshire NG1 6FQ Phone: 0115 935 3535 Fax: 0115 935 3500 BOOTS GROUP: Bayer Board Okays GBP1.4 Billion Offer --------------------------------------------------- The supervisory board of Bayer AG has reportedly approved a bid of at least GBP1.4 billion for Boots Group plc's healthcare business. While Boots was said to be seeking a price of GBP1.7-2 billion, a source privy to the deal told Reuters the German chemicals and drugs firm could afford to offer lower than Europe's biggest drug maker GlaxoSmithKline, whose bid faces antitrust challenges. With Global headquarters in Leverkusen, Germany, the Bayer Group markets some 5,000 products in the fields of healthcare, nutrition and high-tech materials. It employs over 90,000 employees worldwide, and has net income of EUR603 million on net sales of over EUR29 billion in 2004. Along with Bayer and GSK, Reckitt Benckiser and U.S. drug company Pfizer also advanced to the second round of bidding. Boots' healthcare business owns the Clearasil skin products, Nurofen painkillers and Strepsils lozenges, among others. The bidders have been given access to the unit's books and management for consultation. The sale, which is being handled by U.S. investment bank Goldman Sachs, is part of Boots' strategy to focus on its core retail business. CONTACT: BOOTS GROUP PLC 1 Thane Road Nottingham NG2 3AA Phone: 0115 950 6111 Customer Service: 0845 070 80 90 Web site: http://www.boots-plc.com BAYER AG 51368 Leverkusen Germany Phone: +49-(0)214 / 30-1 Web site: http://www.bayer.com BRITISH ENERGY: Extends Dungeness B's Lifespan to 2018 ------------------------------------------------------ British Energy Group plc has completed the necessary technical and economic evaluation as well as requisite external reviews, and has decided to extend Dungeness B's accounting life for 10 years to 2018. The decision extends the expected life of Dungeness B for accounting purposes to 35 years in line with a number of the Company's other power stations. Chief Executive Officer Bill Coley said: "This decision is based on a comprehensive technical and economic evaluation of Dungeness and is important in supporting the U.K.'s security of electricity supply and climate change goals for the reduction of CO2 emissions." The decision with respect to Dungeness B is not indicative of the potential for life extensions at the Company's other nuclear power stations, which are subject to separate technical and economic evaluation, currently expected to be completed a minimum of 3 years before the scheduled closure date of each respective station. The Company expects total Group investment in plant projects, major repairs and strategic spares to be GBP230 million to GBP250 million for the financial year 2005/06 and GBP200 million to GBP250 million for 2006/07. This includes the cost of work during those years with respect to the extension to Dungeness B's life. To enable this station to operate for the full ten years, it is planned to spend an incremental GBP25 million in total for the three years from 2007/08. This is in addition to expected normal investment spending. About the Company Headquartered in South Lanarkshire, British Energy is U.K.'s largest electricity generator, producing 20% of the country's power through its eight nuclear facilities in Scotland and England (total capacity is 9,600 MW). British Energy also owns the 2,000-MW coal-fired plant (Eggborough) in England; it has sold its North American power generation operations. The company emerged as British Energy Limited with a new holding company, British Energy group plc, after the court approved its scheme of arrangement in January. Under the program, existing creditors of the group received 97.5% of equity in the new group. CONTACT: BRITISH ENERGY GROUP PLC Systems House Alba Campus Livingston EH54 7EG Phone: +44 (0)1506 408700 Fax: +44 (0)1506 408888 Web site: http://www.british-energy.com CARTMEL VALLEY: Water Bottler Up for Sale ----------------------------------------- Joint Administrator Les Ross offers for sale the business and assets of Cartmel Valley Springs Ltd. The company has access to high quality spring water including trace salicin, abstracted under license and bottled on site. The water is distributed under the Lakeland Willow brand. Features: (a) Freehold site of approximately 0.4 hectares, building size approximately 744 square meters; (b) License to abstract up to 100 million liters annually; (c) Customer base includes several national supermarkets; (d) Major opportunity to develop an exciting consumer brand; (e) First prize in the 2004 World Aqua Expo in Paris; and (f) Modern production equipment CONTACT: GRANT THORNTON U.K. LLP Heron House, Albert Square Manchester M60 8GT Web site: http://www.grant-thornton.co.uk Les Ross, Joint Administrator Phone: 0161 834 5414 Fax: 0161 953 0213 E-mail: les.ross@gtuk.com CEDENCO SIGNS: Hires Administrators from UHY Hacker Young --------------------------------------------------------- Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) of UHY Hacker Young were appointed administrators for Cedenco Signs Limited (Company No 01288406) on Aug. 23. CONTACT: CEDENCO SIGNS LTD. 41 Market Street Watford WD18 0PN Hertfordshire Phone: 01923 249375 Fax: 01923 255340 UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 CHESTER CITY: City Council Demands Payment of Stadium Rent ---------------------------------------------------------- The Chester City Council has commenced proceedings against Chester City football club and its guarantor to recover GBP40,000 in rent arrears, plus interest and costs, according to the Daily Post. The amount due is approximately two years rent for the Deva stadium. It represents 0.7% of the annual council tax bill, according to a council spokesman. The Daily Post earlier reported that the Inland Revenue has filed a petition before the High Court to wind up the club for its failure to pay a GBP180,000 tax bill. The case will be heard in London on Sept. 21. Stephen Vaughan, the club's chairman, meanwhile, denied the club is on the brink of closing and pledged to help the club out. He bought his 75% majority share in 2001 and, to date, has lent the club GBP4 million. Earlier this year, he paid GBP167,000 in PAYE income tax bill and GBP152,000 in VAT. CONTACT: CHESTER CITY FOOTBALL CLUB Web site: http://www.chester-city.co.uk/ COFURN LIMITED: Members Vote to Liquidate Business -------------------------------------------------- C. M. O'Grady, Chairman of Cofurn Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 1 at Maclaren House, Skerne Road, Driffield, East Yorkshire YO25 6PN. Andrew James Nichols of Redman Nichols was appointed liquidator. At a Meeting of Creditors held on 1 September 2005, the Creditors confirmed his appointment. CONTACT: COFURN LIMITED Unit 4B Colt Business Pk, Havelock St, Hull HU3 4JH Phone: 01482 596850 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 COMPASS GROUP: Names Centrica CEO Non-executive Director -------------------------------------------------------- Compass Group plc has appointed Sir Roy Gardner, Chief Executive of Centrica PLC, a Non-Executive Director of the company with effect from 1 October 2005 when he will also take on the role of Senior Independent Director. He will become Non-Executive Chairman of the company in 2006. Sir Francis Mackay, Chairman of Compass Group, said: "I am delighted that Roy has agreed to join the Board. Roy's experience will be a tremendous asset to the Group in the years ahead." On behalf of the Nominations Committee, Peter Cawdron, Deputy Chairman of Compass Group, said: "Roy will bring great energy and drive to the group. He has created enormous value for shareholders at Centrica and brings with him a wealth of knowledge and experience, and his leadership will be a tremendous asset for the Group." * * * Compass Group plc provides food, vending and related services to clients and customers in the workplace, at school and colleges, hospitals, on the move, at leisure and in defense, offshore and remote locations. It has annual revenues of GBP12 billion and employs 400,000 people in over 90 countries. In May, Michael J. Bailey, Chief Executive, said: "I am not happy with our recent performance. We need to respond more rapidly than we have to the changes taking place in our market." Half-year turnover was GBP6,191 million (2004: GBP5,844 million) with like-for-like growth of 6%, in line with expectations. However, net debt at 31 March 2005 rose to GBP2,494 million (30 September 2004: GBP2,373 million), while profit before taxation and goodwill amortization decreased by 8% from GBP283 million to GBP260 million. CONTACT: COMPASS GROUP PLC Compass House Guildford Street Chertsey Surrey United Kingdom KT16 9BQ Phone: +44 1932 573 000 Fax: +44 1932 569 956 Web site: http://www.compass-group.com CRAFTSMAN WINDOWS: Falls into Liquidation ----------------------------------------- D J Thornborough, Chairman of Craftsman Windows Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 2 at The Rhinewood Country House Hotel, Glazebrook Lane, Glazebrook, near Warrington, Cheshire WA3 5BB. Richard Ian Williamson of Campbell Crossley and Davis, 348-350 Lytham Road, Blackpool FY4 1DW was appointed liquidator CONTACT: CRAFTSMAN WINDOWS LTD. Unit 3/5/Dean Mill/Plumbe St Burnley BB11 3AG Phone: 01282 422262 CAMPBELL CROSSLEY & DAVIS 348-350 Lytham Road Blackpool Lancashire FY4 1DW Phone: 01253 349331 Fax: 01253 349435 E-mail: ian.williamson@crossleyd.co.uk DEGREECYCLE LIMITED: Clothing Manufacturer Winds up --------------------------------------------------- M. Iveson, Chairman of Degreecycle Ltd., informs that a resolution to wind up the company was passed at an EGM held on Aug. 26 at the offices of RMT, Gosforth Park Avenue, Newcastle upon Tyne NE12 8EG. A Josephs and L A Farish of RMT, Gosforth Park Avenue, Newcastle upon Tyne NE12 8EG were appointed liquidator. CONTACT: DEGREECYCLE LIMITED Unit 4 All Saints Indstl Est, Darlington Road, Shildon, CO Durham DL4 2RD Phone: 01388-777253 FEELING OK.NET: Administrator Takes over Firm --------------------------------------------- William Paxton (IP No 008825)of Robson Laidler LLP was appointed administrator for Feeling Ok.Net Limited (Company No 03957987) on Aug. 30. The company has a registered office at Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne NE1 1TJ. Feeling Ok.Net sells slimming aids and foods. Visit http://www.feelingfat.net/for more information. CONTACT: ROBSON LAIDLER LLP Fernwood House, Fernwood Road, Jesmond, Newscastle upon Tyne Liquidator: W Paxton Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk GOSHAWK INSURANCE: Reveals US$0.5 Million Half-year Loss -------------------------------------------------------- GoshawK Insurance Holdings Plc has reported interim results for the six months ended 30 June 2005. Financial and Operational Summary (a) increase in gross premiums written of 30% over 2004, mainly driven by growth in the U.S.; (b) operating profit of US$4.7 million (2004: US$8.0 million); (c) group loss after tax of US$0.5 million (2004: profit of US$9.2 million) representing nil cents per share (2004: earnings per share of 5 cents); (d) net assets per share unchanged at US$0.99 (55 pence) compared to US$0.99 (51 pence) at 31 December 2004; (e) group results presented under International Financial Reporting Standards for the first time. Impact of IFRS not material on results or financial position; comparatives restated; (f) catastrophe activity low for first half, but increases on 2004 catastrophe estimates; (g) Hurricane Katrina net losses initially estimated in range of US$25 million to US$30 million; and (h) US$1.6 million (1 cent per share) added to net asset value in August 2005 resulting from sale of former corporate member at Lloyd's. Report of Chief Executive Russell Brooke We achieved our most important goal in 2005, the generation of growth in our underwriting portfolio, which reflects the traction of our strategy and increased franchise value. Rosemont Re has been severely tested in its first two years as a short tail specialist, which are the worst consecutive catastrophe years in history. Underwriting conditions are expected to improve significantly following Hurricane Katrina and we are currently working on increasing our capital base to maximize the resulting opportunity. GoshawK returned a marginal loss in the first half of 2005. Tangible net asset value per share was unchanged compared to 31 December 2004, and was increased post period end by the first installment of proceeds from the sale of the Group's former corporate capital vehicle at Lloyd's. Rosemont Re's 2005 underwriting year performance was excellent in the first half. We have achieved significant growth in our U.S., portfolio and have been able to access business where margins have increased substantially due to loss impact from 2004. This has been particularly evident in Florida. In territories where prices have continued to fall we have reduced our participations as appropriate. Rosemont Re now has a much better portfolio balance, with the U.S. representing fifty percent of our income. Despite loss activity in the first half being relatively light, we announced on 19 August 2005 that loss development from 2004's hurricane Ivan would negatively impact the result for the half year. The primary reason for this was the receipt of late loss advices on certain offshore energy accounts. Hurricane Katrina will be a significant market event, with current insured loss estimates ranging between US$20 billion and US$60 billion. A range this wide and the logistical challenges in assessing this loss mean it will be some time before any certainty emerges. Events such as Hurricane Katrina illustrate why Rosemont Re sets aside a substantial portion of its annual premiums to meet potential second half losses. The Company has commenced certain capital raising initiatives with the aim of maximizing its opportunities in the forthcoming 2006 renewals where we expect to see significant rate increases. Financial Results and Dividend GoshawK reported a loss after tax of US$0.5 million (nil cents per share) for the six months ended 30 June 2005 compared to a profit after tax of US$9.2 million (5 cents per share) for the six months ended 30 June 2004. Net tangible asset value was US$0.99 per share compared to US$0.99 per share at 31 December 2004 and US$1.06 per share at 30 June 2004. No interim dividend is proposed. The results have been prepared under International Financial Reporting Standards for the first time and comparatives have been restated accordingly. The impact of IFRS was not material on results or the Company's financial position. Loss Activity There has been some negative development in the catastrophe losses from 2004. The main cause has been the business interruption loss in the marine offshore energy market resulting from hurricane Ivan. The net impact of this deterioration has been approximately US$7 million. The first half of 2005 has seen little loss activity for Rosemont Re. The two headline events in the first half were winter storm Erwin in Scandinavia and an explosion at the Suncor energy plant in Canada. Neither of these events has produced material losses to Rosemont Re. Hurricane Katrina is likely to create the largest individual catastrophe loss in the reinsurance market ever. Due to Katrina's track close to the center of New Orleans, damage to property from wind and flood is truly catastrophic and a market changing event. Unlike the smaller events in 2004 the reinsurance and retrocession markets will bear a substantial portion of this loss. Rosemont Re's property portfolio will be partially shielded due to the regional clients we target. However, our initial estimate is that the loss will have a net negative impact in the range of US$25 million to US$30 million on the Company's financial result for the year. The losses from Hurricane Katrina will take some time to become clear. Accordingly, our initial estimate is subject to change, perhaps materially. The estimate may reduce should the gross loss to the Company not penetrate the Company's retrocessional protections to the full extent. The estimate may increase should the gross loss exceed the Company's retrocessional protections. Preceding Katrina, neither hurricanes Dennis nor Emily will result in material losses for us. We do not expect any loss from the Mumbai floods and our ONGC (Indian Ocean oil rig explosion and fire) loss is capped at US$2 million. Financing When the Company's debt facilities were renegotiated in late 2003, the Company agreed to issue the lenders with warrants, in three tranches, over shares representing 5% of the issued share capital of the Company at the time. The final tranche of warrants over shares totaling 1% of the issued share capital of the Company is scheduled to be issued to the lenders on 1 January 2006, should the facilities not be repaid prior to then. Due to the approach by Phoenix to take control of the Group, management was prevented from completing refinancing discussions with rating agencies and potential financiers during July and August. Due to this delay, it is possible that such a refinancing may not take place before 1 January 2006 and accordingly the final tranche of warrants may be issued to the lenders. The Company announced on 9 September 2005 that it was engaged in capital raising initiatives in response to the prospective improvement in underwriting conditions as a result of the losses from hurricane Katrina. If the Company is unsuccessful in raising capital a negative rating action would be expected. Alternative strategies are then possible, however these may result in a potential significant reduction in shareholder value. Outlook We continue to gain momentum in our core lines of business and franchise value has been increased. We intend to continue to target growth through a combination of profitable underwriting and appropriate investment strategy. While the impact of hurricane Katrina will reduce the expected outcome for 2005, we believe that the expanded retrocessional protections we have put in place will limit the impact to shareholders and that the Company will outperform relative to its peers. Business conditions are set to improve quite significantly, and we intend to position the Company to benefit. A copy of this financial report is available free of charge at http://bankrupt.com/misc/GoshawkInsurance(H12005).pdf CONTACT: GOSHAWK INSURANCE HOLDINGS PLC Phone: 020 7661 9374 (London) +1 441 295 5485 (Bermuda) Paul Spencer, Chairman Russell Brooke, Chief Executive Jonathan Beck, Finance Director COLLEGE HILL Phone: 020 7457 2020 Tony Friend Roddy Watt Web site: http://www.collegehills.com/ G.P. MAINTENANCE: In Liquidation -------------------------------- G. Ince, Chairman of G.P. Maintenance Services Ltd., informs that a resolution to wind up the company was passed at an EGM held on Aug. 24 at Hotel Elizabeth Hull, Ferriby High Road, North Ferriby, North Humberside HU14 3LG. John Russell and Allan Cooper, of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF, Insolvency Practitioners, was appointed liquidator. At a subsequent Meeting of Creditors, the Resolutions for voluntary liquidation and the appointment of John Russell and Allan Cooper were confirmed. CONTACT: G.P. MAINTENANCE SERVICES LIMITED 258 Saltshouse Road, Hull, North Humberside HU8 9HJ Phone: 01482-701634 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 GRADUNET LIMITED: Labor Recruitment Firm Winds up ------------------------------------------------- S. Lawrence, Chairman of Gradunet Limited, informs that resolutions to wind up the companies were passed at an EGM on Sept. 2 held at Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA. Turpin, Barker Armstrong, of Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA, has been appointed liquidator. Gradunet is U.K.'s pioneer graduate recruitment Web site. It has been online since 1995 as a resource for recruiters to target candidates who specifically suit their vacancies. It is now based in new offices in Covent Garden under a new team of managers. Visit http://www.gradunet.co.ukfor more information. CONTACT: GRADUNET LIMITED E-mail: info@gradunet.co.uk TURPIN, BARKER ARMSTRONG Allen House 1 Westmead Road, Sutton, Surrey SM1 4LA Phone: +44 (0) 20 8661 7878 Fax: +44 (0) 20 8661 0598 E-mail: tba@turpinba.co.uk Web site: http://www.turpinba.co.uk GRAHAM PRECISION: Unnamed Investor Buys firm out of Receivership ---------------------------------------------------------------- Graham Precision Pumps Limited has been bought out of receivership by a private investor, Creditman reports. The transaction, worth more than GBP1.5 million, has reportedly saved all 40 jobs at the Congleton-based firm. In March, delays in several large contracts forced the company to call in joint administrative receivers Paul Stanley and Vivian Bairstow of Begbies Traynor. With sales and service agents in over 60 countries, Graham produces high specification vacuum pumps for processing industries focusing on the chemical, pharmaceutical, petrochemical, oil & gas, and utilities markets. The company, formed 60 years ago, will now operate under the new name of Graham U.K. Along with the employees, existing directors and management board will also be retained. Mr. Stanley said: "We're absolutely thrilled that we were able to find a buyer for the business. This deal will secure the future of the company, which is a leader in its field, and the jobs of its 40 staff. We wish it every success in the future." CONTACT: GRAHAM PRECISION PUMPS LIMITED Forge Lane, Congleton Cheshire CW12 4HG United Kingdom Phone: +44 (0)1260 274721 Fax: +44 (0)1260 276965 Web site: http://www.gppltd.u-net.com BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com HOLLYWOOD MEDIA: Files for Liquidation -------------------------------------- T. Andrews, Director of Hollywood Media Limited, informs that resolutions to wind up the companies were passed at an EGM held on Sept. 6 at 54th Floor, Canterbury House, 85 Newhall Street, Birmingham B3 1LH. Andrew Appleyard of Haines Watts was appointed liquidator. CONTACT: THE HOLLYWOOD GROUP The Studios Westwood Avenue Cole Valley Business Park Tyseley Birmingham B11 3RF Phone: 0121 773 3123 Fax: 0121 773 3324 Web site: http://www.hollywoodgroup.co.uk HAINES WATTS Canterbury House 85 Newhall Street Birmingham West Midlands B3 1LH Phone: 0121 212 4477 Fax: 0121 212 4459 LUMINAR PLC: Wraps up Rebranding of Seven Units ----------------------------------------------- Luminar plc continues to perform broadly in line with its plans after an adjustment for the Candu transaction. Like-for-like sales for the year to date remain neutral. Further progress will be reported in the Company's Interim Announcement. The Company has completed the rebranding of seven units in the first half and is pleased with the progress being made with the rebranding program. The rebranding program for the full year is on track to meet its target. The Company's net debt position continues to improve through operating cash flows and disposals of underperforming assets. The net debt as at 31 August 2005 was GBP140.4 million (prior year GBP173.3 million). Since the half the year the Company has further strengthened its cash flow with the completion of the sale and leaseback, referred to in the Company's Preliminary Announcement in May, for GBP17 million. The markets in which the Company trades remain challenging, but it continues to be cautiously optimistic and it has put in place solid operational plans. * * * Luminar plc is an owner, developer and operator of themed bars, nightclubs and restaurants. The company floated and listed on the London Stock Exchange in May 1996 with a market capitalization of GBP30 million. In July, Chairman Keith Hamill said: "For the first four months of the year to the end of June 2005, the Company performed broadly in line with its plans. Like-for-like sales for the same period were neutral. In view of the continuing difficult market environment, the Board is adopting a cautious outlook on future trading." The firm has suffered from changes in customer demand and what it termed as 'increased regulatory activity' after 2003. In the 52 weeks to Feb. 27, Luminar reported group sales of GBP399.7 million, down from GBP375.1 million; and profit before tax, goodwill amortization, and exceptional items of GBP54.2 million, down from GBP62 million last year. Pre-tax loss was GBP14 million from GBP11 million last year. CONTACT: LUMINAR PLC Registered Office 41 King Street Luton Bedfordshire United Kingdom LU1 2DW Phone: +44 1582 589 400 Fax: +44 1582 589 667 Web site: http://www.luminar.co.uk COLLEGE HILL Matthew Smallwood Alex Sandberg Phone: 020 7457 2020 Web site: http://www.collegehill.com/ MERIDIAN AVIATION: Hires Bond Partners as Administrator ------------------------------------------------------- T. Papanicola (IP No 005496) of Bond Partners LLP was appointed administrator for Meridian Aviation Group Limited (Company No 04310110) on Aug. 22. The company has a registered office at The Grange, 100 High Street, London N14 6TG. Meridian Aviation provides a wide range of aviation services. Operating at the forefront of general aviation technology, it is also an exclusive dealer of IceShield de-icers, products with a global reputation for quality and innovation. Visit http://www.meridian-aviation.com/for more information. CONTACT: MERIDIAN AVIATION GROUP LIMITED Bournemouth International Airport Christchurch Dorset, BH23 6NE U.K. Phone: +44 (0) 1202 583 200 Fax: +44 (0) 1202 579 165 E-mail: enquiries@meridian-aviation.com BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 MG ROVER: Nanjing Starts 'Dismantling' Longbridge Home ------------------------------------------------------ MG Rover's new owners have reportedly started taking apart the production line at Longbridge. According to The Mirror, Chinese workers arrived at the plant Thursday to begin shipping machinery to Nanjing Automobile's eastern China headquarters. Birmingham contractors were also called in to help dismantle the equipment once used to build MG Rover cars. While Nanjing's plan to restart production of Rover models in China gets underway, the revival of Longbridge operations remain hanging. Dave Osborne, an official of the Transport & General Workers Union, said: "We (Nanjing and unions) agreed to meet again." Earlier, PricewaterhouseCoopers admitted the fate of the factory will not be known until next year, despite regular contact with Nanjing. Rob Hunt, a PwC partner and joint administrator, said: "The big question is around the redevelopment of Longbridge - that is a five to ten-year program. Whether or not that involves some or no car production we are not going to know until early 2006." Unions fear that if car production resumes at Longbridge, it may not be as large as it was. While Nanjing has already agreed to build sports cars at the plant with GB Sports Car Company, it has yet to present its concrete plans for MG Rover. It also remains unclear whether employment will reach the 500 people GB Sports eyed or the 1,000 to 2,000 jobs Nanjing had planned. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com NANJING AUTOMOBILE (GROUP) CORPORATION General Management Division Phone: 86-25-3432671 Fax: 86-25-3111295 3417873 E-mail: bnj3111037@jlonline.com Web site: http://www.nanqi.com.cn MOWLEM PLC: To Bare Results Last Week of September -------------------------------------------------- Mowlem plc will be announcing interim results for the six months ended 30 June 2005 on Wednesday, 28 September 2005. About the Company Mowlem plc, based in Middlesex, provides construction and support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. The Trouble Mowlem's business review in February led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split up of its Construction Services operation into three units. Recently, the company warned its full year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement follows three previous profit warnings since June 2004. It prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com NETCABLE LIMITED: Calls in Administrators from Begbies Traynor -------------------------------------------------------------- Paul Michael Davis and Timothy John Edward Dolder (IP Nos 7805, 9008) of Begbies Traynor (South) LLP have been appointed administrators for telecommunications company Netcable Limited (Company No 02928202) on Sept. 7. The firm has a registered office at Communications House, Wallingford Road, Uxbridge, Middlesex UB8 2BB. CONTACT: BEGBIES TRAYNOR Chiltern House, 24-30 King Street, Watford WD18 0BP Phone: 01923 812900 Fax: 01923 812999 Web site: http://www.begbies.com OFFICE EXPRESS: Files for Liquidation ------------------------------------- A. M. Gadd, Director of The Office Express Group Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 5 at the office of Irwin & Company, Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU. Gerald Irwin was appointed liquidator. Office Express Group is a "one-stop" facility for all types of products, equipment and services for businesses. It supplies everything from paper clips to office furniture, from stationery to safety products and from beverages to cleaning materials. It also prints and produces uniforms and workwear. It has some 80,0 00 different products. Visit http://www.officeexpress.co.ukfor more information. CONTACT: THE OFFICE EXPRESS GROUP LIMITED Unit 2 Chantry Industrial Estate Kingsbury Road Curdworth Sutton Coldfield West Midlands B76 9EE United Kingdom Sutton Coldfield Phone: (01675) 475556 Fax: (01675) 475554 IRWIN & COMPANY Station House Midland Drive Sutton Coldfield Birmingham West Midlands B72 1TU Phone: 08700 111812 Fax: 08700 111813 E-mail: mail@irwinuk.net PATRICIA VIVIAN: Fabric Retailer Liquidates ------------------------------------------- Patricia Vivian Ltd. (t/a Fabric Trading Interiors) informs that a resolution to wind up the company was passed at an EGM held on Sept. 2 at 21-23 Station Road, Gerrards Cross, Buckinghamshire SL9 8ES. Helen Timothe Phillips, 21-23 Station Road, Gerrards Cross, Buckinghamshire SL9 8ES was appointed liquidator. CONTACT: PATRICIA VIVIAN LTD. 281 Upper Richmond Road West, London, Gtr London, SW14 8QS Phone: 020 8392 260 PLAN PROFILE: Administrators from Vantis Numerica Move in --------------------------------------------------------- Lynn Robert Bailey and Alan Roy Limb (IP Nos 6496, 8955) of Vantis Numerica have been appointed joint administrators for Plan Profile Ltd. (Company No 3401977) on Aug. 31. The company manufactures sealed glass units. CONTACT: VANTIS NUMERICA Stoughton House Harborough Road Oadby Leicestershire LE2 4LP Phone: 0116 272 8200 Fax: 0116 271 5472 PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator ------------------------------------------------- C. G. Sheath, Chairman of Printmovers Limited, informs that a resolution to wind up the company was passed at an EGM held Aug. 23 at Bennetts Farm, 735 Staines Road, Bedfont, Middlesex. Andrew Howard Beckingham and Dermot Brendan Coakley BDO Stoy Hayward LLP, Park House, 102-108 Above Bar, Southampton SO14 7NH, were appointed Joint Liquidators. At a subsequent Meeting of Creditors held on Sept. 5, the appointment of Andrew Howard Beckingham and Dermot Brendan Coakley was confirmed. Since 1966, PrintMovers has been providing reliable collection and delivery services to photo processors and retailers. In 1982 PrintMovers was the first courier services in its sector to offer a nationwide network. Its board members are: Danny Charlesworth, Chairman; Paul Martin, Operations Director; Andrew Faulkner, Financial Director; and Graeme Buchan, Non Executive Director. The company's fleet of 300 vehicles is comprised of Combo, Vivaro and Sprinter type vans together with larger heavy goods vehicles. Visit http://www.printmovers.co.uk/about.htmfor more information. CONTACT: BDO STOY HAYWARD LLP Park House, 102-108 Above Bar, Southampton, Hampshire SO14 7NH Phone: 023 8035 6000 Fax: 023 8035 6111 E-mail: southampton@bdo.co.uk Web site: http://www.bdo.co.uk PRW MECHANICAL: Names Begbies Traynor Liquidator ------------------------------------------------ P. Wadsworth, Chairman of PRW Mechanical Services Ltd., informs that resolutions to wind up the company were passed at an EGM held on Aug. 31 at Begbies Traynor, 58 Queen Square, Bristol BS1 4LF. Simon Robert Haskew and Ian Edward Walker of Begbies Traynor, 58 Queen Square, Bristol BS1 4LF were appointed Joint Liquidators. PRW Electrical Services was formed as a sole proprietor electrical contracting business in 1993 and acquired Ltd. status in 1998. It has more than 40 full-time staff. Visit http://www.prwelectrical.co.uk/for more information. CONTACT: BEGBIES TRAYNOR 58 Queen Square, Bristol BS1 4LF Phone: 0117 929 4800 Fax: 0117 922 0114 Web site: http://www.begbies.com REGAL PETROLEUM: Court to Hear Case vs. Former Unit Set Thursday ---------------------------------------------------------------- The Board of Regal Petroleum plc, having noted the recent movement of its ordinary share price, is aware that there is continuing speculation in the market regarding court proceedings relating to the former joint venture in the Ukraine between Regal and Chernihivnaftogasgeology. The Board is now able to confirm that the appeal referred to in Regal's "Ukrainian Update" announcement dated 9 September 2005, will be the subject of an appeal court hearing on Thursday, 22 September 2005. A further announcement will be made once the appeal court ruling has been delivered. * * * Regal Petroleum plc earlier noted the recent speculation in the media with regards to a dispute itemized in a letter from the Ukrainian Prosecutor-General's Office on the validity of licenses held by Regal Petroleum Corporation Limited, the wholly owned subsidiary of Regal based in Ukraine. Having received full guidance from legal counsel in Ukraine, the company insisted the speculation has no substance and the licenses owned by Regal remain legal and valid. Regal Petroleum plc is a London-based independent oil and gas producer listed on the Alternative Investment Market of the London Stock Exchange. It focuses on the exploration, development and production of oil and gas assets in Ukraine, Greece, Romania, Egypt and Liberia. In June, Regal Petroleum founder and executive chairman Frank Timis resigned after the oil explorer revealed annual losses had quadrupled. Mr. Timis, who founded the firm in 1996, said he will devote more time to other business interests. Rumors abound 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 390 pence 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 ROBERT BAILEY: Manufacturer Calls in Administrator -------------------------------------------------- Ronald Stanley Harding and David John Watchorn (IP Nos 2123, 8686) of Elwell Watchorn and Saxton LLP have been appointed administrators for Robert Bailey Healthcare Limited (Company No 04529131) on Sept. 6. The company has a registered office at Unit 6, Heapham Road Industrial Estate, Sanders Way, Gainsborough, Lincolnshire DN21 1PZ. Robert Bailey sells and manufactures medical products. Visit http://www.millpledge.comfor more information. CONTACT: ROBERT BAILEY HEALTHCARE LTD. Unit 6, Heapham Road Industrial Estate, Gainsborough, DN21 1RZ Phone: +44 (0) 1427 677559 Fax: +44 (0) 1427 677654 E-mail: sales@cottonwool.uk.com ELWELL WATCHORN & SAXTON Cumberland House, 35 Park Row, Nottingham NG1 6EE Phone: (+44) 0115 988 6035 Fax: (+44) 0115 988 6135 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk SOFTWARE STORE: Creditors Meeting Set Wednesday ----------------------------------------------- Notice is hereby given by Philip John Gorman and Peter Richard James Frost, of Hazlewoods LLP, Windsor House, Barnett Way, Barnw ood, Gloucester GL4 3RT, that a Meeting of Creditors of Software Store Limited (Company No 04264370) is to be held at the offices of Hazlewoods LLP, Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT, on 21 September 2005, at 10:00 a.m. The Meeting is an initial Creditors' Meeting, pursuant to paragraph 51 of Schedule B1 of 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. P J Gorman, Joint Administrator CONTACT: THE SOFTWARE STORE 46 Westgate Street, Gloucester, Gloucestershire GL1 2NF Phone: 01452381123 HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Phone: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk SPHERE DRAKE: Scheme of Arrangement Gets Go Signal -------------------------------------------------- The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York entered an order giving full force and effect to the Sphere Drake Insurance Limited's U.K. Scheme of Arrangement. The U.K. Scheme provides for an expeditious payment in full to all creditors covered by the U.K. Scheme. The High Court of England and Wales, in London, England sanctioned the U.K. Scheme on April 27, 2005, the U.K. Scheme became effective on May 6, 2005. The Scheme Business has been in solvent run-off since 1968. To shorten SDI's run-off period, the U.K. Scheme, as an estimation scheme of arrangement under which SDI's liabilities will be valued as of Dec. 31, 2004. Sphere Drake Insurance Limited's List of U.S. parties-in-interest is available for a fee at: http://www.researcharchives.com/bin/download?id=050420025337 A copy of the U.K. Scheme of Arrangement can be requested from: Karen Ostad, Esq. Lovells 900 Third Avenue, 16th Floor New York, NY 10022 Telephone: (212) 909-0600 The business of Sphere Drake Insurance Limited a.k.a. Odyssey Re (London) Limited comprises policies, reinsurance, liabilities and assets for Marine and Aviation Pool Business and the Non-Marine Pool Business. The Marine and Aviation Pool Business and the Non-Marine Pool Business consist of: (a) direct insurance business where policyholders are almost entirely U.S. companies and reinsurance and retrocession business where the policyholders are almost entirely U.S. insurers and reinsurers; and (b) reinsurance placed through brokers where policyholders are London Market insurers and reinsurers. The Company filed a Section 304 petition on June 24, 2005 (Bankr. S.D.N.Y. Case No. 05-14610). Dina Gielchinsky, Esq., and Karen Ostad, Esq., at Lovells, Norman N. Kinel, Esq., and Jonathan F. Linker, Esq., at Dreier LLP, represent Catherine Geraldine Regan, the Debtor's foreign representative, company secretary, general counsel, and petitioner. SPRUCE FINANCE: In Administrative Receivership ---------------------------------------------- Citibid Securities Ltd. appoints Anthony David Kent (Office Holder No 8764) of Maidment Judd administrative receiver for Spruce Finance Limited (Reg No 03512127) on Sept. 6. CONTACT: MAIDMENT JUDD 60/62 High Street Harpenden Hertfordshire AL5 2SP Phone: 01582 469700 Fax: 01582 460674 E-mail: akent@maidmentjudd.co.uk TITANBASE LIMITED: Appoints X L Business Solutions Administrator ---------------------------------------------------------------- Jeremy Nicholas Bleazard (IP No 009354) of XL Business Solutions has been appointed administrators for discount retail store Titanbase Limited (Company No 3174192) on Sept. 5. CONTACT: X L BUSINESS SOLUTIONS LTD. 46 Moorlands Business Centre Balme Road Cleckheaton BD19 4EW West Yorkshire Phone: 01274 870 101 Fax: 01274 870 606 E-mail: jbleazard@XLBS.co.uk VITRASEAL LTD.: Hires Administrators from Vantis Numerica --------------------------------------------------------- Lynn Robert Bailey and Alan Roy Limb (IP Nos 6496, 8955), of Vantis Numerica have been appointed joint administrators for Vitraseal Ltd. (Company No 1084366) on Aug. 31. The company manufactures sealed glass units. Visit http://www.vitraseal.co.ukfor more information. CONTACT: VITRASEAL LTD. Heanor Gate Industrial Estate Heanor DE75 7RB Derbyshire Phone: 01773 763426 Fax: 01773 530874 VANTIS NUMERICA Stoughton House Harborough Road Oadby Leicestershire LE2 4LP Phone: 0116 272 8200 Fax: 0116 271 5472 WATERFORD WEDGWOOD: To Delist ADRs from Nasdaq Tuesday ------------------------------------------------------ Waterford Wedgwood plc has disclosed the delisting of its American Depositary Shares (WATFZ) from the National Market of NASDAQ at the opening of business on September 20, 2005 pursuant to Market Place Rule 4450 (a) (5), as a result of the share price having closed at less than US$1.00 per share for over 30 consecutive business days. Waterford Wedgwood's American Depositary Shares have traded in very small volumes and represent only one eighth of 1% (0.127%) of the Group's outstanding share capital. The Group believes that the delisting will have no measurable effect on the share's market trading given the negligible proportion of share capital represented by the NASDAQ listing. In this regard, the Group is also influenced by the increasing cost burden of complying with U.S. securities regulations. The shares of Waterford Wedgwood plc continue to be quoted on both the Irish Stock Exchange and the London Stock Exchange. * * * Waterford Wedgwood's 7 for 11 Rights Issue of 1,691,857,115 Rights Issue Units, at EUR0.06 per unit to raise approximately EUR101 million gross of expenses, closed at 11.00 a.m. on 18 July 2005. The Company received valid acceptances in respect of 528,540,678 Rights Issue Units from Qualifying Stockholders, representing an aggregate take-up of approximately 31.24% of the total number of Rights Issue Units offered. Birchfield Holdings Limited (a company owned and controlled by Sir Anthony O'Reilly and Peter John Goulandris, the Chairman and Deputy Chairman respectively), which underwrote 100% of the Rights Issue, is subscribing for the balance of 1,163,316,437 Rights Issue Units in accordance with the terms of the Underwriting Agreement. The proceeds will be used to finance a major restructuring program which is expected to cost around EUR90 million, including EUR6.5 million which has already been spent. Targeted annualized cost savings from the restructuring program are EUR90 million. The proceeds of the Rights Issue will also improve the Group's liquidity. CONTACT: WATERFORD WEDGWOOD PLC Barlaston, Stoke-on-Trent Staffordshire United Kingdom Phone: +44 (0)1782 282686 Fax: +44 (0)1782 204666 E-mail: marni.shapiro@waterfordwedgwood.com Web site: http://www.waterfordwedgwood.com WHITFIELD STREET: Business for Sale ----------------------------------- William Turner and Kevin Murphy of Chantrey Vellacott DFK, Joint Administrators, offer for sale the business and assets of Whitfield Street Studios Limited (In Administration). Features: (a) Long established central London based studios with global reputation; (b) Existing clients include internationally renowned artists 15,000 sq. ft. purpose built complex offering comprehensive recording, mixing and mastering facilities; (c) Extensive range of modern equipment; (d) Business plan for conversion to major film post-production house; and (e) Turnover for nine months to September 2005 around GBP1 million. CONTACT: CHANTREY VELLACOTT DFK Russell Square House 10/12 Russell Square London WC1B 5LF Phone: (44) (20) 7509 9000 E-mail: info@cvdfk.com Web site: http://www.cvdfk.com William Turner E-mail: wturner@cvdfk.com Phone: 020 7509 9000 Roland Cramp E-mail: roland.cramp@edwardsymmons.com Phone: 020 7955 8454 WM MORRISON: Unions Threaten Nine-day Strike -------------------------------------------- Wm Morrison Supermarkets plc is facing up to nine days of strikes as it allegedly eyes shutting down three of its distribution depots. According to Reuters, the GMB and the Transport & General Workers unions have called for industrial action from September 23 to September 25 over fears of job losses. The unions, which have urged the chain to bring them "some positive proposals," intend to stretch the strikes for six more days starting September 29. Steve Pryle, a spokesman for GMB, noted they will provide Morrison with a legal notice regarding the action, as they fear about 2,500 distribution workers could be affected by the firm's planned restructuring measures. Reportedly slated for closure are the depots at Aylesford, Bristol and Warrington. While the company has yet to confirm the closure claims, it has admitted that it had more depot space and capacity than it needed. The unions, which have also accused Morrison of avoiding discussions with them over future employment levels, warned that the walkouts could leave supermarket shelves empty. Paul Kenny, GMB acting general secretary, said: "This is a clear message from the workers to the company to listen to them and be honest about the future." Meanwhile, Brian Revell, TGWU national officer, appealed for the company to hold talks with unions to avoid industrial action. After five profit warnings in just over a year, a strike is perhaps the last thing Morrison would like to be facing right now. The company has been having difficulties in integrating Safeway, the US$3 billion business it acquired last year. Following the acquisition, Morrison stocks have fallen from its lofty peak of 256 pence in April 2004 to the opening price of 180 pence in June, a whopping GBP2 billion drop in market capitalization. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *