/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050927.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, September 27, 2005, Vol. 6, No. 191 Headlines B E L G I U M TELENET COMMUNICATIONS: S&P May Raise Rating After IPO C Z E C H R E P U B L I C * Several Dairies Go Bust in Recent Years F R A N C E SNCM: Connex Withdraws Offer to Buy Minority Stake G E R M A N Y ABEKA BAUGESELLSCHAFT: Proofs of Claim Due November AGFAPHOTO GMBH: Paper Identifies Bidder ALBERT HAAS: Court Calls in Administrator CANDELA LICHT: Stuttgart Business Goes Bust DAIMLERCHRYSLER AG: Canadian Unit, Union Vow to Work Together HECKMANN TANK: Creditors Meeting Set December KESSEL-TECHNISCHE: Court to Verify Claims Next Month KRONOS INTERNATIONAL: Fitch Affirms 'BB' Rating, Stable Outlook PALTS BETON: Charlottenburg Firm Falls into Bankruptcy PFLEIDERER AG: Buys Polish Manufacturer Silekol POLYMER GMBH: Creditors' Claims Due October RHI AG: Invites Bids for Heraklith Group RUSSOCHART SHIPPING: Under Bankruptcy Administration SGL CARBON: Redeems Convertible Bond; Reduces Credit Facility VOLKSWAGEN AG: Okays Strategic Review of Two Subsidiaries VOLKSWAGEN AG: Predicts Better Results from Bentley this Year VOLKSWAGEN AG: Porsche Eyes Raising Stake to 20% H U N G A R Y MALEV HUNGARIAN: Signs Code-sharing Deal with Japan Airlines I R E L A N D AN POST: ComReg Solicits Public Opinion on Postal Price Hike DELPHI SPA: Main Shareholder Teams up with Private Equity Firm I T A L Y ALITALIA SPA: Tribunal Junks SULT Complaint IMPREGILO SPA: Sells Leonardo Stake to Gemina L A T V I A LATVIJAS KRAJBANKA: Short-term 'B' Rating Affirmed L I T H U A N I A BANKAS SNORAS: Ratings Affirmed After Krajbanka Acquisition N E T H E R L A N D S KONINKLIJKE AHOLD: Appoints New Chief Financial Officer ROYAL SHELL: Has 4,024,465,000 'A' Shares Remaining R U S S I A AGRO-TEKH: Undergoes Bankruptcy Supervision Procedure ARDATOV-SEL-KHOZ-TEKHNIKA: Court Brings in Insolvency Manager BOGORDOSKIY COMBINE: Bankruptcy Supervision Procedure Begins CHEREMUSHINSKAYA NIVA: Succumbs to Bankruptcy KOLOS ASH: Declared Insolvent NEPRIKSKIY ELEVATOR: Claims Filing Period Ends October 20 OKSKIY: Court Brings in Insolvency Manager ORGRESBANK: Low-B Ratings, Stable Outlook Affirmed PROBUSINESSBANK: Ratings Affirmed at 'B-/B' SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business SPETS-TRANS-STROY: Bankruptcy Hearing Set December TERMINAL-CENTRE: Names I. Gridneva Insolvency Manager YUKOS OIL: May Sell Certain Units S W E D E N SKANDIA INSURANCE: Old Mutual Bid Unappealing to Investors SKANDIA INSURANCE: Old Mutual to Pursue Bid Despite Initial Snub U N I T E D K I N G D O M AZURE INTEGRATION: Hires Administrators from Menzies BEAVERS RECRUITMENT: Administrators from Tenon Recovery Move in BLACKAMBER BOOKS: Names Baker Tilly Liquidator BOXSTAR LIMITED: Business for Sale CAXTON SHOE: Calls in Liquidators from Hawdon Bell & Co. COLDSEAL LIMITED: Collapse Inevitable COLLINS & AIKMAN: C&A Europe's Schedules of Assets, Debt CUSTOM NETWORK: Hires Liquidator from Alexander Lawson & Co. DOUBLEDRIVE ENGINEERING: In Administrative Receivership ELAN SYSTEMS: Industrial Washing Machine Maker Winds up ESNA LIMITED: Software Consultancy Firm Liquidates FURNITURELAND LIMITED: Founder as Consumer Demand Falls GRAHAM PRECISION: Names KPMG Liquidator IN-MOTION PICTURES: Calls in Administrators from Tenon Recovery I S NETWORKING: In Liquidation KINGSTON INTERNATIONAL: Hires Kroll Limited as Administrator MARCONI CORPORATION: Takeover Talks Plain Speculation MARKET SQUARE: Files for Liquidation MEGCOM SOLUTIONS: Calls in Liquidator PREMIER ASPECTS: Administrators from Baker Tilly Move in REDTEN COMPUTERS: Falls into Administration ROBERT BAILEY: Administrators from Elwell Watchorn Enter Firm ROY HOLLINGWORTH: Names Poppleton & Appleby Liquidator SECURITY CONSCIOUS: Calls in Liquidator from Milner Boardman SOL GAS: Hamiltons Liquidator Takes over Firm SPARKLE GIFTWARE: Files for Liquidation SPICE HQ: Appoints Saud & Company Liquidator TECHNICAL PRODUCT: Appoints P&A Partnership Administrator VICTORIA FORGE: Calls in Liquidator from PwC WALSH BUILDERS: Hires Liquidator from K. B. Stout WHITFIELD STREET: Appoints Chantrey Vellacott Administrator WM MORRISON: Reveals Closure Plans Amid Labor Talks * Large Companies with Insolvent Balance Sheets ********* ============= B E L G I U M ============= TELENET COMMUNICATIONS: S&P May Raise Rating After IPO ------------------------------------------------------ Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Belgium cable-operator Telenet Communications N.V. on CreditWatch with positive implications following the group's announcement that its shareholders have approved an IPO of the company. At the same time, Standard & Poor's placed its 'B-' senior unsecured debt on Telenet on CreditWatch with positive implications. In addition, the ratings on related entity Telenet Group Holdings N.V., including the 'B+' corporate credit rating, were placed on CreditWatch with positive implications. On Sept. 15, 2005, Telenet announced that its shareholders have approved a plan to sell stock in an IPO on Sept. 26, 2005, for up to EUR300 million ($364 million). The proceeds will be used to fund expansion and reduce bond debt. A listing on Euronext Brussels will take place in the near future. "The CreditWatch placement reflects the possibility that the ratings could be raised, most likely by no more than one notch, if the company's leverage and financial policy following the IPO are materially less aggressive than over the last two years," said Standard & Poor's credit analyst Leandro de Torres Zabala. "Should deleverage be deemed insufficient in the context of the company's business risk profile and financial policy, the ratings would be affirmed at the current levels." Telenet also plans to implement a secondary offering at the same time, whereby some shareholders might sell their stake (totally or partly) in the company. Standard & Poor's does not expect a change of the majority shareholder. This will continue to be Liberty Media International Inc., with 21% of the company's share capital. Standard & Poor's estimates that the primary IPO could reach a value in the range of EUR900 million to EUR1 billion. "We will resolve the CreditWatch placement on receipt of more information. Our assessment is likely to cover the impact of the transaction on Telenet's leverage; the strategy of the company in terms of investments in telephony and Internet services; and its future financial policy, including appetite for acquisitions and dividend distributions," S&P said. 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 =========================== C Z E C H R E P U B L I C =========================== * Several Dairies Go Bust in Recent Years ----------------------------------------- Ten dairy companies were forced to close down between 1997 to the present, Czech News Agency says. The companies are Ceskolipska mlekarna, Jesenicke mlekarny, Mistecka mlekarna, Mlekarna Josefov, Mlekarna Milko, Mlekarna Milpo, Mlekarna Stribro, Promil Novy Bydzov, Mlekarna Kunin, and Mlekarna Frydek-Mistek. The most recent insolvency cases were that of Mlekarna Kunin, and Promil Novy Bydzov, which owe suppliers dozens of millions of crowns. They are expected to liquidate soon. 2003 saw the wind-up of the loss-making cheese production of Mlekarna Josefov and Mlekarna Milpo. The latter closed after failing to meet E.U. requirements. Mlekarna Josefov is owned by Czech company Alimpex. Mlekarna Frydek-Mistek also became bankrupt in November 2003 because of debt. Mlekarna Stribro declared bankruptcy in August 2000; shortly after it was bought by Alimpex for CZK31 million. Its bankruptcy proceeding is expected to end this year. Ceskolipska mlekarna also closed in 2000 due to a recession in the dairy segment and debt. The company is considered one of the most modern dairies in the country. Its new owners plan to re-launch operations. In 1997 Mlekarna Milko went bust due to insurmountable debt. Czech dairy Polabske mlekarny Podebrady has bought the company's Milko brand and logo. =========== F R A N C E =========== SNCM: Connex Withdraws Offer to Buy Minority Stake -------------------------------------------------- Talks to sell part of state-owned ferry operator The Societe Nationale Maritime Corse Mediterranee fell through, but preparations for a potential outright sale are up, angering workers unions. Passenger transport specialist Connex withdrew its offer for lack of adequate assurances regarding the financing of redundancies at the company. Now the government is in talks with two investment funds, Butler Capital Partners and Caravelle regarding what unions claim a full-scale privatization. CGT union staged a strike that included a blockade of all of SNCM ferries in the port of Marseilles to protest the eventual outcome of the negotiations. Corsican union STC is also threatening to launch the same action starting Sept. 29. They strongly oppose a privatization in light of possible job losses it would cost. SNCM employs 2,500 people. The government announced tenders for the recapitalization of SNCM in January of this year after SNCM posted a deficit of EUR29.7 million in 2004. It could no longer provide the company direct financial aid because of European Union competition rules. SNCM operates ex-Corsica ferry services to mainland France and other Mediterranean destinations. CONTACT: THE SOCIETE NATIONALE MARITIME CORSE MEDITERRANEE Web site: http://www.sncm.fr/action/home ============= G E R M A N Y ============= ABEKA BAUGESELLSCHAFT: Proofs of Claim Due November --------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Abeka Baugesellschaft mbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 30, 2005 to register their claims with court-appointed provisional administrator Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting on October 19, 2005, 10:40 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on January 25, 2006, 10:20 a.m. at the same venue. CONTACT: ABEKA BAUGESELLSCHAFT mbH Waldstr. 5 - 7,12555 Berlin Stephan Mitlehner, Administrator Walter-Benjamin-Platz 6, 10629 Berlin AGFAPHOTO GMBH: Paper Identifies Bidder --------------------------------------- Photo-Me International plc is bidding for AgfaPhoto GmbH, according to a pre-published report of Financial Times Deutschland. The offer competes with that of AgfaPhoto manager Joerk Hebenstreit, the report said. AgfaPhoto hopes to present the offers at a creditors meeting on October 11. The company filed for insolvency at the district court of Cologne late May and appointed Andreas Ringstmeier provisional administrator. The company blames the growing popularity of digital photography, although there are suspicions management may have engaged in financial fraud. AgfaPhoto was formerly owned by Agfa-Gevaert N.V., which sold the firm to the management and a group of financial investors for EUR112 million in November 2004. In a span of six months, the company no longer had enough cash to pay employees. A recent report from Financial Times Deutschland says job cuts at AgfaPhoto might exceed original expectations of 850 to 1,500 because current bids can only secure around 500 jobs. The company has 1,800 employees. AgfaPhoto is headquartered in Leverkusen. It manufactures photographic film, papers, chemicals and disposable cameras. It also offers online print service, on-site processing, kiosk systems and wholesale finishing. It has 32 subsidiaries outside Germany that are not affected by its insolvency. The company owes money to suppliers and pension security body Pensionssicherungsverein. CONTACT: AGFAPHOTO GERMANY GmbH Im Mediapark 5 D-50670 Cologne Phone: +49 221 98544-3723 Fax: +49 221 98544-3805 Web site: http://www.agfaphoto.com ALBERT HAAS: Court Calls in Administrator ----------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Albert Haas Heizung und Sanitar GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 30, 2005 to register their claims with court-appointed provisional administrator Knut Rebholz. Creditors and other interested parties are encouraged to attend the meeting on October 19, 2005, 10:55 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report January 25, 2006, 10:30 a.m. at the same venue. CONTACT: ALBERT HAAS HEIZUNG UND SANITAR GmbH Kaiserdamm 12,14057 Berlin Knut Rebholz, Administrator Cicerostr. 22, 10709 Berlin CANDELA LICHT: Stuttgart Business Goes Bust ------------------------------------------- The district court of Stuttgart opened bankruptcy proceedings against Candela Licht und Leuchten Geschaftsfuehrungs GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 30, 2005 to register their claims with court-appointed provisional administrator Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2005, 9:00 a.m. at the district court of Stuttgart, Hauffstr. 5, EG, Saal 4, 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: CANDELA LICHT UND LEUCHTEN GESCHAFTSFUEHRUNGS GmbH Kronenstr. 32, 70174 Stuttgart Contact: Michele A. Rami, Manager Tuebinger Str. 71, 70176 Stuttgart Dr. Wolfgang Bilgery, Administrator Humboldtstr. 16, 70178 Stuttgart Phone: 0711/966890 Fax: 0711/9668919 DAIMLERCHRYSLER AG: Canadian Unit, Union Vow to Work Together ------------------------------------------------------------- In relation to DaimlerChrysler AG's new three-year collective agreement with the Canadian Auto Workers union, Mark Gendregske, DaimlerChrysler Canada Vice President of Human Resources, said: "By ratifying this new three-year agreement, our Canadian workforce and the CAW have expressed their commitment to enhancing DaimlerChrysler's operational excellence, cost competitiveness and job security. "This agreement contributes to DaimlerChrysler's continued drive to be among the industry leaders in products, operations and customer service, and thus reinforces the importance of Canadian manufacturing to our future." The labor contract between DaimlerChrysler Canada and the Canadian Auto Workers covers approximately 10,600 active DaimlerChrysler represented employees at its various Canadian facilities, primarily in Brampton, Etobicoke and Windsor, Ontario. Since the last contract agreement in 2002, DaimlerChrysler has invested more than CA$2.6 billion in Canada, resulting in increased consumer demand, and thus requiring its Brampton and Windsor plants to operate three shifts. In 2005, DaimlerChrysler created approximately 1,000 new CAW jobs in Brampton. DaimlerChrysler Canada Inc. is a wholly owned subsidiary of DaimlerChrysler Corporation. Founded as the Chrysler Corporation in 1925, the Company is celebrating its 80th anniversary in Canada this year. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com HECKMANN TANK: Creditors Meeting Set December --------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Heckmann Tank- und Wasch-Center GmbH & Co. KG on September 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 2, 2005 to register their claims with court-appointed provisional administrator Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting on December 2, 2005, 8:30 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HECKMANN TANK- UND WASCH-CENTER GmbH & Co. KG Romerstr. 114, 59075 Hamm Contact: Rolf Heckmann, Manager Stephan Heinrichsmeyer, Administrator Spiekergasse 6-8, 33330 Guetersloh Phone: 05241/92 02-0 Fax: 05241 92 02 22 KESSEL-TECHNISCHE: Court to Verify Claims Next Month ---------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Kessel-Technische Dienste GmbH KTD on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 24, 2005 to register their claims with court-appointed provisional administrator Wolfgang Kuehnel. Creditors and other interested parties are encouraged to attend the meeting on October 24, 2005, 9:00 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report January 23, 2006, 9:10 a.m. at the same venue. CONTACT: KESSEL-TECHNISCHE DIENSTE GmbH KTD Hildburghauser Str. 79,12249 Berlin Wolfgang Kuehnel, Administrator Berliner Str. 117, 10713 Berlin KRONOS INTERNATIONAL: Fitch Affirms 'BB' Rating, Stable Outlook --------------------------------------------------------------- Fitch Ratings has affirmed Kronos International, Inc.'s (KII) senior secured debt rating of 'BB'. Additionally, Fitch has assigned a 'BB+' to KII's EUR80 million senior secured credit facility. The Rating Outlook KII remains Stable. KII's credit ratings incorporate its strong market position in Europe, strong profitability and cash flow. In the current favorable pricing environment for TiO2 (titanium dioxide pigments), Fitch expects cash flow to improve in the near term. Free cash flow was US$53 million for the LTM (last twelve months) ending June 30, 2005. The last couple of years KII's free cash flow has been steady at the US$50 million level. KII's indenture for the outstanding senior secured notes includes limitations on restricted payments and at June 30, 2005, KII had the ability to declare approximately US$84 million in dividends. No dividends were declared during the first half of 2005. The credit ratings could be negatively affected by dividends paid, if they are not supported by operational cash flow. The company's liquidity was adequate with US$10 million in cash and US$95 million available under its undrawn senior secured credit facility at June 30, 2005. In general, titanium dioxide pricing has trended higher in the last year. The painting and coating season this past spring was not as strong as originally expected; however, volumes increased sequentially in the second quarter of 2005 compared to the first quarter. More recently titanium dioxide supply has been affected by hurricane Katrina. E.I Dupont de Nemours and Company (DuPont), the world's largest supplier of titanium dioxide has declared force majeure due to the shutdown of its DeLisle, Mississippi plant. The plant could be shut down for possibly three months due to substantial electrical damage as a result of the flooding at the facility. The DeLisle plant accounts for approximately 27% of DuPont's global production capacity and 16% of North American production capacity. This loss of production is occurring as the industry typically realizes a seasonal slowdown; however, with low inventory levels for the industry, pricing should remain firm. If demand growth continues, then the more likely scenario is that producers will benefit from the tightness in the market and gain pricing momentum. For the LTM ending June 30, 2005, credit statistics for KII remain sufficient for the rating category with EBITDA-to-interest incurred of 3.8x. KII had a debt-to-EBITDA ratio of 2.9x for the LTM ending June 30, 2005. Total adjusted debt-to-EBITDAR ratio, incorporating gross rent, for KII was 3.2x for the same period. Kronos International, Inc. is Europe's second largest producer of TiO2 pigments. The company is a wholly owned subsidiary of Kronos Worldwide, Inc., a holding company that has additional ownership interests in certain North American TiO2 producers. TiO2 pigments are used in paints, paper, plastics, fibers and ceramics. KII generated approximately US$845 million of sales and reported EBITDA of approximately US$158 million for the trailing 12-months ending June 30, 2005. Kronos Worldwide, Inc. is the fifth-largest TiO2 producer in the world and has a significant presence in Europe, through its operating subsidiary, KII. CONTACT: FITCH RATINGS Jennifer Quinn Phone: +1-312-368-3344 Randall Biang, Chicago Phone: +1-312-606-2342 Media Relations Brian Bertsch, New York Phone: +1-212-908-0549 PALTS BETON: Charlottenburg Firm Falls into Bankruptcy ------------------------------------------------------ The district court of Charlottenburg opened bankruptcy proceedings against Palts Beton- und Schalungsbau GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 24, 2005 to register their claims with court-appointed provisional administrator Christoph Rosenmueller. Creditors and other interested parties are encouraged to attend the meeting on October 13, 2005, 10:00 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on January 19, 2006, 10:00 a.m. at the same venue. CONTACT: PALTS BETON- UND SCHALUNGSBAU GmbH Yorckstr. 60,10965 Berlin Christoph Rosenmueller, Administrator Berliner Str. 117, 10713 Berlin PFLEIDERER AG: Buys Polish Manufacturer Silekol ----------------------------------------------- Pfleiderer AG acquires, through its Polish subsidiary Pfleiderer Grajewo S.A., the Polish manufacturer of urea formaldehyde resins Silekol Sp. z o.o. A preliminary conditional share purchase agreement for the acquisition of 99% of the shares of Silekol Sp. z o.o. was signed on September 22, 2005. The transaction still requires approval by Polish Anti-Trust and Consumer Protection Authority as well as approval by the Supervisory Board of Pfleiderer Grajewo S.A. and the General Shareholder's Meeting of ZAK SA, the parent company of Silekol Sp. z o.o. During the period January to July 2005, Silekol Sp. z o.o. reported sales of EUR22.6 million. The acquisition of Silekol Sp. z o.o. will ensure a long-term stable source of high-quality resins for Pfleiderer's chipboard production as well as more independence as to price fluctuations for this important production component. * * * On July 21, Fitch Ratings affirmed Germany-based Pfleiderer AG's Senior Unsecured 'BB' rating and removed it from Rating Watch Negative (RWN). A Stable Outlook has been assigned. The Short-term 'B' rating is also affirmed. The rating action follows Pfleiderer's announcement to acquire Kunz Group's engineered wood activities in Canada, the United States and Germany. In FY04, the acquired activities had total sales of EUR556 million and EBITDA of EUR85 million. The transaction is expected to close in August/September and subject to regulatory approval. CONTACT: PFLEIDERER AG Ingolstadter Strasse 51 93218 Neumarkt Deutschland Ulrich Korner Corporate Communication Phone: + 49 (0) 91 81 / 28 - 84 91 Fax: + 49 (0) 91 81 / 28 - 606 E-mail: ulrich.koerner@pfleiderer.com POLYMER GMBH: Creditors' Claims Due October ------------------------------------------- The district court of Wuppertal opened bankruptcy proceedings against Polymer GmbH Chemie-Rohstoffe on September 7. 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. Guenter Trutnau. Creditors and other interested parties are encouraged to attend the meeting on November 15, 2005, 9:45 a.m. at the district court of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage, Saal 234, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: POLYMER GmbH CHEMIE-ROHSTOFFE Contact: Udo Schattschneider, Manager Duesseldorfer Str. 79, 40878 Ratingen Dr. Guenter Trutnau, Administrator Kettwiger Strasse 32/34, 45127 Essen Phone: 0201-10953 Fax: 0201-1095500 RHI AG: Invites Bids for Heraklith Group ---------------------------------------- RHI has decided to initiate the sale of its Insulating division with the lead company Heraklith AG. An IPO, the alternative option to the further strategic development of this division, will not be pursued any further due to the high number of potential buyers who have shown serious interest. RHI will now ask several potential buyers to place their bids and, following the preparation of a short list in October 2005, enable selected investors who can strengthen Heraklith in its strategic development in Central and Eastern Europe, especially in Russia, to perform a comprehensive due diligence analysis. The completion of the transaction (closing) is scheduled for the first quarter of 2006, following the preparation of Heraklith's 2005 financial statements. CONTACT: RHI AG Wienerbergstrasse 11 A-1100 Wien Phone: +43 0 50213-0 Fax: +43 0 50213-6213 E-mail: rhi@rhi-ag.com Web site: http://www.rhi-ag.com Investor Relations Markus Richter Phone: +43-1-50213-6123 E-mail: markus.richter@rhi-ag.com RUSSOCHART SHIPPING: Under Bankruptcy Administration ---------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Russochart Shipping GmbH on August 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 17, 2005 to register their claims with court-appointed provisional administrator Dr. Hans-U. Hildebrandt. Creditors and other interested parties are encouraged to attend the meeting on November 14, 2005, 10:40 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: RUSSOCHART SHIPPING GmbH Speersort 4, 20095 Hamburg Contact: Manfred Weier, Manager Dr. Hans-U. Hildebrandt, Administrator Raboisen 38, 20095 Hamburg Phone: 33446-0 Fax: 33446-111 SGL CARBON: Redeems Convertible Bond; Reduces Credit Facility ------------------------------------------------------------- SGL Carbon repaid investors the outstanding 37% of the convertible bond that matured on Sept. 19. The bond was originally issued in September 2000. Between the end of February and early April 2004, SGL Carbon redeemed 63% of the convertible bond on the basis of a voluntary redemption offer. Within the framework of the refinancing measures at the beginning of 2004, the Company had deposited the funds required to redeem the convertible bond in a cash escrow account. SGL Carbon was additionally able to reduce its U.S. credit facility from US$112 million to US$80 million in early September. The Company's main banks acquired this credit from the over 70 U.S. financial investors with whom it had previously been placed. This step further underscores the progress the Company has been making in the reduction of its debt. Both measures serve to strengthen the equity ratio of SGL Carbon in the third quarter (assuming unchanged exchange rates from the date for the first half-year's financial figures - June 30, 2005). * * * In August, Standard & Poor's Ratings Services raised its long-term corporate credit rating on SGL Carbon AG to 'B+' from 'B'. The outlook is stable. At the same time, the rating on the subordinated bonds issued by SGL Carbon Luxembourg S.A. and guaranteed by SGL was raised to 'B-' from 'CCC+'. The rating on the senior secured bank loan issued by SGL Carbon LLC and guaranteed by SGL was also raised, to 'B+' from 'B'. "The rating actions follow improvements in the company's earnings in the first half of 2005, and reflect our expectation that earnings will remain strong for the rest of the year," said Standard & Poor's credit analyst Tommy Trask. Other factors contributing to the upgrade are SGL's announcement earlier this year of a cooperation agreement on carbon ceramic disc brakes with Volkswagen AG's (A-/Negative/A-2) Audi cooperation, and the European Court's decision to reduce European Commission antitrust fines. SGL's operating profit for the second quarter of 2005 showed a marked improvement on the prior year, helped by the disposal of the loss-making surface protection business and strong demand or the company's products. Provided there are no sudden changes in volumes, earnings should remain strong for the full year. Although cash flows remained weak in the second quarter due to further buildup in working capital, they are expected to strengthen in the second half of 2005, allowing the company to achieve meaningful debt reduction by the end of the year. An initial payment of EUR10 million-EUR15 million from Audi in connection with the cooperation agreement should also help toward debt reduction. The prospects for graphite electrodes are encouraging, with little spare capacity in the industry. With 85% of needle coke supply secured for 2006, the key remaining risk factor is whether SGL will be able to contract next year's carbon electrode sales at the higher prices announced in May this year. The other key risk factor is whether SGL Technologies can replicate the progress it has achieved in carbon ceramic disc brakes for other products and applications. Standard & Poor's notes the company's progress in improving earnings and its continued focus on debt reduction. "To maintain the ratings, the company will need to demonstrate the ability to convert stronger earnings into cash generation and debt reduction in the second half of 2005," added Mr. Trask. While a drop in volumes could trigger a downward rating action, the ratings could be raised if SGL maintains its focus on established cash-generating products and achieves success in converting new product opportunities at SGL Technologies into cash-generative operations. CONTACT: SGL CARBON AG Rheingaustr. 182 65203 Wiesbaden Phone: 0049-611 6029-100 Fax: 0049-611 6029-101 E-mail: cpc@sglcarbon.de Web site: http://www.sglcarbon.com/ VOLKSWAGEN AG: Okays Strategic Review of Two Subsidiaries --------------------------------------------------------- At its meeting Friday, the Supervisory Board of Volkswagen AG authorized the company's Board of Management to review all options, ranging from strategic expansion to an initial public offering (IPO) or sale, with regard to the 100% subsidiaries gedas AG, Berlin, and Europcar International S.A., Paris. This decision was taken in the context of the plans by the Group Board of Management to review all company activities. The decision has no effect on the 2005 profit outlook already issued by the Group Board of Management. The Board of Management continues to expect a year-on-year improvement in both operating profit after special items and profit before tax. * * * Headquartered in Wolfsburg, the Volkswagen Group is one of the world's leading automobile manufacturers and the largest carmaker in Europe. In 2004, the group increased the number of vehicles delivered to customers to 5.079 million (2003: 5.015 million), corresponding to an 11.5% share of the world passenger car market. Group sales rose to EUR88.9 billion (2003: EUR84.8 billion). Profit after tax in the 2004 financial year amounted to EUR0.716 billion (2003: EUR1.003 billion). With 47 production plants in eleven European countries and a further seven countries in the Americas, Asia and Africa, Volkswagen has more than 343,000 employees producing over 21,500 vehicles or are involved in vehicle-related services on every working day. Earlier this month, the Financial Times reported non-performing parts factories of Volkswagen AG could be shut down, disposed of or fused to other ventures. The review is understood to be part of Volkswagen's effort to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by Chief Executive Bernd Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de VOLKSWAGEN AG: Predicts Better Results from Bentley this Year ------------------------------------------------------------- Volkswagen AG's Bentley brand is expected to exceed its "slightly positive" performance last year, said Automobilewoche Weekly. The unit's chief, Franz-Josef Paefgen, said Bentley is likely to produce about 8,000 vehicles in 2005, up from last year's output of 6,576. He added Volkswagen's Dresden site will use extra capacity to manufacture around 400 units of the new four-door Flying Spurs model. Volkswagen reportedly intends to use the factory as overspill of its main site in England to avoid "unacceptable delivery times." This is also in coordination with Bentley's aim to focus more on the German market. Mr. Paefgen said: "The number of well-off customers there promises considerable potential in sales volume." With the recent oil price increases, Bentley is not presently considering offering hybrid models or those fuelled partly by electricity. Mr. Paefgen stressed it would take two or three years before such model would be released in the market. "If the demands of the market or of lawmakers change fundamentally, we could immediately access the necessary technology from Volkswagen," he added. Meanwhile, Volkswagen is expecting zero profit in its China operations this year. The carmaker is said to be more concerned about its market share in China, which fell from 29% to 11% at the start of the year due to decreasing volumes and pricing with fixed losses. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de VOLKSWAGEN AG: Porsche Eyes Raising Stake to 20% ------------------------------------------------ Volkswagen AG has reportedly welcomed Porsche's intention to raise its stake in the company to 20%. According the Reuters, the plan is understood to be geared towards preserving the carmakers' business relations, while Volkswagen is said to be steering away from any hostile takeover. Chief Executive Bernd Pischetsrieder has reportedly said the carmaker needs a steady shareholder structure to fulfill its long-term goals. The increase in Porsche's shareholding in the company could strengthen their working ties, he added. The two companies are working together to build Porsche's Cayenne offroader, and in developing fuel-saving hybrid technology. Earlier, Porsche, which currently controls under 5% of Volkswagen, revealed its plan to buy additional Volkswagen shares in the open market. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de ============= H U N G A R Y ============= MALEV HUNGARIAN: Signs Code-sharing Deal with Japan Airlines ------------------------------------------------------------ Loss-making national carrier Malev Hungarian Airlines has struck a code-sharing deal with Japan Airlines (JAL), Budapest Business Journal says. The agreement, which will take effect October 30, 2005, would allow JAL to purchase seats, depending on its needs, on Malev's Frankfurt-Budapest flights that are assigned with a JAL flight number. JAL currently operates 23 routes to Europe, with direct flights to the Czech Republic and Poland. The deal would also facilitate the transfer of around 100,000 Japanese tourists traveling to Hungary every year. 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. The carrier managed to halve its net loss to EUR2.11 billion, down from EUR4.3 billion a year ago. This despite losing the battle with budget airlines, which have trimmed its traffic share in Budapest from 56.5% in 2003 to 49% in 2004. Ticket sales continued to rise, however, by 4% to HUF75.8 billion. 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 JAPAN AIRLINES CORPORATION 2-4-11, Higashi-shinagawa, Shinagawa-ku Tokyo, 140-8605, Japan Phone: +81-0120-25-5931 Web site: http://www.jal.co.jp ============= I R E L A N D ============= AN POST: ComReg Solicits Public Opinion on Postal Price Hike ------------------------------------------------------------ An Post is pleased that ComReg is considering, through public consultation, the company's price increase application. We note the preliminary views expressed by ComReg and we will be making a full response in due course. This price increase was always an essential element of An Post's Strategic Recovery Plan, as presented to the Minister for Communications in September 2003, and ComReg's consultation paper recognizes this fact. ComReg's final decision regarding this price increase will have a significant bearing on the future of An Post. * * * The company closed last year with an after-tax profit of EUR6.5 million, ending three successive years of escalating losses that threatened its future. In April, An Post revealed an operating profit of EUR1.8 million, with exceptional income of EUR5.3 million from property disposals and other items reflecting the success of its crisis control measures. Turnover in the year at EUR750.2 million was up by EUR41 million -- an increase of 5.8% on 2003. Staff and postmasters' costs at EUR502.4 million were marginally up on the previous year while other costs decreased. The financial turnaround was reportedly achieved by carrying out a recovery strategy that involved cutting non-pay costs, curtailing pay costs through stringent control of overtime and recruitment, and the non-payment of Sustaining Progress. However, future prospects for the Company remain uncertain as mail volumes declined by 1.3% since 2003 - the second successive year -- despite national economic growth of 5% a year and an additional 80,000 new delivery points. CONTACT: AN POST E-mail: pressoffice@anpost.ie Web site: http://www.anpost.ie DELPHI SPA: Main Shareholder Teams up with Private Equity Firm -------------------------------------------------------------- The majority shareholder of Delphi Spa and Adventure Center has fortified plans to maintain control of the multi-million-euro business, according to The Post. Seventy-percent owner Frank Noone has teamed up with British property company Espalier Private Equity in Manchester, headed by British businessman Andrew Colin, the report said. It is understood they are now in talks with receiver Pearse Farrell regarding an acquisition. Pearse Farrell is also in talks with three other potential buyers. It hopes to close a deal in the coming weeks. Delphi went into receivership last month at the request of creditor Bank of Scotland, which is owed EUR2.5 million. It continues to trade while in receivership. Dublin businessman Pat O'Shaughnessy is Delphi's minority shareholder. The Delphi center was established more than 20 years ago. Its Delphi Mountain Resort & Spa was built for more than EUR4 million. CONTACT: PEARSE FARRELL Molyneux House Bride Street, Dublin 8 Phone: +353 1 4182000 Fax: +353 1 4182044 E-mail: fgs@fgs.ie Web site: http://www.fgs.ie/ ========= I T A L Y ========= ALITALIA SPA: Tribunal Junks SULT Complaint ------------------------------------------- Sindicato Unitario Lavoratori Transporti (SULT) union's quest to rejoin labor talks with carrier Alitalia suffered a major blow Wednesday, La Stampa says. SULT filed before an industrial tribunal in Rome a complaint questioning the legitimacy of Alitalia's suspension of the union's negotiation rights. The tribunal, however, dismissed the complaint. SULT, which represents Alitalia's attendants, said it will appeal the ruling and confirmed it would stage an industrial action in the coming days. Alitalia had cited SULT's failure to abide with labor agreements as one of the reasons why it suspended its negotiation rights, saying the union has not been acting in good faith during contract renewal talks. SULT, however, pointed to its hostility with the carrier's restructuring plan as the main reason why Alitalia has been harsh against it. The union added its opposition to the plan was not a "sufficient motive" for Alitalia to suspend its rights. SULT noted it was not the only one lobbying against the plan, saying the government, the European Commission and Alitalia's banks also want the plan to be modified. Alitalia struck in 2004 a vital deal with the country's biggest unions over a massive restructuring, which entails splitting its flight and ground operations and cutting around 3,700 jobs. SULT, however, refused to sign the accord. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it IMPREGILO SPA: Sells Leonardo Stake to Gemina --------------------------------------------- Impregilo S.p.A. has closed a contract for the sale to Gemina S.p.A. of its 11% equity investment in Leonardo S.r.l., the company that holds 51.08% of Aeroporti di Roma S.p.A. The investment was sold for approximately EUR62 million, the price agreed under the terms of the put and call option signed and announced by Gemina and Impregilo on May 24, 2005 (approximately EUR63.7 million), less the amounts received by Impregilo for its investment in Leonardo since the call option date, as specified under the option contract. As agreed, Impregilo settled the outstanding amount in full as a deduction against borrowings due to Gemina. Also, Impregilo reimbursed Gemina for the residual payable on its borrowings, for an amount of approximately EUR8.9 million. CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it =========== L A T V I A =========== LATVIJAS KRAJBANKA: Short-term 'B' Rating Affirmed -------------------------------------------------- Fitch Ratings has upgraded Latvia-based Latvijas Krajbanka's (Krajbanka) Support rating to '4' from '5'. Its other ratings are affirmed at Long-term 'B+', Short-term 'B' and Individual 'D'. The Outlook is Stable. The rating action follows the announcement on 21 September 2005 that Lithuania-based Bankas Snoras has acquired 83.01% of Krajbanka. The change in the Support rating for Krajbanka reflects the potential support it could receive from Snoras in case of need. This acquisition reflects the strategy of Snoras' controlling shareholder, Russia-based Konversbank, to expand into EU countries. Banu Cartmell, Director in Financial Institutions at Fitch, said: "Although the Russian exposure is low for the time being, we will be monitoring the level of Russian business in the two banks both in relation to the ultimate controlling shareholder, Konversbank, and to other parties. A significant increase in higher-risk business may lead to negative rating actions." This is a sizeable transaction for Snoras with Krajbanka representing approximately 30% of Snoras' total equity at end 2004. Fitch has been informed that Snoras will issue subordinated debt (to be provided by the main shareholder Konversbank, who is the beneficial owner of the group) to finance the acquisition. Core capital ratios of the consolidated group will have been weakened. However, Fitch expects Snoras' capitalization to remain adequate with a total capital ratio of around 14% post-transaction. Fitch expects Snoras to bring its experience in retail banking, which proved successful in Lithuania, to help Krajbanka increase the efficiency of its branch network. While Krajbanka has the largest branch network in Latvia, the level of activities in these branches is low. Snoras will make an offer to the remaining minority shareholders of Krajbanka within the next 10 days. The management and the name of Krajbanka will remain. Krajbanka is a small bank, ranking as Latvia's 11th largest by assets at end-H105. It is a universal bank serving mainly small- to medium-sized enterprises and individuals. Snoras was the fourth largest bank in Lithuania by assets at end-2004, with a 7% market share. It has been 49.9%-owned by the Russian Konversbank since March 2003. CONTACT: FITCH RATINGS Banu Cartmell Tim Beck, London Phone: +44 (0)20 7417 4222 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 ================= L I T H U A N I A ================= BANKAS SNORAS: Ratings Affirmed After Krajbanka Acquisition ----------------------------------------------------------- Fitch Ratings has affirmed Lithuania-based Bankas Snoras' (Snoras) ratings at Long-term 'BB-' (BB minus), Short-term 'B', Individual 'D' and Support '4'. The Outlook is Stable. The rating action follows the announcement on 21 September 2005 that Snoras has acquired 83.01% of Latvia-based Latvijas Krajbanka (Krajbanka). This acquisition reflects the strategy of Snoras' controlling shareholder, Russia-based Konversbank, to expand into EU countries. Banu Cartmell, Director in Financial Institutions at Fitch, said: "Although the Russian exposure is low for the time being, we will be monitoring the level of Russian business in the two banks both in relation to the ultimate controlling shareholder, Konversbank, and to other parties. A significant increase in higher-risk business may lead to negative rating actions." This is a sizeable transaction for Snoras with Krajbanka representing approximately 30% of Snoras' total equity at end-2004. Fitch has been informed that Snoras will issue subordinated debt (to be provided by the main shareholder Konversbank, who is the beneficial owner of the group) to finance the acquisition. Core capital ratios of the consolidated group will have been weakened. However, Fitch expects Snoras' capitalization to remain adequate with a total capital ratio of around 14% post-transaction. Fitch expects Snoras to bring its experience in retail banking, which proved successful in Lithuania, to help Krajbanka increase the efficiency of its branch network. While Krajbanka has the largest branch network in Latvia, the level of activities in these branches is low. Snoras will make an offer to the remaining minority shareholders of Krajbanka within the next 10 days. The management and the name of Krajbanka will remain. Snoras was the fourth largest bank in Lithuania by assets at end-2004, with a 7% market share. It has been 49.9%-owned by the Russian Konversbank since March 2003. Krajbanka is a small bank, ranking as Latvia's 11th largest by assets at end-H105. It is a universal bank serving mainly small- to medium-sized enterprises and individuals. CONTACT: FITCH RATINGS Banu Cartmell Tim Beck, London Phone: +44 (0)20 7417 4222 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Appoints New Chief Financial Officer ------------------------------------------------------- Royal Ahold on Monday announced it has appointed Mr. John Rishton as Chief Financial Officer, effective January 1, 2006. A British national, Mr. John Rishton (47) has been Chief Financial Officer at British Airways PLC since 2001. He joined the airline in 1994 as Financial Controller in the United States, was appointed Sales Controller in 1996, Operations Controller in 1998 and Commercial Controller in 1999. Prior to BA, Mr. Rishton worked for Ford of Europe in various international executive positions between 1979 and 1994. Mr. Rishton plans to relocate to The Netherlands. Mr. Joost Sliepenbeek, currently Ahold's Chief Accounting Officer, has been appointed Interim CFO effective September 1, 2005, when Mr. Hannu Ryopponen left the company. Mr. Sliepenbeek reports to Mr. Peter Wakkie, Chief Corporate Governance Counsel and member of the Corporate Executive Board, until Mr. Rishton starts at Ahold. The Supervisory Board will nominate Mr. Rishton for appointment to the Corporate Executive Board at the Annual General Meeting of Shareholders on May 18, 2006. Until the general meeting of shareholders has adopted the resolution to appoint him to the Corporate Executive Board, Mr. Rishton will assume the position of Acting CFO. "We are delighted that such an accomplished professional as John will be joining Ahold," said Mr. Anders Moberg, Ahold's President and Chief Executive Officer. "John's reputation, experience and proven track record will help drive our company to the next level. John has lived and worked in the United Kingdom and the United States and is highly regarded by the financial community on both sides of the Atlantic. Like me, he believes that simplification is the best way to achieve the balance of cutting costs while improving customer service. We welcome John to the Ahold family." The terms and conditions of Mr. Rishton's contract is available at http://www.ahold.com About the Company Headquartered in Amsterdam, Ahold is one of the world's leading food providers. It encompasses an international group of local food retail and foodservice operators that do business under their own brand names. It has over 200,000 associates and 2004 consolidated net sales of approximately EUR52 billion. The Trouble Ahold encountered trouble in 2003 when it admitted a US$500 million overstatement of EBITA at its U.S. foodservice distribution arm, requiring restatement of financial accounts for 2002 and previous years. In November that year, it announced a 3-year 'Road to Recovery' program that includes a EUR2.5 billion rights issue, EUR300 million and US$1.45 billion back-up credit facilities, and at least EUR2.5 billion in asset sales. The program is aimed at returning the company to investment grade by end of 2005. Status to date In August, Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Ahold to 'BB+' from 'BB' with a stable outlook to reflect substantial improvement of the group's financial profile in the past 18 months. This follows the completion of a significant disposal program, to date exceeding the stated EUR2.5 billion ($3.1 billion) target. Standard & Poor's said it would consider an upgrade to investment grade level only if: (a) The challenging environment currently prevailing in the group's core U.S. and Dutch retail markets improves; and (b) The ratio of FFO to fully adjusted net debt and the EBITDAR coverage of net fixed charges improve beyond 25% and 2.5x, respectively. Despite the group's deleveraging target and the completion of remaining disposals in 2005, these conditions might not be achieved in the near term, given the very challenging trading conditions that are prevailing in the group's core markets. CONTACT: KONINKLJKE AHOLD Phone: +31 (0) 75 659 5720 ROYAL SHELL: Has 4,024,465,000 'A' Shares Remaining --------------------------------------------------- On 22 September 2005, Royal Dutch Shell plc purchased for cancellation 750,000 'A' Shares at a price of EUR27.25 per share. It further purchased for cancellation 350,000 'A' Shares at a price of 1,848.90 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,024,465,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is understood to be aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell had admitted it overstated its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. The crisis resulted to the ouster of three top executives, including former chairman Philip Watts. It was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has said it had revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== R U S S I A =========== AGRO-TEKH: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision procedure on limited liability company Agro-Tekh. The case is docketed as A79-4367/2005. Mr. L. Tanklevskiy has been appointed temporary insolvency manager. A hearing will take place on October 21, 2005, 10:00 a.m. CONTACT: AGRO-TEKH Russia, Chuvashiya republic, Cheboksary, Skladskoy Pr. 6 ARDATOV-SEL-KHOZ-TEKHNIKA: Court Brings in Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Ardatov-Sel-Khoz-Tekhnika (TIN 5201000176). The case is docketed as A43-17335/2005-24-316. Mr. A. Shegrov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 603109, Russia, N. Novgorod, Ilyinskaya Str. 33, Office 1. A hearing will take place on November 29, 2005, 11:15 a.m. at the Arbitration Court of Nizhniy Novgorod region. CONTACT: ARDATOV-SEL-KHOZ-TEKHNIKA Russia, Nizhniy Novgorod region, Ardatov, Turgeneva Str. 46a Mr. A. Shegrov Insolvency Manager 603109, Russia, N. Novgorod region, Ilyinskaya Str. 33, Office 1 Phone: (8312) 34-14-18 BOGORDOSKIY COMBINE: Bankruptcy Supervision Procedure Begins ------------------------------------------------------------ The Arbitration Court of Tula region has commenced bankruptcy supervision procedure on open joint stock company Bogordoskiy Combine Of Building Materials. The case is docketed as A68-99/B-05. Mr. R. Kutlin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 300002, Russia, Tula, Arsenalnaya Str. 1D. A hearing will take place on November 28, 2005, 3:30 p.m. CONTACT: BOGORDOSKIY COMBINE OF BUILDING MATERIALS 301832, Russia, Tula region, Bogoroditsk, Vyazovskiy Pr. 2 Mr. R. Kutlin Temporary Insolvency Manager 300002, Russia, Tula region, Arsenalnaya Str. 1D CHEREMUSHINSKAYA NIVA: Succumbs to Bankruptcy --------------------------------------------- The Arbitration Court of Tambov region commenced bankruptcy proceedings against Cheremushinskaya Niva after finding the open joint stock company insolvent. The case is docketed as A64-4095/05-21. Ms. T. Elesina has been appointed insolvency manager. CONTACT: CHEREMUSHINSKAYA NIVA 393707, Russia, Tambov region, Pervomayskiy region, Parizhskaya Kommuna Ms. T. Elesina Insolvency Manager 390027, Russia, Ryazan, Post Office 27, Post User Box 62 KOLOS ASH: Declared Insolvent ----------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Kolos Ash after finding the breeding factory insolvent. The case is docketed as A-32-9653/2004-27/69-B. Mr. V. Golovnya has been appointed insolvency manager. Creditors may submit their proofs of claim to 350063, Russia, Krasnodar, Gimnazicheskaya Str. 14, Office 16. A hearing will take place on November 14, 2005. CONTACT: KOLOS ASH 353740, Russia, Krasnodar region, Leningradskaya St. Shkolnaya Str. 70a Mr. V. Golovnya Insolvency Manager 350063, Russia, Krasnodar region, Gimnazicheskaya Str. 14, Office 16 NEPRIKSKIY ELEVATOR: Claims Filing Period Ends October 20 --------------------------------------------------------- The Arbitration Court of Samara region commenced bankruptcy proceedings against Neprikskiy Elevator after finding the open joint stock company insolvent. The case is docketed as A55-200/98-6. Mr. A. Chernik has been appointed insolvency manager. Creditors have until October 20, 2005 to submit their proofs of claim to 167000, Russia, Komi republic, Syktyvkar, Post User Box 901. CONTACT: NEPRIKSKIY ELEVATOR 446662, Russia, Samara region, Borskoye, Shosseynaya Str. 1 Mr. A. Chernik Insolvency Manager 603005, Russia, Nizhniy Novgorod, Nesterova Str. 9, Office 805 The Arbitration Court of Samara region 443045, Russia, Samara region, Avrory Str. 148 Phone: (846-2) 26-55-25 OKSKIY: Court Brings in Insolvency Manager ------------------------------------------ The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Okskiy after finding the cold-store combine insolvent. The case is docketed as A43-14168/2005-24-255. Mr. Y. Shishkov has been appointed insolvency manager. Creditors may submit their proofs of claim to 606403, Russia, Nizhniy Novgorod region, Balakhinskiy region, B-Kozino, 8 Marta Str. 42. A hearing will take place on December 20, 2005, 9:00 a.m. at the Arbitration Court of Nizhniy Novgorod region. CONTACT: OKSKIY 603950, Russia, Nizhniy Novgorod region, Vorotynskaya Str. 1 Mr. Y. Shishkov Insolvency Manager 606403, Russia, Nizhniy Novgorod region, Balakhinskiy region, B-Kozino, 8 Marta Str. 42 ORGRESBANK: Low-B Ratings, Stable Outlook Affirmed -------------------------------------------------- Fitch Ratings has affirmed Orgresbank's (Orgres) ratings at Long-term 'B-' (B minus), Short-term 'B', Individual 'D', Support '5' and National Long-term 'BB+(rus)'. The Outlooks on the Long-term and National Long-term ratings remain Stable. The Long-term, Short-term and Individual ratings reflect Orgres' small size by international standards, limited franchise, modest profitability, concentrated business and related-party lending. They also take into account certain weaknesses in the Russian operating environment. However, the ratings also consider the bank's currently reasonable capital and liquidity and satisfactory asset quality to date. Fitch notes that any upward movement in Orgres' ratings would likely depend, among other things, on a substantial increase in the bank's size and franchise. On the other hand, Fitch notes that a marked deterioration in asset quality, a rise in related-party business and a further deterioration in performance would be negative rating factors. Orgres was established in 1994 but its current shareholder structure and business model began to take shape only in 1999. Orgres' shareholders include the Chairman of the Management Board and another member of senior management (stakes of approximately 20% and 6%, respectively) and six corporates (stakes of 12%-12.5% each), mainly in IT-related sectors. Orgres ranks among the top 50 domestic banks by capital. Its main activities include customer lending and interbank operations, and its customer base consists primarily of SMEs. CONTACT: FITCH RATINGS Lindsey Liddell, London Phone: +44 (0) 20 7417 3495 Dmitriy Piskulov, Moscow Phone: +7 095 956 2408 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 PROBUSINESSBANK: Ratings Affirmed at 'B-/B' ------------------------------------------- Fitch Ratings has affirmed Russia-based Probusinessbank's (PBB) ratings at Long-term 'B-' (B minus), Short-term 'B', Individual 'D', Support '5' and National Long-term 'BB+(rus)'. The Outlooks on the Long-term and National Long-term ratings remain Stable. The Long-term, Short-term, National Long-term and Individual ratings reflect PBB's small size (by international standards), low core profitability and the significant costs and operational risks arising from its ambitious strategy for expansion into new regions (through acquisitions) and business areas. They also take into account its currently adequate, albeit declining, capitalization. At end-2004 PBB introduced simplified risk management procedures to accelerate the expected growth of lending; however, they are yet to be tested for a material increase in the client base. Upward pressure on PBB's ratings could result from a substantial increase in the bank's size and franchise without asset quality deterioration, a reversal of downward capitalization trends and a significant improvement in core profitability. Downward pressure could be caused by a significant deterioration in asset quality, further deterioration of capital ratios or a substantial increase in operational risk in case of new acquisitions. PBB was established in 1993 and is one of the top 100 Russian banks by assets and equity. PBB serves medium-sized corporates and individuals in Moscow, the Volga region and Ekaterinburg (the latter two regions covered by acquired banks), and aims to further develop its retail and SME lending, in particular in Russian regions. PBB is majority-owned by its management. CONTACT: FITCH RATINGS Olga Budovnits Alexei Kechko James Watson, Moscow Phone: +7 095 956 99 01 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business -------------------------------------------------------- The Arbitration Court of Arkhangelsk region commenced bankruptcy proceedings against Sel-Khoz-Khimiya after finding the open joint stock company insolvent. The case is docketed as A-28-74/03-202/24. Mr. Y. Shishkov has been appointed insolvency manager. A hearing will take place on November 24, 2005, 2:00 p.m. CONTACT: SEL-KHOZ-KHIMIYA 165210, Russia, Arkhangelsk region, Ustyanskiy region, Agrokhimikov Str. 1a Mr. Y. Shishkov Insolvency Manager 160004, Russia, Vologda, Post User Box 18 SPETS-TRANS-STROY: Bankruptcy Hearing Set December -------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region has commenced bankruptcy supervision procedure on limited liability company Spets-Trans-Stroy. The case is docketed as A-75-6833/2005. Ms. N. Furman has been appointed temporary insolvency manager. A hearing will take place on December 26, 2005, 10:15 a.m. CONTACT: SPETS-TRANS-STROY 628404, Russia, Khanty-Mansiyskiy autonomous region - Yugra, Tyumen region, Surgut, Gubkina Str. 18, 1 Ms. N. Furman Temporary Insolvency Manager 628414, Russia, Tyumen region, Surgut, Griboedova Str. 1, Apartment 77 The Arbitration Court of Khanty-Mansiyskiy autonomous region: Russia, Khanty-Mansiyskiy autonomous region, Tyumen region, Khanty-Masiysk, Lenina Str. 54/1 TERMINAL-CENTRE: Names I. Gridneva Insolvency Manager ----------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision procedure on limited liability company Terminal-Centre. The case is docketed as A12-12309/05-s58. Ms. I. Gridneva has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 400001, Russia, Volgograd, Balakhninskaya Str. 4. A hearing will take place on October 27, 2005. CONTACT: TERMINAL-CENTRE 400131, Russia, Volgograd region, Naberezhnaya 62y Armii, cafe Old Castle Ms. I. Gridneva Temporary Insolvency Manager 400001, Russia, Volgograd region, Balakhninskaya Str. 4 YUKOS OIL: May Sell Certain Units --------------------------------- Yukos Oil said it's willing to sell some of its oil production units if Russian authorities approve, but that is excluding its Tomskneft and Samaraneftegaz subsidiaries, Platts reports. Yukos targets a combined output for both units at 20 to 30 million metric tons per year over the next five years. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection in December 2004 (Bankr. S.D. Tex. Case No. 04-47742). A few days after, its main production unit Yugansk was sold by the government to a little-known firm OOO Baikalfinansgroup for US$9.35 billion. The sale was aimed at paying for a US$27.5 billion tax bill for 2000-2003. Its bankruptcy case was dismissed in February. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. 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: Old Mutual Bid Unappealing to Investors ---------------------------------------------------------- With respect to the public offer by Old Mutual plc, the board of Skandia Insurance Co. Ltd. has considered the Offer not attractive for Skandia's shareholders. The Board therefore advises the shareholders of Skandia against accepting the Offer. A minority within the Board has a dissenting opinion and recommends that the shareholders accept Old Mutual's offer. All of the directors on Skandia's board have expressed their view of the Offer. However, Skandia's board will confirm in writing to Old Mutual that Skandia will not take any action to frustrate the Offer, that Skandia will not seek alternative bidders, that Skandia will cooperate in general with Old Mutual in the preparation of the prospectus and filings for regulatory approvals, and that Skandia in other respects will continue to comply with applicable laws and regulations. Taking into account the business plan for the years 2005-2007 and the Turbo plan, Skandia has, for the shareholders, employees and customers, such a promising future as a stand-alone company. Old Mutual's Offer is not attractive from a financial perspective since it, in its structure, undervalues Skandia's market position, underlying strategic value and attractive growth opportunities. A combination of Old Mutual and Skandia also lacks industrial logic in many respects. The operational synergies are limited, since the companies have marginal overlapping activities. The synergies anticipated by Old Mutual can largely be carried out by Skandia on its own. This applies especially to the reduction of costs at the head office and in the U.K., as well as savings through outsourcing of certain functions. In recent years, Skandia has been forced to focus on the wrong things, and much energy has been spent on dealing with previous years' affairs and prolonged structural discussions. As a result, the normal business operations have suffered. Further, the work on the fundamental strategic overhaul has taken up much of management's resources. Now that management can once again channel its energy into developing Skandia's business, Skandia is in the midst of an interesting phase of development, with rising sales figures, market shares and customer satisfaction. The present value of new business (VNB) for unit linked assurance and funds under management rose substantially in 2004 and the first half of 2005, with a significant recovery in the Swedish market, stronger market positions in the U.K., Asia Pacific & Offshore division, and rapidly rising profitability and growth in Continental Europe. Moreover, through the Turbo plan, Skandia can achieve substantial efficiencies in, among other things, IT, fund selection and administration, and reduce joint group expenses and find new forms of working to achieve greater sharing of knowledge and better resource utilization. Skandia's favorable growth is now balanced, with good control over cash flows in the company's main markets in Sweden and the U.K. As shown in the business plan, this trend can be expected to continue. In combination with the measures identified in the Turbo plan, this creates a strong foundation for increasing the company's profitability and growth in the years immediately ahead. Skandia is active in the market for savings products, where demand is expected to continue growing strongly. This applies especially in the product areas in which Skandia has a presence. Consolidation in the industry in these areas is therefore not expected to be imminent, which is why a niche player like Skandia has very good prospects to continue growing organically. Skandia has a good financial position. Through continued, balanced growth and the announced efficiency-improvement measures, Skandia's cash flow from operating activities is expected to be positive starting in 2007. The balance sheet is judged to be sufficiently strong to finance the growth projections in the business plan and to meet changes in legislation and rules regarding capital adequacy and solvency, which may be adopted and enacted in the immediate future. Old Mutual has indicated an open position to SkandiaBanken's future strategic potential and, in view of the prospective new group's balance sheet, has indicated that SkandiaBanken may be divested. SkandiaBanken, with its large customer base and attractive offering, plays a key role in Skandia's strategy for Sweden, which Skandia's management has formulated over a couple of years and which entails an integration of the group's operations with a broad and uniform customer offering. Hence, SkandiaBanken is of major significance for Skandia's growth opportunities in the Nordic region. A sale of SkandiaBanken would tangibly worsen the prospects for the new group's future development in the Nordic market. Currently, Skandia has approximately 1.8 million customers in Sweden. The group as a whole (including Skandia Liv) manages approximately SEK800 billion of assets on behalf of its customers. Nearly 50% of this relates to customers' savings in Sweden within unit linked assurance, traditional life assurance and banking. A negative reaction from these customers, which has already been noticed since Old Mutual's ambition to acquire Skandia became known, could lead to decreased profitability, particularly in the Nordic operations. Nor can it be disregarded in this context that by virtue of its assets under management, Skandia Liv is a significant player in the Nordic capital market. The value of the Offer is too low. This applies especially considering the fact that the life assurance industry in the Western world has just recovered from an all-time-low with respect to valuation levels and is now at the average of the last ten years' valuation multiples. Added to this are the substantial internal problems that have existed in recent years and which have affected Skandia's valuation. The Offer contains a relatively high proportion of shares as consideration, which means that its value is directly affected by changes in Old Mutual's share price. It is therefore important to evaluate Old Mutual and Old Mutual's stock. An overwhelming proportion of Old Mutual's profit, cash flow and embedded value are attributable to the company's South African business. The stock's valuation is thereby exposed to the development of South Africa's currency, the brand, and ultimately it is strongly dependent on political and economic developments in South Africa. The risks of Old Mutual's strong dependence on the South African market are further elevated by the fact that South Africa still has foreign exchange controls that can restrict major transfers from South Africa, such as financing a possible capital contribution to Skandia. Additionally, it can be noted that Old Mutual, like Skandia, has a broadly based ownership structure and lacks a distinct principal owner. Following an acquisition of Skandia, Old Mutual's financial position would be weakened. The new group's debt-equity ratio would be higher than what Skandia's debt-equity ratio currently is, and its fixed charge cover would be lower than what Skandia's is. For Old Mutual, a maintained credit rating is important in view of its US life business, which moreover, is still capital intensive. Taken together, this entails a risk that Old Mutual would not have the capacity to invest more capital and resources in Skandia compared with what Skandia independently would have the opportunity to do. It can also be noted that cash flow from Old Mutual's South African business may be adversely affected by the dividend tax of 12.5% that is payable on net dividends paid out by companies in South Africa. In the Board's view, the fairness opinion issued by ABN AMRO takes insufficient account of Skandia's potential and future business opportunities. 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 SKANDIA INSURANCE: Old Mutual to Pursue Bid Despite Initial Snub ---------------------------------------------------------------- This announcement and the information contained herein are restricted and are not for release, publication or distribution, in whole or in part, in or into the United States, Canada, Australia or Japan. Old Mutual has noted the recent announcement by the Board of Skandia regarding its offer. Old Mutual remains of the view that in a consolidating financial services market, the industrial logic of combining these two groups is compelling, providing prospects of enhanced growth with reduced risk for all shareholders. Old Mutual welcomes the publication of the independent fairness opinion by ABN Amro, commissioned by Skandia's Board in relation to the Offer, which concludes that Old Mutual's Offer is fair from a financial point of view. Old Mutual is pleased that the Board of Skandia has undertaken to cooperate in the preparation of the regulatory filings and the prospectus, which will contain full details of the Offer and is expected to be published in mid October. Jim Sutcliffe, Chief Executive of Old Mutual says: "We have met with holders of more than 60% of Skandia's shares in recent weeks and received positive indications on the merits of our proposal from a vast majority of 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 =========================== U N I T E D K I N G D O M =========================== AZURE INTEGRATION: Hires Administrators from Menzies ---------------------------------------------------- Paul David Williams and Andrew Gordon Stoneman (IP Nos 9294, 8728) of Menzies Corporate Restructuring were appointed administrators of Azure Integration Limited (Company No 05118201) on Sept. 12. The company's registered office is at 29-30 Fitzroy Square, London W1T 6LQ. Based in the United Kingdom and operating from offices in Chester and London, Azure Integration is entirely focused on addressing t he complete needs of ICT lifecycle requirements. Visit http://www.azureintegration.com/for more information. CONTACT: AZURE INTEGRATION LIMITED Glyn House City Road London EC1Y 2AA Phone: + 44 (0) 8700 850 860 Fax: +44 (0) 207 689 8427 MENZIES CORPORATE RESTRUCTURING 43/45 Portman Square London W1H 6LY Phone: 020 7487 7240 BEAVERS RECRUITMENT: Administrators from Tenon Recovery Move in --------------------------------------------------------------- Carl Stuart Jackson and Tina Yearsley (IP Nos 8860 and 9298) of Tenon Recovery were appointed joint administrators of Beavers Recruitment Limited (Company No 2702238) on Sept. 12. The company's registered office is at 29 Devizes Road, Swindon, Wiltshire SN1 4BG. CONTACT: BEAVERS RECRUITMENT LTD. 140 Victoria Road, Swindon, Wiltshire SN1 3BU Phone: 01793430007 TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com BLACKAMBER BOOKS: Names Baker Tilly Liquidator ---------------------------------------------- R. Hudson, Chairman of Blackamber Books Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at Baker Tilly, 1st Floor, 5 Old Bailey, London EC4M 7AF. Karl Christopher Holmes and Peter John Robertson Souster of Baker Tilly, 1st Floor, 5 Old Bailey, London EC4M 7AF were appointed liquidators. The company was launched in 1998. It is home for fresh talent, and in particular, unpublished second and third generation British and European writers. Visit http://www.blackamber.com/ for more information. CONTACT: BLACKAMBER BOOKS LTD. 3 Queen Square London WC1N 3AU United Kingdom E-mail: information@blackamber.com Phone: +00-44-0207-278-2488 +00 44 0207 278 8864 BAKER TILLY Web site: http://www.bakertilly.co.uk BOXSTAR LIMITED: Business for Sale ---------------------------------- The Joint Administrators, Michael Horrocks, Russell Cash, Stuart Maddison and Colin Haig offer for sale the business and assets of this manufacturer of print, packaging and label products. The business has a blue chip customer base and operates four independent leasehold factories: (a) a wet glue label manufacturing operation in Accrington with around GBP3 million in turnover, and 41 employees; (b) FMCG packaging operation in Leeds with around GBP9 million in turnover, and 73 employees; (c) Self adhesive label manufacturing operation in Leicester with around GBP7 million in turnover, and 62 employees; and (d) premium packaging manufacturing operation in Maidenhead with around GBP12 million in turnover, and 149 employees. CONTACT: PRICEWATERHOUSECOOPERS LLP 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Phone: [44] (161) 236 9191 Fax: [44] (161) 247 4000 (ABAS) 245 2902/3/6/7 (TLS) 245 2910(MCS) 245 2905 (FAS) Web site: http://www.pwcglobal.com Elliot Sprotson Phone: 0161 245 2391 Fax: 0161 245 2828 E-mail: elliot.sprotson@uk.pwc.com CAXTON SHOE: Calls in Liquidators from Hawdon Bell & Co. -------------------------------------------------------- P. R. A. Winfield, Chairman of The Caxton Shoe Company Limited, informs that extraordinary resolution to wind up the company was passed at an EGM held on Sept. 7 at 4 Northumberland Place, North Shields NE30 1QP. John Bell and Simon John Lundy of Hawdon Bell & Co, 4 Northumberland Place, North Shields NE30 1QP were appointed liquidators. CONTACT: CAXTON SHOES 30 King Street, South Shields, Tyne And Wear NE33 1HU Phone: 01914563771 HAWDON BELL & CO. 4 Northumberland Place North Shields Tyne And Wear NE30 1QP Phone: 0191 257 7113 Fax: 0191 296 2034 E-mail: jbell@hawdonbell.co.uk COLDSEAL LIMITED: Collapse Inevitable ------------------------------------- The winding-up of Coldseal Limited will no longer surprise the industry, said ICC Credit. With 92 County Court Judgments totaling more than GBP199,000 against the firm, its liquidation will not also shock disgruntled clients left with defective windows and doors. Matthew Debbage, Head of Product and Marketing of ICC Credit, said: "This is a sorry tale of an unscrupulous company that carried on trading when all indications, such as the 92 CCJs, and the lack of customer satisfaction, suggested they should have stopped." The company, which has boasted to be one of U.K.'s leading replacement windows, doors and conservatories manufacturers, started in 1990. It claims to have installed over 1 million windows, doors, patio doors and conservatories for more than a quarter of a million delighted customers. Mr. Debbage's message to customers: "We suggest consumers wanting to make large purchases, such as new windows for the house, check on the credit status of the company initially and if uncertain - switch suppliers." CONTACT: COLDSEAL LIMITED Mansfield Road, Alfreton Derbyshire DE55 7JQ Phone: 01773833000 COLLINS & AIKMAN: C&A Europe's Schedules of Assets, Debt -------------------------------------------------------- A. Real Property $0 B. Personal Property B.9 Insurance Policy Interests unknown B.12 Stock Interests Investment in C&A Gibraltar Limited 120,915,758 Others unknown B.15 Accounts Receivable C&A Gibraltar Limited, Intercompany 41,558,380 C&A Products Co., Intercompany 64,160 TOTAL SCHEDULED ASSETS $162,538,298 ============= C. Property Claimed as Exempt Not applicable D. Secured Claims JPMorgan Chase Bank NA $473,000,000 JPMorgan Chase Bank NA 108,800,000 JPMorgan Chase Bank NA 105,000,000 JPMorgan Chase Bank NA 3,378,337 JPMorgan Chase Bank NA 927,801 JPMorgan Chase Bank NA 575,828 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims BNY Midwest Trust Company 500,000,000 BNY Midwest Trust Company 400,900,000 BNY Midwest Trust Company 20,739,764 BNY Midwest Trust Company 13,429,629 C&A International Corp. 42,758,276 JPMorgan Chase Bank NA unknown TOTAL SCHEDULED LIABILITIES $1,669,509,635 =============== Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debt. (Collins & Aikman Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service, Inc., 215/945-7000) Collins & Aikman Corporation's (OTC: CKCRQ) European companies have obtained a "group wide" Administration order pursuant to the jurisdiction of the English High Court in London in July 2005. Simon Appell and Alastair Beveridge, amongst others, of Kroll U.K. have been appointed joint administrators of each of the companies. The companies included in the filing are located in the U.K., Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg, Netherlands, Spain and Sweden and have approximately 4,000 employees in 24 facilities. Collins & Aikman's European operations are expected to continue in the normal course of business without interruption while the Administrators assess appropriate options. The U.K. companies in Administration and the named Kroll Joint Administrators are: (a) Collins & Aikman Holdings Ltd. - Simon Appell, Alastair Beveridge, Gary Squires; (b) Collins & Aikman Automotive Ltd. - Simon Appell, Alastair Beveridge, Gary Squires; (c) Collins & Aikman Automotive Fabrics Ltd. - Simon Appell, Alastair Beveridge, Anne O'Keefe; (d) Collins & Aikman Automotive Trim Ltd. - Simon Appell, Alastair Beveridge, Andrew Pepper; (e) AS Collins & Aikman UK Ltd. - Simon Appell, Alastair Beveridge, Andrew Pepper; and (f) Collins & Aikman Automotive UK Ltd. - Simon Appell, Alastair Beveridge, Andrew Pepper. The rest of the European units in administration and the named Kroll Joint Administrators are: (a) [Spain] Collins & Aikman Automotive Systems SL - Simon Appell, Alastair Beveridge, Gary Squires; (b) [Austria] Collins & Aikman Products GmbH - Simon Appell, Alastair Beveridge, Gary Squires; (c) [Sweden] Collins & Aikman Holding AB - Simon Appell, Alastair Beveridge, Gary Squires; and Collins & Aikman Automotive Systems AB - Simon Appell, Alastair Beveridge, Gary Squires; (d) [Germany] Collins & Aikman Automotive Holding GmbH - Simon Appell, Alastair Beveridge, Gary Squires; Collins & Aikman Automotive Systems GmbH - Simon Appell, Alastair Beveridge, Gary Squires; Collins & Aikman Automotive Trim GmbH - Simon Appell, Alastair Beveridge, Gary Squires; and Dura Convertible Systems GmbH - Simon Appell, Alastair Beveridge, Gary Squires; (e) [Belgium] Collins & Aikman Automotive Trim B.V.B.A . - Simon Appell, Alastair Beveridge, Gary Squires; (f) [Italy] Collins & Aikman Automotive Systems (Italy) S.r.l. - Simon Appell, Alastair Beveridge, Gary Squires; Collins & Aikman Automotive Holdings (Italy) S.r.l. - Simon Appell, Alastair Beveridge, Gary Squires; and Collins & Aikman Automotive Company Italia S.r.l. - Simon Appell, Alastair Beveridge, Gary Squires; (g) [Netherlands] Collins & Aikman Holdings B.V. - Simon Appell, Alastair Beveridge, Gary Squires; Collins & Aikman Automotive Trim B.V. - Simon Appell, Alastair Beveridge, Gary Squires; Collins & Aikman Europe B.V. - Simon Appell, Alastair Beveridge, Gary Squires; and Collins & Aikman Automotive Floormats Europe B.V. - Simon Appell, Alastair Beveridge, Gary Squires; (h) [Czech Republic] Collins & Aikman Automotive s.r.o - Simon Appell, Alastair Beveridge, Gary Squires; and (i) [Luxembourg] Collins & Aikman Europe S.A. - Simon Appell, Alastair Beveridge, Gary Squires, Phillip Sykes. Additional information regarding the European group wide Administration is available at http://www.collinsaikmaneurope.com/and information regarding the Chapter 11 reorganization at http://www.collinsaikman.com For more information, call the Company's toll-free Reorganization Information Line at 1-866-795-7641 or for international callers +1 310-432-4170. CONTACT: COLLINS & AIKMAN EUROPE Web site: http://www.collinsaikmaneurope.com Financial Dynamics Phone: +44 (0)20 7269 7167 Lucy Thom Phone: +44 (0)7712 174690 Nigel O'Connor Phone: +44 (0)7968 095770 E-mail: collinsandaikman@fd.com KROLL EUROPE, MIDDLE EAST & AFRICA 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com CUSTOM NETWORK: Hires Liquidator from Alexander Lawson & Co. ------------------------------------------------------------ The Custom Network Cabling Company Limited informs that extraordinary resolution to wind up the company was passed at an EGM held on Sept. 8 at 641 Green Lanes, London N8 0RE. Ninos Koumettou of Alexander Lawson & Co, 641 Green Lanes, London N8 0RE was appointed liquidator. CONTACT: THE CUSTOM NETWORK CABLING CO LTD. 97 Middleton Avenue, London E4 8EF Phone: 02085237796 ALEXANDER LAWSON & CO. 641 Green Lanes London N8 0RE Phone: 020 8348 0183 Fax: 020 8340 9115 DOUBLEDRIVE ENGINEERING: In Administrative Receivership ------------------------------------------------------- M. D. Charlton appoints Peter Kubik and Ladislav Hornan (Office Holder Nos 9220 and 2059) of UHY Hacker Young were appointed joint administrative receivers of Doubledrive Engineering Limited (Reg No 03041286) on Sept.12. The company maintains and repairs motors. Its trading name is Doubledrive Engineering Limited. CONTACT: DOUBLE DRIVE ENGINEERING LTD. 1-5 Johnsons Way, London NW10 7PF Phone: 02084530409 UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 ELAN SYSTEMS: Industrial Washing Machine Maker Winds up ------------------------------------------------------- J. E. Nanson, Chairman of Elan Systems [Coventry] Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at 3 Chapel Court, 42 Holly Walk, Leamington Spa, Warwickshire CV32 4YS. David Halstead Bottomley of Bottomley & Co, 3 Chapel Court, 42 Holly Walk, Leamington Spa, Warwickshire CV32 4YS was appointed liquidator. Elan Systems has been in existence for 30 years, starting as Elan Pressure Clean, later renamed to Reiss Elan, and afterwards to Valiant Elan. It now specializes in Wash and Deburr technology, supplying dynamic solutions for the ultimate in component washing, superwashing and deburring. It also provides service, spares and technical support to all machines supplied. Elan Systems' European headquarters are still based at Coventry, England. Visit http://www.elansystems.co.ukfor more information. CONTACT: ELAN SYSTEMS (COVENTRY) LTD. 21a Bayton Road Exhall Coventry Warwickshire CV7 9EJ United Kingdom Phone: +44 (24) 7636 6299 BOTTOMLEY & CO 3 Chapel Court 42 Holly Walk Leamington Spa Warwickshire CV32 4YS Phone: 08700 676767 Fax: 08700 676768 E-mail: david@3chapelcourt.com ESNA LIMITED: Software Consultancy Firm Liquidates -------------------------------------------------- Eric Stewart, Chairman of ESNA Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 14 at Regus, Lakeside House, 1 Furzeground Way, Stockley Park East, Uxbridge, Middlesex UB11 1BD. Robert Day of Robert Day and Company Limited, Garfield, Church Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL was appointed liquidator. ESNA Limited was founded in 1998. It provides application development, consultancy and managed services specifically within the IBM Community. Its core expertise lies within Lotus Domino, IBM DB2, and Websphere technologies. Its customers included St. Helens Metropolitan Council, Envirowise, Autotype, Agfa, Contact Music, Contact Phones, RMC. Visit http://www.esna.co.uk/for more information. CONTACT: ESNA LIMITED 2nd Floor, 145-157 St John Street London, EC1V 4PY Phone: +44 (0) 845 4 900 161 Fax: +44 (0) 870 762 3212 Mobile: +44 (0) 7710 511 054 Contact: Eric Stewart, Chairman Mark Kenworth FURNITURELAND LIMITED: Founder as Consumer Demand Falls ------------------------------------------------------- Administrators from Ernst & Young LLP were appointed to Furnitureland Limited and Furnitureland Holdings Limited on 22 September 2005. Furnitureland Holdings Limited is a holding company, trading through Furnitureland Limited. Furnitureland Limited has for some time struggled in the face of increasing competition and, more recently, weaker retail trading, as U.K. consumer demand has fallen. Furnitureland Limited operates from 28 stores and employs around 500 people. One of the joint administrators, Alan Hudson, said: "It is very important that customer orders are fulfilled and we are working with the companies' supplier base, which is being supportive, to achieve this. "For customers who have paid for their goods in full or in part and where the goods have been already delivered to a Furnitureland store or warehouse, these will be delivered to customers as soon as any outstanding balance has been paid and a delivery date has been arranged. Customers should contact the Furnitureland store where they made their original purchase to arrange a delivery. "For customers whose goods are not available for delivery, every effort will be made to try and secure the goods ordered from the manufacturers involved. If this is not possible, customers will be offered similar goods at a 10% discount. In those circumstances, the customer deposit will be honored. Customers should contact the Furnitureland store where they made their original purchase to arrange a delivery." The Administrators wish to minimize the disappointment and financial loss of any customers by dealing individually with each customer's situation. Customers should contact the Furnitureland store where they made their original purchase by Wednesday, 5 October 2005. The stores have re-opened Saturday for customers with outstanding orders to meet with Furnitureland staff to discuss their individual situation. The stores will not be open for general trade. CONTACT: FURNITURELAND LIMITED 9th Floor, Yeoman House 57-63 Croydon Road London SE20 7TP Phone: 44 20 8768 7100 Fax: 44 20 8768 7130 Web site: http://www.furnitureland.co.uk Vicky Conybeer, Media Relations Ernst & Young Phone: 020 7951 0868 or 07870 635196 Anna White, Media Relations Ernst & Young Phone: 020 7951 0813 or 0777 960 1134 GRAHAM PRECISION: Names KPMG Liquidator --------------------------------------- J. G. R. Bowmaker, Chairman of Graham Precision Pumps Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 13 at KPMG LLP St James' Square, Manchester M2 6DS. Francis Graham Newton and Brian Green of KPMG were appointed liquidator. Graham is an international supplier of Vacuum Pumps and Systems. It has thousands of installations in over 65 countries. Graham employs 400 people in five locations: Graham Corporation, Balavia, U.S.A.; Graham Precision Pumps Ltd., Congleton, U.K.; Graham Houston, U.S.A.; Graham California, U.S.A.; Graham Vakuum Technik GmbH, Cologne Germany. CONTACT: GRAHAM PRECISION PUMPS LTD. The Forge, Forge Lane Congleton CW12 4HG Cheshire Phone: 01260 274721 Fax: 01260 276965 Web site: http://www.grahamvt.com KPMG LLP 1 The Embankment Neville Street Leeds West Yorkshire LS1 4DW Phone: 0113 231 3332 Fax: 0113 231 3183 E-mail: richard.fleming@kpmg.co.uk IN-MOTION PICTURES: Calls in Administrators from Tenon Recovery --------------------------------------------------------------- Simon Robert Thomas and Steven John Parker (IP Nos 8920 and 8989) of Tenon Recovery were appointed joint administrators of In-Motion Pictures Limited (Company No 01338616) on Sept. 13. The company's registered office is at 5 Percy Street, London W1T 1DG. The company produces and distributes motion pictures. CONTACT: IN-MOTION PICTURES LTD. 5 Percy Street London W1T 1DG Phone: (020) 7467 6880 Fax: (020) 7467 6890 TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com I S NETWORKING: In Liquidation ------------------------------ A. Bird, Chairman of I S Networking Solutions Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY. Keith Aleric Stevens of Wilkins Kennedy, Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY was appointed liquidator. I S Networking is a one-stop-shop for I.T., hardware supplies and technical support requirements. Visit http://www.isns.co.ukfor more information. CONTACT: I S NETWORKING SOLUTIONS LIMITED Unit 3, Thorpe Court, Thorpe Park Industrial Estate, Egham, Surrey TW20 8RX Phone: 01784 220010 Fax: 01784 436224 E-mail: info@isns.co.uk WILKINS KENNEDY Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY Phone: +44 (0) 1784 435561 Fax: +44 (0) 1784 430584 E-mail: egham@wilkinskennedy.com Web site: http://www.wilkinskennedy.com KINGSTON INTERNATIONAL: Hires Kroll Limited as Administrator ------------------------------------------------------------ David Whitehouse and Simon Wilson (IP Nos 008699 and 008963) of Kroll Limited were appointed joint administrators of Kingston International Construction Limited (Company No 4717556) on Sept. 14. The company's registered office is at 6-8 Humber Street, Hull, East Yorkshire HU1 1TG. Kingston International is into general construction and civil engineering. CONTACT: KINGSTON INTERNATIONAL CONSTRUCTION LTD. Humber St. Hull HU1 1TG Phone: 01482 322133 KROLL LIMITED The Observatory Chapels Walk Manchester Greater Manchester M2 1HL Phone: 0161 838 4500 Fax: 0161 838 4501 MARCONI CORPORATION: Takeover Talks Plain Speculation ----------------------------------------------------- An industry source has dismissed recent market speculation of a 325-pence-a-share offer for Marconi Corp. plc. According to Reuters, the source believes that Marconi shares, which rose almost 7% Friday amid the rumor, were simply recovering losses incurred the day before. While Marconi refused to comment on the matter, dealers believed the approach could have come from Chinese partner Huawei Technologies. In August, discussions between the two companies were widely speculated to result in a takeover, valuing Marconi at more than GBP600 million (EUR864 million). In September, Marconi confirmed it was still in talks with possible buyers, but did not name names or provide details. Aside from Huawei, another Chinese firm ZTE Corp, and European telecoms groups Ericsson, Siemens and Alcatel are also said to be interested in Marconi. Headquartered in Warwickshire, Marconi is a former broad-based industrial concern, which transformed itself into a telecoms equipment maker hoping to benefit from the dotcom boom. When the technology bubble collapsed four years ago, Marconi shocked the market with a profits warning that cut much of its share value. In an effort to avoid collapse, the company entered into a scheme of arrangement that made the Corp. part of the business of the new holding company. The scheme of arrangement took effect May 2003. Its efforts to recover from the crisis was dealt a blow in April when it failed to win work in BT's GBP10 billion upgrade of U.K. infrastructure. CONTACT: MARCONI CORPORATION PLC 4th Floor Regents Place 338 Euston Rd London NW1 3BT Phone: +44-20-7493-8484 Fax: +44-20-7493-1974 Web site: http://www.marconi.com Press Enquiries David Beck Phone: 0207 306 1490 E-mail: david.beck@marconi.com Investor Enquiries Heather Green Phone: 0207 306 1735 E-mail: heather.green@marconi.com Karen Keyes Phone: 0207 306 1345 E-mail: karen.keyes@marconi.com MARKET SQUARE: Files for Liquidation ------------------------------------ D. Campbell, Director of Market Square (Warminster) Ltd., informs that resolutions to wind up the company were passed at an EGM held on Sept. 15 at 40 George Street, Warminster, Wiltshire BA12 7DD. Alison M Byrne was appointed liquidator. Market Square (Warminster) Ltd. is a rural based manufacturer of wooden products -- from whole room wall paneling systems to small pine boxes. Visit http://www.net2000.co.uk/hp/market-square/for more information. CONTACT: MARKET SQUARE (WARMINSTER) LTD. Wing Farm Longbridge Deverill Warminster BA12 7DD Wiltshire Phone: 01985 841041 Fax: 01985 841042 MEGCOM SOLUTIONS: Calls in Liquidator ------------------------------------- R. Ngun, Chairman of Megcom Solutions Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 7 at Novotel, Wilsons Lane, Longford, Coventry, Warwickshire CV2 6HL. T. Papanicola was appointed liquidator. Visit http://www.megcom.co.uk/for more information. CONTACT: BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 E-mail: tp@bondpartners.co.uk PREMIER ASPECTS: Administrators from Baker Tilly Move in -------------------------------------------------------- Adrian David Allen and Philip Edward Pierce (IP Nos 8740 and 9364) of Baker Tilly were appointed administrators of Premier Aspects Limited (Company No 02432335) on Sept. 9. The company is into plastic printing. CONTACT: PREMIER ASPECTS LTD. 53 East Moors Road, Cardiff, Mid Glamorgan CF24 5PA Phone: 02920442400 BAKER TILLY 2 Whitehall Quay, Leeds LS1 4HG Phone: 0113 285 5000 Fax: 0113 285 5001 Web site: http://www.bakertilly.co.uk REDTEN COMPUTERS: Falls into Administration ------------------------------------------- Redten Computers has called in administrator from PKF, according to Daily Post. The Wirral-based company is famous for its touch-screen Howie computers. In February, it announced a team-up with Tesco to install state-of-the-art photo developing kiosks in their stores that allow people to print images stored in digital cameras. The service is hoped to double the company's turnover this year. Last year's turnover reached GBP2 million. Nick Ikin, senior manager at PKF, said they do not know yet the reason for the firm's demise. PKF is already in talks with a potential buyer for the firm, which it revealed only as a South East-based company operating in the electronics industry. Mr. Ikin doubts there would be enough left to pay unsecured creditors -- about 400 trade suppliers -- from the sale of the business. Howard Matthews is the company's managing director. CONTACT: PKF Farringdon Place, 20 Farringdon Road, London EC1M 3AP Phone: 020 7065 0000 Fax: 020 7065 0650 E-mail: info.london@uk.pkf.com Web site: http://www.pkf.co.uk ROBERT BAILEY: Administrators from Elwell Watchorn Enter Firm ------------------------------------------------------------- Ronald Stanley Harding and David John Watchorn (IP Nos 2123 and 8686) of Elwell Watchorn & Saxton LLP were appointed joint administrators of Robert Bailey Healthcare Limited (Company No 04529131) on Sept. 6. The company's registered office is at Unit 6, Heapham Road Industrial Estate, Sanders Way, Gainsborough, Lincolnshire DN21 1PZ. Robert Bailey manufactures and retails medical products. CONTACT: ROBERT BAILEY HEALTHCARE LTD. Unit 6, Heapham Road Industrial Estate, Gainsborough, DN21 1RZ Phone: +44 (0) 1427 677559 Fax: +44 (0) 1427 677654 Web site: http://www.millpledge.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 ROY HOLLINGWORTH: Names Poppleton & Appleby Liquidator ------------------------------------------------------ S. Godsman, Director of Roy Hollingworth Furniture Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 14 at 32 High Street, Manchester M4 1QD. Stephen Lord and Stephen James Wainwright of Poppleton & Appleby, 32 High Street, Manchester M4 1QD were appointed Joint Liquidators. Roy Hollingworth Ltd. is a family-run business that manufactures hand-built quality leather sofas and chairs. Visit http://www.royhollingworth.co.uk/for more information. CONTACT: ROY HOLLINGWORTH LTD. The Old Firestation Rochdale Road Todmorden West Yorkshire OL14 7NA Phone/Fax: 01706 815014 POPPLETON & APPLEBY 32 High Street Manchester Greater Manchester M4 1QD Phone: 0161 834 7025 Fax: 0161 833 1548 E-mail: insol@pandamanchester.co.uk SECURITY CONSCIOUS: Calls in Liquidator from Milner Boardman ------------------------------------------------------------ K. Rainford, Director of Security Conscious Limited, informs that extraordinary and ordinary resolutions were passed at an EGM held on Sept. 6 at Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG. Colin Burke of Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG was appointed liquidator. CONTACT: SECURITY CONSCIOUS LTD. 61 Blythswood Street, Aigburth, Liverpool, Merseyside L17 7DE Phone: 0151-707-2112 MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk SOL GAS: Hamiltons Liquidator Takes over Firm --------------------------------------------- B. McGuinness, Chairman of Sol Gas Installations Limited, informs that extraordinary and ordinary resolutions to wind up the company were passed at an EGM held on Sept. 5 at Berkley Hotel, Doncaster Road, Scunthorpe, South Humberside DN15 7DS. A. Graham of Hamiltons Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT was appointed liquidator. CONTACT: SOL GAS INSTALLATIONS LTD. 10 Market Place, Crowle, Scunthorpe, South Humberside DN17 4LA Phone: 08000283816 HAMILTONS INSOLVENCY PRACTITIONERS LTD. Omega Court 368 Cemetery Road Sheffield South Yorkshire S11 8FT Phone: 0114 268 3336 Fax: 0114 268 0611 E-mail: adrian@hamiltonsuk.com SPARKLE GIFTWARE: Files for Liquidation --------------------------------------- S. Foster, Chairman of Sparkle Giftware Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 13 at The Georgian House Hotel, 34 Ashbourne Road, Derby DE22 3AD. A. Graham of Hamilton Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT was appointed liquidator. The appointment was confirmed at a Meeting of Creditors held on the same day. CONTACT: HAMILTONS INSOLVENCY PRACTITIONERS LIMITED Omega Court, 368 Cemetery Road Sheffield S11 8FT SPICE HQ: Appoints Saud & Company Liquidator -------------------------------------------- M. Razzaq, Chairman of Spice Hq Slough Limited, informs that extraordinary resolution to wind up the company was passed at an EGM held on Sept. 2 at 105-111 Euston Street, London NW1 2EW. Salman Saud of Saud & Company, 105-111 Euston Street, London NW1 2EW was appointed liquidator. CONTACT: SPICE HQ (SLOUGH) 110 Stoke Road, Slough, Berkshire SL2 5AP Phone: 01753553455 SAUD & COMPANY 105-111 Euston Road London NW1 2EW Phone: 020 7387 7761 Fax: 020 7387 8009 TECHNICAL PRODUCT: Appoints P&A Partnership Administrator --------------------------------------------------------- Robert Michael Young and Ian Michael Rose (IP Nos 7875 and 9144) of Poppleton & Appleby were appointed joint administrators of Technical Product Solutions Limited (Company No 04039653) on Feb. 21. The company manufactures metal products. Its registered office is at Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent, Staffordshire ST3 6HP. The company is a manufacturing business based in South Wales, UK. Visit http://www.tps-ltd.com/for more information. CONTACT: TECHNICAL PRODUCT SOLUTIONS LIMITED Merthyr Tydfil United Kingdom Phone: +44 (0) 1685 377000 Fax: +44 (0) 1685 388377 E-mail: info@tps-ltd.com THE P&A PARTNERSHIP The Old Barn, Caverswall Park, Caverswall Lane Stoke on Trent ST3 6HP Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com VICTORIA FORGE: Calls in Liquidator from PwC -------------------------------------------- Victoria Forge (Nelson) Limited informs that resolutions to wind up the company were passed at an EGM held on Sept. 2. David Thornhill and Michael Horrocks of PricewaterhouseCoopers LLP were appointed Joint Liquidators. The appointment was confirmed at a Creditors Meeting held on the same day. VFN engineering is a metal fabrication manufacturing outlet, providing sub-contracting service to the aerospace, automotive and other industries. It was established in Nelson Lancashire in 1972. Visit http://www.vfnengineering.co.ukfor more information. CONTACT: VICTORIA FORGE (NELSON) LTD. Black Carr Works, Skipton Road Trawden Colne BB8 8QU Lancashire Phone: 01282 869659 Fax: 01282 865292 PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920 WALSH BUILDERS: Hires Liquidator from K. B. Stout ------------------------------------------------- The Walsh Builders Limited informs that extraordinary resolution to wind up the company was passed at an EGM held on Sept. 6 at 228 Shoreditch High Street, London E1 6PJ. K. B. Stout was been appointed liquidator CONTACT: WALSH BUILDERS 204 Stoke Newington High Street, London N16 7HU Phone: 02079233303 WHITFIELD STREET: Appoints Chantrey Vellacott Administrator ----------------------------------------------------------- William John Turner and Kevin Anthony Murphy (IP Nos 9049 and 8349) of Chantrey Vellacott DFK LLP were appointed administrators of Whitfield Street Studios Limited (Company No 03217983) on Sept. 8. The company's registered office is at Chantrey Vellacott DFK, Russell Square House, 10-12 Russell Square, London WC1B 5LF. Built in 1972 by CBS, Whitfield Street Studios is one of the world's most prominent recordings, mixing and mastering facilities in the United Kingdom. Visit http://www.whitfield-street.com/for more information. CONTACT: WHITFIELD STREET STUDIOS 31-37 Whitfield Street, London W1T 2SF Phone: +44 (0) 20 7636 3434 Fax: +44 (0) 20 7580 2219 E-mail: info@whitfield-street.com CHANTREY VELLACOTT DFK Russell Square House, 10-12 Russell Square, London WC1B 5LF Phone: 020 7509 9000 Fax: 020 7436 8884 Web site: http://www.cvdfk.com WM MORRISON: Reveals Closure Plans Amid Labor Talks --------------------------------------------------- Wm Morrison Supermarkets plc has reportedly unveiled plans to shut down three distribution depots, confirming fears of job cuts. The decision, which would affect sites in Aylesford, Bristol and Warrington, could leave 2,500 workers jobless. It came even amid talks with GMB and the Transport & General Workers unions regarding job security for the chain's distribution employees and just days after Morrison averted a three-day workers strike by agreeing to initiate national wage bargaining. The unions, which have threatened to stretch the industrial action for six days starting September 29, called Morrison's move amateurish, according to Financial Times. Reuters, in another report, quoted the company as saying: "The 2,500 people likely to be affected would be encouraged to apply for available alternative employment elsewhere within the Morrisons group, with the aim of minimizing redundancies." It confirmed that it had overcapacity in its depot operations following the sale of around 200 stores, mostly smaller Safeway outlets. Meanwhile, T&G national organizer Brian Revell, said: "With three depots and over 2,500 jobs now at risk, it would have been better had Morrisons let the talks process continue." The unions, which earlier urged the chain to bring them "some positive proposals", have accused Morrison of avoiding discussions with them over future employment levels. Morrison has been having difficulties integrating Safeway, the US$3 billion business it acquired last year, marked by five profits warning in just over a year. Since the acquisition, Morrison stocks have fallen from its lofty peak of 256 pence in April 2004 to the opening price of 180 pence in June, a whopping GBP2 billion drop in market capitalization. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.co.uk * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor AG DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Glunz AG GLUG (0) 428 (17) Kamps AG KMPSF.PK (93) 1,075 (61) Kaufring AG KAUG (19) 151 (51) Mannheimer AG (15) 879 N.A. Marbert AG MTBG (13) 144 (50) Nordsee AG (8) 195 (31) Primacom AG PRIG (106) 1,264 (50) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (38) 150 (26) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) VBH Holding AG VBHG (54) 337 (80) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (111) 974 (97) I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT N.A. 232 (321) RUSSIA ------ Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Kaba Holding AG KABZN (23) 582 260 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus System DNK.L (51) 585 82 Dawson Holdings DWN.L (19) 142 (33) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (252) Euromoney Institutional Investor Plc ERM.L (113) 236 (66) Gallaher Group GLH (492) 6,304 116 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Invensys PLC (963) 4,861 882 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (14) 321 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Partygaming Plc PRTY (405) 263 (161) PD Ports Plc PDP.L (282) 361 0 Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (35) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *