/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051003.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, October 3, 2005, Vol. 6, No. 195 Headlines B U L G A R I A MOBILTEL AD: S&P Heeds Company Request, Withdraws Ratings C Z E C H R E P U B L I C CZECH AIRLINES: Cutting Cost to Contain Industry Crisis G E R M A N Y B & B AUSBAU: Court Appoints Interim Administrator DIREKTMARKETING MBH: Claims Verification Set Next Month HARTENSTEIN INTERIEUR: Creditors' Claims Due Later this Month LPW-BLASBERG: Administrator's Report Out December SALESDESIGN GMBH: Creditors Meeting Set Mid-November WCM AG: Rebel Shareholders Demand Reorganization I R E L A N D ELAN CORPORATION: H1 Net Loss a Profit Under IFRS GLENCAR MINING: Sinks into Red in First Half K Y R G Y Z S T A N AKSELERATOR: Proofs of Claim Deadline Set BASHARAN: Creditors' Claims Due November GEB CO.: Last Day for Filing Claims November 12 N E T H E R L A N D S DAP HOLDING: Hermanus Touw Files Sec. 304 Petition in New York GETRONICS N.V.: Selling EUR150 Million Convertible Bonds KONINKLIJKE AHOLD: Board Member Benno Hoogendoorn Steps down VERSATEL TELECOM: Shareholders Back Sale of Versatel Deutschland N O R W A Y OCEAN RIG: Holders of 2004/2007 Convertible Bonds Take up Shares P O L A N D QXL RICARDO: Bar Association Sanction Against Ex-manager Upheld R U S S I A BASH-STROY: Names V. Petlin Insolvency Manager CHEBOKSARSKAYA MILL: Under Bankruptcy Supervision CHELYABINSKOYE BUILDING: Calls in Insolvency Manager ENMAS: Insolvency Manager Enters Firm KRASNYJ KLYUCH: Declared Insolvent KURSK-VOD-STROY: Hires N. Silakov Insolvency Manager LETSKIY WOOD-PROM-KHOZ: Bankruptcy Supervision Procedure Begins OAO SIBNEFT: S&P Welcomes Gazprom Offer RODINA-AGRO-INVEST: Bankruptcy Hearing Set November STARODUBSKIY HEMP: Court Brings in Insolvency Manager TYUMENSKIY TURBO-MECHANICAL: Under Bankruptcy Supervision S W I T Z E R L A N D CABLECOM HOLDING: IPO to Break Four-year Record T U R K E Y DOGAN YAYIN: On Watch Evolving After Winning Star TV Tender U K R A I N E AGROENERGOPOSTACH: Declared Insolvent DIMITRIVSKA: Under Bankruptcy Supervision GARANT: Bankruptcy Supervision Starts GORIZONT: Court Appoints Insolvency Manager GRAD: Court Appoints Insolvency Manager IMPEKS-MEDIA: Under Bankruptcy Supervision INTERUKR: Kyiv Court Opens Bankruptcy Proceedings KONAN-PLUS: Declared Insolvent KOZATSKE: Temporary Insolvency Manager Steps in LENINSKIJ RAJAGROHIM: Succumbs to Insolvency MERIDIAN: Falls into Bankruptcy NIVA: Liquidator Takes over Operations PEREMOGA: Applies for Bankruptcy Proceedings SIMFEROPOL' PERFUME: Creditors' Claims Due this Week STRUM: Kyiv Court Opens Bankruptcy Proceedings UKRAINA: Liquidator Takes over Operations U N I T E D K I N G D O M ABTEC INTERNATIONAL: Hires Administrators from Ensors ALLIANCE TELECOM: In Liquidation BOXSTAR LIMITED: Administrators from PwC Move in BROWNS TRANSPORT: Hires Liquidator from Baker Tilly CITY CARS: Goes into Liquidation COMPASS GROUP: Fitch Sees Benefit from Planned Sale of SSP CVL ACCIDENT: Goes into Liquidation FAST FRAME: Creditors Meeting Next Week FEDERAL-MOGUL: Court Amends US$9.4 Billion Liability Estimate FKI PLC: Reiterates Trading Outlook FOCUS DIY: Long-term Ratings Cut to 'B'; Underperformance Cited GOSHAWK INSURANCE: Calls off EGM After Recent Negative Events HALLCO 907: In Administrative Receivership HEAT-SEAL (LEICS): Creditors Meeting Set Friday INTERSHOP COMMUNICATIONS: Launches Up to EUR4.3 Mln Rights Issue JACOB'S WELL: Names Begbies Traynor Liquidator JARVIS PLC: Completes Financial Restructuring JBG BUILDING: Bank of Scotland Appoints Receiver KIMBERLEY INVESTMENTS: Calls in Liquidator from BWC LAB FURNISHINGS: Administrators Take over Company LINDSAY WELBECK: Files for Liquidation MAIN SQUARE: Members Opt for Liquidation OPEN WORLD: Boat Builder Goes Belly up REGAL PETROLEUM: Faces Lawsuit in Ukraine RENTOKIL INITIAL: To Close Sale of Initial Style End-November RICHARDSONS MOSS: Hires Administrators from BDO Stoy Hayward ROBERT EDWARD: Appoints Bridgestones Administrator SCRUTTON ENGINEERING: Calls in Administrators from Bridgestones SMART APPROACH: Shares Suspended; Searches for Investor SOVEREIGN SALES: Names SPW Poppleton & Appleby Liquidator STMS REALISATION: Calls in Administrators from Fanshawe Lofts UK FOODS: Names Maidment Judd Administrator WALKER MANUFACTURING: Hires Bond Partners as Administrator WHAT 4 LIMITED: Files for Liquidation WOODEN WORLD: Names BRI Business Liquidator ********* =============== B U L G A R I A =============== MOBILTEL AD: S&P Heeds Company Request, Withdraws Ratings --------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'BB+' long-term corporate credit rating on Bulgaria-based mobile telecommunications operator Mobiltel AD and 'BB+' senior secured debt rating on related entity Mobiltel Finance B.V. at the company's request. This follows completion of Mobiltel's purchase by Austria-based integrated telecoms operator Telekom Austria AG (BBB+/Stable/A-2) and the early redemption of Mobiltel Finance's EUR200 million ($241 million) notes due 2009, which have been refinanced by an intercompany loan from Telekom Austria. Mobiltel continues to benefit from a market-leading position in Bulgarian mobile telephony in terms of subscribers, revenues, and EBITDA (with a 62.4% subscriber market share at June 30, 2005). The Bulgarian mobile telephony market offers opportunities for growth in subscribers and traffic given the moderate penetration level (about 70% at June 30, 2005). 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: MOBILTEL AD 2, Kukush Street Sofia - 1309 Bulgaria Phone: +359 88 500 041, 2, 3 Fax: +359 88 500 045 E-mail: custcare@mobiltel.bg Web site: http://www.mobiltel.bg =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: Cutting Cost to Contain Industry Crisis ------------------------------------------------------- At its meeting on Sept. 21, the board of trustees of Czech Airlines discussed the company's response to the overall negative developments facing the global airline industry, primarily resulting from the continuing high and rising fuel prices. With the recent losses related both to the latest terrorism activities and the ongoing military conflicts taking place throughout the world (Sept. 11, Iraq, Egypt, London) as well as the natural disasters in Southeast Asia and in the U.S., the current oil prices and the resultant prices for jet fuel pose yet another negative factor. Together, these have lead to the prediction that the industry will once again incur losses of roughly US$7.4 billion. This is the level of losses predicted by the IATA, with an average price for oil of US$57 per barrel in 2005. Each extra dollar added to the price of oil is expected to create an additional loss of roughly US$1 billion. These developments reaffirm the warning raised by IATA Director General G. Bisignani, who referred to the current oil prices as the "fifth horse of the apocalypse," which are once again posing a threat to the profitability of the airline industry. CSA's strategies for responding to these dramatic developments within the industry, which have caused the airline's costs to soar in 2005 by more than CZK1 billion just for the cost of jet fuel, are focused around its attempt to accelerate the company's transformation. CSA is doing this by speeding up its strategic reorganization projects. These combine increased earnings with aggressive cost cutting. The expediting of the airline's conversion to more modern electronic forms of doing business and pursuing sales is focused not only on its traditional clientele but, in particular, on corporate clients and small and medium-sized businesses. These efforts include the radical expansion of its direct sales options -- especially over the Internet and are supported by changes in revenues and management and investments in new IT technologies. Altogether, these represent the set of key measures that make up the CSA business and sales transformation project. "The board of trustees looks extremely positively on the fact that the airline has been able to meet the critical milestones of its strategic projects. These projects are expected to bring in hundreds of millions of crowns -- in particular through the introduction of the latest generation of business and sales tools, starting September 1, 2005," says Eduard Janota, Chairman of the CSA Board of Trustees. He also added: "The only way to successfully face the increasing pressures of rising fuel costs and competition is to aggressively cut the airline's own costs and to introduce effective, modern technological tools at the same time." The restructuring of its foreign branches, of its businesses in the Czech Republic and Slovakia and the operations of its long-distance fleet are among the other things that are seen by CSA as ways to add an additional boost to its profitability. The company's cost-cutting projects focus on all areas of CSA's costs, including both its external suppliers as well as its own internal operations. CSA is in the process of actively reviewing almost all of its contracts, including those with major partners such as the Prague Airport, Air Traffic Control, fuel suppliers and distribution agencies. CSA is cutting its own internal costs at the same time. CSA plans to reduce its current number of suppliers from 3,500 to below 2,000. "The results from the existing projects has not only allowed us to work with the certainty of being able to surpass the projected earnings goals for 2006, as they were outlined in CSA's 2005-1015 Strategic Plan, but also, these results are having a positive impact on the current year of 2005," said CSA's Chairman of the Board and President, Jaroslav Tvrdik. He added: "If we are able to fully implement these projects, the results will allow us to eliminate the impact of the current oil price increases on our next year's financial results and they will restore CSA's profitability." The company's investment outlays were also the subject of a separate analysis, which showed that the airline will be able to save over CZK300 million more than originally forecast in its approved financial plan -- an amount representing more than 20% of CSA's total investment outlays for 2005. CSA plans to continue with additional development projects, particularly those aimed at the airline's attempt to take advantage of the growing market for charter flights, commercial activities in the area of aviation equipment servicing and maintenance and the training of crews, where the company wants to maximize the potential represented by its highly successful solicitation for medium-distance aircraft. The exceeding of the projected profitability from these business activities will also help to effectively eliminate the negative external pressures experienced by the airline during 2005. After the project aimed at the replacement of the existing turboprop aircraft, the airline's transition into modern types of aircraft in its medium-distance fleet is the next project leading to a major modernization and therefore greater cost-efficiencies for CSA's operation. CONTACT: CESKE AEROLINIE A.S. Prague Ruzyni Airport 160 08 Prague, 6, Czech Republic Phone: +42 220 104 310 Fax: +42 224 81 04 26 Web site: http://www.csa.cz ============= G E R M A N Y ============= B & B AUSBAU: Court Appoints Interim Administrator -------------------------------------------------- The district court of Frankfurt (Oder) opened bankruptcy proceedings against B & B Ausbau GmbH on Sept. 12, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 25 to register their claims with court-appointed provisional administrator Dr. Karsten Forster. Creditors and other interested parties are encouraged to attend the meeting on Nov. 29, 11:40 a.m. at the district court of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder), Saal 401, 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: B & B AUSBAU GmbH Platanenstrasse 10 15526 Bad Saarow Dr. Karsten Forster, Insolvency Administrator Herbert-Jensch-Str. 111 15234 Frankfurt (Oder) DIREKTMARKETING MBH: Claims Verification Set Next Month ------------------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against Direktmarketing mbH on Sept. 8, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 21 to register their claims with court-appointed provisional administrator Thorsten Snyders. Creditors and other interested parties are encouraged to attend the meeting on Nov. 22, 12:00 noon at the district court of Leipzig 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: DIREKTMARKETING mbH Abtnaundorfer Str. 40 04347 Leipzig Thorsten Snyders, Insolvency Manager Paulinerweg 27 04299 Leipzig HARTENSTEIN INTERIEUR: Creditors' Claims Due Later this Month ------------------------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Hartenstein Interieur Atelier Gesellschaft mit beschrankter Haftung on Sept. 12, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 24 to register their claims with court-appointed provisional administrator Thomas Schmitz. Creditors and other interested parties are encouraged to attend the meeting on Nov. 15, 11:00 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, IV. Etage, Saal 407 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: HARTENSTEIN INTERIEUR ATELIER GESELLSCHAFT MIT BESCHRANKTER HAFTUNG Im Lipperfeld 12 46047 Oberhausen Contact: Barbara Hartenstein-Berson, Manager Niederstr. 5c, 46459 Rees Thomas Schmitz, Insolvency Administrator Am Flohbusch 1 47802 Krefeld LPW-BLASBERG: Administrator's Report Out December ------------------------------------------------- The district court of Cologne opened bankruptcy proceedings against LPW-Blasberg Anlagen GmbH on Sept. 8, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 31 to register their claims with court-appointed provisional administrator Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting on Dec. 8, 9:00 a.m. at the district court of Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne, 1. Etage, Saal 142, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: LPW-BLASBERG ANLAGEN GmbH Heerdter Buschstr. 1-3 41460 Neuss Contact: Dr. Hans Peter Doehmen, Manager Dr. Joerg Nerlich Aachener Str. 563-565 50933 Cologne Phone: 0221/ 940 80 30 Fax: +492219408039 SALESDESIGN GMBH: Creditors Meeting Set Mid-November ---------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against SalesDesign GmbH on Sept. 1, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 17 to register their claims with court-appointed provisional administrator Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting on Nov. 14, 9:50 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg, Saal 1, 2. Ebene, 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: SALESDESIGN GmbH Stadtdeich 27 20097 Hamburg Contact: Wolfgang von Deuten, Manager Hendrik Rogge, Insolvency Administrator Albert-Einstein-Ring 15 22761 Hamburg Phone: 897186-0 Fax 897186-11 WCM AG: Rebel Shareholders Demand Reorganization ------------------------------------------------ On September 28, 2005, as a result of telephone calls from press agencies, we were informed that allegedly a "group of WCM shareholders" which were said to hold just under 5% of the shares in our Company were to make a public proposal for a comprehensive reorganization of the Group for leveraging the hidden reserves in the interests of shareholders. Towards 1 p.m., we received a letter from the named Dr. Walter Hess, in which he referred to a pending press conference on the subject and to which a press text was attached. Subsequently, a further press text was made available to us in which we essentially understand that this group: (a) claims to have a shareholding of almost 5% in WCM, (b) does not agree with the Management Board's program of merging WCM and Klockner, (c) wishes instead to transfer the shares, e.g. in Klockner- Werke AG to another AG as part of a spin-off, and to make the proceeds directly available to WCM shareholders Whether this group has a holding in WCM and, if so, its size we cannot say. No notification of voting rights has been submitted. Regarding the statements in the press release of the "Group" relating to assets of our Company, we must state that it has obviously been overlooked that there are considerable liabilities in the Group, which must be taken into account. Thus it is not possible to simply transfer Klockner shares to a new company or to WCM shareholders. Furthermore, we state that in addition to a merger, options on streamlining and simplifying the group structure are being examined on an ongoing basis. The Management Board will continue to take advantage of all realistic options to reduce liabilities, eliminate interconnected companies within the Group and concentrate on the highly promising Klockner-Werke AG. The Management Board CONTACT: WCM GROUP Ralph Wintermantel Phone: +49 (0) 69 90026-510 Fax: +49 (0) 69 90026-110 Hotline: 0800 7801000 E-mail: ir@wcm.de or info@wcm.de ============= I R E L A N D ============= ELAN CORPORATION: H1 Net Loss a Profit Under IFRS ------------------------------------------------- Elan Corporation plc on Thursday said that as required under the rules of the Irish Stock Exchange and U.K. Listing Authority, it will file its interim results for the six months ended June 30, 2005, prepared for the first time under International Financial Reporting Standards (IFRS), with the Irish and London Stock Exchanges this week. The Company will also provide a reconciliation between its IFRS results and its results prepared under accounting principles generally accepted in Ireland (Irish GAAP) and the United States (U.S. GAAP). On July 28, 2005, Elan reported its unaudited financial results for the second quarter and half year ended June 30, 2005, prepared under U.S. GAAP. Elan will report net income of US$789.8 million for the 6 months ended June 30, 2005 under IFRS compared to a net loss of US$258.2 million for the same period under U.S. GAAP. At June 30, 2005, shareholders' equity as recorded under IFRS was US$381.2 million compared to US$147.8 million under U.S. GAAP. Included in the net income reported under IFRS is a fair value non-cash gain of $1,092.1 million which arises from the mark-to-market of the conversion option component of 6.5% Convertible Notes which were issued by Elan in 2003 to raise US$460 million. No such gain arises under U.S. GAAP or Irish GAAP. Under IFRS, because the Notes include a cash settlement option for Elan, the conversion option is accounted for as an equity derivative and its fair value is periodically marked-to-market through the income statement. The fair value gain under IFRS arises because the fair value of the equity derivative component of the Notes declined by US$1,092.1 million during the six months ended 30 June 2005 with a consequent reduction in the liability recorded under IFRS. The decline in the fair value of the equity derivative arises from the decline in Elan's share price over this period. Copies of the above document will be submitted to the Document Viewing Facilities of the Irish Stock Exchange (the Exchange) and the Financial Services Authority (FSA) and will be available for inspection shortly at the addresses below. (a) Document Viewing Facility, Irish Stock Exchange, 28 Anglesea Street, Dublin 2 (b) Document Viewing Facility, Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS Once the interim results are filed this week with the Exchange and the FSA, the filing will be furnished to the United States Securities and Exchange Commission (SEC) on Form 6-K and can then be accessed by visiting Elan's Web site at http://www.elan.com and clicking on the Investor Relations section. About Elan Elan Corporation (NYSE: ELN), plc is a neuroscience-based biotechnology company committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet medical needs that continue to exist around the world. Elan shares trade on the New York, London and Dublin Stock Exchanges. For additional information about the company, please visit http://www.elan.com CONTACT: ELAN CORPORATION PLC Lincoln House Lincoln Place Dublin2 Ireland Phone: +353 1 709 4000 Fax: +353 1 709 4108 Web site: http://www.elan.com GLENCAR MINING: Sinks into Red in First Half -------------------------------------------- Report of Hugh McCullough, Chief Executive I am pleased to be able to report good progress on our exploration programs in Mali and Ghana, and in particular, the signing of a non-binding letter of offer from Gold Fields Limited ("Gold Fields") relating to some of our exploration licenses at Sankarani in Mali. On 23 September, we also gained admission to the AIM market of the London Stock Exchange. Mali The Sankarani project, in southern Mali, comprises four exploration concessions, covering a total area of some 1,000 square kilometers in the prospective Birimian system geological environment. Following completion of a regolith study of the entire project area last year, further geochemical sampling, trenching, geophysical interpretation and a structural/geological mapping program were carried out. Three of the initial targets defined by these programs have been brought to drill ready status and a drill rig is now being sought to commence the drill program in mid November. Further targets will be explored in detail in 2006. The area is highly prospective but only very limited advanced exploration had been carried out by the previous licensees. Following the signing by Glencar on 31 August of a non-binding letter of offer from Gold Fields, Gold Fields is in the process of completing due diligence for an agreement which will lead to it having the right to acquire up to a 65% interest in three of the four Sankarani licenses, through exploration expenditures of up to US$12 million, US$4 million of which must be spent before December 2008. Assuming satisfactory completion of due diligence and the satisfaction of the other conditions precedent, a joint venture agreement will be drawn up which will relate to the Bokoro, Sanioumale and Farasaba licenses, while Glencar will retain its existing interest in the Komana license, where drilling is scheduled to commence in November. Glencar will have management of the exploration program, at least until completion of US$2.5 million of exploration expenditures. Upon conclusion of a definitive joint venture agreement, we confidently expect an aggressive and exciting exploration program over the next twelve months or so, and, assuming positive results during that program, we are also confident that we will have one of the strongest possible partners for the ongoing development of any gold deposits which might be found through such exploration programs. Gold Fields is the world's fourth largest gold producer, with annual attributable production of more than 4.3 million ounces of gold and attributable mineral reserves of 81.5 million ounces. The company employs 48,000 people, including contractors, across its operations. We are delighted that Gold Fields has selected the Sankarani project as their first project in Mali, a country ranking fourth in Africa in terms of annual gold production, and one which is as yet, relatively under explored. The execution of this agreement with Gold Fields would represent a major step forward for Glencar. Ghana We have recently completed a helicopter-borne aeromagnetic survey over our Asheba Project in Ghana. The results of this survey have highlighted a number of targets where structural conditions suggest the potential for extensions to the mineralisation already established at Atinasi North. Field work is currently underway over several of the targets proximal to the Atinasi North Prospect and it is planned that a drilling program to include the testing of some of these targets will be commenced in late October. The picture presented by the aero magnetic results reflects the complex structural setting of the Atinasi area where there is clear potential for the discovery of a gold deposit, especially in the context of the attractive intersections already drilled there and given the very significant amount of gold seen in the area, in surface and underground artisanal workings and old colonial underground mines. Other targets generated by the aero magnetic survey will be systematically explored over the coming months. Uganda In recent months, our focus in Uganda has turned to the exploration license held by Glencar in the Tira area. The operator of the Tira Mine, which is adjacent to our EL 4705, has recently succeeded in significant expansions to the operation there, in particular the opening of an open pit to extract near surface gold reserves. Glencar has carried out geophysical surveys over the area and plans to follow up the results of that survey with some further sampling work which will be followed by drilling if warranted by the results of that program. Work on the nearby Buinja license has not yet led to the delineation of drillable targets and no further work is planned there in the short term. AIM Admission Shares in Glencar were admitted to trading on the AIM market of the London Stock Exchange on 23 September. The AIM market has in recent years become the foremost market for financing the global exploration activities of the junior to mid size exploration company. There is a strong, London based, institutional interest in the sector, which is reflected in Glencar's share register, which shows that U.K. based institutions hold almost 35% of the issued share capital of the Company. The AIM quotation will facilitate the dissemination of information and results to that London forum and will improve the marketability of, and liquidity in the Company's shares. Financial The Company's unaudited profit and loss account appended below, for the six months ended 30 June 2005 shows a loss of US$ 339,198. The Balance Sheet and Cash flow Statement appended below show figures for the six months ended 30 June 2005 but do not show comparable figures for the previous period. It is not possible to reconstruct the comparable figures for the Balance Sheet and Cash flow Statement with the required degree of accuracy. The comparable figures were not prepared at the time as they were not required under the ESM rules. We do undertake, however, to publish such comparable information for all periods henceforth in accordance with Rule 18 of the AIM Rules and Rule 18 of the IEX Rules. In July 2005, we completed a private placing of shares, which raised a total of US$1.5 million before costs, through the issue of 33,295,500 new shares at Stg2.5 pence per share. The Company has sufficient cash resources to complete planned drilling programs at Sankarani in Mali and Asheba in Ghana. Should the Gold Fields negotiations be completed in accordance with the letter of offer referred to above, there will be significant escalation in the scope and pace of the exploration work program, commensurate with the enlarged budget to be allocated to the project under the terms of the joint venture. OUTLOOK The gold price is currently close to an 18 year high and there are no signs that it will decline significantly in the short to medium term. Glencar has some very exciting gold exploration acreage at Sankarani in Mali and also at Asheba in Ghana. The proposed joint venture with Gold Fields on some of the licenses in the Sankarani project will involve significant expenditures on exploration within a relatively tight timeframe. We have great confidence in our joint ability, assuming completion of the agreement with Gold Fields, to fully determine the potential of this exciting area. Consolidated Profit and Loss Account (Unaudited) For the Period Ended 30 June 2005 Unaudited Unaudited 6 months 6 months ended ended 30-Jun-05 30-Jun-04 US$ US$ Administrative Expenses (347,253) (330,279) Bank Interest Receivable 16,055 17,740 Interest payable and Similar charges (8,000) - Loss on ordinary Activities before taxation (339,198) (312,539) Taxation - - Loss on ordinary Activities after taxation (339,198) (312,539) Minority Interest - - Loss for the financial Period (339,198) (312,539) Loss Per Share (Cents) (0.20) (0.18) Diluted Loss Per Share (Cents) (0.19) (0.17) Consolidated Balance Sheet (Unaudited) as at 30 June 2005 US$ FIXED ASSETS Intangible assets 2,783,639 Tangible assets 34,421 Financial assets 2,818,060 CURRENT ASSETS Debtors 12,553 Cash at bank 435,841 448,394 CREDITORS (Amounts falling due within one year) (311,881) NET CURRENT ASSETS 136,513 TOTAL ASSETS LESS CURRENT LIABILITIES 2,954,573 CREDITORS (Amounts falling due after more than one year) (436,156) Total net assets 2,518,417 Capital and reserves Called up share capital 6,167,555 Capital conversion reserve fund 82,092 Share premium account 36,136,693 Profit and loss account (deficit) (39,755,013) Total capital employed 2,631,327 Minority interest in Subsidiary undertaking (112,910) 2,518,417 Group Cash Flow for the Period Ended 30 June 2005 US$ Net cash outflow From operating activities (387,228) Returns on Investments And servicing of finance 16,055 Capital Expenditure and Financial Investment (194,731) Taxation Paid - Financing - External - Decrease In Cash In Period (565,904) Reconciliation Of Net Cash Flow to Movement In Net Debt Decrease In Cash In Period (565,904) Net Funds At Beginning Of Period 1,001,745 Net Funds At End Of Period 435,841 These results will be posted on the company's Web site. Copies of this interim report will be available from the Company's registered office at 71 Lower Baggot Street, Dublin 2. CONTACT: GLENCAR MINING PLC Hugh McCullough Phone: +353 1 661 9974 E-mail: info@glencarmining.ie HENEGHAN PR Rachel Watchorn Phone: +353 1 6607395 E-mail: rachel@hpr.ie =================== K Y R G Y Z S T A N =================== AKSELERATOR: Proofs of Claim Deadline Set ----------------------------------------- LLC Publishing House Akselerator, which recently became insolvent, will accept proofs of claim until November 15, 2005. Call (0-312) 66-04-24 or 66-04-19 for more information. BASHARAN: Creditors' Claims Due November ---------------------------------------- LLC Basharan, which recently became insolvent, will accept proofs of claim until November 12, 2005. Call (0-312) 66-70-46 for more information. GEB CO.: Last Day for Filing Claims November 12 ----------------------------------------------- LLC Geb Co. Ltd., which recently became insolvent, will accept proofs of claim at Bishkek, Sovetskaya Str. 152-18 until November 12, 2005. Call (0-312) 29-47-61 for more information. ===================== N E T H E R L A N D S ===================== DAP HOLDING: Hermanus Touw Files Sec. 304 Petition in New York -------------------------------------------------------------- Hermanus Johannes Touw, the Scheme Manager appointed in DAP Holding, N.V., and its debtor-affiliates restructuring pursuant to a Scheme of Arrangement, filed a Section 304 petition in the U.S. Bankruptcy Court for the Southern District of New York on Sept. 27, 2005. Mr. Touw filed the petition to enjoin U.S. creditors from commencing or continuing any action or proceeding against the Debtors' estates, or otherwise disrupting the Debtors' restructuring proceedings in the United Kingdom. DAP and its affiliates are incorporated in The Netherlands and operating as a pool of insurers known as the Dutch Aviation Pool. DAP conducted business in the United Kingdom through the London insurance market. DAP has assets in the United Kingdom, in the form of reinsurance recoveries due from London market participants, and in the United States, in the form of substantial reinsurance receivables as well as securities and other financial assets. Subordinated Loan Agreement On Jan. 13, 1997, a consortium of lenders led by Fortis Bank Nederland N.V. committed to DAP a ten-year loan of NLG 24,850,000 and US$6,000,000 due in January 2007. Under the terms of the loan agreement, the principal amount of the loan is subordinated to all of DAP's other present and future unsubordinated debt. As of Dec. 31, 2004, DAP owed US$6 million to Fortis Bank. Scheme of Arrangement The Debtors ceased writing new insurance business and went into run-off as of Jan. 1, 1997. Mr. Touw says the Debtors became technically insolvent at 2001 year-end, partly as a result of liabilities arising from the Sept. 11 attacks in the United States and DAP's shareholders were unwilling to commit further capital to the Company. In May 2003, the Dutch insurance regulator, De Nederlandsche Bank, was appointed a "Stille Curator", or a silent administrator, pursuant to Sec. 54(4) of the Dutch Act on the Supervision of the Insurance Industry of 1993. The Stille Curator's role was to monitor and assist in the preparation of a plan of reconstruction or refinancing for DAP. In order to conduct a shorter run-off of their insurance liabilities, the Debtors proposed a scheme of arrangement in the High Court of Justice of England and Wales on Aug. 5, 2005. A Scheme is a compromise or arrangement under English law (Section 425 Companies Act 1985) between a company and its creditors or any of its classes. It is similar to a United States plan of reorganization. Creditors representing between 88.88% and 99.35% in value and between 75% and 94.37% in number overwhelmingly voted in favor of the schemes at a Court-approved meeting of creditors on Sept. 15, 2005. As a result, the English High Court sanctioned the scheme on Sept. 26, 2005. Mr. Touw tells the Court that the purpose of the Sec. 304 petition is to effect a restructuring of the Debtors' insurance business in accordance with the Scheme. Section 304 of the U.S. Bankruptcy Code was specifically designed to assist foreign representatives in the performance of its duties. It provides that a U.S. bankruptcy court, upon the filing of a petition by a foreign representative, may enjoin the commencement or continuation of any action against the debtor in a foreign proceeding or its property, and may order the turnover of the foreign debtor's property to a foreign representative. Headquartered in The Netherlands, DAP Holding, N.V., and its affiliates operated direct insurance and reinsurance businesses including all aviation and aviation-related product liability insurance and reinsurance for airlines (hull and liability), for manufacturers and suppliers, airport liability, hangar keepers and personal accident. Hermanus Johannes Touw, in his capacity as the foreign representative appointed in the Debtors' restructuring proceedings in United Kingdom, filed a Sec. 304 petition on Sept. 27, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-18816). Gregory M. Petrick, Esq., Ingrid Bagby, Esq., and David Neiman, Esq., at Cadwalader, Wickersham & Taft LLP, represent the Foreign Representative. When Mr. Touw filed the U.S. ancillary proceeding, he estimated the Debtors' assets and debt at more than US$100 million. CONTACT: DAP HOLDING N.V. Hoogoorddreef 54E P.O. Box 23320, 1100 DV Amsterdam Z.O., The Netherlands Phone: +31 (0)20 312 83 93 E-mail: dapschemes@assurpools.nl GETRONICS N.V.: Selling EUR150 Million Convertible Bonds -------------------------------------------------------- Getronics N.V. said on Sept. 29 that it has launched an offering of up to EUR150 million senior unsecured convertible bonds due 2010. The shares to be issued upon conversion of the Bonds will represent a maximum of 10% of Getronics' currently issued share capital. The maturity of the Bonds is 5 years. The Bonds will be issued at 1005 of their principal amount and will have a coupon of between 2.75% and 3.25% per annum payable semi-annually in arrear. The conversion price is expected to be set at a premium of between 27% and 32% above a reference price of Getronics' ordinary shares. The final terms of the Bonds are expected to be announced later through a separate press release. The net proceeds of the Offering will be used to repay Getronics' existing indebtedness and for general corporate purposes. Issuance of the Bonds will allow Getronics to reduce its interest expense, improves its funding maturity profile and creates financial flexibility for Getronics' future growth and development. Getronics is taking advantage of favorable market conditions. The current performance of Getronics' business is in line with previous guidance and on track to achieve the communicated targets for 2005. Recent successes in winning large international contracts continue to strengthen expected operational performance medium term. The Bonds will be offered to institutional investors only. Neither the Bonds nor the Shares have been or will be registered under the U.S. Securities Act 1933, as amended and will be offered and sold only outside the United States in compliance with Regulation S under the Securities Act. Neither the Bonds nor the Shares will be offered to investors in the United States, Australia, Canada, Italy or Japan. Application will be made for the admission of the Bonds to the official list of the Luxembourg Stock Exchange and application will be made for the admission of the Bonds to trading on the Luxembourg Stock Exchange's Euro MTF Market. Deutsche Bank AG and Rabo Securities are acting as joint global coordinators and joint bookrunners of the Offering. For the purpose of this transaction, KBC Financial Products U.K. Ltd. will act as selling agent for Rabo Securities. Linklaters is acting as legal adviser on behalf of Getronics and Clifford Chance LLP is acting as legal adviser on behalf of the Joint Global Coordinators and Joint Bookrunners and KBC Financial Products U.K. Ltd. In connection with the offering of the Bonds, Deutsche Bank AG, as stabilizing manager, may undertake stabilizing transactions with a view to supporting the stock exchange or market price of the Bonds from the date of pricing for up to 30 days after the closing date. This may result in a higher price for the Bonds than if the stabilization had not been undertaken. Deutsche Bank AG is under no obligation to engage in any stabilization and if commenced stabilization may be discontinued at any time. About Getronics With some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion, Getronics is one of the world's leading providers of vendor independent Information and Communication Technology (ICT) solutions and services. Getronics designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics' headquarters are in Amsterdam, with regional offices in Boston, Madrid and Singapore. Getronics' shares are traded on Euronext Amsterdam (GTN). For further information about Getronics, visit http://www.getronics.com NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY INTO OR IN THE UNITED STATES (OR TO US PERSONS), AUSTRALIA, CANADA, ITALY OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW This press release is for information purposes only and is not an offer to sell, or the solicitation of an offer to buy, any securities. The distribution of this press release and the offer and sale of the securities in certain jurisdictions may be restricted by law. Any persons reading this press release should inform themselves of and observe any such restrictions. This press release is not an offer of securities for sale in the United States. The offer and sale of the securities has not been, and will not be, registered under the U.S. Securities Act of 1933, as amended. The securities may not be offered or sold in the United States absent such registration or an applicable exemption from registration. There will be no public offering of the securities in the United States. * * * In May, Standard & Poor's Ratings Services revised its outlook on Getronics to stable from positive. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on the group, as well as assigning its 'B+' rating and '3' recovery rating to Getronics' EUR300 million (US$388 million) senior secured bank loan, indicating Standard & Poor's expectation of meaningful (50%-80%) recovery of principal in the event of a default. CONTACT: GETRONICS N.V. Rembrandttoren, Amstelphlein 1 1096 HA Amsterdam, The Netherlands Phone: +31-20-586-1412 Fax: +31-20-586-1568 KONINKLIJKE AHOLD: Board Member Benno Hoogendoorn Steps down ------------------------------------------------------------ Royal Ahold on Thursday said that Supervisory Board member Benno Hoogendoorn has resigned from the Board on medical advice. Mr. Hoogendoorn, 60, joined the Ahold Supervisory Board on May 18, 2005 and is stepping down with immediate effect. "Although Benno was a member of our Supervisory Board for only four months, he made a solid contribution to the decision-making processes within the Selection and Appointment Committee and as chairman of the Remuneration Committee," said Anders Moberg, President & CEO. "We are grateful to Benno for his commitment to our company and wish him a speedy recovery." 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 VERSATEL TELECOM: Shareholders Back Sale of Versatel Deutschland ---------------------------------------------------------------- During the Extraordinary General Meeting of Shareholders held in Amsterdam Sept. 29, 2005, Versatel and its shareholders discussed the recommended Offers by Tele2 for all the issued and outstanding ordinary shares and for all the issued and outstanding 3.875% convertible senior notes due 2011 convertible into ordinary shares in the capital of Versatel as described in the Offer Memorandum. During the Extraordinary General Meeting of Shareholders held in Amsterdam on Sept. 29, 2005, Versatel requested its shareholders to approve of: (a) the sale of Versatel Deutschland Holding GmbH to Ganymed 345.VV GmbH, a wholly owned subsidiary of Apax Europe VI-A, L.P.; (b) the distribution out of the freely distributable reserves in relation to item 3 on the agenda to Versatel Shareholders; (c) the appointment of Mr. P.G. Borgklint as Managing Director; (d) the decrease of the number of members on the Board of Supervisory Directors; (e) the acceptance of resignation and granting of discharge to Mr. L.W.A.M. van Doorne, Mr. J. Huber, Mr. L.M.L.H.A. Hermans, Mr. B.L.J.M. Beerkens and Mr. J.G. Drechsel as Supervisory Directors; (f) the appointment of Mr. J.I. Svedberg, Mr. B.L-J. Jarnheimer, Mr. S.H. Zadler and Mr. M.F. Berglund as Supervisory Directors; (g) and the amendment to the articles of association, all of the above subject to the Offers being declared unconditional. Versatel's shareholders adopted all resolutions proposed to the extraordinary general meeting. This press release is amongst others a public announcement as meant in article 9b paragraph 1 of the Dutch Securities Markets Supervision Act Decree 1995 (Besluit Toezicht Effectenverkeer 1995). Versatel Telecom International N.V. (Euronext: VRSA) based in Amsterdam, is a competitive communications network operator and a leading alternative to the former monopoly telecommunications carriers in its target market of the Benelux and Germany. Founded in October 1995, the Company holds full telecommunication licenses in The Netherlands, Belgium and Germany and has over 1 million customers and approximately 2,000 employees. Versatel operates a facilities-based local access broadband network that uses the latest network technologies to provide business customers with high bandwidth voice, data and Internet services. Versatel is a publicly traded company on Euronext Amsterdam under the symbol "VRSA". Visit http://www.versatel.comfor more information about the company. CONTACT: VERSATEL N.V. Wouter van de Putte, Head of Investor Relations Phone: +31-20-750-2362 E-mail: wouter.vandeputte@versatel.com Cilesta van Doorn, Manager Corporate Communications Phone: +31-20-750-1318 E-mail: cilesta.vandoorn@versatel.com =========== N O R W A Y =========== OCEAN RIG: Holders of 2004/2007 Convertible Bonds Take up Shares ---------------------------------------------------------------- Ocean Rig said that investors have converted a further 16,700 bonds with a nominal value of NOK16,700,000 in the 7% Convertible Bond Issue 2004/2007 (ISIN NO 0010229537) into 878,947 ordinary shares at NOK19 per share. These conversions have reduced the outstanding amount under the 7% Convertible Bond Issue from NOK16,700,000 to NOK0, and increased the number of ordinary shares outstanding in Ocean Rig A.S.A. from 88,436,293 to 89,315,240. Certificate of registration is sent to Oslo Stock Exchange. New share capital is NOK 893,152,400 and the capital is registered fully paid in the Register of Business Enterprises. Following these conversions the company's debt consists of the new 2005/2011 US$430 million bank facilities and the 2005/2013 US$150 million bond issue. Ocean Rig owns and operates two of the world's largest and most modern drilling rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and Norway. * * * In June, Standard & Poor's Ratings Services raised its corporate credit rating on Ocean Rig Norway A.S. (wholly owned subsidiary of Ocean Rig A.S.A.) to 'B-' from 'CCC' and removed the rating from CreditWatch with positive implications. Standard & Poor's also assigned its 'B-' rating to the company's US$150 million senior secured second-lien notes. The outlook is stable. Pro forma for the refinancing, Stavanger, Norway-based Ocean Rig has about US$596.6 million in long-term debt outstanding. CONTACT: OCEAN RIG NORWAY A.S. Per-Hermod Rasmussen, Finance Manager Phone: +47 5196 9000 =========== P O L A N D =========== QXL RICARDO: Bar Association Sanction Against Ex-manager Upheld --------------------------------------------------------------- QXL Ricardo recently received further information regarding the financial position of QXL Poland Sp z o.o., the ownership of which is currently the subject of a number of legal claims in Poland. This information was provided by the court-appointed administrator of QXL Poland and has not been reviewed or audited by or on behalf of the Company's directors. However it states that for the year ended 31 March 2005, QXL Poland's revenues were approximately GBP8.8 million (2004: GBP3.8 million) and its pre-tax profits approximately GBP3.7 million (2004: GBP0.9 million). From the limited information available to the Company, the Company believes that QXL Poland has continued to grow rapidly since 31 March 2005 -- it currently has over 1 million items listed on its site and has recently launched a major brand-building campaign. The development of QXL Poland is consistent with the Company's plans and forecasts for the business in the autumn of 2002 when the Company (without receiving any consideration) allegedly consented to the transfer of 92% of QXL Poland to a company connected with former country manager, Arjan Bakker, and his common-law wife, Magdalena Jezierska. It therefore provides further substantiation for the Company's case and reinforces the Company's belief that the Polish courts will ultimately decide that the transaction was fraudulent and should be declared void. No dates have yet been fixed either for the resumption of hearings in the main civil case or the commencement of hearings in the criminal case against Arjan Bakker and Przemyslaw Rogowski, although the Company still anticipates that these will take place this autumn. In a separate development, the Higher Disciplinary Tribunal at the Polish National Bar Association on Sept. 28 considered the appeals of the Company and Mr. Rogowski against last year's decision of the Disciplinary Tribunal of the Poznan Bar Association. The Poznan Tribunal had decided that Mr. Rogowski should be barred from practicing as a lawyer for 5 years for a number of breaches of his professional obligations relating to QXL Poland. The Higher Tribunal accepted the Company's arguments that the breaches in question warranted a more severe penalty than the Poznan Tribunal had determined. It also decided that the Poznan Tribunal should have heard evidence from a number of additional parties on behalf of Mr. Rogowski (in particular Arjan Bakker and Magdalena Jezierska) before coming to its decision. It has therefore sent the case back to the Poznan Tribunal so that this evidence can be heard and a new decision taken in the light of the Higher Tribunal's directions and any new information provided. The Company believes that no material new evidence will result from the hearing of the additional witnesses. It therefore considers that the process will ultimately lead to a similar decision, but with a more severe penalty against Mr. Rogowski. Further information regarding these issues will be announced in due course. CONTACT: QXL RICARDO PLC Tom Parkinson/Robert Dighero Phone: +44 (0)20 7384 6310 =========== R U S S I A =========== BASH-STROY: Names V. Petlin Insolvency Manager ---------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on open joint stock company Bash-Stroy. The case is docketed as A07-12384/05-G-ADM. Mr. V. Petlin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 420066, Russia, Bashkortostan republic, Kazan, Post User Box 89. A hearing will take place on November 28, 2005. CONTACT: BASH-STROY Russia, Bashkortostan republic, Ufa, Oktyabrya Str. 151 Mr. V. Petlin Temporary Insolvency Manager 420066, Russia, Bashkortostan republic, Kazan, Post User Box 89 CHEBOKSARSKAYA MILL: Under Bankruptcy Supervision ------------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision procedure on close joint Cheboksarskaya Mill. The case is docketed as A79-3838/2005. Mr. Y. Stepanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 428022, Russia, Chuvashiya republic, Cheboksary, Gremyachevskiy Proezd, 7. A hearing will take place on November 29, 2005, 2:50 p.m. CONTACT: CHEBOKSARSKAYA MILL Russia, Chuvashiya republic, Cheboksary Mr. Y. Stepanov Temporary Insolvency Manager 428022, Russia, Chuvashiya republic, Cheboksary, Gremyachevskiy Proezd, 7 CHELYABINSKOYE BUILDING: Calls in Insolvency Manager ---------------------------------------------------- The Arbitration Court of Chelyabinsk region has commenced bankruptcy supervision procedure on close joint stock company Chelyabinskoye Building Assembly Enterprise #9 (TIN 7449013720). The case is docketed as A76-18337/05-34-99. Mr. I. Nigmatullin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 454046, Russia, Chelyabinsk, Gagarina Str. 51. CONTACT: CHELYABINSKOYE BUILDING ASSEMBLY ENTERPRISE #9 454046, Russia, Chelyabinsk region, Gagarina Str. 51 Mr. I. Nigmatullin Temporary Insolvency Manager 454046, Russia, Chelyabinsk region, Gagarina Str. 51 ENMAS: Insolvency Manager Enters Firm ------------------------------------- The Arbitration Court of Udmurtiya republic has commenced bankruptcy supervision procedure on close joint stock company Enmas (TIN 1834022187). The case is docketed as A71-22/2005-G2. Mr. A. Danilov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Udmurtiya republic, Izhevsk region, Smirnovo. CONTACT: ENMAS Russia, Udmurtiya republic, Izhevsk region, Smirnovo Mr. A. Danilov Insolvency Manager: Russia, Udmurtiya republic, Izhevsk region, Smirnovo KRASNYJ KLYUCH: Declared Insolvent ---------------------------------- The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Krasnyj Klyuch (TIN 1651034869) after finding the poultry farm insolvent. The case is docketed as A65-13983/2005-SG4-16. Mr. S. Kondratyev has been appointed insolvency manager. Creditors may submit their proofs of claim to 420126, Russia, Tatarstan republic, Kazan, Post User Box 188. CONTACT: KRASNYJ KLYUCH 420014, Russia, Tatarstan republic, Nishnekamsk, Krasnyj Klyuch Mr. S. Kondratyev Insolvency Manager 420126, Russia, Tatarstan republic, Kazan, Post User Box 188 The Arbitration Court of Tatarstan republic 420014, Russia, Kazan, Kremlin KURSK-VOD-STROY: Hires N. Silakov Insolvency Manager ---------------------------------------------------- The Arbitration Court of Kursk region has commenced bankruptcy supervision procedure on Movable Mechanized Column-5 Kursk-Vod-Stroy. The case is docketed as A35-7135/05G. Mr. N. Silakov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 307410, Russia, Kursk region, Korenevo, Ostrovskogo Str. 8. A hearing will take place on December 14, 2005, 2:30 p.m. CONTACT: KURSK-VOD-STROY 307410, Russia, Kursk region, Korenevo, Ostrovskogo Str. 8 Mr. N. Silakov Temporary Insolvency Manager 307410, Russia, Kursk region, Korenevo, Ostrovskogo Str. 8 LETSKIY WOOD-PROM-KHOZ: Bankruptcy Supervision Procedure Begins --------------------------------------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy supervision procedure on limited liability company Letskiy Wood-Prom-Khoz (TIN 1112004005). The case is docketed as A29-5039/05-3B. Ms. N. Doronina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Komi republic, Syktyvkar, Pervomayskaya Str. 149, 1st entrance, 3rd floor. A hearing will take place on December 1, 2005, 10:00 a.m. CONTACT: LETSKIY WOOD-PROM-KHOZ Russia, Komi republic, Priluzskiy region, Letka, Naberezhnaya Str. 6 Ms. N. Doronina Temporary Insolvency Manager Russia, Komi republic, Syktyvkar, Pervomayskaya Str. 149, 1st Entrance, 3rd floor OAO SIBNEFT: S&P Welcomes Gazprom Offer --------------------------------------- Standard & Poor's Ratings Services revised its outlook on Russia-based OAO Siberian Oil Co. to positive from stable, after the announcement that a 75% stake in Sibneft is being acquired by the Russian gas giant OAO Gazprom for US$13.1 billion. In addition, the 'BB-' corporate credit and the 'ruAA-' Russia national scale ratings on Sibneft were affirmed. At the same time, the 'BB-' corporate credit rating on Gazprom was affirmed. The outlook on Gazprom remains positive. "The outlook revision on Sibneft reflects Standard & Poor's expectation that when the acquisition is completed, Sibneft's credit quality will benefit from its ownership by Gazprom," said Standard & Poor's credit analyst Elena Anankina. The future rating on Sibneft will depend on the relative status of Sibneft's creditors versus those of Gazprom and Sibneft's strategic importance to and integration within the Gazprom group. The affirmation on Gazprom reflects Standard & Poor's opinion that the acquisition will not impair the company's potential for a ratings upgrade, credit quality, and coverage ratios, but that it will enable Gazprom to further diversify into the oil industry, significantly enhance free operating cash flow, and improve its resilience to a lower hydrocarbon price scenario. We assume that Gazprom will refinance a significant part of the $12 billion bridge loan by the end of 2005, when a $7 billion payment is due from the government-owned vehicle Rosneftegas for its 10.7% treasury stake. After the acquisition, Standard & Poor's expects net debt-to-EBITDA (adjusted for guarantees and including Sibneft's EBITDA) to be about 1.70x, compared with the 1.55x reported by Gazprom in 2004. The outlook on Gazprom remains positive, reflecting potential benefits of strengthening links between Gazprom and the Russian government, its 50.01% majority shareholder since July 2005, as well as increased gas price expectations on both domestic and export markets during 2005 and in the longer term. "Gazprom's acquisition of Sibneft will further strengthen the company's standing as Russia's largest corporate and the key government-linked entity in the country's core oil and gas sector," added Ms. Anankina. Gazprom is expected to enjoy a strong negotiating position in gaining access to oil and gas projects undertaken with Russian and international companies, which would help to share risks and investments. Standard & Poor's will evaluate to what extent these benefits would offset the risk that the government will pressure Gazprom for large debt-financed uneconomical investments and uncertainties arising from the lack of predictability in the Russian government's economic policy. Depending on these factors, the rating on Gazprom may be raised by one or two notches. RATINGS LIST To From OAO Siberian Oil Co. Outlook Revised To Positive And Ratings Affirmed Corporate credit rating BB-/Positive/-- BB-/Stable/-- Ratings Affirmed Russia national scale rating ruAA- OAO Gazprom Corporate credit rating BB-/Positive/-- NB: This list does not include all ratings affected. 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 RODINA-AGRO-INVEST: Bankruptcy Hearing Set November --------------------------------------------------- The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on close joint stock company Rodina-Agro-Invest. The case is docketed as A14-8961-2005 /94/20b. Mr. V. Zhurikhin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 394000, Russia, Voronezh, Main Post Office, Post User Box 195. A hearing will take place on November 17, 2005, 10:40 a.m. at the Arbitration Court of Voronezh region located at Russia, Voronezh region, Srednemoskovskaya Str. 77, Room 501. CONTACT: RODINA-AGRO-INVEST Russia, Voronezh region, Repyevskiy region, Osadchee Mr. V. Zhurikhin Temporary Insolvency Manager 394000, Russia, Voronezh region, Main Post Office, Post User Box 195 STARODUBSKIY HEMP: Court Brings in Insolvency Manager ----------------------------------------------------- The Arbitration Court of Bryansk region has commenced bankruptcy supervision procedure on federal state unitary enterprise Starodubskiy Hemp Factory (TIN 3227001036). The case is docketed as A09-3360/05-26. Mr. S. Chernobrovenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 308501, Russia, Belgorod region, Dubovoye, Zelenaya Str. 2v, Office 14. A hearing will take place on November 23, 2005. CONTACT: STARODUBSKIY HEMP FACTORY Russia, Bryansk region, Starodub Mr. S. Chernobrovenko Temporary Insolvency Manager 308501, Russia, Belgorod region, Dubovoye, Zelenaya Str. 2v, Office 14 TYUMENSKIY TURBO-MECHANICAL: Under Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on open joint stock company Tyumenskiy Turbo-Mechanical Factory. The case is docketed as A70-5275/3-2005. Mr. V. Materov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) TYUMENSKIY TURBO-MECHANICAL FACTORY Russia, Tyumen region, 50 Oktyabrya Str. (b) Mr. V. Materov Temporary Insolvency Manager 625062, Russia, Tyumen region, Chaplina Str. 126, Apartment 210 (c) The Arbitration Court of Tyumen region 625000, Russia, Tyumen region, Khokhryakova Str. 77 A hearing will take place on October 25, 2005, 10:00 a.m. at the Arbitration Court of Tyumen region at 625000, Russia, Tyumen, Khokhryakova Str. 77. ===================== S W I T Z E R L A N D ===================== CABLECOM HOLDING: IPO to Break Four-year Record ----------------------------------------------- Cablecom Holding AG's IPO, which the company estimated to give it a value of up to CHF3.5 billion, stands to become the largest in Switzerland since 2001, according to MarketWatch. The record holder is reinsurer Converium Holding AG. The offering is priced at between CHF57 and CHF70, with 35.2 million shares on sale, and an additional 5.3 million over-allotment option. The exercise of the option will result to 81% of Cablecom being freely traded. If the IPO is priced at the top end, Cablecom would be valued at more than ten times expected 2005 EBITDA, the report said. Credit Suisse First Boston Corp. and Morgan Stanley is acting as joint global coordinators and joint bookrunners for the IPO. Cablecom had first-half 2005 sales of CHF406.2 million. This year, it expects to post sales of CHF800 million to CHF850 million, and EBITDA of around CHF345 million, according to chief executive Bruno Claude. Net result is seen to be a loss due to interest payments and depreciation charges. It expects to reach break-even in 2007 or 2008. The company has net debt of around CHF1.6 billion. The company is 53% owned by Apollo Management LP, Goldman Sachs Group Inc.'s unit Capital Partners, and TowerBrook Capital Partners, formerly part of Soros Private Equity Partners. Its remaining stake is held by various banks. In March, Standard & Poor's Ratings Services revised its outlook on Cablecom Holdings and its financing subsidiary Cablecom Luxembourg SCA to stable from positive, following the group's announcement that it is to refinance its existing CHF1,350 million (US$1,147 million) credit facility. At the same time, Standard & Poor's assigned its 'B' long-term rating, with a recovery rating of '3', to Cablecom Luxembourg's proposed new SFR1,275 million issue of senior secured notes. It affirmed the 'B' long-term corporate credit rating on Cablecom and Cablecom Luxembourg, and affirmed its 'CCC+' senior unsecured debt rating on Cablecom Luxembourg's existing EUR290 million (US$382 million) senior notes. CONTACT: CABLECOM HOLDINGS AG Web site: http://www.cablecom.ch/en/ =========== T U R K E Y =========== DOGAN YAYIN: On Watch Evolving After Winning Star TV Tender ----------------------------------------------------------- Fitch Ratings placed Turkey's leading diversified Turkish media and entertainment conglomerate Dogan Yayin Holding's Senior Unsecured local and foreign currency 'B+' ratings on Rating Watch Evolving. This rating action follows DYH's winning bid in a tender process to acquire Star TV for around US$306.5 million in cash. The acquisition is subject to various regulatory approvals. The Rating Watch will be resolved upon completion of the acquisition by end-2005. Fitch intends to meet with management in the coming weeks to understand the business and its earnings profile, as well as the potential benefits of integration into DYH's existing portfolio of television assets. Fitch also plans to discuss with management on how the company intends to fund the investment. Fitch appreciates the potential strategic benefits that such an acquisition might afford to the DYH group, with possible meaningful cash flow contribution from Star TV. Star TV will strengthen DYH's market position in the Turkish broadcasting market by providing it with content diversification and a wider advertising reach. This would in turn benefit DYH's business and credit profiles, leading to a possible rating upgrade. On the other hand, although DYH has reduced its leverage considerably in the last 12 to 18 months, Fitch is concerned that the acquisition may lead to a significant increase in debt. Any detrimental financial effects stemming from new strategies for the company, such as targeted capital expenditure, leverage and dividends could affect the ratings adversely. DYH is currently owned by Dogan Sirketler Grubu A.S (66.57% equity and 69.00% voting interests), which is the holding company of Mr. Aydin Dogan and his family. About 30% of DYH shares are floated. CONTACT: FITCH RATINGS Guzin Durmus, Istanbul Phone: +90 (212) 279 10 65 Raymond Hill Phone: +44 (0) 20 7417 4314 Michael Dunning Phone: +44 (0) 20 7417 4363 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com ============= U K R A I N E ============= AGROENERGOPOSTACH: Declared Insolvent ------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy proceedings against Agroenergopostach (code EDRPOU 24940897) on August 12, 2005 after finding the close joint stock company insolvent. The case is docketed as 5/228 B. Chernigiv State Tax Inspection has been appointed liquidator/insolvency manager. The company holds account number 26003003735 at CJSC Polikombank, MFO 353100. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) AGROENERGOPOSTACH 14000, Ukraine, Chernigiv region, Magistratska Str. 4/19 (b) Liquidator/Insolvency Manager 14000, Ukraine, Chernigiv region, Kriponos Str. 28 (c) ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue 20 DIMITRIVSKA: Under Bankruptcy Supervision ----------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy supervision procedure on LLC Bird Factory Dimitrivska (code EDRPOU 30648201) on August 15, 2005. The case is docketed as 19/172 (05). Mr. Y. Arhipov (License Number AA 419211) has been appointed temporary insolvency manager. Creditors had until October 1, 2005 to submit their proofs of claim to: (a) DIMITRIVSKA 70534, Ukraine, Zaporizhya region, Orihiv district, Dimitrove, Centralna Str. 1 (b) Mr. Y. Arhipov Temporary Insolvency Manager 69013, Ukraine, Zaporizhya region, Radishev Str. 85 Phone: (0612) 17-98-59 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 GARANT: Bankruptcy Supervision Starts ------------------------------------- The Economic Court of Poltava region has commenced bankruptcy supervision procedure on Agricultural LLC Agrofirm Garant (code EDRPOU 05283356). Mr. Andrij Dulenko (License Number AA 668335) has been appointed temporary insolvency manager. The company holds account number 26000120196525 at JSPPB Aval, MFO 331605. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) GARANT 38020, Ukraine, Poltava region, Shishatskij district, Velikij Pereviz (b) Mr. Andrij Dulenko Temporary Insolvency Manager 39500, Ukraine, Poltava region, Karlivka, Lenin Str. 70/2 Phone: 8 (0534) 62-34-69 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 GORIZONT: Court Appoints Insolvency Manager ------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Gorizont (code EDRPOU 32099852) on August 4, 2005 after finding the limited liability company insolvent. The case is docketed as 113/14 b-05. Ms. Ludmila Zayikina has been appointed liquidator/insolvency manager. The company holds account number 26002046220032 at JSCIB Ukrsibbank, MFO 300733. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) GORIZONT 07443, Ukraine, Kyiv region, Brovari district, Travnevij Lane, 2 (b) Ms. Ludmila Zayikina Liquidator/Insolvency Manager Ukraine, Kyiv region, Melnikov Str. 2/10 (c) ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 GRAD: Court Appoints Insolvency Manager --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against LLC Commercial Centre Grad (code EDRPOU 30479098) on August 3, 2005 after finding the limited liability company insolvent. The case is docketed as 32/98-B. Mr. Laskavij Kostyantin (License Number AA 484236) has been appointed liquidator/insolvency manager. The company holds account number 260019802270 at Ukrsocbank, Donetsk branch, MFO 334011. Creditors had until October 1, 2005 to submit their proofs of claim to: (a) GRAD 83048, Ukraine, Donetsk region, Zvilnennya Donbasu Avenue 8 B (b) Mr. Laskavij Kostyantin Liquidator/Insolvency Manager 83069, Ukraine, Donetsk region, Starobeshevska Str. 12 a (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 IMPEKS-MEDIA: Under Bankruptcy Supervision ------------------------------------------ The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Impeks-Media (code EDRPOU 32206410) on August 16, 2005. The case is docketed as 15/527 b. Mr. Olena Zorina (License Number AB 176098) has been appointed temporary insolvency manager. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) IMPEKS-MEDIA 04210, Ukraine, Kyiv region, Geroiv Stalingradu Str. 26/236 (b) Mr. Olena Zorina Temporary Insolvency Manager 04214, Ukraine, Kyiv region, Geroiv Dnipra Str. 34-A/239 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B INTERUKR: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Interukr (code EDRPOU 31928085) on June 8, 2005 after finding the limited liability company insolvent. The case is docketed as 43/338. Mr. L. Kitsula (License Number AA 487782) has been appointed liquidator/insolvency manager. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) INTERUKR 04107, Ukraine, Kyiv region, Nagirna Str. 24/1 (b) Mr. L. Kitsula Liquidator/Insolvency Manager Ukraine, Kyiv region, Lomonosov Str. 111 Phone: 8 (067) 295-08-03 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B KONAN-PLUS: Declared Insolvent ------------------------------ The Economic Court of Lugansk region commenced bankruptcy proceedings against Konan-Plus (code EDRPOU 1139616) on June 9, 2005 after finding the limited liability company insolvent. The case is docketed as 20/75 b. Mr. Rustam Nabiyev has been appointed liquidator/insolvency manager. The company holds account number 260095716 at JSPPB Aval, MFO 304007. Creditors had until October 1, 2005 to submit their proofs of claim to: (a) KONAN-PLUS 91000, Ukraine, Lugansk region, Stepna Str. 54 (b) Mr. Rustam Nabiyev Liquidator/Insolvency Manager Ukraine, Lugansk region, Stepna Str. 54 (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square 3a KOZATSKE: Temporary Insolvency Manager Steps in ----------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on Kozatske (code EDRPOU 32433888) on August 10, 2005. The case is docketed as B 24/204/05. Mr. Igor Morozov (License Number AA 419481) has been appointed temporary insolvency manager. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) KOZATSKE 52900, Ukraine, Dnipropetrovsk region, Mezhivskij district Novogrigorivske, Centralna Str. 34 (b) Mr. Igor Morozov Temporary Insolvency Manager 49000, Ukraine, Dnipropetrovsk region, a/b 158 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a LENINSKIJ RAJAGROHIM: Succumbs to Insolvency -------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Leninskij Rajagrohim on August 8, 2005 after finding the open joint stock company insolvent. The case is docketed as 6/19431-2005. Ms. Tetyana Korotayeva (License Number AA 779349) has been appointed liquidator/insolvency manager. The company holds account number 260014119 at JSPPB Aval, Krym regional branch, MFO 324021. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) LENINSKIJ RAJAGROHIM 98200, Ukraine, AR Krym region, Lenino, Frunze Str. 5 (b) Ms. Tetyana Korotayeva Liquidator/Insolvency Manager 95047, Ukraine, AR Krym region, Simferopol, Geroiv Stalingradu Str. 25/49 Phone: (0652) 51-57-43 (c) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 MERIDIAN: Falls into Bankruptcy ------------------------------- The Economic Court of Mikolaiv region has commenced bankruptcy supervision procedure on OJSC Shipbuilding Shipyard Meridian (code EDRPOU 24788990). The case is docketed as 10/119. Mr. Dmitro Luchko (License Number AB 176131) has been appointed temporary insolvency manager. Creditors had until October 1, 2005 to submit their proofs of claim to: (a) MERIDIAN 54011, Ukraine, Mikolaiv region, Industrialna Str. 1 (b) Mr. Dmitro Luchko Temporary Insolvency Manager 73016, Ukraine, Herson region, M. Fortus Str. 107-A Phone: (0552) 27-12-64 (c) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 NIVA: Liquidator Takes over Operations -------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Niva (code EDRPOU 03729262) after finding the limited liability company insolvent. The case is docketed as 5/421-03. Mr. Zavalnuk Volodimir (License Number AA 668291) has been appointed liquidator/insolvency manager. Creditors had until October 1, 2005 to submit their proofs of claim to: (a) NIVA 24824, Ukraine, Vinnitsya region, Chechelnitskij district, Chervona Greblya (b) Mr. Zavalnuk Volodimir Liquidator/Insolvency Manager 21050, Ukraine, Vinnitsya region, Kozitskij Str. 15 (c) ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose 7 PEREMOGA: Applies for Bankruptcy Proceedings -------------------------------------------- The Economic Court of Poltava region has commenced bankruptcy supervision procedure on CJSC Agrofirm Peremoga (code EDRPOU 30811079). Mr. Andrij Dulenko (License Number AA 668335) has been appointed temporary insolvency manager. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) AGROFIRM PEREMOGA 38020, Ukraine, Poltava region, Shishatskij district, Prishib (b) Mr. Andrij Dulenko Temporary Insolvency Manager 39500, Ukraine, Poltava region, Karlivka, Lenin Str. 70/2 Phone: 8 (0534) 62-34-69 (c) ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 SIMFEROPOL' PERFUME: Creditors' Claims Due this Week ---------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy supervision procedure on Simferopol' Perfume Factory (code EDRPOU 31009396) on August 11, 2005. The case is docketed as 2-8/10087-2005. Mr. Volodimir Yablonskij (License Number AB 216940) has been appointed temporary insolvency manager. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) SIMFEROPOL' PERFUME FACTORY 97513, Ukraine, AR Krym region, Simferopol district, Gvardijske, Ostryakov Str. 15/68 (b) Mr. Volodimir Yablonskij Temporary Insolvency Manager Ukraine, AR Krym region, Simferopol, Lermontov Str. 18/68 (c) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 STRUM: Kyiv Court Opens Bankruptcy Proceedings ---------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Strum (code EDRPOU 31759222) on August 11, 2005 after finding the limited liability company insolvent. Mr. Petrenko Yurij (License Number AB 116227) has been appointed liquidator/insolvency manager. The company holds account number 2600630160 at JSCB Zoloti Vorota, Kyiv region branch, MFO 300238. Creditors had until October 1, 2005 to submit their proofs of claim to: (a) STRUM Ukraine, Kyiv region, Gnat Yura Str. 9/414 (b) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B UKRAINA: Liquidator Takes over Operations ----------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against Ukraina (code EDRPOU 30822049) on August 15, 2005 after finding the limited liability company insolvent. The case is docketed as 6/45-05. Mr. Yevgen Chuprun (License Number AA 779228) has been appointed liquidator/insolvency manager. The company holds account number 260029276 at JSPPB Aval, Sumi regional branch, MFO 337483. Creditors had until September 30, 2005 to submit their proofs of claim to: (a) UKRAINA 41455, Ukraine, Sumi region, Gluhiv district, Svarkove, Lenin Str. 1a (b) Mr. Yevgen Chuprun Liquidator/Insolvency Manager Ukraine, Sumi region, Petropavlovska Str. 74/49A (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue 18/1 =========================== U N I T E D K I N G D O M =========================== ABTEC INTERNATIONAL: Hires Administrators from Ensors ----------------------------------------------------- Stephen Law (IP No 008727) of Ensors was appointed administrator of Abtec International Limited (Company No 03061029) on Sept. 15. The company retails computer hard drives. CONTACT: ABTEC INTERNATIONAL LTD. 18 Boulton Road Pin Green Industrial Area Stevenage SG1 4QX Hertfordshire Phone: 01438 741700 Fax: 01438 741121 Web site: http://www.abtec.co.uk ENSORS Cardinal House 46 St Nicholas Street Ipswich, Suffolk IP1 1TT Phone: 01473 220022 Fax: 01473 220033 Web site: http://www.ensors.co.uk ALLIANCE TELECOM: In Liquidation -------------------------------- R. Day, Chairman of Alliance Telecom Ltd., informs that a resolution to wind up the company was passed at an EGM held on Sept. 12 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. CONTACT: ALLIANCE TELECOM UK LIMITED 112c High Street, Hadleigh, Ipswich, Suffolk IP7 5EL Phone: 01473828292 BOXSTAR LIMITED: Administrators from PwC Move in ------------------------------------------------ Michael Horrocks, Russell Cash (IP Nos 1238, 8783), Stuart Maddison (IP No 1338) and Colin Haig (IP No 7965) of PricewaterhouseCoopers LLP were appointed joint administrators of Boxstar Limited (Company No 05164297) on Sept. 20. The company's registered office is at Broadley Works, Hill Street, Clayton le Moors, Accrington, Lancashire BB5 5EA. Boxstar Limited is U.K.'s newest print & packaging group, formed in September 2004 from companies with over 100 years of experience in the industry. Comprising four sites within the U.K., Boxstar focuses on manufacturing folding cartons, self-adhesive labels, foil laminate sachets, wet glue labels, the unique T-tube(R) and Concept Boxes as well as digital imaging for many leading blue-chip groups. Visit http://www.boxstarltd.com/ for more information. CONTACT: BOXSTAR LTD. Clayton works, Clayton-le-Moors, Accrington, Lancashire BB5 5EA Phone: +44 (0) 1254 395631 Fax: +44 (0) 1254 391573 E-mail: info@boxstarltd.com PRICEWATERHOUSECOOPERS LLP 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920 PRICEWATERHOUSECOOPERS LLP Donington Court Pegasus Business Park, Castle Donington, East Midlands DE74 2UZ Phone: [44] (1509) 604 000 Fax: [44] (1509) 604 010 Web site: http://www.pwc.com PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com BROWNS TRANSPORT: Hires Liquidator from Baker Tilly --------------------------------------------------- Mr. Eastwood, the Chairman of Browns Transport Limited, informs that extraordinary and ordinary resolutions to wind up the company were passed at an EGM held on Sept. 12 at Baker Tilly, Lancaster House, 7 Elmfield Road, Bromley, Kent BR1 1LT. Karl Christopher Holmes and Ross David Connock of Baker Tilly, 1st Floor, 5 Old Bailey, London EC4M 7AF were appointed joint liquidators. CONTACT: BROWNS TRANSPORT LTD. Malden, Ash Road, Sevenoaks, Kent TN15 7HL Phone: 01474872244 BAKER TILLY 1st Floor, 5 Old Bailey, London EC4M 7AF CITY CARS: Goes into Liquidation -------------------------------- D. Murphy, Director of City Cars R Us (Bristol) Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at Unit 6, Wynford Industrial Park, Belbins, Romsey, Hampshire SO51 0PW. Robert Derek Smailes and Stephen Blandford Ryman of Rothman Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP were appointed Joint Liquidators. CONTCT: CITY CARS R US Unit 6/7/Wynford Farm Industrial Estate, Belbins, Romsey, Hampshire, SO51 0PW Phone: 01794 367878 ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk COMPASS GROUP: Fitch Sees Benefit from Planned Sale of SSP ---------------------------------------------------------- Fitch Ratings says U.K.-based Compass' decision to sell SSP, its European travel concessions business, would reduce business volatility. "By selling its concession business, Compass is moving towards a more cash-focused business model akin to its main competitor Sodexho. Combined with the ongoing switch in business mix towards more healthcare and education contracts, Compass should end up with a smaller but more stable business than is currently the case," says Frederic Gits, Director in Fitch's Corporate team. Although concessions are normally higher-margin and have negative working capital requirements (GBP100 million turnover growth generates GBP3-5 million working capital cash inflow), they are also more volatile and are twice as capital intensive as the traditional contract catering business. Notwithstanding the potential use of the sale proceeds for debt reduction, the significant lease exposure required by the concession operations will also be removed. Although leases are mostly turnover-contingent, Compass has usually been committed to paying minimum rentals (GBP106 million out of total concession rental paid of GBP123 million in FY04), which are included in the leverage computation using an 8x multiple. Given that about 60% of the concession business' operating profit is generated in the U.K., the sale of the division will also reduce Compass' concentration in the U.K. (38% of EBIT for FY04). However, the sale of the motorway operations "Moto", which is part of the concession division, will further reduce Compass' asset base (reported by some as GBP550 million). Compass' recent trading statement confirms the pressure on margins in the U.K. With the exception of the GBP40 million assets write-down, a reduction in profits from the military business in the Middle East could be expected due to the exceptional nature of the operations. Compass seems to be suffering from the switch of contracts from the traditional 'cost plus fee' model to a 'P&L' basis, which requires more accurate forecasts of both costs and revenues. This is consequently more difficult to manage and was largely behind Sodexho's difficulties in the U.K. in 2002. Fitch notes Compass' plan to focus more on support service contracts, which are generally more labor-intensive than catering and potentially more sensitive to rising minimum wages. Fitch reiterates that the foodservice business is likely to become more complex (see press release dated 25 February 2005). "Entering into new segments may consequently put some strain on the internal control procedures of such large organizations as Compass or Sodexho," says Mr. Gits. "Reducing the size of the group and simplifying the management structure may be a way to tackle this issue." CONTACT: FITCH RATINGS Web site: http://www.fitchratings.com/ Frederic Gits, Paris Phone: +33 (1) 44 29 91 34 Olivier de Combarieu Phone: +33 (1) 44 29 91 26 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 CVL ACCIDENT: Goes into Liquidation ----------------------------------- D. Tudor, Director of CVL Accident Management Limited, informs that resolutions to wind up the companies were passed at an EGM held on Sept. 14 at West Lancashire Investment Centre, Maple View, Skelmersdale, Lancashire WN8 9TG. Gordon Craig and Daniel P Hennessy of Cresswall Associates Limited, of West Lancashire Investment Centre, White Moss Business Park, Skelmersdale, Lancashire WN8 9TG were appointed liquidators. The appointment was confirmed at a Meeting of Creditors held on the same day. CVL Accident Management Ltd. is an independently owned accident management specialist based in Lancashire. It has a network of accident repair centers. Visit http://www.cvlassist.co.uk/cvlprocess.aspfor more information. CONTACT: CVL ACCIDENT MANAGEMENT LTD. Sunset Business Centre Manchester Road Kearsley Bolton Lancs BL4 8RL Phone: 0800 0277816 Fax: 01204 864744 E-mail: accident@cvlassist.co.uk FAST FRAME: Creditors Meeting Next Week --------------------------------------- Notice is hereby given, by Edward T. Kerr and Ian Gould of PKF (UK) LLP, Pannell House, 159 Charles Street, Leicester LE1 1LD, that a Meeting of the Creditors of Fast Frame (UK) Limited, Regent House, Clinton Avenue, Nottingham NG5 1AZ, is to be held at PKF (UK) LLP, Regent House, Clinton Avenue, Nottingham NG5 1AZ, on 10 October 2005 at 3:30 p.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1, to the Insolvency Act 1986. A proxy form should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In Order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. E T Kerr, Joint Administrator CONTACT: FAST FRAME UK LIMITED Amber Valley Bailey Brook Industrial Estate Nottingham NG16 4BE United Kingdom Phone: 01773 714710 Fax: 01773 765951 PKF Regent House Clinton Avenue Nottingham Nottinghamshire NG5 1AZ Phone: 0115 960 8171 Fax: 0115 960 3665 FEDERAL-MOGUL: Court Amends US$9.4 Billion Liability Estimate ------------------------------------------------------------- To correct clerical mistakes, Judge Rodriguez of the U.S. District Court for the District of Delaware amended his opinion estimating Turner & Newall Limited's asbestos liability, entered on Aug. 19, 2005. A full-text copy of the Amended Opinion is available for free at http://ResearchArchives.com/t/s?1f0 Judge Rodriguez previously estimated the total amount of contingent and unliquidated claims against Turner and Newall Limited for personal injury or death caused by exposure to asbestos at US$9 billion in the United States and GBP229 million (about US$411 million) in the United Kingdom, including pending and future claims. As previously reported, the Official Committee of Asbestos Claimants and the Legal Representative For Future Asbestos Claimants' expert, Dr. Mark Peterson, estimated T&N's United States liability at US$11.1 billion and T&N's liability for present and future claims in the United Kingdom at GBP226 million or about US$405.6 million. In contrast, Dr. Robin Cantor, the Asbestos Property Damage Committee's expert, placed the net present value of all pending and future United States claims at US$2.5 billion. Neither the PD Committee nor Dr. Cantor estimated the aggregate liability in the United Kingdom because the claims "are only a small fraction of the United States claims, and will not significantly affect recoveries for property damage claimants." Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925 billion stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's balance sheet showed a US$2.048 billion stockholders' deficit, compared to a US$1.926 billion deficit at Dec. 31, 2004. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. (Federal-Mogul Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: TURNER & NEWALL LIMITED Manchester International Office Centre Styal road Manchester M22 5TN FKI PLC: Reiterates Trading Outlook ----------------------------------- FKI plc will announce interim results for the half year ending 30 September 2005 on 1 December 2005. On Sept. 29 the company said trading in the first six months of the year is expected to be broadly in line with the guidance issued at the time of the preliminary results announcement in June. In FKI Logistex, order intake is running at last year's annualized rate with some recovery in European post and parcel markets. As expected, turnover in the first half is approximately 10% ahead of the comparable period last year and margin performance is slightly improved. Within Lifting Products and Services, Crosby continues to benefit from the buoyant global energy markets and has returned a strong first half. Bridon has been impacted by distributors destocking and an inability to pass on fully the cost increases for specialized steels, although order intake for larger ropes was above expectations. Performance in the Hardware group reflects both relatively stable demand and the revised general hardware business model. Consequently, overall the group has operated at levels consistent with last year's full year performance. In Energy Technology, results are expected to be in line with the comparable period last year. Margins have continued to be impacted by the anticipated rise in raw material prices and the higher than expected increase in energy costs. Order intake in the first half in the Turbogenerators, Switchgear and Bristol Babcock businesses is approximately 20% ahead of the comparable period last year. Foreign exchange rates for the first half were similar to the comparable period last year and total finance costs have risen, as expected, to GBP14 million as a result of rising short-term interest rates. The outlook for the full year remains in line with previous guidance. FKI will announce the restatement of 2004/05 financial information on an IFRS basis on 18 October 2005. * * * In June, the company reported that full-year loss after tax amounted to GBP79.9 million (2004 restated: loss of GBP20.9 million) and basic loss per share was 13.7 pence (2004 restated: basic loss per share 3.6 pence). Adjusted earnings per share, calculated by excluding exceptional items and goodwill amortization, were 9.0 pence (2004 restated: 8.6 pence). Net debt at 31 March 2005 of GBP350.7 million represented a decrease of GBP26.4 million from 30 September 2004 but a marginal increase of GBP1.6 million from 31 March 2004. Cash flow was negatively impacted by approximately GBP15.0 million due to the effect of higher steel prices resulting in an increase in working capital, the cash outflow of the wind turbine business of GBP25.0 million and GBP12.2 million spent on closure costs previously identified in the 2004 Strategic Review. CONTACT: FKI PLC Falcon Works P.O. Box 7713 Meadow Lane Loughborough Leicestershire LE11 1ZF Phone: +44 (0) 20 7832 0000 Fax: +44 (0) 20 7832 0001 Web site: http://www.fki.co.uk Simon Webber Business Development Director Phone: 020 7832 0000 James Olley Brunswick Phone: 020 7404 5959 FOCUS DIY: Long-term Ratings Cut to 'B'; Underperformance Cited --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Focus DIY (Finance) PLC and Focus DIY (Investments) Ltd. (collectively referred to as Focus), the parent companies of U.K.-based home-improvement retailer Focus, to 'B' from 'B+'. The ratings remain on CreditWatch with negative implications, where they were placed on Sept. 16, 2005. At the same time, the long-term debt rating on Focus DIY (Investments) Ltd.'s GBP285 million (US$503 million) senior secured credit facilities was lowered to 'B+' from 'BB-', still one notch above the corporate credit rating. The recovery rating is unchanged at '1', indicating Standard & Poor's expectation of full recovery of principal for senior lenders in the event of a payment default. However, both the recovery rating and secured debt rating are under pressure. In addition, the long-term debt rating on Focus DIY (Finance) PLC's GBP100 million second secured mezzanine notes has been lowered to 'CCC+' from 'B', now two notches below the corporate credit rating, reflecting a deterioration in recovery prospects. "The downgrade reflects significant underperformance and deterioration in sales and earnings over the crucial third quarter (May to July) of fiscal 2005, which has resulted in a substantial increase in leverage," said Standard & Poor's credit analyst Sunita Kara. "The continued CreditWatch status reflects Standard & Poor's concern regarding compliance with financial covenants under the senior secured facilities," she added. "Due to the deterioration in debt protection measures and subsequent pressure on financial covenants, Focus' liquidity position is considerably weaker," said Ms. Kara. The group is in discussion with senior lenders regarding changes to certain covenants. The ratings will remain on CreditWatch until an outcome has been reached. The ratings could be affirmed at their current level if the result of the discussion leads to a restoration of an adequate liquidity position. Conversely, the ratings could be lowered -- at current assessment by a maximum one notch -- if Standard & Poor's estimates that headroom under the renegotiated covenants is not adequate for at least the next four quarters. "In any case, the outlook on the group is likely to be negative following the resolution of the CreditWatch status, to reflect the negative trends prevalent in the U.K. home-improvement market," added Ms. Kara. 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: FOCUS (DIY) LIMITED Gawsworth House Westmere Drive Crewe Cheshire CW1 6XB Phone: 01270 501555 Web site: http://www.focusdiy.co.uk GOSHAWK INSURANCE: Calls off EGM After Recent Negative Events ------------------------------------------------------------- Phoenix Asset Management Partners said on Sept. 29 it will no longer be seeking to appoint Sir Peter Thompson and Gary Channon to the GoshawK Insurance Holdings plc board and will therefore not be requisitioning an EGM for that purpose. Recent events (the company's announcements of Aug. 19, Sept. 6 and Sept. 15 of this year and AM Best's announcement of Sept. 9) have made the capital and business position of GoshawK uncertain and in addition we have been unable to persuade the executive management of Rosemont Re to work with us. Taken together this leaves us in a position where we are now unable to present a proposal to shareholders along the lines we outlined in our letter on 1 July 2005. We will now focus our efforts on ensuring that GoshawK acts in the best interests of shareholders. Phoenix Asset Management Partners, which is regulated by the Financial Services Authority, is acting exclusively for its clients in connection with GoshawK Insurance Holdings plc and will not be responsible to anyone other than its clients for providing the protections afforded to clients of Phoenix Asset Management Partners or for giving advice in relation to the Company. In a separate press release, GoshawK said: "The Board of GoshawK notes the announcement made Phoenix Asset Management Partners. As previously announced, GoshawK is looking at capital raising initiatives to allow maximization of opportunities in the future hardening market, to secure its capital position and to reaffirm its rating. This work is ongoing and once finalized, will be subject to shareholder approval. The Board continues to act in the interests of all shareholders." A.M. Best Rating On September 8, A.M. Best Co. placed the financial strength ratings of A- (Excellent) and the issuer credit ratings (ICR) of "a-" of Rosemont Reinsurance Ltd. under review with negative implications. These rating actions follow the recent announcements by Rosemont that net losses attributable to Hurricane Katrina are projected to be in the US$25 million to US$30 million range and that marine energy losses for Hurricane Ivan had deteriorated during the second quarter of 2005. A.M Best is concerned that the combination of these events, in addition to negatively affecting Rosemont's operating profit projections for 2005, will also negatively affect Rosemont's prospective risk-based capital in light of its property catastrophe business profile. The ratings will remain under review pending discussions with Rosemont's management and re-evaluation of the capital requirements necessary to support the company's current rating. A.M. Best expects to commence discussions with Rosemont's management and conclude its analysis in the short term. Losses on Property and Marine Books of Business On September 9 GoshawK said that as a result of Hurricane Katrina, GoshawK will incur losses on its Property and Marine books of business. Mitigating the financial impact of the event is the fact that the Company had significantly increased the scope and quantum of its 2005 reinsurance programs compared to the prior year. The current expectation is that these programs should be sufficient and the company's net loss attributable to Hurricane Katrina is projected to be in the range of US$25 million to US$30 million. The impact of Hurricane Katrina is therefore not expected to reduce GoshawK's year-end capital. Once more information is available, further updates will be provided (if required). The hurricane season typically runs until the end of October, so the Company, as with the rest of the reinsurance industry, remains exposed to further possible catastrophe activity. Given the severe and wide ranging impact that Hurricane Katrina will have on the reinsurance and retrocession markets the company expects to benefit from substantially improved rates, terms and conditions in 2006. Financial and Operational Summary On Sept. 15 GoshawK outlined its financial and operational results, showing: (a) Increase in gross premiums written of 30% over 2004, mainly driven by growth in the U.S.; (b) Operating profit of US$4.7 million (2004: US$8.0 million); (c) Group loss after tax of US$0.5 million (2004: profit of US$9.2 million) representing nil cents per share (2004: earnings per share of 5 cents); (d) Net assets per share unchanged at US$0.99 (55p) compared to US$0.99 (51p) at 31 December 2004; (e) Group results presented under International Financial Reporting Standards ('IFRS') for the first time. Impact of IFRS not material on results or financial position; comparatives restated; (f) Catastrophe activity low for first half; but increases on 2004 catastrophe estimates; (g) Hurricane Katrina net losses initially estimated in range of US$25 million to US$30 million; (h) US$1.6 million (1% share) added to net asset value in August 2005 resulting from sale of former corporate member at Lloyd's. August 15 Loss Advices GoshawK has been advised of certain offshore energy catastrophe losses affecting its marine account, which will negatively impact the result for the six months ended 30 June 2005. The Company has also incurred losses, to a limited extent, on winter cyclone Erwin and the Suncor plant loss in Canada during the first half of 2005. The cumulative effect of these items means that the Company now expects to report a marginal dollar loss before tax for the period. The marine loss advices received are for hurricane Ivan which occurred in late 2004 and on which the Company had set aside a reserve in excess of loss advices previously received. The total of the loss advices received exceeds the amount reserved. Since the losses previously reported on hurricane Ivan had already fully utilized the Company's retrocessional protections, the new loss development negatively impacts net profitability. Assuming catastrophe activity in the second half of 2005 is within normal provisions, GoshawK expects to achieve an acceptable, if reduced, outcome for the full year. CONTACT: GOSHAWK INSURANCE HOLDINGS PLC Paul Spencer, Chairman Phone: 020 7499 2355 Russell Brooke, Chief Executive Phone: +1 441 295 5485 Jonathan Beck, Finance Director COLLEGE HILL ASSOCIATES Phone: 020 7457 2020 Tony Friend Richard Pearson/Roddy Watt HALLCO 907: In Administrative Receivership ------------------------------------------ Neon Properties Limited appointed Leslie Ross and Ian Carr (IP Nos 7244 and 8741) of Grant Thornton UK LLP joint administrative receivers of Hallco 907 Limited (Reg No 04784491) on Sept. 19. The company's registered office is at Grant Thornton UK LLP, Heron House, Albert Square, Manchester M60 8GT. Hallco 907 develop properties. CONTACT: GRANT THORNTON Heron House, Albert Square MANCHESTER M60 8GT Phone: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk HEAT-SEAL (LEICS): Creditors Meeting Set Friday ----------------------------------------------- Notice is hereby given, by Edward T Kerr and Ian Gould of PKF (UK) LLP, Pannell House, 159 Charles Street, Leicester LE1 1LD, that a Meeting of the Creditors of Heat-Seal (Leics) Limited, Pannell House, 159 Charles Street, Leicester LE1 1LD, is to be held at PKF (UK) LLP, Pannell House, 159 Charles Street, Leicester LE1 1LD, on 7 October 2005, at 11:00 a.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1, to the Insolvency Act 1986. A proxy form should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. Since 1970, Heat-Seal has grown to become the area's specialist in quality double-glazing, with the widest choice in modern to traditional designs. Visit http://www.heat-seal.co.uk/for more information. CONTACT: HEAT-SEAL LEICS LTD. 1 Snow Hill Melton Mowbray Leicestershire LE13 1PD Phone: 01664 569341 Fax: 01664 500058 PKF Pannell House, 159 Charles Street, Leicester LE1 1LD Phone: 0117 906 4000 Fax: 0117 974 1238 E-mail: info.bristol@uk.pkf.com Web site: http://www.pkf.co.uk INTERSHOP COMMUNICATIONS: Launches Up to EUR4.3 Mln Rights Issue ---------------------------------------------------------------- Intershop Communications AG said on Sept. 28 its Executive Board (Vorstand) and Supervisory Board (Aufsichtsrat) have decided to implement a public rights issue from authorized capital in order to raise cash and strengthen the Company's balance sheet. As part of the subscription offer, the Company will offer all current Intershop shareholders the opportunity to subscribe for one new Intershop common bearer share per two existing Intershop common bearer shares held at a price of EUR1.00 per share (indirect pre-emptive right) during the period from September 28, 2005 to October 13, 2005. For this offer, Intershop will issue up to 4,258,550 new common bearer shares from authorized capital. Any shares not subscribed by shareholders will be placed with investors by Munich, Germany-based VEM Aktienbank AG, the investment bank handling the transaction. Through this additional private placement by VEM Aktienbank AG, Intershop expects to raise approximately EUR4.3 million. The new shares are expected to increase the total number of Intershop issued and outstanding shares by 50 percent, from 8,517,100 to 12,775,650. The shareholders will be informed shortly about the details of the rights issue. About Intershop Intershop Communications AG (Prime Standard: ISH2) is a leading provider of software solutions that help organizations evolve their trading relationships with consumers and business partners online. Founded in 1992, Intershop has a long tradition of driving innovation in e-commerce by automating and simplifying sales and buying processes. Intershop Solutions enable organizations to consolidate and manage unlimited online commerce channels on a single platform. As a result, Intershop customers benefit from reduced operating expenses and competitive advantages in their online sales activities. More than 300 enterprise customers worldwide, including HP, and BMW, run Intershop Solutions. Four of the five largest ecommerce sites in Germany rely on Intershop Solutions: Otto, Tchibo, Deutsche Telekom, and Quelle. Intershop is headquartered in Jena, Germany, and has branch offices in the United States, and Europe. More information about Intershop can be found on the Web at http://www.intershop.com * * * Intershop did not fare well in the second quarter of the year, posting EUR1.1 million in losses, a million-euro higher from a year ago. CONTACT: INTERSHOP COMMUNICATIONS Intershop Tower D-07740 Jena Phone: +49-3641-50-0 Fax: +49-3641-50-1111 Web site: http://www.intershop.com JACOB'S WELL: Names Begbies Traynor Liquidator ---------------------------------------------- D. W. Fox, Chairman of Jacob's Well Travel Services Ltd. (formerly Matthew Gerard Travel Insurance Services Ltd.) informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at Stewarts, 63 Lincoln's Inn Fields, London WC2A 3LW. Vivian Murray Bairstow and Nicholas Roy Hood of Begbies Traynor (South) LLP, 32 Cornhill, London EC3V 3BT was appointed liquidator. CONTACT: MATTHEW GERARD TRAVEL INSURANCE LTD. 10b Robin Hood Road, St. Johns, Woking, Surrey GU21 8SP Phone: 01483730900 BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com JARVIS PLC: Completes Financial Restructuring --------------------------------------------- The Board of Jarvis plc said that with the Admission of the Placing Shares at 8.00 a.m. on Sept. 29, it has completed the financial restructuring plan that was announced on 27 May 2005 and approved by Shareholders on 4 August 2005. In summary, the financial restructuring plan comprised: (a) GBP378 million of the Company's liabilities exchanged for new equity, (b) GBP50 million of new equity capital raised through a Placing and Open Offer, (c) GBP38.5 million of Additional Funding Facilities secured Alan Lovell, Chief Executive, said: "I am delighted that this completes our financial restructuring which positions the Group well for the future development of the business." CREST stock accounts have been credited on Sept. 29 in respect of the Open Offer Shares to be held in uncertificated form. Definitive share certificates in respect of the Open Offer Shares to be held in certificated form and cash-out alternative cheques are expected to be posted, where applicable, by 6 October 2005. In accordance with the approach approved by Shareholders on 4 August 2005, the Company is now proceeding with the process of canceling the non-voting Deferred Shares arising from the Share Reorganisation, which took place to facilitate the Debt for Equity Exchange. Capitalized terms used but not defined in this announcement have the meanings given to them in the prospectus dated 25 August 2005. CONTACT: JARVIS PLC Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com Bridget Fury, Merlin Paul Downes Phone: 020 7653 6620 JBG BUILDING: Bank of Scotland Appoints Receiver ------------------------------------------------ The Bank of Scotland appointed David Hill and James Patrick Nicholas Martin (Office Holder Nos 6904, 8316) of Begbies Traynor joint administrative receivers of JBG Building Services Limited (Reg No 04526254) on Sept. 19. The company specializes in refurbishment of PRC, BISF and traditional housing as well as general contracting. CONTACT: JBG BUILDING SERVICES LIMITED Ogwy House, Main Road, Llantwit Fardre, Pontypridd, Rhondda Cynon Taff CF38 2HE Phone: 01443 207622 Fax: 01443 217077 BEGBIES TRAYNOR 5th Floor, Riverside House, 31 Cathedral Road, Cardiff CF11 9HB Phone: 029 2022 5022 Fax: 029 2022 4523 E-mail: cardiff@begbies-traynor.com Web site: http://www.begbies.com KIMBERLEY INVESTMENTS: Calls in Liquidator from BWC --------------------------------------------------- P. Glover, Chairman of Kimberley Investments (UK) Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 9 at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU. Gary Edgar Blackburn and Paul Andrew Whitwam of BWC Business Solutions, 8 Park Place, Leeds LS1 2RU were appointed Joint Liquidators. CONTACT: KIMBERLEY PLC 33 St. James's Street, London SW1A 1HD Phone: 02078395550 BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com LAB FURNISHINGS: Administrators Take over Company ------------------------------------------------- C. P. Holder and S. C. E. Mackellar (IP Nos 9093 and 6883) of Kroll Limited were appointed joint administrators of Lab Furnishings Limited (Company No 3851169) on Sept. 20. The company's registered office is at 124-130 Seymour Place, London W1H 1BG. Lab Furnishings (UK) Ltd. has rapidly established itself as one of the leading specialists in the design, manufacture and installation of laboratory furniture and fume cupboards. Visit http://www.labfurnishings.co.uk/for more information. CONTACT: LAB FURNISHINGS (NORTHERN OFFICE) Unit 2, Malmo Park Stockholm Road Sutton Fields Industrial Estate Kingston-Upon-Hull HU7 0XW Sales Enquiry: 0800 9150 341 Main Office: 01482 827999 Fax: 01482 827995 E-mail: sales@lfplc.co.uk KROLL LIMITED Wellington Plaza, 31 Wellington Street, Leeds LS1 4DL Web site: http://www.krollworldwide.com LINDSAY WELBECK: Files for Liquidation -------------------------------------- Lindsay Wellbeck Limited informs that resolutions to wind up the company were passed at an EGM held on Sept. 6 at the offices of BN Jackson Norton, 14 Orchard Street, Bristol. Graham Lindsay Down of BN Jackson Norton, 14 Orchard Street, Bristol was appointed liquidator. CONTACT: LINDSAY WELBECK LIMITED 1664a High Street, Knowle, Solihull, West Midlands B93 0LY Phone: 01564775990 MAIN SQUARE: Members Opt for Liquidation ---------------------------------------- J. Sanders, the Chairman of Main Square Limited, informs that extraordinary resolution to wind up the company was passed at an EGM held on Sept. 8 at the offices of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY. Lane Bednash of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY was appointed liquidator. CONTACT: MAIN SQUARE LTD. Suite 2, 36 Marylebone High Street, London W1U 4QD Phone: 020 7706 1934 E-mail: frontdesk@mainsquareproductions.com DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com OPEN WORLD: Boat Builder Goes Belly up -------------------------------------- S. Patterson, Chairman of Open World Yachts Ltd., informs that resolutions to wind up the company were passed at an EGM held on Sept. 7 at CLB Coopers, Fleet House, New Road, Lancaster LA1 1EZ. Diane Hill and Mark Getliffe of CLB Coopers, Century House, 11 St Peter's Square, Manchester M2 3DN were appointed Joint Liquidators. CONTACT: OPEN WORLD YACHTS LTD. Keymoss, Witherslack Grange-Over-Sands, Cumbria LA11 6RX Phone: 01946-599522 CLB Century House, 11 St Peters Square, Manchester M2 3DN Phone: 0161-245-1000 Fax: 0161-245-1001 E-mail: manchester@clb.co.uk Web site: http://www.clb.co.uk REGAL PETROLEUM: Faces Lawsuit in Ukraine ----------------------------------------- Regal Petroleum plc said it received on Sept. 29 a communication from its legal representatives in the Ukraine that Nadra Ukrayiny, the parent organization for Chernigivnaftogasgeologia (CNGG), is intending to issue a legal challenge to Regal's licenses in the Ukraine. The Company is presently unaware of the basis of this challenge and will vigorously defend its position. The Company continues to believe and as such is being so advised by its legal representatives that its licenses were properly awarded and are legally sound. The Company is urgently seeking further information and will keep the market informed as and when such information becomes available. Chief Executive Officer Rex Gaisford said: We don't believe there is any substance in the potential claim and we will be fighting any such case vigorously. We will continue to meet this challenge with the same degree of openness and professionalism with which we have attempted to meet the other challenges over the past three months'. About the Company Regal Petroleum plc is a London-based independent oil and gas producer listed on the Alternative Investment Market of the London Stock Exchange. It focuses on the exploration, development and production of oil and gas assets in Ukraine, Greece, Romania, Egypt and Liberia. Frank Timis, who also served as executive chairman, established the company in 1996. However, Mr. Timis stepped down in June as the company's annual losses quadrupled. For the year ending December 31, losses of US$2.9 million a year earlier ballooned to US$13.7 million (GBP7.55 million). Since March, the company has lost 83% of its value, with shares plunging significantly at the end of April when Regal raised GBP45 million at 390 pence a share following its discovery of a gas prospect in Romania. It sank further when a well at its prospect in Greece was found to be not commercially viable for exploration. CONTACT: REGAL PETROLEUM PLC 4th Floor 11 Berkeley Street London, England W1J 8DS Phone: +44 20 7647 6622 Fax: +44 20 7629 4297 Web site: http://www.regalpetroleum.com Contact: Roger Phillips, Finance Director Phone: 020 7408 9500 Buchanan Communications Phone: 020 7466 5000 Bobby Morse RENTOKIL INITIAL: To Close Sale of Initial Style End-November ------------------------------------------------------------- Rentokil Initial plc updates investors that the process to dispose of Initial Style Conferences Limited announced on August 25 is continuing on track, and that the asset has attracted a significant amount of initial interest from potential acquirers. After receiving more than 20 indicative bids based on confidential information distributed to a variety of qualified parties, the Company has significantly narrowed the number of parties progressing to the next phase of the process. This will involve dissemination of further detailed information prior to potential acquirers submitting firm and binding offers for Style Conferences. No party indicating a bid at or below GBP300 million is being taken through to the next phase. Rentokil now expects to announce the conclusion of the process and the sale of Style Conferences by the end of November. The Company clarifies that there can be no certainty as to the final outcome of any potential sale of Style Conferences. Further details will be provided in due course if appropriate. Greenhill & Co. International LLP, which is regulated by the Financial Services Authority, is acting for Rentokil Initial plc in connection with its potential divestiture of Initial Style Conferences Limited and for no one else and will not be responsible to anyone other than Rentokil Initial for providing the protections afforded to customers of Greenhill & Co. nor for providing advice in relation to this potential transaction. About the Company Rentokil Initial is one of the largest business services companies in the world, operating in the major economies of Europe, North America, Asia Pacific and Africa. The company has some 90,000 employees providing a range of support services in over 40 countries. Rentokil's restructuring took effect in June and the new New Rentokil Initial shares were admitted to the Official List and to trading on the London Stock Exchange's market for listed securities at that time. In August, the company reported that turnover in the first half of 2005 was up 3.2% to GBP1,167.2 million, while operating income was down 33.0% to GBP119.2 million. Profit before tax plunged 40.3% to GBP93.2 million. CONTACT: RENTOKIL INITIAL PLC Felcourt East Grinstead West Sussex RH19 2JY Phone: +44-1342-833-022 Fax: +44-1342-326-229 E-mail: pr@rentokil-initial.co.uk Web site: http://www.rentokil-initial.com Contact: Mark Boyle, Group Acquisitions Director GREENHILL & CO. INTERNATIONAL LLP Phone: +44 (0) 20 7440 0400 Simon Borrows Edward Wakefield BRUNSWICK GROUP LLP Phone: +44 (0) 20 7404 5959 John Sunnucks Gill Ackers RICHARDSONS MOSS: Hires Administrators from BDO Stoy Hayward ------------------------------------------------------------ Toby Underwood and Charles Macmillan (IP Nos 9271 and 6000) of BDO Stoy Hayward LLP were appointed joint administrators of Richardsons Moss Litter Company Ltd. (Company No 00057031) on Sept. 5. The company manufactures and sells horticultural growing media products. CONTACT: RICHARDSONS MOSS LITTER CO. LTD. Richardson House, Gretna Loaning, Gretna, Dumfriesshire DG16 5HU Phone: 0146140271 BDO STOY HAYWARD LLP 1 City Square Leeds West Yorkshire LS1 2DP Phone: 0113 244 3839 Fax: 0113 204 1200 ROBERT EDWARD: Appoints Bridgestones Administrator -------------------------------------------------- Jonathan Lord and Robert Cooksey (IP Nos 9041 and 9040) of Bridgestones were appointed joint administrators of Robert Edward Foods Ltd. (Company No 03779903) on Sept. 14. The company wholesales meat and meat products. CONTACT: ROBERT EDWARD FOODS LTD. 24-26,Riverpark Trading Estate, Newton Heath, Manchester, Lancashire M40 2XP Phone: 0161 231 8448 BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk SCRUTTON ENGINEERING: Calls in Administrators from Bridgestones --------------------------------------------------------------- J. G. Lord and R. L. Cooksey (IP Nos 9041 and 9040) of Bridgestones were appointed joint administrators of Scrutton Engineering Ltd. (Company No 01014978) on Sept. 12. Scrutton Engineering Ltd. was established in 1971, and has gained a reputation for high quality workmanship, build quality and finish in all aspects of metal fabrication. Visit http://www.selfab.com/for more information. CONTACT: SCRUTTON ENGINEERING (UK) LTD. 73 East Duck Lees Lane Ponders End Enfield EN3 7SR Middlesex Phone: 020 8443 4010 Fax: 020 8804 2046 BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk SMART APPROACH: Shares Suspended; Searches for Investor ------------------------------------------------------- The Directors of Smart Approach announces the suspension of trading in its shares on AIM. Since the Company announced on 2 July 2005 that it had raised additional equity funds of GBP680,000, net of expenses, the rate of sales closure has remained disappointing. This is despite the fact that over the past six months the number and scale of bid opportunities for the Company's products has grown significantly. As at 30 September 2005 it is estimated that the Group will have a net cash position of approximately GBP230,000, which the Directors believe is adequate for the Company to continue to trade on a solvent basis for the present. However, the Company's auditors are not able to issue an audit report on the basis that the Company is a going concern given the Director's lack of confidence in the Company's ability to meet its sales forecasts and in the absence of confirmation that Smart Approach is able to raise further additional funds in the short term. The Company is therefore unable to issue audited accounts pursuant to its obligations under the AIM Rules and is required to seek the suspension of its shares. As a result of these circumstances the Board has concluded it is in the best interests of shareholders to seek to identify a strategic investor in the Group who can provide the financial certainty that is required to take the business forward. Shareholders will be kept informed of further developments in due course. CONTACT: SMART APPROACH Mike Ormesher Phone: (01472) 250 300 SOVEREIGN SALES: Names SPW Poppleton & Appleby Liquidator --------------------------------------------------------- M. O'Brien, Director of Sovereign Sales Recruitment Ltd. informs that resolutions to wind up the company were passed at an EGM held on Sept. 19 at the Holiday Inn Chester South, Wrexham Road, Chester CH4 9DL. M. S. E. Solomons was appointed liquidator. Sovereign Sales Recruitment Ltd. is a permanent sales and marketing recruitment specialist in the Northwest. It was established in 1992. In 2001 Sovereign saw a huge injection of capital. It now trades as a Limited company with Debra Williams continuing as Managing Director. Visit http://www.sovereignrecruitment.com/about.phpfor more information. CONTACT: SOVEREIGN SALES RECRUITMENT LTD. Parkside, Herons Way, Chester Business Park Chester, Cheshire, CH4 9QR Contact: Cambrian House, Railway Road, Brymbo Phone: 01978 752751 SPW POPPLETON & APPLEBY Gable House 239 Regents Park Road London N3 3LF Phone: 020 8371 5000 Fax: 020 8346 8588 E-mail: mike@spwca.com STMS REALISATION: Calls in Administrators from Fanshawe Lofts ------------------------------------------------------------- Antony Robert Fanshawe and Stephen John Adshead (IP Nos 005944, 008574) of Fanshawe Lofts were appointed joint administrators of STMS Realisation Limited (Company No 01209333) on Aug. 12. The company's registered office is at Hannah Way, Gordleton Industrial Park, Sway Road, Lymington, Hampshire SO41 8JD. STMS Realisation is previously named Setmasters Limited. It manufactures collating machines. Setmaster collators are used in over 50 countries and are well known for their ease of operation, productive output and reliable performance. Visit http://www.setmasters.co.uk/for more information. CONTACT: SETMASTERS LTD. Gordleton Industrial Park, Sway Road Pennington, Lymington SO41 8JD Hampshire Phone: 01590 683011 Fax: 01590 682659 FANSHAWE LOFTS 41 Castle Way Southampton Hampshire SO14 2BW Phone: 023 8023 3522 Fax: 023 8023 3504 E-mail: sa@fanshawe-lofts.co.uk arf@fanshawe-lofts.co.uk UK FOODS: Names Maidment Judd Administrator ------------------------------------------- Anthony David Kent (IP No 8764) of Maidment Judd was appointed administrator of UK Foods & Catering Limited (Company No 04737398) on Sept. 20. The company's registered office is at 66 Vallance Road, London E1 5WB. CONTACT: UK FOODS & CATERING LTD. Arch 66, Vallance Rd London E1 5BW Phone: 2072472228 MAIDMENT JUDD 60/62 High Street Harpenden Hertfordshire AL5 2SP Phone: 01582 469700 Fax: 01582 460674 E-mail: akent@maidmentjudd.co.uk WALKER MANUFACTURING: Hires Bond Partners as Administrator ---------------------------------------------------------- T. Papanicola (IP No 005496) of Bond Partners LLP was appointed administrator of Walker Manufacturing (Sheffield) Limited (Company No 01364679) on Sept. 14. The company's registered office is at The Grange, 100 High Street, London N14 6TG. It manufactures tools. CONTACT: WALKER MANUFACTURING (SHEFFIELD) LTD. 51 Athol Road Sheffield S8 0PA South Yorkshire Phone: 0114 255 4443 Fax: 0114 258 3819 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 WHAT 4 LIMITED: Files for Liquidation ------------------------------------- M. Dribble, Chairman of What 4 Limited, informs that resolutions two wind up the company was passed at an EGM held on Sept. 19 at 25 Moorgate, London EC2R 6AY. Stephen John Tancock of Smith & Williamson Ltd., First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN was appointed liquidator. What 4 sells fruits, salads and vegetables to retail, wholesale and catering businesses from stands in The New Covent Garden Market in London. It is supplied by most of the top importers, growers, agents and co-ops in U.K. and abroad. Visit http://www.wholesale-fruit-vegetables.com/for more information about the company. The new What 4 Ltd. company was Registered on 11 July 2003, and started trading from 15/23 The Pavilion, New Covent Garden Market, London SW8 5DZ on Saturday 27 September 2003. The Heaton-Harris family, as main shareholders, have loaned (interest free) GBP100,000 so the firm can continue to trade with the same resources as the original company. The Directors are Martin Dribble (Chairman & Managing Director) Belinda Dribble (Company Secretary) and Jason Ashby. CONTACT: WHAT 4 LIMITED 15/23 The Pavilion New covent garden market London SW8 5DZ England Phone: +44(0)20 7622 8866 Fax:+44(0)20 7720 6797 +44(0)20 7720 8296 SMITH & WILLIAMSON LTD. First Floor, Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN Web site: http://www.smith.williamson.co.uk WOODEN WORLD: Names BRI Business Liquidator ------------------------------------------- P. Watts, Director/Shareholder of Wooden World Ltd. informs that a resolution to wind up the company was passed at an EGM held on Sept. 15 at 100-102 St James Road, Northampton NN5 5LF. Gary Steven Pettit and Peter John Windatt, of BRI Business Recovery and Insolvency, 100-102 St James Road, Northampton NN5 5LF were appointed Joint Liquidators. Wooden World Ltd. manufactures quality wooden garden furniture. Other services include fencing, decking, Pagoda's, Arbours -- supply and fit. Visit http://www.webspawner.com/users/woodenworld/for more information. CONTACT: WOODEN WORLD LTD. 1b Lawton Road Rushden Northants NN10 0DX Phone/Fax: 01933 317744 E-mail: terry@woodenworldltd.co.uk BRI BUSINESS RECOVERY AND INSOLVENCY 100-102 St James Road, Northampton NN5 5LF Phone: 01604 754352 Fax: 01604 751660 E-mail: pwindatt@briuk.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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