/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051014.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, October 14, 2005, Vol. 6, No. 204 Headlines F R A N C E ALSTOM SA: Staff Council, German Management Worlds Apart CHARLES JOURDAN: Attracts Two Bidders G E R M A N Y AGFAPHOTO GMBH: Creditors Want Another week to Decide Sale DIMA GMBH: Under Bankruptcy Administration FLUEGEL WERKSTATT: Proofs of Claim Due Next Month MB MODERNES: Duesseldorf Court Appoints Administrator PBW BREUER: Erfurt Business Goes Bust PERO SCHLUESSELFERTIGHAUS: Succumbs to Bankruptcy PSW PROPERTY: Court to Verify Claims February SEITMANN TANKTRANSPORTE: Creditors to Meet December VOLKSWAGEN AG: Porsche Wants more Board Seats ZINEGO AG: Hannover Court Calls in Administrator G R E E C E OLYMPIC AIRLINES: Local Businessman Offers to Takeover Airline I T A L Y ALITALIA SPA: Reaches Deal with Union on Additional Cost Cuts IMPREGILO SPA: Wins EUR3.88 Billion Bridge Contract PARMALAT SPA: First-half Turnover, EBITDA Up Year-on-year K A Z A K H S T A N ATF BANK: Upcoming Eurobond Rated 'B+' NURBANK: Moody's Amends Ratings Outlook to Stable L U X E M B O U R G SBS BROADCASTING: PKS Media to Assume Management Tuesday N E T H E R L A N D S ROYAL SHELL: Remaining 'A' Shares Total 4,007,565,000 ROYAL SHELL: Third-quarter Results Out Later this Month N O R W A Y FJORD LINE: Bailing out Workers to Stop Sinking P O L A N D DAEWOO-FSO MOTOR: Sale to AvtoZAZ Finally Happens R U S S I A ANTEY: Deadline for Proofs of Claim Next Week ATOM-STROY: Smolensk Court Opens Bankruptcy Proceedings BELEBEEVSKIY AGRO-SNAB: Bankruptcy Supervision Procedure Begins BOBROV-YULUN: Under Bankruptcy Supervision PORETSK-AGRO-PROM-KHIMIYA: Declared Insolvent PROM-ENERGO-STROY-SERVICE: Bankruptcy Hearing Resumes November SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business TIMASHEVSKIY REFINERY: Succumbs to Bankruptcy TYUMEN-WOOD: Hires O. Bondarenko Insolvency Manager YUSOVSKAYA: Claims Filing Period Ends Next Week U K R A I N E BANK NADRA: Eurobond Assigned 'B-' Long-term Rating UKRSOTSBANK: Individual Current, Deposit Accounts Up Almost 45% U N I T E D K I N G D O M ADRIAN BURROW: Calls in Liquidator AIM INDUSTRIES: Files for Liquidation ALL AQUA: EGM Passes Winding-up Resolutions ASSURED SCAFFOLDING: Goes into Liquidation BIOFIL LIMITED: Calls in Liquidators from PricewaterhouseCoopers BOOST SPORTS: Names Begbies Traynor Liquidator BSI PORTMAN: Liquidator from Milsted Langdon Enters Firm BUSINESSHEALTH GROUP: Meeting of Creditors Set Next Week BUZZ RECRUITMENT: Hires Liquidator CARLTON DRY: Names Administrators from Tenon Recovery COCHRANE EXECUTIVE: Administrators from P&A Partnership Move in COLLINS & AIKMAN: Proposes Cross-border Insolvency Protocol COSTAIN GROUP: GBP92 Million Construction Project Rolls out DAMOVO GROUP: S&P Affirms Notes at 'CCC+' DCC (MILTON KEYNES): Hires Administrator EARL (BARTON): Engineering Company Calls in Administrator EQUITABLE LIFE: Lawyers Attack Settlement Tactics ESSEX POWER: Files for Liquidation EURO 21 SOLUTIONS: Appoints Benedict Mackenzie Liquidator EUROTREND FURNITURE: Collapses into Liquidation FEDERAL-MOGUL: Inks Agreements to Amend Plan of Reorganization GAVIN FILM LIMITED: Names Joint Liquidators GOSHAWK INSURANCE: Unit Fined GBP220,000 by FSA HANTONS LIMITED: Appoints Joint Liquidators HI TECH WELDING: Administrators Take over Business HYPERION PROJECT: Directors Propose Voluntary Arrangement IMH CONSTRUCTION: Calls in Administrator from X L Business JARVIS PLC: To Keep Council Services Business J. A. TAILORS: Calls in Liquidator from DTE Leonard LEARNING DYNAMIX: Creditors Meeting Set Next Week LENVAL ESSEX: Appoints Administrators from Moore Stephens M.A.M TEXTILES: Bond Partners Takes over Helm MAN GROUP: U.S. SEC Probes Cayman Hedge Fund MARKS & SPENCER: Ex-chairman Fined EUR3,750 MELODY LANE: Names David Rubin Liquidator MOONRAKER FORKLIFTS: Calls in Joint Liquidators NETWORK RAIL: Needs GBP4 Billion to Modernize Railways REGAL PETROLEUM: Wins Case Filed by Former JV Partner RENTOKIL INITIAL: Board Vows to Block Sir Gerry's Appointment ROBERT WISEMAN: To Unveil Interim Figures November SCOTTISH POWER: Expects Restructuring to Cost GBP35 Million SPEYMILL GROUP: Awards Executive Chairman Share Options SWAN FIELDS: In Administrative Receivership TAG RECRUITMENTS: Administrators from PKF Takes over Firm VIKING TAVERNS: Names Administrators from KPMG * Study Predicts High Consolidation in Fruit, Vegetables Market ********* =========== F R A N C E =========== ALSTOM SA: Staff Council, German Management Worlds Apart -------------------------------------------------------- The German unit of engineering giant Alstom has yet to forge a deal with the staff council over planned job cuts at its Mannheim site, Frankfurter Allgemeine Zeitung says. The unit revealed in March plans to reduce 450 jobs in its power station division by 2007, when employment agreement expires. The staff council opposes this because Alstom is supposed to be hiring more workers at a time when Germany is making multimillion-euro investments in power stations. Workers also oppose the plan to reduce the Mannheim site into a sales center to collect contracts in Germany for processing at Alstom sites in France and Poland. CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com CHARLES JOURDAN: Attracts Two Bidders ------------------------------------- Two bidders are vying for collapsed shoemaker Charles Jourdan. Both have offered to retain jobs at the group. Guy Laroche, owned by Chinese group YGM Trading, offered EUR150,000 for the group's assets excluding property and EUR500,000 to EUR600,000 for its brands. Swiss group Avendis Capital, meanwhile offered EUR400,000 for its units and properties and EUR250,000 for the brands. Both bidders are willing to retain between 135 and 200 of Charles Jourdan's employees. The bidders can amend their offers anytime before Oct. 26, when the commercial court of Romans-sur-Isere in Drome will rule on the bids. Meanwhile, shareholders have agreed to sell to the winning bidder for EUR500,000 the stake of Charles Jourdan Holding AG, the Swiss company that controls its units and international brand; and the company that controls its licenses. Charles Jourdan filed for bankruptcy on August 22 affecting three companies: Charles Jourdan Industrie, the manufacturing unit; Charles Jourdan France, the marketing and administration division; and Sodepar, which runs the boutiques and factory shops. The 80-year-old company, which employs 532, has accumulated debt of EUR9 million (US$11 million). CONTACT: CHARLES JOURDAN Web site: http://www.charles-jourdan.fr ============= G E R M A N Y ============= AGFAPHOTO GMBH: Creditors Want Another week to Decide Sale ---------------------------------------------------------- AgfaPhoto's creditors committee has deferred a decision on the sale of the group, Die Welt says. The committee, which failed to come to an agreement during their meeting on Tuesday, will meet again next week. As this developed, U.K. investment group Cerberus has reportedly withdrawn its offer, citing uncertainty over brand and licensing rights. TCR-Europe reported earlier that a row over the rights is holding up talks with buyers, who refuse to go ahead with the deal unless given the right to use the Agfa brand. The rights are currently held by AgfaPhoto majority owner Hartmut Emans who bought the company from Agfa Gevaert in November. The former Belgian parent claims it had only lent the brand to Mr. Emans for free and it will not allow him to sell the rights or hold up the sale process. It did not say what steps it will take to achieve this. Mr. Emans is demanding as much as EUR20 million from potential buyers. Cerberus' pullout leaves Photo-Me the remaining bidder. The British photo booth operator is interested in AgfaPhoto's photographic chemicals division and photographic paper production. Photo-Me is offering to retain 400 of AgfaPhoto's 1,000 employees. If Photo-Me fails to satisfy the committee, AgfaPhoto's insolvency administrator Andreas Ringstmeier would be forced to entertain offers from shareholders who are interested in acquiring parts of the business like Japanese subsidiary Fuji. Agfa-Gevaert N.V. sold the firm to the management and a group of financial investors for EUR112 million in November 2004. Headquartered in Leverkusen, AgfaPhoto manufactures photographic film, papers, chemicals and disposable cameras. It also offers online print service, on-site processing, kiosk systems and wholesale finishing. It has 32 subsidiaries outside Germany that are not affected by its insolvency. The company owes suppliers and pension security body Pensionssicherungsverein. CONTACT: AGFAPHOTO GERMANY GmbH Im Media park 5 D-50670 Cologne Phone: +49 221 98544-3723 Fax: +49 221 98544-3805 Web site: http://www.agfaphoto.com DIMA GMBH: Under Bankruptcy Administration ------------------------------------------ The district court of Duisburg opened bankruptcy proceedings against DIMA GmbH Industriemontagen und Instandsetzung on September 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 2, 2005 to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on November 25, 2005, 9:00 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg, II. Etage, Zimmer 207, 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: DIMA GmbH INDUSTRIEMONTAGEN UND INSTANDSETZUNG Sonnenwall 56, 47051 Duisburg Contact: Martin Sandor, Manager Filderstr. 85, 47441 Moers Dr. Sebastian Henneke, Administrator Muelheimer Str. 100, 47057 Duisburg FLUEGEL WERKSTATT: Proofs of Claim Due Next Month ------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Fluegel Werkstatt GmbH on September 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 2, 2005 to register their claims with court-appointed provisional administrator Dr. Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting on November 16, 2005, 1:10 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FLUEGEL WERKSTATT GmbH Huyssenallee 52-54, 45128 Essen Contact: Anna Maria Fluegel, Manager Dietrich-Georg Fluegel, Manager Franz Georg Fluegel, Manager Oberer Pustenberg 31, 45329 Essen Dr. Jorg Nerlich, Administrator Goethestr. 100, 45130 Essen Phone: 0201 8961050 Fax: 8961059 MB MODERNES: Duesseldorf Court Appoints Administrator ----------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against MB Modernes Bauen GmbH on September 26. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 24, 2005 to register their claims with court-appointed provisional administrator Dr. Onno Klopp. Creditors and other interested parties are encouraged to attend the meeting on October 28, 2005, 9:10 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on November 18, 2005, 8:25 a.m. at the same venue. CONTACT: MB MODERNES BAUEN GmbH Carlo-Mierendorff-Strasse 17, 41466 Neuss Contact: Kai Uwe Goertz, Manager Hauptstrasse 40a, 41564 Kaarst Dr. Onno Klopp, Administrator Sternstrasse 58, 40479 Duesseldorf PBW BREUER: Erfurt Business Goes Bust ------------------------------------- The district court of Erfurt opened bankruptcy proceedings against PBW Breuer & Wolff GbR on September 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 1, 2005 to register their claims with court-appointed provisional administrator Olaf Kupke. Creditors and other interested parties are encouraged to attend the meeting on November 22, 2005, 11:15 a.m. at the district court of Erfurt, Saal 12, im Justizzentrum, Rudolfstr. 46, 99092 Erfurt, 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: PBW BREUER & WOLFF GbR Contact: Udo Breuer and Stephan Wolff, Managers Ackerwand 11-13, 99510 Apolda Olaf Kupke, Administrator Neuwerkstr. 38, 99084 Erfurt PERO SCHLUESSELFERTIGHAUS: Succumbs to Bankruptcy ------------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against PeRo Schluesselfertighaus GmbH on September 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 28, 2005 to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on November 18, 2005, 10:14 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PERO SCHLUESSELFERTIGHAUS GmbH Wickeder Hellweg 24/26, 44319 Dortmund Contact: Hans-Dieter Peiffer, Manager Peter Kosiel, Manager Grillostr. 8 a, 59425 Unna Dr. Sebastian Henneke, Administrator Muelheimer Str. 100, 47057 Duisburg Phone: 0203/34840 Fax: 0203/3484510 PSW PROPERTY: Court to Verify Claims February --------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against PSW Property Consulting und Projektsteuerung GmbH on September 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 15, 2005 to register their claims with court-appointed provisional administrator Dr. Bjorn Gehde. Creditors and other interested parties are encouraged to attend the meeting on November 3, 2005, 10:10 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on February 9, 2005, 10:00 a.m. at the same venue. CONTACT: PSW PROPERTY CONSULTING UND PROJEKTSTEUERUNG GmbH Bausdorfstr. 21,12621 Berlin Dr. Bjorn Gehde, Administrator Goethestr. 85, 10623 Berlin SEITMANN TANKTRANSPORTE: Creditors to Meet December --------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Seitmann Tanktransporte GmbH on September 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 10, 2005 to register their claims with court-appointed provisional administrator Uwe Hueggenberg. Creditors and other interested parties are encouraged to attend the meeting on December 15, 2005, 9:20 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SEITMANN TANKTRANSPORTE GmbH Daimlerstrasse 13, 44805 Bochum Contact: Ilona-Maria Seitmann, Manager Uwe Hueggenberg, Administrator Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax: 964 91-33 VOLKSWAGEN AG: Porsche Wants more Board Seats --------------------------------------------- Porsche AG is still poised to endorse at least two of its executives to the supervisory board of Volkswagen AG, said the Financial Times. This despite a bank report advising Volkswagen against the appointment of any Porsche shareholder or member of its management to the board. Porsche officials, who also commissioned an international law firm to look into the matter, believe the recommendations by JP Morgan have no legal basis. JP Morgan has also called on Ferdinand Piech to resign as supervisory board chairman of Volkswagen, citing conflicts of interest as reason. Mr. Piech is a major investor and non-executive director at Porsche. Mr. Piech has survived a threatened coup by some of Volkswagen directors who oppose Porsche's intention to raise its stake in the company from under 5% to 20%. Reuters earlier reported that Volkswagen has welcomed Porsche's plan, however, half of Volkswagen's 10 shareholder-directors are against it. Volkswagen Chief Executive Bernd Pischetsrieder has stressed the company's need for a steady shareholder structure to fulfill long-term goals. He added the increase of Porsche's stake could strengthen their working relations. Fitch Ratings has said an increase in Porsche's stake may improve bondholders' long-term protection despite corporate governance issues. Markus Leitner, director in Fitch's European Industrials team, said: "With the increased Porsche ownership, (Volkswagen) has increased its protection from takeover, reducing the risk of a lower-rated company gaining control." However, Fitch notes Porsche's greater dominance could reduce the influence of many institutional investors, which have been urging Volkswagen to carry out corporate restructuring to improve results. With the proposed 20% stake, Porsche intends to secure its long-term cooperation with Volkswagen, which is an important development partner with and significant supplier for Porsche. The two companies are working together to build Porsche's Cayenne offroader, and in developing fuel-saving hybrid technology. CONTACT: VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de PORSCHE AG Porscheplatz 1 D-70435 Stuttgart, Germany Phone: +49-711-911-0 Fax: +49-711-911-5777 Web site: http://www.porsche.com ZINEGO AG: Hannover Court Calls in Administrator ------------------------------------------------ The district court of Hannover opened bankruptcy proceedings against ZINEGO AG on September 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 2, 2005 to register their claims with court-appointed provisional administrator Dirk Stadler. Creditors and other interested parties are encouraged to attend the meeting on December 6, 2005, 11:20 a.m. at the district court of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, 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: ZINEGO AG Hohenzollernstr. 53, 30163 Hannover Contact: Horst Eggert, Manager Dirk Stadler, Administrator Callinstr. 43, 30167 Hannover Phone: 0511/4739080 Fax: 0511/47390811 =========== G R E E C E =========== OLYMPIC AIRLINES: Local Businessman Offers to Takeover Airline -------------------------------------------------------------- The government is now entertaining other alternatives for troubled flag carrier Olympic Airlines as sale talks with Olympic Investors-York Capital appears to be going nowhere. According to local daily Naftemporiki, the government is considering an offer by a Greek businessman to relaunch the airline with his company and Greek banks as shareholders. It is not clear if the government will continue to own a stake or how much, if ever. The European Commission recently ruled the government violated the "one time, last time" rule on state subsidies and ordered the airline to return EUR540 million. The ruling appears to be the reason why sale talks are stalling. Greece acquired the airline, then known as Olympic Airways, from Aristotle Onassis in 1975, 18 years after its establishment. On December 11, 2002, the Commission ruled that an aid granted to Olympic Airways was illegal, and ordered Greece to recover EUR160 million. In 2003, Greece set up Olympic Airlines, which took over the flight operations and most of the assets of Olympic Airways, leaving behind almost all of its debts and circumventing the obligation to recover the aid. CONTACT: OLYMPIC AIRLINES S.A. 96 Sygrou Ave. 11741 Athens Phone: +30 1 9267221 Fax: +30 1 9267858 E-mail: olyair10@otenet.gr Web site: http://www.olympicairlines.com ========= I T A L Y ========= ALITALIA SPA: Reaches Deal with Union on Additional Cost Cuts ------------------------------------------------------------- Alitalia reached a vital deal with trade unions Thursday that allows it to cut EUR65 million in cost a year from 2006 onwards, Reuters says. A joint statement said the deal would give the carrier and its employees a sense of certainty that its forthcoming EUR1.2 billion capital hike would be successful. Measures under the deal include "boosting productivity, improving management and organization and optimizing working models within existing contractual norms." Alitalia had asked the unions to help find ways to cut EUR170 million in further cost to offset rising fuel prices. Alitalia is expected to include the measures in its revised 2005-2008 industrial plan to attract investors to participate in the capital hike. Alitalia's board will meet tomorrow to discuss the plan. The capital hike is designed to replenish Alitalia's coffers and at the same time lower the government stake in the carrier below 50%, a condition set by the European Commission, which approved a state-guaranteed EUR400 million bridging loan to Alitalia last year. Alitalia also received a nifty assist from the government recently via a EUR124 million financial package for Italy's airline sector. Of this amount, EUR40 million will directly benefit Alitalia. About the Company Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, its net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from its hubs in Rome and Milan and operates a fleet of 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, the carrier remains in deep financial crisis. Alitalia has posted annual profit only four times in the past 16 years. A turnaround plan approved late 2004 will split the airline's flight and ground operations, paving the way for its privatization. Banca Intesa S.p.A. and Deutsche Bank will underwrite a EUR1.2 billion rights issue to finance the restructuring. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it IMPREGILO SPA: Wins EUR3.88 Billion Bridge Contract --------------------------------------------------- Impregilo S.p.A., Italy's leading infrastructure construction group, has been awarded the top score on its tender for the construction of a bridge over the Straits of Messina, the contract-awarder announced Wednesday. Impregilo S.p.A. will therefore act as General Contractor for construction of the bridge; it holds a 45% share in the vehicle formed for the project, whose other investors are Sacyr S.A. (18.70%), Societa Italiana Condotte (15%), Cooperativa CMC (13%), Ishikawajma-Harima Heavy Industries Co. (6.30%) and Aci Consorzio Stabile of the Gavio group (2%). The project engineer is Cowi. The General Contractor has arranged a pre-financing for an amount equivalent to 15% of the project with Banca Intesa, CARIGE, Banca Popolare Italiana. The contract was awarded on a EUR3.88 billion tender, a reduction of 12.33% on the basic bid price of EUR4.43 billion. Construction will be completed within a maximum timeframe of 70 months. The bid was drawn up after extensive analysis over the last 12 months by Impregilo, together with the engineering and research units of the other companies in the grouping and with Cowi, during which all project components, construction technologies and methods were examined and assessed. Based on their analysis, the grouping were able to formulate a cost-effective bid with an outstanding technical content. The members of the Impregilo grouping boast significant experience in this type of construction project; more specifically, Impregilo built the second suspension bridge over the Bosphorus in Turkey, for a length of 1,087 meters; Cowi engineered the Storebealt bridge linking Denmark and Sweden, while Japan's IHI was lead company on the construction of the Akashi Kaikyo, the world's longest suspension bridge. With a length of 3,666 meters, the bridge over the Straits of Messina will be the longest bridge in the world, with a central span of 3,300 meters and a deck of 60.4 meters. The bridge will feature six traffic lanes, two service lanes and two railway lines. Statement of Chief Executive Officer Alberto Lina We are very proud to have been awarded this important contract. This contract is the outcome of an extremely complex team effort that began in 2002 and involved 130 people from all the companies in the grouping, together with the specialists at Denmark's COWI and the scientists of the IHI research centres in Japan. Statement of Alberto Rubegni, Head of Engineering & Construction I believe that the decisive element was our detailed project analysis. This involved development of special assembly techniques on all technical, planning and construction components, with the result that we were able to present a highly competitive bid. Impregilo is the constructor of some of Europe's and the world's most important infrastructures. Current general contractor projects in Italy include the Milan-Turin and Bologna-Florence high-speed railways, the Mestre Orbital, the Salerno-Reggio Calabria motorway, the Monte Bianco-Aosta motorway and the Genoa and Naples underground railways. Abroad, Impregilo is working on the St. Gothard railway tunnel in Switzerland, the Caracas-Tuy Medio and Puerto Cabello-Encrujiada railways in Venezuela, the Athens underground, the Karahnjukar dam in Iceland and the Mazar dam in Ecuador, and the Portland tunnel in the U.S.A. * * * Headquartered in Viale Italia 1, Sesto S. Giovanni, 20099 Milan, Impregilo S.p.A. -- http://www.impregilo.it-- is a leading engineering group in Italy that has existed since 1906. It generates more than EUR2.96 billion in annual revenue and employs more than 11,703 people. As of December 2004, group net result and net financial position stand at -EUR1.76 billion and -EUR499 million respectively. In June, Impregilo reached agreements with banks on: (a) The re-scheduling of short-term borrowings totaling EUR200.3 million (the banks include Banca Intesa Group, the Unicredito Group, the SanPaolo IMI Group, the Capitalia Group); and (b) The restructuring of Fisia Italimpianti debt. Fisia Italimpianti, a company under the group, agreed with a pool of banks led by Banca di Roma S.p.A. for the restructuring of a residual amount of EUR76 million on a medium-term loan granted at the time of Fisia's acquisition by Hiatus S.p.A. As of Dec. 31, 2004, Fisia has EBITDA of EUR28.8 million, net indebtedness of EUR123 million, and shareholders equity of EUR87 million. It has employees of 588. (c) The Conversion of EUR680 Million Bridging Loan used to cover the company's short-term requirement, mainly bonds that matured May and June The contract also provided a facility whereby Impregilo may convert up to EUR500 million of the bridging loan into a seven-year financing. Impregilo intends to repay the remaining EUR180 million using a portion of the proceeds raised by its EUR650 million share capital increase launched in June. Corporate restructuring specialist Lazard Freres & Co. LLC is advising Impregilo. CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it PARMALAT SPA: First-half Turnover, EBITDA Up Year-on-year --------------------------------------------------------- Newly relisted Parmalat S.p.A. reported encouraging financial figures for the first six months of 2005, Il Sole 24 Ore says. First-half pro-forma results reveal an 8.5% year-on-year hike in EBITDA to EUR141.6 million. The dairy giant also booked a 2.3% rise in turnover to EUR1.847 billion. All of the group's geographic businesses contributed to the growth, Parmalat said, except for Italy wherein the local dairy market is currently sluggish. CONTACT: PARMALAT FINANZIARIA S.p.A. Piazza Erculea 9 20122 Milan, Italy Phone: +39-02-806-8801 Fax: +39-02-869-3863 Web site: http://www.parmalat.net VICENZI BISCOTTI S.p.A Via Forte Garafolo 1-37057 San Giovanni Lupatoto Phone: 0039 045 8262800 Fax: 0039 045 8266026 Web site: http://www.vicenzi.it =================== K A Z A K H S T A N =================== ATF BANK: Upcoming Eurobond Rated 'B+' -------------------------------------- Fitch Ratings has assigned Kazakhstan-based ATF Bank's upcoming eurobond an expected Long-term 'B+' rating. ATF is rated Long term 'B+' with a Stable Outlook, Short-term 'B', Individual 'D', and Support '4'. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The notes are to rank at least pari passu with the claims of other unsecured creditors of ATF, save those preferred by relevant legislation. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H105, retail deposits accounted for 9% of ATF's total liabilities, according to the bank's reviewed IFRS accounts. Covenants prevent ATF from entering into transactions of US$3 million or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitization by ATF. Should any securitization be undertaken, Fitch comments that the nature and extent of any overcollateralization would be assessed by the agency for any potential impact on unsecured creditors. ATF Bank is the fourth largest commercial bank in Kazakhstan by assets, with around 8% of the banking system's assets at end-H105. It provides a broad range of banking services to corporates and SMEs, and is also growing its retail business, focusing on higher and middle-income individuals. It is also active in the foreign exchange and government securities markets in Kazakhstan. CONTACT: ATF BANK Contact: Zhanna Bubeyeva Phone: 7 (3272) 583072, 583022, 503765 Fax: 7 (3272) 501995 E-mail: bubeyeva@atfbank.kz Web site: http://www.atfbank.com FITCH RATINGS Alexei Kechko James Watson, Moscow Phone: +7 095 956 9901 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com NURBANK: Moody's Amends Ratings Outlook to Stable ------------------------------------------------- Moody's Investors Service has changed to stable from positive the outlook on the Ba3 long-term foreign currency deposit rating, on the outstanding senior unsecured notes and E+ financial strength rating (FSR) of Kazakhstan's Nurbank. According to Moody's, the change of outlook reflects a set of converging trends that occurred during 1H 2005 according to data available under Kazakhstani standards of reporting, including: (a) A decrease of 3% in the gross loan portfolio and 14% in customer deposits (at a time when average growth among Nurbank's competitors reached sustained double-digit figures), which resulted in a reduced market share for the bank; (b) Deteriorating asset quality, as evidenced in a jump from 1.4% to 4.7% in loans classified as losses; and (c) A tightening liquidity position that has resulted in steadily increasing reliance on syndicated loan facilities from, and Eurobonds issues subscribed by foreign banks. Moody's believes that in the light of these recent developments Nurbank's rating has little upside potential over the short term; moreover, if these recent events should become a structural trend, further negative rating actions could be taken. Nurbank's Ba3 deposit rating continues to impute the expectation of limited support from the Kazakhstani authorities in the event of need, reflecting the bank's relative importance to the national banking system. However, Moody's cautions that any such external support from the country's financial authorities might be only of a limited nature. The extent and timeliness of such support are somewhat uncertain, but are well captured in the Ba3 rating. Nurbank is headquartered in Almaty, Kazakhstan, and reported total assets in accordance with Kazakhstani standards of reporting of KZT114.4 billion (US$844 million) and 1H profit of KZT0.66 billion (US$4.9 million) as of 30 June 2005. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Joel Bismuth, Vice President - Senior Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =================== L U X E M B O U R G =================== SBS BROADCASTING: PKS Media to Assume Management Tuesday -------------------------------------------------------- SBS Broadcasting S.A. has said that the proposed acquisition of substantially all of the assets of SBS by PKS Media S.a.r.l., a company controlled by funds advised by two leading private equity firms, Permira and KKR, has been scheduled by the parties to close on October 18, 2005. PKS Media S.a.r.l, acting directly and through its subsidiaries, will acquire the company's business, assume the SBS name and continue the business and operations of the company. Following the closing, SBS Broadcasting S.A. will be renamed "TVSL, societe anonyme" and enter into a liquidation process under Luxembourg law in order to distribute the proceeds of the asset sale and certain other amounts to SBS shareholders and holders of SBS stock options. SBS expects that the liquidation distribution will be approximately EUR46 per share and will occur in the first half of November. The final amount to be distributed will depend on exchange rates and the amount of currency hedging proceeds received by SBS at closing and the other factors described in the Shareholders' Circular distributed to shareholder on September 1, 2005. The record date for the liquidation distribution will be the closing date, October 18, 2005, and each SBS shareholder of record as of the record date will be entitled to receive payment of the liquidation distribution. In order for all trades in SBS shares to settle on or prior to the record date, as of the close of trading on October 13, 2005, three business days prior to closing, trading in SBS' shares on Euronext Amsterdam will be suspended and SBS' shares will be delisted from the Nasdaq National Market. Trading in SBS' shares will remain suspended on Euronext Amsterdam until the delisting of SBS' shares on that exchange, which is expected to occur after closing. SBS will offer each shareholder of record on the record date an option to elect to receive the U.S. dollar equivalent in cash of the euro amount such shareholder is entitled to receive in the liquidation distribution. This euro amount will be converted into U.S. dollars at a market-related rate obtained by SBS at the time of conversion (net of expenses of the conversion of euros into U.S. dollars). SBS will announce the date of the liquidation distribution on or shortly after closing. Holders of options are expected to receive their option cancellation payments on the same date as the liquidation distribution. About the Company SBS is a European commercial television and radio broadcasting company with operations in Western and Central Europe. Countries where SBS currently has broadcasting assets include: Belgium (Flanders), Denmark, Finland, Greece, Hungary, The Netherlands, Norway, Romania and Sweden. In 2004, it booked revenues of EUR678.3 million, with total assets of EUR797.0 million. As reported by TCR-Europe on Aug. 25, Moody's Investors Service placed the Ba2 Corporate Family Rating of SBS Broadcasting on review for possible downgrade following an announcement that the company has entered into a definitive agreement to be acquired by funds advised by Permira and Kohlberg Kravis Roberts (KKR). Moody's expects that a successful completion of the acquisition by Permira and KKR would increase SBS' leverage above the current level of c. 3x such that SBS' financial profile would no longer be consistent with the Ba2 rating level. Moody's rating review will focus primarily on SBS' financial position, capital structure and future operational strategy. CONTACT: SBS BROADCASTING S.A. 8-10, rue Mathias Hardt L-1717 Luxembourg Phone: +352 26 12 15-1 Fax: +352 26 12 33 01 Web site: http://www.sbsbroadcasting.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Remaining 'A' Shares Total 4,007,565,000 ----------------------------------------------------- On 12 October 2005, Royal Dutch Shell plc purchased for cancellation 1,050,000 'A' Shares at a price of EUR25.84 per share. It further purchased for cancellation 250,000 'A' Shares at a price of 1,774.20 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,007,565,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is understood to be aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: Third-quarter Results Out Later this Month ------------------------------------------------------- Royal Dutch Shell plc will release its third-quarter results and third-quarter interim dividend announcement for 2005 at 7:30 a.m. British Summer Time (8:30 a.m. Central European Summer Time and 2:30 p.m. Eastern Daylight Times) on Thursday, October 27 2005. These announcements will be available on the company Web site. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== N O R W A Y =========== FJORD LINE: Bailing out Workers to Stop Sinking ----------------------------------------------- Ferry operator Fjord Line of Bergen is laying off a third of its workers to avoid bankruptcy, Aftenposten says. Apparently an earlier cost-cutting measure that succeeded in saving NOK10 million from each ship is no longer enough. Now the company is planning to replace its expensive Norwegian staff with Danish crew by chartering an Atlantic Traveller vessel to replace the Jupiter. Aside from the Jupiter, the Bergen-based company operates two other ships, offering transportation for passengers, cars and freight. These ships, which serve Norway, England, and Denmark, have 675 crewmembers. The operation lost NOK37 million last year and losses are running even bigger this year. The redundancies will affect 159 workers, according to Aftenposten. The company blames weak markets, price pressure and tough competition from Color Line for its woes. CONTACT: FJORD LINE Skoltegrunnskaien, P.O. Box 7250, N-5020 Bergen Phone: +47 55 54 88 00 Fax: +47 55 54 86 01 E-mail: FjordLine.uk@FjordLine.com Web site: http://www.fjordline.dk/ =========== P O L A N D =========== DAEWOO-FSO MOTOR: Sale to AvtoZAZ Finally Happens ------------------------------------------------- Ukrainian carmaker AvtoZAZ has finally acquired a 19.9 stake in Daewoo-FSO factories in Warsaw, giving it 84.31% of the voting rights, Polish News Bulletin says. The share transfer came after the Office of Competition and Consumer Protection (UOKiK) finalized a preliminary deal signed in June between Poland's Treasury Ministry and AvtoZAZ. The ministry received a symbolic price of PLN100 for the stock, considering AvtoZAZ's efforts to avert FSO's bankruptcy and save jobs. TCR Europe reported on July 4 that AvtoZAZ had been buying FSO's debt from creditor banks. About US$8 million were sold, according to Millennium Bank. Daewoo will retain the remaining shares in FSO. AvtoZAZ plans to develop a new car model, which would be released in 2006. FSO's troubles started after Daewoo Motor went belly up in 2001 and worsened during the Polish car market slump in 2003. General Motors Corp. took over Daewoo Motor in 2002, but Daewoo- FSO was excluded from the transaction. Daewoo Motors of South Korea originally owned 80% of the company. FSO is a leading Polish producer of passenger cars and other mechanical vehicles, trailers, spare parts and accessories. It is located in Warsaw and employs more than 3,000. Its creditors are Millennium Bank, Bank Pekao, BPH PBK, Bank Handlowy, ING Bank Slaski and Kredyt Bank. As of 2003, it owed these banks PLN591 million. CONTACT: DAEWOO-FSO MOTOR 00-992 Warszawa Jagiellonska 88 Web site: http://www.daewoo.com.pl =========== R U S S I A =========== ANTEY: Deadline for Proofs of Claim Next Week --------------------------------------------- The Arbitration Court of Arkhangelsk region has commenced bankruptcy supervision procedure on close joint stock company Antey. The case is docketed as A81-1911/2005. Ms. L. Lushnikova has been appointed temporary insolvency manager. Creditors have until October 17, 2005 to submit their proofs of claim to 165680, Russia, Arkhangelsk region, Vilegorskiy region, Iluinsko-Podomskoye, Sovetskaya Str. 78, Apartment 9. CONTACT: ANTEY 629830, Russia, Yamalo-Nenetskiy autonomous region, Gubkinskiy location, R-1B, 56 Ms. L. Lushnikova Insolvency Manager 165680, Russia, Arkhangelsk region, Vilegorskiy region, Iluinsko-Podomskoye, Sovetskaya Str. 78, Apartment 9 ATOM-STROY: Smolensk Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Arbitration Court of Smolensk region commenced bankruptcy proceedings against Atom-Stroy after finding the limited liability company insolvent. The case is docketed as A-62-2945/2005 (669-N/05). Mr. B. Yun has been appointed insolvency manager. Creditors may submit their proofs of claim to 129110, Russia, Moscow, M. Ekaterininskaya Str. 17/21. CONTACT: ATOM-STROY Russia, Smolensk region, Smolensk Mr. B. Yun Insolvency Manager 129110, Russia, Moscow, M. Ekaterininskaya Str. 17/21 BELEBEEVSKIY AGRO-SNAB: Bankruptcy Supervision Procedure Begins --------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on open joint stock company Belebeevskiy Agro-Snab (TIN 0209003187). The case is docketed as A07-13716/05-G-FLE. Mr. V. Pustovoytov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 143591, Russia, Moscow region, Istrinskiy region, Pavlovskaya Sloboda, Oktyabrskaya Str. 37A. A hearing will take place on December 15, 2005, 2:00 p.m. at the Arbitration Court of Bashkortostan republic at Russia, Bashkortostan republic, Oktyabrskoy Revolyutsii Str. 63-a, Room 208. CONTACT: BELEBEEVSKIY AGRO-SNAB 452000, Russia, Bashkortostan republic, Belebey, Syrtlanova Str. 3 Mr. V. Pustovoytov Temporary Insolvency Manager 452000, Russia, Bashkortostan republic, Belebey, Krasnaya Str. 125/2, Apartment 50 BOBROV-YULUN: Under Bankruptcy Supervision ------------------------------------------ The Arbitration Court of Voronezh region has commenced bankruptcy supervision procedure on production company Bobrov-Yulun. The case is docketed as A14-7263-2005 62/20b. Mr. M. Kiskin has been appointed temporary insolvency manager. Creditors may send their proofs of claim to 413840, Russia, Saratov region, Balakovo, Main Post Office, Post User Box 22. A hearing will take place on October 20, 2005, 3:00 p.m. (Moscow time). CONTACT: BOBROV-YULUN Russia, Voronezh region, Bobrov, Gogolya Str. 53 Mr. M. Kiskin Temporary Insolvency Manager 413840, Russia, Saratov region, Balakovo, Main Post Office, Post User Box 22 PORETSK-AGRO-PROM-KHIMIYA: Declared Insolvent --------------------------------------------- The Arbitration Court of Chuvashiya republic commenced bankruptcy proceedings against Poretsk-Agro-Prom-Khimiya after finding the municipal unitary enterprise insolvent. The case is docketed as A79-1227/2005. Mr. V. Alalykin has been appointed insolvency manager. Creditors have until November 17, 2005 to submit their proofs of claim to 610000, Russia, Kirov, Moskovskaya Str. 25a. CONTACT: PORETSK-AGRO-PROM-KHIMIYA Russia, Chuvashiya republic, Poretskoye, Ulyanova Str. 141 Mr. V. Alalykin Insolvency Manager 610000, Russia, Kirov region, Moskovskaya Str. 25a PROM-ENERGO-STROY-SERVICE: Bankruptcy Hearing Resumes November -------------------------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on close joint stock company Prom-Energo-Stroy-Service. The case is docketed as A53-5086/2005-S2-9. Mr. V. Lyakh has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 344090, Russia, Rostov-na-Donu, Post User Box 4872. A hearing will take place on November 14, 2005, 2:30 p.m. CONTACT: PROM-ENERGO-STROY-SERVICE 347360, Russia, Rostov region, Volgodonsk, Romanovskoye Shosse, 12 Mr. V. Lyakh Temporary Insolvency Manager 344090, Russia, Rostov-na-Donu, Post User Box 4872 SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business -------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on municipal unitary enterprise Sel-Khoz-Khimiya. The case is docketed as A07-13567/05-G-ADM. Mr. N. Bortnikov has been appointed temporary insolvency manager. Creditors have until October 17, 2005 to submit their proofs of claim to 618553, Russia, Perm region, Solikamsk-13, Post User Box 1780. A hearing will take place on October 17, 2005, 10:30 a.m. at the Arbitration Court of Bashkortostan republic at Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 63A, Room 115. CONTACT: SEL-KHOZ-KHIMIYA 453853, Russia, Bashkortostan republic, Meleuz, Salavata Str. 4 Mr. N. Bortnikov Insolvency Manager 618553, Russia, Perm region, Solikamsk-13, Post User Box 1780 TIMASHEVSKIY REFINERY: Succumbs to Bankruptcy --------------------------------------------- The Arbitration Court of Samara region commenced bankruptcy proceedings against Timashevskiy Refinery after finding the close joint stock company insolvent. The case is docketed as A55-19203/2004-16. Mr. A. Bespalov has been appointed insolvency manager. Creditors have until November 17, 2005 to submit their proofs of claim to 446412, Russia, Samara region, Kinelskiy region, Komsomolskiy, Post User Box 1. CONTACT: TIMASHEVSKIY REFINERY Russia, Samara region, Kinel-Cherkasskiy region, Dvor Zavoda Str. 1 Mr. A. Bespalov Insolvency Manager 446412, Russia, Samara region, Kinelskiy region, Komsomolskiy, Post User Box 1 TYUMEN-WOOD: Hires O. Bondarenko Insolvency Manager --------------------------------------------------- The Arbitration Court of Tyumen region commenced bankruptcy proceedings against Tyumen-Wood after finding the open joint stock company insolvent. The case is docketed as A-70-951/3-05. Mr. O. Bondarenko has been appointed insolvency manager. Creditors have until November 17, 2005 to submit their proofs of claim to 625008, Russia, Tyumen region, Post User Box 6740 CONTACT: TYUMEN-WOOD Russia, Tyumen region, Lunacharskogo Str. 42 Mr. O. Bondarenko Insolvency Manager 625008, Russia, Tyumen region, Post User Box 6740 YUSOVSKAYA: Claims Filing Period Ends Next Week ----------------------------------------------- The Arbitration Court of Kirov region has commenced bankruptcy supervision procedure on close joint stock company Yusovskaya. The case is docketed as A28-180/05-242/6. Mr. A. Kolyshnitsyn has been appointed temporary insolvency manager. Creditors have until October 17, 2005 to submit their proofs of claim to 610014, Russia, Kirov, Shorsa Str. 26-a. A hearing will take place on December 27, 2005, 10:00 a.m. at the Arbitration Court of Kirov region at Russia, Kirov, K. Libknekhta Str. 102, Room 206. CONTACT: YUSOVSKAYA 612505, Russia, Kirov Region, Falenskiy region, Yusovo Mr. A. Kolyshnitsyn Temporary Insolvency Manager 610014, Russia, Kirov region, Shorsa Str. 26-a Phone: (8332) 56-02-45 ============= U K R A I N E ============= BANK NADRA: Eurobond Assigned 'B-' Long-term Rating --------------------------------------------------- Fitch Ratings has assigned Dresdner Bank Aktiengesellschaft's upcoming issue of limited recourse loan participation notes an expected Long-term 'B-' rating. The notes are to be used solely for financing a loan to Ukrainian OJSC Bank Nadra (rated Long-term 'B-'/Stable Outlook, Short-term 'B', Support '5' Individual 'D/E') under a loan agreement. The final rating is contingent upon receipt of final documentation conforming materially to information already received. Dresdner will only pay noteholders amounts (principal and interest), if any, received from Nadra under the loan agreement. The loan agreement between Dresdner and Nadra contains a cross acceleration clause and stipulates that Dresdner's claims under the loan agreement will rank at least pari passu with the claims of other unsubordinated creditors, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2004, retail deposits accounted for 40% of Nadra's total liabilities, according to the bank's IFRS accounts. Other covenants limit mergers and disposals by Nadra and its subsidiaries, transactions between the bank and its affiliates, transactions, which are not at fair market value and payments of dividends. The loan agreement contains a negative pledge clause, which allows for a degree of securitization by Nadra. Were such transactions to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Nadra was founded in 1993, and, following rapid growth after the adoption of an aggressive expansion strategy in 2002, at end-H105 was the ninth largest bank in Ukraine, with a 2.7% share of assets. The bank has a broad corporate and retail franchise, supported by a nationwide branch network. Nadra has 6 individual ultimate shareholders, who do not jointly own significant assets aside of the bank. CONTACT: BANK NADRA 15 Artema Street 04053 Kiev, Ukraine Phone: +380 44 238 8472 Fax: +380 44 246 4842 Web site: http://www.nadrabank.kiev.ua/ FITCH RATINGS Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 James Watson Phone: +7 095 956 9901 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com UKRSOTSBANK: Individual Current, Deposit Accounts Up Almost 45% --------------------------------------------------------------- As of October 1 2005, Ukrsotsbank has attracted UAH2.91 billion from individual clients on deposit and currents accounts. Since the beginning of the year, Ukrsotsbank has increased the volume of funds allocated by individuals on current and deposit accounts by almost 45%. As of October 1 2005, Ukrsotsbank had UAH2.91 billion in deposits and current accounts placed to the Bank by individuals. Not long ago Ukrsotsbank raised individual deposit rates (starting from September 26, 2005). UAH deposit rates were increased by 0.75-5.8%; foreign currency deposit rates were raised by 0.5-1.65% per annum. Ukrsotsbank was formed in September 1990 and is one of the biggest banks in Ukraine. Its network comprises 513 offices -- 463 off-balance offices, 23 balance offices and 27 regional branches. Its net assets as of October 1, 2005 were UAH9.48 billion; loan portfolio - UAH6.5 billion; businesses' deposits - UAH4.17 billion, individuals' deposits - UAH2.92 billion. * * * As reported by TCR-Europe in September, Standard & Poor's Rating Services revised its outlook on Joint Stock Commercial Bank for Social Development Ukrsotsbank to developing from stable. At the same time, the 'B-' long-term and 'C' short-term ratings on the bank were affirmed. "The outlook revision reflects the uncertainty related to the bank's ability to attract new capital in the next few months to support its fast-growing lending activities," said Standard & Poor's credit analyst Irina Penkina. "In addition, USB's potential sale to a new strategic owner could have a significant impact on the bank's client base, business strategy, and capital support." USB is majority owned by the Interpipe group, a large Ukrainian industrial group, with Mr. Pinchuk as a beneficial owner. The group is involved in a number of legal disputes with the Ukrainian government regarding the privatization of its large assets. Bought by Interpipe from private owners in 2004, USB is exposed to a potential sale. USB's sizable concentration in both assets and liabilities, as well as vulnerability to the risky political and operating environment in the Ukraine (foreign currency BB-/Stable/B; local currency BB/Stable/B) remain constraining rating factors. These risks are mitigated by USB's good commercial franchise and funding profile, which position the bank well to benefit from the growing Ukrainian economy. USB's core equity-to-assets ratio is reducing fast, having fallen to about 5.3% at end of July 2005 from 6.0% at year-end 2004 (in accordance with local accounting standards), due to modest internal capital generation compared with the rapid asset growth. A Ukrainian hryvnia (UAH)300 million (US$59.4 million at UAH5.05 to US$1 as at Sept. 1, 2005) new share issue, originally planned for the third quarter of 2005, is now expected to take place in late 2005 or early 2006. This would represent a sizable 60% increase of the bank's equity base, thereby alleviating a severe strain on USB's asset expansion. On the other hand, if the new capital injection is not received, this would put additional pressure on the bank's capitalization. "USB's ratings will be dependent on the bank's ability to preserve its core capital adequacy ratios against further deterioration," said Ms. Penkina. A capital increase in the near term, and the entrance of a new partner that would be able to support USB would have a positive effect on the ratings on the bank. Conversely, negative rating pressure would increase if USB fails to raise new capital within a reasonable time period. CONTACT: UKRSOTSBANK Call center: (044) 205-45-55, 8-800-5000-200 Web site: http://www.usb.com.ua/en/ =========================== U N I T E D K I N G D O M =========================== ADRIAN BURROW: Calls in Liquidator ---------------------------------- A. Burrow, chairman of Adrian Burrow Construction Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 21 at The Holiday Inn, Aston Clinton Road, Aylesbury HP22 5AA. David A. Butler of Nunn Hayward was appointed liquidator. CONTACT: ADRIAN BURROW CONSTRUCTION LTD. 206 Watford Road, St. Albans Hertfordshire AL2 3EB Phone: 01727848100 AIM INDUSTRIES: Files for Liquidation ------------------------------------- N. Boden, chairman of Aim Industries (Inc.) Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 26 at 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW. J. N. Bleazard of XL Business Solutions Ltd., 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW was appointed liquidator. CONTACT: XL BUSINESS SOLUTIONS LTD. Moorlands Business Centre Balme Road, Cleckheaton, West Yorkshire BD19 4EW Phone: 01274870101 ALL AQUA: EGM Passes Winding-up Resolutions ------------------------------------------- D. Appleby, chairman of All Aqua Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 29 at St James Building, 79 Oxford Street, Manchester M1 6HT. R E C Cook of UHY Hacker Young turnaround and recovery, St James Building, 79 Oxford Street, Manchester M1 6HT was appointed liquidator. CONTACT: ALL AQUA LTD. Unit 2 Contech Business Park Manch Road, Bolton Lancashire BL5 3QJ Phone: 01942859111 ASSURED SCAFFOLDING: Goes into Liquidation ------------------------------------------ I. Wood, director of Assured Scaffolding Ltd., (t/a Alpine Thermal Insulation) informs that resolutions to wind up the company were passed at an EGM held on Sept. 23 at Meridian House, 62 Station Road, North Chingford, London E4 7BA. A. J. Clark of Carter Clark, Meridian House, 62 Station Road, North Chingford, London E4 7BA was appointed liquidator. CONTACT: ASSURED SCAFFOLDING LTD. 20-22 Factory Lane, Croydon, Surrey CR0 3RL Surrey/South East England Phone: 02086861535 BIOFIL LIMITED: Calls in Liquidators from PricewaterhouseCoopers ---------------------------------------------------------------- Company Names: BIOFIL LIMITED BIOINNOVATION LIMITED D. S. PHARMACEUTICALS LIMITED MOVEMENT CONTROL SYSTEMS LIMITED TRAVERSALL LIMITED P. Shennan, the chairman of these companies, informs that special and ordinary resolutions to wind up the companies held at an EGM on Sept. 29. Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP were appointed joint liquidators. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com BOOST SPORTS: Names Begbies Traynor Liquidator ---------------------------------------------- S. J. Thraves, director of Boost Sports Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. 28 at the Thistle Westminster, Buckingham Palace Road, London SW1W 0QT. G. W. Rhodes of Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE was appointed liquidator. CONTACT: BOOST SPORTS LTD. 15 Victoria Terrace Kingsway Hove East Sussex BN3 2WB Phone: 01273 721100 BSI PORTMAN: Liquidator from Milsted Langdon Enters Firm -------------------------------------------------------- M. F. Derry, the chairman of BSI Portman Limited (Booking Services International Limited), informs that special resolution to wind up the company was passed at an EGM held on Sept. 28 at BSI House, Blackbrook Park Avenue, Taunton, Somerset TA1 2PF. Timothy Alexander Close of Milsted Langdon, Winchester House, Deane Gate Avenue, Taunton TA1 2UH was appointed liquidator. Creditors are required on or before December 25, 2005 to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any) to the undersigned, Timothy Alexander Close, of Milsted Langdon, Winchester House, Deane Gate Avenue, Taunton TA1 2UH, the Liquidator of Company, and, if so required by notice in writing of their debt or claims. CONTACT: MILSTED LANGDON Winchester House Deane Gate Avenue Taunton Somerset TA1 2UH Phone: 01823 445566 Fax: 01823 445555 E-mail: risaacs@milsted-langdon.co.uk BUSINESSHEALTH GROUP: Meeting of Creditors Set Next Week -------------------------------------------------------- Company Names: BUSINESSHEALTH GROUP LIMITED (Company No 04203127) F2 REALISATIONS LIMITED (formerly Fitech Limited) (Company No 01600681) H2 REALISATIONS LIMITED (formerly Businesshealth Limited) (Company No 03693532) The creditors of these companies will meet on October 21, 2005 at 12:00 noon. It will be held at Ernst & Young LLP, PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Robert Hunter Kelly and Garry Wilson of Ernst & Young LLP, PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN not later than 12:00 noon, October 20, 2005. * * * The company was established in 1984. CONTACT: BUSINESSHEALTH GROUP LTD. 7 Duke of York Street St James's London SW1Y 6LA Phone: +44-7004 2500 Fax: +44-7004 2501 Web site: http://www.bhgnet.co.uk/ ERNST & YOUNG PO Box 61, Cloth Hall Court 14 King Street, Leeds LS1 2JN Phone: +44 [0] 113 298 2200 Fax: +44 [0] 113 298 2201 Web site: http://www.ey.com BUZZ RECRUITMENT: Hires Liquidator ---------------------------------- P. Cole, chairman of Buzz Recruitment & Security Ltd., informs that a resolution to wind up the company was passed at an EGM held on Sept. 9 at Fergusson House, 124-128 City Road, London EC1V 2NJ. C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City Road, London ECIV 2NJ was appointed liquidator. The appointment was confirmed at a creditors meeting held on 22 September. Buzz Recruitment is a local provider of Security Services and general staffing for hospitals, hotels, offices and industrial sites in the City of London and throughout Essex. Visit http://www.buzzrecruitmentandsecurity.co.ukfor more information. CONTACT: BUZZ RECRUITMENT & SECURITY LTD. Trocoll House Wakering Road Barking Essex IG11 8PD United Kingdom Phone: (020) 8507 9906 Fax: (020) 8507 9066 CARLTON DRY: Names Administrators from Tenon Recovery ----------------------------------------------------- Stanley Donald Burkett-Coltman and Duncan Robert Beat (Office Holder Nos 9181, 8161) Tenon Recovery were appointed joint administrators of Carlton Dry Cleaning Services Limited (Company No 04534615) on Sept. 30. The company's registered office is at 73 Baker Street, London W1U 6RD. CONTACT: CARLTON DRY CLEANING SERVICES Unit C7 Down, Bounds Green Industrial Estate, London N11 2UN Phone: 02083613714 TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com COCHRANE EXECUTIVE: Administrators from P&A Partnership Move in --------------------------------------------------------------- Robert Michael Young and Ian Michael Rose (Office Holder Nos 7875 and 9144) of Poppleton & Appleby were appointed joint administrators of Cochrane Executive Jets Limited (Company No 04484171) on Sept. 26. The company's registered office is at Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent, Staffordshire ST3 6HP. Cochrane Executive sells and manages aeroplanes. CONTACT: THE P&A PARTNERSHIP The Old Barn, Caverswall Park, Caverswall Lane Stoke on Trent ST3 6HP Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com COLLINS & AIKMAN: Proposes Cross-border Insolvency Protocol ----------------------------------------------------------- Collins & Aikman Corporation and its debtor-affiliates ask the U.S. Bankruptcy Court for the Eastern District of Michigan to approve a cross-border insolvency protocol to facilitate the efficient administration of their Chapter 11 cases and the administrative proceedings of their European units. As previously reported, the Debtors' European units commenced administration proceedings before the Companies Court of the High Court of Justice, Chancery Division in London, England in accordance with the English Insolvency Law. The English Court has appointed, among others, Simon Appell and Alastair Beveridge at Kroll Talbot Hughes, also known as Kroll Ltd., as joint administrators of the European Debtors. In an administration in England, the administrators act for the debtors as their agent with a fiduciary duty to creditors and parties-in-interest. Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York, explains that the Protocol will ensure that the counsel, retained professionals and management for each of the U.S. Debtors and the European Debtors work cooperatively and effectively with minimal friction or duplication of efforts. The Administrators have approved the Protocol and have had the Protocol approved by the English Court. Although the Protocol has not yet been formally approved, the Debtors have been acting in accordance with the terms of the Protocol since it was developed on July 15, 2005. The Official Committee of Unsecured Creditors has been kept apprised at all times regarding the development and terms of the Protocol. Given the complex nature of the Insolvency Proceedings, Mr. Carmel asserts that a protocol is required to facilitate the efficient administration of the Debtors' cases. There are 38 U.S. Debtors and 24 European Debtors, with a total of 23,000 employees and operations covering nearly a dozen countries. In addition, having two parallel proceedings with jurisdictional issues like intercompany creditors and intercompany, cross-border debt further substantiates the need for a cross-border protocol. A protocol will help protect the rights of the Debtors and the Administrators, as well as the rights of creditors and other interested parties in the United States, England and other countries. The terms of the Protocol are designed to: (a) promote the orderly and efficient administration of the Insolvency Proceedings; (b) harmonize and coordinate activities undertaken and information exchanged in connection with the Insolvency Proceedings; (c) honor the independence and integrity of the U.S. and English Courts; and (d) promote international cooperation and respect for comity among the U.S. and English Courts. Mr. Carmel says that the Protocol is designed to accomplish these goals while attempting to harmonize certain potentially conflicting concepts existing under the Bankruptcy Code and English Insolvency Law. Mr. Carmel assures the Court that the Protocol is the result of lengthy discussion and negotiation between the Debtors and the Administrators to balance the two different insolvency regimes while continuing to respect the independent jurisdiction of each of the Courts, all with a view toward maximizing the value of the Debtors' estates for the benefit of their creditors and other parties-in-interest. A full-text copy of the 15-page Protocol is available for free at http://bankrupt.com/misc/collins_protocol.pdf Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debt. (Collins & Aikman Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: KROLL EUROPE, MIDDLE EAST & AFRICA 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com COSTAIN GROUP: GBP92 Million Construction Project Rolls out ----------------------------------------------------------- Costain Group plc has disclosed that as part of the Kent Education Partnership consortium (KEP), it has reached financial close on the GBP92 million Kent Grouped Schools PFI (Private Finance Initiative) project for Kent County Council. KEP is made up of Costain Education and Construction Limited, Bilfinger Berger BOT Limited and William Verry Limited. Costain will be responsible for the design and construction of three out of a total of six schools, with a value of approximately GBP46 million. Construction on the project commenced this month. Andrew Wyllie, chief executive of Costain, said: "We are delighted to have reached financial close on this sizeable project. This is the second PFI contract we have secured in the education sector within the last three months following the success of our Ealing Schools project announced in July. Education is a key market for the Group as we continue to focus on sectors in which we have a well developed skills base and extensive experience." About the Company Costain collapsed under heavy debt in the mid-1990s after venturing into U.S. mining. It is still trying to recover, with its first dividend in years expected this year or next. Its core U.K. business reported a GBP10.5 million profit last year after plunging into a EUR5 million loss in 2000. The company has moved into asset management of water utilities from civil engineering. In May, the special resolution approving the reduction of share capital and cancellation of share premium account in the Company was approved by the Companies Court and registered at Companies House. CONTACT: COSTAIN GROUP PLC Costain House, Nicholsons Walk Maidenhead SL6 1LN, United Kingdom Phone: +44-1628-842-444 Fax: +44-1628-674-477 Web site: http://www.costain.com Stuart Doughty, Chief Executive Charles McCole, Finance Director Graham Read, Public Relations Phone: 01628 842 444 DAMOVO GROUP: S&P Affirms Notes at 'CCC+' ----------------------------------------- Standard & Poor's Ratings Services revised its outlook on U.K.-based telecommunications services provider Damovo Group S.A. to negative from stable. At the same time, the 'B' long-term corporate credit rating on Damovo was affirmed. Furthermore, Standard & Poor's affirmed its 'CCC+' long-term rating--two notches below the corporate credit rating -- and '4' recovery rating on subsidiary Damovo III S.A.'s EUR350 million ($421 million) senior secured notes. The '4' recovery rating indicates our expectation of marginal (25%-50%) recovery for noteholders in the event of a payment default. "The outlook revision reflects Damovo's high financial leverage, and our concerns about the group's recent operating and cash flow performance, which leave it significantly exposed to shortfall in its second-half 2005 results," said Standard & Poor's credit analyst Patrice Cochelin. The ratings on Damovo continue to reflect the group's limited size and diversification in the competitive information and communication technology (ICT) market; aggressive leverage, which is only partly offset by its sound client portfolio in the public sector (65% of revenues in 2004); and adequate liquidity. At July 31, 2005, Damovo had about EUR760 million in lease-adjusted debt, excluding subordinated shareholder loan notes (EUR275 million). Standard & Poor's remains concerned about Damovo's highly leveraged financial profile, which could lead to a downgrade if second-half 2005 results do not show a significant improvement in EBITDA and free cash flow generation. "Conversely, the outlook could return to stable in the medium term if the company meets operating performance expectations, successfully reduces debt, and transforms its prospective business into a solid order backlog, particularly in Italy," said Mr. Cochelin. 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: DAMOVO UK LIMITED Broadlands Business Park Langhurstwood Road Horsham West Sussex RH12 4QP United Kingdom E-mail: talktous@damovo.com Web site: http://www.damovo.co.uk/ DCC (MILTON KEYNES): Hires Administrator ---------------------------------------- Company Names: DCC (MILTON KEYNES) LIMITED (Company No 2325613) ECHOPOINT LIMITED (Company No 263753) NEWTON BYRE CONSTRUCTION LIMITED (Company No 2442506) RICHARD DANIELS (HITCHIN) LIMITED (Company No 2073242) RICHARD DANIELS HOMES LIMITED (Company No 1525708) Stephen Cork and Anthony Murphy (Office Holder Nos 8627, 8716) were appointed joint administrators of these companies on Sept. 22. DCC (Milton Keynes) Limited, Newton Byre Construction Limited and Richard Daniels Homes Limited are engaged in general construction and civil engineering while Richard Daniels (Hitchin) Limited develops and sells real estates. Echopoint Ltd. is a dormant company. CONTACT: ECHOPOINT LTD. 70 High Street, Grange House, Stotfold, Hitchin, Hertfordshire SG5 4LD Phone: 01707 879932 NEWTON BYRE CONSTRUCTION LTD. Grange Ho, 70 High St, Stotfold Hitchin, Hertfordshire, SG5 4LD Phone: 01462 834445 SMITH & WILLIAMSON Prospect House 2 Athenaeum Road London N20 9YU Phone: 020 8492 8600 Fax: 020 8492 8601 E-mail: src@smith.williamson.co.uk EARL (BARTON): Engineering Company Calls in Administrator --------------------------------------------------------- Gary Steven Pettit and Peter John Windatt (Office Holder Nos 1413, 008611) of BRI Business Recovery and Insolvency were appointed joint administrators of Earl (Barton) Engineering Services Limited (Company No 01146507) on Sept. 30. The company's registered office is at 100-102 St James Road, Northampton NN5 5LF. Earl (Barton) Engineering Services Ltd. has been in the business since 1973. The company buys & sells used machine tools, and advise on applications. Visit http://www.earlengineering.com/ for more information. CONTACT: EARL (BARTON) ENGINEERING SERVICES LTD. Unit 2, Wellington Road, Sywell, Northampton NN6 0BN Phone: 01604 499462 Fax: 01604 790275 E-mail: enquiries@earlengineering.com 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 EQUITABLE LIFE: Lawyers Attack Settlement Tactics ------------------------------------------------- Lawyers representing former Equitable Life director David Wilson have slammed the insurer's move to drop its case against him on condition that he shoulder his legal costs, said the Telegraph. Bob Deering, a partner with Ince & Co, said: "If David Wilson had lost this case, it is difficult to see how any sensible person would ever again want to be a non- executive director." He added: "It must be very difficult to wake up every morning for four years knowing that you are being sued for billions. I am just pleased that the bully boy tactics employed by Equitable have not paid off." Equitable Life earlier said it has reached settlement terms with Mr. Wilson and another former director Roger Bowley. This was made on the basis that the society discontinues its claims against them with each side paying its own costs. Mr. Wilson was a non-executive director of the Society from April 1994 to June 1999. His legal bill reaches GBP5 million following the settlement, although the insurer has repaid some costs incurred earlier. In a personal statement, he said: "This case has taken out four years of my life. The judge said at my strikeout hearing in October 2003 that my case was "formidable" and "particularly powerful". It's a shame that the society and their lawyers didn't see the writing on the wall then." On 3 October 2005, Equitable Life abandoned its negligence claim against former directors Peter Martin and Shaun Kinnis. In return, the two have agreed to pay for their own legal fees. The insurer had also withdrawn a portion of its claim against former Chief Executive Chris Headdon, who also had served as reporting actuary at the group. Last month, the insurer also withdrew its GBP700 million action against former auditor Ernst & Young, which left it facing angry policyholder groups, and legal costs of GBP30 million. The company had claimed that had it been made aware of its true financial position in 1998, the board would have sold the company, earning over GBP1 billion in the process. In 2000, the House of Lords forced it to recognize guarantees on policies sold in the 1970s and 1980s, which cost Equitable millions. CONTACT: THE EQUITABLE LIFE ASSURANCE SOCIETY Walton Street Aylesbury Buckinghamshire HP21 7QW United Kingdom Phone: +44-870-901-0052 Web site: http://www.equitable.co.uk ESSEX POWER: Files for Liquidation ---------------------------------- I. Holdich, director of Essex Power Tools & Fixings Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 28 at 40-42 High Street, Maldon, Essex CM9 5PN. Vernon Charles Wright of Vernon Wright & Co, 40-42 High Street, Maldon, Essex CM9 5PN was appointed liquidator. CONTACT: ESSEX POWER TOOLS & FIXINGS Unit 1 Bramerton Road Hockley Essex SS5 4AZ United Kingdom Phone: (01702) 207209 Fax: (01702) 203228 EURO 21 SOLUTIONS: Appoints Benedict Mackenzie Liquidator --------------------------------------------------------- F. G. Callow, chairman of Euro 21 Solutions Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 27 at the Bridgewood Manor, Bridgewood Roundabout, Walderslade Woods, Chatham, Kent ME5 9AX. Julie Patricia Vahey of Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West Sussex RH10 6AG was appointed liquidator. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: EURO 21 SOLUTIONS LTD. Dorset Road Sheerness ME12 1LP Kent Phone: 01795 587800 Fax: 01795 587811 EUROTREND FURNITURE: Collapses into Liquidation ----------------------------------------------- G. Strange, chairman of Eurotrend Furniture (UK) Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 28 at 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW. J. N. Bleazard of XL Business Solutions Ltd., 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW was appointed liquidator. CONTACT: EUROTREND FURNITURE LTD. 10a Greenroyd Mill, High Street, Keighley, West Yorkshire BD20 7NG Phone: 01535634123 FEDERAL-MOGUL: Inks Agreements to Amend Plan of Reorganization -------------------------------------------------------------- Federal-Mogul Corporation (OTCBB:FDMLQ) and various of its constituencies in the Chapter 11 proceedings previously reached agreement with the United Kingdom Administrators of Federal-Mogul's U.K. affiliates. The result of the agreement will allow Federal-Mogul to retain the businesses and other assets of its U.K. affiliates in exchange for monetary amounts and reserves that will be used by the Administrators to provide a distribution to U.K. creditors. In conjunction with the U.K. Settlement Agreement, at the omnibus hearing dated September 29, 2005, the Debtors delivered to the Bankruptcy Court two agreements that reflect the terms of amendments that will be made to the Third Amended Joint Plan of Reorganization: (a) A Term Sheet entered into by Federal-Mogul, the other Plan Proponents and High River Limited Partnership; and (b) A Letter Agreement between Carl Icahn and the Official Committee of Unsecured Creditors relating to the Term Sheet and certain corporate governance in the reorganized Federal- Mogul. The Term Sheet The Term Sheet provides that the Asbestos Trust to be created under the Plan and Section 524(g) of the Bankruptcy Code will: (a) obligate itself to make a payment to the reorganized Federal-Mogul, or pay a portion of the stock in the reorganized Federal-Mogul to be issued to the Trust, for the agreed amounts that will be used by the Administrators as distributions on account of the U.K. asbestos personal injury claims pursuant to the U.K. Settlement Agreement; and (b) grant an option for the purchase of the remaining stock of the reorganized Federal-Mogul that will be issued to the Asbestos Trust under the Plan. The Asbestos Trust will issue to Federal-Mogul a US$125 million note that matures 10 business days after the Effective Date of the Debtors' Plan. On the Maturity Date, in exchange for the Note, the Trust will pay 13.88% of the Trust's distribution of stock obtained from Federal-Mogul pursuant to the Plan -- the distribution being 50.1% of the reorganized Federal-Mogul stock -- in complete satisfaction of the Note; provided, however, that: -- 32% of the 13.88% of the stock will be held in escrow by Federal-Mogul; and -- after resolution of claims filed by (i) Chester Street Insurance Holdings Limited, (ii) Chester Street Employers Association Limited, (iii) QBE Insurance Company (UK) Limited, (iv) all or any shipyard companies insured by the entities, and (v) any employee or employees of those insured shipyard companies and (vi) the Financial Services Compensation Scheme from a EUR22,000,000 reserve established under the U.K. Settlement Agreement, if any amount is returned to Federal-Mogul pursuant to the U.K. Settlement Agreement, Federal-Mogul will return an equivalent amount of the escrowed stock to the Trust. Mr. Icahn will be granted a call on the remaining stock held by the Asbestos Trust. The Call will expire on the 60th day after the Effective Date, provided however that if the schemes of arrangement or company voluntary arrangements are not yet approved then the Call Period will be extended to the earlier of July 31, 2006, or the Effective Date of the Schemes or CVAs. In the event Mr. Icahn exercises the Call option, upon resolution of the Chester Street claims, the Federal-Mogul stock held in escrow will be offered to Mr. Icahn for cash consideration on the same terms as the Call stock. If Mr. Icahn, on the other hand, declines, then the Asbestos Trust can sell the stock in the market, subject to regulatory and contractual compliance. At the expiration of the Call Period and in the event that Mr. Icahn does not exercise the Call, Mr. Icahn will provide the Asbestos Trust with a $100 million term facility secured by the remaining shares of common stock of Federal-Mogul held by the Asbestos Trust. The common stock will have a quarterly interest payable at LIBOR plus 100 bps (not to exceed 5.5%) that matures four years from the Effective Date. If Mr. Icahn exercises the Call then he will pay to the Asbestos Trust $775 million consisting of: * $375 million in cash; and * $400 million note payable in equal quarterly installments beginning in year three maturing 7 years from the date of issuance with interest payable quarterly at LIBOR plus 100 bps (not to exceed 5.5%). The Icahn Note will be issued by High River or American Real Estate Partners LP, and the Asbestos Trust will be entitled to receive from time to time, at its request, information to assure itself of High River's or AREP's ability to satisfy the Icahn Note. In the event that Mr. Icahn exercises the Call and the claims of Cooper Industries, Inc., against Federal-Mogul and its affiliates have not been settled, released and resolved pursuant to the Plan then the indemnification obligations of the Asbestos Trust relating to the Cooper Claims will be secured by the Icahn Note. All proceeds, including interest received from the Icahn Note will be paid to Federal-Mogul until any amounts paid by Federal- Mogul or any of its affiliates on account of the Cooper Claims are repaid in full. Until the Cooper Payments are repaid in full, after 45 days, they will accrue interest at 15%. If at any time all incurred Cooper Payments have been repaid in full, but the Cooper Claims have not been fully satisfied, a portion of the proceeds, including interest, received from the Icahn Note will be paid to the Asbestos Trust subject to an appropriate reserve for expected future Cooper Payments. The obligations under the Term Sheet will take effect on the Effective Date of Federal-Mogul's Third Amended Plan. A full-text copy of the Term Sheet is available at no charge at: http://bankrupt.com/misc/FMOTermSheet.pdf The Letter Agreement The Creditors Committee informed Mr. Icahn of their willingness to execute the Term Sheet on the condition that Mr. Icahn and his affiliates support the amendments to the Third Amended Joint Plan of Reorganization and related Plan Documents. Mr. Icahn agreed. The terms of the Letter Agreement provides that: (a) The Creditors Committee will designate Neil Subin as one of the initial members of the reorganized Federal Mogul's board of directors. Mr. Icahn's exercise of the Call option under the Term Sheet will be deemed his and his affiliates' agreement to vote all of their common equity interests in Reorganized Federal Mogul in favor of Mr. Subin at all shareholders' meetings so that Mr. Subin remains a director during the period from and after the Effective Date until at least the second anniversary of the Effective Date. If at any time during the Term Reorganized Federal Mogul's directors are to be elected by written consent in lieu of a meeting of shareholders, Mr. Icahn and his affiliates will deliver their consents in favor of Mr. Subin; (b) Federal-Mogul will be a mandatory reporting company under Section 12 of the Securities Exchange Act of 1934, as amended. If Mr. Icahn exercises the Call option, he and his affiliates will not support any action that will cause Reorganized Federal-Mogul not to continue, during the Term, to be a mandatory reporting company under the Securities Exchange Act, with respect to the Class A stock to be issued pursuant to the Plan; (c) Should Mr. Icahn exercises the Call and, thereafter, it is proposed that Reorganized Federal-Mogul would engage, during the Term, in any transaction other than in the ordinary course or of a de minimis nature to Federal-Mogul with Mr. Icahn or one of his affiliates, Mr. Icahn agrees that as a prerequisite to the consummation of any Icahn Transaction, Federal-Mogul will obtain an opinion from an investment banking firm of national repute to the effect that the transaction is fair, from a financial point of view, to Federal-Mogul and its common equity holders. If requested by Mr. Subin, in his capacity as a director, Federal-Mogul will select an investment banking firm from among a list of five firms furnished to Federal-Mogul by Mr. Subin. If none of those firms is acceptable to Federal- Mogul then, in that event, Federal-Mogul and Mr. Subin will each select an investment banking firm and that firm will select a third investment banking firm for the purpose of delivering the Opinion; and (d) During the Term, if Mr. Icahn and his affiliates will sell or otherwise dispose of more than an aggregate of 40% of the aggregate common equity interests of his and his affiliates in Reorganized Federal-Mogul immediately after exercising the Call, other than through public open market sales, then that kind of sale or disposition will not be consummated until Mr. Icahn have caused the purchaser to afford each of Reorganized Federal Mogul's minority common equity holders the right to sell or dispose of their common equity interests to that purchaser on the same terms and conditions, including price and proportion of ownership, as would have been negotiated by Mr. Icahn and his affiliates with that purchaser. A full-text copy of the Letter Agreement is available at no charge at http://bankrupt.com/misc/LetterAgreement.pdf Agreements Draw Debtors Closer to Exit The agreements represent one of the most significant steps toward emergence from Chapter 11 in the U.S. and Administration in the U.K., Federal-Mogul Chairman President and Chief Executive Officer Jose Maria Alapont said in a press release issued on September 30. "We are pleased with the support and collaboration in the recent months from Mr. Icahn, our Plan Proponents and stakeholders. We will welcome Mr. Icahn's potential increased stake in the emerging and reorganized Company," he said. Mr. Icahn said in a statement that he was "extremely pleased by the settlement agreement among the parties and was gratified that he was able to lend assistance to the settlement process." He further stated that he looked forward to the company's early emergence from Chapter 11, "especially at a time when it appeared that other companies in the auto parts industry were moving in the opposite direction." 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. 94; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: TURNER & NEWALL LIMITED Manchester International Office Centre Styal road Manchester M22 5TN GAVIN FILM LIMITED: Names Joint Liquidators ------------------------------------------- W. D. Gavin, chairman of Gavin Film Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 26 at The Mary Sumner House, 24 Tufton Street, London SW1P 3RB. Graham P. Petersen and Julie P Vahey of Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West Sussex were appointed Joint Liquidators. Gavin Film helps producers get their feature films financed and sold. CONTACT: GAVIN FILM LTD. 66/66 Dean Street London W1D 4PL United Kingdom Phone: 020 8432 2327 Mobile: 07753 741 693 Fax: 020 7437 3903 GOSHAWK INSURANCE: Unit Fined GBP220,000 by FSA ----------------------------------------------- GoshawK Insurance Holdings plc has disclosed that GoshawK Syndicate Management Limited (GSML), a wholly owned subsidiary of the Company that was previously responsible for the management of Syndicate 102 at Lloyd's, has been fined by the Financial Services Authority. The fine is in relation to certain breaches of the FSA's Principles for Business and of the FSA's rules on Senior Management Arrangements, Systems and Controls module of the FSA handbook during 2002 and 2003. GoshawK's current senior management was not responsible for the breaches and has been open and cooperative with the FSA during the FSA's investigations. The Company has also received written confirmation from Lloyd's that it will not bring disciplinary procedures against GSML in respect of the matters the subject of the FSA fine. The FSA has imposed a fine of GBP220,000 on GSML, which was fully provided for in GoshawK's 2004 accounts. GoshawK has not admitted any liability in paying the fine. About the Company GoshawK Insurance Holdings plc is a London-based holding company which, through its subsidiary Rosemont Reinsurance Limited, underwrites specialist reinsurance business for its clients internationally. For the year ended 31 December 2004, it reported loss after tax of US$3 million compared to a loss after tax of US$108 million a year earlier. Together with reserve movements of US$4 million, this represented a decrease of US$7 million in net assets, which stand at US$172 million. On September 6, GoshawK announced its preliminary net loss estimate. Since then, market loss estimates have nearly doubled causing the company to increase its gross loss estimate by 30% from US$99 million to US$130 million. This resulted in an increased net loss estimate for Katrina from a range of US$25 million to US$30 million to a revised total of US$60 million. CONTACT: GOSHAWK INSURANCE HOLDINGS PLC 52 Jermyn Street London SW1Y 6LX Phone: +44 (0) 20 7499 2355 Fax: +44 (0) 20 7491 7247 Web site: http://www.goshawk.co.uk HANTONS LIMITED: Appoints Joint Liquidators ------------------------------------------- D. M. Hanlon, chairman of Hantons Ltd., informs that resolutions to wind up the company were passed at an EGM held on Sept. 29 at Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS. Geoff Robbins and Neil Richard Gibson of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham, B6 7SS were appointed Joint Liquidators. CONTACT: HANTONS LTD. Phone: 020 89932002 239 High St, London, W3 9BY HI TECH WELDING: Administrators Take over Business -------------------------------------------------- Mark Elijah Thomas Bowen and Nigel Price (Office Holder Nos 8711, 8778) of Moore Stephens Corporate Recovery were appointed joint administrators of Hi Tech Welding Limited (Company No 04179566) on Sept. 22. Hi-Tech Welding Ltd. fabricates heat and corrosion resistant alloys, serving the petrochemical, oil, gas, process, water and pharmaceutical industries. Visit http://www.hi-techwelding.biz/ for more information. CONTACT: HI-TECH WELDING LTD. Derby Street Burton on Trent Staffordshire DE14 2LH United Kingdom Phone: +44 (0) 1283 568444 Fax: +44 (0) 1283 568777 E-mail: htw@hi-techwelding.biz MOORE STEPHENS CORPORATE RECOVERY Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB Phone: 0121 233 2557 Web site: http://www.moorestephens.co.uk HYPERION PROJECT: Directors Propose Voluntary Arrangement --------------------------------------------------------- Durham-based building company Hyperion Project Management has gone into voluntary administration, according to The Northern Echo. More than 200 creditors, who are owed about GBP800,000, were called on Monday to decide on a Company Voluntary Arrangement proposed by directors Dave and Steven Lines. The rescue plan would allow them to keep on trading after paying creditors 38p for every GBP1 owed to creditors, the report said. A document issued by insolvency practitioners at Tait Walker, of Newcastle, and accessed by The Northern Echo, says the company's assets are only its office equipment. It also said Hyperion met problems on a number of projects and lost money through inefficiency, delays and lack of control over purchasing. One of these projects is the GBP1 million luxury development at Barton, near Richmond, whose drain flunked accepted standards in January. North Yorkshire County Council also refused to adopt the roads. The conflict remains unresolved. The company is part of the Hyperion Group that operates in Finchale Road. It was formed in 2002. It employs its own workforce instead of using sub-contractors. The company won a contract earlier this year to work on a GBP5 million development at the former St Anne's School, in Wolsingham, County Durham. CONTACT: TAIT WALKER Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 DX 60368 Gosforth E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk/ IMH CONSTRUCTION: Calls in Administrator from X L Business ---------------------------------------------------------- Jeremy Nicholas Bleazard (Office Holder No 009354) of XL Business Solutions Limited was appointed administrators of IMH Construction Limited (Company No 04594155) on Sept. 15. CONTACT: IMH CONSTRUCTION LTD. Mr. Paul Robinson Marriott House Marriott Road Swinton Mexborough 5th Yorks S64 8AF Phone: 01709 577121 E-mail: paul.robinson@imhconstruction.com Web site: http://www.imhconstruction.com/ X L BUSINESS SOLUTIONS LTD. 46 Moorlands Business Centre Balme Road Cleckheaton BD19 4EW West Yorkshire Phone: 01274 870 101 Fax: 01274 870 606 E-mail: jbleazard@XLBS.co.uk JARVIS PLC: To Keep Council Services Business --------------------------------------------- Jarvis plc's council services business Herefordshire Jarvis Services (HJS) will be retained as part of the Group's core operations. In July 2005, Jarvis announced that it was discussing the sale of its highways maintenance business to Accord plc, which potentially included HJS. As agreement had not been reached on the sale price, Jarvis plc has chosen to retain and grow HJS. Improvements made by HJS in its delivery of a broad range of council services to Herefordshire County Council, and the completion of the Group's financial restructuring, has enabled Jarvis plc to review HJS as a business model with growth opportunities. In line with its stated strategy, Jarvis plc will complete its contractual obligations within the Optima and Solihull contracts, and it has exited from other highways maintenance-specific operations. In addition to the Herefordshire Jarvis business, Jarvis' road division under its Prismo brand name manufactures and applies road markings and specialized road surfacing as well warehousing and distributing road safety products. About the Company Jarvis plc operates in a number of markets delivering solutions for the public sector, specifically rail services, road maintenance and products, and plant hire operations. Based in York, Jarvis has over 3,000 employees across a nationwide network of facilities. With the Admission of the Placing Shares on Sept. 29, it has completed its financial restructuring plan that was announced on 27 May 2005 and approved by Shareholders on 4 August 2005. The restructuring involved GBP378 million of the Company's liabilities exchanged for new equity; GBP50 million of new equity capital raised through a Placing and Open Offer; and GBP38.5 million of Additional Funding Facilities secured. The Directors believe that the successful completion of the restructuring announced on 12 July and the continuation of the Group's strategy of focusing on the core businesses of Rail Plant and Road, aligned with further cost saving measures and exit from or stabilization of the non core activities of construction and FM, will provide a much improved base from which to develop the business. CONTACT: JARVIS PLC Meridian House The Crescent York YO24 1AW Phone: +44-20-7017-8000 Fax: +44-20-7017-0083 Web site: http://www.jarvisplc.com J. A. TAILORS: Calls in Liquidator from DTE Leonard --------------------------------------------------- S. P. Dance, director of J. A. Tailors Limited, informs that a resolution to wind up the company were passed at an EGM held on Sept. 28 at Holiday Inn Guildford, Egerton Road, Guildford, Surrey GU2 7XZ. A. Clifton of DTE Leonard Curtis, 85-89 Colmore Row, Birmingham B3 2BB was appointed liquidator. CONTACT: J. A. TAILORS LTD. 10 London Rd Guildford Surrey Phone: 01483 571218 LEARNING DYNAMIX: Creditors Meeting Set Next Week ------------------------------------------------- Creditors of Learning Dynamix Limited (Company No 03469280) will meet on October 20, 2005, 10:30 a.m. at Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Gordon S. Goldie and Allan D. Kelly, joint administrators at Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon, October 19, 2005. CONTACT: TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk LENVAL ESSEX: Appoints Administrators from Moore Stephens --------------------------------------------------------- Simon G. Paterson and David R. Elliott (Office Holder Nos 6856 and 1141) of Moore Stephens LLP Lenval Essex Limited (Company No 1704753) were appointed joint administrators of Lenval Essex on Sept. 29. The company is engaged in asbestos removal and insulation. CONTACT: LENVAL ESSEX LTD. KT House Stanhope Industrial Park Stanford le Hope SS17 0EH Essex Phone: 01375 640344 Fax: 01375 640331 MOORE STEPHENS CORPORATE RECOVERY Victory House Admiralty Place Chatham Maritime Kent ME4 4QU Phone: +44 (01634) 895100 Fax: +44 (01634) 895101 Web site: http://www.moorestephens.com M.A.M TEXTILES: Bond Partners Takes over Helm --------------------------------------------- T. Papanicola (Office Holder No 005496) of Bond Partners LLP was appointed administrator of M.A.M Textiles Limited (Company No 03154953) on Sept. 26. The company's registered office is at The Grange, 100 High Street, London N14 6TG. M.A.M sells textiles. CONTACT: MAM TEXTILES LTD. 100, Commercial Road London E1 1NU Phone: 02074811777 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 MAN GROUP: U.S. SEC Probes Cayman Hedge Fund -------------------------------------------- FTSE 100 company Man Group plc is facing investigations by the U.S. Securities and Exchange Commission on alleged cover-up of losses at a collapsed Cayman Islands hedge fund, reports say. Clark Hodgson, receiver of Philadelphia Alternative Asset Management (PAAM), charges the group's brokerage business, Man Financial, of operating an unauthorized bank account for PAAM's manager. He said Paul Eustace dumped his losing bets on the commodity markets on the account. Man Financial allegedly hid this account from investors and the fund's administrator, the Swiss bank UBS, despite losses reaching US$175 million. Mr. Hodgson named senior broker Thomas Gilmartin in Man's New York office as Mr. Eustace's "main contact." He also said the group has refused to disclose documents. Man denied the claim and added it is cooperating with the investigation. It suspended Mr. Gilmartin last week and launched its own internal investigation. It said it does not agree in a number of interpretations made by the receiver in his investigation. Man has not been charged with any offense, but investors are now contemplating a multi-million-pound claim. According to The Guardian, Mr. Gilmartin and Mr. Eustace may have known each other for about 20 years. They both attended Wharton business school at the University of Pennsylvania in the 1980s. Man is worth GBP5 billion and has US$44 billion in assets under management. CONTACT: MAN GROUP PLC Sugar Quay Lower Thames Street London EC3R 6DU England Phone: + 44 20 7144 1000 Fax: + 44 20 7144 1923 E-mail: investor@mangroupplc.com Web site: http://www.mangroupplc.com MARKS & SPENCER: Ex-chairman Fined EUR3,750 ------------------------------------------- A Paris court has fined former Marks & Spencer Chairman Luc Vandevelde EUR3,750 for breaching local laws on staff consultation when the firm closed stores four years ago. According to the Financial Times, five other former M&S managers -- David Norgrove, Clive Nickolds, Marc Bauwens, Patrick Anglaret and Irene Garconnat -- escaped without a fine. As part of M&S' strategy to divert operation from continental Europe, the company pulled out of France in 2001. The move angered workers and government officials, and disappointed clients. M&S cited low demand for its products. On Tuesday, the company said: "We are pleased that the French court has discharged five of the six employees. Luc Vandevelde is now considering whether or not to appeal. If he decides to appeal we will continue to support him in the legal action because we have always believed that we complied with all the relevant European legislation." CONTACT: MARKS & SPENCER GROUP PLC Michael House 47-67 Baker Street London England W1U 8EP Phone: +44 20 7935 4422 Fax: +44 20 7487 2679 Web site: http://www.marksandspencer.com MELODY LANE: Names David Rubin Liquidator ----------------------------------------- L. M. Cheung, chairman of Melody Lane Limited, informs that a resolution to wind up the company were passed at EGM held on Sept. 28 at the offices of David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE. Paul Appleton of David Rubin & Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE was appointed liquidator. CONTACT: MELODY LANE LTD. 42-43 Bedford Row London WC1R4JL Phone: 0171 491 2655 MOONRAKER FORKLIFTS: Calls in Joint Liquidators ----------------------------------------------- Moonraker Forklifts Limited informs that a resolution to wind up the company was passed at an EGM held on Sept. 28 at Chapel House, Westmead Drive, Westlea, Swindon, Wiltshire SN5 7UN. John Michael Munn and Joseph Gordon Maurice Sadler of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN were appointed joint liquidator. CONTACT: MOONRAKER FORKLIFTS LIMITED Unit 1 Chelworth Lodge Cricklade Wiltshire SN6 6HB Phone: 01793-752333 Fax: 01793-752444 Web site: http://www.moonraker-forklifts.co.uk/ NETWORK RAIL: Needs GBP4 Billion to Modernize Railways ------------------------------------------------------ Network Rail plans to launch an ambitious multi-billion-pound, ten-year modernization scheme for its stations. The company has identified the need for up to GBP4 billion of additional private-partner investment in stations across the network. This program will enhance capacity at stations, improve facilities and provide opportunities for commercial development. While the primary focus of the company remains the operation of Britain's railway infrastructure, Network Rail is now looking for partners with expertise to help take forward the first wave of stations to be redeveloped under these joint-venture schemes. Major London Stations In addition to the advanced plans already announced for King's Cross and Paddington, Network Rail will go to market on proposals for Euston and Victoria by the end of this year, shortly followed by Waterloo. These are prime development sites -- Euston has a comparable area to Canary Wharf -- and there is huge scope for development opportunities, whether retail, offices or even residential. Larger Regional Stations Up to 50 larger regional stations -- owned by Network Rail but managed by train operating companies -- have been recognized as needing upgrades, to increase capacity and/or improve facilities. Many of these are Victorian structures and are struggling to cope with the highest level of passenger numbers since the 1960s and greater public expectations for facilities. Redevelopment schemes, again with private-partner investment of stations such as these can drive regeneration as gateways to Britain's towns and cities. Hundreds of Small Stations Across the Network At smaller stations all over the country, instead of previous piecemeal upgrades, Network Rail plans to bundle sites together into clusters and offer them as attractive packages to single developers. This will enable a wider range of facilities to be introduced along a whole line of route ensuring that stations of any size across the network will better cater to passengers' needs. Comment of Network Rail Chief Executive John Armitt With punctuality improving and new trains on much of the network, public perception of the railway is rising all the time. Stations are the 'shop window' of the railway and are next in line for investment and modernization. Our plans may well be ambitious, but they fuse imagination with reality in order to leverage additional private capital into improving our assets. This will result in upgraded facilities that passengers rightly demand and, for commercial partners, the right to exploit some of Britain's most landmark development sites. With the greatest number of people using the railways in four decades, public expectation of first-class facilities at stations is increasing. Our schemes aim to achieve just that." About the Company Railtrack went into administration in 2001 after the government withdrew funding for the company whose reputation was wrecked by a fatal crash in 2000 at Hatfield. Mr. Justice McKay imposed fines of GBP3.5 million on Network Rail (which assumed Railtrack's liabilities), after finding it guilty of health and safety offences associated with the Hatfield crash. Shareholders are suing the government for "misfeasance of justice" and a breach of human rights to recover GBP157 million. The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of State for Transport HC03CO4185") is pending before the high court of Mr. Justice Lindsay. Jonathan Sumption is spearheading the government's defense. Geoffrey Weir is the shareholders' lead claimant. Keith Rowley QC is the shareholders' barrister. The investors are acting together as The Railtrack Private Shareholders Action Group (RPSAG). CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44 20 7557 8000 Fax: +44 20 7557 9000 Web site: http://www.networkrail.com REGAL PETROLEUM: Wins Case Filed by Former JV Partner ----------------------------------------------------- Directors of Regal Petroleum plc have disclosed that the Kiev Court of Appeal has ruled in favor of Regal and dismissed the appeal brought by Chernihivnaftogasgeologia, thus upholding the original decision of the Poltava Court with respect to the distribution of assets within their former joint venture. In June 2004, the exploration/pilot production licenses in which Regal had a 75% interest expired. Subsequently, Regal was awarded a 100% interest in two 20-year production licenses. Contemporaneously with the expiration of the exploration/pilot production licenses, the joint venture arrangement Regal had with Chernigivnaftogasgeologia also expired. In the course of the dissolution of the joint venture, an action was brought before the local Poltava Court in order to distribute the assets of the joint venture to the partners. In August 2005, the Poltava Court ruled that the physical assets of the joint venture be distributed to Regal and that Chernigivnaftogasgeologia be compensated for the value of its 25% interest in the joint venture. Subsequently, Chernigivnaftogasgeologia lodged an appeal with the Kiev Court of Appeal contesting the earlier decision. On 11 October 2005, the Kiev Court of Appeal delivered its decision to dismiss the appeal and uphold the original decision of the Poltava Court. Rex Gaisford, chief executive officer, said: "We are very pleased with this decision which concludes the dissolution of the joint venture. It also demonstrates that the court process within Ukraine is able to enforce internationally recognized business principles for foreign companies. We remain committed to our business in Ukraine and to developing what we believe are world-class assets." 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 served as executive chairman until he stepped down in June, established the company in 1996. He resigned as the company's annual losses quadrupled. For the year ending December 31, losses amounted to US$13.7 million, up from US$2.9 million a year earlier. 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 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 RENTOKIL INITIAL: Board Vows to Block Sir Gerry's Appointment ------------------------------------------------------------- A bitter fight is expected should Sir Gerry Robinson try to install himself as executive chairman of Rentokil Initial plc, The Telegraph says. The rat-catching group is likely to pounce on Sir Gerry's former stint as Granada boss, whose failed investments resulted in losses and writedowns at ITV Digital between 1998 and 2002. Rentokil's board is unconvinced with his ability to turn the company around. Sir Gerry and his Raphoe Management vehicle have until Monday to table an offer for Rentokil. One analyst said: "Rentokil has said it could spend the thick end of GBP20 million on advisers' fees. They're bound to be running the numbers on Gerry." Rentokil declined to comment. Its financial advisers are Greenhill and UBS. PricewaterhouseCoopers serves as its accountant, its lawyers are from Freshfields. Sir Gerry could stray from the conditions of his original offer and, instead of bidding, use his stake in Franklin Templeton to call for an extraordinary general meeting. Franklin Templeton, which publicly supports Sir Gerry, is Rentokil's biggest investor. At the meeting, shareholders could be made to choose between Sir Gerry and current Chief Executive Doug Flynn. In September, Rentokil's board said "the substance of Raphoe's proposal seems simply to install a new executive chairman at significant cost plus executive remuneration and a share of any capital return." It added: "Executive rewards of that scale and without any performance hurdles -- as Raphoe proposes -- do not meet the corporate governance and remuneration standards supported by the board." Rentokil also finds it hard to see why Sir Gerry should get a significant stake in Rentokil without injecting any amount into the company himself. It also stressed that "Raphoe's proposal contained no suggestion as to what operational plans Sir Gerry thinks he can implement that the current management cannot." Sir Gerry's intention to appoint himself as executive chairman also ignores the fact that Rentokil already has a new chief executive and finance director whose appointments were based on "best governance practice," it said. 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 RAPHOE MANAGEMENT LTD. Sir Gerry Robinson c/o Cubitt Consulting Phone: 020 7367 5100 GREENHILL & CO. 56-58 Conduit Street London W1S 2YZ United Kingdom Phone: +44 20 7440 0400 Fax: +44 20 7440 0500 Web site: http://www.greenhill-co.com UBS FINANCIAL SERVICES INC. 1285 Avenue of the Americas New York, NY 10019 Phone: 212-713-2000 Fax: 212-713-9818 Web site: http://financialservicesinc.ubs.com PRICEWATERHOUSECOOPERS LLP 1 Embankment Place London WC2N 6RH, United Kingdom Phone: +44-20-7583-5000 Fax: +44-20-7822-4652 Web site: http://www.pwcglobal.com/uk FRESHFIELDS BRUCKHAUS DERINGER 65 Fleet St. London EC4Y 1HS, United Kingdom Phone: +44-20-7936-4000 Fax: +44-20-7832-7001 Web site: http://www.freshfields.com/en.asp ROBERT WISEMAN: To Unveil Interim Figures November -------------------------------------------------- Robert Wiseman Dairies plc will release its interim results for the six months ended 1 October 2005 on Wednesday, 9 November 2005. A presentation to analysts will take place at 9:30 a.m. at Investec Securities' Offices, 2 Gresham Street, London, EC2V 7QP. About the Company Robert Wiseman Dairies procures, produces and delivers liquid milk to customers throughout Great Britain. Operating from five major processing dairies in Aberdeen, East Kilbride, Glasgow, Manchester and Droitwich Spa, the Company had turnover of GBP489.17 million and profit of GBP24.68 million as of February 4, 2005. In 2004, Robert Wiseman got involved in a costly bidding war with rivals Dairy Crest and Arla, which have consistently complained about its market dominance to competition authorities. It lost a deal with Morrison last year. It won new contracts from Tesco and Sainsbury, but the six-month dry spell is believed to have reduced its milk production to about 1.2 billion liters from 1.35 billion last year. The worst result of the setback was the loss of all businesses of its Scottish market. Robert Wiseman now plans to cut jobs. CONTACT: ROBERT WISEMAN DAIRIES PLC Cairn Place Nerston Industrial Estate East Kilbride, G74 4NQ Strathclyde Phone: 01355 247777 Fax: 01355 228181 Web site: http://www.wiseman-dairies.co.uk SCOTTISH POWER: Expects Restructuring to Cost GBP35 Million ----------------------------------------------------------- Scottish Power plc will meet with analysts ahead of its pre-close period for the quarter ending 30 September 2005. At these meetings, the company will confirm that it continues to make good progress with its key strategic objectives of driving further efficiency improvements in each of its businesses and delivering attractive returns from its organic investment program, while the sale of PacifiCorp and return of approximately GBP2.5 billion to shareholders is proceeding on schedule. Overall, trading outlook for the full year to 31 March 2006 remains in line with expectations. In the second quarter, UK businesses performed strongly continuing the trends that was reported in the first quarter results. Energy Networks is performing well following the recent regulatory reviews and the Energy Retail and Wholesale businesses are benefiting from last year's significant growth in customer numbers and investment in generation plant. At PPM Energy, construction of the 575MW of wind farms announced for 2005 is on schedule. As reported in the first quarter, the company expects PPM Energy's profit for the full year to be ahead of last year, however, its second quarter results will be lower than the equivalent period last year due to the phasing of earnings recognition from contracted gas storage business. In September, Scottish Power announced a corporate restructuring that will result in annualized cost savings of GBP60 million a year. Detailed plans have been completed, communicated to staff and are now being implemented. Restructuring costs are expected to total GBP35 million, of which the first tranche will be reported this quarter. The sale of PacifiCorp is proceeding on schedule and its financial results for the quarter are in line with our expectations. The group has applied IAS 39 "Financial Instruments: Recognition and Measurement" (IAS 39) with effect from 1 April 2005. It anticipates that IAS 39 will have a significant adverse impact on statutory results this quarter due principally to movements in the fair values of the convertible bond and the portfolio of energy contracts. While IAS 39 will cause the statutory results to be more volatile than those reported under U.K. GAAP, this change in accounting treatment does not impact the underlying operational and financial performance of the group nor its current or future cash flows. Scottish Power's half-year results will be announced on 10 November 2005. CONTACT: SCOTTISH POWER PLC 1 Atlantic Quay Glasgow G2 8SP, United Kingdom Phone: +44-141-248-8200 Fax: +44-141-248-8300 Web site: http://www.scottishpower.plc.uk SPEYMILL GROUP: Awards Executive Chairman Share Options ------------------------------------------------------- Speymill Group plc has granted Executive Chairman Bob MacDonald options to subscribe for 2,035,535 Ordinary Shares of 1 pence each at a price of 45.30 pence per share. In addition, options to subscribe for 349,078 Ordinary Shares of 1 pence each at a price of 44.85 pence per share have been granted to a number of other employees. All of these options are exercisable between October 2008 and October 2015. About the Company The Speymill Group plc (formerly known as Wigmore Group plc) serves as contractors to the hotel and leisure industries. In June, Chairman Paul Doona said: "The year to December 2004 was a very poor one for the Group resulting in a loss after tax of GBP6.71 million (2003: loss GBP0.36 million) which comprised pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36 million) and exceptional costs of GBP4.43 million (2003: GBPnil). "The figures reflect an appalling year for the Group and root and branch restructuring has been necessary since the financial rescue by our majority shareholder Burnbrae. I am, however, confident that the Group is now on a firm financial footing and that the long tried patience of our shareholders will ultimately be rewarded." CONTACT: THE SPEYMILL GROUP PLC (THE WIGMORE GROUP PLC) Arundel House, Amberley Ct., County Oak Way Crawley, West Sussex RH11 7XL United Kingdom Phone: +44-845-070-1200 Fax: +44-845-070-2300 Web site: http://www.wigmoregroup.com SWAN FIELDS: In Administrative Receivership ------------------------------------------- Lloyds TSB Commercial Finance appointed Andrew Stephen McGill (IP No 9350) of KPMG LLP joint administrative receiver of packaging manufacturer Swan Fields Limited (Registered No 04699918) on Sept. 29. Its registered office is at 45 Church Street, Birmingham B3 2DL. COMTACT: SWAN FIELDS LTD. Swan Fields, Great Bridge Street, West Bromwich, West Midlands Phone: 0121-522-0600 KPMG LLP 2 Cornwall Street Birmingham B3 2RT Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk TAG RECRUITMENTS: Administrators from PKF Takes over Firm --------------------------------------------------------- Edward T. Kerr and Ian J. Gould (Office Holder Nos 9020, 7866) were appointed joint administrators of Tag Recruitments Limited (Company No 04387154) on Sept. 26. The company's registered office is at Pannell House, 159 Charles Street, Leicester LE1 1LD. CONTACT: TAG RECRUITMENTS LTD. A/13 Belvoir Rd. Coalville, LE67 3PD Phone: 01530 839888 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 VIKING TAVERNS: Names Administrators from KPMG ---------------------------------------------- Howard Smith and Richard Dixon Fleming (Office Holder Nos 9341, 8370) of KPMG LLP were appointed administrators of Viking Taverns Limited (Company No 04359469) on Oct. 3. The company's registered office is at KPMG LLP, 1 The Embankment, Neville Street, Leeds LS1 4DW. CONTACT: KPMG LLP 1 The Embankment Neville Street Leeds West Yorkshire LS1 4DW Phone: 0113 231 3332 Fax: 0113 231 3183 E-mail: richard.fleming@kpmg.co.uk * Study Predicts High Consolidation in Fruit, Vegetables Market --------------------------------------------------------------- A study on the trend of current consolidations in the food industry foresees a large number of mergers in the fruit and vegetables categories in the next few years, The Grocer reports. The food and vegetable category is worth GBP5.9 billion. The Consolidation Index report, a study by Axis Management Consulting for administrators Grant Thornton and Inflexion Private Equity, shows that many companies in this category have precarious profit position because of intense price pressures, making consolidations of small suppliers into large entities likely. In the past two and a half years, there have been 200 mergers in the U.K. food sector, 150 receiverships, and 300 liquidations. Other categories that are predicted to have high consolidation activities are fresh meat, fish and poultry, snacks and crisps, frozen savory, prepared salads and frozen desserts. Jonathan Smith, MD, of Axis Management Consulting, said the most influencing factor on the food sector is multiples. He suggests that company bosses explore opportunities "to make their company a necessary supplier for the multiples for the next few years." According to the report, the research confirms that across the board, retailers are seeking to rationalize their supplier base. A suggestion is for executives to act within the next three years before it's too late. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *