/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051102.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 Wednesday, November 2, 2005, Vol. 6, No. 217 Headlines F R A N C E CHARLES JOURDAN: Sold to Avendis, Finaluxe CROWN EUROPEAN: Rating on EUR460 Mln Notes Downgraded to 'BB-' G E R M A N Y AGFAPHOTO GMBH: Photo-Me Acquires Two Divisions ALIJA GASTRONOMIE: Administrator's Report Out Mid-December EVELYNE BITZER: Bonn Court Confirms Bankruptcy HEITKAMP-DEILMANN: Cutting Jobs as part of Restructuring IMMOBILIEN MANAGEMENT: Creditors Meeting Set Later this Month KARSTADTQUELLE AG: Middelhoff Forecasts Full Recovery by 2008 LOG WARE: Bankruptcy Proceedings Start MUELHEIMER-DIENSTLEISTUNGSGESELLSCHAFT: Succumbs to Bankruptcy SANITAR-HEIZUNGS: Creditors' Claims Due Next Month SOEHAB HAUSHALTGERATE: Verification of Claims Set December STEAG HAMATECH: Tax Credit Writedown to Widen Full-year Losses UHDE GMBH: Court Appoints Provisional Administrator I T A L Y ALLIANCE ONE: In Talks with Lenders to Avoid Default PARMALAT SPA: Graubuendner Kantonalbank Under Investigation K Y R G Y Z S T A N AIT-EMIR: Sets Public Auction Mid-November CHOKO RONIZ: Creditors' Claims Due December KEVITAL: Bankruptcy Supervision Begins RASTIN: Gives Creditors Until December 20 to File Claims STEPHENSON SERVICE: Proofs of Claim Deadline Set N E T H E R L A N D S ROYAL NUMICO: Publishes 2004 Performance Review ROYAL SHELL: To Merge with Shell Petroleum R O M A N I A BANCA TRANSILVANIA: Gets 'B' Short-term Rating from Fitch R U S S I A AKA BANK: Insolvency Manager Enters Firm BOR-WOOD: Declared Insolvent DUBENSKIY: Mordoviya Court Opens Bankruptcy Proceedings GOFITSKOYE: Krasnodar Court Brings in Insolvency Manager KALIKINO: Bankruptcy Hearing Set Next Year MAGNITOGORSK-TRANS-STROY: Under Bankruptcy Supervision NIZHNEDIVITSKIY: Succumbs to Bankruptcy REINFORCED-CONCRETE: Bankruptcy Hearing Set Next Month RUSSIAN REGIONAL: Moody's Upgrades Deposit Rating to Ba2 SEL-STROY: Undergoes Bankruptcy Supervision Procedure URZHUMSKOYE: Insolvency Manager Takes over Company U K R A I N E BUCHA' GLASS: Court Appoints Insolvency Manager ZMIYIVSKE REPAIR-TRANSPORT: Declared Insolvent ZVARKO: Liquidator Takes over Operations U N I T E D K I N G D O M A & P PRINT: Creditors Meeting Set Today B2 ENGINEERING: Files for Liquidation BEETIES GALLERY: Hires Administrator from Sargent & Co. BLACUP TRAINING: Administrator from Gibson Booth Enters Firm BRADLEY & WALKER: Creditors Meeting Set Today BRITISH ENERGY: Heysham 1 Boilers Resume Operation BSA CASTINGS: In Administrative Receivership CENTRAL STUDIOS: Appoints Administrator from Kallis & Co. CLAIMS BUREAU: National Westminster Bank Appoints Receiver CONTAK COMPONENTS: EGM Passes Winding-up Resolution C R ASHFORD: Calls in Liquidator CRUISE CONTROL: Proofs of Claim Deadline December 9 DRAX GROUP: Signs Papers on GBP800 Mln Credit Facilities ESSENTIAL (UK): Leisurewear Manufacturer Winds up EUROSKILLS LIMITED: Employment Firm Applies for Liquidation HEART OF MIDLOTHIAN: Appoints Roman Romanov Interim CEO MEPC LTD.: Credit Facility Raised to GBP470 Million MEPC LTD.: Earns Stable Outlook on Successful Debt Refinancing MOBILE DATA: Goes into Liquidation MOTORTONE LIMITED: Liquidator Enters Firm MOWLEM PLC: Receives Takeover Approach NAVIGATOR GAS: Hires Liquidator from KPMG ONLINE DIRECT: Appoints Unity Corporate Recovery Administrator ORACLE LEGAL: Appoints Liquidator PHOENIX PLUMBING: Hires DTE Leonard to Liquidate Business PREMIER FOODS: Closes Sale of Tea Business PURE INTERNATIONAL: Creditors Meeting Set Next Week REFCO INC.: Major Creditors Mull Multi-billion-dollar Lawsuits RIVER DESIGN: Files for Liquidation ROSESTORE LIMITED: Clothing Retailer Hires Administrator SEAFORD LABORATORIES: Creditors to Meet Thursday SEVERN TRENT: Accused of Overcharging Customers GBP50 Million SUMMERBANK MANAGEMENT: Names Walletts Insolvency Administrator T & P GILLON: Calls in Administrator from P&A Partnership WELPTON HYUNDAI: Car Dealer Contacts Administrator ********* =========== F R A N C E =========== CHARLES JOURDAN: Sold to Avendis, Finaluxe ------------------------------------------ The Commercial Court of Romans-sur-Isere has chosen the bid of Avendis and Finaluxe for collapsed footwear group Charles Jourdan, Le Monde says. The consortium had tabled an offer of EUR400,000 for Charles Jourdan's subsidiaries and properties and EUR250,000 for its brands. It also guaranteed 212 of 392 employees. The group became sole bidder after fashion specialist Guy Laroche withdrew last week. The company filed for bankruptcy on August 22 along with three subsidiaries: 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 has accumulated debt of EUR9 million (US$11 million). CONTACT: CHARLES JOURDAN 1 Boulevard Voltaire 26100 Romans Sur Isere Web site: http://www.charles-jourdan.fr CROWN EUROPEAN: Rating on EUR460 Mln Notes Downgraded to 'BB-' -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Crown Holdings Inc. The outlook is stable. At the same time, Standard & Poor's lowered its senior secured debt rating on EUR460 million of first-priority senior secured notes due 2011 issued by wholly owned subsidiary Crown European Holdings S.A. to 'BB-' from 'BB'. The recovery rating on these notes was lowered to '2' from '1', now indicating expectations for substantial, not full, recovery in the event of a payment default. The downgrade and the change in the recovery rating reflect the significant increase in senior secured debt that results from the group's proposed bank credit facilities. Failure to complete the refinancing as currently contemplated could lead to a reassessment of the recovery prospects for senior secured creditors. Standard & Poor's assigned its 'B' rating to the proposed $500 million of senior unsecured notes due 2013 and $600 million of senior unsecured notes due 2015 to be issued by Crown Americas LLC and Crown Americas Capital Corp., wholly owned subsidiaries of Crown Holdings. In addition, based on preliminary terms and conditions, Standard & Poor's assigned its 'BB-' rating and a recovery rating of '2' to Crown's proposed $1.3 billion senior secured credit facilities. These ratings indicate Standard & Poor's assessment that bank lenders and senior secured noteholders will receive substantial recovery in a payment default. If the company exercises its option to increase the credit facility by $500 million subject to lender approval, ratings and recovery prospects will be reevaluated. Proceeds from the new notes and the new credit facility, together with proceeds from the recent sale of the company's plastic closures business, will be used to refinance existing bank debt and high-coupon junior debt, make additional pension contributions, and pay tender premiums and other transaction- related expenses. Ratings on the debt that is being refinanced will be withdrawn upon completion of the refinancing. "If completed as currently contemplated, the refinancing will result in significantly lower interest expense, reduced pension obligations, and a smoother debt maturity schedule," said Standard & Poor's credit analyst Cynthia Werneth. "In addition, the financial profile should continue to strengthen through good operating performance, cash generation, and debt reduction." The ratings continue to reflect Crown's satisfactory business risk profile, characterized by market leadership, global operations, and relative earnings stability. Nevertheless, the financial profile remains aggressive, and the company continues to face risks associated with asbestos litigation. With annual sales of more than $7 billion, Philadelphia, Pennsylvania-based Crown is primarily a metal container manufacturer. The company benefits from a broad geographic presence, a well-diversified customer base, and leading market positions in food, beverage, and aerosol cans. CONTACT: CROWN HOLDINGS INC. Le Colisee I rue Fructidor 75830 Paris Cedex 17 France Phone: +33 1 49 18 40 00 Veronique Sabatier Phone: +33 1 49 18 42 26 ============= G E R M A N Y ============= AGFAPHOTO GMBH: Photo-Me Acquires Two Divisions ----------------------------------------------- Photo-Me International (PMI), the FTSE 250 digital imaging company, said it has acquired from the administrator of AgfaPhoto GmbH the assets of its Wholesale Lab Division, whose principal business is the manufacture in Munich of high-volume photo-finishing laboratories. The cash consideration totaled EUR9 million (GBP6.1 million). * * * 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 ALIJA GASTRONOMIE: Administrator's Report Out Mid-December ---------------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Alija Gastronomie GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 18 to register their claims with court-appointed provisional administrator Uwe Hueggenberg. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 10:55 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum 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: ALIJA GASTRONOMIE GmbH Massenbergstr. 14-16 44787 Bochum Contact: Jamshid Badparva, Luetgenholthauser Str. 7, 44225 Dortmund Uwe Hueggenberg, Provisional Administrator Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax 964 91-33 EVELYNE BITZER: Bonn Court Confirms Bankruptcy ---------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Evelyne Bitzer GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 25 to register their claims with court-appointed provisional administrator Markus Lehmkuehler. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 9:15 a.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn 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: EVELYNE BITZER GmbH Genker Str. 12 53842 Troisdorf Markus Lehmkuehler, Provisional Administrator Wilhelmstr. 40 53111 Bonn Phone: 0228/92 66 60 Fax 92 66 699 HEITKAMP-DEILMANN: Cutting Jobs as part of Restructuring -------------------------------------------------------- The restructuring of Heitkamp-Deilmann-Haniel (HDH) is proceeding as planned, Frankfurter Allgemeine Zeitung says. In a presentation to major creditors Friday, HDH said it has secured interim funds for the sale of subsidiary, Heitkamp Rail, which has attracted Dutch builder Heijmans N.V. It is also in talks with possible buyers for mining unit Redpath Holding. The group has also notified employees of job losses at two soon- to-be-closed factories for prefabricated concrete parts and at the main office. TCR-Europe reported on Oct. 26 that HDH is planning to cut jobs and sell assets to improve liquidity. HDH, a merger between Bauunternehmung E. Heitkamp GmbH, Herne and Deilmann-Haniel GmbH, said its liquidity situation is tense, but its existence is not under threat. To remain solvent, it will sell Redpath, its Canadian unit employing 1,050, and the rail construction division, which has 350 workers. Proceeds will be used to finance restructuring and close the liquidity gap. CONTACT: HEITKAMP-DEILMANN-HANIEL GmbH Langekampstrasse 36 Herne D-44633 Phone: 49 2325 57 00 Fax: 49 2325 57 37 55 Web site: http://www.heitkamp.de IMMOBILIEN MANAGEMENT: Creditors Meeting Set Later this Month ------------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Immobilien Management & Consulting GmbH on Oct. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 6, 2006 to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting on Nov. 30, 10:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin 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 March 1, 2006, 10:25 a.m. while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: IMMOBILIEN MANAGEMENT & CONSULTING GmbH Leunaer Str. 7 12681 Berlin Rolf Nacke, Provisional Administrator Gross-Berliner-Damm 73 c 12487 Berlin KARSTADTQUELLE AG: Middelhoff Forecasts Full Recovery by 2008 ------------------------------------------------------------- KarstadtQuelle Chairman Thomas Middelhoff expects to finish the restructuring of the group by 2008 despite setbacks this year, Die Welt says. He aims to reduce debt and achieve an equity ratio of 6% this year and 15% when the restructuring ends. Asset disposals will continue at marginal operations and the company will focus on its core department store and mail-order businesses. He admits the mail-order unit is behind this year's forecast, but adds all other divisions are recovering according to plan. He also plans to expand operations abroad. As for his exit plan, he plans to appoint new executives before he leaves in 2008. Mr. Middelhoff replaced Chairman Dr. Christoph Achenbach in May after the latter's turnaround plan failed. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com LOG WARE: Bankruptcy Proceedings Start -------------------------------------- The district court of Bonn opened bankruptcy proceedings against Log Ware Concept GmbH on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 30 to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting on Jan. 2, 2006, 10:10 a.m. at the district court of Bonn, -Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn 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: LOG WARE CONCEPT GmbH Deichhaus 31 53721 Siegburg Contact: Kaspar Werner Reinhold, Manager Bruesseler Str. 2 53842 Troisdorf Dr. Sebastian Henneke, Provisional Administrator Meckenheimer Allee 87 53115 Bonn Phone: 0228/9766643 Fax 0228/9766645 MUELHEIMER-DIENSTLEISTUNGSGESELLSCHAFT: Succumbs to Bankruptcy -------------------------------------------------------------- The district court of Duisburg opened bankruptcy proceedings against Muelheimer-Dienstleistungsgesellschaft mbH on Oct.11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Nov. 24 to register their claims with court-appointed provisional administrator Dr. Axel Fohrmann. Creditors and other interested parties are encouraged to attend the meeting on Dec. 14, 11:00 a.m. at the district court of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058 Duisburg 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: MH MUELHEIMER-DIENSTLEISTUNGSGESELLSCHAFT mbH Arndtstrasse 51-55 45473 Muelheim an der Ruhr Contact: Franka Ferrigno Duisburger Str. 173 46049 Oberhausen Dr. Axel Fohrmann, Provisional Administrator Grossenbaumer Strasse 93, 45481 Muelheim an der Ruhr SANITAR-HEIZUNGS: Creditors' Claims Due Next Month -------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Sanitar-Heizungs-Technik Gesellschaft on Oct. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 6 to register their claims with court-appointed provisional administrator Johannes Klefisch. Creditors and other interested parties are encouraged to attend the meeting on Jan. 9, 2006, 10:10 a.m. at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen 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: SANITAR-HEIZUNGS-TECHNIK GmbH Bendstrasse 49, 52134 Herzogenrath Contact: Sonja Schongs, Manager Johannes Klefisch, Provisional Administrator Rotter Bruch 6 52068 Aachen Phone: 0241/949740 Fax 0241/870203 SOEHAB HAUSHALTGERATE: Verification of Claims Set December ---------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against SOEHAB Haushaltgerate GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Oct. 26 to register their claims with court-appointed provisional administrator Bettina Schmudd. Creditors and other interested parties are encouraged to attend the meeting on Dec. 7, 11:00 a.m. at the district court of Dresden, Olbrichtplatz 1, 01099 Dresden 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: SOEHAB HAUSHALTGERATE GmbH Koehlerstrasse 22 01640 Coswig Bettina Schmudd, Provisional Administrator WHITE & CASE INSOLVENZ GbR Koenigstrasse 1 01097 Dresden Web site: http://www.whitecaseinso.de STEAG HAMATECH: Tax Credit Writedown to Widen Full-year Losses -------------------------------------------------------------- Optical disk manufacturer STEAG HamaTech will post higher-than- expected yearend losses, Frankfurter Allgemeine Zeitung says. The loss is the result of an EUR11.6 million writedown in tax credits, which, it stressed, will not strain its finances. Blaming difficult situation in the optical disk market, STEAG had forecast no more than EUR5 million in pre-tax losses this year on turnover of EUR130 million. STEAG posted EUR7.5 million in pre-tax loss for the first nine months, and -EUR5.5 million in the third quarter up from EUR4.5 million in 2004. Nine-month turnover fell 27% to EUR80.1 million, and to EUR23 million in the third quarter from EUR29.2 million last year. Post-tax figures will be released on Nov. 4. STEAG (Prime Standard, ISIN DE0007309007) makes equipment for the production of optical storage media and Advanced Process Equipment (APE) for the semiconductor industry. CONTACT: STEAG HAMATECH AG Ferdinand-von-Steinbeis-Ring 10 75447 Sternenfels Web site: http://www.steag-hamatech.com UHDE GMBH: Court Appoints Provisional Administrator --------------------------------------------------- The district court of Dessau opened bankruptcy proceedings against Uhde GmbH, Heizungs-, Sanitar- und Elektroinstallation on Oct. 5. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until Nov. 1 to register their claims with court-appointed provisional administrator Dr. Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting on Nov. 28, 2:45 p.m. at the district court of Dessau, Willy-Lohmann-Str. 33 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: UHDE GmbH, HEIZUNGS-, SANITAR- UND ELEKTROINSTALLATION Rosa-Luxemburg-Strasse 47 06773 Grafenhainichen Contact: Hans-Juergen Jockwer, Manager Hainmuehlenweg 7, 06773 Grafenhainichen Dr. Volkhard Frenzel, Provisional Administrator Magdeburger Strasse 23 06112 Halle Phone: 0345/2311111 Fax: 0345/2311199 ========= I T A L Y ========= ALLIANCE ONE: In Talks with Lenders to Avoid Default ---------------------------------------------------- The European Commission has decided to impose fines on Alliance One International, Inc. (NYSE: AOI) and its present and former Italian subsidiaries, Transcatab and Mindo. The decision came after administrative investigation by the Directorate General for Competition of the European Commission into the Company's tobacco buying and selling practices within the leaf tobacco industry in Italy. The EC imposed fines on the Company and Mindo jointly and severally in the aggregate amount of EUR10 million or US$12 million). The EC imposed fines on the Company and Transcatab, a subsidiary of Standard Commercial prior to its merger into the Company earlier this year, jointly and severally in the aggregate amount of EUR14 million or US$16.8 million). Several tobacco processors, growers and agricultural associations that were the subject of the investigation in Italy were assessed fines in various amounts totaling EUR58.1 million (US$69.7 million), inclusive of the fines imposed on Alliance One and its subsidiaries. The EC stated that the fines assessed against Alliance One and its Italian subsidiaries were reduced as a result of their cooperation in the investigation. Although a statement of the fines has been released, the full decision of the EC has not yet been issued. Once the full decision is available, Alliance One will assess any grounds it may have to appeal the fine. If not earlier bonded pending appeal, the fines must be paid within three months of the Company's receipt of the full EC decision. Alliance One will establish a reserve for the fines imposed on the Company and Mindo in the quarter ended September 30, 2005 in the amount of US$12.0 million. The US$16.8 million in fines imposed as a result of conduct of Transcatab and Standard Commercial prior to the merger will be reflected as an increase in goodwill on the Company's balance sheet, as required by purchase accounting. Discussion with Lenders Under Alliance One's senior secured credit facility, any judgment or decree in excess of US$15 million becomes an event of default if not paid, discharged, stayed or bonded pending appeal within ten days. Alliance One is discussing with the administrative agent under the senior secured credit facility an amendment to the credit agreement to clarify that the EC's imposition of these fines is not such a judgment or decree and therefore will not result in an event of default if not paid or bonded within ten days. If for any reason the Company cannot obtain this amendment before the expiration of the ten days, the Company has cash available to pay the fines in a manner that does not limit its rights to appeal so that no event of default will occur. As previously reported, the Company continues to face industry challenges in the important Brazilian market. Financial performance from the Company's Brazilian operations has deteriorated due primarily to the inflationary effect on procurement and conversion costs from the increased strength of the Brazilian real against the U.S. dollar and the difficulty in increasing sales prices enough to absorb recently changed local trade taxes. As these conditions have continued, Alliance One is also discussing with the administrative agent under the senior secured credit facility potential amendments to the financial covenants in the credit agreement applicable to future periods. If Alliance One is unable to obtain the necessary amendments or waivers under its senior secured credit facility, the lenders under that facility may have the right to terminate that facility and demand repayment of borrowings thereunder. As of September 30, 2005, there was an aggregate of $345.3 million outstanding under the senior secured credit facility, all of which represents term loan indebtedness. A demand for repayment under the senior secured credit facility would result in a cross default under the indentures governing our senior notes and senior subordinated notes and could impair access to our seasonal operating lines of credit in local jurisdictions. A default under our senior secured credit facility would have a material adverse effect on the liquidity and financial condition of the Company. While the Company is in discussions to obtain amendments that would prevent any such default, there can be no assurance that such amendments or waivers of defaults will be obtained. Alliance One -- http://www.aointl.com/-- is a leading independent leaf tobacco merchant. It selects, purchases, processes, stores, packs and ships tobacco grown in over 45 countries, and serves the world's large multinational cigarette manufacturers in over 90 countries. * * * The company's 'BB-' corporate credit rating is placed by Standard & Poor's Ratings Services on CreditWatch with negative implications. CONTACT: ALLIANCE ONE Phone: 484-531-5000 Fax: 484-531-5057 Web site: http://www.allianceoneinc.com/ PARMALAT SPA: Graubuendner Kantonalbank Under Investigation ----------------------------------------------------------- Swiss authorities are now investigating Graubuendner Kantonalbank transactions linked to Parmalat's fraudulent collapse, Reuters says. They are looking into the accounts from which Parmalat managers allegedly received commission payments. The bank said, "An ex-employee of the bank, not a member of the board, had contacts to people close to Parmalat. This led to payment system transactions over client accounts from the bank, which are now being investigated." Graubuendner expected the probe as early as September, after Italy asked for legal assistance from Switzerland to investigate the multi-million-franc payments. Graubuendner said it is cooperating fully. It declined to provide details pending completion of the probe. Earlier last month, Parmalat Finanziaria filed US$47.6 billion in claims against the Swiss regional bank. The sum represents the damage caused by Graubuendner for allegedly conspiring with other banks in hiding Parmalat's true financial condition to defraud investors. According to the report, Parmalat filed three claims worth US$15.7 billion each using a special procedure that does not involve the courts. The bank rebuffed the claims. CONTACT: PARMALAT S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net GRAUBUNDNER KANTONALBANK Postfach CH-7002 Chur Phone: +41 81 256 91 11 Fax: +41 81 252 67 29 Web site: http://www.gkb.ch =================== K Y R G Y Z S T A N =================== AIT-EMIR: Sets Public Auction Mid-November ------------------------------------------ PSSI of Talas region will sell the assets of Trading Center Ait- Emir on November 14, 2005, 10 a.m. at Talas City Court. Up for sale is a 1,460.58-sqm building located at Talas, Karla Marks Str. Starting price is KGS850,000. Call (0-34-22) 5-20-44 for more information. CHOKO RONIZ: Creditors' Claims Due December ------------------------------------------- LLC Choko Roniz, which recently became insolvent, will accept proofs of claim at Bishkek, Chui Ave. 48/25 until December 20, 2005. Call (0-312) 28-43-28 for more information. KEVITAL: Bankruptcy Supervision Begins -------------------------------------- The Inter-District Court of Bishkek for Economic Issues commenced bankruptcy supervision procedure on LLC Kevital on June 21, 2005. Mr. Abdymanap Sopiev (License Number 0334) has been appointed temporary insolvency manager. Creditors will meet at Bishkek, Isanova Str. 143/25 on November 9, 2005, at 9 a.m. Creditors must submit their proofs of claim and register with the temporary insolvency manager seven days before to the meeting. Proxies must have authorization to vote. CONTACT: Mr. Abdymanap Sopiev Temporary Insolvency Manager Phone: (0-312) 59-14-59, 21-34-06 RASTIN: Gives Creditors Until December 20 to File Claims -------------------------------------------------------- LLC Rastin, which recently became insolvent, will accept proofs of claim at Bishkek, Chui Ave. 48/25 until December 20, 2005. Call (0-312) 28-43-28 for more information. STEPHENSON SERVICE: Proofs of Claim Deadline Set ------------------------------------------------ LLC Stephenson Service Solutions, which recently became insolvent, will accept proofs of claim at Bishkek, Sydykova Str. 252/42 until December 16, 2005. CONTACT: STEPHENSON SERVICE SOLUTIONS Bishkek, Sydykova Str. 252/42 ===================== N E T H E R L A N D S ===================== ROYAL NUMICO: Publishes 2004 Performance Review ----------------------------------------------- Royal Numico N.V. published its first Sustainability Report, 'Sustaining Life'. The report provides a balanced assessment of Numico's economic, environmental and social performance in 2004, following the widely accepted guidelines of the Global Reporting Index. This to ensure that Numcio reports fully on its triangular responsibility -- to People, Planet and Profit. The report also discusses the company's sustainability activities in 2005, and the key performance indicators (KPIs) that have been identified for future improvement. In future, Numico will report annually on its progress in sustainability. Royal Numico is a high-growth, high-margin specialized nutrition company with leading positions in Baby Food and Clinical Nutrition and brings products to the market under the brand names Nutricia, Milupa and Cow & Gate, among others. The company serves customers in over 100 countries and employs approximately 11,000 people. CONTACT: ROYAL NUMICO N.V. Corporate Communications Phone: +31 20 456 9077 Web site: http://www.numico.com Investor Relations Phone: +31 20 456 9003 ROYAL SHELL: To Merge with Shell Petroleum ------------------------------------------ Royal Dutch Shell and Royal Dutch disclosed on Oct. 31 the definitive terms of, and the timetable for, the proposed restructuring that was previously announced on 20 September 2005. This restructuring and merger of certain subsidiaries will achieve governance, management and fiscal efficiencies for the Shell group. EGM to Decide on Merger Set Dec. 16 As part of the proposed restructuring, Royal Dutch will be merged into a subsidiary, Shell Petroleum N.V. (SPNV), following which the remaining minority holders of Royal Dutch will be paid EUR52.21 per Royal Dutch ordinary share held. Alternatively, eligible U.K. resident shareholders who so elect will be entitled to receive loan notes exchangeable into Royal Dutch Shell `A' shares. A Royal Dutch Extraordinary General Meeting (EGM) is required to implement the proposed restructuring and resolve upon the merger. The EGM will be held on 16 December 2005 in The Hague and it is expected that the restructuring will be completed on or about 21 December 2005. Royal Dutch Shell intends to vote its 98.5% shareholding in Royal Dutch in favor of the restructuring and the merger at the EGM. The transaction is also subject to other customary closing conditions, which are expected to be satisfied prior to 21 December 2005. Minority Shareholders to Receive EUR52.21 a Share In the proposed merger of Royal Dutch into SPNV, the remaining minority shareholders in Royal Dutch will be paid EUR52.21 per Royal Dutch share held. This will be paid to Hague registered or bearer shareholders in euro. Payments to holders of New York Registered Shares will be made in U.S. dollars based on the exchange rate on the business day prior to the effective date of the merger. Eligible U.K. resident shareholders may elect instead to receive loan notes that are exchangeable into not more than two Royal Dutch Shell `A' shares for each Royal Dutch ordinary share held. Payment will be made as soon as possible after the merger is completed (which is expected to be 21 December 2005). If all remaining minority shareholders receive cash for their Royal Dutch shares, total consideration of approximately EUR1.6 billion (approximately US$2.0 billion at current exchange rates) is expected to be paid in the fourth quarter of 2005. This amount will be additional to the previously announced buy back program of US$5 billion for 2005. The EUR52.21 per share represents two times the average of the closing prices of the Royal Dutch Shell `A' shares over the period 20 July 2005 to 28 October 2005 and has been calculated based on the two for one share exchange of the original tender offer which formed part of the unification transaction. All Royal Dutch shareholders who hold their shares at the applicable record date will also receive the Royal Dutch interim dividend for the 3rd quarter of 2005 of EUR0.46 per share (or US$0.5556 per share for holders of New York Registered Shares) which will be payable on 15 December 2005. As would be the case in Dutch statutory squeeze-out proceedings, the merger terms provide (a) for interest to accrue on the EUR52.21 per share amount at the statutory rate of 4% from 31 October 2005 until the effective date of the merger, as part of the consideration under the merger, and (b) for any gross dividends payable in that period to be deducted from that interest amount. As the third quarter 2005 interim dividend will exceed the amount of interest accrued as of 21 December 2005, it is not expected that interest will be payable. To Squeeze out Minority Shareholder if Merger Fails As previously announced, if the proposed merger does not become effective for any reason, the Board of Royal Dutch Shell intends to commence Dutch statutory squeeze-out proceedings in order to acquire the remaining shares held by Royal Dutch minority shareholders. Each of Royal Dutch Shell and Royal Dutch has the right to abandon the restructuring if it is not completed before 1 January 2006. The Board of Royal Dutch believes that the proposed merger is in the best interests of Royal Dutch and the enterprise associated with it and is fair to its minority shareholders. In connection with the transaction, ABN AMRO Bank N.V., as financial adviser to the Royal Dutch Board, has delivered two written opinions to the Royal Dutch Board to the effect that based upon and subject to the matters considered, assumptions used and qualifications set forth in the opinion: (a) as at 31 October 2005, the exchange ratio in the merger and the cash consideration pursuant thereto were fair, from a financial point of view, to minority shareholders who will receive the cash consideration in the merger, and (b) the value of the loan note consideration to be offered to eligible U.K. resident shareholders, when issued, will not be greater than the value of the cash consideration under the terms of the merger. The proposed merger will complete the unification of Royal Dutch and Shell Transport under Royal Dutch Shell and follows the successful exchange offer in which holders of 98.5% of Royal Dutch shares participated and received Royal Dutch Shell shares. The proposed merger will allow the remaining minority shareholders to receive their consideration more quickly than if Royal Dutch Shell had implemented Dutch statutory squeeze-out proceedings. Election for Loan Notes by U.K. Resident Shareholders Eligible U.K. resident shareholders who give appropriate representations may elect to receive loan notes in lieu of the cash payment. The loan notes issued to a shareholder will have a total face amount equal to the sterling equivalent of the cash payment that the shareholder would otherwise be due under the terms of the proposed merger. The loan notes are, at the option of the holder or Royal Dutch Shell, exchangeable into Royal Dutch Shell `A' shares on fixed exchange dates. The number of `A' shares that a loan note holder will receive will be the aggregate principal amount of their loan notes divided by the average closing market price of the `A' shares on the London Stock Exchange on the three trading days prior to the relevant exchange date, provided that no loan note holder will be entitled to more than two `A' shares for every Royal Dutch share held prior to completion of the merger. Royal Dutch Shell intends (but is not obliged) to exchange the loan notes for newly issued `A' shares in Royal Dutch Shell on the first exchange date, which is 6 January 2006. Eligible U.K. resident individual shareholders who receive a loan note instead of cash should be able to achieve a rollover into `A' shares in Royal Dutch Shell for U.K. capital gains tax purposes. U.K. resident shareholders should note that as a result of the two share limit, the market value of the shares received on exchange will be less than the face amount of the loan notes if the `A' shares are trading below the sterling equivalent of EUR26.1050 (being one-half of the merger consideration of EUR52.21) at the time of exchange. The sterling equivalent value of the loan note will be set using the euro/sterling exchange rate on the day prior to the date of the merger. To the extent possible, Royal Dutch has endeavoured to make arrangements with the various institutions which administer its share registers or through which its shareholders hold their shares, so that U.K. resident shareholders should receive a document explaining the terms of the loan notes and the election form they need to complete to elect for these. Eligible U.K. resident shareholders may also go to http://www.shell.com/royaldutchmergeror call +44 20 7614 2950 to obtain a copy of the loan note document and the election form. Information Royal Dutch expects to publish the formal notice of the Royal Dutch EGM and make available proxy material in mid November 2005. Documents relating to the merger will be filed at the Trade Register in The Hague. These documents and other information about the restructuring and the merger will be made available at http://www.shell.com/royaldutchmerger The exchangeable loan notes, and the Royal Dutch Shell shares for which they may be exchanged, will only be available to eligible U.K. resident shareholders who elect and provide appropriate representations. The loan notes and the Royal Dutch Shell Class A ordinary shares into which they are exchangeable will not be offered to U.S. persons and have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and may not be reoffered, resold or otherwise transferred in the United States or to U.S. persons unless an exemption from the registration requirements of the Securities Act is available. The loan notes, and the Royal Dutch Shell shares for which they may be exchanged, will not be offered to persons who are established, domiciled or resident in the Netherlands. Shell Petroleum N.V. as issuer of the loan notes has submitted a statement to the Netherlands Authority for the Financial Markets that the laws and regulations of the jurisdictions in which the loan notes are offered have been and will be complied with. ABN AMRO Bank N.V. is acting for Royal Dutch (and is acting as Dutch exchange agent for Shell Petroleum N.V.) and no one else in connection with the transaction and will not be responsible to anyone other than Royal Dutch and Shell Petroleum N.V. for providing the protections afforded to clients of ABN AMRO or for providing advice in relation to the matters referred to in this announcement. 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. CONTACT: ROYAL SHELL UK/USA/International: Phone: +44 20 7934 6238 +44 20 7934 5963 +44 20 7934 3505 Netherlands: Phone: +31 70 377 8750 Institutional Investors U.K.: David Lawrence Phone: +44 20 7934 3855 Gerard Paulides Phone: +44 20 7934 6287 Ingrid Turley Phone: +44 20 7934 2224 Europe: Bart van der Steenstraten Phone: +31 70 377 3996 USA: Harold Hatchett Phone: +1 212 218 3112 ============= R O M A N I A ============= BANCA TRANSILVANIA: Gets 'B' Short-term Rating from Fitch --------------------------------------------------------- Fitch Ratings assigned ratings to Romania-based Banca Transilvania of Long-term 'BB-', Short-term 'B', Support '4' and Individual 'D'. The Outlook on the Long-term rating is Stable. The Long-term, Short-term and Individual ratings reflect BT's moderate capitalization, rather low loan reserves, the increasingly competitive domestic market and risks from the fast expansion seen over the last two to three years. The ratings also take into account BT's good profitability built on a strong net interest margin and reasonable franchise. "BT has seen major expansion since its present strategy was adopted in 2002. This has helped improve profitability and gain a franchise, certainly in its home region," says Tim Beck of Fitch's Financial Institutions Group. "However, there are significant risks to this, most notably from the credit portfolio where performance may worsen as loans season." "BT's net interest margin is supported by its focus on the higher-yielding SME and retail sectors, as well as quite cheap funding, largely from depositors in its home region," adds Mr. Beck. "However, this margin will come under pressure as interest rates fall and competition rises." At end-June 2005 BT represented 3.4% of the domestic banking system's assets. It has a nationwide presence with 185 units, though its market shares are greater in its home region of Transilvania, which accounts for around half of the bank's business. Ownership is fairly widespread. The largest shareholder is the European Bank for Reconstruction and Development with 15%. No other shareholder owns more than 5%. CONTACT: FITCH RATINGS Tim Beck, London Phone: +44 (0) 20 7417 3460 Gulcin Orgun, Istanbul Phone: +90 (0) 212 279 10 65 Media Relations: Julian Dennison, London Phone: +44 20 7862 4080 BANCA TRANSILVANIA CLUJ-NAPOCA, Str. G Baritiu Nr. 8 Phone: (40)-264-40715(0)/(1)/(2) Fax: (40)-264-407172, 407179 E-mail: bancatransilvania@bancatransilvania.ro Web site: http://www.bancatransilvania.ro/ =========== R U S S I A =========== AKA BANK: Insolvency Manager Enters Firm ---------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Aka Bank after finding the joint stock commercial bank insolvent. The case is docketed as A40- 44055/05-36-80B. Creditors may submit their proofs of claim to 123022, Russia, Moscow region, Post User Box 66. CONTACT: AKA BANK 109004, Russia, Moscow region, Nikoloyamskaya Str. 40/22 STATE CORPORATION AGENCY ON ENDOWMENT INSURANCE 109240, Russia, Moscow region, Verkhniy Taganskiy Tupik, 4 Insolvency Manager 123022, Russia, Moscow region, Post User Box 66 BOR-WOOD: Declared Insolvent ---------------------------- The Arbitration Court of Kirov region commenced bankruptcy proceedings against Bor-Wood after finding the limited liability company insolvent. The case is docketed as A28-36/05-79/6. Ms. L. Tomilova has been appointed insolvency manager. Creditors have until December 1, 2005 to submit their proofs of claim to Russia, Kirov region, Orlovskaya Str. 20a. CONTACT: BOR-WOOD Russia, Kirov region, Afanasyevskiy region, Bor, Gagarina Str. 4 Ms. L. Tomilova Insolvency Manager Russia, Kirov region, Orlovskaya Str. 20a DUBENSKIY: Mordoviya Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Arbitration Court of Mordoviya republic commenced bankruptcy proceedings against Dubenskiy after finding the municipal enterprise insolvent. The case is docketed as A39-1489/05-15/6. Mr. A. Tsuran has been appointed insolvency manager. Creditors have until December 01, 2005 to submit their proofs of claim to 431710, Russia, Mordoviya republic, Chamzinskiy region, Komsomolskiy, Lenina Str. 22-2. CONTACT: DUBENSKIY 431770, Russia, Mordoviya republic, Dubenskiy region, Dubenki Mr. A. Tsuran Insolvency Manager 431710, Russia, Mordoviya republic, Chamzinskiy region, Komsomolskiy, Lenina Str. 22-2 GOFITSKOYE: Krasnodar Court Brings in Insolvency Manager -------------------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision procedure on limited liability company Gofitskoye. The case is docketed as A-32-27532/2005-44/410B. Mr. Y. Soldatov has been appointed temporary insolvency manager. CONTACT: GOFITSKOYE Russia, Krasnodar region, Labinskiy region, Gofitskoye Mr. Y. Soldatov Temporary Insolvency Manager Russia, Krasnodar region, Labinskiy region, Gofitskoye KALIKINO: Bankruptcy Hearing Set Next Year ------------------------------------------ The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Kalikino. The case is docketed as A43-23994/2005-33-394. Mr. A. Khokhlov has been appointed temporary insolvency manager. A hearing will take place on February 14, 2006, 1:00 p.m. CONTACT: KALIKINO Russia, Nizhniy Novgorod region, Borskiy region, Kalikino Mr. A. Khokhlov Temporary Insolvency Manager 606473, Russia, Nizhniy Novgorod region, Borskiy region, Kalikino MAGNITOGORSK-TRANS-STROY: Under Bankruptcy Supervision ------------------------------------------------------ The Arbitration Court of Chelyabinsk region has commenced bankruptcy supervision procedure on open joint stock company Magnitogorsk-Trans-Stroy. The case is docketed as A76-26535/05- 135. Mr. D. Starikov has been appointed temporary insolvency manager. CONTACT: MAGNITOGORSK-TRANS-STROY Russia, Chelyabinsk region, Magnitogorsk, Moskovskaya Str. 22 Mr. D. Starikov Temporary Insolvency Manager 455039, Russia, Chelyabinsk region, Magnitogorsk, Moskovskaya Str. 22 NIZHNEDIVITSKIY: Succumbs to Bankruptcy --------------------------------------- The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Nizhnedivitskiy after finding the municipal unitary enterprise insolvent. The case is docketed as A14-9723- 2005/101/7b. Mr. V. Avilov has been appointed insolvency manager. Creditors may submit their proofs of claim to 394000, Russia, Voronezh, 25th October Str. 45. CONTACT: NIZHNEDIVITSKIY Russia, Voronezh region, Nizhnedivitskiy region, Nizhnedevitsk, Sportivanaya Str. 1 Mr. V. Avilov Insolvency Manager 394000, Russia, Voronezh region, 25th October Str. 45 REINFORCED-CONCRETE: Bankruptcy Hearing Set Next Month ------------------------------------------------------ The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on close joint stock company Reinforced- Concrete Constructions-100. The case is docketed as A53- 20796/2005-S2-7. 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 December 19, 2005, 3:00 p.m. CONTACT: REINFORCED-CONCRETE CONSTRUCTIONS-100 Russia, Rostov region, Volgodonsk-22, Prom.Zone, Post User Box 1009 Mr. V. Lyakh Temporary Insolvency Manager 344090, Russia, Rostov-na-Donu, Post User box 4872 RUSSIAN REGIONAL: Moody's Upgrades Deposit Rating to Ba2 -------------------------------------------------------- Moody's Investors Service has upgraded the foreign currency deposit rating of Russian Regional Development Bank (RRDB) to Ba2/NP with a stable outlook, from B1/NP under review for upgrade. The E+ Financial Strength Rating (FSR) and its associated stable outlook remain unchanged. According to Moody's the upgrade reflects: (a) The recent upgrade of the controlling shareholder Rosneft from Baa3 to Baa2; (b) The fact that although Rosneft is heavily indebted, any possible recapitalization of RRDB would be immaterial in comparison to Rosneft's EBITDA; (c) The importance of RRDB as the main settlement bank of the group of companies related to Rosneft and the fact that most of the company's employees are serviced by the bank, as well as Rosneft's position as its controlling shareholder together imply some likelihood of support; and (d) In addition to the stake in RRDB held by state-owned Rosneft, the 25.49% stake held by the Agency for Federal property Management and the 13.30% stake held by state-owned VTB [rated D-/Baa2/P-2] increase the perception of RRDB as a government-controlled bank, which may influence any decision on the part of the authorities to support it in case of need -- although the size of such support may be limited and its timeliness rather uncertain. Moody's notes that the upgrade is the result of the factors mentioned above, and is unrelated to the December 17 placing of RRDB on review for upgrade reflecting a proposed merger of Rosneft with Gazprom, which did not take place. Among the major reasons for maintaining the bank's financial strength rating (FSR) at E+ are RRDB's comparatively small size, modest capitalization, dependence on a limited number of key customers on both sides of the balance sheet and relatively weak bottom line profitability. The FSR rating is supported by strong liquidity and a relatively prudent approach to risk management, resulting in a satisfactory asset quality. Headquartered in Moscow, RRDB reported consolidated total assets and net profit of US$460 million and US$3.3 million, respectively, at year-end 2004, based on IFRS. 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 SEL-STROY: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on open joint stock company Sel-Stroy. The case is docketed as A43-18046/2005, 24-323. Mr. A. Kokorin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 603001, Russia, Nizhniy Novgorod, Norgovaya Str. 14. A hearing will take place on November 15, 2005, 11:00 a.m. at the Arbitration Court of Nizhniy Novgorod region. CONTACT: SEL-STROY 607130, Russia, Nizhniy Novgorod region, Ardatov, Lenina Str. 65 Mr. A. Kokorin Insolvency Manager 603001, Russia, Nizhniy Novgorod region, Norgovaya Str. 14 URZHUMSKOYE: Insolvency Manager Takes over Company -------------------------------------------------- The Arbitration Court of Kirov region commenced bankruptcy proceedings against Urzhumskoye (TIN 4334000504) after finding the repair-technical enterprise insolvent. The case is docketed as A28-27/05-62/24. Mr. V. Krygin has been appointed insolvency manager. Creditors may submit their proofs of claim to 610020, Russia, Kirov region, 20, OS, Post User Box 1836. CONTACT: URZHUMSKOYE 613530, Russia, Kirov region, Urzhum, Krasnaya Str. 161 Mr. V. Krygin Insolvency Manager 610020, Russia, Kirov region, 20, OS, Post User Box 1836 ============= U K R A I N E ============= BUCHA' GLASS: Court Appoints Insolvency Manager ----------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Bucha' Glass Products Plant (code EDRPOU 32309607) after finding the open joint stock company insolvent. The case is docketed as 95/2 b-2005. Dmitro Zheronkin (License Number AA 783342) has been appointed liquidator/insolvency manager. CONTACT: BUCHA' GLASS PRODUCTS PLANT 08292, Ukraine, Kyiv region, Bucha, Kirov Str. 84 DMITRO ZHERONKIN Liquidator/Insolvency Manager 01103, Ukraine, Kyiv region, Kikvidze Str. 13 ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 ZMIYIVSKE REPAIR-TRANSPORT: Declared Insolvent ---------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Zmiyivske Repair-Transport Enterprise (code EDRPOU 0376163) on September 21, 2005 after finding the open joint stock company insolvent. The case is docketed as 24/52- 05. Mr. Ivan Radik (License Number AB 176041) has been appointed liquidator/insolvency manager. CONTACT: ZMIYIVSKE REPAIR-TRANSPORT ENTERPRISE Ukraine, Harkiv region, Zmiyivskij district, Liman, Zmiyivska Str. 36 IVAN RADIK Liquidator/Insolvency Manager 61170, Ukraine, Harkiv region, Gv. Shironivtsiv Str. 43-A, room 157 Phone: (050) 301-29-21 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance ZVARKO: Liquidator Takes over Operations ---------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Zvarko (code EDRPOU 3068720) on September 8, 2005 after finding the limited liability company insolvent. The case is docketed as 43/633. JSCB Legbank (code EDRPOU 14291780) has been appointed liquidator. CONTACT: ZVARKO Ukraine, Kyiv region, Metalistiv Str. 17/401 LEGBANK, Liquidator 01033, Ukraine, Kyiv region, Zhilyanska Str. 27 Phone: (044) 287-95-00, 287-95-16 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B =========================== U N I T E D K I N G D O M =========================== A & P PRINT: Creditors Meeting Set Today ---------------------------------------- Creditors of A & P Print Finishers Limited (Company No 03382406) will meet on November 2, 2005, 11 a.m. at The Holiday Inn, Emerson District 5, Washington, Tyne and Wear NE37 1LB. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Andrew T. Clay of Andrew Michaels & Co Ltd., Concept House, Brooke Street, Cleckheaton BD19 3RY. CONTACT: A & P PRINT FINISHERS LIMITED Walker Road, Newcastle Upon Tyne, Tyne And Wear NE6 2HL Phone: 01912767600 ANDREW MICHAELS & CO. LTD. Concept House Brooke Street Cleckheaton Bradford BD19 3RY West Yorkshire Phone: 0870 750 5411 Fax: 0870 750 5412 E-mail: info@andrew-michaels.com B2 ENGINEERING: Files for Liquidation ------------------------------------- A. D. Batty, director of B2 Engineering Services Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 12 at Mistry Associates Ltd, 6-8 Henry Square, Ashton-under-Lyne OL6 7TF. Manubhai Govindbhai Mistry of Mistry Associates Ltd. was appointed liquidator. CONTACT: B2 ENGINEERING SERVICES LIMITED Unit 32 Audley Street Works Audley Street Mossley, Ashton-Under-Lyne, Lancashire OL5 9HW Phone: 01457839520 BEETIES GALLERY: Hires Administrator from Sargent & Co. ------------------------------------------------------- Peter Sargent (IP No 8636) of Sargent & Company Limited was appointed administrator of Beeties Gallery Restaurant Limited (Company No 4764562) on Oct. 19. The company's registered office is at 7 Victoria Road, Saltaire, Shipley BD18 3LA. CONTACT: BEETIES GALLERY RESTAURANT 7 Victoria Rd, Saltaire, Shipley West Yorkshire BD18 3LA Phone: 01274 595988 SARGENT & CO. 36 Clare Road Halifax West Yorkshire HX1 2HX Phone: 01422 348448 Fax: 01422 360748 E-mail: peter@sargentcompany.com BLACUP TRAINING: Administrator from Gibson Booth Enters Firm ------------------------------------------------------------ Edward Christopher Wetton (IP No 6229) of Gibson Booth was appointed administrator of Blacup Training Limited (Company No 04330993) on Oct. 19. CONTACT: GIBSON BOOTH 15 Victoria Road Barnsley South Yorkshire S70 2BB Phone: 01226 213131 Fax: 01226 213151 E-mail: ecw@gibsonboothinsol.com BRADLEY & WALKER: Creditors Meeting Set Today --------------------------------------------- Creditors of Bradley & Walker Limited (Company No 04740050) will meet on November 2, 2005, 11 a.m. at Innkeepers Lodge, Aylesbury Road, Beaconsfield HP9 1LW. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Andrew T. Clay of Andrew Michaels & Co Ltd., Concept House, Brooke Street, Cleckheaton BD19 3RY. CONTACT: BRADLEY & WALKER LTD. 52 London End, Beaconsfield, Buckinghamshire, HP9 2JH Phone: 01494 678851 ANDREW MICHAELS & CO. LTD. Concept House Brooke Street Cleckheaton Bradford BD19 3RY West Yorkshire Phone: 0870 750 5411 Fax: 0870 750 5412 E-mail: info@andrew-michaels.com BRITISH ENERGY: Heysham 1 Boilers Resume Operation -------------------------------------------------- Two units at Heysham 1 are back in service. The Company is continuing a program of work on two units at Hartlepool and now expects them to return to service in mid-November. The net additional unplanned losses related to these outages is expected to increase by 1 TWh to around 2.5 TWh. About the Company Headquartered in South Lanarkshire, British Energy is U.K.'s largest electricity generator, producing 20% of the country's power through eight nuclear facilities in Scotland and England (total capacity is 9,600 MW). British Energy also owns the 2,000-MW coal-fired plant (Eggborough) in England; it has sold its North American power generation operations. The company emerged as British Energy Limited with a new holding company, British Energy group plc, after the court approved its scheme of arrangement in January. Under the program, existing creditors received 97.5% of equity in the new group. CONTACT: BRITISH ENERGY GROUP PLC Systems House Alba Campus Livingston EH54 7EG Phone: +44 (0) 1506 408700 Fax: +44 (0) 1506 408888 Web site: http://www.british-energy.com Contact: John Searles, Investor Relations Phone: 01506 408 715 BSA CASTINGS: In Administrative Receivership -------------------------------------------- Company Names: BSA CASTINGS LIMITED (Registered No. 4819029) BSA HOLDINGS LIMITED (Registered No. 4817640) BSA METAL POWDERS LIMITED (Registered No. 4852645) BSA (REDDITCH PROPERTY) LIMITED (Registered No. 4817001) Burdale Financial Ltd. appointed Garry Wilson and Alan Michael Hudson (Office Holder Nos 9026, 9200) of Ernst & Young joint administrative receivers of these companies. BSA Castings manufactures motor vehicle and engine parts while BSA Metal Powders is engaged in casting non-ferrous metal. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com CENTRAL STUDIOS: Appoints Administrator from Kallis & Co. --------------------------------------------------------- Elizabeth Arakapiotis (IP No 009209) of Kallis & Co. was appointed administrator of Central Studios Limited (Company No 04045236) on Oct. 20. The company's registered office is at 59 Great Titchfield Street, London W1W 7PW. Central Studios offers photo services. CONTACT: CENTRAL STUDIOS LIMITED 1 Ezra Street, London E2 7RH Phone: 020-7729-4749 KALLIS & CO. Mountview Court 1148 High Road Whetstone London N20 0RA Phone: 020 8446 6699 Fax: 020 8492 6099 CLAIMS BUREAU: National Westminster Bank Appoints Receiver ---------------------------------------------------------- Company Names: CLAIMS BUREAU UK LIMITED (Reg No 03707449) MBP GROUP LIMITED (Reg No 04302911) NORTHWEST ADMINISTRATION LIMITED (Reg No 03554591) National Westminster Bank Plc appointed Dermot Justin Power and Matthew Dunham (Office Holder Nos 6006/01, 8376) of BDO Stoy Hayward LLP joint administrative receivers of these companies on Oct. 18. CONTACT: CLAIMS BUREAU UK LTD. 78 High Street, Connah's Quay, Deeside, Clwyd CH5 4DD Phone: 01244811444 BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk CONTAK COMPONENTS: EGM Passes Winding-up Resolution --------------------------------------------------- M. J. Dunlop, chairman of Contak Components Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 11 at 60-62 High Street, Harpenden, Hertfordshire AL5 2SP. Anthony David Kent of Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP was appointed liquidator. CONTACT: CONTAK COMPONENTS LIMITED Unit A The Anderson Centre Spitfire Close Ermine Business Park Huntingdon Cambridgeshire PE29 6XY United Kingdom Phone: (01480) 411022 Fax: (01480) 411082 C R ASHFORD: Calls in Liquidator -------------------------------- G. R. Frost, shareholder of C R Ashford Surfacing (1985) Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 4 at Courtyard By Marriott Northampton, Bedford Road, Northampton, Northamptonshire NN4 7YF. Peter Anthony Jackson of Jackson Gregory & Co, 14 Wood Street, Bolton BL1 1DZ was appointed liquidator. CONTACT: C R ASHFORD SURFACING (1985) LIMITED Wild Orchids, Hubbards Lane Bury St Edmunds, Suffolk IP30 9BG Phone: 01359270968 CRUISE CONTROL: Proofs of Claim Deadline December 9 --------------------------------------------------- Creditors of Cruise Control (UK) Limited are asked to send their names and addresses, together with written details of claims and supporting documentation, including copy invoices to Ian Christopher Oakley Smith and Colin Michael Trevethyn Haig, of PricewaterhouseCoopers LLP, Hill House, Richmond Hill, Bournemouth BH2 6HR no later than Dec. 9. Cruise Control offers cruise holiday packages through its offices in Romford, Essex and Orlando, Florida. Resolutions to wind up the company were passed at an EGM held on Oct. 10 at Unit 9 Stanton Gate, 49 Mawney Road, Romford, Essex RM7 7HL. Cruise Control's former trading address was at Unit 9 Stanton Gate, 49 Mawney Road, Romford, Essex RM7 7HL. CONTACT: CRUISE CONTROL (U.K.) LIMITED c/o Association of British Travel Agents Ltd. 68-71 Newman Street, London, W1T 3AH Phone: +44 (0) 20 7637 2444 Fax: +44 (0) 20 7637 0713 Web site: http://www.abta.com DRAX GROUP: Signs Papers on GBP800 Mln Credit Facilities -------------------------------------------------------- Report of Chairman Gordon Horsfield In March 2005 we set out an outline program for the Refinancing and Listing of Drax, which envisaged completion before year-end. We are on track to meet this plan and the Prospectus has now been issued. As previously stated, the Board will continue in parallel to consider alternative proposals from third parties and has established a process to enable them to submit firm offers by early November. We will continue to keep shareholders informed of progress. Drax announces that a prospectus, prepared in connection with the Introduction to the Official List of the UK Listing Authority and to trading on the London Stock Exchange of the Ordinary Shares of Drax Group plc (a new holding company of the Group) has been published. Drax also announces that simultaneously a scheme document prepared in connection with the Refinancing and Listing has been sent to shareholders and relevant scheme creditors. The Prospectus will shortly be available for inspection at the Document Viewing Facility, Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. The Scheme Document and the Prospectus are also available at: Drax's offices Drax Power Station P.O. Box 3, Selby, North Yorkshire YO8 8PQ; Norton Rose's offices Kempson House, Camomile Street, London EC3A 7AN; and Drax's Web site http://www.draxpower.com Drax Signs Facilities Agreements for Senior Debt and Bridge Loan Drax said that as part of the Refinancing and Listing program, the Facilities Agreements for the senior debt and bridge loan facilities have been signed. The senior secured debt facilities comprise a GBP500 million Term Loan Facility, a GBP100 million Revolving Credit Facility and a GBP200 million Letter of Credit Facility. The GBP77 million Bridge Facility bridges the proceeds of the outstanding TXU claims. The senior debt and bridge loan facilities have been arranged by Barclays Capital, Commerzbank AG and ING Wholesale Banking. Current Trading and Updated Profit Forecast for 2005 Drax is forecasting that for the twelve months ending 31 December 2005, the EBITDA of the Group will be GBP311 million, the Operating Profit will be GBP279 million and net profit before interest expense and tax will be GBP284 million. These forecasts have been prepared under IFRS and the bases of preparation and principal assumptions are set out in Appendix 1 available at http://bankrupt.com/misc/Drax_Appendix.html These forecasts include an exceptional credit relating to termination of the TXU Contract and financial restructuring of GBP275 million, unrealized losses on derivative contracts of GBP119 million, LTIP expenses of GBP38 million and estimated fees of the Refinancing and Listing of GBP27 million. The principal assumptions used in the preparation of the forecast include the use of average prices for electricity and coal prevailing over the five days up to and including 21 October 2005 and that the forced outage rate remains at around 6.5 percent. Before the impact of those items referred to above, the forecast underlying EBITDA for the twelve months ending 31 December 2005 for the Group is GBP220 million. This compares to forecast underlying EBITDA of GBP225 million announced on 11 August 2005, which was based on commodity prices as of 4 August 2005. Since mid-July, power prices have fallen, CO2 emissions allowances prices have been relatively stable in the range of EUR20 to EUR25 per ton, and there has been a gradual reduction in API2 coal prices from US$60 to US$55 per ton. The first and final quarters of each year normally account for a substantial proportion of Drax's earnings for the year. Accordingly, the results for 2005 will be significantly affected by the final quarter's operating performance, including the impact on margins of unhedged electricity and coal prices for the remainder of the year (i.e. including winter 2005/06 prices for electricity) as well as the impact of any significant forced outages. Drax has previously indicated that dark green spreads were lower than expected during summer 2005 but that winter 2005/06 spreads remained strong. As at 28 October 2005 this continued to be the case. As at 21 October 2005, the Group had contracted for some 95% of forecast 2005 electricity net generation at an average price of c.GBP32.52/MWh and had fixed all of its forecast 2005 CO2 emissions allowances requirements through a combination of allowances allocated to Drax under the UK NAP, market purchases and structured deals. Also, as at 21 October 2005, some 97% of the Group's forecast 2005 coal requirements had been covered at fixed prices. Electricity prices continue to remain volatile. As at 21 October 2005, for every GBP1/MWh change in electricity prices, forecast EBITDA would change by around GBP1.1 million. As at 21 October 2005, the Group had contracted for some 48% of estimated 2006 net generation at an average price of c.GBP42.18/MWh including the contracts with EDF Trading Limited and Sempra Energy Europe Limited announced recently. On 21 October 2005, the Group had also covered 66% of estimated 2006 CO2 emissions allowances requirements through a combination of allowances allocated to Drax under the UK NAP, market purchases and structured deals. At the same date, approximately half of the contracted 2006 net generation related to Q1 2006, with progressively lower volumes contracted for subsequent quarters. As on 21 October 2005, the Q1 2006 baseload contract was trading at GBP56.10/MWh, the summer 2006 baseload contract was trading at GBP38.65/MWh, the summer 2006 peak load contract was trading at GBP44.25/MWh, and the winter 2006 baseload contract was trading at GBP51.40/MWh. Timetable of principal events for the Refinancing and Listing Scheme Meeting of Scheme Creditors 10:30 a.m. 30 Nov. 2005 Meeting of Drax Group Limited Members 11:00 a.m. 30 Nov. 2005 English Court hearing to sanction the InPower 2 Scheme 9 December 2005 Jersey Court hearing to sanction the InPower 2 Scheme 9 December 2005 Cayman Court hearing to sanction the 12 December 2005 Drax Group Limited Scheme Delivery of the Cayman Court Order 14 December 2005 Delivery of the Jersey Court Order 14 December 2005 Scheme Record Time 5.00 p.m. 14 December 2005 Delivery of English Court Order 8:00 a.m. 15 December 2005 and Effective Time Listing Expected date of Listing and 8:00 a.m. 15 December 2005 commencement of dealings in the Ordinary Shares (under the symbol DRX) CREST accounts expected to be credited 15 December 2005 Where applicable, despatch of From 18 December 2005 definitive certificates Other Drax financial results for Q3 21 November 2005 (period ended 30 September 2005) All times are London times. Each of the times and dates shown above is subject to change. These dates are indicative and assume that conditions to completion of the Schemes have been fulfilled prior to Listing. Alternatives to Listing As previously announced, the Board has received three indicative proposals in relation to offers for Drax from a consortium comprising Constellation Energy Group, Inc. and Perry Capital LLC, from a consortium comprising Apollo Management LP, Texas Pacific Group Europe LLP and TowerBrook Capital Partners (UK) LLP, and from a consortium comprising International Power plc and Mitsui & Co., Ltd. The Board believes that these Indicative Proposals significantly undervalue the Company. In order to ensure that all seriously interested parties can develop firm and best offers which can be properly considered by the Board and Shareholders, all parties who have made or may be considering an approach are being asked to provide final proposals in accordance with a common timetable by early November 2005. About the Company Headquartered in Selby, North Yorkshire, United Kingdom, Drax Group operates the largest coal-fire power plant in Europe. Its primary subsidiary, Drax Power, operates the Drax Power Station in North Yorkshire England. Drax Group underwent financial restructuring in 2003 after its largest customer, TXU Europe, filed for administrative protection. Its former project creditors took control of the firm from owner U.S. energy generator AES. In December, it secured an agreement for a GBP348 million claim from TXU. It received a first distribution of some GBP214 million at the end of March. Succeeding payments are expected in 2005 and 2006. The company is using its money to discharge B debt. Drax Group Limited has appointed Deutsche Bank AG London lead adviser and sponsor for the refinancing and listing. It has retained Dresdner Kleinwort Wasserstein Limited as financial adviser. CONTACT: DRAX GROUP Gordon Horsfield, Chairman Dorothy Thompson, Chief Executive Officer Gordon Boyd, Finance Director Andrew Jones, Head of Corporate Affairs Phone: +44(0) 1757-618381 DEUTSCHE BANK Lead financial adviser, sponsor and broker Contact: Mark Cross Alan Brown Situl Jobanputra John Lydon Phone: +44(0) 20-7545-8000 TULCHAN COMMUNICATIONS Phone: +44(0) 20-7353-4200 David Trenchard Peter Hewer ESSENTIAL (UK): Leisurewear Manufacturer Winds up ------------------------------------------------- V. Tank, chairman of Essential (UK) Ltd., informs that a resolution to wind up the company was passed at an EGM held on Oct. 13 at 80 Hinckley Road, Leicester LE3 0RD. Situl Devji Raithatha of Springfields, 80 Hinckley Road, Leicester LE3 0RD was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. CONTACT: ESSENTIAL (UK) LTD. 97 Flax Rd Leicester LE4 6QE Phone: 0116-266 4917 EUROSKILLS LIMITED: Employment Firm Applies for Liquidation ----------------------------------------------------------- P. Winder, chairman of Euroskills Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 11 at The Cock Hotel, 72-74 High Street, Stony Stratford, Buckinghamshire. Barry P. Knights of Knights & Company, Milford House, 43-45 Milford Street, Salisbury, Wiltshire SP1 2BP was appointed liquidator. CONTACT: EUROSKILLS LTD. Suite 2 5 West Hill, Apsley Guise Milton Keynes MK17 8DP Buckinghamshire Phone: 01908 585212 Web site: http://www.euro-skills.com Contact: David Barry, Managing Director Paul Kehnschneider, Sales and Marketing Director HEART OF MIDLOTHIAN: Appoints Roman Romanov Interim CEO ------------------------------------------------------- Heart of Midlothian plc said that with immediate effect Phil Anderton has ceased to be Director and Chief Executive. George Foulkes has resigned as Director, also with immediate effect, and has been replaced as Chairman by Roman Romanov. Roman Romanov also fills on a temporary basis the role of acting Chief Executive pending further appointments. In March, the company withdrew plans to sell Tynecastle to Cala Management Limited after an agreement was struck making UKIO Bankas its principal banker. In August 2004, it proposed to sell its Tynecastle stadium to raise funds to sustain the club for at least a year from the date of the approval of financial statements. Hearts of Midlothian had planned to use proceeds from the disposal to reduce outstanding debt due to the Bank and SMG under the terms of its Loan Stock. The Club's unaudited borrowings at 18 August 2004 stood at GBP13.7 million together with SMG's Loan Stock of GBP5.4 million. CONTACT: HEART OF MIDLOTHIAN PLC Chris Robinson Phone: 0131 200 7245 MEPC LTD.: Credit Facility Raised to GBP470 Million --------------------------------------------------- Further to an announcement dated 28 September 2005, MEPC Ltd. has increased the 7-year secured credit facility with Eurohypo AG from GBP370 million to GBP470 million with the inclusion in the security pool of Chineham Park, Basingstoke. The Secured Facility will therefore be secured on four MEPC business parks in total: Milton Park, Oxford; Chineham Park, Basingstoke; Birchwood Park, Warrington and Hillington Park, Glasgow. MEPC also announces the launch of the securitization of the Secured Facility through Eurohypo AG's Opera CMBS Conduit. Eurohypo AG is Sole Arranger of the securitization; RBS and UBS are Joint Lead Managers. The proceeds of drawing the Secured Facility have been or will be used to repay shareholder loans drawn to fund previous repayments of debt. The existing GBP350 million BTPS revolving credit facility (GBP306 million undrawn) will remain in place until November 2007 to fund ongoing activities. MEPC has undertaken to reserve GBP122.7 million of the Shareholder Facility undrawn after the securitization for the purpose of repayment of the GBP122.7 million outstanding nominal 12% Bonds due June 2006 and 8 3/4% Bonds due December 2006. The reserved part of the facility will not be drawn for any other purpose than the repayment of the Bonds on maturity in 2006. CONTACT: MEPC LTD: Gavin Lewis Phone: 020 7702 6110 EUROHYPO AG: Caroline Phillips Phone: 020 7759 7629 Sunil Gidoomal Phone: 020 7759 7664 ROYAL BANK OF SCOTLAND PLC Paul Townsend Phone: 020 7085 5681 UBS INVESTMENT BANK Leland Bunch Phone: 020 7568 5390 MEPC LTD.: Earns Stable Outlook on Successful Debt Refinancing -------------------------------------------------------------- Standard & Poor's Ratings revised its outlook on U.K.-based property investment company MEPC Ltd. to stable from negative. At the same time, the company's 'B+' corporate credit and 'B-' senior unsecured debt ratings were affirmed. "The outlook revision follows MEPC's successful refinancing of its high-cost debt, which will lower the company's finance charges," said Standard & Poor's credit analyst Andreas Kindahl. A significant part of MEPC's historically high-cost debt structure has been refinanced through the successful issuance of a GBP470 million commercial mortgage-backed securitization transaction. Although high premiums were paid for the redemption of the high-cost debt, lower annual interest expenses will ultimately improve the company's cash flow-related credit measures to levels acceptable for its ratings. "We expect that MEPC will carefully regulate development activity and capital sent upstream to owners in order to maintain gross interest coverage at about 1.0x. Although low, this coverage should continue to be supported by the gradually increasing cash flow from its office-park properties," added Mr. Kindahl. Higher than expected development activity, any unexpected capital released to its owners, or falling rent levels would pressure the ratings. Conversely, an unexpected display of more conservative financial policies could lead to a positive revision of the outlook. 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: MEPC LTD. 4th Floor Lloyds Chambers 1 Portsoken Street London E1 8LW Phone: 020 7702 6100 Fax: 020 7702 6123 Web site: http://www.mepc.co.uk MOBILE DATA: Goes into Liquidation ---------------------------------- Leonardo Fazzi, chairman of Mobile Data Direct Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 11 at 60-62 High Street, Harpenden, Hertfordshire AL5 2SP. Anthony David Kent of Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5 2SP was appointed liquidator. MobileDataDirect -- http://www.mobiledatadirect.co.uk/-- was formed in October 2000 to specialize in supporting the mobile data market, such as handhelds, GPS navigation, mobile fax, Bluetooth, wireless LAN and GSM/GPRS product lines. It has a customer base of more than 15,000, including corporate, councils, education, and local government organizations. It is owned by Leonardo Fazzi. CONTACT: MOBILE DATA DIRECT LTD. Image House Unit 5 Belvue Business Centre Belvue Road Northolt Middlesex UB5 5QQ Fax: 08707 454 175 Fax from overseas: +44 208 841 5680 MOTORTONE LIMITED: Liquidator Enters Firm ----------------------------------------- E. Sollars, chairperson of Motortone Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 7 at Lynch Hall & Hornby, 23 Peterborough Road, Harrow, Middlesex HA1 2BD. Mark Stephen Goldstein, of Mark Goldstein Associates, Kingswood Court, 1 Hemlock Close, Kingswood, Surrey KT20 6QW was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. Motortone is an independent servicing and repair garage in the West Hampstead/Kilburn area. It is a Department of Transport- approved Test Centre (MOT). CONTACT: MOTORTONE LTD. The Arches Exeter Parade Exeter Road London NW2 3UH Phone: 0800 0345 101 Fax: 020 8452 0739 Mobile: 079731 32280 MOWLEM PLC: Receives Takeover Approach -------------------------------------- The Board of Mowlem plc notes the recent movement in its share price and confirms that it has received a preliminary approach, which may or may not lead to an offer for Mowlem. The Board, which is being advised by Rothschild, wishes to stress that discussions are at a very early stage and there can be no certainty that this approach will lead to an offer for Mowlem. A further announcement will be made as and when appropriate. N M Rothschild & Sons Limited, which is authorized and regulated in the United Kingdom by the Financial Services Authority, is acting for Mowlem and no one else in connection with the matters referred to herein and will not be responsible to anyone other than Mowlem for providing the protections afforded to clients of Rothschild or for giving advice in relation to such matters. About the Company Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com -- support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. Mowlem registered losses of GBP7.4 million (retained loss of GBP19.6 million) in 2004, compared to earnings of GBP49.8 million a year earlier. Its profitability was severely affected by a number of contract valuation write-downs and one-off charges. In September, it reported loss before tax of GBP73.4 million (2004: GBP6.8 million profit). The Trouble Mowlem's business review in February led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split of its Construction Services operation into three units. Recently, the company warned full-year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement followed three profits warning since June 2004. These warnings prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. See http://bankrupt.com/misc/Mowlem_Profile.htmfor company profile. CONTACT: MOWLEM PLC White Lion Court, Swan Street Isleworth Middlesex TW7 6RN Phone: 020 8568 9111 Fax: 020 8847 4802 Web site: http://www.mowlem.com NAVIGATOR GAS: Hires Liquidator from KPMG ----------------------------------------- Company Names: NAVIGATOR GAS TRANSPORT PLC NAVIGATOR GAS (IOM 1-A) LIMITED NAVIGATOR GAS (IOM 1-B) LIMITED NAVIGATOR GAS (IOM 1-C) LIMITED NAVIGATOR GAS (IOM 1-D) LIMITED NAVIGATOR GAS (IOM 1-E) LIMITED Michael John Fayle of KPMG LLC, Heritage Court, 41 Athol Street, Douglas, Isle of Man IM99 1HN was appointed liquidator of these companies on Oct. 10. CONTACT: KPMG LLC Heritage Court, 41 Athol Street, Douglas, Isle of Man IM99 1HN Web site: http://www.kpmg.co.uk ONLINE DIRECT: Appoints Unity Corporate Recovery Administrator -------------------------------------------------------------- Matthew Colin Bowker (IP No 8106) and Suzanne Payne (IP No 9225) of Unity Corporate Recovery and Insolvency were appointed joint administrators of computer software company Online Direct Marketing Limited (Company No 3948493) on Oct. 19. CONTACT: UNITY CORPORATE RECOVERY AND INSOLVENCY Clive House Clive Street Bolton Lancashire BL1 1ET Phone: 01204 395000 Fax: 01204 383999 E-mail: matthewbowker@ubsg.co.uk ORACLE LEGAL: Appoints Liquidator --------------------------------- D. Beech, chairman of Oracle Legal Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 6 at Butcher Woods, 79 Caroline Street, Birmingham B3 1UP. Roderick Graham Butcher, 79 Caroline Street, Birmingham B3 1UP was appointed liquidator. CONTACT: ORACLE LEGAL LIMITED Unit 2-3 St. Josephs Court Trindle Road, Dudley, West Midlands DY2 7AU Phone: 01384245690 PHOENIX PLUMBING: Hires DTE Leonard to Liquidate Business --------------------------------------------------------- C. Button, director of Phoenix Plumbing and Heating Contractors (Essex) Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 13. A Clifton of DTE Leonard Curtis, 85-89 Colmore Row, Birmingham B3 2BB was appointed liquidator. CONTACT: PHOENIX PLUMBING AND HEATING CONTRACTORS (ESSEX) LTD. Unit 6 Arcadia Business Centre Miller Lane, Clydebank, Dunbartonshire G81 1UJ Phone: 01419411716 PREMIER FOODS: Closes Sale of Tea Business ------------------------------------------ Premier Foods plc, a supplier of ambient grocery products in the U.K., has completed the disposal of its tea business to Apeejay International Tea Limited, a subsidiary of the Apeejay Surrendra Group for GBP80 million as announced on 13 October 2005. Premier will use the proceeds to reduce net debt. As a result of the sale, Premier's remaining beverages business, including the Cadbury manufacturing license, will be incorporated into the Spreads and Desserts product group. Following the disposal, the 2004 pro forma branded sales mix of the group will drop from 61% to 59%. CONTACT: PREMIER FOODS PLC 28 The Green, Kings Norton Birmingham B38 8SD, United Kingdom Phone: +44-1727-815-850 Fax: +44-1727-815-982 Web site: http://www.premierfoods.co.uk Contact: Robert Lawson Director of Mergers & Acquisitions Investor Relations Gwyn Tyley, Investor Relations Manager CITIGATE DEWE ROGERSON Phone: 020 7638 9571 Sara Batchelor Anthony Kennaway PURE INTERNATIONAL: Creditors Meeting Set Next Week --------------------------------------------------- Creditors of Pure International Limited (Company No 5161948) will meet on November 7, 2005, 11 a.m. at One Great Cumberland Place, Marble Arch, London W1H 7LW. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to K. D. Goodman and N. A. Bennett, joint administrators of Leonard Curtis & Co, One Great Cumberland Place, Marble Arch, London W1H 7LW not later than 12 noon, November 4, 2005. * * * PURE -- http://www.pureintl.com/-- is a London-based sales and marketing company that specializes in international property. In addition to its operations in the United Kingdom, this year it has offices in Canada and Switzerland and plans to operate in Hong Kong and the European Union within the foreseeable future. PURE also has links in the Netherlands and Germany. CONTACT: PURE INTERNATIONAL LTD. 20 Garrick Street London WC2E 9BT Phone: +44 (0) 20 7331 4500 Fax: +44 (0) 20 7331 4518 E-mail: contact@pureintl.com LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Phone: 020 7535 7000 Fax: 020 7723 6059 E-mail: solutions@leonardcurtis.co.uk Web site: http://www.leonardcurtis.co.uk REFCO INC.: Major Creditors Mull Multi-billion-dollar Lawsuits -------------------------------------------------------------- Austrian bank Bawag, which lent Refco CEO Phillip Bennett the money he tried to use to cover up a hole on Refco's account, is now preparing a lawsuit against the company and several parties. According to Times Online sources, leading the list of respondents is Mr. Bennett himself. It was Mr. Bennett who sought a US$242 million loan that Bawag's board approved with little or no due diligence, the paper said. What Bawag didn't know was Mr. Bennett had already been suspended a day before he called up. Refco's board had discovered a US$430 million item in the books, misrepresented as receivables accrued by clients, and promptly suspended the CEO. The amount in reality is a debt owed by a company controlled by Mr. Bennett. To Bawag's surprise, U.S. authorities arrested and charged Mr. Bennett the day after it granted the loan. According to Times Online, Bawag has a long history of lending money to Refco. It is now preparing a US$400 million lawsuit against it and several parties it refused to name. "Bawag is in close co-operation with top U.S. lawyers and is about to finalize lawsuits regarding the Refco case," the bank said. Bawag is owned by Austria's trade union federation. Another creditor, Inter Financial Services, is also planning a US$158 million lawsuit. It is Refco's seventh largest creditor, Times Online says. Refco is now under Chapter 11 bankruptcy protection and in the process of selling its futures trading business, which is excluded from the bankruptcy proceedings. Since the suspension of Mr. Bennett, two more directors have been suspended and are said to be cooperating with authorities. CONTACT: REFCO INC. One World Financial Center 200 Liberty St., Tower A, New York, NY 10281 Phone: 212-693-7000 Fax: 212-693-7831 Web site: http://www.refco.com/ BAWAG Seitzergasse 2-4 A-1010 Vienna Tel: +43 1 534 53 0 Web site: http://www.bawag.com/ RIVER DESIGN: Files for Liquidation ----------------------------------- P. G. Widdup, chairman of River Design Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 12 at The London Rowing Club, Embankment, Putney, London SW15 1LB. E. Walls of Marlor Walls, C12 Marquis Court, Marquis Way, Team Valley, Gateshead NE11 0RU was appointed liquidator. CONTACT: RIVER DESIGN LTD. 84 Bendemeer Road, London SW15 1JU Phone: 0208 7802081 ROSESTORE LIMITED: Clothing Retailer Hires Administrator -------------------------------------------------------- Asher Miller and Paul Appleton (IP Nos 9251, 8883) of Pearl Assurance House were appointed joint administrators of Rosestore Limited (t/a Ronit Zilkha - Company No 03146595) on Oct. 11. Its registered office is at 1st Floor, 76 Marylebone High Street, London W1U 5JU. The company retails clothing. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com SEAFORD LABORATORIES: Creditors to Meet Thursday ------------------------------------------------ Creditors of Seaford Laboratories Limited (Company No 01229662) will meet on November 3, 2005, 11 a.m. at The Thistle Hotel Westminster, Buckingham Palace Road, London SW1W 0QT. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to I. P. Sykes and G. W. Rhodes, joint administrators of Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE not later than 12:00 noon, November 2, 2005. CONTACT: SEAFORD LABORATORIES LIMITED Cradle Hill Industrial Estate, Seaford, East Sussex BN25 3JE Phone: 01323896779 BEGBIES TRAYNOR 2-3 Pavilion Buildings Brighton Sussex BN1 1EE Phone: 01273 747847 Fax: 01273 747743 E-mail: geoff.rhodes@begbies-traynor.com SEVERN TRENT: Accused of Overcharging Customers GBP50 Million ------------------------------------------------------------- Severn Trent Water is under investigation by the Serious Fraud Office (SFO) in relation to allegations it overcharged customers between 2000 and 2003, The Telegraph reported yesterday. The investigation, requested by Philip Fletcher, director general of industry regulator OFWAT, revolves around information provided by whistleblower David Donnelly. Mr. Donnelly, an income and debt manager in Severn Trent's finance department and a 30-year company veteran, first alerted the company of the discrepancies 18 months ago, but was ignored. He finally brought the information to the attention of OFWAT, which promptly acted on it in May. Mr. Donnelly discovered discrepancies in the leakage data provided by the company to OFWAT, which contributed to the latter's decision to allow Severn to raise water charges by 4.5% a year above the inflation rate over a five-year period. He claims the company covered up a GBP75 million discrepancy in its accounts and overcharged customers by GBP50 million. According to The Telegraph, this is the third investigation involving Severn and the second water utility to be investigated by the SFO. The first inquiry by PricewaterhouseCoopers last year cleared the company. Shortly thereafter, Severn itself launched a disciplinary investigation, which, according to the report, is nearly complete. The SFO is also investigating Southern Water, which consulted the fraud office about its own reporting discrepancies last week. Severn Trent Water is a member of the Severn Trent Group of companies. It claims to be the world's fourth largest privately owned water company serving over 8 million customers across the U.K., stretching from the Bristol Channel to the Humber, and from mid-Wales to the East Midlands. According to information posted on its Web site, it provides a broad range of water and environmental services, from taking care of water quality standards to protecting on-site water and wastewater assets. CONTACT: SEVERN TRENT WATER Web site: http://www.stwater.co.uk/ SERIOUS FRAUD OFFICE Elm House 10-16 Elm Street London WC1X 0BJ Tel: 020 7239 7272 Fax: 020 7837 1689 Public Enquiries Tel: 020 7239 7000/7190 Fax: 020 7837 1173 E-mail: public.enquiries@sfo.gsi.gov.uk OFFICE OF WATER SERVICES (OFWAT) Centre City Tower 7 Hill Street Birmingham B5 4UA United Kingdom Tel: +44 (0) 121 625 1300 / 1373 Fax: +44 (0) 121 625 1400 E-mail: enquiries@ofwat.gsi.gov.uk Web site: http://www.ofwat.gov.uk/ SUMMERBANK MANAGEMENT: Names Walletts Insolvency Administrator -------------------------------------------------------------- Michael F. McCarthy (IP No 8942) of Walletts Insolvency Services was appointed administrator of Summerbank Management Limited (Company No 04404506) on Oct. 14. CONTACT: WALLETTS INSOLVENCY SERVICES Adventure Place Hanley Stoke On Trent Staffordshire ST1 3AF Phone: 01782 212326 Fax: 01782 683904 E-mail: mike@walletts.co.uk T & P GILLON: Calls in Administrator from P&A Partnership --------------------------------------------------------- Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144) of Poppleton & Appleby were appointed joint administrators of T & P Gillon Limited (Company No 05063605) on Oct. 14. The company handles construction and civil engineering. 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 WELPTON HYUNDAI: Car Dealer Contacts Administrator -------------------------------------------------- Company Names: WELPTON HYUNDAI LIMITED (Company No 02023526) WELPTON GROUP LIMITED (Company No 04162466) WELPTON PANEL & PAINT BODYSHOP LIMITED (Company No 04150771) Andrew James Nichols (IP No 951) of Redman Nichols was appointed administrator of these companies on Oct. 12. Their registered offices are at Welptons, Livingston Road, Hessle HU13 0EA. CONTACT: WELPTON HYUNDAI LIMITED Livingstone Road, Clive Sullivan Way, Hessle, Yorkshire - East, HU13 0AB Phone: 01482 333330 Fax: 01482 628728 E-mail: info@welptons.co.uk Web site: http://www.hyundai.co.uk/ REDMAN NICHOLS Maclaren House Skerne Road Driffield East Yorkshire YO25 6PN Phone: 01377 257788 Fax: 01377 249119 E-mail: andrew.nichols@redman-nichols.co.uk ********* 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 * * *