/raid1/www/Hosts/bankrupt/TCREUR_Public/051103.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
Thursday, November 3, 2005, Vol. 6, No. 218
Headlines
C Z E C H R E P U B L I C
AERO VODOCHODY: Potential Buyers Lose Interest in New Plane
TELESYSTEM INTERNATIONAL: Seeks Additional Power for KPMG
F R A N C E
CMA CGM: Moody's Upgrades Ratings Outlook to Positive
EURO DISNEY: Delists from London Stock Exchange
G E R M A N Y
B 6 BOCHUM: Court Appoints Provisional Administrator
BSB TROCKENBAU: Creditors' Claims Due Mid-November
DAIMLERCHRYSLER AG: U.S. October Sales Drop Slightly
DAIMLERCHRYSLER AG: Linked to U.N. Oil-for-food Scam
DUERR AG: Sells MPT to HgCapital for EUR205 Million
EUROTOURS-REISEDIENST: Creditors Meeting Set Next Month
FILMVERLEIH DIE: Verification of Claim Set December
ITF BIOTEC: Gives Creditors Until December to File Claims
LB TEAM-BAU: Administrator's Report Out December
SYSTEMBAU UNGER: Gera Court Confirms Bankruptcy
ULTRA LIGHT: Files for Bankruptcy
I R E L A N D
AIRTEL ATN: Management Eyes Buyout
AN POST: Workers Deny Sabotage Charge
IWP INTERNATIONAL: Talks to Restructure Debt Continue
I T A L Y
ALLIANCE ONE: E.C. Fines Won't Trigger Credit Facility Default
TISCALI SPA: Appoints New Chief Executive
N E T H E R L A N D S
ROYAL SHELL: 1,500 Dutch Workers Strike Over Pension
VERSATEL TELECOM: Investors Tender Additional 5.87% of Shares
R U S S I A
AGRO-SNAB: Insolvency Manager Takes over Company
BOGDANOVICH: Undergoes Bankruptcy Supervision Procedure
FURNITURE-21: Komi Court Brings in Insolvency Manager
IMPULSE: Bankruptcy Hearing Set Next Year
KRASNOGVAREYSK-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
PREDGORYE: Succumbs to Bankruptcy
SHELEKHOVSKIY: Irkutsk Court Opens Bankruptcy Proceedings
SLATE: Claims Filing Period Ends Next Week
VLADIMIRSKAYA MECHANIZED: Proofs of Claim Deadline Set December
VYBOR: Insurance Firm Calls in Insolvency Manager
YUKOS OIL: Basic Holding Joins Race for Mazeikiu nafta
YUKOS OIL: Board to Meet Before Year Ends
S W E D E N
SKANDIA INSURANCE: Reports Strong Growth in all Divisions
S W I T Z E R L A N D
ABB LTD.: Everest Settles Insurance Dispute with CE
ABB LTD.: Net Income Nearly Doubles to US$188 Million
GMAC: Ba1/Baa3 Ratings Remain Under Review
T U R K E Y
TURKIYE VAKIFLAR: Ratings Upgraded to 'BB-'; Outlook Stable
U K R A I N E
KRAKOVETS-GLONIK: Declared Insolvent
KRONOS LTD.: Bankruptcy Supervision Begins
LAN: Court Appoints Insolvency Manager
LIZNIKIVSKIJ GRANIT: Succumbs to Insolvency
PROEKT: Under Bankruptcy Supervision
PROMINVESTCENTRE: Goes into Liquidation
UROZHAJ: Liquidator Takes over Operations
U N I T E D K I N G D O M
A. & A. CLEARANCE: Clothing Wholesaler Winds up
ADAMS PRECISION: Hires Baker Tilly as Administrator
ALLSPORTS LTD.: Sold to Rival for GBP18 Million
AMERICAN CAR: Hires Administrators from Atherton Bailey
ARTTS SKILLCENTRE: Goes into Liquidation
A T MOUNTFORD: Meeting of Creditors Set Next Week
AUTOCARE DISTRIBUTION: Creditors Meeting Set Mid-November
AUTOHANDLING LIMITED: Creditors to Meet in Two Weeks
BACKGROUND LIMITED: Administrators from Harris Lipman Move in
BODY-FX LIMITED: Appoints Administrator from Bond Partners
BSA ADVANCED: Calls in Administrators from Ernst & Young
CAPANAC LIMITED: Meeting of Creditors Set Next Week
CHANT MEDIA: Liquidator from Tenon Recovery Enters Firm
COOLCO LIMITED: Calls in Liquidator
DOUBLE T GLASS: Files for Liquidation
EXPERATE LIMITED: Footwear Retailer Goes Bust
FABRICATED ALUMINIUM: Window Manufacturer Calls in Administrator
GABLE RECRUITMENT: Hires Liquidator
GATWICK ESTATES: EGM Passes Winding-up Resolution
HARLANDS FINANCE: Appoints Smith & Williamson Administrator
HOULDSWORTH FINE: Goes into Liquidation
HOUSE & SON: Calls in Liquidator
HYPERWAVE LIMITED: Appoints Menzies Administrator
IRISH SEA: Ferry Operator Hires Administrator from Begbies
LIFELINE TRANSPORT: Administrators from Stoy Hayward Enter Firm
MG ROVER: Nanjing Asks Ex-workers to Tear down Longbridge site
MYTRAVEL PLC: To Close 110 Going Places Shops
TOP PRE: EGM Passes Winding-up Resolution
WISTOW TEA: Files for Liquidation
WOODSTOCK REPRODUCTIONS: Names Moore Stephens Liquidator
*********
===========================
C Z E C H R E P U B L I C
===========================
AERO VODOCHODY: Potential Buyers Lose Interest in New Plane
-----------------------------------------------------------
Troubled plane manufacturer Aero Vodochody has failed to find
buyers for its new ten-seat Ae270 aircraft, Hospodarske noviny
says
Potential buyers backed off because the plane's flying range has
been reduced by nearly 50%. The plane was originally marketed
as capable of flying 2,350 kilometers. Original customers are
now waiting for an upgrade. Aero Vodochody will continue to
sell the aircraft, which is in the final stage of serial
production.
The government, through privatization agency Ceska
konsolidacni agentura (CKA), is currently looking for a private
investor to save the plane maker from bankruptcy and has
attracted four bidders, which are believed to have submitted
bids of not less than CZK10 billion.
The government took over Boeing's share in the company in
October 2004 citing dissatisfaction over the latter's inability
to secure enough orders for Aero. It then attempted to
restructure the firm by writing off debt, but the European
Commission thwarted the plan for being an illegal state aid.
CONTACT: AERO VODOCHODY A.S.
250 70 Odolena Voda
Phone: +420 25576 1111
Fax: +420 25576 2111
+420 25576 5999
Web site: http://www.aero.cz
TELESYSTEM INTERNATIONAL: Seeks Additional Power for KPMG
---------------------------------------------------------
Telesystem International Wireless Inc. filed a motion pursuant
to its Plan of Arrangement with the Superior Court, District of
Montreal, Province of Quebec, to seek an order to vest the
Court-appointed Monitor, KPMG Inc., with further powers and
duties. Presentation of the motion is scheduled to take place
on November 4, 2005.
The Company believes that it is in the best interest of its
shareholders that the liquidation of TIW be continued under the
authority of the Monitor and the supervision of the Court when
the common shares of TIW are cancelled and delisted from the TSX
Venture Exchange. The Company has not yet determined the dates
for the cancellation and delisting of its common shares, but is
targeting the end of November 2005.
TIW's Plan of Arrangement provided for the cancellation of all
its issued and unissued shares, when deemed advisable by the
Board of Directors or the Monitor, upon substantial distribution
of the target return of US$19.9614 per common share, being, with
the Investment Income (as defined in TIW's Information Circular
dated April 18, 2005), the maximum amount that may be
distributed to TIW shareholders pursuant to the Plan of
Arrangement.
Approximately 94% (or US$18.80) of the target return was
distributed to TIW shareholders on September 27, 2005. Taking
into account the Investment Income of approximately US$0.15
earned as of September 30 and the First Distribution of US$18.80
paid on September 27, the amount of future distributions should
not be expected to exceed approximately US$1.31 per common
share. TIW does not expect to realize a material amount of
additional Investment Income in periods subsequent to September
30, 2005. Future distributions, if any, will be made to
shareholders of record as of the close of business on the day of
the cancellation of the common shares.
The timing and size of future distributions by the Company
depend on its ability to free up certain reserves as it settles
or otherwise makes final determination of its liabilities. The
most significant of these is a reserve totaling CA$255 million
or approximately CA$1.14 per share for potential tax liability.
The taxation authorities have not, however, yet assessed the
specific amount of their claims and assessments may not be
delivered for several months. The Company believes that there
are no material amounts owing to taxation authorities. However,
there can be no certainty as to whether or not the tax
authorities will propose adjustments that may reduce potential
future distributions. Accordingly, there can be no certainty
that the Company will be able to make further distributions or
that cumulative distributions will equal to the Target Return of
CA$19.9614 per share plus Investment Income.
The Information Circular is available at http://www.tiw.ca,
http://www.sedar.comand http://www.sec.gov
About TIW
TIW operates under a court-supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
2005, proceed with its liquidation, including the implementation
of a claims process and the distribution of net cash to
shareholders, cancel its common shares and proceed with its
final distribution and dissolve. TIW's shares are listed on the
TSX Ventures Exchange (TIW).
CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC.
Investors
Jacques Lacroix
Phone: (514) 673-8466
E-mail: jlacroix@tiw.ca
===========
F R A N C E
===========
CMA CGM: Moody's Upgrades Ratings Outlook to Positive
-----------------------------------------------------
Moody's has changed the outlook to positive from stable of the
Ba2 long-term corporate family rating of CMA CGM and the B1
senior unsecured rating for the EUR100 million bond issue due
2013.
The outlook change to positive reflects:
(a) CMA CGM's ongoing positive operational and financial
performance over the last several years, as expressed by a
continuous improvement of its operating cash generation
during the last twelve months ending June 2005, with its
retained cash flows having more than doubled compared to FYE
2003, and EBITA margins above 11% at LTM June 2005, up from
8.6% at FYE 2003;
(b) CMA CGM's strong position in the Transpacific and Asia-
Europe trade lanes, thereby benefiting from the very strong
demand increase on these routes which is expected to
continue well into 2006;
(c) Its acquisition of Delmas which has resulted in an
increasingly strong presence on other more regional markets
and which partly mitigates the company's increasing
dependence on the Asian trade lanes; and
(d) CMA CGM's increased operational efficiency, largely due to
its noticeable investments in the growth and modernization
of its fleet over the last several years, resulting in one
of the global industry's youngest fleets.
However, Moody's added that considerable uncertainty remains in
the container shipping industry about the extent that the
significant new-build deliveries over the next 3 years (and
increasing commitments for the years after 2008) can be absorbed
by an increase in demand, thereby exposing CMA CGM to changes in
the expected demand development. In this context, Moody's said
that it would closely monitor both supply and demand
developments for container shipping capacity over the next
eighteen to 24 months to assess the further rating development
for CMA CGM.
Headquartered in Marseilles, France, CMA CGM is the third
largest container shipping company in the world (measured in TEU
-- twenty foot equivalent units). The company generated
revenues of EUR4,012 million for the year ended 31 December
2004.
CONTACT: MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
Michael West, Managing Director
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
MOODY'S INVESTORS SERVICE LTD. (LONDON)
Johannes Wassenberg, VP - Senior Credit Officer
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
EURO DISNEY: Delists from London Stock Exchange
-----------------------------------------------
On July 21, 2005, Euro Disney S.C.A. disclosed its intention to
cancel the listing of its shares and depositary receipts from
the London Stock Exchange.
Further to this announcement, the listing for the following
securities of Euro Disney S.C.A. has been cancelled with effect
from 8:00 a.m. on November 1, 2005:
(a) Ordinary Shares of EUR0.01 each fully paid [FR0000125874];
and
(b) United Kingdom Depositary Receipts fully paid
[FR0009317670], each representing one Ordinary Share of
EUR0.01.
With effect from the cancellation of the listing, all existing
Euro Disney U.K. Depositary Receipts have ceased to have any
value and are now being cancelled.
The underlying shares in respect of such Euro Disney U.K.
Depositary Receipts that were not previously exchanged for
shares will be sold on the holder's behalf and the net proceeds,
less commission and expenses, will be sent to the holder.
Following the cancellation of the listings, investors will still
be able to trade in the Company's Ordinary Shares (FR0000125874)
on Euronext Paris.
If you have any queries in relation to this cancellation of
listing, please contact the dedicated enquiry line on 00 800
1510 2005* between 9:00 a.m. and 5:00 p.m. (U.K. time) on any
business day or write to dlp.hotline.delisting@disney.com The
enquiry line will close on November 30, 2005.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Freeline from France, U.K., Ireland, Belgium, Germany and
the Netherlands. If calling from outside these countries please
ring + 33 64 74 50 31. The Enquiry Line will not provide advice
on the merits of the options given to our shareholders or give
any financial or taxation advice.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Market trends and changes in the regulatory environment,
combined with the high cost of maintaining separate listings
relative to historical trading volumes, have led to the
Company's decision to cancel its share listings on the London
Stock Exchange and Euronext Brussels. Following the
cancellation of the listings, investors will still be able to
trade in the Company's shares on Euronext Paris.
Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris, which includes Disneyland Park, Walt Disney
Studios Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,074 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining,
shopping and entertainment center, and a 27-hole golf facility.
The Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.
CONTACT: EURO DISNEY S.C.A.
Corporate Communication
Pieter Boterman
Phone: +331 64 74 59 50
Fax: +331 64 74 59 69
E-mail: pieter.boterman@disney.com
Investor Relations
Fiona Lord Duarte
Phone: +331 64 74 58 55
Fax: +331 64 74 56 36
E-mail: fiona.lord.duarte@disney.com
=============
G E R M A N Y
=============
B 6 BOCHUM: Court Appoints Provisional Administrator
----------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against B 6 Bochum Gastro GmbH & Co. KG on Oct. 10.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 2 to
register their claims with court-appointed provisional
administrator Raimund Kress.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 6, 2006, 8:30 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: B 6 Bochum Gastro GmbH & Co. KG
Hans-Boeckler-Str. 19
44787 Bochum
Raimund Kress, Provisional Administrator
Universitatsstrasse 125
44789 Bochum
Phone: 930 29-0
Fax: 930 29-20
BSB TROCKENBAU: Creditors' Claims Due Mid-November
--------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against BSB Trockenbau GmbH on Oct. 6. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 16 to register their claims
with court-appointed provisional administrator Hendrik
Gittermann.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 14, 12:40 p.m. at the district court of
Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg 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: BSB TROCKENBAU GmbH
Stresemannstrasse 250
22769 Hamburg
Contact: Emir Kramer
Dannerallee 7
22119 Hamburg
Hendrik Gittermann, Provisional Administrator
Palmaille 63
22767 Hamburg
Phone: 040/306969-10
DAIMLERCHRYSLER AG: U.S. October Sales Drop Slightly
----------------------------------------------------
DaimlerChrysler AG, the third largest U.S. automaker, has
reported total group sales of 183,163 passenger vehicles in the
U.S. for October 2005, a 3% decrease compared to October 2004.
All sales figures in this release are on an unadjusted basis
unless otherwise noted.
Chrysler Group, which consists of the Chrysler, Jeep(R) and
Dodge brands, sold 164,814 vehicles in the U.S., a decrease of
3%. Adjusted for one fewer selling day in October 2005 compared
to October 2004, sales actually rose 1%.
After launching a record nine new models in 2004, the Chrysler
Group continues to launch new vehicles at a brisk pace during
2005, including the all-new 2006 Jeep Commander, Dodge Ram Mega
Cab and Jeep Liberty CRD. The company is currently shipping to
dealers the all-new 2006 Jeep Commander, which has received
enthusiastic feedback from the media and great anticipation
among consumers.
Mercedes-Benz USA (MBUSA) posted sales of 18,349 units, up
slightly (0.01%) compared to the same month last year. October
marks the first full month on the market for the highly
acclaimed R-Class, which posted 930 units sold for the month.
With the introduction of the R-Class, Mercedes-Benz further
expands its position as offering the widest product portfolio in
the luxury vehicle market, and the company expects to set
another record year.
October 2005 had 26 selling days while October 2004 had 27
selling days.
About the Company
Headquartered in Stuttgart, Germany, DaimlerChrysler AG produces
cars and trucks under the brands Chrysler, Dodge, Jeep,
Mercedes-Benz, Smart, and Maybach, among others.
A merger of equals between U.S.-based Chrysler Corporation and
Germany's Daimler-Benz was announced in 1998. In 2003, Detroit
News revealed that the transaction was, in fact, a buyout of
Chrysler by the German firm. The alleged deception set off
several lawsuits, one of which by billionaire Kirk Kerkorian was
dismissed by the court in April.
In 2000, DaimlerChrysler's U.S. finance arm was accused of
discriminating against African Americans and Hispanics. A
settlement required the carmaker to offer several billion
dollars in loans.
The carmaker is also a subject of several investigations.
German financial services regulator BaFin has started a formal
probe on alleged illegal trades involving Daimler stocks, which
went up prior to the announcement of Juergen Schrempp's
resignation as chief executive. It is also being investigated
by the U.S. Justice Department over bribery claims at the
Mercedes Car Group.
While its Chrysler unit is slowly recuperating, the market share
of Mercedes Benz continues to slip. Mercedes has been described
a "tarnished" brand in the wake of slipups in design and
engineering. Losses incurred by Mercedes were also blamed for
the 30% drop in DaimlerChrysler's first-quarter earnings. The
poor result was mostly due to the EUR512 million spent to revamp
its losing Smart venture, which has yet to post a profit.
DaimlerChrysler projects last year's EUR5.75 billion operating
profit to double by 2008, with Mercedes booking operating profit
of EUR4.7 billion in four years. Chrysler group aims to book
EUR2.3 billion in profit on top of the EUR2 billion and EUR2.2
billion from the commercial vehicles business and services
operations.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DAIMLERCHRYSLER AG: Linked to U.N. Oil-for-food Scam
----------------------------------------------------
A United Nations-backed probe has revealed that DaimlerChrysler
AG was among companies that paid Saddam Hussein's regime
kickbacks and illegal surcharges, the Canadian Press says.
The report disclosed that about half of the 4,500 companies
involved in the U.N. oil-for-food program paid US$1.8 billion in
bribe and other illegal fees. It also claimed that many
individuals were also involved in extensive manipulation of the
US$64 billion program.
DaimlerChrysler allegedly paid just US$7,000 for a contract
worth US$70,000. It was not available for comment. The
carmaker has been a subject of several investigations, including
a BaFin probe into the alleged illegal trades of Daimler stocks,
which went up prior to the announcement of Juergen Schrempp's
resignation as chief executive. It is also being investigated
by the U.S. Justice Department over bribery claims at the
Mercedes Car Group.
CONTACT: DAIMLERCHRYSLER AG
70546 Stuttgart, Germany
Phone: +49 711 17 0
Fax: +49 711 17 22244
Web site: http://www.daimlerchrysler.com
DUERR AG: Sells MPT to HgCapital for EUR205 Million
---------------------------------------------------
Duerr AG continues to focus on its core business within the
automotive industry. Duerr is into paint and assembly systems,
mechanical engineering, and environmental technology.
For that reason, the company has decided within the framework of
the group wide FOCUS program to sell the Measuring and Process
Technologies (MPT) business unit. MPT primarily operates in the
mining and basic materials sector and thus outside Duerr's core
area.
On November 1, at 7:30 p.m., Duerr signed a contract to sell MPT
to HgCapital, a private equity company. The buyer will further
step up the business unit's implemented growth strategy. The
sale proceeds came to EUR205 million and are to be received in
cash by the end of 2005. The company expects book profit after
transaction fees and taxes to amount to a double-digit million
figure (EUR), but this will be set off by one-off expenditures
arising from the restructuring in the framework of the FOCUS
program.
Duerr already disposed of a peripheral area at the end of
September with the sale of the Development Test Systems business
unit, which brought in EUR27 million. Duerr is using the
proceeds from divestments to increase innovation and earning
power in its core business. Restructuring measures are
currently being carried out in the Paint and Assembly Systems
division, incurring expenses of about EUR40 to 50 million.
Furthermore, financial debt is being reduced. Financial
leverage (net debt to operating earnings) will improve
substantially.
Duerr expects the implemented FOCUS measures to lead to a
significantly improved profitability and increasing cash flow in
the future. After completion of the 18-month program, a pre-tax
margin of 4% and an EBITDA margin of 8% are to be achieved in
2007.
About MPT
MPT is a supplier of systems and components for weighing,
feeding, automating, and screening in industrial processes. It
primarily supplies sectors such as mining, cement, steel, and
chemicals. In 2004, MPT achieved sales revenue of about EUR180
million with about 1,100 employees. MPT belongs to Duerr's
Measuring and Process Systems division, which will now consist
of the Balancing and Diagnostic Systems (Schenck RoTec) and the
Cleaning and Filtration Systems (Duerr Ecoclean) business units.
The Measuring and Process Systems division will generate annual
sales of about EUR300 million after the sale.
About HgCapital
HgCapital is one of Europe's leading private equity investors
with sector focus and manages fund assets amounting to EUR1.3
billion. The group concentrates on investments of medium size,
with volumes ranging from EUR40 million to EUR400 million.
HgCapital has offices in London, Frankfurt, and Amsterdam. In
Germany, HgCapital funds have acquired seven companies since
2003, including FTE Automotive, Hirschmann Electronics, W.E.T.
Automotive, and Doc Morris. Those seven transactions add up to
almost EUR1 billion.
CONTACT: DUERR AKTIENGESELLSCHAFT
Otto-Duerr-Strasse 8
70435 Stuttgart - Zuffenhausen
Deutschland
Guenter Dielmann
Corporate Communications & Investor Relations
Phone: +49 (0) 711 136-1785 or +49 (0) 711 136-1124
Fax: +49 (0) 711 136-1716
E-mail: corpcom@durr.com
EUROTOURS-REISEDIENST: Creditors Meeting Set Next Month
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Eurotours-Reisedienst Gunter Kaufmann GmbH on Oct. 7.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Nov. 11 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 22, 8:45 a.m. at the district court of
Chemnitz, Gerichtsgebaude Fuerstenstrasse 21, Chemnitz 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: UROTOURS-REISEDIENST GUNTER KAUFMANN GmbH
Wolkensteiner Strasse 43
09456 Annaberg-Buchholz
Carsten Morgenstern, Provisional Administrator
Michaelstrasse 71
09116 Chemnitz
FILMVERLEIH DIE: Verification of Claim Set December
---------------------------------------------------
The district court of Goettingen opened bankruptcy proceedings
against Filmverleih Die Lupe GmbH on Oct. 1. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 11 to register their claims
with court-appointed provisional administrator Jens Koeke.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 6, 9:00 a.m. at the district court of
Goettingen, Saal B11, Maschmuehlenweg 11, 37073 Goettingen 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: FILMVERLEIH DIE LUPE GmbH
Groner Landstr. 3
37073 Goettingen
Jens Koeke, Provisional Administrator
Obere Karspuele 36
37073 Goettingen
Phone: 0551/5085920
Fax: 0551/5085921
ITF BIOTEC: Gives Creditors Until December to File Claims
---------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against ITF Biotec Energy GmbH on Oct. 5.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 7 to
register their claims with court-appointed provisional
administrator Rainer Eckert.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2006, 11:00 a.m. at the district court of
Halle-Saalkreis, Justizzentrum, Thueringer Str. 16, 06112 Halle
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: ITF BIOTEC ENERGY GmbH
Am Ernst-Schacht 8
06311 Helbra
Rainer Eckert, Provisional Administrator
Universitatsring 6
D-06108 Halle
Phone: 0345/530490
Fax: 0345/5304926
LB TEAM-BAU: Administrator's Report Out December
------------------------------------------------
The district court of Dessau opened bankruptcy proceedings
against LB Team-Bau GmbH on Oct. 6. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Nov. 15 to register their claims with
court-appointed provisional administrator Michael Schoor.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 9:15 a.m. at the district court of
Dessau, Willy-Lohmann-Str. 33, Dessau 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: LB TEAM-BAU GmbH
Leopoldstr. 36
06366 Koethen
Michael Schoor, Provisional Administrator
Schorlemmerstrasse 2
04155 Leipzig
Phone: 0341/4903650
Fax: 0341/4903699
SYSTEMBAU UNGER: Gera Court Confirms Bankruptcy
-----------------------------------------------
The district court of Gera opened bankruptcy proceedings against
Systembau Unger GmbH on Oct. 7. 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 Bettina E.
Breitenbuecher.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 9:15 a.m. at the district court of Gera,
Rudolf-Diener-Str. 1, Zimmer 317 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: SYSTEMBAU UNGER GmbH
Bielitzstrasse 1
07545 Gera
Bettina E. Breitenbuecher, Provisional Administrator
Gustav-Weisskopf-Str. 4
99092 Erfurt
ULTRA LIGHT: Files for Bankruptcy
---------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Ultra Light Lift GmbH on Oct. 6. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Nov. 4 to register their claims
with court-appointed provisional administrator Thomas Hofheinz.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 6, 9:50 a.m. at the district court of
Augsburg Sitzungssaal 162, 1. Stock, Am Alten Einlass 1, 86150
Augsburg 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: ULTRA LIGHT LIFT GmbH
Albert-Einstein-Str. 5
86399 Bobingen
Thomas Hofheinz, Provisional Administrator
Spicherer Str. 26
86157 Augsburg
=============
I R E L A N D
=============
AIRTEL ATN: Management Eyes Buyout
----------------------------------
Shares of communications firm Airtel ATN listed on the OFEX were
suspended after talks over a EUR3 million funding collapsed,
Sunday Independent said. Company insiders say the company was
unable to attract funding because of its small size.
A management group headed by Airtel ATN Chief Executive Frank
O'Connor is negotiating to buy the company and take it private.
If successful, the group still needs to raise additional funding
to keep the company afloat. They are advised by MKO. According
to the report, the company may be valued just below EUR2
million, considering its debt burden.
Airtel provides data communication solutions for the aviation
industry. Its products will be tried on Airbus jets later this
year.
CONTACT: AIRTEL ATN
Adelaide House
Adelaide Street
Dun Laoghaire
Co. Dublin
Tel: +353 1 284 2821
Fax: +353 1 284 2816
E-mail: info@airtel-atn.com
Web site: http://www.airtel-atn.com/
AN POST: Workers Deny Sabotage Charge
-------------------------------------
Workers Directors on the Board of An Post rejected media reports
saying postal employees are trying to sabotage operations. An
Post said delivery drivers are deliberately getting lost, and
absenteeism has risen to 24% in some areas. The parties are in
dispute over payment of promised wage increases under the
Sustaining Progress program.
* * *
An Post closed last year with an after-tax profit of EUR6.5
million, ending three successive years of escalating losses that
threatened its future. In April, An Post revealed an operating
profit of EUR1.8 million, with exceptional income of EUR5.3
million from property disposals and other items reflecting the
success of its crisis control measures.
Turnover in the year at EUR750.2 million was up by EUR41 million
-- an increase of 5.8% from 2003. Staff and postmasters' costs
at EUR502.4 million were marginally up on the previous year
while other costs decreased.
The financial turnaround was reportedly achieved by carrying out
a recovery strategy that involved cutting non-pay costs,
curtailing pay costs through stringent control of overtime and
recruitment, and non-payment of Sustaining Progress. However,
the Company's future remains uncertain as mail volumes declined
by 1.3% since 2003 -- the second successive year -- despite
national economic growth of 5% a year and an additional 80,000
new delivery points.
CONTACT: AN POST
E-mail: pressoffice@anpost.ie
Web site: http://www.anpost.ie
IWP INTERNATIONAL: Talks to Restructure Debt Continue
-----------------------------------------------------
The Board of IWP International plc has noted the recent press
speculation regarding the Company. Since the Company's
announcement on 29 July 2005, the Board and the lenders have
been engaged in difficult discussions regarding a restructuring
of the Company's debt and capital structure. These discussions
are ongoing and the Board expects to be granted an extension by
the lenders of the waiver of any existing covenant breaches to
30 November 2005.
In the course of the negotiations, the Board received two
restructuring proposals from parties other than the lenders.
These proposals were rejected, as they were conditional, among
other things, on the lenders accepting a significant writedown.
The Board wishes to emphasize that any restructuring of the
Company's debt and capital structure is likely to result in a
significant dilution of value for shareholders.
About the Company
IWP International plc is an international manufacturer,
distributor and marketer of consumer goods and related products.
The group is divided into four main divisions: Cosmetics,
Household products, Personal Care, and Distribution.
The group is also involved in the manufacture of self-adhesive
labels. The group's businesses are located in the Netherlands,
the United Kingdom, France, Poland, the United States and
Ireland.
For the year ended 31 March 2005, it had revenues of EUR184.1
million, and losses of EUR0.7 million. Its net debt reached
EUR80.1 million.
CONTACT: IWP INTERNATIONAL PLC
19 Fitzwilliam Square
Dublin 2
Phone: +353 1 6611958
Fax: +353 1 6611957
E-mail: info@iwp.ie
Web site: http://www.iwp.ie/iwphome.html
=========
I T A L Y
=========
ALLIANCE ONE: E.C. Fines Won't Trigger Credit Facility Default
--------------------------------------------------------------
Alliance One International, Inc. (NYSE: AOI) obtained an
amendment to its senior secured credit facility to clarify that
the previously reported fines imposed by the European Commission
will not constitute an event of default.
The Company had previously reported that in connection with the
administrative investigation by the Directorate General for
Competition of the E.C. into leaf tobacco buying and selling
practices in Italy, the E.C. decided to impose fines on Alliance
One and its present and former Italian subsidiaries, Transcatab
and Mindo. The amendment to the senior secured credit facility,
which has received approvals from the requisite majority of
lenders, makes clear such fines will not result in a default,
whether or not paid, discharged, stayed or bonded pending
appeal.
The Company's previously reported discussions with lenders under
the senior secured credit facilities regarding potential
amendments to the financial covenants applicable to future
periods are ongoing.
The European Commission decided to impose fines on Alliance One
International, Inc. and its present and former Italian
subsidiaries. The E.C. fined the Company and Mindo jointly and
severally in the aggregate amount of EUR10 million (US$12
million). The E.C. fined 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 (US$16.8 million).
About the Company
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 currently on
Standard & Poor's CreditWatch with negative implications.
CONTACT: ALLIANCE ONE
Phone: 484-531-5000
Fax: 484-531-5057
Web site: http://www.allianceoneinc.com/
TISCALI SPA: Appoints New Chief Executive
-----------------------------------------
Tiscali S.p.A.'s Board of Directors appointed Tommaso Pompei as
CEO of the Group. Tommaso Pompei is expected to join the Board
of Directors shortly. Ruud Huisman leaves his executive role in
the Parent Company but remains on the Board of Directors.
Tommaso Pompei has been -- from 1997 to Oct. 31 -- CEO in Wind,
the main alternative operator to Telecom Italia on the Italian
TLC market, guiding the company from the start-up to the sale.
He had previously been CEO of Pronto Italia -- later merged to
become Omnitel Pronto Italia and today Vodafone Italia -- and of
Sigma, a company specialized in the development of value-added
information technology services owned by IRI and Ferrovie dello
Stato.
The appointment of Tommaso Pompei as CEO happens while the Group
is at a turning point, having in fact refocused in the core
countries and having successfully implemented the refinancing
process, with Ruud Huisman at the helm. Tiscali is now ready to
enter a new development phase that Tommaso Pompei is well
equipped to implement and take full advantage of.
Tiscali S.p.A. (Borsa Italiana, Milan: TIS, Euronext, Paris:
005773) is the main Independent European Internet Communication
Company. With one of the largest and most interconnected IP
networks in the world, Tiscali is able to supply its customers,
residential and business, with a full range of services, from
Internet access in dial up and ADSL to more specific and
technologically advanced products. Such product offer includes
also voice and portal services as well as value added services
(VAS). As of 30 June 2005, Tiscali had 4.8 million active users
in Italy, Germany, the Netherlands, the U.K. and the Czech
Republic. 1.4 million were ADSL customers, of which more than
250,000 received unbundled services.
* * *
Headquartered in Cagliari, Italy, Internet provider Tiscali
counts more than 7 million subscribers, of which more than 1.5
million are broadband users. It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
As of March 31, the group had financial resources of EUR180.2
million, and net debt of EUR381.7 million. Pre-tax loss in the
first-quarter is EUR17.9 million. Its senior unsecured debt is
rated 'CCC+' by Fitch. Its short-term rating is 'B'.
Tiscali Finance S.A.'s EUR250 million guaranteed floating-rate
notes due in July 2005 and its EUR209.5 million guaranteed
equity-linked bonds due in September 2006 are rated 'CCC+'.
CONTACT: TISCALI S.p.A.
Sa Illetta
09122 Cagliari
Phone: +39 02 309011
E-mail: ir@tiscali.com
Web site: http://www.tiscali.com
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: 1,500 Dutch Workers Strike Over Pension
----------------------------------------------------
Around 60% of workers at two of Royal Shell's sites in
Netherlands have joined the walkout staged early this week,
Energy Business Review says.
The industrial action nearly paralyzed operations at the Pernis
refinery that produces 416,000 barrels a day, and at the
Moerdijk chemical facility whose yearly output totals 900,000
tonnes.
According to Dutch union CNV, some 1,500 Shell workers are
opposed to the reforms that involve raising the retirement age
and forcing employees to contribute to their pensions effective
January 1, 2006. An additional 1,000 workers at Shell's joint
venture with ExxonMobil are expected to join the strike unless
Shell initiates discussions with the unions to settle the
dispute. Workers have warned of complete disruption in the two
sites if a resolution is not reached within the week.
Earlier, in a statement, Shell expressed regret over the unions'
negative response towards the changes to the pensions scheme.
It said: "Shell believes that following constructive talks with
the Central Staff Council (COR), a very competitive new pension
scheme with good transitional measures is on the table."
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
VERSATEL TELECOM: Investors Tender Additional 5.87% of Shares
-------------------------------------------------------------
Tele2 Finance B.V. said that 30,732,106 shares in the capital of
Versatel Telecom International N.V. have been tendered during
the post-acceptance period, representing 5.87% of the issued and
outstanding share capital of Versatel.
The total number of Shares and Bonds tendered under Tele2's
public offers would represent, should all Bonds be converted
into Shares, approximately 82.39% of the consequently diluted
share capital of Versatel.
Together with the Shares tendered during the initial offer
period, 418,155,141 Shares, representing 79.87% of the issued
and outstanding share capital of Versatel, and 1,250 of the
3.875% convertible senior notes due 2011 convertible into
ordinary shares in the capital of Versatel, representing 100% of
the issued and outstanding Bonds, have been tendered under
Tele2's public offer for all Shares and Bonds.
With reference to its press release dated 10 October 2005, Tele2
will pay, no later than 7 November 2005, an amount of
EUR0.808415 in cash for each Share validly tendered (or
defectively tendered provided that such defect has been waived
by Tele2) during the post-acceptance period, being the Offer
Price per Share (as defined in the offer memorandum dated 14
September 2005) of EUR2.20 less the amount of the distribution
made on the Shares on 17 October 2005 of EUR1.391585 per Share.
The total amount payable to holders of Shares will be rounded
up, if rounding is necessary. Holders of Shares are reminded
that Shares tendered in the post-acceptance period may not be
withdrawn.
This press release is a public announcement as meant within
article 9b paragraph 1 of the Bte 1995.
This press release appears in Swedish also. In the event of any
inconsistency, the English version will prevail over the Swedish
version.
Tele2 -- http://www.tele2.com-- is Europe's leading alternative
telecom operator. Tele2 always strives to offer the market's
best prices. With our unique values, we provide cheap and
simple telecom for all Europeans every day. We have more than
30 million customers in 25 countries. We offer products and
services in fixed and mobile telephony, Internet access, data
networks, cable TV and content services. Our main competitors
are the former government monopolies. Tele2 was founded in 1993
by Jan Stenbeck and has been listed on Stockholmsborsen since
1996. In 2004 we had operating revenue of SEK43 billion and
reported a profit (EBITDA) of SEK6.6 billion.
CONTACT: TELE2 FINANCE B.V.
Lars-Johan Jarnheimer, President and CEO
Phone: +46 8 562 640 00
Hakan Zadler, CFO
Phone: +46 8 562 640 00
Benelux
Per Borgklint, Market Area Director
Phone: +31 20 702 02 02
London:
Dwayne Taylor, Investor Relations
Phone: +44 20 7321 5038
Stockholm:
Lena Krauss, Investor Relations
Phone: +46 8 562 000 45
M:Communications, London:
Sarah Hamilton
Phone: +44 78 36 295 291
M:Communications, London:
Nick Fox
Phone: +44 77 11 727 618
Investor Voice, Amsterdam:
Anne Louise Van Lynden
Phone: +31 65 4315 549
Investor Voice, Amsterdam:
Carina Hamaker
Phone: +31 65 3749 959
===========
R U S S I A
===========
AGRO-SNAB: Insolvency Manager Takes over Company
------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Agro-Snab (TIN 3430007420). The case is docketed as A12-
12340/05-s55. Ms. I. Gridneva has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 400001, Russia,
Volgograd, Balakhinskaya Str. 4. A hearing will take place on
February 20, 2006.
CONTACT: AGRO-SNAB
404420, Russia, Volgograd region,
Surovkino, Ordzhonikidze Str. 68A
Ms. I. Gridneva
Temporary Insolvency Manager
400001, Russia, Volgograd region,
Balakhinskaya Str. 4
BOGDANOVICH: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on close joint stock company
Bogdanovich. The case is docketed as A60-10247/2005-S4.
Mr. S. Volkov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 614068, Russia,
Perm, Post User Box 6952. A hearing will take place on November
21, 2005.
CONTACT: BOGDANOVICH
623530, Russia, Sverdlovsk region,
Bogdanovich, Kunavina Str. 113
Mr. S. Volkov
Temporary Insolvency Manager
614068, Russia, Perm,
Post User Box 6952
FURNITURE-21: Komi Court Brings in Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on limited liability company Furniture-21.
The case is docketed as A29-5640/05-3B. Mr. B. Yun has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 129110, Russia,
Moscow, M. Ekateriniskaya Str. 17/21. A hearing will take place
on November 11, 2005.
CONTACT: FURNITURE-21
Russia, Komi republic, Syktyvkar,
Kommunisticheskaya Str. 69
Mr. B. Yun
Temporary Insolvency Manager
129110, Russia, Moscow region,
M. Ekateriniskaya Str. 17/21
IMPULSE: Bankruptcy Hearing Set Next Year
-----------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Impulse. The case is docketed as A43-1287/2005 18-476. Mr. V.
Bobikov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 603089, Russia,
Nizhniy Novgorod, Poltavskaya Str. 47-150. A hearing will take
place on January 31, 2006.
CONTACT: IMPULSE
Russia, Nizhniy Novgorod region, Vorotynets
Mr. V. Bobikov
Insolvency Manager
603089, Russia, Nizhniy Novgorod region,
Poltavskaya Str. 47-150
KRASNOGVAREYSK-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision procedure on open joint stock company
Krasnogvareysk-Agro-Prom-Khimiya. The case is docketed as A47-
9920/2005-14GK. Ms. T. Bolotina has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 460000, Russia,
Orenburg, Burzyantseva Str. 25. A hearing will take place on
January 17, 2006, 3:10 p.m.
CONTACT: KRASNOGVAREYSK-AGRO-PROM-KHIMIYA
Russia, Orenburg region,
Krasnogvardeyskiy region, Pleshanovo
Ms. T. Bolotina
Temporary Insolvency Manager
460000, Russia, Orenburg region,
Burzyantseva Str. 25
Phone/Fax: (3532) 77-49-01
PREDGORYE: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Predgorye after finding the agro complex
insolvent. The case is docketed as A-32-7251/2005-27/75-B. Ms.
V. Kokurina has been appointed insolvency manager. Creditors
have until December 8, 2005 to submit their proofs of claim to
350075, Russia, Krasnodar region, Stasova Str. 180.
CONTACT: PREDGORYE
352290, Russia, Krasnodar region,
Otradnaya St., Krasnaya Str. 67
Ms. V. Kokurina
Insolvency Manager
350075, Russia, Krasnodar region,
Stasova Str. 180
SHELEKHOVSKIY: Irkutsk Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Shelekhovskiy after finding the motorcar
repair factory insolvent. The case is docketed as A19-18468/05-
8. Mr. V. Pulyaevskiy has been appointed insolvency manager.
Creditors have until December 8, 2005 to submit their proofs of
claim to 664081, Russia, Irkutsk-81, Post User Box 5604.
CONTACT: SHELEKHOVSKIY
666034, Russia, Irkutsk region, Shelekhov,
Stroiteley i Montazhnikov Pr. 16
Mr. V. Pulyaevskiy
Insolvency Manager
664081, Russia, Irkutsk-81,
Post User Box 5604
Phone/Fax: (3952) 541-189
SLATE: Claims Filing Period Ends Next Week
------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Slate (TIN 6325002185) after finding the
processing plant insolvent. The case is docketed as A55-
15110/2005-38. Mr. G. Udelnov has been appointed insolvency
manager. Creditors have until November 8, 2005 to submit their
proofs of claim to 443016, Russia, Samara, Cheremshanskaya Str.
89/18.
CONTACT: SLATE
446021, Russia, Samara region,
Syzran, Zavodskaya Str. 5
Mr. G. Udelnov
Insolvency Manager
443016, Russia, Samara region,
Cheremshanskaya Str. 89/18
VLADIMIRSKAYA MECHANIZED: Proofs of Claim Deadline Set December
---------------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Vladimirskaya Mechanized Column #38 after
finding the open joint stock company insolvent. The case is
docketed as A11-2136/2005-K1-39B. Mr. V. Grigin has been
appointed insolvency manager. Creditors have until December 8,
2005 to submit their proofs of claim to 600017, Russia,
Vladimir, Post User Box 94.
CONTACT: VLADIMIRSKAYA MECHANIZED COLUMN #38
Russia, Vladimir region,
Yuryevets, Noyabrskaya Str. 128
Mr. V. Grigin
Insolvency Manager
600017, Russia, Vladimir region,
Post User Box 94
VYBOR: Insurance Firm Calls in Insolvency Manager
-------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Vybor (TIN3809022525) after finding the
insurance company insolvent. The case is docketed as A19-
20598/05-38. Ms. T. Buldyreva has been appointed insolvency
manager.
Creditors may submit their proofs of claim to 664009, Russia,
Irkutsk, Shiryamova Str. 8, Office 406. A hearing will take
place on February 21, 2006, 10:45 a.m. at the Arbitration Court
of Irkutsk region at 664000, Russia, Gagarina Venue, 70, Room
319.
CONTACT: VYBOR
664011, Russia, Irkutsk region,
Zhelyabova Str. 1, Office 2
Ms. T. Buldyreva
Insolvency Manager
664009, Russia, Irkutsk region,
Shiryamova Str. 8, Office 406
YUKOS OIL: Basic Holding Joins Race for Mazeikiu nafta
------------------------------------------------------
Oleg Deripaska, owner of aluminum firm Rusal, is interested in
acquiring the Lithuanian refinery of Yukos Oil, according to
Kommersant.
Mr. Deripaska reportedly sent a letter to Russia's Foreign
Ministry on Oct. 17, seeking support for a possible takeover.
His holding company, Basic Element, had already sought
guarantees with Russian oil firms Rosneft and Surgutneftegaz for
supply of crude oil.
Mazeikiu nafta is one of the last two foreign assets of Yukos
that have not been seized by the Russian government to collect
back taxes. Yukos holds 53.7% in the unit and management
rights; the Lithuanian government owns 40.6%, and has the final
say on the buyer. It has reportedly chosen Russian TNK-BP as
preferred bidder. TNK-BP claims Yukos is asking US$1 billion
for its stake.
The sale process is being complicated by lawsuits from several
parties. State-owned oil firm Rosneft has a EUR2.34 billion
(US$2.84 billion) claim on Yukos Oil and has made "conservatory
attachments" on its foreign assets. The move will give it
creditor status in case Yukos sells assets or goes bankrupt.
A bank consortium, including Citigroup, Deutsche Bank and
Societe Generale, also sought conservatory attachment on the
firm's assets. The consortium and Yukos' main shareholder,
Menatep Group have together lodged claims of more than US$1
billion with the Amsterdam courts.
Mazeikiu owns a refinery, the Butinge offshore terminal and a
pipeline. It had net profit of LTL378.9 million (EUR109.6
million) in the first half on sales of LTL4.8 billion.
Other companies interested in the property include Russian
companies LUKoil and Gazprombank, Kazakhstan's KazMunayGaz, U.S.
company ConocoPhillips, Poland's Orlen, the Swiss venture Vitol
and Austria's Baltic Holding.
Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742). A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion. The sale was aimed
at paying for a US$27.5 billion tax bill for 2000-2003. Its
bankruptcy case was dismissed in February. Yukos has only paid
US$11 billion so far, according to tax authorities.
Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed US$12,276,000,000 in
total assets and US$30,790,000,000 in total debt.
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Board to Meet Before Year Ends
-----------------------------------------
Yukos Oil will hold a board meeting between now and December,
company director Alexei Kontorovich said, according to
RosBusinessConsulting. Mr. Kontorovich did not specify the
exact date, but said that current policy and plans for 2006 will
be discussed.
Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742). A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion. The sale was aimed
at paying for a US$27.5 billion tax bill for 2000-2003. Its
bankruptcy case was dismissed in February.
Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $12,276,000,000 in
total assets and $30,790,000,000 in total debt.
CONTACT: YUKOS OIL
Web site: http://www.yukos.com/
International Information Department
Hugo Erikssen
Phone: +7 095 540 6313
E-mail: inter@yukos.ru
Investor Relations Contact
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
===========
S W E D E N
===========
SKANDIA INSURANCE: Reports Strong Growth in all Divisions
---------------------------------------------------------
Skandia Insurance Co. Ltd. has unveiled a significant increase
in year on year growth over 2004 for Q3 2005, with total
premiums and deposits rising during the third quarter to SEK32.4
billion, compared with SEK24.1 billion for the same period in
2004.
The increase corresponds to 34% in Swedish kronor and 32% in
local currency. All divisions contributed to the increase, with
U.K., Asia Pacific & Offshore up 22% in premiums and deposits in
local currency, Europe & Latin America up 72% and the Nordic
division up 29% in local currency.
Unit linked assurance premiums rose 32% in local currency, to
SEK22.8 billion (17.1). New sales of unit linked assurance rose
27% in local currency, to SEK2.9 billion (2.3).
Mutual fund deposits increased to SEK9.0 billion (6.5) where
Europe & Latin America was the main contributor to the increase.
Report of President and CEO Hans-Erik Andersson
This quarter's growth represents another quarter of delivery by
Skandia, reinforcing our belief in our business plans, and in
the future of this strongly growing company. All of our three
business divisions contributed to this growth. We have seen a
continued turnaround in Sweden, and strong growth delivered in
the U.K. and especially in our Offshore markets.
In Europe our French, Spanish and Italian operations delivered
significant volume increases, running at approximately 100% of
last year's volumes, while importantly we have seen a certain
recovery in Germany of new sales, which grew slightly compared
with Q2 2005. Premiums continue to increase significantly
compared to last year.
Skandia's total premium and deposits are more than 20% ahead of
our 2005 business plan for the period January - September. The
plan was described in our shareholder information document
published on 19 October 2005.
These results have again demonstrated that the Skandia customer
proposition remains highly compelling across all the markets in
which we operate. The strong growth reinforces our view that
the standalone prospects for the Skandia business offer a highly
compelling investment proposition for shareholders.
January-September 2005
Skandia's total premiums and deposits increased to SEK92.3
billion (72.9). The increase was 26% in local currency.
Unit linked assurance premiums written grew to SEK64.3 billion
(49.7), an increase of 30% in local currency. New sales of unit
linked assurance also continued to rise to SEK8.5 billion (7.0).
This corresponds to an increase of 22% in local currency.
Mutual fund deposits increased to SEK26.1 billion (21.6).
U.K., Asia Pacific & Offshore
Premiums and deposits in the U.K. (including Royal Skandia)
totaled SEK51.8 billion (42.1) during the period January-
September, an increase of 24% in local currency. Of this total,
unit linked assurance accounted for SEK43.6 billion
(34.4) and mutual funds for SEK8.2 billion (7.7).
New sales of unit linked assurance rose 25% in local currency
during the period January-September, to SEK5.3 billion (4.3).
Royal Skandia continues to note success from new inheritance tax
solutions and the growing distribution channels of institutions
and private banks. New sales for Royal Skandia rose 47% in
local currency compared with the same period a year ago.
Skandia U.K. continues to see strong sales of pension products
that have been developed ahead of forthcoming reforms in the
pensions market next year. New sales of pension products grew
35% in local currency compared with the same period in 2004.
Mutual fund deposits in Australia decreased by 5% in local
currency during the period January-September, while they
increased by 9% in the U.K. in local currency.
Europe & Latin America
Total premiums and deposits grew to SEK21.9 billion (15.2)
during the period January-September, an increase of 41% in local
currency compared with the same period a year ago. Unit linked
assurance premiums written rose 34% in local currency, to
SEK10.3 billion (7.6). New sales of unit linked assurance
amounted to SEK1.5 billion (1.3), an increase of 15% in local
currency.
In France, successes in unit linked assurance continued, and new
sales more than doubled compared with the same period a year
ago. In Germany new sales were low during the second quarter,
similar to the rest of the market. During third quarter the
company is showing a slight recovery, with new sales rising 6%
in local currency over the second quarter. Unit linked
assurance premiums in Germany continued to develop well and rose
by 35% in local currency during January-September compared to
the same period last year. New sales in Italy experienced a
continued favorable trend during the third quarter, rising 90%
in local currency compared with the same quarter a year ago.
Mutual fund deposits rose a full 49% in local currency during
the period January-September, to SEK10.2 billion (6.5), mainly
attributable to Spain and Colombia. Mutual fund deposits in
Spain rose 131% in local currency during the third quarter,
compared with the same quarter a year ago. After a very strong
growth in mutual funds deposits from new distribution channels
in Spain during the second and third quarters, the strong growth
rate is expected to level off during fourth quarter.
Nordic
Combined premiums and deposits for the Nordic division
(excluding Skandia Liv) amounted to SEK10.7 billion (9.0) during
the period January-September. Unit linked assurance premiums
written rose 21% in local currency, to SEK8.1 billion
(6.7).
The trend from the second quarter in Sweden is continuing, and
new sales of unit linked assurance rose 15% during the period
January-September. New sales in Sweden during the third quarter
alone totaled SEK0.4 billion (0.3), an increase of 38% compared
with the same quarter in 2004. In the key corporate clients
segment, new sales rose 31%, while new sales in the private
segment rose 68%.
Mutual fund deposits rose 15% during the period January-
September, as a result of continued favorable performance by
Skandia Fonder.
Skandia Liv
Premiums written by Skandia Liv in Sweden amounted to SEK3.4
billion during the third quarter, compared with SEK2.6 billion
in the same period a year ago. New sales during the third
quarter totaled SEK0.6 billion, an increase of 49% compared with
the same quarter a year ago. The increase is mainly
attributable to higher new sales in the "kapitalpension" and
occupational pensions segments.
Premiums written during the period January-September amounted to
SEK9.7 billion (8.7). New sales totaled SEK1.8 billion,
compared with SEK1.5 billion during the same period a year ago.
Skandia's interim report for the period January-September 2005
will be released on 17 November 2005.
CONTACT: SKANDIA INSURANCE COMPANY LTD.
Sveavagen 44
S-103 50 Stockholm, Sweden
Phone: +46-8-788-1000
Fax: +46-8-788-3080
Web site: http://www.skandia.com
Bjorn Bjornsson
Vice Chairman
Phone: +46-8-788 25 00
Jan-Mikael Bexhed
General Counsel
Phone: +46-8-788 25 00
=====================
S W I T Z E R L A N D
=====================
ABB LTD.: Everest Settles Insurance Dispute with CE
---------------------------------------------------
Combustion Engineering, Inc., asks the U.S. Bankruptcy Court for
the District of Delaware for authority to enter into a
settlement agreement and complete policy release with Everest
Reinsurance Company, fka Prudential Reinsurance Company.
The Debtor is a defendant in a large number of asbestos-related
personal injury lawsuits pending in various parts of the United
States. Approximately 409,000 asbestos-related claims have been
filed against Combustion.
Everest Reinsurance issued eleven excess general liability
insurance policies to the Debtor. Combustion believes that the
insurer has substantial obligations to pay liability incurred in
connection with the asbestos claims subject to the aggregate
limits of the policies. Also, the Debtor believes Everest has
potential obligations to the extent there are Asbestos Claims
against it not subject to the aggregate policy limits.
To resolve coverage disputes, the Debtor commenced a lawsuit
against various insurers in the Delaware Bankruptcy Court
[Combustion Engineering, Inc., et al v. Allianz Ins. Co., et
al., Adv. Proc. No. 03-57275]. The case is pending in the
Bankruptcy Court.
Settlement Agreement
To avoid a costly and lengthy litigation, Everest and Combustion
entered into a settlement agreement. Under the agreement,
Everest will pay $17,900,000 to Combustion. Also, the Debtor
has designated Everest as a Settling Asbestos Insurance Company.
The Settlement Agreement will be nullified if any of these will
occur, the entry of a final order:
(1) confirming the Debtor's Plan of Reorganization;
(2) declaring that Everest is not a Settling Asbestos
Insurance Company or omitting Everest from the list of
Settling Insurance Companies; or
(3) prior to Plan Effective Date, finding that the Settlement
Agreement is not sufficiently comprehensive to warrant
treatment under Section 524(g) of the Bankruptcy Code;
(4) denying the Settlement Agreement;
(5) converting the chapter 11 reorganization into a chapter 7
liquidation proceeding; or
(6) dismissing the chapter 11 case before a confirmation order
is entered.
Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group. ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in
more than 100 countries and employs about 103,000 people.
Combustion Engineering filed for chapter 11 protection on Feb.
17, 2003 (Bankr. D. Del. Case No. 03-10495). Curtis A. Hehn,
Esq., at Pachulski Stang Ziehl Young & Jones and Jennifer Mo,
Esq., at Kirkpatrick & Lockhart Nicholson Graham represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it estimated more than $100
million in assets and debts.
CONTACT: ABB LTD.
Affolternstrasse 44
CH-8050 Zurich, Switzerland
Investor Relations
Switzerland
Phone: +41 43 317 7111
Sweden
Phone: +46 21 325 719
USA
Phone: +1 203 750 7743
ABB LTD.: Net Income Nearly Doubles to US$188 Million
-----------------------------------------------------
2005 Q3 key figures
(unaudited)
US$ in millions Q3 05 Q3 04[1] Change[2]
Orders Group 5,740 4,993 15%
Power Technologies 2,724 2,093 30%
Automation Technologies 2,982 2,728 9%
Revenues Group 5,648 5,005 13%
Power Technologies 2,426 2,108 15%
Automation Technologies 2,944 2,667 10%
EBIT[3] Group 458 253 81%
Power Technologies 219 116 89%
Automation Technologies 323 266 21%
Non-core activities 11 (20)
Corporate (95) (109)
EBIT margin Group 8.1% 5.1%
Power Technologies 9.0% 5.5%
Automation Technologies 11.0% 10.0%
Income (loss) from discontinued operations(50) 3
Net income 188 98
Basic net income per share 0.09 0.05
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the oil, gas and
petrochemicals business to continuing operations, and of other
activities to Discontinued operations
[2] In U.S. dollars
[3] Earnings before interest and taxes
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
ABB's orders, revenues and earnings before interest and taxes
(EBIT) rose sharply in the third quarter of 2005 compared to the
same quarter in 2004 as a result of operational improvements and
buoyant markets. Group EBIT rose 81 percent to US$458 million
and net income almost doubled to US$188 million.
"ABB turned in a very strong third-quarter performance," said
Fred Kindle, ABB President and CEO. "Operational improvements
and our lead position in key markets produced solid order and
revenue growth, and a group EBIT margin of 8.1%.
"In view of the positive market conditions and the expected
results from our strong focus on execution, we're on track to
hit or exceed the top end of our 2005 group EBIT margin target,"
Kindle said.
The Power Technologies (PT) division reported an 89-percent
increase in EBIT, raising its margin to 9.0% from 5.5% in the
year-earlier period, as both the product and systems business
areas improved earnings. The Automation Technologies (AT)
division increased EBIT by 21%, reflecting further operational
improvements.
Net income rose sharply despite approximately US$70 million in
non-operational charges in discontinued operations and finance
expense. Cash flow from operating activities amounted to US$387
million in the quarter, including a negative impact of US$246
million from reduced securitization activities.
The company cut net debt to US$866 million and further decreased
financial obligations by repaying maturing bonds and reducing
some securitization activities.
Third-quarter Market Overview
The economic environment for ABB's businesses remained positive
in the third quarter of 2005. In the power sector, utilities in
Asia continued to invest in new infrastructure. In the Middle
East, high oil prices fueled industrial development and the
corresponding need for power infrastructure. Demand was also
strong in the Americas and Europe, where utilities are replacing
aging equipment and upgrading grid systems.
Most of ABB's industrial customer segments continued to increase
investments, mainly to improve the performance of existing
assets. Greenfield industrial investments continued to take
place primarily in Asia. High oil prices and bottlenecks in
refining drove investments in the oil and gas sector. The
marine sector also experienced strong growth. Investments in
the pulp and paper sector remained at low levels in most regions
while robotics demand in the automotive sector softened as
expected. Construction markets remained weak in Europe but grew
in Asia.
Summary of Third-quarter 2005 Results
This strong economic environment in the third quarter, coupled
with ABB's leading position in high-growth market sectors and
regions, was reflected in a 15% increase in orders received
(local currencies: 14%) to US$5,740 million, with increases in
both base orders (less than US$15 million) and large orders
(more than US$15 million). Base orders grew to US$4,972
million, up 11% (local currencies: 10%) compared to the same
period in 2004. Large orders increased by 47% (local
currencies: 43%) to US$768 million, with most of the increase
coming from the power systems business.
In both the Middle East and Africa and the Americas, demand for
power infrastructure helped to lift orders during the quarter.
Orders in the Middle East and Africa almost doubled (local
currencies: up 90 percent) to US$724 million, while orders in
the Americas rose 15% (local currencies: 11%) to US$1,173
million, driven mainly by South America where both divisions
increased orders received.
Orders in Europe were 10% lower (local currencies: 9%) at
US$2,291 million. Orders in western Europe were unchanged from
the year-earlier period, while orders from eastern Europe
decreased due to a reduction in large orders compared to the
same quarter in 2004. In Asia, orders grew 46% (local
currencies: 43%) to US$1,552 million, again led by growth in
both divisions in China and India.
The order backlog for the group, including Non-core activities,
at the end of the third quarter of 2005 was US$12,915 million,
unchanged compared to the end of the second quarter of 2005
(local currencies: up 3%). The combined order backlog for the
two divisions amounted to US$12,292 million at the end of
September 2005, up 3% compared to the end of June 2005 (local
currencies: 4%).
Revenues in the third quarter amounted to US$5,648 million, an
increase of 13% (local currencies: 12%), primarily the result of
higher volumes, although some price increases were achieved,
especially in power products with a high raw materials content.
EBIT was US$458 million in the third quarter of 2005, up 81%
compared to the same period in 2004. Higher revenues, ongoing
productivity improvements, including further reductions in
corporate costs, and cost migration to low-cost countries in
both divisions contributed to the improvement. EBIT from Non-
core activities improved by US$31 million as a result of higher
earnings in the oil, gas and petrochemicals business and lower
losses in Building Systems.
As a result, the EBIT margin in the third quarter rose to 8.1%
from 5.1% in the same quarter of 2004.
Finance net1 was an expense of US$55 million in the third
quarter, compared to an expense of US$29 million recorded in the
third quarter of 2004. Interest and other finance expense in
this year's quarter included a net negative impact of US$18
million from a number of exceptional items, the largest of which
was an adjustment in the fair value calculation of hedged bonds
issued in 2002.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1 Finance net is the difference between interest and dividend
income and interest and other finance expense
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The loss in Discontinued operations amounted to US$50 million,
including a US$26-million loss related to the planned sale of a
portfolio of finance leases in Finland and a US$23-million
expense on the mark-to-market treatment of the approximately 30
million ABB shares reserved to cover part of the company's
asbestos liabilities (please refer to the table in Appendix I to
this release for more information).
Despite the negative impact from Discontinued operations and
finance expense, ABB's net income for the third quarter
increased to US$188 million from US$98 million in the same
period in 2004.
Balance Sheet
Net debt (total debt less cash and marketable securities) was
US$866 million at the end of the third quarter of 2005, compared
to approximately US$1.2 billion at the end of the second quarter
of 2005. Positive cash flows in the third quarter, despite the
negative impact of reduced securitization, were the main
contributors to the lower net debt.
Gearing, defined as total debt divided by total debt plus
stockholders' equity (including minority interest), was reduced
to 56% at the end of September 2005, from 59% at the end of the
previous quarter. Contributing to the decrease was the positive
net income in the quarter and the repayment of approximately
US$200 million in maturing bonds during the third quarter of
2005.
Total debt of approximately US$170 million in the lease
portfolio that ABB intends to divest was reclassified in the
balance sheet from borrowings to Liabilities held for sale and
in discontinued operations.
In addition, outstanding bonds with a nominal value of 392
million Swiss francs were repurchased at the beginning of
October 2005. The transaction is expected to result in an
expense of US$17 million on the income statement in the fourth
quarter of 2005 to reflect the premium paid by ABB above the
book value of the bonds.
Cash flow from Operating Activities
Net cash generated from operating activities for the group in
the third quarter of 2005 amounted to US$387 million, compared
to US$322 million for the same period in 2004. Reduced
securitization negatively affected cash flow from operations by
US$246 million in the third quarter of 2005, and by US$16
million in the third quarter of 2004. Excluding the impact of
reduced securitization in both quarters, cash flow from
operations increased by US$295 million from the same quarter
last year. The reduction of securitization activities in the
group decreased cash flow from operations over the first nine
months of 2005 by more than US$400 million.
Asbestos
Following a hearing on September 28, 2005, before the U.S.
Bankruptcy Court in Pittsburgh, Pennsylvania, ABB and all other
parties filed with the court a consensual proposed confirmation
order with respect to the Combustion Engineering revised plan of
reorganization. The revised plan is based on an agreement in
March 2005 with various asbestos claimants, and was subsequently
approved in a vote by more than 95% of claimants.
The company is currently awaiting the issuance of the
confirmation order by the Bankruptcy Court.
In a parallel asbestos-related process, claimants to a pre-
packaged Plan of Reorganization for another U.S. subsidiary, ABB
Lummus Global Inc., participated in a preliminary vote, which
was completed in September 2005 with 96% of claimants voting in
favor of the plan.
Publication of 2005-2009 Targets and New Executive Management
On September 6, 2005, ABB published new performance targets for
the period 2005 to 2009. The targets cover revenue growth, EBIT
margin, net margin, free cash flow conversion and return on
capital employed. In connection with the new targets, ABB also
announced that the two core divisions, Power Technologies and
Automation Technologies, will be eliminated, and their
respective business areas will become the new divisions,
effective January 1, 2006. As a result, a number of changes to
the company's executive management were also announced. Please
refer to Appendix II to this press release for more information.
Delisting of Shares in London and Frankfurt
ABB announced on August 4, 2005, its intention to delist its
shares from trading on the Frankfurt Stock Exchange (FWB) and
the London Stock Exchange (LSE). ABB made the decision because
the average daily trading volume of its shares on the FWB and
the LSE has become insignificant over the past three years. The
delisting process at the LSE was completed on September 2, 2005.
The FWB delisting is expected to be complete on December 21,
2005.
Group Outlook
At the end of June 2005, ABB adjusted its EBIT margin guidance
for 2005 to 6.6-7.1% for the group and to 6.8-7.3% for the Power
Technologies division. The company reconfirmed the 10.7% EBIT
margin target for the Automation Technologies division.
ABB continues to make good progress towards the previously
communicated guidance on corporate costs (US$450 million or less
for the full year 2005) and the operational performance of Non-
core activities (break-even for the full year 2005).
In view of the ongoing positive market conditions and the
expected results from ABB's strong focus on execution,
management believes the company is on track to reach or exceed
the top end of the 2005 group EBIT margin target communicated in
June.
Divisional performance Q3 2005
Power Technologies
(unaudited)
US$ in millions
(except where indicated) Q3 2005 Q3 2004[1] Change
Orders 2,724 2,093 30%
Revenues 2,426 2,108 15%
EBIT 219 116 89%
EBIT margin 9.0% 5.5%
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the move of activities to Discontinued
operations
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Higher base orders in both business areas and a strong increase
in large orders in the systems business led to a 30% increase in
orders received for the Power Technologies division in the third
quarter of 2005 (local currencies: 28%).
In the Power Technology Products business area, orders were
higher across all major business lines, led by medium-voltage
products. Regionally, orders grew strongest in the Americas and
the Middle East. Investments in Europe to replace existing
equipment remained at modest levels and orders in the region
increased slightly in dollars and local currencies, mainly in
eastern Europe. Orders in Asia increased in dollars and local
currencies, again led by China and India.
In Power Technology Systems, orders received were up by more
than 40% in both dollars and local currencies in the third
quarter, mainly the result of large orders in the Middle East
and higher base orders. Orders increased in Asia (flat in local
currencies), with lower orders in China offset by an increase in
India. Orders in both North and South America were up in
dollars and local currencies, while European orders also
increased in dollars and local currencies as growth in the large
western European market more than offset lower large orders in
eastern Europe.
Revenues in PT in the quarter increased 15% compared to the
year-earlier period (local currencies: up 13%) as a result of
higher base order volumes and the revenue impact of large
systems orders booked in 2004.
Third-quarter EBIT grew 89% versus the year-earlier period and
was up in both business areas. The increase was partly the
result of higher revenues in the product, systems and service
businesses. In addition, continuing productivity improvements
and supply management initiatives, including higher levels of
sourcing from low-cost countries, led to a significant EBIT
margin improvement in the product business. The systems
business also contributed to the earnings growth through higher
margins out of the order backlog. Higher raw materials prices
did not have a negative effect on EBIT in the third quarter due
to price increases and other measures taken since the beginning
of the year.
The division's third-quarter EBIT this year included costs of
US$14 million related to the ongoing consolidation of the
transformer business, announced at the end of June 2005. The
consolidation program is expected to cost approximately US$240
million from 2005 to 2008, with about US$120 million expected in
2005. So far this year, US$80 million in charges have been
recorded for the program.
The EBIT margin for the Power Technologies division in the
quarter increased to 9.0% from 5.5% in the third quarter of
2004.
Cash flow from operating activities in the quarter amounted to
US$225 million, compared to US$67 million in the same quarter in
2004. The increase resulted from higher earnings and customer
advances, and improved payment terms. Cash flow in the third
quarter of 2005 improved despite a negative impact of US$51
million from reduced securitization activities.
Automation Technologies
(unaudited)
US$ in millions
(except where indicated) Q3 2005 Q3 2004[1] Change
Orders 2,982 2,728 9%
Revenues 2,944 2,667 10%
EBIT 323 266 21%
EBIT margin 11.0% 10.0%
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the move of activities to Discontinued
operations.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Higher orders received in Automation Technologies reflect the
ongoing positive development in most of ABB's industrial end
markets in the third quarter of 2005. Order growth in
Automation Products and Process Automation -- especially an
increase in base orders of more than 10 percent in dollars and
local currencies -- more than compensated for lower orders in
Manufacturing Automation.
The increase in orders in the Automation Products business area
was seen across most product lines and all regions. The
strongest growth was in Asia, mainly China and India, reflecting
continued economic growth in those countries. In the Americas,
orders increased in both South America and in the U.S. in
response to higher demand in most industrial sectors and the
construction industry. Orders were also higher in the large
western European market, in line with the region's economic
growth, and were up more than 10% in eastern Europe in both
dollars and local currencies.
In Process Automation, orders improved in dollar and local
currency terms in the third quarter compared to the same quarter
in 2004. Order growth was led by the marine, service and
turbochargers businesses. Process Automation orders in Asia
more than doubled compared to the same quarter a year ago as
continued steady growth in India was augmented by a return to
order growth in China and an oil refinery order in Thailand of
more than US$100 million. Orders in the Americas were lower,
with flat growth in North America and a decrease in South
America. Orders decreased in western Europe compared to a very
strong third quarter in 2004. Orders in eastern Europe were
lower compared to the same period in 2004 during which a large
order was booked in Poland.
Orders were lower in Manufacturing Automation, reflecting the
decrease in new vehicle platforms that are the primary demand
driver for robotics products and systems in this business.
Weakness in the U.S. automotive market also reduced orders
received. Orders were higher in both eastern and western Europe
and unchanged in Asia.
Revenues in AT rose 10% (local currencies: 9%) compared to the
third quarter of 2004. Revenues were higher in all business
areas, mainly reflecting higher volumes. Revenues in
Manufacturing Automation increased by more than 20% in both
dollars and local currencies, reflecting revenues on large
orders from an automaker in the U.S. announced in 2004.
The Automation Technology division's EBIT grew 21% versus the
same quarter in 2004. It was the twelfth consecutive quarter of
higher EBIT and revenues for AT. EBIT growth was strongest in
Process Automation, reflecting higher quality in the project
portfolio, continuing productivity gains and the effects of cost
migration efforts in addition to higher revenues. EBIT also
improved in Automation Products on higher revenues, improved
factory loading, cost migration and productivity improvements.
EBIT increased in Manufacturing Automation as a result of higher
revenues.
The division's EBIT margin increased to 11.0% from 10.0% in the
third quarter of last year.
Cash flow from operations for the division amounted to US$102
million compared to US$239 million in the third quarter of 2004.
Cash flows from higher earnings in the third quarter of 2005
were partly offset by a negative impact of US$283 million from
reduced securitization activities.
Non-core activities
(unaudited) EBIT
(US$ in millions) Q3 2005 Q3 2004[1]
Oil, gas and petrochemicals 15 (9)
Building Systems (5) (12)
Equity Ventures 12 9
Other non-core activities[2] (11) (8)
Total 11 (20)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the oil, gas and
petrochemicals business to continuing operations, and of other
activities to Discontinued operations
[2] Comprises mainly remaining Structured Finance and New
Ventures activities
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
The oil, gas and petrochemicals business, ABB Lummus Global,
rebounded to a profit in the third quarter compared to the year-
earlier period as a result of further margin improvements in its
large project business, and the non-recurrence of the 2004
losses in its now divested floating production systems business.
Corporate
(unaudited) EBIT
(US$ in millions) Q3 2005 Q3 20041
Headquarters/stewardship (67) (84)
Research and development (24) (23)
Other[2] (4) (2)
Total (95) (109)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Adjusted to reflect the reclassification of the oil, gas and
petrochemicals business to continuing operations, and of other
activities to Discontinued operations
[2] Includes consolidation effects, real estate and treasury
services
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Headquarters and stewardship costs decreased as local and Zurich
head office costs were further reduced in line with the
previously announced corporate cost reduction program.
Investor calendar 2006
Q4 and full-year 2005 results February 16, 2006
Q1 2006 results April 27, 2006
ABB Ltd. Annual General Meeting May 4, 2006
Q2 2006 results July 27, 2006
Q3 2006 results October 26, 2006
ABB Ltd. -- http://www.abb.com-- is a leader in power and
automation technologies that enable utility and industry
customers to improve performance while lowering environmental
impact. The ABB Group of companies operates in around 100
countries and employs about 103,000 people.
See appendix at http://bankrupt.com/misc/ABB(3QAppendix).htm
CONTACT: ABB LTD.
Affolternstrasse 44
CH-8050 Zurich, Switzerland
Investor Relations
Switzerland
Phone: +41 43 317 7111
Sweden
Phone: +46 21 325 719
USA
Phone: +1 203 750 7743
GMAC: Ba1/Baa3 Ratings Remain Under Review
------------------------------------------
Moody's Investors Service lowered the long-term rating of
General Motors Corporation (GM) to B1 from Ba2. The outlook is
negative. The Ba1 rating of General Motors Acceptance
Corporation (GMAC) and the Baa3 rating of Residential Capital
Corporation remain under review with direction uncertain.
The GM downgrade reflects greater uncertainty as to GM's ability
to implement a comprehensive restructuring program, stem eroding
market share, rebuild North American profitability, and achieve
positive free cash flow quickly enough to meet the financial
metrics previously defined by Moody's for maintenance of its Ba2
rating. Moreover, factors that could create additional
uncertainty include: risk of supply disruptions if actions by
Delphi to reduce its costs lead to UAW job actions; potential
implications of the recently announced SEC investigations; and
any actions that GM might need to take to address the interests
of key shareholders.
The ongoing erosion of GM's competitive position and market
share is evident in the company's significant third quarter
operating loss, which contributed to $6.6 billion of cash
consumption for the nine months ended September 30th. The
company anticipates that the scheduled launch of its new T900
trucks and SUVs will provide opportunity for improved market
share and financial performance. However, in an environment
where consumer preferences are shifting toward more fuel
efficient vehicles, the market acceptance of this new line of
vehicles is less certain, and may not enable the company to
fully recover the considerable investment made to develop,
produce and launch the project.
At the same time, GM continues to face a significant competitive
cost disadvantage because of a burdensome North American wage
and benefit structure within its own operations and those of its
major supplier, Delphi Corporation. While the company has
recently reached a tentative agreement with the UAW to
significantly reduce its retiree healthcare costs, the cash flow
benefits of this proposed plan are unlikely to be realized
before 2008.
Moreover, further cost reduction initiatives are likely to be
needed in order for GM to achieve a competitive cost structure
in North America. Further restructuring actions would likely
require a large use of cash in order to fund employee separation
costs. Continued operating cash deficits together with any cash
payments related to the Delphi reorganization could further
pressure liquidity.
A potential offset to these liquidity requirements is GM's plan
to monetize a portion of its GMAC investment, and the B1 rating
anticipates that GM will be successful in selling a majority
stake in GMAC. Dividends received from GMAC have been a major
source of cash to GM and have provided a lift to its credit
metrics. The potential reduction in dividends from GMAC due to
a partial sale would contribute to a longer-term erosion of the
company financial profile. Despite this erosion, the sale plays
a critical role in GM's financial strategy. The transaction
will boost liquidity available to fund GM's operating and
restructuring requirements, and will enhance GMAC's value by
improving its capital structure and funding cost. Consequently,
Moody's believes that a failure to complete the sale would
require further adjustment to the company's strategy and could
result in additional downward pressure on the rating.
The negative outlook reflects Moody's view that GM continues to
face a number of near-term challenges that could further
pressure the rating. GM remains vulnerable to any work actions
or strikes that might occur at Delphi as a result of the
supplier's attempt to reduce labor costs. Any interruption of
supply arrangements with Delphi would be highly disruptive for
GM. Beyond this, failure to achieve material incremental labor
cost reductions over the intermediate term could require the
company to pursue other strategic initiatives that could have
further negative rating implications.
The SEC inquiry into certain GM accounting practices could
distract management's attention from implementing needed
restructuring actions. Moody's further notes that SEC
investigations have, in a number of circumstances, resulted in
various companies electing to delay the filing of their
financial statements, resulting in their inability to comply
with lending agreement covenant requirements. While GM has not
indicated any delay in its financial reporting related to the
SEC investigation, such an event would be viewed negatively from
a rating perspective. Moreover, it would be viewed negatively
if developments relating to the investigation interfered with
the company's ability to sell a majority interest in GMAC.
Moreover, depending on developments in the investigation, the
company's ability to file financial statements in a timely
manner and thereby remain in compliance with covenant provisions
of various lending agreements could be jeopardized.
Developments in the inquiry could also interfere with the
company's near-term ability to sell a majority interest in GMAC.
The company's SGL-1 Speculative Grade Liquidity Rating considers
that as GM contends with market and competitive challenges, it
will benefit from US$19 billion of cash and US$16 billion in
long-term Voluntary Employees' Beneficiary Association (VEBA)
balances. These resources, along with proceeds from the
potential sale of a majority stake in GMAC, should provide
critical liquidity through 2007.
In order to maintain the parent company's B1 rating, GM's
automotive operations, excluding any earnings or dividend
contribution from GMAC, will have to remain on track for
generating interest coverage exceeding 1.5 times, EBIT margin of
over 2%, and positive free cash flow by 2007. The following
areas are the principal drivers of GM's ability to implement
longer-term recovery:
(a) Near term finalization of the proposed UAW agreement to
reduce health care costs, and laying the groundwork for
productive negotiations with the UAW regarding the 2007
contract negotiation;
(b) Achieving component cost reductions including a supply
agreement with Delphi that materially reduces the current $2
billion cost penalty;
(c) Avoiding operational disruptions stemming from Delphi's
restructuring, and minimizing obligations associated with
its guarantee of certain Delphi pension and health care
benefits;
(d) Rebuilding market share including establishing market
acceptance and reasonable pricing for the T900 series;
(e) Completing the sale of a majority interest in GMAC;
(f) Maintaining strong liquidity; and
(g) Resolving the SEC investigation in a manner that does not
delay release of or necessitate material adjustments to its
financial statements.
Consistent progress in these areas could stabilize GM's rating
outlook and lay the groundwork for a credit recovery.
Conversely, set backs could result in further rating downgrades.
GMAC's Ba1 long-term rating, which was placed under review with
direction uncertain on October 17, 2005, is not affected by the
downgrade in GM's ratings. GMAC's Not-Prime short term rating,
currently under review for possible upgrade, is also not
affected by the GM rating action.
Moody's believes GM to be aggressively pursuing its previously
announced intention to sell a controlling stake in GMAC. The
outcome of a successful transaction would likely lead to a
separation of GMAC's ratings from those of GM, assuming the
strategic partner exhibits sufficient financial and managerial
strength and strategic alignment with GMAC's auto and mortgage
finance franchises.
Moody's believes GMAC's stand-alone credit profile would
currently warrant a low-Baa long-term rating, based upon GMAC's
franchise strength and reasonable credit metrics, balanced by
its sizeable direct and indirect exposure to GM. Moody's has
noted that should GMAC's new strategic partner exhibit both an
ability and willingness to support the enterprise, there could
ultimately be positive implications for GMAC's ratings beyond
its current stand-alone low-Baa credit profile.
Moody's notes that there is uncertainty regarding the outcome of
GM's plans for the sale of a controlling stake in GMAC. A
transaction this large and complex necessarily entails execution
risk. In maintaining the current Ba1 long-term rating, on
review with direction uncertain, Moody's is assuming that a
transaction is likely to be completed. If Moody's believes that
a successful outcome is less likely as events develop, Moody's
could lower GMAC's ratings in the interim. If GM is ultimately
unable to consummate its plans in such a way as to achieve
ratings separation for GMAC, Moody's would likely re-link GMAC's
long-term rating with the long-term rating of GM.
The number of notches of rating differential between the GMAC
ratings and the GM ratings would be evaluated at that time.
Moody's said that it has historically maintained a one-notch
differential between the firms' long-term ratings. This has
been based upon Moody's belief that GMAC's unsecured creditors
benefit from (a) to a limited degree, a lower likelihood of
default between the two firms, and (b) to a much greater degree,
reduced severity of loss upon default, relative to GM unsecured
creditors.
General Motors Corporation, headquartered in Detroit, Michigan,
is the world's largest producer of cars and light trucks. GMAC,
a wholly owned subsidiary of GM, provides retail and wholesale
financing in support of GM's automotive operations and is one of
the world's largest non-bank financial institutions.
CONTACT: MOODY'S INVESTORS SERVICE (NEW YORK)
Michael J. Mulvaney, Managing Director
Corporate Finance Group
Phone: (Journalists) 212-553-0376
(Subscribers) 212-553-1653
J. Bruce Clark, Senior Vice President
Corporate Finance Group
Phone: (Journalists) 212-553-0376
(Subscribers) 212-553-1653
===========
T U R K E Y
===========
TURKIYE VAKIFLAR: Ratings Upgraded to 'BB-'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings upgraded Turkiye Vakiflar Bankasi's Long-term
foreign and local currency ratings to 'BB-' from 'B+'.
Following the upgrade, the Outlook is now Stable. At the same
time, the agency has upgraded Vakifbank's Individual rating to
'C/D' from 'D' and its National Long-term rating to 'A(tur)'
from 'A-' (tur)'. Its other ratings are affirmed at Short-term
foreign and local currency 'B' and Support '4'. Following the
upgrade, the Outlook on the Long-term National rating remains
Stable.
The upgrades reflect Vakifbank's improved franchise in the
Turkish banking system, better capitalization, good efficiency
and enhanced earnings. Core profitability continued to improve
with increased loan activity, stronger net fee and commission
income, proceeds from collection of non-performing loans (NPLs)
and gains on sales of non-core assets. Larger free capital as a
result of reduced non-core assets also contributed to higher
margins. This was partially offset by lower income contribution
from government securities.
The bank's cost-to-income ratio compares well with most of its
Turkish peers. Its consolidated Tier 1 capital ratio equaled
16.77% at end-H105 (2004: 15.92%, 2003: 12.61%). The bank
continued to increase its market shares in deposits and assets
and has a stable core deposit base. These positive factors are
balanced by a high exposure to government securities and still
mediocre, albeit improving, asset quality. NPLs stood at 9.4%
of end-H105 of gross loans (2004: 9.5%, 2003: 16.5%) with total
reserve coverage of 107%, including specific and general
reserves.
Established in 1954, Vakifbank was the fifth largest bank in
Turkey by total assets at end-H105. The General Directorate of
Foundations directly and indirectly owns 75% of the bank. GDF is
a non-profit, public institution that manages many of Turkey's
charitable foundations. Vakifbank's IPO is planned in November
2005, which will result in higher capital. Vakifbank provides
corporate, commercial, retail and investment-banking services.
A detailed credit report on Vakifbank will shortly be available
at http://www.fitchresearch.com
CONTACT: TURKIYE VAKIFLAR BANKASI
Web site: http://www.vakifbank.com.tr/
Gulcin Orgun, Istanbul
Phone: +90 212 279 10 65
Banu Cartmell, London
Phone: +44 207 417 4373
Ed Thompson, New York
Phone: +1 212 908 0364
Media Relations:
Jon Laycock, London
Phone: +44 20 7417 4327
=============
U K R A I N E
=============
KRAKOVETS-GLONIK: Declared Insolvent
------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Auto Port Krakovets-Glonik (code EDRPOU
30123374) on September 20, 2005 after finding the close joint
stock company insolvent. The case is docketed as 6/5-4/3. Mr.
Gula Yaroslav (License Number AA 419202) has been appointed
liquidator/insolvency manager.
CONTACT: AUTO PORT KRAKOVETS-GLONIK
81033, Ukraine, Lviv region,
Yavorivskij district, Krakovets,
Shuhevicha Str. 4
GULA YAROSLAV
Liquidator/Insolvency Manager
79005, Ukraine, Lviv region,
Ivan Franko Str. 9
ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv region,
Lichakivska Str. 81
KRONOS LTD.: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Scientific-Production Firm Kronos
Ltd. (code EDRPOU 13478341). The case is docketed as 42/131 B.
Ms. Natalya Vishnevska (License Number AA 668268) has been
appointed temporary insolvency manager. The company holds
account number 26001980855 at Ukrsocbank, Donetsk regional
branch, MFO 33401.
CONTACT: KRONOS LTD.
83112, Ukraine, Donetsk region,
Gorlivska Str. 2
NATALYA VISHNEVSKA
Temporary Insolvency Manager
83000, Ukraine, Donetsk region,
Komsomolskij Avenue 15/39
ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
LAN: Court Appoints Insolvency Manager
--------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Lan (code EDRPOU 23999934) on September 12,
2005 after finding the limited liability company insolvent. The
case is docketed as 12/51-05. Mr. Sergij Vasilets (License
Number AB 216824) has been appointed liquidator/insolvency
manager.
CONTACT: LAN
42218, Ukraine, Sumi region,
Lebedin district, Mihajlivka, Trihliba Str. 10
SERGIJ VASILETS
Liquidator/Insolvency Manager
42200, Ukraine, Sumi region,
Lebedin, Petrenko Str. 44
ECONOMIC COURT OF SUMI REGION
40030, Ukraine, Sumi region,
Shevchenko Avenue 18/1
LIZNIKIVSKIJ GRANIT: Succumbs to Insolvency
-------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Liznikivskij Granit (code EDRPOU 30597915)
on September 29, 2005 after finding the open joint stock company
insolvent. The case is docketed as 3/144 b. Mr. O. Krutous
(License Number AA 630050) has been appointed
liquidator/insolvency manager.
CONTACT: LIZNIKIVSKIJ GRANIT
12135, Ukraine, Zhitomir region,
Volodarsko-Volinskij district,
Chervonogranitne, Lenin Str. 1
O. KRUTOUS
Liquidator/Insolvency Manager
10014, Ukraine, Zhitomir region,
Peremogi Str. 29
ECONOMIC COURT OF ZHITOMIR REGION
Ukraine, Zhitomir region,
Putyatinski Square 3/65
PROEKT: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Proekt (code EDRPOU 30490185) on
August 16, 2005. The case is docketed as 6/79-05. Mr. Igor
Filenko (License Number AA 783139) has been appointed temporary
insolvency manager. The company holds account number
26068000240001 at JSCB Nadra, Ohtirka branch, MFO 337331.
CONTACT: PROEKT
42700, Ukraine, Sumi region,
Ohtirka, Zhovtneva Str. 31
ECONOMIC COURT OF SUMI REGION
40030, Ukraine, Sumi region,
Shevchenko Avenue 18/1
PROMINVESTCENTRE: Goes into Liquidation
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Prominvestcentre (code EDRPOU 20033378) on
September 20, 2005 after finding the company insolvent. The
case is docketed as 15/614-b. Ms. Tetyana Kravchenko has been
appointed liquidator/insolvency manager.
CONTACT: PROMINVESTCENTRE
03055, Ukraine, Kyiv region,
Peremogi Avenue 25/109
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard 44-B
UROZHAJ: Liquidator Takes over Operations
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Urozhaj (code EDRPOU 30880630) on September
15, 2005 after finding the limited liability company insolvent.
The case is docketed as 2/42-05. Mr. Sergij Vasilets (License
Number AB 216824) has been appointed liquidator/insolvency
manager.
CONTACT: UROZHAJ
42220, Ukraine, Sumi region,
Lebedin district, Shepetivka
SERGIJ VASILETS
Liquidator/Insolvency Manager
42200, Ukraine, Sumi region,
Lebedin, Petrenko Str. 44
ECONOMIC COURT OF SUMI REGION
40030, Ukraine, Sumi region,
Shevchenko Avenue 18/1
===========================
U N I T E D K I N G D O M
===========================
A. & A. CLEARANCE: Clothing Wholesaler Winds up
-----------------------------------------------
A. Casper, chairman of A. & A. Clearance Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 17 at Premier Travel Inn, City West Retail Park, Gelderd
Road, Leeds LS12 6LX. J. N. Bleazard of XL Business Solutions
Ltd., 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19
4EW was appointed liquidator.
CONTACT: A & A CLEARANCE LTD.
Woodbottom Mills/Low Hall Rd, Horsforth, LS18 4EF
Phone: 0113-281 8118
XL BUSINESS SOLUTIONS LTD.
Moorlands Business Centre
Balme Road, Cleckheaton, West Yorkshire BD19 4EW
Phone: 01274870101
ADAMS PRECISION: Hires Baker Tilly as Administrator
---------------------------------------------------
Cedric Clapp and Andrew Sheridan (IP Nos 5614, 8839) of Baker
Tilly were appointed joint administrators of Adams Precision
Limited (Company No 00851479) on Oct. 19. Its registered office
is at 23 Leach Road, Chard Business Park, Chard TA20 1EA.
Jack Whitehead founded the company in 1969. Known as Cerdic
Engineering then, it produced precision parts and assemblies for
the medical industry and quick release couplings for the
Ministry of Defense. The company changed its name to Adams
Precision -- http://www.adams-precision.com/-- when it moved to
its present site in 1996.
CONTACT: ADAMS PRECISION LTD.
Leach Road
Chard Business Park
Chard TA20 1FA
Somerset
Phone: 01460 260900
Fax: 01460 260910
E-mail: sales@adams-precision.com
BAKER TILLY
1 Georges Square
Bristol BS1 6BP
Phone: 0117 945 2000
Fax: 0117 945 2001
Web site: http://www.bakertilley.co.uk
ALLSPORTS LTD.: Sold to Rival for GBP18 Million
-----------------------------------------------
Allsports Ltd. administrator BDO Stoy Hayward has sold the
sportswear company as a going concern to rival JD Sports for
GBP18 million, reports say.
John David's group purchased Allsports' remaining 177 stores,
including liabilities. The deal saved 1,850 jobs and the
Allsports brand.
Dermot Power, Matthew Dunham and Simon Michaels were appointed
Joint Administrators of Allsports Limited, Allsports (Retail)
Limited and Allsports.co.uk Limited on 26 September 2005.
Allsports is one of Britain's leading sports goods retailers
with over 260 stores nationwide employing approximately 1,700
staff. A helpline -- 0161 406 1504 -- has been set up to assist
Allsports customers, suppliers and landlords.
Established in June 1996, the sports leisurewear chain has seen
its network grow to 267 stores across the U.K. and turnover from
GBP100 million in 1997 to GBP187 million in 2004.
Profitability, however, has been inconsistent. It earned
GBP17.8 million in 1997 and GBP22.5 million in 1998, but in the
succeeding years profit slipped 40%. In 2002, it booked profit
of over GBP12.5 million, but sank to GBP3.8 million in 2004, its
all-time low.
CONTACT: ALLSPORTS LTD.
50 Volcy Pougnet Str.
Port Louis
Phone: 2088272
Fax: 2104719
Web site: http://www.allsports.co.uk
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
AMERICAN CAR: Hires Administrators from Atherton Bailey
-------------------------------------------------------
Malcolm Peter Fillmore and Ranjit Bajjon (IP Nos 6525, 8756) of
Atherton Baily LLP were appointed joint administrators of
American Car Service Limited (Company No 05270368) on Oct. 17.
CONTACT: AMERICAN CAR SERVICE LTD.
Unit B/D Fridd Farm Industrial Est.
Bethersden, Kent TN26 3DX
Phone: 01233 822233
Fax: 01233 822244
Mobile: 07711 544788
Web site: http://www.americancarservice.co.uk/
ATHERTON BAILY LLP
3-4 The Courtyard, East Park,
Crawley, West Sussex RH10 6AG
ARTTS SKILLCENTRE: Goes into Liquidation
----------------------------------------
E. Sichel, chairperson of Artts Skillcentre Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 10 at David Rubin & Partners, Pearl Assurance
House, 319 Ballards Lane, London N12 8LY. Asher Miller of David
Rubin & Partners, Pearl Assurance House, 319 Ballards Lane,
London N12 8LY was appointed liquidator.
Artts Skillcentre -- http://www.artts.co.uk-- provides 100%
practical, hands-on training for television, film, theatre and
radio. The courses deliver the equivalent of three years
training in one intensive year. They are designed specifically
for aspiring directors, actors and production crew who are
seriously intent on making a career in the entertainment
industry.
CONTACT: ARTTS SKILLCENTRE LTD.
Highfield Grange
Bubwith
Selby
North Yorkshire
England
YO8 6DP
Phone: 01757 288088
Fax: 01757 288253
E-mail: admin@artts.co.uk
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
A T MOUNTFORD: Meeting of Creditors Set Next Week
-------------------------------------------------
Creditors of A T Mountford Limited will meet on November 11,
2005, 11:30 a.m. at Rothman Pantall & Co, Clareville House, 26-
27 Oxendon Street, London SW1Y 4EP.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Robert Derek Smailes and Stephen Blandford Ryman,
joint administrators not later than 12:00 noon, November 10,
2005.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Phone: +44 (0) 20 7930 7272
Fax: +44 (0) 20 7930 9849
E-mail: london@rothman-pantall.co.uk
Web site: http://www.rothman-pantall.co.uk
AUTOCARE DISTRIBUTION: Creditors Meeting Set Mid-November
---------------------------------------------------------
Creditors of Autocare Distribution Limited will meet on November
15, 2005, 10 a.m. at The Midland Manchester, Peter Street,
Manchester M60 2DS.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt clams to John Bruce Cartwright, David Costley-Wood and
Michael Horrocks of PricewaterhouseCoopers LLP, P.O. Box 90,
Erskine House, 68-73 Queen Street, Edinburgh EH2 4NH; and
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW not later than 12:00 noon, November
14, 2005.
CONTACT: PRICEWATERHOUSECOOPERS
101 Barbirolli Square
Lower Mosley Street
Manchester M2 3PW
Greater Manchester
Phone: 0161 247 4330
Fax: 0161 228 3920
AUTOHANDLING LIMITED: Creditors to Meet in Two Weeks
----------------------------------------------------
Creditors of Autohandling Limited will meet on November 15,
2005, 11 a.m. at The Midland Manchester, Peter Street,
Manchester M60 2DS.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to John Bruce Cartwright, David Costley-Wood and
Michael Horrocks, of PricewaterhouseCoopers LLP, PO Box 90,
Erskine House, 68-73 Queen Street, Edinburgh EH2 4NH; and
PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley
Street, Manchester M2 3PW not later than 12:00 noon, November
14, 2005.
CONTACT: PRICEWATERHOUSECOOPERS
101 Barbirolli Square
Lower Mosley Street
Manchester M2 3PW
Greater Manchester
Phone: 0161 247 4330
Fax: 0161 228 3920
BACKGROUND LIMITED: Administrators from Harris Lipman Move in
-------------------------------------------------------------
Freddy Khalastchi and Michaela Joy Hall (IP Nos 8752, 9081) of
Harris Lipman LLP were appointed joint administrators of
Background Limited (Company No 04390820) on Oct. 4. The company
manages theatre production.
CONTACT: HARRIS LIPMAN
2 Mountview Court,
310 Friern Barnet Lane,
Whetstone, London N20 0YZ
Phone: (020) 8446 9000
Fax: (020) 8446 9537
Web site: http://www.harris-lipman.co.uk
BODY-FX LIMITED: Appoints Administrator from Bond Partners
----------------------------------------------------------
T. Papanicola (IP No 005496) of Bond Partners LLP was appointed
administrator of Body-Fx Limited (Company No 03641594) on Oct.
10. The company operates a health and fitness gym.
CONTACT: BODY FX LTD.
Unit 102A London Road
East Grinstead
West Sussex RH19 1EP
Phone: 01342 318449
Fax: 01342 318448
BOND PARTNERS LLP
The Grange
100 High Street
London N14 6TG
Phone: 020 8444 2000
Fax: 020 8444 3400
BSA ADVANCED: Calls in Administrators from Ernst & Young
--------------------------------------------------------
Garry Wilson (IP No 9062) and Alan Michael Hudson (IP No 9200)
of Ernst & Young LLP were appointed joint administrators of BSA
Advanced Sintering Limited (Company No 04818632) on Oct. 17.
The company's registered office is at Shawbank Road, Lakeside,
Redditch, Worcestershire B98 8YN.
BSA Advanced Sintering -- http://www.bsasintering.com/--
manufactures complex sintered net, or near net shape parts for
the automotive industry.
CONTACT: BSA ADVANCED SINTERING LTD.
PO Box 19, Hadleigh Road
Ipswich IP2 0HX
United Kingdom
Phone: 00 (44) 01473 233 300
Fax: 00 (44) 01473 230 424
E-mail: sales@bsasintering.com
ERNST & YOUNG
PO Box 61, Cloth Hall Court
14 King Street, Leeds LS1 2JN
Phone: +44 [0] 113 298 2200
Fax: +44 [0] 113 298 2201
Web site: http://www.ey.com
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
CAPANAC LIMITED: Meeting of Creditors Set Next Week
---------------------------------------------------
Creditors of Capanac Limited will meet on November 11, 2005, 11
a.m. at Express By Holiday Inn, Coal Lane, Stockton-on-Tees TS22
5PZ.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to John Neil Harrison of Harrisons, 23 Yarm Road,
Stockton on Tees TS18 3NJ, and Kenneth Marland of Harrisons,
Springfield House, Springfield Business Park, Springfield Road,
Grantham NG31 7BG not later than 12:00 noon, November 10, 2005.
CONTACT: HARRISONS
E-mail: info@harrisons.uk.com
Web site: http://www.harrisons.uk.com
CHANT MEDIA: Liquidator from Tenon Recovery Enters Firm
-------------------------------------------------------
S. Chant, director of Chant Media Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 14 at Highfield Court, Tollgate, Chandlers Ford, Eastleigh
SO53 3TZ.
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ were appointed Joint Liquidators.
CONTACT: CHANT MEDIA SERVICES LTD.
Carman House, London Road, Hook
Hampshire RG27 9DJ
Phone: 01256763297
TENON RECOVERY
Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ
Phone: 023 8064 6464
Fax: 023 8064 6666
E-mail: southampton@tenongroup.com
Web site: http://www.tenongroup.com
COOLCO LIMITED: Calls in Liquidator
-----------------------------------
G. A. Jackson, chairman of Coolco Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 11 at The Earl of Doncaster Hotel, Bennetthorpe, Doncaster
DN2 6AD.
Tracy Ann Taylor of Abbey Taylor Limited, Blades Enterprise
Centre was appointed liquidator. The appointment was confirmed
at a creditors meeting held the same day.
CONTACT: COOLCO LIMITED
Mill Street Roundabout
Armthorpe, Doncaster DN3 3DH
Phone: 01302 830600
Fax: 01302 830630
E-mail: enquiries@coolcouk.com
Web site: http://www.coolcouk.com/
ABBEY TAYLOR LTD.
The Blade Enterprise Centre
John Street
Sheffield
South Yorkshire S2 4SU
Phone: 0114 292 2402
Fax: 0114 292 2403
E-mail: tracy.taylor@abbeytaylor.co.uk
DOUBLE T GLASS: Files for Liquidation
-------------------------------------
S. Thornton, director of Double T Glass Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 12 at David Horner & Co., Kelham House, Kelham Street,
Doncaster DN1 3RE. David Anthony Horner of David Horner & Co,
Kelham House, Kelham Street, Doncaster DN1 3RE was appointed
liquidator.
CONTACT: DOUBLE T GLASS LIMITED
Unit 3g-3h Lake Enterprise Par
Sandall Stones Road, Doncaster
South Yorkshire DN3 1QR
Phone: 01302888813
EXPERATE LIMITED: Footwear Retailer Goes Bust
---------------------------------------------
T. Papanicola (IP No 005496) of Bond Partners was appointed
administrator of Experate Limited (Company No 04374299) on Oct.
17. The company retails footwear and leather goods.
CONTACT: EXPERATE LTD.
275, Kensal Rd.,
London, W10 5DB
Phone: 020 8964 8470
BOND PARTNERS LLP
The Grange
100 High Street
London N14 6TG
Phone: 020 8444 2000
Fax: 020 8444 3400
FABRICATED ALUMINIUM: Window Manufacturer Calls in Administrator
----------------------------------------------------------------
Stuart David Maddison (IP No 9076) and Michael Trevethyn Haig
(IP No 7965) of PricewaterhouseCoopers were appointed joint
administrators of window manufacturer Fabricated Aluminium
Services Limited (Company No 01083904) on Oct. 19. The
company's registered office is at 97-99 Beddington Lane,
Croydon, Surrey CR0 4TD.
CONTACT: FABRICATED ALUMINIUM SERVICES LIMITED
97-99 Beddington Lane,
Croydon, Surrey CR0 4TD
Phone: 02086889243
PRICEWATERHOUSECOOPERS LLP
Donington Court
Pegasus Business Park,
Castle Donington, East Midlands DE74 2UZ
Phone: [44] (1509) 604 000
Fax: [44] (1509) 604 010
Web site: http://www.pwc.com
PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
GABLE RECRUITMENT: Hires Liquidator
-----------------------------------
E. Avery, chairman of Gable Recruitment Services Enfield
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 13 at ThorntonRones, First Floor,
167 High Road, Loughton, Essex IG10 4LF. Richard Rones of
ThorntonRones, 167 High Road, Loughton, Essex IG10 4LF was
appointed liquidator.
CONTACT: GABLE RECRUITMENT SERVICES LTD.
145 Rainham Road
Rainham RM13 7RB
Phone: 01708 526049
THORNTONRONES
1st Floor
167 High Road
Loughton
Essex IG10 4LF
Phone: 020 841 9333
Fax: 020 8418 9444
E-mail: info@thorntonrones.co.uk
GATWICK ESTATES: EGM Passes Winding-up Resolution
-------------------------------------------------
D. Wray, director of Gatwick Estates And Construction Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Oct. 12 at Square Root Business Centre, 102
Windmill Road, Croydon CR0 2XQ. Jeremy C. Frost of Frost
Business Recovery Limited, Square Root Business Centre, 102
Windmill Road, Croydon CR0 2XQ was appointed liquidator.
CONTACT: GATWICK ESTATES AND CONSTRUCTION LIMITED
Ridgeways Farm, Lonesome Lane
Reigate, Surrey RH2 7QT
Phone: 01737225511
HARLANDS FINANCE: Appoints Smith & Williamson Administrator
-----------------------------------------------------------
Iain John Allan and Henry Anthony Shinners (IP Nos 7310, 9280)
of Smith & Williamson Limited were appointed joint
administrators of Harlands Finance Limited (Company No 02913522)
on Oct. 19. The company offers financial services.
CONTACT: HARLANDS FINANCE LIMITED
Chester House, Harlands Road,
Haywards Heath, West Sussex RH16 1LR
Phone: 01444-417697
SMITH & WILLIAMSON
25 Moorgate
London EC2R 6AY
Inner London
Phone: 020 7637 5377
Fax: 020 7631 0741
E-mail: henry.shinners@smith.williamson.co.uk
HOULDSWORTH FINE: Goes into Liquidation
---------------------------------------
P. C. Houldsworth, chairman of Houldsworth Fine Art Limited,
informs that a resolution to wind up the company was passed at
an EGM held on Oct. 12 at David Rubin & Partners, Pearl
Assurance House, 319 Ballards Lane, London N12 8LY. Lane
Bednash of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY was appointed liquidator.
CONTACT: HOULDSWORTH FINE ART LIMITED
50 Pall Mall Deposit
124-128 Barlby Road
London W10 6BL
Phone: 020 8969 6166
E-mail: gallery@houldsworth.co.uk
Web site:
http://www.houldsworth.co.uk/current/index.html
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
HOUSE & SON: Calls in Liquidator
--------------------------------
J. S. House, director of House & Son (Electric) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 11 at David Horner & Co, 11 Clifton Moor Business
Village, James Nicolson Link, Clifton Moor, York YO30 4XG.
David Anthony Horner of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG was appointed liquidator.
CONTACT: HOUSE & SON (ELECTRIC) LIMITED
3 Blake Street, York, North Yorkshire YO1 8QJ
Phone: 01904655282
DAVID HORNER & CO.
11 Clifton Moor Business Village
James Nicolson Link,
York YO30 4XG
Phone: 01904 479801
Web site: http://www.davidhornerandco.co.uk
HYPERWAVE LIMITED: Appoints Menzies Administrator
-------------------------------------------------
Paul John Clark (IP No 8570) and Jason James Godefroy, (IP No
9097) of Menzies Corporate Restructuring were appointed joint
administrators of Hyperwave Limited (Company No 3966303) on Oct.
14.
Hyperwave is a leading provider of Enterprise Content Management
(ECM) infrastructures with fully integrated eLearning and Web-
conferencing environments. Hyperwave solutions enable companies
to optimize their decision-making processes, facilitate
knowledge sharing in virtual teams and improve internal
communication. Visit http://www.hyperwave.com/for more
information.
CONTACT: HYPERWAVE LTD.
Abbey House
Wellington Way
Brooklands Business Park
Weybridge, Surrey KT13 0TT
Phone: 01932 268280
Fax: 01932 268281
E-mail: info@hyperwave.com
MENZIES CORPORATE RESTRUCTURING
43/45 Portman Square
London W1H 6LY
Phone: 020 7487 7240
IRISH SEA: Ferry Operator Hires Administrator from Begbies
----------------------------------------------------------
David Moore (IP No 7510) and Gary Norton Lee, (IP No 9204) of
Begbies Traynor were appointed joint administrators of ferry
operator Irish Sea Express.Com Limited (Company No 05368884) on
Oct. 17.
CONTACT: BEGBIES TRAYNOR
No 1 Old Hall Street,
Liverpool L3 9HF
Phone: 0151 227 4010
Fax: 0151 227 4009
Web site: http://www.begbies.com
BEGBIES TRAYNOR
Elliot House
151 Deansgate
Manchester M3 3BP
Phone: 0161 839 0900
Fax: 0161 839 7436
E-mail: manchester@begbies-traynor.com
Web site: http://www.begbies.com
LIFELINE TRANSPORT: Administrators from Stoy Hayward Enter Firm
---------------------------------------------------------------
C. K. Rayment (IP No 6775) and A. P. Supperstone (IP No 2703) of
BDO Stoy Hayward LLP were appointed joint administrators of
Lifeline Transport Limited (Company No 04726048) on Oct. 12.
CONTACT: LIFELINE TRANSPORT LTD
26 Daniels Welch,
Milton Keynes
Buckinghamshire MK6 5DB
Phone: 01908 690007
Fax: 01908 655298
BDO STOY HAYWARD LLP
125 Colmore Row,
Birmingham, B3 3SD
Phone: 0121 200 4600
Fax: 0121 200 4650
E-mail: birmingham@bdo.co.uk
Web site: http://www.bdo.co.uk
MG ROVER: Nanjing Asks Ex-workers to Tear down Longbridge site
--------------------------------------------------------------
About 200 former MG Rover engineers have been invited to work
for new owner Nanjing Automobile (Group) Corporation, BBC News
reports.
In a letter, Nanjing asked them if they want the "opportunity to
work in China for up to 10 months?" The work involves
dismantling the engine assembly line at Longbridge and
reinstalling it in China.
Automotive News Europe, in another report, said the revival of
the production of MG sports cars in the U.K. could come earlier.
The paper quoted a spokesman for GB Sports Car as saying: "We
expect to start production at the end of next year and we will
need a year to establish the supply chain."
Meanwhile, Nanjing and rival Shanghai Automotive Industry
Corporation remain at odds over the rights to the Rover 25 small
car and Rover 75 saloon models. SAIC had won the rights to
these models from an earlier agreement with MG Rover, but
Nanjing wants to build sports car at Longbridge with GB Sports
Car. Nanjing, which snatched MG Rover and what's left of it in
July, now expects China's central government to settle the row.
CONTACT: MG ROVER GROUP LIMITED
Longbridge, Bickenhill
Birmingham
B31 2TB, United Kingdom
Phone: +44-121-475-2101
Fax: +44-121-482-2403
Web site: http://www1.mg-rover.com
NANJING AUTOMOBILE (GROUP) CORPORATION
General Management Division
Phone: 86-25-3432671
Fax: 86-25-3111295 3417873
E-mail: bnj3111037@jlonline.com
Web site: http://www.nanqi.com.cn
SHANGHAI AUTOMOTIVE INDUSTRY CORPORATION
489 Wei Hai Rd.
Shanghai, 200041, China
Phone: +86-21-2201-1888
Fax: +86-21-2201-1777
Web site: http://www.saicgroup.com
MYTRAVEL PLC: To Close 110 Going Places Shops
---------------------------------------------
MyTravel issues this interim financial report for the year ended
31 October 2005:
(a) Trading for the full financial year 2005 will be in line
with our expectations and we continue to make progress
towards our strategic goals;
(b) Bookings for both the U.K. and Northern Europe for winter
2005/06 started slowly but have been encouraging in recent
weeks. Bookings for North America are at a similar level to
last year.
(c) MyTravel will bring forward its planned realignment of its
distribution channels and close 110 Going Places shops in
November 2005. We expect to save an annualized GBP10
million as a result. All affected employees will be
offered similar employment within the Group; and
(d) John Bloodworth has been appointed to the Board with
immediate effect as U.K. managing director.
Trading for Summer 2005
The Group continues to make progress towards its strategic
goals. Northern Europe once again performed at record levels
and ahead of our expectations. North American performance has
been impacted by the grounding for technical reasons of a B767
for most of the summer and by competitor discounting on its
trans-Atlantic routes. U.K. performance has shown good progress
driven by capacity reductions, cost cutting and product
improvements.
Trading for Future Periods
Bookings for both the U.K. and Northern Europe for winter
2005/06 started slowly but have been encouraging in recent
weeks. Bookings for North America are at a similar level to
last year. Our emphasis continues to be on margin and not
volume. Flexibility gained in recent years allows us to make
appropriate adjustments where necessary.
Northern Europe charter bookings for winter 05/06 are behind
last year by 10%, driven principally by the general trend to
later booking. However, over the last four weeks, bookings have
shown year-on-year growth of 5%. Pricing and margins are
encouraging.
North American charter bookings for winter 05/06 are similar to
last year. Thus far, prices and margins are being maintained at
acceptable levels, in spite of increased discounting experienced
in the Canadian charter market in recent seasons. Bookings have
slowed in the most recent weeks because of Hurricane Wilma's
impact on Mexico. The extent of damage to hotel properties in
the Yucatan peninsula, (which account for 24% of winter
volumes), will have an impact on North America over the coming
months, however, we expect to shift a significant proportion of
this capacity to other Caribbean destinations.
Summer 2006 programs have not yet been launched in Northern
Europe and North America. Bookings in the U.K. for both the
winter 05/06 and summer 06 seasons have been slowed primarily by
the general trend to later booking. In the U.K. market as a
whole (according to AC Nielsen TravelTrack 2005-06, September
2005), advanced package holiday bookings for winter 05/06 are
down 7% and for summer 06 are down 6%.
MyTravel U.K. package holiday bookings are down 6% year-on-year
for winter 05/06 and down 1% year-on-year for summer 2006. Over
the last four weeks, bookings are down 1% for winter and up 32%
for summer. In Airtours Holidays, our largest U.K. charter
brand, bookings are down 3% for winter 05/06 and up 13% for
summer 2006. Capacity is down 2% on the comparable period for
November 2005 to March 2006.
Going Places same store sales are up 8% over the last four
weeks.
Overall in the U.K., we have achieved better prices compared
with previous periods as we have improved the quality of our
offer. However, margins are under pressure, driven by increases
in the cost of fuel.
The cost of fuel is an important component of the Group's
variable cost base. Currently we are 63% hedged for the winter
at materially higher rates than the comparable period last year.
The maximum price of the hedged portion of our winter fuel
requirement is 26% higher than last year's average winter season
price. For the summer, we are currently 25% hedged and the
maximum price of the hedged portion of our summer fuel
requirement is 18% higher than last year's average summer season
price.
The Group will continue its efforts to increase flexibility and
reduce risk in the business by returning to lessors three A320
aircraft coming off lease in March and April 2006. Any
reduction in capacity will impact all three divisions.
Impact of Hurricane Wilma
MyTravel had 3,133 customers from the U.K. and 729 from Canada
in the Yucatan peninsula when Hurricane Wilma approached the
area on 21 October 2005. The company's priority was to evacuate
customers from Cancun as quickly as possible and thereafter to
repatriate them as quickly as possible. Evacuation was made
very difficult by the devastation to the infrastructure in
Mexico and indeed, Cancun airport did not reopen until 25
October.
We take approximately 700 U.K. customers and 3,200 Canadian
customers per week to Cancun in the winter season. Customers
with bookings at hotels closed by hurricane damage will be
offered alternative accommodation, alternative holidays or
refunds as appropriate. The disruption caused by the hurricane
has cost approximately GBP4 million in repatriation flights and
cancellations to date.
Going Places
It has been our intention to reduce the number of Going Places
shops to around 500 by 2007. In view of the continuing growth
of our Internet sales -- U.K. Internet bookings reached 16% in
October this year, compared with 9% in October 2004 -- the Board
has decided to bring forward its planned realignment of its
distribution channels and close 110 Going Places shops in
November 2005. As a result of these closures, the Going Places
estate will be reduced to approximately 500 shops by yearend
2006. All of the Going Places employees affected by these
closures will be offered similar employment within the Group.
This decision will result in improved operating performance of
approximately GBP10 million on an annualized basis. The cost of
these closures will be taken in 2005 as an exceptional item of
GBP14 million, of which GBP4 million is non-cash and the balance
is included in our existing cash projections.
Board
John Bloodworth, who has been managing director, U.K. tour
operations and retail, since June 2004, has been appointed to
the Board with immediate effect as managing director U.K. He
joined the MyTravel Group in 2000 as a divisional president of
Travel Services International in the U.S.A., becoming chief
executive of MyTravel U.S.A. in November 2002 and moving to the
U.K. at the end of 2003. He has more than thirty years
experience in the travel industry including airlines, car
rental, tour operations, hotels, cruise holidays and with travel
agents.
Outlook
The Group continues to make progress towards its strategic goals
and we continue to target an operating profit for all three
divisions in 2006 and an industry standard 3.5% margin in the
U.K. in 2007. Progress in 2006 will be affected by the risk of
high fuel prices. The Group will announce its results for the
year to 31 October 2005 on Thursday 15 December 2005.
CONTACT: MYTRAVEL GROUP PLC
Parkway One, Parkway Business Centre
300 Princess Rd.
Manchester
M14 7QU, United Kingdom
Phone: +44-161-23-20-066
Fax: +44-161-23-26-524
Web site: http://www.mytravelgroup.com
TOP PRE: EGM Passes Winding-up Resolution
-----------------------------------------
C. Stern, chairman of Top Pre Press Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 14 at David Rubin & Partners, 1st Floor, 26-28 Bedford Row,
London WC1R 4HE. Paul Appleton of David Rubin & Partners, 1st
Floor, 26-28 Bedford Row, London WC1R 4HE was appointed
liquidator.
CONTACT: TOP PRE PRESS LIMITED
Unit 4, Ravensdale Ind Est
Timberwharf Rd., London, N16 6DB
Phone: 020 8809 9040
DAVID RUBIN & PARTNERS
26-28 Bedford Row, London WC1R 4HE
E-mail: info@davidhornerandco.co.uk
Web site: http://www.davidhornerandco.co.uk
WISTOW TEA: Files for Liquidation
---------------------------------
D. Dilkes, chairman of Wistow Tea Rooms Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 12 at The Bull Hotel, Westgate, Peterborough,
Cambridgeshire PE1 1RB. 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: WISTOW TEA ROOMS LTD.
Kibworth Road, Wistow
Leicester LE8 0QF
Phone: 0116-259 3756
SPRINGFIELDS
80 Hinckley Road
Leicester
Leicestershire LE3 0RD
Phone: 0116 299 4745
Fax: 0116 299 4742
E-mail: situl.r@springfields-uk.com
WOODSTOCK REPRODUCTIONS: Names Moore Stephens Liquidator
--------------------------------------------------------
P. Marshall, director of Woodstock Reproductions Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 30 at 6 Ridge House, Ridgehouse Drive, Festival
Park, Stoke-on-Trent. M. H. Abdulali of Moore Stephens, 6 Ridge
House, Ridgehouse Drive, Festival Park, Stoke-on-Trent ST1 5TL
was appointed liquidator.
CONTACT: WOODSTOCK REPRODUCTIONS LTD.
745 Warwick Road
Tyseley
Birmingham
B11 2HA
West Midlands
Phone: 0121 708 2229
Fax: 0121 707 4815
MOORE STEPHENS
6 Ridge House
Ridge House Drive
Festival Park
Stoke on Trent
Staffordshire
ST1 5TL
E-mail: mustafa.abdulali@uk.pkf.com
Phone: 01782 201120
Fax: 01782 201599
*********
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.
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