/raid1/www/Hosts/bankrupt/TCREUR_Public/051129.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, November 29, 2005, Vol. 6, No. 236
Headlines
F R A N C E
METALEUROP SA: Paris Court Releases Group from Administration
TREVES GROUP: Revamps Operations as Slump Continues
G E R M A N Y
AERO FLIGHT: Insolvency Grounds Planes
AMANN GMBH: Muenchen Court Confirms Bankruptcy
ELRO ELEKTROTECHNIK: Undergoes Bankruptcy Procedure
EPCOS AG: Posts -EUR62 Mln Fourth-quarter EBIT
FRANK WOLFF: Wuppertal Court Appoints Administrator
GEA GROUP: Names New Finance Director
G & T GMBH: Creditors Meeting Set Next Year
H-B-L HEINTGES-BAHN-LOGISTIC: Falls into Bankruptcy
KHONSARI GMBH: Claims Filing Deadline December 26
VERWALTUNGSGESELLSCHAFT MBH: Appoints Interim Administrator
I T A L Y
ALITALIA SPA: Government Reduces Stake to 49.9%
ARTIGIANFIDI VARESE: Fitch Affirms Long-term BB+ Rating
PARMALAT SPA: Cayman Liquidators Sue Bank of America, et al.
UNIONFIDI PIEMONTE: Rating Lowered; Weak Capital Base Cited
K Y R G Y Z S T A N
ASIAN MEDIA: Creditors' Claims Due Mid-January
ULUGBEK: Creditors Meeting Set Later this Week
L U X E M B O U R G
WEATHER CAPITAL: Moody's Rates Collateralized Loan Facility B3
N E T H E R L A N D S
ROYAL NUMICO: Recalls Baby Food Products in Italy
ROYAL SHELL: Cancels 1,000,000 'A' Shares
P O L A N D
WALCOWNIA RUR: Sale to Sinara Hits Snag
R U S S I A
CRANE-SERVICE: Bankruptcy Hearing Set Next Year
ERTIL-AGRO-SNAB: Voronezh Court Opens Bankruptcy Proceedings
EVRAZ GROUP: Declares US$1.65 Interim Dividend
EVRAZ GROUP: Splits Chairman-CEO Role
KURGANSKOYE: Kurgan Court Brings in Insolvency Manager
MACARONI-PROM: Undergoes Bankruptcy Supervision Procedure
OREL-INZH-SEL-STROY: Hires B. Latyshev Insolvency Manager
STROY-MONTAGE-SERVICE: Bankruptcy Supervision Procedure Begins
STROY-SERVICE: Under Bankruptcy Supervision
TYUMEN-LUKOIL-STROY: Bankruptcy Hearing Resumes Next Month
URAL-AGRO-HOLDING: Bankruptcy Hearing Set Next Year
VOZROZHDENIYE: Claims Filing Period Ends Dec. 15
YUKOS OIL: Dutch Court Junks Yugansk Petition to Freeze Assets
YUKOS OIL: Bidders for Mazeikiu Stake Down to Two, says Report
S W E D E N
ESSELTE GROUP: Closes US$730 Mln Sale of DYMO Business
SAS GROUP: Environmental Tax to Hit Revenues
U K R A I N E
CHESLA: Kyiv Court Opens Bankruptcy Proceedings
KAMYANSKO-DNIPROVSKIJ: Proofs of Claim Deadline December 1
KARPAT-RESURS-PROEKT: Declared Insolvent
PREOBRAZHENIYE: Bankruptcy Supervision Procedure Begins
TEHNIKA: Creditors' Claims Due this Week
UKRIMPORT: Insolvency Manager Takes over Helm
ZDOLBUNIVSKE BREAD: Under Bankruptcy Supervision
U N I T E D K I N G D O M
ALLSPORTS LIMITED: Creditors Meeting Set Thursday
A.S. REALISATIONS: Creditors Meeting Set Later this Week
AYDON SILVER: Hires Administrators from P&A Partnership
BARKBY ROAD: Creditors Meeting Today
BEST BLOOMS: Calls in Administrator
BRITISH ENERGY: Cuts Nuclear Output Forecast Below 61TWh
CAMPION MCCALL: Owners Pass Winding-up Resolutions
DEANWALK LIMITED: Claims Filing Period Ends Dec. 14
DRAX GROUP: Names Dresdner Kleinwort Joint Corporate Broker
FARR HALL: Appoints Liquidator from Ernst & Young
HARPERGATE PROPERTIES: Calls in Liquidator from Ian Holland
IMPERIAL SECURITIES: Names Poppleton & Appleby Liquidator
INDOLA LIMITED: Liquidators from PwC Take over Firm
JARVIS PLC: Half-year Figures Out November 30
JEWELL AND NORCOMBE: Files for Liquidation
JOKYLE HOLDINGS: Liquidators from Baker Tilly Move in
MD DISTRIBUTION: EGM Passes Winding-up Resolution
MPOWER EUROPE: Hires RSM Robson Rhodes Liquidator
O'SULLIVAN INDUSTRIES: To Pay GBP250,000 U.K. Claims
PAPERTIGER.UK.COM LTD.: Calls in Liquidator
PROBE-IT LIMITED: Creditors Meeting Set Weekend
PURR JAG: Motor Vehicle Dealer Winds up
RAGLAN (NEW MALDEN): Appoints Deloitte Administrators
RANDLES STEEL: Liquidator from Walletts Enters Firm
SIMRIS CORPORATION: Goes into Liquidation
SPECIALIST TIMBER: Nunn Hayward to Liquidate Business
STERLING INVESTIGATIONS: In Liquidation
TOWER DENE: Owners Resolve to Wind up Operation
TRADING GALAXY: Files for Liquidation
TRUCKLINK COMPONENTS: Sanderlings Liquidator Moves in
UBS REORGANISATION: Appoints PricewaterhouseCoopers Liquidator
UTSUMI. SMITH: Names Administrator from Butcher Woods
VETROPRINT LIMITED: Administrators Enter Firm
VICKERS PRESSINGS: KPMG Sells Remaining Assets; Saves 245 Jobs
VIVA ONLINE: Appoints Administrators from Portland Business
WARREN RECRUITMENT: Creditors Meeting Set Wednesday
WEATHERWEAR LIMITED: Calls in Liquidator from Bhardwaj
WHATEVER THE WEATHER: In Liquidation
* Large Companies with Insolvent Balance Sheets
*********
===========
F R A N C E
===========
METALEUROP SA: Paris Court Releases Group from Administration
-------------------------------------------------------------
The commercial court in Paris has approved the continuation plan
of troubled metal group Metaleurop SA, Les Echos says.
Metaleurop says the ruling is "a new beginning" for the group,
since it ends its administration period. Metaleurop SA had been
in administration since January 2003 due to financial troubles at
its Metaleurop Nord unit.
The ruling follows a favorable decision on October 11 by the
Paris Court of Appeals, which refused to extend the liquidation
of Metaleurop Nord. The group will reveal details of the
continuation plan in the next few days.
Metaleurop is one of the top refiners of zinc and lead for the
auto and construction industries. In 2004, it posted US$9.5
million in profits on US$274.2 million sales.
CONTACT: METALEUROP S.A.
6 place de la Madeleine
75008 Paris
Phone: +33-1-42-99-48-48
Fax: +33-1-42-99-48-99
Web site: http://www.metaleurop.fr
TREVES GROUP: Revamps Operations as Slump Continues
---------------------------------------------------
Car interior specialist Treves Group will restructure its nine
production sites due to improve its worsening financial
condition, Les Echos says.
The measure will cost 700 jobs beginning mid-2006 until 2007.
The will begin talks with trade unions in January to minimize the
impact of the restructuring and prevent forced departures.
Treves has been struggling to increase sales since 2004, as the
car market in Western Europe stagnated, pulling down prices while
cost of raw materials went up. Structural difficulties also
plagued its strategy of shifting production to low-wage
countries.
Established in 1836, Treves is one of the top designers that
supply the major carmakers. It currently employs 7,500 people,
of which 2,900 are based in France. Treves posted EUR950 million
in turnover in 2004.
CONTACT: TREVES GROUP
2 rue Emile-Arques
51686 Reims Cedex 2
Phone: 03 26 85 71 00
Web site: http://www.treves.fr
=============
G E R M A N Y
=============
AERO FLIGHT: Insolvency Grounds Planes
--------------------------------------
Holiday carrier Aero Flight has applied for insolvency
proceedings at the district court of Bad Homburg almost a month
after halting operation, Handelsblatt says.
On November 1, 2005, the federal office of civil aeronautics,
Luftfahrt-Bundesamt (LBA), ordered the carrier to stop operating
as it had failed to fulfill the requirements to extend its
license, which expired on Oct. 31.
Aero Flight tried to sell itself to Icelandic carrier Avion
Group, but the deal fizzled out because of various demands raised
by Aero shareholders. Formed two years ago, Aero Flight is the
successor of insolvent Aero-Lloyd charter airline. It owns six
Airbus planes and employs 300 people.
CONTACT: AERO FLIGHT GmbH & CO LUFTVERKEHRS KG
Lessingstr. 7-9
D-61440 Oberursel
Phone: +49 (0) 6171-899 200
Fax: +49 (0) 6171-899 219
Web site: http://www.flyaeroflight.de
AMANN GMBH: Muenchen Court Confirms Bankruptcy
----------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Amann GmbH Digitale Regelungstechnik on Oct. 31.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Dec. 20, 2005 to
register their claims with court-appointed provisional
administrator Simona Fix.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 2005, 9:15 a.m. at Infanteriestr. 5,
Sitzungssaal 102 at which time the administrator will present his
first report of the insolvency proceedings. The court will
verify the claims set out in the administrator's report on Feb.
1, 2006.
CONTACT: AMANN GMBH DIGITALE REGELUNGSTECHNIK
Hauptstr. 42 in 82008 Unterhaching
Simona Fix, Insolvency Manager
Lindwurmstr. 25, 80337 Muenchen
Phone: 089/55968820
Fax: 089/55968855
ELRO ELEKTROTECHNIK: Undergoes Bankruptcy Procedure
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
ELRO Elektrotechnik GmbH on Oct. 26. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 27 to register their claims with
court-appointed provisional administrator Joachim Klein II.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 17, 2006, 11:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 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: ELRO ELEKTROTECHNIK GMBH
Boschstr. 64-66, 50171 Kerpen
Contact:
Eric Winzer, Manager
Kerpen und Willi Schmidt, Manager
Joachim Klein II, Insolvency Manager
Hansaring 79 - 81, 50670 Koln
Phone: 91267777
Fax: +4922191267799
EPCOS AG: Posts -EUR62 Mln Fourth-quarter EBIT
----------------------------------------------
New orders and sales of Epcos AG in Q4 2005 (July 1 - September
30, 2005) picked up, becoming especially strong toward the end of
the quarter. Nevertheless, it is not yet foreseeable to what
extent this upturn is caused by seasonal factors.
Comparison with Q3 2005
In the more friendly business environment of Q4 2005, new orders
and sales increased noticeably. Thus, new orders and sales have
grown steadily from quarter to quarter in fiscal 2005, albeit
from a low level.
New orders rose by 8% from EUR304 million to EUR327 million. The
mobile phones business was the prime contributor to this growth
with an increase of over 50%. This is evidence of the market
upturn following the completion of inventory adjustments and the
beginning Christmas business season. Orders from industrial
electronics customers have risen somewhat. New orders from the
automotive electronics and entertainment electronics industries
and also wireline communications customers have remained at
approximately the same level as the previous quarter. Only
electronic component distributors ordered less in Q4 2005 than in
the previous quarter.
Regionally, the slight reduction in new orders in Germany was
more than compensated by double-digit increases in Asia, in
Europe without Germany and the NAFTA region.
Sales increased by 10% from EUR310 million to EUR341 million.
Thus, EPCOS has grown its business in all four business segments,
in particular in Ceramic Components and Surface Acoustic Wave
Components (SAW) components. Sales have also increased for all
customer industries. Double-digit percentage increases were
attained with products for both the mobile phones and automotive
electronics industries. Growth for automotive electronics was
carried by the increased volume for piezo actuators for diesel
fuel injection systems. Thus, with a
26% share of sales the automotive electronics industry has
strengthened its position as the company's customer segment with
the highest sales volume. Sales were also increased in all
regions. Both Germany and Asia recorded double-digit percentage
growth rates.
Comparison with Q4 2004
Compared with Q4 2004 business development on the whole has also
shown improvement in the past quarter.
New orders increased by 8% from EUR303 million to EUR327 million.
Aside from the orders from telecommunications customers, which
did not reach the level of the previous year, new orders for all
industries increased. Orders from the automotive electronics
industry have grown fastest at a rate of nearly 30%. Regionally,
only Europe without Germany was slightly below the previous year'
s level; customers from all remaining regions ordered
significantly more.
With sales of EUR341 million, EPCOS almost reached the level of
the previous year (EUR344 million). Revenues for automotive
electronics products grew by nearly 30%. Sales to electronic
component distributors also rose. While sales of components for
industrial electronics remained stable, sales of products for
telecommunications and entertainment electronics did not reach
the previous year's levels. Regionally, sales in Germany have
risen significantly, in Asia sales revenues remained at the
previous year's levels, and in all other regions sales declined.
Earnings
Earnings before interest and tax (EBIT) in Q4 2005 were -EUR62
million (Q3 2005: -EUR1 million; Q4 2004: EUR19 million).
Several reasons are responsible for the negative earnings.
First, EBIT was unable to follow the positive sales trend because
in Q4 2005 EPCOS has reduced inventories considerably in
comparison with the previous quarter. That means that the
increase in sales was not accompanied by a corresponding rise in
production volume. Second, the yields for tantalum polymer
capacitors and the newest generation of piezo actuators were
unsatisfactory. For the latter part of the problem is
attributable to defective incoming materials. In addition there
were special charges in connection with the repositioning of
parts of the standard components portfolio:
(a) The various offers and discussions in the context of the
sales talks resulted in a valuation of the tantalum business
below the book value of the assets applied to the tantalum
business. This necessitated an impairment writedown of
EUR46 million;
(b) The streamlining of the EPCOS portfolio of ceramic
capacitors has produced a changed demand structure. For
part of the inventories, this means that the sale of these
products will now be more difficult. EPCOS is responding to
this risk with write-downs, which negatively impacted EBIT
by -EUR6 million;
Earnings after tax for Q4 2005 were -EUR63 million (Q3 2005:
-EUR8 million; Q4 2004: EUR15 million). Earnings per share for
Q4 2005 were minus 96 eurocents (Q3 2005: minus 12 eurocents; Q4
2004: plus 22 eurocents).
By contrast the net cash flow for Q4 2005 was clearly positive at
plus EUR39 million -- largely as a result of inventory
reductions.
Business Segments
In the Capacitors segment, sales of EUR88 million for the
reporting period nearly reached the sales figures of EUR89
million for Q4 2004 (Q3 2005: EUR87 million). It is worth noting
the positive sales development for power capacitors, which are
employed primarily in industrial electronics. This served to
compensate the slight overall decline in sales for the other
capacitors.
EBIT for Capacitors was -EUR57 million (Q3 2005: -EUR5 million;
Q4 2004: -EUR3 million). The primary factors were the
above-mentioned book value write-down for the tantalum capacitor
business and the high ramp-up costs for the series production of
the new tantalum polymer capacitors.
Sales in the Ceramic Components segment increased 13% from EUR95
million in Q4 2004 to EUR108 million in Q4 2005 (Q3 2005: EUR92
million). This growth was fueled primarily by the positive
business development for piezo actuators. Sales of these
products have nearly tripled over Q4 2004. This more than
compensated the decline in sales for ceramic capacitors and
thermistors and varistors (temperature- and voltage-dependent
resistors).
Despite the higher sales volume over Q4 2004, EBIT for Ceramic
Components was -EUR15 million (Q4 2004: EUR8 million; Q3 2005:
-EUR2 million). Earnings were not able to profit from the rise
in sales due to major inventory reductions. Simultaneously, the
severe price erosion and the unsatisfactory yields for the latest
generation of piezo actuators negatively affected earnings.
Special charges for the adjustment of ceramic capacitor
inventories also strained earnings.
At EUR101 million in Q4 2005 sales for the Surface Acoustic Wave
Components (SAW) segment were 8% below the figure of EUR110
million for Q4 2004 (Q3 2005: EUR87 million). The decline in
sales for SAW filters over the previous year could not be
compensated by the increased sales of multilayer modules for
mobile phone applications.
A comparison with the previous quarter shows a much better
picture. Sharply rising sales of SAW filters for mobile phones
contributed to the overall growth rate of 16%.
EBIT for SAW components was plus EUR9 million (Q4 2004: plus
EUR13 million; Q3 2005: plus EUR6 million). This improvement
over the previous quarter came in spite of inventory reductions
and intensified price erosion.
Fourth-quarter sales of EUR45 million in the Inductors and
Ferrites segment were 9% below the level of Q4 2004 (EUR49
million) and slightly better than the previous quarter (EUR44
million). This segment was affected by weak demand from almost
all market segments; only sales of inductive components for the
automotive electronics industry showed a positive trend. Despite
the downturn in sales, EBIT in Inductors and Ferrites was
positive at EUR1 million (Q4 2004: plus EUR1 million; Q3 2005:
plus EUR0.4 million).
Fiscal 2005
Fiscal 2005 was characterized by its unusual course. Business
development for the first half of the year was burdened by the
inventory adjustments among our customers, which lasted
unexpectedly long. This in turn was a result of the
exceptionally high demand in the first half of 2004. Therefore,
components manufacturers were not able to satisfactorily utilize
production capacity, which had a negative effect on prices.
Moreover, price erosion was intensified during the first half of
the year by the unfavorable dollar/euro exchange rate. In the
second half of the year, demand normalized and EPCOS was also
able to increase the sales volume of its new products, for
example, piezo actuators and multilayer modules. Nevertheless,
it was not possible to compensate the weak start of fiscal 2005.
Against this background new orders fell by 13% from EUR1.39
billion in the previous year to EUR1.21 billion. Sales dropped
by 9% from EUR1.36 billion to EUR1.24 billion.
Even if 2005 was a difficult year, there were a number of
successes that could be shown.
The transformation into a globally competitive company has made
clear progress. The restructuring and realignment of EPCOS
toward more application-specific products and a sharper focus of
its business on the emerging markets in Eastern Europe and Asia
will strengthen the position of the company in the future. With
its COMPETE program, EPCOS has managed to cut its costs by a
further EUR110 million, meaning that it has saved about EUR600
million altogether since 2002. (COMPETE: Cost Management,
Process Excellence, Time Efficiency)
Despite the company's success in cutting costs, EBIT was -EUR88
million in fiscal 2005 (fiscal 2004: EUR65 million). Besides the
decline in sales, the primary reason for the loss was a series of
special charges totaling EUR69 million. The lion's share of
these special charges (EUR52 million) accrued in Q4 2005 with the
planned sale of the Tantalum Capacitor Business Unit and the
streamlining of the Ceramics Capacitors portfolio. "With these
measures we have reacted to our unsatisfactory business
development in 2005 and considerably improved the company's basis
for doing business in the future," stated EPCOS
CFO Dr. Wilfried Backes at the Annual Press Conference in Munich.
EBIT for the ongoing business -- excluding the loss for the
Tantalum Capacitor Business Unit (approximately -EUR70 million),
which is to be sold -- was -EUR18 million. This figure also
contains special charges totaling EUR23 million (of which
Ferrites account for EUR17 million and Ceramic Components for
EUR6 million).
The net loss for the year was thus EUR119 million (fiscal 2004:
plus EUR49 million). This was impacted by a revaluation of the
deferred tax assets mainly from loss carryforwards of previous
years by minus EUR25 million in Q2 2005.
Earnings per share for fiscal 2005 were -EUR1.83 (fiscal 2004:
plus EUR0.75).
The net cash flow for fiscal 2005 amounted to -EUR65 million.
This was primarily a result of the losses and expenditures for
the expansion of production capacity for new products.
Personnel
On September 30, 2005 EPCOS had approximately 16,100 employees
worldwide. The number of employees has thus increased by 3% from
15,600 one year ago. The increase took place almost exclusively
in countries with low labor costs, in particular in China and the
Czech Republic. Already some 48% of all EPCOS employees, and
thus the largest percentage, work in Asia. Germany accounts for
13% of the workforce, the rest of Europe for 28%, and the
Americas for 11%.
Outlook
In the coming fiscal year 2006 EPCOS will focus even more on
customer- and application-specific business. One important step
is to complete the transfer of our tantalum activities to KEMET.
Furthermore, EPCOS will continue to drive forward its quality
offensive and increase its productivity worldwide.
EPCOS expects an over proportional increase in sales volume for
the new products whose production is being ramped up. Overall,
for its ongoing business EPCOS anticipates a return to sales
growth and positive EBIT as well as a positive net cash flow.
About EPCOS
EPCOS AG, a manufacturer of passive electronic components
headquartered in Munich, is market leader in Europe and number
two worldwide. EPCOS offers a comprehensive portfolio of about
40,000 different products. The EPCOS Group has design,
manufacturing and marketing facilities in Europe, the Americas
and Asia.
Passive electronic components are found in every electrical and
electronic product -- from automotive and industrial electronics
through information and communications to consumer electronics.
Components from EPCOS store electrical energy, select
frequencies, and protect against overvoltage and overcurrent. In
fiscal 2005 (October 1, 2004, to September 30, 2005), EPCOS
posted sales of EUR1.24 billion. At September 30, 2005, the
company employed about 16,100 people worldwide.
Copy of the result is available free of charge at
http://bankrupt.com/misc/EPCOS(Q42005).pdf
CONTACT: EPCOS AG
St Martin Strasse 53
81669 Munich
Phone: +49 89 636 229 88
Fax: +49 89 636 235 49
Web site: http://www.epcos.com
FRANK WOLFF: Wuppertal Court Appoints Administrator
---------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Frank Wolff GmbH & Co KG on Nov. 14. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Dec. 14, 2005 to register their
claims with court-appointed provisional administrator Robert
Fliegner.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 4, 2006, 9:00 a.m. at the district court of
Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage, Saal
234 - Altbau Amtsgericht 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: FRANK WOLFF GMBH & CO KG
Beethovenstr. 123 a, 42655 Solingen
Contact:
Rainard Buchmann, Manager
Kuller Str. 41, 42651 Solingen
Robert Fliegner, Administrator
Gruenewalder Str. 29-31, 42657 Solingen
Phone: 0212/24 94 200
Fax: 0212/24 94 201
GEA GROUP: Names New Finance Director
-------------------------------------
Hartmut Eberlein, 53, has been appointed to the Executive
Board of GEA Group Aktiengesellschaft with effect from Dec. 1,
2005 and will assume responsibility for finance as of Jan. 1,
2006. The company's Supervisory Board passed this resolution at
a meeting on Nov. 24.
Hartmut Eberlein has held senior positions in the finance
department of Continental AG, Hannover, since 1989 -- most
recently as head of finance since 1999. From 1992 to 1998, he
was head of accounting and mergers & acquisitions and head of the
accounting/financial controlling department from 1989 until 1991.
Prior to joining the Continental Group, Hartmut Eberlein was head
of accounting for Klockner-Humboldt-Deutz AG in Cologne from 1986
to 1989, following various roles with the former
Treuhand-Vereinigung AG, Essen, now PricewaterhouseCoopers
Deutschland. Mr. Eberlein gained a degree in economics from the
University of Freiburg in 1976 and qualified as a tax accountant
in 1986.
Hartmut Eberlein will succeed Peter Steiner who joined the
Executive Board of mg technologies ag, now GEA Group
Aktiengesellschaft, on March 1, 2004. Mr. Steiner is leaving the
company by mutual agreement with effect from December 31, 2005 to
pursue new interests.
The GEA Group Supervisory Board is grateful to Mr. Steiner for
his contribution to the restructuring of the company.
GEA Group Aktiengesellschaft is an international technology group
that focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.
Revenue totaled approximately EUR4.1 billion in
2004. At December 31, 2004, it employed around 17,000 people.
The GEA Group is one of the world's market and technology leaders
in 90 percent of its businesses and is listed in Germany's MDAX
index.
* * *
GEA Group Aktiengesellschaft was formerly Mg Technologies AG.
It was renamed on July 12 as part of a strategic restructuring
launched in 2003. GEA now stands for "Global Engineering
Alliance" with a head office at am Main to Bochum.
CONTACT: GEA GROUP AKTIENGESELLSCHAFT
Phone: +49 (0) 234 890 1081
Fax: +49 (0) 234 890 1087
Web site: http://www.geagroup.com
G & T GMBH: Creditors Meeting Set Next Year
-------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against G & T GmbH on Nov. 9. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 31, 2005 to register their claims with
court-appointed provisional administrator Matthias Dieckmann.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 12, 2006, 8:05 a.m. at Sitzungssaal 8/I 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: G & T GMBH
Lilienthalstr. 25 in 85399 Hallbergmoos
Matthias Dieckmann, Administrator
Gute Anger 11, 85356 Freising
Phone: 08161/988110
Fax: 08161/82472
H-B-L HEINTGES-BAHN-LOGISTIC: Falls into Bankruptcy
---------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
H-B-L Heintges-Bahn-Logistic GmbH on Oct. 13. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Dec. 11, 2005 to register their
claims with court-appointed provisional administrator Klaus
Bollig.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 11, 2006, 10:00 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14 at which time the administrator will present
his first report of the insolvency proceedings.
CONTACT: H-B-L HEINTGES-BAHN-LOGISTIC GMBH
Wilhelm Schreiber Strasse 42, 50827 Koln
Klaus Bollig, Administrator
Durener Str. 189, 50931 Koln
Phone: 92042404
Fax: +4922194056950
KHONSARI GMBH: Claims Filing Deadline December 26
-------------------------------------------------
The district court of Gottingen opened bankruptcy proceedings
against Khonsari GmbH on Nov. 2. Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Dec. 26, 2005 to register their claims with
court-appointed provisional administrator Jan-Michael Mueller.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 10, 2006, 10:00 a.m. at Saal B 8 des
Amtsgerichts, Berliner Strasse 8, 37073 Gottingen 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: KHONSARI GMBH
Contact:
Franz Uberall
Moenkamp 26, 33729 Bielefeld
Jan-Michael Mueller, Insolvency Manager
Kasseler Landstrasse 25b, 37081 Gottingen
Phone: 0551/5217575
Fax: 0551/5217775
VERWALTUNGSGESELLSCHAFT MBH: Appoints Interim Administrator
-----------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Verwaltungsgesellschaft mbH Film- und Fernsehproduktion
on Nov. 7. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Jan. 2, 2006 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 31, 2006, 10:00 a.m. at Zi. 31, Amtsgericht
Leipzig at which time the administrator will present his first
report of the insolvency proceedings. The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.
CONTACT: VERWALTUNGSGESELLSCHAFT MBH FILM- UND
FERNSEHPRODUKTION
Altenburger Str. 11, 04275 Leipzig
Contact:
Hans-Juergen Kliebenstein, Manager
Dr. Lucas F. Flother, Administrator
Nikolaistrasse 3-5, 04109 Leipzig
=========
I T A L Y
=========
ALITALIA SPA: Government Reduces Stake to 49.9%
-----------------------------------------------
Italy, through the Economy Ministry, has sold parts of its
holdings in ailing Alitalia S.p.A., reducing its stake from 62.4%
to 49.9%.
In a statement last week, the ministry said underwriter Deutsche
Bank has placed 26.6 million of its shares through a
"book-building" process reserved for institutional investors,
earning around EUR13.3 million. Deutsche Bank refused to confirm
the placement, saying it will provide more details on Nov. 25, or
early this week. According to the Il Messaggero, the demand for
the rights were two-and-a-half times higher than the offer and
70% of the shares were bought by U.K. investors.
Italy promised to cut its stake in Alitalia to below 50% to
obtain the European Commission's approval of the carrier's
privatization. The capital hike's underwriting consortium is
composed of Deutsche Bank AG (40.4%), Banca Intesa's Caboto
(19.3%), Unicredito Italiano's UBM (4.8%), Societe Generale
(4.8%), Morgan Stanley (4.8%), Lehman Brothers (4.8%), Sanpaolo
IMI's Banca IMI (4.8%), Credit Suisse (3.9%), Nomura (3.9%),
Credit Agricole's Calyon (2.9%), Capitalia's MCC (3.9%), and
Banca Popolare di Milano's Banca Akros (1.5%).
The consortium has guaranteed EUR517 million of the EUR1.009
billion issue. Alitalia is issuing 1.257 billion new shares at
80 cents each. The rights issue will end on Dec. 2.
About the Company
Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people. As of December 2004, group net debt stood at EUR1.76
billion in 2004. Alitalia flies to about 80 destinations in more
than 60 countries from hubs in Rome and Milan and operates a
fleet of about 185 aircraft. Despite a EUR1.4 billion
state-backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, it remains in deep financial crisis.
Alitalia has posted annual profit only four times in the past 16
years.
CONTACT: ALITALIA S.p.A.
Viale A. Marchetti 111
00148 Rome, Italy
Phone: +39 06 6562 2151
Fax: +39 06 6562 4733
Web site: http://www.alitalia.it
ARTIGIANFIDI VARESE: Fitch Affirms Long-term BB+ Rating
-------------------------------------------------------
Fitch Ratings has affirmed Italy-based Artigianfidi Varese's (AV)
ratings at Long-term 'BB+', Short-term 'B', and Insurer Financial
Strength 'BBB-'. The Outlook remains Stable.
The ratings reflect AV's small size, weak income generation and
the continued difficulties of the local economy, which weigh on
its asset quality. They also take into account its capital
ratios that are stronger than those of its peers.
Weak economic growth in the Province of Varese continues to
affect AV's reasonable asset quality. This feature, together
with increasing business volumes, has caused constant increases
in the level of problem guarantees, which at end-September 2005
equated to 4.4% of total guarantees. However, H105 loan loss
reserves comfortably covered them and AV's stock of problem
guarantees represents a still manageable 21% of H105 equity plus
loan loss reserves. Although internal capital generation is
limited and its equity is small in absolute terms, AV has a
reasonably strong capital base in relation to its level of
activity and higher than many of its peers.
AV is a cooperative set up in 1996. Its members are small, local
artisan companies. Its activities are concentrated in the
Province of Varese. As AV expects to qualify as a financial
intermediary under Article 107 of the Italian Banking Act, which
would mean light supervision from Banca d'Italia, it is adopting
a more appropriate corporate governance structure.
CONTACT: FITCH RATINGS
Francesca Vasciminno, Milan
Phone: +39 02 87 90 87 225
Paolo Fioretti
Phone: +39 02 87 90 87 202
Media Relations
Jon Laycock, London
Phone: +44 20 7417 4327
Web site: http://www.fitchratings.com
PARMALAT SPA: Cayman Liquidators Sue Bank of America, et al.
------------------------------------------------------------
Food Holdings Limited, Dairy Holdings Limited, and Parmalat
Capital Finance Limited -- three Cayman Islands companies,
presently in liquidation, that suffered substantial losses
related to the collapse of Parmalat -- have sued Parmalat's
principal banker and auditors, alleging a myriad of financial
improprieties, including fraud, negligent misrepresentation, and
breach of fiduciary duty.
The Cayman companies' liquidators are Gordon McRae and Jim
Cleaver of Kroll (Cayman) Limited, who are being advised by
Walkers and Diamond McCarthy Taylor Finley & Lee LLP in both
matters.
The suits, in the U.S. District Court for the Southern District
of New York and the Superior Court in Mecklenburg County, North
Carolina, were filed at the instance of the liquidators of the
Cayman companies who are trying to reclaim the losses they
suffered as a result of financial impropriety relating to the
Italian food and milk processing giant, prior to its collapse in
2003. Together, the two lawsuits seek close to $1 billion for
the companies.
"We believe these are very strong claims," Allan Diamond, senior
partner of Diamond McCarthy Taylor Finley & Lee LLP, U.S.
Counsel to the liquidators, said. "As parties who clearly
participated, and knowingly assisted, in much of the wrongdoing,
these defendants will be held accountable."
The lawsuits allege that Bank of America and its subsidiaries
were intimately involved in the financial improprieties, and
worked with Parmalat insiders to orchestrate a series of
financial transactions designed to conceal Parmalat's insolvency,
while generating millions of dollars in fees and interest for the
bank. The lawsuits also make allegations of negligence and fraud
against the former auditors of Parmalat, Deloitte Touche Tohmatsu
and Grant Thornton.
"We want to see the money go directly back to the Cayman
companies, and ultimately to the creditors of those estates, as
would be the case in any normal insolvency," Guy Locke, Head of
Insolvency and Restructuring at Walkers, Cayman attorneys to the
liquidators said. "We are confident in our claims and look
forward to the decision of the court."
The New York lawsuit brought by Food Holdings Limited and Dairy
Holdings Limited names Bank of America Corporation, Banc of
America Securities, LLC, Bank of America, N.A., and certain other
Bank of America entities; (ii) Deloitte Touche Tohmatsu, Deloitte
& Touche S.p.A., Deloitte & Touche Tohmatsu Auditores
Indipendentes (Brazil), and certain other Deloitte entities; and
(iii) Grant Thornton International, Grant Thornton S.p.A., and
certain other Grant Thornton entities. The allegations include
fraud, negligent misrepresentation, breach of fiduciary duty,
aiding and abetting breach of fiduciary duty, breach of contract,
unjust enrichment, civil conspiracy, and declaratory judgment.
In the North Carolina lawsuit, Parmalat Capital Finance Limited,
names Bank of America Corporation, Bank of America National Trust
& Savings Association, Banc of America Securities, LLC, Banc of
America Securities, Ltd., Bank of America International Ltd. and
Bank of America, N.A. It alleges breach of fiduciary duty,
aiding and abetting breach of fiduciary duty, unjust enrichment,
and unlawful civil conspiracy.
CONTACT: PARMALAT S.p.A.
Legal Seat
43044 Collecchio (Pr)
Via Oreste Grassi, 26
Administrative Seat
20122 Milan
Piazza Erculea, 9
Phone: +39 02 806 8801
Fax: +39 02 869 3863
Web site: http://www.parmalat.net
UNIONFIDI PIEMONTE: Rating Lowered; Weak Capital Base Cited
-----------------------------------------------------------
Fitch Ratings has downgraded Italy's Unionfidi Piemonte's (UPI)
ratings to Long-term 'BB+' from 'BBB-', Short-term 'B' from 'F3'
and Insurer Financial Strength 'BBB-' from 'BBB'. Following the
downgrade, the Outlook is now Stable.
The rating action reflects Fitch's concerns over UPI's weak
capital base in relation to its increasing level of activity and
stock of problem guarantees. While the confidi has pursued
significant business growth during the past three years, such
growth has not been accompanied by a corresponding increase in
capital. At end-September 2005 total guarantees issued had
nearly doubled since end-2002 while equity remained just above
2002 levels.
Aware that it needs to strengthen its capital, management is
looking at ways to raise new funds. Fitch would take a positive
view of any injection of new capital that would substantially
strengthen UPI's long-term financial position, particularly given
its plans for expansion.
The ratings also reflect UPI's good competitive position,
adequate internal organization and low market risk. Since 2002,
the quality of UPI's guarantee book has deteriorated, reflecting
the slowdown in the local economy. At end-June 2005, problem
guarantees equaled a relatively high 42% of UPI's H105 equity
plus loan loss reserves. UPI's increasing use of counter
guarantees granted by the European Investment Fund or the Italian
Central Guarantee Fund has helped to boost recoveries and partly
protects the confidi from credit risk.
UPI is a regional confidi set up in 1975, which guarantees bank
loans to SMEs based in the region of Piedmont. It is the second
largest confidi in Piedmont and one of the biggest in Italy. UPI
expects to qualify as a financial intermediary under Article 107
of the Italian Banking Act, which would mean light supervision by
Banca d'Italia (BdI), once the secondary legislation by the
Ministry of Economy and Finance and BdI is in place. Meanwhile,
UPI is adopting a more appropriate corporate governance
structure, upgrading its systems and strengthening internal
controls, all elements that are viewed positively by Fitch.
CONTACT: FITCH RATINGS
Francesca Vasciminno, Milan
Phone: +39 02 87 90 87 225
Paolo Fioretti
Phone: +39 02 87 90 87 202
Media Relations
Jon Laycock, London
Phone: +44 20 7417 4327
Web site: http://www.fitchratings.com
===================
K Y R G Y Z S T A N
===================
ASIAN MEDIA: Creditors' Claims Due Mid-January
----------------------------------------------
Central Asian Media Centre, which recently became insolvent, will
accept proofs of claim until January 17, 2006. Call (0-312)
66-30-35 for more information.
ULUGBEK: Creditors Meeting Set Later this Week
----------------------------------------------
The Department for Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic has appointed Ikramjan Ahujanov
temporary insolvency manager of Ulugbek.
Creditors will meet at Uzgen, Koshieva Str. 32/10, Credit Union
Bailykka Kazam, on November 30, 2005, 10 a.m. Creditors must
submit their proofs of claim and register with the temporary
insolvency manager seven days prior to the meeting. Proxies must
have authorization to vote.
CONTACT: IKRAMJAN AHUJANOV
Temporary Insolvency Manager
Phone: (0-32-33) 26-62-13
(0-502) 45-13-32
===================
L U X E M B O U R G
===================
WEATHER CAPITAL: Moody's Rates Collateralized Loan Facility B3
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the EUR1.2
billion collateralized loan facility granted to Weather Capital
S.a.r.l. The outlook on the rating is stable.
Weather Capital is a holding company established under the laws
of Luxembourg. The company is capitalized with a EUR1.2 billion
collateralized loan and a EUR2.3 billion subordinated shareholder
loan. Moody's relies on the provisions of the inter-creditor
agreement for the shareholder loan subordination principles and
its non-cash interest pay nature in its treatment as a deeply
subordinated instrument. In the event that there are any changes
to the shareholder loan's deeply subordinated nature, negative
pressure would develop on the rating.
The facility consists of two tranche -- Tranche A in the amount
of EUR500 million and Tranche B in the amount of EUR700 million
(US dollar equivalent). The tenor of Tranche A is five years
(with an option to extend to six years at the borrower's
discretion) with a bullet repayment, whilst Tranche B will be
amortized in three equal installments over a five-year period.
The loan is collateralized on a first priority basis by, inter
alia, a 50% + 1 GDS (Global Depository Share) stake in the share
capital of Orascom Telecom Holdings S.A.E., a holding company
with ownership interest in mobile operators in eight countries in
Africa, Middle East and Asia. Orascom Telecom has controlling
stakes in most of its subsidiaries apart from MobiNil, a mobile
operator in Egypt.
The loan is also guaranteed by Weather Investments S.r.l., a
holding company, which is owned 5.2% by Enel S.p.A, 3.5% by
various financial investors and 91.3% by Weather Investment II
S.a.r.l. The latter is a holding company controlled by Mr.
Naguib Sawiris for the purpose of acquiring Wind
Telecomunicazioni S.p.A. It is Moody's expectation that the
aforementioned share pledge will not result in the triggering of
any "change of control" clauses in Orascom Group financial and
commercial agreements.
Moody's notes that the loan is significantly over-collateralized,
with the total market value of Orascom Telecom's stake pledged
for the loan valued at approx. EUR4.4 billion based on the latest
GDS price. Furthermore, the loan terms and conditions stipulate
that the loan collateralization be at all times a minimum of 200%
of the outstanding loan amount. In the event that Weather fails
to comply with the over-collateralization requirement, it will
have to repay all outstanding amounts. The rating relies on the
representation that the pledge of Orascom Telecom's GDS is valid
and enforceable.
At the same time, Moody's points out that the loan is
collateralized by shares in a company with mobile operations in
countries with political, economic and foreign exchange risks
that are generally higher than in Western European countries.
This could lead to material volatility in Orascom's share price
relative to this over-collateralization requirement.
The debt service on the loan will depend on future dividend
distributions from Orascom Telecom, a holding company whose
dividend distribution capacity is linked to dividends up-streamed
from its operating subsidiaries. Although Moody's does not
currently rate Orascom Telecom, the rating agency notes that,
according to publicly available financial statements, Orascom
Telecom has a sizeable amount of debt outstanding, which it will
need to service prior to any dividend distribution.
As of September 30, 2005, Orascom Telecom had US$1.637 billion in
net debt, resulting in a Net Debt to EBITDA ratio of
approximately 1.2x on a nine-month annualized EBITDA basis.
However, the B3 rating on the Weather Capital loan relies on the
expectation that Weather Capital will receive a sufficient amount
of dividends on a cumulative basis from Orascom Telecom to
service its obligations under the loan. Any cash distribution by
Weather Capital itself is prohibited under the facility
covenants.
Moody's notes that the debt incurrence test under the facility
terms and conditions are somewhat loose as it allows for
significant financial flexibility. The B3 rating though does not
assume any material incurrence of debt as permitted under the
facility.
As a part of the financing structure, the Tranche A lenders also
benefit from an option arrangement associated with the
securitization of that tranche under which investors could choose
to put their participation in Tranche A to Banca IMI for cash or
equity participation in either (a) Weather Investments, the
guarantor of Weather Capital, the rated entity, or (b) a
proportionate amount of Orascom's shares collateralizing the
EUR1.2 billion loan.
The B3 rating on the Weather Capital collateralized loan does not
factor in the risks or benefits of the structural aspects of that
option arrangement. The rating though assumes that the exercise
of the put option by Tranche A lenders would in no event result
in an accelerated cash call on either Weather Capital, the
borrower, or Weather Investments, the guarantor, though the
position of Tranche A lenders relative to Tranche B lenders is
slightly enhanced as a result of this arrangement.
Weather Capital S.a.r.l. is a holding company established under
the laws of Luxembourg for the purpose of partially financing the
acquisition of Wind Telecomunicazioni S.p.A by Mr. Naguib
Sawiris, the indirect controlling shareholder of Weather
Investments S.r.l. The core asset of Weather Capital is 50% + 1
GDS in the share capital of Orascom Telecom Holdings S.A.E.
CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON)
Jenya Brown, Analyst
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
David G. Staples, Managing Director
Corporate Finance Group
Phone: (Journalists) 44 20 7772 5456
(Subscribers) 44 20 7772 5454
=====================
N E T H E R L A N D S
=====================
ROYAL NUMICO: Recalls Baby Food Products in Italy
-------------------------------------------------
The Italian Ministry of Justice has enforced the recall as tests
revealed traces of ITX (Isopropylthioxanthone) in the product.
ITX is a substance utilized in printing inks for certain
packaging materials. The batches that will be recalled involve
products under the brand names 'Aptamil 2 Liquid', 'Aptamil Soya'
and 'Aptamil Babymil' and are estimated to involve less than
100,000 liters.
The form of packaging that causes the migration of ITX into the
product has been used by the entire food industry for a broad
range of food products -- including infant formula, dairy
desserts, soup, cream etc. -- for more than 20 years. The
migration of ITX into products was first discovered in September
2005. The industry as well as the European Commission and all
its member states were immediately informed and agreed that the
ITX migration does not cause a health risk. Various independent
(toxicological) experts and the European Food Safety Authority
(EFSA) have also concluded that ITX migration poses no known
health risk. Notwithstanding these conclusions, Numico
immediately changed to non-ITX migrating packaging after having
been informed in September 2005.
The EFSA has reiterated on 23 November 2005 that "the presence of
ITX in food could be considered undesirable but it is not likely
to present a health risk at the levels reported."
Royal Numico is a high-growth, high-margin, specialist baby food
and clinical nutrition company. Acknowledged as the European
market leader in infant nutrition and medical nutrition, its
products range from infant milk formula to specialized nutrition
for babies with specific needs and for breastfeeding mothers.
For people with specific nutritional requirements, Numico offers
a complete range of enteral clinical nutrition, diet products and
disease-specific nutrition.
CONTACT: ROYAL NUMICO
WTC Schiphol Airport, Tower E,
Schiphol Boulevard 105,
1118 BG Schiphol Airport,
The Netherlands
Phone: +31-20-456-9000
Fax: +31-20-456-8000
Web site: http://www.numico.com/
ROYAL SHELL: Cancels 1,000,000 'A' Shares
-----------------------------------------
On 25 November 2005, Royal Dutch Shell plc purchased for
cancellation 750,000 'A' Shares at a price of EUR26.82 per share.
It further purchased for cancellation 250,000 'A' Shares at a
price of 1,834.44 pence per share.
Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,961,200,000. As
of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc
were in issue.
* * *
Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence. The buyback program follows a damaging
reserves overestimation scandal last year.
About the Company
Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges. Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.
The Trouble
Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February this year. This led to
the ouster of three top executives, including former Chairman
Philip Watts. The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations. Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.
CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES
Carel van Bylandtlaan 30
2596 HR The Hague
The Netherlands
Phone: +31 70 377 9111
Fax: +31 70 377 3115
Web site: http://www.shell.com
===========
P O L A N D
===========
WALCOWNIA RUR: Sale to Sinara Hits Snag
---------------------------------------
The sale of Walcownia Rur Jednosc (WRJ) might be delayed after a
court returned the bankruptcy petition filed against the rolling
mill, Polish News Bulletin says.
Elpol, a creditor and an investor, filed the involuntary
bankruptcy petition on Nov. 9 to demand payment from WRJ. The
mill's management filed for bankruptcy on Nov. 14, as part of a
deal signed in October by shareholders TF Silesia, ING Bank
Slaski and Stalexport. The court ruled both petitions
incomplete.
According to Tadeusz Wenecki, TF Silesia's president, the ruling
might delay WRJ's sale to Russian group Sinara Trading by another
six months. Sinara is offering to acquire the company for
EUR37.5 million, but without its debt, currently pegged at PLN500
million, PLN300 million of which are owed to a consortium of
banks. The Russian firm is also offering to finish the
construction of the mill, which has remained idle after more than
two years and PLN600 million in expenses.
CONTACT: WALCOWNIA RUR JEDNOSC
ulica 27-go Stycznia 1
Siemianowice Slaskie 41-100
Poland
===========
R U S S I A
===========
CRANE-SERVICE: Bankruptcy Hearing Set Next Year
-----------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company Crane-Service.
The case is docketed as A35-8043/05 "g". Mr. A. Morozov has been
appointed temporary insolvency manager. A hearing will take
place on February 8, 2006, 11:00 a.m.
CONTACT: CRANE-SERVICE
305009, Russia, Kursk region,
Privokzalnaya Str. 1
A. MOROZOV
Temporary Insolvency Manager
394038, Russia, Voronezh region,
Post User Box 13
ERTIL-AGRO-SNAB: Voronezh Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on open joint stock company
Ertil-Agro-Snab. The case is docketed as A14-16406/2005/138/16b.
Mr. V. Urinovskiy has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to 394077, Russia,
Voronezh, Bulvar Pobedy Str. 23a, Apartment 269. A hearing will
take place on January 11, 2006, 10:30 a.m. at Russia, Voronezh
region, Srednemoskovskaya Str. 77, Room 302.
CONTACT: ERTIL-AGRO-SNAB
397000, Russia, Voronezh region,
Ertil, Tselinnaya Str. 2
V. URINOVSKIY
Temporary Insolvency Manager
394077, Russia, Voronezh region,
Bulvar Pobedy Str. 23a, Apartment 269
EVRAZ GROUP: Declares US$1.65 Interim Dividend
----------------------------------------------
Evraz Group S.A. has disclosed that on November 24, 2005 the
Company's Board of Directors declared an interim dividend of
US$1.65 per common share, or US$0.55 per GDR payable before
December 8, 2005 to shareholders of record as of November 24,
2005.
Holders of the Company's GDRs may contact The Bank of New York as
depositary for the related GDRs record date and payment date.
This information will be published by The Bank of New York at
http://www.adrbny.com
Evraz Chairman Alexander Abramov said: "I am delighted that the
Board has declared a dividend that reflects the company's strong
first half year results."
The Company would like to inform that changing market conditions
affect Company's operations and may have an adverse impact on
Evraz's results for 2H 2005, as compared to 1H 2005.
CONTACT: EVRAZ GROUP S.A.
Corporate Affairs and Communications
Irina Kibina
Alexander Karlashov
Phone: +7 095 234 4629
E-mail: IR@eam.ru
Web site: http://www.evrazholding.ru/
EVRAZ GROUP: Splits Chairman-CEO Role
-------------------------------------
Evraz Group S.A.'s Board of Directors has approved several
changes to the Company's top management, as part of the Company's
strategy to become more efficient and reflecting the present
status of the Company that demands full commitment from its
management.
On January 1, 2006, Alexander Abramov will leave his position as
the Company's Chief Executive Officer. The Board has decided to
recommend that the shareholders' meeting appoint Valery
Khoroshkovsky, Managing Director Operations, as the new CEO of
the Company with effect from January 1, 2006.
The Board believes that Mr. Khoroshkovsky is well positioned to
carry out this role. He joined Evraz in 2004 after having served
in a number of key positions in the Ukrainian government,
including being Minister of Economics of Ukraine, and in
entrepreneurial and management roles in various resource
industries.
The Board has also elected Alexander Frolov as the new Chairman
of the Board, effective May 1, 2006, replacing Mr. Alexander
Abramov, who will remain a member of the Company's Board with no
executive responsibilities.
The Board is confident that Messrs. Khoroshkovsky and Frolov are
well-qualified to lead the management team and to ensure the
Company's continued growth due to their background as well as
present involvement with the Company's day-to-day business. Mr.
Abramov remains highly committed to further development of Evraz
Group and creation of shareholder value.
Mr. Abramov said: "As a large shareholder, I am excited about the
progress Evraz has made. Now that it has become a public
company, the separation of the roles of chief executive officer
and of chairman should enhance corporate governance. I am
confident that Evraz will be in good hands under the leadership
of these two exceptional individuals, with whom I have worked
closely over the last few years."
CONTACT: EVRAZ GROUP S.A.
Corporate Affairs and Communications
Irina Kibina
Alexander Karlashov
Phone: +7 095 234 4629
E-mail: IR@eam.ru
Web site: http://www.evrazholding.ru/
KURGANSKOYE: Kurgan Court Brings in Insolvency Manager
------------------------------------------------------
The Arbitration Court of Kurgan region has commenced bankruptcy
supervision procedure on close joint stock company Kurganskoye
Building-Assembly Enterprise #2. The case is docketed as
A34-3501/05. Mr. D. Pushkarev has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 625048, Russia,
Tyumen, Stankostoiteley Str. 1, Office 305a. A hearing will take
place on December 14, 2005, 9:30 a.m. at the Arbitration Court of
Kurgan at Russia, Kurgan region, M. Gorkogo Str. 156.
CONTACT: KURGANSKOYE BUILDING-ASSEMBLY ENTERPRISE #2
640000, Russia, Kurgan region,
Tobolskaya Str. 62
D. PUSHKAREV
Temporary Insolvency Manager
625048, Russia, Tyumen region,
Stankostoiteley Str. 1, Office 305a
MACARONI-PROM: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Macaroni-Prom (TIN 0711016255/KPP 071501001). The case
is docketed as A20-3370/03. Mr. B. Dumanov has been appointed
temporary insolvency manager.
CONTACT: MACARONI-PROM
360000, Russia, Kabardino Balkariya republic,
Nalchik, Kabardinskaya Str. 145
B. DUMANOV
Temporary Insolvency Manager
360000, Russia, Kabardino Balkariya republic,
Nalchik, Tarchokoeva Str. 54 "g", Apartment 61
OREL-INZH-SEL-STROY: Hires B. Latyshev Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on open joint stock company
Orel-Inzh-Sel-Stroy. The case is docketed as A48-5351/05-17b.
Mr. B. Latyshev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 302043, Russia,
Orel, Kromskoy Proezd, 2, Office 4-10. A hearing will take place
on January 23, 2006, 9:30 a.m.
CONTACT: OREL-INZH-SEL-STROY
Russia, Orel region,
Aviatsionnaya Str. 14
B. LATYSHEV
Insolvency Manager
302043, Russia, Orel region,
Kromskoy Proezd, 2, Office 4-10
Phone: (0862) 72-41-22
STROY-MONTAGE-SERVICE: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company
Stroy-Montage-Service (TIN 6143049968). The case is docketed as
A53-22725/2005-S2-7. Mr. M. Makhnev has been appointed temporary
insolvency manager. A hearing will take place on January 31,
2006, 3:35 p.m. at the Arbitration Court of Rostov region at
Russia, Rostov-na-Donu, Stanilskvaskogo Str. 8 "a".
CONTACT: STROY-MONTAGE-SERVICE
347360, Russia, Rostov region,
Volgodonsk, Lenina Str. 62-9
M. MAKHNEV
Temporary Insolvency Manager
344010, Russia, Rostov-na-Donu,
Nakhichevanskiy Per. 64, Office 1007
STROY-SERVICE: Under Bankruptcy Supervision
-------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on close joint stock company Stroy-Service.
The case is docketed as A-70-5251/3-05. Mr. A. Fadeev has been
appointed temporary insolvency manager.
CONTACT: STROY-SERVICE
Russia, Tyumen region, Aromashevskiy region,
Aromashevo, 1st Maya Str. 75
A. FADEEV
Temporary Insolvency Manager
627420, Russia, Tyumen region, Kazanskyu region,
Kazanskoye, Ishimskaya Str. 5
TYUMEN-LUKOIL-STROY: Bankruptcy Hearing Resumes Next Month
----------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company
Tyumen-Lukoil-Stroy (TIN 7203082555, OGRN 1027200845902). The
case is docketed as A70-8813/3-05. Mr. S. Chepik has been
appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 625048, Russia,
Tyumen, Stankostroiteley Str. 1-305A. A hearing will take place
on December 22, 2005 at the Arbitration Court of Tyumen region at
625048, Russia, Tyumen region, Khokhryakova Str. 77.
CONTACT: TYUMEN-LUKOIL-STROY
Russia, Tyumen region, Permyakova Str. 20/1
S. CHEPIK
Temporary Insolvency Manager
625048, Russia, Tyumen region,
Stankostroiteley Str. 1-305A
URAL-AGRO-HOLDING: Bankruptcy Hearing Set Next Year
---------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Ural-Agro-Holding. The case is docketed as A60-24940/2005 S11.
Mr. M. Menshikov has been appointed temporary insolvency manager.
A hearing will take place on February 28, 2006 at the Arbitration
Court of Sverdlovsk region at Russia, Ekaterinburg, Lenina Str.
34.
CONTACT: URAL-AGRO-HOLDING
623461, Russia, Sverdlovsk region, Kamenskiy region,
Novoisetskoye, Sovetskaya Str. 2
M. MENSHIKOV
Temporary Insolvency Manager
624001, Russia, Sverdlovsk region,
Aramil, Shkolnaya Str. 46a
Phone/Fax: (343) 216-50-92
VOZROZHDENIYE: Claims Filing Period Ends Dec. 15
------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on agro-company Vozrozhdeniye (TINb
6812005130). The case is docketed as A64-1851/05-21. Mr. K.
Zhiltsov has been appointed temporary insolvency manager.
Creditors have until December 15, 2005 to submit their proofs of
claim to 392032, Russia, Tambov, N. Virty Str. 106, Apartment 51.
CONTACT: VOZROZHDENIYE
Russia, Tambov region,
Staroyuryevo, Kooperativnaya Str. 3
K. ZHILTSOV
Temporary Insolvency Manager
392032, Russia, Tambov region,
N. Virty Str. 106, Apartment 51
YUKOS OIL: Dutch Court Junks Yugansk Petition to Freeze Assets
--------------------------------------------------------------
On Nov. 24, the District Court of Amsterdam rendered a judgment
in the summary proceedings between Yuganskneftegaz and Yukos Oil.
Yuganskneftegaz had asked the District Court to order Yukos to
abstain from inter alia selling its subsidiaries (freezing
order). The most important subsidiaries are Mazeikiu Nafta,
which runs a refinery in Lithuania (joint venture with Lithuanian
government), Davy Proces Technology and Transpetrol, which owns
pipelines in Slovakia.
The District Court in its judgment refused to give the freezing
order, because Yuganskneftegaz had not shown that the present
sales process in any way prejudices the interests of the
creditors of Yukos. Furthermore the District Court sided with
Yukos on its counterclaim asking for the lifting of attachments
made by Yuganskneftegaz on shares held by Yukos in its
subsidiaries. The court lifted all attachments on the shares
held in subsidiaries located outside the Netherlands.
Mr. Robert van Galen, lawyer of Yukos said: "This is an important
victory for Yukos which enables Yukos to continue the sales
process of its non-Russian assets and to pay its creditors."
About the Company
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.
Yukos' bankruptcy case was dismissed in February. Yugansk
ultimately went to Rosneft, who is now claiming EUR2.34 billion
representing Yukos debt to Yugansk.
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: Bidders for Mazeikiu Stake Down to Two, says Report
--------------------------------------------------------------
TNK-BP and LuKoil have been stricken off the list of bidders for
Yukos Oil's 53% stake in Mazeikiu nafta, Lithuanian Economy
Minister Kestutis Dauksys told state radio recently.
Mr. Dauksys said investment bank Lehman Brothers, which is
advising Yukos on the sale, revealed this information to one of
the members of the negotiating team representing the Lithuanian
government. The bidders are now down to Kazakhstan's KazMunaiGas
and Poland's PKN Orlen.
The Lithuanian panel, set up earlier this month, is composed of
Mr. Dauksys, Deputy Minister Nerijus Eidukevicius and Saulius
Specius. Lithuania, which owns 40.66% of Mazeikiu, wants to buy
out Yukos and resell its stake. It has already obtained
permission from parliament to take out a US$1 billion loan to
complete the purchase. The government is also planning to sell
about 30% of its stake to sweeten the deal.
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. The stake
in the company is one of the last two foreign assets of Yukos
that have not been seized by the Russian government.
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 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
===========
S W E D E N
===========
ESSELTE GROUP: Closes US$730 Mln Sale of DYMO Business
------------------------------------------------------
Esselte Group Holdings AB completed the divestiture of its DYMO
labeling business to Newell Rubbermaid Inc., a global marketer of
consumer and commercial products, for approximately US$730
million.
"After taking Esselte private in July 2002, we invested heavily
in the DYMO business through personnel, advertising and
accelerated product development," said Magnus Nicolin, president
and CEO of Esselte. "The sale of DYMO is validation that our
strategy for building value was solid."
* * *
In August, Newell Rubbermaid reached a definitive agreement to
acquire DYMO, a global leader in designing, manufacturing and
marketing on-demand labeling solutions, for approximately $730
million in cash. The acquisition, which is expected to close by
year-end, is subject to applicable regulatory approvals and other
customary closing conditions. Newell Rubbermaid expects the
acquisition to be neutral to earnings in 2005 and approximately
US$0.06 per share accretive in 2006. DYMO is a division of
Esselte Group Holdings AB.
The divestiture of the DYMO business will allow Esselte to pay
off substantially all of its current debt and concentrate on its
remaining core business of organization and presentation
solutions, such as filing, desktop and binding and lamination
products.
In addition, Esselte intends to increase its investment in Xyron,
a leading marketer of proprietary hobby and craft products to
fully leverage this rapidly growing market.
"With the opportunity to accelerate innovation further and with
renewed focus on our core business of organizational solutions
and craft products, I am excited about our prospects for the
future," Mr. Nicolin said.
In connection with the completion of the divestiture of its DYMO
labeling business, Esselte called for redemption its outstanding
7.625% senior notes due in 2011, in accordance with the note
indenture.
Esselte Group Holdings AB -- http://www.esselte.com/
-- with executive offices in Stamford, Connecticut, is the
leading global office supplies manufacturer with annual sales of
approximately US$1 billion, subsidiaries in 33 countries and
approximately 5,000 employees worldwide. The company develops
innovative solutions that simplify the modern home and workplace.
Esselte sells more than 20,000 different office & craft products
in over 120 countries; its principal brands include Esselte,
Leitz, Oxford, Pendaflex and Xyron.
* * *
Standard & Poor's Ratings Services rated the company's 5-7/8%
Senior Secured Notes due 2014 at BB+.
In July, following the announcement of the sale, Moody's placed
the firm's corporate family rating (formerly senior implied
rating) of B2, and EUR150 million 7 5/8% senior notes (due 2011)
of Caa1 under review for possible upgrade.
CONTACT: ESSELTE GROUP
44 Commerce Road,
Stamford, CT 06902-4561, U.S.A.
Media Contact:
Phone: +1 203.355.9022
Fax: +1 203.355.9010
Web site: http://www.esselte.com
SAS GROUP: Environmental Tax to Hit Revenues
--------------------------------------------
Sweden's proposed environmental tax on airline travel will hurt
SAS Group's Swede operations, Reuters says. The government eyes
a SEK100 tax on flights from Swedish airports beginning May 2006
to encourage use of more environmentally friendly energy.
Chief Executive Jorgen Lindegaard says, "My best bet is a drop of
5-6 percent in overall revenue for SAS Sweden if the tax is
imposed. But it could be more or less."
He adds revenues from local flights could drop as much as 15%, as
passengers would likely opt for other modes of transport. He is
now trying to convince Sweden's political parties that the tax
has very little benefit if planes fly with empty seats.
"I don't know if the tax is for the environment or a fiscal
instrument to plug the budget holes for next year," he said.
SAS Sweden posted -SEK353 million in nine-month EBIT and
generated SEK5.7 billion in revenues. The SAS Group, meanwhile,
booked SEK703 million in EBIT on SEK45.6 billion revenue.
Headquartered in Stockholm, Sweden, SAS AB is owned by the
governments of Sweden (21.4%), Denmark (14.4%), and Norway
(14.4%). It booked SEK58.703 billion in revenues and SEK1.872
billion in losses in FY2004.
CONTACT: SAS AB
Frosundaviks Alle 1, Solna
S-195 87 Stockholm
Phone: +46-8-797-00-00
Fax: +46-8-797-16-03
Web site: http://www.scandinavian.net
=============
U K R A I N E
=============
CHESLA: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region declared Chesla (code EDRPOU
32856148) on October 19, 2005 after finding the limited liability
company insolvent. The case is docketed as 43/799. Mr. Melnik
Mihajlo (License Number AA 783232) has been appointed
liquidator/insolvency manager.
Creditors have until December 1, 2005 to submit their proofs of
claim to:
(a) CHESLA
Ukraine, Kyiv region,
Baggovutivska Str. 8/10
(b) MELNIK MIHAJLO
Liquidator/Insolvency Manager
Ukraine, Kyiv region,
Kudryashov Str. 5/129
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard 44-B
KAMYANSKO-DNIPROVSKIJ: Proofs of Claim Deadline December 1
----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Kamyansko-Dniprovskij Tin Plant (code EDRPOU
00374077) after finding the open joint stock company insolvent.
The case is docketed as 19/107. Mr. M. Vereshak (License Number
AA 669674) has been appointed liquidator/insolvency manager.
Creditors have until December 1, 2005 to submit their proofs of
claim to:
(a) KAMYANSKO-DNIPROVSKIJ TIN PLANT
Ukraine, Zaporizhya region,
Kamyanko-Dniprovka
(b) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
KARPAT-RESURS-PROEKT: Declared Insolvent
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Karpat-Resurs-Proekt (code EDRPOU 32106890)
on October 19, 2005 after finding the limited liability company
insolvent. The case is docketed as 43/800. Mr. Melnik Mihajlo
(License Number AA 783232) has been appointed
liquidator/insolvency manager.
Creditors have until December 1, 2005 to submit their proofs of
claim to:
(a) KARPAT-RESURS-PROEKT
Ukraine, Kyiv region,
A. Navoi Avenue 76
(b) MELNIK MIHAJLO
Liquidator/Insolvency Manager
Ukraine, Kyiv region, Kudryashov Str. 5/129
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard 44-B
PREOBRAZHENIYE: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Agrofirm Preobrazheniye (code EDRPOU
30790405) on September 19, 2005. The case is docketed as 27/121
B. Mr. Sergij Gumbakov (License Number AA 783188) has been
appointed temporary insolvency manager. The company holds
account number 26007059990926 at CB Privatbank, Krasnoarmijske
branch, MFO 335236.
Creditors have until December 2, 2005 to submit their proofs of
claim to:
(a) PREOBRAZHENIYE
85375, Ukraine, Donetsk region,
Krasnoarmijskij district, Sribne, Druzhbi str.
(b) SERGIJ GUMBAKOV
Temporary Insolvency Manager
85320, Ukraine, Donetsk region,
Dimitrov, Vatutin Str. 24/16
(c) ECONOMIC COURT OF DONETSK REGION
83048, Ukraine, Donetsk region,
Artema Str. 157
TEHNIKA: Creditors' Claims Due this Week
----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Tehnika (code EDRPOU 25483057) on April 28,
2005 after finding the limited liability company insolvent. The
case is docketed as 19/91. Mr. M. Vereshak (License Number AA
669674) has been appointed liquidator/insolvency manager.
Creditors have until December 1, 2005 to submit their proofs of
claim to:
(a) TEHNIKA
70100, Ukraine, Zaporizhya region,
Novomikolayivka, Lenin Str. 28
(b) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana Str. 4
UKRIMPORT: Insolvency Manager Takes over Helm
---------------------------------------------
The Economic Court of Kyiv region opened bankruptcy proceedings
against Ukrimport (code EDRPOU 32142829) on October 6, 2005 after
finding the limited liability company insolvent. The case is
docketed as 101/14 b-2005. Mr. I. Gusar (License Number AA
719858) has been appointed liquidator/insolvency manager. The
company holds account number 26009010512091 at JSCB Ukrsocbank,
Kyiv region branch, MFO 322012.
Creditors have until December 1, 2005 to submit their proofs of
claim to:
(a) UKRIMPORT
Ukraine, Kyiv region,
Bila Tserkva district,
Terezine, Shkilna Str. 4-a
(b) I. GUSAR
Liquidator/Insolvency Manager
01030, Ukraine, Kyiv region, a/b 29
Phone/Fax: (044) 236-11-17
(c) ECONOMIC COURT OF KYIV REGION
01032, Ukraine, Kyiv region,
Komintern Str. 165
ZDOLBUNIVSKE BREAD: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
supervision procedure on OJSC Zdolbunivske Bread Receiving Plant
on October 15, 2005. The case is docketed as 4/33. Mr. Franko
Oleg (License Number AA 669687) has been appointed temporary
insolvency manager. The company holds account number 260096 at
JSPPB Aval, Zdolbuniv branch, MFO 333379.
Creditors have until December 2, 2005 to submit their proofs of
claim to:
(a) ZDOLBUNIVSKE BREAD RECEIVING PLANT
35705, Ukraine, Rivne region,
Zdolbuniv, Nezalezhnosti Str. 49
(b) FRANKO OLEG
Temporary Insolvency Manager
35705, Ukraine, Rivne region,
Zdolbuniv, Nezalezhnosti Str. 49
(c) ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski Str. 59
===========================
U N I T E D K I N G D O M
===========================
ALLSPORTS LIMITED: Creditors Meeting Set Thursday
-------------------------------------------------
Creditors of Allsports Limited will meet on December 1, 2004,
10:00 a.m. at The Midland Hotel, Peter Street, Manchester.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to D. J. Power of BDO Stoy Hayward LLP, Commercial
Buildings, 11-15 Cross Street, Manchester M2 1BD not later than
12:00 noon, November 30, 2005.
CONTACT: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street, Manchester M2 1BD
Phone: 0161 817 3700
Fax: 0161 817 3711
E-mail: manchester@bdo.co.uk
Web site: http://www.bdo.co.uk
A.S. REALISATIONS: Creditors Meeting Set Later this Week
--------------------------------------------------------
Creditors of A.S. Realisations Limited will meet on December 1,
2004, 10:15 a.m. at The Midland Hotel, Peter Street, Manchester.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to D. J. Power of BDO Stoy Hayward LLP, Commercial
Buildings, 11-15 Cross Street, Manchester M2 1BD not later than
12:00 noon, November 30, 2005.
CONTACT: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street, Manchester M2 1BD
Phone: 0161 817 3700
Fax: 0161 817 3711
E-mail: manchester@bdo.co.uk
Web site: http://www.bdo.co.uk
AYDON SILVER: Hires Administrators from P&A Partnership
-------------------------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144) of
Begbies Traynor were appointed joint administrators of Aydon
Silver & Co Limited (Company No 014238987) on Nov. 11. Aydon
Silver -- http://www.aydonsilver.co.uk/-- is a label supplier.
CONTACT: AYDON SILVER & CO. LTD.
Stoney Lane Industrial Estate,
Red Sands Road, Kidderminster,
Wocestershire, DY10 2LG
United Kingdom
Phone: 01562 820107
Fax: 01562 822253
E-mail: info@aydonsilver.co.uk
THE P&A PARTNERSHIP
The Old Barn, Caverswall Park, Caverswall Lane
Stoke on Trent ST3 6HP
Phone: (0114) 275 5033
Fax: (0114) 276 8556
E-mail: info@poppletonappleby.co.uk
Web site: http://www.thepandapartnership.com
BARKBY ROAD: Creditors Meeting Today
------------------------------------
Creditors of Barkby Road Dyeworks Limited (Company No 05432299)
will meet on November 29, 2005, 10:30 a.m. at Macdonald Brandon
Hall Hotel & Spa, Main Street, Brandon, Warwickshire CV8 3FW.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to G. Mummery, joint administrator of Vantis Redhead
French Limited, 43-45 Butts Green Road, Hornchurch, Essex RM11
2JX.
CONTACT: VANTIS REDHEAD FRENCH LIMITED
43-45 Butts Green Road,
Hornchurch, Essex RM11 2JX
Phone: 01708 458211
Fax: 01708 442308
E-mail: jeremy.french@vantisredheadfrench.co.uk
BEST BLOOMS: Calls in Administrator
-----------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) of UHY
Hacker Young were appointed joint administrators of Best Blooms
Wholesale Flowers & Plants Ltd. (Company No 02933548) on Nov. 15.
Its registered office is at 150-151 Hall 3, Western International
Market, Hayes Road, Southall, Middlesex UB2 5XY. The company
wholesales flower.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street, London EC2Y 5DH
Phone: 020 7216 4600
Fax: 020 7638 2159
BRITISH ENERGY: Cuts Nuclear Output Forecast Below 61TWh
--------------------------------------------------------
Due to a number of recent equipment issues that have resulted in
unplanned outages at British Energy Group plc's power stations,
the Company has revised its estimate of nuclear output for the
financial year 2005/06. Based on current information, the
Company expects that nuclear output for the financial year
2005/06 is unlikely to exceed 61TWh. The Company continues to
review expected nuclear output for the financial year 2006/07 and
will provide an update in due course.
About the Company
Headquartered in South Lanarkshire, British Energy is U.K.'s
largest power generator, producing 20% of the country's power
through eight nuclear facilities in Scotland and England (total
capacity is 9,600 MW). British Energy also owns the 2,000-MW
coal-fired plant (Eggborough) in England.
The company emerged as British Energy Limited with a new holding
company, British Energy group plc, after the court approved its
scheme of arrangement in January. Under the program, existing
creditors received 97.5% of equity in the new group.
CONTACT: BRITISH ENERGY GROUP PLC
Systems House
Alba Campus
Livingston
EH54 7EG
Phone: +44 (0) 1506 408700
Fax: +44 (0) 1506 408888
Web site: http://www.british-energy.com
Contact:
John Searles, Investor Relations
Phone: 01506 408 715
CAMPION MCCALL: Owners Pass Winding-up Resolutions
--------------------------------------------------
W. P. Campion, chairman of Campion McCall Limited, informs that
the special resolution to wind up the company was passed at an
EGM held on Nov. 7 at 26-28 Bedford Row, London WC1R 4HE. David
Rubin and Asher Miller of David Rubin & Partners, 26-28 Bedford
Row, London WC1R 4HE were appointed joint liquidators.
Creditors are required on or before December 12, 2005, to send in
their names and addresses with particulars of their debt or
claims and the names and addresses of their Solicitors (if any),
to Asher Miller and if so required by notice in writing their
debt or claims.
CONTACT: DAVID RUBIN & PARTNERS
26-28 Bedford Row, London WC1R 4HE
E-mail: info@davidhornerandco.co.uk
Web site: http://www.davidhornerandco.co.uk
DEANWALK LIMITED: Claims Filing Period Ends Dec. 14
---------------------------------------------------
Deanwalk Limited informs that the special resolution to wind up
the company was passed at an EGM held on Nov. 7 at 18 Esplanade,
St Helier JE4 8PR. Ian David Holland of Ian Holland + Co, The
Clock House, 87 Paines Lane, Pinner, Middlesex HA5 3BZ was
appointed liquidator.
Creditors are required on or before December 14, 2005, to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to I. D.
Holland and if so required by notice in writing their debt or
claims.
CONTACT: IAN HOLLAND & CO.
The Clock House
87 Paines Lane
Pinner
Middlesex HA5 3BZ
Phone: 020 8866 6556
Fax: 020 8866 7557
E-mail: idh@ianholland.co.uk
DRAX GROUP: Names Dresdner Kleinwort Joint Corporate Broker
-----------------------------------------------------------
Following the announcement on 23 November 2005 of the Board's
decision to continue preparations for the refinancing and
listing, Drax Group plc has appointed Dresdner Kleinwort
Wasserstein to act as joint corporate broker alongside Deutsche
Bank, which is also Drax's sponsor and lead financial adviser.
Deutsche Bank AG London Branch, which is regulated by the
Financial Services Authority for the conduct of designated
investment business in the United Kingdom, is acting for Drax in
connection with the matters described herein and no-one else and
will not be responsible to anyone other than Drax for providing
the protections afforded to customers of Deutsche Bank, nor for
providing advice in relation to the matters described herein.
Dresdner Kleinwort Wasserstein, which is regulated by the
Financial Services Authority for the conduct of designated
investment business in the United Kingdom, is acting for Drax in
connection with the matters described herein and no-one else and
will not be responsible to anyone other than Drax for providing
the protections afforded to customers of Dresdner Kleinwort
Wasserstein, nor for providing advice in relation to the matters
described herein.
About the Company
Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe. Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.
Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection. Its former project creditors took control of the
firm from owner U.S. energy generator AES. In December, it
secured an agreement for a GBP348 million claim from TXU. It
received a first distribution of some GBP214 million at the end
of March. Succeeding payments are expected in 2005 and 2006.
The company is using its money to discharge B debt.
Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing.
It has retained Dresdner Kleinwort Wasserstein Limited as
financial adviser.
CONTACT: DRAX GROUP LIMITED
P.O. BOX 3
Selby
North Yorkshire
YO8 8PQ
Phone: +44 (0) 1757 618381
Fax: +44 (0) 1757 618504
FARR HALL: Appoints Liquidator from Ernst & Young
-------------------------------------------------
Company Names: FARR HALL PROPERTIES LIMITED
SUNLEY TURRIFF CONSTRUCTION LIMITED
SUNLEY TURRIFF GROUP LIMITED
SUNLEY TURRIFF HOLDINGS LIMITED
THE BROOMHALL JOINERY COMPANY LIMITED
TURRIFF CONSTRUCTION LIMITED
K. Hyam, chairman of these companies, informs that the
extraordinary resolution to wind up the firms were passed at an
EGM held on Nov. 11 at Ernst & Young LLP, 100 Barbirolli Square,
Manchester M2 3EY.
CONTACT: ERNST & YOUNG LLP
100 Barbirolli Square,
Manchester M2 3EY
Phone: +44 [0] 161 333 3000
Fax: +44 [0] 161 333 3001
Web site: http://www.ey.com
HARPERGATE PROPERTIES: Calls in Liquidator from Ian Holland
-----------------------------------------------------------
The chairman of Harpergate Properties Limited informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 8 at 18 Esplanade, St Helier, Jersey, Channel
Islands JE4 8PR. Ian David Holland of Ian Holland + Co, The
Clock House, 87 Paines Lane, Pinner, Middlesex HA5 3BZ was
appointed liquidator.
Creditors are required on or before December 14, 2005, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims and names and addresses of
Solicitors (if any), to I. D. Holland and if so required by
notice in writing their debt or claims.
CONTACT: IAN HOLLAND & CO.
The Clock House
87 Paines Lane
Pinner
Middlesex HA5 3BZ
Phone: 020 8866 6556
Fax: 020 8866 7557
E-mail: idh@ianholland.co.uk
IMPERIAL SECURITIES: Names Poppleton & Appleby Liquidator
---------------------------------------------------------
Imperial Securities (UK) Limited informs that a resolution to
wind up the company was passed at an EGM held on Nov. 3 at 35
Ludgate Hill, Birmingham B3 1EH. M. D. Hardy of Poppleton &
Appleby, 35 Ludgate Hill, Birmingham B3 1EH was appointed
liquidator.
CONTACT: IMPERIAL SECURITIES (UK)
18 Tipton Trading Estate Bloomfield Road
Tipton West Midlands DY4 9AH
Phone: (0121 557 3300)
POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
INDOLA LIMITED: Liquidators from PwC Take over Firm
---------------------------------------------------
Company Names: Indola Limited
St. Ives laboratories limited
T. Monaghan, sole member of these companies, informs that the
special and ordinary resolutions to wind up the firms were passed
at an EGM held on Oct. 31. Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
were appointed joint liquidators.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
JARVIS PLC: Half-year Figures Out November 30
---------------------------------------------
Jarvis plc will release its interim results for the first half
year to 30 September 2005 on 30 November 2005. A presentation
will be made to analysts of these results at 10:00 a.m. on that
day.
About the Company
Jarvis plc operates in a number of markets delivering solutions
for the public sector, specifically rail services, road
maintenance and products, and plant hire operations. Based in
York, Jarvis has over 3,000 employees across a nationwide network
of facilities.
With the Admission of the Placing Shares on Sept. 29, it has
completed its financial restructuring plan that was announced on
27 May 2005 and approved by Shareholders on 4 August 2005. The
restructuring involved GBP378 million of the Company's
liabilities exchanged for new equity; GBP50 million of new equity
capital raised through a Placing and Open Offer; and GBP38.5
million of Additional Funding Facilities secured.
The Directors believe that the successful completion of the
restructuring announced on 12 July and the continuation of the
Group's strategy of focusing on the core businesses of Rail Plant
and Road, aligned with further cost saving measures and exit from
or stabilization of the non-core activities of construction and
FM, will provide a much improved base from which to develop the
business.
CONTACT: JARVIS PLC
Meridian House
The Crescent
York
YO24 1AW
Phone: +44-20-7017-8000
Fax: +44-20-7017-0083
Web site: http://www.jarvisplc.com
JEWELL AND NORCOMBE: Files for Liquidation
------------------------------------------
P. M. Newson, chairman of Jewell and Norcombe Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 4 at Monahans, 38-42 Newport Street, Swindon SN1
3DR. Paul Michael McConnell of Monahans, 38-42 Newport Street,
Swindon SN1 3DR was appointed liquidator.
CONTACT: JEWELL AND NORCOMBE LIMITED
30 Trinity Street, Dorchester, Dorset DT1 1TT
Phone: 01305262030
MONAHANS
38-42 Newport Street
Swindon
Wiltshire SN1 3DR
Phone: 01793 521231
Fax: 01793 512188
E-mail: paulm@monahans.co.uk
JOKYLE HOLDINGS: Liquidators from Baker Tilly Move in
-----------------------------------------------------
D. N. Hinchliffe, chairman of Jokyle Holdings Limited, informs
that the special and ordinary resolutions to wind up the company
were passed at an EGM held on Nov. 11 at 140 London Road,
Guildford, Surrey GU1 1UW. Matthew Richard Meadley Wild and
Geoffrey Lambert Carton-Kelly of Baker Tilly, The Clock House,
140 London Road, Guildford, Surrey GU1 1UW were appointed joint
liquidators.
CONTACT: BAKER TILLY
The Clock House, 140 London Road,
Guildford, Surrey GU1 1UW
Phone: 01483 307000
Fax: 01483 569 281
Web site: http://www.bakertilly.co.uk
MD DISTRIBUTION: EGM Passes Winding-up Resolution
-------------------------------------------------
P. L. Beardmore, chairman of MD Distribution Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 1 at Bulls Head Hotel, Mill Street, Congleton,
Cheshire. Christopher George Taylor Haworth of Chris Haworth &
Co, The Gables, Goostrey Lane, Twemlow Green, near Holmes Chapel,
Cheshire CW4 8BH was appointed liquidator.
CONTACT: MD DISTRIBUTION LIMITED
167 London Road, Stoke-On-Trent
Staffordshire ST4 7QE
Phone: 01782746693
MPOWER EUROPE: Hires RSM Robson Rhodes Liquidator
-------------------------------------------------
Company Names: MPOWER EUROPE LIMITED
MPOWER EUROPE (SERVICES)
SORT LIMITED
These companies inform that the special, ordinary and
extraordinary resolutions to wind up the firms were passed at an
EGM held on Nov. 8 at 225 West Walker Drive, 8th Floor Chicago,
Illinois 60606, U.S.A. Geoffrey Paul Rowley and Simon Peter
Bower of RSM Robson Rhodes LLP, 186 City Road, London EC1N 2NU
were appointed joint liquidators.
CONTACT: RSM ROBSON RHODES LLP
186 City Road,
London EC1V 2NU
Phone: +44 (0) 20 7251 1644
Fax: +44 (0) 20 7250 0801
Web site: http://www.robsonrhodes.co.uk
O'SULLIVAN INDUSTRIES: To Pay GBP250,000 U.K. Claims
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized O'Sullivan Industries Holdings, Inc. and its debtor-
affiliates to pay, in their absolute discretion, the U.K. Claims.
The debtors sell products manufactured in the United States to
large retailers in Europe through branch operations in the United
Kingdom. The U.K. Branch leases office and warehouse space and
has 14 employees.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout,
P.A., in Atlanta, Georgia, tells the Court that the U.K. Branch
is an expanding and important component of the Debtors' overall
business, generating between US$5,000,000 and US$6,000,000 in
revenues in fiscal year 2005. The Debtors believe that there is
significant opportunity for growth in the U.K. and European
markets and that the U.K. Branch will become even more important
to the Debtors as they pursue foreign sourcing opportunities.
In connection with their operation of the U.K. Branch, the
Debtors have ongoing business relationships with various
creditors in the United Kingdom that provide freight, carriage,
temporary staffing, utility, and other services to the Debtors.
Mr. Cifelli relates that the U.K. Creditors have certain
prepetition claims against the Debtors totaling no more than
GBP250,000.
Headquartered in Roswell, Georgia, O'Sullivan Industries
Holdings, Inc. -- http://www.osullivan.com/-- designs,
manufactures, and distributes ready-to-assemble furniture and
related products, including desks, computer work centers,
bookcases, filing cabinets, home entertainment centers,
commercial furniture, garage storage units, television, audio,
and night stands, dressers, and bedroom pieces. O'Sullivan sells
its products primarily to large retailers including OfficeMax,
Lowe's, Wal-Mart, Staples, and Office Depot. The Company and its
subsidiaries filed for chapter 11 protection on October 14, 2005
(Bankr. N.D. Ga. Case No. 05-83049). On September 30, 2005, the
Debtor listed $161,335,000 in assets and $254,178,000 in debt.
(O'Sullivan Bankruptcy News, Issue No. 6; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
CONTACT: O'SULLIVAN INDUSTRIES, INC.
1900 Gulf St.
Lamar, MO 64759-1899
Phone: 417-682-3322
Fax: 417-682-8104
PAPERTIGER.UK.COM LTD.: Calls in Liquidator
-------------------------------------------
E. J. Piggott, chairman of Papertiger.Uk.Com Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 3 at 68 Ship Street, Brighton, East Sussex BN1 1AE.
William Jeremy Jonathan Knight of Jeremy Knight & Co., 68 Ship
Street, Brighton, East Sussex BN1 1AE was appointed liquidator.
CONTACT: PAPERTIGER.UK.COM LTD.
11-29 Fashion Street
London
E1 6PX
London
Phone: 020 7375 1744
Web site: http://www.papertiger.uk.com
JEREMY KNIGHT & CO.
68 Ship Street
Brighton
Sussex BN1 1AE
Phone: 01273 203654
Fax: 01273 206056
E-mail: jknight@mistral.co.uk
PROBE-IT LIMITED: Creditors Meeting Set Weekend
-----------------------------------------------
Creditors of Probe-It Limited (Company No 3724278) will meet on
December 2, 2005, 10 a.m. at Smith & Williamson Limited, at 25
Moorgate, London EC2R 6AY.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to S. Cork administrator of Smith & Williamson
Limited, 2 Athenaeum Road, London N20 9YU not later than 12:00
noon, December 1, 2005.
CONTACT: SMITH & WILLIAMSON
Prospect House
2 Athenaeum Road
London N20 9YU
Phone: 020 8492 8600
Fax: 020 8492 8601
PURR JAG: Motor Vehicle Dealer Winds up
---------------------------------------
M. Ramsay, director of Purr Jag Limited, informs that resolutions
to wind up the company were passed at an EGM held on Oct. 31 at
90 St Faiths Lane, Norwich NR1 1NE. Chris Williams of McTear
Williams & Wood, 90 St Faiths Lane, Norwich NR1 1NE was appointed
liquidator.
CONTACT: PURR JAG LIMITED
242-254 Sprowston Rd
Norwich NR3 4HT
Phone: 01603 256060
Fax: 01603 256069
MCTEAR WILLIAMS & WOOD
De Vere House
90 St Faiths Lane
Norwich
Norfolk NR1 1NE
Phone: 01603 877540
Fax: 01603 877549
E-mail: chriswilliams@mw-w.com
RAGLAN (NEW MALDEN): Appoints Deloitte Administrators
-----------------------------------------------------
B. R. Green and S. R. Everett, members of Raglan (New Malden)
Limited, informs that the special and ordinary resolutions to
wind up the company were passed at a meeting and N. G. Edwards
and N. J. Dargan of Deloitte & Touche, Athene Place, P.O. Box
810, 66 Shoe Lane, London EC4A 3WA were appointed joint
liquidators.
CONTACT: DELOITTE & TOUCHE LLP
Athene Place
66 Shoe Lane
London EC4A 3BQ
Phone: 00 44 (0) 207 936 3000
Fax: 00 44 (0) 207 779 4001
Web site: http://www.deloitte.com
RANDLES STEEL: Liquidator from Walletts Enters Firm
---------------------------------------------------
A. Sherratt, chairman of Randles Steel Fabrications Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 3 at Walletts Insolvency Services, Adventure
Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF.
Michael Francis McCarthy of Walletts Insolvency Services, 2-6
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF
was appointed liquidator.
CONTACT: RANDLES STEEL FABRICATIONS
Unit 2, Daneside Business Park
Congleton
Cheshire
CW12 1UN
Phone: 01260 270949
Fax: 01260 270949
E-mail: randles90@aol.com
WALLETTS INSOLVENCY SERVICES
Adventure Place, Hanley,
Stoke on Trent, Staffordshire ST1 3AF
Phone: (01782) 212326
Fax: (01782) 212326
SIMRIS CORPORATION: Goes into Liquidation
-----------------------------------------
S. Hurst, chairman and director of Simris Corporation Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 2 at 5 Fairmile, Henley-on-Thames, Oxfordshire
RG9 2JR.
Robert C. Keyes and Paul W Ellison of Hurst Morrison Thomson
Corporate Recovery LLP, 5 Fairmile, Henley-on-Thames, Oxfordshire
RG9 2JR were appointed Joint Liquidators. The appointment was
ratified at a creditors meeting held the same day.
The Simris Corporation is a surveillance solutions provider,
specializing in Web-enabled surveillance systems and associated
infrastructure, home and commercial automation technology and
telecommunications. Formed in 2000, Simris offices are located
on the Buildings Research Establishment near Watford and offer
full hosting facilities.
CONTACT: SIMRIS CORPORATION LTD.
Building Research Establishment
Bucknalls Lane
Watford
WD25 9XX
Phone: 01923 665 800 (Head Office)
+ 44 1923 665 800 (International)
Fax: + 44 (0) 1923 665 801
E-mail: info@simris.co.uk
Contact:
David Palmer, Chief Executive Officer
Tony, Non-executive director
Peter Manson, Chairman
HURST MORRISON THOMSON CORPORATE RECOVERY LLP
5 Fairmile, Henley on Thames,
Oxfordshire RG9 2JR
Phone: +44 (0) 1491 579866
Fax: +44 (0) 1491 573397
E-mail: hmt@hmtgroup.co.uk
SPECIALIST TIMBER: Nunn Hayward to Liquidate Business
-----------------------------------------------------
T. Sparrow, chairman of Specialist Timber Stairs Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 1 at The Holiday Inn, Canterbury Road, Ashford, Kent
TN23 5HR. David A. Butler of Nunn Hayward Rycote Place, 30-38
Cambridge Street, Aylesbury, Buckinghamshire HP20 1RS was
appointed liquidator. The appointment was confirmed at a
creditors meeting held the same day.
CONTACT: SPECIALIST TIMBER STAIRS LIMITED
Unit 18 Godinton Way Ind Est
Godinton Way
Ashford
Kent
TN23 1JB
United Kingdom
Phone: (01233) 641621
Fax: (01233) 641688
Web site: http://www.timber-stairs.com
STERLING INVESTIGATIONS: In Liquidation
---------------------------------------
Sterling Investigations Limited informs that a resolution to wind
up the company was passed at an EGM held on Nov. 4 at 601 High
Road, Leytonstone, London E11 4PA. Harjinder Johal and George
Michael of Ashcrofts, 601 High Road, Leytonstone, London E11 4PA
were appointed Joint Liquidators.
CONTACT: STERLING INVESTIGATIONS LIMITED
16-18 Woodford Road
London
E7 0HA
United Kingdom
London
Phone: (020) 8555 2000
Fax: (020) 8519 7056
Web site: http://www.sterlinginvestigations.co.uk
TOWER DENE: Owners Resolve to Wind up Operation
-----------------------------------------------
J. Preston, director of Tower Dene School Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 31 at 2nd Floor, 19 Castle Street, Liverpool L2 4SX. Gerard
Keith Rooney of Rooney Associates, 2nd Floor, 19 Castle Street,
Liverpool L2 4SX was appointed liquidator.
CONTACT: ROONEY ASSOCIATES
3rd Floor
Britannia Buildings
46 Fenwick Street
Liverpool
merseyside
E-mail: info@rooney.co.uk
Phone: 0151 236 9999
Fax: 0151 236 9777
TRADING GALAXY: Files for Liquidation
-------------------------------------
M. Beresford, chairman of Trading Galaxy Plc, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 3 at The Kingfisher Exchange, 3rd Floor, Kingfisher House,
Walton Street, Aylesbury, Buckinghamshire HP21 7SJ. Robert Day
of Robert Day and Company Limited, Garfield, Church Lane, Oving,
Aylesbury, Buckinghamshire HP22 4HL was appointed liquidator.
CONTACT: ROBERT DAY & COMPANY
Second Floor
Exchange Building
16 St Cuthbert's Street
Bedford
Bedfordshire MK40 3JG
Phone: 0845 125 9458
Fax: 0845 226 7332
E-mail: enquiries@robertdayandcompany.com
TRUCKLINK COMPONENTS: Sanderlings Liquidator Moves in
-----------------------------------------------------
M. G. Hankinson, chairman of Trucklink Components Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 1 at Waterton Park Golf Club, The Balk, Walton,
Wakefield, West Yorkshire NF2 8QL. Andrew Fender of Sanderlings
LLP, Sanderling House, 1071 Warwick Road, Acocks Green,
Birmingham B27 6QT was appointed liquidator.
CONTACT: TRUCKLINK COMPONENTS LIMITED
Belle Vue Bsns Ctr, Elm Tree Street
Wakefield, West Yorkshire WF1 5EQ
Phone: 01924368740
UBS REORGANISATION: Appoints PricewaterhouseCoopers Liquidator
--------------------------------------------------------------
Company Names: UBS REORGANISATION 2005-08
UBS REORGANISATION 2005-09
UBS REORGANISATION 2005-10 LTD
R. H. F. Pugsley, sole member of these companies, informs that
the special and ordinary resolutions to wind up the firms were
passed at a meeting held on Nov. 14. Richard Setchim and
Jonathan Sisson of PricewaterhouseCoopers LLP, Plumtree Court,
London EC4A 4HT have been appointed joint liquidators.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwc.com
UTSUMI. SMITH: Names Administrator from Butcher Woods
-----------------------------------------------------
Roderick Graham Butcher (IP No 8834) of Butcher Woods Limited was
appointed administrator of Utsumi. Smith Limited (Company No
03665957) on Nov. 11. The company sells sunglasses.
CONTACT: BUTCHER WOODS
79 Caroline Street
Birmingham
West Midlands B3 1UP
Phone: 0121 236 6001
Fax: 0121 236 5702
E-mail: rod.butcher@butcher-woods.co.uk
VETROPRINT LIMITED: Administrators Enter Firm
---------------------------------------------
Richard Frank Simms and Martin Richard Buttriss (IP Nos 9252,
9291) of F A Simms & Partners were appointed joint administrators
of Vetroprint Limited (Company No 4240563) on Nov. 3. Its
registered office is at Swan Lake Glass Works, Upperton Road,
Leicester, Leicestershire LE2 7AY. The company is engaged in
shaping and processing flat glasses.
CONTACT: VETROPRINT LTD.
Within Electrolux Ltd,
Merrington Lane Trading Estate,
Spennymoor County Durham DL16 7XL
Phone: +44 (191) 301 34 41
F A SIMMS & PARTNERS PLC
Insol House
39 Station Road
Lutterworth
Leicestershire LE17 4AP
Phone: 01455 557111
Fax: 01455 552572
E-mail: rsimms@fasimms.com
VICKERS PRESSINGS: KPMG Sells Remaining Assets; Saves 245 Jobs
--------------------------------------------------------------
The joint administrators of VPTA (Vickers Pressings Tolwood
Automotive) Limited, Richard Fleming and Graham Newton from KPMG
Corporate Recovery, sold on Nov. 25 the part of the business
based in Newcastle and Wolverhampton to Widney plc.
The deal, which sees a total of 245 employees transferring to
Widney, completes the sale of the VPTA business. Earlier this
month, the administrators sold the part of the business based in
Newton Aycliffe to Tolwood Technologies Limited, while the
Walsall site was sold to one of VPTA's Taiwanese suppliers.
VPTA Limited went into administration on Oct. 21, 2005. The
company, which was created earlier this year by a merger between
Tolwood and Vickers Pressings, employed 380 staff at its sites in
Newton Aycliffe, Newcastle, Wolverhampton and Walsall.
Richard Fleming, joint administrator and partner, KPMG Corporate
Recovery, said: "Selling this part of the business was the final
piece of the jigsaw, and we are delighted that so many jobs have
been preserved in the process. Since our appointment last month,
the commitment on the part of employees, customers and suppliers
in working with us to preserve the business has been fantastic,
and we would like to thank them all."
CONTACT: VICKERS PRESSINGS TOLWOOD AUTOMOTIVE LIMITED
Coatham Avenue
Aycliffe Industrial Park,
Newton Aycliffe, Co Durham
England DL5 6DB
Phone: 01325 300777
Fax: 01325 300399
E-mail: info@tolwood.co.uk
Web site: http://www.tolwood.co.uk
KPMG LLP
1 The Embankment
Neville Street
Leeds LS1 4DW
Phone: (0113) 231 3000
Fax: (0113) 231 3200
Web site: http://www.kpmg.co.uk
VIVA ONLINE: Appoints Administrators from Portland Business
-----------------------------------------------------------
Michael Robert Fortune and James Richard Tickell (IP Nos 8818,
8125) of Portland Business & Financial Solutions Ltd. were
appointed joint administrators of Web site provider Viva Online
Limited (Company No 5030636) on Nov. 8.
CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
1640 Parkway
Solent Business Park
Whiteley
Fareham
Hampshire PO15 7AH
Phone: 01489 550 440
E-mails: carl.faulds@portland-solutions.co.uk
james.tickell@portland-solutions.co.uk
WARREN RECRUITMENT: Creditors Meeting Set Wednesday
---------------------------------------------------
Creditors of Warren Recruitment Specialists Ltd. (Company No
03189341) will meet on November 30, 2005, 10:30 a.m. at UHY
Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Peter Alan Kubik, joint administrator of UHY
Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH
not later than 12:00 noon, November 29, 2005.
CONTACT: UHY HACKER YOUNG
St Alphage House,
2 Fore Street, London EC2Y 5DH
Phone: 020 7216 4600
Fax: 020 7638 2159
WEATHERWEAR LIMITED: Calls in Liquidator from Bhardwaj
------------------------------------------------------
B. Heera, director of Weatherwear Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 12 held at Zoar Street, Wolverhampton WV3 0PG.
Ashok K. Bhardwaj of 47-49 Green Lane, Northwood, Middlesex HA6
3AE was appointed liquidator.
CONTACT: BHARDWAJ
47-49 Green Lane
Northwood
Middlesex HA6 3AE
Phone: 01923 820966
Fax: 01923 835311
E-mail: info@bhardwaj.co.uk
WHATEVER THE WEATHER: In Liquidation
------------------------------------
M Webb, director of Whatever the Weather Windows Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 3 at 5th Floor, Canterbury House, 85 Newhall Street,
Birmingham B3 1LH. Andrew Appleyard of Haines Watts, Canterbury
House, 85 Newhall Street, Birmingham B3 1LH was appointed
liquidator.
CONTACT: WHATEVER THE WEATHER WINDOWS LTD.
Leicester
Leicestershire LE7 7AT
Phone: 0116 236 4802
HAINES WATTS
Canterbury House
85 Newhall Street
Birmingham
West Midlands B3 1LH
Phone: 0121 212 4477
Fax: 0121 212 4459
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------- --------
AUSTRIA
-------
Libro AG (111) 174 (182)
Rhi AG (421) 1,700 183
BELGIUM
-------
City Hotels CITY.BR (7) 210 (15)
Real Software REAL.BR (202) 176 (17)
Sabena S.A. (86) 2,215 (297)
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Acces Industrie (32) 124 (63)
Arbel PA.ARB (50) 213 (47)
Banque Nationale
de Paris Guyane BNPG (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Bull S.A. BULP.PA (912) 902 (38)
Charbo De France (3,872) 4,738 (2,868)
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Compagnies de
Machines Bull (139) 137 (6)
Dollfus Mieg & Cie S.A. DS (11) 165 (29)
Euro Computer System (110) 682 377
Genesys S.A. GNS.PA (15) 136 3
Grande Paroisse S.A. (927) 629 330
Immob Hoteliere (68) 233 29
LVL Medical Group LVLM.PA (8) 149 (6)
Matussiere et Forest S.A. MTF (78) 294 (28)
Oeneo S.A. SABT.PA (12) 292 38
Pneumatiques Kleber S.A. (34) 480 139
SDR Centrest (132) 252 N.A.
SDR Picardie (135) 413 N.A.
Soderag (3) 404 N.A.
Sofal S.A. (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
St Fiacre (FIN) (1) 111 (33)
Teamlog TLO (19) 109 (3)
Trouvay Cauvin (0) 134 10
Usines Chausson (23) 249 35
GERMANY
-------
Agor AG DOOG.BE (8) 392 (126)
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
EM.TV AG EV4G.BE (22) 849 15
F.A. Guenther & Son AG GUSG (8) 111 N.A.
Kamps AG KMPSF.PK (93) 1,075 (61)
Kaufring AG KAUG (19) 151 (51)
Mannheimer AG (15) 879 N.A.
Marbert AG MTBG (13) 144 (50)
Maternus Kliniken AG MAK.F (3) 207 (30)
Nordsee AG (8) 195 (31)
Primacom AG PRIG (268) 1,257 (1,048)
Rinol AG RLIG (25) 178 (53)
Schaltbau Hold SLTG (23) 122 (7)
Senator Entertainment
AG SENGk.BE (153) 126 (148)
SinnLeffers AG WHGG (4) 454 (145)
Spar Handels- AG SPAG (442) 1,433 (234)
VBH Holding AG VBHG (54) 337 (80)
Vivanco Gruppe (55) 131 (31)
GREECE
------
DryShips Inc. DRYS (4) 184 (29)
HUNGARY
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NABI Rt. NABHY (2) 229 (8,950)
ITALY
-----
Binda S.p.A. BND (11) 129 (20)
Cirio Finanziaria S.p.A. (422) 1,583 (396)
Credito Fondiario
e Industriale S.p.A. (200) 4,218 N.A.
Finpart S.p.A. (152) 732 (322)
Gruppo Coin S.p.A. GC (111) 974 (97)
I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140)
Lazio S.p.A. LAZI (27) 426 (175)
Olcese S.p.A. OLCI.MI (13) 180 (64)
Parmalat Finanziaria
S.p.A. (18,419) 4,121 (12,481)
Technodiffusione
Italia S.p.A. TDIFF.PK (90) 152 (24)
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
Numico N.V. NUMC (422) 1,982 376
United Pan-Euro Air UPC (5,266) 5,180 (8,730)
NORWAY
------
Petroleum-Geo Services PGO (32) 2,963 (5,250)
POLAND
------
Mostostal Zabrze MECOF.PK (6) 227 (366)
ROMANIA
-------
Oltchim RM Valce OLT N.A. 232 (321)
RUSSIA
------
Zil Auto (168) 409 (10,680)
SPAIN
-----
Altos Hornos de
Vizcaya S.A. (116) 1,283 (278)
Avanzit S.A. AVZ.MC (117) 457 (247)
Santana Motor S.A. (46) 223 41
Sniace S.A. (16) 136 (34)
TURKEY
------
Nergis Holding (24) 125 26
Yasarbank (948) 623 N.A.
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
Alldays Plc (120) 252 (202)
Amey Plc (49) 932 (47)
Anker PLC ANK.L (22) 115 13
Avis Europe PLC AVE.L (24) 2,686 (420)
Bonded Coach
Holiday Group Plc (6) 188 (44)
Blenheim Group (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group BWL (1,774) 867 (1,157)
British Energy Plc BGY (5,342) 3,438 229
British Nuclear
Fuels Plc (4,248) 40,326 977
British Sky Broadcasting
Group Plc BSY (61) 4,157 139
Center Parcs (UK)
Group Plc CQY (77) 423 (227)
Compass Group CPG (668) 2,972 (298)
Costain Group COST (65) 396 (4)
Danka Bus System DNK.L (101) 540 34
Dawson Holdings DWN.L (19) 142 (33)
Dignity Plc DTY.L (148) 485 (89)
Easynet Group ESY.L (45) 323 38
Electrical and Music
Industries Group EMI (1,411) 3,235 (331)
Euromoney Institutional
Investor Plc ERM.L (113) 236 (66)
Gallaher Group GLH (421) 7,866 5
Gartland Whalley (11) 145 (8)
Global Green Tech Group (156) 408 (18)
Heath Lambert
Fenchurch Group Plc (10) 4,109 (10)
HMV Group Plc HMV (9) 875 (190)
Homestyle Group Plc HME (29) 409 (124)
Invensys PLC (963) 4,861 913
IPC Media Ltd. (685) 254 16
Jarvis Plc JRVS.L (26) 1,176 (182)
Jessops Plc JSP.L (14) 321 7
Lambert Fenchurch Group (1) 1,827 3
Lattice Group (1,290) 12,410 (1,228)
Leeds United LDSUF.PK (73) 144 (29)
M 2003 Plc (2,204) 7,205 (756)
Manchester City (17) 154 (21)
Micro Focus
International Plc MCRO.L (14) 115 (11)
Misys Plc MSY (460) 906 60
Mytravel Group MT.L (1,613) 2,199 (463)
Orange Plc ORNGF (594) 2,902 7
Partygaming Plc PRTY (405) 263 (161)
Premier Foods Plc PFD.L (29) 1,059 20
Probus Estates Plc PBE.L (28) 113 (264)
Regus Plc RGU.L (46) 367 (60)
Rentokil Initial Plc RTO (1,072) 3,382 (68)
RHM Plc RHM (586) 2,411 59
Saatchi & Saatchi SSI (119) 705 (41)
Seton Healthcare (11) 157 0
SFI Group (108) 178 (162)
Telewest
Communications Plc TLWT (3,702) 7,581 (5,361)
Virgin Mobile
Holdings Plc VMOB.L (101) 278 (80)
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.
Copyright 2005. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *