/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051130.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, November 30, 2005, Vol. 6, No. 237 Headlines B U L G A R I A KREMIKOVTZI CORPORATION: Cuts First-half Loss TOPLOFIKACIA SOFIA: Rising Fuel Prices to Hit H1 2006 Results G E R M A N Y BAUMA-TEC BAUMASCHINENTECHNIK: Administrator Takes over Helm BUSSEMAS BAUPLANUNGS: Under Bankruptcy Administration CASANOVA RESTORANTE: Claims Filing Period Ends January EDMA - MARKETING: Koln Firm Succumbs to Bankruptcy JANES LICHTWERBUNG: Claims Deadline Expires Next Week KVB GMBH: Gives Creditors Until December 20 to File Claims LTU GROUP: Takes out EUR200 Mln Loan to Retire Debt Early NIGHTPROJECT GMBH: Creditors to Meet February OBI-REC GESELLSCHAFT: Dessau Court Appoints Administrator K A Z A K H S T A N KAZKOMMERTS INTERNATIONAL: US$1.5 Bln Debt Offering Rated 'BB' K Y R G Y Z S T A N KYZGALDAK: Creditors' Claims Due January VIOLA: Gives Creditors Two Months to File Claims M A C E D O N I A PROCREDIT BANK: Gets Low-B Foreign Currency Rating from Fitch N E T H E R L A N D S INTABEX NETHERLANDS: Moody's Junks US$100 Mln Guaranteed Notes R U S S I A ALMETYEVSKIY: Insolvency Manager Takes over Firm BASH-KHIM-REMONT: Succumbs to Bankruptcy CHERNUKHINSKIY REMONTNIK: Claims Filing Period Ends December 15 GREEN WOOD: Declared Insolvent MAGADAN ARMANSKOYE: Bankruptcy Hearing Resumes February NIVA: Undergoes Bankruptcy Supervision Procedure OCTOBER: Agro Firm Calls in Insolvency Manager PROM-STROY-SERVICE: Appoints Insolvency Manager REINFORCED CONCRETE: Voronezh Court Opens Bankruptcy Proceedings SVYAZ: Hires V. Bogdanov as Insolvency Manager S W E D E N SAS GROUP: Inks Two-year Travel Deal with Volvo Group U K R A I N E BLAGOVIST: Declared Insolvent GOTIKA: Court Appoints Liquidator KRASNOPEREKOPSKE RAJAGROPROMENERGO: Succumbs to Bankruptcy LEGIYA: Goes into Liquidation SIMKOM: Insolvency Manager Takes over Helm UKRRESURSSERVIS-2000: Under Bankruptcy Supervision VINNIKI' AUTO: Creditors' Claims Due this Week U N I T E D K I N G D O M ALLIED PROPERTY: In Administrative Receivership ANGLO LAMRON: Owners Decide to Wind up Firm B52 LTD.: Clothing Retailer Winds up BERVIN TOOL: Calls in Administrator from DTE Leonard Curtis CADMAN CONSULTING: Calls in Liquidator CITADEL (SOUTH WEST): Files for Liquidation CMCRDI LTD.: Members Pass Winding-up Resolution COLLINS & AIKMAN: IAC Group Buying European Business COLOUR CUBE: Printer Succumbs to Liquidation CONTRACT SECURITY: Calls in Administrator from Butcher Woods DANISCO SEED: Claims Deadline December 15 DEVELOPMENT AND TECHNICAL: Calls in Fisher Partners D.M.F. LTD.: Hires Liquidators from P&A Partnership DURACORD (EUROPE): Creditors Meeting Next Week FARMWELL LIMITED: Members Pass Winding-up Resolution FULLER & SONS: Administrators Enter Firm GENEMEDIX PLC: Admits Cash in hand good only for 4 Months GLENROSE PROPERTY: Administrators from Berg Kaprow Enter Firm GOLD STOCK: Calls in Liquidator GOSHAWK INSURANCE: Selling Rosemont Business for US$12.5 Mln GUINNESS MAHON: Appoints Liquidator HEART OF MIDLOTHIAN: Books Full-year Loss Despite Turnover Spike ISIS GROUP: Administrators Take over Firm LEEDS AUTO: Hires XL Business to Wind up Operation MINIMOULD LIMITED: Names Bishop Fleming Administrator MULCRAFT GRAPHICS: Appoints Administrator from B & C Associates NEWTON TRANSPORT: Goes into Liquidation PA TRAVEL: Bowers & Co. to Liquidate Business PREMIER DYERS: Files for Liquidation PREMIER SECURITY: Liquidator from Bond Partners Moves in PROTECTOR ADVANCED: Administrators from Hodgsons Take over Firm RAINBOW FASHIONS: Calls in Joint Liquidators REGAL PETROLEUM: Abandons Gas Well in Romania RENTOKIL INITIAL: Two Bidders Short-listed for Style RETAIL MARKETING: Names Harrisons Administrator ROSEBERRY HOMES: Creditors Meeting Set Thursday R & W GRIFFITHS: Names Administrators from David Horner SHEFFIELD REBUILD: Hires P&A Partnership as Administrator SRS CONSTRUCTION: Liquidators from Valentine Enter Firm T2 RETAIL: Goes into Liquidation TREVOR BRISTOW: Close Invoice Finance Appoints Receiver T.T. NON FERROUS: Names Tenon Recovery Liquidator WHITEHOUSE ENGINEERING: Files for Liquidation ********* =============== B U L G A R I A =============== KREMIKOVTZI CORPORATION: Cuts First-half Loss --------------------------------------------- Insolvent steelmaker Kremikovtzi Corporation trimmed down half-year net losses to BGL19.66 million from BGL31.03 million a year ago, Dnevnik a.m. says. It also posted higher non-consolidated sales at BGL454.2 million, but asset value dropped from BGL1.211 million to BGL1.186 million. Indian group Global Steel Holding Limited acquired the group's assets in August. An appellate court in Sofia recently affirmed the ruling of a lower court declaring the steelmaker insolvent. It also named a trustee to protect the interest of Pepo Petar Rizov, who filed the insolvency petition to recover over BGL1 million in debt. A settlement was reached shortly, but the creditor revived the claim after Kremikovtzi paid only BGL100,000. Kremikovtzi owns stakes in 20 companies, including 12 subsidiaries. CONTACT: KREMIKOVTZI CORPORATION kv. Botunetz 1870 Sofia, Bulgaria Fax: + 359 2 987 98 06 E-mail: info@kremikovtzi.com Web site: http://www.kremikovtzi.com TOPLOFIKACIA SOFIA: Rising Fuel Prices to Hit H1 2006 Results ------------------------------------------------------------- Toplofikacia Sofia EAD, the country's largest district heating company, forecasts BGL21 million in losses next year if prices of natural gas hike by 10%, Dnevnik a.m. says. According to Toplofikacia executive director Valentin Dimitrov, the forecast could still go up to BGL65 million if prices increase by 35%. The group uses up 1 billion cubic meters of natural gas annually, which accounts for 72%-75% of expenses. Kiril Gegov, executive director of fuel distributor Bulgargaz, recently said natural gas prices might not go down in the first half of 2006. On October 1, 2005, Bulgargaz raised gas prices by 18%. Established in 1949 by the Municipality of Sofia, Toplofikacia Sofia is engaged in production, transmission and distribution of heat energy, concomitant electricity production. The district heating system owns heat sources, district heating pipelines as main integral part of the city infrastructure ensuring a reliable supply of heat to over 900,000 inhabitants and steam to industrial customers. CONTACT: TOPLOFIKACIA SOFIA EAD 23 Iastrebets Str. BG-1618 Sofia Phone: +359/2/59-81-35 Fax: +359/2/59-80-57 ============= G E R M A N Y ============= BAUMA-TEC BAUMASCHINENTECHNIK: Administrator Takes over Helm ------------------------------------------------------------ The district court of Dresden opened bankruptcy proceedings against BAUMA-TEC Baumaschinentechnik GmbH on Nov. 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 22, 2005 to register their claims with court-appointed provisional administrator Peter Scholl. Creditors and other interested parties are encouraged to attend the meeting on Feb. 2, 2006, 9:30 a.m. at Saal D131, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BAUMA-TEC BAUMASCHINENTECHNIK GMBH Am Berg 1a in 01665 Klipphausen/OT Wildberg KRISE UND SANIERUNG Peter Scholl, Insolvency Manager Theresienstr. 8, 01097 Dresden Web site: http://www.wellensiek.de BUSSEMAS BAUPLANUNGS: Under Bankruptcy Administration ----------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Bussemas Bauplanungs-GmbH on Nov. 14. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 27, 2005 to register their claims with court-appointed provisional administrator Andreas Stratenwerth. Creditors and other interested parties are encouraged to attend the meeting on Jan. 16, 2006, 11:15 a.m. at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065 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: BUSSEMAS BAUPLANUNGS-GMBH Falkenstr. 12, 33758 Schloss Holte-Stukenbrock Contact: Gudrun Bussemas Andreas Stratenwerth, Insolvency Manager Lemgoer Str. 4, 33604 Bielefeld CASANOVA RESTORANTE: Claims Filing Period Ends January ------------------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against Casanova Restorante GmbH on Nov. 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 11, 2006 to register their claims with court-appointed provisional administrator Veit Schwierholz. Creditors and other interested parties are encouraged to attend the meeting on Feb. 8, 2006, 9:35 a.m. at the district court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405 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: CASANOVA RESTORANTE GMBH Adenauerallee 46, 20097 Hamburg Contact: Maurizio Barel, Manager Viale Gorizia 5, I-31015 Conegliano (TV) Veit Schwierholz, Insolvency Manager Heuberg 1, 20354 Hamburg Phone: 040/350169-0 Fax: 35016915 EDMA - MARKETING: Koln Firm Succumbs to Bankruptcy -------------------------------------------------- The district court of Koln opened bankruptcy proceedings against EDMA - Marketing - und Werkzeug Vertriebs-GmbH & Co. Kommanditgesellschaft on Oct. 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 12, 2005 to register their claims with court-appointed provisional administrator Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting on Jan. 12, 2006, 11:22 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: EDMA - MARKETING - UND WERKZEUG VERTRIEBS-GMBH & CO. KOMMANDITGESELLSCHAFT Cliev 5, 51515 Kuerten Contact: Hans Juergen Mohle, Manager Karl-Dieter Sommerfeld, Insolvency Manager Hammerweg 3, 51766 Engelskirchen Phone: 02263/9039-0 Fax: +492263903910 JANES LICHTWERBUNG: Claims Deadline Expires Next Week ----------------------------------------------------- The district court of Sulzbach opened bankruptcy proceedings against Janes Lichtwerbung GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 5, 2005 to register their claims with court-appointed provisional administrator Dr. jur. Peter Haas. Creditors and other interested parties are encouraged to attend the meeting on Dec. 15, 2005, 9:05 a.m. at the district court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13 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 Jan. 9, 2006, 10:00 a.m. at the same venue. CONTACT: JANES LICHTWERBUNG GMBH Fischbachstrasse 33, 66125 Saarbruecken-Dudweiler Contact: Dieter Weidig, Manager Sonnenhuegel 53, 66113 Saarbruecken Dr. jur. Peter Haas, Kaiserstrasse 77, 66386 St. Ingbert Phone: (06894) 3876-311 Fax: (06894) 382185 KVB GMBH: Gives Creditors Until December 20 to File Claims ---------------------------------------------------------- The district court of Frankfurt (Oder) opened bankruptcy proceedings against KVB GmbH on Nov. 16. 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 Udo Feser. Creditors and other interested parties are encouraged to attend the meeting on Jan. 24, 2006, 9:10 a.m. at the district court of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder), Saal 401 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: KVB GMBH i. G., Fichtenauer Weg 42 15537 Erkner Udo Feser, Insolvency Administrator Uhlandstrasse 165/166, 10719 Berlin LTU GROUP: Takes out EUR200 Mln Loan to Retire Debt Early --------------------------------------------------------- Holiday flight operator LTU Group has been awarded a EUR200 million loan to satisfy an existing obligation, Die Welt says. The loan, granted by major shareholder RWE and Deutsche Bank London, will be used to repay, starting Monday, the remaining EUR30 million of its EUR100 million debt. The group obtained the loan in 2001 from WestLB to stay afloat after the collapse of major shareholder Swissair. The payment is earlier than required since LTU still has until 2008 to repay the amount, Die Welt added. According to the daily, the loan will allow LTU to end its four-year search for an investor and to expand operations. The group predicts losses for this year as it struggles with continued rise in fuel prices. LTU expects an 8.5% rise in turnover to EUR992 million and aims to book profits for 2006. CONTACT: LTU LUFTTRANSPORT-UNTERNEHMEN GMBH Flughafen Halle 8 D-40474 Dusseldorf, Germany Phone: +49-211-9418-888 Fax: +49-211-9418-881 Web site: http://www.ltu.de NIGHTPROJECT GMBH: Creditors to Meet February --------------------------------------------- The district court of Schwerin opened bankruptcy proceedings against Nightproject GmbH on Nov. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 28, 2005 to register their claims with court-appointed provisional administrator Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting on Feb. 6, 2006, 9:30 a.m. 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: NIGHTPROJECT GMBH Contact: Ralf Schroder, Manager Andreas Luecking, Manager Schwarzer Weg 11, 19370 Parchim Dirk Decker, Insolvency Manager Obotritenring 98, 19053 Schwerin OBI-REC GESELLSCHAFT: Dessau Court Appoints Administrator --------------------------------------------------------- The district court of Dessau opened bankruptcy proceedings against Obi-Rec Gesellschaft Fuer Mobile Wiederaufbereitung Mbh on Nov. 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Dec. 16, 2005 to register their claims with court-appointed provisional administrator Joachim M. E. Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting on Jan. 16, 2006, 2:10 a.m. at the district court of Dessau, Willy-Lohmann-Str. 33, Saal 123 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: OBI-REC GESELLSCHAFT FUER MOBILE WIEDERAUFBEREITUNG MBH Lange Reihe 20, 06785 Oranienbaum Contact: Lutz Kolanowski Gartenweg 1, 01979 Kostebrau Joachim M. E. Voigt-Salus, Insolvency Manager Rankestrasse 33, 10789 Berlin Phone: 030/2128020 Fax: 030/21280222 =================== K A Z A K H S T A N =================== KAZKOMMERTS INTERNATIONAL: US$1.5 Bln Debt Offering Rated 'BB' -------------------------------------------------------------- Fitch Ratings assigned Kazkommerts International B.V.'s new US$1.5 billion guaranteed debt issuance program Final ratings of Long-term 'BB' (for notes with maturities in excess of one year) and Short-term 'B' (for notes with maturities of less than one year). It has also assigned a Final Long-term 'BB' rating to the debut US$500 million 8% debut issue under the program due 2015. The notes under the program are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank, rated Long-term 'BB'/Stable, Short-term 'B', Individual 'C/D', Support 3. Also, Fitch has assigned Kazkommerts Finance 2 B.V.'s US$100 million issue of limited recourse perpetual loan participation notes a Final Long-term 'B+' rating. The notes have been issued solely for financing a subordinated loan to KKB, which is intended to qualify as Tier 1 capital under Kazakhstani regulations. More details on the structures of both of these issues can be found in two separate announcements, both dated 20 October 2005 and available on http://www.fitchresearch.com KKB was the largest commercial bank in Kazakhstan by IFRS assets at end-H105 and has top three positions in all major market segments. One individual controls a majority stake in the bank. The European Bank for Reconstruction and Development is a minority shareholder actively involved in board-level decision-making. CONTACT: FITCH RATINGSA James Watson, Alexei Kechko, Moscow Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 =================== K Y R G Y Z S T A N =================== KYZGALDAK: Creditors' Claims Due January --------------------------------------- Kyzgaldak, which recently became insolvent, will accept proofs of claim at Djalal-Abad region, Alabukinsk district, Alabuka, Lenina Str. until January 17, 2006. CONTACT: KYZGALDAK Djalal-Abad region, Alabukinsk district, Alabuka, Lenina Str. VIOLA: Gives Creditors Two Months to File Claims ------------------------------------------------ Joint Kyrgyz Seychelles LLC Viola, which recently became insolvent, will accept proofs of claim until January 17, 2006. Call (0-312) 46-34-80 for more information. ================= M A C E D O N I A ================= PROCREDIT BANK: Gets Low-B Foreign Currency Rating from Fitch ------------------------------------------------------------- Fitch Ratings assigned ProCredit Bank Macedonia ratings of Long-term foreign currency 'BB'; Short-term foreign currency 'B'; Long-term local currency 'BB+'; Short-term local currency 'B'; Individual 'D/E', and Support '3'. The Outlook is Positive for the Long-term foreign currency rating and Stable for the Long-term local currency rating. The Long-, Short-term and Support ratings are based on Fitch's view of the potential support the bank is likely to receive from its owners (in particular, ProCredit Holding AG (PCH, rated 'BBB-' (BBB minus)) in case of need. The Long-term foreign currency rating is constrained by the 'BB' Country Ceiling of Macedonia. The Positive Outlook assigned to ProCredit Macedonia's Long-term foreign currency rating reflects the Positive Outlook assigned to Macedonia's Long-Term Foreign Currency rating. PCH has a controlling stake in ProCredit Macedonia (53.3%). Other shareholders include Kreditanstalt fuer Wiederaufbau (rated 'AAA'), which is state-guaranteed and one of Germany's largest banks, as well as one of the largest development banks in Europe; European Bank for Reconstruction and Development (EBRD); the Netherlands Development Finance Company (Nederlands Financierings - Maatschappij voor Ontwikkelingslanden N.V.) and International Finance Corporation (part of the World Bank Group). The Individual rating reflects ProCredit Macedonia's small size and short track record, significant shareholder funding, only recent achievement of profitability, and difficult local operating environment. The bank's capital ratios, while good at present, are set to fall in the medium term, due to planned balance-sheet growth. The Individual rating also takes into account the bank's good asset quality and effective risk management to date, the latter largely reflecting PCH's centralized group control in Frankfurt. ProCredit Macedonia started operations in July 2003 and received a full banking license at end-2004. Total assets were EUR61 million as of end-September 2005. The ProCredit banks were established to provide financing to micro- and SME customers. The ProCredit network currently consists of 19 banks in Eastern Europe, Latin America and Africa with total assets of EUR1.9 billion. PCH is responsible for all major group functions, including strategic decisions, risk management controls and group supervision. CONTACT: PROCREDIT BANK Jane Sandanski, 109a 1000 Skopje, Macedonia Phone: ++389 2 321 99 00 Fax: ++389 2 321 99 01 E-mail: info@procreditbank.com.mk Web site: http://www.pbb.com.mk/ FITCH RATINGS Chris Birney, London Phone: +44 (0) 20 7862 4093 Lindsey Liddell Phone: +44 (0) 20 7417 3495 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 ===================== N E T H E R L A N D S ===================== INTABEX NETHERLANDS: Moody's Junks US$100 Mln Guaranteed Notes -------------------------------------------------------------- Moody's Investors Service lowered the ratings of Alliance One International, Inc. reflecting the company's shortfall from financial expectations primarily caused by the amalgamation of negative operating issues affecting the tobacco leaf industry. These include: * a poor quality crops in Brazil; * adverse foreign exchange movements; * stretching of purchases by customers; and * product pricing pressure. The cumulative effect of these issues on the company's financials include: * protracted working capital; * incremental bad debts; and * negative free cash flow (the company recently suspended the payment of dividends). Consolidated EBIT is insufficient to cover interest expense. The downgrade of the ratings further reflects Alliance's weak financial profile with lower than anticipated run-rate financials for the near term. The ratings adjustment underscores the urgency for the company to successfully execute its efficiency improvements and integration strategy from the May 2005 merger creating Alliance One from DIMON Incorporated and Standard Commercial Corporation. Despite Moody's view that these industry pressures are likely to be more temporary than permanent, the absence of headroom under Alliance One's credit statistics to absorb further operating shortfall is reflected in the downgrade of the ratings and the negative ratings outlook. The negative ratings outlook further reflects concerns about crop yields going forward. The company has announced that it has received a covenant waiver to accommodate the assessment of an approximately EUR24 million fine imposed by the European Commission regarding tobacco buying and selling practices within the leaf tobacco industry in Italy. The fine is Alliance One's share of an industry-wide penalty assessed to tobacco leaf companies doing business in the European Union. Additionally, Alliance One has announced that it is in the process of obtaining an amendment to its senior secured credit facility (covenant relief), which if approved, should provide adequate liquidity support during this inflection point for the company's operations. Moody's will revisit Alliance One's speculative grade liquidity rating of SGL-3 upon conclusion of the proposed amendment process. Moody's lowered these ratings: * Approximately US$650 million senior secured credit facility, maturing 2008, to B2 from B1, consisting of: -- a US$300 million revolver available to Alliance One and Intabex Netherlands B.V., subsidiary; -- an approximately US$150 million term A loan; and -- an approximately US$200 million term B loan. * US$315 million 11% guaranteed senior unsecured notes, due 2012, to B3 from B2 * US$100 million 12.75% guaranteed senior subordinated note, due 2012, to Caa2 from B3 * Corporate family rating to B2 from B1 The ratings outlook is negative. The SGL-3 liquidity rating will be revisited upon conclusion of the pending amendment process (refer to separate analysis). The ratings acknowledge Alliance One's progress toward the realization of synergies thus far as well as its ongoing efforts to create and realize opportunities in emerging geographies. The company's ability to maintain orderly access to an amended credit facility (US$300 million revolver used principally to support offshore credit lines and as a liquidity backstop) will be a central rating issue throughout the intermediate term. The combined company's scale and long term relationships with its customers, coupled with the continued (albeit likely stagnant) global demand for cigarettes benefit the ratings. Financial leverage is substantial with debt to EBITDA approaching 8 times and total debt accounting for approximately 50% of total consolidated revenue. There is negative free cash flow as of September 30, 2005 as capital spending is high and there are the carrying costs from unexpectedly higher total inventory. While improvement in free cash flow is expected during the near term, it will be modest relative to Alliance One's sizable debt of approximately US$1.2 billion (roughly US$425 million of which are local borrowing plus approximately US$37 million of outstanding letters of credit). The downgrade of the secured credit facility rating to B2 from B1 reflects the decrease in collateral cushion in a distress scenario. However, the rating continues to reflect the expectation of full recovery. The absence of meaningful excess collateral value coupled with the magnitude of the first lien committed facilities in the capital structure (approximately 65%) preclude notching above the B2 corporate family rating. The B3 rating for the senior unsecured notes continues to reflect the effective subordination of the notes to sizable secured debt (including capital leases). The widening of the notching for the senior subordinated notes to Caa2 from B3 reflects the increased loss severity from reduced enterprise value and the contractual subordination to senior debt and the limitations of serving as the first loss position in the capital structure. Headquartered in Morrisville, North Carolina, Alliance One International, Inc. is a leading global dealer of leaf tobacco. Consolidated net revenue for the twelve months ended September 30, 2005 was approximately US$2 billion. CONTACT: ALLIANCE ONE Phone: 484-531-5000 Fax: 484-531-5057 Web site: http://www.allianceoneinc.com/ =========== R U S S I A =========== ALMETYEVSKIY: Insolvency Manager Takes over Firm ------------------------------------------------ The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Almetyevskiy after finding the tinned food factory insolvent. The case is docketed as A65-13977/2005-SG4-26. Mr. V. Osipov has been appointed insolvency manager. CONTACT: ALMETYEVSKIY 423400, Russia, Tatarstan republic, Almetyevsk, Industrialnaya Str. 10 V. OSIPOV Insolvency Manager 420029, Russia, Tatarstan republic, Kazan, Post User Box 117 BASH-KHIM-REMONT: Succumbs to Bankruptcy ---------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Bash-Khim-Remont after finding the open joint stock company insolvent. The case is docketed as A07-31917/05-G-MOG. Mr. I. Sayfutdinov has been appointed insolvency manager. CONTACT: BASH-KHIM-REMONT Russia, Bashkortostan republic, Sterlitamak, Ufimskiy Trakt, 1 I. SAYFUTDINOV Insolvency Manager 450000, Russia, Bashkortostan republic, Ufa, Post User Box 1174 CHERNUKHINSKIY REMONTNIK: Claims Filing Period Ends December 15 --------------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Chernukhinskiy Remontnik after finding the open joint stock company insolvent. The case is docketed as A43-8415/05-18-234. Mr. A. Kokorin has been appointed insolvency manager. Creditors have until December 15, 2005 to submit their proofs of claim to: (a) CHERNUKHINSKIY REMONTNIK 607210, Russia, Nizhniy Novgorod region, Arzamasskiy region, Chernukha (b) INSOLVENCY MANAGER 601001, Russia, N. Novgorod region, Torgovaya Str. 14 (c) ARBITRATION COURT OF NIZHNIY NOVGOROD REGION 603082, Russia, Nizhniy Novgorod region, Kremlin, Building 9 GREEN WOOD: Declared Insolvent ------------------------------ The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against Green Wood after finding the close joint stock company insolvent. The case is docketed as A19-24067/05-34. Mr. P. Prudkiy has been appointed insolvency manager. Creditors may submit their proofs of claim to 664003, Russia, Irkutsk, K. Marksa Str. 26-b. CONTACT: GREEN WOOD Russia, Irkutsk region, Ust-Kut P. PRUDKIY Insolvency Manager 664003, Russia, Irkutsk region, K. Marksa Str. 26-b MAGADAN ARMANSKOYE: Bankruptcy Hearing Resumes February ------------------------------------------------------- The Arbitration Court of Magadan region commenced bankruptcy proceedings against Magadan Armanskoye (TIN4901005185, KPP 490001001) after finding the agricultural company insolvent. The case is docketed as A37-2479/05-8B. Mr. A. Dutov has been appointed insolvency manager. A hearing will take place on February 24, 2006. CONTACT: MAGADAN ARMANSKOYE 686011, Russia, Magadan region, Olskiy region, Arman A. DUTOV Insolvency Manager 685000, Russia, Magadan, Proletarskaya Str. 10, Main Post Office, Post User Box 95 NIVA: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------ The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on limited liability company Niva. The case is docketed as A53-22570/05-S2-7. Mr. V. Mokhov has been appointed temporary insolvency manager. A hearing will take place on January 30, 2006. CONTACT: NIVA Russia, Rostov region, Krasnyj Sulin, Burovaya Str. 10-A V. MOKHOV Temporary Insolvency Manager 344082, Russia, Rostov-na-Donu, Budenovskiy Pr. 27 OCTOBER: Agro Firm Calls in Insolvency Manager ---------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against October after finding the agro company insolvent. The case is docketed as A45-19005/05-10/304. Mr. Y. Gomerov has been appointed insolvency manager. CONTACT: OCTOBER 632843, Russia, Novosibirsk region, Karasukskiy region, Popovka Y. GOMEROV Insolvency Manager 630501, Russia, Novosibirsk region, Krasnoobsk, Post User Box 325 PROM-STROY-SERVICE: Appoints Insolvency Manager ----------------------------------------------- The Arbitration Court of Tyumen region commenced bankruptcy proceedings against Prom-Stroy-Service after finding the limited liability company insolvent. The case is docketed as A-70-8144/3-2005. Ms. V. Vorotnikova has been appointed insolvency manager. CONTACT: PROM-STROY-SERVICE Russia, Tyumen region, Melnikayte Str. 98 V. VOROTNIKOVA Insolvency Manager Russia, Tyumen region, Gazovikov Str. 19-81 REINFORCED CONCRETE: Voronezh Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Arbitration Court of Voronezh region commenced bankruptcy proceedings against Reinforced Concrete Goods #5 after finding the open joint stock company insolvent. The case is docketed as A14-11929-2005 149/20b. Mr. A. Semenov has been appointed insolvency manager. CONTACT: REINFORCED CONCRETE GOODS #5 Russia, Voronezh region, Tsimlyanskaya Str. 6 A. SEMENOV Insolvency Manager Russia, Voronezh region, Tsimlyanskaya Str. 6 Phone: 8-906-678-60-68, Fax: (0732) 78-24-25 SVYAZ: Hires V. Bogdanov as Insolvency Manager ---------------------------------------------- The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against Svyaz (TIN 3803110199) after finding the open joint stock company insolvent. The case is docketed as A19-12438/05-49. Mr. V. Bogdanov has been appointed insolvency manager. Creditors may submit their proofs of claim to Russia, Irkutsk, D. Sobytiy Str. 55-405. CONTACT: SVYAZ 665702, Russia, Irkutsk region, Bratsk, 25letiya BratskGesStroya Str. 49 V. BOGDANOV Insolvency Manager Russia, Irkutsk region, D. Sobytiy Str. 55-405 =========== S W E D E N =========== SAS GROUP: Inks Two-year Travel Deal with Volvo Group ----------------------------------------------------- SAS and Star Alliance have signed a new global travel agreement with Volvo AB, which means that Volvo has selected SAS and the Star Alliance as its main supplier of air travel. For SAS and Star Alliance, the agreement will result in increased revenue and for Volvo, which will have access to highly favorable prices, it will mean reduced travel costs. The air-travel agreement, which is for two years, is the largest that Volvo has signed with an airline alliance. Twelve of Star Alliance's total of sixteen members are included in the agreement and the travel possibilities for Volvo employees extend to hundreds of destinations in fourteen countries worldwide. In addition to favorable ticket terms and conditions, Volvo travelers will also have access to a large number of lounges and express check-in. "SAS and Star Alliance are extremely pleased and proud that Volvo has selected Star Alliance as its principal supplier of air travel," says Agusta Olafsdottir, Global Account Manager SAS. "The negotiations continued for a year in strong competition with Sky Team before Volvo made its final choice. The agreement is strategically important for all parties and SAS and Star Alliance look forward to long-term, rewarding cooperation with Volvo." Star Alliance was formed in 1997. Its members are Air Canada, Air New Zealand, ANA, Asiana Airlines, Austrian, bmi, LOT Polish Airlines, Lufthansa, Scandinavian Airlines, Singapore Airlines, Spanair, TAP Portugal, Thai Airways International, United, U.S. Airways and VARIG Brazilian Airlines. South African Airways and SWISS will become members in 2006. The members of Star Alliance offer a combined total of more than 15,000 daily flights to 795 destinations in 139 countries. CONTACT: SAS GROUP Agusta Olafsdottir, Global Account Manager Phone: +46 8-797 41 71 Mobile: +46 70-997 41 71 ============= U K R A I N E ============= BLAGOVIST: Declared Insolvent ----------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Blagovist (code EDRPOU 22330815) on September 29, 2005 after finding the company insolvent. The case is docketed as 6/77-8/52. Mr. N. Slidzyona (License Number AA 630095) has been appointed liquidator/insolvency manager. Creditors have until December 2, 2005 to submit their proofs of claim to: (a) BLAGOVIST 80700, Ukraine, Lviv region, Zolochiv, Shashkevich Str. 8 (b) N. SLIDZYONA Liquidator/Insolvency Manager 79056, Ukraine, Lviv region, Novoznesenka Str. 103 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 GOTIKA: Court Appoints Liquidator --------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Gotika (code EDRPOU 32820106) on October 18, 2005 after finding the limited liability company insolvent. The case is docketed as 5/242/05. Ms. Inna Zhivotovska (License Number AA 419488) has been appointed liquidator/insolvency manager. Creditors have until December 2, 2005 to submit their proofs of claim to: (a) INNA ZHIVOTOVSKA Liquidator/Insolvency Manager 54017, Ukraine, Mikolaiv region, Gromadyanska Str. 93 (b) ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 KRASNOPEREKOPSKE RAJAGROPROMENERGO: Succumbs to Bankruptcy ---------------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy supervision procedure on OJSC Krasnoperekopske Rajagropromenergo (code EDRPOU 05525693) on September 12, 2005. The case is docketed as 2-8/13832-2005. Mr. V. Bida (License Number AA 719884) has been appointed temporary insolvency manager. The company holds account number 26000032230803 at OKB, Simferopol branch, MFO 324485. Creditors have until December 3, 2005 to submit their proofs of claim to: (a) KRASNOPEREKOPSKE RAJAGROPROMENERGO 96000, Ukraine, AR Krym region, Krasnoperekopsk, Severna Str. 13 (b) V. BIDA Temporary Insolvency Manager Ukraine, AR Krym region, Simferopol, Rodnikov Str. 8 (c) ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 LEGIYA: Goes into Liquidation ----------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against Legiya (code EDRPOU 33008310) on October 14, 2005 after finding the company insolvent. The case is docketed as 20/50 b. Mr. Oleksij Voronko (License Number AA 630079) has been appointed liquidator/insolvency manager. Creditors have until December 2, 2005 to submit their proofs of claim to: (a) LEGIYA 91000, Ukraine, Lugansk region, Sovetska Str. 60 (b) Mr. Oleksij Voronko, Liquidator/Insolvency Manager 91000, Ukraine, Lugansk region, Videnina Str. 58 (c) ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square 3a SIMKOM: Insolvency Manager Takes over Helm ------------------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Simkom (code EDRPOU 32485889) on October 19, 2005 after finding the limited liability company insolvent. The case is docketed as 43/791. Ms. Ludmila Zayikina has been appointed liquidator/insolvency manager. The company holds account number 26009303840101 at JSCB TAS-Comercbank, MFO 300971. Creditors have until December 2, 2005 to submit their proofs of claim to: (a) SIMKOM 01033, Ukraine, Kyiv region, Saksaganskij Str. 83 (b) LUDMILA ZAYIKINA Liquidator/Insolvency Manager Ukraine, Kyiv region, Melnikov Str. 2/10 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B UKRRESURSSERVIS-2000: Under Bankruptcy Supervision -------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC Ukrresursservis-2000 (code EDRPOU 31732590) on September 23, 2005. The case is docketed as B-19/82-05. Mr. Yurij Yampolskij (License Number AA 419258) has been appointed temporary insolvency manager. The company holds account number 2600600660130 at JSCB Pravex-bank, Kyiv region branch, MFO 321983. Creditors have until December 3, 2005 to submit their proofs of claim to: (a) UKRRESURSSERVIS-2000 61022, Ukraine, Harkiv region, Sumska Str. 57 (b) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance VINNIKI' AUTO: Creditors' Claims Due this Week ---------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Vinniki' Auto Transport Enterprise (code EDRPOU 03359902) on October 11, 2005 after finding the open joint stock company insolvent. The case is docketed as 6/22-4/7. Mr. Yevgenij Dzhala (License Number AA 783051) has been appointed liquidator/insolvency manager. The company holds account number 2600333319810058. Creditors have until December 2, 2005 to submit their proofs of claim to: (a) VINNIKI' AUTO TRANSPORT ENTERPRISE 82124, Ukraine, Lviv region, Drogobich district, Vinniki, Beregova Str. 18 (b) YEVGENIJ DZHALA Liquidator/Insolvency Manager Ukraine, Lviv region, Nizhinska Str. 16/41 Phone/Fax: 75-49-59 (c) ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 =========================== U N I T E D K I N G D O M =========================== ALLIED PROPERTY: In Administrative Receivership ----------------------------------------------- Midland Bank plc (HSBC Bank plc) appointed David R. Acland and Steven J. Williams (Office Holder Nos 8894, 8887) of Begbies Traynor joint administrative receivers of Allied Property Developments Limited (Reg No 03620713) on Nov. 10. The company is into general construction and civil engineering. CONTACT: BEGBIES TRAYNOR 1 Winckley Court Chapel Street Preston PR1 8BU Phone: 01772 202000 Fax: 01772 200099 E-mail: preston@begbies-traynor.com Web site: http://www.begbies.com ANGLO LAMRON: Owners Decide to Wind up Firm ------------------------------------------- Company Names: ANGLO LAMRON (BRACKNELL) LIMITED ANGLO LAMRON (ST ALBANS) LIMITED M. McPhail, chairman of these companies, informs that the special, ordinary and extraordinary resolutions to wind up the firms were passed at an EGM held on Nov. 14 at Brinkletts House, 15 Winchester Road, Basingstoke, Hampshire RG21 8UE. Laurence G. Factor of Newman & Partners Insolvency & Recovery Services Limited, Lynwood House, 373-375 Station Road, Harrow, Middlesex HA1 2AW was appointed liquidator. CONTACT: NEWMAN & PARTNERS INSOLVENCY & RECOVERY SERVICES LIMITED Lynwood House, 373-375 Station Road, Harrow, Middlesex HA1 2AW B52 LTD.: Clothing Retailer Winds up ------------------------------------ A. Azari, director of B52 Ltd., informs that resolutions to wind up the company were passed at an EGM held on Nov. 3 at Gable House, 239 Regents Park Road, Finchley, London N3 3LF. M. Sanders of BN Jackson Norton, 1 Gray's Inn Square, London WC1R 5AA was appointed liquidator. CONTACT: B52 LTD. 58 The Galleria, Comet Way Hatfield, Hertfordshire AL10 0XX Phone: 01707257508 BERVIN TOOL: Calls in Administrator from DTE Leonard Curtis ----------------------------------------------------------- J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard Curtis were appointed administrators of Bervin Tool & Die Company Limited (Company No 1099643) on Nov. 17. Visit http://www.bervintoolanddie.com/for more information. CONTACT: BERVIN TOOL & DIE COMPANY LIMITED Crown Street Cul de sac Crown Street Wolverhampton WV1 1PX United Kingdom Phone: +44 (01902) 352382 Fax: +44 (01902) 352398 DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT4 Norfolk Park Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com CADMAN CONSULTING: Calls in Liquidator -------------------------------------- A. Cadman, chairman of Cadman Consulting Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 3 at Concept House, Brooke Street, Cleckheaton, West Yorkshire BD19 3RY. Andrew T. Clay of Andrew Michaels & Co Ltd., Concept House, Brooke Street, Cleckheaton, West Yorkshire BD19 3RY was appointed liquidator. CONTACT: CADMAN CONSULTING LTD. 5 York Road, Leeds, LS15 4TA Phone: 0113 265 2277 ANDREW MICHAELS & CO. LTD. Concept House Brooke Street Cleckheaton Bradford BD19 3RY West Yorkshire Phone: 0870 750 5411 Fax: 0870 750 5412 E-mail: info@andrew-michaels.com CITADEL (SOUTH WEST): Files for Liquidation ------------------------------------------- G. R. Frampton, liquidator of Citadel (South West) Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 3 at Dartmoor Lodge, Peartree Cross, Ashburton, Devon TQ13 7JW. Giles Richard Frampton of Richard J. Smith & Co, 53 Fore Street, Ivybridge, Devon PL21 9AE was appointed liquidator. CONTACT: RICHARD J. SMITH & CO 53 Fore Street Ivybridge PL21 9AE Phone: 01752690101 CMCRDI LTD.: Members Pass Winding-up Resolution ----------------------------------------------- S. R. Schultz, chairman of CMCRDI Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 28 at Lewis Alexander & Collins, 103 Portland Street, Manchester M1 6DF. Stephen Hoffman and Michael David Alexander of Lewis Alexander & Collins, 103 Portland Street, Manchester M1 6DF were appointed Joint Liquidators. CONTACT: CMCRDI LIMITED Phone: 0161 428 5588 LEWIS ALEXANDER & COLLINS 103 Portland Street Manchester Greater Manchester M1 6DF Phone: 0161 236 5175 Fax: 0161 228 6297 COLLINS & AIKMAN: IAC Group Buying European Business ---------------------------------------------------- International Auto Components Group (IAC), the joint venture company recently formed by WL Ross & Co. LLC, Franklin Mutual Advisers LLC, and Lear Corporation, announced a definitive agreement to acquire from Collins & Aikman Europe (C&A) its US$600 million operations in Austria, Belgium, Czech Republic, Germany, Netherlands, Slovakia, Spain, Sweden, and the United Kingdom serving Ford, General Motors, DaimlerChrysler, Porsche, Saab, Volkswagen, Volvo and other original equipment manufacturers. Exchange on the C&A business in Austria is subject to approval of the local insolvency authority and the Austrian Court. Wilbur L. Ross, Chairman of IAC said: "We are delighted to make IAC's first acquisition within a month of announcing the joint venture company. We also are appreciative that the automobile industry has decided to support our efforts. This is the start of a major global factor in the automotive interior plastics industry." The transaction is subject to certain conditions including approval by Monopoly Commissions, landlords, and customers, but is expected to close early in 2006. The purchase price is subject to certain final adjustments but in any event involves cash well in excess of US$100 million and assumption by IAC of certain liabilities and commitments of C&A. * * * Collin's U.K. operation, which accounts for 25% of total global business, obtained a group-wide Administration order pursuant to the jurisdiction of the English High Court in London in July 2005. Kroll U.K.'s Simon Appell and Alastair Beveridge, among others, have been appointed joint administrators of each of the companies. The companies included in the filing are located in the U.K., Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg, Netherlands, Spain and Sweden and have approximately 4,000 employees in 24 facilities. Collins & Aikman has 4,000 employees in 26 plants in nine countries in Europe. Collins & Aikman's European operations are expected to continue in the normal course of business without interruption while the Administrators assess appropriate options. Additional information regarding the European group-wide Administration is available at http://www.collinsaikmaneurope.com/and information regarding the Chapter 11 reorganization at http://www.collinsaikman.com For more information, call the Company's toll-free Reorganization Information Line at 1-866-795-7641, for international callers +1 310-432-4170. CONTACT: FINANCIAL DYNAMICS Phone: +44 (0) 20 7269 7167 Lucy Thom Phone: +44 (0) 7712 174690 Nigel O'Connor Phone: +44 (0) 7968 095770 E-mail: collinsandaikman@fd.com KROLL EUROPE, MIDDLE EAST & AFRICA 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com COLOUR CUBE: Printer Succumbs to Liquidation -------------------------------------------- R. Barmer, director of Colour Cube Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 1 at Emerald House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH. C. H. I. Moore of K. J. Watkin & Co, Emerald House, 20-22 Anchor Road, Aldridge, Walsall, West Midlands WS9 8PH was appointed liquidator. CONTACT: COLOUR CUBE LIMITED 53 Brearley Street, Hockley Birmingham, West Midlands B19 3NS Phone: 01213333206 K. J. WATKIN & CO. Emerald House 20-22 Anchor Road Aldridge Walsall West Midlands WS9 8PH Phone: 01922 452881 Fax: 01922 450525 E-mail: chim@kjwatkin.co.uk CONTRACT SECURITY: Calls in Administrator from Butcher Woods ------------------------------------------------------------ Roderick Graham Butcher (IP No 8834) of Butcher Woods Limited was appointed administrator of Contract Security Options Limited (Company No 02790598) on Nov. 15. 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 DANISCO SEED: Claims Deadline December 15 ----------------------------------------- J. Larsen, chairman of Danisco Seed (UK) Limited, informs that the special and ordinary resolutions to wind up the company were passed at an EGM held on Nov. 15 at Denington Road, Wellingborough, Northamptonshire NN8 2QJ. Christopher James Farrington and Andrew Philip Peters of Deloitte & Touche, 1 Woodborough Road, Nottingham NG1 3FG were appointed joint liquidators. Creditors are required on or before December 15, 2005, to send in their full forenames and surnames, addresses and descriptions, full particulars of debts or claims, and names and addresses of Solicitors (if any), to Christopher James Farrington and Andrew Philip Peters and if so required by notice in writing their debt or claims. CONTACT: DELOITTE & TOUCHE LLP 1 Woodborough Road, Nottingham NG1 3FG Phone: +44 (0) 115 950 0511 Fax: +44 (0) 115 959 0060 Web site: http://www.deloitte.com DEVELOPMENT AND TECHNICAL: Calls in Fisher Partners --------------------------------------------------- I. A. M. H. Qassem, director of Development And Technical Exports Limited, informs that the special resolution to wind up the company was passed on Nov. 15 and David Birne and Stephen Katz of Fisher Partners, Acre House, 11-15 William Road, London NW1 3ER were appointed joint liquidators. Creditors are required on or before January 3, 2006, to send in their full forenames and surnames, addresses and descriptions, full particulars of debts or claims, and names and addresses of Solicitors (if any), to David Birne and if so required by notice in writing their debt or claims. CONTACT: FISHER PARTNERS Acre House 11/15 William Road London NW1 3ER Phone: 020 7388 7000 Fax: 020 7380 4900 E-mail: skatz@hwfisher.co.uk D.M.F. LTD.: Hires Liquidators from P&A Partnership --------------------------------------------------- J. S. Whiteley, chairman of D.M.F. Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 3 at 93 Queen Street, Sheffield S1 1WF. John Russell and Allan Cooper of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF were appointed Joint Liquidators. The resolution and appointment were confirmed at a subsequent creditors meeting. CONTACT: D.M.F. LIMITED Deighton Mills Leeds Road Huddersfield HD2 1TY United Kingdom Phone: (01484) 429889 Fax: (01484) 420445 THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com DURACORD (EUROPE): Creditors Meeting Next Week ---------------------------------------------- Creditors of Duracord (Europe) Limited (Company No 05063639) will meet on December 6, 2005, 12:30 p.m. at The Grange Holborn Hotel, 50-60 Southampton Row, London WC1 5HP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Graham Hunter Martin, Laurie Katherine Manson and Michael Horrocks, joint administrators from PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower Mosley Street, Manchester M2 3PW not later than 12:00 noon, December 5, 2005. CONTACT: DURACORD EUROPE LTD. Pilmuir Works Pilmuir Street Dunfermline KY12 0QA Fife Phone: 01383 722568 Fax: 01383 722915 PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920 Web site: http://www.pwcglobal.com FARMWELL LIMITED: Members Pass Winding-up Resolution ---------------------------------------------------- T. G. Nellist, chairman of Farmwell Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 11 at White Lodge, 50 Ledbury Road, Hereford HR1 2SY. Douglas Paul Glenn Walker of E. Mary Grove & Co., White Lodge, 50 Ledbury Road, Hereford HR1 2SY has been appointed liquidator. Creditors are required on or before December 15, 2005, to send in their full forenames and surnames, addresses and descriptions, full particulars of debts or claims, and names and addresses of Solicitors (if any), to Douglas Paul Glenn Walker and if so required by notice in writing their debt or claims. CONTACT: E M GROVE & CO White Lodge 50 Ledbury Road Hereford Herefordshire HR1 2SY Phone: 01432 359000 Fax: 01432 343141 E-mail: info-hereford@emgrove.co.uk FULLER & SONS: Administrators Enter Firm ---------------------------------------- A. Turpin and M. T. Coyne (IP Nos 1452 and 6575) of Poppleton & Appleby were appointed administrators of Fuller & Sons (Transport) Limited (Company No 00267717) on Nov. 16. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk GENEMEDIX PLC: Admits Cash in hand good only for 4 Months --------------------------------------------------------- GeneMedix plc, the U.K. biopharmaceutical company with operations in Europe and Asia and with joint London and Singapore Stock Exchange listings, announces its interim results for the period ended 31 August 2005. GeneMedix is involved in the development and manufacture of therapeutic proteins using recombinant DNA technology and novel cell culture. Highlights for the period: -- Resources continue to be focused on EPO development which is progressing well, -- Regulatory position clarified for EPO and G-CSF by EMEA draft guidelines, -- G-CSF in-licensed from CJ Corporation, -- Additional funds raised Post Period -- Agreement for sale of Chinese plant in place, -- Restructuring of business announced following resignation of CEO, -- New legislation allows clinical manufacture of EPO to commence Report Acting Chief Executive Officer Julian Attfield The restructuring process that we announced in early October has been progressing rapidly over the past weeks, and it has generated significant interest in the activities of the Company. From the current prospects the Directors are optimistic that a deal can be concluded which it is hoped would not only secure the Company financially, but could give us the opportunity and resources to develop our portfolio of proteins for the biosimilar and follow-on market. The development of our lead compound, EPO, has continued to go well, despite our financial constraints, and we are in the final stages of preparing for clinical manufacture with a view to launching our EPO in late 2008. With the introduction of a provision in a 2004 EU Directive, which took effect on 30 October 2005, we are now in a position to commence our clinical manufacture and progress the planning of our clinical program. We have designed our clinical study to take into account the draft E.U. guidelines on EPO, published in June 2005, which defines the type of clinical study required to obtain registration as a biosimilar EPO. The final published guidelines are due over the coming months. It remains our opinion that we are likely to be one of the early entrants into the biosimilar market for EPO in the EU. In the three months to 31 August 2005 we also concluded a licensing agreement for Granulocyte Colony Stimulating Factor (G-CSF) with CJ Corporation of Korea. This product has been commercialized in Korea and South America, and under the terms of the collaboration agreement, we shall develop a bio-similar version for registration in the E.U. We are preparing to start the development program early in the New Year, subject to adequate funding being obtained. In addition we have interferon-alfa, GM-CSF and a monomeric, rapid acting, insulin in our portfolio. The process development program for our interferon-alfa is almost complete, and we are seeking partners with novel enhancement technologies to develop a 'second generation' product. Our GM-CSF was in commercial production in China, but we are also seeking partners to assist in the development of a second-generation product. As we have previously mentioned, we have signed an agreement with a Russian partner to sell GM-CSF (Neustim(R)) into the Russian market. The monomeric insulin is potentially a very exciting product for us, as one of the main focuses for the treatment of diabetes is for fast acting analogues, which can be administered to fit in comfortably with normal eating arrangements. We have patents granted in Australia and the U.S., and are seeking funding to develop this product from its current early stage to the completion of a phase I clinical trial, at which time we would seek to find a collaboration partner. Our mammalian cell fermentation facility in Tullamore (Ireland) has been approved by the Irish Medicines Board to manufacture clinical material and we have a highly skilled development and manufacturing team of 25 people. We have agreed the sale of our Chinese facility and the proceeds, totaling GBP1.6 million, are due to be paid to the Company in early 2006. Other than Paul Edwards, our former CEO, who has recently left to pursue another business opportunity as CEO of Ruston Poole International, our executive operating team based in Newmarket, U.K. has remained substantially in place since 2001. We are looking to build on the strengths of this strong management team to take this business forward. Financial Review Operating losses of GBP3.7 million for the nine-month period are in line with our budgets and reflect planned expenditure and cash burn. We believe that we have been very successful in maximizing our investment in our programs within the tight constraints of our financial resources, and we have maintained cash burn on operating activities during the period at approximately GBP1 million per quarter. There were no revenues in the period. There has been the restructuring of a GBP1.1 million short-term loan from Springhill Bioventures as a long- term loan. The financial statements have been impacted by the removal of the intangible fixed asset, investment, convertible loan note and the release of the provision for interest relating to our collaboration with Antibioticos, which was terminated in the period. We have continued to raise money as required in order to finance the ongoing development programs. In July we raised approximately GBP281,000 (GBP269,000 after expenses) through a placing for cash of 4,309,079 new ordinary shares. This is the second placing of US$0.5 million out of a total funding of US$10 million which is potentially available to GeneMedix over a three-year period, from October 2004, from funds advised by Southridge Management LLP. This was followed in October by the placing of a convertible loan of GBP500,000, in a related party transaction with its founder and Chairman Dr. Kim Tan. These loan notes are convertible into between 11.8 and 13.1 million shares when the Company completes its next share offering. Though we remain unable to raise additional share capital at present without going through the lengthy and costly process of issuing a prospectus, we are able to raise debt finance for the business, and we have the immediate prospect of sufficient cash in-flows to take us through to early next year, when the proceeds from the sale of our Chinese business are due. It is, however, our strong intention to attract investment as part of the current restructuring program. Outlook Overall, the Company has made significant progress in the period under review and during the subsequent restructuring program. As a result, as previously stated, the Directors are optimistic not only of securing the Company financially but of being able to start unlocking some of the value in our business. However, we must be clear that there can be no guarantee that the Company's current plans will be implemented, that the success of our programs is dependent on us attaining sufficient funding, and that, without achieving any cash inflows we only have sufficient resources to continue our current level of activity for the next four months from the date of this announcement. Consolidated Profit and Loss Account For the 9 months ended 31 August 2005 Notes 9 months to 9 months to 12 months to 31 Aug 31 Aug 30 November 2005 2004 2004 Unaudited Unaudited Audited GBP GBP GBP Turnover - - - Cost of sales - - - ------------ ------------ ------------ Gross profit - - - ------------ ------------ ------------A dministrative expenses (2,304,177) (2,349,597) (2,912,596) Exceptional administrative expenses 3 - - (1,600,000) ------------ ------------ ------------T otal administrative expenses (2,304,177) (2,349,597) (4,512,596) Research and development (1,630,283) (1,533,414) (2,209,805) Other operating income 4 253,151 - - ------------ ------------ ------------T otal operating expenses (net) (3,681,309) (3,883,011) (6,722,401) ------------ ------------ ------------ Operating loss (3,681,309) (3,883,011) (6,722,401) Interest receivable 22,534 44,703 57,812 Interest payable (169,474) (324,733) (436,278) ------------ ------------ ------------L oss on ordinary activities before taxation (3,828,249) (4,163,041) (7,100,867) Tax on loss on ordinary activities - 923,297 1,293,370 ------------ ------------ ------------ Loss on ordinary activities after taxation (3,828,249) (3,239,744) (5,807,497) Equity minority interests 79,823 85,000 97,290 Loss for the period (3,748,426) (3,154,744) (5,710,207) ============ ============ ============ Loss per share - basic and diluted (1.1p) (1.0p) (1.8p) ============ ============ ============ All results arise from continuing operations. Consolidated Statement of Total Recognised Gains and Losses For the 9 months ended 31 August 2005 9 months to 9 months to 12 months to 31 Aug 31 Aug 30 November 2005 2004 2004 Unaudited Unaudited Audited GBP GBP GBP Retained loss for the period (3,748,426) (3,154,744) (5,710,207) Exchange adjustments offset in reserves 46,248 (41,944) (91,536) ------------ ----------- ------------ Total losses recognised for the period (3,702,178) (3,196,688) (5,801,743) ============ =========== ============ Consolidated Balance Sheet As at 31 August 2005 9 months to 9 months to 12 months to 31 Aug 31 Aug 30 November 2005 2004 2004 Unaudited Unaudited Audited GBP GBP GBP Fixed assets Intangible fixed assets 1,117,279 6,712,211 5,048,706 Tangible fixed assets 5,875,943 6,499,785 6,346,849 Investment - 11,607 11,607 ------------ ----------- ------------ 6,993,222 13,223,603 11,407,162 ------------ ----------- ------------ Current assets Stock 55,869 55,602 51,847 Debtors 387,912 492,680 779,251 Restricted cash 1,141,579 1,390,936 1,448,927 Cash at bank and in hand 874,722 846,357 482,174 ------------ ----------- ------------ 2,460,082 2,785,575 2,762,199 Creditors: amounts falling due within one year (1,660,268) (3,051,969) (2,825,956) ------------ ----------- ------------ Net current assets / (liabilities) 799,814 (266,394) (63,757) ------------ ----------- ------------ Total assets less current liabilities 7,793,036 12,957,209 11,343,405 Creditors: amounts falling due after one year (1,692,392) (907,133) (804,786) Debenture - convertible loan notes (3,765,882) (7,668,682) (7,747,158) Provisions for liabilities and charges (4,817) (28,978) (48,252) ------------ ----------- ------------ Net assets 2,329,945 4,352,416 2,743,209 ------------ ----------- ------------ ============ =========== =========== Share capital and reserves Called-up share capital 3,720,158 3,124,393 3,224,660 Share premium account 27,095,070 23,312,847 24,237,245 Profit and loss account(28,583,125) (22,275,892) (24,880,947) ------------ ----------- ------------ Equity shareholders' funds 2,232,103 4,161,348 2,580,958 Equity minority interests 97,842 191,068 162,251 ------------ ----------- ------------ Total capital employed 2,329,945 4,352,416 2,743,209 ============ =========== ============ Consolidated Cash Flow Statement For the 9 months ended 31 August 2005 9 months to 9 months to 12 months to 31 Aug 31 Aug 30 November 2005 2004 2004 Unaudited Unaudited Audited GBP GBP GBP Net cash outflow from operating activities (3,139,066) (2,518,552) (3,697,194) Returns on investments and servicing of finance (24,127) (43,355) (58,772) Taxation 368,338 923,297 923,297 Capital expenditure (82,678) (131,279) (191,768) ------------ ----------- ---------- Cash outflow before management of liquid resources and financing (2,877,533) (1,769,889) (3,024,437) Management of liquid resources (189,014) 635,645 1,042,308 Financing 2,983,346 1,241,430 2,148,974 ------------ ---------- ---------- (Decrease) / increase in cash in the period (83,201) 107,186 166,845 ============ ========== ========== Reconciliation of group operating loss to net cash outflow from operating activities 9 months to 9 months to 12 months to 31 Aug 31 Aug 30 November 2005 2004 2004 Unaudited Unaudited Audited GBP GBP GBP Operating loss (3,681,309) (3,883,011) (6,722,401) Depreciation 634,600 605,724 827,945 Amortisation of intangible assets 81,427 190,518 254,023 Impairments on goodwill - - 1,600,000 Investment write-off 11,607 - - Other operating income (253,151) - - (Increase)/dec rease in stock (4,022) 22,996 26,752 Decrease in debtors 11,942 202,701 194,840 Increase in creditors 103,275 339,891 99,744 (Decrease)/inc rease in provisions (43,435) 2,629 21,903 ------------ ------------ ----------- Net cash outflow from operating activities (3,139,066) (2,518,552) (3,697,194) ============ ============ =========== Notes: 1. Basis of preparation The 6-month figures to 31 August 2005 and 31 August 2004 are unaudited. The comparative figures for the year ended 30 November 2004 are not statutory accounts but are extracted from the audited statutory accounts. The statutory accounts for the year ended 30 November 2004 have been filed with the Registrar of Companies. They received an unqualified audit report which did not contain a statement under S237(2) or S237(3) of the Companies Act 1985. The quarterly report should be read in conjunction with the statutory accounts for the year ended 30 November 2004. 2. Going concern The accounts are prepared on the going concern basis. Should the Company not be a going concern, the balance sheet would need to be reviewed with assets restated to net realizable values and all long term assets and liabilities being reclassified as short-term and provision would be made for further liabilities that might arise. The Directors estimate that cash held at the date of approval of the financial statements within the Group (which includes cash received subsequent to the period end) is not sufficient to continue funding the trading activities of the Group for a further twelve months from the date of approval of the financial statements. There are a number of major initiatives to raise further finance, such as through the out-licensing of our products, the sales of underutilized assets such as our business in China and potentially further issues of share capital. The directors are confident that such further funds will be available to meet the requirements of the business for the foreseeable future, but if one of these options did not occur over the coming months, the Company would be unable to meet its financial obligations as they fall due. 3. The exceptional administrative expenses in the year ended 30 November 2004 of GBP1,600,000 related to impairments to goodwill, calculated as a result of revised discounted cash flows of forecast product sales in China and a reduction in the book value of the net assets of the Company's Chinese subsidiary, Shanghai GeneMedix Biotechnology Company. 4. Other operating income arose on the waiving of the interest on the debenture, following the termination of our licensing agreement with Antibioticos as explained in last quarter's result. 5. The Directors elected not to pay a dividend in the period. 6. Further copies are available from the Group's head office: Rosalind Franklin House, Fordham Road, Newmarket, Suffolk CB8 7XN. CONTACT: GENEMEDIX PLC Phone: 01638 663 320 Julian Attfield, Acting Chief Executive Officer BANKSIDE CONSULTANTS Phone: 020 7367 8888 Michael Padley/Susan Scott GLENROSE PROPERTY: Administrators from Berg Kaprow Enter Firm ------------------------------------------------------------- Stewart Trevor Bennett and James Preston Bradney (IP Nos 1205, 9259) of Berg Kaprow Lewis were appointed joint administrators of Glenrose Property Services Limited (Company No 3300514) on Nov. 14. CONTACT: BERG KAPROW LEWIS LLP 35 Ballards Lane, London N3 1XW Phone: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 GOLD STOCK: Calls in Liquidator ------------------------------- Gold Stock Epos Systems Limited informs that resolutions to wind up the company were passed at an EGM held on Oct. 6 at 50 Newhall Street, Birmingham B3 3QE. Gagen Dulari Sharma of Sharma & Co., 50 Newhall Street, Birmingham B3 3QE was appointed liquidator. CONTACT: GOLD STOCK EPOS SYSTEMS LIMITED Unit 13 Rea Industrial Park, Inkerman Street, Birmingham, West Midlands B7 4SH Phone: 01213595387 SHARMA & CO. 50 Newhall Street Birmingham West Midlands B3 3QE Phone: 0121 248 5007 Fax: 0121 248 5010 E-mail: gagen@sharmaandco.com GOSHAWK INSURANCE: Selling Rosemont Business for US$12.5 Mln ------------------------------------------------------------ Following the Company's announcement on 24 October 2005 that Rosemont Re was to be placed into run-off, a review was undertaken of the resources of the Company and the structure of the board to ensure that the run-off is managed in a manner that aims to maximize value for shareholders. Accordingly, on 18 November 2005 the appointment of Rory Macnamara as Chairman and Michael Dawson as Chief Executive of the Company was announced. The previous board also announced their intention to resign from all Group companies with immediate effect, with the exception of Richard Titley who has since resigned from all Group companies and Russell Brooke and Jonathan Beck who will remain on the board of Rosemont Re for a short period of time to facilitate an orderly operational handover to the new directors. It is proposed that Alan Dunkle will join the board of Rosemont Re shortly, with terms still to be agreed. Rosemont Re currently represents substantially all of the Group's operations, following Goshawk's exit from Lloyd's in 2003. Following the downgrade of Rosemont Re's financial strength rating by A.M. Best on 18 October 2005, Rosemont Re is no longer able to write new business and the Directors intend to put in place suitable arrangements to manage the run-off. Run-off is the process of realizing the Group's assets and satisfying its liabilities with the intention of returning any surplus to Company Shareholders. On 24 October 2005, Goshawk announced that heads of terms had been signed with Don Kramer for the Proposed Sale of the Rosemont Business. Ariel Re is now incorporated under the laws of Bermuda and licensed by the BMA. Ariel, the parent company of Ariel Re, is the contracting party to the Sale and Purchase Agreement. Due to the size and nature of the Proposed Sale the approval of Shareholders is being sought. Undertakings and Intentions to Vote in Favor of the Proposed Sale Goshawk has received undertakings to vote in favor of the Proposed Sale from certain institutional shareholders of Goshawk which total 72,507,268 Goshawk Shares, representing approximately 41.2% of the issued share capital of Goshawk, including Phoenix Asset Management, Goshawk's largest shareholder with approximately 29% of the issued share capital. Non-binding letters of intent to vote in favor of the Proposed Sale have been received in respect of a total of 37,370,016 Goshawk Shares representing approximately 21.2% of the issued share capital of Goshawk. Background to and Reasons for the Proposed Sale On 29 August 2005 the industry suffered the impact of Hurricane Katrina. This is believed to be the most economically damaging catastrophe in recent history. Hurricane Katrina was followed a month later by yet another Category 5 hurricane, Hurricane Rita, which has caused severe damage to the offshore energy market in the Gulf of Mexico. On 7 October 2005 the Company announced that, following receipt of additional loss information, the net loss estimate for Katrina increased from a range of US$25 million to US$30 million (as announced on 6 September 2005) to a revised total of US$60 million; and that the Company's initial net loss estimate of US$30 million in respect of Hurricane Rita assumed a total loss to the remaining marine retrocession limits. It was also announced that the Board was considering a small number of detailed proposals, which would either entail a significant capital injection into Rosemont Re or a sale of Rosemont Re. On 15 October 2005, Goshawk announced that discussions regarding a potential sale of Rosemont Re or capital injection into Rosemont Re had ended, but that the Board was seeking to maximize the value to shareholders of the Bermuda franchise. Following this announcement, on 18 October 2005 A.M. Best downgraded Rosemont Re's rating to B (Fair) with a negative outlook. This announcement effectively meant that Rosemont Re was unable to write any new business as its rating no longer met minimum accepted market security criteria. On 24 October 2005, the Company announced that heads of terms had been signed with Don Kramer for the Proposed Sale to a new Bermuda reinsurer, Ariel Re, which was to be incorporated, of the Rosemont Business for a fixed up-front payment of approximately USUS$2.5 million for its existing Infrastructure and 8% commission payments based on the renewing reinsurance business as it is bound by Ariel Re in 2006. Under that structure there was no certainty as to the amount potentially due under these commission payments, but it was anticipated that approximately USUS$4-7 million might become due. In order to provide certainty, both parties have agreed that the consideration for the Proposed Sale has changed to being a single cash payment of USUS$12.5 million at Closing, payable to Rosemont Re. The Proposed Sale will allow the Company to realize value that was not otherwise achievable from the franchise, which has been built up over the past two years by transferring Rosemont Re's Infrastructure and renewal rights to Ariel. On 3 November 2005, Goshawk announced that Hurricane Wilma, which struck southern Florida, may cost the Company between US$8 million and US$15 million on a net basis. This range of estimated outcomes was based on output from the Company's event-based models and portfolio exposures in the affected regions. The net impact to the Company would not be expected to be more than US$15 million since Rosemont Re's retrocessional protection effectively attached at US$15 million and since management believed there was only a highly remote possibility that the gross loss would exhaust the retrocessional protections. Goshawk also announced that Rosemont Re's insurance license in Bermuda had been amended by the Bermuda Monetary Authority (BMA) to require BMA approval for any proposed distribution by Rosemont Re to its shareholder. In addition, the announcement also stated that Goshawk had breached certain of its banking covenants. The Company continues to be dependent on the remittance of funds from Rosemont Re to the Company for its ongoing financial requirements, as has been the case since the Group's London operations were closed down approximately two years ago. The approval of the Group's banks and, as stated above, the BMA is required for the ongoing remittance of funds to take place, restricting the Company's ongoing working capital position. The Effect of the Proposed Sale on Goshawk The cash proceeds from the Proposed Sale, payable to Rosemont Re will amount to US$12.5 million. The Proposed Sale is expected to enhance the earnings of the Continuing Group in the current year due to the profit on disposal of the renewal rights of Rosemont Re. References to the anticipated effect of the Proposed Sale on future earnings of the Continuing Group should not be interpreted as a profit forecast nor should this statement be interpreted to mean that the earnings of the Continuing Group following the Proposed Sale will necessarily match or exceed historical published earnings. The Proposed Sale is expected to increase the net assets of the Continuing Group by approximately US$12.0 million. Following the Proposed Sale, the Group will have very limited operations. Rosemont Re is currently in run-off and the Board will seek to ensure that there are sufficient resources to manage the run-off of Rosemont Re with the aim of maximizing shareholder value. In addition to the Proposed Sale, the Group may potentially receive up to US$17 million, for the sale of a subsidiary company, GoshawK Dedicated (No.2) Limited (GD2), agreed in February 2005. The proceeds of this transaction derive from the utilization of tax losses incurred by GD2 by its purchasers and are dependent on a number of issues (including: no change in legislation, the ability of the relevant counterparties to utilize losses and agreement of HM Revenue and Customs). The Directors intend that any net proceeds of run-off and of the transaction to sell GD2, net of the funding requirements of the Continuing Group, will be returned to Shareholders in due course. However there is no certainty as to what, if any, value may be returned to Shareholders or during what time period that may take place. On 3 November 2005, the Company announced that it had been notified by the BMA that it had amended the Class 4 insurance license held by Rosemont Re. The impact of this restriction is that any future distributions by Rosemont Re to its parent company will require the BMA's approval before such distributions could be made. The Board believes that the BMA may not agree to Rosemont Re remitting any further funds to Goshawk until substantially all of Rosemont Re's claims liabilities have been settled. This process may take several years to complete. In addition, as a result of Goshawk's lack of distributable reserves, a reconstruction of the Group will need to take place before any proceeds may be returned to shareholders. A reconstruction of the Group is expected to take several months to complete and the Board may seek to, or be required to, delist Goshawk's shares from the Official List of the London Stock Exchange as part of this process. In addition, it is not expected that a reconstruction could take place without an improvement in the working capital position of the Continuing Group. As described below, there can be no certainty that the working capital position will be resolved in the next twelve months following the publication of the circular to be sent to Goshawk Shareholders. Current Trading of Goshawk In the Company's interim results for the six months ended 30 June 2005, announced on 15 September 2005, Goshawk made this outlook statement: We continue to gain momentum in our core lines of business and franchise value has been increased. We intend to continue to target growth through a combination of profitable underwriting and appropriate investment strategy. While the impact of hurricane Katrina will reduce the expected outcome for 2005, we believe that the expanded retrocessional protections we have put in place will limit the impact to shareholders and that the Company will outperform relative to its peers. On 7 October 2005 the Company announced that, following receipt of additional loss information, the net loss estimate for Katrina increased from a range of US$25 million to US$30 million to a revised total of US$60 million; and that the Company's initial net loss estimate of US$30 million in respect of Hurricane Rita assumed a total loss to the remaining marine retrocession limits. The Company has since announced a net loss range of US$8 million to US$15 million for hurricane Wilma. This estimated range of outcome is based on output from the Company's event-based models and portfolio exposure in the affected regions. For details of risk factors specific to hurricane loss forecasts, see Part II, "Risk Factors" of the circular to be sent to Goshawk Shareholders. Due to the impact of the estimated losses arising from Hurricanes Katrina, Rita and Wilma and the downgrading of Rosemont Re's rating to B(fair) with a negative outlook, the Continuing Group is in run-off and is no longer able to write any new business. The Continuing Group remains exposed to further natural catastrophe activity or deterioration in claims on its 2005 book of business and to deterioration in claims on its other prior year books of business. Should the Continuing Group make a material acquisition or change its business from the existing run-off of the current assets and liabilities of the Group this may require Shareholder approval and it is expected that the Company will be required to relist which will require the prior approval of the U.K. Listing Authority. The Directors have no current plans to either make a material acquisition or change existing operations. Extraordinary General Meeting The Proposed Sale can only be completed if Shareholders approve the Proposed Sale by passing the Resolution at the EGM convened for 14 December 2005. A description of the Sale & Purchase Agreement by which the Proposed Sale will be effected is contained in Part IV of the circular to be sent to Goshawk Shareholders. Although the Sale & Purchase Agreement was signed and exchanged by Goshawk, Rosemont Re and Ariel, completion of the Proposed Sale is subject to the satisfaction (or, in certain cases, waiver) of certain conditions including the passing of the Resolution by Shareholders at the EGM. The Resolution is being proposed as an ordinary resolution and accordingly to be passed will need to be carried by a simple majority of votes at the EGM in person or by proxy. Further Information Shareholders should read the whole of the circular to be sent to Goshawk Shareholders and not rely solely on the summarized information set out in this press announcement. Defined terms in this press announcement relate to those used in the circular to be sent to Goshawk Shareholders. Working Capital The Company is of the opinion that, taking into account bank facilities available to it and the net proceeds of the Proposed Sale, the Continuing Group does not have sufficient working capital for its present requirements that is, for at least the next 12 months following the publication of the circular to be sent to Goshawk Shareholders. Rosemont Re remains licensed as an insurer by the Bermuda Monetary Authority. Under the terms of its license Rosemont Re is not permitted to hold capital below US$100 million. In addition, the BMA has restricted Rosemont Re's license and any distributions made by Rosemont Re to its holding company are subject to BMA approval. The Directors are in ongoing discussions with the BMA and intend to provide the BMA with additional information over the forthcoming weeks regarding the potential capital position of Rosemont Re going forward. There can be no certainty that the BMA will lift the restriction to Rosemont Re's license in the next 12 months following the publication of the circular to be sent to Goshawk Shareholders, or thereafter. As a result the Board believes that Rosemont Re may not be permitted to remit any capital to Goshawk. If the Directors believe this is a likely outcome they may decide to place Goshawk into administration and Goshawk will be unable to continue to trade. Such a decision could potentially be made at any time within the next 12 months following the publication of the circular to be sent to Goshawk shareholders, or thereafter, though the Directors believe that the Closing of the Proposed Sale may assist the ongoing discussions with the BMA. As at 30 June 2005, based on the consolidation schedules, which support the unaudited interim results for Goshawk for the six months ended 30 June 2005, Rosemont Re had net assets of approximately US$242 million. The Company's estimates for net losses relating to Hurricanes Katrina, Rita and Wilma total between a range of US$98 million to US$105 million, reducing capital by between US$68 million and US$75 million. This estimated range of outcomes is based on the Company's event-based models and portfolio exposure in the affected regions. Goshawk has outstanding principal amounts owing under its banking facilities of US$39 million and GBP15 million. Goshawk announced on 3 November 2005 that it was in breach of certain of its banking covenants. Under the terms of the covenants on its banking facilities, Rosemont Re is also required to maintain at least US$225 million in net assets. As Rosemont Re currently has less than this level of net assets, it is in breach of its covenants and will remain so for the foreseeable future. The banks therefore have the ability to demand immediate repayment of all outstanding principal, interest and fees. If Goshawk is not able to satisfy the demand from the banks for immediate repayment from its existing resources at that time, it is expected that Goshawk would be placed into administration and Goshawk will be unable to trade. Goshawk has kept the banks informed of the current situation. To date, the banks have not made a demand for immediate repayment, though there can be no guarantee that they will decide not to do so going forward (in line with their existing rights), regardless of whether Closing of the Proposed Sales takes place at any time within the next 12 months following the publication of the circular to be sent to Goshawk Shareholders. In addition as a result of the breach of covenants, the banks can demand Goshawk be placed into administration at any time within the next 12 months following the publication of the circular to be sent to Goshawk Shareholders, or thereafter, and Goshawk will thus be unable to trade. In addition, the Group remains exposed to potential significant catastrophe losses and deterioration in claims, without any source of additional income. If material claims arise from further natural catastrophe activity or there is further material claims deterioration to an amount in excess of the provisions in the accounts of Rosemont Re, the Directors may decide to place Goshawk into administration and Goshawk will be unable to continue to trade. This may occur at any time within the next 12 months following the publication of the circular to be sent to Goshawk Shareholders, or thereafter. Goshawk continues to be dependent on the remittance of funds from Rosemont Re to the Goshawk for its ongoing financial requirements, as has been the case since the Group's London operations were closed down approximately two years ago. The Directors are considering a number of options to improve, if not resolve, the current working capital position of the Continuing Group including a possible equity issue, discussions and negotiations with the Group's Banks and the BMA and determination of what can be achieved in the run-off of the Group. The Directors have not yet determined the quantum of new funds required to resolve this position. The Company announced on 18 November 2005 that it "is considering the possibility of launching an equity issue to raise US$15-20 million (before related costs and fees)," but that "there can be no certainty that an equity issue will take place or, if it does, as to its quantum or timing." The approval of the Group's banks and, as stated above, the BMA is required for the ongoing remittance of funds to take place, restricting the Company's ongoing working capital position. As stated above, if claims arise from further material natural catastrophe activity or there is further material claims deterioration to an amount in excess of the provisions in the accounts of Rosemont Re, this may adversely impact the Continuing Group's working capital position and put at risk the ability to complete the options being considered to improve, if not resolve, the working capital position of the Continuing Group. The Directors intend to take actions to improve the working capital position as soon as it is practicable to do so but there can be no certainty they will be successful in the next twelve months following the publication of the circular to be sent to Goshawk Shareholders, or thereafter. If they are not successful, the Directors may decide to place Goshawk into administration and Goshawk will be unable to trade. Due to this, the net proceeds of the Proposed Sale will have no material impact on the Company's ongoing working capital position. If the Proposed Sale is not approved by Shareholders, the Continuing Group will not benefit from the cash proceeds from the Proposed Sale of US$12.5 million. The Directors believe that the banks and the BMA consider the Proposed Sale to be beneficial to the continuing Group; if the Proposed Sale is not approved, either the banks and/or the BMA are expected to consider this a negative development and may decide to take actions that adversely impact the Company. This may lead to Goshawk being placed into administration at any time within the next 12 months following the publication of the circular to be sent to Goshawk Shareholders and Goshawk will thus be unable to trade. * * * Not for release, distribution or publication, in whole or in part, in or into the United States, Canada, Australia or Japan. CONTACT: GOSHAWK INSURANCE HOLDINGS PLC Phone: 020 7499 2355 Rory Macnamara, Chairman Michael Dawson, Chief Executive COLLEGE HILL Phone: 020 7457 2020 Tony Friend Richard Pearson GUINNESS MAHON: Appoints Liquidator ----------------------------------- Guinness Mahon Civic Developments Limited informs that the special, ordinary and extraordinary resolutions to wind up the company were passed at an EGM held on Nov. 4 at 2 Gresham Street, London EC2V 7QP. Susan Margaret Roscoe of Critchleys, Greyfriars Court, Paradise Square, Oxford OX1 1BE was appointed liquidator. CONTACT: CRITCHLEYS Greyfriars Court, Paradise Square, Oxford OX1 1BE Phone: +44 (0) 1865 261100 Fax: +44 (0) 1865 261201 E-mail: Oxford@critchleys.co.uk Web site: http://www.critchleys.co.uk HEART OF MIDLOTHIAN: Books Full-year Loss Despite Turnover Spike ---------------------------------------------------------------- During the year ended July 2005, the Company incurred a loss on ordinary activities before taxation of GBP2,728,000, equivalent to a loss per share of 21.6p (2004 - loss of GBP2,424,000 or 19.2p per share). Turnover for the year showed an increase of GBP1,266,000, which reflected increased season ticket monies, the benefits from reaching the Semi-Finals of both Cups and, most importantly, increased income in the areas of gate receipts and TV income through reaching and participating in the group stage of the UEFA Cup. Staff costs were GBP503,000 lower than last year, reflecting the continued reduction in player costs. Due to this reduction, combined with increased turnover as described above, the ratio of staff costs to turnover was 53.9%, an improvement of 16.5% on last year. Other operating charges were GBP4,442,000, which was GBP1,396,000 higher than last year. This was due to the combination of increased costs for staging our European games at Murrayfield, the operating costs of a full year at the Youth Academy and increased sales and marketing costs relating to future income streams for the new season. The exceptional item of expenditure of GBP351,000, relates to the final abortive costs incurred in the potential sale of Tynecastle Stadium. The Year in Review It has been a dramatic 12 months, but I feel that Hearts will come out of recent turbulent times in a much stronger position. We have made some notable progress, not least of which is securing the future of football at Tynecastle following the result of the EGM in January. Additionally, our ability to attract and retain the services of top international players has helped create a team, which has been a breath of fresh air in this season's SPL. Looking back to last season, we were not successful on the field as the Club endured defeat in the semi finals of both domestic cup competitions and finished in only 5th place in the Bank of Scotland SPL. This in turn affects the Company financially with reduced revenues due to a lower league placing than the previous two seasons, which has been offset by the positive impact of revenues from our participation in the UEFA Cup referred to above. During this time, the Club parted company with two managers - Craig Levein and John Robertson - and we continue to wish them well for the future. The knock-on effect of our lack of on-field success last season is that the club will miss out on the potentially lucrative revenue streams that come from European competition. In this financial year we will also suffer reduced revenues due to our early exit to Livingston in the CIS Cup. However, there can be no doubt that the last financial year saw the first stages of the Club going through a much needed transition period which is designed to deliver real on and off field success for Heart of Midlothian plc. The Board's view is that while there is still much work to be done in achieving our ultimate aims of delivering regular domestic success and European competition participation, the Club is in a much better position now than it was some 12 months ago. Events Since Year-end At present, a recommended cash offer has been made by British Linen Advisers Limited on behalf of Heart of Midlothian 2005 Limited to acquire the whole of the issued and to be issued share capital of Heart of Midlothian plc, not already owned or controlled by UAB Ukio Banko Investicine Grupe. The offer document was sent to shareholders in mid November and provides full details of the offer, which has been recommended in the best interests of Hearts and its shareholders. In addition to the above, the Board is continuing to consider opportunities to strengthen the balance sheet of the Club and is currently in the process of negotiating a potential change of status for the Company. On operational matters, there has however been a noticeable increase in season ticket sales due largely to the successful start to the season made by the team. The players have adapted well in every instance to the changes that have taken place off-field this season, which have included the departures of former manager George Burley, Chief Executive Phil Anderton and Chairman George Foulkes, and then most recently the arrival of new first team coach Graham Rix. Neither I nor any of my fellow Board members take any pleasure in some of the decisions that have had to be taken recently, however, everything that the Board is currently working on is designed to improve the long term standing of the Club both financially and in a playing sense. We are working on a number of levels to lift the restrictions within which we must currently work. First and foremost we are building a team at Hearts that can compete at the highest levels of domestic competition and thereby secure regular European football. This team building process will continue with further investment planned for the January transfer window and also thereafter in the summer next year. Secondly we are progressing discussions with Edinburgh City Council and other relevant authorities on the redevelopment of the main stand at Tynecastle. We are hopeful that our proposals will demonstrate the economic value to the city and in turn provide us with a much better opportunity to accommodate more Hearts fans at Tynecastle. Finally the imminent move to private ownership through the offer document that has been circulated to shareholders would provide the opportunity for the Board to act quickly and effectively in order to realise the vision that it has for the Club. R. Romanov Chairman and Acting Chief Executive November 28, 2005 Copy of Heart of Midlothian's preliminary results can be viewed at http://bankrupt.com/misc/heartofmidlothian_2005.htm CONTACT: HEART OF MIDLOTHIAN PLC Tynecastle Stadium Gorgie Road Edinburgh EH11 2NL Phone: (0131) 200 7200 Fax: (0131) 200 7222 Web site: http://www.heartsfc.co.uk ISIS GROUP: Administrators Take over Firm ----------------------------------------- P. Stanley and D. Bailey (IP Nos 008123, 006739) of Begbies Traynor were appointed joint administrators of Isis Group Limited (Company No 03671916) on Nov. 17. CONTACT: BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com LEEDS AUTO: Hires XL Business to Wind up Operation -------------------------------------------------- D. Capper, chairman of Leeds Auto Bodies Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 4 at 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW. J. N. Bleazard of XL Business Solutions Ltd., 46 Moorlands Business Centre, Balme Road, Cleckheaton BD19 4EW was appointed liquidator. CONTACT: LEEDS AUTO BODIES LIMITED 79 Clarence Road Leeds West Yorkshire Ls101lw Phone: 0113 245 4005 XL BUSINESS SOLUTIONS LTD. Moorlands Business Centre Balme Road, Cleckheaton, West Yorkshire BD19 4EW Phone: 01274870101 MINIMOULD LIMITED: Names Bishop Fleming Administrator ----------------------------------------------------- Jeremiah Anthony O'Sullivan (IP No 8333) of Bishop Fleming was appointed administrator of Minimould Limited (Company No 04030129) on Nov. 17. CONTACT: BISHOP FLEMING Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU Web site: http://www.bishopfleming.co.uk MULCRAFT GRAPHICS: Appoints Administrator from B & C Associates --------------------------------------------------------------- Filippa Connor (IP No 9188) of B & C Associates was appointed administrator of Mulcraft Graphics Limited (Company No 00986971) on Nov. 14. Mulcraft Graphics -- http://www.mgvs.co.uk/-- offers Web design services. CONTACT: MULCRAFT GRAPHICS LIMITED 670-674 Old Kent Road London SE15 1JF United Kingdom Phone: 020 7639 0208 Fax: 020 7252 8070 B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com NEWTON TRANSPORT: Goes into Liquidation --------------------------------------- J. Henry, director of Newton Transport & Storage Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 3 at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY. Robert W. Keating of R. W. Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY was appointed liquidator. CONTACT: NEWTON TRANSPORT & STORAGE LIMITED Wareing Road Liverpool Merseyside L9 7AU Phone: 0151 524 0060 Fax: 0151 524 3338 PA TRAVEL: Bowers & Co. to Liquidate Business --------------------------------------------- P. Astley, chairman of PA Travel Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 4 at MacDonald Dunkenhalgh Hotel, Blackburn Road, Clayton Le Moors, Accrington BB5 5JP. Andrew John Bowers of Bowers & Co., York House, 4 Sheepscar Way, Leeds LS7 3JB was appointed liquidator. CONTACT: PA TRAVEL LIMITED 16 Wellington Street St Johns, Blackburn, Lancashire BB1 8AF Phone: 01254261177 PREMIER DYERS: Files for Liquidation ------------------------------------ H. Shanker, chairman of Premier Dyers Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 1 at 39 Castle Street, Leicester LE1 5WN. Mark Grahame Tailby and Geoff Robbins of CBA, 39 Castle Street, Leicester LE1 5WN were appointed Joint Liquidators. CONTACT: PREMIER DYERS LIMITED 20 St. Johns Street, Leicester Leicestershire LE1 3WL Phone: 01162510552 CBA 39 Castle Street Leicester LE1 5WN Phone: (0116) 262 6804 Fax: (0116) 217 1404 E-mail: leics@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk PREMIER SECURITY: Liquidator from Bond Partners Moves in -------------------------------------------------------- H. Weston, chairman of Premier Security & Protection Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 19 at The Grange, 100 High Street, London N14 6TB. T. Papanicola of Bond Partners LLP, The Grange, 100 High Street, London N14 6TG was appointed liquidator. CONTACT: PREMIER SECURITY & PROTECTION Tavistock Chambers, London, WC1A 2SE Phone: 020 7831 4466 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 E-mail: tp@bondpartners.co.uk PROTECTOR ADVANCED: Administrators from Hodgsons Take over Firm --------------------------------------------------------------- David E. M. Mond and Lawrence I. Freedman (IP Nos 002340, 006749) of Hodgsons were appointed administrators of Protector Advanced Security Systems Limited (Company No 02780020) on Nov. 14. Protector Advanced -- http://www.protectorsecurity.biz/-- provides, maintains and monitors security systems. CONTACT: PROTECTOR ADVANCED SECURITY SYSTEMS LIMITED 400 Metroplex Broadway Manchester M50 2UE United Kingdom Phone: (0870) 750 2204 Fax: (0870) 750 2209 HODGSONS George House 48 George Street Manchester Greater Manchester M1 4HF Phone: 0161 228 7444 Fax: 0161 228 735 E-mail: dmond@hodgsons.co.uk RAINBOW FASHIONS: Calls in Joint Liquidators -------------------------------------------- N. Pankhania, chairman of Rainbow Fashions (Leicester) Ltd., informs that resolutions to wind up the company were passed at an EGM held on Oct. 28 at 39 Castle Street, Leicester LE1 5WN. Mark Grahame Tailby and Geoff Robbins of CBA, 39 Castle Street, Leicester LE1 5WN were appointed Joint Liquidators. CONTACT: RAINBOW FASHIONS LTD. 10 Oliver Road Leicester LE4 7GQ Leicestershire Phone: 0116 266 9595 Fax: 0116 266 9595 CBA 39 Castle Street Leicester LE1 5WN Phone: (0116) 262 6804 Fax: (0116) 217 1404 E-mail: leics@cba-insolvency.co.uk Web site: http://www.cba-insolvency.co.uk REGAL PETROLEUM: Abandons Gas Well in Romania --------------------------------------------- The Directors of Regal Petroleum said that the Company's exploration well (RSD-1) in its Suceava license reached a total depth of 1,248 meters but failed to encounter commercial quantities of hydrocarbons. The well is being plugged and abandoned. A comprehensive suite of advanced wireline log data has been acquired and the well has been completed ahead of time and under budget. Exploration Director Richard Hardman said: "The Suceava Block, located on the Moldavia Platform, is a 4,103 square kilometer exploration, development and production license area (equivalent to 20 North Sea blocks). This region contains several large commercial gas and condensate fields. Whilst our first well, SE-1, flowed gas from relatively thin sands, our second, RSD-1, has encountered a number of good quality sands." He went on to say: "Whilst the result of this exploration well is disappointing, we have acquired a large quantity of high quality and useful technical data which is a prerequisite to a proper understanding of the block and the whole region. This technical data will be utilized in our continuing exploration program in 2006, including the drilling of further wells. We remain confident that this block has the potential to yield commercial reserves." About the Company Regal Petroleum plc is a London-based independent oil and gas producer listed on the Alternative Investment Market of the London Stock Exchange. It focuses on the exploration, development and production of oil and gas assets in Ukraine, Greece, Romania, Egypt and Liberia. Frank Timis, who served as executive chairman until he stepped down in June, established the company in 1996. He resigned as the company's annual losses quadrupled. For the year ending December 31, losses amounted to US$13.7 million, up from US$2.9 million a year earlier. Since March, the company has lost 83% of its value, with shares plunging significantly at the end of April when Regal raised GBP45 million at 390 pence a share following its discovery of a gas prospect in Romania. It sank further when a well in Greece was found to be not commercially viable for exploration. CONTACT: REGAL PETROLEUM PLC 4th Floor 11 Berkeley Street London, England W1J 8DS Phone: +44 20 7647 6622 Fax: +44 20 7629 4297 Web site: http://www.regalpetroleum.com RENTOKIL INITIAL: Two Bidders Short-listed for Style ---------------------------------------------------- It's down to two. That's the number of bidders left in the race for Style, the unit of Rentokil Initial that operates 29 conference centers throughout the U.K., The Telegraph says. Patron Capital and Lazard Private Equity are up against a consortium led by Richard Balfour-Lynn, head of property group Marylebone Warwick Balfour. MWB is not involved, the paper says. Auction manager, boutique bank Greenhill, will run the auction as a contract race, where each side keeps bidding until they reach their final price. Rentokil expects Style to fetch between GBP320 million and GBP330 million, a source said. A deal is expected this week. The company put Style on the market in September in the middle of a takeover approach from Granada boss Gerry Robinson, who sought the ouster of CEO Doug Flynn, but failed to get board support. Three other bidders expressed interest in Style, but was mooted, according to the Telegraph. They are Dawnay Shore Hotels, a joint venture between Dawnay Day and Shore Capital; venture capitalist 3i and hotelier De Vere. CONTACT: RENTOKIL INITIAL PLC Felcourt East Grinstead West Sussex RH19 2JY Phone: +44-1342-833-022 Fax: +44-1342-326-229 E-mail: pr@rentokil-initial.co.uk Web site: http://www.rentokil-initial.com PATRON CAPITAL LIMITED 16 Berkeley Street London W1J 8DZ Tel: 44 (0) 20 7629 9417 Fax: 44 (0) 20 7629 9418 Web site: http://www.patroncapital.com/ LAZARD PRIVATE EQUITY 50 Stratton Street London W1J 8LL United Kingdom Tel: +44 (0) 20 7187 2399 Fax: +44 (0) 20 7072 6284 E-mail: lepep@lazardprivateequity.com Web site: http://www.lazardprivateequity.com/home.htm RICHARD BALFOUR-LYNN Tel: 020 7706 2121 GREENHILL & CO. 56-58 Conduit Street London W1S 2YZ United Kingdom Tel: +44 20 7440 0400 Fax: +44 20 7440 0500 Web site: http://www.greenhill-co.com/ RETAIL MARKETING: Names Harrisons Administrator ----------------------------------------------- P. R. Boyle and D. P. G. Walker (IP Nos 008897, 0/002649/01) of Harrisons were appointed joint administrators of Retail Marketing In-Store Services Limited (Company No 01487236) on Nov. 17. Its registered office is at 30 City Road, London EC1Y 2AB. CONTACT: HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com ROSEBERRY HOMES: Creditors Meeting Set Thursday ----------------------------------------------- Creditors of Roseberry Homes (Greenwich) Limited (Company No 04108847) will meet on December 1, 2005, 10:30 a.m. at PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Robert William Birchall and Michael John Andrew Jervis, joint administrators of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT not later than 12:00 noon, November 30, 2005. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com R & W GRIFFITHS: Names Administrators from David Horner ------------------------------------------------------- David Anthony Horner (IP No 008956) of David Horner & Co was appointed administrator of general contractors R & W Griffiths Limited (Company No 04402462) on Nov. 17. CONTACT: DAVID HORNER & CO. 11 Clifton Moor Business Village James Nicolson Link, York YO30 4XG Phone: 01904 479801 Web site: http://www.davidhornerandco.co.uk SHEFFIELD REBUILD: Hires P&A Partnership as Administrator --------------------------------------------------------- Allan Cooper and John Russell (IP Nos 5546, 5544) of The P&A Partnership were appointed joint administrators of Sheffield Rebuild Limited (Company No 3295704) on Nov. 15. The company is into building construction. CONTACT: THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com SRS CONSTRUCTION: Liquidators from Valentine Enter Firm ------------------------------------------------------- R. Saramaka, chairman of SRS Construction (London) Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 2 at Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS. Robert Valentine and Mark Reynolds of Valentine & Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS were appointed Joint Liquidators. CONTACT: VALENTINE & CO. 4 Dancastle Court 14 Arcadia Avenue, London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com T2 RETAIL: Goes into Liquidation -------------------------------- D. B. Johnson, director of T2 Retail Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 4 at 15 Highfield Road, Hall Green, Birmingham B28 0EL. P. Nottingham of Nottingham Watson Ltd., 15 Highfield Road, Hall Green, Birmingham B28 0EL was appointed liquidator. CONTACT: T2 RETAIL LTD. Unit 14 Hortonwood 33 Telford Shropshire TF1 7EX Phone: 01952 677228 Fax: 01952 604041 E-mail: info@t2retail.co.uk Web site: http://www.t2retail.co.uk/ TREVOR BRISTOW: Close Invoice Finance Appoints Receiver ------------------------------------------------------- Close Invoice Finance Limited appointed Andrew Gordon Stoneman and Jason James Godefroy (Office Holder Nos 8728, 9097) of Menzies Corporate Restructuring joint administrative receivers of Trevor Bristow & Associates Limited (Reg No 02666846) on Nov. 14. CONTACT: MENZIES CORPORATE RESTRUCTURING 43/45 Portman Square London W1H 6LY Phone: 020 7487 7240 T.T. NON FERROUS: Names Tenon Recovery Liquidator ------------------------------------------------- P. K. Stephenson, chairman of T.T. Non Ferrous Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 1 at Tenon House, Ferryboat Lane, Sunderland SR5 3JN. Ian William Kings of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN was appointed liquidator. Tyne Tees Non-Ferrous -- http://www.ttnonferrous.co.uk-- is based in Washington, Tyne & Wear, England. It is a two-function company combining non-ferrous multi-metal stockholding with electrical busbar manufacturing. CONTACT: T.T. NON FERROUS LIMITED 7 Parson Rd., Parson Industrial Estate District 2 Washington Tyne & Wear NE37 1EZ United Kingdom Phone: 0191-416 8888 Fax: 0191-416 8080 TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com WHITEHOUSE ENGINEERING: Files for Liquidation --------------------------------------------- K. Whitehouse, chairman of Whitehouse Engineering (Tamworth) Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 19 at Holiday Inn, Hinckley Road, Walgrave, Coventry, West Midlands CV2 2HP. T. Papanicola of Bond Partners LLP, The Grange, 100 High Street, London N14 6TG was appointed liquidator. Whitehouse Engineering -- http://www.ldb.co.uk/whouse.htm-- is a toolmaker and subcontract fabricator in the Central Midlands Area of England. CONTACT: WHITEHOUSE ENGINEERING (TAMWORTH) LIMITED 38 Mill Lane Fazeley Tamworth Staffordshire B78 3QD United Kingdom Phone: (01827) 251469 Fax: (01827) 251469 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Phone: 020 8444 2000 Fax: 020 8444 3400 E-mail: tp@bondpartners.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *