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/raid1/www/Hosts/bankrupt/TCREUR_Public/051209.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, December 9, 2005, Vol. 6, No. 244 Headlines B U L G A R I A PIRAEUS EUROBANK: Moody's Revises Outlook to Positive C Z E C H R E P U B L I C SEOBECNA ZDRAVOTNI: Rath Delays Reply to Senate's Questions F I N L A N D BENEFON OYJ: Approves Share Subscriptions with Options BENEFON OYJ: Sets Option Program 2005B Share Subscription Prices F R A N C E LANSON INTERNATIONAL: Names Butler Capital Sole Bidder G E R M A N Y BECKER SPORTSYSTEMS: Court to Verify Claims April BERGWERKE GESELLSCHAFT: Goes Belly up COLORAMA BEDACHUNGS: Creditors' Claims Due Next Month CR DIENSTLEISTUNG: Braunschweig Court Appoints Administrator FJH AG: Partners with Steria Mummert Consulting GEA GROUP: Acquires Flatplate for Undisclosed Sum HERMANN GMBH: Creditors to Meet February HSS HEIZUNG: Proofs of Claim Due Later this Month INTERTAINMENT AG: Walking on Tightrope KIRCHMEDIA GMBH: Federal Court Hears Deutsche Bank's Appeal KOOKABURRA BOCHUM: Bochum Firm Succumbs to Bankruptcy LIETZ GMBH: Under Bankruptcy Administration PLUSPUNKTBIO GMBH: Essen Court Appoints Administrator ROLF ASSFELDER: Creditors Meeting Set Next Month N E T H E R L A N D S ALMATIS HOLDING: S&P Affirms B+ Rating After LBO Cancellation HAGEMEYER N.V.: Takes Full Control of El-Centrum KONINKLIJKE AHOLD: Sells Shopping Centers to ING for EUR108 Mln ROYAL SHELL: Buys back 2 Million 'A' Shares P O L A N D ELEKTRIM SA: Ruling on PTC Dispute Out Dec. 21 R U S S I A AEROFLOT: Awards RRJ Maker US$820 Million Contract BUGULMINSKIY WOOD: Insolvency Manager Takes over Firm ISKITIMSKIY BAKERY: Bankruptcy Hearing Set Next Month MECHETLINSKIY DAIRY: Declared Insolvent POTASHKINSKOYE: Bankruptcy Hearing Set January 12 SEL-KHOZ-KHIMIYA: Insolvency Manager Enters Firm STARODUBSKIY METALLIST: Succumbs to Bankruptcy SUNDYRSKOYE: Under Bankruptcy Supervision TAGANROGSKIY BREWERY: Succumbs to Bankruptcy TARASOVSK-OIL: Bankruptcy Supervision Begins TRANS-SEA-FOOD: Primorye Court Appoints Insolvency Manager YUKOS OIL: CNOOC Leads Bidders for Non-core Assets U K R A I N E GORLIVKA AUTO 11401: Declared Insolvent MIHAJLIVSKE: Succumbs to Insolvency PIVDENNA: Undergoes Bankruptcy Supervision Procedure RAHIVHLIB: Creditors' Claims Due Next Week SATURN: Court Appoints Insolvency Manager UKRVTORCHERMET: Bankruptcy Supervision Starts U N I T E D K I N G D O M ACE LIMITED: Appoints Administrator from Abbey Taylor ANGLO AMERICAN: To Pay Creditors in Full AUSTIN FRIARS: Calls in Liquidator BANBURY SHOPPING: Liquidators from Deloitte & Touche Enter Firm CENTER PARCS: Half-year Profit Drops Slightly to GBP13.4 Million CORUS GROUP: Rail Unit Has New Managing Director HIGHCRAFT SERVICES: Files for Liquidation INTERTEK GROUP: Strikes 'Exchange Deal' with DEKRA KRS ROOFING: Names Begbies Traynor Liquidator LAB (LONDON): Bar Operator Appoints Administrator LINROY & SON: Goes into Liquidation MMM GROUP: Publishing Firm Liquidates MOLCO HAULAGE: Appoints Liquidator from Begbies Traynor MOWLEM PLC: Bows to Carillion's GBP290 Million Takeover Offer MOWLEM PLC: Fitch Affirms BB Senior Unsecured Rating NTL INC.: S&P Reviews Rating Following Approach on Virgin Mobile PRECISION SAWING: PKF to Liquidate Business PREMIER STRUCTURAL: Calls in Liquidator from Albert Goodman REGAL PETROLEUM: Ukraine's High Court Junks CNGG's Latest Appeal REPUBLIC NEW YORK: Names Deloitte & Touche Liquidator R. GREENE: Liquidators from Carter Backer Winter Enter Firm ROBINSON STEEL: Calls in Administrators from Kroll Limited SEVERN TRENT: Facing Criminal Investigation in Belgium SILK FLOWER: Calls in Administrator TOPCRAFT PROPERTY: In Liquidation TRACOAIR LIMITED: Grant Thornton Administrators Move in TUNNEL TYRES: Calls in Liquidator TURBAN FOODS: EGM Passes Winding-up Resolution W P MORTGAGE: Files for Liquidation ********* =============== B U L G A R I A =============== PIRAEUS EUROBANK: Moody's Revises Outlook to Positive ----------------------------------------------------- Moody's Investors Service has changed the outlook on Piraeus Eurobank's E+ financial strength rating (FSR) to positive from stable. The outlook for the bank's Ba1/NP foreign currency deposit ratings remains unchanged, at positive, in line with the ceiling for such deposits in Bulgaria. According to Moody's this rating action reflects the franchise strengthening potential that the bank's new shareholder, the Greek Piraeus Bank (rated at Baa1/P-2/C-) will bring to the smaller institution in Bulgaria. Piraeus Eurobank's E+ FSR partly reflects its modest current franchise in an environment dominated by much larger, foreign-owned banks. Though the bank has been quite profitable for a number of years, there had been concerns about the stability and sustainability of its market positions and revenue streams. In changing the outlook to positive, Moody's notes that the involvement of the bank's new shareholder is expected to contribute to the bank's franchise strengthening and profitability. The integration process, which will involve the merger of Eurobank with Piraeus Bank's own operations in Bulgaria in 2006, is already well under way, and will transform the merged entity bank into a full-fledged subsidiary of Piraeus Bank. Moody's notes in particular, Piraeus Bank's contribution to risk management practices, product development and marketing that -- along with extra management resources -- will provide a better framework for profitable growth. Moody's future rating actions will be based on the degree to which the bank's franchise-strengthening exercise is successfully executed, and on consequent improvements in its earnings and risk profiles. Headquartered in Sofia, Bulgaria, Piraeus Eurobank AD had total assets of BGL486.5 million (EUR248.7 million) at end-September 2005. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Mardig Haladjian, General Manager Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 George Chrysaphinis, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =========================== C Z E C H R E P U B L I C =========================== SEOBECNA ZDRAVOTNI: Rath Delays Reply to Senate's Questions ----------------------------------------------------------- Health Minister David Rath refused to submit a written explanation why he placed Seobecna zdravotni pojistovna Ceske republiky (The General Health Insurance Company, VZP) under forced administration at the date set by the Senate. Mr. Rath plans to send the report next week, way past the Wednesday deadline the house had given him, according to Czech Happenings. The deadline is 30 days, but the Senate wanted an early reply because Mr. Rath applied forced administration against VZP in his first week at the ministry. Antonin Pecenka was appointed administrator on Nov. 10. VZP, which operates on an annual budget of CZK200 billion, has racked up debt of CZK10 billion. The amount could go up to CZK14 billion by the end of the year The Senate requested a written explanation after Mr. Rath refused to come personally to give details of the measures the ministry had taken to help the firm before it was placed under forced administration. The chamber also wanted to know where he sees "the real causes of the deficit of the system of public health insurance." Mr. Rath said the chamber has no right to assign ministers with tasks. However, according to the report, this is possible under the law on the Senate's order of procedure. CONTACT: VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY (The General Health Insurance Company) Orlicka 4/2020 130 00 Praha 3 Czech Republic Phone: 221 751 111 E-mail: info@vzp.cz Web site: http://www.vzp.cz ============= F I N L A N D ============= BENEFON OYJ: Approves Share Subscriptions with Options ------------------------------------------------------ The Board of Benefon Oyj has approved these share subscriptions made by virtue of option rights Benefon 2004A, given by the Board to investors as made public on Nov. 10, 2005: Subscriber Subscribed shares Total subscription price/euros Ashland Partners 1,466,666 205,333.24 MMA Limited 740,385 103,653.90 Biggles Limited 740,385 103,653.90 Tomi Raita 152,564 21,358.96 Total 3,100,000 434,000.00 The subscriptions have been made on subscription list and the total subscription price corresponding to the subscriptions at the share subscription price of EUR0.14 per share in accordance with the option terms have been paid on the account of the Company. Due to the subscriptions, the share capital of the Company will increase by EUR31,000.00 from EUR1,281,540.46 to EUR1,312,540.46 and the number of outstanding shares by 3,100,000 from 128,154,046 to 131,254,046. About the Company Headquartered in Salo, Finland, Benefon provides mobile telematics solutions for saving lives, securing assets and improving field management. It applied for statutory corporate reorganization with the court of first instance in Turku on April 24, 2003 after failing to get funding on time. In June this year, Benefon decided to end the reorganization program ahead of schedule. The decision of the Turku District Court became legally enforceable on June 20, 2005 and the Company reported after the end of the period on July 4, 2005 that in accordance with the approved program amendment it had paid off all non-collateralized debt. At the same time, the Company also paid to non-collateralized creditors of the Company additional payments, which more than doubled the payments to the non-collateralized creditors determined in the reorganization program. Benefon is issuing a convertible bond loan Benefon 2005A of EUR500,000 to MMA Limited and Biggles Limited to raise funds needed to sustain the firm until the completion of the on-going strategic financing program and. Benefon is facing a patent suit raised against it by Magi.tel in Rome, Italy. CONTACT: BENEFON OYJ Jonathan Bate, CEO Phone: +44 1753 752 464 E-mail: jonathan.bate@benefon.fi Web site: http://www.benefon.com BENEFON OYJ: Sets Option Program 2005B Share Subscription Prices ---------------------------------------------------------------- In accordance with the option terms, the share subscription price in the option program Benefon 2005B, decided on Sept. 5, 2005 by the extraordinary general meeting of Benefon Oyj and comprising a total maximum of 20 million option rights divided into four option classes A, B, C and D, is determined separately for each class on basis of the volume weighted average price at Helsinki Exchanges during period Oct. 1 to Nov. 30, 2005. According to the information provided by the Exchange, the said average price of the share became as EUR0.34. In accordance with the option terms, the share price in share subscriptions made by virtue of the said option rights by option classes A, B, C, D shall be the said average price of the share increased by the following percentages 25%, 50%, 100%, 200%, respectively. The amounts and the share subscription periods and prices by option class in accordance with the option terms and on basis of the said now determined average share price are: Option class Share subscription period Subscription and amount price A 3.000.000 Jan. 1, 2006-Dec. 31, 2008 EUR0.4250 B 5.000.000 Jan. 1, 2007-Dec. 31, 2008 EUR0.5100 C 7.000.000 Jan. 1, 2008-Dec. 31, 2008 EUR0.6800 D 5.000.000 July 1, 2008-Dec. 31, 2008 EUR1.0200 According to the option terms, the subscription period for all option rights in the option program Benefon 2005B shall begin upon the decision being registered, which took place on Oct. 19, 2005, and shall expire six months thereof, or on April 19, 2006. Until now, no options in this program have been subscribed for. About the Company Headquartered in Salo, Finland, Benefon provides mobile telematics solutions for saving lives, securing assets and improving field management. It applied for statutory corporate reorganization with the court of first instance in Turku on April 24, 2003 after failing to get funding on time. In June this year, Benefon decided to end the reorganization program ahead of schedule. The decision of the Turku District Court became legally enforceable on June 20, 2005 and the Company reported after the end of the period on July 4, 2005 that in accordance with the approved program amendment it had paid off all non-collateralized debt. At the same time, the Company also paid to non-collateralized creditors of the Company additional payments, which more than doubled the payments to the non-collateralized creditors determined in the reorganization program. Benefon is issuing a convertible bond loan Benefon 2005A of EUR500,000 to MMA Limited and Biggles Limited to raise funds needed to sustain the firm until the completion of the on-going strategic financing program and. Benefon is facing a patent suit raised against it by Magi.tel in Rome, Italy. CONTACT: BENEFON OYJ Jonathan Bate, CEO Phone: +44 1753 752 464 E-mail: jonathan.bate@benefon.fi Web site: http://www.benefon.com =========== F R A N C E =========== LANSON INTERNATIONAL: Names Butler Capital Sole Bidder ------------------------------------------------------ Five of six bidders for Lanson International have withdrawn their offer for the debt-laden champagne maker, Le Figaro says. Butler Capital Partners became Lanson's sole bidder after Jean-Claude Darmon and champagne house Boizel Chanoine Champagne (BCC) withdrew their bids. According to Le Figaro, representatives of the Mora family and Caisse Nationale des Caisses d'Epargne et de Prevoyance, Lanson's owners, have started exclusive talks with Butler. TCR-Europe reported on Nov. 28, 2005 that six bidders were eyeing Lanson: LVMH Moet Hennessy Louis Vuitton S.A., in partnership with Alan Thienot; Boizel Chanoine Champagne; Butler Capital Partners; a consortium made up of investment bank Credit Agricole S.A. and the Rothschilds and Gardiniers families; private equity fund Bridgepoint; and Mr. Darmon. Lanson is the country's second-largest champagne producer by volume. It has been up for sale since June. Set up in 1760, Lanson manufactures Champagne Lanson, Besserat de Bellefon and Gauthier. The group has annual sales of EUR220 million and debt of EUR410 million. CONTACT: LANSON INTERNATIONAL 12 Boulevard Lundy 51100 Reims Phone: +33 (0) 3 26 78 50 50 Fax: +33 (0) 3 26 78 50 99 E-mail: info@lanson.fr Web site: http://www.lanson.fr ============= G E R M A N Y ============= BECKER SPORTSYSTEMS: Court to Verify Claims April ------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Becker SportSystems GmbH on November 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 20, 2006 to register their claims with court-appointed provisional administrator Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting on December 20, 2005, 10:00 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on April 25, 2006, 9:40 a.m. at the same venue. CONTACT: BECKER SPORTSYSTEMS GmbH Sperenberger Strasse 5 a, 12277 Berlin Hartwig Albers, Administrator Luetzowstr. 100, 10785 Berlin BERGWERKE GESELLSCHAFT: Goes Belly up ------------------------------------- The district court of Cuxhaven opened bankruptcy proceedings against Bergwerke Gesellschaft fuer gute Unterhaltung mbH on November 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Dr. jur. Christian Strauss. Creditors and other interested parties are encouraged to attend the meeting on January 31, 2006, 11:15 a.m. at the district court of Cuxhaven, Saal 112, Altbau, Deichstr. 12a, 27472 Cuxhaven, 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: BERGWERKE GESELLSCHAFT FUER GUTE UNTERHALTUNG mbH Abschnede 208, 27474 Cuxhaven Contact: Frank Tiedemann, Manager Westerreihe 21, 27472 Cuxhaven Dr. jur. Christian Strauss, Administrator Friedrich-Missler-Str. 42, 28211 Bremen Phone: 0421/7926260 Fax: 0421/7926285 COLORAMA BEDACHUNGS: Creditors' Claims Due Next Month ----------------------------------------------------- The district court of Kempten opened bankruptcy proceedings against COLORAMA Bedachungs- und Malermeisterbetrieb GmbH & Co. KG on November 18, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 3, 2006 to register their claims with court-appointed provisional administrator Markus Frohlich. Creditors and other interested parties are encouraged to attend the meeting on January 24, 2006, 9:20 a.m. at the district court of Kempten, Zi. Nr. 144/I des Amtsgerichts in 87435 Kempten, Residenzplatz 4-6, 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: COLORAMA BEDACHUNGS- UND MALERMEISTERBETRIEB GmbH & Co. KG Von-Behring-Strasse 7 A in 88131 Lindau Markus Frohlich, Administrator Ehlersstr. 11, 88046 Friedrichshafen Phone: (07541) 7008-70 Fax: (07541) 7008-78 CR DIENSTLEISTUNG: Braunschweig Court Appoints Administrator ------------------------------------------------------------ The district court of Braunschweig opened bankruptcy proceedings against CR Dienstleistung Verwaltungsgesellschaft mbH on November 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 5, 2006 to register their claims with court-appointed provisional administrator Andreas Jakob. Creditors and other interested parties are encouraged to attend the meeting on February 1, 2006, 11:15 a.m. at the district court of Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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: CR DIENSTLEISTUNG VERWALTUNGSGESELLSCHAFT mbH Hannoversche Strasse 65, 38116 Braunschweig Contact: Christian Boeker, Manager Andreas Jakob, Administrator Museumstrasse 5, D-38100 Braunschweig Phone: 0531/88626-0 Fax: 0531/88626-26 FJH AG: Partners with Steria Mummert Consulting ----------------------------------------------- FJH, the specialist consultancy and software house for the insurance sector, and the consultancy experts Mummert Consulting have signed a cooperation agreement, joining forces to expand their service offering for authorities and public-sector clients. "In future, we plan to offer joint consulting and software solutions to authorities and public-sector clients in the field of civil servant grants," says FJH's CEO Ulrich Korff. Combining both partners' expertise will offer clients significant savings in process and claims expenses. According to Mr. Korff, this cooperation will open up access to new target customer groups and leverage additional sales potential for FJH. The new partnership establishes exclusive cooperation in the field of civil servant grants, a system where employees in the public sector receive subsidies on their health insurance. The administration and processing of applications and transactions by the public sector grant agencies is extremely labor and time-intensive. The procedure can be made far more efficient and cost-effective by using suitable software and streamlining processes. Synergies and Cost Benefits for Clients and Cooperation Partners A joint service offering creates a wealth of synergies for the cooperation partners and also for the customers. Steria Mummert brings with it extensive customer contacts among public authorities and is renowned for its public sector consulting expertise and leading process know-how. The support provided by Mummert Consulting will enable FJH to adapt its existing, flexible solutions in the field of private health insurance to the requirements of the civil servant grants system at relatively little cost. FJA's private health insurance process and document management solution (FJA VBM PKV) has already proven itself in several projects. The solution comprises the software modules document identification (smartFIX) and automated document processing (FJA MBV) and can be easily transferred to the field of civil servant grants, producing savings in process and personnel costs and also, more importantly, in grant expenses. Good Market Prospects Mr. Korff explains how civil servant grant agencies can achieve cost reductions: "From our longstanding experience with private health insurance we know that simply introducing a new solution for process and document management quickly produces measurable savings." FJH and Mummert Consulting therefore believe the joint sales approach offers good market opportunities. "This cooperation allows us to create added value for our public-sector clients. This will give us an important edge over our competitors and should give business a further boost from 2006," says Mr. Korff. About Steria Mummert Consulting Steria Mummert Consulting is one of the ten leading providers of management and IT consulting on the German market. For over 40 years, the firm has been combining acknowledged industry expertise with comprehensive knowledge of processes and technology, thereby making a significant contribution to the sustainable improvement of its customers' successful positioning. Steria Mummert Consulting focuses consistently on the banking, insurance, public administration, telecommunications, energy supply, health care and transport industries. Moreover, it deploys cross-sector technologies in value-added solutions. The company provides its customers with holistic support along the entire value-added chain, from consulting and system integration to the takeover of IT and business processes. In Germany and Austria, the company employs around 1,300 staff who have many years of experience in the successful implementation of complex projects. Steria Mummert Consulting is part of the French Steria Group which, with sales of over EUR1.1 billion and more than 9,000 employees, is one of the top 10 IT service providers in Europe. Steria is listed on the Euronext Paris, Eurolist (Compartment B). About FJH FJH AG is a leading consultancy and software company for the insurance and pensions market. Under its brand name FJA the FJH Group offers a broad range of software solutions to support insurance companies and pension providers in all key areas and issues. Products include policy administration systems, process and document management software and point-of-service solutions through to systems for asset liability management and corporate control. FJH has longstanding business relations with around half of all life insurers in Germany for whom it has successfully implemented numerous major projects over the last 25 years; its clients also include renowned health and non-life insurers. Globally, FJH's software is used in 20 countries on three continents, including the USA and Australia and a number of Eastern European countries. In addition to its headquarters in Munich, the FJH Group also has German offices in Hamburg, Cologne and Stuttgart. It also has subsidiaries in Switzerland, Austria, the USA and Slovenia. The Company was founded in 1980 and has been listed on the Frankfurt Stock Exchange since February 2000. FJH AG was included in the Prime Standard index in January 2003. CONTACT: FJH AG Elsenheimerstr. 65 80687 Munich Phone: +49-(0) 89-769-01-517 Fax: +49-(0) 89-769-01-606 Web site: http://www.fjh.com Eva Hesse Phone: +49-(0) 89-769-01-274 Fax: +49-(0) 89-769-01-606 E-mail: eva.hesse@fjh.com GEA GROUP: Acquires Flatplate for Undisclosed Sum ------------------------------------------------- GEA Group Aktiengesellschaft has acquired Flatplate Inc., a heat exchanger specialist based in York (Pennsylvania), U.S.A. The parties to the deal have agreed not to disclose the purchase price. Flatplate produces brazed plate heat exchangers that can be used in virtually any industrial process in which media have to be heated or cooled. The company currently generates annual sales of around US$12 million. "The acquisition will enable the GEA Group to strengthen its Process Equipment segment and further expand its heat exchanger business in the U.S.," said Peter Schenk, a member of the Executive Board of GEA Group Aktiengesellschaft. * * * GEA Group Aktiengesellschaft was formerly Mg Technologies AG. It was renamed on July 12 as part of a strategic restructuring launched in 2003. GEA now stands for "Global Engineering Alliance" with a head office at am Main to Bochum. CONTACT: GEA GROUP AKTIENGESELLSCHAFT Phone: +49 (0) 234 980 1081 Fax: +49 (0) 234 980 1087 Web site: http://www.geagroup.com HERMANN GMBH: Creditors to Meet February ---------------------------------------- The district court of Frankfurt (Oder) opened bankruptcy proceedings against Hermann GmbH Internationale Spedition on November 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 12, 2006 to register their claims with court-appointed provisional administrator Susanne Mueller. Creditors and other interested parties are encouraged to attend the meeting on February 16, 2006, 9:05 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: HERMANN GmbH INTERNATIONALE SPEDITION Hans-Schiebel-Platz 1, 16321 Ruednitz Susanne Mueller, Administrator Vietmannsdorfer Strasse 23, 17268 Templin HSS HEIZUNG: Proofs of Claim Due Later this Month ------------------------------------------------- The district court of Frankfurt (Oder) opened bankruptcy proceedings against HSS Heizung, Sanitar, Solar GmbH on November 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 21, 2005 to register their claims with court-appointed provisional administrator Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting on January 25, 2006, 8:50 a.m. at the district court of Frankfurt (Oder), 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: HSS HEIZUNG, SANITAR, SOLAR GmbH Birkenstr. 85, 16352 Basdorf Dr. Ulrich Wenzel, Administrator Grossbeerenstr. 231, 14480 Potsdam INTERTAINMENT AG: Walking on Tightrope -------------------------------------- Film rights trader Intertainment AG threatens to file for insolvency if it loses its lawsuit against local bank HypoVereinsbank, Suddeutsche Zeitung says. At the end of September, Intertainment only had EUR0.1 million in liquid funds, down from EUR1.7 million at the end of 2004. The group also saw nine-month turnover drop drastically from EUR17.4 million in 2004 to EUR1 million this year, mainly due to legal disputes in the U.S. For the third quarter of 2005, Intertainment posted EUR1 million in losses but had EUR66.7 million in receivables. * * * As reported by TCR-Europe on Sep. 19, HypoVereinsbank filed a partial claim for payment of EUR10 million against Intertainment AG and Intertainment Licensing GmbH in a proceeding for documentary evidence before the regional court (Landgericht) Muenchen I. The suit was served on Intertainment AG on the afternoon of September 13, 2005. The regional court scheduled a date for an oral hearing on October 7, 2005. The partial claim relates to a loan amounting to around EUR14 million taken out by Intertainment Licensing GmbH from HVB, for which Intertainment AG had given a surety. The legal representatives of Intertainment are continuing to assume on the basis of the ongoing settlement negotiations that the matter will be included in a mutually agreed, concluding arrangement. Intertainment maintains the legal position defined in the Annual Report 2004 and presented at the Annual General Meeting. It is assuming that HVB and Intertainment had reached a new arrangement in relation to the settlement of the residual debt. The new arrangement provides for HVB issuing a debt waiver on a deferred debt basis. Within the scope of this deferred debt, the loan originally due on June 30, 2004 was written down in the balance sheet for the fiscal year ending 2003 in the amount of EUR13,583 million and reported under reserves in accordance with the debt waiver. A legal opinion was obtained for an appraisal of the facts. This formed the basis for the assessment by the management of Intertainment. HVB had called in the loan a number of times, including June 30, 2004, despite the new arrangement. In the opinion of Intertainment, this was no longer possible on account of the new arrangement. About the Company Intertainment has specialized in acquiring theatrical, video and television film rights with large commercial potential, which it markets in Germany and in other European countries (including Eastern Europe). Among its customers are the most important media enterprises. At the same time Intertainment also acquires the rights to commercialize very viable films for the People's Republic of China, as this huge market (with about 1.3 billion people) is currently practically untapped but in the medium term will realize its big potential. Through its subsidiary Intertainment Animation & Merchandising GmbH, it markets interesting cartoons as well as commercially viable merchandising rights. CONTACT: INTERTAINMENT AG Investor Relations Frauenplatz 7, 80331 Munich, Germany Phone: +49 (0) 89 21699-0 Fax: +49 (0) 89 21699-11 E-mail: investor@intertainment.de Web site: http://www.intertainment.de KIRCHMEDIA GMBH: Federal Court Hears Deutsche Bank's Appeal ----------------------------------------------------------- Deutsche Bank denies it breached confidentiality rules when its supervisory chairman commented on Kirch Holding's financial condition shortly before its collapse, Bloomberg News says. In his appeal of the ruling, which partly blames the bank for the company's collapse, lawyer Reiner Hall told the Federal Court of Justice in Karlsruhe the comment made by Rolf Breuer about KirchMedia's creditworthiness was true. Mr. Breuer had said, in an interview with Bloomberg News in 2002, "everything that you can read and hear about [Mr. Kirch] is that the financial sector isn't prepared to provide further" loans or equity. Mr. Hall said his client merely echoed views already mentioned in articles published by Handelsblatt, Manager Magazin and other newspapers. The Munich Higher Regional Court ruled in 2003 that the statement contributed to the collapse of Leo Kirch's media empire and violated German secrecy rules. The court said it may have deterred other lenders from extending credit to Kirch, considering that Mr. Breuer was then chief executive officer and president of Germany's BdB association of banks. Kirch lawyer Eilert Osterloh said Mr. Breuer's view at the time was untrue because the company was in the middle of a negotiation with banks over credit. These talks eventually broke down and KirchMedia filed for creditors protection. The comment, he said, changed everything because potential lenders withdrew afterwards. Mr. Kirch asserts that as its banker, Deutsche Bank is vowed to secrecy regarding its financial state. The bank had loaned the company's PrintBeteiligungs unit more than EUR700 million. On Tuesday, presiding judge Gerd Nobbe said the court's five-judge panel will decide whether Deutsche Bank can be held liable for damages to Kirch's entire company or only to the PrintBeteilungs unit. A ruling is expected by Jan. 24. Kirch execs estimate an award of EUR100 million (US$118 million) in damages. Kirch Holding filed for insolvency in June 2002. The firm was then Germany's second-largest media company. Its collapse -- caused by a US$5.7 billion debt incurred during an expansion drive -- was the country's biggest since World War II. CONTACT: DEUTSCHE BANK AG Taunusanlage 12 D-60325 Frankfurt am Main Phone: +49 69 910-00 (Mon-Fri from 7:45 AM - 7:00 PM) E-mail: deutsche.bank@db.com London: +44 20 754 58000 New York: +1 212 250 2500 Singapore: +65 6423 8001 Web site: http://www.db.com/ KOOKABURRA BOCHUM: Bochum Firm Succumbs to Bankruptcy ----------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Kookaburra Bochum GmbH on November 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 13, 2006 to register their claims with court-appointed provisional administrator Uwe Hueggenberg. Creditors and other interested parties are encouraged to attend the meeting on February 16, 2006, 7:50 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: KOOKABURRA BOCHUM GmbH Suedring 6, 44787 Bochum Contact: Moustafa El Mesaoudi, Manager Grafenwerthstr. 34, 50937 Koln Uwe Hueggenberg, Administrator Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax: 964 91-33 LIETZ GMBH: Under Bankruptcy Administration ------------------------------------------- The district court of Aurich opened bankruptcy proceedings against Lietz GmbH on November 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until November 22, 2005 to register their claims with court-appointed provisional administrator Christian Hanken. Creditors and other interested parties are encouraged to attend the meeting on December 22, 2005, 10:00 a.m. at the district court of Aurich, Schlossplatz 2, 26603 Aurich, 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: LIETZ GmbH Denkenaweg 4, 26736 Krummhorn Contact: Armin Lietz, Manager Kreuzweg 1, 26524 Hage Christian Hanken, Administrator Wallstrasse 3, D-26409 Wittmund Phone: 04462/919114 Fax: 04462/919191 PLUSPUNKTBIO GMBH: Essen Court Appoints Administrator ----------------------------------------------------- The district court of Essen opened bankruptcy proceedings against pluspunktbio GmbH on November 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 27, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Nikolaus. Creditors and other interested parties are encouraged to attend the meeting on January 16, 2006, 10:00 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PLUSPUNKTBIO GmbH Kopstadtplatz 7, 45127 Essen Contact: Jorg Buetefuer, Manager Spittlerstr. 24, 45144 Essen Jorg Degen, Manager Dr. Frank Nikolaus, Administrator Alfredstr. 108-112, 45131 Essen Phone: 87 90 40 ROLF ASSFELDER: Creditors Meeting Set Next Month ------------------------------------------------ The district court of Essen opened bankruptcy proceedings against Rolf Assfelder GmbH on November 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 4, 2006 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting on January 18, 2006, 1:35 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ROLF ASSFELDER GmbH Centrumstrasse 25, 45307 Essen Contact: Rolf Assfelder, Manager Westfalenstrasse 269b, 45276 Essen Rolf Weidmann, Administrator Einigkeitstr. 9, 45133 Essen Phone: 0201/437760 Fax: 02014377620 ===================== N E T H E R L A N D S ===================== ALMATIS HOLDING: S&P Affirms B+ Rating After LBO Cancellation ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on Dutch specialty materials manufacturer Almatis Holding B.V., on the cancellation of the LBO by the Investcorp group. At the same time, the rating was removed from CreditWatch with negative implications, where it had been placed on Sept. 9, 2005, following the announcement of the proposed LBO. The outlook is stable. Standard & Poor's also affirmed its 'B-' rating on Almatis' senior unsecured bonds. The rating reflects Almatis' relatively small size and aggressive financial profile. These factors are somewhat offset by the group's strong market share in the niche specialty-alumina market, and its good profitability and cash flow generation before significant growth-related capital expenditures. "The affirmation and resolution of the CreditWatch placement are the direct result of the cancellation of the LBO process," said Standard & Poor's credit analyst Khaled Zitouni. Investcorp group, the potential buyer, and Almatis' two owners, were unable to reach an agreement. Exact termination terms were not made public. Standard & Poor's expects that Almatis will be able to maintain an FFO-to-net-debt ratio of 15%. It does not factor in any new significant debt addition, such as a new LBO or new pay-in-kind notes. "A moderate improvement in Almatis' EBITDA margin, coupled with a conservative capital expenditure policy and an absence of debt-financed acquisitions, should sustain the group's ability to generate free cash flow and to gradually decrease debt in the medium term," said Mr. Zitouni. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com HAGEMEYER N.V.: Takes Full Control of El-Centrum ------------------------------------------------ Hagemeyer acquired from General Electric (GE) the remaining 50% of the shares in El-Centrum, a wholesale distributor of electrical parts and supplies with a nationwide coverage in Poland. In 2000, Hagemeyer acquired the other 50% stake in El- Centrum and since then El-Centrum had been run as a joint venture with GE. El-Centrum has revenues of around EUR50 million and 235 employees and is one of the leading distributors of electrical materials in Poland. Full ownership of El-Centrum gives Hagemeyer an important position in the electrical distribution business in the Polish growing Construction & Installation and Industrial markets. It will provide a platform for ongoing profitable growth and expansion in Poland. The transaction, which is expected to be closed around the end of the year, still requires formal approval from the Polish competition authorities. Hagemeyer had net revenues of EUR4.1 billion in the first nine months of 2005 (full year 2004: EUR5.4 billion) and employs approximately 17,200 employees. More than 90% of Hagemeyer's total revenue is generated by its core Professional Products and Services (PPS) business. PPS focuses on the value-added business-to-business distribution of electrical parts and supplies, safety and other Maintenance, Repair and Operations (MRO) products in more than 25 countries across Europe, North America and Asia-Pacific. The remaining part of Hagemeyer's revenues is realized by its Agencies/Consumer Electronics (ACE) business, which distributes consumer electronics and branded products in the Netherlands and Australia and luxury goods in a number of smaller countries in Asia. The Hagemeyer Group has its head office in Naarden, the Netherlands. CONTACT: HAGEMEYER N.V. Rijksweg 69, P.O. BOX 5111 1410 AC Naarden The Netherlands Phone: (035) 6957611 Fax: (035) 6944396 Contact: Emilie de Wolf Phone: +31 (0) 35 6957676 Web site: http://www.hagemeyer.com KONINKLIJKE AHOLD: Sells Shopping Centers to ING for EUR108 Mln --------------------------------------------------------------- Ahold Central Europe said on Wednesday that it has signed an agreement to sell the shopping centers it owns in Bielsko Biala and Elblag, Poland and in Karvina, the Czech Republic to ING Property Fund Central Europe, a fund managed by ING Real Estate. The value of the transaction, consisting of a cash consideration and debt repaid to Ahold, amounts to approximately EUR108 million. This transaction is expected to close in the first quarter of 2006, and is subject to satisfaction of customary closing conditions. Ahold Central Europe, that developed the centers, will continue to operate its Hypernova hypermarket in Centrum Karvina. Ahold's hypermarket operations in the Polish Centers were already divested in February 2005. About the Company Ahold got in trouble in 2003 when it admitted a US$500 million overstatement of EBITA at its U.S. foodservice distribution arm, requiring restatement of financial accounts for 2002 and previous years. In November that year, it announced a 3-year 'Road to Recovery' program that includes a EUR2.5 billion rights issue, EUR300 million and US$1.45 billion back-up credit facilities, and at least EUR2.5 billion in asset sales. The program is aimed at returning the company to investment grade by end of 2005. Status to Date In August, Standard & Poor's Ratings Services raised its long- term corporate credit ratings on Ahold to 'BB+' from 'BB' with a stable outlook to reflect substantial improvement of the group's financial profile in the past 18 months. This follows the completion of a significant disposal program, to date exceeding the stated EUR2.5 billion ($3.1 billion) target. Standard & Poor's said it would consider an upgrade to investment grade level only if: (a) The challenging environment currently prevailing in the group's core U.S. and Dutch retail markets improves; and (b) The ratio of FFO to fully adjusted net debt and the EBITDAR coverage of net fixed charges improve beyond 25% and 2.5x, respectively. Despite the group's deleveraging target and the completion of remaining disposals in 2005, these conditions might not be achieved in the near term, given the very challenging trading conditions that are prevailing in the group's core markets. CONTACT: ROYAL AHOLD Albert Heijnweg 1 1507 EH Zaandam, The Netherlands Phone: +31 (0) 75 659 9111 Web site: http://www.ahold.com Investor Relations E-mail: investor.relations@ahold.com Phone: +31 (0) 75 659 58 28 ROYAL SHELL: Buys back 2 Million 'A' Shares ------------------------------------------- On 7 December 2005, Royal Dutch Shell plc purchased for cancellation 1,400,000 'A' Shares at a price of EUR26.87 per share. It further purchased for cancellation 600,000 'A' Shares at a price of 1,818.40 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,945,650,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc, incorporated in England and Wales, is headquartered in The Hague and listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating proved reserves by almost 6 billion barrels between January 2004 and February this year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== P O L A N D =========== ELEKTRIM SA: Ruling on PTC Dispute Out Dec. 21 ---------------------------------------------- A Warsaw court will rule on the dispute over the ownership of mobile phone operator PTC on Dec. 21, 2005, AFX reports citing Deutsche Telekom. Elektrim Telekomunikacja, backed by French Vivendi Universal, recently regained control of PTC after the Polish Business Registration Court reversed a Vienna arbitration court, which gave Elektrim and Deutsche Telekom 48% of PTC. The two remain at odds over the legality of the decisions. Vivendi and Elektrim each own 49% of ET. The remaining 2% of the stake is controlled by Ymer Finance, which Elektrim says is controlled by Vivendi. Vivendi is denying the claim, saying Ymer is independent. Elektrim acquired 15.8% of PTC from BRE Bank, Kulczyk Holding and insurance company Warta about six years ago, increasing its shareholding to 51%. It later transferred 48% to ET despite Deutsche Telekom's insistence of a right of first refusal. The entry of Vivendi Universal into the picture forced them to seek arbitration. Elektrim S.A. is a public holding company quoted on the Warsaw Stock Exchange since 1992. Its most valuable assets are Elektrim Telekomunikacja Sp. z o.o., and Elektrownia Patnow- Adamow-Konin S.A. Since 1999 Elektrim has implemented a far-reaching restructuring program to improve its operational efficiency and strengthen its position in the market. It plans to concentrate in two industries -- telecommunications and power. Recently, an English court rejected its appeal of a local court decision declaring it in breach of bond conditions. A public court in September ruled that its bonds were due since the beginning of the year. The company has more than EUR470 million in debt. PTC owns Era, a leading mobile telephone operator. CONTACT: ELEKTRIM S.A. Panska 77/79 00-834 Warszawa Public Relations Ewa Bojar Company Spokesman Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: ewa_bojar@elektrim.pl Investor Relations Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99 Web site: http://www.elektrim.pl =========== R U S S I A =========== AEROFLOT: Awards RRJ Maker US$820 Million Contract -------------------------------------------------- Troubled national carrier Aeroflot has ordered 30 new Russian Regional Jets (RRJ) worth US$820 million from Sukhoi, Reuters says. The acquisition is part of Aeroflot's program, announced in October, to modernize its fleet and includes the acquisition of 12 Airbus A320s and five Boeing 767s. The company also plans to buy foreign-made used aircraft to replace its aging Tu-134 planes and, beginning 2008, 30 An-148 planes or RRJs to serve regional routes. Aeroflot Chief Executive Valery Okulov said in a statement, "We are very glad that a Russian-made aircraft RRJ95 is becoming an integral part of our plans to form a modern fleet." Sukhoi will deliver the planes in 2008. Sukhoi manufactures Russia's flagship SU fighter and is one of the country's biggest arms exporters. Meanwhile, Alexander Lebedev, head of the National Reserve Corporation (NRC), is seeking to annul the contract. He said, "Nobody could comprehensively explain how and according to which rules Aeroflot held a tender which was won by the RRJ, which does not even exist yet." NRC, which controls around a third of Aeroflot, is developing Antonov An-148, a Russo-Ukrainian jet. Operating out of Moscow's Sheremetyevo Airport, Aeroflot controls 11% of domestic and 39% of international markets for air carriage. For the first quarter of the year, net loss doubled to RUB875 million, despite a hike in revenues from RUB9.986 billion to RUB11.085 billion. CONTACT: AEROFLOT - RUSSIAN AIRLINES JSC Leningradsky Prospect 37, Bldg. 9 125167 Moscow, Russia Phone: +7-095-155-6643 Fax: +7-095-155-6647 Web site: http://www.aeroflot.ru BUGULMINSKIY WOOD: Insolvency Manager Takes over Firm ----------------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy supervision procedure on open joint stock company Bugulminskiy Wood Working Combine. The case is docketed as A65-9581/2005-sg4-26. Ms. L. Khaydarova has been appointed temporary insolvency manager. CONTACT: BUGULMINSKIY WOOD WORKING COMBINE 423230, Russia, Tatarstan republic, Bugulma, Chaykovskogo Str. 25 L. KHAYDAROVA Temporary Insolvency Manager 423230, Russia, Tatarstan republic, Bugulma, Chaykovskogo Str. 25 ISKITIMSKIY BAKERY: Bankruptcy Hearing Set Next Month ----------------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on open joint stock company Iskitimskiy Bakery. The case is docketed as A45-17531/05-10/291. Mr. S. Zhukov has been appointed temporary insolvency manager. A hearing will take place on January 25, 2006, 9:30 a.m. at the Arbitration Court of Novosibirsk region at 630007, Russia, Novosibirsk, Kirova Str. 3, Room 915. CONTACT: ISKITIMSKIY BAKERY 633210, Russia, Novosibirsk region, Iskitim, Yubileynyj Pr. 5a S. ZHUKOV Temporary Insolvency Manager 630087, Russia, Novosibirsk region, Post User Box 116 MECHETLINSKIY DAIRY: Declared Insolvent --------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Mechetlinskiy Dairy (TIN 0236001781) after finding the open joint stock company insolvent. The case is docketed as A07-3737378/05-G-MOG. Mr. O. Vlasenko has been appointed insolvency manager. CONTACT: MECHETLINSKIY DAIRY Russia, Bashkortostan republic, Mechetlinskiy region, Bolsheustikinsk, Kurortnaya Str. O. VLASENKO Insolvency Manager 450097, Russia, Bashkortostan republic, Ufa, Post User Box 191 ARBITRATION COURT OF BASHKORTOSTAN REPUBLIC 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 63 "a" POTASHKINSKOYE: Bankruptcy Hearing Set January 12 ------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision procedure on close joint stock company Potashkinskoye. The case is docketed as A60-22450/05-S11. Mr. V. Ushakov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Ekaterinburg, Post User box 308. A hearing will take place on January 12, 2006. CONTACT: POTASHKINSKOYE 623357, Russia, Sverdlovsk region, Artinskiy region, Patashka, Yubileynaya Str. 1 V. USHAKOV Temporary Insolvency Manager Russia, Ekaterinburg, Post User Box 308 SEL-KHOZ-KHIMIYA: Insolvency Manager Enters Firm ------------------------------------------------ The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on agricultural enterprise Sel-Khoz-Khimiya (TIN 0202004181). The case is docketed as A07-14979/05-MOG. Mr. R. Sharifullin has been appointed temporary insolvency manager. CONTACT: SEL-KHOZ-KHIMIYA 452120, Russia, Bashkortostan republic, Alsheevskiy region, Raevskiy, Traktovaya Str. 71 R. SHARIFULLIN Temporary Insolvency Manager 452170, Russia, Bashkortostan republic, Chishmy, Post User Box 40 ARBITRATION COURT OF BASHKORTOSTAN REPUBLIC 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 63A STARODUBSKIY METALLIST: Succumbs to Bankruptcy ---------------------------------------------- The Arbitration Court of Bryansk region has commenced bankruptcy supervision procedure on open joint stock company Starodubskiy Metallist. The case is docketed as A09-9829/05-28. Mr. S. Vetrov has been appointed temporary insolvency manager. A hearing will take place on February 27, 2006, 11:00 a.m. at the Arbitration Court of Bryansk region at Russia, Bryansk region, Trudovoy Per. 6, Room 312. CONTACT: STARODUBSKIY METALLIST Russia, Bryansk region, Starodub, Krasnykh Partizan Str. 61 S. VETROV Temporary Insolvency Manager 394018, Russia, Voronezh, Kirova Str. 9, Office 30 SUNDYRSKOYE: Under Bankruptcy Supervision ----------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision procedure on repair-technical enterprise Sundyrskoye. The case is docketed as A79-7962/2005. Mr. V. Sirotin has been appointed temporary insolvency manager. A hearing will take place on December 22, 2005, 1:45 p.m. at the Arbitration Court of Chuvashiya republic. CONTACT: SUNDYRSKOYE Russia, Chuvashiya republic, Morgaushskiy region, B. Sundyr. V. SIROTIN Temporary Insolvency Manager Russia, Chuvashiya republic, Cheboksary, Tekstilshikov Str. 10-215 TAGANROGSKIY BREWERY: Succumbs to Bankruptcy -------------------------------------------- The Arbitration Court of Rostov commenced bankruptcy proceedings against Taganrogskiy Brewery (TIN 6154018658, KPP 615401001) after finding the close joint stock company insolvent. The case is docketed as A53-9736/2002-S2-29. Mr. V. Iosipchuk has been appointed insolvency manager. Creditors may submit their proofs of claim to 347905, Russia, Rostov region, Taganrog, B. Sadovyj Per. 13. CONTACT: TAGANROGSKIY BREWERY 347905, Russia, Rostov region, Taganrog, B. Sadovyj Per. 13 V. IOSIPCHUK Insolvency Manager 347905, Russia, Rostov region, Taganrog, B. Sadovyj Per. 13 TARASOVSK-OIL: Bankruptcy Supervision Begins -------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on limited liability company Tarasovsk-Oil (TIN 6133002858, KPP 613301001). The case is docketed as A530-248544/2005-S2-8. Mr. A. Sologub has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to temporary insolvency manager at 344092, Russia, Rostov-na-Donu, Volkova Str. 31/1, Apartment 20. CONTACT: TARASOVSK-OIL 346082, Russia, Rostov region, Tarasovskiy region, Nizhniy Mityakin A. SOLOGUB Temporary Insolvency Manager 344092, Russia, Rostov-na-Donu, Volkova Str. 31/1, Apartment 20 TRANS-SEA-FOOD: Primorye Court Appoints Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Primorye region has commenced bankruptcy supervision procedure on close joint stock company Trans-Sea-Food (TIN 253900352167). The case is docketed as A-51-5854/2005 9-90. Mr. G. Grachev has been appointed temporary insolvency manager. A hearing will take place on March 15, 2006. CONTACT: TRANS-SEA-FOOD Russia, Primorye region, Vladivostok, Pologaya Str. 63 G. GRACHEV Temporary Insolvency Manager 690024, Russia, Primorye region, Makovskogo Str. 179, Apartment 31 YUKOS OIL: CNOOC Leads Bidders for Non-core Assets -------------------------------------------------- China's third largest oil firm, CNOOC Ltd., is interested in the assets of Yukos Oil, which is disposing of properties to pay down debt, reports say. In an interview with Shanghai Securities News, CEO Fu Chengyu did not identity which among Yukos' assets in Russia or abroad the company is interested in. Yukos plans to sell about US$10 billion worth of non-core assets, CEO Steven Theede announced recently. The company has US$7.5 billion in outstanding tax liabilities and US$1.3 billion in debt to banks. Mr. Theede said reducing the debt will enable the company to gain enough stability to operate as an independent entity. The disposals will leave Yukos with US$10 billion to US$13 billion of oil exploration and refining assets. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection in December 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed in February. A few days after, its main production unit Yugansk was sold by the government to a little-known firm OOO Baikalfinansgroup for US$9.35 billion. The sale was aimed at paying for a US$27.5 billion tax bill for 2000-2003. Yugansk eventually was bought by state-owned Rosneft. Rosneft is now claiming more than US$12 billion from Yukos in two court cases relating to the sale. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ============= U K R A I N E ============= GORLIVKA AUTO 11401: Declared Insolvent --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Gorlivka Auto Transport Enterprise 11401 (code EDRPOU 03113839) on October 27, 2005 after finding the limited liability company insolvent. Mr. R. Rigovanov (License Number AB 116098) has been appointed liquidator/insolvency manager. The company holds account number 26008800430000 at JSCB Ukrsibbank, Donetsk branch, MFO 335827. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) GORLIVKA' AUTO TRANSPORT ENTERPRISE 11401 84634, Ukraine, Donetsk region, Gorlivka, Internatsionalna Str. 80 (b) R. RIGOVANOV Liquidator/Insolvency Manager 84626, Ukraine, Donetsk region, Gorlivka, Peremogi Avenue 38 Phone: 8 (06242) 5-32-19 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk, Artema Str. 157 MIHAJLIVSKE: Succumbs to Insolvency ----------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Mihajlivske (code EDRPOU 30764218) on November 3, 2005 after finding the limited liability company insolvent. The case is docketed as B 24/95/05. Mr. Sergij Zhukov (License Number AA 669630) has been appointed liquidator/insolvency manager. The company holds account number 26003032660100 at JSPPB Aval, Novomoskovsk branch, MFO 305653. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) MIHAJLIVSKE 51240, Ukraine, Dnipropetrovsk region, Novomoskovsk district, Mihajlivka, Lenin Str. 1 (b) SERGIJ ZHUKOV, Liquidator/Insolvency Manager 49055, Ukraine, Dnipropetrovsk region, Titov Str. 9, Office 16 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a PIVDENNA: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------- The Economic Court of Dnipropetrovsk region has commenced bankruptcy supervision procedure on OJSC Bird Factory Pivdenna (code EDRPOU 01529398). The case is docketed as B 15/144/05. Mr. Sergij Zhukov (License Number AA 669630) has been appointed temporary insolvency manager. The company holds account number 26009339055001 at CB Privatbank, Nikopol branch, MFO 3058910. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) PIVDENNA Ukraine, Dnipropetrovsk region, Nikopol district, Yuzhnoe (b) SERGIJ ZHUKOV Temporary Insolvency Manager 49055, Ukraine, Dnipropetrovsk region, Titov Str. 9, office 16 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a RAHIVHLIB: Creditors' Claims Due Next Week ------------------------------------------ The Economic Court of Zakarpatska region commenced bankruptcy proceedings against Rahivhlib (code EDRPOU 00377970) on October 20, 2005 after finding the open joint stock company insolvent. The case is docketed as 16/330. Mr. Vitalij Bahtin (License Number AA 419493) has been appointed liquidator/insolvency manager. The company holds account number 26002301265573 at JSCB Prominvestbank, Rahiv] branch, MFO 312204. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) RAHIVHLIB Ukraine, Zakarpatska region, Rahiv, Tiha Str. 1 (b) VITALIJ BAHTIN Liquidator/Insolvency Manager Ukraine, Zakarpatska region, Uzhgorod, Hmelnitskij Square 2/233 (c) ECONOMIC COURT OF ZAKARPATSKA REGION 88000, Ukraine, Zakarpatska region, Uzhgorod, Kotsubinski Str.2a SATURN: Court Appoints Insolvency Manager ----------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Saturn (code EDRPOU 30907572) on August 8, 2005 after finding the limited liability company insolvent. The case is docketed as 21/125-21/217. Mr. Baranov O. (License Number Number AA 779148) has been appointed liquidator/insolvency manager. Creditors have until December 15, 2005 to submit their proofs of claim to: (a) SATURN 70632, Ukraine, Zaporizhya region, Pologi district, Novofedorivka, Molodizhna Str. 34-A (b) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 UKRVTORCHERMET: Bankruptcy Supervision Starts --------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on Private Enterprise Ukrvtorchermet (code EDRPOU 31840430) on February 21, 2005. The case is docketed as 46/150-b. Mr. Denisov Volodimir (License Number AB 116291) has been appointed temporary insolvency manager. The company holds account number 26062001030208, 26006001030208 at OJSC JSCB Avtozazbank, Donetsk branch, MFO 335764. Creditors have until December 17, 2005 to submit their proofs of claim to: (a) UKRVTORCHERMET 04123, Ukraine, Kyiv region, Svobodi Avenue 24-B (b) DENISOV VOLODIMIR Temporary Insolvency Manager Phone: (044) 269-71-72 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B =========================== U N I T E D K I N G D O M =========================== ACE LIMITED: Appoints Administrator from Abbey Taylor ----------------------------------------------------- Tracey A. Taylor (IP No 008899) of Abbey Taylor Ltd. was appointed administrator of Ace Limited (Company No 04295628) on Nov. 25. Its registered office is at Coulman Road Industrial Estate, Thorne, Doncaster DN8 5JS. The company imports and wholesales soft toys. CONTACT: ABBEY TAYLOR LTD. The Blade Enterprise Centre John Street Sheffield South Yorkshire S2 4SU Phone: 0114 292 2402 Fax: 0114 292 2403 E-mail: tracy.taylor@abbeytaylor.co.uk ANGLO AMERICAN: To Pay Creditors in Full ---------------------------------------- The Joint Scheme Administrators of Anglo American Insurance Company Limited, Tony McMahon and John Wardrop, partners at KPMG LLP (U.K.) Corporate Recovery Insurance Solutions, have increased the Scheme Payment Percentage to Anglo's creditors from 90% to 100%. In addition, they will pay in full Scheme interest where applicable under the terms of Anglo's amending scheme. A further US$75 million will be paid to creditors as a result of this decision which, with the payments made to date, raise total payments to creditors to US$275 million. John Wardrop said: "We are extremely pleased to be in a position to pay all creditors in full, particularly given the much lower initial projected outcome at the outset of the original scheme. Since being appointed, our strategy has been to realize Anglo's assets as efficiently and effectively as possible, and distribute the funds realized to creditors. "Since our appointment in 1997, we have commuted all of Anglo's major reinsurance contracts, negotiated the release of surplus assets held under two significant trust funds established for the benefit of certain of Anglo's creditors and realized value through the sale of Anglo's subsidiary, Mercantile Indemnity Company Limited. In addition, we were keen to ensure that creditors' claims continued to be agreed fairly and promptly through our run-off agent, Claims Management Group Limited. "This proactive approach allowed us to increase the payment percentage to creditors on a regular basis as greater certainty was gained as to Anglo's ultimate assets and liabilities. The cut-off mechanism in the current scheme allowed us to value the remaining uncrystallized claims and make this final payment to creditors. The quantum of the final distribution, and the relative speed by which it will be made, is therefore a direct result of our strategy." It is anticipated that the Scheme Administrators will be distributing the scheme payments, together with scheme interest where appropriate, to creditors by the end of January 2006. * * * Anglo began underwriting in 1987 as a member of the HS Weavers underwriting agency until 1990 when it began underwriting on its own. It ceased underwriting and was placed in run-off in 1994. Throughout this period, it wrote a mixture of insurance and reinsurance business including general and product liability, professional indemnity, medical malpractice and marine risks. Schemes of arrangement are provided for by section 425 of the Companies Act 1985 and set out the rules by which the ongoing administration and management of a company are governed. These are binding upon the Company and all its creditors, provided that a majority in number, representing three-fourths in value of the creditors, agrees to the arrangement. The Bar Date for submitting claims into Anglo's Amending Scheme of Arrangement was 31 January 2005. The Court sanctioned Anglo's Amending Scheme of Arrangement in October 2004. The Court previously sanctioned Anglo's Original Scheme of Arrangement in April 2000. Previously, Anglo had been in provisional liquidation from 11 March 1997. CONTACT: KPMG LLP Rachael Morgan Corporate Communications Phone: 020 7694 2692 AUSTIN FRIARS: Calls in Liquidator ---------------------------------- Elision Investments Limited, shareholder of Austin Friars Securities Limited, informs that the special, ordinary and extraordinary resolutions to wind up company were passed. Andrew Conquest of Grant Thornton UK LLP, Grant Thornton House, Melton Street, London NW1 2EP was appointed liquidator. Creditors are required on or before January 15, 2006, to send in their full forenames and surnames, addresses and descriptions, full particulars of debt or claims and the names and addresses of Solicitors (if any) to Andrew Conquest and if so required by notice in writing their debt or claims. CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk BANBURY SHOPPING: Liquidators from Deloitte & Touche Enter Firm --------------------------------------------------------------- Company Names: BANBURY SHOPPING CENTRE LIMITED HODGE HOUSE LIMITED LANDSWELL LIMITED RAGLAN (AMERSHAM) LIMITED RAGLAN PROPERTIES LIMITED RAGLAN PROPERTY HOLDINGS LIMITED RAGLAN PROPERTY INVESTMENTS LIMITED RAGLAN PROPERTY LIMITED RAGLAN PROPERTY MANAGEMENT SLOUGH LEASING LIMITED A member of these companies informs that the ordinary and special resolutions to wind up the firms were passed at a general meeting and Nicholas Guy Edwards and Nicholas James Dargan of Deloitte & Touche, Athene Place, 66 Shoe Lane, London EC4A 3BQ were appointed joint liquidators. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com CENTER PARCS: Half-year Profit Drops Slightly to GBP13.4 Million ---------------------------------------------------------------- Center Parcs (U.K.) Group plc has reported interim results for the 24 weeks ended 6 October 2005. Financial Overview - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Headline Results (GBPmillion) 24 weeks ended 24 weeks ended 6 October 2005 7 October 2004 Revenue 113.5 113.2 Trading profit* before 3D contribution 14.9 14.2 Operating profit 14.2 22.2 Profit before tax 12.6 19.4 Profit after tax 13.4 14.5 EPS (p) 5.26 5.68 DPS (p) 1.2 1.2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * Trading profit is defined as operating profit before costs incurred on the fifth site, costs incurred on the full list and profit on disposal of subsidiary undertaking. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Operating Results (excluding 3D and exceptional items) 24 weeks ended 24 weeks ended 6 October 2005 7 October 2004 Occupancy (%) 91.5 91.5 Rent per villa night (GBP)144.86 138.57 Spend per sleeper (GBP) 24.84 24.14 Number of villas at period end 3,301 3,271 Revenue (GBPmillion) 113.5 107.3 *EBITDAR (GBPmillion) 44.2 41.7 *EBITDAR margin (%) 38.9 38.9 EBITDA (GBPmillion) 19.6 17.9 Operating profit(GBPmillion)14.9 14.2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * EBITDAR is defined as Earning before Interest, Tax, Depreciation, Goodwill Amortization and Rent. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Highlights (a) excluding the contribution from 3D, solid half year results with 5.7% turnover growth and 5.3% trading profit growth; (b) typically strong peak summer period; (c) margin sustained through tight cost control; (d) upgrade program ongoing - increased premium accommodation; (e) occupancy maintained at 91.5%; (f) fifth site planning application progressing - local authority now expected to meet in March 2006 to determine the application; and (g) interim dividend of 1.2 pence. Martin Dalby, chief executive officer, said: "We are delighted to announce a solid set of results, following a typically strong summer season. Our focus during the half has been on developing further the four existing Villages through building of new executive villas, upgrading villas and enhancing restaurant and central facilities. In addition, we continue to work through the planning process for our fifth site at Warren Wood near Woburn. "Overall, forward bookings are in line on a percentage basis with the same time last year. Furthermore, bookings for the peak Christmas and New Year period are in line with management expectations. The Board remains cautiously optimistic for the full year, and its expectations for 2005/06 remain unchanged." A copy of the financial results is available free of charge at http://bankrupt.com/misc/CenterParcs(H12005).pdf About the Company Based in the United Kingdom, Center Parcs operates short break holiday villages in Sherwood Forest (Nottinghamshire), Longleat Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest (Cumbria). It has more than 5,000 employees, and an annual turnover of GBP229.64 million. In July, the company revealed underlying trading for the year was robust, but was impacted by a number of specific factors including a weaker than expected first quarter; Christmas scheduling issues; and higher-than-expected energy cost inflation. Action has been taken to minimize these impacts in the future. For example, energy costs have been locked in for the next 18 months and a new program is in place for peak period scheduling and marketing. For only the second time in its history, one of the villages had to be closed following power losses caused by exceptionally severe weather conditions. However, risk management procedures and power backup arrangements allowed it to reopen the site within two days. Work was also underway on two key aspects of funding for the Group: (a) GBP52.5 million loan notes: these have a fixed coupon of 6.5% until January 2007 and an amortization payment schedule beginning in FY07 with a sum of GBP7.5 million. The Board has been reviewing the refinancing options for this part of the funding structure; and (b) funding for the 5th site: a range of funding models were under review. The preferred funding route will be developed in due course to meet the likely timetable for the planning process and further updates will be provided as appropriate. CONTACT: CENTER PARCS (U.K.) GROUP PLC One Edison Rise New Ollerton Newark, Nottinghamshire NG22 9DP United Kingdom Phone: 0870 067 3000 Fax: 0870 067 3099 E-mail: shareholderservices@centerparcs.co.uk CORUS GROUP: Rail Unit Has New Managing Director ------------------------------------------------ Corus Group plc has disclosed the appointment of Joe Guerin as the new Managing Director of its rail businesses. Mr. Guerin, who was Director, Logistics for Corus Construction & Industrial in Scunthorpe, will take up the appointment with effect from 1 December 2005 and will be based in York, U.K. Corus Rail manufactures approximately 500,000 tpa of rail and track products in the U.K. and France and is Europe's leading rail producer. Mr. Guerin has held a variety of senior technical, operational and logistics jobs in Corus including running the Workington rail mill. In addition to his responsibilities, the last 12 months has seen him as the integration coordinator for the GBP130 million investment project at Scunthorpe, which includes the creation of a state of the art rail service center and world class rail manufacturing facilities. He said, "I am delighted to be coming back into a business that I know; I have very fond memories of rail production and our customers. I am looking forward to the challenge of the new job." Corus is investing GBP130 million in its long product facilities in Scunthorpe, which also includes the creation of a world-class rail manufacturing facility that will produce longer rail up to 120 million in the U.K. for the first time and a new state-of-the-art rail service center. Rail will be produced at Scunthorpe by the end of 2006. About the Company Corus Group plc is one of the world's largest metal producers with a turnover of over GBP9 billion and major operating facilities in the U.K., the Netherlands, Germany, France, Norway, Belgium and Canada. Corus' four divisions comprising Strip Products, Long Products, Aluminium and Distribution & Building Systems provide innovative solutions to the construction, automotive, rail, general engineering and packaging markets worldwide. Corus has over 48,000 employees in over 40 countries and sales offices and service centers worldwide. Corus was created through the merger of British Steel plc and Koninklijke Hoogovens N.V. It suffered five years ago from the crisis in British manufacturing, which prompted it to shake up management, close plants, cut jobs, and sell assets to lower debt. Its debt was thought to stand at GBP1.6 billion in 2002. After posting a net loss of GBP458 million in 2003, it embarked on a restructuring program, signed a new EUR1.2 billion banking facility, and issued GBP307 million worth of shares. It returned to operating profit in the first quarter in 2004. The recent recovery of steel prices and the strength of the euro are expected to help it achieve relatively strong earnings. CONTACT: CORUS GROUP PLC 30 Millbank London SW1P 4WY United Kingdom Phone: +44-20-7717-4444 Fax: +44-20-7717-4455 Web site: http://www.corusgroup.com HIGHCRAFT SERVICES: Files for Liquidation ----------------------------------------- P. Mainstone, director of Highcraft Services Ltd., informs that resolutions to wind up the company were passed at an EGM held on Nov. 10 at Gable House, 239 Regents Park Road, London N3 3LF. H. J. Sorsky of SPW Poppleton & Appleby, Gable House, 239 Regents Park Road, London N3 3LF was appointed liquidator. Highcraft Services -- http://www.highcraft.co.uk-- produces ClubMINDER, a swipe card system for golf and leisure clubs. ClubMINDER is used in over 200 golf clubs in the U.K. CONTACT: HIGHCRAFT SERVICES LTD. 313 Regent Park Road Finchley, London N3 1DP Phone: 02083431119 INTERTEK GROUP: Strikes 'Exchange Deal' with DEKRA -------------------------------------------------- Intertek Group plc has disclosed an agreement with DEKRA AG of a simultaneous acquisition and disposal. Intertek has acquired the remaining 51% of the shares not already owned by Intertek in the Swedish company, DEKRA-SEMKO Certification AB for EUR1.3 million (GBP0.9 million). Intertek has sold its 49% holding in the German company, DEKRA Intertek Certification GmbH to DEKRA for EUR3.6 million (GBP2.4 million). This deal ends the historical joint venture between Intertek and DEKRA. This enables Intertek and DEKRA to focus on growing the system certification business (ISO 9000, ISO 14001, etc), using the strengths and resources of their respective companies. Intertek will align the system certification business with the product certification business within the Intertek ETL SEMKO division where all of Intertek's system certification will be consolidated from 2006. Both organizations will continue to cooperate and support each other's activities. About the Group Intertek is an international testing, inspection and certification organization, which assesses customers' products and commodities against a wide range of safety, regulatory, quality and performance standards and certifies the management systems of customers. Intertek has 294 laboratories and over 13,500 people around the world and is increasingly undertaking outsourced testing work for its customers. At the end of 2004, Intertek's shareholders' funds remained negative at GBP3.6 million, but down from -GBP43.1 million at 31 December 2003. The deficit stems principally from the write-off of goodwill in 1996 when the Group was purchased from its former owners. This amounted to GBP229.9 million at 31 December 2004. The Group's net debt at 31 December 2004 was GBP112.4 million compared to GBP132.2 million. CONTACT: INTERTEK GROUP PLC 25 Savile Row London W1S 2ES, United Kingdom Phone: +44-20-7396-3400 Fax: +44-20-7396-3480 Web site: http://www.intertek.com DEKRA AG Handwerkstrasse 15 D-70565 Stuttgart Phone: (07 11) 78 61-0 Fax: (07 11) 78 61-2913 E-mail: info@dekra.com KRS ROOFING: Names Begbies Traynor Liquidator --------------------------------------------- B. Kilpatrick, chairman of KRS Roofing Design Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 3 at Begbies Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU. David R. Acland of Begbies Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU was appointed liquidator. CONTACT: KRS ROOFING DESIGN LTD. Unit 4, Bellair, Liverpool Merseyside L23 0UB Phone: 01519241082 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 LAB (LONDON): Bar Operator Appoints Administrator ------------------------------------------------- David Rubin and Paul Appleton (IP Nos 2591, 8883) of David Rubin & Partners were appointed administrators of Lab (London) Limited (Company No 03859937) on Nov. 16. CONTACT: DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com LINROY & SON: Goes into Liquidation ----------------------------------- R. H. Slater, director of Linroy & Son (Scaffolding Services) Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 11 at Irwin & Company, Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU. Gerald Irwin of Irwin & Company, Station House, Midland Drive, Sutton Coldfield, West Midlands B72 1TU was appointed liquidator. CONTACT: LINROY & SON (SCAFFOLDING SERVICES) LIMITED Trent Valley, Station Road Rugeley, Staffordshire WS15 3HA Phone: 01889582349 IRWIN & COMPANY Station House Midland Drive Sutton Coldfield Birmingham West Midlands B72 1TU Phone: 08700 111812 Fax: 08700 111813 E-mail: mail@irwinuk.net MMM GROUP: Publishing Firm Liquidates ------------------------------------- J. Blackburn, director of MMM Group Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 9 at Hodgsons, George House, 48 George Street, Manchester M1 4HF. Lawrence Ian Freedman of Hodgsons, George House, 48 George Street, Manchester M1 4HF was appointed liquidator. CONTACT: MMM GROUP LTD. Bridge House, Bridgeman Pl., Bolton BL2 1DF, United Kingdom Phone: 44 1204 387410 Fax: 44 1204 380952 Web site: http://www.mmm.co.uk HODGSONS George House 48 George Street Manchester Greater Manchester M1 4HF Phone: 0161 228 7444 Fax: 0161 228 735 MOLCO HAULAGE: Appoints Liquidator from Begbies Traynor ------------------------------------------------------- Molco Haulage Limited informs that a resolution to wind up the company was passed at an EGM held on Nov. 11 at The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG. Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed liquidator. CONTACT: MOLCO HAULAGE LTD. Northumberland Road Linford, Stanford-Le-Hope Essex SS17 0PT Phone: 01375640670 BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com MOWLEM PLC: Bows to Carillion's GBP290 Million Takeover Offer ------------------------------------------------------------- Mowlem Plc's Board of Directors has accepted and recommended the takeover offer of rival Carillion Plc, The Evening Standard says. Carillion offered to acquire Mowlem for 205p per share or GBP290 million. The offer is lower than the 225p shareholders had been hoping for, but higher than its 173p trading price a month ago. Mowlem's Board confirmed early last month it has received a preliminary approach, but did not name the buyer. The group has been plagued by profit warnings, write-offs, disputes over late or unfinished projects and claims of reckless accounting. About Mowlem Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com -- support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. Mowlem registered losses of GBP7.4 million (retained loss of GBP19.6 million) in 2004, compared to earnings of GBP49.8 million a year earlier. Its profitability was severely affected by a number of contract valuation write-downs and one-off charges. In September, it reported loss before tax of GBP73.4 million (2004: GBP6.8 million profit). About Carillion Formerly known as Tarmac, Carillion has been a major player in the construction and services industries. The company specializes in private finance initiative (PFI) projects and operates in commercial constructions. CONTACT: MOWLEM PLC White Lion Court, Swan Street Isleworth Middlesex TW7 6RN Phone: 020 8568 9111 Fax: 020 8847 4802 Web site: http://www.mowlem.com MOWLEM PLC: Fitch Affirms BB Senior Unsecured Rating ---------------------------------------------------- Fitch Ratings has affirmed U.K.-based Mowlem plc's Senior Unsecured 'BB' with Negative Outlook and Short-term 'B' ratings. This rating action follows the announcement by Mowlem that its Board of Directors have accepted and recommended an offer from Carillion plc for the entire issued share capital of the company. The offer values Mowlem's equity at approximately GBP291 million plus assumed net debt of GBP76 million. This transaction will be financed 40% by cash (GBP116 million) and 60% (GBP175 million) by new Carillion shares. On completion of the transaction, Mowlem would become a wholly owned subsidiary of Carillion, with Mowlem's shareholders owning around 20% of the enlarged group. Based on 2004 figures, the combined business would have pro-forma annual turnover of about GBP4.1 billion and an EBIT margin of about 1%. While Fitch recognizes that the takeover may have a positive impact on Mowlem's credit profile through increased scale, it is unlikely to translate into an improved financial performance in the near future. The agency also notes that there is limited scope for cost savings, with Carillion expecting to generate only GBP15 million of synergies per year by 2007. Based on average net debt of approximately GBP200 million expected for 2006, and pro-forma 2004 EBITDA of around GBP75 million, this indicates leverage of about 2.7x, which would be high for the current rating in this sector, where financing needs are generally low, albeit on a rising trend. While Fitch notes favorably Carillion's statements that it will seek to substantially reduce net debt, in part by way of a disposal program in the enlarged group over the next two years, this process is subject to delay and its success dependent on market conditions. Furthermore, given Mowlem's recent checkered financial history, forecast results remain exposed to underperformance and to contract specific losses. In this context Fitch notes Carillion's plan to take a GBP120 million charge on Mowlem's balance sheet in relation to the carrying values of goodwill and deferred tax of GBP75 million and write-downs on existing contracts of GBP45 million. These come after already significant charges taken by Mowlem's existing management. Carillion is a medium-sized U.K. construction and support services group with 2004 revenues of GBP2.0 billion. The Mowlem purchase is a major transaction for the company as it is of roughly equal size. This gives rise to substantial integration risks, although these are expected to be reduced given the amicable nature of the transaction and the possibility of Mowlem's Chief Executive joining the Carillion board. Fitch will monitor developments, and upon financial close of the offer will review the credit profile of the enlarged group and its outlook and likely affirm the ratings. The offer is subject to usual conditions including shareholder approval and regulatory clearance. Mowlem's ratings continue to be supported by its established market position as a medium-sized construction and support services group in the U.K. CONTACT: MOWLEM PLC White Lion Court, Swan Street Isleworth Middlesex TW7 6RN Phone: 020 8568 9111 Fax: 020 8847 4802 Web site: http://www.mowlem.com FITCH RATINGS Alex Herbert, London Phone: +44 (0) 20 7417 6334 Monica Insoll Phone: +44 (0) 20 7417 4281 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com NTL INC.: S&P Reviews Rating Following Approach on Virgin Mobile ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings for NTL Inc., including the 'B+' corporate credit rating, on CreditWatch with developing implications, following the company's announcement of its cash and equity bid for Virgin Mobile PLC. The developing CreditWatch implications indicate that ratings can be raised, lowered, or affirmed following Standard & Poor's review of the transaction. "Potential for a negative action exists considering the cumulative risks that NTL would have to manage in integrating a business with a different customer base, product, and culture, as well as in developing a compelling quadruple-play offering," said Standard & Poor's credit analyst Simon Redmond. "In addition, the company has shown an appetite for a potential further increase in debt. Conversely, the developing CreditWatch implications also recognize the potential upside for the NTL rating, as Virgin is a strong consumer brand, the combined entity may be better positioned over the longer term, and Virgin Mobile is presently a cash-generative, dividend-paying business." The ratings on U.K.-based telephony, cable TV, and Internet service provider NTL are constrained by the company's: * competitive operating environment, * weak financial performance, and * significant gross leverage. NTL benefits, however, from a high-bandwidth two-way network, an established residential customer base, and ongoing operational improvements. NTL's offer for Virgin Mobile follows its announced acquisition of Telewest Communications Networks Ltd. (BB-/Watch Neg/--) and shows a willingness to invest in a long-term strategy. The combination of NTL and Virgin Mobile would seek to offer bundled services, adding mobile communications to the current cable triple play of fixed calls, broadband Internet, and TV. The combined company is negotiating to use the Virgin brand name. Total debt at NTL of GBP2.3 billion at Sept.30, 2005, could increase to about GBP6.3 billion pro forma for the Telewest acquisition and potential Virgin Mobile transaction. Virgin Mobile operates under a reselling agreement with T-Mobile Ltd., the U.K. operation of Deutsche Telekom (A-/Stable/A-2). It has grown strongly since its launch in November 1999 with an attractive prepaid offering. It is currently using contracts in an attempt to increase its revenue market share of about 3% toward its customer share of 7%. The combination would add 4.2 million users to NTL's 6.3 million revenue-generating units. The customer overlap and implications for margins and cash generation will form part of the review. Standard & Poor's will consider the implications for the announcement, particularly with respect to a combined company's business risk and deleveraging profile. From a business perspective, potential benefits will be set against internal and external challenges. If the combined entity were to assimilate Virgin Mobile's strengths, such as growth, positive brand perception, and good customer service, this could address some of NTL's weaknesses, including exposure to fixed-to-mobile substitution. If not, the net effect could be negative. If the Virgin Group, as a 72% owner of Virgin Mobile, elects to accept equity consideration, the change in credit metrics is currently expected to be small after NTL's re-leveraging for Telewest. Following S&P's review, the ratings on NTL are likely to be affirmed, with a low probability of an upgrade. A downgrade is also seen as unlikely, unless a significant part of the consideration is paid in cash. CONTACT: NTL INCORPORATED Bartley Wood Business Park Bartley Way Hook Hampshire R627 9UP Phone: +44-1256-75-2000 Fax: +44-1256-75-4100 Web site: http://www.ntl.com PRECISION SAWING: PKF to Liquidate Business ------------------------------------------- Resolutions to wind up Precision Sawing Services 2002 Ltd. were passed at an EGM held on Oct. 31 at Unit 16, Union Road Industrial Estate, Union Road, Oldbury, West Midlands B69 3EX. Ian J. Gould and Edward T. Kerr of PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway, Birmingham B3 2LX were appointed Joint Liquidators. CONTACT: PRECISION SAWING SERVICES 2002 LTD. Unit 16 Union Road Oldbury B69 3EX West Midlands Phone: 0121 544 9233 Fax: 0121 544 8846 Web site: http://www.precisionsawing.com Contact: Ian Corbett, Managing Director PKF New Guild House 45 Great Charles Street Queensway Birmingham West Midlands B3 2LX Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: ian.gould@uk.pkf.com PREMIER STRUCTURAL: Calls in Liquidator from Albert Goodman ----------------------------------------------------------- A. R. Bown, chairman of Premier Structural Services Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 18 at 77A Cheap Street, Sherborne, Dorset DT9 3BA. Laurence Russell of Albert Goodman, Mary Street House, Mary Street, Taunton, Somerset TA1 3NW was appointed liquidator. CONTACT: ALBERT GOODMAN Mary Street House Mary Street Taunton Somerset TA1 3NW Phone: 01823 286096 Fax: 01823 257319 REGAL PETROLEUM: Ukraine's High Court Junks CNGG's Latest Appeal ---------------------------------------------------------------- The Directors of Regal Petroleum plc have revealed that the Supreme Commercial Court of Ukraine has ruled in favor of Regal and dismissed the latest appeal brought by Chernihivnaftogasgeologia (CNGG), thus upholding the earlier decisions of the Poltava Court and the Kiev Court of Appeal with respect to the distribution of assets within their former joint-venture. In June 2004, the exploration/pilot production licenses in which Regal had a 75% interest expired. Subsequently, Regal was awarded a 100% interest in two 20-year production licenses. Contemporaneously with the expiration of the exploration/pilot production licenses, the joint-venture arrangement Regal had with CNGG also expired. In the course of the dissolution of the joint venture, an action was brought before the local Poltava Court in order to distribute the assets of the joint venture to the partners. In August 2005 the Poltava Court ruled that the physical assets of the joint venture be distributed to Regal and that CNGG be compensated for the value of its 25 per cent interest in the joint venture. CNGG lodged an appeal with the Kiev Court of Appeal contesting the Poltava Court ruling, which appeal was dismissed in October 2005. CNGG then lodged a further appeal to the Supreme Commercial Court of Ukraine. The hearing of this appeal was held Wednesday, when the Supreme Commercial Court dismissed this appeal, thereby again ruling in Regal's favor. 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 REPUBLIC NEW YORK: Names Deloitte & Touche Liquidator ----------------------------------------------------- Members of Republic New York Holdings (UK), informs that the special and ordinary resolutions to wind up the company were passed and J. R. D. Smith and N. J. Dargan of Deloitte & Touche, 66 Shoe Lane, London EC4A 3WA were appointed joint liquidators. Creditors are required on or before December 30, 2005, to send in their full forenames and surnames, addresses and descriptions, full particulars of debt or claims and the names and addresses of Solicitors (if any) and if so required by notice in writing their debt or claims. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com R. GREENE: Liquidators from Carter Backer Winter Enter Firm ----------------------------------------------------------- B. Greene, chairman of R. Greene (Footwear) Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 24 at Enterprise House, 21 Buckle Street, London E1 8NN. Melvyn Julian Carter and John Alfred George Alexander were appointed joint liquidators. Creditors are required on or before January 10, 2006, to send in their full forenames and surnames, addresses and descriptions, full particulars of debt or claims and the names and addresses of Solicitors (if any) and if so required by notice in writing their debt or claims. CONTACT: CARTER BACKER WINTER Enterprise House, 21 Buckle Street, London E1 8NN Phone: + 44 (0) 20 7309 3800 Fax: + 44 (0) 20 7309 3801 E-mail: info@cbw.co.uk Web site: http://www.cbw.co.uk ROBINSON STEEL: Calls in Administrators from Kroll Limited ---------------------------------------------------------- Simon Wilson and David John Whitehouse (IP Nos 8963 ICAEW, 8699 IPA) of Kroll Limited were appointed administrators of Robinson Steel Building Refurbishment Limited (Company No 04533362) on Nov. 25. Its registered office is at First Avenue, Weston Road, Crewe, Cheshire SW1 6BG. CONTACT: KROLL LIMITED The Observatory Chapels Walk Manchester Greater Manchester M2 1HL Phone: 0161 838 4500 Fax: 0161 838 4501 SEVERN TRENT: Facing Criminal Investigation in Belgium ------------------------------------------------------ Authorities in Antwerp are investigating Severn Trent's Biffa waste management operation. It may face a fine of GBP4 million if found to have violated environment laws, according to The Guardian. The probe is the second criminal investigation launched against the firm after the Serious Fraud Office looked into alleged reporting irregularities at its U.K. water business. The business is claimed to have overcharged customers between 2000 and 2003. Philip Fletcher, director general of industry regulator OFWAT, requested the investigation after meeting David Donnelly, an income and debt manager in Severn Trent's finance department. Mr. Donnelly first alerted the company of the discrepancies 18 months ago, but was ignored. He finally brought the information to the attention of OFWAT, which promptly acted on it in May. Mr. Donnelly discovered discrepancies in the leakage data provided by the company to OFWAT, which contributed to the latter's decision to allow Severn to raise water charges by 4.5% a year above the inflation rate over a five-year period. He claims the company covered up a GBP75 million discrepancy in its accounts and overcharged customers by GBP50 million. Severn Trent Water is a member of the Severn Trent Group of companies. It claims to be the world's fourth largest privately owned water company serving over 8 million customers across the U.K., stretching from the Bristol Channel to the Humber, and from mid-Wales to the East Midlands. According to information posted on its Web site, it provides a broad range of water and environmental services, from taking care of water quality standards to protecting on-site water and wastewater assets. Biffa had first-half profit before interest and tax of GBP43.5 million. CONTACT: SEVERN TRENT WATER Web site: http://www.stwater.co.uk/ SERIOUS FRAUD OFFICE Elm House 10-16 Elm Street London WC1X 0BJ Tel: 020 7239 7272 Fax: 020 7837 1689 Public Enquiries Tel: 020 7239 7000/7190 Fax: 020 7837 1173 E-mail: public.enquiries@sfo.gsi.gov.uk OFFICE OF WATER SERVICES (OFWAT) Centre City Tower 7 Hill Street Birmingham B5 4UA United Kingdom Tel: +44 (0) 121 625 1300 / 1373 Fax: +44 (0) 121 625 1400 E-mail: enquiries@ofwat.gsi.gov.uk Web site: http://www.ofwat.gov.uk/ SILK FLOWER: Calls in Administrator ----------------------------------- Peter O'Hara (IP No 6371) of O'Hara & Co. was appointed administrator of Silk Flower Kingdom Limited (Company No 05211236) on Nov. 28. Its registered office is at 140-148 Manningham Lane, Bradford BD8 7LJ. The company wholesales flowers. CONTACT: O'HARA & CO. Wesley House Huddersfield Road Birstall Batley West Yorkshire WF17 9EJ Phone: 01924 477449 Fax: 01924 475262 E-mail: insol@ohara.co.uk TOPCRAFT PROPERTY: In Liquidation --------------------------------- J. Auguste, chairman of Topcraft Property Maintenance Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 9 at Shepperton Moathouse Hotel, Felix Lane, Shepperton, Middlesex TW17 8NP. Mark Stephen Goldstein of Mark Goldstein Associates, Kingswood Court, 1 Hemlock Close, Kingswood, Surrey KT20 6QW was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. Topcraft -- http://www.topcraftpropmaint.co.uk/-- provides one-stop solution for home maintenance and building projects. It serves Surrey and London borders from offices in Walton-On-Thames. It has more than 25 years of experience in the craft. CONTACT: TOPCRAFT PROPERTY MAINTENANCE LTD. 81b Terrace Road Walton-on-Thames Surrey KT12 2SQ Phone: 01932 231673 Fax: 01932 254698 E-mail: email@topcraftpropmaint.co.uk TRACOAIR LIMITED: Grant Thornton Administrators Move in ------------------------------------------------------- Leslie Ross and Keith Hinds (IP Nos 7244, 6745) of Grant Thornton UK LLP were appointed administrators of Tracoair Limited (Company No 04244640) on Nov. 28. CONTACT: GRANT THORNTON Heron House, Albert Square MANCHESTER M60 8GT Phone: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk TUNNEL TYRES: Calls in Liquidator --------------------------------- S. E. Titley, director of Tunnel Tyres (2004) Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 11 at 2nd Floor, 19 Castle Street, Liverpool L2 4SX. Gerard Keith Rooney of Rooney Associates, 2nd Floor, 19 Castle Street, Liverpool L2 4SX was appointed liquidator. CONTACT: TUNNEL TYRES (2004) LIMITED Freeman Street, Birkenhead Merseyside CH41 1BR Phone: 01516476063 ROONEY ASSOCIATES 3rd Floor Britannia Buildings 46 Fenwick Street Liverpool merseyside E-mail: info@rooney.co.uk Phone: 0151 236 9999 Fax: 0151 236 9777 TURBAN FOODS: EGM Passes Winding-up Resolution ---------------------------------------------- JLI Group Limited informs that a resolution to wind up Turban Foods Limited was passed at an EGM held on Nov. 10 at 25 Moorgate, London EC2R 6AY. Stephen Robert Cork and Joanne Milner of Smith & Williamson Limited, Prospect House, 2 Athenaeum Road, London N20 9YU were appointed Joint Liquidators. The appointment was confirmed at a creditors meeting held the same day. CONTACT: SUNDORA FOODS LTD. (Incorporating Turban Foods Ltd.) Burnby Lane, Pocklington, York YO42 2QB Phone: 01759 302365 Fax: 01759 304707 E-mail: info@sundora.co.uk Web site: http://www.sundora.co.uk Contact: Martin Sawyer, Managing Director SMITH & WILLIAMSON Prospect House 2 Athenaeum Road London N20 9YU Phone: 020 8492 8600 Fax: 020 8492 8601 E-mail: jem1@smith.williamson.co.uk W P MORTGAGE: Files for Liquidation ----------------------------------- N. Phillips, chairman of W P Mortgage Services Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 9 at Butcher Woods, 79 Caroline Street, Birmingham B3 1UP. Roderick Graham Butcher of Butcher Woods, 79 Caroline Street, Birmingham B3 1UP was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. CONTACT: W P MORTGAGE SERVICES LIMITED Henwood Court, 20 Henwood Road Wolverhampton, West Midlands WV6 8WX Phone: 08707 519 219 01902 800838 BUTCHER WOODS 79 Caroline Street Birmingham West Midlands E-mail: rod.butcher@butcher-woods.co.uk Phone: 0121 236 6001 Fax: 0121 236 5702 ********* 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. 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