/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060109.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 Monday, January 9, 2006, Vol. 7, No. 6 Headlines F R A N C E RHODIA S.A.: Selling Pharmaceutical Custom Synthesis Unit G E R M A N Y AGFAPHOTO GMBH: Court Cancels Self-administration Order ARNOLD VERPACKUNGSTECHNIK: Files for Bankruptcy AUTOZENTRUM ADALBERT: Calls in Provisional Administrator BAUART BAUTRAGER: Proofs of Claim Due Next Month BE-TRANS: Under Bankruptcy Administration DAIMLERCHRYSLER AG: 5,000 Mercedes Workers Voluntarily Retire DAIMLERCHRYSLER AG: Chrysler-VW Minivans Out 2008 DOPPING & MEISTROWITZ: Creditors to Meet February DTRANSLOGISTIK AG: Aachen Court Calls in Administrator EGON ROHWER: Kiel Business Succumbs to Bankruptcy ERICH WIPPERMANN: Creditors' Claims Due Next Week FUN4U SPORTS: Claims Verification Set March G&P GMBH: Dortmund Company Goes Bankrupt KLAUS DIETER: Claims Filing Period Ends February 3 MOBILCOM AG: Demands EUR7.2 Billion from France Telecom S.A.T. STRASSEN: Court to Verify Claims May G R E E C E FANCO SA: Shareholders Okay Convertible Bond Offering H U N G A R Y PANNONPLAST PLC: PVL Takes over Technical Plastic Facility I T A L Y FIAT AUTO: Forges Partnership with Russia's Severstal Auto L U X E M B O U R G MILLICOM INTERNATIONAL: Delisting from Luxembourg Bourse N E T H E R L A N D S ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares R U S S I A ARKHANGELSKIY SUDORAZDELOCHNYJ: Bankruptcy Hearing Set March AUTO-TRANSPORT ENTERPRISE: Proofs of Claim Deadline January 12 BALAKHNINSKIY: Declared Insolvent BASH-ZAURAL-STROY: Succumbs to Bankruptcy BUILDING ASSEMBLY: Names O. Ivanov Insolvency Manager FLAX: Deadline for Proofs of Claim Thursday GAS-PROM-STROY: Bankruptcy Supervision Procedure Begins KOVYLKINSKIY: Claims Filing Period Ends January 12 KULEBYAKINSKAYA: Sewing Factory Goes Under POBEDA: Krasnodar Court Opens Bankruptcy Proceedings S W E D E N SKANDIA INSURANCE: Opposition to Old Mutual's Bid Intensifies U K R A I N E AGRO-SLAV: Under Bankruptcy Supervision KYIV SECURITIES: Succumbs to Bankruptcy MAYAK: Under Bankruptcy Supervision REIN: Insolvency Manager Takes over Operations SPETSTAMPONAZHGEOLOGIYA: Declared Insolvent SVITANOK: Lviv Court Opens Bankruptcy Proceedings VODOPAD: Appoints Temporary Insolvency Manager ZASTAVA: Goes into Liquidation ZOLOCHIV' KOMBI-PROVENDER: Files for Bankruptcy U N I T E D K I N G D O M BAMFORD ROOFING: Hires DTE Leonard Curtis as Administrator BREATHE INTERNET: Administrators Enter Firm CAWSTON ORGANS: Names Houghton Stone Administrator C D EVOLUTIONS: CD Retailer Folds up CEIS (UK): In Administrative Receivership CLEMENT DOHERTY: Files for Liquidation CMHYT PLC: Liquidators from KPMG Enter Firm COLYFIELD LIMITED: Claims Filing Period Ends Later this Month CO-OPERATIVE INSURANCE: Changing Employees' Pension Scheme DEMENI CATERING: Administrators Take over Firm EFM DISTRIBUTION: Calls in Liquidator ELEDOR LIMITED: Names Administrators from Hurst Morrison FORD CREDIT: Rating Cut to BB-/B-2 on U.S. Woes GUMPA ROOFING: Appoints Begbies Traynor Liquidator INGLEBY PRINT: Goes into Liquidation INTERACT SOUND: Names Liquidator from Benedict Mackenzie INTERIOR MANAGEMENT: Begbies Traynor Liquidator Moves in KENTON DISPLAY: Screen Printer Hires Administrator KINYSYS LTD.: Joint Liquidators Enter Firm LEVEL 1 SECURITY: Names P&A Partnership Liquidator LILLA HUS: Interior Designer Winds up MVC ENTERTAINMENT: Music Zone Buys Outlets NOV-EX3: Food Retailer Calls in Administrator ONLINE IT: Administrators from Menzies Corporate Move in PROJECT DEVELOPMENT: Files for Administration ROYAL MAIL: Rival Threatens to Block GBP2 Bln Fundraising ROYAL MAIL: Names Managing Director for Post Office WASIM LIMITED: Hires Administrators from Cooper Parry WHITEHEAD MANN: Assigns Lease to Mills Global Services WM MORRISON: Post-Christmas Trading Update Out Wednesday ZHM ABATTOIR: Names Jones Lowndes Dwyer Administrator * Corporate Failures Up 11% in 2005 ********* =========== F R A N C E =========== RHODIA S.A.: Selling Pharmaceutical Custom Synthesis Unit --------------------------------------------------------- Rhodia S.A. has signed a letter of intent with Shasun Chemicals & Drugs Ltd. for the sale of its pharmaceutical custom synthesis business. Rhodia CEO Jean-Pierre Clamadieu said: "This transaction is in line with our announced strategy to refocus the Group's business portfolio and to find a solution for RPS (Rhodia Pharma Solutions). The transfer to Shasun will allow these activities to be pursued under optimum conditions for our customers. We expect the transaction to be completed by the end of the 1st quarter of 2006, with the signature of the final contract, as well as the necessary official authorizations." Shasun Chemicals & Drugs Ltd. is a front-ranking supplier of the pharmaceutical industry. Founded in 1976, Shasun offers an integrated industrial model ranging from research & development to the manufacture of active ingredients and intermediates for the pharmaceutical industry in facilities certified compliant with cGMP standards. Based in Chennai (in India's Tamil Nadu region), Shasun generated sales of US$73 million in 2004, employs a total of 1,300 people and boasts the major players in the pharmaceutical industry as its customers. Shasun Chemicals & Drugs Ltd. is listed on the Bombay stock exchange. About the Company Rhodia S.A., based in France, is a global specialty chemicals company partnering with major players in the automotive, electronics, fibers, pharmaceuticals, agrochemicals, consumer care, tires and paints & coatings markets to offer tailor-made solutions combining original molecules and technologies to respond to customers' needs. It generated net sales of EUR5.3 billion in 2004 and employs 20,000 people worldwide. It is listed on the Paris and New York stock exchanges. Its full-year results swung into the red in 2001 with a net loss of EUR213 million (US$183.5 million) after three profits warning. The company's stock has deteriorated since its flotation in 1998. Restructuring Plan Due to depressed economic environment, continued high petrochemical raw material prices, persistent weak demand and a negative effect from the value of the dollar, Rhodia launched structural action programs designed to improve long-term profitability. In 2003, it unveiled a plan of action to refocus business portfolio, reduce cost and improve financial structure. A key part of this plan is a EUR600 million divestiture program aimed at reducing debt by EUR500 million. Consolidation of operations resulted to the closure of 19 production units worldwide. In December 2003, Rhodia concluded an agreement with 23 creditor banks for the maintenance of a EUR970 million existing lines of credit, and an adjustment of covenants to June 30, 2004; establishment of a EUR758 million new syndicated medium-term credit line; and a capital increase of approximately EUR300 million. Status to date The company's net loss after amortization of goodwill for 2004 was reduced more than 50% from EUR1,351 million to EUR625 million. Its overall net loss for the period came to EUR197 million, compared with a net loss of EUR132 million in the second quarter 2004 (before the taking into account EUR187 million of results from discontinued operations). CONTACT: RHODIA S.A. 26, quai Alphonse Le Gallo 92512 Boulogne-Billancourt Cedex, France Phone: +33-1-55-38-40-00 Fax: +33-1-55-38-44-71 Web site: http://www.rhodia.com Press Relations Lucia Dumas Phone: +33 1 55 38 45 48 Anne-Laurence de Villepin Phone: +33 1 55 38 40 25 SHASUN CHEMICALS & DRUGS LTD. Shasun House 3 Doraiswamy Road T. Nagar, Chennai - 600017, Tamil Nadu, India Phone: 91-44-24316700 Fax: 91-44-24348924 E-mail: shasun@shasun.com ============= G E R M A N Y ============= AGFAPHOTO GMBH: Court Cancels Self-administration Order ------------------------------------------------------- The Cologne Local Court has terminated the insolvency proceedings in self-administration for AgfaPhoto GmbH and instead ordered statutory insolvency proceedings to be initiated. A decision to that effect had been taken by the creditors' meeting in October 2005. The administration of the insolvent estate has now been served with the appropriate insolvency court order. Consequently, the previous solicitor for the creditors, Dr. Andreas Ringstmeier, a Cologne-based lawyer, has now been named as the insolvency administrator of AgfaPhoto GmbH. As agreed, Hans-Gerd Jauch, the insolvency expert who had been appointed as a member of the Board of Directors of AgfaPhoto GmbH as at 1 June 2005, has resigned his seat on termination of the self- administration. Despite successful efforts of the Board of Directors and the solicitor to quickly stabilize and continue AgfaPhoto GmbH after filing for insolvency, the negotiations with investors about a continuation of the whole company failed in October 2005. As a result, productions at the sites in Munich and Leverkusen were discontinued on November 2005, after investors took over sections in Peiting and Vaihingen/Enz. Mr. Ringstmeier said: "We will have sold the produced goods with a workforce of around 100 by summer 2006 and will then gradually have to liquidate AgraPhoto. The final liquidation, however, will most likely take a few years." AgfaPhoto GmbH filed a petition for insolvency in May 2005; the insolvency proceedings in self-administration were opened on 1 August 2005. Headquartered in Leverkusen, AgfaPhoto manufactures photographic film, papers, chemicals and disposable cameras. It also offers online print service, on-site processing, kiosk systems and wholesale finishing. It has 32 subsidiaries outside Germany not affected by its insolvency. The company owes suppliers and pension security body Pensionssicherungsverein. CONTACT: AGFAPHOTO GERMANY GmbH Im Media park 5 D-50670 Cologne Phone: +49 221 98544-3723 Fax: +49 221 98544-3805 Web site: http://www.agfaphoto.com ARNOLD VERPACKUNGSTECHNIK: Files for Bankruptcy ----------------------------------------------- The district court of Koln opened bankruptcy proceedings against Arnold Verpackungstechnik Vertriebs-GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 10, 2006 to register their claims with court-appointed provisional administrator Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting on March 22, 2006, 9:15 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142, 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: ARNOLD VERPACKUNGSTECHNIK VERTRIEBS-GmbH Hermann-Lons-Str. 132, 51469 Bergisch Gladbach Contact: Paul Arnold, Manager Jahnstr. 2, 51515 Kuerten Klaus W. Gerling, Administrator Im Mediapark 6 B, 50670 Koln Phone: 57 43 - 71 40 Fax: +4922157437149 AUTOZENTRUM ADALBERT: Calls in Provisional Administrator -------------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Autozentrum Adalbert Kuempel GmbH on December 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 17, 2006 to register their claims with court-appointed provisional administrator Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting on March 26, 2006, 9:00 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, 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: AUTOZENTRUM ADALBERT KUEMPEL GmbH Siegstrasse 146-151, 53757 Sankt Augustin Contact: Adalbert Kuempel jun., Manager Dr. Andreas Schulte-Beckhausen, Administrator Oxfordstr. 2, 53111 Bonn Phone: 0228 / 98 52 10 Fax: 0228 / 98 52 122 BAUART BAUTRAGER: Proofs of Claim Due Next Month ------------------------------------------------ The district court of Koln opened bankruptcy proceedings against BAUART Bautrager Verwaltungs-GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 1, 2006 to register their claims with court-appointed provisional administrator Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting on March 3, 2006, 10:05 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142, 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: BAUART BAUTRAGER VERWALTUNGS-GmbH Quettinger Str. 187, 51381 Leverkusen Contact: Peter Brandeis, Manager Hans-Peter Oehm, Manager Carrer de S'Almonia, E-07690 Cala Llombards, S'Almonia Mallorca Klaus W. Gerling, Administrator Im Mediapark 6 B, 50670 Koln Phone: 57 43 - 71 40 Fax: +4922157437149 BE-TRANS: Under Bankruptcy Administration ----------------------------------------- The district court of Hagen opened bankruptcy proceedings against BE-Trans GmbH on December 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 2, 2006 to register their claims with court-appointed provisional administrator Andreas Schoss. Creditors and other interested parties are encouraged to attend the meeting on February 23, 2006, 9:00 a.m. at the district court of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, 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: BE-TRANS GmbH Hans-Bockler-Str. 15, 58638 Iserlohn Contact: Klaus Dicke, Manager Kampstr. 22, 58256 Ennepetal Andreas Schoss, Administrator Alter Markt 9 - 13, 42275 Wuppertal Phone: 0202/493880 Fax: +49202451939 DAIMLERCHRYSLER AG: 5,000 Mercedes Workers Voluntarily Retire ------------------------------------------------------------- DaimlerChrysler AG has already sent home 5,000 workers from its Mercedes venture through voluntary retirements, says the Associated Press. In September, the company unveiled redundancy plans affecting 8,500 jobs to cut cost at the luxury car unit. "This means that around 60% of the twelve-month target has been achieved just three months after starting the voluntary program," the company revealed in a statement. Earlier, German newspapers reported DaimlerChrysler was considering further job reductions. Stuttgarter Nachrichten said the management committee headed by outgoing Chief Executive Juergen Schrempp has recommended additional cuts at a meeting of the board of directors. The paper added the company was eyeing to cut by 6,000 its global workforce of 390,000 through attrition or voluntary retirement. Stuttgarter Zeitung, in another report, said the company's board has agreed to cut 7,500 workers over the next two years. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com DAIMLERCHRYSLER AG: Chrysler-VW Minivans Out 2008 ------------------------------------------------- Chrysler Group President and CEO Tom LaSorda has said that the recently inked partnership with Volkswagen AG is a win-win deal for both firms. The DaimlerChrysler AG unit and Volkswagen have reached a formal agreement to produce minivans for the U.S. market. Mr. LaSorda said: "With our manufacturing and platform engineering flexibility, we can deliver a high-quality product specifically tailored to Volkswagen's customers' tastes with little or no substitution effect on the current Chrysler and Dodge minivan lineup." The deal will see Chrysler produce a unique line of VW minivans via its production facility to be released for the North American market in 2008. Between 35,000 and 45,000 minivans are expected to be produced annually. Wolfgang Bernhard, chairman of the VW Brand Board of Management, said: "Although the Volkswagen minivan shares its basic architecture with upcoming Chrysler and Dodge vehicles, this will be an all new product." He added they're working on a "design that will be uniquely Volkswagen's because we believe there's tremendous opportunity in this market for a vehicle of this type." CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com VOLKSWAGEN AG Brieffach 1848-2 38436 Wolfsburg, Germany Phone: +49 53 61 90 Fax: +49 53 61 92 82 82 Web site: http://www.volkswagen.de DOPPING & MEISTROWITZ: Creditors to Meet February ------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Dopping & Meistrowitz GmbH on December 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 30, 2006 to register their claims with court-appointed provisional administrator Werner F. Muehlenbrock. Creditors and other interested parties are encouraged to attend the meeting on February 14, 2006, 9:00 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 291, 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: DOPPING & MEISTROWITZ GmbH Hertastr. 37, 45888 Gelsenkirchen Contact: Gerald Dopping, Manager Stefan Meistrowitz, Manager Sommerdellenstr. 137, 44866 Bochum DTRANSLOGISTIK AG: Aachen Court Calls in Administrator ------------------------------------------------------ The district court of Aachen opened bankruptcy proceedings against DtransLOGISTIK AG on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 6, 2006 to register their claims with court-appointed provisional administrator Heinrich C. Friedhoff. Creditors and other interested parties are encouraged to attend the meeting on March 13, 2006, 9:00 a.m. at the district court of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage, Sitzungssaal 14, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DTRANSLOGISTIK AG Alexanderstrasse 37, 52062 Aachen Contact: Mostafa and Pouyan Dardashti Bruesseler Ring 61d, 52074 Aachen Heinrich C. Friedhoff, Administrator Viktoriastrasse 73-75, 52066 Aachen EGON ROHWER: Kiel Business Succumbs to Bankruptcy ------------------------------------------------- The district court of Kiel opened bankruptcy proceedings against Egon Rohwer GmbH & Co. KG on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 10, 2006 to register their claims with court-appointed provisional administrator Jens-Soren Schroder. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2006, 9:30 a.m. at the district court of Kiel, Saal 17, 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: EGON ROHWER GmbH & Co. KG Konigsweg 49, 24114 Kiel Jens-Soren Schroder, Administrator Raboisen 38, 20095 Hamburg ERICH WIPPERMANN: Creditors' Claims Due Next Week ------------------------------------------------- The district court of Hagen opened bankruptcy proceedings against Erich Wippermann GmbH on December 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 19, 2006 to register their claims with court-appointed provisional administrator Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on February 6, 2006, 11:00 a.m. at the district court of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, 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: ERICH WIPPERMANN GmbH Frankfurter Str. 52, 58553 Halver Contact: Nils Schroeder, Manager Im Dahl 69, 58579 Schalksmuehle Dr. Winfrid Andres, Administrator Grabenstr. 28, 58095 Hagen Phone: 02331/39 76 56 Fax: +4923313976570 FUN4U SPORTS: Claims Verification Set March ------------------------------------------- The district court of Bonn opened bankruptcy proceedings against fun4u sports & Internet GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 17, 2006 to register their claims with court-appointed provisional administrator Dirk Obermueller. Creditors and other interested parties are encouraged to attend the meeting on March 24, 2006, 9:30 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, 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: FUN4U SPORTS & INTERNET GmbH Rheinstr. 29c, 53844 Troisdorf Contact: Petra Hadjinicolaou, Manager Auf dem Liemerich 20, 53773 Hennef Dirk Obermueller, Administrator Godesberger Allee 125-127, 53175 Bonn Phone: 81 000 45 Fax: 81000820 G&P GMBH: Dortmund Company Goes Bankrupt ---------------------------------------- The district court of Dortmund opened bankruptcy proceedings against G&P GmbH on December 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 3, 2006 to register their claims with court-appointed provisional administrator Achim Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting on March 15, 2006, 8:55 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: G&P GmbH Alstedder Str. 46, 44534 Luenen Contact: Andreas Grave, Manager Achim Thomas Thiele, Administrator Bronnerstrasse 7, 44141 Dortmund Phone: 54110 Fax: 5411266 KLAUS DIETER: Claims Filing Period Ends February 3 -------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Klaus Dieter Girnt GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 3, 2006 to register their claims with court-appointed provisional administrator Klaus Dippel. Creditors and other interested parties are encouraged to attend the meeting on March 17, 2006, 8:35 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: KLAUS DIETER GIRNT GmbH Sperlingsgasse 6, 44807 Bochum Contact: Klaus Dieter Girnt, Manager Ernst-Reuter-Str. 10, 45739 Oer-Erkenschwick Klaus Dippel, Administrator Werner Hellweg 477, 44894 Bochum Phone: 0234-26624 Fax: 0234-234077 MOBILCOM AG: Demands EUR7.2 Billion from France Telecom ------------------------------------------------------- MobilCom is seeking a higher cash settlement from France Telecom, reports Telecom Asia Daily. Administrator Gerhard Schmid upped his damage claim to EUR7.2 billion from EUR4.25 billion, arguing the French telecom giant should answer for lost profit opportunities suffered by MobilCom. France Telecom, which held a 28.5% stake in MobilCom, allegedly financed only a small portion of a UMTS network project, contrary to agreement. This network ultimately became a thorn on its side that at one point MobilCom offered to sell it for only EUR1. KPN's fully owned mobile subsidiary, E-Plus, eventually acquired the company's 3,723 UMTS sites for EUR20 million in May 2003. It cost MobilCom EUR8 billion to acquire its UMTS license in 2000. It filed for private bankruptcy in 2003. CONTACT: MOBILCOM AG Hollerstrabe 126 D-24782 Budelsdorf, Germany Phone: +49 43 31 69 11 73 Fax: +49 43 31 69 28 88 Web site: http://www.mobilcom.de S.A.T. STRASSEN: Court to Verify Claims May ------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against S.A.T. Strassen- u. Tiefbau GmbH on December 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 21, 2006 to register their claims with court-appointed provisional administrator Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting on February 8, 2006 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 May 17, 2006, 9:05 a.m. at the same venue. CONTACT: S.A.T. STRASSEN- U. TIEFBAU GmbH Bluecherstr. 29,10961 Berlin Hartwig Albers, Administrator Luetzowstr. 100, 10785 Berlin =========== G R E E C E =========== FANCO SA: Shareholders Okay Convertible Bond Offering ----------------------------------------------------- The Shareholders' Extraordinary General Meeting of Fanco S.A. on 20 April 2005 decided, inter alia, on the issue of up to EUR21 million convertible bond loan with a seven-year duration, partially or in its entirety in favor, among others, third parties, shareholders, creditors, suppliers. In addition, the General Meeting authorized the board of directors of the company to determine the special terms of the issue in question. The Board of Directors of the company, during its session on 28 December 2005, decided to advance with the first series of the bond loan issue. More specifically, it determined that the first series will comprise ten titles of 109,900 bonds, convertible into an equal number of shares, of total value of EUR329,700.00, with an interest-rate of 6% annually (Date of issue: Dec. 28, 2005; Date of settlement: Dec. 28, 2006; and exercise date for the conversion right: each day that follows the monthly anniversary of the issue, with the issue date also included). The first series of the bond loan will be covered with the capitalization of receivables of the Shareholder-Company Naoussa Spinning Mills S.A. and specifically, from the sales of threads to the Company. According to the statement of the Shareholder Naoussa Spinning Mills S.A., its aim is to proceed immediately with the exercise of the conversion right. After the exercise of the particular right, the shares of the company will be increased from 10,990,500 to 12,089,500, i.e. by 9.99%. * * * Early in March, Fanco S.A. reported losses of EUR15 million for 2004 as turnover dived to EUR48.5 million. Last year's loss was EUR8.2 million on turnover of EUR92.4 million, according to Troubled Company Reporter-Europe on March 4. Fanco's parent, Klonatex, doubled its losses to EUR13.9 million from EUR6.6 million in 2003. Turnover dropped to EUR43.6 million from EUR49.3 million. Last year, Fanco closed Naoussa Spinning Mills S.A., its factory in Macedonia, due to continued losses. The Klonatex group also operates Rodopis Spinning Mills. CONTACT: FANCO S.A. Kifissou & Constantinoupoleos 1, 121-32 Peristeri Athens Phone: +30-210-5708185 Fax: +30-210-5708200 Web site: http://www.fanco.gr ============= H U N G A R Y ============= PANNONPLAST PLC: PVL Takes over Technical Plastic Facility ---------------------------------------------------------- Pannonplast plc's subsidiary signed a pre-contract about the transfer of technical plastic production in Szekesfehervar. As earlier announced, Pannonplast's new strategic approach was to seek a strategic investor for its engineering plastic division. As a result of this process, French company PVL (Plastiques Du Val De Loire) will take over Pannonplast's technical plastic production in Szekesfehervar, Hungary. As a part of the transaction, Pannonplast Technical Plastics Co. (PMM) will sell all of its manufacturing machineries and equipment used at the Szekesfehervar plant. With regard to the real estate owned by PMM, a long-term lease agreement was signed with PVL's call option to purchase the real estate. The financial result (IFRS) on the transaction of selling the assets will be around -HUF430 million, which will be accounted for in the fourth quarter 2005. About the Company Pannonplast, which manufactures a wide range of plastic finished products, reported its third straight losses in 2004 due to dropping demand for its products in the sluggish western European market. Although 2004 revenues amounted to HUF26.5 billion, the company still booked losses of HUF1.8 billion. CEO Balazs Szabo, which took over the helm in September 2004, has been cutting costs and selling units to restore the company's profitability. CONTACT: PANNONPLAST MUANYAGIPARI RT. Nagytetenyi ut 216-218 1225 Budapest, Phone: +36 1 207 1936 Fax: +36 1 207 1525 Web site: http://www.pannonplast.hu ========= I T A L Y ========= FIAT AUTO: Forges Partnership with Russia's Severstal Auto ---------------------------------------------------------- Fiat Auto and Severstal Auto signed an industrial agreement that calls for the assembly of Fiat Palio and Albea models based on CKDs produced by Tofas in Turkey, the joint venture between Fiat Auto and the Koc Group. The assembly will start in 2007 in the Severstal Auto plant of Naberejniye Chelni near Kazan in the Volga region. This will be the first step in industrial cooperation between Fiat Auto and Severstal Auto, which will now study opportunities to deepen industrial cooperation and to start production in Russia of other Fiat Auto models including Fiat Doblo. Recently, Fiat Auto and Severstal also signed a CBU Supply Agreement for import and distribution in Russia of the full product range of Fiat branded cars and light commercial vehicles. The two companies are investigating further areas of cooperation. About Fiat One of the pioneer companies in the automobile industry, Fiat has produced more than 85 million passenger cars and light commercial vehicles, including no less than 400 models, since 1899, when the company was founded in Turin, Italy. Some of them have represented milestones in the automotive industry. The Fiat Group's Automobiles Sector operates worldwide with the following brands: Fiat, celebrated for value, economy, and innovation and whose mass produced cars are distributed over almost the entire price class spectrum; Lancia (acquired in 1969) means prestige cars noted for their elegant styling, and comfort; Alfa Romeo (acquired in 1986) is famous as a maker of sport and luxury vehicles of style and distinction; Maserati (acquired in 1992) represents a landmark in the history of the automobile; Ferrari (acquired in 1969), well renowned for unsurpassed design, performance, and luxury, is a legendary automobile that imparts special cachet to its owner. About Severstal Auto OAO Severstal Auto -- http://www.severstalauto.ru-- is one of the biggest Russian automotive companies, which represents the famous Russian automotive brands UAZ and OKA and enjoys leadership positions in the Russian automotive market. The Company produces four-wheel drive vehicles - the UAZ SUVs, light trucks and minivans- and A segment cars. Severstal Auto is also the Russian largest manufacturer of 4- and 8-cylinder petrol engines with displacements ranging from 2.2 to 4.7 liters. About the Company Fiat Auto manufactures automobiles, buses, industrial and special vehicles, and agricultural tractors. Earlier this year, Fiat Auto was able to achieve its objective of breaking even at the operating level. Its net financial position as at the end of 2004, however, remained negative at -EUR5 billion. S&P had said the automotive activities will gradually recover although they will remain loss making in 2005. CONTACT: FIAT AUTO S.P.A. Corso G. Agnelli, 200 - 10135 Torino Phone: +39 011 003 11 11 Fax: +39 011 003 75 91 Web site: http://www.fiat.com Contact: H. Demel, C.E.O =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Delisting from Luxembourg Bourse -------------------------------------------------------- The Board of Directors of Millicom International S.A. has decided to request the delisting of Millicom's equity shares from the Luxembourg Stock Exchange due to the fact that the trading of the Millicom shares on the Luxembourg Stock Exchange was insufficiently liquid. The Millicom shares will continue to be listed on NASDAQ (trading symbol: MICC) and on the Stockholm Stock Exchange (OMX Stockholm) in the form of Swedish Depositary Receipts. The Luxembourg Stock Exchange has delivered its approval of the delisting of the Millicom shares, which will become effective on January 16, 2006. A notice to this effect will be posted starting on January 5 on the Web site of the Luxembourg Stock Exchange (http://www.bourse.lu/notices). Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 391 million people. CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A., Luxembourg Marc Beuls President and Chief Executive Officer Phone: +352 27 759 327 Web site: http://www.millicom.com Investor Relations Andrew Best Phone: +44 20 7321 5022 ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares ------------------------------------------------- On 5 January 2006, Royal Dutch Shell plc purchased for cancellation 550,000 'A' Shares at a price of 26.66 euros per share. It further purchased for cancellation 150,000 'A' Shares at a price of 1,839.39 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,933,800,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * In 2005, Shell returned US$5 billion to shareholders in 2005 via market purchases of shares. This target included shares purchased for cancellation by The Shell Transport and Trading Company plc and Royal Dutch Petroleum Company prior to the Group unification of US$0.5 billion. The Company expects to continue its buyback program in 2006 and will provide an update on the 2006 buy back program with the full year results announcement on February 2, 2006. 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 last 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 =========== R U S S I A =========== ARKHANGELSKIY SUDORAZDELOCHNYJ: Bankruptcy Hearing Set March ------------------------------------------------------------ The Arbitration Court of Arkhangelsk region has commenced bankruptcy supervision procedure on close joint stock company Arkhangelskiy Sudorazdelochnyj. The case is docketed as A05- 11400/05-27. Mr. E. Sunko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 194064, Russia, St-Petersburg, Tikhoretskiy Pr. 1, Building 2, 45. A hearing will take place on March 3, 2006, 2:00 p.m. CONTACT: ARKHANGELSKIY SUDORAZDELOCHNYJ 163048, Russia, Arkhangelsk region, Tsentralnaya Str. 2 E. SUNKO Temporary Insolvency Manager 194064, Russia, St-Petersburg, Tikhoretskiy Pr. 1, Building 2, 45 AUTO-TRANSPORT ENTERPRISE: Proofs of Claim Deadline January 12 -------------------------------------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Auto-Transport Enterprise #2 after finding the open joint stock company insolvent. The case is docketed as A27-9857/2005-4. Mr. O. Fokin has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to 654066, Russia, Kemerovo region, Novokuznetsk, Grdiny Str. 7, Post User Box 1409. A hearing will take place on October 11, 2006, 2:00 p.m. CONTACT: AUTO-TRANSPORT ENTERPRISE #2 Russia, Kemerovo region, Osinniki, Lomonosova Str. 1 O. FOKIN Insolvency Manager 654066, Russia, Kemerovo region, Novokuznetsk, Grdiny Str. 7, Post User Box 1409 BALAKHNINSKIY: Declared Insolvent --------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Balakhninskiy after finding the company insolvent. The case is docketed as A43-22869/2005-18. Mr. V. Pyatykh has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to 603003, Russia, Nizhniy Novgorod region, Post User Box 4. CONTACT: BALAKHNINSKIY Russia, Nizhniy Novgorod region, Balakhna, Pervomayskaya Str. 1 V. PYATYKH Insolvency Manager 603003, Russia, Nizhniy Novgorod region, Post User Box 4 BASH-ZAURAL-STROY: Succumbs to Bankruptcy ----------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Bash-Zaural-Stroy after finding the company insolvent. The case is docketed as A07-21749/04-G- ADM. Mr. G. Monetov has been appointed insolvency manager. Creditors may submit their proofs of claim to 455000, Russia, Chelyabinsk region, Magnitogorsk, Metallurgov Pr. 2a, Apartment 7. CONTACT: BASH-ZAURAL-STROY Russia, Bashkortostan republic G. MONETOV Insolvency Manager 455000, Russia, Chelyabinsk region, Magnitogorsk, Metallurgov Pr. 2a, Apartment 7 BUILDING ASSEMBLY: Names O. Ivanov Insolvency Manager ----------------------------------------------------- The Arbitration Court of Kirov region commenced bankruptcy proceedings against Building Assembly Enterprise #5 after finding the open joint stock company insolvent. The case is docketed as A28-267/05-285/10. Mr. O. Ivanov has been appointed insolvency manager. Creditors may submit their proofs of claim to 610000, Russia, Kirov region, Bolshevikov Str. 89a, Office 26. CONTACT: BUILDING ASSEMBLY ENTERPRISE #5 Russia, Kirov region, B. SKopino, 2a O. IVANOV Insolvency Manager 610000, Russia, Kirov region, Bolshevikov Str. 89a, Office 26 FLAX: Deadline for Proofs of Claim Thursday ------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Flax (TIN 5239000062, OKPO 05134892, KPP 523901001) after finding the open joint stock company insolvent. The case is docketed as A43-5361/99-24-68. Ms. T. Kapgapoltseva has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to 606927, Russia, Nizhniy Novgorod region, Shakhunskiy region, Severnyj, Tsentralnaya Str. 27. CONTACT: FLAX Russia, Nizhniy Novgorod region, Shakhunskiy region, Severnyj T. KAPGAPOLTSEVA Insolvency Manager 606927, Russia, Nizhniy Novgorod region, Shakhunskiy region, Severnyj, Tsentralnaya Str. 27 GAS-PROM-STROY: Bankruptcy Supervision Procedure Begins ------------------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region has commenced bankruptcy supervision procedure on close joint stock company Gas-Prom-Stroy. The case is docketed as A56-34766/2005. Mr. S. Chashin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 191024, Russia, Saint-Petersburg, Post User Box 15. A hearing will take place on March 15, 2006. CONTACT: GAS-PROM-STROY 198320, Russia, Saint-Petersburg, Vosstanovleniya Str. 66/2 S. CHASHIN Temporary Insolvency Manager 191024, Russia, Saint-Petersburg, Post User Box 15 KOVYLKINSKIY: Claims Filing Period Ends January 12 -------------------------------------------------- The Arbitration Court of Mordoviya republic commenced bankruptcy proceedings against Kovylkinskiy after finding the factory of silicate bricks insolvent. The case is docketed as A 39- 1475/05-102/7. Ms. E. Murashkina has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to Russia, Mordoviya republic, Saransk, Krupskoy Str. 29. CONTACT: KOVYLKINSKIY Russia, Mordoviya republic, Kovylkino, Silikatnyj E. MURASHKINA Insolvency Manager Russia, Mordoviya republic, Saransk, Krupskoy Str. 29 KULEBYAKINSKAYA: Sewing Factory Goes Under ------------------------------------------ The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Kulebyakinskaya (TIN 5251006663) after finding the sewing company insolvent. The case is docketed as A43-4990/2005, 18-172. Mr. A. Kirichek has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to: (a) KULEBYAKINSKAYA 607010, Russia, Nizhniy Novgorod region, Kulebyaki, Kolkhoznaya Str. 2A (b) A. KIRICHEK Insolvency Manager 603000, Russia, Nizhniy Novgorod region, Main Post Office, Post User Box 246 POBEDA: Krasnodar Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Pobeda after finding the agro company insolvent. The case is docketed as A-32-20614/2004-37/161-B. Mr. O. Ryabich has been appointed insolvency manager. A hearing will take place on April 17, 2006, 2:00 p.m. CONTACT: POBEDA Russia, Krasnodar region, Dinskoy region, Pervorechenskoye O. RYABICH Insolvency Manager 350080, Russia, Krasnodar region, Post User Box 1884 =========== S W E D E N =========== SKANDIA INSURANCE: Opposition to Old Mutual's Bid Intensifies ------------------------------------------------------------- A group of shareholders is pushing for tougher conditions for Old Mutual plc's bid for Skandia Insurance. According to The Guardian, the group, headed by the Second Swedish National Pension Fund (SSNPF)/Andra AP-fonden, is demanding three seats on Skandia's board. SSNPF is coordinating their efforts to oppose the proposed takeover unless the bid is raised. The Wall Street Journal, in another report, quoted the group as saying: "If the amount of the current offer is not increased, the proportion of minority shareholders in Skandia (should be) significant." The rebels also lobbied that they be allowed access to all data relating to company transactions. Investors have until Thursday (January 12) to accept Old Mutual's GBP3.4 billion bid for Skandia, after which the offer will become unconditional. Old Mutual has said: "We welcome the acknowledgement by the SSNPF that ownership of Skandia is changing, and we are looking forward to fruitful discussions in the future with all Skandia stakeholders." The Second Swedish National Pension Fund started operations on January 1, 2001. Its board is appointed by the Swedish Government. It aims to ensure that the Swedish pension assets for which the Fund is responsible are invested to generate maximum long-term return at minimum risk, supported by efficient and professional asset management techniques. CONTACT: SKANDIA INSURANCE COMPANY LTD. Sveavagen 44 S-103 50 Stockholm, Sweden Phone: +46-8-788-1000 Fax: +46-8-788-3080 Web site: http://www.skandia.com Bjorn Bjornsson Vice Chairman Phone: +46-8-788 25 00 Jan-Mikael Bexhed General Counsel Phone: +46-8-788 25 00 OLD MUTUAL PLC Investor Relations Andrew Parkins Phone: +44 (0) 20 7002 7264 Media Relations Miranda Bellord Phone: +44 (0) 20 7002 7133 Web site: http://www.oldmutual.com SECOND SWEDISH NATIONAL PENSION FUND Box 111 55, SE-404 24 Goteborg Sweden Phone: +46 31-704 29 00 Web site: http://www.ap2.se ============= U K R A I N E ============= AGRO-SLAV: Under Bankruptcy Supervision --------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy supervision procedure on LLC Agro-Slav (code EDRPOU 32283474) on October 19, 2005. The case is docketed as 2/167/05. Mr. Volodimir Shamshur (License Number AA 719889) has been appointed temporary insolvency manager. The company holds account number 26002558047001 at CB Privatbank, Mikolaiv branch, MFO 326610. CONTACT: AGRO-SLAV 54042, Ukraine, Mikolaiv region, Olejnikov Str. 28/14 VOLODIMIR SHAMSHUR Temporary Insolvency Manager 54025, Ukraine, Mikolaiv region, Geroiv Stalingradu Avenue 17/47 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 KYIV SECURITIES: Succumbs to Bankruptcy --------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on Kyiv Securities (code EDRPOU 23155739) on October 25, 2005. The case is docketed as 15/720-b. Mr. O. Sherban (License Number AB 116282) has been appointed temporary insolvency manager. The company holds account number 26005200000510 at JSCB Ukrsocbank, Minska branch, MFO 322131. CONTACT: KYIV SECURITIES 04210, Ukraine, Kyiv region, Geroiv Stalingradu Avenue 16 O. SHERBAN Temporary Insolvency Manager 01030, Ukraine, Kyiv region, a/b 157 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B MAYAK: Under Bankruptcy Supervision ----------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on Mayak (code EDRPOU 14168536) on October 21, 2005. The case is docketed as 4/267-B. Mr. Sinishin Oleg (License Number AA 484194) has been appointed temporary insolvency manager. CONTACT: MAYAK 31300, Ukraine, Hmelnitskij region, Hmelnitskij district, Gvardijske SINISHIN OLEG Temporary Insolvency Manager 01103, Ukraine, Kyiv region, Dragomirov 10-a/29 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square 1 REIN: Insolvency Manager Takes over Operations ---------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Rein (code EDRPOU 3280001) on November 25, 2005 after finding the limited liability company insolvent. The case is docketed as 2/189/05. Mr. O. Tomashevskij (License Number AA 669672) has been appointed liquidator/insolvency manager. CONTACT: REIN Ukraine, Mikolaiv region, P. Morozov Str. 1-A O. TOMASHEVSKIJ Liquidator/Insolvency Manager 54029, Ukraine, Mikolaiv region, Robocha Str. 7 Phone: (0512) 36-72-27 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 SPETSTAMPONAZHGEOLOGIYA: Declared Insolvent ------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Spetstamponazhgeologiya (code EDRPOU 32011359) on October 24, 2005 after finding the limited liability company insolvent. The case is docketed as 5/85 B. Ms. Ludmila Karpachova (License Number AA 668300) has been appointed liquidator/insolvency manager. CONTACT: SPETSTAMPONAZHGEOLOGIYA 83003, Ukraine, Donetsk region, Kapitan Ratnikov Str. 4-A/32 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 SVITANOK: Lviv Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Svitanok (code EDRPOU 23956793) on October 18, 2005 after finding the open joint stock company insolvent. The case is docketed as 6/36-4/19. Mr. Volodimir Mashevskij (License Number AB 116211) has been appointed liquidator/insolvency manager. The company holds account numbers 26006301413610/980 and 26006301413610/840 at Prominvestbank, Lviv central branch, MFO 385048. CONTACT: SVITANOK Ukraine, Lviv region, Promislova Str. 53 VOLODIMIR MASHEVSKIJ Liquidator/Insolvency Manager Ukraine, Lviv region, I. Lukich Str. 3/1 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 VODOPAD: Appoints Temporary Insolvency Manager ---------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Vodopad (code EDRPOU 23154993) on October 12, 2005. The case is docketed as 43/717. Mr. O. Sherban (License Number AB 116282) has been appointed temporary insolvency manager. CONTACT: VODOPAD 04213, Ukraine, Kyiv region, Geroiv Stalingradu Avenue 44/254 O. SHERBAN Temporary Insolvency Manager 01030, Ukraine, Kyiv region, a/b 157 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B ZASTAVA: Goes into Liquidation ------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Zastava (code EDRPOU 30468149) after finding the limited liability company insolvent. The case is docketed as 44/483-b. Mr. Logvinenko Kostyantin (License Number AA 779264) has been appointed liquidator/insolvency manager. CONTACT: ZASTAVA Ukraine, Kyiv region, Chervonozoryanij Avenue 123 LOGVINENKO KOSTYANTIN Liquidator/Insolvency Manager 03150, Ukraine, Kyiv region, a/b 288 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B ZOLOCHIV' KOMBI-PROVENDER: Files for Bankruptcy ----------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Zolochiv' Kombi-Provender Plant (code EDRPOU 00688887) on October 11, 2005 after finding the limited liability company insolvent. The case is docketed as 6/54-8/33. Mr. Kolyada Volodimir (License Number AA 719896) has been appointed liquidator/insolvency manager. The company holds account number 260085031 at JSPPB Aval, Lviv regional branch, MFO 325570. CONTACT: ZOLOCHIV' KOMBI-PROVENDER PLANT 80714, Ukraine, Lviv region, Zolochiv district, Hilchitsi KOLYADA VOLODIMIR Liquidator/Insolvency Manager 79049, Ukraine, Lviv region, Chervonoyi Kalini Avenue 51/51 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 =========================== U N I T E D K I N G D O M =========================== BAMFORD ROOFING: Hires DTE Leonard Curtis as Administrator ---------------------------------------------------------- Company Names: BAMFORD ROOFING LIMITED (Company No 4223166) C. L. LEES LIMITED (Company No 01423311) A. Poxon and J. M. Titley (IP Nos 8620, 8617) of DTE Leonard Curtis were appointed joint administrators of these companies on Dec. 19. Its registered office is at 15 Warwick Road, Stratford upon Avon, Warwickshire CV37 6YW. Bamford Roofing offers roofing and construction services. C. L. Lees Limited is engaged in erecting roof and frames. CONTACT: BAMFORD ROOFING LTD. Bridge Road, Woolston, Warrington, Cheshire WA1 4AU Phone: 01925 828877 C L LEES LTD. 60 Cato Street, Birmingham, West Midlands B7 4TS Phone: 01213776272 DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com BREATHE INTERNET: Administrators Enter Firm ------------------------------------------- Barry David Lewis and Martin John Atkins (IP Nos 2048, 9020) of Harris Lipman LLP were appointed joint administrators of Breathe Internet Limited (Company No 04685199) on Dec. 8. The company is an Internet service provider. CONTACT: BREATHE INTERNET LTD. 64 Paul Street London EC2A 4NA United Kingdom Phone: +44 1619298776 Fax: +44 1619415246 HARRIS LIPMAN 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ Phone: (020) 8446 9000 Fax: (020) 8446 9537 Web site: http://www.harris-lipman.co.uk CAWSTON ORGANS: Names Houghton Stone Administrator -------------------------------------------------- Simon Thornton (IP No 9031) of Houghton Stone Business Recovery was appointed administrator of Cawston Organs Limited (Company No 04722575) on Dec. 16. The company manufactures musical instruments. CONTACT: CAWSTON ORGANS LTD. 2 Willow Close, St. Mary's Park, Portishead, Bristol BS20 6XW Phone/Fax: 01275 848911 HOUGHTON STONE BUSINESS RECOVERY The Conifers, Filton Road, Hambrook, Bristol BS16 1QG Phone: 0117 957 9009 C D EVOLUTIONS: CD Retailer Folds up ------------------------------------ M. Fisher, chairman of C D Evolutions Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 23 at 6C Church Street, Reading RG1 2SB. Peter Bridger of Bridgers, 6C Church Street, Reading RG1 2SB was appointed liquidator. CONTACT: C D EVOLUTIONS LIMITED Woodlands Barn, Whyteladyes La Cookham, Maidenhead, Berkshire SL69 Phone: 01628522662 Web site: http://www.cdevolutions.co.uk/ CEIS (UK): In Administrative Receivership ----------------------------------------- Company Names: CEIS (UK) LIMITED (Reg No 3337890) CROSS GROUP HOLDINGS PLC (Reg No 4192181) CROSS SERVICES GROUP LIMITED (Reg No 3715415) CROSS SERVICES LIMITED (Reg No 2397030) The Royal Bank of Scotland Plc appointed Simon Allport and Robert Hunter Kelly (Office Holder Nos 8763 and 8582), of Ernst & Young LLP, joint administrative receivers of these companies on Dec. 15. The firms provide electrical services. CONTACT: CROSS GROUP HOLDINGS PLC Cross House, Sutton Road St. Helens, Merseyside WA9 3DR ERNST & YOUNG LLP 100 Barbirolli Square, Manchester M2 3EY Phone: +44 [0] 161 333 3000 Fax: +44 [0] 161 333 3001 Web site: http://www.ey.com CLEMENT DOHERTY: Files for Liquidation -------------------------------------- E. N. Doherty, director of Clement Doherty & Co. Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 24 at Devonshire House, 1 Devonshire Street, London W1W 5DR. Mark Richard Phillips and Murzban Khurshed Mehta of Citroen Wells, Devonshire House, 1 Devonshire Street, London W1W 6DR were appointed Joint Liquidators. CONTACT: CLEMENT DOHERTY & CO. LTD. 420 London Fruit Exchange Brushfield Street London E1 6EL Phone: 020 7337 1244 CITROEN WELLS Devonshire House, 1 Devonshire Street, London W1W 5DR Phone: +44 (0) 20 7304 2000 Fax: +44 (0) 20 7304 2020 Web site: http://www.citroenwells.co.uk CMHYT PLC: Liquidators from KPMG Enter Firm ------------------------------------------- P. O'Connor, chairman of Cmhyt Plc, informs that the special and ordinary resolutions to wind up the firm were passed at an EGM held on Dec. 20 at 30 Finsbury Square, London EC2A 1AG. Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB were appointed joint liquidators. CONTACT: KPMG LLP P.O. Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk COLYFIELD LIMITED: Claims Filing Period Ends Later this Month ------------------------------------------------------------- J. H. Evans, chairman of Colyfield Limited, informs that the special resolutions to wind up the firm were passed at an EGM held on Dec. 16 at Baker Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ. Mark John Wilson and Tracey Elizabeth Callaghan of Baker Tilly, 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ were appointed joint liquidators. Creditors are required on or before January 31, 2006, to send in their full forenames and surnames, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to Mark John Wilson. CONTACT: BAKER TILLY 1st Floor, 46 Clarendon Road, Watford, Hertfordshire WD1 1JJ Phone: 01923 816400 Fax: 01923 253402 Web site: http://www.bakertilly.co.uk CO-OPERATIVE INSURANCE: Changing Employees' Pension Scheme ---------------------------------------------------------- Employees of the Co-operative Insurance Society will have to face cuts in their pension payouts after the Co-operative Group announced Wednesday it is closing its final salary pension scheme to existing workers. The group wants all current and future workers to pay into a "career average" scheme -- not into a money purchase scheme like other major companies. The new scheme, which calculates an employee's pension on earnings throughout his career, will replace the three existing final salary schemes for employees, according to a spokesman. It will be applicable to any pension built up after April this year, and benefits accrued within the current schemes will continue to be linked to final salary. Some staff could benefit from the system, but most will have to suffer lower payouts. Also affected are scheme members working on both the retail side and employees of the Co-operative Bank. The current salary schemes have 98,000 members, about 21,800 of which are active. The rest are former staff, who have not transferred their pensions, and retired workers. The plan still requires the approval of scheme trustees. Labor union T&G warned of a possible industrial action. Ron Webb, the union's national secretary for transport, said: "We do not accept the closure of the final salary scheme as a foregone conclusion. We see [Wednesday's] announcement as a first step in a consultation process." Established in 1867, CIS prides itself as the only co-operative insurance company in the United Kingdom. In 2004, the company unveiled plans to drop 2,000 jobs in two years as part of its restructuring scheme following a business review. It is operating in an increasingly competitive market. CONTACT: CO-OPERATIVE INSURANCE SOCIETY LTD. Miller Street Manchester M60 0AL Phone: 08457 46 46 46 E-mail cis@cis.co.uk Web site: http://www.cis.co.uk DEMENI CATERING: Administrators Take over Firm ---------------------------------------------- Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) of Begbies Traynor (South) LLP were appointed administrators of Demeni Catering Limited (Company No 4702767) on Dec. 20. CONTACT: DEMENI CATERING LTD. 1 Fullers Way South, Chessington, Surrey KT9 1HF Phone: 020 89742095 Fax: 020 89742333 E-mail: info@demenicatering.com Web site: http://www.demenicatering.com BEGBIES TRAYNOR (SOUTH) LLP Carolyn House, 22-26 Dingwall Road, Croydon CR0 9XF Web site: http://www.begbies.com EFM DISTRIBUTION: Calls in Liquidator ------------------------------------- S. Sheibani, director of EFM Distribution Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 25 at 47-49 Green Lane, Northwood, Middlesex HA6 3AE. Ashok K. Bhardwaj, 47-49 Green Lane, Northwood, Middlesex HA6 3AE was appointed liquidator. CONTACT: EFM DISTRIBUTION LTD. 7 Parr Rd Stanmore HA7 1LE 020 8381 3747 ELEDOR LIMITED: Names Administrators from Hurst Morrison -------------------------------------------------------- Gareth Wyn Roberts and Paul William Ellison (IP Nos 1162, 7254) of Hurst Morrison Thomson Corporate Recovery LLP were appointed administrators of Eledor Limited (Company No 04337040) on Dec. 16. CONTACT: ELEDOR LTD. Richmond House, Richmond Hill, Bournemouth, Dorset BH2 6EQ Phone: 01202298421 HURST MORRISON THOMSON CORPORATE RECOVERY LLP 5 Fairmile, Henley on Thames, Oxfordshire RG9 2JR Phone: +44 (0) 1491 579866 Fax: +44 (0) 1491 573397 E-mail: hmt@hmtgroup.co.uk FORD CREDIT: Rating Cut to BB-/B-2 on U.S. Woes ----------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit ratings on Ford Motor Co., Ford Motor Credit Co., and all related entities to 'BB-/B-2' from 'BB+/B-1' and removed them from CreditWatch, where they were placed on Oct. 3, 2005, with negative implications. The outlook is negative. Consolidated debt outstanding totaled US$141.7 billion at Sept. 30, 2005. "The downgrade reflects our increased skepticism about Ford's ability to turn around the performance of its North American automotive operations -- a process that will require, at best, a number of years," said Standard & Poor's credit analyst Robert Schulz. Even so, Ford's still-substantial liquidity will continue to provide considerable protection against the risk of financial distress for the next few years, but Ford is highly subject to the pricing actions of competitor General Motors Corp. (B/Negative/B-3) and could suffer from further turmoil at GM. Ford suffered substantial market share erosion in the U.S. during 2005, despite earlier concerted efforts to improve the appeal of its product offerings and minimize the use of incentives. At the same time, the company has experienced marked deterioration of its product mix, given the precipitous weakening of sales of its midsize and large SUVs, products that had been highly disproportionate contributors to Ford's earnings. This product mix deterioration has occurred despite the launch of some refreshed SUV models such as the Explorer. With SUV demand having plummeted industry-wide, particularly during the second half of 2005, it is now dubious whether even additional new models can be counted on to help restore the company's North American operations to profitability. Despite earlier downsizing, Ford is expected to announce later this month that it will undertake yet another costly and extensive round of production capacity cuts and workforce rationalization. But the benefits of such measures could be undermined unless its market share stabilizes without the company's having to resort again to ruinous price discounting. Despite robust industry demand, Ford's financial performance declined sharply in 2005 compared with 2004 and initial expectations for 2005. In light of the $1.4 billion loss through the first nine months of 2005, we believe the full-year pretax loss of Ford's North American operations could approach $2 billion -- before substantial impairment and restructuring charges -- although Ford is still expected to be profitable on a net basis in 2005 (before special items) thanks to earnings from its finance unit. The rating outlook on Ford and Ford Credit is negative. Prospects for Ford's automotive operations are clouded. The ratings could be lowered further if we came to expect that Ford's cash generation would worsen due to further setbacks, whether Ford-specific or stemming from market conditions. Ford would need to reverse its current financial and operational trends, and sustain such a reversal, before we would revise its outlook to stable. CONTACT: STANDARD & POOR'S RATING SERVICES Web site: http://www2.standardandpoors.com/ FORD MOTOR CREDIT CO. One American Rd. Dearborn, MI 48126 Phone: 313-322-3000 Fax: 313-323-2959 Web site: http://www.fordcredit.com/ GUMPA ROOFING: Appoints Begbies Traynor Liquidator -------------------------------------------------- J. E. Lane, chairman of Gumpa Roofing Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at Elliot House, 151 Deansgate, Manchester M3 3BP. Stephen L. Conn of Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP was appointed liquidator. CONTACT: GUMPA ROOFING LTD. 31 Moss Lane, Worsley, Manchester Lancashire M28 3WD Phone: 01617901666 BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com INGLEBY PRINT: Goes into Liquidation ------------------------------------ R. Arnold, director of Ingleby Print Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 25 at 2 Nelson Street, Southend on Sea, Essex SS1 1EF. K. B. Stout of KSA, 2 Nelson Street, Southend-on-Sea, Essex SS1 1EF was appointed liquidator. CONTACT: INGLEBY PRINT LTD. Units 2-3 13-19 Lower Road Sutton SM1 4QJ Surrey Phone: 020 8770 7679 Fax: 020 8770 7671 INTERACT SOUND: Names Liquidator from Benedict Mackenzie -------------------------------------------------------- A. V. B. Wirtz, chairman of Interact Sound Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 24 at 160 Barlby Road, London W10 6BS. Graham P. Petersen and Julie P Vahey of Benedict Mackenzie, 5-6 The Courtyard, East Park, Crawley, West Sussex were appointed Joint Liquidators. Interact Sound Limited -- http://www.interact-sound.co.uk/-- is located in West London, in the Notting Hill area. The company was established ten years ago and was initially set up by four people, all actively involved in the various aspects of the film industry. Tony Martin is its studio manager. CONTACT: Tony Martin E-mail: tony@interact-sound.co.uk BENEDICT MACKENZIE 4 The Courtyard East Park Crawley West Sussex RH10 6AG Phone: 01293 410333 Fax: 01293 428530 E-mail: m.fillmore@benemack.com INTERIOR MANAGEMENT: Begbies Traynor Liquidator Moves in -------------------------------------------------------- R. S. Griffin, director of Interior Management Contracts Ltd., informs that a resolution to wind up the company was passed at an EGM held on Nov. 24 at Thistle Hotel Westminster, Buckingham Palace Road, London SW1W 0QT. G. W. Rhodes of Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE was appointed liquidator. Interior Management -- http://www.interiormanagement.co.uk/-- specializes in the design, fitting out and refurbishment of office corporate interiors. CONTACT: INTERIOR MANAGEMENT CONTRACTS LTD. Highlight House 57 Margaret Street London W1W 8SJ United Kingdom Phone: +44 (0)20 7580 0820 Fax: +44 (0)20 7580 2768 BEGBIES TRAYNOR 2-3 Pavilion Buildings Brighton Sussex BN1 1EE Phone: 01273 747847 Fax: 01273 747743 E-mail: geoff.rhodes@begbies-traynor.com KENTON DISPLAY: Screen Printer Hires Administrator -------------------------------------------------- Dilip K. Dattani (IP No 007915) and Patrick B. Ellward (IP No 008702) of Tenon Recovery were appointed administrators of Kenton Display Limited (Company No 00511545) on Dec. 13. CONTACT: KENTON DISPLAY LTD. 21-27 Bissell Street Birmingham B5 7HT West Midlands Phone: 0121 622 3071 Fax: 0121 622 5767 Web site: http://www.kentondisplay.co.uk/ TENON RECOVERY 1 Bede Island Road Bede Island Business Park Leicester LE2 7EA Phone: 0116 222 1101 Fax: 0116 222 1102 E-mail: leicester@tenongroup.com Web site: http://www.tenongroup.com TENON RECOVERY Charnwood House, Gregory Boulevard, Nottingham NG7 6NX Phone: 0115 955 2000 Fax: 0115 918 4500 Web site: http://www.tenongroup.com KINYSYS LTD.: Joint Liquidators Enter Firm ------------------------------------------ A. Ashwood, director of Kinysys Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 25 at Elwell Watchorn & Saxton LLP, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR. Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn & Saxton LLP, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR were appointed Joint Liquidators. CONTACT: KINYSYS LTD. Little End Road Eaton Socon St. Neots Cambs PE19 8JH Phone: 01480 408530 01480 218111 Web site: http://www.kinysys.com ELWELL WATCHORN & SAXTON 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR Phone: (+44) 01733 235253 Fax: (+44) 01733 236391 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk LEVEL 1 SECURITY: Names P&A Partnership Liquidator -------------------------------------------------- G. F. Fordham, chairman of Level 1 Security (Lincoln) Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 24 at 93 Queen Street, Sheffield S1 1WF. John Russell and Allan Cooper of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF were appointed Joint Liquidators. The resolutions and appointment were confirmed at a subsequent creditors meeting. CONTACT: LEVEL 1 SECURITY LTD. Level 1 (Lincoln) Ltd, Hillcroft House, Hillcroft Business Park, Whisby Road, Lincoln LN6 3QT E-mail: info@level1security.co.uk Phone: (01522) 697774 Fax: (01522) 697773 Web site: http://www.level1security.co.uk/ THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com LILLA HUS: Interior Designer Winds up ------------------------------------- D. K. Brunner, director of Lilla Hus Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at Mountview Court, 1148 High Road, Whetstone, London N20 0RA. Kikis Kallis, Kallis & Co., Mountview Court, 1148 High Road, Whetstone, London N20 0RA was appointed liquidator. CONTACT: LILLA HUS LTD. The Lilla Studio Foundation House 4 Percy Road London N12 8QD Phone: +44 (0)208 369 5530 Fax: +44 (0)208 492 1719 E-mail: queries@lillahus.com KALLIS & CO. Mountview Court 1148 High Road Whetstone London N20 0RA Phone: 020 8446 6699 Fax: 020 8492 6099 MVC ENTERTAINMENT: Music Zone Buys Outlets ------------------------------------------ Administrators from Kroll have sold 41 stores of MVC Entertainment to music retailer Music Zone for an undisclosed sum, according to Reuters. The deal saved 437 jobs at the DVD and CD retailer. MVC's remaining 23 stores continue to trade while administrators review options for the business. The company's joint administrators are Andrew Pepper, Peter Saville and Gurpal Johal. It filed for bankruptcy on Dec. 21. MVC Entertainment -- http://www.mvc.co.uk/-- a subsidiary of Woolworths, sells music, DVDs, videos, games, and other entertainment products at more than 80 stores in England, Wales, and Scotland. Previously called The Music & Video Club, MVC Entertainment also provides home delivery service. It has annual turnover of more than GBP100 million. CONTACT: MVC ENTERTAINMENT LIMITED 242-246 Marylebone Rd. London NW1 6JL, United Kingdom Phone: +44-20-7724-0727 Fax: +44-20-7258-3200 KROLL LIMITED 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com NOV-EX3: Food Retailer Calls in Administrator --------------------------------------------- Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568) of Cooper Parry LLP were appointed administrators of food retailer Nov-Ex3 Limited (Company No 05417356) on Dec. 16. CONTACT: COOPER PARRY LLP 14 Park Row, Nottingham NG1 6GR Phone: +44 (0) 1332 295544 Fax: +44 (0) 1332 295600 Web site: http://www.cooperparry.com ONLINE IT: Administrators from Menzies Corporate Move in -------------------------------------------------------- Paul David Williams and Andrew Gordon Stoneman (IP Nos 9294, 8728) of Menzies Corporate Restructuring were appointed joint administrators of Online IT Accounting Limited (Company No 04044000) on Dec. 15. CONTACT: MENZIES CORPORATE RESTRUCTURING 43/45 Portman Square London W1H 6LY Phone: 020 7487 7240 PROJECT DEVELOPMENT: Files for Administration --------------------------------------------- Andrew Fender (IP No 6898) of Sanderlings LLP was appointed administrator of Project Development Services (UK) Limited (Company No 04477620) on Dec. 19. Its registered office is at 1st Floor, 43 Pottery Street, Llanelli, Carmarthenshire SA15 1SU. The company offers technical consultancy service. CONTACT: SANDERLINGS LLP Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT ROYAL MAIL: Rival Threatens to Block GBP2 Bln Fundraising --------------------------------------------------------- TNT, Royal Mail's archrival in the U.K., warns it will go to Brussels if the government grants the company financial aid, The Observer says. Britain, the sole shareholder of Royal Mail, is considering a loan or an equity investment via a rights issue. TNT considers either move anti-competitive and violative of E.U. state aid laws. According to TNT's legal adviser, Angus Russell, the government will be forced to subscribe to all shares offered. He also fears Royal Mail will not be able to pay a loan. As reported last month, the Department of Trade and Industry is in talks with HSBC, Lazard and Merrill Lynch regarding a possible GBP2 billion rights issue. Royal Mail has appointed Morgan Stanley and NM Rothschild to advise it on the fundraising. It intends to draw up detailed proposals by the middle of the month, the report said. The company needs cash to automate its postal system to better play in the sector, which opened for competition at the start of the year. It also needs cash to fill a GBP4.25 billion pension fund deficit that threatens to balloon to GBP6.2 billion. The firm generates about GBP500 million in revenues a year and pays about GBP450 million to the fund. In a worse case scenario, this contribution could increase to as much as GBP1 billion a year, says The Guardian. CONTACT: ROYAL MAIL 148 Old Street London EC1V 9HQ Web site: http://www.royalmail.com MORGAN STANLEY 1585 Broadway New York, NY 10036 Phone: (212) 761-4000 Web site: http://www.morganstanley.com/ NM ROTHSCHILD Web site: http://www.nmrothschild.com/home/ ROYAL MAIL: Names Managing Director for Post Office --------------------------------------------------- Alan Cook, the Chief Executive of National Savings and Investments (NS&I), has been appointed to the new post of Managing Director of Post Office Ltd. Reporting to Adam Crozier, Royal Mail's Group Chief Executive, Mr. Cook will develop the Post Office(R) network in its key role of providing products and services to 28 million customers each week in communities nationwide. Mr. Crozier said he was delighted Mr. Cook had accepted the role. "Alan has a fantastic track record in growing business at NS&I where investments in Premium Bonds and other savings and investment products have grown by an impressive GBP10 billion in the last three years. "The Post Office(R) has had a long and productive relationship with NS&I. In Alan, we are fortunate to have a business director who understands our business and its customers. He is bringing to the Post Office(R) huge experience in successfully leading a major organization in growing its revenues strongly in a changing market. He'll be a great asset for the Post Office(R), our people and customers," said Mr. Crozier. Mr. Cook will join the company in March 2006. He said: "The Post Office(R) has a unique and cherished place in communities everywhere. I'm very much looking forward to developing and growing its business while ensuring it continues to serve its customers with the products and services they rely on." Mr. Cook will be a member of the Royal Mail Board. Royal Mail Group plc is a public limited company wholly owned by the Government, with annual sales in excess of GBP8 billion and more than 200,000 employees. CONTACT: ROYAL MAIL 148 Old Street London EC1V 9HQ Web site: http://www.royalmail.com WASIM LIMITED: Hires Administrators from Cooper Parry ----------------------------------------------------- Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568) of Cooper Parry LLP were appointed administrators of Wasim Limited (Company No 05452706) on Dec. 16. CONTACT: COOPER PARRY LLP 14 Park Row, Nottingham NG1 6GR Phone: +44 (0) 1332 295544 Fax: +44 (0) 1332 295600 Web site: http://www.cooperparry.com WHITEHEAD MANN: Assigns Lease to Mills Global Services ------------------------------------------------------ Whitehead Mann Group plc has completed the assignment of its 4th Floor, Queensberry House lease to Mills Global Services of U.K. Ltd. (part of The Mills Limited Partnership). 4th Floor, Queensberry House, an office of 12,500 square feet, was occupied by the Financial Services search practice until August 2005 when the entire London office of Whitehead Mann moved to a single location at Ryder Court in St. James. Chris Merry, chief executive, said: "Completing the assignment of this lease is a major step forward and is the last significant outstanding U.K. property lease to be assigned under the strategic plan. Co-locating our London consultants into a single building at Ryder Court has significantly improved teamwork and communication." * * * The U.S.-based unit of Whitehead Mann Group Plc -- the sixth largest executive search firm in the world -- filed a prepackaged chapter 11 plan of liquidation in the U.S. Bankruptcy Court for the Southern District of New York on March 31, 2005. This came after Whitehead Mann warned it is likely to reveal a GBP20 million annual loss. The company is implementing a Strategic Plan to take the business forward. Group turnover for the year to 31 March 2005, from continuing operations, was GBP47.2 million (2004: GBP55.0 million). Operating profit from continuing operations before exceptionals was GBP2.0 million (2004: GBP9.1 million). Exceptional operating costs of GBP9.1 million resulted in an operating loss after exceptionals for the year of GBP9.0 million (2004: operating profit GBP4.8 million). CONTACT: WHITEHEAD MANN GROUP PLC 14 Hay's Mews London United Kingdom W1J 5PT Phone: +44 20 7290 2000 Fax: +44 20 7290 2050 Web site: http://www.wmann.com WM MORRISON: Post-Christmas Trading Update Out Wednesday -------------------------------------------------------- Wm Morrison Supermarkets plc will be issuing a post-Christmas trading statement for the six-week period to 8 January 2006 on 11 January 2006. About the Company Founded in 1899 by William Morrison, the company has grown from a single egg and butter stall in Bradford market to become the U.K.'s fourth largest, and rapidly growing supermarket chain. With over 150,000 people working in stores, factories, distribution centers and its head office, the company serves more than 10 million customers weekly. Morrison is experiencing difficulty integrating Safeway, the US$3 billion business it acquired last year. Since the acquisition, it has issued five profits warning in over a year. In September, it unveiled plans to shut down three distribution depots, confirming fears of job cuts. The decision, which would affect sites in Aylesford, Bristol and Warrington, could leave 2,500 workers jobless. In May, the company stated clearly that it was not in a position to provide reliable guidance on the level of profitability for the year as a whole. Since that time, the market has produced a wide range of profit estimates for the year 2005/6. While detailed forecasting work was underway, the Board believed the guidance for profit before tax, exceptionals and goodwill for the current year will fall within the range GBP50 million to GBP150 million. The Board reiterated that in 2006/7 there remains every indication that financial performance will improve significantly following completion of the conversion process and as the benefits of the actions taken to normalize the cost structure of the business are reflected in improving margins. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.co.uk ZHM ABATTOIR: Names Jones Lowndes Dwyer Administrator ----------------------------------------------------- Claire L. Dwyer (IP No 9329) of Jones Lowndes Dwyer LLP was appointed administrator of ZHM Abattoir Corporations Limited (Company No 05492816) on Dec. 19. Its registered office is at 28 St Thomas Road, Chorley, Lancashire PR7 1HX. CONTACT: JONES LOWNDES DWYER LLP John Swift Building 19 Mason Street Manchester Greater Manchester M4 5FT Phone: 0161 832 9454 Fax: 0161 832 9455 E-mail: clairedwyer@joneslowndesdwyer.co.uk * Corporate Failures Up 11% in 2005 ----------------------------------- Corporate failures in the U.K. rose 11% in 2005 to 18,122, with the Retail and Business Services sectors seriously hit, global information solutions company Experian reported. Experian added the number is the highest since 2002, and the increasing trend is likely to continue this year. In the last three months of 2005, corporate failures jumped 7% to 4,501 from 4,193 in the fourth quarter of 2004. Richard Lloyd, managing director of Experian's Business Information division, said: "The financial landscape for U.K. companies had already begun to change by the start of 2005 as rising interest rates and the consumer slowdown all took their toll." He also attributed the crisis to the rapid rise in energy prices, citing high profile failures such as Unwins, LDV, Tiles R Us and MVC, all in December. He encouraged companies to "make the necessary checks on their customers, prospects and suppliers to ensure they are forewarned about any experiencing cash flow difficulties and possible failure." Voluntary liquidations and compulsory liquidations also went up 7.4% to 9,083 and 14.4% to 5,493, respectively, last year. Administration orders continued to rise in 2005 with 2,356 cases, up 44.3%. However, the number of companies entering receivership plunged 31.7% to 621 as well as voluntary arrangements with a 1% drop to 569. Among the industries surveyed by Experian, Non-food Retailing (up 40%), Business Services (up 12%), Media (up 15%), Diversified Industrials (up 19%) and Building & Construction (up 8%) recorded the highest increases. These five sectors accounted for more than a third of all failures. Regionally, the North East posted the highest annual increase with 59%, followed by the West Midlands (up 19%), North West (up 11.1%) and Yorkshire & Humberside (up 12.7%). CONTACT: PETER BROOKER Public Affairs Director, Experian Phone: (+44) 115 934 4548 E-mail: peter.brooker@uk.experian.com ********* 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 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *