text: TCREUR_Public/050707.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, July 7, 2005, Vol. 6, No. 133 HeadlinesB U L G A R I ACHIMCO AD: Receivers Cut Investor's Access to FacilitiesF I N L A N DBENEFON OYJ: Pays Debt in Line with Exit from ReorganizationG E R M A N YAGENDA TEAM: Court to Verify Claims SeptemberAVARRO GMBH: Creditors' Claims Due Next MonthBOHMER-BAUBETREUUNGS: Under Bankruptcy AdministrationCLEAN VAC: Creditors Meeting Set AugustDIETRICH VERLAGS: Proofs of Claim Due Next MonthHANSA POOL: Court Appoints Dr. Peters AdministratorKT-ELEKTROTRECHNIK: Electronics Firm Falls into BankruptcySAM GERUESTBAU: Gifhorn Court Appoints AdministratorSCHIEDER MOBEL: Debt Securities Get (P)B3 RatingSCHIEDER MOEBEL: S&P Affirms 'B+' Long-term Credit RatingZAPF CREATION: Takes Measures to Stop Fast Profit DeclineH U N G A R YMALEV HUNGARIAN: Three Bidders Table Formal OffersI T A L YCIRIO FINANZIARIA: Lorenzo Seeks Ally to Fortify Del Monte BidFIAT SPA: Chief Financial Officer to Leave this MonthFIAT SPA: Breaks even at Operating Level in 2004FIAT SPA: Gives IBM Control of Global Value for 9 Nine YearsM A C E D O N I A* State Draws List of Loss-making FirmsN E T H E R L A N D SROYAL SHELL: Secures Exploration Rights in AustraliaR U S S I ABRYANSKAYA VODKA: Succumbs to BankruptcyDEDOVICHESKIY MEAT: Deadline for Proofs of Claim Set July 18KRASNOLENINSK-OIL-GAS-STROY: Under Bankruptcy SupervisionMOBILE BUILDING: Assets for Public Auction Next WeekPONOMAREVSKOYE BREAD: Period for Filing of Claims Ends July 18VESHKAYMSKIY ELEVATOR: Hires Insolvency Manager from UlyanovskVOLOKOLAMSKIY WOOD-COMBINE: Appoints Insolvency ManagerWIRING ACCESSORIES: Undergoes Bankruptcy Supervision ProcedureWOOD-PROM-KHOZ PIONEER: Bankruptcy Hearing Set OctoberYUKOS OIL: Net Loss Deepens; Production DropsZELENOKUMSKIY: Court Brings in Insolvency ManagerS P A I NAVANZIT SA: Inks EUR62.4 Mln Debt Swap Deal for TelsonS W E D E NCONCORDIA BUS: Delays Presentation of ResultsT U R K E YTURKIYE SINAI: Moody's Rates Foreign Currency Deposit B2U N I T E D K I N G D O MABC RECRUITMENT: Files for Voluntary Winding-upACANTHA FIREPLACES: Shareholders Pass Resolution to Wind-up FirmAMESBURY TRANSPORT: Members Decide to Wind up FirmATLAS TRANSPORT: Opts for LiquidationBALMORAL GROUP: Hotel Operator Collapses into LiquidationBELLTON ENGINEERING: Creditors Appoint LiquidatorCHRISTIE TYLER: Selling SubsidiariesCNA INSURANCE: Hires Liquidators from PricewaterhouseCoopersCOMMERCIAL SENSE: Finance Brokerage Firm Winds up BusinessCOSTAIN GROUP: Wins 'Best Overall Safety Provider' AwardDANKA BUSINESS: New CFO to Join Board Next MonthDIORANEWS LIMITED: Hires Liquidator from Ian Franses AssociatesDRILL LEISURE: Appoints Begbies Traynor LiquidatorEMPYREAL LIMITED: Meeting of Creditors Set FridayENVIRONMENTAL AIR: Liquidators from KPMG Move inEQUITABLE LIFE: Boss Retracts Comment, Says Sorry to DirectorsFENIMOOR HOLDINGS: Names Unity Corporate Recovery AdministratorFKI PLC: Sells Wind Turbine Unit for EUR75,000FREMA SYSTEMS: Shareholders Opt to Wind up FirmGLYNTER DEVELOPMENTS: Winding-up Resolutions PassedGOLDING FASHIONS: Calls in LiquidatorsHPI (INC): Falls into LiquidationIOTA TECHNOLOGY: Hires Administrator from Fisher PartnersLAWSON ALEXANDER: Hires Administrators from Begbies TraynorMAXIMUM IMPORT: Creditors to Hire Liquidator Third Week of MonthMETTRIO LIMITED: Members Pass Winding-up ResolutionsMG ROVER: Car Execs, SAIC in Site Rescue TalksMOUNTDENE HOTELS: Names Begbies Traynor LiquidatorMOWLEM PLC: Full-year Results Miss Target by GBP20 MillionM P INDUSTRIES: Appoints PricewaterhouseCoopers AdministratorMRK STATIONERS: Creditors Meeting Set Next WeekMULTIPLE CONSTRUCTION: Sets Creditors Meeting Next WeekNETWORK RAIL: Work to Repair Collapsed Tunnel UnderwayNEWTON DERBY: Administrators from PwC Move inNORTH LATCH: Joint Receivers to Present Report Next WeekOVERFINCH LIMITED: Range Rover Supplier Calls in AdministratorOXECRAFT BAR/CAFE: Names Begbies Traynor LiquidatorPARKGATE INVESTMENTS: Members Pass Winding-up ResolutionsPARK ROAD: Appoints Butcher Woods LiquidatorPBI MANAGEMENT: Hires Deloitte & Touche as LiquidatorPINEAPPLE HOLIDAYS: Travel Agency in LiquidationPOLYPACK SCOTLAND: First Creditors Meeting Set Next WeekPREMIER COMMUNICATIONS: Names Poppleton & Appleby AdministratorPRESTON & DUCKWORTH: Administrators from PKF Move inREILLY CONSTRUCTION: Creditors to Meet Later this MonthR F WINDER: Calls in Administrators from PricewaterhouseCoopersRPM FASTENERS: Names RSM Robson Rhodes AdministratorSENDO HOLDINGS: Mobile Company Calls in AdministratorSENDO INTERNATIONAL: Hires Administrators from Kroll LimitedSENDO LIMITED: Administrators from Kroll Limited Move inSENDO TELECOMMUNICATIONS: Hires Kroll Limited as AdministratorUNITED NETWORKS: Creditors Meeting Set Next WeekV ASQUITH: Creditors to Meet Next WeekWM MORRISON: Seeks Talks with Unions to Prevent StrikeWOOLWORTHS GROUP: Profits Lower Under IFRSZENITH BUILDING: Members Pass Winding-up Resolution *********===============B U L G A R I A===============CHIMCO AD: Receivers Cut Investor's Access to Facilities--------------------------------------------------------Receivers of Chimco AD have reportedly barred the Bulgarian unitof Swiss Indagro from entering the plant of the fertilizer maker.This came as Indagro Bulgaria's general director AndreySemerdjiev told PARI Financial Daily that its contract to rentChimco's facilities, signed in December, has been cancelled.Chimco's receivers, Boris Borissov and Andon Rokov, had earlierwarned of the termination as a result of Indagro's failure to paythe monthly rent of BGN100,000 for three months. Indagro isexpected to check the site this week.On July 28, Chimco creditors will discuss the rehabilitationprograms separately proposed by Novo Chimco and Inter RAOBulgaria, which controls 38% of the company. Novo Chimco's planwill see Chimco's BGN10 million debt to the state repaid upontermination of its bankruptcy procedure. The company's debt toBulgargas and National Electric Company (NEK), which total BGN151million, will be reset for 18 years. In return, Novo Chimco willbe the sole owner of Chimco, while shares of 7,000 smallinvestors will be cancelled.Meanwhile, Inter RAO plans to pay all of Chimco's debt plusinterest to the state within three days after cancellation of itsbankruptcy proceedings, while payment of the liabilities toBulgargas and NEK will be extended for 10 years.In April, Chimco AD reported an unaudited net loss of BGN80.951million, or a fourfold increase from last year's BGN20.713million. A huge chunk of this loss was caused by a record-highdepreciation charge amounting to BGN75.064 million. Despite thepoor results, investors continue to pour in.CONTACT: CHIMCO AD 3037 Vratza, Bulgaria Tel: +359-92-61071 Fax: +359-92-61118 E-mail: firstname.lastname@example.com=============F I N L A N D=============BENEFON OYJ: Pays Debt in Line with Exit from Reorganization------------------------------------------------------------After the reorganization exit became legally enforceable asreported on June 20, 2005,the Benefon Oyj has now paid theremaining reorganization debt and the agreed additional paymentsexcluding some minor amounts that could not be paid due toreasons not dependent on the Company, mainly because somecreditor's contact information and account numbers were notavailable. Therefore, the company has performed its obligationsin the advanced reorganization exit.Benefon OyjTomi Raita, CEO * * *Headquartered in Salo, Finland, Benefon provides mobiletelematics solutions for saving lives, securing assets andimproving field management. It applied for statutory corporatereorganization with the court of first instance in Turku on April24, 2003 after failing to find funding on time. British OctagonSolutions set the restructuring program as a condition for itsinvestment of EUR1.65 million in return for a two-thirds share inthe company. New York investment bank Punk, Ziegel & Company,L.P. assisted Benefon in exploring a range of financing andstrategic alternatives.In June, Benefon confirmed it is ending its reorganizationprogram 3-and-a-half years early.CONTACT: BENEFON OYJ P.O. Box 84 Meriniitynkatu 11 FIN-24101 Salo, Finland Phone: +358-2-77 400 Fax: +358-2-733 2633 Web site: http://www.benefon.com=============G E R M A N Y=============AGENDA TEAM: Court to Verify Claims September---------------------------------------------The district court of Hannover opened bankruptcy proceedingsagainst AGENDA Team LTD. on June 20. Consequently, all pendingproceedings against the company have been automatically stayed.Creditors have until August 17, 2005 to register their claimswith court-appointed provisional administrator Manuel Sack.Creditors and other interested parties are encouraged to attendthe meeting on September 14, 2005, 9:00 a.m. at the districtcourt of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude,Hamburger Allee 26, 30161 Hannover, at which time theadministrator will present his first report of the insolvencyproceedings. The court will also verify the claims set out inthe administrator's report during this meeting, while creditorsmay constitute a creditors committee and or opt to appoint a newinsolvency manager.CONTACT: AGENDA TEAM LTD. Kalmiaweg 4, 30916 Isernhagen Manuel Sack, Administrator Theaterstr. 3, 30159 Hannover Phone: 0511/36602-0 Fax: 0511/36602-55AVARRO GMBH: Creditors' Claims Due Next Month---------------------------------------------The district court of Koln opened bankruptcy proceedings againstAVARRO GmbH on June 16. Consequently, all pending proceedingsagainst the company have been automatically stayed. Creditorshave until August 26, 2005 to register their claims withcourt-appointed provisional administrator Heinrich Druegh.Creditors and other interested parties are encouraged to attendthe meeting on September 27, 2005, 11:05 a.m. at the districtcourt of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,1. Etage, Saal 142, at which time the administrator will presenthis first report of the insolvency proceedings. The court willalso verify the claims set out in the administrator's reportduring this meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.CONTACT: AVARRO GmbH Duerener Str. 231, 50171 Kerpen Contact: Marcellus Wagner, Manager Heinrich Druegh, Administrator Bochumer Str. 6, 51145 Koln Phone: 02203-977120 Fax: +4922039771225BOHMER-BAUBETREUUNGS: Under Bankruptcy Administration-----------------------------------------------------The district court of Hof opened bankruptcy proceedings againstBohmer-Baubetreuungs- u. Verwaltungs GmbH on June 20.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until August 23, 2005to register their claims with court-appointed provisionaladministrator Joachim Exner.Creditors and other interested parties are encouraged to attendthe meeting on September 13, 2005, 1:00 p.m. at the districtcourt of Hof, Sitzungssaal 012, -- Erdgeschoss -- Berliner Platz1, 95030 Hof, at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report duringthis meeting, while creditors may constitute a creditorscommittee and or opt to appoint a new insolvency manager.CONTACT: BOHMER-BAUBETREUUNGS- U. VERWALTUNGS GmbH Sparnecker Strasse 7 in 95213 Muenchberg Joachim Exner, Administrator Ludwigstr. 50, 95028 Hof Phone: 09281/8331080 Fax: 09281/9331089CLEAN VAC: Creditors Meeting Set August---------------------------------------The district court of Marburg/Lahn opened bankruptcy proceedingsagainst Clean Vac International GmbH on June 17. Consequently,all pending proceedings against the company have beenautomatically stayed. Creditors have until August 18, 2005 toregister their claims with court-appointed provisionaladministrator Hartmut Mitze.Creditors and other interested parties are encouraged to attendthe meeting on August 18, 2005, 11:15 a.m. at the district courtof Marburg/Lahn, Saal 157, Universitatsstrasse 48, 35037Marburg/Lahn, at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report onSeptember 28, 2005, 11:00 a.m. at the same venue.CONTACT: CLEAN VAC INTERNATIONAL GmbH Schelde-Lahn-Strasse 6B, 35232 Dautphetal Contact: Klaus Peter Weingartner, Manager Jahnstrasse 18, 64853 Otzberg Hartmut Mitze, Administrator Jahnstrasse 18, 35066 Frankenberg Phone: 06451/71919-22 Fax: 06451/7191921DIETRICH VERLAGS: Proofs of Claim Due Next Month------------------------------------------------The district court of Essen opened bankruptcy proceedings againstDietrich Verlags GmbH on June 24. Consequently, all pendingproceedings against the company have been automatically stayed.Creditors have until August 8, 2005 to register their claims withcourt-appointed provisional administrator Joseph Albers.Creditors and other interested parties are encouraged to attendthe meeting on August 23, 2005, 9:00 a.m. at the district courtof Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,gelber Bereich, Saal 291, at which time the administrator willpresent his first report of the insolvency proceedings. Thecourt will also verify the claims set out in the administrator'sreport during this meeting, while creditors may constitute acreditors committee and or opt to appoint a new insolvencymanager.CONTACT: DIETRICH VERLAGS GmbH Habichtsweg 7, 45894 Gelsenkirchen Contact: Hans Dietrich, Manager Im Duggenbusch 9, 45894 Gelsenkirchen Joseph Albers, Administrator Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen Phone: 0209/179890 Fax: +492091485096HANSA POOL: Court Appoints Dr. Peters Administrator---------------------------------------------------The district court of Bremen opened bankruptcy proceedingsagainst Hansa Pool GmbH & Co. KG on June 15. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until August 30, 2005 to register theirclaims with court-appointed provisional administrator Dr. BerndPeters.Creditors and other interested parties are encouraged to attendthe meeting on August 18, 2005, 10:00 a.m. at the district courtof Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,28195 Bremen, at which time the administrator will present hisfirst report of the insolvency proceedings. The court will alsoverify the claims set out in the administrator's report onSeptember 22, 2005, 10:00 a.m. at the same venue.CONTACT: HANSA POOL GmbH & Co. KG bisher Funkschneise 5-7, 28309 Bremen c/o Hansa Pool Beteiligungs GmbH Contact: Sorin Goldstein, Manager Walther Zahn, Lindemannstr. 18, 28217 Bremen Andreas Beckendorf, Manager Worpsweder Str. 51, 27751 Delmenhorst Dr. Bernd Peters, Administrator Am Wall 146, 28195 Bremen Phone: 0421/339750 Fax: 0421/326693KT-ELEKTROTRECHNIK: Electronics Firm Falls into Bankruptcy----------------------------------------------------------The district court of Monchengladbach opened bankruptcyproceedings against KT-Elektrotrechnik GmbH on June 22.Consequently, all pending proceedings against the company havebeen automatically stayed. Creditors have until August 22, 2005to register their claims with court-appointed provisionaladministrator Peter Houben.Creditors and other interested parties are encouraged to attendthe meeting on September 14, 2005, 8:15 a.m. at the districtcourt of Monchengladbach, Hohenzollernstr. 157, 41061Monchengladbach, Erdgeschoss, Sitzungssaal A 14, at which timethe administrator will present his first report of the insolvencyproceedings. The court will also verify the claims set out inthe administrator's report during this meeting, while creditorsmay constitute a creditors committee and or opt to appoint a newinsolvency manager.CONTACT: KT-ELEKTROTRECHNIK GmbH Alfred-Nobel-Strasse 7, 41515 Grevenbroich Contact: Thorsten Kuechler, Manager Huelserweg 46, 41516 Grevenbroich Peter Houben, Administrator Sternstrasse 58, 40479 DuesseldorfSAM GERUESTBAU: Gifhorn Court Appoints Administrator----------------------------------------------------The district court of Gifhorn opened bankruptcy proceedingsagainst S.A.M. Geruestbau GmbH on June 20. Consequently, allpending proceedings against the company have been automaticallystayed. Creditors have until August 18, 2005 to register theirclaims with court-appointed provisional administrator Dr. OliverLiersch.Creditors and other interested parties are encouraged to attendthe meeting on September 8, 2005, 9:30 a.m. at the district courtof Gifhorn, Saal 118, Am Schlossgarten 4, 38518 Gifhorn, at whichtime the administrator will present his first report of theinsolvency proceedings. The court will also verify the claimsset out in the administrator's report during this meeting, whilecreditors may constitute a creditors committee and or opt toappoint a new insolvency manager.CONTACT: S.A.M. GERUESTBAU GmbH Ellen-Richards-Str. 10, 38268 Lengede Contact: Eric Bohme, Manager Heerstr. 3, 38159 Vechelde Dr. Oliver Liersch, Administrator Karl-Wiechert-Allee 1c, 30625 HannoverSCHIEDER MOBEL: Debt Securities Get (P)B3 Rating------------------------------------------------ Moody's Investors Service assigned a provisional (P)B1 corporatefamily rating (previously known as senior implied rating) toSchieder Mobel Holding GmbH (Schieder) Moody's also assigned aprovisional (P)B3 rating to the company's proposed issuance ofEUR145.0 million senior subordinated notes, which will be mainlyused to refinance existing indebtedness. As part of the proposedtransaction, Schieder has completed a syndicated revolving creditfacility of EUR150.0 million (undrawn at closing). Thesefacilities, which are not rated by Moody's, will be chiefly usedto finance the company's strategy to build production capacity inRussia and China. The ratings thus reflect the growingproportion of revenues, which will be derived from developingmarkets.These ratings assigned were:(a) Corporate family rating of (P)B1; and(b) EUR145 million senior subordinated notes due 2012 rated (P)B3The outlook for all ratings is stable.Moody's issues provisional ratings in advance of the final saleof securities, and these ratings only represent Moody'spreliminary opinion. Upon a conclusive review of the transactionand associated documentation, Moody's will endeavor to assigndefinitive rating to the securities. A definitive rating maydiffer from a provisional rating.The (P)B1 corporate family rating reflects:(a) The company's leading market positions in the production and distribution of furniture in Central and Eastern Europe;(b) Its broad product offering, ranging from case goods, sofas and beds to tables and chairs -- a key differentiating factor from many of Schieder's competitors;(c) The cost benefit deriving from a production base that is largely located in low-cost countries (namely Poland and Romania); and(d) Schieder's ability to absorb raw material price volatility through price list adjustments for new product launches and fixed price mechanisms for certain large production items.However, the ratings also reflect:(a) Schieder's exposure to unfavorable macroeconomic conditions, particularly in Germany, combined with the cyclical nature of the furniture industry;(b) Material execution risk and a significant degree of uncertainty associated with the company's expansion strategy to build production capacity in Russia and China;(c) Its highly leveraged capital structure adjusted for leases, factoring facility and the profit participation certificates even before any drawings under the new revolving credit facilities, and;(d) the potential for significant working capital volatility following the likely expansion of Schieder's own retail distribution network in certain Eastern European countries and its intention to reduce trade payables to generate operating margin improvements.Schieder is a leading player in the upper-mid to low price marketsegments of furniture production and distribution. Inparticular, the company retains a number one position in Germany,Austria and Switzerland, with market shares estimated by thecompany at around 9.6%, 5.6% and 15.4% of the relevant markets,respectively. Although none of the company's customersrepresents more than 5% of Schieder's sales, Moody's acknowledgesthat this does not take into account the fact that the majorityof German furniture retailers are members of purchasingassociations that typically sign framework agreements with themanufacturers that also state price and other sale conditions.In the last financial year, 74.3% of the company's sales inGermany and Austria were to members of such associations.The company's long-term competitive strategy is based on themaintenance of low production costs. In particular, Schiederbenefits from:(a) Low labor costs, given that the majority of its manufacturing plants are located in Poland and Romania (according to management, 86.4% of net sales in 2004 related to products manufactured outside Western Europe); and(b) The proximity of its production plants to the raw material suppliers, effectively reducing transportation costs. While Moody's views positively the cost benefits related to the current production model, it notes that this competitive advantage will be progressively eroded as all major Western European manufacturers continue to shift production capacity to low-cost countries.Schieder has so far proven its ability to absorb much of thevolatility in raw material prices through adjustments of its listprice of new products given that it launches an average of morethan 300 new items each year. More recently, the company hasalso managed to maintain its operating profit, notwithstanding adeclining top-line result, through a significant reduction inSG&A expenses to EUR174.4 million for the 2004/05 financial yearfrom EUR192.1 million in the previous year, mainly reflectinglower foreign currency losses and bad debt write-offs.However, Schieder's top line remains exposed not only to thediscretionary and procrastinatory nature of household spending onfurniture but also to the higher degree of volatility affectingthe furniture industry compared to the economic cycle. Schiederis highly exposed to the ongoing decline in furniture sales inits domestic market as Germany continues to representapproximately 60% of the company's net sales. In addition,Moody's believes that the sales decline recently experienced bythe German furniture industry may represent a long-termadjustment of its per-capita expenditures for residentialfurniture.The (P)B1 corporate family rating additionally reflects amaterial degree of execution risk associated with the company'sannounced strategy to build production capacity in Russia andChina, mainly aimed at exploiting expectations of a rapid growthin demand in the local markets; related investments of more thanEUR60 million over the next three to four years will be fundedthrough drawings under the new revolving credit facilities andthe increase in operating cash flow generation expected bymanagement. While Moody's regards the proposed expansionstrategy as offering a long-term opportunity in addition to thebenefit that it may afford the company in avoiding import dutiesin the Russian market, the associated execution risk issignificant. In particular, Schieder's intention to enter theChinese market (although initially limited to the Shanghai area)may expose the company to an aggressive market environment whereits focus on its German design may not be sufficient to enable itto succeed.In addition, the company intends to progressively grow its ownretail network in certain Eastern European countries (notablyCroatia and Poland) at an additional investment of approximatelyEUR13 million over the next three years. In Moody's opinion, theretail network expansion, together with management's intention toimprove operating margins through higher discounts on rawmaterial purchasing, are likely to produce additional futureworking capital requirements.The company's leverage is high, with adjusted total debt/EBITDARjust above 5x as of March 2005 following the adjustments ofSchieder's on-balance-sheet debt for 8x operating leases, EUR30million profit participation certificates and EUR48 millionfactoring arrangements. Moody's expects current leverage toincrease further as the company starts its drawings under the newrevolving credit facilities. The liquidity profile issatisfactory considering pro-forma for proposed refinancing, (i)EUR32.7 million cash available on balance sheet as of March 2005and (iii) the availability at closing under the new EUR150million bank facilities. However, Moody's cautions that part ofthis liquidity may be used to pay any inheritance tax liabilities(up to EUR8.0 million according to the limitations defined underthe indenture) that may arise in the future.The outlook for all ratings is stable, reflecting Moody'sexpectations that the company will manage its availability underthe new financing arrangements conservatively and will withdrawin a timely manner from any investments that fail to guarantee asufficient level of comfort in terms of return. Should thecompany's adjusted total leverage increase above 6x, togetherwith limited or no operating profit improvements, the (P)B1senior implied rating could experience downward pressure.Conversely, any reduction in financial leverage associated with asustainable improvement in operating cash flow generationmeasured by an Adjusted RCF/Net Adjusted Debt of around 20% couldplace upward pressure on the ratings.Transaction OverviewThe proposed senior subordinated notes will be issued by SchiederMobel Holding GmbH, the ultimate holding company, and willbenefit from a senior subordinated guarantee of certain of thecompany's operating subsidiaries that are also guarantors underthe new EUR150.0 million senior credit agreement. As of March31, 2005, the company and the guarantors collectively representedapproximately 62% of the total assets and 83% of the consolidatedEBITDA. The net proceeds of the proposed senior notes togetherwith EUR29.7 million liquidity raised through the profitparticipation certificates issued in March 2005 will be used torefinance existing debt amounting to EUR145.2 million and reducebills of exchange by EUR21.1 million; EUR6.0 million of cashavailable on balance sheet will be used to pay fees and expensesrelated to the proposed transaction.The proposed notes will be sold in a privately negotiatedtransaction without registration under the United StatesSecurities Act of 1933 under circumstances reasonably designed topreclude a distribution thereof in violation of the Act. Theissuance will be designed to permit resale under Rule 144A.Structural ConsiderationsThe (P)B3 rating assigned to the senior subordinated notesreflects the relative ranking of the note-holders in the proposedcapital structure, with the notes being contractuallysubordinated to the new EUR150.0 million senior creditfacilities, which will be progressively used to fund thecompany's expansion strategy. Moody's also acknowledges that theproposed notes will be structurally subordinated to all existingand future indebtedness raised at the level of the non-guarantorsand, to some extent, to the trade payables at the level of theoperating subsidiaries. Moody's also notes with caution the riskassociated with the enforceability of the cross-border guaranteesgiven that the company's fixed assets are largely domiciledoutside Germany.While Moody's anticipates that the notes, together with the newrevolving credit facility, will be the main components of thecompany's capital structure going forward, it acknowledges thatthe senior credit agreement and the indenture will restrict thecompany's ability to raise additional indebtedness.While funds up-streamed to the shareholders are subject to therestricted payment test, Moody's notes that the company may paydividends to the Demuth family through minority stakes that thefamily directly owns in a number of operating subsidiaries. Asthese payments are subject to the agreements in place underlimited liabilities partnerships in the legal form of GmbH & COKG, Moody's anticipates the likelihood of certain payments beingmade to the shareholders in the event these operatingsubsidiaries upstream their cash flow to the holding company.However, the company has stated their intention to purchasecertain of the minority participations of Mr. Demuth throughEUR9.2 million subordinated shareholder loans, which will beamortized as permitted under the restricted payment test. Theshareholder loans will be not drawn at closing.Company SummaryHeadquartered in Herford, Germany, Schieder is one of the leadingfurniture designers and manufacturers in Europe withmarket-leading positions in Austria, Germany and Switzerland.For last financial year ended March 31, 2005, under German GAAPthe company reported consolidated sales of EUR904.8 million andoperating profit of EUR40.3 million. At the same date, thecompany's total debt amounts to EUR186.2 million pro-forma forthe proposed transaction, including subordinated mezzanine debtof EUR29.7 million.CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) David G. Staples Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Francesco Sebastiani Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454SCHIEDER MOEBEL: S&P Affirms 'B+' Long-term Credit Rating---------------------------------------------------------Standard & Poor's Ratings Services assigned its 'B+' long-termcorporate credit rating to Germany-based furniture manufacturerSchieder Moebel Holding GmbH (Schieder). The outlook isnegative.At the same time, Standard & Poor's assigned a 'B-' seniorsubordinated debt rating to Schieder's proposed EUR145 millionbond, which is guaranteed by its most important operatingsubsidiaries. The two-notch differential reflects thecontractual subordination of the notes to higher priority debt,primarily the senior syndicated loan, despite benefiting fromsenior subordinated guarantees from Schieder's materialsubsidiaries. The rating is subject to receipt of finalsatisfactory bond documentation."The ratings on Schieder reflect its exposure to its shrinkinghome market in Germany, its low margins in an internationalcontext, and the company's aggressive financial risk profile,"said Standard & Poor's credit analyst Olaf Tolke. "The ratingsare supported by Schieder's broad product diversification andincreasing internationalization."Total financial debt was EUR208 million (US$252 million),including the mezzanine of EUR29.7 million, in the fiscal yearended March 31, 2005. With sales of EUR905 million in fiscal2005, Schieder ranks among the largest European furnituremanufacturers, representing a market share of 1% in this veryfragmented market.The European furniture market is mature and partly exposed tofashion risk and discretionary purchasing decisions. Furthermore,the industry is facing strong competition from Eastern Europeanand Asian producers. Schieder's home market, Germany, whichaccounted for 62% of group sales in fiscal 2005, thereforeexperienced declines in furniture consumption of 2% in 2004,after 13% in 2002, and 10% in 2003."The negative outlook is based on our view that the group'sexpansion over the next few years is likely to translate intosignificantly negative free operating cash flow," said Mr. Tolke.To maintain the rating level, Schieder must maintain FFO to netdebt (both lease-adjusted) of at least 15% on a sustainablebasis.Ratings information is available to subscribers of RatingsDirectat 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 themedia may also contact the European Press Office via e-mail on:firstname.lastname@example.com: STANDARD AND POOR'S RATING SERVICES Group E-mail Address firstname.lastname@example.com CREATION: Takes Measures to Stop Fast Profit Decline---------------------------------------------------------Struggling doll-maker Zapf Creation is imposing an extensiverestructuring program to protect its fast-fading profit,Suddeutsche Zeitung says.Management board chairman Thomas Eichhorn revealed Zapf plans tomake cheaper dolls targeting the U.S. market as well asrestructure its sales structure in the area. The group alsoplans to cut 135 of its 435 jobs and convert its Italian andCzech units into pure sales companies. According to Mr.Eichhorn, Zapf has to shed around EUR4 million to finance itsrestructuring, which after its implementation would help thegroup save around EUR17 million.Zapf also admitted management errors over the past two years,which caused its turnover and profit to fall by 25% and 75%respectively. The group also admitted it had neglected its dollmaking business, its core activity. Zapf, however, remains theleader in the functional doll markets in Germany and the U.K. * * *Headquartered in Roedental, Germany, Zapf Creation AG marketsbranded play concepts including dolls and a wide range ofaccessories that are developed with great attention to quality,design and play value. The company's most popular brands areBaby Born, Baby Annabell and Chou Chou. The company has 493employees at 9 locations worldwide and reported sales of EUR173.8million in 2004. For the first quarter of 2005, Zapf booked anet loss of around EUR5.9 million, more than three times itsdeficit for the same period in 2004. The group will post itsfirst-half results on July 27, 2005.CONTACT: ZAPF CREATION AG Monchrodener Strasse 13 96472 Rodental Phone: +49-95-63-725-0 Fax: +49-95-63-725-116 Web site: http://www.zapf-creation.com=============H U N G A R Y=============MALEV HUNGARIAN: Three Bidders Table Formal Offers--------------------------------------------------Three bidders submitted formal offers to acquire troublednational carrier Malev Hungarian Airlines, Reuters says.State privatization agency APV revealed Tuesday that talks wouldimmediately start. APV spokesman Peter Oravecz said, "This isnot simply a selection of the best bid, this involves a verydetailed evaluation and negotiations with the [prospective]investors." He added the privatization agency hopes to pick awinner after a month.The latest attempt to sell the carrier started in April after aprevious tender failed in March due to unacceptable offers.Around 14 investors expressed interest in the carrier, but onlysix were considered as serious bidders, which include Krasair,Argus Capital, Air Europe, Euroinvest, Aviation Solution and anunidentified Portuguese group. Out of this group, only Krasairand Aviation Solution filed formal bids, with Russian airlinealliance Airbridge Cargo as the third bidder.Airline analysts commented APV has been having a problem inselling Malev due to its high debt, accumulated operating lossesand an inefficient workforce. * * *Malev Hungarian Airlines expects another operating loss for 2005.It sees a HUF1.8 billion deficit at the operating level andHUG4.95 billion overall. In 2004, the carrier booked anoperating loss of HUF4.4 billion (US$$21.9 million) on revenuesof HUF123.8 billion. It expects to break even next year, partlyas a result of its membership to the oneworld alliance.Malev recently signed a memorandum of understanding withoneworld, which sets its full membership by the summer of 2006.This alliance, Malev claims, will increase its revenues by asmuch as HUF8 billion a year and net profit by HUF4 billion. Thecarrier also struck a vital deal with Budapest Airport inanticipation of a successful sale.Since the fall of Communism in the country, the government hastried to sell Malev several times but failed. Malev hasstruggled to increase revenues due to the proliferation of budgetairlines at its Budapest hub that has pushed prices down and cutinto its market share.CONTACT: MALEV HUNGARIAN AIRLINES Konyves Kalman korut 12-14, H-1097 Budapest Phone: +36 1 235 3100 Fax: +36 1 235-3255 E-mail: email@example.com Web site: http://www.malev.hu ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.) Pozsonyi ut 56 H-1133 Budapest Phone:(36 1) 237 4400 Fax:(36 1) 237 4100 E-mail: email@example.com Web site: http://www.apvrt.hu/english/m3.html AIRBDRIDGE CARGO 119048, Usacheva Str. 35A Moscow, Russia Phone: + 7 095 7862613 Fax: + 7 095 7556851 E-mail: email@example.com Web site: http://www.airbridgecargo.com=========I T A L Y=========CIRIO FINANZIARIA: Lorenzo Seeks Ally to Fortify Del Monte Bid--------------------------------------------------------------The Filipino shareholder of Del Monte Pacific has stepped upefforts to strengthen its bid for Cirio Finanziaria's 40% stakein the fruit producer, Dow Jones Newswires says.The Lorenzo family, which holds a 22% stake in Del Monte throughMacondray & Co, is currently holding talks with a Singaporeanfinancial group to raise around US$250 million to acquire Cirio'sstake. Del Monte managing director Martin Lorenzo said Thursday,"The money we would be needing is quite large, so we need tobring in a strategic partner."Mr. Lorenzo expressed optimism a deal would be made within 60days between his family and the Singaporean group.Cirio has been asking between US$150 million to EUR250 millionfor its stake, which had cause several interested buyers to backoff. Still in contention is Asian food and beverage giant SanMiguel Corporation, which renewed its bid following a requestfrom Del Monte. Earlier, a US$180 million deal between Cirio andLucio Tan-led Basic Holdings fizzled out because the latter hadwanted to buy the stake gradually.Del Monte Pacific is the world's largest pineapple producer.Its integrated pineapple growing and processing facility has anestimated market capitalization of about US$425 million. It is10% owned by the Singapore government; the remaining 30% share bythe public. Listed in Singapore, the company owns the Del Montetrademark in the Philippines and the brand rights for the Indiasubcontinent territories.Cirio Finanziaria, the canned tomatoes and fruit producer, hasbeen selling assets to pay creditor. It was forced intoliquidation after defaulting on EUR1 billion bonds and investorsrejected a restructuring plan.CONTACT: CIRIO DEL MONTE ITALIA S.P.A. Legal Address: Via Augusto Valenziani 10 - 00187 Rome Phone: 06 421761 Fax: 06 42176230 Administrative Address: Strada Provinciale per Podenzano, 10 - 29010 San Polo di Podenzano Phone: 0523 536123 Fax: 0523 379257 Web site: http://www.cirio.it MACONDRAY & CO., INC. 2263 Pasong Tamo Extension, Makati City Philippines SAN MIGUEL CORPORATION 40 San Miguel Ave. Mandaluyong, Metro Manila 1550 Philippines Phone: +63-2-632-3000 Fax: +63-2-632-3099 Web site: http://www.sanmiguel.com.phFIAT SPA: Chief Financial Officer to Leave this Month-----------------------------------------------------Luigi Gubitosi, currently Chief Financial Officer of Fiat S.p.A.has announced his intention to leave the Group at the end of July2005.Sergio Marchionne, Fiat Chief Executive Officer said: "Mr.Gubitosi has been a valuable contributor to the development ofour Group over nearly 20 years and he will be missed. Weunderstand his decision given the great opportunity he has beenoffered and his desire to relocate close to his family. We thankhim for his input and dedication to Fiat, especially in therecent efforts at providing a solid financial structure to thegroup, and wish him all the best in his future endeavors"The responsibility for the finance function will be allocated toMaurizio Francescatti for Corporate Finance and Alessandro Baldifor Group Controlling and Planning until a finance successionplan is announced within the next few weeks. * * *Fiat S.p.A., headquartered in Turin, is one of the largestindustrial groups in Italy and the fourth largest European-basedautomobile manufacturer, with revenues of EUR34.2 billiongenerated for the 9-month period as at 30 September 2004. Thefounding Agnelli family owns about 30% of the Company.The company is planning to convert into equity EUR3 billion ofmandatory convertible loan, due in September 2005. S&P says theconversion is very favorable for Fiat's credit quality. It willwipe out EUR3 billion of financial debt at the industrial leveland materially decreases the group's interest burden. It retainsits BB-/Negative/B ratings and outlook on Fiat. The outlookremained negative on lingering uncertainties regarding theturnaround of the group's automotive activities (it recentlycompleted the restructuring of Fiat Auto). The division hasreported 12 straight quarterly losses.The firm's share price has fallen by more than 85% over the pastfive years. Fiat's creditors include Banca Intesa, Banca Montedei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,Sanpaolo IMI, and UniCredito Italiano.CONTACT: FIAT S.P.A. via Nizza, 250 - 10126 Torino Phone: +39 011 00 63088 Fax: +39 011 00 63798 E-mail: email@example.com Web site: http://www.fiatgroup.comFIAT SPA: Breaks even at Operating Level in 2004------------------------------------------------Speech by Sergio Marchionne, CEOFiat Historical CenterJune 23, 2005Good morning ladies and gentlemen.As the Chairman has already told you, I am going to illustratethe results achieved by the Group in 2004 and in the firstquarter of this year. I will conclude my presentation with abrief summary of the objectives that we are working towards.Notwithstanding a whole series of extraordinary events during theyear, from the death of Umberto Agnelli to the completereplacement of its top management, the Fiat Group made majorprogress towards recovery in 2004.FY 2004 Highlights:(a) 2004 group objectives achieved,(b) GM put issue resolved,(c) Leadership & organizational changes,(d) Significant extraordinary charges, particularly Fiat Auto,(e) Solid year-end cash position at EUR5.3 billion,(f) Last year of net loss for the GroupIn fact, we achieved all our goals, first and foremost theobjective of reaching breakeven in terms of Group operatingincome, with an improvement of over EUR700 million with respectto 2003.We also reduced the operating cash outflow of the Company, which,net of receivables sold, shrank from EURR2.8 billion to EUR700million. Our businesses have steadily improved theirperformances: in fact, we reached breakeven after eightconsecutive quarters of improvement in operating performance.Net loss narrowed by EUR400 million to EUR1.5 billion,notwithstanding EUR1.6 billion of lower extraordinary gains.We had to bear large extraordinary charges, in particular at FiatAuto. As you know, we successfully resolved the General Motorsissue in February of this year. Fiat won recognition of thevalue of its put option by collecting EUR1.55 billion, recoveredcomplete control of Fiat Auto, and regained its strategicflexibility.Last but not least, the reorganization of Fiat Auto wascompleted. In fact, we have given the Company a leaner and moreefficient structure and new executive managers, whilesimultaneously realizing an essential cultural change.Fiat S.p.A. made its own contribution by starting a streamliningof its organization, which had a significant impact in the firstmonths of 2005, to encourage accountability, fast decision-makingprocesses, and more effective interaction with the Sectors.After reimbursing EUR2.7 billion in bonds, the Group had a solidyear-end cash position of EUR5.3 billion, and its financialflexibility further improved after the GM settlement.Generally speaking we can say that 2004 was the last year of netloss for the Group.Full copy of the statement, including tables is available free ofcharge at http://bankrupt.com/misc/Fiat_StatementFY04.pdfCONTACT: FIAT S.P.A. via Nizza, 250 - 10126 Torino Phone: +39 011 00 63088 Fax: +39 011 00 63798 E-mail: firstname.lastname@example.com Web site: http://www.fiatgroup.comFIAT SPA: Gives IBM Control of Global Value for 9 Nine Years------------------------------------------------------------IBM and Fiat Group announced on June 30 an information technologyagreement worth almost EUR200 million a year for 9 years. Underthe agreement, IBM will manage key areas of Fiat Group's ITactivities and business process transformation projects and willassume full control of Global Value, the equal joint venturefounded by FIAT Business Solutions and IBM Italia in 2001.The new agreement will assure Fiat of the governance of its ITactivities, as it benefits from the innovative use of state ofthe art technology and specialist consulting from IBM, andresulting in operational flexibility, cost reductions andimproved efficiencies.IBM will transform Fiat's current IT infrastructure, throughhardware consolidation and optimization, implementing an ondemand environment. The Turin Integrated Delivery Centre will beable to run standardized operations with benefits in terms ofcosts and efficiency.Fiat will have direct access to IBM's global experience and alsowill benefit from IBM's expertise on best practices and solutionsfor the automotive industry developed by IBM's researchlaboratories and International Automotive Competence Centres.About FiatFounded in 1899, Fiat is an industrial enterprise focused on theautomotive sector, serving customers in more than 190 countriesaround the world with an annual turnover of about EUR47 billion.With some 160,000 employees in 121 R&D centers and 180 plantsworldwide, the Fiat Group is a global leader in the production ofpassenger cars, agricultural and construction equipment,industrial vehicles, production systems and automotivecomponents.The automotive activities account for 82% of total sales. TheAutomobile Sector, led by Fiat Auto, markets automobiles underthe Fiat, Lancia and Alfa Romeo brands and light commercialvehicles under the Fiat brand. Ferrari and Maserati are alsopart of the Fiat Group. They produce luxury sports cars thatexcel for their exclusive characteristics, technology andperformance.The Agricultural and Construction Equipment Sector, which is ledby CNH, is active in the field of tractors and agriculturalequipment through the Case IH, New Holland and Steyr brands andin the construction equipment business through the Case, NewHolland and Kobelco brands.Iveco is the lead company of the Commercial Vehicles Sector,which markets complete lines of commercial vehicles (Iveco andSeddon Atkinsons brands), busses (Iveco and Irisbus brands) andfirefighting vehicles (Carniva, Iveco and Magirus brands).For more information visit http://www.fiatgroup.com;Phone: + 39.011.00.63.088; E-mail: email@example.com IBM Global ServicesIBM Global Services is the world's largest information technologyservices and consulting provider. Some 190,000 professionals inmore than 160 countries help clients integrate informationtechnology with business value -- from the businesstransformation and industry expertise of IBM Business ConsultingServices to hosting, infrastructure, technology design andtraining services. IBM Global Services delivers integrated,flexible and resilient processes across companies and throughbusiness partners, enabling clients to save money and transformtheir businesses to be more competitive. For more information,visit http://www.ibm.com/services.CONTACT: International media: Arlene Wainstein Phone: 33 (0) 141 88 6664 Mobile: 33 (0) 672 759574 Italian media: Alessandro Ferrari E-mail: firstname.lastname@example.com Phone: +39 02 59624690 Mobile: +39 348 4554535 Lucia Cerrina E-mail: firstname.lastname@example.com Phone: +39 02 59626063 Mobile: +39 335 7208601=================M A C E D O N I A=================* State Draws List of Loss-making Firms--------------------------------------- The government has identified 39 state-owed companies that areloss-making, Seeurope.net reported citing A1 TV station. Thelist includes chemical company AD Ohis, electrical equipmentmanufacturer AD EMO, textile maker Oteks AD Ohrid, and thecigarette plant in Prilep.The cabinet has ordered management of these companies to findways to address the problem. It is also preparing an action planto help them solve their financial troubles. The state is eithermajority owners or holds 100% of the capital of these companies.The firms are heavily indebted. They have outstandingcontributions, taxes and payables to public enterprises.Organic chemical industry Ohis is a joint-stock open-type companylocated in Skopje, the capital of the Republic of Macedonia.EMO Ohrid was established in 1972 and for the last 30 years hasbeen a leading Macedonian manufacturer and supplier ofelectro-mechanical components and systems, with design,manufacturing and installation capability.Oteks AD is a textile and garments firm in Ohrid. It was foundedin 1968.Tutunski Kombinat AD Prilep has been producing cigarette sincethe early 20th century.CONTACT: AD OHIS Ul. "Prvomajska" bb, 1000 SKOPJE P. O. Box 555 Republic of Macedonia Telephone exchange: (389 2) 2728 729 General Manager Phone: (389 2) 2728 202 Fax: (389 2) 2700 583 E-mail: firstname.lastname@example.com EMO OHRID P.O. Box 118 6000 Ohrid, Macedonia Phone: +389.46.204600 Fax: +389.46.265887 E-mail: firstname.lastname@example.com Web site: http://www.oteks.com.mk TUTUNSKI KOMBINAT AD PRILEP Marksova 101, 7500 Prilep R. Makedonija Web site: http://www.tkprilep.com.mk/eng/ OTEKS AD OHRID 7 Noemvri No.181, Ohrid Web site: http://www.otex.com.mk=====================N E T H E R L A N D S=====================ROYAL SHELL: Secures Exploration Rights in Australia----------------------------------------------------Shell Development Australia has been awarded exploration rightsto four deepwater blocks in the Carnarvon Basin offshore WesternAustralia, in which Shell will have a 50% interest. Chevron willbe the operator of all four permits.The permit areas, WA-364-P, WA-365-P, WA-366-P & WA-367-P, arelocated on the Exmouth Plateau, 160 to 480 kilometers northwestof the Western Australian coastline. The Plateau is thedeep-water frontier of the Carnarvon basin, Australia's premierpetroleum basin, which includes the North West Shelf and GreaterGorgon resources.Chairman of the Shell Companies in Australia, Tim Warren, said:"Shell is delighted to have secured this acreage. Australia isan important part of Shell's regional and global growth ambitionsfor gas. Shell is a global leader in LNG and a long-term playerin Australia. We are keen to add more integrated gas to ourportfolio and are looking to discover more gas around the LNGhubs where we already have a presence, such as in Gorgon, Browse,Sunrise and the Timor Sea."We believe these two technically strong and successful companiesform an ideal partnership to unlock the potential of the area.The planned 3D seismic and drilling program will exploit thecomprehensive deepwater gas experience that the two companies canbring to bear." * * *Last week, the Royal Dutch/Shell Group of Companies reported thatthe U.S. Department of Justice has issued a public releaseannouncing the conclusion of the probe on the recategorizationsof Shell's proved oil and gas reserves.The announcement, made by the U.S. Attorney for the SouthernDistrict of New York, David N Kelley, said that the Departmentwould not take any further action against Shell.Some investors earlier blamed the group's dual structure for theoverestimation of proved energy reserves by almost 6.0 billionbarrels by the company between January 2004 and February thisyear. The crisis sank investor confidence, and resulted to theouster of three top executives, including former chairman PhilipWatts. The overestimation cost the firm EUR150 million infines.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===========BRYANSKAYA VODKA: Succumbs to Bankruptcy----------------------------------------The Arbitration Court of Bryansk region commenced bankruptcyproceedings against Bryanskaya Vodka after finding the tradinghouse insolvent. The case is docketed as A09-4831/04-27. Mr. V.Ivanov has been appointed insolvency manager. Creditors haveuntil July 28, 2005 to submit their proofs of claim to 248009,Russia, Kaluga, Post User Box 409.CONTACT: BRYANSKAYA VODKA 421050, Russia, Bryansk region, Gorkogo Str. 15 Mr. V. Ivanov Insolvency Manager 248009, Russia, Kaluga, Post User Box 409DEDOVICHESKIY MEAT: Deadline for Proofs of Claim Set July 18------------------------------------------------------------The Arbitration Court of Pskov region has commenced bankruptcysupervision procedure on limited liability company DedovicheskiyMeat Combine (TIN 6004002507). The case is docketed asA52/7780/2004/4. Mr. Y. Yakovlev has been appointed temporaryinsolvency manager. Creditors have until July 18, 2005 to submittheir proofs of claim to 180020, Russia, Pskov, Alekhina Str. 1,Apartment 144.CONTACT: DEDOVICHESKIY MEAT COMBINE Russia, Pskov region, Dedovichi, Zavodskaya Str. 3 Mr. Y. Yakovlev Temporary Insolvency Manager 180020, Russia, Pskov region, Alekhina Str. 1, Apartment 144KRASNOLENINSK-OIL-GAS-STROY: Under Bankruptcy Supervision---------------------------------------------------------The Arbitration Court of Khanty-Mansiyskiy autonomous region hascommenced bankruptcy supervision procedure on close joint stockcompany Krasnoleninsk-Oil-Gas-Stroy. The case is docketed asA75-33082005. Mr. V. Vinogradov has been appointed temporaryinsolvency manager.Creditors have until July 18, 2005 to submit their proofs ofclaim to 644065, Russia, Omsk, 50 Let Profsoyuzov Str. 61. Ahearing will take place on July 11, 2005, 9:45 a.m.CONTACT: KRASNOLENINSK-OIL-GAS-STROY 628183, Russia, Nyagan, Sibirskaya Str. 26 Mr. V. Vinogradov Temporary Insolvency Manager 644065, Russia, Omsk, 50 Let Profsoyuzov Str. 61MOBILE BUILDING: Assets for Public Auction Next Week----------------------------------------------------The insolvency manager and bidding organizer of open joints tockcompany Mobile Building Assembly Corporation on July 11, 2005,2:00 p.m. (local time). The public auction will take place atRussia, Tyumen region, Khanty-Mansiyskiy autonomous region,Nefteyugansk, 8th location, 16, Office 64. Up for sale is aproperty complex. Starting price: RUB3,550,000.The preliminary examination and reception of bids are done until12:00 noon on or before July 8, 2005. The list of documentaryrequirements is available at 628309, Russia, Tyumen region,Khanty-Mansiyskiy autonomous region, Nefteyugansk, 8th location,16, Office 64.To participate, bidders must deposit an amount equivalent to 10%of the starting price to the settlement account40702810100000000679, correspondent account 30101810900000000771in PF Zapsibcombank OJSC Nefteyugansk, BIC 047173771.CONTACT: MOBILE BUILDING ASSEMBLY CORPORATION 628309, Russia, Tyumen region, Khanty-Mansiyskiy autonomous region, Nefteyugansk, 8th location, 16, Office 64 Mr. S. Golyarskiy Insolvency Manager/Bidding Organizer 628309, Russia, Tyumen region, Khanty-Mansiyskiy autonomous region, Nefteyugansk, 8th location, 16, Office 64 Phone/Fax: 8(3461) 27-25-65PONOMAREVSKOYE BREAD: Period for Filing of Claims Ends July 18--------------------------------------------------------------The Arbitration Court of Orenburg region has commenced bankruptcysupervision procedure on state enterprise Ponomarevskoye BreadReceiving Enterprise. The case is docketed asA47-2864/2005-14GK. Mr. A. Chirkizov has been appointedtemporary insolvency manager.Creditors have until July 18, 2005 to submit their proofs ofclaim to 460001, Russia, Orenburg, Post User Box 3167. A hearingwill take place on Sept. 9, 2005, 11:00 a.m. at the ArbitrationCourt of Orenburg region located at Russia, Orenburg, 9th JanuaryStr. 64.CONTACT: PONOMAREVSKOYE BREAD RECEIVING ENTERPRISE 461780, Russia, Orenburg region, Ponomarevka, Kuybysheva Str. 72 Mr. A. Chirkizov Temporary Insolvency Manager 460001, Russia, Orenburg region, Post User Box 3167VESHKAYMSKIY ELEVATOR: Hires Insolvency Manager from Ulyanovsk--------------------------------------------------------------The Arbitration Court of Ulyanovsk region commenced bankruptcyproceedings against Eshkaymskiy Elevator after finding the openjoint stock company insolvent. The case is docketed asA72-8822/04-17/29-b. Mr. A. Fadeev has been appointed insolvencymanager. Creditors may submit their proofs of claim to 432071,Russia, Ulyanovsk, Federatsii Str. 105, Office 14.CONTACT: VESHKAYMSKIY ELEVATOR 433200, Russia, Ulyanovsk region, Veshkayma Mr. A. Fadeev Insolvency Manager 432071, Russia, Ulyanovsk region, Federatsii Str. 105, Office 14VOLOKOLAMSKIY WOOD-COMBINE: Appoints Insolvency Manager-------------------------------------------------------The Arbitration Court of Moscow region has commenced bankruptcysupervision procedure on open joint stock company VolokolamskiyWood-Combine. The case is docketed as A41-K2-7040. Mr. P. Nizovhas been appointed temporary insolvency manager.Creditors may submit their proofs of claim to 170000, Russia,Tver, Post User Box 121. A hearing will take place on Sept. 14,2005, 10:00 a.m.CONTACT: VOLOKOLAMSKIY WOOD-COMBINE Russia, Moscow region, Volokolamsk, N-Soldatskaya Str. 27 Mr. P. Nizov Temporary Insolvency Manager 170000, Russia, Tver, Post User Box 121 The Arbitration Court of Moscow region 107996, Russia, Moscow region, Akademika Sakharova Pr. GSP-6WIRING ACCESSORIES: Undergoes Bankruptcy Supervision Procedure--------------------------------------------------------------The Arbitration Court of Perm region has commenced bankruptcysupervision procedure on open joint stock company WiringAccessories. The case is docketed as A50-7632/2005B. Mr. N.Izmaylov has been appointed temporary insolvency manager.Creditors have until August 18, 2005 to submit their proofs ofclaim to 617010, Russia, Perm region, Ilyinskiy region, Chermoz,Zavodskaya Str. 1. A hearing will take place on Sept. 20, 2005,10:00 a.m. at Hall #104.CONTACT: WIRING ACCESSORIES 617010, Russia, Perm region, Ilyinskiy region, Chermoz, Zavodskaya Str. 1 Mr. N. Izmaylov Temporary Insolvency Manager 617010, Russia, Perm region, Ilyinskiy region, Chermoz, Zavodskaya Str. 1WOOD-PROM-KHOZ PIONEER: Bankruptcy Hearing Set October------------------------------------------------------The Arbitration Court of Vladimir region has commenced bankruptcysupervision procedure on Wood-Prom-Khoz Pioneer. The case isdocketed as A11-2610/2005-K1-41B. Mr. G. Aristov has beenappointed temporary insolvency manager.Creditors may submit their proofs of claim to 600024, Russia,Vladimir, Univesitetskaya Str. 6. A hearing will take place onOct. 11, 2005, 11:30 p.m.CONTACT: WOOD-PROM-KHOZ PIONEER Russia, Vladimir region, Sudogorskiy region, Muromtsevo Mr. G. Aristov Temporary Insolvency Manager 600024, Russia, Vladimir, Univesitetskaya Str. 6 Phone/Fax: 8(0922) 34-06-78YUKOS OIL: Net Loss Deepens; Production Drops---------------------------------------------Troubled fuel giant Yukos Oil doubled its first-quarter net lossfrom RUB2.404 billion in 2004 to RUB4.864 billion this year,Analytical Information Agency says.The group also suffered a big drop in first-quarter revenues,from RUB1.45 billion to just RUB665 million this year. Yukosalso saw its first-quarter net debt swell by RUB57.5 billion toRUB299.02 billion.Yukos also saw a huge drop in oil production, producing only13.464 million tons for the first half of 2005 against 42.511million tons for the same period last year. In June alone, Yukosproduced only 1.914 million tons of oil, compared to 7.065million tons a year ago. The fuel giant also booked a big dropin first-half oil export via the Transneft system, deliveringonly 678,000 tons this year, against 18.042 million tons in 2004.CONTACT: OAO NK YUKOS 31A, Dubininskaya St. 115054 Moscow, Russia Phone: +7-95-232-3161 Fax: +7-95-232-3160 Web site: http://www.yukos.comZELENOKUMSKIY: Court Brings in Insolvency Manager-------------------------------------------------The Arbitration Court of Stavropol region has commencedbankruptcy supervision procedure on open joint stock companyZelenokumskiy. The case is docketed as A63-81/2005-S5. Mr. V.Orlov has been appointed temporary insolvency manager. Creditorsmay submit their proofs of claim to 355000, Russia, Stavropol,Lermontova Str. 343, Office 4.CONTACT: ZELENOKUMSKIY Russia, Stavropol region, Zelenokumsk Mr. V. Orlov Temporary Insolvency Manager 355000, Russia, Stavropol region, Lermontova Str. 343, Office 4 Phone: 37-16-93=========S P A I N=========AVANZIT SA: Inks EUR62.4 Mln Debt Swap Deal for Telson------------------------------------------------------Troubled telecom group Avanzit SA struck a vital debt-for-equityswap deal with creditors of Telson Audiovisuales SLU, AFX Newssays.Avanzit will go about with the EUR62.4 million swap by issuing31.2 million shares at EUR2 per share, with a nominal value ofEUR1. Once the swap is complete, Avanzit will propose a capitalincrease to satisfy EUR73 million of its own debt.The group filed for receivership in 2002 after failing to reach arestructuring deal with creditors. It emerged last year fromreceivership through a debt-for-equity restructuring. The groupexpects a turnaround this year, aiming to post EUR6.5 million inpre-tax profit.CONTACT: AVANZIT S.A. C/Alcala 518 28027 Madrid Phone: +34 91 754 67 00 Fax: +34 91 754 67 24 E-mail: firstname.lastname@example.com Web site: http://www.avanzit.com===========S W E D E N===========CONCORDIA BUS: Delays Presentation of Results--------------------------------------------- Concordia Bus postponed the presentation of its fourth-quarterresults for 2005 and full year result as promised on June 30. Itsaid then it will set a new date within a week. It has not madeany announcement on the matter since then. The TroubleConcordia Bus AB has failed to pay the interest coupon on itsEUR160 million ($202 million) subordinated notes. It iscurrently in negotiations with stakeholders and is seekingapproval for a debt-for-equity restructuring plan, whichenvisages the transfer of 96% of its share capital to the holdersof its EUR160 million subordinated notes.Company profile is available athttp://bankrupt.com/misc/Concordia_Profile.htmCONTACT: ALVAREZ & MARSAL (EUROPE) LIMITED Financial advisers to Concordia Bus Nordic AB: 5th Floor One Canada Square London E14 5AA Contact: Tony Alvarez III Phone: +44 (0) 207 715 5200 E-mail: firstname.lastname@example.com Ragnar Norback Phone: +46(0)854630141 Per Skargard Phone: +46(0)854630021 Richard Constant/Candace Carpenter Gavin Anderson & Company Phone: +44(0)207.554.1400===========T U R K E Y===========TURKIYE SINAI: Moody's Rates Foreign Currency Deposit B2-------------------------------------------------------- Moody's Investors Service assigned a D+ Financial Strength Rating(FSR) and B2/N-P Foreign Currency Deposit Ratings to TurkiyeSinai Kalkinma Bankasi A.S. (TSKB). The outlook on the B2 LongTerm Foreign Currency Deposit Rating has a positive outlook, inline with the country ceiling in Turkey, while the outlook on theFSR is stable. Moody's adds that the B2/N-P ratings areconstrained by the ceiling for such deposits in Turkey.Moody's notes that TSKB's D+ FSR is supported by awell-established development banking franchise, which generates astable, albeit relatively low level of core income. Significantrevenues from its Turkish government securities portfolio and toa smaller extent from its investment banking and brokerageactivities, supplement the bank's overall earning capacity.Moody's, said that the rating is also upheld by TSKB's relativelylow exposure to market and liquidity risk, its acceptable assetquality and its high level of free capital. The ratings agencytakes into account the bank's stable long-term foreign currencyfunding, supplied by multilateral agencies and guaranteed by theTurkish government. It also notes that the bank's assets andliabilities have well-matched currency and pricing profiles,minimizing interest rate and liquidity risks.Moody's adds that the D+ FSR is constrained by the moderate levelof credit risk inherent in the Turkish operating environment andalso by TSKB's high reliance on income from Turkish governmentsecurities.Moody's notes that compared to other Turkish commercial banksrated at the D+ level, TSKB's franchise is less diversified anddoes not have a presence in those banking businesses that willbenefit most from the continuing improvements in Turkey'seconomic environment. As such, TSKB's FSR has little upside atthe D+ level. On the contrary, if there be a materialdeterioration in the Turkish economic environment or ifcompetition in the bank's core long-term finance business leadsto a significant decline in earning power, then there will bedownward pressure on the FSR.Referring to the bank's foreign currency deposit ratings, Moody'sstates that there is a high likelihood that TSKB will besupported by its major shareholder, Turkiye Is Bankasi (B2/NP/D),in an emergency situation. The ratings agency believes thatgiven its good liquidity position and large size relative toTSKB, Isbank has the capacity to assist its subsidiary. Theavailability of such support is nevertheless not factored intothe rating, which is constrained by the country ceiling forforeign currency deposits in Turkey.TSKB is headquartered in Istanbul and at the end of 2004 hadtotal assets of US$1.712 billion.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===========================U N I T E D K I N G D O M===========================ABC RECRUITMENT: Files for Voluntary Winding-up----------------------------------------------- At an Extraordinary General Meeting of the Members of ABCRecruitment Consultants Limited, duly convened, and held at 2Mountview Court, 310 Friern Barnet Lane, Whetstone, London N200YZ, on 28 June 2005, at 11:45 a.m., the following ExtraordinaryResolution was duly passed:"That the Company cannot, by reason of its liabilities, continueits business, and it is advisable to wind up the Company, andaccordingly that the Company be wound up voluntarily, and thatFreddy Khalastchi, of Harris Lipman, 2 Mountview Court, 310Friern Barnet Lane, Whetstone, London N20 0YZ, is herebyappointed Liquidator of the Company for the purposes of thevoluntary winding-up."At the subsequent Meeting of Creditors held at the same place onthe same day the voluntary liquidation was confirmed by theCreditors and the appointment of Freddy Khalastchi, of HarrisLipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,London N20 0YZ, as Liquidator was ratified.A A Yillah, ChairmanCONTACT: ABC RECRUITMENT CONSULTANTS LTD. Unit WS, N0002 Basement, Westminster Business Square, 1-45 Durham Street, London SE11 5JH Phone: 020 7820 8135 Fax: 020 7793 8309 E-mail: firstname.lastname@example.com Web site: http://www.abcrecruitments.com/ 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.ukACANTHA FIREPLACES: Shareholders Pass Resolution to Wind-up Firm----------------------------------------------------------------At an Extraordinary General Meeting of Acantha FireplacesLimited, duly convened, and held at Insol House, 39 Station Road,Lutterworth, Leicestershire LE17 4AP, on 21 June 2005, thesubjoined Extraordinary Resolution was duly passed:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, and thatRichard Frank Simms, of Insol House, 39 Station Road,Lutterworth, Leicestershire LE17 4AP, be hereby appointedLiquidator for the purposes of such winding-up."S Sohrabkhani, Company Secretary * * *In 1996, Acantha Fireplaces launched contemporary ranges offireplaces in the U.K.CONTACT: F A SIMMS & PARTNERS PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: firstname.lastname@example.com ACANTHA LIFESTYLE LTD. 32-34 Park Royal Road London, NW10 7LN, England Phone: +44 (0) 20 8453 1537 Fax: +44 (0) 20 8453 1538 Web site: http://www.acanthalifestyle.comAMESBURY TRANSPORT: Members Decide to Wind up Firm--------------------------------------------------At the extraordinary general meeting of the members of AmesburyTransport Limited (Company No 00456340) on June 27, 2005 held atInternational Press Centre, 76 Shoe Lane, London EC4A 3JB, thespecial resolution to wind up the company was passed. JohnAnthony Dickinson and Steven Leslie Smith both of Mercer & Hole,International Press Centre, 76 Shoe Lane, London EC4A 3JB havebeen appointed joint liquidators of the company.The company is engaged in freight transport and storage.CONTACT: AMESBURY TRANSPORT LIMITED The Croft, 7 Crofton Close, Chertsey, Surrey KT16 0LR Phone: 01980590106 MERCER & HOLE International Press Centre, 76 Shoe Lane, London EC4A 3JB Phone: +44 (0) 20 7353 1597 Fax: +44 (0) 20 7353 1748 DX: 469 London/Chancery Lane E-mail: email@example.com Web site: http://www.mercerhole.co.ukATLAS TRANSPORT: Opts for Liquidation-------------------------------------At the extraordinary general meeting of the members of AtlasTransport & Shipping Company Limited (Company No 00188416) onJune 27, 2005 held at International Press Centre, 76 Shoe Lane,London EC4A 3JB, the special resolution to wind up the companywas passed. John Anthony Dickinson and Steven Leslie Smith bothof Mercer & Hole, International Press Centre, 76 Shoe Lane,London EC4A 3JB have been appointed joint liquidators of thecompany.CONTACT: MERCER & HOLE International Press Centre, 76 Shoe Lane, London EC4A 3JB Phone: +44 (0) 20 7353 1597 Fax: +44 (0) 20 7353 1748 DX: 469 London/Chancery Lane E-mail: email@example.com Web site: http://www.mercerhole.co.ukBALMORAL GROUP: Hotel Operator Collapses into Liquidation---------------------------------------------------------At an Extraordinary General Meeting of the Members of BalmoralGroup of Hotels Limited, duly convened, and held at the officesof Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF, onTuesday 28 June 2005, the following Extraordinary Resolution wasduly passed:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, and thatDavid Moore and Donald Bailey of Begbies Traynor, No 1 Old HallStreet, Liverpool L3 9HF, be and are hereby appointed JointLiquidators for the purposes of such winding-up."J A Brave, Director * * *The company formerly traded as Balmoral Hotel (Tunbridge Wells)Limited.CONTACT: BEGBIES TRAYNOR LTD. 1 Old Hall Street Liverpool L3 9HF Phone: 01512274010BELLTON ENGINEERING: Creditors Appoint Liquidator------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Bellton Engineering Services Limited (In Liquidation)I, Annette Menzies, French Duncan, 375 West George Street,Glasgow G2 4LW hereby give notice, pursuant to Rule 4.19 of theInsolvency (Scotland) Rules 1986, that on June 23, 2005 I wasappointed Liquidator of Bellton Engineering Services Limited byresolution of the first meeting of creditors.A Liquidation committee was not established at this meeting.Annette Menzies, LiquidatorJune 23, 2005CONTACT: FRENCH DUNCAN 375 West George Street Glasgow G2 4LH Phone: 0141 221 2984 Fax: 0141 221 2980 E-mail: firstname.lastname@example.com Web site: http://www.frenchduncan.co.ukCHRISTIE TYLER: Selling Subsidiaries------------------------------------Mr. D. Rollings, A. R. Bloom and A. M. Hudson, jointadministrative receivers of Christie-Tyler Limited, offer forsale as going concerns these subsidiary undertakings:(a) Christie Tyler South Wales West Division Limited (CSTSWW) (i) Supplies product to a range of retailers; (ii) Based in Bridgend, South Wales; (iii) 478 employees; and (iv) Turnover of around GBP49 million in last financial year.(b) CT Distribution Limited (i) Provides distribution services to CTSWW; (ii) Based in Gwent, South Wales; (iii) 37 employees; and (iv) Turnover of around GBP3 million in last financial year.(c) Deeside Furniture Limited (i) Supplies specialist product solely to major department store customer; (ii) Based in Flintshire, North Wales; (iii) 348 employees; and (iv) Turnover of around GBP29 million in last financial year.(d) Lebus Furniture Limited (i) Supplies value range product to retailers; (ii) based in Scunthorpe, North Lincolnshire; (iii) 367 employees; and (iv) Turnover of around GBP27 million in last financial year.(e) Wyvern Furniture Limited (i) Supplies product predominantly to mail order retailers; (ii) Based in Kidderminster, Worcestershire; (iii) 176 employees; and (iv) Turnover of around GBP17 million in last financial year.(f) Earlybird Furniture Limited (i) Provides distribution service to Wyvern, (ii) Based in Kidderminster, Worcestershire; (iii) 56 employees; and (iv) Turnover of around GBP3 million in last financial year.Interested parties are invited to purchase the businesses, eitherwhole or in their constituent parts. Interested parties' abilityto execute a transaction in a limited timescale will be key toconcluding a deal. The principal activities of the companies arethe manufacture and distribution of upholstered furniture,predominantly servicing the U.K. market.CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com Andrew Morrison Phone: +44 (0)20 7951 9989 Fax: +44 (0)20 7951 9998 E-mail: email@example.com Simon Kirkhope Phone: +44 (0)20 7951 9830 Fax: +44 (0)20 7951 9998 E-mail: firstname.lastname@example.com INSURANCE: Hires Liquidators from PricewaterhouseCoopers------------------------------------------------------------Name of companies:CNA Insurance Company (Europe) LimitedThe Continental Insurance Holdings (Europe) LimitedAt the extraordinary general meeting of these companies on June22, 2005, the special and ordinary resolutions to wind up thecompany were passed. Richard Setchim and Jonathan Sisson ofPricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT havebeen appointed joint liquidators of the companies.D K Davies, Chairman * * *The Continental Insurance Holdings (Europe) Limited and CNAInsurance Company (Europe) Limited are holding companies.CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.comCOMMERCIAL SENSE: Finance Brokerage Firm Winds up Business----------------------------------------------------------At an Extraordinary General Meeting of the Members of CommercialSense Financial Limited, duly convened, and held at The MacDonaldPartnership Plc, 28th Floor, Tower 42, 25 Old Broad Street,London EC2N 1HQ, on 29 June 2005, these Resolutions were dulypassed, as an Extraordinary Resolution and as an OrdinaryResolution respectively:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, and thatDouglas MacDonald, be and he is hereby appointed Liquidator forthe purposes of such winding-up."D J Salmon, Director * * *Commercial Sense Financial Ltd. is an independent commercialfinance brokerage.CONTACT: COMMERCIAL SENSE FINANCIAL LTD. 22 High Street, Purley, Surrey CR8 4AA Contact: David Salmon E-mail: email@example.com Web site: http://www.cs-financial.co.uk Phone: 020 8660 6633 07831 384039 020 8660 6699COSTAIN GROUP: Wins 'Best Overall Safety Provider' Award--------------------------------------------------------Costain Group plc was one of the top performers at the recentYorkshire Water Partner Awards Dinner.In the Category "Best Overall Safety Provider," Costain was"Highly Commended" as part of the "Joint Construction SafetyForum." The award was presented by Richard Ackroyd YorkshireWater, Regulation & Investment Unit Director.In the Category "Individual Safety Contribution," Costain sitemanager Dan Powrie at the Barlby Project, was the winner for,among other things, achieving the first ever 100% safety audit ata Yorkshire Water site.The Costain Project at Withernsea won the "Best Capital Project"award, which was presented by Allison Bainbridge, Yorkshire WaterFinance Director.Costain Northern's Bill Lomas said: "An award from the clientunderlines the quality of your performance and we are delightedwith this recent success. Our team has worked extremely hard andthe client's recognition of those efforts is a significant moraleboost." * * *The Costain Group is responsible for the provision of asignificant proportion of Yorkshire Water's Asset ManagementPeriod 4 (AMP4) works following on from the success of the AMP 3framework contract.It collapsed under heavy debt in the mid-1990s after venturinginto U.S. mining. Costain is still trying to recover, with itsfirst dividend in years expected this year or the next. Its coreU.K. business reported a GBP10.5 million profit last year afterplunging into a GBP5 million loss in 2000. The company has movedinto management of water utilities from civil engineering.In April, the board of Costain passed a special resolution toreduce the share capital of the company and cancel premiumaccount. In May, Fitch gave it a senior unsecured rating of 'B'and short-term rating of 'B'. The Outlook is Stable.CONTACT: COSTAIN GROUP PLC Costain House, Nicholsons Walk Maidenhead SL6 1LN, United Kingdom Phone: +44-1628-842-444 Fax: +44-1628-674-477 Web site: http://www.costain.com Stuart Doughty, Chief Executive Charles McCole, Finance Director Graham Read, Public Relations Phone: 01628 842 444 COLLEGE HILL Mark Garraway Matthew Gregorowski Phone: 020 7457 2020DANKA BUSINESS: New CFO to Join Board Next Month------------------------------------------------Danka Business Systems PLC, an independent global provider ofoffice imaging systems and services, has said that Edward K.Quibell will join the company as Chief Financial Officer onAugust 1, 2005.He joins Danka from Manhattan Associates, Inc., a global leaderin supply chain solutions, where he has held positions as ChiefFinancial Officer, and Senior Vice President M&A and BusinessProcess Improvement.Mr. Quibell, a veteran of the services and software industries,brings a broad background of financial and operational experienceto Danka. He has had an extensive career in both seniorfinancial and senior operational positions working withestablished, as well as start-up companies in the U.S., Europeand Australia, including First Data Corporation, CoreNet ServicesInc., NCR Information Imaging, and the RTZ Corporation.Todd Mavis, Danka's Chief Executive Officer, said: "I am veryexcited to have Ed join Danka. We were looking for someone withdemonstrated CFO leadership skills, relevant knowledge ofcompliance requirements and extensive international experience.Ed meets all of these objectives. I am particularly enthusiasticabout Ed's operational background in the services and softwareareas since these are both growth opportunities for Danka." * * *Danka Business Systems plc recently entered into an agreement tosell the shares of its Canadian business unit, Danka Canada Inc.,to Pitney Bowes of Canada, Ltd., a subsidiary of Pitney BowesInc., for a purchase price of US$14 million (EUR11.76 million) incash.For the full year, Danka reported turnover of GBP668.2 millionand operating losses of GBP22.8 million excluding exceptionalitems. Danka's fourth quarter turnover was GBP158.6 million andoperating losses were GBP27.1 million excluding exceptionalitems. The results include a GBP9.4 million provision for U.S.trade debtors in the fourth quarter. Including the exceptionalrestructuring charges of GBP5.1 million and GBP4.0 million, theGroup reported operating losses of GBP27.9 million for the fullyear and GBP31.0 million for the fourth quarter respectively.CONTACT: DANKA BUSINESS SYSTEMS PLC 1230 Arlington Business Park Theale West Berkshire RG7 4TX, United Kingdom Phone: +44-118-903-2163 Web site: http://www.danka.com Donald Thurman Investor Relations Phone: 001 770 280 3990 Paul Dumond Company Secretary Phone: 020 7605 0154 Weber Shandwick Square Mile Mike Kirk Helen ThomasDIORANEWS LIMITED: Hires Liquidator from Ian Franses Associates---------------------------------------------------------------At the general meeting of the holders of Dioranews Limited, thespecial resolution to wind up the company was passed. IanFranses of Ian Franses Associates, Conduit House, 25 ConduitPlace, London W1 1EP has been appointed liquidator of thecompany. * * *The company offers Internet services.CONTACT: IAN FRANSES ASSOCIATES 24 Conduit Place London W2 1EP Phone: 020 7262 1199 Fax: 020 7262 2662 E-mail: firstname.lastname@example.com LEISURE: Appoints Begbies Traynor Liquidator-------------------------------------------------- At an Extraordinary General Meeting of Drill Leisure Limited,duly convened, and held at The Old Exchange, 234 SouthchurchRoad, Southend-on-Sea, Essex SS1 2EG, on 27 June 2005, thesubjoined Extraordinary Resolution was duly passed:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, and thatLloyd Biscoe, of Begbies Traynor, The Old Exchange, 234Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he ishereby appointed Liquidator for the purposes of such winding-up."C Siddle * * *Drill Leisure trades under the name The Drill. Its previous nameis Emerson Industrial Property Maintenance Limited.CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: firstname.lastname@example.com Web site: http://www.begbies.comEMPYREAL LIMITED: Meeting of Creditors Set Friday-------------------------------------------------The creditors of Empyreal Limited (Company No 04397485) will meeton July 8, 2005 at 10:45 a.m. It will be held at Wilson Pitts,Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ.Creditors who want to be represented at the meeting may appointproxies. Proxy form must be submitted together with written debtclaims to Wilson Pitts, Glendevon House, Hawthorn Park, CoalRoad, Leeds LS14 1PQ not later than 12:00 noon, July 7, 2005.CONTACT: EMPYREAL LTD. Amadeus House, Lidgett Lane, Garforth, Leeds LS25 1EQ Phone: 0113 287 5445 Fax: 0113 287 2293 WILSON PITTS Glendevon House Hawthorn Park Coal Road Leeds West Yorkshire LS14 1PQ Phone: 0113 237 5560 Fax: 0113 237 5561ENVIRONMENTAL AIR: Liquidators from KPMG Move in------------------------------------------------At the general meeting of Environmental Air Filtration Limited,the special and ordinary resolutions to wind up the company werepassed. David John Crawshaw and Richard John Hill of KPMG LLP,Arlington Business Park, Theale, Reading RG7 4SD have beenappointed joint liquidators of the company.CONTACT: ENVIRONMENTAL AIR FILTRATION LTD. George Street Birmingham B3 1QQ West Midlands Phone: 0121 214 1450 KPMG Corporate Recovery, Arlington Business Park, Theale, Reading RG7 4SD Phone: (0118) 9642000 Fax: (0118) 9642222 Web site: http://www.kpmg.co.ukEQUITABLE LIFE: Boss Retracts Comment, Says Sorry to Directors--------------------------------------------------------------Equitable Life Chairman Vanni Treves has apologized to 15 formerdirectors of the company for implying fraud was "central" to itsGBP3.7 billion claim against them and former auditor Ernst &Young.At the company's annual general meeting in May, Mr. Treves said:"The question as to whether or not there was fraud or any othermisfeasance on the part of our predecessors in the past iscentral to the litigation."Robert Miles QC, according to The Guardian, told the courtTuesday that Mr. Treves takes back his comment and apologizes tothe director defendants, particularly Peter Martin, for havingmade it. Mr. Miles serves as counsel for the insurer'ssolicitors Herbert Smith.CONTACT: THE EQUITABLE LIFE ASSURANCE SOCIETY Walton Street Aylesbury Buckinghamshire HP21 7QW United Kingdom Phone: +44-870-901-0052 Web site: http://www.equitable.co.ukFENIMOOR HOLDINGS: Names Unity Corporate Recovery Administrator---------------------------------------------------------------Name of company: FENIMOOR HOLDINGS LTD. (Company No 03486070)Nature of Business: Holding CompanyAddress of Registered Office: Clive House, Clive Street, Bolton,Lancashire BL1 1ETTrade Classification: 7487-Other Business ActivitiesDate of Appointment: June 27, 2005Administrators' Names and Address: Matthew Colin Bowker and IanNigel Millington (IP Nos 8106 and 8270), both of Unity CorporateRecovery and Insolvency, Clive House, Clive Street, Bolton,Lancashire BL1 1ETCONTACT: FENIMOOR HOLDINGS LTD. City Wharf New Bailey Street Manchester M3 5ER UNITY CORPORATE RECOVERY AND INSOLVENCY Clive House Clive Street Bolton Lancashire BL1 1ET Phone: 01204 395000 Fax: 01204 383999 E-mail: firstname.lastname@example.com PLC: Sells Wind Turbine Unit for EUR75,000----------------------------------------------FKI plc has completed the sale of DeWind GmbH to EU EnergyShriram Ltd. for EUR75,000.DeWind made operating losses of EUR12.6 million on sales ofEUR48.3 million in the year to March 2005. The net asset valuetransferred will be EUR32.5 million.Under the terms of the agreement, EU Energy will assume thepotential liabilities associated with the contractual performanceof the business. It is anticipated that the total cost ofwithdrawal from wind turbine activities will be within figuresprovided in previous guidance.Paul Heiden, FKI Chief Executive, said: "In November 2004, weannounced our intention to withdraw from the wind turbinebusiness. Over the following weeks we received severalexpressions of interest, which led to our announcement inFebruary 2005 that we were in talks to dispose of the business toEU Energy."We are very pleased to have agreed terms for this transaction.Importantly, it will preserve jobs at DeWind and allow our seniormanagement to focus on continuing activities." * * *FKI completed in June the sale of certain Certex distributioncompanies operating in Norway, Sweden, Denmark, Germany, Russia,Finland and the Baltic States to ABT Allsafe AB, a subsidiary ofAxel Johnson International AB, for the sum of EUR23.6 million incash.The sale of Certex Europe is another step in the delivery ofFKI's strategy of maximizing value by concentrating on keybusinesses and continues FKI's withdrawal from its non-coreCertex distribution activities. Proceeds of the sale will beused to reduce debt.The company earlier reported full-year loss after tax amounted toGBP79.9 million (2004 restated: loss of GBP20.9 million) andbasic loss per share was 13.7p (2004 restated: basic loss pershare 3.6p). Adjusted earnings per share, calculated byexcluding exceptional items and goodwill amortization, were 9.0p(2004 restated: 8.6p).Net debt at 31 March 2005 of GBP350.7 million represented adecrease of GBP26.4 million from 30 September 2004 but amarginal increase of GBP1.6 million from 31 March 2004.Cash flow was negatively impacted by approximately GBP15.0million due to the effect of higher steel prices resulting in anincrease in working capital, the cash outflow of the windturbine business of GBP25.0 million and GBP12.2 million spent onclosure costs previously identified in the 2004 StrategicReview.CONTACT: FKI PLC Falcon Works P.O. Box 7713 Meadow Lane Loughborough Leicestershire LE11 1ZF Phone: +44 (0) 20 7832 0000 Fax: +44 (0) 20 7832 0001 Web site: http://www.fki.co.uk Simon Webber Business Development Director Phone: 020 7832 0000 James Olley Brunswick Phone: 020 7404 5959FREMA SYSTEMS: Shareholders Opt to Wind up Firm-----------------------------------------------At an Extraordinary General Meeting of Frema Systems Limited,duly convened, and held at Trinity House, Heather Park Drive,Wembley, Middlesex HA0 1SU, on 29 June 2005, at 10:00 a.m., thesubjoined Extraordinary Resolution was duly passed:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily."O Badu-Nkansah, ChairmanCONTACT: Nimish Chandrakant Patel, Liquidator Kranefields, Trinity House, Heather Park Drive, Wembley, Middlesex HA0 1SUGLYNTER DEVELOPMENTS: Winding-up Resolutions Passed---------------------------------------------------At the extraordinary general meeting of the members of GlynterDevelopments Limited on June 23, 2005 held at 475 Hackney Road,London E2 9ED, the special and ordinary resolutions to wind upthe company were passed. Laurence G. Factor of the firm ofNewman & Partners Insolvency & Recovery Services Limited, LynwoodHouse, 373-375 Station Road, Harrow, Middlesex HA1 2AW has beenappointed liquidator of the company.CONTACT: NEWMAN & PARTNERS Lynwood House 373/375 Station Road Harrow, Middlesex HA1 2AW Phone: 8357 2727 Fax: 020 7357 2027GOLDING FASHIONS: Calls in Liquidators-------------------------------------- At an Extraordinary General Meeting of the Members of GoldingFashions (Leicester) Limited, duly convened, and held at BusinessLink, Charnwood Court, 5B New Walk, Leicester LE7 6TE, on 24 June2005, these Resolutions were duly passed, as an ExtraordinaryResolution and as an Ordinary Resolution respectively:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, and thatKenneth Webster Marland and John Neil Harrison, be and are herebyappointed Joint Liquidators for the purposes of such winding-up."N Soomra, DirectorCONTACT: HARRISONS Kenneth Webster Marland, Liquidator John Neil Harrison, Springfield House, Springfield Business Park Springfield Road, Grantham NG31 7BG E-mail: firstname.lastname@example.com Web site: http://www.harrisons.uk.comHPI (INC): Falls into Liquidation--------------------------------- At an Extraordinary General Meeting of the Members of HPI (Inc.)Ltd., duly convened, and held at Mountview Court, 1148 High Road,Whetstone, London N20 0RA, on 27 June 2005, these Resolutionswere duly passed, as an Extraordinary Resolution and as anOrdinary Resolution respectively:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, and thatElizabeth Arakapiotis, be and she is hereby appointed Liquidatorfor the purposes of such winding-up."A El-Ghazoini, Director * * *HPI installs bathroom fixtures and accessories.CONTACT: HPI (INC.) LTD. Mountview Court, 1148 High Road Whetstone, London N20 0RA CONTACT: KALLIS & CO. Mountview Court 1148 High Road Whetstone London N20 0RA Phone: 020 8446 6699 Fax: 020 8492 6099IOTA TECHNOLOGY: Hires Administrator from Fisher Partners---------------------------------------------------------Name of company: IOTA TECHNOLOGY LIMITED (Company No 03033955)Nature of Business: Microchip ProgrammersAddress of Registered Office: Treviot House, 186-192 High Road,Ilford, Essex IG1 1LRDate of Appointment: June 29, 2005Administrator's Name and Address: Stephen M. Katz (IP No 8681),Fisher Partners, Acre House, 11-15 William Road, London NW1 3ER. * * *Iota Technology Ltd. was established in 1995. The company isbased at Welwyn Garden City. It offers the latest programmingand reeling equipment to its customers in U.K. and throughoutEurope. They also export programmed devices to the Far East andU.S.A. Tess Selmes is the company's managing director whileGraham Woodgate is the sales and marketing director. Visithttp://www.iota-tech.co.uk/for more information. CONTACT: Iota Technology Ltd. 72 Haslemere Industrial Estate Welwyn Garden City AL7 1BD Hertfordshire Phone: 01707 373772 Fax: 01707 373778 E-mail: email@example.com FISHER PARTNERS Acre House 11/15 William Road London NW1 3ER Phone: 020 7388 7000 Fax: 020 7380 4900 E-mail: firstname.lastname@example.com ALEXANDER: Hires Administrators from Begbies Traynor-----------------------------------------------------------Name of company: LAWSON ALEXANDER BLANK LIMITED (Company No 02131220)Nature of Business: Business and Management ConsultancyTrade Classification: 37Date of Appointment: June 24, 2005Administrators' Names and Address: D. Bailey and G. N. Lee (IPNos 006739 and 009204), both of Begbies Traynor, Elliot House,151 Deansgate, Manchester M3 3BP * * *Lawson Alexander Blank Limited offers high level strategicplanning, board level advisory services, strong corporate financeadvice by being pro-active in all transactions and supported byspecialist tax advice, due diligence on behalf of banks,financial institutions and potential purchasers, changemanagement and culture change management, financial andmanagement reporting and international market entry into theU.S.A. and Ireland. Visit http://www.lab.co.uk/lawson.htmlfor more information.CONTACT: LAWSON ALEXANDER BLANK LIMITED Camellia House 76 Water Lane Wilmslow, Cheshire SK9 5BB England Phone: +44 (0) 1625 547100 Fax: +44 (0) 1625 547109 BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: firstname.lastname@example.com Web site: http://www.begbies.comMAXIMUM IMPORT: Creditors to Hire Liquidator Third Week of Month---------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF MAXIMUM IMPORT COMPANY LIMITED (In Liquidation)I, Graham H. Martin, PricewaterhouseCoopers LLP, Kintyre House,209 West George Street, Glasgow G2 2LW, hereby give notice that Iwas appointed Interim Liquidator of Maximum Import CompanyLimited on June 17, 2005 by interlocutor of the Sheriff atGlasgow.Notice is also given pursuant to Section 138 of the InsolvencyAct 1986 and Rule 4.12 of The Insolvency (Scotland) Rules 1986,as amended by The Insolvency (Scotland) Amendment Rules 1987,that the first meeting of creditors of the company will be heldwithin Kintyre House, 209 West George Street, Glasgow G2 2LW onJuly 20, 2005 at 10:00 a.m. for the purpose of choosing aLiquidator and determining whether to establish a liquidationcommittee. A resolution at the meeting is passed if a majorityof those voting have voted in favor of it.A creditor will be entitled to vote at the meeting only if aclaim has been lodged with me at the meeting or before themeeting at my office and it has been accepted for voting purposesin whole or in part. For the purpose of formulating claims,creditors should note that the date of commencement of theliquidation is May 24, 2005. Proxies may also be lodged with meon or before the meeting at my office.Graham H. Martin, Interim LiquidatorJune 21, 2005CONTACT: PRICEWATERHOUSECOOPERS LLP Kintyre House 209 West George Street Glasgow G2 2LW Phone: [44] (0) 131 5242233 Fax: [44] (0) 131 2604008 Web site: http://www.pwc.com Graham Hunter Martin E-mail: firstname.lastname@example.com Phone: 0141 248 2644 Fax: 0141 242 7480METTRIO LIMITED: Members Pass Winding-up Resolutions----------------------------------------------------At the extraordinary general meeting of the members of MettrioLimited (Company No 04311087) on June 23, 2005 held at 25Copperfield Street, London SE1 0EN, the subjoined special andordinary resolutions to wind up the company were passed. S. R.Thomas and S. J. Parker of Tenon Recovery, Sherlock House, 73Baker Street, London W1U 6RD have been appointed jointliquidators of the company. * * *The company offers other computer related services.CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: firstname.lastname@example.com Web site: http://www.tenongroup.comMG ROVER: Car Execs, SAIC in Site Rescue Talks----------------------------------------------A trio composed of two former carmaker executives and a unionhead are in talks with MG Rover's former partner over a possiblerescue of the Longbridge site, Times Online says.Martin Leach, former head of Ford European operations, and EdSabisky, former finance director of General Motors' U.K. arm, metwith Shanghai Automotive Industry Corporation (SAIC) executivesTuesday night to discuss a new plan. The duo is backed by T&Gunion, headed by secretary general Tony Woodley. Mr. Woodleyalso went to Shanghai last month with a similar purpose.Mr. Leach and Mr. Sabisky have been visiting SAIC in the pastseveral weeks, repeatedly revising the plan. The two began todraft the plan soon after the joint venture talks between SAICand MG Rover fizzled out, sending home around 6,100 employees.The duo keeps the government updated of the plan's progress, asministers are likely to support any scheme to revive MG Rover.Renewed ProductionMr. Leach and Mr. Sabisky is proposing to establish MG Rover'sLongbridge plant as base for research, engineering and productionof new car models, including the MG TF sports car. They believethe "industrial logic" that drove the failed talks between MGRover and SAIC still applies. They also believe a deal with SAICis not far behind, since solvency and pension deficit problems atthe carmaker have already been solved.According to the plan, SAIC would have to pour in over GBP100million, but has the option not to directly employ around 2,000workers needed for the site, which would eventually become asemi-independent company. The new plan, which entails a smallerinvestment than the previous one, is hoped to lead to substantialproduction.SAIC confirmed the talks but declined to comment on the matter.A source familiar with the talks, however, revealed SAIC istaking Mr. Leach and Mr. Sabisky "extremely seriously."SAIC has expressed its interest to administratorPricewaterhouseCoopers to acquire MG Rover's Powertrain engineoperation and some research and development equipment. SAICcurrently owns intellectual property rights to MG 25 and 75models and two types of engine. PwC will review all serious bidsfor MG Rover or its parts until October, when funds formaintaining the Longbridge site run out. * * *MG Rover, which once employed around 6,000 employees, is facingliquidation to pay up GBP1.8 billion in debt, but with onlyGBP85.5 million in assets, it has to find a ready rescuer. PwCis currently looking buyers for the group, but may facedifficulties due to some intellectual rights disputes with othercar companies like SAIC and Qvale Automotive. PwC has shortlisted an Iranian investor and TVR sportscar owner NikolaiSmolenski for the entire MG Rover group while three potentialbuyers will try to outbid one another for MG Rover alone.CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: (44) (113) 289 4000 Fax: (44) (113) 289 4460 Web site: http://www.pwcglobal.com Shanghai Automotive Industry Corporation (Group) 489 Wei Hai Rd. Shanghai, 200041, China Phone: +86-21-2201-1888 Fax: +86-21-2201-1777 Web site: http://www.saicgroup.comMOUNTDENE HOTELS: Names Begbies Traynor Liquidator--------------------------------------------------At an Extraordinary General Meeting of the Members of MountdeneHotels Limited, duly convened, and held at the offices of BegbiesTraynor, No 1 Old Hall Street, Liverpool L3 9HF, on Tuesday 28June 2005, an Extraordinary Resolution was duly passed:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, and thatDavid Moore and Donald Bailey, of Begbies Traynor, No 1 Old HallStreet, Liverpool L3 9HF, be and are hereby appointed JointLiquidators for the purpose of such winding-up."J A Brave, DirectorCONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.comMOWLEM PLC: Full-year Results Miss Target by GBP20 Million----------------------------------------------------------Mowlem plc has issued a pre-close statement ahead of theannouncement of the Group's Interim Results in September 2005.Business activity and order intake in the first half of 2005 hasbeen slightly ahead of last year. The Group's order booktherefore remains at similar levels to the 2004 yearend andcontains the same high proportion of contracts offering visiblelonger-term revenues, repeat business, negotiated work andpartnership-based contracts.The company has made good progress in the restructuring of itsU.K. Construction Services business and the associated costreduction program is now largely complete, with the ConstructionServices headcount having been reduced and annualized savings ofGBP5 million achieved. The total cost of the restructuring isexpected to be GBP6 million, the majority of which will bereflected in its first half results.In joint venture, the company reached financial close on threePFI projects in the first half: Redcar and Cleveland Schools(GBP238 million); Barnsley Schools (GBP175 million); and theLeeds Swarcliffe Social Housing scheme (GBP265 million). It alsomade further progress on the Allenby Connaught PFI, the GBP5billion joint venture project for the Ministry of Defense, whichis expected to achieve financial close later this year.The Group expects to report little or no net debt as at 30 June2005.As previously disclosed, Mowlem is reviewing its approach toprofit recognition and contract valuation. This review is amajor undertaking on which the Board expects to have madesubstantial progress by September 2005 and a full update will beprovided with the announcement of the 2005 H1 results.A preliminary assessment of this review has caused the company torevise its expectations for the full year reflecting a moreprudent recognition of profit on trading, and on that basis itnow expects the outcome for the full year to be around GBP20million lower than current market expectations. This reductionrelates to a range of contracts across the Group with around twothirds of the impact in the U.K. and Australian constructionactivities. * * *In March, Fitch Ratings affirmed Mowlem plc's Senior Unsecured'BB' and Short-term 'B' ratings and removed them from RatingWatch Negative. A Stable Outlook has been assigned.This rating action followed recent steps taken by ChiefExecutive Simon Vivian to strengthen internal riskmanagement structures and processes together with a more prudentapproach to profit recognition and a greater focus on cashgeneration. Additionally, the agency considers importantMowlem's confirmation that sufficient bonding facilities remainavailable, that potential breaches have been resolved and thatthe FY04 audited accounts will receive an unqualified auditopinion. Fitch further noted the absence of negative surprisesin the recently published FY04 preliminary financial statements.CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN, United Kingdom Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com Brian O'Neill Phone: 020 7405 5251M P INDUSTRIES: Appoints PricewaterhouseCoopers Administrator-------------------------------------------------------------Name of company: M P INDUSTRIES LIMITED (Company No 03467365)Nature of Business: Specialist Electrical Power EngineeringCompanyAddress of Registered Office: Albermale House, 1 AlbermaleStreet, London W1S 4HADate of Appointment: June 24, 2005Joint Administrators' Names and Addresses: Ian David Green (IP No9045), PricewaterhouseCoopers LLP, Benson House, 33 WellingtonStreet, Leeds LS1 4JP and Michael Horrocks (IP No 8026),PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower MosleyStreet, Manchester M2 3PW * * *MP Industries was formed in 1998. It is an independentengineering group both through acquisition and organicdevelopment of new areas of operation. The company has powerengineering division and machine tool division.Visit http://www.winder.co.uk/html/mpi2.htmlfor more information.CONTACT: MP INDUSTRIES LIMITED 3rd Floor, 1 Albemarle Street, London W1X 3HF Phone: +44 (0) 20 7529 7812 Fax: +44 (0) 20 7529 7813 E-mail: firstname.lastname@example.com PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920MRK STATIONERS: Creditors Meeting Set Next Week-----------------------------------------------The creditors of MRK Stationers And Printers Limited (Company No4425419) will meet on July 12, 2005 at 10:00 a.m. It will beheld at PKF (UK) LLP, Pannell House, 159 Charles Street,Leicester LE1 1LD.Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to PKF (UK) LLP, Pannell House, 159 Charles Street,Leicester LE1 1LD not later than 12:00 noon, July 11, 2005. * * *MRK Stationers and Printers Ltd. is based in Charlwood, Surrey.Founder and owner Mark Raymond Kendry established the company inOctober 1989. It supplies all types of office products rangingfrom copy paper, envelopes, pens, storage and rubber stamps andall types of computer consumables and office furniture.Visit http://mrk-uk.us/for more information. CONTACT: M R K STATIONERS & PRINTERS LTD. Unit 3, Ifield Road, Betchworth Works, Charlwood, Horley, RH6 0DX Phone: 01293 863355 Fax: 01293 863329 E-mail: email@example.com PKF Pannell House, 159 Charles Street, Leicester LE1 1LD Phone: 0117 906 4000 Fax: 0117 974 1238 E-mail: email@example.com Web site: http://www.pkf.co.ukMULTIPLE CONSTRUCTION: Sets Creditors Meeting Next Week-------------------------------------------------------The creditors of Multiple Construction Limited (Company No04125360) will meet on July 14, 2005 at 11:30 a.m. It will beheld at Pridie Brewster, 29-31 Greville Street, London EC1N 8RB.Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to Hasan Mirza of Pridie Brewster, 29-31 GrevilleStreet, London EC1N 8RB not later than 12:00 noon, July 13, 2005. * * *The company is engaged in labor supply to construction industry.CONTACT: MULTIPLE CONSTRUCTION LIMITED The Nova Building Herschel Street Slough Berkshire SL1 1XS PRIDIE BREWSTER Carolyn House 29-31 Greville Street London EC1N 8RB Phone: 020 7831 8821 Fax: 020 7404 3069 E-mail: firstname.lastname@example.com RAIL: Work to Repair Collapsed Tunnel Underway------------------------------------------------------ Following the collapse of the 'Tesco tunnel' at Gerrards Cross onThursday, Network Rail and Chiltern Railways continue to workwith Tesco and its contractor to reopen the railway as quickly aspossible.Update from the site:(a) Work to remove some 5,000 tons of spoil started over the weekend and will continue night and day until completed,(b) It will be towards the end of the week until it is possible to make a firm estimate about when train services will resume,(c) At this point, we still believe it will be a number of weeks before the line reopens(d) Chiltern Railways has made every effort to provide alternative services for its passengers and details can be found on its Web site (http://www.chilternrailways.co.uk)or by calling National Rail Enquiries on 08457 48 49 50.Speaking about the efforts to restore services, Network RailDirector of Operations & Customer Services Robin Gisby, said:"Tesco and its contractors are undertaking the clear-up operationand Network Rail and Chiltern Railways are keeping a strongpresence at the site to oversee the operation. We are satisfiedthat they are doing everything they can to clear the site and getthe railway reopened as quickly as possible." * * *Background InformationAt 19:34 on Thursday 30 June, the driver of the 17:40Stratford-upon-Avon to London Marylebone (Chiltern Trainsservice), making its regular station stop at Gerrards Cross,reported that part of the 'Tesco Tunnel' appeared to havecollapsed.No one was injured in the incident and no trains were involved.The tunnel is of recent 'cut and cover' construction, being builton behalf of Tesco to facilitate the erection of a new superstoreabove the two track Chiltern line that runs from LondonMarylebone to Beaconsfield, Banbury and Birmingham.Engineers from Network Rail and Tesco's construction company werequickly on site and reported that approximately 30 m. of the 320m. concrete tunnel had collapsed onto the track around 80 m. fromthe south entrance. Several thousand tons of spoil, up to sixmeters deep has fallen onto the railway.Network Rail, supported by Tesco and its engineers, has launcheda full investigation into the causes of the tunnel collapse. * * *Railtrack, now Network Rail, went into administration in 2001after the government withdrew funding for the company whosereputation was wrecked by a fatal crash in 2000 at Hatfield. Itsshareholders are suing the government for "misfeasance ofjustice" and a breach of human rights to recover GBP157 million.The case is being held at the high court of Mr. Justice Lindsay.Jonathan Sumption is spearheading the government's defense.Geoffrey Weir is the shareholders' lead claimant. Keith RowleyQC is the shareholders' barrister. The investors are actingtogether as The Railtrack Private Shareholders Action Group(RPSAG).CONTACT: NETWORK RAIL LIMITED 40 Melton St. London NW1 2EE, United Kingdom Phone: +44 20 7557 8000 Fax: +44 20 7557 9000 Web site: http://www.networkrail.comNEWTON DERBY: Administrators from PwC Move in---------------------------------------------Name of company: NEWTON DERBY LIMITED (Company No 00234206) (In the process of being changed to Rewalt No3 Limited)Nature of Business: Manufacture of Electrical Equipment andElectronic InstrumentsAddress of Registered Office: Belgrave Works, Town Street,Stanningley, Pudsey, West Yorkshire LS28 6ESDate of Appointment: June 24, 2005Joint Administrators' Names and Addresses: Ian David Green (IP No9045), PricewaterhouseCoopers LLP, Benson House, 33 WellingtonStreet, Leeds LS1 4JP and Michael Horrocks (IP No 8026),PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower MosleyStreet, Manchester M2 3PW * * *Founded in 1899, Newton Derby has been a long-term supplier ofhigh quality products to the UK MOD and to an extensive worldwidecommercial client base. It produces products like generators,excitation, converters, PMG etc. Visithttp://www.newtonderby.co.ukfor more information. CONTACT: NEWTON DERBY LIMITED Alfreton Road Derby DE21 4AG UK Phone: +44 (0) 1332 347676 Fax: +44 (0) 1332 294529 E-mail: email@example.com PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920NORTH LATCH: Joint Receivers to Present Report Next Week-------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF North Latch Developments Limited (In Receivership)Notice is hereby given, pursuant to section 67(2) of theInsolvency Act 1986, that a Meeting of the Creditors of theabove-named Company will be held at Level 10, City House,Overgate Centre, Dundee DD1 1UQ, on July 11, 2005, at 11:30 a.m.for the purpose of having laid before it the Joint Receivers'report. Pursuant to section 68(1) of the said Act, the Meetingmay, if it thinks fit, establish a Creditors' Committee toexercise the functions conferred on Creditors' Committees by orunder the ActCreditors are entitled to attend in person or alternatively byproxy. A Creditor may vote only if his claim has been submittedto me and that claim has been accepted in whole or in part. AResolution will be passed only if a majority of those voting inperson or by proxy vote in favor. Proxies and claims must belodged with me at or before the Meeting.J. M. Hall, Joint ReceiverCONTACT: HAINES WATTS (DUNDEE INSOLVENCY) Level 10, City House Overgate Centre Marketgait Dundee DD1 1UQ Phone: 01382 220663 Fax: 01382 22066 Web site: http://www.hwca.comOVERFINCH LIMITED: Range Rover Supplier Calls in Administrator--------------------------------------------------------------Name of company: OVERFINCH LIMITED (Company No 03064254)Nature of Business: Manufacture of Motor VehiclesAddress of Registered Office: Sundial House, 98 High Street,Horsell, Woking, Surrey GU21 4SUTrade Classification: 07Date of Appointment: June 24, 2005Administrators' Names and Address: R D Smailes and S B Ryman (IPNos 8975 and 4731), both of Rothman Pantall & Co, ClarevilleHouse, 26-27 Oxendon Street, London SW1Y 4EP * * *Overfinch originated in 1975 under the name Schuler. SchulerPresses Ltd. was the U.K. division of a German vehicle pressmanufacturer and the founder of Overfinch was their ManagingDirector. It was through this association that Schuler was ableto develop an extensive range of products for the original RangeRover to such an extent that in 1985 the founder of this Companyformed Overfinch. Visit http://www.overfinch.comfor more information.CONTACT: OVERFINCH BESPOKE VEHICLES Unit 8 Farnham Trading Estate Farnham, Surrey GU9 9NQ United Kingdom Phone: +44 (0) 1252 731950 Fax: +44 (0) 1252 731951 E-mail: email@example.com ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: firstname.lastname@example.com Web site: http://www.rothman-pantall.co.ukOXECRAFT BAR/CAFE: Names Begbies Traynor Liquidator--------------------------------------------------- At an Extraordinary General Meeting of Oxecraft Bar/Cafe Limited,duly convened, and held at The Old Exchange, 234 SouthchurchRoad, Southend-on-Sea, Essex SS1 2EG, on 27 June 2005, thesubjoined Extraordinary Resolution was duly passed:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, and thatLloyd Biscoe, of Begbies Traynor, The Old Exchange, 234Southchurch Road, Southend-on-Sea, Essex SS1 2EG, be and he ishereby appointed Liquidator for the purposes of such winding-up."E Siddle * * *Oxecraft trades under the name The Cricketers.CONTACT: BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: email@example.com Web site: http://www.begbies.comPARKGATE INVESTMENTS: Members Pass Winding-up Resolutions---------------------------------------------------------At the extraordinary general meeting of the members of ParkgateInvestments Limited held at 9 Eliot Place, London SE3 0QL, thespecial, ordinary and extraordinary resolutions to wind up thecompany were passed. Nicholas John Miller and Ian Robert ofKingston Smith & Partners LLP, Devonshire House, 60 Goswell Road,London EC1M 7AD have been appointed joint liquidators of thecompany.CONTACT: KINGSTON SMITH AND PARTNERS LLP Devonshire House, 60 Goswell Road, London EC1M 7AD Phone: 020 7566 4000 Fax: 020 7566 4010 Web site: http://www.kingstonsmith.co.ukPARK ROAD: Appoints Butcher Woods Liquidator--------------------------------------------At the extraordinary general meeting of Park Road 1995 Limited(Company No 3053871) on June 27, 2005 held at 2308 Coventry Road,Birmingham B26 3JZ, the special and ordinary resolutions to windup the company were passed. Roderick Graham Butcher of ButcherWoods, 79 Caroline Street, Birmingham B3 1UP has been appointedliquidator of the company. * * *The company is a real estate property developer.CONTACT: BUTCHER WOODS 79 Caroline Street, Birmingham B3 1UPBI MANAGEMENT: Hires Deloitte & Touche as Liquidator-----------------------------------------------------At the general meeting of PBI Management Limited, the special andordinary resolutions to wind up the company were passed. J. R.D. Smith and N. J. Dargan of PO Box 810, Athene Place, 66 ShoeLane, London EC4A 3WA have been appointed joint liquidators ofthe company. * * *The company was previously named BH Matheson InvestmentManagement Limited, BDO Matheson Investment Management Limited,Binder Hamlyn Investment Management.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.comPINEAPPLE HOLIDAYS: Travel Agency in Liquidation------------------------------------------------At an Extraordinary General Meeting of the Members of PineappleHolidays Limited, duly convened, and held at 67 Butts Green Road,Hornchurch, Essex RM11 2JS, on 22 June 2005, Resolutions wereduly passed, as an Extraordinary Resolution and as OrdinaryResolutions respectively:"That it has been proved to the satisfaction of this Meeting thatthe Company cannot, by reason of its liabilities, continue itsbusiness, and that it is advisable to wind up the same, andaccordingly that the Company be wound up voluntarily, that PaulAtkinson and G Mummery, be and are hereby appointed JointLiquidators for the purposes of such winding-up, and that theJoint Liquidators may act independently and in doing so thoseacts are joint and several on the Joint Liquidators."R Fielder, DirectorCONTACT: VANTIS REDHEAD FRENCH LIMITED 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX Contact: P Atkinson and G Mummery PINEAPPLE HOLIDAYS LTD. 43-45 Butts Green Road, Hornchurch, Essex RM11 2JXPOLYPACK SCOTLAND: First Creditors Meeting Set Next Week-------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Polypack (Scotland) Limited (In Liquidation)I, Keith V. Anderson of Scott & Paterson, Chartered Accountants,Bruntsfield House, 6 Bruntsfield Terrace, Edinburgh hereby givenotice, pursuant to Rule 4.18 of The Insolvency (Scotland) Rules1986, I was appointed interim liquidator of Polypack (Scotland)Limited by Interlocutor of Court of Session on June 2, 2005.Notice is hereby given, pursuant to Section 138(4) of theInsolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)Rules 1986, that the first meeting of creditors of the companywill be held at Bruntsfield Hotel, 69 Bruntsfield Place,Edinburgh, on July 11, 2005 at 11:00 a.m. for the purpose ofchoosing a liquidator and considering the other resolutionsspecified in Rule 4.12(3) of the aforementioned Rules.Creditors, whose claims are unsecured in whole or in part, areentitled to attend and vote in person or by proxy providing thattheir claims and proxies have been submitted and accepted at themeeting or lodged beforehand at the address below. A resolutionwill be passed when a majority of those voting have been voted infavor of it. For the purpose of formulating claims, creditorsshould note that the date of commencement of the Liquidation isMay 11, 2005.Keith V Anderson, Interim LiquidatorJune 20, 2005CONTACT: SCOTT & PATERSON Bruntsfield House 6 Bruntsfield Terrace Edinburgh EH10 4EX Phone: 0131 229 2392 Fax: 0131 228 5587 E-mail: email@example.com Web site: http://www.scottandpaterson.co.uk Keith Veitch Anderson E-mail: firstname.lastname@example.com Phone: 0131 248 2638 Fax: 0131 248 2608PREMIER COMMUNICATIONS: Names Poppleton & Appleby Administrator---------------------------------------------------------------Name of company: PREMIER COMMUNICATIONS INTERNATIONAL LIMITED (Company No 3774299)Nature of Business: TelecommunicationsAddress of Registered Office: 2nd Floor, Centre Wing, ElstreeBusiness Centre, Elstree Way, Borehamwood, Hertfordshire WD6 1RXDate of Appointment: June 21, 2005Administrator's Name and Address: M. S. E. Solomons (IP No 9043),Gable House, 239 Regents Park Road, London N3 3LF * * *PCi (Premier Communications International) was established in1999. The company initially targeted the growing calling cardmarket within the U.K. and Europe and has now diversified intoboth wholesale and business services. Headquartered in Londonthe company has key operational locations in TeleHouse, SriLanka, Gibraltar and Portugal. PCi's network reaches acrossEurope, Asia and America.Visit http://www.pcitele.comfor more information. CONTACT: PREMIER COMMUNICATIONS INTERNATIONAL Elstree Business Centre Elstree Way, Borehamwood Hertfordshire, United Kingdom WD6 1RX Phone: +44 (0) 20 7094 1000 E-mail: firstname.lastname@example.com SPW POPPLETON & APPLEBY Gable House 239 Regents Park Road London N3 3LF Phone: 020 8371 5000 Fax: 020 8346 8588 E-mail: email@example.com & DUCKWORTH: Administrators from PKF Move in----------------------------------------------------Name of company: PRESTON & DUCKWORTH LIMITED (Company No 00889910)Nature of Business: The retail of jewelleryAddress of Registered Office: 2 Deansgate, Bolton BL1 1BTTrade Classification: 52484Date of Appointment: June 23, 2005Administrators' Names and Address: K. F. Bailey and J. D. Newell(IP Nos 8780 and 6419), both of PKF (UK) LLP, Sovereign House,Queen Street, Manchester M2 5HR * * *Mr. James Preston founded Duckworth in 1869. It has outletslocated at Bolton, Bury St. Edmunds, Guildford, Ipswich, Windsor,York.Visit http://www.prestonandduckworth.co.uk/for more information. CONTACT: PRESTON & DUCKWORTH LIMITED 129 Fulham Road London SW3 6RT Phone: 020 7581 3239 Fax: 020 7584 6497 PKF Sovereign House, Queen Street, Manchester M2 5HR Phone: 0161 8325481 Fax: 0161 8323849 E-mail: email@example.com Web site: http://www.pkf.co.ukREILLY CONSTRUCTION: Creditors to Meet Later this Month------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Reilly Construction Group Limited (In Liquidation)I, Robert Caven, of Grant Thornton U.K. LLP, 95 Bothwell Street,Glasgow G2 7JZ, give notice that I was appointed interimliquidator of Reilly Construction Group Limited by Interlocutorof the Sheriff of South Strathclyde, Dumfries & Galloway atAirdrie on 13 June 2005.Notice is hereby given that, in terms of section 138(4) of theInsolvency Act 1986, a meeting of creditors of the company willbe held at 95 Bothwell Street, Glasgow G2 7JZ, on July 20, 2005,11:00 a.m. for the purposes of choosing a liquidator and ofdetermining whether to establish a liquidation committee asspecified in sections 138(3) and 142(1) of the said Act.A list of names and addresses of the company's creditors will beavailable for inspection, free of charge, at the offices below,two days prior to the meeting.All creditors are entitled to attend in person or by proxy, and aresolution will be passed by a majority of those voting.Creditors may vote whose claims and proxies have been submittedand accepted at the meeting or lodged beforehand at my office.For the purpose of formulating claims, creditors should note thatthe date of liquidation is April 22, 2005.Robert Caven, Interim LiquidatorJune 15, 2005CONTACT: GRANT THORNTON U.K. LLP 95 Bothwell Street Glasgow G2 7JZ Phone: 0141 223 0000 Fax: 0141 223 0001 Web site: http://www.grant-thornton.co.ukR F WINDER: Calls in Administrators from PricewaterhouseCoopers---------------------------------------------------------------Name of company: R F WINDER ELECTRICAL LIMITED (Company No 01927245) (In the process of being changed to Rewalt No2 Limited)Nature of Business: Manufacture, Refurbish and Repair ofElectrical Power Distribution EquipmentAddress of Registered Office: Belgrave Works, Town Street,Stanningley, Pudsey, West Yorkshire LS28 6ESDate of Appointment: June 24, 2005Joint Administrators' Names and Addresses: Ian David Green (IP No9045), PricewaterhouseCoopers LLP, Benson House, 33 WellingtonStreet, Leeds LS1 4JP and Michael Horrocks (IP No 8026),PricewaterhouseCoopers LLP, 101 Barbirolli Square, Lower MosleyStreet, Manchester M2 3PW * * *Winder Electrical was established in 1889 and has tradedcontinuously to date. It specializes in the design, test, build,deployment and management of power systems from distributiontransformers and switchgear for offices and factories tolarge-scale transformer installations for major blue-chipcompanies. Today's customers include: water, electric and gasutilities, power generation and mining companies both in the U.K.and overseas. Winder Electrical is a member of the MP IndustriesGroup of Company.Visit http://www.winder.co.uk/html/for more information. CONTACT: RF WINDER ELECTRICAL LTD. Belgrave Works, Town Street Stanningley, Leeds LS28 6ES Phone: 0113 255 5666 Fax: 0113 257 2206 E-mail: firstname.lastname@example.com PRICEWATERHOUSECOOPERS LLP Benson House 33 Wellington Street Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com PRICEWATERHOUSECOOPERS 101 Barbirolli Square Lower Mosley Street Manchester M2 3PW Greater Manchester Phone: 0161 247 4330 Fax: 0161 228 3920RPM FASTENERS: Names RSM Robson Rhodes Administrator----------------------------------------------------Name of company: RPM FASTENERS LIMITED (Company No 02607923)Nature of Business: ManufacturingAddress of Registered Office: Block E, Bay 3, StourbridgeIndustrial Estate, Mill Race Lane, Stourbridge, West Midlands DY81JNDate of Appointment: June 27, 2005Administrators' Names and Address: John Neville Whitfield andDavid Michael Riley (IP Nos 9131 and 8950), both of RSM RobsonRhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU * * *RPM Fasteners Limited is the leading manufacturer of highintegrity special bolting and precision special fasteners in theWest Midlands, United Kingdom for over 12 years. It produceswide range of materials in carbon and alloy steels, stainlesssteels, nickel based super alloys, non-ferrous, duplex and otheradvanced materials. R. P. McQuade is its managing director whileDerek Ward is the sales director.Visit http://www.rpmfasteners.co.uk/for more information. CONTACT: RPM FASTENERS LTD. Stourbridge Industrial Estate, Mill Race Lane Stourbridge DY8 1JN West Midlands Phone: 01384 441414 Fax: 01384 447990SENDO HOLDINGS: Mobile Company Calls in Administrator-----------------------------------------------------Name of company: SENDO HOLDINGS PLC (Company No 04035460)Nature of Business: Supplies Mobile Phones to Network OperatorsAddress of Registered Office: Sendo Base Station, Hatchford Way,Birmingham B26 3RZDate of Appointment: June 29, 2005Administrators' Names and Address: Alastair Paul Beveridge andSimon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,10 Fleet Place, London EC4M 7RB * * *Sendo was founded in August 1999. It supplies mobile phones toNetwork Operators around the world. Expanded its headquarters inBirmingham, U.K., to establish offices in the Americas, Europe,and Asia to support this growth.Visit http://www.sendo.com/Sendofor more information. CONTACT: SENDO LTD. Sendo Base Station Hatchford Way Birmingham B26 3RZ United Kingdom Phone: +44 (0) 121 251 5000 Fax: +44 (0) 121 251 5001 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.comSENDO INTERNATIONAL: Hires Administrators from Kroll Limited------------------------------------------------------------Name of company: SENDO INTERNATIONAL LIMITED (Company No FC022925)Nature of Business: Supplies Mobile Phones to Network OperatorsAddress of Registered Office: 4th Floor, Harbour Centre, PO Box613, George Town, Grand Cayman, Cayman IslandsDate of Appointment: June 29, 2005Administrators' Names and Address: Alastair Paul Beveridge andSimon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,10 Fleet Place, London EC4M 7RB * * *Sendo was founded in August 1999. It supplies mobile phones toNetwork Operators around the world. Expanded its headquarters inBirmingham, U.K., to establish offices in the Americas, Europe,and Asia to support this growth.Visit http://www.sendo.com/Sendofor more information. CONTACT: SENDO LTD. Sendo Base Station Hatchford Way Birmingham B26 3RZ United Kingdom Phone: +44 (0) 121 251 5000 Fax: +44 (0) 121 251 5001 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.comSENDO LIMITED: Administrators from Kroll Limited Move in--------------------------------------------------------Name of company: SENDO LIMITED (Company No 03718220)Nature of Business: Supplies Mobile Phones to Network OperatorsAddress of Registered Office: Sendo Base Station, Hatchford Way,Birmingham B26 3RZDate of Appointment: June 29, 2005Administrators' Names and Address: Alastair Paul Beveridge andSimon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,10 Fleet Place, London EC4M 7RB * * *Sendo was founded in August 1999. It supplies mobile phones toNetwork Operators around the world. Expanded its headquarters inBirmingham, UK, to establish offices in the Americas, Europe, andAsia to support this growth.Visit http://www.sendo.com/Sendofor more information. CONTACT: SENDO LTD. Sendo Base Station Hatchford Way Birmingham B26 3RZ United Kingdom Phone: +44 (0) 121 251 5000 Fax: +44 (0) 121 251 5001 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.comSENDO TELECOMMUNICATIONS: Hires Kroll Limited as Administrator--------------------------------------------------------------Name of company: SENDO TELECOMMUNICATIONS LIMITED (Company No 04348064)Nature of Business: Supplies Mobile Phones to Network OperatorsAddress of Registered Office: Sendo Base Station, Hatchford Way,Birmingham B26 3RZDate of Appointment: June 29, 2005Administrators' Names and Address: Alastair Paul Beveridge andSimon Jonathon Appell (IP Nos 008991 and 009305), both of Kroll,10 Fleet Place, London EC4M 7RB * * *Sendo was founded in August 1999. It supplies mobile phones toNetwork Operators around the world. Expanded its headquarters inBirmingham, UK, to establish offices in the Americas, Europe, andAsia to support this growth.Visit http://www.sendo.com/Sendofor more information. CONTACT: SENDO LTD. Sendo Base Station Hatchford Way Birmingham B26 3RZ United Kingdom Phone: +44 (0) 121 251 5000 Fax: +44 (0) 121 251 5001 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.comUNITED NETWORKS: Creditors Meeting Set Next Week------------------------------------------------The general meeting of the unsecured creditors of United NetworksLimited will meet on July 12, 2005 at 10:00 a.m. It will be heldat BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL.Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U3LL not later than 12:00 noon, July 11, 2005. * * *On April 14, 2005 QI Ltd. acquires United Networks Ltd., themultinational company headquartered in Hong Kong formallyannounced its acquisition of United Networks Ltd. QiCommsupplies telecommunications infrastructure.Visit http://www.unitednetworks.co.uk/and http://www.qicomm.com/for more information.CONTACT: UNITED NETWORKS LIMITED Network House, 15 High Street, Hampton, Middlesex TW12 1NB Phone: 02086355555 BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: firstname.lastname@example.com Web site: http://www.bdostoyhayward.co.ukV ASQUITH: Creditors to Meet Next Week--------------------------------------The creditors of V Asquith Building & Construction ServicesLimited will meet on July 15, 2005 at 3:00 p.m. It will be heldat The Europarc Innovation Centre, Innovation Way, Grimsby, NorthEast Lincolnshire.Creditors who want to be represented at the meeting may appointproxies. Proxy forms must be submitted together with writtendebt claims to C. H. Ranby-Gorwood of CRG Insolvency andFinancial Recovery, Alexandra Dock Business Centre, Fisherman'sWharf, Grimsby DN31 1UL not later than 12:00 noon, July 14, 2005.The company is engaged in general construction and civilengineering.CONTACT: CRG INSOLVENCY & BUSINESS RECOVERY Suite 4 Alexandra Dock Business Centre Fishermans Wharf Grimsby Lincolnshire DN31 1UL Phone: 01472 250001WM MORRISON: Seeks Talks with Unions to Prevent Strike------------------------------------------------------Wm Morrison Supermarkets plc reportedly eyes negotiations withlabor unions this week to ward off threats of a strike.The Independent said Sunday that the Transport & General WorkersUnion (TGWU) and the GMB union have warned of taking action ifMorrison fails to answer their demands, which include theintroduction of national bargaining.A strike could affect deliveries at the company's supermarkets,which is perhaps the last thing Morrison would like to be facingright now. The company has already issued five profit warningsin just over a year amid difficulties in integrating Safeway, theUS$3 billion business it acquired last year.According to The Independent, a representative from the companysaid Morrison has to complete the integration of Safeway beforeit allows national bargaining.He added: "We are ready to meet the unions. But we are goingthrough massive changes at the moment. Most of the issues we aredealing with are local, so we are not able to deal with theunions on a national basis."In its latest profit warning, Morrison said it had no idea howmuch profit it would make. As early as six months ago, analystshad penciled in a surplus of more than GBP600 million, but thefigure could now be as little as GBP50 million, according to theScotsman.Following its acquisition of Safeway, Morrison stocks have fallenfrom its lofty peak of 256 pence in April 2004 to the openingprice of 180 pence last month, a whopping GBP2 billion drop inmarket capitalization.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.ukWOOLWORTHS GROUP: Profits Lower Under IFRS------------------------------------------Woolworths Group plc has released its unaudited financial resultsfor the year to 29 January 2005 prepared under InternationalFinancial Reporting Standards (IFRS) as part of the process forthe adoption of IFRS as its primary accounting basis for the yearending 28 January 2006.The key changes to Woolworths' reported financial information asat 29 January 2005 under IFRS are:(a) recognition of all employee benefit related obligations, principally pensions and share based payments;(b) recognition of lease incentives received over the entire term of the lease rather than up to the first market rent review;(c) amortization of goodwill credited back to the income statement, partly replaced by amortization arising on intangible assets following the reclassification of intangible assets from goodwill;(d) gain arising on the formation of its music and video publishing joint venture (2entertain Limited) now included within the income statement and adjusted by re-crediting of the amortization of goodwill on acquisitions; and(e) recognition of deferred tax liabilities on temporary differences.For the year ended 29 January 2005, the impact on profits fromthe adoption of IFRS is a reduction in profit before tax,exceptional costs and goodwill amortization of GBP7.2 millionfrom GBP73.1 million to GBP65.9 million. Profit after tax fallsfrom GBP2.2 million to GBP0.4 million. Net assets are reduced byGBP71.8 million from GBP457.3 million to GBP385.5 million at 1February 2004 and by GBP95.8 million from GBP464.8 million toGBP369.0 million at 29 January 2005.IFRS will apply for the first time in the Woolworths financialstatements for the year ending 28 January 2006. Accordingly,financial results for the six month period ending 30 July 2005will be prepared and reported under IFRS.None of the adjustments arising from IFRS relate to cash, andtherefore there is no impact on reported cash flows.Woolworths intends to issue its pre-close trading update on 25July 2005.A full copy of the financial impacts of the IFRS adoption isavailable free of charge athttp://bankrupt.com/misc/WoolworthsGroup(IFRS).htm * * *At the Woolworths Group plc Annual General Meeting held lastmonth, Chairman Gerald Corbett said: "Current trading hasremained difficult and the outlook for consumer spending on theHigh Street remains poor. In the 18 weeks to 4 June 2005,Woolworths Mainchain like-for-like sales decreased by 4.4%."Excluding Entertainment (music, video, games and books), whichsuffered a comparatively poor release schedule, like-for-likesales decreased by 0.3 per cent. Overall, the Woolworths grossmargin was slightly down on last year. Action has been taken oncosts to limit the impact of negative sales and margin onprofitability and space allocation in store has been changed tosupport product groups with higher profit densities."CONTACT: WOOLWORTHS GROUP PLC Woolworth House, 242-246 Marylebone Rd. London NW1 6JL, United Kingdom Phone: +44-20-7262-1222 Fax: +44-20-7706-5416 Web site: http://www.woolworthsgroupplc.com Tulchan Group Kate Inverarity Phone: 020 7353 4200 Celia Gordon-Shute Phone: 020 7353 4200ZENITH BUILDING: Members Pass Winding-up Resolution---------------------------------------------------At the extraordinary general meeting of the members of ZenithBuilding Limited on June 24, 2005 held at 1640 Parkway, SolentBusiness Park, Whiteley, Fareham, Hampshire, the subjoinedspecial resolution to wind up the company was passed. JamesRichard Tickell and Carl Derek Faulds of Portland Business &Financial Solutions, 1640 Parkway, Solent Business Park,Whiteley, Fareham, Hampshire have been appointed jointliquidators of the company.CONTACT: ZENITH BUILDING LIMITED 4 Rye Close Chandler's Ford Eastleigh, Hampshire SO53 4HB United Kingdom Phone: (023) 8027 5300 PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Phone: 01489 550 440 E-mails: firstname.lastname@example.com email@example.com *********S U B S C R I P T I O N I N F O R M A T I O NTroubled Company Reporter -- Europe is a daily newsletterco-published by Bankruptcy Creditors' Service, Inc., FairlessHills, 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 orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.The TCR Europe subscription rate is US$575 per half-year,delivered via e-mail. Additional e-mail subscriptions formembers of the same firm for the term of the initial subscriptionor balance thereof are US$25 each. For subscription information,contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *