Breaking multiple circles into sections

I'm currently sitting with the following problem in CorelDraw 11:

I have four circles, one inside the other, with the circles getting smaller towards the centre.  I want the two outer circles to be joined and the two inner circles to be joined.  Text will be placed on top of these circles and I want to cut out those sections of the circle which will be covered by the text.  The circles will also be filled with different colours.  Simply placing the text on top of the 'rings' is not an option as the there are also two logos on the right which cover part of the circle (the part which I want to 'cut' out).

I've tried Combine and the Knife tool but somehow I just don't seem to achieve my goal.  This would be a lot easier to explain if I could upload a PDF of the image.