/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060110.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 Tuesday, January 10, 2006, Vol. 7, No. 7 Headlines B E L G I U M TELENET COMMUNICATIONS: Earns Upgrade after IPO, Debt Redemption B U L G A R I A NOVA PLAMA: Faces Two Insolvency Petitions C Y P R U S CYPRUS AIRWAYS: Unions Relent, Okay Restructuring Plan C Z E C H R E P U B L I C CZECH AIRLINES: New President Tasked to Privatize Carrier SANTY KLATOVY: Succumbs to Bankruptcy VSEOBECNA ZDRAVOTNI: Rath Raps Bonuses for Employees F R A N C E FRANCE SOIR: Bids Deadline Extended to Thursday G E R M A N Y ALLGEMEINE HYPOTHEKENBANK: Fitch Clarifies Dec. Rating Actions AMP VERWALTUNG: Court to Verify Claims April CHRISTOPH PALME: Creditors' Claims Due Next Month DAIMLERCHRYSLER AG: Chrysler to Recall 265,000 Sedans DAIMLERCHRYSLER AG: Worldwide Passenger Car Sales Up 3.8% FASTENRATH HOLDING: Under Bankruptcy Administration HTL HOCH: Court Names Anwaltskanzlei Siemon Administrator ITELKOM GMBH: Bochum Business Goes Bankrupt PATERNO STUCK: Under Bankruptcy Administration STEIN TEC: Court to Verify Claims May ST STRASSEN: Proofs of Claim Due February VIVANCO GRUPPE: Expects Negative Pre-tax Results for 2005 W.& J. HONNE: Duesseldorf Company Falls into Bankruptcy ZENTARA GMBH: Essen Court Appoints Administrator * More Insolvencies Seen this Year H U N G A R Y NABI RT: Financiers Extends Debt Waiver I T A L Y BANCA POPOLARE: Takeover Interests Buoy Shares PARMALAT U.S.A.: Pineros May Pursue Tort Claim in Kings County K A Z A K H S T A N BANK TURANALEM: Upcoming Tier 1 Issue Gets Expected B+ Rating N E T H E R L A N D S ROYAL SHELL: Buys back 600,000 'A' Shares ROYAL SHELL: To Trade New Shares on Euronext Amsterdam, LSE R U S S I A AGRO-PROM-MONTAGE: Succumbs to Bankruptcy BALT-INVEST: Declared Insolvent INFORMATIONAL AND ECONOMICAL: Insolvency Manager Takes over Firm KANSKOYE CARGO: Krasnoyarsk Court Opens Bankruptcy Proceedings KRASNOCHETAYSKIY DAIRY: Bankruptcy Hearing Set Thursday LADOZHSKOYE: Kareliya Court Brings in Insolvency Manager TETYUSHESKOYE: Bankruptcy Hearing Set Next Week TRANSPORT COMPANY: Declared Insolvent WOO-PROM-KHOZ AFANASYEVSKIY: Bankruptcy Supervision Begins YUKOS OIL: Boosting Investment this Year YUNGA: Bankruptcy Hearing Set Later this Month T U R K E Y DOGUS HOLDING: Upgraded to BB- on Completion of Stake Sale U K R A I N E AUTO TRANSPORT 11801: Files for Bankruptcy BUILDING ENTERPRISE 34: Bankruptcy Supervision Starts KOMOD: Temporary Insolvency Manager Takes over Helm PROGRES-EXIM: Under Bankruptcy Supervision PROPANGAZSERVICE: Declared Insolvent SUMI MACHINE: Court Appoints Temporary Insolvency Manager U N I T E D K I N G D O M ACE ARC: Calls in Liquidator from Elwell Watchorn AVECIA GROUP: Won't Pay Dividend for FY2005 AVECIA GROUP: Sells Inkjet, Electrophotography Biz to Fujifilm BCOM LIMITED: Names Till Morris Liquidator BERKEFELD (UK): BDO Stoy Hayward Liquidator Enters Firm BF MUNSLOW: Calls in Liquidator from Bishop Fleming BROADBRIDGE LTD.: Liquidator from David Rubin Moves in CATERVEND SERVICES: Files for Liquidation CENTER PARCS: Search for New Finance Director Ongoing DESTINY MARKETING: Appoints Sanderlings Liquidator EARLSNOTE LIMITED: Calls in Liquidator from Bishop Fleming EASYNET GROUP: BSkyB Offer Declared Unconditional FEDERAL-MOGUL: Cutting 10% of Workforce as part of Restructuring FMATS LTD.: Files for Liquidation GENERAL TYRE: Calls in Liquidator from Haines Watts GLOBAL OCEANIC: Reaches New Debt Payment Terms with Bank GREENS SUPERSTORES: Business for Sale LABORATOIRE FLORIDE: Appoints Liquidator LOWER PENN: Hires Sale Smith & Co. as Liquidator MARKS & SPENCER: Brandes Cuts Stake MERITLIGHT LIMITED: Liquidators Take over Firm M & J LOWE: Hires Haines Watts to Liquidate Assets OBJECT 1: Files for Liquidation PST (DISTRIBUTION): Hires Tenon Recovery Liquidator Q FACTOR: Calls in Liquidator from Fergusson & Co. RANGEWAY INTERIORS: Liquidator Enters Firm RICHMOND BUILDING: Calls in Liquidator R L SERVICES: EGM Passes Winding-up Resolution ROOFTECH INSTALLATIONS: Files for Liquidation SAMDALE SOLUTIONS: Names Barbie Harding & Co. Liquidator SERAI LIMITED: Liquidator from Bennett Verby Moves in SPOOL MULTI: Calls in Liquidator from R. W. Keating & Co. STEAM DIRECT: Seller of Steam Boiler Folds up STILEBRIDGE FURNITURE: Names Vantis Business Recovery Liquidator SYNERGY COMPONENTS: Hamilton Liquidator Enters Firm TARA AMAN: Calls in Liquidator from Bridgers * Large Companies with Insolvent Balance Sheets ********* ============= B E L G I U M ============= TELENET COMMUNICATIONS: Earns Upgrade after IPO, Debt Redemption ---------------------------------------------------------------- Fitch Ratings has upgraded Belgium-based Telenet Communications N.V.'s (Telenet) ratings and removed them from Rating Watch Positive. A Stable Outlook has been assigned. The rating action follows the completion of its initial public offering (IPO) in October 2005 and part redemption of its outstanding debt. The ratings affected are: Telenet's issuer rating upgraded to 'B+' from 'B'; Telenet Bidco N.V.'s senior secured debt upgraded to 'BB' from 'BB-'; Telenet Communications' N.V. 9% senior notes due 2013 upgraded to 'BB' from 'B-'; Telenet Group Holding N.V.'s 11.5% senior discount notes due 2014 upgraded to 'B+' from 'CCC+'. Telenet raised gross primary IPO proceeds of EUR280 million in October 2005 and has already reduced its outstanding senior discount notes to US$254 million (EUR210 million equivalent at Q305 exchange rates). Proceeds will be applied on January 9 to reduce the outstanding senior notes to approximately EUR368 million. Pro-forma Q305 total debt is therefore reduced to EUR1,337 million from EUR1,582 million, and pro-forma total leverage is reduced to 4.2x from 5.0x. Michelle De Angelis, Director in Fitch's Leveraged Finance Group, said: "Telenet's rating had previously been constrained by a number of factors, including the group's high financial leverage. With the debt redemption and reduction in cash interest payments going forward, Telenet has a financial profile that justifies a 'B+' issuer rating." "In Fitch's view, further growth opportunities for Telenet's iDTV product, as well as cross-selling of products to increase revenue generating units per customer, are counterbalanced at this time by a potential for increased price competition in the Belgian Internet and telephony markets and ongoing investment in digital TV and other technologies, which is reflected in the Stable Outlook," she adds. Telenet's ratings reflect the company's strong market positions in cable television, Internet and telephony services and, in particular, the stability of the cable television business. The upgrades of Telenet Communications' N.V. 9% 2013 senior notes, and the Telenet Group Holding N.V.'s 11.5% 2014 senior discount notes reflect both the reduced senior debt in Telenet's capital structure following prepayments during 2005 and the reduced pro-forma amount of the senior notes and the senior discount notes following prepayments from IPO proceeds. Fitch's notching methodology now allows for upward notching of junior instruments in structured financings if supported by the recovery analysis. Fitch's notching methodology is based on expected recoveries from a distressed sale as a going concern. The current low level of debt, combined with Fitch's estimated enterprise value of the company in a distressed scenario, implies substantially improved recoveries for the senior discount notes as well as strong recoveries for the senior notes. Upward notching for Belgium is capped at two notches. Telenet is a cable operator in Belgium providing cable television, broadband Internet and telephony services to 1.8 million unique customers, or 2.7 million revenue-generating units, in the Flanders region. In the three quarters to September 2005, Telenet generated revenues of EUR544m and EBITDA of EUR251 million. CONTACT: TELENET COMMUNICATIONS N.V. Liersesteenweg 4 2800 Mechelen Phone: +32 15 333 000 Fax: +32 15 333 999 FITCH RATINGS Michelle De Angelis, London Phone: +44 (0) 20 7417 3499 Stuart Reid Phone: +44 (0) 20 7417 4323 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com =============== B U L G A R I A =============== NOVA PLAMA: Faces Two Insolvency Petitions ------------------------------------------ Yorset Holding and DZI Bank has filed separate insolvency petitions against oil refinery Nova Plama JSC, Dnevnik a.m. says. Yorset failed last week to have Nova Plama declared insolvent, after the Supreme Cassation Court stayed the proceedings against the oil refinery. The Court said Yorset does not own enough credit percentage to ask for an insolvency ruling. Court records show that Yorset and DZI Bank own 14.83% and 7.9% respectively of Nova Plama's BGL241 million debt. Nova Plama is Bulgaria's No.2 refinery with annual processing capacity of 1,200,000 metric tons of crude oil. CONTACT: NOVA PLAMA JSC 5800 Pleven Bulgaria Industrial zone Phone: +359 (64) 83 41 88 82 21 37 Fax: +359 (64) 83 35 76 83 24 71 Web site: http://www.plama.bg =========== C Y P R U S =========== CYPRUS AIRWAYS: Unions Relent, Okay Restructuring Plan ------------------------------------------------------ The restructuring plan of troubled national carrier Cyprus Airways (CAIR) finally got the nod of its trade unions, the Financial Mirror says. CAIR had been trying to persuade its unions to approve the plan, which calls for 500 voluntary redundancies and aims to save over CYP20 million in costs. Unions had been critical of the plan, saying it was unfavorable to employees as 80% of the cost-saving measures focuses on job reduction while only 20% is devoted to revenue generation. Andreas Pierides, Secretary General of the CYNIKA union, said no matter how painful the plan is, "it must be accepted since there is no other alternative." As part of the plan, pilots (PASIPY union) and cabin crew (SYPKA union) will have to shelve EUR2.4 million and EUR3.3 million in savings. SYPKA President Costas Constantinou, said, "We are trying to support the plan because the union has made a commitment to the company's board that it would do so." Mr. Constantinou revealed CAIR had asked the cabin crew to accept cutback in salary, changes in the terms of employment, reduced numbers on flights and an end to company transport to and from the airports. CAIR needs union endorsement to get the Commission's nod on the rehab plan and a needed CYP58 million government-guaranteed loan to repay CYP30 million in maturing debt, cover CYP10 million in redundancy cost and finance the restructuring. The carrier had warned it would revert to the original plan to dismiss 385 employees; slash the salaries and benefits of those retained; and get rid of 22 chief steward positions. The government recently promised to acquire CAIR charter unit Eurocypria as a backup plan should the carrier's restructuring fail. Communications Minister Haris Thrassou said the takeover would proceed regardless of the results of the restructuring. CONTACT: CYPRUS AIRWAYS LIMITED 21 Alkeou Str. 2404 Engomi P.O. Box 21903 1514 Nicosia, Nicosia Phone: 22663054 Fax: 22663167 E-mail: webcentre@cyprusair.com.cy Web site: http://www.cyprusairways.com =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: New President Tasked to Privatize Carrier --------------------------------------------------------- Radomir Lasak, as Czech Airlines' incoming president, inherits the task of preparing the state-controlled firm for privatization. "If the situation on the market is suitable, he should prepare Czech Airlines for sale," Prime Minister Jiri Paroubek told the press. Mr. Lasak previously helped privatize Czech bank Komercni banka. His appointment underscores the state's intention to speed up the company's transformation, incumbent CSA president Jaroslav Tvrdik says. According to Czech Happenings, the goal is to ready the firm for privatization by the end of this year, in line with CSA's development strategy. As of 2004, CSA's accumulated losses amounted to CZK1.2 billion. It expects to post another loss, amounting to CZK329 million, in 2005, compared to last year's profit of CZK324 million. Under IFRS, however, the figure will appear positive, but lower than last year's CZK570 million. The discrepancy is due to a different method in accounting for financial leasing. The report said that, in line with CSA's strategy, the firm should settle the loss by yearend. "CSA economic results are not bad. If considered by international standards, CSA would be in the black even after the huge increase in fuel prices," Mr. Paroubek said. Analyst Jan Schiesser values the firm at around CZK12 billion at the beginning of 2004. He said one of the issues to be decided in relation to the privatization is whether it is better to find a strategic partner or sell part of the firm on the capital market. The Finance Ministry holds more than 56% of CSA; the bailout agency CKA holds the remaining 34%. CONTACT: CESKE AEROLINIE A.S. Prague Ruzyni Airport 160 08 Prague, 6, Czech Republic Phone: +42 220 104 310 Fax: +42 224 81 04 26 Web site: http://www.csa.cz SANTY KLATOVY: Succumbs to Bankruptcy ------------------------------------- A regional court has declared female RTW clothes company Santy Klatovy s.r.o. bankrupt, Czech News Agency says. According to receiver Ladislav Michalek, Santy has been incurring large losses due to China's pricing policy. He aims to continue production. Set up 14 years ago, Santy produces women's suits, ensembles, jackets, blazers, dresses, skirts, trousers, breeches and shorts for the German market. Employing around 150, the group has an annual turnover of CZK30 million. CONTACT: SANTY KLATOVY s.r.o. Koldinova 14 Klatovy 33901 E-mail: santy@ahoj.cz VSEOBECNA ZDRAVOTNI: Rath Raps Bonuses for Employees ---------------------------------------------------- Health Minister David Rath has condemned the plan by bankrupt Vseobecna zdravotni Pojistovna Ceske Republiky (The General Health Insurance Company, VZP) to pay 13th and 14th extra monthly salaries to employees. At Friday's issue of Pravo, Mr. Rath blamed VZP director Jirina Musilkova for approving the payouts in a collective agreement. Ms. Musilkova will receive the extra salaries as well, according to him. He finds the payouts inappropriate considering VZP has a budget deficit of CZK14 billion and it even reluctantly covered the health-care cost of some patients before. Ms. Musilkova was supposed to resign by Jan. 1, but she decided against it pending her dismissal and the election of a new director. Under the law, the VZP head is elected by the Chamber of Deputies. The Health Ministry placed VZP under forced administration on Nov. 10 and appointed Antonin Pecenka administrator. CONTACT: VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY Orlicka 4/2020 130 00 Praha 3 Phone: 221 751 111 E-mail: info@vzp.cz Web site: http://www.vzp.cz =========== F R A N C E =========== FRANCE SOIR: Bids Deadline Extended to Thursday ----------------------------------------------- The commercial court in Bobigny has extended the deadline for takeover offers for ailing daily France Soir from Dec. 30 to Jan. 12, Les Echos says. The ruling came after 70% owner Raymond Lakah questioned the court chairman's impartiality. So far, three offers have been received. Paris prosecutors recently launched a preliminary inquiry into parent Presse Alliance. The probe will focus on the 12-month period after Mr. Raymond Lakah took over Press Alliance in October 2004. France Soir declared bankruptcy on Oct. 27, 2005 after failing to pay a EUR6 million debt. Prior to this, it asked the court to freeze debt payments, citing insufficient resources. At the time, the company's assets had dwindled to EUR350,000. A few days later, the Commercial Court in Bobigny placed France Soir in compulsory administration and imposed a six-month observation period. Chief Executive Jacques Lefranc hopes to present a rehab plan before the end of the observation period. France Soir posted EUR4 million in losses in the first half and expects it to double by the end of 2005. It forecasts EUR20 million in turnover for 2005. CONTACT: PRESSE ALLIANCE 45 Avenue Victor Hugo 93300 Aubervilliers FRANCE-SOIR 45 Avenue Victor Hugo 93300 Aubervilliers Web site: http://www.francesoir.fr ============= G E R M A N Y ============= ALLGEMEINE HYPOTHEKENBANK: Fitch Clarifies Dec. Rating Actions -------------------------------------------------------------- Fitch Ratings has revealed that Germany-based Allgemeine Hypothekenbank Rheinboden AG's (AHBR) recent announcement that it expects to report a net loss for the financial year 2005 is in line with the agency's expectations. The information contained in the mortgage bank's ad-hoc statement has already been factored into Fitch's rating actions on 9 December 2005. The bank's current ratings are: (a) Long-term rating: 'BBB-' with Negative Outlook. The Long- term rating applies to all AHBR's senior unsecured obligations; (b) short-term rating: 'F3'; (c) support rating: '2'; (d) individual rating: 'E' on Positive Rating Watch; (e) subordinated obligations: 'BB+'; and (f) profit participation rights (Genussscheine): 'CC' on Negative Rating Watch. AHBR expects to report a loss in the range of EUR1.1 billion to 1.3 billion due to the crystallization of losses on interest rate positions and further impairment charges in the bank's loan book. The bank envisages not to pay the coupon of the profit participation rights for 2005 and to write down their face value in line with the respective documentation. CONTACT: ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG Betreff Bockenheimer Landstrasse 25 D-60325 Frankfurt/Main Phone: (0 69) 71 79-0 Fax: (0 69) 71 79-100 Web site: http://www.ahbr.de FITCH RATINGS Michael Steinbarth, London Phone: +44 20 7862 4068 Thomas von Luepke, Frankfurt Phone: +49 69 7680 76150 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com AMP VERWALTUNG: Court to Verify Claims April -------------------------------------------- The district court of Bremen opened bankruptcy proceedings against AMP Verwaltung GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 28, 2006 to register their claims with court-appointed provisional administrator Dr. Christian Strauss. Creditors and other interested parties are encouraged to attend the meeting on February 16, 2006, 9:20 a.m. at the district court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on April 20, 2006, 9:30 a.m. at the same venue. CONTACT: AMP VERWALTUNG GmbH Baumstr. 40-42, 28217 Bremen Contact: Frank Wengler, Manager Heiligenbergstr. 33, 28307 Bremen Ralf Vogel, Manager Struckbergstr. 24 C, 27721 Ritterhude Dr. Christian Strauss, Administrator Friedrich-Missler-Str. 42, 28211 Bremen Phone: 0421/7926260 Fax: 0421/7926285 CHRISTOPH PALME: Creditors' Claims Due Next Month ------------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Christoph Palme GmbH on December 29. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 10, 2006 to register their claims with court-appointed provisional administrator Michael Plossner. Creditors and other interested parties are encouraged to attend the meeting on February 17, 2006, 10:00 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on March 17, 2006, 9:40 a.m. at the same venue. CONTACT: CHRISTOPH PALME GmbH Koblenzer Str. 44, 53359 Rheinbach Contact: Marliese and Dr. Gerd Hickisch, Managers Michael Plossner, Administrator Hausdorffstrasse 11, 53129 Bonn Phone: 0228 / 911 51 11 Fax: 9115199 DAIMLERCHRYSLER AG: Chrysler to Recall 265,000 Sedans ----------------------------------------------------- DaimlerChrysler AG's Chrysler unit is recalling around 265,000 sedans after receiving complaints about engine fires, says the Associated Press. Spokesman Max Gates has noted 168 reports of fires, including one minor injury, through November 2005, prompting the recall that involves 1999-2000 Dodge Stratus, Plymouth Breeze and Chrysler Cirrus sedans equipped with the 2.4-liter engine. According to Chrysler, the high-pressure power steering hose may encounter premature aging due to heat. This could leak power steering fluid that may result to engine fires. The hose will be replaced as part of the recall. About 210,000 vehicles in the United States and around 55,000 vehicles in Mexico and Canada are affected by the recall. In October, the Associated Press said Chrysler was recalling around 300,000 vehicles due to potential transmission defects. It involved 2005 model year Jeep Liberty, Jeep Wrangler, Chrysler 300 and Dodge Magnum, Dodge Dakota/Mitsubishi Raider pickups and Dodge Durango vehicles equipped with some six-cylinder engines and automatic transmissions. Chrysler was also recalling another 283,000 units to correct possible inadvertent movement of the vehicles, although no defect has been discovered. It involved Dodge Ram pickups from the 2003-2005 model years equipped with diesel engines and automatic transmissions. In September, it announced that it will recall 100,000 Jeep Grand Cherokee sport utility vehicles due to transmission fluid- related troubles. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com DAIMLERCHRYSLER AG: Worldwide Passenger Car Sales Up 3.8% --------------------------------------------------------- Worldwide sales of DaimlerChrysler passenger cars rose by 3.8% to 4,046,700 units in 2005 (2004: 3,897,800), surpassing the mark of 4 million for the first time. The Chrysler Group was once again very successful in the highly competitive U.S. market, where the company's sales grew faster than the market overall. Worldwide sales for the Chrysler Group were up 4.7% to 2,826,100 units in 2005 (2004: 2,697,300). The Mercedes Car Group increased worldwide deliveries of Mercedes-Benz, Maybach, and smart brand cars by 1.7% to 1,220,600 units (2004: 1,200,500). Dr. Dieter Zetsche, chairman of DaimlerChrysler and head of Mercedes Car Group, said: "Both the Chrysler Group and the Mercedes Car Group recorded sales growth around the world in 2005, despite the difficult market environment in the auto motive industry. Our young and attractive product portfolio provides a solid foundation for sustainable profitable growth in the future." Chrysler Group increased global vehicle sales by 4.7% in 2005, posting sales of 2,826,131 units (2004: 2,697,280 units). Sales were up across all Chrysler Group global regions (U.S., Canada, Mexico and International). In the United States, the world's most competitive automotive market, sales advanced 5% to 2,304,833 units (2004: 2,206,024 units). Sales in Canada increased 3% this year, totaling 216,857 units (2004: 210,866 units) and propelling DaimlerChrysler Canada into the second largest seller of vehicles in Canada for the first time in the company's history. Sales in Mexico rose by 7% to 124,353 units (2004: 115,744 units) and achieving its best sales performance since 2001. Products sold under the Chrysler, Jeep and Dodge brands posted significant sales gains during 2005 and products in key segments such as minivans, sport utility vehicles and trucks posted strong gains. International sales made a significant impact with a 9% increase to 180,088 units (2004: 164,646 units) making 2005 the best sales year since 2001. Top international sales markets by volume for the Chrysler Group were Italy, China and Germany. Global sales for the Chrysler Group were boosted by the worldwide appeal of products in key segments such as minivans, sport utility vehicles and passenger sedans. The Chrysler 300/300C continued its strong appeal to consumers and maintained its position as the leader in the luxury full-size car segment by posting a record total of worldwide sales of 165,411 units, an increase of 40% compared to 2004 sales of 120,857. In the United States the Chrysler 300 continues to be the flagship vehicle for the Chrysler Group, posting sales of 144,068 units, an increase of 28% over 2004 totals of 112,930 units. The Chrysler 300 is the leader of the luxury full-size car segment with a commanding 28% share, eclipsing the closest competitor by a two to one margin. Global sales of Chrysler Group minivans with the exclusive Stow 'n Go(TM) seating and storage system rose by 5% in 2005 to 543,201 units, further solidifying Chrysler Group's position as the 22-year leading seller of minivans in the automotive market. In the U.S., Chrysler Group minivans hold a commanding 35% share of the minivan market and leading the closest competitor by a 2-to-1 margin. The Jeep name continues to have global appeal as evidenced by its 12% increase in sales during 2005 to 608,419 units worldwide. Sales in 2004 were 543,441. The launch of important new products in the United States such as the all-new, 7-passenger, Jeep Commander and the successful global reception to other Jeep products, such as the Jeep Wrangler, Jeep Liberty and Jeep Grand Cherokee, contributed to the successful performance in 2005. Mercedes-Benz Posts Record Sales in the U.S. and Asia With record sales in December (116,100 units; up 10%) worldwide deliveries of Mercedes-Benz passenger cars increased in 2005 by 1.6% to 1,077,600 units (2004: 060,900 units). In the U.S., the brand with the star sold 224,400 passenger cars and recorded its twelfth consecutive annual sales increase in that market. In the Asia-Pacific region, DaimlerChrysler delivered 97,200 Mercedes-Benz passenger cars, 10% more than in 2004. The biggest increases in Asia were achieved in the Chinese growth market including Hong Kong (15,800 units, up 38%) and in Japan (43,000 units, up 11%). With 661,500 units, sales in Western Europe almost reached last years result (2004: 666,900 units). In the European core markets U.K., Italy, France and Spain Mercedes-Benz outperformed the market as a whole. In Germany, Mercedes-Benz delivered 319,900 passenger cars to customers (2004: 338,100), thus maintaining its position as the leading premium brand in that country. In 2005, the model changeovers for the M- and S-Class, the debut of the R- and B-Class, as well as the launch of the new, powerful V6 and V8 engine generations laid the foundation for further sales growth at Mercedes-Benz. The new S-Class recaptured its position as the best-selling luxury sedan in the world immediately after its market launch in September. Sales of S-Class sedans reached the record level of 9,000 units in December. Although the new Mercedes-Benz flagship model won't be available in its key U.S. market and in right-hand drive markets until early 2006, the brand still managed to sell 49,900 S-Class sedans last year (2004: 53,200). Mercedes-Benz also remained the international market leader in the upper-range E-Class segment, with sales of 261,900 units worldwide (2004: 287,100 units). The CLS has been a particularly big success as a new vehicle concept, and more than 50,000 units of the four-door coupe have been delivered since market launch in October 2004. A total of 402,400 units of the C-Class family were sold in 2005 (2004: 470,300). Whereas sales of the SLK roadster increased to the record level of 57,000 units last year, sales of the C-Class sedan, station wagon and sports coupe were below the prior year's high level, due to lifecycle effects. Mercedes-Benz has achieved excellent results with the second generation of the A-Class: In the first full year of sales, deliveries of A-Class vehicles rose by 37% to 194,100 units, making the highly versatile series from Mercedes-Benz by far the number one model in the premium compact segment. The new M-Class also recorded sharp sales growth last year, with all major markets contributing to a 15% increase in sales to 80,400 units in 2005. At 5,100 units (2004: 6,700), sales of the Mercedes-Benz G-Class -- the classic among all-terrain vehicles -- remained high 26 years after production began. Demand is also growing for the two sports tourers that Mercedes-Benz launched last year as a completely new vehicle concept. A total of 57,200 customers have already purchased the B-Class, which was introduced to the European market in June. Sales of R-Class vehicles have been increasing continually since that model was launched on the U.S. market approximately three months ago. Additional sales potential is expected to be generated in 2006 by the European market launch of short- and long-wheelbase versions and diesel variants. Mercedes-AMG, which builds exclusive high-performance automobiles, remained very successful in 2005 as well, delivering more than 20,000 AMG vehicles once again, half of which were sold in the U.S. In 2005, the Mercedes-Benz SLR McLaren established itself among sports car enthusiasts around the world as a fascinating synthesis that combines cutting-edge innovation with the mystique of an automotive legend. More than 500 units were delivered to customers during the super sports car's first full year of production. Maybach Expands Product Range The Maybach high-end luxury brand further expanded its range of models in 2005, thereby further boosting brand appeal. Along with the Type 62 limousine and the shorter-wheelbase Type 57, the Maybach 57 S delivers even higher performance and has been supplementing the exclusive portfolio of the luxury manufacturer since the end of 2005. Since the brand was revived in 2002, Maybach has delivered some 1,500 limousines to customers around the world in an economic environment that has been challenging for the entire luxury car sector. More than 300 of these limousines were delivered in 2005. Smart Boosts Sales to 143,000 units Sales of DaimlerChrysler's Smart brand increased for the seventh year in a row, with worldwide customer deliveries rising to 143,000 units in 2005. As a result, Smart achieved the sales target for 2005 and the implementation of its new business model is on track. This achievement was especially due to the "Smart forward" sales offensive, which not only enhanced the dealership network's performance, but also led to a more than 20% increase in the number of retailers in Europe. With sales of 39,800 units (up 23%), Italy remains the brand's most important market. Demand also increased particularly strongly in the Netherlands (4,400 units, up 13%) and Spain (7,400 units, up 1%). In Germany, Austria and Switzerland Smart did not match the previous year's sales level because of a weak market environment and a stagnating small-car segment. With deliveries of 4,100 Smart fortwo cdi vehicles, Smart was able to substantially exceed its sales target in Canada, its North American test market. Sales of the fuel-efficient diesel variants continue to be brisk. More than 140,000 units of the Smart fortwo cdi have been delivered to customers since the vehicle's market launch in December 1999, making it the most successful "three-liter" car in the world. An increasing proportion of smart forfours are equipped with diesel engines, as this share amounted to over 40% last year. Smart responded to the increased customer demand for exclusivity by introducing the high-quality, sporty Brabus variant last spring, selling more than 1,000 units of this vehicle since May. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com FASTENRATH HOLDING: Under Bankruptcy Administration --------------------------------------------------- The district court of Koln opened bankruptcy proceedings against Fastenrath Holding-GmbH on December 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006 to register their claims with court-appointed provisional administrator Dr. Jorg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting on March 22, 2006, 11:00 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FASTENRATH HOLDING-GmbH Elbringhausen 1, 42929 Wermelskirchen Contact: Renate Fastenrath, Manager Dr. Jorg Bornheimer, Administrator Sporergasse 7, 50667 Koln Phone: 0221 - 27 26 12 0 Fax: +4922127261299 HTL HOCH: Court Names Anwaltskanzlei Siemon Administrator --------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against HTL Hoch-Tief-Landschaftsbau GmbH on December 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 24, 2006 to register their claims with court-appointed provisional administrator Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2006, 11:15 a.m. at the district court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: HTL HOCH-TIEF-LANDSCHAFTSBAU GmbH Contact: Andreas Meischner, Manager Schulstrasse 38, 09125 Chemnitz Klaus Siemon, Administrator Anwaltskanzlei Siemon Strasse der Nationen 51, 09111 Chemnitz Web site: http://www.kanzlei-siemon.de ITELKOM GMBH: Bochum Business Goes Bankrupt ------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Itelkom GmbH on December 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 6, 2006 to register their claims with court-appointed provisional administrator Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting on March 14, 2006, 10:00 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ITELKOM GmbH Eickeler Markt 7, 44651 Herne Contact: Thorsten Weller, Manager Im Mailand 94, 44797 Bochum Martin Schulz, Manager Bickernstr. 65 a, 44649 Herne Bernd Depping, Administrator Kunibertistrasse 9, 45657 Recklinghausen Phone: 02361/58208-88 Fax: 02361/5821591 PATERNO STUCK: Under Bankruptcy Administration ---------------------------------------------- The district court of Koln opened bankruptcy proceedings against Paterno Stuck- Putz GmbH on December 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 6, 2006 to register their claims with court-appointed provisional administrator Dr. Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting on April 6, 2006, 12:40 p.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: PATERNO STUCK- PUTZ GmbH Moltkestrasse 131, 50674 Koln Contact: Olga Vinarskaja, Manager Dietrich-Bonhoeffer-Strasse 34, 40595 Duesseldorf Guiseppe Paterno, Manager Dr. Ruediger Werres, Administrator Friesenplatz 17 a, 50672 Koln Phone: 0221/95 14 46 - 20 Fax: +4922195144690 STEIN TEC: Court to Verify Claims May ------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Stein Tec Beratung & Verwaltung GmbH on December 22. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 24, 2006 to register their claims with court-appointed provisional administrator Knut Rebholz. Creditors and other interested parties are encouraged to attend the meeting on February 8, 2006, 9:05 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on May 17, 2006, 9:00 a.m. at the same venue. CONTACT: STEIN TEC BERATUNG & VERWALTUNG GmbH Siegfriedstrasse 46-48,10365 Berlin Knut Rebholz, Administrator Cicerostr. 22, 10709 Berlin ST STRASSEN: Proofs of Claim Due February ----------------------------------------- The district court of Gera opened bankruptcy proceedings against ST Strassen- und Tiefbau GmbH Dieter Ihde on December 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 17, 2006 to register their claims with court-appointed provisional administrator Dr. D. Herzig. Creditors and other interested parties are encouraged to attend the meeting on March 14, 2006, 2:00 p.m. at the district court of Gera, Rudolf-Diener-Str. 1, Zimmer 317, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ST STRASSEN- UND TIEFBAU GmbH DIETER IHDE Leutra 5A, 07751 Maua Dr. D. Herzig, Administrator Promenadenstr. 3, 09111 Chemnitz VIVANCO GRUPPE: Expects Negative Pre-tax Results for 2005 --------------------------------------------------------- The management board estimates that Vivanco Gruppe AG, in its 2005 fiscal year, achieved an EBIT of about EUR2 million, which, after interest and extraordinary charges, should result in earnings before tax (EBT) to be negative. These figures are below the market expectations as may prevail following previous disclosures. Vivanco Gruppe AG's interim annual results for the business year 2005 show a significant increase in net sales (these now amounting to about EUR120 million) compared to the previous year (EUR108.6 million). Therewith the ambitious sales budget for the business year 2005 (EUR117.1 million) has been exceeded by EUR2.9 million. About 70 percent of the increase in sales compared to the previous year result from the business of Vivanco's subsidiaries in the foreign countries in Europe (+ EUR7.8 million), about 30 percent of the increase in sales (+ EUR3.6 million) were achieved on the home market. This success was achieved by consequent marketing of innovative products in the company's Accessories and Lifestyle Products segments. In its traditional core business, the Connections segment, Vivanco was subject to intense competitive pressure and was unable to meet its own expectations. The changes seen against the previous year as to both the product mix and the distribution channels led to lesser margins. As a consequence the management board estimates the EBIT and EBT figures shown in the ad hoc disclosure. In general important European key accounts were acquired in 2005, which provide significant potential for future sales and earnings. * * * Vivanco Gruppe AG, headquartered in Ahrensburg, Germany, is one of Europe's leading accessory specialists in the segments Consumer Electronics, Information Technology, Telecommunications and Access Technology. CONTACT: VIVANCO GRUPPE AKTIENGESELLSCAHFT Ewige Weide 15 22926 Ahrensburg Phone: +49 4102 2310 Fax: +49 4102 231207 Web site: http://www.vivanco.com W.& J. HONNE: Duesseldorf Company Falls into Bankruptcy ------------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against W.&J. Honne GmbH Tiefbau-Fernmeldebau-Starkstromanlagen & Co. KG on December 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 24, 2006 to register their claims with court-appointed provisional administrator Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting on February 3, 2006, 8:15 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on February 24, 2006, 8:15 a.m. at the same venue. CONTACT: W.&J. HONNE GmbH TIEFBAU-FERNMELDEBAU- STARKSTROMANLAGEN & Co. KG Posener Strasse 222, 40231 Duesseldorf Contact: Henning Endler, Manager Hasselstrasse 12, 41564 Kaarst Dr. Winfrid Andres, Administrator Neuer Zollhof 3, 40221 Duesseldorf ZENTARA GMBH: Essen Court Appoints Administrator ------------------------------------------------ The district court of Essen opened bankruptcy proceedings against Zentara GmbH on December 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 7, 2006 to register their claims with court-appointed provisional administrator Joseph Albers. Creditors and other interested parties are encouraged to attend the meeting on February 22, 2006, 9:30 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ZENTARA GmbH Horster Str. 280, 46238 Bottrop Contact: Gerhard Zentara Hans-Bockler-Str. 29, 46236 Bottrop Joseph Albers, Administrator Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen Phone: 0209/179890 Fax: +492091485096 * More Insolvencies Seen this Year ---------------------------------- Insolvencies will rise by 3.6% to 40,000 from 38,600 this year, global credit insurance group Euler Hermes says. Medium-sized construction companies, service providers and manufacturing groups would most likely succumb to insolvency this year, as local companies would report around EUR27 billion in collective losses, a rise of 8%. Euler Hermes said the rise in insolvency would be partly due to banks' stringent credit policy. The group added banks has granted only EUR240 billion in short-term credits to businesses in 2005, EUR60 billion less than it allowed in 2001. CONTACT: EULER HERMES 1, rue Euler 75008 Paris Phone: +33 (0)1 40 70 50 50 Fax: +33 (0)1 40 70 50 17 Web site: http://www.eulerhermes.com ============= H U N G A R Y ============= NABI RT: Financiers Extends Debt Waiver --------------------------------------- Referring to NABI Rt's announcement dated January 2, 2006, NABI Autobuszipari Rt (NABI Rt.) confirms that NABI Rt., its wholly owned subsidiary NABI Inc. and its Financiers have agreed to extend the expiry date of the Master Support Agreement (MSA) from December 31, 2005 to January 17, 2006. * * * Nabi Rt. in May 2005 agreed in principle with financiers to restructure approximately US$103 million short-term debt and other banking facilities. Under the agreement, the financiers agreed to reduce their debt to US$60 million, with a portion of such reduction converted to 90% equity in NABI Inc. (NABI Rt.'s main operating subsidiary) and up to 33% equity interest in NABI Rt. The reduced debt will be classified as long term and will have maturities of 5 to 8 years. All warrants formerly issued by NABI Rt. to the financiers will also be cancelled. On completion of the restructuring, NABI Inc. will be the sole borrower of US$60 million reduced debt. NABI Rt. will be free of debt, but will guarantee repayment of up to US$6.5 million of NABI Inc.'s debt, secured by a first lien on all of NABI Rt.'s real estate assets. Nabi will ensure the continued supply of steel shells, chassis, parts and service from Hungary to the U.S. business. It will sell assets and businesses, with the proceeds to be used to reduce debt. CONTACT: NABI RT Ujszasz utca 45 Budapest 1165 Hungary Phone: +36 1 401 7100 Fax: +36 1 407 2931 E-mail: corporate.office@nabi.hu Contact: Rita Szalay, Corporate Affairs Manager Phone: +36 1 401 7100 E-mail: szalayr@nabi.hu ========= I T A L Y ========= BANCA POPOLARE: Takeover Interests Buoy Shares ---------------------------------------------- Four banks are interested in taking over financial group Banca Popolare di Intra, according to daily La Repubblica. The potential buyers are Banca Popolare di Milano, Banca Popolare Vicentina, Banca Popolare dell'Emilia, and Banco di Desio. Popolare di Intra shares had risen 30% in the last two months as rumors of a potential merger overshadow concerns about its bad loans portfolio. On Dec. 19, 2005, TCR-Europe said Banca Popolare might need extra capital to take care of its bad loans portfolio, estimated to be as high as EUR828 million. In September, Fitch Ratings changed its Outlook on the bank's Long-term rating to Negative from Stable. At the same time it affirmed the bank's ratings at Long-term 'BBB+', Short-term 'F2', Individual 'C' and Support '3'. The change in the Outlook followed the announcement by the bank that higher loan-loss provisions would result in a net loss of around EUR70 million for the first half of 2005. The sharp rise in gross doubtful loans of approximately EUR110 million that caused the jump in loan loss provisions raises concerns that any weakening of economic activity in the bank's area of operations could lead to further deterioration of the bank's asset quality. Banca Popolare is a small cooperative bank based in Piedmont in northeast Italy with a net asset of EUR279 million at the end of September. The bank operates through a network of 80 branches and employs around 1,100 staff. CONTACT: BANCA POPOLARE DI INTRA Piazza A. Moro, 8 28921 Verbania Intra. Phone: 03235431 Fax: 032353553 Web site: http://www.bpintra.it PIRELLI RE Viale Sarca, 222 20126 Milan Web site: http://www.pirellire.com PARMALAT U.S.A.: Pineros May Pursue Tort Claim in Kings County -------------------------------------------------------------- On Oct. 2, 2002, Anibal Pinero and Olga Pinero filed a verified complaint against Parmalat U.S.A. Corp. in the Supreme Court of the State of New York in Kings County. The Complaint alleges that on Jan. 23, 2002, Mr. Pinero suffered personal injuries when he slipped and fell while loading, stacking and securing milk and other dairy products in a trailer owned by Derle Farms and operated by Parmalat U.S.A. The Pineros were precluded from continued prosecution of the Complaint following the Petition Date. Subsequently, on Mar. 30, 2005, the Pineros filed Claim Nos. 1008 and 1009 against Farmland Dairies LLC and Parmalat U.S.A., asserting unsecured non-priority personal injury claims for US$3,000,000. On April 13, 2005, the Pineros were further enjoined from continued prosecution of the Complaint pursuant to the Plan Injunction. At the time of the Accident, Farmland maintained a general liability insurance policy with XL Insurance America, Inc., to cover personal injury claims. The Farmland Dairies LLC Unsecured Creditors' Trust and Parmalat U.S.A. have separately objected to the Pinero Claims, asserting that Farmland and Parmalat U.S.A.'s books and records reflect no amount due and owing in connection with the Pinero Claim. To resolve the dispute, the parties agree that: (1) The Plan Injunction will be modified to permit the parties to prosecute and defend against the Litigation. However, the Pineros will not be entitled to recover any of the property of the Debtors or their estates, Reorganized Farmland, or the Trust, and will instead have Recourse solely against the available insurance proceeds. (2) The Pineros will not have an allowed claim against any of the Debtors and will have no right to share in any distribution from any of the Debtors' estates, Reorganized Farmland, or the Trust. (3) The Pinero Claims will be deemed satisfied and expunged, without the need for any further action on Parmalat U.S.A.'s or the Trust's part. (4) The Plan Injunction provisions will remain in full force and effect, and neither Mr. Pinero nor any of his agents will execute any judgment from the Debtors, Reorganized Farmland, or the Trust. (5) Payment of any judgment awarded against the insurance company will be reduced by the lesser of the payment or $5,000, which is the amount of the Policy's deductible that the Debtors, Reorganized Farmland or the Trust might otherwise be liable for. (6) The Pineros release the Debtors, Reorganized Farmland, and the Trust from any claims. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40- some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than $200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. (Parmalat Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service, Inc., 215/945-7000) =================== K A Z A K H S T A N =================== BANK TURANALEM: Upcoming Tier 1 Issue Gets Expected B+ Rating ------------------------------------------------------------- Fitch Ratings has assigned BTA Finance Luxembourg S.A.'s (the Issuer) upcoming issue of perpetual preferred securities an expected Long-term 'B+' rating. The notes are to be used solely for financing a subordinated loan from the Issuer to TuranAlem Finance B.V., Netherlands, which will in turn make a further subordinated loan to Kazakhstan's Bank TuranAlem (BTA). The Securities are intended to qualify as Tier I capital under Kazakhstani banking regulations. The assignment of the final rating is contingent on receipt of final documentation conforming materially to information already received. The difference between the rating of the notes and BTA's 'BB+' Long-term foreign currency rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for the latter. It also takes into account the fact that BTA's Long-term rating is driven by the possibility of support being made available by the Kazakhstani authorities in case of need. In Fitch's opinion such support would be less likely to be given in order to prevent the triggering of dividend cancellation provisions on the Securities. Non-cumulative dividends will be paid on the Securities semi annually at a fixed rate for the first ten years after issuance. Subsequently, dividends will be paid semi-annually at a floating rate, based on six-month LIBOR. The Issuer will be required to pay dividends unless such payment (together with payment on any other outstanding non-cumulative debt obligations of BTA) would cause a breach of Kazakhstani capital adequacy regulations by BTA or BTA's Board has notified the Kazakhstani regulator that such a breach is expected to occur in the near term. Notwithstanding this, the Issuer will still be required to pay dividends if BTA or any of its subsidiaries has recently paid dividends on (or repurchased) ordinary shares or perpetual non-cumulative debt obligations. A support agreement between the Issuer and BTA obliges BTA to make sufficient funds available to the Issuer to meet its obligations in respect to the Securities. BTA's obligations under the support agreement will rank pari passu with all perpetual non-cumulative debt obligations of the bank, and senior to its ordinary and preferred shares. If BTA fails to perform on its obligations under the support agreement, or is subject to bankruptcy proceedings, the holders of the Securities can enforce BTA's obligations under the support agreement on behalf of the Issuer. The Issuer can redeem the Securities after ten years, and thereafter on any semi-annual dividend payment date. If the Securities cease to qualify as Tier I capital, then they can be redeemed beginning from the fifth anniversary of their placement. BTA (rated Long-term Foreign Currency 'BB+'/Stable, Short-term Foreign Currency 'B', Long-term Local Currency 'BBB-'/Stable, Short-term Local Currency 'F3', Individual 'C/D', Support '3') was the second largest commercial bank in Kazakhstan by IFRS assets at end-H105, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors, but Raiffeisen Zentralbank, the European Bank for Reconstruction and Development, the International Finance Corporation and Nederlandse Financierings - Maatschappij Voor Ontwikkelingslanden own convertible preferred shares, resulting in a 17.1% equity ownership in the bank. CONTACT: BANK TURANALEM Almaty, md Samal-2 Dzholdasbekov str. 97# 050051 Kazakhstan Phone: +7 (3272) 500111 or 500222 Fax: +7 (3272) 500224 Web site: http://bta.kz FITCH RATINGS James Watson Alexei Kechko, Moscow Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Buys back 600,000 'A' Shares ----------------------------------------- On 6 January 2006, Royal Dutch Shell plc purchased for cancellation 450,000 'A' Shares at a price of EUR26.72 per share. It further purchased for cancellation 150,000 'A' Shares at a price of 1,839.95 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,938,027,974. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * In 2005, Shell returned US$5 billion to shareholders in 2005 via market purchases of shares. This target included shares purchased for cancellation by The Shell Transport and Trading Company plc and Royal Dutch Petroleum Company prior to the Group unification of US$0.5 billion. The Company expects to continue its buyback program in 2006 and will provide an update on the 2006 buy back program with the full year results announcement on February 2, 2006. Shell's buyback scheme is aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc, incorporated in England and Wales, is headquartered in The Hague and listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating proved reserves by almost 6 billion barrels between January 2004 and February last year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: To Trade New Shares on Euronext Amsterdam, LSE ----------------------------------------------------------- Royal Dutch Shell plc has issued 4,827,974 new Royal Dutch Shell plc A ordinary shares with a nominal value of EUR0.07 each following the exchange of all outstanding floating rate unsecured loan notes 2009 of Shell Petroleum N.V. The loan notes were issued to certain former holders of Royal Dutch Petroleum Company ordinary shares upon the merger of Royal Dutch Petroleum Company and Shell Petroleum N.V. on 21 December 2005. Following the new issue, a total of 3,938,627,974 A Shares will now be in issue. Applications for admission of the new A Shares to listing and to trading have been made in Amsterdam to Euronext Amsterdam N.V. and in London to the Financial Services Authority and the London Stock Exchange. About the Company Royal Dutch Shell plc, incorporated in England and Wales, is headquartered in The Hague and listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating proved reserves by almost 6 billion barrels between January 2004 and February last year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== R U S S I A =========== AGRO-PROM-MONTAGE: Succumbs to Bankruptcy ----------------------------------------- The Arbitration Court of Kareliya republic commenced bankruptcy proceedings against Agro-Prom-Montage after finding the open joint stock company insolvent. The case is docketed as A26-8775/2005-183. Mr. S. Zhovkovskiy has been appointed insolvency manager. Creditors may submit their proofs of claim to 190103, Russia, St-Petersburg, Obvodnogo Kanala Quay, 181. CONTACT: AGRO-PROM-MONTAGE 185000, Russia, Kareliya republic, Petrozavodsk, Zavodskaya Str. 16 S. ZHOVKOVSKIY Insolvency Manager 190103, Russia, St-Petersburg, Obvodnogo Kanala Quay, 181 BALT-INVEST: Declared Insolvent ------------------------------- The Arbitration Court of Pskov region commenced bankruptcy proceedings against Balt-Invest after finding the close joint stock company insolvent. The case is docketed as A52-3782/2005/4. Mr. A. Kirichek has been appointed insolvency manager. Creditors may submit their proofs of claim to 190103, Russia, Saint-Petersburg, Obvodnogo Kanala Quay, 181. CONTACT: BALT-INVEST 180016, Russia, Pskov region, Chekhova Str. 6a, Apartment 52 A. KIRICHEK Insolvency Manager 190103, Russia, Saint-Petersburg, Obvodnogo Kanala Quay, 181 INFORMATIONAL AND ECONOMICAL: Insolvency Manager Takes over Firm ---------------------------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy supervision procedure on close joint stock company Informational And Economical Systems (TIN/KPP 1654022565/165501001). The case is docketed as A65-30313/2005-SG4-26. Mr. V. Mikhaylov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Tatarstan republic, Kazan, Post User Box 17. A hearing will take place on February 6, 2006, 10:30 a.m. at the Arbitration Court of Tatarstan republic at Russia, Kazan, Kremlin, Building 1, Entrance 2, Room 12. CONTACT: INFORMATIONAL AND ECONOMICAL SYSTEMS Russia, Tatarstan republic, Kazan, Mekhovshikov Str. 75 V. MIKHAYLOV Temporary Insolvency Manager Russia, Tatarstan republic, Kazan, Post User Box 17 KANSKOYE CARGO: Krasnoyarsk Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Kanskoye Cargo after finding the auto transport enterprise insolvent. The case is docketed as A33-5943/2005. Mr. M. Deev has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to 663600, Russia, Krasnoyarsk region, Kansk, Post User Box 46. CONTACT: KANSKOYE CARGO 663616, Russia, Krasnoyarsk region, Kansk, Zalesnaya Str. 2 M. DEEV Insolvency Manager 663600, Russia, Krasnoyarsk region, Kansk, Post User Box 46 KRASNOCHETAYSKIY DAIRY: Bankruptcy Hearing Set Thursday ------------------------------------------------------- The Arbitration Court of Chuvashiya republic commenced bankruptcy proceedings against Krasnochetayskiy Dairy (TIN 2110051636, OGRN 1042136000488) after finding the limited liability company insolvent. The case is docketed as A79-5176/2005. Mr. N. Fedotov has been appointed insolvency manager. Creditors have until January 12, 2006 to submit their proofs of claim to 428018, Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3. CONTACT: KRASNOCHETAYSKIY DAIRY 429040, Russia, Chuvashiya republic, Krasnochetayskiy region, Krasnye Chetai, Novaya Str. N. FEDOTOV Insolvency Manager 428018, Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3 ARBITRATION COURT OF CHUVASHIYA REPUBLIC Russia, Chuvashiya republic, Cheboksary, Lenina Pr. 4 LADOZHSKOYE: Kareliya Court Brings in Insolvency Manager -------------------------------------------------------- The Arbitration Court of Kareliya republic commenced bankruptcy proceedings against Ladozhskoye (TIN 1005060220) after finding the open joint stock company insolvent. The case is docketed as A26-6926/2005-183. Ms. I. Malilen has been appointed insolvency manager. Creditors may submit their proofs of claim to 185000, Russia, Kareliya republic, Petrozavodsk, Kuybysheva Str. 13, Apartment 11. CONTACT: LADOZHSKOYE Russia, Kareliya republic, Pitkyarna, Yanis, Polevaya Str. I. MALILEN Insolvency Manager 185000, Russia, Kareliya republic, Petrozavodsk, Kuybysheva Str. 13, Apartment 11 TETYUSHESKOYE: Bankruptcy Hearing Set Next Week ----------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy supervision procedure on grain receiving enterprise Tetyusheskoye. The case is docketed as A65-29096/2005-SG4-35. Mr. L. Safin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 420039, Russia, Tatarstan republic, Kazan, Post User Box 143. A hearing will take place on January 16, 2006. CONTACT: TETYUSHESKOYE 422370, Russia, Tatarstan republic, Tetyushi, Gorkogo Str. 41 L. SAFIN Temporary Insolvency Manager 420039, Russia, Tatarstan republic, Kazan, Post User Box 143 TRANSPORT COMPANY: Declared Insolvent ------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Transport Company after finding the limited liability company insolvent. The case is docketed as A33-8602/2005. Mr. I. Nozdrin has been appointed insolvency manager. Creditors may submit their proofs of claim to 660020, Russia, Krasnoyarsk, Diksona Str. 1, Post User Box 15854. CONTACT: TRANSPORT COMPANY Russia, Krasnoyarsk region I. NOZDRIN Insolvency Manager 660020, Russia, Krasnoyarsk region, Diksona Str. 1, Post User Box 15854 WOO-PROM-KHOZ AFANASYEVSKIY: Bankruptcy Supervision Begins ---------------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision procedure on close joint stock company Woo-Prom-Khoz Afanasyevskiy. The case is docketed as A60-27707/05-S11. Ms. U. Nikulina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 620039, Russia, Sverdlovsk region, Ekaterinburg, Post User Box 57. CONTACT: WOO-PROM-KHOZ AFANASYEVSKIY Russia, Sverdlovsk region, Nzihniye Sergii U. NIKULINA Temporary Insolvency Manager 620039, Russia, Sverdlovsk region, Ekaterinburg, Post User Box 57 YUKOS OIL: Boosting Investment this Year ---------------------------------------- Yukos Oil plans to invest RUB16.9 billion (US$600 million) in production and marketing in 2006 -- triple that of last year -- as it seeks to recover after nearly being crippled by tax arrears. Business Online says the amount will enable the company to maintain oil production levels, which fell from 86 million tons in 2004 to 24 million tons in 2005. Yukos filed for chapter 11 protection in the U.S. in December 2004 after being served with a US$27.5 billion tax bill for 2000-2003, but the case was dismissed in February 2005. A few days after this filing, Yugansknefegaz, its main production unit, was sold by the state to a little-known firm Baikalfinansgroup. Yugansk eventually was bought by state-owned Rosneft. "Yukos is looking in better shape than it was a year ago, but it is still a long way from being out of the woods," says Kim Iskyan, head of research at MDM Bank. It reported a loss of RUB417.5 billion in 2005, and unpaid taxes and penalties of more than US$7 billion. Yukos' remaining significant asset is a 20% share in Sibneft, out of which it received a US$460 million dividend payment at the end of December. It still owns 23.2% of Yuganskneftegaz, worth an estimated US$2.7 billion. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru\ YUNGA: Bankruptcy Hearing Set Later this Month ---------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision procedure on agro company Yunga (TIN/KPP 2112003236/211201001). The case is docketed as A79-8508/2005-SK1. Mr. N. Fedotov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 428018, Russia, Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3. A hearing will take place on January 20, 2006, 10:00 a.m. CONTACT: YUNGA Russia, Chuvashiya republic, Morgaushskiy region, Yunga N. FEDOTOV Temporary Insolvency Manager 428018, Russia, Chuvashiya republic, Cheboksary, Pirogova Str. 4, Office 3 =========== T U R K E Y =========== DOGUS HOLDING: Upgraded to BB- on Completion of Stake Sale ---------------------------------------------------------- Fitch Ratings has upgraded Turkey-based Dogus Holding A.S.'s (Dogus) Senior Unsecured foreign and local currency ratings to 'BB-' from 'B+' and removed them from Rating Watch Positive (RWP). A Stable Outlook has been assigned. The RWP removal follows the completion of Dogus' sale of its entire 78.1% stake in the Tansas food retail chain and 25.5% out of its controlling 56.5% interest in Garanti Bankasi. The transactions, which closed on 10 November and 22 December 2005 respectively, raised a total of US$2.0 billion cash for Dogus. The upgrade reflects Dogus' plans to de-leverage by applying the cash proceeds primarily from the Garanti Bankasi sale. Fitch expects Dogus to more than halve its gross debt to around US$500 million and to report in excess of US$800 million net cash at end-FY05, bringing Dogus to a net cash position. In addition, Garanti Bankasi's business profile will benefit from the strong new joint owner, General Electric Consumer Finance (GECF). This is a positive factor for Dogus, for which Garanti Bankasi remains a core holding. Dogus' future cash flows remain dependent on asset sales, although Fitch acknowledges that the substantial net liquidity position should provide financial flexibility for the next 2-3 years. Dogus' future strategy focuses on expanding Garanti Bankasi jointly with GECF and possible new investments in Turkey. Such investments are likely to be financed from existing resources and are not expected to result in substantial re-leveraging. CONTACT: DOGUS HOLDING A.S. Buyukdere Cad. No: 65, 34398 Maslak Phone: (0212) 335 32 32 Fax: (0212) 335 30 90 E-mail: dmail@dogusholding.com.tr FITCH RATINGS Oguz Bardak, London Phone: +44 20 7417 4294 Karsten Frankfurth, Frankfurt Phone: +49 69 7860 76170 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com ============= U K R A I N E ============= AUTO TRANSPORT 11801: Files for Bankruptcy ------------------------------------------ The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on OJSC Auto Transport Enterprise 11801 (code EDRPOU 03116594) on August 15, 2005. The case is docketed as 7/90 b. Mr. M. Kinalevskij (License Number AB 116195) has been appointed temporary insolvency manager. The company holds account number 000425253 at JSCB Prominvestbank, Zhitomir branch, MFO 311335. CONTACT: AUTO TRANSPORT ENTERPRISE 11801 10001, Ukraine, Zhitomir region, Baranov Str. 60 M. KINALEVSKIJ Temporary Insolvency Manager 10003, Ukraine, Zhitomir region, Vojkov Str. 3 Phone: 8 (0412) 22-36-56 ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski Square 3/65 BUILDING ENTERPRISE 34: Bankruptcy Supervision Starts ----------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Building Enterprise 34 (code EDRPOU 31246447). The case is docketed as 15/775-b. CONTACT: BUILDING ENTERPRISE 34 02094, Ukraine, Kyiv region, Chervonogvardijska Str. 7 KOMOD: Temporary Insolvency Manager Takes over Helm --------------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on LLC Production-Commercial Firm Komod (code EDRPOU 21947436) on November 29, 2005. The case is docketed as B 24/244/05. Mr. Igor Morozov (License Number AA 419481) has been appointed temporary insolvency manager. The company holds account number 26001013000085 at OJSC Inprombank, Dnipropetrovsk branch, MFO 306986. (a) KOMOD 49033, Ukraine, Dnipropetrovsk region, Geroiv Stalingradu Str. 118-A (b) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a PROGRES-EXIM: Under Bankruptcy Supervision ------------------------------------------ The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on LLC Progres-Exim (code EDRPOU 32591247). The case is docketed as 15/774-b. CONTACT: PROGRES-EXIM 02094, Ukraine, Kyiv region, Magnitogorska Str. 1 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B PROPANGAZSERVICE: Declared Insolvent ------------------------------------ The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Propangazservice (code EDRPOU 3194627) on August 16, 2005 after finding the subsidiary of OJSC Mikolaivgaz insolvent. The case is docketed as 14/137. Mr. Anton Hanenko (License Number AB 116228) has been appointed liquidator/insolvency manager. CONTACT: PROPANGAZSERVICE 54050, Ukraine, Mikolaiv region, Olshantsiv Str. 301 ANTON HANENKO Liquidator/Insolvency Manager 54010, Ukraine, Mikolaiv region, 6 Poperechna Str. 32/2 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region Admiralska Str. 22 SUMI MACHINE: Court Appoints Temporary Insolvency Manager --------------------------------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on Sumi State Machine Technological Station (code EDRPOU 30268119). The case is docketed as 6/104-05. Mr. Roman Korobka (License Number AA 779130) has been appointed temporary insolvency manager. The company holds account number 26000010429 at JSCB Slobozhanshina, MFO 337535. CONTACT: SUMI STATE MACHINE-TECHNOLOGICAL STATION 40022, Ukraine, Sumi region, Privokzalna Str. 25 ROMAN KOROBKA Temporary Insolvency Manager 40030, Ukraine, Sumi region, Kozatskij val Str. 2a, Office 4 ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue 18/1 =========================== U N I T E D K I N G D O M =========================== ACE ARC: Calls in Liquidator from Elwell Watchorn ------------------------------------------------- F. R. Fairbrother, director of Ace Arc Hydraulic Engineering Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 25 at Holiday Inn Express, Dartford Bridge, University Way, Dartford DA1 5PA. David John Watchorn of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN was appointed liquidator. Ace Arc Hydraulic Engineering -- http://www.aahe.co.uk/-- has more than 40 years combined experience in hydraulic fault diagnosis and rectification on any system. CONTACT: ACE ARC HYDRAULIC ENGINEERING LIMITED Transport Workshop Church Hill Wilmington Kent UK DA2 7DZ Phone: +44 (0) 1322 394927 Fax: +44 (0) 1322 394919 E-mail: sales@aahe.co.uk ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk AVECIA GROUP: Won't Pay Dividend for FY2005 ------------------------------------------- In accordance with the company's Articles of Association, Avecia Group Plc is due to pay a fixed dividend of US$2 (in cash) on each of the Preference Shares issued by the company, the dividend being calculated in accordance with the terms of the Articles at the rate of 16% per annum on US$25, the dividend relating to the six month period to 31 December 2005. Whilst Avecia, as a whole, has a cash reserve of over GBP40 million to meet the dividend payment, under the terms of section 263 of the U.K. Companies Act 1985, a U.K. company can only make a distribution to share holders if it has sufficient distributable reserves at the time of the payment. As at 31 December 2005, Avecia Group Plc had no distributable reserves as defined under the Companies Act 1985 and is, therefore, legally prevented from making a dividend payment. To address this situation Avecia proposes to undertake a form of corporate restructuring in 2006 to improve the distributable reserves position in Avecia Group plc. In the meantime, unpaid dividends will attract interest at 18% per annum until the dividend is paid in full. At this time, the company is unable to give a precise indication as to when the dividend will be paid. Completion of the transaction announced on 26 December 2005 to sell Avecia's Inkjet and Electrophotography businesses will be taken into account in plans being formulated to enable payment of the outstanding dividend. CONTACT: AVECIA GROUP PLC Investor Phone: +44 (0) 161 721 1228 AVECIA GROUP: Sells Inkjet, Electrophotography Biz to Fujifilm -------------------------------------------------------------- Fujifilm is to acquire Avecia Group's Inkjet and Electrophotography (EP) businesses for GBP150 million (approximately JPY30.75 billion). The transaction, which is subject to regulatory and other customary closing conditions, is expected to be completed in February 2006. The acquisition includes all Avecia Inkjet and EP development and manufacturing assets in Manchester, England, Grangemouth, Scotland and New Castle, Delaware, U.S.A. All 340 employees will transfer with the business, which will operate as a 100% subsidiary of Fujifilm. Avecia Inkjet is a global innovator and manufacturer of dyes and inks for the home and office ink jet printing sector. Avecia's EP business is focused on the development and manufacture of Chemically Produced Toners (CPTs) for laser printers and photocopiers, and Infrared Absorbers used in high value markings. Fujifilm Group has accumulated sophisticated know-how in materials development and synthesis over many years of R&D in fields such as silver halide photography, printing and medical X-ray films. It has also applied this technical expertise to the development and commercialization of various functional materials such as FUJITAC(TM) products, WV film, DVD dye and colour resist of Liquid Crystal Displays. David Greensmith, Managing Director of Avecia's Chemicals Division said: "I am delighted that we have reached agreement for the sale of these business units to Fujifilm. Both companies have a long and successful track record of innovation in the electronics sector. Through our combined strengths we will be able to capitalize on growth opportunities through the innovation , development and introduction of new products." Avecia will make an announcement regarding the use of proceeds from this transaction nearer the time of completion. CONTACT: AVECIA GROUP Media Enquiries Phone: +44 (0) 7802 773604 E-mail: inkjet@avecia.com electrophotography@avecia.com BCOM LIMITED: Names Till Morris Liquidator ------------------------------------------ D. Marsh, chairman of Bcom Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 16 at 2 Church Street, Warwick CV34 4AB. Duncan Roderick Morris of The Till Morris Partnership, 2 Church Street, Warwick CV34 4AB was appointed liquidator. CONTACT: BCOM LTD. Unit 5, Shaw House, Two Woods Lane, Brierley Hill, West Midlands, DY5 1TA Phone: 01384 472400 BERKEFELD (UK): BDO Stoy Hayward Liquidator Enters Firm ------------------------------------------------------- P. A. Bull, chairman of Berkefeld (UK) Limited, informs that the subjoined extraordinary resolution to wind up the firm was passed at an EGM held on Nov. 23 at Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD. Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD were appointed joint liquidators. CONTACT: BDO STOY HAYWARD LLP Commercial Buildings, 11-15 Cross Street, Manchester M2 1BD Phone: 0161 817 3700 Fax: 0161 817 3711 E-mail: manchester@bdo.co.uk Web site: http://www.bdo.co.uk BF MUNSLOW: Calls in Liquidator from Bishop Fleming --------------------------------------------------- R. Jones, chairman of BF Munslow Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 24 at Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU. Jeremiah Anthony O'Sullivan of Bishop Fleming, Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU was appointed liquidator. CONTACT: BISHOP FLEMING Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU Web site: http://www.bishopfleming.co.uk BROADBRIDGE LTD.: Liquidator from David Rubin Moves in ------------------------------------------------------ I. Mandel, chairman of Broadbridge Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 24 at David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY. Lane Bednash of David Rubin & Partners, Pearl Assurance House, 319 Ballards Lane, London N12 8LY was appointed liquidator. CONTACT: BROADBRIDGE LTD. Agriculture House 5 Barker Street Shrewsbury, Shropshire SY1 1QJ Phone: 01743357000 DAVID RUBIN & PARTNERS Pearl Assurance House, 319 Ballards Lane, London N12 8LY Phone: 020 8343 5900 Fax: 020 8446 2994 Web site: http://www.drpartners.com CATERVEND SERVICES: Files for Liquidation ----------------------------------------- G. Summers, chairman of Catervend Services Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 25 at Salisbury House, Station Road, Cambridge CB1 2LA. Shay Lettice was appointed liquidator. CONTACT: CATERVEND SERVICES LIMITED Unit 7, Carrington Street Kettering, Northamptonshire NN16 0BY Phone: 01604497767 CENTER PARCS: Search for New Finance Director Ongoing ----------------------------------------------------- As previously announced on 15 December 2005, Finance Director Simon Lane will be leaving Center Parcs (U.K.) Group plc in the first quarter of 2006. His departure date has now been agreed as 1 March 2006. The process to recruit Mr. Lane's successor is proceeding and a further announcement will be made once the appointment has been finalized. About the Company Based in the United Kingdom, Center Parcs operates short break holiday villages in Sherwood Forest (Nottinghamshire), Longleat Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest (Cumbria). It has more than 5,000 employees and an annual turnover of GBP229.64 million. In July, the company revealed underlying trading for the year was robust, but was impacted by a number of specific factors including a weaker than expected first quarter; Christmas scheduling issues; and higher than expected energy cost inflation. Action has been taken to minimize these impacts in the future. Work was underway on two key aspects of funding for the Group: (a) GBP52.5 million loan notes: these have a fixed coupon of 6.5% until January 2007 and an amortization payment schedule beginning in FY07 with a sum of GBP7.5 million. The Board has been reviewing the refinancing options for this part of the funding structure; and (b) funding for the 5th site: a range of funding models were under review. The preferred funding route will be developed in due course to meet the likely timetable for the planning process and further updates will be provided as appropriate. CONTACT: CENTER PARCS (U.K.) GROUP PLC One Edison Rise New Ollerton Newark, Nottinghamshire NG22 9DP United Kingdom Phone: 0870 067 3000 Fax: 0870 067 3099 E-mail: shareholderservices@centerparcs.co.uk DESTINY MARKETING: Appoints Sanderlings Liquidator -------------------------------------------------- D. Green, chairman of Destiny Marketing Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 24 at Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT. Andrew Fender of Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT was appointed liquidator. CONTACT: DESTINY MARKETING LTD. Burage Walk, Nuneaton, Warwickshire CV11 5AE Phone: 024-7634-9333 EARLSNOTE LIMITED: Calls in Liquidator from Bishop Fleming ---------------------------------------------------------- R. Rana, chairman of Earlsnote Limited (t/a Itihaas), informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 24 at Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU. Jeremiah Anthony O'Sullivan of Bishop Fleming, Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU was appointed liquidator. CONTACT: BISHOP FLEMING Priest House, 1624-1628 High Street, Knowle, Solihull, West Midlands B93 0JU Web site: http://www.bishopfleming.co.uk EASYNET GROUP: BSkyB Offer Declared Unconditional ------------------------------------------------- On 21 October 2005, Lazard & Co., Limited and Morgan Stanley & Co. Limited made a recommended cash offer on behalf of Sky Broadband Services Limited (the Offeror), a wholly owned subsidiary of British Sky Broadcasting Group plc (BSkyB), for the entire issued and to be issued share capital of Easynet Group plc. On 19 December 2005, the Offer was declared unconditional as to acceptances. On 30 December 2005, the Office of Fair Trading announced its decision not to refer the Offer to the Competition Commission. The directors of BSkyB have revealed that all of the conditions of the Offer have now been satisfied or waived. Accordingly, the Offer has been declared unconditional in all respects. James Murdoch, CEO of BSkyB, said: "We are delighted that our offer for Easynet is now unconditional; we are looking forward to working with our new colleagues to bring exciting new entertainment and communication services to our customers." As at 3:00 p.m. (London time) on 5 January 2006, the Offeror has acquired or received valid acceptances under the Offer in respect of a total of 107,461,700 Easynet Shares, representing approximately 89.3% of the existing issued share capital of Easynet. The Offer will remain open for acceptance until further notice and remains subject to the terms set out in the Offer Document. Easynet Shareholders who have not yet accepted the Offer and who hold Easynet Shares in certificated form are urged to complete, sign and return the Form(s) of Acceptance by hand (during normal business hours) or by post as soon as possible, to the receiving agents to the Offer, Capita Registrars at Capita Registrars, Corporate Actions, P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH. Additional Forms of Acceptance are available from Capita Registrars, by telephoning 0870 162 3121, or if calling from outside the U.K., on +44 20 8639 2157. If you hold your Easynet Shares in uncertificated form (that is, in CREST) you are urged to accept the Offer by TTE instructions as soon as possible. Settlement of the consideration due under the Offer will be effected on or before 20 January 2006 for Easynet Shareholders who have already validly accepted the Offer. Settlement for Easynet Shareholders who validly accept the Offer from Friday (January 6) onwards will be effected within 14 days of receipt of their valid acceptance. BSkyB intends, as soon as practicable once sufficient acceptances have been received, to apply the provisions of sections 428 to 430F (inclusive) of the Companies Act 1985 to acquire compulsorily any outstanding Easynet Shares to which the Offer relates. BSkyB also intends, when practicable, to procure that Easynet applies to the U.K.L.A. for the cancellation of the listing of Easynet Shares on the Official List and to the London Stock Exchange for the cancellation of admission to trading of Easynet Shares on the London Stock Exchange's market for listed securities. All terms defined in the Offer Document have the same meaning in this announcement, unless the context requires otherwise. CONTACT: EASYNET GROUP PLC 44-46 Whitfield St. London W1P 5RF, United Kingdom Phone: +44-20-7900-4700 Fax: +44-20-7900-4701 Web site: http://www.easynet.com BRITISH SKY BROADCASTING GROUP PLC Grant Way, Isleworth London TW7 5QD United Kingdom Phone: +44-20-7705-3000 Fax: +44-20-7705-3453 Web site: http://www.sky.com LAZARD & CO., LIMITED Joint Financial Adviser to BSkyB Trevor Nash Peter Warner Sarah Carter Phone: +44 (0) 20 7187 2000 MORGAN STANLEY & CO. LIMITED Joint Financial Adviser to BSkyB Scott Matlock Daniel Bailey Hugo Baring Phone: +44 (0) 20 7425 5000 DEUTSCHE BANK AG LONDON Joint Corporate Broker to BSkyB Charlie Foreman Bill Frith Phone: +44 (0) 20 7545 8000 GOLDMAN SACHS INTERNATIONAL Joint Corporate Broker to BSkyB Matthew Westerman Neil Chugani Phone: +44 (0) 20 7774 1000 ABN AMRO CORPORATE FINANCE LIMITED Financial Adviser to Easynet Tom Willett Phone: +44 (0) 20 7678 8000 HOARE GOVETT LIMITED Corporate Broker to Easynet Ranald McGregor Smith Lee Morton Phone: +44 (0) 20 7678 8000 Hudson Sandler Andrew Hayes Sandrine Gallien Wendy Baker Phone: +44 (0) 20 7796 4133 FEDERAL-MOGUL: Cutting 10% of Workforce as part of Restructuring ---------------------------------------------------------------- As part of Federal-Mogul Corporation's (OTCBB:FDMLQ) global profitable growth strategy designed to satisfy customer and market expectations while improving corporate performance and expanding in key growth markets, the Company announced a three-year restructuring plan. The restructuring could affect about 25 facilities and reduce the Company's workforce by approximately 10% by December 2008. Details of the plan have not been finalized. The Company anticipates recording charges for costs and expenses related to this restructuring plan in the current quarter and future periods. Costs likely to be incurred are generally expected to include certain severance costs, retention costs, benefits costs and impairment of the facilities and equipment involved. Preliminary cost estimates range from US$125,000,000 to US$150,000,000. "Our focus for the future will be on improving our performance in mature markets and expanding in key growth markets to be better positioned to serve our customers with our leading technology and world-class portfolio of quality products and services," said Chairman, President and Chief Executive Officer Jose Maria Alapont. "While these decisions are difficult, our drive for global profitable growth is dependent on implementing strategies that continue to strengthen our competitiveness and profitability in this market environment." During the fourth quarter of 2005, Federal-Mogul continued to make significant advancement toward emergence from Chapter 11 in the U.S. and Administration in the U.K. "We are pleased with the progress in our emergence proceedings and implementation of our global profitable growth strategy as we continue to develop best cost manufacturing, service and engineering operations," Mr. Alapont said. About Federal-Mogul Federal-Mogul is a global supplier of automotive components, systems and modules serving the world's original equipment manufacturers and the global aftermarket. The company utilizes its engineering and materials expertise, proprietary technology, manufacturing skill, distribution flexibility and marketing power to deliver products, brands and services of value to its customers. Federal-Mogul is focused on global profitable growth to create value for and bring greater satisfaction to its customers, employees, and stakeholders. Headquartered in Southfield, Michigan, Federal-Mogul was founded in Detroit in 1899. On Oct. 1, 2001, Federal-Mogul decided to separate its asbestos liabilities from its true operating potential by voluntarily filing for financial restructuring under Chapter 11 of the Bankruptcy Code in the United States and Administration in the United Kingdom. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. CONTACT: KROLL BUCHLER PHILLIPS Liquidator of Federal-Mogul Corp. in the U.K. 84 Grosvenor Street W1X 9DF Phone: +44 (0)20 7493 2550 Contact: Simon Freakley FMATS LTD.: Files for Liquidation --------------------------------- P. Caunce, chairman of FMATS Limited, informs that resolutions to wind up the company were passed at an EGM held at Premier Travel Inn, Sheffield Road, Meadowhall, Sheffield S9 2YL. Martin Andrew Shaw and Charles Michael Brook were appointed Joint Liquidators. CONTACT: FMATS LTD. Grange Lane Works, Ecclesfield Road Sheffield, South Yorkshire S5 0DJ Phone: 01142576004 GENERAL TYRE: Calls in Liquidator from Haines Watts --------------------------------------------------- M. Rothwell, director of General Tyre Service Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 22 at The Centre, Farnham Road, Slough, Berkshire SL1 4UT. Stephen Harfitt of Haines Watts, Sterling House, 177-181 Farnham Road, Slough, Berkshire SL1 4XP was appointed liquidator. CONTACT: GENERAL TYRE SERVICE LTD. 436-438 Staines Road, Hounslow Middlesex TW4 5AU Phone: 02085701650 GLOBAL OCEANIC: Reaches New Debt Payment Terms with Bank -------------------------------------------------------- Global Oceanic Carriers has adjusted its debt repayment schedule with Bayerische Hypo-und Vereinsbank in line with changes to its planned investment, Lloyds List reports. The dry bulk shipping company has dropped plans to purchase a fourth vessel from an affiliate of John Rigos Marine Enterprises. Since it was paying the bank based on terms calculated on owning four vessels, the company re-aligned its debt payment terms on having only three ships. The move would reduce repayments from February 1 by US$3.7 million in the year ahead, and by US$1.5 million next year, the firm said. "With a repayment structure based on the actual fleet size, we will have a greater opportunity to maximize our position within the marketplace, which we feel is strengthening," Chief executive Vassilis Vintiadis said. According to the report, the company's shares have been out of favor with investors and are languishing at 48.5p, down from last May's listing strike price of 140p. GO Carriers expects outstanding debt to be US$20 million, and cash in the bank to be US$3.5 million at the end of January. Its fleet is worth about more than US$40 million. The company is listed on London's Alternative Investment Market. GO Carriers non-executive chairman Konstantinos Dimitriou recently became one of the firm's shareholders. CONTACT: GLOBAL OCEANIC CARRIERS LTD. 6 Britannia Place, Bath Street St Helier Jersey JE2 4SU Channel Islands 2nd Floor, Vintners Place 68 Upper Thames Street London EC4V 3BJ Phone: (020) 7920 0010 Fax: (020) 7920 0120 GREENS SUPERSTORES: Business for Sale ------------------------------------- C. J. Farrington and D. L. Z. Wong offer for sale the business and assets of Greens Superstores Limited (trading as Toymaster) Features: (a) Long established children's toys retailer; (b) GBP8 million annual turnover; (c) 17 leasehold shops, prime locations on M62 and A1 corridors; (d) Excellent modular shop-fittings; (e) HQ and national distribution center in Gainsborough, Lincs; (f) Fully computerized stock distribution & replenishment; (g) Around 180 full & part-time staff. CONTACT: GREENS SUPERSTORES LIMITED The State Building Church Street Gainsborough Lincs DN21 2JN Web site: http://www.toysdirect.co.uk DELOITTE & TOUCHE LLP Web site: http://www.deloitte.com Chris Farrington Phone: 0776 9935692 E-mail: cfarrington@deloitte.co.uk Claire Gambles E-mail: cgambles@deloitte.co.uk LABORATOIRE FLORIDE: Appoints Liquidator ---------------------------------------- D. Reiner, chairman of Laboratoire Floride Limited, informs that the extraordinary resolution to wind up the company was passed at an EGM held on Nov. 21 at 29-30 Fitzroy Square, London W1T 6ET. Phillip Anthony Roberts of Phillip A. Roberts, 29-30 Fitzroy Square, London W1T 6ET was appointed liquidator. CONTACT: PHILLIP A. ROBERTS 29-30 Fitzroy Square London W1P 6LQ Phone: 020 7388 7828 Fax: 020 7387 0207 LOWER PENN: Hires Sale Smith & Co. as Liquidator ------------------------------------------------ M. Scarratt, director of Lower Penn Corporate Consultancy Limited, informs that the extraordinary resolution to wind up the company was passed at an EGM held on Nov. 17 at Carmella House, 3 and 4 Grove Terrace, Walsall, West Midlands WS1 2NE. Eileen T. F. Sale of Sale Smith & Co. Limited, Carmella House, 3 and 4 Grove Terrace, Walsall, West Midlands WS1 2NE was appointed liquidator. CONTACT: SALE SMITH & CO. Carmella House, 3 & 4 Grove Terrace, Walsall, West Midlands WS1 2NE Phone: 01922 624777 Fax: 01922 720528 E-mail: etfs@salesmith.demon.co.uk MARKS & SPENCER: Brandes Cuts Stake ----------------------------------- Brandes Investment Partners has reduced its shareholding in Marks & Spencer Group plc from 15.3% to 13.3%, said The Guardian. The U.S.-based fund manager remains M&S' biggest single investor. Deutsche Bank has placed the 2% stake -- representing 32 million shares worth GBP160 million -- in the market at 500 pence apiece on a "first come, first served" basis. The sale did not come as a surprise, according to M&S. A spokesman said: "They have done well out of their shares and are still a big investor." Brandes, which has held shares in M&S for the past six years, is said to be taking advantage of the recent hike in the retailer's share price following the recovery scheme initiated by Chief Executive Stuart Rose. News of the placing came as Mr. Rose was getting ready to update the market today (January 10), with analysts hoping for an improved Christmas performance. Rival retailer Next has posted better-than-expected sales over the holidays and expects annual profits to beat expectations by up to GBP30 million. Brandes has also arranged a "lock-up" with Deutsche Bank, preventing it from selling the rest of its stake for 30 days unless share price rises by 10%. CONTACT: MARKS & SPENCER GROUP PLC Michael House 47-67 Baker Street London England W1U 8EP Phone: +44 20 7935 4422 Fax: +44 20 7487 2679 Web site: http://www.marksandspencer.com MERITLIGHT LIMITED: Liquidators Take over Firm ---------------------------------------------- G. Martin-Laval, chairman of Meritlight Limited, informs that the extraordinary resolution to wind up the firm was passed at an EGM held on Nov. 24 at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU. Gary E. Blackburn of the firm BWC Business Solutions, and Ian C. Schofield of PFK, Pannell House, 6 Queen Street, Leeds LS1 2TW were appointed joint liquidators. CONTACT: BWC BUSINESS SOLUTIONS 8 Park Place Leeds West Yorkshire LS1 2RU Phone: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com PKF Pannell House 6 Queen Street Leeds West Yorkshire LS1 2TW Phone: 0113 228 0000 Fax: 0113 228 4242 E-mail: ian.schofield@uk.pkf.com M & J LOWE: Hires Haines Watts to Liquidate Assets -------------------------------------------------- M. Lowe, director of M & J Lowe Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 24 at 17 Elkin Road, Morecambe, Lancashire LA4 5RN. Thomas Dixon of Haines Watts, York House, York Street, Manchester M2 3BB was appointed liquidator. CONTACT: HAINES WATTS BUSINESS RECOVERY & INSOLVENCY 6th Floor York House, York Street Manchester M2 3BB Phone: 0161 200 6080 Fax: 0161 200 6081 E-mail: tdixon@hwca.com OBJECT 1: Files for Liquidation ------------------------------- A. Gale, chairman of Object 1 Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 25 at Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY. Anthony Spicer and Iain Allan of Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY were appointed Joint Liquidators. The appointment was confirmed at a creditors meeting held the same day. Object 1 has annual turnover of between GBP1 million and GBP5 million. It is a technical services company providing consulting, design and implementation of enterprise content management solutions. Its clients include Oxford University Press, Stockton-on-Tees Borough Council, Food Standards Agency, Bracknell Forest Borough Council, DfES, Wood Mackenzie, Dresdner Kleinwort Wasserstein, Investis Ltd., Chrysalis Group plc, Pearson plc, Reuters, and Central Office of Communications. CONTACT: OBJECT 1 LTD. Address 6-8 Standard Place Rivington Street London EC2A 3BE PST (DISTRIBUTION): Hires Tenon Recovery Liquidator --------------------------------------------------- A. May, chairman of PST (Distribution) Limited, informs that the subjoined extraordinary resolution to wind up the firm was passed at an EGM held on Nov. 14 at 73 Baker Street, London W1U 6RD. S. R. Thomas and S. J. Parker of Tenon Recovery, 73 Baker Street, London W1U 6RD were appointed joint liquidators. CONTACT: PST DISTRIBUTION LTD. Priors Way Maidenhead Berkshire SL6 2HP Phone: 01628 - 782233 Fax: 01628 - 781555 E-mail: sguyot@pst.co.uk Web site: http://.pst.co.uk TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com Q FACTOR: Calls in Liquidator from Fergusson & Co. -------------------------------------------------- C. R. Crampton, director of Q Factor Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 28 at 1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH. Malcolm Edward Fergusson of Fergusson & Co Ltd., 1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH was appointed liquidator. CONTACT: Q FACTOR LTD. Phone: 0113 263 4449 FERGUSSON & CO. LTD. 1st Floor, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH RANGEWAY INTERIORS: Liquidator Enters Firm ------------------------------------------ D. M. Heaton, chairman of Rangeway Interiors Limited, informs that the subjoined resolutions to wind up the firm were passed at an EGM held on Nov. 25 at The Hilton Hotel, North Promenade, Blackpool, Lancshire FY1 2JQ. Richard Ian Williamson of Campbell Crossley and Davis, 348-350 Lytham Road, Blackpool Fy4 1DW was appointed liquidator. CONTACT: CAMPBELL CROSSLEY & DAVIS 348-350 Lytham Road Blackpool Lancashire FY4 1DW Phone: 01253 349331 Fax: 01253 349435 E-mail: ian.williamson@crossleyd.co.uk RICHMOND BUILDING: Calls in Liquidator -------------------------------------- S. Hunter, director of Richmond Building Services Limited, informs that a resolution to wind up the company was passed at an EGM held on Nov. 25 at Oury Clark, Herschel House, 58 Herschel Street, Slough, Berkshire SL1 1PG. Derrick Arthur Smith of Oury Clark, Herschel House, 58 Herschel Street, Slough, Berkshire SL1 1PG was appointed liquidator. CONTACT: RICHMOND BUILDING SERVICES LTD. 10 Algar Close, Isleworth, Middlesex TW7 7AQ Phone: 02088475551 OURY CLARK PO Box 150 Herschel House 58 Herschel Street Slough Berkshire SL1 1HD Phone: 01753 551111 Fax: 01753 550544 E-mail: elliot.green@ouryclark.com R L SERVICES: EGM Passes Winding-up Resolution ---------------------------------------------- RL Services Ltd. informs that a resolution to wind up the company was passed at an EGM held on Nov. 24 at 21 St Andrews Crescent, Cardiff. Brendan Eric Doyle of 21 St Andrews Crescent, Cardiff was appointed liquidator. CONTACT: RL SERVICES LTD. Units 9-16, Queen's Court Bridgend Industrial Estate Bridgend CF31 3TQ Phone: 01656 655677 Fax: 01656 652453 E-mail: mail@rlservices.co.uk Web site: http://www.rlservices.co.uk/ ROOFTECH INSTALLATIONS: Files for Liquidation --------------------------------------------- Rooftech Installations Limited informs that a resolution to wind up the company was passed at an EGM held on Nov. 28 at Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN. Paul Anthony Saxton of Elwell Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN was appointed liquidator. CONTACT: ROOFTECH INSTALLATIONS LTD. Newton Road, Hinckley Leicestershire LE10 3DS Phone: 01455 610635 Fax: 01455 610635 ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk SAMDALE SOLUTIONS: Names Barbie Harding & Co. Liquidator -------------------------------------------------------- P. J. Durham, director of Samdale Solutions Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 22 at ICS House, Hall Road, Maldon, Essex CM9 4LA. Barrie Dunkin Harding of Barrie Harding & Co., Hollyoak House, Mead Pastures, Woodham Walter, Essex CM9 6PY was appointed liquidator. CONTACT: BARRIE HARDING & CO. Hollyoak House Mead Pastures Woodham Walter Maldon, Essex CM9 6PY Phone: 01245 226 468 Fax: 020 7831 6073 E-mail: bdh@barrieharding.co.uk SERAI LIMITED: Liquidator from Bennett Verby Moves in ----------------------------------------------------- K. Kumaran, chairman of Serai Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 23 at 7 St Petersgate, Stockport, Cheshire SK1 1EB. Vincent A. Simmons of Bennett Verby was appointed liquidator. CONTACT: SERAI LTD. Bilton Dene, Harrogate, North Yorkshire HG1 4DH BENNETT VERBY 7 St Petersgate Stockport Cheshire SK1 1EB Phone: 0161 477 9345 Fax: 0161 429 7224 E-mail: v.simmons@bennettverby.co.uk SPOOL MULTI: Calls in Liquidator from R. W. Keating & Co. --------------------------------------------------------- R. Varley, director of Spool Multi Media (CD) Limited, informs that the extraordinary resolution to wind up the firm was passed at an EGM held on Nov. 25 at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY. Robert W. Keating of R W Keating & Co, 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY was nominated liquidator. CONTACT: R. W. KEATING & CO. 2nd Floor 20 Winmarleigh Street Warrington Cheshire WA1 1JY Phone: 01925 245004 Fax: 01925 245357 E-mail: robert@rwkeating.fsnet.co.uk STEAM DIRECT: Seller of Steam Boiler Folds up --------------------------------------------- The Bristol District Registry issued a winding-up order against Steam Direct (International) Ltd. on Dec. 14, 2005. The winding-up petition was filed Oct. 20, 2005. Steam Direct (International) Ltd. is a company specializing in steam boiler repair and sales. CONTACT: STEAM DIRECT (INTERNATIONAL) LTD. Chester House 11-13 Saint Peters Street Ashton Under Lyne OL6 7TG Phone: 0161-628 7144 Fax: 0161-626 5493 Official Receiver 1st Floor, Boulton House, 17-21 Chorlton Street, Manchester, M1 3HY Phone: 0161 934 5400 Fax: 0161 934 5450 STILEBRIDGE FURNITURE: Names Vantis Business Recovery Liquidator ---------------------------------------------------------------- J. D. Peskett, chairman of Stilebridge Furniture Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 24 at Bridgewood Manor, Bridgewood Roundabout, Chatham, Kent ME5 9AX. Mark Newman of Vantis Business Recovery, Judd House, East Street, Tonbridge, Kent TN9 1HG was appointed liquidator. CONTACT: STILEBRIDGE FURNITURE LTD. 7 Crusader Close Gillingham, Kent ME8 0PR Phone: 01634 377802 Web site: http://www.stilebridge.co.uk/ VANTIS BUSINESS RECOVERY Judd House East Street Tonbridge Kent TN9 1HG Phone: 01732 378680 Fax: 07917260099 E-mail: mark.newman@vantisplc.com SYNERGY COMPONENTS: Hamilton Liquidator Enters Firm --------------------------------------------------- Darren Hall, chairman of Synergy Components Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 25 at the Country Town, The Chesterfield, Malkin Street, Chesterfield, Derbyshire S41 7UA. A. Graham of Hamilton Insolvency Practitioners Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. CONTACT: SYNERGY COMPONENTS LTD. 6 Intake Road Bolsover Business Park Chesterfield S44 6BB Derbyshire Phone: 01246 241414 Fax: 01246 240490 Web site: http://www.syncom.co.uk TARA AMAN: Calls in Liquidator from Bridgers -------------------------------------------- S. Gill, chairman of Tara Aman Limited, informs that the extraordinary and ordinary resolutions to wind up the firm were passed at an EGM held on Nov. 22 at 6C Church Street, Reading RG1 2SB. Peter Bridger of Bridgers was appointed liquidator. CONTACT: BRIDGERS 6C Church Street, Reading, Berkshire RG1 2SB Phone: 0118 9512131 Fax: 0118 9512161 E-mail: john.kirkpatrick@bridgers.co.uk * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (202) 176 (17) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (32) 124 (63) Arbel PA.ARB (50) 213 (47) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Bull S.A. BULP.PA (912) 902 (38) Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 LVL Medical Group LVLM.PA (8) 149 (6) Matussiere et Forest S.A. MTF (78) 294 (28) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Agor AG DOOG.BE (8) 392 (126) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kamps AG KMPSF.PK (93) 1,075 (61) Kaufring AG KAUG (19) 151 (51) Mannheimer AG (15) 879 N.A. Marbert AG MTBG (13) 144 (50) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (23) 122 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) VBH Holding AG VBHG (54) 337 (80) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (111) 974 (97) I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT N.A. 232 (321) RUSSIA ------ Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,342) 3,438 229 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Center Parcs (UK) Group Plc CQY (77) 423 (227) Compass Group CPG (668) 2,972 (298) Costain Group COST (65) 396 (4) Danka Bus System DNK.L (101) 540 34 Dawson Holdings DWN.L (19) 142 (33) Dignity Plc DTY.L (148) 485 (89) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (113) 236 (66) Gallaher Group GLH (421) 7,866 5 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (26) 1,176 (182) Jessops Plc JSP.L (14) 321 7 Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Partygaming Plc PRTY (405) 263 (161) Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (264) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *