/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060210.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, February 10, 2006, Vol. 7, No. 30 Headlines F I N L A N D M-REAL CORPORATION: S&P Cuts Long-Term Credit Rating to BB- F R A N C E AGZ HOLDING: S&P Withdraws Rating at Company's Request GAL FINANCE: S&P Cuts EUR100 Mil. Sub. Notes Rating to Junk GLOBAL AUTOMOTIVE: Liquidity Issues Prompt S&P to Lower Ratings G E R M A N Y ABENSBERGER BOOTS: Court Begins Bankruptcy Proceedings BAUGESCHAFT HIESCH: Bayreuth Court Calls in Administrator ECO ROTOR: Claims Verification Deadline Set for Feb. 17 EINRICHTUNGSHAUS ALEXANDRA: Claims Filing Period Ends March 13 EPCOS AG: S&P Cuts Rating to BB+ on Poor Profitability GRUENTEAM GMBH: Creditors Have Until Feb. 15 to Register Claims HSSM-KONTOR: Reinbek Court Calls in Administrator HSSM-KONTOR: Reinbek Court Calls in Administrator MOENUS TEXTILMASCHINEN: Sells Business to Lone Star NEO CITY: Meeting of Creditors Slated for April 3 VITAMIN-OASE: Berlin Company Falls Into Bankruptcy WILLI HOPPE: Creditors' Meeting Slated for March 15 G R E E C E COMMERCIAL VALUE: Fitch Rates Insurer Financial Strength at BB K A Z A K H S T A N EKADA: Creditors Have Until Feb. 23 to File Proof of Claims GAMA LTD.: Mangistau Court Begins Bankruptcy Proceedings DAULET-TRANSAVTO: Reaches Cul-de-sac IONOTEHNIKA: Sets Proofs of Claim Deadline KAZNEFTSNAB: East Kazakhstan Court Opens Bankruptcy Proceedings NAURYZ BANK: Goes Into Liquidation in Almaty SERVICETORGOFFICE: Succumbs to Insolvency TBN GROUP: Creditors' Claim Due Last Week of February L U X E M B O U R G FIAT FINANCE: Fitch Assigns BB- Rating to EUR1 Bil. Bond Issue MILLICOM INTERNATIONAL: Conference Call Set Next Week MILLICOM INTERNATIONAL: Exceeds Nine Million Subscribers VINTAGE CAPITAL: Fitch Affirms Class C Collateralized Debt at C N E T H E R L A N D S HELIX CAPITAL: Fitch Affirms EUR23.4MM Class 2001-9 Bonds at DD ROYAL SHELL: Further Cancels 650,000 'A' Shares R U S S I A ARAMILSKIY: Claims Filing Period Ends March 14 ARTIFICIAL MATERIALS: Succumbs to Bankruptcy in Kransodar Region AUTOMOTIVE FACTORY: Deadline For Proofs Of Claim Set Next Month CHECHEN-GAS-PROM: Moscow Court Rules on Bankruptcy OAO OMZ: Equity Sale Prompts S&P to Put Junk Rating on Watch ORGRESBANK: Fitch Rates Three-Year RUB500-Mil Bond Issue at BB+ PORT CAUCASIA: Undergoes Bankruptcy Supervision Procedure PROGRESS: Claims Filing Period Ends Next Week PROM-GRAZHDAN-STROY: Declared Insolvent by Chelyabinsk Court SEL-KHOZ-PROM-SERVICE: Insolvency Manager Takes Helm STROY-SERVICE: Krasnodar Court Opens Bankruptcy Proceedings VOLGOTANKER: Seeks Equity Sale to Russian Government VOZROZHDENIE: Court Sets March 14 Claims Bar Date S P A I N SAEZ MERINO: Creditor Negotiations Underway S W I T Z E R L A N D ABB LTD.: Launches Disciplinary Probe on Units' Suspect Payments T U R K E Y PETKIM PETROKIMYA: Fitch Affirms Foreign Currency Rating at BB- U K R A I N E CHIGIRINAGROPOSTACH: Goes Into Liquidation GORSTAR: Kyiv Court Opens Bankruptcy Proceedings KONKOR-N: O. Tomashevskij Named Insolvency Manager KONVIT: Court Appoints Insolvency Manager to Take Over Helm LADMET: Court Assigns Chabanovich Taras to Liquidate Assets PROMRESURS: Declared Insolvent by Donetsk Economic Court SPECBUDMONTAZH: Succumbs to Insolvency TRANSEKONOMYUG: Insolvency Manager Takes Over Helm U N I T E D K I N G D O M AFFORDABLE IMPORTS: Opts to Wind Up Operations in Blackburn ARL TECHNOLOGY: Hires S. F. Plant & Co. Administrator AVALON MAILING: Enters Voluntary Liquidation BLUE SKY: Names Liquidators to Wind Up Assets BROOMCO (1984): Debt Claims Filing Period Ends Later This Month CENTAC LIMITED: Financial Woes Spur Liquidation Process CMT SPECIAL: Members Pass Winding Up Resolution CW FINANCIAL: Taps Liquidators from Citroen Wells DATACAB LIMITED: Taps Liquidator from Kranefields ELAN RECRUITMENT: Taps Begbies Traynor to Liquidate Assets E R HUGHES: Liquidator Takes Over Helm FITZROY TIMBER: Calls In Administrators from Kroll Limited FLEXEPRINT LIMITED: Administrators From Begbies Traynor Move In GET ME TICKETS: Official Receiver Shuts Down Web Sites GRAFF ELECTRONIC: Closes Operations & Liquidates Assets HARCON SHEET: Creditors Confirm BDO Stoy as Liquidators HENLYS GROUP: Bus Maker Crashes Into Liquidation HMV GROUP: Permira Advisers Limited Reaction on HMV's Rejection HT (UK): Creditors Meeting Set Today INTERNATIONAL RADIATORS: Appoints Administrator J R CROMPTON: Falls Under Administrative Proceedings K M MEATS: Yorkshire Bank Appoints PwC Receiver LASERLINE IMAGING: Creditors Confirm S. Franklin as Liquidator LEICA GEOSYSTEMS: Names Baker Tilly to Wind Up Assets M.B.S. WALES: Financial Woes Prompt Voluntary Liquidation MJM UTILITIES: Names Jones Lowndes Dwyer Administrator MX MARINE: Liquidator From Baker Tilly Enters Firm NOMISS LIMITED: Succumbs to Liquidation Proceedings in Hereford PHOENIX VESSELS: Calls in Moore Stephens Administrator PRO-CRAFT LIMITED: Names Administrators from Begbies Traynor PURE LINEN: Members Agree to Wind Up Assets in London R A BLACKBURN: Liquidator Takes Over Helm RENTOKIL INITIAL: Mulls Sale of Manned Guarding Operations SANS SERIF: Mounting Debts Lead to Liquidation Proceedings SILMERE LIMITED: I.G. Simpson Named to Wind Up Assets TRIMPLEY ESTATES: Creditors Approve Liquidator's Appointment WYCOMBE BIKE: Brings In Peter Maurice Levy as Liquidator ********** ============= F I N L A N D ============= M-REAL CORPORATION: S&P Cuts Long-Term Credit Rating to BB- ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Finland-based forest products company M-real Corp. to 'BB-' from 'BB'. At the same time, the 'B' short-term corporate credit rating was affirmed. The outlook is negative. "The rating action primarily reflects M-real's continued weak operating performance, and the limited prospects for cash flow improvement and debt reduction in the short to medium term. This is the result of continued tough market conditions for the group's core businesses, higher input costs, and the group's internal weak performance," said Standard & Poor's ratings analyst Andreas Zsiga. The negative outlook reflects the risk that there will be no meaningful improvement in underlying cash flow, which could prevent the expected improvement in credit measures in a timely manner. The expected financial recovery is dependent on a sustainable margin improvement resulting from price increases, and efficiency and cost structure improvement well ahead of input cost increases. The outlook could be revised to stable if the company demonstrates a sustainable improvement in operating efficiency, in combination with better market conditions, leading to improved financial performance. =========== F R A N C E =========== AGZ HOLDING: S&P Withdraws Rating at Company's Request ------------------------------------------------------ Standard & Poor's Ratings Services withdrew its 'BB+' long-term corporate credit rating on France-based liquid petroleum gas distributor AGZ Holding, a wholly owned subsidiary of UGI Corp. (not rated). The 'BB-' senior unsecured rating on guaranteed subsidiary AGZ Finance was also withdrawn. The outlook on AGZ Holding was stable at the time of the withdrawal. The withdrawal of the rating was made at the request of the company, and follows prepayment of the outstanding EUR165 million unsecured notes, due 2011, issued by AGZ Finance, which were rated 'BB-'. Management confirmed that the notes and previously secured bank facility have been refinanced by a EUR380 million syndicated term loan. GAL FINANCE: S&P Cuts EUR100 Mil. Sub. Notes Rating to Junk ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on France-based auto logistics provider Global Automotive Logistics S.A.S. to 'B-' from 'B+', owing to increased liquidity concerns and its weak operating performance. At the same time, the rating on related entity GAL Finance S.A.'s EUR100 million subordinated notes was lowered to 'CCC' from 'B-'. All ratings remain on CreditWatch with negative implications, where they were placed on Aug. 1, 2005, reflecting our uncertainty over the company's future performance. "The downgrade reflects our increased concerns that GAL will not meet mandatory debt repayments in 2006 without additional support from either its banks, shareholders, or other sources," said Standard & Poor's credit analyst Eve Greb. "GAL's weak liquidity is caused by the sharp decline in its performance over the past few quarters." GAL's profitability significantly weakened in the third quarter, with EBITDA margins declining to 2.1% for the first nine months of 2005 (compared with 6.5% for the first nine months of 2004) from 4.2% for the first half of 2005. This deterioration was mainly caused by a 12% decrease in volumes from automaker Renault S.A. (BBB+/Stable/A-2) transported by GAL. In addition, there are signs of further declining volumes from Renault, which represents more than 70% of GAL's customer base. Renault reported a 6.6% decrease in new passenger-car registrations in December, which is expected to exacerbate the negative impact on GAL's performance. "To resolve the CreditWatch, we need further clarity regarding GAL's liquidity situation," said Ms. Greb. "Covenants under the company's committed bank facility have been breached several times over the past few quarters and are expected to be breached in 2006." S&P considers the renewal of GAL's major contract with Renault, which expires in 2008, as a key-rating factor for GAL's future creditworthiness. Another key rating factor is GAL's ability to achieve a successful financial restructuring. GLOBAL AUTOMOTIVE: Liquidity Issues Prompt S&P to Lower Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on France-based auto logistics provider Global Automotive Logistics S.A.S. to 'B-' from 'B+', owing to increased liquidity concerns and its weak operating performance. At the same time, the rating on related entity GAL Finance S.A.'s EUR100 million subordinated notes was lowered to 'CCC' from 'B-'. All ratings remain on CreditWatch with negative implications, where they were placed on Aug. 1, 2005, reflecting our uncertainty over the company's future performance. "The downgrade reflects our increased concerns that GAL will not meet mandatory debt repayments in 2006 without additional support from either its banks, shareholders, or other sources," said Standard & Poor's credit analyst Eve Greb. "GAL's weak liquidity is caused by the sharp decline in its performance over the past few quarters." GAL's profitability significantly weakened in the third quarter, with EBITDA margins declining to 2.1% for the first nine months of 2005 (compared with 6.5% for the first nine months of 2004) from 4.2% for the first half of 2005. This deterioration was mainly caused by a 12% decrease in volumes from automaker Renault S.A. (BBB+/Stable/A-2) transported by GAL. In addition, there are signs of further declining volumes from Renault, which represents more than 70% of GAL's customer base. Renault reported a 6.6% decrease in new passenger-car registrations in December, which is expected to exacerbate the negative impact on GAL's performance. "To resolve the CreditWatch, we need further clarity regarding GAL's liquidity situation," said Ms. Greb. "Covenants under the company's committed bank facility have been breached several times over the past few quarters and are expected to be breached in 2006." S&P considers the renewal of GAL's major contract with Renault, which expires in 2008, as a key-rating factor for GAL's future creditworthiness. Another key rating factor is GAL's ability to achieve a successful financial restructuring. ============= G E R M A N Y ============= ABENSBERGER BOOTS: Court Begins Bankruptcy Proceedings ------------------------------------------------------ The District Court of Regensburg opened bankruptcy proceedings against Abensberger Boots-Center GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 14, 2006, to register their claims with court-appointed provisional administrator Dr. Hans-Peter Lehner. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Regensburg, Zi. 105, Augustenstr. 5, at 10:30 a.m., on March 21, 2006, at which time the administrator will present his first report on 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: ABENSBERGER BOOTS-CENTER GmbH Adolf-v.Braunmuehlstr. 26 in 93326 Abensberg Dr. Hans-Peter Lehner, Administrator Ditthornstr. 5, 93055 Regensburg Tel: 0941/640820-0 Fax: 0941/640820-10 BAUGESCHAFT HIESCH: Bayreuth Court Calls in Administrator --------------------------------------------------------- The District Court of Bayreuth opened bankruptcy proceedings against Baugeschaft Hiesch GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 13, 2006, to register their claims with court-appointed provisional administrator Dr. Thomas Hofmann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bayreuth, Friedrichstr. 18, Zimmer 520, EG, at 9:00 a.m. on March 6, 2006, at which time the administrator will present his first report on 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: BAUGESCHAFT HIESCH GmbH Danndorf 40 in 95336 Mainleus Contact: Gunther Hiesch, Manager 95336 Mainleus Dr. Thomas Hofmann, Administrator Wilhelm-Meussdoerffer-Str. 4, 95326 Kulmbach Tel: 09221/9079-22 Fax: 09221/9079-30 ECO ROTOR: Claims Verification Deadline Set for Feb. 17 ------------------------------------------------------ The District Court of Bingen am Rhein opened bankruptcy proceedings against eco rotor GmbH on Jan. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 17, 2006, to register their claims with court-appointed provisional administrator Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bingen am Rhein, Gerichtsgebaude, Mainzer Strasse 52, 55411 Bingen am Rhein, at 10:15 a.m. on March 15, 2006, at which time the administrator will present his first report on 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: ECO ROTOR GmbH Spitalwiese 8c, 55425 Waldalgesheim Contact: Carlo Gei, Manager Lucas Cranach Str. 32, 55543 Bad Kreuznach Bardo M. Sigwart, Administrator Ahornweg 12, 55218 Ingelheim Tel: 06132/88949 Fax: 06132/896498 EINRICHTUNGSHAUS ALEXANDRA: Claims Filing Period Ends March 13 -------------------------------------------------------------- The District Court of Nuernberg opened bankruptcy proceedings against Einrichtungshaus Alexandra Zink Verwaltungs GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 13, 2006, to register their claims with court-appointed provisional administrator Dr. Peter Roth. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Nuernberg, Flaschenhofstrasse 35, Sitzungssaal 126/I, at 9:00 a.m., on March 23, 2006, at which time the administrator will present his first report on 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: EINRICHTUNGSHAUS ALEXANDRA ZINK VERWALTUNGS GmbH Nuernberger Strasse 91, 91217 Hersbruck Dr. Peter Roth, Administrator Saarstrasse 35, 91207 Lauf Tel: 09123/99959-0 Fax: 09123/99959-99 EPCOS AG: S&P Cuts Rating to BB+ on Poor Profitability ------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Germany-based electronics component manufacturer EPCOS AG to 'BB+' from 'BBB-'. The rating on EPCOS Finance B.V.'s convertible senior unsecured debt, which EPCOS AG guarantees, was also lowered to 'BB+' from 'BBB-'. All ratings were removed from CreditWatch negative, where they were placed on Nov. 18, 2005. The outlook is stable. At Dec. 31, 2005, EPCOS' consolidated debt stood at EUR339 million. In the 12 months ended Dec. 31, 2005, EPCOS had consolidated sales and EBITDA of EUR1.2 billion and EUR178 million, respectively. The downgrade follows a review of the company's operating performance--which has been weaker than expected over recent quarters--and its prospects. "Despite its good positioning on value-added and customer- specific applications, EPCOS' performance remains affected by very difficult industry conditions, including ongoing overcapacity and fragmentation in the capacitors segment," said Standard & Poor's credit analyst Patrice Cochelin. EPCOS designs and manufactures a broad range of "passive" electronic components. It has particularly strong positions on surface acoustic wave (SAC) components, which are in strong demand with wireless equipment manufacturers. The company's fuel injection components also benefit from growing demand from the automotive sector. Sustainable growth of revenues and profits will remain a challenge for EPCOS, however. Very strong pricing pressure in the company's main markets and currency fluctuations constrain its profitability. "The stable outlook reflects our expectation that EPCOS will achieve its target of growth in revenues, EBIT, and free cash flow in financial 2006," said Mr. Cochelin. It would take a material, sustainable improvement in the company's margins (including, as a first step, profitability in each segment) and free cash flow generation, for the outlook to be revised to positive. On the contrary, ratings pressure could build up again if free cash flow fails to return to positive, if liquidity weakens materially, or if fully adjusted debt does not remain below 3x EBITDA. GRUENTEAM GMBH: Creditors Have Until Feb. 15 to Register Claims --------------------------------------------------------------- The District Court of Rosenheim opened bankruptcy proceedings against Gruenteam GmbH & Co. KG on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 15, 2006, to register their claims with court-appointed provisional administrator Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Rosenheim, at 8:45 a.m. on March 28, 2006, at which time the administrator will present his first report on 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: GRUENTEAM GmbH & Co. KG Eulenau 11 in 83043 Bad Aibling Martin Schoebe, Administrator Ainmillerstr. 11, 80801 Muenchen Tel: 089/189377-0 Fax: 089/189377-50 HSSM-KONTOR: Reinbek Court Calls in Administrator ------------------------------------------------- The District Court of Reinbek opened bankruptcy proceedings against HSSM-Kontor GmbH on Jan. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 13, 2006, to register their claims with court-appointed provisional administrator Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Reinbek, Parkallee 6, 21465 Reinbek, at 9:30 a.m., on April 11, 2006, at which time the administrator will present his first report on 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: HSSM-KONTOR GmbH Contact: Heiko Pfenner, Manager Im Eichenbusch 46, 21465 Reinbek Wolfgang Weidemann, Administrator Wendenstr. 4, 20097 Hamburg HSSM-KONTOR: Reinbek Court Calls in Administrator ------------------------------------------------- The District Court of Reinbek opened bankruptcy proceedings against HSSM-Kontor GmbH on Jan. 20. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 13, 2006, to register their claims with court-appointed provisional administrator Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Reinbek, Parkallee 6, 21465 Reinbek, at 9:30 a.m., on April 11, 2006, at which time the administrator will present his first report on 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: HSSM-KONTOR GmbH Contact: Heiko Pfenner, Manager Im Eichenbusch 46, 21465 Reinbek Wolfgang Weidemann, Administrator Wendenstr. 4, 20097 Hamburg MOENUS TEXTILMASCHINEN: Sells Business to Lone Star --------------------------------------------------- U.S. Investment Company Lone Star has acquired Moenus Textilmaschinen GmbH on Feb. 1 for an undisclosed amount, Borsen-Zeitung says. The German manufacturer is the remaining part of Moenus Textilmaschinen AG, which was also part of the insolvent conglomerate Babcock Borsig that filed for insolvency proceedings in 2001, the paper said. Headquartered in Monchengladbach and Gera, Germany, Moenus Textilmaschinen GmbH -- http://www.moenus.de/-- currently registers annual turnover of less than EUR100 million. The company has more than 160 years of experience in the field of textile machine production. It completely covers the process of weaving preparation and wet and dry finishing of textiles with more than 150 patents. NEO CITY: Meeting of Creditors Slated for April 3 ------------------------------------------------- The District Court of Mainz opened bankruptcy proceedings against NEO CITY Generalunternehmen fuer schluesselfertiges Bauen GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 5, 2006, to register their claims with court- appointed provisional administrator Dr. Wolfgang Petereit. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Mainz, Saal 75, Gebaude B, Ernst-Ludwig-Strasse 7, 55116 Mainz, at 9:35 a.m., on April 3, 2006, at which time the administrator will present his first report on 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: NEO CITY GENERALUNTERNEHMEN FUER SCHLUESSELFERTIGES BAUEN GmbH Romerring 1, 55278 Mommenheim Contact: Viktor Mastel, Manager Zum Woog 10A, 56377 Nassau Dr. Wolfgang Petereit, Administrator Kaiserstrasse 24a, D-55116 Mainz Tel: 06131/626080 Fax: 06131/6260813 VITAMIN-OASE: Berlin Company Falls Into Bankruptcy -------------------------------------------------- The District Court of Charlottenburg opened bankruptcy proceedings against Vitamin-Oase GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 21, 2006, to register their claims with court-appointed provisional administrator Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 9:25 a.m., on March 7, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 9:25 a.m., on June 20, 2006, at the same venue. CONTACT: VITAMIN-OASE GmbH Honower Wiesenweg 22,10318 Berlin Contact: Hilmi Yuece, Manager Blockdammweg 1, 10317 Berlin Udo Feser, Administrator Uhlandstr. 165/166, 10719 Berlin WILLI HOPPE: Creditors' Meeting Slated for March 15 --------------------------------------------------- The District Court of Wuppertal opened bankruptcy proceedings against Willi Hoppe GmbH & Co. KG on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 3, 2006, to register their claims with court-appointed provisional administrator Ingo Kolsch. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Wuppertal, Eiland 2, 42103 Wuppertal, 2. Etage, Sitzungssaal A234, at 9:35 a.m. on March 15, 2006, at which time the administrator will present his first report on 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: WILLI HOPPE GmbH & Co. KG Kreuzstrasse 20, 42277 Wuppertal Attn: Michael Hoppe, Manager Kirchwinkelstrasse 32, 58285 Gevelsberg Ingo Kolsch, Administrator Bundesallee 217, 42103 Wuppertal =========== G R E E C E =========== COMMERCIAL VALUE: Fitch Rates Insurer Financial Strength at BB -------------------------------------------------------------- Fitch Ratings assigned Commercial Value AAE an Insurer Financial Strength rating of 'BB' with Stable Outlook. The rating reflects CV's high investment risk, weak risk management and corporate governance. Profitability, although improving, remains low amid challenging conditions in the Greek motor market. Offsetting these negatives are CV's competitive positioning in the Greek market, its diversification across products, the relatively low risk profile of its life products portfolio and its good capital position. Fitch is concerned that CV's investments are highly concentrated, especially in the Aspis Group. Fitch also identified a significant exposure to the financial sector in both the bond and equity portfolios while the relatively high level of investment in real estate is an additional risk factor. CV does not have clear management guidelines on, or quantification of, the mismatching risk between assets and liabilities. There is no dedicated risk management team in place and the company's unit-linked investments are highly concentrated in Aspis Group companies. Although the company's accounts were qualified in 2004, the quantum of the qualification was not in itself material. Fitch considers CV to be well positioned to benefit in the medium to long term from the developments in the Greek life and non-life insurance marketplace. The company's experience in successfully integrating six different businesses is valuable in the context of its strategy of targeted acquisitions. CV operates in most major insurance lines in the Greek market. Fitch views positively the company's balanced exposure to life and non-life risks. Fitch also notes the diversification value of CV's relative strength in marine business since this line is only loosely correlated to the rest of the non-life book. The agency views CV's level of capitalisation as good following a EUR12 million subordinated debt issue in 2005. A high proportion of CV's life and health products sales are unit-linked products that carry lower risk. Fitch notes the relatively high level of guarantees on CV's long-term products; however, the agency also considers that the company's charging structure is adequate to mitigate this potential risk. CV's exposure to earthquake risk is significant but Fitch considers that the reinsurance programme in place provides an appropriate level of cover. Fitch also assessed the reinsurance programme in respect of CV's other lines of business and considers it to be adequate. Fitch notes that the company has managed to reduce expenses and steadily improve earnings since 2003. However the company's return on equity is expected to remain below 5% (Fitch's calculations) in both 2005 and 2006. Fitch perceives the Greek motor market as a threat to CV's plans to improve its profitability in the short term. A large number of insurers operate in a relatively small but very competitive market. Small, less well managed companies may reduce their rates further in order to keep their market share. Although CV's reserves follow the local GAAP requirement and appear stronger than a number of its peers in the Greek market, the company has only limited data available to set up the non- life reserves and does not use ultimate loss ratio benchmarks to compensate for the lack of internal claims data. As a consequence Fitch considers that there is a degree of uncertainty in the adequacy of non-life reserves. =================== K A Z A K H S T A N =================== EKADA: Creditors Have Until Feb. 23 to File Proof of Claims ----------------------------------------------------------- LLC Ekada has declared insolvency. The proofs of claim will be accepted at East Kazakhstan region, Ust-Kamenogorsk, Yugo- Vostochnaya Str. 19 on or before Feb. 23, 2005. CONTACT: EKADA East Kazakhstan region, Ust-Kamenogorsk, Yugo-Vostochnaya Str. 19 GAMA LTD.: Mangistau Court Begins Bankruptcy Proceedings -------------------------------------------------------- Taxation Committee and the Specialized Inter-Regional Economic Court of Mangistau region commenced bankruptcy proceedings against LLC GAMA LTD on Dec. 15, 2005, Aktau, micro district 27, 51. The company can be contacted at 8 (3292) 41-22-37. DAULET-TRANSAVTO: Reaches Cul-de-sac ------------------------------------ LLC Daulet-Transavto has declared insolvency. The proofs of claim will be accepted at Almaty, Emsova Str. 20 on or before March 27, 2006. CONTACT: DAULET-TRANSAVTO Almaty, Emsova Str. 20 IONOTEHNIKA: Sets Proofs of Claim Deadline ------------------------------------------ LLC Ionotehnika has declared insolvency. The proofs of claim will be accepted at 050091, Almaty, Makatayeva Str. 127 on or before Feb. 23, 2005. CONTACT: IONOTEHNIKA Almaty, Makatayeva Str. 127 KAZNEFTSNAB: East Kazakhstan Court Opens Bankruptcy Proceedings --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of the East Kazakhstan region commenced bankruptcy proceedings against LLC Enterprise Kazneftsnab on Dec. 6, 2005. The case is docketed as 2-2845. Proofs of claim will be accepted at East Kazakhstan region, Ust-Kamenogorsk, Myzy Str. 2/1 on or before March 27, 2006. The company can be contacted at 8(3232) 24-06-50 or 24-57-72. NAURYZ BANK: Goes Into Liquidation in Almaty -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty took placed Nauryz Bank Kazakhstan under compulsory liquidation on Nov. 16, 2005. A liquidation commission has been appointed. The proofs of claim of the creditors will be accepted by the liquidation commission at Almaty, Gogol Str. 39a and in all branches of the JSC Nauryz Bank Kazakhstan on or before Feb. 23, 2005. The company can be contacted at 8 (3272) 59-01-90, 59-75-07 or 59-01-03. SERVICETORGOFFICE: Succumbs to Insolvency ----------------------------------------- LLC Servicetorgoffice has declared insolvency. The proofs of claim will be accepted at Aktobe, Jankoj batyr Str. 28, room 412 on or before Feb. 23, 2005. CONTACT: Aktobe, Jankoj batyr Str. 28, room 412 TBN GROUP: Creditors' Claim Due Last Week of February ----------------------------------------------------- LLC TBN GROUP has declared insolvency. The proofs of claim will be accepted at Atyrau region, Atyrau, Avangard, micro district 4, 7-5 on or before February 23, 2005. CONTACT: TBN GROUP Atyrau region, Atyrau, Avangard, micro district 4, 7-5 =================== L U X E M B O U R G =================== FIAT FINANCE: Fitch Assigns BB- Rating to EUR1 Bil. Bond Issue -------------------------------------------------------------- Fitch Ratings assigned Fiat Finance and Trade Ltd SA's issue of EUR1 billion 6.625% maturing February 2013 notes a 'BB-' rating. The rating is in line with Fiat S.p.A.'s 'BB-' rating. The rating Outlook is Stable. Fiat Finance & Trade is incorporated in Luxembourg and is used as the central treasury vehicle for the Fiat group. It is 99.99%-owned by Fiat Finance S.p.A. and 0.01% by Fiat Finance Canada Ltd, which is in turn wholly owned by Fiat Finance S.p.A. Fiat Finance S.p.A is wholly owned by Fiat. The notes are guaranteed by Fiat, the parent company, which is organised as a holding company. Therefore, creditors of the various operating companies under Fiat will effectively be senior to Fiat's creditors. In the same way, Fiat Finance & Trade is a finance subsidiary, without extra-group operations and with no direct claim on operational subsidiaries' assets. It is then fully dependent on intra-group financing and payments to repay the notes. The notes do not have specific covenants other than a negative pledge clause. Fitch notes that an upgrade of the notes to the investment-grade category would modify the scope of this covenant. In this case, in particular, the negative pledge clause will no longer apply to Fiat's operating subsidiaries, including Fiat Auto S.p.A., CNH Global NV and Iveco S.p.A. In addition, the clause will apply only to quoted indebtedness (securities being quoted, listed or dealt over the counter) and not to overall indebtedness (quoted indebtedness but also any other debt including bank debt). Fitch affirmed its rating on Fiat in January 2006 and changed its Outlook to Stable from Negative. The change in Outlook reflected Fitch's opinion that Fiat has reached a trough, both from a financial and business perspective, and that it has initiated a rebound. However, Fitch stresses that substantial challenges remain and may hinder the group's recovery. MILLICOM INTERNATIONAL: Conference Call Set Next Week ----------------------------------------------------- Millicom International Cellular S.A. will host a conference call to announce its financial results for the Fourth Quarter and Full Year ended Dec. 31, 2005, on Tuesday, Feb. 14. The conference will start at 9 a.m. (ET)/2 p.m. (UK)/3 p.m. (CET). Marc Beuls, President and Chief Executive Officer, and David Sach Chief Financial Officer will host the said conference. The conference call will be webcast in listen-only mode on Millicom's website at http://www.millicom.com/ To participate in the conference call, please register at: http://www.sharedvalue.net/millicom/Q405 The dial-in number to join the conference call will be available upon registration. You may also register by filling out the information attached and returning it by fax to Shared Value at +44 (0) 20 7321 5020 or contact Shared Value at +44 (0) 20 7321 5010 for further details. The Investor & Analyst Presentation In Stockholm is set on Feb. 20, 2006, from 8:30 a.m. to 10 a.m. (CET) Following the announcement of its Full Year 2005 Results, the Millicom Management invite investors and analysts to a presentation in Stockholm on Monday Feb. 20, 2006 at 8:30 a.m. Marc Beuls, CEO, Mikael Grahne, COO and David Sach, CFO will provide an overview of the business, Mario Zanotti will follow with a presentation on Central America and Iain Williams will present on Africa. If you would like to attend please email Sarah Nicholls at snicholls@sharedvalue.net The Investor Presentation in Stockholm will also be webcast in listen-only mode on Millicom's website http://www.millicom.com/ Millicom International Cellular S.A. -- http://www.millicom.com/ -- is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 391 million people. * * * Millicom International's 10% senior notes due 2013 carry Moody's B3 rating and Standard & Poor's B- rating. MILLICOM INTERNATIONAL: Exceeds Nine Million Subscribers -------------------------------------------------------- Millicom International Cellular S.A., one of the world's leading cellular operators in emerging markets, exceeded nine million subscribers across its 16 operations in January. "Subscriber growth for Millicom's operations has been strong during 2005 and 2006 has started well," Marc Beuls, Millicom President and Chief Executive Officer said. "The key drivers have been the roll out of GSM services in all 16 of our markets, substantially increased capex and the launch of the Tigo brand in Latin America in 2005 and in Africa starting in 2006. We are continuing to invest heavily in extra capacity and coverage, which gives us a competitive advantage in each market. The prospects for Millicom's markets are particularly exciting as mobile penetration levels currently lag behind the penetration rates in the more developed countries in each region, but good economic growth in our countries of operation means that this gap is closing rapidly." Millicom International Cellular S.A. -- http://www.millicom.com/ -- is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 391 million people. * * * Millicom International's 10% senior notes due 2013 carry Moody's B3 rating and Standard & Poor's B- rating. VINTAGE CAPITAL: Fitch Affirms Class C Collateralized Debt at C --------------------------------------------------------------- Fitch Ratings affirmed Vintage Capital S.A.'s collateralised debt obligation notes as follows: -- Class A-1 notes (ISIN XS0122397853) at 'AAA' -- Class A-2 notes (ISIN XS0122398232) at 'BB-' (BB minus) -- Class B notes (ISIN XS0122398588) notes at 'CC' -- Class C notes (ISIN XS0122399123) at 'C'. In December 2000, Vintage Capital S.A., a special purpose vehicle with limited liability incorporated under the laws of Luxembourg, acquired a bond portfolio originated by Banca Monte dei Paschi di Siena and a credit default swap portfolio originated by Bank of America. These acquisitions were financed by issuing EUR198 million floating-rate notes. The bond portfolio contains asset-backed securities, corporate, financial institution and sovereign debt. The CDS portfolio references corporates in Europe and North America. The final maturity date of the transaction is in December 2010. In December 2005, 13.61% of the CDS portfolio matured, with the remaining portfolio due to mature in December 2007. Despite the three credit events to date, the notes have passed all their ratings stresses under all scenarios, leading to these affirmations. The credit protection payments have fully exhausted the reserve fund and resulted in a write-down of the unrated Class D notes. In addition there has been one default in the bond portfolio and three assets have suffered principal write-downs. The Class A-1 notes have continued to pay down as a result of principal amortisation to the bond portfolio, and are now at EUR3.29 million compared to EUR108 million at origination. ===================== N E T H E R L A N D S ===================== HELIX CAPITAL: Fitch Affirms EUR23.4MM Class 2001-9 Bonds at DD --------------------------------------------------------------- Fitch Ratings affirmed Helix Capital (Netherlands) B.V. Series 2001-9 and Series 2001-9a notes due January 2007: -- EUR75,000,000 Class 2001-9a notes (ISIN XS0140088294) affirmed at 'A-' -- EUR23,433,000 Class 2001-9 notes (ISIN XS0140088377) affirmed at 'DD'. The issuer, Helix Capital (Netherlands) B.V., is a special purpose vehicle incorporated with limited liability under the laws of the Netherlands. Helix Capital initially provided protection to Bank of America N.A. on a portfolio of 175 (non- equally sized) corporate reference entities and a mezzanine tranche of a collateralised debt obligation. Currently, the portfolio references 168 entities, and the reference portfolio notional has decreased to EUR1.118 billion from EUR1.155 billion following the credit events on WorldCom, Marconi, Teleglobe, British Energy, Solutia, Mirant and most recently Delphi Corporation. Delphi was called as a credit event on Oct. 1, 2005, and the final valuation was received in January 2006. The Class 2001-9a rating was affirmed at 'A-' due to the stability of the underlying portfolio since March 2005. The Weighted Average Fitch Factor -- Fitch's measure of the credit quality of the portfolio -- has remained stable at 6.64 from 6.66 (each equivalent to a 'BBB'/'BBB-'(BBB minus) rating) at closing. There are currently 36 speculative grade names in the reference portfolio compared to none at closing. The transaction has been reviewed using Vector, the agency's multi-step Monte Carlo model that simulates portfolio performance of portfolios of credit risk, and delivers rating specific default and recovery rates. The agency will closely monitor any changes to the existing portfolio and will take further action as required. ROYAL SHELL: Further Cancels 650,000 'A' Shares ----------------------------------------------- Royal Dutch Shell PLC bought 500,000 'A' Shares for cancellation at EUR26.18 per share on Feb.8. It also purchased 150,000 'A' Shares for cancellation at 1,797.29 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell PLC will be 3,922,862,974. 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 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$500 million. The Company expected to continue its buyback program in 2006 and planned to provide an update on the 2006 buyback program with the full year results announcement on Feb. 2, 2006. Shell's buyback scheme was aimed at reviving shareholders' and investors' confidence. The buyback program followed last year's damaging reserves overestimation scandal. About the Company Headquartered in The Hague and incorporated in England and Wales, Royal Dutch Shell PLC -- http://www.shell.com/-- has 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 company is listed on the London, Amsterdam, and New York stock exchanges. 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. =========== R U S S I A =========== ARAMILSKIY: Claims Filing Period Ends March 14 ---------------------------------------------- The Arbitration Court of St-Petersburg and the Leningrad region commenced bankruptcy proceedings against Aramilskiy after finding the open joint stock company insolvent. The case is docketed as A56-30911/2004. Mr. V. Rozhdestvenskiy has been appointed insolvency manager. Creditors have until March 14, 2006, to submit their proofs of claim to 624000, Russia, Sverdlovsk region, Aramil, Shkolnaya Str. 46A. CONTACT: ARAMILSKIY 197342, Russia, St-Petersburg, Krasnogvardeyskiy Per. 15 V. ROZHDESTVENSKIY Insolvency Manager 624000, Russia, Sverdlovsk region, Aramil, Shkolnaya Str. 46A ARTIFICIAL MATERIALS: Succumbs to Bankruptcy in Kransodar Region ---------------------------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Artificial Materials after finding the open joint stock company insolvent. The case is docketed as A-32- 50641/2005-38/557-B. Mr. A. Mavrov has been appointed insolvency manager. Creditors have until Feb. 14, 2006, to submit their proofs of claim to 350075, Russia, Krasnodar region, Stasova Str. 180. A hearing will take place on Dec. 12, 2006, 2:30 p.m. CONTACT: ARTIFICIAL MATERIALS Russia, Krasnodar region, Armavir, Promzone A. MAVROV Insolvency Manager 350075, Russia, Krasnodar region, Stasova Str. 180 AUTOMOTIVE FACTORY: Deadline For Proofs Of Claim Set Next Month --------------------------------------------------------------- The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Automotive Factory (TIN 1650053481) after finding the open joint stock company insolvent. The case is docketed as A65-12720/2005-SG4-16. Mr. I. Zakirov has been appointed insolvency manager. Creditors have until March 14, 2006, to submit their proofs of claim to 422540, Russia, Tatarstan republic, Zelenodolsk, Post User Box 566. CONTACT: AUTOMOTIVE FACTORY Russia, Tatarstan republic, Naberezhnye Chelny, M. Dzhalilya I. ZAKIROV Insolvency Manager 422540, Russia, Tatarstan republic, Zelenodolsk, Post User Box 566 CHECHEN-GAS-PROM: Moscow Court Rules on Bankruptcy -------------------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Chechen-Gas-Prom after finding the open joint stock company insolvent. The case is docketed as A40- 60852/05-73-112B. Mr. A. Kubasov has been appointed insolvency manager. Creditors have until Feb. 14, 2006 to submit their proofs of claim to 111250, Russia, Moscow region, Krasnokazarmennaya Str. 9, Office ROSAU. CONTACT: CHECHEN-GAS-PROM 107140, Russia, Moscow region, Krasnoprudnaya Str. 12/1, Building 1 A. KUBASOV Insolvency Manager 111250, Russia, Moscow region, Krasnokazarmennaya Str. 9, Office ROSAU OAO OMZ: Equity Sale Prompts S&P to Put Junk Rating on Watch ------------------------------------------------------------ Standard & Poor's Rating Services placed its 'CCC+' long-term corporate credit and 'ruBB' national scale ratings on Russia- based heavy-engineering holding company OAO OMZ (Uralmash-Izhora Group) on CreditWatch with developing implications. This follows the announced acquisition of more than 75% of the company by a group of investors represented by Gazprombank (BB/Positive/B). "The CreditWatch placement reflects the strong upside potential for OMZ resulting from this change of control," said Standard & Poor's credit analyst Tatiana Kordyukova. "The company's business position might benefit from restructuring efforts and new order inflow if the new shareholders are related to--and their actions coordinated with--the government, as reported." Furthermore, the company's currently weak financial profile might be boosted by new financing and liquidity support from Gazprombank or the government. Nevertheless, the existing significant level of uncertainty regarding the identity of the new shareholders and their strategy toward the company's businesses and finances leave room for a limited, but probable, downside scenario. It has been reported that the new shareholders might reorganize the company, which could lead OMZ's debtholders to present debt for early repayment, depending on how the reorganization will be carried out. We are also concerned that there is no committed liquidity support from the controlling shareholders so far. Moreover, management's attention might be diverted from its current operations and financing activities in the course of a reorganization, which adds further uncertainty. Standard & Poor's will monitor any new information about OMZ's shareholders, their strategy, and the pattern and the timing of the restructuring. "The CreditWatch implications might be revised to positive or the ratings raised if there is tangible evidence of operational and financial support from the new shareholders," added Ms. Kordyukova. "Any changes that could provoke deterioration in credit quality, such as tightening liquidity or an inconsistent business strategy, might trigger a downgrade." ORGRESBANK: Fitch Rates Three-Year RUB500-Mil Bond Issue at BB+ --------------------------------------------------------------- Fitch Ratings assigned Orgresbank's three-year RUB500 million bond issue a National Long-term 'BB+(rus)' rating. Orgres is rated Long-term 'B-', Short-term 'B', Individual 'D', Support '5', and National Long-term 'BB+(rus)'. The Outlooks on both the Long-term and the National Long-term ratings are Stable. The bank's obligations under the issue will rank at least pari passu with the claims of other senior unsecured creditors of Orgres, save those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-September 2005, retail deposits accounted for under 6% of Orgres' total liabilities, according to the bank's unaudited IFRS accounts. Orgres was established in 1994. It is ultimately owned by two members of senior management, including the Chairman of the management board, and five corporates largely in the IT-related and consumer electronics sectors, which are in turn owned by a small number of individuals. Orgres ranks among the top 50 banks in Russia by equity. PORT CAUCASIA: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision on open joint stock company Port Caucasia - South Region. The case is docketed as A-32-32783/2005-44/451- B. Mr. K. Labzin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 350042, Russia, Krasnodar, Kolkhoznaya Str. 3, Office 307. A hearing will take place on May 22, 2006. CONTACT: PORT CAUCASIA - SOUTH REGION 350024, Russia, Krasnodar region, Shorsa Str. 12 K. LABZIN Temporary Insolvency Manager 350042, Russia, Krasnodar region, Kolkhoznaya Str. 3, Office 307 PROGRESS: Claims Filing Period Ends Next Week --------------------------------------------- The Arbitration Court of Karachaevo Cherkessiya republic has commenced bankruptcy supervision on close joint stock company Progress. The case is docketed as A25-3464/05-8. Mr. V. Khubiev has been appointed temporary insolvency manager. Creditors have until Feb. 14, 2006, to submit their proofs of claim to Russia, Karachaevo Cherkessiya republic, Cherkessk, U. Alieva Str. 72. CONTACT: PROGRESS Russia, Karachaevsk, Pervomayskaya Str. 2/66 V. KHUBIEV Temporary Insolvency Manager Russia, Karachaevo Cherkessiya republic, Cherkessk, U. Alieva Str. 72 PROM-GRAZHDAN-STROY: Declared Insolvent by Chelyabinsk Court ------------------------------------------------------------ The Arbitration Court of Chelyabinsk region commenced bankruptcy proceedings against Prom-Grazhdan-Stroy after finding the close joint stock company insolvent. The case is docketed as A76- 16270/05-34-100. Mr. P. Tumbasov has been appointed insolvency manager. Creditors have until March 14, 2006, to submit their proofs of claim to 455026, Russia, Chelyabinsk region, Magnitogorsk, Post User Box 33. CONTACT: PROM-GRAZHDAN-STROY Russia, Chelyabinsk region, Magnitogorsk P. TUMBASOV Insolvency Manager 455026, Russia, Chelyabinsk region, Magnitogorsk, Post User Box 33 SEL-KHOZ-PROM-SERVICE: Insolvency Manager Takes Helm ---------------------------------------------------- The Arbitration Court of Krasnodar region has commenced bankruptcy supervision on limited liability company Sel-Khoz- Prom-Service. The case is docketed as A-32-24160/05-27/364-B. Mr. V. Gribov has been appointed temporary insolvency manager. Creditors have until Feb. 14, 2006, to submit their proofs of claim to 350075, Russia, Krasnodar region, Stasova Str. 180. CONTACT: SEL-KHOZ-PROM-SERVICE 352500, Russia, Krasnodar region, Labinsk, Krasnaya Str. 98 V. GRIBOV Temporary Insolvency Manager 350075, Russia, Krasnodar region, Stasova Str. 180 STROY-SERVICE: Krasnodar Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Stroy-Service after finding the close joint stock company insolvent. The case is docketed as A-32- 19463/2005-1/260B. Ms. E. Kuts has been appointed insolvency manager. Creditors have until March 14, 2006, to submit their proofs of claim to: (a) STROY-SERVICE 352700, Russia, Krasnodar region, Timashevsk, Chkalova Str. 27a (b) E. KUTS Insolvency Manager 352700, Russia, Krasnodar region, Timashevsk, Chkalova Str. 27a (c) ARBITRATION COURT OF KRASNODAR REGION Russia, Krasnodar region, Krasnaya Str. 6 A hearing will take place on Dec. 18, 2006. VOLGOTANKER: Seeks Equity Sale to Russian Government ---------------------------------------------------- Volgotanker asks the Russian government to take the inland shipping group under state control, saying the nationalization was already inevitable, Maria Levitov writes for The Moscow Times. Back-tax claims of up to RUB3.3 billion crippled the company and attack by tax authorities made business impossible, Arkady Ostrovsky of The Financial Times reports. The paper reveals that local tax inspectors in Samara accused Volgotanker of allegedly receiving value added tax refunds applied to chartered oil cargoes for export. The company, besieged by tax investigations, resigns that its former connection with embattled Yukos oil group would lead it to similarly land in state hands, Mr. Ostrovsky relates. "The tax authorities and prosecutors take us to be part of Yukos, although we are not and we have the official documents to prove it," MosNews cited Andrey Kleymenov, vice president of Volgotanker, as saying. "There are no other ways to prove it so we can expect the same future as the oil company. We understand our fate," Kleymenov adds. About the Company Volgotanker specializes in the transportation of oil and petroleum products via Europe's inland-waterway system. At present, the fleet of Volgotanker consists of 353 vessels including tankers, OBOs, barges and servicing vessels. Besides shipping the companies of the Group specialize in fleet servicing, shipbuilding and ship repair. VOZROZHDENIE: Court Sets March 14 Claims Bar Date ------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Vozrozhdenie (TIN 5217000252) after finding the open joint stock company insolvent. The case is docketed as A43-4988/05-18-173. Mr. A. Obukhov has been appointed insolvency manager. Creditors have until March 14, 2006, to submit their proofs of claim to 603000, Russia, Nizhniy Novgorod region, Post User Box 602. CONTACT: VOZROZHDENIE 606340, Russia, Nizhniy Novgorod region, Knyaginskiy region, Vozrozhdenie A. OBUKHOV Insolvency Manager 603000, Russia, Nizhniy Novgorod region, Post User Box 602 ========= S P A I N ========= SAEZ MERINO: Creditor Negotiations Underway ------------------------------------------- A Valencia business court approved the application of Saez Merino to enter the court-supervised negotiations with its creditors, Expansion says. According to reports, the company's assets of EUR175.47 million is far outstripping its debts of EUR65.8 million but the said application will help the Spanish textile firm of its viability in the future by renegotiating its debts, selling off assets and carrying out a redundancy plan. The court however, has appointed an administrator to deal with this case. Headquartered in Valencia, Spain, Saez Merino -- http://www.saezmerino.es/-- manufactures the Lois, Cimarron, Caster and Caroche brands. In 2004, the company expected financial losses after a fall in profits of more than 70% in 2003, to EUR2.47 million. Parts of these losses were caused by a 30% fall in exports to the U.S. market due to the strong euro. Saez Merino currently has a workforce of 950. ===================== S W I T Z E R L A N D ===================== ABB LTD.: Launches Disciplinary Probe on Units' Suspect Payments ---------------------------------------------------------------- ABB Ltd. disclosed to the U.S. Department of Justice and the Securities and Exchange Commission details of suspect payments in a country in the Middle East. These payments and several others made by company subsidiaries in a number of countries were discovered by ABB as a result of the company's internal compliance reviews. These payments have been voluntarily disclosed recently to the DoJ and SEC. The payments may be in violation of the Foreign Corrupt Practices Act or other applicable laws. The consequences for ABB could include penalties, other costs and business-related impact. ABB is cooperating on these issues with the relevant authorities, and is continuing its internal investigations and compliance reviews. ABB has begun a disciplinary investigation involving a number of employees. "Proper business conduct is the hallmark of a sound organization. It is the only way to build a sustainable business, as well as being a legal necessity," Fred Kindle, ABB president and chief executive officer, said. "At ABB we have a zero tolerance policy and respond to any breaches of compliance. The reported incidents are regrettable and are a further reason why we need to increase our efforts to improve performance in this respect." About the Company Headquartered in Zurich, Switzerland, ABB Ltd. -- http://www.abb.com/ -- is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people. * * * As reported in the Troubled Company Reporter-Europe on Feb. 3, 2006, Standard & Poor's Ratings Services was maintaining its credit ratings on Switzerland-based engineering services group ABB Ltd. (BB+/B) and related entities on CreditWatch with positive implications. Conditional on the final successful resolution of the asbestos litigation settlement for U.S. subsidiary Combustion Engineering Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with the senior unsecured debt to be raised to 'BB+'. The outlook will be positive. The ratings on ABB had been placed on CreditWatch with positive implications on Nov. 7, 2005, reflecting the continual improvement in ABB's financial profile and capital structure in recent years, and its potential to return to a low investment- grade rating on successful completion of the asbestos litigation settlement for CE. The CE reorganization plan has been confirmed by the U.S. Bankruptcy Court, and is currently with the District Court for final approval. A hearing is expected to be held soon. If the District Court approves the plan, there will be a 30-day appeal period. If no appeals are lodged, the plan will be final. "At the new rating level, ABB's rating will reflect the company's improved financial position, including sound free operating cash flow generation, a sound liquidity position, and adequate debt protection measures," said Standard & Poor's credit analyst Andreas Zsiga. =========== T U R K E Y =========== PETKIM PETROKIMYA: Fitch Affirms Foreign Currency Rating at BB- --------------------------------------------------------------- Fitch Ratings changed the Outlook on Turkey-based Petkim Petrokimya Holding A.S.' Senior Unsecured foreign currency rating to Positive from Stable to be in line with the Outlook on the Republic of Turkey's Long-term foreign currency rating. Its Senior Unsecured foreign currency rating is affirmed at 'BB-'. Fitch also affirmed Petkim's Senior Unsecured local currency rating at 'BB' with Stable Outlook. At the same time, Petkim's National rating is upgraded to 'AA-(AA minus)(tur)' from 'A+(tur)'. The Outlook is Stable. The affirmation of the Senior Unsecured local currency 'BB' rating is based on the significant rebound in sales and profitability in third quarter 2005, as well as the company's intact net cash position. The Stable Outlook on the local currency rating reflects Fitch's view that Petkim's credit profile will be sustained in the intermediate term. The foreign currency rating remains constrained by the sovereign Long-term foreign currency 'BB-' (BB minus) rating. The National rating upgrade is a reflection of Fitch's revised assessment of Petkim's credit quality relative to similarly-rated entities in Turkey. Petkim was founded in 1965 and remains the country's largest petrochemicals company and producer of thermoplastics. The company is 54% owned by the Turkish Privatisation Administration, 7% by the State Pension Fund and 39% of the company is publicly listed. ============= U K R A I N E ============= CHIGIRINAGROPOSTACH: Goes Into Liquidation ------------------------------------------ The Economic Court of Cherkassy region commenced bankruptcy proceedings against Chigirinagropostach (code EDRPOU 00908780) on Dec. 1, 2005, after finding the open joint stock company insolvent. The case is docketed as 14/5087. Pension Fond of Ukraine Department of Chigirin district has been appointed liquidator. CONTACT: CHIGIRINAGROPOSTACH 20901, Ukraine, Cherkassy region, Chigirin, Kirov Str. 164 A ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue 307 GORSTAR: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Gorstar (code EDRPOU 31288199) after finding the limited liability company insolvent. The case is docketed as 249/3 b-05. Ms. O. Sukmanova has been appointed liquidator/insolvency manager. CONTACT: GORSTAR Ukraine, Kyiv region, Irpin, Gostomel ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 KONKOR-N: O. Tomashevskij Named Insolvency Manager -------------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Konkor-N (code EDRPOU 33250303) after finding the limited liability company insolvent. The case is docketed as 2/258/05. Mr. O. Tomashevskij has been appointed liquidator/insolvency manager. CONTACT: KONKOR-N Ukraine, Mikolaiv region, Industrialna Str. Mr. O. Tomashevskij Liquidator/Insolvency Manager Phone: (0512) 36-72-27 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 KONVIT: Court Appoints Insolvency Manager to Take Over Helm ----------------------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Konvit (code EDRPOU 23274674) after finding the limited liability company insolvent. The case is docketed as 6/298-29/262. Mr. Vinnikov Vitalij has been appointed liquidator/insolvency manager. CONTACT: KONVIT 79010, Ukraine, Lviv region, Lichakivska Str. 81 Mr. Vinnikov Vitalij Liquidator/Insolvency Manager Ukraine, Lviv region, Pustomiti, Sportivna Str. 2/9 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 LADMET: Court Assigns Chabanovich Taras to Liquidate Assets ----------------------------------------------------------- The Economic Court of Lviv region commenced bankruptcy proceedings against Ladmet (code EDRPOU 05480341) on Nov. 10, 2005, after finding the limited liability company insolvent. The case is docketed as 6/193-4/104. Mr. Chabanovich Taras has been appointed liquidator/insolvency manager. CONTACT: LADMET Ukraine, Lviv region, Plastova Str. 11-a Mr. Chabanovich Taras Liquidator/Insolvency Manager Ukraine, Lviv region, Pustomiti district, Yampil ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 PROMRESURS: Declared Insolvent by Donetsk Economic Court -------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Promresurs (code EDRPOU 31366120) on Oct. 6, 2005 after finding the private enterprise insolvent. The case is docketed as 3/173 B. Mr. Yurij Menzarenko has been appointed liquidator/insolvency manager. CONTACT: PROMRESURS Ukraine, Donetsk region, Tsusimska str. Mr. Yurij Menzarenko, Liquidator/Insolvency Manager 86405, Ukraine, Donetsk region, Yenakiyeve, a/b 154 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 SPECBUDMONTAZH: Succumbs to Insolvency -------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy proceedings against Specbudmontazh (code EDRPOU 22801999) on after finding the limited liability company insolvent. The case is docketed as 01/5069. Pension Fond of Ukraine Department of Chigirin district has been appointed liquidator. CONTACT: SPECBUDMONTAZH 20901, Ukraine, Cherkassy region, Chigirin district, Orbita ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue 307 TRANSEKONOMYUG: Insolvency Manager Takes Over Helm -------------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Transekonomyug (code EDRPOU 32996931) on after finding the limited liability company insolvent. The case is docketed as 2/259/05. Mr. O. Tomashevskij has been appointed liquidator/insolvency manager. CONTACT: Mr. O. Tomashevskij, Liquidator/Insolvency Manager Phone: (0512) 36-72-27 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 =========================== U N I T E D K I N G D O M =========================== AFFORDABLE IMPORTS: Opts to Wind Up Operations in Blackburn ----------------------------------------------------------- Affordable Imports Limited decided to close its operations after members passed a resolution to wind up the company on Dec. 21, 2005. Director N J Gregory disclosed that the company can no longer continue its business due to mounting debts. J M Titley, of DTE Leonard Curtis, is appointed liquidator. CONTACT: AFFORDABLE IMPORTS LIMITED Blakewater House Phoenix Park Blackburn Lancashire BB1 5RW Tel: 01254 278963 Fax: 01254 278985 ARL TECHNOLOGY: Hires S. F. Plant & Co. Administrator ----------------------------------------------------- Simon Franklin Plant and Daniel Plant of S F Plant & Co were appointed joint administrators of ARL Technology Limited (Company No 05195737) on Jan. 25. The company manufactures pumps and compressors. CONTACT: ARL TECHNOLOGY LIMITED 12 Clifton Vale Bristol BS8 4PT S. F. PLANT & CO. Lutomer House Business Centre 100 Prestons Road London E14 9SB Tel: 0207 538 2222 Fax: 0207 538 3322 AVALON MAILING: Enters Voluntary Liquidation -------------------------------------------- Avalon Mailing Services Ltd is voluntarily liquidating its assets after members passed a resolution on Dec. 21, 2005, to wind up the company. Subsequently, they appointed John W. Lewis and Terry C. Evans, of J W Lewis Insolvency Services Ltd, to supervise the liquidation proceedings. CONTACT: AVALON MAILING SERVICES LTD The Post House The Village Burrington Bristol BS40 7AA Tel: 0117 300 9357 Fax: 0117 300 9377 BLUE SKY: Names Liquidators to Wind Up Assets --------------------------------------------- Blue Sky Networking Limited appointed P.R. Boyle and J.C. Sallabank of Harrisons to liquidate the company's assets after members passed a resolution to wind up the company on Dec. 19, 2005. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to mounting debts. CONTACT: BLUE SKY NETWORKING LIMITED Blue Sky House Church Lane Chew Stoke Bristol Avon BS40 8TU Tel: 01275 334180 Fax: 01275 334181 BROOMCO (1984): Debt Claims Filing Period Ends Later This Month --------------------------------------------------------------- Broomco (1984) Limited voluntarily liquidated its assets after members voted to wind up the company's operations during an EGM held on Jan. 23 in Wiltshire. Company Director G. Sharmaq disclosed that Martin N. Widdowson of Brebner Allen & Trapp is appointed liquidator after members found out that the company cannot continue its business due to its liabilities. Creditors are required on or before Feb. 28, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to: Martin N. Widdowson The Quadrangle 180 Wardour Street London W1F 8LB About Brebner Brebner, Allen & Trapp -- http://www.brebner.co.uk/-- is one of the country's leaders in providing professional services to businesses. These include taxation consultancy, financial and management accountancy, audit, investigations for acquisitions and mergers, general business advice and company secretarial services. CENTAC LIMITED: Financial Woes Spur Liquidation Process ------------------------------------------------------- On Dec. 20, 2005, members of Centac Limited agreed to wind up the company after learning that the company can no longer continue its business due to mounting debts. Subsequently, they appointed Jane Walker, of Errington Walker Limited, to oversee the liquidation process. CONTACT: CENTAC LIMITED Barn House Clifford Chambers Stratford-Upon-Avon Warwickshire CV37 8HX Tel: 01789 414 417 CMT SPECIAL: Members Pass Winding Up Resolution ----------------------------------------------- Members of CMT Special Products Limited convened on Dec. 19, 2005, and agreed that it is in the company's best interests to liquidate its assets. Liabilities prompted the members to pass the winding-up resolution. They appointed C H I Moore to liquidate the company's assets. CONTACT: C M T SPECIAL PRODUCTS LIMITED 6 Croxstalls Close Walsall West Midlands WS3 2XT Tel: 01922 493033 Fax: 01922 493043 CW FINANCIAL: Taps Liquidators from Citroen Wells ------------------------------------------------- Members of CW Financial Consultants Limited appointed Murzban Khurshed Mehta and Mark Richard Phillips, of Citroen Wells, to liquidate the company's assets. Parties recommended the voluntarily wind up of the company's operations after determining that the company's liabilities hinder its ability to continue its business. The wind up resolutions were passed on Jan. 23, during an Extraordinary General Meeting held in London. Creditors are required on or before March 23, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to Murzban Khurshed Mehta of Citroen Wells, Devonshire House, 1 Devonshire Street, London W1W 5DR. CONTACT: CW FINANCIAL ADVICE LIMITED 130 Leamington Road, Coventry, CV3 6JY CITROEN WELLS Devonshire House, 1 Devonshire Street, London W1W 5DR Tel: +44 (0) 20 7304 2000 Fax: +44 (0) 20 7304 2020 Web site: http://www.citroenwells.co.uk/ DATACAB LIMITED: Taps Liquidator from Kranefields ------------------------------------------------- Datacab Limited decided to liquidate its assets after members voted to wind up the company's operations during an Extraordinary General Meeting on Jan. 27, in Harrow, Middlesex. J. Singh, chairman of Datacab Limited, disclose that the company cannot continue its business due to its surmounting debts. Nimish Patel of Kranefields is appointed liquidator. Creditors are required on or before March 7, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to Nimish C. Patel, of Trinity House, Heather Park Drive, Wembley, Middlesex HA0 1SU. CONTACT: DATACAB LTD Cumberland House, 80 Scrubs Lane London NW10 6RF Tel: 020 8964 2123 KRANEFIELDS Trinity House, Heather Park Drive, Wembley, Middlesex HA0 1SU Helpline: 870 787 2346 ELAN RECRUITMENT: Taps Begbies Traynor to Liquidate Assets ---------------------------------------------------------- Elan Recruitment Limited decided to close its business on Dec. 22, 2005. Members passed a resolution to wind up the company and appointed Richard Andrew Segal and Paul Michael Davis, of Begbies Traynor (South) LLP, to manage the liquidation proceedings. CONTACT: ELAN RECRUITMENT LIMITED Grampian House Meridian Gate Marsh Wall London E14 9YT Tel: 020 75374114 Fax: 020 75373927 Web: http://www.elanrecruitment.com/ E R HUGHES: Liquidator Takes Over Helm -------------------------------------- E. H. Hughes, director of E. R. Hughes & Sons Limited, informs that the special resolution to wind up the company was passed at an EGM held on Jan. 27 at Parkin S Booth & Co, 44 Old Hall Street, Liverpool L3 9EB. Jonathan R. Booth of Parkin S Booth & Co was appointed liquidator. Creditors are required on or before March 10, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to Jonathan R. Booth of 44 Old Hall Street, Liverpool L3 9EB. CONTACT: E R HUGHES & SONS LTD 16 Marina Walk, Ellesmere Port, Merseyside CH65 0BL Tel: 01513551520 PARKIN S. BOOTH & CO. 44 Old Hall Street, Liverpool L3 9EB Tel: 0151 236 4331 Fax: 0151 255 0108 E-mail: lp@parkinsbooth.co.uk Web site: http://www.parkinsbooth.co.uk/ FITZROY TIMBER: Calls In Administrators from Kroll Limited ---------------------------------------------------------- A. J. Wolstenholme and J. M. Wright of Kroll Limited were appointed joint administrators of Fitzroy Timber Tailors Limited (Company No 00647830) on Jan. 27. The company develops and sells real estate properties. CONTACT: FITZROYTIMBER TAILORS LTD Fitzroy Court Ikeston Road Nottingham NG7 3HD Tel: 0870 4289 102 Fax: 0870 4289 103 E-mail: esales@timber-tailors.co.uk KROLL LIMITED 134 Edmund Street, Birmingham B3 2ES Web site: http://www.krollworldwide.com/ FLEXEPRINT LIMITED: Administrators From Begbies Traynor Move In --------------------------------------------------------------- Peter A. Blair and Richard A. B. Saville of Begbies Traynor were appointed administrators of Flexeprint Limited (Company No 03260871) on Jan. 26. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Nottingham, Flexeprint -- http://www.flexeprint.com/-- is an innovative print management company supplying a total print solution to customers in the U.K. and U.S.A. GET ME TICKETS: Official Receiver Shuts Down Web Sites ------------------------------------------------------ Three related firms known as "GET ME TICKETS" are facing liquidation following the petition filed by the Department of Trade and Industry, Creditman reports. The companies -- GET ME TICKETS Limited, GET ME TICKETS.NET Limited, and GET ME TICKETS.COM Limited -- operated as reseller of concert and festival tickets via various Web sites. A probe by the DTI's Companies Investigation Branch under section 447 of the Companies Act 1985 prompted the petitions that are scheduled for hearing on March 22. The Official Receiver has been named as provisional liquidator of the trading company GET ME TICKETS Limited. Established on Sep. 17, 2001, GET ME TICKETS Limited was led by directors Michael Rangos and Kavitha Thavaratnam. They also headed GET ME TICKETS.NET Limited that was incorporated on Jan. 13, 2004. Meanwhile, GET ME TICKETS.COM Limited was founded on Nov. 2, 2004. They are not related to the U.S.-based organization operating the getmetickets.com web site. The Official Receiver, who is tasked to protect and preserve the companies' assets and financial records, has already closed the six Web sites: -- http://www.getmetickets.net/ -- http://www.getmetickets.tv/ -- http://www.getmetickets.us/ -- http://www.getmetickets.biz/ -- http://www.getmetickets.info/and -- http://www.getmetickets.org/ CONTACT: THE OFFICIAL RECEIVER Public Interest Unit 21 Bloomsbury Street London WC1B 3SS Tel. : 020 7637 6383/6665 E-mail: piu.or@insolvency.gsi.gov.uk GRAFF ELECTRONIC: Closes Operations & Liquidates Assets ------------------------------------------------------- Members of Graff Electronic Machines Limited agreed to liquidate the company's operations on Dec. 19, 2005. They appointed Philip Anthony Brooks and Julie Willetts, of Blades Insolvency Services, to manage the winding-up activities. CONTACT: GRAFF ELECTRONIC MACHINES LIMITED Woodhill Road Collingham Newark Nottinghamshire NG23 7NR Tel: 01636 893036 Fax: 01636 893317 HARCON SHEET: Creditors Confirm BDO Stoy as Liquidators ------------------------------------------------------- Harcon Sheet Metal Limited appointed Toby Underwood and Charles MacMillan of BDO Stoy Hayward as joint liquidators. Members passed a resolution to wind up the company on Dec. 19, 2005. The Company's creditors confirmed the liquidator's appointment at a creditors' meeting held later that day. At a subsequent Meeting of Creditors, duly convened pursuant to section 98 of the Insolvency Act 1986, and held on the same day, the appointment of Toby Underwood and Charles MacMillan was confirmed. CONTACT: HARCON SHEET METAL LIMITED Banksfield Road Hebden Bridge West Yorkshire HX7 5NW Tel: 01422 885691 Fax: 01422 884034 HENLYS GROUP: Bus Maker Crashes Into Liquidation ------------------------------------------------ Henlys Group PLC succumbed to liquidation following losses of GBP35 million and GBP34 million in 2001 and 2003, respectively, ICC Credit reports. Founded in 1947, the London-based company manufactured a range of vehicles including buses and coaches. Hawley Group acquired Henlys in 1985, which saw the establishment of a Motoring Division. The division, however, was sold to the Plaxton Group in 1989 and was named Henlys Group PLC years after. The group had been performing well, with turnover ranging from GBP400 million to GBP700 million in a span of six years starting 1994. It booked its highest profit of GBP42 million in 2000. However, a joint venture with Transbus International in 2000 saw a plunge in Henly's profits. The company's results dipped into the red in 2001 and 2003. In 2004, Transbus International fell into receivership, sparking financial troubles at Henlys. According to ICC Credit, Henlys is not alone in this sector with 7% of companies in liquidation, while 14% face County Court Judgments. CONTACT: HENLYS GROUP PLC 1 Imperial Place Elstree Way Borehamwood Herts. WD6 1JJ Tel: 020 8953 9953 Fax: O20 8207 2477 Web: http://www.henleys.com/ HMV GROUP: Permira Advisers Limited Reaction on HMV's Rejection --------------------------------------------------------------- Permira Advisers Limited is disappointed at HMV Group Board's reaction and believes that their proposed 190 pence cash per share purchase is attractive to the shareholders of HMV Group. Permira reserves the right to increase its proposed offer price, however there can be no certainty at all that any offer will ultimately be forthcoming. Permira Offer HMV confirmed it received a conditional proposal regarding a possible offer for the Group at 190 pence per ordinary share from Permira Advisers Limited on Feb. 7. The Board, together with its advisers, reviewed the proposal carefully. The Board concluded that the proposal undervalues HMV Group. As such, HMV Group will not be entering into any discussions with Permira Advisers Limited with regard to the proposal. About the Company Headquartered in the U.K., HMV Group PLC -- http://www.hmvgroup.com/-- operates 580 stores in 8 different countries under two powerful retail brands (HMV and Waterstone's). On March 31, 2005, the Group completed a refinancing of its senior bank facilities, creating a more efficient capital structure. A five-year GBP260 million revolving credit facility was arranged, replacing an existing GBP150 million revolving credit facility, together with outstanding term debt of GBP160 million which was repaid in full. Consequent to the refinancing, GBP2.7 million of unamortized deferred financing fees were written-off in the financial year to April 30, 2005, as a non-cash exceptional interest charge. At Oct. 29, 2005, the company's balance sheet showed GBP49.7 million in stockholders' deficit, compared to a GBP14.4 million deficit at Apr. 30, 2005. HT (UK): Creditors Meeting Set Today ------------------------------------ Creditors of HT (UK) Limited (Company No 05268815) will meet today, Feb. 10, 2006, 2:30 p.m. at 3000 Manchester Business Park, Aviator Way, Manchester (Airport) M22 5TG. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to D. A. Hole, administrator of Alexander Business Consulting, 3000 Manchester Business Park, Aviator Way, Manchester (Airport) M22 5TG. CONTACT: HT (UK) LTD Apollo, Lichfield Road Industrial Estate, Tamworth, Staffordshire B79 7TA United Kingdom ALEXANDER BUSINESS CONSULTING 3000 Manchester Business Park, Aviator Way, Manchester (Airport) M22 5TG INTERNATIONAL RADIATORS: Appoints Administrator ----------------------------------------------- John Neville Whitfield and Gerald Clifford Smith of RSM Robson Rhodes LLP were appointed joint administrators of International Radiators Limited (Company No 04585658) on Jan. 25. Its registered office is at Thorpe Way, Grove Park, Enderby, Leicester LE19 1SU. RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a UK partnership of chartered accountants and management consultants, providing a wide range of auditing, assurance, advisory and compliance services for both private and public sectors. Headquartered in Enderby, Leicester, International Radiators (IRL)-- http://www.irl.cc/-- is UK's first honeycomb automotive radiator plant. J R CROMPTON: Falls Under Administrative Proceedings ---------------------------------------------------- J R Crompton Limited appointed Deloitte partners, Nick Dargan and Bill Dawson, as Administrators. The business was originally established in 1852 and remains one of the world's leading producers of paper products for the tea-bag and coffee-filter industry, with a turnover of approximately GBP70 million. "The business is continuing to trade as normal with the full support of the employees, customers and suppliers," Administrator Nick Dargan commented. "It has been a very successful business for many years and, while there are a number of balance sheet issues that need to be resolved, can still be a major player in the world beverage industry in the future." "We have already received serious expressions of interest from a number of parties and are confident that the business will survive and prosper," he added. About Deloitte Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. About the Company Headquartered in Manchester, J R Crompton operates three specialist paper mills in Lydney, Simpson Clough and Devon Valley hiring a total of 461 employees. K M MEATS: Yorkshire Bank Appoints PwC Receiver ----------------------------------------------- Yorkshire Bank Plc appointed Edward Klempka and Ian David Stokoe of PricewaterhouseCoopers LLP joint administrative receivers of K M Meats Limited (Reg No 02596033) on Jan. 26. The company sells meat and meat products. About PwC PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides, among others, auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. CONTACT: K M MEATS LTD Wood Street, Great Harwood, Blackburn, Lancashire BB6 7UD Tel: 01254-881740 LASERLINE IMAGING: Creditors Confirm S. Franklin as Liquidator -------------------------------------------------------------- Creditors confirmed the appointment of S. Franklin of Panos Eliades, Franklin & Co. as liquidator to oversee the wind-up of Laserline Imaging International Limited's assets. Company Chairman M. Fowler disclosed that the company is voluntarily liquidating its assets after parties passed a resolution to wind up the company during an extraordinary general meeting held on Dec. 22, 2005, in London. CONTACT: LASERLINE IMAGING INTERNATIONAL LIMITED Unit 26 Silvermere Drive Stonehill Business Park London N18 3QB Tel: 020 8884 0000 Fax: 020 8884 4545 LEICA GEOSYSTEMS: Names Baker Tilly to Wind Up Assets ----------------------------------------------------- Leica Geosystems Gis & Mapping Limited voluntarily liquidated its assets after members voted to wind up the company's operations during an EGM held on Jan. 23 in Bedford. Company Chairman A. P. Young disclosed that Graham Paul Bushby and Guy Edward Brooke Mander are appointed joint liquidators. Creditors are required on or before March 1, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to Graham Paul Bushby of Baker Tilly, 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes. Headquartered in Surrey, England, Leica Geosystems Gis & Mapping Limited -- http://www.leica-geosystems.com/-- is a subsidiary of Leica Geosystems, a global company based in Heerbrugg, Switzerland, with tens of thousands of customers supported by more than 2,400 employees in 21 countries and hundreds of partners located in more than 120 countries around the world. The company is best known for its broad array of products that capture accurately, model quickly, analyze easily, and visualize and present spatial information. About Baker Tilly Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network which has 122 member firms in 85 countries as an independent member of Baker Tilly International. CONTACT: LEICA GEOSYSTEMS GIS & MAPPING LTD. Tel: +44 1276 855 756 Fax: +44 1276 855 365 M.B.S. WALES: Financial Woes Prompt Voluntary Liquidation --------------------------------------------------------- M.B.S. Wales Limited is liquidating its assets after members agreed to wind up the company's operations on Dec. 15, 2005. The voluntary liquidation came as a result of the company's inability to pay its debts. Kerry Bailey and Jonathan Newell, of PKF (UK) LLP, are appointed joint liquidators to manage the wind-up activities. CONTACT: M.B.S. WALES LIMITED Blackmarsh Road Mochdre Business Park Mochdre Colwyn Bay CLWYD LL28 5HA Tel: 01492 542 621 MJM UTILITIES: Names Jones Lowndes Dwyer Administrator ------------------------------------------------------ Claire L. Dwyer (IP No 9329) of Jones Lowndes Dwyer LLP was appointed administrator of MJM Utilities Limited (Company No 04305524) on Jan. 27. CONTACT: MJM UTILITIES Unit 7/Sandfold La Manchester M19 3BJ Tel: 0161-248 8686 JONES LOWNDES DWYER LLP John Swift Building 19 Mason Street Manchester Greater Manchester M4 5FT Tel: 0161 832 9454 Fax: 0161 832 9455 E-mail: clairedwyer@joneslowndesdwyer.co.uk MX MARINE: Liquidator From Baker Tilly Enters Firm -------------------------------------------------- Members of MX Marine Limited appointed Graham Paul Bushby and Guy Edward Mander of Baker Tilly to liquidate the company's assets. Parties recommended the voluntarily wind up of the company's operations after determining that the company's liabilities hinder its ability to continue its business. The wind up resolution was passed on Jan. 23, during an Extraordinary General Meeting held in Bedford. Creditors are required on or before March 1, 2006, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to Graham Paul Bushby of Baker Tilly, 5th Floor, Exchange House, 446 Midsummer Boulevard, Central Milton Keynes. About Baker Tilly Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network which has 122 member firms in 85 countries as an independent member of Baker Tilly International. NOMISS LIMITED: Succumbs to Liquidation Proceedings in Hereford --------------------------------------------------------------- Members of Nomiss Limited agreed to voluntarily wind up the Company's operations on Dec. 21, 2005. Subsequently, they appointed P.R. Boyle and J.C. Sallabank, of Harrisons, as joint liquidators to oversee the winding-up procedures. CONTACT: NOMISS LIMITED 287 Ross Road Hereford HR2 7QJ Tel: 0870 062 1201 PHOENIX VESSELS: Calls in Moore Stephens Administrator ------------------------------------------------------ Colin Prescott and Nigel Price of Moore Stephens LLP were appointed administrators of Phoenix Vessels Limited (Company No 2317489) on Jan. 27. Phoenix Vessels Limited -- http://www.phoenixvessels.co.uk/-- manufactures water purification system. CONTACT: PHOENIX VESSELS LIMITED Lower Tuffley Lane Gloucester GL2 5DP United Kingdom Tel: 1452311673 Fax: 1452310295 MOORE STEPHENS 1-2 Little King Street, Bristol BS1 4HW Web site: http://www.moorestephens.co.uk/ PRO-CRAFT LIMITED: Names Administrators from Begbies Traynor ------------------------------------------------------------ Paul Finnity and Peter A. Blair of Begbies Traynor were appointed administrators of Pro-Craft Limited (Company No 03191239) on Jan. 27. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. CONTACT: PRO-CRAFT LTD Tel: 01623 687800 PURE LINEN: Members Agree to Wind Up Assets in London ----------------------------------------------------- At Pure Linen Limited's extraordinary general meeting on Dec. 14, 2005, members resolved that it is in the Company's best interests to liquidate its operations. Timothy Bramston, of Kingston Smith & Partners LLP, was named to oversee the wind-up proceedings. CONTACT: PURE LINEN LIMITED 32 Seacole Close London W3 6TE Tel: 020 8802 4865 R A BLACKBURN: Liquidator Takes Over Helm ----------------------------------------- R A Blackburn (Logistics) Ltd authorized Charles Howard Ranby- Gorwood to manage the liquidation of the company's assets. Members agreed to wind up the company on Dec. 22, 2005, after learning that the company can no longer continue its business due to mounting liabilities. CONTACT: R A BLACKBURN (LOGISTICS) LTD Station House Station Road Kirton Lindsey Gainsborough, Lincolnshire DN21 4BD Tel: 01652 640 054 Fax: 01652 659 649 RENTOKIL INITIAL: Mulls Sale of Manned Guarding Operations ---------------------------------------------------------- Rentokil Initial PLC confirmed it is exploring the possible disposal of its Manned Guarding business that provides services in the U.K., North America and Belgium. Manned Guarding is a high quality business with good market positions and a strong management team. However, the Company believes that there may be other parties whose strategic focus and/or investment priorities will mean they are able to realize the full potential of this business. About the Company Headquartered in West Sussex England, Rentokil Initial PLC -- http://www.rentokil-initial.com/-- is one of the largest business services companies in the world, operating in all the major economies of Europe, North America, Asia Pacific and Africa. The company has some 90,000 employees providing a range of support services in over 40 countries. The U.K. Hygiene business has traditionally provided four services: linen, workwear, washroom, and dustmats. The business services U.K. customers through a nationwide network comprising 12 plants and 35 dedicated service centers, and employs around 4,000 people. Key customer groups include hospitality, educational, retail and office based businesses. Following the closure of the Linen and Workwear operations, the business will trade as Initial Washroom Solutions, focused on providing innovative washroom management services featuring exclusive products for hand drying and washing, air care, sanitary disposal and washroom sanitization. Dustmats will be provided on a rental basis. Additional services will include the provision of a specialist high care and clean room laundry operation servicing industries such as pharmaceutical companies and food manufacturers. At June 30, 2005, Rentokil's balance sheet showed GBP816.5 million in stockholders' deficit, compared to a GBP777.6 million deficit at June 30, 2004. SANS SERIF: Mounting Debts Lead to Liquidation Proceedings ---------------------------------------------------------- Members of Sans Serif Limited passed a resolution to wind up the company during an extraordinary general meeting on Dec. 22, 2005, in Northwood. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to mounting debts. Michael George Beattie is the liquidator appointed to wind up the company's business. CONTACT: SANS SERIF LIMITED Ravenhurst House Ravenhurst Street Birmingham West Midlands B12 0HD Tel: 0121 773 8466 Fax: 0121 773 5155 SILMERE LIMITED: I.G. Simpson Named to Wind Up Assets ----------------------------------------------------- Silmere Limited (t/a Geoff Simpson Buildings Services) is voluntarily liquidating its assets after members elected to wind up the company on Dec. 22, 2005. Director I.G. Simpson disclosed that the company can no longer continue its business due to mounting debts. David Anthony Horner of David Horner & Co. is appointed liquidator. CONTACT: SILMERE LIMITED 7 Lord Street Gainsborough Lincolnshire DN21 2DF Tel: 01427 891 391 TRIMPLEY ESTATES: Creditors Approve Liquidator's Appointment ------------------------------------------------------------ Members of Trimpley Estates Limited held a meeting on Dec. 21, 2005, and agreed to close the company's business. The parties then appointed Robert Cooksey, of Bridgestones, as liquidator to oversee the wind-up operations. The Company's creditors confirmed the liquidator's appointment at a creditors' meeting held later that day. CONTACT: TRIMPLEY ESTATES LIMITED Saint Johns Court Saint Johns Road Stourbridge West Midlands DY8 1EH Tel: 01384 444 539 WYCOMBE BIKE: Brings In Peter Maurice Levy as Liquidator -------------------------------------------------------- Members of Wycombe Bike Centre Limited convened on Dec. 16, 2005, and agreed that the company be wound up voluntarily. They appointed Peter Maurice Levy, of Levy & Partners, to supervise the wind-up activities. CONTACT: WYCOMBE BIKE CENTRE LIMITED 210 Micklefield Road High Wycombe Buckinghamshire HP13 7HB Tel: 01494 464 000 Fax: 01494 464 000 ********* 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. Jazel Laureno, Liv Arcipe, Julybien Atadero, Jay Malaga, and Carmel Paderog, 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. 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