/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060227.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, February 27, 2006, Vol. 7, No. 41 Headlines B U L G A R I A NATSIONALNA ELEKTRICHESKA: S&P Affirms BB Corp. Credit Rating F R A N C E CAP GEMINI: S&P Affirms BB+ Rating & Revises Outlook to Stable LEGRAND: S&P Placed BB+/B Ratings on CreditWatch Positive G E R M A N Y ABU AKADEMIE: Yields to Bankruptcy Process in Potsdam AERO FLIGHT: Creditors' Meeting Set First Week of March BADER BAUSTOFFE: Insolvency Report Out on April BAU MAXX: Essen Court Launches Bankruptcy Proceedings B.F. MAINHATTAN: Gives Creditors Until April to File Claims KULLER & MUTH: Names Dr. Helmut Schmitz to Administer Assets MONITOR--GEMEINNNUETZIGE: Begins Winding Up Process NORMSCHLIFF GERATEBAU: Firm Surrenders to Insolvency PETER FUESSGEN: Meeting of Creditors Set on April 28 PLANEN BAUEN: Aachen Court Freezes Pending Actions POSTERT DESIGN: Claims Registration Ends Today PROFI-POLSTER: Court Names M. Hansberg Provisional Administrator QUIL GMBH: Duisburg Court Begins Bankruptcy Procedure REHA RENT: Hagen Court Rules on Bankruptcy REICH & SCHMITZ: Claims Verification Set on June 16 RIS LOGISTIK: Cornelia Monert Leads Bankruptcy Proceedings RKL RUHR: Court Sets April 3 Claims Bar Date ROGAL INGENIEURGESELLSCHAFT: Begins Bankruptcy Process ROOFING BEDACHUNG: Succumbs to Insolvency Proceedings in Bonn SPEDITION SEELIGER: Creditors' Meeting Slated for May 5 I C E L A N D * Fitch Rates Four Icelandic Banks on Revised Iceland's Outlook K A Z A K H S T A N CHEREMSHANSKAYA BATTERY: Creditors' Claims Due Next Month NUR INTERNATIONAL: Declared Bankrupt by Kyzlorda Court SENIM LTD: Succumbs to Bankruptcy Process VOSHOD: Karaganda Economic Court Rules on Bankruptcy N E T H E R L A N D S ROYAL SHELL: Buys Back 500,000 A Shares for Cancellation R O M A N I A S.C. HIDROELECTRICA: S&P Affirms Long-term Credit Rating at BB- R U S S I A BASH-NEFTE-ZAVOD-STROY: Court Begins Insolvency Proceedings FISHING FACTORY: Kamchatka Brings In Insolvency Manager INEKS: Bankruptcy Supervision Procedure Begins IVOT-GLASS: Names D. Tkach as Insolvency Manager KANSKOYE REPAIR-TECHNICAL: Bankruptcy Hearing Set on April 11 KARACHEVSKOYE: Claims Filing Period Ends March 21 KINCHERSKOYE: Declared Insolvent by Chuvashiya Court LACQUERS: Sakhalin Court Opens Bankruptcy Proceedings MUROM-AGRO-PROM-DOR-STROY: Bankruptcy Hearing Set May 23 TUYMAZINSKIY BAKERY: Court Sets March 21 Claims Bar Date U K R A I N E ADER UKRAINE: Bankruptcy Proceedings Begin AFRIKANIVSKE: Liquidating Assets Due to Insolvency KOZOVA' AGROHIMKOMPLEKS: Insolvency Manager Takes Over Firm STEEL-CONSTRUCTION: Crumbles Under Insolvency TEPLOBUD: Under Bankruptcy Supervision in Zaporizhya Region UKRENERGORESURS: Brokbiznesbank Leads Liquidation Process UKRSPECKOMPLEKT: Dnipropetrovsk Names Liquidator ZNAMYANSKIJ QUARRY: Viktor Dengubov Takes Over Operations U N I T E D K I N G D O M 1ST FOUR: Brings In Liquidator From Simmonds & Company 24 HOUR: Courier Service Liquidates Assets ADDICTION LIMITED: Names Tenon Recovery as Administrator ALLISON STONE: Registration of Claims Ends March 17 BESPOKE KITCHEN: Joint Liquidators Lead Winding Up Procedures BKC LIMITED: Gets Creditors' Nod to Liquidate Assets BRITANNIA FINANCE: Taps Administrators from Grant Thornton CABLE & WIRELESS: Mulls Sale of 20% Equity Stake in Batelco CAPITAL CITY: Hires Fanshawe Lofts to Administer Assets CHAPEL FINANCE: Administrators From Grant Thornton Move In C L HUGHES: Joint Administrators from PKF Enter Firm CORNWELL ARCHER: Appoints Administrators from Tenon Recovery CT GLASS: KPMG Administrators Take Over Operations GERRY CLARKE: Retailer Contacts Joint Administrators HAIRFLAIR MAGAZINES: Chantrey Vellacott Leads Administration LADBROKES PLC: S&P Cuts Long-Term Corporate Credit Rating to BB LAUNDO LIMITED: Creditors' Meeting Set Today LAWGRA (NO. 1207): Meeting of Creditors Slated for March 2 MIDLAND LEISURE: Fitness Club Operator Calls in Administrator MISYS PLC: Transfers 10,000 Shares to Scheme Participants NEEDHAM GROWERS: Hires Vantis Numerica as Administrator NORFOLK HOUSE: Names W.C. Swindell to Administer Assets PEACOCK AND THOMPSON: Administrator Takes Over Helm PREFERRED RESIDENTIAL: Fitch Rates GBP4.32 Mln Class FTc at B PRODUCT LINE: Timothy Calverley Leads Administration QS GROUP: Joint Liquidators Offer Assets for Sale RENTOKIL INITIAL: Posts GBP659.6 Mln Equity Deficit at Dec. 31 SKYEPHARMA PLC: Stephen Harris Acquires 100,000 Shares STAG FURNITURE: Administrators Puts Business on Sale STHENOS CAPITAL: Creditors' Claims Due March 9 UPTOWN RECORDS: Members Pass Winding Up Resolution ********** =============== B U L G A R I A =============== NATSIONALNA ELEKTRICHESKA: S&P Affirms BB Corp. Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Bulgaria-based electric utility Natsionalna Elektricheska Kompania EAD to developing from stable. At the same time, Standard & Poor's affirmed its 'BB' long-term corporate credit rating on NEK. The outlook revision is due to the uncertainty over the planned restructuring of NEK. The outcome of the proposed restructuring, which is planned ahead of Bulgaria's entry into the EU, is unclear at this point in time, and could lead to either positive or negative implications for the company's credit quality. "We view the transmission and system operations as the strongest business, and it could potentially earn a higher rating than the current rating on NEK," said Standard & Poor's credit analyst Magnus Pettersson. "On the other hand, the rating could be lowered if NEK were to take more risks in the Belene nuclear power plant or venture into other market-exposed electricity generation and supply operations." =========== F R A N C E =========== CAP GEMINI: S&P Affirms BB+ Rating & Revises Outlook to Stable -------------------------------------------------------------- Standard & Poor's Ratings Services has revised to stable, from negative, its outlook on France-based IT services group Cap Gemini S.A., after the company reported significantly improved figures for second-half 2005. At the same time, Standard & Poor's affirmed its 'BB+' long-term corporate credit and senior unsecured debt ratings on Cap Gemini. "The stable outlook reflects our expectation that Cap Gemini's operating performance will continue to gradually improve, in line with recent trends," said Standard & Poor's credit analyst Patrice Cochelin. It would take further significant operating improvement for the outlook to be changed to positive, however. Conversely, the outlook could return to negative if Cap Gemini's operating performance (notably its margins) weakened. The company is also expected to retain a sound balance sheet. Moderate acquisitions can be accommodated within the current rating. Revenues were up a solid 10%, year-on-year, in fourth-quarter 2005, on a comparable basis, largely reflecting the continued ramp-up of recently won outsourcing contracts--outsourcing was up 10% in fourth-quarter 2005 and represented 38% of revenues, up from 32% in 2004. "Cap Gemini's focus on operational improvement has enabled significant margin progress over the course of 2005," said Mr. Cochelin. Continued cost cutting, improving controls (which reduced cost overruns on technology services contracts), and the disposal of several loss-making units pushed the EBITDA margin up to 7.8% in second-half 2005, from 4.4% in the first half. We expect Cap Gemini's revenue growth to slow down in 2006, to come back in line with market trends of mid-single digit growth. The slow ramp-up of profitability (particularly in outsourcing) and high competition on Cap Gemini's markets should put operating margins after depreciation in the mid-single digit area in 2006. Cap Gemini's financial profile continues to support the rating. Tighter working capital management and favorable changes in the business mix (outsourcing having shorter working capital cycles), along with overall improving profitability contributed to the EUR436 million free cash flow generation after restructuring (EUR198 million) and before asset disposals (EUR194 million) in 2005. Cap Gemini should now be able to generate free cash flow in excess of dividends (which in 2006 will resume at about EUR66 million after the company recorded a net profit in 2005). Funds from operations' coverage of net debt at year-end 2005 was very strong (more than 1x), adjusting for operating leases and pensions. Despite a convertible bond issue during 2005, gross-debt-based FFO coverage was slightly above 20% at year-end 2005. Cap Gemini pays limited cash interest and tax, which results in strong cash conversion of profits. LEGRAND: S&P Placed BB+/B Ratings on CreditWatch Positive --------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with positive implications its 'BB+/B' corporate credit ratings on France-based Legrand, a major global manufacturer of low-voltage electrical fittings. The action followed the announcement that Legrand is filing for an IPO on the Paris stock exchange. "Once the IPO--including the announced EUR300 million capital increase--has been completed, we expect to upgrade Legrand by one notch and assign a stable outlook given the combination of the removal of LBO-type shareholder PIK loans and our expectation that Legrand's credit metrics will significantly improve in 2006," said Standard & Poor's credit analyst Xavier Buffon. We consider that the shift to the post-IPO capital structure would substantially reduce the likelihood of a further releveraging. Post-IPO, Legrand's financial policy targets a moderately aggressive maximum 3x net debt to EBITDA ratio, which would be adequate for a 'BBB-' rating, given Legrand's strong business risk profile and solid free cash flow generation, while also providing likely adequate acquisition headroom. Legrand's credit ratios are expected to significantly improve in 2006, benefiting from a significant drop in interest charges on the back of the recent debt restructuring and the early repayment of the high yield notes, as well as the expected continuation of solid operating performances and the beneficial impact of recent acquisitions. Therefore, the ratio of FFO to net debt is likely to increase to above 25% over the full-year 2006, from 21% in 2005. Following the IPO, Legrand will remain majority owned by two equity firms--Wendel Investissement S.A. (BBB+/Stable/A-2) and Kohlberg Kravis Roberts & Co. (KKR; not rated)--which is rather unusual. While the ownership structure is not a constraining factor for the one notch upgrade currently envisaged, the rating implications of this structure would need to be reassessed before considering further rating upside in the future, should the group's financial profile further improve beyond 2006. ============= G E R M A N Y ============= ABU AKADEMIE: Yields to Bankruptcy Process in Potsdam ----------------------------------------------------- The District Court of Potsdam opened bankruptcy proceedings against ABU Akademie fuer Bildung und Umschulung Potsdam- Mittelmark GmbH on Feb. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 3 to register their claims with court-appointed provisional administrator Christoph Schulte- Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting on April 5, 1:40 p.m. at the District Court of Potsdam at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: ABU AKADEMIE FUER BILDUNG UND UMSCHULUNG POTSDAM- MITTELMARK GmbH Ernst-Thalmann-Strasse 10 14806 Belzig Dr. Christoph Schulte-Kaubruegger, Administrator Genthiner Strasse 48 10785 Berlin AERO FLIGHT: Creditors' Meeting Set First Week of March ------------------------------------------------------- The District Court of Bad Homburg v.d.Hoehe opened bankruptcy proceedings against Aero Flight GmbH & CO Luftverkehrs KG on Jan. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors and other interested parties are encouraged to attend the meeting on March 6, 10:00 a.m. at the District Court of Bad Homburg v.d.Hoehe at which time the court-appointed provisional administrator, Ottmar Hermann, will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. Headquartered in Oberursel, Germany Aero Flight GmbH & CO Luftverkehrs KG -- http://www.flyaeroflight.de/-- is the successor of insolvent Aero-Lloyd charter airline. It owns six Airbus planes and employs 300 people. The federal office of civil aeronautics, Luftfahrt-Bundesamt (LBA), ordered Aero Flight in November 2005 to stop operating after failing to fulfill the requirements to extend its license, which expired on Oct. 31, 2005. Aero Flight tried to sell itself to Icelandic carrier Avion Group, but the deal fizzled out because of various demands raised by its shareholders. Earlier this month, Avion made another takeover offer for Aero Flight's core assets. Avion has set up a new local unit for the purchase and will apply for an operating license LBA. CONTACT: AERO FLIGHT GmbH & CO LUFTVERKEHRS KG Lessingstr. 7-9 D-61440 Oberursel Phone: +49 (0) 6171-899 200 Fax: +49 (0) 6171-899 219 Web site: http://www.flyaeroflight.de/ Ottmar Hermann, Administrator Bleichstr. 2-4 60313 Frankfurt am Main Phone: 069/9130920 Fax: 069/91309230 BADER BAUSTOFFE: Insolvency Report Out on April ----------------------------------------------- The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Bader Baustoffe und Werkzeuge Handelsgesellschaft mbH on Feb. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 26 to register their claims with court-appointed provisional administrator Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting on April 22, 9:00 a.m. at the District Court of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder) at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: BADER BAUSTOFFE UND WERKZEUGE HANDELSGESELLSCHAFT mbH Industriestrasse 7 15848 Beeskow Hartwig Albers, Administrator Luetzowstrasse 100 10785 Berlin BAU MAXX: Essen Court Launches Bankruptcy Proceedings ----------------------------------------------------- The District Court of Essen opened bankruptcy proceedings against Bau Maxx GmbH on Feb. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 8 to register their claims with court-appointed provisional administrator Georg F. Kreplin. Creditors and other interested parties are encouraged to attend the meeting on March 23, 9:00 a.m. at the District Court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: BAU MAXX GmbH Grosse Wiese 11 45309 Essen Contact: Zeljko Nujic, Manager Georg F. Kreplin, Administrator Limbecker Platz 1 45127 Essen Phone: 0201 220 05 02 Fax: 0201 220 05 40 B.F. MAINHATTAN: Gives Creditors Until April to File Claims ----------------------------------------------------------- The District Court of Frankfurt am Main opened bankruptcy proceedings against B.F. Mainhattan Gebaudereinigung Gesellschaft on Jan. 23, 2006. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 11 to register their claims with court-appointed provisional administrator Peter Jost. Creditors and other interested parties are encouraged to attend the meeting on May 11, 8:30 a.m. at the District Court of Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: B.F. MAINHATTAN GEBAUDEREINIGUNG GESELLSCHAFT FUER GEBAUDEREINIGUNGSSERVICE mbH Lugisallee 6-8 60439 Frankfurt am Main Attn: Kamel Bouguezzi, Manager Peter Jost, Administrator Gerichtsfach 344 Pfingstweidstrasse 3 D-60316 Frankfurt/Main Phone: 069/209739-0 Fax: 069/20973929 KULLER & MUTH: Names Dr. Helmut Schmitz to Administer Assets ------------------------------------------------------------ The District Court of Duisburg opened bankruptcy proceedings against Kuller & Muth Metzgereibetriebe GmbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 5, 2006, to register their claims with court-appointed provisional administrator Dr. Helmut Schmitz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Duisburg, Kardinal-Galen- Strasse 124-130, 47058 Duisburg, III. Etage, Raum Raum 315, at 9:00 a.m., on March 31, 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 11:00 a.m., on April 27, 2006, at the same venue. CONTACT: KULLER & MUTH METZGEREIBETRIEBE GmbH & Co. KG Gelderblomstrasse 4, 47138 Duisburg Attn: Juergen Kuller, Manager Uranusbogen 1, 45478 Muelheim Dr. Helmut Schmitz, Administrator Flohbusch 1, 47802 Krefeld MONITOR--GEMEINNNUETZIGE: Begins Winding Up Process --------------------------------------------------- The District Court of Hameln opened bankruptcy proceedings against MONITOR -- gemeinnuetzige Gesellschaft fuer Gesundheitsforschung mbH on Jan. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 2, 2006, to register their claims with court-appointed provisional administrator Dr. Martin Moderegger. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hameln, Saal 106, Zehnthof 1, 31785 Hameln, at 10:45 a.m. on March 27, 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: MONITOR -- gemeinnuetzige Gesellschaft fuer Gesundheitsforschung mbH Attn: Olaf Starke, Manager Rotzingen 55, 79733 Gorwihl Dr. Martin Moderegger, Administrator Schiffgraben 23, 30159 Hannover Tel: 0511/3536738 Fax: 0511/3536739 E-mail: ra@dr-moderegger.de NORMSCHLIFF GERATEBAU: Firm Surrenders to Insolvency ---------------------------------------------------- The District Court of Mosbach opened bankruptcy proceedings against Normschliff Geratebau GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 9, 2006, to register their claims with court-appointed provisional administrator Dr. Helmut Eisner. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Mosbach, Lohrtalweg 2, 74821 Mosbach, Raum 12, at 1:00 p.m. on Feb 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: NORMSCHLIFF GERATEBAU GmbH Huettenweg 3, 97877 Wertheim Attn: Arvid & Ingvart Friedrichs, Managers Dr. Helmut Eisner, Administrator Josef-Schmitt-Strasse 10, 97922 Lauda-Konigshofen Tel: 09343/2065 PETER FUESSGEN: Meeting of Creditors Set on April 28 ---------------------------------------------------- The District Court of Krefeld opened bankruptcy proceedings against Peter Fuessgen GmbH & Co. KG on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 25, 2006, to register their claims with court-appointed provisional administrator Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Krefeld, Nordwall 131, 47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 11:05 a.m., on April 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 at 10:00 a.m., on June 23, 2006, at the same venue. CONTACT: Peter Fuessgen GmbH & Co. KG Siempelkampstr. 94, 47803 Krefeld Attn: Peter Fuessgen, Manager Neue Ritterstr. 43, 47805 Krefeld Wilhelm Klaas, Administrator Eichendorffstrasse 25, 47800 Krefeld PLANEN BAUEN: Aachen Court Freezes Pending Actions -------------------------------------------------- The District Court of Aachen opened bankruptcy proceedings against Planen Bauen Wohnen HOE Bautrager GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 9, 2006, to register their claims with court-appointed provisional administrator Buchpruefer Dieter Pampfer. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Aachen, Augustastrasse 78- 80, 52070 Aachen, at 11:10 a.m. on April 4, 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: PLANEN BAUEN WOHNEN HOE BAUTRAGER GmbH Dobacher Str. 45, 52146 Wuerselen Attn: Rolf Beyer, Manager Morlaixplatz 27, 52146 Wuerselen Buchpruefer Dieter Pampfer, Administrator Pricker Strasse 8, 52146 Wuerselen POSTERT DESIGN: Claims Registration Ends Today ---------------------------------------------- The District Court of Essen opened bankruptcy proceedings against Postert Design & Wheels GmbH & Co KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until today, Feb. 27, 2006, to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Essen, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at 10:00 a.m. on March 20, 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: POSTERT DESIGN & WHEELS GmbH & Co KG Haedenkampstr. 71-73, 45143 Essen Rolf Weidmann, Administrator Alfredstr. 279, 45133 Essen Tel: 0201/437760 Fax: 02014377620 PROFI-POLSTER: Court Names M. Hansberg Provisional Administrator ---------------------------------------------------------------- The District Court of Bochum opened bankruptcy proceedings against Profi-Polster GmbH & Co. on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 23, 2006, to register their claims with court-appointed provisional administrator Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bochum, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 10:20 a.m. on April 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: PROFI-POLSTER GmbH & Co. Hanielstr. 16, 44801 Bochum Attn: Wilhelm Balling, Manager Stiepeler Str. 65 a, 44799 Bochum Moritz Hansberg, Administrator Huestrasse 34, 44787 Bochum Tel: 0234-96491-0 Fax: 0234-96491-33 QUIL GMBH: Duisburg Court Begins Bankruptcy Procedure ----------------------------------------------------- The District Court of Duisburg opened bankruptcy proceedings against Quil GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 6, 2006, to register their claims with court-appointed provisional administrator Dr. Andreas Ropke. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Duisburg, Kardinal-Galen- Strasse 124-130, 47058 Duisburg, III. Etage, Raum 315, at 9:15 a.m. on April 5, 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: QUIL GmbH Bahnhofstr. 65, 46562 Voerde Attn: Horst Prommensberger, Manager Amalienstr. 70, 46537 Dinslaken Dr. Andreas Ropke, Administrator Dammstr. 26, 47119 Duisburg REHA RENT: Hagen Court Rules on Bankruptcy ------------------------------------------ The District Court of Hagen opened bankruptcy proceedings against Reha Rent GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 9, 2006, to register their claims with court-appointed provisional administrator Dr. Jens Uwe Drowatzky. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hagen, Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 10:15 a.m. on March 30, 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: REHA RENT GmbH Altenaer Str. 227, 58513 Luedenscheid Attn: Johann Friedrich Dirk Arens, Manager Hummelnstueck 22, 58762 Altena Dr. Jens Uwe Drowatzky, Administrator Feithstr. 177, 58097 Hagen Tel: 02331 10980 Fax: +492331109830 REICH & SCHMITZ: Claims Verification Set on June 16 --------------------------------------------------- The District Court of Krefeld opened bankruptcy proceedings against Reich & Schmitz GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 20, 2006, to register their claims with court-appointed provisional administrator Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Krefeld, Nordwall 131, 47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 10:30 a.m., on April 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 at 9:15 a.m., on June 16, 2006, at the same venue. CONTACT: REICH & SCHMITZ GmbH Bahnstr. 7, 47929 Grefrath Attn: Peter Wilhelm Heinen, Manager Bahnstr. 7, 47929 Grefrath Eberhard Stock, Administrator Wilhelmshofallee 75, 47800 Krefeld RIS LOGISTIK: Cornelia Monert Leads Bankruptcy Proceedings ---------------------------------------------------------- The District Court of Paderborn opened bankruptcy proceedings against RIS Logistik GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006, to register their claims with court-appointed provisional administrator Cornelia Monert. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Paderborn, Bogen 2-4, 33098 Paderborn, II. Etage, Saal 216, at 8:30 a.m. on March 24, 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: RIS LOGISTIK GmbH Graf-Zeppelin-Str. 26, 33181 Bad Wuennenberg Attn: Michael Castrup, Manager Cornelia Monert, Administrator Lise-Meitner-Str. 13, 33605 Bielefeld Tel: (05 21) 938410 Fax: 9384130 RKL RUHR: Court Sets April 3 Claims Bar Date -------------------------------------------- The District Court of Essen opened bankruptcy proceedings against RKL Ruhr Kristall Glas AG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 3, 2006, to register their claims with court-appointed provisional administrator Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Essen, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at 9:00 a.m. on April 24, 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: RKL RUHR KRISTALL GLAS AG Ruhrglasstr. 50, 45329 Essen Attn: Ralf Koch, Manager Bussardhof 14, 45894 Gelsenkirchen Rolf Otto Neukirchen, Administrator Zweigertstr. 28-30, 45130 Essen Tel: (0201) 438740 Fax: +492014387479 ROGAL INGENIEURGESELLSCHAFT: Begins Bankruptcy Process ------------------------------------------------------ The District Court of Duesseldorf opened bankruptcy proceedings against Rogal Ingenieurgesellschaft fuer industrielle Aerodynamik und Lufttechnik mbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 27, 2006, to register their claims with court-appointed provisional administrator Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Duesseldorf, Muehlenstrasse 34, 40213 Duesseldorf, 3.OG Altbau, A 388, at 10:00 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 at 9:15 a.m., on March 20, 2006, at the same venue. CONTACT: Rogal Ingenieurgesellschaft fuer industrielle Aerodynamik und Lufttechnik mbH & Co. KG Friedrich-Ebert-Strasse 27, 41352 Korschenbroich Attn: Wilhelm Fritz Morschheuser, Manager Winkelsmuehler Weg 10, 40699 Erkrath Horst Piepenburg, Administrator Heinrich-Heine-Allee 20, 40213 Duesseldorf ROOFING BEDACHUNG: Succumbs to Insolvency Proceedings in Bonn ------------------------------------------------------------- The District Court of Bonn opened bankruptcy proceedings against Roofing Bedachung + Isolierbau GmbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 24, 2006, to register their claims with court-appointed provisional administrator Dirk Obermueller. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bonn, Wilhelmstrasse 21, 53111 Bonn, Saal S 2.18, at 9:00 a.m. on April 24, 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: ROOFING BEDACHUNG + ISOLIERBAU GmbH & Co. KG Broltalstrasse 6 - 10, 53819 Neunkirchen-Seelscheid Attn: Barbara Melita Kapp, Manager Marianne Hemmersbach, Manager Brunnenwiese 8, 53809 Ruppichteroth-Oberlueckerath Dirk Obermueller, Administrator Godesberger Allee 125-127, 53175 Bonn Tel: 81 000 45 Fax: 81 000 820 SPEDITION SEELIGER: Creditors' Meeting Slated for May 5 ------------------------------------------------------- The District Court of Arnsberg opened bankruptcy proceedings against Spedition Seeliger-Gammel GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, at 9:00 a.m. on May 5, 2006, at which time the court-appointed provisional administrator, Dr. Axel Kampmann, 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: SPEDITION SEELIGER-GAMMEL GmbH Hammerstrasse 94, 59457 Werl Attn: Johann Heinrich Gammel, Manager Merge 6, 59457 Werl Dr. Axel Kampmann, Administrator Bronnerstrasse 7, 44141 Dortmund Tel: 0231/5411-0 Fax: 0231/5411-220 ============= I C E L A N D ============= * Fitch Rates Four Icelandic Banks on Revised Iceland's Outlook --------------------------------------------------------------- Fitch Ratings confirmed the ratings of four Icelandic banks as follows: a) Kaupthing Bank: Long-term A, Short-term F1, Individual B/C and Support 2; b) Landsbanki Islands: Long-term A, Short-term F1, Individual B/C and Support 2; c) Islandsbanki: Long-term A, Short-term F1, Individual B/C and Support 2; and d) Straumur-Burdaras: Long-term BBB-, Short-term F3, Individual C/D and Support 3. The banks' rating Outlooks remain Stable despite the revision of Iceland's sovereign Outlook to Negative on Feb. 21, 2006; Iceland's Long-term foreign currency Issuer Default Rating was affirmed at AA-. Ratings assigned to KB, LBK and ISB in November 2005 and to Straumur in January 2006 take into account Iceland's macro- prudential risks, including rising inflation, rapid credit growth, buoyant asset prices, a steep current account deficit and escalating external indebtedness. For KB, LBK and ISB, these risks are offset to some extent by the banks' large capital bases, with Tier 1 ratios of 9.4%, 11.9% and 9.9% respectively at end-2005, and by the significant geographic diversification of their loan portfolios, with foreign lending representing between around 35% and 70% of the banks' loan books at end-2005. Positions in foreign currencies are subject to strict limits from the Central bank of Iceland, and stress-tests indicate that the banks are well-equipped to absorb shocks on this front. Foreign currency lending to Icelandic corporates is significant, and could represent an indirect FX risk for the banks. An estimate 75% of the cash flows of Icelandic listed corporates are in foreign currencies and, according to banks' information, a limited proportion of the foreign currency borrowers are not hedged against FX risk; however, a track record still has to be built in this respect to ascertain the quality of the hedges by some foreign currency borrowers. Stress-tests by the banks on interest rate risk also indicate that the overall impact on the banks' capitalization of a 100bps shift in interest rates would be relatively limited. Straumur only acquired its investment-banking license in January 2004 and its ratings reflect its less established position compared with its peers and a lower degree of diversification of its activities, despite a substantial capital base, with a Tier 1 ratio of around 35% as at January 2006. Fitch will continue to monitor the evolution of the Icelandic macro-imbalances and the management of these risks by the banks. =================== K A Z A K H S T A N =================== CHEREMSHANSKAYA BATTERY: Creditors' Claims Due Next Month --------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan region declared OJSC Cheremshanskaya Battery Farm bankrupt on Dec. 14, 2005. Proofs of claim will be accepted at East Kazakhstan region, Glubokovsk district, Cheremshanka on or before March 6, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF EAST KAZAKHSTAN REGION Phone: 8 (231) 3-31-25 NUR INTERNATIONAL: Declared Bankrupt by Kyzlorda Court ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda region declared LLC Nur International bankrupt on Dec. 9, 2005. Proofs of claim will be accepted at Kyzylorda, Jahayeva Str. 71, on or before March 6, 2006. CONTACT: NUR INTERNATIONAL Kyzylorda, Jahayeva Str. 71 SENIM LTD: Succumbs to Bankruptcy Process ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan region declared LLC Senim Ltd. bankrupt on Dec. 13, 2005. Proofs of claim will be accepted at East Kazakhstan region, Semipalatinsk, Auezova Str. 116 on or before March 6, 2006. CONTACT: SENIM LTD. Phone: 8 300 521 98-63 VOSHOD: Karaganda Economic Court Rules on Bankruptcy ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda region declared LLC Voshod bankrupt. Proofs of claim will be accepted at Karaganda, Loboda Str. 20 on or before March 6, 2006. CONTACT: VOSHOD Karaganda, Loboda Str. 20 ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Buys Back 500,000 A Shares for Cancellation -------------------------------------------------------- Royal Dutch Shell plc purchased 400,000 'A' Shares for cancellation at a price of 25.71 euros per share on Feb. 23, 2006. In addition, it purchased 100,000 'A' Shares for cancellation at a price of 1,752.69 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,916,025,000. As of that date, 2006 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. 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 O M A N I A ============= S.C. HIDROELECTRICA: S&P Affirms Long-term Credit Rating at BB- --------------------------------------------------------------- Standard & Poor's Ratings Services revised it outlook on Romania-based hydropower generator S.C. Hidroelectrica S.A. to positive from stable. At the same time, Standard & Poor's affirmed its 'BB-' long-term corporate credit ratings on Hidroelectrica. "The outlook revision is due to the expected positive impact from a faster and more favorable market deregulation development than previously expected," said Standard & Poor's credit analyst Magnus Pettersson. More than 80% of electricity produced in Romania is now sold at market prices, and this is expected to have a substantial positive impact on Hidroelectrica. If 2005 results are in line with Standard & Poor's expectations and if there is no adverse political or regulatory interference, the ratings would likely be raised by one notch. On the other hand, the outlook could be revised back to stable or to negative if the 2005 results fail to meet our expectations or in the event of an adverse development in the market reform. =========== R U S S I A =========== BASH-NEFTE-ZAVOD-STROY: Court Begins Insolvency Proceedings ----------------------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Bash-Nefte-Zavod-Stroy after finding the open joint stock company insolvent. The case is docketed as A07-14035/05-G-PAV. Ms. L. Vlasova has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to Russia, Bashkortostan republic, Ufa, Gorkogo Str. 69A. CONTACT: BASH-NEFTE-ZAVOD-STROY Russia, Bashkortostan republic, Ufa, Gorkogo Str. 71 L. VLASOVA Insolvency Manager Russia, Bashkortostan republic, Ufa, Gorkogo Str. 69A FISHING FACTORY: Kamchatka Brings In Insolvency Manager ------------------------------------------------------- The Arbitration Court of Kamchatka region commenced bankruptcy proceedings against Fishing Factory Industrial after finding the limited liability company insolvent. The case is docketed as A24-5020/05-05. Mr. A. Protsenko has been appointed insolvency manager. CONTACT: FISHING FACTORY INDUSTRIAL Russia, Petropavlovsk-Kamchatskiy A. PROTSENKO Insolvency Manager 683024, Russia, Petropavlovsk-Kamchatskiy, Post User Box 228 INEKS: Bankruptcy Supervision Procedure Begins ---------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy supervision on close joint stock company Ineks. The case is docketed as A40-71143/05-44-148B. Ms. A. Nekhina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 127486, Russia, Moscow, Korovinskoye Shhosse, 10, Building 2, Office 37. A hearing will take place on May 16, 2006, 11:00 a.m. at the Arbitration Court of Moscow at Russia, Moscow region, Novaya Basmannaya Str. 10, Hall 773. CONTACT: INEKS 121096, Russia, Moscow region, Barklaya Str. 9/2 A. NEKHINA Temporary Insolvency Manager 127486, Russia, Moscow, Korovinskoye Shhosse 10, Building 2, Office 37 IVOT-GLASS: Names D. Tkach as Insolvency Manager ------------------------------------------------ The Arbitration Court of Bryansk region has commenced bankruptcy supervision on open joint stock company Ivot-Glass. The case is docketed as A09-14794/05-28. Mr. D. Tkach has been appointed temporary insolvency manager. A hearing will take place on June 19, 2006, 11:00 a.m. at Russia, Bryansk region, Trudovoy Per. 6, Room 312. CONTACT: IVOT-GLASS 242650, Russia, Bryansk region, Dyatkovskiy region, Ivot, Lenina Str. 3 D. TKACH Temporary Insolvency Manager 242650, Russia, Bryansk region, Dyatkovskiy region, Ivot, Lenina Str. 3 KANSKOYE REPAIR-TECHNICAL: Bankruptcy Hearing Set on April 11 ------------------------------------------------------------- The Arbitration Court of Krasnoyarsk region has commenced bankruptcy supervision on open joint stock company Kanskoye Repair-Technical Enterprise #2. The case is docketed as #A33- 28831/2005. Mr. S. Vasilyev has been appointed temporary insolvency manager. A hearing will take place on April 11, 2006, 10:00 a.m. at 660021, Russia, Krasnoyarsk region, Lenina Str. 143, Room 14. CONTACT: KANSKOYE REPAIR-TECHNICAL ENTERPRISE #2 663604, Russia, Krasnoyarsk region, Kansk, Tovarnaya Str. 2 S. VASILYEV Temporary Insolvency Manager 660017, Russia, Krasnoyarsk region, Post User Box 20647 KARACHEVSKOYE: Claims Filing Period Ends March 21 ------------------------------------------------- The Arbitration Court of Bryansk region commenced bankruptcy proceedings against Karachevskoye after finding the open joint stock company insolvent. The case is docketed as A09-2208/ 05-26. Mr. I. Vyshegorodtsev has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to 394018, Russia, Voronezh region, Kirova Str. 9, Office #30. CONTACT: KARACHEVSKOYE Russia, Bryansk region, Karachev, Volodarskogo Str. 66 I. VYSHEGORODTSEV Insolvency Manager 394018, Russia, Voronezh region, Kirova Str. 9, Office #30 KINCHERSKOYE: Declared Insolvent by Chuvashiya Court ---------------------------------------------------- The Arbitration Court of Chuvashiya republic commenced bankruptcy proceedings against Kincherskoye after finding the close joint stock company insolvent. The case is docketed as A79-7042/2005. Mr. I. Khabibullin has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to 420021, Russia, Tatarstan republic, Kazan, Post User Box 24. CONTACT: KINCHERSKOYE Russia, Chuvashiya republic, Urmanskiy region, St, Yansitovo I. KHABIBULLIN Insolvency Manager 420021, Russia, Tatarstan republic, Kazan, Post User Box 24 LACQUERS: Sakhalin Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Arbitration Court of Sakhalin region commenced bankruptcy proceedings against Lacquers after finding the close joint stock company insolvent. The case is docketed as A59-5846/05-s4. Ms. S. Oganezova has been appointed insolvency manager. CONTACT: S. OGANEZOVA Insolvency Manager 693007, Russia, Yuzhno-Sakhalinsk 7, Post User Box 48 MUROM-AGRO-PROM-DOR-STROY: Bankruptcy Hearing Set May 23 -------------------------------------------------------- The Arbitration Court of Vladimir region has commenced bankruptcy supervision on limited liability company Murom-Agro- Prom-Dor-Stroy. The case is docketed as A11-18153/2005-K1-94B. Mr. V. Larin has been appointed temporary insolvency manager. A hearing will take place on May 23, 2006, at 1:30 p.m. CONTACT: MUROM-AGRO-PROM-DOR-STROY Russia, Vladimir region, Muromskiy region, Voykova, 45 Post address: 602267, Russia, Vladimir region, Murom, Post Office 17, Post User Box 45 V. LARIN Temporary Insolvency Manager 602267, Russia, Vladimir region, Murom, Melnikovskoye Shosse, 15 ARBITRATION COURT OF VLADIMIR REGION 600025, Russia, Vladimir region, Oktyabrskiy Pr. 14 TUYMAZINSKIY BAKERY: Court Sets March 21 Claims Bar Date -------------------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Tuymazinskiy Bakery (TIN 0269008574) after finding the open joint stock company insolvent. The case is docketed as A07-12381/05-G-ADM. Mr. S. Trofimov has been appointed insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 65. CONTACT: TUYMAZINSKIY BAKERY 452750, Russia, Bashkortostan republic, Tuymazy, Michurina Str. 2 S. TROFIMOV Insolvency Manager 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 65 ============= U K R A I N E ============= ADER UKRAINE: Bankruptcy Proceedings Begin ------------------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Ader Ukraine (code EDRPOU 31549820) after finding the limited liability company insolvent. The case is docketed as B 40/86/05. Mr. Yevgen Shevtsov (license AB 216778) has been appointed liquidator/insolvency manager. CONTACT: ADER UKRAINE 49081, Ukraine, Dnipropetrovsk region, Saranska Str. 93 Mr. Yevgen Shevtsov Liquidator/Insolvency Manager 49069, Ukraine, Dnipropetrovsk region, a/b 392 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a AFRIKANIVSKE: Liquidating Assets Due to Insolvency -------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Afrikanivske (code EDRPOU 30772894) after finding the limited liability company insolvent. The case is docketed as B-19/74-05. Mr. O. Tishenko has been appointed liquidator/insolvency manager. CONTACT: AFRIKANIVSKE Ukraine, Harkiv region, Barvinkivskij district, Afrikanivske Mr. O. Tishenko Liquidator/Insolvency Manager 61002, Ukraine, Harkiv region, Petrovskij Str. 6/8-15 Phone: (057) 700-55-97 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance KOZOVA' AGROHIMKOMPLEKS: Insolvency Manager Takes Over Firm ----------------------------------------------------------- The Economic Court of Ternopil region commenced bankruptcy proceedings against Kozova' Agrohimkompleks (code EDRPOU 05490888) after finding the open joint stock company insolvent. The case is docketed as 15/B-551. Mr. Vasil Androshuk has been appointed liquidator/insolvency manager. CONTACT: KOZOVA' AGROHIMKOMPLEKS Ukraine, Ternopil region, Kozova, Roksolani Str. 17 Mr. Vasil Androshuk Liquidator/Insolvency Manager 03548, Ukraine, Ternopil region, Berezhani, Sichovih Striltsiv Str. 67/33 ECONOMIC COURT OF TERNOPIL REGION 46000, Ukraine, Ternopil region, Ostrozski Str. 14a STEEL-CONSTRUCTION: Crumbles Under Insolvency --------------------------------------------- The Economic Court of Lugansk region commenced bankruptcy proceedings against LLC Steel-Construction Service (code EDRPOU 30409518) after finding the limited liability company insolvent. The case is docketed as 20/4b. Mr. Oleksandr Prosolupov has been appointed liquidator/insolvency manager. CONTACT: STEEL-CONSTRUCTION SERVICE 91000, Ukraine, Lugansk region, Centralna Str. 1 Mr. Oleksandr Prosolupov Liquidator/Insolvency Manager 91048, Ukraine, Lugansk region, Ushakov Str. 9-A ECONOMIC COURT OF LUGANSK REGION 91000, Ukraine, Lugansk region, Geroiv VVV Square 3a TEPLOBUD: Under Bankruptcy Supervision in Zaporizhya Region ----------------------------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy supervision procedure on LLC Teplobud (code EDRPOU 25488161). The case is docketed as 25/287. Mr. P. Chulakov has been appointed temporary insolvency manager. CONTACT: TEPLOBUD 69009, Ukraine, Zaporizhya region, Almazna Str. 54 ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 UKRENERGORESURS: Brokbiznesbank Leads Liquidation Process --------------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Ukrenergoresurs (code EDRPOU 30218618) after finding the limited liability company insolvent. The case is docketed as 43/809. JSB Brokbiznesbank has been appointed liquidator. CONTACT: UKRENERGORESURS 01151, Ukraine, Kyiv region, Peremogi Avenue 67 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B UKRSPECKOMPLEKT: Dnipropetrovsk Names Liquidator ------------------------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Ukrspeckomplekt (code EDRPOU 23359376) on January 5, 2006 after finding the private production-commercial enterprise insolvent. The case is docketed as B 40/165/05. Ms. Ludmila Zayikina has been appointed liquidator/insolvency manager. CONTACT: Ms. Ludmila Zayikina Liquidator/Insolvency Manager 04050, Ukraine, Kyiv region, Melnikov Str. 2/10 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a ZNAMYANSKIJ QUARRY: Viktor Dengubov Takes Over Operations --------------------------------------------------------- The Economic Court of Kirovograd region commenced bankruptcy proceedings against Znamyanskij Quarry after finding the close joint stock company insolvent. The case is docketed as 10/139. Mr. Viktor Dengubov has been appointed liquidator/insolvency manager. CONTACT: ZNAMYANSKIJ QUARRY 27444, Ukraine, Kirovograd region, Znamyanka district, Subotsi, Karyerna Str. 1 Mr. Dengubov Viktor Liquidator/Insolvency Manager Ukraine, Kirovograd region, Znamyanka, Kiyivska Str. 23, office 5 Phone: 8 (05233) 2-29-29 THE ECONOMIC COURT OF KIROVOGRAD REGION 25022, Ukraine, Kirovograd region, Lunacharski Str. 29 =========================== U N I T E D K I N G D O M =========================== 1ST FOUR: Brings In Liquidator From Simmonds & Company ------------------------------------------------------ Gordon Allan Mart Simmond, of Simmonds & Company, was appointed Liquidator after members of The 1st Four Limited decided to liquidate the company's assets on Feb. 7, 2006. Director J. A. Cayzer expressed that the company could no longer continue its business due to mounting debts. CONTACT: THE 1ST FOUR LIMITED Seymour Court Runcorn Cheshire WA7 1SY Tel: 01928 571 414 Fax: 01928 571 157 Web: http://www.1st-4-group.com/ 24 HOUR: Courier Service Liquidates Assets ------------------------------------------ Members of 24 Hour Broadway Express Limited resolved to liquidate the company's assets during an Extraordinary General Meeting on Feb. 9, 2006. They authorized Arif Anwar, of Rifsons, to administer the winding up process. CONTACT: CONTACT: 24 HOUR BROADWAY EXPRESS LIMITED 308 Broadway Bexleyheath Kent DA6 8AA Tel: 020 8304 4000 ADDICTION LIMITED: Names Tenon Recovery as Administrator -------------------------------------------------------- S. R. Thomas and S. J. Parker of Tenon Recovery were appointed administrators of Addiction Limited (Company Number 2584680) on Feb. 13. Its registered office is at 5 Elstree Gate, Elstree Way, Borehamwood, Herefordshire WD6 1JD. The company sells clothes. Headquartered in London, England, Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. ALLISON STONE: Registration of Claims Ends March 17 --------------------------------------------------- Allison Stone (Wigan) Limited is liquidating its assets after members found out that the company cannot continue its operations due to its liabilities. Appointed Liquidator, Timothy Calverley, of Haines Watts, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before March 17, 2006. CONTACT: ALLISON STONE (WIGAN) LIMITED Manchester Road Westhoughton Bolton Lancashire BL5 3JA Tel: 01942 816 706 Web: http://www.allisonstone.co.uk/ BESPOKE KITCHEN: Joint Liquidators Lead Winding Up Procedures ------------------------------------------------------------- The Bespoke Kitchen Company Limited appointed Robert Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co. to jointly liquidate the company's assets. The company is voluntarily liquidating its assets after parties passed a resolution to wind up the company during an extraordinary general meeting held on Jan. 27, 2006, in London. CONTACT: THE BESPOKE KITCHEN COMPANY LIMITED 96 Great Western Road Glasgow G4 9AD Tel: 0141 332 5503 BKC LIMITED: Gets Creditors' Nod to Liquidate Assets ---------------------------------------------------- Creditors of B K C (Manufacturing) Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Jan. 27, 2006. Creditors also ratified the appointment of Robert Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co, as Joint Liquidators. CONTACT: B K C (MANUFACTURING) LIMITED U15 Bridgend Works Bridgend Stonehouse Gloucestershire GL102BA Tel: 01453 825 253 Fax: 01453 825 254 BRITANNIA FINANCE: Taps Administrators from Grant Thornton ---------------------------------------------------------- Leslie Ross and Keith Hinds of Grant Thornton UK LLP were appointed administrators of Britannia Finance Holdings Plc (Company Number 03517603) and Britannia Finance Limited (Company Number 03517603) on Feb. 10. The companies offer provision of installment credit and motor finance brokerage services. About Grant Thornton Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organisations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. CONTACT: BRITANNIA FINANCE HOLDINGS Gallagher House, Offices 3 & 5 Cashel Road Birkenhead, Wirral CH41 1DY Tel: 0151 639 7666 Fax: 0151 639 8555 CABLE & WIRELESS: Mulls Sale of 20% Equity Stake in Batelco ----------------------------------------------------------- Cable and Wireless plc confirms that it is in discussions concerning the potential disposal of its 20% holding in Bahrain Telecom (Batelco) to a third party or parties. The process is at a preliminary stage and there can be no certainty that it will lead to a transaction. Headquartered in London, England, Cable & Wireless PLC -- http://www.cw.com/new-- is one of the world's leading international communications companies. It provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. * * * As reported in the Troubled Company Reporter-Europe on Feb. 7, Fitch Ratings sustained Cable & Wireless PLC's Senior Unsecured rating at 'BB' with Negative Outlook and simultaneously withdrawn it. A few days back, Fitch downgraded Cable & Wireless PLC's Senior Unsecured rating to 'BB' with a Negative Outlook from 'BB+' with a Stable Outlook. At the same time, the agency affirmed the Short-term rating at 'B'. The lack of guidance on current year results and required reorganization costs, as well as the toughening of conditions in corporate and residential U.K. markets underpin the Negative Outlook. The downgrade reflects the deterioration of the performance of the U.K. business. C&W has announced that U.K. EBITDA in FY07 will be no higher than in the current year because of the fierce competition, reorganization of the business and the reduction of non-recurring positive items. Therefore, these negative factors are expected to outweigh the first full year EBITDA contribution from the recently acquired Energis. C&W faces increasingly challenging market conditions in the U.K. In the corporate segment, price competition, high levels of churn and acceleration of migration from legacy to IP-based services are continuing to erode margins. Moreover, in the residential segment, unbundled broadband provider Bulldog is investing in both marketing and capital equipment in order to build its customer base. Fitch therefore expects that C&W will record negative free cashflows this year and next year. Nevertheless, the cash balance of around GBP1.3billion and the relatively stable cash flows from international operations provide some measure of financial flexibility. CAPITAL CITY: Hires Fanshawe Lofts to Administer Assets ------------------------------------------------------- Antony Robert Fanshawe and Stephen John Adshead of Fanshawe Lofts were appointed joint administrators of Capital City Chauffeurs Limited (Company Number 03969817) on Feb. 9. Its registered office is at Third Floor, 55 Gower Street, London WC1E 6HQ. Headquartered in Greenwich, London, Capital City Chauffeurs Limited -- http://www.capitalcity.info/-- started in 1995. The company offers car rental services. CONTACT: FANSHAWE LOFTS 41 Castle Way Southampton Hampshire SO14 2BW Tel: 023 8023 3522 Fax: 023 8023 3504 E-mail: sa@fanshawe-lofts.co.uk arf@fanshawe-lofts.co.uk CHAPEL FINANCE: Administrators From Grant Thornton Move In ---------------------------------------------------------- Nigel Morrison and Richard Hawes of Grant Thornton were appointed administrators of Chapel Finance Limited (Company Number 02542649) on Feb. 8. Its registered office is at Unit 11, Frankland Road, Blagrove, Swindon, Wiltshire SN5 8YW. Chapel Finance Limited offers car financing. About Grant Thornton Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organisations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. CONTACT: CHAPEL FINANCE LTD The Old Chapel, Lydiard Green, Swindon, Wiltshire SN5 3LP Tel: 01793 770267 Fax: 01793 772151 C L HUGHES: Joint Administrators from PKF Enter Firm ---------------------------------------------------- Kerry Bailey and Jonathan D. Newell of PKF were appointed joint administrators of C L Hughes & S A Hughes (t/a Clarkes of Wrexham) on Feb. 9. Its registered office is at Llay Garage, Shones Lane, Wrexham LL12 0PL. CONTACT: PKF Sovereign House, Queen Street, Manchester M2 5HR Tel: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk/ CORNWELL ARCHER: Appoints Administrators from Tenon Recovery ------------------------------------------------------------ S. R. Thomas and S. J. Parker of Tenon Recovery were appointed administrators of Cornwell Archer Limited (Company Number 4527866) on Feb. 13. Headquartered in London, England, Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. CT GLASS: KPMG Administrators Take Over Operations -------------------------------------------------- Francis Graham Newton and Richard Dixon Fleming of KPMG LLP were appointed administrators of CT Glass Limited (Company Number 01717027) on Feb. 13. CT Glass Limited -- http://www.ctglass.co.uk/-- manufactures glass. CONTACT: CT GLASS LTD Lower Lane Bradford West Yorkshire BD4 8QW Tel: 01274 783783 Fax: 01274 783800 E-mail: sales@ctglass.co.uk KPMG LLP 1 The Embankment Neville Street Leeds West Yorkshire LS1 4DW Tel: 0113 231 3332 Fax: 0113 231 3183 E-mail: richard.fleming@kpmg.co.uk GERRY CLARKE: Retailer Contacts Joint Administrators ---------------------------------------------------- Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd were appointed joint administrators of Gerry Clarke Sports Limited (Company Number 1936935) on Feb. 9. The company sells sports equipment. CONTACT: GERRY CLARKE SPORTS LTD 85 High Street, Wallingford, Oxfordshire OX10 0BW Tel: 01491-837043 PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Tel: 01489 550 440 E-mails: carl.faulds@portland-solutions.co.uk james.tickell@portland-solutions.co.uk HAIRFLAIR MAGAZINES: Chantrey Vellacott Leads Administration ------------------------------------------------------------ Richard Howard Toone and William John Turner of Chantrey Vellacott DFK LLP were appointed administrators of Hairflair Magazines Limited (Company Number 03730496) on Feb. 9. The company publishes magazines. CONTACT: HAIRFLAIR MAGAZINES LTD Freebournes House, Freebournes Road, Witham, Essex CM8 3US Tel: 01376 534540 Fax: 01376 534546 CHANTREY VELLACOTT DFK LLP Russell Square House 10-12 Russell Square London WC1B 5EH Tel: 020 7307 8200 Fax: 020 7307 8222 E-mails: kmurphy@cvdfk.com wturner@cvdfk.com LADBROKES PLC: S&P Cuts Long-Term Corporate Credit Rating to BB --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based Ladbrokes PLC (formerly Hilton Group PLC) to 'BB' from 'BBB'. The rating has been removed from CreditWatch with negative implications, where it was placed on Oct. 14, 2005. The outlook is stable. At the same time, Standard & Poor's lowered its senior unsecured debt ratings on Ladbrokes and its guaranteed subsidiary to 'BB' from 'BBB', in line with the corporate credit rating, but kept the ratings on CreditWatch with negative implications. "The downgrade follows the completion of the group's sale of its entire global hotel division to Hilton Hotels Corp. and the reorganization of the remaining company as a gaming operator trading as Ladbrokes," said Standard & Poor's credit analyst Helene Magny. Ladbrokes has pledged to return all of the GBP3.7 billion proceeds from the hotel sale to its shareholders, resulting in a material increase in financial leverage for the continuing company that will remain the obligor under the outstanding GBP300 million convertible bond issue and the GBP2 billion Euro MTN program (of which GBP800 million is outstanding). The CreditWatch status of the debt issues will be resolved on receipt of additional information on the structure of priority claims within Ladbrokes. The differential with the corporate credit rating is likely to be limited to one notch. "The ratings reflect Ladbrokes' aggressive financial profile, with initial lease-adjusted net debt to EBITDA in the 4.0x-4.5x range," Ms. Magny added. "High levels of indebtedness are partly mitigated by the group's solid business position as the market leader in the stable and cash-generative U.K. gaming industry." "We expect that Ladbrokes' core business will continue to benefit from the quality of its established U.K. customer franchise, as well as from the existing brand equity and profitable contribution of the online operations." The company's strategy of incremental estate growth and steady stream of equity dividend payments should allow it to maintain lease-adjusted net debt to EBITDA within the target range of 4.0x-4.5x and lease-adjusted FFO to net debt at about 15%. Although the strategy of full free cash flow use restricts Ladbrokes' potential for decreasing financial leverage, credit downside is limited by the proven good quality of operating cash flows and high conversion of operating profits into discretionary cash flows. LAUNDO LIMITED: Creditors' Meeting Set Today -------------------------------------------- Creditors of Laundo Limited (Company Number 04550061) will meet on Feb. 27, 2:30 p.m. at Newcastle Marriott Gosforth Park Hotel, Gosforth Park, High Gosforth, Newcastle upon Tyne NE3 5HN. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to G. S. Goldie, joint administrators of Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS. CONTACT: LAUNDO LTD Unit G13, Morton Wy Park, Darlington, County Durham DL1 4PQ Tel: 01325 355247 RMT Gosforth Park Avenue Newcastle Upon Tyne Tyne And Wear NE12 8EG Tel: 0191 256 9500 E-mails: linda.farish@r-m-t.co.uk ajosephs@r-m-t.co.uk LAWGRA (NO. 1207): Meeting of Creditors Slated for March 2 ---------------------------------------------------------- Creditors of LAWGRA (No. 1207) Limited - formerly Corts Security Services Limited) will meet on March 2, 10 a.m. at Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to M. J. Hall, joint administrator of Harris Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ not later than March 1, 2006. CONTACT: HARRIS LIPMAN 2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ Tel: (020) 8446 9000 Fax: (020) 8446 9537 Web site: http://www.harris-lipman.co.uk MIDLAND LEISURE: Fitness Club Operator Calls in Administrator ------------------------------------------------------------- Philip John Gorman of Hazlewoods LLP was appointed administrator of Midland Leisure Limited (Company Number 04945007) on Feb. 13. Its registered office is at Bentley Bridge Leisure Park, Wednesfield Way, Wednesfield, Wolverhampton WV11 1TZ. Midland Leisure Limited operates a health and fitness club. Its trading name is Healthland Fitness. CONTACT: HAZLEWOODS Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT Tel: +44 (0) 1452 634800 Fax: +44 (0) 1452 371900 Web site: http://www.hazlewoods.co.uk/ MISYS PLC: Transfers 10,000 Shares to Scheme Participants --------------------------------------------------------- Misys plc transferred 10,000 ordinary shares to participants in its employee share schemes at a price of 178 pence per share on Feb. 23, 2006. The shares were all formerly held as treasury shares. Following the above transfer of shares out of Treasury, Misys plc holds a total of 52,366,284 ordinary shares in Treasury. The total number of ordinary shares in issue (excluding Treasury shares) is 507,360,752. Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the UK general insurance industry. At Nov. 30, 2005, the company reported GBP155.6 million in total stockholders' deficit. NEEDHAM GROWERS: Hires Vantis Numerica as Administrator ------------------------------------------------------- Colin Ian Vickers of Vantis Numerica was appointed administrator of Needham Growers Limited (Company Number 03295178) on Jan. 23. The company is engaged in plating vegetables and nursery products. Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) - - http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. CONTACT: NEEDHAM GROWERS LTD Haven Nursery Eastergate Lane Walberton, Arundel West Sussex BN18 0BA Tel: 01243 542289 Fax: 01243 544256 NORFOLK HOUSE: Names W.C. Swindell to Administer Assets ------------------------------------------------------- William Clive Swindell was appointed administrator of Norfolk House Furnishings Limited (Company Number 3879391) on Feb. 13. Its registered office is at Whitby Court, Abbey Road, Shepley, Huddersfield HD8 8EL. CONTACT: NORFOLK HOUSE FURNISHINGS LTD 85b Marsh Lane, Shepley, Huddersfield, West Yorkshire HD8 8AP Tel: 01484-608222 William Clive Swindell, Liquidator Yorkshire House, 7 South Lane, Holmfirth, Huddersfield HD9 1HN Tel: 01484 688344 PEACOCK AND THOMPSON: Administrator Takes Over Helm --------------------------------------------------- P. R. Boyle of Harrisons was appointed administrator of Peacock And Thompson Limited (Company Number 00871609) on Feb. 13. CONTACT: HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Tel: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com/ PREFERRED RESIDENTIAL: Fitch Rates GBP4.32 Mln Class FTc at B ------------------------------------------------------------- Fitch Ratings released final ratings to Preferred Residential Securities 06-01 PLC's GBP432 million mortgage backed floating- rate notes as follows: a) USD125.00 million Class A1b due 2028: AAA; b) GBP57.10 million Class A1c due 2028: AAA; c) EUR70.00 million Class A2a due 2043: AAA; d) USD20.00 million Class A2b due 2043: AAA; e) GBP167.10 million Class A2c due 2043: AAA; f) Class A2c detachable coupon due 2009: AAA; g) EUR5.50 million Class B1a due 2043: AA; h) GBP26.00 million Class B1c due 2043: AA; i) EUR17.00 million Class C1a due 2043: A; j) GBP6.50 million Class C1c due 2043: A; k) EUR15.10 million Class D1a due 2043: BBB-; l) GBP10.00 million Class D1c due 2043: BBB-; m) GBP8.12 million Class E1c due 2043: BB; n) GBP4.75 million Class DTc due 2043: BBB-; o) GBP4.54 million Class ETc due 2043: BB; and p) GBP4.32 million Class FTc due 2043: B. This is Preferred Mortgages Limited's first transaction to consist of its 'near prime' and second charge residential mortgages originated and located in the UK. The ratings are based on the quality of the collateral, available credit enhancement, the underwriting processes of Preferred Mortgages Limited, the servicing capabilities of PML, for primary servicing and RSS3+UK for special servicing, the servicing capabilities of Capstone and standby servicer Homeloan Management Limited rated RPS2+ UK, and the sound legal structure of the transaction. Credit enhancement for the Class A notes is initially provided by the subordination of the Class B notes, Class C notes, Class D1 notes, Class E1c notes and an initial and target reserve fund of 0.55%. The Class DTc notes, Class ETc notes and the Class FTc notes will also be issued and will be repaid solely by the excess spread available in the transaction. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its UK Residential Mortgage Default Model III. The agency also modeled cash flows using the results of the default model with structural stresses including various prepayment and interest rate scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. PRODUCT LINE: Timothy Calverley Leads Administration ---------------------------------------------------- Timothy Calverley of Haines Watts was appointed administrator of Product Line Services Limited (Company Number 04082908) on Feb. 9. Its registered office is at Unit 10 Woodhouse Business Centre, Wakefield Road, Normanton WF6 1BB. CONTACT: PRODUCT LINE SERVICES LTD Unit 10, Woodhouse Business Centre Wakefield Rd, Normanton, WF6 1BB Tel: 01924 898485 HAINES WATTS First Floor, Park House, Park Square West, Leeds LS1 2PS Tel: 0113 398 1100 Fax: 0113 398 1101 Web site: http://www.hwca.com/ QS GROUP: Joint Liquidators Offer Assets for Sale ------------------------------------------------- Malcolm Shierson, Martin Ellis and Daniel Smith, Joint Administrators of: -- Hamsard 2353 Limited, -- QS Group Plc, -- QS Plc, -- QS (West) Limited, -- Be-Wise Group Limited, and -- Be-Wise Limited offer the group's businesses and assets for sale. Key features: -- 343 stores located throughout the U.K. trading under the "QS" and "Be Wise" brands; -- approximately 200 stores are to be sold as a portfolio and the balance as individual units; -- two freehold distribution centers -- "Le Shark" trademark -- around 4,000 staff CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk/ Malcolm Swettenham Phone/Fax: 0870 991 2581 E-mail: malcolm.swettenham@gtuk.com RENTOKIL INITIAL: Posts GBP659.6 Mln Equity Deficit at Dec. 31 -------------------------------------------------------------- Rentokil Initial PLC disclosed preliminary results for the year ended Dec. 31, 2005. Highlights include: -- Q4 revenue up 8.2% over same period last year and up 4.8% for the full year at constant exchange rates; revenue up in all business segments -- Operating profit (before amortisation of customer lists and exceptional items) down 13.4% in Q4 versus last year at constant exchange rates and 14.1% lower for the full year. Rate of profit deterioration slowing - adjusted operating profit down 0.4% in Q4 compared with 8.3% in Q3 and 14.4% in H1 -- Portfolio up 5.1% (annualised rate) in Q4 with better revenue growth and lower terminations than H1 -- Full year profit before income tax down 25.9% -- Full year dividend per share of 7.38p, up 10.0% -- Right structure and senior team established -- Turnaround plan on track -- Active management of business portfolio * Sale of Style conferences * Acquisition of JC Ehrlich, fourth largest US pest control company * Buying back City Link franchises * Closure of loss-making UK linen and workwear activities * Exploring possible sale of Manned Guarding -- Clarification of capital structure, steps being taken to eliminate pension deficit "In 2005 we set out to determine the causes of the deep-set problems facing Rentokil Initial and to develop a clear plan to address them," Doug Flynn, CEO of Rentokil Initial, said. "This has been done and the plan is now being implemented. Our strategic objectives are focused on the businesses within the group that have the potential to create most shareholder value. We have created a clear organizational structure aligned with these objectives and put in place a leadership team with the skills and capabilities to deliver them. Financial Results In 2005, the Company reported GBP138.6 million in after tax profits against GBP2.2 billion in revenues, compared to GBP186.9 million after tax profits in 2004 on GBP2.1 billion of revenues. At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6 million in stockholders' deficit, compared to a GBP784 million deficit at Dec. 31, 2004. The Company's balance sheet also showed strained liquidity with GBP745 million in assets available to pay GBP789.5 million in the next 12 months. "Whilst we anticipate the turnaround being a difficult process, there are some clear signs of progress," Mr. Flynn said. "We expect to see improving revenue growth and contract retention in 2006, despite unhelpful trading conditions in our main markets. There will be significant organic investment and one-off costs in the first half of the year which will impact prior year comparisons. Although we do not expect to achieve full year adjusted PBTA growth before 2007, we do expect to exit 2006 on a rising trend in the second half." Turnaround Efforts Following extensive exploration of all options, it was decided to close the loss-making UK linen and workwear activities on 30 April 2006. It had been hoped that it would be possible to sell this business to one or more parties but the serious risk of regulatory intervention and the consequent uncertainty in terms of timing, costs and eventual exit led to the conclusion that a third party sale was not feasible and that closure was the only viable option. Most recently, it has been confirmed that the Company is exploring the possible disposal of its Manned Guarding activities. In addition to the chief executive officer, a number of key senior appointments were made including a new chief financial officer, MDs of the Pest Control/Plants and Asia Pacific divisions, HR Director and Head of the Change Programme Office. The operating structure was reorganized on Sept. 1, 2005, into six new divisions. This and all future results announcements will be based on this new divisional structure. Outlook Market conditions in 2006 are unlikely to be helpful in the group's major European markets and the UK is expected to weaken. Revenue growth and contract retention are both expected to improve in 2006 as the operational turnarounds take effect and the investment made in sales and service begins to bear fruit. There will be significant organic investment and one-off costs in the first half of the year which will impact prior year comparisons. "Although we do not expect to achieve full year adjusted PBTA growth before 2007, we do expect to exit 2006 on a rising trend in the second half," the Company disclosed. "We are unlikely to increase the dividend in 2006. Beyond 2006, we expect to take a cautious approach to dividend growth until a recovery is well established." 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. SKYEPHARMA PLC: Stephen Harris Acquires 100,000 Shares ------------------------------------------------------ Stephen Harris, a Non-executive Director of SkyePharma PLC, acquired a notifiable interest in 100,000 ordinary shares in the Company at a price of 42.5 pence per share on Feb. 22, 2006. The shares are registered in the name of Susan Margaret Harris. As a result of the transaction Mr. Harris now has a beneficial interest in 257,299 ordinary shares in the Company. Headquartered in London, England, SkyePharma PLC -- http://www.skyepharma.com/-- develops pharmaceutical products benefiting from world leading drug delivery technologies that provide easier-to-use and more effective drug formulations. In May, it reported net loss of GBP24.3 million for 2004, a decrease of 44% compared with GBP43.2 million in 2003. * * * On Nov. 17, the Board of SkyePharma disclosed that following an unsolicited approach from a third party, they had decided to review all of its strategic options, including, inter alia, offers for the Company as a whole. On Dec. 8, SkyePharma received a number of expressions of interest, both with respect to individual assets owned by the Company as well as potential cash offers for the Company as a whole. In the light of such interest, the Board allowed a number of parties access to a data room to commence due diligence on the Company. SkyePharma continues to seek potential offers for the Company as a whole, but it is not clear at this stage that an offer for the Company, whether in cash or otherwise, which is capable of recommendation, will be forthcoming. In addition, a number of parties remain interested in potentially acquiring individual assets owned by the Company. STAG FURNITURE: Administrators Puts Business on Sale ---------------------------------------------------- Joint Administrators Ian Green and Edward Klempka, offer for sale the business and assets of Stag Furniture (U.K.) Ltd., a Sunderland-based manufacturer and distributor of assembled foiled rigid bedroom, living room and home office furniture. Features: -- Strong U.K. blue chip customer base in the mail order and catalogue sector; -- Stag brand with high levels of consumer awareness; -- Largest U.K. manufacturer of assembled cabinet furniture; -- Modern and well equipped leasehold manufacturing facility in Sunderland (305,000 sq ft); -- Fleet of 50 vehicles for home delivery and retail deliveries; -- approximately 60 employees; and -- Turnover year to Jan. 31, 2006, approximately GBP22 million. 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: Dean Ardran Phone: 0114259 8264 Fax: 0114 259 8202 E-mail: dean.ardron@uk.pwc.com STHENOS CAPITAL: Creditors' Claims Due March 9 ---------------------------------------------- Creditors of Sthenos Capital Limited are given until March 9, 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 appointed Liquidator, Paul Appleton. CONTACT: STHENOS CAPITAL LIMITED Almack House 28 King Street London SW1Y6SL Tel: 020 7389 0609 UPTOWN RECORDS: Members Pass Winding Up Resolution -------------------------------------------------- Uptown Records (Distribution) Limited is liquidating its assets after members elected to wind up the company's operations during an extraordinary general meeting held on Feb. 3, 2006. Company Director I. Salih revealed that the members found out that the company cannot continue its business due to its financial liabilities. Elizabeth Arakapiotis, of Kallis & Co., was appointed Liquidator. CONTACT: UPTOWN RECORDS (DISTRIBUTION) LIMITED 311 Ballards Lane London N12 8TZ Tel: 020 7434 3639 Fax: 020 7434 3649 Web: http://www.uptownrecords.com/ ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *