/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060313.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, March 13, 2006, Vol. 7, No. 51 Headlines F R A N C E FONDS COMMUN: Fitch Rates EUR650,000 Class C Units at BB G E R M A N Y ALPAS GMBH: Hamburg Court Rules on Bankruptcy B&M ABWICKLUNGSGESELLSCHAFT: Claims Bar Date Set March 20 BAUMANN ELECTRONICS: Dr. Michael Jaffe Administers Assets BORIS FRACKENPOHL: Giessen Court Halts Pending Transactions CARE FLIESEN: Duisburg Court Appoints Provisional Administrator CZIKOWSKI SPEDITION: Claims Registration Ends March 14 DLT GMBH: Administrator Report Out by Early May THOMAS HART: Company Yields to Insolvency Proceedings TOR AG: Creditors' Meeting Set on April 19 UNION 4: Claims Registration Ends April 11 VICTOR GRUNDSTUECKSVERWALTUNGS: Ends Business in Essen VIER JAHRESZEITEN: Claims Verification Set on May 18 WIESENFELD VERWALTUNGS: Joachim Buettner Takes Over Operations H U N G A R Y MAGYAR OLAJ- ES: S&P Rates Proposed EUR690 Mln Hybrid Notes BB I T A L Y COMPAGNIA ITALIANA DEL TURISMO: Goes Bust PARMALAT SPA: Milan Court Grills Former Chairman Calisto Tanzi K A Z A K H S T A N AUBAKIROVA: Declared Bankrupt by Kostanai Court GANUSHKINO: Sets Proofs of Claim Deadline KARASHILIK: Succumbs to Bankruptcy Proceedings LOT GRAIN: Creditors' Claims Due This Month MULTIKOM: Faces Bankruptcy Proceedings in South Kazakhstan N E T H E R L A N D S ROYAL SHELL: Nick Land to Serve as New Non-Executive Director ROYAL SHELL: Buys Back 1.3 Million A Shares for Cancellation R O M A N I A PROCREDIT BANK: Fitch Issues BB+ Long-term to RON35 Million Bond R U S S I A AGRO-ROVENSKOYE: Belgorod Court Brings In Insolvency Manager ALDAN-WOOD-PROM: Claims Filing Period Ends April 4 BEREZOVS-AGRO-TRANS: Declared Insolvent by Amur Court BUILDING COMPANY #6: Deadline for Proofs of Claim Set Next Month I.E. LEMISOV: Undergoes Bankruptcy Supervision Procedure KAREL-WOOD-SERVICE: Bankruptcy Hearing Set March 22 KHASAVYURTOVSKIY: Bankruptcy Supervision Procedure Begins LENIN: Moscow Court Opens Bankruptcy Proceedings MARIINSKIY MEAT-TINNED: Court Appoints Insolvency Manager OJSC GUKOVUGOL: Undergoes Receivership For Twelve Months STROY-KOMPLEKT: Insolvency Manager Takes Over Helm S W I T Z E R L A N D GATE GOURMET: Refinancing Completed U K R A I N E AGROKOMPLEKS: Bankruptcy Supervision Begins HLIBOROB: Under Bankruptcy Supervision in Hmelnitskij Region KRYMPRODMASH: Nataliya Gerasko Leads Liquidation Process MN EXIM: Declared Insolvent by Kyiv Court UKRAINIAN STONE: Crumbles Under Insolvency PROMIN: Court Names Glebov Vasil to Liquidate Assets RAJAGROTEHNIKA: Closes Operations & Begins Liquidation SUMI' RAFINAD: Court Names Temporary Insolvency Manager SKIF UV: O. Tomashevskij Leads Liquidation Process UKRDEMONTAZHPEREROBKA: Succumbs to Insolvency in Mikolaiv U N I T E D K I N G D O M A W HOLDEN: Liquidator from Mabe Allen LLP Moves In BATHTIME (UK): Hires Joint Administrators From Vantis Plc BRITISH AIRWAYS: Aims GBP450 Million Cost Cuts Through 2008 CHRIS DUNNE: Civil Engineers Start Liquidation Process COLLINS WALLPAPER: Liquidator From P S Wallace Moves In COLOUR NATION: Members Agree to Voluntary Liquidation CONTOUR PACKAGING: Manufacturer Appoints Joint Liquidators DELYN HIRE: Liabilities Prompt Voluntary Liquidation ESSEX PRINT: Duncan Beat Sets April 11 Claims Bar Date FIRSTGUARD SECURITY: Claims Registration Ends March 29 GLENROYD STAINLESS: Shuts Down Operations in Yorkshire HARRWAY LIMITED: Joint Liquidators Take Over Operations HEMS ANODISING: Peter Alan Langard Leads Liquidation Procedure HMV GROUP: Permira Submits Revised Conditional Offer INDEPENDENT BUILDERS: Members Pass Wind Up Resolution J S CARS: Creditors Confirm Voluntary Liquidation M FIRKIN: Meeting of Creditors Set Next Week NOTTINGHAM DYERS: Taps Joint Administrators from Tenon Recovery RTD STEEL: Administrator from Cowgill Holloway Takes Over STIRLING TELECOMMUNICATIONS: Brings In Joint Administrator VISAGE INTERNATIONAL: Calls On PKF to Administer Assets WILD AND HALLAM: In Administrative Receivership ********** =========== F R A N C E =========== FONDS COMMUN: Fitch Rates EUR650,000 Class C Units at BB -------------------------------------------------------- Fitch Ratings assigned ratings to Fonds Commun de Creances compartment Minotaure Compartment 2004-1's asset-backed units due December 2026 as follows: a) EUR309.66 million Class A senior floating-rate units: AAA; b) EUR16.05 million Class B subordinated floating-rate units: A; and c) EUR650,000 Class C subordinated floating-rate units: BB. The FCC purchased residential loans jointly advanced by Electricite de France and Gaz de France and other affiliated entities to their employees in France and issued units backed by these assets. The loans were purchased by the FCC at a discount rate of 12.01% to generate 37 basis points of excess margin in the structure. The FCC is established by France Titrisation, which acts as the management company, and BNP Paribas Securities Services, which acts as the custodian. The ratings are based on the credit quality of the residential loans portfolio, the discount rate at which it will be sold to the FCC, the credit quality of EDF, the hedging strategy and the sound legal and financial structure of the transaction. The ratings reflect Fitch's opinion on the timely payment of interest and final payment of principal on the units as of their final maturity date in December 2026. The credit enhancement levels are 6.81% for the Class A senior units, provided by the mezzanine Class B units, the subordinated Class C units and the unrated Class R units, 1.98% for the Class B units, corresponding to the Class C and residual Class R units, and 1.78% for the Class C notes. Previously EDF and GDF have securitized their respective shares in residential loans advanced to their employees through FCC Apigaz in 1995 for Gaz de France, Electra 1 in 1999 as well as Loggias 2001-1 and Loggias 2003-1 for EDF. Similar to Loggias 2001-1 and Loggias 2003-1, Fitch's analysis of this transaction significantly differs from its standard approach to residential mortgage backed-securities transactions. In particular, the absence of life/disability insurance led the agency to approach the defaults in terms of probability of death and also take into account historical data on disability or termination of contracts. In addition, as the financed properties are not secured, the agency did not consider the market value of the properties to determine loss severity. Fitch's credit analysis is highly dependent on the civil servant status of the underlying debtors. In light of the recent privatizations, realized or to be realized, of EDF and Gaz de France, the agency understands that this privileged employee status is to remain unaltered. ============= G E R M A N Y ============= ALPAS GMBH: Hamburg Court Rules on Bankruptcy --------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against alpas GmbH on Feb. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 21, 2006, to register their claims with court-appointed provisional administrator Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 11:30 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 during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: ALPAS GmbH Ochsenzoller Strasse 188, 22848 Norderstedt Attn: Dr.-Ing. Jens Popplau, Manager Joachim Friedsch, Manager Stefan Denkhaus, Administrator Jungfernstieg 30, 20354 Hamburg Tel: 040/350060 B&M ABWICKLUNGSGESELLSCHAFT: Claims Bar Date Set March 20 --------------------------------------------------------- The District Court of Muenchen opened bankruptcy proceedings against B&M Abwicklungsgesellschaft mbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 20, 2006, to register their claims with court-appointed provisional administrator Alfred Korbitz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Muenchen, Infanteriestr. 5, Sitzungssaal 101, at 9:00 a.m. on April 26, 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: B&M ABWICKLUNGSGESELLSCHAFT mbH Kolpingstr. 12 in 85221 Dachau Alfred Korbitz, Manager Promenadeplatz 9, 80333 Muenchen Tel: 089/24216730 Fax: 089/24216745 BAUMANN ELECTRONICS: Dr. Michael Jaffe Administers Assets --------------------------------------------------------- The District Court of Muenchen opened bankruptcy proceedings against Baumann Electronics GmbH on Jan. 27. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 1, 2006, to register their claims with court-appointed provisional administrator Dr. Michael Jaffe. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at 9:40 a.m. on May 17, 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: BAUMANN ELECTRONICS GmbH Bergstr. 13 in 82024 Taufkirchen-Potzham Dr. Michael Jaffe, Administrator Weinstr. 4, 80333 Muenchen Tel: 089/255487-00 Fax: 089/255487-10 BORIS FRACKENPOHL: Giessen Court Halts Pending Transactions ----------------------------------------------------------- The District Court of Giessen opened bankruptcy proceedings against Boris Frackenpohl und David Contant GbR on Feb. 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 27, 2006, to register their claims with court-appointed provisional administrator Tim Schneider. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Giessen, Saal 405, 4. OG, Gebaude B, Gutfleischstrasse 1, 35390 Giessen, at 9:00 a.m. on April 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: BORIS FRACKENPOHL UND DAVID CONTANT GbR Parkstrasse 22, 35447 Reiskirchen Attn: Boris Frackenpohl, Manager David Contant, Manager Tim Schneider, Administrator Marktlaubenstrasse 9, 35390 Giessen Tel: 0641/932-43-0 Fax: 0641/932-4350 CARE FLIESEN: Duisburg Court Appoints Provisional Administrator --------------------------------------------------------------- The District Court of Duisburg opened bankruptcy proceedings against "CARE" Fliesen GmbH on Feb. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 4, 2006, to register their claims with court-appointed provisional administrator Dagmar Karutz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Duisburg, Kardinal-Galen- Strasse 124-130, 47058 Duisburg, IV. Etage, Saal 407, at 11:30 a.m. on April 25, 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: "CARE" FLIESEN GmbH Lindnerstr. 20, 47167 Duisburg Attn: Rudy Bardutzky, Manager Dagmar Karutz, Administrator Gemarkenstr. 95, 45147 Essen CZIKOWSKI SPEDITION: Claims Registration Ends March 14 ------------------------------------------------------ The District Court of Frankfurt opened bankruptcy proceedings against Czikowski Spedition GmbH on Feb. 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 14, 2006, to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Frankfurt, Muellroser Chaussee 55, 15236 Frankfurt (Oder), Saal 401, at 11:20 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: CZIKOWSKI SPEDITION GmbH Ringstrasse Gewerbegebiet, 16321 Bernau Rolf Nacke, Administrator Gross-Berliner Damm 73 c, 12487 Berlin DLT GMBH: Administrator Report Out by Early May ----------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against DLT GmbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 31, 2006, to register their claims with court-appointed provisional administrator Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:40 a.m. on May 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: DLT GmbH Allermoher Deich 406, 21037 Hamburg Attn: Danijel Lukic, Manager Ingmar Jarchow, Administrator Heuberg 1, 20354 Hamburg Tel: 3501690 Fax: 35016915 THOMAS HART: Company Yields to Insolvency Proceedings ----------------------------------------------------- The District Court of Dortmund opened bankruptcy proceedings against Thomas Hart Trockenbau Limited & Co. KG on Jan. 23. 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 Dortmund, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at 10:05 a.m. on April 20, 2006, at which time court-appointed administrator Achim Thomas Thiele 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: THOMAS HART TROCKENBAU LIMITED & Co. KG Gewerbepark 11, 44532 Luenen Attn: Thomas Hart, Manager Kreikenhof 37, 44532 Luenen Achim Thomas Thiele, Administrator Bronnerstrasse 7, 44141 Dortmund Tel: 54110 Fax: 5411266 TOR AG: Creditors' Meeting Set on April 19 ------------------------------------------ The District Court of Darmstadt opened bankruptcy proceedings against TOR AG on Feb. 6. 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 Darmstadt, Zimmer 4-311, 4. OG, Gebaude D, Mathildenplatz 15, 64283 Darmstadt, at 9:30 a.m. on April 19, 2006, at which time court-appointed administrator Ulrich Bert 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: TOR AG Steubenplatz 9-11, 64293 Darmstadt Attn: Dieter Gimbel, Manager Ulrich Bert, Administrator Birkenweg 24, 64295 Darmstadt Tel: 06151/66729-0 Fax: 06151/66729-20 E-mail: darmstadt@ltb-anwaelte.de UNION 4: Claims Registration Ends April 11 ------------------------------------------ The District Court of Koln opened bankruptcy proceedings against Union 4 Verwaltungs GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 11, 2006, to register their claims with court-appointed provisional administrator Ulrich Forster. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Koln, Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at 10:20 a.m. on May 2, 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: UNION 4 VERWALTUNGS GmbH Hamergasse 4-14, 50667 Koln Attn: Sebastian Scholz, Manager Ulrich Forster, Administrator Martinstr. 22-24, 50667 Koln Tel: 9257000 Fax: +4922192570050 VICTOR GRUNDSTUECKSVERWALTUNGS: Ends Business in Essen ------------------------------------------------------ The District Court of Essen opened bankruptcy proceedings against Victor Grundstuecksverwaltungs- und Vermietungsgesellschaft mbH on Feb. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 11, 2006, to register their claims with court-appointed provisional administrator Dr. Jens M. Schmittmann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Essen, Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, at 9:45 a.m. on April 26, 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: Victor Grundst�cksverwaltungs- und Vermietungsgesellschaft mbH Scharpenhang 74, 45257 Essen Attn: Rolf Denkler, Manager Heierbusch 54, 45133 Essen Dr. Jens M. Schmittmann, Administrator Zweigertstrasse 28-30, 45130 Essen Tel: 0201 438740 VIER JAHRESZEITEN: Claims Verification Set on May 18 ---------------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Vier Jahreszeiten Touristik GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 23, 2006, to register their claims with court-appointed provisional administrator Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Raum Saal B 405, at 11:45 a.m., on April 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 at 9:00 a.m., on May 18, 2006, at the same venue. CONTACT: VIER JAHRESZEITEN TOURISTIK GmbH Schwanenwik 30, 22087 Hamburg Attn: Gunter Preussker, Manager Ingmar Jarchow, Administrator Heuberg 1, 20354 Hamburg Tel: 3501690 Fax: 35016915 WIESENFELD VERWALTUNGS: Joachim Buettner Takes Over Operations -------------------------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against "Wiesenfeld" Verwaltungs GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 27, 2006, to register their claims with court-appointed provisional administrator Joachim Buettner. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:00 a.m. on April 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: "Wiesenfeld" Verwaltungs GmbH Spaldingstrasse 188, 20097 Hamburg Attn: Claes Smith, Manager Chaussee de Louvain 490, Belgien, 1380 Lasne Joachim Buettner, Administrator Osdorfer Landstrasse 230, 22549 Hamburg Tel: 8078810 Fax: 807881-20 ============= H U N G A R Y ============= MAGYAR OLAJ- ES: S&P Rates Proposed EUR690 Mln Hybrid Notes BB -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' long-term rating to the proposed EUR690 million perpetual deferrable convertible subordinated hybrid notes to be issued by special- purpose vehicle Magnolia Finance Ltd., related to Hungarian petroleum refiner and marketer Magyar Olaj- es Gazipari Rt. (MOL). At the same time, Standard & Poor's assigned its 'BBB-' long- term corporate credit rating to Magnolia. The rating is the same as that on MOL, based on the swap agreement between the two parties instead of a financial guarantee, and on Magnolia's essential nature as holder of part of MOL's treasury stock. Furthermore, Standard & Poor's affirmed its 'BBB-' long-term corporate credit rating and all debt ratings outstanding on MOL. The outlooks on both MOL and Magnolia are stable. The notching on the notes is due to their subordination and optional deferability of interest. The instrument will be given intermediate equity content by Standard & Poor's. "By issuing the hybrid notes, MOL monetizes a portion of its treasury stocks by transferring them to Magnolia, without having to resell them, and is able to continue repurchasing shares-- treasury stocks are otherwise restricted, under Hungarian law, to 10% of issued capital," said Standard & Poor's credit analyst Karl Nietvelt. Although MOL does not have an equity interest in Magnolia, the SPV will be fully consolidated in MOL's accounts; treasury shares will continue to be deducted from common equity for accounting purposes. The rating on MOL reflects its strong position in the Central and Eastern European (CEE) oil refining market, together with a strong financial profile. These strengths are offset by a fairly aggressive growth strategy and a less conservative financial policy than in the past owing to additional share buyback plans announced in December 2005. The notes are perpetual, noncallable for ten years, optionally deferrable, deeply subordinated, and tax-deductible. The completion and size of the deal remain subject to market conditions; the issue is launched at EUR690 million--well below the 15% of MOL's year-end 2005 book capitalization--and therefore as per our criteria would retain all the equity content warranted by the instrument's features. The features of this issue enhance MOL's financial flexibility and headroom, at the rating level, for small to moderate acquisitions. That said, we will continue to closely monitor MOL's acquisition plans and fairly aggressive share repurchase policies, particularly in light of the company's options to buy back 17.5% of its registered capital for some $1.5 billion. We continue to expect net debt of about 2x EBITDA. ========= I T A L Y ========= COMPAGNIA ITALIANA DEL TURISMO: Goes Bust ----------------------------------------- Italian operator Compagnia Italiana del Turismo has declared itself insolvent, Il Sole says. In 2004, the company has accumulated losses of -EUR117 million and now added a -EUR90 million equity deficit, the paper said. The Italian industry minister, Claudio Scajola, has appointed Ignazio Abrignani, as the extraordinary administrator of CIT to look through its finances. Soglia Hotels is one of the company's creditors with a 39% capital investment. Compagnia Italiana Del Turismo -- http://www.citspa.it/-- operates in other countries like France, USA, Canada, Brazil, Uruguay, Argentina, Australia just to name a few. PARMALAT SPA: Milan Court Grills Former Chairman Calisto Tanzi -------------------------------------------------------------- Former Parmalat S.p.A. chairman Calisto Tanzi has accused local and foreign banks of abetting the group's collapse, Dow Jones Newswires says. In a hearing in Milan, Mr. Tanzi claimed the banks lured him into a "drug-like dependence" by offering freely available loans. He added the banks continued to provide funds to Parmalat despite the group's financial slump. The founder said that Parmalat "never had any kind of problem in getting loans from the banks." "I didn't know that banks were selling bonds to small investors," he added. Mr. Tanzi likewise begged forgiveness to around 100,000 small investors who lost money when Parmalat went bankrupt with losses of over EUR14 billion. The banks, however, reiterated that Parmalat had deceived them and they have done nothing wrong. One of the accused banks, Bank of America, called Mr. Tanzi's statement "completely self-serving." BofA said, "This is yet another attempt by Mr. Tanzi to disclaim responsibility for the fraud that he and other Parmalat managers orchestrated." Mr. Tanzi, along with 15 former group executives and accountants, is on trial on charges of market rigging, false accounting and contravening local stock market laws. His testimony came as Parma prosecutors named three former BofA executives to playing roles in a fraud that led to Parmlat's eventual collapse. Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on December 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. =================== K A Z A K H S T A N =================== AUBAKIROVA: Declared Bankrupt by Kostanai Court ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared OJSC Aubakirova bankrupt on Dec. 22, 2005. Proofs of claim will be accepted at Kostanai, Tarana Str. on or before March 24, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Phone: 8 (3142) 54-28-39 GANUSHKINO: Sets Proofs of Claim Deadline ----------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau region declared Public Utility Enterprise Ganushkino bankrupt. Proofs of claim will be accepted at Atyrau, Abai Str. 10a, 3rd floor on or before March 24, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF ATYRAU REGION Atyrau, Abai Str. 10a, 3rd floor KARASHILIK: Succumbs to Bankruptcy Proceedings ---------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Karashilik bankrupt on Dec. 22, 2005. Proofs of claim will be accepted at Kostanai, Tarana Str. on or before March 24, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Phone: 8 (3142) 54-28-39 LOT GRAIN: Creditors' Claims Due This Month ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Lot Grain bankrupt on Dec. 22, 2005. Proofs of claim will be accepted at Kostanai, Tarana Str. on or before March 24, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Phone: 8 (3142) 54-28-39 MULTIKOM: Faces Bankruptcy Proceedings in South Kazakhstan ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan region declared LLP Multikom bankrupt. Proofs of claim will be accepted at South Kazakhstan region, Shymkent, G. Iljeva Str. 24, room 114. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF SOUTH KAZAKHSTAN REGION South Kazakhstan region, Shymkent, G.Iljeva Str. 24, room 114 ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Nick Land to Serve as New Non-Executive Director ------------------------------------------------------------- The Board of Royal Dutch Shell plc intends to replace Sir Peter Burt with Nick Land, currently Chairman of Ernst & Young LLP, as a non-executive director of the Company. Mr. Burt will step down from his position following the Annual General Meeting of Shareholders on May 16, 2006. The Board will propose to the Annual General Meeting that Mr. Land, 58, be appointed as a non-executive director effective July 1, 2006. Mr. Burt served as a member of the board of The "Shell" Transport and Trading Company Plc from 2002 to 2005 and on the Royal Dutch Shell Board since October 2004. He is now stepping down due to pressure of other commitments. Mr. Burt, formerly Governor of the Bank of Scotland, is Chairman of ITV plc and Promethean plc. Mr. Land has been serving as the Chairman and Chief Executive of Ernst & Young LLP and as a member of the Global Executive Board of Ernst & Young Global LLP since 1995 from which positions he will stand down when he retires from the firm on June 30, 2006. He qualified as an accountant in 1970 and has been a partner since 1978. Mr. Land is a member of the Advisory Board of the Judge Business School and the Finance and Audit Committees of the National Gallery. Ernst & Young are not the external auditors of the Company. They do render a number of non-audit services to Royal Dutch Shell companies on an annual basis. Mr. Land had no involvement in these services and will step down from all positions at Ernst & Young upon joining the Board of the Company. * * * 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. Overstatement of Reserves 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. ROYAL SHELL: Buys Back 1.3 Million A Shares for Cancellation ------------------------------------------------------------ Royal Dutch Shell plc purchased on March 9, 1,100,000 'A' Shares for cancellation at a price of 25.62 euros per share. In addition, it purchased 200,000 'A' Shares for cancellation at a price of 1,759.25 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,906,900,000. 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. Overstatement of Reserves 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 ============= PROCREDIT BANK: Fitch Issues BB+ Long-term to RON35 Million Bond ---------------------------------------------------------------- Fitch Ratings assigned Romania-based ProCredit Bank S.A. forthcoming RON35 million three-year bond issue an expected BB+ Long-term rating. ProCredit Romania is rated Long-term Issuer Default BB+ with Stable Outlook, Short-term B, Individual D/E and Support 3. The final rating is contingent on receipt of documents conforming to information already received. The notes are to rank pari passu among themselves and at least pari passu with all other present and future unsecured obligations of ProCredit Romania save for such obligations as may be preferred by law. ProCredit Romania is a development-oriented bank focusing on micro, small and medium- sized enterprises. ProCredit Holding has 19 subsidiary banks in Central and Eastern Europe, Latin America and Africa banks. Strategic decisions, risk management policies and human resources are fairly centralized at the ProCredit Holding level. ProCredit Holding is the largest shareholder in ProCredit Romania, holding a stake of 26%. Other shareholders of ProCredit Romania are also shareholders in ProCredit Holding, except for EBRD and Commerzbank. Fitch expects ProCredit Holding to gain a majority stake in ProCredit Romania by end- 2007. =========== R U S S I A =========== AGRO-ROVENSKOYE: Belgorod Court Brings In Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Belgorod region has commenced bankruptcy supervision on open joint stock company Agro- Rovenskoye. The case is docketed as A08-13526/05-11. Mr. N. Batalygin has been appointed temporary insolvency manager. CONTACT: AGRO-ROVENSKOYE Russia, Belgorod region, Rovenskiy region, Nagornoye N. BATALYGIN Temporary Insolvency Manager 309530, Russia, Staryj Oskol, Lenina Str. 66 ALDAN-WOOD-PROM: Claims Filing Period Ends April 4 -------------------------------------------------- The Arbitration Court of Sakha republic - Yakutiya commenced bankruptcy proceedings against Aldan-Wood-Prom (TIN 1402011540, OGRN 1021400524375) after finding the open joint stock company insolvent. The case is docketed as A58-7500/2005. Mr. V. Popov has been appointed insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to 677000, Russia, Sakha republic - Yakutiya, Yakutsk, Kurashova Str. 28/1, Room 25 CONTACT: ALDAN-WOOD-PROM Russia, Sakha republic - Yakutiya, Aldanskiy Ulus, Tommot, Otechestvennaya Str. 1 V. POPOV Insolvency Manager 677000, Russia, Sakha republic - Yakutiya, Yakutsk, Kurashova Str. 28/1, Room 25 BEREZOVS-AGRO-TRANS: Declared Insolvent by Amur Court ----------------------------------------------------- The Arbitration Court of Amur region commenced bankruptcy proceedings against Berezovs-Agro-Trans after finding the open joint stock company insolvent. The case is docketed as A04- 10403/05-6/290 B. Mr. S. Peshkun has been appointed insolvency manager. CONTACT: BEREZOVS-AGRO-TRANS 676925, Russia, Amur region, Ivanovskiy region, Berezovka, Krasnoarmeyskaya Str. 132 S. PESHKUN Insolvency Manager 675000, Russia, Amur region, Blagoveshensk, Zeyskaya Str. 140, Office 41 BUILDING COMPANY #6: Deadline for Proofs of Claim Set Next Month ---------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision on limited liability company Building Company #6 (TIN 0277052471). The case is docketed as A07- 13422/05-G-FLE. Mr. Kh. Shayakbirov has been appointed temporary insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to: (a) BUILDING COMPANY #6 Russia, Bashkortostan Republic, Ufa (b) KH. SHAYAKBIROV Temporary Insolvency Manager 420132, Russia, Kazan-132, Post User Box 24 (c) ARBITRATION COURT OF BASHKORTOSTAN REPUBLIC 450057, Russia, Ufa, Oktyabrskoy Revolyutsii Str. 63a I.E. LEMISOV: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Astrakhan region has commenced bankruptcy supervision on open joint stock company I.E. Lemisov. The case is docketed as A06-6703 6/3-11/2005. Mr. S. Gontsov has been appointed temporary insolvency manager. A hearing will take place on April 14, 2006. CONTACT: I.E. LEMISOV 414045, Russia, Astrakhan region, Boevaya Str. 64 S. GONTSOV Temporary Insolvency Manager 414000, Russia, Astrakhan region, Main Post Office, Post User Box 290 KAREL-WOOD-SERVICE: Bankruptcy Hearing Set March 22 --------------------------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy supervision on limited liability company Karel-Wood- Service. The case is docketed as A26-8627/2005-18. Mr. S. Sedov has been appointed temporary insolvency manager. Creditors have until March 21, 2006, to submit their proofs of claim to Russia, Kareliya republic, Petrozavodsk, Vidanskaya Str. 15-V. A hearing will take place on March 22, 2006, 3:30 p.m. CONTACT: KAREL-WOOD-SERVICE Russia, St-Petersburg, Proletarskaya Str. 60, Building 2, Apartment 156 S. SEDOV Temporary Insolvency Manager Russia, Kareliya republic, Petrozavodsk, Vidanskaya Str. 15-V KHASAVYURTOVSKIY: Bankruptcy Supervision Procedure Begins --------------------------------------------------------- The Arbitration Court of Dagestan republic has commenced bankruptcy supervision on Khasavyurtovskiy Meat Combine Elit. The case is docketed as A15-724/2005. Mr. Y. Karpenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 355029, Russia, Stavropol, Lenina Str. 431. CONTACT: KHASAVYURTOVSKIY MEAT COMBINE ELIT Russia, Dagestan republic, Khasavyurt, Korkmasova Str. 3 Y. KARPENKO Temporary Insolvency Manager 355029, Russia, Stavropol region, Lenina Str. 431 LENIN: Moscow Court Opens Bankruptcy Proceedings ------------------------------------------------ The Arbitration Court of Moscow region commenced bankruptcy proceedings against Lenin after finding the open joint stock company insolvent. The case is docketed as A41-K2-27651/05. Mr. P. Novikov has been appointed insolvency manager. CONTACT: LENIN 142970, Russia, Moscow region, Serebryannye Prudy, Zheleznodorozhnaya Str. 16 P. NOVIKOV Insolvency Manager 125040, Russia, Moscow region, Skakovaya Str. 36, Office 229 MARIINSKIY MEAT-TINNED: Court Appoints Insolvency Manager --------------------------------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Mariinskiy Meat-Tinned Food Combine after finding the limited liability company insolvent. The case is docketed as A27-39981/2005-4. Mr. A. Batukhtin has been appointed insolvency manager. CONTACT: MARIINSKIY MEAT-TINNED FOOD COMBINE Russia, Kemerovo region, Mariinsk, Sibiryakov-Gvardeytsev Str. 2 A. BATUKHTIN Insolvency Manager 650000, Russia, Kemerovo region, Post User Box 981 OJSC GUKOVUGOL: Undergoes Receivership For Twelve Months -------------------------------------------------------- The Arbitration Court of Rostov region has declared OJSC Gukovugol bankrupt, Interfax says. According to Hon. Natalya Kandaurova, the coal-mining company will undergo receivership for one year. Headquartered in Rostov, Russia, OJSC Gukovugol produces anthracite coal that is supplied to many places in Russia and abroad, including Western Europe. STROY-KOMPLEKT: Insolvency Manager Takes Over Helm -------------------------------------------------- The Arbitration Court of Kabardino Balkariya republic has commenced bankruptcy supervision on open joint stock company Stroy-Komplekt. The case is docketed as A20-7742/2005. Mr. A. Popov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Nalchik, Lermontova Str. 54/203. CONTACT: STROY-KOMPLEKT 361033, Russia, Kabardino Balkariya republic, Soldatskaya St., Venkovskogo Str. A. POPOV Temporary Insolvency Manager Russia, Nalchik region, Lermontova Str. 54/203 ===================== S W I T Z E R L A N D ===================== GATE GOURMET: Refinancing Completed ----------------------------------- On March 9, 2006, Global airline caterer Gate Gourmet has finalized a CHF600 million debt refinancing. The proceeds from the debt financing, syndicated by Goldman Sachs, have been used to pay down the senior secured debt in full as well as a part of the junior debt, with the remaining junior debt being converted to equity in the company. The CHF600 million financing consists of: -- a CHF400 million first-lien term loan; -- a CHF125 million second-lien term loan; -- a CHF50 million undrawn revolver; and -- a CHF25 million Letter of Credit facility. As a result of the refinancing, Gate Gourmet has significantly reduced the debt on its balance sheet, with lower interest payments going forward and very limited requirements to amortize the debt over the life of the facility. Following the refinancing, the company has approximately CHF65 million of freely available cash on its balance sheet as well as access to the CHF50 million revolving credit facility, providing ample liquidity to invest in the company's business and strengthen its capability to provide the best possible service to its customers. Capital Infusion As part of the refinancing package, Gate Gourmet's shareholders, led by Texas Pacific Group, has invested an additional CHF30 million. TPG will remain the largest shareholder and retain significant control of the board and the company. Gate Gourmet's restructuring efforts have been recognized by major credit rating agencies. Both Standard & Poor's and Moody's recently upgraded the company's ratings to B- and B2, respectively, with an outlook of "stable." "The completion of the refinancing represents a major milestone for Gate Gourmet and its employees and reflects the financial community's confidence in the company. With a significantly reduced debt burden and healthy liquidity, Gate Gourmet is well positioned for the future," Chairman and Chief Executive Officer David N. Siegel, said. Headquartered at Zurich-Airport, Switzerland, Gate Gourmet -- http://www.gategourmet.com/-- is the world's second largest airline catering company, providing catering services to many of the world's major airlines, such as British Airways, Swissair, United Airlines, Delta Airlines, Virgin Atlantic and Cathay Pacific to name just a few. * * * On Feb. 22, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Switzerland-based airline catering group Gate Gourmet Luxembourg II S.C.A. (Gate Gourmet), and on 100%-owned subsidiary Gate Gourmet LLC, to 'B-' from 'D'. The outlook on both entities is stable. ============= U K R A I N E ============= AGROKOMPLEKS: Bankruptcy Supervision Begins ------------------------------------------- The Economic Court of Zakarpatska region commenced bankruptcy supervision procedure on OJSC Agrokompleks (code EDRPOU 05488957). The case is docketed as 10/311. Mr. Igor Savchuk has been appointed temporary insolvency manager. CONTACT: AGROKOMPLEKS Ukraine, Zakarpatska region, Rahiv, Partizanska Str. 108 Mr. Igor Savchuk Temporary Insolvency Manager Ukraine, Zakarpatska region, Rahiv, Miru Str. 5/62 Phone: (03132) 2-11-76 ECONOMIC COURT OF ZAKARPATSKA REGION 88000, Ukraine, Uzhgorod region, Kotsubinski Str. 2a HLIBOROB: Under Bankruptcy Supervision in Hmelnitskij Region ------------------------------------------------------------ The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on Agricultural LLC Hliborob (code EDRPOU 03786142). The case is docketed as 4/313-B. Mr. Viktor Matushak (license AA 485213 of March 3, 2003) has been appointed temporary insolvency manager. CONTACT: HLIBOROB Ukraine, Hmelnitskij region, Letichivskij district, Trebuhivtsi Mr. Viktor Matushak Temporary Insolvency Manager Ukraine, Hmelnitskij region, Skovoroda Str. 14/151 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square 1 KRYMPRODMASH: Nataliya Gerasko Leads Liquidation Process -------------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against OJSC KRYMPRODMASH (code EDRPOU 14315144) after finding the company insolvent. The case is docketed as 2- 8/666-2005. Ms. Nataliya Gerasko has been appointed liquidator/insolvency manager. CONTACT: KRYMPRODMASH 85006, Ukraine, AR Krym region, Simferopol, Yevpatorijske shose Str. 8 Ms. Nataliya Gerasko Liquidator/Insolvency Manager Ukraine, AR Krym region, Simferopol, Marshal Zhukov Str. 9/23 THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 MN EXIM: Declared Insolvent by Kyiv Court ----------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against LLC Building-Investing Company MN EXIM (code EDRPOU 24370931) on Nov. 14, 2005, after finding the company insolvent. The case is docketed as 46/858-b. Mr. Dmitro Maltsev has been appointed liquidator/insolvency manager. CONTACT: MN EXIM 02100, Ukraine, Kyiv region, Verhovna Rada Boulevard 14-b Mr. Dmitro Maltsev Liquidator/Insolvency Manager 02002, Ukraine, Kyiv region, a/b 223 Phone/Fax: 8 (044) 253-55-61 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B UKRAINIAN STONE: Crumbles Under Insolvency ------------------------------------------ The Economic Court of Mikolaiv region commenced bankruptcy proceedings against LLC Ukrainian Stone (code EDRPOU 30976672) on Dec. 7, 2005, after finding the company insolvent. The case is docketed as 14/272/05. Mr. Derebchinskij Mikola has been appointed liquidator/insolvency manager. CONTACT: UKRAINIAN STONE 54030, Ukraine, Mikolaiv region, Lagerne pole Str. 5/6 Mr. Derebchinskij Mikola Liquidator/Insolvency Manager 55001, Ukraine, Mikolaiv region, Yuzhnoukrainsk, Komsomolska Str. 3/323 Phone: (05136) 2-51-77 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 PROMIN: Court Names Glebov Vasil to Liquidate Assets ---------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against AGRICULTURAL LLC PROMIN (code EDRPOU 03731945) on Dec. 12, 2005 after finding the company insolvent. The case is docketed as 5/286-05. Mr. Glebov Vasil has been appointed liquidator/insolvency manager. CONTACT: PROMIN 24144, Ukraine, Vinnitsya region, Chernivtsi district, Lozove ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose 7 RAJAGROTEHNIKA: Closes Operations & Begins Liquidation ------------------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy proceedings against OJSC Rajagrotehnika (code EDRPOU 13497829) on Dec. 22, 2005, after finding the company insolvent. The case is docketed as 5/214 B. Mr. V. Paterilov has been appointed liquidator/insolvency manager. CONTACT: RAJAGROTEHNIKA 85160, Ukraine, Donetsk region, Kostyantinivskij district, Ivanopillya, Dzerzhinskij Str. 34 Mr. V. Paterilov Liquidator/Insolvency Manager 83050, Ukraine, Donetsk region, a/b 6915 Phone: 8 (050) 360-80-66 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 SUMI' RAFINAD: Court Names Temporary Insolvency Manager ------------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on OJSC Sumi' Rafinad Plant (code EDRPOU 00372925). The case is docketed as 6/122-05. Mr. Oleksandr Sugonyako has been appointed temporary insolvency manager. CONTACT: SUMI' RAFINAD PLANT Ukraine, Sumi region, Privokzalna Str. 4 Mr. Oleksandr Sugonyako Temporary Insolvency Manager 40030, Ukraine, Sumi region, Kozatskij val Str. 2 A Phone: 22-10-80 ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue 18/1 SKIF UV: O. Tomashevskij Leads Liquidation Process -------------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against LLC Skif Uv (code EDRPOU 33250607) on Jan. 17, 2006, after finding the company insolvent. The case is docketed as 10/561/05. Mr. O. Tomashevskij has been appointed liquidator/insolvency manager. CONTACT: SKIF UV Ukraine, Mikolaiv region, Industrialna Str. 1-A Mr. O. Tomashevskij Liquidator/Insolvency Manager 54029, Ukraine, Mikolaiv region, Robocha Str. 7 ECONOMIC COURT OF MIKOLAIV REGION 54009, Ukraine, Mikolaiv region, Admiralska Str. 22 UKRDEMONTAZHPEREROBKA: Succumbs to Insolvency in Mikolaiv --------------------------------------------------------- The Economic Court of Mikolaiv region commenced bankruptcy proceedings against Private Enterprise Ukrdemontazhpererobka (code EDRPOU 32507535) on January 19, 2006 after finding the company insolvent. The case is docketed as 14/339/05. Mr. O. Tomashevskij has been appointed liquidator/insolvency manager. CONTACT: UKRDEMONTAZHPEREROBKA Ukraine, Mikolaiv region, Geroiv Stalingradu Avenue 91/103 Mr. O. Tomashevskij Liquidator/Insolvency Manager 54029, Ukraine, Mikolaiv region, Robocha Str. 7 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 =========================== A W HOLDEN: Liquidator from Mabe Allen LLP Moves In --------------------------------------------------- A W Holden Limited voluntarily liquidated its assets after members voted to wind up the company's operations during an EGM held in Feb. 24 in Derby. Company Chairman P J Clark disclosed that John Philip Allen of Mabe Allen LLP is appointed liquidator after members found out that the company cannot continue its business due to its liabilities. CONTACT: A.W. HOLDEN LTD Wetherby Road Derby DE24 8HN Tel: 01332 293215 BATHTIME (UK): Hires Joint Administrators From Vantis Plc --------------------------------------------------------- Nick O'Reilly and Simon Elliot Glynn of Vantis Plc were appointed joint administrators of Bathtime (UK) Limited (Company Number 04526631) on Feb. 20. The company manufactures plastic 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. BRITISH AIRWAYS: Aims GBP450 Million Cost Cuts Through 2008 ----------------------------------------------------------- British Airways PLC is targeting up to GBP450 million in cost cuts over the next two years through March 2008. The airline said the plan will leave the company on track to deliver a 10% operating margin in the financial year to March 2008 assuming fuel prices and external environment are stable. At its annual Investor Day last week, the Company estimated fuel costs for the year to March 2006 to be between GBP505 million through GBP515 million higher than the previous year, with net debt expecting to fall below GBP2 billion this month. For 2006 through 2007, revenue is estimated to increase by four to five percent driven by increased capacity and seat factors. The Company expects fuel costs to increase by GBP400 million for the same period, while total costs, excluding fuel, are forecasted to be flat. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.britishairways.com/-- is the UK's largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. CHRIS DUNNE: Civil Engineers Start Liquidation Process ------------------------------------------------------ Clive Morris was appointed Liquidator of Chris Dunne Construction Limited after members decided to wind up the company's operations on Feb. 15, 2006. Chairman M.C. McDermott divulged that the company could no longer continue operating its business due to mounting debts. CONTACT: CHRIS DUNNE CONSTRUCTION LIMITED Unit 1A Ams Trading Estate Brownhill Lane Longton Preston PR4 4SG Tel: 01772 619 112 COLLINS WALLPAPER: Liquidator From P S Wallace Moves In ------------------------------------------------------- Collins Wallpaper Warehouse Limited decided to liquidate its assets after members voted to wind up the company's operations during an Extraordinary General Meeting on Feb. 20, 2006, in Lancashire. J. E. Burman, chairman of Collins Wallpaper Warehouse Limited, disclose that the company cannot continue its business due to its surmounting debts. Philip Stephen Wallace of P S Wallace & Co. is appointed liquidator. CONTACT: COLLINS WALLPAPER WAREHOUSE LTD 36-44 George Street, Blackpool, Lancashire FY1 3DB Tel: 01253620321 COLOUR NATION: Members Agree to Voluntary Liquidation ----------------------------------------------------- Members of Colour Nation (Soho) Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 16, 2006. John W Davies and David Hill, of Begbies Traynor, were appointed Joint Liquidators. CONTACT: COLOUR NATION (SOHO) LIMITED 22 Peter Street London W1F 0AF Tel: 020 7287 8748 CONTOUR PACKAGING: Manufacturer Appoints Joint Liquidators ---------------------------------------------------------- Members of Contour Packaging International Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 15, 2006. John W Davies and David Hill, of Begbies Traynor, were appointed Joint Liquidators to wind up the company's business. CONTACT: CONTOUR PACKAGING INTERNATIONAL LIMITED Bridge Works Iver Lane Uxbridge Middlesex UB8 2JF Tel: 01895 230 111 Fax: 01895 230 267 Web: http://www.contourpack.co.uk/ DELYN HIRE: Liabilities Prompt Voluntary Liquidation ---------------------------------------------------- Members of Delyn Hire Centres Limited appointed Jean M. Ellis of Duncan Sheard Glass 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 Feb. 21, 2006, during an Extraordinary General Meeting held in Flintshire. CONTACT: DELYN HIRE CENTRES LIMITED 19 Station Road, Queensferry, Deeside, Clwyd CH5 1SU Tel: 01244812888 ESSEX PRINT: Duncan Beat Sets April 11 Claims Bar Date ------------------------------------------------------ Creditors of Essex Print Ltd are given until April 11, 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, Duncan R. Beat. CONTACT: ESSEX PRINT LTD Unit 12 Smilers Farm Ind Est Pound Lane North Benfleet Wickford Essex SS129JS Tel: 01268 590 239 FIRSTGUARD SECURITY: Claims Registration Ends March 29 ------------------------------------------------------ Members of Firstguard Security Services Limited decided to liquidate the company's assets during an extraordinary general meeting on Feb. 15, 2006. Appointed Joint Liquidator David Moore, 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 29, 2006. CONTACT: FIRSTGUARD SECURITY SERVICES LIMITED Cashel Road Birkenhead Merseyside CH411DY Fax: 0151 691 0102 GLENROYD STAINLESS: Shuts Down Operations in Yorkshire ------------------------------------------------------ Glenroyd Stainless Fabrications Ltd is liquidating its assets after members elected to wind up the company's operations during an extraordinary general meeting on Feb. 8, 2006. Company Director A.J. Cullingworth revealed that the members found out that the company could not continue its business due to mounting debts. Timothy Calverley, of Haines Watts, was appointed Liquidator. CONTACT: GLENROYD STAINLESS FABRICATIONS LTD Unit 11 Acorn Park Industrial Estate Charlestown Shipley West Yorkshire BD177SW Tel: 01274 531 291 Fax: 01274 531 534 HARRWAY LIMITED: Joint Liquidators Take Over Operations ------------------------------------------------------- Gavin Geoffrey Bates and Peter John Windatt, of BRI Business Recovery and Insolvency, were appointed Joint Liquidators after members of Harrway Limited decided to wind up the company's operations on Feb. 9, 2006. Director R. Harrington disclosed the company could not continue its operations due to financial liabilities. CONTACT: HARRWAY LIMITED Bloxham Mill Barford Road Bloxham Banbury Oxfordshire OX154FF Tel: 01295 724 558 Fax: 01295 724 559 HEMS ANODISING: Peter Alan Langard Leads Liquidation Procedure -------------------------------------------------------------- Hems Anodising Limited is liquidating its assets after members elected to wind up the company's operations during an extraordinary general meeting on Feb. 15, 2006. Peter Alan Langard, of Lifford Hall, was appointed Liquidator. CONTACT: HEMS ANODISING LIMITED Unit 30/31 Darlaston Central Trading Estate Wednesbury West Midlands WS108XB Tel: 0121 526 7188 Fax: 0121 568 7228 HMV GROUP: Permira Submits Revised Conditional Offer ---------------------------------------------------- HMV Group plc confirms it has received a revised conditional proposal regarding a possible offer for the Group at 210 pence per ordinary share in cash from Permira Advisers Limited. The Company previously received a bid from Permira in January offering to acquire the Group at 190 pence per ordinary share. However, following a review of the proposal, the HMV Board concluded that the offer undervalues the Group. Martin Flanagan of The Scotsman suggests that the revised offer would value the high street music chain at GBP842 million. The Board of HMV Group is currently considering the revised conditional proposal and says a further announcement will be made in due course. "There can be no certainty that an offer will be made nor as to the terms on which any offer might be made," the Company said. Permira reportedly lined up Roger Parry, the chairman of several media outfit, to serve as HMV's executive chairman if an offer succeeds, The Scotsman relates. 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. INDEPENDENT BUILDERS: Members Pass Wind Up Resolution ----------------------------------------------------- Members of Independent Builders Merchants Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 8, 2006. Director S. Allan expressed that the company could no longer continue its operations due to financial liabilities. Rosalind Hilton, of Adcroft Hilton, was voted Liquidator. CONTACT: INDEPENDENT BUILDERS MERCHANTS LIMITED Unit A Kingmoor Park Heathlands Estate Carlisle CA6 4RE Tel: 01228 672 100 J S CARS: Creditors Confirm Voluntary Liquidation ------------------------------------------------- Creditors of J.S. Cars Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 16, 2006. Creditors also ratified the appointment of Gordon Johnston, of hjs Recovery, as Liquidator. CONTACT: J S CARS LIMITED 16-18 Empress Road Southampton Hampshire SO140JU Tel: 023 8063 8976 Fax: 023 8022 2641 M FIRKIN: Meeting of Creditors Set Next Week -------------------------------------------- Creditors of M Firkin Limited (Company Number 00307346) will meet on March 21, 2006, 10 a.m. at 12-22 Edmund House, Newhall Street, Birmingham B3 3SD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to C. K. Rayment, joint administrator of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD not later than 12 noon, March 20, 2006. About BDO Stoy Hayward BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. NOTTINGHAM DYERS: Taps Joint Administrators from Tenon Recovery --------------------------------------------------------------- Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were appointed joint administrators of Nottingham Dyers Limited (Company Number 02669015) on Feb. 24. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Headquartered in Nottingham, Nottingham Dyers Ltd is engaged in preparing and finishing textiles. RTD STEEL: Administrator from Cowgill Holloway Takes Over --------------------------------------------------------- Gary Bell of Cowgill Holloway Business Recovery LLP was appointed administrator of RTD Steel Limited (Company Number 04736281) on Feb. 23. Its registered office is at Blythe Park, Sandon Road, Cresswell, Stoke-on-Trent, Staffordshire ST11 9WS. Headquartered in Stoke on Trent, Staffordshire, RTD Steel Ltd -- http://www.rtd-steel.com/-- was established in 2003. It has over 50 years of experience within the steel industry. The company has a turnover of GBP3 million and is looking to expand this up to GBP5 million last year. RTD Steel Ltd provides decoiled to length mild steel sheet and plate as well as extensive guillotine capacities to produce exacting tolerance blanks in Hot Rolled, Cold Reduced, Galvanised, Zintec, Aluminised and Galvanealled (IZ) grades. CONTACT: COWGILL HOLLOWAY BUSINESS RECOVERY LLP Regency House 45-51 Chorley New Road Bolton Greater Manchester BL1 4QR Tel: 01204 414277 Fax: 01204 414244 E-mail: gary.bell@cowgills.co.uk STIRLING TELECOMMUNICATIONS: Brings In Joint Administrator ---------------------------------------------------------- James Richard Tickell and Carl Derek Faulds of Portland Business & Financial Solutions Ltd were appointed joint administrators of Stirling Telecommunications LLP (Company Number OC302403) on Feb. 28. CONTACT: 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 VISAGE INTERNATIONAL: Calls On PKF to Administer Assets ------------------------------------------------------- David Merrygold and Philip Long of PKF (UK) LLP were appointed joint administrators of Visage International Partners Ltd (Company Number 04198447) on Feb. 23. Its registered office is at 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ. Visage International Partners Ltd is a cosmetic distributor. Its registered office is at 3 Phoenix Sq/Wyncolls Rd, Colchester CO4 9AS. For more details, call 01206 752722. CONTACT: PKF 16 The Havens Ransomes Europark Ipswich, Suffolk IP3 9SJ Tel: 01473 320700 Fax: 01473 320800 E-mail: david.merrygold@uk.pkf.com WILD AND HALLAM: In Administrative Receivership ----------------------------------------------- National Westminster Bank Plc appointed Christopher Michael White and Allan Cooper of P&A Partnership joint administrative receivers of Wild And Hallam Limited (Company Number 2192278) on Feb. 23. About P&A Partnership The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. As the partnership works only in the field of business rescue and insolvency, it can not only promise dedicated expertise, but can also assure its professional clients that it pose no competition to its own business base. ********* 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 * * *