/raid1/www/Hosts/bankrupt/TCREUR_Public/060314.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, March 14, 2006, Vol. 7, No. 52
Headlines
F R A N C E
ALCATEL: S&P Affirms Long-Term Corporate Credit Rating to BB
G E R M A N Y
ELSAKO INSTALLATIONSGESELLSCHAFT: Court Sets March 31 Bar Date
FALK FACHMARKTCENTER: Claims Registration Ends March 24
FAME EVENTGASTRO: Claims Registration Ends March 22
FERRO-MONTAGETECHNIK: Claims Registration Ends March 20
FORDERVEREIN GRUNDSCHULE: Creditors' Meeting Set for April 12
FORSTER BAUBETRIEB: Claims Registration Ends March 22
FRANZEN BAU: Claims Registration Ends March 22
HELD TELEKOMMUNIKATION: Claims Registration Ends April 1
INFRATEC GMBH: Claims Registration Ends April 4
INSURELINE GMBH: Claims Registration Ends March 31
JANSSEN & RAUERT: Creditors' Meeting Set for March 24
KTO PRODUCTS: Creditors' Meeting Slated for April 20
KURZER ELEKTROTECHNIK: Claims Registration Ends April 4
LAATZENER VERWERTUNGS: Claims Registration Ends March 20
LEON UMZUEGE: Claims Registration Ends Friday
PFLEIDERER AG: Sells Track Systems Unit to AXA Private Equity
G R E E C E
OLYMPIC AIRLINES: State Grants Creditor Protection Until Oct. 31
K A Z A K H S T A N
AGRO-STAR: Creditors Must File Proofs of Claim by March 24
ALMAZ SOLT: Creditors Must File Proofs of Claim by March 24
BUILD INDUSTRIES: Almaty Court Opens Bankruptcy Proceedings
KAIRANKULSKEI ELEVATOR: Creditors Must Submit Claims by March 24
OTANDASTAR-NEFTEHIM: Creditors Must Submit Claims by March 24
URAL HUNTING: West Kazakhstan Court Begins Bankruptcy Process
R U S S I A
ALAPAEVSKIY SPADE: Sverdlovsk Court Begins Bankruptcy Process
BABUSHKINO-AGRO-KHIM: Vologda Court Begins Bankruptcy Process
CENTERTELECOM: Reappoints N. Mezhuyev as Deputy General Director
CHERKASSKOYE: Claims Filing Period Ends April 4
DAVLEKANOVSKIY: Claims Filing Period Ends April 4
GAS-PROM-GEO-COM-SERVICE: Moscow Court Begins Bankruptcy Process
GEO-OIL: Moscow Court Begins Bankruptcy Proceedings
MDM BANK: Moody's Rates US$2 Billion LPN Program at Ba2
OSTROVSKOYE: Claims Filing Period Ends April 4
SOUTH-GASIFICATION: Claims Filing Period Ends April 4
TRANSCAPITALBANK: Moody's Rates Foreign Currency Deposit at B1
TRANS-SPETS-STROY: Khanty-Mansiyskiy Begins Bankruptcy Process
VIMPEL-COMMUNICATION: Moody's Lifts Bond Ratings to Ba3 From B1
VOZROZHDENIYE: Nizhniy Novgorod Begins Bankruptcy Process
YUKOS OIL: Bank Lenders Want Moscow Court to Rule on Bankruptcy
S P A I N
SAEZ MERINO: Employees Protest Plan to Unwind Spanish Operations
U K R A I N E
AMOS: Kyiv Court Opens Bankruptcy Proceedings
LVIVTEPLOENERGOZBUT: Court Names Oleg Oprishok as Liquidator
PET JURAN: Kyiv Court Begins Bankruptcy Proceedings
PRIMORSKIJ RAJAGROBUD: Begins Bankruptcy Process in Zaporizhya
SINTEZ: Court Names Vinnikov Vasil as Interim Insolvency Manager
SLAVIYA: Court Names Yaroslav Onushkanich as Insolvency Manager
TAVRIJSKAGROSNAB: Court Names I. Bilousov as Liquidator
UKR-BRUHT 2004: Mikolaiv Court Begins Bankruptcy Proceedings
ULYANIVKA: Court Names Malyar Mikola as Liquidator
U N I T E D K I N G D O M
APTEC TECHNOLOGIES: Meeting of Creditors Set for March 20
FG NOTTINGHAM: Hires Joint Administrators from Tenon Recovery
F.H.S LIMITED: Creditors' Meeting Set March 21
FILTRAUTO UK: Members Agree to Voluntary Liquidation
I J MEDIA: Names Hart Shaw to Liquidate Assets
LANGTREE GARAGE: Joint Administrators from PKF Move In
LASCO EUROPE: Meeting of Creditors Set Friday
LINGUAPHONE GROUP: Joint Administrators Move In
LOMBARD MEDICAL: Taps PricewaterhouseCoopers to Liquidate Assets
MILLENNIUM LOGISTICS: Members Agree to Voluntary Liquidation
MOORLANDS LIMITED: Rising Debts Prompt Liquidation Proceedings
OFFICENORTH LIMITED: Hires Baker Tilly to Liquidate Assets
OLDELMS LIMITED: Creditors Confirm Voluntary Liquidation
OPUS AUDIO: Manufacturer Appoints Rothman Pantall Administrator
PREMIER FOODS: Dec. 31 Balance Sheet Upside Down by GBP18 Mln
RANDOM MEDIA: Members Approve Voluntary Liquidation
RANK GROUP: Repurchases 675,000 Shares for Cancellation
RELIANCE ELECTRICAL: Members Recommend Voluntary Liquidation
RICHMICRO LTD: Winds Up Business & Names Joint Liquidators
TECHNICAL MEDIA: Names Richard Ian Williamson as Liquidator
TRINITY ENGINEERING: Claims Registration Ends Tomorrow
UNITED SECURITY: Begins Liquidation Proceedings
* Large Companies with Insolvent Balance Sheets
*********
===========
F R A N C E
===========
ALCATEL: S&P Affirms Long-Term Corporate Credit Rating to BB
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on French
telecommunications-equipment maker Alcatel to positive from
stable, following a review of the company's fourth-quarter
financial 2005 results and of its trading prospects for 2006.
At the same time, Standard & Poor's affirmed all its ratings on
the group, including the 'BB' long-term and 'B' short-term
corporate credit ratings.
"The outlook revision reflects expectations that anticipated
mid-single-digit growth rates for the telecoms-equipment
industry during 2006, combined with Alcatel's leaner cost
structure, should yield an improved free-cash-flow-generation
profile for the group," said Standard & Poor's credit analyst
Leandro de Torres Zabala.
The telecoms-equipment industry is expected to grow at mid-
single-digit rates (at constant currency exchange rates) during
2006, albeit possibly at a more moderate pace than in 2005.
This is expected to be supported by continuing significant
investments by telecoms operators in wireless communication
equipments, particularly in emerging markets, albeit also at
lower rates than in 2005. Trading levels will also be supported
by areas of growth in wireline technologies such as broadband
access, optics, and Internet-protocol (IP) networks, underpinned
by the advancement of triple-play services in the U.S. and in
Europe and the transformation of telecoms networks to all-IP.
Given the cost efficiencies achieved by Alcatel, the group
should be in a position to achieve EBIT in excess of the 2005
level of 9.1% and, critically, to raise its free-cash-flow-
generation profile, which has been Alcatel's weakest point over
the last few years.
"If these expectation are met, and the group maintains ample
liquidity and reduces gross leverage, the ratings could be
raised in the intermediate term," said Mr. de Torres Zabala.
=============
G E R M A N Y
=============
ELSAKO INSTALLATIONSGESELLSCHAFT: Court Sets March 31 Bar Date
--------------------------------------------------------------
Creditors of ElSaKo Installationsgesellschaft mbH have until
March 31, to register their claims with court-appointed
provisional administrator Ulrich Bastian.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 4, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Muenchen
Infanteriestr. 5
Sitzungssaal 102
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.
The District Court of Muenchen opened bankruptcy proceedings
against ElSaKo Installationsgesellschaft mbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
ELSAKO INSTALLATIONSGESELLSCHAFT mbH
c/o Fa. Flexmar GmbH
Frankfurter Ring 243
80807 Muenchen
The administrator can be contacted at:
Ulrich Bastian
Sendlinger Str. 46, 80331 Muenchen
Tel: 089/2603966
Fax: 089/2609204
FALK FACHMARKTCENTER: Claims Registration Ends March 24
-------------------------------------------------------
Creditors of Falk Fachmarktcenter Objekt Berlin Spandau GmbH &
Co. KG have until March 24, to register their claims with court-
appointed provisional administrator Josef Nachmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Muenchen
Infanteriestr. 5
Sitzungssaal 102
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.
The District Court of Muenchen opened bankruptcy proceedings
against Falk Fachmarktcenter Objekt Berlin Spandau GmbH & Co. KG
on Feb. 1. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be contacted at:
FALK FACHMARKTCENTER OBJEKT BERLIN SPANDAU
GmbH & Co. KG
Westendstrasse 160
80339 Muenchen
The administrator can be contacted at:
Josef Nachmann
Theatinerstr. 32
80333 Muenchen
Tel: 089/24217737
Fax: 089/24217738
FAME EVENTGASTRO: Claims Registration Ends March 22
---------------------------------------------------
Creditors of Fame Eventgastro Ltd. have until March 22, to
register their claims with court-appointed provisional
administrator Immo Hamer.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Braunschweig
E 01, Martinikirche 8
38100 Braunschweig
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.
The District Court of Braunschweig opened bankruptcy proceedings
against Fame Eventgastro Ltd. on Feb. 6. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Fame Eventgastro Ltd.
Attn: Anna-Maria Tsaroucha, Manager
Hansestrasse 47, 38112 Braunschweig
Schlossstr. 8
38179 Schwuelper
The administrator can be contacted at:
Immo Hamer
Kalenwall 1
38100 Braunschweig
Tel: 0531/1219932
Fax: 0531/1233989
FERRO-MONTAGETECHNIK: Claims Registration Ends March 20
-------------------------------------------------------
Creditors of FERRO-Montagetechnik GmbH & Co. KG have until
March 20, to register their claims with court-appointed
provisional administrator Dr. Martin Prager.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Dienstag
Infanteriestr. 5
Sitzungssaal 101
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.
The District Court of Dienstag opened bankruptcy proceedings
against FERRO-Montagetechnik GmbH & Co. KG on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
FERRO-MONTAGETECHNIK GmbH & Co. KG
Ohmstr. 1
85716 Unterschleissheim
The administrator can be contacted at:
Dr. Martin Prager
Barthstr. 16
80339 Muenchen
Tel: 089/8589633
Fax: 089/58596350
FORDERVEREIN GRUNDSCHULE: Creditors' Meeting Set for April 12
-------------------------------------------------------------
Court-appointed provisional administrator of Forderverein
Grundschule Stammestrasse e.V., Helge Wachsmuth, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 2:10 p.m. on Apr. 12.
The meeting of creditors and other interested parties will be
held at:
The District Court of Hannover
Saal 226
2. Obergeschoss
Hamburger Allee 26
30161 Hannover
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.
The District Court of Hannover opened bankruptcy proceedings
against Forderverein Grundschule Stammestrasse e.V. on Feb. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Forderverein Grundschule Stammestrasse e.V.
Stammestr. 53
30459 Hannover
The administrator can be contacted at:
Helge Wachsmuth
Alexanderstr. 2
30159 Hannover
Tel: 0511/325095
Fax: 0511/329934
FORSTER BAUBETRIEB: Claims Registration Ends March 22
-----------------------------------------------------
Creditors of Forster Baubetrieb GmbH have until March 22, to
register their claims with court-appointed provisional
administrator Christian Schuetze.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 27, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Cottbus
Gerichtsplatz 2
03046 Cottbus
Saal 313
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.
The District Court of Cottbus opened bankruptcy proceedings
against Forster Baubetrieb GmbH on Feb. 10. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Forster Baubetrieb GmbH
Attn: Sylvia Joel, Manager
Kreuzschenkenstr. 1
03149 Forst/L
The administrator can be contacted at:
Christian Schuetze
Lieberoser Strasse 7
03046 Cottbus
FRANZEN BAU: Claims Registration Ends March 22
----------------------------------------------
Creditors of Franzen Bau GmbH have until March 22, to register
their claims with court-appointed provisional administrator
Siegfried Mueller.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 8, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Aachen
Augustastrasse 78-80
52070 Aachen
1. Etage
Sitzungssaal 14
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.
The District Court of Aachen opened bankruptcy proceedings
against Franzen Bau GmbH on Feb. 9. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be contacted at:
Franzen Bau GmbH
Hallenbad 9
53925 Kall
Attn: Herbert Franzen
Lourderstr. 21
53925 Kall-Keldenich
The administrator can be contacted at:
Siegfried Mueller
Zum Markt 10
53888 Mechernich
HELD TELEKOMMUNIKATION: Claims Registration Ends April 1
--------------------------------------------------------
Creditors of Held Telekommunikation GmbH have until April 1, to
register their claims with court-appointed provisional
administrator Dr. Hans von Gleichenstein.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on May 17, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Muenchen
Infanteriestr. 5
Sitzungssaal 102
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.
The District Court of Muenchen opened bankruptcy proceedings
against Held Telekommunikation GmbH on Jan. 31. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be contacted at:
Held Telekommunikation GmbH
Schwanthalerstr. 3
82049 Pullach
The administrator can be contacted at:
Dr. Hans von Gleichenstein
Rottmannstr. 11a
80333 Muenchen
Tel: 089/5427300
Fax: 089/54273015
INFRATEC GMBH: Claims Registration Ends April 4
-----------------------------------------------
Creditors of Infratec GmbH have until April 4, to register their
claims with court-appointed provisional administrator Dr.
Karsten Forster.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 9, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Frankfurt
Muellroser Chaussee 55
15236 Frankfurt (Oder)
Saal 401
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.
The District Court of Frankfurt opened bankruptcy proceedings
against Infratec GmbH on Feb. 13. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be contacted at:
Infratec GmbH
Weinbergstr. 22
16259 Beiersdorf-Freudenberg
The administrator can be contacted at:
Dr. Karsten Forster
Herbert-Jensch-Str. 111
15234 Frankfurt (Oder)
INSURELINE GMBH: Claims Registration Ends March 31
--------------------------------------------------
Creditors of InsureLine GmbH have until March 31, to register
their claims with court-appointed provisional administrator
Joachim Buettner.
Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 28, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Hamburg
Sievekingplatz 1
20355 Hamburg
4. Etage, Anbau
Saal B 405
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.
The District Court of Hamburg opened bankruptcy proceedings
against InsureLine GmbH on Feb. 7. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Insureline GmbH
Attn: Torben Gedaschko, Manager
Gasstrasse 10
22761 Hamburg
The administrator can be reached at:
Joachim Buettner
Osdorfer Landstrasse 230
22549 Hamburg
Tel: 8078810
Fax: 807881-20
JANSSEN & RAUERT: Creditors' Meeting Set for March 24
-----------------------------------------------------
Court-appointed provisional administrator for Janssen & Rauert
Bauunternehmen GmbH, Dr. Dirk Rueffert, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m., on March 24.
The meeting of creditors and other interested parties will be
held at:
The District Court of Cloppenburg
Saal 6
Hauptgebaude
Burgstrasse 9
49661 Cloppenburg
Creditors have until May 5, to register their claims with the
court-appointed provisional administrator.
The court will also verify the claims set out in the
administrator's report at 9:00 a.m., on June 2, at the same
venue.
The District Court of Cloppenburg opened bankruptcy proceedings
against Janssen & Rauert Bauunternehmen GmbH on Feb. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Janssen & Rauert Bauunternehmen GmbH
Attn: Johann Janssen, Manager
Ostermoorstr. 162
26683 Saterland
The administrator can be contacted at:
Dr. Dirk Rueffert
Donnerschweer Strasse 398
26123 Oldenburg
Tel: 0441/340770
Fax: 0441/34077340
KTO PRODUCTS: Creditors' Meeting Slated for April 20
----------------------------------------------------
Court-appointed provisional administrator for KTO Products GmbH,
Dr. Alexander Hopfner, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45
a.m., on Apr. 20.
The meeting of creditors and other interested parties will be
held at:
The District Court of Darmstadt
Zimmer 4-310, 4. OG
Gebaude D
Mathildenplatz 15
64283 Darmstadt
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.
The District Court of Darmstadt opened bankruptcy proceedings
against KTO Products GmbH on Feb. 7. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be contacted at:
KTO Products GmbH
Werkstrasse 23
68519 Viernheim
Attn: Frank Koch, Manager
Grosse Teilung 16
64683 Einhausen
The administrator can be contacted at:
Dr. Alexander Hopfner
Darmstadter Str. 43
64646 Heppenheim
Tel: 06252/6739988
Fax: 06252/6739989
KURZER ELEKTROTECHNIK: Claims Registration Ends April 4
-------------------------------------------------------
Creditors of Kurzer Elektrotechnik GmbH have until April 4, to
register their claims with court-appointed provisional
administrator Michael Waculik.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 25, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Wilhelmshaven
Saal 109
Marktstrasse 15
26382 Wilhelmshaven
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.
The District Court of Wilhelmshaven opened bankruptcy
proceedings against Kurzer Elektrotechnik GmbH on Feb. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Kurzer Elektrotechnik GmbH
Olhafendamm 12-14
26384 Wilhelmshaven
Attn: Olaf Kurzer, Manager
Mitscherlichstrasse 37
26382 Wilhelmshaven
The administrator can be contacted at:
Michael Waculik
Schlosserstr. 40
26441 Jever
Tel: 04461/745750
Fax: 04461/745751
E-mail: kanzlei@waculik.de
LAATZENER VERWERTUNGS: Claims Registration Ends March 20
--------------------------------------------------------
Creditors of Laatzener Verwertungs-Gesellschaft mbH have until
March 20, to register their claims with court-appointed
provisional administrator Dr. jur. Rainer Eckert.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Hannover
Saal 226, 2. Obergeschoss
Dienstgebaude
Hamburger Allee 26
30161 Hannover
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.
The District Court of Hannover opened bankruptcy proceedings
against Laatzener Verwertungs-Gesellschaft mbH on Feb. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Laatzener Verwertungs-Gesellschaft mbH
Attn: Akbar Armini Sharifi, Manager
Hildesheimer Str. 37
30880 Laatzen
The administrator can be contacted at:
Dr. jur. Rainer Eckert
Arthur-Menge-Ufer 5
30169 Hannover
Tel: 0511/626287-0
Fax: 0511/626287-10
LEON UMZUEGE: Claims Registration Ends Friday
---------------------------------------------
Creditors of Leon Umzuege & Transporte GmbH have until Friday,
March 17, to register their claims with court-appointed
provisional administrator Maximilian Breitling.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 19, at which time the
administrator will present his first report on the insolvency
proceedings.
The meeting of creditors will be held at:
The District Court of Muenchen
Infanteriestr. 5
Sitzungssaal 102
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee or opt to appoint a new
insolvency manager.
The District Court of Muenchen opened bankruptcy proceedings
against Leon Umzuege & Transporte GmbH on Feb. 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be contacted at:
Leon Umzuege & Transporte GmbH
Lotte-Branz-Str. 14
80939 Muenchen
The administrator can be contacted at:
Maximilian Breitling
Rottmannstr. 11a
80333 Muenchen
Tel: 089/5427300
Fax: 089/5427301593
PFLEIDERER AG: Sells Track Systems Unit to AXA Private Equity
-------------------------------------------------------------
Pfleiderer AG, Neumarkt (ISIN DE0006764749) signed a contract on
March 6, 2006, for the sale of its Business Center Pfleiderer
track systems, subject to approval by the German anti-trust
authority. An interim right to rescind the contract expired on
March 10, 2006. The companies taking over the Business Center
belong to AXA Private Equity. MDAX-listed Pfleiderer expects
the transaction to yield a capital gain of approximately EUR45
million after taxes.
A previous exclusivity agreement entered into with Vossloh AG,
Werdohl, was rescinded at the end of 2005 following a delay in
the approval procedure due to misgivings by the German anti-
trust authority.
The sale of Pfleiderer track systems marks the end of the
strategic realignment embarked on by Pfleiderer AG, which is now
concentrating entirely on expanding its Business Center
Engineered Wood internationally.
Headquartered in Neumarkt, Germany, Pfleiderer AG manufactures
engineered woods and infrastructure products through its
subsidiaries. The Company produces wood-based panels for
furniture and interior fittings, track systems for urban and
intercity rail networks, and a range of poles and towers for
energy and commercial infrastructures.
* * *
Fitch Ratings affirmed Pfleiderer's Senior Unsecured 'BB' rating
and removed it from Rating Watch Negative. A Stable Outlook has
been assigned. The Short-term 'B' rating is also affirmed.
===========
G R E E C E
===========
OLYMPIC AIRLINES: State Grants Creditor Protection Until Oct. 31
----------------------------------------------------------------
Creditors of Olympic Airlines will have to wait at least seven
months before they can recover their claims, Reuters says.
The Greek government extended the flag carrier's temporary
creditor protection until Oct. 31, to lessen the impact of an
adverse European Commission ruling. According to Reuters, the
EU executive issued a ruling in September 2005 demanding that
Olympic Airways and its successor, Olympic Airlines, repay
EUR540 million in illegal state aid to Greece after the
Commission found out that the financial support extended to the
carrier was distorting competition.
The ruling also hampered the government's effort to privatize
the loss-making carrier.
In December 2002, the Commission ruled illegal an aid granted to
Olympic Airways and ordered Greece to recover EUR160 million.
In 2003, Greece set up Olympic Airlines to take over the flight
operations and most of the assets of Olympic Airways, leaving
behind almost all of its debts and circumventing the obligation
to recover the aid.
Greece, however, remain optimistic it could sell the airline.
It is currently holding talks with possible buyers and declared
it would exhaust all means to materialize a sale.
Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties. The group's net loss swelled to EUR87 million in 2004
from EUR23 million a year before. Together with the 2004
deficit, Olympic's EUR110 million in accumulated losses are
nearly equivalent to its EUR130 million in equity.
The government is currently looking for private investors for
the carrier, saying privatization is its only chance for
survival. The state wants to dispose of the carrier to reduce
its EUR1.6 billion debt, one of the highest in the euro zone as
a percentage of gross domestic product. The group aims to be
relaunched in April 2006, bearing the same logo and a similar
name. Greece will retain investment bank Lazard as adviser.
===================
K A Z A K H S T A N
===================
AGRO-STAR: Creditors Must File Proofs of Claim by March 24
----------------------------------------------------------
LLP Agro-Star has declared insolvency. Creditors have until
March 24 to submit their written proofs of claim to:
LLP Agro-Star
Jeltoksan Str. 96
Room 311
Almaty Region
Talgarsk District
Besagash
ALMAZ SOLT: Creditors Must File Proofs of Claim by March 24
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau region
declared CJSC Almaz Solt Company, Inc., bankrupt.
Creditors have until March 24, to submit their written proofs of
claim to:
The Specialized Inter-Regional
Economic Court of Atyrau Region
Abai Str. 10a, 3rd floor
Atyrau
BUILD INDUSTRIES: Almaty Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Build Industries on
Jan. 23.
KAIRANKULSKEI ELEVATOR: Creditors Must Submit Claims by March 24
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared CJSC Kairankulskei Elevator bankrupt
on Jan. 4.
Creditors have until March 24 to submit their written proofs of
claim to:
The Specialized Inter-Regional
Economic Court of North Kazakhstan Region
Petropavlovsk
Universitetskaya Str. 40-17
OTANDASTAR-NEFTEHIM: Creditors Must Submit Claims by March 24
-------------------------------------------------------------
Otandastar-Neftehim has declared insolvency.
Creditors have until March 24 to file their written proofs of
claim to:
Otandastar-Neftehim
Pervomaisk Petroleum Storage Depot
Pervomaisk, Burundaisk Complex
Almaty, Ilisk District
URAL HUNTING: West Kazakhstan Court Begins Bankruptcy Process
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region declared commenced bankruptcy proceedings against Ural
State Hunting Producer's Farming on Jan. 23.
===========
R U S S I A
===========
ALAPAEVSKIY SPADE: Sverdlovsk Court Begins Bankruptcy Process
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision on close joint stock company Alapaevskiy
Spade Factory (TIN 6601007611). The case is docketed as #A60-
38363/05-S11.
Mr. G. Pervukhin has been appointed temporary insolvency
manager.
The Debtor can be reached at:
Alapaevskiy Spade Factory
Korobkina Str. 14
Alapaevsk
Sverdlovsk Region
624600, Russia
The temporary insolvency manager can be reached at:
G. Pervukhin
Temporary Insolvency Manager
Belinskogo Str. 34, Office 328
Ekaterinburg
620075, Russia
BABUSHKINO-AGRO-KHIM: Vologda Court Begins Bankruptcy Process
-------------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Babushkino-Agro-Khim after finding the open
joint stock company insolvent. The case is docketed as
A13-7801/2005-25.
Mr. V. Cherkasov has been appointed insolvency manager.
The Debtor can be contacted at:
Babushkino-Agro-Khim
Vologda Region
Babushkin Region
Russia
The insolvency manager can be reached at:
V. Cherkasov
Insolvency Manager
Kostroma-22,
Post User Box 3
156022, Russia
CENTERTELECOM: Reappoints N. Mezhuyev as Deputy General Director
----------------------------------------------------------------
OJSC CenterTelecom reappointed Nikolai Mezhuyev as Deputy
General Director for the company's Moscow office.
CenterTelecom provides fixed-line and mobile communications in
the Russian Central Federal District.
* * *
As reported in TCR-Europe on Feb. 9, 2006, Fitch Ratings
assigned Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors. Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities. Centertelecom now carries Fitch's B-
rating with a negative outlook.
CHERKASSKOYE: Claims Filing Period Ends April 4
-----------------------------------------------
Creditors of Cherkasskoye have until April 4, to submit their
written proofs of claim to:
CHERKASSKOYE
Saratov Region
Volskiy Region
Cherkasskoye
Russia
The Arbitration Court of Saratov region has commenced bankruptcy
proceedings against Cherkasskoye after finding the open joint
stock company insolvent. The case is docketed as A-57-572 B/
05-23. Mr. A. Budarin has been appointed insolvency manager.
The insolvency manager can be reached at:
A. Budarin
Insolvency Manager
Saratov Region
Volskiy region
Cherkasskoye
Russia
DAVLEKANOVSKIY: Claims Filing Period Ends April 4
-------------------------------------------------
Creditors of Davlekanovskiy (TIN 0259006289) have until April 4,
2006, to submit their proofs of claim to:
(a) Davlekanovskiy
Mazhita Gafuri Str. 4
Davlekanovo
Bashkortostan Republic
453400, Russia
(b) E. Ivanov
Insolvency Manager
Ufa, Oktyabrya Pr. 89/3, Apartment 9
Bashkortostan Republic
450057, Russia
(c) Arbitration Court of Bashkortostan Republic
Ufa, Oktyabrskoy Revolyutsii Str.
Bashkortostan Republic
450057, Russia
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Davlekanovskiy (TIN 0259006289)
after finding the open joint stock company insolvent. The case
is docketed as A07-52251/05-G-ADM.
Mr. E. Ivanov has been appointed insolvency manager.
GAS-PROM-GEO-COM-SERVICE: Moscow Court Begins Bankruptcy Process
----------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Gas-Prom-Geo-Com-Service after finding the
close joint stock company insolvent. The case is docketed as
A40-5984/04-95-50 "B".
Mr. N. Adamov has been appointed insolvency manager.
Creditors may submit their proofs of claim to:
N. Adamov
Insolvency Manager
Molodogvardeyskaya Str. 9, Building 1
Moscow Region
121467, Russia
GEO-OIL: Moscow Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Geo-Oil after finding the close joint stock
company insolvent. The case is docketed as A40-64365/
05-124-146 "B".
Mr. N. Adamov has been appointed insolvency manager.
The Debtor can be contacted at:
Geo-Oil
Barbolina Str. 3, Building 17
Moscow Region
107014, Russia
The insolvency manager can be contacted at:
N. Adamov
Insolvency Manager
Molodogvardeyskaya Str. 9, Building 1
Moscow Region
121467, Russia
MDM BANK: Moody's Rates US$2 Billion LPN Program at Ba2
-------------------------------------------------------
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.
At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes. The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank. The outlook
for all ratings is stable.
According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need. More specifically, the bank's ratings are underpinned
by four factors:
-- a recognizable name, experienced personnel and relatively
strong positions in corporate and investment banking
especially with regard to mid-market companies;
-- gradually improving corporate governance standards;
-- prudent past strategy focusing on profitable segments
rather on growth for the sake of growth; and
-- a high capital adequacy ratio.
At the same time the bank's ratings are constrained by these
factors:
-- lack of certainty with regard to possible amendments to
the bank's strategy following the change of CEO, which at
the same time represents an opportunity for the bank to
revisit its strategy that has resulted in somewhat slower
growth compared with its peers over the last two years;
-- stiffening competition that could exert further pressure
on interest margins on which the bank's profitability is
dependent;
-- the high albeit reducing level of concentrations on both
sides of the balance sheet;
-- a level of provisions for loan impairment reflecting lower
credit losses amid an improving economic environment that
could be insufficient to absorb losses in the event of a
negative swing in the economy; and
-- reduced revenues from proprietary trading (on which the
bank capitalized in the past) that are gradually being
replaced with recurring earnings from new sources such as
SME and retail banking, areas in which the bank is lagging
behind some of its peers.
Headquartered in Moscow, Russian Federation, MDM Bank reported
total assets of US$4.23 billion under IFRS as of June 30, 2005.
On a standalone basis (without subsidiaries), it ranked 11th
among Russian banks in terms of total assets as of Jan. 1, 2006.
OSTROVSKOYE: Claims Filing Period Ends April 4
----------------------------------------------
Creditors of Ostrovskoye have until April 4, 2006, to submit
their proofs of claim to:
V. Cherkasov
Insolvency Manager
Kostroma-22, Post User Box 3
156022, Russia
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Ostrovskoye after finding the open joint
stock company insolvent. The case is docketed as A31-7454/
2005-12.
Mr. V. Cherkasov has been appointed insolvency manager.
SOUTH-GASIFICATION: Claims Filing Period Ends April 4
-----------------------------------------------------
Creditors of South-Gasification (OGRN 10223201203605) have until
April 4, 2006, to submit their proofs of claim to:
V. Korchemkin
Insolvency Manager
Tyumen Region
Post User Box 3569
625000, Russia
A hearing will take place at the Arbitration Court of Krasnodar
region at 2:30 p.m., on Dec. 5, 2006.
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against South-Gasification (OGRN 10223201203605)
after finding the open joint stock company insolvent. The case
is docketed as A-32-7581/2005-44/161 B.
Mr. V. Korchemkin has been appointed insolvency manager.
The Debtor can be reached at:
South-Gasification
Golovatogo Str., Room 585
Krasnodar Region
350038, Russia
TRANSCAPITALBANK: Moody's Rates Foreign Currency Deposit at B1
--------------------------------------------------------------
Moody's Investors Service has assigned these global scale
ratings with a stable outlook to Transcapitalbank:
-- B1 long-term and Not-Prime short-term foreign
currency deposit ratings; and
-- an E+ financial strength rating.
At the same time, Moody's Interfax Rating Agency has affirmed
the bank's A2.ru long-term national scale credit rating.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.
According to Moody's and Moody's Interfax, the B1/NP/E+ global
scale ratings reflect global default and loss expectation, while
the A2.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.
The ratings assigned to TRB are underpinned primarily by the
bank's sound financial performance, notably good reported asset
quality, strong liquidity position and satisfactory
profitability. Other positive rating drivers include a
customer-oriented approach enabling the bank to maintain close
relationships with key corporate clients and established
relationships with the European Bank for Reconstruction and
Development, which has provided financing for the bank's SME,
mortgage lending and documentary business programs. However,
Moody's notes that TRB's franchise is undeveloped compared to
its peers, exerting downward pressure on the ratings.
The bank's ratings are also constrained by:
-- an unconfirmed ability to raise new capital to support
growth under the current ownership;
-- significant industry concentrations in the loan portfolio,
with the trade sector making up approximately 50% of the
total; and
-- exposure to market risks due to a relatively large
corporate securities portfolio.
According to Moody's, the B1/NP long-term foreign currency
deposit ratings do not incorporate any support in the event of
need from the bank's shareholders. Moody's believes that such
support, as well as support from the Russian financial
authorities is unlikely.
About Transcapitalbank
Transcapitalbank was founded in 1992 mainly to service mainly
the branch of LUKOIL in the Perm region, located in the Urals
about 1400 kilometres east of Moscow. Since its acquisition by
the new shareholders in 1999, the bank has significantly
expanded its customer base and territorial coverage, but has
also managed to retain strong positions in the Perm region.
TRB's branch network comprises five branches across the Russian
regions. The bank reported total assets of US$384 million and
shareholders' equity of US$41 million in accordance with IFRS as
of Dec. 31, 2004. According to Interfax, TRB ranked 69th in
terms of total assets and 76th in terms of capital among Russian
banks as at Dec. 31, 2005.
TRANS-SPETS-STROY: Khanty-Mansiyskiy Begins Bankruptcy Process
--------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision on close joint stock company
Trans-Spets-Stroy. The case is docketed as A76-12154/2005.
Mr. A. Drozdetskiy has been appointed temporary insolvency
manager.
Creditors may submit their proofs of claim to:
A. Drozdetskiy
Temporary Insolvency Manager
Surgut, Bezverkhova Str. 19
Tyumen Region
628400, Russia
A hearing will take place at 9:00 a.m., on July 10, 2006, at:
The Arbitration Court of Khanty-Mansiyskiy
Autonomous Region at Russia
Khanty-Mansiysk
Lenina Str. 54/1
The Debtor can be contacted at:
TRANS-SPETS-STROY
Lokomotivnyj Proezd, 5
Surgut
628400, Russia
VIMPEL-COMMUNICATION: Moody's Lifts Bond Ratings to Ba3 From B1
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Open Joint Stock Company Vimpel-Communication (VimpelCom) and
upgraded the ratings on the existing bonds to Ba3 from B1. The
corporate family rating remains unchanged at Ba3.
The change in outlook reflects:
-- the company's continued robust financial and operational
performance;
-- VimpelCom's position as the second largest mobile operator
in Russia and Kazakhstan;
-- its retention of a strong market share in competitive
environment; and
-- conservative leverage relative to its cash flow with Total
Debt to EBITDA at approximately 1.1x on an annualized Q3
2005 basis.
At the same time the Ba3 rating takes into account:
-- the company's publicly stated ambitions to pursue
acquisitions in the CIS countries;
-- continued high capital expenditure program;
-- Moody's expectations of a rise in the absolute debt level
to finance anticipated acquisitions;
-- the increasing pressure on ARPU; and
-- the competitive nature of the company's markets.
VimpelCom has publicly indicated its intentions to pursue
acquisitions in the CIS countries. As a result, the company's
breakeven cash flow is shifted to 2007 versus the originally
expected 2006. Moody's, however, expects VimpelCom to modestly
cover its organic capex (excluding any acquisitions) by
internally generated cash flow in 2006. The Ba3 rating with a
positive outlook factors in recognition of the company's
continued positive trend and track record in strong operational
performance and credit metrics also tempered by possible event
risk associated with continued shareholder tensions. The
positive outlook reflects expectations that the company will be
free cash flow positive (including anticipated acquisitions) in
2007. The outlook does not take into account any potential
impact of 3G developments.
The change in outlook acknowledges VimpelCom's announced
proposal to acquire Kyivstar G.S.M. JSC (please see Moody's
press-release dated Feb. 14, 2005) but does not factor in any
potential benefits and risks associated with it in the event the
acquisition is consummated. However, the change in outlook
assumes that the acquisition will be financed by VimpelCom's
equity. Furthermore, any assumption of Kyivstar debt by
VimpelCom will be within current debt levels at Kyivstar. In
the event there are changes to the proposed financing, Moody's
will need to review them separately.
Moody's also notes a continued shareholder dispute between Alfa
Group (not rated) and Telenor ASA (A2 / Review for Possible
Downgrade). So far, the dispute has not had a material impact
on VimpelCom's operations, although the Board of Directors has
not yet approved the proposed 2006 budget. Moody's will
continue to monitor further developments in the shareholder
dispute with a view to continuing to assess its impact on
VimpelCom's strategic and operational development.
The upgrade of the ratings on the bonds reflects a material
reduction of secured debt in the company's capital structure
from over 20% to the expected 10% by the yearend 2005. The Ba3
rating on the bonds relies on Moody's expectations that the
company will adhere to its financing policy to limit the amount
of secured debt in its capital structure to 15% of total debt
notwithstanding the fact that VimpelCom has the flexibility
under the indenture covenants to incur secured debt up to 10% of
total consolidated assets. Furthermore, the rating on the bonds
does not factor in material structural subordination.
Headquartered in Moscow, Russia, VimpelCom is one of the
country's leading providers of mobile telecommunications
services, under the "Beeline" brand. For the first nine months
2005, the company generated USD2.3 billion in revenue with a
50.1% OIBDA margin.
VOZROZHDENIYE: Nizhniy Novgorod Begins Bankruptcy Process
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision on close joint stock company
Vozrozhdeniye (TIN 5244012472). The case is docketed as A43-45
03/2005, 24-580.
Mr. E. Shevelev has been appointed temporary insolvency manager.
A hearing will take place on May 16, at 11:15 a.m., at:
The Arbitration Court of Nizhniy Novgorod Region
Nizhniy Novgorod Region
Kremlin, 9
603082, Russia
The Debtor can be reached at:
Vozrozhdeniye
Balakhna, F. Engelsa Str. 110
Balakhninskiy Region
Russia, Nizhniy Novgorod region,
The temporary insolvency manager can be reached at:
E. Shevelev
Nizhniy Novgorod Region
Kostina Str. 2, Office 57A
603134, Russia
YUKOS OIL: Bank Lenders Want Moscow Court to Rule on Bankruptcy
---------------------------------------------------------------
A consortium of 14 bank lenders asked the Moscow Arbitration
Court on Friday, March 10, to declare Yukos Oil Company
bankrupt.
The filing came amid reports on an internal management rift
between the Moscow and London executives over questionable oil
deals.
According to reports, Claire Davidson, a London spokesperson for
the Company, said she was surprised by the banks' move given
that they are set to recover their claims in Netherlands.
"Under Russian law they would be at the back of the list of
creditors, behind the employees and any tax liabilities, so you
have to ask why they have done this," Ms. Davidson told BBC
News.
The bank syndicate, which includes Societe Generale, Citibank,
Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, are
seeking to recover US$482 million as repayment of the remainder
of a $1 billion syndicated loan that Yukos secured in September
2003.
Ms. Davidson said the court will now take around two weeks to
appoint a judge, who would hear the case in about three months,
Tom Miles of Reuters relates.
Tim Osborne, managing director of Yukos' main shareholder, Grupo
Menatep Ltd. fears that "the state will auction off all the
Company's remaining assets at whatever price the Kremlin sees
fit," Guy Chazan of The Wall Street Journal reports.
Headquartered in Moscow, Russia, Yukos Oil Company --
http://yukos.com/-- is an open joint stock company existing
under the laws of the Russian Federation. Yukos is involved in
the energy industry substantially through its ownership of its
various subsidiaries, which own or are otherwise entitled to
enjoy certain rights to oil and gas production, refining and
marketing assets.
The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days
after, its main production unit Yugansk, was sold by the
government to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003. Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.
=========
S P A I N
=========
SAEZ MERINO: Employees Protest Plan to Unwind Spanish Operations
----------------------------------------------------------------
Roughly 90% of the 800 workers of Saez Merino protested the
Company's plan to wind down its operations in Spain, Ivan
Castano writes for just-style.com.
According to the report, about 400 workers gathered in downtown
Valencia in support of the indefinite round of strikes, which
started on March 9.
The bankrupt jeans wear maker revealed plans to unwind its
Spanish production in order to restructure its commercial
network and logistics operations to survive the stinging
competition from Asian rivals, Mr. Castano reports.
"Given the situation they are in, it's very possible that they
want to dismiss many workers," Vicente Rodriguez, an official
with top trades union Comisiones Obreras told just-style.
"What we are asking for is that they emerge from bankruptcy -
with a sound business and financial plan - before we negotiate
any redundancies," he added.
Headquartered in Valencia, Spain, Saez Merino --
http://www.saezmerino.es/-- manufactures the Lois, Cimarron,
Caster and Caroche brands. In 2004, the company expected
financial losses after a fall in profits of more than 70% in
2003, to EUR2.47 million. Parts of these losses were caused by
a 30% fall in exports to the U.S. market due to the strong euro.
Saez Merino currently has a workforce of 950.
The Company applied for insolvency proceedings on Feb. 1 citing
its inability to pay certain debts.
In September 2004, the textile group has shut down four of its
eight production plants in Spain leaving 542 workers jobless.
=============
U K R A I N E
=============
AMOS: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC AMOS (code EDRPOU 22962538) on Jan. 12,
after finding the company insolvent. The case is docketed as
15/895-b.
CB Hreshatik has been appointed liquidator.
CONTACT: AMOS
03039, Ukraine, Kyiv Region
Golosiyivska Str. 18
Economic Court of Kyiv Region
01030, Ukraine, Kyiv Region
B. Hmelnitskij Boulevard 44-B
LVIVTEPLOENERGOZBUT: Court Names Oleg Oprishok as Liquidator
------------------------------------------------------------
The Economic Court of Lviv region appointed Oleg Oprishok as
liquidator/insolvency manager for LLC Lvivteploenergozbut (code
EDRPOU).
The Court commenced bankruptcy proceedings against the Company
on Dec. 27, 2005, after finding the company insolvent. The case
is docketed as 6/208-8/181.
CONTACT: Lvivteploenergozbut
Ukraine, Lviv Region
Lazarenko Str. 1
Mr. Oleg Oprishok
Liquidator/Insolvency Manager
79000, Ukraine, Lviv Region
Listopadovogo Chinu Str. 7/2a
Economic Court of Lviv Region
79010, Ukraine, Lviv Region
Lichakivska Str. 81
PET JURAN: Kyiv Court Begins Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Pet Juran B.E.S.T. Inc. (code EDRPOU
22925218) on Jan. 19, after finding the company insolvent. The
case is docketed as 15/889-b.
Mr. Shkuro Sergij has been appointed liquidator/insolvency
manager.
CONTACT: Pet Juran B.E.S.T. Inc.
Ukraine, Kyiv Region
Anri Barbus Str. 9
Economic Court of Kyiv Region
01030, Ukraine, Kyiv Region
B. Hmelnitskij Boulevard 44-B
PRIMORSKIJ RAJAGROBUD: Begins Bankruptcy Process in Zaporizhya
--------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against LLC Primorskij Rajagrobud (code EDRPOU
03584313) on Jan. 12, after finding the company insolvent. The
case is docketed as 25/183.
Viktor Kirichenko has been appointed liquidator/insolvency
manager.
CONTACT: Primorskij Rajagrobud
Primorsk, Novitskij Str. 135
Zaporizhya Region
72100, Ukraine
Mr. Viktor Kirichenko
Liquidator/Insolvency Manager
Zaporizhya Region, a/b 1311
69000, Ukraine
Economic Court of Zaporizhya Region
Shaumyana Str. 4
Zaporizhya Region
69001, Ukraine
SINTEZ: Court Names Vinnikov Vasil as Interim Insolvency Manager
----------------------------------------------------------------
The Economic Court of Lviv region appointed Vinnikov Vasil as
temporary insolvency manager for OJSC Borislav' Scientific-
Exploratory Institute Sintez (code EDRPOU 22400556).
The Court commenced bankruptcy supervision procedure against the
Company on Dec. 28, 2005. The case is docketed as 6/213-29/242.
CONTACT: Mr. Vinnikov Vasi
Temporary Insolvency Manager
Sportivna Str. 2/9
Ukraine, Sumi Region, Pustomiti
Economic Court of Lviv Region
Lichakivska Str. 81
Lviv Region
79010, Ukraine
SLAVIYA: Court Names Yaroslav Onushkanich as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Lviv region appointed Yaroslav Onushkanich
as temporary insolvency manager for LLC Production Firm Slaviya
(code EDRPOU 32117640).
The court commenced bankruptcy supervision procedure on LLC
Production Firm Slaviya (code EDRPOU 32117640) on Dec. 12. The
case is docketed as 6/290-8/264.
CONTACT: Slaviya
Truskavets, Ivan Mazepa Str. 2-A
Ukraine, Lviv Region
Mr. Yaroslav Onushkanich
Temporary Insolvency Manager
Strijska Str. 71-b/3
Lviv Region
79031, Ukraine
Economic Court of Lviv Region
Lichakivska Str. 81
Lviv Region
79010, Ukraine
TAVRIJSKAGROSNAB: Court Names I. Bilousov as Liquidator
-------------------------------------------------------
The Economic Court of Herson region appointed I. Bilousov as
liquidator/insolvency manager for LLC Tavrijskagrosnab (code
EDRPOU 22744787).
The Court commenced bankruptcy proceedings against the Company
on Jan. 17, after finding the company insolvent. The case is
docketed as 6/17-B-06.
CONTACT: Tavrijskagrosnab
Nova Kahovka, Obrivki, Pushkin Str. 20-A
Ukraine, Herson Region
Mr. I. Bilousov
Liquidator/Insolvency Manager
Vijskovij Lane 6
Herson Region
73000, Ukraine
Tel: 8 (050) 542-43-21
Economic Court of Herson Region
Gorkij Str. 18
Herson Region
73000, Ukraine
UKR-BRUHT 2004: Mikolaiv Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against LLC Ukr-Bruht 2004 (code EDRPOU 33132701) on
Jan. 17, after finding the company insolvent. The case is
docketed as 10/562/05.
Mihajlo Tsurika has been appointed liquidator/insolvency
manager.
CONTACT: Economic Court of Mikolaiv Region
Admiralska Str. 22
Mikolaiv Region
54009, Ukraine
ULYANIVKA: Court Names Malyar Mikola as Liquidator
--------------------------------------------------
The Economic Court of Sumi region appointed Malyar Mikola as
liquidator/insolvency manager for Agrofirm Ulyanivka (code
EDRPOU 30748882).
The court commenced bankruptcy proceedings against the company
on Jan. 19, after finding the company insolvent. The case is
docketed as 7/91-05.
CONTACT: Ulyanivka
Bilopillya District, Ukyanivka, Lenin Str. 5
Ukraine, Sumi Region
Mr. Malyar Mikola
Liquidator/Insolvency Manager
Romni, Karl Marks Str. 77/19
Sumi Region
42000, Ukraine
Economic Court of Sumi Region
Shevchenko Avenue 18/1
Sumi Region
40030, Ukraine
===========================
U N I T E D K I N G D O M
===========================
APTEC TECHNOLOGIES: Meeting of Creditors Set for March 20
---------------------------------------------------------
Creditors of Aptec Technologies Limited (Company Number 3029115)
will meet at 11 a.m., on March 20, at:
PricewaterhouseCoopers LLP
89 Sandyford Road
Newcastle NE1 8HW
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims by 12:00 p.m. on March 17, to:
D. M. Hammond
E. M. Shires
I. D. Green
Joint Administrators
PricewaterhouseCoopers LLP
Cornwall Court
19 Cornwall Street
Birmingham B3 2DT
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.
Aptec Technologies Ltd -- http://www.aptectechnologies.com/--
manufactures and supplies fiber, yarn and cloth composite
materials for industrial applications, notably in automotive
components. The company employs 45 workers.
FG NOTTINGHAM: Hires Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Partick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint administrators of FG Nottingham Limited (Company
Number 05135314) on March 2.
Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.
FG Nottingham Ltd., which provides graphic design services, can
be reached at:
103 Palm Street
New Basford
Nottingham Nottinghamshire
NG7 7HS
Tel: 0115 978 4959
F.H.S LIMITED: Creditors' Meeting Set March 21
----------------------------------------------
Creditors of F.H.S Limited (Company Number 02662950) will meet
at 11 a.m., on March 21, at Devonshire House, 60 Goswell Road,
London EC1M 7AD.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims by March 20, to:
N. J. Miller and I. Robert
Joint Administrators
Kingston Smith & Partners LLP
Devonshire House
60 Goswell Road
London EC1M 7AD
The Debtor can be reached at:
F.H.S Limited
25 Holywell Row
London EC2A 4XE
Tel: 020 7377 6100
Kingston Smith -- http://www.kingstonsmith.co.uk/-- has over
400 people, including 45 partners, based in six offices in
London and the South East, and was founding member of KS
International, a network of over 100 offices in 49 countries
around the world. It was originally formed in 1923.
FILTRAUTO UK: Members Agree to Voluntary Liquidation
----------------------------------------------------
Filtrauto UK Limited decided to liquidate its assets after
members voted to wind up the company's operations during an
Extraordinary General Meeting on Feb. 23.
K. D. Drew, chairman of Filtrauto UK Limited, disclose that the
company cannot continue its business due to the Company's
mounting debts.
Tim Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP were
appointed joint liquidators.
Filtrauto UK Ltd can be reached at:
Glaisdale Parkway
Nottingham, Nottinghamshire
NG8 4JX
Tel: 01159291145
Fax: 0115 929 4835
I J MEDIA: Names Hart Shaw to Liquidate Assets
----------------------------------------------
I J Media Services Limited appointed Christopher J. Brown and
Andrew J. Maybery of Hart Shaw to liquidate the Company's assets
after members elected to wind up the company's operations on
March 1.
The voluntary liquidation was made after the Company found out
that it cannot continue its business due to its liabilities.
CONTACT: I. J. MEDIA SERVICES LTD
2nd Floor, Thornbank
38 Moorgate Road
Rotherham S60 2AG
South Yorkshire
Tel: 01709 830062
Web site: http://www.ijmedia.co.uk/
LANGTREE GARAGE: Joint Administrators from PKF Move In
------------------------------------------------------
Kerry Bailey and Matthew Gibson of PKF (UK) LLP were appointed
joint administrators of Langtree Garage Limited (Company Number
04340817) on Feb. 24. Its registered office is at 281 Preston
Road, Standish, Wigan, Lancashire WN6 0QG.
Langtree Garage -- http://www.wickedkit.com/-- sells motor
vehicles.
PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses. Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation. It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.
LASCO EUROPE: Meeting of Creditors Set Friday
---------------------------------------------
Creditors of Lasco Europe Limited (Company Number 04793726) will
meet at 10 a.m., on March 17, at Arcadia House, Maritime Walk,
Ocean Village, Southampton SO14 3TL.
Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims by 12:00 p.m., on March 16, to:
BDO Stoy Hayward
Arcadia House
Maritime Walk
Ocean Village
Southampton SO14 3TL
Attn: A. H. Beckingham, Administrator
The Debtor can be reached at:
Lasco Europe Ltd
Beechwood Way Langage Business Park
Plympton, Plymouth
PL7 5HH
Tel: 01752 334470
Fax: 01752 334471
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.
LINGUAPHONE GROUP: Joint Administrators Move In
-----------------------------------------------
Simon Peter Bower and Trevor Patrick O'Sullivan of RSM Robson
Rhodes LLP were appointed joint administrators of Linguaphone
Group Holdings Limited (Company Number 00437970) and Linguaphone
Group Limited (Company Number 01961497) on Feb. 24. Its
registered office is at 22 Melton Street, London NW1 2BW.
RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a
UK partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors. The firm is a member of the RSM International, the
world's sixth largest international organization of accountants
and business advisers.
LOMBARD MEDICAL: Taps PricewaterhouseCoopers to Liquidate Assets
----------------------------------------------------------------
Members of Lombard Medical Plc appointed Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP to liquidate the company's
assets.
Parties recommended the voluntary 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. 28, 2006, during an Extraordinary
General Meeting.
CONTACT: Lombard Medical PLC
67 Milton Park, Abingdon
Oxford, Oxfordshire
OX14 4RX
Tel: 01235-841760
MILLENNIUM LOGISTICS: Members Agree to Voluntary Liquidation
------------------------------------------------------------
Millennium Logistics Limited is liquidating its assets after
members found out that the company cannot continue its
operations due to its liabilities.
Keith Aleric Stevens, of Wilkins Kennedy, was appointed
Liquidator.
The Debtor can be reached at:
Millennium Logistics Limited
Unit 2, Beta Way
Egham Surrey
TW208RE
Tel: 01784 438 438
Fax: 01784 470 114
Web: http://www.millenniumlog.com/
MOORLANDS LIMITED: Rising Debts Prompt Liquidation Proceedings
--------------------------------------------------------------
Members of Moorlands Limited passed a resolution to wind up the
company during an extraordinary general meeting on Feb. 15.
Director R. Braddock revealed that the company could no longer
continue its business due to financial liabilities.
Neil Henry and Michael Simister, both of Lines Henry, were
appointed Joint Liquidators.
The Debtor can be reached at:
Moorlands Limited
11 Bollin Drive
Timperley Altrincham Cheshire
WA145QR
Tel: 0161 926 8052
OFFICENORTH LIMITED: Hires Baker Tilly to Liquidate Assets
----------------------------------------------------------
Mark John Wilson and Tracey Elizabeth Callaghan, both of Baker
Tilly, were appointed Joint Liquidators after members of
Officenorth Limited agreed to liquidate the company's assets on
Feb. 10, 2006.
Chairman D. Nesbitt disclosed that the company could no longer
continue its business due to mounting debts.
The Debtor can be reached at:
Officenorth Limited
Automotive Products Group Ltd
Leamington Spa Warwickshire
CV313ZL
Tel: 01926 473 722
OLDELMS LIMITED: Creditors Confirm Voluntary Liquidation
--------------------------------------------------------
Creditors of Oldelms Limited confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company's operations on Feb. 9, 2006.
Creditors also ratified the appointment of Robert Valentine and
Mark Reynolds, of Valentine & Co., as Joint Liquidators.
The Debtor can be reached at:
Oldelms Limited
48a Kendal Street
London
W2 2BP
Tel: 020 7723 3335
Fax: 020 7258 0181
OPUS AUDIO: Manufacturer Appoints Rothman Pantall Administrator
---------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Opus Audio Developments Ltd
(Company Number 03252221) on Dec. 19, 2005. Its registered
office is at Units 39 D E & F, Fennel Business Park, Pennygillam
Industrial Estate, Launceston PL15 7ED.
The Debtor, which manufactures television, radio, sound or video
equipment, can be reached at:
Rothman Pantall & Co.
Unit 39E, Fennel Business Park
Pennygillam Industrial Estate
Launceston
PL15 7ED
Cornwall
Tel: 01566 777332
Fax: 01566 777030
Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.
PREMIER FOODS: Dec. 31 Balance Sheet Upside Down by GBP18 Mln
-------------------------------------------------------------
Premier Foods PLC revealed its financial results for the 12-
month period ended Dec. 31, 2005.
Premier Foods PLC reported a GBP83.6 million net income on
GBP206.4 million of net sales for the 12 months ended
Dec. 31, 2005, compared with a GBP15.8 million net income on
GBP15.8 million of net sales for the same period in 2004.
At Dec. 31, 2005, Premier Foods PLC balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total
liabilities, resulting in an GBP18 million stockholders'
deficit.
The Group's net borrowings increased from GBP370.3 million for
2004, to GBP572.1 million in 2005.
Premier Foods PLC's Chief Executive Robert Schofield disclosed,
"2005 has seen another robust performance by our Grocery
business with our drive brands growing strongly and our
operating margins improving in line with our targets. We have
invested heavily behind our brands, increasing our marketing
spend on our existing brand by GBP5 million, of which GBP3.5
million was spent in the final quarter of 2005 launching our new
Branston Beans."
"Furthermore, we have strengthened our brand portfolio through
the acquisitions of Bird's, Quorn and Cauldron and the sale of
our Tea business. This has improved our growth prospects by
moving us into higher growth categories. The integration of
these businesses has gone well and the brands have performed in
line with our expectations," he added.
Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures some of United
Kingdom's favorite foods like Ambrosia custard and rice pudding,
Branston pickle, Hartley's jams and marmalade and Sarsons
vinegar.
In July 2004, Premier was successfully floated on the London
Stock Exchange, with an initial market capitalization of
GBP526 million.
Since the floatation, the company said it has pursued its
strategy of organic branded sales growth combined with improved
operating efficiency.
* * *
In July 2005, Premier Foods admitted trading conditions
continued to be difficult at its unit MBM Produce Ltd. and it
did not anticipate any improvement until 2006.
It completed the disposal of its tea business to Apeejay
International Tea Limited, a subsidiary of the Apeejay Surrendra
Group, for GBP80 million in November. Premier planned to use
the proceeds to reduce net debt. As a result of the sale,
Premier's remaining beverages business, including the Cadbury
manufacturing license, was to be incorporated into the Spreads
and Desserts product group. Following the disposal, the 2004
pro forma branded sales mix of the group dropped from 61% to
59%.
RANDOM MEDIA: Members Approve Voluntary Liquidation
---------------------------------------------------
Members of Random Media Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
Feb. 9, 2006.
They authorized Stephen Franklin, of Panos Eliades, Franklin &
Co., to administer the winding up process.
The Debtor can be reached at:
Random Media Limited
International House
10-18 Vestry Street
London
N1 7RE
Tel: 020 7684 4848
Web: http://www.randommedia.co.uk/
RANK GROUP: Repurchases 675,000 Shares for Cancellation
-------------------------------------------------------
The Rank Group Plc purchased on March 10, 675,000 of the
Company's ordinary shares at 10 pence each for cancellation at
an average price of 231.13 pence per share.
Headquartered in London, Rank Group plc -- http://www.rank.com/
-- is an international leisure and entertainment company. The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition. The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.
* * *
As reported in the Troubled Company-Europe on March 8, Moody's
Investors Service assigned a Ba2 corporate family rating to The
Rank Group Plc (Rank) and concurrently downgraded the senior
unsecured long-term debt ratings of Rank Group Finance
Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3).
The rating action is prompted by Rank's announcement that it
will distribute GBP200 million to shareholders, following the
completion of the Deluxe Film's disposal as well as by the
group's weak operating performance in 2005. The downgrade
reflects Moody's expectation that Rank's more limited business
scope and less diversified business profile combined with its
increased leverage will result in a considerably weakened
financial profile. The rating action concludes a review
initiated on Dec. 7 2005.
At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative. A
Negative Outlook is assigned. The Short-term rating is affirmed
at B. The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.
In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable.
RELIANCE ELECTRICAL: Members Recommend Voluntary Liquidation
------------------------------------------------------------
Kikis Kallis, of Kallis & Co, was appointed liquidator of
Reliance Electrical Services Ltd after members unanimously
decided to liquidate the company's assets on Feb. 10.
Director J. M. Santos claimed that the voluntary liquidation
came as a result of the Debtor's inability to continue its
operations due to its liabilities.
The Debtor can be reached at:
Reliance Electrical Services Ltd.
34 Doyle Gardens
London
NW103DA
Tel: 079 5743 4375
RICHMICRO LTD: Winds Up Business & Names Joint Liquidators
----------------------------------------------------------
Members of Richmicro Ltd passed a resolution to wind up the
company during an extraordinary general meeting on
Feb. 14, 2006.
They authorized Neil Henry and Michael Simister, of Lines Henry,
to jointly liquidate the company's assets.
The Debtor can be contacted at:
Richmicro Ltd
1 Marsland Road
Sale Cheshire
M33 3HP
Tel: 0161 976 3887
Fax: 0161 962 8692
TECHNICAL MEDIA: Names Richard Ian Williamson as Liquidator
-----------------------------------------------------------
Richard Ian Williamson, of Campbell Crossley and Davis, was
appointed Liquidator of Technical Media Limited after members
decided to liquidate the company's asset on Feb. 10.
Chairman S. W. Leigh expressed the company is unable to continue
its operations due financial woes.
The Debtor can be reached at:
Technical Media Limited
1 All Hallows Road
Blackpool
FY2 0AS
Tel: 01252 500 107
TRINITY ENGINEERING: Claims Registration Ends Tomorrow
------------------------------------------------------
Members of Trinity Engineering (Sittingbourne) Limited resolved
to liquidate the company's assets during an Extraordinary
General Meeting on Feb. 15.
Appointed Liquidator, David Elliott, 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) by tomorrow, March 15.
The Debtor can be reached at:
Trinity Engineering (Sittingbourne) Limited
Trinity Trading Estate
Tribune Drive
Sittingbourne Kent
ME102PG
Tel: 01795 472 911
Fax: 01795 422 411
UNITED SECURITY: Begins Liquidation Proceedings
-----------------------------------------------
United Security Limited is liquidating its assets after members
passed a resolution to wind up the company's operations on
March 7.
Philip Barrington Wood, of Barringtons Limited, was appointed
Liquidator.
United Security Limited can be contacted at:
443A King Street
Stoke-On-Trent
ST4 3EE
Tel: 01782 333 334
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------- --------
AUSTRIA
-------
Libro AG (111) 174 (182)
Rhi AG (421) 1,700 183
BELGIUM
-------
City Hotels CITY.BR (7) 210 (15)
Real Software REAL.BR (49) 142 (34)
Sabena S.A. (86) 2,215 (297)
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Acces Industrie (8) 106 (35)
Arbel PA.ARB (98) 222 (72)
Banque Nationale
de Paris Guyane BNPG (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Charbo De France (3,872) 4,738 (2,868)
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Compagnies de
Machines Bull (139) 137 (6)
Dollfus Mieg & Cie S.A. DS (11) 165 (29)
Euro Computer System (110) 682 377
Genesys S.A. GNS.PA (15) 136 3
Grande Paroisse S.A. (927) 629 330
Immob Hoteliere (68) 233 29
Labo Dolisos DOLI.PA (28) 110 (33)
LVL Medical Group LVLM.PA (9) 105 (5)
Matussiere et Forest S.A. MTF (78) 294 (28)
Metaleurop S.A. PA.PA (24) 181 (30)
Oeneo S.A. SABT.PA (12) 292 38
Pneumatiques Kleber S.A. (34) 480 139
SDR Centrest (132) 252 N.A.
SDR Picardie (135) 413 N.A.
Soderag (3) 404 N.A.
Sofal S.A. (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
St Fiacre (FIN) (1) 111 (33)
Teamlog TLO (19) 109 (3)
Trouvay Cauvin (0) 134 10
Usines Chausson (23) 249 35
GERMANY
-------
Cognis Deutschland
GmbH & Co. KG (102) 3,409 (503)
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
EM.TV AG EV4G.BE (22) 849 15
F.A. Guenther & Son AG GUSG (8) 111 N.A.
Kaufring AG KAUG (19) 151 (51)
Maternus Kliniken AG MAK.F (3) 207 (30)
Nordsee AG (8) 195 (31)
Primacom AG PRIG (268) 1,257 (1,048)
Rinol AG RLIG (25) 178 (53)
Schaltbau Hold SLTG (23) 122 (7)
Senator Entertainment
AG SENGk.BE (153) 126 (148)
SinnLeffers AG WHGG (4) 454 (145)
Spar Handels- AG SPAG (442) 1,433 (234)
Vivanco Gruppe (55) 131 (31)
GREECE
------
DryShips Inc. DRYS (4) 184 (29)
HUNGARY
-------
NABI Rt. NABHY (2) 229 (8,950)
ITALY
-----
Binda S.p.A. BND (11) 129 (20)
Cirio Finanziaria S.p.A. (422) 1,583 (396)
Credito Fondiario
e Industriale S.p.A. (200) 4,218 N.A.
Finpart S.p.A. (152) 732 (322)
Gruppo Coin S.p.A. GC (150) 4,218 N.A.
I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140)
Lazio S.p.A. LAZI (27) 426 (175)
Olcese S.p.A. OLCI.MI (13) 180 (64)
Parmalat Finanziaria
S.p.A. (18,419) 4,121 (12,481)
Technodiffusione
Italia S.p.A. TDIFF.PK (90) 152 (24)
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
Numico N.V. NUMC (422) 1,982 376
United Pan-Euro Air UPC (5,266) 5,180 (8,730)
NORWAY
------
Petroleum-Geo Services PGO (32) 2,963 (5,250)
POLAND
------
Mostostal Zabrze MECOF.PK (6) 227 (366)
ROMANIA
-------
Oltchim RM Valce OLT (45) 232 321)
RUSSIA
------
OAO Samaraneftegas (332) 892 (321)
Zil Auto (168) 409 (10,680)
SPAIN
-----
Altos Hornos de
Vizcaya S.A. (116) 1,283 (278)
Avanzit S.A. AVZ.MC (117) 457 (247)
Santana Motor S.A. (46) 223 41
Sniace S.A. (16) 136 (34)
TURKEY
------
Nergis Holding (24) 125 26
Yasarbank (948) 623 N.A.
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
AEA Technology Plc AAT.L (24) 340 (50)
Alldays Plc (120) 252 (202)
Amey Plc (49) 932 (47)
Anker PLC ANK.L (22) 115 13
Avis Europe PLC AVE.L (24) 2,686 (420)
Bonded Coach
Holiday Group Plc (6) 188 (44)
Blenheim Group (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group BWL (1,774) 867 (1,157)
British Energy Plc BGY (5,823) 4,921 434
British Nuclear
Fuels Plc (4,248) 40,326 977
British Sky Broadcasting
Group Plc BSY (61) 4,157 139
Compass Group CPG (668) 2,972 (298)
Costain Group COST (70) 489 2
Danka Bus System DNK.L (108) 540 34
Dawson Holdings DWN.L (12) 158 (19)
Drax Group Limited DRX.L (832) 2,353 84
Easynet Group ESY.L (45) 323 38
Electrical and Music
Industries Group EMI (1,411) 3,235 (331)
Euromoney Institutional
Investor Plc ERM.L (88) 297 (56)
European Home Retail Plc EHRL (14) 111 (37)
Gallaher Group GLH (421) 7,866 5
Gartland Whalley (11) 145 (8)
Global Green Tech Group (156) 408 (18)
Gondola Holdings Plc GND.L (239) 987 (396)
Heath Lambert
Fenchurch Group Plc (10) 4,109 (10)
HMV Group Plc HMV (9) 875 (190)
Homestyle Group Plc HME (29) 409 (124)
Invensys PLC (963) 4,861 913
IPC Media Ltd. (685) 254 16
Jarvis Plc JRVS.L (683) 492 (371)
Lambert Fenchurch Group (1) 1,827 3
Lattice Group (1,290) 12,410 (1,228)
Leeds United LDSUF.PK (73) 144 (29)
M 2003 Plc (2,204) 7,205 (756)
Manchester City (17) 154 (21)
Micro Focus
International Plc MCRO.L (14) 115 (11)
Misys Plc MSY (460) 906 60
Mytravel Group MT.L (1,613) 2,199 (463)
Orange Plc ORNGF (594) 2,902 7
Park Group Plc PKG.L (5) 111 (13)
Partygaming Plc PRTY (405) 263 (161)
Premier Foods Plc PFD.L (29) 1,059 20
Probus Estates Plc PBE.L (28) 113 (264)
Regus Plc RGU.L (46) 367 (60)
Rentokil Initial Plc RTO (1,072) 3,382 (68)
RHM Plc RHM (586) 2,411 59
Saatchi & Saatchi SSI (119) 705 (41)
Seton Healthcare (11) 157 0
SFI Group (108) 178 (162)
Telewest
Communications Plc TLWT (3,702) 7,581 (5,361)
Virgin Mobile
Holdings Plc VMOB.L (101) 278 (80)
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets. A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. 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 * * *