/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060315.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 Wednesday, March 15, 2006, Vol. 7, No. 53 Headlines C Z E C H R E P U B L I C SAZKA A.S.: S&P Places B+ Rating on CreditWatch Negative G E R M A N Y LUENEBURGER INGENIEURBAU: Creditors' Meeting Set for March 29 METZ & KLUETSCH: Claims Registration Ends March 31 MINECO AG: Claims Registration Ends March 28 MOBIL-TEL: Creditors' Meeting Slated for April 10 P&H TOURISTIK: Claims Registration Ends March 17 PROSIEBENSAT.1 MEDIA: Moody's Revises Ba1 Outlook to Positive R-S-F ZERSPANUNGSTECHNIK: Claims Registration Ends March 24 RENNER GMBH: Creditors' Meeting Set for April 12 ROBU DENTALTECHNIK: Claims Registration Ends March 20 STROMBERGER KRANDIENST: Claims Registration Ends March 21 ZAUS MICHAEL: Claims Registration Ends March 27 H U N G A R Y MALEV HUNGARIAN: Selling Two Subsidiaries to Hike Earnings PANNONPLAST RT: Eyes Expansion in Bulgaria & Serbia K A Z A K H S T A N AKJAISK PRODUCTON: Bankruptcy Proceedings Begin BI: West Kazakhstan Court Opens Bankruptcy Proceedings KALDAN BATYR: Court Begins Bankruptcy Proceedings RBS TRADE: Creditors Must Submit Proofs of Claim by March 24 TINTA: Creditors Must Submit Proofs of Claim by March 24 TEMIRKAZYK: Kyzylorda Court Begins Bankruptcy Proceedings N E T H E R L A N D S GETRONICS N.V.: Dividend Proposal Set Next Month ROMPETROL GROUP: Fitch Changes Outlook to Negative with B- IDR P O L A N D POLSKA GRUPA: Fitch Affirms National Short-Term Rating at B R U S S I A ASPHALT CONCRETE: Moscow Court Begins Bankruptcy Proceedings AVANGARD: Kareliya Court Begins Bankruptcy Supervision Procedure BRAD OF SELIGINSK: Court Names D. Dashiev as Insolvency Manager KAMBARSKIY: Claims Filing Period Ends April 4 KURMANAEVSKOYE: Bankruptcy Hearing Set for April 25 MIKHAYLOVSKIY BAKERY: Volgograd Court Begins Bankruptcy Process MOSKVICH: Moscow Court Rules on Bankruptcy NEFTEMASH: Claims Filing Period Ends April 4 UYSKIY MEAT: Chelyabinsk Court Begins Bankruptcy Supervision VAZHSKOYE: Court Names A. Borodulin as Insolvency Manager VYSHNEVOLOTSKOYE: Claims Filing Period Ends April 4 T U R K E Y TURKIYE IS BANKASI: Annual General Meeting Set for March 31 U K R A I N E DANIS UNITED: Kyiv Court Opens Bankruptcy Proceedings ENERGOINVEST: Court Names Yevgen Dzhala as Liquidator LIANKA: Kyiv Court Begins Bankruptcy Supervision SHPOLA' BREAD: Cherkassy Court Begins Bankruptcy Supervision UKRENERGOSERVICE: Kyiv Court Begins Bankruptcy Proceedings UKRFERMERPOSTACH: Court Names Vyacheslav as Insolvency Manager UKRPOLITEKS: Court Names A. Okryak Interim Insolvency Manager VOL: Harkiv Region Commences Bankruptcy Proceedings U N I T E D K I N G D O M AUTOMOTIVE PRODUCTS: Members Pass Winding Up Resolution BARON JON: Appoints M. H. Linton as Administrator BIRMINGHAM RUBBER: Members Agree on Voluntary Liquidation BOXER FREIGHT: Creditors Confirm Voluntary Liquidation BRIDGE FILM: Financial Woes Trigger Voluntary Liquidation CABINFEVER LIMITED: Members Agree on Voluntary Liquidation CAPITAL MARBLE: Members Pass Winding Up Resolution COMALLO LIMITED: Appoints Joint Administrators from Begbies CONTAINED SOLUTIONS: Appoints Joint Administrators C W DATA: Winds Up Business & Appoints Liquidator DRY BAR: Appoints Alan Tomlinson as Liquidator FISHMANIA LIMITED: Peter O'Hara Administers Winding Up Process G.A. SHARPE: Creditors Confirm Company's Liquidation HMV GROUP: Rejects Permira Advisers' Revised Takeover Bid I C CATERING: Appoints Chamberlain & Co. Administrator INTERPLAN CONTRACTS: RBS Taps Kroll Limited as Admin. Receiver MG ROVER: Nanjing to Restart Car Assembly Following China's Nod MILLFORD HALL: Appoints XL Business Solutions Administrator NETHERMAYNE UK: Appoints Begbies Traynor Administrator P J SHANKSTER: Appoints BRI as Business Recovery Administrator RELYON HEATING: Appoints Joint Administrators from Menzies SAPPHIRE SEAFOODS: Appoints Administrator from Cranfield VISCOUNT TOWN: Appoints UHY Hacker Young to Administer Assets ZERO DIVIDEND: Board Opts Voluntary Liquidation * Shepherd and Wedderburn Names John Schmidt as New Partner ********* =========================== C Z E C H R E P U B L I C =========================== SAZKA A.S.: S&P Places B+ Rating on CreditWatch Negative -------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on the Czech Republic-based gaming company SAZKA a. s. to 'B+' from 'BB-'. At the same time, Standard & Poor's lowered its rating on SAZKA's EUR175 million senior secured bonds to 'B+' from 'BB-', in line with the corporate credit rating. Furthermore, Standard & Poor's placed all its ratings on SAZKA on CreditWatch with negative implications. "The downgrade and the CreditWatch placement reflect SAZKA's failure to register two out of the three expected first-ranking mortgages with the Czech Cadastral Registry in Prague, and our concerns about how the company will resolve this," said Standard & Poor's credit analyst H,lSne Magny. SAZKA's failure to register all the mortgages, and to give evidence of their registration to the trustees prior to April 30, 2006, would enable bondholders to request the early redemption of the bonds. The company would not be able to redeem the bonds with its current funds. The ratings factor in corporate governance problems due to difficulties encountered in receiving reliable and timely financial and nonfinancial information from the company. "The CreditWatch placement could be resolved if SAZKA successfully registers the mortgages," said Ms. Magny. We continue to expect SAZKA's core gaming business to perform well, but the group's overall financial strategy is also in need of clarification. The ratings on SAZKA reflect the group's aggressive financial leverage, with gross debt to EBITDA of more than 4.5x (based on unconsolidated accounts), following the company's funding of the construction of SAZKA Arena, an 18,000 seat sports and entertainment complex in Prague. The arena had been expected to break even in 2005, but that has now been pushed back to 2007. The ratings also reflect the company's development of a new gaming segment in the Czech market--a rollout of video lottery terminals, which are connected to a central lottery system. SAZKA's track record in this market is still limited. The ratings are supported by the sustainable, cash-generative nature of SAZKA's well-established domestic gaming business, which includes number games, scratch cards, the Starport video games, and odd betting. The group's domestic operations are covered by Czech lottery law. SAZKA is currently the domestic market leader with a more than 80% share of the gaming market. ============= G E R M A N Y ============= LUENEBURGER INGENIEURBAU: Creditors' Meeting Set for March 29 ------------------------------------------------------------- Court-appointed provisional administrator for Lueneburger Ingenieurbau GmbH & Co. KG, Uwe Kassing, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on March 29. The meeting of creditors and other interested parties will be held at: The District Court of Lueneburg Saal 302 Ochsenmarkt 3 21335 Lueneburg The court will also verify the claims set out in the administrators' report during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. The District Court of Lueneburg opened bankruptcy proceedings against Lueneburger Ingenieurbau GmbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Lueneburger Ingenieurbau GmbH & Co. KG Attn: Walter Hesebeck, Manager Gebr.-Heyn-Str. 5 21337 Lueneburg The administrator can be contacted at: Uwe Kassing Pulverweg 1a 21337 Lueneburg Tel: 0700/80080025 Fax: 0700/80080027 METZ & KLUETSCH: Claims Registration Ends March 31 -------------------------------------------------- Creditors of Metz & Kluetsch GmbH have until March 31, to register their claims with court-appointed provisional administrator Markus Lehmkueler. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on May 5, 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 Bonn 1. Stock, Saal W126 Wilhelmstrasse 21 53111 Bonn The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. The District Court of Bonn opened bankruptcy proceedings against Metz & Kluetsch GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Metz & Kluetsch GmbH Waldorfer Weg 60 53332 Bornheim Attn: Wilhelm Metz, Manager Markus Kluetsch, Manager The administrator can be contacted at: Markus Lehmkuehler Wilhelmststr. 40 53111 Bonn Tel: 0228/926660 Fax: 0228/9266699 MINECO AG: Claims Registration Ends March 28 -------------------------------------------- Creditors of MINECO AG have until March 28, to register their claims with court-appointed provisional administrator Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Muenchen Infanteriestr. 5 Sitzungssaal 102 The court will also verify the claims set out in the administrator's report during the 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 MINECO AG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: MINECO AG Fuerstenrieder Str. 90 80686 Muenchen Web: http://www.mineco.de/ The administrator can be contacted at: Christian Gerloff Nymphenburger Str. 139 80636 Muenchen Tel: 089/120260 Fax: 089/12026127 MOBIL-TEL: Creditors' Meeting Slated for April 10 ------------------------------------------------- Court-appointed provisional administrator for MOBIL-TEL Gesellschaft fuer Vertrieb und Wartung von Kommunikationssystemen mbH, Dr. Christine Berg-Gruenenwald, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on April 10. The meeting of creditors and other interested parties will be held at: The District Court of Muenchen Infanteriestr. 5 Sitzungssaal 102 The court will also verify the claims set out in the administrators' 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 MOBIL-TEL Gesellschaft fuer Vertrieb und Wartung von Kommunikationssystemen mbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: MOBIL-TEL Gesellschaft fuer Vertrieb und Wartung von Kommunikationssystemen mbH Poccistr. 10 80336 Muenchen The administrator can be contacted at: Dr. Christine Berg-Gruenenwald Leopoldstr. 139 80804 Muenchen Tel: 361930-0 Fax: 361930-499 P&H TOURISTIK: Claims Registration Ends March 17 ------------------------------------------------ Creditors of P&H Touristik GmbH have until March 17, to register their claims with court-appointed provisional administrator Burckhardt Reimer. Creditors and other interested parties are encouraged to attend the meeting at 12:05 p.m., on April 13, 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 Saal B 405 4. Etage Sievekingplatz 1 20355 Hamburg The court will also verify the claims set out in the administrator's report during the 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 P&H Touristik GmbH on Feb. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: P&H Touristik GmbH Hannoversche Strasse 86 21079 Hamburg Attn: Andreas Primus, Manager Hoppenstedtstrasse 59 21073 Hamburg Matthias Hartmann, Manager Eissendorfer Strasse 33 21073 Hamburg The administrator can be contacted at: Burckhardt Reimer Domstrasse 15 20095 Hamburg Tel: 41522416 Fax: 41522-411 PROSIEBENSAT.1 MEDIA: Moody's Revises Ba1 Outlook to Positive ------------------------------------------------------------- Moody's Investors Service changed to positive from developing the outlook on the Ba1 senior unsecured and corporate family ratings of ProSiebenSat.1 Media AG. The outlook change reflects Moody's view that a sale of ProSiebenSat.1 appears less likely in the short-term following the statement last month by P7S1 Holding L.P., the company's controlling shareholder, that it had decided not to pursue another sale transaction after the termination of the planned sale to Axel Springer. It remains nevertheless probable in Moody's opinion that P7S1 Holding, as a consortium led by Saban Capital Group and comprising several private equity investors, will seek in some way to crystallize the gains made on its investment in ProSiebenSat.1 within the next twelve to twenty four months, which theoretically could involve some form of exit strategy potentially either through a trade sale, a leveraged buy- out/recapitalization, or a public offering. There therefore remains, Moody's believes, a significant degree of event risk associated with this rating, which constrains it at the Ba1 level. The positive outlook reflects Moody's view that: -- on balance it currently appears more likely than not that P7S1 Holding could seek to crystallize its gains in a broadly credit neutral manner; and -- from a fundamental perspective, absent ownership considerations, ProSiebenSat.1 market position, and operational and financial performance, would warrant an investment grade rating. With regard to potential future exit strategies, the risk of a shorter-term leveraged sale appears to have receded given P7S1's recently stated intent not to pursue a sale; and P7S1 Holding's track record as owner of ProSiebenSat.1, which has overseen a refinancing and recapitalization of the group, in Moody's view appears to reduce the likelihood that P7S1 Holding itself would sponsor a significant re-leveraging of the group. By contrast, Moody's notes alternative potential exit strategies which could permit P7S1 Holding to extract value in a broadly credit neutral manner include a public offering of its shareholdings (88% of the ordinary shares; 13% of the preference shares); or potentially a sale to a higher rated trade buyer. Moody's added that a movement of the rating to investment grade from Ba1 would require: -- more certainty that any possible transaction to extract value by P7S1 Holding whether through a potential exit or recapitalization would be effected in a manner not disadvantageous for bondholders; and -- more clarity on what the capital structure of ProSiebenSat.1 is likely to be on sustainable basis in the medium to longer-term. From a fundamental perspective, ProSiebenSat.1's strongly improving operational and financial performance would likely support a higher rating than Ba1, which is currently constrained in Moody's view by event risk as described above. Revenues rose by 8.4% to EUR1,990 million in the year to 2005, driven by growth both in its Free TV business, and its Diversification division. At 30.3% of the 14-49 age group, ProSiebenSat.1's four channels achieved their best audience share in five years. Diversified revenues increased to EUR179 million, an underlying growth rate of 13% if adjusted for the EUR55 million six-month contribution from 9Live. Profitability also improved significantly in 2005, with a 30% increase in EBITDA to EUR418 million in 2005 boosted by an improvement in the margin from 17.5% to 21%. Cash flow generation was also strong with retained cash flow/adjusted debt in excess of 30%. Of note has been the further evidence of the recovery in the Sat.1 channel's audience share and profitability, with an improvement in EBITDA margin from 11.6% to 19.4% in 2005. Strong cash flow has allowed ProSiebenSat.1 to reduce net financial debt in the year by 18% to EUR227 million, notwithstanding its acquisition of 9Live for a net cash outflow of EUR113million. More cautiously, Moody's notes the potential risks associated with possible future investments, including the impact of diversifying beyond TV advertising, although the Group's current focus on smaller scale bolt-on acquisitions should help contain these. ProSiebenSat.1 Media AG is based in Munich, Germany. The company's main activity is the broadcasting and production of television programs through four German language television channels as well as a range of ancillary activities. R-S-F ZERSPANUNGSTECHNIK: Claims Registration Ends March 24 ----------------------------------------------------------- Creditors of R-S-F Zerspanungstechnik mbH have until March 24, to register their claims with court-appointed provisional administrator Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 24, 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 Saal B 405 4. Etage Sievekingplatz 1 20355 Hamburg The court will also verify the claims set out in the administrator's report during the 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 R-S-F Zerspanungstechnik mbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: R-S-F Zerspanungstechnik mbH Berzeliusstrasse 85 22113 Hamburg Attn: Detlef Wagschal, Manager Lueriglauser Strasse 50 28865 Lilienthal Guenther Helmut Rehm, Manager Jadebusen 127 26316 Varel The administrator can be contacted at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Tel: 36968351 Fax: 36968383 RENNER GMBH: Creditors' Meeting Set for April 12 ------------------------------------------------ Court-appointed provisional administrator of Renner GmbH, Ulrich Bert, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on April 12. The meeting of creditors and other interested parties be held at: The District Court of Darmstadt Zimmer 4-312 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 or opt to appoint a new insolvency manager. The District Court of Darmstadt opened bankruptcy proceeding against Renner GmbH on Feb. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Renner GmbH Heimstattenweg 68 64295 Darmstadt Attn: Stefan Renner, Manager Pestalozzistr. 6 64354 Reinheim-Spachbruecken Web: http://www.renner-laborbedarf.de/ The administrator can be contacted at: Ulrich Bert Birkenweg 24 64295 Darmstadt Tel: 06151/66729-0 Fax: 06151/66729-20 E-mail: darmstadt@ltb-anwaelte.de ROBU DENTALTECHNIK: Claims Registration Ends March 20 ----------------------------------------------------- Creditors of ROBU Dentaltechnik GmbH have until March 20, to register their claims with court-appointed provisional administrator Dr. Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 20, 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 the 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 ROBU Dentaltechnik GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ROBU Dentaltechnik GmbH Gruenwalder Weg 13a 82008 Unterhaching Tel: 089-6374125 The administrator can be contacted at: Dr. Kurt Bruder Herzog-Wilhelm-Str. 17 80331 Muenchen Tel: 089/2368580 Fax: 089/2603440 STROMBERGER KRANDIENST: Claims Registration Ends March 21 --------------------------------------------------------- Creditors of Stromberger Krandienst GmbH have until March 21, to register their claims with court-appointed provisional administrator Dr. Hans-Gert Dhonau. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 29, 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 Bad Kreuznach Saal 34 Ringstrasse 79 55543 Bad Kreuznach The court will also verify the claims set out in the administrator's report at 10:00 a.m., on May 3, at the same venue. The District Court of Bad Kreuznach opened bankruptcy proceedings against Stromberger Krandienst GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Stromberger Krandienst GmbH Hinterwinkel 10 55595 Spabruecken Attn: Hans Juenger, Manager 55442 Stromberg Web: http://www.stromberger-krandienst.de/ The administrator can be contacted at: Dr. Hans-Gert Dhonau Bahnhofstr. 7 D-55566 Bad Sobernheim Tel: 06751/938013 Fax: 06751/9380-36 ZAUS MICHAEL: Claims Registration Ends March 27 ----------------------------------------------- Creditors of Zaus Michael Fenster GmbH have until March 27, to register their claims with court-appointed provisional administrator Andree Wernicke. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Muenchen Infanteriestr. 5 Sitzungssaal 101 The court will also verify the claims set out in the administrator's report during the 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 Zaus Michael Fenster GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Zaus Michael Fenster GmbH Rechnerstr. 39 85540 Haar The administrator can be contacted at: Andree Wernicke Ohmstr. 13 80802 Muenchen Tel: 089/3838710 Fax: 089/338308 ============= H U N G A R Y ============= MALEV HUNGARIAN: Selling Two Subsidiaries to Hike Earnings ---------------------------------------------------------- Loss-making flag carrier Malev Hungarian Airlines Rt. will sell two subsidiaries to further strengthen its financial position, Budapest Business Journal reports. Chief Executive Janos Gonci said the carrier would sell freight transport unit Pannon Air Cargo Kft and electronic booking system operator Galileo Hungary Kft. Mr. Gonci, however, declined to comment how much the carrier would earn from selling the units. Malev recently carried out a HUF1.7 billion capital hike for its ground services unit, Malev Ground Handling, and a HUF2 billion for its maintenance division, Aeroplex. The additional capital would be used to repay their loans to parent company Malev Rt. Shareholders will meet at the end of the month to approve the proposed capital hike. Headquartered in Budapest, Hungary, Malev Hungarian Airlines Rt. -- http://www.malev.hu/-- trimmed its annual operating deficit by around 60% to HUF2 billion in 2005 from HUF4.9 billion in 2004. Chief Executive Officer Janos Gonci expects a breakeven this year and turnaround profit in 2007. Since the fall of Communism in the country, the government, which owns 99.95% of Malev, has failed to dispose of the airline, which has struggled amid competition from budget airlines. PANNONPLAST RT: Eyes Expansion in Bulgaria & Serbia --------------------------------------------------- Plastic manufacturer Pannonplast Rt. eyes to expand its businesses this year after completing two of three restructuring stages, NAPI Gazdasag reports. According to the report, business director Denes Gyimothy revealed that Pannonplast aims to become a regional supplier for the plastic packaging market. He added that the group also plans to expand it production capacities to Bulgaria and Serbia, where it currently exports its products. Pannonplast might also launch a green-field investment in Serbia within the first half of 2006. Pannonplast launched a three-phase extensive strategy plan that aims to turn around the loss-making group. The plan includes: (a) restructuring, cost cuts, and portfolio clean-up (September 2004 to first half 2005); (b) stabilization (second half 2005); and (c) expansion and asset management (2006). Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt. -- http://www.pannonplast.hu/-- manufactures a wide range of plastic-finished Products. It trimmed its annual losses drastically to HUF216 million in 2005 from HUF1.6 billion in 2004 despite booking a 17% decline in revenues. CEO Balazs Szabo, which took over in September 2004, has been cutting costs and selling units to restore the company's profitability. =================== K A Z A K H S T A N =================== AKJAISK PRODUCTON: Bankruptcy Proceedings Begin ----------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan region commenced bankruptcy proceedings against Akjaisk Production Company on Jan. 24. BI: West Kazakhstan Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Specialized Inter-Regional Economic Court of West Kazakhstan region commenced bankruptcy proceedings against JSC BI on Jan. 24. KALDAN BATYR: Court Begins Bankruptcy Proceedings ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda region commenced bankruptcy proceedings against LLP Kaldan Batyr on Jan. 14. CONTACT: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Region RBS TRADE: Creditors Must Submit Proofs of Claim by March 24 ------------------------------------------------------------ LLP RBS Trade has declared insolvency. Creditors have until March 24 to submit their written proofs of claim to: RBS TRADE Micro district Mamrayeva 29-32 Karaganda Region TINTA: Creditors Must Submit Proofs of Claim by March 24 -------------------------------------------------------- LLP Tinta has declared insolvency. Creditors have until March 24 to submit their written proofs of claim to: Tinta Metallistov Str. 42-41 Karaganda Region TEMIRKAZYK: Kyzylorda Court Begins Bankruptcy Proceedings --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda region commenced bankruptcy proceedings against LLP Temirkazyk on Jan. 19. CONTACT: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Region ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: Dividend Proposal Set Next Month ------------------------------------------------ Getronics N.V. will distribute its proposed 2005 dividend of EUR0.07 per share at these relevant dates: Ex-dividend date: April 25, 2006 Date of payment dividend: April 28, 2006 Record date: April 24, 2006 The proposed dividend will only be distributed after the adoption of the 2005 Annual Accounts, including the proposed dividends, at the 2006 Annual Shareholders' Meeting. About the Company Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in the Troubled Company Reporter-Europe on Jan. 23, Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Dutch IT services group Getronics N.V. on CreditWatch with negative implications, following a profit warning from the group. At the same time, Standard & Poor's placed on CreditWatch negative its 'B-' senior unsecured debt rating on the group's convertible bonds and its 'B+' long-term and '3' recovery ratings on Getronics' EUR300 million ($363 million) senior secured bank loan. The '3' recovery rating indicates Standard & Poor's expectation of meaningful (50%-80%) recovery of principal for secured lenders in the event of a payment default. Furthermore, Standard & Poor's withdrew its 'B+' long-term and '3' recovery rating on the EUR75 million first tranche of the bank loan, which has been repaid in full. At Sept. 30, 2005, Getronics had gross debt of EUR518 million, including EUR135 million in cumulative preference shares. ROMPETROL GROUP: Fitch Changes Outlook to Negative with B- IDR -------------------------------------------------------------- Fitch Ratings changed the Outlook of Netherlands-based The Rompetrol Group N.V.'s Issuer Default Rating of B- to Negative from Stable. This is due to ongoing criminal investigations by the Prosecutor General's Office of Romania on TRG's Romanian companies. In Fitch's view, the recent developments in the PGO investigation, including the freeze of an un-pledged 25.9% stake in TRG's key asset, Romania's Rompetrol Rafinare, the second largest refining company in the country, may lead to a more challenging operating and political environment for the group. TRG owns a direct 51% stake in the publicly listed RRC. The recent freeze of a portion of TRG's holding in RRC prohibits it from the sale of this stake and thus somewhat limits its financial flexibility. Nevertheless, according to TRG, it will still be able to receive dividends and to exercise its voting rights related to the 25.9% stake. As a result, TRG will continue to have management control over its main asset. Fitch notes that the ongoing investigation represents a credit concern for TRG as it has tarnished the company's reputation and distracted key managers from strategy implementation and day-to- day operations. Nevertheless, TRG has strengthened its management team and prepared detailed contingency plans in case of any negative developments. Fitch understands that the investigation has so far had no negative impact on TRG group's liquidity as the lending banks continue to fund the group on a secured basis. The ongoing investigation of Rompetrol's current and former employees, including TRG's Romanian CEO and the American Deputy CEO, involves a number of charges. These include non-completion of investment obligations under the terms of the Petromidia and Vega refineries privatizations, failure to pay excise taxes and VAT on certain transactions, and securities market manipulation related to RRC's listing on the Bucharest Stock Exchange. Notwithstanding the ongoing investigation, in 2005, TRG was able to capitalize on an extremely favorable environment for refiners and positive structural changes in the Romanian fuel market. In 2005, TRG reported record unaudited consolidated EBITDA of USD164 million. Its net debt-to-EBITDA ratio improved to 1.8x at YE05 from 2.8x at YE04. In 2005, virtually all profits were generated by its Romania- based companies. Following TRG's acquisition of French-based fuel retailer Dyneff in January 2006, the EBITDA split is 88:12 between Romania and France, compared to 100% contribution from Romania previously. =========== P O L A N D =========== POLSKA GRUPA: Fitch Affirms National Short-Term Rating at B ----------------------------------------------------------- Fitch Ratings changed the Outlook of Polska Grupa Farmaceutyczna S.A.'s National Long-term rating to Negative from Stable. The National ratings are affirmed at Long-term BB+ and Short-term B. The Outlook change reflects PGF's sustained high debt, which was only partially offset with stronger EBITDA generation in 2005. Despite management's intention to meaningfully de-leverage the company during 2005, the company's net debt increased 4% to PLN341 million at YE05. As a result, PGF's net debt-to-EBITDA ratio, despite a slight improvement in 2005, remains high for the rating level. Notwithstanding record net profits in 2005, Fitch notes PGF's negative free cash flow generation last year and low profitability of the retail segment, driven by weak results of the two chains of pharmacies acquired in 2004. The ratings reflect PGF's strategy based on organic growth and further development of a virtual chain of pharmacies. Should the company pursue considerable debt-funded acquisitions, the ratings would be downgraded. The PGF group reported stronger profits in Q405 after a few quarters of weaker profitability. Fitch considers PGF may sustain its BB+ rating if EBITDA generation and cash flow continue to improve in 2006, while net debt decreases. The increase in PGF's debt in 2005 is partly driven by the company's policy to grant loans to pharmacies; the loans increased by some PLN40 million to PLN90 million between December 2004 and September 2005. Although this policy enables PGF to strengthen its links with these pharmacies, increase sales as well as earn interest on loans, the company is exposed to these entities' credit and liquidity risks. This is partly mitigated by the security on these pharmacies' assets established for PGF. Fitch notes that this activity has become significant for the company's business risk given that, outstanding loans to pharmacies account for some 40% of PGF's equity. At YE05, PGF's gross debt of PLN379 million consisted mostly of bank loans and bonds. PGF has sufficient liquidity to repay its debt maturing in 2006. At YE05, available liquidity included cash of PLN39 million and unused committed bank lines of PLN274 million. In December 2005 PGF increased its working capital loans limits in two Polish banks and extended their final maturities. Bonds issued within the domestic CP and MTN notes program become due in 2007 and in 2009. PGF is Poland's largest distributor of pharmaceuticals and health care products to pharmacies and hospitals. The company has about 21% of the Polish wholesale pharmaceuticals market and is also the largest player in the retail segment as the owner of about 300 pharmacies. =========== R U S S I A =========== ASPHALT CONCRETE: Moscow Court Begins Bankruptcy Proceedings ------------------------------------------------------------ The Arbitration Court of Moscow region commenced bankruptcy proceedings against Asphalt Concrete Factory #2 (TIN 7722001920, OGRN 1027739682684) after finding the open joint stock company insolvent. The case is docketed as A40-70866/05-44-137B. Mr. A. Andreev has been appointed insolvency manager. The Debtor can be reached at: Asphalt Concrete Factory #2 1st Dubrovskiy Proezd, 78/14 Moscow Region 109316, Russia The insolvency manager can be reached at: A. Andreev Post User Box 57 Moscow Region 109004, Russia AVANGARD: Kareliya Court Begins Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy supervision on limited liability company Avangard. The case is docketed as A26-11204/2005-18. Mr. N. Rasputin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: N. Rasputin Temporary Insolvency Manager Internatsionalistov Avenue 6/2-5 Petrozavodsk Kareliya Republic 185014, Russia The Debtor can be reached at: Avangard Onezhskoy Flotilii Str. 1 Petrozavodsk Kareliya Republic 185640, Russia BRAD OF SELIGINSK: Court Names D. Dashiev as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Buryatiya appointed D. Dashiev as Brad of Seliginsk's insolvency manager. The Court commenced bankruptcy proceedings against Brad of Seliginsk after finding the open joint stock company insolvent. The case is docketed as A10-3132/01-19. The Debtor can be reached at: Brad of Seliginsk Seleginsk Buryatiya Republic The insolvency manager can be reached at: D. Dashiev Profsoyuznaya Str. 42-102 Ulan-Ude Buryatiya Republic 670017, Russia KAMBARSKIY: Claims Filing Period Ends April 4 --------------------------------------------- Creditors of Kambarskiy (TIN 1810000064) have until April 4, to submit their written proofs of claim to: (a) KAMBARSKIY Russia, Udmurtiya republic, Kambarka, Sovetskay Str. 23 (b) M. KOLESNIKOV Insolvency Manager 115280, Russia, Moscow region, Avtozavodskaya Str. 14/23, Office 802 (c) ARBITRATION COURT OF UDMURTIYA REPUBLIC 426057, Izhevsk region, Lomonosova Str. 5 The Arbitration Court of Udmurtiya republic commenced bankruptcy proceedings against Kambarskiy (TIN 1810000064) after finding the open joint stock company insolvent. The case is docketed as A71-91/2003-G21. Mr. M. Kolesnikov has been appointed insolvency manager. KURMANAEVSKOYE: Bankruptcy Hearing Set for April 25 --------------------------------------------------- The Arbitration Court of Orenburg region will convene at 11:10 a.m., on April 25, to hear the bankruptcy supervision procedure of open joint stock company Kurmanaevskoye. The hearing will take place at: The Arbitration Court of Orenburg Region 9th January Str., 64 Orenburg Region 460046, Russia The Court has commenced bankruptcy supervision on open joint stock company Kurmanaevskoye. The case is docketed as A47- 15952/2005-14GK. Mr. V. Ivanov has been appointed temporary insolvency manager. The Debtor can be reached at: Kurmanaevskoye Kurmanaevskiy Region Kurmanaevka Orenburg Region 461060, Russia The temporary insolvency manager can be reached at: V. IVANOV Gaya Str. 23A Orenburg Region 460000, Russia MIKHAYLOVSKIY BAKERY: Volgograd Court Begins Bankruptcy Process --------------------------------------------------------------- The Arbitration Court of Volgograd region commenced bankruptcy proceedings against Mikhaylovskiy Bakery (TIN 3437000590) after finding the open joint stock company insolvent. The case is docketed as A12-34891/05-s55. Mr. V. Levin has been appointed insolvency manager. The Debtor can be reached at: Mikhaylovskiy Bakery Mikhaylovka, Vinogradnaya Str. 1B Volgograd Region 403345, Russia The insolvency manager can be reached at: V. Levin Volgograd-66 Post User Box 155 400066, Russia MOSKVICH: Moscow Court Rules on Bankruptcy ------------------------------------------ The Arbitral Court of Moscow has declared OJSC Moskvich bankrupt, A & G Information Services reports. According to the report, the motorcar factory is suffering from a standstill for more than four years and is facing a current credit debt amounting to RUB23 billion. The Company, with 60.4% of its shares belonging to the State while the remaining 39.6% shares are divided to the work collective group and some small firms, reportedly owe 86% of the amount to the MF of Russia. MF acted as a guarantor for the Company's US$700 million enterprise credit. The company's assets will be sold in parts to enable payments of its surmounting debts, A & G relates. NEFTEMASH: Claims Filing Period Ends April 4 -------------------------------------------- Creditors of Neftemash (TIN 0261009008) have until April 4, to submit their written proofs of claim to: Neftemash Ishimbay, Naberezhnaya Str. 7 Bashkortostan Republic 453203, Russia The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Neftemash (TIN 0261009008) after finding the open joint stock company insolvent. The case is docketed as A07-212/05-G-FLE. Mr. S. Garifullin has been appointed insolvency manager. The insolvency manager can be reached at: S. Garifullin Insolvency Manager Ishimbay, Naberezhnaya Str. 7 Bashkortostan Republic 453203, Russia UYSKIY MEAT: Chelyabinsk Court Begins Bankruptcy Supervision ------------------------------------------------------------ The Arbitration Court of Chelyabinsk region has commenced bankruptcy supervision on limited liability company Uyskiy Meat Processing Complex (TIN 7441008133). The case is docketed as A76-49377/05-52-353. Mr. A. Lavrov has been appointed temporary insolvency manager. The Debtor can be contacted at: Uyskiy Meat Processing Complex Uyskoye, Oktyabrskaya Str. 1 Chelyabinsk Region 456470, Russia The temporary insolvency manager can be contacted at: A. Lavrov Temporary Insolvency Manager Zlatoust, Post User Box 2234 Chelyabinsk Region 456208, Russia VAZHSKOYE: Court Names A. Borodulin as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Arkhangelsk region appointed Mr. A. Borodulin as the insolvency manager for Vazhskoye. The Court commenced bankruptcy proceedings against Vazhskoye after finding the close joint stock company insolvent. The case is docketed as A05-6565/05-8. The Debtor can be contacted at: Vazhskoye Arkhangelsk Region 350038, Russia The insolvency manager can be contacted at: A. Borodulin Insolvency Manager Sudroma, Pogost, Novaya Str. 16 Arkhangelsk Region Velskiy Region 165131, Russia VYSHNEVOLOTSKOYE: Claims Filing Period Ends April 4 --------------------------------------------------- Creditors of Vyshnevolotskoye have until April 4, to submit their proofs of claim to: Y. Pushkarev Insolvency Manager Post Office 6, Post User Box 0603 Tver Region 170006, Russia The Arbitration Court of Tver region commenced bankruptcy proceedings against Vyshnevolotskoye after finding the open joint stock company insolvent. The case is docketed as A68- 8772/2005. Mr. Y. Pushkarev has been appointed insolvency manager. The Debtor can be contacted at: Vyshnevolotskoye Verkhniy Volochek, Prigorodnyj Tver Region 171140, Russia =========== T U R K E Y =========== TURKIYE IS BANKASI: Annual General Meeting Set for March 31 ----------------------------------------------------------- Turkiye Is Bankasi A.S. will hold its Annual General Meeting at 2:00 p.m., on Friday, March 31, at Is Kuleleri, 4. Levent, Istanbul during which, the adaptation of the Articles of Incorporation for NTL and the change of minimum per share nominal value as 1 New Kurus will also be discussed. In the meeting, the Company will: -- present and discuss the Management's and Auditors' Reports; -- examine and ratify the 2005 Balance Sheet and Income Statement and discharge the Board of Directors and Auditors from their responsibilities for the transactions and accounts of the aforementioned year; -- determine of the method and the date of allotment of dividend share; -- adapt the Articles of Incorporation for NTL and the change of minimum per share nominal value as 1 New Kurus; -- determine the allowance for the member of the Board of Directors; -- elect the Auditors for 2006; and -- determine the Auditors' fees. Headquartered in Istanbul, Turkey, Turkiye Is Bankasi AS had total assets of YTL63.7 billion (US$47.37 billion) at the end of 2005. * * * As reported in the Troubled Company Reporter-Europe on March 7, Moody's Investors Service has changed the outlook on the D financial strength rating (FSR) of Turkiye Is Bankasi AS (Isbank), to positive from stable. This action reflects the bank's improving economic capitalization, as well as ongoing positive developments in terms of its profitability profile and franchise quality. The bank's other ratings and outlooks are unaffected by this action. ============= U K R A I N E ============= DANIS UNITED: Kyiv Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against CJSC Danis United Company (code EDRPOU 30056377) on Jan. 19, after finding the company insolvent. The case is docketed as 44/312-b. Mr. T. Chekshturin has been appointed liquidator/insolvency manager. CONTACT: Danis United Company Gospitalna Str. 12-E 03187, Kyiv Region, Ukraine a/b 122 T. Chekshturin Liquidator/Insolvency Manager Sribnokilska Str. 14/126 02068, Kyiv Region Economic Court Of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Kyiv Region ENERGOINVEST: Court Names Yevgen Dzhala as Liquidator ----------------------------------------------------- The Economic Court of Lviv Region appointed Mr. Yevgen Dzhala liquidator/insolvency manager for LLC Energoinvest (code EDRPOU 32409347). The Court Region commenced bankruptcy proceedings against the company on Dec. 26, 2005, after finding the company insolvent. The case is docketed as 6/231-5/156. CONTACT: Energoinvest Zamknena Str. 3/2 Lviv Region, Ukraine Mr. Yevgen Dzhala Liquidator/Insolvency Manager Nizhinska Str. 16/41 Lviv Region, Ukraine Phone/Fax: 75-49-59 Economic Court Of Lviv Region Lichakivska Str. 81 79010, Lviv Region, Ukraine LIANKA: Kyiv Court Begins Bankruptcy Supervision ------------------------------------------------ The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Lianka (code EDRPOU 23309970 26004300138016). The case is docketed as 4/12-15/692-b. Mr. Sokotun Vitalij has been appointed temporary insolvency manager. CONTACT: Lianka Frunze Str. 19/21 04070, Kyiv Region, Ukraine Mr. Sokotun Vitalij Temporary Insolvency Manager Mirushenko Str. 41A/75 33000, Rivne Region, Ukraine Economic Court Of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Kyiv Region, Ukraine SHPOLA' BREAD: Cherkassy Court Begins Bankruptcy Supervision ------------------------------------------------------------ The Economic Court of Cherkassy Region commenced bankruptcy supervision procedure on OJSC Shpola' Bread Combine (code EDRPOU 5510987) on Jan. 12. The case is docketed as 01/26. Mr. O. Zayichenko has been appointed temporary insolvency manager. CONTACT: Shpola' Bread Combine Shpola, Artema Str. 10 Cherkassy Region, Ukraine Mr. O. Zayichenko Temporary Insolvency Manager Kremenchuk, Zhovtneva Str. 7/80 39600, Cherkassy Region, Ukraine Tel: 8 (05366) 3-26-53 Economic Court of Cherkassy Region Shevchenko Avenue 307 18005, Cherkassy, Ukraine UKRENERGOSERVICE: Kyiv Court Begins Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Ukrenergoservice (code EDRPOU 32446174) on Jan. 20, after finding the company insolvent. The case is docketed as 173/2 b-2005. Mr. S. Nesterenko has been appointed liquidator/insolvency manager. CONTACT: Ukrenergoservice Vishneve, Kiyivska Str. 17 08132, Kyiv Region, Ukraine Economic Court of Kyiv Region Komintern Str. 165 01032, Kyiv Region, Ukraine UKRFERMERPOSTACH: Court Names Vyacheslav as Insolvency Manager -------------------------------------------------------------- The Economic Court of Kyiv Region appointed Letskan Vyacheslav as temporary insolvency manager for Private Enterprise Ukrfermerpostach (code EDRPOU 32046622). The Court commenced bankruptcy supervision procedure on the Company with the case docketed as 15/493-b. CONTACT: Ukrfermerpostach Vorovskij Str. 51, Office 11 01054, Kyiv Region, Ukraine Mr. Letskan Vyacheslav Temporary Insolvency Manager Dovzhenko Str. 16-V/42 03057, Kyiv Region, Ukraine Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Kyiv Region, Ukraine UKRPOLITEKS: Court Names A. Okryak Interim Insolvency Manager ------------------------------------------------------------- The Economic Court of Ternopil Region appointed Anatolij Okryak as temporary insolvency manager for LLC Ukrpoliteks (code EDRPOU 31104190). The Court commenced bankruptcy supervision procedure on the Company with the case docketed as 15/B-681. Mr. Anatolij Okryak has been appointed temporary insolvency manager. CONTACT: Ukrpoliteks 48238, Ternopil Region, Ukraine Horostkiv, Nezalezhnosti Str. 3a Gusyatinskij district, Ukraine Mr. Anatolij Okryak Temporary Insolvency Manager Lipova Str. 17/7 Ternopil Region, Ukraine Economic Court of Ternopil Region Ostrozski Str. 14a 46000, Ternopil Region, Ukraine VOL: Harkiv Region Commences Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy proceedings against LLC scientific-innovation firm Vol (code EDRPOU 30289432) on Jan. 24, after finding the company insolvent. The case is docketed as B-19/113-05. JSB Factorial-Bank has been appointed Liquidator. CONTACT: VOL Plehanivska Str. 18 Harkiv Region, Ukraine ECONOMIC COURT OF HARKIV REGION Svobodi Square 5, Derzhprom 8th Entrance 61022, Harkiv Region, Ukraine =========================== U N I T E D K I N G D O M =========================== AUTOMOTIVE PRODUCTS: Members Pass Winding Up Resolution ------------------------------------------------------- Members of Automotive Products Group Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 10. Chairman D. Nesbitt revealed that the company could no longer continue its business due to financial liabilities. Mark John Wilson and Tracey Elizabeth Callaghan, both of Baker Tilly, were appointed Joint Liquidators. The Debtor can be reached at: Automotive Products Group Limited Tachbrook Road Leamington Spa Warwickshire CV31 3ZL Tel: 01926 473 724 Fax: 01926 473 705 BARON JON: Appoints M. H. Linton as Administrator ------------------------------------------------- Baron Jon Menswear Limited (Company Number 01383379) appointed Martin Henry Linton on Jan. 28 to administer the Company's assets. Baron Jon Menswear Ltd, which sells business and leisurewear clothing for men, can be reached at: L2 Freeport Village, Braintree CM7 Tel: 01376 3495 BIRMINGHAM RUBBER: Members Agree on Voluntary Liquidation --------------------------------------------------------- Members of Birmingham Rubber Stamp Company Limited resolved to liquidate the Company's assets at an extraordinary general meeting on Feb. 15. Subsequently, they appointed Vincent A. Simmons to lead the wind up proceedings. Chairman J. King disclosed that the company could no longer continue its business due to mounting debts. The Debtor can be reached at: Birmingham Rubber Stamp Company Limited 209 Streetly Road Birmingham B23 7AH Tel: 0121 377 7757 BOXER FREIGHT: Creditors Confirm Voluntary Liquidation ------------------------------------------------------ Creditors of Boxer Freight Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 15. Creditors also ratified the appointment of Nedim Ailyan, of Abbot Fielding, as Liquidator. The Debtor can be reached at: Boxer Freight Limited PE3 39HP Tel: 01760 338 200 Fax: 01760 338 899 Web: http://www.boxer-freight.co.uk/ BRIDGE FILM: Financial Woes Trigger Voluntary Liquidation --------------------------------------------------------- Bridge Film & Packaging Limited is liquidating its assets after members found out that the company cannot continue its operations due to its liabilities. Kerry Bailey and Jonathan D Newell, of PKF (UK) LLP, were appointed Joint Liquidators. The Debtor can be reached at: Bridge Film & Packaging Limited 19-20 Arkwright Road Astmoor Ind Est Runcorn Cheshire WA7 1NU Tel: 01928 564 666 Fax: 01928 560 566 Web: http://www.bridgefilms.co.uk/ CABINFEVER LIMITED: Members Agree on Voluntary Liquidation ---------------------------------------------------------- Members of Cabinfever Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 15. Mark Grahame Tailby and Neil Richard Gibson, of CBA, were appointed Joint Liquidators. The Debtor can be reached at: Cabinfever Limited Dunsmore Hall Lilbourne Road Clifton Upon Dunsmore Rugby Warwickshire CV2 30BB Tel: 0870 078 8878 CAPITAL MARBLE: Members Pass Winding Up Resolution -------------------------------------------------- Capital Marble Works Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 15. Kian Seng Tan, of K S Tan & Co, was appointed Liquidator. Capital Marble Works Limited can be contacted at: 2 Fortune Way London NW106UF Tel: 020 8960 3335 COMALLO LIMITED: Appoints Joint Administrators from Begbies ----------------------------------------------------------- Paul Stanley and Gary N. Lee of Begbies Traynor were appointed joint administrators of Comallo Limited (Company Number FC008522, Jersey 9706) and Comallo UK Limited (Company Number 05193570) on Feb. 27. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Comallo Ltd and Comallo UK Ltd is engaged in making plastic injection moldings and can be reached at: 102 Chadwick Road Astmoor Industrial Estate Runcorn WA7 1PW Cheshire Tel: 01422 831821 Fax: 01928 577591 CONTAINED SOLUTIONS: Appoints Joint Administrators -------------------------------------------------- Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business Solutions were appointed joint administrators of Contained Solutions Limited (Company Number 05486603) on March 2. The joint administrators can be reached at: 8 Park Place Leeds West Yorkshire LS1 2RU Tel: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com Contained Solutions Limited -- http://www.containedsolutions.co.uk/-- manufactures plastic containers. C W DATA: Winds Up Business & Appoints Liquidator ------------------------------------------------- Members of C.W. Data Services Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 15, 2006. They authorized Roderick Graham Butcher, of Butcher Woods, to liquidate the company's assets. The Debtor can be contacted at: C W Data Services Limited 1 Greenfield Crescent Chester CH2 3NZ Tel: 01389 750 998 Fax: 01389 720 998 DRY BAR: Appoints Alan Tomlinson as Liquidator ---------------------------------------------- Alan H Tomlinson, of Tomlinsons, was appointed liquidator after members of Dry Bar Limited decided to liquidate the company's assets on Feb. 14. Chairman E.P. Dwyer revealed that the company could no longer continue its business due to financial liabilities. Dry Bar Limited can be reached at: 28 Oldham Street Manchester M1 1JN Tel: 0161 236 9840 FISHMANIA LIMITED: Peter O'Hara Administers Winding Up Process -------------------------------------------------------------- Members of Fishmania Limited decided to liquidate the company's assets during an extraordinary general meeting on Feb. 16. They authorized Peter O'Hara of O'Hara & Co. to administer the winding up process. The Debtor can be reached at: Fishmania Limited 469 Otley Road Bradford West Yorkshire BD2 4QF Tel: 01274 633 335 Fax: 01274 642 424 G.A. SHARPE: Creditors Confirm Company's Liquidation ---------------------------------------------------- Creditors of G.A. Sharpe Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 16. Creditors also ratified the appointment of Robert Cooksey of Bridgestones, as Liquidator. The Debtor can be reached at: G.A. Sharpe Limited Vale Mill Peel Street Chadderton Oldham Lancashire OL9 9LN Tel: 0161 624 1521 Fax: 0161 678 7611 HMV GROUP: Rejects Permira Advisers' Revised Takeover Bid --------------------------------------------------------- The Board of HMV Group plc will not enter into discussions with private equity firm Permira Advisers Limited regarding a possible takeover offer after concluding that Permira's revised conditional proposal continues to undervalue the Group. Permira submitted a revised offer to acquire the Group at 210 pence per ordinary share in cash on March 9, which valued the high street music chain at GBP842 million. According to Jim Stanton of The Scotsman, HMV has a current market value of around GBP783.5 million. The Group previously trashed Permira's offer to acquire the Group at 190 pence per ordinary share in January citing the same reason. The Group continues to work on revitalizing its business with plans to focus on a revised price and promotional structure in the UK market to compete against supermarkets and the Internet. The entertainment retailer, which also owns Waterstone's, believes that the acquisition of Ottakar's, if cleared by the Competition Commission, and subject to any new offer, will be a value-enhancing opportunity for its shareholders. Provisional findings from the Competition Commission are expected by the end of March. As part of its commitment to creating shareholder value, the Board of HMV Group recognizes that there is potential to operate the Group with a higher level of financial leverage and will review the Group's capital structure once the Ottakar's situation has been clarified. CEO Appointment The Board of HMV Group says it is making good progress on the recruitment of a successor to Chief Executive Alan Giles, and is now in a position to advance this process. A further announcement will be made in due course. 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. On Oct. 29, 2005, the company's balance sheet showed GBP49.7 million in stockholders' deficit, compared with a GBP14.4 million stockholders' deficit at Apr. 30, 2005. I C CATERING: Appoints Chamberlain & Co. Administrator ------------------------------------------------------ Michael Chamberlain and Andrew Wilkinson of Chamberlain & Co. were appointed joint administrators of I C Catering Limited (Company Number 04546507) on March 1. The joint administrators can be reached at: Aireside House 24/26 Aire Street Leeds West Yorkshire LS1 4HT Tel: 0113 242 0808 Fax: 0113 242 0866 E-mail: mail@chamberlain-co.co.uk I C Catering Limited, which offers catering services, can be reached at: 9 Beckridge Drive Normanton WF6 1QT Tel: 01924 896 148 Fax: 01924 223 730 E-mail: info@ic-catering.co.uk INTERPLAN CONTRACTS: RBS Taps Kroll Limited as Admin. Receiver -------------------------------------------------------------- The Royal Bank of Scotland Plc appointed J. M. Wright and A. J. Wolstenholme of Kroll Limited joint administrative receivers of Interplan Contracts Division Limited (Company Number 03753517) on March 2. Kroll Limited -- http://www.krollworldwide.com/-- offers risk consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Interplan Contracts Division Ltd offers general construction and civil engineering services and can be reached at: Halbury House Much Birch, Herefordshire HR2 8HJ Tel: 01981 541303 MG ROVER: Nanjing to Restart Car Assembly Following China's Nod --------------------------------------------------------------- China's National Development and Reform Commission approved Nanjing Automobile Corp.'s revival plan for bankrupt British carmaker MG Rover, Xinhuanet reports citing Nanjing Chairman Wang Haoliang. According to the report, the government approval will allow the Chinese carmaker to assemble cars in Nanjing, capital of east China's Jiangsu Province, under the MG and Austin marques, which it purchased for GBP53 million last July. The acquired assets also include research and development equipment, which could help Nanjing to produce 200,000 cars, 250,000 engines and 100,000 gearboxes annually, Xinhua reveals. Headquartered in Nanjing, China, Nanjing Automobile Group Corporation (aka Yuejin Motor Group) -- http://www.nanqi.com.cn/ -- possesses an annual production capacity of 180,000 vehicles of various models and has three major vehicle production bases, namely, Nanjing Yuejin, Nanjing Iveco and Nanjing Fiat. The products cover more than 400 types of models, including passenger cars, light duty trucks, light duty buses, cross country vehicles, small-sized passenger/cargo transportation vehicles, special-purpose vehicles as well as various types of chasses etc. Headquartered at Longbridge, Birmingham, U.K., MG Rover Group Limited -- http://www1.mg-rover.com/-- produced automobiles under the Rover and MG brands, together with engine maker Powertrain Ltd. Previously owned by Phoenix Venture Holdings, the company faced huge losses in recent years, reaching GBP64.1 million in 2004, which were blamed on reduced sales. MG Rover collapsed on April 8 after a tie-up with China's largest carmaker, Shanghai Automotive Industry Corporation, failed to materialize. It appointed Ian Powell, Tony Lomas and Rob Hunt, partners in PricewaterhouseCoopers, as joint administrators. The crisis left 6,000 people jobless, and caused a domino effect on related businesses, particularly in the West Midlands. Days later, eight European subsidiaries -- MG Rover Deutschland GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal- Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland Limited -- also fell into administration. In July 2005, Nanjing bought the assets of both MG Rover and Powertrain Ltd. for GBP53 million. Nanjing has started shipping equipment from Longbridge to China and was reportedly close to a deal with SAIC to manufacture the Rover 25 and Powertrain engines. MILLFORD HALL: Appoints XL Business Solutions Administrator ----------------------------------------------------------- Jeremy Nicholas Bleazard of XL Business Solutions Limited was appointed administrator of Millford Hall Limited (Company Number 05424676) on March 1. The administrator can be reached at: 46 Moorlands Business Centre Balme Road Cleckheaton BD19 4EW West Yorkshire Tel: 01274 870 101 Fax: 01274 870 606 E-mail: jbleazard@XLBS.co.uk Millford Hall Limited operates a public house and restaurant. NETHERMAYNE UK: Appoints Begbies Traynor Administrator ------------------------------------------------------ G.N. Lee and I. S. McGregor of Begbies Traynor were appointed joint administrators of Nethermayne UK Limited (Company Number 05277726) on March 1. Its registered office is at Chandler House, 7 Ferry Road Office Park, Riversway, Preston PR2 2YH. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Nethermayne UK Limited -- http://www.nethermayne.co.uk/-- manufactures metal structures and parts. P J SHANKSTER: Appoints BRI as Business Recovery Administrator -------------------------------------------------------------- Gavin Geoffrey Bates and Peter John Windatt of BRI Business Recovery And Insolvency were appointed joint administrators of P J Shankster Limited (Company Number 00852738) on March 2. The joint administrators can be reached at: 100-102 St James Road, Northampton NN5 5LF Tel: 01604 754352 Fax: 01604 751660 E-mail: pwindatt@briuk.co.uk PJ Shankster Ltd, which installs heaters, can be reached at: 74 Station Street West Coventry CV6 5NB West Midlands Tel: 024 7668 3413 Fax: 024 76664551 RELYON HEATING: Appoints Joint Administrators from Menzies ---------------------------------------------------------- Jason James Godefroy and Andrew Gordon Stoneman of Menzies Corporate Restructuring were appointed joint administrators of Relyon Heating Engineering Limited (Company Number 00773875) on Feb. 28. Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating from 628 offices in 92 countries. Relyon Heating Engineering Ltd offers heating and ventilating services and can be reached at: Bridge Works Midland Road Luton, Beds LU2 0BL Tel: 01582 730806 Fax: 01582 481499 SAPPHIRE SEAFOODS: Appoints Administrator from Cranfield -------------------------------------------------------- Tony Mitchell of Cranfield Recovery Limited was appointed administrator of Sapphire Seafoods Limited (Company Number 04714294) on Feb. 28. The administrator can be reached at: 2 Hawkes Drive Warwick Warwickshire CV34 6LX Tel: 01926 450414 Fax: 01926 831126 Sapphire Seafoods Limited wholesales meat and fish products. VISCOUNT TOWN: Appoints UHY Hacker Young to Administer Assets ------------------------------------------------------------- Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were appointed joint administrators of Viscount Town And Country Homes Limited (Company Number 04595095) on March 1. The joint administrators can be reached at: St Alphage House, 2 Fore Street, London EC2Y 5DH Tel: 020 7216 4600 Fax: 020 7638 2159 Headquartered in Shepperton, Viscount Town And Country Homes Limited -- http://www.viscounthomes.com/-- specializes in the design and construction of high quality residential and commercial developments. ZERO DIVIDEND: Board Opts Voluntary Liquidation ----------------------------------------------- The Board of Zero Dividend Recovery Fund Limited resolved to place the Company in members' voluntary liquidation after concluding that the move is the most appropriate course of action for the Company. The Board will write to all shareholders, as soon as practicable, to put forward a proposal for the early winding-up of the Company. In November 2005, the Company disclosed efforts to explore strategic options for the future of the Company, which would've included a possible merger with another investment firm. Headquartered in St. Peter Port, Guernsey, Zero Dividend Recovery Fund Limited operates as an investment trust. The Company aimed to provide ordinary shareholders with the opportunity for capital growth by investing primarily in zero dividend preference shares of split capital investment trusts or investment companies listed on the LSE and The Channel Islands Stock Exchange. * Shepherd and Wedderburn Names John Schmidt as New Partner ----------------------------------------------------------- Shepherd and Wedderburn appointed John Schmidt, from US firm Shearman and Sterling, as its newest partner to join 55 others. Mr. Schmidt has substantial experience in European competition law gained in London and Brussels. Dual-qualified in Scotland and Germany, he will use this expertise to benefit Shepherd and Wedderburn's clients throughout the UK. He advises on the competition law implications of transactions, agreements, exclusivity provisions, pricing and distribution systems across a wide range of sectors such as healthcare, energy, media and financial services. Mr. Schmidt has represented a number of the world's leading corporates before the European Commission, the UK Office of Fair Trading and Competition Commission as well as the German Bundeskartellamt. His clients to date have included: Anglo American, BAT, BP, Citibank, Deutsche B"rse's Eurex and Intergen. Recent work includes advising IVAX in its merger with Teva, Eurex in one of the first competition reviews under FSMA and Edison Misson Energy's sale of its international assets to International Power/Mitsui. Mr. Schmidt's appointment strengthens the Competition, Regulation and Public Law team which acts on behalf of a range of major UK clients, including ScottishPower, the Water Industry Commission for Scotland, Fisher Scientific, Talisman Energy and Scottish Enterprise, and was recently involved in acting for a leading independent school following the OFT investigations into allegations of price-fixing arising from the 'Sevenoaks Survey', the largest cartel investigation ever undertaken by the OFT. Patrick Andrews, chief executive at Shepherd and Wedderburn, said: "Attracting John to Shepherd and Wedderburn is a major achievement, and there is no doubt that he will make a significant contribution to the firm, working with the existing team of specialists in his field to offer new and existing clients a first class service." Mr. Schmidt's appointment follows another two partner appointments already made in 2006. In January, Kenny Mullen's appointment as partner in the London-based Media and Technology team offered additional experience to a fast growing team; and Helen Dixon, who joins from Ledingham Chalmers as a partner with the Corporate Finance team next month, will boost the expertise available to clients from the firm's Aberdeen office. With offices in Edinburgh, Glasgow, London and Aberdeen, Shepherd and Wedderburn provides corporate, commercial, public sector and private clients throughout the UK and abroad with a full range of legal services. ********* 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 * * *