/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060316.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 Thursday, March 16, 2006, Vol. 7, No. 54 Headlines G E R M A N Y ALEXANDER KARI: Claims Registration Ends March 20 AVI PROJEKTENTWICKLUNG: Claims Registration Ends March 22 KARSTADTQUELLE AG: Refutes Store Sale Report LUENEBURGER HOLZLEIMBAU: Creditors' Meeting Slated for March 29 MBC GIPSPUTZ: Creditors' Meeting Slated for April 10 MERCHANDISING SYNDICATE: Creditors' Meeting Slated for April 10 PFLEIDERER AG: Fitch Affirms Issuer Default Rating at BB SCHUESSLER HAAS: Claims Registration Ends April 7 SPEDITION SEELIGER: Claims Registration Ends March 24 TIWAT TIEF: Claims Registration Ends March 20 TKS-VERTRIEBS: Claims Registration Ends March 20 ZIEGLER UND PARTNER: Creditors' Meeting Set on April 13 H U N G A R Y BORSODCHEM RT: Ups Treasury Stock with Employee Share Retention I T A L Y ALITALIA SPA: Reiterates 2006 Profit Forecast K A Z A K H S T A N ARYN-SHEBER: Creditors Must Submit Claims by March 27 CENTRAL TENNIS: Creditors Must Submit Claims by March 24 KAZAGROSEM: Creditors Must Submit Claims by March 27 PROMTRANS: Jambyl Court Begins Bankruptcy Proceedings RASTRO: Creditors Must Submit Claims by March 27 TARAZ GRANODIORIT: Creditors Must Submit Claims by March 27 TURKESTAN M: South Kazakhstan Court Begins Bankruptcy Process N E T H E R L A N D S TEMIR CAPITAL: Fitch Puts B- Rating to Upcoming Eurobond Issue R U S S I A BUTURLINSKIY DIARY: Bankruptcy Hearing Set June 13 IVDELLES: Sverdlovsk Court Opens Bankruptcy Proceedings KAMYSHEVO: Chelyabinsk Court Begins Bankruptcy Process KORMILOVSKIY AGRO-KHIMIK: Creditors' Claims Due April 4 MARI-TUREKSKIY: Mari El Court Begins Bankruptcy Process MICHURINSKIY: Court Names Odarchenko Interim Insolvency Manager PEKAR: Vladimir Court Names M. Sorokin as Insolvency Manager PRAVDINSKOYE MILK: Kaliningrad Court Begins Bankruptcy Process YAROSLAVLSKAYA SHEEPSKIN-FUR: Under Bankruptcy Supervision ZHERDEVSKIY FACTORY: S. Bessonov Appointed as Insolvency Manager U K R A I N E AGROCENTER: Undergoes Bankruptcy Supervision Procedure DRABIVSKA SEED: Undergoes Bankruptcy Supervision Procedure ETALON-TERMO: Court Names Vira Chugunova as Insolvency Manager GERMES GROUP: Court Names V. Oksana Interim Insolvency Manager REINFORCED METAL: Undergoes Bankruptcy Supervision Procedure SIMFEROPOL' AUTO: Court Names Galina Eryomenko Liquidator SOVETSKIJ BUTTER: AR Krym Begins Bankruptcy Proceedings VENDICHANI' BREAD: Vinnitsya Court Begins Bankruptcy Process U N I T E D K I N G D O M ARMSTRONG FASTENINGS: Pension Deficit Spurs Admin. Receivership CABLE & WIRELESS: Share Trustees Dispose of 112,128 Shares COSTAIN GROUP: Dec. 31 Balance Sheet Upside-Down by GBP22.5 Mln DANKA BUSINESS: Names A.D. Frazier as Chairman & CEO GMAC SPORTS: Claims Registration Ends May 15 HOWARD LEISURE: Claims Registration Ends March 31 INGER ELECTRICAL: Members Pass Winding Up Resolution JAMES KIMBER: Hires Liquidator from B & C Associates MAIDEN GROUP: Accepts GBP49.6-Mln Takeover Bid From Titan NEWTRONIC SYSTEMS: Financial Liabilities Prompt Liquidation PREMODA GROUP: Joint Administrators Offer Assets for Sale RAPRA TECHNOLOGY: Polymer Specialist Up for Sale ROBERTS & PARTNERS: Registration of Claims Ends April 7 RUSSELL COLLECTION: Members Agree to Liquidation SIRVA INC: Selling Business Services Division in UK & Ireland SURFIN MONKEY: Rising Debts Trigger Liquidation Proceedings SWITCH PERSONNEL: Creditors Confirm Voluntary Liquidation U.S. CAN: Sets Purchase Price for 10-7/8% Senior Secured Notes VT TECHNOLOGY: Vehicle Manufacturer Up for Sale WHIRLPOOLS DIRECT: Members Agree on Voluntary Liquidation ********* ============= G E R M A N Y ============= ALEXANDER KARI: Claims Registration Ends March 20 ------------------------------------------------- Creditors of Alexander Kari GmbH have until March 20, to register their claims with court-appointed provisional administrator Dirk Stadler. Creditors and other interested parties are encouraged to attend the meeting at 2:05 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 Hamburger Allee 26 30161 Hannover 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 Hannover opened bankruptcy proceedings against Alexander Kari GmbH on Feb. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Alexander Kari GmbH Sehlwiese 33 30880 Laatzen Attn: Alexander Kari, Manager The administrator can be contacted at: Dirk Stadler Callinstr. 43 30167 Hannover Tel: 0511/4739080 Fax: 0511/47390811 AVI PROJEKTENTWICKLUNG: Claims Registration Ends March 22 --------------------------------------------------------- Creditors of AVI Projektentwicklung GmbH have until March 22, to register their claims with court-appointed provisional administrator Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting at 1:20 a.m. on April 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 Essen Saal 293 2. OG Zweigertstr. 52 45130 Essen 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 Essen opened bankruptcy proceedings against AVI Projektentwicklung GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AVI Projektentwicklung GmbH Attn: Andrea Viczena, Manager Grabengasse 2 45772 Marl The administrator can be contacted at: Angela Gerigk Recklinghauser Strasse 17 46282 Dorsten Tel: 02362/993480 Fax: 02362/993481 KARSTADTQUELLE AG: Refutes Store Sale Report -------------------------------------------- Retail and mail order giant KarstadtQuelle AG denied reports that it plans to sell 30 department stores under the Boulevard chain as part of its restructuring program, AFX News says. According to the report, the Company likewise denied plans to trim costs by 20% at its mail order business Neckermann and list the unit on the stock market. The group has been disposing its assets to slash its massive debts (2004: EUR2.83 billion). In August 2005, KarstadtQuelle sold 75 smaller stores to a joint venture between Dawnay, Day Principal Investments and Hilco U.K. Ltd. Following the sale, the group said it would focus on its 40 department stores and 32 sports outlets. KarstadtQuelle is selling its real estate properties hoping to earn around EUR4 billion in sale proceeds. Headquartered in Essen, Germany, KarstadtQuelle AG -- http://www.karstadtquelle.com/-- is the country's largest department store and mail order group. It has annual sales of EUR13.5 billion and employs around 90,000. The retailer has been suffering from sluggish consumption and high unemployment rate in Germany. KarstadtQuelle posted an EBITDA of -EUR428 million in 2004. The group is currently restructuring operations by selling off non-core assets and implementing cost- saving measures. LUENEBURGER HOLZLEIMBAU: Creditors' Meeting Slated for March 29 --------------------------------------------------------------- Court-appointed provisional administrator for Lueneburger Holzleimbau GmbH & Co. KG, Uwe Kassing, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 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 Holzleimbau GmbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Lueneburger Holzleimbau GmbH & Co. KG Attn: Walter Hesebeck, Manager Gebr.-Heyn-Str. 5 21337 Lueneburg Tel: +49 4131 891003 Fax: +49 4131 891030 The administrator can be contacted at: Uwe Kassing Pulverweg 1A 21337 Lueneburg Tel: 0700/80080025 Fax: 0700/80080027 MBC GIPSPUTZ: Creditors' Meeting Slated for April 10 ---------------------------------------------------- Court-appointed provisional administrator for MBC Gipsputz GmbH, Michael W. Kuleisa, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:40 a.m. on April 10. The meeting of creditors and other interested parties 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 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 Hamburg opened bankruptcy proceedings against MBC Gipsputz GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: MBC Gipsputz GmbH Oberschleems 8 22119 Hamburg Attn: Ihsan Batir, Manager Schleemer Ring 9 22117 Hamburg Ozguer Celebi, Manager Washingtonallee 87b 22111 Hamburg The administrator can be contacted at: Michael W. Kuleisa Speersort 4-6 20095 Hamburg Tel: 040/303010 MERCHANDISING SYNDICATE: Creditors' Meeting Slated for April 10 --------------------------------------------------------------- Court-appointed provisional administrator for Merchandising Syndicate GmbH, Karen Geberbauer, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on April 10. The meeting of creditors and other interested parties 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 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 Hamburg opened bankruptcy proceedings against Merchandising Syndicate GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Merchandising Syndicate GmbH Jarrestrasse 4 22303 Hamburg Attn: Thorsten Cycon, Manager Wiesenredder 4a 22149 Hamburg The administrator can be contacted at: Karen Geberbauer Landwehr 2 22087 Hamburg Tel: 040/30067390 PFLEIDERER AG: Fitch Affirms Issuer Default Rating at BB -------------------------------------------------------- Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer Default Rating at BB and Short-term rating at B. The Outlook is Stable. The rating action follows Pfleiderer's announcement that it has agreed to dispose its track systems business to AXA Private Equity. The transaction remains subject to regulatory approval and Pfleiderer expects a book-profit of EUR45 million. The disposal of the track systems business, which had sales of EUR 138 million and EBITDA of EUR19 million in FY04, will help strengthen Pfleiderer's capital structure, particularly in view of its acquisition of Kunz Group's engineered wood activities at end-FY05. This acquisition had initially caused Fitch to place Pfleiderer's Senior Unsecured rating on Rating Watch Negative on Feb. 8, 2005 before affirming them on July 19, 2005. the affirmation not only reflects the positive contribution expected from Kunz to Pfleiderer's business profile but also the assumption that the transaction would ultimately be financed with an acceptable debt/equity mix. This assumption is now strongly supported by the envisaged disposal, which will generate significant cash proceeds. Also, Pfleiderer continues to consider strengthening its equity base via a rights issue. Pfleiderer performed well in FY05 with a reported EBITDA of EUR100.6 million, significantly ahead of the previous year's EUR76.7 million on IFRS basis. The group has provided a positive outlook for 2006 with sales around EUR1.4 billion and EBITDA of approximately EUR200 million. While the full effects of the Kunz acquisition remain to be seen in the current year and integration risks continue to be present, the current performance of Pfleiderer and the progress it has made on its corporate restructuring lead Fitch to believe that the company's leverage will recover to moderate levels. SCHUESSLER HAAS: Claims Registration Ends April 7 ------------------------------------------------- Creditors of Schuessler Haas GmbH have until April 7, to register their claims with court-appointed provisional administrator Dr. Ulf Martini. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Heidelberg Saal 12 Kurfuerstenanlage 21 69115 Heidelberg 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 Heidelberg opened bankruptcy proceedings against Schuessler Haas GmbH on Feb. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Schuessler Haas GmbH Itter 5 69412 Eberbach Attn: Nicole Haass, Manager The administrator can be contacted at: Dr. Ulf Martini E 3, 16 68159 Mannheim Tel: 0621/40171500 Fax: 0621/401715012 SPEDITION SEELIGER: Claims Registration Ends March 24 ----------------------------------------------------- Creditors of Spedition Seeliger-Gammel GmbH have until March 24, to register their claims with court-appointed provisional administrator Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Arnsberg EG 328 Eichholzstrasse 4 59821 Arnsberg 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 Arnsberg opened bankruptcy proceedings against Spedition Seeliger-Gammel GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Spedition Seeliger-Gammel GmbH Hammerstrasse 94 59457 Werl Attn: Johann Heinrich Gammel, Manager Merge 6 59457 Werl The administrator can be contacted at: Dr. Axel Kampmann Bronnerstrasse 7 44141 Dortmund Tel: 0231/5411-0 Fax: 0231/5411-220 TIWAT TIEF: Claims Registration Ends March 20 --------------------------------------------- Creditors of TIWAT Tief- und Wasserbau GmbH have until March 20, to register their claims with court-appointed provisional administrator Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on April 18, 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 Dessau Saal 123 Willy-Lohmann-Str. 33 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 Dessau opened bankruptcy proceedings against TIWAT Tief- und Wasserbau GmbH on Feb. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TIWAT Tief- und Wasserbau GmbH Kreisstrasse 61c 06862 Thiessen Attn: Hermann Finger, Manager Magdeburger Strasse 68 39261 Zerbst The administrator can be contacted at: Dr. Nikolaus Schmidt Magdeburger Strasse 23 06112 Halle Tel: 0345/2311111 Fax: 0345/2311199 TKS-VERTRIEBS: Claims Registration Ends March 20 ------------------------------------------------ Creditors of TKS-Vertriebs GmbH have until March 20, to register their claims with court-appointed provisional administrator Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on April 10, 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 Bielefeld Saal 4065 4. Ebene Gerichtstrasse 6 33602 Bielefeld 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 Bielefeld opened bankruptcy proceedings against TKS-Vertriebs GmbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TKS-Vertriebs GmbH Fritz-Souchon-Str. 27 32339 Espelkamp Attn: Christoph Schlottmann, Manager Richtepatt 15 32339 Espelkamp The administrator can be contacted at: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Tel: +34-91-319 96 86 Fax: +34-91-308 53 68 ZIEGLER UND PARTNER: Creditors' Meeting Set on April 13 ------------------------------------------------------- Court-appointed provisional administrator for Ziegler und Partner Bau- und Handel GmbH & Co. KG, Dr. Lucas F. Flother, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on April 13. The meeting of creditors and other interested parties will be held at: The District Court of Halle-Saalkreis Saal 1.043 Thueringer Str. 16 06112 Halle 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 Halle-Saalkreis opened bankruptcy proceedings against Ziegler und Partner Bau- und Handel GmbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ziegler und Partner Bau- und Handel GmbH & Co. KG Lauchaer Str. 36 06647 Bad Bibra Attn: Cornelia Gustmann, Manager The administrator can be contacted at: Dr. Lucas F. Flother Hansering 1 D-06108 Halle Tel: 0345/212220 Fax: 0345/2122222 ============= H U N G A R Y ============= BORSODCHEM RT: Ups Treasury Stock with Employee Share Retention --------------------------------------------------------------- BorsodChem Rt. informs investors that it has retained 348 shares with a value date of March 3, 2006, from employees terminating their employment relations. The number is out of the 203,062 shares transferred as at Nov. 9, 2005, to the employees' securities accounts kept by HVB Bank Hungary Rt., in relation to BorsodChem's Registered Employee Share Ownership Program. Accordingly, the number of shares under the 2005 Program decreased to 202,616 from 202,964 as included in the announcement on Jan. 26, 2006. Following the transaction, the number of the Company's treasury shares went up by 348 pieces to 1,049,906. Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ========= I T A L Y ========= ALITALIA SPA: Reiterates 2006 Profit Forecast --------------------------------------------- National carrier Alitalia S.p.A. remains positive it's capable of achieving a profit this year despite running into waves of industrial actions and bad weather, Reuters says. According to the report, the airline's board of directors met Friday, March 10, to review the impact of the January strikes and "to evaluate the outcome of the investigation and the possible effects on management decisions." The strikes and bad weather reportedly cost the struggling airline around EUR80 million. Following the meeting, Alitalia said, "on the basis of an estimate for the first three months of the year and assuming no further negative events such as those of last January, including the weather-related ones, confirmed the target of a positive result." Employees, led by the cabin crew and pilots' union, have been critical of Alitalia's restructuring plan, which entails cost and job cuts as well as spinning off units. The unions are primarily opposed to splitting off ground operations, fearing that it would reduce their bargaining power. As of Dec. 31, 2005, Alitalia has trimmed its workforce by almost a half from 20,575 to 11,174 after deconsolidating AZ Servizi and increasing efficiency. Bankruptcy Threat As reported in the Troubled Company Reporter-Europe on Jan. 26, 2005, Welfare Minister Roberto Maroni warned that Alitalia might end up in bankruptcy if the current labor unrest refuses to subside. Alitalia's employees have been critical of the group's restructuring plan, despite the recent success of its EUR1.009 billion capital increase, since it entails massive job cuts for the troubled Italian national carrier. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, its net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, it remains financially troubled. It has posted a profit only four times in the past 16 years. =================== K A Z A K H S T A N =================== ARYN-SHEBER: Creditors Must Submit Claims by March 27 ----------------------------------------------------- LLP Aryn-Sheber has declared insolvency. The proofs of claim will be accepted until March 27, 2006. The company can be contacted at 8 (3122) 28-16-89. CENTRAL TENNIS: Creditors Must Submit Claims by March 24 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Central Tennis Club bankrupt on Dec. 28, 2005. Creditors have until March 24 to submit their written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Almaty, Chaplygina Str. 5 Phone: 8 300 744 68-21 KAZAGROSEM: Creditors Must Submit Claims by March 27 ---------------------------------------------------- LLP Scientific Production Company Kazagrosem has declared insolvency. Creditors have until March 27 to submit their written proofs of claim to: Kazagrosem Taraz, Koigeldi Str. 180 PROMTRANS: Jambyl Court Begins Bankruptcy Proceedings ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region declared OJSC Promtrans bankrupt on Dec. 26, 2005. Creditors have until March 27 to submit their written proofs of claim to: The Specialized Inter-Regional Economic Court of Jambyl Region Taraz, Tashkentskaya Str. 140 Phone: 8 (32622) 43-17-91. RASTRO: Creditors Must Submit Claims by March 27 ------------------------------------------------ LLP Rastro has declared insolvency. Creditors have until March 27 to submit their written proofs of claim to: LLP Rastro Petropavlovsk, Jumabayeva Str. 109, Room 408 TARAZ GRANODIORIT: Creditors Must Submit Claims by March 27 ----------------------------------------------------------- LLP Taraz Granodiorit has declared insolvency. Creditors have until March 24 to submit their written proofs of claim to: LLP Taraz Granodiorit Taraz, Karavannaya Str. 6 TURKESTAN M: South Kazakhstan Court Begins Bankruptcy Process ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceedings against LLP Turkestan M. CONTACT: TURKESTAN M Turkestan, Kojanova Str. 22 ===================== N E T H E R L A N D S ===================== TEMIR CAPITAL: Fitch Puts B- Rating to Upcoming Eurobond Issue -------------------------------------------------------------- Fitch Ratings placed expected Long-term B- rating to Temir Capital B.V.'s upcoming issue notes. The final rating is contingent on receipt of final documents conforming to information already received. Proceeds from the issue of the notes will be deposited with Kazakhstan's Temirbank. Temir will unconditionally and irrevocably guarantee the timely and full repayment of the notes in the trust deed between Temir, Temir Capital B.V. and the trustee, The Bank of New York. Temir Capital B.V. is a Netherlands-domiciled subsidiary of Temir, which is rated Issuer Default B-, Short-term B, Individual D/E, and Support 5. The Outlook is Stable. The terms and conditions of the notes specify that they will rank at least pari passu with the claims of other unsecured creditors of the issuer and that the obligations of Temir under the guarantee will rank at least pari passu with claims of other unsecured creditors of Temir, save those preferred by relevant laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-November 2005, retail deposits accounted for around 18% of Temir's total liabilities, according to the bank's reviewed IFRS financial statements. Covenants limit Temir's dividend payments to 50% of net income in any particular year and also specify that the terms of all transactions of more than US$2 million must be concluded on a market basis. Temir also commits to maintaining a total BIS capital adequacy ratio of 10%, and a cross default clause becomes applicable in case of overdue debt in excess of US$10 million. The terms and conditions of the notes contain a negative pledge clause, which allows for a degree of securitization by Temir. In the event of such securitization, Fitch notes that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Noteholders will benefit from a put option should the bank's Issuer Default Rating be downgraded as a result of an asset sale by, or a merger of, Temir. Temir is one of the 12 largest banks in Kazakhstan, but held a small 1.4% of the system's assets at end-H105. In 2005, its owners changed the bank's senior management and refocused its strategy towards aggressive growth in retail lending, in particular mortgages and car loans. The new management team has been able to increase loans to individuals by 145% in 11M05. However, the bank's risk management and operational capacities in this new area are still to be demonstrated, and the quality of originated assets will be tested only when a significant amount of the new loans seasons. =========== R U S S I A =========== BUTURLINSKIY DIARY: Bankruptcy Hearing Set June 13 -------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region has commenced bankruptcy supervision procedure on OJSC Buturlinskiy Diary. The case is docketed as A43-46091/2005-33-507. A hearing will take place on June 13, 2006. Mr. V. Morozov has been appointed temporary insolvency manager. The Debtor can be contacted at: Nizhniy Novgorod Region Russia The temporary insolvency manager can be contacted at: Golovanova Str. 59, Apartment 66 Nizhniy Novgorod 603137, Russia IVDELLES: Sverdlovsk Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Arbitration Court of Sverdlovsk Region commenced bankruptcy proceedings against CJSC Ivdelles after finding the company insolvent. The case is docketed as A60-31770/2005-S11. Mr. V. Pochuev has been appointed insolvency manager. The Debtor can be contacted at: Artinskaya Str. 23A, Office 38G Ekaterinburg Sverdlovsk Region Russia The insolvency manager can be contacted at: Potrebkooperatsii Str. 6. Kirov 610014, Russia KAMYSHEVO: Chelyabinsk Court Begins Bankruptcy Process ------------------------------------------------------ The Arbitration Court of Chelyabinsk Region has commenced bankruptcy supervision procedure on CJSC Kamyshevo. The case was docketed as A76-51761/2005-52-355. Mr. Y.Remizov has been appointed temporary insolvency manager. The Debtor can be contacted at: Kamyshevka Argayashskiy Region Chelyabinsk Region Russia The temporary insolvency manager can be contacted at: Kirova Str. 118 Chelyabinsk 454091, Russia KORMILOVSKIY AGRO-KHIMIK: Creditors' Claims Due April 4 ------------------------------------------------------- Creditors of OJSC Kormilovskiy Agro-Khimik have until April 4, to submit their written proofs of claim to: Mr. V. Khmelnitskiy Marksa Pr. 4, Apartment 209a Omsk-24 644024, Russia Tel: (3812) 31-05-27 (3812) 31-00-13 The Arbitration Court of Omsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as K/E-380-05. Mr. V. Khmelnitskiy has been appointed insolvency manager. The Debtor can be contacted at: Golovatogo Str. Room 585 Omsk 350038, Russia MARI-TUREKSKIY: Mari El Court Begins Bankruptcy Process ------------------------------------------------------- The Arbitration Court of Mari El republic has commenced bankruptcy supervision procedure on OJSC Mari-Turekskiy Butter- Cheese-Factory. The case was docketed as A-38-6367-1 1/185- 2005. Mr. V.Pochuev has been appointed temporary insolvency manager. The Debtor can be contacted at: Stroiteley Str. 8. Mari-Turek Mari El Republic 425500, Russia The insolvency manager can be reached at: Potrebkooperatsii Str. 6. Kirov 610014, Russia MICHURINSKIY: Court Names Odarchenko Interim Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Krasnodar Region appointed Mr. V. Odarchenko as temporary insolvency manager for CJSC Michurinskiy. The bankruptcy supervision procedure is docketed as A-32- 61710/2005-27/586-B. The Debtor can be contacted at: Zavodskaya Str. 1. Michurinskiy Uspenskiy Region Krasnodar Region 352228, Russia The temporary insolvency manager can be contacted at: Pushkina Str. 47/1 Krasnodar 350063, Russia PEKAR: Vladimir Court Names M. Sorokin as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Vladimir Region appointed M. Sorokin as insolvency manager for CJSC Pekar. The Court commenced bankruptcy proceedings against CJSC Pekar after finding the company insolvent. The case is docketed as A11-18227/2005-K1-100B. The Debtor can be contacted at: PEKAR Suzdalskaya Str. 5. Vladimir Russia The insolvency manager can be contacted at: M. Ekaterininskay Str. 17/21 Moscow 129110, Russia PRAVDINSKOYE MILK: Kaliningrad Court Begins Bankruptcy Process -------------------------------------------------------------- The Arbitration Court of Kaliningrad Region has commenced bankruptcy supervision procedure on LLC Pravdinskoye Milk. The case is docketed as A21-10163/2005. Mr. M. Ferafontov has been appointed temporary insolvency manager. The temporary insolvency manager can be contacted at: Post User Box 195 Sovetsk Kaliningrad Region 238750, Russia YAROSLAVLSKAYA SHEEPSKIN-FUR: Under Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Yaroslavl Region appointed B. Yun as temporary insolvency manager for OJSC Yaroslavlskaya Sheepskin- Fur Factory. The bankruptcy supervision procedure is docketed as A82-9690/ 05-56-B/46. The Debtor can be contacted at: Kalinina Str. 30 Tatuevskiy Region Miklyaikha Yaroslavl Region Russia The temporary insolvency manager can be contacted at: M. Ekaterininskaya Str. 17/21 Moscow 129110, Russia ZHERDEVSKIY FACTORY: S. Bessonov Appointed as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Tambov Region commenced bankruptcy proceedings against LLC Zherdevskiy Factory Of Building Materials after finding the company insolvent. The case is docketed as A64-10681/05-18. Mr. S. Bessonov has been appointed insolvency manager. The Debtor can be contacted at: Dorozhnaya Str. Zherdevka Tambov Region, 14B Russia The insolvency manager can be reached at: Lenina Str. 330 A. Ustyunskiy Morshanskiy Region Tambov Region 393969, Russia ============= U K R A I N E ============= AGROCENTER: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------ The Economic Court of Zaporizhya Region commenced bankruptcy supervision procedure on LLC Agrocenter (code EDRPOU 303751221) on Jan. 10, 2006. The case is docketed as 19/8. Mr. Oleksandr Serebryakov has been appointed temporary insolvency manager. CONTACT: AGROCENTER Novomikolayivskij district, Lubitske 70153, Zaporizhya Region, Ukraine ECONOMIC COURT OF ZAPORIZHYA REGION Shaumyana Str. 4 69001, Zaporizhya Region, Ukraine DRABIVSKA SEED: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy supervision procedure on Private Agricultural Enterprise Drabivska Seed Company (code EDRPOU 33017964). The case is docketed as 01/167. Mr. Krivoshej Oleg has been appointed temporary insolvency manager. CONTACT: Mr. Krivoshej Oleg Temporary Insolvency Manager Engels Str. 243/1-510 Cherkassy Region, Ukraine ECONOMIC COURT OF CHERKASSY REGION Shevchenko Avenue 307 18005, Cherkassy Region, Ukraine ETALON-TERMO: Court Names Vira Chugunova as Insolvency Manager -------------------------------------------------------------- The Economic Court of Lugansk Region appointed Ms. Vira Chugunova liquidator/insolvency manager of Etalon-Termo (code EDRPOU 20178026). The Court commenced bankruptcy proceedings against Etalon-Termo (code EDRPOU 20178026) on Dec. 22, 2005, after finding the company insolvent. The case is docketed as 22/9 B. CONTACT: Etalon-Termo Antratsit, Zoya Kosmodemyanska Str. 94606, Lugansk Region, Ukraine Ms. Vira Chugunova Liquidator/Insolvency Manager Lutuginska Str. 123/6 91020, Lugansk Region, Ukraine Economic Court of Lugansk Region Geroiv VVV Square 3a 91000, Lugansk Region, Ukraine GERMES GROUP: Court Names V. Oksana Interim Insolvency Manager -------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Ms. Venska Oksana temporary insolvency manager of LLC Germes Group (code EDRPOU 30982403). The Court commenced bankruptcy supervision procedure on the company on Dec. 19, 2005. The case is docketed as B 29/239/05. CONTACT: Germes Group Gogol Str. 4/2 49000, Dnipropetrovsk Region, Ukraine Ms. Venska Oksana Temporary Insolvency Manager Maksim Rilskij Str. 137 49016, Dnipropetrovsk Region, Ukraine Tel: 788-44-20 Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Dnipropetrovsk Region, Ukraine REINFORCED METAL: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------ The Economic Court of Ivano-Frankivsk Region commenced bankruptcy supervision procedure on Joint Enterprise Reinforced Metal Products Plant (code EDRPOU 01735689). The case is docketed as B-7/184. Mr. Igor Dobryanskij has been appointed temporary insolvency manager. CONTACT: Reinforced Metal Products Plant Petlura Str. 8 Ivano-Frankivsk Region, Ukraine Mr. Igor Dobryanskij Temporary Insolvency Manager Sichovih Striltsiv Str. 16/17 Ivano-Frankivsk Region, Ukraine Economic Court of Ivano-Frankivsk Region Shevchenko Str. 16a 76000, Ivano-Frankivsk Region, Ukraine SIMFEROPOL' AUTO: Court Names Galina Eryomenko Liquidator --------------------------------------------------------- The Economic Court of AR Krym Region commenced bankruptcy proceedings against OJSC Simferopol' Auto Transport Enterprise- 14327 (code EDRPOU 03114649) after finding the company insolvent. The case is docketed as 2-20/1112-2005. Ms. Galina Eryomenko appointed liquidator/insolvency manager. CONTACT: Ojsc Simferopol Auto Transport Enterprise-14327 Simferopol, Kiyivska Str. 4 AR Krym Region, Ukraine Ms. Galina Eryomenko Liquidator/Insolvency Manager Simferopol, Peremogi Avenue 76/155 AR Krym Region, Ukraine The Economic Court of Ar Krym Region Simferopol, Karl Marks Str. 18 95000, AR Krym Region, Ukraine SOVETSKIJ BUTTER: AR Krym Begins Bankruptcy Proceedings ------------------------------------------------------- The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on OJSC Sovetskij Butter Plant (code EDRPOU 00446300). The case is docketed as 2-29/16391-2005. Mr. Vasil Kuhta has been appointed temporary insolvency manager. CONTACT: Ojsc Sovetskij Butter Plant Sovetskij, Severnij Lane 6 97200, AR Krym Region, Ukraine Mr. Vasil Kuhta Temporary Insolvency Manager Simferopol, a/b 2745 95048, AR Krym Region, Ukraine The Economic Court of Ar Krym Region Simferopol, Karl Marks Str. 18 95000, AR Krym Region, Ukraine VENDICHANI' BREAD: Vinnitsya Court Begins Bankruptcy Process ------------------------------------------------------------ The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on OJSC Vendichani' Bread Products Combine (code EDRPOU 00953220). The case is docketed as 10/185-05. Mr. Glebov Vasil has been appointed temporary insolvency manager. CONTACT: Vendichani' Bread Products Combine Vendichani, 50-richya Zhovtnya Str. 23 Mogiliv-Podilskij district, 24032, Vinnitsya Region, Ukraine Mr. Glebov Vasil Temporary Insolvency Manager Vinnitska Str. 26 Vinnitsya Region, Ukraine Phone: 8 (0432) 32-75-22 Economic Court of Vinnitsya Region Hmelnitske Shose, 7 Vinnitsya Region, Ukraine =========================== U N I T E D K I N G D O M =========================== ARMSTRONG FASTENINGS: Pension Deficit Spurs Admin. Receivership --------------------------------------------------------------- Matthew Hammond and Rob Hunt of PricewaterhouseCoopers LLP have been appointed joint administrative receivers of: -- Armstrong Fastenings Limited, -- Willenhall Manufacturing Limited, -- Caparo Automotive Limited, and -- Armstrong Equipment Limited. "In common with many companies at this time, Armstrong Fastenings Limited and Willenhall Manufacturing Limited have suffered from the difficulties of a significant pension deficit," Matthew Hammond, joint administrative receiver, PricewaterhouseCoopers LLP, said. "The ongoing funding of this was the predominant factor in the appointment of administrative receivers. "The businesses are currently operating with a full order book and manufacturing is ongoing. With the support of employees, key customers and suppliers we hope to receive interest in the businesses from third parties with the objective of achieving a sale of all or part of the businesses, safeguarding the jobs of the workforce," Mr. Hammond added. Caparo Automotive Limited and Armstrong Equipment Limited operate as holding companies for the trading companies. About PwC The member firms of the PricewaterhouseCoopers network provide industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 130,000 people in 148 countries across our network work collaboratively using Connected Thinking to develop fresh perspectives and practical advice. About the Companies Armstrong Fastenings Limited has two divisions: -- Armstrong Fastening Systems and -- Armstrong Fastening Technologies. Armstrong Fastening Systems manufactures wire thread insert systems, mainly for the aerospace sector, with an annual turnover of approximately GBP3 million. The business operates from a base in Hull, East Yorkshire and employs 50 staff. Armstrong Fastening Technologies designs, develops and manufactures specialist fasteners for the automotive sector with an annual turnover of approximately GBP25 million. The business operates from a base in Darlaston in the West Midlands and employs 330 staff on two sites in Darlaston and Wolverhampton. Willenhall Manufacturing Limited manufactures metal pressings for the automotive new and after market, with an annual turnover of approximately GBP5.4 million. The business operates from a base in Willenhall in the West Midlands and has 100 employees. The parent company of all of the businesses, Caparo Group Limited, and the rest of the Caparo Group, have separate financial affairs and are not affected by the appointment. The Caparo Group continues to trade normally. CABLE & WIRELESS: Share Trustees Dispose of 112,128 Shares ---------------------------------------------------------- Cable and Wireless plc advises that the Trustees of Cable and Wireless plc Employee Share Ownership Trust disposed of 112,128 Ordinary Shares on March 6 at a price of GBP1.08 per share. Following the disposal, 51,234,425 Ordinary Shares are held under the Trust. Francesco Caio, Rob Rowley, Charles Herlinger, Lord Robertson of Port Ellen, George Battersby, Harris Jones and John Pluthero (all being Directors of Cable and Wireless plc), in their capacity as members of the class of beneficiaries under the Trust, and Towers Perrin Share Plan Services Limited, in their capacity as Trustees of the Trust, are deemed to have a non-beneficial interest in these Ordinary Shares. No Directors are disposing of any beneficial interests in the Company. About the Company Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- is one of the world's leading international communications companies. It provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. Fitch Ratings has affirmed Cable & Wireless' ratings at Long-term 'BB+' with Stable Outlook and Short-term 'B'. * * * As reported in the Troubled Company Reporter-Europe on March 3, Standard & Poor's Ratings Services said that the ratings and outlook on U.K.-based telecommunications operator Cable & Wireless PLC (C&W; BB-/Negative/B) were unchanged following the group's presentation of plans for further restructuring and refocusing of its U.K. business. C&W is replicating the broadly successful business model of Energis, the U.K. telecoms services company that it acquired in November 2005. It has announced a withdrawal from the low- margin U.K. small-to-midsized business market and a focus on large U.K. corporate customers. Given this streamlining of the customer and product base, employee numbers could reduce by up to 3,000, resulting in additional headcount reduction and lease exit costs. The group is to continue investing in Bulldog, its early stage, and largely residential, local-loop-access operation. This further retrenchment underlines the external and internal challenges that C&W still faces. The group's cash flow profile in the U.K. is likely to be more negative than previously anticipated, although material erosion of the gross cash position is not currently expected. COSTAIN GROUP: Dec. 31 Balance Sheet Upside-Down by GBP22.5 Mln --------------------------------------------------------------- Costain Group PLC reported its preliminary financial results for the year ended Dec. 31, 2005. Profit before tax for the year ended Dec. 31, 2005, under the International Financial Reporting Standards increased by 138% over the previous year to GBP25.0 million on turnover including joint arrangements (construction joint ventures) up 11.2% to GBP773.2 million. Underlying profit (being the profit before tax and before IFRS restatements in respect of Spanish property, share based payments and hedging costs) for 2005 was GBP20.7 million, up 6.2% on the previous year. Net interest payable amounted to GBP600,000, compared with a GBP1.2 million receivable in 2004. The payable includes a pension finance cost of GBP2.8 million, up from the previous year's GBP1.1 million pension finance cost. Basic earnings per share increased 168% to 6.7 pence from 2.5 pence in 2004. The Group generated a cash inflow of GBP11.4 million, compared with an GBP8 million outflow in 2004, reflecting an improvement in working capital. The net cash position of GBP74.0 million, from the previous year's GBP62.6 million, includes GBP1.2 million of borrowings. The Group has positive net operating assets of GBP47.0 million sustaining the continued improvement of the last few years. However, the impact of the deficit in the pension scheme produced a negative shareholder equity of GBP22.5 million, compared to a GBP44.6 million shareholders' deficit at Dec. 31, 2004. Headquartered in Maidenhead, United Kingdom, Costain Group PLC -- http://www.costain.com/-- is an international engineering and construction group. The Company provides building, civil engineering and specialist processing services in the United Kingdom, Europe and the Middle East, Asia, the Pacific Rim and Africa. The Group's customers include businesses in the construction, marine, transport, retail hotel and utilities sectors. DANKA BUSINESS: Names A.D. Frazier as Chairman & CEO ---------------------------------------------------- Danka Business Systems PLC (LSE: DNK; NASDAQ: DANKY) appointed A.D. Frazier as its Chairman and Chief Executive Officer effective March 14. Prior to his appointment in Danka, Mr. Frazier has served as: -- President and Chief Operating Officer of Caremark Rx, Inc., a Fortune 500 pharmacy benefit management company; -- Chairman and CEO of the Chicago Stock Exchange; -- Chief Operating Officer of the Atlanta Committee for the 1996 Olympic Games; and -- President and CEO of INVESCO, now an affiliate of AMVESCAP, PLC, one of the world's largest financial asset managers and Executive Vice President of the North American Banking Group of First Chicago Corp. Since January 2005, Mr. Frazier has been involved in Alternative Dispute Resolution, including the private mediation and negotiation of complex business issues. Danka's outgoing Chief Executive Officer, Todd Mavis, will be leaving the company after a transition period and will also resign his directorship with the company to pursue other interests. Danka's Chairman of the Board, W. Andrew McKenna, has relinquished the Chairmanship of the company to Mr. Frazier and will remain on the company's Board of Directors. "We are very pleased to bring A.D. Frazier to the company at this time," said Mr. McKenna. "A.D. brings a unique set of experiences to Danka, having served in numerous executive leadership positions. He is a seasoned executive with a track record of success. I would also like to thank Todd Mavis for his years of excellent service to the company," he continued. "Todd has done a good job under very difficult conditions. Through advancements in our Managed Print Services Strategy he has strategically positioned the company for success and, furthermore, has driven substantial cost out of the business," Mr. McKenna said. "Todd will assist A.D. in the transition process and we expect A.D.'s background will bring significant value to Danka now and in the future. I believe the company is moving in the right direction and look forward to a bright future under our new leadership." About the Company Headquartered in London, England and St. Petersburg, Florida, Danka Business Systems PLC -- http://www.danka.com/-- is one of the largest independent providers of office imaging equipment, document solutions and related services and supplies in the United States and Europe. * * * As reported in the Troubled Company Reporter-Europe on Feb. 17, Moody's Investors Service downgraded the corporate family rating of Danka Business Systems PLC to B3 from B2 and maintained a negative ratings outlook. The downgrade reflects continued weak financial performance, negative cash flow from operations and a difficult competitive environment. Moody's took these rating actions: * Downgraded corporate family rating to B3 from B2 * Affirmed $175 million senior unsecured notes (guaranteed) due 2010 at B3 Moody's said the outlook remain negative. According to TCR Europe on Feb. 10, Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on St. Petersburg, Florida-based Danka Business Systems PLC to 'B-' from 'B'. The downgrade reflects continued year- over-year revenue declines and weak profitability. S&P said the outlook is negative. GMAC SPORTS: Claims Registration Ends May 15 -------------------------------------------- Members of GMAC Sports Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 15. Appointed Liquidator, Mark Levy, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before, May 15, 2006. The Debtor can be reached at: GMAC Sports Limited 335 Ladbroke Grove London W10 6HA Tel: 020 8968 7101 HOWARD LEISURE: Claims Registration Ends March 31 ------------------------------------------------- Creditors of Howard Leisure Limited have until March 31, to send in their full names, addresses and descriptions, full particulars of debt or claims, and the names and addresses of Solicitors (if any) to appointed Liquidator, Philip Stephen Wallace. The Debtor can be reached at: Howard Leisure Limited Eagle Street Accrington Lancashire BB5 1LN Tel: 01254 384 909 INGER ELECTRICAL: Members Pass Winding Up Resolution ---------------------------------------------------- Members of Inger Electrical Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 17. They authorized Andrew J. Maybery and Christoper J. Brown, of Hart Shaw, to jointly liquidate the company's assets. The Debtor can be reached at: Inger Electrical Limited 19-21 Laughton Road Dinnington Sheffield S25 2PN Tel: 01909 562 688 JAMES KIMBER: Hires Liquidator from B & C Associates ---------------------------------------------------- Jeffrey Mark Brenner, of B & C Associates, was appointed liquidator after members of James Kimber Limited agreed to liquidate the company's assets on Feb. 13. Director J. Kimber claimed that the company could no longer continue its business due to mounting debts. The Debtor can be reached at: James Kimber Limited 134-136 King Street London W6 0QU Tel: 020 8563 2111 MAIDEN GROUP: Accepts GBP49.6-Mln Takeover Bid From Titan --------------------------------------------------------- The Boards of Titan Outdoor Limited and The Maiden Group plc reached agreement on the terms of a recommended cash offer to be made by Lehman Brothers on behalf of Titan, a wholly owned subsidiary of Titan Outdoor Holdings, Inc., for the entire issued and to be issued ordinary share capital of Maiden. Summary of the Offer -- The Offer will be 20 pence in cash for each Maiden Share. -- The Offer values the existing issued ordinary share capital of Maiden at approximately GBP10.6 million and values Maiden at approximately GBP49.6 million including net debt of approximately GBP39.0 million as at June 30, 2005. -- Titan is a newly incorporated company that has been formed by Titan Holdings for the purpose of making the Offer. -- Titan Holdings is a full service outdoor advertising company providing sales and marketing of transit, billboard, wallscape, telephone kiosk and street banner advertising in the United States, Canada and the Republic of Ireland. -- The Offer will include a condition as to the continuing financial position of Maiden. -- Titan has received irrevocable undertakings to accept the Offer in respect of the entire holdings of all Maiden Directors and their interests, representing approximately 34.3% of Maiden's existing issued ordinary share capital. In addition, Titan has received irrevocable undertakings to accept the Offer from certain institutional and employee shareholders of Maiden in respect of approximately 23.0% of the existing issued ordinary share capital of Maiden. Accordingly, shareholders owning approximately 57.3% of the issued ordinary share capital of Maiden have undertaken to accept the Offer. -- The Directors of Maiden, who have been so advised by Rothschild, consider the terms of the Offer to be fair and reasonable and intend unanimously to recommend the Offer. In providing its advice to the Directors of Maiden, Rothschild has taken into account the commercial assessments of the Directors of Maiden. "In the last 12 months, Maiden has strengthened its portfolio of assets in the UK, winning a number of major contracts," Ronald Zeghibe, Chief Executive of Maiden, said. "However, a combination of trading conditions and no increase in banking facilities to support us has meant that the company requires support from other quarters. We have looked at a wide variety of strategic options; however, in view of the position taken by our banks, we now have no alternative but to accept the offer from Titan, which in the circumstances is the best available for Maiden shareholders, its employees and customers and which has received irrevocable undertakings from approximately 57.3% of shareholders." Bill Apfelbaum, Chairman of Titan Holdings, said: "It is with great pleasure that Don Allman, President and Chief Executive Officer of Titan Holdings, and I re-enter the UK outdoor market with this Offer for Maiden. From 1994 until 2000, Don and I ran TDI which operated the London Underground, London Bus and more than 20 other bus contracts throughout the UK. We believe Maiden has the pre-eminent outdoor asset collection in the UK and we look forward to once again building relationships with advertisers, agencies, outdoor specialists and authorities." Financial Advisers Lehman Brothers, which is regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to Titan Holdings and Titan in connection with the Offer and no one else and will not be responsible to anyone other than Titan Holdings and Titan for providing the protections afforded to customers of Lehman Brothers, nor for providing advice in relation to the Offer. NM Rothschild & Sons Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for Maiden in connection with the Offer and no one else and will not be responsible to anyone other than Maiden for providing the protections offered to clients of NM Rothschild & Sons Limited nor for providing advice in relation to the Offer. Insolvency Warning Since June 2005, Maiden has been working closely with its banks to address the issues raised as a result of the breaches of covenant. On Feb. 28, the Maiden Board received a letter from the coordinating bank of Maiden's banking syndicate confirming that: -- the banks would not be prepared to provide increased facilities to Maiden; -- if an unconditional offer were received from an offeror the Board would (in the absence of a refinancing of the bank debt) be duty bound, in the banks' opinion, to accept and recommend to shareholders such unconditional offer; and -- without a recommended offer for Maiden there would appear to be little chance of avoiding Maiden going into a formal insolvency process. The Directors of Maiden believe that the Offer from Titan represents the best value available to shareholders, having undertaken a comprehensive process examining all the strategic alternatives for Maiden. In view of the position taken by the banks, in the event that this Offer lapses it would appear inevitable that Maiden will fall into insolvency. Accordingly, the Directors of Maiden have no alternative but to recommend unanimously that shareholders accept this Offer. About Titan Titan Holdings is a full service out-of-home advertising company providing sales, marketing, and maintenance of transit, billboard, wallscape, telephone kiosk, street banner and construction bridge advertising. Founded in 2000 by industry veterans, Titan Holdings' team of market specialists provides clients with creative media solutions in the top domestic markets in the United States, including New York, New Jersey, Los Angeles, San Francisco, Philadelphia, Seattle, Boston and Orange County, as well as in Toronto and the Republic of Ireland. Titan Holdings is majority owned by an affiliate of WCAS, a United States based private equity firm that has raised total capital of over $15 billion since its inception. Since its first closing in 1979, WCAS has organized 14 limited partnerships, invested in over 200 companies and funded over 650 follow-on acquisitions. WCAS has recently raised its new fund, Welsh, Carson, Anderson & Stowe X, L.P. with approximately $3.2 billion in committed capital. WCAS also has the ability to support its equity investments via its captive subordinated debt fund, which has approximately $1.3 billion in committed capital. About Maiden Group The Maiden Group plc -- http://www.maiden.co.uk/-- is the largest independent outdoor media sales company in the United Kingdom. Maiden provides a diverse portfolio of outdoor opportunities through billboard, transport and retail advertising. Retail comprises advertising 6-sheet panels located at large supermarkets and shopping malls throughout the UK. Billboard advertising is primarily based on large format roadside panels located with various private landlords. Transport comprises advertising panels at over 500 rail stations located throughout the UK rail network based on contracts with Network Rail and the major train operating companies. For the financial year ended Dec. 31, 2004, Maiden reported turnover of GBP92.1 million on which it earned pre-exceptional profit on ordinary activities before taxation of GBP2.4 million. For the six months ended June 30, 2005, Maiden reported a loss on ordinary activities before taxation of GBP3.5 million on turnover of GBP45.5 million. As at June 30, 2005, Maiden's net assets were GBP9.7 million. For the second half of Maiden's 2005 financial year, although sales overall showed some progress over 2004, sales for the two months leading up to December 2005 fell significantly short of expectations. This, combined with a reduced ability to generate additional revenue on some new contracts, due to delays in developing related panel estates in the timescales anticipated, means that Maiden will be reporting a pre-exceptional operating loss for the financial year to Dec. 31, 2005. NEWTRONIC SYSTEMS: Financial Liabilities Prompt Liquidation ----------------------------------------------------------- Newtronic Systems Limited is liquidating its assets after members found out that the company cannot continue its operations due to its financial liabilities. Timothy Hargreaves, of T.H. Associates, was appointed Liquidator. The Debtor can be contacted at: Newtronic Systems Limited Unit 3 Blackburn Tech Man Cent Challenge Way Blackburn BB1 5QB Tel: 01254 680 187 Fax: 01254 682 550 PREMODA GROUP: Joint Administrators Offer Assets for Sale --------------------------------------------------------- The Joint Administrators, R. H. Kelly and C. G. J. King, offer for sale as a going concern the business and assets of The Premoda Group Limited and its subsidiaries. Features: -- Two Major brands in Charnos and Ballet; -- Supplier of branded and non-branded lingerie; -- Customer base includes many National UK retailers including all major department stores; -- Sources product from Far East and other low cost areas; -- Separate subsidiary business (not in insolvency) based in Portugal; -- Major brand in Figfort; -- Sells to Portugese and Spanish markets; -- Low cost proprietary manufacturing; -- Annual turnover GBP17 million; -- Approximately 400 employees (UK: 120, Portugal: 280); -- Bases: (1) Nelson, Lancashire, (2) Ilkeston, Derbyshire, and (3) Oporto, Portugal Inquiries can be addressed to: Ben Williamson Ernst & Young LLP Cloth Hall Court 14 King Street Leeds LS1 2JN E-mail: bwilliamson@uk.ey.com Tel: (0113) 298 2206 About Ernst & Young Ernst & Young -- http://www.ey.com/-- is global organization help companies in businesses across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. It has 107,000 people in 140 countries around the globe pursue the highest levels of integrity, quality and professionalism to provide clients with a broad array of services relating to audit and risk-related services, tax, and transactions. RAPRA TECHNOLOGY: Polymer Specialist Up for Sale ------------------------------------------------ Joint Administrators Kim Rayment and Geoff Kinlan offer for sale the business and assets of Rapra Technology Limited. Features: -- Business established 1919; -- Turnover GBP 8.2 million per annum; -- Several businesses including Polymer Analysis, Testing, Research Technology and Information Services; -- Customers include government agencies, academic bodies and other research organizations on a global basis; -- 60,000 sq. ft. freehold premises in Shropshire and 10,000 sq. ft. leasehold premises in Billingham; and -- 118 highly skilled workforce. Inquiries can be addressed to: Beverley Marsh Phone: 0121 352 6262/6233 E-mail: beverley.marsh@bdo.co.uk About BDO Stoy Hayward BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. ROBERTS & PARTNERS: Registration of Claims Ends April 7 ------------------------------------------------------- Members of Roberts & Partners (UK) Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 13. Appointed Joint Liquidators, Robert William Birchall and Ian Christopher Oakley Smith, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before, April 7. Roberts & Partners (UK) Limited can be contacted at: Summit Ho 84 St. Cathrines Way London E1W 1YS Tel: 020 7488 2333 Fax: 020 7488 2777 RUSSELL COLLECTION: Members Agree to Liquidation ------------------------------------------------ The Russel Collection Limited is liquidating its assets after members found out that the company could no longer continue its business due to mounting debts. Alan H. Tomlinson, of Tomlinsons, was appointed Liquidator. The Debtor can be reached at: The Russell Collection Limited Unit 3 Stocks Mill Legh Street Eccles Manchester Lancashire M30 0UT Tel: 0161 281 7170 Fax: 0161 707 9491 Web: http://www.therussellcollection.co.uk/ SIRVA INC: Selling Business Services Division in UK & Ireland ------------------------------------------------------------- SIRVA, Inc. (NYSE: SIR) signed a definitive agreement with Crown Worldwide Holdings Ltd. to sell its Business Services Division in the United Kingdom and Ireland. The division includes SIRVA's UK Records Management business, GB Nationwide Crate Hire business and the Irish Security Archives unit for total cash consideration of approximately GBP50 million (US$87 million). The transaction is subject to customary closing conditions, including the consent of lenders under SIRVA Worldwide, Inc.'s credit facility, and is expected to be completed in the near term. Crown will acquire the stock of Irish Security Archives Ltd., and the assets of GB Nationwide and the Records Management Business of Pickfords. SIRVA, Inc., was advised by Lazard in this transaction. Since 2004, SIRVA has been divesting non-strategic assets to allow for exclusive focus on its core Relocation and Moving Services businesses. About Crown Worldwide Holdings Ltd. Crown Records Management specializes in the management and storage of business information, from electronic and digital media to hard copy. Post acquisition, the Crown Group will manage circa 14 million records cartons in 46 countries, operating from over 140 worldwide locations and serving approximately 10,000 clients. The Crown Worldwide Group -- http://www.crownworldwide.com/-- is privately held and headquartered in Hong Kong. The Crown Relocations division provides global employee relocation services for corporations, private clients, public sector & diplomats. The Crown Logistics division provides other specialized commercial import/export, freight forwarding and distribution services. About SIRVA, Inc. SIRVA, Inc. -- http://www.sirva.com/-- provides relocation services worldwide. The company operates in more than 40 countries in Asia, Australia, Europe and North America with approximately 6,000 employees and an extensive network of agents and other service providers. SIRVA's well-recognized brands include Allied, northAmerican, Global, and SIRVA Relocation in North America; Pickfords, Huet International, Kungsholms, ADAM, Majortrans, Allied Arthur Pierre, Rettenmayer, and Allied Varekamp in Europe; and Allied Pickfords in the Asia Pacific region. Standard & Poor's assigned BB+ Long-Term Foreign and Local Issuer ratings to Sirva Inc. on Aug. 9, 2005. SURFIN MONKEY: Rising Debts Trigger Liquidation Proceedings ----------------------------------------------------------- Members of The Surfin Monkey Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 10. Director G. Mitchell revealed that the company could no longer continue its business due to rising debts. Alpa Raja and P. Atkinson, both of Vantis Redhead French Limited, were appointed Joint Liquidators. The Debtor can be reached at: The Surfin Monkey Limited Alexander House Thame Road Haddenham Aylesbury Buckinghamshire HP178BZ Tel: 01844 296 066 Fax: 01844 296 064 SWITCH PERSONNEL: Creditors Confirm Voluntary Liquidation --------------------------------------------------------- Creditors of Switch Personnel (2) 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 Richard Ian Williamson of Campbell Crossley and Davis, as Liquidator. Switch Personnel (2) Limited can be reached at: 10 Daisyfield Street Darwen Lancashire BB3 0AT Tel: 01254 776 200 Fax: 01254 708 482 U.S. CAN: Sets Purchase Price for 10-7/8% Senior Secured Notes -------------------------------------------------------------- United States Can Company reported that the tender offer consideration and the total consideration to be paid for its outstanding 10-7/8% Senior Secured Notes due 2010 that are validly tendered and accepted for purchase in the tender offer described in the Offer to Purchase and Consent Solicitation Statement dated Feb. 16, 2006. The total consideration to be paid for validly tendered (and not validly withdrawn) Secured Notes was determined using the yield of the 3.625% U.S. Treasury Notes due June 30, 2007, plus a fixed spread of 50 basis points. The yield on the Reference Security, as calculated by Lehman Brothers Inc., at 2:00 p.m., New York City time, on March 8, 2006, was 4.814%. Accordingly, the tender offer yield and total consideration, excluding accrued and unpaid interest, per $1,000 principal amount of Secured Notes are 5.314% and $1,119.60. The tender offer consideration, which is payable to holders of Secured Notes in respect of Secured Notes tendered after 5:00 p.m., New York City time, on March 2, 2006, the consent payment deadline, is equal to the total consideration, less the consent payment of $30.00, or $1,089.60 per $1,000 principal amount of Secured Notes. March 27, 2006, was assumed as the Early Settlement Date for purposes of calculating the total consideration. Payment of the total consideration or tender offer consideration, as applicable, for validly tendered (and not validly withdrawn) Secured Notes plus accrued but unpaid interest thereon to, but not including the date of payment, is expected to be on the Early Settlement Date or Final Settlement Date, as applicable. Tender Offer Extension The Company also reported that the tender offers for any and all of its outstanding Secured Notes and its outstanding 12-3/8% Senior Subordinated Notes due 2010, which were scheduled to expire at 11:59 p.m., New York City time, on March 22, have been extended. The tender offers will now expire at 5:00 p.m., New York City time, on March 27, unless further extended. The extension will allow the financing needed to complete the tender offers. The tender offers are subject to the terms and conditions set forth in the Statement. As of March 8, 2006, the Company had received tenders with respect to approximately $119.64 million aggregate principal amount of the Secured Notes (approximately 95.71% of the total outstanding principal amount of the Secured Notes) and approximately $161.92 million aggregate principal amount of the Subordinated Notes (approximately 94.30% of the total outstanding principal amount of the Subordinated Notes). Lehman Brothers Inc. is acting as the sole Dealer Manager for the tender offers and Solicitation Agent for the consent solicitations. The Information Agent is D.F. King & Co., Inc. Requests for documentation should be directed to: D.F. King & Co., Inc. Telephone (800) 290-6431 or (212) 269-5550 Questions regarding the tender offer should be directed to: Lehman Brothers Inc. Telephone (800) 438-3242 or (212) 528-7581 Headquartered in Lombard, Illinois, U.S. Can Corporation -- http://www.uscanco.com/-- manufactures steel containers for personal care, household, automotive, paint and industrial products in the United States and Europe, as well as plastic containers in the United States and food cans in Europe. At Oct. 2, 2005, U.S. Can's balance sheet showed a $426,657,000 equity deficit, compared with a $398,429,000 deficit at Dec. 31, 2004. * * * As reported in the Troubled Company Reporter on Mar. 6, 2006, Moody's Investors Service placed ratings of United States Can Company, the operating subsidiary of U.S. Can Corporation under review, following announcement that U.S. Can will sell its U.S. and Argentinean operations to Ball Corporation. These ratings are under review: * $65 million senior secured first lien revolving credit facility, rated B3 * $250 million senior secured first lien term loan B, rated B3 * $125 million second lien 10.875% notes due July 10, 2010, rated Caa2 * $172 million 12.375% senior subordinated notes due Oct. 1, 2010, rated Caa3 * Corporate Family Rating, B3 As reported in the Troubled Company Reporter on Feb. 20, 2006, Standard & Poor's Ratings Services placed its ratings, including its 'B' corporate credit rating, on U.S. Can Corp. and its wholly owned subsidiary, United States Can Co., on CreditWatch with developing implications. This follows the announcement that U.S. Can has entered into a definitive agreement to sell its U.S. and Argentinean operations to Ball Corp. (BB+/Stable/--) for 1.1 million shares of Ball common stock and the repayment of approximately $550 million of U.S. Can's debt. VT TECHNOLOGY: Vehicle Manufacturer Up for Sale ----------------------------------------------- Joint administrators Allan Watson Graham and Richard James Philpott offer for sale the business and assets of VT Technology Limited. Features: -- Well-established market leader in manufacture of trim for industrial and agricultural vehicles; -- Annual turnover of approximately GBP10.5 million; -- Major OEM customer base; -- A skilled workforce of around 140 staff; and -- Modern 80,000 sq. ft. leasehold production facilities in Chesterfield and Loughborough utilizing proprietary technology. Inquiries can be addressed to: Will Wright of the Joint Administrators' staff at KPMG LLP Attn: Will Wright 2 Cornwall Street Birmingham B3 2DL Tel: 0121 609 5879 Fax: 0121 335 2501 Email: will.wright@kpmg.co.uk About KPMG KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the UK providing audit, tax and advisory services. WHIRLPOOLS DIRECT: Members Agree on Voluntary Liquidation --------------------------------------------------------- Members of Whirlpools Direct (UK) Limited resolved to liquidate the Company's assets at an extraordinary general meeting on Feb. 10. Subsequently, they appointed Giles Richard Frampton to lead the winding up proceedings. Whirlpools Direct (UK) Limited can be reached at: 50 Kernick Road Penryn Cornwall TR109DQ Tel: 01326 378 877 ********* 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. 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