/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060328.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, March 28, 2006, Vol. 7, No. 62 Headlines A U S T R I A STYRIAN SPIRIT: Suspends Flights & Files for Bankruptcy F R A N C E ALCATEL: S&P Places BB Corp. Credit Rating on Watch Negative MARNE ET CHAMPAGNE: S&P Lowers CC Credit Rating to D G E R M A N Y AZF AUTOZENTRUM: Claims Registration Ends April 3 DD EUROPE: Claims Registration Ends April 3 EURO MAUT: Claims Registration Ends April 5 HERMANN LIESENKLAS: Claims Registration Ends April 3 MAINZER STRASSE: Creditors' Meeting Slated for April 3 NIER GMBH: Claims Registration Ends March 31 PROJEKT WOHNEN: Creditors' Meeting Slated for April 3 SPEDITON WEBER: Creditors' Meeting Slated for April 3 VFW GMBH: Claims Registration Ends April 4 WILLINGHOFER OHG: Claims Registration Ends April 7 K A Z A K H S T A N ASTANA PRODUCTION: Creditors Must Submit Claims by April 3 BILIM: Creditors Must Submit Claims by April 3 FERROSILIKOALUMINI: Pavlodar Court Opens Bankruptcy Proceedings KAT-ROM: Creditors Must Submit Claims by April 3 KAZAKHSTAN TEMIR: S&P Affirms Corporate Credit Rating to BB+ MARK-1: Creditors Must Submit Claims by April 3 MEHAMONTAJ JEZKAZGAN: Declares Bankruptcy PLLG: Creditors Must Submit Claims by April 3 K Y R G Y Z S T A N ADILET LTD: Abdymanap Sopiev Named Interim Insolvency Manager SAMEN KAFEL: Court Opens Bankruptcy Proceedings SARY-KOO: Creditors Meeting Set for April 13 SPACE INTERPRISE: Bishkek Court Opens Bankruptcy Proceedings N E T H E R L A N D S INEOS VINYLS: Moody's Places Low-B Ratings Under Review P O L A N D HELLENA S.A.: Hoop Eyes Acquisition of Bankrupt Manufacturer R U S S I A ENERGETIK: Court Names A. Kolchurin as Insolvency Manager KIMILTEYSKOYE: Claims Filing Period Ends April 11 KITOJ-WOOD: Creditors Must Submit Claims by April 11 MIKHAYLOVSKIY: Claims Filing Period Ends April 11 ORLOVSKIY AGRO-HOLIDNG: Declared Insolvent by Orel Court PERVOMAYSKAYA: Claims Filing Period Ends April 11 PRESS-POLYMER: Court Names Y. Feliksov Insolvency Manager REPAIR-BUILDING ENTERPRISE: Claims Filing Period Ends Apr. 11 SAMARA-AUTO-CONTAINER: Claims Bar Date Set for April 11 UYARSKOYE: Deadline for Proofs of Claim Set for April 11 U K R A I N E LEOFARM: Lviv Court Starts Bankruptcy Supervision MOVIPAK: Harkiv Court Starts Bankruptcy Supervision OVRUCH' RAJAGROHIM: Zhitomir Court Opens Bankruptcy Proceedings REMBUD LUKS: Lviv Court Opens Bankruptcy Proceedings SIVASH: Herson Court Starts Bankruptcy Supervision SODAS: Vinnitsya Court Begins Bankruptcy Proceedings SOYUZHIMPROM: Lugansk Court Begins Bankruptcy Process VOSTOK: Harkiv Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M ABL CONSTRUCTION: Taps Administrator from Sanderlings LLP ADVANCED DATACOM: Members Pass Winding Up Resolution AR COMMUNICATIONS: Appoints Sharma & Co. Administrator ATP EUROPE: Mounting Debts Trigger Liquidation BOX SPECIALISTS: Taps Grant Thornton to Administer Assets COULOIR LEISURE: Names Bartfields as Administrator EDEN CONCEPT: Clothing Retailer Appoints Administrator EYESAGLOW LTD: Appoints Joint Administrators from Tenon Recovery F.S. INTERIORS: Names J.N. Bleazard as Liquidator HDS BEARINGS: Creditors' Meeting Set for March 29 HOUGHTON AND ASSOCIATES: Claims Registration Ends May 17 JKO PROMOTIONS: Creditors Confirm Voluntary Liquidation KINGAVON LIMITED: Appoints Baker Tilly to Administer Assets KWIK SPEKS: Hires Joint Liquidators from Harrisons M & B FRAMES: Members Agree on Winding Up Process MERESBOROUGH BOOKS: Taps Administrators from Kingston Smith MI CONSULTING: Bank of Scotland Appoints Receiver MORRIS SWAIN: Meeting of Creditors Set for March 29 NCS HUMAN: Administrator from Tenon Recovery Takes Over Helm P.J. VENTILATION: Starts Liquidation Proceedings PHOENIX RETAIL: Appoints Sharma & Co. Administrator RANK GROUP: Repurchases 733,976 Shares for Cancellation SPEEDPRINT LIMITED: Financial Woes Prompt Liquidation TP8 LIMITED: Meeting of Creditors Set for March 30 WEST HYDE: Registration of Claims Ends March 31 * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= STYRIAN SPIRIT: Suspends Flights & Files for Bankruptcy ------------------------------------------------------- Styrian Spirit is filing for bankruptcy, Airline Information Industry says. On March 24, Styrian Spirit abruptly cancelled all of its nine flights and later disclosed that it was declaring bankruptcy. Bankruptcy proceedings against the company started Monday, March 27. According to The Associated Press, doubt remains whether the carrier will resume operations or not. Styrian has yet to name a lawyer for the proceedings. Headquartered in Graz, Austria, Styrian Spirit AG -- http://www.styrianspirit.com/-- operates four Canadair CRJ200s to scheduled and charter routes within Europe. Its destinations include Austria, Croatia, Germany, France, Poland, Slovenia and Switzerland. =========== F R A N C E =========== ALCATEL: S&P Places BB Corp. Credit Rating on Watch Negative ------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'B' long-term corporate credit rating on U.S.-based Lucent Technologies Inc. on CreditWatch with positive implications. Standard & Poor's affirmed its 'B' short-term corporate credit rating on Alcatel and its 'B-1' short-term corporate credit rating on Lucent. The rating actions follow the joint announcement by the two companies that they are engaged in discussions about a potential merger of equals that is intended to be priced at market. The companies have stated that there can be no assurance that an agreement will be reached or that a transaction will be completed. "The CreditWatch placement on Alcatel reflects the likely disruption that the merger would have on Alcatel, as well as the potentially weaker financial profile of a combined business," said Standard & Poor's credit analyst Leandro de Torres Zabala. "The CreditWatch placement on Lucent reflects our view that the combined company would have a broader product line and a stronger financial profile than Lucent has today, although the merger would equally be disruptive to Lucent's business over the intermediate term," said Standard & Poor's credit analyst Bruce Hyman. The impact of the potential merger will be assessed from both a financial and business risk perspective. The companies have not disclosed what form of financial transaction would occur, other than their intention that the merger would be priced at market. The restructuring costs associated with the transaction could be very large, while the merged company would still carry Lucent's existing pension and postretirement benefit obligations. The combined company is expected to offer Alcatel's and Lucent's leading products to both companies' customer bases, although this would mean that they would also need to support both companies' products over an extended time. The merged company would have annual sales of about $25 billion (compared with $26.2 billion for Cisco Systems Inc. {A+/Stable/- -} and $19.4 billion for Ericsson (Telefonaktiebolaget L.M.) {BBB-/Stable/A-3}) and wide geographic and product diversification. Standard & Poor's will continue to monitor the discussions between the companies. Ratings List To From ------------ ----------- * Alcatel Long-term corporate BB/Watch Neg BB/Positive credit rating Short-term corporate credit rating B CP B * Lucent Technologies Inc. Long-term corporate credit rating B/Watch Pos B/Positive Short-term corporate credit rating B-1 Senior unsecured debt B/Watch Pos B Subordinated debt CCC+/Watch Pos CCC+ Preferred stock CCC/Watch Pos CCC * NB: This list does not include all ratings affected. MARNE ET CHAMPAGNE: S&P Lowers CC Credit Rating to D ---------------------------------------------------- Standard & Poor's Ratings Services lowered its credit rating on the class M MTNs issued by Marne et Champagne Finance a.r.l. to 'D' from 'CC'. At the same time, the credit ratings on the class A1 and A2 MTNs were withdrawn. The rating actions follow a final release of funds from the issuer account, and application of those funds in the combined interest and principal priority of payments at the interest payment date on March 20, 2006. This resulted in full repayment of the class A1 and A2 MTNs. As a consequence, the ratings on these notes have been withdrawn. However, as expected, full repayment of the class M MTNs was not made, and with no more funds available to the issuer, the rating on these notes has been lowered to 'D'. Rating List Marne et Champagne Finance a.r.l. EUR396 Million Secured Medium-Term Notes Class Rating To From * Rating Lowered M D CC * Ratings Withdrawn A1 NR AAA A2 NR AAA NR-Not rated. ============= G E R M A N Y ============= AZF AUTOZENTRUM: Claims Registration Ends April 3 ------------------------------------------------- Creditors of AZF Autozentrum Franken Verwaltungs GmbH have until April 3, to register their claims with court-appointed provisional administrator Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 2:10 p.m. on May 11, 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 Fuerth Zi. 216/II Baumenstrasse 28 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 Fuerth opened bankruptcy proceedings against AZF Autozentrum Franken Verwaltungs GmbH on Feb. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AZF Autozentrum Franken Verwaltungs GmbH Alte Reuthstr. 99 90765 Fuerth The administrator can be contacted at: Joachim Exner Stahlstrasse 17 90411 Nuernberg Tel: 0911/9512850 Fax: 0911/95128510 DD EUROPE: Claims Registration Ends April 3 ------------------------------------------- Creditors of DD Europe Discothekenbetriebe GmbH & Co. KG have until April 3, to register their claims with court-appointed provisional administrator Ulrich Kraft. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 Dresden Saal D131 Olbrichtplatz 1 01099 Dresden 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 Dresden opened bankruptcy proceedings against DD Europe Discothekenbetriebe GmbH & Co. KG on Feb. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DD Europe Discothekenbetriebe GmbH & Co. KG Bremer Strasse 57 01067 Dresden The administrator can be contacted at: Ulrich Kraft Wasastr. 15 01219 Dresden Web: http://www.hww-kanzlei.de/ EURO MAUT: Claims Registration Ends April 5 ------------------------------------------- Creditors of EURO MAUT Services GmbH have until April 5, to register their claims with court-appointed provisional administrator Dr. Ruth Rigol. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 12, at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Saal S 2.22 2. Stock Wilhelmstrasse 21 53111 Bonn 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 Bonn opened bankruptcy proceedings against EURO MAUT Services GmbH on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: EURO MAUT Services GmbH Puetzchensweg 17 53757 Sankt Augustin Attn: Frank Stefan Steinmetz, Manager Neersener Str. 6 40547 Duesseldorf Web: http://www.euro-maut.com/ The administrator can be contacted at: Dr. Ruth Rigol Magnusstrasse 13 50672 Koln Tel: 0221/650660 Fax: 0221/650661 HERMANN LIESENKLAS: Claims Registration Ends April 3 ---------------------------------------------------- Creditors of Hermann Liesenklas GmbH & Co. Kommanditgesellschaft have until April 3, to register their claims with court- appointed provisional administrator Henning Bungart. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Essen Saal 293 2. OG Zweigertstr. 52 45130 Essen 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 Essen opened bankruptcy proceedings against Hermann Liesenklas GmbH & Co. Kommanditgesellschaft on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hermann Liesenklas GmbH & Co. Kommanditgesellschaft Hauptstr. 100 46244 Bottrop-Kirchhellen Attn: Dietrich Stay, Manager Eibenstr. 20 45892 Gelsenkirchen Hans Peter Liesenklas, Manager Auerhahnstr. 8 46282 Dorsten The administrator can be contacted at: Henning Bungart Zweigertstrasse 43 45130 Essen Tel: (0201) 793613 Fax: (0201) 777516 MAINZER STRASSE: Creditors' Meeting Slated for April 3 ------------------------------------------------------ Court-appointed provisional administrator of Mainzer Strasse Verwaltungs GmbH, Dr. Joachim Heitsch, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on April 3. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Saal 218 II. Stock Amtsgerichtsplatz 1 14057 Berlin Creditors have until May 19, to register their claims with Dr. Heitsch. The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee opt to appoint a new insolvency manager. The District Court of Charlottenburg opened bankruptcy proceedings against Mainzer Strasse Verwaltungs GmbH on Feb. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Mainzer Strasse Verwaltungs GmbH Breite Strasse 12 14199 Berlin The administrator can be contacted at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin NIER GMBH: Claims Registration Ends March 31 -------------------------------------------- Creditors of Nier GmbH & Co. Grundstuecks-KG have until March 31, to register claims with court-appointed provisional administrator Dr. Henning Mordhorst. Creditors and other interested parties are encouraged to attend the meeting at 2:05 p.m. on May 2, 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 Itzehoe Saal 2 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 Itzehoe opened bankruptcy proceedings against Nier GmbH & Co. Grundstuecks-KG on Feb. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Nier GmbH & Co. Grundstuecks-KG Attn: Jorn Junne and Thomas Seitz, Managers Deutsch-Ordens-Str. 2a 25551 Hohenlockstedt Tel: 04826 200 The administrator can be contacted at: Dr. Henning Mordhorst Jungfernstieg 51 20354 Hamburg PROJEKT WOHNEN: Creditors' Meeting Slated for April 3 ----------------------------------------------------- Court-appointed provisional administrator of Projekt Wohnen '90 Besitz- u. Wohnungsverwaltungsgesellschaft mbH, Henning Samisch, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on April 3. The meeting of creditors and other interested parties will be held at: The District Court of Lueneburg Saal 302 Ochsenmarkt 3 21335 Lueneburg Creditors have until April 28, to register their claims with Mr. Samisch. The Court will also verify the claims set out in the administrator's report at 9:00 a.m., on May 19, at the same venue. The District Court of Lueneburg opened bankruptcy proceedings against Projekt Wohnen '90 Besitz- u. Wohnungsverwaltungsgesellschaft mbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Projekt Wohnen '90 Besitz- u. Wohnungsverwaltungsgesellschaft mbH Altenbrueckerdamm 1A 21337 Lueneburg Attn: Bertil Fritsch, Manager Memeler Weg 13 21365 Adendorf The administrator can be contacted at: Henning Samisch Muehlenkamp 59 D-22303 Hamburg Tel: 040650390 Fax: 04065039199 SPEDITON WEBER: Creditors' Meeting Slated for April 3 ----------------------------------------------------- Court-appointed provisional administrator of Spediton Weber GmbH Jean-Paul Ansiaux, Caroline Schmitz, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on April 3. The meeting of creditors and other interested parties will be held at: The District Court of Aachen Raum Sitzungssaal 21 2. Etage Augustastrasse 78-80 52070 Aachen Creditors have until April 12, to register their claims with Ms. Schmitz. The Court will also verify the claims set out in the administrator's report at 8:50 a.m., on May 23, at the same venue. The District Court of Aachen opened bankruptcy proceedings against Spediton Weber GmbH Jean-Paul Ansiaux on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Spediton Weber GmbH Jean-Paul Ansiaux Hamm-Muehle 1/5 52222 Stolberg Attn: Jean-Paul Ansiaux, Manager Rue du Sacre Coeur 16 BEL-4841 Welkenraedt The administrator can be contacted at: Caroline Schmitz Waisenhausstr. 3 52349 Dueren VFW GMBH: Claims Registration Ends April 4 ------------------------------------------ Creditors of VFW GmbH Vieh-Fleisch have until April 4, to register their claims with court-appointed provisional administrator Jorg Riedemann. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on May 2, 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 this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dessau opened bankruptcy proceedings against VFW GmbH Vieh-Fleisch on Feb. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: VFW GmbH Vieh-Fleisch Juristenstrasse 10 06886 Lutherstadt Wittenberg Attn: Dirk Hagert, Manager Salzburger Strasse 6 b 01279 Dresden The administrator can be contacted at: Jorg Riedemann Muehlweg 47 06114 Halle Tel: 0345/293900 Fax: 0345/2939029 WILLINGHOFER OHG: Claims Registration Ends April 7 -------------------------------------------------- Creditors of Willinghofer OHG have until April 7, to register their claims with court-appointed provisional administrator Jochen Schnake. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bielefeld Saal 4065 4. Ebene Gerichtstrasse 6 33602 Bielefeld 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 Bielefeld opened bankruptcy proceedings against Willinghofer OHG on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Willinghofer OHG Aachener Str. 17 33649 Bielefeld Attn: Susanne Willinghofer, Manager Normannenstr. 30 33647 Bielefeld Helmut Willinghofer, Manager Eulenweg 13 33758 Schloss Holte-Stukenbrock The administrator can be contacted at: Jochen Schnake Ravensberger Str. 11 u. 12 33824 Werther =================== K A Z A K H S T A N =================== ASTANA PRODUCTION: Creditors Must Submit Claims by April 3 ---------------------------------------------------------- LLP Astana Production Ltd. declared insolvency. Creditors have until April 3, to submit written proofs of claim to: Temirtau, micro district 6, house 34 b Karaganda Region BILIM: Creditors Must Submit Claims by April 3 ---------------------------------------------- LLP Bilim declared insolvency. Creditors have until April 3 to submit written proofs of claim to: Ukrainskaya Str. 30 Almaty Tel: 8 (3272) 33-95-13 FERROSILIKOALUMINI: Pavlodar Court Opens Bankruptcy Proceedings --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region commenced bankruptcy proceeding against LLP Ferrosilikoalumini on Jan. 27, 2006. KAT-ROM: Creditors Must Submit Claims by April 3 ------------------------------------------------ LLP Kat-Rom filed for bankruptcy with the Specialized Inter- Regional Economic Court of Kostanai Region on Jan. 6, 2006. Creditors have until April 3, to submit written proofs of claim to: Gogol Str. 177a Kostanai KAZAKHSTAN TEMIR: S&P Affirms Corporate Credit Rating to BB+ ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit rating and its 'kzAA-' Kazakhstan national scale rating on rail group Kazakhstan Temir Zholy. The outlook is stable. The ratings reflect KTZ's aggressive financial policy, and significant medium-term borrowing requirements in order to maintain investment in railroad infrastructure and rolling stock. Additional credit risks are presented by an evolving, opaque, and politicized regulatory regime, and competition from oil pipelines. These risks are mitigated by KTZ's strong competitive position in the national transportation sector; the continued vertical integration of monopoly railroad infrastructure and freight transport operations (which has remained unchanged during the ongoing rail sector reform); good medium-term prospects for rail traffic growth (with the exception of crude); and KTZ's strategic importance to, and support from, the government of the Republic of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency BBB/Stable/A-3; Kazakhstan national scale kzAAA). "We expect KTZ's financial profile to deteriorate over 2006- 2010, in view that planned capital expenditure investment requires additional borrowing," said Standard & Poor's credit analyst Eugene Korovin. "Cash flow protection will likely weaken substantially from the currently strong level, although this should remain consistent with the ratings." KTZ's currently strained liquidity should improve following the placement of a proposed eurobond of up to $850 million in April 2006. Furthermore, the timely equalization of internal freight tariffs with international tariffs, continued growth of rail traffic, and more efficient cost control will improve profitability. These factors should also mitigate the financial risk resulting from a sharp increase in total debt on the eurobond placement, and the potential loss of most of KTZ's crude oil traffic and revenues to pipelines. "Delayed tariff increases, or a failure to curb increasing operating costs, would impair cash flow protection beyond a level consistent with the current rating," added Mr. Korovin. MARK-1: Creditors Must Submit Claims by April 3 ----------------------------------------------- LLP Mark-1 declared insolvency. Creditors have until April 3, to submit written proofs of claim to: Staleliteinaya Str. 2-2a Karaganda MEHAMONTAJ JEZKAZGAN: Declares Bankruptcy ----------------------------------------- The Jezkazgan Branch of the OJSC Mehamontaj declared bankruptcy on Feb. 1, 2006. Creditors have to submit written proofs of claim to: Suinbaya Ave. 343. Almaty PLLG: Creditors Must Submit Claims by April 3 --------------------------------------------- LLP PLLG declared insolvency. Creditors have until to submit written proofs of claim to: Dostyk Ave. 33-40 Almaty Tel: 8 300 744 72-39 =================== K Y R G Y Z S T A N =================== ADILET LTD: Abdymanap Sopiev Named Interim Insolvency Manager ------------------------------------------------------------- The Bankruptcy Department under the State Property Committee of the Kyrgyz Republic appointed Abdymanap Sopiev as temporary insolvency manager of LLC Adilet Ltd. on Feb. 10, 2006. The meeting of the creditors will take place on April 5, 2006, 11:00 a.m. at: JSC Argymak Baha Str. 1 Bishkek Creditors must submit their proofs of claim and register within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. CONTACT: Mr. Abdymanap Sopiev Temporary Insolvency Manager Tel: (0-996 312) 59-14-59 SAMEN KAFEL: Court Opens Bankruptcy Proceedings --------------------------------------------------- The Inter-District Court of Bishkek for Economic Issues declared LLC Samen Kafel insolvent and bankruptcy proceedings were introduced at the company. The case is docketed as ED-879/05 mbs2 Anarkan Malayeva has been appointed temporary insolvency manager. The meeting of the creditors will take place on April 6, 2006, 10:00 a.m. at: Micro District Djal 7-12 Bishkek Creditors must submit their proofs of claim and register within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. CONTACT: Ms. Anarkan Malayeva Temporary Insolvency Manager Tel: (0-996 312) 48-00-05 (0-502) 51-14-89 SARY-KOO: Creditors Meeting Set for April 13 -------------------------------------------- The temporary insolvency manager of the Agricultural Farm Sary- Koo will meet its creditors on April 13, 2006, 11:00 a.m. at: JSC Bakyt Karabaltinskaya Str. 4 Karabalta Creditors will consider the approval of the temporary insolvency manager's final report on the said meeting, as well as discuss on the company's insolvency proceedings, among others. The company can be contacted at (0-502) 28-91-10. SPACE INTERPRISE: Bishkek Court Opens Bankruptcy Proceedings ------------------------------------------------------------ The Inter-District Court of Bishkek for Economic Issues declared Kyrgyz Kazakh Joint Venture Space Interprise insolvent on Jan. 5, and bankruptcy proceedings were introduced at the company. The case is docketed as ED-1032/05 mbs9. Anarkan Malayeva has been appointed temporary insolvency manager. The meeting of creditors will take place on April 6, 2006, 4:00 p.m. at: Micro District Djal 7-12 Bishkek Creditors must submit their proofs of claim and register within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. CONTACT: Ms. Anarkan Malayeva Temporary Insolvency Manager Tel: (0-996 312) 48-00-05 (0-502) 51-14-89 ===================== N E T H E R L A N D S ===================== INEOS VINYLS: Moody's Places Low-B Ratings Under Review ------------------------------------------------------- Moody's Investor Service has placed all ratings of Ineos Vinyls under review for possible downgrade. Ratings affected: -- B1 Corporate Family Rating of EVC International N.V.; -- B1 rating on senior secured bank facilities at EVC International N.V; -- B3 rating on EUR160 million in senior notes due 2011 at Ineos Vinyls Finance Plc. Moody's rating review was prompted by Ineos Vinyls' financial and operating performance, which remains consistently below rating agency expectations, raising concern with regard to the Company's ability to reduce its debt in the future, whilst maintaining a satisfactory liquidity position, which is currently supported with EUR50 million available under the shareholder's loan. In 2005, Ineos Vinyls reported EUR1,222 million in Revenues and EUR60.8 million in EBITDA. The Company's cash flow generation was significantly weaker than in 2004, with RCF/Net Debt at 9.5% and FCF/Net Debt at negative (1.1)%. The leverage remains high at x4.1 times on Adjusted Net Debt / EBITDAR basis. Moody's review will focus on: -- the future measures to be taken by management to improve the profitability of the operations; -- the on-going efforts to mitigate reliability issues at some of the Company's facilities; -- the level of third party support that would be available to the Company to support resolution of operating and financial issues; and -- the likelihood that Ineos Vinyls will be able to strengthen FCF generation and working capital management over the next 2-3 years in order to reduce the absolute level of indedtedness. Following completion of the assets sale of EVC International NV to Ineos Vinyls ltd and liquidation of EVC International NV legal entity, Moody's will also reassign relevant ratings to the successor company Ineos Vinyls ltd. Based in Eijsden, the Netherlands, Ineos Vinyls (EVC International N.V.) is a leading European producer of PVC that in 2005 generated EUR1,222 million in revenues and EUR60.8 million in EBITDA (before exceptional and other items). =========== P O L A N D =========== HELLENA S.A.: Hoop Eyes Acquisition of Bankrupt Manufacturer ------------------------------------------------------------ After undergoing bankruptcy proceedings in June last year, Hellena S.A. has now attracted buyers for its facility and trademark, Polish News Bulletin reports. The company's receiver said that soft drink manufacturer Hoop has openly expressed interest in acquiring the bankrupt entity since June 2005, in a bid to expand its market position, although several investors are also interested in the transaction, the Bulletin relates. According to the report, the tender value of Hellena's facility has been priced at PLN199.2 million, compared with its original price tag valued at PLN252 million. Hellena's trademark is estimated to be worth more than PLN70 million. The paper added that the company's creditors, composed mainly of private banks and companies, are demanding some PLN120 million if negotiations are reached with potential buyers. Headquartered in Poland, Hellena S.A. http://www.hellena.com.pl/ -- was established in 1991 by Zenon Sroczyski. Since 1994 it has become a joint stock company. It specializes in fruit and vegetable juices production, carbonated and non-carbonated drinks and natural spring waters and promotes traditional Polish flavors. =========== R U S S I A =========== ENERGETIK: Court Names A. Kolchurin as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Kemerovo Region appointed A. Kolchurin as insolvency manager of Energetik. The Court commenced bankruptcy proceedings against the open joint stock company with the case docketed as A27-41071/2005-4. The insolvency manager can be reached at: A. Kolchurin Insolvency Manager Novokuznetsk, Kirova Str. 75-160 654000, Kemerovo Region, Russia KIMILTEYSKOYE: Claims Filing Period Ends April 11 ------------------------------------------------- Creditors of Kimilteyskoye have until April 11, to submit their proofs of claim to court-appointed insolvency manager, D. Murashov, at: Dekabrskih Sobytiy Str. 109-48 664007, Irkutsk, Russia The Arbitration Court of Irkutsk Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A19-38224/05-34. The Debtor can be reached at: Kimilteyskoye Kimiltey, Lenina Str. 9 Ziminskiy region 666375, Irkutsk Region, Russia KITOJ-WOOD: Creditors Must Submit Claims by April 11 ---------------------------------------------------- Creditors of Kitoj-Wood have until April 11, to submit their proofs of claim to court-appointed insolvency manager, A. Fomin, at: Post User Box 131 664025, Irkutsk, Russia Tel/Fax: (3952) 33-40-68 The Arbitration Court of Irkutsk Region will convene at 10 a.m., on Oct. 12, to hear the bankruptcy proceedings against the open joint stock company with the case docketed as A19-14144/01-29. The Debtor can be reached at: Kitoj-Wood Angarsk, Zavodskaya Str. 1 665882, Irkutsk Region, Russia MIKHAYLOVSKIY: Claims Filing Period Ends April 11 ------------------------------------------------- Creditors of Mikhaylovskiy have until April 11, to submit their proofs of claim to court-appointed insolvency manager, A. Grezin, at: Office 118, Studenovskaya Str. 4 398020, Kursk, Russia The Arbitration Court of Kursk Region commenced the bankruptcy proceedings against the company with the case docketed as A35- 5123/05 "g". The Debtor can be reached at: Mikhaylovskiy Zheleznogorskiy Region, Zelenyj Sloboda Mikhaylovka Kursk Region, Russia ORLOVSKIY AGRO-HOLIDNG: Declared Insolvent by Orel Court -------------------------------------------------------- The Arbitration Court of Orel Region commenced bankruptcy proceedings against Orlovskiy Agro-Holidng after finding the close joint stock company insolvent. The case is docketed as A48-7510/05-20b. Mr. B. Latyshev has been appointed insolvency manager. The Debtor can be reached at: Orlovskiy Agro-Holidng S. Shaumyana Str. 35 Orel, Russia The insolvency manager can be reached at: B. Latyshev Room 4-10, Kromskoy Proezd, 2, 302043, Orel, Russia PERVOMAYSKAYA: Claims Filing Period Ends April 11 ------------------------------------------------- Creditors of Pervomayskaya have until April 11, to submit their proofs of claim to court-appointed insolvency manager, A. Povolotskiy, at: Building 15, Nozhegorodskaya Str. 32 109029, Moscow, Russia The Arbitration Court of Vladimir Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A11-14880/2005-K1-77B. The Debtor can be reached at: Pervomayskaya Sudogda, Zarechnaya Str. 1A 601240, Vladimir Region, Russia PRESS-POLYMER: Court Names Y. Feliksov Insolvency Manager --------------------------------------------------------- The Arbitration Court of Lipetsk Region appointed Y. Feliksov as insolvency manager of Press-Polymer. The Court commenced bankruptcy proceedings against the close joint stock company with the case docketed as A36-4985/2005. The Debtor can be reached at: Press-Polymer Sovetskaya Str. 7 398000, Lipetsk, Russia The insolvency manager can be reached at: Y. Feliksov Orlovskaya Str. 1 398020, Lipetsk, Russia REPAIR-BUILDING ENTERPRISE: Claims Filing Period Ends Apr. 11 ------------------------------------------------------------- Creditors of Repair-Building Enterprise #9 have until April 11, to submit their proofs of claim to court-appointed insolvency manager, A. Mikhaylov, at: Kazan, Post User Box 265 420029, Tatarstan Republic, Russia The Arbitration Court of Tatarstan Republic commenced bankruptcy proceedings against the open joint stock company with the case docketed as A65-5785/2003-SG4-27. The Debtor can be reached at: Repair-Building Enterprise #9 Kazan, Saydasheva Str. 21 420022, Tatarstan Republic, Russia SAMARA-AUTO-CONTAINER: Claims Bar Date Set for April 11 ------------------------------------------------------- Creditors of Samara-Auto-Container have until April 11, to submit their proofs of claim to court-appointed insolvency manager, A. Miller at: Almetyevsk, GOS-11 Post User Box 188 423461, Tatarstan Republic, Russia The Arbitration Court of Samara region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A55-14260/05-38. The Debtor can be reached at: Samara-Auto-Container Verkhnyaya-Karyernaya Str. 3a Samara Region, Russia UYARSKOYE: Deadline for Proofs of Claim Set for April 11 -------------------------------------------------------- Creditors of Uyarskoye have until April 11, to submit their proofs of claim to court-appointed insolvency manager, I. Nozdrin, at: Diksona Str. 1, Post User Box 15854 660020, Krasnoyarsk, Russia The Arbitration Court of Krasnoyarsk Region commenced bankruptcy proceedings against the open joint stock company were the case is docketed as A33-5467/2005. The Debtor can be reached at: Uyarskoye Parfenyevo Krasnoyarsk Region, Russia ============= U K R A I N E ============= LEOFARM: Lviv Court Starts Bankruptcy Supervision ------------------------------------------------- The Economic Court of Lviv Region commenced bankruptcy supervision procedure on LLC Leofarm (code EDRPOU 22380380). The case is docketed as 6/161-5/63. Mr. Igor Litvin has been appointed temporary insolvency manager. CONTACT: Leofarm Chervonoyi kalini Avenue 79 Ukraine, Lviv Region Mr. Igor Litvin Temporary Insolvency Manager Sirko Str. 23/37 Ukraine, Lviv Region Economic Court Of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region MOVIPAK: Harkiv Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy supervision procedure on LLC Joint Enterprise Movipak (code EDRPOU 23143771). The case is docketed as B-39/152-05. Mr. Arkadij Neverov has been appointed temporary insolvency manager. CONTACT: Movipak Shatilova dacha Str. 4 61145, Ukraine, Harkiv Region Mr. Arkadij Neverov Temporary Insolvency Manager N. Uzhvij Str. 7/178 04108, Ukraine, Kyiv Region Tel/Fax: (044) 462-00-61 Economic Court of Harkiv Region Svobodi Square 5, Derzhprom 8th Entrance 61022, Ukraine, Harkiv Region OVRUCH' RAJAGROHIM: Zhitomir Court Opens Bankruptcy Proceedings --------------------------------------------------------------- The Economic Court of Zhitomir Region commenced bankruptcy proceedings against OJSC Ovruch' Rajagrohim (code EDRPOU 05488638) on Jan. 19, after finding the company insolvent. The case is docketed as 14/84-B. Mr. M. Grinevich has been appointed Liquidator/Insolvency Manager. CONTACT: OJSC Ovruch' Rajagrohim Ovruch, Saburov Str. 1a 64121, Ukraine, Zhitomir Region Mr. M. Grinevich, Liquidator/Insolvency Manager Ovruch, Radyanska Str. 126/6 Ukraine, Zhitomir Region Tel: 8 (097) 757-59-02 Economic Court of Zhitomir Region Mala Berdichivska Str. 25 10014, Ukraine, Zhitomir Region REMBUD LUKS: Lviv Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Economic Court of Lviv Region commenced bankruptcy proceedings against Private Enterprise Rembud Luks (code EDRPOU 22563119) on Jan. 31, after finding the company insolvent. The case is docketed as 6/299-8/289. Mr. Onushkanich Yaroslav has been appointed Liquidator/Insolvency Manager. CONTACT: Luks Zelena Str. 238 79038, Ukraine, Lviv Region Mr. Onushkanich Yaroslav Liquidator/Insolvency Manager Strijska Str. 71-b/3 79031, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region SIVASH: Herson Court Starts Bankruptcy Supervision -------------------------------------------------- The Economic Court of Herson Region commenced bankruptcy supervision procedure on LLC Sivash (code EDRPOU 30874799). The case is docketed as 12/12-B-06. Mr. Dmitro Kuznetsov has been appointed temporary insolvency manager. CONTACT: Sivash Novodmitrivka, Shevchenko Str. 10 75556, Ukraine, Herson Region Mr. Dmitro Kuznetsov Temporary Insolvency Manager Novotroyitske Str. Robitnicha Str. 19 Ukraine, Herson Region Economic Court of Herson Region Gorkij Str. 18 73000, Ukraine, Herson Region SODAS: Vinnitsya Court Begins Bankruptcy Proceedings ---------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on Joint Ukrainian-Polish Company With Foreign Investments Sodas (code EDRPOU 20040125) on Feb. 2, 2006. The case is docketed as 5/2-06. Mr. Bolhovitin Vitalij has been appointed temporary insolvency manager. CONTACT: Sodas Soborna Str. 50 21050, Ukraine, Vinnitsya Region Mr. Bolhovitin Vitalij Temporary Insolvency Manager Hmelnitske shose Str. 2-A/602 21036, Ukraine, Vinnitsya Region Tel: 52-03-41, 8 (067) 674-20-35 Economic Court of Vinnitsya Region Hmelnitske Shose 7 21036, Ukraine, Vinnitsya Region SOYUZHIMPROM: Lugansk Court Begins Bankruptcy Process ----------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy proceedings against LLC Soyuzhimprom (code EDRPOU 30948802) on Jan. 30, after finding the company insolvent. The case is docketed as 20/143 b. Mr. S. Ptushko has been appointed Liquidator/Insolvency Manager. CONTACT: Soyuzhimprom 93000, Ukraine, Lugansk Region Rubizhne, Lenin Str. 4/309 Mr. S. Ptushko Liquidator/Insolvency Manager Leninskogo komsomolu quarter, 4/109 91006, Ukraine, Lugansk Region Economic Court Of Lugansk Region Geroiv VVV Square 3a 91000, Ukraine, Lugansk Region VOSTOK: Harkiv Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy proceedings against Agricultural LLC Agrofirm Vostok (code EDRPOU 00706289) on Feb. 2, 2006 after finding the company insolvent. The case is docketed as 19/90-05. Mr. Yevgen Chipizhenko has been appointed Liquidator/Insolvency Manager. CONTACT: Vostok Pervomajskij District, Kiseli, Lenin str. 64121, Ukraine, Harkiv Region Mr. Yevgen Chipizhenko Liquidator/Insolvency Manager Sumska Str. 82, office 17 611002, Ukraine, Harkiv Region Tel: 714-22-16 Economic Court Of Harkiv Region Svobodi Square 5, Derzhprom 8th Entrance 61022, Ukraine, Harkiv Region =========================== U N I T E D K I N G D O M =========================== ABL CONSTRUCTION: Taps Administrator from Sanderlings LLP --------------------------------------------------------- Andrew Fender of Sanderlings LLP was appointed administrator of ABL Construction Limited (Company Number 04423037) on March 8. The administrator can be reached at: Sanderlings LLP Sanderling House 1071 Warwick Road Acocks Green, Birmingham B27 6QT ABL Construction Ltd offers general construction and civil engineering services and can be reached at: Unit 4/WDA Ind Est, Burry Port, SA16 0NN Tel: 01554 830111 ADVANCED DATACOM: Members Pass Winding Up Resolution ---------------------------------------------------- Members of Advanced Datacom Systems Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 17. They authorized Richard Frank Simms and Steven Peter Ford, of Insol House, to jointly administer the winding up process. Advanced Datacom Systems Limited can be reached at: 112 High Street Newport Pagnell Buckinghamshire MK16 8EH Tel: 01908 219 500 Fax: 01908 219 501 Web: http://www.adsltd.co.uk/ AR COMMUNICATIONS: Appoints Sharma & Co. Administrator ------------------------------------------------------ G. D. Sharma of Sharma & Co was appointed administrator of AR Communications International Limited (Company Number 435835) on Feb. 28. Its registered office is at Suite 37 Anglesey House, Anglesey Business Park, Burton-on-Trent DE14 3NT. The administrator can be reached at: Sharma & Co. 50 Newhall Street Birmingham West Midlands B3 3QE Tel: 0121 248 5007 Fax: 0121 248 5010 E-mail: gagen@sharmaandco.com AR Communications International Limited can be reached at: Tel: +44 (0) 1283 517820 ATP EUROPE: Mounting Debts Trigger Liquidation --------------------------------------------- Paul Appleton, of David Rubin & Partners, was appointed Liquidator of ATP Europe Limited after members decided to liquidate the company's assets Feb. 23. Chairman D. Robson disclosed that the company could no longer continue its operations due to mounting debts. ATP Europe Limited can be contacted at: 18 Cavell Road London N17 7BJ Tel: 020 8992 2330 BOX SPECIALISTS: Taps Grant Thornton to Administer Assets --------------------------------------------------------- Richard Michael Hawes and Nigel Morrison of Grant Thornton UK LLP were appointed administrators of The Box Specialists (UK) Limited (Company Number 5634388) on March 13. Its registered office is at Glandwr Industrial Estate, Aberbeeg, Abertillery, Gwent NP13 2LN. Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. The Box Specialists (UK) Limited manufactures solid board products. COULOIR LEISURE: Names Bartfields as Administrator -------------------------------------------------- Gerald Maurice Krasner of Bartfields (UK) Limited was appointed administrator of Couloir Leisure Limited (Company Number 04565502) on March 10. The administrator can be reached at: Bartfields (UK) Limited Burley House 12 Clarendon Road Leeds West Yorkshire LS2 9NF Tel: 0113 244 9051 Fax: 0113 234 3208 E-mail: gerald.krasner@bartfield.co.uk Coulouir Leisure Limited operates restaurants and nightclubs and can be reached at: Couloir Leisure Ltd 91 Glisson Road Cambridge, Cambs CB1 2HG Tel: 01223 4464550 Fax: 01223 525195 EDEN CONCEPT: Clothing Retailer Appoints Administrator ------------------------------------------------------ Ian William Kings of Tenon Recovery was appointed administrator of clothing retailer Eden Concept Limited (Company Number 04687984) on March 10. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. EYESAGLOW LTD: Appoints Joint Administrators from Tenon Recovery ---------------------------------------------------------------- A. J. Pear and S. R. Thomas of Tenon Recovery were appointed joint administrators of Eyesaglow Ltd (Company Number 02743122) on March 14. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Eyesaglow Ltd operates a nightclub and can be reached at: 77a The Parade High Street Watford, Herts WD17 1LN Tel: 01923 281100 Fax: 01923 281101 F.S. INTERIORS: Names J.N. Bleazard as Liquidator ------------------------------------------------- F.S. Interiors Limited is liquidating its assets after members found out that the company could no longer continue its operations due to financial liabilities. J.N. Bleazard, of XL Business Solutions Ltd., was appointed Liquidator. F S Interiors Limited can be contacted at: Unit 9 Wellington Business Centre Quebec Street Elland West Yorkshire HX5 9AS Tel: 01422 377 299 HDS BEARINGS: Creditors' Meeting Set for March 29 ------------------------------------------------- Creditors of HDS Bearings Limited (Company Number 03581049) will meet at 12:30 p.m., on March 29, at: Tenon Recovery Tenon House Ferryboat Lane Sunderland SR5 3JN Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12 p.m., March 28, to: Ian William King Administrator Tenon Recovery Tenon House Ferryboat Lane Sunderland SR5 3JN Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. H D S Bearings Ltd can be reached at: Unit 13 Brough Park Industrial Estate Newcastle Upon Tyne NE6 2YF Tel: 0191-265 0278 Fax: 0191-265 7713 HOUGHTON AND ASSOCIATES: Claims Registration Ends May 17 -------------------------------------------------------- Houghton and Associates Limited is liquidating its assets after members decided to wind up the company on Feb. 17. Appointed Joint Liquidator, D.F. Wilson, 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 17. Houghton & Associates Limited can be reached at: Princes House 13 Princes Square Harrogate North Yorkshire HG1 1LW Tel: 01423 506 677 Fax: 01423 502 521 JKO PROMOTIONS: Creditors Confirm Voluntary Liquidation ------------------------------------------------------- Creditors of JKO Promotions.TV Limited confirmed the company's voluntary liquidation after members decided to wind up the company's operations on Feb. 23. Creditors also ratified the appointment of Harjinder Johal and George Michael, both of Ashcrofts, as Joint Liquidators. JKO Promotions.TV Limited can be contacted at: Suite 9A First Floor 17 Pundersons Gardens London E2 9RU Tel: 020 7729 6204 KINGAVON LIMITED: Appoints Baker Tilly to Administer Assets ----------------------------------------------------------- Graham Paul Bushby and Nigel Millar of Baker Tilly were appointed administrators of Kingavon Limited (Company Number 1325578) on March 13. Its registered office is at Unit 1, Celcuis Centre, 53-57 Knightsdale Road, Ipswich, Suffolk IP1 4JQ. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Kingavon Ltd imports electrical and motor goods and can be reached at: Parkside/Duke St. Ipswich IP3 0AF Tel: 01473 219131 KWIK SPEKS: Hires Joint Liquidators from Harrisons -------------------------------------------------- John C Sallabank and Paul Boyle, of Harrisons, were appointed Joint Liquidators of Kwik Speks Limited after members resolved to liquidate the company's assets on Feb. 23. Director G. Blair revealed that the company could no longer continue its business due to financial liabilities. Kwik Speks Limited can be reached at: Woodchurch Road Birkenhead Merseyside CH4 28PG Tel: 0151 609 1677 M & B FRAMES: Members Agree on Winding Up Process ------------------------------------------------- Members of M & B Frames decided to wind up the company's operations during an extraordinary general meeting on Feb. 22. They appointed Ian Pattinson as Liquidator. M & B Frames Limited can be reached at: Top Road Osgathorpe Loughborough Leicestershire LE12 9TB Tel: 01530 222 000 Fax: 01530 223 882 MERESBOROUGH BOOKS: Taps Administrators from Kingston Smith ----------------------------------------------------------- Ian Robert and Nicholas James Miller of Kingston Smith & Partners LLP were appointed administrators of Meresborough Books Limited (Company Number 2899705) on March 13. Its registered office is at 17 Station Road, Rainham, Gillingham, Kent ME8 7RS. Kingston Smith -- http://www.kingstonsmith.co.uk/-- has over 400 people, including 45 partners, based in six offices in London and the South East, and was founding member of KS International, a network of over 100 offices in 49 countries around the world. It was originally formed in 1923. Meresborough Books Limited -- http://www.meresboroughbooks.co.uk/-- sells books and newspapers. MI CONSULTING: Bank of Scotland Appoints Receiver ------------------------------------------------- Bank of Scotland appointed Shay Bannon and Shagun Dubey of BDO Stoy Hayward LLP joint administrative receivers of MI Consulting Group Limited (Company Number SC201451), MI Services Group Limited (Company Number SC087221) and MI Services International Limited (Company Number SC201452) on March 7. Mi Consulting Group Ltd offers IT consultancy and support services and can be reached at: 7 Camberwell Way Doxford International Business Sunderland, Tyne And Wear SR3 3XN Tel: 0191-516-3000 Mi Services Group Ltd can be reached at: Merlin House Brunel Road Theale Reading, Berkshire RG7 4AB Tel: +44 (0) 118 902 6804 Fax: +44 (0) 118 902 6803 MORRIS SWAIN: Meeting of Creditors Set for March 29 --------------------------------------------------- Creditors of Morris Swain Engineering Limited (Company Number 01600722) will meet at 11:30 a.m., on March 29, at: Holiday Inn Express Botley Road Southampton SO30 3XA Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to the administrator, Jonathan Guy Lord, at: Bridgestones 125-127 Union Street Oldham Lancashire OL1 1TE Tel: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk Morris Swain Engineering Ltd can be reached at: 57 Cobhan Road Ferndown Industrial Estate Wimborne, Dorset BH21 7RB Tel: 01202 875471 Fax: 01202 861505 NCS HUMAN: Administrator from Tenon Recovery Takes Over Helm ------------------------------------------------------------ Ian William Kings of Tenon Recovery was appointed administrator of NCS Human Resource Solutions Ltd (Company Number 04276861) on March 15. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. NCS Human Resource Solutions Ltd operates a recruitment agency can be reached at: 65 The Quayside Newcastle Upon Tyne, NE1 3DE Tel: 0191 222 0666 P.J. VENTILATION: Starts Liquidation Proceedings ------------------------------------------------ P.J. Ventilation Supplies Limited is liquidating its assets after members passed a resolution to wind up the company on Feb. 21. M.F.P. Smith and N.J. Hawksley, of Dains, were appointed Joint Liquidators. P.J. Ventilation Supplies Limited can be reached at: Unit 4 Great Bridge Industrial Estate Tipton West Midlands DY4 0HR Tel: 0121 522 3363 PHOENIX RETAIL: Appoints Sharma & Co. Administrator --------------------------------------------------- D. Sharma of Sharma & Co was appointed administrator of Phoenix Retail (West Midlands) Limited (Company Number 05149451) on March 14. Its registered office is at 101 Dixons Green Road, Dudley DY2 7DJ. The administrator can be reached at: Sharma & Co. 50 Newhall Street Birmingham West Midlands B3 3QE Tel: 0121 248 5007 Fax: 0121 248 5010 E-mail: gagen@sharmaandco.com RANK GROUP: Repurchases 733,976 Shares for Cancellation ------------------------------------------------------- The Rank Group Plc purchased yesterday, 733,976 Ordinary shares of 10 pence in the Company for cancellation at an average price of 230.57 pence per share. Headquartered in London, Rank Group plc -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the Troubled Company-Europe on March 8, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). The rating action is prompted by Rank's announcement that it will distribute GBP200 million to shareholders, following the completion of the Deluxe Film's disposal as well as by the group's weak operating performance in 2005. The downgrade reflects Moody's expectation that Rank's more limited business scope and less diversified business profile combined with its increased leverage will result in a considerably weakened financial profile. The rating action concludes a review initiated on Dec. 7 2005. At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. SPEEDPRINT LIMITED: Financial Woes Prompt Liquidation ----------------------------------------------------- Filippa Connor, of B & C Associates, was appointed Liquidator of Speedprint Limited after members decided to liquidate the company's assets on Feb. 21. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its financial liabilities. Speed Print (UK) Limited can be reached at: Unit 1 Heath House Station Road Tiptree Colchester Essex CO5 0AZ Tel: 01621 818 344 Fax: 01621 819 279 TP8 LIMITED: Meeting of Creditors Set for March 30 -------------------------------------------------- Creditors of TP8 Limited (Company Number 04594420) will meet at 11 a.m., on March 30, at: UHY Hacker Young St Alphage House 2 Fore Street London EC2Y 5DH Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12 p.m., on March 29, to the joint administrators for the company -- Ladislav Hornan, Peter Kubik and Andrew Andronikou -- at: UHY Hacker Young St Alphage House 2 Fore Street London EC2Y 5DH Tel: 020 7216 4600 Fax: 020 7638 2159 TP8 Ltd and its three affiliates are for sale: Jowetts, Broadley's Labels and Hannibal Labels. These companies have a combined turnover of GBP18.5 million. WEST HYDE: Registration of Claims Ends March 31 ----------------------------------------------- Creditors of West Hyde Enclosures Limited are given until Friday, March 31, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidators, W. John Kelly and James P. N. Martin. West Hyde Enclosures Limited can be contacted at: Armstrong House Bath Road Woodchester Stroud Gloucestershire GL5 5HJ Tel: 01453 836 789 Fax: 01453 836 444 * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) LVL Medical Group LVLM.PA (9) 105 (5) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (23) 122 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (321) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (70) 489 2 Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Drax Group Limited DRX.L (832) 2,353 84 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gallaher Group GLH (421) 7,866 5 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (405) 263 (161) Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (264) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *